The Fund invests primarily in micro-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. Please read the prospectus carefully before investing or sending money. This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Net operating expenses reflect contractual fee waivers and/or expense reimbursements. All expense information is reported as of the Fund's most current prospectus. Royce has contractually agreed, without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the Investment Class's net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.24% through April 30, 2022. Current month-end performance may be higher or lower than performance quoted and may be obtained at Gross operating expenses reflect the Fund's total gross annual operating expenses for the Investment Class and include management fees and other expenses.

Shares redeemed within 30 days of purchase may be subject to a 1% redemption fee, payable to the Fund, which is not reflected in the performance shown above if it were, performance would be lower. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Past performance is no guarantee of future results. All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Micro cap stocks to invest in