# EDGAR Filing Document

**Accession Number:** 0000709364
**File Stem:** 0000949377-25-000079
**Filing Date:** 2025-8
**Character Count:** 452012
**Document Hash:** ff7437e9cc3427bf727b9b1fcd314a8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000949377-25-000079.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0000949377-25-000079

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYCE FUND
- **CENTRAL INDEX KEY:** 0000709364

**ORGANIZATION NAME:**
- **EIN:** 133139046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03599
- **FILM NUMBER:** 251261164

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 2125084500

**MAIL ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYCE VALUE FUND INC
- **DATE OF NAME CHANGE:** 19851103

## Series and Classes Contracts Data

### Royce Premier Fund (Series ID: S000009505)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000025990 | Investment Class    | RYPRX           |
| C000025991 | Institutional Class | RPFIX           |
| C000025992 | Service Class       | RPFFX           |
| C000025993 | Consultant Class    | RPRCX           |

### Royce Micro-Cap Fund (Series ID: S000009506)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000025994 | Investment Class | RYOTX           |
| C000025995 | Consultant Class | RYMCX           |
| C000025996 | Service Class    | RMCFX           |

### Royce Small-Cap Fund (Series ID: S000009507)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000025997 | Investment Class    | PENNX           |
| C000025998 | Consultant Class    | RYPCX           |
| C000025999 | Service Class       | RYPFX           |
| C000098386 | Institutional Class | RPMIX           |

### Royce Small-Cap Total Return Fund (Series ID: S000009510)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000026006 | Investment Class    | RYTRX           |
| C000026007 | Consultant Class    | RYTCX           |
| C000026008 | Service Class       | RYTFX           |
| C000026009 | Institutional Class | RTRIX           |
| C000038078 | R Class             | RTRRX           |

### Royce Small-Cap Opportunity Fund (Series ID: S000009512)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000026012 | Consultant Class    | ROFCX           |
| C000026013 | Investment Class    | RYPNX           |
| C000026014 | Service Class       | RYOFX           |
| C000026015 | Institutional Class | ROFIX           |
| C000038081 | R Class             | ROFRX           |

### Royce Small-Cap Special Equity Fund (Series ID: S000009513)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000026016 | Investment Class    | RYSEX           |
| C000026017 | Consultant Class    | RSQCX           |
| C000026018 | Institutional Class | RSEIX           |
| C000026019 | Service Class       | RSEFX           |

### Royce Small-Cap Value Fund (Series ID: S000009516)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000026025 | Service Class    | RYVFX           |
| C000038082 | Investment Class | RVVHX           |

### Royce Smaller-Companies Growth Fund (Series ID: S000009517)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000026026 | Institutional Class | RVPIX           |
| C000026028 | Service Class       | RYVPX           |
| C000038083 | Investment Class    | RVPHX           |

### Royce Smid-Cap Total Return Fund (Series ID: S000009522)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000026035 | Service Class    | RYDVX           |
| C000054171 | Investment Class | RDVIX           |

### Royce International Premier Fund (Series ID: S000030672)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000095056 | Service Class       | RYIPX           |
| C000136200 | Investment Class    | RIPNX           |
| C000199330 | Institutional Class | RIPIX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT**

**OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-03599

Name of Registrant: The Royce Fund

Address of Registrant: One Madison Avenue

New York, NY 10010

Name and address of agent for service: John E. Denneen, Esq.<br> One Madison Avenue <br> New York, NY 10010 <br>

Registrant's telephone number, including area code: (212) 508-4500

Date of fiscal year end: December 31, 2024

Date of reporting period: January 1, 2025 – June 30, 2025

**Item 1. Reports to Shareholders.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Fund<br> Consultant Class—RYPCX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Fund—Consultant Class | &nbsp;&nbsp;$98 | 1.98% |
| ¹Annualized |  |  |

---

*GiftShare accounts pay an annual trustee fee of $50 to Alliance Trust Company, as trustee. Because such fee is not included in the total annual Fund operating expenses shown above, total annual Fund operating expenses for GiftShare accounts would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1723 |
| Number of Holdings | 279 |
| Portfolio Turnover Rate | 21% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Arcosa | 2.0 |
| SEI Investments | 1.6 |
| E-L Financial | 1.6 |
| Air Lease Cl. A | 1.5 |
| Assured Guaranty | 1.5 |
| Haemonetics Corporation | 1.4 |
| Element Solutions | 1.4 |
| PAR Technology | 1.4 |
| Cirrus Logic | 1.1 |
| TMX Group | 1.1 |

---

**Portfolio Sector Breakdown**

![](img022_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img023_v1.jpg) | • <u>Prospectus</u><br>• <u>Financial Information</u>  | • <u>Fund Holdings</u><br>• <u>Proxy Voting Information</u>  |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | PMF-CC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Fund<br> Investment Class—PENNX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Fund—Investment Class | &nbsp;&nbsp;$47 | 0.96% |
| ¹Annualized |  |  |

---

 

*GiftShare accounts pay an annual trustee fee of $50 to Alliance Trust Company, as trustee. Because such fee is not included in the total annual Fund operating expenses shown above, total annual Fund operating expenses for GiftShare accounts would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1723 |
| Number of Holdings | 279 |
| Portfolio Turnover Rate | 21% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Arcosa | 2.0 |
| SEI Investments | 1.6 |
| E-L Financial | 1.6 |
| Air Lease Cl. A | 1.5 |
| Assured Guaranty | 1.5 |
| Haemonetics Corporation | 1.4 |
| Element Solutions | 1.4 |
| PAR Technology | 1.4 |
| Cirrus Logic | 1.1 |
| TMX Group | 1.1 |

---

**Portfolio Sector Breakdown**

![](img024_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img025_v1.jpg) | • <u>Prospectus</u><br>• <u>Financial Information</u>  | • <u>Fund Holdings</u><br>• <u>Proxy Voting Information</u>  |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | PMF-IC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Fund<br> Institutional Class—RPMIX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Fund—Institutional Class | &nbsp;&nbsp;$45 | 0.91% |
| ¹Annualized |  |  |

---

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1723 |
| Number of Holdings | 279 |
| Portfolio Turnover Rate | 21% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Arcosa | 2.0 |
| SEI Investments | 1.6 |
| E-L Financial | 1.6 |
| Air Lease Cl. A | 1.5 |
| Assured Guaranty | 1.5 |
| Haemonetics Corporation | 1.4 |
| Element Solutions | 1.4 |
| PAR Technology | 1.4 |
| Cirrus Logic | 1.1 |
| TMX Group | 1.1 |

---

**Portfolio Sector Breakdown**

![](img026_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img027_v1.jpg) | • <u>Prospectus</u><br>• <u>Financial Information</u>  | • <u>Fund Holdings</u><br>• <u>Proxy Voting Information</u>  |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | PMF-INC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Fund<br> Service Class—RYPFX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Fund—Service Class | &nbsp;&nbsp;$64 | 1.30% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

*GiftShare accounts pay an annual trustee fee of $50 to Alliance Trust Company, as trustee. Because such fee is not included in the total annual Fund operating expenses shown above, total annual Fund operating expenses for GiftShare accounts would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1723 |
| Number of Holdings | 279 |
| Portfolio Turnover Rate | 21% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Arcosa | 2.0 |
| SEI Investments | 1.6 |
| E-L Financial | 1.6 |
| Air Lease Cl. A | 1.5 |
| Assured Guaranty | 1.5 |
| Haemonetics Corporation | 1.4 |
| Element Solutions | 1.4 |
| PAR Technology | 1.4 |
| Cirrus Logic | 1.1 |
| TMX Group | 1.1 |

---

**Portfolio Sector Breakdown**

![](img028_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img029_v1.jpg) | • <u>Prospectus</u><br>• <u>Financial Information</u>  | • <u>Fund Holdings</u><br>• <u>Proxy Voting Information</u>  |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | PMF-SC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Royce SMid-Cap Total Return Fund<br> *(formerly Royce Dividend Value Fund)*<br> Investment Class—RDVIX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce SMid-Cap Total Return Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**This report describes changes to the Fund that occurred during the reporting period.**

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | **COSTS OF A**<br>**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>**OF A $10,000 INVESTMENT¹** |
| Royce SMid-Cap Total Return Fund—Investment Class | $54 | 1.09% |

---

<sup>1</sup>Annualized

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $67 |
| Number of Holdings | 46 |
| Portfolio Turnover Rate | 24% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| FTAI Aviation | 3.6 |
| MSC Industrial Direct Cl. A | 3.5 |
| Kyndryl Holdings | 3.5 |
| Advance Auto Parts | 3.5 |
| Academy Sports & Outdoors | 3.5 |
| Assured Guaranty | 3.4 |
| Vontier Corporation | 3.1 |
| Sapiens International | 3.0 |
| RenaissanceRe Holdings | 3.0 |
| SEI Investments | 2.9 |

---

**Portfolio Sector Breakdown**

![](img068_v1.jpg)

---

| | |
|:---|:---|
| **ROYCE SMID-CAP TOTAL RETURN FUND—INVESTMENT CLASS (RDVIX)** | **Semiannual Shareholder Report—June 30, 2025** |

---

**How Has the Fund Changed?**

*Effective May 1, 2025, the Russell 2500 Value<sup>®</sup> Index replaced the Russell 2000<sup>®</sup> Index as a securities market index for performance comparison purposes.* 

*Effective July 1, 2025, the following additional changes were implemented:* 

*•* *the Fund's name changed from Royce Dividend Value Fund to Royce SMid-Cap Total Return Fund ;* 

*•* *the Fund invests, under normal circumstances, at least 80% of its net assets in equity securities of "smid-cap companies" (i.e., those that have a market capitalization not greater than that of the largest company in the Russell 2500<sup>®</sup> Index at the time of its most recent reconstitution); and* 

*•* *the Fund invests, under normal circumstances, 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).* 

*This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements at <u>www.royceinvest.com/literature</u> or upon request at 1-800-221-4268.*

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img069_v1.jpg) | • <u>Prospectus</u><br>• <u>Financial Information</u>  | • <u>Fund Holdings</u><br>• <u>Proxy Voting Information</u>  |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information** 

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RDV-IC-STSR-0625<sub>2</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Royce SMid-Cap Total Return Fund<br> *(formerly Royce Dividend Value Fund)*<br> Service Class—RYDVX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce SMid-Cap Total Return Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**This report describes changes to the Fund that occurred during the reporting period.**

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | **COSTS OF A**<br>**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>**OF A $10,000 INVESTMENT¹** |
| Royce SMid-Cap Total Return Fund—Service Class | $66 | 1.34% |

---

¹Annualized

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $67 |
| Number of Holdings | 46 |
| Portfolio Turnover Rate | 24% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| FTAI Aviation | 3.6 |
| MSC Industrial Direct Cl. A | 3.5 |
| Kyndryl Holdings | 3.5 |
| Advance Auto Parts | 3.5 |
| Academy Sports & Outdoors | 3.5 |
| Assured Guaranty | 3.4 |
| Vontier Corporation | 3.1 |
| Sapiens International | 3.0 |
| RenaissanceRe Holdings | 3.0 |
| SEI Investments | 2.9 |

---

**Portfolio Sector Breakdown**

![](img070_v1.jpg)

---

| | |
|:---|:---|
| **ROYCE SMID-CAP TOTAL RETURN FUND—SERVICE CLASS (RYDVX)** | **Semiannual Shareholder Report—June 30, 2025** |

---

**How Has the Fund Changed?** 

*Effective May 1, 2025, the Russell 2500 Value<sup>®</sup> Index replaced the Russell 2000<sup>®</sup> Index as a securities market index for performance comparison purposes.* 

*Effective July 1, 2025, the following additional changes were implemented:* 

*•* *the Fund's name changed from Royce Dividend Value Fund to Royce SMid-Cap Total Return Fund ;* 

*•* *the Fund invests, under normal circumstances, at least 80% of its net assets in equity securities of "smid-cap companies" (i.e., those that have a market capitalization not greater than that of the largest company in the Russell 2500<sup>®</sup> Index at the time of its most recent reconstitution); and* 

*•* *the Fund invests, under normal circumstances, 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).* 

*This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements at <u>www.royceinvest.com/literature</u> or upon request at 1-800-221-4268.*

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img071_v1.jpg) | • <u>Prospectus</u><br>• <u>Financial Information</u>  | • <u>Fund Holdings</u><br>• <u>Proxy Voting Information</u>  |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information** 

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RDV-SC-STSR-0625<sub>2</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce International Premier Fund<br> Investment Class—RIPNX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce International Premier Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | **COSTS OF A**<br>**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>**OF A $10,000 INVESTMENT¹** |
| Royce International Premier Fund—Investment Class | $64 | 1.19% |

---

<sup>1</sup>Annualized

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $133 |
| Number of Holdings | 56 |
| Portfolio Turnover Rate | 11% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Positions** |  | **Country Breakdown<sup>1,2</sup>** |  |
| NICE Information Service | 3.9 | Japan | 21.2 |
| Maruwa | 2.8 | United Kingdom | 17.3 |
| Rightmove | 2.6 | France | 8.8 |
| Ashtead Technology Holdings | 2.5 | Switzerland | 6.1 |
| Gaztransport Et Technigaz | 2.5 | Australia | 5.7 |
| OBIC Business Consultants | 2.5 | Germany | 5.4 |
| Halma | 2.5 | Italy | 4.3 |
| CTS Eventim AG & Co. | 2.4 | Sweden | 3.9 |
| DiscoverIE Group | 2.4 | South Korea | 3.9 |
| Zuken | 2.4 | <sup>1</sup>Represents countries that are 3% or more of net assets. | <sup>1</sup>Represents countries that are 3% or more of net assets. |
|  |  | <sup>2</sup>Securities are categorized by the country of their headquarters. | <sup>2</sup>Securities are categorized by the country of their headquarters. |

---

**Portfolio Sector Breakdown**

![](img002_v1.jpg)

---

| | |
|:---|:---|
| **ROYCE INTERNATIONAL PREMIER FUND—INVESTMENT CLASS (RIPNX)** | **Semiannual Shareholder Report—June 30, 2025** |

---

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img003_v1.jpg) | • <u>Prospectus</u><br>• <u>Financial Information</u>  | • <u>Fund Holdings</u><br>• <u>Proxy Voting Information</u>  |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information** 

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RIP-IC-STSR-0625<sub>2</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce International Premier Fund<br> Institutional Class—RIPIX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce International Premier Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | **COSTS OF A**<br>**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>**OF A $10,000 INVESTMENT¹** |
| Royce International Premier Fund—Institutional Class | $56 | 1.04% |

---

<sup>1</sup>Annualized

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $133 |
| Number of Holdings | 56 |
| Portfolio Turnover Rate | 11% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Positions** |  | **Country Breakdown<sup>1,2</sup>** |  |
| NICE Information Service | 3.9 | Japan | 21.2 |
| Maruwa | 2.8 | United Kingdom | 17.3 |
| Rightmove | 2.6 | France | 8.8 |
| Ashtead Technology Holdings | 2.5 | Switzerland | 6.1 |
| Gaztransport Et Technigaz | 2.5 | Australia | 5.7 |
| OBIC Business Consultants | 2.5 | Germany | 5.4 |
| Halma | 2.5 | Italy | 4.3 |
| CTS Eventim AG & Co. | 2.4 | Sweden | 3.9 |
| DiscoverIE Group | 2.4 | South Korea | 3.9 |
| Zuken | 2.4 | <sup>1</sup>Represents countries that are 3% or more of net assets. | <sup>1</sup>Represents countries that are 3% or more of net assets. |
|  |  | <sup>2</sup>Securities are categorized by the country of their headquarters. | <sup>2</sup>Securities are categorized by the country of their headquarters. |

---

**Portfolio Sector Breakdown**

![](img004_v1.jpg)

---

| | |
|:---|:---|
| **ROYCE INTERNATIONAL PREMIER FUND—INSTITUTIONAL CLASS (RIPIX)** | **Semiannual Shareholder Report—June 30, 2025** |

---

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img005_v1.jpg) | • <u>Prospectus</u><br>• <u>Financial Information</u>  | • <u>Fund Holdings</u><br>• <u>Proxy Voting Information</u>  |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information** 

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RIP-INC-STSR-0625<sub>2</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Royce International Premier Fund<br> Service Class—RYIPX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce International Premier Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | **COSTS OF A**<br>**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>**OF A $10,000 INVESTMENT¹** |
| Royce International Premier Fund—Service Class | $77 | 1.44% |

---

<sup>1</sup>Annualized

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $133 |
| Number of Holdings | 56 |
| Portfolio Turnover Rate | 11% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Positions** |  | **Country Breakdown<sup>1,2</sup>** |  |
| NICE Information Service | 3.9 | Japan | 21.2 |
| Maruwa | 2.8 | United Kingdom | 17.3 |
| Rightmove | 2.6 | France | 8.8 |
| Ashtead Technology Holdings | 2.5 | Switzerland | 6.1 |
| Gaztransport Et Technigaz | 2.5 | Australia | 5.7 |
| OBIC Business Consultants | 2.5 | Germany | 5.4 |
| Halma | 2.5 | Italy | 4.3 |
| CTS Eventim AG & Co. | 2.4 | Sweden | 3.9 |
| DiscoverIE Group | 2.4 | South Korea | 3.9 |
| Zuken | 2.4 | <sup>1</sup>Represents countries that are 3% or more of net assets. | <sup>1</sup>Represents countries that are 3% or more of net assets. |
|  |  | <sup>2</sup>Securities are categorized by the country of their headquarters. | <sup>2</sup>Securities are categorized by the country of their headquarters. |

---

**Portfolio Sector Breakdown**

![](img006_v1.jpg)

---

| | |
|:---|:---|
| **ROYCE INTERNATIONAL PREMIER FUND—SERVICE CLASS (RYIPX)** | **Semiannual Shareholder Report—June 30, 2025** |

---

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img007_v1.jpg) | • <u>Prospectus</u><br> • <u>Financial Information</u> | • <u>Fund Holdings</u><br> • <u>Proxy Voting Information</u> |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information** 

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RIP-SC-STSR-0625<sub>2</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Micro-Cap Fund<br> Consultant Class—RYMCX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Micro-Cap Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Micro-Cap Fund—Consultant Class | &nbsp;&nbsp;$110 | 2.24% |
| <sup>1</sup>Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $282 |
| Number of Holdings | 153 |
| Portfolio Turnover Rate | 24% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Magnite | 1.4 |
| Bel Fuse Cl. B | 1.3 |
| Sprott | 1.3 |
| American Superconductor | 1.2 |
| Graham Corporation | 1.2 |
| Natural Gas Services Group | 1.2 |
| Digi International | 1.2 |
| CECO Environmental | 1.1 |
| Lincoln Educational Services | 1.1 |
| NPK International | 1.1 |

---

**Portfolio Sector Breakdown**

![](img008_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img009_v1.jpg) | • <u>Prospectus</u><br>• <u>Financial Information</u>  | • <u>Fund Holdings</u><br>• <u>Proxy Voting Information</u>  |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RMC-CC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Micro-Cap Fund<br> Investment Class—RYOTX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Micro-Cap Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Micro-Cap Fund—Investment Class | &nbsp;&nbsp;$61 | 1.24% |
| <sup>1</sup>Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $282 |
| Number of Holdings | 153 |
| Portfolio Turnover Rate | 24% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Magnite | 1.4 |
| Bel Fuse Cl. B | 1.3 |
| Sprott | 1.3 |
| American Superconductor | 1.2 |
| Graham Corporation | 1.2 |
| Natural Gas Services Group | 1.2 |
| Digi International | 1.2 |
| CECO Environmental | 1.1 |
| Lincoln Educational Services | 1.1 |
| NPK International | 1.1 |

---

**Portfolio Sector Breakdown**

![](img010_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img011_v1.jpg) | • <u>Prospectus</u><br>• <u>Financial Information</u>  | • <u>Fund Holdings</u><br>• <u>Proxy Voting Information</u>  |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RMC-IC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Micro-Cap Fund<br> Service Class—RMCFX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Micro-Cap Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Micro-Cap Fund—Service Class | &nbsp;&nbsp;$73 | 1.49% |
| <sup>1</sup>Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $282 |
| Number of Holdings | 153 |
| Portfolio Turnover Rate | 24% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Magnite | 1.4 |
| Bel Fuse Cl. B | 1.3 |
| Sprott | 1.3 |
| American Superconductor | 1.2 |
| Graham Corporation | 1.2 |
| Natural Gas Services Group | 1.2 |
| Digi International | 1.2 |
| CECO Environmental | 1.1 |
| Lincoln Educational Services | 1.1 |
| NPK International | 1.1 |

---

**Portfolio Sector Breakdown**

![](img012_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | |
|:---|:---|:---|
| ![](img013_v1.jpg) | • <u>Prospectus</u><br>• <u>Financial Information</u>  | • <u>Fund Holdings</u><br>• <u>Proxy Voting Information</u>  |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RMC-SC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Opportunity Fund<br> Consultant Class—ROFCX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Opportunity Fund—Consultant Class | &nbsp;&nbsp;$109 | 2.24% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1034 |
| Number of Holdings | 217 |
| Portfolio Turnover Rate | 23% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Kyndryl Holdings | 0.8 |
| CECO Environmental | 0.8 |
| Primoris Services | 0.8 |
| Knowles Corporation | 0.8 |
| Leonardo DRS | 0.8 |
| Orion Group Holdings | 0.8 |
| Aviat Networks | 0.8 |
| Victory Capital Holdings Cl. A | 0.8 |
| BWX Technologies | 0.8 |
| Applied Optoelectronics | 0.8 |

---

**Portfolio Sector Breakdown**

![](img030_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img031_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | ROF-CC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Opportunity Fund<br> Investment Class—RYPNX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Opportunity Fund—Investment Class | &nbsp;&nbsp;$61 | 1.24% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1034 |
| Number of Holdings | 217 |
| Portfolio Turnover Rate | 23% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Kyndryl Holdings | 0.8 |
| CECO Environmental | 0.8 |
| Primoris Services | 0.8 |
| Knowles Corporation | 0.8 |
| Leonardo DRS | 0.8 |
| Orion Group Holdings | 0.8 |
| Aviat Networks | 0.8 |
| Victory Capital Holdings Cl. A | 0.8 |
| BWX Technologies | 0.8 |
| Applied Optoelectronics | 0.8 |

---

**Portfolio Sector Breakdown**

![](img032_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img033_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | ROF-IC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Opportunity Fund<br> Institutional Class—ROFIX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Opportunity Fund—Institutional Class | &nbsp;&nbsp;$56 | 1.14% |
| ¹Annualized |  |  |

---

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1034 |
| Number of Holdings | 217 |
| Portfolio Turnover Rate | 23% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Kyndryl Holdings | 0.8 |
| CECO Environmental | 0.8 |
| Primoris Services | 0.8 |
| Knowles Corporation | 0.8 |
| Leonardo DRS | 0.8 |
| Orion Group Holdings | 0.8 |
| Aviat Networks | 0.8 |
| Victory Capital Holdings Cl. A | 0.8 |
| BWX Technologies | 0.8 |
| Applied Optoelectronics | 0.8 |

---

**Portfolio Sector Breakdown**

![](img034_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img035_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | ROF-INC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Opportunity Fund<br> R Class—ROFRX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Opportunity Fund—R Class | &nbsp;&nbsp;$93 | 1.90% |
| ¹Annualized |  |  |

---

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1034 |
| Number of Holdings | 217 |
| Portfolio Turnover Rate | 23% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Kyndryl Holdings | 0.8 |
| CECO Environmental | 0.8 |
| Primoris Services | 0.8 |
| Knowles Corporation | 0.8 |
| Leonardo DRS | 0.8 |
| Orion Group Holdings | 0.8 |
| Aviat Networks | 0.8 |
| Victory Capital Holdings Cl. A | 0.8 |
| BWX Technologies | 0.8 |
| Applied Optoelectronics | 0.8 |

---

**Portfolio Sector Breakdown**

![](img036_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img037_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | ROF-RC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Opportunity Fund<br> Service Class—RYOFX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Opportunity Fund—Service Class | &nbsp;&nbsp;$73 | 1.49% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1034 |
| Number of Holdings | 217 |
| Portfolio Turnover Rate | 23% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Kyndryl Holdings | 0.8 |
| CECO Environmental | 0.8 |
| Primoris Services | 0.8 |
| Knowles Corporation | 0.8 |
| Leonardo DRS | 0.8 |
| Orion Group Holdings | 0.8 |
| Aviat Networks | 0.8 |
| Victory Capital Holdings Cl. A | 0.8 |
| BWX Technologies | 0.8 |
| Applied Optoelectronics | 0.8 |

---

**Portfolio Sector Breakdown**

![](img038_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img039_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | ROF-SC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Premier Fund<br> Consultant Class—RPRCX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Premier Fund—Consultant Class | &nbsp;&nbsp;$110 | 2.24% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1052 |
| Number of Holdings | 52 |
| Portfolio Turnover Rate | 15% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| SEI Investments | 3.6 |
| MKS | 3.6 |
| Stella-Jones | 3.5 |
| Arcosa | 3.2 |
| FirstService Corporation | 3.2 |
| TMX Group | 3.1 |
| JBT Marel | 3.1 |
| RB Global | 3.1 |
| Reliance | 2.9 |
| Haemonetics Corporation | 2.8 |

---

**Portfolio Sector Breakdown**

![](img014_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img015_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RPR-CC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Premier Fund<br> Investment Class—RYPRX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Premier Fund—Investment Class | &nbsp;&nbsp;$60 | 1.22% |
| ¹Annualized |  |  |

---

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1052 |
| Number of Holdings | 52 |
| Portfolio Turnover Rate | 15% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| SEI Investments | 3.6 |
| MKS | 3.6 |
| Stella-Jones | 3.5 |
| Arcosa | 3.2 |
| FirstService Corporation | 3.2 |
| TMX Group | 3.1 |
| JBT Marel | 3.1 |
| RB Global | 3.1 |
| Reliance | 2.9 |
| Haemonetics Corporation | 2.8 |

---

**Portfolio Sector Breakdown**

![](img016_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img017_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RPR-IC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Premier Fund<br> Institutional Class—RPFIX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Premier Fund—Institutional Class | &nbsp;&nbsp;$57 | 1.16% |
| ¹Annualized |  |  |

---

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1052 |
| Number of Holdings | 52 |
| Portfolio Turnover Rate | 15% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| SEI Investments | 3.6 |
| MKS | 3.6 |
| Stella-Jones | 3.5 |
| Arcosa | 3.2 |
| FirstService Corporation | 3.2 |
| TMX Group | 3.1 |
| JBT Marel | 3.1 |
| RB Global | 3.1 |
| Reliance | 2.9 |
| Haemonetics Corporation | 2.8 |

---

**Portfolio Sector Breakdown**

![](img018_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img019_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RPR-INC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Premier Fund<br> Service Class—RPFFX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Premier Fund—Service Class | &nbsp;&nbsp;$74 | 1.49% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $1052 |
| Number of Holdings | 52 |
| Portfolio Turnover Rate | 15% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| SEI Investments | 3.6 |
| MKS | 3.6 |
| Stella-Jones | 3.5 |
| Arcosa | 3.2 |
| FirstService Corporation | 3.2 |
| TMX Group | 3.1 |
| JBT Marel | 3.1 |
| RB Global | 3.1 |
| Reliance | 2.9 |
| Haemonetics Corporation | 2.8 |

---

**Portfolio Sector Breakdown**

![](img020_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img021_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RPR-SC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Special Equity Fund<br> Consultant Class—RSQCX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Special Equity Fund—Consultant Class | &nbsp;&nbsp;$107 | 2.24% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $489 |
| Number of Holdings | 30 |
| Portfolio Turnover Rate | 3% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Mueller Industries | 6.8 |
| Standard Motor Products | 6.4 |
| TEGNA | 6.4 |
| Vishay Intertechnology | 4.9 |
| Ingles Markets Cl. A | 4.5 |
| Ennis | 4.5 |
| NVE Corporation | 4.2 |
| Movado Group | 4.2 |
| Diamond Hill Investment Group | 4.1 |
| Oil-Dri Corporation of America | 3.3 |

---

**Portfolio Sector Breakdown**

![](img040_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img041_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RSE-CC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Special Equity Fund<br> Investment Class—RYSEX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Special Equity Fund—Investment Class | &nbsp;&nbsp;$60 | 1.24% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $489 |
| Number of Holdings | 30 |
| Portfolio Turnover Rate | 3% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Mueller Industries | 6.8 |
| Standard Motor Products | 6.4 |
| TEGNA | 6.4 |
| Vishay Intertechnology | 4.9 |
| Ingles Markets Cl. A | 4.5 |
| Ennis | 4.5 |
| NVE Corporation | 4.2 |
| Movado Group | 4.2 |
| Diamond Hill Investment Group | 4.1 |
| Oil-Dri Corporation of America | 3.3 |

---

**Portfolio Sector Breakdown**

![](img042_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img043_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RSE-IC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Special Equity Fund<br> Institutional Class—RSEIX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Special Equity Fund—Institutional Class | &nbsp;&nbsp;$57 | 1.18% |
| ¹Annualized |  |  |

---

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $489 |
| Number of Holdings | 30 |
| Portfolio Turnover Rate | 3% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Mueller Industries | 6.8 |
| Standard Motor Products | 6.4 |
| TEGNA | 6.4 |
| Vishay Intertechnology | 4.9 |
| Ingles Markets Cl. A | 4.5 |
| Ennis | 4.5 |
| NVE Corporation | 4.2 |
| Movado Group | 4.2 |
| Diamond Hill Investment Group | 4.1 |
| Oil-Dri Corporation of America | 3.3 |

---

**Portfolio Sector Breakdown**

![](img044_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img045_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RSE-INC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Special Equity Fund<br> Service Class—RSEFX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Special Equity Fund—Service Class | &nbsp;&nbsp;$72 | 1.49% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $489 |
| Number of Holdings | 30 |
| Portfolio Turnover Rate | 3% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Mueller Industries | 6.8 |
| Standard Motor Products | 6.4 |
| TEGNA | 6.4 |
| Vishay Intertechnology | 4.9 |
| Ingles Markets Cl. A | 4.5 |
| Ennis | 4.5 |
| NVE Corporation | 4.2 |
| Movado Group | 4.2 |
| Diamond Hill Investment Group | 4.1 |
| Oil-Dri Corporation of America | 3.3 |

---

**Portfolio Sector Breakdown**

![](img046_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img047_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RSE-SC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Total Return Fund<br> Consultant Class—RYTCX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Total Return Fund—Consultant Class | &nbsp;&nbsp;$106 | 2.17% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $922 |
| Number of Holdings | 63 |
| Portfolio Turnover Rate | 30% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Academy Sports & Outdoors | 3.1 |
| International General Insurance Holdings | 2.9 |
| MSC Industrial Direct Cl. A | 2.8 |
| Assured Guaranty | 2.8 |
| Hackett Group (The) | 2.8 |
| Advance Auto Parts | 2.7 |
| Healthcare Services Group | 2.6 |
| Barrett Business Services | 2.5 |
| Kyndryl Holdings | 2.3 |
| Vontier Corporation | 2.3 |

---

**Portfolio Sector Breakdown**

![](img048_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img049_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RTR-CC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Total Return Fund<br> Investment Class—RYTRX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Total Return Fund—Investment Class | &nbsp;&nbsp;$56 | 1.14% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $922 |
| Number of Holdings | 63 |
| Portfolio Turnover Rate | 30% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Academy Sports & Outdoors | 3.1 |
| International General Insurance Holdings | 2.9 |
| MSC Industrial Direct Cl. A | 2.8 |
| Assured Guaranty | 2.8 |
| Hackett Group (The) | 2.8 |
| Advance Auto Parts | 2.7 |
| Healthcare Services Group | 2.6 |
| Barrett Business Services | 2.5 |
| Kyndryl Holdings | 2.3 |
| Vontier Corporation | 2.3 |

---

**Portfolio Sector Breakdown**

![](img050_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img051_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RTR-IC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Total Return Fund<br> Institutional Class—RTRIX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Total Return Fund—Institutional Class | &nbsp;&nbsp;$50 | 1.02% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.*

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $922 |
| Number of Holdings | 63 |
| Portfolio Turnover Rate | 30% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Academy Sports & Outdoors | 3.1 |
| International General Insurance Holdings | 2.9 |
| MSC Industrial Direct Cl. A | 2.8 |
| Assured Guaranty | 2.8 |
| Hackett Group (The) | 2.8 |
| Advance Auto Parts | 2.7 |
| Healthcare Services Group | 2.6 |
| Barrett Business Services | 2.5 |
| Kyndryl Holdings | 2.3 |
| Vontier Corporation | 2.3 |

---

**Portfolio Sector Breakdown**

![](img052_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img053_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RTR-INC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Total Return Fund<br> R Class—RTRRX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Total Return Fund—R Class | &nbsp;&nbsp;$90 | 1.84% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $922 |
| Number of Holdings | 63 |
| Portfolio Turnover Rate | 30% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Academy Sports & Outdoors | 3.1 |
| International General Insurance Holdings | 2.9 |
| MSC Industrial Direct Cl. A | 2.8 |
| Assured Guaranty | 2.8 |
| Hackett Group (The) | 2.8 |
| Advance Auto Parts | 2.7 |
| Healthcare Services Group | 2.6 |
| Barrett Business Services | 2.5 |
| Kyndryl Holdings | 2.3 |
| Vontier Corporation | 2.3 |

---

**Portfolio Sector Breakdown**

![](img054_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img055_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RTR-RC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Total Return Fund<br> Service Class—RYTFX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Total Return Fund—Service Class | &nbsp;&nbsp;$73 | 1.49% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $922 |
| Number of Holdings | 63 |
| Portfolio Turnover Rate | 30% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Academy Sports & Outdoors | 3.1 |
| International General Insurance Holdings | 2.9 |
| MSC Industrial Direct Cl. A | 2.8 |
| Assured Guaranty | 2.8 |
| Hackett Group (The) | 2.8 |
| Advance Auto Parts | 2.7 |
| Healthcare Services Group | 2.6 |
| Barrett Business Services | 2.5 |
| Kyndryl Holdings | 2.3 |
| Vontier Corporation | 2.3 |

---

**Portfolio Sector Breakdown**

![](img056_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img057_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RTR-SC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Smaller-Companies Growth Fund<br> Investment Class—RVPHX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Smaller-Companies Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Smaller-Companies Growth Fund—Investment Class | &nbsp;&nbsp;$53 | 1.02% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $193 |
| Number of Holdings | 72 |
| Portfolio Turnover Rate | 32% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Limbach Holdings | 2.9 |
| ACV Auctions Cl. A | 2.8 |
| AeroVironment | 2.7 |
| Mirion Technologies Cl. A | 2.6 |
| Guardian Pharmacy Services Cl. A | 2.4 |
| JFrog | 2.3 |
| Impinj | 2.3 |
| Life Time Group Holdings | 2.2 |
| Agilysys | 2.2 |
| Seacoast Banking Corporation of Florida | 2.0 |

---

**Portfolio Sector Breakdown**

![](img062_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img063_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RVP-IC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Smaller-Companies Growth Fund<br> Institutional Class—RVPIX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Smaller-Companies Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Smaller-Companies Growth Fund—Institutional Class | &nbsp;&nbsp;$52 | 1.02% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $193 |
| Number of Holdings | 72 |
| Portfolio Turnover Rate | 32% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Limbach Holdings | 2.9 |
| ACV Auctions Cl. A | 2.8 |
| AeroVironment | 2.7 |
| Mirion Technologies Cl. A | 2.6 |
| Guardian Pharmacy Services Cl. A | 2.4 |
| JFrog | 2.3 |
| Impinj | 2.3 |
| Life Time Group Holdings | 2.2 |
| Agilysys | 2.2 |
| Seacoast Banking Corporation of Florida | 2.0 |

---

**Portfolio Sector Breakdown**

![](img064_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img065_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RVP-INC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Smaller-Companies Growth Fund<br> Service Class—RYVPX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Smaller-Companies Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Smaller-Companies Growth Fund—Service Class | &nbsp;&nbsp;$75 | 1.45% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $193 |
| Number of Holdings | 72 |
| Portfolio Turnover Rate | 32% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Limbach Holdings | 2.9 |
| ACV Auctions Cl. A | 2.8 |
| AeroVironment | 2.7 |
| Mirion Technologies Cl. A | 2.6 |
| Guardian Pharmacy Services Cl. A | 2.4 |
| JFrog | 2.3 |
| Impinj | 2.3 |
| Life Time Group Holdings | 2.2 |
| Agilysys | 2.2 |
| Seacoast Banking Corporation of Florida | 2.0 |

---

**Portfolio Sector Breakdown**

![](img066_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img067_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RVP-SC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Value Fund<br> Investment Class—RVVHX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Value Fund-Investment Class | &nbsp;&nbsp;$60 | 1.24% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $94 |
| Number of Holdings | 80 |
| Portfolio Turnover Rate | 21% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Diebold Nixdorf | 2.0 |
| IBEX | 2.0 |
| Buckle (The) | 2.0 |
| Sanmina Corporation | 2.0 |
| Jabil | 2.0 |
| Flex | 1.9 |
| Evercore Cl. A | 1.9 |
| Village Super Market Cl. A | 1.9 |
| Visteon Corporation | 1.9 |
| Tiptree | 1.8 |

---

**Portfolio Sector Breakdown**

![](img058_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img059_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RVV-IC-STSR-0625<sub>1</sub> |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Royce Funds** | **June 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Small-Cap Value Fund<br> Service Class—RYVFX | ![](img001_v1.jpg) |

---

Semiannual Shareholder Report

This semiannual shareholder report contains important information about Royce Small-Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at <u>www.royceinvest.com/literature</u>. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

**What Were the Fund's Costs for the Last Six-Months?**

*Based on a hypothetical $10,000 investment*

---

| | | |
|:---|:---|:---|
| <br>**FUND/CLASS** | &nbsp;&nbsp;**COSTS OF A**<br>&nbsp;&nbsp;&nbsp;**$10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE**<br>&nbsp;&nbsp;**OF A $10,000 INVESTMENT¹** |
| Royce Small-Cap Value Fund-Service Class | &nbsp;&nbsp;$72 | 1.49% |
| ¹Annualized |  |  |

---

*Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.* 

**Key Fund Statistics**

*As of/through 6/30/25*

---

| | |
|:---|:---|
| Fund Size (Millions) | $94 |
| Number of Holdings | 80 |
| Portfolio Turnover Rate | 21% |

---

**What Did The Fund Invest In?**

*Representing percentage of total net assets of the Fund as of 6/30/25 (%)*

---

| | |
|:---|:---|
| **Top 10 Positions** |  |
| Diebold Nixdorf | 2.0 |
| IBEX | 2.0 |
| Buckle (The) | 2.0 |
| Sanmina Corporation | 2.0 |
| Jabil | 2.0 |
| Flex | 1.9 |
| Evercore Cl. A | 1.9 |
| Village Super Market Cl. A | 1.9 |
| Visteon Corporation | 1.9 |
| Tiptree | 1.8 |

---

**Portfolio Sector Breakdown**

![](img060_v1.jpg)

**Where Can I Find Additional Information About The Fund?**

*Additional information is available at <u>www.royceinvest.com/literature</u>, including its:*

---

| | | | | |
|:---|:---|:---|:---|:---|
| ![](img061_v1.jpg) | • • | Prospectus<br>Financial Information | • • | Fund Holdings<br>Proxy Voting Information |

---

**Householding**

*We will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to <u>www.royceinvest.com</u> for more details.*

**Important Information**

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

---

| | |
|:---|:---|
| **NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED** | RVV-SC-STSR-0625<sub>1</sub> |

---

**Item 2. Code(s) of Ethics.** Not applicable to this semi-annual report.

**Item 3. Audit Committee Financial Expert.** Not applicable to this semi-annual report.

**Item 4. Principal Accountant Fees and Services.** Not applicable to this semi-annual report.

**Item 5. Audit Committee of Listed Registrants.** Not Applicable.

**Item 6. Investments.**

(a) Please see the Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

(b) Not Applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The Royce Funds | ![](img001_v1.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Statements and**<br>**Other Important Information**<br>**Semiannual—June 30, 2025**<br>Royce International Premier Fund<br>Royce Micro-Cap Fund<br>Royce Premier Fund<br>Royce Small-Cap Fund<br>Royce Small-Cap Opportunity Fund<br>Royce Small-Cap Special Equity Fund<br>Royce Small-Cap Total Return Fund<br>Royce Small-Cap Value Fund<br>Royce Smaller-Companies Growth Fund<br>Royce SMid-Cap Total Return Fund (Formerly Royce Dividend Value Fund)<br>

Schedules of Investments June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Royce International Premier Fund** | | |
| Common Stocks – 93.9% |  |  |
|  | **SHARES** | **VALUE** |
| **AUSTRALIA – 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cochlear | 5560 | $1099331 |
| &nbsp;&nbsp;&nbsp;**Hansen Technologies** | 894248 | 2930977 |
| &nbsp;&nbsp;&nbsp;IPH | 150987 | 455124 |
| &nbsp;&nbsp;&nbsp;**Johns Lyng Group** | 1512980 | 3156585 |
| **Total (Cost $7,838,223)** |  | **7642017** |
| **BELGIUM – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Azelis Group | 125124 | 1994185 |
| **Total (Cost $2,775,257)** |  | **1994185** |
| **BRAZIL – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Odontoprev | 757039 | 1633045 |
| **Total (Cost $1,372,200)** |  | **1633045** |
| **CANADA – 2.9%** |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>CAE <sup>[1](#a002)</sup> | 49788 | 1459181 |
| &nbsp;&nbsp;&nbsp;Enghouse Systems | 97330 | 1670352 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>FirstService Corporation | 3971 | 693416 |
| **Total (Cost $3,658,487)** |  | **3822949** |
| **FINLAND – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Enento Group | 125045 | 2504046 |
| **Total (Cost $2,960,071)** |  | **2504046** |
| **FRANCE – 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Antin Infrastructure Partners | 193559 | 2617474 |
| &nbsp;&nbsp;&nbsp;**Gaztransport Et Technigaz** | 16917 | 3351787 |
| &nbsp;&nbsp;&nbsp;Lectra | 80354 | 2262208 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Planisware | 27099 | 756535 |
| &nbsp;&nbsp;&nbsp;**Robertet** | 2849 | 2671361 |
| **Total (Cost $11,402,815)** |  | **11659365** |
| **GERMANY – 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**CTS Eventim AG & Co.** | 26115 | 3242334 |
| &nbsp;&nbsp;&nbsp;Schott Pharma AG & Co | 63886 | 2140992 |
| **Total (Cost $4,330,977)** |  | **5383326** |
| **INDIA – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Engineering | 20064 | 774392 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Triveni Turbine | 185529 | 1324620 |
| **Total (Cost $2,062,794)** |  | **2099012** |
| **ISRAEL – 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Nice ADR <sup>[1](#a002)</sup> | 9016 | 1522893 |
| **Total (Cost $1,353,622)** |  | **1522893** |
| **ITALY – 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Carel Industries | 99918 | 2659986 |
| &nbsp;&nbsp;&nbsp;DiaSorin | 22515 | 2409749 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>SOL | 11970 | 678213 |
| **Total (Cost $3,608,448)** |  | **5747948** |
| **JAPAN – 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;As One | 116000 | 2006569 |
| &nbsp;&nbsp;&nbsp;BML | 109200 | 2509996 |
| &nbsp;&nbsp;&nbsp;Dexerials | 167700 | 2599842 |
| &nbsp;&nbsp;&nbsp;Hirose Electric | 21300 | 2582535 |
| &nbsp;&nbsp;&nbsp;**Maruwa** | 13200 | 3789369 |
| &nbsp;&nbsp;&nbsp;**OBIC Business Consultants** | 56500 | 3349471 |
| &nbsp;&nbsp;&nbsp;Riken Keiki | 120800 | 2537551 |
| &nbsp;&nbsp;&nbsp;**TKC Corporation** | 96500 | 2827888 |
| &nbsp;&nbsp;&nbsp;**USS** | 256400 | 2828314 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Zuken** | 85900 | 3197278 |
| **Total (Cost $20,918,605)** |  | **28228813** |
| **JERSEY – 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**JTC** | 233767 | 2727482 |
| **Total (Cost $1,872,302)** |  | **2727482** |
| **LITHUANIA – 1.0%** |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Baltic Classifieds Group | 268605 | 1375253 |
| **Total (Cost $1,119,569)** |  | **1375253** |
| **NETHERLANDS – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;IMCD | 13135 | 1764625 |
| **Total (Cost $824,591)** |  | **1764625** |
| **NORWAY – 1.1%** |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Medistim | 32535 | 674625 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>SmartCraft <sup>[1](#a002)</sup> | 304507 | 806629 |
| **Total (Cost $1,364,381)** |  | **1481254** |
| **POLAND – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Asseco Poland | 29240 | 1640331 |
| **Total (Cost $397,139)** |  | **1640331** |
| **SINGAPORE – 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;XP Power <sup>[1](#a002)</sup> | 190933 | 2424278 |
| **Total (Cost $2,337,936)** |  | **2424278** |
| **SOUTH KOREA – 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**NICE Information Service** | 428157 | 5183821 |
| **Total (Cost $7,582,927)** |  | **5183821** |
| **SWEDEN – 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Karnov Group <sup>[1](#a002)</sup>** | 245397 | 2785743 |
| &nbsp;&nbsp;&nbsp;Vitec Software Group Cl. B | 47589 | 2400350 |
| **Total (Cost $3,312,092)** |  | **5186093** |
| **SWITZERLAND – 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Kardex Holding** | 7851 | 2730955 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding | 1331 | 1736196 |
| &nbsp;&nbsp;&nbsp;Tecan Group | 6176 | 1259407 |
| &nbsp;&nbsp;&nbsp;VZ Holding | 11101 | 2428803 |
| **Total (Cost $3,563,720)** |  | **8155361** |
| **UNITED KINGDOM – 17.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Ashtead Technology Holdings** | 551884 | 3352129 |
| &nbsp;&nbsp;&nbsp;Auction Technology Group <sup>[1](#a002)</sup> | 253909 | 1587546 |
| &nbsp;&nbsp;&nbsp;CVS Group | 150260 | 2578179 |
| &nbsp;&nbsp;&nbsp;**Diploma** | 42831 | 2873751 |
| &nbsp;&nbsp;&nbsp;**DiscoverIE Group** | 361564 | 3235881 |
| &nbsp;&nbsp;&nbsp;**Halma** | 74872 | 3288737 |
| &nbsp;&nbsp;&nbsp;**Intertek Group** | 41168 | 2678538 |
| &nbsp;&nbsp;&nbsp;**Rightmove** | 320649 | 3470934 |
| **Total (Cost $19,446,486)** |  | **23065695** |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $104,102,642)** |  | **125241792** |
| **PREFERRED STOCK – 1.4%** |  |  |
| **GERMANY – 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;FUCHS | 32393 | 1787290 |
| **(Cost $1,025,659)** |  | **1787290** |

---

See Notes to Financial Statements 1

Schedules of Investments June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Royce International Premier Fund (continued)** | **VALUE** | **VALUE** |
| **INVESTMENTS AT VALUE** | | |
| **(Cost $105,128,301)** | **$** | **127029082** |
| **REPURCHASE AGREEMENT – 4.5%** |  |  |
| Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $6,042,445 (collateralized by obligations of U.S. Government Agencies, 4.00% <br> due 6/30/32, valued at $6,162,727) | Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $6,042,445 (collateralized by obligations of U.S. Government Agencies, 4.00% <br> due 6/30/32, valued at $6,162,727) | Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $6,042,445 (collateralized by obligations of U.S. Government Agencies, 4.00% <br> due 6/30/32, valued at $6,162,727) |

---

---

| | |
|:---|:---|
| **(Cost $6,041,816)** | **6041816** |
| **TOTAL INVESTMENTS – 99.8%** |  |
| **(Cost $111,170,117)** | **133070898** |
| **CASH AND OTHER ASSETS LESS LIABILITIES – 0.2%** | **292041** |
| **NET ASSETS – 100.0%** | $**133362939** |

---

---

| | | |
|:---|:---|:---|
| **Royce Micro-Cap Fund** | | |
| Common Stocks – 98.9% |  |  |
|  | **SHARES** | **VALUE** |
| **COMMUNICATION SERVICES – 4.2%** |  |  |
| ENTERTAINMENT - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;IMAX Corporation <sup>[1](#a002)</sup> | 97693 | $**2731496** |
| INTERACTIVE MEDIA & SERVICES - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;DHI Group <sup>[1](#a002)</sup> | 329005 | 977145 |
| &nbsp;&nbsp;&nbsp;QuinStreet <sup>[1](#a002)</sup> | 138404 | 2228304 |
| &nbsp;&nbsp;&nbsp;Vimeo <sup>[1](#a002)</sup> | 356167 | 1438915 |
|  |  | **4644364** |
| MEDIA - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;**Magnite <sup>[1](#a002)</sup>** | 159437 | 3845621 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings <sup>[1](#a002)</sup> | 53540 | 651046 |
|  |  | **4496667** |
| **Total (Cost $6,622,631)** |  | **11872527** |
| **CONSUMER DISCRETIONARY – 11.2%** |  |  |
| AUTOMOBILE COMPONENTS - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing <sup>[1](#a002)</sup> | 15939 | 1569992 |
| &nbsp;&nbsp;&nbsp;Stoneridge <sup>[1](#a002)</sup> | 177482 | 1249473 |
|  |  | **2819465** |
| DIVERSIFIED CONSUMER SERVICES - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;**Legacy Education <sup>[1](#a002)</sup>** | 265176 | 2964668 |
| &nbsp;&nbsp;&nbsp;**Lincoln Educational Services <sup>[1](#a002)</sup>** | 137311 | 3165018 |
|  |  | **6129686** |
| HOTELS, RESTAURANTS & LEISURE - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Century Casinos <sup>[1](#a002)</sup> | 430485 | 910476 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Denny's Corporation <sup>[1](#a002)</sup> | 158842 | 651252 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings <sup>[1](#a002)</sup> | 242869 | 2834281 |
|  |  | **4396009** |
| HOUSEHOLD DURABLES - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises Cl. A <sup>[1](#a002)</sup> | 13415 | 1402538 |
| &nbsp;&nbsp;&nbsp;Legacy Housing <sup>[1](#a002)</sup> | 101199 | 2293170 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>LGI Homes <sup>[1](#a002)</sup> | 14542 | 749204 |
|  |  | **4444912** |
| LEISURE PRODUCTS - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;American Outdoor Brands <sup>[1](#a002)</sup> | 247351 | 2584818 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings <sup>[1](#a002),[2](#a003)</sup> | 80469 | 1495114 |
|  |  | **4079932** |
| SPECIALTY RETAIL - 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beyond <sup>[1](#a002)</sup> | 206961 | 1423892 |
| &nbsp;&nbsp;&nbsp;Citi Trends <sup>[1](#a002)</sup> | 84850 | 2833141 |
| &nbsp;&nbsp;&nbsp;OneWater Marine Cl. A <sup>[1](#a002)</sup> | 103810 | 1390016 |
| &nbsp;&nbsp;&nbsp;RealReal <sup>[1](#a002)</sup> | 209290 | 1002499 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival | 61573 | 1152031 |
|  |  | **7801579** |
| TEXTILES, APPAREL & LUXURY GOODS - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Lakeland Industries | 83466 | 1135972 |
| &nbsp;&nbsp;&nbsp;Vera Bradley <sup>[1](#a002)</sup> | 293415 | 648447 |
|  |  | **1784419** |
| **Total (Cost $27,887,355)** |  | **31456002** |
| **CONSUMER STAPLES – 1.0%** |  |  |
| FOOD PRODUCTS - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Seneca Foods Cl. A <sup>[1](#a002)</sup> | 27651 | **2804641** |
| **Total (Cost $1,496,441)** |  | **2804641** |
| **ENERGY – 4.1%** |  |  |
| ENERGY EQUIPMENT & SERVICES - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;**Natural Gas Services Group <sup>[1](#a002)</sup>** | 129745 | 3348718 |
| &nbsp;&nbsp;&nbsp;**NPK International <sup>[1](#a002)</sup>** | 371081 | 3157899 |
| &nbsp;&nbsp;&nbsp;Pason Systems | 179387 | 1617678 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services Cl. A | 130052 | 1552821 |

---

See Notes to Financial Statements 2

Schedules of Investments June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Royce Micro-Cap Fund (continued)**<br>&nbsp;&nbsp;&nbsp; |<br>**SHARES** |<br>**VALUE** |
| **ENERGY (continued)** |  |  |
| ENERGY EQUIPMENT & SERVICES (continued) |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Select Water Solutions Cl. A | 105191 | $908850 |
|  |  | **10585966** |
| OIL, GAS & CONSUMABLE FUELS - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;SandRidge Energy | 97667 | **1056757** |
| **Total (Cost $6,777,729)** |  | **11642723** |
| **FINANCIALS – 17.2%** |  |  |
| BANKS - 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;**BayCom Corp.** | 108510 | 3006812 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Chain Bridge Bancorp Cl. A <sup>[1](#a002)</sup> | 30558 | 787480 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Coastal Financial <sup>[1](#a002)</sup> | 19218 | 1861648 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp <sup>[1](#a002)</sup> | 44928 | 2639071 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Esquire Financial Holdings | 10635 | 1006709 |
| &nbsp;&nbsp;&nbsp;First Foundation <sup>[1](#a002)</sup> | 146641 | 747869 |
| &nbsp;&nbsp;&nbsp;**HBT Financial** | 122544 | 3089334 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Hingham Institution for Savings | 4402 | 1093237 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares | 75237 | 2814616 |
| &nbsp;&nbsp;&nbsp;Investar Holding | 144600 | 2793672 |
| &nbsp;&nbsp;&nbsp;Midway Investments <sup>[1](#a002),[3](#a004)</sup> | 1858170 | 0 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Northeast Bank | 21210 | 1887478 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp | 95377 | 2668648 |
| &nbsp;&nbsp;&nbsp;Western New England Bancorp | 285055 | 2631057 |
|  |  | **27027631** |
| CAPITAL MARKETS - 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Canaccord Genuity Group | 380517 | 2894919 |
| &nbsp;&nbsp;&nbsp;Oppenheimer Holdings Cl. A | 27813 | 1829261 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Perella Weinberg Partners Cl. A | 27885 | 541527 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group Cl. A | 155049 | 2459077 |
| &nbsp;&nbsp;&nbsp;**Sprott** | 51445 | 3556099 |
| &nbsp;&nbsp;&nbsp;StoneX Group <sup>[1](#a002)</sup> | 19512 | 1778324 |
|  |  | **13059207** |
| CONSUMER FINANCE - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;EZCORP Cl. A <sup>[1](#a002)</sup> | 157191 | **2181811** |
| FINANCIAL SERVICES - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cass Information Systems | 46066 | 2001568 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Cl. A <sup>[1](#a002)</sup> | 265534 | 1279874 |
|  |  | **3281442** |
| INSURANCE - 1.0% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>International General Insurance Holdings | 108077 | 2596010 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>SelectQuote <sup>[1](#a002)</sup> | 109345 | 260241 |
|  |  | **2856251** |
| **Total (Cost $37,970,884)** |  | **48406342** |
| **HEALTH CARE – 9.3%** |  |  |
| BIOTECHNOLOGY - 1.6% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Absci Corporation <sup>[1](#a002),[2](#a003)</sup> | 417829 | 1073820 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals <sup>[1](#a002)</sup> | 3435 | 59941 |
| &nbsp;&nbsp;&nbsp;CareDx <sup>[1](#a002)</sup> | 121533 | 2374755 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>ORIC Pharmaceuticals <sup>[1](#a002)</sup> | 32646 | 331357 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Travere Therapeutics <sup>[1](#a002)</sup> | 44264 | 655107 |
|  |  | **4494980** |
| HEALTH CARE EQUIPMENT & SUPPLIES - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Apyx Medical <sup>[1](#a002)</sup> | 591628 | 1331163 |
| &nbsp;&nbsp;&nbsp;Artivion <sup>[1](#a002)</sup> | 91693 | 2851652 |
| &nbsp;&nbsp;&nbsp;**Establishment Labs Holdings <sup>[1](#a002),[2](#a003)</sup>** | 70011 | 2990170 |
| &nbsp;&nbsp;&nbsp;Inogen <sup>[1](#a002)</sup> | 145834 | 1025213 |
| &nbsp;&nbsp;&nbsp;Profound Medical <sup>[1](#a002)</sup> | 233460 | 1388674 |
|  |  | **9586872** |

---

---

| | | |
|:---|:---|:---|
| HEALTH CARE PROVIDERS & SERVICES - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services <sup>[1](#a002)</sup> | 96008 | **1984485** |
| HEALTH CARE TECHNOLOGY - 0.5% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Simulations Plus | 77311 | **1349077** |
| LIFE SCIENCES TOOLS & SERVICES - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;BioLife Solutions <sup>[1](#a002)</sup> | 101951 | 2196024 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Cytek Biosciences <sup>[1](#a002)</sup> | 380574 | 1293952 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Maravai LifeSciences Holdings Cl. A <sup>[1](#a002),[2](#a003)</sup> | 369703 | 890984 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>MaxCyte <sup>[1](#a002)</sup> | 122377 | 266782 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories | 16942 | 1596275 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Standard BioTools <sup>[1](#a002)</sup> | 573169 | 687803 |
|  |  | **6931820** |
| PHARMACEUTICALS - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Harrow <sup>[1](#a002)</sup> | 65740 | **2007700** |
| **Total (Cost $27,594,596)** |  | **26354934** |
| **INDUSTRIALS – 26.1%** |  |  |
| AEROSPACE & DEFENSE - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Astronics Corporation <sup>[1](#a002)</sup> | 79920 | 2675721 |
| &nbsp;&nbsp;&nbsp;CPI Aerostructures <sup>[1](#a002)</sup> | 318190 | 1113665 |
| &nbsp;&nbsp;&nbsp;Park Aerospace | 153862 | 2272542 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Redwire <sup>[1](#a002),[2](#a003)</sup> | 23797 | 387891 |
|  |  | **6449819** |
| AIR FREIGHT & LOGISTICS - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Radiant Logistics <sup>[1](#a002)</sup> | 156331 | **950493** |
| BUILDING PRODUCTS - 1.2% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Janus International Group <sup>[1](#a002)</sup> | 155864 | 1268733 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products | 105652 | 1996823 |
|  |  | **3265556** |
| COMMERCIAL SERVICES & SUPPLIES - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Acme United | 68833 | 2853128 |
| &nbsp;&nbsp;&nbsp;**CECO Environmental <sup>[1](#a002)</sup>** | 112896 | 3196086 |
| &nbsp;&nbsp;&nbsp;Liquidity Services <sup>[1](#a002)</sup> | 89148 | 2103001 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group <sup>[1](#a002)</sup> | 119726 | 2620802 |
| &nbsp;&nbsp;&nbsp;VSE Corporation | 14790 | 1937194 |
|  |  | **12710211** |
| CONSTRUCTION & ENGINEERING - 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco Cl. A <sup>[1](#a002),[2](#a003)</sup> | 94431 | 1434407 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings | 259783 | 1597665 |
| &nbsp;&nbsp;&nbsp;IES Holdings <sup>[1](#a002)</sup> | 9782 | 2897722 |
| &nbsp;&nbsp;**<sup>[†](#a001)</sup>Limbach Holdings <sup>[1](#a002)</sup>** | 21147 | 2962695 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure <sup>[1](#a002)</sup> | 68244 | 2798686 |
|  |  | **11691175** |
| ELECTRICAL EQUIPMENT - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;**American Superconductor <sup>[1](#a002)</sup>** | 95185 | 3492338 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Hammond Power Solutions Cl. A | 16803 | 1547714 |
|  |  | **5040052** |
| GROUND TRANSPORTATION - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group Cl. A | 85572 | **2063141** |
| MACHINERY - 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;**Graham Corporation <sup>[1](#a002)</sup>** | 69265 | 3429310 |
| &nbsp;&nbsp;&nbsp;Lindsay Corporation | 13135 | 1894724 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings | 203287 | 2476036 |
| &nbsp;&nbsp;&nbsp;Porvair | 170247 | 1687238 |
| &nbsp;&nbsp;&nbsp;Shyft Group (The) | 187523 | 2351538 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Titan International <sup>[1](#a002)</sup> | 131193 | 1347352 |
| &nbsp;&nbsp;&nbsp;Wabash National | 130000 | 1381900 |
|  |  | **14568098** |

---

See Notes to Financial Statements 3

Schedules of Investments June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Royce Micro-Cap Fund (continued)**<br>&nbsp;&nbsp;&nbsp; |<br>**SHARES** |<br>**VALUE** |
| **INDUSTRIALS (continued)** |  |  |
| MARINE TRANSPORTATION - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Clarkson | 43970 | $**1970604** |
| PROFESSIONAL SERVICES - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Asure Software <sup>[1](#a002)</sup> | 86502 | 844259 |
| &nbsp;&nbsp;&nbsp;Forrester Research <sup>[1](#a002)</sup> | 96454 | 954895 |
| &nbsp;&nbsp;&nbsp;Kforce | 37823 | 1555660 |
| &nbsp;&nbsp;&nbsp;Resources Connection | 211756 | 1137130 |
| &nbsp;&nbsp;&nbsp;TrueBlue <sup>[1](#a002)</sup> | 195517 | 1266950 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings <sup>[1](#a002)</sup> | 52913 | 254512 |
|  |  | **6013406** |
| TRADING COMPANIES & DISTRIBUTORS - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group | 147269 | 930740 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group <sup>[1](#a002)</sup> | 89213 | 2450681 |
| &nbsp;&nbsp;&nbsp;EVI Industries | 63113 | 1377757 |
| &nbsp;&nbsp;&nbsp;Titan Machinery <sup>[1](#a002)</sup> | 71182 | 1410116 |
| &nbsp;&nbsp;&nbsp;Transcat <sup>[1](#a002)</sup> | 29743 | 2556708 |
|  |  | **8726002** |
| **Total (Cost $57,810,967)** |  | **73448557** |
| **INFORMATION TECHNOLOGY – 21.7%** |  |  |
| COMMUNICATIONS EQUIPMENT - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings <sup>[1](#a002)</sup> | 216647 | 1943324 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics <sup>[1](#a002),[2](#a003)</sup> | 96974 | 2491262 |
| &nbsp;&nbsp;&nbsp;**Clearfield <sup>[1](#a002)</sup>** | 71740 | 3114233 |
| &nbsp;&nbsp;&nbsp;**Digi International <sup>[1](#a002)</sup>** | 94232 | 3284927 |
| &nbsp;&nbsp;&nbsp;Harmonic <sup>[1](#a002)</sup> | 177927 | 1684969 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Ribbon Communications <sup>[1](#a002)</sup> | 207412 | 831722 |
|  |  | **13350437** |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;Arlo Technologies <sup>[1](#a002)</sup> | 130116 | 2206767 |
| &nbsp;&nbsp;&nbsp;**Bel Fuse Cl. B** | 38078 | 3719840 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions | 17086 | 1826664 |
| &nbsp;&nbsp;&nbsp;LightPath Technologies Cl. A <sup>[1](#a002)</sup> | 808510 | 2490211 |
| &nbsp;&nbsp;&nbsp;Luna Innovations <sup>[1](#a002),[4](#a005)</sup> | 445804 | 394537 |
| &nbsp;&nbsp;&nbsp;**nLIGHT <sup>[1](#a002)</sup>** | 148652 | 2925471 |
| &nbsp;&nbsp;&nbsp;**PAR Technology <sup>[1](#a002)</sup>** | 43716 | 3032579 |
| &nbsp;&nbsp;&nbsp;Powerfleet <sup>[1](#a002)</sup> | 475827 | 2050814 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics | 213687 | 2062080 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group <sup>[1](#a002)</sup> | 80488 | 2261713 |
|  |  | **22970676** |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems <sup>[1](#a002),[2](#a003)</sup> | 77265 | 999036 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Alpha and Omega Semiconductor <sup>[1](#a002)</sup> | 38177 | 979622 |
| &nbsp;&nbsp;&nbsp;Camtek <sup>[1](#a002)</sup> | 21936 | 1854908 |
| &nbsp;&nbsp;&nbsp;Cohu <sup>[1](#a002)</sup> | 101437 | 1951648 |
| &nbsp;&nbsp;&nbsp;**Ichor Holdings <sup>[1](#a002)</sup>** | 149373 | 2933686 |
| &nbsp;&nbsp;&nbsp;inTEST Corporation <sup>[1](#a002)</sup> | 220595 | 1605932 |
| &nbsp;&nbsp;&nbsp;Kopin Corporation <sup>[1](#a002)</sup> | 1439111 | 2201840 |
| &nbsp;&nbsp;&nbsp;**Nova <sup>[1](#a002)</sup>** | 11130 | 3062976 |
| &nbsp;&nbsp;&nbsp;NVE Corporation | 32244 | 2373481 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Penguin Solutions <sup>[1](#a002)</sup> | 64774 | 1283173 |
| &nbsp;&nbsp;&nbsp;Photronics <sup>[1](#a002)</sup> | 23665 | 445612 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings <sup>[1](#a002)</sup> | 82125 | 1853561 |
|  |  | **21545475** |
| SOFTWARE - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;PROS Holdings <sup>[1](#a002)</sup> | 89171 | **1396418** |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;AstroNova <sup>[1](#a002)</sup> | 157970 | **1830872** |
| **Total (Cost $43,676,136)** |  | **61093878** |

---

---

| | | |
|:---|:---|:---|
| **MATERIALS – 3.1%** | | |
| CHEMICALS - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies <sup>[1](#a002)</sup> | 78404 | 1300722 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>5N Plus <sup>[1](#a002)</sup> | 149217 | 979622 |
|  |  | **2280344** |
| METALS & MINING - 2.3% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Alphamin Resources | 100088 | 63210 |
| &nbsp;&nbsp;&nbsp;Altius Minerals | 106161 | 2134524 |
| &nbsp;&nbsp;&nbsp;Ferroglobe | 412754 | 1514807 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International <sup>[1](#a002)</sup> | 409503 | 2664363 |
|  |  | **6376904** |
| **Total (Cost $7,599,629)** |  | **8657248** |
| **REAL ESTATE – 1.0%** |  |  |
| REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;FRP Holdings <sup>[1](#a002)</sup> | 54032 | 1452921 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 41706 | 1280791 |
| **Total (Cost $1,746,817)** |  | **2733712** |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $219,183,185)** |  | **278470564** |
| **COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.9%** |  |  |
| Money Market Funds |  |  |
| Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.20%) |  |  |
| **(Cost $5,341,251)** | **5341251** | **5341251** |
| **INVESTMENTS AT VALUE** |  |  |
| **(Cost $224,524,436)** |  | **283811815** |
| **REPURCHASE AGREEMENT– 1.4%** |  |  |
| Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $4,100,427 (collateralized by obligations of U.S. Government Agencies, 3.375% <br> due 5/15/33, valued at $4,182,030) | Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $4,100,427 (collateralized by obligations of U.S. Government Agencies, 3.375% <br> due 5/15/33, valued at $4,182,030) | Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $4,100,427 (collateralized by obligations of U.S. Government Agencies, 3.375% <br> due 5/15/33, valued at $4,182,030) |
| **(Cost $4,100,000)** |  | **4100000** |
| **TOTAL INVESTMENTS – 102.2%** |  |  |
| **(Cost $228,624,436)** |  | **287911815** |
| **LIABILITIES LESS CASH AND OTHER ASSETS – (2.2)%** |  | **(6270053)** |
| **NET ASSETS – 100.0%** |  | $**281641762** |

---

See Notes to Financial Statements 4

Schedules of Investments June 30, 2025 (unaudited)

**Royce Premier Fund**

Common Stocks – 98.6%

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **CONSUMER DISCRETIONARY – 11.3%** |  |  |
| AUTOMOBILE COMPONENTS - 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Dorman Products <sup>[1](#a002)</sup> | 179143 | $21975472 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 192761 | 17577875 |
|  |  | **39553347** |
| DISTRIBUTORS - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Pool Corporation | 36921 | **10761733** |
| HOUSEHOLD DURABLES - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Installed Building Products | 102058 | **18403099** |
| LEISURE PRODUCTS - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Brunswick Corporation | 230856 | **12752486** |
| SPECIALTY RETAIL - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Valvoline <sup>[1](#a002)</sup> | 498465 | **18876870** |
| TEXTILES, APPAREL & LUXURY GOODS - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Cl. A | 67955 | **18638697** |
| **Total (Cost $80,839,092)** |  | **118986232** |
| **CONSUMER STAPLES – 2.1%** |  |  |
| PERSONAL CARE PRODUCTS - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Interparfums | 166681 | **21886882** |
| **Total (Cost $7,051,463)** |  | **21886882** |
| **FINANCIALS – 12.7%** |  |  |
| CAPITAL MARKETS - 12.0% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Evercore Cl. A | 32498 | 8775110 |
| &nbsp;&nbsp;&nbsp;Lazard | 391377 | 18778268 |
| &nbsp;&nbsp;&nbsp;Morningstar | 66444 | 20858765 |
| &nbsp;&nbsp;&nbsp;**SEI Investments** | 423969 | 38097854 |
| &nbsp;&nbsp;&nbsp;**TMX Group** | 779000 | 33019189 |
| <sup>[†](#a001)</sup>Victory Capital Holdings Cl. A | 106985 | 6811735 |
|  |  | **126340921** |
| INSURANCE - 0.7% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>RLI Corp. | 97733 | **7058277** |
| **Total (Cost $63,442,722)** |  | **133399198** |
| **HEALTH CARE – 6.8%** |  |  |
| HEALTH CARE EQUIPMENT & SUPPLIES - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;**Enovis Corporation <sup>[1](#a002)</sup>** | 758842 | 23797285 |
| &nbsp;&nbsp;&nbsp;**Haemonetics Corporation <sup>[1](#a002)</sup>** | 389059 | 29027692 |
|  |  | **52824977** |
| LIFE SCIENCES TOOLS & SERVICES - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 366520 | **18857454** |
| **Total (Cost $75,723,412)** |  | **71682431** |
| **INDUSTRIALS – 34.9%** |  |  |
| AEROSPACE & DEFENSE - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Woodward | 65000 | **15930850** |
| BUILDING PRODUCTS - 3.3% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>AAON | 106492 | 7853785 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 102422 | 15907161 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 109932 | 10922843 |
|  |  | **34683789** |
| COMMERCIAL SERVICES & SUPPLIES - 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Brady Corporation Cl. A | 131381 | 8929967 |
| &nbsp;&nbsp;&nbsp;**RB Global** | 302334 | 32104847 |
|  |  | **41034814** |
| CONSTRUCTION & ENGINEERING - 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;**Arcosa** | 387066 | 33562493 |
| &nbsp;&nbsp;&nbsp;**Valmont Industries** | 78775 | 25725552 |
|  |  | **59288045** |

---

---

| | | |
|:---|:---|:---|
| GROUND TRANSPORTATION - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Landstar System | 114032 | **15852729** |
| MACHINERY - 16.7% |  |  |
| &nbsp;&nbsp;&nbsp;Enpro | 63841 | 12228744 |
| &nbsp;&nbsp;&nbsp;**ESAB Corporation** | 222750 | 26852512 |
| &nbsp;&nbsp;&nbsp;**ESCO Technologies** | 147605 | 28320971 |
| &nbsp;&nbsp;&nbsp;**JBT Marel** | 269870 | 32454566 |
| &nbsp;&nbsp;&nbsp;Kadant | 47000 | 14920150 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 85626 | 17751982 |
| &nbsp;&nbsp;&nbsp;Lindsay Corporation | 101295 | 14611804 |
| &nbsp;&nbsp;&nbsp;**RBC Bearings <sup>[1](#a002)</sup>** | 73121 | 28136961 |
|  |  | **175277690** |
| PROFESSIONAL SERVICES - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Exponent | 89052 | 6653075 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 100961 | 7403470 |
|  |  | **14056545** |
| TRADING COMPANIES & DISTRIBUTORS - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Cl. A | 187197 | **10949153** |
| **Total (Cost $141,611,313)** |  | **367073615** |
| **INFORMATION TECHNOLOGY – 12.8%** |  |  |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cognex Corporation | 376700 | 11948924 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Knowles Corporation <sup>[1](#a002)</sup> | 409807 | 7220800 |
| &nbsp;&nbsp;&nbsp;**Littelfuse** | 112740 | 25561540 |
|  |  | **44731264** |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.5% |  |  |
| &nbsp;&nbsp;&nbsp;**Cirrus Logic <sup>[1](#a002)</sup>** | 264807 | 27607453 |
| &nbsp;&nbsp;&nbsp;FormFactor <sup>[1](#a002)</sup> | 560590 | 19289902 |
| &nbsp;&nbsp;&nbsp;**MKS** | 381494 | 37905244 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Onto Innovation <sup>[1](#a002)</sup> | 48460 | 4891068 |
|  |  | **89693667** |
| **Total (Cost $91,306,700)** |  | **134424931** |
| **MATERIALS – 11.0%** |  |  |
| CHEMICALS - 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;**Innospec** | 277553 | 23339432 |
| &nbsp;&nbsp;&nbsp;**Quaker Houghton** | 228976 | 25631573 |
|  |  | **48971005** |
| METALS & MINING - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;**Reliance** | 95717 | **30045566** |
| PAPER & FOREST PRODUCTS - 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;**Stella-Jones** | 645881 | **37227979** |
| **Total (Cost $72,481,793)** |  | **116244550** |
| **REAL ESTATE – 7.0%** |  |  |
| REAL ESTATE MANAGEMENT & DEVELOPMENT - 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;**Colliers International Group** | 218043 | 28463333 |
| &nbsp;&nbsp;&nbsp;**FirstService Corporation** | 191323 | 33408822 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 372385 | 11435944 |
| **Total (Cost $59,045,761)** |  | **73308099** |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $591,502,256)** |  | **1037005938** |
| **INVESTMENTS AT VALUE** |  |  |
| **(Cost $591,502,256)** |  | **1037005938** |

---

See Notes to Financial Statements 5

Schedules of Investments June 30, 2025 (unaudited)

**Royce Premier Fund (continued)**

---

| | |
|:---|:---|
| | **VALUE** |
| **REPURCHASE AGREEMENT – 1.5%** | |
| Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $15,715,873 (collateralized by obligations of U.S. Government Agencies, 3.375% <br> due 5/15/33, valued at $16,028,601) | Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $15,715,873 (collateralized by obligations of U.S. Government Agencies, 3.375% <br> due 5/15/33, valued at $16,028,601) |
| **(Cost $15,714,236)** | $**15714236** |
| **TOTAL INVESTMENTS – 100.1%** |  |
| **(Cost $607,216,492)** | **1052720174** |
| **LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%** | **(1057986)** |
| **NET ASSETS – 100.0%** | $**1051662188** |

---

**Royce Small-Cap Fund**

Common Stocks – 97.6%

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **COMMUNICATION SERVICES – 1.0%** |  |  |
| DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;IDT Corporation Cl. B | 16762 | $**1145180** |
| ENTERTAINMENT - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;IMAX Corporation <sup>[1](#a002)</sup> | 406039 | **11352850** |
| INTERACTIVE MEDIA & SERVICES - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;QuinStreet <sup>[1](#a002)</sup> | 76292 | **1228301** |
| MEDIA - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;TEGNA | 242672 | **4067183** |
| **Total (Cost $12,684,389)** |  | **17793514** |
| **CONSUMER DISCRETIONARY – 9.0%** |  |  |
| AUTOMOBILE COMPONENTS - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;**Dorman Products <sup>[1](#a002)</sup>** | 126812 | 15556028 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 103820 | 9467346 |
| &nbsp;&nbsp;&nbsp;Lear Corporation | 40696 | 3865306 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing <sup>[1](#a002)</sup> | 65096 | 6411956 |
| &nbsp;&nbsp;&nbsp;Visteon Corporation <sup>[1](#a002)</sup> | 92524 | 8632489 |
|  |  | **43933125** |
| DISTRIBUTORS - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;LKQ Corporation | 16008 | 592456 |
| &nbsp;&nbsp;&nbsp;Pool Corporation | 4156 | 1211391 |
|  |  | **1803847** |
| DIVERSIFIED CONSUMER SERVICES - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;frontdoor <sup>[1](#a002)</sup> | 59103 | **3483531** |
| HOTELS, RESTAURANTS & LEISURE - 0.2% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>International Game Technology | 218068 | **3447655** |
| HOUSEHOLD DURABLES - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Champion Homes <sup>[1](#a002)</sup> | 25219 | 1578962 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors | 131675 | 3667149 |
| &nbsp;&nbsp;&nbsp;Installed Building Products | 58160 | 10487411 |
| &nbsp;&nbsp;&nbsp;M/I Homes <sup>[1](#a002)</sup> | 85820 | 9622138 |
| &nbsp;&nbsp;&nbsp;Meritage Homes | 55435 | 3712482 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 30743 | 3242157 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes <sup>[1](#a002)</sup> | 120489 | 3849623 |
|  |  | **36159922** |
| LEISURE PRODUCTS - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Brunswick Corporation | 56827 | 3139124 |
| &nbsp;&nbsp;&nbsp;YETI Holdings <sup>[1](#a002)</sup> | 178098 | 5613649 |
|  |  | **8752773** |
| SPECIALTY RETAIL - 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors | 243496 | 10911056 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts | 202685 | 9422826 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group <sup>[1](#a002)</sup> | 47178 | 11253840 |
| &nbsp;&nbsp;&nbsp;†Bath & Body Works | 101090 | 3028656 |
| &nbsp;&nbsp;&nbsp;Caleres | 159568 | 1949921 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>J.Jill | 245250 | 3590460 |
| &nbsp;&nbsp;&nbsp;OneWater Marine Cl. A <sup>[1](#a002)</sup> | 136554 | 1828458 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival | 118115 | 2209932 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 63487 | 5050391 |
| &nbsp;&nbsp;&nbsp;Valvoline <sup>[1](#a002)</sup> | 182328 | 6904761 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 5030 | 821751 |
|  |  | **56972052** |
| TEXTILES, APPAREL & LUXURY GOODS - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Movado Group | 37569 | **572927** |
| **Total (Cost $135,193,292)** |  | **155125832** |
| **CONSUMER STAPLES – 0.9%** |  |  |
| FOOD PRODUCTS - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Nomad Foods | 186125 | **3162264** |

---

See Notes to Financial Statements 6

Schedules of Investments June 30, 2025 (unaudited)

**Royce Small-Cap Fund (continued)**

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **CONSUMER STAPLES (continued)** |  |  |
| PERSONAL CARE PRODUCTS - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Interparfums | 88340 | $**11599925** |
| **Total (Cost $6,995,386)** |  | **14762189** |
| **ENERGY – 1.9%** |  |  |
| ENERGY EQUIPMENT & SERVICES - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Core Laboratories | 94701 | 1090955 |
| &nbsp;&nbsp;&nbsp;Pason Systems | 1321208 | 11914400 |
| &nbsp;&nbsp;&nbsp;Weatherford International | 39832 | 2003948 |
|  |  | **15009303** |
| OIL, GAS & CONSUMABLE FUELS - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Chord Energy | 40332 | 3906154 |
| &nbsp;&nbsp;&nbsp;Civitas Resources | 88485 | 2435107 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Cl. A | 56224 | 483527 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 78447 | 3743491 |
| &nbsp;&nbsp;&nbsp;SM Energy | 141338 | 3492462 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Cl. A | 92850 | 3873702 |
|  |  | **17934443** |
| **Total (Cost $36,047,888)** |  | **32943746** |
| **FINANCIALS – 21.4%** |  |  |
| BANKS - 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banc of California | 225501 | 3168289 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son | 188155 | 8331503 |
| &nbsp;&nbsp;&nbsp;BankUnited | 155583 | 5537199 |
| &nbsp;&nbsp;&nbsp;BOK Financial | 40236 | 3928241 |
| &nbsp;&nbsp;&nbsp;CNB Financial | 160709 | 3673808 |
| &nbsp;&nbsp;&nbsp;Coastal Financial <sup>[1](#a002)</sup> | 24907 | 2412741 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Esquire Financial Holdings | 23200 | 2196112 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares Cl. A | 3938 | 7704579 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares | 62228 | 2238964 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 53464 | 2058899 |
| &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | 19419 | 4822709 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 196672 | 5597285 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Metropolitan Bank Holding <sup>[1](#a002)</sup> | 51938 | 3635660 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 24028 | 2138252 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial | 244612 | 4307617 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 242816 | 8678244 |
| &nbsp;&nbsp;&nbsp;**Popular** | 137297 | 15131502 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp | 113887 | 3553274 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp NY | 122551 | 4095654 |
|  |  | **93210532** |
| CAPITAL MARKETS - 8.3% |  |  |
| &nbsp;&nbsp;&nbsp;**Artisan Partners Asset Management Cl. A** | 355946 | 15779086 |
| &nbsp;&nbsp;&nbsp;Evercore Cl. A | 27169 | 7336173 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor Cl. A | 854408 | 9876956 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey Cl. A | 18768 | 3377302 |
| &nbsp;&nbsp;&nbsp;Lazard | 114425 | 5490111 |
| &nbsp;&nbsp;&nbsp;Marex Group | 215246 | 8495760 |
| &nbsp;&nbsp;&nbsp;Morningstar | 35006 | 10989434 |
| &nbsp;&nbsp;&nbsp;Onex Corporation | 164237 | 13520079 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners Cl. A | 55559 | 1078956 |
| &nbsp;&nbsp;&nbsp;**SEI Investments** | 308308 | 27704557 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group Cl. A | 18280 | 289921 |
| &nbsp;&nbsp;&nbsp;Sprott | 209337 | 14470271 |
| &nbsp;&nbsp;&nbsp;StoneX Group <sup>[1](#a002)</sup> | 39959 | 3641863 |
| &nbsp;&nbsp;&nbsp;**TMX Group** | 444202 | 18828228 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings Cl. A | 43000 | 2737810 |
|  |  | **143616507** |

---

---

| | | |
|:---|:---|:---|
| CONSUMER FINANCE - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 38433 | **5193835** |
| FINANCIAL SERVICES - 1.2% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Enact Holdings | 111669 | 4148503 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>I3 Verticals Cl. A <sup>[1](#a002),[2](#a003)</sup> | 8980 | 246771 |
| &nbsp;&nbsp;&nbsp;International Money Express <sup>[1](#a002)</sup> | 356387 | 3595945 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 149847 | 4955440 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>StoneCo Cl. A <sup>[1](#a002)</sup> | 134572 | 2158535 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop | 72840 | 5133763 |
|  |  | **20238957** |
| INSURANCE - 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 83778 | 3663612 |
| &nbsp;&nbsp;&nbsp;**Assured Guaranty** | 294780 | 25675338 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 29792 | 3093006 |
| &nbsp;&nbsp;&nbsp;Berkley (W.R.) | 139956 | 10282567 |
| &nbsp;&nbsp;&nbsp;**E-L Financial** | 2272700 | 26953630 |
| &nbsp;&nbsp;&nbsp;**International General Insurance Holdings** | 712758 | 17120447 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 27482 | 6675378 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 84574 | 6107934 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group <sup>[1](#a002)</sup> | 41844 | 2418165 |
| &nbsp;&nbsp;&nbsp;Tiptree | 192049 | 4528515 |
|  |  | **106518592** |
| **Total (Cost $235,155,573)** |  | **368778423** |
| **HEALTH CARE – 9.1%** |  |  |
| BIOTECHNOLOGY - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;ADMA Biologics <sup>[1](#a002)</sup> | 294796 | 5368235 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Arcutis Biotherapeutics <sup>[1](#a002)</sup> | 175087 | 2454720 |
| &nbsp;&nbsp;&nbsp;BridgeBio Pharma <sup>[1](#a002)</sup> | 104260 | 4501947 |
| &nbsp;&nbsp;&nbsp;CareDx <sup>[1](#a002)</sup> | 33770 | 659866 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals <sup>[1](#a002)</sup> | 399843 | 8676593 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics <sup>[1](#a002)</sup> | 23770 | 1236515 |
| &nbsp;&nbsp;&nbsp;Insmed <sup>[1](#a002)</sup> | 41448 | 4171327 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Kymera Therapeutics <sup>[1](#a002),[2](#a003)</sup> | 15855 | 691912 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Metsera <sup>[1](#a002),[2](#a003)</sup> | 154516 | 4395980 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>ORIC Pharmaceuticals <sup>[1](#a002)</sup> | 58157 | 590294 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>PTC Therapeutics <sup>[1](#a002)</sup> | 22800 | 1113552 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Soleno Therapeutics <sup>[1](#a002)</sup> | 47194 | 3953913 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Travere Therapeutics <sup>[1](#a002)</sup> | 107712 | 1594138 |
|  |  | **39408992** |
| HEALTH CARE EQUIPMENT & SUPPLIES - 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Enovis Corporation <sup>[1](#a002)</sup> | 410103 | 12860830 |
| &nbsp;&nbsp;&nbsp;Envista Holdings <sup>[1](#a002)</sup> | 201595 | 3939166 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Establishment Labs Holdings <sup>[1](#a002),[2](#a003)</sup> | 75174 | 3210681 |
| &nbsp;&nbsp;&nbsp;**Haemonetics Corporation <sup>[1](#a002)</sup>** | 334149 | 24930857 |
| &nbsp;&nbsp;&nbsp;Surmodics <sup>[1](#a002)</sup> | 41784 | 1241403 |
| &nbsp;&nbsp;&nbsp;**TransMedics Group <sup>[1](#a002),[2](#a003)</sup>** | 109460 | 14668735 |
| &nbsp;&nbsp;&nbsp;UFP Technologies <sup>[1](#a002),[2](#a003)</sup> | 3100 | 756896 |
|  |  | **61608568** |
| HEALTH CARE PROVIDERS & SERVICES - 0.5% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>GeneDx Holdings Cl. A <sup>[1](#a002)</sup> | 28964 | 2673667 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare <sup>[1](#a002)</sup> | 13654 | 4067526 |
| &nbsp;&nbsp;&nbsp;PACS Group <sup>[1](#a002)</sup> | 149878 | 1936424 |
|  |  | **8677617** |
| HEALTH CARE TECHNOLOGY - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Certara <sup>[1](#a002)</sup> | 19437 | **227413** |
| LIFE SCIENCES TOOLS & SERVICES - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Azenta <sup>[1](#a002)</sup> | 122710 | 3777014 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions <sup>[1](#a002)</sup> | 46939 | 1011066 |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 123127 | 6334884 |

---

See Notes to Financial Statements 7

Schedules of Investments June 30, 2025 (unaudited)

**Royce Small-Cap Fund (continued)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **HEALTH CARE (continued)** |  |  |
| LIFE SCIENCES TOOLS & SERVICES (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International <sup>[1](#a002)</sup> | 40067 | $6079366 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories | 95515 | 8999423 |
| &nbsp;&nbsp;&nbsp;Repligen Corporation <sup>[1](#a002)</sup> | 41375 | 5146223 |
| &nbsp;&nbsp;&nbsp;Stevanato Group | 116114 | 2836665 |
|  |  | **34184641** |
| PHARMACEUTICALS - 0.7% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Amphastar Pharmaceuticals <sup>[1](#a002)</sup> | 153333 | 3520526 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical <sup>[1](#a002)</sup> | 125915 | 3723306 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Elanco Animal Health <sup>[1](#a002)</sup> | 234087 | 3342762 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies | 357096 | 2328266 |
|  |  | **12914860** |
| **Total (Cost $146,492,530)** |  | **157022091** |
| **INDUSTRIALS – 29.0%** |  |  |
| AEROSPACE & DEFENSE - 0.9% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Karman Holdings <sup>[1](#a002)</sup><sup>,</sup><sup>[2](#a003)</sup> | 111200 | 5601144 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions <sup>[1](#a002)</sup> | 110389 | 5127569 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS | 25871 | 1202484 |
| &nbsp;&nbsp;&nbsp;Moog Cl. A | 9778 | 1769525 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Redwire <sup>[1](#a002)</sup><sup>,</sup><sup>[2](#a003)</sup> | 139360 | 2271568 |
|  |  | **15972290** |
| AIR FREIGHT & LOGISTICS - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Hub Group Cl. A | 187870 | **6280494** |
| BUILDING PRODUCTS - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;AAON | 102128 | 7531940 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource <sup>[1](#a002)</sup> | 82073 | 9577098 |
| &nbsp;&nbsp;&nbsp;Carlisle Companies | 6777 | 2530532 |
| &nbsp;&nbsp;&nbsp;Insteel Industries | 4196 | 156133 |
| &nbsp;&nbsp;&nbsp;Janus International Group <sup>[1](#a002)</sup> | 358216 | 2915878 |
| &nbsp;&nbsp;&nbsp;MasterBrand <sup>[1](#a002)</sup> | 194691 | 2127973 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 45863 | 7122983 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 105487 | 10481188 |
|  |  | **42443725** |
| COMMERCIAL SERVICES & SUPPLIES - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Brady Corporation Cl. A | 94913 | 6451237 |
| &nbsp;&nbsp;&nbsp;CECO Environmental <sup>[1](#a002)</sup> | 41402 | 1172091 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group <sup>[1](#a002)</sup> | 504149 | 7577359 |
| &nbsp;&nbsp;&nbsp;Interface | 176812 | 3700675 |
| &nbsp;&nbsp;&nbsp;Liquidity Services <sup>[1](#a002)</sup> | 48704 | 1148927 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 10970 | 1837804 |
| &nbsp;&nbsp;&nbsp;RB Global | 28600 | 3037034 |
| &nbsp;&nbsp;&nbsp;UniFirst Corporation | 11072 | 2083972 |
| &nbsp;&nbsp;&nbsp;VSE Corporation | 8207 | 1074953 |
|  |  | **28084052** |
| CONSTRUCTION & ENGINEERING - 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;**Arcosa** | 387654 | 33613478 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Argan | 16731 | 3688851 |
| &nbsp;&nbsp;&nbsp;Construction Partners Cl. A <sup>[1](#a002),[2](#a003)</sup> | 131429 | 13968274 |
| &nbsp;&nbsp;&nbsp;IES Holdings <sup>[1](#a002)</sup> | 24754 | 7332877 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings <sup>[1](#a002)</sup> | 32682 | 4578748 |
| &nbsp;&nbsp;&nbsp;MYR Group <sup>[1](#a002)</sup> | 20720 | 3759644 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure <sup>[1](#a002)</sup> | 35856 | 1470455 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure <sup>[1](#a002)</sup> | 39490 | 9111528 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 36212 | 11825753 |
|  |  | **89349608** |
| ELECTRICAL EQUIPMENT - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;American Superconductor <sup>[1](#a002)</sup> | 92177 | 3381974 |
| &nbsp;&nbsp;&nbsp;Atkore | 39230 | 2767677 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Cl. A <sup>[1](#a002),[2](#a003)</sup> | 73274 | 1752714 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Preformed Line Products | 90721 | 14498123 |
|  |  | **22400488** |
| GROUND TRANSPORTATION - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;ArcBest Corporation | 56238 | 4330889 |
| &nbsp;&nbsp;&nbsp;Landstar System | 42091 | 5851491 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Ryder System | 4761 | 756999 |
| &nbsp;&nbsp;&nbsp;Saia <sup>[1](#a002)</sup> | 3267 | 895125 |
|  |  | **11834504** |
| MACHINERY - 8.3% |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 44084 | 4187539 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 273327 | 9954569 |
| &nbsp;&nbsp;&nbsp;Blue Bird <sup>[1](#a002),[2](#a003)</sup> | 82318 | 3552845 |
| &nbsp;&nbsp;&nbsp;**Enpro** | 76202 | 14596493 |
| &nbsp;&nbsp;&nbsp;**ESAB Corporation** | 137546 | 16581170 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies | 49624 | 9521357 |
| &nbsp;&nbsp;&nbsp;Graham Corporation <sup>[1](#a002)</sup> | 110717 | 5481599 |
| &nbsp;&nbsp;&nbsp;Helios Technologies | 54852 | 1830411 |
| &nbsp;&nbsp;&nbsp;**JBT Marel** | 126271 | 15185350 |
| &nbsp;&nbsp;&nbsp;Kadant | 35757 | 11351060 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 54999 | 11402393 |
| &nbsp;&nbsp;&nbsp;Lindsay Corporation | 62639 | 9035676 |
| &nbsp;&nbsp;&nbsp;Miller Industries | 141875 | 6307762 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 4508 | 358251 |
| &nbsp;&nbsp;&nbsp;RBC Bearings <sup>[1](#a002)</sup> | 37789 | 14541207 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>REV Group | 82071 | 3905759 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>SPX Technologies <sup>[1](#a002)</sup> | 3325 | 557536 |
| &nbsp;&nbsp;&nbsp;Timken Company (The) | 73865 | 5358906 |
|  |  | **143709883** |
| MARINE TRANSPORTATION - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading | 271377 | 3546897 |
| &nbsp;&nbsp;&nbsp;Kirby Corporation <sup>[1](#a002)</sup> | 105960 | 12016924 |
|  |  | **15563821** |
| PROFESSIONAL SERVICES - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services | 28445 | 1185872 |
| &nbsp;&nbsp;&nbsp;CBIZ <sup>[1](#a002)</sup> | 91807 | 6583480 |
| &nbsp;&nbsp;&nbsp;Exponent | 47422 | 3542898 |
| &nbsp;&nbsp;&nbsp;Forrester Research <sup>[1](#a002)</sup> | 250198 | 2476960 |
| &nbsp;&nbsp;&nbsp;Franklin Covey <sup>[1](#a002)</sup> | 183971 | 4198218 |
| &nbsp;&nbsp;&nbsp;IBEX <sup>[1](#a002)</sup> | 181452 | 5280253 |
| &nbsp;&nbsp;&nbsp;Insperity | 82283 | 4946854 |
| &nbsp;&nbsp;&nbsp;KBR | 236015 | 11314559 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 80203 | 5881286 |
|  |  | **45410380** |
| TRADING COMPANIES & DISTRIBUTORS - 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;**Air Lease Cl. A** | 449798 | 26308685 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 43882 | 10200371 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group <sup>[1](#a002)</sup> | 106672 | 2930280 |
| &nbsp;&nbsp;&nbsp;EVI Industries | 338570 | 7390983 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 17906 | 2059906 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Cl. A | 60327 | 5129002 |
| &nbsp;&nbsp;&nbsp;Richelieu Hardware | 273462 | 7347879 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Rush Enterprises Cl. A | 31674 | 1631528 |
| &nbsp;&nbsp;&nbsp;Transcat <sup>[1](#a002)</sup> | 141562 | 12168669 |
| &nbsp;&nbsp;&nbsp;WESCO International | 20084 | 3719557 |
|  |  | **78886860** |
| **Total (Cost $285,188,442)** |  | **499936105** |

---

See Notes to Financial Statements 8

Schedules of Investments June 30, 2025 (unaudited)

**Royce Small-Cap Fund (continued)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **INFORMATION TECHNOLOGY – 16.7%** |  |  |
| COMMUNICATIONS EQUIPMENT - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Digi International <sup>[1](#a002)</sup> | 258206 | $**9001061** |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 7.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bel Fuse Cl. B | 44021 | 4300412 |
| &nbsp;&nbsp;&nbsp;Cognex Corporation | 273320 | 8669710 |
| &nbsp;&nbsp;&nbsp;Coherent Corp. <sup>[1](#a002)</sup> | 69138 | 6167801 |
| &nbsp;&nbsp;&nbsp;Crane NXT | 118965 | 6412214 |
| &nbsp;&nbsp;&nbsp;ePlus <sup>[1](#a002)</sup> | 48695 | 3510910 |
| &nbsp;&nbsp;&nbsp;Flex <sup>[1](#a002)</sup> | 70420 | 3515366 |
| &nbsp;&nbsp;&nbsp;Jabil | 18886 | 4119037 |
| &nbsp;&nbsp;&nbsp;Knowles Corporation <sup>[1](#a002)</sup> | 206046 | 3630531 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 42410 | 9615619 |
| &nbsp;&nbsp;&nbsp;Luna Innovations <sup>[1](#a002),[2](#a003),[4](#a005)</sup> | 655884 | 580457 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Mirion Technologies Cl. A <sup>[1](#a002)</sup> | 244360 | 5261071 |
| &nbsp;&nbsp;&nbsp;nLIGHT <sup>[1](#a002)</sup> | 300093 | 5905830 |
| &nbsp;&nbsp;&nbsp;**PAR Technology <sup>[1](#a002)</sup>** | 343758 | 23846492 |
| &nbsp;&nbsp;&nbsp;Powerfleet <sup>[1](#a002)</sup> | 751408 | 3238569 |
| &nbsp;&nbsp;&nbsp;Sanmina Corporation <sup>[1](#a002)</sup> | 94762 | 9270566 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 29839 | 4049152 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies <sup>[1](#a002)</sup> | 8040 | 4118972 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group <sup>[1](#a002)</sup> | 14508 | 407675 |
| &nbsp;&nbsp;&nbsp;**Vontier Corporation** | 487112 | 17974433 |
|  |  | **124594817** |
| IT SERVICES - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Hackett Group (The) | 228248 | 5802064 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings <sup>[1](#a002)</sup> | 255631 | 10726277 |
|  |  | **16528341** |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies <sup>[1](#a002)</sup> | 44508 | 3101763 |
| &nbsp;&nbsp;&nbsp;Camtek <sup>[1](#a002)</sup> | 35732 | 3021498 |
| &nbsp;&nbsp;&nbsp;**Cirrus Logic <sup>[1](#a002)</sup>** | 189930 | 19801152 |
| &nbsp;&nbsp;&nbsp;Cohu <sup>[1](#a002)</sup> | 268753 | 5170808 |
| &nbsp;&nbsp;&nbsp;FormFactor <sup>[1](#a002)</sup> | 187091 | 6437801 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings <sup>[1](#a002)</sup> | 32298 | 634333 |
| &nbsp;&nbsp;&nbsp;Impinj <sup>[1](#a002)</sup> | 49151 | 5459202 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | 183997 | 6366296 |
| &nbsp;&nbsp;&nbsp;MKS | 137106 | 13622852 |
| &nbsp;&nbsp;&nbsp;Nova <sup>[1](#a002),[2](#a003)</sup> | 46750 | 12865600 |
| &nbsp;&nbsp;&nbsp;NVE Corporation | 25148 | 1851144 |
| &nbsp;&nbsp;&nbsp;Onto Innovation <sup>[1](#a002)</sup> | 84394 | 8517886 |
| &nbsp;&nbsp;&nbsp;Photronics <sup>[1](#a002)</sup> | 130787 | 2462719 |
| &nbsp;&nbsp;&nbsp;Rambus <sup>[1](#a002)</sup> | 29987 | 1919768 |
| &nbsp;&nbsp;&nbsp;SiTime Corporation <sup>[1](#a002),[2](#a003)</sup> | 13116 | 2794757 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings <sup>[1](#a002)</sup> | 83762 | 1890508 |
|  |  | **95918087** |
| SOFTWARE - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Adeia | 125607 | 1776083 |
| &nbsp;&nbsp;&nbsp;Agilysys <sup>[1](#a002)</sup> | 94589 | 10843683 |
| &nbsp;&nbsp;&nbsp;Alkami Technology <sup>[1](#a002)</sup> | 90256 | 2720316 |
| &nbsp;&nbsp;&nbsp;Computer Modelling Group | 2339433 | 12386497 |
| &nbsp;&nbsp;&nbsp;JFrog <sup>[1](#a002)</sup> | 84926 | 3726553 |
| &nbsp;&nbsp;&nbsp;Sapiens International | 160886 | 4705915 |
|  |  | **36159047** |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf <sup>[1](#a002)</sup> | 93083 | **5156798** |
| **Total (Cost $181,371,926)** |  | **287358151** |
| **MATERIALS – 7.2%** |  |  |
| CHEMICALS - 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels <sup>[1](#a002),[2](#a003)</sup> | 115730 | 685122 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Cabot Corporation | 47357 | 3551775 |
| &nbsp;&nbsp;&nbsp;**Element Solutions** | 1100159 | 24918601 |
| &nbsp;&nbsp;&nbsp;Hawkins | 13326 | 1893625 |
| &nbsp;&nbsp;&nbsp;Huntsman Corporation | 29150 | 303743 |
| &nbsp;&nbsp;&nbsp;Ingevity Corporation <sup>[1](#a002)</sup> | 231100 | 9958099 |
| &nbsp;&nbsp;&nbsp;Innospec | 133146 | 11196247 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 154907 | 8530728 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>NewMarket Corporation | 6834 | 4721337 |
| &nbsp;&nbsp;&nbsp;Quaker Houghton | 94507 | 10579114 |
|  |  | **76338391** |
| CONSTRUCTION MATERIALS - 0.1% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>United States Lime & Minerals | 11724 | **1170055** |
| CONTAINERS & PACKAGING - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Company | 178195 | 3754568 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 58265 | 3156798 |
|  |  | **6911366** |
| METALS & MINING - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;**Alamos Gold Cl. A** | 589328 | 15675021 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 45606 | 2230590 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International <sup>[1](#a002)</sup> | 281491 | 1831474 |
| &nbsp;&nbsp;&nbsp;Metallus <sup>[1](#a002)</sup> | 59261 | 913212 |
| &nbsp;&nbsp;&nbsp;Reliance | 14973 | 4700025 |
|  |  | **25350322** |
| PAPER & FOREST PRODUCTS - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Stella-Jones | 245420 | **14145780** |
| **Total (Cost $74,845,221)** |  | **123915914** |
| **REAL ESTATE – 1.4%** |  |  |
| REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Colliers International Group | 31615 | 4127022 |
| &nbsp;&nbsp;&nbsp;FirstService Corporation | 24813 | 4332846 |
| &nbsp;&nbsp;&nbsp;FRP Holdings <sup>[1](#a002)</sup> | 170323 | 4579986 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings | 705366 | 4796489 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 183172 | 5625212 |
| **Total (Cost $19,083,439)** |  | **23461555** |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $1,133,058,086)** |  | **1681097520** |
| **COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.6%** |  |  |
| Money Market Funds |  |  |
| Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.20%) |  |  |
| **(Cost $11,080,900)** | **11080900** | **11080900** |
| **INVESTMENTS AT VALUE** |  |  |
| **(Cost $1,144,138,986)** |  | **1692178420** |

---

See Notes to Financial Statements 9

Schedules of Investments June 30, 2025 (unaudited)

**Royce Small-Cap Fund (continued)**

---

| | |
|:---|:---|
| | **VALUE** |
| **REPURCHASE AGREEMENT – 2.4%** | |
| Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $40,815,985 (collateralized by obligations of U.S. Government Agencies, 3.375% <br> due 5/15/33, valued at $41,628,135) |  |
| **(Cost $40,811,734)** | $**40811734** |
| **TOTAL INVESTMENTS 100.6%** |  |
| **(Cost $1,184,950,720)** | **1732990154** |
| **LIABILITIES LESS CASH AND OTHER ASSETS – (0.6)%** | **(10462376)** |
| **NET ASSETS – 100.0%** | $**1722527778** |

---

**Royce Small-Cap Opportunity Fund**

Common Stocks – 97.4%

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMUNICATION SERVICES – 4.6%** |  |  |
| ENTERTAINMENT - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;IMAX Corporation <sup>[1](#a002)</sup> | 161313 | $4510311 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Lionsgate Studios <sup>[1](#a002),[2](#a003)</sup> | 739710 | 4297715 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Starz Entertainment <sup>[1](#a002)</sup> | 163244 | 2623331 |
|  |  | **11431357** |
| INTERACTIVE MEDIA & SERVICES - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;DHI Group <sup>[1](#a002)</sup> | 1147986 | 3409519 |
| &nbsp;&nbsp;&nbsp;EverQuote Cl. A <sup>[1](#a002)</sup> | 181335 | 4384680 |
| &nbsp;&nbsp;&nbsp;IAC <sup>[1](#a002)</sup> | 149995 | 5600813 |
| &nbsp;&nbsp;&nbsp;QuinStreet <sup>[1](#a002)</sup> | 306117 | 4928484 |
|  |  | **18323496** |
| MEDIA - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Criteo ADR <sup>[1](#a002)</sup> | 167657 | 4017062 |
| &nbsp;&nbsp;&nbsp;Magnite <sup>[1](#a002)</sup> | 297360 | 7172323 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings <sup>[1](#a002)</sup> | 202436 | 2461622 |
|  |  | **13651007** |
| WIRELESS TELECOMMUNICATION SERVICES - 0.4% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Gogo <sup>[1](#a002),[2](#a003)</sup> | 317513 | **4661091** |
| **Total (Cost $41,663,810)** |  | **48066951** |
| **CONSUMER DISCRETIONARY – 9.3%** |  |  |
| AUTOMOBILE COMPONENTS - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding <sup>[1](#a002)</sup> | 21980 | 570161 |
| &nbsp;&nbsp;&nbsp;Garrett Motion | 302591 | 3180231 |
| &nbsp;&nbsp;&nbsp;**Modine Manufacturing <sup>[1](#a002)</sup>** | 77869 | 7670097 |
| &nbsp;&nbsp;&nbsp;Patrick Industries | 50619 | 4670615 |
| &nbsp;&nbsp;&nbsp;Stoneridge <sup>[1](#a002)</sup> | 439103 | 3091285 |
|  |  | **19182389** |
| BROADLINE RETAIL - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Dillard's Cl. A | 13997 | **5848367** |
| DIVERSIFIED CONSUMER SERVICES - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;American Public Education <sup>[1](#a002)</sup> | 174457 | **5313960** |
| HOTELS, RESTAURANTS & LEISURE - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Century Casinos <sup>[1](#a002)</sup> | 417984 | **884036** |
| HOUSEHOLD DURABLES - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA <sup>[1](#a002)</sup> | 187826 | 4201668 |
| &nbsp;&nbsp;&nbsp;Cavco Industries <sup>[1](#a002)</sup> | 9874 | 4289562 |
| &nbsp;&nbsp;&nbsp;Century Communities | 52627 | 2963953 |
| &nbsp;&nbsp;&nbsp;Champion Homes <sup>[1](#a002)</sup> | 97727 | 6118687 |
| &nbsp;&nbsp;&nbsp;M/I Homes <sup>[1](#a002)</sup> | 30286 | 3395666 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home <sup>[1](#a002)</sup> | 104313 | 6406904 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes <sup>[1](#a002)</sup> | 145590 | 4651601 |
|  |  | **32028041** |
| SPECIALTY RETAIL - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts | 142590 | 6629009 |
| &nbsp;&nbsp;&nbsp;Caleres | 20019 | 244632 |
| &nbsp;&nbsp;&nbsp;J.Jill | 300818 | 4403976 |
| &nbsp;&nbsp;&nbsp;MarineMax <sup>[1](#a002)</sup> | 200605 | 5043210 |
| &nbsp;&nbsp;&nbsp;OneWater Marine Cl. A <sup>[1](#a002)</sup> | 286806 | 3840332 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. <sup>[1](#a002)</sup> | 194208 | 3596732 |
|  |  | **23757891** |
| TEXTILES, APPAREL & LUXURY GOODS - 0.9% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Capri Holdings <sup>[1](#a002)</sup> | 137631 | 2436069 |
| &nbsp;&nbsp;&nbsp;Lakeland Industries | 425787 | 5794961 |
| &nbsp;&nbsp;&nbsp;Vera Bradley <sup>[1](#a002)</sup> | 336481 | 743623 |
|  |  | **8974653** |
| **Total (Cost $81,879,432)** |  | **95989337** |

---

See Notes to Financial Statements 10

Schedules of Investments June 30, 2025 (unaudited)

**Royce Small-Cap Opportunity Fund (continued)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **CONSUMER STAPLES – 0.5%** |  |  |
| FOOD PRODUCTS - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;SunOpta <sup>[1](#a002)</sup> | 800823 | $**4644774** |
| **Total (Cost $5,384,802)** |  | **4644774** |
| **ENERGY – 9.4%** |  |  |
| ENERGY EQUIPMENT & SERVICES - 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Archrock | 137268 | 3408364 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions | 235861 | 3153462 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Flowco Holdings Cl. A | 97895 | 1743510 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services | 164694 | 5644063 |
| &nbsp;&nbsp;&nbsp;Liberty Energy Cl. A | 290473 | 3334630 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services <sup>[1](#a002)</sup> | 21124 | 59147 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Mattr Corp. <sup>[1](#a002)</sup> | 159658 | 1408109 |
| &nbsp;&nbsp;&nbsp;NPK International <sup>[1](#a002)</sup> | 729570 | 6208641 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy | 738555 | 4379631 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp. <sup>[1](#a002)</sup> | 532813 | 3180894 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services Cl. A | 366512 | 4376153 |
| &nbsp;&nbsp;&nbsp;**Select Water Solutions Cl. A** | 893271 | 7717861 |
| &nbsp;&nbsp;&nbsp;**Solaris Energy Infrastructure Cl. A** | 283178 | 8011106 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies <sup>[1](#a002)</sup> | 683160 | 2295418 |
|  |  | **54920989** |
| OIL, GAS & CONSUMABLE FUELS - 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping | 439603 | 4220189 |
| &nbsp;&nbsp;&nbsp;Baytex Energy | 1530589 | 2739754 |
| &nbsp;&nbsp;&nbsp;Comstock Resources <sup>[1](#a002)</sup> | 245034 | 6780091 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy <sup>[1](#a002)</sup> | 1066858 | 1834996 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 60157 | 2870692 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings | 446406 | 6316645 |
| &nbsp;&nbsp;&nbsp;Northern Oil and Gas | 136899 | 3881087 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy | 493703 | 5341866 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers | 108672 | 4252335 |
| &nbsp;&nbsp;&nbsp;Vermilion Energy | 519833 | 3794485 |
|  |  | **42032140** |
| **Total (Cost $87,705,999)** |  | **96953129** |
| **FINANCIALS – 11.1%** |  |  |
| BANKS - 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Axos Financial <sup>[1](#a002)</sup> | 40229 | 3059013 |
| &nbsp;&nbsp;&nbsp;**BankUnited** | 216344 | 7699683 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | 227909 | 6315359 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares | 298137 | 7349077 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp <sup>[1](#a002)</sup> | 98771 | 5801809 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares | 187363 | 5047559 |
| &nbsp;&nbsp;&nbsp;First Foundation <sup>[1](#a002)</sup> | 550202 | 2806030 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings | 130349 | 3956092 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 260866 | 7205119 |
|  |  | **49239741** |
| CAPITAL MARKETS - 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Cl. A | 146702 | 6503300 |
| &nbsp;&nbsp;&nbsp;Bridge Investment Group Holdings Cl. A | 387699 | 3880867 |
| &nbsp;&nbsp;&nbsp;Canaccord Genuity Group | 882570 | 6714467 |
| &nbsp;&nbsp;&nbsp;Evercore Cl. A | 14747 | 3981985 |
| &nbsp;&nbsp;&nbsp;Marex Group | 101390 | 4001863 |
| &nbsp;&nbsp;&nbsp;Moelis & Company Cl. A | 50644 | 3156134 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners Cl. A | 339074 | 6584817 |
| &nbsp;&nbsp;&nbsp;**Victory Capital Holdings Cl. A** | 127806 | 8137408 |
|  |  | **42960841** |
| CONSUMER FINANCE - 0.4% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Encore Capital Group <sup>[1](#a002)</sup> | 94648 | **3663824** |

---

---

| | | |
|:---|:---|:---|
| FINANCIAL SERVICES - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;I3 Verticals Cl. A <sup>[1](#a002),[2](#a003)</sup> | 215703 | 5927519 |
| &nbsp;&nbsp;&nbsp;NCR Atleos <sup>[1](#a002)</sup> | 242776 | 6926399 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop | 44154 | 3111974 |
|  |  | **15965892** |
| INSURANCE - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Abacus Global Management <sup>[1](#a002)</sup> | 670982 | **3448847** |
| **Total (Cost $96,238,098)** |  | **115279145** |
| **HEALTH CARE – 8.8%** |  |  |
| BIOTECHNOLOGY - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;CareDx <sup>[1](#a002)</sup> | 138010 | **2696715** |
| HEALTH CARE EQUIPMENT & SUPPLIES - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;AngioDynamics <sup>[1](#a002)</sup> | 527442 | 5232225 |
| &nbsp;&nbsp;&nbsp;Apyx Medical <sup>[1](#a002)</sup> | 730112 | 1642752 |
| &nbsp;&nbsp;&nbsp;Artivion <sup>[1](#a002)</sup> | 235204 | 7314844 |
| &nbsp;&nbsp;&nbsp;Bioventus Cl. A <sup>[1](#a002)</sup> | 590844 | 3911387 |
| &nbsp;&nbsp;&nbsp;Enovis Corporation <sup>[1](#a002)</sup> | 132990 | 4170567 |
| &nbsp;&nbsp;&nbsp;Varex Imaging <sup>[1](#a002)</sup> | 349176 | 3027356 |
|  |  | **25299131** |
| HEALTH CARE PROVIDERS & SERVICES - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp. <sup>[1](#a002),[2](#a003)</sup> | 584154 | 5508572 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare <sup>[1](#a002)</sup> | 224965 | 3149510 |
| &nbsp;&nbsp;&nbsp;Astrana Health <sup>[1](#a002)</sup> | 163603 | 4070443 |
| &nbsp;&nbsp;&nbsp;Community Health Systems <sup>[1](#a002)</sup> | 470626 | 1600128 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent | 140648 | 2893129 |
| &nbsp;&nbsp;&nbsp;NeoGenomics <sup>[1](#a002)</sup> | 537229 | 3927144 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Privia Health Group <sup>[1](#a002)</sup> | 211858 | 4872734 |
| &nbsp;&nbsp;&nbsp;Quipt Home Medical <sup>[1](#a002)</sup> | 486188 | 870276 |
| &nbsp;&nbsp;&nbsp;RadNet <sup>[1](#a002)</sup> | 72027 | 4099057 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings | 164743 | 2500799 |
|  |  | **33491792** |
| HEALTH CARE TECHNOLOGY - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Evolent Health Cl. A <sup>[1](#a002)</sup> | 358599 | 4037825 |
| &nbsp;&nbsp;&nbsp;LifeMD <sup>[1](#a002)</sup> | 416347 | 5670646 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corporation <sup>[1](#a002)</sup> | 427904 | 5776704 |
|  |  | **15485175** |
| LIFE SCIENCES TOOLS & SERVICES - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Azenta <sup>[1](#a002)</sup> | 179266 | **5517808** |
| PHARMACEUTICALS - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Harrow <sup>[1](#a002)</sup> | 153398 | 4684775 |
| &nbsp;&nbsp;&nbsp;Organon & Co | 376249 | 3642090 |
|  |  | **8326865** |
| **Total (Cost $91,412,926)** |  | **90817486** |
| **INDUSTRIALS – 26.8%** |  |  |
| AEROSPACE & DEFENSE - 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;AAR Corp. <sup>[1](#a002)</sup> | 109485 | 7531473 |
| &nbsp;&nbsp;&nbsp;**Astronics Corporation <sup>[1](#a002)</sup>** | 234490 | 7850725 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 56138 | 8087240 |
| &nbsp;&nbsp;&nbsp;Ducommun <sup>[1](#a002)</sup> | 80873 | 6682536 |
| &nbsp;&nbsp;&nbsp;**Kratos Defense & Security Solutions <sup>[1](#a002)</sup>** | 172646 | 8019407 |
| &nbsp;&nbsp;&nbsp;**Leonardo DRS** | 176132 | 8186615 |
| &nbsp;&nbsp;&nbsp;Mercury Systems <sup>[1](#a002)</sup> | 127389 | 6861172 |
| &nbsp;&nbsp;&nbsp;V2X <sup>[1](#a002)</sup> | 125448 | 6090501 |
|  |  | **59309669** |
| AIR FREIGHT & LOGISTICS - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Hub Group Cl. A | 94640 | 3163815 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics <sup>[1](#a002)</sup> | 756377 | 4598772 |
|  |  | **7762587** |

---

See Notes to Financial Statements 11

Schedules of Investments June 30, 2025 (unaudited)

**Royce Small-Cap Opportunity Fund (continued)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **INDUSTRIALS (continued)** |  |  |
| BUILDING PRODUCTS - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries <sup>[1](#a002)</sup> | 46587 | $2748633 |
| &nbsp;&nbsp;&nbsp;Insteel Industries | 62989 | 2343821 |
| &nbsp;&nbsp;&nbsp;Janus International Group <sup>[1](#a002)</sup> | 417888 | 3401608 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies <sup>[1](#a002)</sup> | 338124 | 7459015 |
|  |  | **15953077** |
| COMMERCIAL SERVICES & SUPPLIES - 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;**CECO Environmental <sup>[1](#a002)</sup>** | 298653 | 8454866 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>GDI Integrated Facility Services <sup>[1](#a002)</sup> | 99631 | 2318565 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group <sup>[1](#a002)</sup> | 229149 | 3444110 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Montrose Environmental Group <sup>[1](#a002)</sup><sup>,</sup><sup>[2](#a003)</sup> | 339683 | 7435661 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality <sup>[1](#a002)</sup> | 136789 | 3943627 |
| &nbsp;&nbsp;&nbsp;VSE Corporation | 42010 | 5502470 |
|  |  | **31099299** |
| CONSTRUCTION & ENGINEERING - 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings | 556073 | 3419849 |
| &nbsp;&nbsp;&nbsp;**Construction Partners Cl. A <sup>[1](#a002)</sup>** | 74496 | 7917435 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings <sup>[1](#a002)</sup> | 40451 | 5667185 |
| &nbsp;&nbsp;&nbsp;Matrix Service <sup>[1](#a002)</sup> | 382803 | 5171669 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure <sup>[1](#a002)</sup> | 124060 | 5087701 |
| &nbsp;&nbsp;&nbsp;**Orion Group Holdings <sup>[1](#a002)</sup>** | 902345 | 8184269 |
| &nbsp;&nbsp;&nbsp;**Primoris Services** | 107909 | 8410427 |
|  |  | **43858535** |
| ELECTRICAL EQUIPMENT - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;**American Superconductor <sup>[1](#a002)</sup>** | 213016 | 7815557 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group Cl. A <sup>[1](#a002)</sup> | 696861 | 2961659 |
|  |  | **10777216** |
| GROUND TRANSPORTATION - 0.6% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>FTAI Infrastructure | 917113 | **5658587** |
| MACHINERY - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ag Growth International | 114559 | 3503861 |
| &nbsp;&nbsp;&nbsp;Chart Industries <sup>[1](#a002)</sup> | 35913 | 5913075 |
| &nbsp;&nbsp;&nbsp;Helios Technologies | 154377 | 5151560 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings | 584881 | 7123851 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering <sup>[1](#a002)</sup> | 302004 | 4819984 |
| &nbsp;&nbsp;&nbsp;Shyft Group (The) | 393676 | 4936697 |
| &nbsp;&nbsp;&nbsp;Stratasys <sup>[1](#a002)</sup> | 312625 | 3585809 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Titan International <sup>[1](#a002)</sup> | 308019 | 3163355 |
| &nbsp;&nbsp;&nbsp;Trinity Industries | 211143 | 5702972 |
| &nbsp;&nbsp;&nbsp;Twin Disc | 5700 | 50331 |
| &nbsp;&nbsp;&nbsp;Wabash National | 419658 | 4460965 |
|  |  | **48412460** |
| PROFESSIONAL SERVICES - 2.8% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Amentum Holdings <sup>[1](#a002)</sup> | 181307 | 4280658 |
| &nbsp;&nbsp;&nbsp;Kelly Services Cl. A | 304904 | 3570426 |
| &nbsp;&nbsp;&nbsp;Mistras Group <sup>[1](#a002)</sup> | 687386 | 5505962 |
| &nbsp;&nbsp;&nbsp;Resources Connection | 632011 | 3393899 |
| &nbsp;&nbsp;&nbsp;TrueBlue <sup>[1](#a002)</sup> | 915896 | 5935006 |
| &nbsp;&nbsp;&nbsp;WNS (Holdings) <sup>[1](#a002)</sup> | 95941 | 6067309 |
|  |  | **28753260** |
| TRADING COMPANIES & DISTRIBUTORS - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;DNOW <sup>[1](#a002)</sup> | 244966 | 3632846 |
| &nbsp;&nbsp;&nbsp;Herc Holdings | 25223 | 3321617 |
| &nbsp;&nbsp;&nbsp;MRC Global <sup>[1](#a002)</sup> | 462083 | 6335158 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>SiteOne Landscape Supply <sup>[1](#a002)</sup> | 33556 | 4058263 |
| &nbsp;&nbsp;&nbsp;Titan Machinery <sup>[1](#a002),[2](#a003)</sup> | 168336 | 3334736 |
| &nbsp;&nbsp;&nbsp;WESCO International | 28572 | 5291534 |
|  |  | **25974154** |
| **Total (Cost $195,760,132)** |  | **277558844** |

---

---

| | | |
|:---|:---|:---|
| **INFORMATION TECHNOLOGY – 20.9%** |  |  |
| COMMUNICATIONS EQUIPMENT - 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings <sup>[1](#a002)</sup> | 618758 | 5550259 |
| &nbsp;&nbsp;&nbsp;**Applied Optoelectronics <sup>[1](#a002),[2](#a003)</sup>** | 312451 | 8026866 |
| &nbsp;&nbsp;&nbsp;**Aviat Networks <sup>[1](#a002)</sup>** | 339568 | 8166610 |
| &nbsp;&nbsp;&nbsp;Clearfield <sup>[1](#a002)</sup> | 121021 | 5253522 |
| &nbsp;&nbsp;&nbsp;Comtech Telecommunications <sup>[1](#a002)</sup> | 846303 | 2073442 |
| &nbsp;&nbsp;&nbsp;**Digi International <sup>[1](#a002)</sup>** | 229065 | 7985206 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Gilat Satellite Networks <sup>[1](#a002)</sup> | 576350 | 4086322 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications <sup>[1](#a002)</sup> | 1602871 | 6427513 |
|  |  | **47569740** |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries | 34886 | 4622395 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies <sup>[1](#a002)</sup> | 403476 | 6842953 |
| &nbsp;&nbsp;&nbsp;Coherent Corp. <sup>[1](#a002)</sup> | 84104 | 7502918 |
| &nbsp;&nbsp;&nbsp;CTS Corporation | 131034 | 5583359 |
| &nbsp;&nbsp;&nbsp;Identiv <sup>[1](#a002)</sup> | 657008 | 2141846 |
| &nbsp;&nbsp;&nbsp;IPG Photonics <sup>[1](#a002)</sup> | 76911 | 5279940 |
| &nbsp;&nbsp;&nbsp;**Knowles Corporation <sup>[1](#a002)</sup>** | 476587 | 8397463 |
| &nbsp;&nbsp;&nbsp;**nLIGHT <sup>[1](#a002)</sup>** | 405818 | 7986498 |
| &nbsp;&nbsp;&nbsp;Powerfleet <sup>[1](#a002)</sup> | 823893 | 3550979 |
| &nbsp;&nbsp;&nbsp;SmartRent Cl. A <sup>[1](#a002)</sup> | 466142 | 461481 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology | 181032 | 2874788 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group <sup>[1](#a002)</sup> | 141913 | 3987755 |
|  |  | **59232375** |
| IT SERVICES - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Endava ADR Cl. A <sup>[1](#a002)</sup> | 185918 | 2848263 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings <sup>[1](#a002)</sup> | 373189 | 4310333 |
| &nbsp;&nbsp;&nbsp;**Kyndryl Holdings <sup>[1](#a002)</sup>** | 206330 | 8657607 |
|  |  | **15816203** |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.7% |  |  |
| &nbsp;&nbsp;&nbsp;Alpha and Omega Semiconductor <sup>[1](#a002)</sup> | 162429 | 4167928 |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 255868 | 5370669 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies <sup>[1](#a002)</sup> | 61658 | 4296946 |
| &nbsp;&nbsp;&nbsp;Cohu <sup>[1](#a002)</sup> | 284096 | 5466007 |
| &nbsp;&nbsp;&nbsp;FormFactor <sup>[1](#a002)</sup> | 194947 | 6708126 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings <sup>[1](#a002)</sup> | 382083 | 7504110 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor Cl. A <sup>[1](#a002),[2](#a003)</sup> | 856961 | 3050781 |
| &nbsp;&nbsp;&nbsp;inTEST Corporation <sup>[1](#a002)</sup> | 493017 | 3589164 |
| &nbsp;&nbsp;&nbsp;Kopin Corporation <sup>[1](#a002)</sup> | 2766295 | 4232431 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | 103288 | 3573765 |
| &nbsp;&nbsp;&nbsp;Onto Innovation <sup>[1](#a002)</sup> | 15009 | 1514859 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions <sup>[1](#a002)</sup> | 350432 | 6942058 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings <sup>[1](#a002)</sup> | 325833 | 7354051 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments <sup>[1](#a002)</sup> | 275941 | 5607121 |
|  |  | **69378016** |
| SOFTWARE - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;A10 Networks | 387867 | 7505226 |
| &nbsp;&nbsp;&nbsp;Five9 <sup>[1](#a002)</sup> | 190632 | 5047935 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings <sup>[1](#a002)</sup> | 134877 | 4456336 |
| &nbsp;&nbsp;&nbsp;Viant Technology Cl. A <sup>[1](#a002)</sup> | 314764 | 4164328 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Xperi <sup>[1](#a002)</sup> | 288072 | 2278650 |
|  |  | **23452475** |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Immersion Corporation | 55310 | **435843** |
| **Total (Cost $163,618,678)** |  | **215884652** |
| **MATERIALS – 5.7%** |  |  |
| CHEMICALS - 1.3% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Arq <sup>[1](#a002)</sup> | 276516 | 1484891 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels <sup>[1](#a002)</sup> | 159667 | 945229 |

---

See Notes to Financial Statements 12

Schedules of Investments June 30, 2025 (unaudited)

**Royce Small-Cap Opportunity Fund (continued)**

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **MATERIALS (continued)** |  |  |
| CHEMICALS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Ingevity Corporation <sup>[1](#a002)</sup> | 118961 | $5126029 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash <sup>[1](#a002)</sup> | 104060 | 3718064 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings | 457822 | 2321157 |
|  |  | **13595370** |
| CONTAINERS & PACKAGING - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;<sup>[†](#a001)</sup> Sealed Air | 99527 | **3088323** |
| METALS & MINING - 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;<sup>[†](#a001)</sup> AMG Critical Materials | 216311 | 5554720 |
| &nbsp;&nbsp;&nbsp;ATI <sup>[1](#a002)</sup> | 87945 | 7593171 |
| &nbsp;&nbsp;&nbsp;Capstone Copper <sup>[1](#a002)</sup> | 1026875 | 6304149 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology | 12657 | 3498142 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 130627 | 6388967 |
| &nbsp;&nbsp;&nbsp;Ferroglobe | 886309 | 3252754 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International <sup>[1](#a002)</sup> | 855733 | 5567685 |
| &nbsp;&nbsp;&nbsp;Metallus <sup>[1](#a002)</sup> | 257906 | 3974331 |
| &nbsp;&nbsp;&nbsp;Noranda Aluminum Holding Corporation <sup>[1](#a002)</sup><sup>,</sup><sup>[3](#a004)</sup> | 488157 | 0 |
|  |  | **42133919** |
| **Total (Cost $40,298,196)** |  | **58817612** |
| **REAL ESTATE – 0.3%** |  |  |
| REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings | 472810 | **3215108** |
| **Total (Cost $4,319,173)** |  | **3215108** |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $808,281,246)** |  | **1007227038** |
| **COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.2%** |  |  |
| Money Market Funds |  |  |
| Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.20%) |  |  |
| **(Cost $2,453,227)** | **2453227** | **2453227** |
| **INVESTMENTS AT VALUE** |  |  |
| **(Cost $810,734,473)** |  | **1009680265** |
| **REPURCHASE AGREEMENT– 2.5%** |  |  |
| Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $25,476,033 (collateralized by obligations of U.S. Government Agencies, 3.375% <br> due 5/15/33, valued at $25,983,007) |  |  |
| **(Cost $25,473,379)** |  | **25473379** |
| **TOTAL INVESTMENTS – 100.1%** |  |  |
| **(Cost $836,207,852)** |  | **1035153644** |
| **LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%** |  | **(714175)** |
| **NET ASSETS – 100.0%** |  | $**1034439469** |

---

**Royce Small-Cap Special Equity Fund**

Common Stocks – 81.9%

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **COMMUNICATION SERVICES – 6.4%** | | |
| MEDIA - 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;**TEGNA** | 1878000 | $**31475280** |
| **Total (Cost $35,998,223)** |  | **31475280** |
| **CONSUMER DISCRETIONARY – 16.1%** |  |  |
| AUTOMOBILE COMPONENTS - 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;**Standard Motor Products** | 1025000 | **31488000** |
| BROADLINE RETAIL - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;**Macy's** | 1075000 | **12534500** |
| DIVERSIFIED CONSUMER SERVICES - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;H&R Block | 60000 | **3293400** |
| HOTELS, RESTAURANTS & LEISURE - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Nathan's Famous | 37000 | **4091460** |
| HOUSEHOLD DURABLES - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors | 245000 | **6823250** |
| TEXTILES, APPAREL & LUXURY GOODS - 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;**Movado Group <sup>[5](#a006)</sup>** | 1357500 | **20701875** |
| **Total (Cost $94,975,109)** |  | **78932485** |
| **CONSUMER STAPLES – 10.6%** |  |  |
| CONSUMER STAPLES DISTRIBUTION & RETAIL - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;**Ingles Markets Cl. A** | 350000 | **22183000** |
| FOOD PRODUCTS - 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;**John B. Sanfilippo & Son** | 216100 | **13666164** |
| HOUSEHOLD PRODUCTS - 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;**Oil-Dri Corporation of America** | 272000 | **16045280** |
| **Total (Cost $41,909,782)** |  | **51894444** |
| **ENERGY – 0.4%** |  |  |
| ENERGY EQUIPMENT & SERVICES - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;RPC | 460000 | **2175800** |
| **Total (Cost $3,463,169)** |  | **2175800** |
| **FINANCIALS – 7.4%** |  |  |
| CAPITAL MARKETS - 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;**Diamond Hill Investment Group <sup>[5](#a006)</sup>** | 137063 | 19916625 |
| &nbsp;&nbsp;&nbsp;**Federated Hermes Cl. B** | 300000 | 13296000 |
| &nbsp;&nbsp;&nbsp;GAMCO Investors Cl. A <sup>[4](#a005)</sup> | 114500 | 2765175 |
| **Total (Cost $28,171,358)** |  | **35977800** |
| **INDUSTRIALS – 23.3%** |  |  |
| BUILDING PRODUCTS - 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;**Insteel Industries** | 412000 | 15330520 |
| &nbsp;&nbsp;&nbsp;**UFP Industries** | 124500 | 12370320 |
|  |  | **27700840** |
| COMMERCIAL SERVICES & SUPPLIES - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;**Ennis** | 1215000 | **22040100** |
| ELECTRICAL EQUIPMENT - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;**Atkore** | 103000 | 7266650 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products | 22000 | 3515820 |
|  |  | **10782470** |
| MACHINERY - 10.8% |  |  |
| &nbsp;&nbsp;&nbsp;**Gencor Industries <sup>[1](#a002)</sup><sup>,</sup><sup>[5](#a006)</sup>** | 901000 | 12614000 |
| &nbsp;&nbsp;&nbsp;**Miller Industries** | 158500 | 7046910 |
| &nbsp;&nbsp;&nbsp;**Mueller Industries** | 419000 | 33297930 |
|  |  | **52958840** |
| PROFESSIONAL SERVICES - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Resources Connection | 47000 | **252390** |
| **Total (Cost $82,528,747)** |  | **113734640** |

---

See Notes to Financial Statements 13

Schedules of Investments June 30, 2025 (unaudited)

**Royce Small-Cap Special Equity Fund (continued)**

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **INFORMATION TECHNOLOGY – 9.2%** | | |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;**Vishay Intertechnology** | 1515000 | $**24058200** |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;**NVE Corporation** **<sup>[5](#a006)</sup>** | 281500 | **20721215** |
| **Total (Cost $38,363,260)** |  | **44779415** |
| **MATERIALS – 6.2%** |  |  |
| CONSTRUCTION MATERIALS - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals | 52000 | **5189600** |
| METALS & MINING - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 135000 | 6602850 |
| &nbsp;&nbsp;&nbsp;Metallus <sup>[1](#a002)</sup> | 281000 | 4330210 |
|  |  | **10933060** |
| PAPER & FOREST PRODUCTS - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;**Sylvamo Corporation** | 280000 | **14028000** |
| **Total (Cost $23,051,725)** |  | **30150660** |
| **REAL ESTATE – 2.3%** |  |  |
| REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;**Marcus & Millichap** | 365600 | **11227576** |
| **Total (Cost $8,919,486)** |  | **11227576** |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $357,380,859)** |  | **400348100** |
| **INVESTMENTS AT VALUE** |  |  |
| **(Cost $357,380,859)** |  | **400348100** |
| **REPURCHASE AGREEMENT– 18.2%** |  |  |
| Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $89,149,776 (collateralized by obligations of various U.S. Government Agencies, <br> 3.375%-4.00% due 6/30/32-5/15/33, valued at $90,923,494) |  |  |
| **(Cost $89,140,490)** |  | **89140490** |
| **TOTAL INVESTMENTS – 100.1%** |  |  |
| **(Cost $446,521,349)** |  | **489488590** |
| **LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%** |  | **(484684)** |
| **NET ASSETS – 100.0%** |  | $**489003906** |

---

**Royce Small-Cap Total Return Fund**

Common Stocks – 95.6%

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **COMMUNICATION SERVICES – 0.3%** | | |
| DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;IDT Corporation Cl. B | 35259 | $**2408895** |
| **Total (Cost $945,663)** |  | **2408895** |
| **CONSUMER DISCRETIONARY – 10.6%** |  |  |
| HOTELS, RESTAURANTS & LEISURE - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;<sup>[†](#a001)</sup>International Game Technology | 729997 | **11541253** |
| HOUSEHOLD DURABLES - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;<sup>[†](#a001)</sup>Installed Building Products | 56631 | **10211702** |
| LEISURE PRODUCTS - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;**YETI Holdings** **<sup>[1](#a002)</sup>** | 565791 | **17833732** |
| SPECIALTY RETAIL - 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;**Academy Sports & Outdoors** | 643343 | 28828200 |
| &nbsp;&nbsp;&nbsp;**Advance Auto Parts** | 540654 | 25135004 |
| &nbsp;&nbsp;&nbsp;OneWater Marine Cl. A <sup>[1](#a002)</sup> | 306531 | 4104450 |
|  |  | **58067654** |
| **Total (Cost $106,755,147)** |  | **97654341** |
| **CONSUMER STAPLES – 2.3%** |  |  |
| FOOD PRODUCTS - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;<sup>[†](#a001)</sup>Nomad Foods | 792506 | **13464677** |
| HOUSEHOLD PRODUCTS - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;<sup>[†](#a001)</sup>Kimberly-Clark de Mexico | 4113045 | **7540235** |
| **Total (Cost $21,836,352)** |  | **21004912** |
| **ENERGY – 3.1%** |  |  |
| ENERGY EQUIPMENT & SERVICES - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Cactus Cl. A | 148523 | 6493426 |
| &nbsp;&nbsp;&nbsp;Core Laboratories | 573043 | 6601455 |
| &nbsp;&nbsp;&nbsp;Pason Systems | 1750467 | 15785375 |
| **Total (Cost $30,885,102)** |  | **28880256** |
| **FINANCIALS – 34.9%** |  |  |
| BANKS - 19.2% |  |  |
| &nbsp;&nbsp;&nbsp;Banc of California | 750352 | 10542446 |
| &nbsp;&nbsp;&nbsp;BankUnited | 414220 | 14742090 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Esquire Financial Holdings | 59376 | 5620532 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares | 123387 | 4439464 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 310547 | 11959165 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp | 277936 | 11973483 |
| &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | 57514 | 14283602 |
| &nbsp;&nbsp;&nbsp;**Home BancShares** | 708233 | 20156311 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding <sup>[1](#a002)</sup> | 145559 | 10189130 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial | 734080 | 12927149 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 464891 | 16615204 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 598847 | 16540154 |
| &nbsp;&nbsp;&nbsp;TowneBank | 470371 | 16077281 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 93561 | 7295887 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial | 30629 | 3797383 |
|  |  | **177159281** |
| CAPITAL MARKETS - 3.1% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Donnelley Financial Solutions <sup>[1](#a002)</sup> | 129721 | 7997300 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor Cl. A | 347952 | 4022325 |
| &nbsp;&nbsp;&nbsp;Marex Group | 307627 | 12142038 |
| &nbsp;&nbsp;&nbsp;Tel Aviv Stock Exchange | 252525 | 4880615 |
|  |  | **29042278** |
| FINANCIAL SERVICES - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | 28470 | 178792 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 435300 | 14395371 |

---

See Notes to Financial Statements 14

Schedules of Investments June 30, 2025 (unaudited)

**Royce Small-Cap Total Return Fund (continued)**

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **FINANCIALS (continued)** | | |
| FINANCIAL SERVICES (continued) |  |  |
| <sup>[†](#a001)</sup> Walker & Dunlop | 198842 | $14014384 |
|  |  | **28588547** |
| INSURANCE - 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 280779 | 12278465 |
| &nbsp;&nbsp;&nbsp;**Assured Guaranty** | 297067 | 25874536 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 90307 | 9375673 |
| <sup>[†](#a001)</sup> Fidelis Insurance Holdings | 64665 | 1072146 |
| &nbsp;&nbsp;&nbsp;**International General Insurance Holdings** | 1100106 | 26424546 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 50066 | 12161031 |
|  |  | **87186397** |
| **Total (Cost $244,386,901)** |  | **321976503** |
| **HEALTH CARE – 1.1%** |  |  |
| HEALTH CARE PROVIDERS & SERVICES - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;PACS Group <sup>[1](#a002)</sup> | 756099 | **9768799** |
| **Total (Cost $14,193,936)** |  | **9768799** |
| **INDUSTRIALS – 22.9%** |  |  |
| BUILDING PRODUCTS - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;**UFP Industries** | 203738 | **20243408** |
| COMMERCIAL SERVICES & SUPPLIES - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;**Healthcare Services Group <sup>[1](#a002)</sup>** | 1578690 | **23727711** |
| ELECTRICAL EQUIPMENT - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Atkore | 154604 | **10907312** |
| MACHINERY - 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics | 310936 | 9163284 |
| &nbsp;&nbsp;&nbsp;Timken Company (The) | 234436 | 17008332 |
|  |  | **26171616** |
| PROFESSIONAL SERVICES - 7.2% |  |  |
| &nbsp;&nbsp;&nbsp;**Barrett Business Services** | 553226 | 23063992 |
| &nbsp;&nbsp;&nbsp;Franklin Covey <sup>[1](#a002)</sup> | 612198 | 13970358 |
| &nbsp;&nbsp;&nbsp;Insperity | 240075 | 14433309 |
| &nbsp;&nbsp;&nbsp;KBR | 308085 | 14769595 |
|  |  | **66237254** |
| TRADING COMPANIES & DISTRIBUTORS - 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;**Air Lease Cl. A** | 316952 | 18538523 |
| &nbsp;&nbsp;&nbsp;**FTAI Aviation** | 169953 | 19551393 |
| &nbsp;&nbsp;&nbsp;**MSC Industrial Direct Cl. A** | 309021 | 26272965 |
|  |  | **64362881** |

---

---

| | | |
|:---|:---|:---|
| **Total (Cost $177,583,868)** |  | **211650182** |
| **INFORMATION TECHNOLOGY – 13.2%** |  |  |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bel Fuse Cl. B | 152440 | 14891864 |
| &nbsp;&nbsp;&nbsp;**Vontier Corporation** | 575056 | 21219566 |
|  |  | **36111430** |
| IT SERVICES - 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;**Hackett Group (The)** | 1016781 | 25846573 |
| &nbsp;&nbsp;&nbsp;**Kyndryl Holdings <sup>[1](#a002)</sup>** | 515533 | 21631764 |
|  |  | **47478337** |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;**Kulicke & Soffa Industries** | 567005 | **19618373** |
| SOFTWARE - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;**Sapiens International** | 628643 | **18387808** |
| **Total (Cost $86,996,027)** |  | **121595948** |
| **MATERIALS – 7.2%** |  |  |
| CHEMICALS - 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;**Element Solutions** | 774088 | 17533093 |
| &nbsp;&nbsp;&nbsp;**Ingevity Corporation <sup>[1](#a002)</sup>** | 403359 | 17380740 |
|  |  | **34913833** |
| CONTAINERS & PACKAGING - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Company | 647732 | 13647713 |
| &nbsp;&nbsp;&nbsp;**Silgan Holdings** | 331138 | 17941057 |
|  |  | **31588770** |
| **Total (Cost $55,371,614)** |  | **66502603** |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $738,954,610)** |  | **881442439** |
| **INVESTMENTS AT VALUE** |  |  |
| **(Cost $738,954,610)** |  | **881442439** |
| **REPURCHASE AGREEMENT– 4.0%** |  |  |
| Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $36,918,633 (collateralized by obligations of U.S. Government Agencies, 3.375% <br> due 5/15/33, valued at $37,653,155) |  |  |

---

---

| | |
|:---|:---|
| **(Cost $36,914,788)** | **36914788** |
| **TOTAL INVESTMENTS – 99.6%** |  |
| **(Cost $775,869,398)** | **918357227** |
| **CASH AND OTHER ASSETS LESS LIABILITIES – 0.4%** | **3515627** |
| **NET ASSETS – 100.0%** | $**921872854** |

---

See Notes to Financial Statements 15

Schedules of Investments June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Royce Small-Cap Value Fund** | | |
| Common Stocks – 99.1% |  |  |
|  | **SHARES** | **VALUE** |
| **COMMUNICATION SERVICES – 1.6%** |  |  |
| MEDIA - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;**TEGNA** | 91539 | $**1534194** |
| **Total (Cost $1,434,358)** |  | **1534194** |
| **CONSUMER DISCRETIONARY – 20.9%** |  |  |
| AUTOMOBILE COMPONENTS - 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Gentex Corporation | 32544 | 715643 |
| &nbsp;&nbsp;&nbsp;**Lear Corporation** | 17407 | 1653317 |
| &nbsp;&nbsp;&nbsp;**Visteon Corporation <sup>[1](#a002)</sup>** | 18875 | 1761037 |
|  |  | **4129997** |
| DIVERSIFIED CONSUMER SERVICES - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;frontdoor <sup>[1](#a002)</sup> | 20768 | **1224066** |
| HOUSEHOLD DURABLES - 7.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors | 29768 | 829039 |
| &nbsp;&nbsp;&nbsp;**M/I Homes <sup>[1](#a002)</sup>** | 13121 | 1471126 |
| &nbsp;&nbsp;&nbsp;Meritage Homes | 21140 | 1415746 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 15519 | 1636634 |
| &nbsp;&nbsp;&nbsp;**Tri Pointe Homes <sup>[1](#a002)</sup>** | 47032 | 1502672 |
|  |  | **6855217** |
| SPECIALTY RETAIL - 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors | 21450 | 961175 |
| &nbsp;&nbsp;&nbsp;**Buckle (The)** | 40944 | 1856810 |
| &nbsp;&nbsp;&nbsp;Caleres | 30500 | 372710 |
| &nbsp;&nbsp;&nbsp;J.Jill | 53312 | 780488 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival | 42706 | 799029 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 14258 | 1134224 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 4636 | 757383 |
|  |  | **6661819** |
| TEXTILES, APPAREL & LUXURY GOODS - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Kontoor Brands | 12925 | **852662** |
| **Total (Cost $17,093,927)** |  | **19723761** |
| **CONSUMER STAPLES – 1.9%** |  |  |
| CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;**Village Super Market Cl. A** | 46127 | **1775889** |
| **Total (Cost $1,024,938)** |  | **1775889** |
| **ENERGY – 8.0%** |  |  |
| OIL, GAS & CONSUMABLE FUELS - 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;Chord Energy | 14525 | 1406746 |
| &nbsp;&nbsp;&nbsp;Civitas Resources | 21686 | 596799 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Cl. A | 26247 | 225724 |
| &nbsp;&nbsp;&nbsp;Dorchester Minerals L.P. | 19643 | 547254 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 30240 | 1443053 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian | 29487 | 773444 |
| &nbsp;&nbsp;&nbsp;SM Energy | 46879 | 1158380 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Cl. A | 32580 | 1359238 |
| **Total (Cost $8,406,144)** |  | **7510638** |
| **FINANCIALS – 25.3%** |  |  |
| BANKS - 19.1% |  |  |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services | 23739 | 1417930 |
| &nbsp;&nbsp;&nbsp;Citizens Community Bancorp | 35337 | 487651 |
| &nbsp;&nbsp;&nbsp;CNB Financial | 51003 | 1165929 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares | 40001 | 1077627 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>First Bank | 92492 | 1430851 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>FS Bancorp | 24197 | 952878 |
| &nbsp;&nbsp;&nbsp;Heritage Financial | 55665 | 1327054 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp | 42386 | 1195285 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial | 66251 | 1166680 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Princeton Bancorp | 22275 | 680279 |
| &nbsp;&nbsp;&nbsp;**Timberland Bancorp** | 48922 | 1526366 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp NY | 25317 | 846094 |
| &nbsp;&nbsp;&nbsp;**Unity Bancorp** | 36634 | 1724729 |
| &nbsp;&nbsp;&nbsp;Univest Financial | 43830 | 1316653 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>WesBanco | 29123 | 921160 |
| &nbsp;&nbsp;&nbsp;Western New England Bancorp | 80544 | 743421 |
|  |  | **17980587** |
| CAPITAL MARKETS - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;**Evercore Cl. A** | 6727 | **1816424** |
| FINANCIAL SERVICES - 2.5% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Enact Holdings | 33905 | 1259571 |
| &nbsp;&nbsp;&nbsp;International Money Express <sup>[1](#a002)</sup> | 113787 | 1148111 |
|  |  | **2407682** |
| INSURANCE - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;**Tiptree** | 73167 | **1725278** |
| **Total (Cost $18,389,684)** |  | **23929971** |
| **HEALTH CARE – 6.1%** |  |  |
| BIOTECHNOLOGY - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals <sup>[1](#a002)</sup> | 64588 | 1401560 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Entrada Therapeutics <sup>[1](#a002)</sup><sup>,</sup><sup>[2](#a003)</sup> | 70588 | 474351 |
|  |  | **1875911** |
| HEALTH CARE PROVIDERS & SERVICES - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;**Molina Healthcare <sup>[1](#a002)</sup>** | 4942 | **1472222** |
| PHARMACEUTICALS - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals <sup>[1](#a002)</sup> | 30851 | 708339 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical <sup>[1](#a002)</sup> | 38262 | 1131407 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies | 84764 | 552661 |
|  |  | **2392407** |
| **Total (Cost $4,416,627)** |  | **5740540** |
| **INDUSTRIALS – 15.9%** |  |  |
| BUILDING PRODUCTS - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;MasterBrand <sup>[1](#a002)</sup> | 56521 | 617775 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 6357 | 631631 |
|  |  | **1249406** |
| COMMERCIAL SERVICES & SUPPLIES - 2.0% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Interface | 55093 | 1153096 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Steelcase Cl. A | 71664 | 747456 |
|  |  | **1900552** |
| CONSTRUCTION & ENGINEERING - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure <sup>[1](#a002)</sup> | 5919 | **1365691** |
| GROUND TRANSPORTATION - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;ArcBest Corporation | 18749 | **1443861** |
| MACHINERY - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;**Allison Transmission Holdings** | 17146 | 1628698 |
| &nbsp;&nbsp;&nbsp;Blue Bird <sup>[1](#a002),[2](#a003)</sup> | 16480 | 711277 |
| &nbsp;&nbsp;&nbsp;Miller Industries | 19743 | 877774 |
|  |  | **3217749** |
| MARINE TRANSPORTATION - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading | 103744 | **1355934** |
| PROFESSIONAL SERVICES - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services | 31241 | 1302437 |
| &nbsp;&nbsp;&nbsp;**IBEX <sup>[1](#a002)</sup>** | 63849 | 1858006 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 17460 | 1280342 |
|  |  | **4440785** |
| **Total (Cost $10,222,429)** |  | **14973978** |

---

See Notes to Financial Statements 16

Schedules of Investments June 30, 2025 (unaudited)

**Royce Small-Cap Value Fund (continued)**

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **INFORMATION TECHNOLOGY – 15.5%** | | |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 10.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bel Fuse Cl. B | 9782 | $955604 |
| &nbsp;&nbsp;&nbsp;ePlus <sup>[1](#a002)</sup> | 17922 | 1292176 |
| &nbsp;&nbsp;&nbsp;**Flex <sup>[1](#a002)</sup>** | 36463 | 1820233 |
| &nbsp;&nbsp;&nbsp;**Jabil** | 8442 | 1841200 |
| &nbsp;&nbsp;&nbsp;PC Connection | 11642 | 765811 |
| &nbsp;&nbsp;&nbsp;**Sanmina Corporation <sup>[1](#a002)</sup>** | 18827 | 1841845 |
| &nbsp;&nbsp;&nbsp;**TD SYNNEX** | 12085 | 1639935 |
|  |  | **10156804** |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 64457 | **1352952** |
| SOFTWARE - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Adeia | 85437 | **1208079** |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;**Diebold Nixdorf <sup>[1](#a002)</sup>** | 33912 | **1878725** |
| **Total (Cost $6,998,710)** |  | **14596560** |
| **MATERIALS – 3.9%** |  |  |
| CHEMICALS - 2.3% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Cabot Corporation | 9432 | 707400 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>NewMarket Corporation | 2064 | 1425935 |
|  |  | **2133335** |
| METALS & MINING - 0.9% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Worthington Steel | 28340 | **845382** |
| PAPER & FOREST PRODUCTS - 0.7% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Sylvamo Corporation | 14058 | **704306** |
| **Total (Cost $3,462,580)** |  | **3683023** |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $71,449,397)** |  | **93468554** |
| **INVESTMENTS AT VALUE** |  |  |
| **(Cost $71,449,397)** |  | **93468554** |
| **REPURCHASE AGREEMENT– 1.0%** |  |  |
| Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $970,518 (collateralized by obligations of U.S. Government Agencies, 4.625%<br> due 2/15/35, valued at $989,850) |  |  |
| **(Cost $970,417)** |  | **970417** |
| **TOTAL INVESTMENTS – 100.1%** |  |  |
| **(Cost $72,419,814)** |  | **94438971** |
| **LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%** |  | **(65162)** |
| **NET ASSETS – 100.0%** |  | $**94373809** |

---

**Royce Smaller-Companies Growth Fund**

Common Stocks – 94.4%

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **CONSUMER DISCRETIONARY – 11.0%** | | |
| DIVERSIFIED CONSUMER SERVICES - 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;**Bright Horizons Family Solutions <sup>[1](#a002)</sup>** | 24506 | $3028697 |
| &nbsp;&nbsp;&nbsp;**OneSpaWorld Holdings** | 190000 | 3874100 |
|  |  | **6902797** |
| HOTELS, RESTAURANTS & LEISURE - 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;DraftKings Cl. A <sup>[1](#a002)</sup> | 51000 | 2187390 |
| &nbsp;&nbsp;&nbsp;**Kura Sushi USA Cl. A <sup>[1](#a002),[2](#a003)</sup>** | 42000 | 3615360 |
| &nbsp;&nbsp;&nbsp;**Life Time Group Holdings <sup>[1](#a002)</sup>** | 139000 | 4215870 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse | 14000 | 2623740 |
|  |  | **12642360** |
| HOUSEHOLD DURABLES - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Installed Building Products | 10000 | **1803200** |
| **Total (Cost $14,335,409)** |  | **21348357** |
| **CONSUMER STAPLES – 3.4%** |  |  |
| CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;**Guardian Pharmacy Services Cl. A <sup>[1](#a002)</sup>** | 221596 | **4722211** |
| FOOD PRODUCTS - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Freshpet <sup>[1](#a002),[2](#a003)</sup> | 26000 | **1766960** |
| **Total (Cost $5,701,895)** |  | **6489171** |
| **ENERGY – 3.9%** |  |  |
| ENERGY EQUIPMENT & SERVICES - 0.8% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Natural Gas Services Group <sup>[1](#a002)</sup> | 18000 | 464580 |
| &nbsp;&nbsp;&nbsp;Oceaneering International <sup>[1](#a002)</sup> | 53000 | 1098160 |
|  |  | **1562740** |
| OIL, GAS & CONSUMABLE FUELS - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Centrus Energy Cl. A <sup>[1](#a002)</sup> | 6000 | 1099080 |
| &nbsp;&nbsp;&nbsp;**Golar LNG** | 72000 | 2965680 |
| &nbsp;&nbsp;&nbsp;Uranium Energy <sup>[1](#a002)</sup> | 278000 | 1890400 |
|  |  | **5955160** |
| **Total (Cost $6,134,218)** |  | **7517900** |
| **FINANCIALS – 9.6%** |  |  |
| BANKS - 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares | 47000 | 1470160 |
| &nbsp;&nbsp;&nbsp;Coastal Financial <sup>[1](#a002)</sup> | 30000 | 2906100 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp | 35000 | 1507800 |
| &nbsp;&nbsp;&nbsp;**Seacoast Banking Corporation of Florida** | 142000 | 3922040 |
|  |  | **9806100** |
| CAPITAL MARKETS - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Sprott | 39000 | **2695847** |
| FINANCIAL SERVICES - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Paysign <sup>[1](#a002)</sup> | 211000 | **1519200** |
| INSURANCE - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Abacus Global Management <sup>[1](#a002)</sup> | 318385 | 1636499 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Root Cl. A <sup>[1](#a002)</sup> | 7000 | 895790 |
| &nbsp;&nbsp;&nbsp;TWFG Cl. A <sup>[1](#a002)</sup> | 57000 | 1995000 |
|  |  | **4527289** |
| **Total (Cost $16,193,211)** |  | **18548436** |
| **HEALTH CARE – 19.0%** |  |  |
| BIOTECHNOLOGY - 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alvotech <sup>[1](#a002),[2](#a003)</sup> | 238445 | 2174618 |
| &nbsp;&nbsp;&nbsp;**ARS Pharmaceuticals <sup>[1](#a002),[2](#a003)</sup>** | 199000 | 3472550 |
| &nbsp;&nbsp;&nbsp;CareDx <sup>[1](#a002)</sup> | 62000 | 1211480 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals <sup>[1](#a002)</sup> | 99000 | 2148300 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>89bio <sup>[1](#a002)</sup> | 192000 | 1885440 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings <sup>[1](#a002)</sup> | 216989 | 1414768 |
| &nbsp;&nbsp;&nbsp;Oxford Biomedica <sup>[1](#a002)</sup> | 55000 | 238944 |

---

See Notes to Financial Statements 17

Schedules of Investments June 30, 2025 (unaudited)

**Royce Smaller-Companies Growth Fund (continued)**

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **HEALTH CARE (continued)** |  |  |
| BIOTECHNOLOGY (continued) |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Palvella Therapeutics <sup>[1](#a002),[2](#a003)</sup> | 74493 | $1679072 |
| &nbsp;&nbsp;&nbsp;PureTech Health <sup>[1](#a002)</sup> | 852657 | 1458318 |
|  |  | **15683490** |
| HEALTH CARE EQUIPMENT & SUPPLIES - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings <sup>[1](#a002)</sup> | 228000 | 2530800 |
| &nbsp;&nbsp;&nbsp;Integer Holdings <sup>[1](#a002)</sup> | 20500 | 2520885 |
| &nbsp;&nbsp;&nbsp;SI-BONE <sup>[1](#a002)</sup> | 110000 | 2070200 |
| &nbsp;&nbsp;&nbsp;TransMedics Group <sup>[1](#a002)</sup> | 9000 | 1206090 |
|  |  | **8327975** |
| HEALTH CARE PROVIDERS & SERVICES - 2.8% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>BrightSpring Health Services <sup>[1](#a002)</sup> | 112923 | 2663854 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health Cl. A <sup>[1](#a002),[2](#a003)</sup> | 39000 | 1944150 |
| &nbsp;&nbsp;&nbsp;Talkspace <sup>[1](#a002)</sup> | 307462 | 854744 |
|  |  | **5462748** |
| LIFE SCIENCES TOOLS & SERVICES - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;BioLife Solutions <sup>[1](#a002)</sup> | 71000 | **1529340** |
| PHARMACEUTICALS - 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics <sup>[1](#a002),[2](#a003)</sup> | 22000 | 2296580 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics <sup>[1](#a002)</sup> | 30000 | 2202000 |
| &nbsp;&nbsp;&nbsp;Harrow <sup>[1](#a002)</sup> | 39700 | 1212438 |
|  |  | **5711018** |
| **Total (Cost $30,544,109)** |  | **36714571** |
| **INDUSTRIALS – 18.7%** |  |  |
| AEROSPACE & DEFENSE - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;**AeroVironment <sup>[1](#a002)</sup>** | 18500 | 5271575 |
| &nbsp;&nbsp;&nbsp;**BWX Technologies** | 26500 | 3817590 |
|  |  | **9089165** |
| COMMERCIAL SERVICES & SUPPLIES - 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;**ACV Auctions Cl. A <sup>[1](#a002)</sup>** | 330000 | 5352600 |
| &nbsp;&nbsp;&nbsp;VSE Corporation | 21000 | 2750580 |
|  |  | **8103180** |
| CONSTRUCTION & ENGINEERING - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Argan | 7000 | 1543360 |
| &nbsp;&nbsp;&nbsp;**Limbach Holdings <sup>[1](#a002)</sup>** | 40000 | 5604000 |
|  |  | **7147360** |
| MACHINERY - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;**ATS Corporation <sup>[1](#a002)</sup>** | 104000 | **3316850** |
| PASSENGER AIRLINES - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility <sup>[1](#a002)</sup> | 358000 | **1442740** |
| PROFESSIONAL SERVICES - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Paylocity Holding <sup>[1](#a002)</sup> | 13786 | **2497885** |
| TRADING COMPANIES & DISTRIBUTORS - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group <sup>[1](#a002)</sup> | 93611 | 2571494 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 17500 | 2013200 |
|  |  | **4584694** |
| **Total (Cost $18,842,796)** |  | **36181874** |
| **INFORMATION TECHNOLOGY – 26.5%** |  |  |
| COMMUNICATIONS EQUIPMENT - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings <sup>[1](#a002)</sup> | 220000 | **1973400** |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;**Mirion Technologies Cl. A <sup>[1](#a002)</sup>** | 238000 | 5124140 |
| &nbsp;&nbsp;&nbsp;nLIGHT <sup>[1](#a002)</sup> | 130000 | 2558400 |
| &nbsp;&nbsp;&nbsp;**PAR Technology <sup>[1](#a002)</sup>** | 53000 | 3676610 |
|  |  | **11359150** |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;**Impinj <sup>[1](#a002)</sup>** | 39500 | 4387265 |
| &nbsp;&nbsp;&nbsp;Nova <sup>[1](#a002),[2](#a003)</sup> | 9000 | 2476800 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories <sup>[1](#a002)</sup> | 19500 | 2873520 |
|  |  | **9737585** |
| SOFTWARE - 14.6% |  |  |
| &nbsp;&nbsp;&nbsp;**Agilysys <sup>[1](#a002)</sup>** | 36500 | 4184360 |
| &nbsp;&nbsp;&nbsp;Blend Labs Cl. A <sup>[1](#a002)</sup> | 829000 | 2735700 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings Cl. A <sup>[1](#a002)</sup> | 127000 | 2785110 |
| &nbsp;&nbsp;&nbsp;**Coveo Solutions <sup>[1](#a002)</sup>** | 614000 | 3467347 |
| &nbsp;&nbsp;&nbsp;**CyberArk Software <sup>[1](#a002)</sup>** | 7500 | 3051600 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group (The) <sup>[1](#a002)</sup> | 29033 | 2951059 |
| &nbsp;&nbsp;&nbsp;**JFrog <sup>[1](#a002)</sup>** | 101318 | 4445834 |
| &nbsp;&nbsp;&nbsp;NextNav <sup>[1](#a002)</sup> | 139894 | 2126389 |
| &nbsp;&nbsp;&nbsp;Vertex Cl. A <sup>[1](#a002)</sup> | 70500 | 2491118 |
|  |  | **28238517** |
| **Total (Cost $35,949,020)** |  | **51308652** |
| **MATERIALS – 2.3%** |  |  |
| CHEMICALS - 1.5% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Flotek Industries <sup>[1](#a002),[2](#a003)</sup> | 195000 | **2878200** |
| METALS & MINING - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International <sup>[1](#a002)</sup> | 254000 | **1652609** |
| **Total (Cost $3,377,767)** |  | **4530809** |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $131,078,425)** |  | **182639770** |
| **COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.5%** |  |  |
| Money Market Funds |  |  |
| Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.20%) |  |  |
| **(Cost $2,840,750)** | **2840750** | **2840750** |
| **INVESTMENTS AT VALUE** |  |  |
| **(Cost $133,919,175)** |  | **185480520** |
| **REPURCHASE AGREEMENT– 5.8%** |  |  |
| Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $11,155,867 (collateralized by obligations of U.S. Government Agencies, 4.00% <br> due 6/30/32, valued at $11,377,914) | Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $11,155,867 (collateralized by obligations of U.S. Government Agencies, 4.00% <br> due 6/30/32, valued at $11,377,914) | Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $11,155,867 (collateralized by obligations of U.S. Government Agencies, 4.00% <br> due 6/30/32, valued at $11,377,914) |
| **(Cost $11,154,705)** |  | **11154705** |
| **TOTAL INVESTMENTS – 101.7%** |  |  |
| **(Cost $145,073,880)** |  | **196635225** |
| **LIABILITIES LESS CASH AND OTHER ASSETS – (1.7)%** |  | **(3229599)** |
| **NET ASSETS – 100.0%** |  | $**193405626** |

---

See Notes to Financial Statements 18

Schedules of Investments June 30, 2025 (unaudited)

**Royce SMid-Cap Total Return Fund**

Common Stocks – 95.3%

---

| | | |
|:---|:---|:---|
| | **SHARES** | **VALUE** |
| **CONSUMER DISCRETIONARY – 11.5%** |  |  |
| HOUSEHOLD DURABLES - 2.7% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Installed Building Products | 6970 | $1256831 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises | 8852 | 563341 |
|  |  | **1820172** |
| SPECIALTY RETAIL - 8.8% |  |  |
| &nbsp;&nbsp;&nbsp;**Academy Sports & Outdoors** | 52086 | 2333974 |
| &nbsp;&nbsp;&nbsp;**Advance Auto Parts** | 50490 | 2347280 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 40390 | 1210084 |
|  |  | **5891338** |
| **Total (Cost $7,488,257)** |  | **7711510** |
| **CONSUMER STAPLES – 1.2%** |  |  |
| HOUSEHOLD PRODUCTS - 1.2% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Kimberly-Clark de Mexico | 447643 | **820641** |
| **Total (Cost $677,837)** |  | **820641** |
| **ENERGY – 3.2%** |  |  |
| ENERGY EQUIPMENT & SERVICES - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cactus Cl. A | 14866 | 649941 |
| &nbsp;&nbsp;&nbsp;**Pason Systems** | 167102 | 1506894 |
| **Total (Cost $2,629,237)** |  | **2156835** |
| **FINANCIALS – 28.8%** |  |  |
| BANKS - 12.1% |  |  |
| &nbsp;&nbsp;&nbsp;**BOK Financial** | 15414 | 1504869 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 36905 | 1421212 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Glacier Bancorp | 17576 | 757174 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 50512 | 1437571 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 39999 | 1104772 |
| &nbsp;&nbsp;&nbsp;TowneBank | 37318 | 1275529 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Western Alliance Bancorp | 7918 | 617446 |
|  |  | **8118573** |
| CAPITAL MARKETS - 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor Cl. A | 70708 | 817384 |
| &nbsp;&nbsp;&nbsp;Marex Group | 27067 | 1068335 |
| &nbsp;&nbsp;&nbsp;**SEI Investments** | 21892 | 1967215 |
|  |  | **3852934** |
| FINANCIAL SERVICES - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 35540 | **1175308** |
| INSURANCE - 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;**Assured Guaranty** | 25814 | 2248400 |
| &nbsp;&nbsp;&nbsp;**Axis Capital Holdings** | 18104 | 1879557 |
| &nbsp;&nbsp;&nbsp;**RenaissanceRe Holdings** | 8146 | 1978663 |
|  |  | **6106620** |
| **Total (Cost $16,323,970)** |  | **19253435** |
| **HEALTH CARE – 2.6%** |  |  |
| HEALTH CARE PROVIDERS & SERVICES - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ensign Group (The) | 7439 | **1147540** |
| LIFE SCIENCES TOOLS & SERVICES - 0.9% |  |  |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Avantor <sup>[1](#a002)</sup> | 41372 | **556867** |
| **Total (Cost $1,036,157)** |  | **1704407** |
| **INDUSTRIALS – 20.4%** |  |  |
| BUILDING PRODUCTS - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 2085 | 323821 |
| &nbsp;&nbsp;&nbsp;**UFP Industries** | 16076 | 1597312 |
|  |  | **1921133** |
| MACHINERY - 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 2255 | 467506 |
| &nbsp;&nbsp;&nbsp;Spirax Group | 7410 | 605703 |
| &nbsp;&nbsp;&nbsp;**Timken Company (The)** | 25860 | 1876143 |
|  |  | **2949352** |
| PROFESSIONAL SERVICES - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;KBR | 19005 | 911100 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 474 | 34758 |
|  |  | **945858** |
| TRADING COMPANIES & DISTRIBUTORS - 11.7% |  |  |
| &nbsp;&nbsp;&nbsp;**AerCap Holdings** | 15575 | 1822275 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 5584 | 1298001 |
| &nbsp;&nbsp;&nbsp;**FTAI Aviation** | 20671 | 2377992 |
| &nbsp;&nbsp;&nbsp;**MSC Industrial Direct Cl. A** | 27801 | 2363641 |
|  |  | **7861909** |
| **Total (Cost $10,801,533)** |  | **13678252** |
| **INFORMATION TECHNOLOGY – 14.1%** |  |  |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Coherent Corp. <sup>[1](#a002)</sup> | 13755 | 1227084 |
| &nbsp;&nbsp;&nbsp;**Vontier Corporation** | 56246 | 2075477 |
|  |  | **3302561** |
| IT SERVICES - 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;**Kyndryl Holdings <sup>[1](#a002)</sup>** | 56223 | **2359117** |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;**Kulicke & Soffa Industries** | 50067 | **1732318** |
| SOFTWARE - 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;**Sapiens International** | 68606 | **2006726** |
| **Total (Cost $9,116,043)** |  | **9400722** |
| **MATERIALS – 13.5%** |  |  |
| CHEMICALS - 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;**Element Solutions** | 69360 | 1571004 |
| &nbsp;&nbsp;&nbsp;Quaker Houghton | 12269 | 1373392 |
|  |  | **2944396** |
| CONTAINERS & PACKAGING - 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;**AptarGroup** | 12238 | 1914391 |
| &nbsp;&nbsp;**<sup>[†](#a001)</sup>Ball Corporation** | 28177 | 1580448 |
| &nbsp;&nbsp;<sup>[†](#a001)</sup>Graphic Packaging Holding Company | 52003 | 1095703 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 27689 | 1500190 |
|  |  | **6090732** |
| **Total (Cost $7,714,660)** |  | **9035128** |
| **TOTAL COMMON STOCKS** |  |  |
| **(Cost $55,787,694)** |  | **63760930** |
| **INVESTMENTS AT VALUE** |  |  |
| **(Cost $55,787,694)** |  | **63760930** |
| **REPURCHASE AGREEMENT– 4.6%** |  |  |
| Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $3,061,398 (collateralized by obligations of U.S. Government Agencies, 4.00% <br> due 6/30/32, valued at $3,122,409) | Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $3,061,398 (collateralized by obligations of U.S. Government Agencies, 4.00% <br> due 6/30/32, valued at $3,122,409) | Fixed Income Clearing Corporation, 3.75% dated 6/30/25, due 7/1/25, maturity value <br> $3,061,398 (collateralized by obligations of U.S. Government Agencies, 4.00% <br> due 6/30/32, valued at $3,122,409) |
| **(Cost $3,061,079)** |  | **3061079** |
| **TOTAL INVESTMENTS – 99.9%** |  |  |
| **(Cost $58,848,773)** |  | **66822009** |
| **CASH AND OTHER ASSETS LESS LIABILITIES – 0.1%** |  | **88108** |
| **NET ASSETS – 100.0%** |  | $**66910117** |

---

See Notes to Financial Statements 19

Schedules of Investments June 30, 2025 (unaudited)

For the purposes of this report, "ADR" shall mean American Depository Receipt.

<sup>†</sup> New additions in 2025.

<sup>1</sup> Non-income producing.

<sup>2</sup> All or a portion of these securities were on loan as of June 30, 2025.

<sup>3</sup> Securities for which market quotations are not readily available represent 0.0% and 0.0% of net assets for Royce Micro-Cap Fund and Royce Small-Cap Opportunity Fund. These securities have been valued at their fair value under procedures approved by the Fund's Board of Trustees. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.

<sup>4</sup> These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors. See Notes to Financial Statements.

<sup>5</sup> As of June 30, 2025, the Fund owned 5% or more of the Company's outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. See Notes to Financial Statements.

Securities of Royce International Premier Fund are categorized by the country of their headquarters.

**Bold indicates a Fund's 20 largest equity holdings in terms of June 30, 2025, market value.**

See Notes to Financial Statements 20

Statements of Assets and Liabilities June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Royce International<br> Premier Fund** | **Royce Micro-Cap<br> Fund** | **Royce Premier Fund** | **Royce Small-Cap<br> Fund** |
| ASSETS: |  |  |  |  |
| Investments at value (including collateral on loaned securities)<sup>[1](#b001)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-Affiliated Companies | $127029082 | $283811815 | $1037005938 | $1692178420 |
| Repurchase agreements (at cost and value) | 6041816 | 4100000 | 15714236 | 40811734 |
| Foreign currency<sup>[2](#b002)</sup> | 151391 | 32091 | – | 107210 |
| Receivable for investments sold | 470142 | 539647 | – | 1327260 |
| Receivable for capital shares sold | 19235 | 14460 | 468271 | 657289 |
| Receivable for dividends and interest | 2400944 | 53458 | 295138 | 870342 |
| Receivable for securities lending income | – | 11125 | – | 64306 |
| Prepaid expenses and other assets | 9567 | 7971 | 30966 | 2033101 |
| **Total Assets** | **136122177** | **288570567** | **1053514549** | **1738049662** |
| LIABILITIES: |  |  |  |  |
| Payable for collateral on loaned securities | – | 5341251 | – | 11080900 |
| Payable to custodian for cash overdrawn | – | – | – | 69978 |
| Payable for investments purchased | – | 1068393 | – | 1706776 |
| Payable for capital shares redeemed | 2515167 | 150264 | 580099 | 982798 |
| Payable for investment advisory fees | 95467 | 222932 | 857316 | 1056908 |
| Payable for trustees' fees | 19203 | 13952 | 61574 | 82786 |
| Accrued expenses | 119990 | 132013 | 353372 | 541738 |
| Deferred capital gains tax | 9411 | – | – | – |
| **Total Liabilities** | **2759238** | **6928805** | **1852361** | **15521884** |
| **Net Assets** | $**133362939** | $**281641762** | $**1051662188** | $**1722527778** |
| ANALYSIS OF NET ASSETS: |  |  |  |  |
| Paid-in capital | $236408505 | $194107091 | $502073836 | $1123666505 |
| Total distributable earnings (loss) | (103045566) | 87534671 | 549588352 | 598861273 |
| **Net Assets** | $**133362939** | $**281641762** | $**1051662188** | $**1722527778** |
| &nbsp;&nbsp;&nbsp;Investment Class | $58477220 | $152152780 | $875884137 | $1284446077 |
| &nbsp;&nbsp;&nbsp;Service Class | 20706045 | 120293568 | 28524390 | 60179469 |
| &nbsp;&nbsp;&nbsp;Consultant Class |  | 9195414 | 9523432 | 161460336 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 54179674 |  | 137730229 | 216441896 |
| SHARES OUTSTANDING (unlimited number of $.001 par value): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class | 4318991 | 13836404 | 80886374 | 143393646 |
| &nbsp;&nbsp;&nbsp;Service Class | 1256979 | 11344274 | 2741889 | 6771020 |
| &nbsp;&nbsp;&nbsp;Consultant Class |  | 1163434 | 1182820 | 23676010 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 4001180 |  | 12509605 | 24064516 |
| NET ASSET VALUES (Net Assets ÷ Shares Outstanding): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class<sup>[3](#b003)</sup> | $13.54 | $11.00 | $10.83 | $8.96 |
| &nbsp;&nbsp;&nbsp;Service Class<sup>[3](#b003)</sup> | 16.47 | 10.60 | 10.40 | 8.89 |
| &nbsp;&nbsp;&nbsp;Consultant Class<sup>[4](#b004)</sup> |  | 7.90 | 8.05 | 6.82 |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>[5](#b005)</sup> | 13.54 |  | 11.01 | 8.99 |
| Investments at identified cost - Non-Affiliated Companies | $105128301 | $224524436 | $591502256 | $1144138986 |
| Market value of loaned securities<sup>[6](#b006)</sup> | – | 8065820 | – | 23660977 |

---

<sup>1</sup> See Notes to Financial Statements for information on non-cash collateral on loaned securities.

<sup>2</sup> The cost of foreign currency is $150,615 for Royce International Premier Fund, $31,901 for Royce Micro-Cap Fund and $106,572 for Royce Small-Cap Fund.

<sup>3</sup> Offering and redemption price per share; Prior to May 1, 2024, shares held less than 30 days may have been subject to a 1% redemption fee, or a 2% redemption fee (Royce International Premier Fund), payable to the Fund.

<sup>4</sup> Offering and redemption price per share; shares held less than 365 days may be subject to a 1% contingent deferred sales charge, payable to Royce Fund Services, LLC.

<sup>5</sup> Offering and redemption price per share.

<sup>6</sup> Market value of loaned securities backed by non-cash collateral is as of prior business day.

See Notes to Financial Statements 21

Statements of Assets and Liabilities June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Royce Small-Cap<br> Opportunity Fund** | **Royce Small-Cap<br> Special Equity Fund** | **Royce Small-Cap<br> Total Return Fund** | **Royce Small-Cap<br> Value Fund** |
| ASSETS: |  |  |  |  |
| Investments at value (including collateral on loaned securities)<sup>[1](#c001)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-Affiliated Companies | $1009680265 | $326394385 | $881442439 | $93468554 |
| &nbsp;&nbsp;&nbsp;Affiliated Companies | – | 73953715 | – | – |
| Repurchase agreements (at cost and value) | 25473379 | 89140490 | 36914788 | 970417 |
| Foreign currency<sup>[2](#c002)</sup> | 46955 | – | 142043 | – |
| Receivable for investments sold | 4420910 | 83193 | 4709066 | 72898 |
| Receivable for capital shares sold | 217462 | 323441 | 422398 | 5025 |
| Receivable for dividends and interest | 416226 | 486766 | 841273 | 47518 |
| Receivable for securities lending income | 5250 | – | – | 17 |
| Prepaid expenses and other assets | 32142 | 15579 | 24774 | 2591 |
| **Total Assets** | **1040292589** | **490397569** | **924496781** | **94567020** |
| LIABILITIES: |  |  |  |  |
| Payable for collateral on loaned securities | 2453227 | – | – | – |
| Payable for investments purchased | 1165012 | 285194 | 1073317 | 10553 |
| Payable for capital shares redeemed | 946111 | 456733 | 481209 | 13739 |
| Payable for investment advisory fees | 834044 | 402151 | 669276 | 75944 |
| Payable for trustees' fees | 54335 | 31659 | 45754 | 5405 |
| Accrued expenses | 400391 | 217926 | 354371 | 87570 |
| **Total Liabilities** | **5853120** | **1393663** | **2623927** | **193211** |
| **Net Assets** | $**1034439469** | $**489003906** | $**921872854** | $**94373809** |
| ANALYSIS OF NET ASSETS: |  |  |  |  |
| Paid-in capital | $770984675 | $404485983 | $736040037 | $67913406 |
| Total distributable earnings (loss) | 263454794 | 84517923 | 185832817 | 26460403 |
| **Net Assets** | $**1034439469** | $**489003906** | $**921872854** | $**94373809** |
| &nbsp;&nbsp;&nbsp;Investment Class | $706085189 | $393945908 | $578857213 | $29940987 |
| &nbsp;&nbsp;&nbsp;Service Class | 48697219 | 23808931 | 46880732 | 64432822 |
| &nbsp;&nbsp;&nbsp;Consultant Class | 11461060 | 10646222 | 72856782 |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 232550961 | 60602845 | 202546756 |  |
| &nbsp;&nbsp;&nbsp;R Class | 35645040 |  | 20731371 |  |
| SHARES OUTSTANDING (unlimited number of $.001 par value): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class | 46828867 | 27600217 | 79415534 | 3132279 |
| &nbsp;&nbsp;&nbsp;Service Class | 3560223 | 1670129 | 6168216 | 6787556 |
| &nbsp;&nbsp;&nbsp;Consultant Class | 998056 | 826973 | 9417527 |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | 14991724 | 4286399 | 28441978 |  |
| &nbsp;&nbsp;&nbsp;R Class | 2736484 |  | 2668757 |  |
| NET ASSET VALUES (Net Assets ÷ Shares Outstanding): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class<sup>[3](#c003)</sup> | $15.08 | $14.27 | $7.29 | $9.56 |
| &nbsp;&nbsp;&nbsp;Service Class<sup>[3](#c003)</sup> | 13.68 | 14.26 | 7.60 | 9.49 |
| &nbsp;&nbsp;&nbsp;Consultant Class<sup>[4](#c004)</sup> | 11.48 | 12.87 | 7.74 |  |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>[5](#c005)</sup> | 15.51 | 14.14 | 7.12 |  |
| &nbsp;&nbsp;&nbsp;R Class<sup>[5](#c005)</sup> | 13.03 |  | 7.77 |  |
| Investments at identified cost - Non-Affiliated Companies | $810734473 | $275057790 | $738954610 | $71449397 |
| Investments at identified cost - Affiliated Companies | – | 82323069 | – | – |
| Market value of loaned securities<sup>[6](#c006)</sup> | 13889672 | – | – | 428486 |

---

<sup>1</sup> See Notes to Financial Statements for information on non-cash collateral on loaned securities.

<sup>2</sup> The cost of foreign currency is $46,876 for Royce Small-Cap Opportunity Fund and $141,198 for Royce Small-Cap Total Return Fund.

<sup>3</sup> Offering and redemption price per share; Prior to May 1, 2024, shares held less than 30 days may have been subject to a 1% redemption fee, payable to the Fund.

<sup>4</sup> Offering and redemption price per share; shares held less than 365 days may be subject to a 1% contingent deferred sales charge, payable to Royce Fund Services, LLC.

<sup>5</sup> Offering and redemption price per share.

<sup>6</sup> Market value of loaned securities backed by non-cash collateral is as of prior business day.

See Notes to Financial Statements 22

Statements of Assets and Liabilities June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Royce Smaller-<br> Companies<br> Growth Fund** | **Royce SMid-Cap<br> Total Return Fund** |
| ASSETS: |  |  |
| Investments at value (including collateral on loaned securities)<sup>[1](#d001)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Non-Affiliated Companies | $185480520 | $63760930 |
| Repurchase agreements (at cost and value) | 11154705 | 3061079 |
| Foreign currency<sup>[2](#d002)</sup> | – | 13537 |
| Receivable for capital shares sold | 28842 | 102955 |
| Receivable for dividends and interest | 12042 | 86373 |
| Receivable for securities lending income | 11755 | – |
| Prepaid expenses and other assets | 4443 | 1428 |
| **Total Assets** | **196692307** | **67026302** |
| LIABILITIES: |  |  |
| Payable for collateral on loaned securities | 2840750 | – |
| Payable for capital shares redeemed | 207696 | 16493 |
| Payable for investment advisory fees | 133620 | 46338 |
| Payable for trustees' fees | 8398 | 3005 |
| Accrued expenses | 96217 | 50349 |
| **Total Liabilities** | **3286681** | **116185** |
| **Net Assets** | $**193405626** | $**66910117** |
| ANALYSIS OF NET ASSETS: |  |  |
| Paid-in capital | $123688782 | $28236599 |
| Total distributable earnings (loss) | 69716844 | 38673518 |
| **Net Assets** | $**193405626** | $**66910117** |
| &nbsp;&nbsp;&nbsp;Investment Class | $72824025 | $47195181 |
| &nbsp;&nbsp;&nbsp;Service Class | 114080730 | 19714936 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 6500871 |  |
| SHARES OUTSTANDING (unlimited number of $.001 par value): |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class | 8572064 | 8028232 |
| &nbsp;&nbsp;&nbsp;Service Class | 13991578 | 3203054 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 753020 |  |
| NET ASSET VALUES (Net Assets ÷ Shares Outstanding): |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class<sup>[3](#d003)</sup> | $8.50 | $5.88 |
| &nbsp;&nbsp;&nbsp;Service Class<sup>[3](#d001)</sup> | 8.15 | 6.16 |
| &nbsp;&nbsp;&nbsp;Institutional Class<sup>[4](#d004)</sup> | 8.63 |  |
| Investments at identified cost - Non-Affiliated Companies | $133919175 | $55787694 |
| Market value of loaned securities<sup>[5](#d005)</sup> | 10278272 | – |

---

<sup>1</sup> See Notes to Financial Statements for information on non-cash collateral on loaned securities.

<sup>2</sup> The cost of foreign currency is $13,479 for Royce SMid-Cap Total Return Fund.

<sup>3</sup> Offering and redemption price per share; Prior to May 1, 2024, shares held less than 30 days may have been subject to a 1% redemption fee, payable to the Fund.

<sup>4</sup> Offering and redemption price per share.

<sup>5</sup> Market value of loaned securities backed by non-cash collateral is as of prior business day.

See Notes to Financial Statements 23

Statements of Operations Six Months Ended June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Royce International<br> Premier Fund** | **Royce Micro-Cap<br> Fund** | **Royce Premier<br> Fund** | **Royce Small-Cap<br> Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| INCOME: |  |  |  |  |
| Dividends | $1721075 | $1302496 | $6013526 | $12628190 |
| Foreign withholding tax | (167060) | (16957) | (131160) | (585306) |
| Interest | 92666 | 104707 | 737803 | 1151069 |
| Securities lending | – | 28464 | – | 91672 |
| **Total income** | **1646681** | **1418710** | **6620169** | **13285625** |
| EXPENSES: |  |  |  |  |
| Investment advisory fees | 758568 | 1355735 | 5567452 | 6485762 |
| Distribution fees | 23792 | 189407 | 86669 | 885528 |
| Shareholder servicing | 108300 | 191783 | 462422 | 689574 |
| Administrative and office facilities | 72389 | 89547 | 370086 | 511206 |
| Custody | 46867 | 23298 | 50103 | 86407 |
| Registration | 23402 | 24451 | 36666 | 40571 |
| Shareholder reports | 23097 | 19936 | 75250 | 77738 |
| Audit | 20218 | 19931 | 24117 | 28441 |
| Trustees' fees | 18632 | 26731 | 115587 | 166322 |
| Legal | 5989 | 6610 | 29527 | 41247 |
| Other expenses | 16911 | 12869 | 59387 | 79255 |
| **Total expenses** | **1118165** | **1960298** | **6877266** | **9092051** |
| Compensating balance credits | (9849) | (6402) | (13154) | (34559) |
| Fees waived by investment adviser and distributor | (150447) | – | – | (7769) |
| Expenses reimbursed by investment adviser | (82643) | (83378) | (33167) | – |
| **Net expenses** | **875226** | **1870518** | **6830945** | **9049723** |
| **Net investment income (loss)** | **771455** | **(451808)** | **(210776)** | **4235902** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| NET REALIZED GAIN (LOSS): | NET REALIZED GAIN (LOSS): | NET REALIZED GAIN (LOSS): | NET REALIZED GAIN (LOSS): | NET REALIZED GAIN (LOSS): |
| Investments | 5175365 | 22217436 | 51821514 | 34568128 |
| Foreign currency transactions | 14097 | (368) | (8729) | 4374 |
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |  |
| Investments | 16087386 | (28034898) | (65951018) | (62720221) |
| Other assets and liabilities denominated in foreign currency | 283700 | (900) | – | 35 |
| **Net realized and unrealized gain (loss) on investments and foreign currency** | **21560548** | **(5818730)** | **(14138233)** | **(28147684)** |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS** | $**22332003** | $**(6270538)** | $**(14349009)** | $**(23911782)** |

---

See Notes to Financial Statements 24

Statements of Operations Six Months Ended June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Royce Small-Cap<br> Opportunity Fund** | **Royce Small-Cap<br> Special Equity<br> Fund** | **Royce Small-Cap<br> Total Return Fund** | **Royce Small-Cap<br> Value Fund** |
| **INVESTMENT INCOME:** |  |  |  |  |
| INCOME: |  |  |  |  |
| Dividends |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-Affiliated Companies | $5090397 | $4138065 | $8621085 | $1177393 |
| &nbsp;&nbsp;&nbsp;Affiliated Companies | 24285 | 1899964 | – | – |
| Foreign withholding tax | (48927) | – | (184880) | – |
| Interest | 598194 | 1730111 | 718852 | 19600 |
| Securities lending | 18127 | – | – | 21 |
| **Total income** | **5682076** | **7768140** | **9155057** | **1197014** |
| EXPENSES: |  |  |  |  |
| Investment advisory fees | 5176130 | 2630175 | 4620587 | 481653 |
| Distribution fees | 203357 | 86887 | 486051 | 81424 |
| Shareholder servicing | 558477 | 305803 | 438359 | 77929 |
| Administrative and office facilities | 331879 | 186818 | 277988 | 40252 |
| Custody | 75278 | 24693 | 53575 | 14256 |
| Registration | 40686 | 31133 | 36251 | 19673 |
| Shareholder reports | 49625 | 30597 | 57864 | 8865 |
| Audit | 26659 | 22501 | 26398 | 15963 |
| Trustees' fees | 104117 | 54986 | 89278 | 9806 |
| Legal | 26376 | 14430 | 21960 | 2507 |
| Other expenses | 49419 | 31916 | 42627 | 5454 |
| **Total expenses** | **6642003** | **3419939** | **6150938** | **757782** |
| Compensating balance credits | (16251) | (9393) | (12598) | (1733) |
| Fees waived by investment adviser | – | – | (420637) | – |
| Expenses reimbursed by investment adviser | (89199) | (83588) | (28647) | (77375) |
| **Net expenses** | **6536553** | **3326958** | **5689056** | **678674** |
| **Net investment income (loss)** | **(854477)** | **4441182** | **3466001** | **518340** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| NET REALIZED GAIN (LOSS): | NET REALIZED GAIN (LOSS): | NET REALIZED GAIN (LOSS): | NET REALIZED GAIN (LOSS): | NET REALIZED GAIN (LOSS): |
| Investments in Non-Affiliated Companies | 43171324 | 23916478 | 23437303 | 1304153 |
| Investments in Affiliated Companies | 219521 | 613283 | – | – |
| Foreign currency transactions | 763 | – | (36828) | – |
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |  |
| Investments in Non-Affiliated Companies | (74056749) | (54871816) | (61115233) | (7823285) |
| Investments in Affiliated Companies | (5067739) | (12429337) | – | – |
| Other assets and liabilities denominated in foreign currency | 118 | – | 2850 | – |
| **Net realized and unrealized gain (loss) on investments and foreign currency** | **(35732762)** | **(42771392)** | **(37711908)** | **(6519132)** |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS** | $**(36587239)** | $**(38330210)** | $**(34245907)** | $**(6000792)** |

---

See Notes to Financial Statements 25

Statements of Operations Six Months Ended June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Royce Smaller-Companies<br> Growth Fund** | **Royce SMid-Cap Total<br> Return Fund** |
| **INVESTMENT INCOME:** |  |  |
| INCOME: |  |  |
| Dividends | $239301 | $572821 |
| Foreign withholding tax | (2890) | (17133) |
| Interest | 157281 | 80168 |
| Securities lending | 78477 | – |
| **Total income** | **472169** | **635856** |
| EXPENSES: |  |  |
| Investment advisory fees | 892854 | 277960 |
| Distribution fees | 137513 | 24487 |
| Shareholder servicing | 126873 | 53324 |
| Administrative and office facilities | 59199 | 27691 |
| Custody | 15838 | 10563 |
| Registration | 23128 | 17055 |
| Shareholder reports | 12273 | 6242 |
| Audit | 16475 | 17576 |
| Trustees' fees | 16856 | 6221 |
| Legal | 4082 | 1507 |
| Other expenses | 8573 | 3914 |
| **Total expenses** | **1313664** | **446540** |
| Compensating balance credits | (3422) | (919) |
| Fees waived by investment adviser | (103751) | – |
| Expenses reimbursed by investment adviser | (57528) | (64692) |
| **Net expenses** | **1148963** | **380929** |
| **Net investment income (loss)** | **(676794)** | **254927** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |  |  |
| NET REALIZED GAIN (LOSS): | NET REALIZED GAIN (LOSS): | NET REALIZED GAIN (LOSS): |
| Investments | 10755008 | 6713678 |
| Foreign currency transactions | (1046) | (1522) |
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |
| Investments | 2850869 | (7308049) |
| Other assets and liabilities denominated in foreign currency | – | 4406 |
| **Net realized and unrealized gain (loss) on investments and foreign currency** | **13604831** | **(591487)** |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS** | $**12928037** | $**(336560)** |

---

See Notes to Financial Statements 26

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Royce International Premier Fund** | **Royce International Premier Fund** | **Royce Micro-Cap Fund** | **Royce Micro-Cap Fund** | **Royce Premier Fund** | **Royce Premier Fund** |
| | **Six Months Ended<br> 6/30/25 (unaudited)** | **Year Ended 12/31/24** | **Six Months Ended<br> 6/30/25 (unaudited)** | **Year Ended 12/31/24** | **Six Months Ended<br> 6/30/25 (unaudited)** | **Year Ended 12/31/24** |
| INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment income (loss) | $771455 | $6171165 | $(451808) | $(1888691) | $(210776) | $(562163) |
| Net realized gain (loss) on investments and foreign currency | 5189462 | (28142817) | 22217068 | 33964031 | 51812785 | 162025876 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | 16371086 | (934106) | (28035798) | 5873230 | (65951018) | (117038158) |
| **Net increase (decrease) in net assets from investment operations** | **22332003** | **(22905758)** | **(6270538)** | **37948570** | **(14349009)** | **44425555** |
| DISTRIBUTIONS: |  |  |  |  |  |  |
| **Total distributable earnings** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class | – | (4940705) | – | (18298370) | – | (90046936) |
| &nbsp;&nbsp;&nbsp;Service Class | – | (816568) | – | (14530687) | – | (2764769) |
| &nbsp;&nbsp;&nbsp;Consultant Class |  |  | – | (1143190) | – | (989585) |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | (4786529) |  |  | – | (24330759) |
| **Total distributions** | **–** | **(10543802)** | **–** | **(33972247)** | **–** | **(118132049)** |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| **Net capital share transactions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class | (30382608) | (155203319) | (9503143) | (3790549) | (81925887) | (119573748) |
| &nbsp;&nbsp;&nbsp;Service Class | (2409038) | (10684178) | (7941349) | (5481270) | (2403196) | (1829806) |
| &nbsp;&nbsp;&nbsp;Consultant Class |  |  | (899643) | (462808) | (1573227) | 216068 |
| &nbsp;&nbsp;&nbsp;Institutional Class | (35040916) | (122305848) |  |  | (132308350) | 36060284 |
| **Shareholder redemption fees** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class |  | 1485 |  | 14 |  | 661 |
| &nbsp;&nbsp;&nbsp;Service Class |  | 45 |  | 5 |  | – |
| **Net increase (decrease) in net assets from capital share transactions** | **(67832562)** | **(288191815)** | **(18344135)** | **(9734608)** | **(218210660)** | **(85126541)** |
| **Net Increase (Decrease) In Net Assets** | **(45500559)** | **(321641375)** | **(24614673)** | **(5758285)** | **(232559669)** | **(158833035)** |
| NET ASSETS: |  |  |  |  |  |  |
| **Beginning of period** | **178863498** | **500504873** | **306256435** | **312014720** | **1284221857** | **1443054892** |
| **End of period** | $**133362939** | $**178863498** | $**281641762** | $**306256435** | $**1051662188** | $**1284221857** |

---

See Notes to Financial Statements 27

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Royce Small-Cap Fund** | **Royce Small-Cap Fund** | **Royce Small-Cap Opportunity Fund** | **Royce Small-Cap Opportunity Fund** | **Royce Small-Cap Special<br> Equity Fund** | **Royce Small-Cap Special<br> Equity Fund** |
| | **Six Months Ended<br> 6/30/25 (unaudited)** | **Year Ended 12/31/24** | **Six Months Ended<br> 6/30/25 (unaudited)** | **Year Ended 12/31/24** | **Six Months Ended<br> 6/30/25 (unaudited)** | **Year Ended 12/31/24** |
| INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment income (loss) | $4235902 | $3462349 | $(854477) | $(3287837) | $4441182 | $15118521 |
| Net realized gain (loss) on investments and foreign currency | 34572502 | 156147044 | 43391608 | 105573649 | 24529761 | 87908996 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (62720186) | (29541080) | (79124370) | 17325244 | (67301153) | (79977470) |
| **Net increase (decrease) in net assets from investment operations** | **(23911782)** | **130068313** | **(36587239)** | **119611056** | **(38330210)** | **23050047** |
| DISTRIBUTIONS: |  |  |  |  |  |  |
| **Total distributable earnings** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class | – | (122668318) | – | (60958156) | – | (71454591) |
| &nbsp;&nbsp;&nbsp;Service Class | – | (5625830) | – | (3939085) | – | (4307243) |
| &nbsp;&nbsp;&nbsp;Consultant Class | – | (14711704) | – | (955009) | – | (1825462) |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | (18926808) | – | (19744463) | – | (15280623) |
| &nbsp;&nbsp;&nbsp;R Class |  |  | – | (3012057) |  |  |
| **Total distributions** | **–** | **(161932660)** | **–** | **(88608770)** | **–** | **(92867919)** |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |  |  |
| **Net capital share transactions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class | (102622897) | 26276626 | (74046867) | (104803501) | (57015717) | (70518486) |
| &nbsp;&nbsp;&nbsp;Service Class | (6078654) | (5669831) | (1841805) | (25353309) | (2264355) | (1103149) |
| &nbsp;&nbsp;&nbsp;Consultant Class | (14991053) | (10577757) | (566352) | (624763) | (1528547) | (739002) |
| &nbsp;&nbsp;&nbsp;Institutional Class | 347140 | 24640059 | (20837796) | (9235649) | (27013983) | (26541992) |
| &nbsp;&nbsp;&nbsp;R Class |  |  | (3973321) | (5515731) |  |  |
| **Shareholder redemption fees** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class |  | 435 |  | 223 |  | 367 |
| &nbsp;&nbsp;&nbsp;Service Class |  | 39 |  | 65 |  | 823 |
| **Net increase (decrease) in net assets from capital share transactions** | **(123345464)** | **34669571** | **(101266141)** | **(145532665)** | **(87822602)** | **(98901439)** |
| **Net Increase (Decrease) In Net Assets** | **(147257246)** | **2805224** | **(137853380)** | **(114530379)** | **(126152812)** | **(168719311)** |
| NET ASSETS: |  |  |  |  |  |  |
| **Beginning of period** | **1869785024** | **1866979800** | **1172292849** | **1286823228** | **615156718** | **783876029** |
| **End of period** | $**1722527778** | $**1869785024** | $**1034439469** | $**1172292849** | $**489003906** | $**615156718** |

---

See Notes to Financial Statements 28

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Royce Small-Cap Total Return Fund** | **Royce Small-Cap Total Return Fund** | **Royce Small-Cap Value Fund** | **Royce Small-Cap Value Fund** |
| | **Six Months Ended<br> 6/30/25 (unaudited)** | **Year Ended 12/31/24** | **Six Months Ended<br> 6/30/25 (unaudited)** | **Year Ended 12/31/24** |
| INVESTMENT OPERATIONS: |  |  |  |  |
| Net investment income (loss) | $3466001 | $4778734 | $518340 | $1203646 |
| Net realized gain (loss) on investments and foreign currency | 23400475 | 79794690 | 1304153 | 6845653 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | (61112383) | 10979694 | (7823285) | (4161924) |
| **Net increase (decrease) in net assets from investment operations** | **(34245907)** | **95553118** | **(6000792)** | **3887375** |
| DISTRIBUTIONS: |  |  |  |  |
| **Total distributable earnings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class | (2389789) | (46027567) | – | (2143064) |
| &nbsp;&nbsp;&nbsp;Service Class | (123836) | (3759367) | – | (4260805) |
| &nbsp;&nbsp;&nbsp;Consultant Class | – | (4791152) |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (985765) | (16491412) |  |  |
| &nbsp;&nbsp;&nbsp;R Class | (13300) | (1365181) |  |  |
| **Total distributions** | **(3512690)** | **(72434679)** | **–** | **(6403869)** |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |
| **Net capital share transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class | (23432571) | (31989301) | (3315836) | (1349243) |
| &nbsp;&nbsp;&nbsp;Service Class | (7365814) | (3435159) | (5361298) | (23614099) |
| &nbsp;&nbsp;&nbsp;Consultant Class | (5802844) | (5793839) |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (867770) | (4803983) |  |  |
| &nbsp;&nbsp;&nbsp;R Class | (559811) | (797092) |  |  |
| **Shareholder redemption fees** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class |  | 279 |  | 251 |
| &nbsp;&nbsp;&nbsp;Service Class |  | – |  | 13576 |
| **Net increase (decrease) in net assets from capital share transactions** | **(38028810)** | **(46819095)** | **(8677134)** | **(24949515)** |
| **Net Increase (Decrease) In Net Assets** | **(75787407)** | **(23700656)** | **(14677926)** | **(27466009)** |
| NET ASSETS: |  |  |  |  |
| **Beginning of period** | **997660261** | **1021360917** | **109051735** | **136517744** |
| **End of period** | $**921872854** | $**997660261** | $**94373809** | $**109051735** |

---

See Notes to Financial Statements 29

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Royce Smaller-Companies Growth Fund** | **Royce Smaller-Companies Growth Fund** | **Royce SMid-Cap Total Return Fund** | **Royce SMid-Cap Total Return Fund** |
| | **Six Months Ended<br> 6/30/25 (unaudited)** | **Year Ended 12/31/24** | **Six Months Ended<br> 6/30/25 (unaudited)** | **Year Ended 12/31/24** |
| INVESTMENT OPERATIONS: |  |  |  |  |
| Net investment income (loss) | $(676794) | $(1382804) | $254927 | $579714 |
| Net realized gain (loss) on investments and foreign currency | 10753962 | 31291441 | 6712156 | 35383627 |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | 2850869 | 6667134 | (7303643) | (23616169) |
| **Net increase (decrease) in net assets from investment operations** | **12928037** | **36575771** | **(336560)** | **12347172** |
| DISTRIBUTIONS: |  |  |  |  |
| **Total distributable earnings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class | – | (2014748) | (198864) | (9190403) |
| &nbsp;&nbsp;&nbsp;Service Class | – | (3380620) | (65159) | (3766348) |
| &nbsp;&nbsp;&nbsp;Institutional Class | – | (169646) |  |  |
| **Total distributions** | **–** | **(5565014)** | **(264023)** | **(12956751)** |
| CAPITAL SHARE TRANSACTIONS: |  |  |  |  |
| **Net capital share transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class | 3077112 | (9758403) | (2092701) | 5277360 |
| &nbsp;&nbsp;&nbsp;Service Class | (10584393) | (13871394) | (732597) | 2493449 |
| &nbsp;&nbsp;&nbsp;Institutional Class | 443762 | (427399) |  |  |
| **Shareholder redemption fees** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment Class |  | 153 |  | – |
| &nbsp;&nbsp;&nbsp;Service Class |  | 1 |  | 1 |
| **Net increase (decrease) in net assets from capital share transactions** | **(7063519)** | **(24057042)** | **(2825298)** | **7770810** |
| **Net Increase (Decrease) In Net Assets** | **5864518** | **6953715** | **(3425881)** | **7161231** |
| NET ASSETS: |  |  |  |  |
| **Beginning of period** | **187541108** | **180587393** | **70335998** | **63174767** |
| **End of period** | $**193405626** | $**187541108** | $**66910117** | $**70335998** |

---

See Notes to Financial Statements 30

Financial Highlights

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund's performance for the periods presented. Per share amounts have been determined on the basis of the weighted average number of shares outstanding during the period.

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | | |
| |<br>Net Asset Value,<br> Beginning of<br> Period |<br>Net Investment<br> Income (Loss) | <br>Net Realized and<br> Unrealized Gain (Loss)<br> on Investments and<br> Foreign Currency |<br>Total from<br> Investment<br> Operations |<br>Distributions<br> from Net<br> Investment<br> Income |<br>Distributions from<br> Net Realized Gain on<br> Investments and<br> Foreign Currency |<br>Total<br> Distributions |<br>Net Asset<br> Value, End of<br> Period |<br>Total Return |<br>Net Assets,<br> End of Period<br> (in thousands) | Prior to Fee<br> Waivers,<br> Expense<br> Reimbursements<br> and Balance<br> Credits | Prior to Fee<br> Waivers and<br> Expense<br> Reimbursements | Net of Fee<br> Waivers and<br> Expense<br> Reimbursements |<br>Ratio of Net<br> Investment<br> Income (Loss) to<br> Average Net<br> Assets |<br>Portfolio<br> Turnover Rate |
| **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** | **Royce International Premier Fund–Investment Class** |
| 2025<sup>[†](#e001)</sup> | $11.58 | $0.05 | $1.91 | $1.96 | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $13.54 | 16.93%<sup>[1](#e002)</sup> | $58477 | 1.46%<sup>[2](#e003)</sup> | 1.46%<sup>[2](#e003)</sup> | 1.19%<sup>[2](#e003)</sup> | 0.91%<sup>[2](#e003)</sup> | 11% |
| 2024 | 13.12 | 0.22 | (1.14) | (0.92) | (0.62) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.62) | 11.58 | (7.17) | 79658 | 1.32 | 1.31 | 1.19 | 1.74 | 31 |
| 2023 | 12.54 | 0.13 | 0.84 | 0.97 | (0.39) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.39) | 13.12 | 7.81 | 252621 | 1.29 | 1.29 | 1.19 | 1.02 | 36 |
| 2022 | 17.81 | 0.13 | (4.94) | (4.81) | (0.13) | (0.33) | (0.46) | 12.54 | (26.96) | 248170 | 1.26 | 1.26 | 1.17 | 0.95 | 31 |
| 2021 | 17.64 | 0.06 | 0.99 | 1.05 | (0.07) | (0.81) | (0.88) | 17.81 | 6.06 | 480550 | 1.23 | 1.23 | 1.16 | 0.33 | 32 |
| 2020 | 15.25 | 0.04 | 2.40 | 2.44 | (0.05) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.05) | 17.64 | 15.99 | 486378 | 1.26 | 1.26 | 1.19 | 0.30 | 21 |
| **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** | **Royce International Premier Fund–Service Class** |
| 2025<sup>[†](#e001)</sup> | $14.11 | $0.06 | $2.30 | $2.36 | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $16.47 | 16.73%<sup>[1](#e002)</sup> | $20706 | 1.76%<sup>[2](#e003)</sup> | 1.76%<sup>[2](#e003)</sup> | 1.44%<sup>[2](#e003)</sup> | 0.84%<sup>[2](#e003)</sup> | 11% |
| 2024 | 15.83 | 0.21 | (1.35) | (1.14) | (0.58) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.58) | 14.11 | (7.36) | 20100 | 1.64 | 1.64 | 1.44 | 1.37 | 31 |
| 2023 | 15.04 | 0.12 | 1.01 | 1.13 | (0.34) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.34) | 15.83 | 7.62 | 33645 | 1.62 | 1.61 | 1.44 | 0.79 | 36 |
| 2022 | 21.33 | 0.11 | (5.92) | (5.81) | (0.08) | (0.40) | (0.48) | 15.04 | (27.21) | 33163 | 1.59 | 1.59 | 1.44 | 0.63 | 31 |
| 2021 | 21.10 | 0.01 | 1.18 | 1.19 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.96) | (0.96) | 21.33 | 5.78 | 59258 | 1.54 | 1.54 | 1.44 | 0.05 | 32 |
| 2020 | 18.24 | 0.01 | 2.85 | 2.86 | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | 21.10 | 15.68 | 69153 | 1.57 | 1.57 | 1.44 | 0.04 | 21 |
| **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** | **Royce International Premier Fund–Institutional Class** |
| 2025<sup>[†](#e001)</sup> | $11.57 | $0.07 | $1.90 | $1.97 | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $13.54 | 17.03%<sup>[1](#e002)</sup> | $54180 | 1.40%<sup>[2](#e003)</sup> | 1.38%<sup>[2](#e003)</sup> | 1.04%<sup>[2](#e003)</sup> | 1.17%<sup>[2](#e003)</sup> | 11% |
| 2024 | 13.12 | 0.24 | (1.13) | (0.89) | (0.66) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.66) | 11.57 | (7.03) | 79106 | 1.24 | 1.23 | 1.04 | 1.85 | 31 |
| 2023 | 12.53 | 0.16 | 0.84 | 1.00 | (0.41) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.41) | 13.12 | 8.05 | 214238 | 1.21 | 1.19 | 1.04 | 1.24 | 36 |
| 2022 | 17.82 | 0.14 | (4.95) | (4.81) | (0.15) | (0.33) | (0.48) | 12.53 | (26.92) | 453793 | 1.20 | 1.19 | 1.04 | 1.03 | 31 |
| 2021 | 17.64 | 0.08 | 0.99 | 1.07 | (0.09) | (0.80) | (0.89) | 17.82 | 6.23 | 704714 | 1.16 | 1.16 | 1.04 | 0.44 | 32 |
| 2020 | 15.25 | 0.06 | 2.39 | 2.45 | (0.06) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.06) | 17.64 | 16.12 | 567878 | 1.20 | 1.20 | 1.04 | 0.44 | 21 |
| **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** | **Royce Micro-Cap Fund–Investment Class** |
| 2025<sup>[†](#e001)</sup> | $11.16 | $(0.01)<sup>[3](#e004)</sup> | $(0.15) | $(0.16) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $11.00 | (1.43)%<sup>[1](#e002)</sup> | $152153 | 1.28%<sup>[2](#e003)</sup> | 1.27%<sup>[2](#e003)</sup> | 1.24%<sup>[2](#e003)</sup> | (0.19)%<sup>[2](#e003),</sup><sup>[3](#e004)</sup> | 24% |
| 2024 | 11.00 | (0.05) | 1.57 | 1.52 | –&nbsp;&nbsp;&nbsp;&nbsp; | (1.36) | (1.36) | 11.16 | 13.37 | 165092 | 1.24 | 1.23 | 1.23 | (0.47) | 18 |
| 2023 | 9.88 | (0.04) | 1.93 | 1.89 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.77) | (0.77) | 11.00 | 19.31 | 166477 | 1.25 | 1.25 | 1.24 | (0.42) | 19 |
| 2022 | 13.41 | (0.05) | (2.98) | (3.03) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.50) | (0.50) | 9.88 | (22.55) | 149934 | 1.25 | 1.24 | 1.24 | (0.50) | 13 |
| 2021 | 12.74 | (0.07) | 3.84 | 3.77 | –&nbsp;&nbsp;&nbsp;&nbsp; | (3.10) | (3.10) | 13.41 | 31.02 | 209032 | 1.20 | 1.20 | 1.20 | (0.43) | 26 |
| 2020 | 11.02 | (0.05) | 2.71 | 2.66 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.94) | (0.94) | 12.74 | 24.50 | 174339 | 1.29 | 1.29 | 1.24 | (0.46) | 25 |
| **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** | **Royce Micro-Cap Fund–Service Class** |
| 2025<sup>[†](#e001)</sup> | $10.77 | $(0.02)<sup>[3](#e004)</sup> | $(0.15) | $(0.17) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $10.60 | (1.58)%<sup>[1](#e002)</sup> | $120294 | 1.58%<sup>[2](#e003)</sup> | 1.58%<sup>[2](#e003)</sup> | 1.49%<sup>[2](#e003)</sup> | (0.44)%<sup>[2](#e003),</sup><sup>[3](#e004)</sup> | 24% |
| 2024 | 10.65 | (0.08) | 1.52 | 1.44 | –&nbsp;&nbsp;&nbsp;&nbsp; | (1.32) | (1.32) | 10.77 | 13.01 | 130813 | 1.54 | 1.54 | 1.49 | (0.73) | 18 |
| 2023 | 9.59 | (0.07) | 1.87 | 1.80 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.74) | (0.74) | 10.65 | 19.03 | 134780 | 1.55 | 1.55 | 1.49 | (0.67) | 19 |
| 2022 | 13.05 | (0.08) | (2.89) | (2.97) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.49) | (0.49) | 9.59 | (22.76) | 132133 | 1.54 | 1.54 | 1.49 | (0.75) | 13 |
| 2021 | 12.45 | (0.11) | 3.74 | 3.63 | –&nbsp;&nbsp;&nbsp;&nbsp; | (3.03) | (3.03) | 13.05 | 30.64 | 197089 | 1.51 | 1.51 | 1.49 | (0.73) | 26 |
| 2020 | 10.79 | (0.07) | 2.65 | 2.58 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.92) | (0.92) | 12.45 | 24.26 | 168285 | 1.60 | 1.60 | 1.49 | (0.71) | 25 |

---

See Notes to Financial Statements 31

Financial Highlights

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund's performance for the periods presented. Per share amounts have been determined on the basis of the weighted average number of shares outstanding during the period.

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | | |
| |<br>Net Asset Value,<br> Beginning of<br> Period |<br>Net Investment<br> Income (Loss) | <br>Net Realized and<br> Unrealized Gain (Loss)<br> on Investments and<br> Foreign Currency |<br>Total from<br> Investment<br> Operations |<br>Distributions<br> from Net<br> Investment<br> Income |<br>Distributions from<br> Net Realized Gain on<br> Investments and<br> Foreign Currency |<br>Total<br> Distributions |<br>Net Asset<br> Value, End of<br> Period |<br>Total Return |<br>Net Assets,<br> End of Period<br> (in thousands) | Prior to Fee<br> Waivers,<br> Expense<br> Reimbursements<br> and Balance<br> Credits | Prior to Fee<br> Waivers and<br> Expense<br> Reimbursements | Net of Fee<br> Waivers and<br> Expense<br> Reimbursements |<br>Ratio of Net<br> Investment<br> Income (Loss) to<br> Average Net<br> Assets |<br>Portfolio<br> Turnover Rate |
| **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** | **Royce Micro-Cap Fund–Consultant Class** |
| 2025<sup>[†](#e001)</sup> | $8.06 | $(0.04)<sup>[3](#e004)</sup> | $(0.12) | $(0.16) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $7.90 | (1.99)%<sup>[1](#e002)</sup> | $9195 | 2.51%<sup>[2](#e003)</sup> | 2.50%<sup>[2](#e003)</sup> | 2.24%<sup>[2](#e003)</sup> | (1.19)%<sup>[2](#e003),</sup><sup>[3](#e004)</sup> | 24% |
| 2024 | 8.03 | (0.12) | 1.13 | 1.01 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.98) | (0.98) | 8.06 | 12.17 | 10351 | 2.43 | 2.43 | 2.24 | (1.48) | 18 |
| 2023 | 7.29 | (0.11) | 1.41 | 1.30 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.56) | (0.56) | 8.03 | 18.03 | 10758 | 2.42 | 2.42 | 2.30 | (1.48) | 19 |
| 2022 | 10.00 | (0.13) | (2.21) | (2.34) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.37) | (0.37) | 7.29 | (23.37) | 10361 | 2.37 | 2.37 | 2.37 | (1.63) | 13 |
| 2021 | 9.62 | (0.18) | 2.89 | 2.71 | –&nbsp;&nbsp;&nbsp;&nbsp; | (2.33) | (2.33) | 10.00 | 29.56 | 15777 | 2.30 | 2.30 | 2.30 | (1.53) | 26 |
| 2020 | 8.42 | (0.13) | 2.04 | 1.91 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.71) | (0.71) | 9.62 | 23.04 | 14025 | 2.41 | 2.41 | 2.41 | (1.63) | 25 |
| **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** | **Royce Premier Fund–Investment Class** |
| 2025<sup>[†](#e001)</sup> | $10.89 | $(0.00) | $(0.06) | $(0.06) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $10.83 | (0.55)%<sup>[1](#e002)</sup> | $875884 | 1.22%<sup>[2](#e003)</sup> | 1.22%<sup>[2](#e003)</sup> | 1.22%<sup>[2](#e003)</sup> | (0.03)%<sup>[2](#e003)</sup> | 15% |
| 2024 | 11.52 | (0.00) | 0.41 | 0.41 | (0.00) | (1.04) | (1.04) | 10.89 | 2.97 | 965428 | 1.19 | 1.19 | 1.19 | (0.04) | 12 |
| 2023 | 10.06 | 0.01 | 2.24 | 2.25 | (0.00) | (0.79) | (0.79) | 11.52 | 22.53 | 1140122 | 1.19 | 1.19 | 1.19 | 0.10 | 15 |
| 2022 | 12.97 | (0.00) | (2.00) | (2.00) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.91) | (0.91) | 10.06 | (15.46) | 1001894 | 1.18 | 1.18 | 1.18 | (0.02) | 23 |
| 2021 | 13.59 | (0.03) | 2.16 | 2.13 | (0.01) | (2.74) | (2.75) | 12.97 | 16.36 | 1401347 | 1.17 | 1.17 | 1.17 | (0.19) | 20 |
| 2020 | 12.88 | 0.05 | 1.41 | 1.46 | (0.12) | (0.63) | (0.75) | 13.59 | 11.50 | 1414718 | 1.21 | 1.21 | 1.21 | 0.41 | 23 |
| **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** | **Royce Premier Fund–Service Class** |
| 2025<sup>[†](#e001)</sup> | $10.48 | $(0.01) | $(0.07) | $(0.08) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $10.40 | (0.76)%<sup>[1](#e002)</sup> | $28524 | 1.66%<sup>[2](#e003)</sup> | 1.65%<sup>[2](#e003)</sup> | 1.49%<sup>[2](#e003)</sup> | (0.30)%<sup>[2](#e003)</sup> | 15% |
| 2024 | 11.11 | (0.04) | 0.40 | 0.36 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.99) | (0.99) | 10.48 | 2.71 | 31253 | 1.59 | 1.59 | 1.49 | (0.34) | 12 |
| 2023 | 9.72 | (0.02) | 2.17 | 2.15 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.76) | (0.76) | 11.11 | 22.24 | 34923 | 1.63 | 1.62 | 1.49 | (0.19) | 15 |
| 2022 | 12.58 | (0.04) | (1.95) | (1.99) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.87) | (0.87) | 9.72 | (15.79) | 24968 | 1.59 | 1.59 | 1.49 | (0.33) | 23 |
| 2021 | 13.22 | (0.07) | 2.09 | 2.02 | –&nbsp;&nbsp;&nbsp;&nbsp; | (2.66) | (2.66) | 12.58 | 15.98 | 36488 | 1.56 | 1.56 | 1.49 | (0.50) | 20 |
| 2020 | 12.54 | 0.01 | 1.37 | 1.38 | (0.09) | (0.61) | (0.70) | 13.22 | 11.16 | 29588 | 1.57 | 1.57 | 1.49 | 0.12 | 23 |
| **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** | **Royce Premier Fund–Consultant Class** |
| 2025<sup>[†](#e001)</sup> | $8.14 | $(0.04) | $(0.05) | $(0.09) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $8.05 | (1.11)%<sup>[1](#e002)</sup> | $9523 | 2.44%<sup>[2](#e003)</sup> | 2.44%<sup>[2](#e003)</sup> | 2.24%<sup>[2](#e003)</sup> | (1.05)%<sup>[2](#e003)</sup> | 15% |
| 2024 | 8.69 | (0.10) | 0.32 | 0.22 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.77) | (0.77) | 8.14 | 1.94 | 11240 | 2.38 | 2.37 | 2.24 | (1.09) | 12 |
| 2023 | 7.67 | (0.08) | 1.69 | 1.61 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.59) | (0.59) | 8.69 | 21.16 | 11782 | 2.36 | 2.36 | 2.28 | (0.99) | 15 |
| 2022 | 10.00 | (0.10) | (1.53) | (1.63) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.70) | (0.70) | 7.67 | (16.36) | 11265 | 2.33 | 2.33 | 2.33 | (1.17) | 23 |
| 2021 | 10.60 | (0.15) | 1.67 | 1.52 | –&nbsp;&nbsp;&nbsp;&nbsp; | (2.12) | (2.12) | 10.00 | 15.01 | 16016 | 2.29 | 2.29 | 2.29 | (1.30) | 20 |
| 2020 | 10.09 | (0.07) | 1.09 | 1.02 | (0.02) | (0.49) | (0.51) | 10.60 | 10.19 | 15686 | 2.34 | 2.34 | 2.34 | (0.72) | 23 |
| **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** | **Royce Premier Fund–Institutional Class** |
| 2025<sup>[†](#e001)</sup> | $11.08 | $0.00 | $(0.07) | $(0.07) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $11.01 | (0.63)%<sup>[1](#e002)</sup> | $137730 | 1.16%<sup>[2](#e003)</sup> | 1.16%<sup>[2](#e003)</sup> | 1.16%<sup>[2](#e003)</sup> | 0.01%<sup>[2](#e003)</sup> | 15% |
| 2024 | 11.71 | 0.00 | 0.43 | 0.43 | (0.01) | (1.05) | (1.06) | 11.08 | 3.09 | 276301 | 1.12 | 1.12 | 1.12 | 0.03 | 12 |
| 2023 | 10.22 | 0.02 | 2.28 | 2.30 | (0.01) | (0.80) | (0.81) | 11.71 | 22.64 | 256228 | 1.12 | 1.12 | 1.12 | 0.17 | 15 |
| 2022 | 13.16 | 0.01 | (2.03) | (2.02) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.92) | (0.92) | 10.22 | (15.37) | 206916 | 1.11 | 1.11 | 1.11 | 0.05 | 23 |
| 2021 | 13.80 | (0.02) | 2.19 | 2.17 | (0.02) | (2.79) | (2.81) | 13.16 | 16.39 | 273853 | 1.09 | 1.09 | 1.09 | (0.11) | 20 |
| 2020 | 13.08 | 0.05 | 1.44 | 1.49 | (0.13) | (0.64) | (0.77) | 13.80 | 11.53 | 266587 | 1.15 | 1.15 | 1.15 | 0.44 | 23 |

---

See Notes to Financial Statements 32

Financial Highlights

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund's performance for the periods presented. Per share amounts have been determined on the basis of the weighted average number of shares outstanding during the period.

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | | |
| |<br>Net Asset Value,<br> Beginning of<br> Period |<br>Net Investment<br> Income (Loss) | <br>Net Realized and<br> Unrealized Gain (Loss)<br> on Investments and<br> Foreign Currency |<br>Total from<br> Investment<br> Operations |<br>Distributions<br> from Net<br> Investment<br> Income |<br>Distributions from<br> Net Realized Gain on<br> Investments and<br> Foreign Currency |<br>Total<br> Distributions |<br>Net Asset<br> Value, End of<br> Period |<br>Total Return |<br>Net Assets,<br> End of Period<br> (in thousands) | Prior to Fee<br> Waivers,<br> Expense<br> Reimbursements<br> and Balance<br> Credits | Prior to Fee<br> Waivers and<br> Expense<br> Reimbursements | Net of Fee<br> Waivers and<br> Expense<br> Reimbursements |<br>Ratio of Net<br> Investment<br> Income (Loss) to<br> Average Net<br> Assets |<br>Portfolio<br> Turnover Rate |
| **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** | **Royce Small-Cap Fund–Investment Class** |
| 2025<sup>[†](#e001)</sup> | $9.03 | $0.03<sup>[4](#e005)</sup> | $(0.10) | $(0.07) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $8.96 | (0.78)%<sup>[1](#e002)</sup> | $1284446 | 0.96%<sup>[2](#e003)</sup> | 0.96%<sup>[2](#e003)</sup> | 0.96%<sup>[2](#e003)</sup> | 0.60%<sup>[2](#e003),</sup><sup>[4](#e005)</sup> | 21% |
| 2024 | 9.18 | 0.03 | 0.66 | 0.69 | (0.05) | (0.79) | (0.84) | 9.03 | 7.07 | 1404771 | 0.94 | 0.93 | 0.93 | 0.29 | 37 |
| 2023 | 7.61 | 0.02 | 2.00 | 2.02 | (0.04) | (0.41) | (0.45) | 9.18 | 26.66 | 1401591 | 0.94 | 0.94 | 0.94 | 0.25 | 40 |
| 2022 | 9.65 | 0.03 | (1.68) | (1.65) | (0.00) | (0.39) | (0.39) | 7.61 | (17.06) | 1191941 | 0.94 | 0.94 | 0.94 | 0.31 | 45 |
| 2021 | 10.24 | 0.02 | 2.11 | 2.13 | (0.01) | (2.71) | (2.72) | 9.65 | 22.05 | 1605587 | 0.91 | 0.91 | 0.91 | 0.15 | 60 |
| 2020 | 9.44 | 0.03 | 1.29 | 1.32 | (0.06) | (0.46) | (0.52) | 10.24 | 14.08 | 1426472 | 0.95 | 0.95 | 0.95 | 0.37 | 32 |
| **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** | **Royce Small-Cap Fund–Service Class** |
| 2025<sup>[†](#e001)</sup> | $8.98 | $0.01<sup>[4](#e005)</sup> | $(0.10) | $(0.09) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $8.89 | (1.00)%<sup>[1](#e002)</sup> | $60179 | 1.33%<sup>[2](#e003)</sup> | 1.32%<sup>[2](#e003)</sup> | 1.30%<sup>[2](#e003)</sup> | 0.25%<sup>[2](#e003),</sup><sup>[4](#e005)</sup> | 21% |
| 2024 | 9.12 | (0.00) | 0.67 | 0.67 | (0.02) | (0.79) | (0.81) | 8.98 | 6.83 | 67101 | 1.29 | 1.29 | 1.27 | (0.05) | 37 |
| 2023 | 7.56 | (0.01) | 1.99 | 1.98 | (0.01) | (0.41) | (0.42) | 9.12 | 26.31 | 73661 | 1.31 | 1.31 | 1.25 | (0.06) | 40 |
| 2022 | 9.62 | (0.00) | (1.67) | (1.67) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.39) | (0.39) | 7.56 | (17.41) | 58043 | 1.30 | 1.30 | 1.25 | (0.01) | 45 |
| 2021 | 10.23 | (0.02) | 2.11 | 2.09 | –&nbsp;&nbsp;&nbsp;&nbsp; | (2.70) | (2.70) | 9.62 | 21.64 | 84060 | 1.27 | 1.27 | 1.27 | (0.22) | 60 |
| 2020 | 9.42 | 0.02 | 1.28 | 1.30 | (0.03) | (0.46) | (0.49) | 10.23 | 13.88 | 78789 | 1.25 | 1.24 | 1.13 | 0.23 | 32 |
| **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** | **Royce Small-Cap Fund–Consultant Class** |
| 2025<sup>[†](#e001)</sup> | $6.91 | $(0.01)<sup>[4](#e005)</sup> | $(0.08) | $(0.09) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $6.82 | (1.30)%<sup>[1](#e002)</sup> | $161460 | 1.98%<sup>[2](#e003)</sup> | 1.98%<sup>[2](#e003)</sup> | 1.98%<sup>[2](#e003)</sup> | (0.42)%<sup>[2](#e003),</sup><sup>[4](#e005)</sup> | 21% |
| 2024 | 7.05 | (0.05) | 0.51 | 0.46 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.60) | (0.60) | 6.91 | 6.09 | 179498 | 1.95 | 1.95 | 1.95 | (0.73) | 37 |
| 2023 | 5.88 | (0.05) | 1.54 | 1.49 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.32) | (0.32) | 7.05 | 25.39 | 193390 | 1.95 | 1.94 | 1.94 | (0.76) | 40 |
| 2022 | 7.53 | (0.04) | (1.31) | (1.35) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.30) | (0.30) | 5.88 | (17.94) | 175956 | 1.94 | 1.94 | 1.94 | (0.70) | 45 |
| 2021 | 8.07 | (0.08) | 1.66 | 1.58 | –&nbsp;&nbsp;&nbsp;&nbsp; | (2.12) | (2.12) | 7.53 | 20.78 | 249816 | 1.92 | 1.92 | 1.92 | (0.86) | 60 |
| 2020 | 7.47 | (0.04) | 1.00 | 0.96 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.36) | (0.36) | 8.07 | 12.94 | 238595 | 1.96 | 1.96 | 1.96 | (0.64) | 32 |
| **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** | **Royce Small-Cap Fund–Institutional Class** |
| 2025<sup>[†](#e001)</sup> | $9.07 | $0.03<sup>[4](#e005)</sup> | $(0.11) | $(0.08) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $8.99 | (0.88)%<sup>[1](#e002)</sup> | $216442 | 0.91%<sup>[2](#e003)</sup> | 0.91%<sup>[2](#e003)</sup> | 0.91%<sup>[2](#e003)</sup> | 0.66%<sup>[2](#e003),</sup><sup>[4](#e005)</sup> | 21% |
| 2024 | 9.21 | 0.03 | 0.68 | 0.71 | (0.06) | (0.79) | (0.85) | 9.07 | 7.23 | 218416 | 0.89 | 0.89 | 0.89 | 0.33 | 37 |
| 2023 | 7.63 | 0.02 | 2.02 | 2.04 | (0.04) | (0.42) | (0.46) | 9.21 | 26.77 | 198338 | 0.91 | 0.91 | 0.91 | 0.29 | 40 |
| 2022 | 9.68 | 0.03 | (1.68) | (1.65) | (0.01) | (0.39) | (0.40) | 7.63 | (17.07) | 133606 | 0.90 | 0.90 | 0.90 | 0.33 | 45 |
| 2021 | 10.27 | 0.03 | 2.12 | 2.15 | (0.01) | (2.73) | (2.74) | 9.68 | 22.10 | 199842 | 0.86 | 0.86 | 0.86 | 0.21 | 60 |
| 2020 | 9.47 | 0.04 | 1.28 | 1.32 | (0.06) | (0.46) | (0.52) | 10.27 | 14.10 | 163944 | 0.89 | 0.89 | 0.89 | 0.42 | 32 |
| **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** | **Royce Small-Cap Opportunity Fund–Investment Class** |
| 2025<sup>[†](#e001)</sup> | $15.49 | $(0.01)<sup>[5](#e006)</sup> | $(0.40) | $(0.41) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $15.08 | (2.65)%<sup>[1](#e002)</sup> | $706085 | 1.26%<sup>[2](#e003)</sup> | 1.26%<sup>[2](#e003)</sup> | 1.24%<sup>[2](#e003)</sup> | (0.14)%<sup>[2](#e003),</sup><sup>[5](#e006)</sup> | 23% |
| 2024 | 15.11 | (0.04) | 1.65 | 1.61 | –&nbsp;&nbsp;&nbsp;&nbsp; | (1.23) | (1.23) | 15.49 | 10.30 | 806369 | 1.23 | 1.22 | 1.22 | (0.24) | 35 |
| 2023 | 13.22 | (0.00) | 2.57 | 2.57 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.68) | (0.68) | 15.11 | 19.58 | 890662 | 1.23 | 1.23 | 1.23 | (0.02) | 35 |
| 2022 | 16.76 | 0.00 | (2.86) | (2.86) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.68) | (0.68) | 13.22 | (17.08) | 911802 | 1.23 | 1.23 | 1.23 | 0.03 | 35 |
| 2021 | 15.84 | (0.06) | 4.75 | 4.69 | –&nbsp;&nbsp;&nbsp;&nbsp; | (3.77) | (3.77) | 16.76 | 30.85 | 1332050 | 1.21 | 1.21 | 1.21 | (0.30) | 69 |
| 2020 | 12.52 | (0.03) | 3.35 | 3.32 | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | 15.84 | 26.52 | 786849 | 1.24 | 1.23 | 1.23 | (0.28) | 53 |

---

See Notes to Financial Statements 33

Financial Highlights

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund's performance for the periods presented. Per share amounts have been determined on the basis of the weighted average number of shares outstanding during the period.

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | | |
| |<br>Net Asset Value,<br> Beginning of<br> Period |<br>Net Investment<br> Income (Loss) | <br>Net Realized and<br> Unrealized Gain (Loss)<br> on Investments and<br> Foreign Currency |<br>Total from<br> Investment<br> Operations |<br>Distributions<br> from Net<br> Investment<br> Income |<br>Distributions from<br> Net Realized Gain on<br> Investments and<br> Foreign Currency |<br>Total<br> Distributions |<br>Net Asset<br> Value, End of<br> Period |<br>Total Return |<br>Net Assets,<br> End of Period<br> (in thousands) | Prior to Fee<br> Waivers,<br> Expense<br> Reimbursements<br> and Balance<br> Credits | Prior to Fee<br> Waivers and<br> Expense<br> Reimbursements | Net of Fee<br> Waivers and<br> Expense<br> Reimbursements |<br>Ratio of Net<br> Investment<br> Income (Loss) to<br> Average Net<br> Assets |<br>Portfolio<br> Turnover Rate |
| **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** | **Royce Small-Cap Opportunity Fund–Service Class** |
| 2025<sup>[†](#e001)</sup> | $14.07 | $(0.03)<sup>[5](#e006)</sup> | $(0.36) | $(0.39) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $13.68 | (2.77)%<sup>[1](#e002)</sup> | $48697 | 1.59%<sup>[2](#e003)</sup> | 1.59%<sup>[2](#e003)</sup> | 1.49%<sup>[2](#e003)</sup> | (0.39)%<sup>[2](#e003),</sup><sup>[5](#e006)</sup> | 23% |
| 2024 | 13.76 | (0.07) | 1.49 | 1.42 | –&nbsp;&nbsp;&nbsp;&nbsp; | (1.11) | (1.11) | 14.07 | 9.99 | 52271 | 1.54 | 1.54 | 1.49 | (0.52) | 35 |
| 2023 | 12.07 | (0.04) | 2.35 | 2.31 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.62) | (0.62) | 13.76 | 19.26 | 75831 | 1.54 | 1.54 | 1.49 | (0.27) | 35 |
| 2022 | 15.34 | (0.03) | (2.62) | (2.65) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.62) | (0.62) | 12.07 | (17.28) | 68292 | 1.54 | 1.54 | 1.49 | (0.23) | 35 |
| 2021 | 14.66 | (0.11) | 4.39 | 4.28 | –&nbsp;&nbsp;&nbsp;&nbsp; | (3.60) | (3.60) | 15.34 | 30.43 | 109440 | 1.50 | 1.50 | 1.49 | (0.61) | 69 |
| 2020 | 11.61 | (0.06) | 3.11 | 3.05 | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | 14.66 | 26.27 | 131725 | 1.54 | 1.54 | 1.49 | (0.54) | 53 |
| **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** | **Royce Small-Cap Opportunity Fund–Consultant Class** |
| 2025<sup>[†](#e001)</sup> | $11.85 | $(0.06)<sup>[5](#e006)</sup> | $(0.31) | $(0.37) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $11.48 | (3.12)%<sup>[1](#e002)</sup> | $11461 | 2.40%<sup>[2](#e003)</sup> | 2.40%<sup>[2](#e003)</sup> | 2.24%<sup>[2](#e003)</sup> | (1.14)%<sup>[2](#e003),</sup><sup>[5](#e006)</sup> | 23% |
| 2024 | 11.69 | (0.15) | 1.25 | 1.10 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.94) | (0.94) | 11.85 | 9.06 | 12479 | 2.34 | 2.34 | 2.24 | (1.26) | 35 |
| 2023 | 10.33 | (0.12) | 2.01 | 1.89 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.53) | (0.53) | 11.69 | 18.39 | 12898 | 2.34 | 2.34 | 2.27 | (1.06) | 35 |
| 2022 | 13.24 | (0.12) | (2.26) | (2.38) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.53) | (0.53) | 10.33 | (17.98) | 11396 | 2.35 | 2.35 | 2.35 | (1.07) | 35 |
| 2021 | 12.61 | (0.21) | 3.78 | 3.57 | –&nbsp;&nbsp;&nbsp;&nbsp; | (2.94) | (2.94) | 13.24 | 29.46 | 14871 | 2.26 | 2.26 | 2.26 | (1.35) | 69 |
| 2020 | 10.09 | (0.14) | 2.66 | 2.52 | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | 12.61 | 24.98 | 13477 | 2.45 | 2.45 | 2.45 | (1.50) | 53 |
| **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** | **Royce Small-Cap Opportunity Fund–Institutional Class** |
| 2025<sup>[†](#e001)</sup> | $15.93 | $(0.00)<sup>[5](#e006)</sup> | $(0.42) | $(0.42) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $15.51 | (2.64)%<sup>[1](#e002)</sup> | $232551 | 1.14%<sup>[2](#e003)</sup> | 1.14%<sup>[2](#e003)</sup> | 1.14%<sup>[2](#e003)</sup> | (0.04)%<sup>[2](#e003),</sup><sup>[5](#e006)</sup> | 23% |
| 2024 | 15.52 | (0.02) | 1.69 | 1.67 | –&nbsp;&nbsp;&nbsp;&nbsp; | (1.26) | (1.26) | 15.93 | 10.43 | 260433 | 1.12 | 1.12 | 1.12 | (0.13) | 35 |
| 2023 | 13.59 | 0.01 | 2.65 | 2.66 | (0.02) | (0.71) | (0.73) | 15.52 | 19.65 | 262010 | 1.12 | 1.12 | 1.12 | 0.10 | 35 |
| 2022 | 17.21 | 0.02 | (2.94) | (2.92) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.70) | (0.70) | 13.59 | (16.94) | 214424 | 1.12 | 1.12 | 1.12 | 0.15 | 35 |
| 2021 | 16.22 | (0.03) | 4.84 | 4.81 | –&nbsp;&nbsp;&nbsp;&nbsp; | (3.82) | (3.82) | 17.21 | 30.89 | 291961 | 1.08 | 1.08 | 1.08 | (0.18) | 69 |
| 2020 | 12.80 | (0.02) | 3.44 | 3.42 | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | 16.22 | 26.72 | 340877 | 1.12 | 1.12 | 1.12 | (0.17) | 53 |
| **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** | **Royce Small-Cap Opportunity Fund–R Class** |
| 2025<sup>[†](#e001)</sup> | $13.42 | $(0.05)<sup>[5](#e006)</sup> | $(0.34) | $(0.39) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $13.03 | (2.91)%<sup>[1](#e002)</sup> | $35645 | 1.90%<sup>[2](#e003)</sup> | 1.90%<sup>[2](#e003)</sup> | 1.90%<sup>[2](#e003)</sup> | (0.80)%<sup>[2](#e003),</sup><sup>[5](#e006)</sup> | 23% |
| 2024 | 13.18 | (0.12) | 1.43 | 1.31 | –&nbsp;&nbsp;&nbsp;&nbsp; | (1.07) | (1.07) | 13.42 | 9.54 | 40741 | 1.85 | 1.85 | 1.85 | (0.87) | 35 |
| 2023 | 11.61 | (0.08) | 2.25 | 2.17 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.60) | (0.60) | 13.18 | 18.76 | 45422 | 1.85 | 1.85 | 1.85 | (0.63) | 35 |
| 2022 | 14.80 | (0.07) | (2.53) | (2.60) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.59) | (0.59) | 11.61 | (17.54) | 38971 | 1.85 | 1.85 | 1.85 | (0.57) | 35 |
| 2021 | 14.03 | (0.16) | 4.20 | 4.04 | –&nbsp;&nbsp;&nbsp;&nbsp; | (3.27) | (3.27) | 14.80 | 30.01 | 51537 | 1.81 | 1.81 | 1.81 | (0.90) | 69 |
| 2020 | 11.16 | (0.09) | 2.96 | 2.87 | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | 14.03 | 25.72 | 36065 | 1.88 | 1.87 | 1.87 | (0.93) | 53 |
| **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** | **Royce Small-Cap Special Equity Fund–Investment Class** |
| 2025<sup>[†](#e001)</sup> | $15.20 | $0.12 | $(1.05) | $(0.93) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $14.27 | (6.12)%<sup>[1](#e002)</sup> | $393946 | 1.27%<sup>[2](#e003)</sup> | 1.27%<sup>[2](#e003)</sup> | 1.24%<sup>[2](#e003)</sup> | 1.72%<sup>[2](#e003)</sup> | 3% |
| 2024 | 17.05 | 0.36<sup>[6](#e007)</sup> | 0.27 | 0.63 | (0.40) | (2.08) | (2.48) | 15.20 | 3.05 | 481035 | 1.22 | 1.22 | 1.22 | 2.116 | 5 |
| 2023 | 15.92 | 0.24 | 1.80 | 2.04 | (0.25) | (0.66) | (0.91) | 17.05 | 12.83 | 605345 | 1.22 | 1.22 | 1.22 | 1.45 | 14 |
| 2022 | 19.09 | 0.18 | (1.39) | (1.21) | (0.19) | (1.77) | (1.96) | 15.92 | (6.33) | 587346 | 1.21 | 1.21 | 1.21 | 1.01 | 23 |
| 2021 | 18.22 | 0.17 | 3.86 | 4.03 | (0.20) | (2.96) | (3.16) | 19.09 | 22.50 | 755338 | 1.20 | 1.20 | 1.20 | 0.82 | 42 |
| 2020 | 17.59 | 0.27 | 1.03 | 1.30 | (0.26) | (0.41) | (0.67) | 18.22 | 7.43 | 702556 | 1.23 | 1.23 | 1.23 | 1.68 | 39 |

---

See Notes to Financial Statements 34

Financial Highlights

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund's performance for the periods presented. Per share amounts have been determined on the basis of the weighted average number of shares outstanding during the period.

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | | |
| |<br>Net Asset Value,<br> Beginning of<br> Period |<br>Net Investment<br> Income (Loss) | <br>Net Realized and<br> Unrealized Gain (Loss)<br> on Investments and<br> Foreign Currency |<br>Total from<br> Investment<br> Operations |<br>Distributions<br> from Net<br> Investment<br> Income |<br>Distributions from<br> Net Realized Gain on<br> Investments and<br> Foreign Currency |<br>Total<br> Distributions |<br>Net Asset<br> Value, End of<br> Period |<br>Total Return |<br>Net Assets,<br> End of Period<br> (in thousands) | Prior to Fee<br> Waivers,<br> Expense<br> Reimbursements<br> and Balance<br> Credits | Prior to Fee<br> Waivers and<br> Expense<br> Reimbursements | Net of Fee<br> Waivers and<br> Expense<br> Reimbursements |<br>Ratio of Net<br> Investment<br> Income (Loss) to<br> Average Net<br> Assets |<br>Portfolio<br> Turnover Rate |
| **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** | **Royce Small-Cap Special Equity Fund–Service Class** |
| 2025<sup>[†](#e001)</sup> | $15.20 | $0.10 | $(1.04) | $(0.94) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $14.26 | (6.18)%<sup>[1](#e002)</sup> | $23809 | 1.65%<sup>[2](#e003)</sup> | 1.65%<sup>[2](#e003)</sup> | 1.49%<sup>[2](#e003)</sup> | 1.47%<sup>[2](#e003)</sup> | 3% |
| 2024 | 17.05 | 0.32<sup>[6](#e007)</sup> | 0.26 | 0.58 | (0.36) | (2.07) | (2.43) | 15.20 | 2.77 | 27792 | 1.58 | 1.58 | 1.49 | 1.87<sup>[6](#e007)</sup> | 5 |
| 2023 | 15.92 | 0.19 | 1.79 | 1.98 | (0.20) | (0.65) | (0.85) | 17.05 | 12.50 | 32297 | 1.58 | 1.57 | 1.49 | 1.16 | 14 |
| 2022 | 19.06 | 0.12 | (1.37) | (1.25) | (0.13) | (1.76) | (1.89) | 15.92 | (6.56) | 34729 | 1.57 | 1.57 | 1.49 | 0.70 | 23 |
| 2021 | 18.19 | 0.12 | 3.85 | 3.97 | (0.16) | (2.94) | (3.10) | 19.06 | 22.19 | 57738 | 1.54 | 1.54 | 1.46 | 0.57 | 42 |
| 2020 | 17.56 | 0.24 | 1.04 | 1.28 | (0.24) | (0.41) | (0.65) | 18.19 | 7.29 | 46671 | 1.60 | 1.60 | 1.39 | 1.49 | 39 |
| **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** | **Royce Small-Cap Special Equity Fund–Consultant Class** |
| 2025<sup>[†](#e001)</sup> | $13.78 | $0.05 | $(0.96) | $(0.91) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $12.87 | (6.60)%<sup>[1](#e002)</sup> | $10646 | 2.45%<sup>[2](#e003)</sup> | 2.45%<sup>[2](#e003)</sup> | 2.24%<sup>[2](#e003)</sup> | 0.72%<sup>[2](#e003)</sup> | 3% |
| 2024 | 15.49 | 0.17<sup>[6](#e007)</sup> | 0.24 | 0.41 | (0.25) | (1.87) | (2.12) | 13.78 | 2.00 | 13029 | 2.35 | 2.35 | 2.24 | 1.10<sup>[6](#e007)</sup> | 5 |
| 2023 | 14.49 | 0.05 | 1.63 | 1.68 | (0.09) | (0.59) | (0.68) | 15.49 | 11.64 | 15317 | 2.36 | 2.35 | 2.31 | 0.35 | 14 |
| 2022 | 17.37 | (0.04) | (1.25) | (1.29) | –&nbsp;&nbsp;&nbsp;&nbsp; | (1.59) | (1.59) | 14.49 | (7.43) | 15189 | 2.40 | 2.40 | 2.40 | (0.23) | 23 |
| 2021 | 16.60 | (0.05) | 3.50 | 3.45 | (0.01) | (2.67) | (2.68) | 17.37 | 21.16 | 25068 | 2.31 | 2.31 | 2.31 | (0.29) | 42 |
| 2020 | 16.05 | 0.09 | 0.92 | 1.01 | (0.09) | (0.37) | (0.46) | 16.60 | 6.27 | 18852 | 2.31 | 2.31 | 2.31 | 0.59 | 39 |
| **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** | **Royce Small-Cap Special Equity Fund–Institutional Class** |
| 2025<sup>[†](#e001)</sup> | $15.05 | $0.12 | $(1.03) | $(0.91) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $14.14 | (6.05)%<sup>[1](#e002)</sup> | $60603 | 1.18%<sup>[2](#e003)</sup> | 1.18%<sup>[2](#e003)</sup> | 1.18%<sup>[2](#e003)</sup> | 1.76%<sup>[2](#e003)</sup> | 3% |
| 2024 | 16.89 | 0.38<sup>[6](#e007)</sup> | 0.26 | 0.64 | (0.42) | (2.06) | (2.48) | 15.05 | 3.11 | 93301 | 1.14 | 1.13 | 1.13 | 2.21<sup>[6](#e007)</sup> | 5 |
| 2023 | 15.77 | 0.25 | 1.79 | 2.04 | (0.27) | (0.65) | (0.92) | 16.89 | 12.95 | 130917 | 1.14 | 1.14 | 1.14 | 1.55 | 14 |
| 2022 | 18.92 | 0.19 | (1.37) | (1.18) | (0.21) | (1.76) | (1.97) | 15.77 | (6.27) | 116301 | 1.12 | 1.12 | 1.12 | 1.08 | 23 |
| 2021 | 18.06 | 0.19 | 3.82 | 4.01 | (0.22) | (2.93) | (3.15) | 18.92 | 22.63 | 238810 | 1.11 | 1.11 | 1.11 | 0.92 | 42 |
| 2020 | 17.43 | 0.30 | 1.01 | 1.31 | (0.28) | (0.40) | (0.68) | 18.06 | 7.52 | 194911 | 1.15 | 1.15 | 1.15 | 1.84 | 39 |
| **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** | **Royce Small-Cap Total Return Fund–Investment Class** |
| 2025<sup>[†](#e001)</sup> | $7.58 | $0.03 | $(0.29) | $(0.26) | $(0.03) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $(0.03) | $7.29 | (3.42)%<sup>[1](#e002)</sup> | $578857 | 1.23%<sup>[2](#e003)</sup> | 1.23%<sup>[2](#e003)</sup> | 1.14%<sup>[2](#e003)</sup> | 0.84%<sup>[2](#e003)</sup> | 30% |
| 2024 | 7.40 | 0.04 | 0.73 | 0.77 | (0.23) | (0.36) | (0.59) | 7.58 | 10.03 | 625357 | 1.21 | 1.21 | 1.17 | 0.57 | 51 |
| 2023 | 6.56 | 0.06<sup>[7](#e008)</sup> | 1.50 | 1.56 | (0.25) | (0.47) | (0.72) | 7.40 | 24.07 | 642546 | 1.22 | 1.22 | 1.22 | 0.86<sup>[7](#e008)</sup> | 65 |
| 2022 | 8.78 | 0.08 | (1.25) | (1.17) | (0.11) | (0.94) | (1.05) | 6.56 | (13.25) | 591730 | 1.22 | 1.22 | 1.22 | 0.97 | 62 |
| 2021 | 9.34 | 0.12 | 2.21 | 2.33 | (0.13) | (2.76) | (2.89) | 8.78 | 25.78 | 1016331 | 1.20 | 1.20 | 1.20 | 1.09 | 64 |
| 2020 | 10.93 | 0.17 | 0.19 | 0.36 | (0.21) | (1.74) | (1.95) | 9.34 | 3.82 | 893868 | 1.24 | 1.24 | 1.24 | 1.88 | 61 |
| **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** | **Royce Small-Cap Total Return Fund–Service Class** |
| 2025<sup>[†](#e001)</sup> | $7.91 | $0.02 | $(0.31) | $(0.29) | $(0.02) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $(0.02) | $7.60 | (3.66)%<sup>[1](#e002)</sup> | $46881 | 1.59%<sup>[2](#e003)</sup> | 1.59%<sup>[2](#e003)</sup> | 1.49%<sup>[2](#e003)</sup> | 0.48%<sup>[2](#e003)</sup> | 30% |
| 2024 | 7.70 | 0.02 | 0.75 | 0.77 | (0.19) | (0.37) | (0.56) | 7.91 | 9.69 | 56507 | 1.54 | 1.54 | 1.47 | 0.26 | 51 |
| 2023 | 6.80 | 0.04<sup>[7](#e008)</sup> | 1.57 | 1.61 | (0.23) | (0.48) | (0.71) | 7.70 | 23.85 | 58424 | 1.58 | 1.58 | 1.49 | 0.58<sup>[7](#e008)</sup> | 65 |
| 2022 | 9.08 | 0.06 | (1.30) | (1.24) | (0.07) | (0.97) | (1.04) | 6.80 | (13.54) | 58571 | 1.57 | 1.57 | 1.49 | 0.74 | 62 |
| 2021 | 9.62 | 0.09 | 2.28 | 2.37 | (0.07) | (2.84) | (2.91) | 9.08 | 25.54 | 80478 | 1.52 | 1.52 | 1.49 | 0.78 | 64 |
| 2020 | 11.27 | 0.16 | 0.18 | 0.34 | (0.19) | (1.80) | (1.99) | 9.62 | 3.51 | 69634 | 1.55 | 1.55 | 1.49 | 1.64 | 61 |

---

See Notes to Financial Statements 35

Financial Highlights

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund's performance for the periods presented. Per share amounts have been determined on the basis of the weighted average number of shares outstanding during the period.

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | | |
| |<br>Net Asset Value,<br> Beginning of<br> Period |<br>Net Investment<br> Income (Loss) | <br>Net Realized and<br> Unrealized Gain (Loss)<br> on Investments and<br> Foreign Currency |<br>Total from<br> Investment<br> Operations |<br>Distributions<br> from Net<br> Investment<br> Income |<br>Distributions from<br> Net Realized Gain on<br> Investments and<br> Foreign Currency |<br>Total<br> Distributions |<br>Net Asset<br> Value, End of<br> Period |<br>Total Return |<br>Net Assets,<br> End of Period<br> (in thousands) | Prior to Fee<br> Waivers,<br> Expense<br> Reimbursements<br> and Balance<br> Credits | Prior to Fee<br> Waivers and<br> Expense<br> Reimbursements | Net of Fee<br> Waivers and<br> Expense<br> Reimbursements |<br>Ratio of Net<br> Investment<br> Income (Loss) to<br> Average Net<br> Assets |<br>Portfolio<br> Turnover Rate |
| **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** | **Royce Small-Cap Total Return Fund–Consultant Class** |
| 2025<sup>[†](#e001)</sup> | $8.05 | $(0.01) | $(0.30) | $(0.31) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $7.74 | (3.85)%<sup>[1](#e002)</sup> | $72857 | 2.27%<sup>[2](#e003)</sup> | 2.26%<sup>[2](#e003)</sup> | 2.17%<sup>[2](#e003)</sup> | (0.20)%<sup>[2](#e003)</sup> | 30% |
| 2024 | 7.83 | (0.04) | 0.75 | 0.71 | (0.12) | (0.37) | (0.49) | 8.05 | 8.79 | 81872 | 2.24 | 2.24 | 2.20 | (0.46) | 51 |
| 2023 | 6.89 | (0.01)<sup>[7](#e008)</sup> | 1.58 | 1.57 | (0.14) | (0.49) | (0.63) | 7.83 | 22.91 | 85488 | 2.25 | 2.24 | 2.24 | (0.17)<sup>[7](#e008)</sup> | 65 |
| 2022 | 9.18 | 0.00 | (1.31) | (1.31) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.98) | (0.98) | 6.89 | (14.15) | 84448 | 2.23 | 2.23 | 2.23 | 0.01 | 62 |
| 2021 | 9.75 | 0.01 | 2.31 | 2.32 | (0.01) | (2.88) | (2.89) | 9.18 | 24.63 | 112649 | 2.18 | 2.18 | 2.18 | 0.09 | 64 |
| 2020 | 11.31 | 0.09 | 0.18 | 0.27 | (0.03) | (1.80) | (1.83) | 9.75 | 2.76 | 110179 | 2.22 | 2.22 | 2.22 | 0.88 | 61 |
| **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** | **Royce Small-Cap Total Return Fund–Institutional Class** |
| 2025<sup>[†](#e001)</sup> | $7.41 | $0.03 | $(0.28) | $(0.25) | $(0.04) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $(0.04) | $7.12 | (3.43)%<sup>[1](#e002)</sup> | $202547 | 1.14%<sup>[2](#e003)</sup> | 1.14%<sup>[2](#e003)</sup> | 1.02%<sup>[2](#e003)</sup> | 0.97%<sup>[2](#e003)</sup> | 30% |
| 2024 | 7.24 | 0.05 | 0.71 | 0.76 | (0.24) | (0.35) | (0.59) | 7.41 | 10.19 | 211812 | 1.12 | 1.12 | 1.07 | 0.67 | 51 |
| 2023 | 6.43 | 0.07<sup>[7](#e008)</sup> | 1.46 | 1.53 | (0.27) | (0.45) | (0.72) | 7.24 | 24.12 | 212581 | 1.13 | 1.13 | 1.13 | 0.95<sup>[7](#e008)</sup> | 65 |
| 2022 | 8.61 | 0.08 | (1.22) | (1.14) | (0.12) | (0.92) | (1.04) | 6.43 | (13.13) | 181476 | 1.14 | 1.14 | 1.14 | 1.07 | 62 |
| 2021 | 9.17 | 0.13 | 2.17 | 2.30 | (0.14) | (2.72) | (2.86) | 8.61 | 25.91 | 279510 | 1.10 | 1.10 | 1.10 | 1.19 | 64 |
| 2020 | 10.77 | 0.18 | 0.18 | 0.36 | (0.24) | (1.72) | (1.96) | 9.17 | 3.87 | 208605 | 1.13 | 1.13 | 1.13 | 1.98 | 61 |
| **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** | **Royce Small-Cap Total Return Fund–R Class** |
| 2025<sup>[†](#e001)</sup> | $8.08 | $0.01 | $(0.31) | $(0.30) | $(0.01) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $(0.01) | $7.77 | (3.77)%<sup>[1](#e002)</sup> | $20731 | 1.93%<sup>[2](#e003)</sup> | 1.93%<sup>[2](#e003)</sup> | 1.84%<sup>[2](#e003)</sup> | 0.16%<sup>[2](#e003)</sup> | 30% |
| 2024 | 7.85 | (0.01) | 0.76 | 0.75 | (0.14) | (0.38) | (0.52) | 8.08 | 9.26 | 22112 | 1.89 | 1.89 | 1.85 | (0.11) | 51 |
| 2023 | 6.92 | 0.01<sup>[7](#e008)</sup> | 1.59 | 1.60 | (0.18) | (0.49) | (0.67) | 7.85 | 23.28 | 22322 | 1.91 | 1.91 | 1.91 | 0.17<sup>[7](#e008)</sup> | 65 |
| 2022 | 9.20 | 0.03 | (1.32) | (1.29) | (0.01) | (0.98) | (0.99) | 6.92 | (13.87) | 20180 | 1.91 | 1.91 | 1.91 | 0.32 | 62 |
| 2021 | 9.76 | 0.05 | 2.31 | 2.36 | (0.04) | (2.88) | (2.92) | 9.20 | 25.01 | 27040 | 1.85 | 1.85 | 1.85 | 0.42 | 64 |
| 2020 | 11.38 | 0.12 | 0.18 | 0.30 | (0.12) | (1.80) | (1.92) | 9.76 | 3.08 | 30027 | 1.89 | 1.88 | 1.88 | 1.23 | 61 |
| **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** | **Royce Small-Cap Value Fund–Investment Class** |
| 2025<sup>[†](#e001)</sup> | $10.06 | $0.06 | $(0.56) | $(0.50) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $9.56 | (4.97)%<sup>[1](#e002)</sup> | $29941 | 1.41%<sup>[2](#e003)</sup> | 1.40%<sup>[2](#e003)</sup> | 1.24%<sup>[2](#e003)</sup> | 1.25%<sup>[2](#e003)</sup> | 21% |
| 2024 | 10.30 | 0.12 | 0.28 | 0.40 | (0.13) | (0.51) | (0.64) | 10.06 | 3.54 | 35267 | 1.35 | 1.34 | 1.24 | 1.16 | 43 |
| 2023 | 8.85 | 0.11 | 2.21 | 2.32 | (0.12) | (0.75) | (0.87) | 10.30 | 26.39 | 37440 | 1.36 | 1.35 | 1.24 | 1.15 | 48 |
| 2022 | 10.43 | 0.07 | (1.09) | (1.02) | (0.05) | (0.51) | (0.56) | 8.85 | (9.87) | 35545 | 1.35 | 1.35 | 1.24 | 0.76 | 62 |
| 2021 | 8.61 | 0.02 | 2.41 | 2.43 | (0.01) | (0.60) | (0.61) | 10.43 | 28.48 | 44621 | 1.31 | 1.31 | 1.24 | 0.20 | 53 |
| 2020 | 9.57 | 0.06 | (0.66) | (0.60) | (0.17) | (0.19) | (0.36) | 8.61 | (6.25) | 34523 | 1.39 | 1.39 | 1.24 | 0.76 | 61 |
| **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** | **Royce Small-Cap Value Fund–Service Class** |
| 2025<sup>[†](#e001)</sup> | $10.01 | $0.05 | $(0.57) | $(0.52) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $9.49 | (5.19)%<sup>[1](#e002)</sup> | $64433 | 1.65%<sup>[2](#e003)</sup> | 1.65%<sup>[2](#e003)</sup> | 1.49%<sup>[2](#e003)</sup> | 0.99%<sup>[2](#e003)</sup> | 21% |
| 2024 | 10.24 | 0.10 | 0.27 | 0.37 | (0.09) | (0.51) | (0.60) | 10.01 | 3.35 | 73785 | 1.60 | 1.60 | 1.49 | 0.93 | 43 |
| 2023 | 8.81 | 0.09 | 2.18 | 2.27 | (0.10) | (0.74) | (0.84) | 10.24 | 25.96 | 99077 | 1.62 | 1.62 | 1.49 | 0.92 | 48 |
| 2022 | 10.38 | 0.05 | (1.09) | (1.04) | (0.03) | (0.50) | (0.53) | 8.81 | (10.06) | 68455 | 1.59 | 1.59 | 1.49 | 0.52 | 62 |
| 2021 | 8.58 | (0.01) | 2.41 | 2.40 | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.60) | (0.60) | 10.38 | 28.24 | 81840 | 1.55 | 1.55 | 1.49 | (0.06) | 53 |
| 2020 | 9.54 | 0.04 | (0.66) | (0.62) | (0.15) | (0.19) | (0.34) | 8.58 | (6.47) | 75502 | 1.62 | 1.62 | 1.49 | 0.50 | 61 |

---

See Notes to Financial Statements 36

Financial Highlights

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund's performance for the periods presented. Per share amounts have been determined on the basis of the weighted average number of shares outstanding during the period.

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets | | |
| |<br>Net Asset Value,<br> Beginning of<br> Period |<br>Net Investment<br> Income (Loss) | <br>Net Realized and<br> Unrealized Gain (Loss)<br> on Investments and<br> Foreign Currency |<br>Total from<br> Investment<br> Operations |<br>Distributions<br> from Net<br> Investment<br> Income |<br>Distributions from<br> Net Realized Gain on<br> Investments and<br> Foreign Currency |<br>Total<br> Distributions |<br>Net Asset<br> Value, End of<br> Period |<br>Total Return |<br>Net Assets,<br> End of Period<br> (in thousands) | Prior to Fee<br> Waivers,<br> Expense<br> Reimbursements<br> and Balance<br> Credits | Prior to Fee<br> Waivers and<br> Expense<br> Reimbursements | Net of Fee<br> Waivers and<br> Expense<br> Reimbursements |<br>Ratio of Net<br> Investment<br> Income (Loss) to<br> Average Net<br> Assets |<br>Portfolio<br> Turnover Rate |
| **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** | **Royce Smaller-Companies Growth Fund–Investment Class** |
| 2025<sup>[†](#e001)</sup> | $7.90 | $(0.02) | $0.62 | $0.60 | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $8.50 | 7.59%<sup>[1](#e002)</sup> | $72824 | 1.29%<sup>[2](#e003)</sup> | 1.28%<sup>[2](#e003)</sup> | 1.02%<sup>[2](#e003)</sup> | (0.49)%<sup>[2](#e003)</sup> | 32% |
| 2024 | 6.66 | (0.04) | 1.53 | 1.49 | (0.08) | (0.17) | (0.25) | 7.90 | 22.15 | 64900 | 1.26 | 1.26 | 1.24 | (0.60) | 73 |
| 2023 | 5.69 | (0.04) | 1.01 | 0.97 | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | 6.66 | 17.05 | 63279 | 1.27 | 1.27 | 1.24 | (0.68) | 65 |
| 2022 | 8.74 | (0.06) | (2.74) | (2.80) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.25) | (0.25) | 5.69 | (32.07) | 61107 | 1.26 | 1.26 | 1.24 | (0.97) | 66 |
| 2021 | 11.06 | (0.11) | 0.83 | 0.72 | –&nbsp;&nbsp;&nbsp;&nbsp; | (3.04) | (3.04) | 8.74 | 8.09 | 106318 | 1.19 | 1.19 | 1.19 | (0.91) | 50 |
| 2020 | 8.21 | (0.07) | 4.06 | 3.99 | –&nbsp;&nbsp;&nbsp;&nbsp; | (1.14) | (1.14) | 11.06 | 49.61 | 112668 | 1.25 | 1.25 | 1.24 | (0.86) | 61 |
| **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** | **Royce Smaller-Companies Growth Fund–Service Class** |
| 2025<sup>[†](#e001)</sup> | $7.60 | $(0.03) | $0.58 | $0.55 | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $8.15 | 7.24%<sup>[1](#e002)</sup> | $114081 | 1.57%<sup>[2](#e003)</sup> | 1.57%<sup>[2](#e003)</sup> | 1.45%<sup>[2](#e003)</sup> | (0.93)%<sup>[2](#e003)</sup> | 32% |
| 2024 | 6.41 | (0.06) | 1.47 | 1.41 | (0.06) | (0.16) | (0.22) | 7.60 | 21.84 | 116998 | 1.55 | 1.55 | 1.49 | (0.85) | 73 |
| 2023 | 5.48 | (0.06) | 0.99 | 0.93 | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | 6.41 | 16.97 | 112078 | 1.57 | 1.57 | 1.49 | (0.93) | 65 |
| 2022 | 8.45 | (0.08) | (2.65) | (2.73) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.24) | (0.24) | 5.48 | (32.37) | 105585 | 1.55 | 1.55 | 1.49 | (1.22) | 66 |
| 2021 | 10.74 | (0.15) | 0.82 | 0.67 | –&nbsp;&nbsp;&nbsp;&nbsp; | (2.96) | (2.96) | 8.45 | 7.78 | 178553 | 1.51 | 1.51 | 1.49 | (1.21) | 50 |
| 2020 | 7.99 | (0.09) | 3.95 | 3.86 | –&nbsp;&nbsp;&nbsp;&nbsp; | (1.11) | (1.11) | 10.74 | 49.26 | 181591 | 1.54 | 1.54 | 1.49 | (1.11) | 61 |
| **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** | **Royce Smaller-Companies Growth Fund–Institutional Class** |
| 2025<sup>[†](#e001)</sup> | $8.03 | $(0.02) | $0.62 | $0.60 | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $–&nbsp;&nbsp;&nbsp;&nbsp; | $8.63 | 7.47%<sup>[1](#e002)</sup> | $6501 | 1.52%<sup>[2](#e003)</sup> | 1.51%<sup>[2](#e003)</sup> | 1.02%<sup>[2](#e003)</sup> | (0.48)%<sup>[2](#e003)</sup> | 32% |
| 2024 | 6.77 | (0.04) | 1.55 | 1.51 | (0.08) | (0.17) | (0.25) | 8.03 | 22.09 | 5642 | 1.54 | 1.53 | 1.24 | (0.59) | 73 |
| 2023 | 5.77 | (0.04) | 1.04 | 1.00 | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | –&nbsp;&nbsp;&nbsp;&nbsp; | 6.77 | 17.33 | 5231 | 1.54 | 1.53 | 1.21 | (0.65) | 65 |
| 2022 | 8.87 | (0.06) | (2.79) | (2.85) | –&nbsp;&nbsp;&nbsp;&nbsp; | (0.25) | (0.25) | 5.77 | (32.17) | 4400 | 1.53 | 1.53 | 1.16 | (0.89) | 66 |
| 2021 | 11.23 | (0.11) | 0.85 | 0.74 | –&nbsp;&nbsp;&nbsp;&nbsp; | (3.10) | (3.10) | 8.87 | 8.16 | 7278 | 1.41 | 1.41 | 1.16 | (0.88) | 50 |
| 2020 | 8.33 | (0.07) | 4.13 | 4.06 | –&nbsp;&nbsp;&nbsp;&nbsp; | (1.16) | (1.16) | 11.23 | 49.70 | 5646 | 1.44 | 1.44 | 1.23 | (0.85) | 61 |
| **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** | **Royce SMid-Cap Total Return Fund–Investment Class** |
| 2025<sup>[†](#e001)</sup> | $5.94 | $0.02 | $(0.05) | $(0.03) | $(0.03) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $(0.03) | $5.88 | (0.58)%<sup>[1](#e002)</sup> | $47195 | 1.27%<sup>[2](#e003)</sup> | 1.27%<sup>[2](#e003)</sup> | 1.09%<sup>[2](#e003)</sup> | 0.85%<sup>[2](#e003)</sup> | 24% |
| 2024 | 6.00 | 0.06 | 1.18 | 1.24 | (0.23) | (1.07) | (1.30) | 5.94 | 20.09 | 49634 | 1.24 | 1.24 | 1.09 | 0.92 | 62 |
| 2023 | 5.48 | 0.06 | 1.20 | 1.26 | (0.08) | (0.66) | (0.74) | 6.00 | 23.12 | 44754 | 1.28 | 1.27 | 1.09 | 1.05 | 14 |
| 2022 | 6.40 | 0.04 | (0.90) | (0.86) | (0.05) | (0.01) | (0.06) | 5.48 | (13.45) | 43264 | 1.27 | 1.27 | 1.09 | 0.80 | 3 |
| 2021 | 6.11 | 0.05 | 1.17 | 1.22 | (0.06) | (0.87) | (0.93) | 6.40 | 20.47 | 54466 | 1.21 | 1.21 | 1.09 | 0.76 | 0 |
| 2020 | 6.21 | 0.07 | 0.20 | 0.27 | (0.11) | (0.26) | (0.37) | 6.11 | 4.57 | 53421 | 1.26 | 1.26 | 1.09 | 1.27 | 4 |
| **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** | **Royce SMid-Cap Total Return Fund–Service Class** |
| 2025<sup>[†](#e001)</sup> | $6.22 | $0.02 | $(0.06) | $(0.04) | $(0.02) | $–&nbsp;&nbsp;&nbsp;&nbsp; | $(0.02) | $6.16 | (0.63)%<sup>[1](#e002)</sup> | $19715 | 1.59%<sup>[2](#e003)</sup> | 1.59%<sup>[2](#e003)</sup> | 1.34%<sup>[2](#e003)</sup> | 0.61%<sup>[2](#e003)</sup> | 24% |
| 2024 | 6.27 | 0.05 | 1.22 | 1.27 | (0.20) | (1.12) | (1.32) | 6.22 | 19.62 | 20702 | 1.56 | 1.56 | 1.34 | 0.67 | 62 |
| 2023 | 5.71 | 0.05 | 1.25 | 1.30 | (0.06) | (0.68) | (0.74) | 6.27 | 22.92 | 18421 | 1.62 | 1.61 | 1.34 | 0.81 | 14 |
| 2022 | 6.65 | 0.03 | (0.94) | (0.91) | (0.02) | (0.01) | (0.03) | 5.71 | (13.62) | 14005 | 1.62 | 1.62 | 1.34 | 0.55 | 3 |
| 2021 | 6.34 | 0.04 | 1.21 | 1.25 | (0.04) | (0.90) | (0.94) | 6.65 | 20.11 | 19518 | 1.54 | 1.54 | 1.34 | 0.51 | 0 |
| 2020 | 6.42 | 0.06 | 0.21 | 0.27 | (0.08) | (0.27) | (0.35) | 6.34 | 4.47 | 19687 | 1.60 | 1.60 | 1.34 | 1.02 | 4 |

---

See Notes to Financial Statements 37

Financial Highlights

<sup>†</sup> Six months ended June 30, 2025 (unaudited).

<sup>1</sup> Not annualized

<sup>2</sup> Annualized

<sup>3</sup> For Royce Micro-Cap Fund, a special distribution from Concrete Pumping Holdings resulted in an increase in net investment income (loss) per share of $0.01 and an increase in the ratio of net investment income (loss) to average net assets of 0.19% for the Investment Class, $0.01 per share and 0.19% for the Service Class and $0.01 per share and 0.20% for the Consultant Class.

<sup>4</sup> For Royce Small-Cap Fund, a special distribution from E-L Financial resulted in an increase in net investment income (loss) per share of $0.01 and an increase in the ratio of net investment income (loss) to average net assets of 0.25% for the Investment Class, $0.01 per share and 0.24% for the Service Class, $0.01 per share and 0.24% for the Consultant Class and $0.01 per share and 0.24% for the Institutional Class.

<sup>5</sup> For Royce Small-Cap Opportunity Fund, a special distribution from Concrete Pumping Holdings resulted in an increase in net investment income (loss) per share of $0.01 and an increase in the ratio of net investment income (loss) to average net assets of 0.11% for the Investment Class, $0.01 per share and 0.10% for the Service Class, $0.01 per share and 0.10% for the Consultant Class, $0.01 per share and 0.10% for the Institutional Class and $0.01 per share and 0.11% for the R Class.

<sup>6</sup> For Royce Small-Cap Special Equity Fund, a special distribution in 2024 from Ennis resulted in an increase in net investment income (loss) per share of $0.07 and an increase in the ratio of net investment income (loss) to average net assets of 0.44% for the Investment Class, $0.08 per share and 0.45% for the Service Class, $0.07 per share and 0.44% for the Consultant Class and $0.08 per share and 0.45% for the Institutional Class.

<sup>7</sup> For Royce Small-Cap Total Return Fund, a special distribution in 2023 from Tel Aviv Stock Exchange resulted in an increase in net investment income (loss) per share of $0.01 and an increase in the ratio of net investment income (loss) to average net assets of 0.17% for the Investment Class, $0.01 per share and 0.16% for the Service Class, $0.01 per share and 0.16% for the Consultant Class, $0.01 per share and 0.17% for the Institutional Class and $0.01 per share and 0.17% for the R Class.

See Notes to Financial Statements 38

Notes to Financial Statements (unaudited)

**Summary of Significant Accounting Policies:**

Royce International Premier Fund, Royce Micro-Cap Fund, Royce Premier Fund, Royce Small-Cap Fund, Royce Small-Cap Opportunity Fund, Royce Small-Cap Special Equity Fund, Royce Small-Cap Total Return Fund, Royce Small-Cap Value Fund, Royce Smaller-Companies Growth Fund and Royce SMid-Cap Total Return Fund (formerly Royce Dividend Value Fund) (each, a "Fund," and collectively, the "Funds") are the 10 series of The Royce Fund (the "Trust"), an open-end management investment company organized as a Delaware statutory trust.

Classes of shares have equal rights as to earnings and assets, except that each class may bear different fees and expenses for distribution, shareholder servicing, registration and shareholder reports, and receive different transfer agent balance credits and expense reimbursements. Investment income, realized and unrealized capital gains or losses on investments and foreign currency, and expenses other than those attributable to a specific class are allocated to each class of shares based on its relative net assets.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Each Fund is an investment company registered under the Investment Company Act of 1940 (the "1940 Act") and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services-Investment Companies."

Royce & Associates, LP, the Funds' investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners ("Royce").

VALUATION OF INVESTMENTS:

Portfolio securities held by the Funds are valued as of the close of trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on the valuation date. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.

Portfolio securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as "Level 1" inputs because they represent reliable quoted prices in active markets for identical securities.

If the value of a portfolio security held by a Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be "fair valued." The Trust's Board of Trustees has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the 1940 Act ("Rule 2a-5"). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Trust's Board of Trustees and policies and procedures adopted by Royce in its capacity as valuation designee for the Trust. Fair valued securities are reported as either "Level 2" or "Level 3" securities.

As a general principle, the fair value of a security is the amount which a Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.

Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Funds on a particular valuation date include:

● Over-the-counter equity securities other than those traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system (collectively referred to herein as "Other OTC Equity Securities") are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities;

● Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and

● The Funds use an independent pricing service to fair value certain non-U.S. equity securities when U.S. market volatility exceeds a certain threshold set by Royce as valuation designee. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts, and other indications to estimate the fair value of such non-U.S. securities.

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer's ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas.

A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if:

● an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system, has not traded and there are no bids;

● Royce does not receive at least two bid side quotes for an Other OTC Equity Security;

● the independent pricing services are unable to supply fair value prices; or

● the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time a Fund prices its shares).

The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Funds as of June 30, 2025. Any Level 2 or Level 3 securities held by a Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Royce International Premier Fund** |  |  |  |  |
| Common Stocks | $125241792 | $– | $– | $**125241792** |
| Preferred Stocks | 1787290 | – | – | **1787290** |
| Repurchase Agreement | – | 6041816 | – | **6041816** |
| **Royce Micro-Cap Fund** |  |  |  |  |
| Common Stocks | 278076027 | 394537 | 0 | **278470564** |
| Money Market Fund/Collateral Received for Securities Loaned | 5341251 | – | – | **5341251** |
| Repurchase Agreement | – | 4100000 | – | **4100000** |
| **Royce Premier Fund** |  |  |  |  |
| Common Stocks | 1037005938 | – | – | **1037005938** |
| Repurchase Agreement | – | 15714236 | – | **15714236** |
| **Royce Small-Cap Fund** |  |  |  |  |
| Common Stocks | 1680517063 | 580457 | – | **1681097520** |
| Money Market Fund/Collateral Received for Securities Loaned | 11080900 | – | – | **11080900** |
| Repurchase Agreement | – | 40811734 | – | **40811734** |
| **Royce Small-Cap Opportunity Fund** |  |  |  |  |
| Common Stocks | 1007227038 | – | 0 | **1007227038** |
| Money Market Fund/Collateral Received for Securities Loaned | 2453227 | – | – | **2453227** |
| Repurchase Agreement | – | 25473379 | – | **25473379** |
| **Royce Small-Cap Special Equity Fund** |  |  |  |  |
| Common Stocks | 397582925 | 2765175 | – | **400348100** |
| Repurchase Agreement | – | 89140490 | – | **89140490** |
| **Royce Small-Cap Total Return Fund** |  |  |  |  |
| Common Stocks | 881442439 | – | – | **881442439** |
| Repurchase Agreement | – | 36914788 | – | **36914788** |
| **Royce Small-Cap Value Fund** |  |  |  |  |
| Common Stocks | 93468554 | – | – | **93468554** |
| Repurchase Agreement | – | 970417 | – | **970417** |
| **Royce Smaller-Companies Growth Fund** |  |  |  |  |
| Common Stocks | 182639770 | – | – | **182639770** |
| Money Market Fund/Collateral Received for Securities Loaned | 2840750 | – | – | **2840750** |
| Repurchase Agreement | – | 11154705 | – | **11154705** |
| **Royce SMid-Cap Total Return Fund** |  |  |  |  |
| Common Stocks | 63760930 | – | – | **63760930** |
| Repurchase Agreement | – | 3061079 | – | **3061079** |

---

Notes to Financial Statements (unaudited) (continued)

REPURCHASE AGREEMENTS:

The Funds may enter into repurchase agreements with institutions that the Funds' investment adviser has determined are creditworthy. Each Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of each Fund to dispose of its underlying securities. The remaining contractual maturities of repurchase agreements held by the Funds as of June 30, 2025, are next business day and continuous.

FOREIGN CURRENCY:

Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates.

The Funds do not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Certain Funds invest a significant portion of their respective assets in foreign companies that may be subject to different risks than investments in securities of U.S. companies, including adverse political, social, economic, or other developments that are unique to a particular country or region. Therefore, the prices of securities of foreign companies in particular countries or regions may, at times, move in a different direction than those of securities of U.S. companies. Because such investments in securities of foreign companies are usually denominated in foreign currencies and such Funds do not intend to hedge their foreign currency exposures, the U.S. dollar value of such investments may be harmed by declines in the value of foreign currencies in relation to the U.S. dollar.

SECURITIES LENDING:

The Funds loan securities through a lending agent, State Street Bank and Trust Company, to qualified institutional investors for the purpose of earning additional income. The lending agent receives and holds collateral from such borrowers to secure their obligations to the Funds. Such loans must be secured at all times by collateral in an amount at least equal to the market value of the loaned securities. The market values of the loaned securities and the collateral fluctuate and are determined at the close of each business day by the lending agent. Borrowers are required to post additional collateral to the lending agent on the next succeeding business day in the event of a collateral shortfall. Counterparty risk is further reduced by loaning securities only to parties that participate in a Global Securities Lending Program organized and monitored by the lending agent and that are deemed by it to satisfy its requirements and by having the lending agent enter into securities lending agreements with such borrowers. The lending agent is not affiliated with Royce.

Collateral may be in the form of cash or U.S. Treasuries. Cash collateral is invested in certain money market pooled investment vehicles. The Funds record a liability in their respective Statements of Assets and Liabilities for the return of such cash collateral during periods in which securities are on loan. The Funds bear the risk of loss for any decrease in the market value of the loaned securities or the investments purchased with cash collateral received from the borrowers.

Pursuant to the agreement in place between the Funds and the lending agent, if a borrower fails to return loaned securities, and the cash collateral being maintained by the lending agent on behalf of such borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is not the result of investment losses, the lending agent shall, at its option, either replace the loaned securities or pay the amount of the shortfall to the Funds. In the event of the bankruptcy of a borrower, the Funds could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.

Loans of securities generally do not have stated maturity dates, and the Funds may recall a security at any time. The Funds' securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. Pursuant to the agreement in place between the Funds and the lending agent, the Funds are responsible for any shortfall in the event the value of the investments purchased with cash collateral is insufficient to pay the rebate fee to the borrower.

Notes to Financial Statements (unaudited) (continued)

SECURITIES LENDING (continued):

The following table presents cash collateral and the market value of securities on loan collateralized by cash collateral held by the Funds as of June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **CASH COLLATERAL<sup>[1](#f001)</sup>** | **SECURITIES ON LOAN COLLATERALIZED<br> BY CASH COLLATERAL** | **NET AMOUNT** |
| **Royce Micro-Cap Fund** | $5341251 | $(5197207) | $144044 |
| **Royce Small-Cap Fund** | 11080900 | (11025444) | 55456 |
| **Royce Small-Cap Opportunity Fund** | 2453227 | (2328816) | 124411 |
| **Royce Smaller-Companies Growth Fund** | 2840750 | (2872875) | (32125) |

---

<sup>1</sup> Absent an event of default, assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities. The contractual maturity of cash collateral is overnight and continuous.

The following table presents non-cash collateral and the market value of securities on loan collateralized by non-cash collateral held by the Funds' custodian as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **NON-CASH COLLATERAL** | **SECURITIES ON LOAN COLLATERALIZED<br> BY NON-CASH COLLATERAL** | **NET AMOUNT** |
| **Royce Micro-Cap Fund** | $2927545 | $(2868613) | $58932 |
| **Royce Small-Cap Fund** | 12895719 | (12635533) | 260186 |
| **Royce Small-Cap Opportunity Fund** | 11806197 | (11560856) | 245341 |
| **Royce Small-Cap Value Fund** | 437178 | (428486) | 8692 |
| **Royce Smaller-Companies Growth Fund** | 7556348 | (7405397) | 150951 |

---

DISTRIBUTIONS AND TAXES:

As qualified regulated investment companies under Subchapter M of the Internal Revenue Code, the Funds are not subject to income taxes to the extent that each Fund distributes substantially all of its taxable income for its fiscal year.

Royce Small-Cap Total Return Fund and Royce SMid-Cap Total Return Fund pay any dividends from net investment income quarterly and make any distributions from net realized gains annually in December. The other Funds pay any dividends and capital gain distributions annually in December. Dividends from net investment income and distributions from capital gains are determined at a class level. Because federal income tax regulations differ from generally accepted accounting principles, income and capital gain distributions determined in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes differ from those reflected in the accompanying financial statements.

CAPITAL GAINS TAX:

The Funds may be subject to a tax imposed on capital gains on securities of issuers domiciled in India. The Funds record an estimated deferred tax liability for gains in these securities. This amount, if any, is reported as deferred capital gains tax in the accompanying Statements of Assets and Liabilities, assuming those positions were disposed of at the end of the period, and accounted for as a reduction in the market value of the security.

INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:

Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Funds. Non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.

CASH INCLUDING FOREIGN CURRENCIES:

Cash, including foreign currencies, consists of deposits maintained at State Street Bank and Trust Company, the Funds' Custodian (in such capacity, the "Custodian"), and through the Custodian's global sub-custodian network. Accordingly, each Fund's risk for the possible insolvency loss of a cash deposit lies with the Custodian or the relevant sub-custodian bank. Fund cash deposits maintained at the Custodian or through a particular sub-custodian bank may be significant, and may, at times, exceed U.S. or other applicable insurance limits.

EXPENSES:

The Funds incur direct and indirect expenses. Expenses directly attributable to a Fund are charged to the Fund, while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to all of the Royce Funds are allocated by Royce under an administration agreement and are included in administrative and office facilities and legal expenses.

COMPENSATING BALANCE CREDITS:

The Funds have an arrangement with their transfer agent, whereby a portion of the transfer agent's fee is paid indirectly by credits earned on a Fund's cash on deposit with the transfer agent.

Notes to Financial Statements (unaudited) (continued)

LINE OF CREDIT:

The Funds, along with certain other Royce Funds, participate in a $65 million line of credit ("Credit Agreement") with State Street Bank and Trust Company to be used for short-term working capital purposes, to include the funding of shareholder redemptions and trade settlements. This revolving Credit Agreement expires on October 3, 2025. Pursuant to the Credit Agreement, each participating Fund is liable for a portion of the commitment fee for the credit facility (i.e., 0.25% of any unused portion of the line of credit) and for principal and interest payments related to borrowings made by that Fund. Borrowings under the Credit Agreement bear interest at a variable rate equal to the Applicable Rate plus the Applicable Margin. The term Applicable Rate means, for any day, a rate equal to the sum of (a) 0.10%, plus (b) the higher of (i) the Federal Funds Effective Rate for such day, or (ii) the Overnight Bank Funding Rate for such day; provided that if the Applicable Rate as so determined shall be less than 0.0%, such Applicable Rate shall be deemed to be 0.0% for all purposes of the Credit Agreement. The term Applicable Margin means 1.25%. The Funds did not utilize the line of credit during the six months ended June 30, 2025.

INDEMNIFICATION PROVISIONS:

Reference is made to Delaware law and the Trust's Certificate of Trust, Trust Instrument, and By-laws, as amended and supplemented, each of which provides for the indemnification by the Trust of the Trust's officers and trustees under the circumstances and to the extent set forth therein. Reference is also made to the investment advisory agreements between the Trust, on behalf of the Funds, and Royce which provides for the indemnification by the relevant Fund of Royce under the circumstances and to the extent set forth therein. Additionally, in the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification provisions in favor of such service providers and other covered persons. The amount of any potential Fund liability under these indemnification arrangements, if any, currently cannot be determined with any degree of specificity. The Trust is not currently in possession of any information that would cause it to believe that any Fund is reasonably likely to be subject to any material adverse impact from the operation of these indemnification arrangements. No assurance can be given, however, that any Fund will not incur any liability from the operation of these indemnification arrangements. Any future liability to a Fund that may arise from the operation of such arrangements will be disclosed to the extent required by relevant accounting guidance and applicable laws, rules, and regulations.

**Capital Share Transactions (in dollars):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SHARES SOLD** | **SHARES SOLD** | **SHARES ISSUED FOR <br> REINVESTMENT OF DISTRIBUTIONS** | **SHARES ISSUED FOR <br> REINVESTMENT OF DISTRIBUTIONS** | **SHARES REDEEMED** | **SHARES REDEEMED** | **NET INCREASE (DECREASE) FROM <br> CAPITAL SHARE TRANSACTIONS** | **NET INCREASE (DECREASE) FROM <br> CAPITAL SHARE TRANSACTIONS** |
| | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended<br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended<br> 12/31/24** |
| **Royce International Premier Fund** | **Royce International Premier Fund** | **Royce International Premier Fund** | **Royce International Premier Fund** |  |  |  |  |  |
| Investment Class | $2615715 | $33063486 | $– | $3908771 | $(32998323) | $(192175576) | $(30382608) | $(155203319) |
| Service Class | 318789 | 2109944 | – | 711026 | (2727827) | (13505148) | (2409038) | (10684178) |
| Institutional Class | 2708114 | 17629775 | – | 2244129 | (37749030) | (142179752) | (35040916) | (122305848) |
| **Royce Micro-Cap Fund** | **Royce Micro-Cap Fund** | **Royce Micro-Cap Fund** |  |  |  |  |  |  |
| Investment Class | 5063218 | 4877734 | – | 16552883 | (14566361) | (25221166) | (9503143) | (3790549) |
| Service Class | 642264 | 1525770 | – | 13130354 | (8583613) | (20137394) | (7941349) | (5481270) |
| Consultant Class | 36145 | 33524 | – | 1065047 | (935788) | (1561379) | (899643) | (462808) |
| **Royce Premier Fund** | **Royce Premier Fund** | **Royce Premier Fund** | **Royce Premier Fund** |  |  |  |  |  |
| Investment Class | 38379498 | 134661178 | – | 72540796 | (120305385) | (326775722) | (81925887) | (119573748) |
| Service Class | 2387267 | 5269880 | – | 2584680 | (4790463) | (9684366) | (2403196) | (1829806) |
| Consultant Class | 60952 | 863878 | – | 944900 | (1634179) | (1592710) | (1573227) | 216068 |
| Institutional Class | 17593021 | 65915254 | – | 22477597 | (149901371) | (52332567) | (132308350) | 36060284 |
| **Royce Small-Cap Fund** | **Royce Small-Cap Fund** | **Royce Small-Cap Fund** | **Royce Small-Cap Fund** |  |  |  |  |  |
| Investment Class | 40647967 | 110834521 | – | 109698197 | (143270864) | (194256092) | (102622897) | 26276626 |
| Service Class | 2147283 | 5254845 | – | 5181369 | (8225937) | (16106045) | (6078654) | (5669831) |
| Consultant Class | 983447 | 3451863 | – | 13663545 | (15974500) | (27693165) | (14991053) | (10577757) |
| Institutional Class | 18221247 | 41536973 | – | 18752713 | (17874107) | (35649627) | 347140 | 24640059 |
| **Royce Small-Cap Opportunity Fund** | **Royce Small-Cap Opportunity Fund** | **Royce Small-Cap Opportunity Fund** |  |  |  |  |  |  |
| Investment Class | 31476915 | 128105952 | – | 49382009 | (105523782) | (282291462) | (74046867) | (104803501) |
| Service Class | 5897081 | 7953448 | – | 3785705 | (7738886) | (37092462) | (1841805) | (25353309) |
| Consultant Class | 303698 | 1314264 | – | 874075 | (870050) | (2813102) | (566352) | (624763) |
| Institutional Class | 21805264 | 52513964 | – | 16066624 | (42643060) | (77816237) | (20837796) | (9235649) |
| R Class | 1184023 | 2525347 | – | 3012053 | (5157344) | (11053131) | (3973321) | (5515731) |
| **Royce Small-Cap Special Equity Fund** | **Royce Small-Cap Special Equity Fund** | **Royce Small-Cap Special Equity Fund** |  |  |  |  |  |  |
| Investment Class | 27683449 | 45753240 | – | 61035276 | (84699166) | (177307002) | (57015717) | (70518486) |
| Service Class | 1704752 | 3759299 | – | 2799060 | (3969107) | (7661508) | (2264355) | (1103149) |
| Consultant Class | 178426 | 618506 | – | 1599341 | (1706973) | (2956849) | (1528547) | (739002) |
| Institutional Class | 10287080 | 21682125 | – | 9963360 | (37301063) | (58187477) | (27013983) | (26541992) |

---

Notes to Financial Statements (unaudited) (continued)

**Capital Share Transactions (in dollars) (continued):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SHARES SOLD** | **SHARES SOLD** | **SHARES ISSUED FOR <br> REINVESTMENT OF DISTRIBUTIONS** | **SHARES ISSUED FOR <br> REINVESTMENT OF DISTRIBUTIONS** | **SHARES REDEEMED** | **SHARES REDEEMED** | **NET INCREASE (DECREASE) FROM <br> CAPITAL SHARE TRANSACTIONS** | **NET INCREASE (DECREASE) FROM <br> CAPITAL SHARE TRANSACTIONS** |
| | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended<br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** |
| **Royce Small-Cap Total Return Fund** | **Royce Small-Cap Total Return Fund** | **Royce Small-Cap Total Return Fund** |  |  |  |  |  |  |
| Investment Class | $31946980 | $58896942 | $2047862 | $40678659 | $(57427413) | $(131564902) | $(23432571) | $(31989301) |
| Service Class | 2914707 | 8939500 | 113398 | 3568943 | (10393919) | (15943602) | (7365814) | (3435159) |
| Consultant Class | 1076284 | 3653350 | – | 4363616 | (6879128) | (13810805) | (5802844) | (5793839) |
| Institutional Class | 16971942 | 30910950 | 958622 | 16109322 | (18798334) | (51824255) | (867770) | (4803983) |
| R Class | 2108695 | 3362771 | 13300 | 1365181 | (2681806) | (5525044) | (559811) | (797092) |
| **Royce Small-Cap Value Fund** | **Royce Small-Cap Value Fund** | **Royce Small-Cap Value Fund** | **Royce Small-Cap Value Fund** |  |  |  |  |  |
| Investment Class | 770643 | 2217156 | – | 1853426 | (4086479) | (5419825) | (3315836) | (1349243) |
| Service Class | 841877 | 18534190 | – | 3942817 | (6203175) | (46091106) | (5361298) | (23614099) |
| **Royce Smaller-Companies Growth Fund** | **Royce Smaller-Companies Growth Fund** | **Royce Smaller-Companies Growth Fund** | **Royce Smaller-Companies Growth Fund** | **Royce Smaller-Companies Growth Fund** |  |  |  |  |
| Investment Class | 6740839 | 3525861 | – | 1345604 | (3663727) | (14629868) | 3077112 | (9758403) |
| Service Class | 1223984 | 3739232 | – | 3210708 | (11808377) | (20821334) | (10584393) | (13871394) |
| Institutional Class | 994352 | 224456 | – | 167736 | (550590) | (819591) | 443762 | (427399) |
| **Royce SMid-Cap Total Return Fund** | **Royce SMid-Cap Total Return Fund** | **Royce SMid-Cap Total Return Fund** |  |  |  |  |  |  |
| Investment Class | 4090229 | 4170176 | 179308 | 8412864 | (6362238) | (7305680) | (2092701) | 5277360 |
| Service Class | 613490 | 1805721 | 44032 | 3329102 | (1390119) | (2641374) | (732597) | 2493449 |

---

**Capital Share Transactions (in shares):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SHARES SOLD** | **SHARES SOLD** | **SHARES ISSUED FOR <br> REINVESTMENT OF DISTRIBUTIONS** | **SHARES ISSUED FOR <br> REINVESTMENT OF DISTRIBUTIONS** | **SHARES REDEEMED** | **SHARES REDEEMED** | **NET INCREASE (DECREASE) IN <br> SHARES OUTSTANDING** | **NET INCREASE (DECREASE) IN <br> SHARES OUTSTANDING** |
| | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** |
| **Royce International Premier Fund** | **Royce International Premier Fund** | **Royce International Premier Fund** | **Royce International Premier Fund** |  |  |  |  |  |
| Investment Class | 219344 | 2605758 | – | 323574 | (2777726) | (15308135) | (2558382) | (12378803) |
| Service Class | 21993 | 137566 | – | 48336 | (189695) | (886576) | (167702) | (700674) |
| Institutional Class | 225670 | 1395870 | – | 185926 | (3059185) | (11073960) | (2833515) | (9492164) |
| **Royce Micro-Cap Fund** | **Royce Micro-Cap Fund** |  |  |  |  |  |  |  |
| Investment Class | 481513 | 434533 | – | 1428204 | (1442481) | (2198638) | (960968) | (335901) |
| Service Class | 65684 | 137748 | – | 1173401 | (865518) | (1823474) | (799834) | (512325) |
| Consultant Class | 5015 | 4032 | – | 127246 | (126072) | (187022) | (121057) | (55744) |
| **Royce Premier Fund** | **Royce Premier Fund** |  |  |  |  |  |  |  |
| Investment Class | 3650914 | 11454398 | – | 6242753 | (11378017) | (28058218) | (7727103) | (10361067) |
| Service Class | 234326 | 463932 | – | 231188 | (474340) | (856260) | (240014) | (161140) |
| Consultant Class | 7723 | 99329 | – | 108734 | (205458) | (182997) | (197735) | 25066 |
| Institutional Class | 1656375 | 5519508 | – | 1903268 | (14090827) | (4364574) | (12434452) | 3058202 |
| **Royce Small-Cap Fund** | **Royce Small-Cap Fund** | **Royce Small-Cap Fund** |  |  |  |  |  |  |
| Investment Class | 4736203 | 11587350 | – | 11498763 | (16870172) | (20273319) | (12133969) | 2812794 |
| Service Class | 249364 | 549559 | – | 546558 | (953089) | (1695181) | (703725) | (599064) |
| Consultant Class | 148975 | 468435 | – | 1871718 | (2444267) | (3782155) | (2295292) | (1442002) |
| Institutional Class | 2100816 | 4313227 | – | 1959531 | (2125527) | (3713563) | (24711) | 2559195 |
| **Royce Small-Cap Opportunity Fund** | **Royce Small-Cap Opportunity Fund** | **Royce Small-Cap Opportunity Fund** | **Royce Small-Cap Opportunity Fund** |  |  |  |  |  |
| Investment Class | 2246068 | 8164012 | – | 3044514 | (7480794) | (18072964) | (5234726) | (6864438) |
| Service Class | 433783 | 558963 | – | 257006 | (589164) | (2610763) | (155381) | (1794794) |
| Consultant Class | 26968 | 110845 | – | 70376 | (81547) | (232265) | (54579) | (51044) |
| Institutional Class | 1437405 | 3273243 | – | 963227 | (2798072) | (4761126) | (1360667) | (524656) |
| R Class | 97506 | 186618 | – | 214229 | (395863) | (811769) | (298357) | (410922) |
| **Royce Small-Cap Special Equity Fund** | **Royce Small-Cap Special Equity Fund** | **Royce Small-Cap Special Equity Fund** |  |  |  |  |  |  |
| Investment Class | 1933975 | 2698028 | – | 3829064 | (5977568) | (10380018) | (4043593) | (3852926) |
| Service Class | 121537 | 227323 | – | 175600 | (279612) | (468610) | (158075) | (65687) |
| Consultant Class | 13756 | 39107 | – | 110604 | (132319) | (192994) | (118563) | (43283) |
| Institutional Class | 715681 | 1279359 | – | 631391 | (2627058) | (3463221) | (1911377) | (1552471) |
| **Royce Small-Cap Total Return Fund** | **Royce Small-Cap Total Return Fund** | **Royce Small-Cap Total Return Fund** |  |  |  |  |  |  |
| Investment Class | 4523796 | 7892856 | 285070 | 5131713 | (7898391) | (17335602) | (3089525) | (4311033) |
| Service Class | 388795 | 1146922 | 15060 | 430977 | (1383752) | (2021325) | (979897) | (443426) |
| Consultant Class | 141928 | 458659 | – | 515794 | (891776) | (1731041) | (749848) | (756588) |
| Institutional Class | 2403921 | 4181387 | 137187 | 2082824 | (2694126) | (7020432) | (153018) | (756221) |
| R Class | 273322 | 421612 | 1727 | 160988 | (343799) | (689614) | (68750) | (107014) |

---

Notes to Financial Statements (unaudited) (continued)

**Capital Share Transactions (in shares) (continued):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SHARES SOLD** | **SHARES SOLD** | **SHARES ISSUED FOR <br> REINVESTMENT OF DISTRIBUTIONS** | **SHARES ISSUED FOR <br> REINVESTMENT OF DISTRIBUTIONS** | **SHARES REDEEMED** | **SHARES REDEEMED** | **NET INCREASE (DECREASE) IN <br> SHARES OUTSTANDING** | **NET INCREASE (DECREASE) IN <br> SHARES OUTSTANDING** |
| | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** | **Six Months Ended <br> 6/30/25 <br> (unaudited)** | **Year Ended <br> 12/31/24** |
| **Royce Small-Cap Value Fund** | **Royce Small-Cap Value Fund** | | | | | | | |
| Investment Class | 80256 | 215913 | – | 174687 | (452145) | (521001) | (371889) | (130401) |
| Service Class | 91857 | 1846601 | – | 373727 | (677470) | (4522237) | (585613) | (2301909) |
| **Royce Smaller-Companies Growth Fund** | **Royce Smaller-Companies Growth Fund** | **Royce Smaller-Companies Growth Fund** |  |  |  |  |  |  |
| Investment Class | 822579 | 489527 | – | 161150 | (465090) | (1934003) | 357489 | (1283326) |
| Service Class | 161813 | 480951 | – | 399839 | (1567407) | (2966141) | (1405594) | (2085351) |
| Institutional Class | 120900 | 30592 | – | 19781 | (70678) | (120498) | 50222 | (70125) |
| **Royce SMid-Cap Total Return Fund** | **Royce SMid-Cap Total Return Fund** | **Royce SMid-Cap Total Return Fund** |  |  |  |  |  |  |
| Investment Class | 728941 | 649459 | 31413 | 1365492 | (1091824) | (1108440) | (331470) | 906511 |
| Service Class | 100385 | 266887 | 7422 | 516485 | (233987) | (393422) | (126180) | 389950 |

---

**Investment Adviser and Distributor:** 

INVESTMENT ADVISER:

Under the Trust's investment advisory agreements with Royce, Royce is entitled to receive investment advisory fees in respect of each Fund that are computed daily and payable monthly. Royce has contractually agreed, without right of termination, to waive fees and/or reimburse expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) to the extent necessary to maintain certain Funds' net annual operating expense ratios at specified levels through April 30, 2026. To the extent that they impacted net expenses for the six months ended June 30, 2025, the effects of those arrangements are shown below. See the Prospectuses for contractual waivers and expiration dates for all classes of all Funds.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **COMMITTED NET ANNUAL OPERATING EXPENSE RATIO CAP** | **COMMITTED NET ANNUAL OPERATING EXPENSE RATIO CAP** | **COMMITTED NET ANNUAL OPERATING EXPENSE RATIO CAP** | **COMMITTED NET ANNUAL OPERATING EXPENSE RATIO CAP** | **COMMITTED NET ANNUAL OPERATING EXPENSE RATIO CAP** | **SIX MONTHS ENDED<br> JUNE 30, 2025 (UNAUDITED)** | **SIX MONTHS ENDED<br> JUNE 30, 2025 (UNAUDITED)** |
| | **ANNUAL CONTRACTUAL<br> ADVISORY FEE AS A<br> PERCENTAGE OF**<br>**AVERAGE**<br> **NET ASSETS** **<sup>[1](#g001)</sup>** | **Investment<br> Class** | **Service<br> Class** | **Consultant<br> Class** | **Institutional<br> Class** | **R Class** | **Net advisory fees** | **Advisory fees<br> waived** |
| Royce International Premier Fund | 1.00% | 1.19% | 1.44% | N/A | 1.04% | N/A | $608121 | $150447 |
| Royce Micro-Cap Fund | 1.00% | 1.24% | 1.49% | 2.24% | N/A | N/A | 1355735 | – |
| Royce Premier Fund | 1.00% | N/A | 1.49% | 2.24% | N/A | N/A | 5567452 | – |
| Royce Small-Cap Fund | 0.76%[<sup>2</sup>](#g002) | N/A | N/A | N/A | N/A | N/A | 6485762 | – |
| Royce Small-Cap Opportunity Fund | 1.00% | 1.24% | 1.49% | 2.24% | N/A | N/A | 5176130 | – |
| Royce Small-Cap Special Equity Fund | 1.00% | 1.24% | 1.49% | 2.24% | N/A | N/A | 2630175 | – |
| Royce Small-Cap Total Return Fund | 1.00% | N/A | 1.49% | 2.24% | 1.02% | N/A | 4199950 | 420637 |
| Royce Small-Cap Value Fund | 1.00% | 1.24% | 1.49% | N/A | N/A | N/A | 481653 | – |
| Royce Smaller-Companies Growth Fund | 1.00% | 1.02% | 1.49% | N/A | 1.02% | N/A | 789103 | 103751 |
| Royce SMid-Cap Total Return Fund | 0.85% | 1.09% | 1.34% | N/A | N/A | N/A | 277960 | – |

---

<sup>1</sup> From a base annual rate of 1.00% (0.85% for Royce SMid-Cap Total Return Fund), the annual rates of investment advisory fees payable by each of the Funds, other than Royce Small-Cap Fund, are reduced by the indicated amount at the following breakpoints applicable to a Fund's net assets in excess of $2 billion: more than $2 billion to $3 billion – .05% per annum; more than $3 billion to $4 billion – .10% per annum; over $4 billion – .15% per annum.

<sup>2</sup> Royce Small-Cap Fund's fees are calculated at the annual rate of 1.00% of the first $50 million of the Fund's average net assets, 0.875% of the next $50 million of average net assets and 0.75% of average net assets in excess of $100 million.

DISTRIBUTOR:

Royce Fund Services, LLC ("RFS"), the distributor of the Trust's shares, is a wholly owned subsidiary of Royce. RFS is entitled to receive distribution fees that are computed daily and payable monthly.

---

| | | | |
|:---|:---|:---|:---|
|  | | **SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)** | **SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)** |
| | **ANNUAL CONTRACTUAL DISTRIBUTION FEE AS A**<br>**PERCENTAGE OF AVERAGE NET ASSETS** | **Net distribution fees** | **Distribution fees waived** |
| Royce International Premier Fund – Service Class | 0.25% | $&nbsp;&nbsp;&nbsp;&nbsp; 23792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
| Royce Micro-Cap Fund – Service Class | 0.25% | 144440 | – |
| Royce Micro-Cap Fund – Consultant Class | 1.00% | 44967 | – |
| Royce Premier Fund – Service Class | 0.25% | 35975 | – |
| Royce Premier Fund – Consultant Class | 1.00% | 50694 | – |
| Royce Small-Cap Fund – Service Class | 0.25% | 67149 | 7769 |
| Royce Small-Cap Fund – Consultant Class | 1.00% | 810610 | – |
| Royce Small-Cap Opportunity Fund – Service Class | 0.25% | 59475 | – |
| Royce Small-Cap Opportunity Fund – Consultant Class | 1.00% | 56137 | – |
| Royce Small-Cap Opportunity Fund – R Class | 0.50% | 87745 | – |

---

Notes to Financial Statements (unaudited) (continued)

DISTRIBUTOR (continued):

---

| | | | |
|:---|:---|:---|:---|
|  | | **SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)** | **SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED)** |
| | **ANNUAL CONTRACTUAL DISTRIBUTION FEE AS A**<br>**PERCENTAGE OF AVERAGE NET ASSETS** | **Net distribution fees** | **Distribution fees waived** |
| Royce Small-Cap Special Equity Fund – Service Class | 0.25% | $&nbsp;&nbsp;&nbsp;&nbsp; 30611 | $&nbsp;&nbsp;&nbsp;&nbsp;– |
| Royce Small-Cap Special Equity Fund – Consultant Class | 1.00% | 56276 | – |
| Royce Small-Cap Total Return Fund – Service Class | 0.25% | 63016 | – |
| Royce Small-Cap Total Return Fund – Consultant Class | 1.00% | 371408 | – |
| Royce Small-Cap Total Return Fund – R Class | 0.50% | 51627 | – |
| Royce Small-Cap Value Fund – Service Class | 0.25% | 81424 | – |
| Royce Smaller-Companies Growth Fund – Service Class | 0.25% | 137513 | – |
| Royce SMid-Cap Total Return Fund – Service Class | 0.25% | 24487 | – |

---

**Purchases and Sales of Investment Securities:**

For the six months ended June 30, 2025, the costs of purchases and the proceeds from sales of investment securities, other than short-term securities and collateral received for securities loaned, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **** | **PURCHASES** | **SALES** |
| Royce International Premier Fund | | $16515067 | $89895133 |
| Royce Micro-Cap Fund | | 64069674 | 82455395 |
| Royce Premier Fund | | 163729624 | 354227322 |
| Royce Small-Cap Fund | | 346590440 | 426196807 |
| Royce Small-Cap Opportunity Fund | | 238922522 | 338137969 |
| Royce Small-Cap Special Equity Fund | | 12407308 | 80188279 |
| Royce Small-Cap Total Return Fund | | 267916052 | 310210447 |
| Royce Small-Cap Value Fund | | 20778121 | 28967020 |
| Royce Smaller-Companies Growth Fund | | 55276810 | 64327901 |
| Royce SMid-Cap Total Return Fund | | 17933925 | 14664107 |

---

**Redemptions-In-Kind:**

The Funds may make payment for Fund shares redeemed wholly or in part by distributing portfolio securities to shareholders. The net realized gain will not be realized for tax purposes. For the six months ended June 30, 2025, the following Funds had redemptions-in-kind:

---

| | | |
|:---|:---|:---|
| | **AMOUNT REDEEMED IN-KIND** | **REALIZED GAIN** |
| Royce Small-Cap Fund | $19771890 | $9579778 |
| Royce Small-Cap Special Equity Fund | 8942007 | 3239684 |

---

**Class Specific Expenses:**

Class specific expenses were as follows for the six months ended June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **NET DISTRIBUTION <br> FEES** | **SHAREHOLDER <br> SERVICING** | **REGISTRATION** | **SHAREHOLDER <br> REPORTS** | **COMPENSATING <br> BALANCE CREDITS** | **TOTAL** | **CLASS LEVEL<br> EXPENSES<br> REIMBURSED BY<br> INVESTMENT <br> ADVISER** |
| Royce International Premier Fund – Investment Class | $– | $51500 | $8879 | $11063 | $(1062) | $70380 | $22191 |
| Royce International Premier Fund – Service Class | 23792 | 17794 | 6176 | 2246 | (218) | 49790 | 11880 |
| Royce International Premier Fund – Institutional Class | – | 39006 | 8347 | 9788 | (8569) | 48572 | 48572 |
|  | **23792** | **108300** | **23402** | **23097** | **(9849)** |  | **82643** |
| Royce Micro-Cap Fund – Investment Class | – | 84509 | 9642 | 12343 | (5584) | 100910 | 21807 |
| Royce Micro-Cap Fund – Service Class | 144440 | 98405 | 8335 | 5972 | (624) | 256528 | 49681 |
| Royce Micro-Cap Fund – Consultant Class | 44967 | 8869 | 6474 | 1621 | (194) | 61737 | 11890 |
|  | **189407** | **191783** | **24451** | **19936** | **(6402)** |  | **83378** |
| Royce Premier Fund – Investment Class | – | 416095 | 14026 | 40743 | (11315) | 459549 | – |
| Royce Premier Fund – Service Class | 35975 | 29924 | 6299 | 5134 | (820) | 76512 | 23037 |
| Royce Premier Fund – Consultant Class | 50694 | 8762 | 6222 | 1536 | (189) | 67025 | 10130 |
| Royce Premier Fund – Institutional Class | – | 7641 | 10119 | 27837 | (830) | 44767 | – |
|  | **86669** | **462422** | **36666** | **75250** | **(13154)** |  | **33167** |
| Royce Small-Cap Fund – Investment Class | – | 536885 | 17228 | 55054 | (25055) | 584112 | – |
| Royce Small-Cap Fund – Service Class | 67149 | 51023 | 6269 | 4910 | (931) | 128420 | – |
| Royce Small-Cap Fund – Consultant Class | 810610 | 75987 | 8093 | 8342 | (2609) | 900423 | – |
| Royce Small-Cap Fund – Institutional Class | – | 25679 | 8981 | 9432 | (5964) | 38128 | – |
|  | **877759** | **689574** | **40571** | **77738** | **(34559)** |  | **–** |

---

Notes to Financial Statements (unaudited) (continued)

**Class Specific Expenses (continued):**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **NET DISTRIBUTION<br> FEES** | **SHAREHOLDER<br> SERVICING** | **REGISTRATION** | **SHAREHOLDER<br> REPORTS** | **COMPENSATING<br> BALANCE CREDITS** | **TOTAL** | **CLASS LEVEL<br> EXPENSES<br> REIMBURSED BY<br> INVESTMENT<br> ADVISER** |
| Royce Small-Cap Opportunity Fund – Investment Class | $– | $453299 | $14495 | $34279 | $(13801) | $488272 | $56879 |
| Royce Small-Cap Opportunity Fund – Service Class | 59475 | 41057 | 6173 | 5462 | (334) | 111833 | 23582 |
| Royce Small-Cap Opportunity Fund – Consultant Class | 56137 | 8156 | 5974 | 1537 | (140) | 71664 | 8738 |
| Royce Small-Cap Opportunity Fund – Institutional Class | – | 12859 | 8366 | 6927 | (1718) | 26434 | – |
| Royce Small-Cap Opportunity Fund – R Class | 87745 | 43106 | 5678 | 1420 | (258) | 137691 | – |
|  | **203357** | **558477** | **40686** | **49625** | **(16251)** |  | **89199** |
| Royce Small-Cap Special Equity Fund – Investment Class | – | 261234 | 11818 | 21621 | (7827) | 286846 | 52436 |
| Royce Small-Cap Special Equity Fund – Service Class | 30611 | 24661 | 6078 | 2811 | (236) | 63925 | 19520 |
| Royce Small-Cap Special Equity Fund – Consultant Class | 56276 | 10260 | 6328 | 1703 | (358) | 74209 | 11632 |
| Royce Small-Cap Special Equity Fund – Institutional Class | – | 9648 | 6909 | 4462 | (972) | 20047 | – |
|  | **86887** | **305803** | **31133** | **30597** | **(9393)** |  | **83588** |
| Royce Small-Cap Total Return Fund – Investment Class | – | 311290 | 11874 | 31331 | (9484) | 345011 | – |
| Royce Small-Cap Total Return Fund – Service Class | 63016 | 47220 | 6364 | 4100 | (549) | 120151 | 1294 |
| Royce Small-Cap Total Return Fund – Consultant Class | 371408 | 45807 | 6979 | 6400 | (1776) | 428818 | – |
| Royce Small-Cap Total Return Fund – Institutional Class | – | 6538 | 7227 | 13997 | (409) | 27353 | 27353 |
| Royce Small-Cap Total Return Fund – R Class | 51627 | 27504 | 3807 | 2036 | (380) | 84594 | – |
|  | **486051** | **438359** | **36251** | **57864** | **(12598)** |  | **28647** |
| Royce Small-Cap Value Fund – Investment Class | – | 24485 | 7508 | 3047 | (1171) | 33869 | 25009 |
| Royce Small-Cap Value Fund – Service Class | 81424 | 53444 | 12165 | 5818 | (562) | 152289 | 52366 |
|  | **81424** | **77929** | **19673** | **8865** | **(1733)** |  | **77375** |
| Royce Smaller-Companies Growth Fund – Investment Class | – | 36105 | 7804 | 5402 | (2630) | 46681 | 46681 |
| Royce Smaller-Companies Growth Fund – Service Class | 137513 | 86836 | 9373 | 5829 | (714) | 238837 | – |
| Royce Smaller-Companies Growth Fund – Institutional Class | – | 3932 | 5951 | 1042 | (78) | 10847 | 10847 |
|  | **137513** | **126873** | **23128** | **12273** | **(3422)** |  | **57528** |
| Royce SMid-Cap Total Return Fund – Investment Class | – | 34910 | 9417 | 4431 | (621) | 48137 | 40400 |
| Royce SMid-Cap Total Return Fund – Service Class | 24487 | 18414 | 7638 | 1811 | (298) | 52052 | 24292 |
|  | **24487** | **53324** | **17055** | **6242** | **(919)** |  | **64692** |

---

Notes to Financial Statements (unaudited) (continued)

**Tax Information:**

As of June 30, 2025, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **GROSS UNREALIZED** | **GROSS UNREALIZED** |
| | <br>**TAX BASIS COST** | **NET UNREALIZED**<br>**APPRECIATION (DEPRECIATION)** | **Appreciation** | **(Depreciation)** |
| Royce International Premier Fund | $112554039 | $20516859 | $29732893 | $9216034 |
| Royce Micro-Cap Fund | 228647700 | 59264115 | 91521662 | 32257547 |
| Royce Premier Fund | 608870799 | 443849375 | 474872312 | 31022937 |
| Royce Small-Cap Fund | 1189443673 | 543546481 | 604948347 | 61401866 |
| Royce Small-Cap Opportunity Fund | 841348699 | 193804945 | 298552178 | 104747233 |
| Royce Small-Cap Special Equity Fund | 446530331 | 42958259 | 75465224 | 32506965 |
| Royce Small-Cap Total Return Fund | 778063829 | 140293398 | 190454553 | 50161155 |
| Royce Small-Cap Value Fund | 72616271 | 21822700 | 27363208 | 5540508 |
| Royce Smaller-Companies Growth Fund | 145364611 | 51270614 | 57448297 | 6177683 |
| Royce SMid-Cap Total Return Fund | 58848773 | 7973236 | 11519593 | 3546357 |

---

The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

**Transactions in Affiliated Companies:**

An "Affiliated Company," as defined in the 1940 Act, is a company in which a Fund owns 5% or more of the company's outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the six months ended June 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATED COMPANY <sup>[1](#h001)</sup>** | **SHARES<br> 12/31/24** | **MARKET<br> VALUE<br> 12/31/24** | **COSTS OF<br> PURCHASES** | **PROCEEDS<br> FROM SALES** | **REALIZED<br> GAIN<br> (LOSS)** | **CHANGE IN NET<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)** | **DIVIDEND<br> INCOME** | **SHARES<br> 6/30/25** | **MARKET<br> VALUE<br> 6/30/25** |
| **Royce Small-Cap Opportunity Fund** |  |  |  |  |  |  |  |  |  |
| **CONSUMER DISCRETIONARY** – **0.6%** |  |  |  |  |  |  |  |  |  |
| TEXTILES, APPAREL & LUXURY GOODS – 0.6% |  |  |  |  |  |  |  |  |  |
| Lakeland Industries <sup>[2](#h002)</sup> | 428565 | $10949836 | $603421 | $910078 | $219521 | $(5067739) | $24285 | n/a | n/a |
|  |  | **10949836** |  |  | **219521** | **(5067739)** | **24285** |  |  |
| **Royce Small-Cap Special Equity Fund** |  |  |  |  |  |  |  |  |  |
| **CONSUMER DISCRETIONARY – 4.2%** |  |  |  |  |  |  |  |  |  |
| TEXTILES, APPAREL & LUXURY GOODS – 4.2% |  |  |  |  |  |  |  |  |  |
| Movado Group <sup>[3](#h003)</sup> | 1068000 | 21018240 | 4687965 | 355397 | 10081 | (4659014) | 847175 | 1357500 | $20701875 |
|  |  | **21018240** |  |  | **10081** | **(4659014)** | **847175** |  | **20701875** |
| **FINANCIALS – 4.1%** |  |  |  |  |  |  |  |  |  |
| CAPITAL MARKETS – 4.1% |  |  |  |  |  |  |  |  |  |
| Diamond Hill Investment Group <sup>[3](#h003)</sup> | 139500 | 21636450 | – | 367987 | 124287 | (1476125) | 411189 | 137063 | 19916625 |
|  |  | **21636450** |  |  | **124287** | **(1476125)** | **411189** |  | **19916625** |
| **INDUSTRIALS – 2.6%** |  |  |  |  |  |  |  |  |  |
| MACHINERY – 2.6% |  |  |  |  |  |  |  |  |  |
| Gencor Industries <sup>[3](#h003),[4](#h004)</sup> | 913000 | 16114450 | 65741 | 264016 | 90292 | (3392467) | – | 901000 | 12614000 |
|  |  | **16114450** |  |  | **90292** | **(3392467)** | **–** |  | **12614000** |
| **INFORMATION TECHNOLOGY** – **4.3%** |  |  |  |  |  |  |  |  |  |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.3% |  |  |  |  |  |  |  |  |  |
| NVE Corporation <sup>[3](#h003)</sup> | 326500 | 26586895 | 215 | 3352787 | 388623 | (2901731) | 641600 | 281500 | 20721215 |
|  |  | **26586895** |  |  | **388623** | **(2901731)** | **641600** |  | **20721215** |
|  |  | **85356035** |  |  | **613283** | **(12429337)** | **1899964** |  | **73953715** |

---

<sup>1</sup> Percentages represent the percentages of the investments in the Affiliated Companies of the Fund's net assets.

<sup>2</sup> Not an Affiliated Company as of June 30, 2025.

<sup>3</sup> As of June 30, 2025, the Fund owned 5% or more of the Company's outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.

<sup>4</sup> Non-income producing.

**Segment Reporting:**

The Funds have adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) - Improvements to Segment Reporting Disclosures (the "Update"). The Update is limited to disclosure requirements and does not impact the Funds' financial position or results of operations.

Each Fund operates as a single operating segment, which is a segregated investment portfolio. Royce, in its capacity as investment manager, functions as the Chief Operating Decision Maker (CODM) for each Fund for purposes of the Update, evaluating its results and performance based upon its specific investment strategy and other relevant facts and circumstances. The CODM uses these measures to assess Fund performance and allocate resources effectively, subject to compliance with applicable legal and regulatory requirements and oversight from its Board of Trustees. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

Notes to Financial Statements (unaudited) (continued)

**Segment Reporting (continued):**

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related notes to the financial statements. The Schedules of Investments provides details of the Funds' investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

**Subsequent Events:**

Effective July 1, 2025, Royce Dividend Value Fund became Royce SMid-Cap Total Return Fund. This name change is reflected in the accompanying financial statements.

Subsequent events have been evaluated through the date the financial statements were issued and it has been determined that no other events have occurred that require disclosure.

**<u>Changes In and Disagreements with Accountants for the Period Covered by this Report</u>**

Not applicable.

**<u>Results of Meeting(s) of Shareholders for the Period Covered by this Report</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers and Others for the Period Covered by this Report</u>**

Refer to the financial statements included herein.

Board Approval of Investment Advisory Agreements

At meetings held on June 17-18, 2025, the Board of Trustees of The Royce Fund (the "Board"), including all of the non-interested trustees, approved the continuation of the investment advisory agreements between Royce & Associates, LP ("Royce") and The Royce Fund ("TRF") relating to each of Royce Small-Cap Fund, Royce Micro-Cap Fund, Royce Premier Fund, Royce Small-Cap Total Return Fund, Royce Small-Cap Opportunity Fund, Royce Small-Cap Special Equity Fund, Royce Small-Cap Value Fund, Royce Smaller-Companies Growth Fund, Royce Dividend Value Fund (renamed Royce SMid-Cap Total Return Fund as of July 1, 2025), and Royce International Premier Fund (each, an "Agreement" and collectively, the "Agreements"). In reaching these decisions, the Board reviewed the materials provided by Royce, which included, among other things, information prepared internally by Royce and independently by Broadridge Financial Solutions, Inc. ("Broadridge") using the database and methodology of Morningstar Associates, LLC ("Morningstar"). Such materials contained detailed investment advisory fee, expense ratio, and investment performance comparisons for each series of TRF listed above (each, a "Fund" and collectively, the "Funds") with other mutual funds in its Broadridge-assigned "peer group" and Morningstar "category", information regarding the past performance of the Funds and other registered investment companies managed by Royce and a memorandum outlining the legal duties of the Board prepared by independent counsel to the non-interested trustees. Royce also provided the trustees with an analysis of its profitability with respect to providing investment advisory services to each of the Funds. In addition, the Board took into account information furnished throughout the year at regular Board meetings, including reports on investment performance, shareholder services, distribution fees and expenses, regulatory compliance, brokerage commissions and research, brokerage and other execution products and services provided to the Funds. The Board also took into account information furnished by Royce in response to various trustee questions regarding Royce operations and the Funds' investment performance, fees, and expenses. The Board also considered other matters it deemed important to the approval process such as allocation of brokerage commissions, "soft dollar" research services Royce receives, payments made to affiliates of Royce, as well as payments made by Royce relating to the servicing and distribution of Fund shares, and other direct and indirect benefits Royce and its affiliates receive from their relationship with the Funds. The trustees also met throughout the year with investment advisory personnel from Royce. The Board also noted Royce's efforts to provide enhanced analytical tools to its investment staff along with the ongoing meetings conducted by Royce's Co-Chief Investment Officers with portfolio managers experiencing performance challenges in an attempt to address such challenges. The Board, in its deliberations, recognized that, for many of the Funds' shareholders, the decision to purchase shares of one or more of the Funds included a decision to select Royce as the investment adviser and that there was a strong association in the minds of such shareholders between Royce and each Fund. In considering factors relating to the approval of the continuation of the Agreement for each Fund, the non-interested trustees had access to assistance and advice from, and had met separately with, their independent legal counsel. While continuation of the investment advisory and administrative arrangements for each Fund was considered at the same Board meeting, the trustees considered the circumstances and interests of each Fund separately. Among other factors, the trustees noted that they considered the following:

The nature, extent and quality of services provided by Royce

The Board considered the following factors to be of fundamental importance to its consideration of

Board Approval of Investment Advisory Agreements (cont.)

whether to approve the continuation of the Agreement for each Fund: (i) Royce's more than 50-year track record of consistently applying its value-based investment approaches; (ii) the history of long-tenured Royce portfolio managers managing many of the Funds; (iii) Royce's focus on micro-, small-, and mid-cap value investing; (iv) the integrity and high ethical standards adhered to at Royce; (v) Royce's specialized experience in the area of trading small- and micro-cap securities; (vi) Royce's historical ability to attract and retain portfolio management, research, and analytical talent, particularly the effort and resources Royce had committed to acquiring such talent in recent years; (vii) Royce's risk management and oversight processes, which seek to aid portfolio managers in evaluating risk metrics, factor exposures, and performance attributes and drivers for the Funds they manage; and (viii) Royce's focus on shareholder interests as exemplified by capping expenses on smaller funds, temporarily closing various Funds to new investors when Royce believed such temporary closings were in the best interests of existing shareholders, liquidating share classes for certain Funds that did not attract sufficient assets to make them viable on a long-term basis or, when appropriate under the Fund's Rule 18f-3 Plan, converting shares of such Funds into shares of other share classes that had lower net annualized operating expense ratios, establishing breakpoints for a number of Funds, and providing expansive shareholder reporting and communications. The Board also noted that Royce's compensation policy arrangements encourage portfolio manager investment in each Fund that they manage. The Board reviewed the services that Royce provides to the Funds, including, but not limited to, managing each Fund's investments in accordance with the stated policies of each Fund and applicable legal and regulatory requirements. The Board considered the fact that Royce provided certain administrative services to the Funds at cost, pursuant to the Administration Agreement between Royce and TRF, on behalf of each Fund. The Board determined that the services to be provided to each Fund by Royce would be the same as those that it previously provided to each Fund. The Board also took into consideration the histories, reputations and backgrounds of Royce's portfolio managers for each Fund, finding that these would likely have an impact on the continued success of such Fund. The Board concluded that the investment advisory services provided by Royce to each Fund compared favorably to services provided by Royce to other Royce client accounts, including other pooled investment vehicles, in both nature and quality, and that the scope of services provided by Royce continues to be suitable for each Fund.

Investment performance of the Funds and Royce

The Board recognizes that performance patterns for the high active share, differentiated, and consistently applied smaller company investment strategies employed by the Funds: (i) will be cyclical; (ii) may, at times, be meaningfully different from those of the performance benchmarks and similar funds against which the Funds are often compared; and (iii) may include periods of underperformance relative to such benchmarks and similar funds. The Board continues to believe that risk-adjusted performance represents an appropriate measure of each Fund's investment performance. One measure of risk-adjusted performance historically used by the trustees in their review of each Fund's performance is the Sharpe Ratio. The Sharpe Ratio is a risk-adjusted measure of performance developed by Nobel Laureate William Sharpe. It is calculated by dividing a fund's annualized excess returns by its annualized standard deviation to determine reward per unit of risk. The higher the Sharpe Ratio, the better a fund's historical risk-adjusted performance. The Board attaches importance to risk-adjusted performance over relatively long periods of time, typically 3 to 10 years, because such periods tend to encompass different market environments and cycles, unlike shorter time periods.

Board Approval of Investment Advisory Agreements (cont.)

The Russell 2000 Index and the Russell Micro-Cap Index rose 11.54% and 13.70%, respectively, during the calendar year ended December 31, 2024. Outside the United States, the MSCI ACWI ex-USA Small Cap Index (USD) gained 3.36% during 2024. Within the U.S. small-cap market, the Board noted that small-cap growth stocks fared better than small-cap value stocks during 2024, as they did in 2023, with the Russell 2000 Growth Index posting a return of 15.15%, compared to a gain of 8.05% for the Russell 2000 Value Index. Despite the solid absolute returns for the Russell 2000 Index and the Russell Micro-Cap Index in 2024, the Russell 1000 Index gained 24.51% during the period and outperformed its smaller-cap siblings.

It was also noted that a large portion of the post-2008 market period was marked by historically low interest rates and significant U.S. Federal Reserve market intervention. During this period, highly leveraged, non-earning companies and yield-oriented securities (e.g., master limited partnerships, real estate investment trusts, and utilities) generally outperformed those companies with more conservative balance sheets, low leverage, the ability to generate and effectively allocate free cash flow, and strong returns on invested capital and cyclical companies generally favored by the Funds. The Board noted that the relative risk-adjusted investment performance of certain Funds was adversely affected during periods in which the above-described market factors were prevalent.

The Board noted that two of the ten Funds (20%) ranked in the 1st Sharpe Ratio quartile within their respective Morningstar categories for the 1-year period ended December 31, 2024, with five of the ten Funds (50%) ranking in the 1st or 2nd Sharpe Ratio quartile for that period. In addition, the Board noted that six of the ten Funds (60%) ranked in the 1st or 2nd Sharpe Ratio quartile within their respective Morningstar categories for at least: (i) two of the 3-, 5-, and 10-year periods ended December 31, 2024; and (ii) three of the 1-, 3-, 5-, and 10-year periods ended December 31, 2024.

The Board noted that Royce Small-Cap Total Return Fund ("RTR") and Royce Dividend Value Fund (renamed Royce SMid-Cap Total Return Fund as of July 1, 2025) ("RDV") ranked in the 1st or 2nd Sharpe Ratio quartile within their respective Morningstar categories for each of the 1-, 3-, 5-, and 10-year periods ended December 31, 2024 (i.e., RTR: 2nd, 1st, 2nd, and 1st; and RDV: 1st, 1st, 2nd, and 2nd). The relative risk-adjusted performance of Royce Small-Cap Fund ("PMF"), Royce Micro-Cap Fund ("RMC"), Royce Small-Cap Opportunity Fund ("ROF"), and Royce Smaller-Companies Growth Fund ("RVP") was close behind that of the above-referenced group, ranking in the 1st or 2nd Sharpe Ratio quartile within their respective Morningstar categories for three of the 1-, 3-, 5-, and 10-year periods ended December 31, 2024 (i.e., PMF: 4th, 2nd, 2nd, and 2nd; RMC: 2nd, 2nd, 1st, and 4th; ROF 2nd, 3rd, 1st, and 1st; and RVP: 1st, 2nd, 2nd, and 4th). The Board also noted that Royce Premier Fund ("RPR"), Royce Small-Cap Value Fund ("RVV"), and Royce International Premier Fund ("RIP") ranked in the 1st or 2nd Sharpe Ratio quartile within their respective Morningstar categories for one of the 1-, 3-, 5-, and 10-year periods ended December 31, 2024 (i.e., RPR: 4th, 3rd, 4th, and 2nd; RVV: 4th, 1st, 3rd, and 4th; and RIP: 4th, 4th, 4th, and 2nd). The relative risk-adjusted performance of Royce Small-Cap Special Equity Fund ("RSE") did not rank in the 1st or 2nd Sharpe Ratio quartile within its Morningstar category for any of the 1-year (4th), 3-year (4th), 5- year (3rd), and 10-year (3rd) periods ended December 31, 2024.

The Board also received an analysis that compared the Sharpe Ratio of each Fund with the arithmetic average of the Sharpe Ratios of the funds within its Morningstar category for each of the 1-, 3-, 5-, and 10-year periods ended March 31, 2025. The Board

Board Approval of Investment Advisory Agreements (cont.)

noted that the Sharpe Ratios of six of the ten Funds (60%) equaled or exceeded the arithmetic average of the Sharpe Ratios of the funds within their respective Morningstar categories for at least two of these time periods as follows: (i) all four time periods (1 Fund: RDV); (ii) three of the four time periods (3 Funds: PMF, RTR, and RVP); and (iii) two of the four time periods (2 Funds: RPR and ROF). Thus, the Sharpe Ratios for four of the ten Funds (40%) equaled or exceeded the arithmetic average of the Sharpe Ratios of the funds within their respective Morningstar categories during at least three of the four relevant time periods (i.e., RDV, PMF, RTR, and RVP). The Sharpe Ratios of RVV and RIP equaled or exceeded the arithmetic average of the Sharpe Ratios of the funds within their respective Morningstar categories during one of the four relevant time periods while the Sharpe Ratios for RMC and RSE did not equal or exceed the arithmetic average of the Sharpe Ratios of the funds within their respective Morningstar categories during any of the performance periods. The Board also received an analysis that compared the Sharpe Ratio of each Fund with the Sharpe Ratio of its primary benchmark index for each of the 1-, 3-, 5-, and 10-year periods ended March 31, 2025. The Board noted that the Sharpe Ratios of eight of the ten Funds (80%) equaled or exceeded the Sharpe Ratios of their respective primary benchmark indexes for at least two of these time periods as follows: (i) all four time periods (4 Funds: RMC, RTR, RVP, and RDV); (ii) three of the four time periods (2 Funds: PMF and ROF); and (iii) two of the four time periods (2 Funds: RPR and RVV). Thus, the Sharpe Ratios for six of the ten Funds (60%) equaled or exceeded the Sharpe Ratios of their respective primary benchmark indexes during at least three of the four relevant time periods (i.e., RMC, RTR, RVP, RDV, PMF, and ROF). The Sharpe Ratios of RSE and RIP did not equal or exceed the Sharpe Ratios of their respective primary benchmark indexes during any of the performance periods.

The Board also noted that the peer groups included in the Broadridge materials provided to them for a number of Funds may not be appropriate for performance comparisons and that Royce had augmented the data provided to the Board throughout the years by including performance information from a broader universe of other funds that Royce believes are comparable to those Funds.

In addition to the relative risk–adjusted performance of each Fund, the Board also reviewed and considered absolute total returns and down-market performance and long-term performance records over periods exceeding ten years.

The Board also received detailed information from Royce comparing each Fund's average annual total returns to those of its primary benchmark index for the 1-, 3-, 5-, and 10-year periods ended March 31, 2025, and noted that: (i) three Funds (i.e., RTR, RVP, and RDV) outperformed their respective primary benchmark indexes during all four performance periods; (ii) two Funds (i.e., PMF and RMC) outperformed their respective primary benchmark indexes during three of the four performance periods; and (iii) three Funds (i.e., RPR, ROF, and RVV) outperformed their respective primary benchmark indexes during two of the four performance periods. Thus, eight of the ten Funds (80%) outperformed their respective primary benchmark indexes on an absolute return basis during at least two of the 1-, 3-, 5-, and 10-year periods ended March 31, 2025, with five of the ten Funds (50%) outperforming their respective primary benchmark indexes on an absolute return basis during at least three of the four performance periods. RSE outperformed its primary benchmark index on an absolute return basis during one of the 1-, 3-, 5-, and 10-year periods ended March 31, 2025, while RIP did not outperform its primary benchmark index on an absolute return basis during any of the performance periods.

Board Approval of Investment Advisory Agreements (cont.)

The Board also considered it important to look beyond "snapshot" performance as of December 31, 2024, and therefore examined monthly rolling average returns for each Fund relative to its primary benchmark index for the 3-, 5-, and 10-year periods ended March 31, 2025. The Board noted that: (i) three Funds (i.e., RPR, ROF, and RIP) outperformed their respective primary benchmark indexes for a majority of the monthly rolling average annual return periods during all three of the applicable time periods; and (ii) two Funds (i.e., PMF and RMC) outperformed their respective primary benchmark indexes for a majority of the monthly rolling average annual return periods during two of the three applicable time periods. Thus, five of the ten Funds (50%) outperformed their respective primary benchmark indexes for a majority of the monthly rolling average annual return periods during at least two of the 3-, 5-, and 10-year periods ended March 31, 2025 (i.e., RPR, ROF, RIP, PMF, and RMC). RTR and RSE outperformed their respective primary benchmark indexes for a majority of the monthly rolling average annual return periods during one of the 3-, 5-, and 10-year periods ended March 31, 2025, while RVV, RVP, and RDV did not outperform their respective primary benchmark indexes for a majority of the monthly rolling average annual return periods during any of the performance periods.

Although the Board recognized that past performance is not necessarily an indicator of future results, it found that Royce had the necessary qualifications, experience and track record in managing equity mutual funds to manage each Fund. The Board determined that Royce continues to be an appropriate investment adviser for each Fund.

Cost of the services provided and profits realized by Royce from its relationship with each Fund

The Board considered the cost of the services provided by Royce and profits realized by Royce from its relationship with each Fund. As part of the analysis, the Board discussed with Royce its methodology in allocating its costs to each Fund and concluded that Royce's allocations were reasonable. The Board noted that at times in the past Royce had temporarily closed certain of the Funds to new investors because of the rate of growth in Fund assets. The Board concluded that Royce's profits with respect to each Fund during the calendar year ended December 31, 2024, were reasonable in relation to the nature and quality of services provided.

The extent to which economies of scale would be realized as the Funds grow and whether fee levels would reflect such economies of scale

While acknowledging that the presence or absence of economies of scale in fund management businesses can be debated and is in any event difficult to measure and directly assess, the Board considered whether there have been economies of scale in respect of the management of each Fund, whether each Fund has appropriately benefited from any economies of scale and whether there is potential for realization of any further economies of scale. The Board noted the time and effort involved in managing portfolios of small- and micro-cap stocks and that they did not involve the same efficiencies as portfolios of large-cap stocks. The Board also noted that in 2004 breakpoints were added to the investment advisory fees for all of the then-existing Funds except PMF (PMF's fee schedule already had breakpoints) and that the investment advisory fees for all Funds organized since 2004 included breakpoints. The Board further noted the reduced contractual breakpoint levels for each Fund other than PMF that became effective as of July 1, 2017. The Board concluded that the current fee structure for each Fund is reasonable and that the relevant shareholders sufficiently participated in economies of scale (while again noting the various potential issues with assessing such economies of scale both in general and under the facts at hand) and that no changes were currently necessary.

Board Approval of Investment Advisory Agreements (cont.)

Comparison of services to be rendered and fees to be paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients

The Board reviewed the investment advisory fee paid by each Fund and compared both the services to be rendered and the fees to be paid under the Agreements to other contracts of Royce and to contracts of other investment advisers to registered investment companies investing in micro- and small-cap stocks, as provided by Broadridge. The Board noted that the effective investment advisory fee rate for: (i) PMF was lower than the median for its Broadridge-assigned peer group; (ii) RMC equaled the median for its Broadridge-assigned peer group; and (iii) each of the remaining Funds exceeded the median for their respective Broadridge-assigned peer groups. The Board also noted the value of the net annual operating expense ratio in assessing a fund's expenses, particularly in light of the variations in the mutual fund industry as to which entity is responsible for particular types of expenses.

The Board noted that the net annual operating expense ratios for PMF, RMC, and RIP ranked in the 2nd (second least expensive) quartile among their respective Broadridge-assigned peers for the calendar year ended December 31, 2024. The trustees further noted that the net annual operating expense ratios for ROF, RSE, RVP, and RVV ranked in the 3rd (third most expensive) quartile among their respective Broadridge-assigned peer groups for the relevant period. The net annual operating expense ratios of ROF, RSE, RVP, and RVV were 10, 1, 7, and 6 basis points higher, respectively, than the median for their respective Broadridge-assigned peer groups for the relevant period.

In addition, the Board noted the net annual operating expense ratios for the remaining three Funds (i.e., RPR, RTR, and RDV) ranked in the 4th (most expensive) quartile among their respective Broadridge-assigned peers for the calendar year ended December 31, 2024. While the Board noted that the net annual operating expense ratios of RPR and RTR were 23 and 16 basis points higher, respectively, than the median for their respective Broadridge-assigned peer groups, they also noted that such net annual operating expense ratios were only 10 and 8 basis points, respectively, higher than the average net annual operating expense ratio for the 217 small-cap funds in the Morningstar small-cap category (oldest share class only, non-institutional, non-index, non-ETF funds with Rule 12b-1 fees of 0.25% or less). The net annual operating expense ratios of RPR and RTR would have ranked in the 60th percentile (3rd quartile) and the 55th percentile (3rd quartile), respectively, among the 217 funds within such Morningstar small-cap category. The Board also noted that RPR and RTR had the highest active share scores (i.e., a measure of the difference between a portfolio's holdings and those of its benchmark) among their respective Broadridge-assigned peers. The trustees noted that although RDV's net annual operating expense ratio was 13 basis points higher than the median for its Broadridge-assigned peers, such net annual operating expense ratio was equal to the average net annual operating expense ratio for the 217 small-cap funds in the Morningstar small-cap category (oldest share class only, non-institutional, non-index, non-ETF funds with Rule 12b-1 fees of 0.25% or less). The trustees also noted that: (i) RDV's average net assets were significantly lower than the median average net assets for its Broadridge-assigned peer group for the period (i.e., average net assets of $68.42 million for RDV compared to median average net assets of $105.30 million for its Broadridge-assigned peers); (ii) RDV's securities portfolio had the second-lowest weighted average market capitalization of its peers for the period; and (iii) the weighted average market capitalization of RDV's securities portfolio was significantly lower than the median weighted average market capitalization for its Broadridge-assigned peer group for the period (i.e., weighted average market capitalization of

Board Approval of Investment Advisory Agreements (cont.)

$5.03 billion for RDV's securities portfolio compared to a median weighted average market capitalization of $12.49 billion for the securities portfolios of its Broadridge-assigned peers).

The Board further noted that the contractual investment advisory fee rate for each of RPR, RTR, and RDV is consistent with those of the other Funds that invest primarily in micro-cap and small-cap equity securities. After taking into consideration that the level of work necessary to invest in domestic and/or international micro-cap and small-cap equity securities is significantly greater than that necessary to invest in larger-cap securities, the trustees noted that the basis point differentials in investment advisory fees, which in part give rise to the generally higher net annual operating expense ratios for RPR and RTR were appropriate for those series of the Fund. The trustees also noted that: (i) the contractual investment advisory fee rate for RDV is slightly lower than that of the other Funds because RDV invests a greater portion of its assets in larger-cap securities compared such other Funds; and (ii) RDV's effective investment advisory fee rate was only 5 basis points higher than the median of its Broadridge-assigned peer group for the calendar year ended December 31, 2024.

The Board also noted that Royce manages each Fund in an active fashion. The industry accepted metric for measuring how actively an equity portfolio is managed is called "active share." In particular, active share measures how much the holdings of an equity portfolio differ from the holdings of its appropriate passive benchmark index. At the extremes, a portfolio with no holdings in common with the benchmark would have 100% active share, while a portfolio that is identical to the benchmark would have 0% active share. Royce presented several analyses to the Board which demonstrated that mutual funds with high active share scores had higher expense ratios than mutual funds with lower active share scores due to the resources required for the active management of those funds. The trustees noted that each of PMF had an active share of 87%, RMC had an active share of 89%, ROF had an active share of 90%, RVP had an active share of 92%, and the remaining six Funds had active shares of 95% or greater for the calendar year ended December 31, 2024.

The Board further noted that Royce waived investment advisory fees and/or reimbursed expenses for numerous Funds, both during the calendar year ended December 31, 2024, and during earlier periods, in order to maintain expense ratios at competitive levels and acknowledged Royce's intention to continue this expense limitation practice. The Board also noted lower contractual asset breakpoints for each Fund other than PMF became effective as of July 1, 2017. The Board also considered investment advisory fees charged by Royce to institutional and other clients and noted that, given the greater levels of services that Royce provides to registered investment companies such as the Funds as compared to other accounts, each Fund's investment advisory fees compared favorably to these other accounts.

No single factor was cited as determinative to the decision of the Board. Rather, after weighing all of the considerations and conclusions discussed above, the entire Board, including all the non-interested trustees, determined to approve the continuation of the existing Agreement for each Fund, concluding that continuation of the Agreement for each Fund is in the best interest of the shareholders of the relevant Fund and that each Fund's investment advisory fee rate is reasonable in relation to the services provided.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** This information is disclosed as part of the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** The information is disclosed as part of the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** This information is disclosed as part of the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** This information is disclosed as part of the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** Not Applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** Not Applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** Not Applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** None.

**Item 16. Controls and Procedures.** 

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control over Financial Reporting. There were no changes in Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not Applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** Not Applicable.

**Item 19. Exhibits.** Attached hereto.

(a)(1) Not applicable to this semi-annual report.

(a)(2) Not Applicable to this semi-annual report.

[(a)(3)(a) Separate certifications by the Registrant's Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.](g110167_ex19a-3.htm)

(a)(3)(b) Not Applicable.

(a)(4) Not Applicable.

[(b) Separate certifications by the Registrant's Principal Executive Officer and Principal Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940.](g110167_ex19b.htm)

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**THE ROYCE FUND** 

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| | |
|:---|:---|
| BY: | /s/Christopher D. Clark |

---

**Christopher D. Clark**

**President**

Date: August 12, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| **THE ROYCE FUND** | **THE ROYCE FUND** |

---

---

| | | | |
|:---|:---|:---|:---|
| BY: | /s/Christopher D. Clark | BY: | /s/Peter K. Hoglund |

---

---

| | |
|:---|:---|
| **Christopher D. Clark** | **Peter K. Hoglund** |

---

---

| | |
|:---|:---|
| **President** | **Chief Financial Officer** |

---

Date: August 12, 2025 Date: August 12, 2025

## Ex-99.Cert

**Item 19(a)(3):**

**<u>CERTIFICATIONS</u>**

I, Christopher D. Clark, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of The Royce Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

Date: August 12, 2025

---

| |
|:---|
| /s/Christopher D. Clark |
| Christopher D. Clark |
| President |

---

**Item 19(a)(3):** 

**<u>CERTIFICATIONS</u>**

I, Peter K. Hoglund, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of The Royce Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

Date: August 12, 2025

---

| |
|:---|
| /s/Peter K. Hoglund |
| Peter K. Hoglund |
| Chief Financial Officer |

---

## Exhibit 99.906

**Item 19(b):**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Name of Issuer: THE ROYCE FUND

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all materials respects, the financial
 condition and results of operations of the issuer.

Date: August 12, 2025<br>/s/Christopher D. Clark <br>Christopher D. Clark <br> President<br>

**Item 19(b):**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO** 

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Name of Issuer: THE ROYCE FUND

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all materials respects, the financial
 condition and results of operations of the issuer.

Date: August 12, 2025<br>/s/Peter K. Hoglund<br>Peter K. Hoglund <br> Chief Financial Officer <br>