Royce Total Return Fund (RYTRX, RYTFX, RYTCX, RTRIX, RTRWX, RTRRX, RTRKX)
15

At a Glance

Why invest in Total Return?

  • Small-cap value fund (generally market caps up to $3 billion) that invests primarily in dividend-paying companies with high returns on invested capital and strong fundamentals
  • Focuses on quality businesses with the ability to generate excess cash flow and attractive prospects that are selling at prices Royce believes do not fully reflect these attributes
  • Has a long-term history of low volatility and better risk-adjusted returns than its benchmark, the Russell 2000 Index

Fund Materials

PDF Factsheet
Link Summary Prospectus
Link Prospectus
Link Semiannual Report
Link Annual Report
Prospectuses & Reports
Manager Commentary

See All

As of 09/30/17

  • Small-Cap
    Value Approach
    $2.21B
    Avg. Market Cap
  • Low
    Volatility
    90%
    Active Share
  • Lead Manager
    Tenure
    23+
    Years on Fund

Portfolio Management

Assistant Portfolio Managers: George Necakov, CFA, Chris Flynn

"The process consists of three key elements: We devote as much attention to risk as we do to potential returns—capital preservation means as much as capital appreciation; we have an absolute return orientation that fosters realistic expectations for the stocks we buy; and we have a long-term investment horizon for the dividend-paying companies that we own and the portfolio itself."
Chuck Royce

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Quarter, 20-Year and since inception (12/15/93) periods as of 09/30/17.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Total Return 5.91 8.8519.1410.2712.137.1310.109.1910.96 12/15/93
Russell 2000 5.67 10.9420.7412.1813.797.8511.377.539.26 N/A

Annual Operating Expenses: 1.21

OCT YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Total Return 1.42 10.4025.349.0912.357.0610.049.2910.99 12/15/93
Russell 2000 0.85 11.8927.8510.1214.497.6311.197.829.27 N/A

Annual Operating Expenses: 1.21

NOV YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
Total Return 0.47 10.9115.299.1912.777.909.939.2810.98 12/15/93
Russell 2000 0.12 12.0215.8110.2315.208.7210.907.799.25 N/A

Annual Operating Expenses: 1.21

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, 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 57% of all 10-Year periods; and 62% of all 5-Year periods.

For 98% of the periods, 10-year average annual total returns were greater than 5%.

Relative Returns: Monthly Rolling Average Annual Return Periods 20 Years Through 09/30/17

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
69/121
57 8.0 6.7
5-year
112/181
62 9.4 7.9
1-year
114/229
50 10.2 9.4

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% 55 33
> 5% and ≤ 10% 108 65
> 0% and ≤ 5% 3 2
≤ 0% 0 0

The Fund averaged a 9.6% return over all 166 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 from the 6/23/15 index peak through current (9/30/17) and in one of the two previous full market cycle periods.
Peak-Peak - 07/13/07 - 04/29/11
Total Return6.8%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Total Return44.8%
Russell 200058.5%

Peak-Current - 06/23/15 - 09/30/17
Total Return22.3%
Russell 200018.9%

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 12/15/93 and 09/30/17

Total Return$118,860.14
Russell 2000$82,308.70

Portfolio Impactas of 09/30/17

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
25.93
8.09
2.14
Materials
13.75
9.76
1.41
Financials
26.97
3.59
0.90
Information Technology
6.26
9.34
0.58
Health Care
5.03
8.50
0.45
Consumer Discretionary
9.50
5.12
0.43
Energy
3.17
8.10
0.28
Utilities
2.40
7.25
0.18
Consumer Staples
3.05
1.17
0.03
Real Estate
0.34
2.69
0.01
Telecommunication Services
1.00
-10.66
-0.12
Cash
2.60
0.26
0.01
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials0.80
ChemicalsMaterials0.61
Commercial Services & SuppliesIndustrials0.44
BanksFinancials0.42
Semiconductors & Semiconductor EquipmentInformation Technology0.37

Top Detractors

INDUSTRYSECTORGAIN (%)
Technology Hardware, Storage & PeripheralsInformation Technology-0.16
Diversified Telecommunication ServicesTelecommunication Services-0.13
Internet & Direct Marketing RetailConsumer Discretionary-0.06
Household DurablesConsumer Discretionary-0.04
MediaConsumer Discretionary-0.03

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Albemarle CorporationChemicalsMaterials0.38
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.36
Ash Grove CementConstruction MaterialsMaterials0.36
LandauerHealth Care Providers & ServicesHealth Care0.30
Thor IndustriesAutomobilesConsumer Discretionary0.23

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Diebold NixdorfTechnology Hardware, Storage & PeripheralsInformation Technology-0.16
Tennant CompanyMachineryIndustrials-0.15
ATN InternationalDiversified Telecommunication ServicesTelecommunication Services-0.13
SEACOR Marine HoldingsEnergy Equipment & ServicesEnergy-0.09
LSI IndustriesElectrical EquipmentIndustrials-0.09
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
25.90
13.29
3.42
Financials
26.45
11.02
2.86
Materials
13.25
18.10
2.44
Information Technology
6.28
19.46
1.19
Health Care
4.80
21.31
1.01
Utilities
2.16
9.43
0.23
Real Estate
0.34
12.77
0.04
Energy
3.27
-5.35
-0.20
Telecommunication Services
1.02
-18.27
-0.21
Consumer Staples
3.30
-7.86
-0.32
Consumer Discretionary
10.60
-3.07
-0.63
Cash
2.64
0.63
0.02
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials1.56
ChemicalsMaterials1.38
MachineryIndustrials1.24
Professional ServicesIndustrials0.78
Health Care Equipment & SuppliesHealth Care0.74

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.85
Food ProductsConsumer Staples-0.28
Energy Equipment & ServicesEnergy-0.25
Diversified Telecommunication ServicesTelecommunication Services-0.21
Household DurablesConsumer Discretionary-0.16

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Albemarle CorporationChemicalsMaterials0.63
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.49
TeleflexHealth Care Equipment & SuppliesHealth Care0.48
ManpowerGroupProfessional ServicesIndustrials0.45
LandauerHealth Care Providers & ServicesHealth Care0.39

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.27
ATN InternationalDiversified Telecommunication ServicesTelecommunication Services-0.21
HNI CorporationCommercial Services & SuppliesIndustrials-0.20
GenescoSpecialty RetailConsumer Discretionary-0.20
Owens & MinorHealth Care Providers & ServicesHealth Care-0.14
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
25.75
27.57
7.08
Financials
26.37
23.61
5.99
Materials
13.18
25.04
3.28
Information Technology
6.40
36.51
2.21
Health Care
4.83
22.67
1.00
Consumer Discretionary
11.03
5.05
0.54
Utilities
2.10
24.32
0.51
Energy
3.20
10.96
0.28
Real Estate
0.35
10.50
0.03
Telecommunication Services
1.02
-6.02
-0.06
Consumer Staples
3.39
-3.83
-0.14
Cash
2.37
0.74
0.02
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials2.49
BanksFinancials2.14
ChemicalsMaterials2.06
Capital MarketsFinancials1.77
Professional ServicesIndustrials1.65

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.82
Food & Staples RetailingConsumer Staples-0.11
Diversified Telecommunication ServicesTelecommunication Services-0.08
Technology Hardware, Storage & PeripheralsInformation Technology-0.07
Food ProductsConsumer Staples-0.07

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
ManpowerGroupProfessional ServicesIndustrials0.75
Quaker ChemicalChemicalsMaterials0.69
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.66
Albemarle CorporationChemicalsMaterials0.63
Thor IndustriesAutomobilesConsumer Discretionary0.59

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Cato Corporation (The) Cl. ASpecialty RetailConsumer Discretionary-0.32
LSI IndustriesElectrical EquipmentIndustrials-0.18
Owens & MinorHealth Care Providers & ServicesHealth Care-0.13
Monro Muffler BrakeSpecialty RetailConsumer Discretionary-0.12
Buckle (The)Specialty RetailConsumer Discretionary-0.12
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
22.93
45.19
10.80
Financials
26.02
42.63
10.47
Materials
11.99
65.29
7.97
Information Technology
7.57
66.99
4.33
Health Care
5.92
64.97
3.54
Consumer Discretionary
11.93
14.58
1.98
Utilities
2.23
88.90
1.88
Consumer Staples
3.85
27.96
1.27
Real Estate
0.81
49.63
0.34
Telecommunication Services
0.99
14.93
0.17
Energy
3.57
-39.56
-3.40
Cash
2.17
0.99
0.03
Unclassified
0.01
45.18
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
InsuranceFinancials5.13
ChemicalsMaterials5.00
BanksFinancials3.11
MachineryIndustrials2.85
Commercial Services & SuppliesIndustrials2.53

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-3.07
Specialty RetailConsumer Discretionary-1.35
Multiline RetailConsumer Discretionary-0.42
Technology Hardware, Storage & PeripheralsInformation Technology-0.38
Oil, Gas & Consumable FuelsEnergy-0.33

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Chase CorporationChemicalsMaterials1.46
Thor IndustriesAutomobilesConsumer Discretionary1.35
Quaker ChemicalChemicalsMaterials1.31
Albemarle CorporationChemicalsMaterials1.23
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology1.19

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
TidewaterEnergy Equipment & ServicesEnergy-0.67
Buckle (The)Specialty RetailConsumer Discretionary-0.48
CARBO CeramicsEnergy Equipment & ServicesEnergy-0.42
Dillard's Cl. AMultiline RetailConsumer Discretionary-0.41
Atwood OceanicsEnergy Equipment & ServicesEnergy-0.41
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
25.30
105.87
24.72
Industrials
21.49
103.83
21.64
Materials
10.68
116.95
11.30
Information Technology
7.40
139.99
8.14
Consumer Discretionary
11.93
43.46
6.31
Health Care
5.94
116.82
5.99
Consumer Staples
3.80
65.60
3.87
Utilities
2.49
152.07
3.18
Real Estate
1.59
75.44
1.57
Energy
4.56
-5.61
1.53
Telecommunication Services
0.89
26.62
0.24
Cash
3.81
1.09
0.03
Unclassified
0.13
126.15
0.72

Top Contributors

INDUSTRYSECTORGAIN (%)
InsuranceFinancials11.11
MachineryIndustrials8.58
ChemicalsMaterials7.59
Capital MarketsFinancials7.08
BanksFinancials4.64

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-0.51
Multiline RetailConsumer Discretionary-0.39
Technology Hardware, Storage & PeripheralsInformation Technology-0.30
Investment CompaniesFinancials-0.21
Food & Staples RetailingConsumer Staples-0.08

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Chase CorporationChemicalsMaterials1.77
Quaker ChemicalChemicalsMaterials1.71
Thor IndustriesAutomobilesConsumer Discretionary1.67
A. O. Smith CorporationBuilding ProductsIndustrials1.51
Albemarle CorporationChemicalsMaterials1.39

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
TidewaterEnergy Equipment & ServicesEnergy-0.77
Ascena Retail GroupSpecialty RetailConsumer Discretionary-0.65
Atwood OceanicsEnergy Equipment & ServicesEnergy-0.41
Dillard's Cl. AMultiline RetailConsumer Discretionary-0.38
Diebold NixdorfTechnology Hardware, Storage & PeripheralsInformation Technology-0.33

Risk

Low Volatility vs. Peer Group as of 09/30/17

The Fund has a low volatility within its peer group of 523 Small-Cap Funds based on 5-year rolling standard deviation.

Down Market Performance Comparisonas of 09/30/17

The Fund outperformed the Russell 2000 during all six downturns of 15% or more from the index’s prior historical high since the Fund’s inception.

Market Downturns (%)

DownMarketImg
Outperformed in 15 out of 17 down quarters.

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)TOTAL RETURN (%)SPREAD (%)
03/31/16-1.5+5.2+6.7
09/30/15-11.9-9.6+2.3
09/30/14-7.4-6.5+0.9
06/30/12-3.5-4.3-0.8
09/30/11-21.9-17.0+4.9
06/30/11-1.6-0.9+0.7
06/30/10-9.9-7.7+2.2
03/31/09-15.0-12.0+3.0
12/31/08-26.1-23.2+2.9
09/30/08-1.1-4.8-3.7
03/31/08-9.9-5.6+4.3
12/31/07-4.6-3.5+1.1
09/30/07-3.1-2.5+0.6
06/30/06-5.0-3.5+1.5
03/31/05-5.3-1.1+4.2
09/30/04-2.9+0.1+3.0
03/31/03-4.5-4.3+0.2

Capture Ratios Fund's First Full Quarter (12/31/93) to 09/30/17

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 09/30/17

Over the past 10 years, the Fund produced lower volatility than the Russell 2000 Index.
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 with lower volatility.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 09/30/17

The Fund performed within the top 50% of small-cap objective funds on a risk-adjusted basis, as shown by its Sharpe ratio. In addition, the Fund produced lower volatility than the Russell 2000 and 50% of small-cap objective funds, as shown by its standard deviation.
The Fund beat the Russell 2000 and performed within the top 50% of small-cap objective funds on a risk-adjusted basis, as shown by its Sharpe ratio. In addition, the Fund produced lower volatility than the Russell 2000 and 90% of small-cap objective funds, as shown by its standard deviation.
The Fund beat the Russell 2000 and performed within the top 50% of small-cap objective funds on a risk-adjusted basis, as shown by its Sharpe ratio. In addition, the Fund produced lower volatility than the Russell 2000 and 90% of small-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
Total Return0.4816.59
Russell 20000.4620.06
Category Median0.4519.74
Best Decile Breakpoint0.5417.77

Category Median and Best Decile Breakpoint based on 421 small-cap objective funds (oldest class only) with at least ten years of history.
Sharpe Ratio Standard Deviation
Total Return
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/17

mstar-RYTRX

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 09/30/17

  RYTRX Russell 2000
Average Market Cap
2.21B
1.76B
90%
-
2016 Portfolio Turnover
16%
-
Weighted Average P/E,
19.5x
22.6x
Weighted Average P/B
2.2x
2.3x
U.S. Investments (% of Net Assets)
85.8%
-
Non-U.S. Investments (% of Net Assets)
12.3%
-

Portfolio Allocation

  • Total
    Holdings
    274

Top 200 holdings represented 96% of the Fund's equity investments as of 09/30/17.

SECTORS
RYTRX (%) RUSSELL
2000 (%)
Industrials
27.3
15.1
Financials
26.2
18.1
Materials
14.1
4.4
Consumer Discretionary
9.1
11.9
Information Technology
6.7
16.8
Health Care
4.6
15.5
Energy
3.3
3.7
Consumer Staples
3.0
2.7
Utilities
2.4
3.6
Telecommunication Services
0.9
0.8
Real Estate
0.4
7.2
Bonds & Preferreds
0.2
-
Cash and Cash Equivalents
1.9
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Quaker Chemical
2.0
E-L Financial
1.8
ManpowerGroup
1.7
Erie Indemnity Cl. A
1.6
Albemarle Corporation
1.4
Woodward
1.4
Teleflex
1.3
Thor Industries
1.3
Tennant Company
1.2
MKS Instruments
1.2
BOK Financial
1.1
Franklin Electric
1.1
Chase Corporation
1.1
Landauer
1.1
Clarkson
1.1
Alleghany Corporation
1.0
Methode Electronics
1.0
Hubbell Cl. B
1.0
First Citizens BancShares Cl. A
1.0
Balchem Corporation
1.0
Top 20 as % of Net Assets
25.4

SECTORS
RYTRX (%) RUSSELL
2000 (%)
Industrials
27.6
-
Financials
26.2
-
Materials
14.2
-
Consumer Discretionary
9.3
-
Information Technology
6.6
-
Health Care
3.5
-
Energy
3.3
-
Consumer Staples
2.9
-
Utilities
2.4
-
Telecommunication Services
1.0
-
Real Estate
0.3
-
Bonds & Preferreds
0.2
-
Cash and Cash Equivalents
2.4
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Quaker Chemical
2.1
ManpowerGroup
1.7
E-L Financial
1.7
Erie Indemnity Cl. A
1.6
Albemarle Corporation
1.4
Thor Industries
1.4
Woodward
1.4
MKS Instruments
1.3
Teleflex
1.3
Tennant Company
1.3
Chase Corporation
1.2
Franklin Electric
1.1
Hubbell Cl. B
1.1
Clarkson
1.1
First Citizens BancShares Cl. A
1.1
BOK Financial
1.1
Alleghany Corporation
1.1
Balchem Corporation
1.0
Methode Electronics
1.0
Gentex Corporation
1.0
Top 20 as % of Net Assets
26.0

Portfolio Holdings

View the complete list of holdings for this fund as of 09/30/17. 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
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Learn more about distributions

Distributions

RECORD
DATE
EX-DATE PAYABLE
DATE
INCOME ($) SHORT
TERM
GAINS ($)
LONG
TERM
GAINS ($)
RETURN OF
CAPITAL ($)
TOTAL ($) REINVEST
PRICE ($)
09/06/17 09/07/17 09/07/17 0.0250 - - - 0.0250 13.78
06/07/17 06/08/17 06/08/17 0.0350 - - - 0.0350 13.90
03/01/17 03/02/17 03/02/17 0.0350 - - - 0.0350 14.04
12/14/16 12/15/16 12/15/16 0.1273 - 1.0906 - 1.2179 13.83
09/07/16 09/08/16 09/08/16 0.0250 - - - 0.0250 13.67
06/01/16 06/02/16 06/02/16 0.0400 - - - 0.0400 12.89
03/02/16 03/03/16 03/03/16 0.0250 - - - 0.0250 11.92
12/16/15 12/17/15 12/17/15 0.0000 - 1.6504 - 1.6504 11.86
09/02/15 09/03/15 09/03/15 0.0300 - - - 0.0300 13.68
06/03/15 06/04/15 06/04/15 0.0400 - - - 0.0400 14.93
03/04/15 03/05/15 03/05/15 0.0500 - - - 0.0500 14.77
12/16/14 12/17/14 12/17/14 0.1983 0.0456 1.5698 - 1.8137 14.37
09/03/14 09/04/14 09/04/14 0.0300 - - - 0.0300 16.62
06/04/14 06/05/14 06/05/14 0.0300 - - - 0.0300 16.51
03/05/14 03/06/14 03/06/14 0.0300 - - - 0.0300 16.54
12/04/13 12/05/13 12/05/13 0.0418 0.1382 1.2786 - 1.4586 15.93
09/04/13 09/05/13 09/05/13 0.0300 - - - 0.0300 15.84
06/05/13 06/06/13 06/06/13 0.0400 - - - 0.0400 15.41
03/06/13 03/07/13 03/07/13 0.0300 - - - 0.0300 14.80
12/27/12 12/28/12 12/28/12 0.0217 - - - 0.0217 13.40
12/05/12 12/06/12 12/06/12 0.1000 0.0273 0.5909 - 0.7182 13.39
09/05/12 09/06/12 09/06/12 0.0350 - - - 0.0350 13.85
06/06/12 06/07/12 06/07/12 0.0450 - - - 0.0450 12.78
03/07/12 03/08/12 03/08/12 0.0350 - - - 0.0350 13.53
12/07/11 12/08/11 12/08/11 0.0236 - 0.1465 - 0.1701 12.42
09/07/11 09/08/11 09/08/11 0.0350 - - - 0.0350 12.12
06/08/11 06/09/11 06/09/11 0.0350 - - - 0.0350 13.39
03/09/11 03/10/11 03/10/11 0.0250 - - - 0.0250 13.40
12/08/10 12/09/10 12/09/10 0.0346 - - - 0.0346 12.98
09/08/10 09/09/10 09/09/10 0.0350 - - - 0.0350 11.24
06/09/10 06/10/10 06/10/10 0.0500 - - - 0.0500 11.04
03/10/10 03/11/10 03/11/10 0.0350 - - - 0.0350 11.46
12/08/09 12/09/09 12/09/09 0.0313 - - - 0.0313 10.45
09/08/09 09/09/09 09/09/09 0.0300 - - - 0.0300 10.09
06/09/09 06/10/09 06/10/09 0.0350 - - - 0.0350 9.22
03/10/09 03/11/09 03/11/09 0.0400 - - - 0.0400 6.67

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 0.99
Distribution (12b-1) fees 0.00
Other expenses 0.20
Acquired fund fees and expenses 0.02
Total annual Fund operating expenses 1.21
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 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 (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 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. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. 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.

Chuck Royce lead manager since 2013 (co-manager 2011-2013 and manager 1993-2011), Jay Kaplan since 2011 (assistant portfolio manager 2005-2011), assistants George Necakov since 2005 and Chris Flynn since 2007

12/15/1993 12:00:00 AM

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