9/30/2014
9/30/2014
10/24/2014
10/31/1972

At a Glance

Why invest in
Pennsylvania Mutual?

  • Investment goal of long-term growth of capital
  • Broadly diversified portfolio, disciplined value approach
  • Invests primarily in small-cap stocks, up to $2.5 billion
  • Managed by Chuck Royce since 1972, assistants Jay Kaplan since 2003 and Lauren Romeo since 2006

As of 9/30/2014

Portfolio Management



Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the 10-Year, 15-Year, 20-Year, 25-Year and 30-Year periods as of 9/30/2014
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR 30YR 40YR
Pennsylvania Mutual -7.58 -5.70 3.29 18.32 12.56 8.45 10.78 10.97 11.41 16.00
Russell 2000 -7.36 -4.41 3.93 21.26 14.29 8.19 7.93 9.03 9.82 N/A

Annual Operating Expenses: 0.93

SEP YTD 1YR 3YR 5YR 10YR 15YR 20YR 30YR 40YR
Pennsylvania Mutual -6.15 -5.70 3.29 18.32 12.56 8.45 10.78 10.97 11.41 16.00
Russell 2000 -6.05 -4.41 3.93 21.26 14.29 8.19 7.93 9.03 9.82 N/A

Annual Operating Expenses: 0.93

OCT YTD 1YR 3YR 5YR 10YR 15YR 20YR 30YR 40YR
Pennsylvania Mutual 0.72 -5.02 0.22 13.60 12.38 8.67 11.07 11.07 11.40 15.76
Russell 2000 1.61 -2.87 1.31 16.58 14.77 8.45 8.18 9.21 9.90 N/A

Annual Operating Expenses: 0.93

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 1% redemption fee, payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.roycefunds.com. Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees, other expenses, and acquired fund fees and expenses. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through it's investment in mutual funds, hedge funds, private equity funds, and other investment companies.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 100% of all 10-Year periods; 83% of all 5-Year periods; 77% of all 3-Year periods; and 62% of all 1-Year periods.

For 100% of the periods, 10-year average annual total returns were greater than 5%; For 85% of the periods, 10-year average annual total returns were greater than 10%.

Relative Returns: Monthly Rolling Average Annual Return Periods 15 Years Through 9/30/2014

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
61/61
100 9.6 7.1
5-year
100/121
83 9.9 7.4
3-year
112/145
77 10.4 7.7
1-year
104/169
62 13.1 9.7

Absolute Returns: 10-Year Monthly Rolling Return PeriodsNumber of 10-Year Average Annual Return Periods Since 11/30/72

Return Range Periods % in Range
> 10% 325 85
> 5% and ≤ 10% 58 15
> 0% and ≤ 5% 0 0
≤ 0% 0 0

The Fund averaged a 14.2% return over all 383 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 from the 3/9/00 index peak through 9/30/14 and in each of the two previous full market cycle periods.
Peak-Peak - 03/09/2000 - 07/13/2007
Pennsylvania Mutual207.1%
Russell 200054.8%

Peak-Peak - 07/13/2007 - 04/29/2011
Pennsylvania Mutual11.6%
Russell 20006.6%

Peak-Current - 04/29/2011 - 09/30/2014
Pennsylvania Mutual25.5%
Russell 200033.5%

Calendar Year Total Returns (%)

 

Growth of Investment

Value of $10,000 invested between 12/31/1978 and 9/30/2014

Pennsylvania Mutual$835,505.52
Russell 2000$517,871.42

The since inception performance above dates to the inception of the Russell 2000 on 12/31/1978.

Portfolio Impactas of 9/30/2014

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Utilities
0.0
1.9
0.0
Diversified Investment Companies
0.4
-0.3
0.0
Telecommunication Services
0.2
-9.5
0.0
Consumer Staples
2.0
-13.1
-0.3
Health Care
6.5
-4.6
-0.3
Financials
11.1
-3.8
-0.4
Consumer Discretionary
14.9
-5.5
-0.8
Energy
7.1
-13.7
-1.0
Materials
11.1
-9.9
-1.1
Information Technology
20.6
-5.6
-1.1
Industrials
24.0
-9.9
-2.4
Cash
2.3
0.0
0.0

Top Contributors

INDUSTRYSECTORGAIN (%)
Road & RailIndustrials0.1
DistributorsConsumer Discretionary0.0
Life Sciences Tools & ServicesHealth Care0.0
Multiline RetailConsumer Discretionary0.0
Internet & Catalog RetailConsumer Discretionary0.0

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-1.0
MachineryIndustrials-0.7
Metals & MiningMaterials-0.7
Electrical EquipmentIndustrials-0.5
Electronic Equipment, Instruments & ComponentsInformation Technology-0.5

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
DTSElectronic Equipment, Instruments & ComponentsInformation Technology0.1
American Eagle OutfittersSpecialty RetailConsumer Discretionary0.1
Core-Mark Holding CompanyDistributorsConsumer Discretionary0.1
Landstar SystemRoad & RailIndustrials0.1
Brocade Communications SystemsCommunications EquipmentInformation Technology0.1

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples-0.3
CARBO CeramicsEnergy Equipment & ServicesEnergy-0.2
GrafTech InternationalElectrical EquipmentIndustrials-0.2
Unit CorporationEnergy Equipment & ServicesEnergy-0.2
Powell IndustriesElectrical EquipmentIndustrials-0.1
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Energy
7.7
5.3
0.5
Health Care
6.6
2.1
0.2
Diversified Investment Companies
0.3
10.1
0.0
Utilities
0.0
25.6
0.0
Telecommunication Services
0.2
0.2
0.0
Financials
11.0
-0.4
0.0
Consumer Staples
1.8
-11.5
-0.2
Materials
10.4
-5.5
-0.6
Information Technology
20.2
-4.8
-1.0
Consumer Discretionary
14.8
-7.9
-1.2
Industrials
24.2
-11.5
-2.9
Cash
2.8
0.0
0.0

Top Contributors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy0.4
BiotechnologyHealth Care0.2
Food ProductsConsumer Staples0.2
Semiconductors & Semiconductor EquipmentInformation Technology0.2
Capital MarketsFinancials0.2

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.7
Electrical EquipmentIndustrials-0.7
MachineryIndustrials-0.6
IT ServicesInformation Technology-0.5
Personal ProductsConsumer Staples-0.4

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Helmerich & PayneEnergy Equipment & ServicesEnergy0.2
Pason SystemsEnergy Equipment & ServicesEnergy0.2
Westlake ChemicalChemicalsMaterials0.2
Myriad GeneticsBiotechnologyHealth Care0.2
Core-Mark Holding CompanyDistributorsConsumer Discretionary0.2

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples-0.3
Ascena Retail GroupSpecialty RetailConsumer Discretionary-0.3
KBRConstruction & EngineeringIndustrials-0.2
Raven IndustriesIndustrial ConglomeratesIndustrials-0.2
GrafTech InternationalElectrical EquipmentIndustrials-0.2
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
10.8
13.6
1.3
Information Technology
20.2
5.4
1.1
Energy
7.7
13.1
1.1
Health Care
6.7
8.1
0.6
Consumer Discretionary
14.9
2.6
0.5
Diversified Investment Companies
0.3
13.0
0.0
Consumer Staples
1.7
3.9
0.0
Telecommunication Services
0.2
4.4
0.0
Utilities
0.0
34.1
0.0
Materials
10.0
0.9
0.0
Industrials
24.5
-2.4
-0.4
Cash
2.9
0.0
0.0
Unclassified
0.0
0.1
0.0

Top Contributors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy0.9
Capital MarketsFinancials0.9
Electronic Equipment, Instruments & ComponentsInformation Technology0.8
Semiconductors & Semiconductor EquipmentInformation Technology0.4
Textiles, Apparel & Luxury GoodsConsumer Discretionary0.4

Top Detractors

INDUSTRYSECTORGAIN (%)
Electrical EquipmentIndustrials-0.4
Specialty RetailConsumer Discretionary-0.4
IT ServicesInformation Technology-0.3
Personal ProductsConsumer Staples-0.3
Construction & EngineeringIndustrials-0.3

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Helmerich & PayneEnergy Equipment & ServicesEnergy0.4
Westlake ChemicalChemicalsMaterials0.3
Unit CorporationEnergy Equipment & ServicesEnergy0.2
Pason SystemsEnergy Equipment & ServicesEnergy0.2
Exterran HoldingsEnergy Equipment & ServicesEnergy0.2

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples-0.3
Ascena Retail GroupSpecialty RetailConsumer Discretionary-0.2
KBRConstruction & EngineeringIndustrials-0.2
InnospecChemicalsMaterials-0.1
Acacia ResearchProfessional ServicesIndustrials-0.1
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
25.5
72.5
19.3
Information Technology
20.5
63.6
13.0
Consumer Discretionary
15.0
87.4
12.7
Financials
11.0
89.2
8.8
Energy
7.6
78.5
6.0
Health Care
7.2
74.7
5.4
Materials
8.8
25.5
2.7
Consumer Staples
1.7
109.1
1.6
Telecommunication Services
0.1
68.3
0.1
Diversified Investment Companies
0.1
7.9
0.0
Utilities
0.0
8.7
0.0
Cash
2.5
0.2
0.0
Unclassified
0.0
0.1
0.0

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials7.0
Energy Equipment & ServicesEnergy5.2
Electronic Equipment, Instruments & ComponentsInformation Technology5.1
Capital MarketsFinancials4.7
Specialty RetailConsumer Discretionary3.5

Top Detractors

INDUSTRYSECTORGAIN (%)
Food & Staples RetailingConsumer Staples0.0
Wireless Telecommunication ServicesTelecommunication Services0.0
Independent Power and Renewable Electricity ProducersUtilities0.0
Real Estate Investment Trusts (REITs)Financials0.0
BeveragesConsumer Staples0.0

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Helmerich & PayneEnergy Equipment & ServicesEnergy1.2
Oil States InternationalEnergy Equipment & ServicesEnergy0.9
Westlake ChemicalChemicalsMaterials0.9
Lincoln Electric HoldingsMachineryIndustrials0.8
Mohawk IndustriesHousehold DurablesConsumer Discretionary0.8

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
MoneyGram InternationalIT ServicesInformation Technology-0.4
Eldorado GoldMetals & MiningMaterials-0.3
GrafTech InternationalElectrical EquipmentIndustrials-0.3
Pan American SilverMetals & MiningMaterials-0.3
Agnico Eagle MinesMetals & MiningMaterials-0.2
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
23.9
97.6
23.9
Consumer Discretionary
14.9
105.8
16.1
Information Technology
19.3
75.4
15.4
Energy
8.0
119.9
9.2
Financials
12.3
79.6
8.9
Health Care
7.7
93.8
7.3
Materials
8.3
34.6
4.4
Consumer Staples
2.0
205.7
3.4
Diversified Investment Companies
0.1
1.6
0.0
Government Bonds
0.0
-0.7
0.0
Utilities
0.0
-10.7
0.0
Telecommunication Services
0.1
20.5
0.0
Cash
3.4
0.3
0.0
Unclassified
0.0
119.7
0.0

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials9.6
Energy Equipment & ServicesEnergy7.5
Electronic Equipment, Instruments & ComponentsInformation Technology5.7
Specialty RetailConsumer Discretionary5.3
InsuranceFinancials5.1

Top Detractors

INDUSTRYSECTORGAIN (%)
Real Estate Investment Trusts (REITs)Financials0.0
Wireless Telecommunication ServicesTelecommunication Services0.0
Independent Power and Renewable Electricity ProducersUtilities0.0
Diversified Telecommunication ServicesTelecommunication Services0.0
Food & Staples RetailingConsumer Staples0.0

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Oil States InternationalEnergy Equipment & ServicesEnergy1.5
Advisory Board (The)Professional ServicesIndustrials1.3
Helmerich & PayneEnergy Equipment & ServicesEnergy1.3
Lincoln Electric HoldingsMachineryIndustrials1.0
MAXIMUSIT ServicesInformation Technology1.0

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Artio Global Investors Cl. ACapital MarketsFinancials-0.6
Knight Capital Group Cl. ACapital MarketsFinancials-0.6
Pulse ElectronicsElectronic Equipment, Instruments & ComponentsInformation Technology-0.5
MoneyGram InternationalIT ServicesInformation Technology-0.4
ManTech International Cl. AIT ServicesInformation Technology-0.4

Risk

Down Market Performance Comparisonas of 9/30/2014

The Fund outperformed the Russell 2000 during nine out of 11 downturns of 7.5% or more from the index’s prior historical high over the last 15 years.

Market Downturns (%)

Outperformed in 14 out of 21 down quarters.

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)PENNSYLVANIA MUTUAL (%)SPREAD (%)
9/30/2014-7.4-7.6-0.2
6/30/2012-3.5-7.2-3.7
9/30/2011-21.9-21.1+0.8
6/30/2011-1.6-1.8-0.2
6/30/2010-9.9-8.5+1.4
3/31/2009-15.0-12.0+3.0
12/31/2008-26.1-26.10.0
9/30/2008-1.1-7.2-6.1
3/31/2008-9.9-6.3+3.6
12/31/2007-4.6-3.8+0.8
9/30/2007-3.1-2.9+0.2
6/30/2006-5.0-5.2-0.2
3/31/2005-5.3-0.7+4.6
9/30/2004-2.9+0.9+3.8
3/31/2003-4.5-5.5-1.0
9/30/2002-21.4-17.4+4.0
6/30/2002-8.4-4.9+3.5
9/30/2001-20.8-14.9+5.9
3/31/2001-6.5-0.1+6.4
12/31/2000-6.9+3.3+10.2
6/30/2000-3.8+3.7+7.5

Capture Ratios From 12/31/1978 (Russell 2000 Inception) to 12/31/2013

Upside Capture Ratio measures a manager's performance in up markets relative to the Fund's benchmark. It is calculated by measuring the Fund's performance in quarters when the benchmark goes up and dividing it by the benchmark's return in those quarters.

Downside Capture Ratio measures a manager's performance in down markets relative to the Fund's benchmark. It is calculated by measuring the Fund's performance in quarters when the benchmark goes down and dividing it by the benchmark's return in those quarters.

Long Term Risk Measurementas of

Over the past 10 years, the Fund outperformed the Russell 2000 with lower volatility.
Over the past 5 years, the Fund produced lower volatility than the Russell 2000.
Over the past 3 years, the Fund produced lower volatility than the Russell 2000.

Go to Relative Risk Spectrum Tool

The Fund produced lower volatility than the Russell 2000 and 50% of small-cap objective funds, as shown by its standard deviation.
The Fund produced lower volatility than the Russell 2000 and 50% of small-cap objective funds, as shown by its standard deviation.
The Fund beat the Russell 2000 and performed within the top 50% of small-cap objective funds on a risk-adjusted basis, as shown by its Sharpe ratio. In addition, the Fund produced lower volatility than the Russell 2000 and 50% of small-cap objective funds, as shown by its standard deviation.

Morningstar Statistical Measures as of 9/30/2014

Sharpe RatioStandard Deviation
Pennsylvania Mutual0.4418.95
Russell 20000.4219.83
Category Median0.4419.38
Best Quartile Breakpoint0.4918.54

Category Median and Best Quartile Breakpoint based on 292 small-cap objective funds (oldest class only) with at least ten years of history.
Sharpe Ratio Standard Deviation
Pennsylvania Mutual
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™ as of 6/30/2014

mstar-PENNX

The Morningstar Style Map is the Morningstar Style Box™ with the center 75% of fund holdings plotted as the Morningstar Ownership Zone™. The Morningstar Style Box is designed to reveal a fund's investment strategy. The Morningstar Ownership Zone provides detail about a portfolio's investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. The shaded area represents the center 75% of the Fund's assets while the plot point in the middle represents the weighted average of its holdings. Over time, the shape and location of a fund's ownership zone may vary.

Market Cap Exposureas of 9/30/2014

  • Avg.
    Market Cap
    $1.73B

Diagnosticsas of 9/30/2014

Weighted Avg. P/E,
18.2x
Weighted Avg. P/B
2.0x
2013 Portfolio Turnover
26%
85%

Portfolio Allocation

  • Broadly
    Diversified
     
  • Total
    Holdings
    458
  • Holdings ≥ 75%
    of Total Investments
    165

Top 200 holdings represented 83% of the Fund's equity investments as of 9/30/2014.

SECTORS
PENNX (%) RUSSELL
2000 (%)
Industrials
24.0
13.8
Information Technology
21.0
18.0
Consumer Discretionary
15.1
13.3
Financials
11.3
23.8
Materials
10.8
5.0
Energy
7.3
5.5
Health Care
6.6
13.4
Consumer Staples
2.0
3.3
Diversified Investment Companies
0.4
-
Telecommunication Services
0.2
0.8
Utilities
0.0
3.2
Cash and Cash Equivalents
1.3
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Reliance Steel & Aluminum
1.1
Unit Corporation
1.0
Pason Systems
0.9
Federated Investors Cl. B
0.8
NVR
0.8
Genesco
0.8
SEI Investments
0.8
Applied Industrial Technologies
0.7
Balchem Corporation
0.7
Landstar System
0.7
HEICO Corporation
0.7
Thor Industries
0.7
Ritchie Bros. Auctioneers
0.7
AllianceBernstein Holding L.P.
0.7
Coherent
0.7
Valmont Industries
0.7
National Instruments
0.7
Tennant Company
0.6
RBC Bearings
0.6
Kennametal
0.6
Top 20 as % of Net Assets
15.0

SECTORS
PENNX (%) RUSSELL
2000 (%)
Industrials
24.0
13.8
Information Technology
21.0
18.0
Consumer Discretionary
15.1
13.3
Financials
11.3
23.8
Materials
10.8
5.0
Energy
7.3
5.5
Health Care
6.6
13.4
Consumer Staples
2.0
3.3
Diversified Investment Companies
0.4
-
Telecommunication Services
0.2
0.8
Utilities
0.0
3.2
Cash and Cash Equivalents
1.3
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Reliance Steel & Aluminum
1.1
Unit Corporation
1.0
Pason Systems
0.9
Federated Investors Cl. B
0.8
NVR
0.8
Genesco
0.8
SEI Investments
0.8
Applied Industrial Technologies
0.7
Balchem Corporation
0.7
Landstar System
0.7
HEICO Corporation
0.7
Thor Industries
0.7
Ritchie Bros. Auctioneers
0.7
AllianceBernstein Holding L.P.
0.7
Coherent
0.7
Valmont Industries
0.7
National Instruments
0.7
Tennant Company
0.6
RBC Bearings
0.6
Kennametal
0.6
Top 20 as % of Net Assets
15.0

Portfolio Holdings

View the complete list of holdings for this fund as of 9/30/2014. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Least Portfolio Overlap

Greatest Portfolio Overlap

Geographical Breakdown

Distributions

NAV & Distributions


Start DateEnd Date
to

Learn more about distributions

Distributions

RECORD
DATE
EX-DATE PAYABLE
DATE
INCOME ($) SHORT
TERM
GAINS ($)
LONG
TERM
GAINS ($)
RETURN OF
CAPITAL ($)
TOTAL ($) REINVEST
PRICE ($)
12/4/2013 12/5/2013 12/5/2013 0.0013 0.1391 0.6517 - 0.7921 14.16
12/27/2012 12/28/2012 12/28/2012 0.0387 - - - 0.0387 11.27
12/5/2012 12/6/2012 12/6/2012 0.1145 0.0344 0.6141 - 0.7630 11.16
12/7/2011 12/8/2011 12/8/2011 0.0194 - 0.3797 - 0.3991 10.62
12/8/2010 12/9/2010 12/9/2010 0.0538 - - - 0.0538 11.41
12/8/2009 12/9/2009 12/9/2009 0.0076 - - - 0.0076 9.09

NAV History for

Fees & Expenses

Shareholder Fees (%)

(fees paid directly from your investment)

Maximum sales charge (load) imposed on purchases 0.00
Maximum deferred sales charge 0.00
Maximum sales charge (load) imposed on reinvested dividends 0.00
Redemption fee (as a percentage of amount redeemed on shares held for less than 180 days) 1.00

Annual Fund Operating Expenses (%)

(expenses that you pay each year as a percentage of the value of your investment)

Management fees 0.75
Distribution (12b-1) fees 0.00
Other expenses 0.17
Acquired fund fees and expenses 0.01
Total annual Fund operating expenses 0.93
Total annual Fund operating expenses may differ from the expense ratio in the Fund's Financial Highlights because they include only the Fund's direct operating expenses and do not include acquired fund fees and expenses, which reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds, and other investment companies.

Important Disclosure Information

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money.

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.

Price-Earnings, or P/E, Ratio is calculated by dividing a company's share price by its trailing 12-month earnings-per-share (EPS).The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share. Standard deviation is a statistical measure within which a fund's total returns have varied over time. The greater the standard deviation, the greater a fund's volatility. Please read the prospectus for a more complete discussion of risk. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index.The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

10/31/1972 12:00:00 AM
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