195

At a Glance

Why invest in Low-Priced Stock?

  • Invests primarily in low-priced stocks (those with an average cost per share in the portfolio of less than $25), a historically inefficient, institutionally neglected area of the market ripe with potential opportunities
  • Small-cap core fund (generally market caps up to $3 billion) that combines multiple investment themes by investing in low-priced companies with solid fundamentals and/or prospects selling at prices that Royce believes do not fully reflect these attributes
  • Averaged an 10.8% return over all 151 10-year monthly rolling return periods ended 6/30/16 from inception (12/15/93)

As of 06/30/16

  • Small-Cap
    Core Approach
    $566.7M
    Avg. Market Cap
  • High
    Volatility
    96%
    Active Share
  • Fund
    Longevity
    22+
    Years of History

Portfolio Management

"Our stock selection process is strictly bottom up and fundamentally based. We are highly disciplined about buying companies at what we think is the right price and selling them at the right time, too."
Jim Stoeffel

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the 20-Year and since inception (12/15/93) periods as of 06/30/16.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Low-Priced Stock -1.78 -2.57-15.19-1.53-4.141.724.638.209.32 12/15/93
Russell 2000 3.79 2.22-6.737.098.356.206.967.618.47 N/A

Annual Operating Expenses: Gross 2.79 Net 1.85

AUG YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Low-Priced Stock 2.22 6.103.60-0.63-0.492.465.708.859.66 12/15/93
Russell 2000 1.77 10.238.598.5312.857.048.138.218.77 N/A

Annual Operating Expenses: Gross 2.79 Net 1.85

SEP YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Low-Priced Stock 1.28 7.4512.22-1.532.692.706.968.999.68 12/15/93
Russell 2000 1.42 11.8016.916.8015.627.009.288.098.80 N/A

Annual Operating Expenses: Gross 2.79 Net 1.85

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 for the R Class and include management fees, 12b-1 distribution and service fees and other 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 R Class'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 1.84% through April 30, 2016, and at or below 1.99% through April 30, 2025.

All performance and risk information presented in this material prior to the commencement date of R Class shares on 5/21/07 reflect Service Class results. R Class shares bear annual expenses that are higher than those borne by Service Class shares. If R Class's annual expenses had been reflected, total returns prior to 5/21/07 would have been lower.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 64% of all 10-Year periods; 71% of all 5-Year periods; and 55% of all 1-Year periods.

For 92% of the periods, 10-year average annual total returns were greater than 5%.

Relative Returns: Monthly Rolling Average Annual Return Periods 20 Years Through 06/30/16

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
78/121
64 9.4 7.0
5-year
129/181
71 9.7 7.4
1-year
126/229
55 11.1 9.7

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% 81 54
> 5% and ≤ 10% 58 38
> 0% and ≤ 5% 12 8
≤ 0% 0 0

The Fund averaged a 10.8% return over all 151 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 in one of the two previous full market cycle periods.
Peak-Peak - 07/13/07 - 04/29/11
Low-Priced Stock25.6%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Low-Priced Stock-6.3%
Russell 200058.5%

Peak-Current - 06/23/15 - 06/30/16
Low-Priced Stock-18.3%
Russell 2000-9.7%

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 12/15/93 and 06/30/16

Low-Priced Stock$74,488.62
Russell 2000$62,514.34

Portfolio Impactas of 06/30/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Materials
4.06
23.66
0.83
Energy
5.69
3.80
0.15
Utilities
0.20
41.57
0.10
Financials
16.21
0.09
0.03
Consumer Staples
1.50
1.08
0.01
Telecommunication Services
0.54
-1.78
-0.01
Information Technology
26.44
-1.25
-0.29
Health Care
7.92
-3.82
-0.31
Industrials
16.79
-4.65
-0.80
Consumer Discretionary
17.61
-5.49
-1.06
Cash
3.04
0.06
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials0.92
Semiconductors & Semiconductor EquipmentInformation Technology0.56
Energy Equipment & ServicesEnergy0.33
Internet Software & ServicesInformation Technology0.27
Electronic Equipment, Instruments & ComponentsInformation Technology0.21

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-1.06
Professional ServicesIndustrials-0.80
SoftwareInformation Technology-0.52
Communications EquipmentInformation Technology-0.45
Technology Hardware, Storage & PeripheralsInformation Technology-0.35

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Pretium ResourcesMetals & MiningMaterials0.45
eHealthInsuranceFinancials0.33
Alamos Gold Cl. AMetals & MiningMaterials0.29
XenoPortPharmaceuticalsHealth Care0.27
NanometricsSemiconductors & Semiconductor EquipmentInformation Technology0.25

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
SeaChange InternationalSoftwareInformation Technology-0.37
LipocinePharmaceuticalsHealth Care-0.36
Ascena Retail GroupSpecialty RetailConsumer Discretionary-0.30
Stage StoresSpecialty RetailConsumer Discretionary-0.24
Infinera CorporationCommunications EquipmentInformation Technology-0.23
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
27.12
3.84
1.25
Materials
3.55
19.94
0.77
Telecommunication Services
0.60
37.43
0.22
Consumer Discretionary
17.90
-0.72
0.21
Utilities
0.10
41.57
0.10
Consumer Staples
1.54
-12.22
-0.20
Financials
16.03
-1.91
-0.36
Energy
5.36
-7.80
-0.55
Industrials
16.77
-7.79
-1.50
Health Care
7.49
-19.06
-1.60
Cash
3.55
0.13
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology1.53
Metals & MiningMaterials1.28
Electronic Equipment, Instruments & ComponentsInformation Technology0.77
InsuranceFinancials0.39
Multiline RetailConsumer Discretionary0.33

Top Detractors

INDUSTRYSECTORGAIN (%)
Professional ServicesIndustrials-1.27
PharmaceuticalsHealth Care-0.78
BiotechnologyHealth Care-0.63
Capital MarketsFinancials-0.53
ChemicalsMaterials-0.51

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Alamos Gold Cl. AMetals & MiningMaterials0.59
Pretium ResourcesMetals & MiningMaterials0.47
Newport CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.34
Cirrus LogicSemiconductors & Semiconductor EquipmentInformation Technology0.33
J.C. Penney CompanyMultiline RetailConsumer Discretionary0.33

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
SeaChange InternationalSoftwareInformation Technology-0.56
Ardmore ShippingOil, Gas & Consumable FuelsEnergy-0.48
LipocinePharmaceuticalsHealth Care-0.47
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.45
BioAmberChemicalsMaterials-0.38
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Telecommunication Services
0.84
40.98
0.22
Utilities
0.05
41.57
0.10
Consumer Staples
1.70
-26.40
-0.58
Materials
3.29
-22.29
-0.60
Health Care
7.21
-16.04
-1.43
Information Technology
28.05
-6.38
-1.48
Consumer Discretionary
16.37
-16.50
-2.10
Financials
15.33
-15.16
-2.24
Energy
5.63
-36.30
-2.66
Industrials
16.77
-14.93
-2.72
Cash
4.78
0.17
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology1.74
MachineryIndustrials0.54
Leisure ProductsConsumer Discretionary0.51
Auto ComponentsConsumer Discretionary0.30
InsuranceFinancials0.24

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-2.34
Capital MarketsFinancials-2.30
Energy Equipment & ServicesEnergy-2.12
Professional ServicesIndustrials-1.87
Internet Software & ServicesInformation Technology-1.39

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Tecumseh ProductsMachineryIndustrials0.60
Smith & Wesson Holding CorporationLeisure ProductsConsumer Discretionary0.44
Pretium ResourcesMetals & MiningMaterials0.44
Alamos Gold Cl. AMetals & MiningMaterials0.42
Cascade MicrotechSemiconductors & Semiconductor EquipmentInformation Technology0.40

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
SeaChange InternationalSoftwareInformation Technology-0.57
BioAmberChemicalsMaterials-0.54
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.54
QuinStreetInternet Software & ServicesInformation Technology-0.52
C&J Energy ServicesEnergy Equipment & ServicesEnergy-0.52
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
26.74
32.35
6.68
Financials
13.26
15.64
1.45
Consumer Staples
2.85
-13.78
0.47
Consumer Discretionary
13.71
4.15
0.46
Telecommunication Services
0.46
50.14
0.26
Utilities
0.12
37.76
0.11
Health Care
5.23
14.13
-0.14
Industrials
15.48
1.91
-0.52
Materials
9.06
-37.92
-1.71
Energy
9.47
-53.90
-5.07
Cash
3.63
0.22
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology7.40
Electronic Equipment, Instruments & ComponentsInformation Technology1.05
Real Estate Management & DevelopmentFinancials0.81
Leisure ProductsConsumer Discretionary0.77
Capital MarketsFinancials0.57

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-3.99
Internet Software & ServicesInformation Technology-1.23
Oil, Gas & Consumable FuelsEnergy-1.08
ChemicalsMaterials-0.98
Professional ServicesIndustrials-0.94

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Value Partners GroupCapital MarketsFinancials1.14
Cirrus LogicSemiconductors & Semiconductor EquipmentInformation Technology1.03
International RectifierSemiconductors & Semiconductor EquipmentInformation Technology0.87
Industrias Bachoco ADRFood ProductsConsumer Staples0.84
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.78

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Trican Well ServiceEnergy Equipment & ServicesEnergy-1.00
Acacia ResearchProfessional ServicesIndustrials-0.98
Hochschild MiningMetals & MiningMaterials-0.68
BioAmberChemicalsMaterials-0.62
Unit CorporationEnergy Equipment & ServicesEnergy-0.60
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
24.31
22.23
7.10
Consumer Discretionary
11.58
24.01
2.17
Health Care
5.86
49.31
2.13
Consumer Staples
3.19
6.41
1.30
Industrials
14.54
2.66
0.47
Financials
12.20
4.40
0.14
Utilities
0.13
-44.08
-0.03
Telecommunication Services
0.41
-63.72
-0.13
Energy
10.49
-63.60
-8.40
Materials
13.74
-68.46
-14.53
Cash
3.55
0.34
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology7.92
Personal ProductsConsumer Staples1.51
AutomobilesConsumer Discretionary1.40
BiotechnologyHealth Care1.12
PharmaceuticalsHealth Care1.01

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-13.95
Energy Equipment & ServicesEnergy-7.07
Electrical EquipmentIndustrials-1.48
Capital MarketsFinancials-1.42
Oil, Gas & Consumable FuelsEnergy-1.33

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples1.51
Thor IndustriesAutomobilesConsumer Discretionary1.35
Myriad GeneticsBiotechnologyHealth Care1.29
Industrias Bachoco ADRFood ProductsConsumer Staples1.28
Cirrus LogicSemiconductors & Semiconductor EquipmentInformation Technology1.21

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Allied Nevada GoldMetals & MiningMaterials-2.07
Trican Well ServiceEnergy Equipment & ServicesEnergy-1.89
Hochschild MiningMetals & MiningMaterials-1.88
Lamprell 1Energy Equipment & ServicesEnergy-1.55
Silver Standard ResourcesMetals & MiningMaterials-1.51

Risk

High Volatility vs. Peer Group as of 06/30/16

The Fund has a high volatility within its peer group of 474 Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 06/30/16

The Fund outperformed the Russell 2000 during six out of 11 downturns of 10% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)LOW-PRICED STOCK (%)SPREAD (%)
03/31/16-1.5-0.8+0.7
09/30/15-11.9-15.8-3.9
09/30/14-7.4-9.9-2.5
06/30/12-3.5-11.4-7.9
09/30/11-21.9-23.4-1.5
06/30/11-1.6-3.5-1.9
06/30/10-9.9-8.7+1.2
03/31/09-15.0-7.8+7.2
12/31/08-26.1-26.0+0.1
09/30/08-1.1-11.9-10.8
03/31/08-9.9-5.3+4.6
12/31/07-4.6-3.7+0.9
09/30/07-3.1-3.5-0.4
06/30/06-5.0-5.5-0.5
03/31/05-5.3-4.6+0.7
09/30/04-2.9-0.3+2.6
03/31/03-4.5-8.2-3.7
09/30/02-21.4-21.3+0.1
06/30/02-8.4-9.6-1.2
09/30/01-20.8-20.80.0

Capture Ratios Fund's First Full Quarter (12/31/93) to 06/30/16

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 06/30/16

From the Fund's inception, the Fund outperformed the Russell 2000 Index.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 06/30/16

Sharpe RatioStandard Deviation
Low-Priced Stock0.1421.00
Russell 20000.3619.83
Category Median0.3619.51
Best Quartile Breakpoint0.4218.66

Category Median and Best Quartile Breakpoint based on 389 small-cap objective funds (oldest class only) with at least ten years of history.
Sharpe Ratio Standard Deviation
Low-Priced Stock
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/16

mstar-RLPRX

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 06/30/16

  RLPRX Russell 2000
Average Market Cap
566.7M
1.37B
96%
-
2015 Portfolio Turnover
53%
-
Weighted Average P/E,
17.9x
19.6x
Weighted Average P/B
1.6x
2.0x
U.S. Investments (% of Net Assets)
83.7%
-
Non-U.S. Investments (% of Net Assets)
15.1%
-

Portfolio Allocation

  • Total
    Holdings
    161


SECTORS
RLPRX (%) RUSSELL
2000 (%)
Information Technology
26.2
17.3
Consumer Discretionary
18.0
13.5
Industrials
17.7
13.8
Financials
16.2
25.8
Health Care
7.6
13.6
Energy
6.4
3.0
Materials
4.7
4.6
Consumer Staples
1.1
3.1
Telecommunication Services
0.6
0.9
Utilities
0.4
4.3
Cash and Cash Equivalents
1.1
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Resources Connection
1.1
American Eagle Outfitters
1.0
Cirrus Logic
1.0
TTM Technologies
0.9
Navigant Consulting
0.9
MKS Instruments
0.9
PDF Solutions
0.9
Stein Mart
0.9
AV Homes
0.9
Lam Research
0.9
Value Partners Group
0.9
LSI Industries
0.9
QuinStreet
0.9
Orbotech
0.9
eHealth
0.9
Teradyne
0.9
Kforce
0.9
Pason Systems
0.9
Brocade Communications Systems
0.8
Allscripts Healthcare Solutions
0.8
Top 20 as % of Net Assets
18.2

SECTORS
RLPRX (%) RUSSELL
2000 (%)
Information Technology
25.2
-
Industrials
18.6
-
Consumer Discretionary
17.6
-
Financials
15.8
-
Health Care
8.2
-
Energy
6.4
-
Materials
4.7
-
Consumer Staples
1.2
-
Telecommunication Services
0.5
-
Utilities
0.3
-
Cash and Cash Equivalents
1.5
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
TTM Technologies
1.1
American Eagle Outfitters
1.1
Resources Connection
1.1
Cirrus Logic
1.1
Stein Mart
1.0
Orbotech
1.0
AV Homes
0.9
CryoLife
0.9
Allscripts Healthcare Solutions
0.9
Kforce
0.9
QuinStreet
0.9
Lam Research
0.9
PDF Solutions
0.9
LSI Industries
0.9
Rudolph Technologies
0.9
Navigant Consulting
0.9
Zealand Pharma
0.8
Chico's FAS
0.8
IXYS Corporation
0.8
Raven Industries
0.8
Top 20 as % of Net Assets
18.6

Portfolio Holdings

View the complete list of holdings for this fund as of 06/30/16. 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 ($) REINVEST
PRICE ($)
12/16/15 12/17/15 12/17/15 0.0000 - 0.7205 - 0.7205 7.34
12/16/14 12/17/14 12/17/14 0.0000 - 3.6074 - 3.6074 8.86
12/04/13 12/05/13 12/05/13 0.0000 - 1.9362 - 1.9362 12.85
12/05/12 12/06/12 12/06/12 0.1039 - 0.9089 - 1.0128 13.14
12/07/11 12/08/11 12/08/11 0.1274 0.0087 1.1869 - 1.3230 14.11
12/08/10 12/09/10 12/09/10 0.0807 - 0.1379 - 0.2186 17.60
12/08/09 12/09/09 12/09/09 0.0004 - - - 0.0004 13.42

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 0.50
Other expenses 1.28
Acquired fund fees and expenses 0.01
Total annual Fund operating expenses 2.79
Fee waivers and/or expense reimbursements (0.94)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements1.85
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 invests primarily in higher-priced or low-priced 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.) The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. The Fund may invest up to 35% of its net assets in foreign securities (measured at the time of investment), 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. 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. 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 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.

Managed by Jim Stoeffel since 2014 (assistant portfolio manager 2013-2014), assistant portfolio managers Bill Hench since 2014, and Brendan Hartman since 2016

5/21/2007 12:00:00 AM

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