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.

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.