2

At a Glance

Why invest in Opportunity?

  • Small-cap value fund (generally market caps up to $3 billion) that uses an opportunistic approach to invest in companies with low P/B and P/S ratios; companies are categorized into one of four themes: Turnarounds, Unrecognized Asset Values, Undervalued Growth, and Interrupted Earnings
  • Identifies a catalyst for future earnings growth in the form of new management, more favorable business cycle, product innovation, and/or margin improvement
  • Has historically produced strong results, particularly during up market periods, outperforming its benchmark, the Russell 2000 Index, during all four trough-to-peak periods since inception (11/19/96)

As of 03/31/16

  • Small-Cap
    Value Approach
    $639.5M
    Avg. Market Cap
  • High
    Volatility
    92%
    Active Share
  • Lead Manager
    Tenure
    18+
    Years on Fund

Portfolio Management


"We typically expect our investments to pay off 18 to 24 months after we begin to purchase shares. We move in and out of positions slowly. There are always cheap stocks in the market, even during bullish times. But for a stock to get into the Fund it has to be cheap for what we think will be a temporary reason and be statistically valid for a value portfolio."
Buzz Zaino

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Quarter, Year To Date, 15-Year and since inception (11/19/96) periods as of 03/31/16.
QTR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Opportunity 2.08 2.08-12.743.604.734.679.0411.39 11/19/96
Russell 2000 -1.52 -1.52-9.766.847.205.267.657.62 N/A

Annual Operating Expenses: 1.17

APR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Opportunity 2.50 4.64-9.434.855.024.798.7911.48 11/19/96
Russell 2000 1.57 0.03-5.947.536.985.427.227.68 N/A

Annual Operating Expenses: 1.17

MAY YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Opportunity -1.45 3.12-12.372.715.935.178.0911.36 11/19/96
Russell 2000 N/A N/AN/AN/AN/AN/AN/AN/A N/A

Annual Operating Expenses: 1.17

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 180 days of purchase may be subject to a 1% 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. Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees, other expenses, and acquired fund fees and expenses. 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.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 91% of all 10-Year periods; 79% of all 5-Year periods; and 66% 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 Since Inception Through 03/31/16

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
103/113
91 10.5 6.9
5-year
137/173
79 11.7 7.4
1-year
146/221
66 14.8 9.5

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% 49 43
> 5% and ≤ 10% 61 54
> 0% and ≤ 5% 3 3
≤ 0% 0 0

The Fund averaged a 10.5% return over all 113 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
Opportunity6.9%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Opportunity47.7%
Russell 200058.5%

Peak-Current - 06/23/15 - 03/31/16
Opportunity-15.6%
Russell 2000-13.0%

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 11/19/96 and 03/31/16

Opportunity$80,738.10
Russell 2000$41,483.63

Portfolio Impactas of 03/31/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Materials
9.68
18.00
2.05
Industrials
22.37
5.01
1.16
Consumer Discretionary
14.89
1.94
0.37
Information Technology
31.92
1.01
0.35
Financials
6.62
3.62
0.14
Utilities
0.17
-6.04
-0.01
Telecommunication Services
0.72
-5.23
-0.04
Consumer Staples
1.99
-11.21
-0.27
Energy
2.08
-14.66
-0.41
Health Care
3.93
-15.39
-0.84
Cash
5.47
0.07
0.00
Unclassified
0.15
0.63
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials1.55
Electronic Equipment, Instruments & ComponentsInformation Technology1.31
Semiconductors & Semiconductor EquipmentInformation Technology0.62
MachineryIndustrials0.62
Technology Hardware, Storage & PeripheralsInformation Technology0.42

Top Detractors

INDUSTRYSECTORGAIN (%)
Internet Software & ServicesInformation Technology-1.34
IT ServicesInformation Technology-0.45
Household DurablesConsumer Discretionary-0.33
Health Care Equipment & SuppliesHealth Care-0.32
MarineIndustrials-0.24

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Newport CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.49
Checkpoint SystemsElectronic Equipment, Instruments & ComponentsInformation Technology0.31
CrayTechnology Hardware, Storage & PeripheralsInformation Technology0.30
Commercial MetalsMetals & MiningMaterials0.27
J.C. Penney CompanyMultiline RetailConsumer Discretionary0.27

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
BlucoraInternet Software & ServicesInformation Technology-0.36
Monster WorldwideInternet Software & ServicesInformation Technology-0.35
Invacare CorporationHealth Care Equipment & SuppliesHealth Care-0.28
BankrateInternet Software & ServicesInformation Technology-0.27
TRC CompaniesCommercial Services & SuppliesIndustrials-0.26
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Materials
9.68
18.00
2.05
Industrials
22.37
5.01
1.16
Consumer Discretionary
14.89
1.94
0.37
Information Technology
31.92
1.01
0.35
Financials
6.62
3.62
0.14
Utilities
0.17
-6.04
-0.01
Telecommunication Services
0.72
-5.23
-0.04
Consumer Staples
1.99
-11.21
-0.27
Energy
2.08
-14.66
-0.41
Health Care
3.93
-15.39
-0.84
Cash
5.47
0.07
0.00
Unclassified
0.15
0.63
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials1.55
Electronic Equipment, Instruments & ComponentsInformation Technology1.31
Semiconductors & Semiconductor EquipmentInformation Technology0.62
MachineryIndustrials0.62
Technology Hardware, Storage & PeripheralsInformation Technology0.42

Top Detractors

INDUSTRYSECTORGAIN (%)
Internet Software & ServicesInformation Technology-1.34
IT ServicesInformation Technology-0.45
Household DurablesConsumer Discretionary-0.33
Health Care Equipment & SuppliesHealth Care-0.32
MarineIndustrials-0.24

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Newport CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.49
Checkpoint SystemsElectronic Equipment, Instruments & ComponentsInformation Technology0.31
CrayTechnology Hardware, Storage & PeripheralsInformation Technology0.30
Commercial MetalsMetals & MiningMaterials0.27
J.C. Penney CompanyMultiline RetailConsumer Discretionary0.27

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
BlucoraInternet Software & ServicesInformation Technology-0.36
Monster WorldwideInternet Software & ServicesInformation Technology-0.35
Invacare CorporationHealth Care Equipment & SuppliesHealth Care-0.28
BankrateInternet Software & ServicesInformation Technology-0.27
TRC CompaniesCommercial Services & SuppliesIndustrials-0.26
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Utilities
0.16
-10.79
-0.02
Telecommunication Services
0.65
-17.92
-0.09
Financials
9.40
-0.91
-0.23
Materials
8.47
-14.26
-0.43
Consumer Staples
2.02
-25.10
-0.53
Health Care
3.99
-17.99
-1.00
Energy
2.11
-41.16
-1.14
Industrials
22.07
-8.57
-1.94
Information Technology
30.82
-9.75
-2.55
Consumer Discretionary
15.25
-21.17
-3.48
Cash
5.01
0.11
0.01
Unclassified
0.05
0.30
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Building ProductsIndustrials0.54
Household ProductsConsumer Staples0.40
Technology Hardware, Storage & PeripheralsInformation Technology0.36
Construction MaterialsMaterials0.35
Electronic Equipment, Instruments & ComponentsInformation Technology0.24

Top Detractors

INDUSTRYSECTORGAIN (%)
Internet Software & ServicesInformation Technology-1.49
IT ServicesInformation Technology-1.08
Specialty RetailConsumer Discretionary-1.06
Household DurablesConsumer Discretionary-0.93
Metals & MiningMaterials-0.76

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
MaxLinear Cl. ASemiconductors & Semiconductor EquipmentInformation Technology0.56
CrayTechnology Hardware, Storage & PeripheralsInformation Technology0.47
Newport CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.37
Advanced Energy IndustriesSemiconductors & Semiconductor EquipmentInformation Technology0.35
Central Garden & PetHousehold ProductsConsumer Staples0.35

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unisys CorporationIT ServicesInformation Technology-0.62
BlucoraInternet Software & ServicesInformation Technology-0.49
SunEdison SemiconductorSemiconductors & Semiconductor EquipmentInformation Technology-0.49
Enova InternationalConsumer FinanceFinancials-0.45
SunEdisonSemiconductors & Semiconductor EquipmentInformation Technology-0.45
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
28.52
34.96
8.12
Industrials
20.67
23.01
4.16
Financials
11.09
29.09
3.32
Health Care
4.39
45.14
1.63
Consumer Discretionary
14.61
1.66
0.88
Telecommunication Services
0.52
22.44
0.13
Utilities
0.06
7.57
0.00
Consumer Staples
1.27
-6.56
-0.31
Materials
8.33
-10.78
-0.39
Energy
3.95
-60.94
-1.52
Cash
6.58
0.17
0.01
Unclassified
0.02
0.30
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology6.80
MachineryIndustrials2.43
Electronic Equipment, Instruments & ComponentsInformation Technology2.13
BanksFinancials2.11
Building ProductsIndustrials1.49

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-1.45
MarineIndustrials-1.25
Internet Software & ServicesInformation Technology-1.24
IT ServicesInformation Technology-1.08
Specialty RetailConsumer Discretionary-1.00

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
SunPower CorporationSemiconductors & Semiconductor EquipmentInformation Technology0.70
SunEdisonSemiconductors & Semiconductor EquipmentInformation Technology0.62
CrayTechnology Hardware, Storage & PeripheralsInformation Technology0.62
QorvoSemiconductors & Semiconductor EquipmentInformation Technology0.62
Sanmina CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.61

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unisys CorporationIT ServicesInformation Technology-0.75
General CableElectrical EquipmentIndustrials-0.60
Enova InternationalConsumer FinanceFinancials-0.55
Walter EnergyMetals & MiningMaterials-0.46
Elizabeth ArdenPersonal ProductsConsumer Staples-0.44
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Consumer Discretionary
16.69
51.78
11.47
Industrials
20.02
52.91
10.82
Financials
11.53
51.91
6.55
Information Technology
26.38
20.01
4.03
Health Care
3.97
100.51
3.53
Materials
9.14
9.48
1.48
Utilities
0.04
7.57
0.00
Telecommunication Services
0.55
-10.19
-0.15
Consumer Staples
1.26
-15.16
-0.53
Energy
4.10
-67.01
-2.45
Cash
6.33
0.29
0.02
Unclassified
0.01
-11.88
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology5.30
Building ProductsIndustrials4.81
BanksFinancials3.90
Specialty RetailConsumer Discretionary3.80
MachineryIndustrials3.52

Top Detractors

INDUSTRYSECTORGAIN (%)
Oil, Gas & Consumable FuelsEnergy-2.10
Metals & MiningMaterials-1.84
MarineIndustrials-1.43
Communications EquipmentInformation Technology-1.42
Electrical EquipmentIndustrials-1.23

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
CrayTechnology Hardware, Storage & PeripheralsInformation Technology1.49
Cambrex CorporationLife Sciences Tools & ServicesHealth Care1.48
Apogee EnterprisesBuilding ProductsIndustrials1.25
Cost PlusSpecialty RetailConsumer Discretionary1.19
SunPower CorporationSemiconductors & Semiconductor EquipmentInformation Technology1.06

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
KEMET CorporationElectronic Equipment, Instruments & ComponentsInformation Technology-1.08
Overseas Shipholding GroupOil, Gas & Consumable FuelsEnergy-0.93
Ferro CorporationChemicalsMaterials-0.88
Swift EnergyOil, Gas & Consumable FuelsEnergy-0.83
Furniture Brands InternationalHousehold DurablesConsumer Discretionary-0.71

Risk

High Volatility vs. Peer Group as of 03/31/16

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

Up Market Performance Comparisonas of 03/31/16

The Fund outperformed the Russell 2000 during all four trough-to-peak periods since the Fund’s inception (11/19/96).
UpMarketImg

Capture Ratios Fund's First Full Quarter (12/31/96) to 03/31/16

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 03/31/16

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

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 03/31/16

Sharpe RatioStandard Deviation
Opportunity0.2724.60
Russell 20000.3119.92
Category Median0.3119.61
Best Quartile Breakpoint0.3718.74

Category Median and Best Quartile Breakpoint based on 387 small-cap objective funds (oldest class only) with at least ten years of history.
Sharpe Ratio Standard Deviation
Opportunity
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 12/31/15

mstar-RYPNX

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 03/31/16

  RYPNX Russell 2000
Average Market Cap
639.5M
1.48B
92%
-
2015 Portfolio Turnover
27%
-
Weighted Average P/B
1.4x
2.0x
Weighted Average P/S
0.7x
1.4x
U.S. Investments (% of Net Assets)
91.1%
-
Non-U.S. Investments (% of Net Assets)
3.6%
-

Portfolio Allocation

  • Total
    Holdings
    252


SECTORS
RYPNX (%) RUSSELL
2000 (%)
Information Technology
30.2
18.0
Industrials
23.3
13.0
Consumer Discretionary
15.6
14.0
Materials
10.4
3.9
Financials
6.2
26.1
Health Care
3.7
13.7
Consumer Staples
2.2
3.6
Energy
2.1
2.5
Telecommunication Services
0.7
0.9
Utilities
0.2
4.3
Bonds & Preferreds
0.0
-
Cash and Cash Equivalents
5.3
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Mueller Water Products Cl. A
1.1
Commercial Metals
1.1
Microsemi Corporation
1.0
Advanced Energy Industries
1.0
Mueller Industries
1.0
Astec Industries
1.0
Encore Wire
1.0
Mercury Systems
1.0
NCI Building Systems
0.9
Kraton Performance Polymers
0.9
Brooks Automation
0.9
MaxLinear Cl. A
0.9
Ascena Retail Group
0.9
General Cable
0.9
Aegion Corporation
0.8
Ferro Corporation
0.8
Silicon Graphics International
0.8
Allscripts Healthcare Solutions
0.8
Interface
0.8
Comtech Telecommunications
0.8
Top 20 as % of Net Assets
18.4

SECTORS
RYPNX (%) RUSSELL
2000 (%)
Information Technology
28.2
-
Industrials
24.6
-
Consumer Discretionary
15.3
-
Materials
11.1
-
Financials
6.5
-
Health Care
3.9
-
Consumer Staples
2.4
-
Energy
2.4
-
Telecommunication Services
0.7
-
Utilities
0.2
-
Bonds & Preferreds
0.0
-
Cash and Cash Equivalents
4.6
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Kraton Performance Polymers
1.2
Mueller Water Products Cl. A
1.1
Commercial Metals
1.1
Mueller Industries
1.1
General Cable
1.1
Astec Industries
1.0
Encore Wire
1.0
Mercury Systems
0.9
NCI Building Systems
0.9
Advanced Energy Industries
0.9
Ferro Corporation
0.9
Nanometrics
0.9
MasTec
0.9
Microsemi Corporation
0.8
Aegion Corporation
0.8
TRC Companies
0.8
Comtech Telecommunications
0.8
Allscripts Healthcare Solutions
0.8
Brooks Automation
0.8
Sanmina Corporation
0.8
Top 20 as % of Net Assets
18.6

Portfolio Holdings

View the complete list of holdings for this fund as of 03/31/16. Unaudited schedule of portfolio holdings is presented for informational purposes only.
View the 03/31/16 holdings on SEC Form N-Q (unaudited) for the quarter ending 03/31/16.

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 - 1.0617 - 1.0617 10.55
12/16/14 12/17/14 12/17/14 0.0000 0.1123 1.8262 - 1.9385 13.01
12/04/13 12/05/13 12/05/13 0.0000 0.0218 1.5136 - 1.5354 14.84
12/05/12 12/06/12 12/06/12 0.0000 0.1317 0.5382 - 0.6699 11.42
12/07/11 12/08/11 12/08/11 0.0000 - 0.1887 - 0.1887 9.96
12/08/09 12/09/09 12/09/09 0.0010 - - - 0.0010 8.56

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) 1.00

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 0.17
Acquired fund fees and expenses 0.00
Total annual Fund operating expenses 1.17
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 small-cap and micro-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.

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.

Buzz Zaino lead manager since 2013 (manager 1998-2013), Bill Hench since 2013 (assistant portfolio manager 2004-2013)

11/19/1996 12:00:00 AM

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