Royce Flagship Fund Down 4.2% for 2011, Matches Benchmark

Royce Pennsylvania Mutual Fund (PMF) seeks long-term growth of capital.
The Fund uses a disciplined value approach to invest in the equity securitiesof small-cap and micro-cap companies, those with market capitalizations up to $2.5 billion. We believe that investors in the Fund should have a long-term investment horizon of at least three years. Chuck Royce manages the Fund, assisted by Jay Kaplan and Lauren Romeo.

Royce Fund returns 2011