Shareholders Approve Royce Fund Reorganization
article 06-27-2019

Shareholders Approve Royce Fund Reorganization

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June 27, 2019—The proposed reorganization of Royce Low-Priced Stock Fund (“Low-Priced Stock”) into Royce Micro-Cap Fund (“Micro-Cap”) has received shareholder approval.

As part of the reorganization, all of the assets and liabilities of Low-Priced Stock will be exchanged for shares of Micro-Cap, with all values expected to be determined as of the closing of the NYSE (generally 4:00pm) on Friday, July 12, 2019. Upon completion of the reorganization, shareholders of Low-Priced Stock will become shareholders of Micro-Cap. No sales charges or redemption fees will be imposed in connection with the reorganization.

As of the close of business on Friday June 28, 2019, Low-Priced Stock will be closed to new purchases.

If you have any questions regarding this release, please call Investor Services at 1-800-337-6923.

About Royce Micro-Cap Fund
Micro-Cap seeks long-term growth of capital. Royce & Associates, LP (“Royce”), Micro-Cap’s investment adviser, normally invests at least 80% of Micro-Cap’s net assets in equity securities of micro-cap companies with market caps up to $1 billion. Royce uses multiple investment themes and offers wide exposure to micro-cap stocks by investing in companies with strong fundamentals and/or prospects selling at prices that Royce believes do not fully reflect these attributes. Royce considers companies with strong balance sheets, attractive growth prospects, and/or the potential for improvement in cash flow levels and internal rates of return, among other factors. James P. Stoeffel is Micro-Cap’s lead portfolio manager, and Portfolio Manager Brendan J. Hartman manages Micro-Cap with him.

An investor should carefully consider the investment objective, risks, fees, charges, and expenses of Micro-Cap before investing or sending money. This and other important information about The Royce Funds can be found in the Funds’ prospectus. To obtain a prospectus, and information about The Royce Funds, please call (800) 221-4268. Please read the prospectus carefully before investing. Distributor: Royce Fund Services, LLC.

Royce Low-Priced Stock Fund
Investment Class: RLPHX, 780905246
Service Class: RYLPX, 780905808

Royce Micro-Cap Fund
Investment Class: RYOTX, 780905709
Service Class: RMCFX, 780905659
Consultant Class: RYMCX, 780905774

Important Disclosure Information

About Royce & Associates, LP: Royce & Associates, LP, is a small-cap equity specialist offering distinct investment strategies with unique risk/return profiles designed to meet a variety of investors’ needs. For more than 40 years, our strategies have focused on active, risk-conscious investing driven by deep, fundamental company research. Chuck Royce, the firm’s founder and a pioneer of small-cap investing, enjoys one of the longest tenures in the industry. Royce & Associates, LP is a subsidiary of Legg Mason Inc. (NYSE: LM). Royce Fund Services, LLC, the Fund’s distributor, is a member of FINRA and the SIPC.

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.)

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