548

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 58% of all monthly rolling 10-year periods since inception through 12/31/16

As of 12/31/16

  • Small-Cap
    Core Approach
    $1.86B
    Avg. Market Cap
  • Above Average
    Volatility
    96%
    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 Quarter, Year To Date and 1-Year periods as of 12/31/16.
QTR YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Small-Cap Leaders 11.67 25.5125.512.049.176.629.70 06/30/03
Russell 2000 8.83 21.3121.316.7414.467.0710.00 N/A

Annual Operating Expenses: Gross 1.54 Net 1.49

FEB YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Small-Cap Leaders 0.28 0.1429.022.296.776.439.59 06/30/03
Russell 2000 1.93 2.3336.116.9312.897.2210.06 N/A

Annual Operating Expenses: Gross 1.54 Net 1.49

MAR YTD 1YR 3YR 5YR 10YR SINCE INCEPT. DATE
Small-Cap Leaders -1.85 -1.7118.411.226.406.059.40 06/30/03
Russell 2000 -2.86 -0.5924.435.5411.936.719.78 N/A

Annual Operating Expenses: Gross 1.54 Net 1.49

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 and acquired fund fees and expenses. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds, and other investment companies.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 58% of all 10-Year periods; and 59% of all 5-Year periods.

For 91% of the periods, 10-year average annual total returns were greater than 5%.

Relative Returns: Monthly Rolling Average Annual Return Periods Since Inception Through 12/31/16

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
25/43
58 8.3 7.8
5-year
61/103
59 7.9 7.3
1-year
69/151
46 9.8 9.6

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% 15 35
> 5% and ≤ 10% 24 56
> 0% and ≤ 5% 4 9
≤ 0% 0 0

The Fund averaged a 8.3% return over all 43 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 Leaders27.6%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Small-Cap Leaders22.6%
Russell 200058.5%

Peak-Current - 06/23/15 - 12/31/16
Small-Cap Leaders7.1%
Russell 20007.2%

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 12/31/16

Small-Cap Leaders$34,910.24
Russell 2000$36,208.35

Portfolio Impactas of 12/31/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
18.40
20.12
3.59
Industrials
20.44
17.86
3.50
Financials
13.47
8.77
1.51
Consumer Discretionary
13.60
11.39
1.47
Energy
5.04
17.30
0.82
Materials
4.24
11.42
0.53
Health Care
6.19
7.76
0.48
Consumer Staples
5.71
3.82
0.16
Real Estate
2.88
2.18
0.06
Cash
10.03
0.11
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology1.41
Capital MarketsFinancials1.35
MachineryIndustrials1.16
Road & RailIndustrials0.97
Energy Equipment & ServicesEnergy0.82

Top Detractors

INDUSTRYSECTORGAIN (%)
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.09
Thrifts & Mortgage FinanceFinancials-0.06
Professional ServicesIndustrials-0.06
BiotechnologyHealth Care-0.01
Leisure ProductsConsumer Discretionary0.01

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
CaleresSpecialty RetailConsumer Discretionary0.75
Mentor GraphicsSoftwareInformation Technology0.71
j2 GlobalInternet Software & ServicesInformation Technology0.60
SaiaRoad & RailIndustrials0.56
Steelcase Cl. ACommercial Services & SuppliesIndustrials0.53

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
TrueBlueProfessional ServicesIndustrials-0.44
Buckle (The)Specialty RetailConsumer Discretionary-0.23
Vera BradleyTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.19
Bio-TechneLife Sciences Tools & ServicesHealth Care-0.12
Deckers OutdoorTextiles, Apparel & Luxury GoodsConsumer Discretionary-0.11
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.52
56.25
9.82
Industrials
22.17
42.59
8.96
Consumer Discretionary
15.94
17.09
2.98
Materials
4.08
58.16
2.30
Energy
4.84
28.68
1.33
Financials
12.50
8.95
0.98
Consumer Staples
4.84
15.76
0.93
Health Care
6.23
10.54
0.73
Real Estate
2.43
-8.30
0.11
Cash
7.45
0.31
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology4.30
Electronic Equipment, Instruments & ComponentsInformation Technology3.05
MachineryIndustrials3.02
Road & RailIndustrials2.58
ChemicalsMaterials1.92

Top Detractors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care-0.59
Capital MarketsFinancials-0.47
Professional ServicesIndustrials-0.31
MediaConsumer Discretionary-0.11
IT ServicesInformation Technology-0.02

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
SaiaRoad & RailIndustrials1.87
Mentor GraphicsSoftwareInformation Technology1.60
Minerals TechnologiesChemicalsMaterials1.54
Genworth MI CanadaThrifts & Mortgage FinanceFinancials1.25
Thor IndustriesAutomobilesConsumer Discretionary1.24

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Buckle (The)Specialty RetailConsumer Discretionary-0.67
TrueBlueProfessional ServicesIndustrials-0.61
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-0.55
Zealand PharmaBiotechnologyHealth Care-0.39
Federal SignalMachineryIndustrials-0.39
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.52
56.25
9.82
Industrials
22.17
42.59
8.96
Consumer Discretionary
15.94
17.09
2.98
Materials
4.08
58.16
2.30
Energy
4.84
28.68
1.33
Financials
12.50
8.95
0.98
Consumer Staples
4.84
15.76
0.93
Health Care
6.23
10.54
0.73
Real Estate
2.43
-8.30
0.11
Cash
7.45
0.31
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology4.30
Electronic Equipment, Instruments & ComponentsInformation Technology3.05
MachineryIndustrials3.02
Road & RailIndustrials2.58
ChemicalsMaterials1.92

Top Detractors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care-0.59
Capital MarketsFinancials-0.47
Professional ServicesIndustrials-0.31
MediaConsumer Discretionary-0.11
IT ServicesInformation Technology-0.02

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
SaiaRoad & RailIndustrials1.87
Mentor GraphicsSoftwareInformation Technology1.60
Minerals TechnologiesChemicalsMaterials1.54
Genworth MI CanadaThrifts & Mortgage FinanceFinancials1.25
Thor IndustriesAutomobilesConsumer Discretionary1.24

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Buckle (The)Specialty RetailConsumer Discretionary-0.67
TrueBlueProfessional ServicesIndustrials-0.61
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-0.55
Zealand PharmaBiotechnologyHealth Care-0.39
Federal SignalMachineryIndustrials-0.39
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
21.77
74.98
13.09
Industrials
24.74
13.28
1.98
Consumer Staples
3.07
19.19
1.10
Health Care
5.81
10.02
0.71
Real Estate
1.26
53.48
0.68
Consumer Discretionary
12.47
-2.31
0.04
Materials
6.93
22.12
-0.12
Financials
11.06
5.58
-1.51
Energy
6.45
-37.82
-4.16
Cash
6.44
0.38
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology5.52
Semiconductors & Semiconductor EquipmentInformation Technology4.50
Auto ComponentsConsumer Discretionary1.85
MachineryIndustrials1.84
Life Sciences Tools & ServicesHealth Care1.38

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-4.16
Specialty RetailConsumer Discretionary-2.81
Capital MarketsFinancials-1.75
Electrical EquipmentIndustrials-1.36
Construction & EngineeringIndustrials-1.01

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
John Bean TechnologiesMachineryIndustrials1.90
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.53
Mentor GraphicsSoftwareInformation Technology1.32
LydallMachineryIndustrials1.19
OrbotechElectronic Equipment, Instruments & ComponentsInformation Technology1.18

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-2.04
Buckle (The)Specialty RetailConsumer Discretionary-1.92
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-1.41
Virtus Investment PartnersCapital MarketsFinancials-1.17
KennametalMachineryIndustrials-1.00
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
21.81
145.74
23.51
Industrials
26.46
78.75
20.05
Consumer Discretionary
11.73
92.80
10.09
Financials
10.32
87.55
6.06
Health Care
5.02
91.10
3.66
Consumer Staples
2.71
77.83
2.30
Materials
8.18
36.60
1.50
Real Estate
0.76
53.48
0.68
Energy
7.59
-16.41
0.21
Cash
5.43
0.51
0.04

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology11.95
MachineryIndustrials6.67
Semiconductors & Semiconductor EquipmentInformation Technology6.35
Capital MarketsFinancials5.82
Professional ServicesIndustrials4.86

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-2.30
BiotechnologyHealth Care-0.75
Communications EquipmentInformation Technology-0.33
PharmaceuticalsHealth Care-0.29
Diversified Financial ServicesFinancials-0.12

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
LCI IndustriesAuto ComponentsConsumer Discretionary2.16
IPG PhotonicsElectronic Equipment, Instruments & ComponentsInformation Technology2.15
SEI InvestmentsCapital MarketsFinancials1.95
ManpowerGroupProfessional ServicesIndustrials1.94
John Bean TechnologiesMachineryIndustrials1.89

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Buckle (The)Specialty RetailConsumer Discretionary-1.92
Unit CorporationEnergy Equipment & ServicesEnergy-1.84
Major Drilling Group InternationalMetals & MiningMaterials-1.41
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-1.41
Knight Capital Group Cl. ACapital MarketsFinancials-1.34

Risk

Above Average Volatility vs. Peer Group as of 12/31/16

The Fund has a above average volatility within its peer group of 525 Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 12/31/16

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+5.2+6.7
09/30/15-11.9-13.7-1.8
09/30/14-7.4-9.0-1.6
06/30/12-3.5-10.1-6.6
09/30/11-21.9-23.5-1.6
06/30/11-1.6-2.7-1.1
06/30/10-9.9-9.4+0.5
03/31/09-15.0-9.4+5.6
12/31/08-26.1-21.8+4.3
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 12/31/16

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 12/31/16

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 12/31/16

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.
Sharpe RatioStandard Deviation
Small-Cap Leaders0.3919.38
Russell 20000.4120.14
Category Median0.4119.83
Best Quartile Breakpoint0.4718.97

Category Median and Best Quartile Breakpoint based on 419 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 12/31/16

mstar-RYOHX

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 12/31/16

  RYOHX Russell 2000
Average Market Cap
1.86B
1.66B
96%
-
2016 Portfolio Turnover
65%
-
Weighted Average P/E,
18.9x
22.9x
Weighted Average P/B
2.5x
2.2x
U.S. Investments (% of Net Assets)
82.2%
-
Non-U.S. Investments (% of Net Assets)
13.2%
-

Portfolio Allocation

  • Total
    Holdings
    76


SECTORS
RYOHX (%) RUSSELL
2000 (%)
Industrials
21.8
14.6
Information Technology
17.4
17.0
Financials
16.2
19.9
Consumer Discretionary
15.2
12.6
Consumer Staples
6.1
3.0
Health Care
6.0
12.1
Energy
5.8
3.8
Materials
4.0
4.9
Real Estate
2.8
7.9
Telecommunication Services
-
0.7
Utilities
-
3.5
Cash and Cash Equivalents
4.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
3.0
Federated Investors Cl. B
2.9
j2 Global
2.9
Gentex Corporation
2.8
Marcus & Millichap
2.8
Virtus Investment Partners
2.5
Pason Systems
2.5
Apogee Enterprises
2.4
Minerals Technologies
2.3
Caleres
2.3
Artisan Partners Asset Management Cl. A
2.2
Lazard Cl. A
2.1
Steelcase Cl. A
2.1
Tessera Holding Corporation
2.1
Nanometrics
2.0
Industrias Bachoco ADR
1.9
Houlihan Lokey Cl. A
1.8
Cooper Tire & Rubber
1.7
Bio-Rad Laboratories Cl. A
1.6
Valmont Industries
1.6
Top 20 as % of Net Assets
45.5

SECTORS
RYOHX (%) RUSSELL
2000 (%)
Industrials
21.1
-
Consumer Discretionary
16.0
-
Financials
15.7
-
Information Technology
15.6
-
Consumer Staples
6.1
-
Energy
5.3
-
Materials
4.8
-
Health Care
4.5
-
Real Estate
2.4
-
Cash and Cash Equivalents
8.5
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
3.1
Gentex Corporation
2.9
Federated Investors Cl. B
2.8
j2 Global
2.7
Minerals Technologies
2.6
Apogee Enterprises
2.5
Caleres
2.5
Marcus & Millichap
2.4
Pason Systems
2.3
Lazard Cl. A
2.3
Artisan Partners Asset Management Cl. A
2.2
Cooper Tire & Rubber
2.2
Virtus Investment Partners
2.1
Tessera Holding Corporation
2.1
Steelcase Cl. A
2.0
Houlihan Lokey Cl. A
1.9
Buckle (The)
1.8
Industrias Bachoco ADR
1.7
Bio-Rad Laboratories Cl. A
1.7
Bio-Techne
1.6
Top 20 as % of Net Assets
45.4

Portfolio Holdings

View the complete list of holdings for this fund as of 12/31/16. 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 ($) REINVEST
PRICE ($)
12/14/16 12/15/16 12/15/16 0.0397 - 0.7279 - 0.7676 7.06
12/16/15 12/17/15 12/17/15 0.0084 0.0400 1.3190 - 1.3674 6.25
12/16/14 12/17/14 12/17/14 0.0000 0.0135 1.0338 - 1.0473 8.45
12/04/13 12/05/13 12/05/13 0.0065 0.0530 1.3629 - 1.4224 9.67
12/27/12 12/28/12 12/28/12 0.0215 - - - 0.0215 8.65
12/05/12 12/06/12 12/06/12 0.0682 0.0050 0.7332 - 0.8064 8.51
12/07/11 12/08/11 12/08/11 0.0000 0.0349 0.4107 - 0.4456 8.52
12/08/10 12/09/10 12/09/10 0.0000 0.0193 0.0875 - 0.1068 9.52

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 0.25
Other expenses 0.29
Total annual Fund operating expenses 1.54
Fee waivers and/or expense reimbursements (0.05)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements1.49

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)

6/30/2003 12:00:00 AM

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