Archived Material: Important Performance Information

Archived material may contain dated performance, risk and other information; please view returns as of the most recent quarter end and month end. Due to changing circumstances over time, statements made in archived material may or may not have continued applicability or relevance in today's environment. Any thoughts concerning market movements and future prospects for small-company stocks are solely those of Royce & Associates, LLC, and, of course, there can be no assurance with regard to future market movements. Small- and micro-cap stocks may involve considerably more risk than larger-cap stocks.

All performance information reflects past performance, is presented on a total return basis and reflects reinvestment of distributions. Current performance may be higher or lower than performance quoted. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares may be worth more or less than their original cost when redeemed. Please read the fund's prospectus carefully and consider a fund's investment goals, risks, fees and expenses before investing or sending money. The prospectus contains this and other information. The Russell 2000, Russell 2000 Value, Russell 2000 Growth, S&P 500, S&P 600, NASDAQ Composite and DJIA are unmanaged indices of domestic common stocks. Distributor: Royce Fund Services, Inc.
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    1. News & Commentary

      Recent News & Commentary

      Financial Advisor & Media Contact

      • Joanne NewgardJoanne Newgard
        Director of Advisor Services & Media Relations
        (800) 562-0880 or joanne@roycenet.com

    2. News

      The Royce Funds 2007 Year End Distributions


      The Royce Funds have declared income dividends and capital gains distributions to Shareholders of record at the close of business on December 6, 2007, ex-dividend and payable on December 7, 2007. The per share calculations are as follows:

      2007 Year-End Distributions — Open-End Funds

      The Royce Funds have declared income dividends and capital gains distributions to Shareholders of record at the close of business on December 6, 2007, ex-dividend and payable on December 7, 2007.

      The Royce Capital Fund has declared income dividends and capital gains distributions to Shareholders of record at the close of business on December 11, 2007, ex-dividend and payable on December 12, 2007.

      The Royce Select Funds have declared income dividends and capital gains distributions to Shareholders of record at the close of business on December 27, 2007, ex-dividend and payable on December 28, 2007.

      2007 Open-End Funds Year-End Distributions: Investment Class
      Fund Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      Royce 100 Fund 12/06/07 12/07/07 $— $0.2036 $0.5222 $0.7258 $8.39
      Royce Dividend Value Fund 12/06/07 12/07/07 $0.0200 $0.2709 $0.7328 $1.0237 $5.95
      Royce Global Select Fund 12/27/07 12/28/07 $0.3554 $0.3455 $0.1631 $0.8640 $15.09
      Royce Heritage Fund 12/06/07 12/07/07 $— $0.5250 $0.8980 $1.4230 $13.28
      Royce Low-Priced Stock Fund 12/06/07 12/07/07 $0.4849 $0.0765 $1.9741 $2.5355 $14.92
      Royce Micro-Cap Fund 12/06/07 12/07/07 $0.4491 $0.3761 $2.0280 $2.8532 $15.70
      Royce Opportunity Fund 12/06/07 12/07/07 $0.0714 $0.2511 $1.4898 $1.8123 $11.35
      Royce Pennsylvania Mutual Fund 12/06/07 12/07/07 $0.0813 $0.2322 $0.7748 $1.0883 $11.02
      Royce Premier Fund 12/06/07 12/07/07 $0.2821 $0.3252 $1.9729 $2.5802 $17.58
      Royce Select Fund I 12/27/07 12/28/07 $0.0022 $0.1670 $2.7023 $2.8715 $18.30
      Royce Select Fund II 4/11/07 4/12/07 $— $0.0240 $— $0.0240 $12.60
      Royce Select Fund II 12/27/07 12/28/07 $— $0.3887 $0.2779 $0.6666 $10.69
      Royce SMid-Cap Select Fund 12/27/07 12/28/07 $0.0162 $— $— $0.0162 $10.05
      Royce Special Equity Fund 12/06/07 12/07/07 $0.1196 $0.1771 $2.1446 $2.4413 $18.70
      Royce Total Return Fund 3/08/07 3/09/07 $0.0400 $— $— $0.0400 $13.89
      Royce Total Return Fund 6/08/07 6/11/07 $0.0500 $— $— $0.0500 $14.83
      Royce Total Return Fund 9/10/07 9/11/07 $0.0500 $— $— $0.0500 $14.05
      Royce Total Return Fund 12/06/07 12/07/07 $0.0350 $0.0956 $0.9008 $1.0314 $13.19
      Royce Value Fund 12/06/07 12/07/07 $0.1846 $0.2767 $0.4139 $0.8752 $10.75
      Royce Value Plus Fund 12/06/07 12/07/07 $0.2048 $0.3158 $0.2670 $0.7876 $14.08
      2007 Open-End Funds Year-End Distributions: Service Class
      Fund Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      Royce 100 Fund 12/06/07 12/07/07 $— $0.2036 $0.5222 $0.7258 $8.39
      Royce Discovery Fund 12/06/07 12/07/07 $— $0.0500 $0.4616 $0.5116 $5.88
      Royce Dividend Value Fund 3/08/07 3/09/07 $0.0300 $— $— $0.0300 $6.93
      Royce Dividend Value Fund 6/08/07 6/11/07 $0.0400 $— $— $0.0400 $7.32
      Royce Dividend Value Fund 9/10/07 9/11/07 $0.0400 $— $— $0.0400 $6.88
      Royce Dividend Value Fund 12/06/07 12/07/07 $— $0.2709 $0.7328 $1.0037 $5.96
      Royce European Smaller-Companies Fund 12/06/07 12/07/07 $0.0044 $— $— $0.0044 $10.41
      Royce Financial Services Fund 12/06/07 12/07/07 $0.0768 $0.1165 $0.1272 $0.3205 $6.89
      Royce Global Value Fund 12/06/07 12/07/07 $0.2111 $0.0191 $— $0.2302 $11.32
      Royce Heritage Fund 12/06/07 12/07/07 $— $0.5250 $0.8980 $1.4230 $13.29
      Royce Low-Priced Stock Fund 12/06/07 12/07/07 $0.4177 $0.0765 $1.9741 $2.4683 $14.95
      Royce Micro-Cap Fund 12/06/07 12/07/07 $0.4244 $0.3761 $2.0280 $2.8285 $15.61
      Royce Opportunity Fund 12/06/07 12/07/07 $0.0476 $0.2511 $1.4898 $1.7885 $11.13
      Royce Pennsylvania Mutual Fund 12/06/07 12/07/07 $0.0577 $0.2322 $0.7748 $1.0647 $10.98
      Royce Premier Fund 12/06/07 12/07/07 $0.2502 $0.3252 $1.9729 $2.5483 $17.47
      Royce SMid-Cap Value Fund 12/06/07 12/07/07 $0.0164 $0.0097 $— $0.0261 $10.09
      Royce Special Equity Fund 12/06/07 12/07/07 $0.0878 $0.1771 $2.1446 $2.4095 $18.71
      Royce Technology Value Fund 12/06/07 12/07/07 $— $0.3366 $0.2311 $0.5677 $6.13
      Royce Total Return Fund 3/08/07 3/09/07 $0.0300 $— $— $0.0300 $13.75
      Royce Total Return Fund 6/08/07 6/11/07 $0.0400 $— $— $0.0400 $14.68
      Royce Total Return Fund 9/10/07 9/11/07 $0.0450 $— $— $0.0450 $13.91
      Royce Total Return Fund 12/06/07 12/07/07 $— $0.0956 $0.9008 $0.9964 $13.07
      Royce Value Fund 12/06/07 12/07/07 $0.1569 $0.2767 $0.4139 $0.8475 $10.77
      Royce Value Plus Fund 12/06/07 12/07/07 $0.1688 $0.3158 $0.2670 $0.7516 $14.10
      2007 Open-End Funds Year-End Distributions: Consultant Class
      Fund Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      Royce Heritage Fund 12/06/07 12/07/07 $— $0.5250 $0.8980 $1.4230 $11.46
      Royce Micro-Cap Fund 12/06/07 12/07/07 $0.2682 $0.3761 $2.0280 $2.6723 $14.50
      Royce Opportunity Fund 12/06/07 12/07/07 $— $0.2511 $1.4898 $1.7409 $11.11
      Royce Pennsylvania Mutual Fund 12/06/07 12/07/07 $— $0.2322 $0.7748 $1.0070 $10.28
      Royce Premier Fund 12/06/07 12/07/07 $0.0902 $0.3252 $1.9729 $2.3883 $16.79
      Royce Special Equity Fund 12/06/07 12/07/07 $— $0.1771 $2.1446 $2.3217 $18.31
      Royce Total Return Fund 3/08/07 3/09/07 $0.0050 $— $— $0.0050 $13.87
      Royce Total Return Fund 6/08/07 6/11/07 $0.0150 $— $— $0.0150 $14.81
      Royce Total Return Fund 9/10/07 9/11/07 $0.0100 $— $— $0.0100 $14.04
      Royce Total Return Fund 12/06/07 12/07/07 $— $0.0956 $0.9008 $0.9964 $13.18
      Royce Value Fund 12/06/07 12/07/07 $0.0901 $0.2767 $0.4139 $0.7807 $10.64
      Royce Value Plus Fund 12/06/07 12/07/07 $0.0857 $0.3158 $0.2670 $0.6685 $13.94
      2007 Open-End Funds Year-End Distributions: Institutional Class
      Fund Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      Royce Low-Priced Stock Fund 12/06/07 12/07/07 $0.4775 $0.0765 $1.9741 $2.5281 $14.93
      Royce Opportunity Fund 12/06/07 12/07/07 $0.0845 $0.2511 $1.4898 $1.8254 $11.42
      Royce Premier Fund 12/06/07 12/07/07 $0.3017 $0.3252 $1.9729 $2.5998 $17.64
      Royce Special Equity Fund 12/06/07 12/07/07 $0.1376 $0.1771 $2.1446 $2.4593 $18.65
      Royce Total Return Fund 3/08/07 3/09/07 $0.0450 $— $— $0.0450 $13.91
      Royce Total Return Fund 6/08/07 6/11/07 $0.0500 $— $— $0.0500 $14.86
      Royce Total Return Fund 9/10/07 9/11/07 $0.0500 $— $— $0.0500 $14.08
      Royce Total Return Fund 12/06/07 12/07/07 $0.0482 $0.0956 $0.9008 $1.0446 $13.21
      Royce Value Fund 12/06/07 12/07/07 $0.1911 $0.2767 $0.4139 $0.8817 $10.73
      Royce Value Plus Fund 12/06/07 12/07/07 $0.2091 $0.3158 $0.2670 $0.7919 $14.08
      2007 Annuity Portfolios: Year-End Distributions: Investment Class Shares
      Fund Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      Micro-Cap Portfolio 12/11/07 12/12/07 $0.2227 $0.3649 $0.9041 $1.4917 $13.37
      Small-Cap Portfolio 12/11/07 12/12/07 $0.0055 $0.1573 $0.3212 $0.4840 $10.00
      2007 Annuity Portfolios: Year-End Distributions: Service Class Shares
      Fund Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      Micro-Cap Portfolio 12/11/07 12/12/07 $0.1933 $0.3649 $0.9041 $1.4623 $13.35
      Small-Cap Portfolio 12/11/07 12/12/07 $— $0.1573 $0.3212 $0.4785 $9.97
      2007 Open-End Funds Year-End Distributions: R Class
      Fund Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      Royce Low-Priced Stock Fund 12/06/07 12/07/07 $0.4193 $0.0765 $1.9741 $2.4699 $14.93
      Royce Opportunity Fund 12/06/07 12/07/07 $0.0229 $0.2511 $1.4898 $1.7638 $11.36
      Royce Pennsylvania Mutual Fund 12/06/07 12/07/07 $0.0648 $0.2322 $0.7748 $1.0718 $10.99
      Royce Premier Fund 12/06/07 12/07/07 $0.2111 $0.3252 $1.9729 $2.5092 $17.59
      Royce Total Return Fund 6/08/07 6/11/07 $0.0100 $— $— $0.0100 $14.86
      Royce Total Return Fund 9/10/07 9/11/07 $0.0200 $— $— $0.0200 $14.09
      Royce Total Return Fund 12/06/07 12/07/07 $0.0393 $0.0956 $0.9008 $1.0357 $13.19
      Royce Value Fund 12/06/07 12/07/07 $0.1678 $0.2767 $0.4139 $0.8584 $10.76
      Royce Value Plus Fund 12/06/07 12/07/07 $0.1794 $0.3158 $0.2670 $0.7622 $14.09
      2007 Open-End Funds Year-End Distributions: W Class
      Fund Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      Royce Premier Fund 12/06/07 12/07/07 $0.2924 $0.3252 $1.9729 $2.5905 $17.58
      Royce Total Return Fund 3/08/07 3/09/07 $0.0400 $— $— $0.0400 $13.90
      Royce Total Return Fund 6/08/07 6/11/07 $0.0500 $— $— $0.0500 $14.84
      Royce Total Return Fund 9/10/07 9/11/07 $0.0500 $— $— $0.0500 $14.07
      Royce Total Return Fund 12/06/07 12/07/07 $0.0386 $0.0956 $0.9008 $1.0350 $13.20

      2007 Open-End Funds Quarterly Distributions

      Royce Total Return Fund and Royce Dividend Value Fund are our only open-end funds that pay quarterly distributions. All other open-end funds pay distributions once a year, usually in December.

      2007 Open-End Funds - Quarterly Distributions
      Royce Total Return Fund - Investment Class
        Payable Date Record Date Ex-Date Distributions Reinvest Price
      1Q 3/09 3/08 3/09 $0.0400 $13.89
      2Q 6/11 6/08 6/11 $0.0500 $14.83
      3Q 9/11 9/10 9/11 $0.0500 $14.05
      4Q 12/07 12/06 12/07 $0.9359 $13.19
      Total n/a n/a n/a $1.0759 n/a
      Royce Total Return Fund - Consultant Class
        Payable Date Record Date Ex-Date Distributions Reinvest Price
      1Q 3/09 3/08 3/09 $0.0050 $13.87
      2Q 6/11 6/08 6/11 $0.0150 $14.81
      3Q 9/11 9/10 9/11 $0.0100 $14.04
      4Q 12/07 12/06 12/07 $0.9009 $13.18
      Total n/a n/a n/a $0.9309 n/a
      Royce Total Return Fund - Service Class
        Payable Date Record Date Ex-Date Distributions Reinvest Price
      1Q 3/09 3/08 3/09 $0.0300 $13.75
      2Q 6/11 6/08 6/11 $0.0400 $14.68
      3Q 9/11 9/10 9/11 $0.0450 $13.91
      4Q 12/07 12/06 12/07 $0.9009 $13.07
      Total n/a n/a n/a $1.0159 n/a
      Royce Total Return Fund - Institutional Class
        Payable Date Record Date Ex-Date Distributions Reinvest Price
      1Q 3/09 3/08 3/09 $0.0450 $13.91
      2Q 6/11 6/08 6/11 $0.0500 $14.86
      3Q 9/11 9/10 9/11 $0.0500 $14.08
      4Q 12/07 12/06 12/07 $0.9491 $13.21
      Total n/a n/a n/a $1.0941 n/a
      Royce Total Return Fund - W Class
        Payable Date Record Date Ex-Date Distributions Reinvest Price
      1Q 3/09 3/08 3/09 $0.0400 $13.90
      2Q 6/11 6/08 6/11 $0.0500 $14.84
      3Q 9/11 9/10 9/11 $0.0500 $14.07
      4Q 12/07 12/06 12/07 $0.9395 $13.20
      Total n/a n/a n/a $1.0795 n/a
      Royce Total Return Fund - R Class
        Payable Date Record Date Ex-Date Distributions Reinvest Price
      2Q 6/11 6/08 6/11 $0.0100 $14.86
      3Q 9/11 9/10 9/11 $0.0200 $14.09
      4Q 12/07 12/06 12/07 $0.9402 $13.19
      Total n/a n/a n/a $0.9702 n/a
      Royce Dividend Value Fund - Service Class
        Payable Date Record Date Ex-Date Distributions Reinvest Price
      1Q 3/09 3/08 3/09 $0.0300 $6.93
      2Q 6/11 6/08 6/11 $0.0400 $7.32
      3Q 9/11 9/10 9/11 $0.0400 $6.88
      4Q 12/07 12/06 12/07 $0.8947 $5.96
      Total n/a n/a n/a $1.0047 n/a
      Royce Dividend Value Fund - Investment Class
        Payable Date Record Date Ex-Date Distributions Reinvest Price
      4Q 12/07 12/06 12/07 $0.9147 $5.95
      Total n/a n/a n/a $0.9147 n/a

      2007 Closed-End Funds Quarterly Distributions

      2007 Closed-End Funds - Quarterly Distributions
      Royce Focus Trust
        Payable Date Record Date Ex-Date Common Stock Reinvest Price 6.00% Preferred
      1Q 3/23 3/06 3/02 $0.13 $9.98 $0.374
      2Q 6/25 6/06 6/04 $0.13 $11.11 $0.374
      3Q 9/24 9/06 9/04 $0.13 $10.24 $0.374
      4Q 12/24 12/06 12/04 $1.62 $8.90 $0.374
      Total n/a n/a n/a $2.01 n/a $1.496
      Royce Micro-Cap Trust
        Payable Date Record Date Ex-Date Common Stock Reinvest Price 6.00% Preferred
      1Q 3/23 3/06 3/02 $0.33 $14.89 $0.375
      2Q 6/25 6/06 6/04 $0.33 $15.31 $0.375
      3Q 9/24 9/06 9/04 $0.33 $13.25 $0.375
      4Q 12/24 12/06 12/04 $0.36 $11.74 $0.375
      Total n/a n/a n/a $1.35 n/a $1.500
      Royce Value Trust
        Payable Date Record Date Ex-Date Common Stock Reinvest Price 5.90% Preferred
      1Q 3/23 3/06 3/02 $0.46 $21.14 $0.369
      2Q 6/25 6/06 6/04 $0.45 $21.50 $0.369
      3Q 9/24 9/06 9/04 $0.47 $19.10 $0.369
      4Q 12/24 12/06 12/04 $0.47 $17.70 $0.369
      Total n/a n/a n/a $1.85 n/a $1.475
  2. © Royce & Associates, LLC, 1414 Avenue of the Americas, New York, NY 10019, (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. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.