Jumping Off a Pancake?
That's how Portfolio Manager Charlie Dreifus describes his risk-averse, deep value approach to managing Royce Special Equity Fund (RYSEX).
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SmartMoney writes that PENNX is "Built for Comfort and for Speed."
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Portfolio Managers Zaino and Kaplan are among Barron's/Value Line Top 100 Managers.
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CBS.MarketWatch.com mentions The Royce Funds.
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Sporting a sharp new look, the 2007 Seminannual Review and Reports are now available:

• Open-End Funds

• Royce Select Fund I & II and Royce Global Select Fund

• Royce Capital Fund— Micro-Cap Portfolio and Royce Capital Fund— Small-Cap Portfolio

• Closed-End Funds

Managing Director Jack Fockler looks at Royce Special Equity Fund (RYSEX): "Charlie has always believed that part of being a successful money manager involves the close scrutiny of financial statements. Much of this view is rooted in his academic background in accounting, when Charlie was under the tutelage of Abraham Briloff – a legendary figure whose inspired teaching could make the examination of annual reports as compelling as working out the clues in an Arthur Conan Doyle mystery."
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"During downturns like these, Royce Special Equity Fund has traditionally held up relatively well. A cornerstone of my conservative philosophy is to attempt to ensure that shareholder wealth is preserved during flat or difficult markets – alas, the jumping off the pancake analogy."
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Why September Might Look Like April
"The current credit crisis began in earnest in July and has steadily worsened in the steamy days of August. It has been wreaking havoc in the equity markets, driving a flight to quality in the fixed income market, and causing illiquidity in the commercial paper market. Still, one is tempted to ask, is that it? "
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On August 23, Royce Focus Trust, Micro-Cap Trust and Value Trust declared 3Q distributions, payable on September 24, 2007
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Sign up for eDelivery of important Royce documents. With three years worth of statements online, you won't miss the paper…and you might save the annual $12 IRA Maintenance Fee.
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Mark your calendar for the September 26 Advisor-Only Conference Call with Chuck Royce and Jack Fockler, tentatively slotted for 3 p.m. EST. Stay tuned in mid-September for an e-mail invitation to the call.

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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