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| Commentaries |
| Rolling Stone Blues: It's All Over Now |
 "Dear Shareholders: Like the Rolling Stones themselves, the current bull market just keeps going and going and going, almost automatic in its overall upward movement [until last week]. Even as the market keeps swaying to higher and higher levels, we cannot escape the nagging and persistent reality that historically strong bull markets often give way to serious corrections, and the longer the good times last, the more likely it may be that the bear's bite will be deep. Of course, one of the advantages of employing an all-weather strategy to select smaller company stocks is that we continue to do what we have always done, regardless of the market's behavior."
Read Part I of the Semiannual Letter to Shareholders»
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| You Can't Always Get What You Want |
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"…the reality of small-cap's status as a permanent, professional asset class—something that we are happy to report does not seem likely to change, even in the event of a correction more severe than what we think is probable—cuts both ways for us. The popularity of ETFs and other index-based investments has played an important role in helping small-cap to be taken more seriously as an asset class."
Read Part II of the Semiannual Letter to Shareholders» |
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| The Gannon Report: August 2007 |
Can Volatility Extend the Rally for Quality?
 Principal and Assistant Portfolio Manager Francis "Frank" Gannon shares his thoughts on the increased market volatility: "…after a nearly five-year bullish phase, it was with some relief that, amidst the familiar talk of record market highs and guessing games about the Fed's next move, there now comes a renewed focus on volatility within the financial markets."
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| The Results Are In |
 In our recent Shareholder Survey, you applauded our consistent performance, dedicated investment teams, and disciplined approach to risk management, but there is room for improvement. We'll use your feedback to guide these advances in the months ahead. Once again, thanks to all who participated.
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| Go Paperless…and pay NO Maintenance Fees on Royce IRAs |
 Just sign up for eDelivery of important Royce documents. With three years worth of statements online, you won't miss the paper.
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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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