48

At a Glance

Why invest in International Small-Cap?

  • Uses a fundamentally based, risk-aware approach to invest primarily in non-U.S. small-caps (generally market caps up to $3 billion), a large, diverse, and typically inefficient universe of more than 24,000 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

As of 09/30/16

  • Small-Cap
    Core Approach
    $1.01B
    Avg. Market Cap
  • Average
    Volatility
    98%
    Active Share
  • Fund
    Longevity
    8+
    Years of History

Portfolio Management

Assistant Portfolio Manager: Mark Rayner, CA

"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 since inception (06/30/08) period as of 09/30/16.
QTR YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Small-Cap 5.62 4.128.060.065.064.01 06/30/08
Russell Glo x US SC 7.88 8.9714.543.178.043.64 N/A

Annual Operating Expenses: Gross 2.18 Net 1.20

NOV YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Small-Cap -2.94 -2.06-2.66-3.102.993.17 06/30/08
Russell Glo x US SC -3.17 3.343.740.506.572.91 N/A

Annual Operating Expenses: Gross 2.18 Net 1.20

DEC YTD 1YR 3YR 5YR SINCE INCEPT. DATE
International Small-Cap -0.13 -2.19-3.39-3.093.053.15 06/30/08
Russell Glo x US SC -0.20 3.142.850.546.272.89 N/A

Annual Operating Expenses: Gross 2.18 Net 1.20

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. 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 gross total annual operating expenses and include management fees, and other expenses. Net operating expenses reflect contractual fee waivers and/or expense reimbursements. All expense information is reported in 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 1.29% through April 30, 2016, and at or below 1.74%, through April 30, 2025.

All performance and risk information presented in this material prior to the commencement date of Institutional Class shares on 1/15/14 reflects Service Class results. Shares of the Fund’s Service Class bear an annual distribution expense that is not borne by the Institutional Class.

Cumulative Performance since Inception (06/30/08) and Market Cycle Peak

Inception-Current - 06/30/08 - 09/30/16
International Small-Cap38.3%
Russell Glo x US SC34.3%

Peak-Current - 07/03/14 - 09/30/16
International Small-Cap-11.1%
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 06/30/08 and 09/30/16

International Small-Cap$13,828.53
Russell Glo x US SC$13,426.92

Portfolio Impactas of 09/30/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
15.10
16.39
2.33
Financials
12.82
9.85
1.19
Industrials
17.27
4.49
0.76
Consumer Staples
7.68
9.82
0.75
Consumer Discretionary
19.09
3.24
0.63
Materials
9.73
8.84
0.57
Health Care
3.18
6.01
0.21
Real Estate
7.11
2.70
0.16
Telecommunication Services
1.40
8.55
0.12
Energy
0.63
4.52
0.03
Utilities
0.46
-15.06
-0.07
Cash
5.52
0.07
0.00
Unclassified
0.00
203.85
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.17
Consumer FinanceFinancials0.99
SoftwareInformation Technology0.53
Semiconductors & Semiconductor EquipmentInformation Technology0.49
Auto ComponentsConsumer Discretionary0.46

Top Detractors

INDUSTRYSECTORGAIN (%)
Commercial Services & SuppliesIndustrials-0.18
MediaConsumer Discretionary-0.11
Multi-UtilitiesUtilities-0.07
Household DurablesConsumer Discretionary-0.07
Health Care Equipment & SuppliesHealth Care-0.01

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Egis TechnologyElectronic Equipment, Instruments & ComponentsInformation Technology0.44
KrungThai Card Public Co. Ltd.Consumer FinanceFinancials0.43
Micro Focus InternationalSoftwareInformation Technology0.35
Manappuram FinanceConsumer FinanceFinancials0.31
Tongda Group HoldingsElectronic Equipment, Instruments & ComponentsInformation Technology0.26

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Welspun India LimitedTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.24
Magellan AerospaceAerospace & DefenseIndustrials-0.23
GCA SavvianCapital MarketsFinancials-0.21
T4F EntretenimentoMediaConsumer Discretionary-0.17
Elis SACommercial Services & SuppliesIndustrials-0.11
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Real Estate
10.35
18.85
2.02
Industrials
17.62
10.82
1.79
Consumer Discretionary
22.51
6.84
1.72
Information Technology
15.52
6.51
1.54
Materials
6.25
8.61
0.80
Financials
11.94
7.96
0.63
Consumer Staples
5.34
5.08
0.47
Health Care
3.56
-2.31
0.31
Energy
1.00
-17.35
0.09
Telecommunication Services
0.71
-4.09
0.02
Utilities
0.48
-25.21
-0.14
Cash
4.72
0.21
0.01
Unclassified
0.00
203.85
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Real Estate Management & DevelopmentReal Estate1.83
Consumer FinanceFinancials1.33
Auto ComponentsConsumer Discretionary1.25
Semiconductors & Semiconductor EquipmentInformation Technology0.77
Electronic Equipment, Instruments & ComponentsInformation Technology0.69

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.46
IT ServicesInformation Technology-0.45
Commercial Services & SuppliesIndustrials-0.43
Capital MarketsFinancials-0.33
Health Care TechnologyHealth Care-0.22

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Minth GroupAuto ComponentsConsumer Discretionary1.20
Manappuram FinanceConsumer FinanceFinancials0.88
T4F EntretenimentoMediaConsumer Discretionary0.73
Morneau ShepellProfessional ServicesIndustrials0.63
Micro Focus InternationalSoftwareInformation Technology0.55

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Banca SistemaBanksFinancials-0.65
Wasion Group HoldingsElectronic Equipment, Instruments & ComponentsInformation Technology-0.53
GCA SavvianCapital MarketsFinancials-0.44
Texwinca HoldingsTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.42
SPARX GroupCapital MarketsFinancials-0.36
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Consumer Discretionary
23.12
14.45
3.57
Real Estate
10.80
28.68
2.89
Industrials
18.11
13.97
2.56
Information Technology
14.49
8.09
1.68
Financials
12.66
14.05
1.57
Materials
5.63
16.21
1.12
Health Care
3.47
11.91
0.82
Consumer Staples
4.82
2.66
0.46
Energy
1.00
-12.23
0.13
Telecommunication Services
0.53
-4.09
0.02
Utilities
0.49
-13.24
-0.05
Cash
4.88
0.23
0.01
Unclassified
0.00
203.85
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Real Estate Management & DevelopmentReal Estate2.67
Auto ComponentsConsumer Discretionary1.79
Consumer FinanceFinancials1.32
MediaConsumer Discretionary1.23
Electronic Equipment, Instruments & ComponentsInformation Technology1.02

Top Detractors

INDUSTRYSECTORGAIN (%)
IT ServicesInformation Technology-0.67
Specialty RetailConsumer Discretionary-0.52
Commercial Services & SuppliesIndustrials-0.42
BanksFinancials-0.27
Health Care TechnologyHealth Care-0.18

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Minth GroupAuto ComponentsConsumer Discretionary1.34
Manappuram FinanceConsumer FinanceFinancials0.88
Leopalace21 CorporationReal Estate Management & DevelopmentReal Estate0.80
T4F EntretenimentoMediaConsumer Discretionary0.77
Man Wah HoldingsHousehold DurablesConsumer Discretionary0.68

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Banca SistemaBanksFinancials-0.71
Net 1 UEPS TechnologiesIT ServicesInformation Technology-0.61
SPARX GroupCapital MarketsFinancials-0.53
Wasion Group HoldingsElectronic Equipment, Instruments & ComponentsInformation Technology-0.52
Pasona GroupProfessional ServicesIndustrials-0.49
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
12.14
37.85
3.67
Health Care
9.25
32.58
3.12
Industrials
19.33
21.36
2.53
Real Estate
6.30
20.61
2.44
Consumer Staples
4.50
30.22
1.63
Telecommunication Services
0.21
82.36
0.43
Consumer Discretionary
22.67
2.66
0.06
Utilities
0.16
-13.24
-0.05
Information Technology
10.92
-8.57
-0.18
Materials
7.30
-10.83
-0.86
Energy
2.63
-42.03
-1.18
Cash
4.57
0.29
0.01
Unclassified
0.00
185.09
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials2.43
Real Estate Management & DevelopmentReal Estate2.18
Consumer FinanceFinancials1.71
Health Care Equipment & SuppliesHealth Care1.53
Aerospace & DefenseIndustrials1.15

Top Detractors

INDUSTRYSECTORGAIN (%)
Oil, Gas & Consumable FuelsEnergy-1.43
Multiline RetailConsumer Discretionary-1.27
Communications EquipmentInformation Technology-1.09
Specialty RetailConsumer Discretionary-0.92
MediaConsumer Discretionary-0.92

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Value Partners GroupCapital MarketsFinancials1.71
VZ HoldingCapital MarketsFinancials1.28
Relo HoldingsReal Estate Management & DevelopmentReal Estate1.14
AIA EngineeringMachineryIndustrials1.11
Minth GroupAuto ComponentsConsumer Discretionary0.99

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
New World Department Store ChinaMultiline RetailConsumer Discretionary-1.25
Globaltrans Investment GDRRoad & RailIndustrials-0.98
Wasion Group HoldingsElectronic Equipment, Instruments & ComponentsInformation Technology-0.90
Banca SistemaBanksFinancials-0.76
Brasil Brokers ParticipacoesReal Estate Management & DevelopmentReal Estate-0.73
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Health Care
11.89
91.21
11.12
Industrials
17.12
75.12
9.52
Financials
11.76
94.69
8.11
Consumer Discretionary
21.90
38.35
7.73
Consumer Staples
5.18
110.46
5.71
Information Technology
9.23
44.29
3.76
Real Estate
4.29
51.63
2.72
Telecommunication Services
0.16
211.05
0.60
Utilities
0.10
-13.24
-0.05
Energy
3.32
-39.31
-0.71
Materials
9.37
-21.26
-1.05
Cash
5.65
0.41
0.03
Unclassified
0.04
138.03
-0.13

Top Contributors

INDUSTRYSECTORGAIN (%)
PharmaceuticalsHealth Care5.76
Capital MarketsFinancials5.48
MachineryIndustrials5.12
Food ProductsConsumer Staples4.39
Textiles, Apparel & Luxury GoodsConsumer Discretionary3.55

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-3.04
Multiline RetailConsumer Discretionary-1.35
Diversified Consumer ServicesConsumer Discretionary-1.11
Oil, Gas & Consumable FuelsEnergy-0.77
Construction MaterialsMaterials-0.60

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Value Partners GroupCapital MarketsFinancials2.13
VZ HoldingCapital MarketsFinancials1.78
RecordatiPharmaceuticalsHealth Care1.42
Pacific Textiles HoldingsTextiles, Apparel & Luxury GoodsConsumer Discretionary1.42
BoironPharmaceuticalsHealth Care1.24

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
New World Department Store ChinaMultiline RetailConsumer Discretionary-1.33
Brasil Brokers ParticipacoesReal Estate Management & DevelopmentReal Estate-0.93
Wasion Group HoldingsElectronic Equipment, Instruments & ComponentsInformation Technology-0.90
LamprellEnergy Equipment & ServicesEnergy-0.90
Banca SistemaBanksFinancials-0.76

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

Market Downturns (%)

DownMarketImg

Russell Glo x US SC Down Quarters

QUARTER ENDRUSSELL GLO X US SC (%)INTERNATIONAL SMALL-CAP (%)SPREAD (%)
09/30/15-11.2-9.3+1.9
12/31/14-4.5-6.3-1.8
09/30/14-6.2-7.0-0.8
06/30/13-4.5-3.8+0.7
06/30/12-8.5-8.2+0.3
09/30/11-19.4-21.4-2.0
06/30/11-0.2-0.6-0.4
06/30/10-8.5-7.6+0.9
03/31/09-6.6-10.3-3.7
12/31/08-24.8-19.2+5.6
09/30/08-25.5-13.5+12.0

Capture Ratios Fund's First Full Quarter (06/30/08) 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 5 years, the Fund produced lower volatility than the Russell Global ex-U.S. Small Cap Index.
From the Fund's inception, 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 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 Small-Cap0.4313.37
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 Small-Cap
Russell Glo x US SC
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/16

mstar-RISIX

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

  RISIX Russell Glo x US SC
Average Market Cap
1.01B
1.08B
98%
-
2015 Portfolio Turnover
116%
-
Weighted Average P/E,
14.9x
14.7x
Weighted Average P/B
2.1x
1.6x
Non-U.S. Investments (% of Net Assets)
97.7%
-
U.S. Investments (% of Net Assets)
0.0%
-

Portfolio Allocation

  • Total
    Holdings
    108


SECTORS
RISIX (%) RUSSELL
GLO X US SC (%)
Industrials
18.2
18.6
Consumer Discretionary
18.1
16.3
Information Technology
15.7
11.7
Financials
14.0
9.7
Materials
10.9
10.8
Real Estate
7.6
11.2
Consumer Staples
7.4
7.2
Health Care
2.9
7.4
Telecommunication Services
1.9
0.9
Energy
0.6
3.7
Utilities
0.4
2.3
Cash and Cash Equivalents
2.3
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Magellan Aerospace
2.0
Industrias Bachoco ADR
2.0
Canfor Corporation
1.4
Leopalace21 Corporation
1.4
AURELIUS Equity Opportunities
1.3
Modetour Network
1.3
CANCOM
1.3
MISUMI Group
1.3
Minth Group
1.3
Conviviality
1.3
SPARX Group
1.3
Dustin Group
1.3
Tianneng Power International
1.2
kabu.com Securities
1.2
Irish Residential Properties REIT
1.2
Fufeng Group
1.2
Tongda Group Holdings
1.2
Egis Technology
1.2
Sun Frontier Fudousan
1.2
Micro Focus International
1.2
Top 20 as % of Net Assets
26.8

SECTORS
RISIX (%) RUSSELL
GLO X US SC (%)
Industrials
21.4
-
Consumer Discretionary
17.6
-
Information Technology
16.2
-
Financials
11.9
-
Materials
9.3
-
Consumer Staples
8.6
-
Real Estate
4.7
-
Health Care
4.0
-
Telecommunication Services
1.5
-
Energy
0.6
-
Utilities
0.4
-
Cash and Cash Equivalents
3.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Industrias Bachoco ADR
2.2
Magellan Aerospace
2.1
Canfor Corporation
1.5
IIFL Holdings
1.4
Exco Technologies
1.3
Irish Residential Properties REIT
1.3
Computacenter
1.2
Conviviality
1.2
Irish Continental Group
1.2
CANCOM
1.2
Hilton Food Group
1.2
Hoist Finance
1.2
KIWOOM Securities
1.2
China Lesso Group Holdings
1.2
Value Partners Group
1.2
Koh Young Technology
1.1
Sandstorm Gold
1.1
Flytech Technology
1.1
Banca Sistema
1.1
Handsome
1.1
Top 20 as % of Net Assets
26.1

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)
Japan14.7
United Kingdom11.1
China9.4
Hong Kong8.0
Canada6.8
South Korea5.3
Germany5.1
Taiwan5.0
India4.6
Sweden3.8
Australia3.6
France2.5
Italy2.4
Mexico2.0
Ireland1.9
Spain1.7
Austria1.2
Brazil1.0
Israel1.0
United Arab Emirates (U.A.E.)0.9
Netherlands0.9
Malaysia0.7
Norway0.7
South Africa0.7
Indonesia0.7
New Zealand0.6
Turkey0.5
Georgia0.4
Finland0.4
Greece0.2

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 ($) REINVEST
PRICE ($)
12/16/15 12/17/15 12/17/15 0.2271 - 0.0001 - 0.2272 7.64
12/16/14 12/17/14 12/17/14 0.2535 0.5013 0.5734 - 1.3282 7.94

NAV History for

Fees & Expenses

Shareholder Fees (%)

(fees paid directly from your investment)

Maximum sales charge (load) imposed on purchases 0.00
Maximum deferred sales charge 0.00
Maximum sales charge (load) imposed on reinvested dividends 0.00
Redemption fee (as a percentage of amount redeemed on shares held for less than 180 days) 0.00

Annual Fund Operating Expenses (%)

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

Management fees 1.00
Distribution (12b-1) fees 0.00
Other expenses 1.17
Acquired fund fees and expenses 0.01
Total annual Fund operating expenses 2.18
Fee waivers and/or expense reimbursements (0.98)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements1.20
Total annual Fund operating expenses may differ from the expense ratio in the Fund's Financial Highlights because they include only the Fund's direct operating expenses and do not include acquired fund fees and expenses, which 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.

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 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.) In addition, 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. The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (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 and Dilip Badlani (assistant portfolio manager 2013-2015) since 2015

1/24/2014 12:00:00 AM

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