Royce is another company, like Waddell & Reed, with an awful record since start of current bull market. Of its 18 existing funds that have been around since March 2009, 15 have trailed its peers on an absolute return basis ... some by massive amounts. Here's list:

Nearly half of its funds are on the Three Alarm list, month ending May 2015.

As of month ending May, four of Waddell and Reed's 19 funds are on Three Alarm List:
Waddell & Reed Bond A (UNBDX)
Intermediate Government Waddell & Reed Government Secs A (UNGVX)
Muni National Long Waddell & Reed Municipal Bond A (UNMBX)
Waddell & Reed Dividend Opps A (WDVAX)
No funds on Honor Roll.
No Great Owls.
Since the start of the current bull market, 16 of their funds have underperformed its peers on an absolute return basis, some by massive amount. Here's the list:

FYI: (Click On Article Title At Top Of Google Search)
Waddell & Reed Financial Inc., one of the biggest beneficiaries of the recent boom in mutual funds, has hit a rough patch. Nervous investors pulled $12.5 billion out of the investment company’s two largest mutual funds over the past 12 months.
Regards,
Ted
https://www.google.com/#q=Outflows+Hit+Waddell+&+Reed+Funds+wsj
MarketWatch Free Version:
http://www.marketwatch.com/story/outflows-hit-waddell-reed-funds-2015-06-10-231031125/print

FYI: Midcap stock mutual funds catch companies in their teenage to young-adult years. They've survived early small-cap challenges, but still can have impressive earnings growth. So in a real sense midcap stock mutual funds get the best of both large- and small-cap stock worlds.
Regards,
Ted
http://license.icopyright.net/user/viewFreeUse.act?fuid=MTk2MzEyODQ=
Enlarged Graphic:
http://news.investors.com/photopopup.aspx?path=WEBlv061015.jpg&docId=756596&xmpSource=&width=1000&height=1198&caption=&id=756507

Yes, the fund family that cannot remain still is on the move again. On June 15, two international funds will be renamed, and another fund will transition to a global mandate requiring a name change:
Royce Financial Services Fund will be renamed Royce Global Financial Services Fund. May invest up to 50% of assets in foreign securities.
Royce European Smaller-Companies Fund will be renamed Royce European Small-Cap Fund.
Royce International Smaller-Companies Fund will be renamed Royce International Small-Cap Fund.
New non-fundamental investment policy for each requiring at least 80% of iassets in stocks with mkt caps up to $3B.
“As was the case with a prior round of name changes in May, we believe these new names will help to distinguish each Fund’s approach within our lineup,” says Chris Clark, Royce Prez. [my emphasis]
Oh, o.k.
https://www.roycefunds.com/news/2015/06/royce-rename-three-funds-june-15-2015?utm_source=eword0615&utm_medium=email&utm_campaign=news-1&mkt_tok=3RkMMJWWfF9wsRonvqvKZKXonjHpfsX57uwoXqWylMI/0ER3fOvrPUfGjI4ARMJmI+SLDwEYGJlv6SgFT7fAMbZmwLgPWRA=

Banking Analyst Available !
Meredith Whitney, who turned fame as a banking analyst into a stint running her own hedge fund, is through with managing other people's money.
In a brief phone call Wednesday, Stanley Arkin, a lawyer for Ms. Whitney, wouldn't elaborate on her interview.
“She's an honest woman,” he said. “I'm not at liberty to say anything more than that.”
Starting her debut fund without a staff of analysts to help choose investments and relying too much on one investor's money helped lead her astray, a person with direct knowledge of her firm told Bloomberg earlier...
http://www.investmentnews.com/article/20150610/FREE/150619990?template=printart
With Pic !
http://www.investmentnews.com/article/20150610/FREE/150619990/meredith-whitney-says-shes-done-managing-other-peoples-money

AMG Yacktman Focused Service (YAFFX) is a bonafide Three Alarm Fund month ending May 2015.

Yes, I remember the "Ron Bond" with a 10% coupon issued in 1980.

As a regular reader who rarely posts, I have to speak up and say that I respect and admire CathyG; I have learned and profited from reading her thoughtful questions and the responses they elicit from several of the really helpful posters who have taken time to think, analyze, and provide good answers and suggestions for the issues that she has raised. MFO is (IMHO) a forum where a lot of good information and good suggestions are proposed and discussed by people with typical, average investment issues and a sub-group (no names here!) who are mostly not professionals, but are unusually experienced and well informed and willing to offer opinions and suggestions that are meant as fodder for further examination and thus exceptionally useful for the reasonably bright individual to pursue. Cathy is surely an example of such a questioner, and she is willing to stand up and ask questions in open forum. Many of her questions have been peripheral to my own situation, but some are not, and I have been most grateful to see them brought to the fore and have been most appreciative of the thoughtful answers that she received, and have used them to research some of my own issues. Her courtesy, modesty, and willingness to learn and have been exemplary, and I frankly have little to say to those who have made offensive remarks..
As a part -- however modest -- of MFO, and one who has recommended it to many friends, I have appreciated the absence of snark & 1-up-manship and the willingness of the community to accept newcomers who are courteous with corresponding courtesy. Having lurked around for quite a while, I know a little bit about Ted. I have always admired the time & (wee-hours) effort he has invested in combing the net for a wide range of references. I also suspect that I am at least the same age, if not older -- but -- I am also a female, who at 17 stepped into a totally male environment as a freshman engineer, back in the early 50's. That environment persisted for the next few decades as women slowly entered the engineering field. Don't know Ted's background, but I hope that vestiges of 50's & before is not the backstory that propels his comments about Cathy. Back then it took courage for a girl to stand up & ask a question that just "might" sound dumb, but you had to learn to do it, because the guys did it too, & they didn't just shrink back into the closet -- they kept on asking. I doubt that Ted really faced that environment as I did.
So -- good for Cathy -- and Ted -- I appreciate both of your special contributions -- however different -- Cathy's well-thought out questions and willingness to ask, as well as the many well-thought-out responses that her posts evoked -- and Ted's daily news-survey and loyalty, but -- hey -- sometimes you need to just ignore what threads you don't want to read or comment on -- and that's both a privilege AND a responsibility.
OK this is too long already, but I hope that it expresses my appreciations for the specialness of two important contributors -- and how important it is to have them both.... CathyG and Ted...

http://www.sec.gov/Archives/edgar/data/1089951/000119312515219331/d940841d497.htm
497 1 d940841d497.htm AMG FUNDS
Filed pursuant to 497(e)
File Nos. 333-84639 and 811-09521
AMG FUNDS
AMG YACKTMAN FUND
AMG YACKTMAN FOCUSED FUND
Supplement dated June 10, 2015
to the Statement of Additional Information dated May 1, 2015
The following information supplements and supersedes any information to the contrary relating to AMG Yacktman Fund and AMG Yacktman Focused Fund (the “Funds”), each a series of AMG Funds, contained in the Funds’ Statement of Additional Information, dated May 1, 2015.
Effective June 22, 2015, the Funds will reopen to new investors.
Effective June 22, 2015, the Statement of Additional Information is hereby amended as follows:
With respect to the section “General Information”, the third paragraph is hereby deleted in its entirety.
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE
ST302

FYI: Bond guru Bill Gross was on CNBC just now talking up Mexican inflation-indexed bonds.
The case: Mexican inflation-indexed bonds yield about 3%, compared to the 0.5% yield on U.S. Treasury Inflation-Protected Securities (TIPS), and that is an unjustifiably wide spread, he said. Moreover, the Mexican peso, which has weakened by about 25% from highs, against the dollar, could rebound, Gross added. That exchange-rate risk may benefit U.S. investors
Regards,
Ted
http://blogs.barrons.com/emergingmarketsdaily/2015/06/10/bill-gross-big-new-yield-idea-mexico-bonds/tab/print/

@ MFO Members: M2
A measure of money supply that includes cash and checking deposits (M1) as well as near money. “Near money" in M2 includes savings deposits, money market mutual funds and other time deposits, which are less liquid and not as suitable as exchange mediums but can be quickly converted into cash or checking deposits.
Regards,
Ted

I would love to see 4%+ someday on the 10 year. It could change some retired Baby Boomers' financial planning in a most positive way.

FYI: After surging 36% from early 2014 through early 2015, the iShares 20+ Year Treasury ETF (TLT) is now down 16%+ from its high reached at the end of January.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/tlt-downtrend-emerges/
M* Snapshot TLT: http://www.morningstar.com/etfs/ARCX/TLT/quote.html
TLT Is Unranked In The (TF) ETF Category By U.S. News & World Report:
http://money.usnews.com/funds/etfs/us-treasury-funds/ishares-20+-year-treasury-bond-etf/tlt

Tuesday, June 09, 2015: The BrightScope Bros Take On M*
Reported by Neil Anderson, Managing Editor
LINK: http://www.mfwire.com/article.asp?template=article&wireid=2&storyID=51964&bhcp=1
[Information on funds and a new advert platform with which to reach interested readers...]
"A data specialist known for its public databases of FAs and 401(k) plans is tackling another piece of the business: mutual funds... "
"This morning ... BrightScope is launching its public, open-access Fund Pages database, giving the public ... the ability to drill down and look at data on a specific mutual fund companies, as well as on their mutual funds ..."
[more]

1. That's a big shift. I chopped off some bonds six weeks or so ago - but nothing like that move.
2. Makes you wonder what they replaced the govt. paper with?
3. You can be pretty sure they're buying some of those back this morning with the 10-year at 2.44%.

Just IMO & confirm the following with any Firm you inquire to want to Hire:
First of all as for buying any Ins. Products? Get at least a 2nd and 3rd Opinon, preferably from your own Ins. Agent and be very skeptical .. They are the #2 most Profitable Sales Item for Businesses. many pay 10% Commission to the Agent selling them.. and another 1% yr thereafter.. Thus why they push them so much ! I tell them, If I want an Insurance agent I'll use the one I have for over 20+ yrs thank you..
After Serving the Financial Industry ( and Several Firms , Including RJ ) thru my Limo business in Both Chicao and Boston for over 30 yrs and now Retired..
1- Understand, if they are a Franchise Business that like other Franchises, are Controlled and guided by the Franchisor ( Corp Office) and while may give individual Offices/Franchises some leaway, so that Your Investing your $ into Individual running is, at best 33% True, the other 66% is Controled by what Corp. Says they have to follow..
2- They are no Different in running their franchise type Office any Differently that a Mutual Fund store or EJ, etc.. They all have guidelines to adhear too by " Corporate".. and Depending on your account size, you may get a new Apprentice to one of the Senior Partners running that Office/Franchise.. but, all being Supervised by The Owenrs & Corporate..
3-Your 'Assigned Advisor Will Come and Go , Don't expect them to be with you ForeverMore.. and depending on your Account Size, their Replacement can be one of the Senior to New staff taking your account over, but again, Under the Guidence of the Franchise Owner(s) and 'Corporate'..
4- and you would be wise to be Frank with them, upfront and in informing them, while you have to disclose All your Assets to Determine your Investing plans, your only going to give them either (a) Their Min. Amt. Required to Open an Account or (b) a max of 25%, whichever is less for at least the 1st 3-5 yrs and/or until They Prove themselves Worthy to trust them with More of your hard Earned $.. " Talk is cheap, actions tell you who they really are and only time will prove that, right? "
5- As for these Message Board, always expect that at least 75% or more advisors have good intentions and are very Experienced and Manage their Own $ and don't use WMF's and thus have No Knowledge of what they could have Been & having one do at least 50% of their Decisions..
And , Like you do when evaluating Mutual Funds & Investment Mgmtn. Firms, unless they are willing to Share where their $ has been for the past 7,10 & 15 yrs to back themselves Up?
I'd be very skeptical of following their Suggestions and Advice where to Put your $..
DYOR and then Get In Person Advice from people you Know that have been as or more Successfull doing what you have and want to do , then wait at least 3 mos., before Investing or making any changes with your $ .
6-Personally? I WOULD Recommend RJ if at least 1 of the Min of 3 WMF you want to Ck into and be honest with them all upfront .. of what your doing, ( Comparison Shopping)
and if you have Portfolio's? Bring or send them copies of their history and performance to Let them Know your not Some Rookie at this investing Game.. as well as Informing them your Law Firm that does Family ( & Co.) Business and a CPA firm that does your Taxes and other things will also have to sign off using them as well..
Do you have a Law Firm and CPA firm ? If not? Why not? my CPA firm I've used for over 20+ yrs ( and Now in Retirement ) ave about $500 yr to do my taxes..= Chump change and never been Audited and to me, that is my #1 Priority doing taxes..( I've Been audited in my early yrs in my business and its a Nightmare! )
If the CPA Firm you use has a Good Reputation with IRS? It can make a Big Difference..
Inclosing> I've Owned some of RJ Stock for yrs now and Only because, they were ( and still are) the Financial firm of the Owners of the Limo Co. I was with .. Then again, they Opened up an account with them to get them as a Co. Client to serve them and other Wealthy Clients & Co.'s they have.. And that stock has been Free $ to me for yrs and the only reason I kept it and let it ride on its own.. I think its about 5% of my Tot Assets as of last yr.. And Opptimistically? Will also be Passed Onto my Heirs and up to them wether to Cash it in or keep it ..They, all being Richer than I ever was at their age and their nice Over paid Jobs and Pensions, don't need the $.. Both Living in the "Beverly Hills of the Midwest" ( NorthShore or Chicago).. and R Yuppies as well ! ( and their Neighborhoods/Assoc. Don't allow owners to Mow their own lawns, it all is done by the Assoc. Landscapers ! Its Disgusting ! ;-)
Hope that helps! ;-0)

FYI: The Pimco Total Return Fund, which lost its place as the world’s largest bond fund this year, cut holdings of U.S. debt to 8.5 percent of assets in May just in time for a June selloff.
Regards,
Ted
http://www.bloomberg.com/news/articles/2015-06-09/pimco-cuts-u-s-government-holdings-to-8-5-as-fed-spurs-yields

@00BY: Easy to see how you missed this because it was on page3. However, in the futire I suggest you use MFO search tool.
Regards,
Ted
http://www.mutualfundobserver.com/discuss/discussion/21570/apple-is-the-new-pimco-and-tim-cook-is-the-new-bond-king#latest

Hi Ted,
The last Waggoner USA Today article that I could locate was dated in mid-May. I did find a report that interviewed him that claimed a departure from USA Today. Here is the Link:
http://talkingbiznews.com/1/usa-today-investment-columnist-says-goodbye/
He's still doing his thing operating from another venue.
Best Wishes.