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Royce Pennsylvania Mutual Fund (PENNX)
Investment Class
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Open to New Investors
NAV as of 11/19/2008 $5.80
Daily NAV change
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5-Year Morningstar Statistical Measures as of 9/30/2008*
PMF Category Median Best Breakpoint Sharpe Ratio 0.54 0.35 0.46 Standard Deviation 13.14 14.45 13.37 Beta 1.07 1.18 1.09 *Five years ended 9/30/2008. Category Median and Best Quartile Breakpoint based on 351 small-cap objective funds (lowest expense 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. Beta is a measure of sensitivity to market movements compared to the unmanaged S&P 500 Index, with the beta of the S&P 500 equal to 1.00. A low beta means that a fund's market-related volatility has been low. 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.Risk/Return Comparison
Five-Year Period Ended 9/30/2008Average Annual Total Return Standard Deviation Return Efficiency* PMF 9.90 13.14 0.75 Russell 2000 8.15 14.38 0.57 *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.
Performance in Down Markets: Royce Pennsylvania Mutual Fund vs. Russell 2000*
* Recent Russell 2000 downturns of 7.5% or more from the index's prior historical high over the past 15 years or since the fund's inception.
Average Annual Total Returns as of Month-End 10/31/08
1-Month* YTD* 1YR 3YR 5YR 10YR 15YR 20YR 25YR PENNX -22.20% -31.33% -35.52% -4.84% 3.20% 8.47% 8.99% 9.70% 10.52% Russell 2000 -20.80% -29.02% -34.16% -4.79% 1.57% 4.90% 6.38% 8.26% 8.31% *Not AnnualizedAnnual Operating Expenses: 0.88% Average Annual Total Returns as of Quarter-End 9/30/08
3Q* YTD* 1YR 3YR 5YR 10YR 15YR 20YR PENNX -7.19% -11.74% -15.10% 2.58% 9.90% 11.59% 10.93% 11.07% Russell 2000 -1.11% -10.38% -14.48% 1.83% 8.15% 7.81% 8.23% 9.47% 25YR 30YR 35YR PENNX 11.53% 13.78% 14.84% Russell 2000 9.01% N/A N/A *Not AnnualizedAnnual Operating Expenses: 0.88% 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.
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.
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©
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.
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.
