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The Royce Funds

Small-cap value investing for more than 35 years

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  1. I Want To . . .
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  2. Royce Select Fund II (RSFDX)

    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 9/1/2010  $11.65
      Daily NAV change  +$0.28 (+2.46%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      James J. Harvey

      Assistant Portfolio Manager

      Charles M. Royce

      Top 10 Positions
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Market Vectors Gold Miners ETF 3.6%
      Seabridge Gold 2.7%
      Cal-Maine Foods 2.2%
      Luk Fook Holdings (International) 2.0%
      Jinpan International 1.9%
      Stella International Holdings 1.9%
      NutriSystem 1.8%
      TMX Group 1.8%
      Res-Care 1.7%
      Pharmaceutical Product Development 1.7%
      Top 10 as % of Total 21.5%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Literature & Research

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    2. Royce Select Fund II (RS2) 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 micro-, small- and mid-cap companies that Royce believes possess excellent business strengths and/or growth prospects, high internal rates of return and low leverage. Royce may also attempt to take advantage of what it believes are opportunistic situations for undervalued securities. The Fund may 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 a long-term investment horizon of at least three years.

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      Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR 3YR 5YR Since Incept
      RSFDX -8.22% -4.91% 19.06% -1.43% 5.04% 5.04%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 0.37%
      Inception Date: 6/30/2005  Annual Operating Expenses: 0.69%

      * 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 II reflect the Fund's total annual operating expenses as of the Fund's most current prospectus and typically 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 0.69% consisted of dividends on securities sold short, acquired fund fees and expenses and interest expense on borrowings. 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.

      1. Fund Statistics
        as of Quarter-End 6/30/2010

        Ticker Symbol RSFDX
        Fund Net Assets (All Classes) $4 million
        Number of Holdings 98
        Average Market Capitalization* $1.01 billion
        Weighted Average P/E Ratio** 13.3x
        Weighted Average P/B Ratio 1.7x
        Portfolio Turnover 2009 114%
        Minimum Investment $50,000
        Cusip Number 780905428
        Fund Number 352
        Inception Date 6/30/2005
        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).

      2. Growth of Hypothetical $10,000 Invested 6/30/2005 As of Quarter-End 6/30/2010

        RSFDX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 6/30/2005 As of Quarter-End 6/30/2010

      RSFDX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 6/30/2010

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 6/30/2010

        Sector Name Gain/Loss*
      (in millions)
      1 Diversified Investment Companies $0.03
      2 Natural Resources $0.01
      3 Consumer Products -$0.00
      4 Health -$0.02
      5 Financial Services -$0.03
      6 Industrial Services -$0.05
      7 Consumer Services -$0.05
      8 Financial Intermediaries -$0.05
      9 Technology -$0.07
      10 Industrial Products -$0.10

      *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 6/30/2010

      Company Gain*
      (in millions)
      Ultra S&P500 ProShares $0.02
      Seabridge Gold $0.02
      NutriSystem $0.02
      Market Vectors Gold Miners ETF $0.02
      Luk Fook Holdings (International) $0.02

      *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 6/30/2010

      Company Loss*
      (in millions)
      Jinpan International -$0.02
      Willbros Group -$0.02
      Tekelec -$0.02
      Res-Care -$0.02
      Horsehead Holding Corporation -$0.02

      *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.

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    2. Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR 3YR 5YR Since Incept
      RSFDX -8.22% -4.91% 19.06% -1.43% 5.04% 5.04%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 0.37%
      Annual Operating Expenses: 0.69%
      Inception Date: 6/30/2005

      * 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 II reflect the Fund's total annual operating expenses as of the Fund's most current prospectus and typically 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 0.69% consisted of dividends on securities sold short, acquired fund fees and expenses and interest expense on borrowings. 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.


      Cumulative Performance Since Inception (6/30/2005)
      and Since Market Cycle Peak as of Quarter-End 6/30/10

      RSFDX

      View how RS2 performed during down markets.

      Absolute Return Focus: Five Year Return Periods as of Quarter-End 6/30/10
      Number of Five-Year Average Annual Return Periods since RS2's Inception

      RSFDX

      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 $0.0729 $— $— $0.07 $—
      12/15/08 12/16/08 $0.0803 $— $— $0.08 $6.83
      12/27/07 12/28/07 $0.0000 $0.3887 $0.2779 $0.67 $10.69
      4/11/07 4/12/07 $0.0000 $0.0240 $— $0.02 $12.60
      12/26/06 12/27/06 $0.0000 $0.7994 $0.0155 $0.81 $11.99
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      1. NAV History

        Previous 12 Months Ending 8/31/2010
        High $12.67 4/23/10
        Low $9.87 9/01/09
        Previous Month Ending 8/31/2010
        High $11.77 8/04/10
        Low $11.29 8/24/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $11.62
        2008 $7.02
        2007 $10.66
        2006 $12.01
        2005 $10.71

  3. 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

    • 18 Years of Experience
    • 12 Years at Royce

    Assistant Portfolio Manager

    Charles M. Royce

    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.

    View Full Bio

    Education

    • BA, Brown University,
    • MBA, Columbia University,

    Experience

    • 47 Years of Experience
    • 37 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 6/30/2010

      Fund Net Assets (All Classes) $4 million
      Number of Holdings 98
      Average Market Capitalization* $1.01 billion
      Weighted Average P/E Ratio** 13.3x
      Weighted Average P/B Ratio 1.7x
      Portfolio Turnover 2009 114%

      *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

      Royce Select Fund II

    2. Top 10 Positions
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Market Vectors Gold Miners ETF 3.6%
      Seabridge Gold 2.7%
      Cal-Maine Foods 2.2%
      Luk Fook Holdings (International) 2.0%
      Jinpan International 1.9%
      Stella International Holdings 1.9%
      NutriSystem 1.8%
      TMX Group 1.8%
      Res-Care 1.7%
      Pharmaceutical Product Development 1.7%
      Top 10 as % of Total 21.5%

      Portfolio Holdings
      as of Quarter-End 06/30/2010

      View the complete list of holdings for Royce Select Fund II 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.

    3. Portfolio Sector Breakdown
      as of Quarter-End 6/30/2010
      as of Month-End 7/31/2010
      % of Net Assets (Subject to Change)

      Natural Resources 21.9%
      Consumer Products 14.6%
      Industrial Products 12.5%
      Financial Services 9.0%
      Technology 8.8%
      Health 8.7%
      Industrial Services 8.2%
      Consumer Services 6.4%
      Financial Intermediaries 6.2%
      Diversified Investment Companies -1.1%
      Treasuries, Cash & Cash Equivalents 4.9%

      Asset Allocation
      as of Quarter-End 6/30/2010
      % of Net Assets (Subject to Change)

      Royce Select Fund II Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Five-Year Morningstar Statistical Measures as of 6/30/2010*

        RS2 Category Median Best Breakpoint
      Sharpe Ratio 0.21 0.01 0.09
      Standard Deviation 22.77 21.35 20.18

      *Five years ended 6/30/2010. Category Median and Best Quartile 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.

      Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 6/30/10

      Quarter Russell 2000 RS2 Spread
      6/30/10 -9.9% -8.2% +1.7% 
      3/31/09 -15.0 +0.1 +15.1 
      12/31/08 -26.1 -23.1 +3.0 
      9/30/08 -1.1 -2.6 -1.5 
      3/31/08 -9.9 -10.8 -0.9 
      12/31/07 -4.6 -7.9 -3.3 
      9/30/07 -3.1 -1.5 +1.6 
      6/30/06 -5.0 -2.6 +2.4 

      Royce Select Fund II outperformed the Russell 2000 in five out of eight down quarters.

    2. Down Market Performance Comparison (In Percentages):
      Royce Select Fund II vs. Russell 2000

      RS2 vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 6/30/10 as of Month-End 8/31/10

        2Q* YTD* 1YR 3YR 5YR Since Incept
      RSFDX -8.22% -4.91% 19.06% -1.43% 5.04% 5.04%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 0.37%
      Annual Operating Expenses: 0.69%
      Inception Date: 6/30/2005

      * 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 II reflect the Fund's total annual operating expenses as of the Fund's most current prospectus and typically 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 0.69% consisted of dividends on securities sold short, acquired fund fees and expenses and interest expense on borrowings. 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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    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) 0.00%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.34%
      Dividends on securities sold short 0.33%
      Acquired fund fees and expenses 0.02%
      Total annual Fund operating expenses 0.69%
      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.


  7. 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.

  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.