Royce International Smaller-Companies Returns -18.7% in 2011

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Royce International Smaller-Companies Fund (RIS) seeks longterm growth of capital. Royce uses a disciplined value approach to invest primarily in the equity securities of non-U.S. companies— i.e., companies domiciled outside of the United States—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. Chuck Royce and David Nadel co-manage the Fund.


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