article 05-01-2017

Updated Prospectuses Now Available

Royce's new open-end fund prospectuses become effective on May 1, 2017.

We wanted to let you know about some of the changes we are making to certain of The Royce Funds effective with the Prospectuses dated May 1, 2017.

  • Royce Heritage Fund has been renamed Royce Small/Mid-Cap Premier Fund—We've changed the Fund's name to Royce Small/Mid-Cap Premier Fund. The Fund is now required to have 80% of its net assets invested in small- and mid-cap stocks with market caps up to $15 billion. We've also added the Russell 2500 Index of small- and mid-cap stocks to the Fund's "Annualized Total Returns" table. Steven McBoyle remains as the Fund's portfolio manager.
  • Royce Pennsylvania Mutual Fund—Royce veterans Jim Stoeffel and Chris Flynn have been added as assistant portfolio managers. Chuck Royce continues as the Fund's lead portfolio manager, and Jay Kaplan and Lauren Romeo remain as portfolio managers.

Royce's CEO, Chris Clark, said, "We believe these are positive changes that give investors clear and differentiated choices within Royce's portfolio lineup."

If you have any questions regarding this release, please call Investor Services at 1-800-221-4268. For further information on The Royce Funds, please visit our website at www.roycefunds.com.

Please click here to view our May 1, 2017 prospectuses.

About Royce & Associates, LP: Royce & Associates, LP, investment adviser to The Royce Funds, is a small-cap specialist offering distinct investment strategies with different risk/return profiles designed to meet a variety of investors' needs. Each of our strategies focuses on the kind of fundamental, intensive company research that we have done for more than 40 years. Chuck Royce, the firm's founder and a pioneer of small-cap investing, enjoys one of the longest tenures of any mutual fund manager. Royce & Associates, LP is an affiliate of Legg Mason Inc. (NYSE: LM). Royce Fund Services, Inc., the Fund's distributor, is a member of FINRA and the SIPC.

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. Smaller-cap stocks may involve considerably more risk than larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.)

Royce Heritage Fund: Investment Class, RHFHX, 780905238; Service Class, RGFAX, 780905857; Consultant Class, RYGCX, 780905618; R Class, RHFRX, 780811105

Royce Pennsylvania Mutual Fund: Investment Class, PENNX, 780905840; Service Class, RYPFX, 780905386; Institutional Class, RPMIX, 78081A303; Consultant Class, RYPCX, 780905816; R Class, RPMRX, 780905295; K Class, RPMKX, 780811303

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