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  1. Royce Global Value Fund (RIVFX)

    Service Class
    GLOBAL/INTERNATIONAL

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

     

    1. Open to New Investors

      NAV as of 2/3/2012  $13.45
      Daily NAV change  +$0.13 (+0.98%)

    1. Management Team

      Portfolio Managers

      W. Whitney George
      David A. Nadel

      Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Mayr-Melnhof Karton 3.4%
      Semperit AG Holding 3.3%
      Trican Well Service 3.0%
      Value Partners Group 3.0%
      Jupiter Fund Management 3.0%
      Santen Pharmaceutical 2.9%
      FamilyMart 2.8%
      Ashmore Group 2.7%
      Allied Nevada Gold 2.7%
      Helmerich & Payne 2.3%
      Top 10 as % of Total 29.1%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

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    2. Royce Global Value Fund (RGV) invests primarily in equity securities of both U.S. and non-U.S. 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 generally expects that a significant portion of the Fund’s assets will be invested in equity securities of smaller companies, those with market capitalizations of up to $5 billion.

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      Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR Since Inception  Inception Date
      RIVFX 0.42% -18.69% -18.69% 21.33% 4.17% 4.16% 12/29/2006 
      Russell Global Small Cap 5.25% -14.03% -14.03% 16.72% -1.28% -1.27% N/A
      MSCI World Small Core 8.22% -9.06% -9.06% 18.24% -0.64% -0.64% N/A
      Annual Operating Expenses: Gross 1.93% Net 1.78%

      * Not Annualized

      1. Fund Statistics
        as of Quarter-End 12/31/2011

        Fund Net Assets (All Classes) $282 million
        Ticker Symbol RIVFX
        Number of Holdings 66
        Average Market Capitalization* $1.47 billion
        Weighted Average P/E Ratio** 10.6x
        Weighted Average P/B Ratio 1.9x
        Portfolio Turnover as of 6/30/2011 12%
        Minimum Investment $2,000
        Cusip Number 780905329
        Fund Number 677
        Fund Inception Date 12/29/2006
        Benchmark Index Russell Global Small Cap
          MSCI World Small Core

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (4% of portfolio holdings as of 12/31/2011).

      2. Value of $10,000 Invested on 12/29/06
        As of Quarter-End 12/31/2011

        RIVFX vs Russell 2000
    1. Value of $10,000 Invested on 12/29/06
      As of Quarter-End 12/31/2011

      RIVFX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 12/31/2011

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 12/31/2011

        Sector Name Gain/Loss*
      (in millions)
      1 Energy $5.88
      2 Information Technology $3.64
      3 Industrials $3.29
      4 Consumer Staples $2.32
      5 Consumer Discretionary $1.38
      6 Financials $1.28
      7 Health Care $0.25
      8 Materials -$7.77

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 12/31/2011

      Company Gain*
      (in millions)
      Teradyne $2.53
      Value Partners Group $2.34
      Helmerich & Payne $2.32
      Trican Well Service $1.68
      Major Drilling Group International $1.67

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 12/31/2011

      Company Loss*
      (in millions)
      Medusa Mining -$2.12
      Pan American Silver -$1.45
      Allied Nevada Gold -$1.38
      Citadel Capital -$1.37
      E-House China Holdings ADR -$1.16

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR Since Inception  Inception Date
      RIVFX 0.42% -18.69% -18.69% 21.33% 4.17% 4.16% 12/29/2006
      Russell Global Small Cap 5.25% -14.03% -14.03% 16.72% -1.28% -1.27% N/A
      MSCI World Small Core 8.22% -9.06% -9.06% 18.24% -0.64% -0.64% N/A
      Annual Operating Expenses: Gross 1.93% Net 1.78%

      * Not Annualized


      Cumulative Performance Since Inception (12/29/2006)
      and Since Market Cycle Peak as of Quarter-End 12/31/11

      RIVFX

      View how RGV performed during down markets.

      Absolute Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      Number of Five-Year Average Annual Return Periods since RGV's Inception

      RIVFX

      Relative Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      RGV Spread vs. Russell Global Small Cap since RGV's Inception

      RIVFX

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/7/11 12/8/11 $0.0709 $— $— $0.07 $12.06
      12/8/10 12/9/10 $0.0787 $— $— $0.08 $14.23
      12/8/09 12/9/09 $0.0553 $— $— $0.06 $10.49
      12/8/08 12/9/08 $0.0252 $0.0003 $— $0.03 $5.84
      12/6/07 12/7/07 $0.2111 $0.0191 $— $0.23 $11.32
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      1. NAV History

        Previous 12 Months Ending 1/31/2012
        High $15.70 4/27/11
        Low $11.32 12/19/11
        Previous Month Ending 1/31/2012
        High $13.07 1/27/12
        Low $11.77 1/1/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $11.77
        2010 $14.56
        2009 $10.79
        2008 $6.70
        2007 $11.20
        2006 $10.00
  1. 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

    • 31 Years of Experience
    • 20 Years at Royce
    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

    • 20 Years of Experience
    • 5 Years at Royce
    1. Portfolio Statistics
      as of Quarter-End 12/31/2011

      Fund Net Assets (All Classes) $282 million
      Number of Holdings 66
      Average Market Capitalization* $1.47 billion
      Weighted Average P/E Ratio** 10.6x
      Weighted Average P/B Ratio 1.9x
      Portfolio Turnover as of 6/30/2011 12%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (4% of portfolio holdings as of 12/31/2011).

      Market Cap Exposure (In Millions)
      as of Quarter-End 12/31/2011

      Royce Global Value Fund
    2. Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Mayr-Melnhof Karton 3.4%
      Semperit AG Holding 3.3%
      Trican Well Service 3.0%
      Value Partners Group 3.0%
      Jupiter Fund Management 3.0%
      Santen Pharmaceutical 2.9%
      FamilyMart 2.8%
      Ashmore Group 2.7%
      Allied Nevada Gold 2.7%
      Helmerich & Payne 2.3%
      Top 10 as % of Total 29.1%

      Portfolio Holdings
      as of Quarter-End 12/31/2011

      View the complete list of holdings for Royce Global Value Fund as of 12/31/2011. 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 12/31/2011
      % of Net Assets (Subject to Change)

      Materials 25.3%
      Industrials 14.3%
      Financials 13.7%
      Energy 10.4%
      Consumer Discretionary 9.7%
      Information Technology 8.7%
      Health Care 7.7%
      Consumer Staples 7.0%
      Treasuries, Cash & Cash Equivalents 3.2%

      Portfolio Country Breakdown
      as of Quarter-End 12/31/2011
      % of Net Assets* (Subject to Change)

      United States 13.2%
      Canada 11.1%
      Japan 9.8%
      United Kingdom 9.5%
      Germany 7.0%
      Austria 6.7%
      Hong Kong 5.1%
      South Africa 4.9%
      Australia 4.8%
      Switzerland 3.6%
      Norway 3.0%
      Belgium 2.8%
      India 2.5%
      United Arab Emirates (U.A.E.) 2.0%
      China 2.0%
      South Korea 1.7%
      France 1.6%
      Sweden 1.3%
      Turkey 1.3%
      Brazil 1.1%
      Italy 1.0%
      Mexico 0.5%
      Egypt 0.4%

      *Securities are categorized by the country of their headquarters.

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Five-Year Morningstar Statistical Measures as of 12/31/2011*

        RGV Category Median Best Breakpoint
      Sharpe Ratio 0.24 0.05 0.18
      Standard Deviation 26.07 23.87 22.32

      *Five years ended 12/31/2011. Category Median and Best Quartile Breakpoint based on 22 world stock small-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. Standard deviation is a statistical measure within which a fund's total returns have varied over time. The greater the standard deviation, the greater a fund's volatility.

      Risk/Return Comparison
      Five-Year Period Ended 12/31/2011

        Average Annual Total Return Standard Deviation Return Efficiency*
      RGV 4.17 26.07 0.16
      Russell Global Small Cap -1.28 24.23 -0.05

      *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.

      Over the last five years, Royce Global Value Fund outperformed the Russell Global Small Cap on both an absolute and risk adjusted basis.

      Russell Global Small Cap Down Quarters
      Performance Comparison Since RGV's Inception Through 12/31/11

      Quarter Russell Global Small Cap RGV Spread
      9/30/11 -20.3% -22.0% -1.7% 
      6/30/11 -0.7 -0.7 0.0 
      6/30/10 -9.0 -6.7 +2.3 
      3/31/09 -9.8 -5.7 +4.1 
      12/31/08 -25.4 -27.0 -1.6 
      9/30/08 -17.8 -22.5 -4.7 
      6/30/08 -2.8 +8.5 +11.3 
      3/31/08 -9.5 -2.1 +7.4 
      12/31/07 -3.5 -2.7 +0.8 

      Royce Global Value Fund outperformed the Russell Global Small Cap in five out of nine down quarters.

    2. Down Market Performance Comparison (In Percentages):
      as of Quarter-End 12/31/2011

      RGV vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR Since Inception  Inception Date
      RIVFX 0.42% -18.69% -18.69% 21.33% 4.17% 4.16% 12/29/2006 
      Russell Global Small Cap 5.25% -14.03% -14.03% 16.72% -1.28% -1.27% N/A
      MSCI World Small Core 8.22% -9.06% -9.06% 18.24% -0.64% -0.64% N/A
      Annual Operating Expenses: Gross 1.93% Net 1.78%

      * 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 0.34%
      Acquired fund fees and expenses 0.09%
      Total annual Fund operating expenses 1.93%
      Fee waivers and/or expense reimbursements (0.15)%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.78%

      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, 2012.

      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


  2. © 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.