Daily Prices (NAVs) & Performance for Wednesday, August 27, 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 Select Fund I, Select Fund II, Global Select and SMid-Cap Select Funds may be subject to a 2% redemption fee if redeemed within 365 days of purchase.) Current performance may be higher or lower than performance quoted. Current month-end performance may be obtained by clicking here. Current quarter-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 reimburse expenses through December 31, 2008 and December 31, 2017 to the extent necessary to maintain the net annual operating expense ratio at or below 1.24% and 1.99%, respectively, for Royce 100 Fund, Royce Heritage Fund and Royce Low-Priced Stock Fund; 1.49% and 1.99%, respectively, for Royce Dividend Value Fund. Royce & Associates has contractually agreed to waive fees and reimburse expenses through December 31, 2008 to the extent necessary to maintain the net annual operating expense ratio at or below 1.24% for Royce Value Fund and Royce Value Plus 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 includes the Fund's management fee based on 12.5% of the Fund's pre-fee, high-watermark total returns of 15.52%, 5.92%, 19.20%, 5% as well as any dividend/interest expense relating to short selling. Royce has contractually agreed to absorb all other operating expenses of the Fund, other than acquired fund expenses and dividend expenses 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 QTD results are not annualized. 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 Effective 1/10/06, Royce Premier Fund is closed to new investors.

⁵ Royce Select Fund I, Royce Select Fund II and Royce Global Select Fund's one-year results have been adjusted to reflect the 2% fee assessed on shares redeemed within three-years.

⁶ Royce SMid-Cap Select Fund's inception results have been adjusted to reflect the 2% fee assessed on shares redeemed within three years.

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 (2% for Royce European Smaller-Companies, International Smaller-Companies and Global Value Funds) payable to the Fund. Current performance may be higher or lower than performance quoted. Current month-end performance may be obtained by clicking here. Current quarter-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. Royce & Associates has contractually agreed to waive fees and reimburse expenses through December 31, 2008 to the extent necessary to maintain the net annual operating expense ratio as follows: at or below 1.49% for Royce 100 Fund and Royce Low-Priced Stock Fund, at or below 1.66% for Royce Micro-Cap Fund, at or below 1.49% for Royce Opportunity Fund, at or below 1.34% for Royce Premier Fund and Royce Total Return Fund, at or below 1.69% for Royce Technology Value Fund. Royce & Associates has contractually agreed to waive fees and reimburse expenses through December 31, 2008 and through December 31, 2017 to the extent necessary to maintain the net annual operating expense ratio as follows: at or below 1.39% and 1.99% respectively for Royce Discovery Fund, at or below 1.64% and 1.99% respectively for Royce Dividend Value Fund, at or below 1.69% and 1.99% respectively for Royce European Smaller-Companies Fund and Royce Global Value Fund, at or below 1.49% and 1.99% respectively for Royce Financial Services Fund and Royce SMid-Cap Value Fund, at or below 1.35% and 1.99% respectively for Royce Special Equity Fund. Royce & Associates has contractually agreed to waive fees and reimburse expenses through December 31, 2011 to the extent necessary to maintain the net annual operating expense ratio as follows: at or below 1.69% for Royce International Smaller-Companies Fund.

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 QTD results are not annualized. 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.

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

⁴Effective 1/10/06, Royce Premier Fund is closed to new investors.