UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-03599
Name of Registrant:
Address of Registrant: One Madison Avenue
New York, NY 10010
Name and address of agent for service: John E. Denneen, Esq.
One Madison Avenue
New York, NY 10010
Registrant’s telephone number, including area code: (212) 508-4500
Date of fiscal year end: December 31, 2025
Date
of reporting period: January 1, 2026 –
Item 1. Reports to Shareholders.
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Fund—Consultant Class | $ |
|
| 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 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Arcosa | ||
| Element Solutions | ||
| Onto Innovation | ||
| Enpro | ||
| Quaker Houghton | ||
| Assured Guaranty | ||
| SEI Investments | ||
| RBC Bearings | ||
| JBT Marel | ||
| Dorman Products |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Fund—Investment Class | $ |
|
| 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 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Arcosa | ||
| Element Solutions | ||
| Onto Innovation | ||
| Enpro | ||
| Quaker Houghton | ||
| Assured Guaranty | ||
| SEI Investments | ||
| RBC Bearings | ||
| JBT Marel | ||
| Dorman Products |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Fund—Institutional Class | $ |
|
| ¹Annualized |
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Arcosa | ||
| Element Solutions | ||
| Onto Innovation | ||
| Enpro | ||
| Quaker Houghton | ||
| Assured Guaranty | ||
| SEI Investments | ||
| RBC Bearings | ||
| JBT Marel | ||
| Dorman Products |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Fund—Service Class | $ |
|
| 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 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Arcosa | ||
| Element Solutions | ||
| Onto Innovation | ||
| Enpro | ||
| Quaker Houghton | ||
| Assured Guaranty | ||
| SEI Investments | ||
| RBC Bearings | ||
| JBT Marel | ||
| Dorman Products |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce SMid-Cap Total Return Fund—Investment Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| MSC Industrial Direct Cl. A | ||
| Andersen Group Cl. A | ||
| Silgan Holdings | ||
| Advance Auto Parts | ||
| Assured Guaranty | ||
| FTAI Aviation | ||
| Academy Sports & Outdoors | ||
| Quaker Houghton | ||
| Vontier Corporation | ||
| AptarGroup |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus
• Financial Information |
• Fund Holdings
• 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce SMid-Cap Total Return Fund—Service Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| MSC Industrial Direct Cl. A | ||
| Andersen Group Cl. A | ||
| Silgan Holdings | ||
| Advance Auto Parts | ||
| Assured Guaranty | ||
| FTAI Aviation | ||
| Academy Sports & Outdoors | ||
| Quaker Houghton | ||
| Vontier Corporation | ||
| AptarGroup |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
| |
• Prospectus
• Financial Information |
• Fund Holdings
• 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce International Premier Fund—Investment Class | $ |
1Annualized
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | Country Breakdown1,2 | |||
| XP Power | Japan | |||
| Diploma | United Kingdom | |||
| DiscoverIE Group | France | |||
| Dexerials | Italy | |||
| Riken Keiki | Switzerland | |||
| Maruwa | India | |||
| Carel Industries | Israel | |||
| Halma | Singapore | |||
| USS | Germany | |||
| Gaztransport Et Technigaz | Canada | |||
| Sweden | ||||
| Australia | ||||
| ¹Represents countries that are 3% or more of net assets. | ||||
| ²Securities are categorized by the country of their headquarters. | ||||
Portfolio Sector Breakdown
1
| ROYCE INTERNATIONAL PREMIER FUND—INVESTMENT CLASS (RIPNX) | Semiannual Shareholder Report—June 30, 2026 |
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus
• Financial Information |
• Fund Holdings
• 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
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-0626 | 2 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce International Premier Fund—Institutional Class | $ |
|
| 1Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | Country Breakdown1,2 | |||
| XP Power | Japan | |||
| Diploma | United Kingdom | |||
| DiscoverIE Group | France | |||
| Dexerials | Italy | |||
| Riken Keiki | Switzerland | |||
| Maruwa | India | |||
| Carel Industries | Israel | |||
| Halma | Singapore | |||
| USS | Germany | |||
| Gaztransport Et Technigaz | Canada | |||
| Sweden | ||||
| Australia | ||||
1Represents countries that are 3% or more of net assets. | ||||
| 2Securities are categorized by the country of their headquarters. | ||||
Portfolio Sector Breakdown
1
| ROYCE INTERNATIONAL PREMIER FUND—INSTITUTIONAL CLASS (RIPIX) | Semiannual Shareholder Report—June 30, 2026 |
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 2 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| FUND/CLASS | COSTS
OF A $10,000 INVESTMENT |
COSTS
PAID AS A PERCENTAGE OF A $10,000 INVESTMENT1 |
| Royce International Premier Fund—Service Class | $ |
¹Annualized
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | Country Breakdown1,2 | |||
| XP Power | Japan | |||
| Diploma | United Kingdom | |||
| DiscoverIE Group | France | |||
| Dexerials | Italy | |||
| Riken Keiki | Switzerland | |||
| Maruwa | India | |||
| Carel Industries | Israel | |||
| Halma | Singapore | |||
| USS | Germany | |||
| Gaztransport Et Technigaz | Canada | |||
| Sweden | ||||
| Australia | ||||
1Represents countries that are 3% or more of net assets. | ||||
| 2Securities are categorized by the country of their headquarters. | ||||
Portfolio Sector Breakdown
1
| ROYCE INTERNATIONAL PREMIER FUND—SERVICE CLASS (RYIPX) | Semiannual Shareholder Report—June 30, 2026 |
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 2 |
| The Royce Funds | June 30, 2026 |
|
|
|
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT1 |
| Royce Micro-Cap Fund—Consultant Class | $ |
|
| 1Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Ultra Clean Holdings | ||
| Ichor Holdings | ||
| Graham Corporation | ||
| Lincoln Educational Services | ||
| NWPX Infrastructure | ||
| Cohu | ||
| Bel Fuse Cl. B | ||
| EZCORP Cl. A | ||
| Lindblad Expeditions Holdings | ||
| Digi International |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
● Prospectus ● Financial Information |
● Fund Holdings ● 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
|
|
|
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT1 |
| Royce Micro-Cap Fund—Investment Class | $ |
|
| 1Annualized |
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Ultra Clean Holdings | ||
| Ichor Holdings | ||
| Graham Corporation | ||
| Lincoln Educational Services | ||
| NWPX Infrastructure | ||
| Cohu | ||
| Bel Fuse Cl. B | ||
| EZCORP Cl. A | ||
| Lindblad Expeditions Holdings | ||
| Digi International |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
● Prospectus ● Financial Information |
● Fund Holdings ● 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
|
|
|
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT1 |
| Royce Micro-Cap Fund—Service Class | $ |
|
| 1Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Ultra Clean Holdings | ||
| Ichor Holdings | ||
| Graham Corporation | ||
| Lincoln Educational Services | ||
| NWPX Infrastructure | ||
| Cohu | ||
| Bel Fuse Cl. B | ||
| EZCORP Cl. A | ||
| Lindblad Expeditions Holdings | ||
| Digi International |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
● Prospectus ● Financial Information |
● Fund Holdings ● 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
|
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Opportunity Fund—Consultant Class | $ |
¹Annualized
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||||
| Mercury Systems | ||||
| Lionsgate Studios | ||||
| Mayville Engineering | ||||
| Advance Auto Parts | ||||
| Orion Group Holdings | ||||
| Ultra Clean Holdings | ||||
| Select Water Solutions Cl. A | ||||
| Cohu | ||||
| Materion Corporation | ||||
| CECO Environmental | ||||
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
● Prospectus ● Financial Information |
● Fund Holdings ● 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
|
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Opportunity Fund—Investment Class | $ |
|
| ¹Annualized |
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||||
| Mercury Systems | ||||
| Lionsgate Studios | ||||
| Mayville Engineering | ||||
| Advance Auto Parts | ||||
| Orion Group Holdings | ||||
| Ultra Clean Holdings | ||||
| Select Water Solutions Cl. A | ||||
| Cohu | ||||
| Materion Corporation | ||||
| CECO Environmental | ||||
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
|
● Prospectus ● Financial Information |
● Fund Holdings ● 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
|
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Opportunity Fund—Institutional Class | $ |
|
| ¹Annualized |
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||||
| Mercury Systems | ||||
| Lionsgate Studios | ||||
| Mayville Engineering | ||||
| Advance Auto Parts | ||||
| Orion Group Holdings | ||||
| Ultra Clean Holdings | ||||
| Select Water Solutions Cl. A | ||||
| Cohu | ||||
| Materion Corporation | ||||
| CECO Environmental | ||||
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
● Prospectus ● Financial Information |
● Fund Holdings ● 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
|
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Opportunity Fund—R Class | $ |
|
| ¹Annualized |
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||||
| Mercury Systems | ||||
| Lionsgate Studios | ||||
| Mayville Engineering | ||||
| Advance Auto Parts | ||||
| Orion Group Holdings | ||||
| Ultra Clean Holdings | ||||
| Select Water Solutions Cl. A | ||||
| Cohu | ||||
| Materion Corporation | ||||
| CECO Environmental | ||||
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
● Prospectus ● Financial Information |
● Fund Holdings ● 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
|
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Opportunity Fund—Service Class | $ |
¹Annualized
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||||
| Mercury Systems | ||||
| Lionsgate Studios | ||||
| Mayville Engineering | ||||
| Advance Auto Parts | ||||
| Orion Group Holdings | ||||
| Ultra Clean Holdings | ||||
| Select Water Solutions Cl. A | ||||
| Cohu | ||||
| Materion Corporation | ||||
| CECO Environmental | ||||
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
● Prospectus ● Financial Information |
● Fund Holdings ● 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Premier Fund—Consultant Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| MKS | ||
| Arcosa | ||
| JBT Marel |
|
|
| Quaker Houghton | ||
| RBC Bearings | ||
| RB Global | ||
| FirstService Corporation | ||
|
ESCO Technologies |
||
| Littelfuse | ||
| SEI Investments |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Premier Fund—Investment Class | $ |
|
| ¹Annualized |
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| MKS | ||
| Arcosa | ||
| JBT Marel |
|
|
| Quaker Houghton | ||
| RBC Bearings | ||
| RB Global | ||
| FirstService Corporation | ||
|
ESCO Technologies |
||
| Littelfuse | ||
| SEI Investments |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Premier Fund—Institutional Class | $ |
|
| ¹Annualized |
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| MKS | ||
| Arcosa | ||
| JBT Marel |
|
|
| Quaker Houghton | ||
| RBC Bearings | ||
| RB Global | ||
| FirstService Corporation | ||
|
ESCO Technologies |
||
| Littelfuse | ||
| SEI Investments |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Premier Fund—Service Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of thek Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| MKS | ||
| Arcosa | ||
| JBT Marel |
|
|
| Quaker Houghton | ||
| RBC Bearings | ||
| RB Global | ||
| FirstService Corporation | ||
|
ESCO Technologies |
||
| Littelfuse | ||
| SEI Investments |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Special Equity Fund—Consultant Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Standard Motor Products | ||
| Movado Group | ||
| H&R Block |
|
|
| ManpowerGroup | ||
| Euronet Worldwide | ||
| Macy’s | ||
| Ennis | ||
|
Sylvamo Corporation |
||
| Ethan Allen Interiors | ||
| Federated Hermes Cl. B |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Special Equity Fund—Investment Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Standard Motor Products | ||
| Movado Group | ||
| H&R Block |
|
|
| ManpowerGroup | ||
| Euronet Worldwide | ||
| Macy’s | ||
| Ennis | ||
|
Sylvamo Corporation |
||
| Ethan Allen Interiors | ||
| Federated Hermes Cl. B |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Special Equity Fund—Institutional Class | $ |
|
| ¹Annualized |
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Standard Motor Products | ||
| Movado Group | ||
| H&R Block |
|
|
| ManpowerGroup | ||
| Euronet Worldwide | ||
| Macy’s | ||
| Ennis | ||
|
Sylvamo Corporation |
||
| Ethan Allen Interiors | ||
| Federated Hermes Cl. B |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Special Equity Fund—Service Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Standard Motor Products | ||
| Movado Group | ||
| H&R Block |
|
|
| ManpowerGroup | ||
| Euronet Worldwide | ||
| Macy’s | ||
| Ennis | ||
|
Sylvamo Corporation |
||
| Ethan Allen Interiors | ||
| Federated Hermes Cl. B |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Total Return Fund—Consultant Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Assured Guaranty | ||
| MSC Industrial Direct Cl. A | ||
| International General Insurance Holdings |
|
|
| Advance Auto Parts | ||
| Ingevity Corporation | ||
| Barrett Business Services | ||
| Academy Sports & Outdoors | ||
|
Healthcare Services Group |
||
| Silgan Holdings | ||
| PACS Group |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Total Return Fund—Investment Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Assured Guaranty | ||
| MSC Industrial Direct Cl. A | ||
| International General Insurance Holdings |
|
|
| Advance Auto Parts | ||
| Ingevity Corporation | ||
| Barrett Business Services | ||
| Academy Sports & Outdoors | ||
|
Healthcare Services Group |
||
| Silgan Holdings | ||
| PACS Group |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Total Return Fund—Institutional Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Assured Guaranty | ||
| MSC Industrial Direct Cl. A | ||
| International General Insurance Holdings |
|
|
| Advance Auto Parts | ||
| Ingevity Corporation | ||
| Barrett Business Services | ||
| Academy Sports & Outdoors | ||
|
Healthcare Services Group |
||
| Silgan Holdings | ||
| PACS Group |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Total Return Fund—R Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Assured Guaranty | ||
| MSC Industrial Direct Cl. A | ||
| International General Insurance Holdings |
|
|
| Advance Auto Parts | ||
| Ingevity Corporation | ||
| Barrett Business Services | ||
| Academy Sports & Outdoors | ||
|
Healthcare Services Group |
||
| Silgan Holdings | ||
| PACS Group |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Total Return Fund—Service Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Assured Guaranty | ||
| MSC Industrial Direct Cl. A | ||
| International General Insurance Holdings |
|
|
| Advance Auto Parts | ||
| Ingevity Corporation | ||
| Barrett Business Services | ||
| Academy Sports & Outdoors | ||
|
Healthcare Services Group |
||
| Silgan Holdings | ||
| PACS Group |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
| This report describes changes to the Fund. |
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Smaller-Companies Growth Fund—Investment Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Hinge Health Cl. A | ||
| Magnite | ||
| Definium Therapeutics |
|
|
| Flotek Industries | ||
| Axsome Therapeutics | ||
| ACV Auctions Cl. A | ||
| Strata Critical Medical | ||
|
Impinj |
||
| Freshpet | ||
| Seacoast Banking Corporation of Florida |
Portfolio Sector Breakdown
1
| ROYCE SMALLER-COMPANIES GROWTH FUND—INVESTMENT CLASS (RVPHX) | Semiannual Shareholder Report—June 30, 2026 |
How Has the Fund Changed?
Effective September 30, 2026, the following changes will be implemented:
| • |
| • | the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of small-cap companies (i.e., those that have a market capitalization not greater than that of the largest company in the Russell 2000® Index at the time of its most recent reconstitution) |
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 2 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
| This report describes changes to the Fund. |
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Smaller-Companies Growth Fund—Institutional Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Hinge Health Cl. A | ||
| Magnite | ||
| Definium Therapeutics |
|
|
| Flotek Industries | ||
| Axsome Therapeutics | ||
| ACV Auctions Cl. A | ||
| Strata Critical Medical | ||
|
Impinj |
||
| Freshpet | ||
| Seacoast Banking Corporation of Florida |
Portfolio Sector Breakdown
1
| ROYCE SMALLER-COMPANIES GROWTH FUND—INSTITUTIONAL CLASS (RVPIX) | Semiannual Shareholder Report—June 30, 2026 |
How Has the Fund Changed?
Effective September 30, 2026, the following changes will be implemented:
| • |
| • | the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of small-cap companies (i.e., those that have a market capitalization not greater than that of the largest company in the Russell 2000® Index at the time of its most recent reconstitution) |
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 2 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
| This report describes changes to the Fund. |
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Smaller-Companies Growth Fund—Service Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| Hinge Health Cl. A | ||
| Magnite | ||
| Definium Therapeutics |
|
|
| Flotek Industries | ||
| Axsome Therapeutics | ||
| ACV Auctions Cl. A | ||
| Strata Critical Medical | ||
|
Impinj |
||
| Freshpet | ||
| Seacoast Banking Corporation of Florida |
Portfolio Sector Breakdown
1
| ROYCE SMALLER-COMPANIES GROWTH FUND—SERVICE CLASS (RYVPX) | Semiannual Shareholder Report—June 30, 2026 |
How Has the Fund Changed?
Effective September 30, 2026, the following changes will be implemented:
| • |
| • | the Fund will invest, under normal circumstances, at least 80% of its net assets in equity securities of small-cap companies (i.e., those that have a market capitalization not greater than that of the largest company in the Russell 2000® Index at the time of its most recent reconstitution) |
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 2 |
| The Royce Funds | June 30, 2026 |
| |
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Value Fund—Investment Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| TD SYNNEX | ||
| M/I Homes | ||
| Blue Bird |
|
|
| Diebold Nixdorf | ||
| Timberland Bancorp | ||
| Village Super Market Cl. A | ||
| IBEX | ||
|
Interface |
||
| PulteGroup | ||
| Unity Bancorp |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
| The Royce Funds | June 30, 2026 |
| |
Semiannual Shareholder Report
What Were the Fund’s Costs for the Last Six-Months?
Based on a hypothetical $10,000 investment
| COSTS OF A | COSTS PAID AS A PERCENTAGE | |
| FUND/CLASS | $10,000 INVESTMENT | OF A $10,000 INVESTMENT¹ |
| Royce Small-Cap Value Fund—Service Class | $ |
|
| ¹Annualized |
Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
Key Fund Statistics
As of/through 6/30/26
| Fund Size (Millions) | $ |
| Number of Holdings | |
| Portfolio Turnover Rate |
What Did The Fund Invest In?
Representing percentage of total net assets of the Fund as of 6/30/26 (%)
| Top 10 Positions | ||
| TD SYNNEX | ||
| M/I Homes | ||
| Blue Bird |
|
|
| Diebold Nixdorf | ||
| Timberland Bancorp | ||
| Village Super Market Cl. A | ||
| IBEX | ||
|
Interface |
||
| PulteGroup | ||
| Unity Bancorp |
Portfolio Sector Breakdown
Where Can I Find Additional Information About The Fund?
Additional information is available at www.royceinvest.com/literature, including its:
 |
• Prospectus • Financial Information |
• Fund Holdings • 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
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-0626 | 1 |
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.
| The Royce Funds |  |
Financial Statements and Other Important Information
Semiannual—June 30, 2026
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
Royce SMid-Cap Total Return Fund
|
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce International Premier Fund | ||||||||
| Common Stocks – 92.2% | ||||||||
| SHARES | VALUE | |||||||
| AUSTRALIA – 3.0% | ||||||||
| Cochlear 1 | 13,209 | $ | 1,116,024 | |||||
| Netwealth Group †,1 | 31,255 | 444,405 | ||||||
| XRF Scientific †,1 | 420,797 | 503,515 | ||||||
| Total (Cost $2,846,095) | 2,063,944 | |||||||
| AUSTRIA – 1.3% | ||||||||
| DO & CO †,1 | 3,602 | 894,041 | ||||||
| Total (Cost $806,788) | 894,041 | |||||||
| CANADA – 3.1% | ||||||||
| CAE 2 | 46,047 | 1,152,920 | ||||||
| FirstService Corporation | 7,018 | 997,328 | ||||||
| Total (Cost $2,384,334) | 2,150,248 | |||||||
| FINLAND – 1.5% | ||||||||
| Enento Group 1 | 21,507 | 350,018 | ||||||
| Metso †,1 | 38,066 | 661,756 | ||||||
| Total (Cost $1,160,774) | 1,011,774 | |||||||
| FRANCE – 6.5% | ||||||||
| Antin Infrastructure Partners 1 | 34,041 | 343,902 | ||||||
| Gaztransport Et Technigaz 1 | 8,108 | 1,717,318 | ||||||
| Lectra 1 | 17,827 | 349,741 | ||||||
| Planisware 1 | 44,012 | 914,846 | ||||||
| Robertet 1 | 1,259 | 1,159,888 | ||||||
| Total (Cost $4,608,132) | 4,485,695 | |||||||
| GERMANY – 4.2% | ||||||||
| Atoss Software †,1 | 7,920 | 605,530 | ||||||
| CTS Eventim AG & Co. 1 | 20,863 | 1,217,213 | ||||||
| Gabler Group †,1,2 | 14,230 | 601,717 | ||||||
| JDC Group 1,2 | 16,192 | 420,012 | ||||||
| Total (Cost $3,770,743) | 2,844,472 | |||||||
| INDIA – 5.2% | ||||||||
| AIA Engineering 1 | 26,953 | 1,443,269 | ||||||
| Nuvama Wealth Management †,1 | 28,587 | 550,504 | ||||||
| Triveni Turbine 1 | 215,072 | 1,569,395 | ||||||
| Total (Cost $2,902,966) | 3,563,168 | |||||||
| ISRAEL – 4.3% | ||||||||
| Cellebrite DI 2 | 90,085 | 1,315,241 | ||||||
| Meitav Investment House †,1 | 13,291 | 578,320 | ||||||
| Nice ADR 2 | 11,795 | 1,071,576 | ||||||
| Total (Cost $3,519,184) | 2,965,137 | |||||||
| ITALY – 5.3% | ||||||||
| Carel Industries 1 | 60,334 | 2,188,967 | ||||||
| SOL 1 | 22,153 | 1,473,321 | ||||||
| Total (Cost $2,341,286) | 3,662,288 | |||||||
| JAPAN – 21.5% | ||||||||
| BML 1 | 59,200 | 1,308,256 | ||||||
| Business Engineering 1 | 176,000 | 1,076,211 | ||||||
| Daiei Kankyo 1 | 28,600 | 666,602 | ||||||
| Dexerials 1 | 83,600 | 2,225,240 | ||||||
| Maruwa 1 | 5,000 | 2,219,724 | ||||||
| OBIC Business Consultants 1 | 28,800 | 1,080,088 | ||||||
| Riken Keiki 1 | 96,600 | 2,221,825 | ||||||
| Torishima Pump Manufacturing †,1 | 30,700 | 531,149 | ||||||
| USS 1 | 167,800 | 1,965,182 | ||||||
| Zuken 1 | 51,000 | 1,444,750 | ||||||
| Total (Cost $10,679,718) | 14,739,027 | |||||||
| LITHUANIA – 1.8% | ||||||||
| Baltic Classifieds Group 1 | 501,292 | 1,251,538 | ||||||
| Total (Cost $1,930,497) | 1,251,538 | |||||||
| NETHERLANDS – 1.1% | ||||||||
| IMCD 1 | 8,478 | 765,609 | ||||||
| Total (Cost $525,836) | 765,609 | |||||||
| NORWAY – 1.1% | ||||||||
| Medistim 1 | 32,535 | 753,022 | ||||||
| Total (Cost $639,230) | 753,022 | |||||||
| POLAND – 0.5% | ||||||||
| Asseco Poland 1 | 8,221 | 366,327 | ||||||
| Total (Cost $111,099) | 366,327 | |||||||
| SINGAPORE – 4.3% | ||||||||
| XP Power 1,2 | 113,523 | 2,924,296 | ||||||
| Total (Cost $1,329,733) | 2,924,296 | |||||||
| SOUTH KOREA – 0.8% | ||||||||
| NICE Information Service 1 | 57,307 | 508,006 | ||||||
| Total (Cost $1,053,125) | 508,006 | |||||||
| SWEDEN – 3.0% | ||||||||
| Dynavox Group †,1 | 55,949 | 337,441 | ||||||
| Hemnet Group 1 | 46,118 | 350,090 | ||||||
| Karnov Group 1,2 | 46,149 | 324,206 | ||||||
| SmartCraft Group 1,2 | 672,025 | 1,073,901 | ||||||
| Total (Cost $3,240,862) | 2,085,638 | |||||||
| SWITZERLAND – 5.3% | ||||||||
| Accelleron Industries 1 | 9,495 | 976,025 | ||||||
| Kardex Holding 1 | 4,278 | 1,200,347 | ||||||
| VZ Holding 1 | 7,867 | 1,474,493 | ||||||
| Total (Cost $1,273,576) | 3,650,865 | |||||||
| UNITED KINGDOM – 18.4% | ||||||||
| Ashtead Technology Holdings 1 | 171,751 | 944,518 | ||||||
| Cohort †,1 | 37,677 | 614,824 | ||||||
| CVS Group 1 | 60,275 | 938,044 | ||||||
| Diploma 1 | 27,658 | 2,617,333 | ||||||
| DiscoverIE Group 1 | 284,940 | 2,556,048 | ||||||
| GlobalData 1 | 391,537 | 387,973 | ||||||
| Halma 1 | 39,105 | 2,042,984 | ||||||
| Helios Towers †,1,2 | 233,638 | 620,823 | ||||||
| Howden Joinery Group †,1 | 35,525 | 394,875 | ||||||
| Rightmove 1 | 131,917 | 767,199 | ||||||
| SigmaRoc †,1,2 | 445,472 | 756,302 | ||||||
| Total (Cost $10,801,141) | 12,640,923 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $55,925,119) | 63,326,018 | |||||||
| INVESTMENTS AT VALUE | ||||||||
| (Cost $55,925,119) | 63,326,018 | |||||||
| See Notes to Financial Statements | 1 |
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce International Premier Fund (continued) | ||||
| VALUE | ||||
| REPURCHASE AGREEMENT– 5.3% | ||||
| Fixed Income Clearing Corporation, 3.00% dated 6/30/26, due 7/1/26, maturity
value $3,599,045 (collateralized by obligations of U.S. Government Agencies, 3.875% due 3/15/28, valued at $3,670,723) | ||||
| (Cost $3,598,745) | $ | 3,598,745 | ||
| TOTAL INVESTMENTS – 97.5% | ||||
| (Cost $59,523,864) | 66,924,763 | |||
| CASH AND OTHER ASSETS LESS LIABILITIES – 2.5% | 1,735,082 | |||
| NET ASSETS – 100.0% | $ | 68,659,845 | ||
| Royce Micro-Cap Fund | ||||||||
| Common Stocks – 96.6% | ||||||||
| SHARES | VALUE | |||||||
| COMMUNICATION SERVICES – 2.1% | ||||||||
| ENTERTAINMENT – 0.8% | ||||||||
| IMAX Corporation 2 | 87,293 | $ | 3,479,499 | |||||
| INTERACTIVE MEDIA & SERVICES – 0.9% | ||||||||
| DHI Group 2 | 316,579 | 1,174,508 | ||||||
| QuinStreet 2 | 171,607 | 2,514,043 | ||||||
| 3,688,551 | ||||||||
| MEDIA – 0.4% | ||||||||
| Magnite 2 | 94,935 | 1,801,866 | ||||||
| Total (Cost $3,245,011) | 8,969,916 | |||||||
| CONSUMER DISCRETIONARY – 12.0% | ||||||||
| AUTOMOBILE COMPONENTS – 0.8% | ||||||||
| Fox Factory Holding Corp. 2 | 105,409 | 1,786,155 | ||||||
| Stoneridge 2 | 239,933 | 1,756,310 | ||||||
| 3,542,465 | ||||||||
| DIVERSIFIED CONSUMER SERVICES – 2.2% | ||||||||
| Legacy Education 2 | 254,436 | 2,992,167 | ||||||
| Lincoln Educational Services 2 | 126,617 | 6,318,188 | ||||||
| 9,310,355 | ||||||||
| HOTELS, RESTAURANTS & LEISURE – 2.6% | ||||||||
| Century Casinos 2 | 461,349 | 590,527 | ||||||
| First Watch Restaurant Group 2 | 153,365 | 1,976,875 | ||||||
| Lindblad Expeditions Holdings 2 | 194,120 | 5,481,949 | ||||||
| Target Hospitality 2 | 145,551 | 2,963,418 | ||||||
| 11,012,769 | ||||||||
| HOUSEHOLD DURABLES – 1.5% | ||||||||
| Hovnanian Enterprises Cl. A 2 | 10,157 | 1,446,458 | ||||||
| Legacy Housing 2,3 | 101,199 | 2,658,498 | ||||||
| LGI Homes 2,3 | 37,063 | 2,360,172 | ||||||
| 6,465,128 | ||||||||
| LEISURE PRODUCTS – 1.5% | ||||||||
| American Outdoor Brands 2 | 287,267 | 3,372,515 | ||||||
| MasterCraft Boat Holdings 2,3 | 117,764 | 3,040,666 | ||||||
| 6,413,181 | ||||||||
| SPECIALTY RETAIL – 2.8% | ||||||||
| Bed Bath & Beyond 2 | 226,112 | 1,309,188 | ||||||
| Citi Trends 2 | 71,311 | 4,124,628 | ||||||
| J.Jill | 109,273 | 1,734,163 | ||||||
| OneWater Marine Cl. A 2 | 163,910 | 1,847,266 | ||||||
| RealReal 2 | 250,625 | 2,954,869 | ||||||
| 11,970,114 | ||||||||
| TEXTILES, APPAREL & LUXURY GOODS – 0.6% | ||||||||
| Lakeland Industries 2 | 114,972 | 1,229,051 | ||||||
| Vera Bradley 2 | 357,667 | 1,391,324 | ||||||
| 2,620,375 | ||||||||
| Total (Cost $36,172,062) | 51,334,387 | |||||||
| ENERGY – 3.5% | ||||||||
| ENERGY EQUIPMENT & SERVICES – 2.8% | ||||||||
| Natural Gas Services Group | 114,024 | 4,918,995 | ||||||
| Pason Systems | 228,074 | 1,982,833 | ||||||
| Ranger Energy Services Cl. A | 126,194 | 2,020,366 | ||||||
| Select Water Solutions Cl. A | 149,344 | 2,983,893 | ||||||
| 11,906,087 | ||||||||
| OIL, GAS & CONSUMABLE FUELS – 0.7% | ||||||||
| Riley Exploration Permian † | 50,152 | 1,653,010 | ||||||
| SandRidge Energy | 112,942 | 1,547,305 | ||||||
| 3,200,315 | ||||||||
| Total (Cost $8,069,208) | 15,106,402 | |||||||
| See Notes to Financial Statements | 2 |
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce Micro-Cap Fund (continued) | ||||||||
| SHARES | VALUE | |||||||
| FINANCIALS – 11.9% | ||||||||
| BANKS – 6.7% | ||||||||
| BayCom Corp. | 75,351 | $ | 2,479,048 | |||||
| Chain Bridge Bancorp Cl. A 2 | 58,681 | 2,467,536 | ||||||
| Coastal Financial 2 | 16,361 | 1,268,141 | ||||||
| Customers Bancorp 2 | 43,428 | 3,435,155 | ||||||
| Esquire Financial Holdings | 18,153 | 2,162,204 | ||||||
| HBT Financial | 68,430 | 2,189,076 | ||||||
| Hingham Institution for Savings | 7,039 | 2,162,029 | ||||||
| HomeTrust Bancshares | 44,284 | 2,209,329 | ||||||
| Investar Holding | 138,211 | 4,140,801 | ||||||
| Midway Investments 2,4 | 1,858,170 | 0 | ||||||
| Northeast Bank | 19,849 | 2,630,588 | ||||||
| Western New England Bancorp | 258,772 | 3,700,439 | ||||||
| 28,844,346 | ||||||||
| CAPITAL MARKETS – 3.1% | ||||||||
| Canaccord Genuity Group | 296,592 | 3,053,230 | ||||||
| Oppenheimer Holdings Cl. A | 36,114 | 3,811,472 | ||||||
| Perella Weinberg Partners Cl. A | 145,465 | 2,321,621 | ||||||
| Silvercrest Asset Management Group Cl. A | 43,465 | 439,431 | ||||||
| Sprott | 30,875 | 3,478,812 | ||||||
| 13,104,566 | ||||||||
| CONSUMER FINANCE – 1.4% | ||||||||
| EZCORP Cl. A 2 | 172,313 | 5,956,860 | ||||||
| INSURANCE – 0.7% | ||||||||
| International General Insurance Holdings | 124,517 | 3,258,610 | ||||||
| Total (Cost $29,964,312) | 51,164,382 | |||||||
| HEALTH CARE – 12.5% | ||||||||
| BIOTECHNOLOGY – 2.0% | ||||||||
| Absci Corporation 2,3 | 122,157 | 1,415,800 | ||||||
| BridgeBio Oncology Therapeutics †,2,3 | 87,617 | 667,642 | ||||||
| CareDx 2 | 111,373 | 3,174,130 | ||||||
| Compass Therapeutics †,2,3 | 374,174 | 819,441 | ||||||
| Kura Oncology †,2 | 100,058 | 1,097,636 | ||||||
| ORIC Pharmaceuticals 2 | 146,406 | 1,585,577 | ||||||
| 8,760,226 | ||||||||
| HEALTH CARE EQUIPMENT & SUPPLIES – 3.7% | ||||||||
| Acme United | 60,998 | 2,910,824 | ||||||
| AngioDynamics 2 | 140,402 | 1,826,630 | ||||||
| Apyx Medical 2 | 586,780 | 2,634,642 | ||||||
| Artivion 2 | 64,962 | 1,459,696 | ||||||
| Establishment Labs Holdings 2 | 56,202 | 4,822,694 | ||||||
| Profound Medical 2 | 343,903 | 2,286,625 | ||||||
| 15,941,111 | ||||||||
| HEALTH CARE PROVIDERS & SERVICES – 1.5% | ||||||||
| AMN Healthcare Services 2 | 135,154 | 4,374,935 | ||||||
| GeneDx Holdings Cl. A †,2 | 31,054 | 2,131,857 | ||||||
| 6,506,792 | ||||||||
| HEALTH CARE TECHNOLOGY – 1.5% | ||||||||
| Certara †,2,3 | 465,190 | 3,046,995 | ||||||
| SOPHiA GENETICS 2 | 377,817 | 2,180,004 | ||||||
| Veradigm †,1,2 | 205,758 | 1,047,308 | ||||||
| 6,274,307 | ||||||||
| LIFE SCIENCES TOOLS & SERVICES – 3.8% | ||||||||
| Alpha Teknova 2,3 | 467,232 | 2,653,878 | ||||||
| Azenta 2 | 84,868 | 2,165,831 | ||||||
| BioLife Solutions 2 | 103,505 | 2,922,981 | ||||||
| Cytek Biosciences 2 | 572,392 | 2,535,697 | ||||||
| Maravai LifeSciences Holdings Cl. A 2 | 508,413 | 3,172,497 | ||||||
| Mesa Laboratories | 16,158 | 1,608,529 | ||||||
| Standard BioTools 2 | 1,247,908 | 1,026,654 | ||||||
| 16,086,067 | ||||||||
| PHARMACEUTICALS – 0.0% | ||||||||
| Zevra Therapeutics †,2 | 7,252 | 103,994 | ||||||
| Total (Cost $40,691,930) | 53,672,497 | |||||||
| INDUSTRIALS – 25.9% | ||||||||
| AEROSPACE & DEFENSE – 2.4% | ||||||||
| Astronics Corporation 2 | 39,965 | 3,247,556 | ||||||
| Astronics Corporation Cl. B 1,2 | 2,232 | 178,560 | ||||||
| CPI Aerostructures 2 | 303,127 | 1,573,229 | ||||||
| Park Aerospace | 140,735 | 5,370,448 | ||||||
| 10,369,793 | ||||||||
| AIR FREIGHT & LOGISTICS – 0.6% | ||||||||
| Radiant Logistics 2 | 256,225 | 2,423,889 | ||||||
| BUILDING PRODUCTS – 1.0% | ||||||||
| Janus International Group 2 | 362,338 | 2,010,976 | ||||||
| Quanex Building Products | 126,049 | 2,347,032 | ||||||
| 4,358,008 | ||||||||
| COMMERCIAL SERVICES & SUPPLIES – 2.0% | ||||||||
| ACV Auctions Cl. A †,2 | 391,856 | 2,817,445 | ||||||
| Liquidity Services 2 | 89,481 | 3,500,497 | ||||||
| Onterris 2 | 117,426 | 2,373,179 | ||||||
| 8,691,121 | ||||||||
| CONSTRUCTION & ENGINEERING – 3.8% | ||||||||
| Ameresco Cl. A 2 | 70,770 | 1,953,252 | ||||||
| Bowman Consulting Group 2 | 73,087 | 2,134,141 | ||||||
| Concrete Pumping Holdings 2 | 239,783 | 2,889,385 | ||||||
| Limbach Holdings 2 | 40,919 | 3,150,763 | ||||||
| NWPX Infrastructure 2 | 41,433 | 6,212,464 | ||||||
| 16,340,005 | ||||||||
| ELECTRICAL EQUIPMENT – 2.3% | ||||||||
| American Superconductor 2 | 41,960 | 1,741,760 | ||||||
| Hammond Power Solutions Cl. A | 17,718 | 4,337,646 | ||||||
| LSI Industries | 142,006 | 3,774,519 | ||||||
| 9,853,925 | ||||||||
| GROUND TRANSPORTATION – 1.6% | ||||||||
| Covenant Logistics Group Cl. A | 100,582 | 4,443,713 | ||||||
| Marten Transport | 136,310 | 2,364,978 | ||||||
| 6,808,691 | ||||||||
| MACHINERY – 6.3% | ||||||||
| Aebi Schmidt Holding | 87,661 | 1,100,146 | ||||||
| CECO Environmental 2 | 59,688 | 5,416,089 | ||||||
| Commercial Vehicle Group 2 | 170,955 | 789,812 | ||||||
| Energy Recovery 2,3 | 206,567 | 1,863,234 | ||||||
| Graham Corporation 2 | 51,621 | 6,390,164 | ||||||
| Lindsay Corporation | 16,023 | 1,983,647 | ||||||
| Luxfer Holdings | 221,762 | 4,000,587 | ||||||
| Perma-Pipe International Holdings 2 | 54,219 | 1,476,383 | ||||||
| Titan International 2 | 189,834 | 1,463,620 | ||||||
| Wabash National | 113,451 | 1,531,589 | ||||||
| Westport Fuel Systems 2 | 314,977 | 711,848 | ||||||
| 26,727,119 | ||||||||
| PROFESSIONAL SERVICES – 2.1% | ||||||||
| Alight Cl. A †,2 | 755,594 | 423,133 | ||||||
| Asure Software 2 | 193,870 | 1,539,328 | ||||||
| Kforce | 60,421 | 2,834,953 | ||||||
| Mistras Group 2 | 108,953 | 1,903,409 | ||||||
| See Notes to Financial Statements | 3 |
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce Micro-Cap Fund (continued) | ||||||||
| SHARES | VALUE | |||||||
| INDUSTRIALS (continued) | ||||||||
| PROFESSIONAL SERVICES (continued) | ||||||||
| TrueBlue 2 | 298,815 | $ | 2,082,740 | |||||
| 8,783,563 | ||||||||
| TRADING COMPANIES & DISTRIBUTORS – 3.8% | ||||||||
| Alta Equipment Group 2 | 280,765 | 1,816,550 | ||||||
| Distribution Solutions Group 2 | 44,866 | 1,227,085 | ||||||
| EVI Industries | 126,959 | 1,876,454 | ||||||
| NPK International 2 | 262,618 | 4,178,252 | ||||||
| Titan Machinery 2 | 161,016 | 3,400,658 | ||||||
| Transcat 2 | 41,729 | 3,871,199 | ||||||
| 16,370,198 | ||||||||
| Total (Cost $71,541,651) | 110,726,312 | |||||||
| INFORMATION TECHNOLOGY – 23.9% | ||||||||
| COMMUNICATIONS EQUIPMENT – 4.1% | ||||||||
| ADTRAN Holdings 2 | 324,658 | 4,512,746 | ||||||
| Applied Optoelectronics 2 | 10,856 | 1,608,425 | ||||||
| Clearfield 2 | 73,252 | 2,914,697 | ||||||
| Digi International 2 | 72,471 | 5,431,702 | ||||||
| NETGEAR 2 | 77,891 | 1,818,755 | ||||||
| Ribbon Communications 2 | 536,295 | 1,254,930 | ||||||
| 17,541,255 | ||||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 8.1% | ||||||||
| Arlo Technologies 2 | 114,726 | 1,546,506 | ||||||
| Bel Fuse Cl. B | 17,938 | 5,974,071 | ||||||
| Climb Global Solutions 2 | 99,461 | 2,308,490 | ||||||
| Kraken Robotics 2 | 185,609 | 829,728 | ||||||
| LightPath Technologies Cl. A 2 | 284,408 | 4,650,071 | ||||||
| M-tron Industries †,2 | 24,229 | 2,402,305 | ||||||
| nLIGHT 2 | 56,623 | 3,942,093 | ||||||
| Powerfleet 2 | 679,885 | 2,603,960 | ||||||
| Richardson Electronics | 280,641 | 5,334,985 | ||||||
| SmartRent Cl. A 2 | 186,654 | 222,118 | ||||||
| Vishay Precision Group 2 | 30,971 | 4,642,863 | ||||||
| 34,457,190 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 9.9% | ||||||||
| Aehr Test Systems 2 | 10,450 | 1,003,827 | ||||||
| Alpha and Omega Semiconductor 2 | 29,020 | 1,373,517 | ||||||
| Camtek 2 | 20,936 | 3,415,080 | ||||||
| Cohu 2 | 83,383 | 6,162,838 | ||||||
| Ichor Holdings 2 | 62,957 | 7,068,812 | ||||||
| inTEST Corporation 2 | 220,595 | 4,008,211 | ||||||
| Kopin Corporation 2 | 830,028 | 3,718,525 | ||||||
| Nova 2 | 6,939 | 3,767,461 | ||||||
| Penguin Solutions 2 | 59,391 | 4,514,310 | ||||||
| Ultra Clean Holdings 2 | 51,555 | 7,351,227 | ||||||
| 42,383,808 | ||||||||
| SOFTWARE – 1.8% | ||||||||
| Alkami Technology †,2,3 | 67,674 | 1,226,253 | ||||||
| Amplitude Cl. A †,2,3 | 291,105 | 2,226,953 | ||||||
| Five9 †,2 | 107,296 | 2,287,551 | ||||||
| PagerDuty †,2,3 | 221,086 | 2,133,480 | ||||||
| 7,874,237 | ||||||||
| Total (Cost $40,662,419) | 102,256,490 | |||||||
| MATERIALS – 4.2% | ||||||||
| CHEMICALS – 1.5% | ||||||||
| Core Molding Technologies 2 | 84,858 | 2,002,649 | ||||||
| 5N Plus 2 | 137,996 | 4,259,802 | ||||||
| 6,262,451 | ||||||||
| CONSTRUCTION MATERIALS – 0.0% | ||||||||
| Suncrete Cl. A †,2 | 7,252 | 163,388 | ||||||
| METALS & MINING – 2.7% | ||||||||
| Alphamin Resources | 633,292 | 665,330 | ||||||
| Altius Minerals | 102,661 | 4,597,939 | ||||||
| Ferroglobe | 412,754 | 1,312,558 | ||||||
| Major Drilling Group International 2 | 318,982 | 3,389,430 | ||||||
| Ramaco Resources Cl. A †,2 | 113,689 | 1,504,105 | ||||||
| 11,469,362 | ||||||||
| Total (Cost $9,863,025) | 17,895,201 | |||||||
| REAL ESTATE – 0.6% | ||||||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.6% | ||||||||
| Altus Group † | 37,637 | 1,195,786 | ||||||
| Marcus & Millichap | 45,223 | 1,409,601 | ||||||
| Total (Cost $2,642,385) | 2,605,387 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $242,852,003) | 413,730,974 | |||||||
| COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.5% | ||||||||
| Money Market Funds | ||||||||
| Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-3.50%) | ||||||||
| (Cost $2,119,707) | 2,119,707 | 2,119,707 | ||||||
| INVESTMENTS AT VALUE | ||||||||
| (Cost $244,971,710) | 415,850,681 | |||||||
| REPURCHASE AGREEMENT– 3.6% | ||||||||
| Fixed Income Clearing Corporation, 3.00% dated 6/30/26, due 7/1/26, maturity value
$15,306,515 (collateralized by obligations of U.S. Government Agencies, 4.125% due 6/30/28, valued at $15,611,485) | ||||||||
| (Cost $15,305,239) | 15,305,239 | |||||||
| TOTAL INVESTMENTS – 100.7% | ||||||||
| (Cost $260,276,949) | 431,155,920 | |||||||
| LIABILITIES LESS CASH AND OTHER ASSETS – (0.7)% | (3,092,696 | ) | ||||||
| NET ASSETS – 100.0% | $ | 428,063,224 | ||||||
| See Notes to Financial Statements | 4 |
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce Premier Fund | ||||||||
| Common Stocks – 95.9% | ||||||||
| SHARES | VALUE | |||||||
| CONSUMER DISCRETIONARY – 9.8% | ||||||||
| AUTOMOBILE COMPONENTS – 4.6% | ||||||||
| Dorman Products 2 | 221,733 | $ | 30,255,468 | |||||
| LCI Industries | 217,000 | 22,975,960 | ||||||
| 53,231,428 | ||||||||
| DISTRIBUTORS – 0.7% | ||||||||
| Pool Corporation | 36,921 | 7,934,323 | ||||||
| LEISURE PRODUCTS – 1.4% | ||||||||
| Brunswick Corporation | 182,750 | 15,394,860 | ||||||
| SPECIALTY RETAIL – 2.0% | ||||||||
| Valvoline 2 | 590,280 | 23,339,671 | ||||||
| TEXTILES, APPAREL & LUXURY GOODS – 1.1% | ||||||||
| Ralph Lauren Cl. A | 32,000 | 12,845,120 | ||||||
| Total (Cost $70,215,855) | 112,745,402 | |||||||
| CONSUMER STAPLES – 2.8% | ||||||||
| HOUSEHOLD PRODUCTS – 1.0% | ||||||||
| WD-40 Company | 47,754 | 11,634,784 | ||||||
| PERSONAL CARE PRODUCTS – 1.8% | ||||||||
| Interparfums | 183,780 | 20,557,631 | ||||||
| Total (Cost $18,423,619) | 32,192,415 | |||||||
| FINANCIALS – 11.3% | ||||||||
| CAPITAL MARKETS – 10.0% | ||||||||
| Evercore Cl. A | 33,733 | 11,517,796 | ||||||
| FactSet Research Systems | 34,193 | 7,867,125 | ||||||
| Lazard | 360,868 | 15,134,804 | ||||||
| Morningstar | 77,278 | 12,056,914 | ||||||
| SEI Investments | 361,661 | 31,721,286 | ||||||
| TMX Group | 779,000 | 25,502,535 | ||||||
| Victory Capital Holdings Cl. A | 134,637 | 11,317,586 | ||||||
| 115,118,046 | ||||||||
| INSURANCE – 1.3% | ||||||||
| RLI Corp. | 249,525 | 14,739,442 | ||||||
| Total (Cost $83,266,227) | 129,857,488 | |||||||
| HEALTH CARE – 1.5% | ||||||||
| LIFE SCIENCES TOOLS & SERVICES – 1.5% | ||||||||
| Bio-Techne | 236,896 | 16,736,702 | ||||||
| Total (Cost $6,810,507) | 16,736,702 | |||||||
| INDUSTRIALS – 40.6% | ||||||||
| AEROSPACE & DEFENSE – 2.1% | ||||||||
| Woodward | 55,799 | 23,739,127 | ||||||
| BUILDING PRODUCTS – 4.4% | ||||||||
| AAON | 134,083 | 17,009,769 | ||||||
| Simpson Manufacturing | 110,897 | 23,216,287 | ||||||
| UFP Industries | 109,932 | 9,975,230 | ||||||
| 50,201,286 | ||||||||
| COMMERCIAL SERVICES & SUPPLIES – 5.8% | ||||||||
| Brady Corporation Cl. A | 108,599 | 9,944,410 | ||||||
| MSA Safety | 117,041 | 20,433,018 | ||||||
| RB Global | 312,384 | 36,377,117 | ||||||
| 66,754,545 | ||||||||
| CONSTRUCTION & ENGINEERING – 5.9% | ||||||||
| Arcosa | 298,822 | 43,415,848 | ||||||
| Valmont Industries | 40,829 | 23,582,831 | ||||||
| 66,998,679 | ||||||||
| GROUND TRANSPORTATION – 1.9% | ||||||||
| Landstar System | 106,988 | 22,126,188 | ||||||
| MACHINERY – 17.8% | ||||||||
| Enpro | 46,589 | 17,560,792 | ||||||
| ESAB Corporation | 251,126 | 24,768,557 | ||||||
| ESCO Technologies | 92,728 | 32,458,509 | ||||||
| JBT Marel | 284,061 | 41,188,845 | ||||||
| Kadant | 74,938 | 23,547,768 | ||||||
| Lincoln Electric Holdings | 81,432 | 21,621,010 | ||||||
| Lindsay Corporation | 39,698 | 4,914,613 | ||||||
| RBC Bearings 2 | 59,922 | 38,593,363 | ||||||
| 204,653,457 | ||||||||
| PROFESSIONAL SERVICES – 2.7% | ||||||||
| Exponent | 398,004 | 23,386,715 | ||||||
| Korn Ferry | 117,907 | 7,850,248 | ||||||
| 31,236,963 | ||||||||
| Total (Cost $181,672,373) | 465,710,245 | |||||||
| INFORMATION TECHNOLOGY – 16.1% | ||||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 6.0% | ||||||||
| Cognex Corporation | 308,000 | 22,305,360 | ||||||
| Knowles Corporation 2 | 346,279 | 14,363,653 | ||||||
| Littelfuse | 70,275 | 31,998,316 | ||||||
| 68,667,329 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 9.0% | ||||||||
| Cirrus Logic 2 | 159,370 | 23,671,226 | ||||||
| MKS | 113,251 | 50,374,045 | ||||||
| Onto Innovation 2 | 76,150 | 28,818,967 | ||||||
| 102,864,238 | ||||||||
| SOFTWARE – 1.1% | ||||||||
| Manhattan Associates 2 | 94,000 | 13,089,500 | ||||||
| Total (Cost $57,583,825) | 184,621,067 | |||||||
| MATERIALS – 8.7% | ||||||||
| CHEMICALS – 3.9% | ||||||||
| Innospec | 72,524 | 5,902,728 | ||||||
| Quaker Houghton | 245,608 | 39,019,743 | ||||||
| 44,922,471 | ||||||||
| CONSTRUCTION MATERIALS – 0.6% | ||||||||
| United States Lime & Minerals † | 61,368 | 6,423,389 | ||||||
| METALS & MINING – 2.7% | ||||||||
| Reliance | 83,616 | 31,238,938 | ||||||
| PAPER & FOREST PRODUCTS – 1.5% | ||||||||
| Stella-Jones | 304,647 | 16,836,405 | ||||||
| Total (Cost $56,815,327) | 99,421,203 | |||||||
| REAL ESTATE – 5.1% | ||||||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT – 5.1% | ||||||||
| Colliers International Group | 247,637 | 23,225,875 | ||||||
| FirstService Corporation | 250,738 | 35,632,377 | ||||||
| Total (Cost $58,201,867) | 58,858,252 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $532,989,600) | 1,100,142,774 | |||||||
| INVESTMENTS AT VALUE | ||||||||
| (Cost $532,989,600) | 1,100,142,774 | |||||||
| See Notes to Financial Statements | 5 |
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce Premier Fund (continued) | ||||
| VALUE | ||||
| REPURCHASE AGREEMENT– 4.5% | ||||
| Fixed Income Clearing Corporation, 3.00% dated 6/30/26, due 7/1/26,
maturity value $52,053,713 (collateralized by obligations of U.S. Government Agencies, 3.875% due 3/15/28, valued at $53,090,495) |
||||
| (Cost $52,049,375) | $ | 52,049,375 | ||
| TOTAL INVESTMENTS – 100.4% | ||||
| (Cost $585,038,975) | 1,152,192,149 | |||
| LIABILITIES LESS CASH AND OTHER ASSETS – (0.4)% | (4,477,354 | ) | ||
| NET ASSETS – 100.0% | $ | 1,147,714,795 | ||
| Royce Small-Cap Fund | ||||||||
| Common Stocks – 96.6% | ||||||||
| SHARES | VALUE | |||||||
| COMMUNICATION SERVICES – 0.8% | ||||||||
| ENTERTAINMENT – 0.8% | ||||||||
| IMAX Corporation 2 | 406,039 | $ | 16,184,714 | |||||
| INTERACTIVE MEDIA & SERVICES – 0.0% | ||||||||
| QuinStreet 2,3 | 76,292 | 1,117,678 | ||||||
| Total (Cost $8,085,599) | 17,302,392 | |||||||
| CONSUMER DISCRETIONARY – 10.1% | ||||||||
| AUTOMOBILE COMPONENTS – 2.7% | ||||||||
| Dorman Products 2 | 161,881 | 22,088,662 | ||||||
| Gentex Corporation | 211,676 | 5,349,052 | ||||||
| LCI Industries | 118,729 | 12,571,027 | ||||||
| Lear Corporation | 40,696 | 5,455,706 | ||||||
| Visteon Corporation | 121,801 | 12,083,877 | ||||||
| 57,548,324 | ||||||||
| DISTRIBUTORS – 0.3% | ||||||||
| Pool Corporation | 29,225 | 6,280,453 | ||||||
| DIVERSIFIED CONSUMER SERVICES – 1.0% | ||||||||
| frontdoor 2 | 70,241 | 5,449,999 | ||||||
| H&R Block | 97,575 | 3,715,656 | ||||||
| Lincoln Educational Services 2 | 83,067 | 4,145,043 | ||||||
| Stride †,2 | 62,471 | 5,387,499 | ||||||
| Universal Technical Institute 2 | 87,106 | 3,725,524 | ||||||
| 22,423,721 | ||||||||
| HOTELS, RESTAURANTS & LEISURE – 0.3% | ||||||||
| Boyd Gaming | 58,996 | 5,211,117 | ||||||
| Brightstar Lottery | 72,431 | 776,460 | ||||||
| 5,987,577 | ||||||||
| HOUSEHOLD DURABLES – 1.2% | ||||||||
| Champion Homes 2 | 54,820 | 4,830,738 | ||||||
| M/I Homes 2 | 102,596 | 16,496,411 | ||||||
| PulteGroup | 30,743 | 4,218,247 | ||||||
| 25,545,396 | ||||||||
| LEISURE PRODUCTS – 0.8% | ||||||||
| Brunswick Corporation | 109,604 | 9,233,041 | ||||||
| Peloton Interactive Cl. A †,2,3 | 362,358 | 2,141,536 | ||||||
| YETI Holdings 2,3 | 133,420 | 6,612,295 | ||||||
| 17,986,872 | ||||||||
| SPECIALTY RETAIL – 3.5% | ||||||||
| Academy Sports & Outdoors | 246,189 | 11,602,888 | ||||||
| Advance Auto Parts | 178,939 | 11,133,585 | ||||||
| Asbury Automotive Group 2 | 40,079 | 8,059,085 | ||||||
| Bath & Body Works | 174,494 | 4,036,046 | ||||||
| Chewy Cl. A †,2 | 171,246 | 3,364,984 | ||||||
| J.Jill | 396,891 | 6,298,660 | ||||||
| Petco Health and Wellness Cl. A †,2,3 | 1,150,380 | 3,129,034 | ||||||
| RealReal †,2 | 161,646 | 1,905,806 | ||||||
| Shoe Station Group | 313,896 | 4,655,078 | ||||||
| Signet Jewelers | 62,707 | 5,405,343 | ||||||
| Valvoline 2 | 366,554 | 14,493,545 | ||||||
| 74,084,054 | ||||||||
| TEXTILES, APPAREL & LUXURY GOODS – 0.3% | ||||||||
| Kontoor Brands | 64,989 | 5,416,183 | ||||||
| Movado Group | 2,435 | 95,720 | ||||||
| 5,511,903 | ||||||||
| Total (Cost $165,059,496) | 215,368,300 | |||||||
| CONSUMER STAPLES – 2.5% | ||||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 0.5% | ||||||||
| Natural Grocers by Vitamin Cottage † | 103,892 | 3,222,730 | ||||||
| Sprouts Farmers Market †,2 | 37,909 | 3,206,343 | ||||||
| See Notes to Financial Statements | 6 |
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce Small-Cap Fund (continued) | ||||||||
| SHARES | VALUE | |||||||
| CONSUMER STAPLES (continued) | ||||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL (continued) | ||||||||
| Yesway Cl. A †,2,3 | 249,484 | $ | 5,064,525 | |||||
| 11,493,598 | ||||||||
| FOOD PRODUCTS – 0.4% | ||||||||
| J&J Snack Foods | 44,423 | 3,262,869 | ||||||
| Nomad Foods | 500,961 | 5,485,523 | ||||||
| 8,748,392 | ||||||||
| HOUSEHOLD PRODUCTS – 0.7% | ||||||||
| Central Garden & Pet Cl. A †,2 | 135,147 | 5,239,649 | ||||||
| WD-40 Company | 37,743 | 9,195,705 | ||||||
| 14,435,354 | ||||||||
| PERSONAL CARE PRODUCTS – 0.9% | ||||||||
| Interparfums | 166,712 | 18,648,405 | ||||||
| Total (Cost $46,392,467) | 53,325,749 | |||||||
| ENERGY – 1.6% | ||||||||
| ENERGY EQUIPMENT & SERVICES – 0.3% | ||||||||
| Pason Systems | 861,224 | 7,487,320 | ||||||
| OIL, GAS & CONSUMABLE FUELS – 1.3% | ||||||||
| Chord Energy | 43,023 | 4,917,529 | ||||||
| Mach Natural Resources L.P. † | 210,604 | 2,662,035 | ||||||
| Matador Resources | 100,522 | 5,003,985 | ||||||
| Secure Waste Infrastructure † | 360,809 | 5,637,601 | ||||||
| SM Energy | 190,513 | 4,972,389 | ||||||
| Teekay Tankers Cl. A | 76,660 | 4,972,934 | ||||||
| 28,166,473 | ||||||||
| Total (Cost $32,402,901) | 35,653,793 | |||||||
| FINANCIALS – 17.7% | ||||||||
| BANKS – 5.0% | ||||||||
| Bank of N.T. Butterfield & Son (The) | 188,155 | 11,195,222 | ||||||
| BankUnited | 95,357 | 4,620,047 | ||||||
| Beacon Financial | 171,711 | 5,228,600 | ||||||
| BOK Financial | 40,236 | 5,587,976 | ||||||
| Business First Bancshares | 175,930 | 5,406,329 | ||||||
| Central Bancompany Cl. A † | 120,098 | 3,648,577 | ||||||
| Chain Bridge Bancorp Cl. A 2 | 50,292 | 2,114,779 | ||||||
| Civista Bancshares | 199,297 | 5,624,161 | ||||||
| CNB Financial | 163,108 | 5,498,371 | ||||||
| Esquire Financial Holdings | 32,014 | 3,813,188 | ||||||
| First Bank | 277,854 | 4,926,351 | ||||||
| German American Bancorp | 68,645 | 3,257,892 | ||||||
| Hingham Institution for Savings | 23,049 | 7,079,500 | ||||||
| Home BancShares | 191,671 | 5,472,207 | ||||||
| Live Oak Bancshares | 107,380 | 4,385,399 | ||||||
| Northeast Bank | 13,483 | 1,786,902 | ||||||
| Origin Bancorp | 155,959 | 7,977,303 | ||||||
| Popular | 87,297 | 14,332,421 | ||||||
| Timberland Bancorp | 122,859 | 5,505,312 | ||||||
| 107,460,537 | ||||||||
| CAPITAL MARKETS – 6.8% | ||||||||
| Artisan Partners Asset Management Cl. A | 385,686 | 13,317,738 | ||||||
| Donnelley Financial Solutions 2 | 87,179 | 3,657,159 | ||||||
| Evercore Cl. A | 9,788 | 3,342,015 | ||||||
| FactSet Research Systems | 7,200 | 1,656,576 | ||||||
| GCM Grosvenor Cl. A | 854,408 | 10,509,218 | ||||||
| Houlihan Lokey Cl. A | 6,500 | 871,845 | ||||||
| Lazard | 153,171 | 6,423,992 | ||||||
| Marex Group | 235,717 | 14,366,951 | ||||||
| Miami International Holdings 2,3 | 205,055 | 7,619,844 | ||||||
| Moelis & Company Cl. A | 58,389 | 3,819,808 | ||||||
| Morningstar | 27,951 | 4,360,915 | ||||||
| Onex Corporation | 155,417 | 11,622,441 | ||||||
| Oppenheimer Holdings Cl. A | 19,074 | 2,013,070 | ||||||
| SEI Investments | 274,408 | 24,068,326 | ||||||
| Sprott | 104,337 | 11,756,074 | ||||||
| StoneX Group 2 | 79,825 | 9,459,262 | ||||||
| TMX Group | 444,202 | 14,542,076 | ||||||
| Victory Capital Holdings Cl. A | 25,645 | 2,155,719 | ||||||
| 145,563,029 | ||||||||
| CONSUMER FINANCE – 0.5% | ||||||||
| EZCORP Cl. A 2 | 121,255 | 4,191,785 | ||||||
| FirstCash Holdings | 27,195 | 5,882,823 | ||||||
| 10,074,608 | ||||||||
| FINANCIAL SERVICES – 0.7% | ||||||||
| Enact Holdings | 119,567 | 5,465,407 | ||||||
| Merchants Bancorp | 88,768 | 4,438,400 | ||||||
| Walker & Dunlop | 85,670 | 4,686,149 | ||||||
| 14,589,956 | ||||||||
| INSURANCE – 4.7% | ||||||||
| AMERISAFE | 130,050 | 4,399,591 | ||||||
| Assured Guaranty | 304,724 | 24,426,676 | ||||||
| E-L Financial | 1,072,700 | 12,820,212 | ||||||
| International General Insurance Holdings | 752,177 | 19,684,472 | ||||||
| Pelagos Insurance Capital | 191,957 | 4,674,153 | ||||||
| RenaissanceRe Holdings | 19,655 | 6,228,670 | ||||||
| RLI Corp. | 255,638 | 15,100,537 | ||||||
| Ryan Specialty Holdings Cl. A † | 81,828 | 3,089,825 | ||||||
| Skyward Specialty Insurance Group 2 | 79,858 | 4,659,714 | ||||||
| United Fire Group | 113,716 | 5,963,267 | ||||||
| 101,047,117 | ||||||||
| Total (Cost $247,727,428) | 378,735,247 | |||||||
| HEALTH CARE – 7.0% | ||||||||
| BIOTECHNOLOGY – 1.2% | ||||||||
| Abivax ADR †,2,3 | 20,414 | 2,720,370 | ||||||
| BridgeBio Oncology Therapeutics †,2,3 | 24,274 | 184,968 | ||||||
| BridgeBio Pharma 2 | 99,655 | 7,422,304 | ||||||
| Catalyst Pharmaceuticals 2 | 49,476 | 1,555,031 | ||||||
| Celcuity †,2 | 13,047 | 1,364,977 | ||||||
| Cytokinetics 2 | 46,254 | 3,940,378 | ||||||
| Kura Oncology †,2 | 110,551 | 1,212,744 | ||||||
| ORIC Pharmaceuticals 2,3 | 206,988 | 2,241,680 | ||||||
| Praxis Precision Medicines †,2 | 2,965 | 992,652 | ||||||
| PTC Therapeutics 2,3 | 1,334 | 108,814 | ||||||
| Spyre Therapeutics †,2 | 23,393 | 2,076,831 | ||||||
| Xenon Pharmaceuticals †,2 | 29,871 | 1,803,014 | ||||||
| 25,623,763 | ||||||||
| HEALTH CARE EQUIPMENT & SUPPLIES – 1.3% | ||||||||
| Enovis Corporation 2,3 | 233,667 | 4,836,907 | ||||||
| Envista Holdings 2 | 365,019 | 9,618,250 | ||||||
| Establishment Labs Holdings 2 | 127,486 | 10,939,574 | ||||||
| UFP Technologies 2,3 | 9,725 | 2,578,389 | ||||||
| 27,973,120 | ||||||||
| HEALTH CARE PROVIDERS & SERVICES – 0.9% | ||||||||
| PACS Group 2 | 177,030 | 7,548,559 | ||||||
| Pediatrix Medical Group 2 | 227,529 | 5,763,309 | ||||||
| See Notes to Financial Statements | 7 |
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce Small-Cap Fund (continued) | ||||||||
| SHARES | VALUE | |||||||
| HEALTH CARE (continued) | ||||||||
| HEALTH CARE PROVIDERS & SERVICES (continued) | ||||||||
| Universal Health Services Cl. B | 34,530 | $ | 5,134,266 | |||||
| 18,446,134 | ||||||||
| HEALTH CARE TECHNOLOGY – 0.1% | ||||||||
| SOPHiA GENETICS †,2 | 262,600 | 1,515,202 | ||||||
| LIFE SCIENCES TOOLS & SERVICES – 1.7% | ||||||||
| Avantor †,2 | 729,179 | 7,218,872 | ||||||
| BioLife Solutions 2 | 12,861 | 363,195 | ||||||
| Bio-Techne | 147,841 | 10,444,967 | ||||||
| Repligen Corporation 2 | 77,081 | 10,516,932 | ||||||
| Stevanato Group | 414,908 | 7,497,387 | ||||||
| 36,041,353 | ||||||||
| PHARMACEUTICALS – 1.8% | ||||||||
| Alumis †,2 | 197,193 | 5,549,011 | ||||||
| Amphastar Pharmaceuticals 2,3 | 79,030 | 1,594,826 | ||||||
| ANI Pharmaceuticals †,2 | 7,945 | 657,687 | ||||||
| Axsome Therapeutics 2 | 24,639 | 6,030,888 | ||||||
| Collegium Pharmaceutical 2 | 156,176 | 5,653,571 | ||||||
| CorMedix †,2,3 | 562,746 | 4,417,556 | ||||||
| Harmony Biosciences Holdings 2,3 | 157,564 | 5,736,905 | ||||||
| Innoviva 2 | 228,704 | 5,193,868 | ||||||
| SIGA Technologies | 328,264 | 1,194,881 | ||||||
| Zevra Therapeutics 2,3 | 251,273 | 3,603,255 | ||||||
| 39,632,448 | ||||||||
| Total (Cost $122,424,428) | 149,232,020 | |||||||
| INDUSTRIALS – 29.9% | ||||||||
| AEROSPACE & DEFENSE – 0.3% | ||||||||
| Chemring Group †,1 | 532,461 | 3,617,502 | ||||||
| FTAI Aviation | 6,708 | 1,814,716 | ||||||
| 5,432,218 | ||||||||
| BUILDING PRODUCTS – 2.8% | ||||||||
| AAON | 87,792 | 11,137,293 | ||||||
| Armstrong World Industries | 20,782 | 3,333,848 | ||||||
| Builders FirstSource 2 | 72,073 | 6,449,092 | ||||||
| CSW Industrials | 7,085 | 1,971,756 | ||||||
| Louisiana-Pacific Corporation | 34,099 | 2,682,227 | ||||||
| Modine Manufacturing 2 | 31,620 | 8,443,172 | ||||||
| Simpson Manufacturing | 55,863 | 11,694,919 | ||||||
| Trex Company 2 | 90,398 | 4,523,516 | ||||||
| UFP Industries | 113,090 | 10,261,787 | ||||||
| 60,497,610 | ||||||||
| COMMERCIAL SERVICES & SUPPLIES – 1.9% | ||||||||
| Brady Corporation Cl. A | 66,623 | 6,100,668 | ||||||
| BrightView Holdings 2 | 348,017 | 4,931,401 | ||||||
| Healthcare Services Group 2 | 351,617 | 8,635,714 | ||||||
| Interface | 178,844 | 6,409,769 | ||||||
| Liquidity Services 2 | 8,727 | 341,400 | ||||||
| MSA Safety | 58,311 | 10,179,934 | ||||||
| RB Global | 25,600 | 2,981,120 | ||||||
| 39,580,006 | ||||||||
| CONSTRUCTION & ENGINEERING – 5.6% | ||||||||
| Arcosa | 333,785 | 48,495,623 | ||||||
| Construction Partners Cl. A 2 | 144,413 | 17,151,932 | ||||||
| IES Holdings 2 | 24,754 | 18,185,773 | ||||||
| Legence Corp. Cl. A 2 | 147,421 | 12,564,692 | ||||||
| Limbach Holdings 2 | 41,349 | 3,183,873 | ||||||
| NWPX Infrastructure 2 | 11,256 | 1,687,725 | ||||||
| Valmont Industries | 31,872 | 18,409,267 | ||||||
| 119,678,885 | ||||||||
| ELECTRICAL EQUIPMENT – 0.8% | ||||||||
| American Superconductor 2 | 92,177 | 3,826,267 | ||||||
| Preformed Line Products | 30,721 | 12,612,814 | ||||||
| 16,439,081 | ||||||||
| GROUND TRANSPORTATION – 0.6% | ||||||||
| Landstar System | 38,330 | 7,927,027 | ||||||
| Saia 2 | 13,923 | 5,863,811 | ||||||
| 13,790,838 | ||||||||
| MACHINERY – 10.8% | ||||||||
| Alamo Group | 21,334 | 3,509,230 | ||||||
| Allison Transmission Holdings | 34,945 | 3,939,699 | ||||||
| Atmus Filtration Technologies | 371,734 | 18,954,717 | ||||||
| Blue Bird 2 | 98,763 | 7,798,326 | ||||||
| CECO Environmental 2 | 146,535 | 13,296,586 | ||||||
| Enpro | 74,335 | 28,019,091 | ||||||
| ESAB Corporation | 200,133 | 19,739,118 | ||||||
| ESCO Technologies | 50,534 | 17,688,921 | ||||||
| Federal Signal Corporation | 7,657 | 983,848 | ||||||
| Graham Corporation 2 | 153,897 | 19,050,910 | ||||||
| Helios Technologies | 54,852 | 4,895,541 | ||||||
| JBT Marel | 152,568 | 22,122,360 | ||||||
| Kadant | 59,186 | 18,598,017 | ||||||
| Lincoln Electric Holdings | 52,879 | 14,039,903 | ||||||
| Lindsay Corporation | 52,639 | 6,516,708 | ||||||
| Miller Industries | 100,457 | 5,138,376 | ||||||
| RBC Bearings 2 | 34,964 | 22,518,914 | ||||||
| Timken Company (The) | 33,523 | 4,871,562 | ||||||
| 231,681,827 | ||||||||
| MARINE TRANSPORTATION – 1.1% | ||||||||
| Genco Shipping & Trading | 191,364 | 4,742,000 | ||||||
| Kirby Corporation 2 | 67,178 | 9,134,193 | ||||||
| Matson | 47,253 | 9,083,444 | ||||||
| 22,959,637 | ||||||||
| PROFESSIONAL SERVICES – 4.5% | ||||||||
| Andersen Group Cl. A 2 | 219,776 | 8,289,951 | ||||||
| Barrett Business Services | 299,960 | 10,654,579 | ||||||
| CBIZ 2,3 | 192,123 | 6,163,306 | ||||||
| Exponent | 251,170 | 14,758,749 | ||||||
| Franklin Covey 2 | 138,360 | 3,393,971 | ||||||
| IBEX 2,3 | 171,671 | 5,213,648 | ||||||
| Insperity | 140,549 | 5,806,079 | ||||||
| KBR | 377,495 | 13,034,902 | ||||||
| Korn Ferry | 209,864 | 13,972,745 | ||||||
| MAXIMUS | 193,321 | 10,392,937 | ||||||
| Upwork 2,3 | 604,429 | 5,053,027 | ||||||
| 96,733,894 | ||||||||
| TRADING COMPANIES & DISTRIBUTORS – 1.5% | ||||||||
| Applied Industrial Technologies | 43,477 | 14,701,748 | ||||||
| Distribution Solutions Group 2 | 106,672 | 2,917,479 | ||||||
| EVI Industries | 175,490 | 2,593,742 | ||||||
| MSC Industrial Direct Cl. A | 44,004 | 5,234,276 | ||||||
| Rush Enterprises Cl. A | 21,474 | 1,567,280 | ||||||
| Transcat 2 | 51,627 | 4,789,437 | ||||||
| 31,803,962 | ||||||||
| Total (Cost $320,072,096) | 638,597,958 | |||||||
| INFORMATION TECHNOLOGY – 18.7% | ||||||||
| COMMUNICATIONS EQUIPMENT – 0.9% | ||||||||
| Digi International 2,3 | 258,206 | 19,352,540 | ||||||
| See Notes to Financial Statements | 8 |
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce Small-Cap Fund (continued) | ||||||||
| SHARES | VALUE | |||||||
| INFORMATION TECHNOLOGY (continued) | ||||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 5.6% | ||||||||
| Cognex Corporation | 242,023 | $ | 17,527,306 | |||||
| Crane NXT Co. | 168,782 | 8,634,887 | ||||||
| ePlus | 62,367 | 5,190,805 | ||||||
| Flex 2 | 10,363 | 1,679,531 | ||||||
| Jabil | 3,255 | 1,254,737 | ||||||
| Knowles Corporation 2 | 147,567 | 6,121,079 | ||||||
| Littelfuse | 26,169 | 11,915,531 | ||||||
| Mirion Technologies Cl. A 2,3 | 144,842 | 2,597,017 | ||||||
| M-tron Industries †,2 | 30,485 | 3,022,588 | ||||||
| nLIGHT 2 | 147,158 | 10,245,140 | ||||||
| Powerfleet 2,3 | 751,408 | 2,877,893 | ||||||
| Sanmina Corporation 2 | 26,242 | 6,641,325 | ||||||
| TD SYNNEX | 24,563 | 6,566,673 | ||||||
| Teledyne Technologies 2,3 | 6,340 | 4,228,146 | ||||||
| TTM Technologies 2 | 92,601 | 17,318,239 | ||||||
| Vontier Corporation | 504,231 | 14,622,699 | ||||||
| 120,443,596 | ||||||||
| IT SERVICES – 1.0% | ||||||||
| DigitalOcean Holdings †,2,3 | 93,200 | 14,635,196 | ||||||
| Hackett Group (The) | 514,151 | 5,537,406 | ||||||
| 20,172,602 | ||||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 8.8% | ||||||||
| Camtek 2 | 71,360 | 11,640,243 | ||||||
| Cirrus Logic 2 | 103,023 | 15,302,006 | ||||||
| Cohu 2 | 102,809 | 7,598,613 | ||||||
| FormFactor 2 | 62,554 | 10,004,261 | ||||||
| Ichor Holdings 2 | 117,597 | 13,203,791 | ||||||
| Impinj 2 | 49,151 | 7,039,898 | ||||||
| Kulicke & Soffa Industries | 32,722 | 4,376,895 | ||||||
| MKS | 34,430 | 15,314,464 | ||||||
| Nova 2 | 25,750 | 13,980,705 | ||||||
| Onto Innovation 2 | 78,536 | 29,721,949 | ||||||
| Photronics 2 | 120,787 | 3,929,201 | ||||||
| Semtech Corporation 2 | 62,305 | 10,084,064 | ||||||
| SiTime Corporation 2 | 16,321 | 12,168,285 | ||||||
| Tower Semiconductor 2 | 48,554 | 12,655,115 | ||||||
| Ultra Clean Holdings 2,3 | 150,035 | 21,393,491 | ||||||
| 188,412,981 | ||||||||
| SOFTWARE – 2.1% | ||||||||
| Agilysys 2 | 94,589 | 9,884,550 | ||||||
| AppFolio Cl. A †,2,3 | 22,253 | 3,568,269 | ||||||
| Computer Modelling Group | 541,094 | 1,365,850 | ||||||
| GitLab Cl. A †,2 | 89,250 | 2,724,802 | ||||||
| I3 Verticals Cl. A 2,3 | 11,041 | 235,836 | ||||||
| JFrog 2 | 167,468 | 15,219,492 | ||||||
| Manhattan Associates 2 | 56,933 | 7,927,920 | ||||||
| ServiceTitan Cl. A †,2 | 39,973 | 2,826,491 | ||||||
| 43,753,210 | ||||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 0.3% | ||||||||
| Diebold Nixdorf 2,3 | 86,200 | 7,328,724 | ||||||
| Total (Cost $160,446,242) | 399,463,653 | |||||||
| MATERIALS – 7.6% | ||||||||
| CHEMICALS – 4.9% | ||||||||
| Element Solutions | 951,355 | 45,427,201 | ||||||
| 5N Plus 2 | 91,320 | 2,818,960 | ||||||
| Ingevity Corporation 2 | 156,506 | 11,686,303 | ||||||
| Innospec | 94,266 | 7,672,310 | ||||||
| Minerals Technologies | 154,907 | 11,458,471 | ||||||
| Quaker Houghton | 158,366 | 25,159,606 | ||||||
| 104,222,851 | ||||||||
| CONSTRUCTION MATERIALS – 0.2% | ||||||||
| United States Lime & Minerals | 42,600 | 4,458,942 | ||||||
| CONTAINERS & PACKAGING – 0.6% | ||||||||
| AptarGroup | 21,530 | 2,695,556 | ||||||
| Myers Industries | 112,089 | 3,957,862 | ||||||
| Silgan Holdings | 135,074 | 6,266,083 | ||||||
| 12,919,501 | ||||||||
| METALS & MINING – 1.4% | ||||||||
| Alamos Gold Cl. A | 354,328 | 10,742,890 | ||||||
| Century Aluminum 2 | 168,558 | 7,755,354 | ||||||
| Commercial Metals | 18,223 | 1,143,493 | ||||||
| Major Drilling Group International 2 | 281,491 | 2,991,059 | ||||||
| Metallus 2 | 23,765 | 444,168 | ||||||
| Reliance | 14,973 | 5,593,913 | ||||||
| Warrior Met Coal † | 20,874 | 1,694,134 | ||||||
| 30,365,011 | ||||||||
| PAPER & FOREST PRODUCTS – 0.5% | ||||||||
| Stella-Jones | 179,329 | 9,910,670 | ||||||
| Sylvamo Corporation | 18,228 | 689,018 | ||||||
| 10,599,688 | ||||||||
| Total (Cost $75,443,516) | 162,565,993 | |||||||
| REAL ESTATE – 0.7% | ||||||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.7% | ||||||||
| Colliers International Group | 37,094 | 3,479,046 | ||||||
| FirstService Corporation | 38,268 | 5,438,265 | ||||||
| FRP Holdings 2 | 170,323 | 4,256,372 | ||||||
| Marcus & Millichap | 64,068 | 1,997,000 | ||||||
| Total (Cost $10,558,381) | 15,170,683 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,188,612,554) | 2,065,415,788 | |||||||
| COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.5% | ||||||||
| Money Market Funds | ||||||||
| Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-3.50%) | ||||||||
| (Cost $11,225,044) | 11,225,044 | 11,225,044 | ||||||
| INVESTMENTS AT VALUE | ||||||||
| (Cost $1,199,837,598) | 2,076,640,832 | |||||||
| See Notes to Financial Statements | 9 |
| Schedules of Investments | June 30, 2026 (unaudited) |
Royce Small-Cap Fund (continued)
| VALUE | |||
| REPURCHASE AGREEMENT – 3.4% | |||
| Fixed Income Clearing Corporation, 3.00% dated 6/30/26, due 7/1/26, maturity value $72,308,066 (collateralized by obligations of U.S. Government Agencies, 3.875% due 3/15/28, valued at $73,748,266) | |||
| (Cost $72,302,041) | $ | 72,302,041 | |
| TOTAL INVESTMENTS – 100.5% | |||
| (Cost $1,272,139,639) | 2,148,942,873 | ||
| LIABILITIES LESS CASH AND OTHER ASSETS – (0.5)% | (11,165,945) | ||
| NET ASSETS 100.0% | $ | 2,137,776,928 | |
Royce Small-Cap Opportunity Fund
Common Stocks – 96.1%
| SHARES | VALUE | ||||||
| COMMUNICATION SERVICES – 3.7% | |||||||
| DIVERSIFIED TELECOMMUNICATION SERVICES – 0.3% | |||||||
| Shenandoah Telecommunications † | 302,840 | $ | 4,566,827 | ||||
| ENTERTAINMENT – 1.9% | |||||||
| IMAX Corporation 2 | 154,671 | 6,165,186 | |||||
| Lionsgate Studios 2 | 879,656 | 13,467,534 | |||||
| Starz Entertainment 2 | 260,076 | 7,505,793 | |||||
| 27,138,513 | |||||||
| INTERACTIVE MEDIA & SERVICES – 1.1% | |||||||
| People 2 | 186,817 | 8,623,473 | |||||
| QuinStreet 2 | 397,518 | 5,823,639 | |||||
| 14,447,112 | |||||||
| MEDIA – 0.4% | |||||||
| Magnite 2 | 289,782 | 5,500,062 | |||||
| Total (Cost $32,334,833) | 51,652,514 | ||||||
| CONSUMER DISCRETIONARY – 9.4% | |||||||
| AUTOMOBILE COMPONENTS – 1.8% | |||||||
| Dauch Corporation 2 | 554,003 | 3,002,696 | |||||
| Dorman Products †,2 | 66,672 | 9,097,395 | |||||
| Fox Factory Holding Corp. 2 | 220,266 | 3,732,407 | |||||
| Gentherm 2 | 280,017 | 9,551,380 | |||||
| 25,383,878 | |||||||
| BROADLINE RETAIL – 0.4% | |||||||
| Dillard's Cl. A | 11,397 | 6,022,403 | |||||
| DIVERSIFIED CONSUMER SERVICES –1.4% | |||||||
| American Public Education 2 | 177,617 | 9,538,033 | |||||
| Universal Technical Institute †,2 | 236,222 | 10,103,215 | |||||
| 19,641,248 | |||||||
| HOTELS, RESTAURANTS & LEISURE – 0.7% | |||||||
| Pursuit Attractions and Hospitality 2 | 167,449 | 9,372,120 | |||||
| HOUSEHOLD DURABLES 0.8% | |||||||
| Champion Homes 2 | 79,815 | 7,033,298 | |||||
| Sonos 2,3 | 269,979 | 3,652,816 | |||||
| 10,686,114 | |||||||
| SPECIALTY RETAIL – 2.9% | |||||||
| Abercrombie & Fitch Cl. A 2 | 74,639 | 6,718,256 | |||||
| Advance Auto Parts | 206,412 | 12,842,955 | |||||
| J.Jill | 354,695 | 5,629,010 | |||||
| MarineMax 2 | 266,595 | 9,762,709 | |||||
| Victoria's Secret & Co. 2 | 78,011 | 6,512,358 | |||||
| 41,465,288 | |||||||
| TEXTILES, APPAREL & LUXURY GOODS – 1.4% | |||||||
| Capri Holdings 2 | 180,771 | 3,356,917 | |||||
| Carter's | 170,985 | 7,037,743 | |||||
| Kontoor Brands † | 60,934 | 5,078,239 | |||||
| Lakeland Industries 2 | 423,862 | 4,531,085 | |||||
| 20,003,984 | |||||||
| Total (Cost $100,450,264) | 132,575,035 | ||||||
| CONSUMER STAPLES – 0.0% | |||||||
| PERSONAL CARE PRODUCTS – 0.0% | |||||||
| Coty Cl. A †,2 | 235,456 | 508,585 | |||||
| Total (Cost $458,565) | 508,585 | ||||||
| ENERGY – 7.8% | |||||||
| ENERGY EQUIPMENT & SERVICES – 5.5% | |||||||
| Archrock | 173,799 | 7,075,357 | |||||
| Cactus Cl. A | 134,339 | 6,882,187 | |||||
| Flowco Holdings Cl. A | 267,152 | 5,701,024 | |||||
| Kodiak Gas Services | 146,614 | 11,015,110 | |||||
| See Notes to Financial Statements | 10 |
| Schedules of Investments | June 30, 2026 (unaudited) |
Royce Small-Cap Opportunity Fund (continued)
| SHARES | VALUE | ||||||
| ENERGY (continued) | |||||||
| ENERGY EQUIPMENT & SERVICES (continued) | |||||||
| Liberty Energy Cl. A | 240,819 | $ | 6,307,049 | ||||
| Ranger Energy Services Cl. A | 410,390 | 6,570,344 | |||||
| Select Water Solutions Cl. A | 598,110 | 11,950,238 | |||||
| Solaris Energy Infrastructure Cl. A | 136,426 | 10,976,836 | |||||
| TETRA Technologies 2 | 919,819 | 10,421,549 | |||||
| 76,899,694 | |||||||
| OIL, GAS & CONSUMABLE FUELS – 2.3% | |||||||
| Ardmore Shipping | 21,372 | 299,422 | |||||
| Comstock Resources 2 | 282,879 | 4,220,555 | |||||
| Matador Resources | 87,370 | 4,349,278 | |||||
| Navigator Holdings | 406,971 | 7,581,870 | |||||
| Northern Oil and Gas | 140,504 | 2,550,148 | |||||
| Range Resources | 88,744 | 3,300,389 | |||||
| SandRidge Energy | 471,674 | 6,461,934 | |||||
| Vermilion Energy | 415,510 | 3,887,761 | |||||
| 32,651,357 | |||||||
| Total (Cost $61,183,117) | 109,551,051 | ||||||
| FINANCIALS – 11.3% | |||||||
| BANKS – 4.9% | |||||||
| Axos Financial 2 | 94,395 | 9,193,129 | |||||
| BankUnited | 140,616 | 6,812,845 | |||||
| BayCom Corp. | 260,459 | 8,569,101 | |||||
| Business First Bancshares | 286,802 | 8,813,426 | |||||
| Customers Bancorp 2 | 78,143 | 6,181,111 | |||||
| Dime Commercial Bancshares | 196,518 | 7,988,457 | |||||
| OceanFirst Financial | 265,108 | 5,177,559 | |||||
| Seacoast Banking Corporation of Florida | 271,211 | 9,017,766 | |||||
| TowneBank | 188,343 | 6,825,550 | |||||
| 68,578,944 | |||||||
| CAPITAL MARKETS – 3.5% | |||||||
| Artisan Partners Asset Management Cl. A | 41,070 | 1,418,147 | |||||
| Canaccord Genuity Group | 732,340 | 7,538,984 | |||||
| Evercore Cl. A | 23,339 | 7,968,868 | |||||
| Marex Group | 155,982 | 9,507,103 | |||||
| Moelis & Company Cl. A | 100,932 | 6,602,972 | |||||
| Perella Weinberg Partners Cl. A | 406,258 | 6,483,878 | |||||
| Victory Capital Holdings Cl. A | 121,389 | 10,203,959 | |||||
| 49,723,911 | |||||||
| CONSUMER FINANCE – 0.5% | |||||||
| Encore Capital Group 2 | 70,578 | 6,584,222 | |||||
| FINANCIAL SERVICES – 1.4% | |||||||
| Euronet Worldwide 2 | 85,124 | 6,230,225 | |||||
| NCR Atleos 2 | 183,087 | 7,947,807 | |||||
| Walker & Dunlop | 100,409 | 5,492,372 | |||||
| 19,670,404 | |||||||
| INSURANCE – 1.0% | |||||||
| Abacus Global Management | 827,253 | 8,859,879 | |||||
| Kingstone Companies | 287,223 | 5,465,854 | |||||
| 14,325,733 | |||||||
| Total (Cost $112,980,164) | 158,883,214 | ||||||
| HEALTH CARE – 9.9% | |||||||
| HEALTH CARE EQUIPMENT & SUPPLIES – 3.6% | |||||||
| AngioDynamics 2 | 707,398 | 9,203,248 | |||||
| Apyx Medical 2,3 | 704,320 | 3,162,397 | |||||
| Artivion 2 | 198,153 | 4,452,498 | |||||
| Bioventus Cl. A 2,3 | 858,738 | 8,106,487 | |||||
| Ceribell 2,3 | 285,524 | 5,553,442 | |||||
| DENTSPLY SIRONA †,2 | 394,063 | 4,181,008 | |||||
| Tandem Diabetes Care 2 | 423,694 | 6,393,542 | |||||
| Teleflex | 39,538 | 5,011,837 | |||||
| Varex Imaging 2 | 412,498 | 4,302,354 | |||||
| 50,366,813 | |||||||
| HEALTH CARE PROVIDERS & SERVICES – 4.2% | |||||||
| Alignment Healthcare 2 | 368,103 | 8,764,532 | |||||
| AMN Healthcare Services †,2 | 292,975 | 9,483,601 | |||||
| Astrana Health 2 | 222,647 | 10,333,047 | |||||
| Concentra Group Holdings Parent | 210,779 | 6,270,675 | |||||
| Lumexa Imaging Holdings †,2,3 | 371,568 | 4,191,287 | |||||
| Privia Health Group 2,3 | 388,603 | 9,998,755 | |||||
| RadNet 2 | 99,901 | 6,160,895 | |||||
| Strata Critical Medical 2,3 | 666,626 | 3,513,119 | |||||
| 58,715,911 | |||||||
| HEALTH CARE TECHNOLOGY – 0.8% | |||||||
| Certara †,2,3 | 495,393 | 3,244,824 | |||||
| LifeMD 2,3 | 295,103 | 1,218,776 | |||||
| OptimizeRx Corporation 2 | 509,763 | 2,915,844 | |||||
| SOPHiA GENETICS 2 | 660,412 | 3,810,577 | |||||
| 11,190,021 | |||||||
| LIFE SCIENCES TOOLS & SERVICES – 0.5% | |||||||
| Avantor †,2 | 94,183 | 932,412 | |||||
| Azenta 2 | 272,121 | 6,944,528 | |||||
| 7,876,940 | |||||||
| PHARMACEUTICALS – 0.8% | |||||||
| CorMedix †,2,3 | 566,897 | 4,450,141 | |||||
| Innoviva 2 | 311,419 | 7,072,326 | |||||
| 11,522,467 | |||||||
| Total (Cost $110,997,538) | 139,672,152 | ||||||
| INDUSTRIALS – 30.9% | |||||||
| AEROSPACE & DEFENSE – 4.9% | |||||||
| AAR Corp. 2 | 70,663 | 10,099,863 | |||||
| Astronics Corporation 2 | 109,810 | 8,923,161 | |||||
| Astronics Corporation Cl. B †,1,2 | 23,148 | 1,851,840 | |||||
| ATI 2 | 41,943 | 8,266,965 | |||||
| Ducommun 2 | 39,868 | 7,383,952 | |||||
| Leonardo DRS | 152,024 | 6,486,864 | |||||
| Mercury Systems 2 | 112,319 | 13,739,983 | |||||
| Redwire Corporation †,2,3 | 80,109 | 979,733 | |||||
| TAT Technologies †,2 | 97,008 | 4,678,696 | |||||
| VSE Corporation | 31,325 | 7,157,763 | |||||
| 69,568,820 | |||||||
| AIR FREIGHT & LOGISTICS – 1.1% | |||||||
| Hub Group Cl. A | 163,955 | 7,179,589 | |||||
| Radiant Logistics 2 | 883,287 | 8,355,895 | |||||
| 15,535,484 | |||||||
| BUILDING PRODUCTS – 3.0% | |||||||
| Apogee Enterprises | 128,088 | 5,858,745 | |||||
| Gibraltar Industries 2 | 155,888 | 7,030,549 | |||||
| Janus International Group 2 | 172,113 | 955,227 | |||||
| Louisiana-Pacific Corporation | 49,446 | 3,889,422 | |||||
| Modine Manufacturing 2 | 29,377 | 7,844,247 | |||||
| Resideo Technologies 2 | 314,689 | 9,786,828 | |||||
| Trex Company 2 | 145,038 | 7,257,701 | |||||
| 42,622,719 | |||||||
| COMMERCIAL SERVICES & SUPPLIES – 1.2% | |||||||
| ACV Auctions Cl. A 2 | 565,583 | 4,066,542 |
| See Notes to Financial Statements | 11 |
| Schedules of Investments | June 30, 2026 (unaudited) |
Royce Small-Cap Opportunity Fund (continued)
| SHARES | VALUE | ||||||
| INDUSTRIALS (continued) | |||||||
| COMMERCIAL SERVICES & SUPPLIES (continued) | |||||||
| Healthcare Services Group 2 | 281,393 | $ | 6,911,012 | ||||
| Onterris 2,3 | 311,334 | 6,292,060 | |||||
| 17,269,614 | |||||||
| CONSTRUCTION & ENGINEERING – 3.5% | |||||||
| Ameresco Cl. A 2,3 | 277,559 | 7,660,628 | |||||
| Construction Partners Cl. A 2 | 40,661 | 4,829,307 | |||||
| Limbach Holdings 2 | 83,867 | 6,457,759 | |||||
| NWPX Infrastructure 2 | 63,101 | 9,461,364 | |||||
| Orion Group Holdings 2 | 754,125 | 12,684,383 | |||||
| Primoris Services | 76,083 | 7,541,347 | |||||
| 48,634,788 | |||||||
| ELECTRICAL EQUIPMENT – 2.1% | |||||||
| American Superconductor 2 | 151,326 | 6,281,542 | |||||
| Babcock & Wilcox Enterprises 2 | 354,889 | 5,003,935 | |||||
| LSI Industries | 398,620 | 10,595,320 | |||||
| Shoals Technologies Group Cl. A 2 | 812,961 | 8,048,314 | |||||
| 29,929,111 | |||||||
| GROUND TRANSPORTATION – 2.6% | |||||||
| FTAI Infrastructure | 1,557,332 | 7,226,021 | |||||
| Lyft Cl. A †,2,3 | 223,683 | 3,268,009 | |||||
| Marten Transport | 424,203 | 7,359,922 | |||||
| Proficient Auto Logistics 2 | 502,659 | 3,423,108 | |||||
| RXO 2 | 269,936 | 7,447,534 | |||||
| Werner Enterprises | 185,130 | 8,073,519 | |||||
| 36,798,113 | |||||||
| MACHINERY – 4.5% | |||||||
| Aebi Schmidt Holding | 473,982 | 5,948,474 | |||||
| Astec Industries | 88,101 | 5,390,900 | |||||
| CECO Environmental 2 | 122,010 | 11,071,187 | |||||
| Helios Technologies | 71,011 | 6,337,732 | |||||
| Luxfer Holdings | 553,218 | 9,980,053 | |||||
| Mayville Engineering 2 | 354,164 | 13,266,983 | |||||
| Tennant Company † | 94,563 | 8,278,045 | |||||
| Titan International 2 | 350,884 | 2,705,316 | |||||
| 62,978,690 | |||||||
| PROFESSIONAL SERVICES – 4.1% | |||||||
| Amentum Holdings 2 | 328,621 | 6,792,596 | |||||
| Kforce | 123,752 | 5,806,444 | |||||
| Mistras Group 2,3 | 556,302 | 9,718,596 | |||||
| Parsons Corporation 2,3 | 158,024 | 8,278,877 | |||||
| Public Policy Holding Company † | 480,672 | 3,561,780 | |||||
| Robert Half | 291,367 | 8,944,967 | |||||
| Spire Global Cl. A †,2,3 | 307,035 | 5,710,851 | |||||
| TIC Solutions 2,3 | 392,269 | 3,173,456 | |||||
| TrueBlue 2,3 | 822,218 | 5,730,859 | |||||
| 57,718,426 | |||||||
| TRADING COMPANIES & DISTRIBUTORS – 3.9% | |||||||
| Boise Cascade | 60,737 | 4,715,014 | |||||
| DNOW 2,3 | 700,533 | 9,085,913 | |||||
| Herc Holdings | 55,045 | 7,890,150 | |||||
| NPK International 2 | 557,065 | 8,862,904 | |||||
| SiteOne Landscape Supply 2 | 46,999 | 5,377,156 | |||||
| Titan Machinery 2,3 | 255,460 | 5,395,315 | |||||
| Transcat †,2 | 79,895 | 7,411,859 | |||||
| WESCO International | 18,233 | 6,298,225 | |||||
| 55,036,536 | |||||||
| Total (Cost $278,942,699) | 436,092,301 | ||||||
| INFORMATION TECHNOLOGY – 17.3% | |||||||
| COMMUNICATIONS EQUIPMENT – 3.4% | |||||||
| ADTRAN Holdings 2 | 667,074 | 9,272,328 | |||||
| Aviat Networks 2 | 309,346 | 6,867,481 | |||||
| Comtech Telecommunications 2 | 76,736 | 161,146 | |||||
| Digi International 2 | 141,113 | 10,576,419 | |||||
| Gilat Satellite Networks 2 | 395,745 | 5,267,366 | |||||
| Inseego Corp. 2,3 | 467,224 | 4,826,424 | |||||
| Lantronix 2 | 574,481 | 3,377,948 | |||||
| NETGEAR †,2 | 188,919 | 4,411,259 | |||||
| Ribbon Communications 2 | 1,516,867 | 3,549,469 | |||||
| 48,309,840 | |||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 3.0% | |||||||
| Advanced Energy Industries | 13,512 | 5,038,219 | |||||
| Arlo Technologies 2 | 483,001 | 6,510,854 | |||||
| CTS Corporation | 128,615 | 8,384,412 | |||||
| Identiv 2 | 235,866 | 594,382 | |||||
| IPG Photonics 2 | 51,819 | 6,079,405 | |||||
| Knowles Corporation 2 | 168,249 | 6,978,969 | |||||
| nLIGHT 2 | 55,073 | 3,834,182 | |||||
| Powerfleet 2 | 1,088,430 | 4,168,687 | |||||
| SmartRent Cl. A 2 | 820,548 | 976,452 | |||||
| 42,565,562 | |||||||
| IT SERVICES – 0.6% | |||||||
| CI&T Cl. A 2 | 256,778 | 857,639 | |||||
| Crexendo †,2 | 480,083 | 3,586,220 | |||||
| WidePoint Corporation †,2,3 | 200,973 | 3,517,027 | |||||
| 7,960,886 | |||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 6.9% | |||||||
| Alpha and Omega Semiconductor 2 | 95,515 | 4,520,725 | |||||
| Amkor Technology | 66,176 | 5,706,356 | |||||
| Axcelis Technologies 2 | 30,909 | 5,855,710 | |||||
| Cohu 2 | 160,273 | 11,845,777 | |||||
| FormFactor 2 | 45,698 | 7,308,481 | |||||
| Ichor Holdings 2 | 55,527 | 6,234,572 | |||||
| indie Semiconductor Cl. A 2,3 | 1,060,237 | 4,760,464 | |||||
| inTEST Corporation 2 | 349,750 | 6,354,957 | |||||
| Kopin Corporation 2 | 1,639,822 | 7,346,403 | |||||
| Kulicke & Soffa Industries | 45,960 | 6,147,610 | |||||
| Silicon Motion Technology ADR | 26,744 | 8,914,578 | |||||
| Ultra Clean Holdings 2 | 87,360 | 12,456,662 | |||||
| Veeco Instruments 2 | 121,625 | 9,219,175 | |||||
| 96,671,470 | |||||||
| SOFTWARE – 3.4% | |||||||
| A10 Networks | 280,509 | 10,479,816 | |||||
| AvePoint †,2 | 281,337 | 3,153,788 | |||||
| Commvault Systems †,2 | 38,167 | 5,409,409 | |||||
| I3 Verticals Cl. A 2,3 | 294,806 | 6,297,056 | |||||
| Netskope Cl. A †,2,3 | 320,220 | 3,503,207 | |||||
| SailPoint †,2,3 | 171,883 | 2,516,367 | |||||
| Varonis Systems †,2 | 180,658 | 7,580,410 | |||||
| Viant Technology Cl. A 2 | 504,166 | 6,382,742 | |||||
| Workiva Cl. A †,2 | 65,865 | 3,195,111 | |||||
| 48,517,906 | |||||||
| Total (Cost $117,498,968) | 244,025,664 | ||||||
| MATERIALS – 5.8% | |||||||
| CHEMICALS – 1.8% | |||||||
| Arq 2 | 910,377 | 2,321,461 |
| See Notes to Financial Statements | 12 |
| Schedules of Investments | June 30, 2026 (unaudited) |
Royce Small-Cap Opportunity Fund (continued)
| SHARES | VALUE | ||||||
| MATERIALS (continued) | |||||||
| CHEMICALS (continued) | |||||||
| Aspen Aerogels 2 | 624,319 | $ | 3,958,183 | ||||
| Flotek Industries 2,3 | 326,049 | 7,668,673 | |||||
| Ingevity Corporation 2 | 114,700 | 8,564,649 | |||||
| Intrepid Potash 2,3 | 105,595 | 3,461,404 | |||||
| 25,974,370 | |||||||
| CONTAINERS & PACKAGING – 0.5% | |||||||
| Ranpak Holdings Cl. A 2,3 | 873,952 | 6,388,589 | |||||
| METALS & MINING – 3.5% | |||||||
| Almonty Industries 2 | 328,776 | 5,444,530 | |||||
| AMG Critical Materials 1 | 142,101 | 5,322,041 | |||||
| Capstone Copper 2 | 790,760 | 7,265,012 | |||||
| Commercial Metals | 102,577 | 6,436,707 | |||||
| Ferroglobe | 275,854 | 877,216 | |||||
| Major Drilling Group International 2 | 654,756 | 6,957,287 | |||||
| Materion Corporation | 37,415 | 11,126,847 | |||||
| Metallus 2 | 315,452 | 5,895,798 | |||||
| Noranda Aluminum Holding Corporation 2,4 | 488,157 | 0 | |||||
| 49,325,438 | |||||||
| Total (Cost $49,883,785) | 81,688,397 | ||||||
| TOTAL COMMON STOCKS | |||||||
| (Cost $864,729,933) | 1,354,648,913 | ||||||
| COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.3% | |||||||
| Money Market Funds | |||||||
| Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-3.50%) | |||||||
| (Cost $18,509,401) | 18,509,401 | 18,509,401 | |||||
| INVESTMENTS AT VALUE | |||||||
| (Cost $883,239,334) | 1,373,158,314 | ||||||
| REPURCHASE AGREEMENT – 4.1% | |||||||
| Fixed
Income Clearing Corporation, 3.00% dated 6/30/26, due 7/1/26, maturity value $57,837,723 (collateralized by obligations of various U.S. Government Agencies, 3.875%-4.125% due 3/15/28-6/30/28, valued at $58,989,706) | |||||||
| (Cost $57,832,904) | 57,832,904 | ||||||
| TOTAL INVESTMENTS – 101.5% | |||||||
| (Cost $941,072,238) | 1,430,991,218 | ||||||
| LIABILITIES LESS CASH AND OTHER ASSETS – (1.5)% | (20,834,090) | ||||||
| NET ASSETS – 100.0% | $ | 1,410,157,128 | |||||
Royce Small-Cap Special Equity Fund
Common Stocks – 74.5%
| SHARES | VALUE | ||||||
| CONSUMER DISCRETIONARY – 27.4% | |||||||
| AUTOMOBILE COMPONENTS – 8.5% | |||||||
| Standard Motor Products | 1,040,000 | $ | 40,528,800 | ||||
| BROADLINE RETAIL – 4.5% | |||||||
| Macy's | 920,000 | 21,666,000 | |||||
| DIVERSIFIED CONSUMER SERVICES – 5.0% | |||||||
| H&R Block | 625,000 | 23,800,000 | |||||
| HOTELS, RESTAURANTS & LEISURE – 0.0% | |||||||
| Nathan's Famous | 1,000 | 101,600 | |||||
| HOUSEHOLD DURABLES – 3.5% | |||||||
| Ethan Allen Interiors | 752,500 | 16,810,850 | |||||
| TEXTILES, APPAREL & LUXURY GOODS – 5.9% | |||||||
| Movado Group | 722,500 | 28,401,475 | |||||
| Total (Cost $104,077,653) | 131,308,725 | ||||||
| CONSUMER STAPLES 6.2% | |||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 3.1% | |||||||
| Ingles Markets Cl. A | 168,000 | 14,881,440 | |||||
| FOOD PRODUCTS – 2.2% | |||||||
| John B. Sanfilippo & Son | 122,000 | 10,490,780 | |||||
| HOUSEHOLD PRODUCTS – 0.9% | |||||||
| Oil-Dri Corporation of America | 40,000 | 4,088,400 | |||||
| Total (Cost $17,043,388) | 29,460,620 | ||||||
| FINANCIALS – 9.2% | |||||||
| CAPITAL MARKETS – 4.4% | |||||||
| Federated Hermes Cl. B | 301,000 | 16,621,220 | |||||
| GAMCO Investors Cl. A 1 | 195,000 | 4,613,700 | |||||
| 21,234,920 | |||||||
| FINANCIAL SERVICES – 4.8% | |||||||
| Euronet Worldwide 2 | 310,000 | 22,688,900 | |||||
| Total (Cost $35,120,170) | 43,923,820 | ||||||
| HEALTH CARE – 0.4% | |||||||
| HEALTH CARE EQUIPMENT & SUPPLIES – 0.4% | |||||||
| Kewaunee Scientific 2 | 49,700 | 1,765,344 | |||||
| Total (Cost $2,326,409) | 1,765,344 | ||||||
| INDUSTRIALS – 20.7% | |||||||
| BUILDING PRODUCTS – 5.7% | |||||||
| Gibraltar Industries 2 | 32,500 | 1,465,750 | |||||
| Insteel Industries | 352,500 | 10,645,500 | |||||
| UFP Industries | 166,000 | 15,062,840 | |||||
| 27,174,090 | |||||||
| COMMERCIAL SERVICES & SUPPLIES – 4.4% | |||||||
| Ennis | 995,000 | 21,143,750 | |||||
| MACHINERY – 5.7% | |||||||
| Gencor Industries 2,5 | 935,000 | 13,950,200 | |||||
| Mueller Industries | 109,000 | 13,399,370 | |||||
| 27,349,570 | |||||||
| PROFESSIONAL SERVICES – 4.9% | |||||||
| ManpowerGroup † | 695,000 | 23,470,150 | |||||
| Total (Cost $74,613,177) | 99,137,560 | ||||||
| INFORMATION TECHNOLOGY – 3.0% | |||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 0.3% | |||||||
| Vishay Intertechnology | 30,000 | 1,613,400 | |||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.8% | |||||||
| NVE Corporation | 80,000 | 8,364,000 | |||||
| See Notes to Financial Statements | 13 |
| Schedules of Investments | June 30, 2026 (unaudited) |
Royce Small-Cap Special Equity Fund (continued)
| SHARES | VALUE | ||||||
| INFORMATION TECHNOLOGY (continued) | |||||||
| SOFTWARE – 0.9% | |||||||
| OneSpan | 310,000 | $ | 4,448,500 | ||||
| Total (Cost $8,071,848) | 14,425,900 | ||||||
| MATERIALS – 7.6% | |||||||
| CHEMICALS – 0.3% | |||||||
| Innospec | 21,000 | 1,709,190 | |||||
| CONSTRUCTION MATERIALS – 0.1% | |||||||
| United States Lime & Minerals | 6,000 | 628,020 | |||||
| METALS & MINING – 3.1% | |||||||
| Commercial Metals | 147,500 | 9,255,625 | |||||
| Metallus 2 | 290,000 | 5,420,100 | |||||
| 14,675,725 | |||||||
| PAPER & FOREST PRODUCTS – 4.1% | |||||||
| Sylvamo Corporation | 514,000 | 19,429,200 | |||||
| Total (Cost $34,621,255) | 36,442,135 | ||||||
| REAL ESTATE – 0.0% | |||||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT – 0.0% | |||||||
| Marcus & Millichap | 6,000 | 187,020 | |||||
| Total (Cost $143,155) | 187,020 | ||||||
| TOTAL COMMON STOCKS | |||||||
| (Cost $276,017,055) | 356,651,124 | ||||||
| INVESTMENTS AT VALUE | |||||||
| (Cost $276,017,055) | 356,651,124 | ||||||
| REPURCHASE AGREEMENT – 25.6% | |||||||
| Fixed
Income Clearing Corporation, 3.00% dated 6/30/26, due 7/1/26, maturity value $122,494,426 (collateralized by obligations of U.S. Government Agencies, 3.875% due 3/15/28, valued at $124,934,069) | |||||||
| (Cost $122,484,219) | 122,484,219 | ||||||
| TOTAL INVESTMENTS – 100.1% | |||||||
| (Cost $398,501,274) | 479,135,343 | ||||||
| LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)% | (365,732) | ||||||
| NET ASSETS – 100.0% | $ | 478,769,611 | |||||
Royce Small-Cap Total Return Fund
Common Stocks – 97.1%
| SHARES | VALUE | ||||||
| COMMUNICATION SERVICES – 0.1% | |||||||
| WIRELESS TELECOMMUNICATION SERVICES – 0.1% | |||||||
| Telephone and Data Systems | 23,028 | $ | 852,266 | ||||
| Total (Cost $943,646) | 852,266 | ||||||
| CONSUMER DISCRETIONARY – 8.6% | |||||||
| HOTELS, RESTAURANTS & LEISURE – 0.1% | |||||||
| Brightstar Lottery | 80,611 | 864,150 | |||||
| LEISURE PRODUCTS – 1.9% | |||||||
| YETI Holdings 2 | 366,286 | 18,153,134 | |||||
| SPECIALTY RETAIL – 6.6% | |||||||
| Academy Sports & Outdoors | 476,211 | 22,443,825 | |||||
| Advance Auto Parts | 428,965 | 26,690,202 | |||||
| Bath & Body Works | 588,048 | 13,601,550 | |||||
| 62,735,577 | |||||||
| Total (Cost $67,778,858) | 81,752,861 | ||||||
| CONSUMER STAPLES – 10.4% | |||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 4.1% | |||||||
| Natural Grocers by Vitamin Cottage † | 353,372 | 10,961,599 | |||||
| Sprouts Farmers Market †,2 | 124,817 | 10,557,022 | |||||
| Yesway Cl. A †,2,3 | 871,920 | 17,699,976 | |||||
| 39,218,597 | |||||||
| FOOD PRODUCTS – 3.0% | |||||||
| J&J Snack Foods | 116,167 | 8,532,466 | |||||
| Nomad Foods | 1,767,394 | 19,352,965 | |||||
| 27,885,431 | |||||||
| HOUSEHOLD PRODUCTS – 1.6% | |||||||
| Central Garden & Pet Cl. A †,2 | 378,490 | 14,674,057 | |||||
| PERSONAL CARE PRODUCTS – 1.7% | |||||||
| Interparfums | 144,470 | 16,160,414 | |||||
| Total (Cost $100,392,273) | 97,938,499 | ||||||
| ENERGY – 2.1% | |||||||
| ENERGY EQUIPMENT & SERVICES – 2.1% | |||||||
| Cactus Cl. A | 201,789 | 10,337,650 | |||||
| Pason Systems | 1,112,742 | 9,673,971 | |||||
| Total (Cost $15,965,487) | 20,011,621 | ||||||
| FINANCIALS – 31.3% | |||||||
| BANKS – 15.2% | |||||||
| BankUnited | 148,727 | 7,205,823 | |||||
| Central Bancompany Cl. A † | 224,504 | 6,820,431 | |||||
| Esquire Financial Holdings | 34,505 | 4,109,891 | |||||
| First Financial Bankshares | 507,693 | 17,566,178 | |||||
| German American Bancorp | 402,324 | 19,094,297 | |||||
| Glacier Bancorp | 299,297 | 15,437,739 | |||||
| Hingham Institution for Savings | 31,073 | 9,544,072 | |||||
| Home BancShares | 693,116 | 19,788,462 | |||||
| Live Oak Bancshares | 391,535 | 15,990,289 | |||||
| Origin Bancorp | 279,498 | 14,296,323 | |||||
| Seacoast Banking Corporation of Florida | 141,990 | 4,721,167 | |||||
| TowneBank | 255,840 | 9,271,642 | |||||
| 143,846,314 | |||||||
| CAPITAL MARKETS – 2.5% | |||||||
| Donnelley Financial Solutions 2 | 202,885 | 8,511,026 | |||||
| Marex Group | 242,301 | 14,768,246 | |||||
| Tel Aviv Stock Exchange 1 | 23,868 | 992,033 | |||||
| 24,271,305 | |||||||
| FINANCIAL SERVICES – 3.1% | |||||||
| Merchants Bancorp | 301,617 | 15,080,850 | |||||
| See Notes to Financial Statements | 14 |
| Schedules of Investments | June 30, 2026 (unaudited) |
Royce Small-Cap Total Return Fund (continued)
| SHARES | VALUE | ||||||
| FINANCIALS (continued) | |||||||
| FINANCIAL SERVICES (continued) | |||||||
| Walker & Dunlop | 260,664 | $ | 14,258,321 | ||||
| 29,339,171 | |||||||
| INSURANCE – 10.5% | |||||||
| AMERISAFE | 483,109 | 16,343,578 | |||||
| Assured Guaranty | 358,595 | 28,744,975 | |||||
| Crawford & Company Cl. A | 649,573 | 7,320,688 | |||||
| International General Insurance Holdings | 1,057,054 | 27,663,103 | |||||
| Pelagos Insurance Capital | 632,121 | 15,392,146 | |||||
| RenaissanceRe Holdings | 12,583 | 3,987,553 | |||||
| 99,452,043 | |||||||
| Total (Cost $221,542,303) | 296,908,833 | ||||||
| HEALTH CARE – 6.6% | |||||||
| HEALTH CARE EQUIPMENT & SUPPLIES – 1.6% | |||||||
| Cooper Companies (The) 2 | 207,491 | 14,879,180 | |||||
| HEALTH CARE PROVIDERS & SERVICES – 3.2% | |||||||
| PACS Group 2 | 494,949 | 21,104,625 | |||||
| Pediatrix Medical Group 2 | 371,353 | 9,406,372 | |||||
| 30,510,997 | |||||||
| LIFE SCIENCES TOOLS & SERVICES – 1.8% | |||||||
| Avantor †,2 | 1,751,186 | 17,336,741 | |||||
| Total (Cost $43,891,061) | 62,726,918 | ||||||
| INDUSTRIALS – 24.5% | |||||||
| AEROSPACE & DEFENSE – 1.2% | |||||||
| FTAI Aviation | 42,817 | 11,583,283 | |||||
| BUILDING PRODUCTS – 2.5% | |||||||
| Trex Company †,2 | 116,068 | 5,808,043 | |||||
| UFP Industries | 193,530 | 17,560,912 | |||||
| 23,368,955 | |||||||
| COMMERCIAL SERVICES & SUPPLIES – 3.3% | |||||||
| BrightView Holdings †,2 | 698,649 | 9,899,856 | |||||
| Healthcare Services Group 2 | 888,085 | 21,811,368 | |||||
| 31,711,224 | |||||||
| MACHINERY – 3.5% | |||||||
| Douglas Dynamics | 294,418 | 15,883,851 | |||||
| Timken Company (The) | 118,652 | 17,242,509 | |||||
| 33,126,360 | |||||||
| PROFESSIONAL SERVICES – 11.0% | |||||||
| Andersen Group Cl. A 2 | 555,432 | 20,950,895 | |||||
| Barrett Business Services | 650,734 | 23,114,072 | |||||
| CBIZ 2,3 | 486,975 | 15,622,158 | |||||
| Franklin Covey 2 | 538,246 | 13,203,174 | |||||
| Insperity | 451,384 | 18,646,673 | |||||
| KBR | 374,315 | 12,925,097 | |||||
| 104,462,069 | |||||||
| TRADING COMPANIES & DISTRIBUTORS – 3.0% | |||||||
| MSC Industrial Direct Cl. A | 236,562 | 28,139,050 | |||||
| Total (Cost $167,619,442) | 232,390,941 | ||||||
| INFORMATION TECHNOLOGY 5.2% | |||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 1.8% | |||||||
| Vontier Corporation | 586,202 | 16,999,858 | |||||
| IT SERVICES – 1.9% | |||||||
| Hackett Group (The) 5 | 1,679,685 | 18,090,208 | |||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.5% | |||||||
| Kulicke & Soffa Industries | 107,366 | 14,361,276 | |||||
| Total (Cost $51,182,327) | 49,451,342 | ||||||
| MATERIALS – 8.3% | |||||||
| CHEMICALS – 6.0% | |||||||
| Element Solutions | 355,782 | 16,988,591 | |||||
| Ingevity Corporation 2 | 341,723 | 25,516,456 | |||||
| Quaker Houghton | 91,071 | 14,468,450 | |||||
| 56,973,497 | |||||||
| CONTAINERS & PACKAGING – 2.3% | |||||||
| Silgan Holdings | 464,142 | 21,531,547 | |||||
| Total (Cost $51,657,849) | 78,505,044 | ||||||
| TOTAL COMMON STOCKS | |||||||
| (Cost $720,973,246) | 920,538,325 | ||||||
| COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.0% | |||||||
| Money Market Funds | |||||||
| Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-3.50%) | |||||||
| (Cost $252,948) | 252,948 | 252,948 | |||||
| INVESTMENTS AT VALUE | |||||||
| (Cost $721,226,194) | 920,791,273 | ||||||
| REPURCHASE AGREEMENT – 3.5% | |||||||
| Fixed
Income Clearing Corporation, 3.00% dated 6/30/26, due 7/1/26, maturity value $32,861,524 (collateralized by obligations of U.S. Government Agencies, 3.875% due 3/15/28, valued at $33,516,038) | |||||||
| (Cost $32,858,786) | 32,858,786 | ||||||
| TOTAL INVESTMENTS – 100.6% | |||||||
| (Cost $754,084,980) | 953,650,059 | ||||||
| LIABILITIES LESS CASH AND OTHER ASSETS – (0.6)% | (6,116,327) | ||||||
| NET ASSETS – 100.0% | $ | 947,533,732 |
| See Notes to Financial Statements | 15 |
| Schedules of Investments | June 30, 2026 (unaudited) |
Royce Small-Cap Value Fund
Common Stocks – 99.0%
| SHARES | VALUE | ||||||
| CONSUMER DISCRETIONARY – 22.6% | |||||||
| AUTOMOBILE COMPONENTS – 5.1% | |||||||
| Gentex Corporation | 78,316 | $ | 1,979,045 | ||||
| Lear Corporation | 15,134 | 2,028,864 | |||||
| Visteon Corporation | 17,335 | 1,719,806 | |||||
| 5,727,715 | |||||||
| DIVERSIFIED CONSUMER SERVICES – 2.4% | |||||||
| frontdoor 2 | 12,607 | 978,177 | |||||
| Stride 2 | 19,008 | 1,639,250 | |||||
| 2,617,427 | |||||||
| HOTELS, RESTAURANTS & LEISURE – 1.3% | |||||||
| Boyd Gaming | 16,800 | 1,483,944 | |||||
| HOUSEHOLD DURABLES – 4.8% | |||||||
| M/I Homes 2 | 16,709 | 2,686,640 | |||||
| Meritage Homes | 5,152 | 431,995 | |||||
| PulteGroup | 15,866 | 2,176,974 | |||||
| 5,295,609 | |||||||
| SPECIALTY RETAIL – 7.5% | |||||||
| Academy Sports & Outdoors | 27,792 | 1,309,837 | |||||
| Buckle (The) | 40,638 | 1,714,923 | |||||
| Gap (The) † | 41,685 | 778,676 | |||||
| J.Jill | 106,679 | 1,692,996 | |||||
| Shoe Station Group | 84,350 | 1,250,910 | |||||
| Signet Jewelers | 17,159 | 1,479,106 | |||||
| Williams-Sonoma | 757 | 176,457 | |||||
| 8,402,905 | |||||||
| TEXTILES, APPAREL & LUXURY GOODS – 1.5% | |||||||
| Kontoor Brands | 20,311 | 1,692,719 | |||||
| Total (Cost $19,313,320) | 25,220,319 | ||||||
| CONSUMER STAPLES – 2.0% | |||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 2.0% | |||||||
| Village Super Market Cl. A | 53,115 | 2,240,390 | |||||
| Total (Cost $1,323,967) | 2,240,390 | ||||||
| ENERGY – 7.2% | |||||||
| OIL, GAS & CONSUMABLE FUELS – 7.2% | |||||||
| Chord Energy | 9,731 | 1,112,253 | |||||
| Mach Natural Resources L.P. † | 89,120 | 1,126,477 | |||||
| Matador Resources | 31,449 | 1,565,531 | |||||
| Riley Exploration Permian | 37,324 | 1,230,199 | |||||
| SM Energy | 54,320 | 1,417,752 | |||||
| Teekay Tankers Cl. A | 24,374 | 1,581,142 | |||||
| Total (Cost $6,657,109) | 8,033,354 | ||||||
| FINANCIALS – 27.5% | |||||||
| BANKS – 21.4% | |||||||
| Beacon Financial | 47,344 | 1,441,625 | |||||
| Burke & Herbert Financial Services | 20,533 | 1,475,501 | |||||
| Business First Bancshares | 53,050 | 1,630,227 | |||||
| Civista Bancshares | 67,648 | 1,909,027 | |||||
| CNB Financial | 42,303 | 1,426,034 | |||||
| Dime Commercial Bancshares | 4,222 | 171,624 | |||||
| First Bank | 92,635 | 1,642,419 | |||||
| FS Bancorp | 37,646 | 1,633,836 | |||||
| Heritage Financial | 20,728 | 613,963 | |||||
| Landmark Bancorp | 17,611 | 540,834 | |||||
| Mid Penn Bancorp | 39,841 | 1,388,060 | |||||
| OceanFirst Financial | 21,891 | 427,531 | |||||
| Princeton Bancorp | 37,494 | 1,422,897 | |||||
| Provident Financial Services † | 59,730 | 1,412,017 | |||||
| Timberland Bancorp | 50,228 | 2,250,717 | |||||
| TrustCo Bank Corp NY | 2,858 | 156,933 | |||||
| Unity Bancorp | 34,626 | 2,032,200 | |||||
| Univest Financial | 19,045 | 833,219 | |||||
| WesBanco | 38,965 | 1,520,804 | |||||
| 23,929,468 | |||||||
| CAPITAL MARKETS – 1.6% | |||||||
| Evercore Cl. A | 5,141 | 1,755,343 | |||||
| FINANCIAL SERVICES – 1.7% | |||||||
| Enact Holdings | 40,760 | 1,863,140 | |||||
| INSURANCE – 2.8% | |||||||
| Donegal Group Cl. A | 78,249 | 1,475,776 | |||||
| United Fire Group | 32,923 | 1,726,482 | |||||
| 3,202,258 | |||||||
| Total (Cost $21,548,026) | 30,750,209 | ||||||
| HEALTH CARE – 8.7% | |||||||
| BIOTECHNOLOGY – 0.2% | |||||||
| Entrada Therapeutics 2 | 31,432 | 231,340 | |||||
| HEALTH CARE PROVIDERS & SERVICES – 2.2% | |||||||
| Pediatrix Medical Group 2 | 60,969 | 1,544,345 | |||||
| Universal Health Services Cl. B † | 6,001 | 892,288 | |||||
| 2,436,633 | |||||||
| PHARMACEUTICALS – 6.3% | |||||||
| Amphastar Pharmaceuticals 2 | 50,299 | 1,015,034 | |||||
| Collegium Pharmaceutical 2 | 43,453 | 1,572,998 | |||||
| CorMedix 2 | 146,768 | 1,152,129 | |||||
| Harmony Biosciences Holdings 2 | 44,465 | 1,618,971 | |||||
| Innoviva 2 | 63,577 | 1,443,834 | |||||
| SIGA Technologies | 75,727 | 275,646 | |||||
| 7,078,612 | |||||||
| Total (Cost $9,357,751) | 9,746,585 | ||||||
| INDUSTRIALS – 16.8% | |||||||
| BUILDING PRODUCTS – 0.2% | |||||||
| UFP Industries | 2,439 | 221,315 | |||||
| COMMERCIAL SERVICES & SUPPLIES – 2.0% | |||||||
| Interface | 61,462 | 2,202,798 | |||||
| CONSTRUCTION & ENGINEERING – 0.5% | |||||||
| Sterling Infrastructure 2 | 667 | 559,853 | |||||
| MACHINERY – 3.7% | |||||||
| Allison Transmission Holdings | 13,844 | 1,560,773 | |||||
| Blue Bird 2 | 33,051 | 2,609,707 | |||||
| 4,170,480 | |||||||
| MARINE TRANSPORTATION – 1.7% | |||||||
| Genco Shipping & Trading | 74,803 | 1,853,618 | |||||
| PROFESSIONAL SERVICES – 7.6% | |||||||
| Barrett Business Services | 39,590 | 1,406,237 | |||||
| IBEX 2 | 73,275 | 2,225,361 | |||||
| Kforce | 13,383 | 627,930 | |||||
| Korn Ferry | 25,791 | 1,717,165 | |||||
| MAXIMUS | 31,105 | 1,672,205 | |||||
| Upwork †,2,3 | 106,694 | 891,962 | |||||
| 8,540,860 | |||||||
| TRADING COMPANIES & DISTRIBUTORS – 1.1% | |||||||
| DNOW †,2 | 99,798 | 1,294,380 | |||||
| Total (Cost $13,240,448) | 18,843,304 |
| See Notes to Financial Statements | 16 |
| Schedules of Investments | June 30, 2026 (unaudited) |
Royce Small-Cap Value Fund (continued)
| SHARES | VALUE | ||||||
| INFORMATION TECHNOLOGY – 14.2% | |||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 9.9% | |||||||
| Bel Fuse Cl. B | 2,524 | $ | 840,593 | ||||
| ePlus | 16,557 | 1,378,039 | |||||
| Flex 2 | 8,660 | 1,403,526 | |||||
| Jabil | 2,750 | 1,060,070 | |||||
| PC Connection | 20,005 | 1,460,165 | |||||
| Sanmina Corporation 2 | 7,410 | 1,875,323 | |||||
| TD SYNNEX | 11,286 | 3,017,199 | |||||
| 11,034,915 | |||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.9% | |||||||
| Amkor Technology | 11,930 | 1,028,724 | |||||
| SOFTWARE – 1.2% | |||||||
| Adeia | 42,298 | 1,392,873 | |||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS – 2.2% | |||||||
| Diebold Nixdorf 2 | 28,881 | 2,455,463 | |||||
| Total (Cost $4,666,902) | 15,911,975 | ||||||
| TOTAL COMMON STOCKS | |||||||
| (Cost $76,107,523) | 110,746,136 | ||||||
| INVESTMENTS AT VALUE | |||||||
| (Cost $76,107,523) | 110,746,136 | ||||||
| REPURCHASE AGREEMENT – 1.1% | |||||||
| Fixed
Income Clearing Corporation, 3.00% dated 6/30/26, due 7/1/26, maturity value $1,204,322 (collateralized by obligations of U.S. Government Agencies, 3.875% due 3/15/28, valued at $1,228,445) | |||||||
| (Cost $1,204,222) | 1,204,222 | ||||||
| TOTAL INVESTMENTS – 100.1% | |||||||
| (Cost $77,311,745) | 111,950,358 | ||||||
| LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)% | (129,757) | ||||||
| NET ASSETS – 100.0% | $ | 111,820,601 | |||||
Royce Smaller-Companies Growth Fund
Common Stocks – 93.4%
| SHARES | VALUE | ||||||
| COMMUNICATION SERVICES – 4.8% | |||||||
| DIVERSIFIED TELECOMMUNICATION SERVICES – 2.0% | |||||||
| Bandwidth Cl. A 2,3 | 73,000 | $ | 4,620,900 | ||||
| MEDIA – 2.8% | |||||||
| Magnite 2 | 355,000 | 6,737,900 | |||||
| Total (Cost $9,415,750) | 11,358,800 | ||||||
| CONSUMER DISCRETIONARY – 3.3% | |||||||
| HOTELS, RESTAURANTS & LEISURE – 2.5% | |||||||
| Life Time Group Holdings 2 | 102,000 | 4,165,680 | |||||
| Texas Roadhouse | 9,000 | 1,739,070 | |||||
| 5,904,750 | |||||||
| HOUSEHOLD DURABLES – 0.8% | |||||||
| Installed Building Products | 8,000 | 1,838,720 | |||||
| Total (Cost $3,875,083) | 7,743,470 | ||||||
| CONSUMER STAPLES – 3.3% | |||||||
| FOOD PRODUCTS – 3.3% | |||||||
| Freshpet 2 | 83,000 | 4,906,960 | |||||
| Mama's Creations 2 | 164,000 | 2,927,400 | |||||
| Total (Cost $6,269,847) | 7,834,360 | ||||||
| ENERGY – 5.0% | |||||||
| ENERGY EQUIPMENT & SERVICES – 3.1% | |||||||
| Natural Gas Services Group | 65,500 | 2,825,670 | |||||
| Oceaneering International 2 | 60,000 | 2,431,200 | |||||
| Solaris Energy Infrastructure Cl. A | 27,000 | 2,172,420 | |||||
| 7,429,290 | |||||||
| OIL, GAS & CONSUMABLE FUELS – 1.9% | |||||||
| Golar LNG | 49,000 | 2,442,160 | |||||
| Uranium Energy 2 | 119,000 | 1,268,540 | |||||
| Ur-Energy †,2,3 | 556,000 | 756,160 | |||||
| 4,466,860 | |||||||
| Total (Cost $8,389,686) | 11,896,150 | ||||||
| FINANCIALS – 5.9% | |||||||
| BANKS – 3.7% | |||||||
| Atlantic Union Bankshares | 52,000 | 2,200,120 | |||||
| Glacier Bancorp | 39,000 | 2,011,620 | |||||
| Seacoast Banking Corporation of Florida | 139,000 | 4,621,750 | |||||
| 8,833,490 | |||||||
| CAPITAL MARKETS – 0.2% | |||||||
| Sprott | 4,750 | 535,202 | |||||
| FINANCIAL SERVICES – 1.5% | |||||||
| Paysign 2 | 426,667 | 3,494,403 | |||||
| INSURANCE – 0.5% | |||||||
| Skyward Specialty Insurance Group †,2 | 22,500 | 1,312,875 | |||||
| Total (Cost $10,547,597) | 14,175,970 | ||||||
| HEALTH CARE – 32.6% | |||||||
| BIOTECHNOLOGY – 5.7% | |||||||
| Alvotech 2,3 | 558,000 | 2,059,020 | |||||
| ARS Pharmaceuticals 2 | 54,000 | 432,540 | |||||
| CareDx 2 | 119,000 | 3,391,500 | |||||
| Compass Pathways ADR †,2,3 | 178,000 | 2,518,700 | |||||
| Palvella Therapeutics 2 | 28,500 | 4,355,370 | |||||
| TriSalus Life Sciences †,2,3 | 200,000 | 910,000 | |||||
| 13,667,130 | |||||||
| HEALTH CARE EQUIPMENT & SUPPLIES – 6.7% | |||||||
| Alphatec Holdings 2 | 215,000 | 1,859,750 | |||||
| Axogen 2 | 48,000 | 2,217,120 | |||||
| Brainsway ADR †,2 | 97,000 | 1,504,470 | |||||
| See Notes to Financial Statements | 17 |
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce Smaller-Companies Growth Fund (continued) | |||||||
| SHARES | VALUE | ||||||
| HEALTH CARE (continued) | |||||||
| HEALTH CARE EQUIPMENT & SUPPLIES (continued) | |||||||
| SI-BONE 2,3 | 265,000 | $ | 4,324,800 | ||||
| Tactile Systems Technology †,2 | 67,000 | 1,995,260 | |||||
| UFP Technologies †,2,3 | 15,000 | 3,976,950 | |||||
| 15,878,350 | |||||||
| HEALTH CARE PROVIDERS & SERVICES – 8.1% | |||||||
| BrightSpring Health Services 2,3 | 50,423 | 3,516,500 | |||||
| Guardian Pharmacy Services Cl. A 2 | 61,596 | 2,579,024 | |||||
| Hinge Health Cl. A 2 | 84,000 | 6,972,000 | |||||
| Strata Critical Medical 2,3 | 1,184,181 | 6,240,634 | |||||
| 19,308,158 | |||||||
| HEALTH CARE TECHNOLOGY – 0.2% | |||||||
| Schrodinger 2,3 | 29,000 | 471,250 | |||||
| LIFE SCIENCES TOOLS & SERVICES – 1.7% | |||||||
| BioLife Solutions 2 | 145,000 | 4,094,800 | |||||
| PHARMACEUTICALS – 10.2% | |||||||
| Alumis †,2 | 61,000 | 1,716,540 | |||||
| Axsome Therapeutics 2 | 26,275 | 6,431,332 | |||||
| Cybin †,2 | 232,000 | 1,533,520 | |||||
| Definium Therapeutics 2 | 139,500 | 6,562,080 | |||||
| Harrow 2,3 | 106,053 | 4,504,071 | |||||
| Xeris Biopharma Holdings †,2 | 461,000 | 3,651,120 | |||||
| 24,398,663 | |||||||
| Total (Cost $48,502,839) | 77,818,351 | ||||||
| INDUSTRIALS – 16.8% | |||||||
| AEROSPACE & DEFENSE – 6.2% | |||||||
| AAR Corp. †,2 | 31,000 | 4,430,830 | |||||
| AeroVironment 2,3 | 6,615 | 1,091,938 | |||||
| Astronics Corporation †,2 | 21,500 | 1,747,090 | |||||
| Astronics Corporation Cl. B †,1,2 | 4,300 | 344,000 | |||||
| BWX Technologies | 7,500 | 1,459,875 | |||||
| FTAI Aviation | 12,000 | 3,246,360 | |||||
| VSE Corporation | 7,500 | 1,713,750 | |||||
| York Space Systems †,2,3 | 27,500 | 677,050 | |||||
| 14,710,893 | |||||||
| COMMERCIAL SERVICES & SUPPLIES – 2.6% | |||||||
| ACV Auctions Cl. A 2 | 872,000 | 6,269,680 | |||||
| CONSTRUCTION & ENGINEERING – 3.1% | |||||||
| Ameresco Cl. A 2 | 106,000 | 2,925,600 | |||||
| Legence Corp. Cl. A 2 | 29,000 | 2,471,670 | |||||
| Limbach Holdings 2 | 25,000 | 1,925,000 | |||||
| 7,322,270 | |||||||
| MACHINERY – 3.8% | |||||||
| ATS Corporation 2 | 128,000 | 3,689,505 | |||||
| CECO Environmental †,2 | 37,500 | 3,402,750 | |||||
| Graham Corporation 2 | 15,500 | 1,918,745 | |||||
| 9,011,000 | |||||||
| PROFESSIONAL SERVICES – 1.1% | |||||||
| Andersen Group Cl. A †,2 | 32,000 | 1,207,040 | |||||
| CBIZ †,2 | 34,500 | 1,106,760 | |||||
| Paylocity Holding 2 | 4,286 | 448,015 | |||||
| 2,761,815 | |||||||
| Total (Cost $26,838,498) | 40,075,658 | ||||||
| INFORMATION TECHNOLOGY – 17.1% | |||||||
| COMMUNICATIONS EQUIPMENT – 2.6% | |||||||
| ADTRAN Holdings 2 | 287,000 | 3,989,300 | |||||
| Gilat Satellite Networks †,2 | 178,000 | 2,369,180 | |||||
| 6,358,480 | |||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 4.8% | |||||||
| Bel Fuse Cl. B † | 12,000 | 3,996,480 | |||||
| Mirion Technologies Cl. A 2 | 25,000 | 448,250 | |||||
| Ouster †,2,3 | 71,000 | 4,438,920 | |||||
| TTM Technologies 2 | 13,500 | 2,524,770 | |||||
| 11,408,420 | |||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 5.3% | |||||||
| Impinj 2 | 41,750 | 5,979,853 | |||||
| Penguin Solutions †,2,3 | 17,000 | 1,292,170 | |||||
| Semtech Corporation 2 | 9,500 | 1,537,575 | |||||
| Synaptics †,2 | 30,500 | 3,789,015 | |||||
| 12,598,613 | |||||||
| SOFTWARE – 4.4% | |||||||
| Agilysys 2 | 23,000 | 2,403,500 | |||||
| Digital Turbine 2 | 91,000 | 1,173,900 | |||||
| Five9 2,3 | 55,500 | 1,183,260 | |||||
| JFrog 2 | 28,250 | 2,567,360 | |||||
| NextNav 2,3 | 113,894 | 2,030,730 | |||||
| UiPath Cl. A 2,3 | 100,000 | 1,087,000 | |||||
| 10,445,750 | |||||||
| Total (Cost $24,934,893) | 40,811,263 | ||||||
| MATERIALS – 3.9% | |||||||
| CHEMICALS – 2.7% | |||||||
| Flotek Industries 2,3 | 275,000 | 6,468,000 | |||||
| METALS & MINING – 1.2% | |||||||
| Elevra Lithium ADR 2,3 | 26,000 | 1,771,900 | |||||
| Major Drilling Group International 2 | 91,000 | 966,945 | |||||
| 2,738,845 | |||||||
| Total (Cost $4,161,476) | 9,206,845 | ||||||
| UTILITIES – 0.7% | |||||||
| INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCER – 0.7% | |||||||
| Ormat Technologies | 16,000 | 1,742,400 | |||||
| Total (Cost $1,621,104) | 1,742,400 | ||||||
| TOTAL COMMON STOCKS | |||||||
| (Cost $144,556,773) | 222,663,267 | ||||||
| COLLATERAL RECEIVED FOR SECURITIES LOANED – 2.4% | |||||||
| Money Market Funds | |||||||
| Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-3.50%) | |||||||
| (Cost $5,618,877) | 5,618,877 | 5,618,877 | |||||
| INVESTMENTS AT VALUE | |||||||
| (Cost $150,175,650) | 228,282,144 |
| See Notes to Financial Statements | 18 |
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce Smaller-Companies Growth Fund (continued) | |||||||
| VALUE | |||||||
| REPURCHASE AGREEMENT – 6.2% | |||||||
| Fixed
Income Clearing Corporation, 3.00% dated 6/30/26, due 7/1/26, maturity value $14,729,081 (collateralized by obligations of U.S. Government Agencies, 3.875% due 3/15/28, valued at $15,022,526) |
|||||||
| (Cost $14,727,854) | $ | 14,727,854 | |||||
| TOTAL INVESTMENTS – 102.0% | |||||||
| (Cost $164,903,504) | 243,009,998 | ||||||
| LIABILITIES LESS CASH AND OTHER ASSETS – (2.0)% | (4,654,859) | ||||||
| NET ASSETS – 100.0% | $ | 238,355,139 | |||||
| Royce SMid-Cap Total Return Fund | |||||||
| Common Stocks – 96.9% | |||||||
| SHARES | VALUE | ||||||
| COMMUNICATION SERVICES – 0.3% | |||||||
| WIRELESS TELECOMMUNICATION SERVICES – 0.3% | |||||||
| Telephone and Data Systems | 2,362 | $ | 87,418 | ||||
| Total (Cost $98,140) | 87,418 | ||||||
| CONSUMER DISCRETIONARY – 9.1% | |||||||
| HOUSEHOLD DURABLES – 1.0% | |||||||
| Installed Building Products | 1,456 | 334,647 | |||||
| SPECIALTY RETAIL – 8.1% | |||||||
| Academy Sports & Outdoors | 21,473 | 1,012,023 | |||||
| Advance Auto Parts | 17,243 | 1,072,859 | |||||
| Bath & Body Works | 20,588 | 476,200 | |||||
| Chewy Cl. A †,2 | 3,546 | 69,679 | |||||
| 2,630,761 | |||||||
| Total (Cost $2,803,767) | 2,965,408 | ||||||
| CONSUMER STAPLES – 4.1% | |||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL – 3.0% | |||||||
| Sprouts Farmers Market †,2 | 5,059 | 427,890 | |||||
| Yesway Cl. A †,2 | 26,662 | 541,239 | |||||
| 969,129 | |||||||
| HOUSEHOLD PRODUCTS – 1.1% | |||||||
| Clorox Company † | 3,971 | 378,992 | |||||
| Total (Cost $1,409,315) | 1,348,121 | ||||||
| ENERGY – 2.3% | |||||||
| ENERGY EQUIPMENT & SERVICES – 2.3% | |||||||
| Cactus Cl. A | 11,100 | 568,653 | |||||
| Pason Systems | 22,612 | 196,584 | |||||
| Total (Cost $782,079) | 765,237 | ||||||
| FINANCIALS – 26.1% | |||||||
| BANKS – 10.3% | |||||||
| BOK Financial | 3,221 | 447,332 | |||||
| Central Bancompany Cl. A † | 7,954 | 241,643 | |||||
| Commerce Bancshares † | 10,030 | 579,233 | |||||
| German American Bancorp | 14,324 | 679,817 | |||||
| Glacier Bancorp | 13,331 | 687,613 | |||||
| Home BancShares | 23,243 | 663,588 | |||||
| TowneBank | 2,297 | 83,243 | |||||
| 3,382,469 | |||||||
| CAPITAL MARKETS – 6.2% | |||||||
| Houlihan Lokey Cl. A | 1,664 | 223,192 | |||||
| Marex Group | 8,333 | 507,896 | |||||
| Moelis & Company Cl. A | 4,421 | 289,222 | |||||
| Piper Sandler Companies † | 4,504 | 325,820 | |||||
| SEI Investments | 8,017 | 703,171 | |||||
| 2,049,301 | |||||||
| FINANCIAL SERVICES – 1.7% | |||||||
| Merchants Bancorp | 10,960 | 548,000 | |||||
| INSURANCE – 7.9% | |||||||
| Assured Guaranty | 13,250 | 1,062,120 | |||||
| Kinsale Capital Group † | 1,098 | 362,131 | |||||
| RenaissanceRe Holdings | 279 | 88,415 | |||||
| RLI Corp. | 8,955 | 528,972 | |||||
| Ryan Specialty Holdings Cl. A † | 14,271 | 538,873 | |||||
| 2,580,511 | |||||||
| Total (Cost $6,751,298) | 8,560,281 | ||||||
| HEALTH CARE – 6.1% | |||||||
| HEALTH CARE EQUIPMENT & SUPPLIES – 1.9% | |||||||
| Cooper Companies (The) †,2 | 8,819 | 632,411 | |||||
| See Notes to Financial Statements | 19 |
| Schedules of Investments | June 30, 2026 (unaudited) |
| Royce SMid-Cap Total Return Fund (continued) | ||||||||
| SHARES | VALUE | |||||||
| HEALTH CARE (continued) | ||||||||
| HEALTH CARE PROVIDERS & SERVICES – 2.1% | ||||||||
| Ensign Group (The) | 4,290 | $ | 687,687 | |||||
| LIFE SCIENCES TOOLS & SERVICES – 2.1% | ||||||||
| Avantor 2 | 69,798 | 691,000 | ||||||
| Total (Cost $1,780,531) | 2,011,098 | |||||||
| INDUSTRIALS 30.0% | ||||||||
| AEROSPACE & DEFENSE – 3.2% | ||||||||
| FTAI Aviation | 3,870 | 1,046,951 | ||||||
| BUILDING PRODUCTS – 4.0% | ||||||||
| Simpson Manufacturing | 1,722 | 360,501 | ||||||
| Trex Company †,2 | 4,111 | 205,714 | ||||||
| UFP Industries | 8,182 | 742,435 | ||||||
| 1,308,650 | ||||||||
| MACHINERY – 5.7% | ||||||||
| Lincoln Electric Holdings | 909 | 241,348 | ||||||
| Spirax Group 1 | 5,771 | 523,629 | ||||||
| Timken Company (The) | 4,124 | 599,300 | ||||||
| Toro Company (The) † | 5,052 | 492,166 | ||||||
| 1,856,443 | ||||||||
| PROFESSIONAL SERVICES – 8.9% | ||||||||
| Andersen Group Cl. A †,2 | 30,613 | 1,154,722 | ||||||
| CBIZ †,2 | 18,721 | 600,570 | ||||||
| KBR | 20,131 | 695,123 | ||||||
| TriNet Group | 9,341 | 462,286 | ||||||
| 2,912,701 | ||||||||
| TRADING COMPANIES & DISTRIBUTORS – 8.2% | ||||||||
| AerCap Holdings | 5,530 | 806,164 | ||||||
| Applied Industrial Technologies | 1,693 | 572,488 | ||||||
| MSC Industrial Direct Cl. A | 11,175 | 1,329,266 | ||||||
| 2,707,918 | ||||||||
| Total (Cost $7,403,691) | 9,832,663 | |||||||
| INFORMATION TECHNOLOGY – 5.0% | ||||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS – 2.9% | ||||||||
| Vontier Corporation | 33,267 | 964,743 | ||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 2.1% | ||||||||
| Kulicke & Soffa Industries | 5,022 | 671,743 | ||||||
| Total (Cost $1,392,284) | 1,636,486 | |||||||
| MATERIALS – 13.9% | ||||||||
| CHEMICALS – 5.7% | ||||||||
| Element Solutions | 18,052 | 861,983 | ||||||
| Quaker Houghton | 6,226 | 989,124 | ||||||
| 1,851,107 | ||||||||
| CONTAINERS & PACKAGING – 8.2% | ||||||||
| AptarGroup | 7,116 | 890,923 | ||||||
| Ball Corporation | 11,748 | 733,075 | ||||||
| Silgan Holdings | 23,240 | 1,078,104 | ||||||
| 2,702,102 | ||||||||
| Total (Cost $2,647,465) | 4,553,209 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $25,068,570) | 31,759,921 | |||||||
| INVESTMENTS AT VALUE | ||||||||
| (Cost $25,068,570) | 31,759,921 | |||||||
| REPURCHASE AGREEMENT – 2.9% | ||||||||
| Fixed
Income Clearing Corporation, 3.00% dated 6/30/26, due 7/1/26, maturity value $948,531 (collateralized by obligations of U.S. Government Agencies, 3.875% due 3/15/28, valued at $967,518) | ||||||||
| (Cost $948,452) | 948,452 | |||||||
| TOTAL INVESTMENTS – 99.8% | ||||||||
| (Cost $26,017,022) | 32,708,373 | |||||||
| CASH AND OTHER ASSETS LESS LIABILITIES – 0.2% | 66,956 | |||||||
| NET ASSETS – 100.0% | $ | 32,775,329 | ||||||
For the purposes of this report, “ADR” shall mean American Depository Receipt.
† New additions in 2026.
1 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.
2 Non-income producing.
3 All or a portion of these securities were on loan as of June 30, 2026.
4 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.
5 As of June 30, 2026, 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, 2026 market value.
| See Notes to Financial Statements | 20 |
| Statements of Assets and Liabilities | June 30, 2026 (unaudited) |
Royce International Premier Fund | Royce Micro-Cap Fund | Royce Premier Fund | Royce Small-Cap Fund | |||||||||||||
| ASSETS: | ||||||||||||||||
| Investments at value (including collateral on loaned securities)1 | ||||||||||||||||
| Non-Affiliated Companies | $ | 63,326,018 | $ | 415,850,681 | $ | 1,100,142,774 | $ | 2,076,640,832 | ||||||||
| Repurchase agreements (at cost and value) | 3,598,745 | 15,305,239 | 52,049,375 | 72,302,041 | ||||||||||||
| Foreign currency2 | 3 | 35,546 | – | 65,642 | ||||||||||||
| Receivable for investments sold | – | 474,562 | 1,540,330 | 2,806,210 | ||||||||||||
| Receivable for capital shares sold | 9,870 | 453,177 | 949,152 | 718,369 | ||||||||||||
| Receivable for dividends and interest | 2,184,0613 | 3 | 53,167 | 228,684 | 561,358 | |||||||||||
| Receivable for securities lending income | – | 908 | – | 3,205 | ||||||||||||
| Prepaid expenses and other assets | 4,902 | 9,351 | 29,816 | 2,288,157 | ||||||||||||
| Total Assets | 69,123,599 | 432,182,631 | 1,154,940,131 | 2,155,385,814 | ||||||||||||
| LIABILITIES: | ||||||||||||||||
| Payable for collateral on loaned securities | – | 2,119,707 | – | 11,225,044 | ||||||||||||
| Payable for investments purchased | – | 1,356,739 | 2,684,091 | 3,917,107 | ||||||||||||
| Payable for capital shares redeemed | 187,846 | 117,256 | 3,275,585 | 531,012 | ||||||||||||
| Payable for investment advisory fees | 45,287 | 333,319 | 907,888 | 1,287,924 | ||||||||||||
| Payable for trustees’ fees | 6,067 | 13,231 | 48,541 | 76,375 | ||||||||||||
| Accrued expenses | 90,062 | 179,155 | 309,231 | 571,424 | ||||||||||||
| Deferred capital gains tax | 134,492 | – | – | – | ||||||||||||
| Total Liabilities | 463,754 | 4,119,407 | 7,225,336 | 17,608,886 | ||||||||||||
| Net Assets | $ | 68,659,845 | $ | 428,063,224 | $ | 1,147,714,795 | $ | 2,137,776,928 | ||||||||
| ANALYSIS OF NET ASSETS: | ||||||||||||||||
| Paid-in capital | $ | 180,330,983 | $ | 205,039,036 | $ | 416,968,601 | $ | 1,080,051,395 | ||||||||
| Total distributable earnings (loss) | (111,671,138 | ) | 223,024,188 | 730,746,194 | 1,057,725,533 | |||||||||||
| Net Assets | $ | 68,659,845 | $ | 428,063,224 | $ | 1,147,714,795 | $ | 2,137,776,928 | ||||||||
| Investment Class | $ | 36,422,282 | $ | 238,972,453 | $ | 908,547,552 | $ | 1,604,648,645 | ||||||||
| Service Class | 15,096,123 | 176,048,638 | 33,810,637 | 70,080,523 | ||||||||||||
| Consultant Class | 13,042,133 | 10,090,770 | 185,859,326 | |||||||||||||
| Institutional Class | 17,141,440 | 195,265,836 | 277,188,434 | |||||||||||||
| SHARES OUTSTANDING (unlimited number of $.001 par value): | ||||||||||||||||
| Investment Class | 2,906,929 | 14,870,947 | 71,414,691 | 140,292,940 | ||||||||||||
| Service Class | 987,883 | 11,390,701 | 2,774,270 | 6,176,312 | ||||||||||||
| Consultant Class | 1,140,592 | 1,077,552 | 21,455,809 | |||||||||||||
| Institutional Class | 1,368,205 | 15,079,401 | 24,137,239 | |||||||||||||
| NET ASSET VALUES (Net Assets ÷ Shares Outstanding): | ||||||||||||||||
| Investment Class4 | $ | 12.53 | $ | 16.07 | $ | 12.72 | $ | 11.44 | ||||||||
| Service Class4 | 15.28 | 15.46 | 12.19 | 11.35 | ||||||||||||
| Consultant Class5 | 11.43 | 9.36 | 8.66 | |||||||||||||
| Institutional Class4 | 12.53 | 12.95 | 11.48 | |||||||||||||
| Investments at identified cost - Non-Affiliated Companies | $ | 55,925,119 | $ | 244,971,710 | $ | 532,989,600 | $ | 1,199,837,598 | ||||||||
| Market value of loaned securities6 | – | 6,151,896 | – | 31,787,644 | ||||||||||||
1 See Notes to Financial Statements for information on non-cash collateral on loaned securities.
2 As of June 30, 2026, the cost of foreign currency was $3 for Royce International Premier Fund, $35,493 for Royce Micro-Cap Fund and $65,545 for Royce Small-Cap Fund.
3 This amount includes $2,103,153 in tax reclaims from foreign countries.
4 Offering and redemption price per share.
5 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.
6 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, 2026 (unaudited) |
Royce Small-Cap Opportunity Fund | Royce Small-Cap Special Equity Fund | Royce Small-Cap Total Return Fund | Royce Small-Cap Value Fund | |||||||||||||
| ASSETS: | ||||||||||||||||
| Investments at value (including collateral on loaned securities)1 | ||||||||||||||||
| Non-Affiliated Companies | $ | 1,373,158,314 | $ | 342,700,924 | $ | 902,701,065 | $ | 110,746,136 | ||||||||
| Affiliated Companies | – | 13,950,200 | 18,090,208 | – | ||||||||||||
| Repurchase agreements (at cost and value) | 57,832,904 | 122,484,219 | 32,858,786 | 1,204,222 | ||||||||||||
| Foreign currency2 | 78,611 | – | 111,003 | – | ||||||||||||
| Receivable for investments sold | 1,871,534 | – | 868,609 | – | ||||||||||||
| Receivable for capital shares sold | 462,893 | 602,276 | 225,354 | 18,370 | ||||||||||||
| Receivable for dividends and interest | 253,551 | 452,717 | 688,557 | 37,474 | ||||||||||||
| Receivable for securities lending income | 10,811 | – | 684 | 68 | ||||||||||||
| Prepaid expenses and other assets | 34,657 | 13,479 | 29,398 | 2,672 | ||||||||||||
| Total Assets | 1,433,703,275 | 480,203,815 | 955,573,664 | 112,008,942 | ||||||||||||
| LIABILITIES: | ||||||||||||||||
| Payable for collateral on loaned securities | 18,509,401 | – | 252,948 | – | ||||||||||||
| Payable for investments purchased | 2,359,144 | 475,677 | 5,653,752 | – | ||||||||||||
| Payable for capital shares redeemed | 1,088,476 | 333,876 | 1,018,387 | 8,115 | ||||||||||||
| Payable for investment advisory fees | 1,123,156 | 392,295 | 680,990 | 91,302 | ||||||||||||
| Payable for trustees’ fees | 46,659 | 22,498 | 41,432 | 4,332 | ||||||||||||
| Accrued expenses | 419,311 | 209,858 | 392,423 | 84,592 | ||||||||||||
| Total Liabilities | 23,546,147 | 1,434,204 | 8,039,932 | 188,341 | ||||||||||||
| Net Assets | $ | 1,410,157,128 | $ | 478,769,611 | $ | 947,533,732 | $ | 111,820,601 | ||||||||
| ANALYSIS OF NET ASSETS: | ||||||||||||||||
| Paid-in capital | $ | 730,237,464 | $ | 312,045,337 | $ | 696,672,558 | $ | 63,588,571 | ||||||||
| Total distributable earnings (loss) | 679,919,664 | 166,724,274 | 250,861,174 | 48,232,030 | ||||||||||||
| Net Assets | $ | 1,410,157,128 | $ | 478,769,611 | $ | 947,533,732 | $ | 111,820,601 | ||||||||
| Investment Class | $ | 949,566,251 | $ | 384,618,804 | $ | 572,633,768 | $ | 37,364,150 | ||||||||
| Service Class | 64,728,565 | 21,452,867 | 49,711,510 | 74,456,451 | ||||||||||||
| Consultant Class | 15,777,407 | 15,281,161 | 74,264,267 | |||||||||||||
| Institutional Class | 328,205,070 | 57,416,779 | 229,378,557 | |||||||||||||
| R Class | 51,879,835 | 21,545,630 | ||||||||||||||
| SHARES OUTSTANDING (unlimited number of $.001 par value): | ||||||||||||||||
| Investment Class | 44,697,453 | 22,521,899 | 73,413,523 | 3,168,883 | ||||||||||||
| Service Class | 3,367,374 | 1,256,551 | 6,097,857 | 6,361,214 | ||||||||||||
| Consultant Class | 984,794 | 994,204 | 8,954,013 | |||||||||||||
| Institutional Class | 15,001,269 | 3,409,748 | 30,120,384 | |||||||||||||
| R Class | 2,844,531 | 2,590,124 | ||||||||||||||
| NET ASSET VALUES (Net Assets ÷ Shares Outstanding): | ||||||||||||||||
| Investment Class3 | $ | 21.24 | $ | 17.08 | $ | 7.80 | $ | 11.79 | ||||||||
| Service Class3 | 19.22 | 17.07 | 8.15 | 11.70 | ||||||||||||
| Consultant Class4 | 16.02 | 15.37 | 8.29 | |||||||||||||
| Institutional Class3 | 21.88 | 16.84 | 7.62 | |||||||||||||
| R Class3 | 18.24 | 8.32 | ||||||||||||||
| Investments at identified cost - Non-Affiliated Companies | $ | 883,239,334 | $ | 262,492,741 | $ | 689,534,363 | $ | 76,107,523 | ||||||||
| Investments at identified cost - Affiliated Companies | – | 13,524,314 | 31,691,831 | – | ||||||||||||
| Market value of loaned securities5 | 40,235,324 | – | 6,766,644 | 612,364 | ||||||||||||
1 See Notes to Financial Statements for information on non-cash collateral on loaned securities.
2 As of June 30, 2026, the cost of foreign currency was $78,495 for Royce Small-Cap Opportunity Fund and $110,839 for Royce Small-Cap Total Return Fund.
3 Offering and redemption price per share.
4 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.
5 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, 2026 (unaudited) |
Royce Smaller- Companies Growth Fund | Royce SMid-Cap Total Return Fund | |||||||
| ASSETS: | ||||||||
| Investments at value (including collateral on loaned securities)1 | ||||||||
| Non-Affiliated Companies | $ | 228,282,144 | $ | 31,759,921 | ||||
| Repurchase agreements (at cost and value) | 14,727,854 | 948,452 | ||||||
| Foreign currency2 | – | 1,789 | ||||||
| Receivable for investments sold | 1,316,615 | 97,917 | ||||||
| Receivable for capital shares sold | 20,160 | 702 | ||||||
| Receivable for dividends and interest | 1,228 | 46,518 | ||||||
| Receivable for securities lending income | 37,307 | – | ||||||
| Prepaid expenses and other assets | 101,754 | 1,563 | ||||||
| Total Assets | 244,487,062 | 32,856,862 | ||||||
| LIABILITIES: | ||||||||
| Payable for collateral on loaned securities | 5,618,877 | – | ||||||
| Payable for investments purchased | 132,025 | – | ||||||
| Payable for capital shares redeemed | 105,294 | 1,585 | ||||||
| Payable for investment advisory fees | 158,686 | 20,593 | ||||||
| Payable for trustees’ fees | 8,291 | 2,286 | ||||||
| Accrued expenses | 108,750 | 57,069 | ||||||
| Total Liabilities | 6,131,923 | 81,533 | ||||||
| Net Assets | $ | 238,355,139 | $ | 32,775,329 | ||||
| ANALYSIS OF NET ASSETS: | ||||||||
| Paid-in capital | $ | 127,975,822 | $ | 22,967,793 | ||||
| Total distributable earnings (loss) | 110,379,317 | 9,807,536 | ||||||
| Net Assets | $ | 238,355,139 | $ | 32,775,329 | ||||
| Investment Class | $ | 86,272,883 | $ | 18,227,219 | ||||
| Service Class | 132,130,912 | 14,548,110 | ||||||
| Institutional Class | 19,951,344 | |||||||
| SHARES OUTSTANDING (unlimited number of $.001 par value): | ||||||||
| Investment Class | 8,441,131 | 7,211,106 | ||||||
| Service Class | 13,483,157 | 5,756,507 | ||||||
| Institutional Class | 1,919,909 | |||||||
| NET ASSET VALUES (Net Assets ÷ Shares Outstanding): | ||||||||
| Investment Class3 | $ | 10.22 | $ | 2.53 | ||||
| Service Class3 | 9.80 | 2.53 | ||||||
| Institutional Class3 | 10.39 | |||||||
| Investments at identified cost - Non-Affiliated Companies | $ | 150,175,650 | $ | 25,068,570 | ||||
| Market value of loaned securities4 | 17,358,300 | – | ||||||
1 See Notes to Financial Statements for information on non-cash collateral on loaned securities.
2 As of June 30, 2026, the cost of foreign currency was $1,786 for Royce SMid-Cap Total Return Fund.
3 Offering and redemption price per share.
4 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, 2026 (unaudited) |
Royce International Premier Fund | Royce Micro-Cap Fund | Royce Premier Fund | Royce Small-Cap Fund | |||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||
| INCOME: | ||||||||||||||||
| Dividends | $ | 832,876 | $ | 1,027,852 | $ | 5,723,154 | $ | 11,982,873 | ||||||||
| Foreign withholding tax | (92,259 | ) | (20,185 | ) | (121,225 | ) | (278,489 | ) | ||||||||
| Interest | 43,358 | 143,139 | 757,815 | 1,336,575 | ||||||||||||
| Securities lending | – | 8,836 | – | 21,048 | ||||||||||||
| Total income | 783,975 | 1,159,642 | 6,359,744 | 13,062,007 | ||||||||||||
| EXPENSES: | ||||||||||||||||
| Investment advisory fees | 385,854 | 1,758,390 | 5,298,051 | 7,306,193 | ||||||||||||
| Distribution fees | 20,141 | 238,994 | 85,253 | 933,175 | ||||||||||||
| Shareholder servicing | 71,508 | 200,741 | 437,763 | 663,315 | ||||||||||||
| Administrative and office facilities | 42,004 | 100,105 | 333,184 | 546,971 | ||||||||||||
| Custody | 27,851 | 28,585 | 44,584 | 90,925 | ||||||||||||
| Registration | 22,457 | 24,469 | 36,593 | 38,590 | ||||||||||||
| Audit | 20,737 | 21,345 | 25,043 | 29,449 | ||||||||||||
| Shareholder reports | 13,221 | 19,619 | 56,814 | 74,432 | ||||||||||||
| Trustees’ fees | 8,003 | 24,781 | 84,693 | 144,611 | ||||||||||||
| Legal | 2,913 | 7,683 | 27,181 | 45,490 | ||||||||||||
| Other expenses | 8,904 | 14,026 | 51,344 | 80,173 | ||||||||||||
| Total expenses | 623,593 | 2,438,738 | 6,480,503 | 9,953,324 | ||||||||||||
| Compensating balance credits | (4,121 | ) | (5,312 | ) | (14,978 | ) | (24,741 | ) | ||||||||
| Fees waived by investment advisor and distributor | (95,105 | ) | (3,924 | ) | – | (6,380 | ) | |||||||||
| Expenses reimbursed by investment adviser | (59,045 | ) | (29,699 | ) | (29,100 | ) | – | |||||||||
| Net expenses | 465,322 | 2,399,803 | 6,436,425 | 9,922,203 | ||||||||||||
| Net investment income (loss) | 318,653 | (1,240,161 | ) | (76,681 | ) | 3,139,804 | ||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | ||||||||||||||||
| NET REALIZED GAIN (LOSS): | ||||||||||||||||
| Investments | 4,164,175 | 46,554,756 | 139,213,072 | 153,236,658 | ||||||||||||
| Foreign currency transactions | (20,940 | ) | (3,584 | ) | (3,772 | ) | (20,461 | ) | ||||||||
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): | ||||||||||||||||
| Investments | (4,339,377 | ) | 89,066,443 | 85,994,151 | 257,601,823 | |||||||||||
| Other assets and liabilities denominated in foreign currency | (180,104 | ) | 90 | – | (114 | ) | ||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currency | (376,246 | ) | 135,617,705 | 225,203,451 | 410,817,906 | |||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS | $ | (57,593 | ) | $ | 134,377,544 | $ | 225,126,770 | $ | 413,957,710 | |||||||
| See Notes to Financial Statements | 24 |
| Statements of Operations | Six Months Ended June 30, 2026 (unaudited) |
Royce Small-Cap Opportunity Fund | Royce Small-Cap Special Equity Fund | Royce Small-Cap Total Return Fund | Royce Small-Cap Value Fund | |||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||
| INCOME: | ||||||||||||||||
| Dividends | ||||||||||||||||
| Non-Affiliated Companies | $ | 4,455,209 | $ | 5,373,040 | $ | 9,190,519 | $ | 1,098,002 | ||||||||
| Affiliated Companies | – | – | 387,815 | – | ||||||||||||
| Foreign withholding tax | (31,641 | ) | – | (60,062 | ) | – | ||||||||||
| Interest | 790,860 | 1,415,239 | 702,511 | 22,022 | ||||||||||||
| Securities lending | 80,587 | – | 2,329 | 1,292 | ||||||||||||
| Total income | 5,295,015 | 6,788,279 | 10,223,112 | 1,121,316 | ||||||||||||
| EXPENSES: | ||||||||||||||||
| Investment advisory fees | 6,079,810 | 2,241,572 | 4,481,450 | 519,800 | ||||||||||||
| Distribution fees | 252,707 | 90,552 | 461,779 | 87,473 | ||||||||||||
| Shareholder servicing | 543,882 | 251,903 | 421,487 | 75,025 | ||||||||||||
| Administrative and office facilities | 339,636 | 154,969 | 290,687 | 39,125 | ||||||||||||
| Custody | 81,139 | 21,969 | 46,941 | 13,304 | ||||||||||||
| Registration | 40,361 | 31,479 | 36,476 | 17,118 | ||||||||||||
| Audit | 27,604 | 21,508 | 27,271 | 16,749 | ||||||||||||
| Shareholder reports | 47,075 | 25,743 | 58,367 | 7,131 | ||||||||||||
| Trustees’ fees | 88,647 | 36,945 | 73,254 | 7,922 | ||||||||||||
| Legal | 27,846 | 12,155 | 23,008 | 2,512 | ||||||||||||
| Other expenses | 50,000 | 25,217 | 45,780 | 5,261 | ||||||||||||
| Total expenses | 7,578,707 | 2,914,012 | 5,966,500 | 791,420 | ||||||||||||
| Compensating balance credits | (12,982 | ) | (5,638 | ) | (9,503 | ) | (1,189 | ) | ||||||||
| Fees waived by investment advisor and distributor | (1,513 | ) | – | (417,749 | ) | – | ||||||||||
| Expenses reimbursed by investment adviser | (21,157 | ) | (51,503 | ) | (30,215 | ) | (58,206 | ) | ||||||||
| Net expenses | 7,543,055 | 2,856,871 | 5,509,033 | 732,025 | ||||||||||||
| Net investment income (loss) | (2,248,040 | ) | 3,931,408 | 4,714,079 | 389,291 | |||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | ||||||||||||||||
| NET REALIZED GAIN (LOSS): | ||||||||||||||||
| Investments in Non-Affiliated Companies | 180,849,876 | 64,914,104 | 51,238,566 | 11,518,996 | ||||||||||||
| Investments in Affiliated Companies | – | 6,622,129 | – | – | ||||||||||||
| Foreign currency transactions | (4,069 | ) | – | (15,518 | ) | – | ||||||||||
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): | ||||||||||||||||
| Investments in Non-Affiliated Companies | 181,103,074 | 17,540,327 | 73,049,435 | 7,554,145 | ||||||||||||
| Investments in Affiliated Companies | – | (4,224,240 | ) | (12,699,037 | ) | – | ||||||||||
| Other assets and liabilities denominated in foreign currency | (160 | ) | – | (170 | ) | – | ||||||||||
| Net realized and unrealized gain (loss) on investments and foreign currency | 361,948,721 | 84,852,320 | 111,573,276 | 19,073,141 | ||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS | $ | 359,700,681 | $ | 88,783,728 | $ | 116,287,355 | $ | 19,462,432 | ||||||||
| See Notes to Financial Statements | 25 |
| Statements of Operations | Six Months Ended June 30, 2026 (unaudited) |
Royce Smaller-Companies Growth Fund | Royce SMid-Cap Total Return Fund | |||||||
| INVESTMENT INCOME: | ||||||||
| INCOME: | ||||||||
| Dividends | $ | 243,170 | $ | 228,852 | ||||
| Foreign withholding tax | (2,310 | ) | (1,677 | ) | ||||
| Interest | 179,585 | 40,280 | ||||||
| Securities lending | 99,497 | – | ||||||
| Total income | 519,942 | 267,455 | ||||||
| EXPENSES: | ||||||||
| Investment advisory fees | 987,910 | 135,021 | ||||||
| Distribution fees | 143,571 | 17,995 | ||||||
| Shareholder servicing | 129,817 | 29,273 | ||||||
| Administrative and office facilities | 66,580 | 23,774 | ||||||
| Custody | 15,633 | 10,195 | ||||||
| Registration | 25,175 | 16,698 | ||||||
| Audit | 17,716 | 18,346 | ||||||
| Shareholder reports | 12,240 | 5,481 | ||||||
| Trustees’ fees | 15,097 | 3,283 | ||||||
| Legal | 4,845 | 1,186 | ||||||
| Other expenses | 9,331 | 3,360 | ||||||
| Total expenses | 1,427,915 | 264,612 | ||||||
| Compensating balance credits | (2,476 | ) | (634 | ) | ||||
| Fees waived by investment advisor and distributor | (115,007 | ) | (22,235 | ) | ||||
| Expenses reimbursed by investment adviser | (63,276 | ) | (50,507 | ) | ||||
| Net expenses | 1,247,156 | 191,236 | ||||||
| Net investment income (loss) | (727,214 | ) | 76,219 | |||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: | ||||||||
| NET REALIZED GAIN (LOSS): | ||||||||
| Investments | 29,610,646 | 2,460,734 | ||||||
| Foreign currency transactions | (1,204 | ) | (810 | ) | ||||
| NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): | ||||||||
| Investments | 19,815,592 | 1,941,570 | ||||||
| Other assets and liabilities denominated in foreign currency | – | (987 | ) | |||||
| Net realized and unrealized gain (loss) on investments and foreign currency | 49,425,034 | 4,400,507 | ||||||
| NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS | $ | 48,697,820 | $ | 4,476,726 | ||||
| See Notes to Financial Statements | 26 |
Statements of Changes in Net Assets
| Royce International Premier Fund | Royce Micro-Cap Fund | Royce Premier Fund | ||||||||||||||||||||||
Six Months Ended 6/30/26 (unaudited) | Year Ended 12/31/25 | Six Months Ended 6/30/26 (unaudited) | Year Ended 12/31/25 | Six Months Ended 6/30/26 (unaudited) | Year Ended 12/31/25 | |||||||||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income (loss) | $ | 318,653 | $ | 853,901 | $ | (1,240,161 | ) | $ | (1,435,259 | ) | $ | (76,681 | ) | $ | (588,210 | ) | ||||||||
| Net realized gain (loss) on investments and | ||||||||||||||||||||||||
| foreign currency | 4,143,235 | 7,792,994 | 46,551,172 | 42,141,186 | 139,209,300 | 81,476,748 | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) | ||||||||||||||||||||||||
| on investments and foreign currency | (4,519,481 | ) | 6,202,241 | 89,066,533 | (5,509,889 | ) | 85,994,151 | (30,295,678 | ) | |||||||||||||||
| Net increase (decrease) in net assets from | ||||||||||||||||||||||||
| investment operations | (57,593 | ) | 14,849,136 | 134,377,544 | 35,196,038 | 225,126,770 | 50,592,860 | |||||||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||||||||||
| Total distributable earnings | ||||||||||||||||||||||||
| Investment Class | – | (643,864 | ) | – | (22,132,949 | ) | – | (87,535,832 | ) | |||||||||||||||
| Service Class | – | (143,747 | ) | – | (17,114,255 | ) | – | (3,047,084 | ) | |||||||||||||||
| Consultant Class | – | (1,306,062 | ) | – | (972,119 | ) | ||||||||||||||||||
| Institutional Class | – | (308,587 | ) | – | (17,959,449 | ) | ||||||||||||||||||
| Total distributions | – | (1,096,198 | ) | – | (40,553,266 | ) | – | (109,514,484 | ) | |||||||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||
| Net capital share transactions | ||||||||||||||||||||||||
| Investment Class | (12,284,482 | ) | (36,045,866 | ) | (1,944,822 | ) | 4,612,196 | (49,952,207 | ) | (144,036,078 | ) | |||||||||||||
| Service Class | (2,127,402 | ) | (4,457,186 | ) | (8,321,694 | ) | (333,304 | ) | (430,959 | ) | (1,751,838 | ) | ||||||||||||
| Consultant Class | (887,087 | ) | (338,816 | ) | (681,578 | ) | (1,835,163 | ) | ||||||||||||||||
| Institutional Class | (3,939,284 | ) | (65,044,778 | ) | (8,476,221 | ) | (95,548,164 | ) | ||||||||||||||||
| Net increase (decrease) in net assets from capital | ||||||||||||||||||||||||
| share transactions | (18,351,168 | ) | (105,547,830 | ) | (11,153,603 | ) | 3,940,076 | (59,540,965 | ) | (243,171,243 | ) | |||||||||||||
| Net Increase (Decrease) In Net Assets | (18,408,761 | ) | (91,794,892 | ) | 123,223,941 | (1,417,152 | ) | 165,585,805 | (302,092,867 | ) | ||||||||||||||
| NET ASSETS: | ||||||||||||||||||||||||
| Beginning of period | 87,068,606 | 178,863,498 | 304,839,283 | 306,256,435 | 982,128,990 | 1,284,221,857 | ||||||||||||||||||
| End of period | $ | 68,659,845 | $ | 87,068,606 | $ | 428,063,224 | $ | 304,839,283 | $ | 1,147,714,795 | $ | 982,128,990 | ||||||||||||
| See Notes to Financial Statements | 27 |
Statements of Changes in Net Assets
| Royce Small-Cap Fund | Royce Small-Cap Opportunity Fund | Royce Small-Cap Special Equity Fund | ||||||||||||||||||||||
Six Months Ended 6/30/26 (unaudited) | Year Ended 12/31/25 | Six Months Ended 6/30/26 (unaudited) | Year Ended 12/31/25 | Six Months Ended 6/30/26 (unaudited) | Year Ended 12/31/25 | |||||||||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
| Net investment income (loss) | $ | 3,139,804 | $ | 5,206,217 | $ | (2,248,040 | ) | $ | (2,480,132 | ) | $ | 3,931,408 | $ | 9,894,470 | ||||||||||
| Net realized gain (loss) on investments and | ||||||||||||||||||||||||
| foreign currency | 153,216,197 | 128,847,750 | 180,845,807 | 86,127,166 | 71,536,233 | 41,460,299 | ||||||||||||||||||
| Net change in unrealized appreciation (depreciation) | ||||||||||||||||||||||||
| on investments and foreign currency | 257,601,709 | 8,441,317 | 181,102,914 | 30,745,826 | 13,316,087 | (42,950,411 | ) | |||||||||||||||||
| Net increase (decrease) in net assets from | ||||||||||||||||||||||||
| investment operations | 413,957,710 | 142,495,284 | 359,700,681 | 114,392,860 | 88,783,728 | 8,404,358 | ||||||||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||||||||||
| Total distributable earnings | ||||||||||||||||||||||||
| Investment Class | – | (84,481,391 | ) | – | (65,445,423 | ) | – | (40,692,697 | ) | |||||||||||||||
| Service Class | – | (3,615,803 | ) | – | (4,461,847 | ) | – | (2,026,585 | ) | |||||||||||||||
| Consultant Class | – | (9,507,306 | ) | – | (1,113,075 | ) | – | (1,113,965 | ) | |||||||||||||||
| Institutional Class | – | (14,476,893 | ) | – | (22,312,573 | ) | – | (6,246,620 | ) | |||||||||||||||
| R Class | – | (3,365,665 | ) | |||||||||||||||||||||
| Total distributions | – | (112,081,393 | ) | – | (96,698,583 | ) | – | (50,079,867 | ) | |||||||||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||
| Net capital share transactions | ||||||||||||||||||||||||
| Investment Class | (32,205,402 | ) | (102,052,709 | ) | (20,704,286 | ) | (90,015,184 | ) | (41,099,033 | ) | (94,079,011 | ) | ||||||||||||
| Service Class | (3,051,413 | ) | (8,731,991 | ) | (2,192,787 | ) | (2,795,473 | ) | (1,280,804 | ) | (7,382,298 | ) | ||||||||||||
| Consultant Class | (10,516,529 | ) | (21,154,525 | ) | (732,052 | ) | (64,228 | ) | 1,672,034 | (1,013,425 | ) | |||||||||||||
| Institutional Class | (1,977,808 | ) | 3,310,680 | (2,996,865 | ) | (17,637,896 | ) | (1,108,519 | ) | (39,204,270 | ) | |||||||||||||
| R Class | 1,093,439 | (3,485,347 | ) | |||||||||||||||||||||
| Net increase (decrease) in net assets from capital | ||||||||||||||||||||||||
| share transactions | (47,751,152 | ) | (128,628,545 | ) | (25,532,551 | ) | (113,998,128 | ) | (41,816,322 | ) | (141,679,004 | ) | ||||||||||||
| Net Increase (Decrease) In Net Assets | 366,206,558 | (98,214,654 | ) | 334,168,130 | (96,303,851 | ) | 46,967,406 | (183,354,513 | ) | |||||||||||||||
| NET ASSETS: | ||||||||||||||||||||||||
| Beginning of period | 1,771,570,370 | 1,869,785,024 | 1,075,988,998 | 1,172,292,849 | 431,802,205 | 615,156,718 | ||||||||||||||||||
| End of period | $ | 2,137,776,928 | $ | 1,771,570,370 | $ | 1,410,157,128 | $ | 1,075,988,998 | $ | 478,769,611 | $ | 431,802,205 | ||||||||||||
| See Notes to Financial Statements | 28 |
Statements of Changes in Net Assets
| Royce Small-Cap Total Return Fund | Royce Small-Cap Value Fund | |||||||||||||||
Six Months Ended 6/30/26 (unaudited) | Year Ended 12/31/25 | Six Months Ended 6/30/26 (unaudited) | Year Ended 12/31/25 | |||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | 4,714,079 | $ | 7,035,313 | $ | 389,291 | $ | 748,797 | ||||||||
| Net realized gain (loss) on investments and foreign currency | 51,223,048 | 78,381,271 | 11,518,996 | 7,627,817 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments and foreign currency | 60,350,228 | (64,387,099 | ) | 7,554,145 | (2,757,975 | ) | ||||||||||
| Net increase (decrease) in net assets from investment operations | 116,287,355 | 21,029,485 | 19,462,432 | 5,618,639 | ||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||
| Total distributable earnings | ||||||||||||||||
| Investment Class | (3,003,553 | ) | (65,544,095 | ) | – | (3,084,616 | ) | |||||||||
| Service Class | (186,468 | ) | (5,151,839 | ) | – | (6,225,620 | ) | |||||||||
| Consultant Class | – | (7,606,576 | ) | |||||||||||||
| Institutional Class | (1,350,361 | ) | (24,939,632 | ) | ||||||||||||
| R Class | (52,891 | ) | (2,211,665 | ) | ||||||||||||
| Total distributions | (4,593,273 | ) | (105,453,807 | ) | – | (9,310,236 | ) | |||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Net capital share transactions | ||||||||||||||||
| Investment Class | (54,577,910 | ) | (14,601,328 | ) | (853,068 | ) | (2,111,488 | ) | ||||||||
| Service Class | (2,712,780 | ) | (5,509,069 | ) | (4,574,230 | ) | (5,463,183 | ) | ||||||||
| Consultant Class | (5,573,437 | ) | (3,980,345 | ) | ||||||||||||
| Institutional Class | (10,822,255 | ) | 21,639,407 | |||||||||||||
| R Class | (1,841,127 | ) | 582,555 | |||||||||||||
| Net increase (decrease) in net assets from capital share transactions | (75,527,509 | ) | (1,868,780 | ) | (5,427,298 | ) | (7,574,671 | ) | ||||||||
| Net Increase (Decrease) In Net Assets | 36,166,573 | (86,293,102 | ) | 14,035,134 | (11,266,268 | ) | ||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of period | 911,367,159 | 997,660,261 | 97,785,467 | 109,051,735 | ||||||||||||
| End of period | $ | 947,533,732 | $ | 911,367,159 | $ | 111,820,601 | $ | 97,785,467 | ||||||||
| See Notes to Financial Statements | 29 |
Statements of Changes in Net Assets
| Royce Smaller-Companies Growth Fund | Royce SMid-Cap Total Return Fund | |||||||||||||||
Six Months Ended 6/30/26 (unaudited) | Year Ended 12/31/25 | Six Months Ended 6/30/26 (unaudited) | Year Ended 12/31/25 | |||||||||||||
| INVESTMENT OPERATIONS: | ||||||||||||||||
| Net investment income (loss) | $ | (727,214 | ) | $ | (1,386,154 | ) | $ | 76,219 | $ | 391,262 | ||||||
| Net realized gain (loss) on investments and foreign currency | 29,609,442 | 25,886,883 | 2,459,924 | 13,409,527 | ||||||||||||
| Net change in unrealized appreciation (depreciation) on investments and | ||||||||||||||||
| foreign currency | 19,815,592 | 9,611,145 | 1,940,583 | (10,527,199 | ) | |||||||||||
| Net increase (decrease) in net assets from investment operations | 48,697,820 | 34,111,874 | 4,476,726 | 3,273,590 | ||||||||||||
| DISTRIBUTIONS: | ||||||||||||||||
| Total distributable earnings | ||||||||||||||||
| Investment Class | – | (11,465,986 | ) | (47,092 | ) | (14,007,422 | ) | |||||||||
| Service Class | – | (16,690,474 | ) | (23,975 | ) | (11,122,454 | ) | |||||||||
| Institutional Class | – | (1,062,724 | ) | |||||||||||||
| Total distributions | – | (29,219,184 | ) | (71,067 | ) | (25,129,876 | ) | |||||||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
| Net capital share transactions | ||||||||||||||||
| Investment Class | (5,448,876 | ) | 7,098,394 | (1,086,886 | ) | (21,415,406 | ) | |||||||||
| Service Class | (8,990,751 | ) | (6,687,901 | ) | (1,792,269 | ) | 4,184,519 | |||||||||
| Institutional Class | 9,720,000 | 1,532,655 | ||||||||||||||
| Net increase (decrease) in net assets from capital share transactions | (4,719,627 | ) | 1,943,148 | (2,879,155 | ) | (17,230,887 | ) | |||||||||
| Net Increase (Decrease) In Net Assets | 43,978,193 | 6,835,838 | 1,526,504 | (39,087,173 | ) | |||||||||||
| NET ASSETS: | ||||||||||||||||
| Beginning of period | 194,376,946 | 187,541,108 | 31,248,825 | 70,335,998 | ||||||||||||
| End of period | $ | 238,355,139 | $ | 194,376,946 | $ | 32,775,329 | $ | 31,248,825 | ||||||||
| 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.
| Net Realized and | Distributions | Ratio of Expenses to Average Net Assets | Ratio of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Unrealized Gain (Loss) on Investments and Foreign Currency | Total from Investment Operations | Distributions from Net Investment Income | from Net Realized Gain on Investments and Foreign Currency | Total Distributions | Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in thousands) | Prior to Fee Waivers, Expense Reimbursements and Balance Credits | Prior to Fee Waivers and Expense Reimbursements | Net of Fee Waivers and Expense Reimbursements | Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||
| Royce International Premier Fund—Investment Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 † | $ | 12.54 | $ | 0.05 | $ | (0.06 | ) | $ | (0.01 | ) | $ | – | $ | – | $ | – | $ | 12.53 | (0.08 | )% 1 | $ | 36,422 | 1.51 | % 2 | 1.51 | % 2 | 1.19 | % 2 | 0.83 | % 2 | 15 | % | |||||||||||||||||||||||||||
| 2025 | 11.58 | 0.07 | 1.05 | 1.12 | (0.16) | – | (0.16 | ) | 12.54 | 9.69 | 48,688 | 1.41 | 1.40 | 1.19 | 0.56 | 22 | |||||||||||||||||||||||||||||||||||||||||||
| 2024 | 13.12 | 0.22 | (1.14 | ) | (0.92 | ) | (0.62) | – | (0.62 | ) | 11.58 | (7.17 | ) | 79,658 | 1.32 | 1.31 | 1.19 | 1.74 | 31 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 12.54 | 0.13 | 0.84 | 0.97 | (0.39) | – | (0.39 | ) | 13.12 | 7.81 | 252,621 | 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 | ) | 248,170 | 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 | 480,550 | 1.23 | 1.23 | 1.16 | 0.33 | 32 | ||||||||||||||||||||||||||||||||||||||||||
| Royce International Premier Fund—Service Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 † | $ | 15.31 | $ | 0.05 | $ | (0.08 | ) | $ | (0.03 | ) | $ | – | $ | – | $ | – | $ | 15.28 | (0.20 | )% 1 | $ | 15,096 | 1.84 | % 2 | 1.84 | % 2 | 1.44 | % 2 | 0.63 | % 2 | 15 | % | |||||||||||||||||||||||||||
| 2025 | 14.11 | 0.05 | 1.27 | 1.32 | (0.12) | – | (0.12 | ) | 15.31 | 9.37 | 17,232 | 1.73 | 1.73 | 1.44 | 0.36 | 22 | |||||||||||||||||||||||||||||||||||||||||||
| 2024 | 15.83 | 0.21 | (1.35 | ) | (1.14 | ) | (0.58) | – | (0.58 | ) | 14.11 | (7.36 | ) | 20,100 | 1.64 | 1.64 | 1.44 | 1.37 | 31 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 15.04 | 0.12 | 1.01 | 1.13 | (0.34) | – | (0.34 | ) | 15.83 | 7.62 | 33,645 | 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 | ) | 33,163 | 1.59 | 1.59 | 1.44 | 0.63 | 31 | |||||||||||||||||||||||||||||||||||||||
| 2021 | 21.10 | 0.01 | 1.18 | 1.19 | – | (0.96 | ) | (0.96 | ) | 21.33 | 5.78 | 59,258 | 1.54 | 1.54 | 1.44 | 0.05 | 32 | ||||||||||||||||||||||||||||||||||||||||||
| Royce International Premier Fund—Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 † | $ | 12.53 | $ | 0.06 | $ | (0.06 | ) | $ | 0.00 | $ | – | $ | – | $ | – | $ | 12.53 | 0.00 | % 1 | $ | 17,141 | 1.66 | % 2 | 1.62 | % 2 | 1.04 | % 2 | 0.98 | % 2 | 15 | % | ||||||||||||||||||||||||||||
| 2025 | 11.57 | 0.10 | 1.04 | 1.14 | (0.18) | – | (0.18 | ) | 12.53 | 9.88 | 21,149 | 1.40 | 1.38 | 1.04 | 0.81 | 22 | |||||||||||||||||||||||||||||||||||||||||||
| 2024 | 13.12 | 0.24 | (1.13 | ) | (0.89 | ) | (0.66) | – | (0.66 | ) | 11.57 | (7.03 | ) | 79,106 | 1.24 | 1.23 | 1.04 | 1.85 | 31 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 12.53 | 0.16 | 0.84 | 1.00 | (0.41) | – | (0.41 | ) | 13.12 | 8.05 | 214,238 | 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 | ) | 453,793 | 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 | 704,714 | 1.16 | 1.16 | 1.04 | 0.44 | 32 | ||||||||||||||||||||||||||||||||||||||||||
| Royce Micro-Cap Fund—Investment Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 † | $ | 11.05 | $ | (0.04 | ) | $ | 5.06 | $ | 5.02 | $ | – | $ | – | $ | – | $ | 16.07 | 45.43 | % 1 | $ | 238,972 | 1.22 | % 2 | 1.22 | % 2 | 1.22 | % 2 | (0.56 | )% 2 | 20 | % | ||||||||||||||||||||||||||||
| 2025 | 11.16 | (0.04 | ) | 1.58 | 1.54 | – | (1.65 | ) | (1.65 | ) | 11.05 | 13.33 | 166,693 | 1.27 | 1.26 | 1.24 | (0.36 | ) | 38 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 11.00 | (0.05 | ) | 1.57 | 1.52 | – | (1.36 | ) | (1.36 | ) | 11.16 | 13.37 | 165,092 | 1.24 | 1.23 | 1.23 | (0.47 | ) | 18 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 9.88 | (0.04 | ) | 1.93 | 1.89 | – | (0.77 | ) | (0.77 | ) | 11.00 | 19.31 | 166,477 | 1.25 | 1.25 | 1.24 | (0.42 | ) | 19 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 13.41 | (0.05 | ) | (2.98 | ) | (3.03 | ) | – | (0.50 | ) | (0.50 | ) | 9.88 | (22.55 | ) | 149,934 | 1.25 | 1.24 | 1.24 | (0.50 | ) | 13 | |||||||||||||||||||||||||||||||||||||
| 2021 | 12.74 | (0.07 | ) | 3.84 | 3.77 | – | (3.10 | ) | (3.10 | ) | 13.41 | 31.02 | 209,032 | 1.20 | 1.20 | 1.20 | (0.43 | ) | 26 | ||||||||||||||||||||||||||||||||||||||||
| Royce Micro-Cap Fund—Service Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 † | $ | 10.64 | $ | (0.05 | ) | $ | 4.87 | $ | 4.82 | $ | – | $ | – | $ | – | $ | 15.46 | 45.30 | % 1 | $ | 176,049 | 1.52 | % 2 | 1.52 | % 2 | 1.49 | % 2 | (0.83 | )% 2 | 20 | % | ||||||||||||||||||||||||||||
| 2025 | 10.77 | (0.07 | ) | 1.53 | 1.46 | – | (1.59 | ) | (1.59 | ) | 10.64 | 13.08 | 128,388 | 1.57 | 1.57 | 1.49 | (0.61 | ) | 38 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 10.65 | (0.08 | ) | 1.52 | 1.44 | – | (1.32 | ) | (1.32 | ) | 10.77 | 13.01 | 130,813 | 1.54 | 1.54 | 1.49 | (0.73 | ) | 18 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 9.59 | (0.07 | ) | 1.87 | 1.80 | – | (0.74 | ) | (0.74 | ) | 10.65 | 19.03 | 134,780 | 1.55 | 1.55 | 1.49 | (0.67 | ) | 19 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 13.05 | (0.08 | ) | (2.89 | ) | (2.97 | ) | – | (0.49 | ) | (0.49 | ) | 9.59 | (22.76 | ) | 132,133 | 1.54 | 1.54 | 1.49 | (0.75 | ) | 13 | |||||||||||||||||||||||||||||||||||||
| 2021 | 12.45 | (0.11 | ) | 3.74 | 3.63 | – | (3.03 | ) | (3.03 | ) | 13.05 | 30.64 | 197,089 | 1.51 | 1.51 | 1.49 | (0.73 | ) | 26 | ||||||||||||||||||||||||||||||||||||||||
| 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.
| Net Realized and | Distributions | Ratio of Expenses to Average Net Assets | Ratio of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Unrealized Gain (Loss) on Investments and Foreign Currency | Total from Investment Operations | Distributions from Net Investment Income | from Net Realized Gain on Investments and Foreign Currency | Total Distributions | Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in thousands) | Prior to Fee Waivers, Expense Reimbursements and Balance Credits | Prior to Fee Waivers and Expense Reimbursements | Net of Fee Waivers and Expense Reimbursements | Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||
| Royce Micro-Cap Fund—Consultant Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 7.90 | $ | (0.07 | ) | $ | 3.60 | $ | 3.53 | $ | – | $ | – | $ | – | $ | 11.43 | 44.68 | %1 | $ | 13,042 | 2.42 | %2 | 2.42 | %2 | 2.24 | %2 | (1.58 | )%2 | 20 | % | ||||||||||||||||||||||||||||
| 2025 | 8.06 | (0.11 | ) | 1.13 | 1.02 | – | (1.18 | ) | (1.18 | ) | 7.90 | 12.18 | 9,758 | 2.50 | 2.49 | 2.24 | (1.36 | ) | 38 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 8.03 | (0.12 | ) | 1.13 | 1.01 | – | (0.98 | ) | (0.98 | ) | 8.06 | 12.17 | 10,351 | 2.43 | 2.43 | 2.24 | (1.48 | ) | 18 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 7.29 | (0.11 | ) | 1.41 | 1.30 | – | (0.56 | ) | (0.56 | ) | 8.03 | 18.03 | 10,758 | 2.42 | 2.42 | 2.30 | (1.48 | ) | 19 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 10.00 | (0.13 | ) | (2.21 | ) | (2.34 | ) | – | (0.37 | ) | (0.37 | ) | 7.29 | (23.37 | ) | 10,361 | 2.37 | 2.37 | 2.37 | (1.63 | ) | 13 | |||||||||||||||||||||||||||||||||||||
| 2021 | 9.62 | (0.18 | ) | 2.89 | 2.71 | – | (2.33 | ) | (2.33 | ) | 10.00 | 29.56 | 15,777 | 2.30 | 2.30 | 2.30 | (1.53 | ) | 26 | ||||||||||||||||||||||||||||||||||||||||
| Royce Premier Fund—Investment Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 10.30 | $ | (0.00 | ) | $ | 2.42 | $ | 2.42 | $ | – | $ | – | $ | – | $ | 12.72 | 23.50 | %1 | $ | 908,548 | 1.21 | %2 | 1.21 | %2 | 1.21 | %2 | (0.01 | )%2 | 13 | % | ||||||||||||||||||||||||||||
| 2025 | 10.89 | (0.01 | ) | 0.66 | 0.65 | – | (1.24 | ) | (1.24 | ) | 10.30 | 5.63 | 779,963 | 1.22 | 1.22 | 1.22 | (0.05 | ) | 20 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 11.52 | (0.00 | ) | 0.41 | 0.41 | (0.00) | (1.04 | ) | (1.04 | ) | 10.89 | 2.97 | 965,428 | 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 | 1,140,122 | 1.19 | 1.19 | 1.19 | 0.10 | 15 | ||||||||||||||||||||||||||||||||||||||||||
| 2022 | 12.97 | (0.00 | ) | (2.00 | ) | (2.00 | ) | – | (0.91 | ) | (0.91 | ) | 10.06 | (15.46 | ) | 1,001,894 | 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 | 1,401,347 | 1.17 | 1.17 | 1.17 | (0.19 | ) | 20 | ||||||||||||||||||||||||||||||||||||||||
| Royce Premier Fund—Service Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 9.88 | $ | (0.02 | ) | $ | 2.33 | $ | 2.31 | $ | – | $ | – | $ | – | $ | 12.19 | 23.38 | %1 | $ | 33,811 | 1.62 | %2 | 1.62 | %2 | 1.49 | %2 | (0.29 | )%2 | 13 | % | ||||||||||||||||||||||||||||
| 2025 | 10.48 | (0.03 | ) | 0.62 | 0.59 | – | (1.19 | ) | (1.19 | ) | 9.88 | 5.30 | 27,841 | 1.65 | 1.64 | 1.49 | (0.32 | ) | 20 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 11.11 | (0.04 | ) | 0.40 | 0.36 | – | (0.99 | ) | (0.99 | ) | 10.48 | 2.71 | 31,253 | 1.59 | 1.59 | 1.49 | (0.34 | ) | 12 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 9.72 | (0.02 | ) | 2.17 | 2.15 | – | (0.76 | ) | (0.76 | ) | 11.11 | 22.24 | 34,923 | 1.63 | 1.62 | 1.49 | (0.19 | ) | 15 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 12.58 | (0.04 | ) | (1.95 | ) | (1.99 | ) | – | (0.87 | ) | (0.87 | ) | 9.72 | (15.79 | ) | 24,968 | 1.59 | 1.59 | 1.49 | (0.33 | ) | 23 | |||||||||||||||||||||||||||||||||||||
| 2021 | 13.22 | (0.07 | ) | 2.09 | 2.02 | – | (2.66 | ) | (2.66 | ) | 12.58 | 15.98 | 36,488 | 1.56 | 1.56 | 1.49 | (0.50 | ) | 20 | ||||||||||||||||||||||||||||||||||||||||
| Royce Premier Fund—Consultant Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 7.62 | $ | (0.04 | ) | $ | 1.78 | $ | 1.74 | $ | – | $ | – | $ | – | $ | 9.36 | 22.83 | %1 | $ | 10,091 | 2.45 | %2 | 2.45 | %2 | 2.24 | %2 | (1.04 | )%2 | 13 | % | ||||||||||||||||||||||||||||
| 2025 | 8.14 | (0.09 | ) | 0.49 | 0.40 | – | (0.92 | ) | (0.92 | ) | 7.62 | 4.53 | 8,828 | 2.46 | 2.46 | 2.24 | (1.07 | ) | 20 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 8.69 | (0.10 | ) | 0.32 | 0.22 | – | (0.77 | ) | (0.77 | ) | 8.14 | 1.94 | 11,240 | 2.38 | 2.37 | 2.24 | (1.09 | ) | 12 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 7.67 | (0.08 | ) | 1.69 | 1.61 | – | (0.59 | ) | (0.59 | ) | 8.69 | 21.16 | 11,782 | 2.36 | 2.36 | 2.28 | (0.99 | ) | 15 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 10.00 | (0.10 | ) | (1.53 | ) | (1.63 | ) | – | (0.70 | ) | (0.70 | ) | 7.67 | (16.36 | ) | 11,265 | 2.33 | 2.33 | 2.33 | (1.17 | ) | 23 | |||||||||||||||||||||||||||||||||||||
| 2021 | 10.60 | (0.15 | ) | 1.67 | 1.52 | – | (2.12 | ) | (2.12 | ) | 10.00 | 15.01 | 16,016 | 2.29 | 2.29 | 2.29 | (1.30 | ) | 20 | ||||||||||||||||||||||||||||||||||||||||
| Royce Premier Fund—Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 10.48 | $ | 0.00 | $ | 2.47 | $ | 2.47 | $ | – | $ | – | $ | – | $ | 12.95 | 23.57 | %1 | $ | 195,266 | 1.14 | %2 | 1.14 | %2 | 1.14 | %2 | 0.06 | %2 | 13 | % | |||||||||||||||||||||||||||||
| 2025 | 11.08 | 0.00 | 0.66 | 0.66 | – | (1.26 | ) | (1.26 | ) | 10.48 | 5.59 | 165,497 | 1.15 | 1.15 | 1.15 | 0.01 | 20 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 11.71 | 0.00 | 0.43 | 0.43 | (0.01) | (1.05 | ) | (1.06 | ) | 11.08 | 3.09 | 276,301 | 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 | 256,228 | 1.12 | 1.12 | 1.12 | 0.17 | 15 | ||||||||||||||||||||||||||||||||||||||||||
| 2022 | 13.16 | 0.01 | (2.03 | ) | (2.02 | ) | – | (0.92 | ) | (0.92 | ) | 10.22 | (15.37 | ) | 206,916 | 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 | 273,853 | 1.09 | 1.09 | 1.09 | (0.11 | ) | 20 | ||||||||||||||||||||||||||||||||||||||||
| 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.
| Net Realized and | Distributions | Ratio of Expenses to Average Net Assets | Ratio of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Unrealized Gain (Loss) on Investments and Foreign Currency | Total from Investment Operations | Distributions from Net Investment Income | from Net Realized Gain on Investments and Foreign Currency | Total Distributions | Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in thousands) | Prior to Fee Waivers, Expense Reimbursements and Balance Credits | Prior to Fee Waivers and Expense Reimbursements | Net of Fee Waivers and Expense Reimbursements | Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Fund—Investment Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 9.24 | $ | 0.02 | $ | 2.18 | $ | 2.20 | $ | – | $ | – | $ | – | $ | 11.44 | 23.81 | %1 | $ | 1,604,649 | 0.94 | %2 | 0.94 | %2 | 0.94 | %2 | 0.42 | %2 | 26 | % | |||||||||||||||||||||||||||||
| 2025 | 9.03 | 0.04 | 0.79 | 0.83 | (0.05) | (0.57 | ) | (0.62 | ) | 9.24 | 8.95 | 1,325,621 | 0.96 | 0.95 | 0.95 | 0.40 | 43 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 9.18 | 0.03 | 0.66 | 0.69 | (0.05) | (0.79 | ) | (0.84 | ) | 9.03 | 7.07 | 1,404,771 | 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 | 1,401,591 | 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 | ) | 1,191,941 | 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 | 1,605,587 | 0.91 | 0.91 | 0.91 | 0.15 | 60 | ||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Fund—Service Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 9.19 | $ | 0.00 | $ | 2.16 | $ | 2.16 | $ | – | $ | – | $ | – | $ | 11.35 | 23.50 | %1 | $ | 70,081 | 1.30 | %2 | 1.29 | %2 | 1.27 | %2 | 0.09 | %2 | 26 | % | |||||||||||||||||||||||||||||
| 2025 | 8.98 | 0.01 | 0.78 | 0.79 | (0.02) | (0.56 | ) | (0.58 | ) | 9.19 | 8.62 | 59,537 | 1.32 | 1.31 | 1.29 | 0.06 | 43 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 9.12 | (0.00 | ) | 0.67 | 0.67 | (0.02) | (0.79 | ) | (0.81 | ) | 8.98 | 6.83 | 67,101 | 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 | 73,661 | 1.31 | 1.31 | 1.25 | (0.06 | ) | 40 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 9.62 | (0.00 | ) | (1.67 | ) | (1.67 | ) | – | (0.39 | ) | (0.39 | ) | 7.56 | (17.41 | ) | 58,043 | 1.30 | 1.30 | 1.25 | (0.01 | ) | 45 | |||||||||||||||||||||||||||||||||||||
| 2021 | 10.23 | (0.02 | ) | 2.11 | 2.09 | – | (2.70 | ) | (2.70 | ) | 9.62 | 21.64 | 84,060 | 1.27 | 1.27 | 1.27 | (0.22 | ) | 60 | ||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Fund—Consultant Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 7.04 | $ | (0.02 | ) | $ | 1.64 | $ | 1.62 | $ | – | $ | – | $ | – | $ | 8.66 | 23.01 | %1 | $ | 185,859 | 1.96 | %2 | 1.96 | %2 | 1.96 | %2 | (0.60 | )%2 | 26 | % | ||||||||||||||||||||||||||||
| 2025 | 6.91 | (0.04 | ) | 0.60 | 0.56 | – | (0.43 | ) | (0.43 | ) | 7.04 | 7.94 | 160,449 | 1.98 | 1.98 | 1.98 | (0.62 | ) | 43 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 7.05 | (0.05 | ) | 0.51 | 0.46 | – | (0.60 | ) | (0.60 | ) | 6.91 | 6.09 | 179,498 | 1.95 | 1.95 | 1.95 | (0.73 | ) | 37 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 5.88 | (0.05 | ) | 1.54 | 1.49 | – | (0.32 | ) | (0.32 | ) | 7.05 | 25.39 | 193,390 | 1.95 | 1.94 | 1.94 | (0.76 | ) | 40 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 7.53 | (0.04 | ) | (1.31 | ) | (1.35 | ) | – | (0.30 | ) | (0.30 | ) | 5.88 | (17.94 | ) | 175,956 | 1.94 | 1.94 | 1.94 | (0.70 | ) | 45 | |||||||||||||||||||||||||||||||||||||
| 2021 | 8.07 | (0.08 | ) | 1.66 | 1.58 | – | (2.12 | ) | (2.12 | ) | 7.53 | 20.78 | 249,816 | 1.92 | 1.92 | 1.92 | (0.86 | ) | 60 | ||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Fund—Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 9.28 | $ | 0.02 | $ | 2.18 | $ | 2.20 | $ | – | $ | – | $ | – | $ | 11.48 | 23.71 | %1 | $ | 277,188 | 0.89 | %2 | 0.89 | %2 | 0.89 | %2 | 0.47 | %2 | 26 | % | |||||||||||||||||||||||||||||
| 2025 | 9.07 | 0.04 | 0.80 | 0.84 | (0.05) | (0.58 | ) | (0.63 | ) | 9.28 | 9.00 | 225,963 | 0.91 | 0.91 | 0.91 | 0.45 | 43 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 9.21 | 0.03 | 0.68 | 0.71 | (0.06) | (0.79 | ) | (0.85 | ) | 9.07 | 7.23 | 218,416 | 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 | 198,338 | 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 | ) | 133,606 | 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 | 199,842 | 0.86 | 0.86 | 0.86 | 0.21 | 60 | ||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Opportunity Fund—Investment Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 15.86 | $ | (0.03 | ) | $ | 5.41 | $ | 5.38 | $ | – | $ | – | $ | – | $ | 21.24 | 33.92 | %1 | $ | 949,566 | 1.22 | %2 | 1.21 | %2 | 1.21 | %2 | (0.34 | )%2 | 33 | % | ||||||||||||||||||||||||||||
| 2025 | 15.49 | (0.03 | ) | 1.93 | 1.90 | – | (1.53 | ) | (1.53 | ) | 15.86 | 11.86 | 727,497 | 1.25 | 1.24 | 1.24 | (0.21 | ) | 51 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 15.11 | (0.04 | ) | 1.65 | 1.61 | – | (1.23 | ) | (1.23 | ) | 15.49 | 10.30 | 806,369 | 1.23 | 1.22 | 1.22 | (0.24 | ) | 35 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 13.22 | (0.00 | ) | 2.57 | 2.57 | – | (0.68 | ) | (0.68 | ) | 15.11 | 19.58 | 890,662 | 1.23 | 1.23 | 1.23 | (0.02 | ) | 35 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 16.76 | 0.00 | (2.86 | ) | (2.86 | ) | – | (0.68 | ) | (0.68 | ) | 13.22 | (17.08 | ) | 911,802 | 1.23 | 1.23 | 1.23 | 0.03 | 35 | |||||||||||||||||||||||||||||||||||||||
| 2021 | 15.84 | (0.06 | ) | 4.75 | 4.69 | – | (3.77 | ) | (3.77 | ) | 16.76 | 30.85 | 1,332,050 | 1.21 | 1.21 | 1.21 | (0.30 | ) | 69 | ||||||||||||||||||||||||||||||||||||||||
| 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.
| Net Realized and | Distributions | Ratio of Expenses to Average Net Assets | Ratio of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Unrealized Gain (Loss) on Investments and Foreign Currency | Total from Investment Operations | Distributions from Net Investment Income | from Net Realized Gain on Investments and Foreign Currency | Total Distributions | Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in thousands) | Prior to Fee Waivers, Expense Reimbursements and Balance Credits | Prior to Fee Waivers and Expense Reimbursements | Net of Fee Waivers and Expense Reimbursements | Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Opportunity Fund—Service Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 14.37 | $ | (0.05 | ) | $ | 4.90 | $ | 4.85 | $ | – | $ | – | $ | – | $ | 19.22 | 33.75 | %1 | $ | 64,729 | 1.54 | %2 | 1.54 | %2 | 1.49 | %2 | (0.62 | )%2 | 33 | % | ||||||||||||||||||||||||||||
| 2025 | 14.07 | (0.06 | ) | 1.74 | 1.68 | – | (1.38 | ) | (1.38 | ) | 14.37 | 11.58 | 50,119 | 1.60 | 1.60 | 1.49 | (0.46 | ) | 51 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 13.76 | (0.07 | ) | 1.49 | 1.42 | – | (1.11 | ) | (1.11 | ) | 14.07 | 9.99 | 52,271 | 1.54 | 1.54 | 1.49 | (0.52 | ) | 35 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 12.07 | (0.04 | ) | 2.35 | 2.31 | – | (0.62 | ) | (0.62 | ) | 13.76 | 19.26 | 75,831 | 1.54 | 1.54 | 1.49 | (0.27 | ) | 35 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 15.34 | (0.03 | ) | (2.62 | ) | (2.65 | ) | – | (0.62 | ) | (0.62 | ) | 12.07 | (17.28 | ) | 68,292 | 1.54 | 1.54 | 1.49 | (0.23 | ) | 35 | |||||||||||||||||||||||||||||||||||||
| 2021 | 14.66 | (0.11 | ) | 4.39 | 4.28 | – | (3.60 | ) | (3.60 | ) | 15.34 | 30.43 | 109,440 | 1.50 | 1.50 | 1.49 | (0.61 | ) | 69 | ||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Opportunity Fund—Consultant Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 12.02 | $ | (0.09 | ) | $ | 4.09 | $ | 4.00 | $ | – | $ | – | $ | – | $ | 16.02 | 33.28 | %1 | $ | 15,777 | 2.35 | %2 | 2.35 | %2 | 2.24 | %2 | (1.37 | )%2 | 33 | % | ||||||||||||||||||||||||||||
| 2025 | 11.85 | (0.14 | ) | 1.46 | 1.32 | – | (1.15 | ) | (1.15 | ) | 12.02 | 10.79 | 12,481 | 2.38 | 2.38 | 2.24 | (1.21 | ) | 51 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 11.69 | (0.15 | ) | 1.25 | 1.10 | – | (0.94 | ) | (0.94 | ) | 11.85 | 9.06 | 12,479 | 2.34 | 2.34 | 2.24 | (1.26 | ) | 35 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 10.33 | (0.12 | ) | 2.01 | 1.89 | – | (0.53 | ) | (0.53 | ) | 11.69 | 18.39 | 12,898 | 2.34 | 2.34 | 2.27 | (1.06 | ) | 35 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 13.24 | (0.12 | ) | (2.26 | ) | (2.38 | ) | – | (0.53 | ) | (0.53 | ) | 10.33 | (17.98 | ) | 11,396 | 2.35 | 2.35 | 2.35 | (1.07 | ) | 35 | |||||||||||||||||||||||||||||||||||||
| 2021 | 12.61 | (0.21 | ) | 3.78 | 3.57 | – | (2.94 | ) | (2.94 | ) | 13.24 | 29.46 | 14,871 | 2.26 | 2.26 | 2.26 | (1.35 | ) | 69 | ||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Opportunity Fund—Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 16.32 | $ | (0.02 | ) | $ | 5.58 | $ | 5.56 | $ | – | $ | – | $ | – | $ | 21.88 | 34.07 | %1 | $ | 328,205 | 1.12 | %2 | 1.12 | %2 | 1.12 | %2 | (0.25 | )%2 | 33 | % | ||||||||||||||||||||||||||||
| 2025 | 15.93 | (0.02 | ) | 1.98 | 1.96 | – | (1.57 | ) | (1.57 | ) | 16.32 | 11.92 | 248,070 | 1.14 | 1.14 | 1.14 | (0.11 | ) | 51 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 15.52 | (0.02 | ) | 1.69 | 1.67 | – | (1.26 | ) | (1.26 | ) | 15.93 | 10.43 | 260,433 | 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 | 262,010 | 1.12 | 1.12 | 1.12 | 0.10 | 35 | ||||||||||||||||||||||||||||||||||||||||||
| 2022 | 17.21 | 0.02 | (2.94 | ) | (2.92 | ) | – | (0.70 | ) | (0.70 | ) | 13.59 | (16.94 | ) | 214,424 | 1.12 | 1.12 | 1.12 | 0.15 | 35 | |||||||||||||||||||||||||||||||||||||||
| 2021 | 16.22 | (0.03 | ) | 4.84 | 4.81 | – | (3.82 | ) | (3.82 | ) | 17.21 | 30.89 | 291,961 | 1.08 | 1.08 | 1.08 | (0.18 | ) | 69 | ||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Opportunity Fund—R Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 13.66 | $ | (0.08 | ) | $ | 4.66 | $ | 4.58 | $ | – | $ | – | $ | – | $ | 18.24 | 33.53 | %1 | $ | 51,880 | 1.83 | %2 | 1.83 | %2 | 1.83 | %2 | (0.96 | )%2 | 33 | % | ||||||||||||||||||||||||||||
| 2025 | 13.42 | (0.11 | ) | 1.67 | 1.56 | – | (1.32 | ) | (1.32 | ) | 13.66 | 11.21 | 37,822 | 1.89 | 1.89 | 1.89 | (0.86 | ) | 51 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 13.18 | (0.12 | ) | 1.43 | 1.31 | – | (1.07 | ) | (1.07 | ) | 13.42 | 9.54 | 40,741 | 1.85 | 1.85 | 1.85 | (0.87 | ) | 35 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 11.61 | (0.08 | ) | 2.25 | 2.17 | – | (0.60 | ) | (0.60 | ) | 13.18 | 18.76 | 45,422 | 1.85 | 1.85 | 1.85 | (0.63 | ) | 35 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 14.80 | (0.07 | ) | (2.53 | ) | (2.60 | ) | – | (0.59 | ) | (0.59 | ) | 11.61 | (17.54 | ) | 38,971 | 1.85 | 1.85 | 1.85 | (0.57 | ) | 35 | |||||||||||||||||||||||||||||||||||||
| 2021 | 14.03 | (0.16 | ) | 4.20 | 4.04 | – | (3.27 | ) | (3.27 | ) | 14.80 | 30.01 | 51,537 | 1.81 | 1.81 | 1.81 | (0.90 | ) | 69 | ||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Special Equity Fund—Investment Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 14.03 | $ | 0.14 | $ | 2.91 | $ | 3.05 | $ | – | $ | – | $ | – | $ | 17.08 | 21.74 | %1 | $ | 384,619 | 1.26 | %2 | 1.25 | %2 | 1.24 | %2 | 1.79 | %2 | 23 | % | |||||||||||||||||||||||||||||
| 2025 | 15.20 | 0.29 | 0.27 | 0.56 | (0.35) | (1.38 | ) | (1.73 | ) | 14.03 | 3.34 | 353,767 | 1.26 | 1.25 | 1.24 | 1.98 | 12 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 17.05 | 0.36 | 3 | 0.27 | 0.63 | (0.40) | (2.08 | ) | (2.48 | ) | 15.20 | 3.05 | 481,035 | 1.22 | 1.22 | 1.22 | 2.11 | 3 | 5 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 15.92 | 0.24 | 1.80 | 2.04 | (0.25) | (0.66 | ) | (0.91 | ) | 17.05 | 12.83 | 605,345 | 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 | ) | 587,346 | 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 | 755,338 | 1.20 | 1.20 | 1.20 | 0.82 | 42 | ||||||||||||||||||||||||||||||||||||||||||
| 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.
| Net Realized and | Distributions | Ratio of Expenses to Average Net Assets | Ratio of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Unrealized Gain (Loss) on Investments and Foreign Currency | Total from Investment Operations | Distributions from Net Investment Income | from Net Realized Gain on Investments and Foreign Currency | Total Distributions | Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in thousands) | Prior to Fee Waivers, Expense Reimbursements and Balance Credits | Prior to Fee Waivers and Expense Reimbursements | Net of Fee Waivers and Expense Reimbursements | Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Special Equity Fund—Service Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 14.05 | $ | 0.12 | $ | 2.90 | $ | 3.02 | $ | – | $ | – | $ | – | $ | 17.07 | 21.49 | %1 | $ | 21,453 | 1.65 | %2 | 1.65 | %2 | 1.49 | %2 | 1.54 | %2 | 23 | % | |||||||||||||||||||||||||||||
| 2025 | 15.20 | 0.25 | 0.28 | 0.53 | (0.30) | (1.38 | ) | (1.68 | ) | 14.05 | 3.13 | 18,856 | 1.64 | 1.64 | 1.49 | 1.72 | 12 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 17.05 | 0.32 | 3 | 0.26 | 0.58 | (0.36) | (2.07 | ) | (2.43 | ) | 15.20 | 2.77 | 27,792 | 1.58 | 1.58 | 1.49 | 1.87 | 3 | 5 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 15.92 | 0.19 | 1.79 | 1.98 | (0.20) | (0.65 | ) | (0.85 | ) | 17.05 | 12.50 | 32,297 | 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 | ) | 34,729 | 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 | 57,738 | 1.54 | 1.54 | 1.46 | 0.57 | 42 | ||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Special Equity Fund—Consultant Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 12.69 | $ | 0.06 | $ | 2.62 | $ | 2.68 | $ | – | $ | – | $ | – | $ | 15.37 | 21.12 | %1 | $ | 15,281 | 2.40 | %2 | 2.39 | %2 | 2.24 | %2 | 0.83 | %2 | 23 | % | |||||||||||||||||||||||||||||
| 2025 | 13.78 | 0.13 | 0.23 | 0.36 | (0.21) | (1.24 | ) | (1.45 | ) | 12.69 | 2.29 | 11,039 | 2.46 | 2.45 | 2.24 | 0.99 | 12 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 15.49 | 0.17 | 3 | 0.24 | 0.41 | (0.25) | (1.87 | ) | (2.12 | ) | 13.78 | 2.00 | 13,029 | 2.35 | 2.35 | 2.24 | 1.10 | 3 | 5 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 14.49 | 0.05 | 1.63 | 1.68 | (0.09) | (0.59 | ) | (0.68 | ) | 15.49 | 11.64 | 15,317 | 2.36 | 2.35 | 2.31 | 0.35 | 14 | ||||||||||||||||||||||||||||||||||||||||||
| 2022 | 17.37 | (0.04 | ) | (1.25 | ) | (1.29 | ) | – | (1.59 | ) | (1.59 | ) | 14.49 | (7.43 | ) | 15,189 | 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 | 25,068 | 2.31 | 2.31 | 2.31 | (0.29 | ) | 42 | ||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Special Equity Fund—Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 13.83 | $ | 0.14 | $ | 2.87 | $ | 3.01 | $ | – | $ | – | $ | – | $ | 16.84 | 21.76 | %1 | $ | 57,417 | 1.19 | %2 | 1.19 | %2 | 1.19 | %2 | 1.84 | %2 | 23 | % | |||||||||||||||||||||||||||||
| 2025 | 15.05 | 0.29 | 0.28 | 0.57 | (0.36) | (1.43 | ) | (1.79 | ) | 13.83 | 3.41 | 48,140 | 1.18 | 1.18 | 1.18 | 2.03 | 12 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 16.89 | 0.38 | 3 | 0.26 | 0.64 | (0.42) | (2.06 | ) | (2.48 | ) | 15.05 | 3.11 | 93,301 | 1.14 | 1.13 | 1.13 | 2.21 | 3 | 5 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 15.77 | 0.25 | 1.79 | 2.04 | (0.27) | (0.65 | ) | (0.92 | ) | 16.89 | 12.95 | 130,917 | 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 | ) | 116,301 | 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 | 238,810 | 1.11 | 1.11 | 1.11 | 0.92 | 42 | ||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Total Return Fund—Investment Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 6.90 | $ | 0.04 | $ | 0.90 | $ | 0.94 | $ | (0.04) | $ | – | $ | (0.04 | ) | $ | 7.80 | 13.69 | %1 | $ | 572,634 | 1.24 | %2 | 1.24 | %2 | 1.14 | %2 | 1.14 | %2 | 31 | % | ||||||||||||||||||||||||||||
| 2025 | 7.58 | 0.06 | 0.14 | 0.20 | (0.09) | (0.79 | ) | (0.88 | ) | 6.90 | 2.43 | 559,338 | 1.24 | 1.23 | 1.14 | 0.85 | 59 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 7.40 | 0.04 | 0.73 | 0.77 | (0.23) | (0.36 | ) | (0.59 | ) | 7.58 | 10.03 | 625,357 | 1.21 | 1.21 | 1.17 | 0.57 | 51 | ||||||||||||||||||||||||||||||||||||||||||
| 2023 | 6.56 | 0.06 | 4 | 1.50 | 1.56 | (0.25) | (0.47 | ) | (0.72 | ) | 7.40 | 24.07 | 642,546 | 1.22 | 1.22 | 1.22 | 0.86 | 4 | 65 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 8.78 | 0.08 | (1.25 | ) | (1.17 | ) | (0.11) | (0.94 | ) | (1.05 | ) | 6.56 | (13.25 | ) | 591,730 | 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 | 1,016,331 | 1.20 | 1.20 | 1.20 | 1.09 | 64 | ||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Total Return Fund—Service Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 7.22 | $ | 0.03 | $ | 0.93 | $ | 0.96 | $ | (0.03) | $ | – | $ | (0.03 | ) | $ | 8.15 | 13.34 | %1 | $ | 49,712 | 1.59 | %2 | 1.59 | %2 | 1.49 | %2 | 0.80 | %2 | 31 | % | ||||||||||||||||||||||||||||
| 2025 | 7.91 | 0.04 | 0.14 | 0.18 | (0.05) | (0.82 | ) | (0.87 | ) | 7.22 | 2.13 | 46,540 | 1.60 | 1.60 | 1.49 | 0.50 | 59 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 7.70 | 0.02 | 0.75 | 0.77 | (0.19) | (0.37 | ) | (0.56 | ) | 7.91 | 9.69 | 56,507 | 1.54 | 1.54 | 1.47 | 0.26 | 51 | ||||||||||||||||||||||||||||||||||||||||||
| 2023 | 6.80 | 0.04 | 4 | 1.57 | 1.61 | (0.23) | (0.48 | ) | (0.71 | ) | 7.70 | 23.85 | 58,424 | 1.58 | 1.58 | 1.49 | 0.58 | 4 | 65 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 9.08 | 0.06 | (1.30 | ) | (1.24 | ) | (0.07) | (0.97 | ) | (1.04 | ) | 6.80 | (13.54 | ) | 58,571 | 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 | 80,478 | 1.52 | 1.52 | 1.49 | 0.78 | 64 | ||||||||||||||||||||||||||||||||||||||||||
| 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.
| Net Realized and | Distributions | Ratio of Expenses to Average Net Assets | Ratio of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Unrealized Gain (Loss) on Investments and Foreign Currency | Total from Investment Operations | Distributions from Net Investment Income | from Net Realized Gain on Investments and Foreign Currency | Total Distributions | Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in thousands) | Prior to Fee Waivers, Expense Reimbursements and Balance Credits | Prior to Fee Waivers and Expense Reimbursements | Net of Fee Waivers and Expense Reimbursements | Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Total Return Fund—Consultant Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 7.34 | $ | 0.00 | $ | 0.95 | $ | 0.95 | $ | – | $ | – | $ | – | $ | 8.29 | 12.94 | %1 | $ | 74,264 | 2.27 | %2 | 2.27 | %2 | 2.17 | %2 | 0.11 | %2 | 31 | % | |||||||||||||||||||||||||||||
| 2025 | 8.05 | (0.01 | ) | 0.15 | 0.14 | (0.01) | (0.84 | ) | (0.85 | ) | 7.34 | 1.52 | 71,049 | 2.27 | 2.27 | 2.17 | (0.19 | ) | 59 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 7.83 | (0.04 | ) | 0.75 | 0.71 | (0.12) | (0.37 | ) | (0.49 | ) | 8.05 | 8.79 | 81,872 | 2.24 | 2.24 | 2.20 | (0.46 | ) | 51 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 6.89 | (0.01 | )4 | 1.58 | 1.57 | (0.14) | (0.49 | ) | (0.63 | ) | 7.83 | 22.91 | 85,488 | 2.25 | 2.24 | 2.24 | (0.17 | )4 | 65 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 9.18 | 0.00 | (1.31 | ) | (1.31 | ) | – | (0.98 | ) | (0.98 | ) | 6.89 | (14.15 | ) | 84,448 | 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 | 112,649 | 2.18 | 2.18 | 2.18 | 0.09 | 64 | ||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Total Return Fund—Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 6.74 | $ | 0.04 | $ | 0.89 | $ | 0.93 | $ | (0.05) | $ | – | $ | (0.05 | ) | $ | 7.62 | 13.80 | %1 | $ | 229,379 | 1.14 | %2 | 1.14 | %2 | 1.02 | %2 | 1.26 | %2 | 31 | % | ||||||||||||||||||||||||||||
| 2025 | 7.41 | 0.07 | 0.13 | 0.20 | (0.10) | (0.77 | ) | (0.87 | ) | 6.74 | 2.54 | 213,606 | 1.14 | 1.14 | 1.02 | 0.96 | 59 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 7.24 | 0.05 | 0.71 | 0.76 | (0.24) | (0.35 | ) | (0.59 | ) | 7.41 | 10.19 | 211,812 | 1.12 | 1.12 | 1.07 | 0.67 | 51 | ||||||||||||||||||||||||||||||||||||||||||
| 2023 | 6.43 | 0.07 | 4 | 1.46 | 1.53 | (0.27) | (0.45 | ) | (0.72 | ) | 7.24 | 24.12 | 212,581 | 1.13 | 1.13 | 1.13 | 0.95 | 4 | 65 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 8.61 | 0.08 | (1.22 | ) | (1.14 | ) | (0.12) | (0.92 | ) | (1.04 | ) | 6.43 | (13.13 | ) | 181,476 | 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 | 279,510 | 1.10 | 1.10 | 1.10 | 1.19 | 64 | ||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Total Return Fund—R Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 7.37 | $ | 0.02 | $ | 0.95 | $ | 0.97 | $ | (0.02) | $ | – | $ | (0.02 | ) | $ | 8.32 | 13.19 | %1 | $ | 21,546 | 1.93 | %2 | 1.93 | %2 | 1.83 | %2 | 0.45 | %2 | 31 | % | ||||||||||||||||||||||||||||
| 2025 | 8.08 | 0.01 | 0.15 | 0.16 | (0.03) | (0.84 | ) | (0.87 | ) | 7.37 | 1.80 | 20,834 | 1.94 | 1.94 | 1.85 | 0.15 | 59 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 7.85 | (0.01 | ) | 0.76 | 0.75 | (0.14) | (0.38 | ) | (0.52 | ) | 8.08 | 9.26 | 22,112 | 1.89 | 1.89 | 1.85 | (0.11 | ) | 51 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 6.92 | 0.01 | 4 | 1.59 | 1.60 | (0.18) | (0.49 | ) | (0.67 | ) | 7.85 | 23.28 | 22,322 | 1.91 | 1.91 | 1.91 | 0.17 | 4 | 65 | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 9.20 | 0.03 | (1.32 | ) | (1.29 | ) | (0.01) | (0.98 | ) | (0.99 | ) | 6.92 | (13.87 | ) | 20,180 | 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 | 27,040 | 1.85 | 1.85 | 1.85 | 0.42 | 64 | ||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Value Fund—Investment Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 9.79 | $ | 0.05 | $ | 1.95 | $ | 2.00 | $ | – | $ | – | $ | – | $ | 11.79 | 20.43 | %1 | $ | 37,364 | 1.36 | %2 | 1.35 | %2 | 1.24 | %2 | 0.91 | %2 | 25 | % | |||||||||||||||||||||||||||||
| 2025 | 10.06 | 0.09 | 0.66 | 0.75 | (0.10) | (0.92 | ) | (1.02 | ) | 9.79 | 7.03 | 31,821 | 1.39 | 1.38 | 1.24 | 0.93 | 51 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 10.30 | 0.12 | 0.28 | 0.40 | (0.13) | (0.51 | ) | (0.64 | ) | 10.06 | 3.54 | 35,267 | 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 | 37,440 | 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 | ) | 35,545 | 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 | 44,621 | 1.31 | 1.31 | 1.24 | 0.20 | 53 | ||||||||||||||||||||||||||||||||||||||||||
| Royce Small-Cap Value Fund—Service Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 9.73 | $ | 0.04 | $ | 1.93 | $ | 1.97 | $ | – | $ | – | $ | – | $ | 11.70 | 20.25 | %1 | $ | 74,456 | 1.60 | %2 | 1.60 | %2 | 1.49 | %2 | 0.67 | %2 | 25 | % | |||||||||||||||||||||||||||||
| 2025 | 10.01 | 0.07 | 0.64 | 0.71 | (0.08) | (0.91 | ) | (0.99 | ) | 9.73 | 6.68 | 65,964 | 1.62 | 1.62 | 1.49 | 0.68 | 51 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 10.24 | 0.10 | 0.27 | 0.37 | (0.09) | (0.51 | ) | (0.60 | ) | 10.01 | 3.35 | 73,785 | 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 | 99,077 | 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 | ) | 68,455 | 1.59 | 1.59 | 1.49 | 0.52 | 62 | |||||||||||||||||||||||||||||||||||||||
| 2021 | 8.58 | (0.01 | ) | 2.41 | 2.40 | – | (0.60 | ) | (0.60 | ) | 10.38 | 28.24 | 81,840 | 1.55 | 1.55 | 1.49 | (0.06 | ) | 53 | ||||||||||||||||||||||||||||||||||||||||
| 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.
| Net Realized and | Distributions | Ratio of Expenses to Average Net Assets | Ratio of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Unrealized Gain (Loss) on Investments and Foreign Currency | Total from Investment Operations | Distributions from Net Investment Income | from Net Realized Gain on Investments and Foreign Currency | Total Distributions | Net Asset Value, End of Period | Total Return | Net Assets, End of Period (in thousands) | Prior to Fee Waivers, Expense Reimbursements and Balance Credits | Prior to Fee Waivers and Expense Reimbursements | Net of Fee Waivers and Expense Reimbursements | Net Investment Income (Loss) to Average Net Assets | Portfolio Turnover Rate | |||||||||||||||||||||||||||||||||||||||||||||
| Royce Smaller-Companies Growth Fund—Investment Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 8.11 | $ | (0.02 | ) | $ | 2.13 | $ | 2.11 | $ | – | $ | – | $ | – | $ | 10.22 | 26.02 | %1 | $ | 86,273 | 1.28 | %2 | 1.27 | %2 | 1.01 | %2 | (0.49 | )%2 | 49 | % | ||||||||||||||||||||||||||||
| 2025 | 7.90 | (0.04 | ) | 1.64 | 1.60 | (0.17) | (1.22 | ) | (1.39 | ) | 8.11 | 19.94 | 73,611 | 1.29 | 1.28 | 1.02 | (0.48 | ) | 75 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 6.66 | (0.04 | ) | 1.53 | 1.49 | (0.08) | (0.17 | ) | (0.25 | ) | 7.90 | 22.15 | 64,900 | 1.26 | 1.26 | 1.24 | (0.60 | ) | 73 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 5.69 | (0.04 | ) | 1.01 | 0.97 | – | – | – | 6.66 | 17.05 | 63,279 | 1.27 | 1.27 | 1.24 | (0.68 | ) | 65 | ||||||||||||||||||||||||||||||||||||||||||
| 2022 | 8.74 | (0.06 | ) | (2.74 | ) | (2.80 | ) | – | (0.25 | ) | (0.25 | ) | 5.69 | (32.07 | ) | 61,107 | 1.26 | 1.26 | 1.24 | (0.97 | ) | 66 | |||||||||||||||||||||||||||||||||||||
| 2021 | 11.06 | (0.11 | ) | 0.83 | 0.72 | – | (3.04 | ) | (3.04 | ) | 8.74 | 8.09 | 106,318 | 1.19 | 1.19 | 1.19 | (0.91 | ) | 50 | ||||||||||||||||||||||||||||||||||||||||
| Royce Smaller-Companies Growth Fund—Service Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 7.79 | $ | (0.04 | ) | $ | 2.05 | $ | 2.01 | $ | – | $ | – | $ | – | $ | 9.80 | 25.80 | %1 | $ | 132,131 | 1.56 | %2 | 1.56 | %2 | 1.44 | %2 | (0.91 | )%2 | 49 | % | ||||||||||||||||||||||||||||
| 2025 | 7.60 | (0.07 | ) | 1.57 | 1.50 | (0.13) | (1.18 | ) | (1.31 | ) | 7.79 | 19.34 | 113,478 | 1.57 | 1.57 | 1.45 | (0.91 | ) | 75 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 6.41 | (0.06 | ) | 1.47 | 1.41 | (0.06) | (0.16 | ) | (0.22 | ) | 7.60 | 21.84 | 116,998 | 1.55 | 1.55 | 1.49 | (0.85 | ) | 73 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 5.48 | (0.06 | ) | 0.99 | 0.93 | – | – | – | 6.41 | 16.97 | 112,078 | 1.57 | 1.57 | 1.49 | (0.93 | ) | 65 | ||||||||||||||||||||||||||||||||||||||||||
| 2022 | 8.45 | (0.08 | ) | (2.65 | ) | (2.73 | ) | – | (0.24 | ) | (0.24 | ) | 5.48 | (32.37 | ) | 105,585 | 1.55 | 1.55 | 1.49 | (1.22 | ) | 66 | |||||||||||||||||||||||||||||||||||||
| 2021 | 10.74 | (0.15 | ) | 0.82 | 0.67 | – | (2.96 | ) | (2.96 | ) | 8.45 | 7.78 | 178,553 | 1.51 | 1.51 | 1.49 | (1.21 | ) | 50 | ||||||||||||||||||||||||||||||||||||||||
| Royce Smaller-Companies Growth Fund—Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 8.24 | $ | (0.02 | ) | $ | 2.17 | $ | 2.15 | $ | – | $ | – | $ | – | $ | 10.39 | 26.09 | %1 | $ | 19,951 | 1.39 | %2 | 1.39 | %2 | 1.02 | %2 | (0.48 | )%2 | 49 | % | ||||||||||||||||||||||||||||
| 2025 | 8.03 | (0.04 | ) | 1.66 | 1.62 | (0.17) | (1.24 | ) | (1.41 | ) | 8.24 | 19.80 | 7,288 | 1.50 | 1.50 | 1.02 | (0.48 | ) | 75 | ||||||||||||||||||||||||||||||||||||||||
| 2024 | 6.77 | (0.04 | ) | 1.55 | 1.51 | (0.08) | (0.17 | ) | (0.25 | ) | 8.03 | 22.09 | 5,642 | 1.54 | 1.53 | 1.24 | (0.59 | ) | 73 | ||||||||||||||||||||||||||||||||||||||||
| 2023 | 5.77 | (0.04 | ) | 1.04 | 1.00 | – | – | – | 6.77 | 17.33 | 5,231 | 1.54 | 1.53 | 1.21 | (0.65 | ) | 65 | ||||||||||||||||||||||||||||||||||||||||||
| 2022 | 8.87 | (0.06 | ) | (2.79 | ) | (2.85 | ) | – | (0.25 | ) | (0.25 | ) | 5.77 | (32.17 | ) | 4,400 | 1.53 | 1.53 | 1.16 | (0.89 | ) | 66 | |||||||||||||||||||||||||||||||||||||
| 2021 | 11.23 | (0.11 | ) | 0.85 | 0.74 | – | (3.10 | ) | (3.10 | ) | 8.87 | 8.16 | 7,278 | 1.41 | 1.41 | 1.16 | (0.88 | ) | 50 | ||||||||||||||||||||||||||||||||||||||||
| Royce SMid-Cap Total Return Fund—Investment Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 2.20 | $ | 0.01 | $ | 0.33 | $ | 0.34 | $ | (0.01) | $ | – | $ | (0.01 | ) | $ | 2.53 | 15.32 | %1 | $ | 18,227 | 1.54 | %2 | 1.53 | %2 | 1.09 | %2 | 0.59 | %2 | 37 | % | ||||||||||||||||||||||||||||
| 2025 | 5.94 | 0.04 | 0.03 | 0.07 | (0.09) | (3.72 | ) | (3.81 | ) | 2.20 | 4.17 | 16,906 | 1.32 | 1.31 | 1.09 | 0.75 | 47 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 6.00 | 0.06 | 1.18 | 1.24 | (0.23) | (1.07 | ) | (1.30 | ) | 5.94 | 20.09 | 49,634 | 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 | 44,754 | 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 | ) | 43,264 | 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 | 54,466 | 1.21 | 1.21 | 1.09 | 0.76 | 0 | ||||||||||||||||||||||||||||||||||||||||||
| Royce SMid-Cap Total Return Fund—Service Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026† | $ | 2.20 | $ | 0.00 | $ | 0.33 | $ | 0.33 | $ | (0.00) | $ | – | $ | (0.00 | ) | $ | 2.53 | 15.20 | %1 | $ | 14,548 | 1.82 | %2 | 1.82 | %2 | 1.34 | %2 | 0.34 | %2 | 37 | % | ||||||||||||||||||||||||||||
| 2025 | 6.22 | 0.03 | 0.02 | 0.05 | (0.07) | (4.00 | ) | (4.07 | ) | 2.20 | 4.00 | 14,343 | 1.66 | 1.66 | 1.34 | 0.52 | 47 | ||||||||||||||||||||||||||||||||||||||||||
| 2024 | 6.27 | 0.05 | 1.22 | 1.27 | (0.20) | (1.12 | ) | (1.32 | ) | 6.22 | 19.62 | 20,702 | 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 | 18,421 | 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 | ) | 14,005 | 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 | 19,518 | 1.54 | 1.54 | 1.34 | 0.51 | 0 | ||||||||||||||||||||||||||||||||||||||||||
† Six months ended June 30, 2026 (unaudited).
1 Not annualized
2 Annualized
3 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.
4 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 | 37 |
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 (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. |
38
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, 2026. 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 | $ | 4,537,065 | $ | 58,788,953 | $ | – | $ | 63,326,018 | ||||||||
| Repurchase Agreement | – | 3,598,745 | – | 3,598,745 | ||||||||||||
| Royce Micro-Cap Fund | ||||||||||||||||
| Common Stocks | 412,505,106 | 1,225,868 | 0 | 413,730,974 | ||||||||||||
| Money Market Fund/Collateral Received for Securities Loaned | 2,119,707 | – | – | 2,119,707 | ||||||||||||
| Repurchase Agreement | – | 15,305,239 | – | 15,305,239 | ||||||||||||
| Royce Premier Fund | ||||||||||||||||
| Common Stocks | 1,100,142,774 | – | – | 1,100,142,774 | ||||||||||||
| Repurchase Agreement | – | 52,049,375 | – | 52,049,375 | ||||||||||||
| Royce Small-Cap Fund | ||||||||||||||||
| Common Stocks | 2,061,798,286 | 3,617,502 | – | 2,065,415,788 | ||||||||||||
| Money Market Fund/Collateral Received for Securities Loaned | 11,225,044 | – | – | 11,225,044 | ||||||||||||
| Repurchase Agreement | – | 72,302,041 | – | 72,302,041 | ||||||||||||
| Royce Small-Cap Opportunity Fund | ||||||||||||||||
| Common Stocks | 1,347,475,032 | 7,173,881 | 0 | 1,354,648,913 | ||||||||||||
| Money Market Fund/Collateral Received for Securities Loaned | 18,509,401 | – | – | 18,509,401 | ||||||||||||
| Repurchase Agreement | – | 57,832,904 | – | 57,832,904 | ||||||||||||
| Royce Small-Cap Special Equity Fund | ||||||||||||||||
| Common Stocks | 352,037,424 | 4,613,700 | – | 356,651,124 | ||||||||||||
| Repurchase Agreement | – | 122,484,219 | – | 122,484,219 | ||||||||||||
| Royce Small-Cap Total Return Fund | ||||||||||||||||
| Common Stocks | 919,546,292 | 992,033 | – | 920,538,325 | ||||||||||||
| Money Market Fund/Collateral Received for Securities Loaned | 252,948 | – | – | 252,948 | ||||||||||||
| Repurchase Agreement | – | 32,858,786 | – | 32,858,786 | ||||||||||||
| Royce Small-Cap Value Fund | ||||||||||||||||
| Common Stocks | 110,746,136 | – | – | 110,746,136 | ||||||||||||
| Repurchase Agreement | – | 1,204,222 | – | 1,204,222 | ||||||||||||
| Royce Smaller-Companies Growth Fund | ||||||||||||||||
| Common Stocks | 222,319,267 | 344,000 | – | 222,663,267 | ||||||||||||
| Money Market Fund/Collateral Received for Securities Loaned | 5,618,877 | – | – | 5,618,877 | ||||||||||||
| Repurchase Agreement | – | 14,727,854 | – | 14,727,854 | ||||||||||||
| Royce SMid-Cap Total Return Fund | ||||||||||||||||
| Common Stocks | 31,236,292 | 523,629 | – | 31,759,921 | ||||||||||||
| Repurchase Agreement | – | 948,452 | – | 948,452 | ||||||||||||
39
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, 2026, 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.
40
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, 2026:
| SECURITIES ON LOAN COLLATERALIZED BY | ||||||||||||
| CASH COLLATERAL1 | CASH COLLATERAL | NET AMOUNT | ||||||||||
| Royce Micro-Cap Fund | $ | 2,119,707 | $ | (2,019,148 | ) | $ | 100,559 | |||||
| Royce Small-Cap Fund | 11,225,044 | (10,940,233 | ) | 284,811 | ||||||||
| Royce Small-Cap Opportunity Fund | 18,509,401 | (19,245,417 | ) | (736,016 | ) | |||||||
| Royce Small-Cap Total Return Fund | 252,948 | (238,829 | ) | 14,119 | ||||||||
| Royce Smaller-Companies Growth Fund | 5,618,877 | (5,546,760 | ) | 72,117 | ||||||||
| 1 | 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, 2026:
| NON-CASH COLLATERAL | SECURITIES ON LOAN COLLATERALIZED BY NON-CASH COLLATERAL | NET AMOUNT | ||||||||||
| Royce Micro-Cap Fund | $ | 4,307,551 | $ | (4,132,748 | ) | $ | 174,803 | |||||
| Royce Small-Cap Fund | 21,572,961 | (20,847,411 | ) | 725,550 | ||||||||
| Royce Small-Cap Opportunity Fund | 21,746,182 | (20,989,907 | ) | 756,275 | ||||||||
| Royce Small-Cap Total Return Fund | 6,958,210 | (6,527,815 | ) | 430,395 | ||||||||
| Royce Small-Cap Value Fund | 628,598 | (612,364 | ) | 16,234 | ||||||||
| Royce Smaller-Companies Growth Fund | 12,143,256 | (11,811,540 | ) | 331,716 | ||||||||
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 certain countries. 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.
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. Foreign taxes on dividend income, if any, are recorded based on tax regulations and rates that exist in the foreign markets in which the Funds invest. In some cases, the Funds may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset and income on the Funds’ books. In many cases, however, the Funds may not receive such amounts for an extended period of time, depending on the country of investment. Interest income is recorded on an accrual basis. 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.
41
Notes to Financial Statements (unaudited) (continued)
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 among the relevant Royce Funds. (The “Royce Funds” comprise the Funds and the other 5 U.S. registered investment companies for which Royce serves as investment manager.) All of the Royce Funds reimburse Royce in its capacity as administrator under administration agreements for costs and expenses paid or incurred in providing certain administrative services, including, without limitation, those relating to certain personnel, rent, technology, and supplies; amounts reimbursed to Royce by the Funds 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.
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 2, 2026. 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, 2026.
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 ISSUED FOR | NET INCREASE (DECREASE) FROM | |||||||||||||||||||||||||||||||
| SHARES SOLD | REINVESTMENT OF DISTRIBUTIONS | SHARES REDEEMED | CAPITAL SHARE TRANSACTIONS | |||||||||||||||||||||||||||||
| Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| 6/30/26 | Year Ended | 6/30/26 | Year Ended | 6/30/26 | Year Ended | 6/30/26 | Year Ended | |||||||||||||||||||||||||
| (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | |||||||||||||||||||||||||
| Royce International Premier Fund | ||||||||||||||||||||||||||||||||
| Investment Class | $ | 601,852 | $ | 4,320,844 | $ | – | $ | 477,735 | $ | (12,886,334 | ) | $ | (40,844,445 | ) | $ | (12,284,482 | ) | $ | (36,045,866 | ) | ||||||||||||
| Service Class | 182,378 | 570,053 | – | 124,105 | (2,309,780 | ) | (5,151,344 | ) | (2,127,402 | ) | (4,457,186 | ) | ||||||||||||||||||||
| Institutional Class | 1,109,583 | 4,538,435 | – | 230,371 | (5,048,867 | ) | (69,813,584 | ) | (3,939,284 | ) | (65,044,778 | ) | ||||||||||||||||||||
| Royce Micro-Cap Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 14,097,311 | 9,512,018 | – | 20,213,789 | (16,042,133 | ) | (25,113,611 | ) | (1,944,822 | ) | 4,612,196 | |||||||||||||||||||||
| Service Class | 2,474,877 | 1,245,019 | – | 15,447,380 | (10,796,571 | ) | (17,025,703 | ) | (8,321,694 | ) | (333,304 | ) | ||||||||||||||||||||
| Consultant Class | 25,462 | 42,996 | – | 1,207,273 | (912,549 | ) | (1,589,085 | ) | (887,087 | ) | (338,816 | ) | ||||||||||||||||||||
| Royce Premier Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 36,931,988 | 77,962,871 | – | 71,320,571 | (86,884,195 | ) | (293,319,520 | ) | (49,952,207 | ) | (144,036,078 | ) | ||||||||||||||||||||
| Service Class | 3,140,404 | 3,662,589 | – | 2,868,702 | (3,571,363 | ) | (8,283,129 | ) | (430,959 | ) | (1,751,838 | ) | ||||||||||||||||||||
| Consultant Class | 68,962 | 462,106 | – | 910,306 | (750,540 | ) | (3,207,575 | ) | (681,578 | ) | (1,835,163 | ) | ||||||||||||||||||||
| Institutional Class | 20,130,243 | 64,965,400 | – | 16,340,210 | (28,606,464 | ) | (176,853,774 | ) | (8,476,221 | ) | (95,548,164 | ) | ||||||||||||||||||||
| Royce Small-Cap Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 59,311,165 | 72,805,437 | – | 74,071,756 | (91,516,567 | ) | (248,929,902 | ) | (32,205,402 | ) | (102,052,709 | ) | ||||||||||||||||||||
| Service Class | 2,295,050 | 4,306,710 | – | 3,316,780 | (5,346,463 | ) | (16,355,481 | ) | (3,051,413 | ) | (8,731,991 | ) | ||||||||||||||||||||
| Consultant Class | 1,035,654 | 2,377,721 | – | 8,742,382 | (11,552,183 | ) | (32,274,628 | ) | (10,516,529 | ) | (21,154,525 | ) | ||||||||||||||||||||
| Institutional Class | 15,710,056 | 27,643,703 | – | 14,070,294 | (17,687,864 | ) | (38,403,317 | ) | (1,977,808 | ) | 3,310,680 | |||||||||||||||||||||
42
Notes to Financial Statements (unaudited) (continued)
Capital Share Transactions (in dollars) (continued):
| SHARES ISSUED FOR | NET INCREASE (DECREASE) FROM | |||||||||||||||||||||||||||||||
| SHARES SOLD | REINVESTMENT OF DISTRIBUTIONS | SHARES REDEEMED | CAPITAL SHARE TRANSACTIONS | |||||||||||||||||||||||||||||
| Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| 6/30/26 | Year Ended | 6/30/26 | Year Ended | 6/30/26 | Year Ended | 6/30/26 | Year Ended | |||||||||||||||||||||||||
| (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | |||||||||||||||||||||||||
| Royce Small-Cap Opportunity Fund | ||||||||||||||||||||||||||||||||
| Investment Class | $ | 53,023,099 | $ | 61,374,142 | $ | – | $ | 53,990,734 | $ | (73,727,385 | ) | $ | (205,380,060 | ) | $ | (20,704,286 | ) | $ | (90,015,184 | ) | ||||||||||||
| Service Class | 5,456,099 | 9,460,609 | – | 4,250,323 | (7,648,886 | ) | (16,506,405 | ) | (2,192,787 | ) | (2,795,473 | ) | ||||||||||||||||||||
| Consultant Class | 157,063 | 768,907 | – | 1,008,832 | (889,115 | ) | (1,841,967 | ) | (732,052 | ) | (64,228 | ) | ||||||||||||||||||||
| Institutional Class | 23,161,754 | 42,789,112 | – | 17,111,145 | (26,158,619 | ) | (77,538,153 | ) | (2,996,865 | ) | (17,637,896 | ) | ||||||||||||||||||||
| R Class | 5,210,091 | 2,375,884 | – | 3,365,662 | (4,116,652 | ) | (9,226,893 | ) | 1,093,439 | (3,485,347 | ) | |||||||||||||||||||||
| Royce Small-Cap Special Equity Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 14,456,171 | 40,301,951 | – | 33,620,204 | (55,555,204 | ) | (168,001,166 | ) | (41,099,033 | ) | (94,079,011 | ) | ||||||||||||||||||||
| Service Class | 465,079 | 3,185,337 | – | 1,310,351 | (1,745,883 | ) | (11,877,986 | ) | (1,280,804 | ) | (7,382,298 | ) | ||||||||||||||||||||
| Consultant Class | 2,674,542 | 1,166,947 | – | 910,959 | (1,002,508 | ) | (3,091,331 | ) | 1,672,034 | (1,013,425 | ) | |||||||||||||||||||||
| Institutional Class | 7,697,989 | 14,649,764 | – | 5,753,045 | (8,806,508 | ) | (59,607,079 | ) | (1,108,519 | ) | (39,204,270 | ) | ||||||||||||||||||||
| Royce Small-Cap Total Return Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 20,909,776 | 50,865,595 | 2,564,032 | 57,712,799 | (78,051,718 | ) | (123,179,722 | ) | (54,577,910 | ) | (14,601,328 | ) | ||||||||||||||||||||
| Service Class | 2,905,341 | 7,281,333 | 161,263 | 4,835,501 | (5,779,384 | ) | (17,625,903 | ) | (2,712,780 | ) | (5,509,069 | ) | ||||||||||||||||||||
| Consultant Class | 970,371 | 3,390,068 | – | 6,925,918 | (6,543,808 | ) | (14,296,331 | ) | (5,573,437 | ) | (3,980,345 | ) | ||||||||||||||||||||
| Institutional Class | 10,398,543 | 29,944,752 | 1,332,781 | 24,093,442 | (22,553,579 | ) | (32,398,787 | ) | (10,822,255 | ) | 21,639,407 | |||||||||||||||||||||
| R Class | 1,023,367 | 3,694,107 | 52,891 | 2,211,665 | (2,917,385 | ) | (5,323,217 | ) | (1,841,127 | ) | 582,555 | |||||||||||||||||||||
| Royce Small-Cap Value Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 940,382 | 1,164,307 | – | 2,365,738 | (1,793,450 | ) | (5,641,533 | ) | (853,068 | ) | (2,111,488 | ) | ||||||||||||||||||||
| Service Class | 1,052,742 | 1,641,331 | – | 5,731,982 | (5,626,972 | ) | (12,836,496 | ) | (4,574,230 | ) | (5,463,183 | ) | ||||||||||||||||||||
| Royce Smaller-Companies Growth Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 1,578,709 | 10,463,354 | – | 7,987,164 | (7,027,585 | ) | (11,352,124 | ) | (5,448,876 | ) | 7,098,394 | |||||||||||||||||||||
| Service Class | 2,367,094 | 2,527,168 | – | 15,450,694 | (11,357,845 | ) | (24,665,763 | ) | (8,990,751 | ) | (6,687,901 | ) | ||||||||||||||||||||
| Institutional Class | 10,698,817 | 1,596,950 | – | 1,045,115 | (978,817 | ) | (1,109,410 | ) | 9,720,000 | 1,532,655 | ||||||||||||||||||||||
| Royce SMid-Cap Total Return Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 1,097,897 | 7,716,856 | 38,630 | 10,030,464 | (2,223,413 | ) | (39,162,726 | ) | (1,086,886 | ) | (21,415,406 | ) | ||||||||||||||||||||
| Service Class | 290,511 | 1,795,307 | 20,672 | 9,102,793 | (2,103,452 | ) | (6,713,581 | ) | (1,792,269 | ) | 4,184,519 | |||||||||||||||||||||
Capital Share Transactions (in shares):
| SHARES ISSUED FOR | NET INCREASE (DECREASE) IN | |||||||||||||||||||||||||||||||
| SHARES SOLD | REINVESTMENT OF DISTRIBUTIONS | SHARES REDEEMED | SHARES OUTSTANDING | |||||||||||||||||||||||||||||
| Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| 6/30/26 | Year Ended | 6/30/26 | Year Ended | 6/30/26 | Year Ended | 6/30/26 | Year Ended | |||||||||||||||||||||||||
| (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | |||||||||||||||||||||||||
| Royce International Premier Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 47,851 | 350,480 | – | 38,189 | (1,023,950 | ) | (3,383,014 | ) | (976,099 | ) | (2,994,345 | ) | ||||||||||||||||||||
| Service Class | 11,960 | 37,744 | – | 8,122 | (149,559 | ) | (345,065 | ) | (137,599 | ) | (299,199 | ) | ||||||||||||||||||||
| Institutional Class | 90,288 | 365,396 | – | 18,430 | (410,200 | ) | (5,530,404 | ) | (319,912 | ) | (5,146,578 | ) | ||||||||||||||||||||
| Royce Micro-Cap Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 1,001,279 | 857,562 | – | 1,770,034 | (1,217,597 | ) | (2,337,703 | ) | (216,318 | ) | 289,893 | |||||||||||||||||||||
| Service Class | 185,169 | 118,173 | – | 1,404,307 | (860,462 | ) | (1,600,594 | ) | (675,293 | ) | (78,114 | ) | ||||||||||||||||||||
| Consultant Class | 2,835 | 5,828 | – | 147,769 | (97,166 | ) | (203,165 | ) | (94,331 | ) | (49,568 | ) | ||||||||||||||||||||
| Royce Premier Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 3,209,034 | 7,200,081 | – | 6,715,634 | (7,521,536 | ) | (26,801,999 | ) | (4,312,502 | ) | (12,886,284 | ) | ||||||||||||||||||||
| Service Class | 279,154 | 352,810 | – | 281,521 | (322,701 | ) | (798,417 | ) | (43,547 | ) | (164,086 | ) | ||||||||||||||||||||
| Consultant Class | 8,187 | 55,921 | – | 115,815 | (89,105 | ) | (393,821 | ) | (80,918 | ) | (222,085 | ) | ||||||||||||||||||||
| Institutional Class | 1,719,869 | 5,783,392 | – | 1,511,583 | (2,432,084 | ) | (16,447,416 | ) | (712,215 | ) | (9,152,441 | ) | ||||||||||||||||||||
| Royce Small-Cap Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 5,821,488 | 8,130,682 | – | 7,748,092 | (8,920,470 | ) | (28,014,467 | ) | (3,098,982 | ) | (12,135,693 | ) | ||||||||||||||||||||
| Service Class | 224,338 | 476,740 | – | 349,135 | (528,941 | ) | (1,819,705 | ) | (304,603 | ) | (993,830 | ) | ||||||||||||||||||||
| Consultant Class | 134,050 | 341,367 | – | 1,200,877 | (1,479,195 | ) | (4,712,592 | ) | (1,345,145 | ) | (3,170,348 | ) | ||||||||||||||||||||
| Institutional Class | 1,518,343 | 3,087,715 | – | 1,467,184 | (1,731,495 | ) | (4,293,735 | ) | (213,152 | ) | 261,164 | |||||||||||||||||||||
| Royce Small-Cap Opportunity Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 2,867,809 | 4,066,484 | – | 3,270,184 | (4,044,140 | ) | (13,526,477 | ) | (1,176,331 | ) | (6,189,809 | ) | ||||||||||||||||||||
| Service Class | 325,981 | 669,276 | – | 284,113 | (446,639 | ) | (1,180,961 | ) | (120,658 | ) | (227,572 | ) | ||||||||||||||||||||
| Consultant Class | 11,427 | 64,886 | – | 80,577 | (64,981 | ) | (159,750 | ) | (53,554 | ) | (14,287 | ) | ||||||||||||||||||||
| Institutional Class | 1,215,986 | 2,695,295 | – | 1,007,130 | (1,410,822 | ) | (4,858,711 | ) | (194,836 | ) | (1,156,286 | ) | ||||||||||||||||||||
| R Class | 331,100 | 181,032 | – | 236,685 | (256,073 | ) | (683,054 | ) | 75,027 | (265,337 | ) | |||||||||||||||||||||
43
Notes to Financial Statements (unaudited) (continued)
Capital Share Transactions (in shares) (continued):
| SHARES ISSUED FOR | NET INCREASE (DECREASE) IN | |||||||||||||||||||||||||||||||
| SHARES SOLD | REINVESTMENT OF DISTRIBUTIONS | SHARES REDEEMED | SHARES OUTSTANDING | |||||||||||||||||||||||||||||
| Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| 6/30/26 | Year Ended | 6/30/26 | Year Ended | 6/30/26 | Year Ended | 6/30/26 | Year Ended | |||||||||||||||||||||||||
| (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | (unaudited) | 12/31/25 | |||||||||||||||||||||||||
| Royce Small-Cap Special Equity Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 942,552 | 2,764,926 | – | 2,318,635 | (3,632,138 | ) | (11,515,886 | ) | (2,689,586 | ) | (6,432,325 | ) | ||||||||||||||||||||
| Service Class | 30,478 | 223,345 | – | 90,245 | (116,396 | ) | (799,325 | ) | (85,918 | ) | (485,735 | ) | ||||||||||||||||||||
| Consultant Class | 195,651 | 88,713 | – | 69,433 | (71,263 | ) | (233,866 | ) | 124,388 | (75,720 | ) | |||||||||||||||||||||
| Institutional Class | 520,280 | 1,008,922 | – | 402,593 | (590,804 | ) | (4,129,019 | ) | (70,524 | ) | (2,717,504 | ) | ||||||||||||||||||||
| Royce Small-Cap Total Return Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 2,897,477 | 7,077,617 | 364,062 | 8,170,738 | (10,866,541 | ) | (16,734,889 | ) | (7,605,002 | ) | (1,486,534 | ) | ||||||||||||||||||||
| Service Class | 390,759 | 960,199 | 21,890 | 655,434 | (764,023 | ) | (2,314,515 | ) | (351,374 | ) | (698,882 | ) | ||||||||||||||||||||
| Consultant Class | 129,496 | 430,057 | – | 924,848 | (859,325 | ) | (1,838,438 | ) | (729,829 | ) | (483,533 | ) | ||||||||||||||||||||
| Institutional Class | 1,475,404 | 4,171,992 | 194,979 | 3,490,806 | (3,231,428 | ) | (4,576,365 | ) | (1,561,045 | ) | 3,086,433 | |||||||||||||||||||||
| R Class | 134,952 | 473,581 | 7,035 | 293,595 | (380,320 | ) | (676,226 | ) | (238,333 | ) | 90,950 | |||||||||||||||||||||
| Royce Small-Cap Value Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 86,270 | 117,803 | – | 231,708 | (167,995 | ) | (603,071 | ) | (81,725 | ) | (253,560 | ) | ||||||||||||||||||||
| Service Class | 98,233 | 169,170 | – | 564,727 | (516,659 | ) | (1,327,426 | ) | (418,426 | ) | (593,529 | ) | ||||||||||||||||||||
| Royce Smaller-Companies Growth Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 181,601 | 1,258,912 | – | 964,634 | (821,274 | ) | (1,357,317 | ) | (639,673 | ) | 866,229 | |||||||||||||||||||||
| Service Class | 285,923 | 318,360 | – | 1,941,042 | (1,370,105 | ) | (3,089,235 | ) | (1,084,182 | ) | (829,833 | ) | ||||||||||||||||||||
| Institutional Class | 1,148,039 | 188,741 | – | 124,123 | (112,291 | ) | (131,501 | ) | 1,035,748 | 181,363 | ||||||||||||||||||||||
| Royce SMid-Cap Total Return Fund | ||||||||||||||||||||||||||||||||
| Investment Class | 461,679 | 1,476,667 | 16,497 | 4,711,927 | (935,389 | ) | (6,879,977 | ) | (457,213 | ) | (691,383 | ) | ||||||||||||||||||||
| Service Class | 120,925 | 377,492 | 8,860 | 4,318,009 | (879,607 | ) | (1,518,406 | ) | (749,822 | ) | 3,177,095 | |||||||||||||||||||||
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, 2027. To the extent that they impacted net expenses for the six months ended June 30, 2026, the effects of those arrangements are shown below. See the Prospectuses for contractual waivers and expiration dates for all classes of all Funds.
| ANNUAL CONTRACTUAL | SIX MONTHS ENDED | |||||||||||||||||||
| ADVISORY FEE AS A | COMMITTED NET ANNUAL OPERATING EXPENSE RATIO CAP | JUNE 30, 2026 (UNAUDITED) | ||||||||||||||||||
| PERCENTAGE OF AVERAGE | Investment | Service | Consultant | Institutional | Advisory fees | |||||||||||||||
| NET ASSETS1 | Class | Class | Class | Class | R Class | Net advisory fees | waived | |||||||||||||
| Royce International Premier Fund | 1.00% | 1.19% | 1.44% | N/A | 1.04% | N/A | $ | 290,749 | $ | 95,105 | ||||||||||
| Royce Micro-Cap Fund | 1.00% | N/A | 1.49% | 2.24% | N/A | N/A | 1,758,390 | – | ||||||||||||
| Royce Premier Fund | 1.00% | N/A | 1.49% | 2.24% | N/A | N/A | 5,298,051 | – | ||||||||||||
| Royce Small-Cap Fund | 0.76%2 | N/A | N/A | N/A | N/A | N/A | 7,306,193 | – | ||||||||||||
| Royce Small-Cap Opportunity Fund | 1.00% | N/A | 1.49% | 2.24% | N/A | N/A | 6,079,810 | – | ||||||||||||
| Royce Small-Cap Special Equity Fund | 1.00% | 1.24% | 1.49% | 2.24% | N/A | N/A | 2,241,572 | – | ||||||||||||
| Royce Small-Cap Total Return Fund | 1.00% | N/A | 1.49% | 2.24% | 1.02% | N/A | 4,063,701 | 417,749 | ||||||||||||
| Royce Small-Cap Value Fund | 1.00% | 1.24% | 1.49% | N/A | N/A | N/A | 519,800 | – | ||||||||||||
| Royce Smaller-Companies Growth Fund | 1.00% | 1.02% | 1.49% | N/A | 1.02% | N/A | 872,903 | 115,007 | ||||||||||||
| Royce SMid-Cap Total Return Fund | 0.85% | 1.09% | 1.34% | N/A | N/A | N/A | 113,149 | 21,872 | ||||||||||||
1 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.
2 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.
44
Notes to Financial Statements (unaudited) (continued)
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.
| ANNUAL CONTRACTUAL DISTRIBUTION FEE AS A | SIX MONTHS ENDED JUNE 30, 2026 (UNAUDITED) | ||||||||||
| PERCENTAGE OF AVERAGE NET ASSETS | Net distribution fees | Distribution fees waived | |||||||||
| Royce International Premier Fund – Service Class | 0.25 | % | $ | 20,141 | $ | – | |||||
| Royce Micro-Cap Fund – Service Class | 0.25 | % | 179,664 | 3,924 | |||||||
| Royce Micro-Cap Fund – Consultant Class | 1.00 | % | 55,406 | – | |||||||
| Royce Premier Fund – Service Class | 0.25 | % | 38,167 | – | |||||||
| Royce Premier Fund – Consultant Class | 1.00 | % | 47,086 | – | |||||||
| Royce Small-Cap Fund – Service Class | 0.25 | % | 73,369 | 6,380 | |||||||
| Royce Small-Cap Fund – Consultant Class | 1.00 | % | 853,426 | – | |||||||
| Royce Small-Cap Opportunity Fund – Service Class | 0.25 | % | 69,855 | 1,513 | |||||||
| Royce Small-Cap Opportunity Fund – Consultant Class | 1.00 | % | 69,751 | – | |||||||
| Royce Small-Cap Opportunity Fund – R Class | 0.50 | % | 111,588 | – | |||||||
| Royce Small-Cap Special Equity Fund – Service Class | 0.25 | % | 24,736 | – | |||||||
| Royce Small-Cap Special Equity Fund – Consultant Class | 1.00 | % | 65,816 | – | |||||||
| Royce Small-Cap Total Return Fund – Service Class | 0.25 | % | 58,835 | – | |||||||
| Royce Small-Cap Total Return Fund – Consultant Class | 1.00 | % | 351,759 | – | |||||||
| Royce Small-Cap Total Return Fund – R Class | 0.50 | % | 51,185 | – | |||||||
| Royce Small-Cap Value Fund – Service Class | 0.25 | % | 87,473 | – | |||||||
| Royce Smaller-Companies Growth Fund – Service Class | 0.25 | % | 143,571 | – | |||||||
| Royce SMid-Cap Total Return Fund – Service Class | 0.25 | % | 17,632 | 363 | |||||||
Purchases and Sales of Investment Securities:
For the six months ended June 30, 2026, 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 | $ | 11,134,379 | $ | 28,472,217 | ||||
| Royce Micro-Cap Fund | 69,822,233 | 90,425,944 | ||||||
| Royce Premier Fund | 132,090,683 | 220,961,036 | ||||||
| Royce Small-Cap Fund | 493,957,796 | 550,924,476 | ||||||
| Royce Small-Cap Opportunity Fund | 383,402,550 | 437,896,876 | ||||||
| Royce Small-Cap Special Equity Fund | 81,884,534 | 146,596,654 | ||||||
| Royce Small-Cap Total Return Fund | 270,378,909 | 328,480,344 | ||||||
| Royce Small-Cap Value Fund | 25,555,129 | 31,429,493 | ||||||
| Royce Smaller-Companies Growth Fund | 92,322,095 | 102,923,509 | ||||||
| Royce SMid-Cap Total Return Fund | 10,829,213 | 12,620,787 | ||||||
Class Specific Expenses:
Class specific expenses were as follows for the six months ended June 30, 2026:
| NET
DISTRIBUTION FEES | SHAREHOLDER SERVICING | REGISTRATION | SHAREHOLDER REPORTS | COMPENSATING BALANCE CREDITS | TOTAL | CLASS
LEVEL EXPENSES REIMBURSED BY INVESTMENT ADVISER | ||||||||||||||||||||||
| Royce International Premier Fund – Investment Class | $ | – | $ | 34,916 | $ | 8,030 | $ | 4,954 | $ | (647 | ) | $ | 47,253 | $ | 15,303 | |||||||||||||
| Royce International Premier Fund – Service Class | 20,141 | 16,170 | 6,483 | 1,887 | (149 | ) | 44,532 | 12,321 | ||||||||||||||||||||
| Royce International Premier Fund – Institutional Class | – | 20,422 | 7,944 | 6,380 | (3,325 | ) | 31,421 | 31,421 | ||||||||||||||||||||
| 20,141 | 71,508 | 22,457 | 13,221 | (4,121 | ) | 59,045 | ||||||||||||||||||||||
| Royce Micro-Cap Fund – Investment Class | – | 87,307 | 9,534 | 12,223 | (4,597 | ) | 104,467 | - | ||||||||||||||||||||
| Royce Micro-Cap Fund – Service Class | 179,664 | 104,561 | 8,389 | 5,787 | (561 | ) | 297,840 | 19,949 | ||||||||||||||||||||
| Royce Micro-Cap Fund – Consultant Class | 55,406 | 8,873 | 6,546 | 1,609 | (154 | ) | 72,280 | 9,750 | ||||||||||||||||||||
| 235,070 | 200,741 | 24,469 | 19,619 | (5,312 | ) | 29,699 | ||||||||||||||||||||||
| Royce Premier Fund – Investment Class | – | 392,809 | 14,890 | 34,929 | (13,730 | ) | 428,898 | - | ||||||||||||||||||||
| Royce Premier Fund – Service Class | 38,167 | 28,987 | 6,123 | 4,943 | (591 | ) | 77,629 | 19,181 | ||||||||||||||||||||
| Royce Premier Fund – Consultant Class | 47,086 | 8,320 | 6,531 | 1,464 | (117 | ) | 63,284 | 9,919 | ||||||||||||||||||||
| Royce Premier Fund – Institutional Class | – | 7,647 | 9,049 | 15,478 | (540 | ) | 31,634 | - | ||||||||||||||||||||
| 85,253 | 437,763 | 36,593 | 56,814 | (14,978 | ) | 29,100 | ||||||||||||||||||||||
45
Notes to Financial Statements (unaudited) (continued)
Class Specific Expenses (continued):
| NET
DISTRIBUTION FEES | SHAREHOLDER SERVICING | REGISTRATION | SHAREHOLDER REPORTS | COMPENSATING BALANCE CREDITS | TOTAL | CLASS
LEVEL EXPENSES REIMBURSED BY INVESTMENT ADVISER | ||||||||||||||||||||||
| Royce Small-Cap Fund – Investment Class | $ | – | $ | 518,376 | $ | 14,596 | $ | 53,285 | $ | (18,078 | ) | $ | 568,179 | $ | – | |||||||||||||
| Royce Small-Cap Fund – Service Class | 73,369 | 49,164 | 6,504 | 4,524 | (636 | ) | 132,925 | – | ||||||||||||||||||||
| Royce Small-Cap Fund – Consultant Class | 853,426 | 72,111 | 7,453 | 7,649 | (1,845 | ) | 938,794 | – | ||||||||||||||||||||
| Royce Small-Cap Fund – Institutional Class | – | 23,664 | 10,037 | 8,974 | (4,182 | ) | 38,493 | – | ||||||||||||||||||||
| 926,795 | 663,315 | 38,590 | 74,432 | (24,741 | ) | – | ||||||||||||||||||||||
| Royce Small-Cap Opportunity Fund – Investment Class | – | 432,638 | 13,519 | 29,496 | (9,493 | ) | 466,160 | – | ||||||||||||||||||||
| Royce Small-Cap Opportunity Fund – Service Class | 69,855 | 41,593 | 6,509 | 7,068 | (197 | ) | 124,828 | 13,760 | ||||||||||||||||||||
| Royce Small-Cap Opportunity Fund – Consultant Class | 69,751 | 9,665 | 6,061 | 1,461 | (86 | ) | 86,852 | 7,397 | ||||||||||||||||||||
| Royce Small-Cap Opportunity Fund – Institutional Class | – | 15,995 | 8,150 | 7,744 | (3,087 | ) | 28,802 | – | ||||||||||||||||||||
| Royce Small-Cap Opportunity Fund – R Class | 111,588 | 43,991 | 6,122 | 1,306 | (119 | ) | 162,888 | – | ||||||||||||||||||||
| 251,194 | 543,882 | 40,361 | 47,075 | (12,982 | ) | 21,157 | ||||||||||||||||||||||
| Royce Small-Cap Special Equity Fund – Investment Class | – | 215,369 | 11,988 | 17,635 | (4,705 | ) | 240,287 | 25,272 | ||||||||||||||||||||
| Royce Small-Cap Special Equity Fund – Service Class | 24,736 | 19,037 | 6,239 | 2,657 | (182 | ) | 52,487 | 16,057 | ||||||||||||||||||||
| Royce Small-Cap Special Equity Fund – Consultant Class | 65,816 | 9,856 | 6,551 | 1,682 | (243 | ) | 83,662 | 10,174 | ||||||||||||||||||||
| Royce Small-Cap Special Equity Fund – Institutional Class | – | 7,641 | 6,701 | 3,769 | (508 | ) | 17,603 | – | ||||||||||||||||||||
| 90,552 | 251,903 | 31,479 | 25,743 | (5,638 | ) | 51,503 | ||||||||||||||||||||||
| Royce Small-Cap Total Return Fund – Investment Class | – | 303,255 | 11,460 | 31,304 | (7,303 | ) | 338,716 | – | ||||||||||||||||||||
| Royce Small-Cap Total Return Fund – Service Class | 58,835 | 43,326 | 6,614 | 3,917 | (392 | ) | 112,300 | 1,682 | ||||||||||||||||||||
| Royce Small-Cap Total Return Fund – Consultant Class | 351,759 | 42,234 | 6,978 | 6,223 | (1,320 | ) | 405,874 | – | ||||||||||||||||||||
| Royce Small-Cap Total Return Fund – Institutional Class | – | 6,610 | 7,283 | 14,965 | (325 | ) | 28,533 | 28,533 | ||||||||||||||||||||
| Royce Small-Cap Total Return Fund – R Class | 51,185 | 26,062 | 4,141 | 1,958 | (163 | ) | 83,183 | – | ||||||||||||||||||||
| 461,779 | 421,487 | 36,476 | 58,367 | (9,503 | ) | 30,215 | ||||||||||||||||||||||
| Royce Small-Cap Value Fund – Investment Class | – | 22,414 | 7,642 | 2,885 | (784 | ) | 32,157 | 19,153 | ||||||||||||||||||||
| Royce Small-Cap Value Fund – Service Class | 87,473 | 52,611 | 9,476 | 4,246 | (405 | ) | 153,401 | 39,053 | ||||||||||||||||||||
| 87,473 | 75,025 | 17,118 | 7,131 | (1,189 | ) | 58,206 | ||||||||||||||||||||||
| Royce Smaller-Companies Growth Fund – Investment Class | – | 40,412 | 7,918 | 5,603 | (1,928 | ) | 52,005 | 52,005 | ||||||||||||||||||||
| Royce Smaller-Companies Growth Fund – Service Class | 143,571 | 85,334 | 11,077 | 5,544 | (475 | ) | 245,051 | – | ||||||||||||||||||||
| Royce Smaller-Companies Growth Fund – Institutional Class | – | 4,071 | 6,180 | 1,093 | (73 | ) | 11,271 | 11,271 | ||||||||||||||||||||
| 143,571 | 129,817 | 25,175 | 12,240 | (2,476 | ) | 63,276 | ||||||||||||||||||||||
| Royce SMid-Cap Total Return Fund – Investment Class | – | 14,354 | 8,900 | 3,673 | (418 | ) | 26,509 | 26,509 | ||||||||||||||||||||
| Royce SMid-Cap Total Return Fund – Service Class | 17,632 | 14,919 | 7,798 | 1,808 | (216 | ) | 41,941 | 23,998 | ||||||||||||||||||||
| 17,632 | 29,273 | 16,698 | 5,481 | (634 | ) | 50,507 | ||||||||||||||||||||||
46
Notes to Financial Statements (unaudited) (continued)
Tax Information:
As of June 30, 2026, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:
| NET UNREALIZED APPRECIATION | GROSS UNREALIZED | |||||||||||||||
| TAX BASIS COST | (DEPRECIATION) | Appreciation | (Depreciation) | |||||||||||||
| Royce International Premier Fund | $ | 60,024,111 | $ | 6,900,652 | $ | 14,857,855 | $ | 7,957,203 | ||||||||
| Royce Micro-Cap Fund | 260,513,423 | 170,642,497 | 188,210,692 | 17,568,195 | ||||||||||||
| Royce Premier Fund | 585,560,858 | 566,631,291 | 577,405,776 | 10,774,485 | ||||||||||||
| Royce Small-Cap Fund | 1,275,929,714 | 873,013,159 | 912,827,189 | 39,814,030 | ||||||||||||
| Royce Small-Cap Opportunity Fund | 947,636,932 | 483,354,286 | 508,670,618 | 25,316,332 | ||||||||||||
| Royce Small-Cap Special Equity Fund | 398,509,974 | 80,625,369 | 83,506,069 | 2,880,700 | ||||||||||||
| Royce Small-Cap Total Return Fund | 757,230,797 | 196,419,262 | 241,707,844 | 45,288,582 | ||||||||||||
| Royce Small-Cap Value Fund | 77,599,819 | 34,350,539 | 36,885,853 | 2,535,314 | ||||||||||||
| Royce Smaller-Companies Growth Fund | 166,311,901 | 76,698,097 | 79,159,602 | 2,461,505 | ||||||||||||
| Royce SMid-Cap Total Return Fund | 26,052,325 | 6,656,048 | 8,120,073 | 1,464,025 | ||||||||||||
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, 2026:
| AFFILIATED COMPANY 1 | SHARES 12/31/25 | MARKET VALUE 12/31/25 | COSTS
OF PURCHASES | PROCEEDS FROM SALES | REALIZED GAIN (LOSS) | CHANGE
IN NET UNREALIZED APPRECIATION (DEPRECIATION) | DIVIDEND INCOME | SHARES 6/30/26 | MARKET VALUE 6/30/26 | |||||||||||||||||||||||||||
| Royce Small-Cap Special Equity Fund | ||||||||||||||||||||||||||||||||||||
| FINANCIALS – 0.0% | ||||||||||||||||||||||||||||||||||||
| CAPITAL MARKETS – 0.0% | ||||||||||||||||||||||||||||||||||||
| Diamond Hill Investment Group 2 | 125,000 | $ | 21,187,500 | $ | – | $ | 21,756,023 | $ | 6,622,129 | $ | (6,053,606 | ) | $ | – | n/a | n/a | ||||||||||||||||||||
| 21,187,500 | 6,622,129 | (6,053,606 | ) | – | ||||||||||||||||||||||||||||||||
| INDUSTRIALS – 2.9% | ||||||||||||||||||||||||||||||||||||
| MACHINERY – 2.9% | ||||||||||||||||||||||||||||||||||||
| Gencor Industries 3,4 | 927,000 | 12,013,920 | 106,914 | – | – | 1,829,366 | – | 935,000 | $ | 13,950,200 | ||||||||||||||||||||||||||
| 12,013,920 | – | 1,829,366 | – | 13,950,200 | ||||||||||||||||||||||||||||||||
| 33,201,420 | 6,622,129 | (4,224,240 | ) | – | 13,950,200 | |||||||||||||||||||||||||||||||
| Royce Small-Cap Total Return Fund | ||||||||||||||||||||||||||||||||||||
| INFORMATION TECHNOLOGY – 1.9% | ||||||||||||||||||||||||||||||||||||
| IT SERVICES – 1.9% | ||||||||||||||||||||||||||||||||||||
| HACKETT Group (The) 3 | 1,381,040 | 27,109,815 | 3,679,430 | – | – | (12,699,037 | ) | 387,815 | 1,679,685 | 18,090,208 | ||||||||||||||||||||||||||
| 27,109,815 | – | (12,699,037 | ) | 387,815 | 18,090,208 | |||||||||||||||||||||||||||||||
| 1 | Percentages represent the percentages of the investments in the Affiliated Companies of the Fund's net assets. |
| 2 | Not an Affiliated Company as of June 30, 2026. |
| 3 | As of June 30, 2026, 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. |
| 4 | Non-income producing. |
Segment Reporting:
Each Fund operates as a single operating segment, which is a segregated investment portfolio. Royce serves as investment manager for each Fund. The Management Committee of Royce functions as the Chief Operating Decision Maker (“CODM”) for each Fund for purposes of Segment Reporting (Topic 280), 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.
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:
Subsequent events have been evaluated through the date the financial statements were issued and it has been determined that no events have occurred that require disclosure.
47
Changes In and Disagreements with Accountants for the Period Covered by this Report
Not applicable.
Results of Meeting(s) of Shareholders for the Period Covered by this Report
Not applicable.
Remuneration Paid to Directors, Officers and Others for the Period Covered by this Report
Refer to the financial statements included herein.
48
Board Approval of Investment Advisory Agreements
At meetings held on June 17-18, 2026, 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 (to be renamed Royce Small-Cap Growth Fund as of September 30, 2026), Royce SMid-Cap Total Return Fund, 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 performance and investment advisory fee 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” along with detailed net annual operating expense ratio comparisons for each Fund with other mutual funds in its Broadridge-assigned peer group, Morningstar category, and universes of comparable micro- and small-cap funds with certain characteristics that were jointly developed by the Board and Royce at the request of the Board. (The composition of such comparable fund universes is described in more detail under the heading “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”.) Such materials also contained 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
49
Board Approval of Investment Advisory Agreements (cont.)
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 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
Royce employs a highly active approach to portfolio management for each Fund. Accordingly, each Fund does not seek to align its position, industry, and sector exposures with those of its primary performance benchmark index. Instead, each Fund emphasizes intensive fundamental research and analysis in order to apply a distinct investment approach in a consistent manner. This highly active approach generally leads to each Fund having portfolios holdings that are meaningfully different from those of its primary performance benchmark index and peer funds.
A commonly accepted metric within the asset management industry for measuring how actively an equity portfolio is managed is called “active share.” In particular, active share measures how much the holdings
50
Board Approval of Investment Advisory Agreements (cont.)
of an equity portfolio differ from the holdings of its appropriate primary performance benchmark index. For example, an equity portfolio that perfectly replicates its benchmark index would have an active share of 0%, while an equity portfolio with no holdings in common with its benchmark index would have an active share of 100%. An equity portfolio that holds stocks that are included in its benchmark index but weights such holdings differently relative to such benchmark index can also achieve a high active share. The active share for each Fund for the calendar year ended December 31, 2025 is set forth in the table below.
| Fund Active Shares for Calendar Year Ended December 31, 2025 | |||
| Fund | Active Share | Fund | Active Share |
| Royce Small-Cap Fund | 87% | Royce Small-Cap Special Equity Fund | 98% |
| Royce Micro-Cap Fund | 88% | Royce Small-Cap Value Fund | 95% |
| Royce Premier Fund | 98% | Royce Smaller-Companies Growth Fund | 93% |
| Royce Small-Cap Total Return Fund | 96% | Royce SMid-Cap Total Return Fund | 97% |
| Royce Small-Cap Opportunity Fund | 91% | Royce International Premier Fund | 99% |
Overall, 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 their respective primary performance benchmark indexes and similar funds against which the Funds are often compared; and (iii) may include periods of underperformance relative to such benchmarks and peer funds.
The Russell 2000 Index, the Russell Micro-Cap Index, and the Russell 2500 Index rose 12.8%, 23%, and 11.91%, respectively, during the calendar year ended December 31, 2025. Outside the United States, the MSCI ACWI ex-USA Small Cap Index (USD) gained 29.88% during 2025. Within the U.S. small-cap market, the Board noted that small-cap growth stocks fared better than small-cap value stocks during 2025, as they did in 2024 and 2023, with the Russell 2000 Growth Index posting a return of 13.01%, compared to a gain of 12.59% for the Russell 2000 Value Index. Despite the solid absolute returns for the Russell 2000 Index, the Russell Micro-Cap Index, and the Russell 2500 Index in 2025, the Russell 1000 Index gained 17.4% during the period and outperformed its smaller-cap siblings.
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. The trustees reviewed and considered risk-adjusted performance information for each Fund that compared each Fund’s Sharpe Ratio with: (i) the Sharpe Ratios of the funds within its Morningstar category for each of the 1-, 3-, 5-, and 10-year periods ended December 31, 2025; and (ii) the Sharpe Ratio of its primary performance benchmark index for each of the 1-, 3-, 5-, and 10-year periods ended March 31, 2026. Such information is summarized in the table below.
51
Board Approval of Investment Advisory Agreements (cont.)
Fund |
Fund Average Annual Returns Relative to Broadridge-Assigned Peer Group Average Annual Returns |
Fund Average Annual Returns Relative to Primary Performance Benchmark Index Average Annual Returns |
| Royce Small-Cap Fund | Outperformed over all periods shown | Outperformed over trailing 5- and 10-year periods Lagged all other periods shown |
| Royce Micro-Cap Fund | Outperformed over all periods shown | Outperformed over trailing 3-, 5-, and 10-year periods Lagged over trailing 1-year period |
| Royce Premier Fund | Outperformed over trailing 10-year period Lagged all other periods shown |
Outperformed over trailing 5- and 10-year periods Lagged all other periods shown |
| Royce Small-Cap Total Return Fund | Lagged over all periods shown | Outperformed over trailing 10-year period Lagged all other periods shown |
| Royce Small-Cap Opportunity Fund | Outperformed over all periods shown | Outperformed over all periods shown |
| Royce Small-Cap Special Equity Fund | Lagged over all periods shown | Outperformed over trailing 10-year period Lagged all other periods shown |
| Royce Small-Cap Value Fund | Outperformed over trailing 1-, 3-, and 5-year periods Lagged over trailing 10-year period |
Outperformed over trailing 5-year period Lagged all other periods shown |
| Royce Smaller-Companies Growth Fund | Outperformed over trailing 1-, 3-, and 10-year periods Lagged over trailing 5-year period |
Outperformed over trailing 3-year period Lagged all other periods shown |
| Royce SMid-Cap Total Return Fund | Outperformed over trailing 3- and 5-year periods Lagged all other periods shown |
Outperformed over trailing 3- and 5-year periods Lagged all other periods shown |
| Royce International Premier Fund | Lagged over all periods shown | Lagged over all periods shown |
In addition to receiving information regarding each Fund’s relative risk–adjusted performance, the trustees reviewed and considered absolute performance information for each Fund that compared each Fund’s average annual total returns with those of the funds within its Broadridge-assigned peer group and those of its primary performance benchmark index for each of the 1-, 3-, 5-, and 10-year periods ended March 31, 2026. Such information is summarized in the table below.
Fund |
Fund Average Annual Returns Relative to Broadridge-Assigned Peer Group Average Annual Returns |
Fund Average Annual Returns Relative to Primary Performance Benchmark Index Average Annual Returns |
| Royce Small-Cap Fund | Outperformed over all periods shown | Outperformed over trailing 5- and 10-year periods Lagged all other periods shown |
| Royce Micro-Cap Fund | Outperformed over all periods shown | Outperformed over trailing 3-, 5-, and 10-year periods Lagged over trailing 1-year period |
| Royce Premier Fund | Outperformed over trailing 10-year period Lagged all other periods shown |
Outperformed over trailing 5- and 10-year periods Lagged all other periods shown |
| Royce Small-Cap Total Return Fund | Lagged over all periods shown | Outperformed over trailing 10-year period Lagged all other periods shown |
| Royce Small-Cap Opportunity Fund | Outperformed over all periods shown | Outperformed over all periods shown |
| Royce Small-Cap Special Equity Fund | Lagged over all periods shown | Outperformed over trailing 10-year period Lagged all other periods shown |
| Royce Small-Cap Value Fund | Outperformed over trailing 1-, 3-, and 5-year periods Lagged over trailing 10-year period |
Outperformed over trailing 5-year period Lagged all other periods shown |
| Royce Smaller-Companies Growth Fund | Outperformed over trailing 1-, 3-, and 10-year periods Lagged over trailing 5-year period |
Outperformed over trailing 3-year period Lagged all other periods shown |
| Royce SMid-Cap Total Return Fund | Outperformed over trailing 3- and 5-year periods Lagged all other periods shown |
Outperformed over trailing 3- and 5-year periods Lagged all other periods shown |
| Royce International Premier Fund | Lagged over all periods shown | Lagged over all periods shown |
Overall, the Board noted that: (i) eight of the ten Funds outperformed the funds within their respective Morningstar categories or their respective primary performance benchmark indexes on a risk adjusted basis for at least two of the applicable time periods; and (ii) seven of the ten Funds outperformed the funds within their respective Broadridge-assigned peer groups or their respective primary performance benchmark indexes on an absolute return basis for at least two of the applicable time periods.
52
Board Approval of Investment Advisory Agreements (cont.)
With respect to Royce International Premier Fund, the Board noted its long-term emphasis on high-quality international small-cap companies has at times lagged during periods characterized by narrow market leadership, momentum-driven investing, and stronger performance from lower-quality, higher-beta stocks. The Board further noted that Royce International Premier Fund is categorized by Broadridge as falling within the Morningstar Foreign Small/Mid Growth category, where the average market capitalization of portfolio holdings tends to be meaningfully larger than the Fund’s (e.g., a recent average market capitalization for such category was $4.45 billion, compared to $2.26 billion for the Fund, highlighting the Fund’s greater emphasis on smaller-cap companies). The primary performance benchmark index for Royce International Premier Fund captures representation across 22 developed markets countries (excluding the United States) and 24 emerging markets countries and has over 4,000 constituents. By contrast, Royce International Premier Fund held, as of December 31, 2025, 52 issuers headquartered in 14 developed markets countries and 5 emerging markets countries, and had an active share of 99% for the calendar year ended December 31, 2025. With respect to Royce Small-Cap Special Equity Fund, the Board noted that its emphasis on higher-quality businesses with stronger balance sheets and more conservative financing profiles lagged when lower-quality and more speculative small-cap stocks were in favor during the period from the second half of 2024 through the end of the first quarter in 2026. With respect to Royce Small-Cap Total Return Fund, the Board noted that its recent underperformance can largely be attributed to the then-prevailing market environment in which higher-growth and more speculative areas of the small-cap universe were favored while the dividend-paying and lower-volatility stocks emphasized by the Fund lagged.
The Board also noted that the peer groups included in the Broadridge materials provided to them for a number of Funds may not be optimal for performance comparison purposes and that Royce had augmented the data provided to the Board throughout the years to include performance information from a broader universe that includes additional funds that Royce believes are comparable to those Funds.
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, 2025, were reasonable in relation to the nature and quality of services provided.
53
Board Approval of Investment Advisory Agreements (cont.)
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 Royce Small-Cap Fund, which 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 Royce Small-Cap Fund 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.
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 smaller company stocks, as provided by Broadridge. The Board noted that the effective investment advisory fee rate for: (i) Royce Small-Cap Fund was lower than the median for its Broadridge-assigned peer group; (ii) Royce Micro-Cap Fund 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 has historically emphasized the value of a Fund’s net annual operating expense ratio in assessing the level of its expenses, particularly in light of the variations in the mutual fund industry as to which entity is responsible for particular types of expenses. To that end, the Board compared the net annual operating expense ratio for each Fund with those of other mutual funds in its Broadridge-assigned peer group (generally between 8 and 15 funds), Morningstar category, and universes of comparable micro- and small-cap funds with certain characteristics that were jointly developed by the Board and Royce at the request of the Board (each referred to herein as a “Universe of Peers”). The micro-cap Universe of Peers is comprised of domestic, micro-cap, and non-index mutual funds from the Morningstar Direct database with a comparable share class to the Investment Class shares of the Funds that is not subject to Rule 12b-1 fees, and had active shares equal to or greater than 85%. The small-cap Universe of Peers is comprised of domestic, small-cap, and non-index mutual funds from the Morningstar Direct database with a comparable share class to the Investment Class shares of the Funds that is not subject to Rule 12b-1 fees, had aggregate net assets of between $50 million and $2 billion, and had active shares equal to or greater than 85%. (Given the market capitalization and geographic investment focuses of the funds comprising each Universe of Peers, the Board did not take information derived from either Universe of Peers into account in assessing the net annual operating expense ratios for Royce SMid-Cap Total Return Fund and Royce International Premier Fund for the relevant period.)
54
Board Approval of Investment Advisory Agreements (cont.)
The Board noted that the net annual operating expense ratios for Royce Micro-Cap Fund, Royce Smaller-Companies Growth Fund, and Royce International Premier Fund were lower than the median net annual operating expense ratios for their respective Broadridge-assigned peer groups for the calendar year ended December 31, 2025. The Board also noted that the net annual operating expense ratios for Royce Small-Cap Fund, Royce Small-Cap Total Return Fund, Royce Small-Cap Opportunity Fund, Royce Small-Cap Special Equity Fund, and Royce Small-Cap Value Fund were 2, 6, 6, 10, and 4 basis points higher, respectively, than the median net annual operating expense ratios for their respective Broadridge-assigned peer groups for the relevant period. With respect to the relevant period, the Board further noted that: (i) the net annual operating expense ratio for Royce Small-Cap Fund was 17 basis points lower than the arithmetic average of the net annual operating expense ratios of the funds within the small-cap Universe of Peers; and (ii) the net annual operating expense ratios for Royce Small-Cap Total Return Fund, Royce Small-Cap Opportunity Fund, Royce Small-Cap Special Equity Fund, and Royce Small-Cap Value Fund were 2, 12, 12, and 12 basis points higher, respectively, than the arithmetic average of the net annual operating expense ratios of the funds within the small-cap Universe of Peers. With respect to Royce Premier Fund, the Board noted that its net annual operating expense ratio was meaningfully higher than the median net annual operating expense ratio for its Broadridge-assigned peer group for the relevant period in part because Broadridge assigns such Fund to a peer group comprised primarily of funds from the Morningstar Small Blend category with lower active shares and larger asset sizes. Notwithstanding such differential in net annual operating expense ratios, the Board further noted that Royce Premier Fund’s net annual operating expense ratio was only 10 basis points higher than the arithmetic average of the net annual operating expense ratios of the funds within the small-cap Universe of Peers. With respect to Royce SMid-Cap Total Return Fund, the Board noted that its net annual operating expense ratio was 13 basis points higher than the median net annual operating expense ratio for its Broadridge-assigned peer group for the relevant period in part because Broadridge assigns such Fund to a peer group drawn heavily from funds within the Morningstar Mid-Cap Blend and Mid-Cap Value categories that have a much larger and more liquid universe of investable securities. Royce SMid-Cap Total Return Fund, on the other hand, employs a true “smid-cap” investment strategy, which is reflected by the fact that it had the second lowest allocation to mid-cap stocks and the second highest allocation to micro- and small-cap stocks for such peer group.
In addition, the Board noted that the contractual investment advisory fee rate for each of Royce Premier Fund and Royce SMid-Cap Total Return Fund is generally consistent with those of the other Funds that invest primarily in smaller-company equity securities. After taking into consideration that the level of work necessary to invest in domestic and/or international smaller-company 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 such Funds, were appropriate for those Funds. The trustees also noted that:
(i) the contractual investment advisory fee rate for Royce SMid-Cap Total Return Fund is slightly lower than that of the other Funds because Royce SMid-Cap Total Return Fund invests a greater portion of its assets in larger-cap securities compared such other Funds; and (ii) Royce SMid-Cap Total Return Fund’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, 2025.
55
Board Approval of Investment Advisory Agreements (cont.)
The Board also noted that Royce manages each Fund in an active fashion. A commonly accepted metric within the asset management industry for measuring how actively an equity portfolio is managed is called “active share.” A description of such metric and the Fund’s active share scores for the calendar year ended December 31, 2025 are provided above under the heading “Investment Performance of the Funds and Royce.” The Board also considered analyses prepared by Royce that demonstrated that mutual funds with high active share scores, such as Royce Premier Fund (98%) and Royce SMid-Cap Total Return Fund (97%), had higher expense ratios than mutual funds with lower active share scores, which Royce believes is attributable to the resources required for the active management of those funds. 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, 2025, 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 Royce Small-Cap Fund became effective as of July 1, 2017. The Board also considered investment advisory fees charged by Royce to institutional and other clients and noted the greater levels of services that Royce provides to registered investment companies such as the Funds as compared to 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.
56
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. Not applicable to this semi-annual report.
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)(b) Not Applicable.
(a)(4) Not Applicable.
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
| BY: | /s/ Christopher D. Clark | |||
| Christopher D. Clark | ||||
| President | ||||
Date: August 11, 2026
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 11, 2026 | Date: August 11, 2026 | |||