February 2012 What's New > Fourth Quarter Materials Available Now: Quarterly Review, Factsheets and Advanced Tools for Financial Professionals > Royce Global Value Fund and Royce European Smaller Companies Fund Celebrate 5-year Anniversaries Commentary > Royce Looks Back at 2011, a Year of Correlation, Capitulation, and Consternation The past year offered high volatility, a significant downturn, and a welcome rally to close out the year. After a wild 12 months, it was amazing how little most markets moved. > Charlie Dreifus Reveals His Secret Sauce for Royce's Special Equity Funds Dreifus's strategy for Royce Special Equity Funds provided positive absolute returns in an environment fraught with volatility and high correlation. > Small-Cap Market Cycle Performance See how The Royce Funds have fared in the most recent small-cap market cycles. Markets in Perspective: The Gannon Report > Growth Through Acquisitions in Uncertain Times We are continually struck by the way smaller companies continue to grow and operate in this ambiguous and anemic economic environment. The Contrarian View > Finding Opportunity in Correlated Markets In highly correlated markets like 2011, we find ourselves building existing positions and revisiting old favorites at least as frequently as investing in new companies. Making Headlines >  Fox Business News: Royce Value Fund's Jay Kaplan > USA Today: Chuck Royce Talks Financial Services > Seeking Alpha: David Nadel Is Positioned for 2012 > Morningstar on Royce Special Equity Multi-Cap Fund: Charlie Dreifus' New Fund Starts Strong >  David Nadel Talks Europe and Global Investing on CNBC >  Bloomberg TV: Jay Kaplan's Small-Cap Outlook >  Royce Opportunity Fund's Bill Hench on Fox Business News >  Frank Gannon Talks Volatility and Opportunity on BNN > January Fund Performance > Advisor's Corner Log into our Financial Professional site and choose Advisor Resources & Manage Preferences to ensure you receive our 4Q 2011: Quarterly Flash Quarterly Review Fund Impact & Attribution Reports Longitudinal Studies In the Spotlight >  Small-Caps And Active Management: The Combination That Adds Value We discuss small-cap valuations, under-performance in 2011, the case for quality, and why active management is especially important in the current environment. Exploring Global Small-Caps > Africa: Opportunities and Challenges in a Growing Economy >  Cyclicality Is Our Friend: Market Downturns Can Build Better Future Returns The small-cap downturn in 2011 was no fun, but downturns are neither unusual nor unprecedented. > Stay Informed  Follow Us on Twitter  Subscribe to our RSS  Subscribe on YouTube Please Read the Prospectus Please read the Fund's prospectus carefully and consider a Fund's investment goals, risks, fees and expenses before investing or sending money. You may obtain a current prospectus for any series of The Royce Funds that contains this and other information. © 2012 Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.