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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 Global Value Fund (RIVFX)

    Service Class
    GLOBAL/INTERNATIONAL

    Global/International Funds generally focus on non-U.S. based companies using our core approach to security selection.

     

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    1. Open to New Investors

      NAV as of 9/1/2010  $11.30
      Daily NAV change  +$0.28 (+2.54%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Managers

      W. Whitney George
      David A. Nadel

      Top 10 Positions
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Santen Pharmaceutical 2.8%
      Major Drilling Group International 2.8%
      Mayr-Melnhof Karton 2.8%
      Hochschild Mining 2.6%
      Semperit AG Holding 2.5%
      Sanderson Farms 2.5%
      Value Partners Group 2.5%
      Jupiter Fund Management 2.4%
      GrafTech International 2.4%
      Burckhardt Compression Holding 2.4%
      Top 10 as % of Total 25.8%

      Literature & Research

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    2. Royce Global Value Fund (RGV) invests primarily in equity securities of both U.S. and non-U.S. companies that it believes are trading significantly below its estimate of their current worth. Royce bases this assessment chiefly on balance sheet quality and cash flow levels. Although the Fund may invest in the equity securities of companies of any market capitalization, Royce generally expects that a significant portion of the Fund’s assets will be invested in equity securities of smaller companies, those with market capitalizations of up to $5 billion.

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      Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR 3YR Since Incept
      RIVFX -6.72% -3.52% 27.16% -2.53% 2.02%
      MSCI World Small Core -10.50% -3.73% 20.98% -9.72% -5.75%
      Inception Date: 12/29/2006  Annual Operating Expenses: Gross 2.07% Net 1.88%

      * 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 2% 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.

      Gross operating expenses reflect gross total annual operating expenses for the Service Class, and include management fees, 12b-1 distribution and service fees, other expenses, and acquired fund fees and expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements, exclusive of acquired fund fees and expenses. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses, other than acquired fund fees and expenses, to the extent necessary to maintain the Fund's net direct annual operating expense ratio at or below 1.69% through April 30, 2011. 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.

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

        Ticker Symbol RIVFX
        Fund Net Assets (All Classes) $51 million
        Number of Holdings 63
        Average Market Capitalization* $1.24 billion
        Weighted Average P/E Ratio** 10.7x
        Weighted Average P/B Ratio 2.1x
        Portfolio Turnover 2009 71%
        Minimum Investment $2,000
        Cusip Number 780905329
        Fund Number 677
        Inception Date 12/29/2006
        Benchmark Index MSCI World Small Core

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (13% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 12/29/2006 As of Quarter-End 6/30/2010

        RIVFX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 12/29/2006 As of Quarter-End 6/30/2010

      RIVFX 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 Consumer Services -$0.06
      2 Financial Intermediaries -$0.15
      3 Health -$0.19
      4 Consumer Products -$0.35
      5 Natural Resources -$0.44
      6 Technology -$0.56
      7 Industrial Services -$0.61
      8 Industrial Products -$0.83
      9 Financial Services -$0.93

      *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)
      Santen Pharmaceutical $0.21
      Seabridge Gold $0.21
      Luk Fook Holdings (International) $0.16
      Red Back Mining $0.15
      Sino Biopharmaceutical $0.13

      *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)
      Major Drilling Group International -$0.33
      Schnitzer Steel Industries Cl. A -$0.33
      U.S. Global Investors Cl. A -$0.31
      Value Partners Group -$0.26
      Raubex Group -$0.23

      *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 as of Month-End 8/31/10

        2Q* YTD* 1YR 3YR Since Incept
      RIVFX -6.72% -3.52% 27.16% -2.53% 2.02%
      MSCI World Small Core -10.50% -3.73% 20.98% -9.72% -5.75%
      Annual Operating Expenses: Gross 2.07% Net 1.88%
      Inception Date: 12/29/2006

      * 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 2% 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.

      Gross operating expenses reflect gross total annual operating expenses for the Service Class, and include management fees, 12b-1 distribution and service fees, other expenses, and acquired fund fees and expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements, exclusive of acquired fund fees and expenses. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses, other than acquired fund fees and expenses, to the extent necessary to maintain the Fund's net direct annual operating expense ratio at or below 1.69% through April 30, 2011. 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.


      Cumulative Performance Since Inception (12/29/2006)
      and Since Market Cycle Peak as of Quarter-End 6/30/10

      RIVFX

      View how RGV performed during down markets.

      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 $0.0553 $— $— $0.06 $—
      12/08/08 12/09/08 $0.0252 $0.0003 $— $0.03 $5.84
      12/06/07 12/07/07 $0.2111 $0.0191 $— $0.23 $11.32
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      1. NAV History

        Previous 12 Months Ending 8/31/2010
        High $11.68 4/15/10
        Low $9.08 9/01/09
        Previous Month Ending 8/31/2010
        High $11.50 8/09/10
        Low $10.90 8/25/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $10.79
        2008 $6.70
        2007 $11.20
        2006 $10.00

  3. Portfolio Managers

    W. Whitney George

    W. Whitney George

    • Co-Chief Investment Officer, Portfolio Manager and Managing Director

    W. Whitney George is a Co-Chief Investment Officer, Portfolio Manager and a Managing Director of Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Trinity College

    Experience

    • 29 Years of Experience
    • 18 Years at Royce
    David A. Nadel

    David A. Nadel

    • Portfolio Manager

    David A. Nadel is a Portfolio Manager and Senior Analyst for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Williams College
    • MA, Harvard University
    • MBA, Harvard Business School

    Experience

    • 18 Years of Experience
    • 4 Years at Royce

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

      Fund Net Assets (All Classes) $51 million
      Number of Holdings 63
      Average Market Capitalization* $1.24 billion
      Weighted Average P/E Ratio** 10.7x
      Weighted Average P/B Ratio 2.1x
      Portfolio Turnover 2009 71%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (13% of portfolio holdings as of 6/30/2010).

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

      Royce Global Value Fund

    2. Top 10 Positions
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Santen Pharmaceutical 2.8%
      Major Drilling Group International 2.8%
      Mayr-Melnhof Karton 2.8%
      Hochschild Mining 2.6%
      Semperit AG Holding 2.5%
      Sanderson Farms 2.5%
      Value Partners Group 2.5%
      Jupiter Fund Management 2.4%
      GrafTech International 2.4%
      Burckhardt Compression Holding 2.4%
      Top 10 as % of Total 25.8%

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

      View the complete list of holdings for Royce Global Value 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
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Natural Resources 28.2%
      Industrial Products 19.4%
      Financial Services 13.5%
      Consumer Products 10.7%
      Health 8.1%
      Technology 5.7%
      Financial Intermediaries 4.0%
      Industrial Services 3.5%
      Consumer Services 2.1%
      Treasuries, Cash & Cash Equivalents 4.9%

      Portfolio Country Breakdown
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      United States 14.6%
      Canada 14.0%
      Hong Kong 7.5%
      United Kingdom 6.3%
      Switzerland 5.9%
      South Africa 5.6%
      Austria 5.3%
      Germany 5.3%
      Japan 4.4%
      Belgium 4.2%
      France 3.4%
      Mexico 3.0%
      China 2.9%
      Peru 2.6%
      United Arab Emirates (U.A.E.) 2.2%
      Australia 1.9%
      Egypt 1.5%
      Denmark 1.2%
      Brazil 0.9%
      Indonesia 0.8%
      South Korea 0.8%
      Turkey 0.7%
      Cayman Islands 0.2%

    1. Three-Year Morningstar Statistical Measures as of 6/30/2010*

        RGV Category Median Best Breakpoint
      Standard Deviation 29.32 25.76 24.31

      *Three years ended 6/30/2010. Category Median and Best Quartile Breakpoint based on 341 small-cap objective funds (oldest class only) with at least three years of history.

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

      Quarter Russell 2000 RGV Spread
      6/30/10 -9.9% -6.7% +3.2% 
      3/31/09 -15.0 -5.7 +9.3 
      12/31/08 -26.1 -27.0 -0.9 
      9/30/08 -1.1 -22.5 -21.4 
      3/31/08 -9.9 -2.1 +7.8 
      12/31/07 -4.6 -2.7 +1.9 
      9/30/07 -3.1 +1.5 +4.6 

      Royce Global Value Fund outperformed the Russell 2000 in five out of seven down quarters.

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

      RGV vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR 3YR Since Incept
      RIVFX -6.72% -3.52% 27.16% -2.53% 2.02%
      MSCI World Small Core -10.50% -3.73% 20.98% -9.72% -5.75%
      Annual Operating Expenses: Gross 2.07% Net 1.88%
      Inception Date: 12/29/2006

      * 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 2% 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.

      Gross operating expenses reflect gross total annual operating expenses for the Service Class, and include management fees, 12b-1 distribution and service fees, other expenses, and acquired fund fees and expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements, exclusive of acquired fund fees and expenses. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses, other than acquired fund fees and expenses, to the extent necessary to maintain the Fund's net direct annual operating expense ratio at or below 1.69% through April 30, 2011. 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.

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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) 2.00%

    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees 1.25%
      Distribution (12b-1) fees 0.25%
      Other expenses 0.38%
      Acquired fund fees and expenses 0.19%
      Total annual Fund operating expenses 2.07%
      Fee waivers and/or expense reimbursements (0.19)%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.88%

      Royce has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund's net annual operating expenses, other than acquired fund fees and expenses, at or below 1.69% through April 30, 2011.

      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.

    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 may invest a significant portion of its assets in foreign companies which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic or other developments that are unique to a particular country or region (Please see "Investing in International Securities" in the prospectus). Therefore, the prices of the securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies. (Please see "Primary Risks for Fund Investors" in the prospectus). In addition, as of 6/30/10 the Fund held a limited number of stocks, which may involve considerably more risk than a less concentrated portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. The Morgan Stanley Capital International (MSCI) World Small Core Index is an unmanaged index of global small-cap stocks. Index returns include net reinvested dividends and/or interest income.

  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.