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The Royce Funds
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Royce Opportunity Fund (RYPNX)
Investment Class
MICRO-CAP/OPPORTUNISTIC
Micro-Cap/Opportunistic Funds generally invest in micro-caps and/or those companies considered more opportunistic.
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Open to New Investors
NAV as of 9/1/2010 $9.25
Daily NAV change +$0.37 (+4.17%)
Recent News on this Fund
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- Fear and Trembling Marked the Year's First Six Months
- Small-Cap Market Cycle Performance
- Royce Opportunity Fund—Performance Discussion
- Fox Business Talks with Portfolio Manager Buzz Zaino
- Royce Opportunity Fund Rebounding Well
- Small-Cap Market Cycle Performance
- Royce's Buzz Zaino Talks With Fox Business News
- Royce Opportunity Fund Among "12 Funds Focused on Small Companies" at SmartMoney.com
- Royce Opportunity Fund Portfolio Manager Buzz Zaino Chats on Fox Business
- Small-Cap Market Cycle Performance
Management Team
Portfolio Manager

- Boniface A. Zaino
- 42 Years of Experience;
- 12 Years at Royce
Assistant Portfolio Manager

- William A. Hench
- 18 Years of Experience;
- 8 Years at Royce
Haynes International 0.7% Carpenter Technology 0.7% Dillard's Cl. A 0.7% Atlas Air Worldwide Holdings 0.7% Timken Company (The) 0.7% Loral Space & Communications 0.7% Kaiser Aluminum 0.7% Bottomline Technologies 0.7% Park Electrochemical 0.7% Ferro Corporation 0.6% Top 10 as % of Total 6.7% Ferro Corporation 0.9% Timken Company (The) 0.8% Haynes International 0.8% Advanced Energy Industries 0.7% Dillard's Cl. A 0.7% Kaiser Aluminum 0.7% Hexcel Corporation 0.7% Jones Apparel Group 0.7% Carpenter Technology 0.7% Ladish Company 0.7% Top 10 as % of Total 7.4% Literature & Research

Royce Opportunity Fund (ROF) invests in small-cap and micro-cap companies, those with market capitalizations up to $2.5 billion, using an opportunistic value approach. This approach incorporates four investment themes, including turnarounds and special situations. We believe that investors in the Fund should have a long-term investment horizon of at least three years.
1-Month* YTD* 1YR 3YR 5YR 10YR Since Incept RYPNX -9.11% -1.66% 9.64% -6.84% 0.63% 6.87% 11.38% Russell 2000 -7.40% -2.97% 6.60% -7.44% -0.69% 2.48% 5.44% Annual Operating Expenses: 1.22% Inception Date: 11/19/1996 2Q* YTD* 1YR 3YR 5YR 10YR Since Incept RYPNX -11.97% -0.66% 35.11% -8.74% 1.97% 7.88% 11.61% Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.60% Inception Date: 11/19/1996 Annual Operating Expenses: 1.22% * 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 the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.
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 the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.
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Fund Statistics
as of Quarter-End 6/30/2010Ticker Symbol RYPNX Fund Net Assets (All Classes) $1.71 billion Number of Holdings 308 Average Market Capitalization* $510 million Weighted Average P/B Ratio 1.1x Portfolio Turnover 2009 44% Minimum Investment $2,000 Cusip Number 780905832 Fund Number 249 Inception Date 11/19/1996 Benchmark Index Russell 2000 * Geometrically calculated
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Growth of Hypothetical $10,000 Invested 11/19/1996 As of Quarter-End 6/30/2010
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Growth of Hypothetical $10,000 Invested 11/19/1996 As of Quarter-End 6/30/2010
Calendar Year Total Returns
as of Quarter-End 6/30/2010
Performance Breakdown by Sector
for Quarter Ended 6/30/2010Sector Name Gain/Loss*
(in millions)1 Utilities $0.09 2 Bonds & Preferreds -$0.84 3 Financial Services -$6.53 4 Health -$11.16 5 Natural Resources -$13.65 6 Industrial Services -$18.63 7 Consumer Products -$19.49 8 Financial Intermediaries -$20.60 9 Consumer Services -$39.15 10 Industrial Products -$43.39 *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 6/30/2010Company Gain*
(in millions)Thermadyne Holdings $2.41 AXT $2.29 Cost Plus $2.24 Loral Space & Communications $2.10 Cirrus Logic $2.07 *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 6/30/2010Company Loss*
(in millions)Vishay Precision Group -$8.50 Orient-Express Hotels Cl. A -$5.52 Century Aluminum -$4.99 Liz Claiborne -$4.90 Aviat Networks -$4.33 *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.

1-Month* YTD* 1YR 3YR 5YR 10YR Since Incept RYPNX -9.11% -1.66% 9.64% -6.84% 0.63% 6.87% 11.38% Russell 2000 -7.40% -2.97% 6.60% -7.44% -0.69% 2.48% 5.44% Annual Operating Expenses: 1.22% Inception Date: 11/19/1996 2Q* YTD* 1YR 3YR 5YR 10YR Since Incept RYPNX -11.97% -0.66% 35.11% -8.74% 1.97% 7.88% 11.61% Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.60% Annual Operating Expenses: 1.22% Inception Date: 11/19/1996 * 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 the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.
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 the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.
Small-Cap Market Cycle Performance as of Quarter-End 6/30/10
Absolute Return Focus: Five Year Return Periods as of Quarter-End 6/30/10
Number of Five-Year Average Annual Return Periods since ROF's Inception
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 $0.0010 $— $— $0.00 $— 12/08/08 12/09/08 $0.0505 $0.0418 $0.2988 $0.39 $5.30 12/06/07 12/07/07 $0.0714 $0.2511 $1.4898 $1.81 $11.35 12/04/06 12/05/06 $0.0000 $0.1372 $1.4228 $1.56 $13.08 12/01/05 12/02/05 $0.0000 $0.1160 $1.5566 $1.67 $12.43 
NAV History
Previous 12 Months Ending 8/31/2010 High $11.48 4/23/10 Low $7.84 9/02/09 Previous Month Ending 8/31/2010 High $9.97 8/04/10 Low $8.83 8/24/10 -
Year-End NAVs
Year NAV 2009 $9.03 2008 $5.57 2007 $11.02 2006 $13.04 2005 $12.29 2004 $13.31 2003 $12.14 2002 $7.37 2001 $9.01 2000 $7.78
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Portfolio Manager

Boniface A. Zaino
- Portfolio Manager and Managing Director
- CFA
Boniface A. Zaino, CFA, is a Portfolio Manager and Managing Director of Royce & Associates, LLC, investment adviser to The Royce Funds.
Education
- BA, Fordham University
- MBA, Columbia University
Experience
- 42 Years of Experience
- 12 Years at Royce
Assistant Portfolio Manager

William A. Hench
- Portfolio Manager
William A. Hench is Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.
Education
- BBA, Aldephi University,
Experience
- 18 Years of Experience
- 8 Years at Royce
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Portfolio Statistics
as of Quarter-End 6/30/2010Fund Net Assets (All Classes) $1.71 billion Number of Holdings 308 Average Market Capitalization* $510 million Weighted Average P/B Ratio 1.1x Portfolio Turnover 2009 44% *Geometrically calculated
Market Cap Exposure (In Millions)
as of Quarter-End 6/30/2010
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Haynes International 0.7% Carpenter Technology 0.7% Dillard's Cl. A 0.7% Atlas Air Worldwide Holdings 0.7% Timken Company (The) 0.7% Loral Space & Communications 0.7% Kaiser Aluminum 0.7% Bottomline Technologies 0.7% Park Electrochemical 0.7% Ferro Corporation 0.6% Top 10 as % of Total 6.7% Ferro Corporation 0.9% Timken Company (The) 0.8% Haynes International 0.8% Advanced Energy Industries 0.7% Dillard's Cl. A 0.7% Kaiser Aluminum 0.7% Hexcel Corporation 0.7% Jones Apparel Group 0.7% Carpenter Technology 0.7% Ladish Company 0.7% Top 10 as % of Total 7.4%
Portfolio Holdings
as of Quarter-End 06/30/2010View the complete list of holdings for Royce Opportunity 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.
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Portfolio Sector Breakdown
as of Quarter-End 6/30/2010
as of Month-End 7/31/2010
% of Net Assets (Subject to Change)Technology 29.4% Industrial Products 22.7% Consumer Services 11.1% Industrial Services 10.0% Financial Intermediaries 8.9% Natural Resources 4.5% Consumer Products 3.7% Health 2.6% Financial Services 1.3% Utilities 0.3% Bonds & Preferreds 0.0% Treasuries, Cash & Cash Equivalents 5.6% Technology 28.4% Industrial Products 23.7% Consumer Services 11.0% Industrial Services 10.3% Financial Intermediaries 8.8% Natural Resources 5.1% Consumer Products 3.9% Health 2.4% Financial Services 1.4% Utilities 0.3% Bonds & Preferreds 0.0% Treasuries, Cash & Cash Equivalents 4.8% Asset Allocation
as of Quarter-End 6/30/2010
% of Net Assets (Subject to Change)
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Five-Year Morningstar Statistical Measures as of 6/30/2010*
ROF Category Median Best Breakpoint Sharpe Ratio 0.12 0.01 0.09 Standard Deviation 28.20 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 6/30/2010Average Annual Total Return Standard Deviation Return Efficiency* ROF 1.97 28.20 0.07 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 6/30/10Quarter Russell 2000 ROF Spread 6/30/10 -9.9% -12.0% -2.1% 3/31/09 -15.0 -12.9 +2.1 12/31/08 -26.1 -36.3 -10.2 9/30/08 -1.1 -4.0 -2.9 3/31/08 -9.9 -9.3 +0.6 12/31/07 -4.6 -7.7 -3.1 9/30/07 -3.1 -5.9 -2.8 6/30/06 -5.0 -5.9 -0.9 3/31/05 -5.3 -4.4 +0.9 9/30/04 -2.9 -4.5 -1.6 3/31/03 -4.5 -6.1 -1.6 9/30/02 -21.4 -27.8 -6.4 6/30/02 -8.4 -5.9 +2.5 9/30/01 -20.8 -19.0 +1.8 3/31/01 -6.5 +4.2 +10.7 12/31/00 -6.9 -5.8 +1.1 6/30/00 -3.8 -1.7 +2.1 9/30/99 -6.3 -0.4 +5.9 3/31/99 -5.4 -12.1 -6.7 9/30/98 -20.1 -20.1 0.0 6/30/98 -4.7 -3.2 +1.5 12/31/97 -3.3 -4.7 -1.4 3/31/97 -5.2 -1.0 +4.2 Royce Opportunity Fund outperformed the Russell 2000 in 11 out of 23 down quarters.
Down Market Performance Comparison (In Percentages):
Royce Opportunity Fund vs. Russell 2000
1-Month* YTD* 1YR 3YR 5YR 10YR Since Incept RYPNX -9.11% -1.66% 9.64% -6.84% 0.63% 6.87% 11.38% Russell 2000 -7.40% -2.97% 6.60% -7.44% -0.69% 2.48% 5.44% Annual Operating Expenses: 1.22% Inception Date: 11/19/1996 2Q* YTD* 1YR 3YR 5YR 10YR Since Incept RYPNX -11.97% -0.66% 35.11% -8.74% 1.97% 7.88% 11.61% Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.60% Annual Operating Expenses: 1.22% Inception Date: 11/19/1996 * 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 the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.
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 the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.

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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) 1.00% -
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 0.00% Other expenses 0.22% Total annual Fund operating expenses 1.22% -
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
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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 invests primarily in small-cap and micro-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 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.
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©
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.