Royce Small-Cap Leaders Fund (RYOHX, ROHHX, ROHRX, ROHKX)
190

At a Glance

Why invest in Small-Cap Leaders?

  • Small-cap core fund (generally market caps up to $3 billion) that invests in what Royce believes are leading small-cap companies that have strong business models and competitive positions, superior balance sheets, and attractive prospects for growth
  • 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
  • Approach focuses on companies with proven, sustainable high return on invested capital business models that are also selling at attractive valuations.

As of 09/30/17

  • Small-Cap
    Core Approach
    $1.88B
    Avg. Market Cap
  • Average
    Volatility
    96%
    Active Share
  • Lead Manager
    Tenure
    11+
    Years on Fund

Portfolio Management

"I'm looking for small-cap companies with high returns on invested capital that I believe can compound value by reinvesting current earnings back into the business at high rates of return for long periods of time. I aim to buy when the stock price is depressed due to cyclical or temporary company-specific issues."
Lauren Romeo

Performance

Average Annual Total Returns (%)

QTR YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Small-Cap Leaders 4.44 5.7618.216.509.376.289.77 06/30/03
Russell 2000 5.67 10.9420.7412.1813.797.8510.25 N/A

Annual Operating Expenses: 1.23

SEP YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Small-Cap Leaders 6.51 5.7618.216.509.376.289.77 06/30/03
Russell 2000 6.24 10.9420.7412.1813.797.8510.25 N/A

Annual Operating Expenses: 1.23

OCT YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Small-Cap Leaders 1.06 6.8822.248.039.636.459.82 06/30/03
Russell 2000 0.78 11.8124.5213.1214.418.0210.27 N/A

Annual Operating Expenses: 1.23

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. 

All performance and risk information presented in this material prior to the commencement date of Investment Class shares on 3/15/07 reflects Service Class results. Service Class shares bear an annual distribution expense that is not borne by Investment Class shares.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 56% of all 5-Year periods.

For 94% of the periods, 10-year average annual total returns were greater than 5%.

Relative Returns: Monthly Rolling Average Annual Return Periods Since Inception Through 09/30/17

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
26/52
50 8.1 7.7
5-year
63/112
56 8.1 7.8
1-year
71/160
44 10.6 10.5

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% 16 31
> 5% and ≤ 10% 33 63
> 0% and ≤ 5% 3 6
≤ 0% 0 0

The Fund averaged a 8.1% return over all 52 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
Small-Cap Leaders28.4%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Small-Cap Leaders24.0%
Russell 200058.5%

Peak-Current - 06/23/15 - 09/30/17
Small-Cap Leaders13.7%
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 06/30/03 and 09/30/17

Small-Cap Leaders$37,767.46
Russell 2000$40,170.13

Portfolio Impactas of 09/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
22.10
5.50
1.13
Financials
14.56
7.05
0.96
Information Technology
15.48
4.68
0.85
Consumer Staples
6.79
12.57
0.77
Consumer Discretionary
12.07
4.13
0.37
Health Care
5.98
4.84
0.29
Energy
4.13
6.47
0.18
Materials
4.07
2.68
0.12
Real Estate
3.06
2.39
0.08
Cash
11.75
0.26
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology1.20
MachineryIndustrials1.18
Capital MarketsFinancials0.66
Food ProductsConsumer Staples0.56
Road & RailIndustrials0.41

Top Detractors

INDUSTRYSECTORGAIN (%)
Building ProductsIndustrials-0.61
Internet Software & ServicesInformation Technology-0.22
Technology Hardware, Storage & PeripheralsInformation Technology-0.19
Leisure ProductsConsumer Discretionary-0.13
Professional ServicesIndustrials-0.05

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Supreme Industries Cl. AMachineryIndustrials0.51
CohuSemiconductors & Semiconductor EquipmentInformation Technology0.45
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.41
KadantMachineryIndustrials0.39
Sanderson FarmsFood ProductsConsumer Staples0.38

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Apogee EnterprisesBuilding ProductsIndustrials-0.40
CIRCOR InternationalMachineryIndustrials-0.35
CelesticaElectronic Equipment, Instruments & ComponentsInformation Technology-0.24
j2 GlobalInternet Software & ServicesInformation Technology-0.22
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology-0.20
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
14.73
14.43
2.03
Information Technology
14.89
10.56
1.79
Industrials
22.53
6.89
1.45
Consumer Staples
6.86
20.38
1.31
Health Care
5.36
19.20
1.02
Real Estate
2.76
1.01
0.08
Materials
4.54
0.53
0.01
Energy
4.86
-3.05
-0.36
Consumer Discretionary
14.56
-0.08
-0.43
Cash
8.92
0.63
0.06

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials1.35
Capital MarketsFinancials1.31
Semiconductors & Semiconductor EquipmentInformation Technology1.21
Food ProductsConsumer Staples0.94
Thrifts & Mortgage FinanceFinancials0.74

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-1.00
Commercial Services & SuppliesIndustrials-0.37
Energy Equipment & ServicesEnergy-0.36
Building ProductsIndustrials-0.32
Technology Hardware, Storage & PeripheralsInformation Technology-0.19

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Genworth MI CanadaThrifts & Mortgage FinanceFinancials0.74
KadantMachineryIndustrials0.68
Sanderson FarmsFood ProductsConsumer Staples0.68
Industrias Bachoco ADRFood ProductsConsumer Staples0.59
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.58

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Steelcase Cl. ACommercial Services & SuppliesIndustrials-0.51
CIRCOR InternationalMachineryIndustrials-0.47
XperiSemiconductors & Semiconductor EquipmentInformation Technology-0.45
Oil States InternationalEnergy Equipment & ServicesEnergy-0.44
GenescoSpecialty RetailConsumer Discretionary-0.43
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
15.78
32.80
5.64
Industrials
22.00
25.97
5.20
Financials
14.25
23.14
3.42
Health Care
5.57
28.46
1.53
Consumer Staples
6.57
24.97
1.49
Consumer Discretionary
14.48
12.33
1.38
Materials
4.47
12.02
0.57
Energy
4.91
13.72
0.52
Real Estate
2.79
3.21
0.14
Cash
9.20
0.74
0.07

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials2.76
Semiconductors & Semiconductor EquipmentInformation Technology2.72
MachineryIndustrials2.59
Road & RailIndustrials1.58
Electronic Equipment, Instruments & ComponentsInformation Technology1.51

Top Detractors

INDUSTRYSECTORGAIN (%)
Technology Hardware, Storage & PeripheralsInformation Technology-0.19
Specialty RetailConsumer Discretionary-0.19
Professional ServicesIndustrials-0.13
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.09
InsuranceFinancials-0.02

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
KadantMachineryIndustrials0.93
Houlihan Lokey Cl. ACapital MarketsFinancials0.87
SaiaRoad & RailIndustrials0.86
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.84
Mentor GraphicsSoftwareInformation Technology0.76

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Buckle (The)Specialty RetailConsumer Discretionary-0.58
TrueBlueProfessional ServicesIndustrials-0.51
CelesticaElectronic Equipment, Instruments & ComponentsInformation Technology-0.30
CIRCOR InternationalMachineryIndustrials-0.29
Vera BradleyTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.27
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.52
99.18
16.76
Industrials
23.39
43.42
9.08
Health Care
5.83
48.95
2.54
Consumer Staples
4.24
41.30
2.40
Materials
5.55
29.49
0.58
Financials
12.95
16.12
0.33
Real Estate
1.83
-10.81
0.26
Consumer Discretionary
14.36
2.86
0.10
Energy
5.54
-43.71
-5.61
Cash
6.80
0.99
0.09

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology7.33
Semiconductors & Semiconductor EquipmentInformation Technology5.36
MachineryIndustrials4.33
Auto ComponentsConsumer Discretionary2.31
Life Sciences Tools & ServicesHealth Care2.17

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-5.61
Specialty RetailConsumer Discretionary-2.85
Capital MarketsFinancials-0.77
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.72
BiotechnologyHealth Care-0.42

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
John Bean TechnologiesMachineryIndustrials2.18
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology2.05
NanometricsSemiconductors & Semiconductor EquipmentInformation Technology1.43
Mentor GraphicsSoftwareInformation Technology1.41
OrbotechElectronic Equipment, Instruments & ComponentsInformation Technology1.37

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Buckle (The)Specialty RetailConsumer Discretionary-2.38
Unit CorporationEnergy Equipment & ServicesEnergy-2.35
Virtus Investment PartnersCapital MarketsFinancials-1.43
Veeco InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology-1.09
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-1.04
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
20.84
168.99
26.03
Industrials
25.52
82.57
20.62
Financials
10.88
93.05
7.04
Consumer Discretionary
12.03
56.59
5.98
Consumer Staples
3.45
94.30
3.49
Health Care
5.34
67.22
3.35
Materials
7.32
40.12
1.60
Real Estate
1.17
55.03
0.80
Energy
6.98
-21.56
-1.15
Cash
6.48
1.09
0.10

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology12.17
MachineryIndustrials8.50
Semiconductors & Semiconductor EquipmentInformation Technology7.97
Capital MarketsFinancials5.93
Professional ServicesIndustrials4.57

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-4.13
Energy Equipment & ServicesEnergy-1.15
Electrical EquipmentIndustrials-0.84
BiotechnologyHealth Care-0.62
PharmaceuticalsHealth Care-0.31

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology2.33
LCI IndustriesAuto ComponentsConsumer Discretionary2.12
John Bean TechnologiesMachineryIndustrials2.11
ManpowerGroupProfessional ServicesIndustrials1.99
Sanderson FarmsFood ProductsConsumer Staples1.86

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Buckle (The)Specialty RetailConsumer Discretionary-2.38
Unit CorporationEnergy Equipment & ServicesEnergy-1.85
Virtus Investment PartnersCapital MarketsFinancials-1.43
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-1.04
Veeco InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology-1.02

Risk

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

The Fund has a 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 two out of three downturns of 15% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)SMALL-CAP LEADERS (%)SPREAD (%)
03/31/16-1.5+5.3+6.8
09/30/15-11.9-13.5-1.6
09/30/14-7.4-8.8-1.4
06/30/12-3.5-10.0-6.5
09/30/11-21.9-23.5-1.6
06/30/11-1.6-2.8-1.2
06/30/10-9.9-9.4+0.5
03/31/09-15.0-9.4+5.6
12/31/08-26.1-21.9+4.2
09/30/08-1.1-3.0-1.9
03/31/08-9.9-8.3+1.6
12/31/07-4.6-3.7+0.9
09/30/07-3.1+1.3+4.4
06/30/06-5.0-7.4-2.4
03/31/05-5.3-2.9+2.4
09/30/04-2.9-2.4+0.5

Capture Ratios Fund's First Full Quarter (06/30/03) 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 produced lower volatility than the Russell 2000 Index.
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 produced lower volatility than the Russell 2000 Index.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 09/30/17

The Fund produced lower volatility than the Russell 2000, as shown by its standard deviation.
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.
Sharpe RatioStandard Deviation
Small-Cap Leaders0.3919.42
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
Small-Cap Leaders
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/17

mstar-ROHHX

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

  ROHHX Russell 2000
Average Market Cap
1.88B
1.76B
96%
-
2016 Portfolio Turnover
65%
-
Weighted Average P/E,
19.0x
22.6x
Weighted Average P/B
2.6x
2.3x
U.S. Investments (% of Net Assets)
74.7%
-
Non-U.S. Investments (% of Net Assets)
18.5%
-

Portfolio Allocation

  • Total
    Holdings
    71


SECTORS
ROHHX (%) RUSSELL
2000 (%)
Industrials
22.3
15.1
Information Technology
19.3
16.8
Financials
14.3
18.1
Consumer Discretionary
11.3
11.9
Consumer Staples
7.9
2.7
Health Care
6.4
15.5
Energy
4.4
3.7
Materials
4.3
4.4
Real Estate
3.1
7.2
Utilities
-
3.6
Telecommunication Services
-
0.8
Cash and Cash Equivalents
6.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Minerals Technologies
3.2
Marcus & Millichap
3.1
Genworth MI Canada
3.0
Artisan Partners Asset Management Cl. A
2.9
Pason Systems
2.2
Lazard Cl. A
2.2
Bio-Techne
2.1
Gentex Corporation
2.1
Houlihan Lokey Cl. A
2.1
Cal-Maine Foods
2.0
Caleres
2.0
Federated Investors Cl. B
1.9
AMN Healthcare Services
1.8
Greenbrier Companies (The)
1.8
Industrias Bachoco ADR
1.8
Valmont Industries
1.7
Inter Parfums
1.7
Landstar System
1.7
Celestica
1.7
Silicon Motion Technology ADR
1.7
Top 20 as % of Net Assets
42.7

SECTORS
ROHHX (%) RUSSELL
2000 (%)
Industrials
22.3
15.1
Information Technology
19.3
16.8
Financials
14.3
18.1
Consumer Discretionary
11.3
11.9
Consumer Staples
7.9
2.7
Health Care
6.4
15.5
Energy
4.4
3.7
Materials
4.3
4.4
Real Estate
3.1
7.2
Utilities
-
3.6
Telecommunication Services
-
0.8
Cash and Cash Equivalents
6.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Minerals Technologies
3.2
Marcus & Millichap
3.1
Genworth MI Canada
3.0
Artisan Partners Asset Management Cl. A
2.9
Pason Systems
2.2
Lazard Cl. A
2.2
Bio-Techne
2.1
Gentex Corporation
2.1
Houlihan Lokey Cl. A
2.1
Cal-Maine Foods
2.0
Caleres
2.0
Federated Investors Cl. B
1.9
AMN Healthcare Services
1.8
Greenbrier Companies (The)
1.8
Industrias Bachoco ADR
1.8
Valmont Industries
1.7
Inter Parfums
1.7
Landstar System
1.7
Celestica
1.7
Silicon Motion Technology ADR
1.7
Top 20 as % of Net Assets
42.7

Portfolio Holdings

View the complete list of holdings for this fund as of 09/30/17. Unaudited schedule of portfolio holdings is presented for informational purposes only.

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 0.0581 - 0.7279 - 0.7860 7.15
12/16/15 12/17/15 12/17/15 0.0428 0.0400 1.3190 - 1.4018 6.32
12/16/14 12/17/14 12/17/14 0.0000 0.0135 1.0338 - 1.0473 8.54
12/04/13 12/05/13 12/05/13 0.0322 0.0530 1.3629 - 1.4481 9.73
12/27/12 12/28/12 12/28/12 0.0509 - - - 0.0509 8.69
12/05/12 12/06/12 12/06/12 0.0989 0.0050 0.7332 - 0.8371 8.59
12/07/11 12/08/11 12/08/11 0.0067 0.0349 0.4107 - 0.4523 8.59
12/08/10 12/09/10 12/09/10 0.0000 0.0193 0.0875 - 0.1068 9.58

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 0.23
Total annual Fund operating expenses 1.23

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 invests primarily in a limited number of stocks, which may involve considerably more risk than a less concentrated because a decline in the value 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 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.

Lauren Romeo lead manager since 2014 (co-manager 2013-2014, manager 2010-2013, and assistant portfolio manager 2006-2010), Chuck Royce since 2014 (co-manager 2013-2014)

3/15/2007 12:00:00 AM

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