Royce Dividend Value Fund (RYDVX, RDVIX, RDIIX)
205

At a Glance

Why invest in Dividend Value?

  • Small/mid-cap value fund (generally market caps up to $15 billion) that invests primarily in dividend-paying companies with strong business fundamentals and attractive prospects
  • Focuses on quality businesses, both U.S. and foreign, with below-average debt and above-average profitability selling at prices that Royce believes do not fully reflect underlying quality
  • Has a long history of lower volatility and better risk-adjusted returns than its benchmark, the Russell 2000 Index

As of 09/30/17

  • Small/Mid-Cap
    Value Approach
    $4.37B
    Avg. Market Cap
  • Below Average
    Volatility
    97%
    Active Share
  • Lead Manager
    Tenure
    13+
    Years on Fund

Portfolio Management

"Capital preservation means as much to us as capital appreciation. Our absolute return orientation fosters realistic expectations for the stocks we buy. We have a long-term investment horizon for the companies that we own and the portfolio itself."
Chuck Royce

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Quarter, Year To Date, 1-Year, 10-Year and since inception (05/03/04) periods as of 09/30/17.
QTR YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Dividend Value 6.06 14.3522.208.8911.307.949.25 05/03/04
Russell 2000 5.67 10.9420.7412.1813.797.858.95 N/A

Annual Operating Expenses: 1.08

SEP YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Dividend Value 5.11 14.3522.208.8911.307.949.25 05/03/04
Russell 2000 6.24 10.9420.7412.1813.797.858.95 N/A

Annual Operating Expenses: 1.08

OCT YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Dividend Value 1.23 15.7625.9210.4811.548.299.31 05/03/04
Russell 2000 0.78 11.8124.5213.1214.418.028.98 N/A

Annual Operating Expenses: 1.08

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 30 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 and other expenses.

All performance and risk information presented in this material prior to the commencement date of Investment Class shares on 9/14/07 reflects Service Class results. Service Class shares bear an annual distribution expense that is not borne by Investment Class shares.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 95% of all 10-Year periods; 58% of all 5-Year periods; and 52% 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 09/30/17

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
39/41
95 8.0 7.3
5-year
59/101
58 9.1 8.4
1-year
78/149
52 10.2 10.2

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% 4 10
> 5% and ≤ 10% 37 90
> 0% and ≤ 5% 0 0
≤ 0% 0 0

The Fund averaged a 8.0% return over all 41 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 from the 6/23/15 index peak through current (9/30/17) and in one of the two previous full market cycle periods.
Peak-Peak - 07/13/07 - 04/29/11
Dividend Value22.5%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Dividend Value40.9%
Russell 200058.5%

Peak-Current - 06/23/15 - 09/30/17
Dividend Value19.5%
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 05/03/04 and 09/30/17

Dividend Value$32,749.46
Russell 2000$31,567.54

Portfolio Impactas of 09/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
30.17
7.81
2.34
Financials
29.35
6.79
1.92
Consumer Discretionary
9.10
10.34
0.92
Materials
13.76
5.17
0.76
Energy
2.85
12.35
0.36
Real Estate
0.26
17.30
0.05
Health Care
4.38
0.95
0.04
Information Technology
5.97
2.10
0.03
Utilities
1.39
0.28
0.01
Consumer Staples
0.43
3.28
-0.01
Telecommunication Services
0.52
-11.42
-0.07
Cash
1.83
0.26
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials1.72
MachineryIndustrials0.65
Metals & MiningMaterials0.60
Specialty RetailConsumer Discretionary0.47
Electronic Equipment, Instruments & ComponentsInformation Technology0.42

Top Detractors

INDUSTRYSECTORGAIN (%)
Technology Hardware, Storage & PeripheralsInformation Technology-0.53
Health Care Equipment & SuppliesHealth Care-0.20
Diversified Telecommunication ServicesTelecommunication Services-0.07
Diversified Financial ServicesFinancials-0.04
SoftwareInformation Technology-0.03

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Carpenter TechnologyMetals & MiningMaterials0.38
HEICO Corporation Cl. AAerospace & DefenseIndustrials0.33
Carlyle Group L.P.Capital MarketsFinancials0.32
BM&FBOVESPACapital MarketsFinancials0.28
FLIR SystemsElectronic Equipment, Instruments & ComponentsInformation Technology0.26

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Diebold NixdorfTechnology Hardware, Storage & PeripheralsInformation Technology-0.53
Dentsply SironaHealth Care Equipment & SuppliesHealth Care-0.20
Worthington IndustriesMetals & MiningMaterials-0.11
Apogee EnterprisesBuilding ProductsIndustrials-0.09
InmarsatDiversified Telecommunication ServicesTelecommunication Services-0.07
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
29.85
20.79
5.94
Industrials
28.34
20.47
5.68
Materials
12.93
12.07
1.66
Health Care
4.02
22.59
0.83
Consumer Discretionary
9.30
8.64
0.74
Utilities
1.50
12.97
0.22
Information Technology
7.19
3.42
0.20
Real Estate
0.21
61.47
0.11
Energy
2.67
-3.10
-0.05
Consumer Staples
1.46
-2.49
-0.13
Telecommunication Services
0.80
-1.85
-0.16
Cash
1.72
0.63
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials5.03
MachineryIndustrials2.95
Professional ServicesIndustrials0.93
PharmaceuticalsHealth Care0.80
Metals & MiningMaterials0.80

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.29
Technology Hardware, Storage & PeripheralsInformation Technology-0.29
Energy Equipment & ServicesEnergy-0.23
Food & Staples RetailingConsumer Staples-0.17
Wireless Telecommunication ServicesTelecommunication Services-0.15

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
KKR & Co. L.P.Capital MarketsFinancials0.72
RecordatiPharmaceuticalsHealth Care0.69
Carlyle Group L.P.Capital MarketsFinancials0.67
ManpowerGroupProfessional ServicesIndustrials0.65
IDEX CorporationMachineryIndustrials0.64

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Helmerich & PayneEnergy Equipment & ServicesEnergy-0.34
Diebold NixdorfTechnology Hardware, Storage & PeripheralsInformation Technology-0.29
GenescoSpecialty RetailConsumer Discretionary-0.23
Compass Minerals InternationalMetals & MiningMaterials-0.21
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.19
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
27.84
34.94
9.44
Financials
29.66
31.63
8.90
Materials
12.67
14.44
2.08
Consumer Discretionary
9.55
13.07
1.27
Information Technology
7.58
13.31
1.09
Health Care
3.89
17.29
0.63
Energy
2.59
20.53
0.54
Utilities
1.47
12.11
0.20
Real Estate
0.19
39.27
0.08
Telecommunication Services
0.99
3.32
-0.07
Consumer Staples
1.72
-7.96
-0.31
Cash
1.86
0.74
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials6.11
MachineryIndustrials4.19
Professional ServicesIndustrials1.91
BanksFinancials1.89
Electronic Equipment, Instruments & ComponentsInformation Technology1.09

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.37
Technology Hardware, Storage & PeripheralsInformation Technology-0.27
Food & Staples RetailingConsumer Staples-0.18
Food ProductsConsumer Staples-0.13
Multiline RetailConsumer Discretionary-0.10

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
ManpowerGroupProfessional ServicesIndustrials1.13
KKR & Co. L.P.Capital MarketsFinancials0.90
Carlyle Group L.P.Capital MarketsFinancials0.69
HEICO Corporation Cl. AAerospace & DefenseIndustrials0.66
GracoMachineryIndustrials0.64

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Diebold NixdorfTechnology Hardware, Storage & PeripheralsInformation Technology-0.27
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.24
Hormel FoodsFood ProductsConsumer Staples-0.18
Helmerich & PayneEnergy Equipment & ServicesEnergy-0.18
Village Super Market Cl. AFood & Staples RetailingConsumer Staples-0.14
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
25.07
53.23
13.22
Financials
26.90
41.77
11.69
Materials
11.77
31.04
4.08
Information Technology
10.85
24.05
2.63
Health Care
4.06
63.91
2.43
Consumer Staples
2.39
30.62
1.01
Consumer Discretionary
10.66
10.41
0.95
Utilities
1.14
52.49
0.57
Real Estate
0.38
125.33
0.30
Telecommunication Services
1.17
13.67
-0.06
Energy
3.19
-29.95
-2.79
Cash
2.40
0.99
0.02
Unclassified
0.02
-34.11
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials6.32
Capital MarketsFinancials5.52
BanksFinancials3.36
InsuranceFinancials2.14
Electronic Equipment, Instruments & ComponentsInformation Technology1.86

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-2.82
Specialty RetailConsumer Discretionary-1.35
Technology Hardware, Storage & PeripheralsInformation Technology-0.80
Multiline RetailConsumer Discretionary-0.52
SoftwareInformation Technology-0.28

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
First Republic BankBanksFinancials1.12
RecordatiPharmaceuticalsHealth Care1.10
Quaker ChemicalChemicalsMaterials1.08
Worthington IndustriesMetals & MiningMaterials1.06
ManpowerGroupProfessional ServicesIndustrials1.03

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Allegheny TechnologiesMetals & MiningMaterials-1.09
Diebold NixdorfTechnology Hardware, Storage & PeripheralsInformation Technology-0.80
TransoceanEnergy Equipment & ServicesEnergy-0.71
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-0.54
Atwood OceanicsEnergy Equipment & ServicesEnergy-0.53
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
26.33
119.42
29.19
Industrials
23.44
111.62
25.09
Information Technology
10.47
91.93
8.81
Consumer Discretionary
10.77
42.82
5.58
Materials
12.25
32.89
4.31
Health Care
4.08
112.17
3.96
Consumer Staples
2.50
91.06
3.25
Real Estate
0.76
226.16
1.17
Utilities
0.75
51.64
0.57
Telecommunication Services
0.99
101.43
0.13
Energy
4.06
-9.99
-0.64
Cash
3.42
1.09
0.03
Unclassified
0.16
16.69
0.67

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials17.63
MachineryIndustrials11.17
InsuranceFinancials5.61
Electronic Equipment, Instruments & ComponentsInformation Technology5.07
BanksFinancials4.32

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-0.87
Multiline RetailConsumer Discretionary-0.53
Diversified Consumer ServicesConsumer Discretionary-0.46
Specialty RetailConsumer Discretionary-0.33
SoftwareInformation Technology-0.10

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
PandoraTextiles, Apparel & Luxury GoodsConsumer Discretionary2.21
ManpowerGroupProfessional ServicesIndustrials1.97
KKR & Co. L.P.Capital MarketsFinancials1.73
Quaker ChemicalChemicalsMaterials1.70
Worthington IndustriesMetals & MiningMaterials1.68

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
TransoceanEnergy Equipment & ServicesEnergy-1.21
Gold Fields ADRMetals & MiningMaterials-0.89
U.S. Global Investors Cl. ACapital MarketsFinancials-0.87
Allegheny TechnologiesMetals & MiningMaterials-0.85
Ascena Retail GroupSpecialty RetailConsumer Discretionary-0.77

Risk

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

The Fund has a below average volatility within its peer group of 936 Small/Mid-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 three downturns of 15% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg
Outperformed in 13 out of 16 down quarters.

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)DIVIDEND VALUE (%)SPREAD (%)
03/31/16-1.5+5.1+6.6
09/30/15-11.9-10.3+1.6
09/30/14-7.4-7.3+0.1
06/30/12-3.5-6.3-2.8
09/30/11-21.9-19.4+2.5
06/30/11-1.6-1.4+0.2
06/30/10-9.9-6.7+3.2
03/31/09-15.0-8.8+6.2
12/31/08-26.1-25.5+0.6
09/30/08-1.1-3.5-2.4
03/31/08-9.9-3.5+6.4
12/31/07-4.6-4.60.0
09/30/07-3.1-1.8+1.3
06/30/06-5.0-3.5+1.5
03/31/05-5.3-1.6+3.7
09/30/04-2.9+1.4+4.3

Capture Ratios Fund's First Full Quarter (06/30/04) 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 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 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 50% of small/mid-cap objective funds, as shown by its standard deviation.
The Fund produced lower volatility than the Russell 2000 and 50% of small/mid-cap objective funds, as shown by its standard deviation.
The Fund beat the Russell 2000 and performed within the top 50% of small/mid-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 75% of small/mid-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
Dividend Value0.5117.29
Russell 20000.4620.06
Category Median0.4518.97
Best Quartile Breakpoint0.5117.80

Category Median and Best Quartile Breakpoint based on 765 small/mid-cap objective funds (oldest class only) with at least ten years of history.
Sharpe Ratio Standard Deviation
Dividend Value
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/17

mstar-RDVIX

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

  RDVIX Russell 2000
Average Market Cap
4.37B
1.76B
97%
-
2016 Portfolio Turnover
21%
-
Weighted Average P/E,
20.1x
22.6x
Weighted Average P/B
2.8x
2.3x
U.S. Investments (% of Net Assets)
69.5%
-
Non-U.S. Investments (% of Net Assets)
24.8%
-

Portfolio Allocation

  • Total
    Holdings
    102


SECTORS
RDVIX (%) RUSSELL
2000 (%)
Industrials
30.1
15.1
Financials
27.8
18.1
Materials
13.2
4.4
Consumer Discretionary
9.0
11.9
Information Technology
4.8
16.8
Health Care
4.0
15.5
Energy
2.9
3.7
Utilities
1.3
3.6
Telecommunication Services
0.5
0.8
Consumer Staples
0.4
2.7
Real Estate
0.3
7.2
Cash and Cash Equivalents
5.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
KKR & Co. L.P.
2.3
ManpowerGroup
2.1
DENTSPLY SIRONA
2.1
First Republic Bank
2.0
FLIR Systems
2.0
IDEX Corporation
1.9
Donaldson Company
1.9
Quaker Chemical
1.8
Reliance Steel & Aluminum
1.8
Expeditors International of Washington
1.7
AptarGroup
1.7
Applied Industrial Technologies
1.7
HEICO Corporation Cl. A
1.7
Carpenter Technology
1.6
SEI Investments
1.6
Carlyle Group L.P.
1.6
Amerco
1.5
TD Ameritrade Holding Corporation
1.5
Graco
1.4
Worthington Industries
1.4
Top 20 as % of Net Assets
35.3

SECTORS
RDVIX (%) RUSSELL
2000 (%)
Industrials
30.1
15.1
Financials
27.8
18.1
Materials
13.2
4.4
Consumer Discretionary
9.0
11.9
Information Technology
4.8
16.8
Health Care
4.0
15.5
Energy
2.9
3.7
Utilities
1.3
3.6
Telecommunication Services
0.5
0.8
Consumer Staples
0.4
2.7
Real Estate
0.3
7.2
Cash and Cash Equivalents
5.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
KKR & Co. L.P.
2.3
ManpowerGroup
2.1
DENTSPLY SIRONA
2.1
First Republic Bank
2.0
FLIR Systems
2.0
IDEX Corporation
1.9
Donaldson Company
1.9
Quaker Chemical
1.8
Reliance Steel & Aluminum
1.8
Expeditors International of Washington
1.7
AptarGroup
1.7
Applied Industrial Technologies
1.7
HEICO Corporation Cl. A
1.7
Carpenter Technology
1.6
SEI Investments
1.6
Carlyle Group L.P.
1.6
Amerco
1.5
TD Ameritrade Holding Corporation
1.5
Graco
1.4
Worthington Industries
1.4
Top 20 as % of Net Assets
35.3

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 ($) REINVEST
PRICE ($)
09/06/17 09/07/17 09/07/17 0.0250 - - - 0.0250 7.73
06/07/17 06/08/17 06/08/17 0.0300 - - - 0.0300 7.60
03/01/17 03/02/17 03/02/17 0.0200 - - - 0.0200 7.46
12/14/16 12/15/16 12/15/16 0.0200 - 0.6933 - 0.7133 7.25
09/07/16 09/08/16 09/08/16 0.0300 - - - 0.0300 7.47
06/01/16 06/02/16 06/02/16 0.0400 - - - 0.0400 7.19
03/02/16 03/03/16 03/03/16 0.0200 - - - 0.0200 6.84
12/16/15 12/17/15 12/17/15 0.0462 0.0406 0.6568 - 0.7436 6.82
09/02/15 09/03/15 09/03/15 0.0200 - - - 0.0200 7.64
06/03/15 06/04/15 06/04/15 0.0350 - - - 0.0350 8.41
03/04/15 03/05/15 03/05/15 0.0350 - - - 0.0350 8.15
12/16/14 12/17/14 12/17/14 0.0419 0.1160 0.3807 - 0.5386 7.92
09/03/14 09/04/14 09/04/14 0.0200 - - - 0.0200 8.98
06/04/14 06/05/14 06/05/14 0.0200 - - - 0.0200 8.95
03/05/14 03/06/14 03/06/14 0.0200 - - - 0.0200 8.90
12/04/13 12/05/13 12/05/13 0.0293 0.1345 0.3995 - 0.5633 8.57
09/04/13 09/05/13 09/05/13 0.0200 - - - 0.0200 8.41
06/05/13 06/06/13 06/06/13 0.0250 - - - 0.0250 8.17
03/06/13 03/07/13 03/07/13 0.0250 - - - 0.0250 7.87
12/05/12 12/06/12 12/06/12 0.0538 - 0.0175 - 0.0713 7.12
09/05/12 09/06/12 09/06/12 0.0150 - - - 0.0150 6.97
06/06/12 06/07/12 06/07/12 0.0250 - - - 0.0250 6.43
03/07/12 03/08/12 03/08/12 0.0250 - - - 0.0250 6.92
12/07/11 12/08/11 12/08/11 0.0187 0.0549 0.0375 - 0.1111 6.24
09/07/11 09/08/11 09/08/11 0.0150 - - - 0.0150 6.06
06/08/11 06/09/11 06/09/11 0.0200 - - - 0.0200 6.88
03/09/11 03/10/11 03/10/11 0.0100 - - - 0.0100 6.92
12/08/10 12/09/10 12/09/10 0.0199 0.0089 0.0179 - 0.0467 6.67
09/08/10 09/09/10 09/09/10 0.0150 - - - 0.0150 5.70
06/09/10 06/10/10 06/10/10 0.0350 - - - 0.0350 5.49
03/10/10 03/11/10 03/11/10 0.0150 - - - 0.0150 5.68
12/08/09 12/09/09 12/09/09 0.0195 - - - 0.0195 5.14
09/08/09 09/09/09 09/09/09 0.0100 - - - 0.0100 4.94
06/09/09 06/10/09 06/10/09 0.0200 - - - 0.0200 4.48
03/10/09 03/11/09 03/11/09 0.0150 - - - 0.0150 3.11

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 30 days) 1.00

Annual Fund Operating Expenses (%)

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

Management fees 0.85
Distribution (12b-1) fees 0.00
Other expenses 0.23
Total annual Fund operating expenses 1.08
The information above reflects the Fund’s amended contractual management fee rate as of May 1, 2016. 

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 and mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. The Fund may invest up to 25% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries, which may involve political, economic, currency, and other risks not encountered in U.S. investments. (Please see "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.  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.

Chuck Royce lead manager since 2007 (manager 2004-2007), Jay Kaplan since 2007

9/14/2007 12:00:00 AM

Share:

Subscribe:

Sign Up

Follow: