Royce Focus Value Returns -13.9% in 2011

Royce Focus Value Fund (RFV) seeks long-term growth of capital. Using a disciplined value approach, Royce expects that a significant portion of the Fund’s assets will be invested in the equity securities of micro-cap, small-cap and/or mid-cap companies with market capitalizations up to $10 billion. We believe that investors in the Fund should have a long-term investment horizon of at least three years. Whitney George and George Wyper co-manage the Fund.