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The Royce Funds

Small-cap value investing for more than 35 years

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View daily prices and performance, access your account, and learn more about our disciplined small-cap value approach.
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  1. I Want To . . .
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  2. Royce SMid-Cap Select Fund (RMISX)

    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  $8.91
      Daily NAV change  +$0.24 (+2.77%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Steven G. McBoyle

      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)

      Greif Cl. A 3.4%
      Family Dollar Stores 3.2%
      American Italian Pasta Cl. A 3.0%
      Micrel 3.0%
      AVX Corporation 2.9%
      Lubrizol Corporation (The) 2.7%
      ENSCO ADR 2.5%
      Comerica 2.5%
      Alleghany Corporation 2.5%
      GameStop Corporation Cl. A 2.2%
      Top 10 as % of Total 27.7%

      Literature & Research

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    2. Royce SMid-Cap Select Fund (RSS) 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 will be invested primarily in a limited number (generally less than 100) of equity securities of small-cap and mid-cap companies, with market capitalizations between $500 million and $10 billion, that Royce believes are trading below its estimate of their current worth putting primary emphasis on balance sheet quality, cash flows and various internal returns indicative of profitability.

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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 Since Incept
      RMISX -9.17% -3.69% 13.33% -4.21%
      Russell 2500 -9.98% -1.69% 24.02% -7.82%
      Inception Date: 9/28/2007  Annual Operating Expenses: 0.04%

      * 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 SMid-Cap Select Fund reflect the Fund's total annual operating expenses as of the 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 0.04% 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 RMISX
        Fund Net Assets (All Classes) $952 thousand
        Number of Holdings 66
        Average Market Capitalization* $2.60 billion
        Weighted Average P/E Ratio** 13.7x
        Weighted Average P/B Ratio 1.6x
        Portfolio Turnover 2009 415%
        Minimum Investment $50,000
        Cusip Number 780905147
        Fund Number 354
        Inception Date 9/28/2007
        Benchmark Index Russell 2500

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (14% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 9/28/2007 As of Quarter-End 6/30/2010

        RMISX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 9/28/2007 As of Quarter-End 6/30/2010

      RMISX 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 $0.00
      2 Health -$0.00
      3 Utilities -$0.00
      4 Consumer Products -$0.00
      5 Industrial Services -$0.01
      6 Natural Resources -$0.01
      7 Financial Intermediaries -$0.01
      8 Consumer Services -$0.01
      9 Financial Services -$0.01
      10 Industrial Products -$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 Winners*
      for Quarter Ended 6/30/2010

      Company Gain*
      (in millions)
      American Italian Pasta Cl. A $0.01
      O'Reilly Automotive $0.00
      Olin Corporation $0.00
      UltraShort S&P500 ProShares $0.00
      AmerisourceBergen Corporation $0.00

      *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)
      American Eagle Outfitters -$0.01
      Arrow Electronics -$0.01
      GameStop Corporation Cl. A -$0.01
      Equifax -$0.00
      ENSCO ADR -$0.00

      *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 Since Incept
      RMISX -9.17% -3.69% 13.33% -4.21%
      Russell 2500 -9.98% -1.69% 24.02% -7.82%
      Annual Operating Expenses: 0.04%
      Inception Date: 9/28/2007

      * 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 SMid-Cap Select Fund reflect the Fund's total annual operating expenses as of the 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 0.04% 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 (9/28/2007)
      and Since Market Cycle Peak as of Quarter-End 6/30/10

      RMISX

      View how RSS 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
      12/15/09 12/16/09 $0.0749 $— $— $0.07 $—
      12/15/08 12/16/08 $0.1209 $0.0217 $0.0007 $0.14 $7.15
      12/27/07 12/28/07 $0.0162 $— $— $0.02 $10.05
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      1. NAV History

        Previous 12 Months Ending 8/31/2010
        High $9.95 4/23/10
        Low $8.24 9/02/09
        Previous Month Ending 8/31/2010
        High $9.23 8/09/10
        Low $8.64 8/24/10

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $8.95
        2008 $7.33
        2007 $10.04

  3. Portfolio Manager

    Steven G. McBoyle

    Steven G. McBoyle

    • Portfolio Manager
    • CPA, CA

    Steven G. McBoyle, CPA, CA  is a Portfolio Manager for Royce & Associates, LLC, investment adviser for The Royce Funds.

    View Full Bio

    Education

    • BA, University of Waterloo
    • MBA, Columbia University

    Experience

    • 20 Years of Experience
    • 3 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) $952 thousand
      Number of Holdings 66
      Average Market Capitalization* $2.60 billion
      Weighted Average P/E Ratio** 13.7x
      Weighted Average P/B Ratio 1.6x
      Portfolio Turnover 2009 415%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (14% of portfolio holdings as of 6/30/2010).

      Market Cap Exposure (In Millions)
      as of Quarter-End 6/30/2010

      Royce SMid-Cap Select Fund

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

      Greif Cl. A 3.4%
      Family Dollar Stores 3.2%
      American Italian Pasta Cl. A 3.0%
      Micrel 3.0%
      AVX Corporation 2.9%
      Lubrizol Corporation (The) 2.7%
      ENSCO ADR 2.5%
      Comerica 2.5%
      Alleghany Corporation 2.5%
      GameStop Corporation Cl. A 2.2%
      Top 10 as % of Total 27.7%

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

      View the complete list of holdings for Royce SMid-Cap Select Fund 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)

      Industrial Products 18.9%
      Technology 14.2%
      Financial Intermediaries 10.5%
      Consumer Services 9.6%
      Financial Services 7.0%
      Natural Resources 6.0%
      Consumer Products 5.6%
      Industrial Services 5.0%
      Health 2.8%
      Utilities 1.2%
      Diversified Investment Companies 1.1%
      Treasuries, Cash & Cash Equivalents 18.1%

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

      Royce SMid-Cap Select Fund Asset Allocation

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

      Quarter Russell 2000 RSS Spread
      6/30/10 -9.9% -9.2% +0.7% 
      3/31/09 -15.0 -6.8 +8.2 
      12/31/08 -26.1 -15.3 +10.8 
      9/30/08 -1.1 -10.1 -9.0 
      3/31/08 -9.9 -5.4 +4.5 
      12/31/07 -4.6 +0.6 +5.2 
      9/30/07 -3.1  

      Royce SMid-Cap Select Fund outperformed the Russell 2000 in five out of seven down quarters.

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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 0.01%
      Dividends on securities sold short 0.02%
      Acquired fund fees and expenses 0.01%
      Total annual Fund operating expenses 0.04%
      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 small-cap and mid-cap companies, 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 than a less concentrated portfolio because a decline in the value of these stocks would cause the Fund’s overall value to decline to a greater degree (Please see "Primary Risks for Fund Investors" in the prospectus). The Fund may invest up to 25% of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments (Please see "Investing in International Securities" in the prospectus). The Russell 2500 is an unmanaged, capitalization-weighted index of the 2,500 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.