article 02-05-2015

Steven McBoyle is Named Lead Portfolio Manager for Royce Heritage Fund

We are pleased to announce that effective February 1, 2015 Steven McBoyle became lead portfolio manager for Royce Heritage Fund.

Steven's approach in Royce Heritage Fund is to find companies where he has a high degree of conviction in the sustainability of their favorable attributes. He prefers businesses that in his analysis possess discernible competitive and/or industry advantages, pricing power, and a moat-like franchise. He also typically seeks companies with strong balance sheets and high internal rates of return trading at what he thinks are attractive valuations.

President and CEO Chuck Royce said, "Having worked with Steven since he joined Royce in 2007, I'm excited to have him leading one of our longest-tenured portfolios. Steve and I share many of the same investment tenets and see eye to eye on the importance of rigorous fundamental analysis and diligent risk management."

Chuck and Jim Harvey will continue to manage Royce Heritage Fund with him. Steven previously served as portfolio manager (2012-2015) and assistant portfolio manager (2011-2012). Chuck has been a manager of the Fund since its inception. Jim became portfolio manager in 2010 and previously served as assistant portfolio manager (2004-2010).

This appointment builds on recent increases in Steven's responsibilities. On October 1, 2014, he joined Charlie Dreifus as assistant portfolio manager for Royce Special Equity Fund, Royce Special Equity Multi-Cap Fund, and all related accounts. He also began to serve as assistant portfolio manager for Royce Premier Fund on November 10, 2014, joining Chuck, who's managed the Fund since inception, and Lauren Romeo, who has served as assistant portfolio manager since 2006.

Prior to joining Royce in 2007, Steven was a Partner at Lord, Abbett & Co. LLC (2001-2007) where he was a Portfolio Manager of the Small Cap Value Fund and Small-Mid Value Fund. Prior to that he was Vice President of Mergers & Acquisitions at Morgan Stanley (2000-2001) and an Associate of Mergers & Acquisitions at Salomon Brothers (1997-2000). He began his career in public accounting within the Accounting & Audit Services Group of Deloitte & Touche (1990-1995).

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. The Fund generally invests a significant portion of its assets in small-cap and mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (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. The Fund may invest up to 35% of its net assets in foreign securities (measured at the time of investment), which may involve political, economic, currency, and other risks not encountered in U.S. investments. (Please see "Investing in Foreign Securities" in the prospectus.)

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