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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 International Smaller-Companies Fund (RYGSX)

    Service Class
    GLOBAL/INTERNATIONAL

    Global/International Funds generally focus on non-U.S. based companies using our core approach to security selection.

     

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    1. Open to New Investors

      NAV as of 9/1/2010  $10.82
      Daily NAV change  +$0.25 (+2.36%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Charles M. Royce

      Assistant Portfolio Manager

      David A. Nadel

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

      Popular 1.5%
      Hochschild Mining 1.3%
      Burckhardt Compression Holding 1.3%
      Partners Group Holding 1.3%
      Mayr-Melnhof Karton 1.2%
      Ashmore Group 1.2%
      Santen Pharmaceutical 1.2%
      Lamprell 1.0%
      Semperit AG Holding 1.0%
      Jupiter Fund Management 1.0%
      Top 10 as % of Total 12.0%

      Literature & Research

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    2. Royce International Smaller-Companies Fund (RIS) invests primarily in equity securities issued by non-U.S. companies—i.e, companies domiciled outside of the United States—with market capitalizations up to $5 billion. Royce invests the Fund’s assets in companies that is believes have excellent business strengths and/or prospects for growth, high internal rates of returns and low leverage, and are trading significantly below its estimate of their current net worth.

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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
      RYGSX -7.63% -4.19% 20.55% 0.33%
      MSCI World ex USA Small Core -11.12% -6.31% 15.70% -9.78%
      Inception Date: 6/30/2008  Annual Operating Expenses: Gross 3.12% Net 1.80%

      * 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 2% 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 gross total annual operating expenses for the Service Class, 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, exclusive of acquired fund fees and expenses. All expense information is reported 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 1.69% through April 30, 2011, 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 RYGSX
        Fund Net Assets (All Classes) $12 million
        Number of Holdings 195
        Average Market Capitalization* $1.14 billion
        Weighted Average P/E Ratio** 12.7x
        Weighted Average P/B Ratio 2.0x
        Portfolio Turnover 2009 38%
        Minimum Investment $2,000
        Cusip Number 780905139
        Fund Number 665
        Inception Date 6/30/2008
        Benchmark Index MSCI World ex USA Small Core

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (7% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 6/30/2008 As of Quarter-End 6/30/2010

        RYGSX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 6/30/2008 As of Quarter-End 6/30/2010

      RYGSX 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 Diversified Investment Companies -$0.00
      2 Health -$0.01
      3 Consumer Services -$0.02
      4 Industrial Services -$0.10
      5 Consumer Products -$0.11
      6 Technology -$0.13
      7 Natural Resources -$0.17
      8 Financial Services -$0.17
      9 Industrial Products -$0.19
      10 Financial Intermediaries -$0.23

      *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)
      Popular $0.03
      Santen Pharmaceutical $0.02
      Luk Fook Holdings (International) $0.02
      Hochschild Mining $0.02
      Jupiter Fund Management $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)
      Popular -$0.05
      Hellenic Exchanges -$0.03
      ENSCO ADR -$0.03
      Terra Nova Royalty -$0.03
      Vestel Beyaz Esya Sanayi Ve Ticaret -$0.03

      *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
      RYGSX -7.63% -4.19% 20.55% 0.33%
      MSCI World ex USA Small Core -11.12% -6.31% 15.70% -9.78%
      Annual Operating Expenses: Gross 3.12% Net 1.80%
      Inception Date: 6/30/2008

      * 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 2% 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 gross total annual operating expenses for the Service Class, 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, exclusive of acquired fund fees and expenses. All expense information is reported 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 1.69% through April 30, 2011, 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 (6/30/2008)
      and Since Market Cycle Peak as of Quarter-End 6/30/10

      RYGSX

      View how RIS 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 $0.0163 $— $— $0.02 $—
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      1. NAV History

        Previous 12 Months Ending 8/31/2010
        High $11.32 4/15/10
        Low $9.33 9/01/09
        Previous Month Ending 8/31/2010
        High $11.02 8/09/10
        Low $10.48 8/24/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $10.49
        2008 $6.99

  3. 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

    Assistant Portfolio Manager

    David A. Nadel

    David A. Nadel

    • Portfolio Manager

    David A. Nadel is a Portfolio Manager and Senior Analyst 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

    • 18 Years of Experience
    • 4 Years at Royce

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

      Fund Net Assets (All Classes) $12 million
      Number of Holdings 195
      Average Market Capitalization* $1.14 billion
      Weighted Average P/E Ratio** 12.7x
      Weighted Average P/B Ratio 2.0x
      Portfolio Turnover 2009 38%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (7% of portfolio holdings as of 6/30/2010).

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

      Royce International Smaller-Companies 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)

      Popular 1.5%
      Hochschild Mining 1.3%
      Burckhardt Compression Holding 1.3%
      Partners Group Holding 1.3%
      Mayr-Melnhof Karton 1.2%
      Ashmore Group 1.2%
      Santen Pharmaceutical 1.2%
      Lamprell 1.0%
      Semperit AG Holding 1.0%
      Jupiter Fund Management 1.0%
      Top 10 as % of Total 12.0%

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

      View the complete list of holdings for Royce International Smaller-Companies 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 14.5%
      Natural Resources 14.3%
      Consumer Products 11.8%
      Financial Intermediaries 10.2%
      Financial Services 10.1%
      Health 9.2%
      Consumer Services 8.1%
      Technology 6.8%
      Industrial Services 6.6%
      Diversified Investment Companies 0.1%
      Treasuries, Cash & Cash Equivalents 8.2%

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

      Japan 11.0%
      Canada 10.4%
      United Kingdom 7.6%
      Hong Kong 6.7%
      Switzerland 6.1%
      France 5.5%
      South Korea 4.2%
      China 3.9%
      Germany 3.8%
      South Africa 3.7%
      Mexico 3.6%
      Austria 2.3%
      Brazil 2.0%
      Australia 1.9%
      Belgium 1.6%
      Turkey 1.6%
      Puerto Rico 1.5%
      India 1.4%
      Singapore 1.4%
      Bermuda 1.4%
      Finland 1.3%
      Peru 1.3%
      United Arab Emirates (U.A.E.) 1.0%
      Italy 1.0%
      Egypt 0.8%
      Thailand 0.7%
      Taiwan 0.6%
      Denmark 0.6%
      Cayman Islands 0.5%
      Jersey 0.5%
      Greece 0.4%
      Netherlands 0.4%
      United States 0.4%
      Sweden 0.4%
      Luxembourg 0.3%
      British Virgin Islands 0.3%

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

      Quarter Russell 2000 RIS Spread
      6/30/10 -9.9% -7.6% +2.3% 
      3/31/09 -15.0 -10.3 +4.7 
      12/31/08 -26.1 -19.2 +6.9 
      9/30/08 -1.1 -13.5 -12.4 

      Royce International Smaller-Companies Fund outperformed the Russell 2000 in three out of four 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) 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 1.51%
      Acquired fund fees and expenses 0.11%
      Total annual Fund operating expenses 3.12%
      Fee waivers and/or expense reimbursements (1.32)%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.80%

      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, 2011 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. Securities of foreign companies may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic or other developments that are unique to a particular country or region (Please see "Investing in International Securities" in the prospectus). Therefore, the prices of the securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies (Please see "Primary Risks for Fund Investors" in the prospectus). 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). The Morgan Stanley Capital International (MSCI) World Small Core Index excluding U.S. is an unmanaged index of global small-cap stocks, excluding the United States. Index returns include net reinvested dividends and/or interest income.

  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.