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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 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 7/28/2010  $10.10
      Daily NAV change  -$0.11 (-0.01%)

      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 6/30/10
      % of Net Assets (Subject to Change)

      ManTech International Cl. A 2.7%
      Federated Investors Cl. B 2.6%
      Buckle (The) 2.6%
      PartnerRe 2.5%
      Unit Corporation 2.4%
      Comtech Telecommunications 2.4%
      Knight Capital Group Cl. A 2.3%
      Reliance Steel & Aluminum 2.3%
      Dress Barn (The) 2.2%
      Pan American Silver 2.1%
      Top 10 as % of Total 24.2%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Literature & Research

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

        2Q* YTD* 1YR 3YR 5YR Since Incept
      RYVFX -8.10% -3.65% 20.94% -5.71% 5.01% 10.17%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.67%
      Inception Date: 6/14/2001  Annual Operating Expenses: 1.47%

      * 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 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, and other expenses.

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

        Ticker Symbol RYVFX
        Fund Net Assets (All Classes) $1.44 billion
        Number of Holdings 67
        Average Market Capitalization* $2.12 billion
        Weighted Average P/E Ratio** 11.5x
        Weighted Average P/B Ratio 1.6x
        Portfolio Turnover 2009 49%
        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 (9% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 6/14/2001 As of Quarter-End 6/30/2010

        RYVFX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 6/14/2001 As of Quarter-End 6/30/2010

      RYVFX 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 Industrial Services -$4.08
      2 Health -$4.57
      3 Technology -$7.67
      4 Consumer Products -$9.76
      5 Natural Resources -$13.83
      6 Financial Services -$18.59
      7 Financial Intermediaries -$19.58
      8 Consumer Services -$23.12
      9 Industrial Products -$28.13

      *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)
      American Italian Pasta Cl. A $8.16
      Seabridge Gold $5.39
      Red Back Mining $5.00
      Pan American Silver $2.50
      Fresnillo $2.16

      *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)
      Reliance Steel & Aluminum -$11.98
      American Eagle Outfitters -$11.23
      Federated Investors Cl. B -$9.97
      NBTY -$9.25
      Schnitzer Steel Industries Cl. A -$8.75

      *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 Since Incept
      RYVFX -8.10% -3.65% 20.94% -5.71% 5.01% 10.17%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.67%
      Annual Operating Expenses: 1.47%
      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, 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 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, and other expenses.


      Cumulative Performance Since Inception (6/14/2001)
      and Since Market Cycle Peak as of Quarter-End 6/30/10

      RYVFX

      View how RVV 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 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 $—
      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 6/30/2010
        High $11.33 4/23/10
        Low $7.64 7/08/09
        Previous Month Ending 6/30/2010
        High $10.58 6/15/10
        Low $9.76 6/30/10

        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 6/30/2010

      Fund Net Assets (All Classes) $1.44 billion
      Number of Holdings 67
      Average Market Capitalization* $2.12 billion
      Weighted Average P/E Ratio** 11.5x
      Weighted Average P/B Ratio 1.6x
      Portfolio Turnover 2009 49%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (9% of portfolio holdings as of 6/30/2010).

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

      Royce Value Fund

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

      ManTech International Cl. A 2.7%
      Federated Investors Cl. B 2.6%
      Buckle (The) 2.6%
      PartnerRe 2.5%
      Unit Corporation 2.4%
      Comtech Telecommunications 2.4%
      Knight Capital Group Cl. A 2.3%
      Reliance Steel & Aluminum 2.3%
      Dress Barn (The) 2.2%
      Pan American Silver 2.1%
      Top 10 as % of Total 24.2%

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

      View the complete list of holdings for Royce Value 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)

      Natural Resources 25.2%
      Financial Intermediaries 13.2%
      Industrial Products 12.2%
      Consumer Services 11.2%
      Technology 9.3%
      Consumer Products 7.7%
      Financial Services 5.9%
      Industrial Services 5.9%
      Health 4.9%
      Treasuries, Cash & Cash Equivalents 4.5%

      Asset Allocation
      as of Quarter-End 6/30/2010
      % 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 6/30/2010*

        RVV Category Median Best Breakpoint
      Sharpe Ratio 0.22 0.01 0.09
      Standard Deviation 22.64 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 6/30/2010

        Average Annual Total Return Standard Deviation Return Efficiency*
      RVV 5.01 22.64 0.22
      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 RVV Spread
      6/30/10 -9.9% -8.1% +1.8% 
      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 nine out of 14 down quarters.

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

      RVV vs Russell 2000

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

        2Q* YTD* 1YR 3YR 5YR Since Incept
      RYVFX -8.10% -3.65% 20.94% -5.71% 5.01% 10.17%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.67%
      Annual Operating Expenses: 1.47%
      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, 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 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, and other expenses.

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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 0.25%
      Other expenses 0.22%
      Total annual Fund operating expenses 1.47%

    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 mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. 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 (Please see "Primary Risks for Fund Investors" in the prospectus). The Fund may invest up to 25% of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments (Please see "Investing in Foreign Securities" 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. © 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.