A two-speed transfer case for a four-wheel drive vehicle is provided. The transfer case has a two-speed gear reduction unit, a range clutch, and a range shift mechanism. The range shift mechanism is operably disposed between an input shaft and a rear output shaft and includes a range cam defining a guide slot having a unique profile for converting rotation thereof into linear movement of the range clutch. The guide slot includes low-range dwell segment and a high-range dwell segment interconnected by a range shift segment. The range shift segment defines a plurality of interconnected cam portions, wherein each cam portion is associated with a different load required to move the range clutch between a high-range and low-range position. The transfer case further includes a mode shift mechanism for establishing a high-range drive connection and a low-range drive connection associated with the dwells of the range cam.