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  1. Royce Premier Fund (RYPRX)

    Investment Class
    FOCUSED

    Focused Funds generally employ a more limited portfolio approach—typically holding no more than 100 positions—and whose holdings possess what we believe are attractive valuations and higher quality characteristics.

     

    1. OPEN ONLY TO EXISTING INVESTORS

      NAV as of 2/3/2012  $20.71
      Daily NAV change  +$0.42 (+2.07%)

    1. Management Team

      Portfolio Managers

      Charles M. Royce
      W. Whitney George

      Assistant Portfolio Manager

      Lauren A. Romeo

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

      Nu Skin Enterprises Cl. A 3.1%
      Lincoln Electric Holdings 3.0%
      Gartner 2.4%
      Woodward 2.4%
      Alleghany Corporation 2.2%
      Unit Corporation 2.0%
      ProAssurance Corporation 2.0%
      Reliance Steel & Aluminum 1.9%
      Trican Well Service 1.9%
      Thor Industries 1.8%
      Top 10 as % of Total 22.8%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

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    2. Royce Premier Fund (RPR) generally invests in a limited number (generally less than 100) of small-cap securities, those with market capitalizations between $500 million and $2.5 billion. Primary emphasis is placed on finding companies that possess excellent business strengths and/or growth prospects, high internal rates of return and low leverage. We believe that investors in the Fund should have a long-term investment horizon of at least three years.

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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 10YR 15YR 20YR Since Inception  Inception Date
      RYPRX 12.09% -0.86% -0.86% 18.66% 6.19% 10.46% 11.16% 12.03% 12.03% 12/31/1991 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 8.52% 8.52% N/A
      Annual Operating Expenses: 1.12%

      * Not Annualized

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

        Fund Net Assets (All Classes) $6.62 billion
        Ticker Symbol RYPRX
        Number of Holdings 78
        Average Market Capitalization* $2.17 billion
        Weighted Average P/E Ratio** 14.0x
        Weighted Average P/B Ratio 2.1x
        U.S. Investments
        (% of Net Assets)
        78.7%
        Non-U.S. Investments
        (% of Net Assets)
        13.3%
        Portfolio Turnover as of 6/30/2011 10%
        Minimum Investment $2,000
        Cusip Number 780905600
        Fund Number 265
        Fund Inception Date 12/31/1991
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (3% of portfolio holdings as of 12/31/2011).

      2. Value of $10,000 Invested on 12/31/91
        As of Quarter-End 12/31/2011

        RYPRX vs Russell 2000
    1. Value of $10,000 Invested on 12/31/91
      As of Quarter-End 12/31/2011

      RYPRX 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 Industrials $290.28
      2 Information Technology $183.11
      3 Consumer Discretionary $79.79
      4 Energy $67.95
      5 Consumer Staples $48.37
      6 Financials $40.65
      7 Health Care $22.07
      8 Materials -$1.47

      *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)
      Woodward $52.85
      Lincoln Electric Holdings $51.31
      Reliance Steel & Aluminum $37.96
      Nu Skin Enterprises Cl. A $33.66
      Simpson Manufacturing $29.58

      *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)
      Pan American Silver -$23.91
      Silver Standard Resources -$20.94
      Seabridge Gold -$18.53
      Veeco Instruments -$9.57
      Federated Investors Cl. B -$8.78

      *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 10YR 15YR 20YR Since Inception  Inception Date
      RYPRX 12.09% -0.86% -0.86% 18.66% 6.19% 10.46% 11.16% 12.03% 12.03% 12/31/1991
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 8.52% 8.52% N/A
      Annual Operating Expenses: 1.12%

      * Not Annualized


      Small-Cap Market Cycle Performance as of Quarter-End 12/31/11

      RYPRX

      View how RPR 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 Over the Last 10 Years

      RYPRX

      Relative Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      RPR Spread vs. Russell 2000 Over the Last 10 Years

      RYPRX

      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 $0.0534 $— $1.5908 $1.64 $18.39
      12/8/10 12/9/10 $0.0000 $— $0.2683 $0.27 $19.77
      12/8/08 12/9/08 $0.0000 $0.0030 $0.1920 $0.20 $11.45
      12/6/07 12/7/07 $0.2821 $0.3252 $1.9729 $2.58 $17.58
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      1. NAV History

        Previous 12 Months Ending 1/31/2012
        High $22.95 4/29/11
        Low $17.30 10/3/11
        Previous Month Ending 1/31/2012
        High $20.09 1/25/12
        Low $18.52 1/1/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $18.52
        2010 $20.35
        2009 $16.31
        2008 $12.24
        2007 $17.36
        2006 $17.66
        2005 $16.86
        2004 $15.12
        2003 $12.90
        2002 $9.39
  1. Portfolio Managers

    Charles M. Royce

    Charles M. Royce

    • President and Co-Chief Investment Officer

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

    • 49 Years of Experience
    • 39 Years at Royce
    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

    Assistant Portfolio Manager

    Lauren A. Romeo

    Lauren A. Romeo

    • Portfolio Manager
    • CFA

    Lauren A. Romeo, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, University of Notre Dame,
    • MBA, Wharton School, University of Pennsylvania,

    Experience

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

      Fund Net Assets (All Classes) $6.62 billion
      Number of Holdings 78
      Average Market Capitalization* $2.17 billion
      Weighted Average P/E Ratio** 14.0x
      Weighted Average P/B Ratio 2.1x
      Portfolio Turnover as of 6/30/2011 10%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (3% of portfolio holdings as of 12/31/2011).

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

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

      Nu Skin Enterprises Cl. A 3.1%
      Lincoln Electric Holdings 3.0%
      Gartner 2.4%
      Woodward 2.4%
      Alleghany Corporation 2.2%
      Unit Corporation 2.0%
      ProAssurance Corporation 2.0%
      Reliance Steel & Aluminum 1.9%
      Trican Well Service 1.9%
      Thor Industries 1.8%
      Top 10 as % of Total 22.8%

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

      View the complete list of holdings for Royce Premier 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)

      Industrials 24.8%
      Information Technology 17.8%
      Financials 11.5%
      Materials 10.7%
      Consumer Discretionary 10.2%
      Energy 6.7%
      Consumer Staples 5.7%
      Health Care 4.6%
      Treasuries, Cash & Cash Equivalents 8.0%

      Asset Allocation
      as of 12/31/2011
      % of Net Assets (Subject to Change)

      Royce Premier Fund Asset Allocation
    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

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

        RPR Category Median Best Breakpoint
      Sharpe Ratio 0.32 0.11 0.16
      Standard Deviation 22.32 23.92 22.75

      *Five years ended 12/31/2011. Category Median and Best Quartile Breakpoint based on 346 small-cap objective funds (oldest class only) with at least five years of history.

      Royce Premier Fund's value approach produced below average volatility relative to small-cap objective funds.

      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*
      RPR 6.19 22.32 0.28
      Russell 2000 0.15 24.47 0.01

      *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 Premier Fund outperformed the Russell 2000 on both an absolute and risk adjusted basis.

      Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 12/31/11

      Quarter Russell 2000 RPR Spread
      9/30/11 -21.9% -18.8% +3.1% 
      6/30/11 -1.6 -1.1 +0.5 
      6/30/10 -9.9 -8.9 +1.0 
      3/31/09 -15.0 -10.7 +4.3 
      12/31/08 -26.1 -22.0 +4.1 
      9/30/08 -1.1 -11.7 -10.6 
      3/31/08 -9.9 -2.6 +7.3 
      12/31/07 -4.6 -2.1 +2.5 
      9/30/07 -3.1 +0.5 +3.6 
      6/30/06 -5.0 -5.5 -0.5 
      3/31/05 -5.3 -2.6 +2.7 
      9/30/04 -2.9 +0.3 +3.2 
      3/31/03 -4.5 -4.0 +0.5 
      9/30/02 -21.4 -12.5 +8.9 
      6/30/02 -8.4 -6.6 +1.8 
      9/30/01 -20.8 -14.8 +6.0 
      3/31/01 -6.5 -5.3 +1.2 
      12/31/00 -6.9 +3.1 +10.0 
      6/30/00 -3.8 +1.0 +4.8 
      9/30/99 -6.3 -6.1 +0.2 
      3/31/99 -5.4 -11.6 -6.2 
      9/30/98 -20.1 -14.5 +5.6 
      6/30/98 -4.7 -1.0 +3.7 
      12/31/97 -3.3 -5.5 -2.2 
      3/31/97 -5.2 +1.2 +6.4 

      Royce Premier Fund outperformed the Russell 2000 in 21 out of 25 down quarters.

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

      RPR 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 10YR 15YR 20YR Since Inception  Inception Date
      RYPRX 12.09% -0.86% -0.86% 18.66% 6.19% 10.46% 11.16% 12.03% 12.03% 12/31/1991 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 8.52% 8.52% N/A
      Annual Operating Expenses: 1.12%

      * 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) 1.00%
    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees 0.95%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.17%
      Total annual Fund operating expenses 1.12%
    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.