Royce Global Select Returns -17.8% in 2011

Royce Global Select Fund (RGS) seeks long-term growth of capital, is available only to “qualified investors” and may invest in both long and short positions. For the long portion of the portfolio, Royce uses a disciplined value approach to invest primarily in a limited number (generally less than 100) of the equity securities of U.S. and non-U.S. 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. David Nadel manages the Fund, assisted by Whitney George.