Royce Small-Cap Fund;Investment

This fund typically commits a substantial portion, at least 65% of its total assets, to ownership stakes in companies with small or very small market values. While its primary emphasis is on acquiring securities of U.S.-based businesses, it has the latitude to allocate up to 25% of its assets (as measured at the time of acquisition) to companies headquartered overseas. Furthermore, the fund is permitted to invest in other collective investment schemes that focus on equity securities.