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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 Micro-Cap Fund (RYOTX)

    Investment Class
    MICRO-CAP/OPPORTUNISTIC

    Micro-Cap/Opportunistic Funds generally invest in micro-caps and/or those companies considered more opportunistic.

     

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    1. OPEN ONLY TO EXISTING INVESTORS

      NAV as of 9/1/2010  $14.10
      Daily NAV change  +$0.36 (+2.62%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Jenifer L. Taylor

      Assistant 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)

      US Gold 1.2%
      Fronteer Gold 1.2%
      Syneron Medical 1.1%
      Volcom 1.1%
      Silvercorp Metals 1.1%
      Cavco Industries 1.1%
      Patriot Transportation Holding 1.0%
      Lamprell 1.0%
      Atlantic Tele-Network 1.0%
      Allied Nevada Gold 1.0%
      Top 10 as % of Total 10.8%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Literature & Research

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    2. Royce Micro-Cap Fund (RMC) invests primarily in companies with market capitalizations up to $500 million. Royce generally focuses on micro-cap companies that it believes are trading significantly below its estimate of their current worth, an assessment based chiefly on balance sheet quality and cash flow levels. 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 as of Month-End 8/31/10

        2Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Incept
      RYOTX -5.78% -1.31% 26.32% -4.10% 6.50% 10.01% 11.22% 12.68%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.63% 7.98%
      Inception Date: 12/31/1991  Annual Operating Expenses: 1.60%

      * 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, 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.

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

        Ticker Symbol RYOTX
        Fund Net Assets (All Classes) $1.07 billion
        Number of Holdings 213
        Average Market Capitalization* $322 million
        Weighted Average P/E Ratio** 12.4x
        Weighted Average P/B Ratio 1.5x
        Portfolio Turnover 2009 34%
        Minimum Investment $2,000
        Cusip Number 780905709
        Fund Number 264
        Inception Date 12/31/1991
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (26% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 12/31/1991 As of Quarter-End 6/30/2010

        RYOTX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 12/31/1991 As of Quarter-End 6/30/2010

      RYOTX 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 Natural Resources $4.93
      2 Consumer Services -$4.47
      3 Financial Intermediaries -$5.34
      4 Consumer Products -$5.69
      5 Health -$7.85
      6 Financial Services -$8.77
      7 Industrial Services -$9.34
      8 Technology -$11.73
      9 Industrial Products -$20.47

      *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)
      US Gold $6.03
      Virtual Radiologic $4.29
      Allied Nevada Gold $3.03
      T-3 Energy Services $2.78
      Red Back Mining $2.18

      *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)
      Genoptix -$5.51
      Horsehead Holding Corporation -$4.39
      Olympic Steel -$4.29
      Dawson Geophysical -$2.25
      ATMI -$2.24

      *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 5YR 10YR 15YR Since Incept
      RYOTX -5.78% -1.31% 26.32% -4.10% 6.50% 10.01% 11.22% 12.68%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.63% 7.98%
      Annual Operating Expenses: 1.60%
      Inception Date: 12/31/1991

      * 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, 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.


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

      RYOTX

      View how RMC 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 since RMC's Inception

      RYOTX

      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 $0.1842 $— $— $0.18 $—
      12/08/08 12/09/08 $0.0000 $0.0934 $0.2326 $0.33 $8.21
      12/06/07 12/07/07 $0.4491 $0.3761 $2.0280 $2.85 $15.70
      12/04/06 12/05/06 $0.2835 $0.4885 $1.3024 $2.07 $17.16
      12/01/05 12/02/05 $0.1272 $0.2811 $1.1979 $1.61 $15.79
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      1. NAV History

        Previous 12 Months Ending 8/31/2010
        High $15.42 4/23/10
        Low $11.85 9/01/09
        Previous Month Ending 8/31/2010
        High $14.49 8/04/10
        Low $13.50 8/24/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $13.71
        2008 $8.93
        2007 $15.72
        2006 $17.35
        2005 $15.90
        2004 $15.71
        2003 $14.93
        2002 $10.16
        2001 $11.85
        2000 $9.78

  3. Portfolio Manager

    Jenifer L. Taylor

    Jenifer L. Taylor

    • Portfolio Manager

    Jenifer L. Taylor is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Boston University

    Experience

    • 22 Years of Experience
    • 10 Years at Royce

    Assistant 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) $1.07 billion
      Number of Holdings 213
      Average Market Capitalization* $322 million
      Weighted Average P/E Ratio** 12.4x
      Weighted Average P/B Ratio 1.5x
      Portfolio Turnover 2009 34%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (26% of portfolio holdings as of 6/30/2010).

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

      Royce Micro-Cap Fund

      Companies by Market Capitalization
      as of Quarter-End 6/30/2010

      Companies by Market Capitalization
      Source: FactSet; U.S. Companies

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

      US Gold 1.2%
      Fronteer Gold 1.2%
      Syneron Medical 1.1%
      Volcom 1.1%
      Silvercorp Metals 1.1%
      Cavco Industries 1.1%
      Patriot Transportation Holding 1.0%
      Lamprell 1.0%
      Atlantic Tele-Network 1.0%
      Allied Nevada Gold 1.0%
      Top 10 as % of Total 10.8%

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

      View the complete list of holdings for Royce Micro-Cap 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 18.5%
      Industrial Products 15.3%
      Technology 13.1%
      Health 12.9%
      Industrial Services 11.3%
      Consumer Products 9.1%
      Financial Services 4.2%
      Consumer Services 4.0%
      Financial Intermediaries 3.6%
      Treasuries, Cash & Cash Equivalents 8.0%

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

      Royce Micro-Cap Fund Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

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

        RMC Category Median Best Breakpoint
      Sharpe Ratio 0.28 0.00 0.21
      Standard Deviation 21.22 22.22 21.00

      *Five years ended 6/30/2010. Category Median and Best Quartile Breakpoint based on 21 micro-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*
      RMC 6.50 21.22 0.31
      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 RMC Spread
      6/30/10 -9.9% -5.8% +4.1% 
      3/31/09 -15.0 -6.9 +8.1 
      12/31/08 -26.1 -27.5 -1.4 
      9/30/08 -1.1 -12.5 -11.4 
      3/31/08 -9.9 -7.9 +2.0 
      12/31/07 -4.6 -1.9 +2.7 
      9/30/07 -3.1 -0.9 +2.2 
      6/30/06 -5.0 -3.2 +1.8 
      3/31/05 -5.3 -3.8 +1.5 
      9/30/04 -2.9 -1.8 +1.1 
      3/31/03 -4.5 -7.2 -2.7 
      9/30/02 -21.4 -23.5 -2.1 
      6/30/02 -8.4 -6.2 +2.2 
      9/30/01 -20.8 -17.3 +3.5 
      3/31/01 -6.5 +1.7 +8.2 
      12/31/00 -6.9 -3.0 +3.9 
      6/30/00 -3.8 +0.7 +4.5 
      9/30/99 -6.3 -2.4 +3.9 
      3/31/99 -5.4 -16.1 -10.7 
      9/30/98 -20.1 -20.7 -0.6 
      6/30/98 -4.7 -3.6 +1.1 
      12/31/97 -3.3 -2.0 +1.3 
      3/31/97 -5.2 -0.9 +4.3 

      Royce Micro-Cap Fund outperformed the Russell 2000 in 17 out of 23 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      Royce Micro-Cap Fund vs. Russell 2000

      RMC 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 5YR 10YR 15YR Since Incept
      RYOTX -5.78% -1.31% 26.32% -4.10% 6.50% 10.01% 11.22% 12.68%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.63% 7.98%
      Annual Operating Expenses: 1.60%
      Inception Date: 12/31/1991

      * 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, 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.

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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 1.30%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.24%
      Acquired fund fees and expenses 0.06%
      Total annual Fund operating expenses 1.60%
      Fee waivers and/or expense reimbursements 0.00%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.60%
      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 invests primarily in 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 net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments (Please see “Investing in Foreign 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.