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Royce Announces New Manager Appointments

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Royce & Associates, LLC (“Royce”), investment adviser to The Royce Funds and a pioneer in small-cap investing, is pleased to announce new portfolio manager appointments on several funds, effective immediately. These appointments are taking place in conjunction with the planned departure of Portfolio Manager Whitney George.

Chuck Royce will continue to manage Royce Premier Fund, as he has since the Fund’s inception in 1991. Lauren Romeo remains the Fund’s assistant portfolio manager, as she has since 2006. Steven McBoyle, who has been with Royce since 2007 and has 24 years of investment experience, will join as assistant portfolio manager in November.

Jim Stoeffel becomes portfolio manager of Royce Low-Priced Stock Fund, on which he currently serves as assistant portfolio manager. Mr. Stoeffel has been with Royce since 2009, has 21 years of investment experience, and has worked closely with Mr. George over the last five years. Bill Hench, Jim Harvey, and Carl Brown will serve as the Fund’s assistant portfolio managers. Messrs. Hench, Harvey, and Brown have been with Royce for 12, 16, and five years, respectively.

David Nadel, who currently serves as assistant portfolio manager, will lead Royce Global Value Fund together with portfolio managers Mr. McBoyle, Mr. Harvey, and Dilip Badlani. This group brings a wealth of portfolio management experience on both our international and domestic funds. Mr. Nadel has been with Royce for eight years and from 2009-2013 served as the Fund’s co-manager. Mr. Badlani has been with Royce for four years and has 14 years of investment industry experience.

Ms. Romeo will also become lead portfolio manager of Royce 100 Fund, with Mr. Royce serving as portfolio manager.

Chris Clark, Royce’s president, said, “We are excited about the new portfolio management assignments for this talented group of investment professionals who will help to position us for long-term success. Over the past several years, we have taken steps to transition the firm from one primarily identified with our iconic founder to one built with a strong and sustainable foundation for continued excellence in smaller-company investing.”

Mr. George will be joining Sprott Asset Management, a Toronto-based alternative asset manager. Until then, he will remain at Royce as portfolio manager of Royce Focus Trust (Nasdaq:FUND), a multi-cap closed-end fund. Royce Focus Trust’s Board of Directors will meet in December to consider approving a new Investment Advisory Agreement for Royce Focus Trust with Sprott to enable Mr. George to continue managing the portfolio following his departure from Royce. If approved, the Fund would then seek stockholder approval of the new Agreement.

“Whitney has made many significant contributions to our firm,” said Mr. Royce. “He has filled a number of leadership roles and helped to shape our unique culture. For all of this, I am extremely thankful. We wish him great success in this new endeavor.”

Mr. George added, “While I am grateful for the incredible opportunity that Chuck has given me over the last 23 years, I am excited to be joining Sprott and would like to congratulate my colleagues on their new roles. I believe that Royce has never been stronger in terms of leadership, portfolio management talent, and shareholder focus. I continue to be committed to Royce, its people, and its discipline and will remain a large investor and friend. Therefore, now is a good time for me to make this change.”

For more than 40 years Royce has used a disciplined, value-oriented approach to select micro-cap, small-cap, and mid-cap companies. The firm has a seasoned staff of investment professionals, most with more than 15 years of experience. Mr. Royce, the firm’s founder and a pioneer of small-cap investing, enjoys one of the longest tenures of any mutual fund manager.

For media and institutional inquiries, please contact Dave Gruber at 1-800-337-6923.

Investors should carefully consider the investment goals, risks, fees, charges, and expenses of the Funds before investing. Please read the prospectus carefully before investing. Distributor: Royce Fund Services, Inc.

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