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800.468.6337

Seeks capital appreciation by primarily investing in equity securities of micro-cap companies.  
Class A B^ C R
Ticker MMEAX MMEBX MMECX MMERX
CUSIP 626124572 626124564 626124556 626127708
Fund Code 229 329 429 829
Inception Date 12/26/96 02/24/97 03/31/97 07/29/04
Minimum Initial Investment: $2,500; $50 subsequent/automatic
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MORE FUND INFORMATION
Download the Prospectus | Annual Report | Commentary
     
 
 
Micro-Cap Equity
Daily NAV's as of 02/03/12
Class A Class B^ Class C Class R
NAV 32.34 28.76 28.74 32.06
Chg. $ 0.75 0.67 0.66 0.74
Chg. % 2.37 2.39 2.35 2.36
POP 34.22 28.76 28.74 32.06
YTD Return % 12.76 12.70 12.66 12.73
52 Wk High
Date		 32.34
02/03/12		 28.76
02/03/12		 28.74
02/03/12		 32.06
02/03/12
52 Wk Low
Date		 22.50
10/03/11		 20.06
10/03/11		 20.05
10/03/11		 22.33
10/03/11
Download Historical NAV/POP

     
Micro-Cap Equity Fund Total Returns (%) as of 01/31/12    Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class 1 month 3 month YTD 1 year 3 year 5 year 10 year SI Inception Date
A With load 1.09 4.85 1.09 -0.07 23.53 -3.12 5.03 10.58 12/26/96
A Without load 6.97 10.96 6.97 5.76 25.89 -2.02 5.62 10.99 12/26/96
B^ With load 1.90 5.71 1.90 0.00 24.31 -3.04 4.99 9.97 02/24/97
B^ Without load 6.90 10.71 6.90 5.00 24.96 -2.75 4.99 9.97 02/24/97
C With load 5.90 9.72 5.90 3.97 24.94 -2.76 4.83 10.27 03/31/97
C Without load 6.90 10.72 6.90 4.97 24.94 -2.76 4.83 10.27 03/31/97
R Without load 6.93 10.86 6.93 5.48 25.55 -2.28 N/A 3.33 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, 2010 were 2.25%, 3.00%, 3.00% and 2.50%, 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 12/31/11    Risks
- - - - - Cumulative - - - - -
- - - - - Annualized - - - - -
Class 1 month 3 month YTD 1 year 3 year 5 year 10 year SI Inception Date
A With load -3.08 14.04 -6.82 -6.82 17.64 -4.33 4.10 10.15 12/26/96
A Without load 2.58 20.66 -1.41 -1.41 19.88 -3.23 4.69 10.56 12/26/96
B^ With load -2.47 15.43 -7.04 -7.04 18.28 -4.24 4.07 9.54 02/24/97
B^ Without load 2.53 20.43 -2.15 -2.15 18.99 -3.95 4.07 9.54 02/24/97
C With load 1.53 19.44 -3.13 -3.13 18.97 -3.96 3.91 9.83 03/31/97
C Without load 2.53 20.44 -2.15 -2.15 18.97 -3.96 3.91 9.83 03/31/97
R Without load 2.56 20.56 -1.66 -1.66 19.57 -3.48 N/A 2.44 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, 2010 were 2.25%, 3.00%, 3.00% and 2.50%, 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.

Portfolio characteristics are derived from a data source that may not provide information on every security in the portfolio. Such securities are excluded from the characteristics calculations and may affect the figures presented.

*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.

^Closed to all investors.



Munder Funds distributed by Funds Distributor, LLC.

E-mail us at feedback@munder.com
Please read the Terms of Use and Privacy Policy
Munder®, Munder Capital®, Munder Capital Management®, and The Munder Funds® are
registered trademarks of Munder Capital Management®.
  ©Copyright 2010 Munder Capital Management. All Rights Reserved.
 
 
Micro-Cap Equity
Quarterly Commentary as of December 31, 2011		 previous commentary Print or Download
The Munder Micro-Cap Equity Fund had strong absolute and relative performance for the fourth quarter of 2011. The Fund posted a strong double-digit return and outperformed its Russell Microcap? benchmark by a wide margin. Performance was fairly broad based with every sector contributing to performance. Stock selection in the energy, consumer discretionary and industrials sectors was the most significant source of positive relative performance. Sector weightings were a modest positive, largely due to an overweight in industrials, the second best performing sector within the benchmark. Good revenue growth, high profitability and no immediate signs of a slowdown led to the recovery in industrial stocks.

In energy, the Fund held a pair of oil service names that were two of the top five overall contributors to the Fund?s relative strength. Mitcham Industries, Inc. (1.1%), a maker of seismic data equipment rose 95% as demand remains strong. Newpark Resources, Inc. (0.8%), a provider of drilling fluids and related products and services, climbed due to a new product gaining traction, increased penetration overseas and solid North American shale activity. The Fund also owned energy exploration firms, Kodiak Oil & Gas Corp. (0.9%) and Petroleum Development Corp. (1.0%), which both made strong advances due to good quarterly results and renewed optimism about the value of their energy assets.

Within consumer discretionary, Charming Shoppes, Inc. (1.3%) surged 88% as management?s decision to pursue strategic alternatives to unlock shareholder value was well received by investors. Leapfrog Enterprises Inc. (0.9%), a maker of electronic educational products, was up 66% on the strength of a new product platform. The Greenbrier Companies, Inc. (1.1%) and Altra Holdings, Inc. (1.0%) were the two best contributors within the Fund?s industrials sector. Greenbrier was up over 100% as the manufacturer of rail cars continued to see strong demand and looks to capture increased market share. Altra Holdings, Inc., a manufacturer of power transmission products, rebounded sharply as macroeconomic fears subsided and the company confirmed that demand for its products was still resilient.

For 2011 as a whole, the Munder Micro-Cap Equity Fund had a negative absolute return, but handily outperformed its Russell Microcap? benchmark. Performance was aided by stock selection in the energy, financials and information technology sectors. Consumer staples and utilities were minor detractors. Sector weightings were a modest detractor for the entire year as well, due to an overweight in industrials and an underweight in utilities and consumer staples. Although industrials had a strong start and finish to the year, they were hit hard during the summer as investors feared that sales momentum and healthy margins would be negatively impacted by macroeconomic concerns. This in turn led many investors towards the relative safety of utilities and consumer staples stocks, two of the better performing sectors within the micro-cap universe for the entire year.

Although the average micro-cap energy stock declined in 2011, the Fund had a handful of energy stocks that significantly outperformed, led by Mitcham Industries, Inc., Newpark Resources, Inc. and Kodiak Oil & Gas Corp., with much of this performance coming in the final quarter of the year (see above comments for the quarter). Within the technology sector, the Fund?s software and Internet service stocks drove performance. Liquidity Services, Inc. (0.8%), an online liquidator, was the largest contributor to the Fund?s relative performance as it announced a very accretive acquisition that will enhance its product platform and improve scale. S1 Corp. (0.7%) rose as a competitor proposed acquiring S1 Corp. for a sizeable premium.

The Fund?s bank and real estate investment trust (REITs) holdings also outperformed. Bank of the Ozarks, Inc. (0.9%) and Bancorp Rhode Island were the largest contributors. Healthy capital levels at Bank of the Ozarks have allowed it to acquire a number of struggling banks from the FDIC (Federal Deposit Insurance Corp) to expand its footprint and improve its profitability. Bancorp Rhode Island was acquired for a sizeable premium early in the year. The Fund?s REIT holdings benefited from robust fundamentals and lower interest rates. Education Realty Trust, Inc. (0.8%) was the Fund?s best performing REIT as demand for quality student housing remains robust.
 

Past performance does not guarantee future results. There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal. 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. Further, value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. 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. Performance and after-tax returns can be significantly impacted by the Fund's investments in Initial Public Offerings (IPOs), which may involve short-term trading. We cannot, however, ensure that the Fund will obtain IPOs.

Fund holdings mentioned in the Quarterly Commentary are as of 12.31.11 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 The most currently available data regarding portfolio holdings can be found on our website, www.munder.com.

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 01.12


 
Investment Team

Munder Funds distributed by Funds Distributor, LLC.

 

Micro-Cap Equity
Portfolio Data as of 12/31/2011
Total Net Assets* $86,501,690
Number of Holdings 127
Weighted Average Market Cap $415 MM
P/E Ratio - Last 12 Mos 17.40
Earnings Growth - Last 5 Yrs -0.4%
Earnings Growth - Last 12 Mos. 15.5%
Beta 0.95
Turnover - as of 12/31/2011 84.3%

Asset Allocation as of 12/31/2011
Cash & Equivalents 4.5 %
Equity 95.5 %
Total 100.0 %
 
 
 
Top Holdings as of 12/31/2011
Symbol Company Name
AIRM Air Methods Corp.
CRMT America's Car-Mart, Inc.
AMSF AMERISAFE, Inc.
CHRS Charming Shoppes, Inc.
GBX Greenbrier Cos. Inc.
HSTM Healthstream Inc
ICUI ICU Medical, Inc.
MIND Mitcham Industries, Inc.
SRDX SurModics, Inc.
USPH U.S. Physical Therapy, Inc.
  Total Percentage of Top Holdings: 12.5
  Link to All Holdings as of 12/31/2011
  Historical All Holdings
 
Sector Diversification as of 12/31/2011
Sector % of Holdings
Consumer Discretionary 13.1
Consumer Staples 0.6
Energy 5.3
Financials 23.6
Funds/ETFs 0.7
Health Care 15.8
Industrials 16.8
Information Technology 14.6
Materials 4.2
Telecommunication Services 0.8
Cash & Equivalents 4.5
Total 100.0
 

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.

Portfolio characteristics are derived from a data source that may not provide information on every security in the portfolio. Such securities are excluded from the characteristics calculations and may affect the figures presented.

*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.

^Closed to all investors.



Munder Funds distributed by Funds Distributor, LLC.

E-mail us at feedback@munder.com
Please read the Terms of Use and Privacy Policy
Munder®, Munder Capital®, Munder Capital Management®, and The Munder Funds® are
registered trademarks of Munder Capital Management®.
  ©Copyright 2010 Munder Capital Management. All Rights Reserved.