75

At a Glance

Why invest in Premier?

  • Small-cap core fund that invests primarily in what Royce believes are “premier” small-cap companies (generally market caps from $1 billion-$3 billion at the time of investment) with discernible competitive advantages, high returns on capital, and a sustainable, moat-like franchise
  • Focuses on leading quality companies, those with low debt, the ability to generate excess cash flow, and attractive prospects that are selling at prices Royce believes do not fully reflect these attributes
  • Outperformed its benchmark, the Russell 2000 Index, in 98% of all monthly rolling 10-year periods for the 20 years ended 9/30/16

As of 09/30/16

  • Small-Cap
    Core Approach
    $3.16B
    Avg. Market Cap
  • Below Average
    Volatility
    97%
    Active Share
  • Lead Manager
    Tenure
    24+
    Years on Fund

Portfolio Management

"Essentially, we are interested in three things—a strong balance sheet, a record of success as a business, and the potential for a profitable future."
Chuck Royce

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Year To Date, 10-Year, 15-Year, 20-Year and since inception (12/31/91) periods as of 09/30/16.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Premier 6.59 13.3814.702.769.827.2810.5510.4911.11 12/31/91
Russell 2000 9.05 11.4615.476.7115.827.079.268.069.41 N/A

Annual Operating Expenses: 1.43

NOV YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Premier 9.75 20.8213.083.508.297.1910.1710.6111.32 12/31/91
Russell 2000 11.15 18.0012.086.4513.986.818.728.249.60 N/A

Annual Operating Expenses: 1.43

DEC YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Premier -0.24 20.5313.483.668.417.2210.1510.5711.31 12/31/91
Russell 2000 -0.60 17.2911.996.6713.916.818.688.189.57 N/A

Annual Operating Expenses: 1.43

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 30 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 Service 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 Service Class shares on 9/3/02 reflects Investment Class results. Service Class shares bear an annual distribution expense that is not borne by Investment Class shares. If Service Class's annual distribution expense had been reflected, total returns prior to 9/3/02 would have been lower.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 98% of all 10-Year periods; 76% of all 5-Year periods; and 60% of all 1-Year periods.

For 99% of the periods, 10-year average annual total returns were greater than 5%; For 79% of the periods, 10-year average annual total returns were greater than 10%.

Relative Returns: Monthly Rolling Average Annual Return Periods 20 Years Through 09/30/16

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
118/121
98 10.8 6.9
5-year
138/181
76 10.9 7.4
1-year
138/229
60 11.3 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% 140 79
> 5% and ≤ 10% 37 21
> 0% and ≤ 5% 1 1
≤ 0% 0 0

The Fund averaged a 11.6% return over all 178 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
Premier28.8%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Premier28.2%
Russell 200058.5%

Peak-Current - 06/23/15 - 09/30/16
Premier-2.4%
Russell 2000-1.5%

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 12/31/91 and 09/30/16

Premier$135,746.90
Russell 2000$92,680.37

Portfolio Impactas of 09/30/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
22.11
11.58
2.47
Industrials
32.77
5.34
1.78
Consumer Discretionary
10.66
9.96
1.09
Financials
14.32
6.20
0.88
Materials
7.02
7.36
0.52
Real Estate
1.73
18.15
0.29
Consumer Staples
1.93
5.95
0.12
Health Care
4.60
1.06
0.06
Energy
2.93
-2.71
-0.08
Cash
1.94
0.07
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.37
Capital MarketsFinancials0.96
MachineryIndustrials0.80
ChemicalsMaterials0.75
Semiconductors & Semiconductor EquipmentInformation Technology0.70

Top Detractors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care-0.33
IT ServicesInformation Technology-0.22
Metals & MiningMaterials-0.12
InsuranceFinancials-0.12
Paper & Forest ProductsMaterials-0.11

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.65
Thor IndustriesAutomobilesConsumer Discretionary0.49
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.45
IDEXX LaboratoriesHealth Care Equipment & SuppliesHealth Care0.43
Ares Management L.P.Capital MarketsFinancials0.43

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Myriad GeneticsBiotechnologyHealth Care-0.33
ClarksonMarineIndustrials-0.18
GartnerIT ServicesInformation Technology-0.18
Pason SystemsEnergy Equipment & ServicesEnergy-0.13
Reliance Steel & AluminumMetals & MiningMaterials-0.12
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
32.83
17.66
5.84
Information Technology
21.41
14.66
3.21
Consumer Discretionary
11.27
24.92
2.76
Financials
13.66
12.52
1.95
Materials
6.93
16.49
1.04
Consumer Staples
2.22
14.65
0.51
Health Care
4.58
8.65
0.21
Energy
3.47
1.33
-0.14
Real Estate
1.96
-17.08
-0.74
Cash
1.66
0.21
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Commercial Services & SuppliesIndustrials2.17
MachineryIndustrials1.89
Electronic Equipment, Instruments & ComponentsInformation Technology1.30
SoftwareInformation Technology1.19
Semiconductors & Semiconductor EquipmentInformation Technology1.09

Top Detractors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care-0.84
Real Estate Management & DevelopmentReal Estate-0.74
Professional ServicesIndustrials-0.73
Internet Software & ServicesInformation Technology-0.43
Paper & Forest ProductsMaterials-0.29

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology1.38
Ritchie Bros. AuctioneersCommercial Services & SuppliesIndustrials1.14
CopartCommercial Services & SuppliesIndustrials1.03
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.91
IDEXX LaboratoriesHealth Care Equipment & SuppliesHealth Care0.82

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Myriad GeneticsBiotechnologyHealth Care-0.84
Advisory Board (The)Professional ServicesIndustrials-0.73
LaSalle Partners IncorporatedReal Estate Management & DevelopmentReal Estate-0.53
Stifel FinancialCapital MarketsFinancials-0.47
comScoreInternet Software & ServicesInformation Technology-0.43
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
32.08
22.83
7.23
Information Technology
20.75
18.49
3.95
Consumer Discretionary
11.41
15.79
1.80
Financials
13.52
9.47
1.60
Materials
6.88
25.12
1.55
Health Care
4.95
15.65
0.64
Consumer Staples
2.45
12.96
0.55
Real Estate
2.24
-8.80
-0.38
Energy
3.85
-6.69
-0.55
Cash
1.88
0.23
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials2.62
Commercial Services & SuppliesIndustrials2.38
SoftwareInformation Technology1.40
Semiconductors & Semiconductor EquipmentInformation Technology1.37
Construction & EngineeringIndustrials1.34

Top Detractors

INDUSTRYSECTORGAIN (%)
Professional ServicesIndustrials-0.66
BiotechnologyHealth Care-0.59
Energy Equipment & ServicesEnergy-0.55
Specialty RetailConsumer Discretionary-0.46
Internet Software & ServicesInformation Technology-0.43

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
CopartCommercial Services & SuppliesIndustrials1.41
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology1.34
WoodwardMachineryIndustrials1.13
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.10
Thor IndustriesAutomobilesConsumer Discretionary1.00

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Advisory Board (The)Professional ServicesIndustrials-0.66
Myriad GeneticsBiotechnologyHealth Care-0.59
Buckle (The)Specialty RetailConsumer Discretionary-0.48
Stifel FinancialCapital MarketsFinancials-0.45
comScoreInternet Software & ServicesInformation Technology-0.43
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.17
29.29
5.71
Industrials
28.19
11.10
3.63
Consumer Staples
3.69
63.45
2.53
Health Care
6.10
51.66
2.52
Consumer Discretionary
10.90
21.60
2.26
Financials
10.87
17.97
1.79
Real Estate
3.26
21.36
0.68
Materials
8.43
4.73
0.65
Energy
6.43
-59.38
-6.40
Cash
2.97
0.29
0.01
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Commercial Services & SuppliesIndustrials2.77
Food ProductsConsumer Staples2.40
SoftwareInformation Technology2.25
Semiconductors & Semiconductor EquipmentInformation Technology1.72
Electronic Equipment, Instruments & ComponentsInformation Technology1.53

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-6.40
Specialty RetailConsumer Discretionary-0.89
Professional ServicesIndustrials-0.89
Communications EquipmentInformation Technology-0.44
Internet Software & ServicesInformation Technology-0.43

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Cal-Maine FoodsFood ProductsConsumer Staples1.63
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology1.61
Fair IsaacSoftwareInformation Technology1.56
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.50
Ritchie Bros. AuctioneersCommercial Services & SuppliesIndustrials1.49

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-1.67
Trican Well ServiceEnergy Equipment & ServicesEnergy-1.55
KennametalMachineryIndustrials-1.08
Ensign Energy ServicesEnergy Equipment & ServicesEnergy-0.99
Buckle (The)Specialty RetailConsumer Discretionary-0.91
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
18.88
126.31
20.04
Industrials
26.79
73.59
19.20
Consumer Discretionary
10.38
133.54
11.23
Consumer Staples
4.38
227.22
7.90
Financials
10.57
78.54
7.21
Health Care
5.71
112.10
4.95
Real Estate
2.85
87.28
2.13
Materials
9.81
11.56
2.09
Energy
6.57
-45.86
-3.53
Cash
4.07
0.41
0.02
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials8.23
Electronic Equipment, Instruments & ComponentsInformation Technology8.10
Semiconductors & Semiconductor EquipmentInformation Technology5.19
ChemicalsMaterials5.10
AutomobilesConsumer Discretionary4.24

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-3.53
Metals & MiningMaterials-3.30
Electrical EquipmentIndustrials-0.72
Internet Software & ServicesInformation Technology-0.43
Communications EquipmentInformation Technology-0.37

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Westlake ChemicalChemicalsMaterials4.58
Thor IndustriesAutomobilesConsumer Discretionary4.24
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples4.13
Lincoln Electric HoldingsMachineryIndustrials3.92
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology3.59

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Pan American SilverMetals & MiningMaterials-1.71
Trican Well ServiceEnergy Equipment & ServicesEnergy-1.49
Silver Standard ResourcesMetals & MiningMaterials-1.00
Knight Capital Group Cl. ACapital MarketsFinancials-0.98
Unit CorporationEnergy Equipment & ServicesEnergy-0.96

Risk

Below Average Volatility vs. Peer Group as of 09/30/16

The Fund has a below average volatility within its peer group of 476 Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 09/30/16

The Fund outperformed the Russell 2000 during 10 out of 11 downturns of 10% or more from the index’s prior historical high over the last 20 years.

Market Downturns (%)

DownMarketImg
Outperformed in 14 out of 19 down quarters.

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)PREMIER (%)SPREAD (%)
03/31/16-1.5+4.4+5.9
09/30/15-11.9-12.5-0.6
09/30/14-7.4-8.6-1.2
06/30/12-3.5-8.2-4.7
09/30/11-21.9-18.8+3.1
06/30/11-1.6-1.1+0.5
06/30/10-9.9-9.0+0.9
03/31/09-15.0-10.8+4.2
12/31/08-26.1-21.9+4.2
09/30/08-1.1-11.8-10.7
03/31/08-9.9-2.7+7.2
12/31/07-4.6-2.1+2.5
09/30/07-3.1+0.5+3.6
06/30/06-5.0-5.6-0.6
03/31/05-5.3-2.7+2.6
09/30/04-2.9+0.3+3.2
03/31/03-4.5-4.0+0.5
09/30/02-21.4-12.5+8.9
06/30/02-8.4-6.6+1.8

Capture Ratios Fund's First Full Quarter (12/31/91) 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 10 years, the Fund outperformed the Russell 2000 Index with lower volatility.
Over the past 5 years, the Fund produced lower volatility than the Russell 2000 Index.
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 09/30/16

The Fund produced lower volatility than the Russell 2000, as shown by its standard deviation.
The Fund produced lower volatility than the Russell 2000 and 50% of small-cap objective funds, as shown by its standard deviation.
The Fund beat the Russell 2000 and performed within the top 50% of small-cap objective funds on a risk-adjusted basis, as shown by its Sharpe ratio. In addition, the Fund produced lower volatility than the Russell 2000 and 75% of small-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
Premier0.4318.34
Russell 20000.4019.85
Category Median0.4019.53
Best Quartile Breakpoint0.4718.65

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
Premier
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/16

mstar-RPFFX

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

  RPFFX Russell 2000
Average Market Cap
3.16B
1.50B
97%
-
2015 Portfolio Turnover
13%
-
Weighted Average P/E,
23.2x
20.6x
Weighted Average P/B
2.7x
2.1x
U.S. Investments (% of Net Assets)
87.7%
-
Non-U.S. Investments (% of Net Assets)
11.1%
-

Portfolio Allocation

  • Total
    Holdings
    58


SECTORS
RPFFX (%) RUSSELL
2000 (%)
Industrials
33.7
14.1
Information Technology
22.9
18.1
Financials
13.6
17.4
Consumer Discretionary
10.9
12.6
Materials
7.3
4.7
Health Care
4.2
14.2
Energy
2.6
3.2
Consumer Staples
2.0
3.0
Real Estate
1.8
8.2
Telecommunication Services
-
0.7
Utilities
-
3.8
Cash and Cash Equivalents
1.2
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Cognex Corporation
3.4
Copart
3.2
MKS Instruments
3.2
Woodward
2.8
Kirby Corporation
2.8
Lincoln Electric Holdings
2.7
Ritchie Bros. Auctioneers
2.7
PTC
2.6
Valmont Industries
2.6
Landstar System
2.5
Alleghany Corporation
2.5
National Instruments
2.5
IDEXX Laboratories
2.4
Dorman Products
2.3
Fair Isaac
2.2
Jack Henry & Associates
2.1
Morningstar
2.1
Reliance Steel & Aluminum
2.1
Air Lease Cl. A
2.0
Ares Management L.P.
2.0
Top 20 as % of Net Assets
50.7

SECTORS
RPFFX (%) RUSSELL
2000 (%)
Industrials
34.6
-
Information Technology
24.1
-
Financials
12.6
-
Consumer Discretionary
10.9
-
Materials
7.4
-
Health Care
4.2
-
Energy
2.3
-
Consumer Staples
2.0
-
Real Estate
1.7
-
Cash and Cash Equivalents
0.3
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Cognex Corporation
3.5
MKS Instruments
3.4
Copart
3.3
Lincoln Electric Holdings
3.0
PTC
2.9
Woodward
2.8
Ritchie Bros. Auctioneers
2.8
Kirby Corporation
2.8
Landstar System
2.7
Valmont Industries
2.6
Alleghany Corporation
2.6
National Instruments
2.5
IDEXX Laboratories
2.4
Dorman Products
2.4
Fair Isaac
2.2
Air Lease Cl. A
2.2
Jack Henry & Associates
2.1
Reliance Steel & Aluminum
2.1
Ares Management L.P.
2.0
Morningstar
1.9
Top 20 as % of Net Assets
52.2

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.

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 0.0349 0.0024 3.3295 - 3.3668 13.88
12/16/14 12/17/14 12/17/14 0.0000 - 2.0727 - 2.0727 18.92
12/04/13 12/05/13 12/05/13 0.0000 - 2.2651 - 2.2651 20.79
12/05/12 12/06/12 12/06/12 0.1367 0.0300 1.1772 - 1.3439 18.52
12/07/11 12/08/11 12/08/11 0.0236 - 1.5908 - 1.6144 18.10
12/08/10 12/09/10 12/09/10 0.0000 - 0.2683 - 0.2683 19.50

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 0.97
Distribution (12b-1) fees 0.25
Other expenses 0.21
Total annual Fund operating expenses 1.43

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 stocks, which may involve considerably more risk than investing in larger-cap stocks The Fund also invests primarily in a limited number of stocks, which may involve considerably more risk than a less concentrated portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Fund may invest up to 25% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries, 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 Chuck Royce since 2014 (co-manager 2002-2014 and manager 1991-2002), assistants Lauren Romeo since 2006 and Steven McBoyle since 2014

9/3/2002 12:00:00 AM

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