Royce SMid-Cap Value Fund (RSV) seeks long-term growth of capital. The Fund invests at least 80% of its assets in small-cap and mid-cap companies with market caps between $500 million and $10 billion that Royce believes are trading below its estimate of their current worth. The Fund generally seeks to invest in securities of companies that have excellent business strengths, high internal rates of return and exhibit above-average growth prospects.

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.

Gross operating expenses reflect the Fund's estimated gross operating expenses for the Service class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees. Net operating expenses reflect contractual fee waivers and/or reimbursements. Royce and Associates has contractually agreed to waive fees and reimburse expenses to the extent necessary to maintain the net annual operating expense ratio at or below 1.49% through April 30, 2010, and at or below 1.99% through April 30, 2019.

Distribution History