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 79% of all monthly rolling 10-year periods for the 20 years ended 6/30/17

As of 06/30/17

  • Small-Cap
    Value Approach
    $1.10B
    Avg. Market Cap
  • Average
    Volatility
    97%
    Active Share
  • Lead Manager
    Tenure
    14+
    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 20-Year and since inception (12/27/96) periods as of 06/30/17.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Capital Small-Cap -2.77 -4.1612.591.178.764.988.1910.1310.47 12/27/96
Russell 2000 2.46 4.9924.607.3613.706.929.197.988.34 N/A

Annual Operating Expenses: 1.09

JUN YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Capital Small-Cap 2.94 -4.1612.591.178.764.988.1910.1310.47 12/27/96
Russell 2000 3.46 4.9924.607.3613.706.929.197.988.34 N/A

Annual Operating Expenses: 1.09

JUL YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Capital Small-Cap -0.37 -4.526.752.238.995.499.629.9810.41 12/27/96
Russell 2000 1.94 7.0320.189.5314.757.6810.737.928.41 N/A

Annual Operating Expenses: 1.09

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 79% of all 10-Year periods; 71% of all 5-Year periods; and 53% of all 1-Year periods.

For 98% of the periods, 10-year average annual total returns were greater than 5%.

Relative Returns: Monthly Rolling Average Annual Return Periods 20 Years Through 06/30/17

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
95/121
79 9.5 6.7
5-year
128/181
71 10.6 7.7
1-year
122/229
53 11.6 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 45
> 5% and ≤ 10% 68 54
> 0% and ≤ 5% 2 2
≤ 0% 0 0

The Fund averaged a 9.8% return over all 127 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 - 06/30/17
Capital Small-Cap-0.6%
Russell 200012.5%

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 06/30/17

Capital Small-Cap$77,037.44
Russell 2000$51,709.31

Portfolio Impactas of 06/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
19.84
1.71
0.38
Utilities
0.78
19.21
0.15
Real Estate
1.77
7.24
0.14
Health Care
2.18
0.22
0.05
Consumer Staples
1.93
-1.25
-0.01
Information Technology
18.09
-1.20
-0.04
Industrials
23.00
-0.80
-0.17
Energy
2.26
-29.95
-0.90
Consumer Discretionary
17.71
-10.40
-2.05
Cash
12.44
0.22
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
IT ServicesInformation Technology0.58
Textiles, Apparel & Luxury GoodsConsumer Discretionary0.23
Capital MarketsFinancials0.22
Household DurablesConsumer Discretionary0.15
Gas UtilitiesUtilities0.15

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-1.85
Energy Equipment & ServicesEnergy-0.90
Electronic Equipment, Instruments & ComponentsInformation Technology-0.44
Auto ComponentsConsumer Discretionary-0.42
MediaConsumer Discretionary-0.21

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
NCI Cl. AIT ServicesInformation Technology0.45
Deckers OutdoorTextiles, Apparel & Luxury GoodsConsumer Discretionary0.19
Korn/Ferry InternationalProfessional ServicesIndustrials0.17
Federated Investors Cl. BCapital MarketsFinancials0.16
Star Gas Partners L.P.Gas UtilitiesUtilities0.15

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Matrix ServiceEnergy Equipment & ServicesEnergy-0.54
GenescoSpecialty RetailConsumer Discretionary-0.46
Hibbett SportsSpecialty RetailConsumer Discretionary-0.31
Shoe CarnivalSpecialty RetailConsumer Discretionary-0.28
Supreme Industries Cl. AMachineryIndustrials-0.27
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
22.83
5.82
1.28
Financials
20.04
3.39
0.72
Information Technology
15.48
4.40
0.71
Utilities
0.50
2.87
0.12
Real Estate
1.24
2.33
0.06
Health Care
1.39
-27.18
-0.17
Consumer Staples
1.91
-14.61
-0.29
Energy
2.60
-45.04
-1.61
Consumer Discretionary
20.91
-18.36
-4.35
Cash
13.11
0.37
0.05

Top Contributors

INDUSTRYSECTORGAIN (%)
Building ProductsIndustrials0.68
Capital MarketsFinancials0.67
IT ServicesInformation Technology0.63
Professional ServicesIndustrials0.41
MachineryIndustrials0.35

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-3.97
Energy Equipment & ServicesEnergy-1.61
Auto ComponentsConsumer Discretionary-0.37
BanksFinancials-0.29
Food & Staples RetailingConsumer Staples-0.29

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
American WoodmarkBuilding ProductsIndustrials0.54
Wabash NationalMachineryIndustrials0.50
NCI Cl. AIT ServicesInformation Technology0.50
Moelis & Company Cl. ACapital MarketsFinancials0.38
Korn/Ferry InternationalProfessional ServicesIndustrials0.37

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Matrix ServiceEnergy Equipment & ServicesEnergy-1.10
Hibbett SportsSpecialty RetailConsumer Discretionary-0.72
GenescoSpecialty RetailConsumer Discretionary-0.61
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.50
Shoe CarnivalSpecialty RetailConsumer Discretionary-0.48
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
22.00
40.19
8.07
Financials
19.23
38.00
6.42
Information Technology
14.89
24.67
3.09
Consumer Staples
2.14
-0.23
0.29
Utilities
0.25
11.81
0.12
Real Estate
0.62
2.33
0.06
Health Care
1.79
-26.51
-0.33
Energy
2.99
-24.17
-0.47
Consumer Discretionary
24.89
-17.39
-2.83
Cash
11.20
0.55
0.06

Top Contributors

INDUSTRYSECTORGAIN (%)
Professional ServicesIndustrials2.39
BanksFinancials2.31
Capital MarketsFinancials2.15
Electronic Equipment, Instruments & ComponentsInformation Technology1.95
Road & RailIndustrials1.67

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-4.56
Energy Equipment & ServicesEnergy-0.47
Health Care Providers & ServicesHealth Care-0.33
Food & Staples RetailingConsumer Staples-0.06
Technology Hardware, Storage & PeripheralsInformation Technology-0.05

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Moelis & Company Cl. ACapital MarketsFinancials1.71
Korn/Ferry InternationalProfessional ServicesIndustrials1.33
SaiaRoad & RailIndustrials1.30
Camden NationalBanksFinancials0.93
Vishay IntertechnologyElectronic Equipment, Instruments & ComponentsInformation Technology0.91

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.97
Hibbett SportsSpecialty RetailConsumer Discretionary-0.87
Fitbit Cl. AElectronic Equipment, Instruments & ComponentsInformation Technology-0.72
ExpressSpecialty RetailConsumer Discretionary-0.53
Stein MartSpecialty RetailConsumer Discretionary-0.47
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
16.11
48.44
7.52
Industrials
16.73
28.77
7.18
Information Technology
20.81
31.51
5.11
Consumer Staples
3.07
15.78
1.30
Health Care
2.27
46.18
1.15
Utilities
0.08
11.81
0.12
Materials
1.95
11.21
0.11
Real Estate
0.21
2.33
0.06
Consumer Discretionary
27.51
-25.91
-6.77
Energy
4.70
-73.23
-7.31
Cash
6.55
0.73
0.07

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology3.49
BanksFinancials3.41
MachineryIndustrials1.89
Capital MarketsFinancials1.67
Professional ServicesIndustrials1.63

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-7.07
Specialty RetailConsumer Discretionary-6.63
Multiline RetailConsumer Discretionary-1.12
Communications EquipmentInformation Technology-0.96
Trading Companies & DistributorsIndustrials-0.29

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology1.91
Reinsurance Group of AmericaInsuranceFinancials1.33
Moelis & Company Cl. ACapital MarketsFinancials1.24
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.19
Camden NationalBanksFinancials1.17

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-3.76
Buckle (The)Specialty RetailConsumer Discretionary-1.44
ExpressSpecialty RetailConsumer Discretionary-1.32
Matrix ServiceEnergy Equipment & ServicesEnergy-1.30
Atwood OceanicsEnergy Equipment & ServicesEnergy-1.23
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
15.04
133.89
15.30
Information Technology
21.08
77.98
13.83
Industrials
13.20
86.39
11.12
Consumer Discretionary
28.08
9.90
9.76
Consumer Staples
3.20
106.66
6.29
Health Care
4.50
123.54
5.36
Materials
3.05
40.73
1.77
Energy
5.55
-40.79
0.13
Utilities
0.05
11.81
0.12
Real Estate
0.12
2.33
0.06
Cash
6.12
0.85
0.08
Unclassified
0.01
74.52
0.08

Top Contributors

INDUSTRYSECTORGAIN (%)
Textiles, Apparel & Luxury GoodsConsumer Discretionary9.35
Electronic Equipment, Instruments & ComponentsInformation Technology8.14
Personal ProductsConsumer Staples5.71
Health Care Providers & ServicesHealth Care4.85
InsuranceFinancials4.34

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-3.10
Multiline RetailConsumer Discretionary-1.12
Energy Equipment & ServicesEnergy-0.55
Health Care Equipment & SuppliesHealth Care-0.50
Technology Hardware, Storage & PeripheralsInformation Technology-0.37

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
G-III Apparel GroupTextiles, Apparel & Luxury GoodsConsumer Discretionary4.61
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples4.20
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology3.60
Steven MaddenTextiles, Apparel & Luxury GoodsConsumer Discretionary2.43
Dorman ProductsAuto ComponentsConsumer Discretionary2.22

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-1.39
ExpressSpecialty RetailConsumer Discretionary-1.32
Dillard's Cl. AMultiline RetailConsumer Discretionary-1.12
TESSCO TechnologiesCommunications EquipmentInformation Technology-1.06
STRATTEC SECURITYAuto ComponentsConsumer Discretionary-0.99

Risk

Average Volatility vs. Peer Group as of 06/30/17

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

Down Market Performance Comparisonas of 06/30/17

The Fund outperformed the Russell 2000 during all five downturns of 15% 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

Capture Ratios Fund's First Full Quarter (12/31/96) to 06/30/17

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 03/31/15

Over the past 10 years, the Fund produced lower volatility than the Russell 2000 Index.
Over the past 5 years, the Fund produced lower volatility than the Russell 2000 Index.
Over the past 3 years, the Fund produced lower volatility than the Russell 2000 Index.
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 06/30/17

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, 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-Cap0.3318.16
Russell 20000.4120.13

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

Composition

Morningstar Style Map™as of 03/31/17

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 06/30/17

  RCPFX Russell 2000
Average Market Cap
1.10B
1.63B
97%
-
2016 Portfolio Turnover
78%
-
Weighted Average P/E,
16.5x
21.7x
Weighted Average P/B
1.9x
2.2x
U.S. Investments (% of Net Assets)
76.3%
-
Non-U.S. Investments (% of Net Assets)
7.2%
-

Portfolio Allocation

  • Total
    Holdings
    76


SECTORS
RCPFX (%) RUSSELL
2000 (%)
Industrials
21.6
14.6
Financials
19.4
18.2
Information Technology
18.6
17.0
Consumer Discretionary
14.9
12.5
Health Care
2.4
15.0
Real Estate
2.0
7.5
Consumer Staples
1.8
2.7
Energy
1.7
3.6
Utilities
1.0
3.7
Materials
-
4.4
Telecommunication Services
-
0.9
Cash and Cash Equivalents
16.5
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Miller Industries
2.2
Genworth MI Canada
2.1
Fabrinet
2.0
Wabash National
2.0
AMN Healthcare Services
2.0
Marcus & Millichap
2.0
Celestica
1.9
PC Connection
1.9
Federated Investors Cl. B
1.9
Vishay Intertechnology
1.9
Saga Communications Cl. A
1.9
TrustCo Bank Corp. NY
1.9
Village Super Market Cl. A
1.8
Gentex Corporation
1.8
American Eagle Outfitters
1.8
Insight Enterprises
1.8
Spirit Airlines
1.7
Shoe Carnival
1.6
Korn/Ferry International
1.5
Robert Half International
1.5
Top 20 as % of Net Assets
37.2

SECTORS
RCPFX (%) RUSSELL
2000 (%)
Industrials
21.6
14.6
Financials
19.4
18.2
Information Technology
18.6
17.0
Consumer Discretionary
14.9
12.5
Health Care
2.4
15.0
Real Estate
2.0
7.5
Consumer Staples
1.8
2.7
Energy
1.7
3.6
Utilities
1.0
3.7
Materials
-
4.4
Telecommunication Services
-
0.9
Cash and Cash Equivalents
16.5
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Miller Industries
2.2
Genworth MI Canada
2.1
Fabrinet
2.0
Wabash National
2.0
AMN Healthcare Services
2.0
Marcus & Millichap
2.0
Celestica
1.9
PC Connection
1.9
Federated Investors Cl. B
1.9
Vishay Intertechnology
1.9
Saga Communications Cl. A
1.9
TrustCo Bank Corp. NY
1.9
Village Super Market Cl. A
1.8
Gentex Corporation
1.8
American Eagle Outfitters
1.8
Insight Enterprises
1.8
Spirit Airlines
1.7
Shoe Carnival
1.6
Korn/Ferry International
1.5
Robert Half International
1.5
Top 20 as % of Net Assets
37.2

Portfolio Holdings

View the complete list of holdings for this fund as of 06/30/17. 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 ($) REINVEST
PRICE ($)
12/14/16 12/15/16 12/15/16 0.1659 - 1.6400 - 1.8059 8.50
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 0.09
Total annual Fund operating expenses 1.09

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 06/30/17 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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