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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adamant DRI Processing and Minerals Group (CE) | USOTC:ADMG | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.112 | 0.00 | 01:00:00 |
|
Royce Low-Priced Stock Fund |
Principal Investment Strategy
Royce & Associates, LLC (Royce), the Funds investment
adviser, invests the Funds assets primarily in the low-priced equity
securities of small-cap and micro-cap companies. We define as
low-priced those companies whose average cost per share in the
Funds portfolio is less than $25. Institutional investors generally
do not make very low-priced equities (those trading at $10 or less
per share) an area of their focus, and they may receive only limited
broker research coverage. These conditions create opportunities
to find securities with what Royce believes are strong financial
characteristics trading significantly below its estimate of their
current worth.
Normally, the Fund invests at least 80% of its net assets in low-priced
equity securities. At least 65% of these securities will be
issued by small-cap and micro-cap companies, those with market
capitalizations up to $2.5 billion at the time of investment. Although
the Fund normally focuses on the securities of U.S. companies, it
may invest up to 35% of its net assets in foreign securities. While
the Fund anticipates that its investment in foreign securities will
generally be in securities of companies that are headquartered in
developed countries, the Fund may also invest up to 10% of its
net assets in the securities of companies that are headquartered
in developing countries. Developing countries, sometimes also
referred to as emerging markets 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).
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 invest in other investment companies that
invest in equity securities. 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
Low-Priced Stock Fund is subject to market riskthe 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.
The prices of low-priced small-cap and micro-cap securities are
generally even more volatile and their markets are even less liquid
than for securities with higher share prices or securities of larger-cap companies. Therefore, the Fund may involve considerably more risk
of loss and its returns may differ significantly from funds investing
in higher-priced smaller companies, larger-cap companies, or other
asset classes. Some issuers of low-priced securities may be financially
distressed or involved in bankruptcy, liquidation, reorganization,
or recapitalization proceedings. Specifically because of their lower
prices relative to other companies, low-priced stocks may be subject
to even more abrupt or erratic market movements.
Investment in foreign securities involves risks that may not
be encountered in U.S. investments, including adverse political,
social, economic, or other developments that are unique to a
particular region or country. These risks may be heightened
for developing markets securities. Prices of foreign 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.
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.
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 over the last ten
years (R Class 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 2000 Index, the Funds benchmark index. The R Class commenced
operations on May 21, 2007, and the K Class commenced
operations on May 15, 2008. Performance information prior to
these dates is for Service Class shares, not offered in this Prospectus,
which have substantially similar returns because all Classes invest
in the same portfolio of securities, differing only to the extent that
the Classes have different expenses. The R Class has higher expenses
than the Service Class. If R Classs expenses had been reflected, total
returns prior to May 21, 2007 for that Class would have been lower.
2 | The Royce Fund Summary Prospectus 2013 |
Royce Low-Priced Stock Fund |
The table also presents the impact of taxes on the Funds returns (R 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 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.
ANNUALIZED TOTAL RETURNS (12/31/12) | ||||||||||||
|
||||||||||||
1 Year | 5 Year | 10 Year | ||||||||||
|
||||||||||||
R Class | ||||||||||||
Return Before Taxes |
4.10 | % | 2.55 | % | 9.48 | % | ||||||
Return After Taxes on Distributions |
2.99 | 1.92 | 8.50 | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares |
4.09 | 2.13 | 8.25 | |||||||||
|
||||||||||||
K Class | ||||||||||||
Return Before Taxes |
4.42 | 2.82 | 9.64 | |||||||||
|
||||||||||||
Russell 2000 Index (Reflects no deductions for fees, expenses, or taxes) | 16.35 | 3.56 | 9.72 | |||||||||
|
Investment Adviser and Portfolio Management
Royce serves as investment adviser to the Fund. W. Whitney George,
Co-Chief Investment Officer, Managing Director, and Portfolio
Manager of Royce, manages the Fund, assisted by James A. (Chip)
Skinner III, David A. Nadel, and James Stoeffel. Mr. George has
managed the Fund since 2000. Mr. Skinner has served as the Funds
assistant portfolio manager since 2004. Messrs. Nadel and Stoeffel
became assistant portfolio managers in 2013.
How to Purchase and Sell Fund Shares
The Funds R and K Class Shares are generally offered only through
certain broker-dealers to Retirement Plans with accounts held on
the books of the Fund through omnibus account arrangements
(either at the plan level or at the level of the financial intermediary).
You may purchase or sell Fund shares only 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 2013 | 3 |
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. |
||||
745 Fifth
Avenue | New York, NY 10151 | P (800) 221-4268 | www.roycefunds.com
|
RLP-CRK-0314 |
1 Year Adamant DRI Processing a... (CE) Chart |
1 Month Adamant DRI Processing a... (CE) Chart |
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