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The Royce Funds

Small-cap value investing for more than 35 years

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  1. Royce Asia-Pacific Select Fund (RAPSX)

    Investment Class
    QUALIFIED INVESTOR

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

     

    1. Open to New Investors

      NAV as of 3/19/2010  $11.98
      Daily NAV change  +$0.01 (+0.08%)
    2. Recent News on this Fund

Risk Analysis

    1. Management Team

      Portfolio Manager

      Jiyoung G. Kim

      Assistant Portfolio Manager

      James J. Harvey

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

      WPG Holdings 4.9%
      Ajisen China Holdings 4.3%
      Citic 1616 Holdings 4.1%
      Green Cross 3.7%
      Huabao International Holdings 3.7%
      Biosensors International Group 3.5%
      MegaStudy Company 3.4%
      Sa Sa International Holdings 3.4%
      China Shineway Pharmaceutical Group 3.1%
      Hanmi Pharm Company 3.0%
      Top 10 as % of Total 37.2%
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    2. Royce Asia-Pacific Select Fund (RAP) seeks long-term growth of capital and is designed for “qualified investors.” The Fund invests in both long and short positions in equity securities of companies that are domiciled in a country within the Asia-Pacific region or that trade principally on a stock exchange or in an over-the-counter market in a country within the Asia-Pacific region. The long portion of the Fund’s portfolio is invested primarily in a limited number (generally less than 100) of micro-cap, small-cap and mid-cap companies with market capitalizations up to $10 billion, that Royce believes possess excellent business strengths and/or growth prospects, high internal rates of return and low leverage.

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

        4Q* Since Incept*
      RAPSX 12.31% 17.70%
      MSCI AC Asia Pacific Standard Core 2.30% 17.90%
      Inception Date: 6/30/2009  Annual Operating Expenses: 0.70%

      * 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, which is not reflected in the performance shown above; if it were performance would be lower. Current performance may be higher or lower than performance quoted.

      Operating expenses include performance fees based on 12.5% of the Fund's pre-fee, high watermarked total returns which have been estimated based on an assumed 5.0% pre-fee annual rate of return. 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. 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 RAPSX
        Fund Net Assets (All Classes) $1 million
        Number of Holdings 56
        Average Market Capitalization* $980 million
        Weighted Average P/E Ratio** 19.6x
        Weighted Average P/B Ratio 3.3x
        Minimum Investment $50,000
        Cusip Number 78081A105
        Fund Number 351
        Inception Date 6/30/2009
        Benchmark Index MSCI AC Asia Pacific Standard Core

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (2% of portfolio holdings as of 12/31/2009).

    1. Performance Breakdown by Sector
      for Quarter Ended 12/31/2009

        Sector Name Gain/Loss*
      (in millions)
      1 Health $0.07
      2 Technology $0.04
      3 Consumer Products $0.03
      4 Industrial Services $0.01
      5 Natural Resources $0.01
      6 Industrial Products $0.00
      7 Consumer Services $0.00
      8 Financial Services $0.00
      9 Diversified Investment Companies -$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)
      Sino Biopharmaceutical $0.03
      China Shineway Pharmaceutical Group $0.02
      Sa Sa International Holdings $0.01
      WPG Holdings $0.01
      3SBio ADR $0.01

      *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 Losers*
      for Quarter Ended 12/31/2009

      Company Loss*
      (in millions)
      E-House China Holdings ADR -$0.01
      ATA ADR -$0.00
      Green Cross -$0.00
      Sinovac Biotech -$0.00
      Yingli Green Energy Holding Company ADR -$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* Since Incept*
      RAPSX 12.31% 17.70%
      MSCI AC Asia Pacific Standard Core 2.30% 17.90%
      Annual Operating Expenses: 0.70%
      Inception Date: 6/30/2009

      * 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, which is not reflected in the performance shown above; if it were performance would be lower. Current performance may be higher or lower than performance quoted.

      Operating expenses include performance fees based on 12.5% of the Fund's pre-fee, high watermarked total returns which have been estimated based on an assumed 5.0% pre-fee annual rate of return. 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. 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. NAV History

        Previous 12 Months Ending 2/28/2010
        High $12.00 1/19/10
        Low $9.90 7/08/09
        Previous Month Ending 2/28/2010
        High $11.63 2/26/10
        Low $9.90 7/08/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $11.77
  1. Portfolio Manager

    Jiyoung G. Kim

    Jiyoung G. Kim

    • Portfolio Manager
    • CFA

    Jiyoung Kim, CFA, is a Portfolio Manager of Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Harvard University

    Experience

    • 16 Years of Experience
    • Less Than One Year at Royce

    Assistant Portfolio Manager

    James J. Harvey

    James J. Harvey

    • Portfolio Manager
    • CFA

    James J. Harvey, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BS, State University of New York, Albany,
    • MBA, New York University,

    Experience

    • 17 Years of Experience
    • 11 Years at Royce
    1. Portfolio Statistics
      as of Quarter-End, 12/31/2009

      Fund Net Assets (All Classes) $1 million
      Number of Holdings 56
      Average Market Capitalization* $980 million
      Weighted Average P/E Ratio** 19.6x
      Weighted Average P/B Ratio 3.3x
      Portfolio Turnover 2009 0%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (2% of portfolio holdings as of 12/31/2009).

    2. Top 10 Positions
      as of Quarter-End 12/31/2009
      as of Month-End 2/28/2010
      % of Net Assets (Subject to Change)

      WPG Holdings 4.9%
      Ajisen China Holdings 4.3%
      Citic 1616 Holdings 4.1%
      Green Cross 3.7%
      Huabao International Holdings 3.7%
      Biosensors International Group 3.5%
      MegaStudy Company 3.4%
      Sa Sa International Holdings 3.4%
      China Shineway Pharmaceutical Group 3.1%
      Hanmi Pharm Company 3.0%
      Top 10 as % of Total 37.2%

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

      View the complete list of holdings for Royce Asia-Pacific 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 2/28/2010
      % of Net Assets (Subject to Change)

      Health 26.8%
      Technology 21.5%
      Consumer Products 16.4%
      Industrial Services 10.2%
      Consumer Services 6.2%
      Financial Services 5.0%
      Industrial Products 4.6%
      Natural Resources -0.5%
      Diversified Investment Companies -21.2%
      Treasuries, Cash & Cash Equivalents 31.0%
    1. Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 12/31/09

      Quarter Russell 2000 RAP Spread

      Royce Asia-Pacific Select Fund outperformed the Russell 2000 in 0 out of 0 down quarters.

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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 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 0.63%
      Distribution (12b-1) Fees none
      Dividends on securities sold short 0.07%
      Other Expenses none
      Total Annual Fund Operating Expenses 0.70%

      The performance fees are based on 12.5% of the Fund's pre-fee, high watermarked, total returns which are estimated based on an assumed of 5% pre-fee annual rate of return. 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.



  2. 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 any one of these stocks would cause the Fund’s overall value to decline to a greater degree. The Fund invests primarily in micro-cap, small-cap and mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks (see "Primary Risks for Fund Investors" in the prospectus). The Fund invests its assets in foreign securities that may involve political, economic, currency and other risks not encountered in U.S. investments (see "Investing in International Securities" in the prospectus). The MSCI AC (All Country) Asia Pacific Standard Core index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed and emerging markets in the Asia Pacific region. The index consisted of the following 13 developed and emerging market countries: Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, and Thailand.

  3. Download literature for Royce Asia-Pacific Select Fund

  4. © 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.