A New Name and Other Changes to Royce Dividend Value Fund—Royce
article 04-30-2025

A New Name and Other Changes to Royce Dividend Value Fund

The Fund’s new name and non-fundamental investment policy changes will become effective as of 7/1/25.

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The Board of Trustees of The Royce Fund has approved name and non-fundamental investment policy changes for Royce Dividend Value Fund. The Fund’s new name—Royce SMid-Cap Total Return Fund—will become effective as of July 1, 2025.

As of July 1, 2025, the Fund will invest at least 80% of its net assets in equity securities of smid-cap companies, under normal circumstances. Smid-cap--or small- and mid-cap--companies are those that have a stock market capitalization that is not greater than that of the largest company in the Russell 2500® Index at the time of its most recent reconstitution—which was $18 billion in May 2024.

Under normal circumstances, the Fund will invest at least: (i) 65% of its net assets in equity securities issued by companies that make dividend payments to shareholders, and (ii) 80% of its net assets in equity securities issued by companies that make dividend payments to shareholders and/or employ other methods of returning capital to shareholders (e.g., issuer share repurchases).

These changes will better align the Fund’s name and investment policies with its primary investment focus. The Fund’s investment goals of long-term growth of capital and current income will not be changing. No assurance can be given, however, that these changes will result in the Fund being successful or that the Fund will achieve its investment goals.

The portfolio management team remains the same: Miles Lewis, CFA®, is the Fund’s lead portfolio manager. Portfolio Manager Joseph Hintz, CFA®, manages the Fund with him. They are assisted by Jag Sriram, CFA®.

Learn more about the Fund.

Important Disclosure Information

An investor should carefully consider a Fund’s investment objective, risks, fees, charges, and expenses 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 performance of The Royce Funds, please call (800) 221-4268 or visit www.royceinvest.com. Please read the prospectus carefully before investing. Distributor: Royce Fund Services, LLC.

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