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  2. Royce Opportunity Select Fund (ROSFX)

    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  $12.15
      Daily NAV change  +$0.25 (+2.10%)

    1. Management Team

      Portfolio Manager

      William A. Hench

      Assistant Portfolio Manager

      Boniface A. Zaino

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

      Harman International Industries 3.2%
      Kaiser Aluminum 2.8%
      Mack-Cali Realty 2.8%
      Standard Pacific 2.7%
      Northwest Pipe 2.6%
      SUPERVALU 2.3%
      LaSalle Hotel Properties 2.3%
      Swift Transportation 2.2%
      Pioneer Drilling 2.2%
      Aspen Technology 2.1%
      Top 10 as % of Total 25.1%

      Literature & Research

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    2. Royce Opportunity Select Fund (ROS) seeks long-term growth of capital, is available only to "qualified investors" and may invest in both long and short positions in equity securities. For the long portion of the Fund's portfolio, Royce uses an opportunistic value approach that incorporates four investment themes, including turnarounds, to invest in small-cap and micro-cap companies, those with market capitalizations up to $2.5 billion. The Fund may sell short securities representing up to 35% of its net assets and may employ leverage. We believe that investors in the Fund should have a long-term 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 Since Inception  Inception Date
      ROSFX 13.66% -17.14% -17.14% 5.67% 8/31/2010 
      Russell 2000 15.47% -4.18% -4.18% 18.40% N/A
      Annual Operating Expenses: 4.01%

      * Not Annualized

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

        Fund Net Assets (All Classes) $2 million
        Ticker Symbol ROSFX
        Number of Holdings 82
        Average Market Capitalization* $541 million
        Weighted Average P/E Ratio** 14.2x
        Weighted Average P/B Ratio 1.0x
        U.S. Investments
        (% of Net Assets)        		 85.9%
        Non-U.S. Investments
        (% of Net Assets)        		 2.7%
        Portfolio Turnover as of 6/30/2011 147%
        Minimum Investment $50,000
        Cusip Number 780811832
        Fund Number 347
        Fund Inception Date 8/31/2010
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (28% of portfolio holdings as of 12/31/2011).

      2. Value of $10,000 Invested on 8/31/10
        As of Quarter-End 12/31/2011

        ROSFX vs Russell 2000

    1. Value of $10,000 Invested on 8/31/10
      As of Quarter-End 12/31/2011

      ROSFX 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 Consumer Discretionary $0.06
      2 Industrials $0.05
      3 Energy $0.04
      4 Materials $0.03
      5 Financials $0.02
      6 Information Technology $0.02
      7 Consumer Staples $0.01

      *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)
      Harman International Industries $0.02
      Lithia Motors Cl. A $0.02
      Flotek Industries $0.02
      First Solar $0.01
      Novellus Systems $0.01

      *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)
      Powerwave Technologies -$0.01
      SolarWinds -$0.01
      Phillips-Van Heusen -$0.01
      Nordstrom -$0.01
      MRV Communications -$0.01

      *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 Since Inception  Inception Date
      ROSFX 13.66% -17.14% -17.14% 5.67% 8/31/2010
      Russell 2000 15.47% -4.18% -4.18% 18.40% N/A
      Annual Operating Expenses: 4.01%

      * Not Annualized


      Cumulative Performance Since Inception (8/31/2010)
      and Since Market Cycle Peak as of Quarter-End 12/31/11

      ROSFX

      View how ROS performed during down markets.

      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 $0.0171 $0.3955 $— $0.41 $9.84
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      1. NAV History

        Previous 12 Months Ending 1/31/2012
        High $14.09 2/17/11
        Low $8.93 10/3/11
        Previous Month Ending 1/31/2012
        High $11.69 1/27/12
        Low $10.33 1/1/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $10.33
        2010 $12.99

  3. Portfolio Manager

    William A. Hench

    William A. Hench

    • Portfolio Manager

    William A. Hench is Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BBA, Aldephi University

    Experience

    • 19 Years of Experience
    • 9 Years at Royce

    Assistant Portfolio Manager

    Boniface A. Zaino

    Boniface A. Zaino

    • Portfolio Manager and Managing Director
    • CFA

    Boniface A. Zaino, CFA, is a Portfolio Manager and Managing Director of Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Fordham University,
    • MBA, Columbia University,

    Experience

    • 43 Years of Experience
    • 13 Years at Royce

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

      Fund Net Assets (All Classes) $2 million
      Number of Holdings 82
      Average Market Capitalization* $541 million
      Weighted Average P/E Ratio** 14.2x
      Weighted Average P/B Ratio 1.0x
      Portfolio Turnover as of 6/30/2011 147%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (28% of portfolio holdings as of 12/31/2011).

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

      Royce Opportunity Select Fund

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

      Harman International Industries 3.2%
      Kaiser Aluminum 2.8%
      Mack-Cali Realty 2.8%
      Standard Pacific 2.7%
      Northwest Pipe 2.6%
      SUPERVALU 2.3%
      LaSalle Hotel Properties 2.3%
      Swift Transportation 2.2%
      Pioneer Drilling 2.2%
      Aspen Technology 2.1%
      Top 10 as % of Total 25.1%

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

      View the complete list of holdings for Royce Opportunity 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)

      Information Technology 20.8%
      Industrials 17.9%
      Materials 15.0%
      Energy 13.0%
      Financials 12.5%
      Consumer Discretionary 5.5%
      Consumer Staples 3.8%
      Treasuries, Cash & Cash Equivalents 11.4%

      Asset Allocation
      as of 12/31/2011
      % of Net Assets (Subject to Change)

      Royce Opportunity Select Fund Asset Allocation

    1. Russell 2000 Down Quarters
      Performance Comparison Since ROS's Inception Through 12/31/11

      Quarter Russell 2000 ROS Spread
      9/30/11 -21.9% -26.2% -4.3% 
      6/30/11 -1.6 -6.9 -5.3 

      Royce Opportunity Select Fund outperformed the Russell 2000 in 0 out of two down quarters.

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

      ROS vs Russell 2000

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

        4Q* YTD* 1YR Since Inception  Inception Date
      ROSFX 13.66% -17.14% -17.14% 5.67% 8/31/2010 
      Russell 2000 15.47% -4.18% -4.18% 18.40% N/A
      Annual Operating Expenses: 4.01%

      * 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) 4.01%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.00%
      Total annual Fund operating expenses 4.01%
      Management fees consist of performance fees of 12.5% of the Fund's pre-fee, high watermark total returns, which are estimated based on an assumed 5% pre-fee annual rate of return. Actual performance fees will depend on the Fund's future returns.
      Other expenses, including dividends on securities sold short have been estimated for the current fiscal year.

    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.