Royce International Micro-Cap Fund Renamed Royce International Discovery Fund
article 02-01-2018

Royce International Micro-Cap Fund Renamed Royce International Discovery Fund

In November of  2017, the Board of Trustees of The Royce Fund approved a name and investment policy change and a contractual investment advisory fee rate reduction for the Fund that become effective as of February 1, 2018. These changes give the Fund a new non-fundamental investment policy requiring at least 80% of its net assets to be invested in stocks with market caps up to $5 billion. In light of this, the Fund’s name will be changed to Royce International Discovery Fund to better describe this new expanded market cap range. While our investment objective and strategy will not be changing, we believe that the expanded market cap range will substantially broaden the opportunity set of investment ideas and allow for improved marketplace recognition and adoption for the Fund. 

Important Disclosure Information

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. Smaller-cap stocks may involve considerably more risk than larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.)

The Fund invests primarily in small- and mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund may invest a significant portion of its assets in foreign companies which may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic, currency, or other developments that are unique to a particular country or region. These risk factors may affect the prices of foreign securities issued by companies headquartered in developing countries more than those headquartered in developed countries. (Please see "Investing in Foreign Securities" in the prospectus.) Therefore, the prices of the securities of foreign 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’s broadly diversified portfolio does not ensure a profit or guarantee against loss. 

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