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  2. Royce Global Dividend Value Fund (RGVDX)

    Service Class
    GLOBAL/INTERNATIONAL

    Global/International Funds invest in non-U.S. based companies with what we think are attractive valuations.

     

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    1. Open to New Investors

      NAV as of 5/16/2012  $8.75
      Daily NAV change  -$0.12 (-1.35%)
Risk Analysis

    1. Management Team

      Portfolio Manager

      Charles M. Royce

      Assistant Portfolio Manager

      David A. Nadel

      Top 10 Positions
      as of Quarter-End 3/31/2012
      as of Month-End 4/30/2012
      % of Net Assets (Subject to Change)

      Jupiter Fund Management 1.6%
      Pfeiffer Vacuum Technology 1.6%
      Ashmore Group 1.4%
      Valmont Industries 1.4%
      SimCorp 1.4%
      Lincoln Electric Holdings 1.3%
      Invesco 1.3%
      Burckhardt Compression Holding 1.3%
      Semperit AG Holding 1.3%
      Donaldson Company 1.3%
      Top 10 as % of Total 14.0%

      Literature & Research

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    2. Royce Global Dividend Value Fund (RGD) seeks long-term growth of capital and current income by investing primarily in both U.S. and non-U.S. dividend-paying micro-cap, small-cap and/or mid-cap companies with market capitalizations up to $5 billion that Royce believes are trading significantly below its estimate of their current worth.  The Fund will have a global scope, primarily looking for dividend-paying companies based in developed countries, including the U.S. We believe that investors in the Fund should have a long-term investment horizon of at least three years.

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      Average Annual Total Returns
      as of Quarter-End 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR Since Inception  Inception Date
      RGVDX 15.32% 15.32% -4.88% -1.94% 12/31/2010 
      Annual Operating Expenses: Gross 2.07% Net 1.88%

      * Not Annualized

      1. Fund Statistics
        as of Quarter-End 3/31/2012

        Fund Net Assets (All Classes) $7 million
        Ticker Symbol RGVDX
        Number of Holdings 174
        Average Market Capitalization* $1.41 billion
        Weighted Average P/B Ratio 2.2x
        Portfolio Turnover 2011 20%
        Minimum Investment $2,000
        Cusip Number 780811816
        Fund Number 480
        Fund Inception Date 12/31/2010
        Benchmark Index Russell Global Small Cap

        * Geometrically calculated

      2. Value of $10,000 Invested on 12/31/10
        As of Quarter-End 3/31/2012

        RGVDX vs Russell 2000

    1. Value of $10,000 Invested on 12/31/10
      As of Quarter-End 3/31/2012

      RGVDX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 3/31/2012

      Calendar Year Total Returns

      Top 5 Winners*
      for Quarter Ended 3/31/2012

      Company Gain*
      (in millions)
      Pfeiffer Vacuum Technology $0.03
      Valmont Industries $0.02
      Invesco $0.02
      Fuchs Petrolub $0.02
      ManpowerGroup $0.02

      *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 3/31/2012

      Company Loss*
      (in millions)
      Randgold Resources ADR -$0.01
      Trican Well Service -$0.01
      Willis Group Holdings -$0.00
      Ipsen -$0.00
      Brink's Company (The) -$0.00

      *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR Since Inception  Inception Date
      RGVDX 15.32% 15.32% -4.88% -1.94% 12/31/2010
      Annual Operating Expenses: Gross 2.07% Net 1.88%

      * Not Annualized


      Cumulative Performance Since Inception (12/31/2010)
      and Since Market Cycle Peak as of Quarter-End 3/31/12

      RGVDX

      View how RGD 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
      3/7/12 3/8/12 $0.0150 $— $— $0.02 $9.66
      12/7/11 12/8/11 $0.0491 $0.0067 $— $0.06 $8.45
      9/7/11 9/8/11 $0.0100 $— $— $0.01 $9.06
      6/8/11 6/9/11 $0.0100 $— $— $0.01 $10.16
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      1. NAV History

        Previous 12 Months Ending 4/30/2012
        High $10.52 5/2/11
        Low $7.99 10/3/11
        Previous Month Ending 4/30/2012
        High $9.73 4/2/12
        Low $9.32 4/10/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $8.39
        2010 $10.00

  3. Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President and Co-Chief Investment Officer

    Charles M. Royce is President and Co-Chief Investment Officer of Royce & Associates, LLC and President of The Royce Funds, a position he has held since 1972.

    View Full Bio

    Education

    • BA, Brown University
    • MBA, Columbia University

    Experience

    • 49 Years of Experience
    • 39 Years at Royce

    Assistant Portfolio Manager

    David A. Nadel

    David A. Nadel

    • Portfolio Manager and Director of International Research

    David A. Nadel is a Portfolio Manager and Director of International Research for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Williams College,
    • MA, Harvard University,
    • MBA, Harvard Business School,

    Experience

    • 19 Years of Experience
    • 5 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 3/31/2012

      Fund Net Assets (All Classes) $7 million
      Number of Holdings 174
      Average Market Capitalization* $1.41 billion
      Weighted Average P/E Ratio** 14.0x
      Weighted Average P/B Ratio 2.2x
      Portfolio Turnover 2011 20%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (6% of portfolio holdings as of 3/31/2012).

      Market Cap Exposure (In Millions)
      as of Quarter-End 3/31/2012

      Royce Global Dividend Value Fund

    2. Top 10 Positions
      as of Quarter-End 3/31/2012
      % of Net Assets (Subject to Change)

      Jupiter Fund Management 1.6%
      Pfeiffer Vacuum Technology 1.6%
      Ashmore Group 1.4%
      Valmont Industries 1.4%
      SimCorp 1.4%
      Lincoln Electric Holdings 1.3%
      Invesco 1.3%
      Burckhardt Compression Holding 1.3%
      Semperit AG Holding 1.3%
      Donaldson Company 1.3%
      Top 10 as % of Total 14.0%

      Portfolio Holdings
      as of Quarter-End 3/31/2012

      View the complete list of holdings for Royce Global Dividend Value Fund as of 3/31/2012. 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 3/31/2012
      as of Month-End 4/30/2012
      % of Net Assets (Subject to Change)

      Industrials 22.5%
      Financials 17.4%
      Consumer Discretionary 16.9%
      Materials 12.1%
      Health Care 10.6%
      Information Technology 8.4%
      Consumer Staples 4.3%
      Energy 3.9%
      Cash & Cash Equivalents 3.8%

      Portfolio Country Breakdown
      as of Quarter-End 3/31/2012
      as of Month-End 4/30/2012
      % of Net Assets* (Subject to Change)

      United States 14.2%
      United Kingdom 8.5%
      Switzerland 8.2%
      Japan 8.0%
      Germany 7.2%
      Hong Kong 6.6%
      Canada 4.7%
      France 4.2%
      South Africa 4.1%
      South Korea 3.2%
      Austria 2.4%
      Singapore 2.2%
      China 2.0%
      Finland 1.9%
      Norway 1.9%
      Brazil 1.6%
      Denmark 1.6%
      Malaysia 1.5%
      Italy 1.4%
      Mexico 1.3%
      Belgium 1.2%
      Australia 1.2%
      Egypt 1.0%
      Jersey 1.0%
      Poland 0.8%
      United Arab Emirates (U.A.E.) 0.7%
      Netherlands 0.7%
      Indonesia 0.7%
      Russia 0.6%
      Turkey 0.6%
      Taiwan 0.3%
      Greece 0.3%
      Spain 0.2%
      Lebanon 0.2%
      Thailand 0.2%

      *Securities are categorized by the country of their headquarters.

    1. Down Quarters
      Performance Comparison Since RGD's Inception Through 3/31/12

      Quarter RGD Spread
      9/30/11 -20.3% -19.5% +0.8% 
      6/30/11 -0.7 -0.3 +0.4 

      Royce Global Dividend Value Fund outperformed the in two out of two down quarters.

    2. Average Annual Total Returns
      as of Quarter-End 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR Since Inception  Inception Date
      RGVDX 15.32% 15.32% -4.88% -1.94% 12/31/2010 
      Annual Operating Expenses: Gross 2.07% Net 1.88%

      * Not Annualized

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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) 2.00%

    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees 1.25%
      Distribution (12b-1) fees 0.25%
      Other expenses 1.97%
      Acquired fund fees and expenses 0.01%
      Total annual Fund operating expenses 3.48%
      Fee waivers and/or expense reimbursements (1.78)%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.70%

      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 1.69% through April 30, 2014.

      Expenses have been estimated for the current fiscal year.

      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


  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.