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
As of Quarter-End 3/31/08
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%
Inception Date: 9/28/2007
* 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 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
As of Quarter-End 3/31/2008
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.