Royce Micro-Cap Returns -21.5% in 2011

Royce Micro-Cap Fund (RMC) seeks long-term growth of capital by investing primarily in the equity securities of micro-cap companies, those with market capitalizations up to $500 million, using a disciplined value approach. We believe that investors in the Fund should have a long-term investment horizon of at least three years. Jenifer Taylor manages the Fund, assisted by Whitney George and David Nadel.

RMC-SCFS



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