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Portfolio Manager James ("Chip") Skinner guides Royce Value Plus Fund (RYVPX) as it reaches its six-year anniversary on June 14.

Fund Performance
View May month- end performance: average annual total returns for the 1-, 3-, 5-, 10-year and since inception periods.
Royce in the Headlines

IBD profiles Royce Micro-Cap Fund (RYOTX) and Co-Portfolio Manager Jenifer Taylor.
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Morningstar puts a positive light on the May 18 closing of Royce Opportunity Fund (RYPNX).
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Fund Status

Open FundsRoyce Opportunity Fund, Royce Micro-Cap Fund, Royce Premier Fund, and Royce Low-Priced Stock Fund remain closed to new investors, but are open to additional investments by existing shareholders and to financial advisors with existing clients in the Funds. Read More >>

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Commentaries
06/01/07: James ("Chip") Skinner Named Portfolio Manager of Royce Value Plus Fund

"We have had more than our share of good fortune with M&As this year with several of Royce Value Plus Fund's (RYVPX) holdings being taken over recently. These situations affect us in two ways. On one hand, it's nice to realize an acquisition premium in your portfolio, on the other hand, we are then pressed to replace that holding with another stock that is just as promising."
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05/15/07: Royce Technology Value Fund's New Management Team

"Portfolio Manager Dana Serman joins our investment team here in New York, working with Whitney George to manage Royce Technology Value Fund (RYTVX)."
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2Q Distributions Declared

On May 24, Royce Focus Trust, Royce Micro-Cap Trust, and Royce Value Trust declared 2Q distributions, payable on June 25 to stockholders of record at the close of business on June 6 (ex-dividend on June 4). The price of shares issued for reinvestment will be determined on June 13. Read More >>

Royce Total Return Fund and Royce Dividend Value Fund will also pay 2Q distributions: the record date is June 8, and the ex- and payable dates are June 11.
See Quarterly Distributions >>

Closed-End Quarterly Reports Available

First quarter 2007 reports are posted for our three closed-end funds: Royce Focus Trust, Royce Micro-Cap Trust, and Royce Value Trust.

 
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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.

© 2007 Royce & Associates, LLC, 1414 Avenue of the Americas, New York, NY 10019, 800-221-4268. All rights reserved. Distributor of The Royce 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.