139

At a Glance

Why invest in Smaller-Companies Growth?

  • Small/mid-cap growth fund (generally market caps up to $7.5 billion) that invests in companies with superior revenue and/or earnings growth selling at prices that Royce believes do not fully reflect their prospects
  • Seeks companies that look poised for multi-year periods of robust growth driven by sustainable competitive advantages and/or benefiting from secular growth themes that create favorable conditions for the business
  • Average annual total return of 10.6% since inception (6/14/01) through 3/31/17

As of 03/31/17

  • Small/Mid-Cap
    Growth Approach
    $1.33B
    Avg. Market Cap
  • High
    Volatility
    94%
    Active Share
  • Lead Manager
    Tenure
    13+
    Years on Fund

Portfolio Management

"We’re looking for recurring revenues and sustainable business models as opposed to very high-growth, shot-in-the-dark, one-time winners. We want companies that have established themselves as industry leaders in an emerging growth area with a distinct niche."
Chip Skinner

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Quarter, Year To Date, 15-Year and since inception (06/14/01) periods as of 03/31/17.
QTR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Smaller-Companies Growth 4.88 4.8819.243.448.333.809.1310.56 06/14/01
Russell 2000 2.47 2.4726.227.2212.357.128.388.17 N/A

Annual Operating Expenses: Gross 2.35 Net 2.24

APR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Smaller-Companies Growth 1.09 6.0219.535.288.943.629.4610.58 06/14/01
Russell 2000 1.10 3.5925.639.0312.957.058.398.20 N/A

Annual Operating Expenses: Gross 2.35 Net 2.24

MAY YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Smaller-Companies Growth 1.47 7.5825.596.1811.013.379.4510.64 06/14/01
Russell 2000 -1.30 2.2426.058.5514.126.628.438.08 N/A

Annual Operating Expenses: Gross 2.35 Net 2.24

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, LLC, 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. Gross operating expenses reflect the Fund's gross total annual operating expenses for the Consultant Class and include management fees, 12b-1 distribution and service fees, and other expenses. All expense information is reported as of the Fund's most current prospectus. Royce and Associates has contractually agreed to waive fees and/or reimburse 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 2.24% through April 30, 2018.

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

For 77% 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% 19 27
> 5% and ≤ 10% 35 50
> 0% and ≤ 5% 16 23
≤ 0% 0 0

The Fund averaged a 7.9% return over all 70 10-year monthly rolling return periods.

Market Cycle Performance

Peak-Peak - 07/13/07 - 04/29/11
Smaller-Companies Growth-5.8%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Smaller-Companies Growth40.6%
Russell 200058.5%

Peak-Current - 06/23/15 - 03/31/17
Smaller-Companies Growth-0.5%
Russell 20009.8%

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 03/31/17

Smaller-Companies Growth$48,833.87
Russell 2000$34,564.55

Portfolio Impactas of 03/31/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
31.96
10.56
3.24
Health Care
14.22
13.21
1.81
Industrials
11.32
11.70
1.27
Financials
11.52
2.23
0.21
Real Estate
1.65
11.25
0.18
Telecommunication Services
0.71
15.48
0.10
Materials
5.48
0.88
0.02
Consumer Staples
2.44
-6.82
-0.20
Consumer Discretionary
9.46
-2.71
-0.26
Energy
7.23
-7.24
-0.79
Cash
4.01
0.15
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment Instruments & ComponentsInformation Technology1.83
SoftwareInformation Technology0.86
BiotechnologyHealth Care0.59
Internet Software & ServicesInformation Technology0.57
Health Care Equipment & SuppliesHealth Care0.50

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-0.49
Oil Gas & Consumable FuelsEnergy-0.30
Metals & MiningMaterials-0.29
Specialty RetailConsumer Discretionary-0.28
Food & Staples RetailingConsumer Staples-0.24

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
CoherentElectronic Equipment Instruments & ComponentsInformation Technology0.68
Paylocity Holding CorporationSoftwareInformation Technology0.49
Shopify Cl. AInternet Software & ServicesInformation Technology0.49
Universal DisplayElectronic Equipment Instruments & ComponentsInformation Technology0.41
ZELTIQ AestheticsHealth Care Equipment & SuppliesHealth Care0.40

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
comScoreInternet Software & ServicesInformation Technology-0.36
OrocobreMetals & MiningMaterials-0.29
Boot Barn HoldingsSpecialty RetailConsumer Discretionary-0.29
Unit CorporationEnergy Equipment & ServicesEnergy-0.18
WisdomTree InvestmentsCapital MarketsFinancials-0.18
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
31.96
10.56
3.24
Health Care
14.22
13.21
1.81
Industrials
11.32
11.70
1.27
Financials
11.52
2.23
0.21
Real Estate
1.65
11.25
0.18
Telecommunication Services
0.71
15.48
0.10
Materials
5.48
0.88
0.02
Consumer Staples
2.44
-6.82
-0.20
Consumer Discretionary
9.46
-2.71
-0.26
Energy
7.23
-7.24
-0.79
Cash
4.01
0.15
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment Instruments & ComponentsInformation Technology1.83
SoftwareInformation Technology0.86
BiotechnologyHealth Care0.59
Internet Software & ServicesInformation Technology0.57
Health Care Equipment & SuppliesHealth Care0.50

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-0.49
Oil Gas & Consumable FuelsEnergy-0.30
Metals & MiningMaterials-0.29
Specialty RetailConsumer Discretionary-0.28
Food & Staples RetailingConsumer Staples-0.24

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
CoherentElectronic Equipment Instruments & ComponentsInformation Technology0.68
Paylocity Holding CorporationSoftwareInformation Technology0.49
Shopify Cl. AInternet Software & ServicesInformation Technology0.49
Universal DisplayElectronic Equipment Instruments & ComponentsInformation Technology0.41
ZELTIQ AestheticsHealth Care Equipment & SuppliesHealth Care0.40

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
comScoreInternet Software & ServicesInformation Technology-0.36
OrocobreMetals & MiningMaterials-0.29
Boot Barn HoldingsSpecialty RetailConsumer Discretionary-0.29
Unit CorporationEnergy Equipment & ServicesEnergy-0.18
WisdomTree InvestmentsCapital MarketsFinancials-0.18
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
28.57
19.93
5.62
Health Care
14.01
36.25
4.56
Industrials
11.95
28.54
3.26
Financials
9.63
25.28
2.37
Energy
7.07
30.42
1.94
Consumer Discretionary
12.07
10.57
1.52
Materials
4.40
46.33
1.20
Real Estate
2.37
8.19
0.03
Telecommunication Services
1.04
-5.73
-0.18
Consumer Staples
2.44
-17.77
-0.74
Cash
5.55
0.39
0.02
Unclassified
0.91
204.50
1.94

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment Instruments & ComponentsInformation Technology2.87
Health Care Providers & ServicesHealth Care2.30
BanksFinancials2.04
Health Care Equipment & SuppliesHealth Care1.86
Internet Software & ServicesInformation Technology1.56

Top Detractors

INDUSTRYSECTORGAIN (%)
Food & Staples RetailingConsumer Staples-0.67
Communications EquipmentInformation Technology-0.64
Textiles Apparel & Luxury GoodsConsumer Discretionary-0.61
PharmaceuticalsHealth Care-0.49
InsuranceFinancials-0.28

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
BioTelemetryHealth Care Providers & ServicesHealth Care1.52
Unit CorporationEnergy Equipment & ServicesEnergy1.34
iRobot CorporationHousehold DurablesConsumer Discretionary1.12
Mercury SystemsAerospace & DefenseIndustrials1.04
CoherentElectronic Equipment Instruments & ComponentsInformation Technology1.03

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Rubicon ProjectSoftwareInformation Technology-1.03
Natural Grocers by Vitamin CottageFood & Staples RetailingConsumer Staples-0.78
LipocinePharmaceuticalsHealth Care-0.69
Infinera CorporationCommunications EquipmentInformation Technology-0.64
Navigator HoldingsOil Gas & Consumable FuelsEnergy-0.63
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Health Care
15.44
102.09
9.61
Information Technology
23.32
20.40
8.30
Industrials
13.86
38.53
3.81
Financials
9.50
16.23
1.17
Real Estate
1.85
89.57
1.01
Telecommunication Services
0.97
51.35
0.97
Materials
3.66
4.83
0.09
Consumer Discretionary
15.50
-2.44
-0.97
Energy
5.60
-51.25
-2.36
Consumer Staples
3.23
-49.45
-2.88
Cash
4.67
0.52
0.03
Unclassified
2.41
12.27
-1.62

Top Contributors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care4.03
Electronic Equipment Instruments & ComponentsInformation Technology3.94
BanksFinancials2.42
Health Care Equipment & SuppliesHealth Care2.38
Aerospace & DefenseIndustrials2.20

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-3.91
Food & Staples RetailingConsumer Staples-1.49
Metals & MiningMaterials-1.39
Food ProductsConsumer Staples-1.15
Oil Gas & Consumable FuelsEnergy-1.14

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Anacor PharmaceuticalsBiotechnologyHealth Care2.26
Mercury SystemsAerospace & DefenseIndustrials2.20
InogenHealth Care Equipment & SuppliesHealth Care1.86
Paylocity Holding CorporationSoftwareInformation Technology1.66
Cambrex CorporationLife Sciences Tools & ServicesHealth Care1.58

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Container Store Group (The)Specialty RetailConsumer Discretionary-4.05
Capstone TurbineElectrical EquipmentIndustrials-1.31
SunOptaFood ProductsConsumer Staples-1.28
LipocinePharmaceuticalsHealth Care-1.15
Triangle PetroleumOil Gas & Consumable FuelsEnergy-1.11
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
22.59
67.90
18.46
Health Care
13.55
245.12
18.13
Industrials
16.14
104.66
14.31
Financials
10.82
67.42
8.26
Consumer Discretionary
13.17
44.56
4.37
Materials
5.95
43.08
3.84
Real Estate
1.33
162.09
1.37
Telecommunication Services
0.58
51.35
0.97
Energy
4.85
-24.66
-0.20
Consumer Staples
2.77
-40.42
-2.61
Cash
4.32
0.64
0.04
Unclassified
3.93
43.66
0.63

Top Contributors

INDUSTRYSECTORGAIN (%)
BiotechnologyHealth Care8.68
Electronic Equipment Instruments & ComponentsInformation Technology8.44
BanksFinancials5.30
SoftwareInformation Technology4.70
Life Sciences Tools & ServicesHealth Care3.59

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-2.21
Oil Gas & Consumable FuelsEnergy-1.52
Food ProductsConsumer Staples-1.23
Food & Staples RetailingConsumer Staples-1.20
Diversified Financial ServicesFinancials-0.63

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
IPG PhotonicsElectronic Equipment Instruments & ComponentsInformation Technology2.63
Anacor PharmaceuticalsBiotechnologyHealth Care2.26
Eagle MaterialsConstruction MaterialsMaterials2.12
Acuity BrandsElectrical EquipmentIndustrials2.11
Enterprise Financial ServicesBanksFinancials1.94

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Container Store Group (The)Specialty RetailConsumer Discretionary-4.05
LipocinePharmaceuticalsHealth Care-1.15
Triangle PetroleumOil Gas & Consumable FuelsEnergy-1.11
Navigator HoldingsOil Gas & Consumable FuelsEnergy-1.07
Natural Grocers by Vitamin CottageFood & Staples RetailingConsumer Staples-1.00

Risk

High Volatility vs. Peer Group as of 03/31/17

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

Down Market Performance Comparisonas of 03/31/17

The Fund outperformed the Russell 2000 during three 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 (%)SMALLER-COMPANIES GROWTH (%)SPREAD (%)
03/31/16-1.5-4.5-3.0
09/30/15-11.9-11.3+0.6
09/30/14-7.4-6.8+0.6
06/30/12-3.5-8.1-4.6
09/30/11-21.9-22.6-0.7
06/30/11-1.6-2.8-1.2
06/30/10-9.9-8.1+1.8
03/31/09-15.0-6.5+8.5
12/31/08-26.1-29.1-3.0
09/30/08-1.1-10.1-9.0
03/31/08-9.9-9.90.0
12/31/07-4.6-6.9-2.3
09/30/07-3.1-2.0+1.1
06/30/06-5.0-6.1-1.1
03/31/05-5.3-5.4-0.1
09/30/04-2.9-0.2+2.7
03/31/03-4.5-3.6+0.9
09/30/02-21.4-22.3-0.9
06/30/02-8.4-9.7-1.3

Capture Ratios Fund's First Full Quarter (06/30/01) to 03/31/17

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 03/31/17

From the Fund's inception, the Fund outperformed the Russell 2000 Index.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 03/31/17

Sharpe RatioStandard Deviation
Smaller-Companies Growth0.5915.20
Russell 20000.8814.36
Category Median0.8614.02
Best Quartile Breakpoint0.9613.18

Category Median and Best Quartile Breakpoint based on 525 small-cap objective funds (oldest class only) with at least five years of history.
Sharpe Ratio Standard Deviation
Smaller-Companies Growth
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 12/31/16

mstar-RVPCX

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 03/31/17

  RVPCX Russell 2000
Average Market Cap
1.33B
1.74B
94%
-
2016 Portfolio Turnover
59%
-
Weighted Average P/B
3.0x
2.3x
3-5 Year EPS Growth (est.)
20.1%
13.9%
U.S. Investments (% of Net Assets)
84.3%
-
Non-U.S. Investments (% of Net Assets)
11.7%
-

Portfolio Allocation

  • Total
    Holdings
    113


SECTORS
RVPCX (%) RUSSELL
2000 (%)
Information Technology
32.8
17.5
Health Care
15.3
13.0
Financials
12.4
19.4
Industrials
12.1
14.3
Consumer Discretionary
8.8
12.2
Materials
5.3
5.2
Energy
4.8
3.4
Consumer Staples
1.9
2.9
Real Estate
1.8
7.8
Telecommunication Services
0.8
0.7
Utilities
-
3.7
Cash and Cash Equivalents
4.0
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
DIRTT Environmental Solutions
1.9
Financial Engines
1.9
Paylocity Holding Corporation
1.9
Zealand Pharma
1.8
ePlus
1.8
Enterprise Financial Services
1.7
Unisys Corporation
1.6
TriState Capital Holdings
1.6
IPG Photonics
1.6
Clarkson
1.6
Albemarle Corporation
1.5
Universal Display
1.5
QAD Cl. A
1.5
Northern Trust
1.3
Shopify Cl. A
1.3
Dave & Busters Entertainment
1.3
Inogen
1.3
CyberOptics Corporation
1.3
comScore
1.2
Progenics Pharmaceuticals
1.2
Top 20 as % of Net Assets
30.8

SECTORS
RVPCX (%) RUSSELL
2000 (%)
Information Technology
32.2
-
Health Care
15.3
-
Industrials
12.3
-
Financials
12.1
-
Consumer Discretionary
8.7
-
Materials
5.5
-
Energy
3.5
-
Real Estate
1.9
-
Telecommunication Services
0.8
-
Consumer Staples
0.4
-
Cash and Cash Equivalents
7.2
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Zealand Pharma
2.0
ePlus
1.9
Financial Engines
1.9
Clarkson
1.8
DIRTT Environmental Solutions
1.8
Unisys Corporation
1.8
TriState Capital Holdings
1.7
Enterprise Financial Services
1.7
IPG Photonics
1.7
Paylocity Holding Corporation
1.7
comScore
1.6
QAD Cl. A
1.6
Universal Display
1.6
Albemarle Corporation
1.6
CyberOptics Corporation
1.5
Shopify Cl. A
1.5
Inogen
1.4
Dave & Busters Entertainment
1.4
Q2 Holdings
1.3
iRobot Corporation
1.3
Top 20 as % of Net Assets
32.8

Portfolio Holdings

View the complete list of holdings for this fund as of 03/31/17. 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 0.0000 0.0046 1.2506 - 1.2552 9.76
12/16/15 12/17/15 12/17/15 0.0000 0.3185 2.4330 - 2.7515 9.95
12/16/14 12/17/14 12/17/14 0.0000 0.2879 2.9932 - 3.2811 12.82
12/04/13 12/05/13 12/05/13 0.0000 - 1.3450 - 1.3450 15.41

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 0.32
Acquired fund fees and expenses 0.01
Total annual Fund operating expenses 2.33
Fee waivers and/or expense reimbursements (0.08)
Total annual Fund operating expenses after fee waivers and/or expense reimbursements2.25
Royce and Associates has contractually agreed to waive fees and/or reimburse 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 2.24% through April 30, 2018. Total annual Fund operating expenses may differ from the expense ratio in the Fund's Financial Highlights because they include only the Fund's direct operating expenses and do not include acquired fund fees and expenses, which 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.

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 and mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. 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 Chip Skinner since 2007 (co-manager 2003-2007)

3/30/2006 12:00:00 AM

Share:

Subscribe:

Sign Up

Follow: