138

At a Glance

Why invest in Small-Cap Value?

  • Small-cap value fund (generally market caps up to $3 billion) that focuses on companies with above-average profitability and low leverage that are selling at attractive valuations due to what Royce believes are temporary factors
  • Pursues opportunities when expectations are low and focuses on industries where Royce sees the greatest number of compelling bargains
  • Outperformed its benchmark, the Russell 2000 Index, in 60% of all monthly rolling 10-year periods since inception through 12/31/16

As of 12/31/16

  • Small-Cap
    Value Approach
    $1.17B
    Avg. Market Cap
  • Average
    Volatility
    98%
    Active Share
  • Lead Manager
    Tenure
    13+
    Years on Fund

Portfolio Management

"My goal is to find companies where expectations built into the current valuation are too low relative to what I believe is far more likely to happen."
Jay Kaplan

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Quarter and since inception (06/14/01) periods as of 12/31/16.
QTR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Small-Cap Value 12.14 20.1020.101.527.584.678.319.23 06/14/01
Russell 2000 8.83 21.3121.316.7414.467.078.498.13 N/A

Annual Operating Expenses: 2.27

FEB YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Small-Cap Value 0.57 -1.7816.781.214.844.248.889.01 06/14/01
Russell 2000 1.93 2.3336.116.9312.897.228.938.21 N/A

Annual Operating Expenses: 2.27

MAR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Small-Cap Value -0.91 -2.677.240.714.923.978.148.90 06/14/01
Russell 2000 N/A N/AN/AN/AN/AN/AN/AN/A N/A

Annual Operating Expenses: 2.27

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. Consultant Class shares redeemed within 365 days of purchase may be subject to a 1% contingent deferred sales charge, payable to the Fund's distributor, Royce Fund Services, Inc., 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 Consultant Class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees, and other expenses.

All performance and risk information presented in this material prior to the commencement date of Consultant Class shares on 3/30/06 reflects Service Class results. Consultant Class shares bear annual expenses that are higher than those borne by Service Class shares. If Consultant Class's annual expenses had been reflected, total returns prior to 3/30/06 would have been lower.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 60% of all 10-Year periods; 57% of all 5-Year periods; and 52% of all 1-Year periods.

For 81% 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
40/67
60 8.7 7.9
5-year
72/127
57 9.1 8.5
1-year
91/175
52 10.8 9.9

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% 25 37
> 5% and ≤ 10% 29 43
> 0% and ≤ 5% 13 19
≤ 0% 0 0

The Fund averaged a 8.7% return over all 67 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 Value13.9%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Small-Cap Value17.2%
Russell 200058.5%

Peak-Current - 06/23/15 - 12/31/16
Small-Cap Value1.2%
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 06/14/01 and 12/31/16

Small-Cap Value$39,480.49
Russell 2000$33,732.75

Portfolio Impactas of 12/31/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
20.27
23.28
4.80
Financials
21.91
21.63
4.63
Information Technology
13.54
10.60
1.27
Energy
4.63
24.49
1.08
Consumer Discretionary
23.84
2.95
0.99
Health Care
2.01
13.93
0.26
Utilities
0.00
8.69
0.00
Consumer Staples
1.70
-2.77
-0.05
Cash
12.09
0.11
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
BanksFinancials2.32
Professional ServicesIndustrials1.27
Energy Equipment & ServicesEnergy1.08
AirlinesIndustrials1.04
Capital MarketsFinancials0.99

Top Detractors

INDUSTRYSECTORGAIN (%)
Food & Staples RetailingConsumer Staples-0.05
Personal ProductsConsumer Staples0.00
Gas UtilitiesUtilities0.00
Textiles, Apparel & Luxury GoodsConsumer Discretionary0.02
Semiconductors & Semiconductor EquipmentInformation Technology0.11

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Korn/Ferry InternationalProfessional ServicesIndustrials1.08
Spirit AirlinesAirlinesIndustrials1.04
Moelis & Company Cl. ACapital MarketsFinancials0.89
Camden NationalBanksFinancials0.73
TrustCo Bank Corp. NYThrifts & Mortgage FinanceFinancials0.71

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Fitbit Cl. AElectronic Equipment, Instruments & ComponentsInformation Technology-0.85
American Eagle OutfittersSpecialty RetailConsumer Discretionary-0.41
Stein MartSpecialty RetailConsumer Discretionary-0.18
Hibbett SportsSpecialty RetailConsumer Discretionary-0.16
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.14
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
18.85
42.90
7.86
Industrials
20.44
33.68
7.03
Information Technology
16.22
36.43
5.97
Consumer Staples
2.33
63.50
1.42
Energy
4.47
30.99
0.99
Consumer Discretionary
27.45
0.08
0.27
Utilities
0.00
8.69
0.00
Materials
0.49
9.58
-0.08
Health Care
1.56
2.98
-0.13
Cash
8.19
0.31
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology3.86
BanksFinancials3.13
Thrifts & Mortgage FinanceFinancials2.54
Road & RailIndustrials2.33
InsuranceFinancials1.18

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-1.46
Multiline RetailConsumer Discretionary-0.41
ChemicalsMaterials-0.18
Health Care Providers & ServicesHealth Care-0.16
Trading Companies & DistributorsIndustrials0.00

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
SaiaRoad & RailIndustrials1.63
TrustCo Bank Corp. NYThrifts & Mortgage FinanceFinancials1.19
Reinsurance Group of AmericaInsuranceFinancials1.15
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology1.12
Spirit AirlinesAirlinesIndustrials1.10

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ExpressSpecialty RetailConsumer Discretionary-1.12
Buckle (The)Specialty RetailConsumer Discretionary-0.61
Fitbit Cl. AElectronic Equipment, Instruments & ComponentsInformation Technology-0.58
Dillard's Cl. AMultiline RetailConsumer Discretionary-0.41
STRATTEC SECURITYAuto ComponentsConsumer Discretionary-0.38
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
18.85
42.90
7.86
Industrials
20.44
33.68
7.03
Information Technology
16.22
36.43
5.97
Consumer Staples
2.33
63.50
1.42
Energy
4.47
30.99
0.99
Consumer Discretionary
27.45
0.08
0.27
Utilities
0.00
8.69
0.00
Materials
0.49
9.58
-0.08
Health Care
1.56
2.98
-0.13
Cash
8.19
0.31
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology3.86
BanksFinancials3.13
Thrifts & Mortgage FinanceFinancials2.54
Road & RailIndustrials2.33
InsuranceFinancials1.18

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-1.46
Multiline RetailConsumer Discretionary-0.41
ChemicalsMaterials-0.18
Health Care Providers & ServicesHealth Care-0.16
Trading Companies & DistributorsIndustrials0.00

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
SaiaRoad & RailIndustrials1.63
TrustCo Bank Corp. NYThrifts & Mortgage FinanceFinancials1.19
Reinsurance Group of AmericaInsuranceFinancials1.15
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology1.12
Spirit AirlinesAirlinesIndustrials1.10

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ExpressSpecialty RetailConsumer Discretionary-1.12
Buckle (The)Specialty RetailConsumer Discretionary-0.61
Fitbit Cl. AElectronic Equipment, Instruments & ComponentsInformation Technology-0.58
Dillard's Cl. AMultiline RetailConsumer Discretionary-0.41
STRATTEC SECURITYAuto ComponentsConsumer Discretionary-0.38
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
20.69
53.17
8.89
Financials
14.62
53.94
8.84
Industrials
14.25
24.32
4.41
Health Care
2.92
69.79
2.05
Utilities
0.00
8.69
0.00
Materials
4.93
9.20
-0.22
Consumer Staples
2.34
-51.54
-0.50
Energy
7.45
-36.33
-5.10
Consumer Discretionary
28.45
-15.31
-5.20
Cash
4.34
0.38
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology3.92
BanksFinancials3.65
InsuranceFinancials2.80
Semiconductors & Semiconductor EquipmentInformation Technology2.29
Health Care Providers & ServicesHealth Care2.01

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-7.21
Energy Equipment & ServicesEnergy-5.17
Personal ProductsConsumer Staples-1.13
Multiline RetailConsumer Discretionary-1.07
Paper & Forest ProductsMaterials-0.52

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology2.05
Reinsurance Group of AmericaInsuranceFinancials1.60
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.53
Chemed CorporationHealth Care Providers & ServicesHealth Care1.28
Gentex CorporationAuto ComponentsConsumer Discretionary1.17

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Atwood OceanicsEnergy Equipment & ServicesEnergy-2.61
Unit CorporationEnergy Equipment & ServicesEnergy-2.38
Buckle (The)Specialty RetailConsumer Discretionary-1.92
Ascena Retail GroupSpecialty RetailConsumer Discretionary-1.76
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples-1.13
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
14.75
152.27
17.98
Information Technology
18.99
106.20
15.80
Consumer Discretionary
26.17
31.17
9.87
Industrials
12.20
69.93
8.54
Health Care
3.99
150.37
5.12
Consumer Staples
2.20
62.46
3.80
Materials
8.75
17.65
0.92
Utilities
0.00
8.69
0.00
Energy
8.95
-16.57
-0.35
Cash
3.60
0.51
0.04
Unclassified
0.41
105.36
2.16

Top Contributors

INDUSTRYSECTORGAIN (%)
InsuranceFinancials8.08
Semiconductors & Semiconductor EquipmentInformation Technology5.32
Electronic Equipment, Instruments & ComponentsInformation Technology5.25
ChemicalsMaterials5.24
Health Care Providers & ServicesHealth Care5.17

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-4.28
Multiline RetailConsumer Discretionary-1.07
Energy Equipment & ServicesEnergy-0.83
Electrical EquipmentIndustrials-0.79
Specialty RetailConsumer Discretionary-0.19

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Westlake ChemicalChemicalsMaterials4.35
Reinsurance Group of AmericaInsuranceFinancials3.46
Federated Investors Cl. BCapital MarketsFinancials3.06
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples2.94
GameStop Corporation Cl. ASpecialty RetailConsumer Discretionary2.81

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Atwood OceanicsEnergy Equipment & ServicesEnergy-2.38
Knight Capital Group Cl. ACapital MarketsFinancials-2.15
Major Drilling Group InternationalMetals & MiningMaterials-1.92
Unit CorporationEnergy Equipment & ServicesEnergy-1.80
ExpressSpecialty RetailConsumer Discretionary-1.12

Risk

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

The Fund has a 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 VALUE (%)SPREAD (%)
03/31/16-1.5+9.1+10.6
09/30/15-11.9-11.2+0.7
09/30/14-7.4-5.8+1.6
06/30/12-3.5-11.3-7.8
09/30/11-21.9-22.2-0.3
06/30/11-1.6-3.7-2.1
06/30/10-9.9-8.3+1.6
03/31/09-15.0-6.3+8.7
12/31/08-26.1-27.4-1.3
09/30/08-1.1-16.5-15.4
03/31/08-9.90.0+9.9
12/31/07-4.6-4.60.0
09/30/07-3.1-4.7-1.6
06/30/06-5.0-6.1-1.1
03/31/05-5.3-0.6+4.7
09/30/04-2.9+2.4+5.3
03/31/03-4.5+2.1+6.6
09/30/02-21.4-21.0+0.4
06/30/02-8.4-16.5-8.1

Capture Ratios Fund's First Full Quarter (06/30/01) 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 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.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 12/31/16

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, as shown by its standard deviation.
The Fund produced lower volatility than the Russell 2000, as shown by its standard deviation.
Sharpe RatioStandard Deviation
Small-Cap Value0.3020.12
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 Value
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 12/31/16

mstar-RVFCX

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

  RVFCX Russell 2000
Average Market Cap
1.17B
1.66B
98%
-
2016 Portfolio Turnover
56%
-
Weighted Average P/E,
16.7x
22.9x
Weighted Average P/B
1.9x
2.2x
U.S. Investments (% of Net Assets)
86.3%
-
Non-U.S. Investments (% of Net Assets)
3.0%
-

Portfolio Allocation

  • Total
    Holdings
    64


SECTORS
RVFCX (%) RUSSELL
2000 (%)
Consumer Discretionary
24.7
12.6
Financials
23.6
19.9
Industrials
21.0
14.6
Information Technology
12.1
17.0
Energy
4.9
3.8
Consumer Staples
1.8
3.0
Health Care
1.2
12.1
Utilities
0.0
3.5
Materials
-
4.9
Real Estate
-
7.9
Telecommunication Services
-
0.7
Cash and Cash Equivalents
10.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
3.0
PC Connection
3.0
Spirit Airlines
3.0
Korn/Ferry International
3.0
American Eagle Outfitters
3.0
Vishay Intertechnology
3.0
Gentex Corporation
3.0
Moelis & Company Cl. A
3.0
DSW Cl. A
3.0
Reinsurance Group of America
2.7
TrustCo Bank Corp. NY
2.6
Shoe Carnival
2.4
Matrix Service
2.4
American Woodmark
2.0
Apogee Enterprises
2.0
Hibbett Sports
1.9
Miller Industries
1.9
Buckle (The)
1.9
TrueBlue
1.8
Village Super Market Cl. A
1.8
Top 20 as % of Net Assets
50.4

SECTORS
RVFCX (%) RUSSELL
2000 (%)
Consumer Discretionary
24.0
-
Financials
22.5
-
Industrials
21.3
-
Information Technology
12.1
-
Energy
4.7
-
Consumer Staples
2.0
-
Health Care
0.5
-
Real Estate
0.4
-
Utilities
0.1
-
Cash and Cash Equivalents
12.6
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
DSW Cl. A
3.1
Korn/Ferry International
3.0
PC Connection
3.0
American Eagle Outfitters
3.0
Genworth MI Canada
3.0
Vishay Intertechnology
3.0
Gentex Corporation
2.9
Spirit Airlines
2.9
Reinsurance Group of America
2.8
Moelis & Company Cl. A
2.4
Shoe Carnival
2.4
TrustCo Bank Corp. NY
2.4
American Woodmark
2.4
Matrix Service
2.1
Miller Industries
2.1
Apogee Enterprises
2.0
Village Super Market Cl. A
2.0
Hibbett Sports
1.8
Methode Electronics
1.8
Comfort Systems USA
1.8
Top 20 as % of Net Assets
49.9

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 0.0000 - 0.5011 - 0.5011 9.07
12/16/15 12/17/15 12/17/15 0.0000 0.0600 1.5940 - 1.6540 7.91
12/16/14 12/17/14 12/17/14 0.0000 0.4014 1.2648 - 1.6662 10.55
12/04/13 12/05/13 12/05/13 0.0000 0.5294 0.4425 - 0.9719 12.24
12/05/12 12/06/12 12/06/12 0.0295 0.0070 0.5186 - 0.5551 10.57
12/07/11 12/08/11 12/08/11 0.0000 - 0.7472 - 0.7472 10.43

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 on purchases held for less than 365 days 1.00
Maximum sales charge (load) imposed on reinvested dividends 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 1.00
Other expenses 0.27
Total annual Fund operating expenses 2.27

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. In addition, as of 12/31/16 the Fund invested 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 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 in foreign securities (measured at the time of investment), which may involve political, economic, currency, and other risks not encountered in U.S. investments. (Please see "Investing in Foreign Securities" in the prospectus.)

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.

The Price-Earnings, or P/E, Ratio is calculated by dividing a company's share price by its trailing 12-month earnings-per-share (EPS). The Fund's P/E ratio calculation excludes companies with zero or negative earnings. The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share. Standard deviation is a statistical measure within which a fund's total returns have varied over time. The greater the standard deviation, the greater a fund's volatility. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell© is a trademark of Russell Investment Group. The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Managed by Jay Kaplan since 2013 (co-manager 2003-2013)

3/30/2006 12:00:00 AM

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