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The Royce Funds
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Royce Select Fund I (RYSFX)
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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Open to New Investors
NAV as of 9/1/2010 $16.82
Daily NAV change +$0.57 (+3.51%)
Recent News on this Fund
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- Small-Cap Market Cycle Performance
- Chuck Royce on Second Quarter 2010
- Quality Companies Look Like They're "On Sale"
- Morningstar Points to Reasons Why A Royce Fund’s Investors Can Be Pleased
- Small-Cap Market Cycle Performance
- Royce Heritage Fund and Royce Select I Fund Won 2010 Lipper Fund Awards
- Small-Cap Market Cycle Performance
- Royce Select Fund I—Performance Discussion
- The Royce Select Funds 2009 Year End Distributions
- 2009 Distribution Estimates - Open-End Funds
Management Team
Portfolio Manager

- Lauren A. Romeo
- 17 Years of Experience;
- 6 Years at Royce
Assistant Portfolio Manager

- Charles M. Royce
- 47 Years of Experience;
- 37 Years at Royce
Warnaco Group (The) 2.2% Rofin-Sinar Technologies 2.1% Cliffs Natural Resources 2.1% Corinthian Colleges 2.0% GrafTech International 2.0% Sims Metal Management ADR 2.0% SEI Investments 2.0% Pason Systems 2.0% Reliance Steel & Aluminum 2.0% ShawCor Cl. A 1.9% Top 10 as % of Total 20.3% Cliffs Natural Resources 2.4% Warnaco Group (The) 2.3% Sims Metal Management ADR 2.1% Rofin-Sinar Technologies 2.1% GrafTech International 2.1% Reliance Steel & Aluminum 2.0% Intrepid Potash 2.0% Cintas Corporation 1.9% Total System Services 1.9% Oil States International 1.9% Top 10 as % of Total 20.8% Literature & Research

Royce Select Fund I (RS1) 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 primarily in a limited number (generally less than 100) of micro-cap, small-cap and mid-cap companies with market capitalizations up to $5 billion, that Royce believes possess excellent business strengths and/or growth prospects, high internal rates of return and low leverage. We believe that investors in the Fund should have a long-term investment horizon of at least three years.
1-Month* YTD* 1YR 3YR 5YR 10YR Since Incept RYSFX -6.93% -6.72% 2.47% -0.56% 5.68% 9.50% 13.05% Russell 2000 -7.40% -2.97% 6.60% -7.44% -0.69% 2.48% 5.07% Annual Operating Expenses: 0.03% Inception Date: 11/18/1998 2Q* YTD* 1YR 3YR 5YR 10YR Since Incept RYSFX -9.95% -4.36% 18.53% -0.05% 7.51% 10.68% 13.49% Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.24% Inception Date: 11/18/1998 Annual Operating Expenses: 0.03% * Not Annualized Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 for Royce Select Fund I reflect the Fund's total annual operating expenses as of the Fund's most current prospectus and include the Fund's management fee based on 12.5% of the Fund's pre-fee, high watermark return. There was no high watermarked return in 2009, and the Fund's total annual Fund operating expense ratio of 0.03%, consisted of dividends on securities sold short and acquired fund fees and expenses. 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 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.
Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 for Royce Select Fund I reflect the Fund's total annual operating expenses as of the Fund's most current prospectus and include the Fund's management fee based on 12.5% of the Fund's pre-fee, high watermark return. There was no high watermarked return in 2009, and the Fund's total annual Fund operating expense ratio of 0.03%, consisted of dividends on securities sold short and acquired fund fees and expenses. 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 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.
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Fund Statistics
as of Quarter-End 6/30/2010Ticker Symbol RYSFX Fund Net Assets (All Classes) $47 million Number of Holdings 64 Average Market Capitalization* $1.38 billion Weighted Average P/E Ratio** 18.9x Weighted Average P/B Ratio 1.9x Portfolio Turnover 2009 80% Minimum Investment $50,000 Cusip Number 780905766 Fund Number 250 Inception Date 11/18/1998 Benchmark Index Russell 2000 * Geometrically calculated
** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (12% of portfolio holdings as of 6/30/2010). -
Growth of Hypothetical $10,000 Invested 11/18/1998 As of Quarter-End 6/30/2010
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Growth of Hypothetical $10,000 Invested 11/18/1998 As of Quarter-End 6/30/2010
Calendar Year Total Returns
as of Quarter-End 6/30/2010
Performance Breakdown by Sector
for Quarter Ended 6/30/2010Sector Name Gain/Loss*
(in millions)1 Consumer Services -$0.01 2 Health -$0.01 3 Consumer Products -$0.06 4 Financial Intermediaries -$0.27 5 Diversified Investment Companies -$0.29 6 Technology -$0.39 7 Financial Services -$0.55 8 Natural Resources -$0.73 9 Industrial Products -$0.95 10 Industrial Services -$1.70 *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.
Top 5 Winners*
for Quarter Ended 6/30/2010Company Gain*
(in millions)American Italian Pasta Cl. A $0.26 GrafTech International $0.13 Hain Celestial Group $0.12 Randgold Resources ADR $0.07 ICON ADR $0.06 *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.
Top 5 Losers*
for Quarter Ended 6/30/2010Company Loss*
(in millions)Corinthian Colleges -$0.54 Intrepid Potash -$0.40 Sims Metal Management ADR -$0.33 Cliffs Natural Resources -$0.32 Reliance Steel & Aluminum -$0.29 *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

1-Month* YTD* 1YR 3YR 5YR 10YR Since Incept RYSFX -6.93% -6.72% 2.47% -0.56% 5.68% 9.50% 13.05% Russell 2000 -7.40% -2.97% 6.60% -7.44% -0.69% 2.48% 5.07% Annual Operating Expenses: 0.03% Inception Date: 11/18/1998 2Q* YTD* 1YR 3YR 5YR 10YR Since Incept RYSFX -9.95% -4.36% 18.53% -0.05% 7.51% 10.68% 13.49% Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.24% Annual Operating Expenses: 0.03% Inception Date: 11/18/1998 * Not Annualized Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 for Royce Select Fund I reflect the Fund's total annual operating expenses as of the Fund's most current prospectus and include the Fund's management fee based on 12.5% of the Fund's pre-fee, high watermark return. There was no high watermarked return in 2009, and the Fund's total annual Fund operating expense ratio of 0.03%, consisted of dividends on securities sold short and acquired fund fees and expenses. 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 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.
Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 for Royce Select Fund I reflect the Fund's total annual operating expenses as of the Fund's most current prospectus and include the Fund's management fee based on 12.5% of the Fund's pre-fee, high watermark return. There was no high watermarked return in 2009, and the Fund's total annual Fund operating expense ratio of 0.03%, consisted of dividends on securities sold short and acquired fund fees and expenses. 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 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.
Small-Cap Market Cycle Performance as of Quarter-End 6/30/10
Absolute Return Focus: Five Year Return Periods as of Quarter-End 6/30/10
Number of Five-Year Average Annual Return Periods since RS1's Inception
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 $0.1536 $— $— $0.15 $— 12/15/08 12/16/08 $0.1596 $0.3711 $0.3425 $0.87 $12.29 12/27/07 12/28/07 $0.0022 $0.1670 $2.7023 $2.87 $18.30 12/26/06 12/27/06 $0.0000 $0.5343 $2.5144 $3.05 $19.22 12/27/05 12/28/05 $0.0000 $0.8597 $3.1295 $3.99 $19.23 
NAV History
Previous 12 Months Ending 8/31/2010 High $19.55 4/23/10 Low $15.75 9/02/09 Previous Month Ending 8/31/2010 High $17.73 8/02/10 Low $16.18 8/24/10 -
Year-End NAVs
Year NAV 2009 $17.42 2008 $12.59 2007 $18.20 2006 $19.02 2005 $19.16 2004 $208.67 2003 $198.08 2002 $146.01 2001 $176.97 2000 $147.35
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Portfolio Manager

Lauren A. Romeo
- Portfolio Manager
- CFA
Lauren A. Romeo, CFA, is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.
Education
- BA, University of Notre Dame
- MBA, Wharton School, University of Pennsylvania
Experience
- 17 Years of Experience
- 6 Years at Royce
Assistant Portfolio Manager

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.
Education
- BA, Brown University,
- MBA, Columbia University,
Experience
- 47 Years of Experience
- 37 Years at Royce
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Portfolio Statistics
as of Quarter-End 6/30/2010Fund Net Assets (All Classes) $47 million Number of Holdings 64 Average Market Capitalization* $1.38 billion Weighted Average P/E Ratio** 18.9x Weighted Average P/B Ratio 1.9x Portfolio Turnover 2009 80% *Geometrically calculated
**The Fund's P/E ratio calculation excludes companies with zero or negative earnings (12% of portfolio holdings as of 6/30/2010).Market Cap Exposure (In Millions)
as of Quarter-End 6/30/2010
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Warnaco Group (The) 2.2% Rofin-Sinar Technologies 2.1% Cliffs Natural Resources 2.1% Corinthian Colleges 2.0% GrafTech International 2.0% Sims Metal Management ADR 2.0% SEI Investments 2.0% Pason Systems 2.0% Reliance Steel & Aluminum 2.0% ShawCor Cl. A 1.9% Top 10 as % of Total 20.3% Cliffs Natural Resources 2.4% Warnaco Group (The) 2.3% Sims Metal Management ADR 2.1% Rofin-Sinar Technologies 2.1% GrafTech International 2.1% Reliance Steel & Aluminum 2.0% Intrepid Potash 2.0% Cintas Corporation 1.9% Total System Services 1.9% Oil States International 1.9% Top 10 as % of Total 20.8%
Portfolio Holdings
as of Quarter-End 06/30/2010View the complete list of holdings for Royce Select Fund I for the quarter ended 06/30/2010. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.
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Portfolio Sector Breakdown
as of Quarter-End 6/30/2010
as of Month-End 7/31/2010
% of Net Assets (Subject to Change)Industrial Services 19.4% Industrial Products 17.9% Natural Resources 13.8% Consumer Products 9.9% Financial Services 9.0% Technology 8.2% Health 3.8% Financial Intermediaries 3.4% Consumer Services 3.2% Diversified Investment Companies 1.8% Treasuries, Cash & Cash Equivalents 9.7% Industrial Services 19.5% Industrial Products 18.3% Natural Resources 14.5% Consumer Products 9.0% Financial Services 8.3% Technology 8.2% Health 4.3% Financial Intermediaries 3.4% Consumer Services 3.2% Diversified Investment Companies 1.7% Treasuries, Cash & Cash Equivalents 9.6% Asset Allocation
as of Quarter-End 6/30/2010
% of Net Assets (Subject to Change)
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Five-Year Morningstar Statistical Measures as of 6/30/2010*
RS1 Category Median Best Breakpoint Sharpe Ratio 0.35 0.01 0.19 Standard Deviation 18.21 21.35 19.09 *Five years ended 6/30/2010. Category Median and Best Decile Breakpoint based on 315 small-cap objective funds (oldest class only) with at least five years of history.
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.Risk/Return Comparison
Five-Year Period Ended 6/30/2010Average Annual Total Return Standard Deviation Return Efficiency* RS1 7.51 18.21 0.41 Russell 2000 0.37 21.97 0.02 *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.
Russell 2000 Down Quarters
Performance Comparison 15 Years Ended 6/30/10Quarter Russell 2000 RS1 Spread 6/30/10 -9.9% -9.9% 0.0% 3/31/09 -15.0 -7.2 +7.8 12/31/08 -26.1 -21.9 +4.2 9/30/08 -1.1 -1.0 +0.1 3/31/08 -9.9 -5.5 +4.4 12/31/07 -4.6 -1.0 +3.6 9/30/07 -3.1 +1.9 +5.0 6/30/06 -5.0 -4.4 +0.6 3/31/05 -5.3 -3.9 +1.4 9/30/04 -2.9 -0.2 +2.7 3/31/03 -4.5 +0.3 +4.8 9/30/02 -21.4 -19.9 +1.5 6/30/02 -8.4 -12.0 -3.6 9/30/01 -20.8 -15.9 +4.9 3/31/01 -6.5 -1.4 +5.1 12/31/00 -6.9 -2.4 +4.5 6/30/00 -3.8 -1.4 +2.4 9/30/99 -6.3 -0.0 +6.3 3/31/99 -5.4 -4.2 +1.2 Royce Select Fund I outperformed the Russell 2000 in 17 out of 19 down quarters.
Down Market Performance Comparison (In Percentages):
Royce Select Fund I vs. Russell 2000
1-Month* YTD* 1YR 3YR 5YR 10YR Since Incept RYSFX -6.93% -6.72% 2.47% -0.56% 5.68% 9.50% 13.05% Russell 2000 -7.40% -2.97% 6.60% -7.44% -0.69% 2.48% 5.07% Annual Operating Expenses: 0.03% Inception Date: 11/18/1998 2Q* YTD* 1YR 3YR 5YR 10YR Since Incept RYSFX -9.95% -4.36% 18.53% -0.05% 7.51% 10.68% 13.49% Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.24% Annual Operating Expenses: 0.03% Inception Date: 11/18/1998 * Not Annualized Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 for Royce Select Fund I reflect the Fund's total annual operating expenses as of the Fund's most current prospectus and include the Fund's management fee based on 12.5% of the Fund's pre-fee, high watermark return. There was no high watermarked return in 2009, and the Fund's total annual Fund operating expense ratio of 0.03%, consisted of dividends on securities sold short and acquired fund fees and expenses. 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 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.
Important Performance and Expense Information
All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 for Royce Select Fund I reflect the Fund's total annual operating expenses as of the Fund's most current prospectus and include the Fund's management fee based on 12.5% of the Fund's pre-fee, high watermark return. There was no high watermarked return in 2009, and the Fund's total annual Fund operating expense ratio of 0.03%, consisted of dividends on securities sold short and acquired fund fees and expenses. 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 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.

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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% -
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) 0.00% Distribution (12b-1) fees 0.00% Other expenses 0.00% Dividends on securities sold short 0.01% Acquired fund fees and expenses 0.02% Total annual Fund operating expenses 0.03% 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. -
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.
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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 micro-cap, small-cap and mid-cap stocks, 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 that a less concentrated portfolio because of the decline in the value of any one of these stocks would cause the Fund’s over all performance value to decline to a greater degree (Please see “Primary Risks for Fund Investors” in the prospectus). The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index.
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©
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.