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Royce SMid-Cap Value Fund (RMVSX)
Service Class
Open to New Investors
- NAV as of 5/9/2008 $10.38
- Daily NAV change
Management Team
Portfolio Managers
- Charles M. Royce
- 45 Years of Experience;
- 35 Years at Royce
- Steven G. McBoyle
- 18 Years of Experience;
- 1 Year at Royce
Top 10 Positions
| Share of Net Assets | |
|---|---|
| AllianceBernstein Holding L.P. | 3.6% |
| WABCO Holdings | 2.3% |
| KBR | 2.0% |
| SEI Investments | 2.0% |
| Lazard Cl. A | 2.0% |
| Anixter International | 1.9% |
| Alleghany Corporation | 1.9% |
| UGI Corporation | 1.8% |
| Tiffany & Co. | 1.8% |
| BOK Financial | 1.7% |
| Top 10 as % of Total | 20.8% |
Objective and Strategy
Seeks long-term growth of capital by investing primarily in equity securities issued by mid-cap companies that we believe are trading below its estimate of their current worth. Consistent with Royce’s value approach to investing, the Fund generally seeks to invest in securities of companies that have excellent business strengths, high internal rates of return and exhibit above-average prospects. We believe investors in the Fund should have a long-term investment horizon of at least three years.
Performance
Average Annual Total Returns
| 1Q* | YTD* | 1YR | |
|---|---|---|---|
| RMVSX | -1.90% | -1.90% | N/A |
| Russell 2000 | -9.90% | -9.90% | -13.00% |
| Since Incept | |
|---|---|
| RMVSX | -3.42% |
| Russell 2000 | n/a |
Annual Operating Expenses
| Gross | Net | 16.40% | 1.49% |
|---|
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 180 days of purchase may be subject to a 1% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.
Gross operating expenses reflect the Fund's estimated gross operating expenses for the Service class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees. Net operating expenses reflect contractual fee waivers and/or reimbursements. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses through December 31, 2007 and December 31, 2010 to the extent necessary to limit net annual operating expenses to no more than 1.49% and 1.99%, respectively.
Only persons who are "qualified investors" may invest. The Fund's initial minimum investment is $50,000.
Fund Statistics
| Ticker Symbol | RMVSX |
|---|---|
| Fund Net Assets (All Classes) | $2 million |
| Number of Holdings | 89 |
| Minimum Investment | $2,000 |
| Cusip Number | 780905154 |
| Fund Number | 602 |
| Inception Date | 9/28/2007 |
| Benchmark Index | Russell 2000 |
Growth of Hypothetical $10,000
Invested 9/28/2007
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 mid-cap stocks which may involve considerably more risk than investing in larger-cap stocks (see "Primary Risks for Fund Investors" in the prospectus). The Fund may invest up to 25% of its assets in foreign securities that may involve political, economic, currency and other risks not encountered in U.S. investments (see "Investing in International Securities" in the prospectus). The Russell 2500 is an unmanaged, capitalization-weighted index of the 2,500 smallest publicly traded U.S. companies in the Russell 3000 index. Distributor: Royce Fund Services, Inc.
© Royce & Associates, LLC, 1414 Avenue of the Americas, New York, NY
10019, (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. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.