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ck0000709364:Holdings false N-1A 0000709364 N-CSRS ROYCE FUND Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report 2026-06-30 Royce Small-Cap Fund Consultant Class RYPCX This semiannual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Fund—Consultant Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000025998Member_zFJBHEX3bWoa" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$108</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025998Member_fKDEp_zbitrie2opOb" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.96%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td id="xdx_F07_zuEIvtlW1R0a" style="display: none; width: 50%; visibility: hidden">1</td> <td id="xdx_F11_zFMH5mclE5H" style="display: none; width: 50%; visibility: hidden">Annualized</td></tr> </table> 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. 108 0.0196 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025998Member_zVn58N3UvQeb" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$2,138</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025998Member_zgbpL8ZwIEf9" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">269</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025998Member_zoul5zO0Z9ke" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">26%</td></tr> </table>

2138000000

269

0.26

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padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">SEI Investments </td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--LargestHoldingAxis__custom--SEIInvestmentsMember_z53hUAexujxl" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RBC Bearings </td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--LargestHoldingAxis__custom--RBCBearingsMember_znnOKjJdiLrg" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">JBT Marel </td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--LargestHoldingAxis__custom--JBTMarelMember_zuiuVjFboLAj" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Dorman Products </td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--LargestHoldingAxis__custom--DormanProductsMember_zF9odlaQdlch" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.0 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.023 0.021 0.014 0.013 0.012 0.011 0.011 0.011 0.010 0.010 <div id="xdx_80C_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025998Member_dU_zS97p65PvwM2" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img002_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zYfysxlvpnBg" style="display: none; width: 50%; visibility: hidden">29.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology </td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zdR4SOUDaV06" style="display: none; visibility: hidden">18.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zvkpCjLM8Jah" style="display: none; visibility: hidden">17.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zVP4mGR80TWh" style="display: none; visibility: hidden">10.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zubJ0fUftNn9" style="display: none; visibility: hidden">7.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ztiKSau7n6zd" style="display: none; visibility: hidden">7.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zVRgRuQr1GWh" style="display: none; visibility: hidden">2.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zBKB3qfjoJxa" style="display: none; visibility: hidden">1.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zXtTFCU5E6M2" style="display: none; visibility: hidden">0.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zBS77VsMrnSg" style="display: none; visibility: hidden">0.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025998Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zZ53ToECQV4a" style="display: none; visibility: hidden">3.4</td></tr> </table> <div style="clear: both"></div> 0.299 0.187 0.177 0.101 0.076 0.070 0.025 0.016 0.008 0.007 0.034 1-800-221-4268 www.royceinvest.com Royce Small-Cap Fund Investment Class PENNX This semiannual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Fund—Investment Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000025997Member_ztGqoMva8Wok" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$52</td> <td id="xdx_98C_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025997Member_fKDEp_zBCvDPshdWm2" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">0.94%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 4%; visibility: hidden">1</td> <td id="xdx_F1F_zmwhLKwJgsLh" style="display: none; width: 96%; visibility: hidden">Annualized</td></tr> </table> 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. 52 0.0094 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025997Member_zS8dVcB7r49e" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$2,138</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025997Member_zVjLvK4aQN4g" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">269</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025997Member_znIBdkZWXsUg" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">26%</td></tr> </table>

2138000000

269

0.26

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Arcosa </td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--LargestHoldingAxis__custom--ArcosaMember_ztfBlGfPEPp8" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Element Solutions </td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--LargestHoldingAxis__custom--ElementSolutionsMember_ztePeK4eOjfd" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Onto Innovation </td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--LargestHoldingAxis__custom--OntoInnovationMember_z6R8hgwrxzT3" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Enpro </td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--LargestHoldingAxis__custom--EnproMember_zhmZnXJXisbb" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Quaker Houghton </td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--LargestHoldingAxis__custom--QuakerHoughtonMember_zPzeQBnWZWy3" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.2 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Assured Guaranty </td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--LargestHoldingAxis__custom--AssuredGuarantyMember_ztSnzWbTt5A2" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">SEI Investments </td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--LargestHoldingAxis__custom--SEIInvestmentsMember_zB5nexe6Ubl5" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RBC Bearings </td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--LargestHoldingAxis__custom--RBCBearingsMember_z2Gao96FJuTj" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">JBT Marel </td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--LargestHoldingAxis__custom--JBTMarelMember_z0F4wDAU0Zuf" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Dorman Products </td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--LargestHoldingAxis__custom--DormanProductsMember_zP3QiREWN46d" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.0 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.023 0.021 0.014 0.013 0.012 0.011 0.011 0.011 0.010 0.010 <div id="xdx_808_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025997Member_dU_zqAEr8HFU7O7" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img004_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zYfysxlvpnBg" style="display: none; width: 50%; visibility: hidden">29.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology </td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zdR4SOUDaV06" style="display: none; visibility: hidden">18.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zvkpCjLM8Jah" style="display: none; visibility: hidden">17.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zVP4mGR80TWh" style="display: none; visibility: hidden">10.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zubJ0fUftNn9" style="display: none; visibility: hidden">7.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ztiKSau7n6zd" style="display: none; visibility: hidden">7.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zVRgRuQr1GWh" style="display: none; visibility: hidden">2.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zBKB3qfjoJxa" style="display: none; visibility: hidden">1.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zXtTFCU5E6M2" style="display: none; visibility: hidden">0.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zBS77VsMrnSg" style="display: none; visibility: hidden">0.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025997Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zZ53ToECQV4a" style="display: none; visibility: hidden">3.4</td></tr> </table> <div style="clear: both"></div> 0.299 0.187 0.177 0.101 0.076 0.070 0.025 0.016 0.008 0.007 0.034 1-800-221-4268 www.royceinvest.com Royce Small-Cap Fund Institutional Class RPMIX This semiannual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Fund—Institutional Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000098386Member_zEXXKb6g220j" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$49</td> <td id="xdx_981_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000098386Member_fKDEp_zX6TZ3iSt0Vc" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">0.89%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 5%; visibility: hidden">1</td> <td id="xdx_F12_zuqImSUfA9di" style="display: none; width: 95%; visibility: hidden">Annualized</td></tr> </table> 49 0.0089 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000098386Member_zges9Y5I4pu8" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$2,138</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000098386Member_zgcndZ6Gszl" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">269</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000098386Member_zLMNkVMph7ab" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">26%</td></tr> </table>

2138000000

269

0.26

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Arcosa </td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--LargestHoldingAxis__custom--ArcosaMember_zKztxiFxH5cc" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Element Solutions </td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--LargestHoldingAxis__custom--ElementSolutionsMember_zc2d5bVVLg17" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Onto Innovation </td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--LargestHoldingAxis__custom--OntoInnovationMember_zbV8Xr89fu28" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Enpro </td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--LargestHoldingAxis__custom--EnproMember_zKcWhY8g4A34" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Quaker Houghton </td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--LargestHoldingAxis__custom--QuakerHoughtonMember_zwVMksqNw2D2" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.2 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Assured Guaranty </td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--LargestHoldingAxis__custom--AssuredGuarantyMember_za4NeeqgeQ2b" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">SEI Investments </td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--LargestHoldingAxis__custom--SEIInvestmentsMember_zujihsmDdHb7" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RBC Bearings </td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--LargestHoldingAxis__custom--RBCBearingsMember_zGVr7NlIV6ig" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">JBT Marel </td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--LargestHoldingAxis__custom--JBTMarelMember_zuQE6PtGlQF9" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Dorman Products </td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--LargestHoldingAxis__custom--DormanProductsMember_z7ZLQq9HnvY1" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.0 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.023 0.021 0.014 0.013 0.012 0.011 0.011 0.011 0.010 0.010 <div id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000098386Member_dU_zcB9mHzFVhG8" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img006_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zYfysxlvpnBg" style="display: none; width: 50%; visibility: hidden">29.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology </td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zdR4SOUDaV06" style="display: none; visibility: hidden">18.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zvkpCjLM8Jah" style="display: none; visibility: hidden">17.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zVP4mGR80TWh" style="display: none; visibility: hidden">10.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zubJ0fUftNn9" style="display: none; visibility: hidden">7.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ztiKSau7n6zd" style="display: none; visibility: hidden">7.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zVRgRuQr1GWh" style="display: none; visibility: hidden">2.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zBKB3qfjoJxa" style="display: none; visibility: hidden">1.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zXtTFCU5E6M2" style="display: none; visibility: hidden">0.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zBS77VsMrnSg" style="display: none; visibility: hidden">0.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000098386Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zZ53ToECQV4a" style="display: none; visibility: hidden">3.4</td></tr> </table> <div style="clear: both"></div> 0.299 0.187 0.177 0.101 0.076 0.070 0.025 0.016 0.008 0.007 0.034 1-800-221-4268 www.royceinvest.com Royce Small-Cap Fund Service Class RYPFX This semiannual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Fund—Service Class</td> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$70</td> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.27%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 5%; visibility: hidden">1</td> <td id="xdx_F16_zcEaY0L8pjpd" style="display: none; width: 95%; visibility: hidden">Annualized</td></tr> </table> 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. 70 0.0127 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025999Member_zzhX1wUADuHd" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$2,138</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025999Member_zci6jtp0Fku" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">269</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025999Member_z54zuBnRUDB4" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">26%</td></tr> </table>

2138000000

269

0.26

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Arcosa </td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--LargestHoldingAxis__custom--ArcosaMember_z9nIXmJRajSf" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Element Solutions </td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--LargestHoldingAxis__custom--ElementSolutionsMember_zJ7Uo2Wnkg43" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Onto Innovation </td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--LargestHoldingAxis__custom--OntoInnovationMember_zA2JwMvkgUE6" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Enpro </td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--LargestHoldingAxis__custom--EnproMember_zRbRzvlh9An2" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Quaker Houghton </td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--LargestHoldingAxis__custom--QuakerHoughtonMember_z9K5MgnMj3B6" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.2 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Assured Guaranty </td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--LargestHoldingAxis__custom--AssuredGuarantyMember_zvQCg8qklQV8" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">SEI Investments </td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--LargestHoldingAxis__custom--SEIInvestmentsMember_zyn9Prv5HM2j" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RBC Bearings </td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--LargestHoldingAxis__custom--RBCBearingsMember_zxeSiX5ng0J8" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">JBT Marel </td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--LargestHoldingAxis__custom--JBTMarelMember_zKJV5Dacjxt5" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Dorman Products </td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--LargestHoldingAxis__custom--DormanProductsMember_zBGmbcJWuYzb" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.0 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.023 0.021 0.014 0.013 0.012 0.011 0.011 0.011 0.010 0.010 <div id="xdx_807_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025999Member_dU_zdWPeLCzK5md" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img008_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zYfysxlvpnBg" style="display: none; width: 50%; visibility: hidden">29.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology </td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zdR4SOUDaV06" style="display: none; visibility: hidden">18.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zvkpCjLM8Jah" style="display: none; visibility: hidden">17.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zVP4mGR80TWh" style="display: none; visibility: hidden">10.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zubJ0fUftNn9" style="display: none; visibility: hidden">7.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ztiKSau7n6zd" style="display: none; visibility: hidden">7.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zVRgRuQr1GWh" style="display: none; visibility: hidden">2.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zBKB3qfjoJxa" style="display: none; visibility: hidden">1.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zXtTFCU5E6M2" style="display: none; visibility: hidden">0.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zBS77VsMrnSg" style="display: none; visibility: hidden">0.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025999Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zZ53ToECQV4a" style="display: none; visibility: hidden">3.4</td></tr> </table> <div style="clear: both"></div> 0.299 0.187 0.177 0.101 0.076 0.070 0.025 0.016 0.008 0.007 0.034 1-800-221-4268 www.royceinvest.com Royce SMid-Cap Total Return Fund Investment Class RDVIX This semiannual shareholder report contains important information about Royce SMid-Cap Total Return Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce SMid-Cap Total Return Fund—Investment Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000054171Member_z25n4z6BTl84" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$58</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000054171Member_fKDEp_znWnwN6QCQs2" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.09%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 5%; visibility: hidden">(1)</td> <td id="xdx_F11_z5yAFVcT2K49" style="display: none; width: 95%; visibility: hidden">Annualized</td></tr> </table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 58 0.0109 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000054171Member_zLyEpjxB4N4f" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$33</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000054171Member_z2CN5owyCiYb" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">54</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000054171Member_zkCWmaPRvTMh" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">37%</td></tr> </table>

33000000

0.37

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; width: 83%">Top 10 Positions</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 16%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">MSC Industrial Direct Cl. A</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--LargestHoldingAxis__custom--MSCIndustrialDirectClAMember_zaJHlZVw1Ja1" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">4.1</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Andersen Group Cl. A</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--LargestHoldingAxis__custom--AndersenGroupClAMember_zPyTQuixFYYe" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.5</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Silgan Holdings</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--LargestHoldingAxis__custom--SilganHoldingsMember_ztEbZMzWVc76" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.3</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Advance Auto Parts</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zIj294HaZCo8" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.3</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Assured Guaranty</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--LargestHoldingAxis__custom--AssuredGuarantyMember_zLSUkgQvnUm9" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.2</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">FTAI Aviation</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--LargestHoldingAxis__custom--FTAIAviationMember_zItGIhw8pPbf" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.2</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Academy Sports & Outdoors</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--LargestHoldingAxis__custom--AcademySportsAndOutdoorsMember_z6LbZ3qX4j15" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.1</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Quaker Houghton</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--LargestHoldingAxis__custom--QuakerHoughtonMember_zxHcySmeQXV" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.0</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Vontier Corporation</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--LargestHoldingAxis__custom--VontierCorporationMember_zBGtdI1J0Qv6" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">2.9</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">AptarGroup</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--LargestHoldingAxis__custom--AptarGroupMember_zqNG2yuMYGG3" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">2.7</td> <td style="border-bottom: rgb(197,199,200) 2pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> </table> </div> 0.041 0.035 0.033 0.033 0.032 0.032 0.031 0.030 0.029 0.027 <div id="xdx_802_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000054171Member_dU_z2FARCnyHhTb" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img012_v1.jpg" style="width: 450px"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zynQq2HKwjV4" style="display: none; width: 50%; visibility: hidden">30.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zyNBH3aqTA7b" style="display: none; visibility: hidden">26.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zUPKuMkXhZvl" style="display: none; visibility: hidden">13.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_z8FBSOCDBpn" style="display: none; visibility: hidden">9.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zOLRluGp38Sh" style="display: none; visibility: hidden">6.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zkqFASaxc7v2" style="display: none; visibility: hidden">5.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zU5VpZgzwn49" style="display: none; visibility: hidden">4.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zLrSB210g6L2" style="display: none; visibility: hidden">2.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zzyMXUi33Ukh" style="display: none; visibility: hidden">0.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000054171Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zKlpzn3pxQY" style="display: none; visibility: hidden">3.1</td></tr> </table> <div style="clear: both"></div> 0.300 0.261 0.139 0.091 0.061 0.050 0.041 0.023 0.003 0.031 1-800-221-4268 www.royceinvest.com Royce SMid-Cap Total Return Fund Service Class RYDVX This semiannual shareholder report contains important information about Royce SMid-Cap Total Return Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce SMid-Cap Total Return Fund—Service Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026035Member_zWDRUYj7KGA7" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$71</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026035Member_fKDEp_zCxA1MDrZ5L8" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.34%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 7%; visibility: hidden">1</td> <td id="xdx_F19_zWjhR16nwgBj" style="display: none; width: 93%; visibility: hidden">Annualized</td></tr> </table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 71 0.0134 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026035Member_zkZQS6SPBQEb" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$33</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026035Member_z87TvwE41B86" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">54</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026035Member_zfvx4h9NKEU2" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">37%</td></tr> </table>

33000000

0.37

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; width: 83%">Top 10 Positions</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 16%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 1%"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">MSC Industrial Direct Cl. A</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--LargestHoldingAxis__custom--MSCIndustrialDirectClAMember_z7Qr8U5pKKq" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">4.1</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Andersen Group Cl. A</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--LargestHoldingAxis__custom--AndersenGroupClAMember_zdwDxY6rVN29" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.5</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Silgan Holdings</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--LargestHoldingAxis__custom--SilganHoldingsMember_zdNDD3yxkIi5" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.3</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Advance Auto Parts</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zGBtWmIdtBZh" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.3</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Assured Guaranty</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--LargestHoldingAxis__custom--AssuredGuarantyMember_zOGyUvJE43ci" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.2</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">FTAI Aviation</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--LargestHoldingAxis__custom--FTAIAviationMember_zZEMzCSH8rj2" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.2</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Academy Sports & Outdoors</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--LargestHoldingAxis__custom--AcademySportsAndOutdoorsMember_zRnFEnN3YBsk" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.1</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Quaker Houghton</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--LargestHoldingAxis__custom--QuakerHoughtonMember_zrrlALubVKA9" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">3.0</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">Vontier Corporation</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--LargestHoldingAxis__custom--VontierCorporationMember_zY4q1XDHtwY9" style="border-bottom: rgb(209,211,212) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">2.9</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> <tr style="font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-left: 1pt; padding-top: 2pt">AptarGroup</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--LargestHoldingAxis__custom--AptarGroupMember_za74NnI3529h" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 5.5pt; text-align: right; padding-top: 2pt">2.7</td> <td style="border-bottom: rgb(197,199,200) 2pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-top: 2pt"> </td></tr> </table> </div> 0.041 0.035 0.033 0.033 0.032 0.032 0.031 0.030 0.029 0.027 <div id="xdx_805_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026035Member_dU_z8ZXTKuIcVDk" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img012_v1.jpg" style="height: 166px; width: 450px"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zynQq2HKwjV4" style="display: none; width: 50%; visibility: hidden">30.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zyNBH3aqTA7b" style="display: none; visibility: hidden">26.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zUPKuMkXhZvl" style="display: none; visibility: hidden">13.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_z8FBSOCDBpn" style="display: none; visibility: hidden">9.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zOLRluGp38Sh" style="display: none; visibility: hidden">6.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zkqFASaxc7v2" style="display: none; visibility: hidden">5.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zU5VpZgzwn49" style="display: none; visibility: hidden">4.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zLrSB210g6L2" style="display: none; visibility: hidden">2.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zzyMXUi33Ukh" style="display: none; visibility: hidden">0.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026035Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zKlpzn3pxQY" style="display: none; visibility: hidden">3.1</td></tr> </table> <div style="clear: both"></div> 0.300 0.261 0.139 0.091 0.061 0.050 0.041 0.023 0.003 0.031 1-800-221-4268 www.royceinvest.com Royce International Premier Fund Investment Class RIPNX This semiannual shareholder report contains important information about Royce International Premier Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 47%"> </td> <td style="width: 21%; text-align: center">COSTS OF A</td> <td style="width: 32%; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C5C7C8 1pt solid">FUND/CLASS</td> <td style="border-bottom: #C5C7C8 1pt solid; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #C5C7C8 1pt solid; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid">Royce International Premier Fund—Investment Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000136200Member_zZBpBivX7fc6" style="border-bottom: rgb(197,199,200) 2pt solid; text-align: center">$59</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000136200Member_fKDEp_zOPiFPOFufR" style="border-bottom: rgb(197,199,200) 2pt solid; text-align: center">1.19%</td></tr> </table> 1Annualized <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 9%; visibility: hidden">1</td> <td id="xdx_F11_zDIJ7zbNIHnl" style="display: none; width: 91%; visibility: hidden">Annualized</td></tr> </table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 59 0.0119 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: #C5C7C8 1pt solid; width: 59%">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000136200Member_zsExTKDmN3L9" style="border-bottom: #C5C7C8 1pt solid; width: 41%; text-align: right">$69</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C5C7C8 1pt solid">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000136200Member_zI4N4FbgTudc" style="border-bottom: #C5C7C8 1pt solid; text-align: right">59</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C5C7C8 2pt solid">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000136200Member_zJP8qPsfP7Ol" style="border-bottom: #C5C7C8 2pt solid; text-align: right">15%</td></tr> </table>

69000000

0.15

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 65%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-top: Black 1pt solid; width: 26%; padding-top: 2pt">Top 10 Positions</td> <td style="border-top: Black 1pt solid; width: 5%; padding-top: 2pt; text-align: right; padding-right: 5.4pt"> </td> <td style="width: 3%; padding-top: 2pt"> </td> <td style="border-top: Black 1pt solid; width: 26%; padding-top: 2pt">Country Breakdown1,2</td> <td style="border-top: Black 1pt solid; width: 5%; padding-top: 2pt; text-align: right; padding-right: 5.4pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">XP Power</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--LargestHoldingAxis__custom--XPPowerMember_zS3aTHIK4KW3" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">4.3</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Japan</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--JP_fMSAy_zFzxFf7x0C4f" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">21.5</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Diploma</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--LargestHoldingAxis__custom--DiplomaMember_znUP6vGQK9x1" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.8</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">United Kingdom</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--GB_fMSAy_z6owLKs0knf2" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">18.4</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">DiscoverIE Group</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--LargestHoldingAxis__custom--DiscoverIEGroupMember_z9PvYAraQm27" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.7</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">France</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--FR_fMSAy_zlepvSwCc8yc" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">6.5</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Dexerials</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--LargestHoldingAxis__custom--DexerialsMember_zpLmGJqXWRDh" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Italy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--IT_fMSAy_z1dBReQEqKwi" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">5.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Riken Keiki</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--LargestHoldingAxis__custom--RikenKeikiMember_zGa2PFE4WzJ8" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Switzerland</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--CH_fMSAy_zoLhXAc4uEUc" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">5.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Maruwa</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--LargestHoldingAxis__custom--MaruwaMember_zWVceK2zaNa8" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">India</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--IN_fMSAy_zjnBZYWQqUS" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">5.2</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Carel Industries</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--LargestHoldingAxis__custom--CarelIndustriesMember_zFWwTQZG3Xb9" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Israel</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--IL_fMSAy_z7CvcBqNzeEi" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">4.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Halma</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--LargestHoldingAxis__custom--HalmaMember_zdAqsQx9Nb17" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.0</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Singapore</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--SG_fMSAy_zbioZJ8fnDrl" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">4.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">USS</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--LargestHoldingAxis__custom--USSMember_zxjaoWZW9Jp8" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">2.9</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Germany</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--DE_fMSAy_zLsbQBKJEse" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">4.2</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Gaztransport Et Technigaz</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--LargestHoldingAxis__custom--GaztransportEtTechnigazMember_z42CohuiDcjd" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">2.5</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Canada</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--CA_fMSAy_zhr5Tt2o6FP5" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.1</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: right; padding-right: 5.4pt"> </td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Sweden</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--SE_fMSAy_ziOs18A0uzKh" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.0</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: right; padding-right: 5.4pt"> </td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Australia</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--GeographicRegionAxis__country--AU_fMSAy_z45Q9E0Q0vKk" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.0</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: right; padding-right: 5.4pt"> </td> <td> </td> <td colspan="2">¹Represents countries that are 3% or more of net assets.</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: right; padding-right: 5.4pt"> </td> <td> </td> <td colspan="2">²Securities are categorized by the country of their headquarters.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 8%; visibility: hidden">1</td> <td id="xdx_F1E_zJtEj3INJDi7" style="display: none; width: 92%; visibility: hidden">Represents countries that are 3% or more of net assets.</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2</td> <td id="xdx_F12_zOlddfa2Pg5g" style="display: none; visibility: hidden">Securities are categorized by the country of their headquarters.</td></tr> </table> <div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 65%"> </div></div> 0.043 0.215 0.038 0.184 0.037 0.065 0.032 0.053 0.032 0.053 0.032 0.052 0.032 0.043 0.030 0.043 0.029 0.042 0.025 0.031 0.030 0.030 Portfolio Sector Breakdown <img alt="" src="img014_v1.jpg" style="height: 165px; width: 450px"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zurOGULCVHt" style="display: none; width: 50%; visibility: hidden">35.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zBnDCpEgvhT8" style="display: none; visibility: hidden">26.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zIUmnY9CZ6Ig" style="display: none; visibility: hidden">6.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z0pDO0xSvFsd" style="display: none; visibility: hidden">6.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zvPmJHNvLcvb" style="display: none; visibility: hidden">5.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zIaRaJJqaTnd" style="display: none; visibility: hidden">4.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zDdHpFFZAmw8" style="display: none; visibility: hidden">2.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zfpXAK73OrLg" style="display: none; visibility: hidden">2.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zPwxejYXf3K" style="display: none; visibility: hidden">1.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000136200Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zxXEJOkHRpHa" style="display: none; visibility: hidden">7.8</td></tr> </table> 0.356 0.267 0.066 0.060 0.056 0.049 0.029 0.025 0.014 0.078 1-800-221-4268 www.royceinvest.com Royce International Premier Fund Institutional Class RIPIX This semiannual shareholder report contains important information about Royce International Premier Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce International Premier Fund—Institutional Class</td> <td id="xdx_98E_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000199330Member_zGkzXg8viUm5" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$52</td> <td id="xdx_980_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000199330Member_fMQ_____zwhSBTkPt0bg" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.04%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">1Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0pt; visibility: hidden"></td><td style="display: none; width: 20pt; text-align: left; visibility: hidden">1</td><td id="xdx_F1D_z5kzGkWLNdza" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 52 0.0104 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C2C2C2 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_988_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000199330Member_zIBmIzQoT7hb" style="border-bottom: #C2C2C2 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$69</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_98A_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000199330Member_zvgzEXPIwoV9" style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">59</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: Silver 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000199330Member_zVA5QBdiuNyd" style="border-bottom: Silver 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">15%</td></tr> </table>

69000000

0.15

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 65%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-top: Black 1pt solid; width: 26%; padding-top: 2pt">Top 10 Positions</td> <td style="border-top: Black 1pt solid; width: 5%; padding-top: 2pt; padding-right: 5.4pt"> </td> <td style="width: 3%; padding-top: 2pt"> </td> <td style="border-top: Black 1pt solid; width: 26%; padding-top: 2pt">Country Breakdown1,2</td> <td style="border-top: Black 1pt solid; width: 5%; padding-top: 2pt; padding-right: 5.4pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">XP Power</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--LargestHoldingAxis__custom--XPPowerMember_zepF7ekFHt04" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">4.3</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Japan</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--JP_fMSAy_zhMphywF7Sh" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">21.5</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Diploma</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--LargestHoldingAxis__custom--DiplomaMember_zJ7mQXGior93" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.8</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">United Kingdom</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--GB_fMSAy_zVYL8Og0c1G3" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">18.4</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">DiscoverIE Group</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--LargestHoldingAxis__custom--DiscoverIEGroupMember_zjGdKKfW8LJ2" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.7</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">France</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--FR_fMSAy_zzPiSdaqWwS9" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">6.5</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Dexerials</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--LargestHoldingAxis__custom--DexerialsMember_zV36P8WTmy8c" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Italy</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--IT_fMSAy_zkoz8C3X1UA7" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">5.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Riken Keiki</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--LargestHoldingAxis__custom--RikenKeikiMember_zFdsvGjfxf3g" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Switzerland</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--CH_fMSAy_ztUxDNHfkrJi" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">5.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Maruwa</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--LargestHoldingAxis__custom--MaruwaMember_zNuLTYo4L896" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">India</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--IN_fMSAy_zcLppYyc9qmh" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">5.2</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Carel Industries</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--LargestHoldingAxis__custom--CarelIndustriesMember_zOhFPnmsNwzf" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Israel</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--IL_fMSAy_zMXjIthf8CDa" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">4.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Halma</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--LargestHoldingAxis__custom--HalmaMember_zJC4du9tERfd" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.0</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Singapore</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--SG_fMSAy_z83uAAUebG5g" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">4.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">USS</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--LargestHoldingAxis__custom--USSMember_zRDGUHQv7LS9" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">2.9</td> <td> </td> <td style="border-bottom: Silver 1pt solid">Germany</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--DE_fMSAy_zQTCnOUvOy0d" style="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt">4.2</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Silver 2pt solid">Gaztransport Et Technigaz</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--LargestHoldingAxis__custom--GaztransportEtTechnigazMember_zvYMADEIOxE4" style="border-bottom: Silver 2pt solid; text-align: right; padding-right: 5.4pt">2.5</td> <td> </td> <td style="border-bottom: Silver 1pt solid">Canada</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--CA_fMSAy_z6b2buOK9FU1" style="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt">3.1</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right; padding-right: 5.4pt"> </td> <td> </td> <td style="border-bottom: Silver 1pt solid">Sweden </td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--SE_fMSAy_zOSgvPO8XS57" style="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt">3.0</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right; padding-right: 5.4pt"> </td> <td> </td> <td style="border-bottom: rgb(197,199,200) 2pt solid">Australia</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--GeographicRegionAxis__country--AU_fMSAy_z6zyLggxTTG8" style="border-bottom: rgb(197,199,200) 2pt solid; text-align: right; padding-right: 5.4pt">3.0</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 2pt"></td> <td style="padding-bottom: 2pt; text-align: right; padding-right: 5.4pt"></td> <td> </td> <td colspan="2">1Represents countries that are 3% or more of net assets. </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 2pt"> </td> <td style="text-align: right; padding-bottom: 2pt; padding-right: 5.4pt"> </td> <td> </td> <td colspan="2">2Securities are categorized by the country of their headquarters. </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 20pt; text-align: left; visibility: hidden">1</td><td style="display: none; text-align: justify; visibility: hidden">Represents countries that are 3% or more of net assets. </td> </tr><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; text-align: left; visibility: hidden">2</td><td id="xdx_F11_zxGggiIbOTxb" style="display: none; text-align: justify; visibility: hidden">Securities are categorized by the country of their headquarters.</td></tr> </table> 0.043 0.215 0.038 0.184 0.037 0.065 0.032 0.053 0.032 0.053 0.032 0.052 0.032 0.043 0.030 0.043 0.029 0.042 0.025 0.031 0.030 0.030 Portfolio Sector Breakdown <img alt="" src="img016_v1.jpg" style="height: 165px; width: 450px"/> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; width: 73%; visibility: hidden">Industrials</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zeEDTSF2X8I4" style="display: none; text-align: right; width: 27%; visibility: hidden">35.6</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_z4nJEgND5D1g" style="display: none; text-align: right; visibility: hidden">26.7</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_z7Hp7QYS16p6" style="display: none; text-align: right; visibility: hidden">6.6</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z6syZ58WIxee" style="display: none; text-align: right; visibility: hidden">6.0</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zAwubEePe285" style="display: none; text-align: right; visibility: hidden">5.6</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zaK8ze1i5or1" style="display: none; text-align: right; visibility: hidden">4.9</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zhMI8iQdpj7b" style="display: none; text-align: right; visibility: hidden">2.9</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_z09GKZcn7Tg9" style="display: none; text-align: right; visibility: hidden">2.5</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zcGWmGVoJkUf" style="display: none; text-align: right; visibility: hidden">1.4</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000199330Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zN8xi084d0B3" style="display: none; text-align: right; visibility: hidden">7.8</td></tr> </table> 0.356 0.267 0.066 0.060 0.056 0.049 0.029 0.025 0.014 0.078 1-800-221-4268 www.royceinvest.com Royce International Premier Fund Service Class RYIPX This semiannual shareholder report contains important information about Royce International Premier Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt; width: 42%">FUND/CLASS</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 31pt; text-align: center; width: 26%">COSTS OF A $10,000 INVESTMENT</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center; width: 32%">COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT1</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C2C2C2 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce International Premier Fund—Service Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000095056Member_zBYzzPGHs0C2" style="border-bottom: #C2C2C2 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 28pt; text-align: center">$71</td> <td id="xdx_988_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000095056Member_fMQ_____zwx8Sd5BPY8i" style="border-bottom: #C2C2C2 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.44%</td></tr> </table> ¹Annualized <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 4%; visibility: hidden">1</td> <td id="xdx_F14_zJV3bdlRhgT5" style="display: none; width: 96%; visibility: hidden">Annualized</td></tr> </table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 71 0.0144 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C2C2C2 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000095056Member_zG1VTNOr4xY4" style="border-bottom: #C2C2C2 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$69</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000095056Member_zi5nA74fpnl7" style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">59</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000095056Member_z6TiVDTjvKW6" style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">15%</td></tr> </table>

69000000

0.15

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 65%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-top: Black 1pt solid; width: 26%; padding-top: 2pt">Top 10 Positions</td> <td style="border-top: Black 1pt solid; width: 5%; padding-top: 2pt; padding-right: 5.4pt"> </td> <td style="width: 3%; padding-top: 2pt"> </td> <td style="border-top: Black 1pt solid; width: 26%; padding-top: 2pt">Country Breakdown1,2</td> <td style="border-top: Black 1pt solid; width: 5%; padding-top: 2pt; padding-right: 5.4pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">XP Power</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--LargestHoldingAxis__custom--XPPowerMember_zDgL4hD1NNE" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">4.3</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Japan</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--JP_fMSAy_zT6nfKXC3cF6" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">21.5</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Diploma</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--LargestHoldingAxis__custom--DiplomaMember_z2CvNr0H4rWg" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.8</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">United Kingdom</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--GB_fMSAy_zc5RzFImtSp4" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">18.4</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">DiscoverIE Group</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--LargestHoldingAxis__custom--DiscoverIEGroupMember_zEou9g6lY57g" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.7</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">France</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--FR_fMSAy_zn6RJnFcb9bi" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">6.5</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Dexerials</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--LargestHoldingAxis__custom--DexerialsMember_zetAhEw670Bj" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Italy</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--IT_fMSAy_zw4OvsTMVDF5" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">5.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Riken Keiki</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--LargestHoldingAxis__custom--RikenKeikiMember_zfYnEdfbM0Za" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Switzerland</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--CH_fMSAy_zx1HiV2A2Fvc" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">5.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Maruwa</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--LargestHoldingAxis__custom--MaruwaMember_zBnEKy05Hee6" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">India</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--IN_fMSAy_zrRN6O3LkEHb" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">5.2</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Carel Industries</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--LargestHoldingAxis__custom--CarelIndustriesMember_zh3iSnrKtVYh" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.2</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Israel</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--IL_fMSAy_zXbLhnT8BxU4" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">4.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">Halma</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--LargestHoldingAxis__custom--HalmaMember_za0t647UKqXl" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">3.0</td> <td> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid">Singapore</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--SG_fMSAy_zvcnr6HoQhvh" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">4.3</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 1pt solid">USS</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--LargestHoldingAxis__custom--USSMember_zUfILx1UHE78" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right; padding-right: 5.4pt">2.9</td> <td> </td> <td style="border-bottom: Silver 1pt solid">Germany</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--DE_fMSAy_zbjfgE4hJTBi" style="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt">4.2</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Silver 2pt solid">Gaztransport Et Technigaz</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--LargestHoldingAxis__custom--GaztransportEtTechnigazMember_zkkbA1QN3Kk5" style="border-bottom: Silver 2pt solid; text-align: right; padding-right: 5.4pt">2.5</td> <td> </td> <td style="border-bottom: Silver 1pt solid">Canada</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--CA_fMSAy_zdeP0eOsPVp1" style="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt">3.1</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right; padding-right: 5.4pt"> </td> <td> </td> <td style="border-bottom: Silver 1pt solid">Sweden </td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--SE_fMSAy_zkLKYgMVpmJk" style="border-bottom: Silver 1pt solid; text-align: right; padding-right: 5.4pt">3.0</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right; padding-right: 5.4pt"> </td> <td> </td> <td style="border-bottom: rgb(197,199,200) 2pt solid">Australia</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--GeographicRegionAxis__country--AU_fMSAy_zcBWyBJ1T8G6" style="border-bottom: rgb(197,199,200) 2pt solid; text-align: right; padding-right: 5.4pt">3.0</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 2pt"></td> <td style="padding-bottom: 2pt; text-align: right; padding-right: 5.4pt"></td> <td> </td> <td colspan="2">1Represents countries that are 3% or more of net assets. </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 2pt"> </td> <td style="text-align: right; padding-bottom: 2pt; padding-right: 5.4pt"> </td> <td> </td> <td colspan="2">2Securities are categorized by the country of their headquarters. </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 2pt"> </td> <td style="text-align: right; padding-bottom: 2pt; padding-right: 5.4pt"> </td> <td> </td> <td colspan="2"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 20pt; visibility: hidden">1</td><td id="xdx_F1C_zOItOxDdLzAj" style="display: none; text-align: justify; visibility: hidden">Represents countries that are 3% or more of net assets.</td> </tr><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; visibility: hidden">2</td><td id="xdx_F1F_zvRYAkONOOIi" style="display: none; text-align: justify; visibility: hidden">Securities are categorized by the country of their headquarters.</td></tr> </table> 0.043 0.215 0.038 0.184 0.037 0.065 0.032 0.053 0.032 0.053 0.032 0.052 0.032 0.043 0.030 0.043 0.029 0.042 0.025 0.031 0.030 0.030 Portfolio Sector Breakdown <img alt="" src="img018_v1.jpg" style="height: 166px; width: 450px"/> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; width: 73%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zurOGULCVHt" style="display: none; text-align: right; width: 27%; visibility: hidden">35.6</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zBnDCpEgvhT8" style="display: none; text-align: right; visibility: hidden">26.7</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zIUmnY9CZ6Ig" style="display: none; text-align: right; visibility: hidden">6.6</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z0pDO0xSvFsd" style="display: none; text-align: right; visibility: hidden">6.0</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zvPmJHNvLcvb" style="display: none; text-align: right; visibility: hidden">5.6</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zIaRaJJqaTnd" style="display: none; text-align: right; visibility: hidden">4.9</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zDdHpFFZAmw8" style="display: none; text-align: right; visibility: hidden">2.9</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zfpXAK73OrLg" style="display: none; text-align: right; visibility: hidden">2.5</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zPwxejYXf3K" style="display: none; text-align: right; visibility: hidden">1.4</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000095056Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zxXEJOkHRpHa" style="display: none; text-align: right; visibility: hidden">7.8</td></tr> </table> 0.356 0.267 0.066 0.060 0.056 0.049 0.029 0.025 0.014 0.078 1-800-221-4268 www.royceinvest.com Royce Micro-Cap Fund Consultant Class RYMCX This semiannual shareholder report contains important information about Royce Micro-Cap Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 48%"> </td> <td style="width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="width: 31%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT1</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 1pt">Royce Micro-Cap Fund—Consultant Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000025995Member_zU3OSAvW4ZJk" style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 5pt; text-align: center">$136</td> <td id="xdx_989_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025995Member_fMQ_____zAQxrLIGGItd" style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 2pt; text-align: center">2.24%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1pt">1Annualized</td> <td> </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 20pt; visibility: hidden">1</td><td id="xdx_F1F_zyBNZGu5mb1f" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 136 0.0224 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025995Member_zQxa2RfYBdKd" style="border-bottom: #C5C7C8 1pt solid; width: 41%; text-align: right">$428</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025995Member_zfVPzel5HMga" style="border-bottom: #BCBEC0 1pt solid; text-align: right">156</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025995Member_zPud8Jp6sipj" style="border-bottom: #C5C7C8 2.25pt solid; text-align: right">20%</td></tr> </table>

428000000

156

0.20

<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000025995Member_dU_zqAebTPmNvSh" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 84%; padding-left: 1pt">Top 10 Positions</td> <td style="vertical-align: bottom; width: 15%"> </td> <td style="width: 1%"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Ultra Clean Holdings</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--LargestHoldingAxis__custom--UltraCleanHoldingsMember_zJnLdZL8svy9" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.7</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Ichor Holdings</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--LargestHoldingAxis__custom--IchorHoldingsMember_zZF47ClvKzz6" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.7</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Graham Corporation</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--LargestHoldingAxis__custom--GrahamCorporationMember_zWjJdIuGhFGl" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.5</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Lincoln Educational Services</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--LargestHoldingAxis__custom--LincolnEducationalServicesMember_znAdIGl8iWh3" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.5</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">NWPX Infrastructure</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--LargestHoldingAxis__custom--NWPXInfrastructureMember_zAXBRhzfvpib" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.5</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Cohu</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--LargestHoldingAxis__custom--CohuMember_zM4SEf9nmPp7" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.4</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Bel Fuse Cl. B</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--LargestHoldingAxis__custom--BelFuseClBMember_zCOcgjiBlcB9" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.4</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">EZCORP Cl. A</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--LargestHoldingAxis__custom--EZCORPClAMember_zYNtWnWtNzfd" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.4</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Lindblad Expeditions Holdings</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--LargestHoldingAxis__custom--LindbladExpeditionsHoldingsMember_zTS3gKVsGSe6" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.3</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #C5C7C8 2.25pt solid; vertical-align: bottom; padding-left: 1pt">Digi International</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--LargestHoldingAxis__custom--DigiInternationalMember_zE3N1AnTHai" style="border-bottom: #C5C7C8 2.25pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.3</td> <td style="border-bottom: #C5C7C8 2.25pt solid"> </td></tr> </table> 0.017 0.017 0.015 0.015 0.015 0.014 0.014 0.014 0.013 0.013 <div id="xdx_807_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025995Member_dU_zwqfikH0WI18" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img020_v1.jpg" style="height: 167px; width: 450px"/> <div style="clear: both"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zw12BZ9WvADc" style="display: none; width: 50%; visibility: hidden">25.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zPBcyWGZvNAk" style="display: none; visibility: hidden">23.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ziqZ20iBa6W4" style="display: none; visibility: hidden">12.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zMCaUGnzux08" style="display: none; visibility: hidden">12.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_z8j92DpCCRAe" style="display: none; visibility: hidden">11.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zIQdwPBdc6Da" style="display: none; visibility: hidden">4.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zWthUxehfjt7" style="display: none; visibility: hidden">3.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_z7EfmSGeV7ii" style="display: none; visibility: hidden">2.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zvBDTDNqQtM4" style="display: none; visibility: hidden">0.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025995Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_z7J6kZZly5i8" style="display: none; visibility: hidden">3.4</td></tr> </table> 0.259 0.239 0.125 0.120 0.119 0.042 0.035 0.021 0.006 0.034 1-800-221-4268 www.royceinvest.com Royce Micro-Cap Fund Investment Class RYOTX This semiannual shareholder report contains important information about Royce Micro-Cap Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 48%"> </td> <td style="width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="width: 31%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT1</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 1pt">Royce Micro-Cap Fund—Investment Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000025994Member_z1am7MMHurGc" style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 5pt; text-align: center">$74</td> <td id="xdx_989_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025994Member_fMQ_____zO7130MAqVOd" style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 2pt; text-align: center">1.22%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1pt">1Annualized</td> <td> </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 20pt; visibility: hidden">1</td><td id="xdx_F11_znVS4DOVGZR2" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> 74 0.0122 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025994Member_zMU2l5WzWL5" style="border-bottom: #C5C7C8 1pt solid; width: 41%; text-align: right">$428</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025994Member_zfhrgUSxgTbj" style="border-bottom: #BCBEC0 1pt solid; text-align: right">156</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025994Member_zz3gv3si7s9k" style="border-bottom: #C5C7C8 2.25pt solid; text-align: right">20%</td></tr> </table>

428000000

156

0.20

<div id="xdx_80E_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000025994Member_dU_zfz2a55LfApc" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 84%; padding-left: 1pt">Top 10 Positions</td> <td style="vertical-align: bottom; width: 15%"> </td> <td style="width: 1%"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Ultra Clean Holdings</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--LargestHoldingAxis__custom--UltraCleanHoldingsMember_ztKSf9C2f5b9" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.7</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Ichor Holdings</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--LargestHoldingAxis__custom--IchorHoldingsMember_za3Ry8Md5hQ1" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.7</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Graham Corporation</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--LargestHoldingAxis__custom--GrahamCorporationMember_zafsSMhoxn6h" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.5</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Lincoln Educational Services</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--LargestHoldingAxis__custom--LincolnEducationalServicesMember_zIgI3OjIPLPl" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.5</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">NWPX Infrastructure</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--LargestHoldingAxis__custom--NWPXInfrastructureMember_zOf86QwC2a47" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.5</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Cohu</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--LargestHoldingAxis__custom--CohuMember_z90424zLN4c1" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.4</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Bel Fuse Cl. B</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--LargestHoldingAxis__custom--BelFuseClBMember_zPzKUBoCCaQc" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.4</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">EZCORP Cl. A</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--LargestHoldingAxis__custom--EZCORPClAMember_zyBcvDlri5W4" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.4</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Lindblad Expeditions Holdings</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--LargestHoldingAxis__custom--LindbladExpeditionsHoldingsMember_zFAHcIOKNyBe" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.3</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #C5C7C8 2.25pt solid; vertical-align: bottom; padding-left: 1pt">Digi International</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--LargestHoldingAxis__custom--DigiInternationalMember_zNubyIjTjBx6" style="border-bottom: #C5C7C8 2.25pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.3</td> <td style="border-bottom: #C5C7C8 2.25pt solid"> </td></tr> </table> 0.017 0.017 0.015 0.015 0.015 0.014 0.014 0.014 0.013 0.013 <div id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025994Member_dU_zn5t69CORRnd" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img022_v1.jpg" style="height: 166px; width: 450px"/> <div style="clear: both"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="display: none; visibility: hidden"> <td style="display: none; vertical-align: middle; width: 74%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zw12BZ9WvADc" style="display: none; vertical-align: bottom; text-align: right; width: 26%; visibility: hidden">25.9</td></tr> <tr style="display: none; visibility: hidden"> <td style="display: none; vertical-align: middle; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zPBcyWGZvNAk" style="display: none; vertical-align: bottom; text-align: right; visibility: hidden">23.9</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ziqZ20iBa6W4" style="display: none; text-align: right; visibility: hidden">12.5</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zMCaUGnzux08" style="display: none; text-align: right; visibility: hidden">12.0</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_z8j92DpCCRAe" style="display: none; text-align: right; visibility: hidden">11.9</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zIQdwPBdc6Da" style="display: none; text-align: right; visibility: hidden">4.2</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zWthUxehfjt7" style="display: none; text-align: right; visibility: hidden">3.5</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_z7EfmSGeV7ii" style="display: none; text-align: right; visibility: hidden">2.1</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zvBDTDNqQtM4" style="display: none; text-align: right; visibility: hidden">0.6</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025994Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_z7J6kZZly5i8" style="display: none; text-align: right; visibility: hidden">3.4</td></tr> </table> 0.259 0.239 0.125 0.120 0.119 0.042 0.035 0.021 0.006 0.034 1-800-221-4268 www.royceinvest.com Royce Micro-Cap Fund Service Class RMCFX This semiannual shareholder report contains important information about Royce Micro-Cap Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 48%"> </td> <td style="width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="width: 31%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT1</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 1pt">Royce Micro-Cap Fund—Service Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000025996Member_zf7sUvtb1p9g" style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 5pt; text-align: center">$91</td> <td id="xdx_989_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025996Member_fMQ_____zoHGTZP7LU2g" style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 2pt; text-align: center">1.49%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1pt">1Annualized</td> <td> </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 20pt; visibility: hidden">1</td><td id="xdx_F1A_zU2SZypBA4e9" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 91 0.0149 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025996Member_zRfUs0MpK76f" style="border-bottom: #C5C7C8 1pt solid; width: 41%; text-align: right">$428</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025996Member_zld8JVlS4tof" style="border-bottom: #BCBEC0 1pt solid; text-align: right">156</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025996Member_zmx7YxR4cgrf" style="border-bottom: #C5C7C8 2.25pt solid; text-align: right">20%</td></tr> </table>

428000000

156

0.20

<div id="xdx_807_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000025996Member_dU_zp3PiM5STQYc" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 84%; padding-left: 1pt">Top 10 Positions</td> <td style="vertical-align: bottom; width: 15%"> </td> <td style="width: 1%"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Ultra Clean Holdings</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--LargestHoldingAxis__custom--UltraCleanHoldingsMember_zj1VxwL6QnKl" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.7</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Ichor Holdings</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--LargestHoldingAxis__custom--IchorHoldingsMember_z06P8P023exd" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.7</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Graham Corporation</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--LargestHoldingAxis__custom--GrahamCorporationMember_zXGumGEJFMgh" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.5</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Lincoln Educational Services</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--LargestHoldingAxis__custom--LincolnEducationalServicesMember_znItYpkAfBh3" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.5</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">NWPX Infrastructure</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--LargestHoldingAxis__custom--NWPXInfrastructureMember_z5ZdtCNCz4Ld" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.5</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Cohu</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--LargestHoldingAxis__custom--CohuMember_z7ixMxhJBIGe" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.4</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Bel Fuse Cl. B</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--LargestHoldingAxis__custom--BelFuseClBMember_zWcp04t5YWh2" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.4</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">EZCORP Cl. A</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--LargestHoldingAxis__custom--EZCORPClAMember_zDsgfDtoLkl1" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.4</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt">Lindblad Expeditions Holdings</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--LargestHoldingAxis__custom--LindbladExpeditionsHoldingsMember_zaLiosLnRoPf" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.3</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #C5C7C8 2.25pt solid; vertical-align: bottom; padding-left: 1pt">Digi International</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--LargestHoldingAxis__custom--DigiInternationalMember_zEhcWRdQlaS2" style="border-bottom: #C5C7C8 2.25pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">1.3</td> <td style="border-bottom: #C5C7C8 2.25pt solid"> </td></tr> </table> 0.017 0.017 0.015 0.015 0.015 0.014 0.014 0.014 0.013 0.013 <div id="xdx_80E_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025996Member_dU_zeCHuCTKP1d2" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img024_v1.jpg" style="height: 166px; width: 450px"/> <div style="clear: both"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="display: none; visibility: hidden"> <td style="display: none; vertical-align: middle; width: 74%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zw12BZ9WvADc" style="display: none; vertical-align: bottom; text-align: right; width: 26%; visibility: hidden">25.9</td></tr> <tr style="display: none; visibility: hidden"> <td style="display: none; vertical-align: middle; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zPBcyWGZvNAk" style="display: none; vertical-align: bottom; text-align: right; visibility: hidden">23.9</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ziqZ20iBa6W4" style="display: none; text-align: right; visibility: hidden">12.5</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zMCaUGnzux08" style="display: none; text-align: right; visibility: hidden">12.0</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_z8j92DpCCRAe" style="display: none; text-align: right; visibility: hidden">11.9</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zIQdwPBdc6Da" style="display: none; text-align: right; visibility: hidden">4.2</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zWthUxehfjt7" style="display: none; text-align: right; visibility: hidden">3.5</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_z7EfmSGeV7ii" style="display: none; text-align: right; visibility: hidden">2.1</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zvBDTDNqQtM4" style="display: none; text-align: right; visibility: hidden">0.6</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025996Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_z7J6kZZly5i8" style="display: none; text-align: right; visibility: hidden">3.4</td></tr> </table> 0.259 0.239 0.125 0.120 0.119 0.042 0.035 0.021 0.006 0.034 1-800-221-4268 www.royceinvest.com Royce Small-Cap Opportunity Fund Consultant Class ROFCX This semiannual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. <p id="xdx_805_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000026012Member_dU_zqB18YTxvwhb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt; color: #48757F">What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 51%; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1pt"> </td> <td style="width: 24%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">COSTS OF A</td> <td style="width: 25%; text-align: center; font-family: Arial, Helvetica, Sans-Serif">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: #B3B3B3 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #B3B3B3 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$10,000 INVESTMENT</td> <td style="border-bottom: #B3B3B3 1pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif">OF A $10,000 INVESTMENT¹</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: #C5C7C8 2pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Opportunity Fund—Consultant Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026012Member_z4Ynsx7IVuMb" style="border-bottom: #C5C7C8 2pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$130</td> <td id="xdx_989_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026012Member_fMQ_____z5GanGzNckJg" style="border-bottom: #C5C7C8 2pt solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif">2.24%</td></tr> </table> ¹Annualized <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 20pt; visibility: hidden">1</td><td id="xdx_F16_zLcsANDCsLJa" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 130 0.0224 <p id="xdx_808_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000026012Member_dU_zdlZngqyv4e9" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt; color: #48757F">Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: #C2C2C2 1pt solid; width: 60%; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026012Member_zBTlf1QbLnAf" style="border-bottom: #C2C2C2 1pt solid; width: 40%; text-align: right; font-family: Arial, Helvetica, Sans-Serif">$1,410</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: #B3B3B3 1pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026012Member_zDR3bXNBagme" style="border-bottom: #B3B3B3 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">211</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: #C5C7C8 2pt solid; font-family: Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026012Member_zTzcvPlepUnk" style="border-bottom: #C5C7C8 2pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">33%</td></tr> </table>

1410000000

211

0.33

<p id="xdx_801_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000026012Member_dU_z76W0LZ65cB6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-left: 1pt">Top 10 Positions</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Silver 1pt solid; width: 82%; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Mercury Systems</td><td style="border-bottom: Silver 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Silver 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--LargestHoldingAxis__custom--MercurySystemsMember_zTDyyFuLQxxb" style="border-bottom: Silver 1pt solid; width: 15%; text-align: right">1.0</td><td style="border-bottom: Silver 1pt solid; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Silver 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Lionsgate Studios</td><td style="border-bottom: Silver 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Silver 1pt solid; text-align: left"> </td><td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--LargestHoldingAxis__custom--LionsgateStudiosMember_zZuCbzGluhbc" style="border-bottom: Silver 1pt solid; text-align: right">1.0</td><td style="border-bottom: Silver 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Silver 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Mayville Engineering</td><td style="border-bottom: Silver 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Silver 1pt solid; text-align: left"> </td><td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--LargestHoldingAxis__custom--MayvilleEngineeringMember_z9kSyXytKE7l" style="border-bottom: Silver 1pt solid; text-align: right">0.9</td><td style="border-bottom: Silver 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Silver 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Advance Auto Parts</td><td style="border-bottom: Silver 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Silver 1pt solid; text-align: left"> </td><td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zmfxDkCrl7B1" style="border-bottom: Silver 1pt solid; text-align: right">0.9</td><td style="border-bottom: Silver 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Silver 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Orion Group Holdings</td><td style="border-bottom: Silver 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Silver 1pt solid; text-align: left"> </td><td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--LargestHoldingAxis__custom--OrionGroupHoldingsMember_zDfrDiQcwHx8" style="border-bottom: Silver 1pt solid; text-align: right">0.9</td><td style="border-bottom: Silver 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Silver 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Ultra Clean Holdings</td><td style="border-bottom: Silver 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Silver 1pt solid; text-align: left"> </td><td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--LargestHoldingAxis__custom--UltraCleanHoldingsMember_zKMXKecqivVi" style="border-bottom: Silver 1pt solid; text-align: right">0.9</td><td style="border-bottom: Silver 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Silver 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Select Water Solutions Cl. A</td><td style="border-bottom: Silver 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Silver 1pt solid; text-align: left"> </td><td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--LargestHoldingAxis__custom--SelectWaterSolutionsClAMember_zWEyijzHEp1d" style="border-bottom: Silver 1pt solid; text-align: right">0.8</td><td style="border-bottom: Silver 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Silver 1pt solid; text-align: left; padding-left: 1pt">Cohu</td><td style="border-bottom: Silver 1pt solid"> </td> <td style="border-bottom: Silver 1pt solid; text-align: left"> </td><td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--LargestHoldingAxis__custom--CohuMember_zOnhJ4znedv" style="border-bottom: Silver 1pt solid; text-align: right">0.8</td><td style="border-bottom: Silver 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Silver 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Materion Corporation</td><td style="border-bottom: Silver 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Silver 1pt solid; text-align: left"> </td><td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--LargestHoldingAxis__custom--MaterionCorporationMember_zriGLMUnXp2c" style="border-bottom: Silver 1pt solid; text-align: right">0.8</td><td style="border-bottom: Silver 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Silver 2pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">CECO Environmental</td><td style="border-bottom: Silver 2pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: Silver 2pt solid; text-align: left"> </td><td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--LargestHoldingAxis__custom--CECOEnvironmentalMember_zu40nkGAHvO4" style="border-bottom: Silver 2pt solid; text-align: right">0.8</td><td style="border-bottom: Silver 2pt solid; text-align: left"> </td></tr> </table> 0.010 0.010 0.009 0.009 0.009 0.009 0.008 0.008 0.008 0.008 <div id="xdx_80E_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026012Member_dU_zGh5Fma7L3z9" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img026_v1.jpg" style="height: 174px; width: 450px"/> <div style="clear: both"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zRdsvzozdKHl" style="display: none; width: 50%; visibility: hidden">30.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Informational Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zinu1nHJVxOa" style="display: none; visibility: hidden">17.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_ztKRJIcND3s1" style="display: none; visibility: hidden">11.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zE4GJF6psih2" style="display: none; visibility: hidden">9.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zIlTNpzypbK9" style="display: none; visibility: hidden">9.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zGxGEYAwQ274" style="display: none; visibility: hidden">7.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zjWXLwXJ0uHg" style="display: none; visibility: hidden">5.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zBdVNSzoeFh" style="display: none; visibility: hidden">3.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zj1xvW7u78Ml" style="display: none; visibility: hidden">0.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026012Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zLSQ5ebtHgf8" style="display: none; visibility: hidden">3.9</td></tr> </table> 0.309 0.173 0.113 0.099 0.094 0.078 0.058 0.037 0.000 0.039 1-800-221-4268 www.royceinvest.com Royce Small-Cap Opportunity Fund Investment Class RYPNX This semiannual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 48%; padding-left: 1pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 31%; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Opportunity Fund—Investment Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026013Member_zZkeHzjdzKhd" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">$70</td> <td id="xdx_987_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026013Member_fMQ_____zTj2f4FnKpq6" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">1.21%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 3%; visibility: hidden">1</td> <td id="xdx_F14_zSGinf3AuUmb" style="display: none; width: 97%; visibility: hidden">Annualized</td></tr> </table> 70 0.0121 <p id="xdx_808_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000026013Member_dU_zZo4C1esxqB6" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt; color: #48757F">Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C2C2C2 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026013Member_zwuc2sYgK0Mg" style="border-bottom: #C2C2C2 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 10%; text-align: right">$1,410</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026013Member_zhX9B2sZkzFd" style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">211</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026013Member_zxrBuinU99v5" style="border-bottom: #C5C7C8 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">33%</td></tr> </table>

1410000000

211

0.33

<p id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000026013Member_dU_zG0QGxsRCWt5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt"> <div style="position: relative; float: left; width: 30%"> <div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; padding-left: 1pt">Top 10 Positions</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; width: 87%; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Mercury Systems</td><td style="border-bottom: rgb(197,199,200) 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--LargestHoldingAxis__custom--MercurySystemsMember_zjyvDkqfLuRf" style="border-bottom: rgb(197,199,200) 1pt solid; width: 10%; text-align: right">1.0</td><td style="border-bottom: rgb(197,199,200) 1pt solid; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Lionsgate Studios</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--LargestHoldingAxis__custom--LionsgateStudiosMember_zI1ASPvY3eha" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">1.0</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Mayville Engineering</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--LargestHoldingAxis__custom--MayvilleEngineeringMember_zJa8GA43lST1" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Advance Auto Parts</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zyCEHYIyj1te" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Orion Group Holdings</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--LargestHoldingAxis__custom--OrionGroupHoldingsMember_zNLoI6PBbeR" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Ultra Clean Holdings</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--LargestHoldingAxis__custom--UltraCleanHoldingsMember_zgb16hlYZb0j" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Select Water Solutions Cl. A</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--LargestHoldingAxis__custom--SelectWaterSolutionsClAMember_zkkqPLgQWKz4" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; padding-left: 1pt; text-align: left">Cohu</td><td style="border-bottom: rgb(197,199,200) 1pt solid"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--LargestHoldingAxis__custom--CohuMember_zY7lkF7pleLk" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Materion Corporation</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--LargestHoldingAxis__custom--MaterionCorporationMember_zYBP2N6gRwq8" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">CECO Environmental</td><td style="border-bottom: rgb(197,199,200) 2pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 2pt solid; text-align: left"> </td><td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--LargestHoldingAxis__custom--CECOEnvironmentalMember_zWzJdw1IK1D3" style="border-bottom: rgb(197,199,200) 2pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 2pt solid; text-align: left"> </td></tr> </table> </div> <div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> 0.010 0.010 0.009 0.009 0.009 0.009 0.008 0.008 0.008 0.008 Portfolio Sector Breakdown <img alt="" src="img028_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zIRCJSXi75oh" style="display: none; width: 50%; visibility: hidden">30.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zO2dLLJL7t9b" style="display: none; visibility: hidden">17.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zBiLFMbIGAah" style="display: none; visibility: hidden">11.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zejZSimfPgpa" style="display: none; visibility: hidden">9.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zKcKiGy9ij6g" style="display: none; visibility: hidden">9.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_ztlar3HaGuOg" style="display: none; visibility: hidden">7.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zK5BPnttgoc7" style="display: none; visibility: hidden">5.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zx220QkiCgzk" style="display: none; visibility: hidden">3.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_z6wh8U2kw2L6" style="display: none; visibility: hidden">0.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026013Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zvAVXVphFyA" style="display: none; visibility: hidden">3.9</td></tr> </table> <div style="clear: both"></div> 0.309 0.173 0.113 0.099 0.094 0.078 0.058 0.037 0.000 0.039 1-800-221-4268 www.royceinvest.com Royce Small-Cap Opportunity Fund Institutional Class ROFIX This semiannual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 51%; padding-left: 1pt"> </td> <td style="width: 24%; padding-left: 16pt; text-align: center">COSTS OF A</td> <td style="width: 25%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 0.25in; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2pt solid; padding-left: 1pt">Royce Small-Cap Opportunity Fund—Institutional Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026015Member_zZTfKqn6q6Bg" style="border-bottom: #C5C7C8 2pt solid; padding-left: 15pt; text-align: center">$65</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026015Member_fKDEp_zxhT7HAqD2Fb" style="border-bottom: #C5C7C8 2pt solid; padding-left: 2pt; text-align: center">1.12%</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1pt">¹Annualized</td> <td> </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 7%; visibility: hidden">1</td> <td id="xdx_F17_z7rCOMHoAye2" style="display: none; width: 93%; visibility: hidden">Annualized</td></tr> </table> 65 0.0112 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: #C2C2C2 1pt solid; width: 60%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026015Member_zI1GU5MfaV93" style="border-bottom: #C2C2C2 1pt solid; width: 40%; text-align: right">$1,410</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026015Member_zAazle5q4h5j" style="border-bottom: #B3B3B3 1pt solid; text-align: right">211</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2pt solid; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026015Member_zgmHWGcO8IQ" style="border-bottom: #C5C7C8 2pt solid; text-align: right">33%</td></tr> </table>

1410000000

211

0.33

<div style="position: relative; float: left; width: 30%"><div style="text-align: center; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 1pt">Top 10 Positions</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; width: 87%; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Mercury Systems</td><td style="border-bottom: rgb(197,199,200) 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--LargestHoldingAxis__custom--MercurySystemsMember_zH18BLcRkkHe" style="border-bottom: rgb(197,199,200) 1pt solid; width: 10%; text-align: right">1.0</td><td style="border-bottom: rgb(197,199,200) 1pt solid; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Lionsgate Studios</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--LargestHoldingAxis__custom--LionsgateStudiosMember_zUNW92mMPKQ4" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">1.0</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Mayville Engineering</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--LargestHoldingAxis__custom--MayvilleEngineeringMember_zrvOkLwW7Pdk" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Advance Auto Parts</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zX9f71X6Y4Qg" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Orion Group Holdings</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--LargestHoldingAxis__custom--OrionGroupHoldingsMember_zKeiFsYAXaj7" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Ultra Clean Holdings</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--LargestHoldingAxis__custom--UltraCleanHoldingsMember_zIQkq8Lpk1v" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Select Water Solutions Cl. A</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--LargestHoldingAxis__custom--SelectWaterSolutionsClAMember_zdtol4cKF8q6" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; padding-left: 1pt; text-align: left">Cohu</td><td style="border-bottom: rgb(197,199,200) 1pt solid"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--LargestHoldingAxis__custom--CohuMember_zzjUu3ZpK6mj" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Materion Corporation</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--LargestHoldingAxis__custom--MaterionCorporationMember_zRFQrzJulSrb" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">CECO Environmental</td><td style="border-bottom: rgb(197,199,200) 2pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 2pt solid; text-align: left"> </td><td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--LargestHoldingAxis__custom--CECOEnvironmentalMember_zaPb9PEiZ1p" style="border-bottom: rgb(197,199,200) 2pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 2pt solid; text-align: left"> </td></tr> </table> </div> <div style="text-align: left; margin-top: 0pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> 0.010 0.010 0.009 0.009 0.009 0.009 0.008 0.008 0.008 0.008 Portfolio Sector Breakdown <img alt="" src="img030_v1.jpg" style="height: 170px; width: 450px"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zIRCJSXi75oh" style="display: none; width: 50%; visibility: hidden">30.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zO2dLLJL7t9b" style="display: none; visibility: hidden">17.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zBiLFMbIGAah" style="display: none; visibility: hidden">11.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zejZSimfPgpa" style="display: none; visibility: hidden">9.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zKcKiGy9ij6g" style="display: none; visibility: hidden">9.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_ztlar3HaGuOg" style="display: none; visibility: hidden">7.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zK5BPnttgoc7" style="display: none; visibility: hidden">5.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zx220QkiCgzk" style="display: none; visibility: hidden">3.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_z6wh8U2kw2L6" style="display: none; visibility: hidden">0.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026015Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zvAVXVphFyA" style="display: none; visibility: hidden">3.9</td></tr> </table> <div style="clear: both"></div> 0.309 0.173 0.113 0.099 0.094 0.078 0.058 0.037 0.000 0.039 1-800-221-4268 www.royceinvest.com Royce Small-Cap Opportunity Fund R Class ROFRX This semiannual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. <p id="xdx_805_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000038081Member_dU_zgUEuWk07Ac3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt; color: #48757F">What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="width: 47%; font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="width: 28%; padding-left: 38pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">COSTS OF A</td> <td style="width: 25%; padding-left: 2pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt; font-family: Arial, Helvetica, Sans-Serif">FUND/CLASS</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 40pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$10,000 INVESTMENT</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 5pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">OF A $10,000 INVESTMENT¹</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: #C5C7C8 2pt solid; padding-left: 1pt; font-family: Arial, Helvetica, Sans-Serif">Royce Small-Cap Opportunity Fund—R Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000038081Member_zbgEyv6ApzNh" style="border-bottom: #C5C7C8 2pt solid; padding-left: 37pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">$106</td> <td id="xdx_989_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000038081Member_fMQ_____z8MpxVqRWONd" style="border-bottom: #C5C7C8 2pt solid; padding-left: 2pt; text-align: center; font-family: Arial, Helvetica, Sans-Serif">1.83%</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="padding-left: 1pt; font-family: Arial, Helvetica, Sans-Serif">¹Annualized</td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td> <td style="font-family: Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #48757F; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 20pt; visibility: hidden">1</td><td style="display: none; text-align: justify; visibility: hidden">Annualized </td> </tr></table> 106 0.0183 <p id="xdx_808_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000038081Member_dU_zxdQmLqq24Q5" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt; color: #48757F">Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: #C2C2C2 1pt solid; width: 60%; padding-left: 1pt; font-family: Arial, Helvetica, Sans-Serif">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000038081Member_zOHkeExzXQ0c" style="border-bottom: #C2C2C2 1pt solid; width: 40%; text-align: right; font-family: Arial, Helvetica, Sans-Serif">$1,410</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt; font-family: Arial, Helvetica, Sans-Serif">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000038081Member_zfKQ2mCHGCZ5" style="border-bottom: #B3B3B3 1pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">211</td></tr> <tr style="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-left: 1pt; font-family: Arial, Helvetica, Sans-Serif">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000038081Member_zETGcvRkoUe" style="border-bottom: rgb(197,199,200) 2pt solid; text-align: right; font-family: Arial, Helvetica, Sans-Serif">33%</td></tr> </table>

1410000000

211

0.33

<p id="xdx_807_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000038081Member_dU_zvkggCtFVyGk" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Top 10 Positions</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; width: 87%; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Mercury Systems</td><td style="border-bottom: rgb(197,199,200) 1pt solid; width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--LargestHoldingAxis__custom--MercurySystemsMember_zmpQxx6AJK3c" style="border-bottom: rgb(197,199,200) 1pt solid; width: 10%; text-align: right">1.0</td><td style="border-bottom: rgb(197,199,200) 1pt solid; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Lionsgate Studios</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--LargestHoldingAxis__custom--LionsgateStudiosMember_zctluc9xifv8" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">1.0</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Mayville Engineering</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--LargestHoldingAxis__custom--MayvilleEngineeringMember_zD6bk0OPtSA3" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Advance Auto Parts</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zD4gG97rH8F5" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Orion Group Holdings</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--LargestHoldingAxis__custom--OrionGroupHoldingsMember_zXlGG1D26b4e" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Ultra Clean Holdings</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--LargestHoldingAxis__custom--UltraCleanHoldingsMember_zeBrJC0s3uA9" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.9</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Select Water Solutions Cl. A</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--LargestHoldingAxis__custom--SelectWaterSolutionsClAMember_zHPsPKti4euc" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; padding-left: 1pt; text-align: left">Cohu</td><td style="border-bottom: rgb(197,199,200) 1pt solid"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--LargestHoldingAxis__custom--CohuMember_zhuKaWf5Et1d" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">Materion Corporation</td><td style="border-bottom: rgb(197,199,200) 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td><td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--LargestHoldingAxis__custom--MaterionCorporationMember_z2XN4k9UQiL3" style="border-bottom: rgb(197,199,200) 1pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; text-align: left; padding-bottom: 1pt; padding-left: 1pt">CECO Environmental</td><td style="border-bottom: rgb(197,199,200) 2pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(197,199,200) 2pt solid; text-align: left"> </td><td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--LargestHoldingAxis__custom--CECOEnvironmentalMember_zdTfObd3lrQk" style="border-bottom: rgb(197,199,200) 2pt solid; text-align: right">0.8</td><td style="border-bottom: rgb(197,199,200) 2pt solid; text-align: left"> </td></tr> </table> 0.010 0.010 0.009 0.009 0.009 0.009 0.008 0.008 0.008 0.008 <div id="xdx_80B_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000038081Member_dU_znn6iX35AbIh" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img032_v1.jpg" style="height: 164px; width: 450px"/> <div style="clear: both"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="display: none; visibility: hidden"> <td style="display: none; vertical-align: middle; width: 74%; padding-bottom: 1pt; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zRdsvzozdKHl" style="display: none; vertical-align: bottom; text-align: right; width: 26%; visibility: hidden">30.9</td></tr> <tr style="display: none; visibility: hidden"> <td style="display: none; vertical-align: middle; visibility: hidden">Informational Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zinu1nHJVxOa" style="display: none; vertical-align: bottom; text-align: right; visibility: hidden">17.3</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_ztKRJIcND3s1" style="display: none; text-align: right; visibility: hidden">11.3</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zE4GJF6psih2" style="display: none; text-align: right; visibility: hidden">9.9</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zIlTNpzypbK9" style="display: none; text-align: right; visibility: hidden">9.4</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zGxGEYAwQ274" style="display: none; text-align: right; visibility: hidden">7.8</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zjWXLwXJ0uHg" style="display: none; text-align: right; visibility: hidden">5.8</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zBdVNSzoeFh" style="display: none; text-align: right; visibility: hidden">3.7</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zj1xvW7u78Ml" style="display: none; text-align: right; visibility: hidden">0.0</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038081Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zLSQ5ebtHgf8" style="display: none; text-align: right; visibility: hidden">3.9</td></tr> </table> 0.309 0.173 0.113 0.099 0.094 0.078 0.058 0.037 0.000 0.039 1-800-221-4268 www.royceinvest.com Royce Small-Cap Opportunity Fund Service Class RYOFX This semiannual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. <p id="xdx_805_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000026014Member_dU_zS59i336xHbb" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt; color: #48757F">What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 49%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 26%; padding-left: 25pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 27pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Opportunity Fund—Service Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026014Member_zfeIlKotgtbb" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 24pt; text-align: center">$86</td> <td id="xdx_989_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026014Member_fMQ_____zwBzX3heZsp6" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.49%</td></tr> </table> ¹Annualized <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 20pt; visibility: hidden">1</td><td id="xdx_F12_z3zdUssk6CN7" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 86 0.0149 <p id="xdx_808_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000026014Member_dU_z5LKBYBzGwr1" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt; color: #48757F">Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C2C2C2 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026014Member_z3wzEW91lUIc" style="border-bottom: #C2C2C2 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 40%; text-align: right">$1,410</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026014Member_z05t1vy0SUVh" style="border-bottom: #B3B3B3 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">211</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026014Member_zAJb3XZXr1wj" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">33%</td></tr> </table>

1410000000

211

0.33

<p id="xdx_80C_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000026014Member_dU_zrDPPwJlp7Ya" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Top 10 Positions</td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; width: 87%; text-align: left; padding-left: 1pt">Mercury Systems</td><td style="border-bottom: #C5C7C8 1pt solid; width: 1%"> </td> <td style="border-bottom: #C5C7C8 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--LargestHoldingAxis__custom--MercurySystemsMember_zZc85E9DSZn8" style="border-bottom: #C5C7C8 1pt solid; width: 10%; text-align: right">1.0</td><td style="border-bottom: #C5C7C8 1pt solid; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left; padding-left: 1pt">Lionsgate Studios</td><td style="border-bottom: #C5C7C8 1pt solid"> </td> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td><td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--LargestHoldingAxis__custom--LionsgateStudiosMember_z9cPFAEXZodg" style="border-bottom: #C5C7C8 1pt solid; text-align: right">1.0</td><td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left; padding-left: 1pt">Mayville Engineering</td><td style="border-bottom: #C5C7C8 1pt solid"> </td> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td><td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--LargestHoldingAxis__custom--MayvilleEngineeringMember_zIbXa6yfEzFd" style="border-bottom: #C5C7C8 1pt solid; text-align: right">0.9</td><td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left; padding-left: 1pt">Advance Auto Parts</td><td style="border-bottom: #C5C7C8 1pt solid"> </td> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td><td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zYm2UEUPxa41" style="border-bottom: #C5C7C8 1pt solid; text-align: right">0.9</td><td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left; padding-left: 1pt">Orion Group Holdings</td><td style="border-bottom: #C5C7C8 1pt solid"> </td> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td><td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--LargestHoldingAxis__custom--OrionGroupHoldingsMember_z4USXmSILRKg" style="border-bottom: #C5C7C8 1pt solid; text-align: right">0.9</td><td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left; padding-left: 1pt">Ultra Clean Holdings</td><td style="border-bottom: #C5C7C8 1pt solid"> </td> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td><td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--LargestHoldingAxis__custom--UltraCleanHoldingsMember_zgq2WCk81rN4" style="border-bottom: #C5C7C8 1pt solid; text-align: right">0.9</td><td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left; padding-left: 1pt">Select Water Solutions Cl. A</td><td style="border-bottom: #C5C7C8 1pt solid"> </td> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td><td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--LargestHoldingAxis__custom--SelectWaterSolutionsClAMember_z4MkO7WxHtRl" style="border-bottom: #C5C7C8 1pt solid; text-align: right">0.8</td><td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; padding-left: 1pt; text-align: left">Cohu</td><td style="border-bottom: #C5C7C8 1pt solid"> </td> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td><td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--LargestHoldingAxis__custom--CohuMember_zC07vhQ7haM6" style="border-bottom: #C5C7C8 1pt solid; text-align: right">0.8</td><td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left; padding-left: 1pt">Materion Corporation</td><td style="border-bottom: #C5C7C8 1pt solid"> </td> <td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td><td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--LargestHoldingAxis__custom--MaterionCorporationMember_zM9jUTvRCmkf" style="border-bottom: #C5C7C8 1pt solid; text-align: right">0.8</td><td style="border-bottom: #C5C7C8 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2pt solid; text-align: left; padding-left: 1pt">CECO Environmental</td><td style="border-bottom: #C5C7C8 2pt solid"> </td> <td style="border-bottom: #C5C7C8 2pt solid; text-align: left"> </td><td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--LargestHoldingAxis__custom--CECOEnvironmentalMember_zWEs94HlYuv9" style="border-bottom: #C5C7C8 2pt solid; text-align: right">0.8</td><td style="border-bottom: #C5C7C8 2pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> 0.010 0.010 0.009 0.009 0.009 0.009 0.008 0.008 0.008 0.008 <div id="xdx_801_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026014Member_dU_zUqtwqolRgkl" style="border-top: Black 1pt solid; text-align: center; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img034_v1.jpg" style="height: 177px; width: 450px"/> <div style="clear: both"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="display: none; visibility: hidden"> <td style="display: none; vertical-align: middle; width: 74%; padding-bottom: 1pt; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zRdsvzozdKHl" style="display: none; vertical-align: bottom; text-align: right; width: 26%; visibility: hidden">30.9</td></tr> <tr style="display: none; visibility: hidden"> <td style="display: none; vertical-align: middle; visibility: hidden">Informational Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zinu1nHJVxOa" style="display: none; vertical-align: bottom; text-align: right; visibility: hidden">17.3</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_ztKRJIcND3s1" style="display: none; text-align: right; visibility: hidden">11.3</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zE4GJF6psih2" style="display: none; text-align: right; visibility: hidden">9.9</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zIlTNpzypbK9" style="display: none; text-align: right; visibility: hidden">9.4</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zGxGEYAwQ274" style="display: none; text-align: right; visibility: hidden">7.8</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zjWXLwXJ0uHg" style="display: none; text-align: right; visibility: hidden">5.8</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zBdVNSzoeFh" style="display: none; text-align: right; visibility: hidden">3.7</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zj1xvW7u78Ml" style="display: none; text-align: right; visibility: hidden">0.0</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026014Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zLSQ5ebtHgf8" style="display: none; text-align: right; visibility: hidden">3.9</td></tr> </table> 0.309 0.173 0.113 0.099 0.094 0.078 0.058 0.037 0.000 0.039 1-800-221-4268 www.royceinvest.com Royce Premier Fund Consultant Class RPRCX This semiannual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Premier Fund—Consultant Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000025993Member_zcDX4Wvp7PHj" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$124</td> <td id="xdx_989_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025993Member_fMQ_____zWKfUBAqOAv7" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">2.24%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #48757F; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 20pt; visibility: hidden">1</td><td id="xdx_F1E_znhhNY22skMg" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 124 0.0224 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025993Member_z4AY3KUiK34j" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$1,148</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025993Member_zVQs8YjB7UYe" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">51</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025993Member_zUqvUTA1fBN" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13%</td></tr> </table>

1148000000

0.13

<div id="xdx_803_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000025993Member_dU_zDLJtxMXOW19" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">MKS</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--LargestHoldingAxis__custom--MKSMember_zJawdhd2rOgf" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Arcosa</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--LargestHoldingAxis__custom--ArcosaMember_z80cQzFkdKBh" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">JBT Marel</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> 3.6</td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Quaker Houghton</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--LargestHoldingAxis__custom--QuakerHoughtonMember_z5OsDDuOAkPd" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RBC Bearings</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--LargestHoldingAxis__custom--RBCBearingsMember_zxchcHn60Hoj" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RB Global</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--LargestHoldingAxis__custom--RBGlobalMember_zX0ZPbLASxz4" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.2 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">FirstService Corporation</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--LargestHoldingAxis__custom--FirstServiceCorporationMember_zXYT4TgLtql9" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> ESCO Technologies</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--LargestHoldingAxis__custom--ESCOTechnologiesMember_zguN7tOLEHPg" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Littelfuse</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--LargestHoldingAxis__custom--LittelfuseMember_zplpkTZiRdS" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8</td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">SEI Investments</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--LargestHoldingAxis__custom--SEIInvestmentsMember_zFsHWoAxINO4" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> 0.044 0.038 0.036 0.034 0.034 0.032 0.031 0.028 0.028 0.028 <div id="xdx_80D_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025993Member_dU_zNFu7WsxnBXj" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img036_v1.jpg"/> <div style="clear: both"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zKZgZOWQOrR8" style="display: none; width: 50%; visibility: hidden">40.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zwRTI0RSv8Ok" style="display: none; visibility: hidden">16.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zgzGex0sRlp3" style="display: none; visibility: hidden">11.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zIdbV0xg5Bjk" style="display: none; visibility: hidden">9.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zz1CHizn9MVc" style="display: none; visibility: hidden">8.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zKlmlOgrdZn7" style="display: none; visibility: hidden">5.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zFb3Ftc9KTze" style="display: none; visibility: hidden">2.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zE79xrkOEtRg" style="display: none; visibility: hidden">1.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025993Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zfVvA6NffBF8" style="display: none; visibility: hidden">4.1</td></tr> </table> 0.406 0.161 0.113 0.098 0.087 0.051 0.028 0.015 0.041 1-800-221-4268 www.royceinvest.com Royce Premier Fund Investment Class RYPRX This semiannual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Premier Fund—Investment Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000025990Member_zH7F1I0SNNm" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$67</td> <td id="xdx_989_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025990Member_fMQ_____zir5Wz2LRnnc" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.21%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0pt; visibility: hidden"></td><td style="display: none; width: 20pt; text-align: left; visibility: hidden">1</td><td id="xdx_F13_z0ReOQ3md7Zg" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> 67 0.0121 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025990Member_zaMbhB5Od6v2" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$1,148</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025990Member_zCuEouw1Zzid" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">51</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025990Member_zBPtvBTPfMm3" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13%</td></tr> </table>

1148000000

0.13

<div id="xdx_80F_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000025990Member_dU_znNTNAlNgPTf" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">MKS</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--LargestHoldingAxis__custom--MKSMember_z01pkKVfI5hk" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Arcosa</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--LargestHoldingAxis__custom--ArcosaMember_zTBStjz9kT7f" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">JBT Marel</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> 3.6 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Quaker Houghton</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--LargestHoldingAxis__custom--QuakerHoughtonMember_zj1W0aEbmR9k" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RBC Bearings</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--LargestHoldingAxis__custom--RBCBearingsMember_zRyQ36QhPmse" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RB Global</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--LargestHoldingAxis__custom--RBGlobalMember_z3kwe1ieWMlh" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.2 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">FirstService Corporation</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--LargestHoldingAxis__custom--FirstServiceCorporationMember_zVR5Kpm5Pf43" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> ESCO Technologies</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--LargestHoldingAxis__custom--ESCOTechnologiesMember_zBsmOZA20FS7" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Littelfuse</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--LargestHoldingAxis__custom--LittelfuseMember_z8QdPbz2VrLf" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">SEI Investments</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--LargestHoldingAxis__custom--SEIInvestmentsMember_zDhjBCgRBuKb" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> 0.044 0.038 0.036 0.034 0.034 0.032 0.031 0.028 0.028 0.028 <div id="xdx_808_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025990Member_dU_zzO9pjv0b5Cd" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img038_v1.jpg"/> <div style="clear: both"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zKZgZOWQOrR8" style="display: none; text-align: right; width: 50%; visibility: hidden">40.6</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zwRTI0RSv8Ok" style="display: none; text-align: right; visibility: hidden">16.1</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zgzGex0sRlp3" style="display: none; text-align: right; visibility: hidden">11.3</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zIdbV0xg5Bjk" style="display: none; text-align: right; visibility: hidden">9.8</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zz1CHizn9MVc" style="display: none; text-align: right; visibility: hidden">8.7</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zKlmlOgrdZn7" style="display: none; text-align: right; visibility: hidden">5.1</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zFb3Ftc9KTze" style="display: none; text-align: right; visibility: hidden">2.8</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zE79xrkOEtRg" style="display: none; text-align: right; visibility: hidden">1.5</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025990Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zfVvA6NffBF8" style="display: none; text-align: right; visibility: hidden">4.1</td></tr> </table> 0.406 0.161 0.113 0.098 0.087 0.051 0.028 0.015 0.041 1-800-221-4268 www.royceinvest.com Royce Premier Fund Institutional Class RPFIX This semiannual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Premier Fund—Institutional Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000025991Member_zXuC6WLVKZ3h" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$63</td> <td id="xdx_989_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025991Member_fMQ_____zER0SLNreQ5i" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.14%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #48757F; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0pt; visibility: hidden"></td><td style="display: none; width: 20pt; text-align: left; visibility: hidden">1</td><td id="xdx_F1F_zcxg6PnCoOq4" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> 63 0.0114 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025991Member_zZIiyfyngRfi" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$1,148</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025991Member_zBbWOCmD9ywd" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">51</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025991Member_zdXmRpqb3VR" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13%</td></tr> </table>

1148000000

0.13

<div id="xdx_803_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000025991Member_dU_z45qfw6jem0l" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">MKS</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--LargestHoldingAxis__custom--MKSMember_zQLdeXc0Jqbe" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Arcosa</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--LargestHoldingAxis__custom--ArcosaMember_zrjSMyvkgpw9" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">JBT Marel</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> 3.6 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Quaker Houghton</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--LargestHoldingAxis__custom--QuakerHoughtonMember_z99HKT1ErdAk" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RBC Bearings</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--LargestHoldingAxis__custom--RBCBearingsMember_zW3X0r9i9VZ9" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RB Global</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--LargestHoldingAxis__custom--RBGlobalMember_zpfFftasc0if" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.2 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">FirstService Corporation</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--LargestHoldingAxis__custom--FirstServiceCorporationMember_zaB3drVo7Oxb" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> ESCO Technologies</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--LargestHoldingAxis__custom--ESCOTechnologiesMember_zl5vAomzSze3" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Littelfuse</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--LargestHoldingAxis__custom--LittelfuseMember_zXglRBbOcptg" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8</td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">SEI Investments</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--LargestHoldingAxis__custom--SEIInvestmentsMember_zoqSKJyhXPJ1" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> 0.044 0.038 0.036 0.034 0.034 0.032 0.031 0.028 0.028 0.028 <div id="xdx_80E_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025991Member_dU_zuMngEohl4Ih" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img040_v1.jpg"/> <div style="clear: both"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zKZgZOWQOrR8" style="display: none; text-align: right; width: 50%; visibility: hidden">40.6</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zwRTI0RSv8Ok" style="display: none; text-align: right; visibility: hidden">16.1</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zgzGex0sRlp3" style="display: none; text-align: right; visibility: hidden">11.3</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zIdbV0xg5Bjk" style="display: none; text-align: right; visibility: hidden">9.8</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zz1CHizn9MVc" style="display: none; text-align: right; visibility: hidden">8.7</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zKlmlOgrdZn7" style="display: none; text-align: right; visibility: hidden">5.1</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zFb3Ftc9KTze" style="display: none; text-align: right; visibility: hidden">2.8</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zE79xrkOEtRg" style="display: none; text-align: right; visibility: hidden">1.5</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025991Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zfVvA6NffBF8" style="display: none; text-align: right; visibility: hidden">4.1</td></tr> </table> 0.406 0.161 0.113 0.098 0.087 0.051 0.028 0.015 0.041 1-800-221-4268 www.royceinvest.com Royce Premier Fund Service Class RPFFX This semiannual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Premier Fund—Service Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000025992Member_zKLhmAiByvm9" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$83</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025992Member_fKDEp_zt3q2Pkx6236" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.49%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 5%; visibility: hidden">1</td> <td id="xdx_F13_zPVjnVHZU5xi" style="display: none; width: 95%; visibility: hidden">Annualized</td></tr> </table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 83 0.0149 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025992Member_z0TT9NZfAB7l" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$1,148</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025992Member_zh0HmJE3YWV8" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">51</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025992Member_zbUBnoLSernk" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">13%</td></tr> </table>

1148000000

0.13

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">MKS</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--LargestHoldingAxis__custom--MKSMember_zvF9Jmd9P7x9" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Arcosa</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--LargestHoldingAxis__custom--ArcosaMember_zzLHlI3zPOme" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">JBT Marel</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> 3.6 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Quaker Houghton</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--LargestHoldingAxis__custom--QuakerHoughtonMember_zc4PITqdZfbk" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RBC Bearings</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--LargestHoldingAxis__custom--RBCBearingsMember_zVLuVeew7HId" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">RB Global</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--LargestHoldingAxis__custom--RBGlobalMember_zzrTuB2I6x0c" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.2 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">FirstService Corporation</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--LargestHoldingAxis__custom--FirstServiceCorporationMember_zBUdQA8VBn2g" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> ESCO Technologies</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--LargestHoldingAxis__custom--ESCOTechnologiesMember_ztiEMt87tKI3" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Littelfuse</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--LargestHoldingAxis__custom--LittelfuseMember_zWalqQiPSCE7" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8</td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">SEI Investments</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--LargestHoldingAxis__custom--SEIInvestmentsMember_z9XqEn1JMQPk" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.044 0.038 0.036 0.034 0.034 0.032 0.031 0.028 0.028 0.028 <div id="xdx_804_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025992Member_dU_zR44e3Zb6831" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img042_v1.jpg"/> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zKZgZOWQOrR8" style="display: none; text-align: right; width: 50%; visibility: hidden">40.6</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zwRTI0RSv8Ok" style="display: none; text-align: right; visibility: hidden">16.1</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zgzGex0sRlp3" style="display: none; text-align: right; visibility: hidden">11.3</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zIdbV0xg5Bjk" style="display: none; text-align: right; visibility: hidden">9.8</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zz1CHizn9MVc" style="display: none; text-align: right; visibility: hidden">8.7</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zKlmlOgrdZn7" style="display: none; text-align: right; visibility: hidden">5.1</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zFb3Ftc9KTze" style="display: none; text-align: right; visibility: hidden">2.8</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zE79xrkOEtRg" style="display: none; text-align: right; visibility: hidden">1.5</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025992Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zfVvA6NffBF8" style="display: none; text-align: right; visibility: hidden">4.1</td></tr> </table> <div style="clear: both"></div> 0.406 0.161 0.113 0.098 0.087 0.051 0.028 0.015 0.041 1-800-221-4268 www.royceinvest.com Royce Small-Cap Special Equity Fund Consultant Class RSQCX This semiannual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Special Equity Fund—Consultant Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026017Member_zsfBy0J1sbk3" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$123</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026017Member_fKDEp_zzymQxCBMUqh" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">2.24%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 8%; visibility: hidden">1</td> <td id="xdx_F14_z7XpaMKIQ9cc" style="display: none; width: 92%; visibility: hidden">Annualized</td></tr> </table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 123 0.0224 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026017Member_zQlhqOJPFGid" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$479</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026017Member_znfQ8uUfCOVb" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026017Member_zfKBwBycPwLi" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">23%</td></tr> </table>

479000000

0.23

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Standard Motor Products</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--LargestHoldingAxis__custom--StandardMotorProductsMember_zGt5jlIX9iT3" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">8.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Movado Group</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--LargestHoldingAxis__custom--MovadoGroupMember_zTFh4ebrmeD6" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">5.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">H&R Block</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> 5.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">ManpowerGroup</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--LargestHoldingAxis__custom--ManpowerGroupMember_zzZehv7Mvs29" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Euronet Worldwide</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--LargestHoldingAxis__custom--EuronetWorldwideMember_zq1rVm3v7RPi" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Macy’s</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--LargestHoldingAxis__custom--MacysMember_zgb6KdBZ8jz8" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ennis</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--LargestHoldingAxis__custom--EnnisMember_zfAz6fKm2Lt5" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Sylvamo Corporation</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--LargestHoldingAxis__custom--SylvamoCorporationMember_zmBjJFnJuhAb" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ethan Allen Interiors</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--LargestHoldingAxis__custom--EthanAllenInteriorsMember_zXOdYE0hvUT4" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Federated Hermes Cl. B</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--LargestHoldingAxis__custom--FederatedHermesClBMember_zgCGne6ElMEl" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.5 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.085 0.059 0.050 0.049 0.047 0.045 0.044 0.041 0.035 0.035 <div id="xdx_809_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026017Member_dU_z7XkwbF7LPs6" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img044_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_z1n1iMgZqpz" style="display: none; width: 50%; visibility: hidden">27.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zyp8ZgM1C4E1" style="display: none; visibility: hidden">20.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_ztT3QVWwOTAk" style="display: none; visibility: hidden">9.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zMgXM2wlKxld" style="display: none; visibility: hidden">7.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zaCcKS5c4AFj" style="display: none; visibility: hidden">6.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_z7sP0CCpyWl7" style="display: none; visibility: hidden">3.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z8oei5VuGhA6" style="display: none; visibility: hidden">0.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zOCinRMK3E3d" style="display: none; visibility: hidden">0.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026017Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zNDNBt4I3oC2" style="display: none; visibility: hidden">25.5</td></tr> </table> <div style="clear: both"></div> 0.274 0.207 0.092 0.076 0.062 0.030 0.004 0.000 0.255 1-800-221-4268 www.royceinvest.com Royce Small-Cap Special Equity Fund Investment Class RYSEX This semiannual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Special Equity Fund—Investment Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026016Member_z8VXILPMut9l" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$68</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026016Member_fKDEp_zvjoSWO3D4Xj" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.24%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 4%; visibility: hidden">1</td> <td id="xdx_F10_zJyI7X8KRsn5" style="display: none; width: 96%; visibility: hidden">Annualized</td></tr> </table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 68 0.0124 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026016Member_ztB92tyqRgz5" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$479</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026016Member_zDfFy9SZOih7" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026016Member_zzNathF8eETe" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">23%</td></tr> </table>

479000000

0.23

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Standard Motor Products</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--LargestHoldingAxis__custom--StandardMotorProductsMember_zA6HkMOMKY7j" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">8.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Movado Group</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--LargestHoldingAxis__custom--MovadoGroupMember_zchAVmjTzD75" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">5.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">H&R Block</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> 5.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">ManpowerGroup</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--LargestHoldingAxis__custom--ManpowerGroupMember_zNCDI5Ko6i8j" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Euronet Worldwide</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--LargestHoldingAxis__custom--EuronetWorldwideMember_zYj9IHrtRJ6b" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Macy’s</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--LargestHoldingAxis__custom--MacysMember_z3QeRyrvK0ma" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ennis</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--LargestHoldingAxis__custom--EnnisMember_zWXThuNyQSud" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Sylvamo Corporation</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--LargestHoldingAxis__custom--SylvamoCorporationMember_zkq1hcoLfkhj" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ethan Allen Interiors</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--LargestHoldingAxis__custom--EthanAllenInteriorsMember_zt7g6CIUyZe2" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Federated Hermes Cl. B</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--LargestHoldingAxis__custom--FederatedHermesClBMember_zF1HUqtFvc85" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.5 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.085 0.059 0.050 0.049 0.047 0.045 0.044 0.041 0.035 0.035 <div id="xdx_808_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026016Member_dU_zDDxN3sZjv25" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img046_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_z1n1iMgZqpz" style="display: none; width: 50%; visibility: hidden">27.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zyp8ZgM1C4E1" style="display: none; visibility: hidden">20.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_ztT3QVWwOTAk" style="display: none; visibility: hidden">9.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zMgXM2wlKxld" style="display: none; visibility: hidden">7.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zaCcKS5c4AFj" style="display: none; visibility: hidden">6.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_z7sP0CCpyWl7" style="display: none; visibility: hidden">3.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z8oei5VuGhA6" style="display: none; visibility: hidden">0.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zOCinRMK3E3d" style="display: none; visibility: hidden">0.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026016Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zNDNBt4I3oC2" style="display: none; visibility: hidden">25.5</td></tr> </table> <div style="clear: both"></div> 0.274 0.207 0.092 0.076 0.062 0.030 0.004 0.000 0.255 1-800-221-4268 www.royceinvest.com Royce Small-Cap Special Equity Fund Institutional Class RSEIX This semiannual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Special Equity Fund—Institutional Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026018Member_zxPCfqxhuofg" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$65</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026018Member_fKDEp_zzTfLgkLBMu7" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.19%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 9%; visibility: hidden">1</td> <td id="xdx_F1C_zowivPn9Ael4" style="display: none; width: 91%; visibility: hidden">Annualized</td></tr> </table> 65 0.0119 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026018Member_zUOHJ4O5oFbe" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$479</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026018Member_zSPB0qDOXZ76" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026018Member_zgFZKkNPEKjk" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">23%</td></tr> </table>

479000000

0.23

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Standard Motor Products</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--LargestHoldingAxis__custom--StandardMotorProductsMember_zk5Kre1PWuXj" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">8.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Movado Group</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--LargestHoldingAxis__custom--MovadoGroupMember_zT0X0YYPPSl" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">5.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">H&R Block</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> 5.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">ManpowerGroup</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--LargestHoldingAxis__custom--ManpowerGroupMember_zVy5kKRAmupg" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Euronet Worldwide</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--LargestHoldingAxis__custom--EuronetWorldwideMember_zDolwYC9lSR" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Macy’s</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--LargestHoldingAxis__custom--MacysMember_zYCdL4qRUfGf" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ennis</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--LargestHoldingAxis__custom--EnnisMember_zOzRNMvQTlUh" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Sylvamo Corporation</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--LargestHoldingAxis__custom--SylvamoCorporationMember_zEzawBVm9bji" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ethan Allen Interiors</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--LargestHoldingAxis__custom--EthanAllenInteriorsMember_zu0cZHCFQDNh" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Federated Hermes Cl. B</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--LargestHoldingAxis__custom--FederatedHermesClBMember_zBUSZsZOiqkg" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.5 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.085 0.059 0.050 0.049 0.047 0.045 0.044 0.041 0.035 0.035 <div id="xdx_807_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026018Member_dU_zzGQrowpgW2" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img048_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_z1n1iMgZqpz" style="display: none; width: 50%; visibility: hidden">27.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zyp8ZgM1C4E1" style="display: none; visibility: hidden">20.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_ztT3QVWwOTAk" style="display: none; visibility: hidden">9.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zMgXM2wlKxld" style="display: none; visibility: hidden">7.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zaCcKS5c4AFj" style="display: none; visibility: hidden">6.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_z7sP0CCpyWl7" style="display: none; visibility: hidden">3.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z8oei5VuGhA6" style="display: none; visibility: hidden">0.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zOCinRMK3E3d" style="display: none; visibility: hidden">0.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026018Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zNDNBt4I3oC2" style="display: none; visibility: hidden">25.5</td></tr> </table> <div style="clear: both"></div> 0.274 0.207 0.092 0.076 0.062 0.030 0.004 0.000 0.255 1-800-221-4268 www.royceinvest.com Royce Small-Cap Special Equity Fund Service Class RSEFX This semiannual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Special Equity Fund—Service Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026019Member_zk68Tr5lePsk" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$82</td> <td id="xdx_982_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026019Member_fMQ_____z9nZ6HJElPbb" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.49%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 3%; visibility: hidden">1</td> <td id="xdx_F14_zt4vKS1sS8o7" style="display: none; width: 97%; visibility: hidden">Annualized</td></tr> </table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 82 0.0149 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026019Member_z45LxRE2fzmd" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$479</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026019Member_zWw2duAio6m6" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">30</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026019Member_zyfCP2DG58Sl" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">23%</td></tr> </table>

479000000

0.23

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Standard Motor Products</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--LargestHoldingAxis__custom--StandardMotorProductsMember_zH6FBlMCdBTd" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">8.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Movado Group</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--LargestHoldingAxis__custom--MovadoGroupMember_z1MjtsMCyD77" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">5.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">H&R Block</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> 5.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">ManpowerGroup</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--LargestHoldingAxis__custom--ManpowerGroupMember_zHNFQGj6VMO6" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Euronet Worldwide</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--LargestHoldingAxis__custom--EuronetWorldwideMember_zHtHdqIMw87j" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Macy’s</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--LargestHoldingAxis__custom--MacysMember_z9jxzXsEGAmh" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ennis</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--LargestHoldingAxis__custom--EnnisMember_zkj1T9VbTBTa" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Sylvamo Corporation</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--LargestHoldingAxis__custom--SylvamoCorporationMember_z85dyBPYeJZ7" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">4.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ethan Allen Interiors</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--LargestHoldingAxis__custom--EthanAllenInteriorsMember_zVLTXGkz7UG3" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Federated Hermes Cl. B</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--LargestHoldingAxis__custom--FederatedHermesClBMember_zcu87bqfI0K7" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.5 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.085 0.059 0.050 0.049 0.047 0.045 0.044 0.041 0.035 0.035 <div id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026019Member_dU_zj3l26S5YTW5" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img050_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_z1n1iMgZqpz" style="display: none; width: 50%; visibility: hidden">27.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zyp8ZgM1C4E1" style="display: none; visibility: hidden">20.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_ztT3QVWwOTAk" style="display: none; visibility: hidden">9.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zMgXM2wlKxld" style="display: none; visibility: hidden">7.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zaCcKS5c4AFj" style="display: none; visibility: hidden">6.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_z7sP0CCpyWl7" style="display: none; visibility: hidden">3.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z8oei5VuGhA6" style="display: none; visibility: hidden">0.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Real Estate</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zOCinRMK3E3d" style="display: none; visibility: hidden">0.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026019Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zNDNBt4I3oC2" style="display: none; visibility: hidden">25.5</td></tr> </table> <div style="clear: both"></div> 0.274 0.207 0.092 0.076 0.062 0.030 0.004 0.000 0.255 1-800-221-4268 www.royceinvest.com Royce Small-Cap Total Return Fund Consultant Class RYTCX This semiannual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Total Return Fund—Consultant Class</td> <td id="xdx_98E_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026007Member_zZ9c2zuflCGh" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$115</td> <td id="xdx_98F_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026007Member_fKDEp_z1UC5VMu8Mm3" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">2.17%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td id="xdx_F04_znvQeIzhheu1" style="display: none; width: 50%; visibility: hidden">1</td> <td id="xdx_F11_z9sSjnaNeUdi" style="display: none; width: 50%; visibility: hidden">Annualized</td></tr> </table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 115 0.0217 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_988_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026007Member_z3pDHgjLkJM" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$948</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_98A_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026007Member_zqLe6Y1UiYCl" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">63</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026007Member_zCLYIoF01wk7" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">31%</td></tr> </table>

948000000

0.31

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Assured Guaranty</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--LargestHoldingAxis__custom--AssuredGuarantyMember_z7lIdaqiABih" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">MSC Industrial Direct Cl. A</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--LargestHoldingAxis__custom--MSCIndustrialDirectClAMember_zjzv63TCUoth" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">International General Insurance Holdings</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt; vertical-align: bottom"> <p id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--LargestHoldingAxis__custom--InternationalGeneralInsuranceHoldingsMember_zUvOGScCCfo1" style="margin-top: 0; margin-bottom: 0">2.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Advance Auto Parts</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zCrNj0Gx2QHc" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ingevity Corporation</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--LargestHoldingAxis__custom--IngevityCorporationMember_zrMlNbDokSPe" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Barrett Business Services</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--LargestHoldingAxis__custom--BarrettBusinessServicesMember_zzpOfHSmcekj" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Academy Sports & Outdoors</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--LargestHoldingAxis__custom--AcademySportsAndOutdoorsMember_zWzPuXvx5Mhd" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Healthcare Services Group</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--LargestHoldingAxis__custom--HealthcareServicesGroupMember_zrYNqUpg2H5k" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Silgan Holdings</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--LargestHoldingAxis__custom--SilganHoldingsMember_zPNMiruiEoL" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">PACS Group</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--LargestHoldingAxis__custom--PACSGroupMember_zQJlQzJvbaI7" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.2 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.030 0.030 0.029 0.028 0.027 0.024 0.024 0.023 0.023 0.022 <div id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026007Member_dU_zJxlAdPEBw4" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img052_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zcjb1ClGIgA5" style="display: none; width: 50%; visibility: hidden">31.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zVE793Y796A2" style="display: none; visibility: hidden">24.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zhGKcsW137Cf" style="display: none; visibility: hidden">10.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zt6sBz3g0oMh" style="display: none; visibility: hidden">8.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zZ4ous2HJmnl" style="display: none; visibility: hidden">8.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z97qYiGb4GMf" style="display: none; visibility: hidden">6.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zBpRT0DAoJi7" style="display: none; visibility: hidden">5.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zUnFBfTD4lj5" style="display: none; visibility: hidden">2.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zhz6tLFF0CKh" style="display: none; visibility: hidden">0.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026007Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zwkw5HnUobJ" style="display: none; visibility: hidden">2.9</td></tr> </table> <div style="clear: both"></div> 0.313 0.245 0.104 0.086 0.083 0.066 0.052 0.021 0.001 0.029 1-800-221-4268 www.royceinvest.com Royce Small-Cap Total Return Fund Investment Class RYTRX This semiannual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Total Return Fund—Investment Class</td> <td id="xdx_98E_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026006Member_z7hNxXZt2aN4" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$60</td> <td id="xdx_980_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026006Member_fMQ_____zfkA0fScLMul" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.14%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0pt; visibility: hidden"></td><td id="xdx_F0A_zCSO7nfIt6T" style="display: none; width: 20pt; text-align: left; visibility: hidden">1</td><td id="xdx_F1C_z9T5Mkc5jzVk" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 60 0.0114 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_988_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026006Member_zywwMTDHAJ6d" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$948</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_98A_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026006Member_zwz2VocrmsCc" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">63</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026006Member_zpiWN7jEgjic" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">31%</td></tr> </table>

948000000

0.31

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Assured Guaranty</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--LargestHoldingAxis__custom--AssuredGuarantyMember_z3BJ2SS8cs4a" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">MSC Industrial Direct Cl. A</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--LargestHoldingAxis__custom--MSCIndustrialDirectClAMember_zlPcJuPpC0p1" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">International General Insurance Holdings</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt; vertical-align: bottom"> <p id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--LargestHoldingAxis__custom--InternationalGeneralInsuranceHoldingsMember_zqZELThP19k" style="margin-top: 0; margin-bottom: 0">2.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Advance Auto Parts</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zyN3MVnv9Ls4" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ingevity Corporation</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--LargestHoldingAxis__custom--IngevityCorporationMember_zROk0d3Ks2xj" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Barrett Business Services</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--LargestHoldingAxis__custom--BarrettBusinessServicesMember_z4UYvv91pSS1" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Academy Sports & Outdoors</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--LargestHoldingAxis__custom--AcademySportsAndOutdoorsMember_zO0gnjOuLQI9" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Healthcare Services Group</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--LargestHoldingAxis__custom--HealthcareServicesGroupMember_zQhEqsy4pb71" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Silgan Holdings</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--LargestHoldingAxis__custom--SilganHoldingsMember_zLuIuMuiWV3d" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">PACS Group</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--LargestHoldingAxis__custom--PACSGroupMember_za0gGX4zaY9k" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.2 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.030 0.030 0.029 0.028 0.027 0.024 0.024 0.023 0.023 0.022 <div id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026006Member_dU_zDGValqxRxg8" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img054_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zKYdSMthJSL5" style="display: none; width: 50%; visibility: hidden">31.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zDx3mFsb8Fa8" style="display: none; visibility: hidden">24.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zLxlYvLnjA1i" style="display: none; visibility: hidden">10.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zjKvA1wCCNQ6" style="display: none; visibility: hidden">8.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zWsXwECVogOl" style="display: none; visibility: hidden">8.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zLTYwa0ZTcha" style="display: none; visibility: hidden">6.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zyGhhWupLeie" style="display: none; visibility: hidden">5.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zUteljS7R9J3" style="display: none; visibility: hidden">2.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zNNH3CkYpRG4" style="display: none; visibility: hidden">0.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026006Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zm0Skt3ccLJd" style="display: none; visibility: hidden">2.9</td></tr> </table> <div style="clear: both"></div> 0.313 0.245 0.104 0.086 0.083 0.066 0.052 0.021 0.001 0.029 1-800-221-4268 www.royceinvest.com Royce Small-Cap Total Return Fund Institutional Class RTRIX This semiannual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Total Return Fund—Institutional Class</td> <td id="xdx_98E_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026009Member_zvnQSZoGWkBa" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$54</td> <td id="xdx_980_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026009Member_fMQ_____zxnJOq9oyf0d" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.02%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0pt; visibility: hidden"></td><td id="xdx_F0B_zrCE4ZejB6c1" style="display: none; width: 20pt; text-align: left; visibility: hidden">1</td><td id="xdx_F14_zvtTb6N1GGh7" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> 54 0.0102 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_988_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026009Member_zaG0WG48FSec" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$948</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_98A_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026009Member_zxl6FRUxyWga" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">63</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026009Member_zh7SbVNGhip6" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">31%</td></tr> </table>

948000000

0.31

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Assured Guaranty</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--LargestHoldingAxis__custom--AssuredGuarantyMember_zdhppeDl8X9b" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">MSC Industrial Direct Cl. A</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--LargestHoldingAxis__custom--MSCIndustrialDirectClAMember_zJzq5gleRx8l" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">International General Insurance Holdings</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt; vertical-align: bottom"> <p id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--LargestHoldingAxis__custom--InternationalGeneralInsuranceHoldingsMember_zuhCSSCPnjO2" style="margin-top: 0; margin-bottom: 0">2.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Advance Auto Parts</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zyXxzKw8ZSe3" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ingevity Corporation</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--LargestHoldingAxis__custom--IngevityCorporationMember_zc4bDX2Se7O6" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Barrett Business Services</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--LargestHoldingAxis__custom--BarrettBusinessServicesMember_zQCPj2H2Imwk" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Academy Sports & Outdoors</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--LargestHoldingAxis__custom--AcademySportsAndOutdoorsMember_zcij1x7xNbg3" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Healthcare Services Group</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--LargestHoldingAxis__custom--HealthcareServicesGroupMember_zPqQsVovfqi2" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Silgan Holdings</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--LargestHoldingAxis__custom--SilganHoldingsMember_zy1sfWiD5aqb" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">PACS Group</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--LargestHoldingAxis__custom--PACSGroupMember_zAOwFTOcA8j" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.2 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.030 0.030 0.029 0.028 0.027 0.024 0.024 0.023 0.023 0.022 <div id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026009Member_dU_zR6DnPNhetQa" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img056_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zX46ePwr2waa" style="display: none; width: 50%; visibility: hidden">31.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zejnE7pmxCj9" style="display: none; visibility: hidden">24.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zVvOXRg3jLi3" style="display: none; visibility: hidden">10.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_z9IXvoBZEFOg" style="display: none; visibility: hidden">8.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zQsyDEc3jwKb" style="display: none; visibility: hidden">8.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z6Q8CVC8hnH3" style="display: none; visibility: hidden">6.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zeO4QhHbjA3k" style="display: none; visibility: hidden">5.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zts6ngbxVJWc" style="display: none; visibility: hidden">2.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zibvbn9tJfWe" style="display: none; visibility: hidden">0.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026009Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zIhgrOUxuqS4" style="display: none; visibility: hidden">2.9</td></tr> </table> <div style="clear: both"></div> 0.313 0.245 0.104 0.086 0.083 0.066 0.052 0.021 0.001 0.029 1-800-221-4268 www.royceinvest.com Royce Small-Cap Total Return Fund R Class RTRRX This semiannual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Total Return Fund—R Class</td> <td id="xdx_98E_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000038078Member_z1n2pE8eLUC4" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$97</td> <td id="xdx_980_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000038078Member_fMQ_____zTjZXI7o7B0l" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.83%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0pt; visibility: hidden"></td><td style="display: none; width: 20pt; text-align: left; visibility: hidden">1</td><td id="xdx_F1B_z4vsq70IXYkd" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> 97 0.0183 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_988_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000038078Member_zabdtYKN8y2" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$948</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_98A_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000038078Member_zgECFKCKcGc6" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">63</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000038078Member_z7JKkeB3NI5j" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">31%</td></tr> </table>

948000000

0.31

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Assured Guaranty</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--LargestHoldingAxis__custom--AssuredGuarantyMember_zL554ds12vUc" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">MSC Industrial Direct Cl. A</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--LargestHoldingAxis__custom--MSCIndustrialDirectClAMember_zkSbrz9uutZ7" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">International General Insurance Holdings</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> <p id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--LargestHoldingAxis__custom--InternationalGeneralInsuranceHoldingsMember_zRrzu9WkpHb" style="margin-top: 0; margin-bottom: 0">2.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Advance Auto Parts</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zmGBE0nVSOll" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ingevity Corporation</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--LargestHoldingAxis__custom--IngevityCorporationMember_z2HEakANWqY" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Barrett Business Services</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--LargestHoldingAxis__custom--BarrettBusinessServicesMember_zcfTb9WiRrU6" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Academy Sports & Outdoors</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--LargestHoldingAxis__custom--AcademySportsAndOutdoorsMember_zJe8w8r7X4b2" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Healthcare Services Group</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--LargestHoldingAxis__custom--HealthcareServicesGroupMember_zKl6aG6hwAB5" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Silgan Holdings</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--LargestHoldingAxis__custom--SilganHoldingsMember_zyFyEphqB9ae" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">PACS Group</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--LargestHoldingAxis__custom--PACSGroupMember_zmb1vcX9TEDh" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.2 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.030 0.030 0.029 0.028 0.027 0.024 0.024 0.023 0.023 0.022 <div id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000038078Member_dU_zJ75afZRahOe" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img058_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zIkXMe942Iw1" style="display: none; width: 50%; visibility: hidden">31.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zeSi5EvXTHw3" style="display: none; visibility: hidden">24.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zZkmUFeV0mB5" style="display: none; visibility: hidden">10.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zYaCe41AioZf" style="display: none; visibility: hidden">8.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zQIhZtT9HIs9" style="display: none; visibility: hidden">8.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zqDrFaQ6fKAd" style="display: none; visibility: hidden">6.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zmIsdPexfhD" style="display: none; visibility: hidden">5.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_z46SVfZOCBnk" style="display: none; visibility: hidden">2.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zXwvFaUuHadc" style="display: none; visibility: hidden">0.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038078Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_z5YyZeGWupl9" style="display: none; visibility: hidden">2.9</td></tr> </table> <div style="clear: both"></div> 0.313 0.245 0.104 0.086 0.083 0.066 0.052 0.021 0.001 0.029 1-800-221-4268 www.royceinvest.com Royce Small-Cap Total Return Fund Service Class RYTFX This semiannual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Total Return Fund—Service Class</td> <td id="xdx_98E_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026008Member_zOIuOa7jNYe6" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$79</td> <td id="xdx_980_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026008Member_fMQ_____zZj9pfOEOSMe" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.49%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0pt; visibility: hidden"></td><td id="xdx_F0A_ztwAPXGlvmGc" style="display: none; width: 20pt; text-align: left; visibility: hidden">1</td><td id="xdx_F13_zucjzUletrwi" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 79 0.0149 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_988_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026008Member_zktgd3cAEgDa" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$948</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_98A_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026008Member_zjdrf4vqQQT9" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">63</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026008Member_zivlJAVvLbQj" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">31%</td></tr> </table>

948000000

0.31

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Assured Guaranty</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--LargestHoldingAxis__custom--AssuredGuarantyMember_zfAKRjCs8vZe" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">MSC Industrial Direct Cl. A</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--LargestHoldingAxis__custom--MSCIndustrialDirectClAMember_z9MHO5sMYed7" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">3.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">International General Insurance Holdings</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> <p id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--LargestHoldingAxis__custom--InternationalGeneralInsuranceHoldingsMember_znjJHAxMYK2a" style="margin-top: 0; margin-bottom: 0">2.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Advance Auto Parts</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--LargestHoldingAxis__custom--AdvanceAutoPartsMember_zeiVUl5c8kJ" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Ingevity Corporation</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--LargestHoldingAxis__custom--IngevityCorporationMember_zCwH6VsVsUP2" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Barrett Business Services</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--LargestHoldingAxis__custom--BarrettBusinessServicesMember_zvBMj6w17Ojc" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Academy Sports & Outdoors</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--LargestHoldingAxis__custom--AcademySportsAndOutdoorsMember_zBBwF4Yr6vA2" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Healthcare Services Group</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--LargestHoldingAxis__custom--HealthcareServicesGroupMember_zLBQTdc9JRE1" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Silgan Holdings</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--LargestHoldingAxis__custom--SilganHoldingsMember_z0KckIhSALse" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">PACS Group</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--LargestHoldingAxis__custom--PACSGroupMember_zdhnYzMBwjI5" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.2 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.030 0.030 0.029 0.028 0.027 0.024 0.024 0.023 0.023 0.022 <div id="xdx_80F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026008Member_dU_zsPVP3mCyFW9" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img060_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zLWsn7UwPsI7" style="display: none; width: 50%; visibility: hidden">31.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials </td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zDXAziMTQ3O3" style="display: none; visibility: hidden">24.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zpTapcmGfsKk" style="display: none; visibility: hidden">10.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary 8.6 </td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zDj0W18NnPEf" style="display: none; visibility: hidden">8.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zMsHaFAUp1ul" style="display: none; visibility: hidden">8.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ziM1lplpXrv4" style="display: none; visibility: hidden">6.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology </td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zKuoPLrTgZbg" style="display: none; visibility: hidden">5.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_z5LuZf9OXRma" style="display: none; visibility: hidden">2.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zhhxtaarCuT1" style="display: none; visibility: hidden">0.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026008Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zTdSY8Fr03q3" style="display: none; visibility: hidden">2.9</td></tr> </table> <div style="clear: both"></div> 0.313 0.245 0.104 0.086 0.083 0.066 0.052 0.021 0.001 0.029 1-800-221-4268 www.royceinvest.com Royce Smaller—Companies Growth Fund Investment Class RVPHX This semiannual shareholder report contains important information about Royce Smaller-Companies Growth Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Smaller-Companies Growth Fund—Investment Class</td> <td id="xdx_98E_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000038083Member_zwnMbO7x4MMj" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$57</td> <td id="xdx_980_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000038083Member_fMQ_____zFpIeppxF2Qe" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.01%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0pt; visibility: hidden"></td><td id="xdx_F08_z6w6Qf19QYy9" style="display: none; width: 20pt; text-align: left; visibility: hidden">1</td><td id="xdx_F16_znF2HogLouy9" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 57 0.0101 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_988_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000038083Member_zDG1mNc1MGQ3" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$238</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_98A_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000038083Member_zVaC7rqPMndf" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">81</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000038083Member_zl9vjPpPEnx8" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">49%</td></tr> </table>

238000000

0.49

<div id="xdx_80D_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000038083Member_dU_zM6WkKAboZg2" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Hinge Health Cl. A</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--LargestHoldingAxis__custom--HingeHealthClAMember_zSUV0FZwAPU7" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Magnite</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--LargestHoldingAxis__custom--MagniteMember_z07Cg0dshNcb" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Definium Therapeutics</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> <p id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--LargestHoldingAxis__custom--DefiniumTherapeuticsMember_zmi9GsjNCDm1" style="margin-top: 0; margin-bottom: 0">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Flotek Industries</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--LargestHoldingAxis__custom--FlotekIndustriesMember_zurFM8MuavLc" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Axsome Therapeutics</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--LargestHoldingAxis__custom--AxsomeTherapeuticsMember_zDNFbsbSQG4a" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">ACV Auctions Cl. A</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--LargestHoldingAxis__custom--ACVAuctionsClAMember_zEFqdRqtIWg3" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.6 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Strata Critical Medical</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--LargestHoldingAxis__custom--StrataCriticalMedicalMember_zpUdfOZJFzdc" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.6 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Impinj</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--LargestHoldingAxis__custom--ImpinjMember_zGYzjynjrZp3" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Freshpet</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--LargestHoldingAxis__custom--FreshpetMember_zWDplMA5lIak" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Seacoast Banking Corporation of Florida</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--LargestHoldingAxis__custom--SeacoastBankingCorporationOfFloridaMember_zEMdYaeOYim5" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt; vertical-align: bottom">1.9 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> 0.029 0.028 0.028 0.027 0.027 0.026 0.026 0.025 0.021 0.019 Portfolio Sector Breakdown <img alt="" src="img062_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Health Care </td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zOBlftBIodn4" style="display: none; width: 50%; visibility: hidden">32.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zcEX0lMP0JF" style="display: none; visibility: hidden">17.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zRIZnSJg4vNg" style="display: none; visibility: hidden">16.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zHs89NK408O5" style="display: none; visibility: hidden">5.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zWDyPYO9tM9b" style="display: none; visibility: hidden">5.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zy0juBeNKmya" style="display: none; visibility: hidden">4.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zrwdmkhtoS41" style="display: none; visibility: hidden">3.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zGDjSBGcHQX3" style="display: none; visibility: hidden">3.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zrSwczYMmm4j" style="display: none; visibility: hidden">3.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Utilities</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zrnhqHWkYzG9" style="display: none; visibility: hidden">0.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038083Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zKV6nhqeNaw1" style="display: none; visibility: hidden">6.6</td></tr> </table> <div style="clear: both"></div> 0.326 0.171 0.168 0.059 0.050 0.048 0.039 0.033 0.033 0.007 0.066 How Has the Fund Changed? Effective September 30, 2026, the following changes will be implemented: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">the Fund’s name will change from Royce Smaller-Companies Growth Fund to Royce Small-Cap Growth Fund</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">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)</td> </tr></table> This is a summary of upcoming changes to the Fund. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.royceinvest.com/literature or upon request at 1-800-221-4268. the Fund’s name will change from Royce Smaller-Companies Growth Fund to Royce Small-Cap Growth Fund <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">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)</td> </tr></table> This is a summary of upcoming changes to the Fund. 1-800-221-4268 www.royceinvest.com Royce Smaller—Companies Growth Fund Institutional Class RVPIX This semiannual shareholder report contains important information about Royce Smaller-Companies Growth Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Smaller-Companies Growth Fund—Institutional Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026026Member_zS8XN1n7WM19" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$57</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026026Member_fMQ_____zTDGYvxKvqxf" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.02%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #48757F; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0in; visibility: hidden"></td><td id="xdx_F0D_z16ToKV71O8g" style="display: none; width: 0.25in; text-align: left; visibility: hidden">1</td><td id="xdx_F17_zHaIYto52w89" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 57 0.0102 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026026Member_z019O7sq7Qvk" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$238</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026026Member_zuTVFmGMZc95" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">81</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026026Member_zqADYxup1r24" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">49%</td></tr> </table>

238000000

0.49

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Hinge Health Cl. A</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--LargestHoldingAxis__custom--HingeHealthClAMember_z2o0yWlqBCYj" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Magnite</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--LargestHoldingAxis__custom--MagniteMember_zHosMf0ffRE5" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Definium Therapeutics</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> <p id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--LargestHoldingAxis__custom--DefiniumTherapeuticsMember_zSzyOuNGlXRc" style="margin-top: 0; margin-bottom: 0">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Flotek Industries</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--LargestHoldingAxis__custom--FlotekIndustriesMember_zi0vlyy4jpm8" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Axsome Therapeutics</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--LargestHoldingAxis__custom--AxsomeTherapeuticsMember_zYkSVgty1Ao9" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">ACV Auctions Cl. A</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--LargestHoldingAxis__custom--ACVAuctionsClAMember_zRTKCOf7goS3" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.6 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Strata Critical Medical</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--LargestHoldingAxis__custom--StrataCriticalMedicalMember_z3anYzcwpag6" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.6 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Impinj</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--LargestHoldingAxis__custom--ImpinjMember_zVmeKUc3Hfg5" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Freshpet</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--LargestHoldingAxis__custom--FreshpetMember_zJ2K7OWTO3G1" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Seacoast Banking Corporation of Florida</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--LargestHoldingAxis__custom--SeacoastBankingCorporationofFloridaMember_zxbdolW0kud2" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt; vertical-align: bottom">1.9 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.029 0.028 0.028 0.027 0.027 0.026 0.026 0.025 0.021 0.019 <div id="xdx_808_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026026Member_dU_zMGPl46vk5ac" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img064_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zYfysxlvpnBg" style="display: none; width: 50%; visibility: hidden">16.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology </td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zdR4SOUDaV06" style="display: none; visibility: hidden">17.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zvkpCjLM8Jah" style="display: none; visibility: hidden">5.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zVP4mGR80TWh" style="display: none; visibility: hidden">3.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zubJ0fUftNn9" style="display: none; visibility: hidden">3.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ztiKSau7n6zd" style="display: none; visibility: hidden">32.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zVRgRuQr1GWh" style="display: none; visibility: hidden">3.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zBKB3qfjoJxa" style="display: none; visibility: hidden">5.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zXtTFCU5E6M2" style="display: none; visibility: hidden">4.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Utilities</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zFSqhKbfDUN" style="display: none; visibility: hidden">0.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026026Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zZ53ToECQV4a" style="display: none; visibility: hidden">6.6</td></tr> </table> <div style="clear: both"></div> 0.168 0.171 0.059 0.033 0.039 0.326 0.033 0.050 0.048 0.007 0.066 How Has the Fund Changed? Effective September 30, 2026, the following changes will be implemented: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">the Fund’s name will change from Royce Smaller-Companies Growth Fund to Royce Small-Cap Growth Fund</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">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)</td> </tr></table> This is a summary of upcoming changes to the Fund. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.royceinvest.com/literature or upon request at 1-800-221-4268. the Fund’s name will change from Royce Smaller-Companies Growth Fund to Royce Small-Cap Growth Fund <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">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)</td> </tr></table> This is a summary of upcoming changes to the Fund. 1-800-221-4268 www.royceinvest.com Royce Smaller—Companies Growth Fund Service Class RYVPX This semiannual shareholder report contains important information about Royce Smaller-Companies Growth Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Smaller-Companies Growth Fund—Service Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026028Member_zDIVr1W2f7b3" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$81</td> <td id="xdx_985_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026028Member_fMQ_____zcuByXZ77Djh" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.44%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #48757F; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0in; visibility: hidden"></td><td id="xdx_F06_zoiqXikk66r8" style="display: none; width: 0.25in; text-align: left; visibility: hidden">1</td><td id="xdx_F10_zwXZ9PcFGyKk" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 81 0.0144 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026028Member_z3b3BpGNsNa1" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$238</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026028Member_z7CJjG1TBth" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">81</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026028Member_zvX7B4APF7x9" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">49%</td></tr> </table>

238000000

0.49

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Hinge Health Cl. A</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--LargestHoldingAxis__custom--HingeHealthClAMember_z9GF3DmoXKkf" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Magnite</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--LargestHoldingAxis__custom--MagniteMember_zx6V3Tyw1Kud" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Definium Therapeutics</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> <p id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--LargestHoldingAxis__custom--DefiniumTherapeuticsMember_zgQa8C2KliR3" style="margin-top: 0; margin-bottom: 0">2.8 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Flotek Industries</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--LargestHoldingAxis__custom--FlotekIndustriesMember_zJT81mA1YuE2" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Axsome Therapeutics</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--LargestHoldingAxis__custom--AxsomeTherapeuticsMember_zmD6pVqE5uck" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">ACV Auctions Cl. A</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--LargestHoldingAxis__custom--ACVAuctionsClAMember_zstwGQsPA4Ja" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.6 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Strata Critical Medical</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--LargestHoldingAxis__custom--StrataCriticalMedicalMember_zNjneaJY4uEa" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.6 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Impinj</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--LargestHoldingAxis__custom--ImpinjMember_zB0yETTjwjmf" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.5 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Freshpet</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--LargestHoldingAxis__custom--FreshpetMember_zPkOo2JUDmL9" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.1 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Seacoast Banking Corporation of Florida</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--LargestHoldingAxis__custom--SeacoastBankingCorporationofFloridaMember_zozjZtLoADma" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt; vertical-align: bottom">1.9 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.029 0.028 0.028 0.027 0.027 0.026 0.026 0.025 0.021 0.019 <div id="xdx_80E_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026028Member_dU_z2g3OE0AA3Bl" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img066_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zvdhJUOJYIIf" style="display: none; visibility: hidden">32.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology </td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zSRaqczm1A8c" style="display: none; visibility: hidden">17.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zYfysxlvpnBg" style="display: none; width: 50%; visibility: hidden">16.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zvkpCjLM8Jah" style="display: none; visibility: hidden">5.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zXCPxGgQCqDk" style="display: none; visibility: hidden">5.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Communication Services</td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zKvWfRRMVpC5" style="display: none; visibility: hidden">4.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Materials</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zt64jKsS4zj8" style="display: none; visibility: hidden">3.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zPWyMqoRBrVi" style="display: none; visibility: hidden">3.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zVP4mGR80TWh" style="display: none; visibility: hidden">3.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Utilities</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--IndustrySectorAxis__oef--UtilitiesSectorMember_zqGvjodK9l7f" style="display: none; visibility: hidden">0.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026028Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zZ53ToECQV4a" style="display: none; visibility: hidden">6.6</td></tr> </table> <div style="clear: both"></div> 0.326 0.171 0.168 0.059 0.050 0.048 0.039 0.033 0.033 0.007 0.066 How Has the Fund Changed? Effective September 30, 2026, the following changes will be implemented: <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">the Fund’s name will change from Royce Smaller-Companies Growth Fund to Royce Small-Cap Growth Fund</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">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)</td> </tr></table> This is a summary of upcoming changes to the Fund. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.royceinvest.com/literature or upon request at 1-800-221-4268. the Fund’s name will change from Royce Smaller-Companies Growth Fund to Royce Small-Cap Growth Fund <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">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)</td> </tr></table> This is a summary of upcoming changes to the Fund. 1-800-221-4268 www.royceinvest.com Royce Small-Cap Value Fund Investment Class RVVHX This semiannual shareholder report contains important information about Royce Small-Cap Value Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Value Fund—Investment Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000038082Member_zUSTT5YrUuJ" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$68</td> <td id="xdx_984_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000038082Member_fMQ_____z3EHMCVP4Zt3" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.24%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #48757F; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0in; visibility: hidden"></td><td id="xdx_F05_zv3U7gGRI4hh" style="display: none; width: 0.25in; text-align: left; visibility: hidden">1</td><td id="xdx_F1B_zWgZKuKtfLqk" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 68 0.0124 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000038082Member_zjxjuw2jphxd" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$112</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000038082Member_zWOy4Crrs2ch" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">79</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000038082Member_z1bXt3PbgdD5" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">25%</td></tr> </table>

112000000

0.25

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">TD SYNNEX</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--LargestHoldingAxis__custom--TDSYNNEXMember_znmtnkP7iFDg" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">M/I Homes</td> <td id="xdx_987_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--LargestHoldingAxis__custom--MIHomesMember_zA0gTSX05ZHj" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Blue Bird</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> 2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Diebold Nixdorf</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--LargestHoldingAxis__custom--DieboldNixdorfMember_zWOdvgKXenoh" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.2 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Timberland Bancorp</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--LargestHoldingAxis__custom--TimberlandBancorpMember_z7OAn41mNXF5" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Village Super Market Cl. A</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--LargestHoldingAxis__custom--VillageSuperMarketClAMember_zXVZDdBKpSsc" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">IBEX</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--LargestHoldingAxis__custom--IBEXMember_z6Y628dRPKz6" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Interface</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--LargestHoldingAxis__custom--InterfaceMember_zR6UjZibOtp5" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">PulteGroup</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--LargestHoldingAxis__custom--PulteGroupMember_z5jZezyraYb" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Unity Bancorp</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--LargestHoldingAxis__custom--UnityBancorpMember_zph7seogqdBh" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.8 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.027 0.024 0.023 0.022 0.020 0.020 0.020 0.020 0.019 0.018 <div id="xdx_802_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000038082Member_dU_zuJszLE6DyFf" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img068_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden; width: 50%">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zvkpCjLM8Jah" style="display: none; visibility: hidden; width: 50%">27.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zVP4mGR80TWh" style="display: none; visibility: hidden">22.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials</td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zijEi6UYeeO" style="display: none; visibility: hidden">16.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology </td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_ze4fXl7ue5dk" style="display: none; visibility: hidden">14.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ztiKSau7n6zd" style="display: none; visibility: hidden">8.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zVRgRuQr1GWh" style="display: none; visibility: hidden">2.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zBKB3qfjoJxa" style="display: none; visibility: hidden">7.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000038082Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zZ53ToECQV4a" style="display: none; visibility: hidden">1.0</td></tr> </table> <div style="clear: both"></div> 0.275 0.226 0.168 0.142 0.087 0.020 0.072 0.010 1-800-221-4268 www.royceinvest.com Royce Small-Cap Value Fund Service Class RYVFX This semiannual shareholder report contains important information about Royce Small-Cap Value Fund for the period of January 1, 2026 to June 30, 2026. www.royceinvest.com/literature 1-800-221-4268 You can find additional information at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. What Were the Fund’s Costs for the Last Six-Months? Based on a hypothetical $10,000 investment <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 47%"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 21%; padding-left: 6pt; text-align: center">COSTS OF A</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 32%; padding-left: 2pt; text-align: center">COSTS PAID AS A PERCENTAGE</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">FUND/CLASS</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 9pt; text-align: center">$10,000 INVESTMENT</td> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">OF A $10,000 INVESTMENT¹</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Royce Small-Cap Value Fund—Service Class</td> <td id="xdx_986_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000026025Member_zsgUXAdKc6i7" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 5pt; text-align: center">$81</td> <td id="xdx_98A_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026025Member_fMQ_____zSxo3xnNddfh" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2pt; text-align: center">1.49%</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">¹Annualized</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #48757F; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="display: none; vertical-align: top; text-align: justify; visibility: hidden"> <td style="display: none; width: 0in; visibility: hidden"></td><td id="xdx_F0B_zEdIXxliuJ27" style="display: none; width: 0.25in; text-align: left; visibility: hidden">1</td><td id="xdx_F1D_zbqNgvYTO6yi" style="display: none; text-align: justify; visibility: hidden">Annualized</td> </tr></table> Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher. 81 0.0149 Key Fund Statistics As of/through 6/30/26 <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 59%; padding-left: 1pt">Fund Size (Millions)</td> <td id="xdx_98D_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000026025Member_zcdzZPLsGU3j" style="border-bottom: #C5C7C8 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 41%; text-align: right">$112</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000026025Member_zeLjofnYZNd1" style="border-bottom: #BCBEC0 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">79</td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 1pt">Portfolio Turnover Rate</td> <td id="xdx_986_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000026025Member_zE7MrMiwcC6g" style="border-bottom: rgb(197,199,200) 2pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">25%</td></tr> </table>

112000000

0.25

<div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 83%; padding-top: 1pt">Top 10 Positions</td> <td style="width: 16%; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">TD SYNNEX</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--LargestHoldingAxis__custom--TDSYNNEXMember_z80i4WxaxoMf" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.7 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">M/I Homes</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--LargestHoldingAxis__custom--MIHomesMember_z9hJ2WJAlI6l" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.4 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Blue Bird</td> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt"> 2.3 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Diebold Nixdorf</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--LargestHoldingAxis__custom--DieboldNixdorfMember_zJGbPZjB62s1" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.2 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Timberland Bancorp</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--LargestHoldingAxis__custom--TimberlandBancorpMember_zE32uK1zBX5e" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">Village Super Market Cl. A</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--LargestHoldingAxis__custom--VillageSuperMarketClAMember_z9tqd8qBG8w5" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">IBEX</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--LargestHoldingAxis__custom--IBEXMember_zCyZLd177Mpc" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt"> Interface</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--LargestHoldingAxis__custom--InterfaceMember_z1NGFQr0AC11" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">2.0 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt">PulteGroup</td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--LargestHoldingAxis__custom--PulteGroupMember_zUdDItD0YG2g" style="border-bottom: rgb(209,211,212) 1pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.9 </td> <td style="border-bottom: rgb(209,211,212) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt">Unity Bancorp</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--LargestHoldingAxis__custom--UnityBancorpMember_ztRI0g2PBiz2" style="border-bottom: rgb(197,199,200) 2pt solid; padding-top: 1pt; text-align: right; padding-right: 5.5pt">1.8 </td> <td style="border-bottom: rgb(197,199,200) 2pt solid"> </td></tr> </table> </div> 0.027 0.024 0.023 0.022 0.020 0.020 0.020 0.020 0.019 0.018 <div id="xdx_800_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000026025Member_dU_zqHRwkAe3r7b" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div>Portfolio Sector Breakdown <img alt="" src="img070_v1.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden; width: 50%"></td> <td style="display: none; visibility: hidden; width: 50%"></td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Financial</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zvkpCjLM8Jah" style="display: none; visibility: hidden">27.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zVP4mGR80TWh" style="display: none; visibility: hidden">22.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Industrials </td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zZkrQQvrrjA4" style="display: none; visibility: hidden">16.8</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Information Technology </td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zLIDbuIJw8Vf" style="display: none; visibility: hidden">14.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Health Care</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_ztiKSau7n6zd" style="display: none; visibility: hidden">8.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Consumer Staples</td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zVRgRuQr1GWh" style="display: none; visibility: hidden">2.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Energy</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zBKB3qfjoJxa" style="display: none; visibility: hidden">7.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000026025Member__oef--IndustrySectorAxis__custom--CashAndCashEquivalentsSectorMember_zZ53ToECQV4a" style="display: none; visibility: hidden">1.0</td></tr> </table> <div style="clear: both"></div> 0.275 0.226 0.168 0.142 0.087 0.020 0.072 0.010 1-800-221-4268 www.royceinvest.com Annualized Annualized Annualized Annualized Annualized Annualized Annualized Represents countries that are 3% or more of net assets. Securities are categorized by the country of their headquarters. Annualized Represents countries that are 3% or more of net assets. Securities are categorized by the country of their headquarters. Annualized Represents countries that are 3% or more of net assets. Securities are categorized by the country of their headquarters. Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized Annualized