Royce Pennsylvania Mutual Fund

Highlights

  • One of the first open-end small-cap funds, managed for more than 40 years by the same portfolio manager—a recognized pioneer of small-cap investing 
  • Core approach that offers wide exposure to small-cap stocks (generally market caps up to $3 billion) that the managers believe are trading below estimates of their current worth
  • The Fund uses multiple investment disciplines (High Quality, Traditional Value, Special Situations) in an effort to provide exposure to approaches that have historically tended to perform well in different market environments

meet your managers

Royce is a small-cap specialist with unparalleled knowledge and experience, offering distinct investment approaches to meet a variety of investors’ goals.


Meet Your Managers

Chuck Royce manages the Fund, along with Jay Kaplan and Lauren A. Romeo. Mr. Royce has managed the Fund since 1972. Assisted by Jim Stoeffel, Chris Flynn and Andrew Palen.

Chuck Royce

Chairman, Portfolio Manager

Jay Kaplan, CFA

Portfolio Manager, Principal

Lauren A. Romeo, CFA

Portfolio Manager

Jim Stoeffel

Chris E. Flynn

To find out more about the Royce Pennsylvania Mutual Fund, click here or talk to your financial advisor.

What I Should Know
Before Investing

The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. The Fund may invest up to 25% of its net assets in foreign securities that may involve political, economic, currency, and other risks not encountered in U.S. investments.

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IMPORTANT PERFORMANCE INFORMATION: 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 that 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. Current performance may be higher or lower than the performance shown. Had fees not been waived in various periods, performance would have been lower. Investment Class shares redeemed within 30 days of purchase may be subject to a 1% redemption fee, payable to the Fund, which is not reflected in the performance shown below; if it were, performance would be lower. All classes of shares may not be available to all investors or through all distribution channels.

An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

IMPORTANT PERFORMANCE INFORMATION: All performance prior to the inception date of Consultant Class shares on 6/17/97 reflects Investment Class results (inception date: 10/31/72). Consultant Class shares bear annual expenses that are higher than those borne by Investment Class shares. If Consultant Class's annual expenses had been reflected, total returns prior to 6/17/97 would have been lower.

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 that 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. Current performance may be higher or lower than the performance shown. Had fees not been waived in various periods, performance would have been lower. Consultant Class shares redeemed within 365 days of purchase may be subject to a 1% contingent deferred sales charge, payable to the Fund's distributor, Royce Fund Services, Inc., which is not reflected in the performance shown below; if it were, performance would be lower. All classes of shares may not be available to all investors or through all distribution channels.

An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

 

IMPORTANT PERFORMANCE INFORMATION: All performance prior to the inception date of R Class shares on 5/21/07 reflects Investment Class results (inception date: 10/31/72). R Class shares bear annual expenses that are higher than those borne by Investment Class shares. If R Class's annual expenses had been reflected, total returns prior to 5/21/07 would have been lower. 

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 that 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. Current performance may be higher or lower than the performance shown. Had fees not been waived in various periods, performance would have been lower. All classes of shares may not be available to all investors or through all distribution channels.

An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

 

IMPORTANT PERFORMANCE INFORMATION: All performance prior to the inception date of Service Class shares on 11/8/05 reflects Investment Class results (inception date: 10/31/72). Service Class shares bear an annual distribution expense that is not borne by Investment Class shares. If Service Class's annual distribution expense had been reflected, total returns prior to 11/8/05 would have been lower. 

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 that 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. Current performance may be higher or lower than the performance shown. Had fees not been waived in various periods, performance would have been lower. Service Class shares redeemed within 30 days of purchase may be subject to a 1% redemption fee, payable to the Fund, which is not reflected in the performance shown below; if it were, performance would be lower. All classes of shares may not be available to all investors or through all distribution channels.

An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

 

IMPORTANT PERFORMANCE INFORMATION: All performance prior to the inception date of K Class shares on 5/15/08 reflects Investment Class results (inception date: 10/31/72). K Class shares bear annual expenses that are higher than those borne by Investment Class shares. If K Class's annual expenses had been reflected, total returns prior to 5/15/08 would have been lower. 

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 that 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. Current performance may be higher or lower than the performance shown. Had fees not been waived in various periods, performance would have been lower. All classes of shares may not be available to all investors or through all distribution channels.

An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

 

IMPORTANT PERFORMANCE INFORMATION: All performance prior to the inception date of Institutional Class shares on 6/3/11 reflects Investment Class results (inception date: 10/31/72). The Investment and Institutional classes would have substantially similar returns because all classes invest in the same portfolio of securities, differing only to the extent that the classes have different expenses.

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 that 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. Current performance may be higher or lower than the performance shown. Had fees not been waived in various periods, performance would have been lower. All classes of shares may not be available to all investors or through all distribution channels.

An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

 

Net Asset Value (NAV): An investment option’s net asset value (“NAV”) per unit or unit price is calculated by dividing the value of its net assets by the total number of units outstanding. 

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class only; other classes may have different performance characteristics.

**Gross expenses are the Fund's total annual operating expenses for the share class(es) shown. Net expenses for Class(es) R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund's gross expenses, which cannot be terminated prior to Apr 30, 2019 without Board consent.

IMPORTANT INFORMATION: All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Please see each product’s web page for specific details regarding investment objective, risks, performance and other important information. Review this information carefully before you make any investment decision.

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. Please view the prospectus or summary prospectus for this and other information. Read it carefully.

FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call the Legg Mason Sales Desk 1-800-822-5544 or your Legg Mason Sales contact for more information.

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Characteristics and holdings weightings are based on total portfolio, are subject to change at any time, and are provided for informational purposes only. Not to be construed as a recommendation to purchase or sell any security. 

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IMPORTANT HOLDINGS INFORMATION: Portfolio holdings are based on total portfolio, and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security. Any negative allocations or allocations in excess of 100% are primarily due to unsettled trade activities.

Derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance.

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The per share distribution amounts presented above reflect the distribution rates that were paid to shareholders on the indicated payable dates. The character of distributions for certain funds may have been subsequently adjusted for tax purposes. Shareholders can determine which funds may have reclassified the tax character of distributions by visiting the Tax Center in Account Services. Information on reclassifications for distributions paid during the current calendar year will not be available until the first quarter of the following year.

An XBRL file is not a fund's complete prospectus. XBRL is an interactive data format and is provided in addition to a fund's prospectus and annual and semi-annual reports linked to this page. An XBRL file is not viewable without a viewer tool. A viewer tool is available on the SEC website at www.sec.gov. You can download an XBRL zip file and view it on the SEC website or use the data for analysis with any comparison tool.

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