Mutual Fund Summary Prospectus (497k)
March 17 2014 - 5:29PM
Edgar (US Regulatory)
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SUMMARY PROSPECTUS
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Royce Premier Fund
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MAY 1, 2013
W Class Symbol: RPRWX
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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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SUMMARY PROSPECTUS
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Royce Premier Fund
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MAY 1, 2013
W Class Symbol: RPRWX
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Investment Goal
Royce Premier 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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Maximum sales charge (load) imposed on purchases
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0.00%
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Maximum deferred sales charge
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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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Redemption fee
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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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0.94%
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Distribution (12b-1) fees
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0.00%
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Other expenses
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0.11%
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Total annual Fund operating expenses
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1.05%
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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 remain the same. Although
your actual costs may be higher or lower, based on the assumptions your costs would be:
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1 Year
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$107
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3 Years
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$334
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5 Years
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$579
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10 Years
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$1,283
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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 7% of the average value of its portfolio.
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Principal Investment Strategy
Royce & Associates, LLC (Royce), the Funds investment adviser,
invests the Funds assets in a limited number (generally less than
100) of the equity securities of small-cap companies, those with
stock market capitalizations from $750 million to $2.5 billion.
Royce looks for companies that it considers premierthose
that have excellent business strengths and/or prospects for growth,
high internal rates of return and low leverage, and that 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 such premier companies. At least 65% of
these securities will be issued by companies with stock 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 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
Premier 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 small-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. The Funds investment in a limited number
of issuers and its potential industry and sector overweights may
also involve more risk to investors than a more broadly diversified
portfolio of small-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.
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.
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. 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 W Class commenced operations on May 19, 2005.
Performance information prior to that date is for the Investment
Class, not offered in this Prospectus, 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.
CALENDAR YEAR TOTAL RETURNS
in Percentages (%)
During the period shown in the bar chart, the highest return for a calendar quarter
was 22.03% (quarter ended 6/30/09) and the lowest return for a calendar quarter
was -21.94% (quarter ended 12/31/08).
ANNUALIZED TOTAL RETURNS
(12/31/12)
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1 Year
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5 Year
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10 Year
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Return Before Taxes
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11.46
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6.03
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12.62
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Return After Taxes on Distributions
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10.25
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5.44
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11.79
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Return After Taxes on
Distributions and Sale
of Fund Shares
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9.02
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5.15
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11.15
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Russell 2000 Index
(Reflects no deductions for
fees, expenses or taxes)
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16.35
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3.56
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9.72
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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
2 | The Royce Fund
Summary Prospectus 2013
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Royce Premier Fund (concluded)
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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.
Investment Adviser and Portfolio Management
Royce serves as investment adviser to the Fund. Charles M.
Royce, President and Co-Chief Investment Officer of Royce, and
W. Whitney George, Co-Chief Investment Officer, Managing
Director and Portfolio Manager of Royce, co-manage the Fund,
assisted by Lauren A. Romeo. Mr. Royce has managed the Fund
since its inception; Mr. George has co-managed the Fund with him
since 2002. Ms. Romeo has served as the Funds assistant portfolio
manager since 2006.
How to Purchase and Sell Fund Shares
The Funds W Class shares are offered by financial intermediaries
through certain wrap fee programs and to other institutional
investors whose underlying beneficial accounts are maintained by
the Funds transfer agent in omnibus accounts.
You may sell shares in your account at any time through your
financial intermediary.
The Fund is open only to existing shareholders and existing
relationships. These relationships include, among others, Registered
Investment Advisors with existing clients in the Fund, certain
preapproved asset allocation based investment programs, and
certain pre-approved Retirement Plans offered through certain
broker-dealers with accounts held on the books of the Fund through
omnibus arrangements (either at the plan level or at the level of the
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
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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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RPR-W-0314
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