Royce Premier Fund (RYPRX, RPFFX, RPRCX, RPFIX, RPRWX, RPRRX, RPRKX)
8

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 9/30/17

As of 09/30/17

  • Small-Cap
    Core Approach
    $3.85B
    Avg. Market Cap
  • Below Average
    Volatility
    97%
    Active Share
  • Lead Manager
    Tenure
    25+
    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 Quarter, Year To Date, 1-Year, 10-Year, 15-Year, 20-Year and since inception (12/31/91) periods as of 09/30/17.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Premier 7.18 16.5126.099.2611.477.8912.2910.3111.80 12/31/91
Russell 2000 5.67 10.9420.7412.1813.797.8511.377.539.83 N/A

Annual Operating Expenses: 1.16

SEP YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Premier 5.73 16.5126.099.2611.477.8912.2910.3111.80 12/31/91
Russell 2000 6.24 10.9420.7412.1813.797.8511.377.539.83 N/A

Annual Operating Expenses: 1.16

OCT YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Premier 1.88 18.7031.0511.3611.788.1312.4410.5011.85 12/31/91
Russell 2000 0.78 11.8124.5213.1214.418.0211.407.639.84 N/A

Annual Operating Expenses: 1.16

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 Investment Class as of the Fund's most current prospectus and include management fees and other expenses.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 98% of all 10-Year periods; 71% of all 5-Year periods; and 63% of all 1-Year periods.

For 100% of the periods, 10-year average annual total returns were greater than 5%; For 76% of the periods, 10-year average annual total returns were greater than 10%.

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

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
119/121
98 10.3 6.7
5-year
128/181
71 11.0 7.9
1-year
145/229
63 11.7 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% 144 76
> 5% and ≤ 10% 46 24
> 0% and ≤ 5% 0 0
≤ 0% 0 0

The Fund averaged a 11.4% return over all 190 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) and in one of the two previous full market cycle periods.
Peak-Peak - 07/13/07 - 04/29/11
Premier29.9%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Premier29.7%
Russell 200058.5%

Peak-Current - 06/23/15 - 09/30/17
Premier23.5%
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 12/31/91 and 09/30/17

Premier$176,575.28
Russell 2000$111,903.74

Portfolio Impactas of 09/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
20.73
16.33
3.28
Industrials
32.46
7.66
2.53
Materials
7.12
10.20
0.75
Consumer Staples
2.53
29.64
0.70
Financials
11.89
1.65
0.18
Energy
3.21
3.10
0.11
Real Estate
0.88
-1.20
-0.01
Health Care
3.87
-0.67
-0.02
Consumer Discretionary
8.20
0.91
-0.05
Cash
9.10
0.26
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.94
Semiconductors & Semiconductor EquipmentInformation Technology1.34
MachineryIndustrials0.93
Food ProductsConsumer Staples0.70
Road & RailIndustrials0.49

Top Detractors

INDUSTRYSECTORGAIN (%)
Auto ComponentsConsumer Discretionary-0.38
InsuranceFinancials-0.19
DistributorsConsumer Discretionary-0.13
Diversified Consumer ServicesConsumer Discretionary-0.11
Health Care Equipment & SuppliesHealth Care-0.08

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.23
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology1.12
Sanderson FarmsFood ProductsConsumer Staples0.65
IPG PhotonicsElectronic Equipment, Instruments & ComponentsInformation Technology0.56
Westlake ChemicalChemicalsMaterials0.52

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Dorman ProductsAuto ComponentsConsumer Discretionary-0.38
MSC Industrial Direct Cl. ATrading Companies & DistributorsIndustrials-0.23
SEACOR Marine HoldingsEnergy Equipment & ServicesEnergy-0.22
Alleghany CorporationInsuranceFinancials-0.19
CIRCOR InternationalMachineryIndustrials-0.16
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
20.37
43.25
7.98
Industrials
33.15
13.30
4.56
Financials
12.03
9.17
1.22
Consumer Staples
2.25
46.44
0.99
Health Care
3.77
26.27
0.98
Materials
7.12
12.23
0.94
Consumer Discretionary
9.30
8.82
0.81
Real Estate
1.01
17.71
0.20
Energy
3.27
-5.64
-0.19
Cash
7.73
0.63
0.06

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology4.61
Semiconductors & Semiconductor EquipmentInformation Technology2.14
MachineryIndustrials1.97
Capital MarketsFinancials1.14
Food ProductsConsumer Staples0.99

Top Detractors

INDUSTRYSECTORGAIN (%)
InsuranceFinancials-0.24
Energy Equipment & ServicesEnergy-0.19
Auto ComponentsConsumer Discretionary-0.09
Metals & MiningMaterials-0.05
Specialty RetailConsumer Discretionary0.00

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology2.26
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.79
IPG PhotonicsElectronic Equipment, Instruments & ComponentsInformation Technology1.26
National InstrumentsElectronic Equipment, Instruments & ComponentsInformation Technology1.03
Sanderson FarmsFood ProductsConsumer Staples1.01

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
CIRCOR InternationalMachineryIndustrials-0.32
MSC Industrial Direct Cl. ATrading Companies & DistributorsIndustrials-0.30
Alleghany CorporationInsuranceFinancials-0.24
SEACOR Marine HoldingsEnergy Equipment & ServicesEnergy-0.21
Monro Muffler BrakeSpecialty RetailConsumer Discretionary-0.17
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
20.80
61.60
11.09
Industrials
33.57
25.44
9.14
Consumer Discretionary
9.67
19.59
1.92
Financials
12.08
12.88
1.49
Materials
7.19
18.37
1.44
Consumer Staples
2.16
48.56
0.99
Health Care
3.79
25.71
0.89
Energy
3.19
12.57
0.55
Real Estate
1.17
6.26
-0.03
Cash
6.39
0.74
0.06

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology6.31
MachineryIndustrials3.92
Semiconductors & Semiconductor EquipmentInformation Technology3.20
Road & RailIndustrials1.34
Trading Companies & DistributorsIndustrials1.33

Top Detractors

INDUSTRYSECTORGAIN (%)
Professional ServicesIndustrials-0.03
Real Estate Management & DevelopmentReal Estate-0.03
Technology Hardware, Storage & PeripheralsInformation Technology-0.01
Diversified Consumer ServicesConsumer Discretionary0.08
Paper & Forest ProductsMaterials0.14

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology2.97
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology2.55
IPG PhotonicsElectronic Equipment, Instruments & ComponentsInformation Technology1.58
Lincoln Electric HoldingsMachineryIndustrials1.54
Landstar SystemRoad & RailIndustrials1.34

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Monro Muffler BrakeSpecialty RetailConsumer Discretionary-0.22
SEACOR Marine HoldingsEnergy Equipment & ServicesEnergy-0.21
Ritchie Bros. AuctioneersCommercial Services & SuppliesIndustrials-0.20
CIRCOR InternationalMachineryIndustrials-0.12
Zebra Technologies Cl. AElectronic Equipment, Instruments & ComponentsInformation Technology-0.11
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.94
88.04
15.88
Industrials
31.17
37.67
13.47
Consumer Discretionary
10.85
50.32
5.23
Financials
12.00
27.64
3.22
Consumer Staples
2.79
99.91
2.46
Health Care
4.98
57.11
2.36
Materials
7.11
11.34
0.45
Real Estate
2.49
-1.92
-0.40
Energy
4.50
-53.67
-7.54
Cash
4.17
0.99
0.07

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology6.48
Semiconductors & Semiconductor EquipmentInformation Technology4.83
Commercial Services & SuppliesIndustrials4.18
MachineryIndustrials3.50
SoftwareInformation Technology3.43

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-7.54
BiotechnologyHealth Care-1.24
Specialty RetailConsumer Discretionary-0.68
Professional ServicesIndustrials-0.67
Internet Software & ServicesInformation Technology-0.55

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology4.40
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology4.00
CopartCommercial Services & SuppliesIndustrials2.70
Thor IndustriesAutomobilesConsumer Discretionary2.27
Fair IsaacSoftwareInformation Technology2.23

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-2.82
Trican Well ServiceEnergy Equipment & ServicesEnergy-1.73
Pason SystemsEnergy Equipment & ServicesEnergy-1.28
KennametalMachineryIndustrials-1.26
Myriad GeneticsBiotechnologyHealth Care-1.24
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.33
184.09
27.51
Industrials
28.73
83.24
25.48
Consumer Discretionary
10.43
106.86
10.57
Consumer Staples
3.75
359.50
10.30
Financials
10.84
71.81
7.73
Health Care
5.54
90.20
4.22
Real Estate
2.66
42.38
1.43
Materials
8.87
14.98
0.44
Energy
5.97
-45.15
-5.47
Cash
3.88
1.09
0.07
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology12.90
MachineryIndustrials10.37
Semiconductors & Semiconductor EquipmentInformation Technology7.06
Food ProductsConsumer Staples5.28
Personal ProductsConsumer Staples5.02

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-5.47
Metals & MiningMaterials-4.29
Internet Software & ServicesInformation Technology-0.55
Electrical EquipmentIndustrials-0.52
MediaConsumer Discretionary-0.42

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Cognex CorporationElectronic Equipment, Instruments & ComponentsInformation Technology6.76
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples5.02
Lincoln Electric HoldingsMachineryIndustrials4.99
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology4.60
Thor IndustriesAutomobilesConsumer Discretionary4.18

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Trican Well ServiceEnergy Equipment & ServicesEnergy-1.83
Unit CorporationEnergy Equipment & ServicesEnergy-1.78
Allied Nevada GoldMetals & MiningMaterials-1.64
Pan American SilverMetals & MiningMaterials-1.63
KennametalMachineryIndustrials-1.04

Risk

Below Average Volatility vs. Peer Group as of 09/30/17

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

Down Market Performance Comparisonas of 09/30/17

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

Market Downturns (%)

DownMarketImg
Outperformed in 12 out of 17 down quarters.

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)PREMIER (%)SPREAD (%)
03/31/16-1.5+4.4+5.9
09/30/15-11.9-12.4-0.5
09/30/14-7.4-8.6-1.2
06/30/12-3.5-8.1-4.6
09/30/11-21.9-18.8+3.1
06/30/11-1.6-1.1+0.5
06/30/10-9.9-8.9+1.0
03/31/09-15.0-10.7+4.3
12/31/08-26.1-22.0+4.1
09/30/08-1.1-11.7-10.6
03/31/08-9.9-2.6+7.3
12/31/07-4.6-2.1+2.5
09/30/07-3.1+0.5+3.6
06/30/06-5.0-5.5-0.5
03/31/05-5.3-2.6+2.7
09/30/04-2.9+0.3+3.2
03/31/03-4.5-4.0+0.5

Capture Ratios Fund's First Full Quarter (12/31/91) 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

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 09/30/17

The Fund produced lower volatility than the Russell 2000 and 50% of small-cap objective funds, 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
Premier0.4818.49
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
Premier
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/17

mstar-RYPRX

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

  RYPRX Russell 2000
Average Market Cap
3.85B
1.76B
97%
-
2016 Portfolio Turnover
15%
-
Weighted Average P/E,
23.9x
22.6x
Weighted Average P/B
3.0x
2.3x
U.S. Investments (% of Net Assets)
80.7%
-
Non-U.S. Investments (% of Net Assets)
10.7%
-

Portfolio Allocation

  • Total
    Holdings
    54


SECTORS
RYPRX (%) RUSSELL
2000 (%)
Industrials
33.4
15.1
Information Technology
20.7
16.8
Financials
11.4
18.1
Consumer Discretionary
7.9
11.9
Materials
7.3
4.4
Health Care
3.6
15.5
Energy
3.2
3.7
Consumer Staples
3.0
2.7
Real Estate
0.8
7.2
Utilities
-
3.6
Telecommunication Services
-
0.8
Cash and Cash Equivalents
8.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
MKS Instruments
3.8
Cognex Corporation
3.7
Copart
3.4
National Instruments
3.2
Lincoln Electric Holdings
3.2
Landstar System
3.0
Woodward
3.0
Kirby Corporation
2.6
Valmont Industries
2.6
Westlake Chemical
2.3
Alleghany Corporation
2.3
IPG Photonics
2.2
Air Lease Cl. A
2.1
Ashmore Group
2.1
Fair Isaac
2.1
Sanderson Farms
2.0
Lindsay Corporation
2.0
IDEXX Laboratories
2.0
Jack Henry & Associates
2.0
Ares Management L.P.
1.9
Top 20 as % of Net Assets
51.5

SECTORS
RYPRX (%) RUSSELL
2000 (%)
Industrials
33.4
15.1
Information Technology
20.7
16.8
Financials
11.4
18.1
Consumer Discretionary
7.9
11.9
Materials
7.3
4.4
Health Care
3.6
15.5
Energy
3.2
3.7
Consumer Staples
3.0
2.7
Real Estate
0.8
7.2
Utilities
-
3.6
Telecommunication Services
-
0.8
Cash and Cash Equivalents
8.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
MKS Instruments
3.8
Cognex Corporation
3.7
Copart
3.4
National Instruments
3.2
Lincoln Electric Holdings
3.2
Landstar System
3.0
Woodward
3.0
Kirby Corporation
2.6
Valmont Industries
2.6
Westlake Chemical
2.3
Alleghany Corporation
2.3
IPG Photonics
2.2
Air Lease Cl. A
2.1
Ashmore Group
2.1
Fair Isaac
2.1
Sanderson Farms
2.0
Lindsay Corporation
2.0
IDEXX Laboratories
2.0
Jack Henry & Associates
2.0
Ares Management L.P.
1.9
Top 20 as % of Net Assets
51.5

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 0.0428 - 2.0388 - 2.0816 15.71
12/16/15 12/17/15 12/17/15 0.1322 0.0024 3.3295 - 3.4641 14.18
12/16/14 12/17/14 12/17/14 0.0816 - 2.0727 - 2.1543 19.32
12/04/13 12/05/13 12/05/13 0.0000 - 2.2651 - 2.2651 21.19
12/27/12 12/28/12 12/28/12 0.0520 - - - 0.0520 18.85
12/05/12 12/06/12 12/06/12 0.1915 0.0300 1.1772 - 1.3987 18.83
12/07/11 12/08/11 12/08/11 0.0534 - 1.5908 - 1.6442 18.39
12/08/10 12/09/10 12/09/10 0.0000 - 0.2683 - 0.2683 19.77

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 0.99
Distribution (12b-1) fees 0.00
Other expenses 0.17
Total annual Fund operating expenses 1.16

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 generally invests a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a more broadly diversified 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. 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.

Chuck Royce lead manager since 2016 (manager 2014-2016, co-manager 2002-2014, and manager 1991-2002), Lauren Romeo (assistant portfolio manager 2006-2016), and Steven McBoyle since 2016 (assistant portfolio manager 2014-2016)

12/31/1991 12:00:00 AM

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