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 09/30/16

  • Micro-Cap
    Core Approach
    $397.3M
    Avg. Market Cap
  • Average
    Volatility
    99%
    Active Share
  • Fund
    Longevity
    5+
    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 and 3-Year periods as of 09/30/16.
QTR YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Micro-Cap 9.21 9.4312.904.117.512.02 12/31/10
Russell Glo x US SC 7.88 8.9714.543.178.043.16 N/A

Annual Operating Expenses: Gross 3.11 Net 1.64

NOV YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Micro-Cap -0.89 5.454.401.245.991.32 12/31/10
Russell Glo x US SC -3.17 3.343.740.506.572.15 N/A

Annual Operating Expenses: Gross 3.11 Net 1.64

DEC YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Micro-Cap 0.40 5.874.601.516.131.39 12/31/10
Russell Glo x US SC -0.20 3.142.850.546.272.11 N/A

Annual Operating Expenses: Gross 3.11 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, 2016 and at or below 1.99% through April 30, 2025. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds, and other investment companies.

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

Inception-Current - 12/31/10 - 09/30/16
International Micro-Cap12.2%
Russell Glo x US SC19.6%

Peak-Current - 07/03/14 - 09/30/16
International Micro-Cap-2.8%
Russell Glo x US SC-2.7%

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 09/30/16

International Micro-Cap$11,217.32
Russell Glo x US SC$11,955.74

Portfolio Impactas of 09/30/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
24.52
15.70
3.67
Consumer Discretionary
21.28
9.69
2.05
Materials
5.90
30.06
1.51
Industrials
19.02
4.52
0.88
Consumer Staples
6.51
10.33
0.71
Financials
8.35
6.02
0.53
Energy
1.69
17.76
0.28
Health Care
3.03
6.00
0.21
Real Estate
6.11
2.52
0.17
Cash
3.58
0.07
0.00
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.36
Metals & MiningMaterials0.97
IT ServicesInformation Technology0.89
Specialty RetailConsumer Discretionary0.87
Semiconductors & Semiconductor EquipmentInformation Technology0.79

Top Detractors

INDUSTRYSECTORGAIN (%)
Building ProductsIndustrials-0.15
Air Freight & LogisticsIndustrials-0.07
Road & RailIndustrials-0.05
Communications EquipmentInformation Technology0.00
Commercial Services & SuppliesIndustrials0.00

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
ImdexMetals & MiningMaterials0.59
Egis TechnologyElectronic Equipment, Instruments & ComponentsInformation Technology0.43
Seeing MachinesElectronic Equipment, Instruments & ComponentsInformation Technology0.43
goeasySpecialty RetailConsumer Discretionary0.34
Manappuram FinanceConsumer FinanceFinancials0.32

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Welspun India LimitedTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.24
Maruwa Unyu Kikan Co. Ltd.Air Freight & LogisticsIndustrials-0.23
Magellan AerospaceAerospace & DefenseIndustrials-0.22
GCA SavvianCapital MarketsFinancials-0.21
NorcrosBuilding ProductsIndustrials-0.15
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
22.46
14.41
3.76
Consumer Discretionary
22.90
13.57
2.87
Materials
5.15
36.46
1.99
Real Estate
7.72
16.52
1.34
Industrials
18.27
8.08
1.24
Consumer Staples
3.99
2.74
0.28
Health Care
5.04
6.51
0.22
Financials
7.45
-0.68
-0.03
Energy
2.62
-10.46
-0.39
Cash
4.40
0.21
0.01
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
MediaConsumer Discretionary1.84
Electronic Equipment, Instruments & ComponentsInformation Technology1.47
Semiconductors & Semiconductor EquipmentInformation Technology1.41
Metals & MiningMaterials1.41
Real Estate Management & DevelopmentReal Estate1.10

Top Detractors

INDUSTRYSECTORGAIN (%)
Oil, Gas & Consumable FuelsEnergy-0.65
Building ProductsIndustrials-0.56
BiotechnologyHealth Care-0.46
Commercial Services & SuppliesIndustrials-0.40
BanksFinancials-0.39

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
T4F EntretenimentoMediaConsumer Discretionary1.09
Manappuram FinanceConsumer FinanceFinancials0.89
ImdexMetals & MiningMaterials0.61
Morneau ShepellProfessional ServicesIndustrials0.57
WebjetInternet & Direct Marketing RetailConsumer Discretionary0.43

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Banca SistemaBanksFinancials-0.70
Ardmore ShippingOil, Gas & Consumable FuelsEnergy-0.53
Zealand PharmaBiotechnologyHealth Care-0.46
Net 1 UEPS TechnologiesIT ServicesInformation Technology-0.44
GCA SavvianCapital MarketsFinancials-0.42
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Consumer Discretionary
23.08
19.98
4.29
Information Technology
21.58
16.42
4.19
Industrials
19.29
12.95
2.54
Materials
5.26
46.91
2.53
Real Estate
7.81
25.09
1.93
Consumer Staples
3.45
11.94
0.49
Energy
2.71
5.60
0.24
Health Care
5.33
5.82
0.20
Financials
7.00
-4.66
-0.20
Cash
4.48
0.23
0.01
Unclassified
0.01
2.02
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
MediaConsumer Discretionary2.23
Semiconductors & Semiconductor EquipmentInformation Technology1.74
Real Estate Management & DevelopmentReal Estate1.71
Metals & MiningMaterials1.56
MachineryIndustrials1.47

Top Detractors

INDUSTRYSECTORGAIN (%)
BanksFinancials-0.52
Commercial Services & SuppliesIndustrials-0.49
Capital MarketsFinancials-0.48
BiotechnologyHealth Care-0.43
Multiline RetailConsumer Discretionary-0.36

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
T4F EntretenimentoMediaConsumer Discretionary1.17
Manappuram FinanceConsumer FinanceFinancials0.89
WebjetInternet & Direct Marketing RetailConsumer Discretionary0.75
ImdexMetals & MiningMaterials0.64
Pantheon ResourcesOil, Gas & Consumable FuelsEnergy0.59

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Banca SistemaBanksFinancials-0.77
Net 1 UEPS TechnologiesIT ServicesInformation Technology-0.71
GCA SavvianCapital MarketsFinancials-0.53
Zealand PharmaBiotechnologyHealth Care-0.43
Ardmore ShippingOil, Gas & Consumable FuelsEnergy-0.41
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.39
35.97
7.38
Industrials
25.61
28.79
7.17
Materials
6.03
51.80
2.65
Health Care
4.87
46.01
2.25
Real Estate
5.02
3.05
1.18
Consumer Staples
3.19
24.85
0.89
Telecommunication Services
0.05
122.55
0.70
Financials
4.61
-16.80
0.40
Consumer Discretionary
23.55
2.76
0.36
Energy
2.26
-51.05
-1.05
Cash
5.42
0.29
0.01
Unclassified
0.00
-4.28
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
SoftwareInformation Technology2.57
MachineryIndustrials2.41
Semiconductors & Semiconductor EquipmentInformation Technology2.33
IT ServicesInformation Technology1.78
Road & RailIndustrials1.71

Top Detractors

INDUSTRYSECTORGAIN (%)
Commercial Services & SuppliesIndustrials-1.76
Multiline RetailConsumer Discretionary-1.58
Specialty RetailConsumer Discretionary-1.20
Oil, Gas & Consumable FuelsEnergy-1.19
InsuranceFinancials-0.88

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Magellan AerospaceAerospace & DefenseIndustrials1.84
TrancomRoad & RailIndustrials1.49
Taiwan PaihoTextiles, Apparel & Luxury GoodsConsumer Discretionary1.28
Relo HoldingsReal Estate Management & DevelopmentReal Estate1.01
Manappuram FinanceConsumer FinanceFinancials0.89

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Parkson Retail AsiaMultiline RetailConsumer Discretionary-1.13
Zuiko CorporationMachineryIndustrials-0.99
Ellies HoldingsCommunications EquipmentInformation Technology-0.90
Brasil Insurance Participacoes e AdminisInsuranceFinancials-0.88
Oriental Watch HoldingsSpecialty RetailConsumer Discretionary-0.84
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
16.95
153.84
19.65
Industrials
22.97
86.75
17.05
Consumer Discretionary
23.06
62.86
13.84
Health Care
7.43
113.61
8.52
Financials
5.19
35.07
4.39
Consumer Staples
2.66
107.62
2.24
Real Estate
3.84
28.63
1.94
Telecommunication Services
0.04
159.56
0.78
Energy
2.80
-52.33
-0.08
Materials
9.61
-11.46
-7.20
Cash
5.46
0.41
0.03
Unclassified
0.00
-4.28
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials6.28
Electronic Equipment, Instruments & ComponentsInformation Technology5.22
SoftwareInformation Technology5.15
Capital MarketsFinancials4.17
PharmaceuticalsHealth Care4.07

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-10.16
Multiline RetailConsumer Discretionary-1.58
Diversified Consumer ServicesConsumer Discretionary-1.51
Commercial Services & SuppliesIndustrials-1.34
Oil, Gas & Consumable FuelsEnergy-1.22

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
CB Industrial Product HoldingMachineryIndustrials1.99
Padini HoldingsSpecialty RetailConsumer Discretionary1.93
Magellan AerospaceAerospace & DefenseIndustrials1.84
Century CasinosHotels, Restaurants & LeisureConsumer Discretionary1.63
Makalot IndustrialTextiles, Apparel & Luxury GoodsConsumer Discretionary1.54

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Goldgroup MiningMetals & MiningMaterials-1.45
Richmont MinesMetals & MiningMaterials-1.36
Maharashtra SeamlessMetals & MiningMaterials-1.24
Foraco InternationalMetals & MiningMaterials-1.16
Parkson Retail AsiaMultiline RetailConsumer Discretionary-1.13

Risk

Average Volatility vs. Peer Group as of 09/30/16

The Fund has a average volatility within its peer group of 68 International Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 09/30/16

The Fund outperformed the Russell Glo x US SC during all one downturns of 10% 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 09/30/16

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 09/30/16

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 09/30/16

The Fund beat the Russell Glo x US SC and performed within the top 50% of international small-cap objective funds 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.
Sharpe RatioStandard Deviation
International Micro-Cap0.5913.69
Russell Glo x US SC0.6313.59
Category Median0.7913.38
Best Quartile Breakpoint0.9112.55

Category Median and Best Quartile Breakpoint based on 68 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 06/30/16

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 09/30/16

  ROIMX Russell Glo x US SC
Average Market Cap
397.3M
1.08B
99%
-
2015 Portfolio Turnover
94%
-
Weighted Average P/E,
12.9x
14.7x
Weighted Average P/B
1.8x
1.6x
Non-U.S. Investments (% of Net Assets)
94.7%
-
U.S. Investments (% of Net Assets)
1.3%
-

Portfolio Allocation

  • Total
    Holdings
    126


SECTORS
ROIMX (%) RUSSELL
GLO X US SC (%)
Information Technology
23.3
11.7
Consumer Discretionary
22.7
16.3
Industrials
19.4
18.6
Financials
8.8
9.7
Consumer Staples
6.3
7.2
Real Estate
6.2
11.2
Materials
6.1
10.8
Health Care
1.6
7.4
Energy
1.6
3.7
Telecommunication Services
-
0.9
Utilities
-
2.3
Cash and Cash Equivalents
4.0
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Magellan Aerospace
2.0
Broadway Industrial Group
1.6
Pico Far East Holdings
1.3
Powerflute
1.3
Century Casinos
1.3
Conviviality
1.3
CANCOM
1.3
SPARX Group
1.2
Solium Capital
1.2
Dustin Group
1.2
Irish Residential Properties REIT
1.2
Sandstorm Gold
1.2
Leopalace21 Corporation
1.1
Sun Frontier Fudousan
1.1
Egis Technology
1.1
Koh Young Technology
1.1
GCA
1.1
Hilton Food Group
1.1
Fufeng Group
1.1
Nova Measuring Instruments
1.1
Top 20 as % of Net Assets
24.9

SECTORS
ROIMX (%) RUSSELL
GLO X US SC (%)
Information Technology
22.7
-
Consumer Discretionary
22.2
-
Industrials
22.1
-
Financials
7.2
-
Consumer Staples
7.1
-
Real Estate
5.7
-
Materials
4.8
-
Health Care
2.5
-
Energy
1.4
-
Cash and Cash Equivalents
4.3
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Magellan Aerospace
2.1
Pico Far East Holdings
1.4
Broadway Industrial Group
1.3
Century Casinos
1.2
Dustin Group
1.2
Irish Residential Properties REIT
1.2
Conviviality
1.2
Sandstorm Gold
1.1
I.T
1.1
CANCOM
1.1
Nova Measuring Instruments
1.1
Koh Young Technology
1.1
Sapiens International
1.0
Hilton Food Group
1.0
China Metal International Holdings
1.0
Banca Sistema
1.0
Lumax International
1.0
Flytech Technology
1.0
Alliance Grain Traders
1.0
AURELIUS Equity Opportunities
1.0
Top 20 as % of Net Assets
23.1

Portfolio Holdings

View the complete list of holdings for this fund as of 09/30/16. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Geographical Breakdown

Portfolio Country Breakdownas of 09/30/16

Countries% of net assets
(subject to change)
United Kingdom13.0
Japan10.4
Canada8.7
Taiwan7.9
Hong Kong5.7
Germany5.4
France4.7
Australia4.0
South Korea3.3
Sweden3.2
India2.4
China2.3
Ireland2.3
Singapore2.2
Israel2.0
Finland1.8
Norway1.8
Italy1.4
South Africa1.3
United States1.3
Turkey1.0
Brazil0.9
United Arab Emirates (U.A.E.)0.9
Netherlands0.8
Austria0.8
Greece0.7
Malaysia0.7
Mexico0.7
Spain0.7
New Zealand0.6
Indonesia0.6
Philippines0.6
Belgium0.6
Georgia0.5
Thailand0.5

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 ($) REINVEST
PRICE ($)
12/16/15 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 1.61
Total annual Fund operating expenses 3.11
Fee waivers and/or expense reimbursements (1.47)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements1.64

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.) As of 09/30/16, the Fund invested a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a more broadly diversified portfolio because a decline in the value of any 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.)

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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