Royce 100 Returns -6.3% in 2011

Royce 100 Fund (ROH) seeks long-term growth of capital by using a disciplined value approach to invest in a limited number (generally less than 100) of the equity securities of micro-cap, small-cap and/or mid-cap companies with market capitalizations up to $5 billion. We believe that investors in the Fund should have a long-term investment horizon of at least three years. Chuck Royce serves as lead portfolio manager. Lauren Romeo serves as portfolio manager.