Server: Netscape-Enterprise/2.01 Date: Thu, 18 Dec 1997 12:14:49 GMT Accept-ranges: bytes Last-modified: Mon, 24 Nov 1997 22:30:32 GMT Content-length: 2033 Content-type: text/html Royce Funds Performance: Most Recent Quarter End

Value Investing In Small Companies For Over Twenty Years

Performance (Year-To-Date, 1, 5, 10-Year & Since Inception)

Quarter Ended: September 30, 1997

 
                                                                           From     Inception
                        Y.T.D.    1 YR.     3 YR.      5 YR.     10 YR.  Inception    Date

Open-End
Pennsylvania Mutual*    27.43%    36.03%    19.09%    15.35%    11.98%    16.82%     06/30/73
  (Investment Class)
Royce Premier Fund      25.35%    34.48%    20.32%    18.93%     n/a      17.14%     12/31/91
Royce Micro-Cap Fund    27.27%    37.04%    20.05%    20.50%     n/a      20.35%     12/31/91
PMF II                  26.81%     n/a       n/a       n/a       n/a      33.39%#    11/20/96
Royce GiftShares        24.19%    34.66%     n/a       n/a       n/a      28.82%     12/27/95
Royce Total Return      22.42%    32.05%    25.51%     n/a       n/a      20.81%     12/15/93
Royce Low-Priced Stock  23.17%    29.40%    23.07%     n/a       n/a      18.63%     12/15/93 
Royce Global Services   23.88%    30.94%     n/a       n/a       n/a      21.98%     12/15/94

Closed-End (NAV)
Royce Value Trust       29.92%    40.06%    22.26%    19.37%    14.12%    14.40%     11/26/86
Royce Micro-Cap Trust   29.21%    39.80%    22.72%     n/a       n/a      19.48%     12/14/93
Royce Global Trust      26.81%     n/a	     n/a       n/a       n/a      32.57%**   11/01/96

* Performance for the 20-year period is 16.88%.
** Not an annualized return; NAV performance since inception 11/1/96.
# Not an annualized return; cumulative performance since inception 11/20/96.

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