Royce Global Value Fund (RIVFX)

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 2% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.

Operating expenses reflect the Fund's estimated operating expenses for the Service Class as of the date of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees. Royce and Associates has contractually agreed to waive fees and reimburse expenses, other than Acquired Fund fees and expenses, to the extent necessary to maintain the net annual operating expense ratio at or below 1.69% through December 31, 2008 and at or below 1.99% through December 31, 2017.