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The Royce Funds

Small-cap value investing for more than 35 years

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  1. I Want To . . .
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  2. Royce Pennsylvania Mutual Fund (PENNX)

    Investment Class
    CORE

    Core Funds generally invest across a wide spectrum of smaller companies using a diversified approach.

     

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    1. Open to New Investors

      NAV as of 7/28/2010  $9.76
      Daily NAV change  -$0.13 (-0.01%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Charles M. Royce

      Assistant Portfolio Managers

      Jay S. Kaplan
      Lauren A. Romeo

      Top 10 Positions As of Quarter-End 6/30/10
      % of Net Assets (Subject to Change)

      SEI Investments 0.8%
      GrafTech International 0.8%
      Federated Investors Cl. B 0.8%
      Agnico-Eagle Mines 0.8%
      Eldorado Gold 0.7%
      Dress Barn (The) 0.7%
      Unit Corporation 0.7%
      AllianceBernstein Holding L.P. 0.7%
      MAXIMUS 0.7%
      Oil States International 0.7%
      Top 10 as % of Total 7.2%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Literature & Research

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    2. Royce Pennsylvania Mutual Fund (PMF) seeks long-term growth by investing primarily in small-cap and micro-cap companies, those with market capitalizations up to $2.5 billion, using a disciplined value approach. We believe that investors in the Fund should have a long-term investment horizon of at least three years.

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      Average Annual Total Returns
      as of Quarter-End 6/30/10

        2Q* YTD* 1YR 3YR 5YR 10YR 15YR 20YR
      PENNX -8.54% -2.54% 22.74% -6.82% 2.30% 8.75% 9.88% 9.95%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.63% 8.16%
        25YR 30YR 35YR
      PENNX 10.59% 12.67% 13.89%
      Russell 2000 8.44% 10.12% N/A
      Inception Date: 10/31/1972†   Annual Operating Expenses: 0.92%

      † Charles M. Royce assumed management of Royce Pennsylvania Mutual Fund in November 1972, although the Fund's inception dates back to 1962.
      * Not Annualized.

      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 180 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 performance may be higher or lower than performance quoted.

      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.

      1. Fund Statistics
        as of Quarter-End 6/30/2010

        Ticker Symbol PENNX
        Fund Net Assets (All Classes) $5.04 billion
        Number of Holdings 536
        Average Market Capitalization* $1.37 billion
        Weighted Average P/E Ratio** 16.0x
        Weighted Average P/B Ratio 1.8x
        Portfolio Turnover 2009 23%
        Minimum Investment $2,000
        Cusip Number 780905840
        Fund Number 260
        Inception Date 10/31/1972†
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (11% of portfolio holdings as of 6/30/2010).

        † Charles M. Royce assumed management of Royce Pennsylvania Mutual Fund in November 1972, although the Fund's inception dates back to 1962.

      2. Growth of Hypothetical $10,000 Invested 6/30/1985 As of Quarter-End 6/30/2010

        PENNX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 6/30/1985 As of Quarter-End 6/30/2010

      PENNX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 6/30/2010

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 6/30/2010

        Sector Name Gain/Loss*
      (in millions)
      1 Utilities -$0.09
      2 Health -$6.04
      3 Natural Resources -$22.06
      4 Financial Intermediaries -$41.53
      5 Consumer Services -$46.76
      6 Technology -$67.28
      7 Consumer Products -$67.71
      8 Financial Services -$71.03
      9 Industrial Products -$71.78
      10 Industrial Services -$83.16

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 6/30/2010

      Company Gain*
      (in millions)
      Eldorado Gold $11.70
      Cirrus Logic $11.14
      Advisory Board (The) $8.40
      American Italian Pasta Cl. A $6.48
      Randgold Resources ADR $4.64

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 6/30/2010

      Company Loss*
      (in millions)
      Waddell & Reed Financial Cl. A -$12.47
      Ethan Allen Interiors -$10.45
      Federated Investors Cl. B -$10.02
      Reliance Steel & Aluminum -$9.17
      American Eagle Outfitters -$8.25

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 6/30/10

        2Q* YTD* 1YR 3YR 5YR 10YR 15YR 20YR
      PENNX -8.54% -2.54% 22.74% -6.82% 2.30% 8.75% 9.88% 9.95%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.63% 8.16%
        25YR 30YR 35YR
      PENNX 10.59% 12.67% 13.89%
      Russell 2000 8.44% 10.12% N/A
      Annual Operating Expenses: 0.92%
      Inception Date: 10/31/1972†

      † Charles M. Royce assumed management of Royce Pennsylvania Mutual Fund in November 1972, although the Fund's inception dates back to 1962.
      * Not Annualized.

      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 180 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 performance may be higher or lower than performance quoted.

      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.


      Small-Cap Market Cycle Performance as of Quarter-End 6/30/10

      PENNX

      View how PMF performed during down markets.

      Absolute Return Focus: Five Year Return Periods as of Quarter-End 6/30/10
      Number of Five-Year Average Annual Return Periods Over the Past 35 Years

      PENNX

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/08/09 12/09/09 $0.0076 $— $— $0.01 $—
      12/08/08 12/09/08 $0.0089 $0.0002 $0.1000 $0.11 $6.51
      12/06/07 12/07/07 $0.0813 $0.2322 $0.7748 $1.09 $11.02
      12/04/06 12/05/06 $0.0376 $0.0739 $0.7001 $0.81 $11.69
      12/01/05 12/02/05 $0.0000 $0.1040 $0.5290 $0.63 $10.88
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      1. NAV History

        Previous 12 Months Ending 6/30/2010
        High $10.89 4/23/10
        Low $7.13 7/08/09
        Previous Month Ending 6/30/2010
        High $9.99 6/15/10
        Low $9.21 6/30/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $9.45
        2008 $6.94
        2007 $10.82
        2006 $11.57
        2005 $10.78
        2004 $10.14
        2003 $8.88
        2002 $6.59
        2001 $7.39
        2000 $6.88

  3. Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President, Co-Chief Investment Officer and Portfolio Manager

    Charles M. Royce is President, Co-Chief Investment Officer and Portfolio Manager of Royce & Associates, LLC and President of The Royce Funds, a position he has held since 1972.

    View Full Bio

    Education

    • BA, Brown University
    • MBA, Columbia University

    Experience

    • 47 Years of Experience
    • 37 Years at Royce

    Assistant Portfolio Managers

    Jay S. Kaplan

    Jay S. Kaplan

    • Portfolio Manager and Principal
    • CFA

    Jay S. Kaplan, CFA, is a Portfolio Manager and Principal for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BS, State University of New York, Binghamton,
    • MBA, New York University,

    Experience

    • 21 Years of Experience
    • 9 Years at Royce
    Lauren A. Romeo

    Lauren A. Romeo

    • Portfolio Manager
    • CFA

    Lauren A. Romeo, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, University of Notre Dame,
    • MBA, Wharton School, University of Pennsylvania,

    Experience

    • 17 Years of Experience
    • 6 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 6/30/2010

      Fund Net Assets (All Classes) $5.04 billion
      Number of Holdings 536
      Average Market Capitalization* $1.37 billion
      Weighted Average P/E Ratio** 16.0x
      Weighted Average P/B Ratio 1.8x
      Portfolio Turnover 2009 23%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (11% of portfolio holdings as of 6/30/2010).

      Market Cap Exposure (In Millions)
      as of Quarter-End 6/30/2010

      Royce Pennsylvania Mutual Fund

    2. Top 10 Positions
      as of Quarter-End 6/30/2010
      % of Net Assets (Subject to Change)

      SEI Investments 0.8%
      GrafTech International 0.8%
      Federated Investors Cl. B 0.8%
      Agnico-Eagle Mines 0.8%
      Eldorado Gold 0.7%
      Dress Barn (The) 0.7%
      Unit Corporation 0.7%
      AllianceBernstein Holding L.P. 0.7%
      MAXIMUS 0.7%
      Oil States International 0.7%
      Top 10 as % of Total 7.2%

      Portfolio Holdings
      as of Quarter-End 06/30/2010

      View the complete list of holdings for Royce Pennsylvania Mutual Fund for the quarter ended 06/30/2010. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.

    3. Portfolio Sector Breakdown
      as of Quarter-End 6/30/2010
      % of Net Assets (Subject to Change)

      Industrial Products 16.4%
      Technology 14.9%
      Industrial Services 14.1%
      Natural Resources 13.3%
      Financial Intermediaries 8.8%
      Consumer Products 8.6%
      Health 8.3%
      Financial Services 8.1%
      Consumer Services 6.2%
      Utilities 0.0%
      Treasuries, Cash & Cash Equivalents 1.2%

      Asset Allocation
      as of Quarter-End 6/30/2010
      % of Net Assets (Subject to Change)

      Royce Pennsylvania Mutual Fund Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Five-Year Morningstar Statistical Measures as of 6/30/2010*

        PMF Category Median Best Breakpoint
      Sharpe Ratio 0.09 0.01 0.09
      Standard Deviation 21.21 21.35 20.18

      *Five years ended 6/30/2010. Category Median and Best Quartile Breakpoint based on 315 small-cap objective funds (oldest class only) with at least five years of history.

      Risk Disclosure

      The Sharpe Ratio is calculated for a specified period by dividing a fund's annualized excess returns by its annualized standard deviation. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance.

      Risk/Return Comparison
      Five-Year Period Ended 6/30/2010

        Average Annual Total Return Standard Deviation Return Efficiency*
      PMF 2.30 21.21 0.11
      Russell 2000 0.37 21.97 0.02

      *Return Efficiency is the average annual total return divided by the annualized standard deviation over a designated time period. Please read the prospectus for a more complete discussion of risk.

      Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 6/30/10

      Quarter Russell 2000 PMF Spread
      6/30/10 -9.9% -8.5% +1.4% 
      3/31/09 -15.0 -12.0 +3.0 
      12/31/08 -26.1 -26.1 0.0 
      9/30/08 -1.1 -7.2 -6.1 
      3/31/08 -9.9 -6.3 +3.6 
      12/31/07 -4.6 -3.8 +0.8 
      9/30/07 -3.1 -2.9 +0.2 
      6/30/06 -5.0 -5.2 -0.2 
      3/31/05 -5.3 -0.7 +4.6 
      9/30/04 -2.9 +0.9 +3.8 
      3/31/03 -4.5 -5.5 -1.0 
      9/30/02 -21.4 -17.4 +4.0 
      6/30/02 -8.4 -4.9 +3.5 
      9/30/01 -20.8 -14.9 +5.9 
      3/31/01 -6.5 -0.1 +6.4 
      12/31/00 -6.9 +3.3 +10.2 
      6/30/00 -3.8 +3.7 +7.5 
      9/30/99 -6.3 -4.8 +1.5 
      3/31/99 -5.4 -12.0 -6.6 
      9/30/98 -20.1 -14.9 +5.2 
      6/30/98 -4.7 -0.7 +4.0 
      12/31/97 -3.3 -1.9 +1.4 
      3/31/97 -5.2 +0.4 +5.6 

      Royce Pennsylvania Mutual Fund outperformed the Russell 2000 in 18 out of 23 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      Royce Pennsylvania Mutual Fund vs. Russell 2000

      PMF vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 6/30/10

        2Q* YTD* 1YR 3YR 5YR 10YR 15YR 20YR
      PENNX -8.54% -2.54% 22.74% -6.82% 2.30% 8.75% 9.88% 9.95%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.63% 8.16%
        25YR 30YR 35YR
      PENNX 10.59% 12.67% 13.89%
      Russell 2000 8.44% 10.12% N/A
      Annual Operating Expenses: 0.92%
      Inception Date: 10/31/1972†

      † Charles M. Royce assumed management of Royce Pennsylvania Mutual Fund in November 1972, although the Fund's inception dates back to 1962.
      * Not Annualized.

      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 180 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 performance may be higher or lower than performance quoted.

      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.

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    1. 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) 1.00%

    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees 0.76%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.16%
      Total annual Fund operating expenses 0.92%

    3. Account Minimums

      To Open an Account
      Regular $2,000
      Traditional/Roth IRA/Coverdell ESA $1,000
      Automatic Investment and Direct Deposit Plans $1,000
      401(k)s none
      Subsequent Investments
      All Account Types $50


  7. This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. The Fund invests primarily in small-cap and micro-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 may invest up to 25% of its assets in foreign securities that may involve political, economic, currency and other risks not encountered in U.S. investments (see "Investing in International Securities" in the prospectus). 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.

  8. © Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151, (800) 221-4268. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc., a wholly owned subsidiary of Royce & Associates. The Royce Funds are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.