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  1. Royce SMid-Cap Value Fund (RMVSX)

    Service Class
    MID-CAP

    Mid-Cap Funds generally invest in mid-caps, those companies with market capitalizations from $2.5 billion to $15 billion, or smid-caps, those companies with market capitalizations from $750 million to $10 billion.

     

    1. Open to New Investors

      NAV as of 5/16/2012  $10.35
      Daily NAV change  -$0.18 (-1.71%)

    1. Management Team

      Portfolio Managers

      W. Whitney George
      Steven G. McBoyle

      Top 10 Positions
      as of Quarter-End 3/31/2012
      as of Month-End 4/30/2012
      % of Net Assets (Subject to Change)

      Analog Devices 4.0%
      Westlake Chemical 3.7%
      Western Digital 3.6%
      International Rectifier 3.5%
      Allied Nevada Gold 3.5%
      Affiliated Managers Group 3.3%
      Globe Specialty Metals 3.2%
      Semperit AG Holding 3.0%
      Autoliv 3.0%
      Reliance Steel & Aluminum 2.9%
      Top 10 as % of Total 33.7%
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    2. Royce SMid-Cap Value Fund (RSV) seeks long-term growth of capital. The Fund invests at least 80% of its assets in small-cap and mid-cap companies with market caps between $750 million and $10 billion that Royce believes are trading below its estimate of their current worth. The Fund generally seeks to invest in securities of companies that have excellent business strengths, high internal rates of return and exhibit above-average growth prospects.

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      Average Annual Total Returns
      as of Quarter-End 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR 3YR Since Inception  Inception Date
      RMVSX 15.25% 15.25% -6.21% 23.74% 3.57% 9/28/2007 
      Annual Operating Expenses: Gross 2.40% Net 1.49%

      * Not Annualized

      1. Fund Statistics
        as of Quarter-End 3/31/2012

        Fund Net Assets (All Classes) $12 million
        Ticker Symbol RMVSX
        Number of Holdings 50
        Average Market Capitalization* $3.02 billion
        Weighted Average P/E Ratio** 13.2x
        Weighted Average P/B Ratio 2.1x
        U.S. Investments
        (% of Net Assets)
        65.9%
        Non-U.S. Investments
        (% of Net Assets)
        30.8%
        Portfolio Turnover 2011 54%
        Minimum Investment $2,000
        Cusip Number 780905154
        Fund Number 602
        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 (3% of portfolio holdings as of 3/31/2012).

      2. Value of $10,000 Invested on 9/28/07
        As of Quarter-End 3/31/2012

        RMVSX vs Russell 2000
    1. Value of $10,000 Invested on 9/28/07
      As of Quarter-End 3/31/2012

      RMVSX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 3/31/2012

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 3/31/2012

        Sector Name Gain/Loss*
      (in millions)
      1 Information Technology $0.45
      2 Materials $0.42
      3 Industrials $0.28
      4 Consumer Discretionary $0.24
      5 Financials $0.17
      6 Health Care $0.06
      7 Consumer Staples $0.00
      8 Energy -$0.07

      *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 3/31/2012

      Company Gain*
      (in millions)
      Westlake Chemical $0.19
      Western Digital $0.13
      Ascena Retail Group $0.09
      Autoliv $0.09
      Affiliated Managers Group $0.07

      *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 3/31/2012

      Company Loss*
      (in millions)
      C&J Energy Services -$0.06
      Trican Well Service -$0.04
      Silver Standard Resources -$0.02
      Helmerich & Payne -$0.02
      GameStop Corporation Cl. A -$0.01

      *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR 3YR Since Inception  Inception Date
      RMVSX 15.25% 15.25% -6.21% 23.74% 3.57% 9/28/2007
      Annual Operating Expenses: Gross 2.40% Net 1.49%

      * Not Annualized


      Cumulative Performance Since Inception (9/28/2007)
      and Since Market Cycle Peak as of Quarter-End 3/31/12

      RMVSX

      View how RSV 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
      12/7/11 12/8/11 $0.0163 $— $— $0.02 $10.23
      12/8/09 12/9/09 $0.0092 $— $— $0.01 $8.72
      12/8/08 12/9/08 $0.0056 $— $— $0.01 $6.69
      12/6/07 12/7/07 $0.0164 $0.0097 $— $0.03 $10.09
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      1. NAV History

        Previous 12 Months Ending 4/30/2012
        High $12.65 5/1/11
        Low $8.93 10/3/11
        Previous Month Ending 4/30/2012
        High $11.72 4/2/12
        Low $11.02 4/10/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $10.10
        2010 $11.44
        2009 $9.08
        2008 $7.06
        2007 $9.99
  1. Portfolio Managers

    W. Whitney George

    W. Whitney George

    • Co-Chief Investment Officer, Portfolio Manager and Managing Director

    W. Whitney George is a Co-Chief Investment Officer, Portfolio Manager and a Managing Director of Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Trinity College

    Experience

    • 31 Years of Experience
    • 20 Years at Royce
    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
    1. Portfolio Statistics
      as of Quarter-End 3/31/2012

      Fund Net Assets (All Classes) $12 million
      Number of Holdings 50
      Average Market Capitalization* $3.02 billion
      Weighted Average P/E Ratio** 13.2x
      Weighted Average P/B Ratio 2.1x
      Portfolio Turnover 2011 54%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (3% of portfolio holdings as of 3/31/2012).

      Market Cap Exposure (In Millions)
      as of Quarter-End 3/31/2012

      Royce SMid-Cap Value Fund
    2. Top 10 Positions
      as of Quarter-End 3/31/2012
      % of Net Assets (Subject to Change)

      Analog Devices 4.0%
      Westlake Chemical 3.7%
      Western Digital 3.6%
      International Rectifier 3.5%
      Allied Nevada Gold 3.5%
      Affiliated Managers Group 3.3%
      Globe Specialty Metals 3.2%
      Semperit AG Holding 3.0%
      Autoliv 3.0%
      Reliance Steel & Aluminum 2.9%
      Top 10 as % of Total 33.7%

      Portfolio Holdings
      as of Quarter-End 3/31/2012

      View the complete list of holdings for Royce SMid-Cap Value Fund as of 3/31/2012. 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 3/31/2012
      as of Month-End 4/30/2012
      % of Net Assets (Subject to Change)

      Information Technology 23.2%
      Materials 22.5%
      Industrials 14.3%
      Financials 10.8%
      Energy 10.8%
      Consumer Discretionary 10.6%
      Health Care 3.8%
      Consumer Staples 0.8%
      Cash & Cash Equivalents 3.3%

      Asset Allocation
      as of 3/31/2012
      % of Net Assets (Subject to Change)

      Royce SMid-Cap Value Fund Asset Allocation
    1. Three-Year Morningstar Statistical Measures as of 3/31/2012*

        RSV Category Median Best Breakpoint
      Sharpe Ratio 1.08 1.27 1.36
      Standard Deviation 21.84 20.08 18.58

      *Three years ended 3/31/2012. Category Median and Best Quartile Breakpoint based on 410 mid-cap objective funds (oldest class only) with at least three years of history.

      Risk/Return Comparison
      Three-Year Period Ended 3/31/2012

        Average Annual Total Return Standard Deviation Return Efficiency*
      RSV 23.74 21.84 1.09
      Russell 2500 28.42 21.38 1.33

      *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.

      Down Quarters
      Performance Comparison Since RSV's Inception Through 3/31/12

      Quarter RSV Spread
      9/30/11 -21.2% -22.6% -1.4% 
      6/30/11 -0.6 -3.5 -2.9 
      6/30/10 -10.0 -8.3 +1.7 
      3/31/09 -11.4 -12.7 -1.3 
      12/31/08 -26.3 -23.4 +2.9 
      9/30/08 -6.7 -7.4 -0.7 
      3/31/08 -9.4 -1.9 +7.5 
      12/31/07 -4.3 +0.2 +4.5 

      Royce SMid-Cap Value Fund outperformed the in four out of eight down quarters.

    2. Average Annual Total Returns
      as of Quarter-End 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR 3YR Since Inception  Inception Date
      RMVSX 15.25% 15.25% -6.21% 23.74% 3.57% 9/28/2007 
      Annual Operating Expenses: Gross 2.40% Net 1.49%

      * 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 180 days) 1.00%
    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees 1.00%
      Distribution (12b-1) fees 0.25%
      Other expenses 0.70%
      Total annual Fund operating expenses 1.95%
      Fee waivers and/or expense reimbursements (0.46)%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.49%

      Royce has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund's net annual operating expenses, other than acquired fund fees and expenses, at or below 1.49% through April 30, 2012 and at or below 1.99% through April 30, 2021.

    3. Account Minimums

      To Open an Account
      Regular $2,000
      Traditional/Roth IRA/Coverdell ESA $1,000
      Automatic Investment and Direct Deposit Plans $1,000
      401(k)s none
      Subsequent Investments
      All Account Types $50


  2. © 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.