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The Royce Funds
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Royce Discovery Fund (RYDFX)
Service Class
MICRO-CAP/OPPORTUNISTIC
Micro-Cap/Opportunistic Funds generally invest in micro-caps and/or those companies considered more opportunistic.
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Open to New Investors
NAV as of 7/28/2010 $4.54
Daily NAV change -$0.06 (-0.01%)
Recent News on this Fund
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Top 10 Positions As of Quarter-End 6/30/10
% of Net Assets (Subject to Change)NutriSystem 1.4% Continucare Corporation 1.4% Caribou Coffee 1.3% Sinovac Biotech 1.2% Molina Healthcare 1.2% Stepan Company 1.2% Metropolitan Health Networks 1.2% Meadowbrook Insurance Group 1.2% VAALCO Energy 1.2% TransGlobe Energy 1.1% Top 10 as % of Total 12.3% Literature & Research

Royce Discovery Fund (RDF) seeks long-term growth of capital. Royce invests the Fund’s assets primarily in a broadly diversified portfolio of micro-cap companies, those with market capitalizations up to $500 million. Royce selects securities identified by a proprietary quantitative investment model that implements a value approach by focusing on factors such as balance sheet quality, cash flow levels and various measures of a company’s profitability. We believe that investors in the Fund should have a long-term investment horizon of at least three years.
2Q* YTD* 1YR 3YR 5YR Since Incept RYDFX -7.16% -2.28% 12.63% -9.89% -1.18% 2.75% Russell Microcap -8.85% 0.12% 20.45% -12.14% -2.41% 1.09% Inception Date: 10/3/2003 Annual Operating Expenses: Gross 3.56% Net 1.49% * Not Annualized. Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 1% redemption fee payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower. Current performance may be higher or lower than performance quoted.
Gross operating expenses reflect the Fund's gross total annual operating expenses for the Service Class, and include management fees, 12b-1 distribution and service fees, and other expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Service Class's net annual operating expense ratio at or below 1.49% through April 30, 2011 and at or below 1.99% through April 30, 2020.
Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 1% redemption fee payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower. Current performance may be higher or lower than performance quoted.
Gross operating expenses reflect the Fund's gross total annual operating expenses for the Service Class, and include management fees, 12b-1 distribution and service fees, and other expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Service Class's net annual operating expense ratio at or below 1.49% through April 30, 2011 and at or below 1.99% through April 30, 2020.
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Fund Statistics
as of Quarter-End 6/30/2010Ticker Symbol RYDFX Fund Net Assets (All Classes) $3 million Number of Holdings 111 Average Market Capitalization* $252 million Weighted Average P/E Ratio** 13.0x Weighted Average P/B Ratio 1.2x Portfolio Turnover 2009 13% Minimum Investment $2,000 Cusip Number 780905477 Fund Number 220 Inception Date 10/3/2003 Benchmark Index Russell Microcap * Geometrically calculated
** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (11% of portfolio holdings as of 6/30/2010). -
Growth of Hypothetical $10,000 Invested 10/03/2003 As of Quarter-End 6/30/2010
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Growth of Hypothetical $10,000 Invested 10/03/2003 As of Quarter-End 6/30/2010
Calendar Year Total Returns
as of Quarter-End 6/30/2010
Performance Breakdown by Sector
for Quarter Ended 6/30/2010Sector Name Gain/Loss*
(in millions)1 Consumer Products $0.01 2 Financial Intermediaries -$0.00 3 Natural Resources -$0.01 4 Health -$0.02 5 Consumer Services -$0.03 6 Industrial Services -$0.03 7 Industrial Products -$0.05 8 Technology -$0.09 *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.
Top 5 Winners*
for Quarter Ended 6/30/2010Company Gain*
(in millions)DDi Corporation $0.02 Caribou Coffee $0.01 TransGlobe Energy $0.01 HealthTronics $0.01 NutriSystem $0.01 *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.
Top 5 Losers*
for Quarter Ended 6/30/2010Company Loss*
(in millions)L&L Energy -$0.01 China Security & Surveillance Technology -$0.01 Hooker Furniture -$0.01 QKL Stores -$0.01 Integrated Silicon Solution -$0.01 *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

2Q* YTD* 1YR 3YR 5YR Since Incept RYDFX -7.16% -2.28% 12.63% -9.89% -1.18% 2.75% Russell Microcap -8.85% 0.12% 20.45% -12.14% -2.41% 1.09% Annual Operating Expenses: Gross 3.56% Net 1.49% Inception Date: 10/3/2003 * Not Annualized. Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 1% redemption fee payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower. Current performance may be higher or lower than performance quoted.
Gross operating expenses reflect the Fund's gross total annual operating expenses for the Service Class, and include management fees, 12b-1 distribution and service fees, and other expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Service Class's net annual operating expense ratio at or below 1.49% through April 30, 2011 and at or below 1.99% through April 30, 2020.
Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 1% redemption fee payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower. Current performance may be higher or lower than performance quoted.
Gross operating expenses reflect the Fund's gross total annual operating expenses for the Service Class, and include management fees, 12b-1 distribution and service fees, and other expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Service Class's net annual operating expense ratio at or below 1.49% through April 30, 2011 and at or below 1.99% through April 30, 2020.
Cumulative Performance Since Inception (10/03/2003)
and Since Market Cycle Peak as of Quarter-End 6/30/10
Absolute Return Focus: Five Year Return Periods as of Quarter-End 6/30/10
Number of Five-Year Average Annual Return Periods since RDF's Inception
Distribution History
5-Year Distribution History Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price 12/08/08 12/09/08 $0.0000 $0.1146 $0.1835 $0.30 $3.26 12/06/07 12/07/07 $0.0000 $0.0500 $0.4616 $0.51 $5.88 12/04/06 12/05/06 $0.0000 $0.2067 $0.3138 $0.52 $6.80 12/01/05 12/02/05 $0.0000 $0.3071 $0.2462 $0.55 $6.42 
NAV History
Previous 12 Months Ending 6/30/2010 High $5.06 4/29/10 Low $3.61 7/09/09 Previous Month Ending 6/30/2010 High $4.61 6/03/10 Low $4.25 6/08/10 -
Year-End NAVs
Year NAV 2009 $4.38 2008 $3.48 2007 $5.85 2006 $6.87 2005 $6.33 2004 $6.39 2003 $5.70
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Portfolio Manager

George Necakov
- Portfolio Manager and Director of Quantitative Strategies
- CFA
George Necakov, CFA, is a Portfolio Manager and the Director of Quantitative Strategies for Royce & Associates, LLC, investment adviser to The Royce Funds.
Education
- BA, New York University
Experience
- 16 Years of Experience
- 16 Years at Royce
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Portfolio Statistics
as of Quarter-End 6/30/2010Fund Net Assets (All Classes) $3 million Number of Holdings 111 Average Market Capitalization* $252 million Weighted Average P/E Ratio** 13.0x Weighted Average P/B Ratio 1.2x Portfolio Turnover 2009 13% *Geometrically calculated
**The Fund's P/E ratio calculation excludes companies with zero or negative earnings (11% of portfolio holdings as of 6/30/2010).Market Cap Exposure (In Millions)
as of Quarter-End 6/30/2010
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NutriSystem 1.4% Continucare Corporation 1.4% Caribou Coffee 1.3% Sinovac Biotech 1.2% Molina Healthcare 1.2% Stepan Company 1.2% Metropolitan Health Networks 1.2% Meadowbrook Insurance Group 1.2% VAALCO Energy 1.2% TransGlobe Energy 1.1% Top 10 as % of Total 12.3%
Portfolio Holdings
as of Quarter-End 06/30/2010View the complete list of holdings for Royce Discovery Fund for the quarter ended 06/30/2010. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.
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Portfolio Sector Breakdown
as of Quarter-End 6/30/2010
% of Net Assets (Subject to Change)Technology 25.0% Health 19.2% Industrial Products 17.4% Consumer Products 9.1% Industrial Services 8.5% Financial Intermediaries 5.7% Natural Resources 5.4% Consumer Services 4.8% Treasuries, Cash & Cash Equivalents 5.0% Asset Allocation
as of Quarter-End 6/30/2010
% of Net Assets (Subject to Change)
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Five-Year Morningstar Statistical Measures as of 6/30/2010*
RDF Category Median Best Breakpoint Sharpe Ratio -0.08 0.00 0.21 Standard Deviation 20.84 22.22 21.00 *Five years ended 6/30/2010. Category Median and Best Quartile Breakpoint based on 21 micro-cap objective funds (oldest class only) with at least five years of history.
Risk Disclosure
The Sharpe Ratio is calculated for a specified period by dividing a fund's annualized excess returns by its annualized standard deviation. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance.Risk/Return Comparison
Five-Year Period Ended 6/30/2010Average Annual Total Return Standard Deviation Return Efficiency* RDF -1.18 20.84 -0.06 Russell 2000 0.37 21.97 0.02 *Return Efficiency is the average annual total return divided by the annualized standard deviation over a designated time period. Please read the prospectus for a more complete discussion of risk.
Russell 2000 Down Quarters
Performance Comparison 15 Years Ended 6/30/10Quarter Russell 2000 RDF Spread 6/30/10 -9.9% -7.2% +2.7% 3/31/09 -15.0 -13.5 +1.5 12/31/08 -26.1 -22.5 +3.6 9/30/08 -1.1 -3.2 -2.1 3/31/08 -9.9 -9.4 +0.5 12/31/07 -4.6 -4.5 +0.1 9/30/07 -3.1 -4.0 -0.9 6/30/06 -5.0 -6.9 -1.9 3/31/05 -5.3 -4.4 +0.9 9/30/04 -2.9 -5.5 -2.6 Royce Discovery Fund outperformed the Russell 2000 in six out of 10 down quarters.
Down Market Performance Comparison (In Percentages):
Royce Discovery Fund vs. Russell 2000
2Q* YTD* 1YR 3YR 5YR Since Incept RYDFX -7.16% -2.28% 12.63% -9.89% -1.18% 2.75% Russell Microcap -8.85% 0.12% 20.45% -12.14% -2.41% 1.09% Annual Operating Expenses: Gross 3.56% Net 1.49% Inception Date: 10/3/2003 * Not Annualized. Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 1% redemption fee payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower. Current performance may be higher or lower than performance quoted.
Gross operating expenses reflect the Fund's gross total annual operating expenses for the Service Class, and include management fees, 12b-1 distribution and service fees, and other expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Service Class's net annual operating expense ratio at or below 1.49% through April 30, 2011 and at or below 1.99% through April 30, 2020.
Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Shares redeemed within 180 days of purchase may be subject to a 1% redemption fee payable to the Fund, which is not reflected in the performance shown above; if it were, performance would be lower. Current performance may be higher or lower than performance quoted.
Gross operating expenses reflect the Fund's gross total annual operating expenses for the Service Class, and include management fees, 12b-1 distribution and service fees, and other expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Service Class's net annual operating expense ratio at or below 1.49% through April 30, 2011 and at or below 1.99% through April 30, 2020.

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Shareholder Fees
(fees paid directly from your investment) Maximum sales charge (load) imposed on purchases 0.00% Maximum deferred sales charge 0.00% Maximum sales charge (load) imposed on reinvested dividends 0.00% Redemption fee (as a percentage of amount redeemed on shares held for less than 180 days) 1.00% -
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment) Management fees 1.00% Distribution (12b-1) fees 0.25% Other expenses 2.31% Total annual Fund operating expenses 3.56% Fee waivers and/or expense reimbursements (2.07)% Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.49% Royce has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund's net annual operating expenses at or below 1.49% through April 30, 2011 and at or below 1.99% through April 30, 2020.
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Account Minimums
To Open an Account Regular $2,000 Traditional/Roth IRA/Coverdell ESA $1,000 Automatic Investment and Direct Deposit Plans $1,000 401(k)s none Subsequent Investments All Account Types $50
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This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. The Fund invests primarily in micro-cap stocks, which may involve considerably more risk than investing in larger-cap stocks (Please see “Primary Risks for Fund Investors” in the prospectus). The Russell Microcap Index includes 1000 of the smallest securities in the small-cap Russell 2000 Index.
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Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151, (800) 221-4268. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc., a wholly owned subsidiary of Royce & Associates. The Royce Funds are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.