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Royce Special Equity Fund (Inv)

Large
Market Cap
Morningstar: Category 3-Year Risk Rating 3-Year Performance Rating

Mid
Small Blend Low High
The Fund seeks long-term growth of capital. The Fund primarily invests in the equity securities of small- and

Small
micro-cap companies.
Value Blend Growth

Characteristics Largest Holdings (09/30/2009) Asset Allocation (09/30/2009)


Asset Class ................................................ Stock National Presto Industries ...................................... 4.30% U.S. Investments ........................... 80.10%
Ticker ..................................................... RYSEX Bio-Rad Laboratories ............................................. 2.90% Treasuries, Cash & Equivalents ..... 19.90%
Fund Inception ................................. 05/01/1998 Hubbell, Inc. ........................................................... 2.60%
Share Class Inception ...................... 05/01/1998 Lancaster Colony .................................................... 2.40% Risk/Return Metrics
Fund Manager ...................... Charles R. Dreifus Lubrizol Corp. ......................................................... 2.30% Standard Deviation ........................... 17.91
Manager Tenure (yrs.) ............................... 11.42 Gymboree Corp. ..................................................... 2.30% Beta .................................................... 0.80
Management Style .................................... Active Park Electrochemical .............................................. 2.20% R-squared ........................................ 77.53
Turnover (%) ............................................. 27.00 Atrion Corp. ............................................................ 1.80% Sharpe Ratio ....................................... 0.13
Total Net Assets ($mil.) ........................... 994.62 Thomas & Betts ...................................................... 1.70%
Avg. Market Cap ($mil.) ........................... 703.13 Watsco ................................................................... 1.60%
No. of Securities ............................................. 78 Fund investments change daily and may differ.

Fee Summary
Gross Expense Ratio (12/31/2008) ......................... 1.15% Standard deviation is a measure of the volatility of an investment's
Net Expense Ratio .................................................. 1.15% returns. The greater the standard deviation, the larger the differences
Management Fee .................................................... 1.00% between the investment's actual returns and average return.
12b-1 Fee .................................................................... NA
Beta measures a fund's volatility relative to its market. A positive beta
Other Expenses ...................................................... 0.15% indicates movement in the same direction of the market. A negative
Redemption Fee ...................................................... 1.00% beta indicates movement inverse to the market.
for sales within 180 days of purchase
R-squared is a measure of how closely an investment's performance
correlates with the performance of its market and, thus, may be
explained by the market's performance.
Performance at NAV (09/30/2009)
Total Return Annualized Total Return Sharpe Ratio measures reward per unit of risk. The higher the Sharpe
Ratio, the better the fund's historical risk-adjusted performance.

3-Month 1-Year 3-Year 5-Year 10-Year The gross expense ratio does not reflect any fee waivers or
reimbursements that may be in effect. The net expense ratio reflects
Fund 13.52% 4.91% 3.29% 4.80% 10.87% the expenses currently being charged by the fund after taking into
account any applicable waivers or reimbursements, without which
Benchmark* 19.28% -9.54% -4.57% 2.41% 4.88%
performance would have been less.

Calendar Year Returns 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Fund -9.64% 16.30% 30.75% 15.32% 27.64% 13.91% -0.99% 14.00% 4.74% -19.62%
Benchmark* 21.26% -3.02% 2.49% -20.48% 47.25% 18.33% 4.55% 18.37% -1.57% -33.79%

*The Russell 2000 Index is an unmanaged index of 2,000 small company stocks. You cannot invest in an index.
Stocks of smaller companies are often more volatile and less liquid than stocks of larger companies.
Performance quoted represents past performance and cannot guarantee future results. Current performance may be lower or higher than the performance
shown. Investment return and principal value will fluctuate. An investor's shares, when redeemed, may be worth more or less than their original purchase
price. Performance includes the reinvestment of dividends and capital gains. Investors may obtain performance current to the most recent month end at
roycefunds.com.
Fees listed above are maximum fees. Some fees may not be charged to plan participants. The management fee is the cost of the day-to-day operation and
management of the fund. The 12b-1 fee covers the cost of distributing fund shares to investors, including advertising and sales costs. The sales charge (front
end) is a one-time deduction from an investment made in the fund. The deferred sales charge is imposed when investors redeem shares. The redemption fee is
charged when shares are sold before the minimum holding period for those shares has passed.
This material must be preceded or accompanied by a current prospectus for the fund which contains information about the fund's investment objectives, risks,
fees, and expenses. A prospectus may be obtained at roycefunds.com. Investors should consider this information carefully before investing.
This information was prepared by Newkirk Products, Inc. and is intended for distribution to retirement plans only. Copyright 2009 Morningstar, Inc. and Newkirk
Products, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers or to Newkirk; (2) may not be
copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Newkirk nor Morningstar and its content providers are responsible for
any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

NOT FDIC INSURED - MAY LOSE VALUE - NO BANK GUARANTEE

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