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
  • Outperformed its benchmark, the Russell 2000 Index, in 54% of all monthly rolling 10-year periods since inception through 6/30/16

As of 06/30/16

  • Small-Cap
    Core Approach
    $1.60B
    Avg. Market Cap
  • Above Average
    Volatility
    97%
    Active Share
  • Lead Manager
    Tenure
    10+
    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 (%)

Outperformed Russell 2000 for the Year To Date period as of 09/30/16.
QTR YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Small-Cap Leaders 5.99 12.2013.600.259.615.918.71 06/30/03
Russell 2000 9.05 11.4615.476.7115.827.079.49 N/A

Annual Operating Expenses: Gross 2.75 Net 1.84

SEP YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Small-Cap Leaders -1.05 12.2013.600.259.615.918.71 06/30/03
Russell 2000 1.11 11.4615.476.7115.827.079.49 N/A

Annual Operating Expenses: Gross 2.75 Net 1.84

SEP YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Small-Cap Leaders -1.05 12.2013.600.259.615.918.71 06/30/03
Russell 2000 1.11 11.4615.476.7115.827.079.49 N/A

Annual Operating Expenses: Gross 2.75 Net 1.84

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. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.roycefunds.com. Gross operating expenses reflect the Fund's gross total annual operating expenses for the R Class and include management fees, 12b-1 distribution and service fees, and other expenses. Net operating expenses reflect contractual fee waivers and/or expense reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed, without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the R Class's net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.84% through April 30, 2015 and at or below 1.99% through April 30, 2024.

All performance and risk information presented in this material prior to the commencement date of R Class shares on 5/15/08 reflects Service Class results. R Class shares bear annual expenses that are higher than those borne by
Service Class shares. If R Class's annual expenses had been reflected, total returns prior to 5/15/08 would have been lower.

Rolling Returns

For 89% of the periods, 10-year average annual total returns were greater than 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% 14 38
> 5% and ≤ 10% 19 51
> 0% and ≤ 5% 4 11
≤ 0% 0 0

The Fund averaged a 8.4% return over all 37 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 Leaders26.0%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Small-Cap Leaders20.7%
Russell 200058.5%

Peak-Current - 06/23/15 - 06/30/16
Small-Cap Leaders-9.9%
Russell 2000-9.7%

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 09/30/16

Small-Cap Leaders$30,249.36
Russell 2000$0.00

Portfolio Impactas of 06/30/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
20.37
8.28
1.75
Energy
5.04
8.98
0.46
Industrials
23.79
1.41
0.46
Health Care
6.41
6.42
0.40
Materials
3.48
3.78
0.16
Consumer Staples
3.92
-5.38
-0.21
Financials
14.20
-4.77
-0.71
Consumer Discretionary
17.02
-5.94
-1.12
Cash
5.77
0.06
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology1.02
MachineryIndustrials0.63
Electronic Equipment, Instruments & ComponentsInformation Technology0.57
Life Sciences Tools & ServicesHealth Care0.55
Energy Equipment & ServicesEnergy0.46

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-1.05
Capital MarketsFinancials-0.99
Professional ServicesIndustrials-0.59
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.41
BiotechnologyHealth Care-0.15

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
NanometricsSemiconductors & Semiconductor EquipmentInformation Technology0.57
Bio-TechneLife Sciences Tools & ServicesHealth Care0.47
CIRCOR InternationalMachineryIndustrials0.40
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.37
Ritchie Bros. AuctioneersCommercial Services & SuppliesIndustrials0.31

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Buckle (The)Specialty RetailConsumer Discretionary-0.73
TrueBlueProfessional ServicesIndustrials-0.59
Lazard Cl. ACapital MarketsFinancials-0.54
Movado GroupTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.33
Virtus Investment PartnersCapital MarketsFinancials-0.23
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
23.77
11.08
2.79
Information Technology
20.22
14.03
2.76
Materials
4.12
23.20
0.99
Consumer Discretionary
16.87
2.59
0.67
Consumer Staples
4.44
7.92
0.55
Energy
4.90
10.13
0.48
Health Care
6.30
7.60
0.45
Financials
14.08
-7.62
-1.57
Cash
5.30
0.13
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.59
Semiconductors & Semiconductor EquipmentInformation Technology1.17
Thrifts & Mortgage FinanceFinancials1.05
Road & RailIndustrials0.91
MachineryIndustrials0.81

Top Detractors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials-2.55
Professional ServicesIndustrials-0.59
Internet Software & ServicesInformation Technology-0.38
MediaConsumer Discretionary-0.27
BiotechnologyHealth Care-0.22

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Genworth MI CanadaThrifts & Mortgage FinanceFinancials1.05
Minerals TechnologiesChemicalsMaterials0.70
SaiaRoad & RailIndustrials0.65
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology0.62
Bio-TechneLife Sciences Tools & ServicesHealth Care0.62

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Virtus Investment PartnersCapital MarketsFinancials-1.13
Lazard Cl. ACapital MarketsFinancials-0.87
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-0.60
TrueBlueProfessional ServicesIndustrials-0.48
Federal SignalMachineryIndustrials-0.42
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
20.50
12.58
2.49
Consumer Staples
3.82
2.55
0.33
Industrials
24.00
-0.90
-0.09
Health Care
6.18
-2.12
-0.14
Materials
5.14
2.35
-0.26
Consumer Discretionary
15.47
-9.98
-1.17
Energy
4.84
-23.09
-1.45
Financials
14.71
-24.10
-5.17
Cash
5.35
0.17
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology2.04
IT ServicesInformation Technology0.45
AutomobilesConsumer Discretionary0.37
Auto ComponentsConsumer Discretionary0.35
Thrifts & Mortgage FinanceFinancials0.29

Top Detractors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials-4.92
Energy Equipment & ServicesEnergy-1.45
Specialty RetailConsumer Discretionary-1.25
Professional ServicesIndustrials-0.59
ChemicalsMaterials-0.37

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
John Bean TechnologiesMachineryIndustrials1.07
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology0.65
NanometricsSemiconductors & Semiconductor EquipmentInformation Technology0.54
Sykes EnterprisesIT ServicesInformation Technology0.45
Bio-TechneLife Sciences Tools & ServicesHealth Care0.44

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Virtus Investment PartnersCapital MarketsFinancials-1.71
Lazard Cl. ACapital MarketsFinancials-1.41
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-1.32
Buckle (The)Specialty RetailConsumer Discretionary-1.23
Unit CorporationEnergy Equipment & ServicesEnergy-0.66
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
22.58
55.00
10.33
Industrials
26.20
8.95
3.42
Health Care
5.60
19.78
1.07
Consumer Staples
2.59
22.41
0.93
Materials
7.79
16.62
0.87
Consumer Discretionary
11.04
8.27
-0.24
Financials
10.69
13.03
-2.04
Energy
7.04
-39.80
-2.99
Cash
6.47
0.22
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology6.44
Semiconductors & Semiconductor EquipmentInformation Technology2.22
MachineryIndustrials2.11
Life Sciences Tools & ServicesHealth Care1.40
IT ServicesInformation Technology1.36

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-2.99
Capital MarketsFinancials-2.55
Specialty RetailConsumer Discretionary-2.33
Construction & EngineeringIndustrials-0.86
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.63

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
John Bean TechnologiesMachineryIndustrials1.47
Sapient CorporationIT ServicesInformation Technology0.92
ManpowerGroupProfessional ServicesIndustrials0.90
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.87
Drew IndustriesAuto ComponentsConsumer Discretionary0.87

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Virtus Investment PartnersCapital MarketsFinancials-1.81
Unit CorporationEnergy Equipment & ServicesEnergy-1.51
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-1.32
Buckle (The)Specialty RetailConsumer Discretionary-1.30
Veeco InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology-0.86
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
27.47
29.62
10.35
Information Technology
22.21
50.42
9.16
Consumer Discretionary
11.28
59.23
6.41
Health Care
4.63
36.02
1.98
Consumer Staples
2.35
50.69
1.49
Financials
10.55
39.97
0.31
Materials
8.82
-4.60
-1.46
Energy
7.98
-38.26
-2.45
Cash
4.70
0.34
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology6.01
Professional ServicesIndustrials3.75
Household DurablesConsumer Discretionary3.75
MachineryIndustrials3.60
Auto ComponentsConsumer Discretionary2.28

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-2.45
Specialty RetailConsumer Discretionary-2.26
Communications EquipmentInformation Technology-1.57
Road & RailIndustrials-0.97
Electrical EquipmentIndustrials-0.92

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Drew IndustriesAuto ComponentsConsumer Discretionary1.83
Mohawk IndustriesHousehold DurablesConsumer Discretionary1.51
John Bean TechnologiesMachineryIndustrials1.47
SEI InvestmentsCapital MarketsFinancials1.30
Towers Watson & Co. Cl. AProfessional ServicesIndustrials1.25

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-1.88
Virtus Investment PartnersCapital MarketsFinancials-1.81
GrafTech InternationalElectrical EquipmentIndustrials-1.65
Trican Well ServiceEnergy Equipment & ServicesEnergy-1.51
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-1.32

Risk

Above Average Volatility vs. Peer Group as of 06/30/16

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

Down Market Performance Comparisonas of 06/30/16

The Fund outperformed the Russell 2000 during six out of eight downturns of 10% 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+5.1+6.6
09/30/15-11.9-13.7-1.8
09/30/14-7.4-9.0-1.6
06/30/12-3.5-10.2-6.7
09/30/11-21.9-23.6-1.7
06/30/11-1.6-2.9-1.3
06/30/10-9.9-9.6+0.3
03/31/09-15.0-9.5+5.5
12/31/08-26.1-22.0+4.1
09/30/08-1.1-3.1-2.0
03/31/08-9.9-8.2+1.7
12/31/07-4.6-3.8+0.8
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 06/30/16

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 06/30/16

Over the past 10 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 06/30/16

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.
Sharpe RatioStandard Deviation
Small-Cap Leaders0.3219.04
Russell 20000.3619.83
Category Median0.3619.51
Best Quartile Breakpoint0.4218.66

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
Small-Cap Leaders
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/16

mstar-ROHRX

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 06/30/16

  ROHRX Russell 2000
Average Market Cap
1.60B
1.37B
97%
-
2015 Portfolio Turnover
64%
-
Weighted Average P/E,
15.8x
19.6x
Weighted Average P/B
2.2x
2.0x
U.S. Investments (% of Net Assets)
80.4%
-
Non-U.S. Investments (% of Net Assets)
14.4%
-

Portfolio Allocation

  • Total
    Holdings
    73


SECTORS
ROHRX (%) RUSSELL
2000 (%)
Industrials
22.4
13.8
Information Technology
21.2
17.3
Consumer Discretionary
17.8
13.5
Financials
14.5
25.8
Health Care
6.2
13.6
Energy
5.2
3.0
Consumer Staples
4.1
3.1
Materials
3.3
4.6
Utilities
-
4.3
Telecommunication Services
-
0.9
Cash and Cash Equivalents
5.2
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
2.9
Marcus & Millichap
2.9
Buckle (The)
2.6
Saia
2.6
Federated Investors Cl. B
2.6
MKS Instruments
2.5
Deckers Outdoor
2.5
Gentex Corporation
2.4
Bio-Techne
2.4
j2 Global
2.3
Pason Systems
2.3
Nanometrics
2.0
Industrias Bachoco ADR
2.0
Mentor Graphics
1.9
Monotype Imaging Holdings
1.9
Lazard Cl. A
1.9
TrueBlue
1.9
Landstar System
1.8
Tessera Technologies
1.8
Bio-Rad Laboratories Cl. A
1.8
Top 20 as % of Net Assets
45.0

SECTORS
ROHRX (%) RUSSELL
2000 (%)
Industrials
20.7
-
Information Technology
18.6
-
Consumer Discretionary
17.5
-
Financials
15.4
-
Health Care
6.3
-
Consumer Staples
4.4
-
Energy
4.3
-
Materials
3.6
-
Cash and Cash Equivalents
9.3
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
3.0
Marcus & Millichap
2.9
Federated Investors Cl. B
2.8
Saia
2.8
Gentex Corporation
2.6
Buckle (The)
2.5
j2 Global
2.4
Lazard Cl. A
2.2
MKS Instruments
2.2
Deckers Outdoor
2.1
Pason Systems
2.1
Virtus Investment Partners
2.0
Minerals Technologies
2.0
Industrias Bachoco ADR
2.0
Tessera Technologies
1.9
Mentor Graphics
1.9
TrueBlue
1.9
Bio-Techne
1.8
Caleres
1.8
Bio-Rad Laboratories Cl. A
1.8
Top 20 as % of Net Assets
44.7

Portfolio Holdings

View the complete list of holdings for this fund as of 06/30/16. 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 0.0000 0.0400 1.3190 - 1.3590 8.42
12/16/14 12/17/14 12/17/14 0.0000 0.0135 1.0338 - 1.0473 10.88
12/04/13 12/05/13 12/05/13 0.0000 0.0530 1.3629 - 1.4159 12.20
12/05/12 12/06/12 12/06/12 0.0000 0.0050 0.7332 - 0.7382 10.46
12/07/11 12/08/11 12/08/11 0.0000 0.0349 0.4107 - 0.4456 10.27
12/08/10 12/09/10 12/09/10 0.0000 0.0193 0.0875 - 0.1068 11.44

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 180 days) 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 0.50
Other expenses 1.25
Total annual Fund operating expenses 2.75
Fee waivers and/or expense reimbursements (0.91)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements1.84
Royce & Associates has contractually agreed, without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the R Class's net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.84% through April 30, 2015 and at or below 1.99% through April 30, 2024.

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 micro-cap, small-cap, and mid-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 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.

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)

5/15/2008 12:00:00 AM

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