189

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 11.6% since inception (6/14/01) through 6/30/17

As of 06/30/17

  • Small/Mid-Cap
    Growth Approach
    $1.52B
    Avg. Market Cap
  • High
    Volatility
    95%
    Active Share
  • Lead Manager
    Tenure
    14+
    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, 1-Year, 15-Year and since inception (06/14/01) periods as of 06/30/17.
QTR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Smaller-Companies Growth 5.93 11.4126.416.2912.524.7911.1711.60 06/14/01
Russell 2000 2.46 4.9924.607.3613.706.929.198.20 N/A

Annual Operating Expenses: 1.15

JUN YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Smaller-Companies Growth 3.22 11.4126.416.2912.524.7911.1711.60 06/14/01
Russell 2000 3.46 4.9924.607.3613.706.929.198.20 N/A

Annual Operating Expenses: 1.15

JUL YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Smaller-Companies Growth 2.32 13.9923.938.5113.385.3612.9311.70 06/14/01
Russell 2000 1.94 7.0320.189.5314.757.6810.738.29 N/A

Annual Operating Expenses: 1.15

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 Investment Class as of the Fund's most current prospectus and include management fees and other expenses.

All performance and risk information presented in this material prior to the commencement date of Investment Class shares on 3/15/07 reflects Service Class results. Shares of the Fund's Service Class bear an annual distribution expense that is not borne by the Investment Class.

Rolling Returns

For 82% 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% 27 37
> 5% and ≤ 10% 33 45
> 0% and ≤ 5% 13 18
≤ 0% 0 0

The Fund averaged a 8.7% return over all 73 10-year monthly rolling return periods.

Market Cycle Performance

Peak-Peak - 07/13/07 - 04/29/11
Smaller-Companies Growth-1.7%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Smaller-Companies Growth46.7%
Russell 200058.5%

Peak-Current - 06/23/15 - 06/30/17
Smaller-Companies Growth7.3%
Russell 200012.5%

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 06/30/17

Smaller-Companies Growth$58,148.18
Russell 2000$35,416.07

Portfolio Impactas of 06/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
34.33
9.29
3.13
Health Care
15.50
19.49
2.93
Consumer Discretionary
8.12
3.40
0.37
Materials
5.05
6.91
0.32
Real Estate
1.89
8.97
0.17
Telecommunication Services
0.82
18.32
0.14
Industrials
12.01
0.13
-0.03
Financials
11.93
-0.01
-0.09
Consumer Staples
0.45
-9.28
-0.12
Energy
3.06
-15.28
-0.65
Cash
6.83
0.22
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
Internet Software & ServicesInformation Technology1.42
SoftwareInformation Technology1.17
PharmaceuticalsHealth Care1.05
Electronic Equipment, Instruments & ComponentsInformation Technology0.86
Health Care Equipment & SuppliesHealth Care0.74

Top Detractors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology-0.46
Oil, Gas & Consumable FuelsEnergy-0.43
Specialty RetailConsumer Discretionary-0.31
MarineIndustrials-0.26
Energy Equipment & ServicesEnergy-0.22

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Clovis OncologyBiotechnologyHealth Care0.57
Supernus PharmaceuticalsPharmaceuticalsHealth Care0.49
Universal DisplayElectronic Equipment, Instruments & ComponentsInformation Technology0.48
iRobot CorporationHousehold DurablesConsumer Discretionary0.42
Shopify Cl. AInternet Software & ServicesInformation Technology0.41

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Progenics PharmaceuticalsBiotechnologyHealth Care-0.35
Boot Barn HoldingsSpecialty RetailConsumer Discretionary-0.31
Financial EnginesCapital MarketsFinancials-0.31
CyberOptics CorporationSemiconductors & Semiconductor EquipmentInformation Technology-0.30
Inphi CorporationSemiconductors & Semiconductor EquipmentInformation Technology-0.25
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
33.15
20.83
6.57
Health Care
14.87
35.27
4.85
Industrials
11.67
11.84
1.32
Real Estate
1.77
21.22
0.36
Materials
5.26
7.85
0.34
Telecommunication Services
0.77
36.64
0.25
Financials
11.73
2.22
0.13
Consumer Discretionary
8.79
0.60
0.10
Consumer Staples
1.44
-15.47
-0.33
Energy
5.14
-21.41
-1.48
Cash
5.43
0.37
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology2.80
SoftwareInformation Technology2.08
Internet Software & ServicesInformation Technology2.03
PharmaceuticalsHealth Care1.49
BiotechnologyHealth Care1.32

Top Detractors

INDUSTRYSECTORGAIN (%)
Oil, Gas & Consumable FuelsEnergy-0.75
Energy Equipment & ServicesEnergy-0.74
Specialty RetailConsumer Discretionary-0.61
Semiconductors & Semiconductor EquipmentInformation Technology-0.34
Food & Staples RetailingConsumer Staples-0.34

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Clovis OncologyBiotechnologyHealth Care0.97
Shopify Cl. AInternet Software & ServicesInformation Technology0.93
Universal DisplayElectronic Equipment, Instruments & ComponentsInformation Technology0.92
Paylocity Holding CorporationSoftwareInformation Technology0.82
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology0.81

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Boot Barn HoldingsSpecialty RetailConsumer Discretionary-0.62
Unit CorporationEnergy Equipment & ServicesEnergy-0.43
CyberOptics CorporationSemiconductors & Semiconductor EquipmentInformation Technology-0.30
RSP PermianOil, Gas & Consumable FuelsEnergy-0.26
Progenics PharmaceuticalsBiotechnologyHealth Care-0.24
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
31.58
36.81
10.64
Health Care
14.47
71.00
8.87
Financials
10.30
31.44
2.95
Consumer Discretionary
10.43
15.61
2.37
Industrials
11.82
19.82
2.27
Materials
5.06
18.48
0.85
Energy
6.21
-0.33
0.51
Telecommunication Services
0.87
13.57
0.03
Real Estate
2.18
7.11
-0.19
Consumer Staples
1.90
-16.54
-0.34
Cash
5.19
0.55
0.03

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology4.22
Internet Software & ServicesInformation Technology3.26
PharmaceuticalsHealth Care2.77
Health Care Equipment & SuppliesHealth Care2.34
BanksFinancials2.12

Top Detractors

INDUSTRYSECTORGAIN (%)
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.54
Food & Staples RetailingConsumer Staples-0.41
Commercial Services & SuppliesIndustrials-0.32
InsuranceFinancials-0.30
Communications EquipmentInformation Technology-0.26

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
iRobot CorporationHousehold DurablesConsumer Discretionary1.57
Clovis OncologyBiotechnologyHealth Care1.20
Shopify Cl. AInternet Software & ServicesInformation Technology1.19
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology1.18
ePlusElectronic Equipment, Instruments & ComponentsInformation Technology1.11

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Rubicon ProjectSoftwareInformation Technology-0.52
SecureWorks Corporation Cl. ASoftwareInformation Technology-0.32
Mobile MiniCommercial Services & SuppliesIndustrials-0.32
AirgainElectronic Equipment, Instruments & ComponentsInformation Technology-0.32
eHealthInsuranceFinancials-0.30
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Health Care
16.37
130.65
12.81
Information Technology
25.62
27.04
10.62
Industrials
13.36
41.61
4.69
Financials
9.47
34.11
2.52
Telecommunication Services
1.03
79.08
1.17
Real Estate
1.87
84.95
1.05
Materials
3.44
5.15
-0.23
Consumer Discretionary
15.68
-2.06
-1.24
Consumer Staples
3.02
-54.19
-3.20
Energy
5.15
-65.90
-5.23
Cash
4.97
0.73
0.05

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology4.81
BiotechnologyHealth Care4.53
Health Care Equipment & SuppliesHealth Care3.25
BanksFinancials2.91
SoftwareInformation Technology2.66

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-4.48
Oil, Gas & Consumable FuelsEnergy-2.67
Energy Equipment & ServicesEnergy-2.55
Metals & MiningMaterials-1.86
Food & Staples RetailingConsumer Staples-1.59

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Mercury SystemsAerospace & DefenseIndustrials2.65
Anacor PharmaceuticalsBiotechnologyHealth Care2.40
InogenHealth Care Equipment & SuppliesHealth Care2.23
Paylocity Holding CorporationSoftwareInformation Technology1.91
IPG PhotonicsElectronic Equipment, Instruments & ComponentsInformation Technology1.80

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Container Store Group (The)Specialty RetailConsumer Discretionary-4.33
SunOptaFood ProductsConsumer Staples-1.65
E2open, Inc.Internet Software & ServicesInformation Technology-1.37
Triangle PetroleumOil, Gas & Consumable FuelsEnergy-1.35
Boot Barn HoldingsSpecialty RetailConsumer Discretionary-1.27
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
26.10
95.36
29.74
Health Care
14.72
278.20
21.69
Industrials
15.76
110.92
16.17
Financials
10.08
95.76
10.49
Materials
5.60
75.55
7.93
Consumer Discretionary
13.78
46.12
5.51
Real Estate
1.42
185.59
1.63
Telecommunication Services
0.62
79.08
1.17
Energy
4.77
-28.54
0.22
Consumer Staples
2.66
-42.10
-2.53
Cash
4.48
0.85
0.05
Unclassified
0.00
-6.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology11.36
BiotechnologyHealth Care9.93
BanksFinancials6.05
SoftwareInformation Technology5.85
Semiconductors & Semiconductor EquipmentInformation Technology5.83

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-2.21
Food & Staples RetailingConsumer Staples-1.46
Oil, Gas & Consumable FuelsEnergy-0.95
Food ProductsConsumer Staples-0.84
Multiline RetailConsumer Discretionary-0.55

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
IPG PhotonicsElectronic Equipment, Instruments & ComponentsInformation Technology3.64
Acuity BrandsElectrical EquipmentIndustrials2.84
Anacor PharmaceuticalsBiotechnologyHealth Care2.40
InogenHealth Care Equipment & SuppliesHealth Care2.28
iRobot CorporationHousehold DurablesConsumer Discretionary2.17

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Container Store Group (The)Specialty RetailConsumer Discretionary-4.30
E2open, Inc.Internet Software & ServicesInformation Technology-1.60
Boot Barn HoldingsSpecialty RetailConsumer Discretionary-1.27
LipocinePharmaceuticalsHealth Care-1.22
Triangle PetroleumOil, Gas & Consumable FuelsEnergy-1.18

Risk

High Volatility vs. Peer Group as of 06/30/17

The Fund has a high volatility within its peer group of 527 Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 06/30/17

The Fund outperformed the Russell 2000 during one out of three downturns of 15% 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 (%)
03/31/16-1.5-4.3-2.8
09/30/15-11.9-11.0+0.9
09/30/14-7.4-6.5+0.9
06/30/12-3.5-7.8-4.3
09/30/11-21.9-22.4-0.5
06/30/11-1.6-2.5-0.9
06/30/10-9.9-7.9+2.0
03/31/09-15.0-6.3+8.7
12/31/08-26.1-28.9-2.8
09/30/08-1.1-9.9-8.8
03/31/08-9.9-9.6+0.3
12/31/07-4.6-6.6-2.0
09/30/07-3.1-1.9+1.2
06/30/06-5.0-5.8-0.8
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

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

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 03/31/15

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

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 06/30/17

Sharpe RatioStandard Deviation
Smaller-Companies Growth0.3120.31
Russell 20000.4120.13
Category Median0.4119.81
Best Quartile Breakpoint0.4618.89

Category Median and Best Quartile Breakpoint based on 429 small-cap objective funds (oldest class only) with at least ten years of history.
Sharpe Ratio Standard Deviation
Smaller-Companies Growth
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 03/31/17

mstar-RVPHX

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 06/30/17

  RVPHX Russell 2000
Average Market Cap
1.52B
1.63B
95%
-
2016 Portfolio Turnover
59%
-
Weighted Average P/B
3.5x
2.2x
3-5 Year EPS Growth (est.)
19.4%
12.3%
U.S. Investments (% of Net Assets)
81.7%
-
Non-U.S. Investments (% of Net Assets)
11.2%
-

Portfolio Allocation

  • Total
    Holdings
    108


SECTORS
RVPHX (%) RUSSELL
2000 (%)
Information Technology
34.1
17.0
Health Care
17.7
15.0
Financials
12.4
18.2
Industrials
12.0
14.6
Consumer Discretionary
6.2
12.5
Materials
5.9
4.4
Real Estate
1.9
7.5
Energy
1.7
3.6
Telecommunication Services
0.9
0.9
Consumer Staples
0.2
2.7
Utilities
-
3.7
Cash and Cash Equivalents
7.0
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Unisys Corporation
2.0
TriState Capital Holdings
1.8
Supernus Pharmaceuticals
1.7
QAD Cl. A
1.7
Zealand Pharma
1.7
comScore
1.7
DIRTT Environmental Solutions
1.6
Clovis Oncology
1.6
IPG Photonics
1.5
ePlus
1.5
Clarkson
1.5
Paylocity Holding Corporation
1.5
Financial Engines
1.5
Orocobre
1.4
CyberOptics Corporation
1.4
Enterprise Financial Services
1.4
Square Cl. A
1.4
Materialise ADR
1.4
Universal Display
1.4
NeoGenomics
1.3
Top 20 as % of Net Assets
31.0

SECTORS
RVPHX (%) RUSSELL
2000 (%)
Information Technology
34.1
17.0
Health Care
17.7
15.0
Financials
12.4
18.2
Industrials
12.0
14.6
Consumer Discretionary
6.2
12.5
Materials
5.9
4.4
Real Estate
1.9
7.5
Energy
1.7
3.6
Telecommunication Services
0.9
0.9
Consumer Staples
0.2
2.7
Utilities
-
3.7
Cash and Cash Equivalents
7.0
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Unisys Corporation
2.0
TriState Capital Holdings
1.8
Supernus Pharmaceuticals
1.7
QAD Cl. A
1.7
Zealand Pharma
1.7
comScore
1.7
DIRTT Environmental Solutions
1.6
Clovis Oncology
1.6
IPG Photonics
1.5
ePlus
1.5
Clarkson
1.5
Paylocity Holding Corporation
1.5
Financial Engines
1.5
Orocobre
1.4
CyberOptics Corporation
1.4
Enterprise Financial Services
1.4
Square Cl. A
1.4
Materialise ADR
1.4
Universal Display
1.4
NeoGenomics
1.3
Top 20 as % of Net Assets
31.0

Portfolio Holdings

View the complete list of holdings for this fund as of 06/30/17. 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 11.37
12/16/15 12/17/15 12/17/15 0.0000 0.3185 2.4330 - 2.7515 11.28
12/16/14 12/17/14 12/17/14 0.0000 0.2879 2.9932 - 3.2811 14.03
12/04/13 12/05/13 12/05/13 0.0035 - 1.3450 - 1.3485 16.40
12/07/11 12/08/11 12/08/11 0.1547 - - - 0.1547 11.93
12/08/10 12/09/10 12/09/10 0.0788 - - - 0.0788 13.26

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 0.00
Other expenses 0.15
Total annual Fund operating expenses 1.15

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)

3/15/2007 12:00:00 AM

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