Royce International Micro-Cap Fund (ROIMX)
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

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

See All

As of 09/30/17

  • Micro-Cap
    Core Approach
    $504.5M
    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 (%)

QTR YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Micro-Cap 4.17 20.0416.645.668.324.06 12/31/10
Russell Glo x US SC 5.98 21.8817.487.138.775.16 N/A

Annual Operating Expenses: Gross 3.35 Net 1.64

OCT YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Micro-Cap 2.42 22.9522.877.308.844.38 12/31/10
Russell Glo x US SC 2.18 24.5422.578.709.295.43 N/A

Annual Operating Expenses: Gross 3.35 Net 1.64

NOV YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Micro-Cap -0.08 22.8524.867.809.314.33 12/31/10
Russell Glo x US SC N/A N/AN/AN/AN/AN/A 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

Inception-Current - 12/31/10 - 09/30/17
International Micro-Cap30.8%
Russell Glo x US SC40.5%

Peak-Current - 07/03/14 - 09/30/17
International Micro-Cap13.3%
Russell Glo x US SC14.3%

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 09/30/17

International Micro-Cap$13,083.43
Russell Glo x US SC$14,045.34

Portfolio Impactas of 09/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
20.87
5.69
1.22
Information Technology
17.13
5.30
0.91
Materials
6.20
14.24
0.85
Real Estate
6.60
13.46
0.84
Consumer Discretionary
20.99
2.00
0.39
Financials
6.31
5.32
0.33
Consumer Staples
9.39
2.28
0.25
Health Care
4.56
0.44
0.02
Energy
0.87
-3.13
0.00
Cash
7.08
0.26
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
Professional ServicesIndustrials0.81
Semiconductors & Semiconductor EquipmentInformation Technology0.71
Real Estate Management & DevelopmentReal Estate0.70
Metals & MiningMaterials0.67
Commercial Services & SuppliesIndustrials0.65

Top Detractors

INDUSTRYSECTORGAIN (%)
Food ProductsConsumer Staples-0.28
Aerospace & DefenseIndustrials-0.20
Building ProductsIndustrials-0.19
Communications EquipmentInformation Technology-0.17
PharmaceuticalsHealth Care-0.15

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Programmed Maintenance ServicesCommercial Services & SuppliesIndustrials0.48
T4F EntretenimentoMediaConsumer Discretionary0.41
Constellium Cl. AMetals & MiningMaterials0.36
Egis TechnologyElectronic Equipment, Instruments & ComponentsInformation Technology0.30
OutsourcingProfessional ServicesIndustrials0.28

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Tat Gida SanayiFood ProductsConsumer Staples-0.22
Modetour NetworkHotels, Restaurants & LeisureConsumer Discretionary-0.21
NetComm WirelessCommunications EquipmentInformation Technology-0.17
Epwin GroupBuilding ProductsIndustrials-0.17
Raubex GroupConstruction & EngineeringIndustrials-0.15
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
18.30
31.13
5.69
Industrials
20.39
25.90
5.19
Consumer Discretionary
19.93
19.25
3.75
Materials
5.80
38.70
2.19
Real Estate
6.67
34.29
2.07
Consumer Staples
8.79
18.92
1.74
Financials
6.11
20.46
1.20
Health Care
3.90
7.61
0.30
Telecommunication Services
0.06
23.87
0.10
Energy
1.42
-18.88
-0.24
Cash
8.62
0.63
0.06
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology1.96
IT ServicesInformation Technology1.65
Professional ServicesIndustrials1.58
Real Estate Management & DevelopmentReal Estate1.58
Commercial Services & SuppliesIndustrials1.56

Top Detractors

INDUSTRYSECTORGAIN (%)
Oil, Gas & Consumable FuelsEnergy-0.24
Communications EquipmentInformation Technology-0.19
DistributorsConsumer Discretionary-0.18
Construction & EngineeringIndustrials-0.15
Building ProductsIndustrials-0.09

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
ConvivialityFood & Staples RetailingConsumer Staples0.91
Nova Measuring InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.77
Integrated Micro-ElectronicsElectronic Equipment, Instruments & ComponentsInformation Technology0.57
Western Forest ProductsPaper & Forest ProductsMaterials0.57
OutsourcingProfessional ServicesIndustrials0.56

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
QuintisPaper & Forest ProductsMaterials-0.39
AGT Food and IngredientsFood ProductsConsumer Staples-0.31
Aegean Marine Petroleum NetworkOil, Gas & Consumable FuelsEnergy-0.23
NetComm WirelessCommunications EquipmentInformation Technology-0.19
AURELIUS Equity OpportunitiesCapital MarketsFinancials-0.19
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
20.43
26.95
5.47
Information Technology
19.03
29.02
5.23
Consumer Discretionary
20.09
18.78
3.58
Materials
5.55
29.04
1.70
Real Estate
6.76
25.64
1.54
Consumer Staples
8.47
10.42
1.23
Financials
6.30
17.57
1.00
Telecommunication Services
0.05
23.87
0.10
Health Care
3.51
-1.92
0.08
Energy
1.50
-14.34
-0.07
Cash
8.17
0.74
0.07
Unclassified
0.14
-6.48
-0.10

Top Contributors

INDUSTRYSECTORGAIN (%)
IT ServicesInformation Technology1.82
Semiconductors & Semiconductor EquipmentInformation Technology1.71
Professional ServicesIndustrials1.68
Commercial Services & SuppliesIndustrials1.45
Hotels, Restaurants & LeisureConsumer Discretionary1.16

Top Detractors

INDUSTRYSECTORGAIN (%)
Communications EquipmentInformation Technology-0.28
DistributorsConsumer Discretionary-0.27
Food ProductsConsumer Staples-0.24
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.21
Road & RailIndustrials-0.15

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Nova Measuring InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.92
ConvivialityFood & Staples RetailingConsumer Staples0.84
I.TSpecialty RetailConsumer Discretionary0.66
Maruwa Unyu KikanAir Freight & LogisticsIndustrials0.59
Integrated Micro-ElectronicsElectronic Equipment, Instruments & ComponentsInformation Technology0.55

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
HandsomeTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.45
AGT Food and IngredientsFood ProductsConsumer Staples-0.40
Seeing MachinesElectronic Equipment, Instruments & ComponentsInformation Technology-0.39
QuintisPaper & Forest ProductsMaterials-0.29
AURELIUS Equity OpportunitiesCapital MarketsFinancials-0.28
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.54
39.16
8.04
Industrials
23.10
33.91
6.34
Consumer Discretionary
22.27
23.96
4.25
Real Estate
6.33
38.90
3.11
Materials
5.41
53.14
2.80
Consumer Staples
4.78
24.43
1.69
Financials
6.10
24.09
1.38
Health Care
4.25
14.26
0.78
Telecommunication Services
0.02
23.87
0.10
Energy
1.98
-62.20
-1.76
Cash
5.78
0.99
0.08
Unclassified
0.44
-7.69
0.12

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology2.93
Professional ServicesIndustrials2.87
IT ServicesInformation Technology2.73
Real Estate Management & DevelopmentReal Estate2.42
MediaConsumer Discretionary1.88

Top Detractors

INDUSTRYSECTORGAIN (%)
Multiline RetailConsumer Discretionary-1.78
Oil, Gas & Consumable FuelsEnergy-1.36
MachineryIndustrials-0.51
Communications EquipmentInformation Technology-0.50
Building ProductsIndustrials-0.45

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Taiwan PaihoTextiles, Apparel & Luxury GoodsConsumer Discretionary1.83
Koh Young TechnologySemiconductors & Semiconductor EquipmentInformation Technology1.42
Pico Far East HoldingsMediaConsumer Discretionary1.32
Magellan AerospaceAerospace & DefenseIndustrials1.20
Manappuram FinanceConsumer FinanceFinancials1.08

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Parkson Retail AsiaMultiline RetailConsumer Discretionary-1.39
Zuiko CorporationMachineryIndustrials-0.77
Banca SistemaBanksFinancials-0.72
QuintisPaper & Forest ProductsMaterials-0.69
Pacific OnlineInternet Software & ServicesInformation Technology-0.67
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
17.63
148.39
21.19
Industrials
22.99
100.52
20.08
Consumer Discretionary
23.10
54.75
13.38
Health Care
5.75
103.42
8.80
Financials
4.85
26.04
3.09
Real Estate
4.87
10.45
2.59
Consumer Staples
4.01
50.10
2.45
Telecommunication Services
0.05
221.51
1.04
Energy
1.90
-62.79
-2.09
Materials
7.02
37.11
-3.03
Cash
5.94
1.09
0.09
Unclassified
1.88
18.24
1.67

Top Contributors

INDUSTRYSECTORGAIN (%)
SoftwareInformation Technology5.48
Professional ServicesIndustrials4.95
MachineryIndustrials4.90
Internet & Direct Marketing RetailConsumer Discretionary4.53
Semiconductors & Semiconductor EquipmentInformation Technology4.32

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-7.94
Multiline RetailConsumer Discretionary-1.89
Oil, Gas & Consumable FuelsEnergy-1.56
InsuranceFinancials-0.90
Diversified Consumer ServicesConsumer Discretionary-0.79

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Magellan AerospaceAerospace & DefenseIndustrials2.60
Century CasinosHotels, Restaurants & LeisureConsumer Discretionary2.25
Taiwan PaihoTextiles, Apparel & Luxury GoodsConsumer Discretionary1.83
Makalot IndustrialTextiles, Apparel & Luxury GoodsConsumer Discretionary1.83
QuintisPaper & Forest ProductsMaterials1.81

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Maharashtra SeamlessMetals & MiningMaterials-1.47
Troy ResourcesMetals & MiningMaterials-1.45
Evolution MiningMetals & MiningMaterials-1.39
Parkson Retail AsiaMultiline RetailConsumer Discretionary-1.35
Zuiko CorporationMachineryIndustrials-1.22

Risk

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

The Fund has a below average volatility within its peer group of 80 International Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 09/30/17

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

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 09/30/17

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 75% of international small-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
International Micro-Cap0.8010.37
Russell Glo x US SC0.8011.07
Category Median0.9811.27
Best Quartile Breakpoint1.0810.60

Category Median and Best Quartile Breakpoint based on 80 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 06/30/17

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 09/30/17

  ROIMX Russell Glo x US SC
Average Market Cap
504.5M
1.33B
99%
-
2016 Portfolio Turnover
113%
-
Weighted Average P/E,
15.5x
15.7x
Weighted Average P/B
2.1x
1.7x
Non-U.S. Investments (% of Net Assets)
90.2%
-
U.S. Investments (% of Net Assets)
1.3%
-

Portfolio Allocation

  • Total
    Holdings
    121


SECTORS
ROIMX (%) RUSSELL
GLO X US SC (%)
Consumer Discretionary
21.9
16.1
Information Technology
17.6
12.6
Industrials
17.4
19.4
Consumer Staples
9.0
6.7
Financials
7.3
10.0
Real Estate
7.0
10.3
Materials
6.2
11.1
Health Care
4.8
6.6
Energy
0.2
3.7
Utilities
-
2.5
Telecommunication Services
-
0.9
Cash and Cash Equivalents
8.5
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Atento
1.4
Western Forest Products
1.3
Mantra Group
1.3
Huchems Fine Chemical
1.2
Koh Young Technology
1.2
Byggmax Group
1.2
Irish Residential Properties REIT
1.2
Centric Health
1.2
Ateam
1.1
Yumeshin Holdings
1.1
Sitronix Technology
1.1
T4F Entretenimento
1.1
Protector Forsikring
1.1
Investors Cloud
1.1
Eugene Technology
1.1
Openjobmetis
1.1
Taiwan Paiho
1.1
Magellan Aerospace
1.1
Sporton International
1.1
Solium Capital
1.0
Top 20 as % of Net Assets
23.1

SECTORS
ROIMX (%) RUSSELL
GLO X US SC (%)
Consumer Discretionary
22.3
-
Information Technology
18.5
-
Industrials
18.4
-
Consumer Staples
10.0
-
Financials
7.6
-
Real Estate
7.2
-
Materials
6.2
-
Health Care
5.2
-
Energy
0.2
-
Cash and Cash Equivalents
4.3
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Atento
1.5
Koh Young Technology
1.3
Huchems Fine Chemical
1.3
Exco Technologies
1.3
Protector Forsikring
1.2
Sun Frontier Fudousan
1.2
Sporton International
1.2
Yumeshin Holdings
1.2
Ateam
1.2
Magellan Aerospace
1.1
Openjobmetis
1.1
Sitronix Technology
1.1
Tokai Corporation
1.1
Investors Cloud
1.1
Centric Health
1.1
Epwin Group
1.1
Western Forest Products
1.1
Jagran Prakashan
1.1
TCI
1.0
Solium Capital
1.0
Top 20 as % of Net Assets
23.3

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.

Geographical Breakdown

Portfolio Country Breakdownas of 09/30/17

Countries% of net assets
(subject to change)
Japan18.4
United Kingdom9.8
Canada9.3
Taiwan8.0
South Korea6.1
Hong Kong3.9
Sweden3.6
Australia3.5
India3.5
Germany3.1
Brazil2.5
Norway2.2
Spain1.9
France1.8
South Africa1.5
Malaysia1.4
United States1.3
Ireland1.2
Singapore1.2
Italy1.1
Thailand0.9
United Arab Emirates (U.A.E.)0.8
Mexico0.8
Israel0.7
Netherlands0.7
China0.7
Turkey0.6
Indonesia0.6
Belgium0.3

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. 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 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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