New Fund Names Take Effect and Prospectuses Are Updated —Royce
article 04-30-2024

New Fund Names Take Effect and Prospectuses Are Updated

Name changes take effect on 5/1/24 for one open-end fund and two closed-end funds.


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.

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 invests primarily in small and micro-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 25% of its net assets in foreign securities that may involve political, economic, currency, and other risks not encountered in U.S. investments. (Please see "Investing in Foreign Securities" in the prospectus.)

RGT and RVT are closed-end funds. Closed-end funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund’s common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund. Investors should consider the Funds’ respective investment goals, risks, fees, and expenses carefully before investing.

Daily net asset values for RGT and RVT are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbols XRGTX and XRVTX, respectively. For more information, please call The Royce Funds at (800) 221-4268.

Royce Fund Services, LLC. (“RFS”) is a member of FINRA and has filed this material with FINRA on behalf of each Fund. RFS is the distributor of The Royce Fund; RFS does not serve as a distributor or as an underwriter to the closed-end funds.



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