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Share Name | Share Symbol | Market | Type |
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M2i Global Inc (QB) | USOTC:MTWO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0499 | 24.95% | 0.2499 | 0.18 | 0.28 | 0.2499 | 0.232425 | 0.232425 | 2,000 | 22:00:01 |
SUMMARY PROSPECTUS | |||||||||||||
Royce Heritage Fund | |||||||||||||
MAY 1, 2013 Consultant Class Symbol: RYGCX | R Class Symbol: RHFRX | K Class Symbol: RHFKX | |||||||||||||
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Before you invest, please review the Funds Statutory Prospectus and Statement of Additional Information dated May 1, 2013 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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Royce Heritage Fund |
Principal Investment Strategy
Royce & Associates, LLC (Royce), the Funds investment adviser,
invests the Funds assets primarily in the equity securities of
companies that it believes are trading significantly below its estimate
of their current worth. This assessment is based chiefly on balance
sheet quality and cash flow levels. Although the Fund may invest in
equity securities of any market capitalization, Royce expects that a
significant portion of the Funds assets may be invested in the equity
securities of micro-cap, small-cap, and/or mid-cap companies with
market capitalizations up to $5 billion.
Normally, the Fund invests at least 65% of its net assets in equity
securities. At least 75% of these securities will be issued by micro-cap,
small-cap, and/or mid-cap companies. 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
Heritage 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 an investment in the Fund will
fluctuate, sometimes sharply and unpredictably, and an account
could lose money over short or long periods of time.
The prices of micro-cap, small-cap, and mid-cap securities are
generally more volatile and their markets are less liquid relative to
larger-cap securities. Therefore, the Fund may involve considerably
more risk of loss and its returns may differ significantly from funds
investing in larger-cap companies or other asset classes.
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
(Consultant 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 and
K Classes commenced operations on May 15, 2008. Performance
information prior to these dates is for the Consultant Class, which
has substantially similar returns because all Classes invest in the
same portfolio of securities, differing only to the extent that the
Classes have different expenses.
2 | The Royce Fund Summary Prospectus 2013 |
Royce Heritage Fund |
ANNUALIZED TOTAL RETURNS (12/31/12) | ||||||||||||
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1 Year | 5 Year | 10 Year | ||||||||||
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Consultant Class | ||||||||||||
Return Before Taxes |
13.19 | % | 4.05 | % | 9.99 | % | ||||||
Return After Taxes on Distributions |
12.66 | 3.58 | 8.63 | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares |
9.24 | 3.39 | 8.35 | |||||||||
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R Class | ||||||||||||
Return Before Taxes |
13.76 | 4.66 | 10.91 | |||||||||
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K Class | ||||||||||||
Return Before Taxes |
14.10 | 4.91 | 11.04 | |||||||||
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Russell 2000 Index (Reflects no deductions for fees, expenses, or taxes) | 16.35 | 3.56 | 9.72 | |||||||||
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The table also
presents the impact of taxes on the Funds returns
(Consultant 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.
Certain immaterial adjustments were made to the net assets of the Fund at
12/30/11 for financial reporting purposes, and as a result the net asset values for
shareholder transactions on that date and the total returns based on those net
asset values differ from the adjusted net asset values and total returns reported in
the Financial Highlights.
Investment Adviser and Portfolio Management
Royce serves as investment adviser to the Fund. Charles M. Royce,
President and Co-Chief Investment Officer of Royce, serves as
the Funds lead portfolio manager. James J. Harvey and Steven
G. McBoyle manage the Fund with him. They are assisted by
Christopher D. Clark. Mr. Royce has managed the Fund since
its inception. Mr. Harvey became portfolio manager in 2010 and
previously served as assistant portfolio manager (2004-2010). Mr.
McBoyle became portfolio manager in 2012 and in 2011 served as
assistant portfolio manager. Mr. Clark became assistant portfolio
manager in 2011.
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).
Minimum initial investments for shares of the Funds Consultant
Class purchased directly from The Royce Fund:
You may sell shares purchased directly from The Royce Funds 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 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. |
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745 Fifth
Avenue | New York, NY 10151 | P (800) 221-4268 | www.roycefunds.com
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RHF-CRK-0314 |
1 Year M2i Global (QB) Chart |
1 Month M2i Global (QB) Chart |
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