Royce Heritage Fund (RGFAX)

The Russell 2000 Index 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.

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.

Current performance may be higher or lower than performance quoted. Current month-end performance information may be obtained at www.roycefunds.com.

All performance and risk information presented in this material prior to the commencement date of Investment Class shares on 3/15/07 reflects Service Class results. Shares of RHF’s Service, Consultant, R and K Classes bear an annual distribution expense that is not borne by the Investment Class.

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.

Current performance may be higher or lower than performance quoted. Current month-end performance information may be obtained at www.roycefunds.com.

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.

Current performance may be higher or lower than performance quoted. Current month-end performance information may be obtained at www.roycefunds.com.

All performance and risk information presented in this material prior to the commencement date of Consultant Class shares on 12/7/01 reflects Service Class results. Consultant Class shares bear and annual expense that are higher than those borne by the Service Class. If Consultant Class’s annual expenses has been reflected total returns prior to 12/7/01 would have been lower.

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 Foreign Securities" in the prospectus.)

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.

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 Foreign Securities" in the prospectus.)

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.

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 Foreign Securities" in the prospectus.)

Consultant Class shares redeemed within 365 days of purchase may be subject to a 1% contingent deferred sales charge payable to the Fund’s distributor, Royce Fund Services, Inc., which is not reflected in the performance shown above; if it were, performance would be lower.

The Fund invests primarily in micro-cap, small-cap and/or 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).

Gross operating expenses reflect the Fund’s gross total annual operating expenses for the Investment Class and include management fees and other expenses. Net operating expenses reflect contractual fee waivers and/or expense 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 expenses to the extent necessary to maintain the Investment Class’s net annual operating expenses, other than acquired fund fees and expenses, at or below 1.24% through April 30, 2012.

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.

Operating expenses reflect the Fund’s 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.

Gross operating expenses reflect the Fund’s gross total annual operating expenses for the Consultant Class as of the Fund’s most current prospectus, and include management fees, 12b-1 distribution and service fees, and other expenses. Net operating expenses reflect contractual fee waivers and/or expense reimbursements. All expense information is reported as of the Fund’s most current prospectus.

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

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.

Distributor: Royce Fund Services, Inc.

NOT FDIC INSURED · MAY LOSE VALUE · NOT BANK GUARANTEED

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.

Distributor: Royce Fund Services, Inc.

NOT FDIC INSURED · MAY LOSE VALUE · NOT BANK GUARANTEED

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.

Distributor: Royce Fund Services, Inc.

NOT FDIC INSURED · MAY LOSE VALUE · NOT BANK GUARANTEED

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.

Distributor: Royce Fund Services, Inc.

NOT FDIC INSURED · MAY LOSE VALUE · NOT BANK GUARANTEED