The Fund announced that its Board of Directors approved a change to one of its non-fundamental investment policies. Currently, the Fund must invest at least 65% of its net assets in the equity securities of companies headquartered in at least three countries outside the United States. The Board approved reducing such percentage from 65% to 40% of the Fund’s net assets, effective on or about May 1, 2021. Such reduction in the percentage of the Fund’s net assets required to be invested in companies headquartered outside the United States will provide Royce Investment Partners, the Fund’s investment adviser (“Royce”), with the flexibility, when and to the extent deemed appropriate by Royce, to bring the Fund’s relative allocation between U.S. companies and non-U.S. companies closer to that of its benchmark index. Such change will also cause the Fund’s investment policies regarding non-U.S. investments to be more in line with those of other registered funds that pursue “global” investment mandates.