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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 SMid-Cap Select Fund (RMISX)

    Investment Class
    QUALIFIED INVESTOR

    Qualified Investors may use Royce's Select Funds, which use a performance fee structure with a specific portfolio management style.

     

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    1. Open to New Investors

      NAV as of 3/12/2010  $9.36
      Daily NAV change  -$0.01 (-0.11%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Steven G. McBoyle

      Assistant Portfolio Manager

      Charles M. Royce

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

      International Rectifier 3.8%
      Wesco Financial 3.6%
      Hertz Global Holdings 2.7%
      NBTY 2.7%
      Alliant Techsystems 2.4%
      Albemarle Corporation 2.1%
      Equifax 2.1%
      Gildan Activewear 2.0%
      AmerisourceBergen Corporation 1.9%
      Hubbell Cl. B 1.9%
      Top 10 as % of Total 25.2%
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    2. Royce SMid-Cap Select Fund (RSS) seeks long-term growth of capital and is designed for “qualified investors”. The Fund invests in both long and short positions in equity securities. The long portion of the Fund’s portfolio will be invested primarily in a limited number (generally less than 100) of equity securities of small-cap and mid-cap companies, with market capitalizations between $500 million and $10 billion, that Royce believes are trading below its estimate of their current worth putting primary emphasis on balance sheet quality, cash flows and various internal returns indicative of profitability.

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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 Since Incept
      RMISX 3.98% 23.13% 23.13% -3.53%
      Russell 2500 5.08% 34.39% 34.39% -8.77%
      Inception Date: 9/28/2007  Annual Operating Expenses: 0.28%

      * 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 365 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 for Royce SMid-Cap Select fund reflect the Fund's total annual operating expenses as of the most current prospectus and includes the Fund's management fee basbased on 12.5% of the Fund's estimated pre-fee, high watermarked return of 2.0% in 2008. Royce & Associates has contractually agreed to absorb all other operating expenses of the Fund, other than dividend expense relating to any short selling activity of the Fund and acquired fund fees and expenses, when applicable. 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.

      Only persons who are "qualified investors" may invest. The Fund's initial minimum investment is $50,000.

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

        Ticker Symbol RMISX
        Fund Net Assets (All Classes) $1 million
        Number of Holdings 83
        Average Market Capitalization* $2.89 billion
        Weighted Average P/E Ratio** 16.1x
        Weighted Average P/B Ratio 1.9x
        Portfolio Turnover 2009 764%
        Minimum Investment $50,000
        Cusip Number 780905147
        Fund Number 354
        Inception Date 9/28/2007
        Benchmark Index Russell 2500

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (22% of portfolio holdings as of 12/31/2009).

      2. Growth of Hypothetical $10,000

        Invested 9/28/2007

        As of Quarter-End 12/31/2009

        RMISX vs Russell 2000

    1. Growth of Hypothetical $10,000

      Invested 9/28/2007

      As of Quarter-End 12/31/2009

      RMISX 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 Industrial Products $0.02
      2 Technology $0.01
      3 Consumer Products $0.01
      4 Consumer Services $0.00
      5 Financial Services $0.00
      6 Financial Intermediaries $0.00
      7 Health $0.00
      8 Utilities $0.00
      9 Diversified Investment Companies -$0.00
      10 Natural Resources -$0.00

      *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)
      International Rectifier $0.01
      Gildan Activewear $0.00
      Hertz Global Holdings $0.00
      Alliant Techsystems $0.00
      AmerisourceBergen Corporation $0.00

      *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)
      NCR Corporation -$0.00
      Cintas Corporation -$0.00
      Polycom -$0.00
      SRA International Cl. A -$0.00
      UltraShort S&P500 ProShares -$0.00

      *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 Since Incept
      RMISX 3.98% 23.13% 23.13% -3.53%
      Russell 2500 5.08% 34.39% 34.39% -8.77%
      Annual Operating Expenses: 0.28%
      Inception Date: 9/28/2007

      * 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 365 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 for Royce SMid-Cap Select fund reflect the Fund's total annual operating expenses as of the most current prospectus and includes the Fund's management fee basbased on 12.5% of the Fund's estimated pre-fee, high watermarked return of 2.0% in 2008. Royce & Associates has contractually agreed to absorb all other operating expenses of the Fund, other than dividend expense relating to any short selling activity of the Fund and acquired fund fees and expenses, when applicable. 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.

      Only persons who are "qualified investors" may invest. The Fund's initial minimum investment is $50,000.

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/15/09 12/16/09 $0.0749 $— $— $0.07 $8.87
      12/15/08 12/16/08 $0.1209 $0.0217 $0.0007 $0.14 $7.15
      12/27/07 12/28/07 $0.0162 $— $— $0.02 $10.05
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      1. NAV History

        Previous 12 Months Ending 2/28/2010
        High $9.15 1/14/10
        Low $6.33 3/09/09
        Previous Month Ending 2/28/2010
        High $9.01 2/22/10
        Low $6.33 3/09/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $8.95
        2008 $7.33
        2007 $10.04

  3. Portfolio Manager

    Steven G. McBoyle

    Steven G. McBoyle

    • Portfolio Manager
    • CPA, CA

    Steven G. McBoyle, CPA, CA  is a Portfolio Manager for Royce & Associates, LLC, investment adviser for The Royce Funds.

    View Full Bio

    Education

    • BA, University of Waterloo
    • MBA, Columbia University

    Experience

    • 20 Years of Experience
    • 2 Years at Royce

    Assistant Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President, Co-Chief Investment Officer and Portfolio Manager

    Charles M. Royce is President, Co-Chief Investment Officer and Portfolio Manager of Royce & Associates, LLC and President of The Royce Funds, a position he has held since 1972.

    View Full Bio

    Education

    • BA, Brown University,
    • MBA, Columbia University,

    Experience

    • 47 Years of Experience
    • 37 Years at Royce

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

      Fund Net Assets (All Classes) $1 million
      Number of Holdings 83
      Average Market Capitalization* $2.89 billion
      Weighted Average P/E Ratio** 16.1x
      Weighted Average P/B Ratio 1.9x
      Portfolio Turnover 2009 764%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (22% of portfolio holdings as of 12/31/2009).

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

      Royce SMid-Cap Select Fund

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

      International Rectifier 3.8%
      Wesco Financial 3.6%
      Hertz Global Holdings 2.7%
      NBTY 2.7%
      Alliant Techsystems 2.4%
      Albemarle Corporation 2.1%
      Equifax 2.1%
      Gildan Activewear 2.0%
      AmerisourceBergen Corporation 1.9%
      Hubbell Cl. B 1.9%
      Top 10 as % of Total 25.2%

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

      View the complete list of holdings for Royce SMid-Cap Select 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)

      Industrial Products 23.2%
      Technology 18.6%
      Industrial Services 9.4%
      Financial Intermediaries 8.9%
      Consumer Products 6.0%
      Consumer Services 5.5%
      Financial Services 5.2%
      Health 3.7%
      Diversified Investment Companies 2.4%
      Natural Resources 2.2%
      Utilities 0.7%
      Treasuries, Cash & Cash Equivalents 14.2%

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

      Royce SMid-Cap Select Fund Asset Allocation
  5. Royce SMid-Cap Select Fund was incepted on 9/28/2007. There is not enough data to offer a risk analysis at this time.

    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 365 days or more none
      On purchases held for less than 365 days 2.00%

    2. Annual Fund Operating Expenses

      (expenses deducted from Fund assets)
      Management Fees 0.25%
      Distribution (12b-1) Fees none
      Dividends on securities sold short 0.03%
      Other Expenses none
      Total Annual Fund Operating Expenses 0.28%

      The performance fees are based on 12.5% of the Fund's pre-fee, high watermarked return of 2.0% in 2008. Other expenses are shown as "none" because Royce is responsible for paying them, other than dividend expense relating to any short selling activity of the Fund.

    3. Account Minimums

      To Open an Account
      Regular $50,000
      Traditional/Roth IRA/Coverdell ESA $50,000
      Automatic Investment and Direct Deposit Plans none
      401(k)s none
      Subsequent Investments
      All Account Types $100

      This Fund is designed for qualified investors, as defined in the prospectus.



  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 small-cap and mid-cap companies, which may involve considerably more risk than investing in larger-cap stocks. The Fund also invests primarily in a limited number of stocks, which may involve considerably more risk than a less concentrated because a decline in the value of these stocks would cause the Fund’s overall value to decline to a greater degree (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 2500 is an unmanaged, capitalization-weighted index of the 2,500 smallest publicly traded U.S. companies in the Russell 3000 index.

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  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.