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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Purthanol Resources Ltd (CE) | USOTC:PURT | 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% | 0.007 | 0.00 | 01:00:00 |
SUMMARY PROSPECTUS | |||||||||||||
Royce Micro-Cap Discovery Fund | |||||||||||||
MAY 1, 2013 Service Class Symbol: RYDFX | |||||||||||||
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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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www.roycefunds.com
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Royce Micro-Cap Discovery Fund |
Principal Investment Strategies
Royce & Associates, LLC (Royce), the Funds investment adviser,
invests the Funds assets primarily in the equity securities of micro-cap
companies with stock market capitalizations up to $750
million. Royces proprietary model for the Fund uses quantitative
fundamental factors to make purchase and sale recommendations
for the Funds portfolio. Such model-generated recommendations
are then evaluated by the Funds portfolio managers using both
quantitative and qualitative portfolio analysis before investment
decisions are implemented by the Funds portfolio managers.
The model and the Funds portfolio managers use Royces value
approach, focusing on such factors as balance sheet quality, cash
flow levels, and various other measures of a companys profitability.
Normally, the Fund invests at least 80% of its net assets in the
equity securities of micro-cap companies. Although the Fund
normally focuses on the securities of U.S. companies, it may invest
up to 25% of its net assets in securities of companies headquartered
in foreign countries. 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
Micro-Cap Discovery 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 Fund is dependent on Royce for its success, and Royce in
turn relies on both its proprietary model and the Funds portfolio
managers. To the extent that the market for micro-cap securities
does not reward those factors utilized by the model, the performance
of the Fund may be negatively affected.
The prices of micro-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. In addition, as of December 31,
2012 the Fund held less than 100 portfolio securities. The Funds
investment in a limited number of issuers and its potential industry
and sector overweights may involve more risk to investors than a
more broadly diversified portfolio of micro-cap securities because
it may be more susceptible to any single corporate, economic,
political, regulatory, or market event.
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. 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.
Investments in the Fund are not bank deposits and are not
insured 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. The Annualized Total Returns table shows how the Funds
average annual total returns for various periods compare with those
of the Russell Microcap Index, the Funds benchmark index.
The table also presents the impact of taxes on the Funds returns. 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.
2 | The Royce Fund Summary Prospectus 2013 |
Royce Micro-Cap Discovery Fund |
ANNUALIZED TOTAL RETURNS (12/31/12) | ||||||||||||
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1 Year | 5 Year |
(10/3/03) |
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Return Before Taxes | 3.10 | % | -0.29 | % | 4.35 | % | ||||||
Return After Taxes on Distributions | 2.96 | -0.67 | 3.56 | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares | 2.20 | -0.42 | 3.52 | |||||||||
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Russell Microcap Index (Reflects no deductions for fees, expenses, or taxes) | 19.75 | 1.46 | 4.52 | |||||||||
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Investment Adviser and Portfolio Management
Royce serves as investment adviser to the Fund. George Necakov,
Portfolio Manager and Director of Quantitative Strategies of Royce,
and James J. Harvey, Portfolio Manager of Royce, co-manage the
Fund, assisted by Charles M. Royce. Mr. Necakov has managed
the Fund since its inception; Mr. Harvey began to co-manage with
him in 2010. Mr. Royce became assistant portfolio manager of the
Fund in 2010.
How to Purchase and Sell Fund Shares
Minimum initial investments for shares of the Funds Service Class
purchased directly from The Royce Fund:
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 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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RDF-ISI-0314 |
1 Year Purthanol Resources (CE) Chart |
1 Month Purthanol Resources (CE) Chart |
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