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The Royce Funds

Small-cap value investing for more than 35 years

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  1. I Want To . . .
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  2. Royce Heritage Fund (RGFAX)

    Service Class
    CORE

    Core Funds generally invest across a wide spectrum of smaller companies using a diversified approach.

     

    Close [X]

    1. Open to New Investors

      NAV as of 9/1/2010  $12.16
      Daily NAV change  +$0.36 (+3.05%)

      2. Recent News on this Fund


    1. Management Team

      Lead Portfolio Manager

      Charles M. Royce

      Portfolio Manager

      James J. Harvey

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

      TMX Group 1.2%
      SRA International Cl. A 1.2%
      Jupiter Fund Management 1.2%
      SEI Investments 1.2%
      Pan American Silver 1.2%
      Greif Cl. A 1.1%
      Seabridge Gold 1.1%
      Oil States International 1.0%
      EMCOR Group 1.0%
      Raven Industries 1.0%
      Top 10 as % of Total 11.2%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Literature & Research

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    2. Royce Heritage Fund (RHF) invests primarily in equity securities that Royce 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 micro-cap, small-cap and mid-cap companies with market capitalizations up to $5 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 3YR 5YR 10YR Since Incept
      RGFAX -8.43% -3.73% 22.70% -4.27% 5.78% 7.81% 13.31%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.06%
      Inception Date: 12/27/1995  Annual Operating Expenses: 1.51%

      * 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.

      Operating expenses reflect total annual operating expenses for the Service Class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees, and other expenses.

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

        Ticker Symbol RGFAX
        Fund Net Assets (All Classes) $209 million
        Number of Holdings 255
        Average Market Capitalization* $1.37 billion
        Weighted Average P/E Ratio** 17.4x
        Weighted Average P/B Ratio 2.0x
        Portfolio Turnover 2009 59%
        Minimum Investment $2,000
        Cusip Number 780905857
        Fund Number 294
        Inception Date 12/27/1995
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (14% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 12/27/1995 As of Quarter-End 6/30/2010

        RGFAX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 12/27/1995 As of Quarter-End 6/30/2010

      RGFAX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 6/30/2010

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 6/30/2010

        Sector Name Gain/Loss*
      (in millions)
      1 Health -$0.23
      2 Consumer Services -$0.69
      3 Natural Resources -$0.79
      4 Consumer Products -$1.35
      5 Financial Intermediaries -$2.39
      6 Industrial Products -$3.01
      7 Technology -$3.16
      8 Financial Services -$3.70
      9 Industrial Services -$4.98

      *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 6/30/2010

      Company Gain*
      (in millions)
      Primerica $1.11
      Tennant Company $0.47
      Seabridge Gold $0.47
      Advisory Board (The) $0.33
      Cimarex Energy $0.28

      *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)
      Artio Global Investors Cl. A -$0.78
      Cowen Group Cl. A -$0.55
      Manpower -$0.51
      Brink's Company (The) -$0.51
      Federated Investors Cl. B -$0.42

      *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 3YR 5YR 10YR Since Incept
      RGFAX -8.43% -3.73% 22.70% -4.27% 5.78% 7.81% 13.31%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.06%
      Annual Operating Expenses: 1.51%
      Inception Date: 12/27/1995

      * 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.

      Operating expenses reflect total annual operating expenses for the Service Class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees, and other expenses.


      Small-Cap Market Cycle Performance as of Quarter-End 6/30/10

      RGFAX

      View how RHF performed during down markets.

      Absolute Return Focus: Five Year Return Periods as of Quarter-End 6/30/10
      Number of Five-Year Average Annual Return Periods since RHF's Inception

      RGFAX

      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 $0.0331 $0.2132 $0.25 $7.40
      12/06/07 12/07/07 $0.0000 $0.5250 $0.8980 $1.42 $13.29
      12/04/06 12/05/06 $0.0000 $0.7420 $0.4653 $1.21 $14.16
      12/01/05 12/02/05 $0.0000 $0.5234 $1.1566 $1.68 $12.57
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      1. NAV History

        Previous 12 Months Ending 8/31/2010
        High $13.66 4/23/10
        Low $10.47 9/01/09
        Previous Month Ending 8/31/2010
        High $12.63 8/09/10
        Low $11.73 8/24/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $12.07
        2008 $7.95
        2007 $12.88
        2006 $14.09
        2005 $12.47
        2004 $13.00
        2003 $12.19
        2002 $9.03
        2001 $11.47
        2000 $9.99

  3. Lead Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President, Co-Chief Investment Officer and Portfolio Manager

    Charles M. Royce is President, Co-Chief Investment Officer and Portfolio Manager 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

    • 47 Years of Experience
    • 37 Years at Royce

    Portfolio Manager

    James J. Harvey

    James J. Harvey

    • Portfolio Manager
    • CFA

    James J. Harvey, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BS, State University of New York, Albany
    • MBA, New York University

    Experience

    • 18 Years of Experience
    • 12 Years at Royce

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

      Fund Net Assets (All Classes) $209 million
      Number of Holdings 255
      Average Market Capitalization* $1.37 billion
      Weighted Average P/E Ratio** 17.4x
      Weighted Average P/B Ratio 2.0x
      Portfolio Turnover 2009 59%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (14% of portfolio holdings as of 6/30/2010).

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

      Royce Heritage 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)

      TMX Group 1.2%
      SRA International Cl. A 1.2%
      Jupiter Fund Management 1.2%
      SEI Investments 1.2%
      Pan American Silver 1.2%
      Greif Cl. A 1.1%
      Seabridge Gold 1.1%
      Oil States International 1.0%
      EMCOR Group 1.0%
      Raven Industries 1.0%
      Top 10 as % of Total 11.2%

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

      View the complete list of holdings for Royce Heritage 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)

      Industrial Products 19.0%
      Natural Resources 16.4%
      Industrial Services 15.8%
      Technology 13.1%
      Financial Services 12.1%
      Financial Intermediaries 9.4%
      Health 6.4%
      Consumer Products 5.8%
      Consumer Services 1.9%
      Treasuries, Cash & Cash Equivalents 0.2%

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

      Royce Heritage Fund Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Five-Year Morningstar Statistical Measures as of 6/30/2010*

        RHF Category Median Best Breakpoint
      Sharpe Ratio 0.25 0.01 0.09
      Standard Deviation 23.05 21.35 20.18

      *Five years ended 6/30/2010. Category Median and Best Quartile Breakpoint based on 315 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.

      Risk/Return Comparison
      Five-Year Period Ended 6/30/2010

        Average Annual Total Return Standard Deviation Return Efficiency*
      RHF 5.78 23.05 0.25
      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 6/30/10

      Quarter Russell 2000 RHF Spread
      6/30/10 -9.9% -8.4% +1.5% 
      3/31/09 -15.0 -7.7 +7.3 
      12/31/08 -26.1 -24.9 +1.2 
      9/30/08 -1.1 -3.9 -2.8 
      3/31/08 -9.9 -10.9 -1.0 
      12/31/07 -4.6 -4.2 +0.4 
      9/30/07 -3.1 -1.8 +1.3 
      6/30/06 -5.0 -3.7 +1.3 
      3/31/05 -5.3 -6.8 -1.5 
      9/30/04 -2.9 -3.5 -0.6 
      3/31/03 -4.5 -6.0 -1.5 
      9/30/02 -21.4 -19.7 +1.7 
      6/30/02 -8.4 -9.6 -1.2 
      9/30/01 -20.8 -18.6 +2.2 
      3/31/01 -6.5 -3.8 +2.7 
      12/31/00 -6.9 -3.1 +3.8 
      6/30/00 -3.8 -2.4 +1.4 
      9/30/99 -6.3 +2.3 +8.6 
      3/31/99 -5.4 -12.9 -7.5 
      9/30/98 -20.1 -17.8 +2.3 
      6/30/98 -4.7 -0.5 +4.2 
      12/31/97 -3.3 +1.5 +4.8 
      3/31/97 -5.2 +0.5 +5.7 

      Royce Heritage Fund outperformed the Russell 2000 in 16 out of 23 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      Royce Heritage Fund vs. Russell 2000

      RHF vs Russell 2000

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

        2Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RGFAX -8.43% -3.73% 22.70% -4.27% 5.78% 7.81% 13.31%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 6.06%
      Annual Operating Expenses: 1.51%
      Inception Date: 12/27/1995

      * 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.

      Operating expenses reflect total annual operating expenses for the Service Class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees, and other expenses.

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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%
      Annual Trustee's Fee—applies only to GiftShare Accounts $50
      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 0.26%
      Total annual Fund operating expenses 1.51%
      Fee waivers and/or expense reimbursements 0.00%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.51%

    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 currently invests a significant portion of its assets in micro-cap, small-cap and mid-cap companies, which may involve considerably more risk than investing in larger-cap stocks (Please see "Primary Risks for Fund Investors" in the prospectus). The Fund may invest up to 25% 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 Foreign Securities" in the prospectus). The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 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.