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The Royce Funds

Small-cap value investing for more than 35 years

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  1. I Want To . . .
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  2. Royce International Smaller-Companies Fund (RYGSX)

    Service Class
    GLOBAL/INTERNATIONAL

    Global/International Funds generally focus on non-U.S. based companies using our core approach to security selection.

     

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    1. Open to New Investors

      NAV as of 3/12/2010  $10.84
      Daily NAV change  +$0.04 (+0.37%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Charles M. Royce

      Assistant Portfolio Managers

      George Necakov
      David A. Nadel

      Top 10 Positions As of Quarter-End 12/31/09
      % of Net Assets (Subject to Change)

      Major Drilling Group International 1.4%
      Enstar Group 1.4%
      Partners Group Holding 1.1%
      Industrias Bachoco ADR 1.0%
      Grupo Aeroportuario del Centro Norte ADR 1.0%
      Lamprell 1.0%
      Citic 1616 Holdings 1.0%
      Ritchie Bros. Auctioneers 1.0%
      Grupo Aeroportuario del Pacifico ADR 1.0%
      Value Partners Group 1.0%
      Top 10 as % of Total 10.9%
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    2. Royce International Smaller-Companies Fund (RIS) invests primarily in equity securities issued by non-U.S. companies—i.e, companies domiciled outside of the United States—with market capitalizations up to $5 billion. Royce invests the Fund’s assets in companies that is believes have excellent business strengths and/or prospects for growth, high internal rates of returns and low leverage, and are trading significantly below its estimate of their current net worth.

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      Average Annual Total Returns
      as of Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR Since Incept
      RYGSX 5.06% 50.31% 50.31% 3.34%
      MSCI World ex USA Small Core 0.48% 50.82% 50.82% -8.92%
      Inception Date: 6/30/2008  Annual Operating Expenses: Gross 3.75% Net 1.73%

      * 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 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.

      Operating expenses reflect the Fund's total annual operating expenses for the Service Class as of the date of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees. Royce & Associates has contractually agreed to waive fees and reimburse expenses to the extent necessary to maintain the Fund's net annual operating expense ratio at or below 1.69% through April 30, 2010, and at or below 1.99% through April 30, 2019. The Fund's "other expenses" are estimated for the current fiscal year.

      1. Fund Statistics
        as of Quarter-End, 12/31/2009

        Ticker Symbol RYGSX
        Fund Net Assets (All Classes) $8 million
        Number of Holdings 196
        Average Market Capitalization* $1.30 billion
        Weighted Average P/E Ratio** 16.5x
        Weighted Average P/B Ratio 2.4x
        Portfolio Turnover 2009 1%
        Minimum Investment $2,000
        Cusip Number 780905139
        Fund Number 665
        Inception Date 6/30/2008
        Benchmark Index MSCI World ex USA Small Core

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (19% of portfolio holdings as of 12/31/2009).

    1. Calendar Year Total Returns
      as of Quarter-End 12/31/2009

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 12/31/2009

        Sector Name Gain/Loss*
      (in millions)
      1 Industrial Products $0.10
      2 Natural Resources $0.07
      3 Health $0.05
      4 Financial Services $0.04
      5 Industrial Services $0.04
      6 Consumer Products $0.04
      7 Technology $0.03
      8 Diversified Investment Companies $0.01
      9 Consumer Services -$0.01
      10 Financial Intermediaries -$0.02

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 12/31/2009

      Company Gain*
      (in millions)
      Duratex $0.09
      Major Drilling Group International $0.03
      Origin Agritech $0.02
      Enstar Group $0.02
      Minth Group $0.02

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 12/31/2009

      Company Loss*
      (in millions)
      Duratex -$0.07
      Egyptian Financial Group-Hermes Holding -$0.01
      Seabridge Gold -$0.01
      SHUAA Capital -$0.01
      Universal Travel Group -$0.01

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR Since Incept
      RYGSX 5.06% 50.31% 50.31% 3.34%
      MSCI World ex USA Small Core 0.48% 50.82% 50.82% -8.92%
      Annual Operating Expenses: Gross 3.75% Net 1.73%
      Inception Date: 6/30/2008

      * 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 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.

      Operating expenses reflect the Fund's total annual operating expenses for the Service Class as of the date of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees. Royce & Associates has contractually agreed to waive fees and reimburse expenses to the extent necessary to maintain the Fund's net annual operating expense ratio at or below 1.69% through April 30, 2010, and at or below 1.99% through April 30, 2019. The Fund's "other expenses" are estimated for the current fiscal year.

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/08/09 12/09/09 $0.0163 $— $— $0.02 $10.37
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      1. NAV History

        Previous 12 Months Ending 2/28/2010
        High $10.98 1/14/10
        Low $5.35 3/09/09
        Previous Month Ending 2/28/2010
        High $10.49 2/02/10
        Low $5.35 3/09/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $10.49
        2008 $6.99

  3. Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President, Co-Chief Investment Officer and Portfolio Manager

    Charles M. Royce is President, Co-Chief Investment Officer and Portfolio Manager 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

    • 47 Years of Experience
    • 37 Years at Royce

    Assistant Portfolio Managers

    George Necakov

    George Necakov

    • Portfolio Manager and Director of Quantitative Strategies
    • CFA

    George Necakov, CFA, is a Portfolio Manager and the Director of Quantitative Strategies for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, New York University,

    Experience

    • 15 Years of Experience
    • 15 Years at Royce
    David A. Nadel

    David A. Nadel

    • Portfolio Manager

    David A. Nadel is a Portfolio Manager and Senior Analyst for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Williams College,
    • MA, Harvard University,
    • MBA, Harvard Business School,

    Experience

    • 18 Years of Experience
    • 3 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End, 12/31/2009

      Fund Net Assets (All Classes) $8 million
      Number of Holdings 196
      Average Market Capitalization* $1.30 billion
      Weighted Average P/E Ratio** 16.5x
      Weighted Average P/B Ratio 2.4x
      Portfolio Turnover 2009 1%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (19% of portfolio holdings as of 12/31/2009).

      Market Cap Exposure (In Millions)
      as of Quarter-End 12/31/2009

      Royce International Smaller-Companies Fund

    2. Top 10 Positions
      as of Quarter-End 12/31/2009
      as of Month-End 1/31/2010
      % of Net Assets (Subject to Change)

      Major Drilling Group International 1.4%
      Enstar Group 1.4%
      Partners Group Holding 1.1%
      Industrias Bachoco ADR 1.0%
      Grupo Aeroportuario del Centro Norte ADR 1.0%
      Lamprell 1.0%
      Citic 1616 Holdings 1.0%
      Ritchie Bros. Auctioneers 1.0%
      Grupo Aeroportuario del Pacifico ADR 1.0%
      Value Partners Group 1.0%
      Top 10 as % of Total 10.9%

      Portfolio Holdings
      as of Quarter-End 12/31/2009

      View the complete list of holdings for Royce International Smaller-Companies Fund for the quarter ended 12/31/2009. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.

      Portfolio Country Breakdown
      as of Quarter-End,12/31/2009
      % of Net Assets (Subject to Change)

      Canada 12.9%
      China 8.5%
      Switzerland 7.0%
      Hong Kong 6.3%
      Japan 6.0%
      United Kingdom 5.6%
      Mexico 4.8%
      Germany 3.6%
      France 3.2%
      South Korea 3.1%
      United States 3.1%
      South Africa 2.4%
      Singapore 2.3%
      Finland 2.2%
      Australia 2.0%
      Bermuda 1.9%
      Austria 1.6%
      United Arab Emirates (U.A.E.) 1.3%
      Brazil 1.2%
      Italy 1.2%
      Luxembourg 1.1%
      Cayman Islands 1.0%
      Taiwan 0.9%
      Belgium 0.9%
      Greece 0.7%
      Peru 0.7%
      Egypt 0.7%
      Netherlands 0.6%
      Jersey 0.6%
      Norway 0.6%
      British Virgin Islands 0.5%
      Denmark 0.3%
      Sweden 0.1%

    3. Portfolio Sector Breakdown
      as of Quarter-End 12/31/2009
      as of Month-End 1/31/2010
      % of Net Assets (Subject to Change)

      Financial Services 13.4%
      Industrial Products 12.8%
      Natural Resources 12.8%
      Financial Intermediaries 12.2%
      Consumer Products 10.3%
      Industrial Services 9.9%
      Health 8.5%
      Technology 6.3%
      Consumer Services 2.2%
      Diversified Investment Companies 0.2%
      Treasuries, Cash & Cash Equivalents 11.3%

      Portfolio Country Breakdown
      as of Month-End,1/31/2010
      % of Net Assets (Subject to Change)

      Canada 12.0%
      China 7.3%
      Hong Kong 6.5%
      United Kingdom 5.7%
      Switzerland 5.7%
      Japan 5.5%
      France 3.9%
      Mexico 3.8%
      South Korea 3.8%
      Germany 3.4%
      United States 2.6%
      South Africa 2.3%
      Singapore 2.2%
      Bermuda 2.1%
      Belgium 2.0%
      Austria 1.9%
      Finland 1.9%
      Australia 1.7%
      Italy 1.3%
      United Arab Emirates (U.A.E.) 1.1%
      Brazil 1.0%
      Luxembourg 1.0%
      Cayman Islands 0.9%
      Peru 0.8%
      Egypt 0.8%
      Taiwan 0.8%
      Greece 0.6%
      Norway 0.5%
      Netherlands 0.5%
      Jersey 0.5%
      Thailand 0.4%
      British Virgin Islands 0.4%
      Denmark 0.3%
      Sweden 0.3%

      Asset Allocation
      as of Quarter-End, 12/31/2009
      % of Net Assets (Subject to Change)

      Royce International Smaller-Companies Fund Asset Allocation

    1. Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 12/31/09

      Quarter Russell 2000 RIS Spread
      3/31/09 -15.0% -10.3% +4.7% 
      12/31/08 -26.1 -19.2 +6.9 
      9/30/08 -1.1 -13.5 -12.4 

      Royce International Smaller-Companies Fund outperformed the Russell 2000 in two out of three down quarters.

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    1. Fees

      Shareholder Fees
      (fees paid directly from your investment)
      Maximum sales charge (load) imposed on purchases none
      Maximum deferred sales charge none
      Maximum sales charge (load) imposed on reinvested dividends none
      Early Redemption Fee
      On purchases held for 180 days or more none
      On purchases held for less than 180 days 2.00%

    2. Annual Fund Operating Expenses

      (expenses deducted from Fund assets)
      Management Fees 1.25%
      Distribution (12b-1) Fees 0.25%
      Other Expenses 2.21%
      Total direct annual Fund operating Expenses 3.71%
      Acquired Fund fees and expenses 0.04%
      Total Annual Fund Operating Expenses 3.75%
      Expense Reimbursements (2.02)%
      Net Annual Fund Operating Expenses 1.73%

      Fund expenses have been restated to reflect net assets as of 12/31/2008.

      Royce has contractually agreed to waive fees and reimburse expenses, other than Acquired Fund fees and expenses, to the extent necessary to maintain the Fund's net direct annual operating expense ratio at or below 1.69% through April 30, 2010 and at or below 1.99% through April 30, 2019.

      "Acquired Fund fees and expenses" are those incurred indirectly as a result of investment in one or more Acquired Funds, including mutual funds, hedge funds, private equity funds and other pooled investment vehicles.

    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


  7. 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 companies domiciled in at least three different countries. Securities of international companies may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic or other developments that are unique to a particular country or region. Therefore, the prices of the securities of international companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies (Please see “Primary Risks for Fund Investors” in the prospectus). The Fund invests primarily in micro-cap, 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 Morgan Stanley Capital International
    Europe Small Core Index is an unmanaged index of European small-cap stocks. Index returns include net reinvested dividends and/or interest income.

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    Download literature for Royce International Smaller-Companies Fund

  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.