1. 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, Royce Micro-Cap Fund, Royce Low-Priced Stock Fund and Royce Special Equity 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 made this change in an effort to moderate cash flows. Stable cash flows are critical to managing each Fund’s portfolio. Thus, we thought it was 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, Royce Micro-Cap Fund, Royce Low-Priced Stock Fund and Royce Special Equity 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;
    • 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 3/31/2012
    Royce Pennsylvania Mutual Fund
    		 information up to $2.5 billion $6.31 billion
    Royce Heritage Fund
    		 information up to $10 billion $294 million


    CORE + DIVIDENDS


    FOCUSED
    Focused Funds generally employ a more limited portfolio approach—typically holding no more than 100 positions—and whose holdings possess what we believe are attractive valuations and higher quality characteristics. Learn More
    Name Market Cap Range Assets as of 3/31/2012
    Royce Premier Fund*
    		 information $750 million to $2.5 billion $7.41 billion
    Royce Special Equity Fund*
    		 information up to $2.5 billion $2.85 billion
    Royce Value Fund
    		 information $750 million to $5 billion $1.71 billion
    Royce 100 Fund
    		 information up to $5 billion $417 million
    Royce Focus Value Fund
    		 information up to $10 billion $9 million
    Royce Partners Fund
    		 information up to $10 billion $2 million
    Royce Special Equity Multi-Cap Fund
    		 information more than $5 billion $63 million

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

    OPPORTUNISTIC THEMES
    Opportunistic Theme Funds generally invest in companies considered more opportunistic, with each emphasizing different themes, such as turnarounds, special situations, low-priced stocks and/or companies with high growth prospects. Learn More
    Name Market Cap Range Assets as of 3/31/2012
    Royce Low-Priced Stock Fund*
    		 information up to $2.5 billion $4.14 billion
    Royce Opportunity Fund
    		 information up to $2.5 billion $1.89 billion
    Royce Value Plus Fund
    		 information up to $5 billion $2.06 billion
    Royce Financial Services Fund
    		 information $17 million

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


    MICRO-CAP
    Micro-Cap Funds generally invest in micro-caps, those companies with market capitalizations up to $750 million, using our core investment approach. Learn More
    Name Market Cap Range Assets as of 3/31/2012
    Royce Micro-Cap Fund*
    		 information up to $750 million $1.29 billion
    Royce Micro-Cap Discovery Fund
    		 information up to $750 million $4 million

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

    MID-CAP
    Mid-Cap Funds generally invest in mid-caps, those companies with market capitalizations from $2.5 billion to $15 billion, or smid-caps, those companies with market capitalizations from $750 million to $10 billion. Learn More
    Name Market Cap Range Assets as of 3/31/2012
    Royce SMid-Cap Value Fund
    		 information $750 million to $10 billion $12 million
    Royce Mid-Cap Fund
    		 information $2.5 billion to $15 billion $6 million

    GLOBAL/INTERNATIONAL
    Global/International Funds invest in non-U.S. based companies with what we think are attractive valuations. Learn More
    Name Market Cap Range Assets as of 3/31/2012
    Royce Global Value Fund
    		 information up to $5 billion $335 million
    Royce European Smaller-Companies Fund
    		 information up to $5 billion $17 million
    Royce International Smaller-Companies Fund
    		 information up to $5 billion $25 million
    Royce Global Dividend Value Fund
    		 information up to $5 billion $7 million
    Royce International Premier Fund
    		 information $750 million to $2.5 billion $4 million
    Royce International Micro-Cap Fund
    		 information up to $750 million $4 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 3/31/2012
    Royce Select Fund I
    		 information up to $5 billion $51 million
    Royce Select Fund II
    		 information up to $5 billion $4 million
    Royce Global Select Long/Short Fund
    		 information up to $5 billion $25 million
    Royce Enterprise Select Fund
    		 information $750 million to $15 billion $1 million
    Royce Opportunity Select Fund
    		 information up to $2.5 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.

  2. © 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.