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Royce Special Equity Fund (RYSEX)
Investment Class
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Open to New Investors
NAV as of 1/6/2009 $14.12
Daily NAV change
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Top 10 Positions As of Quarter-End 9/30/08 Share of Net Assets National Presto Industries 6.5% Bio-Rad Laboratories Cl. A 4.3% Hilb Rogal & Hobbs 3.6% Lancaster Colony 3.1% Arden Group Cl. A 3.1% Rofin-Sinar Technologies 2.7% Lawson Products 2.2% Park Electrochemical 2.1% CSS Industries 2.1% Hubbell Cl. B 2.0% Top 10 as % of Total 31.7% 
Objective and Strategy
Royce Special Equity Fund seeks long-term growth of capital using a disciplined value approach that traces its roots to the teachings of Benjamin Graham and Abraham Briloff. This approach combines classic value analysis with accounting cynicism. The Fund focuses on companies with market capitalizations of less than $2.5 billion, attempting to find inexpensive companies with high returns on invested capital and low leverage. We believe investors in the Fund should have a long-term investment horizon of at least three years.
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Performance
Average Annual Total Returns As of Quarter-End 12/31/08 4Q* YTD* 1YR 3YR RYSEX -14.91% -19.62% -19.62% -1.36% Russell 2000 -26.12% -33.79% -33.79% -8.29% 5YR 10YR Since Incept RYSEX 1.60% 8.15% 6.91% Russell 2000 -0.93% 3.02% N/A Annual Operating Expenses 1.11% Inception Date: 5/1/1998 * 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.
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Fund Statistics
Ticker Symbol RYSEX Fund Net Assets (All Classes) $544 million Number of Holdings 67 Minimum Investment $2,000 Cusip Number 780905782 Fund Number 327 Inception Date 5/1/1998 Benchmark Index Russell 2000 Growth of Hypothetical $10,000 Invested 5/01/1998 As of Quarter-End 9/30/2008 
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©
Royce & Associates, LLC, 1414 Avenue of the Americas, New York, NY 10019, (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. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.
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 a limited number of stocks which may involve considerably more risk than a less concentrated portfolio because a decline in the value of these stocks would cause the Fund’s overall value to decline to a greater degree (see "Primary Risks for Fund Investors" in the prospectus). The Fund invests primarily in small- and micro-cap stocks which may involve considerably more risk than investing in larger-cap stocks (see "Primary Risks for Fund Investors" 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. Distributor: Royce Fund Services, Inc.
