Frequently Asked Questions

Here are some basic answers to many commonly asked questions. If your questions are not answered here, please contact Shareholder Services at (800) 841-1180 or (816) 843-8520. Please read the appropriate prospectuses and shareholder guide for more complete Fund specific details.

Funds: General Questions

Why is Royce Pennsylvania Mutual Fund your flagship fund?

Royce Pennsylvania Mutual Fund is not only our oldest fund, but also incorporates many of the firm’s core investment approaches. In the late 1960s, Chuck Royce was director of research at a small Wall Street firm and was consulting for Royce Pennsylvania Mutual Fund, then advised by Quest Advisory Corp. Between 1972 and 1973, Chuck bought Quest and gradually assumed management of the Fund's portfolio. This marks the birth of our firm. Read more in Royce Through the Years.

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Does Legg Mason own The Royce Funds?

Legg Mason acquired Royce & Associates, LLC, The Royce Funds’ investment advisor on October 1, 2001. Royce is a wholly owned subsidiary of Legg Mason. We retain autonomy over our investment process and daily operations.

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Account Basics

How do I open a new account?

You may open a new account online or by mail directly with The Royce Funds. Our Funds may also be purchased through a financial intermediary. Please read the prospectus carefully before investing or sending money.

Online

Opening an account online is simple at Account Access.

By Mail

To open an account by mail, simply send in the completed application with a check for the amount of your initial purchase to Our Mailing Address.

Visit the Invest with Us section of this website for more details on opening a new account.

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What are the minimum requirements for initial and subsequent investments?

The minimum initial investment for The Royce Funds varies by Fund, Class, and type of account. You can find more specific information at Share Classes, or in each Fund's individual profile, e.g. Royce Pennsylvania Mutual Fund, Investment Class . Generally speaking, for Service and Consultant Class Shares the minimums are $2,000 for a regular account and $1,000 for an IRA. You may open a regular account for $1,000 if you establish an automatic investment plan with a minimum monthly investment of $50. The minimums for some funds' Investment Class shares are $100,000 (as of May 1, 2007).

The minimums for Royce Select Funds I and II, Royce Global Select Fund and Royce SMid-Cap Select Fund are $50,000 for both regular accounts and IRAs for qualified investors. Subsequent investments are $100.

Subsequent investments for GiftShare Accounts in Royce Heritage Fund are also $100.

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How do I purchase additional fund shares?

You may purchase additional shares online, by mail, telephone, bank wire or through other automated services.

Online

Purchase additional Fund shares online by logging onto Account Access.

By Mail

To purchase additional Fund shares by mail, fill out the investment form found on the bottom of your account statement, or simply send us a check with the name of the Fund and your account number clearly written on the check, to Our Mailing Address.

Expedited Purchase through Automated Clearing House (ACH)

You can have funds debited directly from your checking account through ACH. There are several ways to set up ACH Banking instructions on your account. Once you have added this option, you can use it to purchase Fund shares online or by telephone.

Bank Wire

You can call Shareholder Services Monday through Friday at (800) 841-1180 before the close of trading on the NYSE (generally 4 p.m. Eastern time). Your bank wire must be received on that business day. Read more in wiring instructions.

Automatic Investment Plan (AIP)

You can make regular purchases to your Royce Funds account directly from your checking account through ACH on a regular basis on the date you select. You can establish or modify an AIP online through Account Access, or by downloading and completing the Express Service Form (AIP/Banking Instructions Form). 

Direct Deposit Payroll Deduction Plan

You can have regular purchases deducted directly from your payroll or government check into your Royce Funds account; simply download and complete the Payroll Deduction Authorization Form. 

Please consult the Shareholder Guide for "Important Information about Purchases, Telephone and Online Transactions."

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How do I redeem shares?

If you have an individual or joint account, you may sell Fund shares online, by mail or telephone. If you hold any other type of account, please contact Shareholder Services at (800) 841-1180 for detailed instructions. Be aware that in order to discourage short-term trading, The Royce Funds assess early redemption fees for shares held for less than 180 days.

Please Note: Redemptions from Royce-sponsored retirement plan accounts (including IRAs and 403(b)(7)s),  and from accounts for which share certificates are outstanding, must be made in writing. Certain other redemption requests also must be made in writing and require a Medallion Signature Guarantee.  These include redemption requests for $50,000 or more, or for a payee(s) other than the shareholder(s), or for proceeds to be sent to an address other than the address of record.

Online

Shares for most Funds may be redeemed via Account Access. Generally speaking, any amount less than $50,000 can be redeemed online.

By Telephone

Generally speaking, any amount less than $50,000 can be redeemed by telephone. Call Shareholder Services at (800) 841-1180 or the automated Royce Infoline at (800) 78-ROYCE.

By Mail

Good Order requests through the mail must include at least the following information:

• The name and signature of each shareholder named, along with any relevant Medallion Signature Guarantees.
• The Fund name and account number
• The dollar or share amount you want to redeem
• The address to which you want proceeds sent
• Certificates, if you are holding any

Please consult the Shareholder Guide for more information on Good Order.

Automatic Withdrawal Plan

This option allows you to automatically redeem shares from your Royce Funds account and have the proceeds transferred directly to your bank through ACH on a monthly, quarterly or annual basis. You must have at least $25,000 in your account to be eligible for this service.

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How do I exchange shares?

You may make exchanges between Royce Funds online (except GiftShare Accounts in Royce Heritage Fund and Royce Select Funds I & II, Royce Global Select Fund and Royce SMid-Cap Select Fund), by mail or telephone. An exchange involves both a purchase and a redemption, so you may realize a taxable gain or loss and early redemption fees may apply. Get more details on exchanging shares in the Shareholder Guide

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Account Types

Does Royce offer a 529 plan?

Royce does not offer a 529 plan. However, Royce Pennsylvania Mutual Fund is offered in a 529 plan in the state of Colorado, and Royce Low-Priced Stock Fund is offered in a 529 plan in the state of Indiana.

Royce does offer a unique account option that is specifically designed for college savings—Royce Heritage Fund - GiftShare Accounts. Please call our GiftShare specialist Deanna Baum at (800) 221-4268 with any questions, or e-mail Deanna at deanna@roycenet.com or use the form on our Contact Us page.

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Does Royce offer Coverdell Education Savings Accounts (ESA)?

Yes, we do offer Coverdell Education Savings Accounts (ESA). You may download Coverdell ESA Materials here.

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What types of IRAs does Royce offer and how much can I contribute?

Royce offers Traditional, Roth and Coverdell ESA IRAs. Our IRA account minimums are generally $1,000. Please see IRA Materials for more information including current contribution limits. Please call our IRA Specialist John Greco at (800) 221-4268 with any questions, or e-mail jgreco@roycenet.com or use the form on our Contact Us page.

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What firms offer Royce as part of a variable annuity?

Various firms, including New York Life, Ohio National, Nationwide Life, Lincoln Financial, Prudential, Northwestern and American General, offer Royce as part of a variable annuity. Please call Michael Rosenthal in Institutional Services at (212) 508-4556 with any questions, or e-mail him at mrosenthal@roycenet.com or use the form on our Contact Us page.

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Does Royce offer a money market fund?

We do not offer a money market, bond, or fixed-income funds, in part to discourage market timing and short-term trading, and in part because we manage smaller-company equity portfolios only.

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Account Changes

How do I change the address on my account registration?

Please call Shareholder Services at (800) 841-1180 for clarification. Generally speaking there are three ways to change the address on your account registration:

Online*

Login to Account Access and follow the instructions. The "Change Mailing Address" option is located in the drop-down menu of the "Manage Preferences" tab.

By Telephone

You may also change your address over the telephone by calling Shareholder Services at (800) 841-1180.

By Mail

Send us a letter of instruction requesting the address change to our mailing address. This letter should include your account number, the Fund name, your old address, and your new address. (This letter should be signed by ALL registrants on the account; for example, a joint account requires two signatures, and a trust account must be signed "In Capacity," etc.)

*Please note that we do not accept Change of Address requests via e-mail.

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How do I change my name on my account due to marriage, divorce or another reason?

Depending on the type of account, name change requests have varying requirements. It is best to call Shareholder Services at (800) 841-1180 for clarification. In general terms, if you need to change a name on an account, please send a letter of instruction that states your previous name and your new name, and sign the letter with both names, and include a Medallion Signature Guarantee in the middle of the signatures. This letter should be sent to our mailing address.. (This letter should be signed by ALL registrants on the account; for example, a joint account requires two signatures, and a trust account must be signed "In Capacity," etc.)

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How do I change ownership on an account?

If you would like to change ownership on your account you need to send us a new application and a letter of instruction with a Medallion Signature Guarantee to our mailing address. (This letter should be signed by ALL registrants on the account; for example, a joint account requires two signatures, and a trust account must be signed "In Capacity," etc.)

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How do I establish automatic or systematic investments (an Automatic Investment Plan)?

When you open a new account online through Account Access, you can purchase shares electronically (and/or establish an Automatic Investment Plan) by providing us with bank account information. However, if your account was not opened online, we probably do not have your banking information. To set up automatic investments, please download, complete and mail the Express Service Form along with a voided check. A Medallion Signature Guarantee is required on this form. Once we receive the form, we will set up automatic investments. The minimum subsequent investment is $50.

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How do I change a regular or joint account to a trust?

You need to fill out a new application and attach a letter of instruction with a Medallion Signature Guarantee. Please include copies of the first and last pages of the trust. If you have any questions, please contact Shareholder Services at (800) 841-1180.

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How do I change my e-mail address?

We may hold your e-mail address in one of two places: 1) our shareholder account database controlled through Boston Financial Data Services - Midwest; 2) our internal CRM (customer relationship management) database used to process literature requests; send the eWord newsletter, etc. Unfortunately, these databases do not fully talk to each other. You may need to take one or both of these steps:

Changing your E-Mail Address on Your Royce Funds Account

Login to Account Access to change your e-mail address associated with your Royce Funds account, which impacts the electronic or e-delivery of statements and regulatory documents (prospectuses and semiannual reports). You can also telephone calling Shareholder Services at (800) 841-1180.

Changing your E-Mail Address for the eWord Monthly Newsletter

Send us an e-mail at eNewsletter@roycenet.com or use the form on our Contact Us page requesting that we make the change.

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How do I change the personal banking information associated with my account?

You can change or add your personal banking information online by logging onto Account Access, and following the instructions. You may also add or change these instructions by completing the Express Service Form. A Medallion Signature Guarantee is required on this form. Please send the completed form to our mailing address.

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How do I change the registration on an UGMA/UTMA when the child reaches the age of majority?

When a child reaches the age of majority you need to send a letter of instruction written by the custodian with a Medallion Signature Guarantee and a new application. Please call Shareholder Services at (800) 841-1180 for complete details.

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Account Access

I hold my Fund shares directly with Royce. How do I look at my account information online?

If you have not done so, you need to Create a Username and Password for Account Access. You will need your SSN/TIN (Social Security Number/Tax Identification Number) and your Royce Funds account number. If you have multiple accounts, you may enter any one of your account numbers associated with the same SSN/TIN. Your account number can be found on your most recent confirmation or semiannual statement, and generally consists of no more than 10 digits. If you need assistance getting your account number, please call Shareholder Services (800) 841-1180.

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How long does it take for online transactions to be reflected in my account history?

Transactions made online are processed through the Automated Clearing House (ACH) system and may take up to two business days (in some cases longer) to settle and be reflected in your account.

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What do I do if my Account Access Password doesn’t work?

If you enter a password incorrectly more than three times, your account access will be suspended. This is the most common reason why users CANNOT login into the Account Access system. We limit the number of times any user can enter a Password incorrectly (3X) in order to deter unauthorized users.

If you can't login, please contact Shareholder Services at (800) 841-1180 and a representative will clear your password, so that you can create a new one. Once your old password has been cleared, you will need to create a new one.

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What online Account services does Royce offer?

Download Account information: You may download account information into TurboTax or Microsoft Money, only. We currently do not offer this option through Quicken Personal Finance software.

eDelivery of Royce Documents: Visit Sign-Up for eDelivery Now. You will be directed to login to Account Access, and then to choose "eDelivery options" in the "Manage Preferences " drop-down menu. Please contact Shareholder Services at (800) 841-1180 if you would like mailed versions of semiannual and confirmation statements in addition to eDelivery.

Statements: Both semiannual account statements and "daily" confirm statements are available for viewing online through Account Access. Also, We store up to three years worth of statement history online.

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Closed-End Funds

Do the closed-end funds, Royce Value Trust (Market Symbol: RVT), Royce Micro-Cap Trust (RMT) and Royce Focus Trust (FUND) pay distributions?

All three funds pay distributions quarterly. Distributions for RVT and RMT are currently made at the annual rate of 9% of the rolling average of the prior four calendar quarter-end NAVs, with the fourth quarter distribution being the greater of 2.25% of the rolling average or the minimum distribution required by IRS regulations. Distributions for FUND are made at the annual rate of 5% of the rolling average of the prior four calendar quarter-end NAVs, with the fourth quarter being the greater of 1.25% of the rolling average or the minimum distribution by IRS regulations.

All three funds have historically reported a portion of the distributions as long-term capital gains for tax purposes. Long-term capital gains will be allocated pro-rata to all distributions for the year. The final determination of the source of all distributions, including potentially a return of capital, will be made at the end of the year.

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How do I track the preferred stocks of the closed-end funds?

The ticker symbols for our preferred stocks vary depending on the source you are using for quotes. If tracking them online, look up each symbol under “Royce.”

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Confirmations and Statements

When does Royce send account statements?

Account statements for shares held directly with Royce are sent semiannually, shortly after June 30 and December 31. Confirmation statements are also sent each time you make a transaction.

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Distributions

How often do the open-end funds pay distributions?

Royce Total Return Fund and Royce Dividend Value Fund pay quarterly distributions, if any are available. All other open-end funds pay distributions of capital gains and/or income once a year, in December, as shown in the distribution schedule.

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Can I receive my distributions in cash*?

If you are a direct investor in a Royce Open-End Fund, you may arrange to receive your distribution(s) in cash by logging into Account Access and changing your distribution option. You may also call Shareholder Services at (800) 840-1180 to make this request.

If you are a direct stockholder in a Royce Closed-End Fund, you may opt to receive distributions in cash by calling ComputerShare at (800) 426-5523.

*If your shares are held through a third party or other financial intermediary, such as Fidelity or Charles Schwab, you must contact that party directly to find out their distribution payment policies.

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How do I find information on historical distributions?

Historical information on distributions, dating back to 2000, can be found in two places on our website:

1) Distributions & Capital Gains (for the best detailed information)

2) Under the Performance tab of each individual fund profile (e.g. PENNX)

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Fees

Where can I find an explanation of the different fees associated with the different classes of shares (Investment, Service, Consultant, Institutional, R Class)?

You can learn more about fees and expenses here.

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Where can I find information on a Fund's expense ratio?

Expenses are readily accessible for all of our Funds in Prices & Performance. You can also visit the Fund's individual profile page and click on the Fees & Expenses tab; e.g., for PENNX, go here.

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Are there any low balance fees that will be charged to my account?

There are no low balance fees associated with The Royce Funds. You may be asked, however, to maintain the initial minimum investment of $2,000, $50,000, or $100,000, depending on the Fund and Class of shares, or $1,000 for an IRA.

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What are the fees for holding an IRA with The Royce Funds?

The annual IRA (Traditional, Roth, and ESA Coverdell) custodial fee is $12 per investor (per Social Security Number.)

The fee will be waived for any shareholder who signs up for eDelivery of Prospectus and Reports, as well as investors with more than $20,000 invested in Royce IRAs at the time the fee is charged. The fee will be waived for the first year on accounts opened via transfer or rollover. Information regarding the custodial fee can be found on page 2 of the IRA Disclosure Statement.

Payments for IRA custodial fees need to be paid annually by November 15 (by check drawn to the order of the custodian State Street) and sent to our mailing address; otherwise the fee will be debited from your IRA account.

Please visit our IRA section for more details. Should you require any additional information, please feel free to call Investor Services at (800) 221-4268.

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Foreign Investors

Are The Royce Funds available to foreign investors?

Shares of The Royce Funds are offered for sale only in the United States. Although foreign investors may obtain information about the Funds on our website, the Funds are not registered for offering in any other country. We mail prospectuses and other information to U.S. addresses only, and we can accept new account requests from U.S. addresses only.

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IRAs and Retirement Accounts

How do I transfer an existing retirement plan to Royce?

To transfer a retirement account, such as a Roth IRA or 401(k) account to Royce, you need to complete and mail an IRA Application (Adoption Agreement) as well as an IRA Transfer of Assets Form. You can download these forms from IRA Materials, or request the paperwork from Investor Services at (800) 221-4268. We suggest that you call the institution that you are transferring the IRA from and ask them if they require a Medallion Signature Guarantee on the IRA Transfer of Assets Form.

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How can I check on the status of my IRA transfer to Royce?

To check on the status of your IRA transfer, please contact Shareholder Services at (800) 841-1180.

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Can I initiate an IRA transfer of assets online?

You cannot initiate an IRA transfer online. In order to transfer your IRA from another institution, you need to complete an IRA Application (Adoption Agreement) and IRA Transfer of Assets Form. You can download these forms from IRA Materials, or request the paperwork from Investor Services at (800) 221-4268. After we receive these two forms in Good Order, we will initiate the transfer. If you have additional questions, please contact Shareholder Services at (800) 841-1180.

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How long does an IRA transfer take?

After our receipt of your paperwork in good order, the transfer generally takes between five 5 to 15 business days. For any specific questions on IRAs, please contact our IRA specialist John Greco at (800) 221-4268 or e-mail jgreco@roycenet.com or use the form on our Contact Us page.

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Can I establish an IRA account with less than $1,000?

We have established our minimums in order to meet certain operational expenses, and we are unable to accommodate initial investments below this amount.

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