Daily Prices (NAVs) & Performance for Thursday, July 03, 2008

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 1% redemption fee payable to the Fund. Shares of Royce Technology Value Fund, Royce Global Value Fund and Royce European Smaller Companies Fund redeemed within 180 days of purchase may be subject to a 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted. Current performance may be higher or lower than performance quoted. Current month-end performance may be obtained by clicking here.

Gross annual operating expenses reflect the Fund’s gross total annual operating expenses for the Investment Class, as of the Fund's most current prospectus and include management fees and other expenses. Net annual operating expenses reflect contractual fee waivers and/or reimbursements. Gross annual operating expenses do not. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses through December 31, 2007 to the extent necessary to limit net annual operating expenses to no more than 1.24% for Royce 100 Fund and Royce Low-Priced Stock Fund. Royce &  Associates has contractually agreed to waive fees and/or reimburse operating expenses through December 31, 2007 and December 31, 2016 to the extent necessary to limit net annual operating expenses to no more than 1.49% and 1.99%, respectively, for Royce Dividend Value Fund.

Annual operating expenses for Royce Select Fund I, Royce Select Fund II, Royce Global Select Fund and Royce SMid-Cap Select Fund reflect each Fund’s total annual operating expenses as of the most current prospectus and (other than for Royce SMid-Cap Select Fund) include each Fund’s management fee based on 12.5% of its respective pre-fee, high-watermarked 2007 total returns of 15.52%, 5.92%, 19.20%, as well as any dividend/interest expense relating to short selling. Royce SMid-Cap Select Fund's total annual operating expenses were estimated based on its 12.5% pre-fee, high-watermarked performance fee and an annual return of 5% plus estimated levels of dividend/interest expense related to anticipated short selling activity. Royce has contractually agreed to absorb all other operating expenses of these Funds, other than dividend/interest expense relating to any short selling activity of these Funds.

¹ Performance prior to the date of commencement of certain fund's Investment Class shares (Royce 100 Fund - 3/15/2007, Royce Low-Priced Stock Fund - 3/15/2007, Royce Heritage Fund - 3/15/2007, Royce Value Fund - 3/15/2007, Royce Value Plus Fund - 3/15/2007 and Royce Dividend Value Fund - 9/14/2007) reflects Service Class results. Shares of Service and Consultant Classes bear an annual distribution expense that is not borne by the Investment Class.

² The YTD and since inception results for periods of less than one year are not annualized. The Royce Funds invest primarily in securities of mid-, small- and micro-cap stocks that may involve considerably more risk than investments in securities of larger-cap companies (see Primary Risks for Fund Investors in the prospectus). Please read the prospectus carefully before investing. The Russell 2000 and the S&P 500 indices are unmanaged indices of domestic common stocks. Royce Fund Services, Inc. is the distributor of The Royce Fund.

³ Charles M. Royce assumed management of Royce Pennsylvania Mutual Fund in November 1972, although the Fund's inception dates back to 1962.

⁴ Royce Select Fund I, II & Royce Global Select Fund 1-Year returns reflect the 2% fee assessed on early redemptions of shares held for less than 3 years.

⁵ Effective 1/10/06, Royce Premier Fund is closed to new investors.

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 1% redemption fee payable to the Fund. Shares of Royce Technology Value Fund, Royce Global Value Fund and Royce European Smaller Companies Fund redeemed within 180 days of purchase may be subject to a 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted. Current performance may be higher or lower than performance quoted. Current month-end performance may be obtained by clicking here.

Gross annual operating expenses reflect the Fund’s gross total annual operating expenses for the Service Class, as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees. Net annual operating expenses reflect contractual fee waivers and/or reimbursements. Gross annual operating expenses do not. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses through December 31, 2007 to the extent necessary to limit total annual operating expenses as follows: to no more than 1.14% for Royce Pennsylvania Mutual Fund, 1.49% for Royce Low-Priced Stock Fund, 1.66% for Royce Micro-Cap Fund, 1.29% for Royce Opportunity Fund, Royce Premier Fund and Royce Total Return Fund, 1.35% for Royce Special Equity Fund and 1.69% for Royce Technology Value Fund. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses through December 31, 2007 and December 31, 2016 to the extent necessary to limit net annual operating expenses to no more than 1.49% and 1.99%, respectively, for Royce Discovery Fund, Royce Dividend Value Fund and Royce Financial Services Fund. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses through December 31, 2010 to the extent necessary to limit net annual operating expenses to no more than 1.69% for Royce European Smaller-Companies Fund and Royce Global Value Fund. Royce & Associates has contractually agreed to waive Royce SMid-Cap Value Fund’s fees and reimburse expenses to the extent necessary to maintain the Fund’s net annual operating expense ratio at or below 1.49% through December 31, 2007 and 1.99% through December 31, 2010.

¹Performance prior to the date of commencement of certain fund's Service Class shares (Royce Pennsylvania Mutual - 11/08/05, Royce Micro-Cap - 8/30/02, Royce Opportunity - 5/22/00, Royce Premier - 9/3/02, Royce Special Equity - 5/1/03, Royce Total Return - 1/3/02) reflects Investment Class results. Service Class shares bear an annual distribution expense that is higher than or is not borne by the Investment Class shares. If Service Class's annual distribution expense had been reflected, total returns prior to Service Class inception would have been lower.

²The YTD and since inception results for periods of less than one year are not annualized. The Royce Funds invest primarily in securities of mid-, small- and micro-cap stocks that may involve considerably more risk than investments in securities of larger-cap companies (see Primary Risks for Fund Investors in the prospectus). Please read the prospectus carefully before investing. The Russell 2000 and the S&P 500 indices are unmanaged indices of domestic common stocks. Royce Fund Services, Inc. is the distributor of The Royce Fund.

³Charles M. Royce assumed management of Royce Pennsylvania Mutual Fund in November 1972, although the Fund's inception dates back to 1962.

⁴Not Annualized.

⁵Effective 1/10/06, Royce Premier Fund is closed to new investors.