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  2. Royce Enterprise 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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    (Formerly known as SMid-Cap Select Fund)

    1. Open to New Investors

      NAV as of 5/16/2012  $10.45
      Daily NAV change  -$0.10 (-0.95%)

    1. Management Team

      Portfolio Manager

      Steven G. McBoyle

      Assistant Portfolio Manager

      Charles M. Royce

      Special Features

      • The Fund incorporates the same fundamental investment disciplines certain of our long-only offerings with the added flexibility to short stocks, use leverage and vary market cap exposure.
      • The Fund pays a management fee to Royce equal to 12.5% of its respective pre-fee total return to a performance peak. Royce absorbs all other ordinary expenses of the Fund, other than the dividend expense relating to short selling, interest expense on borrowing and any applicable acquired fund fees and expenses. The Fund's management fee is subject to a daily high watermark, which means that Royce will only receive a fee during periods of positive performance from a prior peak for the Fund.

      Literature & Research

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    2. Royce Enterprise 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 $750 million and $15 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 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR 3YR Since Inception  Inception Date
      RMISX 11.64% 11.64% 4.19% 20.30% 4.41% 9/28/2007 
      Annual Operating Expenses: 0.71%

      * Not Annualized

      1. Fund Statistics
        as of Quarter-End 3/31/2012

        Fund Net Assets (All Classes) $1 million
        Ticker Symbol RMISX
        Number of Holdings 42
        Average Market Capitalization* $3.22 billion
        Weighted Average P/E Ratio** 13.6x
        Weighted Average P/B Ratio 2.0x
        U.S. Investments
        (% of Net Assets)        		 66.9%
        Non-U.S. Investments
        (% of Net Assets)        		 10.0%
        Portfolio Turnover 2011 136%
        Minimum Investment $50,000
        Cusip Number 780905147
        Fund Number 354
        Fund 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 (0 of portfolio holdings as of 3/31/2012).

      2. Value of $10,000 Invested on 9/28/07
        As of Quarter-End 3/31/2012

        RMISX vs Russell 2000

    1. Value of $10,000 Invested on 9/28/07
      As of Quarter-End 3/31/2012

      RMISX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 3/31/2012

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 3/31/2012

        Sector Name Gain/Loss*
      (in millions)
      1 Industrials $0.05
      2 Information Technology $0.03
      3 Materials $0.02
      4 Consumer Discretionary $0.02
      5 Financials $0.01
      6 Health Care $0.01
      7 Utilities -$0.00
      8 Energy -$0.00

      *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 3/31/2012

      Company Gain*
      (in millions)
      Alleghany Corporation $0.02
      Thomas & Betts $0.01
      ManpowerGroup $0.01
      Hubbell Cl. B $0.01
      Avnet $0.01

      *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 3/31/2012

      Company Loss*
      (in millions)
      Transatlantic Holdings -$0.01
      Trican Well Service -$0.00
      C&J Energy Services -$0.00
      UGI Corporation -$0.00
      Pason Systems -$0.00

      *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR 3YR Since Inception  Inception Date
      RMISX 11.64% 11.64% 4.19% 20.30% 4.41% 9/28/2007
      Annual Operating Expenses: 0.71%

      * Not Annualized


      Cumulative Performance Since Inception (9/28/2007)
      and Since Market Cycle Peak as of Quarter-End 3/31/12

      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
      12/14/11 12/15/11 $0.0000 $0.3631 $0.2347 $0.60 $9.54
      12/15/10 12/16/10 $0.0612 $— $— $0.06 $10.40
      12/15/09 12/16/09 $0.0749 $— $— $0.07 $8.87
      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 4/30/2012
        High $11.41 5/10/11
        Low $8.86 10/3/11
        Previous Month Ending 4/30/2012
        High $11.11 4/2/12
        Low $10.58 4/10/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $9.88
        2010 $10.43
        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

    • 22 Years of Experience
    • 4 Years at Royce

    Assistant Portfolio Manager

    Charles M. Royce

    Charles M. Royce

    • President and Co-Chief Investment Officer

    Charles M. Royce is President and Co-Chief Investment Officer 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

    • 49 Years of Experience
    • 39 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 3/31/2012

      Fund Net Assets (All Classes) $1 million
      Number of Holdings 42
      Average Market Capitalization* $3.22 billion
      Weighted Average P/E Ratio** 13.6x
      Weighted Average P/B Ratio 2.0x
      Portfolio Turnover 2011 136%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (0 of portfolio holdings as of 3/31/2012).

      Market Cap Exposure (In Millions)
      as of Quarter-End 3/31/2012

      Royce Enterprise Select Fund

    2. Top 10 Positions
      as of Quarter-End 3/31/2012
      % of Net Assets (Subject to Change)

      Avnet 3.5%
      Hubbell Cl. B 3.5%
      Alleghany Corporation 3.3%
      Cabot Corporation 3.1%
      Fiserv 2.9%
      AVX Corporation 2.9%
      Arrow Electronics 2.9%
      UGI Corporation 2.6%
      ManpowerGroup 2.4%
      Kennametal 2.3%
      Top 10 as % of Total 29.4%

      Portfolio Holdings
      as of Quarter-End 3/31/2012

      View the complete list of holdings for Royce Enterprise Select Fund as of 3/31/2012. 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 3/31/2012
      as of Month-End 4/30/2012
      % of Net Assets (Subject to Change)

      Information Technology 22.8%
      Industrials 18.3%
      Materials 13.3%
      Consumer Discretionary 5.9%
      Energy 5.3%
      Financials 4.9%
      Health Care 3.8%
      Utilities 2.6%
      Cash & Cash Equivalents 23.1%

      Asset Allocation
      as of 3/31/2012
      % of Net Assets (Subject to Change)

      Royce Enterprise Select Fund Asset Allocation

    1. Three-Year Morningstar Statistical Measures as of 3/31/2012*

        RSS Category Median Best Breakpoint
      Sharpe Ratio 1.19 1.27 1.47
      Standard Deviation 16.71 20.08 16.83

      *Three years ended 3/31/2012. Category Median and Best Decile Breakpoint based on 410 mid-cap objective funds (oldest class only) with at least three years of history.

      Royce Enterprise Select Fund's value approach produced below average volatility relative to mid-cap objective funds.

      Risk/Return Comparison
      Three-Year Period Ended 3/31/2012

        Average Annual Total Return Standard Deviation Return Efficiency*
      RSS 20.30 16.71 1.21
      Russell 2500 28.42 21.38 1.33

      *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.

      Down Quarters
      Performance Comparison Since RSS's Inception Through 3/31/12

      Quarter RSS Spread
      9/30/11 -21.2% -17.5% +3.7% 
      6/30/11 -0.6 -1.4 -0.8 
      6/30/10 -10.0 -9.2 +0.8 
      3/31/09 -11.4 -6.8 +4.6 
      12/31/08 -26.3 -15.3 +11.0 
      9/30/08 -6.7 -10.1 -3.4 
      3/31/08 -9.4 -5.4 +4.0 
      12/31/07 -4.3 +0.6 +4.9 

      Royce Enterprise Select Fund outperformed the in six out of eight down quarters.

    2. Average Annual Total Returns
      as of Quarter-End 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR 3YR Since Inception  Inception Date
      RMISX 11.64% 11.64% 4.19% 20.30% 4.41% 9/28/2007 
      Annual Operating Expenses: 0.71%

      * 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) 1.30%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.01%
      Dividends on securities sold short 0.00%
      Acquired fund fees and expenses 0.00%
      Total annual Fund operating expenses 1.31%
      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.