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  2. Royce Select Fund II (RSFDX)

    Investment Class
    QUALIFIED INVESTOR

    Qualified Investors may use Royce's Select Funds, which use a performance fee structure with a specific portfolio management style.

     

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    1. Open to New Investors

      NAV as of 2/3/2012  $11.47
      Daily NAV change  +$0.21 (+1.87%)

    1. Management Team

      Portfolio Manager

      James J. Harvey

      Assistant Portfolio Manager

      Charles M. Royce

      Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Teradyne 3.1%
      Charming Shoppes 3.0%
      ASM International 2.9%
      Western Digital 2.8%
      G-III Apparel Group 2.7%
      American Eagle Outfitters 2.5%
      Helmerich & Payne 2.5%
      Fufeng Group 2.3%
      Kossan Rubber Industries 2.2%
      Market Vectors Junior Gold Miners ETF 2.1%
      Top 10 as % of Total 26.3%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Literature & Research

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    2. Royce Select Fund II (RS2) seeks long-term growth of capital and is designed for “qualified investors.” The Fund invests in both long and short positions in equity securities. The long portion of the Fund’s portfolio is invested in a limited number (generally less than 100) of micro-, small- and mid-cap companies that Royce believes possess excellent business strengths and/or growth prospects, high internal rates of return and low leverage. Royce may also attempt to take advantage of what it believes are opportunistic situations for undervalued securities. The Fund may establish up to 35% of its net assets in short equity positions and may employ leverage. 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 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR Since Inception  Inception Date
      RSFDX 14.60% -14.01% -14.01% 20.11% 1.75% 5.30% 6/30/2005 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 3.65% N/A
      Russell Global Small Cap 5.25% -14.03% -14.03% 16.72% -1.28% 4.19% N/A
      Annual Operating Expenses: 2.80%

      * Not Annualized

      1. Fund Statistics
        as of Quarter-End 12/31/2011

        Fund Net Assets (All Classes) $3 million
        Ticker Symbol RSFDX
        Number of Holdings 74
        Average Market Capitalization* $1.07 billion
        Weighted Average P/E Ratio** 10.9x
        Weighted Average P/B Ratio 1.8x
        U.S. Investments
        (% of Net Assets)        		 50.1%
        Non-U.S. Investments
        (% of Net Assets)        		 46.3%
        Portfolio Turnover as of 6/30/2011 74%
        Minimum Investment $50,000
        Cusip Number 780905428
        Fund Number 352
        Fund Inception Date 6/30/2005
        Benchmark Index Russell 2000
          Russell Global Small Cap

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (4% of portfolio holdings as of 12/31/2011).

      2. Value of $10,000 Invested on 6/30/05
        As of Quarter-End 12/31/2011

        RSFDX vs Russell 2000

    1. Value of $10,000 Invested on 6/30/05
      As of Quarter-End 12/31/2011

      RSFDX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 12/31/2011

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 12/31/2011

        Sector Name Gain/Loss*
      (in millions)
      1 Consumer Discretionary $0.20
      2 Information Technology $0.13
      3 Industrials $0.06
      4 Consumer Staples $0.04
      5 Energy $0.04
      6 Health Care $0.02
      7 Financials $0.01
      8 Materials -$0.01

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 12/31/2011

      Company Gain*
      (in millions)
      Charming Shoppes $0.07
      Helmerich & Payne $0.03
      G-III Apparel Group $0.02
      Team $0.02
      American Eagle Outfitters $0.02

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 12/31/2011

      Company Loss*
      (in millions)
      Medusa Mining -$0.03
      Open Range Energy -$0.02
      Ultra S&P500 ProShares -$0.02
      Seabridge Gold -$0.01
      China High Precision Automation Group -$0.01

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR Since Inception  Inception Date
      RSFDX 14.60% -14.01% -14.01% 20.11% 1.75% 5.30% 6/30/2005
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 3.65% N/A
      Russell Global Small Cap 5.25% -14.03% -14.03% 16.72% -1.28% 4.19% N/A
      Annual Operating Expenses: 2.80%

      * Not Annualized


      Cumulative Performance Since Inception (6/30/2005)
      and Since Market Cycle Peak as of Quarter-End 12/31/11

      RSFDX

      View how RS2 performed during down markets.

      Absolute Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      Number of Five-Year Average Annual Return Periods since RS2's Inception

      RSFDX

      Relative Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      RS2 Spread vs. Russell 2000 since RS2's Inception

      RSFDX

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/14/11 12/15/11 $0.0000 $0.0635 $1.8345 $1.90 $9.66
      12/15/10 12/16/10 $0.0024 $— $0.1501 $0.15 $13.64
      12/15/09 12/16/09 $0.0729 $— $— $0.07 $11.42
      12/15/08 12/16/08 $0.0803 $— $— $0.08 $6.83
      12/27/07 12/28/07 $0.0000 $0.3887 $0.2779 $0.67 $10.69
      4/11/07 4/12/07 $0.0000 $0.0240 $— $0.02 $12.60
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      1. NAV History

        Previous 12 Months Ending 1/31/2012
        High $14.82 4/26/11
        Low $9.56 12/19/11
        Previous Month Ending 1/31/2012
        High $11.06 1/27/12
        Low $9.99 1/1/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $9.99
        2010 $13.90
        2009 $11.62
        2008 $7.02
        2007 $10.66
        2006 $12.01
        2005 $10.71

  3. Portfolio Manager

    James J. Harvey

    James J. Harvey

    • Portfolio Manager
    • CFA

    James J. Harvey, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

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

    Experience

    • 19 Years of Experience
    • 13 Years at Royce

    Assistant Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President and Co-Chief Investment Officer

    Charles M. Royce is President and Co-Chief Investment Officer 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

    • 49 Years of Experience
    • 39 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 12/31/2011

      Fund Net Assets (All Classes) $3 million
      Number of Holdings 74
      Average Market Capitalization* $1.07 billion
      Weighted Average P/E Ratio** 10.9x
      Weighted Average P/B Ratio 1.8x
      Portfolio Turnover as of 6/30/2011 74%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (4% of portfolio holdings as of 12/31/2011).

      Market Cap Exposure (In Millions)
      as of Quarter-End 12/31/2011

      Royce Select Fund II

    2. Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Teradyne 3.1%
      Charming Shoppes 3.0%
      ASM International 2.9%
      Western Digital 2.8%
      G-III Apparel Group 2.7%
      American Eagle Outfitters 2.5%
      Helmerich & Payne 2.5%
      Fufeng Group 2.3%
      Kossan Rubber Industries 2.2%
      Market Vectors Junior Gold Miners ETF 2.1%
      Top 10 as % of Total 26.3%

      Short Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Simon Property Group, Inc.-2.3%
      V.F. Corporation-2.2%
      Financial Select Sector SPD-0.8%

      Long Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Teradyne3.1%
      Charming Shoppes3.0%
      ASM International2.9%
      Western Digital2.8%
      G-III Apparel Group2.7%
      American Eagle Outfitters2.5%
      Helmerich & Payne2.5%
      Fufeng Group2.3%
      Kossan Rubber Industries2.2%
      Market Vectors Junior Gold Miners ETF2.1%

      Portfolio Holdings
      as of Quarter-End 12/31/2011

      View the complete list of holdings for Royce Select Fund II as of 12/31/2011. 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 12/31/2011
      % of Net Assets (Subject to Change)

      Information Technology 34.9%
      Consumer Discretionary 19.2%
      Materials 16.5%
      Industrials 9.8%
      Energy 6.5%
      Financials 4.8%
      Health Care 3.2%
      Consumer Staples 1.4%
      Treasuries, Cash & Cash Equivalents 3.6%

      Asset Allocation
      as of 12/31/2011
      % of Net Assets (Subject to Change)

      Royce Select Fund II Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Five-Year Morningstar Statistical Measures as of 12/31/2011*

        RS2 Category Median Best Breakpoint
      Sharpe Ratio 0.14 0.11 0.16
      Standard Deviation 24.72 23.92 22.75

      *Five years ended 12/31/2011. Category Median and Best Quartile Breakpoint based on 346 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. 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 12/31/2011

        Average Annual Total Return Standard Deviation Return Efficiency*
      RS2 1.75 24.72 0.07
      Russell 2000 0.15 24.47 0.01

      *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.

      Over the last five years, Royce Select Fund II outperformed the Russell 2000 on both an absolute and risk adjusted basis.

      Russell 2000 Down Quarters
      Performance Comparison Since RS2's Inception Through 12/31/11

      Quarter Russell 2000 RS2 Spread
      9/30/11 -21.9% -22.3% -0.4% 
      6/30/11 -1.6 -7.3 -5.7 
      6/30/10 -9.9 -8.2 +1.7 
      3/31/09 -15.0 +0.1 +15.1 
      12/31/08 -26.1 -23.1 +3.0 
      9/30/08 -1.1 -2.6 -1.5 
      3/31/08 -9.9 -10.8 -0.9 
      12/31/07 -4.6 -7.9 -3.3 
      9/30/07 -3.1 -1.5 +1.6 
      6/30/06 -5.0 -2.6 +2.4 

      Royce Select Fund II outperformed the Russell 2000 in five out of 10 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      as of Quarter-End 12/31/2011

      RS2 vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR Since Inception  Inception Date
      RSFDX 14.60% -14.01% -14.01% 20.11% 1.75% 5.30% 6/30/2005 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 3.65% N/A
      Russell Global Small Cap 5.25% -14.03% -14.03% 16.72% -1.28% 4.19% N/A
      Annual Operating Expenses: 2.80%

      * Not Annualized

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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 365 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 (12.5% of pre-fee high watermarked return) 2.47%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.20%
      Dividends on securities sold short 0.10%
      Acquired fund fees and expenses 0.03%
      Total annual Fund operating expenses 2.80%
      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
      Minimum investment $50,000
      Minimum subsequent investment $100

      This Fund is designed for qualified investors, as defined in the prospectus.


  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.