Archived Material: Important Performance Information

Archived material may contain dated performance, risk and other information; please view returns as of the most recent quarter end and month end. Due to changing circumstances over time, statements made in archived material may or may not have continued applicability or relevance in today's environment. Any thoughts concerning market movements and future prospects for small-company stocks are solely those of Royce & Associates, LLC, and, of course, there can be no assurance with regard to future market movements. Small- and micro-cap stocks may involve considerably more risk than larger-cap stocks.

All performance information reflects past performance, is presented on a total return basis and reflects reinvestment of distributions. Current performance may be higher or lower than performance quoted. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Please read the fund's prospectus carefully and consider a fund's investment goals, risks, fees and expenses before investing or sending money. The prospectus contains this and other information. The Russell 2000, Russell 2000 Value, Russell 2000 Growth, S&P 500, S&P 600, NASDAQ Composite and DJIA are unmanaged indices of domestic common stocks. Distributor: Royce Fund Services, Inc.

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The Royce Funds

Small-cap value investing for more than 35 years

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    1. Take Me to . . .
      • Prices & Performance
      • Fund Guide

    2. Our Funds Are Open, But Some Are More Open Than Others

      Press Releases

      Our Funds remain open to all investors, with the exception of Royce Premier Fund and Royce Micro-Cap Fund, which are currently available only to existing investors, financial advisors with clients in the Fund, certain pre-approved asset allocation based investment programs and certain pre-approved “Retirement Plans”.

      Each Fund is making this change in an effort to moderate cash flows, which have been considerable in light of the recent relative outperformance by small-cap and micro-cap companies. Stable cash flows are critical to managing each Fund’s portfolio. Thus, we think it is in the best interests of the Funds’ existing shareholders and relationships to moderate net cash flows into these Funds at this time.

      In general, Royce's policy is to allow Registered Investment Advisors (RIA) to put new clients in the Fund as long as the RIA had existing clients invested in the fund on or prior to the date the Fund was open only to existing shareholders and existing relationships.

      Royce is limiting availability of Royce Premier Fund and Royce Micro-Cap Fund to existing relationships including:

      • Existing investors—in their own name or as beneficial owner of shares held in someone else’s name—for example, a nominee, custodian or omnibus account holding shares for the benefit of an investor would not be eligible to open a new account for its own benefit or for the benefit of another investor, but the investor would be eligible to open a new account in that Fund;
      • Registered Investment Advisors with existing clients in the Fund. Registered Investment Advisors who currently have clients in the Fund may open new accounts as well as add to existing accounts in whichever Fund had been held, Royce Premier Fund or Royce Micro-Cap Fund;
      • Certain pre-approved asset allocation based investment programs and, for a limited time, initial investments by certain institutional investors approved by the Funds’ investment adviser;
      • Certain pre-approved “Retirement Plans” offered through certain broker-dealers with accounts held on the books of the Fund through omnibus account arrangements (either at the plan level or at the level of the financial intermediary). “Retirement Plans” include 401(k) plans, 457 plans, employer sponsored 403(b) plans, defined benefit pension plans, profit sharing plans, nonqualified deferred compensation plans, other similar employer-sponsored retirement plans and rollover accounts from such plans to individual retirement vehicles such as Traditional and Roth IRAs.

      Frequently Asked Questions

      If a wrap program already has clients in funds that are only open to existing relationships, will they continue to be available to new investors in that product? 

      Yes.

      Will these funds be available to retirement plans? 

      Yes, but only to existing plans, not to new plans.

      Will these funds be open to new retail clients?

      No.

      Are all other Royce Funds open for investment to new investors? 

      Yes. See the tables below for more information on some of the similarities and differences between our Funds.

      CORE
      Core Funds generally invest across a wide spectrum of smaller companies using a diversified approach. Learn More
      Name Market Cap Range Assets as of 6/30/2010
      Royce Pennsylvania Mutual Fund
      		 information up to $2.5 billion $5.04 billion
      Royce Heritage Fund
      		 information up to $10 billion $209 million


      CORE + DIVIDENDS
      Core + Dividends Funds generally invest in dividend-paying smaller companies using a diversified approach. Learn More
      Name Market Cap Range Assets as of 6/30/2010
      Royce Total Return Fund
      		 information up to $2.5 billion $3.90 billion
      Royce Dividend Value Fund
      		 information up to $5 billion $54 million


      QUALITY + FOCUSED
      Quality + Focused funds generally employ a more limited portfolio approach-typically holding no more than 100 positions that we believe possess high quality. Learn More
      Name Market Cap Range Assets as of 6/30/2010
      Royce Premier Fund*
      		 information $500 million to $2.5 billion $5.19 billion
      Royce Special Equity Fund
      		 information up to $2.5 billion $1.56 billion
      Royce Value Fund
      		 information $500 million to $5 billion $1.44 billion
      Royce 100 Fund
      		 information up to $5 billion $315 million
      Royce SMid-Cap Value Fund
      		 information $500 million to $10 billion $5 million
      Royce Focus Value Fund
      		 information up to $10 billion $7 million
      Royce Partners Fund
      		 information up to $10 billion $1 million
      Royce Mid-Cap Fund
      		 information $2.5 billion to $15 billion $4 million

      *This Fund is only open to existing investors and existing relationships. Learn more

      MICRO-CAP/OPPORTUNISTIC
      Micro-Cap/Opportunistic Funds generally invest in micro-caps and/or those companies considered more opportunistic. Learn More
      Name Market Cap Range Assets as of 6/30/2010
      Royce Micro-Cap Fund*
      		 information up to $500 million $1.07 billion
      Royce Low-Priced Stock Fund
      		 information up to $2.5 billion $3.34 billion
      Royce Opportunity Fund
      		 information up to $2.5 billion $1.71 billion
      Royce Value Plus Fund
      		 information up to $5 billion $2.91 billion
      Royce Discovery Fund
      		 information up to $500 million $3 million

      *This Fund is only open to existing investors and existing relationships. Learn more

      GLOBAL/INTERNATIONAL
      Global/International Funds generally focus on non-U.S. based companies using our core approach to security selection. Learn More
      Name Market Cap Range Assets as of 6/30/2010
      Royce Global Value Fund
      		 information up to $5 billion $51 million
      Royce European Smaller-Companies Fund
      		 information up to $5 billion $7 million
      Royce International Smaller-Companies Fund
      		 information up to $5 billion $12 million


      QUALIFIED INVESTOR
      Qualified Investors may use Royce's Select Funds, which use a performance fee structure with a specific portfolio management style. Learn More
      Name Market Cap Range Assets as of 6/30/2010
      Royce Select Fund I
      		 information up to $5 billion $47 million
      Royce Select Fund II
      		 information up to $5 billion $4 million
      Royce Global Select Fund
      		 information up to $5 billion $8 million
      Royce SMid-Cap Select Fund
      		 information $500 million to $10 billion $952 thousand
      Royce Asia-Pacific Select Fund
      		 information up to $10 billion $2 million

      Important Disclosure Information

      Please read the prospectus carefully before investing or sending money. Click here for a prospectus and other information about each of The Royce Funds.

  • © Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151, (800) 221-4268. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc., a wholly owned subsidiary of Royce & Associates. The Royce Funds are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.