Prices and Performance

Post on: 16 Март, 2015 No Comment

Important Disclosure Information for Open-End Funds and Annuity Portfolios

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Investment and Service Class shares redeemed on or before 1/30/15 within 180 days of purchase, or after 1/30/15 within 30 days of purchase, may be subject to a 1% redemption fee payable to the Fund (2% for Royce European Smaller-Companies, Global Value, International Smaller-Companies, International Micro-Cap and International Premier). A 1.00% contingent deferred sales charge (CDSC) is assessed on new purchases of Consultant Class shares held for less than 365 days. Redemption fees are not reflected in the performance shown above; if they were, performance would be lower. Current performance may be higher or lower than performance quoted. Current month-end and quarter-end performance information may be obtained by clicking here .

Gross annual operating expenses reflect each Fund’s gross total annual operating expenses and include management fees, any 12b-1 distribution and service fees, other expenses, and any applicable acquired fund fees and expenses. Net annual operating expenses reflect contractual fee waivers and/or reimbursements, exclusive of any applicable acquired fund fees and expenses. All expense information is reported as of the Fund’s most current prospectus. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by any applicable Fund through its investments in mutual funds, hedge funds, private equity funds and other investment companies.

Royce & Associates has contractually agreed, without right of termination, to waive fees and/or reimburse expenses, other than acquired fund fees and expenses, to the extent necessary to maintain the net direct annual operating expenses through April 30, 2015 for each applicable Fund’s K Class at or below 1.59%, except Royce Total Return and Value Funds, and for each applicable Fund’s R Class at or below 1.84%, except Royce Pennsylvania Mutual, Total Return, Premier Fund and Value Funds, and for other Classes as follows:

Royce 100 Fund Institutional Class at or below 1.04%
Royce 100 Fund R Class at or below 1.84%
Royce 100 Fund K Class at or below 1.59%
Royce Dividend Value Fund Institutional Class at or below 1.04%
Royce European Smaller-Companies Fund Service Class at or below 1.69%
Royce Financial Services Fund Service Class at or below 1.49%
Royce Global Value Fund Consultant Class at or below 2.44%
Royce Global Value Fund Service Class at or below 1.69%
Royce Global Value Fund R Class at or below 1.99%
Royce Global Value Fund K Class at or below 1.74%
Royce Heritage Fund Institutional Class at or below 1.04%
Royce Heritage Fund R Class at or below 1.84%
Royce Heritage Fund K Class at or below 1.59%
Royce International Smaller-Companies Fund Service Class at or below 1.69%
Royce Low-Priced Stock Fund Service Class at or below 1.49%
Royce Low-Priced Stock Fund R Class at or below 1.84%
Royce Low-Priced Stock Fund K Class at or below 1.59%
Royce Micro-Cap Fund Service Class at or below 1.66%
Royce Micro-Cap Discovery Fund Service Class at or below 1.49%
Royce Opportunity Fund R Class at or below 1.84%
Royce Special Equity Fund Service Class at or below 1.39%
Royce Value Plus Fund R Class at or below 1.84%
Royce Value Plus Fund K Class at or below 1.59%

Through April 30, 2015 to the extent necessary to maintain the net direct annual operating expense ratio for:

Royce European Smaller-Companies Fund Investment Class at or below 1.44%
Royce International Micro-Cap Fund Service Class at or below 1.69%
Royce International Smaller-Companies Fund Investment, Institutional Class at or below 1.44%
Royce International Premier Fund Investment Class at or below 1.44%
Royce International Premier Fund Service Class at or below 1.69%
Royce Opportunity Select Fund Investment Class at or below 1.24%
Royce Opportunity Select Fund Service Class at or below 1.49%
Royce Special Equity Multi-Cap Fund Consultant Class at or below 1.99%
Royce Special Equity Multi-Cap Fund Institutional Class at or below 0.89%
Royce Special Equity Multi-Cap Fund Service Class at or below 1.24%

Through April 30, 2024 to the extent necessary to maintain the net direct annual operating expense ratio at or below 1.74% for:

Royce European Smaller-Companies Fund Service Class
Royce International Premier Fund Investment Class
Royce International Smaller-Companies Fund Investment, Institutional Class

Through April 30, 2024 to the extent necessary to maintain the net direct annual operating expense ratio at or below 1.99% for:

Royce 100 Fund R Class
Royce European Smaller-Companies Fund Service Class
Royce Global Value Fund R Class
Royce Global Value Fund K Class
Royce International Micro-Cap Fund Service Class
Royce International Premier Fund Service Class
Royce International Smaller-Companies Fund Service Class
Royce Low-Priced Stock Fund R Class
Royce Micro-Cap Discovery Fund Service Class
Royce Opportunity Fund R Class
Royce Value Plus Fund R, K Class

Investments in securities of micro-cap, small-cap and/or mid-cap companies may involve considerably more risk than investments in securities of larger-cap companies. (see Primary Risks for Fund Investors in the respective Prospectus .) Please read the prospectus carefully before investing or sending money.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index. The Russell 1000 is an unmanaged, capitalization-weighted index of domestic large-cap stocks. It measures the performance of the 1,000 largest publicly traded U.S. companies in the Russell 3000 index. The S&P 500 is an index of U.S. large-cap stocks selected by Standard & Poor’s based on market size, liquidity and industry grouping, among other factors. The Russell 2500 is an unmanaged, capitalization-weighted index of the 2,500 smallest publicly traded U.S. companies in the Russell 3000 index. The Russell 2500 index represents the smallest 2,500 companies in the Russell 3000 index. The returns for the Russell-Financial Sector represent those of the financial services companies within the Russell 2500 index. The Russell Microcap Index includes 1,000 of the smallest securities in the small-cap Russell 2000 Index, along with the next smallest eligible securities as determined by Russell. The Russell Europe Small Cap Index is an unmanaged, capitalization-weighted index of European small-cap stocks. The Russell Global Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. The Russell Global ex-U.S. Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks, excluding the United States. Index returns include net reinvested dividends and/or interest income. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

1 Each Royce Fund’s volatility is measured using Morningstar’s Risk Ratio, which measures variations in a fund’s monthly returns, with an emphasis on downside performance. Each Fund’s overall Risk Ratio is a weighted combination of its three-, five- and, 10-year scores, if applicable. Except as noted below, each Fund’s results reflect its score compared with all small-cap objective funds tracked by Morningstar with at least three years of history (398 funds as of 12/31/2014). Results for Royce Micro-Cap Discovery, Royce Micro-Cap, Royce Micro-Cap and Royce Micro-Cap Funds reflect each Fund’s respective score compared with all micro-cap objective funds tracked by Morningstar with at least three years of history (25 funds as of 12/31/2014). Royce Financial Services Fund’s results reflect its score compared with all financial services objective funds tracked by Morningstar with at least three years of history (28 funds as of 12/31/2014). Royce European Smaller-Companies and Royce European Smaller-Companies Funds results reflect its score compared with European stock objective funds tracked by Morningstar with at least three years of history (21 funds as of 12/31/2014). Results for reflect each Fund’s respective score compared with all world stock small-cap objective funds tracked by Morningstar with at least three years of history (19 funds as of 12/31/2014). results reflect its score compared with all foreign small/mid objective funds tracked by Morningstar with at least three years of history (76 funds as of 12/31/2014). Results for Royce SMid-Cap Value, Royce SMid-Cap Value, Royce Enterprise Select and Royce Partners Funds reflect each Fund’s respective score compared with all mid-cap objective funds tracked by Morningstar with at least three years of history (291 funds as of 12/31/2014). We consider funds whose results rank in the top third of the category to have relatively lower volatility; those in the middle third to have moderate volatility; and those in the bottom third to have higher volatility.

2 Performance prior to the date of commencement of certain Fund’s Investment Class shares (Royce 100 Fund — 3/15/2007, Royce Low-Priced Stock Fund — 3/15/2007, Royce Heritage Fund — 3/15/2007, Royce Value Fund — 3/15/2007, Royce Value Plus Fund — 3/15/2007, Royce Dividend Value Fund — 9/14/2007 and Royce Global Value Fund — 9/1/10) reflects Service Class results; Service Class shares (Royce Pennsylvania Mutual — 11/08/05, Royce Micro-Cap — 8/30/02, Royce Opportunity — 5/22/00, Royce Premier — 9/3/02, Royce Special Equity — 5/1/03, Royce Total Return — 1/3/02) reflects Investment Class results; Consultant Class shares (Royce Pennsylvania Mutual — 6/17/97, Royce Micro-Cap — 5/1/98, Royce Total Return — 10/16/01, Royce Heritage — 12/7/01, Royce Premier — 6/2/03, Royce Special Equity — 6/2/03, Royce Value — 3/30/06, Royce Value Plus — 3/30/06 and Royce Global Value Fund — 5/1/11) reflects Investment/Service Class results; Institutional Class shares (Royce Opportunity Fund — 12/12/01, Royce Premier Fund — 9/17/02, Royce Special Equity Fund — 7/25/03, Royce Total Return Fund — 3/4/03, Royce Value Fund — 6/1/06, Royce Value Plus Fund — 5/10/06 and Royce Low-Priced Stock Fund — 1/3/06) reflects Investment/Service Class results. Service Class shares bear an annual distribution expense that is not borne by Investment Class shares. Consultant Class have higher expenses than Investment/Service Class shares. If the Service Class’s annual distribution expense had been reflected, total returns prior to the Service Class’s inception would have been lower. If the Consultant Class’s annual distribution expense had been reflected, total returns prior to the Consultant Class’s inception would have been lower.

3 MTD and QTD results are not annualized. YTD and since inception results for periods of less than one year are not annualized.

4 For Pennsylvania Mutual, the average annual total return shown is for the 40-year period ended as of the date shown above rather than since the Fund’s inception.

5 Only available to existing investors and relationships.

6 This fund is liquidated.

Past performance is no guarantee of future results. Current month-end and quarter-end performance information may be obtained by clicking on a Fund name above or viewing this website on a larger screen.

4 Only available to existing investors and relationships.

5 This fund is liquidated.

Important Disclosure Information for Closed-End Funds

All performance information reflects past performance, is presented on a total return basis, net of the Fund’s investment advisor fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when sold. Current performance may be higher or lower than performance quoted. Current month-end and quarter-end performance information may be obtained by clicking here .

Closed-End Funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund’s common stock are also subject to the market risks of investing in the underlying portoflio securities held by each Fund, respectively. Royce Fund Services, Inc. (RFS) is a member of FINRA and may file this material with FINRA on behalf of each Fund. RFS is not an underwriter or distributor of the closed-end funds.

3 MTD and QTD results are not annualized. YTD and since inception results for periods of less than one year are not annualized.

*** Date on which Royce & Associates assumed investment management responsibility for the Fund.