58

At a Glance

Why invest in Capital Small-Cap?

  • Small-cap value fund (generally market caps up to $3 billion) that focuses on companies with above-average profitability and low leverage that are selling at attractive valuations due to what Royce believes are temporary factors
  • Pursues opportunities when expectations are low and focuses on industries where Royce sees the greatest number of compelling bargains
  • Outperformed its benchmark, the Russell 2000 Index, in 88% of all monthly rolling 10-year periods since inception through 6/30/16

As of 06/30/16

  • Small-Cap
    Value Approach
    $1.08B
    Avg. Market Cap
  • Low
    Volatility
    97%
    Active Share
  • Lead Manager
    Tenure
    13+
    Years on Fund

Portfolio Management

"My goal is to find companies where expectations built into the current valuation are too low relative to what I believe is far more likely to happen."
Jay Kaplan

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Year To Date, 15-Year and since inception (12/27/96) periods as of 06/30/16.
QTR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Capital Small-Cap -5.65 2.97-8.903.975.485.837.8110.36 12/27/96
Russell 2000 3.79 2.22-6.737.098.356.206.967.57 N/A

Annual Operating Expenses: 1.06

AUG YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Capital Small-Cap 0.66 9.022.385.219.016.548.5710.59 12/27/96
Russell 2000 1.77 10.238.598.5312.857.048.137.91 N/A

Annual Operating Expenses: 1.06

SEP YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Capital Small-Cap -1.52 7.356.942.4810.246.219.7710.46 12/27/96
Russell 2000 1.42 11.8016.916.8015.627.009.287.96 N/A

Annual Operating Expenses: 1.06

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. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.roycefunds.com. The Fund's total returns do not reflect any deduction for charges or expenses of the variable contracts investing in the Fund. 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 and other expenses.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 88% of all 10-Year periods; 77% of all 5-Year periods; and 55% of all 1-Year periods.

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

Relative Returns: Monthly Rolling Average Annual Return Periods Since Inception Through 06/30/16

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
101/115
88 10.2 6.9
5-year
134/175
77 11.0 7.4
1-year
123/223
55 12.0 9.2

Absolute Returns: 10-Year Monthly Rolling Return PeriodsNumber of 10-Year Average Annual Return Periods Since the Fund’s Inception

Return Range Periods % in Range
> 10% 57 50
> 5% and ≤ 10% 58 50
> 0% and ≤ 5% 0 0
≤ 0% 0 0

The Fund averaged a 10.2% return over all 115 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 in one of the two previous full market cycle periods.
Peak-Peak - 07/13/07 - 04/29/11
Capital Small-Cap11.4%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Capital Small-Cap43.5%
Russell 200058.5%

Peak-Current - 06/23/15 - 06/30/16
Capital Small-Cap-11.7%
Russell 2000-9.7%

Royce defines market cycles as those that have retreated at least 15% from a previous market peak and have rebounded to establish a new peak above the previous one. 

Royce defines market cycles as those that have retreated at least 15% from a previous market peak and have rebounded to establish a new peak above the previous one. 

Calendar Year Total Returns (%)

 

Growth of Investment

Value of $10,000 invested between 12/27/96 and 06/30/16

Capital Small-Cap$68,425.75
Russell 2000$41,500.04

Portfolio Impactas of 06/30/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Consumer Staples
3.50
20.32
0.68
Energy
3.76
4.08
0.14
Financials
16.47
0.47
0.07
Materials
0.08
11.31
0.03
Health Care
1.17
-8.24
-0.08
Information Technology
16.41
-4.73
-0.83
Industrials
18.89
-6.28
-1.02
Consumer Discretionary
34.08
-12.32
-4.37
Cash
5.63
0.06
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Thrifts & Mortgage FinanceFinancials0.42
Personal ProductsConsumer Staples0.41
MachineryIndustrials0.39
Semiconductors & Semiconductor EquipmentInformation Technology0.28
Food & Staples RetailingConsumer Staples0.27

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-2.59
Multiline RetailConsumer Discretionary-0.78
Professional ServicesIndustrials-0.76
Road & RailIndustrials-0.63
Capital MarketsFinancials-0.59

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples0.41
Alamo GroupMachineryIndustrials0.36
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.28
Village Super Market Cl. AFood & Staples RetailingConsumer Staples0.27
Genworth MI CanadaThrifts & Mortgage FinanceFinancials0.27

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ExpressSpecialty RetailConsumer Discretionary-0.99
Dillard's Cl. AMultiline RetailConsumer Discretionary-0.78
Buckle (The)Specialty RetailConsumer Discretionary-0.66
DSW Cl. ASpecialty RetailConsumer Discretionary-0.66
Moelis & Company Cl. ACapital MarketsFinancials-0.54
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
18.94
9.88
2.26
Financials
15.69
7.49
0.97
Consumer Staples
4.15
27.27
0.81
Industrials
18.73
-0.29
0.33
Materials
0.69
15.79
0.01
Consumer Discretionary
32.67
0.24
-0.01
Health Care
0.79
0.83
-0.03
Energy
3.96
-10.39
-0.63
Cash
4.38
0.13
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.59
Thrifts & Mortgage FinanceFinancials1.06
Food & Staples RetailingConsumer Staples0.49
Road & RailIndustrials0.45
Technology Hardware, Storage & PeripheralsInformation Technology0.38

Top Detractors

INDUSTRYSECTORGAIN (%)
Professional ServicesIndustrials-0.79
Energy Equipment & ServicesEnergy-0.63
Capital MarketsFinancials-0.50
Auto ComponentsConsumer Discretionary-0.25
Multiline RetailConsumer Discretionary-0.16

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Genworth MI CanadaThrifts & Mortgage FinanceFinancials0.96
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology0.88
Alamo GroupMachineryIndustrials0.53
GenescoSpecialty RetailConsumer Discretionary0.39
Deckers OutdoorTextiles, Apparel & Luxury GoodsConsumer Discretionary0.38

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ExpressSpecialty RetailConsumer Discretionary-0.70
Matrix ServiceEnergy Equipment & ServicesEnergy-0.63
Moelis & Company Cl. ACapital MarketsFinancials-0.46
Korn/Ferry InternationalProfessional ServicesIndustrials-0.43
Federal SignalMachineryIndustrials-0.41
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
21.15
6.04
1.52
Consumer Staples
4.18
3.76
0.19
Health Care
0.92
43.35
0.02
Materials
1.48
11.87
-0.01
Financials
14.90
-0.40
-0.14
Industrials
17.42
-9.07
-1.01
Energy
4.82
-31.74
-2.10
Consumer Discretionary
31.38
-18.52
-6.05
Cash
3.76
0.17
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.66
MachineryIndustrials0.37
BanksFinancials0.29
Food & Staples RetailingConsumer Staples0.27
Semiconductors & Semiconductor EquipmentInformation Technology0.27

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-4.28
Energy Equipment & ServicesEnergy-2.12
Multiline RetailConsumer Discretionary-1.01
Road & RailIndustrials-0.69
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.68

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology1.60
Alamo GroupMachineryIndustrials0.49
Vishay IntertechnologyElectronic Equipment, Instruments & ComponentsInformation Technology0.33
Fresh Market (The)Food & Staples RetailingConsumer Staples0.29
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.27

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Buckle (The)Specialty RetailConsumer Discretionary-1.27
Unit CorporationEnergy Equipment & ServicesEnergy-1.10
Dillard's Cl. AMultiline RetailConsumer Discretionary-1.01
DSW Cl. ASpecialty RetailConsumer Discretionary-0.93
SaiaRoad & RailIndustrials-0.72
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
23.50
29.02
6.52
Financials
14.41
37.13
4.52
Health Care
3.85
162.04
3.29
Consumer Staples
3.23
29.96
2.13
Consumer Discretionary
28.47
4.75
1.65
Industrials
12.16
8.99
0.75
Materials
3.68
14.26
0.28
Energy
5.99
-38.04
-1.92
Cash
4.70
0.22
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Textiles, Apparel & Luxury GoodsConsumer Discretionary3.53
Electronic Equipment, Instruments & ComponentsInformation Technology3.51
Health Care Providers & ServicesHealth Care2.63
InsuranceFinancials1.94
Semiconductors & Semiconductor EquipmentInformation Technology1.81

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-2.27
Specialty RetailConsumer Discretionary-1.78
Multiline RetailConsumer Discretionary-1.01
Professional ServicesIndustrials-0.66
Paper & Forest ProductsMaterials-0.52

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology2.66
G-III Apparel GroupTextiles, Apparel & Luxury GoodsConsumer Discretionary2.10
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples1.66
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary1.06
Chemed CorporationHealth Care Providers & ServicesHealth Care1.05

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-1.74
Buckle (The)Specialty RetailConsumer Discretionary-1.23
Atwood OceanicsEnergy Equipment & ServicesEnergy-1.08
Dillard's Cl. AMultiline RetailConsumer Discretionary-1.01
TESSCO TechnologiesCommunications EquipmentInformation Technology-0.92
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Consumer Discretionary
28.14
36.22
12.07
Financials
14.52
88.09
10.49
Information Technology
21.99
19.83
6.10
Consumer Staples
3.73
138.88
5.96
Health Care
6.29
191.64
3.74
Industrials
9.85
45.27
3.44
Materials
3.55
26.00
1.37
Energy
6.42
-42.11
-2.60
Cash
5.50
0.34
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
Textiles, Apparel & Luxury GoodsConsumer Discretionary5.71
InsuranceFinancials5.31
Personal ProductsConsumer Staples4.72
Electronic Equipment, Instruments & ComponentsInformation Technology4.38
Specialty RetailConsumer Discretionary3.78

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-2.30
IT ServicesInformation Technology-1.15
Multiline RetailConsumer Discretionary-1.01
Professional ServicesIndustrials-0.66
BiotechnologyHealth Care-0.57

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples4.15
G-III Apparel GroupTextiles, Apparel & Luxury GoodsConsumer Discretionary3.33
Dorman ProductsAuto ComponentsConsumer Discretionary2.63
Allied World Assurance Company HoldingsInsuranceFinancials2.35
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology1.80

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-2.56
ManTech International Cl. AIT ServicesInformation Technology-1.47
NCI Cl. AIT ServicesInformation Technology-1.29
Dillard's Cl. AMultiline RetailConsumer Discretionary-1.01
TESSCO TechnologiesCommunications EquipmentInformation Technology-0.91

Risk

Low Volatility vs. Peer Group as of 06/30/16

The Fund has a low volatility within its peer group of 111 Insurance Fund Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 06/30/16

The Fund outperformed the Russell 2000 during all 11 downturns of 10% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)CAPITAL SMALL-CAP (%)SPREAD (%)
03/31/16-1.5+9.1+10.6
09/30/15-11.9-10.3+1.6
09/30/14-7.4-6.4+1.0
06/30/12-3.5-6.1-2.6
09/30/11-21.9-16.8+5.1
06/30/11-1.6-2.2-0.6
06/30/10-9.9-5.8+4.1
03/31/09-15.0-12.5+2.5
12/31/08-26.1-24.3+1.8
09/30/08-1.1-5.6-4.5
03/31/08-9.9-0.3+9.6
12/31/07-4.6-5.0-0.4
09/30/07-3.1-6.9-3.8
06/30/06-5.0-6.3-1.3
03/31/05-5.3-0.2+5.1
09/30/04-2.9+1.7+4.6
03/31/03-4.5-6.8-2.3
09/30/02-21.4-23.5-2.1
06/30/02-8.4-5.9+2.5
09/30/01-20.8-20.4+0.4

Capture Ratios Fund's First Full Quarter (12/31/96) to 06/30/16

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 06/30/16

Over the past 10 years, the Fund outperformed the Russell 2000 Index with lower volatility.
Over the past 5 years, the Fund produced lower volatility than the Russell 2000 Index.
Over the past 3 years, the Fund outperformed the Russell 2000 Index with lower volatility.
From the Fund's inception, the Fund outperformed the Russell 2000 Index with lower volatility.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 06/30/16

The Fund produced lower volatility than the Russell 2000 and 50% of insurance fund small-cap objective funds, as shown by its standard deviation.
The Fund produced lower volatility than the Russell 2000 and 50% of insurance fund small-cap objective funds, as shown by its standard deviation.
The Fund produced lower volatility than the Russell 2000 and 90% of insurance fund small-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
Capital Small-Cap0.3617.70
Russell 20000.3619.83

Sharpe Ratio Standard Deviation
Capital Small-Cap
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/16

mstar-RCPFX

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.

Portfolio Diagnosticsas of 06/30/16

  RCPFX Russell 2000
Average Market Cap
1.08B
1.37B
97%
-
2015 Portfolio Turnover
59%
-
Weighted Average P/E,
13.9x
19.6x
Weighted Average P/B
1.6x
2.0x
U.S. Investments (% of Net Assets)
88.6%
-
Non-U.S. Investments (% of Net Assets)
3.3%
-

Portfolio Allocation

  • Total
    Holdings
    65


SECTORS
RCPFX (%) RUSSELL
2000 (%)
Consumer Discretionary
33.4
13.5
Industrials
19.0
13.8
Financials
16.4
25.8
Information Technology
14.6
17.3
Consumer Staples
3.5
3.1
Energy
3.3
3.0
Health Care
1.7
13.6
Materials
-
4.6
Utilities
-
4.3
Telecommunication Services
-
0.9
Cash and Cash Equivalents
8.1
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Spirit Airlines
3.0
Genworth MI Canada
2.9
PC Connection
2.9
Shoe Carnival
2.9
Dillard's Cl. A
2.8
American Eagle Outfitters
2.8
Buckle (The)
2.7
Vishay Intertechnology
2.7
Express
2.7
DSW Cl. A
2.6
TrustCo Bank Corp. NY
2.6
Miller Industries
2.6
Gentex Corporation
2.4
Matrix Service
2.3
Saia
2.3
Moelis & Company Cl. A
2.2
Cato Corporation (The) Cl. A
2.2
Genesco
2.1
Reinsurance Group of America
2.0
Deckers Outdoor
2.0
Top 20 as % of Net Assets
50.7

SECTORS
RCPFX (%) RUSSELL
2000 (%)
Consumer Discretionary
30.2
-
Industrials
18.8
-
Financials
16.3
-
Information Technology
14.0
-
Energy
2.7
-
Consumer Staples
2.6
-
Health Care
2.6
-
Cash and Cash Equivalents
12.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
3.0
Vishay Intertechnology
3.0
PC Connection
2.9
Express
2.7
American Eagle Outfitters
2.7
Dillard's Cl. A
2.6
Shoe Carnival
2.6
TrustCo Bank Corp. NY
2.5
Buckle (The)
2.4
Spirit Airlines
2.4
Gentex Corporation
2.3
Miller Industries
2.3
Cato Corporation (The) Cl. A
2.3
Genesco
2.2
Korn/Ferry International
2.1
Saia
2.1
Moelis & Company Cl. A
2.1
DSW Cl. A
2.0
Deckers Outdoor
1.9
TrueBlue
1.9
Top 20 as % of Net Assets
48.0

Portfolio Holdings

View the complete list of holdings for this fund as of 06/30/16. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Least Portfolio Overlap - U.S. Equity Funds

Greatest Portfolio Overlap - U.S. Equity Funds

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 ($) REINVEST
PRICE ($)
12/16/15 12/17/15 12/17/15 0.0916 0.1628 2.4727 - 2.7271 8.43
12/16/14 12/17/14 12/17/14 0.0180 0.4810 1.1784 - 1.6774 12.33
12/11/13 12/12/13 12/12/13 0.1441 0.0618 0.6872 - 0.8931 13.18
12/12/12 12/13/12 12/13/12 0.0121 - 0.2785 - 0.2906 10.73
12/14/11 12/15/11 12/15/11 0.0359 - - - 0.0359 9.79
12/15/10 12/16/10 12/16/10 0.0113 - - - 0.0113 10.48

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) 0.00

Annual Fund Operating Expenses (%)

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

Management fees 1.00
Distribution (12b-1) fees 0.00
Other expenses 0.06
Total annual Fund operating expenses 1.06

Important Disclosure Information

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefuly before investing or sending money. The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investments in securities of larger-cap companies. (Please see "Primary Risks for Fund Investors" in the prospectus.) As of 06/30/16 the Fund invested a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than more broadly diversified portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Fund may invest up to 25% of its net assets in foreign securities (measured at the time of investment), which may involve political, economic, currency, and other risks not encountered in U.S. investments. (Please the "Investing in Foreign Securities" in the prospectus.)

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.

The 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 Fund's P/E ratio calculation excludes companies with zero or negative earnings. 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. 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. 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. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Managed by Jay Kaplan since 2003

12/27/1996 12:00:00 AM

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