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Royce Pennsylvania Mutual Fund (PENNX)

Investment Class

  • Open to New Investors

  • NAV as of 8/27/2008  $10.55
  • Daily NAV change  +$0.12 (+1.15%)

Download literature for Royce Pennsylvania Mutual Fund

Management Team

Portfolio Managers

Charles M. Royce

Assistant Portfolio Managers

James J. Harvey
Jay S. Kaplan
Lauren A. Romeo
Francis D. Gannon

Top 10 Positions

As of Quarter-End 6/30/08

  Share of Net Assets
AllianceBernstein Holding L.P. 1.3%
Oil States International 1.3%
Agnico-Eagle Mines 1.2%
Ensign Energy Services 1.1%
Unit Corporation 1.1%
Lincoln Electric Holdings 1.0%
Trican Well Service 0.9%
Ritchie Bros. Auctioneers 0.8%
Waddell & Reed Financial Cl. A 0.7%
Sims Group ADR 0.7%
Top 10 as % of Total 10.1%

Objective and Strategy

Royce Pennsylvania Mutual Fund seeks long-term growth of capital by investing primarily in small- and micro-cap companies using a disciplined value approach. We believe investors in the Fund should have a long-term investment horizon of at least three years.

Relative Risk Spectrum

Risk Assessment

go View the complete spectrum

Performance

Average Annual Total Returns

As of Quarter-End 6/30/08

  2Q* YTD* 1YR 3YR
PENNX 1.48% -4.90% -11.18% 7.15%
Russell 2000 0.58% -9.37% -16.19% 3.79%
  5YR 10YR 15YR 20YR
PENNX 13.43% 10.63% 11.78% 11.56%
Russell 2000 10.29% 5.53% 8.92% 9.48%
  25YR 30YR 35YR
PENNX 11.81% 13.78% 14.84%
Russell 2000 8.84% N/A N/A

Annual Operating Expenses

0.88%
Inception Date: 10/31/1972

* Not Annualized.

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

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. 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. 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.

Fund Statistics

Ticker Symbol PENNX
Fund Net Assets (All Classes) $4.24 billion
Number of Holdings 536
Minimum Investment $2,000
Cusip Number 780905840
Fund Number 260
Inception Date 10/31/1972*
Benchmark Index Russell 2000

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

Growth of Hypothetical $10,000

Invested 6/30/1983

As of Quarter-End 6/30/2008

PENNX vs Russell 2000

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- and micro-cap stocks which may involve considerably more risk than investing in larger-cap stocks (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. Distributor: Royce Fund Services, Inc.

© Royce & Associates, LLC, 1414 Avenue of the Americas, New York, NY 10019, (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. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.