On May 1, 2024, updated Statutory and Summary Prospectuses will be available for our open-end Funds. One notable change is that the Board of Trustees of The Royce Fund has approved changes to the name and nonfundamental investment policies for the Royce Pennsylvania Mutual Fund that become effective as of May 1, 2024.

The Fund’s name will change from “Royce Pennsylvania Mutual Fund” to “Royce Small-Cap Fund”—which better aligns it with its primary investment focus (in place for more than 50 years). In addition, the Fund’s new non-fundamental investment policy requires it to invest, under normal circumstances, at least 80% of the value of its net assets in small-cap companies.

The Fund’s investment objective and strategy are not changing.

In addition, Tim Hipskind becomes Assistant Portfolio Manager for Royce Small-Cap Special Equity Fund, joining Portfolio Manager Charlie Dreifus and Assistant Portfolio Manager Steven McBoyle.

Outside prospectus updates, we are changing the names of two closed-end funds, also effective on May 1, 2024. The Boards of Directors of Royce Global Value Trust, Inc. ("RGT") and Royce Value Trust, Inc. (“RVT”) have approved changes to the name of RGT and to the name and non-fundamental investment policies of RVT.

RGT’s name will change from “Royce Global Value Trust, Inc.” to “Royce Global Trust, Inc.” There will be no changes to RGT’s investment policies or restrictions in connection with such name change.

RVT’s name will change from “Royce Value Trust, Inc.” to “Royce Small-Cap Trust, Inc.” Under its current non-fundamental investment policies, RVT normally invests at least 65% of its assets in the equity securities of small- and micro-cap companies. Such non-fundamental investment policy will be amended, as of May 1, 2024, to require RVT to invest, under normal circumstances, at least 80% of its net assets in equity securities of small-cap companies (i.e., those that have a market capitalization not greater than that of the largest company in the Russell 2000® Index at the time of its most recent reconstitution).

The investment objectives and overall investment strategies of RGT and RVT are not changing in connection with the changes referenced above.

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