Royce Micro-Cap Trust (RMT)
20

At a Glance

Why invest in Micro-Cap Trust?

  • One of the only closed-end funds dedicated to investing in micro-cap stocks (generally market caps up to $1 billion)
  • Core approach that combines multiple investment themes and offers wide exposure to micro-cap stocks by investing in companies with strong fundamentals and/or prospects selling at prices that Royce believes do not fully reflect these attributes
  • Outperformed its benchmark, the Russell 2000 Index, in 73% of all monthly rolling 10-year NAV return periods for the 20 years ended 9/30/17

As of 09/30/17

  • Micro-Cap
    Core Approach
    $439.3M
    Avg. Market Cap
  • Active Share
    95%
  • Lead Manager
    Tenure
    23+
    Years on Fund
  • Domestic
    26%
    2016 Annual
    Turnover Rate
  • Daily Price 10.43-$0.05 (-0.48%) MKT $9.42+$0.04 (+0.00%)
    $402.9M
    Net Assets

Portfolio Management

"Our task is to scour the large and diverse universe of micro-cap companies for businesses that look mispriced and underappreciated, with the caveat being that they must also have a discernible margin of safety. We are looking for stocks trading at a discount to our estimate of their worth as businesses."
Chuck Royce

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Quarter, Year To Date, 1-Year, 15-Year, 20-Year and since inception (12/14/93) periods as of 09/30/17.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
RMT 10.51 21.6929.629.2014.306.8211.819.4610.44 12/14/93
XOTCX 7.93 14.3322.0010.0213.726.9511.879.5911.08 12/14/93
Russell 2000 5.67 10.9420.7412.1813.797.8511.377.539.26 N/A
SEP YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
RMT 11.28 21.6929.629.2014.306.8211.819.4610.44 12/14/93
XOTCX 9.04 14.3322.0010.0213.726.9511.879.5911.08 12/14/93
Russell 2000 6.24 10.9420.7412.1813.797.8511.377.539.26 N/A
OCT YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
RMT 0.43 22.2133.9411.0515.176.8311.889.4610.43 12/14/93
XOTCX 0.29 14.6624.9310.5614.436.9811.979.5811.06 12/14/93
Russell 2000 0.78 11.8124.5213.1214.418.0211.407.639.28 N/A

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained at www.roycefunds.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.

The Fund normally invests in micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 73% of all 10-Year periods; 57% of all 5-Year periods; and 59% of all 1-Year periods.

For 97% of the periods, 10-year average annual total returns were greater than 5%.

Relative Returns: Monthly Rolling Average Annual Return Periods 20 Years Through 09/30/17

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
88/121
73 8.3 6.7
5-year
103/181
57 10.2 7.9
1-year
136/229
59 11.8 9.4

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% 67 40
> 5% and ≤ 10% 94 57
> 0% and ≤ 5% 5 3
≤ 0% 0 0

The Fund averaged a 10.0% return over all 166 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 from the 6/23/15 index peak through current (9/30/17).
Peak-Peak - 07/13/07 - 04/29/11
Micro-Cap Trust-0.5%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Micro-Cap Trust53.6%
Russell 200058.5%

Peak-Current - 06/23/15 - 09/30/17
Micro-Cap Trust20.8%
Russell 200018.9%

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 12/14/93 and 09/30/17

Micro-Cap Trust$121,765.76
Russell 2000$82,308.70

Portfolio Impactas of 09/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
18.81
11.54
2.14
Health Care
14.04
14.82
2.07
Industrials
18.50
7.08
1.30
Financials
11.36
5.50
0.60
Energy
4.75
9.04
0.47
Real Estate
3.62
10.87
0.40
Materials
6.01
5.03
0.29
Consumer Staples
2.63
3.12
0.06
Utilities
0.36
0.50
0.00
Telecommunication Services
0.18
-7.35
-0.01
Consumer Discretionary
12.98
0.26
-0.03
Cash
6.75
0.26
0.02
Unclassified
0.02
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care1.50
Internet Software & ServicesInformation Technology0.90
Electronic Equipment, Instruments & ComponentsInformation Technology0.76
Semiconductors & Semiconductor EquipmentInformation Technology0.64
Construction MaterialsMaterials0.50

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-0.19
Technology Hardware, Storage & PeripheralsInformation Technology-0.19
PharmaceuticalsHealth Care-0.12
Internet & Direct Marketing RetailConsumer Discretionary-0.11
Building ProductsIndustrials-0.09

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Abeona TherapeuticsBiotechnologyHealth Care0.77
Mirati TherapeuticsBiotechnologyHealth Care0.49
Ash Grove CementConstruction MaterialsMaterials0.44
QuinStreetInternet Software & ServicesInformation Technology0.42
Sangamo TherapeuticsBiotechnologyHealth Care0.37

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Major Drilling Group InternationalMetals & MiningMaterials-0.20
IntevacTechnology Hardware, Storage & PeripheralsInformation Technology-0.20
FTD CompaniesInternet & Direct Marketing RetailConsumer Discretionary-0.12
Titan InternationalMachineryIndustrials-0.11
CRH MedicalHealth Care Equipment & SuppliesHealth Care-0.10
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
18.45
25.20
4.52
Health Care
13.33
28.73
3.75
Industrials
18.28
16.81
3.07
Materials
5.98
17.56
1.03
Financials
11.02
5.15
0.54
Real Estate
3.45
14.78
0.54
Consumer Discretionary
13.62
0.99
0.07
Telecommunication Services
0.16
26.60
0.04
Utilities
0.34
8.26
0.03
Consumer Staples
2.79
-4.78
-0.19
Energy
4.75
-11.80
-0.62
Cash
7.82
0.63
0.05
Unclassified
0.01
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care2.53
MachineryIndustrials1.64
Internet Software & ServicesInformation Technology1.47
Semiconductors & Semiconductor EquipmentInformation Technology1.36
Electronic Equipment, Instruments & ComponentsInformation Technology1.17

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-0.77
DistributorsConsumer Discretionary-0.28
Specialty RetailConsumer Discretionary-0.23
PharmaceuticalsHealth Care-0.21
Food ProductsConsumer Staples-0.19

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Abeona TherapeuticsBiotechnologyHealth Care0.89
Sangamo TherapeuticsBiotechnologyHealth Care0.79
KadantMachineryIndustrials0.51
QuinStreetInternet Software & ServicesInformation Technology0.48
Ash Grove CementConstruction MaterialsMaterials0.45

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Era GroupEnergy Equipment & ServicesEnergy-0.44
Fenix PartsDistributorsConsumer Discretionary-0.24
Aceto CorporationHealth Care Providers & ServicesHealth Care-0.23
Dundee Corporation Cl. ACapital MarketsFinancials-0.21
AlcobraPharmaceuticalsHealth Care-0.20
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
18.29
30.79
5.32
Industrials
17.90
28.80
5.17
Health Care
13.11
30.15
3.88
Materials
5.93
22.98
1.34
Financials
11.00
11.27
1.26
Consumer Discretionary
13.83
7.21
1.06
Real Estate
3.36
21.82
0.79
Energy
4.76
9.40
0.58
Consumer Staples
2.78
10.68
0.31
Utilities
0.34
11.71
0.04
Telecommunication Services
0.15
2.15
0.01
Cash
8.55
0.74
0.06
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care2.54
MachineryIndustrials2.49
Internet Software & ServicesInformation Technology1.66
Semiconductors & Semiconductor EquipmentInformation Technology1.61
Electronic Equipment, Instruments & ComponentsInformation Technology1.37

Top Detractors

INDUSTRYSECTORGAIN (%)
PharmaceuticalsHealth Care-0.47
DistributorsConsumer Discretionary-0.37
MediaConsumer Discretionary-0.22
Specialty RetailConsumer Discretionary-0.20
Leisure ProductsConsumer Discretionary-0.15

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Abeona TherapeuticsBiotechnologyHealth Care0.81
KadantMachineryIndustrials0.69
Sangamo TherapeuticsBiotechnologyHealth Care0.68
QuinStreetInternet Software & ServicesInformation Technology0.58
Brooks AutomationSemiconductors & Semiconductor EquipmentInformation Technology0.55

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Fenix PartsDistributorsConsumer Discretionary-0.39
Dundee Corporation Cl. ACapital MarketsFinancials-0.30
Mothers WorkSpecialty RetailConsumer Discretionary-0.30
AlcobraPharmaceuticalsHealth Care-0.26
Trinity Biotech ADR Cl. AHealth Care Equipment & SuppliesHealth Care-0.21
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
20.02
59.59
10.61
Health Care
12.12
89.73
8.79
Industrials
17.08
37.47
6.15
Materials
5.79
45.28
2.87
Real Estate
2.97
38.10
1.51
Consumer Discretionary
14.52
4.32
0.73
Consumer Staples
2.69
23.16
0.68
Utilities
0.29
111.58
0.27
Telecommunication Services
0.11
159.73
0.15
Financials
12.55
7.36
-0.36
Energy
3.56
-60.80
-1.44
Cash
8.16
0.99
0.09
Unclassified
0.15
15.28
0.08

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology4.29
BiotechnologyHealth Care3.96
Semiconductors & Semiconductor EquipmentInformation Technology3.03
Health Care Equipment & SuppliesHealth Care2.72
MachineryIndustrials2.20

Top Detractors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials-1.64
Energy Equipment & ServicesEnergy-1.30
Diversified Consumer ServicesConsumer Discretionary-0.71
Specialty RetailConsumer Discretionary-0.62
DistributorsConsumer Discretionary-0.61

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
IES HoldingsConstruction & EngineeringIndustrials1.44
Abeona TherapeuticsBiotechnologyHealth Care1.03
Mesa LaboratoriesElectronic Equipment, Instruments & ComponentsInformation Technology1.00
OrbotechElectronic Equipment, Instruments & ComponentsInformation Technology0.97
KadantMachineryIndustrials0.90

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Fenix PartsDistributorsConsumer Discretionary-0.85
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.78
Mothers WorkSpecialty RetailConsumer Discretionary-0.72
Fifth Street Asset Management Cl. ACapital MarketsFinancials-0.67
Dundee Corporation Cl. ACapital MarketsFinancials-0.58
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
19.85
106.22
21.80
Information Technology
20.17
111.94
20.61
Health Care
10.36
272.17
16.87
Financials
12.37
66.23
7.96
Consumer Discretionary
13.48
42.30
5.89
Real Estate
3.58
105.32
4.53
Materials
5.99
40.93
2.43
Consumer Staples
2.62
85.34
2.36
Utilities
0.22
127.37
0.27
Telecommunication Services
0.08
190.76
0.11
Energy
3.42
-56.62
-0.47
Cash
7.48
1.09
0.10
Unclassified
0.40
30.30
0.21

Top Contributors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care7.86
Electronic Equipment, Instruments & ComponentsInformation Technology7.57
MachineryIndustrials7.15
Building ProductsIndustrials4.82
Semiconductors & Semiconductor EquipmentInformation Technology4.81

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-1.64
Specialty RetailConsumer Discretionary-1.04
Consumer FinanceFinancials-0.52
Diversified Consumer ServicesConsumer Discretionary-0.48
Oil, Gas & Consumable FuelsEnergy-0.38

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
IES HoldingsConstruction & EngineeringIndustrials2.43
Virtus Investment PartnersCapital MarketsFinancials1.70
Quaker ChemicalChemicalsMaterials1.69
Rentrak CorporationMediaConsumer Discretionary1.62
Universal ElectronicsHousehold DurablesConsumer Discretionary1.60

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Fenix PartsDistributorsConsumer Discretionary-0.85
Vista GoldMetals & MiningMaterials-0.85
Mothers WorkSpecialty RetailConsumer Discretionary-0.84
Support.comInternet Software & ServicesInformation Technology-0.77
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.76

Market Price Performance History

Risk

Down Market Performance Comparisonas of 09/30/17

The Fund outperformed the Russell 2000 during four out of six downturns of 15% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)MICRO-CAP TRUST (%)SPREAD (%)
03/31/16-1.5+0.1+1.6
09/30/15-11.9-13.8-1.9
09/30/14-7.4-7.1+0.3
06/30/12-3.5-4.4-0.9
09/30/11-21.9-20.8+1.1
06/30/11-1.6-3.2-1.6
06/30/10-9.9-8.9+1.0
03/31/09-15.0-11.8+3.2
12/31/08-26.1-33.7-7.6
09/30/08-1.1-6.9-5.8
03/31/08-9.9-10.6-0.7
12/31/07-4.6-4.5+0.1
09/30/07-3.1-3.5-0.4
06/30/06-5.0-3.2+1.8
03/31/05-5.3-1.8+3.5
09/30/04-2.9-3.0-0.1
03/31/03-4.5-6.4-1.9

Long Term Risk Measurementas of 09/30/17

Over the past 3 years, the Fund produced lower volatility than the Russell 2000 Index.
From the Fund's inception, the Fund outperformed the Russell 2000 Index with lower volatility.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 09/30/17

Sharpe RatioStandard Deviation
Micro-Cap Trust0.4021.46
Russell 20000.4620.06
Category MedianN/AN/A

Sharpe Ratio Standard Deviation
Micro-Cap Trust
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/17

mstar-XOTCX

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

  XOTCX Russell 2000
Average Market Cap
439.3M
1.76B
Net Leverage
2.7%
-
Market Price
$9.38
-
Net Asset Value
$10.40
-
95%
-
2016 Portfolio Turnover
26%
-
Weighted Average P/B
1.9x
2.3x
U.S. Investments (% of Net Assets)
82.4%
-
Non-U.S. Investments (% of Net Assets)
20.3%
-

Portfolio Allocation

  • Total
    Holdings
    365


SECTORS
XOTCX (%) RUSSELL
2000 (%)
Information Technology
21.3
16.8
Industrials
20.5
15.1
Health Care
15.1
15.5
Consumer Discretionary
13.5
11.9
Financials
12.5
18.1
Materials
6.4
4.4
Energy
5.9
3.7
Real Estate
4.0
7.2
Consumer Staples
2.8
2.7
Utilities
0.4
3.6
Telecommunication Services
0.2
0.8
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-2.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Heritage-Crystal Clean
1.2
Mesa Laboratories
1.2
Kadant
1.2
Major Drilling Group International
1.2
Clarkson
1.0
Atrion Corporation
1.0
Sun Hydraulics
1.0
Seneca Foods Corporation
1.0
Abeona Therapeutics
1.0
Surmodics
1.0
Zealand Pharma A
0.9
IES Holdings
0.9
QuinStreet
0.9
Orbotech
0.9
Quaker Chemical
0.9
MVC Capital
0.9
Exactech
0.9
Era Group
0.9
FRP Holdings
0.9
National Research Cl. A
0.8
Top 20 as % of Net Assets
19.7

SECTORS
XOTCX (%) RUSSELL
2000 (%)
Information Technology
21.3
16.8
Industrials
20.5
15.1
Health Care
15.1
15.5
Consumer Discretionary
13.5
11.9
Financials
12.5
18.1
Materials
6.4
4.4
Energy
5.9
3.7
Real Estate
4.0
7.2
Consumer Staples
2.8
2.7
Utilities
0.4
3.6
Telecommunication Services
0.2
0.8
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-2.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Heritage-Crystal Clean
1.2
Mesa Laboratories
1.2
Kadant
1.2
Major Drilling Group International
1.2
Clarkson
1.0
Atrion Corporation
1.0
Sun Hydraulics
1.0
Seneca Foods Corporation
1.0
Abeona Therapeutics
1.0
Surmodics
1.0
Zealand Pharma A
0.9
IES Holdings
0.9
QuinStreet
0.9
Orbotech
0.9
Quaker Chemical
0.9
MVC Capital
0.9
Exactech
0.9
Era Group
0.9
FRP Holdings
0.9
National Research Cl. A
0.8
Top 20 as % of Net Assets
19.7

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

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 ($) REINVEST
PRICE ($)
09/13/17 09/12/17 09/26/17 EST 0.0073 EST 0.0226 EST 0.1092 EST 0.0309 0.1700 8.91
06/13/17 06/09/17 06/27/17 EST 0.0069 EST 0.0213 EST 0.1027 EST 0.0290 0.1600 8.55
03/14/17 03/10/17 03/24/17 EST 0.0069 EST 0.0213 EST 0.1027 EST 0.0290 0.1600 8.11
12/13/16 12/09/16 12/27/16 0.0201 0.0157 0.1242 0.0000 0.1600 8.22
09/13/16 09/09/16 09/26/16 0.0189 0.0147 0.1164 0.0000 0.1500 7.59
06/13/16 06/09/16 06/27/16 0.0201 0.0157 0.1242 0.0000 0.1600 7.36
03/14/16 03/10/16 03/24/16 0.0214 0.0167 0.1319 0.0000 0.1700 6.98
12/14/15 12/10/15 12/28/15 0.0055 0.0986 0.5058 0.0000 0.6100 7.13
09/14/15 09/10/15 09/25/15 0.0018 0.0323 0.1658 0.0000 0.2000 8.01
06/15/15 06/11/15 06/26/15 0.0020 0.0356 0.1824 0.0000 0.2200 9.46
03/13/15 03/11/15 03/25/15 0.0021 0.0372 0.1907 0.0000 0.2300 9.73
12/15/14 12/11/14 12/26/14 0.0324 0.3352 1.8225 0.0000 2.1900 10.08
09/15/14 09/11/14 09/26/14 0.0035 0.0367 0.1997 0.0000 0.2400 11.75
06/16/14 06/12/14 06/27/14 0.0035 0.0367 0.1997 0.0000 0.2400 12.45
03/13/14 03/11/14 03/25/14 0.0034 0.0352 0.1914 0.0000 0.2300 12.53
12/13/13 12/11/13 12/27/13 0.0222 0.1774 0.7704 0.0000 0.9700 12.29
09/16/13 09/12/13 09/27/13 0.0032 0.0256 0.1112 0.0000 0.1400 11.66
06/14/13 06/12/13 06/27/13 0.0032 0.0256 0.1112 0.0000 0.1400 10.68
03/06/13 03/04/13 03/25/13 0.0030 0.0238 0.1032 0.0000 0.1300 10.60
12/06/12 12/04/12 12/24/12 0.0212 0.0324 0.0764 0.0000 0.1300 9.09
09/06/12 09/04/12 09/24/12 0.0196 0.0299 0.0705 0.0000 0.1200 9.25
06/06/12 06/04/12 06/25/12 0.0212 0.0324 0.0764 0.0000 0.1300 8.61
03/06/12 03/02/12 03/23/12 0.0212 0.0324 0.0764 0.0000 0.1300 9.31
12/06/11 12/02/11 12/23/11 0.0143 0.0000 0.0637 0.0620 0.1400 8.38
09/06/11 09/01/11 09/23/11 0.0143 0.0000 0.0637 0.0620 0.1400 8.19
06/06/11 06/02/11 06/23/11 0.0133 0.0000 0.0592 0.0575 0.1300 9.24
03/07/11 03/03/11 03/23/11 0.0123 0.0000 0.0546 0.0531 0.1200 9.67
12/06/10 12/02/10 12/23/10 0.0630 - 0.0170 - 0.0800 9.40
03/06/09 03/04/09 03/23/09 0.0000 0.0000 0.0000 0.2200 0.2200 4.26

NAV History for

Fees & Expenses

Annual Fund Operating Expenses (%)

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

Management fees 0.93
Other expenses 0.24
Total annual Fund operating expenses 1.17

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 is a closed-end registered investment company whose shares of common stock may trade at a discount to their net asset value. Shares of the Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund.

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.  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 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 Chuck Royce since 1993, assistant portfolio managers Chris Flynn and Jim Harvey since 2009

12/14/1993 12:00:00 AM

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