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. A 1.00% contingent deferred sales charge ("CDSC") is assessed on redemptions of Consultant Class shares held for less than 365 days. Redemption fees and CDSCs 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.
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 the application of contractual fee waivers and/or expense reimbursements. 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 and other investment companies.
Royce & Associates has contractually agreed, without right of termination, to waive fees and/or reimburse operating expenses to the extent necessary to maintain net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expense, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) through April 30, 2026 at or below the amounts listed below for the Funds’ Classes as follows:
- Royce Dividend Value Fund Investment Class at or below 1.09%
- Royce Dividend Value Fund Service Class at or below 1.34%
- Royce Global Financial Services Fund Service Class at or below 1.49%
- Royce Global Financial Services Fund Institutional Class at or below 1.49%
- Royce International Premier Fund Investment Class at or below 1.19%
- Royce International Premier Fund Service Class at or below 1.44%
- Royce International Premier Fund Institutional Class at or below 1.04%
- Royce Micro-Cap Fund Service Class at or below 1.49%
- Royce Micro-Cap Fund Consultant Class at or below 2.24%
- Royce Premier Fund Service Class at or below 1.49%
- Royce Premier Fund Consultant Class as or below 2.24%
- Royce Small-Cap Opportunity Fund Service Class at or below 1.49%
- Royce Small-Cap Opportunity Fund Consultant Class at or below 2.24%
- Royce Small-Cap Special Equity Fund Service Class at or below 1.49%
- Royce Small-Cap Total Return Fund Service Class at or below 1.49%
- Royce Small-Cap Total Return Fund Institutional Class at or below 1.02%
- Royce Small-Cap Value Fund Investment Class at or below 1.24%
- Royce Small-Cap Value Fund Service Class at or below 1.49%
- Royce Smaller-Companies Growth Fund Investment Class as or below 1.02%
- Royce Smaller-Companies Growth Fund Service Class at or below 1.49%
- Royce Smaller-Companies Growth Fund Institutional Class at or below 1.02%
As with any mutual fund that invests in common stocks, the Funds are 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 a Fund will fluctuate, sometimes sharply and unpredictably, and you could lose money over short or long periods of time. Fund investments 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. Fund investments in foreign securities may involve political, economic, currency, and other risks not encountered in U.S. investments. Funds that invest a significant portion of their assets in a limited number of stocks may involve considerably more risk than more broadly diversified portfolio. A broadly diversified portfolio, however, does not ensure a profit or guarantee against loss. (See "Primary Risks for Fund Investors" in the respective prospectus.) Please read the prospectus carefully before investing or sending money.
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks that measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index. 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 Microcap Index includes 1,000 of the smallest securities in the Russell 2000 Index, along with the next smallest eligible securities as determined by Russell. The Russell 2000 Value and Growth indices consist of the respective value and growth stocks within the Russell 2000 as determined by Russell Investments. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The MSCI ACWI ex USA Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks, excluding the United States. The MSCI ACWI Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. 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.
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.
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, LLC ("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.
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. 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 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 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 performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.
Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The MSCI ACWI Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. Index returns include net reinvested dividends and/or interest income.
1 Royce classifies a client account as ‘Value’ because it anticipates it will have a weighted average price-to-book ratio or weighted average normalized price-to-earnings ratio lower than its general asset class (e.g. U.S. Small-Cap, U.S. Micro-Cap, International Small-Cap, Global Small-Cap); as ‘Core’ because it anticipates the client account equity holdings will have a weighted average price-to-book ratio or weighted average normalized price to earnings ratio that is similar to, or somewhat higher than, its general asset class; or as ‘Growth’ because it anticipates the client account equity holdings will have weighted average estimated eps growth higher than its general asset class.
2 Low Volatility is the lowest quintile ranking; Below Average Volatility is the second-lowest quintile ranking; Average Volatility is the middle volatility quintile ranking; Above Average Volatility is the second-highest volatility quintile ranking; and High Volatility is the highest volatility quintile ranking. Volatility characteristics were determined based on the quintile ranking among all funds in Morningstar’s Small Growth, Small Blend, and Small Value Categories with at least five years of history, a total of 459 funds as of 03/31/25 for Royce Micro-Cap, Premier, Small-Cap, Small-Cap Opportunity, Small-Cap Special Equity, Small-Cap Total Return, Small-Cap Value, and Smaller-Companies Growth Funds; for Royce Dividend Value Fund Fund the quintile ranking among all funds in Morningstar’s Small and Mid Growth, Small and Mid Blend, and Small and Mid Value Categories with at least five years of history, a total of 813 funds as of 03/31/25; for , the quintile ranking among all funds in Morningstar’s Large Growth, Large Blend, and Large Value Categories with at least three years of history, a total of funds as of 03/31/25; for the quintile ranking among all funds in Morningstar’s World Stock Category with at least five years of history, a total of funds as of 03/31/25; for , the quintile ranking among all funds in Morningstar’s Financial Category with at least five years of history, a total of funds as of 03/31/25; for Royce International Premier Fund the quintile ranking among all funds in Morningstar’s Foreign Small/Mid Growth, Foreign Small/Mid Blend, and Foreign Small/Mid Value Categories with at least five years of history, a total of 83 funds as of 03/31/25; for the quintile ranking compared with all funds in Morningstar’s Foreign Small/Mid Growth, Foreign Small/Mid Blend, and Foreign Small/Mid Value Categories with at least three years of history, a total of funds as of 03/31/25. In each case, the universe consists of the fund’s oldest share class only. Royce calculated volatility quintiles based on the average five-year standard deviation for each of the last four calendar quarters, where four calendar quarters of history exist, or the five year standard deviation as of the latest quarter-end, or the three-year standard deviation as of the latest quarter-end. Higher volatility is usually associated with higher risk.
3 Geometric Average: This weighted calculation uses each portfolio holding's market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio's center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.
4 Active Share: The sum of the absolute values of the different weightings of each holding in the Portfolio versus each holding in the benchmark, divided by two.
5 Harmonic Average: This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio's share in the earnings of its underlying stocks.
6 The Price-Earnings, or P/E, Ratio is calculated by dividing a company's share price by its trailing 12-month earnings-per-share (EPS). The Portfolio's P/E ratio calculation excludes cash holdings and companies with zero or negative earnings. The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share.
7 Price to Sales is calculated by dividing the company’s market cap by the revenue in the most recent year.
8 The Morningstar Style Map uses proprietary scores of a stock's value and growth characteristics to determine its placement in one of the five categories listed on the horizontal axis. These characteristics are then compared to those of other stocks within the same market capitalization band. Each is scored from zero to 100 for both value and growth attributes. The value score is subtracted from the growth score to determine the overall style score. For the vertical, market cap axis, Morningstar subdivides into size groups. Giant-cap stocks are defined as those that account for the top 40% of the capitalization of each style zone; large-cap stocks represent the next 30%; mid-cap stocks the next 20%; small-cap stocks the next 7%; micro-cap stocks the smallest 3%.
9 Upside Capture Ratio measures a manager’s performance in up markets relative to the client account’s benchmark. It is calculated by measuring the client account’s performance in quarters when the benchmark goes up and dividing it by the benchmark’s return in those quarters. Downside Capture Ratio measures a manager’s performance in down markets relative to the client account’s benchmark. It is calculated by measuring the client account’s performance in quarters when the benchmark goes down and dividing it by the benchmark’s return in those quarters.
10 A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. A low beta means that a client account’s market-related volatility has been low.
11 Standard deviation is a statistical measure within which a client account’s total returns have varied over time. The greater the standard deviation, the greater a portfolio’s volatility.
12 The Sharpe Ratio is calculated for a specified period by dividing a portfolio's average excess returns by its annualized standard deviation. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance.
13 Performance prior to the commencement date of certain Funds’ Investment Class shares (Royce Dividend Value Fund - 9/14/07, Royce International Premier Fund – 1/22/14, Royce Small-Cap Value Fund - 3/15/07, and Royce Smaller-Companies Growth Fund - 3/15/07) reflects Service Class results; certain Funds’ Service Class shares (Royce Small-Cap Opportunity Fund - 5/22/00, Royce Small-Cap Total Return Fund - 1/3/02, Royce Micro-Cap Fund - 8/30/02, Royce Premier Fund - 9/3/02, Royce Small-Cap Special Equity Fund – 10/2/03, and Royce Small-Cap Fund - 11/08/05) reflect Investment Class results; Consultant Class shares (Royce Small-Cap Fund - 6/17/97, Royce Micro-Cap Fund - 5/1/98, Royce Small-Cap Total Return Fund - 10/16/01, Royce Premier Fund - 6/2/03, Royce Small-Cap Special Equity Fund - 6/2/03, Royce Small-Cap Value - 3/30/06, Royce Small-Cap Opportunity Fund - 3/30/06, Royce Smaller-Companies Growth Fund - 3/30/06, Royce Dividend Value Fund - 3/20/14, and Royce International Premier Fund – 2/29/16) reflects each Funds’ oldest share class results (Investment or Service Class, as the case may be); Institutional Class shares (Royce Small-Cap Opportunity Fund - 12/12/01, Royce Premier Fund - 9/17/02, Royce Small-Cap Total Return Fund - 3/4/03, Royce Small-Cap Special Equity Fund - 7/25/03, Royce Smaller-Companies Growth Fund - 5/10/06, Royce Small-Cap Fund - 6/3/11, Royce Dividend Value Fund - 8/31/12, and Royce Global Financial Services Fund - 1/4/16) reflects each Funds’ oldest share class results (Investment or Service Class, as the case may be); R Class Shares (Royce Small-Cap Opportunity Fund - 5/21/07, Royce Small-Cap Fund - 5/21/07, Royce Premier Fund - 5/21/07, Royce Small-Cap Value Fund - 9/14/07, and Royce Small-Cap Total Return Fund - 5/21/07) reflects each Funds’ oldest share class results (Investment or Service Class, as the case may be). Service Class shares bear an annual distribution expense that is not borne by Investment Class shares. If the annual distribution expense of Service Class had been reflected, total returns prior to that Class's inception would have been lower. Consultant Class and R Class shares have higher expenses than Investment/Service Class shares. If the higher expenses of Consultant Class or R Class shares had been reflected, total returns prior to that Class's inception would have been lower.
14 MTD and QTD results are not annualized. YTD and since inception results for periods of less than one year are not annualized.