Royce & Associates LP

10/23/2020 | Press release | Distributed by Public on 10/23/2020 15:14

Jay Kaplan On Money Life With Chuck Jaffe

Average Annual Total Returns as of 9/30/20 (%)

3Q201 1YR 3YR 5YR 10YR 15YR SINCE INCEPT. INCEPT. DATE Annual Operating Expenses (%)
Small-Cap Value 2.61 -21.16 -5.19 0.52 3.57 4.30 7.18 06/14/10 Gross: 1.30
Net: 1.24
Total Return 0.26 -11.46 -2.20 5.47 7.25 5.76 9.41 12/15/93 1.23
Russell 2000 4.93 0.39 1.77 8.00 9.85 7.03 N/A N/A N/A
Russell 2000 Value 2.56 -14.88 -5.13 4.11 7.09 4.93 N/A N/A N/A

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 Class shares redeemed within 30 days of purchase may be subject to a 1% redemption fee payable to the Fund. 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 performance may be obtained at www.royceinvest.com. All performance and expense information reflects results of each Funds' Investment Class. Price and total return information is based on net asset values calculated for shareholder transactions. Gross annual operating expenses reflect the 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 expense reimbursements. All expense information is reported as of each Fund's most current prospectus. Royce has contractually agreed, without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the Royce Small-Cap Value Fund's Investment Class's net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.24% through April 30, 2021. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds, and other investment companies.All performance and risk information presented in this material prior to the commencement date of Royce Small-Cap Value Fund Investment Class shares on 9/14/07 reflects Service Class results. Service Class shares bear an annual distribution expense that is not borne by Investment Class shares.

The thoughts and opinions expressed in the video are solely those of the persons speaking as of October 6, 2020 and may differ from those of other Royce investment professionals, or the firm as a whole. There can be no assurance with regard to future market movements.

The performance data and trends outlined in this presentation are presented for illustrative purposes only. Past performance is no guarantee of future results. Historical market trends are not necessarily indicative of future market movements.

Sector weightings are determined using the Global Industry Classification Standard ('GICS'). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ('S&P') and MSCI Inc. ('MSCI'). GICS is the trademark of S&P and MSCI. 'Global Industry Classification Standard (GICS)' and 'GICS Direct' are service marks of S&P and MSCI.

Cyclical and Defensive are defined as follows: Cyclical: Communication Services, Consumer Discretionary, Energy, Financials, Industrials, Information Technology, and Materials. Defensive: Consumer Staples, Health Care, Real Estate, Utilities.

Percentage of Fund Holdings As of 9/30/20 (%)

MYR Group, Inc. Advanced Energy
Industries Inc.
Gentex
Corporation
Financial
Institutions, Inc.
National
Bankshares, Inc.
Northrim
BanCorp, Inc.

Royce Capital Fund - Small-Cap Portfolio

1.8

0.7

0.9

0.4

1.1

0.4

Royce Dividend Value Fund

0.0

0.0

0.3

0.0

0.0

0.0

Royce Pennsylvania Mutual Fund

0.2

0.1

0.4

0.1

0.2

0.1

Royce Small-Cap Value Fund

1.8

0.7

0.9

0.5

1.2

0.4

Royce Total Return Fund

0.0

0.0

0.9

0.0

0.3

0.0

Company examples are for illustrative purposes only. This does not constitute a recommendation to buy or sell any stock. There can be no assurance that the securities mentioned in this piece will be included in any Fund's portfolio in the future.

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, and includes reinvested dividends.

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. All indexes referenced are unmanaged and capitalization-weighted. The Russell 2000 Index is an 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 2000 Value and Growth indices consist of the respective value and growth stocks within the Russell 2000 as determined by Russell Investments. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. Smaller-cap stocks may involve considerably more risk than larger-cap stocks. (Please see 'Primary Risks for Fund Investors' in the prospectus.) Certain Funds invest a significant portion of their respective assets in foreign companies that may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic, or other developments that are unique to a particular country or region. (Please see 'Investing in Foreign Securities' in the prospectus.) Therefore, the prices of securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of securities of U.S. companies. (Please see 'Primary Risk of Fund Investors' in the prospectus.) Certain Funds generally invest a significant portion of their assets in a limited number of stocks, which may involve considerably more risk than a more broadly diversified portfolio because a decline in the value of any of these stocks would cause their overall value to decline to a greater degree. A broadly diversified portfolio, however, does not ensure a profit or guarantee against loss.