206

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 70% of all monthly rolling 10-year periods since inception through 6/30/16

As of 06/30/16

  • Small-Cap
    Value Approach
    $1.13B
    Avg. Market Cap
  • Average
    Volatility
    97%
    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 Year To Date, 15-Year and since inception (06/14/01) periods as of 06/30/16.
QTR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Small-Cap Value -5.66 2.97-9.882.121.824.558.598.85 06/14/01
Russell 2000 3.79 2.22-6.737.098.356.206.967.19 N/A

Annual Operating Expenses: 1.83

AUG YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Small-Cap Value 0.88 9.262.103.845.185.309.589.17 06/14/01
Russell 2000 1.77 10.238.598.5312.857.048.137.64 N/A

Annual Operating Expenses: 1.83

SEP YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Small-Cap Value -1.52 7.604.711.157.765.3810.329.02 06/14/01
Russell 2000 1.28 11.6511.756.8415.587.209.767.70 N/A

Annual Operating Expenses: 1.83

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 performance may be higher or lower than performance quoted. Current month-end performance information may be obtained at www.roycefunds.com. Operating expenses reflect the Fund's total annual operating expenses for the R 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 R Class shares on 9/14/07 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 9/14/07 would have been lower.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 70% of all 10-Year periods; 60% of all 5-Year periods; and 57% of all 1-Year periods.

For 89% of the periods, 10-year average annual total returns were greater than 5%.

Relative Returns: Monthly Rolling Average Annual Return Periods Since Inception Through 06/30/16

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
43/61
70 9.6 8.0
5-year
73/121
60 9.8 8.2
1-year
96/169
57 11.4 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% 30 49
> 5% and ≤ 10% 24 39
> 0% and ≤ 5% 7 11
≤ 0% 0 0

The Fund averaged a 9.6% return over all 61 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 Value16.2%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Small-Cap Value19.4%
Russell 200058.5%

Peak-Current - 06/23/15 - 06/30/16
Small-Cap Value-13.0%
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 06/14/01 and 06/30/16

Small-Cap Value$35,820.72
Russell 2000$28,423.67

Portfolio Impactas of 06/30/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Consumer Staples
2.29
21.10
0.47
Energy
4.57
7.45
0.33
Materials
0.19
10.01
0.05
Financials
18.03
0.22
0.05
Health Care
1.26
-9.51
-0.09
Information Technology
16.50
-4.04
-0.66
Industrials
20.75
-6.63
-1.27
Consumer Discretionary
30.14
-12.12
-3.99
Cash
6.27
0.06
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Thrifts & Mortgage FinanceFinancials0.41
MachineryIndustrials0.38
Personal ProductsConsumer Staples0.36
Semiconductors & Semiconductor EquipmentInformation Technology0.33
Energy Equipment & ServicesEnergy0.33

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-2.53
Professional ServicesIndustrials-0.91
Road & RailIndustrials-0.71
Multiline RetailConsumer Discretionary-0.68
Capital MarketsFinancials-0.61

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Alamo GroupMachineryIndustrials0.41
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples0.36
Unit CorporationEnergy Equipment & ServicesEnergy0.34
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.33
Genworth MI CanadaThrifts & Mortgage FinanceFinancials0.26

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ExpressSpecialty RetailConsumer Discretionary-0.90
Buckle (The)Specialty RetailConsumer Discretionary-0.70
Dillard's Cl. AMultiline RetailConsumer Discretionary-0.68
DSW Cl. ASpecialty RetailConsumer Discretionary-0.64
Moelis & Company Cl. ACapital MarketsFinancials-0.58
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
18.22
13.72
2.76
Financials
16.83
6.92
1.00
Consumer Staples
2.85
36.66
0.83
Industrials
21.30
0.74
0.49
Health Care
0.86
-0.03
-0.05
Materials
0.99
9.58
-0.07
Consumer Discretionary
29.05
0.12
-0.23
Energy
4.62
-5.94
-0.52
Cash
5.28
0.13
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.54
Thrifts & Mortgage FinanceFinancials1.05
Road & RailIndustrials0.68
Textiles, Apparel & Luxury GoodsConsumer Discretionary0.60
Food & Staples RetailingConsumer Staples0.55

Top Detractors

INDUSTRYSECTORGAIN (%)
Professional ServicesIndustrials-1.08
Energy Equipment & ServicesEnergy-0.52
Capital MarketsFinancials-0.51
Specialty RetailConsumer Discretionary-0.44
Multiline RetailConsumer Discretionary-0.25

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology0.94
Genworth MI CanadaThrifts & Mortgage FinanceFinancials0.93
Alamo GroupMachineryIndustrials0.60
Super Micro ComputerTechnology Hardware, Storage & PeripheralsInformation Technology0.50
Fresh Market (The)Food & Staples RetailingConsumer Staples0.48

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Matrix ServiceEnergy Equipment & ServicesEnergy-0.67
Korn/Ferry InternationalProfessional ServicesIndustrials-0.62
Moelis & Company Cl. ACapital MarketsFinancials-0.51
ExpressSpecialty RetailConsumer Discretionary-0.51
Federal SignalMachineryIndustrials-0.49
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
20.47
12.37
2.39
Consumer Staples
2.70
13.32
0.56
Health Care
1.33
8.56
0.17
Materials
2.22
13.55
0.05
Financials
14.37
-1.91
-0.03
Industrials
20.11
-11.06
-1.85
Energy
5.51
-29.17
-2.38
Consumer Discretionary
28.52
-20.94
-6.68
Cash
4.77
0.17
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.73
Food & Staples RetailingConsumer Staples0.45
Semiconductors & Semiconductor EquipmentInformation Technology0.33
Technology Hardware, Storage & PeripheralsInformation Technology0.28
Communications EquipmentInformation Technology0.26

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-4.97
Energy Equipment & ServicesEnergy-2.40
Professional ServicesIndustrials-0.96
Road & RailIndustrials-0.95
Multiline RetailConsumer Discretionary-0.81

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology1.66
Alamo GroupMachineryIndustrials0.56
NETGEARCommunications EquipmentInformation Technology0.55
Fresh Market (The)Food & Staples RetailingConsumer Staples0.42
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.33

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Buckle (The)Specialty RetailConsumer Discretionary-1.38
Unit CorporationEnergy Equipment & ServicesEnergy-1.21
DSW Cl. ASpecialty RetailConsumer Discretionary-0.98
SaiaRoad & RailIndustrials-0.92
Ascena Retail GroupSpecialty RetailConsumer Discretionary-0.82
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
21.49
50.42
8.65
Financials
13.35
41.42
4.61
Health Care
3.55
81.44
2.35
Consumer Staples
2.37
-7.84
1.21
Materials
6.40
23.48
0.92
Consumer Discretionary
28.91
-1.51
-0.30
Industrials
12.37
8.58
-0.39
Energy
8.57
-44.54
-3.51
Cash
2.99
0.22
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
InsuranceFinancials3.03
Textiles, Apparel & Luxury GoodsConsumer Discretionary2.65
Health Care Providers & ServicesHealth Care2.32
Semiconductors & Semiconductor EquipmentInformation Technology2.22
Electronic Equipment, Instruments & ComponentsInformation Technology1.82

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-4.36
Energy Equipment & ServicesEnergy-3.76
Professional ServicesIndustrials-0.96
Multiline RetailConsumer Discretionary-0.81
Paper & Forest ProductsMaterials-0.50

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
G-III Apparel GroupTextiles, Apparel & Luxury GoodsConsumer Discretionary2.01
FabrinetElectronic Equipment, Instruments & ComponentsInformation Technology1.73
Molex Cl. AElectronic Equipment, Instruments & CompInformation Technology1.44
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.26
Chemed CorporationHealth Care Providers & ServicesHealth Care1.20

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Atwood OceanicsEnergy Equipment & ServicesEnergy-2.17
Unit CorporationEnergy Equipment & ServicesEnergy-1.87
Buckle (The)Specialty RetailConsumer Discretionary-1.35
SaiaRoad & RailIndustrials-1.05
Ascena Retail GroupSpecialty RetailConsumer Discretionary-0.98
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.61
55.94
9.79
Consumer Discretionary
25.25
24.69
7.70
Financials
14.58
75.39
7.68
Health Care
4.29
107.28
3.33
Consumer Staples
2.21
41.94
2.93
Industrials
11.01
17.79
1.27
Energy
9.70
-51.95
-5.12
Materials
10.73
-6.39
-5.89
Cash
2.61
0.34
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
InsuranceFinancials6.69
Textiles, Apparel & Luxury GoodsConsumer Discretionary4.02
Health Care Providers & ServicesHealth Care3.37
ChemicalsMaterials3.04
Electronic Equipment, Instruments & ComponentsInformation Technology2.46

Top Detractors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials-8.91
Energy Equipment & ServicesEnergy-4.89
Electrical EquipmentIndustrials-1.28
Professional ServicesIndustrials-0.96
Multiline RetailConsumer Discretionary-0.80

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Westlake ChemicalChemicalsMaterials2.88
Thor IndustriesAutomobilesConsumer Discretionary2.44
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples2.29
G-III Apparel GroupTextiles, Apparel & Luxury GoodsConsumer Discretionary2.21
GameStop Corporation Cl. ASpecialty RetailConsumer Discretionary2.19

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-3.06
Atwood OceanicsEnergy Equipment & ServicesEnergy-1.95
Silver Standard ResourcesMetals & MiningMaterials-1.72
Schnitzer Steel Industries Cl. AMetals & MiningMaterials-1.69
Pan American SilverMetals & MiningMaterials-1.62

Risk

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

The Fund has a 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 seven 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
09/30/15-11.9-11.0+0.9
09/30/14-7.4-5.7+1.7
06/30/12-3.5-11.2-7.7
09/30/11-21.9-22.1-0.2
06/30/11-1.6-3.6-2.0
06/30/10-9.9-8.2+1.7
03/31/09-15.0-6.2+8.8
12/31/08-26.1-27.2-1.1
09/30/08-1.1-16.3-15.2
03/31/08-9.9+0.1+10.0
12/31/07-4.6-4.5+0.1
09/30/07-3.1-4.4-1.3
06/30/06-5.0-5.9-0.9
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
09/30/01-20.8-15.4+5.4

Capture Ratios Fund's First Full Quarter (06/30/01) 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 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 06/30/16

The Fund produced lower volatility than the Russell 2000 and 75% 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.
Sharpe RatioStandard Deviation
Small-Cap Value0.2819.88
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 Value
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/16

mstar-RVVRX

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

  RVVRX Russell 2000
Average Market Cap
1.13B
1.37B
97%
-
2015 Portfolio Turnover
60%
-
Weighted Average P/E,
14.0x
19.6x
Weighted Average P/B
1.6x
2.0x
U.S. Investments (% of Net Assets)
88.0%
-
Non-U.S. Investments (% of Net Assets)
3.6%
-

Portfolio Allocation

  • Total
    Holdings
    64


SECTORS
RVVRX (%) RUSSELL
2000 (%)
Consumer Discretionary
29.6
13.5
Industrials
19.1
13.8
Financials
18.4
25.8
Information Technology
15.4
17.3
Energy
4.4
3.0
Consumer Staples
2.5
3.1
Health Care
2.2
13.6
Materials
-
4.6
Utilities
-
4.3
Telecommunication Services
-
0.9
Cash and Cash Equivalents
8.4
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
3.0
PC Connection
3.0
Spirit Airlines
2.9
Vishay Intertechnology
2.8
Shoe Carnival
2.8
Gentex Corporation
2.6
TrustCo Bank Corp. NY
2.6
Matrix Service
2.6
Express
2.5
Buckle (The)
2.5
American Eagle Outfitters
2.5
Moelis & Company Cl. A
2.4
DSW Cl. A
2.3
Saia
2.3
Dillard's Cl. A
2.2
Brocade Communications Systems
2.0
Super Micro Computer
2.0
Deckers Outdoor
2.0
Reinsurance Group of America
2.0
Benchmark Electronics
1.9
Top 20 as % of Net Assets
48.9

SECTORS
RVVRX (%) RUSSELL
2000 (%)
Consumer Discretionary
29.6
-
Industrials
19.0
-
Financials
19.0
-
Information Technology
14.8
-
Energy
3.7
-
Health Care
2.8
-
Consumer Staples
1.8
-
Cash and Cash Equivalents
9.3
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Genworth MI Canada
3.0
PC Connection
3.0
Vishay Intertechnology
3.0
Gentex Corporation
2.9
Shoe Carnival
2.9
Express
2.7
TrustCo Bank Corp. NY
2.7
American Eagle Outfitters
2.6
Spirit Airlines
2.6
Moelis & Company Cl. A
2.6
Buckle (The)
2.5
Dillard's Cl. A
2.4
Saia
2.3
Matrix Service
2.2
Korn/Ferry International
2.1
Deckers Outdoor
2.1
Cato Corporation (The) Cl. A
2.0
DSW Cl. A
2.0
Genesco
2.0
Reinsurance Group of America
1.9
Top 20 as % of Net Assets
49.5

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 0.0195 0.0600 1.5940 - 1.6735 8.43
12/16/14 12/17/14 12/17/14 0.0000 0.4014 1.2648 - 1.6662 11.10
12/04/13 12/05/13 12/05/13 0.0000 0.5294 0.4425 - 0.9719 12.73
12/05/12 12/06/12 12/06/12 0.0706 0.0070 0.5186 - 0.5962 10.91
12/07/11 12/08/11 12/08/11 0.0388 - 0.7472 - 0.7860 10.75
12/08/10 12/09/10 12/09/10 0.0036 - - - 0.0036 12.25

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 0.33
Total annual Fund operating expenses 1.83

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 06/30/16 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)

9/14/2007 12:00:00 AM

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