Royce Global Dividend Value Returns -15.4% in 2011

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Royce Global Dividend Value Fund (RGD) seeks long-term growth of capital. The Fund’s invests primarily in dividend-paying securities of micro-cap, smallcapand/or mid-cap companies with market capitalizations up to $5 billion that it believes are trading significantly below its estimate of their current worth, basing this assessment chiefly on balance sheet quality and cash flow levels. Investing in such securities may tend to stabilize the volatility inherent in the prices of microcap, small-cap and mid-cap securities. We believe that investors in the Fund should have a longterm investment horizon of at least three years. Chuck Royce manages the Fund, he is assisted by David Nadel.

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