APRIL 2008 What’s New > Quarterly Distributions for Royce Total Return Fund and Royce Dividend Value Fund > 1Q Distributions declared for Royce Closed-End Funds Commentaries > 04/01/08: Chuck Royce on First Quarter ’08 "My confidence is based on there being no more large-scale problems like we saw in mid-March. We're still as guardedly optimistic about the next three to five years for smaller companies as we were in January..." > 03/15/08: Survival of the Fittest? It's Not All Relative. “We’re not immune to seeing the similarities between our work and the typical reality show. If anything, plunging stock prices have encouraged even more comparisons to what we do and Survivor.” The Gannon Report > Nature Lovers Frank Gannon: "From our perspective opportunities abound in this current market environment and the Natural Resources sector continues to be of great interest." Making Headlines > SmartMoney Thinks Most Royce Funds are Solid Picks, Especially PENNX > Morningstar Features Royce Micro-Cap Fund (RYOTX) > Business Week on Royce Special Equity Fund (RYSEX) > View March Fund Performance > Thanks! You’ve Helped Lighten the Load eDelivery means less paper’s been hitting mailboxes. Do your part and sign-up now. > Visit the Tax Center Your resource for fund distribution information and important tax forms. Login to Account Access to view your Royce Funds account 2007 tax information, including IRS-approved Forms 1099-DIV/B. > Tuesday, April 15 IRA deadline is almost here You have until Tuesday, April 15, 2008, to make your 2007 IRA contribution. And have you considered a Roth IRA recently? Learn about the favorable tax laws on Roth IRAs. > Advisor’s Corner If you missed the March 26 Financial Advisor Conference Call, “Smaller Company Investing in a Financial Crisis” you can listen to the replay online now through April 10. Please Read the Prospectus Please read the Fund's prospectus carefully and consider a Fund’s investment goals, risks, fees and expenses before investing or sending money. You may obtain a current prospectus for any series of The Royce Funds that contains this and other information. © 2008 Royce & Associates, LLC, 1414 Avenue of the Americas, New York, NY 10019. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.