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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>The Royce Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Supplement to the Prospectus Dated May 1,
2012</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Select Fund I</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Select Fund II</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Global Select Long/Short Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Enterprise Select Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Opportunity Select Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Effective January 18, 2013, the following changes are made to the
prospectuses for Royce Select Fund I, Royce Select Fund II, Royce Global Select Long/Short Fund, Royce Enterprise Select Fund and
Royce Opportunity Select Fund:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The shareholder fee table is replaced with the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>SHAREHOLDER FEES </b>(fees paid directly from your investment)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 91%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum sales charge (load) imposed on purchases</font></td>
<td style="width: 9%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum deferred sales charge</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum sales charge (load) imposed on reinvested dividends</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Redemption fee (as a percentage of amount redeemed on shares held for less than 180 days)</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">1.00%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><br />
<b>How to Purchase and Sell Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The How to Purchase and Sell Fund Shares section is replaced in
its entirety with the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How to Purchase and Sell Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Minimum investments for shares of the Fund’s Investment</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Class purchased directly from The Royce Fund:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Account Type                                                                           Minimum</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 45%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">Minimum initial investment</font></td>
<td style="width: 55%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">$2,000</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">Minimum subsequent
investment</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">$100</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><br />
   You may sell shares in your account at any time and make requests</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">By telephone and by mail.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Purchase Investment and Service Class Shares (Excluding  Royce
Select Funds)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The words “(Excluding Royce Select Funds)” are hereby
deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The underlined language is hereby added to the following heading:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Each Fund’s Service Class, and Investment classes of Royce
Pennsylvania Mutual Fund, Total Return, Premier, Special Equity, Opportunity, Micro-Cap <u>and Select</u> Funds:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Purchasing Royce Select Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The above-referenced section is hereby deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Early Redemption Fee</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">All references in this section explicitly naming Royce Select Funds
are hereby deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">January 25, 2013</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">RSF-SUPP-0113</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>The Royce Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Supplement to the Prospectus Dated May 1,
2012</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Select Fund I</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Select Fund II</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Global Select Long/Short Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Enterprise Select Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Opportunity Select Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Effective January 18, 2013, the following changes are made to the
prospectuses for Royce Select Fund I, Royce Select Fund II, Royce Global Select Long/Short Fund, Royce Enterprise Select Fund and
Royce Opportunity Select Fund:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The shareholder fee table is replaced with the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>SHAREHOLDER FEES </b>(fees paid directly from your investment)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 91%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum sales charge (load) imposed on purchases</font></td>
<td style="width: 9%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum deferred sales charge</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum sales charge (load) imposed on reinvested dividends</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Redemption fee (as a percentage of amount redeemed on shares held for less than 180 days)</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">1.00%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><br />
<b>How to Purchase and Sell Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The How to Purchase and Sell Fund Shares section is replaced in
its entirety with the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How to Purchase and Sell Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Minimum investments for shares of the Fund’s Investment</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Class purchased directly from The Royce Fund:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Account Type                                                                           Minimum</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 45%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">Minimum initial investment</font></td>
<td style="width: 55%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">$2,000</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">Minimum subsequent
investment</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">$100</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><br />
   You may sell shares in your account at any time and make requests</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">By telephone and by mail.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Purchase Investment and Service Class Shares (Excluding  Royce
Select Funds)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The words “(Excluding Royce Select Funds)” are hereby
deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The underlined language is hereby added to the following heading:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Each Fund’s Service Class, and Investment classes of Royce
Pennsylvania Mutual Fund, Total Return, Premier, Special Equity, Opportunity, Micro-Cap <u>and Select</u> Funds:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Purchasing Royce Select Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The above-referenced section is hereby deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Early Redemption Fee</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">All references in this section explicitly naming Royce Select Funds
are hereby deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">January 25, 2013</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">RSF-SUPP-0113</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>The Royce Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Supplement to the Prospectus Dated May 1,
2012</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Select Fund I</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Select Fund II</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Global Select Long/Short Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Enterprise Select Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Opportunity Select Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Effective January 18, 2013, the following changes are made to the
prospectuses for Royce Select Fund I, Royce Select Fund II, Royce Global Select Long/Short Fund, Royce Enterprise Select Fund and
Royce Opportunity Select Fund:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The shareholder fee table is replaced with the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>SHAREHOLDER FEES </b>(fees paid directly from your investment)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 91%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum sales charge (load) imposed on purchases</font></td>
<td style="width: 9%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum deferred sales charge</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum sales charge (load) imposed on reinvested dividends</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Redemption fee (as a percentage of amount redeemed on shares held for less than 180 days)</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">1.00%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><br />
<b>How to Purchase and Sell Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The How to Purchase and Sell Fund Shares section is replaced in
its entirety with the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How to Purchase and Sell Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Minimum investments for shares of the Fund’s Investment</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Class purchased directly from The Royce Fund:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Account Type                                                                           Minimum</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 45%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">Minimum initial investment</font></td>
<td style="width: 55%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">$2,000</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">Minimum subsequent
investment</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">$100</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><br />
   You may sell shares in your account at any time and make requests</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">By telephone and by mail.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Purchase Investment and Service Class Shares (Excluding  Royce
Select Funds)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The words “(Excluding Royce Select Funds)” are hereby
deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The underlined language is hereby added to the following heading:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Each Fund’s Service Class, and Investment classes of Royce
Pennsylvania Mutual Fund, Total Return, Premier, Special Equity, Opportunity, Micro-Cap <u>and Select</u> Funds:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Purchasing Royce Select Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The above-referenced section is hereby deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Early Redemption Fee</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">All references in this section explicitly naming Royce Select Funds
are hereby deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">January 25, 2013</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">RSF-SUPP-0113</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>The Royce Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Supplement to the Prospectus Dated May 1,
2012</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Select Fund I</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Select Fund II</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Global Select Long/Short Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Enterprise Select Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Opportunity Select Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Effective January 18, 2013, the following changes are made to the
prospectuses for Royce Select Fund I, Royce Select Fund II, Royce Global Select Long/Short Fund, Royce Enterprise Select Fund and
Royce Opportunity Select Fund:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The shareholder fee table is replaced with the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>SHAREHOLDER FEES </b>(fees paid directly from your investment)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 91%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum sales charge (load) imposed on purchases</font></td>
<td style="width: 9%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum deferred sales charge</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum sales charge (load) imposed on reinvested dividends</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Redemption fee (as a percentage of amount redeemed on shares held for less than 180 days)</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">1.00%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><br />
<b>How to Purchase and Sell Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The How to Purchase and Sell Fund Shares section is replaced in
its entirety with the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How to Purchase and Sell Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Minimum investments for shares of the Fund’s Investment</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Class purchased directly from The Royce Fund:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Account Type                                                                           Minimum</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 45%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">Minimum initial investment</font></td>
<td style="width: 55%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">$2,000</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">Minimum subsequent
investment</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">$100</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><br />
   You may sell shares in your account at any time and make requests</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">By telephone and by mail.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Purchase Investment and Service Class Shares (Excluding  Royce
Select Funds)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The words “(Excluding Royce Select Funds)” are hereby
deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The underlined language is hereby added to the following heading:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Each Fund’s Service Class, and Investment classes of Royce
Pennsylvania Mutual Fund, Total Return, Premier, Special Equity, Opportunity, Micro-Cap <u>and Select</u> Funds:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Purchasing Royce Select Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The above-referenced section is hereby deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Early Redemption Fee</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">All references in this section explicitly naming Royce Select Funds
are hereby deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">January 25, 2013</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">RSF-SUPP-0113</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>The Royce Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Supplement to the Prospectus Dated May 1,
2012</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Select Fund I</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Select Fund II</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Global Select Long/Short Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Enterprise Select Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Royce Opportunity Select Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Effective January 18, 2013, the following changes are made to the
prospectuses for Royce Select Fund I, Royce Select Fund II, Royce Global Select Long/Short Fund, Royce Enterprise Select Fund and
Royce Opportunity Select Fund:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The shareholder fee table is replaced with the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>SHAREHOLDER FEES </b>(fees paid directly from your investment)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 91%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum sales charge (load) imposed on purchases</font></td>
<td style="width: 9%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum deferred sales charge</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Maximum sales charge (load) imposed on reinvested dividends</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">0.00%</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">Redemption fee (as a percentage of amount redeemed on shares held for less than 180 days)</font></td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">1.00%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><br />
<b>How to Purchase and Sell Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The How to Purchase and Sell Fund Shares section is replaced in
its entirety with the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How to Purchase and Sell Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Minimum investments for shares of the Fund’s Investment</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Class purchased directly from The Royce Fund:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Account Type                                                                           Minimum</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 45%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">Minimum initial investment</font></td>
<td style="width: 55%; border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">$2,000</font></td></tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">Minimum subsequent
investment</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: left"><font style="font-size: 10pt">$100</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><br />
   You may sell shares in your account at any time and make requests</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">By telephone and by mail.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Purchase Investment and Service Class Shares (Excluding  Royce
Select Funds)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The words “(Excluding Royce Select Funds)” are hereby
deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The underlined language is hereby added to the following heading:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Each Fund’s Service Class, and Investment classes of Royce
Pennsylvania Mutual Fund, Total Return, Premier, Special Equity, Opportunity, Micro-Cap <u>and Select</u> Funds:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Purchasing Royce Select Fund Shares</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The above-referenced section is hereby deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Early Redemption Fee</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">All references in this section explicitly naming Royce Select Funds
are hereby deleted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">January 25, 2013</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">RSF-SUPP-0113</p>
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
-0.0100
-0.0100
-0.0100
-0.0100
-0.0100
<div style="font-size:10pt;font-family:arial;"><div style="display:inline;font-weight:bold;">SHAREHOLDER FEES</div> (fees paid directly from your investment)</div>
<div style="font-size:10pt;font-family:arial;"><div style="display:inline;font-weight:bold;">SHAREHOLDER FEES</div> (fees paid directly from your investment)</div>
<div style="font-size:10pt;font-family:arial;"><div style="display:inline;font-weight:bold;">SHAREHOLDER FEES</div> (fees paid directly from your investment)</div>
<div style="font-size:10pt;font-family:arial;"><div style="display:inline;font-weight:bold;">SHAREHOLDER FEES</div> (fees paid directly from your investment)</div>
<div style="font-size:10pt;font-family:arial;"><div style="display:inline;font-weight:bold;">SHAREHOLDER FEES</div> (fees paid directly from your investment)</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact TRF_S000009508Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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<div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact TRF_S000019082Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact TRF_S000029841Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>