The Royce Funds
| 745 Fifth Avenue New York, NY 10151 (212) 508-4500 (800) 221-4268 e-mail: funds@roycenet.com website: www.roycefunds.com |
| October 5, 2012 |
VIA EDGAR
Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Attention: Division of Investment Management
| Re: | Royce Select Fund I, Royce Select Fund II, Royce Global Select Long/Short Fund, Royce Enterprise Select Fund and Royce Opportunity Select Fund, each a series of The Royce Fund (Securities Act Reg. No. 002-80348 and Investment Company Act File No. 811-03599) |
Ladies and Gentlemen:
Attached for filing, pursuant to Rule 497 of the Securities Act of 1933, as amended, are exhibits containing interactive data format risk/return summary information relating to supplements, dated September 27, 2012, to the prospectuses for Royce Select Fund I, Royce Select Fund II, Royce Global Select Long/Short Fund, Royce Enterprise Select Fund and Royce Opportunity Select Fund, dated May 1, 2012.
Please direct any further communications relating to this filing to the undersigned at (212) 508-4578.
| Very truly yours, | |
| /s/ John E. Denneen | |
| John E. Denneen Secretary |
| Label | Element | Value | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||
| Document Type | dei_DocumentType | Other | ||||||||||||||||||||||||||||||
| Document Period End Date | dei_DocumentPeriodEndDate | Dec. 31, 2011 | ||||||||||||||||||||||||||||||
| Registrant Name | dei_EntityRegistrantName | Royce Funds | ||||||||||||||||||||||||||||||
| Central Index Key | dei_EntityCentralIndexKey | 0000709364 | ||||||||||||||||||||||||||||||
| Amendment Flag | dei_AmendmentFlag | false | ||||||||||||||||||||||||||||||
| Document Creation Date | dei_DocumentCreationDate | Sep. 27, 2012 | ||||||||||||||||||||||||||||||
| Document Effective Date | dei_DocumentEffectiveDate | Sep. 27, 2012 | ||||||||||||||||||||||||||||||
| Prospectus Date | rr_ProspectusDate | May 01, 2012 | ||||||||||||||||||||||||||||||
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Royce Select Fund I
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||
| Supplement [Text Block] | TRF_SupplementTextBlock | The Royce Fund
Supplement to the Prospectus Dated May 1, 2012
Royce Select Fund I
Effective September 28, 2012, Royce Select Fund I, formerly a fund designed for “qualified investors”, is available to all U.S. investors. The prospectus for the Fund dated May 1, 2012 is revised as set forth below:
Investment Goal
The reference, “a fund designed for qualified investors” is deleted from the section of the prospectus entitled “Investment Goal”. This section is now as follows:
“The investment goal of Royce Select Fund I is long-term growth of capital.”
Fees and Expenses of the Fund
The annual fund operating expense table and expense example are replaced with the following:
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 Fund’s total operating expenses remain the same. Although your actual costs may be higher or lower, based on the assumptions your costs would be:
Principal Investment Strategy
Previously the Fund could invest up to 10% of its assets in foreign securities. The following is added to the section of the prospectus entitled “Principal Investment Strategy”:
“Although the Fund normally focuses on the securities of U.S. companies, it may invest up to 15% of its net assets in foreign securities.”
Primary Risks for Fund Investors
The following disclosure relating to the risk of investing in foreign securities is added to the prospectus:
“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 expose, the U.S. dollar value of a Fund’s investments may be harmed by declines in the value of foreign currencies in relation to the U.S. dollar.”
Investment Advisory Services Provided By Royce
The investment advisory fee rates for Royce Select Fund I are added as follows:
Performance Fee for Royce Select Funds
The above referenced section is hereby deleted.
Responsibility for Payment of Other Ordinary Operating Expenses in Royce Select Funds
The above referenced section is hereby deleted.
Investing in Royce Select Funds – Who May Invest in these Funds
The above referenced section is hereby deleted.
September 27, 2012
RS1-SUPP-0912
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| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) |
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Royce Select Fund I | Investment Class
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||
| Management fees | rr_ManagementFeesOverAssets | 1.00% | ||||||||||||||||||||||||||||||
| Distribution (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||||||||||||||||||
| Dividends on securities sold short | rr_Component1OtherExpensesOverAssets | none | ||||||||||||||||||||||||||||||
| Other | rr_OtherExpensesOverAssets | 0.14% | ||||||||||||||||||||||||||||||
| Total annual Fund operating expenses | rr_ExpensesOverAssets | 1.14% | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 116 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 362 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 628 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 1,386 | ||||||||||||||||||||||||||||||
|
Royce Select Fund II
|
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||
| Supplement [Text Block] | TRF_SupplementTextBlock | The Royce Fund
Supplement to the Prospectus Dated May 1, 2012
Royce Select Fund II
Effective September 28, 2012, Royce Select Fund II, formerly a fund designed for “qualified investors”, is available to all U.S. investors. The prospectus for the Fund dated May 1, 2012 is revised as set forth below:
Investment Goal
The reference, “a fund designed for qualified investors” is deleted from the section of the prospectus entitled “Investment Goal”. This section is now as follows:
“The investment goal of Royce Select Fund II is long-term growth of capital.”
Fees and Expenses of the Fund
The annual fund operating expense table and expense example are replaced with the following:
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 Fund’s total operating expenses (net of fee waivers and/or expense reimbursements for the periods noted above) remain the same. Although your actual costs may be higher or lower, based on the assumptions your costs would be:
Investment Advisory Services Provided By Royce
The investment advisory fee rates for Royce Select Fund II are added as follows:
Performance Fee for Royce Select Funds
The above referenced section is hereby deleted.
Responsibility for Payment of Other Ordinary Operating Expenses in Royce Select Funds
The above referenced section is hereby deleted.
Investing in Royce Select Funds – Who May Invest in these Funds
The above referenced section is hereby deleted.
September 27, 2012
RS2-SUPP-0912 |
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| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) |
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Royce Select Fund II | Investment Class
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||
| Management fees | rr_ManagementFeesOverAssets | 1.25% | ||||||||||||||||||||||||||||||
| Distribution (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||||||||||||||||||
| Dividends on securities sold short | rr_Component1OtherExpensesOverAssets | 0.07% | ||||||||||||||||||||||||||||||
| Interest Expense | rr_Component2OtherExpensesOverAssets | 0.11% | ||||||||||||||||||||||||||||||
| Other | rr_OtherExpensesOverAssets | 1.32% | ||||||||||||||||||||||||||||||
| Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% | ||||||||||||||||||||||||||||||
| Total annual Fund operating expenses | rr_ExpensesOverAssets | 2.76% | ||||||||||||||||||||||||||||||
| Fee waivers and/or expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (1.08%) | ||||||||||||||||||||||||||||||
| Total annual Fund operating expenses after fee waivers and/or expense reimbursements, if any | rr_NetExpensesOverAssets | 1.68% | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 171 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 529 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,145 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,810 | ||||||||||||||||||||||||||||||
|
Royce Global Select Long/Short Fund
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||
| Supplement [Text Block] | TRF_SupplementTextBlock | The Royce Fund
Supplement to the Prospectus Dated May 1, 2012
Royce Global Select Long/Short Fund
Effective September 28, 2012, Royce Global Select Long/Short Fund, formerly a fund designed for “qualified investors”, is available to all U.S. investors. The prospectus for the Fund dated May 1, 2012 is revised as set forth below:
Investment Goal
The reference, “a fund designed for qualified investors” is deleted from the section of the prospectus entitled “Investment Goal”. This section is now as follows:
“The investment goal of Royce Global Select Long/Short Fund is long-term growth of capital.”
Fees and Expenses of the Fund
The annual fund operating expense table and expense example are replaced with the following:
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 Fund’s total operating expenses (net of fee waivers and/or expense reimbursements for the periods noted above) remain the same. Although your actual costs may be higher or lower, based on the assumptions your costs would be:
Investment Advisory Services Provided By Royce
The investment advisory fee rates for Royce Global Select Long/Short Fund are added as follows:
Performance Fee for Royce Select Funds
The above referenced section is hereby deleted.
Responsibility for Payment of Other Ordinary Operating Expenses in Royce Select Funds
The above referenced section is hereby deleted.
Investing in Royce Select Funds – Who May Invest in these Funds
The above referenced section is hereby deleted.
September 27, 2012
RGS-SUPP-0912
|
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| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) |
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Royce Global Select Long/Short Fund | Investment Class
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||
| Management fees | rr_ManagementFeesOverAssets | 1.25% | ||||||||||||||||||||||||||||||
| Distribution (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||||||||||||||||||
| Dividends on securities sold short | rr_Component1OtherExpensesOverAssets | 0.05% | ||||||||||||||||||||||||||||||
| Interest Expense | rr_Component2OtherExpensesOverAssets | 0.11% | ||||||||||||||||||||||||||||||
| Other | rr_OtherExpensesOverAssets | 0.35% | ||||||||||||||||||||||||||||||
| Total annual Fund operating expenses | rr_ExpensesOverAssets | 1.76% | ||||||||||||||||||||||||||||||
| Fee waivers and/or expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (0.11%) | ||||||||||||||||||||||||||||||
| Total annual Fund operating expenses after fee waivers and/or expense reimbursements, if any | rr_NetExpensesOverAssets | 1.65% | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 168 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 519 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,136 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,802 | ||||||||||||||||||||||||||||||
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Royce Enterprise Select Fund
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||
| Supplement [Text Block] | TRF_SupplementTextBlock | The Royce Fund
Supplement to the Prospectus Dated May 1, 2012
Royce Enterprise Select Fund
Effective September 28, 2012, Royce Enterprise Select Fund, formerly a fund designed for “qualified investors”, is available to all U.S. investors. The prospectus for the Fund dated May 1, 2012 is revised as set forth below:
Investment Goal
The reference, “a fund designed for qualified investors” is deleted from the section of the prospectus entitled “Investment Goal”. This section is now as follows:
“The investment goal of Royce Enterprise Select Fund is long-term growth of capital.”
Fees and Expenses of the Fund
The annual fund operating expense table and expense example are replaced with the following:
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 Fund’s total operating expenses (net of fee waivers and/or expense reimbursements for the periods noted above) remain the same. Although your actual costs may be higher or lower, based on the assumptions your costs would be:
Investment Advisory Services Provided By Royce
The investment advisory fee rates for Royce Enterprise Select Fund are added as follows:
Performance Fee for Royce Select Funds
The above referenced section is hereby deleted.
Responsibility for Payment of Other Ordinary Operating Expenses in Royce Select Funds
The above referenced section is hereby deleted.
Investing in Royce Select Funds – Who May Invest in these Funds
The above referenced section is hereby deleted.
September 27, 2012
RSS-SUPP-0912
|
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| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) |
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Royce Enterprise Select Fund | Investment Class
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||
| Management fees | rr_ManagementFeesOverAssets | 1.00% | ||||||||||||||||||||||||||||||
| Distribution (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||||||||||||||||||
| Dividends on securities sold short | rr_Component1OtherExpensesOverAssets | none | ||||||||||||||||||||||||||||||
| Interest Expense | rr_Component2OtherExpensesOverAssets | 0.01% | ||||||||||||||||||||||||||||||
| Other | rr_OtherExpensesOverAssets | 3.23% | ||||||||||||||||||||||||||||||
| Total annual Fund operating expenses | rr_ExpensesOverAssets | 4.24% | ||||||||||||||||||||||||||||||
| Fee waivers and/or expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (2.99%) | ||||||||||||||||||||||||||||||
| Total annual Fund operating expenses after fee waivers and/or expense reimbursements, if any | rr_NetExpensesOverAssets | 1.25% | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 125 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 395 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,321 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 3,700 | ||||||||||||||||||||||||||||||
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Royce Opportunity Select Fund
|
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||
| Supplement [Text Block] | TRF_SupplementTextBlock | The Royce Fund
Supplement to the Prospectus Dated May 1, 2012
Royce Opportunity Select Fund
Effective September 28, 2012, Royce Opportunity Select Fund, formerly a fund designed for “qualified investors”, is available to all U.S. investors. The prospectus for the Fund dated May 1, 2012 is revised as set forth below:
Investment Goal
The reference, “a fund designed for qualified investors” is deleted from the section of the prospectus entitled “Investment Goal”. This section is now as follows:
“The investment goal of Royce Opportunity Select Fund is long-term growth of capital.”
Fees and Expenses of the Fund
The annual fund operating expense table and expense example are replaced with the following:
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 Fund’s total operating expenses (net of fee waivers and/or expense reimbursements for the periods noted above) remain the same. Although your actual costs may be higher or lower, based on the assumptions your costs would be:
Investment Advisory Services Provided By Royce
The investment advisory fee rates for Royce Opportunity Select Fund are added as follows:
Performance Fee for Royce Select Funds
The above referenced section is hereby deleted.
Responsibility for Payment of Other Ordinary Operating Expenses in Royce Select Funds
The above referenced section is hereby deleted.
Investing in Royce Select Funds – Who May Invest in these Funds
The above referenced section is hereby deleted.
September 27, 2012
ROS-SUPP-0912
|
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| Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) |
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Royce Opportunity Select Fund | Investment Class
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| [RiskReturnAbstract] | rr_RiskReturnAbstract | |||||||||||||||||||||||||||||||
| Management fees | rr_ManagementFeesOverAssets | 1.00% | ||||||||||||||||||||||||||||||
| Distribution (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||||||||||||||||||
| Dividends on securities sold short | rr_Component1OtherExpensesOverAssets | 0.08% | ||||||||||||||||||||||||||||||
| Interest Expense | rr_Component2OtherExpensesOverAssets | 0.10% | ||||||||||||||||||||||||||||||
| Other | rr_OtherExpensesOverAssets | 1.63% | ||||||||||||||||||||||||||||||
| Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.02% | ||||||||||||||||||||||||||||||
| Total annual Fund operating expenses | rr_ExpensesOverAssets | 2.83% | ||||||||||||||||||||||||||||||
| Fee waivers and/or expense reimbursements | rr_FeeWaiverOrReimbursementOverAssets | (1.39%) | ||||||||||||||||||||||||||||||
| Total annual Fund operating expenses after fee waivers and/or expense reimbursements, if any | rr_NetExpensesOverAssets | 1.44% | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 147 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 454 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 1,088 | ||||||||||||||||||||||||||||||
| Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | 2,797 | ||||||||||||||||||||||||||||||