Mutual Fund Summary Prospectus (497k)
March 17 2014 - 4:22PM
Edgar (US Regulatory)
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SUMMARY PROSPECTUS
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Royce International Smaller-Companies Fund
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JANUARY 15, 2014
Investment Class Symbol:
RISNX Institutional Class Symbol: RISIX
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Before you invest, please review the Funds Statutory Prospectus and Statement of Additional Information dated January 15, 2014 and March 18, 2014, respectively. Each is incorporated by
reference (is legally considered part of this Summary Prospectus). Each contains more information about the Fund and its risks. The Funds Statutory Prospectus,
Statement of Additional Information, and other information about the Fund are available online at www.roycefunds.com/prospectus. You can also get this
information at no cost by calling Investor Services at (800) 221-4268, sending an e-mail request at www.roycefunds.com/contact, or by contacting your financial
intermediary.
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www.roycefunds.com
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SUMMARY PROSPECTUS
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Royce International Smaller-Companies Fund
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JANUARY 15, 2014
Investment Class Symbol: RISNX Institutional Class Symbol: RISIX
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Investment Goal
Royce International Smaller-Companies Funds investment goal is long-term growth of capital.
Fees and Expenses of the Fund
The following table presents the fees and expenses that you may pay if you buy and hold shares of the Fund.
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SHAREHOLDER FEES
(fees paid directly from your investment)
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Investment Class
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Institutional Class
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Maximum sales charge (load) imposed on purchases
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0.00%
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0.00%
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Maximum deferred sales charge
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0.00%
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0.00%
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Maximum sales charge (load) imposed on reinvested dividends
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0.00%
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0.00%
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Redemption fee (as a percentage of amount redeemed
on shares held for less than 180 days)
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2.00%
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0.00%
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ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
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Management fees
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1.25%
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1.25%
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Distribution (12b-1) fees
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0.00%
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0.00%
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Other expenses
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0.63%
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0.63%
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Acquired fund fees and expenses
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0.02%
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0.02%
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Total annual Fund operating expenses
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1.90%
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1.90%
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Fee waivers and/or expense reimbursements
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(0.44)%
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(0.44)%
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Total annual Fund operating expenses after fee waivers and/or expense reimbursements
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1.46%
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1.46%
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Royce has contractually agreed, without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the Investment and
Institutional Classes net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and
other expenses not borne in the ordinary course of business) at or below 1.44% through April 30, 2015.
Total annual Fund operating expenses may differ from the expense ratio in the Funds Financial Highlights because the highlights include only the Funds direct
operating expenses and do not include acquired fund fees and expenses, which reflect the estimated amount of the fees and expenses incurred indirectly by the Fund
through its investments in mutual funds, hedge funds, private equity funds, and other investment companies.
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EXAMPLE
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This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.
The example also assumes that your investment has a 5% return each year and that the Funds total operating expenses (net of fee waivers and/or expense
reimbursements for the period noted above) remain the same. Although your actual costs may be higher or lower, based on the assumptions
your costs would be:
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Investment Class
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Institutional Class
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1 Year
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$149
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$149
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3 Years
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$539
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$539
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5 Years
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$971
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$971
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10 Years
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$2,174
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$2,174
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio
turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent
fiscal year, the Funds portfolio turnover rate was 44% of the average value of its portfolio.
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Royce International Smaller-Companies Fund
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Principal Investment Strategy
Royce & Associates, LLC (Royce), the Funds investment adviser,
invests the Funds assets primarily in equity securities issued by non-U.S. (international) companies located outside of the United States,
i.e., companies that are headquartered, organized, and/or whose
stock principally trades outside of the United States, with market
capitalizations up to $5 billion. Royce invests the Funds assets in
companies that it believes have excellent business strengths and/or
prospects for growth, high internal rates of return, and low leverage,
and are trading significantly below its estimate of their current worth.
Normally, the Fund invests at least 80% of its net assets in the
equity securities of companies with market capitalizations up to $5
billion at the time of investment. Under normal market conditions
at least 65% of the Funds net assets will be invested in the equity
securities of international companies located in at least three different
countries. From time to time, a substantial portion of the Funds
assets may be invested in international companies that are located in a
single country. Although there are no geographic limits on the Funds
international investments, no more than 35% of the Funds net assets
may be invested in the securities of companies headquartered in
developing countries, also known as emerging markets. Generally,
developing countries include every country in the world other than
the United States, Canada, Japan, Australia, New Zealand, Hong
Kong, Singapore, South Korea, Taiwan, Bermuda, and Western
European countries (as defined in the Funds Statement of Additional
Information). The Fund does not expect to purchase or sell foreign
currencies to hedge against declines in the U.S. dollar or to lock in
the value of any international securities that it purchases.
In selecting securities for the Fund, Royce uses a bottom-up, value
approach. Royce primarily focuses on company-specific criteria rather
than on political, economic, or other country-specific factors. The
Fund may sell securities to, among other things, secure gains, limit
losses, redeploy assets into what Royce deems to be more promising
opportunities and/or manage cash levels in the Funds portfolio.
Primary Risks for Fund Investors
As with any mutual fund that invests in common stocks, Royce
International Smaller-Companies Fund is subject to market risk
the possibility that common stock prices will decline over short or
extended periods of time. As a result, the value of your investment
in the Fund will fluctuate, sometimes sharply and unpredictably,
and you could lose money over short or long periods of time.
In addition to general market risk, securities of international
companies may be subject to different risks than investments in
U.S. securities, including adverse political, social, economic, or
other developments that are unique to a particular country or
region. Prices of international securities in particular countries or
regions may, at times, move in a different direction and/or be more
volatile than those of U.S. securities. The Funds investments are
usually denominated in or tied to the currencies of the countries
in which they are primarily traded. Because the Fund does not
intend to hedge its foreign currency exposure, the U.S. dollar
value of the Funds investments may be harmed by declines in the
value of foreign currencies in relation to the U.S. dollar. This may
occur even if the value of the investment in the currencys home
country has not declined. These risk factors may affect the prices
of international securities issued by companies headquartered in
developing countries more than those headquartered in developed
countries. For example, many developing countries have in the
past experienced high rates of inflation or sharply devalued their
currencies against the U.S. dollar, thereby causing the value of
investments in companies located in those countries to decline.
Transaction costs are often higher in developing countries, and
there may be delays in settlement procedures. To the extent that
the Funds investment in the securities of international companies
consists of non-U.S. headquartered companies that trade on a
U.S. exchange, some or all of the above-stated risks of investing
in international companies may not apply. Likewise, to the extent
the Fund invests in the securities of companies whose economic
fortunes are linked to developing countries but do not meet the
Funds definition of a developing country security, the percentage
of the Funds portfolio that is exposed to developing country risks
may be greater than the percentage of the Funds assets that the
Fund defines as representing developing country securities.
The prices of smaller-capitalization securities are generally more
volatile and their markets are less liquid relative to larger-capitalization
securities. Therefore, the Fund may involve considerably more risk of
loss and its returns may differ significantly from funds investing in
larger-capitalization companies or other asset classes.
Royces estimate of a companys current worth may prove to
be inaccurate, or this estimate may not be recognized by other
investors, which could lead to portfolio losses. To the extent the
Fund overweights a single market sector or industry relative to its
benchmark index, its performance may be tied more directly to the
success or failure of a relatively smaller or less well-diversified group
of portfolio holdings.
Investments in the Fund are not bank deposits and are not insured
or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
Performance
The following performance information provides an indication of the
risks of investing in the Fund. Past performance does not indicate how
the Fund will perform in the future. The Calendar Year Total Returns
chart shows performance year by year since the Funds inception
(because the Investment and Institutional Classes inception date is
2 | The Royce Fund
Summary Prospectus 2014
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Royce International Smaller-Companies Fund
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after December 31, 2012, the Service Class is used for illustrative
purposesreturns differ by class). The Annualized Total Returns
table shows how the Funds average annual total returns for various
periods compare with those of the Russell Global ex-U.S. Small Cap
Index, the Funds benchmark index. Because the Investment and
Institutional Classes inception date is after December 31, 2013,
performance information is for the Service Class. The returns will
differ only to the extent that the Classes have different expenses
because all Classes invest in the same portfolio of securities.
The table also presents the impact of taxes on the Funds returns
(Service Class, again used for illustrative purposes). In calculating
these figures, we assumed that the shareholder was in the highest
federal income tax bracket in effect at the time of each distribution
of income or capital gains. We did not consider the impact of state or
local income taxes. Your after-tax returns depend on your tax situation,
so they may differ from the returns shown. This information does not
apply if your investment is in an individual retirement account (IRA),
a 401(k) plan, or is otherwise tax deferred because such accounts are
subject to income taxes only upon distribution. Current month-end
performance information may be obtained at www.roycefunds.com
or by calling Investor Services at (800) 221-4268.
CALENDAR YEAR TOTAL RETURNS
in Percentages (%)
Service Class
During the period shown in the bar chart, the highest return for a calendar quarter
was 33.17% (quarter ended 6/30/09) and the lowest return for a calendar quarter
was -21.43% (quarter ended 9/30/11).
ANNUALIZED TOTAL RETURNS
(12/31/12)
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1 Year
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Since Inception
(6/30/08)
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Service
Class
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Return
Before Taxes
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19.39
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5.79
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Return After Taxes on Distributions
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19.15
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5.27
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Return After Taxes on Distributions and Sale of Fund Shares
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12.92
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4.88
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Russell Global ex-U.S. Small Cap Index
(Reflects no deductions for fees,
expenses, or taxes)
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18.84
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1.83
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Investment Adviser and Portfolio Management
Royce serves as investment adviser to the Fund. David A. Nadel,
Portfolio Manager and Director of International Research of Royce,
serves as the Funds portfolio manager. He is assisted by Dilip P.
Badlani and Mark Rayner. Mr. Nadel began to manage the Fund in
2011 and previously served as assistant portfolio manager (2009-2011). Messrs. Badlani and Rayner became the Fund's assistant
portfolio managers in 2013.
How to Purchase and Sell Fund Shares
Minimum initial investments for shares of the Funds Investment
Class purchased directly from The Royce Fund:
Account Type
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Minimum
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Regular Account
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$100,000
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IRA
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$100,000
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Automatic Investment or Direct Deposit Plan Accounts
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$100,000
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401(k) Accounts
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None
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The minimum for subsequent investments is $50, regardless of account type.
The minimum initial investment for Institutional Class shares is
$1,000,000.
You may sell shares in your account at any time and make requests
online, by telephone, and by mail. You may also purchase or sell
Fund shares through a third party, such as a discount or full-service
broker-dealer, bank, or other financial intermediary.
Tax Information
The Fund intends to make distributions that may be taxable as
ordinary income or capital gains.
Financial Intermediary Compensation
If you purchase the Fund through a broker-dealer or other financial
intermediary (such as a bank), the Fund and its related companies may
pay the intermediary for the sale of Fund shares and related services.
These payments may create a conflict of interest by influencing
the broker-dealer or other intermediary and your salesperson to
recommend the Fund over another investment. Ask your salesperson
or visit your financial intermediarys website for more information.
The Royce Fund
Summary Prospectus 2014
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More information on The Royce Fund is available free upon
request, including the following:
Annual/Semiannual Reports
Additional information about a Funds investments, together with a discussion
of market conditions and investment strategies that significantly affected the
Funds performance, is available in the Funds annual and semiannual reports
to shareholders. These reports are also available online at
www.roycefunds.com.
Statement of Additional Information (SAI)
Provides more details about The Royce Fund and its policies. A current SAI is
available at
www.roycefunds.com/literature
and by phone. It is also on file
with the Securities and Exchange Commission (SEC) and is incorporated by
reference (is legally considered part of this prospectus).
To obtain more information:
By mail:
The Royce Funds,
745 Fifth Avenue, New York, NY 10151
By telephone:
(800) 221-4268
Through the Internet:
Prospectuses, applications, IRA forms, and additional
information are available through our website at
www.roycefunds.com/literature.
Text only versions of the Funds prospectus, SAI, and other documents filed
with the SEC can be viewed online or downloaded from
www.sec.gov.
You can also obtain copies of documents filed with the SEC by visiting the SECs
Public Reference Room in Washington, DC (telephone (202) 551-8090) or by
sending your request and a duplicating fee to the SECs Public Reference
Section, Washington, DC 20549-1520. You may also make your request by
e-mail at publicinfo@sec.gov after paying a duplicating fee.
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745 Fifth
Avenue | New York, NY 10151 | P (800) 221-4268 | www.roycefunds.com
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