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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 International Smaller-Companies Fund |
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 |
Royce International Smaller-Companies Fund |
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.
ANNUALIZED TOTAL RETURNS (12/31/12) | ||||||||||||
|
||||||||||||
1 Year |
Since Inception
(6/30/08) |
|||||||||||
|
||||||||||||
Service Class | ||||||||||||
Return Before Taxes |
19.39 | % | 5.79 | % | ||||||||
Return After Taxes on Distributions |
19.15 | 5.27 | ||||||||||
Return After Taxes on Distributions and Sale of Fund Shares |
12.92 | 4.88 | ||||||||||
|
||||||||||||
Russell Global ex-U.S. Small Cap Index (Reflects no deductions for fees, expenses, or taxes) | 18.84 | 1.83 | ||||||||||
|
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 | Minimum | |
|
||
Regular Account | $100,000 | |
|
||
IRA | $100,000 | |
|
||
Automatic Investment or Direct Deposit Plan Accounts | $100,000 | |
|
||
401(k) Accounts | None | |
|
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 | 3 |
745 Fifth Avenue | New York, NY 10151 | P (800) 221-4268 | www.roycefunds.com |
RIS-II-0314 |
1 Year Adamant DRI Processing a... (CE) Chart |
1 Month Adamant DRI Processing a... (CE) Chart |
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