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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 Micro-Cap Fund (RYOTX)

    Investment Class
    MICRO-CAP/OPPORTUNISTIC

    Micro-Cap/Opportunistic Funds generally invest in micro-caps and/or those companies considered more opportunistic.

     

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    1. OPEN ONLY TO EXISTING INVESTORS

      NAV as of 3/12/2010  $14.39
      Daily NAV change  -$0.01 (-0.07%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Jenifer L. Taylor

      Assistant Portfolio Managers

      W. Whitney George
      David A. Nadel

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

      Atlantic Tele-Network 1.3%
      Olympic Steel 1.3%
      T-3 Energy Services 1.3%
      Allied Nevada Gold 1.2%
      Patriot Transportation Holding 1.2%
      Horsehead Holding Corporation 1.1%
      Silvercorp Metals 1.1%
      Cavco Industries 1.0%
      SMART Modular Technologies (WWH) 1.0%
      Semperit AG Holding 1.0%
      Top 10 as % of Total 11.4%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

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    2. Royce Micro-Cap Fund (RMC) invests primarily in companies with market capitalizations up to $500 million. Royce generally focuses on micro-cap companies that it believes are trading significantly below its estimate of their current worth, an assessment based chiefly on balance sheet quality and cash flow levels. 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 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Incept
      RYOTX 6.52% 55.67% 55.67% -0.52% 6.07% 11.43% 12.12% 13.13%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 8.33%
      Inception Date: 12/31/1991  Annual Operating Expenses: 1.69%

      * 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.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses. "Acquired Fund fees and expenses" are those incurred indirectly as a result of investment in one or more Acquired Funds, including mutual funds, hedge funds, private equity funds and other pooled investment vehicles.

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

        Ticker Symbol RYOTX
        Fund Net Assets (All Classes) $1.08 billion
        Number of Holdings 212
        Average Market Capitalization* $327 million
        Weighted Average P/B Ratio 1.6x
        Portfolio Turnover 2009 43%
        Minimum Investment $2,000
        Cusip Number 780905709
        Fund Number 264
        Inception Date 12/31/1991
        Benchmark Index Russell 2000

        * Geometrically calculated

      2. Growth of Hypothetical $10,000

        Invested 12/31/1991

        As of Quarter-End 12/31/2009

        RYOTX vs Russell 2000

    1. Growth of Hypothetical $10,000

      Invested 12/31/1991

      As of Quarter-End 12/31/2009

      RYOTX 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 $29.52
      2 Technology $12.76
      3 Industrial Products $11.41
      4 Consumer Products $7.43
      5 Financial Services $6.06
      6 Industrial Services $4.88
      7 Health $2.55
      8 Consumer Services -$1.51
      9 Financial Intermediaries -$3.01

      *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)
      Allied Nevada Gold $4.99
      Aquiline Resources $4.78
      Silvercorp Metals $3.87
      Kennedy-Wilson Holdings $3.84
      Asian Citrus Holdings $3.49

      *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)
      Sigma Designs -$1.74
      CryptoLogic -$1.69
      True Religion Apparel -$1.44
      BCB Holdings -$1.33
      Lexicon Pharmaceuticals -$1.29

      *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 Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Incept
      RYOTX 6.52% 55.67% 55.67% -0.52% 6.07% 11.43% 12.12% 13.13%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 8.33%
      Annual Operating Expenses: 1.69%
      Inception Date: 12/31/1991

      * 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.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses. "Acquired Fund fees and expenses" are those incurred indirectly as a result of investment in one or more Acquired Funds, including mutual funds, hedge funds, private equity funds and other pooled investment vehicles.


      Small-Cap Market Cycle Performance as of Quarter-End 12/31/09

      RYOTX
      3/09/00 - 7/13/07
      RMC 197.4%
      Russell 2000 54.8%
      7/13/07 - 12/31/09
      RMC -12.6%
      Russell 2000 -24.2%

      View how RMC 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 RMC's Inception

      RYOTX

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/08/09 12/09/09 $0.1842 $— $— $0.18 $13.21
      12/08/08 12/09/08 $0.0000 $0.0934 $0.2326 $0.33 $8.21
      12/06/07 12/07/07 $0.4491 $0.3761 $2.0280 $2.85 $15.70
      12/04/06 12/05/06 $0.2835 $0.4885 $1.3024 $2.07 $17.16
      12/01/05 12/02/05 $0.1272 $0.2811 $1.1979 $1.61 $15.79
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      1. NAV History

        Previous 12 Months Ending 2/28/2010
        High $14.28 1/19/10
        Low $6.97 3/09/09
        Previous Month Ending 2/28/2010
        High $13.68 2/18/10
        Low $6.97 3/09/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $13.71
        2008 $8.93
        2007 $15.72
        2006 $17.35
        2005 $15.90
        2004 $15.71
        2003 $14.93
        2002 $10.16
        2001 $11.85
        2000 $9.78

  3. Portfolio Manager

    Jenifer L. Taylor

    Jenifer L. Taylor

    • Portfolio Manager

    Jenifer L. Taylor is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Boston University

    Experience

    • 22 Years of Experience
    • 10 Years at Royce

    Assistant 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
    David A. Nadel

    David A. Nadel

    • Portfolio Manager

    David A. Nadel is a Portfolio Manager and Senior Analyst for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Williams College,
    • MA, Harvard University,
    • MBA, Harvard Business School,

    Experience

    • 18 Years of Experience
    • 3 Years at Royce

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

      Fund Net Assets (All Classes) $1.08 billion
      Number of Holdings 212
      Average Market Capitalization* $327 million
      Weighted Average P/B Ratio 1.6x
      Portfolio Turnover 2009 43%

      *Geometrically calculated

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

      Royce Micro-Cap Fund

      Companies by Market Capitalization
      as of Quarter-End 12/31/2009

      Companies by Market Capitalization
      Source: FactSet; U.S. Companies

    2. Top 10 Positions
      as of Quarter-End 12/31/2009
      as of Month-End 1/31/2010
      % of Net Assets (Subject to Change)

      Atlantic Tele-Network 1.3%
      Olympic Steel 1.3%
      T-3 Energy Services 1.3%
      Allied Nevada Gold 1.2%
      Patriot Transportation Holding 1.2%
      Horsehead Holding Corporation 1.1%
      Silvercorp Metals 1.1%
      Cavco Industries 1.0%
      SMART Modular Technologies (WWH) 1.0%
      Semperit AG Holding 1.0%
      Top 10 as % of Total 11.4%

      Portfolio Holdings
      as of Quarter-End 12/31/2009

      View the complete list of holdings for Royce Micro-Cap 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.

    3. Portfolio Sector Breakdown
      as of Quarter-End 12/31/2009
      as of Month-End 1/31/2010
      % of Net Assets (Subject to Change)

      Natural Resources 17.3%
      Technology 14.4%
      Industrial Products 12.9%
      Industrial Services 11.7%
      Health 11.3%
      Consumer Products 8.0%
      Financial Intermediaries 4.4%
      Consumer Services 4.1%
      Financial Services 3.8%
      Treasuries, Cash & Cash Equivalents 12.3%

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

      Royce Micro-Cap Fund Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

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

        RMC Category Median Best Breakpoint
      Sharpe Ratio 0.25 -0.07 0.11
      Standard Deviation 20.86 21.86 20.45

      *Five years ended 12/31/2009. Category Median and Best Quartile Breakpoint based on 24 micro-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*
      RMC 6.07 20.86 0.29
      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 RMC Spread
      3/31/09 -15.0% -6.9% +8.1% 
      12/31/08 -26.1 -27.5 -1.4 
      9/30/08 -1.1 -12.5 -11.4 
      3/31/08 -9.9 -7.9 +2.0 
      12/31/07 -4.6 -1.9 +2.7 
      9/30/07 -3.1 -0.9 +2.2 
      6/30/06 -5.0 -3.2 +1.8 
      3/31/05 -5.3 -3.8 +1.5 
      9/30/04 -2.9 -1.8 +1.1 
      3/31/03 -4.5 -7.2 -2.7 
      9/30/02 -21.4 -23.5 -2.1 
      6/30/02 -8.4 -6.2 +2.2 
      9/30/01 -20.8 -17.3 +3.5 
      3/31/01 -6.5 +1.7 +8.2 
      12/31/00 -6.9 -3.0 +3.9 
      6/30/00 -3.8 +0.7 +4.5 
      9/30/99 -6.3 -2.4 +3.9 
      3/31/99 -5.4 -16.1 -10.7 
      9/30/98 -20.1 -20.7 -0.6 
      6/30/98 -4.7 -3.6 +1.1 
      12/31/97 -3.3 -2.0 +1.3 
      3/31/97 -5.2 -0.9 +4.3 

      Royce Micro-Cap Fund outperformed the Russell 2000 in 16 out of 22 down quarters.

    2. Performance in Down Markets: Royce Micro-Cap Fund vs. Russell 2000*

      RYOTX vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Incept
      RYOTX 6.52% 55.67% 55.67% -0.52% 6.07% 11.43% 12.12% 13.13%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 7.73% 8.33%
      Annual Operating Expenses: 1.69%
      Inception Date: 12/31/1991

      * 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.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses. "Acquired Fund fees and expenses" are those incurred indirectly as a result of investment in one or more Acquired Funds, including mutual funds, hedge funds, private equity funds and other pooled investment vehicles.

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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 1.30%
      Distribution (12b-1) Fees none
      Other Expenses 0.26%
      Total direct annual Fund operating Expenses 1.56%
      Acquired Fund fees and expenses 0.13%
      Total Annual Fund Operating Expenses 1.69%

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

      "Acquired Fund fees and expenses" are those incurred indirectly as a result of investment in one or more Acquired Funds, including mutual funds, hedge funds, private equity funds and other pooled investment vehicles.

    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 micro-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 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. Close [X]

    Download literature for Royce Micro-Cap 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. 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.