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  2. Royce Global Select Fund (RSFTX)

    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 2/3/2012  $17.52
      Daily NAV change  +$0.14 (+0.81%)

    1. Management Team

      Portfolio Manager

      David A. Nadel

      Assistant Portfolio Manager

      W. Whitney George

      Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Semperit AG Holding 3.2%
      Santen Pharmaceutical 3.0%
      Mayr-Melnhof Karton 3.0%
      Jupiter Fund Management 2.9%
      USS 2.8%
      Teradyne 2.7%
      FamilyMart 2.6%
      Helmerich & Payne 2.6%
      Ashmore Group 2.4%
      Lamprell 2.4%
      Top 10 as % of Total 27.7%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Literature & Research

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    2. Royce Global Select Fund (RGS) 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 is invested in a limited number (generally less than 100) of U.S. and foreign micro-cap, small-cap and mid-cap companies that Royce believes possess excellent business strengths and/or growth prospects, high internal rates of return, and low leverage. The Fund may also establish up to 35% of its net assets in short equity positions, and may employ leverage. We believe that investors in the Fund should have an investment horizon of at least three years.

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      Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR Since Inception  Inception Date
      RSFTX 0.53% -17.77% -17.77% 19.58% 5.80% 10.04% 6/30/2005 
      Russell Global Small Cap 5.25% -14.03% -14.03% 16.72% -1.28% 4.19% N/A
      MSCI World Small Core 8.22% -9.06% -9.06% 18.24% -0.64% 4.05% N/A
      Annual Operating Expenses: 3.53%

      * Not Annualized

      1. Fund Statistics
        as of Quarter-End 12/31/2011

        Fund Net Assets (All Classes) $23 million
        Ticker Symbol RSFTX
        Number of Holdings 81
        Average Market Capitalization* $1.40 billion
        Weighted Average P/E Ratio** 11.0x
        Weighted Average P/B Ratio 1.9x
        Portfolio Turnover as of 6/30/2011 14%
        Minimum Investment $50,000
        Cusip Number 780905410
        Fund Number 353
        Fund Inception Date 6/30/2005
        Benchmark Index Russell Global Small Cap
          MSCI World Small Core

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (2% of portfolio holdings as of 12/31/2011).

      2. Value of $10,000 Invested on 6/30/05
        As of Quarter-End 12/31/2011

        RSFTX vs Russell 2000

    1. Value of $10,000 Invested on 6/30/05
      As of Quarter-End 12/31/2011

      RSFTX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 12/31/2011

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 12/31/2011

        Sector Name Gain/Loss*
      (in millions)
      1 Energy $0.30
      2 Information Technology $0.17
      3 Industrials $0.14
      4 Consumer Staples $0.08
      5 Government Bonds -$0.00
      6 Diversified Investment Companies -$0.02
      7 Financials -$0.05
      8 Consumer Discretionary -$0.07
      9 Health Care -$0.08
      10 Materials -$0.50

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 12/31/2011

      Company Gain*
      (in millions)
      Helmerich & Payne $0.18
      Value Partners Group $0.14
      Teradyne $0.13
      Burckhardt Compression Holding $0.11
      Tegma Gestao Logistica $0.09

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 12/31/2011

      Company Loss*
      (in millions)
      Medusa Mining -$0.16
      Citadel Capital -$0.09
      E-House China Holdings ADR -$0.09
      Pan American Silver -$0.07
      Recordati -$0.06

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR Since Inception  Inception Date
      RSFTX 0.53% -17.77% -17.77% 19.58% 5.80% 10.04% 6/30/2005
      Russell Global Small Cap 5.25% -14.03% -14.03% 16.72% -1.28% 4.19% N/A
      MSCI World Small Core 8.22% -9.06% -9.06% 18.24% -0.64% 4.05% N/A
      Annual Operating Expenses: 3.53%

      * Not Annualized


      Russell Global Small-Cap Cycle Performance as of Quarter-End 12/31/11

      RSFTX

      View how RGS performed during down markets.

      Absolute Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      Number of Five-Year Average Annual Return Periods since RGS's Inception

      RSFTX

      Relative Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      RGS Spread vs. Russell Global Small Cap since RGS's Inception

      RSFTX

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/14/11 12/15/11 $0.2495 $0.0797 $0.6223 $0.95 $14.99
      12/15/10 12/16/10 $0.0502 $— $— $0.05 $19.43
      12/15/09 12/16/09 $0.2628 $— $— $0.26 $14.76
      12/15/08 12/16/08 $0.0000 $0.0581 $0.0283 $0.09 $9.54
      12/27/07 12/28/07 $0.3554 $0.3455 $0.1631 $0.86 $15.09
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      1. NAV History

        Previous 12 Months Ending 1/31/2012
        High $21.15 4/27/11
        Low $14.84 12/19/11
        Previous Month Ending 1/31/2012
        High $17.00 1/27/12
        Low $15.38 1/1/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $15.38
        2010 $19.89
        2009 $14.97
        2008 $9.76
        2007 $15.01
        2006 $13.43
        2005 $11.77

  3. Portfolio Manager

    David A. Nadel

    David A. Nadel

    • Portfolio Manager and Director of International Research

    David A. Nadel is a Portfolio Manager and Director of International Research for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Williams College
    • MA, Harvard University
    • MBA, Harvard Business School

    Experience

    • 20 Years of Experience
    • 5 Years at Royce

    Assistant Portfolio Manager

    W. Whitney George

    W. Whitney George

    • Co-Chief Investment Officer, Portfolio Manager and Managing Director

    W. Whitney George is a Co-Chief Investment Officer, Portfolio Manager and a Managing Director of Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Trinity College,

    Experience

    • 31 Years of Experience
    • 20 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 12/31/2011

      Fund Net Assets (All Classes) $23 million
      Number of Holdings 81
      Average Market Capitalization* $1.40 billion
      Weighted Average P/E Ratio** 11.0x
      Weighted Average P/B Ratio 1.9x
      Portfolio Turnover as of 6/30/2011 14%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (2% of portfolio holdings as of 12/31/2011).

      Market Cap Exposure (In Millions)
      as of Quarter-End 12/31/2011

      Royce Global Select Fund

    2. Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Semperit AG Holding 3.2%
      Santen Pharmaceutical 3.0%
      Mayr-Melnhof Karton 3.0%
      Jupiter Fund Management 2.9%
      USS 2.8%
      Teradyne 2.7%
      FamilyMart 2.6%
      Helmerich & Payne 2.6%
      Ashmore Group 2.4%
      Lamprell 2.4%
      Top 10 as % of Total 27.7%

      Short Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      ProShares Ultra Health Care-1.1%
      Simon Property Group, Inc.-0.9%
      ProShares Ultra MSCI Emerging Market Index Fund-0.9%
      Panera Bread Company Cl. A0.8%
      United Rentals, Inc.-0.7%
      iShares MSCI Canada Index-0.7%
      iShares Barclays 20+ Year Treasury Bond Fund-0.7%
      Las Vegas Sands Corporation-0.6%
      Stericycle, Inc.-0.6%
      Deluxe Corporation-0.5%

      Long Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Semperit AG Holding3.2%
      Santen Pharmaceutical3.0%
      Mayr-Melnhof Karton3.0%
      Jupiter Fund Management2.9%
      USS2.8%
      Teradyne2.7%
      FamilyMart2.6%
      Helmerich & Payne2.6%
      Ashmore Group2.4%
      Lamprell2.4%

      Portfolio Holdings
      as of Quarter-End 12/31/2011

      View the complete list of holdings for Royce Global Select Fund as of 12/31/2011. 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 12/31/2011
      % of Net Assets (Subject to Change)

      Materials 24.5%
      Industrials 13.3%
      Information Technology 12.1%
      Financials 11.2%
      Energy 10.5%
      Health Care 9.7%
      Consumer Discretionary 8.0%
      Consumer Staples 6.9%
      Government Bonds -0.6%
      Diversified Investment Companies -1.6%
      Treasuries, Cash & Cash Equivalents 5.9%

      Portfolio Country Breakdown
      as of Quarter-End 12/31/2011
      % of Net Assets* (Subject to Change)

      Japan 12.9%
      United Kingdom 10.2%
      Germany 8.9%
      Australia 6.6%
      Austria 6.2%
      South Africa 5.9%
      United States 5.2%
      Canada 5.0%
      Brazil 3.8%
      Switzerland 3.8%
      Hong Kong 3.1%
      Norway 2.9%
      United Arab Emirates (U.A.E.) 2.4%
      Belgium 2.4%
      France 2.4%
      India 2.3%
      China 2.1%
      Jersey 2.0%
      South Korea 1.6%
      Italy 1.4%
      Turkey 1.1%
      Mexico 1.1%
      Finland 0.9%

      *Except in the case of ETF's, securities are categorized by the country of their headquarters.

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Five-Year Morningstar Statistical Measures as of 12/31/2011*

        RGS Category Median Best Breakpoint
      Sharpe Ratio 0.31 0.05 0.18
      Standard Deviation 22.38 23.87 22.32

      *Five years ended 12/31/2011. Category Median and Best Quartile Breakpoint based on 22 world stock small-cap objective funds (oldest class only) with at least five years of history.

      Royce Global Select Fund's value approach produced below average volatility relative to world stock small-cap objective funds.

      Risk Disclosure

      The Sharpe Ratio is calculated for a specified period by dividing a fund's annualized excess returns by its annualized standard deviation. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance. Standard deviation is a statistical measure within which a fund's total returns have varied over time. The greater the standard deviation, the greater a fund's volatility.

      Risk/Return Comparison
      Five-Year Period Ended 12/31/2011

        Average Annual Total Return Standard Deviation Return Efficiency*
      RGS 5.80 22.38 0.26
      Russell Global Small Cap -1.28 24.23 -0.05

      *Return Efficiency is the average annual total return divided by the annualized standard deviation over a designated time period. Please read the prospectus for a more complete discussion of risk.

      Over the last five years, Royce Global Select Fund outperformed the Russell Global Small Cap on both an absolute and risk adjusted basis.

      Russell Global Small Cap Down Quarters
      Performance Comparison Since RGS's Inception Through 12/31/11

      Quarter Russell Global Small Cap RGS Spread
      9/30/11 -20.3% -19.9% +0.4% 
      6/30/11 -0.7 -1.9 -1.2 
      6/30/10 -9.0 -5.3 +3.7 
      3/31/09 -9.8 -3.8 +6.0 
      12/31/08 -25.4 -21.1 +4.3 
      9/30/08 -17.8 -23.0 -5.2 
      6/30/08 -2.8 +11.0 +13.8 
      3/31/08 -9.5 -2.6 +6.9 
      12/31/07 -3.5 -2.8 +0.7 
      6/30/06 -4.4 -1.9 +2.5 

      Royce Global Select Fund outperformed the Russell Global Small Cap in eight out of 10 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      as of Quarter-End 12/31/2011

      RGS vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR Since Inception  Inception Date
      RSFTX 0.53% -17.77% -17.77% 19.58% 5.80% 10.04% 6/30/2005 
      Russell Global Small Cap 5.25% -14.03% -14.03% 16.72% -1.28% 4.19% N/A
      MSCI World Small Core 8.22% -9.06% -9.06% 18.24% -0.64% 4.05% N/A
      Annual Operating Expenses: 3.53%

      * Not Annualized

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    1. Shareholder Fees

      (fees paid directly from your investment)
      Maximum sales charge (load) imposed on purchases 0.00%
      Maximum deferred sales charge 0.00%
      Maximum sales charge (load) imposed on reinvested dividends 0.00%
      Redemption fee (as a percentage of amount redeemed on shares held for less than 365 days) 2.00%

    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees (12.5% of pre-fee high watermarked return) 3.40%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.03%
      Dividends on securities sold short 0.05%
      Acquired fund fees and expenses 0.05%
      Total annual Fund operating expenses 3.53%
      Total annual Fund operating expenses may differ from the expense ratio in the Fund's Financial Highlights because they include only the Fund's direct operating expenses and do not include acquired fund fees and expenses, which reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds and other investment companies.

    3. Account Minimums

      To Open an Account
      Minimum investment $50,000
      Minimum subsequent investment $100

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


  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.