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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 Value Fund (RYVFX)

    Service 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 2/8/2010  $9.59
      Daily NAV change  -$0.11 (-1.13%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Managers

      W. Whitney George
      Jay S. Kaplan

      Assistant Portfolio Manager

      Lauren A. Romeo

      Top 10 Positions As of Quarter-End 12/31/09
      % of Net Assets (Subject to Change)

      Federated Investors Cl. B 3.0%
      Comtech Telecommunications 2.8%
      Reliance Steel & Aluminum 2.7%
      PartnerRe 2.6%
      Unit Corporation 2.5%
      Knight Capital Group Cl. A 2.5%
      Buckle (The) 2.4%
      ManTech International Cl. A 2.3%
      Dress Barn (The) 2.2%
      NBTY 2.0%
      Top 10 as % of Total 24.8%
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    2. Royce Value Fund (RVV) seeks long-term growth of capital. Royce invests the Fund’s assets primarily in a portfolio of small-cap and mid-cap companies with stock market capitalizations between $500 million and $5 billion that it believes are trading significantly below its estimate of their current worth. The Fund generally invests in companies that have attractive balance sheets and high internal rates of return. We believe that investors in the Fund should have a long-term investment horizon of at least three years.

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      1. Relative Risk Spectrum

        Risk Assessment

        go View the complete spectrum

        Performance

        Average Annual Total Returns

        As of Quarter-End 12/31/09

          4Q* YTD* 1YR 3YR
        RYVFX 3.90% 44.71% 44.71% -0.40%
        Russell 2000 3.87% 27.17% 27.17% -6.07%
          5YR Since Incept
        RYVFX 6.22% 11.27%
        Russell 2000 0.51% 4.12%

        Annual Operating Expenses

        1.46%
        Inception Date: 6/14/2001

        * Not Annualized.

        Important Performance and Expense Information

        All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. 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. Current performance may be higher or lower than performance quoted.

        Annual operating expenses reflect the Fund's total annual operating expenses for the Service Class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees.

      2. Fund Statistics
        as of Quarter-End, 12/31/2009

        Ticker Symbol RYVFX
        Fund Net Assets (All Classes) $1.45 billion
        Number of Holdings 71
        Average Market Capitalization* $2.20 billion
        Weighted Average P/E Ratio** 12.4x
        Weighted Average P/B Ratio 1.8x
        Portfolio Turnover 2009 41%
        Minimum Investment $2,000
        Cusip Number 780905733
        Fund Number 291
        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 (21% of portfolio holdings as of 12/31/2009).

        Growth of Hypothetical $10,000

        Invested 6/14/2001

        As of Quarter-End 12/31/2009

        RYVFX vs Russell 2000

    1. Growth of Hypothetical $10,000

      Invested 6/14/2001

      As of Quarter-End 12/31/2009

      RYVFX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 12/31/2009

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 12/31/2009

        Sector Name Gain/Loss*
      (in millions)
      1 Natural Resources $24.27
      2 Consumer Products $9.68
      3 Technology $8.36
      4 Industrial Services $8.18
      5 Industrial Products $7.76
      6 Health $4.24
      7 Financial Services $2.23
      8 Consumer Services -$0.38
      9 Financial Intermediaries -$11.52

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 12/31/2009

      Company Gain*
      (in millions)
      Dress Barn (The) $6.89
      Major Drilling Group International $5.81
      Gardner Denver $5.46
      Gammon Gold $4.92
      Fossil $3.65

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 12/31/2009

      Company Loss*
      (in millions)
      Knight Capital Group Cl. A -$11.64
      Buckle (The) -$5.49
      Seabridge Gold -$3.21
      GameStop Corporation Cl. A -$3.19
      Agnico-Eagle Mines -$2.91

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns as of Month-End 1/31/10

        1-Month* YTD* 1YR 3YR 5YR Since Incept
      RYVFX -3.65% -3.65% 49.01% -2.22% 6.18% 10.68%
      Russell 2000 -3.68% -3.68% 37.82% -7.74% 0.61% 3.63%
      Annual Operating Expenses: 1.46%

      Average Annual Total Returns as of Quarter-End 12/31/09

        4Q* YTD* 1YR 3YR 5YR Since Incept
      RYVFX 3.90% 44.71% 44.71% -0.40% 6.22% 11.27%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 4.12%
      Annual Operating Expenses: 1.46%
      Inception Date: 6/14/2001

      * Not Annualized.

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. 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. Current performance may be higher or lower than performance quoted.

      Annual operating expenses reflect the Fund's total annual operating expenses for the Service Class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees.


      Cumulative Performance Since Inception (6/14/2001)
      and Since Market Cycle Peak as of Quarter-End 12/31/09

      RYVFX
      6/14/01 - 12/31/09
      RVV 149.1%
      Russell 2000 41.3%
      7/13/07 - 12/31/09
      RVV -16.0%
      Russell 2000 -24.2%

      View how RVV performed during down markets.

      Absolute Return Focus: Five Year Return Periods as of Quarter-End 12/31/09
      Number of Five-Year Average Annual Return Periods since RVV's Inception

      RYVFX

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/06/07 12/07/07 $0.1569 $0.2767 $0.4139 $0.85 $10.77
      12/04/06 12/05/06 $0.0161 $0.0992 $0.1198 $0.24 $11.27
      12/01/05 12/02/05 $0.0000 $0.1229 $0.0418 $0.16 $9.63
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      1. NAV History

        Previous 12 Months Ending 1/31/2010
        High $10.62 1/11/10
        Low $5.53 3/09/09
        Previous Month Ending 1/31/2010
        High $10.62 1/11/10
        Low $5.53 3/09/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $10.13
        2008 $7.00
        2007 $10.64
        2006 $11.06
        2005 $9.67
        2004 $8.39
        2003 $6.56
        2002 $4.35
        2001 $5.89

  3. Portfolio Managers

    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

    • 29 Years of Experience
    • 18 Years at Royce
    Jay S. Kaplan

    Jay S. Kaplan

    • Portfolio Manager and Principal
    • CFA

    Jay S. Kaplan, CFA, is a Portfolio Manager and Principal for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BS, State University of New York, Binghamton
    • MBA, New York University

    Experience

    • 21 Years of Experience
    • 9 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

    • 17 Years of Experience
    • 6 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End, 12/31/2009

      Fund Net Assets (All Classes) $1.45 billion
      Number of Holdings 71
      Average Market Capitalization* $2.20 billion
      Weighted Average P/E Ratio** 12.4x
      Weighted Average P/B Ratio 1.8x
      Portfolio Turnover 2009 41%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (21% of portfolio holdings as of 12/31/2009).

      Market Cap Exposure (In Millions)
      as of Quarter-End 12/31/2009

      Royce Value Fund

    2. Top 10 Positions
      as of Quarter-End, 12/31/2009
      % of Net Assets (Subject to Change)

      Federated Investors Cl. B 3.0%
      Comtech Telecommunications 2.8%
      Reliance Steel & Aluminum 2.7%
      PartnerRe 2.6%
      Unit Corporation 2.5%
      Knight Capital Group Cl. A 2.5%
      Buckle (The) 2.4%
      ManTech International Cl. A 2.3%
      Dress Barn (The) 2.2%
      NBTY 2.0%
      Top 10 as % of Total 24.8%

      View the complete list of holdings for Royce Value Fund for the quarter ended 12/31/2009. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.

      Portfolio Sector Breakdown
      as of Quarter-End, 12/31/2009
      % of Net Assets (Subject to Change)

      Natural Resources 24.5%
      Financial Intermediaries 12.3%
      Industrial Products 12.0%
      Technology 10.3%
      Consumer Services 9.7%
      Industrial Services 9.5%
      Consumer Products 5.9%
      Health 4.7%
      Financial Services 3.6%
      Treasuries, Cash & Cash Equivalents 7.5%

    3. Asset Allocation
      as of Quarter-End, 12/31/2009
      % of Net Assets (Subject to Change)

      Royce Value Fund Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Five-Year Morningstar Statistical Measures as of 12/31/2009*

        RVV Category Median Best Breakpoint
      Sharpe Ratio 0.26 0.01 0.09
      Standard Deviation 22.51 20.84 19.75

      *Five years ended 12/31/2009. Category Median and Best Quartile Breakpoint based on 314 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 12/31/2009

        Average Annual Total Return Standard Deviation Return Efficiency*
      RVV 6.22 22.51 0.28
      Russell 2000 0.51 21.35 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 12/31/09

      Quarter Russell 2000 RVV Spread
      3/31/09 -15.0% -6.1% +8.9% 
      12/31/08 -26.1 -27.2 -1.1 
      9/30/08 -1.1 -16.3 -15.2 
      3/31/08 -9.9 +0.2 +10.1 
      12/31/07 -4.6 -4.4 +0.2 
      9/30/07 -3.1 -4.5 -1.4 
      6/30/06 -5.0 -5.9 -0.9 
      3/31/05 -5.3 -0.6 +4.7 
      9/30/04 -2.9 +2.4 +5.3 
      3/31/03 -4.5 +2.1 +6.6 
      9/30/02 -21.4 -21.0 +0.4 
      6/30/02 -8.4 -16.5 -8.1 
      9/30/01 -20.8 -15.4 +5.4 

      Royce Value Fund outperformed the Russell 2000 in eight out of 13 down quarters.

    2. Performance in Down Markets: Royce Value Fund vs. Russell 2000*

      RYVFX vs Russell 2000

      Average Annual Total Returns as of Month-End 1/31/10

        1-Month* YTD* 1YR 3YR 5YR Since Incept
      RYVFX -3.65% -3.65% 49.01% -2.22% 6.18% 10.68%
      Russell 2000 -3.68% -3.68% 37.82% -7.74% 0.61% 3.63%
      Annual Operating Expenses: 1.46%

      Average Annual Total Returns as of Quarter-End 12/31/09

        4Q* YTD* 1YR 3YR 5YR Since Incept
      RYVFX 3.90% 44.71% 44.71% -0.40% 6.22% 11.27%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 4.12%
      Annual Operating Expenses: 1.46%
      Inception Date: 6/14/2001

      * Not Annualized.

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. 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. Current performance may be higher or lower than performance quoted.

      Annual operating expenses reflect the Fund's total annual operating expenses for the Service Class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees.

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    1. Fees

      Shareholder Fees
      (fees paid directly from your investment)
      Maximum sales charge (load) imposed on purchases none
      Maximum deferred sales charge none
      Maximum sales charge (load) imposed on reinvested dividends none
      Early Redemption Fee
      On purchases held for 180 days or more none
      On purchases held for less than 180 days 1.00%

    2. Annual Fund Operating Expenses

      (expenses deducted from Fund assets)
      Management Fees 1.00%
      Distribution (12b-1) Fees 0.25%
      Other Expenses 0.21%
      Total Annual Fund Operating Expenses 1.46%

      Fund expenses have been restated to reflect net assets as of 12/31/2008.

    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 also invests primarily in a limited number of stocks which may involve considerably more risk than a less concentrated portfolio because a decline in the value of these stocks would cause the Fund’s overall value to decline to a greater degree (see "Primary Risks for Fund Investors" in the prospectus). The Fund invests primarily in small-cap and mid-cap stocks which may involve considerably more risk than investing in larger-cap stocks (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.

    8. Close [X]

    Download literature for Royce Value Fund

  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. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.