Royce Prospectus Updates—Royce
article 05-01-2020

Updated Prospectuses Now Available

Learn what changes we are making to our updated prospectuses.

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Royce’s new open-end fund prospectuses become effective today, May 1, 2020.

As part of these updates, we are redefining our market capitalization ceilings for small-caps and micro-caps. We now describe small-caps as companies “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.”

Similarly, we now define micro-caps as companies “that have a market capitalization not greater than that of the largest company in the Russell Microcap Index at the time of its most recent reconstitution.”

(This change does not affect Royce Dividend Value, Global Financial Services, International Premier, or Smaller-Companies Growth Funds because, where the existing dollar-derived market cap ceilings remain in use.)

We also made the Russell 2000 Value Index the primary benchmark, with the Russell 2000 secondary, for Royce Opportunity, Small-Cap Value, Special Equity, and Royce Capital Fund - Small-Cap Portfolio. In addition, we added the Russell 2000 Value as a secondary benchmark to Royce Total Return Fund, and added the MCSI ACWI Small Cap to Royce Global Financial Services Fund (the Russell 2000 remains the Fund’s benchmark).

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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