Please verify that you are a Financial Professional

I hereby certify that I am either:
(i) an associated person of an investment adviser that is either registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940 or with a state securities commission (or any agency or office performing like functions);
(ii) an entity with total assets of at least $50 million;
(iii) a FINRA member or registered associated person of such member;
(iv) a bank, savings and loan association, insurance company, or registered investment company;
(v) a governmental entity or subdivision thereof;
(vi) an employee benefit plan or qualified plan that and has at least 100 participants; or
(vii) a person acting solely on behalf of a person or entity referenced in (i) through (vi) above.

 

You are already registered for access to our Financial Professional site.

Please use the Financial Professional Login to access the site or Forgot Password link for help with your password.

[x]

The Royce Funds

Small-cap value investing for more than 35 years

Individual Investors
View daily prices and performance, access your account, and learn more about our disciplined small-cap value approach.
Financial Professionals
Access timely performance and portfolio information, and get tools and insights to help you communicate with your clients.
spacer
 Remember this choice
  2. comment  twitter   rss   printer  email 
  1. I Want To . . .
    • Download Literature
    • Performance Discussion
    • Invest Now
    • Compare Funds
    • Search NAVs

  2. Royce Total Return Fund (RYTRX)

    Investment Class
    CORE + DIVIDENDS

    Core + Dividends Funds generally invest in dividend-paying smaller companies using a diversified approach.

     

    Close [X]

    1. Open to New Investors

      NAV as of 3/11/2010  $11.46
      Daily NAV change  -$0.01 (+0.22%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Charles M. Royce

      Assistant Portfolio Managers

      Jay S. Kaplan
      George Necakov
      Chris E. Flynn

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

      Federated Investors Cl. B 1.1%
      Energen Corporation 1.1%
      PartnerRe 1.0%
      Tidewater 1.0%
      AllianceBernstein Holding L.P. 0.9%
      Aspen Insurance Holdings 0.9%
      Dress Barn (The) 0.9%
      Wolverine World Wide 0.9%
      Family Dollar Stores 0.9%
      Reinsurance Group of America 0.9%
      Top 10 as % of Total 9.5%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      spacer

    2. Royce Total Return Fund (RTR) invests primarily in dividend-paying small-cap and micro-cap companies, those with market capitalizations up to $2.5 billion. We believe that an investment strategy that seeks both long-term growth and current income has the potential to generate strong absolute returns over full market cycles with less volatility. We believe that investors in the Fund should have a long-term investment horizon of at least three years.

      spacer

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

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Incept
      RYTRX 4.35% 26.22% 26.22% -3.83% 1.97% 8.55% 10.96% 10.56%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 7.32%
      Inception Date: 12/15/1993  Annual Operating Expenses: 1.19%

      * 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.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the date of the Fund's most current prospectus and include management fees and other expenses.

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

        Ticker Symbol RYTRX
        Fund Net Assets (All Classes) $4.02 billion
        Number of Holdings 476
        Average Market Capitalization* $1.67 billion
        Weighted Average P/E Ratio** 14.6x
        Weighted Average P/B Ratio 1.6x
        Portfolio Turnover 2009 25%
        Minimum Investment $2,000
        Cusip Number 780905881
        Fund Number 267
        Inception Date 12/15/1993
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (13% of portfolio holdings as of 12/31/2009).

      2. Growth of Hypothetical $10,000

        Invested 12/15/1993

        As of Quarter-End 12/31/2009

        RYTRX vs Russell 2000

    1. Growth of Hypothetical $10,000

      Invested 12/15/1993

      As of Quarter-End 12/31/2009

      RYTRX vs Russell 2000

      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 $47.99
      2 Natural Resources $34.75
      3 Consumer Products $18.84
      4 Consumer Services $11.59
      5 Industrial Services $9.97
      6 Financial Services $9.20
      7 Financial Intermediaries $6.31
      8 Technology $3.97
      9 Health $3.47
      10 Utilities $2.24

      *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)
      NutriSystem $5.39
      American National Insurance $4.97
      CARBO Ceramics $4.93
      Balchem Corporation $4.77

      *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)
      Buckle (The) -$4.21
      Agnico-Eagle Mines -$3.55
      SEI Investments -$3.22
      Ritchie Bros. Auctioneers -$3.09
      Old Republic International -$2.20

      *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.

      spacer

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

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Incept
      RYTRX 4.35% 26.22% 26.22% -3.83% 1.97% 8.55% 10.96% 10.56%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 7.32%
      Annual Operating Expenses: 1.19%
      Inception Date: 12/15/1993

      * 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.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the date of the Fund's most current prospectus and include management fees and other expenses.


      Small-Cap Market Cycle Performance as of Quarter-End 12/31/09

      RYTRX
      3/09/00 - 7/13/07
      RTR 193.9%
      Russell 2000 54.8%
      7/13/07 - 12/31/09
      RTR -20.4%
      Russell 2000 -24.2%

      View how RTR performed during down markets.

      Absolute Return Focus: Five Year Return Periods as of Quarter-End 12/31/09
      Number of Five-Year Average Annual Return Periods since RTR's Inception

      RYTRX

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      3/10/10 3/11/10 $0.0350 $— $— $0.04 $11.46
      12/08/09 12/09/09 $0.0313 $— $— $0.03 $10.45
      9/08/09 9/09/09 $0.0300 $— $— $0.03 $10.09
      6/09/09 6/10/09 $0.0350 $— $— $0.04 $9.22
      3/10/09 3/11/09 $0.0400 $— $— $0.04 $6.67
      12/08/08 12/09/08 $0.0886 $— $0.0041 $0.09 $8.22
      9/08/08 9/09/08 $0.0500 $— $— $0.05 $11.86
      6/09/08 6/10/08 $0.0450 $— $— $0.05 $12.85
      3/10/08 3/11/08 $0.0450 $— $— $0.05 $12.02
      12/06/07 12/07/07 $0.0350 $0.0956 $0.9008 $1.03 $13.19
      9/10/07 9/11/07 $0.0500 $— $— $0.05 $14.05
      6/08/07 6/11/07 $0.0500 $— $— $0.05 $14.83
      3/08/07 3/09/07 $0.0400 $— $— $0.04 $13.89
      12/04/06 12/05/06 $0.0357 $0.0058 $0.5122 $0.55 $13.84
      9/08/06 9/11/06 $0.0400 $— $— $0.04 $13.06
      6/08/06 6/09/06 $0.0500 $— $— $0.05 $13.00
      3/09/06 3/10/06 $0.0300 $— $— $0.03 $13.25
      12/01/05 12/02/05 $0.0350 $0.0554 $0.4908 $0.58 $12.76
      9/08/05 9/09/05 $0.0400 $— $— $0.04 $12.96
      6/09/05 6/10/05 $0.0300 $— $— $0.03 $12.21
      3/09/05 3/10/05 $0.0200 $— $— $0.02 $12.29
      spacer

      1. NAV History

        Previous 12 Months Ending 2/28/2010
        High $11.16 1/19/10
        Low $6.31 3/09/09
        Previous Month Ending 2/28/2010
        High $10.95 2/19/10
        Low $6.31 3/09/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $10.81
        2008 $8.70
        2007 $12.93
        2006 $13.75
        2005 $12.60
        2004 $12.26
        2003 $10.69
        2002 $8.37
        2001 $8.59
        2000 $7.77

  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

    Jay S. Kaplan

    Jay S. Kaplan

    • Portfolio Manager and Principal
    • CFA

    Jay S. Kaplan, CFA, is a Portfolio Manager and Principal for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BS, State University of New York, Binghamton,
    • MBA, New York University,

    Experience

    • 21 Years of Experience
    • 9 Years at Royce
    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
    Chris E. Flynn

    Chris E. Flynn

    • Assistant Portfolio Manager, Senior Analyst and Principal

    Chris E. Flynn is a Principal, Assistant Portfolio Manager and Senior Analyst for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Columbia University,
    • MBA, University of Chicago,

    Experience

    • 26 Years of Experience
    • 17 Years at Royce

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

      Fund Net Assets (All Classes) $4.02 billion
      Number of Holdings 476
      Average Market Capitalization* $1.67 billion
      Weighted Average P/E Ratio** 14.6x
      Weighted Average P/B Ratio 1.6x
      Portfolio Turnover 2009 25%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (13% of portfolio holdings as of 12/31/2009).

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

      Royce Total Return Fund

      Small-Cap Companies by Dividend Yield
      as of Quarter-End 12/31/2009

      Small-Cap Companies by Dividend Yield
      Source: FactSet; U.S. Companies

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

      Federated Investors Cl. B 1.1%
      Energen Corporation 1.1%
      PartnerRe 1.0%
      Tidewater 1.0%
      AllianceBernstein Holding L.P. 0.9%
      Aspen Insurance Holdings 0.9%
      Dress Barn (The) 0.9%
      Wolverine World Wide 0.9%
      Family Dollar Stores 0.9%
      Reinsurance Group of America 0.9%
      Top 10 as % of Total 9.5%

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

      View the complete list of holdings for Royce Total Return 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.

    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 Intermediaries 22.3%
      Industrial Products 17.6%
      Industrial Services 10.6%
      Natural Resources 10.5%
      Financial Services 8.1%
      Consumer Services 7.1%
      Consumer Products 7.0%
      Technology 5.3%
      Health 4.4%
      Utilities 2.4%
      Diversified Investment Companies 0.1%
      Bonds & Preferreds 1.2%
      Treasuries, Cash & Cash Equivalents 3.5%

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

      Royce Total Return Fund Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Five-Year Morningstar Statistical Measures as of 12/31/2009*

        RTR Category Median Best Breakpoint
      Sharpe Ratio 0.04 0.01 0.19
      Standard Deviation 17.53 20.84 18.56

      *Five years ended 12/31/2009. Category Median and Best Decile Breakpoint based on 314 small-cap objective funds (oldest class only) with at least five years of history.

      Risk Disclosure

      The Sharpe Ratio is calculated for a specified period by dividing a fund's annualized excess returns by its annualized standard deviation. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance.

      Risk/Return Comparison
      Five-Year Period Ended 12/31/2009

        Average Annual Total Return Standard Deviation Return Efficiency*
      RTR 1.97 17.53 0.11
      Russell 2000 0.51 21.35 0.02

      *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.

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

      Quarter Russell 2000 RTR Spread
      3/31/09 -15.0% -12.0% +3.0% 
      12/31/08 -26.1 -23.2 +2.9 
      9/30/08 -1.1 -4.8 -3.7 
      3/31/08 -9.9 -5.6 +4.3 
      12/31/07 -4.6 -3.5 +1.1 
      9/30/07 -3.1 -2.5 +0.6 
      6/30/06 -5.0 -3.5 +1.5 
      3/31/05 -5.3 -1.1 +4.2 
      9/30/04 -2.9 +0.1 +3.0 
      3/31/03 -4.5 -4.3 +0.2 
      9/30/02 -21.4 -11.9 +9.5 
      6/30/02 -8.4 -3.4 +5.0 
      9/30/01 -20.8 -12.6 +8.2 
      3/31/01 -6.5 +1.3 +7.8 
      12/31/00 -6.9 +4.5 +11.4 
      6/30/00 -3.8 +2.2 +6.0 
      9/30/99 -6.3 -3.7 +2.6 
      3/31/99 -5.4 -9.3 -3.9 
      9/30/98 -20.1 -10.5 +9.6 
      6/30/98 -4.7 +0.4 +5.1 
      12/31/97 -3.3 +1.0 +4.3 
      3/31/97 -5.2 +2.5 +7.7 

      Royce Total Return Fund outperformed the Russell 2000 in 20 out of 22 down quarters.

    2. Performance in Down Markets: Royce Total Return Fund vs. Russell 2000*

      RYTRX vs Russell 2000

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

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Incept
      RYTRX 4.35% 26.22% 26.22% -3.83% 1.97% 8.55% 10.96% 10.56%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 7.32%
      Annual Operating Expenses: 1.19%
      Inception Date: 12/15/1993

      * 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.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the date of the Fund's most current prospectus and include management fees and other expenses.

      spacer

    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 1.00%

    2. Annual Fund Operating Expenses

      (expenses deducted from Fund assets)
      Management Fees 0.98%
      Distribution (12b-1) Fees none
      Other Expenses 0.19%
      Total direct annual Fund operating Expenses 1.17%
      Acquired Fund fees and expenses 0.02%
      Total Annual Fund Operating Expenses 1.19%

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

      "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 small-cap and micro-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 invest up to 25% of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments (Please see “Investing Foreign Securities” in the prospectus). 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.

    8. Close [X]

    Download literature for Royce Total Return 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.