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| Commentaries |
| 07/01/07: Chuck Royce on the Second Quarter '07 |
 Making the Correction Call…What Gives?
"It's pretty obvious that we've been early at best, and dead wrong at worst, in predicting a correction of 15% or more in the small-cap world. Our call has been based on historical return patterns both for small-cap and stocks as a whole. As firm believers in the cyclicality of markets and reversion to the mean, we saw returns that looked a bit too robust from the small-cap market trough in October 2002 through the summer of 2006 and thus began to think that a downturn was likely."
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| 06/15/07: Jay Kaplan on Royce Value Fund |
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 Portfolio Manager Jay Kaplan discusses Royce Value Fund (RYVFX, Service Class) at an important milestone: the six-year anniversary of its inception (6/14/2001). Says Kaplan, "Thus far in 2007, it feels like the market has been favoring higher-quality, larger companies. By contrast, in 2006, the market definitely preferred more speculative, micro-cap oriented investments. With quality in demand, it's been a good period for Royce Value Fund, as we are keenly focused on investing in undervalued, higher-quality companies."
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| The Gannon Report |
 In this new monthly series, Principal and Assistant Portfolio Manager Francis "Frank" Gannon shares his thoughts on the economy, the markets and small-cap investing. Here he talks about the "International Effect." Frank, a former panelist on Louis Rukeyser's Wall Street, has 13 years of investment management experience and joined our team in 2006.
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| Fund Status |
 Royce 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.
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