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The Royce Funds

Small-cap value investing for more than 35 years

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View daily prices and performance, access your account, and learn more about our disciplined small-cap value approach.
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  1. I Want To . . .
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  2. Royce Focus Value Fund (RYFVX)

    Service Class
    QUALITY + FOCUSED

    Quality + Focused funds generally employ a more limited portfolio approach-typically holding no more than 100 positions that we believe possess high quality.

     

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    1. Open to New Investors

      NAV as of 9/1/2010  $13.82
      Daily NAV change  +$0.36 (+2.67%)

      2. Recent News on this Fund

Risk Analysis

    1. Management Team

      Portfolio Managers

      W. Whitney George
      George Wyper
      • George Wyper
      • 32 Years of Experience;
      • Less Than One Year at Royce

      Top 10 Positions
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Berkshire Hathaway Cl. B 4.7%
      Seabridge Gold 3.5%
      ENSCO ADR 2.9%
      GrafTech International 2.6%
      Patriot Transportation Holding 2.4%
      Cal-Maine Foods 2.4%
      Schnitzer Steel Industries Cl. A 2.3%
      Mosaic Company (The) 2.3%
      Pan American Silver 2.3%
      Centamin Egypt 2.2%
      Top 10 as % of Total 27.6%

      Literature & Research

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    2. Royce Focus Value Fund (RFV) seeks long-term growth of capital. Royce invests the Fund’s assets primarily in the equity securities of companies that it believes are trading significantly below its estimate of their current worth. Royce bases this assessment chiefly on balance sheet quality and cash flow levels. Although the Fund may invest in the equity securities of companies of any market capitalization, Royce expects that a significant portion of the Fund’s assets may be invested in the equity securities of micro-cap, small-cap and mid-cap companies, those with market capitalizations of less than $10 billion.

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      Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR Since Incept
      RYFVX -10.74% -9.72% 8.11% 27.50%
      Russell 2500 -9.98% -1.69% 24.02% 43.97%
      Inception Date: 2/27/2009  Annual Operating Expenses: Gross 2.98% Net 1.50%

      * 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 total gross annual operating expenses and include management fees, 12b-1 distribution and service fees, other expenses and acquired fund fees and expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements. All expense information is reported in as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses, other than acquired fund fees and expenses, to the extent necessary to maintain the Fund's net annual operating expense ratio at or below 1.49% through April 30, 2012 and at or below 1.99% through April 30, 2020. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds and other investment companies.

      1. Fund Statistics
        as of Quarter-End 6/30/2010

        Ticker Symbol RYFVX
        Fund Net Assets (All Classes) $7 million
        Number of Holdings 50
        Average Market Capitalization* $3.30 billion
        Weighted Average P/E Ratio** 14.0x
        Weighted Average P/B Ratio 1.7x
        Portfolio Turnover 2009 21%
        Minimum Investment $2,000
        Cusip Number 780811857
        Fund Number 615
        Inception Date 2/27/2009
        Benchmark Index Russell 2500

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (20% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 2/27/2009 As of Quarter-End 6/30/2010

        RYFVX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 2/27/2009 As of Quarter-End 6/30/2010

      RYFVX vs Russell 2000

      Top 5 Winners*
      for Quarter Ended 6/30/2010

      Company Gain*
      (in millions)
      Seabridge Gold $0.05
      Trican Well Service $0.03
      Pan American Silver $0.01
      GrafTech International $0.01
      Fresnillo $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 6/30/2010

      Company Loss*
      (in millions)
      Mosaic Company (The) -$0.07
      Schnitzer Steel Industries Cl. A -$0.05
      Reliance Steel & Aluminum -$0.05
      Artio Global Investors Cl. A -$0.05
      Horsehead Holding Corporation -$0.04

      *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.

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    2. Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR Since Incept
      RYFVX -10.74% -9.72% 8.11% 27.50%
      Russell 2500 -9.98% -1.69% 24.02% 43.97%
      Annual Operating Expenses: Gross 2.98% Net 1.50%
      Inception Date: 2/27/2009

      * 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 total gross annual operating expenses and include management fees, 12b-1 distribution and service fees, other expenses and acquired fund fees and expenses. Net operating expenses reflect contractual fee waivers and/or reimbursements. All expense information is reported in as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses, other than acquired fund fees and expenses, to the extent necessary to maintain the Fund's net annual operating expense ratio at or below 1.49% through April 30, 2012 and at or below 1.99% through April 30, 2020. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds and other investment companies.


      Cumulative Performance Since Inception (2/27/2009)
      and Since Market Cycle Peak as of Quarter-End 6/30/10

      RYFVX

      View how RFV performed during down markets.

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/08/09 12/09/09 $0.0506 $0.4439 $— $0.49 $—
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      1. NAV History

        Previous 12 Months Ending 8/31/2010
        High $15.66 4/15/10
        Low $13.22 7/06/10
        Previous Month Ending 8/31/2010
        High $14.17 8/04/10
        Low $13.36 8/26/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $14.82

  3. Portfolio Managers

    W. Whitney George

    W. Whitney George

    • Co-Chief Investment Officer, Portfolio Manager and Managing Director

    W. Whitney George is a Co-Chief Investment Officer, Portfolio Manager and a Managing Director of Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Trinity College

    Experience

    • 29 Years of Experience
    • 18 Years at Royce
    George Wyper

    George Wyper

    • Portfolio Manager and Managing Director

    George Wyper is a Portfolio Manager and Managing Director of Royce & Associates, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Wharton School, University of Pennsylvania
    • MBA, Yale School of Management

    Experience

    • 32 Years of Experience
    • Less Than One Year at Royce

    1. Portfolio Statistics
      as of Quarter-End 6/30/2010

      Fund Net Assets (All Classes) $7 million
      Number of Holdings 50
      Average Market Capitalization* $3.30 billion
      Weighted Average P/E Ratio** 14.0x
      Weighted Average P/B Ratio 1.7x
      Portfolio Turnover 2009 21%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (20% of portfolio holdings as of 6/30/2010).

      Market Cap Exposure (In Millions)
      as of Quarter-End 6/30/2010

      Royce Focus Value Fund

    2. Top 10 Positions
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Berkshire Hathaway Cl. B 4.7%
      Seabridge Gold 3.5%
      ENSCO ADR 2.9%
      GrafTech International 2.6%
      Patriot Transportation Holding 2.4%
      Cal-Maine Foods 2.4%
      Schnitzer Steel Industries Cl. A 2.3%
      Mosaic Company (The) 2.3%
      Pan American Silver 2.3%
      Centamin Egypt 2.2%
      Top 10 as % of Total 27.6%

      Portfolio Holdings
      as of Quarter-End 06/30/2010

      View the complete list of holdings for Royce Focus Value 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.

    3. Portfolio Sector Breakdown
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Natural Resources 25.3%
      Industrial Products 14.4%
      Financial Services 9.8%
      Technology 9.7%
      Financial Intermediaries 8.0%
      Consumer Products 7.5%
      Industrial Services 4.6%
      Consumer Services 3.1%
      Treasuries, Cash & Cash Equivalents 17.7%

      Asset Allocation
      as of Quarter-End 6/30/2010
      % of Net Assets (Subject to Change)

      Royce Focus Value Fund Asset Allocation

    1. Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 6/30/10

      Quarter Russell 2000 RFV Spread
      6/30/10 -9.9% -10.7% -0.8% 
      3/31/09 -15.0  

      Royce Focus Value Fund outperformed the Russell 2000 in 0 out of two down quarters.

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    1. 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%

    2. 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 1.72%
      Acquired fund fees and expenses 0.01%
      Total annual Fund operating expenses 2.98%
      Fee waivers and/or expense reimbursements (1.48)%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.50%

      Royce has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to maintain the Fund's net annual operating expenses, other than acquired fund fees and expenses, at or below 1.49% through April 30, 2012 and at or below 1.99% through April 30, 2020.

      Total annual Fund operating expenses may differ from the expense ratio in the Fund's Financial Highlights because they include only the Fund's direct operating expenses and do not include acquired fund fees and expenses, which reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds and other investment companies.

    3. 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


  7. 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, small-cap and mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks (Please see “Primary Risks for Fund Investors” in the prospectus). As of 6/30/10, the Fund held a limited number of stocks, which may involve considerably more risk than a less concentrated portfolio because a decline in the value of any one of these stocks would cause the Fund’s overall value to decline to a greater degree(Please see “Primary Risks for Fund Investors” in the prospectus). The Fund may invest up to 35% of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments (Please see “Investing in International Securities” in the prospectus). The Russell 2500 is an unmanaged, capitalization-weighted index of the 2,500 smallest publicly traded U.S. companies in the Russell 3000 index.

  8. © 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.