Royce Closes Two Funds

March 9, 2004 -- Royce & Associates LLC said Royce Fund Opportunity/Inv (RYPNX) and Royce Fund Special Equity (RYSEX) will close to new investors at the close of business on Friday, March 12.

Royce said the closings are "an effort to stem cash flows, which have been considerable in light of the recent outperformance by micro-cap companies relative to equities as a whole."

The company's Royce Fund Micro-Cap Fund/Inv (RYOTX) has been closed to new investors since Nov. 4, 2003.

Managed by Boniface A. Zaino, the $1.49-billion Opportunity fund gained 85.1% for the year ended Jan. 31, 2004. The portfolio is ranked 3 Stars by Standard & Poor's.

The $750-million Special Equity fund, managed by Charlie Dreifus, rose 33.9% for the year ended Jan. 31, 2004. The portfolio is ranked 5 Stars by Standard & Poor's.

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