The following portfolio manager changes become effective at the close of business on 9/30/24:

• In Royce Micro-Cap Fund, Royce Capital Fund–Micro-Cap Portfolio, and Royce Micro-Cap Trust, Jim Stoeffel will become portfolio manager, and Andrew Palen is joining him as assistant portfolio manager.
• In Royce Small-Cap Opportunity Fund, Brendan Hartman will become lead portfolio manager, with Jim Stoeffel and Jim Harvey remaining as portfolio managers, and Kavitha Venkatraman remaining assistant portfolio manager.
• On Royce Dividend Value Fund, Miles Lewis becomes the Fund’s lead portfolio manager, joined by Joseph Hintz as portfolio manager and Jag Sriram as assistant portfolio manager.
• On Royce Small-Cap Fund (formerly Royce Pennsylvania Mutual Fund), Portfolio Managers Lauren Romeo, Steven McBoyle, Miles Lewis, Jay Kaplan, and Andrew Palen will be joined by Co-Chief Investment Officer, Francis Gannon.
• Mr. Gannon will also be joining the portfolio management team of Royce Small-Cap Trust (formerly Royce Value Trust) with Portfolio Managers Lauren Romeo, Steven McBoyle, Andrew Palen, and George Necakov.
• Steven McBoyle will become portfolio manager of Royce Global Trust.

Important Disclosure Information