The Royce Funds
eWord
AUGUST 2008
What’s New
> Cycling Through the Market: A Look at Recent Small-Cap Cycles
> Royce in Barron's
> Second Quarter Fact Sheets Are Available
Commentaries
> 08/01/08: Ballad of a Thin Market
Part I of our Semiannual Review and Report's Shareholder Letter tries to make sense of the market's recent tumult.
> 07/15/08: Know Your Limitations: Jack Fockler on Royce Value Fund (RYVFX)
How did Royce Value Fund help us to meet the challenges of a changing smaller-company marketplace?
The Gannon Report
> Summer Reading
This summer at The Royce Funds, Chuck Royce recently gave each member of the investment team a copy of Pat Dorsey's, The Little Book that Builds Wealth as mandatory reading for the summer of 2008. In his book, Mr. Dorsey, Director of Equity Research for Morningstar, Inc., outlines many of the themes that we focus on every day.
   
Making Headlines
> SmartMoney Highlights Royce Low-Priced Stock Fund (RLYPX)
> SmallCapInvestor.com Highlights Royce Global Value Fund (RIVFX)
> Fool.com Likes Royce Pennsylvania Mutual Fund (PENNX)
> Fool.com on Royce Low-Priced Stock Fund (RYLPX)
> The UK's FTAdviser.com Talks with Whitney George on Small-Caps
> July Fund Performance

> Advisor’s Corner
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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.