Co-CIO Whitney George Celebrates 20 Years at Royce

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 (2% for Royce Global Value Fund). Redemption fees are not reflected in the performance shown above; if they were, performance would be lower. Current performance may be higher or lower than performance quoted. Current month-end performance information may be obtained from our prices and performance page. All performance and expense information reflects results of the Fund's oldest share Class (Investment Class or Service Class, as the case may be).

Gross operating expenses reflect each Fund's gross total annual operating expenses, including management fees, any 12b-1distribution and service fees, other expenses, and any applicable acquired fund fees and expenses. Net operating expenses reflect contractual fee waivers and/or expense reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses through April 30, 2012 to the extent necessary to maintain net annual operating expenses, other than acquired fund fees and expenses, to no more than 1.49% for the Service Class of Royce Low-Priced Stock Fund and to no more than 1.69% for the Service Class of Royce Global Value Fund. Acquired fund fees and expenses reflect the estimated amount of the fees and expenses incurred indirectly by any applicable Fund through its investments in mutual funds, hedge funds, private equity funds and other investment companies.

Important Performance, Expense and Disclosure Information

The thoughts expressed in this piece are solely those of Royce & Associates. There can be no assurance with regard to future market movements. 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 Royce Funds invest primarily in micro-cap, small-cap and/or mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.) The Funds may invest in foreign securities to varying degrees, which may involve political, economic, currency and other risks not encountered in U.S. investments. (Please see Investing in Foreign Securities" in the prospectus.) Investments in foreign companies may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic or other developments that are unique to a particular country or region. (Please see "Investing in International Securities" in the prospectus). Therefore, the prices of the securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies.

Distributor: Royce Fund Services, Inc.