NEW YORK, April 24, 2015 /PRNewswire/ -- On April 22, 2015 the Board of Trustees of The Royce Fund approved a name change, effective May 1, 2015, for one of its series—Royce Opportunity Select Fund will be renamed Royce Micro-Cap Opportunity Fund.
Effective May 1, 2015, the Fund will operate under a new non-fundamental investment policy requiring 80% of its assets to be invested in stocks with market caps up to $1 billion. The Fund will be run closely to the way in which it has been since its inception, investing primarily in a limited number (generally less than 100) of mostly micro-cap stocks. William A. Hench continues to manage the Fund, assisted by Boniface A. Zaino. However, the Fund will no longer have the ability to engage in short selling, write call options, or borrow money for investment purposes. The Fund has not used these investment capabilities to any significant extent in recent years.
Messrs. Hench and Zaino will continue to seek what they believe are opportunistic situations for undervalued securities. Such opportunistic situations may include turnarounds, emerging growth companies with interrupted earnings patterns, companies with unrecognized asset values, or undervalued growth companies. This theme-based, opportunistic value approach is the same approach that has always been used for the long portion of the portfolio.
If you have any questions regarding this release, please call Investor Services at 1-800-221-4268. For further information on The Royce Funds, please visit our website at www.roycefunds.com.
About Royce & Associates, LLC: For more than 40 years Royce & Associates, LLC, investment adviser to The Royce Funds, has used a disciplined, value-oriented approach to select micro-cap, small-cap, and mid-cap companies. We have a seasoned staff of investment professionals, most with more than 15 years of experience. 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, LLC is a wholly owned affiliate of Legg Mason Inc. (NYSE: LM). Royce Fund Services, Inc., the Fund's distributor, is a member of FINRA and the SIPC.
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.roycefunds.com. Please read the prospectus carefully before investing. Distributor: Royce Fund Services, Inc.
Royce Micro-Cap Opportunity Fund (formerly Royce Opportunity Select Fund) Investment Class, ROSFX, 780811832; Service Class, ROSSX, 780811642