647

At a Glance

Why invest in International Micro-Cap?

  • Uses a fundamentally based, risk-aware approach to invest primarily in non-U.S. micro-caps (generally market caps up to $1 billion), a large, diverse, and typically inefficient universe of more than 20,000 companies (Source: FactSet)
  • Employs a bottom-up approach to invest in companies with strong niche businesses, stable management, and sustainable growth patterns trading for less than Royce's estimate of their intrinsic value
  • Seeks companies with strong balance sheets, high returns on invested capital, high insider ownership, and a history of paying dividends

Fund Materials

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Link Summary Prospectus
Link Prospectus
Link Semiannual Report
Link Annual Report
Prospectuses & Reports
Manager Commentary

See All

As of 06/30/17

  • Micro-Cap
    Core Approach
    $492.2M
    Avg. Market Cap
  • Below Average
    Volatility
    99%
    Active Share
  • Fund
    Longevity
    6+
    Years of History

Portfolio Management

"We're looking for fundamentally sound non-U.S. companies with strong niche businesses and ample room for growth that also tend to have minimal analyst coverage and often low trading volumes."
Dilip Badlani

Performance

Average Annual Total Returns (%)

Outperformed Russell Global ex-U.S. Small Cap for the Quarter, Year To Date, 1-Year and 3-Year periods as of 06/30/17.
QTR YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Micro-Cap 6.58 15.2322.273.168.973.57 12/31/10
Russell Glo x US SC 5.54 15.0119.592.859.244.43 N/A

Annual Operating Expenses: Gross 3.35 Net 1.64

JUN YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Micro-Cap 1.50 15.2322.273.168.973.57 12/31/10
Russell Glo x US SC 0.87 15.0119.592.859.244.43 N/A

Annual Operating Expenses: Gross 3.35 Net 1.64

JUL YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Micro-Cap 3.04 18.7422.534.1010.064.01 12/31/10
Russell Glo x US SC 2.85 18.2919.104.099.924.84 N/A

Annual Operating Expenses: Gross 3.35 Net 1.64

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 2% 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. Gross operating expenses reflect the Fund's total gross annual operating expenses and include management fees, 12b-1 distribution and service fees, other expenses, and acquired fund fees and expenses. Net operating expenses reflect contractual fee waivers and/or expense reimbursements. All expense information is reported as of the Fund’s most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Fund's net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.64% through April 30, 2018 and at or below 1.99% through April 30, 2027.

Cumulative Performance since Inception (12/31/10) and Market Cycle Peak

The Fund outperformed the Russell Glo x US SC from the 7/3/14 index peak through current (6/30/17).
Inception-Current - 12/31/10 - 06/30/17
International Micro-Cap25.6%
Russell Glo x US SC32.5%

Peak-Current - 07/03/14 - 06/30/17
International Micro-Cap8.8%
Russell Glo x US SC7.9%

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 12/31/10 and 06/30/17

International Micro-Cap$12,559.22
Russell Glo x US SC$13,253.37

Portfolio Impactas of 06/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
20.48
8.53
1.74
Information Technology
18.32
9.54
1.73
Consumer Discretionary
20.36
7.24
1.46
Consumer Staples
8.88
10.42
0.94
Real Estate
6.26
12.21
0.74
Materials
5.52
10.70
0.58
Financials
5.86
5.85
0.32
Health Care
4.07
2.26
0.11
Telecommunication Services
0.19
23.87
0.10
Energy
1.37
-19.00
-0.31
Cash
8.70
0.22
0.02
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Real Estate Management & DevelopmentReal Estate0.59
Food ProductsConsumer Staples0.54
Internet Software & ServicesInformation Technology0.52
Household DurablesConsumer Discretionary0.44
Semiconductors & Semiconductor EquipmentInformation Technology0.43

Top Detractors

INDUSTRYSECTORGAIN (%)
Oil, Gas & Consumable FuelsEnergy-0.28
DistributorsConsumer Discretionary-0.07
MediaConsumer Discretionary-0.04
Energy Equipment & ServicesEnergy-0.03
PharmaceuticalsHealth Care-0.03

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Integrated Micro-ElectronicsElectronic Equipment, Instruments & ComponentsInformation Technology0.42
Maruwa Unyu KikanAir Freight & LogisticsIndustrials0.38
Solium CapitalInternet Software & ServicesInformation Technology0.32
Bigben InteractiveHousehold DurablesConsumer Discretionary0.31
MinervaFood ProductsConsumer Staples0.24

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Aegean Marine Petroleum NetworkOil, Gas & Consumable FuelsEnergy-0.29
AGT Food and IngredientsFood ProductsConsumer Staples-0.22
Sporton InternationalProfessional ServicesIndustrials-0.15
Sarine TechnologiesMachineryIndustrials-0.11
CSE GlobalIT ServicesInformation Technology-0.10
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
18.90
24.53
4.56
Industrials
20.15
19.12
3.79
Consumer Discretionary
19.39
16.92
3.21
Consumer Staples
8.49
16.27
1.42
Materials
5.59
21.41
1.27
Real Estate
6.70
18.36
1.17
Financials
6.01
14.38
0.83
Health Care
3.57
7.14
0.27
Telecommunication Services
0.09
23.87
0.10
Energy
1.70
-16.26
-0.23
Cash
9.40
0.37
0.04
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
IT ServicesInformation Technology1.48
Semiconductors & Semiconductor EquipmentInformation Technology1.19
Electronic Equipment, Instruments & ComponentsInformation Technology1.17
Commercial Services & SuppliesIndustrials0.87
Real Estate Management & DevelopmentReal Estate0.84

Top Detractors

INDUSTRYSECTORGAIN (%)
Oil, Gas & Consumable FuelsEnergy-0.23
DistributorsConsumer Discretionary-0.12
Construction & EngineeringIndustrials-0.06
Communications EquipmentInformation Technology-0.02
InsuranceFinancials-0.02

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Modetour NetworkHotels, Restaurants & LeisureConsumer Discretionary0.62
ConvivialityFood & Staples RetailingConsumer Staples0.61
Nova Measuring InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.59
Integrated Micro-ElectronicsElectronic Equipment, Instruments & ComponentsInformation Technology0.54
Proact IT GroupIT ServicesInformation Technology0.40

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
AGT Food and IngredientsFood ProductsConsumer Staples-0.37
QuintisPaper & Forest ProductsMaterials-0.37
Aegean Marine Petroleum NetworkOil, Gas & Consumable FuelsEnergy-0.19
AURELIUS Equity OpportunitiesCapital MarketsFinancials-0.18
HandsomeTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.18
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
20.82
40.74
8.07
Consumer Discretionary
20.17
27.74
5.38
Industrials
19.96
25.54
5.07
Materials
5.21
46.54
2.21
Consumer Staples
7.74
19.10
1.75
Financials
6.82
18.35
1.25
Real Estate
6.64
13.53
0.86
Health Care
3.12
3.51
0.30
Energy
1.70
4.13
0.25
Telecommunication Services
0.05
23.87
0.10
Cash
7.29
0.55
0.05
Unclassified
0.47
23.86
0.46

Top Contributors

INDUSTRYSECTORGAIN (%)
IT ServicesInformation Technology2.41
Electronic Equipment, Instruments & ComponentsInformation Technology2.04
Semiconductors & Semiconductor EquipmentInformation Technology1.85
Specialty RetailConsumer Discretionary1.78
Hotels, Restaurants & LeisureConsumer Discretionary1.31

Top Detractors

INDUSTRYSECTORGAIN (%)
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.30
Road & RailIndustrials-0.20
DistributorsConsumer Discretionary-0.17
Diversified Consumer ServicesConsumer Discretionary-0.11
Communications EquipmentInformation Technology-0.11

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Nova Measuring InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.85
ConvivialityFood & Staples RetailingConsumer Staples0.83
ImdexMetals & MiningMaterials0.75
I.TSpecialty RetailConsumer Discretionary0.65
Solium CapitalInternet Software & ServicesInformation Technology0.62

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
AGT Food and IngredientsFood ProductsConsumer Staples-0.46
HandsomeTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.41
Welspun IndiaTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.28
TrancomRoad & RailIndustrials-0.20
Xtep International HoldingsTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.20
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.34
30.20
6.54
Industrials
23.58
21.22
3.52
Consumer Discretionary
22.62
18.02
2.80
Real Estate
6.06
20.53
2.11
Materials
5.41
33.09
1.68
Consumer Staples
4.28
20.83
1.40
Financials
5.81
22.74
1.19
Health Care
4.17
14.19
0.74
Telecommunication Services
0.02
23.87
0.10
Energy
2.00
-68.06
-1.94
Cash
6.05
0.73
0.06
Unclassified
0.66
-10.70
0.13

Top Contributors

INDUSTRYSECTORGAIN (%)
IT ServicesInformation Technology2.53
Semiconductors & Semiconductor EquipmentInformation Technology1.87
Internet & Direct Marketing RetailConsumer Discretionary1.80
Professional ServicesIndustrials1.67
SoftwareInformation Technology1.60

Top Detractors

INDUSTRYSECTORGAIN (%)
Multiline RetailConsumer Discretionary-1.66
Oil, Gas & Consumable FuelsEnergy-1.48
MachineryIndustrials-1.11
Commercial Services & SuppliesIndustrials-1.11
InsuranceFinancials-0.65

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Taiwan PaihoTextiles, Apparel & Luxury GoodsConsumer Discretionary1.52
Pico Far East HoldingsMediaConsumer Discretionary1.24
Koh Young TechnologySemiconductors & Semiconductor EquipmentInformation Technology1.23
TrancomRoad & RailIndustrials1.18
Magellan AerospaceAerospace & DefenseIndustrials1.15

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Parkson Retail AsiaMultiline RetailConsumer Discretionary-1.15
Zuiko CorporationMachineryIndustrials-0.97
StealthGasOil, Gas & Consumable FuelsEnergy-0.77
Pacific OnlineInternet Software & ServicesInformation Technology-0.72
Banca SistemaBanksFinancials-0.69
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
17.39
158.50
21.25
Industrials
22.76
106.77
20.36
Consumer Discretionary
23.06
62.38
14.71
Health Care
6.06
131.05
10.80
Financials
4.83
32.45
3.91
Consumer Staples
3.63
76.44
2.72
Real Estate
4.64
22.49
2.51
Telecommunication Services
0.05
221.51
0.99
Energy
1.98
-58.08
-1.62
Materials
7.44
20.51
-3.80
Cash
5.95
0.85
0.07
Unclassified
2.21
26.93
2.40

Top Contributors

INDUSTRYSECTORGAIN (%)
SoftwareInformation Technology5.95
MachineryIndustrials5.73
PharmaceuticalsHealth Care5.15
Internet & Direct Marketing RetailConsumer Discretionary4.71
IT ServicesInformation Technology4.15

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-7.43
Multiline RetailConsumer Discretionary-1.80
Oil, Gas & Consumable FuelsEnergy-1.43
InsuranceFinancials-1.02
Commercial Services & SuppliesIndustrials-0.74

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Magellan AerospaceAerospace & DefenseIndustrials2.56
Century CasinosHotels, Restaurants & LeisureConsumer Discretionary2.04
Makalot IndustrialTextiles, Apparel & Luxury GoodsConsumer Discretionary1.75
RIB SoftwareSoftwareInformation Technology1.70
Daewoong PharmaceuticalPharmaceuticalsHealth Care1.69

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Parkson Retail AsiaMultiline RetailConsumer Discretionary-1.29
Maharashtra SeamlessMetals & MiningMaterials-1.24
Foraco InternationalMetals & MiningMaterials-1.16
Zuiko CorporationMachineryIndustrials-1.16
ImdexMetals & MiningMaterials-1.14

Risk

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

The Fund has a below average volatility within its peer group of 81 International Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 06/30/17

The Fund outperformed the Russell Glo x US SC during all one downturns of 15% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg

Russell Glo x US SC Down Quarters

QUARTER ENDRUSSELL GLO X US SC (%)INTERNATIONAL MICRO-CAP (%)SPREAD (%)
09/30/15-11.2-10.7+0.5
12/31/14-4.5-6.6-2.1
09/30/14-6.2-3.0+3.2
06/30/13-4.5-2.6+1.9
06/30/12-8.5-10.0-1.5
09/30/11-19.4-23.2-3.8
06/30/11-0.2-1.7-1.5

Capture Ratios Fund's First Full Quarter (12/31/10) 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 06/30/17

Over the past 5 years, the Fund produced lower volatility than the Russell Global ex-U.S. Small Cap Index.
Over the past 3 years, the Fund outperformed the Russell Global ex-U.S. Small Cap Index with lower volatility.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 06/30/17

The Fund beat the Russell Glo x US SC on a risk-adjusted basis, as shown by its Sharpe ratio. In addition, the Fund produced lower volatility than the Russell Glo x US SC and 50% of international small-cap objective funds, as shown by its standard deviation.
The Fund produced lower volatility than the Russell Glo x US SC and 50% of international small-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
International Micro-Cap0.8310.79
Russell Glo x US SC0.8311.21
Category Median0.9811.37
Best Quartile Breakpoint1.0910.73

Category Median and Best Quartile Breakpoint based on 81 international small-cap objective funds (oldest class only) with at least five years of history.
Sharpe Ratio Standard Deviation
International Micro-Cap
Russell Glo x US SC
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 03/31/17

mstar-ROIMX

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

  ROIMX Russell Glo x US SC
Average Market Cap
492.2M
1.23B
99%
-
2016 Portfolio Turnover
113%
-
Weighted Average P/E,
15.9x
15.7x
Weighted Average P/B
2.0x
1.6x
Non-U.S. Investments (% of Net Assets)
93.8%
-
U.S. Investments (% of Net Assets)
1.2%
-

Portfolio Allocation

  • Total
    Holdings
    131


SECTORS
ROIMX (%) RUSSELL
GLO X US SC (%)
Industrials
21.5
19.2
Consumer Discretionary
21.3
16.3
Information Technology
17.2
12.2
Consumer Staples
9.5
6.9
Financials
7.1
10.0
Real Estate
6.4
10.6
Materials
6.1
11.0
Health Care
4.6
6.8
Energy
1.2
3.5
Utilities
-
2.5
Telecommunication Services
-
0.9
Cash and Cash Equivalents
4.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Mantra Group
1.3
Atento
1.3
Huchems Fine Chemical
1.3
Minerva
1.3
Western Forest Products
1.2
Exco Technologies
1.2
IDOM
1.1
I.T
1.1
Eugene Technology
1.1
Sitronix Technology
1.1
KT Skylife
1.1
eGuarantee
1.1
Magellan Aerospace
1.1
Koh Young Technology
1.0
Irish Residential Properties REIT
1.0
Yumeshin Holdings
1.0
Sporton International
1.0
Flytech Technology
1.0
Byggmax Group
1.0
Taiwan Paiho
1.0
Top 20 as % of Net Assets
22.3

SECTORS
ROIMX (%) RUSSELL
GLO X US SC (%)
Industrials
21.5
19.2
Consumer Discretionary
21.3
16.3
Information Technology
17.2
12.2
Consumer Staples
9.5
6.9
Financials
7.1
10.0
Real Estate
6.4
10.6
Materials
6.1
11.0
Health Care
4.6
6.8
Energy
1.2
3.5
Utilities
-
2.5
Telecommunication Services
-
0.9
Cash and Cash Equivalents
4.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Mantra Group
1.3
Atento
1.3
Huchems Fine Chemical
1.3
Minerva
1.3
Western Forest Products
1.2
Exco Technologies
1.2
IDOM
1.1
I.T
1.1
Eugene Technology
1.1
Sitronix Technology
1.1
KT Skylife
1.1
eGuarantee
1.1
Magellan Aerospace
1.1
Koh Young Technology
1.0
Irish Residential Properties REIT
1.0
Yumeshin Holdings
1.0
Sporton International
1.0
Flytech Technology
1.0
Byggmax Group
1.0
Taiwan Paiho
1.0
Top 20 as % of Net Assets
22.3

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.

Geographical Breakdown

Portfolio Country Breakdownas of 06/30/17

Countries% of net assets
(subject to change)
Japan19.5
United Kingdom9.6
Canada8.2
Taiwan8.0
South Korea6.3
Hong Kong4.9
Australia4.1
India3.1
Sweden3.1
Germany3.0
Ireland2.4
Brazil2.2
Norway2.1
France2.0
Spain1.7
Malaysia1.4
South Africa1.3
Singapore1.3
Netherlands1.2
United States1.2
China1.2
Mexico0.9
United Arab Emirates (U.A.E.)0.9
Turkey0.9
Israel0.8
Thailand0.8
Belgium0.7
Italy0.7
Indonesia0.6
Philippines0.4
Greece0.3
New Zealand0.2

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 0.1623 - - - 0.1623 9.88
12/16/15 12/17/15 12/17/15 0.0236 - - - 0.0236 9.38
12/16/14 12/17/14 12/17/14 0.1384 - - - 0.1384 9.43
12/04/13 12/05/13 12/05/13 0.1958 - - - 0.1958 9.77
12/05/12 12/06/12 12/06/12 0.1550 - - - 0.1550 8.40
12/07/11 12/08/11 12/08/11 0.1311 - - - 0.1311 7.83

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) 2.00

Annual Fund Operating Expenses (%)

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

Management fees 1.25
Distribution (12b-1) fees 0.25
Other expenses 1.85
Total annual Fund operating expenses 3.35
Fee waivers and/or expense reimbursements (1.71)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements1.64
Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Fund's net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.64% through April 30, 2018 and at or below 1.99% through April 30, 2027.

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 micro-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund may invest a significant portion of its assets in foreign companies which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic, currency, or other developments that are unique to a particular country or region. These risk factors may affect the prices of foreign securities issued by companies headquartered in developing countries more than those headquartered in developed countries. (Please see "Investing in Foreign Securities" in the prospectus.) Therefore, the prices of the securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies. (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.

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. The Russell Global ex-U.S. Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks, excluding the United States. Index returns include net reinvested dividends and/or interest income. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Co-managed by Jim Harvey (assistant portfolio manager 2010-2013) and Dilip Badlani since 2013

12/31/2010 12:00:00 AM

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