Royce Capital Fund - Small-Cap Portfolio (RCPFX)
143

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 74% of all monthly rolling 10-year periods for the 20 years ended 9/30/17

As of 09/30/17

  • Small-Cap
    Value Approach
    $1.28B
    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 09/30/17.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Capital Small-Cap 4.96 0.6113.324.908.425.9910.309.8010.45 12/27/96
Russell 2000 5.67 10.9420.7412.1813.797.8511.377.538.52 N/A

Annual Operating Expenses: 1.34

OCT YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Capital Small-Cap 0.24 0.8518.553.059.225.8910.189.8610.42 12/27/96
Russell 2000 0.85 11.8927.8510.1214.497.6311.197.828.53 N/A

Annual Operating Expenses: 1.34

NOV YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Capital Small-Cap 1.93 2.807.763.539.806.939.9510.0310.49 12/27/96
Russell 2000 0.12 12.0215.8110.2315.208.7210.907.798.52 N/A

Annual Operating Expenses: 1.34

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. The Fund's total returns do not reflect any deduction for charges or expenses of the variable contracts investing in the Fund. 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 Service Class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees, and other expenses.

All performance and risk information presented in this material prior to the commencement date of Service Class shares on 5/2/06 reflects Investment Class results. Service Class shares bear an annual distribution expense that is not borne by Investment Class shares. If Service Class's annual distribution expense had been reflected, total returns prior to 5/2/06 would have been lower.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 74% of all 10-Year periods; 69% of all 5-Year periods; and 51% of all 1-Year periods.

For 97% of the periods, 10-year average annual total returns were greater than 5%.

Relative Returns: Monthly Rolling Average Annual Return Periods 20 Years Through 09/30/17

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
90/121
74 9.1 6.7
5-year
125/181
69 10.4 7.9
1-year
117/229
51 11.4 9.4

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% 55 42
> 5% and ≤ 10% 71 55
> 0% and ≤ 5% 4 3
≤ 0% 0 0

The Fund averaged a 9.6% return over all 130 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-Cap10.4%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Capital Small-Cap42.0%
Russell 200058.5%

Peak-Current - 06/23/15 - 09/30/17
Capital Small-Cap3.9%
Russell 200018.9%

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 09/30/17

Capital Small-Cap$78,708.51
Russell 2000$54,640.50

Portfolio Impactas of 09/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
21.47
7.39
1.57
Information Technology
20.33
5.64
1.18
Consumer Discretionary
13.60
8.43
1.15
Industrials
24.23
3.76
1.12
Health Care
2.48
13.86
0.29
Energy
2.14
5.87
0.22
Utilities
1.28
5.77
0.08
Real Estate
2.07
2.39
0.04
Consumer Staples
1.96
-3.63
-0.07
Cash
10.44
0.26
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials1.05
Electronic Equipment, Instruments & ComponentsInformation Technology0.78
BanksFinancials0.64
Commercial Services & SuppliesIndustrials0.61
Thrifts & Mortgage FinanceFinancials0.58

Top Detractors

INDUSTRYSECTORGAIN (%)
AirlinesIndustrials-0.79
Building ProductsIndustrials-0.23
Technology Hardware, Storage & PeripheralsInformation Technology-0.19
Food & Staples RetailingConsumer Staples-0.07
Household DurablesConsumer Discretionary-0.06

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Supreme Industries Cl. AMachineryIndustrials0.45
StoneridgeAuto ComponentsConsumer Discretionary0.41
Kimball International Cl. BCommercial Services & SuppliesIndustrials0.36
OrbotechElectronic Equipment, Instruments & ComponentsInformation Technology0.35
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.31

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Spirit AirlinesAirlinesIndustrials-0.77
Greenhill & Co.Capital MarketsFinancials-0.34
Apogee EnterprisesBuilding ProductsIndustrials-0.27
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology-0.21
Super Micro ComputerTechnology Hardware, Storage & PeripheralsInformation Technology-0.19
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
23.30
9.80
2.47
Financials
20.52
11.03
2.33
Information Technology
17.12
10.29
1.93
Utilities
0.76
8.81
0.20
Health Care
1.75
-17.09
0.12
Real Estate
1.52
4.77
0.10
Consumer Staples
1.93
-17.71
-0.38
Energy
2.44
-41.82
-1.47
Consumer Discretionary
18.45
-11.47
-3.45
Cash
12.21
0.63
0.08

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials1.42
Electronic Equipment, Instruments & ComponentsInformation Technology0.95
Capital MarketsFinancials0.89
Thrifts & Mortgage FinanceFinancials0.77
IT ServicesInformation Technology0.69

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-3.89
Energy Equipment & ServicesEnergy-1.47
AirlinesIndustrials-1.03
Food & Staples RetailingConsumer Staples-0.38
Technology Hardware, Storage & PeripheralsInformation Technology-0.26

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Korn/Ferry InternationalProfessional ServicesIndustrials0.66
Wabash NationalMachineryIndustrials0.64
Moelis & Company Cl. ACapital MarketsFinancials0.63
American WoodmarkBuilding ProductsIndustrials0.61
Genworth MI CanadaThrifts & Mortgage FinanceFinancials0.60

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Matrix ServiceEnergy Equipment & ServicesEnergy-1.17
Spirit AirlinesAirlinesIndustrials-1.01
Hibbett SportsSpecialty RetailConsumer Discretionary-0.89
GenescoSpecialty RetailConsumer Discretionary-0.64
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.58
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
23.19
35.42
7.95
Financials
20.39
34.60
6.54
Information Technology
16.36
21.91
3.11
Health Care
1.83
-5.02
0.34
Utilities
0.57
18.26
0.21
Real Estate
1.14
4.77
0.10
Consumer Staples
1.98
-19.85
-0.36
Energy
2.78
-28.29
-0.66
Consumer Discretionary
21.01
-8.07
-1.62
Cash
10.76
0.74
0.09

Top Contributors

INDUSTRYSECTORGAIN (%)
BanksFinancials2.43
Professional ServicesIndustrials2.42
MachineryIndustrials2.34
Capital MarketsFinancials1.89
Thrifts & Mortgage FinanceFinancials1.45

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-3.46
Energy Equipment & ServicesEnergy-0.66
Food & Staples RetailingConsumer Staples-0.36
Multiline RetailConsumer Discretionary-0.05
AirlinesIndustrials-0.01

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Korn/Ferry InternationalProfessional ServicesIndustrials1.76
Moelis & Company Cl. ACapital MarketsFinancials1.54
SaiaRoad & RailIndustrials1.06
Vishay IntertechnologyElectronic Equipment, Instruments & ComponentsInformation Technology0.82
Camden NationalBanksFinancials0.72

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Hibbett SportsSpecialty RetailConsumer Discretionary-1.06
Fitbit Cl. AElectronic Equipment, Instruments & ComponentsInformation Technology-1.02
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.73
Matrix ServiceEnergy Equipment & ServicesEnergy-0.66
American Eagle OutfittersSpecialty RetailConsumer Discretionary-0.62
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
16.64
64.56
10.07
Industrials
17.98
48.80
9.88
Information Technology
20.46
52.32
9.21
Consumer Staples
3.10
29.97
1.62
Health Care
2.00
62.04
1.28
Materials
1.52
23.76
0.72
Utilities
0.19
18.26
0.21
Real Estate
0.38
4.77
0.10
Consumer Discretionary
26.41
-15.68
-4.73
Energy
4.39
-66.79
-6.43
Cash
6.94
0.99
0.11

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology5.74
BanksFinancials4.23
MachineryIndustrials3.89
Thrifts & Mortgage FinanceFinancials2.04
Capital MarketsFinancials2.02

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-6.31
Specialty RetailConsumer Discretionary-6.07
Multiline RetailConsumer Discretionary-1.18
Communications EquipmentInformation Technology-0.39
Paper & Forest ProductsMaterials-0.19

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology2.89
Miller IndustriesMachineryIndustrials1.56
Moelis & Company Cl. ACapital MarketsFinancials1.54
Reinsurance Group of AmericaInsuranceFinancials1.49
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.45

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-3.29
Buckle (The)Specialty RetailConsumer Discretionary-1.66
ExpressSpecialty RetailConsumer Discretionary-1.40
Atwood OceanicsEnergy Equipment & ServicesEnergy-1.30
Dillard's Cl. AMultiline RetailConsumer Discretionary-1.18
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
15.46
146.71
17.37
Information Technology
21.08
89.71
15.91
Industrials
14.08
74.11
11.66
Consumer Staples
3.17
94.31
6.43
Consumer Discretionary
27.28
6.17
5.71
Health Care
4.15
141.79
5.33
Materials
2.83
35.67
1.61
Utilities
0.11
18.26
0.21
Real Estate
0.23
4.77
0.10
Energy
5.26
-43.11
-1.11
Cash
6.34
1.09
0.11
Unclassified
0.01
74.52
0.08

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology9.50
Textiles, Apparel & Luxury GoodsConsumer Discretionary7.51
Personal ProductsConsumer Staples5.95
BanksFinancials4.90
InsuranceFinancials4.83

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-5.17
Energy Equipment & ServicesEnergy-1.59
Multiline RetailConsumer Discretionary-1.18
Paper & Forest ProductsMaterials-0.18
Technology Hardware, Storage & PeripheralsInformation Technology-0.17

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples4.50
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology3.79
G-III Apparel GroupTextiles, Apparel & Luxury GoodsConsumer Discretionary3.45
Deckers OutdoorTextiles, Apparel & Luxury GoodsConsumer Discretionary2.46
Reinsurance Group of AmericaInsuranceFinancials2.23

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-1.86
ExpressSpecialty RetailConsumer Discretionary-1.40
Atwood OceanicsEnergy Equipment & ServicesEnergy-1.25
Ascena Retail GroupSpecialty RetailConsumer Discretionary-1.24
Dillard's Cl. AMultiline RetailConsumer Discretionary-1.18

Risk

Average Volatility vs. Peer Group as of 09/30/17

The Fund has a average volatility within its peer group of 112 Insurance Fund Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 09/30/17

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
06/30/12-3.5-6.2-2.7
09/30/11-21.9-16.9+5.0
06/30/11-1.6-2.2-0.6
06/30/10-9.9-5.9+4.0
03/31/09-15.0-12.5+2.5
12/31/08-26.1-24.5+1.6
09/30/08-1.1-5.6-4.5
03/31/08-9.9-0.5+9.4
12/31/07-4.6-5.0-0.4
09/30/07-3.1-7.0-3.9
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

Capture Ratios Fund's First Full Quarter (12/31/96) to 09/30/17

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 09/30/17

Over the past 10 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 09/30/17

The Fund produced lower volatility than the Russell 2000 and 75% of insurance fund small-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
Capital Small-Cap0.3918.27
Russell 20000.4620.06

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

Composition

Morningstar Style Map™as of 06/30/17

mstar-RCSSX

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 09/30/17

  RCSSX Russell 2000
Average Market Cap
1.28B
1.76B
97%
-
2016 Portfolio Turnover
78%
-
Weighted Average P/E,
16.6x
22.6x
Weighted Average P/B
2.0x
2.3x
U.S. Investments (% of Net Assets)
81.2%
-
Non-U.S. Investments (% of Net Assets)
9.2%
-

Portfolio Allocation

  • Total
    Holdings
    72


SECTORS
RCSSX (%) RUSSELL
2000 (%)
Industrials
24.4
15.1
Information Technology
21.7
16.8
Financials
20.2
18.1
Consumer Discretionary
14.0
11.9
Energy
2.6
3.7
Health Care
2.1
15.5
Real Estate
2.0
7.2
Consumer Staples
1.9
2.7
Utilities
1.3
3.6
Materials
-
4.4
Telecommunication Services
-
0.8
Cash and Cash Equivalents
9.6
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
2.3
Vishay Intertechnology
2.3
PC Connection
2.2
Insight Enterprises
2.2
Wabash National
2.1
Saga Communications Cl. A
2.1
Gentex Corporation
2.1
Federated Investors Cl. B
2.1
Celestica
2.0
Marcus & Millichap
2.0
Fabrinet
2.0
Spirit Airlines
2.0
Miller Industries
1.9
Village Super Market Cl. A
1.9
Kimball International Cl. B
1.9
Moelis & Company Cl. A
1.8
Heidrick & Struggles International
1.7
Stoneridge
1.7
Allegiant Travel
1.6
Herman Miller
1.6
Top 20 as % of Net Assets
39.5

SECTORS
RCSSX (%) RUSSELL
2000 (%)
Industrials
25.8
-
Information Technology
22.3
-
Financials
19.2
-
Consumer Discretionary
13.8
-
Energy
2.4
-
Real Estate
2.2
-
Health Care
2.1
-
Consumer Staples
1.7
-
Utilities
1.3
-
Cash and Cash Equivalents
9.2
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
2.5
Vishay Intertechnology
2.5
Spirit Airlines
2.3
Marcus & Millichap
2.2
Insight Enterprises
2.2
PC Connection
2.2
Wabash National
2.2
Fabrinet
2.1
Heidrick & Struggles International
2.1
Celestica
2.1
Federated Investors Cl. B
1.8
Saga Communications Cl. A
1.8
Village Super Market Cl. A
1.7
Allegiant Travel
1.7
Gentex Corporation
1.7
Miller Industries
1.6
Super Micro Computer
1.6
Kulicke & Soffa Industries
1.6
AMN Healthcare Services
1.5
Stoneridge
1.5
Top 20 as % of Net Assets
38.9

Portfolio Holdings

View the complete list of holdings for this fund as of 09/30/17. 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 0.1498 - 1.6400 - 1.7898 8.30
12/16/15 12/17/15 12/17/15 0.0453 0.1628 2.4727 - 2.6808 8.27
12/16/14 12/17/14 12/17/14 0.0000 0.4810 1.1784 - 1.6594 12.13
12/11/13 12/12/13 12/12/13 0.1288 0.0618 0.6872 - 0.8778 13.01
12/12/12 12/13/12 12/13/12 0.0031 - 0.2785 - 0.2816 10.62
12/14/11 12/15/11 12/15/11 0.0304 - - - 0.0304 9.70
12/15/10 12/16/10 12/16/10 0.0107 - - - 0.0107 10.40

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 0.25
Other expenses 0.09
Total annual Fund operating expenses 1.34

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 09/30/17 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. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. 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

5/2/2006 12:00:00 AM

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