This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. The Fund invests primarily in international companies, which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic or other developments that are unique to a particular country or region. Therefore, the prices of the securities of international companies in particular countries or regions may, at times, move in a different direction than those of the securities of U.S. companies (Please see “Primary Risks for Fund Investors” in the prospectus). The Fund invests primarily in smaller-capitalization stocks, which may involve considerably more risk than investing in larger-cap stocks (Please see “Primary Risks for Fund Investors” in the prospectus). The Morgan Stanley Capital International the WORLD Small Core Index is an unmanaged index of global small-cap stocks. Index returns include net reinvested dividends and/or interest income. Distributor: Royce Fund Services, Inc.