Royce Opportunity Fund (RYPNX, RYOFX, ROFCX, ROFIX, ROFKX, ROFRX)
137

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 four out of five trough-to-peak periods since inception (11/19/96)

Fund Materials

PDF Factsheet
Link Summary Prospectus
Link Prospectus
Link Semiannual Report
Link Annual Report
Prospectuses & Reports
Manager Commentary

See All

As of 09/30/17

  • Small-Cap
    Value Approach
    $916.0M
    Avg. Market Cap
  • High
    Volatility
    90%
    Active Share
  • Lead Manager
    Tenure
    19+
    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, 1-Year, 15-Year, 20-Year and since inception (11/19/96) periods as of 09/30/17.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Opportunity 8.51 16.7129.5310.7313.556.8812.2710.8911.95 11/19/96
Russell 2000 5.67 10.9420.7412.1813.797.8511.377.538.67 N/A

Annual Operating Expenses: 2.28

OCT YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Opportunity 0.88 17.7437.529.9613.976.8212.1311.0211.95 11/19/96
Russell 2000 0.85 11.8927.8510.1214.497.6311.197.828.68 N/A

Annual Operating Expenses: 2.28

NOV YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Opportunity 0.32 18.1122.4110.0814.658.0311.6611.0911.93 11/19/96
Russell 2000 0.12 12.0215.8110.2315.208.7210.907.798.66 N/A

Annual Operating Expenses: 2.28

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. Consultant Class shares redeemed within 365 days of purchase may be subject to a 1% contingent deferred sales charge, payable to the Fund's distributor, Royce Fund Services, LLC, 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 Consultant Class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees, and other expenses.

All performance and risk information presented in this material prior to the commencement date of Consultant Class shares on 3/30/06 reflects Investment Class results. Consultant Class shares bear an annual distribution expense that is not borne by Investment Class shares. If Consultant Class's annual distribution expense had been reflected, total returns prior to 3/30/06 would have been lower.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 63% of all 10-Year periods; 56% of all 5-Year periods; and 62% of all 1-Year periods.

For 93% 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
76/121
63 8.5 6.7
5-year
102/181
56 10.6 7.9
1-year
143/229
62 14.2 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% 39 30
> 5% and ≤ 10% 83 63
> 0% and ≤ 5% 9 7
≤ 0% 0 0

The Fund averaged a 9.2% return over all 131 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
Opportunity2.0%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Opportunity40.8%
Russell 200058.5%

Peak-Current - 06/23/15 - 09/30/17
Opportunity23.3%
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 11/19/96 and 09/30/17

Opportunity$105,402.97
Russell 2000$56,689.94

Portfolio Impactas of 09/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
26.00
14.91
3.89
Information Technology
23.67
9.61
2.28
Consumer Discretionary
15.31
9.97
1.49
Materials
9.00
15.69
1.39
Energy
4.60
12.73
0.67
Financials
5.67
1.83
0.09
Real Estate
0.39
4.66
0.02
Utilities
0.20
-3.23
-0.01
Health Care
5.28
-3.03
-0.17
Telecommunication Services
0.72
-20.48
-0.18
Consumer Staples
1.60
-8.84
-0.18
Cash
7.56
0.26
0.02
Unclassified
0.00
-64.93
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials1.63
Semiconductors & Semiconductor EquipmentInformation Technology1.52
Metals & MiningMaterials0.77
Electronic Equipment, Instruments & ComponentsInformation Technology0.70
Auto ComponentsConsumer Discretionary0.69

Top Detractors

INDUSTRYSECTORGAIN (%)
Health Care Providers & ServicesHealth Care-0.49
IT ServicesInformation Technology-0.18
Diversified Telecommunication ServicesTelecommunication Services-0.18
InsuranceFinancials-0.12
Food ProductsConsumer Staples-0.10

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
KEMET CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.54
MeritorMachineryIndustrials0.45
IXYS CorporationSemiconductors & Semiconductor EquipmentInformation Technology0.43
Aerojet Rocketdyne HoldingsAerospace & DefenseIndustrials0.43
Hertz Global HoldingsRoad & RailIndustrials0.42

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unisys CorporationIT ServicesInformation Technology-0.24
TeamCommercial Services & SuppliesIndustrials-0.21
Windstream HoldingsDiversified Telecommunication ServicesTelecommunication Services-0.18
Brookdale Senior LivingHealth Care Providers & ServicesHealth Care-0.16
Kindred HealthcareHealth Care Providers & ServicesHealth Care-0.16
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
26.48
33.77
9.01
Industrials
24.79
24.46
6.10
Materials
8.78
25.84
2.27
Consumer Discretionary
14.49
13.33
2.07
Health Care
5.28
13.47
0.78
Financials
6.01
2.85
0.13
Utilities
0.20
36.36
0.07
Real Estate
0.34
-18.82
-0.08
Consumer Staples
1.50
-18.24
-0.34
Telecommunication Services
0.79
-37.71
-0.40
Energy
4.08
-14.88
-0.56
Cash
7.27
0.63
0.05
Unclassified
0.00
-64.93
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology4.40
MachineryIndustrials2.60
Electronic Equipment, Instruments & ComponentsInformation Technology2.54
Aerospace & DefenseIndustrials1.45
ChemicalsMaterials1.18

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-0.44
Diversified Telecommunication ServicesTelecommunication Services-0.42
IT ServicesInformation Technology-0.38
InsuranceFinancials-0.35
Food & Staples RetailingConsumer Staples-0.31

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
KEMET CorporationElectronic Equipment, Instruments & ComponentsInformation Technology1.45
Brooks AutomationSemiconductors & Semiconductor EquipmentInformation Technology0.74
IXYS CorporationSemiconductors & Semiconductor EquipmentInformation Technology0.73
Ultra Clean HoldingsSemiconductors & Semiconductor EquipmentInformation Technology0.72
Kratos Defense & Security SolutionsAerospace & DefenseIndustrials0.65

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unisys CorporationIT ServicesInformation Technology-0.49
Windstream HoldingsDiversified Telecommunication ServicesTelecommunication Services-0.47
TeamCommercial Services & SuppliesIndustrials-0.36
Wesco Aircraft HoldingsAerospace & DefenseIndustrials-0.35
Basic Energy ServicesEnergy Equipment & ServicesEnergy-0.33
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
27.09
52.55
13.52
Industrials
24.89
42.59
10.67
Materials
8.76
44.87
4.02
Consumer Discretionary
14.48
19.27
2.97
Financials
6.14
32.41
2.25
Health Care
5.11
6.91
0.35
Utilities
0.20
30.66
0.05
Real Estate
0.39
-15.29
-0.06
Consumer Staples
1.49
-14.84
-0.26
Telecommunication Services
0.74
-26.13
-0.26
Energy
3.83
-6.60
-0.26
Cash
6.89
0.74
0.06
Unclassified
0.00
-64.93
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology6.18
Electronic Equipment, Instruments & ComponentsInformation Technology4.26
MachineryIndustrials3.36
Metals & MiningMaterials2.26
Aerospace & DefenseIndustrials2.13

Top Detractors

INDUSTRYSECTORGAIN (%)
Multiline RetailConsumer Discretionary-0.35
Diversified Telecommunication ServicesTelecommunication Services-0.34
Food & Staples RetailingConsumer Staples-0.34
MediaConsumer Discretionary-0.23
Energy Equipment & ServicesEnergy-0.14

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
KEMET CorporationElectronic Equipment, Instruments & ComponentsInformation Technology2.00
Brooks AutomationSemiconductors & Semiconductor EquipmentInformation Technology1.08
Ultra Clean HoldingsSemiconductors & Semiconductor EquipmentInformation Technology0.91
TRC CompaniesCommercial Services & SuppliesIndustrials0.87
Kratos Defense & Security SolutionsAerospace & DefenseIndustrials0.72

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Windstream HoldingsDiversified Telecommunication ServicesTelecommunication Services-0.47
NeoPhotonics CorporationSemiconductors & Semiconductor EquipmentInformation Technology-0.44
Basic Energy ServicesEnergy Equipment & ServicesEnergy-0.33
J.C. Penney CompanyMultiline RetailConsumer Discretionary-0.32
TeamCommercial Services & SuppliesIndustrials-0.30
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
29.04
92.87
24.16
Industrials
23.86
59.26
14.58
Materials
8.61
50.74
6.08
Financials
7.40
65.90
4.47
Health Care
4.40
28.84
1.13
Consumer Discretionary
14.54
9.89
0.52
Consumer Staples
1.71
15.52
0.46
Real Estate
0.82
5.17
0.28
Utilities
0.15
78.88
0.11
Telecommunication Services
0.69
-26.07
-0.21
Energy
2.80
-67.72
-4.73
Cash
5.96
0.99
0.08
Unclassified
0.00
-88.33
-0.08

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology13.94
Electronic Equipment, Instruments & ComponentsInformation Technology7.53
MachineryIndustrials5.49
ChemicalsMaterials3.33
Aerospace & DefenseIndustrials2.93

Top Detractors

INDUSTRYSECTORGAIN (%)
Oil, Gas & Consumable FuelsEnergy-2.73
Energy Equipment & ServicesEnergy-2.01
Specialty RetailConsumer Discretionary-1.65
MarineIndustrials-1.37
IT ServicesInformation Technology-1.26

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
KEMET CorporationElectronic Equipment, Instruments & ComponentsInformation Technology2.07
Advanced Energy IndustriesSemiconductors & Semiconductor EquipmentInformation Technology1.58
Mercury SystemsAerospace & DefenseIndustrials1.58
Brooks AutomationSemiconductors & Semiconductor EquipmentInformation Technology1.58
MaxLinear Cl. ASemiconductors & Semiconductor EquipmentInformation Technology1.31

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Ascena Retail GroupSpecialty RetailConsumer Discretionary-0.88
A. M. Castle & Co.Trading Companies & DistributorsIndustrials-0.75
Noranda Aluminum Holding CorporationMetals & MiningMaterials-0.74
Monster Worldwide, Inc.Internet Software & ServicesInformation Technology-0.68
Rent-A-CenterSpecialty RetailConsumer Discretionary-0.63
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
27.50
181.47
39.61
Industrials
22.44
149.48
31.06
Financials
8.91
141.43
12.93
Materials
8.52
119.39
12.40
Consumer Discretionary
14.72
54.02
11.75
Health Care
4.46
117.34
5.24
Real Estate
1.06
27.81
0.77
Consumer Staples
1.33
29.24
0.55
Energy
3.80
-47.25
0.15
Utilities
0.09
78.88
0.11
Telecommunication Services
0.57
-16.01
-0.11
Cash
6.49
1.09
0.09
Unclassified
0.11
-94.82
-0.20

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology23.80
MachineryIndustrials11.85
Electronic Equipment, Instruments & ComponentsInformation Technology10.85
ChemicalsMaterials7.62
Building ProductsIndustrials6.65

Top Detractors

INDUSTRYSECTORGAIN (%)
MarineIndustrials-1.49
IT ServicesInformation Technology-1.06
Oil, Gas & Consumable FuelsEnergy-0.88
Electrical EquipmentIndustrials-0.37
Diversified Telecommunication ServicesTelecommunication Services-0.30

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
KEMET CorporationElectronic Equipment, Instruments & ComponentsInformation Technology2.07
Advanced Energy IndustriesSemiconductors & Semiconductor EquipmentInformation Technology1.97
Sanmina CorporationElectronic Equipment, Instruments & ComponentsInformation Technology1.86
Brooks AutomationSemiconductors & Semiconductor EquipmentInformation Technology1.86
SunPower CorporationSemiconductors & Semiconductor EquipmentInformation Technology1.84

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
A. M. Castle & Co.Trading Companies & DistributorsIndustrials-0.99
Monster Worldwide, Inc.Internet Software & ServicesInformation Technology-0.89
Ascena Retail GroupSpecialty RetailConsumer Discretionary-0.88
Swift EnergyOil, Gas & Consumable FuelsEnergy-0.83
Walter EnergyMetals & MiningMaterials-0.81

Risk

High Volatility vs. Peer Group as of 09/30/17

The Fund has a high volatility within its peer group of 523 Small-Cap Funds based on 5-year rolling standard deviation.

Up Market Performance Comparisonas of 09/30/17

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

Capture Ratios Fund's First Full Quarter (12/31/96) to 09/30/17

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 09/30/17

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

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 09/30/17

Sharpe RatioStandard Deviation
Opportunity0.3824.97
Russell 20000.4620.06
Category Median0.4519.74
Best Quartile Breakpoint0.5018.82

Category Median and Best Quartile Breakpoint based on 421 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 06/30/17

mstar-ROFCX

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

  ROFCX Russell 2000
Average Market Cap
916.0M
1.76B
90%
-
2016 Portfolio Turnover
26%
-
Weighted Average P/B
1.7x
2.3x
Weighted Average P/S
0.9x
1.7x
U.S. Investments (% of Net Assets)
87.5%
-
Non-U.S. Investments (% of Net Assets)
4.4%
-

Portfolio Allocation

  • Total
    Holdings
    256


SECTORS
ROFCX (%) RUSSELL
2000 (%)
Industrials
26.6
15.1
Information Technology
22.6
16.8
Consumer Discretionary
15.3
11.9
Materials
8.4
4.4
Financials
5.5
18.1
Health Care
5.3
15.5
Energy
5.3
3.7
Consumer Staples
1.6
2.7
Telecommunication Services
0.7
0.8
Real Estate
0.4
7.2
Utilities
0.2
3.6
Cash and Cash Equivalents
8.1
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Dana
1.1
Tower International
1.1
Meritor
1.0
Allegheny Technologies
1.0
Comtech Telecommunications
1.0
General Cable
0.9
Carpenter Technology
0.9
Aerojet Rocketdyne Holdings
0.9
Ferro Corporation
0.9
Microsemi Corporation
0.9
Mueller Industries
0.9
Commercial Metals
0.9
Kulicke & Soffa Industries
0.8
Interface
0.8
Vishay Intertechnology
0.8
Kratos Defense & Security Solutions
0.8
Newpark Resources
0.8
Mueller Water Products Cl. A
0.8
Aegion Corporation
0.8
Layne Christensen
0.8
Top 20 as % of Net Assets
17.9

SECTORS
ROFCX (%) RUSSELL
2000 (%)
Industrials
26.4
-
Information Technology
22.9
-
Consumer Discretionary
15.9
-
Materials
8.2
-
Financials
5.7
-
Energy
5.6
-
Health Care
5.4
-
Consumer Staples
1.6
-
Telecommunication Services
0.8
-
Real Estate
0.3
-
Utilities
0.2
-
Cash and Cash Equivalents
7.1
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Tower International
1.1
Dana
1.1
Allegheny Technologies
1.0
General Cable
1.0
Comtech Telecommunications
1.0
Meritor
1.0
Carpenter Technology
1.0
Microsemi Corporation
0.9
Ferro Corporation
0.9
Cree
0.9
Kulicke & Soffa Industries
0.9
Mueller Industries
0.9
Vishay Intertechnology
0.8
Commercial Metals
0.8
Enova International
0.8
Layne Christensen
0.8
Aerojet Rocketdyne Holdings
0.8
Aegion Corporation
0.8
KEMET Corporation
0.7
Mueller Water Products Cl. A
0.7
Top 20 as % of Net Assets
17.9

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.

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 ($) REINVEST
PRICE ($)
12/14/16 12/15/16 12/15/16 0.0000 - 0.8860 - 0.8860 10.83
12/16/15 12/17/15 12/17/15 0.0000 - 1.0617 - 1.0617 9.00
12/16/14 12/17/14 12/17/14 0.0000 0.1123 1.8262 - 1.9385 11.40
12/04/13 12/05/13 12/05/13 0.0000 0.0218 1.5136 - 1.5354 13.40
12/05/12 12/06/12 12/06/12 0.0000 0.1317 0.5382 - 0.6699 10.54
12/07/11 12/08/11 12/08/11 0.0000 - 0.1887 - 0.1887 9.34

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 on purchases held for less than 365 days 1.00
Maximum sales charge (load) imposed on reinvested dividends 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 1.00
Other expenses 0.28
Total annual Fund operating expenses 2.28

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. 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.

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

3/30/2006 12:00:00 AM

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