• Royce Pennsylvania Mutual Fund
• Royce Heritage Fund

Core Funds generally invest across a wide spectrum of smaller companies using a diversified approach. We select stocks in these Funds based on balance sheet quality, cash flow characteristics and high returns on invested capital. We developed our core approach during the 1970s and '80s in our flagship Royce Pennsylvania Mutual Fund. These Funds also incorporate ideas used in other portfolios, such as low-priced stocks, dividend-paying stocks and international securities.

• Royce Micro-Cap Fund*
• Royce Low-Priced Stock Fund
• Royce Opportunity Fund
• Royce Value Plus Fund
• Royce Discovery Fund

Micro-Cap/Opportunistic Funds generally invest in micro-caps and/or those companies considered more opportunistic, including turnarounds, special situations, low-priced stocks and above-average growth companies. Like our core funds, these portfolios are highly diversified. We believe they also have the potential for higher returns, commensurate with each Fund's higher level of risk.

• Royce Total Return Fund
• Royce Dividend Value Fund

Core + Dividends Funds generally invest in dividend-paying smaller companies using a diversified approach. We believe that an investment strategy that seeks both long-term growth and current income has the potential to generate above-average absolute returns over full market cycles with less volatility. These Funds may also invest a portion of the portfolio in fixed income securities, such as convertible bonds.

• Royce Global Value Fund
• Royce European Smaller-Companies Fund
• Royce International Smaller-Companies Fund

Global/International Funds generally focus on non-U.S. based companies. The same attributes that we seek in smaller domestic companies-strong balance sheets, an established record of earnings, the ability to generate free cash flow and excellent growth prospects-can be found in international businesses as well. We have found that quality is an international concept that recognizes no borders. This universe is enormous, dwarfing the domestic smaller companies market.

• Royce Premier Fund*
• Royce Special Equity Fund
• Royce Value Fund
• Royce 100 Fund
• Royce SMid-Cap Value Fund
• Royce Focus Value Fund
• Royce Partners Fund
• Royce Mid-Cap Fund

Quality + Focused Funds generally employ a more limited portfolio approach-typically holding no more than 100 positions-and whose holdings possess what we believe are higher-quality characteristics. These include strong balance sheets, above-average returns on invested capital and the ability to generate free cash flow.

• Royce Select Fund I
• Royce Select Fund II
• Royce Global Select Fund
• Royce SMid-Cap Select Fund
• Royce Asia-Pacific Select Fund

Qualified Investor Funds use a performance fee structure and are available only to qualified investors who desire a specific portfolio management style. Each Select Fund is managed by a different Royce portfolio manager and incorporates an approach consistent with one of our other categories.