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The Royce Funds

Small-cap value investing for more than 35 years

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View daily prices and performance, access your account, and learn more about our disciplined small-cap value approach.
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  1. I Want To . . .
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  2. Royce Special Equity Fund (RYSEX)

    Investment Class
    QUALITY + FOCUSED

    Quality + Focused funds generally employ a more limited portfolio approach-typically holding no more than 100 positions that we believe possess high quality.

     

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    1. Open to New Investors

      NAV as of 7/28/2010  $17.88
      Daily NAV change  -$0.14 (-0.01%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Charles R. Dreifus

      Top 10 Positions As of Quarter-End 6/30/10
      % of Net Assets (Subject to Change)

      National Presto Industries 3.3%
      Lubrizol Corporation (The) 3.1%
      Lancaster Colony 2.9%
      AVX Corporation 2.6%
      Gymboree Corporation 2.4%
      Bed Bath & Beyond 2.4%
      Hubbell Cl. B 2.4%
      Bio-Rad Laboratories Cl. A 2.2%
      Stepan Company 2.1%
      Park Electrochemical 2.0%
      Top 10 as % of Total 25.4%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Literature & Research

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    2. Royce Special Equity Fund (RSE) uses a disciplined value approach that traces its roots to the teachings of Benjamin Graham and Abraham Briloff. This approach combines classic value analysis with accounting cynicism. The Fund focuses on companies with market capitalizations up to $2.5 billion, attempting to find inexpensive companies with high returns on invested capital 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 6/30/10

        2Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RYSEX -9.78% -2.97% 14.68% -1.95% 3.91% 11.08% 7.97%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 3.23%
      Inception Date: 5/1/1998  Annual Operating Expenses: 1.17%

      * 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.

      All performance and risk information presented in this material reflects Investment Class results. Shares of RSE's Service and Consultant Classes bear an annual distribution expense that is not borne by the Investment Class.

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

        Ticker Symbol RYSEX
        Fund Net Assets (All Classes) $1.56 billion
        Number of Holdings 81
        Average Market Capitalization* $1.01 billion
        Weighted Average P/E Ratio** 13.3x
        Weighted Average P/B Ratio 1.8x
        Portfolio Turnover 2009 10%
        Minimum Investment $2,000
        Cusip Number 780905782
        Fund Number 327
        Inception Date 5/1/1998
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (4% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 5/01/1998 As of Quarter-End 6/30/2010

        RYSEX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 5/01/1998 As of Quarter-End 6/30/2010

      RYSEX 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 Natural Resources $1.39
      2 Financial Services -$1.85
      3 Industrial Services -$13.58
      4 Health -$24.50
      5 Technology -$26.77
      6 Consumer Products -$29.98
      7 Consumer Services -$36.36
      8 Industrial Products -$39.02

      *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)
      Clearwater Paper $2.54
      National Beverage $1.69
      RPC $1.39
      Dorman Products $1.33
      Hasbro $0.99

      *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)
      National Presto Industries -$13.85
      Genoptix -$13.24
      American Eagle Outfitters -$10.00
      Hubbell Cl. B -$9.36
      Bed Bath & Beyond -$7.46

      *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

        2Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RYSEX -9.78% -2.97% 14.68% -1.95% 3.91% 11.08% 7.97%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 3.23%
      Annual Operating Expenses: 1.17%
      Inception Date: 5/1/1998

      * 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.

      All performance and risk information presented in this material reflects Investment Class results. Shares of RSE's Service and Consultant Classes bear an annual distribution expense that is not borne by the Investment Class.


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

      RYSEX

      View how RSE 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 RSE's Inception

      RYSEX

      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 $0.0725 $— $— $0.07 $—
      12/08/08 12/09/08 $0.2103 $0.0533 $0.6944 $0.96 $13.17
      12/06/07 12/07/07 $0.1196 $0.1771 $2.1446 $2.44 $18.70
      12/04/06 12/05/06 $0.1116 $0.0461 $1.4648 $1.62 $20.03
      12/01/05 12/02/05 $0.2165 $0.0997 $0.4039 $0.72 $18.81
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      1. NAV History

        Previous 12 Months Ending 6/30/2010
        High $19.81 4/29/10
        Low $14.36 7/09/09
        Previous Month Ending 6/30/2010
        High $18.23 6/03/10
        Low $16.98 6/30/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $17.50
        2008 $13.69
        2007 $18.27
        2006 $19.72
        2005 $18.70
        2004 $19.61
        2003 $17.97
        2002 $14.24
        2001 $12.37
        2000 $9.55

  3. Portfolio Manager

    Charles R. Dreifus

    Charles R. Dreifus

    • Portfolio Manager and Principal
    • CFA

    Charles R. Dreifus, CFA, is a Portfolio Manager and Principal for Royce & Associates, LLC investment adviser to The Royce Funds. Mr. Dreifus serves
    as Portfolio Manager for Special Equity products, including Royce Special Equity Fund.

    View Full Bio

    Education

    • BBA, City College of New York/ Baruch School
    • MBA, Baruch College

    Experience

    • 42 Years of Experience
    • 12 Years at Royce

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

      Fund Net Assets (All Classes) $1.56 billion
      Number of Holdings 81
      Average Market Capitalization* $1.01 billion
      Weighted Average P/E Ratio** 13.3x
      Weighted Average P/B Ratio 1.8x
      Portfolio Turnover 2009 10%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (4% of portfolio holdings as of 6/30/2010).

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

      Royce Special Equity Fund

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

      National Presto Industries 3.3%
      Lubrizol Corporation (The) 3.1%
      Lancaster Colony 2.9%
      AVX Corporation 2.6%
      Gymboree Corporation 2.4%
      Bed Bath & Beyond 2.4%
      Hubbell Cl. B 2.4%
      Bio-Rad Laboratories Cl. A 2.2%
      Stepan Company 2.1%
      Park Electrochemical 2.0%
      Top 10 as % of Total 25.4%

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

      View the complete list of holdings for Royce Special Equity 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
      % of Net Assets (Subject to Change)

      Industrial Products 26.8%
      Consumer Products 15.4%
      Consumer Services 12.0%
      Technology 9.3%
      Health 9.1%
      Industrial Services 8.5%
      Financial Services 2.3%
      Natural Resources 0.6%
      Treasuries, Cash & Cash Equivalents 16.2%

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

      Royce Special Equity Fund Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

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

        RSE Category Median Best Breakpoint
      Sharpe Ratio 0.15 0.01 0.19
      Standard Deviation 16.02 21.35 19.09

      *Five years ended 6/30/2010. Category Median and Best Decile 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*
      RSE 3.91 16.02 0.24
      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 RSE Spread
      6/30/10 -9.9% -9.8% +0.1% 
      3/31/09 -15.0 -8.5 +6.5 
      12/31/08 -26.1 -14.9 +11.2 
      9/30/08 -1.1 +2.4 +3.5 
      3/31/08 -9.9 -4.4 +5.5 
      12/31/07 -4.6 -0.9 +3.7 
      9/30/07 -3.1 -5.0 -1.9 
      6/30/06 -5.0 -3.7 +1.3 
      3/31/05 -5.3 -2.3 +3.0 
      9/30/04 -2.9 -3.0 -0.1 
      3/31/03 -4.5 -4.2 +0.3 
      9/30/02 -21.4 -9.0 +12.4 
      6/30/02 -8.4 +3.7 +12.1 
      9/30/01 -20.8 -8.5 +12.3 
      3/31/01 -6.5 +8.4 +14.9 
      12/31/00 -6.9 +9.0 +15.9 
      6/30/00 -3.8 -0.0 +3.8 
      9/30/99 -6.3 -5.6 +0.7 
      3/31/99 -5.4 -9.0 -3.6 
      9/30/98 -20.1 -11.3 +8.8 
      6/30/98 -4.7  

      Royce Special Equity Fund outperformed the Russell 2000 in 17 out of 21 down quarters.

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

      RSE vs Russell 2000

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

        2Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RYSEX -9.78% -2.97% 14.68% -1.95% 3.91% 11.08% 7.97%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 3.23%
      Annual Operating Expenses: 1.17%
      Inception Date: 5/1/1998

      * 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.

      All performance and risk information presented in this material reflects Investment Class results. Shares of RSE's Service and Consultant Classes bear an annual distribution expense that is not borne by the Investment Class.

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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 1.00%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.17%
      Total annual Fund operating expenses 1.17%
      Fee waivers and/or expense reimbursements 0.00%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.17%

    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 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). As of 6/30/10, the Fund held a limited number of stocks, which may involve considerably more risk than a less concentrated portfolio because a decline in the value of any one of these stocks would cause the Fund’s overall value to decline to a greater degree. 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.