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  1. Royce Value Plus Fund (RYVPX)

    Service Class
    OPPORTUNISTIC THEMES

    Opportunistic Theme Funds generally invest in companies considered more opportunistic, with each emphasizing different themes, such as turnarounds, special situations, low-priced stocks and/or companies with high growth prospects.

     

    1. Open to New Investors

      NAV as of 2/3/2012  $13.76
      Daily NAV change  +$0.25 (+1.85%)

    1. Management Team

      Portfolio Manager

      James A. Skinner III

      Assistant Portfolio Manager

      W. Whitney George

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

      Robert Half International 1.8%
      Valmont Industries 1.8%
      Myriad Genetics 1.7%
      LSI Corporation 1.7%
      Alamos Gold 1.6%
      Carter's 1.6%
      Thomas & Betts 1.6%
      Acuity Brands 1.6%
      Darling International 1.6%
      Worthington Industries 1.6%
      Top 10 as % of Total 16.5%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

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    2. Royce Value Plus Fund (RVP) seeks long-term growth of capital. Royce invests the Fund’s assets primarily in a portfolio of micro-cap, small-cap and mid-cap companies with market capitalizations up to $5 billion that it believes are trading significantly below its estimate of their current worth. The Fund generally invests in securities of companies that Royce believes have excellent business strengths, high internal rates of return and low leverage, consistent with its value approach to investing. The Fund also considers companies that Royce believes have above-average growth prospects. 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 Since Inception  Inception Date
      RYVPX 11.44% -9.98% -9.98% 15.07% -1.51% 9.43% 10.94% 6/14/2001 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 5.26% N/A
      Annual Operating Expenses: 1.44%

      * Not Annualized

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

        Fund Net Assets (All Classes) $2.00 billion
        Ticker Symbol RYVPX
        Number of Holdings 128
        Average Market Capitalization* $1.57 billion
        Weighted Average P/E Ratio** 14.5x
        Weighted Average P/B Ratio 1.9x
        U.S. Investments
        (% of Net Assets)
        83.1%
        Non-U.S. Investments
        (% of Net Assets)
        14.0%
        Portfolio Turnover as of 6/30/2011 28%
        Minimum Investment $2,000
        Cusip Number 780905741
        Fund Number 292
        Fund Inception Date 6/14/2001
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (7% of portfolio holdings as of 12/31/2011).

      2. Value of $10,000 Invested on 6/14/01
        As of Quarter-End 12/31/2011

        RYVPX vs Russell 2000
    1. Value of $10,000 Invested on 6/14/01
      As of Quarter-End 12/31/2011

      RYVPX 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 $87.29
      2 Information Technology $50.20
      3 Financials $33.40
      4 Energy $27.06
      5 Consumer Discretionary $14.75
      6 Materials $13.80
      7 Health Care $8.32
      8 Consumer Staples $3.81
      9 Telecommunication Services $1.78

      *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.

      Top 5 Winners*
      for Quarter Ended 12/31/2011

      Company Gain*
      (in millions)
      Acuity Brands $11.20
      Carlisle Companies $11.00
      Carter's $10.72
      Robert Half International $10.65
      Thomas & Betts $9.70

      *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)
      Gildan Activewear -$6.09
      IPG Photonics -$5.57
      Allied Nevada Gold -$5.36
      Silver Standard Resources -$5.30
      Medusa Mining -$3.28

      *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 Since Inception  Inception Date
      RYVPX 11.44% -9.98% -9.98% 15.07% -1.51% 9.43% 10.94% 6/14/2001
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 5.26% N/A
      Annual Operating Expenses: 1.44%

      * Not Annualized


      Cumulative Performance Since Inception (6/14/2001)
      and Since Market Cycle Peak as of Quarter-End 12/31/11

      RYVPX

      View how RVP 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 since RVP's Inception

      RYVPX

      Relative Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      RVP Spread vs. Russell 2000 since RVP's Inception

      RYVPX

      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 $0.0798 $— $— $0.08 $11.89
      12/8/10 12/9/10 $0.0341 $— $— $0.03 $13.18
      12/8/08 12/9/08 $0.0000 $0.0597 $0.1154 $0.18 $7.37
      12/6/07 12/7/07 $0.1688 $0.3158 $0.2670 $0.75 $14.10
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      1. NAV History

        Previous 12 Months Ending 1/31/2012
        High $14.72 4/29/11
        Low $10.39 10/3/11
        Previous Month Ending 1/31/2012
        High $13.27 1/27/12
        Low $12.00 1/1/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $12.00
        2010 $13.42
        2009 $11.24
        2008 $7.95
        2007 $13.81
        2006 $14.09
        2005 $12.03
        2004 $10.94
        2003 $8.57
        2002 $4.97
  1. Portfolio Manager

    James A. Skinner III

    James A. Skinner III

    • Portfolio Manager and Principal
    • CFA

    James A. (Chip) Skinner III, CFA, is a Portfolio Manager and Principal for Royce & Associates, LLC, investment advisor to The Royce Funds.

    View Full Bio

    Education

    • BA, Washington & Lee University
    • EMBA, Vanderbilt University

    Experience

    • 26 Years of Experience
    • 8 Years at Royce

    Assistant Portfolio Manager

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

      Fund Net Assets (All Classes) $2.00 billion
      Number of Holdings 128
      Average Market Capitalization* $1.57 billion
      Weighted Average P/E Ratio** 14.5x
      Weighted Average P/B Ratio 1.9x
      Portfolio Turnover as of 6/30/2011 28%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (7% of portfolio holdings as of 12/31/2011).

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

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

      Robert Half International 1.8%
      Valmont Industries 1.8%
      Myriad Genetics 1.7%
      LSI Corporation 1.7%
      Alamos Gold 1.6%
      Carter's 1.6%
      Thomas & Betts 1.6%
      Acuity Brands 1.6%
      Darling International 1.6%
      Worthington Industries 1.6%
      Top 10 as % of Total 16.5%

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

      View the complete list of holdings for Royce Value Plus 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)

      Information Technology 25.1%
      Industrials 18.0%
      Materials 16.5%
      Financials 11.7%
      Consumer Discretionary 8.8%
      Energy 7.3%
      Health Care 5.5%
      Consumer Staples 3.5%
      Telecommunication Services 0.6%
      Treasuries, Cash & Cash Equivalents 2.9%

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

      Royce Value Plus Fund Asset Allocation
    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

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

        RVP Category Median Best Breakpoint
      Sharpe Ratio 0.01 0.11 0.16
      Standard Deviation 24.15 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.

      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*
      RVP -1.51 24.15 -0.06
      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.

      Russell 2000 Down Quarters
      Performance Comparison Since RVP's Inception Through 12/31/11

      Quarter Russell 2000 RVP Spread
      9/30/11 -21.9% -22.4% -0.5% 
      6/30/11 -1.6 -2.6 -1.0 
      6/30/10 -9.9 -8.0 +1.9 
      3/31/09 -15.0 -6.4 +8.6 
      12/31/08 -26.1 -29.0 -2.9 
      9/30/08 -1.1 -10.0 -8.9 
      3/31/08 -9.9 -9.7 +0.2 
      12/31/07 -4.6 -6.7 -2.1 
      9/30/07 -3.1 -1.9 +1.2 
      6/30/06 -5.0 -5.8 -0.8 
      3/31/05 -5.3 -5.4 -0.1 
      9/30/04 -2.9 -0.2 +2.7 
      3/31/03 -4.5 -3.6 +0.9 
      9/30/02 -21.4 -22.3 -0.9 
      6/30/02 -8.4 -9.7 -1.3 
      9/30/01 -20.8 -12.3 +8.5 

      Royce Value Plus Fund outperformed the Russell 2000 in seven out of 16 down quarters.

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

      RVP 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 Since Inception  Inception Date
      RYVPX 11.44% -9.98% -9.98% 15.07% -1.51% 9.43% 10.94% 6/14/2001 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 5.26% N/A
      Annual Operating Expenses: 1.44%

      * 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 0.98%
      Distribution (12b-1) fees 0.25%
      Other expenses 0.21%
      Total annual Fund operating expenses 1.44%
    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.