5
06/30/15
07/31/15
07/31/15
11/18/1998

At a Glance

Why invest in Select I?

  • Investment goal of long-term growth of capital
  • Focused portfolio, disciplined value approach
  • Invests primarily in small-cap and mid-cap stocks, up to $5 billion
  • Managed by Lauren Romeo since 2009 (co-manager 2006-2009 and assistant portfolio manager 2005-2006), assistant Chuck Royce since 2009 (co-manager 2006-2009 and manager 1998-2006)

As of 06/30/15

Portfolio Management




Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the 10-Year, 15-Year and since inception (11/18/98) periods as of 06/30/15.
QTR YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Select I 0.00 0.23-5.7711.8711.379.4310.9112.85 11/18/98
Russell 2000 0.42 4.756.4917.8117.088.407.508.67 N/A

Annual Operating Expenses: 1.23

JUL YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Select I -3.00 -2.78-2.9510.979.668.5010.5312.58 11/18/98
Russell 2000 -1.16 3.5412.0317.9015.277.617.658.55 N/A

Annual Operating Expenses: 1.23

JUL YTD 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. DATE
Select I -3.00 -2.78-2.9510.979.668.5010.5312.58 11/18/98
Russell 2000 -1.16 3.5412.0317.9015.277.617.658.55 N/A

Annual Operating Expenses: 1.23

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 30 days of purchase may be subject to a 1% redemption fee, payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.roycefunds.com. Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 100% of all 10-Year periods; 81% of all 5-Year periods; and 62% of all 1-Year periods.

For 100% of the periods, 10-year average annual total returns were greater than 5%; For 85% of the periods, 10-year average annual total returns were greater than 10%.

Relative Returns: Monthly Rolling Average Annual Return Periods Since Inception Through 06/30/15

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
80/80
100 11.2 6.7
5-year
114/140
81 12.0 7.9
1-year
116/188
62 13.9 10.2

Absolute Returns: 10-Year Monthly Rolling Return PeriodsNumber of 10-Year Average Annual Return Periods Since the Fund’s Inception

Return Range Periods % in Range
> 10% 68 85
> 5% and ≤ 10% 12 15
> 0% and ≤ 5% 0 0
≤ 0% 0 0

The Fund averaged a 11.2% return over all 80 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 from the 03/09/00 and 07/13/07 index peaks through 06/30/15 and in each of the two previous full market cycle periods.
Peak-Peak - 03/09/00 - 07/13/07
Select I188.2%
Russell 200054.8%

Peak-Peak - 07/13/07 - 04/29/11
Select I32.9%
Russell 20006.6%

Peak-Current - 04/29/11 - 06/30/15
Select I25.7%
Russell 200053.5%

Royce defines market cycles as peak-to-peak periods in which a peak is the market high prior to a decline of at least 15%. 

Royce defines market cycles as peak-to-peak periods in which a peak is the market high prior to a decline of at least 15%. 

Calendar Year Total Returns (%)

 

Growth of Investment

Value of $10,000 invested between 11/18/98 and 06/30/15

Select I$74,535.30
Russell 2000$39,819.04

Portfolio Impactas of 06/30/15

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Financials
16.20
6.58
0.98
Energy
7.32
4.99
0.43
Consumer Staples
2.32
13.76
0.38
Health Care
6.07
3.07
0.18
Information Technology
18.39
0.21
0.08
Materials
5.93
-4.30
-0.24
Industrials
18.63
-1.23
-0.25
Consumer Discretionary
15.15
-7.43
-1.15
Cash
10.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Food ProductsConsumer Staples0.55
Capital MarketsFinancials0.54
Energy Equipment & ServicesEnergy0.43
Thrifts & Mortgage FinanceFinancials0.40
Semiconductors & Semiconductor EquipmentInformation Technology0.40

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.49
AutomobilesConsumer Discretionary-0.21
Technology Hardware Storage & PeripheralsInformation Technology-0.20
Professional ServicesIndustrials-0.20
MediaConsumer Discretionary-0.19

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Cal-Maine FoodsFood ProductsConsumer Staples0.55
Genworth MI CanadaThrifts & Mortgage FinanceFinancials0.40
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.36
Bio-Rad Laboratories Cl. ALife Sciences Tools & ServicesHealth Care0.24
Integrated Silicon SolutionSemiconductors & Semiconductor EquipmentInformation Technology0.24

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Buckle (The)Specialty RetailConsumer Discretionary-0.29
Monotype Imaging HoldingsSoftwareInformation Technology-0.22
Thor IndustriesAutomobilesConsumer Discretionary-0.21
Silicon Graphics InternationalTechnology Hardware Storage & PeripheralsInformation Technology-0.20
GenescoSpecialty RetailConsumer Discretionary-0.20
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Health Care
6.83
15.87
1.11
Consumer Staples
2.22
35.23
0.70
Financials
14.71
3.91
0.64
Materials
6.25
0.76
-0.04
Information Technology
19.83
-0.79
-0.07
Industrials
19.15
-1.16
-0.29
Consumer Discretionary
14.72
-2.66
-0.43
Energy
8.26
-3.84
-0.45
Cash
8.03
0.01
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials0.70
Food ProductsConsumer Staples0.57
Life Sciences Tools & ServicesHealth Care0.57
PharmaceuticalsHealth Care0.43
Semiconductors & Semiconductor EquipmentInformation Technology0.25

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.62
Technology Hardware Storage & PeripheralsInformation Technology-0.47
Energy Equipment & ServicesEnergy-0.45
Communications EquipmentInformation Technology-0.42
MachineryIndustrials-0.26

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Cal-Maine FoodsFood ProductsConsumer Staples0.57
Lannett CompanyPharmaceuticalsHealth Care0.43
Bio-Rad Laboratories Cl. ALife Sciences Tools & ServicesHealth Care0.41
SEI InvestmentsCapital MarketsFinancials0.39
John Bean TechnologiesMachineryIndustrials0.36

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Silicon Graphics InternationalTechnology Hardware Storage & PeripheralsInformation Technology-0.47
ADTRANCommunications EquipmentInformation Technology-0.42
GenescoSpecialty RetailConsumer Discretionary-0.41
Unit CorporationEnergy Equipment & ServicesEnergy-0.34
Oil States InternationalEnergy Equipment & ServicesEnergy-0.32
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.10
8.80
1.76
Financials
13.17
8.35
1.12
Health Care
7.67
6.69
0.46
Consumer Staples
2.45
1.15
-0.16
Consumer Discretionary
13.17
-2.84
-0.21
Materials
6.96
-6.34
-0.64
Industrials
19.19
-7.41
-1.59
Energy
9.49
-38.04
-5.05
Cash
8.80
0.02
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology1.14
Capital MarketsFinancials0.93
Auto ComponentsConsumer Discretionary0.69
Food ProductsConsumer Staples0.66
Professional ServicesIndustrials0.60

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-5.05
MachineryIndustrials-1.22
Electrical EquipmentIndustrials-0.93
Specialty RetailConsumer Discretionary-0.89
Personal ProductsConsumer Staples-0.82

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
MKS InstrumentsSemiconductors & Semiconductor EquipmentInformation Technology0.69
Cal-Maine FoodsFood ProductsConsumer Staples0.66
SEI InvestmentsCapital MarketsFinancials0.66
Integrated Silicon SolutionSemiconductors & Semiconductor EquipmentInformation Technology0.58
j2 GlobalInternet Software & ServicesInformation Technology0.56

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Unit CorporationEnergy Equipment & ServicesEnergy-2.15
Helmerich & PayneEnergy Equipment & ServicesEnergy-0.84
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples-0.82
Oil States InternationalEnergy Equipment & ServicesEnergy-0.75
CIRCOR InternationalMachineryIndustrials-0.73
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
21.19
43.07
10.56
Information Technology
19.69
51.20
9.81
Consumer Discretionary
10.54
74.42
7.13
Financials
9.78
82.41
5.93
Energy
12.00
21.00
5.18
Health Care
6.54
96.05
4.83
Materials
9.15
7.17
1.19
Consumer Staples
1.74
83.31
0.88
Cash
9.38
0.13
0.02

Top Contributors

INDUSTRYSECTORGAIN (%)
Semiconductors & Semiconductor EquipmentInformation Technology5.91
Energy Equipment & ServicesEnergy5.18
Capital MarketsFinancials4.84
MachineryIndustrials4.10
Professional ServicesIndustrials3.88

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.94
Communications EquipmentInformation Technology-0.90
Personal ProductsConsumer Staples-0.84
Technology Hardware Storage & PeripheralsInformation Technology-0.64
Metals & MiningMaterials-0.33

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Helmerich & PayneEnergy Equipment & ServicesEnergy2.58
Warnaco Group (The)Textiles, Apparel & Luxury GoodsConsumer Discretionary2.38
Lazard Cl. ACapital MarketsFinancials1.96
Minerals TechnologiesChemicalsMaterials1.76
Cal-Maine FoodsFood ProductsConsumer Staples1.72

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Major Drilling Group InternationalMetals & MiningMaterials-1.04
ADTRANCommunications EquipmentInformation Technology-0.90
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples-0.84
GrafTech InternationalElectrical EquipmentIndustrials-0.71
Intrepid PotashChemicalsMaterials-0.67
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
21.82
89.52
20.51
Information Technology
18.17
108.07
18.21
Energy
10.94
73.64
11.86
Consumer Discretionary
10.25
85.48
8.60
Financials
9.56
119.00
8.57
Health Care
5.70
144.46
6.52
Materials
10.67
37.13
5.34
Consumer Staples
1.97
206.94
2.94
Government Bonds
0.05
-10.88
-0.35
Cash
10.87
0.28
0.05

Top Contributors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy11.86
Semiconductors & Semiconductor EquipmentInformation Technology8.72
MachineryIndustrials7.70
Electronic Equipment, Instruments & ComponentsInformation Technology5.80
Capital MarketsFinancials5.40

Top Detractors

INDUSTRYSECTORGAIN (%)
Diversified Consumer ServicesConsumer Discretionary-1.62
Specialty RetailConsumer Discretionary-1.39
Communications EquipmentInformation Technology-0.89
Personal ProductsConsumer Staples-0.84
Road & RailIndustrials-0.60

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Helmerich & PayneEnergy Equipment & ServicesEnergy3.58
Warnaco Group (The)Textiles, Apparel & Luxury GoodsConsumer Discretionary3.27
Oil States InternationalEnergy Equipment & ServicesEnergy3.12
Lazard Cl. ACapital MarketsFinancials3.00
AZZElectrical EquipmentIndustrials2.75

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Corinthian CollegesDiversified Consumer ServicesConsumer Discretionary-1.53
ArcBest CorporationRoad & RailIndustrials-1.30
GrafTech InternationalElectrical EquipmentIndustrials-1.18
AeropostaleSpecialty RetailConsumer Discretionary-1.03
Nu Skin Enterprises Cl. APersonal ProductsConsumer Staples-0.84

Risk

Down Market Performance Comparisonas of 06/30/15

The Fund outperformed the Russell 2000 during nine out of 10 downturns of 7.5% or more from the index’s prior historical high over the last 15 years.

Market Downturns (%)

DownMarketImg
Outperformed in 16 out of 20 down quarters.

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)SELECT I (%)SPREAD (%)
09/30/14-7.4-8.1-0.7
06/30/12-3.5-7.8-4.3
09/30/11-21.9-21.5+0.4
06/30/11-1.6-1.2+0.4
06/30/10-9.9-9.90.0
03/31/09-15.0-7.2+7.8
12/31/08-26.1-21.9+4.2
09/30/08-1.1-1.0+0.1
03/31/08-9.9-5.5+4.4
12/31/07-4.6-1.0+3.6
09/30/07-3.1+1.9+5.0
06/30/06-5.0-4.4+0.6
03/31/05-5.3-3.9+1.4
09/30/04-2.9-0.2+2.7
03/31/03-4.5+0.3+4.8
09/30/02-21.4-19.9+1.5
06/30/02-8.4-12.0-3.6
09/30/01-20.8-15.9+4.9
03/31/01-6.5-1.4+5.1
12/31/00-6.9-2.4+4.5

Capture Ratios Fund's First Full Quarter (12/31/98) to 06/30/15

Upside Capture Ratio measures a manager's performance in up markets relative to the Fund's benchmark. It is calculated by measuring the Fund's performance in quarters when the benchmark goes up and dividing it by the benchmark's return in those quarters.

Downside Capture Ratio measures a manager's performance in down markets relative to the Fund's benchmark. It is calculated by measuring the Fund's performance in quarters when the benchmark goes down and dividing it by the benchmark's return in those quarters.

Long Term Risk Measurementas of 06/30/15

Over the past 10 years, the Fund outperformed the Russell 2000 Index with lower volatility.
Over the past 5 years, the Fund produced lower volatility than the Russell 2000 Index.
Over the past 3 years, the Fund produced lower volatility than the Russell 2000 Index.
From the Fund's inception, the Fund outperformed the Russell 2000 Index with lower volatility.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 06/30/15

The Fund produced lower volatility than the Russell 2000 and 50% of small-cap objective funds, as shown by its standard deviation.
The Fund produced lower volatility than the Russell 2000 and 50% of small-cap objective funds, as shown by its standard deviation.
The Fund beat the Russell 2000 and performed within the top 50% of small-cap objective funds on a risk-adjusted basis, as shown by its Sharpe ratio. In addition, the Fund produced lower volatility than the Russell 2000 and 90% of small-cap objective funds, as shown by its standard deviation.
Sharpe RatioStandard Deviation
Select I0.5417.11
Russell 20000.4419.58
Category Median0.4419.23
Best Decile Breakpoint0.5517.32

Category Median and Best Decile Breakpoint based on 315 small-cap objective funds (oldest class only) with at least ten years of history.
Sharpe Ratio Standard Deviation
Select I
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™ as of 03/31/15

mstar-RYSFX

The Morningstar Style Map is the Morningstar Style Box™ with the center 75% of fund holdings plotted as the Morningstar Ownership Zone™. The Morningstar Style Box is designed to reveal a fund's investment strategy. The Morningstar Ownership Zone provides detail about a portfolio's investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. The shaded area represents the center 75% of the Fund's assets while the plot point in the middle represents the weighted average of its holdings. Over time, the shape and location of a fund's ownership zone may vary.

Market Cap Exposureas of 06/30/15

  • Avg.
    Market Cap
    $2.09B

Diagnosticsas of 06/30/15

Weighted Avg. P/E,
17.8x
Weighted Avg. P/B
2.5x
2014 Portfolio Turnover
40%
97%

Portfolio Allocation as of 06/30/15

  • Focused 
  • Total
    Holdings
    70
  • Holdings ≥ 75%
    of Total Investments
    37


SECTORS
RYSFX (%) RUSSELL
2000 (%)
Industrials
19.9
12.8
Information Technology
17.7
17.2
Financials
17.4
24.3
Consumer Discretionary
16.4
14.6
Energy
6.7
3.9
Health Care
6.4
16.0
Materials
5.9
4.0
Consumer Staples
2.2
3.1
Telecommunication Services
-
0.8
Utilities
-
3.3
Cash and Cash Equivalents
7.4
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Buckle (The)
3.4
MKS Instruments
3.1
Genworth MI Canada
3.1
Minerals Technologies
3.0
Genesco
2.7
John Bean Technologies
2.7
Lazard Cl. A
2.5
Artisan Partners Asset Management Cl. A
2.5
Bio-Rad Laboratories Cl. A
2.3
Virtus Investment Partners
2.3
Top 10 as % of Net Assets
27.6

Portfolio Holdings

View the complete list of holdings for this fund as of 06/30/15. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Least Portfolio Overlap

Greatest Portfolio Overlap

Geographical Breakdown

Distributions

NAV & Distributions


Start DateEnd Date
to

Learn more about distributions

Distributions

RECORD
DATE
EX-DATE PAYABLE
DATE
INCOME ($) SHORT
TERM
GAINS ($)
LONG
TERM
GAINS ($)
RETURN OF
CAPITAL ($)
TOTAL ($) REINVEST
PRICE ($)
12/16/14 12/17/14 12/17/14 0.0000 0.4814 1.8977 - 2.3791 16.87
12/11/13 12/12/13 12/12/13 0.0028 0.3580 1.7893 - 2.1501 18.68
12/12/12 12/13/12 12/13/12 0.2984 0.0999 1.3945 - 1.7928 16.90
12/14/11 12/15/11 12/15/11 0.0000 - 2.5624 - 2.5624 16.33
12/15/10 12/16/10 12/16/10 0.0000 0.1332 0.1279 - 0.2611 20.25
12/15/09 12/16/09 12/16/09 0.1536 - - - 0.1536 17.28

NAV History for

Fees & Expenses

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 30 days) 1.00

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 0.00
Dividends on securities sold short 0.00
Other expenses 0.23
Total annual Fund operating expenses 1.23

Important Disclosure Information

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 small-cap and mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Fund may sell securities short which involves selling a security it does not own in anticipation that the security's price will decline. Short sales present unlimited risk on an individual stock basis since the Fund may be required to buy the security sold short at a time when the security has appreciated in value. The Fund generally invests a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a more broadly diversified portfolio because a decline in the value of any of these stocks would cause the Fund’s overall value to decline to a greater degree. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Fund may invest up to 15% of its net assets in foreign securities (measured at the time of investment), which may involve political, economic, currency, and other risks not encountered in U.S. investments. (Please see "Investing in Foreign Securities" in the prospectus.)

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.

The Price-Earnings, or P/E, Ratio is calculated by dividing a company's share price by its trailing 12-month earnings-per-share (EPS). The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share. Standard deviation is a statistical measure within which a fund's total returns have varied over time. The greater the standard deviation, the greater a fund's volatility. Please read the prospectus for a more complete discussion of risk. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. 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.The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Managed by Lauren Romeo since 2009 (co-manager 2006-2009 and assistant portfolio manager 2005-2006), assistant Chuck Royce since 2009 (co-manager 2006-2009 and manager 1998-2006)

11/18/1998 12:00:00 AM

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