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  1. I Want To . . .
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  2. Royce SMid-Cap Select Fund (RMISX)

    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  $10.91
      Daily NAV change  +$0.16 (+1.49%)

    1. Management Team

      Portfolio Manager

      Steven G. McBoyle

      Assistant Portfolio Manager

      Charles M. Royce

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

      Hubbell Cl. B 3.9%
      Reliance Steel & Aluminum 3.5%
      Avnet 3.4%
      AVX Corporation 3.1%
      UGI Corporation 3.1%
      Lincoln Electric Holdings 2.9%
      Arrow Electronics 2.9%
      Fiserv 2.8%
      Teledyne Technologies 2.5%
      Thomas & Betts 2.4%
      Top 10 as % of Total 30.5%

      Literature & Research

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    2. Royce SMid-Cap Select Fund (RSS) 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 will be invested primarily in a limited number (generally less than 100) of equity securities of small-cap and mid-cap companies, with market capitalizations between $500 million and $10 billion, that Royce believes are trading below its estimate of their current worth putting primary emphasis on balance sheet quality, cash flows and various internal returns indicative of profitability.

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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 Since Inception  Inception Date
      RMISX 14.74% 0.66% 0.66% 13.26% 2.00% 9/28/2007 
      Russell 2500 14.52% -2.51% -2.51% 18.41% 0.10% N/A
      Annual Operating Expenses: 0.71%

      * Not Annualized

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

        Fund Net Assets (All Classes) $1 million
        Ticker Symbol RMISX
        Number of Holdings 49
        Average Market Capitalization* $3.11 billion
        Weighted Average P/E Ratio** 13.1x
        Weighted Average P/B Ratio 1.7x
        U.S. Investments
        (% of Net Assets)        		 74.9%
        Non-U.S. Investments
        (% of Net Assets)        		 7.9%
        Portfolio Turnover as of 6/30/2011 69%
        Minimum Investment $50,000
        Cusip Number 780905147
        Fund Number 354
        Fund Inception Date 9/28/2007
        Benchmark Index Russell 2500

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (2% of portfolio holdings as of 12/31/2011).

      2. Value of $10,000 Invested on 9/28/07
        As of Quarter-End 12/31/2011

        RMISX vs Russell 2000

    1. Value of $10,000 Invested on 9/28/07
      As of Quarter-End 12/31/2011

      RMISX 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 Industrials $0.05
      2 Information Technology $0.04
      3 Materials $0.03
      4 Consumer Discretionary $0.01
      5 Energy $0.01
      6 Utilities $0.00
      7 Financials $0.00
      8 Health Care $0.00

      *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)
      Lincoln Electric Holdings $0.01
      Reliance Steel & Aluminum $0.01
      Hubbell Cl. B $0.01
      Arrow Electronics $0.01
      Teledyne Technologies $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 Losers*
      for Quarter Ended 12/31/2011

      Company Loss*
      (in millions)
      Globe Specialty Metals -$0.00
      Verisk Analytics Cl. A -$0.00
      C.R. Bard -$0.00
      Franklin Electric -$0.00
      Alleghany Corporation -$0.00

      *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 Since Inception  Inception Date
      RMISX 14.74% 0.66% 0.66% 13.26% 2.00% 9/28/2007
      Russell 2500 14.52% -2.51% -2.51% 18.41% 0.10% N/A
      Annual Operating Expenses: 0.71%

      * Not Annualized


      Cumulative Performance Since Inception (9/28/2007)
      and Since Market Cycle Peak as of Quarter-End 12/31/11

      RMISX

      View how RSS 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
      12/14/11 12/15/11 $0.0000 $0.3631 $0.2347 $0.60 $9.54
      12/15/10 12/16/10 $0.0612 $— $— $0.06 $10.40
      12/15/09 12/16/09 $0.0749 $— $— $0.07 $8.87
      12/15/08 12/16/08 $0.1209 $0.0217 $0.0007 $0.14 $7.15
      12/27/07 12/28/07 $0.0162 $— $— $0.02 $10.05
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      1. NAV History

        Previous 12 Months Ending 1/31/2012
        High $11.43 4/27/11
        Low $8.86 10/3/11
        Previous Month Ending 1/31/2012
        High $10.63 1/25/12
        Low $9.88 1/1/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $9.88
        2010 $10.43
        2009 $8.95
        2008 $7.33
        2007 $10.04

  3. Portfolio Manager

    Steven G. McBoyle

    Steven G. McBoyle

    • Portfolio Manager
    • CPA, CA

    Steven G. McBoyle, CPA, CA is a Portfolio Manager for Royce & Associates, LLC, investment adviser for The Royce Funds.

    View Full Bio

    Education

    • BA, University of Waterloo
    • MBA, Columbia University

    Experience

    • 22 Years of Experience
    • 4 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) $1 million
      Number of Holdings 49
      Average Market Capitalization* $3.11 billion
      Weighted Average P/E Ratio** 13.1x
      Weighted Average P/B Ratio 1.7x
      Portfolio Turnover as of 6/30/2011 69%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (2% of portfolio holdings as of 12/31/2011).

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

      Royce SMid-Cap Select Fund

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

      Hubbell Cl. B 3.9%
      Reliance Steel & Aluminum 3.5%
      Avnet 3.4%
      AVX Corporation 3.1%
      UGI Corporation 3.1%
      Lincoln Electric Holdings 2.9%
      Arrow Electronics 2.9%
      Fiserv 2.8%
      Teledyne Technologies 2.5%
      Thomas & Betts 2.4%
      Top 10 as % of Total 30.5%

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

      View the complete list of holdings for Royce SMid-Cap Select Fund 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)

      Industrials 28.8%
      Information Technology 18.6%
      Materials 13.9%
      Consumer Discretionary 6.7%
      Financials 5.4%
      Energy 3.8%
      Utilities 3.1%
      Health Care 2.5%
      Treasuries, Cash & Cash Equivalents 17.2%

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

      Royce SMid-Cap Select Fund Asset Allocation

    1. Three-Year Morningstar Statistical Measures as of 12/31/2011*

        RSS Category Median Best Breakpoint
      Sharpe Ratio 0.81 0.87 1.07
      Standard Deviation 16.98 21.65 18.50

      *Three years ended 12/31/2011. Category Median and Best Decile Breakpoint based on 420 mid-cap objective funds (oldest class only) with at least three years of history.

      Royce SMid-Cap Select Fund's value approach produced below average volatility relative to mid-cap objective funds.

      Risk/Return Comparison
      Three-Year Period Ended 12/31/2011

        Average Annual Total Return Standard Deviation Return Efficiency*
      RSS 13.26 16.98 0.78
      Russell 2500 18.41 23.73 0.78

      *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 2500 Down Quarters
      Performance Comparison Since RSS's Inception Through 12/31/11

      Quarter Russell 2500 RSS Spread
      9/30/11 -21.2% -17.5% +3.7% 
      6/30/11 -0.6 -1.4 -0.8 
      6/30/10 -10.0 -9.2 +0.8 
      3/31/09 -11.4 -6.8 +4.6 
      12/31/08 -26.3 -15.3 +11.0 
      9/30/08 -6.7 -10.1 -3.4 
      3/31/08 -9.4 -5.4 +4.0 
      12/31/07 -4.3 +0.6 +4.9 

      Royce SMid-Cap Select Fund outperformed the Russell 2500 in six out of eight down quarters.

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

      RSS 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 Since Inception  Inception Date
      RMISX 14.74% 0.66% 0.66% 13.26% 2.00% 9/28/2007 
      Russell 2500 14.52% -2.51% -2.51% 18.41% 0.10% N/A
      Annual Operating Expenses: 0.71%

      * 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) 0.70%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.00%
      Dividends on securities sold short 0.00%
      Acquired fund fees and expenses 0.01%
      Total annual Fund operating expenses 0.71%
      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.