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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 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 3/11/2010  $12.05
      Daily NAV change  +$0.03 (+0.25%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      James J. Harvey

      Assistant Portfolio Manager

      Charles M. Royce

      Top 10 Positions As of Quarter-End 12/31/09
      % of Net Assets (Subject to Change)

      Pharmaceutical Product Development 2.8%
      NutriSystem 2.2%
      Cal-Maine Foods 2.2%
      Market Vectors Gold Miners ETF 2.0%
      World Acceptance 1.9%
      Jinpan International 1.7%
      Synaptics 1.7%
      Fidelity National Financial Cl. A 1.6%
      Seabridge Gold 1.6%
      EZCORP Cl. A 1.6%
      Top 10 as % of Total 19.4%
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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 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR Since Incept
      RSFDX 10.43% 66.58% 66.58% 1.59% 6.80%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.85%
      Inception Date: 6/30/2005  Annual Operating Expenses: 1.01%

      * Not Annualized.

      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 365 days of purchase may be subject to a 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.

      Operating expenses for Royce Select Fund II reflect the Fund's total annual operating expenses as of the most current prospectus and includes the Fund's management fee basbased on 12.5% of the Fund's pre-fee, high watermarked return. There was no high watermarked return in 2008. Royce & Associates has contractually agreed to absorb all other operating expenses of the Fund, other than dividend expense relating to any short selling activity of the Fund and acquired fund fees and expenses, when applicable. Acquired fund fees and expenses are those incurred indirectly as a result of investment in one or more acquired funds, including mutual funds, hedge funds, private equity funds and other pooled investment vehicles.

      Only persons who are "qualified investors" may invest in Royce Select Fund II. The Fund's initial minimum investment is $50,000.

      1. Fund Statistics
        as of Quarter-End, 12/31/2009

        Ticker Symbol RSFDX
        Fund Net Assets (All Classes) $4 million
        Number of Holdings 98
        Average Market Capitalization* $1.20 billion
        Weighted Average P/E Ratio** 16.1x
        Weighted Average P/B Ratio 1.9x
        Portfolio Turnover 2009 268%
        Minimum Investment $50,000
        Cusip Number 780905428
        Fund Number 352
        Inception Date 6/30/2005
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (9% of portfolio holdings as of 12/31/2009).

      2. Growth of Hypothetical $10,000

        Invested 6/30/2005

        As of Quarter-End 12/31/2009

        RSFDX vs Russell 2000

    1. Growth of Hypothetical $10,000

      Invested 6/30/2005

      As of Quarter-End 12/31/2009

      RSFDX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 12/31/2009

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 12/31/2009

        Sector Name Gain/Loss*
      (in millions)
      1 Industrial Products $0.10
      2 Consumer Products $0.07
      3 Technology $0.07
      4 Industrial Services $0.05
      5 Natural Resources $0.04
      6 Consumer Services $0.03
      7 Financial Services $0.03
      8 Health -$0.00
      9 Financial Intermediaries -$0.01
      10 Diversified Investment Companies -$0.01

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 12/31/2009

      Company Gain*
      (in millions)
      NutriSystem $0.05
      Jinpan International $0.03
      Luk Fook Holdings (International) $0.02
      World Acceptance $0.02
      Minth Group $0.02

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 12/31/2009

      Company Loss*
      (in millions)
      Movado Group -$0.02
      Ultra S&P500 ProShares -$0.01
      Res-Care -$0.01
      True Religion Apparel -$0.01
      Seabridge Gold -$0.01

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR Since Incept
      RSFDX 10.43% 66.58% 66.58% 1.59% 6.80%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.85%
      Annual Operating Expenses: 1.01%
      Inception Date: 6/30/2005

      * Not Annualized.

      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 365 days of purchase may be subject to a 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.

      Operating expenses for Royce Select Fund II reflect the Fund's total annual operating expenses as of the most current prospectus and includes the Fund's management fee basbased on 12.5% of the Fund's pre-fee, high watermarked return. There was no high watermarked return in 2008. Royce & Associates has contractually agreed to absorb all other operating expenses of the Fund, other than dividend expense relating to any short selling activity of the Fund and acquired fund fees and expenses, when applicable. Acquired fund fees and expenses are those incurred indirectly as a result of investment in one or more acquired funds, including mutual funds, hedge funds, private equity funds and other pooled investment vehicles.

      Only persons who are "qualified investors" may invest in Royce Select Fund II. The Fund's initial minimum investment is $50,000.


      Cumulative Performance Since Inception (6/30/2005)
      and Since Market Cycle Peak as of Quarter-End 12/31/09

      RSFDX
      6/30/05 - 12/31/09
      RS2 34.5%
      Russell 2000 3.9%
      7/13/07 - 12/31/09
      RS2 -0.9%
      Russell 2000 -24.2%

      View how RS2 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
      12/15/09 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
      12/26/06 12/27/06 $0.0000 $0.7994 $0.0155 $0.81 $11.99
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      1. NAV History

        Previous 12 Months Ending 2/28/2010
        High $11.95 1/14/10
        Low $5.73 3/09/09
        Previous Month Ending 2/28/2010
        High $11.65 2/22/10
        Low $5.73 3/09/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        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

    • 17 Years of Experience
    • 11 Years at Royce

    Assistant Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President, Co-Chief Investment Officer and Portfolio Manager

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

    • 47 Years of Experience
    • 37 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End, 12/31/2009

      Fund Net Assets (All Classes) $4 million
      Number of Holdings 98
      Average Market Capitalization* $1.20 billion
      Weighted Average P/E Ratio** 16.1x
      Weighted Average P/B Ratio 1.9x
      Portfolio Turnover 2009 268%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (9% of portfolio holdings as of 12/31/2009).

      Market Cap Exposure (In Millions)
      as of Quarter-End 12/31/2009

      Royce Select Fund II

    2. Top 10 Positions
      as of Quarter-End 12/31/2009
      as of Month-End 1/31/2010
      % of Net Assets (Subject to Change)

      Pharmaceutical Product Development 2.8%
      NutriSystem 2.2%
      Cal-Maine Foods 2.2%
      Market Vectors Gold Miners ETF 2.0%
      World Acceptance 1.9%
      Jinpan International 1.7%
      Synaptics 1.7%
      Fidelity National Financial Cl. A 1.6%
      Seabridge Gold 1.6%
      EZCORP Cl. A 1.6%
      Top 10 as % of Total 19.4%

      Portfolio Holdings
      as of Quarter-End 12/31/2009

      View the complete list of holdings for Royce Select Fund II for the quarter ended 12/31/2009. 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 12/31/2009
      as of Month-End 1/31/2010
      % of Net Assets (Subject to Change)

      Consumer Products 12.6%
      Technology 12.6%
      Natural Resources 10.8%
      Industrial Products 10.5%
      Industrial Services 8.7%
      Consumer Services 7.6%
      Health 6.4%
      Financial Services 6.2%
      Financial Intermediaries 4.3%
      Diversified Investment Companies -8.6%
      Treasuries, Cash & Cash Equivalents 29.0%

      Asset Allocation
      as of Quarter-End, 12/31/2009
      % of Net Assets (Subject to Change)

      Royce Select Fund II Asset Allocation

    1. Three-Year Morningstar Statistical Measures as of 12/31/2009*

        RS2 Category Median Best Breakpoint
      Standard Deviation 27.43 24.59 23.23

      *Three years ended 12/31/2009. Category Median and Best Quartile Breakpoint based on 333 small-cap objective funds (oldest class only) with at least three 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.

      Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 12/31/09

      Quarter Russell 2000 RS2 Spread
      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 four out of seven down quarters.

    2. Performance in Down Markets: Royce Select Fund II vs. Russell 2000*

      RSFDX vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR Since Incept
      RSFDX 10.43% 66.58% 66.58% 1.59% 6.80%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.85%
      Annual Operating Expenses: 1.01%
      Inception Date: 6/30/2005

      * Not Annualized.

      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 365 days of purchase may be subject to a 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.

      Operating expenses for Royce Select Fund II reflect the Fund's total annual operating expenses as of the most current prospectus and includes the Fund's management fee basbased on 12.5% of the Fund's pre-fee, high watermarked return. There was no high watermarked return in 2008. Royce & Associates has contractually agreed to absorb all other operating expenses of the Fund, other than dividend expense relating to any short selling activity of the Fund and acquired fund fees and expenses, when applicable. Acquired fund fees and expenses are those incurred indirectly as a result of investment in one or more acquired funds, including mutual funds, hedge funds, private equity funds and other pooled investment vehicles.

      Only persons who are "qualified investors" may invest in Royce Select Fund II. The Fund's initial minimum investment is $50,000.

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    1. Fees

      Shareholder Fees
      (fees paid directly from your investment)
      Maximum sales charge (load) imposed on purchases none
      Maximum deferred sales charge none
      Maximum sales charge (load) imposed on reinvested dividends none
      Early Redemption Fee
      On purchases held for 365 days or more none
      On purchases held for less than 365 days 2.00%

    2. Annual Fund Operating Expenses

      (expenses deducted from Fund assets)
      Management Fees 0.74%
      Distribution (12b-1) Fees none
      Dividends on securities sold short 0.27%
      Other Expenses none
      Total Annual Fund Operating Expenses 1.01%

      The performance fees are based on 12.5% of the Fund's pre-fee, high watermarked return. There was no high watermarked return in 2008. Other expenses are shown as "none" because Royce is responsible for paying them, other than dividend expense relating to any short selling activity of the Fund.

    3. Account Minimums

      To Open an Account
      Regular $50,000
      Traditional/Roth IRA/Coverdell ESA $50,000
      Automatic Investment and Direct Deposit Plans none
      401(k)s none
      Subsequent Investments
      All Account Types $100

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



  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, small-cap and mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund also invests primarily in a limited number of stocks, which may involve considerably more risk that a less concentrated portfolio because of the decline in the value of any one of these stocks would cause the Fund’s over all performance value to decline to a greater degree. (Please see “Primary Risks for Fund Investors” 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.

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    Download literature for Royce Select Fund II

  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.