Server: Netscape-Enterprise/2.01 Date: Thu, 18 Dec 1997 12:15:27 GMT Accept-ranges: bytes Last-modified: Mon, 24 Nov 1997 22:30:43 GMT Content-length: 3694 Content-type: text/html How'd We Do During the Decline?

Value Investing In Small Companies For Over Twenty Years
Market Update

How'd We Do During the Decline?

During the recent three day decline (10/23-10/27), the S&P 500 index was off 7.8% while the Russell 2000 was down 6.5%. Each series of The Royce Funds declined by less than half that of either index. Specific fund results are depicted in the table below:

Royce Funds Performance
(% decline 10/23/97 - 10/27/97)

Large-Cap IndexPercentage Decline
S&P 500-7.8%
Small-Cap Index
Russell 2000-6.5%
Royce Funds
Royce Premier Fund-3.0%
Royce Micro-Cap Fund-3.1%
Royce Total Return Fund-1.0%
Royce Low-Priced Fund-3.2%
Pennsylvania Mutual Fund
    Investment Class
-3.0%
    Consultant Class
-3.0%
PMF II-3.0%
Royce Giftshares Fund
    Investment Class
-2.2%
    Consultant Class
-2.2%
Royce Global Services Fund-3.4%

This type of down market performance differential is in keeping with our historical performance patterns, especially when you consider:

Past performance is no guarantee of future results. Share prices will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Please read the prospectus carefully before investing or sending money. For each respective Fund's 1-, 5-, and 10-year and since inception performance, please click on the following:

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For more information on The Royce Funds, e-mail us at funds@roycenet.com. For questions or comments about our web site, e-mail our webmaster at webmaster@roycenet.com