Royce's new open-end fund prospectuses become effective on May 1, 2018

NEW YORK, May 1, 2018

• Royce Pennsylvania Mutual Fund—Andrew Palen joins the Fund as assistant portfolio manager. Chuck Royce continues as the Fund's lead portfolio manager, Jay Kaplan and Lauren Romeo remain as portfolio managers, Jim Stoeffel and Chris Flynn remain assistant portfolio managers.
• Royce International Discovery Fund— Jim Harvey is the sole portfolio manager on Royce International Discovery Fund as Dilip Badlani rotates off to fill a different role on our investment team while continuing to work with Jim on our international small-cap strategy.
• Royce Micro-Cap, and Royce Capital Fund–Micro-Cap Portfolio, a variable annuity portfolio—Robert Kosowsky is assistant portfolio manager on these Funds, joining Lead Portfolio Manager Jim Stoeffel and Portfolio Manager Brendan Hartman.
• Royce Low-Priced Stock —Robert Kosowsky is assistant portfolio manager, joining Portfolio Manager Jim Stoeffel and Assistant Portfolio Manager Brendan Hartman.

Royce's CEO, Chris Clark, said, "Andrew and Rob are two talented investment professionals who've joined our firm in the past few years. We're impressed with their contributions to date and have confidence that they will add value for the investors in these funds."

Investors should carefully consider the investment objective, risks, charges, and expenses of Royce International Premier Fund before investing. For a prospectus containing this and other information about the Fund, please visit www.roycefunds.com or call 1-800-221-4268. Please read the prospectus carefully before investing or sending money. The Royce Funds invest primarily in micro-, small-, and/or mid-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.)

About Royce & Associates, LP: Royce & Associates, LP, investment adviser to The Royce Funds, is a small-cap specialist offering distinct investment strategies with different risk/return profiles designed to meet a variety of investors' needs. Each of our strategies focuses on the kind of fundamental, intensive company research that we have done for more than 40 years. Chuck Royce, the firm's founder and a pioneer of small-cap investing, enjoys one of the longest tenures of any mutual fund manager. Royce & Associates, LP is an affiliate of Legg Mason Inc. (NYSE: LM). Royce Fund Services, Inc., the Fund's distributor, is a member of FINRA and the SIPC.

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SOURCE Royce & Associates