Royce Fund N-CSR Certified annual shareholder report (management investment company)

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UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

 OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-03599

Name of Registrant: The Royce Fund

Address of Registrant: One Madison Avenue

 New York, NY 10010

Name and address of agent for service: John E. Denneen, Esq.

 One Madison Avenue

 New York, NY 10010

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

 Date of fiscal year end: December 31

Date of reporting period: January 1, 2024 – December 31, 2024

Item 1. Reports to Shareholders.

The Royce Funds	December 31, 2024
Royce Small-Cap Fund Consultant Class—RYPCX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Small-Cap Fund—Consultant Class	$201	1.95%

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Fund advanced 6.09% for the year, lagging its benchmark, the Russell 2000 Index, which was up 11.54% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Industrials and Information Technology.

At the industry level, capital markets (Financials), machinery (Industrials), and insurance (Financials) contributed most.

The Fund’s top contributor was First Citizens BancShares Cl. A.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Index.

Top Detractors from Performance

The sectors making the largest detractions were Health Care, Consumer Discretionary and Energy.

At the industry level, health care equipment & supplies (Health Care), chemicals (Materials), and interactive media & services (Communication Services) were the largest detractors.

The Fund’s top detractor was Enovis Corporation.

Stock selection within Information Technology detracted most from relative results versus the Russell 2000 Index.

 1

ROYCE SMALL-CAP FUND—CONSULTANT CLASS (RYPCX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Fund—Consultant Class	Russell 3000 Index	Russell 2000 Index
31-12-2014	10000	10000	10000
31-01-2015	9408	9721	9678
28-02-2015	9982	10284	10252
31-03-2015	10089	10180	10431
30-04-2015	9964	10226	10165
31-05-2015	10000	10367	10397
30-06-2015	9955	10194	10475
31-07-2015	9632	10364	10353
31-08-2015	9103	9738	9703
30-09-2015	8637	9455	9226
31-10-2015	9184	10201	9746
30-11-2015	9283	10258	10063
31-12-2015	8769	10047	9558
31-01-2016	8279	9480	8718
29-02-2016	8564	9477	8717
31-03-2016	9281	10145	9413
30-04-2016	9316	10208	9561
31-05-2016	9407	10390	9776
30-06-2016	9384	10412	9770
31-07-2016	9805	10825	10353
31-08-2016	9919	10852	10536
30-09-2016	9965	10869	10654
31-10-2016	9635	10634	10147
30-11-2016	10716	11110	11279
31-12-2016	10979	11327	11595
31-01-2017	10991	11540	11641
28-02-2017	11090	11969	11865
31-03-2017	11115	11978	11881
30-04-2017	11300	12105	12011
31-05-2017	11127	12228	11767
30-06-2017	11436	12339	12173
31-07-2017	11497	12571	12264
31-08-2017	11349	12596	12108
30-09-2017	12163	12903	12864
31-10-2017	12410	13184	12973
30-11-2017	12768	13585	13347
31-12-2017	12633	13721	13293
31-01-2018	12946	14444	13641
28-02-2018	12483	13911	13112
31-03-2018	12678	13632	13282
30-04-2018	12648	13684	13397
31-05-2018	13260	14070	14210
30-06-2018	13290	14162	14312
31-07-2018	13708	14632	14561
31-08-2018	14260	15146	15189
30-09-2018	13872	15171	14824
31-10-2018	12498	14054	13214
30-11-2018	12752	14336	13424
31-12-2018	11298	13001	11829
31-01-2019	12450	14117	13160
28-02-2019	13126	14614	13844
31-03-2019	12797	14827	13554
30-04-2019	13474	15419	14015
31-05-2019	12230	14421	12925
30-06-2019	13254	15434	13838
31-07-2019	13401	15664	13918
31-08-2019	12724	15345	13231
30-09-2019	13053	15614	13506
31-10-2019	13364	15950	13862
30-11-2019	13784	16556	14432
31-12-2019	14151	17034	14849
31-01-2020	13678	17016	14372
29-02-2020	12389	15623	13162
31-03-2020	9832	13474	10303
30-04-2020	11215	15259	11718
31-05-2020	11859	16075	12480
30-06-2020	12162	16442	12921
31-07-2020	12673	17376	13279
31-08-2020	13071	18635	14027
30-09-2020	12598	17956	13559
31-10-2020	12939	17569	13843
30-11-2020	14890	19706	16394
31-12-2020	15982	20593	17813
31-01-2021	16220	20501	18709
28-02-2021	17685	21142	19875
31-03-2021	18081	21900	20075
30-04-2021	18735	23029	20496
31-05-2021	18715	23134	20538
30-06-2021	18537	23704	20936
31-07-2021	18418	24105	20180
31-08-2021	18616	24792	20632
30-09-2021	18081	23680	20023
31-10-2021	18874	25281	20875
30-11-2021	18398	24897	20005
31-12-2021	19303	25877	20452
31-01-2022	17611	24354	18483
28-02-2022	17663	23741	18681
31-03-2022	17509	24511	18913
30-04-2022	16176	22311	17039
31-05-2022	16432	22281	17064
30-06-2022	15125	20417	15661
31-07-2022	16586	22333	17296
31-08-2022	15919	21499	16942
30-09-2022	14407	19506	15318
31-10-2022	15740	21105	17005
30-11-2022	16765	22207	17402
31-12-2022	15840	20907	16272
31-01-2023	17511	22347	17858
28-02-2023	17295	21824	17557
31-03-2023	17107	22408	16718
30-04-2023	16702	22647	16417
31-05-2023	16649	22735	16266
30-06-2023	18184	24287	17588
31-07-2023	18992	25158	18664
31-08-2023	18561	24672	17730
30-09-2023	17672	23497	16686
31-10-2023	16568	22874	15548
30-11-2023	18023	25007	16956
31-12-2023	19862	26334	19027
31-01-2024	19327	26625	18287
29-02-2024	20257	28067	19321
31-03-2024	21102	28972	20013
30-04-2024	19806	27697	18604
31-05-2024	20961	29006	19538
30-06-2024	20679	29904	19357
31-07-2024	22088	30460	21324
31-08-2024	21666	31123	21005
30-09-2024	21525	31767	21152
31-10-2024	20905	31533	20846
30-11-2024	22708	33631	23133
31-12-2024	21071	32603	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Consultant Class	6.09	8.29	7.74
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Index	11.54	7.40	7.82

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$1,870
Number of Holdings	285
2024 Portfolio Turnover Rate	37%
Advisory Fees Paid in 2024 (Millions)	$14.5

 2

ROYCE SMALL-CAP FUND—CONSULTANT CLASS (RYPCX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Arcosa 2.0

Air Lease Cl. A 1.5

Assured Guaranty 1.4

SEI Investments 1.4

Element Solutions 1.4

PAR Technology 1.4

Haemonetics Corporation 1.3

E-L Financial 1.2

Enovis Corporation 1.1

Onto Innovation 1.0

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	27.1
Financials	19.0
Information Technology	19.0
Consumer Discretionary	9.0
Health Care	7.6
Materials	7.0
Communication Services	2.4
Real Estate	2.4
Energy	2.3
Consumer Staples	0.9
Cash and Cash Equivalents	3.3

How Has the Fund Changed?

Effective May 1, 2024, the Fund’s name was changed from Royce Pennsylvania Mutual Fund to Royce Small-Cap Fund.

The Fund’s new non-fundamental investment policy, which requires it to invest at least 80% of its net assets in equity securities of small-cap companies under normal circumstances, became effective May 1, 2024.

Effective September 30, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective September 30, 2024, the Fund’s portfolio managers are Jay S. Kaplan, Lauren A. Romeo, Steven G. McBoyle, Miles Lewis, and Andrew S. Palen while Francis D. Gannon, a Royce Co-Chief Investment Officer, monitors and, from time to time, adjusts allocations across various segments of the Fund’s portfolio.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Consultant Class shares redeemed within 365 days of purchase may be subject to a 1% contingent deferred sales charge, payable to the Fund’s distributor, Royce Fund Services, LLC, which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          PMF-CC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Small-Cap Fund Investment Class—PENNX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Small-Cap Fund—Investment Class	$96	0.93%

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.

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Fund advanced 7.07% for the year, lagging its benchmark, the Russell 2000 Index, which was up 11.54% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Industrials and Information Technology.

At the industry level, capital markets (Financials), machinery (Industrials), and insurance (Financials) contributed most.

The Fund’s top contributor was First Citizens BancShares Cl. A.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Index.

Top Detractors from Performance

The sectors making the largest detractions were Health Care, Consumer Discretionary and Energy.

At the industry level, health care equipment & supplies (Health Care), chemicals (Materials), and interactive media & services (Communication Services) were the largest detractors.

The Fund’s top detractor was Enovis Corporation.

Stock selection within Information Technology detracted most from relative results versus the Russell 2000 Index.

 1

ROYCE SMALL-CAP FUND—INVESTMENT CLASS (PENNX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Fund—Investment Class	Russell 3000 Index	Russell 2000 Index
31-12-2014	10000	10000	10000
31-01-2015	9423	9721	9678
28-02-2015	10000	10284	10252
31-03-2015	10115	10180	10431
30-04-2015	10000	10226	10165
31-05-2015	10038	10367	10397
30-06-2015	10007	10194	10475
31-07-2015	9684	10364	10353
31-08-2015	9161	9738	9703
30-09-2015	8707	9455	9226
31-10-2015	9261	10201	9746
30-11-2015	9369	10258	10063
31-12-2015	8857	10047	9558
31-01-2016	8373	9480	8718
29-02-2016	8667	9477	8717
31-03-2016	9407	10145	9413
30-04-2016	9445	10208	9561
31-05-2016	9550	10390	9776
30-06-2016	9531	10412	9770
31-07-2016	9968	10825	10353
31-08-2016	10091	10852	10536
30-09-2016	10148	10869	10654
31-10-2016	9816	10634	10147
30-11-2016	10926	11110	11279
31-12-2016	11201	11327	11595
31-01-2017	11221	11540	11641
28-02-2017	11343	11969	11865
31-03-2017	11374	11978	11881
30-04-2017	11567	12105	12011
31-05-2017	11404	12228	11767
30-06-2017	11740	12339	12173
31-07-2017	11801	12571	12264
31-08-2017	11668	12596	12108
30-09-2017	12512	12903	12864
31-10-2017	12766	13184	12973
30-11-2017	13152	13585	13347
31-12-2017	13020	13721	13293
31-01-2018	13367	14444	13641
28-02-2018	12884	13911	13112
31-03-2018	13107	13632	13282
30-04-2018	13082	13684	13397
31-05-2018	13738	14070	14210
30-06-2018	13763	14162	14312
31-07-2018	14221	14632	14561
31-08-2018	14802	15146	15189
30-09-2018	14406	15171	14824
31-10-2018	12995	14054	13214
30-11-2018	13268	14336	13424
31-12-2018	11762	13001	11829
31-01-2019	12976	14117	13160
28-02-2019	13705	14614	13844
31-03-2019	13371	14827	13554
30-04-2019	14084	15419	14015
31-05-2019	12794	14421	12925
30-06-2019	13857	15434	13838
31-07-2019	14024	15664	13918
31-08-2019	13341	15345	13231
30-09-2019	13690	15614	13506
31-10-2019	14024	15950	13862
30-11-2019	14494	16556	14432
31-12-2019	14886	17034	14849
31-01-2020	14413	17016	14372
29-02-2020	13057	15623	13162
31-03-2020	10376	13474	10303
30-04-2020	11827	15259	11718
31-05-2020	12521	16075	12480
30-06-2020	12868	16442	12921
31-07-2020	13404	17376	13279
31-08-2020	13845	18635	14027
30-09-2020	13357	17956	13559
31-10-2020	13735	17569	13843
30-11-2020	15817	19706	16394
31-12-2020	16982	20593	17813
31-01-2021	17247	20501	18709
28-02-2021	18823	21142	19875
31-03-2021	19271	21900	20075
30-04-2021	19984	23029	20496
31-05-2021	19967	23134	20538
30-06-2021	19801	23704	20936
31-07-2021	19685	24105	20180
31-08-2021	19917	24792	20632
30-09-2021	19370	23680	20023
31-10-2021	20233	25281	20875
30-11-2021	19735	24897	20005
31-12-2021	20727	25877	20452
31-01-2022	18922	24354	18483
28-02-2022	18987	23741	18681
31-03-2022	18836	24511	18913
30-04-2022	17419	22311	17039
31-05-2022	17720	22281	17064
30-06-2022	16323	20417	15661
31-07-2022	17913	22333	17296
31-08-2022	17226	21499	16942
30-09-2022	15593	19506	15318
31-10-2022	17054	21105	17005
30-11-2022	18171	22207	17402
31-12-2022	17190	20907	16272
31-01-2023	18998	22347	17858
28-02-2023	18794	21824	17557
31-03-2023	18591	22408	16718
30-04-2023	18184	22647	16417
31-05-2023	18117	22735	16266
30-06-2023	19834	24287	17588
31-07-2023	20715	25158	18664
31-08-2023	20263	24672	17730
30-09-2023	19291	23497	16686
31-10-2023	18117	22874	15548
30-11-2023	19721	25007	16956
31-12-2023	21773	26334	19027
31-01-2024	21180	26625	18287
29-02-2024	22224	28067	19321
31-03-2024	23172	28972	20013
30-04-2024	21749	27697	18604
31-05-2024	23054	29006	19538
30-06-2024	22745	29904	19357
31-07-2024	24334	30460	21324
31-08-2024	23884	31123	21005
30-09-2024	23741	31767	21152
31-10-2024	23077	31533	20846
30-11-2024	25093	33631	23133
31-12-2024	23312	32603	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Investment Class	7.07	9.38	8.83
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Index	11.54	7.40	7.82

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$1,870
Number of Holdings	285
2024 Portfolio Turnover Rate	37%
Advisory Fees Paid in 2024 (Millions)	$14.5

 2

ROYCE SMALL-CAP FUND—INVESTMENT CLASS (PENNX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Arcosa 2.0

Air Lease Cl. A 1.5

Assured Guaranty 1.4

SEI Investments 1.4

Element Solutions 1.4

PAR Technology 1.4

Haemonetics Corporation 1.3

E-L Financial 1.2

Enovis Corporation 1.1

Onto Innovation 1.0

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	27.1
Financials	19.0
Information Technology	19.0
Consumer Discretionary	9.0
Health Care	7.6
Materials	7.0
Communication Services	2.4
Real Estate	2.4
Energy	2.3
Consumer Staples	0.9
Cash and Cash Equivalents	3.3

How Has the Fund Changed?

Effective May 1, 2024, the Fund’s name was changed from Royce Pennsylvania Mutual Fund to Royce Small-Cap Fund.

The Fund’s new non-fundamental investment policy, which requires it to invest at least 80% of its net assets in equity securities of small-cap companies under normal circumstances, became effective May 1, 2024.

Effective May 1, 2024, the early redemption fees imposed on sales of Investment Class shares of the Fund held for less than 30 days were eliminated.

Effective September 30, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective September 30, 2024, the Fund’s portfolio managers are Jay S. Kaplan, Lauren A. Romeo, Steven G. McBoyle, Miles Lewis, and Andrew S. Palen while Francis D. Gannon, a Royce Co-Chief Investment Officer, monitors and, from time to time, adjusts allocations across various segments of the Fund’s portfolio.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/ or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          PMF-IC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Small-Cap Fund Institutional Class—RPMIX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Small-Cap Fund—Institutional Class	$92	0.89%

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Fund advanced 7.23% for the year, lagging its benchmark, the Russell 2000 Index, which was up 11.54% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Industrials and Information Technology.

At the industry level, capital markets (Financials), machinery (Industrials), and insurance (Financials) contributed most.

The Fund’s top contributor was First Citizens BancShares Cl. A.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Index.

Top Detractors from Performance

The sectors making the largest detractions were Health Care, Consumer Discretionary and Energy.

At the industry level, health care equipment & supplies (Health Care), chemicals (Materials), and interactive media & services (Communication Services) were the largest detractors.

The Fund’s top detractor was Enovis Corporation.

Stock selection within Information Technology detracted most from relative results versus the Russell 2000 Index.

 1

ROYCE SMALL-CAP FUND—INSTITUTIONAL CLASS (RPMIX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $1,000,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Fund—Institutional Class	Russell 3000 Index	Russell 2000 Index
31-12-2014	1000000	1000000	1000000
31-01-2015	942396	972168	967834
28-02-2015	1000000	1028457	1025290
31-03-2015	1011520	1018002	1043152
30-04-2015	1000000	1022607	1016549
31-05-2015	1004608	1036751	1039757
30-06-2015	1001536	1019406	1047543
31-07-2015	969278	1036456	1035369
31-08-2015	917050	973885	970305
30-09-2015	871735	945506	922699
31-10-2015	927803	1020187	974684
30-11-2015	937788	1025843	1006389
31-12-2015	886600	1004787	955859
31-01-2016	838188	948092	871806
29-02-2016	867615	947786	871767
31-03-2016	941656	1014516	941344
30-04-2016	946403	1020804	956118
31-05-2016	956844	1039066	977654
30-06-2016	954946	1041203	977038
31-07-2016	998611	1082525	1035374
31-08-2016	1010952	1085286	1053683
30-09-2016	1016647	1086992	1065420
31-10-2016	983423	1063475	1014770
30-11-2016	1094486	1111067	1127929
31-12-2016	1122900	1132748	1159533
31-01-2017	1124935	1154068	1164107
28-02-2017	1136123	1196990	1186572
31-03-2017	1139174	1197804	1188125
30-04-2017	1159517	1210501	1201155
31-05-2017	1143243	1222889	1176718
30-06-2017	1176808	1233925	1217396
31-07-2017	1183927	1257191	1226440
31-08-2017	1169688	1259613	1210837
30-09-2017	1254109	1290332	1286405
31-10-2017	1280554	1318490	1297370
30-11-2017	1320222	1358526	1334760
31-12-2017	1307458	1372104	1329372
31-01-2018	1340919	1444429	1364115
28-02-2018	1292586	1391188	1311294
31-03-2018	1316133	1363261	1328254
30-04-2018	1312415	1368442	1339737
31-05-2018	1378098	1407074	1421060
30-06-2018	1381815	1416276	1431243
31-07-2018	1426430	1463276	1456187
31-08-2018	1485916	1514663	1518963
30-09-2018	1446259	1517171	1482429
31-10-2018	1304979	1405457	1321413
30-11-2018	1332244	1433607	1342416
31-12-2018	1182410	1300182	1182956
31-01-2019	1303995	1411781	1316037
28-02-2019	1376945	1461433	1384455
31-03-2019	1343510	1482772	1355479
30-04-2019	1414941	1541982	1401526
31-05-2019	1285757	1442197	1292525
30-06-2019	1393663	1543493	1383877
31-07-2019	1410381	1566437	1391845
31-08-2019	1341990	1534504	1323123
30-09-2019	1375426	1561436	1350653
31-10-2019	1410381	1595049	1386224
30-11-2019	1455975	1655680	1443288
31-12-2019	1496120	1703486	1484905
31-01-2020	1448724	1701625	1437281
29-02-2020	1312857	1562307	1316288
31-03-2020	1042702	1347462	1030305
30-04-2020	1189628	1525920	1171822
31-05-2020	1259142	1607524	1248078
30-06-2020	1293899	1644275	1292194
31-07-2020	1347614	1737643	1327960
31-08-2020	1391849	1863525	1402782
30-09-2020	1342874	1795672	1355924
31-10-2020	1380791	1756916	1384322
30-11-2020	1589331	1970651	1639487
31-12-2020	1707124	2059306	1781304
31-01-2021	1733720	2050147	1870943
28-02-2021	1893295	2114229	1987550
31-03-2021	1938176	2190009	2007512
30-04-2021	2009652	2302902	2049668
31-05-2021	2009652	2313415	2053893
30-06-2021	1993030	2370461	2093687
31-07-2021	1979732	2410547	2018086
31-08-2021	2004666	2479290	2063227
30-09-2021	1948149	2368050	2002393
31-10-2021	2034586	2528188	2087574
30-11-2021	1986381	2489706	2000585
31-12-2021	2084400	2587747	2045275
31-01-2022	1905675	2435494	1848369
28-02-2022	1909982	2374146	1868100
31-03-2022	1897062	2451154	1891351
30-04-2022	1752791	2231182	1703900
31-05-2022	1782937	2228190	1706475
30-06-2022	1642972	2041783	1566129
31-07-2022	1804470	2233339	1729638
31-08-2022	1733411	2149992	1694245
30-09-2022	1569760	1950625	1531876
31-10-2022	1716184	2110588	1700519
30-11-2022	1828156	2220753	1740239
31-12-2022	1728574	2090720	1627293
31-01-2023	1912079	2234714	1785899
28-02-2023	1891690	2182482	1755734
31-03-2023	1871300	2240840	1671845
30-04-2023	1830521	2264715	1641788
31-05-2023	1823725	2273526	1626622
30-06-2023	1995902	2428775	1758869
31-07-2023	2086522	2515839	1866430
31-08-2023	2041212	2467274	1773056
30-09-2023	1943796	2349747	1668672
31-10-2023	1823725	2287458	1554871
30-11-2023	1986840	2500760	1695602
31-12-2023	2191309	2633405	1902776
31-01-2024	2131827	2662590	1828771
29-02-2024	2236515	2806718	1932172
31-03-2024	2334065	2897255	2001342
30-04-2024	2191309	2769771	1860482
31-05-2024	2322169	2900634	1953818
30-06-2024	2291239	2990431	1935744
31-07-2024	2450650	3046020	2132414
31-08-2024	2405444	3112327	2100561
30-09-2024	2391168	3176709	2115241
31-10-2024	2324548	3153380	2084689
30-11-2024	2529166	3363156	2313367
31-12-2024	2349671	3260360	2122316

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Institutional Class	7.23	9.45	8.92
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Index	11.54	7.40	7.82

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$1,870
Number of Holdings	285
2024 Portfolio Turnover Rate	37%
Advisory Fees Paid in 2024 (Millions)	$14.5

 2

ROYCE SMALL-CAP FUND—INSTITUTIONAL CLASS (RPMIX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Arcosa 2.0

Air Lease Cl. A 1.5

Assured Guaranty 1.4

SEI Investments 1.4

Element Solutions 1.4

PAR Technology 1.4

Haemonetics Corporation 1.3

E-L Financial 1.2

Enovis Corporation 1.1

Onto Innovation 1.0

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	27.1
Financials	19.0
Information Technology	19.0
Consumer Discretionary	9.0
Health Care	7.6
Materials	7.0
Communication Services	2.4
Real Estate	2.4
Energy	2.3
Consumer Staples	0.9
Cash and Cash Equivalents	3.3

How Has the Fund Changed?

Effective May 1, 2024, the Fund’s name was changed from Royce Pennsylvania Mutual Fund to Royce Small-Cap Fund.

The Fund’s new non-fundamental investment policy, which requires it to invest at least 80% of its net assets in equity securities of small-cap companies under normal circumstances, became effective May 1, 2024.

Effective September 30, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective September 30, 2024, the Fund’s portfolio managers are Jay S. Kaplan, Lauren A. Romeo, Steven G. McBoyle, Miles Lewis, and Andrew S. Palen while Francis D. Gannon, a Royce Co-Chief Investment Officer, monitors and, from time to time, adjusts allocations across various segments of the Fund’s portfolio.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          PMF-INC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Small-Cap Fund Service Class—RYPFX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Small-Cap Fund—Service Class	$131	1.27%

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.

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Fund advanced 6.83% for the year, lagging its benchmark, the Russell 2000 Index, which was up 11.54% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Industrials and Information Technology.

At the industry level, capital markets (Financials), machinery (Industrials), and insurance (Financials) contributed most.

The Fund’s top contributor was First Citizens BancShares Cl. A.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Index.

Top Detractors from Performance

The sectors making the largest detractions were Health Care, Consumer Discretionary and Energy.

At the industry level, health care equipment & supplies (Health Care), chemicals (Materials), and interactive media & services (Communication Services) were the largest detractors.

The Fund’s top detractor was Enovis Corporation.

Stock selection within Information Technology detracted most from relative results versus the Russell 2000 Index.

 1

ROYCE SMALL-CAP FUND—SERVICE CLASS (RYPFX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Fund—Service Class	Russell 3000 Index	Russell 2000 Index
31-12-2014	10000	10000	10000
31-01-2015	9421	9721	9678
28-02-2015	10000	10284	10252
31-03-2015	10108	10180	10431
30-04-2015	9984	10226	10165
31-05-2015	10023	10367	10397
30-06-2015	9984	10194	10475
31-07-2015	9668	10364	10353
31-08-2015	9143	9738	9703
30-09-2015	8688	9455	9226
31-10-2015	9243	10201	9746
30-11-2015	9344	10258	10063
31-12-2015	8833	10047	9558
31-01-2016	8350	9480	8718
29-02-2016	8644	9477	8717
31-03-2016	9381	10145	9413
30-04-2016	9419	10208	9561
31-05-2016	9514	10390	9776
30-06-2016	9495	10412	9770
31-07-2016	9920	10825	10353
31-08-2016	10053	10852	10536
30-09-2016	10100	10869	10654
31-10-2016	9769	10634	10147
30-11-2016	10866	11110	11279
31-12-2016	11141	11327	11595
31-01-2017	11161	11540	11641
28-02-2017	11272	11969	11865
31-03-2017	11302	11978	11881
30-04-2017	11494	12105	12011
31-05-2017	11333	12228	11767
30-06-2017	11656	12339	12173
31-07-2017	11716	12571	12264
31-08-2017	11585	12596	12108
30-09-2017	12413	12903	12864
31-10-2017	12666	13184	12973
30-11-2017	13040	13585	13347
31-12-2017	12910	13721	13293
31-01-2018	13240	14444	13641
28-02-2018	12764	13911	13112
31-03-2018	12984	13632	13282
30-04-2018	12947	13684	13397
31-05-2018	13595	14070	14210
30-06-2018	13620	14162	14312
31-07-2018	14060	14632	14561
31-08-2018	14634	15146	15189
30-09-2018	14243	15171	14824
31-10-2018	12837	14054	13214
30-11-2018	13106	14336	13424
31-12-2018	11625	13001	11829
31-01-2019	12807	14117	13160
28-02-2019	13525	14614	13844
31-03-2019	13181	14827	13554
30-04-2019	13884	15419	14015
31-05-2019	12612	14421	12925
30-06-2019	13645	15434	13838
31-07-2019	13809	15664	13918
31-08-2019	13136	15345	13231
30-09-2019	13465	15614	13506
31-10-2019	13794	15950	13862
30-11-2019	14243	16556	14432
31-12-2019	14619	17034	14849
31-01-2020	14153	17016	14372
29-02-2020	12819	15623	13162
31-03-2020	10180	13474	10303
30-04-2020	11608	15259	11718
31-05-2020	12291	16075	12480
30-06-2020	12632	16442	12921
31-07-2020	13160	17376	13279
31-08-2020	13579	18635	14027
30-09-2020	13098	17956	13559
31-10-2020	13455	17569	13843
30-11-2020	15503	19706	16394
31-12-2020	16648	20593	17813
31-01-2021	16908	20501	18709
28-02-2021	18438	21142	19875
31-03-2021	18877	21900	20075
30-04-2021	19577	23029	20496
31-05-2021	19561	23134	20538
30-06-2021	19382	23704	20936
31-07-2021	19268	24105	20180
31-08-2021	19480	24792	20632
30-09-2021	18926	23680	20023
31-10-2021	19773	25281	20875
30-11-2021	19284	24897	20005
31-12-2021	20251	25877	20452
31-01-2022	18483	24354	18483
28-02-2022	18546	23741	18681
31-03-2022	18398	24511	18913
30-04-2022	17009	22311	17039
31-05-2022	17283	22281	17064
30-06-2022	15914	20417	15661
31-07-2022	17472	22333	17296
31-08-2022	16777	21499	16942
30-09-2022	15178	19506	15318
31-10-2022	16609	21105	17005
30-11-2022	17683	22207	17402
31-12-2022	16725	20907	16272
31-01-2023	18494	22347	17858
28-02-2023	18295	21824	17557
31-03-2023	18096	22408	16718
30-04-2023	17698	22647	16417
31-05-2023	17632	22735	16266
30-06-2023	19269	24287	17588
31-07-2023	20154	25158	18664
31-08-2023	19689	24672	17730
30-09-2023	18760	23497	16686
31-10-2023	17609	22874	15548
30-11-2023	19158	25007	16956
31-12-2023	21125	26334	19027
31-01-2024	20569	26625	18287
29-02-2024	21565	28067	19321
31-03-2024	22469	28972	20013
30-04-2024	21102	27697	18604
31-05-2024	22353	29006	19538
30-06-2024	22052	29904	19357
31-07-2024	23581	30460	21324
31-08-2024	23140	31123	21005
30-09-2024	23001	31767	21152
31-10-2024	22330	31533	20846
30-11-2024	24299	33631	23133
31-12-2024	22569	32603	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Service Class	6.83	9.07	8.48
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$1,870
Number of Holdings	285
2024 Portfolio Turnover Rate	37%
Advisory Fees Paid in 2024 (Millions)	$14.5

 2

ROYCE SMALL-CAP FUND—SERVICE CLASS (RYPFX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Arcosa 2.0

Air Lease Cl. A 1.5

Assured Guaranty 1.4

SEI Investments 1.4

Element Solutions 1.4

PAR Technology 1.4

Haemonetics Corporation 1.3

E-L Financial 1.2

Enovis Corporation 1.1

Onto Innovation 1.0

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	27.1
Financials	19.0
Information Technology	19.0
Consumer Discretionary	9.0
Health Care	7.6
Materials	7.0
Communication Services	2.4
Real Estate	2.4
Energy	2.3
Consumer Staples	0.9
Cash and Cash Equivalents	3.3

How Has the Fund Changed?

Effective May 1, 2024, the Fund’s name was changed from Royce Pennsylvania Mutual Fund to Royce Small-Cap Fund.

The Fund’s new non-fundamental investment policy, which requires it to invest at least 80% of its net assets in equity securities of small-cap companies under normal circumstances, became effective May 1, 2024.

Effective May 1, 2024, the early redemption fees imposed on sales of Service Class shares of the Fund held for less than 30 days were eliminated. Effective September 30, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective September 30, 2024, the Fund’s portfolio managers are Jay S. Kaplan, Lauren A. Romeo, Steven G. McBoyle, Miles Lewis, and Andrew S. Palen while Francis D. Gannon, a Royce Co-Chief Investment Officer, monitors and, from time to time, adjusts allocations across various segments of the Fund’s portfolio.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          PMF-SC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Dividend Value Fund Investment Class—RDVIX

Investment Class

Annual Shareholder Report

This annual shareholder report contains important information about Royce Dividend Value Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Dividend Value Fund—Investment Class	$120	1.09%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Dividend Value Fund advanced 20.09% for the year, outperforming its benchmark, the Russell 2500 Index, which was up 12.00% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Industrials and Materials.

At the industry level, capital markets (Financials), trading companies & distributors (Industrials), and construction & engineering (Industrials) contributed most.

The Fund’s top contributor was FTAI Aviation.

Stock selection within Financials contributed most to relative results versus the Russell 2500 Index.

Top Detractors from Performance

The only sectors making detractions were Consumer Discretionary and Energy.

At the industry level, machinery (Industrials), household durables (Consumer Discretionary), and chemicals (Materials) were the largest detractors.

The Fund’s top detractor was Spirax Group.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2500 Index.

 1

ROYCE DIVIDEND VALUE FUND—INVESTMENT CLASS (RDVIX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Dividend Value Fund—Investment Class	Russell 3000 Index	Russell 2500 Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9581	9721	9795	9678
28-02-2015	10147	10284	10379	10252
31-03-2015	10104	10180	10516	10431
30-04-2015	10327	10226	10332	10165
31-05-2015	10401	10367	10554	10397
30-06-2015	10271	10194	10480	10475
31-07-2015	10010	10364	10461	10353
31-08-2015	9625	9738	9841	9703
30-09-2015	9214	9455	9401	9226
31-10-2015	9812	10201	9927	9746
30-11-2015	9899	10258	10122	10063
31-12-2015	9445	10047	9709	9558
31-01-2016	8907	9480	8935	8718
29-02-2016	9114	9477	8998	8717
31-03-2016	9930	10145	9747	9413
30-04-2016	9986	10208	9891	9561
31-05-2016	9958	10390	10100	9776
30-06-2016	9874	10412	10096	9770
31-07-2016	10320	10825	10622	10353
31-08-2016	10347	10852	10707	10536
30-09-2016	10319	10869	10758	10654
31-10-2016	10067	10634	10322	10147
30-11-2016	10795	11110	11200	11279
31-12-2016	11027	11327	11417	11595
31-01-2017	11212	11540	11576	11641
28-02-2017	11442	11969	11855	11865
31-03-2017	11503	11978	11846	11881
30-04-2017	11719	12105	11938	12011
31-05-2017	11611	12228	11804	11767
30-06-2017	11889	12339	12099	12173
31-07-2017	12074	12571	12224	12264
31-08-2017	11997	12596	12123	12108
30-09-2017	12610	12903	12673	12864
31-10-2017	12812	13184	12869	12973
30-11-2017	13184	13585	13292	13347
31-12-2017	13444	13721	13337	13293
31-01-2018	14066	14444	13743	13641
28-02-2018	13355	13911	13178	13112
31-03-2018	13274	13632	13305	13282
30-04-2018	13167	13684	13336	13397
31-05-2018	13363	14070	13963	14210
30-06-2018	13173	14162	14064	14312
31-07-2018	13783	14632	14336	14561
31-08-2018	13801	15146	14951	15189
30-09-2018	13702	15171	14725	14824
31-10-2018	12194	14054	13230	13214
30-11-2018	12553	14336	13480	13424
31-12-2018	11284	13001	12003	11829
31-01-2019	12482	14117	13385	13160
28-02-2019	12969	14614	14017	13844
31-03-2019	12898	14827	13901	13554
30-04-2019	13529	15419	14388	14015
31-05-2019	12593	14421	13365	12925
30-06-2019	13643	15434	14313	13838
31-07-2019	13664	15664	14462	13918
31-08-2019	13173	15345	13883	13231
30-09-2019	13429	15614	14129	13506
31-10-2019	13819	15950	14400	13862
30-11-2019	14290	16556	15018	14432
31-12-2019	14708	17034	15335	14849
31-01-2020	14400	17016	15024	14372
29-02-2020	12861	15623	13764	13162
31-03-2020	10189	13474	10777	10303
30-04-2020	11329	15259	12346	11718
31-05-2020	12113	16075	13258	12480
30-06-2020	12407	16442	13640	12921
31-07-2020	12861	17376	14184	13279
31-08-2020	13314	18635	14826	14027
30-09-2020	12788	17956	14443	13559
31-10-2020	12932	17569	14704	13843
30-11-2020	14581	19706	17100	16394
31-12-2020	15380	20593	18402	17813
31-01-2021	15279	20501	18853	18709
28-02-2021	16261	21142	20082	19875
31-03-2021	17154	21900	20413	20075
30-04-2021	18012	23029	21228	20496
31-05-2021	18542	23134	21272	20538
30-06-2021	17999	23704	21524	20936
31-07-2021	18226	24105	21147	20180
31-08-2021	18353	24792	21627	20632
30-09-2021	17329	23680	20946	20023
31-10-2021	18315	25281	21974	20875
30-11-2021	17733	24897	21057	20005
31-12-2021	18529	25877	21747	20452
31-01-2022	17052	24354	19937	18483
28-02-2022	17110	23741	20162	18681
31-03-2022	17429	24511	20482	18913
30-04-2022	16153	22311	18737	17039
31-05-2022	15979	22281	18800	17064
30-06-2022	14631	20417	17004	15661
31-07-2022	16144	22333	18764	17296
31-08-2022	15359	21499	18265	16942
30-09-2022	13960	19506	16525	15318
31-10-2022	15650	21105	18111	17005
30-11-2022	16816	22207	18875	17402
31-12-2022	16037	20907	17753	16272
31-01-2023	17324	22347	19528	17858
28-02-2023	17120	21824	19069	17557
31-03-2023	17121	22408	18354	16718
30-04-2023	17092	22647	18115	16417
31-05-2023	16652	22735	17797	16266
30-06-2023	18001	24287	19313	17588
31-07-2023	18649	25158	20274	18664
31-08-2023	18325	24672	19478	17730
30-09-2023	17367	23497	18390	16686
31-10-2023	16511	22874	17273	15548
30-11-2023	18133	25007	18828	16956
31-12-2023	19745	26334	20846	19027
31-01-2024	19679	26625	20300	18287
29-02-2024	21062	28067	21405	19321
31-03-2024	21869	28972	22288	20013
30-04-2024	20748	27697	20795	18604
31-05-2024	21539	29006	21660	19538
30-06-2024	21061	29904	21335	19357
31-07-2024	23178	30460	22921	21324
31-08-2024	22814	31123	22862	21005
30-09-2024	23097	31767	23202	21152
31-10-2024	23196	31533	22987	20846
30-11-2024	24886	33631	25249	23133
31-12-2024	23711	32603	23346	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Investment Class	20.09	10.02	9.02
Russell 3000 Index	23.81	13.86	12.55
Russell 2500 Index	12.00	8.77	8.85
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower. 

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$70
Number of Holdings	46
2024 Portfolio Turnover Rate	62%
Advisory Fees Paid in 2024 (Millions)	$0.6

 2

ROYCE DIVIDEND VALUE FUND—INVESTMENT CLASS (RDVIX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Advance Auto Parts 4.0

Academy Sports & Outdoors 3.8

SEI Investments 3.7

Kyndryl Holdings 3.4

Assured Guaranty 3.3

Axis Capital Holdings 2.8

FTAI Aviation 2.8

AptarGroup 2.7

Kulicke & Soffa Industries 2.6

Vontier Corporation 2.5

Portfolio Sector Breakdown

 

Sector Breakdown
Financials	29.5
Industrials	17.0
Consumer Discretionary	12.1
Information Technology	11.8
Materials	9.7
Energy	3.8
Health Care	2.4
Real Estate	0.5
Cash and Cash Equivalents	13.2

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Investment Class shares of the Fund held for less than 30 days were eliminated.

Effective September 30, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective September 30, 2024, Miles Lewis is the Fund’s lead portfolio manager, Joseph Hintz is portfolio manager, and Jag Sriram is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2500 Index is an index of the 2,500 smallest publicly traded U.S. companies in the Russell 3000 Index. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RDV-IC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Dividend Value Fund Service Class—RYDVX

Service Class

Annual Shareholder Report

This annual shareholder report contains important information about Royce Dividend Value Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

 Service Class

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Dividend Value Fund—Service Class	$147	1.34%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Dividend Value Fund advanced 19.62% for the year, outperforming its benchmark, the Russell 2500 Index, which was up 12.00% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Industrials and Materials.

At the industry level, capital markets (Financials), trading companies & distributors (Industrials), and construction & engineering (Industrials) contributed most.

The Fund���s top contributor was FTAI Aviation.

Stock selection within Financials contributed most to relative results versus the Russell 2500 Index.

Top Detractors from Performance

The only sectors making detractions were Consumer Discretionary and Energy.

At the industry level, machinery (Industrials), household durables (Consumer Discretionary), and chemicals (Materials) were the largest detractors.

The Fund’s top detractor was Spirax Group.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2500 Index.

 1

ROYCE DIVIDEND VALUE FUND—SERVICE CLASS (RYDVX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Dividend Value Fund—Service Class	Russell 3000 Index	Russell 2500 Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9586	9721	9795	9678
28-02-2015	10145	10284	10379	10252
31-03-2015	10109	10180	10516	10431
30-04-2015	10329	10226	10332	10165
31-05-2015	10390	10367	10554	10397
30-06-2015	10255	10194	10480	10475
31-07-2015	9998	10364	10461	10353
31-08-2015	9618	9738	9841	9703
30-09-2015	9207	9455	9401	9226
31-10-2015	9796	10201	9927	9746
30-11-2015	9882	10258	10122	10063
31-12-2015	9428	10047	9709	9558
31-01-2016	8886	9480	8935	8718
29-02-2016	9089	9477	8998	8717
31-03-2016	9903	10145	9747	9413
30-04-2016	9957	10208	9891	9561
31-05-2016	9930	10390	10100	9776
30-06-2016	9841	10412	10096	9770
31-07-2016	10292	10825	10622	10353
31-08-2016	10319	10852	10707	10536
30-09-2016	10278	10869	10758	10654
31-10-2016	10018	10634	10322	10147
30-11-2016	10743	11110	11200	11279
31-12-2016	10970	11327	11417	11595
31-01-2017	11165	11540	11576	11641
28-02-2017	11374	11969	11855	11865
31-03-2017	11442	11978	11846	11881
30-04-2017	11651	12105	11938	12011
31-05-2017	11546	12228	11804	11767
30-06-2017	11817	12339	12099	12173
31-07-2017	11997	12571	12224	12264
31-08-2017	11922	12596	12123	12108
30-09-2017	12526	12903	12673	12864
31-10-2017	12722	13184	12869	12973
30-11-2017	13099	13585	13292	13347
31-12-2017	13346	13721	13337	13293
31-01-2018	13965	14444	13743	13641
28-02-2018	13260	13911	13178	13112
31-03-2018	13173	13632	13305	13282
30-04-2018	13070	13684	13336	13397
31-05-2018	13259	14070	13963	14210
30-06-2018	13076	14162	14064	14312
31-07-2018	13665	14632	14336	14561
31-08-2018	13665	15146	14951	15189
30-09-2018	13587	15171	14725	14824
31-10-2018	12079	14054	13230	13214
30-11-2018	12426	14336	13480	13424
31-12-2018	11179	13001	12003	11829
31-01-2019	12349	14117	13385	13160
28-02-2019	12837	14614	14017	13844
31-03-2019	12759	14827	13901	13554
30-04-2019	13385	15419	14388	14015
31-05-2019	12447	14421	13365	12925
30-06-2019	13494	15434	14313	13838
31-07-2019	13513	15664	14462	13918
31-08-2019	13023	15345	13883	13231
30-09-2019	13268	15614	14129	13506
31-10-2019	13661	15950	14400	13862
30-11-2019	14112	16556	15018	14432
31-12-2019	14508	17034	15335	14849
31-01-2020	14214	17016	15024	14372
29-02-2020	12700	15623	13764	13162
31-03-2020	10051	13474	10777	10303
30-04-2020	11183	15259	12346	11718
31-05-2020	11976	16075	13258	12480
30-06-2020	12246	16442	13640	12921
31-07-2020	12677	17376	14184	13279
31-08-2020	13132	18635	14826	14027
30-09-2020	12608	17956	14443	13559
31-10-2020	12745	17569	14704	13843
30-11-2020	14383	19706	17100	16394
31-12-2020	15156	20593	18402	17813
31-01-2021	15060	20501	18853	18709
28-02-2021	16016	21142	20082	19875
31-03-2021	16900	21900	20413	20075
30-04-2021	17738	23029	21228	20496
31-05-2021	18241	23134	21272	20538
30-06-2021	17714	23704	21524	20936
31-07-2021	17930	24105	21147	20180
31-08-2021	18050	24792	21627	20632
30-09-2021	17030	23680	20946	20023
31-10-2021	18014	25281	21974	20875
30-11-2021	17438	24897	21057	20005
31-12-2021	18203	25877	21747	20452
31-01-2022	16753	24354	19937	18483
28-02-2022	16807	23741	20162	18681
31-03-2022	17108	24511	20482	18913
30-04-2022	15849	22311	18737	17039
31-05-2022	15685	22281	18800	17064
30-06-2022	14372	20417	17004	15661
31-07-2022	15825	22333	18764	17296
31-08-2022	15057	21499	18265	16942
30-09-2022	13711	19506	16525	15318
31-10-2022	15333	21105	18111	17005
30-11-2022	16487	22207	18875	17402
31-12-2022	15724	20907	17753	16272
31-01-2023	16990	22347	19528	17858
28-02-2023	16770	21824	19069	17557
31-03-2023	16757	22408	18354	16718
30-04-2023	16730	22647	18115	16417
31-05-2023	16289	22735	17797	16266
30-06-2023	17598	24287	19313	17588
31-07-2023	18234	25158	20274	18664
31-08-2023	17930	24672	19478	17730
30-09-2023	17002	23497	18390	16686
31-10-2023	16144	22874	17273	15548
30-11-2023	17750	25007	18828	16956
31-12-2023	19327	26334	20846	19027
31-01-2024	19235	26625	20300	18287
29-02-2024	20560	28067	21405	19321
31-03-2024	21363	28972	22288	20013
30-04-2024	20251	27697	20795	18604
31-05-2024	21054	29006	21660	19538
30-06-2024	20591	29904	21335	19357
31-07-2024	22632	30460	22921	21324
31-08-2024	22292	31123	22862	21005
30-09-2024	22540	31767	23202	21152
31-10-2024	22633	31533	22987	20846
30-11-2024	24274	33631	25249	23133
31-12-2024	23119	32603	23346	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Service Class	19.62	9.77	8.74
Russell 3000 Index	23.81	13.86	12.55
Russell 2500 Index	12.00	8.77	8.85
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$70
Number of Holdings	46
2024 Portfolio Turnover Rate	62%
Advisory Fees Paid in 2024 (Millions)	$0.6

 2

ROYCE DIVIDEND VALUE FUND—SERVICE CLASS (RYDVX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Advance Auto Parts 4.0

Academy Sports & Outdoors 3.8

SEI Investments 3.7

Kyndryl Holdings 3.4

Assured Guaranty 3.3

Axis Capital Holdings 2.8

FTAI Aviation 2.8

AptarGroup 2.7

Kulicke & Soffa Industries 2.6

Vontier Corporation 2.5

Portfolio Sector Breakdown

 

Sector Breakdown
Financials	29.5
Industrials	17.0
Consumer Discretionary	12.1
Information Technology	11.8
Materials	9.7
Energy	3.8
Health Care	2.4
Real Estate	0.5
Cash and Cash Equivalents	13.2

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Service Class shares of the Fund held for less than 30 days were eliminated.

Effective September 30, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective September 30, 2024, Miles Lewis is the Fund’s lead portfolio manager, Joseph Hintz is portfolio manager, and Jag Sriram is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2500 Index is an index of the 2,500 smallest publicly traded U.S. companies in the Russell 3000 Index. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RDV-SC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce International Premier Fund Investment Class—RIPNX

Annual Shareholder Report

This annual shareholder report contains important information about Royce International Premier Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce International Premier Fund—Investment Class	$115	1.19%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce International Premier Fund declined 7.17% for the year, lagging its benchmark, the MSCI ACWI ex USA Small Cap Index, which was up 3.36% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Communication Services, Real Estate and Financials.

At the industry level, electronic equipment, instruments & components (Information Technology), interactive media & services (Communication Services), and commercial services & supplies (Industrials) were the largest contributors.

At the country level, Sweden, Poland, and South Korea were the largest contributors.

The Fund’s top contributor was Marlowe.

An underweight in Real Estate contributed most to relative results versus the MSCI ACWI ex USA Small Cap Index.

Top Detractors from Performance

The sectors making the largest detractions were Health Care, Industrials and Materials.

At the industry level, health care providers & services (Health Care), software (Information Technology), and chemicals (Materials) detracted most.

At the country level, Australia, Canada, and France were the largest detractors.

The Fund’s top detractor was CVS Group.

Stock selection within Industrials detracted most from relative results versus the MSCI ACWI ex USA Small Cap Index.

 1

ROYCE INTERNATIONAL PREMIER FUND—INVESTMENT CLASS (RIPNX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce International Premier Fund—Investment Class	MSCI ACWI ex USA IMI Index	MSCI ACWI ex USA Small Cap Index
31-12-2014	10000	10000	10000
31-01-2015	10034	9982	9963
28-02-2015	10700	10517	10506
31-03-2015	10539	10354	10393
30-04-2015	11182	10890	11014
31-05-2015	11389	10750	11075
30-06-2015	11377	10458	10831
31-07-2015	11435	10406	10625
31-08-2015	10861	9639	10032
30-09-2015	10723	9215	9745
31-10-2015	11354	9882	10323
30-11-2015	11469	9696	10249
31-12-2015	11642	9540	10260
31-01-2016	10800	8879	9473
29-02-2016	10646	8796	9505
31-03-2016	11511	9517	10330
30-04-2016	11725	9770	10619
31-05-2016	11820	9619	10549
30-06-2016	11748	9453	10239
31-07-2016	12128	9928	10809
31-08-2016	12033	9979	10783
30-09-2016	12353	10119	11050
31-10-2016	11926	9957	10759
30-11-2016	11334	9717	10439
31-12-2016	11549	9960	10661
31-01-2017	12051	10317	11069
28-02-2017	12308	10496	11361
31-03-2017	12638	10755	11596
30-04-2017	13348	10999	11944
31-05-2017	13948	11347	12268
30-06-2017	14143	11384	12320
31-07-2017	14633	11801	12755
31-08-2017	14731	11873	12893
30-09-2017	15232	12098	13170
31-10-2017	15575	12325	13416
30-11-2017	15893	12437	13616
31-12-2017	16178	12730	14035
31-01-2018	16958	13427	14725
28-02-2018	16265	12809	14145
31-03-2018	16240	12595	13985
30-04-2018	16104	12788	14147
31-05-2018	16030	12517	14003
30-06-2018	15696	12266	13622
31-07-2018	15931	12530	13717
31-08-2018	16216	12287	13583
30-09-2018	16166	12314	13416
31-10-2018	14854	11285	12111
30-11-2018	14829	11381	12141
31-12-2018	14165	10851	11480
31-01-2019	15309	11676	12379
28-02-2019	15769	11906	12639
31-03-2019	16068	11970	12658
30-04-2019	16739	12279	12938
31-05-2019	16379	11623	12271
30-06-2019	17212	12298	12812
31-07-2019	16677	12158	12727
31-08-2019	16341	11786	12360
30-09-2019	16515	12087	12660
31-10-2019	17112	12518	13173
30-11-2019	18132	12641	13394
31-12-2019	19051	13199	14054
31-01-2020	18564	12837	13615
29-02-2020	16927	11800	12363
31-03-2020	14516	10017	9978
30-04-2020	16365	10833	11190
31-05-2020	17552	11227	11869
30-06-2020	17652	11716	12256
31-07-2020	18301	12246	12869
31-08-2020	19513	12807	13715
30-09-2020	19488	12512	13542
31-10-2020	18763	12234	13182
30-11-2020	20800	13886	15006
31-12-2020	22096	14667	16056
31-01-2021	21345	14691	16028
28-02-2021	20919	15014	16607
31-03-2021	21558	15220	16944
30-04-2021	22735	15702	17722
31-05-2021	23286	16156	18095
30-06-2021	23537	16072	18020
31-07-2021	24201	15863	18165
31-08-2021	25003	16174	18585
30-09-2021	23762	15660	18020
31-10-2021	24201	16015	18301
30-11-2021	22748	15283	17395
31-12-2021	23436	15917	18131
31-01-2022	21173	15271	16999
28-02-2022	20409	14984	16779
31-03-2022	20172	15026	16950
30-04-2022	18501	14079	15856
31-05-2022	18435	14147	15709
30-06-2022	17133	12880	13975
31-07-2022	18580	13364	14783
31-08-2022	16975	12945	14395
30-09-2022	15093	11632	12806
31-10-2022	15935	11984	13222
30-11-2022	17251	13361	14486
31-12-2022	17117	13278	14510
31-01-2023	18536	14338	15554
28-02-2023	18018	13853	15157
31-03-2023	18345	14149	15191
30-04-2023	18386	14390	15415
31-05-2023	17608	13883	14988
30-06-2023	17881	14486	15503
31-07-2023	18086	15095	16290
31-08-2023	17444	14450	15836
30-09-2023	16543	13981	15240
31-10-2023	15615	13376	14388
30-11-2023	17253	14592	15780
31-12-2023	18454	15352	16782
31-01-2024	18088	15184	16494
29-02-2024	18088	15536	16659
31-03-2024	18046	16016	17136
30-04-2024	17202	15736	16886
31-05-2024	17948	16201	17433
30-06-2024	17596	16163	17249
31-07-2024	18355	16571	17905
31-08-2024	18693	17019	18235
30-09-2024	18904	17485	18784
31-10-2024	17751	16619	17802
30-11-2024	17863	16480	17723
31-12-2024	17130	16155	17345

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Investment Class	-7.17	-2.10	5.53
MSCI ACWI ex USA IMI Index	5.23	4.12	4.91
MSCI ACWI ex USA Small Cap Index	3.36	4.30	5.66

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$179
Number of Holdings	54
2024 Portfolio Turnover Rate	31%
Advisory Fees Paid in 2024 (Millions)	$3.1

 2

ROYCE INTERNATIONAL PREMIER FUND—INVESTMENT CLASS (RIPNX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions		Country Breakdown1,2
NICE Information Service	3.3	Japan	23.8
Zuken	3.0	United Kingdom	18.9
DiscoverIE Group	2.9	Sweden	7.0
Maruwa	2.6	France	6.5
Johns Lyng Group	2.6	Australia	6.4
JTC	2.5	Italy	6.0
Ashtead Technology Holdings	2.3	Germany	4.8
Intertek Group	2.3	Switzerland	4.7
Vitec Software Group Cl. B	2.3	South Korea	3.3
Riken Keiki	2.3	1 Represents countries that are 3% or more of net assets.
		2 Securities are categorized by the country of their headquarters.

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	37.4
Information Technology	28.2
Health Care	12.3
Financials	7.0
Materials	5.5
Communication Services	5.1
Consumer Discretionary	3.7
Energy	1.0
Net Cash and Cash Equivalents	-0.2

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Investment Class shares of the Fund held for less than 30 days were eliminated.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The MSCI ACWI ex USA Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks, excluding the United States. The MSCI ACWI ex USA Investable Market (IMI) Index is an unmanaged index of large-, mid-, and small-cap global stocks, excluding the United States. Index returns include net reinvested dividends and/or interest income. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RIP-IC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce International Premier Fund Institutional Class—RIPIX

Annual Shareholder Report

This annual shareholder report contains important information about Royce International Premier Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

 You can find additional information about the Fund 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 Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce International Premier Fund—Institutional Class	$100	1.04%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce International Premier Fund declined -7.03% for the year, lagging its benchmark, the MSCI ACWI ex USA Small Cap Index, which was up 3.36% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Communication Services, Real Estate and Financials.

At the industry level, electronic equipment, instruments & components (Information Technology), interactive media & services (Communication Services), and commercial services & supplies (Industrials) were the largest contributors.

At the country level, Sweden, Poland, and South Korea were the largest contributors.

The Fund’s top contributor was Marlowe.

An underweight in Real Estate contributed most to relative results versus the MSCI ACWI ex USA Small Cap Index.

Top Detractors from Performance

The sectors making the largest detractions were Health Care, Industrials and Materials.

At the industry level, health care providers & services (Health Care), software (Information Technology), and chemicals (Materials) detracted most.

At the country level, Australia, Canada, and France were the largest detractors.

The Fund’s top detractor was CVS Group.

Stock selection within Industrials detracted most from relative results versus the MSCI ACWI ex USA Small Cap Index.

 1

ROYCE INTERNATIONAL PREMIER FUND—INSTITUTIONAL CLASS (RIPIX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $1,000,000

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce International Premier Fund—Institutional Class	MSCI ACWI ex USA IMI Index	MSCI ACWI ex USA Small Cap Index
31-12-2014	1000000	1000000	1000000
31-01-2015	1002918	998237	996332
28-02-2015	1070038	1051746	1050696
31-03-2015	1053501	1035466	1039317
30-04-2015	1117704	1089007	1101417
31-05-2015	1139105	1075001	1107570
30-06-2015	1137159	1045854	1083159
31-07-2015	1142996	1040661	1062515
31-08-2015	1085603	963961	1003241
30-09-2015	1071011	921563	974595
31-10-2015	1134241	988274	1032365
30-11-2015	1144941	969653	1024983
31-12-2015	1162237	954000	1026026
31-01-2016	1077366	887968	947351
29-02-2016	1062388	879609	950564
31-03-2016	1148258	951787	1033037
30-04-2016	1169226	977050	1061922
31-05-2016	1178213	961942	1054933
30-06-2016	1171223	945315	1023999
31-07-2016	1208167	992884	1080981
31-08-2016	1200180	997947	1078391
30-09-2016	1231133	1011972	1105010
31-10-2016	1189196	995717	1075916
30-11-2016	1129287	971774	1043969
31-12-2016	1149965	996042	1066129
31-01-2017	1200096	1031726	1106986
28-02-2017	1225674	1049666	1136144
31-03-2017	1257390	1075596	1159697
30-04-2017	1327984	1099908	1194486
31-05-2017	1387324	1134778	1226886
30-06-2017	1406763	1138478	1232036
31-07-2017	1455872	1180193	1275561
31-08-2017	1464056	1187309	1289384
30-09-2017	1515211	1209844	1317078
31-10-2017	1547951	1232579	1341671
30-11-2017	1579667	1243782	1361654
31-12-2017	1607739	1273074	1403511
31-01-2018	1684003	1342779	1472504
28-02-2018	1614953	1280968	1414577
31-03-2018	1612892	1259543	1398547
30-04-2018	1598463	1278851	1414721
31-05-2018	1591684	1251712	1400399
30-06-2018	1559727	1226664	1362233
31-07-2018	1583080	1253037	1371727
31-08-2018	1610121	1228782	1358380
30-09-2018	1606433	1231444	1341617
31-10-2018	1476149	1128546	1211124
30-11-2018	1472461	1138155	1214138
31-12-2018	1407376	1085185	1148062
31-01-2019	1522289	1167618	1237994
28-02-2019	1568008	1190660	1263963
31-03-2019	1597663	1197036	1265887
30-04-2019	1663151	1227964	1293881
31-05-2019	1627318	1162398	1227112
30-06-2019	1711340	1229866	1281255
31-07-2019	1658208	1215868	1272701
31-08-2019	1624846	1178655	1236020
30-09-2019	1642145	1208761	1266050
31-10-2019	1701455	1251839	1317346
30-11-2019	1804012	1264197	1339402
31-12-2019	1895517	1319962	1405463
31-01-2020	1847041	1283730	1361587
29-02-2020	1685456	1180046	1236362
31-03-2020	1444322	1001731	997804
30-04-2020	1629523	1083352	1119077
31-05-2020	1747604	1122716	1186927
30-06-2020	1757548	1171615	1225604
31-07-2020	1822182	1224668	1286901
31-08-2020	1943993	1280722	1371549
30-09-2020	1940264	1251234	1354261
31-10-2020	1869415	1223499	1318269
30-11-2020	2072018	1388694	1500687
31-12-2020	2200983	1466717	1605631
31-01-2021	2127367	1469124	1602807
28-02-2021	2084944	1501473	1660798
31-03-2021	2148578	1522018	1694458
30-04-2021	2265864	1570257	1772277
31-05-2021	2320764	1615622	1809527
30-06-2021	2346966	1607201	1802097
31-07-2021	2413096	1586364	1816559
31-08-2021	2492950	1617467	1858524
30-09-2021	2370673	1566060	1802019
31-10-2021	2413096	1601553	1830194
30-11-2021	2269607	1528395	1739583
31-12-2021	2338010	1591771	1813176
31-01-2022	2112343	1527190	1699950
28-02-2022	2036246	1498445	1677938
31-03-2022	2012630	1502662	1695017
30-04-2022	1847316	1407927	1585600
31-05-2022	1839444	1414734	1570990
30-06-2022	1709555	1288055	1397573
31-07-2022	1855188	1336417	1478326
31-08-2022	1695123	1294569	1439552
30-09-2022	1507504	1163260	1280632
31-10-2022	1591473	1198451	1322246
30-11-2022	1722675	1336100	1448611
31-12-2022	1708644	1327813	1451033
31-01-2023	1851826	1433810	1555490
28-02-2023	1800008	1385385	1515750
31-03-2023	1834099	1414943	1519177
30-04-2023	1838190	1439014	1541555
31-05-2023	1759099	1388396	1498812
30-06-2023	1787735	1448675	1550301
31-07-2023	1808190	1509583	1629035
31-08-2023	1745462	1445003	1583621
30-09-2023	1654098	1398146	1524018
31-10-2023	1561370	1337628	1438808
30-11-2023	1725008	1459264	1578034
31-12-2023	1846209	1535237	1678242
31-01-2024	1809623	1518451	1649448
29-02-2024	1811030	1553697	1665969
31-03-2024	1806808	1601694	1713631
30-04-2024	1722378	1573686	1688688
31-05-2024	1796958	1620105	1743399
30-06-2024	1761779	1616357	1724911
31-07-2024	1837766	1657153	1790597
31-08-2024	1871538	1701992	1823580
30-09-2024	1894053	1748579	1878404
31-10-2024	1778665	1661996	1780241
30-11-2024	1789922	1648027	1772360
31-12-2024	1716503	1615572	1734591

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Institutional Class	-7.03	-1.96	5.55
MSCI ACWI ex USA IMI Index	5.23	4.12	4.91
MSCI ACWI ex USA Small Cap Index	3.36	4.30	5.66

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$179
Number of Holdings	54
2024 Portfolio Turnover Rate	31%
Advisory Fees Paid in 2024 (Millions)	$3.1

 2

ROYCE INTERNATIONAL PREMIER FUND—INSTITUTIONAL CLASS (RIPIX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions		Country Breakdown1,2
NICE Information Service	3.3	Japan	23.8
Zuken	3.0	United Kingdom	18.9
DiscoverIE Group	2.9	Sweden	7.0
Maruwa	2.6	France	6.5
Johns Lyng Group	2.6	Australia	6.4
JTC	2.5	Italy	6.0
Ashtead Technology Holdings	2.3	Germany	4.8
Intertek Group	2.3	Switzerland	4.7
Vitec Software Group Cl. B	2.3	South Korea	3.3
Riken Keiki	2.3	1 Represents countries that are 3% or more of net assets.
		2 Securities are categorized by the country of their headquarters.

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	37.4
Information Technology	28.2
Health Care	12.3
Financials	7.0
Materials	5.5
Communication Services	5.1
Consumer Discretionary	3.7
Energy	1.0
Net Cash and Cash Equivalents	-0.2

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The MSCI ACWI ex USA Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks, excluding the United States. The MSCI ACWI ex USA Investable Market (IMI) Index is an unmanaged index of large-, mid-, and small-cap global stocks, excluding the United States. Index returns include net reinvested dividends and/or interest income. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RIP-INC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce International Premier Fund Service Class—RYIPX

Annual Shareholder Report

This annual shareholder report contains important information about Royce International Premier Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce International Premier Fund—Service Class	$139	1.44%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce International Premier Fund declined -7.36% for the year, lagging its benchmark, the MSCI ACWI ex USA Small Cap Index, which was up 3.36% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Communication Services, Real Estate and Financials.

At the industry level, electronic equipment, instruments & components (Information Technology), interactive media & services (Communication Services), and commercial services & supplies (Industrials) were the largest contributors.

At the country level, Sweden, Poland, and South Korea were the largest contributors.

The Fund’s top contributor was Marlowe.

An underweight in Real Estate contributed most to relative results versus the MSCI ACWI ex USA Small Cap Index.

Top Detractors from Performance

The sectors making the largest detractions were Health Care, Industrials and Materials.

At the industry level, health care providers & services (Health Care), software (Information Technology), and chemicals (Materials) detracted most.

At the country level, Australia, Canada, and France were the largest detractors.

The Fund’s top detractor was CVS Group.

Stock selection within Industrials detracted most from relative results versus the MSCI ACWI ex USA Small Cap Index.

 1

ROYCE INTERNATIONAL PREMIER FUND—SERVICE CLASS (RYIPX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce International Premier Fund—Service Class	MSCI ACWI ex USA IMI Index	MSCI ACWI ex USA Small Cap Index
31-12-2014	10000	10000	10000
31-01-2015	10029	9982	9963
28-02-2015	10700	10517	10506
31-03-2015	10535	10354	10393
30-04-2015	11177	10890	11014
31-05-2015	11391	10750	11075
30-06-2015	11371	10458	10831
31-07-2015	11429	10406	10625
31-08-2015	10856	9639	10032
30-09-2015	10710	9215	9745
31-10-2015	11342	9882	10323
30-11-2015	11449	9696	10249
31-12-2015	11622	9540	10260
31-01-2016	10773	8879	9473
29-02-2016	10623	8796	9505
31-03-2016	11482	9517	10330
30-04-2016	11692	9770	10619
31-05-2016	11782	9619	10549
30-06-2016	11712	9453	10239
31-07-2016	12081	9928	10809
31-08-2016	12001	9979	10783
30-09-2016	12311	10119	11050
31-10-2016	11891	9957	10759
30-11-2016	11292	9717	10439
31-12-2016	11499	9960	10661
31-01-2017	12000	10317	11069
28-02-2017	12256	10496	11361
31-03-2017	12573	10755	11596
30-04-2017	13279	10999	11944
31-05-2017	13873	11347	12268
30-06-2017	14067	11384	12320
31-07-2017	14558	11801	12755
31-08-2017	14640	11873	12893
30-09-2017	15152	12098	13170
31-10-2017	15479	12325	13416
30-11-2017	15796	12437	13616
31-12-2017	16077	12730	14035
31-01-2018	16840	13427	14725
28-02-2018	16149	12809	14145
31-03-2018	16128	12595	13985
30-04-2018	15984	12788	14147
31-05-2018	15902	12517	14003
30-06-2018	15582	12266	13622
31-07-2018	15809	12530	13717
31-08-2018	16077	12287	13583
30-09-2018	16025	12314	13416
31-10-2018	14716	11285	12111
30-11-2018	14686	11381	12141
31-12-2018	14026	10851	11480
31-01-2019	15160	11676	12379
28-02-2019	15613	11906	12639
31-03-2019	15912	11970	12658
30-04-2019	16561	12279	12938
31-05-2019	16201	11623	12271
30-06-2019	17025	12298	12812
31-07-2019	16489	12158	12727
31-08-2019	16159	11786	12360
30-09-2019	16324	12087	12660
31-10-2019	16912	12518	13173
30-11-2019	17911	12641	13394
31-12-2019	18826	13199	14054
31-01-2020	18351	12837	13615
29-02-2020	16730	11800	12363
31-03-2020	14344	10017	9978
30-04-2020	16172	10833	11190
31-05-2020	17339	11227	11869
30-06-2020	17432	11716	12256
31-07-2020	18062	12246	12869
31-08-2020	19260	12807	13715
30-09-2020	19229	12512	13542
31-10-2020	18516	12234	13182
30-11-2020	20520	13886	15006
31-12-2020	21790	14667	16056
31-01-2021	21057	14691	16028
28-02-2021	20623	15014	16607
31-03-2021	21253	15220	16944
30-04-2021	22399	15702	17722
31-05-2021	22936	16156	18095
30-06-2021	23184	16072	18020
31-07-2021	23824	15863	18165
31-08-2021	24609	16174	18585
30-09-2021	23391	15660	18020
31-10-2021	23804	16015	18301
30-11-2021	22379	15283	17395
31-12-2021	23049	15917	18131
31-01-2022	20823	15271	16999
28-02-2022	20066	14984	16779
31-03-2022	19818	15026	16950
30-04-2022	18186	14079	15856
31-05-2022	18110	14147	15709
30-06-2022	16824	12880	13975
31-07-2022	18251	13364	14783
31-08-2022	16662	12945	14395
30-09-2022	14815	11632	12806
31-10-2022	15636	11984	13222
30-11-2022	16922	13361	14486
31-12-2022	16777	13278	14510
31-01-2023	18172	14338	15554
28-02-2023	17670	13853	15157
31-03-2023	17993	14149	15191
30-04-2023	18027	14390	15415
31-05-2023	17246	13883	14988
30-06-2023	17525	14486	15503
31-07-2023	17715	15095	16290
31-08-2023	17090	14450	15836
30-09-2023	16197	13981	15240
31-10-2023	15283	13376	14388
30-11-2023	16878	14592	15780
31-12-2023	18056	15352	16782
31-01-2024	17691	15184	16494
29-02-2024	17702	15536	16659
31-03-2024	17645	16016	17136
30-04-2024	16813	15736	16886
31-05-2024	17543	16201	17433
30-06-2024	17200	16163	17249
31-07-2024	17930	16571	17905
31-08-2024	18261	17019	18235
30-09-2024	18466	17485	18784
31-10-2024	17337	16619	17802
30-11-2024	17440	16480	17723
31-12-2024	16727	16155	17345

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Service Class	-7.36	-2.34	5.28
MSCI ACWI ex USA IMI Index	5.23	4.12	4.91
MSCI ACWI ex USA Small Cap Index	3.36	4.30	5.66

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower. 

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$179
Number of Holdings	54
2024 Portfolio Turnover Rate	31%
Advisory Fees Paid in 2024 (Millions)	$3.1

 2

ROYCE INTERNATIONAL PREMIER FUND—SERVICE CLASS (RYIPX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions		Country Breakdown1,2
NICE Information Service	3.3	Japan	23.8
Zuken	3.0	United Kingdom	18.9
DiscoverIE Group	2.9	Sweden	7.0
Maruwa	2.6	France	6.5
Johns Lyng Group	2.6	Australia	6.4
JTC	2.5	Italy	6.0
Ashtead Technology Holdings	2.3	Germany	4.8
Intertek Group	2.3	Switzerland	4.7
Vitec Software Group Cl. B	2.3	South Korea	3.3
Riken Keiki	2.3	1 Represents countries that are 3% or more of net assets.
		2 Securities are categorized by the country of their headquarters.

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	37.4
Information Technology	28.2
Health Care	12.3
Financials	7.0
Materials	5.5
Communication Services	5.1
Consumer Discretionary	3.7
Energy	1.0
Net Cash and Cash Equivalents	-0.2

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Service Class shares of the Fund held for less than 30 days were eliminated.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The MSCI ACWI ex USA Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks, excluding the United States. The MSCI ACWI ex USA Investable Market (IMI) Index is an unmanaged index of large-, mid-, and small-cap global stocks, excluding the United States. Index returns include net reinvested dividends and/or interest income. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RIP-SC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Micro-Cap Fund Consultant Class—RYMCX

Annual Shareholder Report 

This annual shareholder report contains important information about Royce Micro-Cap Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Micro-Cap Fund—Consultant Class	$238	2.24%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Micro-Cap Fund advanced 12.17% for the year, lagging its benchmark, the Russell Microcap Index, which was up 13.70% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Information Technology and Health Care.

At the industry level, construction & engineering (Industrials), energy equipment & services (Energy), and electronic equipment, instruments & components (Information Technology) contributed most.

The Fund’s top contributor was IES Holdings.

Stock selection within Health Care contributed most to relative results versus the Russell Microcap Index.

Top Detractors from Performance

The only sectors making detractions were Consumer Discretionary and Real Estate.

At the industry level, specialty retail (Consumer Discretionary), professional services (Industrials), and textiles, apparel & luxury goods (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Beyond.

Stock selection within Information Technology detracted most from relative results versus the Russell Microcap Index.

 1

ROYCE MICRO-CAP FUND—CONSULTANT CLASS (RYMCX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($) 

Investment_Value_Date	Royce Micro-Cap Fund—Consultant Class	Russell 3000 Index	Russell Microcap Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9452	9721	9587	9678
28-02-2015	9918	10284	10099	10252
31-03-2015	9942	10180	10314	10431
30-04-2015	9877	10226	10073	10165
31-05-2015	9746	10367	10376	10397
30-06-2015	9811	10194	10602	10475
31-07-2015	9288	10364	10264	10353
31-08-2015	8814	9738	9709	9703
30-09-2015	8250	9455	9142	9226
31-10-2015	8724	10201	9634	9746
30-11-2015	8838	10258	10000	10063
31-12-2015	8579	10047	9484	9558
31-01-2016	7857	9480	8502	8718
29-02-2016	7905	9477	8374	8717
31-03-2016	8455	10145	8968	9413
30-04-2016	8617	10208	9259	9561
31-05-2016	8560	10390	9379	9776
30-06-2016	8465	10412	9324	9770
31-07-2016	8930	10825	9812	10353
31-08-2016	9091	10852	10077	10536
30-09-2016	9205	10869	10373	10654
31-10-2016	8873	10634	9782	10147
30-11-2016	9793	11110	10918	11279
31-12-2016	10164	11327	11415	11595
31-01-2017	10002	11540	11243	11641
28-02-2017	10002	11969	11360	11865
31-03-2017	10067	11978	11459	11881
30-04-2017	10121	12105	11577	12011
31-05-2017	9905	12228	11311	11767
30-06-2017	10305	12339	11898	12173
31-07-2017	10272	12571	11832	12264
31-08-2017	10035	12596	11734	12108
30-09-2017	10759	12903	12690	12864
31-10-2017	10640	13184	12669	12973
30-11-2017	10694	13585	12980	13347
31-12-2017	10595	13721	12918	13293
31-01-2018	10688	14444	13235	13641
28-02-2018	10315	13911	12816	13112
31-03-2018	10571	13632	13006	13282
30-04-2018	10583	13684	13169	13397
31-05-2018	11446	14070	14119	14210
30-06-2018	11620	14162	14303	14312
31-07-2018	11690	14632	14293	14561
31-08-2018	12238	15146	14908	15189
30-09-2018	11912	15171	14422	14824
31-10-2018	10688	14054	12849	13214
30-11-2018	10630	14336	12767	13424
31-12-2018	9553	13001	11228	11829
31-01-2019	10451	14117	12406	13160
28-02-2019	10940	14614	13086	13844
31-03-2019	10438	14827	12699	13554
30-04-2019	10795	15419	12942	14015
31-05-2019	9923	14421	12064	12925
30-06-2019	10491	15434	12817	13838
31-07-2019	10385	15664	12642	13918
31-08-2019	9777	15345	11847	13231
30-09-2019	10174	15614	12118	13506
31-10-2019	10504	15950	12429	13862
30-11-2019	10927	16556	13005	14432
31-12-2019	11437	17034	13747	14849
31-01-2020	11084	17016	13107	14372
29-02-2020	10187	15623	12211	13162
31-03-2020	7783	13474	9350	10303
30-04-2020	9209	15259	10774	11718
31-05-2020	9590	16075	11488	12480
30-06-2020	10051	16442	12206	12921
31-07-2020	10269	17376	12336	13279
31-08-2020	10717	18635	13070	14027
30-09-2020	10309	17956	12656	13559
31-10-2020	10554	17569	12820	13843
30-11-2020	12918	19706	15440	16394
31-12-2020	14072	20593	16629	17813
31-01-2021	14657	20501	18993	18709
28-02-2021	16427	21142	20137	19875
31-03-2021	16515	21900	20601	20075
30-04-2021	17027	23029	20656	20496
31-05-2021	17290	23134	20994	20538
30-06-2021	17539	23704	21454	20936
31-07-2021	17407	24105	20271	20180
31-08-2021	17582	24792	20998	20632
30-09-2021	17056	23680	20386	20023
31-10-2021	17992	25281	20838	20875
30-11-2021	17626	24897	19745	20005
31-12-2021	18232	25877	19845	20452
31-01-2022	16299	24354	17905	18483
28-02-2022	16208	23741	18088	18681
31-03-2022	15935	24511	18337	18913
30-04-2022	14257	22311	16435	17039
31-05-2022	14348	22281	16371	17064
30-06-2022	13054	20417	14861	15661
31-07-2022	14513	22333	16341	17296
31-08-2022	14075	21499	16367	16942
30-09-2022	12543	19506	14789	15318
31-10-2022	13838	21105	16192	17005
30-11-2022	14567	22207	16178	17402
31-12-2022	13971	20907	15487	16272
31-01-2023	15427	22347	17013	17858
28-02-2023	15351	21824	16519	17557
31-03-2023	14277	22408	15050	16718
30-04-2023	13568	22647	14660	16417
31-05-2023	13837	22735	14867	16266
30-06-2023	15197	24287	15846	17588
31-07-2023	15964	25158	16692	18664
31-08-2023	15542	24672	15583	17730
30-09-2023	14661	23497	14589	16686
31-10-2023	13587	22874	13536	15548
30-11-2023	14680	25007	14817	16956
31-12-2023	16490	26334	16933	19027
31-01-2024	15792	26625	16277	18287
29-02-2024	16736	28067	17289	19321
31-03-2024	17188	28972	17726	20013
30-04-2024	15915	27697	16349	18604
31-05-2024	17188	29006	17177	19538
30-06-2024	16839	29904	16791	19357
31-07-2024	18420	30460	18784	21324
31-08-2024	17969	31123	18268	21005
30-09-2024	17681	31767	18182	21152
31-10-2024	17168	31533	18306	20846
30-11-2024	19468	33631	20437	23133
31-12-2024	18497	32603	19253	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Consultant Class	12.17	10.09	6.34
Russell 3000 Index	23.81	13.86	12.55
Russell Microcap Index	13.70	6.97	6.77
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$306
Number of Holdings	140
2024 Portfolio Turnover Rate	18%
Advisory Fees Paid in 2024 (Millions)	$3.1

 2

ROYCE MICRO-CAP FUND—CONSULTANT CLASS (RYMCX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Natural Gas Services Group 1.5

Graham Corporation 1.5

American Outdoor Brands 1.4

BayCom Corp. 1.3

QuinStreet 1.3

IMAX Corporation 1.3

FARO Technologies 1.3

NPK International 1.3

CECO Environmental 1.2

Artivion 1.2

Portfolio Sector Breakdown

 

Portfolio Sector Breakdown
Information Technology	24.6
Industrials	24.0
Financials	14.1
Consumer Discretionary	12.2
Health Care	9.7
Communication Services	5.4
Energy	4.3
Materials	3.0
Consumer Staples	0.9
Real Estate	0.6
Cash and Cash Equivalents	1.2

How Has the Fund Changed?

Effective September 30, 2024, James P. Stoeffel is the Fund’s portfolio manager and Andrew S. Palen is the Fund’s assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Consultant Class shares redeemed within 365 days of purchase may be subject to a 1% contingent deferred sales charge, payable to the Fund’s distributor, Royce Fund Services, LLC, which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell Microcap Index includes 1,000 of the smallest securities in the small-cap Russell 2000 Index, along with the next smallest eligible securities as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RMC-CC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Micro-Cap Fund Investment Class—RYOTX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Micro-Cap Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Micro-Cap Fund—Investment Class	$131	1.23%

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Micro-Cap Fund advanced 13.37% for the year, lagging its benchmark, the Russell Microcap Index, which was up 13.70% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Information Technology and Health Care.

At the industry level, construction & engineering (Industrials), energy equipment & services (Energy), and electronic equipment, instruments & components (Information Technology) contributed most.

The Fund’s top contributor was IES Holdings.

Stock selection within Health Care contributed most to relative results versus the Russell Microcap Index.

Top Detractors from Performance

The only sectors making detractions were Consumer Discretionary and Real Estate.

At the industry level, specialty retail (Consumer Discretionary), professional services (Industrials), and textiles, apparel & luxury goods (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Beyond.

Stock selection within Information Technology detracted most from relative results versus the Russell Microcap Index.

 1

ROYCE MICRO-CAP FUND—INVESTMENT CLASS (RYOTX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Micro-Cap Fund—Investment Class	Russell 3000 Index	Russell Microcap Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9460	9721	9587	9678
28-02-2015	9930	10284	10099	10252
31-03-2015	9972	10180	10314	10431
30-04-2015	9910	10226	10073	10165
31-05-2015	9785	10367	10376	10397
30-06-2015	9861	10194	10602	10475
31-07-2015	9343	10364	10264	10353
31-08-2015	8880	9738	9709	9703
30-09-2015	8313	9455	9142	9226
31-10-2015	8797	10201	9634	9746
30-11-2015	8921	10258	10000	10063
31-12-2015	8668	10047	9484	9558
31-01-2016	7949	9480	8502	8718
29-02-2016	8003	9477	8374	8717
31-03-2016	8574	10145	8968	9413
30-04-2016	8738	10208	9259	9561
31-05-2016	8691	10390	9379	9776
30-06-2016	8605	10412	9324	9770
31-07-2016	9082	10825	9812	10353
31-08-2016	9254	10852	10077	10536
30-09-2016	9379	10869	10373	10654
31-10-2016	9043	10634	9782	10147
30-11-2016	9996	11110	10918	11279
31-12-2016	10379	11327	11415	11595
31-01-2017	10231	11540	11243	11641
28-02-2017	10231	11969	11360	11865
31-03-2017	10309	11978	11459	11881
30-04-2017	10370	12105	11577	12011
31-05-2017	10170	12228	11311	11767
30-06-2017	10588	12339	11898	12173
31-07-2017	10553	12571	11832	12264
31-08-2017	10326	12596	11734	12108
30-09-2017	11084	12903	12690	12864
31-10-2017	10962	13184	12669	12973
30-11-2017	11032	13585	12980	13347
31-12-2017	10942	13721	12918	13293
31-01-2018	11045	14444	13235	13641
28-02-2018	10669	13911	12816	13112
31-03-2018	10942	13632	13006	13282
30-04-2018	10961	13684	13169	13397
31-05-2018	11863	14070	14119	14210
30-06-2018	12061	14162	14303	14312
31-07-2018	12136	14632	14293	14561
31-08-2018	12719	15146	14908	15189
30-09-2018	12390	15171	14422	14824
31-10-2018	11130	14054	12849	13214
30-11-2018	11074	14336	12767	13424
31-12-2018	9964	13001	11228	11829
31-01-2019	10913	14117	12406	13160
28-02-2019	11435	14614	13086	13844
31-03-2019	10913	14827	12699	13554
30-04-2019	11307	15419	12942	14015
31-05-2019	10401	14421	12064	12925
30-06-2019	11019	15434	12817	13838
31-07-2019	10913	15664	12642	13918
31-08-2019	10273	15345	11847	13231
30-09-2019	10710	15614	12118	13506
31-10-2019	11072	15950	12429	13862
30-11-2019	11520	16556	13005	14432
31-12-2019	12073	17034	13747	14849
31-01-2020	11711	17016	13107	14372
29-02-2020	10769	15623	12211	13162
31-03-2020	8238	13474	9350	10303
30-04-2020	9761	15259	10774	11718
31-05-2020	10177	16075	11488	12480
30-06-2020	10670	16442	12206	12921
31-07-2020	10922	17376	12336	13279
31-08-2020	11404	18635	13070	14027
30-09-2020	10977	17956	12656	13559
31-10-2020	11251	17569	12820	13843
30-11-2020	13793	19706	15440	16394
31-12-2020	15031	20593	16629	17813
31-01-2021	15668	20501	18993	18709
28-02-2021	17579	21142	20137	19875
31-03-2021	17685	21900	20601	20075
30-04-2021	18251	23029	20656	20496
31-05-2021	18558	23134	20994	20538
30-06-2021	18830	23704	21454	20936
31-07-2021	18712	24105	20271	20180
31-08-2021	18924	24792	20998	20632
30-09-2021	18369	23680	20386	20023
31-10-2021	19396	25281	20838	20875
30-11-2021	19018	24897	19745	20005
31-12-2021	19692	25877	19845	20452
31-01-2022	17622	24354	17905	18483
28-02-2022	17534	23741	18088	18681
31-03-2022	17269	24511	18337	18913
30-04-2022	15463	22311	16435	17039
31-05-2022	15566	22281	16371	17064
30-06-2022	14185	20417	14861	15661
31-07-2022	15771	22333	16341	17296
31-08-2022	15316	21499	16367	16942
30-09-2022	13657	19506	14789	15318
31-10-2022	15081	21105	16192	17005
30-11-2022	15904	22207	16178	17402
31-12-2022	15251	20907	15487	16272
31-01-2023	16872	22347	17013	17858
28-02-2023	16795	21824	16519	17557
31-03-2023	15637	22408	15050	16718
30-04-2023	14865	22647	14660	16417
31-05-2023	15189	22735	14867	16266
30-06-2023	16687	24287	15846	17588
31-07-2023	17551	25158	16692	18664
31-08-2023	17104	24672	15583	17730
30-09-2023	16147	23497	14589	16686
31-10-2023	14973	22874	13536	15548
30-11-2023	16193	25007	14817	16956
31-12-2023	18196	26334	16933	19027
31-01-2024	17451	26625	16277	18287
29-02-2024	18510	28067	17289	19321
31-03-2024	19006	28972	17726	20013
30-04-2024	17617	27697	16349	18604
31-05-2024	19056	29006	17177	19538
30-06-2024	18675	29904	16791	19357
31-07-2024	20462	30460	18784	21324
31-08-2024	19966	31123	18268	21005
30-09-2024	19651	31767	18182	21152
31-10-2024	19106	31533	18306	20846
30-11-2024	21686	33631	20437	23133
31-12-2024	20629	32603	19253	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Investment Class	13.37	11.31	7.51
Russell 3000 Index	23.81	13.86	12.55
Russell Microcap Index	13.70	6.97	6.77
Russell 2000 Index	11.54	7.40	7.82

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$306
Number of Holdings	140
2024 Portfolio Turnover Rate	18%
Advisory Fees Paid in 2024 (Millions)	$3.1

 2

ROYCE MICRO-CAP FUND—INVESTMENT CLASS (RYOTX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Natural Gas Services Group 1.5

Graham Corporation 1.5

American Outdoor Brands 1.4

BayCom Corp. 1.3

QuinStreet 1.3

IMAX Corporation 1.3

FARO Technologies 1.3

NPK International 1.3

CECO Environmental 1.2

Artivion 1.2

Portfolio Sector Breakdown

 

Portfolio Sector Breakdown
Information Technology	24.6
Industrials	24.0
Financials	14.1
Consumer Discretionary	12.2
Health Care	9.7
Communication Services	5.4
Energy	4.3
Materials	3.0
Consumer Staples	0.9
Real Estate	0.6
Cash and Cash Equivalents	1.2

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Investment Class shares of the Fund held for less than 30 days were eliminated.

Effective September 30, 2024, James P. Stoeffel is the Fund’s portfolio manager and Andrew S. Palen is the Fund’s assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell Microcap Index includes 1,000 of the smallest securities in the small-cap Russell 2000 Index, along with the next smallest eligible securities as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RMC-IC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Micro-Cap Fund Service Class—RMCFX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Micro-Cap Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Micro-Cap Fund—Service Class	$159	1.49%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Micro-Cap Fund advanced 13.01% for the year, lagging its benchmark, the Russell Microcap Index, which was up 13.70% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Information Technology and Health Care.

At the industry level, construction & engineering (Industrials), energy equipment & services (Energy), and electronic equipment, instruments & components (Information Technology) contributed most.

The Fund’s top contributor was IES Holdings.

Stock selection within Health Care contributed most to relative results versus the Russell Microcap Index.

Top Detractors from Performance

The only sectors making detractions were Consumer Discretionary and Real Estate.

At the industry level, specialty retail (Consumer Discretionary), professional services (Industrials), and textiles, apparel & luxury goods (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Beyond.

Stock selection within Information Technology detracted most from relative results versus the Russell Microcap Index.

 1

ROYCE MICRO-CAP FUND—SERVICE CLASS (RMCFX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Micro-Cap Fund—Service Class	Russell 3000 Index	Russell Microcap Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9460	9721	9587	9678
28-02-2015	9936	10284	10099	10252
31-03-2015	9971	10180	10314	10431
30-04-2015	9908	10226	10073	10165
31-05-2015	9789	10367	10376	10397
30-06-2015	9859	10194	10602	10475
31-07-2015	9340	10364	10264	10353
31-08-2015	8877	9738	9709	9703
30-09-2015	8309	9455	9142	9226
31-10-2015	8793	10201	9634	9746
30-11-2015	8913	10258	10000	10063
31-12-2015	8662	10047	9484	9558
31-01-2016	7947	9480	8502	8718
29-02-2016	7995	9477	8374	8717
31-03-2016	8567	10145	8968	9413
30-04-2016	8726	10208	9259	9561
31-05-2016	8678	10390	9379	9776
30-06-2016	8591	10412	9324	9770
31-07-2016	9068	10825	9812	10353
31-08-2016	9234	10852	10077	10536
30-09-2016	9362	10869	10373	10654
31-10-2016	9028	10634	9782	10147
30-11-2016	9974	11110	10918	11279
31-12-2016	10359	11327	11415	11595
31-01-2017	10208	11540	11243	11641
28-02-2017	10208	11969	11360	11865
31-03-2017	10288	11978	11459	11881
30-04-2017	10341	12105	11577	12011
31-05-2017	10137	12228	11311	11767
30-06-2017	10554	12339	11898	12173
31-07-2017	10527	12571	11832	12264
31-08-2017	10297	12596	11734	12108
30-09-2017	11050	12903	12690	12864
31-10-2017	10926	13184	12669	12973
30-11-2017	10997	13585	12980	13347
31-12-2017	10900	13721	12918	13293
31-01-2018	11006	14444	13235	13641
28-02-2018	10633	13911	12816	13112
31-03-2018	10900	13632	13006	13282
30-04-2018	10920	13684	13169	13397
31-05-2018	11818	14070	14119	14210
30-06-2018	12010	14162	14303	14312
31-07-2018	12096	14632	14293	14561
31-08-2018	12660	15146	14908	15189
30-09-2018	12344	15171	14422	14824
31-10-2018	11082	14054	12849	13214
30-11-2018	11025	14336	12767	13424
31-12-2018	9918	13001	11228	11829
31-01-2019	10861	14117	12406	13160
28-02-2019	11382	14614	13086	13844
31-03-2019	10861	14827	12699	13554
30-04-2019	11251	15419	12942	14015
31-05-2019	10352	14421	12064	12925
30-06-2019	10959	15434	12817	13838
31-07-2019	10861	15664	12642	13918
31-08-2019	10222	15345	11847	13231
30-09-2019	10655	15614	12118	13506
31-10-2019	11002	15950	12429	13862
30-11-2019	11457	16556	13005	14432
31-12-2019	12023	17034	13747	14849
31-01-2020	11655	17016	13107	14372
29-02-2020	10730	15623	12211	13162
31-03-2020	8212	13474	9350	10303
30-04-2020	9716	15259	10774	11718
31-05-2020	10129	16075	11488	12480
30-06-2020	10619	16442	12206	12921
31-07-2020	10864	17376	12336	13279
31-08-2020	11343	18635	13070	14027
30-09-2020	10920	17956	12656	13559
31-10-2020	11187	17569	12820	13843
30-11-2020	13705	19706	15440	16394
31-12-2020	14940	20593	16629	17813
31-01-2021	15576	20501	18993	18709
28-02-2021	17460	21142	20137	19875
31-03-2021	17568	21900	20601	20075
30-04-2021	18120	23029	20656	20496
31-05-2021	18420	23134	20994	20538
30-06-2021	18684	23704	21454	20936
31-07-2021	18564	24105	20271	20180
31-08-2021	18768	24792	20998	20632
30-09-2021	18216	23680	20386	20023
31-10-2021	19236	25281	20838	20875
30-11-2021	18852	24897	19745	20005
31-12-2021	19517	25877	19845	20452
31-01-2022	17453	24354	17905	18483
28-02-2022	17364	23741	18088	18681
31-03-2022	17094	24511	18337	18913
30-04-2022	15300	22311	16435	17039
31-05-2022	15404	22281	16371	17064
30-06-2022	14043	20417	14861	15661
31-07-2022	15614	22333	16341	17296
31-08-2022	15150	21499	16367	16942
30-09-2022	13505	19506	14789	15318
31-10-2022	14911	21105	16192	17005
30-11-2022	15718	22207	16178	17402
31-12-2022	15076	20907	15487	16272
31-01-2023	16679	22347	17013	17858
28-02-2023	16601	21824	16519	17557
31-03-2023	15437	22408	15050	16718
30-04-2023	14683	22647	14660	16417
31-05-2023	14997	22735	14867	16266
30-06-2023	16475	24287	15846	17588
31-07-2023	17324	25158	16692	18664
31-08-2023	16868	24672	15583	17730
30-09-2023	15925	23497	14589	16686
31-10-2023	14761	22874	13536	15548
30-11-2023	15972	25007	14817	16956
31-12-2023	17944	26334	16933	19027
31-01-2024	17203	26625	16277	18287
29-02-2024	18247	28067	17289	19321
31-03-2024	18736	28972	17726	20013
30-04-2024	17354	27697	16349	18604
31-05-2024	18770	29006	17177	19538
30-06-2024	18399	29904	16791	19357
31-07-2024	20151	30460	18784	21324
31-08-2024	19646	31123	18268	21005
30-09-2024	19343	31767	18182	21152
31-10-2024	18803	31533	18306	20846
30-11-2024	21348	33631	20437	23133
31-12-2024	20279	32603	19253	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Service Class	13.01	11.02	7.33
Russell 3000 Index	23.81	13.86	12.55
Russell Microcap Index	13.70	6.97	6.77
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$306
Number of Holdings	140
2024 Portfolio Turnover Rate	18%
Advisory Fees Paid in 2024 (Millions)	$3.1

 2

ROYCE MICRO-CAP FUND—SERVICE CLASS (RMCFX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Natural Gas Services Group 1.5

Graham Corporation 1.5

American Outdoor Brands 1.4

BayCom Corp. 1.3

QuinStreet 1.3

IMAX Corporation 1.3

FARO Technologies 1.3

NPK International 1.3

CECO Environmental 1.2

Artivion 1.2

Portfolio Sector Breakdown

 

Portfolio Sector Breakdown
Information Technology	24.6
Industrials	24.0
Financials	14.1
Consumer Discretionary	12.2
Health Care	9.7
Communication Services	5.4
Energy	4.3
Materials	3.0
Consumer Staples	0.9
Real Estate	0.6
Cash and Cash Equivalents	1.2

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Service Class shares of the Fund held for less than 30 days were eliminated.

Effective September 30, 2024, James P. Stoeffel is the Fund’s portfolio manager and Andrew S. Palen is the Fund’s assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell Microcap Index includes 1,000 of the smallest securities in the small-cap Russell 2000 Index, along with the next smallest eligible securities as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RMC-SC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Small-Cap Opportunity Fund Consultant Class—ROFCX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

 Consultant Class

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Small-Cap Opportunity Fund—Consultant Class	$234	2.24%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Opportunity Fund advanced 9.06% for the year, outperforming its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Information Technology and Energy.

At the industry level, construction & engineering (Industrials), energy equipment & services (Energy), and aerospace & defense (Industrials) contributed most.

The Fund’s top contributor was Solaris Energy Infrastructure Cl. A.

Stock selection within Energy contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The only sectors making detractions were Consumer Discretionary and Real Estate.

At the industry level, specialty retail (Consumer Discretionary), automobile components (Consumer Discretionary), and professional services (Industrials) were the largest detractors.

The Fund’s top detractor was Stoneridge.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

 1

ROYCE SMALL-CAP OPPORTUNITY FUND—CONSULTANT CLASS (ROFCX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Opportunity Fund—Consultant Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9397	9721	9583	9678
28-02-2015	10059	10284	10028	10252
31-03-2015	10084	10180	10198	10431
30-04-2015	9957	10226	9980	10165
31-05-2015	10025	10367	10062	10397
30-06-2015	10016	10194	10076	10475
31-07-2015	9406	10364	9798	10353
31-08-2015	8982	9738	9316	9703
30-09-2015	8439	9455	8994	9226
31-10-2015	8939	10201	9498	9746
30-11-2015	9143	10258	9768	10063
31-12-2015	8543	10047	9253	9558
31-01-2016	7860	9480	8631	8718
29-02-2016	7974	9477	8690	8717
31-03-2016	8704	10145	9410	9413
30-04-2016	8913	10208	9610	9561
31-05-2016	8875	10390	9786	9776
30-06-2016	8771	10412	9815	9770
31-07-2016	9434	10825	10345	10353
31-08-2016	9747	10852	10602	10536
30-09-2016	9899	10869	10686	10654
31-10-2016	9406	10634	10334	10147
30-11-2016	10733	11110	11706	11279
31-12-2016	10986	11327	12190	11595
31-01-2017	11078	11540	12103	11641
28-02-2017	11294	11969	12278	11865
31-03-2017	11530	11978	12174	11881
30-04-2017	11601	12105	12222	12011
31-05-2017	11448	12228	11841	11767
30-06-2017	11817	12339	12255	12173
31-07-2017	11950	12571	12333	12264
31-08-2017	11837	12596	12030	12108
30-09-2017	12822	12903	12882	12864
31-10-2017	12935	13184	12898	12973
30-11-2017	13140	13585	13272	13347
31-12-2017	13238	13721	13145	13293
31-01-2018	13392	14444	13307	13641
28-02-2018	12871	13911	12642	13112
31-03-2018	12871	13632	12798	13282
30-04-2018	12930	13684	13020	13397
31-05-2018	13676	14070	13777	14210
30-06-2018	13699	14162	13861	14312
31-07-2018	13936	14632	14106	14561
31-08-2018	14326	15146	14442	15189
30-09-2018	13841	15171	14083	14824
31-10-2018	12197	14054	12822	13214
30-11-2018	12150	14336	13029	13424
31-12-2018	10483	13001	11454	11829
31-01-2019	12000	14117	12707	13160
28-02-2019	12609	14614	13201	13844
31-03-2019	11948	14827	12820	13554
30-04-2019	12375	15419	13305	14015
31-05-2019	11028	14421	12218	12925
30-06-2019	12051	15434	12996	13838
31-07-2019	12155	15664	13017	13918
31-08-2019	11481	15345	12291	13231
30-09-2019	12116	15614	12922	13506
31-10-2019	12336	15950	13235	13862
30-11-2019	12855	16556	13545	14432
31-12-2019	13283	17034	14019	14849
31-01-2020	12572	17016	13263	14372
29-02-2020	11479	15623	11974	13162
31-03-2020	8320	13474	9020	10303
30-04-2020	9781	15259	10132	11718
31-05-2020	10360	16075	10423	12480
30-06-2020	10821	16442	10725	12921
31-07-2020	11571	17376	10946	13279
31-08-2020	12269	18635	11536	14027
30-09-2020	11979	17956	10999	13559
31-10-2020	12348	17569	11393	13843
30-11-2020	15218	19706	13592	16394
31-12-2020	16600	20593	14669	17813
31-01-2021	17601	20501	15441	18709
28-02-2021	19812	21142	16891	19875
31-03-2021	20707	21900	17774	20075
30-04-2021	20971	23029	18134	20496
31-05-2021	21616	23134	18698	20538
30-06-2021	21603	23704	18585	20936
31-07-2021	21115	24105	17919	20180
31-08-2021	21063	24792	18399	20632
30-09-2021	20378	23680	18031	20023
31-10-2021	21089	25281	18718	20875
30-11-2021	20668	24897	18079	20005
31-12-2021	21490	25877	18816	20452
31-01-2022	19981	24354	17719	18483
28-02-2022	20549	23741	18012	18681
31-03-2022	20435	24511	18365	18913
30-04-2022	18568	22311	16939	17039
31-05-2022	18942	22281	17264	17064
30-06-2022	16653	20417	15559	15661
31-07-2022	18439	22333	17065	17296
31-08-2022	17968	21499	16526	16942
30-09-2022	15728	19506	14842	15318
31-10-2022	17660	21105	16710	17005
30-11-2022	18585	22207	17221	17402
31-12-2022	17625	20907	16091	16272
31-01-2023	19929	22347	17626	17858
28-02-2023	19673	21824	17220	17557
31-03-2023	18632	22408	15985	16718
30-04-2023	17983	22647	15586	16417
31-05-2023	17762	22735	15280	16266
30-06-2023	19843	24287	16494	17588
31-07-2023	20577	25158	17738	18664
31-08-2023	19809	24672	16885	17730
30-09-2023	18802	23497	16006	16686
31-10-2023	17352	22874	15051	15548
30-11-2023	18837	25007	16406	16956
31-12-2023	20866	26334	18448	19027
31-01-2024	19973	26625	17610	18287
29-02-2024	21116	28067	18186	19321
31-03-2024	21883	28972	18983	20013
30-04-2024	20295	27697	17773	18604
31-05-2024	21990	29006	18604	19538
30-06-2024	21490	29904	18291	19357
31-07-2024	23240	30460	20520	21324
31-08-2024	22222	31123	20135	21005
30-09-2024	22026	31767	20148	21152
31-10-2024	21205	31533	19832	20846
30-11-2024	24150	33631	21745	23133
31-12-2024	22756	32603	19933	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Consultant Class	9.06	11.37	8.57
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$1,172
Number of Holdings	226
2024 Portfolio Turnover Rate	35%
Advisory Fees Paid in 2024 (Millions)	$12.4

 2

ROYCE SMALL-CAP OPPORTUNITY FUND—CONSULTANT CLASS (ROFCX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Solaris Energy Infrastructure Cl. A 1.0

Kyndryl Holdings 1.0

Chart Industries 1.0

Lakeland Industries 0.9

Select Water Solutions Cl. A 0.9

Azenta 0.9

Knowles Corporation 0.9

CECO Environmental 0.8

FARO Technologies 0.8

Healthcare Services Group 0.8

Portfolio Sector Breakdown

 

Portfolio Sector Breakdown
Industrials	26.0
Information Technology	21.0
Consumer Discretionary	10.0
Energy	9.8
Health Care	9.7
Financials	8.8
Materials	5.3
Communication Services	5.2
Consumer Staples	1.2
Real Estate	0.4
Cash and Cash Equivalents	2.6

How Has the Fund Changed?

Effective September 30, 2024, Brendan J. Hartman is the Fund’s lead portfolio manager, James P. Stoeffel and James J. Harvey are portfolio managers, and Kavitha Venkatraman is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance, Expense and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Consultant Class shares redeemed within 365 days of purchase may be subject to a 1% contingent deferred sales charge, payable to the Fund’s distributor, Royce Fund Services, LLC, which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          ROF-CC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Small-Cap Opportunity Fund Investment Class—RYPNX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Small-Cap Opportunity Fund—Investment Class	$128	1.22%

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Opportunity Fund advanced 10.30% for the year, outperforming its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Information Technology and Energy.

At the industry level, construction & engineering (Industrials), energy equipment & services (Energy), and aerospace & defense (Industrials) contributed most.

The Fund’s top contributor was Solaris Energy Infrastructure Cl. A.

Stock selection within Energy contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The only sectors making detractions were Consumer Discretionary and Real Estate.

At the industry level, specialty retail (Consumer Discretionary), automobile components (Consumer Discretionary), and professional services (Industrials) were the largest detractors.

The Fund’s top detractor was Stoneridge.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

 1

ROYCE SMALL-CAP OPPORTUNITY FUND—INVESTMENT CLASS (RYPNX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Opportunity Fund—Investment Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9405	9721	9583	9678
28-02-2015	10081	10284	10028	10252
31-03-2015	10111	10180	10198	10431
30-04-2015	9985	10226	9980	10165
31-05-2015	10066	10367	10062	10397
30-06-2015	10066	10194	10076	10475
31-07-2015	9465	10364	9798	10353
31-08-2015	9049	9738	9316	9703
30-09-2015	8506	9455	8994	9226
31-10-2015	9019	10201	9498	9746
30-11-2015	9234	10258	9768	10063
31-12-2015	8643	10047	9253	9558
31-01-2016	7956	9480	8631	8718
29-02-2016	8070	9477	8690	8717
31-03-2016	8823	10145	9410	9413
30-04-2016	9043	10208	9610	9561
31-05-2016	9011	10390	9786	9776
30-06-2016	8921	10412	9815	9770
31-07-2016	9591	10825	10345	10353
31-08-2016	9926	10852	10602	10536
30-09-2016	10090	10869	10686	10654
31-10-2016	9591	10634	10334	10147
30-11-2016	10957	11110	11706	11279
31-12-2016	11224	11327	12190	11595
31-01-2017	11337	11540	12103	11641
28-02-2017	11564	11969	12278	11865
31-03-2017	11809	11978	12174	11881
30-04-2017	11905	12105	12222	12011
31-05-2017	11757	12228	11841	11767
30-06-2017	12141	12339	12255	12173
31-07-2017	12298	12571	12333	12264
31-08-2017	12185	12596	12030	12108
30-09-2017	13215	12903	12882	12864
31-10-2017	13338	13184	12898	12973
30-11-2017	13565	13585	13272	13347
31-12-2017	13679	13721	13145	13293
31-01-2018	13851	14444	13307	13641
28-02-2018	13317	13911	12642	13112
31-03-2018	13337	13632	12798	13282
30-04-2018	13407	13684	13020	13397
31-05-2018	14203	14070	13777	14210
30-06-2018	14233	14162	13861	14312
31-07-2018	14485	14632	14106	14561
31-08-2018	14918	15146	14442	15189
30-09-2018	14415	15171	14083	14824
31-10-2018	12722	14054	12822	13214
30-11-2018	12672	14336	13029	13424
31-12-2018	10948	13001	11454	11829
31-01-2019	12548	14117	12707	13160
28-02-2019	13189	14614	13201	13844
31-03-2019	12515	14827	12820	13554
30-04-2019	12979	15419	13305	14015
31-05-2019	11577	14421	12218	12925
30-06-2019	12659	15434	12996	13838
31-07-2019	12791	15664	13017	13918
31-08-2019	12085	15345	12291	13231
30-09-2019	12769	15614	12922	13506
31-10-2019	13023	15950	13235	13862
30-11-2019	13564	16556	13545	14432
31-12-2019	14037	17034	14019	14849
31-01-2020	13297	17016	13263	14372
29-02-2020	12153	15623	11974	13162
31-03-2020	8823	13474	9020	10303
30-04-2020	10382	15259	10132	11718
31-05-2020	10999	16075	10423	12480
30-06-2020	11503	16442	10725	12921
31-07-2020	12322	17376	10946	13279
31-08-2020	13073	18635	11536	14027
30-09-2020	12781	17956	10999	13559
31-10-2020	13185	17569	11393	13843
30-11-2020	16268	19706	13592	16394
31-12-2020	17760	20593	14669	17813
31-01-2021	18847	20501	15441	18709
28-02-2021	21235	21142	16891	19875
31-03-2021	22211	21900	17774	20075
30-04-2021	22525	23029	18134	20496
31-05-2021	23231	23134	18698	20538
30-06-2021	23242	23704	18585	20936
31-07-2021	22738	24105	17919	20180
31-08-2021	22693	24792	18399	20632
30-09-2021	21975	23680	18031	20023
31-10-2021	22771	25281	18718	20875
30-11-2021	22334	24897	18079	20005
31-12-2021	23238	25877	18816	20452
31-01-2022	21630	24354	17719	18483
28-02-2022	22254	23741	18012	18681
31-03-2022	22143	24511	18365	18913
30-04-2022	20160	22311	16939	17039
31-05-2022	20576	22281	17264	17064
30-06-2022	18108	20417	15559	15661
31-07-2022	20063	22333	17065	17296
31-08-2022	19564	21499	16526	16942
30-09-2022	17151	19506	14842	15318
31-10-2022	19272	21105	16710	17005
30-11-2022	20299	22207	17221	17402
31-12-2022	19269	20907	16091	16272
31-01-2023	21820	22347	17626	17858
28-02-2023	21543	21824	17220	17557
31-03-2023	20420	22408	15985	16718
30-04-2023	19735	22647	15586	16417
31-05-2023	19517	22735	15280	16266
30-06-2023	21805	24287	16494	17588
31-07-2023	22651	25158	17738	18664
31-08-2023	21805	24672	16885	17730
30-09-2023	20727	23497	16006	16686
31-10-2023	19152	22874	15051	15548
30-11-2023	20785	25007	16406	16956
31-12-2023	23041	26334	18448	19027
31-01-2024	22081	26625	17610	18287
29-02-2024	23377	28067	18186	19321
31-03-2024	24231	28972	18983	20013
30-04-2024	22507	27697	17773	18604
31-05-2024	24398	29006	18604	19538
30-06-2024	23865	29904	18291	19357
31-07-2024	25832	30460	20520	21324
31-08-2024	24719	31123	20135	21005
30-09-2024	24520	31767	20148	21152
31-10-2024	23636	31533	19832	20846
30-11-2024	26930	33631	21745	23133
31-12-2024	25414	32603	19933	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Investment Class	10.30	12.61	9.78
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$1,172
Number of Holdings	226
2024 Portfolio Turnover Rate	35%
Advisory Fees Paid in 2024 (Millions)	$12.4

 2

ROYCE SMALL-CAP OPPORTUNITY FUND—INVESTMENT CLASS (RYPNX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Solaris Energy Infrastructure Cl. A 1.0

Kyndryl Holdings 1.0

Chart Industries 1.0

Lakeland Industries 0.9

Select Water Solutions Cl. A 0.9

Azenta 0.9

Knowles Corporation 0.9

CECO Environmental 0.8

FARO Technologies 0.8

Healthcare Services Group 0.8

Portfolio Sector Breakdown

 

Portfolio Sector Breakdown
Industrials	26.0
Information Technology	21.0
Consumer Discretionary	10.0
Energy	9.8
Health Care	9.7
Financials	8.8
Materials	5.3
Communication Services	5.2
Consumer Staples	1.2
Real Estate	0.4
Cash and Cash Equivalents	2.6

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Investment Class shares of the Fund held for less than 30 days were eliminated.

Effective September 30, 2024, Brendan J. Hartman is the Fund’s lead portfolio manager, James P. Stoeffel and James J. Harvey are portfolio managers, and Kavitha Venkatraman is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance, Expense and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalizationweighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          ROF-IC-ATSR-1224

3

The Royce Funds	December 31, 2024
Royce Small-Cap Opportunity Fund Institutional Class—ROFIX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Opportunity Fund—Institutional Class	$118	1.12%

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Opportunity Fund advanced 10.43% for the year, outperforming its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Information Technology and Energy.

At the industry level, construction & engineering (Industrials), energy equipment & services (Energy), and aerospace & defense (Industrials) contributed most.

The Fund’s top contributor was Solaris Energy Infrastructure Cl. A.

Stock selection within Energy contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The only sectors making detractions were Consumer Discretionary and Real Estate.

At the industry level, specialty retail (Consumer Discretionary), automobile components (Consumer Discretionary), and professional services (Industrials) were the largest detractors.

The Fund’s top detractor was Stoneridge.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP OPPORTUNITY FUND—INSTITUTIONAL CLASS (ROFIX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $1,000,000

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Opportunity Fund—Institutional Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	1000000	1000000	1000000	1000000
31-01-2015	940615	972168	958376	967834
28-02-2015	1008064	1028457	1002881	1025290
31-03-2015	1011730	1018002	1019803	1043152
30-04-2015	999266	1022607	998021	1016549
31-05-2015	1007331	1036751	1006293	1039757
30-06-2015	1007331	1019406	1007608	1047543
31-07-2015	946480	1036456	979814	1035369
31-08-2015	905425	973885	931695	970305
30-09-2015	851173	945506	899443	922699
31-10-2015	903225	1020187	949802	974684
30-11-2015	923753	1025843	976803	1006389
31-12-2015	865372	1004787	925312	955859
31-01-2016	796078	948092	863150	871806
29-02-2016	808164	947786	869037	871767
31-03-2016	883904	1014516	941067	941344
30-04-2016	905659	1020804	961000	956118
31-05-2016	902436	1039066	978617	977654
30-06-2016	893573	1041203	981592	977038
31-07-2016	961256	1082525	1034553	1035374
31-08-2016	994292	1085286	1060263	1053683
30-09-2016	1011212	1086992	1068620	1065420
31-10-2016	961256	1063475	1033497	1014770
30-11-2016	1098233	1111067	1170671	1127929
31-12-2016	1124497	1132748	1219013	1159533
31-01-2017	1135673	1154068	1210312	1164107
28-02-2017	1159745	1196990	1227823	1186572
31-03-2017	1183816	1197804	1217429	1188125
30-04-2017	1193273	1210501	1222223	1201155
31-05-2017	1178658	1222889	1184161	1176718
30-06-2017	1217345	1233925	1225587	1217396
31-07-2017	1232820	1257191	1233341	1226440
31-08-2017	1221644	1259613	1203028	1210837
30-09-2017	1325668	1290332	1288206	1286405
31-10-2017	1338564	1318490	1289897	1297370
30-11-2017	1360916	1358526	1327223	1334760
31-12-2017	1372126	1372104	1314558	1329372
31-01-2018	1389971	1444429	1330755	1364115
28-02-2018	1336434	1391188	1264220	1311294
31-03-2018	1338417	1363261	1279855	1328254
30-04-2018	1346349	1368442	1302041	1339737
31-05-2018	1425662	1407074	1377786	1421060
30-06-2018	1428637	1416276	1386130	1431243
31-07-2018	1454413	1463276	1410604	1456187
31-08-2018	1498036	1514663	1444204	1518963
30-09-2018	1448465	1517171	1408371	1482429
31-10-2018	1277941	1405457	1282273	1321413
30-11-2018	1273975	1433607	1302948	1342416
31-12-2018	1100061	1300182	1145453	1182956
31-01-2019	1260781	1411781	1270741	1316037
28-02-2019	1325938	1461433	1320133	1384455
31-03-2019	1257523	1482772	1282070	1355479
30-04-2019	1305305	1541982	1330554	1401526
31-05-2019	1164132	1442197	1221876	1292525
30-06-2019	1272727	1543493	1299698	1383877
31-07-2019	1285758	1566437	1301790	1391845
31-08-2019	1215171	1534504	1229140	1323123
30-09-2019	1284672	1561436	1292253	1350653
31-10-2019	1309649	1595049	1323555	1386224
30-11-2019	1365032	1655680	1354541	1443288
31-12-2019	1412073	1703486	1401967	1484905
31-01-2020	1337056	1701625	1326346	1437281
29-02-2020	1222326	1562307	1197461	1316288
31-03-2020	886958	1347462	902018	1030305
30-04-2020	1044713	1525920	1013288	1171822
31-05-2020	1107595	1607524	1042370	1248078
30-06-2020	1158341	1644275	1072550	1292194
31-07-2020	1239976	1737643	1094674	1327960
31-08-2020	1316096	1863525	1153645	1402782
30-09-2020	1287413	1795672	1099963	1355924
31-10-2020	1328231	1756916	1139304	1384322
30-11-2020	1638225	1970651	1359264	1639487
31-12-2020	1789361	2059306	1466938	1781304
31-01-2021	1897473	2050147	1544115	1870943
28-02-2021	2137967	2114229	1689183	1987550
31-03-2021	2237253	2190009	1777458	2007512
30-04-2021	2268142	2302902	1813410	2049668
31-05-2021	2339849	2313415	1869841	2053893
30-06-2021	2340952	2370461	1858511	2093687
31-07-2021	2291309	2410547	1791987	2018086
31-08-2021	2286896	2479290	1839969	2063227
30-09-2021	2214086	2368050	1803108	2002393
31-10-2021	2294619	2528188	1871858	2087574
30-11-2021	2251595	2489706	1807919	2000585
31-12-2021	2342161	2587747	1881647	2045275
31-01-2022	2181571	2435494	1771939	1848369
28-02-2022	2244174	2374146	1801259	1868100
31-03-2022	2233287	2451154	1836504	1891351
30-04-2022	2033230	2231182	1693981	1703900
31-05-2022	2075419	2228190	1726492	1706475
30-06-2022	1826369	2041783	1555936	1566129
31-07-2022	2023703	2233339	1706577	1729638
31-08-2022	1974710	2149992	1652612	1694245
30-09-2022	1731103	1950625	1484206	1531876
31-10-2022	1944770	2110588	1671056	1700519
30-11-2022	2048200	2220753	1722111	1740239
31-12-2022	1945512	2090720	1609122	1627293
31-01-2023	2201764	2234714	1762676	1785899
28-02-2023	2174564	2182482	1722037	1755734
31-03-2023	2061470	2240840	1598551	1671845
30-04-2023	1992754	2264715	1558689	1641788
31-05-2023	1971281	2273526	1528029	1626622
30-06-2023	2201764	2428775	1649410	1758869
31-07-2023	2287659	2515839	1773878	1866430
31-08-2023	2201764	2467274	1688548	1773056
30-09-2023	2092965	2349747	1600603	1668672
31-10-2023	1934060	2287458	1505126	1554871
30-11-2023	2100122	2500760	1640609	1695602
31-12-2023	2327883	2633405	1844802	1902776
31-01-2024	2230388	2662590	1761003	1828771
29-02-2024	2362381	2806718	1818613	1932172
31-03-2024	2449377	2897255	1898316	2001342
30-04-2024	2275386	2769771	1777359	1860482
31-05-2024	2465876	2900634	1860481	1953818
30-06-2024	2411879	2990431	1829126	1935744
31-07-2024	2611369	3046020	2052045	2132414
31-08-2024	2498875	3112327	2013528	2100561
30-09-2024	2479376	3176709	2014813	2115241
31-10-2024	2389380	3153380	1983295	2084689
30-11-2024	2723863	3363156	2174596	2313367
31-12-2024	2570575	3260360	1993395	2122316

Average Annual Total Returns

Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Institutional Class	10.43	12.73	9.90
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$1,172
Number of Holdings	226
2024 Portfolio Turnover Rate	35%
Advisory Fees Paid in 2024 (Millions)	$12.4

2

ROYCE SMALL-CAP OPPORTUNITY FUND—INSTITUTIONAL CLASS (ROFIX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Solaris Energy Infrastructure Cl. A	1.0
Kyndryl Holdings	1.0
Chart Industries	1.0
Lakeland Industries	0.9
Select Water Solutions Cl. A	0.9
Azenta	0.9
Knowles Corporation	0.9
CECO Environmental	0.8
FARO Technologies	0.8
Healthcare Services Group	0.8

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	26.0
Information Technology	21.0
Consumer Discretionary	10.0
Energy	9.8
Health Care	9.7
Financials	8.8
Materials	5.3
Communication Services	5.2
Consumer Staples	1.2
Real Estate	0.4
Cash and Cash Equivalents	2.6

How Has the Fund Changed?

Effective September 30, 2024, Brendan J. Hartman is the Fund’s lead portfolio manager, James P. Stoeffel and James J. Harvey are portfolio managers, and Kavitha Venkatraman is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information  •    Fund Holdings •    Proxy Voting Information 

Householding

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

Important Performance, Expense and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      ROF-INC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Small-Cap Opportunity Fund R Class—ROFRX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Opportunity Fund—R Class	$194	1.85%

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Opportunity Fund advanced 9.54% for the year, outperforming its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Information Technology and Energy.

At the industry level, construction & engineering (Industrials), energy equipment & services (Energy), and aerospace & defense (Industrials) contributed most.

The Fund’s top contributor was Solaris Energy Infrastructure Cl. A.

Stock selection within Energy contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The only sectors making detractions were Consumer Discretionary and Real Estate.

At the industry level, specialty retail (Consumer Discretionary), automobile components (Consumer Discretionary), and professional services (Industrials) were the largest detractors.

The Fund’s top detractor was Stoneridge.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP OPPORTUNITY FUND—R CLASS (ROFRX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

 

Investment_Value_Date	Royce Small-Cap Opportunity Fund—R Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9394	9721	9583	9678
28-02-2015	10063	10284	10028	10252
31-03-2015	10095	10180	10198	10431
30-04-2015	9968	10226	9980	10165
31-05-2015	10039	10367	10062	10397
30-06-2015	10039	10194	10076	10475
31-07-2015	9426	10364	9798	10353
31-08-2015	9012	9738	9316	9703
30-09-2015	8463	9455	8994	9226
31-10-2015	8972	10201	9498	9746
30-11-2015	9179	10258	9768	10063
31-12-2015	8585	10047	9253	9558
31-01-2016	7896	9480	8631	8718
29-02-2016	8010	9477	8690	8717
31-03-2016	8752	10145	9410	9413
30-04-2016	8964	10208	9610	9561
31-05-2016	8920	10390	9786	9776
30-06-2016	8832	10412	9815	9770
31-07-2016	9494	10825	10345	10353
31-08-2016	9821	10852	10602	10536
30-09-2016	9971	10869	10686	10654
31-10-2016	9477	10634	10334	10147
30-11-2016	10819	11110	11706	11279
31-12-2016	11081	11327	12190	11595
31-01-2017	11185	11540	12103	11641
28-02-2017	11404	11969	12278	11865
31-03-2017	11641	11978	12174	11881
30-04-2017	11726	12105	12222	12011
31-05-2017	11575	12228	11841	11767
30-06-2017	11954	12339	12255	12173
31-07-2017	12087	12571	12333	12264
31-08-2017	11973	12596	12030	12108
30-09-2017	12980	12903	12882	12864
31-10-2017	13103	13184	12898	12973
30-11-2017	13312	13585	13272	13347
31-12-2017	13415	13721	13145	13293
31-01-2018	13579	14444	13307	13641
28-02-2018	13053	13911	12642	13112
31-03-2018	13053	13632	12798	13282
30-04-2018	13119	13684	13020	13397
31-05-2018	13885	14070	13777	14210
30-06-2018	13907	14162	13861	14312
31-07-2018	14159	14632	14106	14561
31-08-2018	14564	15146	14442	15189
30-09-2018	14072	15171	14083	14824
31-10-2018	12418	14054	12822	13214
30-11-2018	12363	14336	13029	13424
31-12-2018	10675	13001	11454	11829
31-01-2019	12223	14117	12707	13160
28-02-2019	12847	14614	13201	13844
31-03-2019	12175	14827	12820	13554
30-04-2019	12619	15419	13305	14015
31-05-2019	11251	14421	12218	12925
30-06-2019	12295	15434	12996	13838
31-07-2019	12415	15664	13017	13918
31-08-2019	11731	15345	12291	13231
30-09-2019	12391	15614	12922	13506
31-10-2019	12619	15950	13235	13862
30-11-2019	13147	16556	13545	14432
31-12-2019	13599	17034	14019	14849
31-01-2020	12868	17016	13263	14372
29-02-2020	11759	15623	11974	13162
31-03-2020	8529	13474	9020	10303
30-04-2020	10028	15259	10132	11718
31-05-2020	10625	16075	10423	12480
30-06-2020	11101	16442	10725	12921
31-07-2020	11893	17376	10946	13279
31-08-2020	12599	18635	11536	14027
30-09-2020	12319	17956	10999	13559
31-10-2020	12709	17569	11393	13843
30-11-2020	15658	19706	13592	16394
31-12-2020	17096	20593	14669	17813
31-01-2021	18120	20501	15441	18709
28-02-2021	20410	21142	16891	19875
31-03-2021	21337	21900	17774	20075
30-04-2021	21629	23029	18134	20496
31-05-2021	22299	23134	18698	20538
30-06-2021	22299	23704	18585	20936
31-07-2021	21800	24105	17919	20180
31-08-2021	21751	24792	18399	20632
30-09-2021	21044	23680	18031	20023
31-10-2021	21800	25281	18718	20875
30-11-2021	21373	24897	18079	20005
31-12-2021	22226	25877	18816	20452
31-01-2022	20679	24354	17719	18483
28-02-2022	21265	23741	18012	18681
31-03-2022	21145	24511	18365	18913
30-04-2022	19237	22311	16939	17039
31-05-2022	19628	22281	17264	17064
30-06-2022	17255	20417	15559	15661
31-07-2022	19117	22333	17065	17296
31-08-2022	18637	21499	16526	16942
30-09-2022	16324	19506	14842	15318
31-10-2022	18336	21105	16710	17005
30-11-2022	19297	22207	17221	17402
31-12-2022	18327	20907	16091	16272
31-01-2023	20727	22347	17626	17858
28-02-2023	20459	21824	17220	17557
31-03-2023	19385	22408	15985	16718
30-04-2023	18722	22647	15586	16417
31-05-2023	18501	22735	15280	16266
30-06-2023	20664	24287	16494	17588
31-07-2023	21453	25158	17738	18664
31-08-2023	20648	24672	16885	17730
30-09-2023	19606	23497	16006	16686
31-10-2023	18106	22874	15051	15548
30-11-2023	19638	25007	16406	16956
31-12-2023	21766	26334	18448	19027
31-01-2024	20841	26625	17610	18287
29-02-2024	22063	28067	18186	19321
31-03-2024	22856	28972	18983	20013
30-04-2024	21221	27697	17773	18604
31-05-2024	22988	29006	18604	19538
30-06-2024	22476	29904	18291	19357
31-07-2024	24310	30460	20520	21324
31-08-2024	23253	31123	20135	21005
30-09-2024	23054	31767	20148	21152
31-10-2024	22196	31533	19832	20846
30-11-2024	25300	33631	21745	23133
31-12-2024	23843	32603	19933	21223

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
R Class	9.54	11.89	9.08
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$1,172
Number of Holdings	226
2024 Portfolio Turnover Rate	35%
Advisory Fees Paid in 2024 (Millions)	$12.4

2

ROYCE SMALL-CAP OPPORTUNITY FUND—R CLASS (ROFRX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Solaris Energy Infrastructure Cl. A	1.0
Kyndryl Holdings	1.0
Chart Industries	1.0
Lakeland Industries	0.9
Select Water Solutions Cl. A	0.9
Azenta	0.9
Knowles Corporation	0.9
CECO Environmental	0.8
FARO Technologies	0.8
Healthcare Services Group	0.8

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	26.0
Information Technology	21.0
Consumer Discretionary	10.0
Energy	9.8
Health Care	9.7
Financials	8.8
Materials	5.3
Communication Services	5.2
Consumer Staples	1.2
Real Estate	0.4
Cash and Cash Equivalents	2.6

How Has the Fund Changed?

Effective September 30, 2024, Brendan J. Hartman is the Fund’s lead portfolio manager, James P. Stoeffel and James J. Harvey are portfolio managers, and Kavitha Venkatraman is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information  •    Fund Holdings •    Proxy Voting Information 

Householding

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

Important Performance, Expense and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      ROF-RC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Small-Cap Opportunity Fund Service Class—RYOFX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Opportunity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Opportunity Fund—Service Class	$156	1.49%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Opportunity Fund advanced 9.99% for the year, outperforming its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Information Technology and Energy.

At the industry level, construction & engineering (Industrials), energy equipment & services (Energy), and aerospace & defense (Industrials) contributed most.

The Fund’s top contributor was Solaris Energy Infrastructure Cl. A.

Stock selection within Energy contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The only sectors making detractions were Consumer Discretionary and Real Estate.

At the industry level, specialty retail (Consumer Discretionary), automobile components (Consumer Discretionary), and professional services (Industrials) were the largest detractors.

The Fund’s top detractor was Stoneridge.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP OPPORTUNITY FUND—SERVICE CLASS (RYOFX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Opportunity Fund—Service Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9398	9721	9583	9678
28-02-2015	10062	10284	10028	10252
31-03-2015	10101	10180	10198	10431
30-04-2015	9968	10226	9980	10165
31-05-2015	10046	10367	10062	10397
30-06-2015	10046	10194	10076	10475
31-07-2015	9437	10364	9798	10353
31-08-2015	9023	9738	9316	9703
30-09-2015	8476	9455	8994	9226
31-10-2015	8992	10201	9498	9746
30-11-2015	9195	10258	9768	10063
31-12-2015	8603	10047	9253	9558
31-01-2016	7920	9480	8631	8718
29-02-2016	8041	9477	8690	8717
31-03-2016	8785	10145	9410	9413
30-04-2016	9001	10208	9610	9561
31-05-2016	8958	10390	9786	9776
30-06-2016	8871	10412	9815	9770
31-07-2016	9537	10825	10345	10353
31-08-2016	9866	10852	10602	10536
30-09-2016	10030	10869	10686	10654
31-10-2016	9528	10634	10334	10147
30-11-2016	10886	11110	11706	11279
31-12-2016	11151	11327	12190	11595
31-01-2017	11253	11540	12103	11641
28-02-2017	11485	11969	12278	11865
31-03-2017	11726	11978	12174	11881
30-04-2017	11810	12105	12222	12011
31-05-2017	11661	12228	11841	11767
30-06-2017	12042	12339	12255	12173
31-07-2017	12190	12571	12333	12264
31-08-2017	12070	12596	12030	12108
30-09-2017	13099	12903	12882	12864
31-10-2017	13220	13184	12898	12973
30-11-2017	13433	13585	13272	13347
31-12-2017	13544	13721	13145	13293
31-01-2018	13705	14444	13307	13641
28-02-2018	13181	13911	12642	13112
31-03-2018	13191	13632	12798	13282
30-04-2018	13266	13684	13020	13397
31-05-2018	14037	14070	13777	14210
30-06-2018	14069	14162	13861	14312
31-07-2018	14315	14632	14106	14561
31-08-2018	14743	15146	14442	15189
30-09-2018	14240	15171	14083	14824
31-10-2018	12571	14054	12822	13214
30-11-2018	12517	14336	13029	13424
31-12-2018	10816	13001	11454	11829
31-01-2019	12387	14117	12707	13160
28-02-2019	13020	14614	13201	13844
31-03-2019	12340	14827	12820	13554
30-04-2019	12809	15419	13305	14015
31-05-2019	11414	14421	12218	12925
30-06-2019	12481	15434	12996	13838
31-07-2019	12609	15664	13017	13918
31-08-2019	11918	15345	12291	13231
30-09-2019	12586	15614	12922	13506
31-10-2019	12832	15950	13235	13862
30-11-2019	13360	16556	13545	14432
31-12-2019	13822	17034	14019	14849
31-01-2020	13084	17016	13263	14372
29-02-2020	11965	15623	11974	13162
31-03-2020	8679	13474	9020	10303
30-04-2020	10215	15259	10132	11718
31-05-2020	10822	16075	10423	12480
30-06-2020	11322	16442	10725	12921
31-07-2020	12120	17376	10946	13279
31-08-2020	12858	18635	11536	14027
30-09-2020	12560	17956	10999	13559
31-10-2020	12965	17569	11393	13843
30-11-2020	15977	19706	13592	16394
31-12-2020	17454	20593	14669	17813
31-01-2021	18501	20501	15441	18709
28-02-2021	20847	21142	16891	19875
31-03-2021	21799	21900	17774	20075
30-04-2021	22109	23029	18134	20496
31-05-2021	22799	23134	18698	20538
30-06-2021	22799	23704	18585	20936
31-07-2021	22299	24105	17919	20180
31-08-2021	22252	24792	18399	20632
30-09-2021	21537	23680	18031	20023
31-10-2021	22311	25281	18718	20875
30-11-2021	21882	24897	18079	20005
31-12-2021	22765	25877	18816	20452
31-01-2022	21177	24354	17719	18483
28-02-2022	21786	23741	18012	18681
31-03-2022	21682	24511	18365	18913
30-04-2022	19723	22311	16939	17039
31-05-2022	20138	22281	17264	17064
30-06-2022	17704	20417	15559	15661
31-07-2022	19619	22333	17065	17296
31-08-2022	19144	21499	16526	16942
30-09-2022	16770	19506	14842	15318
31-10-2022	18847	21105	16710	17005
30-11-2022	19827	22207	17221	17402
31-12-2022	18830	20907	16091	16272
31-01-2023	21311	22347	17626	17858
28-02-2023	21030	21824	17220	17557
31-03-2023	19938	22408	15985	16718
30-04-2023	19267	22647	15586	16417
31-05-2023	19049	22735	15280	16266
30-06-2023	21280	24287	16494	17588
31-07-2023	22091	25158	17738	18664
31-08-2023	21264	24672	16885	17730
30-09-2023	20203	23497	16006	16686
31-10-2023	18674	22874	15051	15548
30-11-2023	20265	25007	16406	16956
31-12-2023	22456	26334	18448	19027
31-01-2024	21510	26625	17610	18287
29-02-2024	22766	28067	18186	19321
31-03-2024	23599	28972	18983	20013
30-04-2024	21918	27697	17773	18604
31-05-2024	23746	29006	18604	19538
30-06-2024	23223	29904	18291	19357
31-07-2024	25133	30460	20520	21324
31-08-2024	24039	31123	20135	21005
30-09-2024	23844	31767	20148	21152
31-10-2024	22979	31533	19832	20846
30-11-2024	26177	33631	21745	23133
31-12-2024	24700	32603	19933	21223

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Service Class	9.99	12.31	9.46
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$1,172
Number of Holdings	226
2024 Portfolio Turnover Rate	35%
Advisory Fees Paid in 2024 (Millions)	$12.4

2

ROYCE SMALL-CAP OPPORTUNITY FUND—SERVICE CLASS (RYOFX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Solaris Energy Infrastructure Cl. A	1.0
Kyndryl Holdings	1.0
Chart Industries	1.0
Lakeland Industries	0.9
Select Water Solutions Cl. A	0.9
Azenta	0.9
Knowles Corporation	0.9
CECO Environmental	0.8
FARO Technologies	0.8
Healthcare Services Group	0.8

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	26.0
Information Technology	21.0
Consumer Discretionary	10.0
Energy	9.8
Health Care	9.7
Financials	8.8
Materials	5.3
Communication Services	5.2
Consumer Staples	1.2
Real Estate	0.4
Cash and Cash Equivalents	2.6

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Service Class shares of the Fund held for less than 30 days were eliminated.

Effective September 30, 2024, Brendan J. Hartman is the Fund’s lead portfolio manager, James P. Stoeffel and James J. Harvey are portfolio managers, and Kavitha Venkatraman is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information  •    Fund Holdings •    Proxy Voting Information 

Householding

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

Important Performance, Expense and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      ROF-SC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Premier Fund Consultant Class—RPRCX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Premier Fund—Consultant Class	$226	2.24%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Premier Fund advanced 1.94% for the year, lagging its benchmark, the Russell 2000 Index, which was up 11.54% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Financials and Consumer Discretionary.

At the industry level, capital markets (Financials), machinery (Industrials), and construction & engineering (Industrials) contributed most.

The Fund’s top contributor was Ralph Lauren Cl. A.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Index.

Top Detractors from Performance

The sectors making the largest detractions were Materials, Health Care and Communication Services.

At the industry level, chemicals (Materials), health care equipment & supplies (Health Care), and electronic equipment, instruments & components (Information Technology) were the largest detractors.

The Fund’s top detractor was Quaker Houghton.

Stock selection within Information Technology detracted most from relative results versus the Russell 2000 Index.

1

ROYCE PREMIER FUND—CONSULTANT CLASS (RPRCX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Premier Fund—Consultant Class	Russell 3000 Index	Russell 2000 Index
31-12-2014	10000	10000	10000
31-01-2015	9543	9721	9678
28-02-2015	10128	10284	10252
31-03-2015	10245	10180	10431
30-04-2015	10052	10226	10165
31-05-2015	10257	10367	10397
30-06-2015	10117	10194	10475
31-07-2015	10011	10364	10353
31-08-2015	9414	9738	9703
30-09-2015	8841	9455	9226
31-10-2015	9385	10201	9746
30-11-2015	9543	10258	10063
31-12-2015	8920	10047	9558
31-01-2016	8334	9480	8718
29-02-2016	8552	9477	8717
31-03-2016	9287	10145	9413
30-04-2016	9482	10208	9561
31-05-2016	9595	10390	9776
30-06-2016	9452	10412	9770
31-07-2016	9865	10825	10353
31-08-2016	10060	10852	10536
30-09-2016	10060	10869	10654
31-10-2016	9760	10634	10147
30-11-2016	10698	11110	11279
31-12-2016	10857	11327	11595
31-01-2017	11093	11540	11641
28-02-2017	11520	11969	11865
31-03-2017	11555	11978	11881
30-04-2017	11720	12105	12011
31-05-2017	11650	12228	11767
30-06-2017	11738	12339	12173
31-07-2017	11842	12571	12264
31-08-2017	11868	12596	12108
30-09-2017	12539	12903	12864
31-10-2017	12914	13184	12973
30-11-2017	13297	13585	13347
31-12-2017	13299	13721	13293
31-01-2018	13963	14444	13641
28-02-2018	13390	13911	13112
31-03-2018	13410	13632	13282
30-04-2018	13178	13684	13397
31-05-2018	13631	14070	14210
30-06-2018	13561	14162	14312
31-07-2018	13943	14632	14561
31-08-2018	14457	15146	15189
30-09-2018	14276	15171	14824
31-10-2018	12886	14054	13214
30-11-2018	13309	14336	13424
31-12-2018	11782	13001	11829
31-01-2019	13093	14117	13160
28-02-2019	13722	14614	13844
31-03-2019	13632	14827	13554
30-04-2019	14455	15419	14015
31-05-2019	13247	14421	12925
30-06-2019	14275	15434	13838
31-07-2019	14506	15664	13918
31-08-2019	14031	15345	13231
30-09-2019	14455	15614	13506
31-10-2019	14801	15950	13862
30-11-2019	15136	16556	14432
31-12-2019	15617	17034	14849
31-01-2020	15261	17016	14372
29-02-2020	14007	15623	13162
31-03-2020	11252	13474	10303
30-04-2020	12645	15259	11718
31-05-2020	13403	16075	12480
30-06-2020	13465	16442	12921
31-07-2020	14054	17376	13279
31-08-2020	14425	18635	14027
30-09-2020	13775	17956	13559
31-10-2020	14038	17569	13843
30-11-2020	16081	19706	16394
31-12-2020	17209	20593	17813
31-01-2021	17111	20501	18709
28-02-2021	18686	21142	19875
31-03-2021	18962	21900	20075
30-04-2021	19319	23029	20496
31-05-2021	19059	23134	20538
30-06-2021	18897	23704	20936
31-07-2021	18995	24105	20180
31-08-2021	19043	24792	20632
30-09-2021	18248	23680	20023
31-10-2021	19254	25281	20875
30-11-2021	18783	24897	20005
31-12-2021	19793	25877	20452
31-01-2022	18189	24354	18483
28-02-2022	18130	23741	18681
31-03-2022	18308	24511	18913
30-04-2022	17101	22311	17039
31-05-2022	17101	22281	17064
30-06-2022	15913	20417	15661
31-07-2022	17398	22333	17296
31-08-2022	16665	21499	16942
30-09-2022	15102	19506	15318
31-10-2022	16507	21105	17005
30-11-2022	17398	22207	17402
31-12-2022	16555	20907	16272
31-01-2023	18497	22347	17858
28-02-2023	18065	21824	17557
31-03-2023	18065	22408	16718
30-04-2023	17785	22647	16417
31-05-2023	17267	22735	16266
30-06-2023	18821	24287	17588
31-07-2023	19490	25158	18664
31-08-2023	18756	24672	17730
30-09-2023	17871	23497	16686
31-10-2023	16770	22874	15548
30-11-2023	18238	25007	16956
31-12-2023	20057	26334	19027
31-01-2024	19365	26625	18287
29-02-2024	20449	28067	19321
31-03-2024	21119	28972	20013
30-04-2024	19457	27697	18604
31-05-2024	20380	29006	19538
30-06-2024	20173	29904	19357
31-07-2024	21673	30460	21324
31-08-2024	21050	31123	21005
30-09-2024	21211	31767	21152
31-10-2024	20519	31533	20846
30-11-2024	22273	33631	23133
31-12-2024	20446	32603	21223

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Consultant Class	1.94	5.54	7.41
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$1,284
Number of Holdings	50
2024 Portfolio Turnover Rate	12%
Advisory Fees Paid in 2024 (Millions)	$14.2

2

ROYCE PREMIER FUND—CONSULTANT CLASS (RPRCX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
SEI Investments	3.3
Arcosa	3.1
MKS Instruments	3.0
FirstService Corporation	3.0
JBT Marel	2.9
Innospec	2.9
ESCO Technologies	2.8
Stella-Jones	2.7
Colliers International Group	2.6
TMX Group	2.6

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	35.1
Information Technology	12.4
Consumer Discretionary	11.2
Materials	10.2
Financials	10.1
Real Estate	8.8
Health Care	6.7
Consumer Staples	2.2
Cash and Cash Equivalents	3.3

How Has the Fund Changed?

Effective July 31, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective July 31, 2024, Lauren A. Romeo and Steven G. McBoyle are the Fund’s co-lead portfolio managers, and Andrew S. Palen is the Fund’s assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  • Prospectus • Financial Information  • Fund Holdings • Proxy Voting Information 

Householding

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

Important Performance, Expense and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Consultant Class shares redeemed within 365 days of purchase may be subject to a 1% contingent deferred sales charge, payable to the Fund’s distributor, Royce Fund Services, LLC, which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED     RPR-CC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Premier Fund Investment Class—RYPRX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Premier Fund—Investment Class	$121	1.19%

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Premier Fund advanced 2.97% for the year, lagging its benchmark, the Russell 2000 Index, which was up 11.54% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Financials and Consumer Discretionary.

At the industry level, capital markets (Financials), machinery (Industrials), and construction & engineering (Industrials) contributed most.

The Fund’s top contributor was Ralph Lauren Cl. A.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Index.

Top Detractors from Performance

The sectors making the largest detractions were Materials, Health Care and Communication Services.

At the industry level, chemicals (Materials), health care equipment & supplies (Health Care), and electronic equipment, instruments & components (Information Technology) were the largest detractors.

The Fund’s top detractor was Quaker Houghton.

Stock selection within Information Technology detracted most from relative results versus the Russell 2000 Index.

 1

ROYCE PREMIER FUND—INVESTMENT CLASS (RYPRX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Premier Fund—Investment Class	Russell 3000 Index	Russell 2000 Index
31-12-2014	10000	10000	10000
31-01-2015	9548	9721	9678
28-02-2015	10141	10284	10252
31-03-2015	10263	10180	10431
30-04-2015	10081	10226	10165
31-05-2015	10299	10367	10397
30-06-2015	10167	10194	10475
31-07-2015	10065	10364	10353
31-08-2015	9477	9738	9703
30-09-2015	8904	9455	9226
31-10-2015	9467	10201	9746
30-11-2015	9629	10258	10063
31-12-2015	9010	10047	9558
31-01-2016	8423	9480	8718
29-02-2016	8657	9477	8717
31-03-2016	9407	10145	9413
30-04-2016	9609	10208	9561
31-05-2016	9736	10390	9776
30-06-2016	9597	10412	9770
31-07-2016	10026	10825	10353
31-08-2016	10234	10852	10536
30-09-2016	10240	10869	10654
31-10-2016	9950	10634	10147
30-11-2016	10915	11110	11279
31-12-2016	11083	11327	11595
31-01-2017	11333	11540	11641
28-02-2017	11783	11969	11865
31-03-2017	11826	11978	11881
30-04-2017	12012	12105	12011
31-05-2017	11955	12228	11767
30-06-2017	12047	12339	12173
31-07-2017	12169	12571	12264
31-08-2017	12212	12596	12108
30-09-2017	12912	12903	12864
31-10-2017	13305	13184	12973
30-11-2017	13712	13585	13347
31-12-2017	13717	13721	13293
31-01-2018	14428	14444	13641
28-02-2018	13841	13911	13112
31-03-2018	13874	13632	13282
30-04-2018	13651	13684	13397
31-05-2018	14131	14070	14210
30-06-2018	14073	14162	14312
31-07-2018	14469	14632	14561
31-08-2018	15023	15146	15189
30-09-2018	14849	15171	14824
31-10-2018	13420	14054	13214
30-11-2018	13866	14336	13424
31-12-2018	12291	13001	11829
31-01-2019	13656	14117	13160
28-02-2019	14333	14614	13844
31-03-2019	14248	14827	13554
30-04-2019	15126	15419	14015
31-05-2019	13867	14421	12925
30-06-2019	14957	15434	13838
31-07-2019	15221	15664	13918
31-08-2019	14745	15345	13231
30-09-2019	15190	15614	13506
31-10-2019	15571	15950	13862
30-11-2019	15941	16556	14432
31-12-2019	16486	17034	14849
31-01-2020	16128	17016	14372
29-02-2020	14822	15623	13162
31-03-2020	11904	13474	10303
30-04-2020	13402	15259	11718
31-05-2020	14221	16075	12480
30-06-2020	14298	16442	12921
31-07-2020	14938	17376	13279
31-08-2020	15334	18635	14027
30-09-2020	14669	17956	13559
31-10-2020	14963	17569	13843
30-11-2020	17165	19706	16394
31-12-2020	18382	20593	17813
31-01-2021	18288	20501	18709
28-02-2021	19992	21142	19875
31-03-2021	20303	21900	20075
30-04-2021	20709	23029	20496
31-05-2021	20452	23134	20538
30-06-2021	20289	23704	20936
31-07-2021	20411	24105	20180
31-08-2021	20492	24792	20632
30-09-2021	19640	23680	20023
31-10-2021	20763	25281	20875
30-11-2021	20262	24897	20005
31-12-2021	21389	25877	20452
31-01-2022	19657	24354	18483
28-02-2022	19608	23741	18681
31-03-2022	19822	24511	18913
30-04-2022	18536	22311	17039
31-05-2022	18552	22281	17064
30-06-2022	17283	20417	15661
31-07-2022	18915	22333	17296
31-08-2022	18124	21499	16942
30-09-2022	16442	19506	15318
31-10-2022	17992	21105	17005
30-11-2022	18981	22207	17402
31-12-2022	18082	20907	16272
31-01-2023	20239	22347	17858
28-02-2023	19754	21824	17557
31-03-2023	19790	22408	16718
30-04-2023	19484	22647	16417
31-05-2023	18963	22735	16266
30-06-2023	20670	24287	17588
31-07-2023	21425	25158	18664
31-08-2023	20635	24672	17730
30-09-2023	19682	23497	16686
31-10-2023	18478	22874	15548
30-11-2023	20131	25007	16956
31-12-2023	22156	26334	19027
31-01-2024	21406	26625	18287
29-02-2024	22617	28067	19321
31-03-2024	23387	28972	20013
30-04-2024	21560	27697	18604
31-05-2024	22617	29006	19538
30-06-2024	22387	29904	19357
31-07-2024	24079	30460	21324
31-08-2024	23406	31123	21005
30-09-2024	23598	31767	21152
31-10-2024	22867	31533	20846
30-11-2024	24829	33631	23133
31-12-2024	22813	32603	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Investment Class	2.97	6.71	8.60
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Index	11.54	7.40	7.82

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$1,284
Number of Holdings	50
2024 Portfolio Turnover Rate	12%
Advisory Fees Paid in 2024 (Millions)	$14.2

 2

ROYCE PREMIER FUND—INVESTMENT CLASS (RYPRX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

SEI Investments 3.3

Arcosa 3.1

MKS Instruments 3.0

FirstService Corporation 3.0

JBT Marel 2.9

Innospec 2.9

ESCO Technologies 2.8

Stella-Jones 2.7

Colliers International Group 2.6

TMX Group 2.6

Portfolio Sector Breakdown

Sector Breakdown
Industrials	35.1
Information Technology	12.4
Consumer Discretionary	11.2
Materials	10.2
Financials	10.1
Real Estate	8.8
Health Care	6.7
Consumer Staples	2.2
Cash and Cash Equivalents	3.3

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Investment Class shares of the Fund held for less than 30 days were eliminated.

Effective July 31, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective July 31, 2024, Lauren A. Romeo and Steven G. McBoyle are the Fund’s co-lead portfolio managers, and Andrew S. Palen is the Fund’s assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance, Expense and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RPR-IC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Premier Fund Institutional Class—RPFIX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Premier Fund—Institutional Class	$114	1.12%

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Premier Fund advanced 3.09% for the year, lagging its benchmark, the Russell 2000 Index, which was up 11.54% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Financials and Consumer Discretionary.

At the industry level, capital markets (Financials), machinery (Industrials), and construction & engineering (Industrials) contributed most.

The Fund’s top contributor was Ralph Lauren Cl. A.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Index.

Top Detractors from Performance

The sectors making the largest detractions were Materials, Health Care and Communication Services.

At the industry level, chemicals (Materials), health care equipment & supplies (Health Care), and electronic equipment, instruments & components (Information Technology) were the largest detractors.

The Fund’s top detractor was Quaker Houghton.

Stock selection within Information Technology detracted most from relative results versus the Russell 2000 Index.

 1

ROYCE PREMIER FUND—INSTITUTIONAL CLASS (RPFIX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $1,000,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Premier Fund—Institutional Class	Russell 3000 Index	Russell 2000 Index
31-12-2014	1000000	1000000	1000000
31-01-2015	954819	972168	967834
28-02-2015	1014056	1028457	1025290
31-03-2015	1026606	1018002	1043152
30-04-2015	1008534	1022607	1016549
31-05-2015	1030120	1036751	1039757
30-06-2015	1017068	1019406	1047543
31-07-2015	1007028	1036456	1035369
31-08-2015	948293	973885	970305
30-09-2015	891064	945506	922699
31-10-2015	947289	1020187	974684
30-11-2015	963855	1025843	1006389
31-12-2015	901357	1004787	955859
31-01-2016	843306	948092	871806
29-02-2016	867026	947786	871767
31-03-2016	941931	1014516	941344
30-04-2016	962530	1020804	956118
31-05-2016	975014	1039066	977654
30-06-2016	960657	1041203	977038
31-07-2016	1004352	1082525	1035374
31-08-2016	1024950	1085286	1053683
30-09-2016	1025575	1086992	1065420
31-10-2016	996237	1063475	1014770
30-11-2016	1093613	1111067	1127929
31-12-2016	1110477	1132748	1159533
31-01-2017	1135908	1154068	1164107
28-02-2017	1180412	1196990	1186572
31-03-2017	1185357	1197804	1188125
30-04-2017	1203017	1210501	1201155
31-05-2017	1198072	1222889	1176718
30-06-2017	1207255	1233925	1217396
31-07-2017	1219971	1257191	1226440
31-08-2017	1224209	1259613	1210837
30-09-2017	1294144	1290332	1286405
31-10-2017	1333703	1318490	1297370
30-11-2017	1374675	1358526	1334760
31-12-2017	1375298	1372104	1329372
31-01-2018	1446434	1444429	1364115
28-02-2018	1388380	1391188	1311294
31-03-2018	1390833	1363261	1328254
30-04-2018	1368756	1368442	1339737
31-05-2018	1416998	1407074	1421060
30-06-2018	1411274	1416276	1431243
31-07-2018	1451340	1463276	1456187
31-08-2018	1506940	1514663	1518963
30-09-2018	1489769	1517171	1482429
31-10-2018	1345862	1405457	1321413
30-11-2018	1390833	1433607	1342416
31-12-2018	1232174	1300182	1182956
31-01-2019	1370128	1411781	1316037
28-02-2019	1438059	1461433	1384455
31-03-2019	1429698	1482772	1355479
30-04-2019	1517487	1541982	1401526
31-05-2019	1392075	1442197	1292525
30-06-2019	1500765	1543493	1383877
31-07-2019	1526893	1566437	1391845
31-08-2019	1478818	1534504	1323123
30-09-2019	1524803	1561436	1350653
31-10-2019	1562426	1595049	1386224
30-11-2019	1599005	1655680	1443288
31-12-2019	1653976	1703486	1484905
31-01-2020	1617305	1701625	1437281
29-02-2020	1487061	1562307	1316288
31-03-2020	1194959	1347462	1030305
30-04-2020	1345436	1525920	1171822
31-05-2020	1426364	1607524	1248078
30-06-2020	1435216	1644275	1292194
31-07-2020	1498441	1737643	1327960
31-08-2020	1538906	1863525	1402782
30-09-2020	1471887	1795672	1355924
31-10-2020	1500970	1756916	1384322
30-11-2020	1722259	1970651	1639487
31-12-2020	1844745	2059306	1781304
31-01-2021	1835388	2050147	1870943
28-02-2021	2006494	2114229	1987550
31-03-2021	2037240	2190009	2007512
30-04-2021	2078680	2302902	2049668
31-05-2021	2053282	2313415	2053893
30-06-2021	2037240	2370461	2093687
31-07-2021	2049271	2410547	2018086
31-08-2021	2057292	2479290	2063227
30-09-2021	1971738	2368050	2002393
31-10-2021	2084027	2528188	2087574
30-11-2021	2035903	2489706	2000585
31-12-2021	2147083	2587747	2045275
31-01-2022	1974142	2435494	1848369
28-02-2022	1969247	2374146	1868100
31-03-2022	1990457	2451154	1891351
30-04-2022	1861567	2231182	1703900
31-05-2022	1863198	2228190	1706475
30-06-2022	1735939	2041783	1566129
31-07-2022	1900723	2233339	1729638
31-08-2022	1820779	2149992	1694245
30-09-2022	1652732	1950625	1531876
31-10-2022	1807726	2110588	1700519
30-11-2022	1907249	2220753	1740239
31-12-2022	1817092	2090720	1627293
31-01-2023	2034005	2234714	1785899
28-02-2023	1986000	2182482	1755734
31-03-2023	1989556	2240840	1671845
30-04-2023	1959330	2264715	1641788
31-05-2023	1905991	2273526	1626622
30-06-2023	2078454	2428775	1758869
31-07-2023	2153129	2515839	1866430
31-08-2023	2074898	2467274	1773056
30-09-2023	1978888	2349747	1668672
31-10-2023	1857985	2287458	1554871
30-11-2023	2023337	2500760	1695602
31-12-2023	2228528	2633405	1902776
31-01-2024	2154307	2662590	1828771
29-02-2024	2274202	2806718	1932172
31-03-2024	2352229	2897255	2001342
30-04-2024	2169532	2769771	1860482
31-05-2024	2274202	2900634	1953818
30-06-2024	2251365	2990431	1935744
31-07-2024	2422644	3046020	2132414
31-08-2024	2354132	3112327	2100561
30-09-2024	2375066	3176709	2115241
31-10-2024	2300845	3153380	2084689
30-11-2024	2498768	3363156	2313367
31-12-2024	2297338	3260360	2122316

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Institutional Class	3.09	6.79	8.67
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Index	11.54	7.40	7.82

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$1,284
Number of Holdings	50
2024 Portfolio Turnover Rate	12%
Advisory Fees Paid in 2024 (Millions)	$14.2

 2

ROYCE PREMIER FUND—INSTITUTIONAL CLASS (RPFIX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

SEI Investments 3.3

Arcosa 3.1

MKS Instruments 3.0

FirstService Corporation 3.0

JBT Marel 2.9

Innospec 2.9

ESCO Technologies 2.8

Stella-Jones 2.7

Colliers International Group 2.6

TMX Group 2.6

Portfolio Sector Breakdown

Sector Breakdown
Industrials	35.1
Information Technology	12.4
Consumer Discretionary	11.2
Materials	10.2
Financials	10.1
Real Estate	8.8
Health Care	6.7
Consumer Staples	2.2
Cash and Cash Equivalents	3.3

How Has the Fund Changed?

Effective July 31, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective July 31, 2024, Lauren A. Romeo and Steven G. McBoyle are the Fund’s co-lead portfolio managers, and Andrew S. Palen is the Fund’s assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance, Expense and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC. 

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RPR-INC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Premier Fund Service Class—RPFFX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Premier Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Premier Fund—Service Class	$151	1.49%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Premier Fund advanced 2.71% for the year, lagging its benchmark, the Russell 2000 Index, which was up 11.54% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Industrials, Financials and Consumer Discretionary.

At the industry level, capital markets (Financials), machinery (Industrials), and construction & engineering (Industrials) contributed most.

The Fund’s top contributor was Ralph Lauren Cl. A.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Index.

Top Detractors from Performance

The sectors making the largest detractions were Materials, Health Care and Communication Services.

At the industry level, chemicals (Materials), health care equipment & supplies (Health Care), and electronic equipment, instruments & components (Information Technology) were the largest detractors.

The Fund’s top detractor was Quaker Houghton.

Stock selection within Information Technology detracted most from relative results versus the Russell 2000 Index.

 1

ROYCE PREMIER FUND—SERVICE CLASS (RPFFX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Premier Fund—Service Class	Russell 3000 Index	Russell 2000 Index
31-12-2014	10000	10000	10000
31-01-2015	9549	9721	9678
28-02-2015	10134	10284	10252
31-03-2015	10258	10180	10431
30-04-2015	10072	10226	10165
31-05-2015	10284	10367	10397
30-06-2015	10150	10194	10475
31-07-2015	10046	10364	10353
31-08-2015	9456	9738	9703
30-09-2015	8882	9455	9226
31-10-2015	9441	10201	9746
30-11-2015	9601	10258	10063
31-12-2015	8986	10047	9558
31-01-2016	8401	9480	8718
29-02-2016	8633	9477	8717
31-03-2016	9378	10145	9413
30-04-2016	9577	10208	9561
31-05-2016	9700	10390	9776
30-06-2016	9558	10412	9770
31-07-2016	9982	10825	10353
31-08-2016	10182	10852	10536
30-09-2016	10188	10869	10654
31-10-2016	9892	10634	10147
30-11-2016	10857	11110	11279
31-12-2016	11020	11327	11595
31-01-2017	11267	11540	11641
28-02-2017	11704	11969	11865
31-03-2017	11748	11978	11881
30-04-2017	11923	12105	12011
31-05-2017	11865	12228	11767
30-06-2017	11952	12339	12173
31-07-2017	12076	12571	12264
31-08-2017	12112	12596	12108
30-09-2017	12804	12903	12864
31-10-2017	13190	13184	12973
30-11-2017	13591	13585	13347
31-12-2017	13589	13721	13293
31-01-2018	14287	14444	13641
28-02-2018	13707	13911	13112
31-03-2018	13732	13632	13282
30-04-2018	13513	13684	13397
31-05-2018	13976	14070	14210
30-06-2018	13917	14162	14312
31-07-2018	14313	14632	14561
31-08-2018	14851	15146	15189
30-09-2018	14675	15171	14824
31-10-2018	13252	14054	13214
30-11-2018	13690	14336	13424
31-12-2018	12141	13001	11829
31-01-2019	13482	14117	13160
28-02-2019	14148	14614	13844
31-03-2019	14062	14827	13554
30-04-2019	14921	15419	14015
31-05-2019	13686	14421	12925
30-06-2019	14749	15434	13838
31-07-2019	15007	15664	13918
31-08-2019	14534	15345	13231
30-09-2019	14975	15614	13506
31-10-2019	15340	15950	13862
30-11-2019	15694	16556	14432
31-12-2019	16226	17034	14849
31-01-2020	15864	17016	14372
29-02-2020	14570	15623	13162
31-03-2020	11710	13474	10303
30-04-2020	13173	15259	11718
31-05-2020	13975	16075	12480
30-06-2020	14052	16442	12921
31-07-2020	14674	17376	13279
31-08-2020	15062	18635	14027
30-09-2020	14415	17956	13559
31-10-2020	14687	17569	13843
30-11-2020	16848	19706	16394
31-12-2020	18024	20593	17813
31-01-2021	17942	20501	18709
28-02-2021	19607	21142	19875
31-03-2021	19907	21900	20075
30-04-2021	20303	23029	20496
31-05-2021	20043	23134	20538
30-06-2021	19880	23704	20936
31-07-2021	19989	24105	20180
31-08-2021	20071	24792	20632
30-09-2021	19225	23680	20023
31-10-2021	20316	25281	20875
30-11-2021	19825	24897	20005
31-12-2021	20920	25877	20452
31-01-2022	19223	24354	18483
28-02-2022	19173	23741	18681
31-03-2022	19373	24511	18913
30-04-2022	18109	22311	17039
31-05-2022	18109	22281	17064
30-06-2022	16879	20417	15661
31-07-2022	18458	22333	17296
31-08-2022	17693	21499	16942
30-09-2022	16047	19506	15318
31-10-2022	17560	21105	17005
30-11-2022	18508	22207	17402
31-12-2022	17615	20907	16272
31-01-2023	19718	22347	17858
28-02-2023	19265	21824	17557
31-03-2023	19283	22408	16718
30-04-2023	18993	22647	16417
31-05-2023	18467	22735	16266
30-06-2023	20135	24287	17588
31-07-2023	20860	25158	18664
31-08-2023	20080	24672	17730
30-09-2023	19138	23497	16686
31-10-2023	17978	22874	15548
30-11-2023	19573	25007	16956
31-12-2023	21532	26334	19027
31-01-2024	20815	26625	18287
29-02-2024	21978	28067	19321
31-03-2024	22715	28972	20013
30-04-2024	20932	27697	18604
31-05-2024	21959	29006	19538
30-06-2024	21726	29904	19357
31-07-2024	23354	30460	21324
31-08-2024	22715	31123	21005
30-09-2024	22889	31767	21152
31-10-2024	22172	31533	20846
30-11-2024	24071	33631	23133
31-12-2024	22115	32603	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Service Class	2.71	6.39	8.26
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$1,284
Number of Holdings	50
2024 Portfolio Turnover Rate	12%
Advisory Fees Paid in 2024 (Millions)	$14.2

 2

ROYCE PREMIER FUND—SERVICE CLASS (RPFFX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

SEI Investments 3.3

Arcosa 3.1

MKS Instruments 3.0

FirstService Corporation 3.0

JBT Marel 2.9

Innospec 2.9

ESCO Technologies 2.8

Stella-Jones 2.7

Colliers International Group 2.6

TMX Group 2.65

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	35.1
Information Technology	12.4
Consumer Discretionary	11.2
Materials	10.2
Financials	10.1
Real Estate	8.8
Health Care	6.7
Consumer Staples	2.2
Cash and Cash Equivalents	3.3

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Service Class shares of the Fund held for less than 30 days were eliminated.

Effective July 31, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective July 31, 2024, Lauren A. Romeo and Steven G. McBoyle are the Fund’s co-lead portfolio managers, and Andrew S. Palen is the Fund’s assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance, Expense and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC. 

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RPR-SC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Small-Cap Special Equity Fund Consultant Class—RSQCX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year? 

Based on a hypothetical $10,000 investment

FUND/CLASS	COSTS OF A $10,000 INVESTMENT	COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
Royce Small-Cap Special Equity Fund—Consultant Class	$226	2.24%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Special Equity Fund advanced 2.00% for the year, lagging its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Materials, Industrials and Communication Services.

At the industry level, construction materials (Materials), machinery (Industrials), and paper & forest products (Materials) contributed most.

The Fund’s top contributor was United States Lime & Minerals.

Stock selection within Materials contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The sectors making the largest detractions came from Consumer Discretionary, Consumer Staples and Information Technology.

At the industry level, electronic equipment, instruments & components (Information Technology), consumer staples distribution & retail (Consumer Staples), and textiles, apparel & luxury goods (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Vishay Intertechnology.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

 1

ROYCE SMALL-CAP SPECIAL EQUITY FUND—CONSULTANT CLASS (RSQCX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years? 

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000 

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Special Equity Fund—Consultant Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9553	9721	9583	9678
28-02-2015	10047	10284	10028	10252
31-03-2015	10220	10180	10198	10431
30-04-2015	9854	10226	9980	10165
31-05-2015	9995	10367	10062	10397
30-06-2015	9901	10194	10076	10475
31-07-2015	9605	10364	9798	10353
31-08-2015	9271	9738	9316	9703
30-09-2015	8758	9455	8994	9226
31-10-2015	9200	10201	9498	9746
30-11-2015	9196	10258	9768	10063
31-12-2015	8676	10047	9253	9558
31-01-2016	8394	9480	8631	8718
29-02-2016	8462	9477	8690	8717
31-03-2016	9142	10145	9410	9413
30-04-2016	9153	10208	9610	9561
31-05-2016	9310	10390	9786	9776
30-06-2016	9352	10412	9815	9770
31-07-2016	9629	10825	10345	10353
31-08-2016	9828	10852	10602	10536
30-09-2016	9855	10869	10686	10654
31-10-2016	9734	10634	10334	10147
30-11-2016	10860	11110	11706	11279
31-12-2016	11358	11327	12190	11595
31-01-2017	11042	11540	12103	11641
28-02-2017	11009	11969	12278	11865
31-03-2017	11296	11978	12174	11881
30-04-2017	11426	12105	12222	12011
31-05-2017	11054	12228	11841	11767
30-06-2017	11257	12339	12255	12173
31-07-2017	11341	12571	12333	12264
31-08-2017	10986	12596	12030	12108
30-09-2017	11623	12903	12882	12864
31-10-2017	11713	13184	12898	12973
30-11-2017	12175	13585	13272	13347
31-12-2017	12127	13721	13145	13293
31-01-2018	12219	14444	13307	13641
28-02-2018	11510	13911	12642	13112
31-03-2018	11486	13632	12798	13282
30-04-2018	11052	13684	13020	13397
31-05-2018	11712	14070	13777	14210
30-06-2018	12017	14162	13861	14312
31-07-2018	12451	14632	14106	14561
31-08-2018	12457	15146	14442	15189
30-09-2018	12017	15171	14083	14824
31-10-2018	11486	14054	12822	13214
30-11-2018	11761	14336	13029	13424
31-12-2018	10814	13001	11454	11829
31-01-2019	11616	14117	12707	13160
28-02-2019	11983	14614	13201	13844
31-03-2019	11616	14827	12820	13554
30-04-2019	11922	15419	13305	14015
31-05-2019	10814	14421	12218	12925
30-06-2019	11256	15434	12996	13838
31-07-2019	11296	15664	13017	13918
31-08-2019	10888	15345	12291	13231
30-09-2019	11228	15614	12922	13506
31-10-2019	11568	15950	13235	13862
30-11-2019	11841	16556	13545	14432
31-12-2019	12044	17034	14019	14849
31-01-2020	11587	17016	13263	14372
29-02-2020	10799	15623	11974	13162
31-03-2020	9058	13474	9020	10303
30-04-2020	10026	15259	10132	11718
31-05-2020	10521	16075	10423	12480
30-06-2020	10784	16442	10725	12921
31-07-2020	10851	17376	10946	13279
31-08-2020	11309	18635	11536	14027
30-09-2020	11024	17956	10999	13559
31-10-2020	11346	17569	11393	13843
30-11-2020	12134	19706	13592	16394
31-12-2020	12800	20593	14669	17813
31-01-2021	12892	20501	15441	18709
28-02-2021	13964	21142	16891	19875
31-03-2021	14457	21900	17774	20075
30-04-2021	14874	23029	18134	20496
31-05-2021	14766	23134	18698	20538
30-06-2021	14542	23704	18585	20936
31-07-2021	14380	24105	17919	20180
31-08-2021	14704	24792	18399	20632
30-09-2021	14334	23680	18031	20023
31-10-2021	14959	25281	18718	20875
30-11-2021	15074	24897	18079	20005
31-12-2021	15508	25877	18816	20452
31-01-2022	14624	24354	17719	18483
28-02-2022	14820	23741	18012	18681
31-03-2022	14588	24511	18365	18913
30-04-2022	13981	22311	16939	17039
31-05-2022	14302	22281	17264	17064
30-06-2022	13445	20417	15559	15661
31-07-2022	14526	22333	17065	17296
31-08-2022	13892	21499	16526	16942
30-09-2022	12919	19506	14842	15318
31-10-2022	14177	21105	16710	17005
30-11-2022	14856	22207	17221	17402
31-12-2022	14355	20907	16091	16272
31-01-2023	15167	22347	17626	17858
28-02-2023	15167	21824	17220	17557
31-03-2023	14801	22408	15985	16718
30-04-2023	14335	22647	15586	16417
31-05-2023	14325	22735	15280	16266
30-06-2023	15395	24287	16494	17588
31-07-2023	15584	25158	17738	18664
31-08-2023	15167	24672	16885	17730
30-09-2023	14751	23497	16006	16686
31-10-2023	14306	22874	15051	15548
30-11-2023	14761	25007	16406	16956
31-12-2023	16026	26334	18448	19027
31-01-2024	15685	26625	17610	18287
29-02-2024	15767	28067	18186	19321
31-03-2024	16326	28972	18983	20013
30-04-2024	15778	27697	17773	18604
31-05-2024	16243	29006	18604	19538
30-06-2024	15716	29904	18291	19357
31-07-2024	17206	30460	20520	21324
31-08-2024	16264	31123	20135	21005
30-09-2024	16430	31767	20148	21152
31-10-2024	16119	31533	19832	20846
30-11-2024	17278	33631	21745	23133
31-12-2024	16346	32603	19933	21223

Average Annual Total Returns Through 12/31/24 (%)	1-YR	5-YR	10-YR
Consultant Class	2.00	6.30	5.04
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower. 

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics As of/through 12/31/24
Net Assets (Millions)	$615
Number of Holdings	32
2024 Portfolio Turnover Rate	5%
Advisory Fees Paid in 2024 (Millions)	$7.2

 2

ROYCE SMALL-CAP SPECIAL EQUITY FUND—CONSULTANT CLASS (RSQCX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions 

Mueller Industries 6.6

TEGNA 5.7

Standard Motor Products 5.3

United States Lime & Minerals 4.9

Vishay Intertechnology 4.4

Ennis 4.3

NVE Corporation 4.3

John B. Sanfilippo & Son 3.9

Ingles Markets Cl. A 3.6

Marcus & Millichap 3.6

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	24.2
Consumer Discretionary	15.6
Materials	10.5
Consumer Staples	9.5
Information Technology	8.8
Financials	6.0
Communication Services	5.7
Real Estate	3.6
Energy	0.6
Cash and Cash Equivalents	15.5

How Has the Fund Changed?

Effective May 1, 2024, Charles R. Dreifus is the Fund’s portfolio manager, and Steven G. McBoyle and Tim Hipskind are the Fund’s assistant portfolio managers.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information •    Fund Holdings •    Proxy Voting Information

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Consultant Class shares redeemed within 365 days of purchase may be subject to a 1% contingent deferred sales charge, payable to the Fund’s distributor, Royce Fund Services, LLC, which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED          RSE-CC-ATSR-1224

 3

The Royce Funds	December 31, 2024
Royce Small-Cap Special Equity Fund Investment Class—RYSEX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Special Equity Fund—Investment Class	$124	1.22%

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Special Equity Fund advanced 3.05% for the year, lagging its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Materials, Industrials and Communication Services.

At the industry level, construction materials (Materials), machinery (Industrials), and paper & forest products (Materials) contributed most.

The Fund’s top contributor was United States Lime & Minerals.

Stock selection within Materials contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The sectors making the largest detractions were Consumer Discretionary, Consumer Staples and Information Technology.

At the industry level, electronic equipment, instruments & components (Information Technology), consumer staples distribution & retail (Consumer Staples), and textiles, apparel & luxury goods (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Vishay Intertechnology.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP SPECIAL EQUITY FUND—INVESTMENT CLASS (RYSEX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

 

Investment_Value_Date	Royce Small-Cap Special Equity Fund—Investment Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9558	9721	9583	9678
28-02-2015	10056	10284	10028	10252
31-03-2015	10240	10180	10198	10431
30-04-2015	9881	10226	9980	10165
31-05-2015	10034	10367	10062	10397
30-06-2015	9947	10194	10076	10475
31-07-2015	9658	10364	9798	10353
31-08-2015	9330	9738	9316	9703
30-09-2015	8818	9455	8994	9226
31-10-2015	9273	10201	9498	9746
30-11-2015	9278	10258	9768	10063
31-12-2015	8764	10047	9253	9558
31-01-2016	8485	9480	8631	8718
29-02-2016	8563	9477	8690	8717
31-03-2016	9257	10145	9410	9413
30-04-2016	9277	10208	9610	9561
31-05-2016	9443	10390	9786	9776
30-06-2016	9492	10412	9815	9770
31-07-2016	9785	10825	10345	10353
31-08-2016	9995	10852	10602	10536
30-09-2016	10034	10869	10686	10654
31-10-2016	9917	10634	10334	10147
30-11-2016	11075	11110	11706	11279
31-12-2016	11587	11327	12190	11595
31-01-2017	11277	11540	12103	11641
28-02-2017	11256	11969	12278	11865
31-03-2017	11550	11978	12174	11881
30-04-2017	11698	12105	12222	12011
31-05-2017	11324	12228	11841	11767
30-06-2017	11545	12339	12255	12173
31-07-2017	11640	12571	12333	12264
31-08-2017	11287	12596	12030	12108
30-09-2017	11950	12903	12882	12864
31-10-2017	12056	13184	12898	12973
30-11-2017	12540	13585	13272	13347
31-12-2017	12499	13721	13145	13293
31-01-2018	12608	14444	13307	13641
28-02-2018	11885	13911	12642	13112
31-03-2018	11874	13632	12798	13282
30-04-2018	11432	13684	13020	13397
31-05-2018	12126	14070	13777	14210
30-06-2018	12459	14162	13861	14312
31-07-2018	12918	14632	14106	14561
31-08-2018	12935	15146	14442	15189
30-09-2018	12488	15171	14083	14824
31-10-2018	11943	14054	12822	13214
30-11-2018	12235	14336	13029	13424
31-12-2018	11266	13001	11454	11829
31-01-2019	12107	14117	12707	13160
28-02-2019	12501	14614	13201	13844
31-03-2019	12132	14827	12820	13554
30-04-2019	12462	15419	13305	14015
31-05-2019	11311	14421	12218	12925
30-06-2019	11783	15434	12996	13838
31-07-2019	11835	15664	13017	13918
31-08-2019	11421	15345	12291	13231
30-09-2019	11790	15614	12922	13506
31-10-2019	12152	15950	13235	13862
30-11-2019	12456	16556	13545	14432
31-12-2019	12689	17034	14019	14849
31-01-2020	12213	17016	13263	14372
29-02-2020	11391	15623	11974	13162
31-03-2020	9565	13474	9020	10303
30-04-2020	10597	15259	10132	11718
31-05-2020	11131	16075	10423	12480
30-06-2020	11419	16442	10725	12921
31-07-2020	11499	17376	10946	13279
31-08-2020	11997	18635	11536	14027
30-09-2020	11708	17956	10999	13559
31-10-2020	12062	17569	11393	13843
30-11-2020	12913	19706	13592	16394
31-12-2020	13631	20593	14669	17813
31-01-2021	13736	20501	15441	18709
28-02-2021	14896	21142	16891	19875
31-03-2021	15435	21900	17774	20075
30-04-2021	15891	23029	18134	20496
31-05-2021	15794	23134	18698	20538
30-06-2021	15562	23704	18585	20936
31-07-2021	15405	24105	17919	20180
31-08-2021	15771	24792	18399	20632
30-09-2021	15390	23680	18031	20023
31-10-2021	16070	25281	18718	20875
30-11-2021	16213	24897	18079	20005
31-12-2021	16698	25877	18816	20452
31-01-2022	15762	24354	17719	18483
28-02-2022	15981	23741	18012	18681
31-03-2022	15745	24511	18365	18913
30-04-2022	15115	22311	16939	17039
31-05-2022	15474	22281	17264	17064
30-06-2022	14555	20417	15559	15661
31-07-2022	15745	22333	17065	17296
31-08-2022	15071	21499	16526	16942
30-09-2022	14030	19506	14842	15318
31-10-2022	15412	21105	16710	17005
30-11-2022	16165	22207	17221	17402
31-12-2022	15640	20907	16091	16272
31-01-2023	16534	22347	17626	17858
28-02-2023	16564	21824	17220	17557
31-03-2023	16171	22408	15985	16718
30-04-2023	15690	22647	15586	16417
31-05-2023	15680	22735	15280	16266
30-06-2023	16869	24287	16494	17588
31-07-2023	17094	25158	17738	18664
31-08-2023	16643	24672	16885	17730
30-09-2023	16200	23497	16006	16686
31-10-2023	15719	22874	15051	15548
30-11-2023	16240	25007	16406	16956
31-12-2023	17647	26334	18448	19027
31-01-2024	17285	26625	17610	18287
29-02-2024	17398	28067	18186	19321
31-03-2024	18030	28972	18983	20013
30-04-2024	17430	27697	17773	18604
31-05-2024	17968	29006	18604	19538
30-06-2024	17398	29904	18291	19357
31-07-2024	19055	30460	20520	21324
31-08-2024	18040	31123	20135	21005
30-09-2024	18237	31767	20148	21152
31-10-2024	17906	31533	19832	20846
30-11-2024	19199	33631	21745	23133
31-12-2024	18184	32603	19933	21223

Average Annual Total Returns Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Investment Class	3.05	7.46	6.16
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$615
Number of Holdings	32
2024 Portfolio Turnover Rate	5%
Advisory Fees Paid in 2024 (Millions)	$7.2

2

ROYCE SMALL-CAP SPECIAL EQUITY FUND—INVESTMENT CLASS (RYSEX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Mueller Industries	6.6
TEGNA	5.7
Standard Motor Products	5.3
United States Lime & Minerals	4.9
Vishay Intertechnology	4.4
Ennis	4.3
NVE Corporation	4.3
John B. Sanfilippo & Son	3.9
Ingles Markets Cl. A	3.6
Marcus & Millichap	3.6

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	24.2
Consumer Discretionary	15.6
Materials	10.5
Consumer Staples	9.5
Information Technology	8.8
Financials	6.0
Communication Services	5.7
Real Estate	3.6
Energy	0.6
Cash and Cash Equivalents	15.5

How Has the Fund Changed?

Effective May 1, 2024, Charles R. Dreifus is the Fund’s portfolio manager, and Steven G. McBoyle and Tim Hipskind are the Fund’s assistant portfolio managers.

Effective May 1, 2024, the early redemption fees imposed on sales of Investment Class shares of the Fund held for less than 30 days were eliminated.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •   Prospectus •   Financial Information  •   Fund Holdings •   Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED     RSE-IC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Small-Cap Special Equity Fund Institutional Class—RSEIX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Special Equity Fund—Institutional Class	$115	1.13%

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Special Equity Fund advanced 3.11% for the year, lagging its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Materials, Industrials and Communication Services.

At the industry level, construction materials (Materials), machinery (Industrials), and paper & forest products (Materials) contributed most.

The Fund’s top contributor was United States Lime & Minerals.

Stock selection within Materials contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The sectors making the largest detractions were Consumer Discretionary, Consumer Staples and Information Technology.

At the industry level, electronic equipment, instruments & components (Information Technology), consumer staples distribution & retail (Consumer Staples), and textiles, apparel & luxury goods (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Vishay Intertechnology.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP SPECIAL EQUITY FUND—INSTITUTIONAL CLASS (RSEIX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $1,000,000

Invested from 12/31/14 through 12/31/24 ($)

 

Investment_Value_Date	Royce Small-Cap Special Equity Fund—Institutional Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	1000000	1000000	1000000	1000000
31-01-2015	955966	972168	958376	967834
28-02-2015	1006164	1028457	1002881	1025290
31-03-2015	1024658	1018002	1019803	1043152
30-04-2015	988551	1022607	998021	1016549
31-05-2015	1003963	1036751	1006293	1039757
30-06-2015	995596	1019406	1007608	1047543
31-07-2015	966534	1036456	979814	1035369
31-08-2015	933949	973885	931695	970305
30-09-2015	882870	945506	899443	922699
31-10-2015	928225	1020187	949802	974684
30-11-2015	928665	1025843	976803	1006389
31-12-2015	877322	1004787	925312	955859
31-01-2016	849721	948092	863150	871806
29-02-2016	857114	947786	869037	871767
31-03-2016	927103	1014516	941067	941344
30-04-2016	929074	1020804	961000	956118
31-05-2016	945832	1039066	978617	977654
30-06-2016	950761	1041203	981592	977038
31-07-2016	980334	1082525	1034553	1035374
31-08-2016	1001035	1085286	1060263	1053683
30-09-2016	1004978	1086992	1068620	1065420
31-10-2016	993641	1063475	1033497	1014770
30-11-2016	1109468	1111067	1170671	1127929
31-12-2016	1161162	1132748	1219013	1159533
31-01-2017	1129794	1154068	1210312	1164107
28-02-2017	1127667	1196990	1227823	1186572
31-03-2017	1157972	1197804	1217429	1188125
30-04-2017	1172859	1210501	1222223	1201155
31-05-2017	1135110	1222889	1184161	1176718
30-06-2017	1157440	1233925	1225587	1217396
31-07-2017	1167010	1257191	1233341	1226440
31-08-2017	1131920	1259613	1203028	1210837
30-09-2017	1198379	1290332	1288206	1286405
31-10-2017	1209012	1318490	1289897	1297370
30-11-2017	1257926	1358526	1327223	1334760
31-12-2017	1253601	1372104	1314558	1329372
31-01-2018	1264622	1444429	1330755	1364115
28-02-2018	1192110	1391188	1264220	1311294
31-03-2018	1190949	1363261	1279855	1328254
30-04-2018	1146862	1368442	1302041	1339737
31-05-2018	1216474	1407074	1377786	1421060
30-06-2018	1249540	1416276	1386130	1431243
31-07-2018	1295948	1463276	1410604	1456187
31-08-2018	1297688	1514663	1444204	1518963
30-09-2018	1253020	1517171	1408371	1482429
31-10-2018	1198491	1405457	1282273	1321413
30-11-2018	1228076	1433607	1302948	1342416
31-12-2018	1130681	1300182	1145453	1182956
31-01-2019	1215089	1411781	1270741	1316037
28-02-2019	1255003	1461433	1320133	1384455
31-03-2019	1217706	1482772	1282070	1355479
30-04-2019	1251077	1541982	1330554	1401526
31-05-2019	1135261	1442197	1221876	1292525
30-06-2019	1183027	1543493	1299698	1383877
31-07-2019	1188262	1566437	1301790	1391845
31-08-2019	1147039	1534504	1229140	1323123
30-09-2019	1183681	1561436	1292253	1350653
31-10-2019	1220324	1595049	1323555	1386224
30-11-2019	1250423	1655680	1354541	1443288
31-12-2019	1273672	1703486	1401967	1484905
31-01-2020	1226905	1701625	1326346	1437281
29-02-2020	1144331	1562307	1197461	1316288
31-03-2020	960186	1347462	902018	1030305
30-04-2020	1064681	1525920	1013288	1171822
31-05-2020	1118025	1607524	1042370	1248078
30-06-2020	1146524	1644275	1072550	1292194
31-07-2020	1155292	1737643	1094674	1327960
31-08-2020	1204982	1863525	1153645	1402782
30-09-2020	1176484	1795672	1099963	1355924
31-10-2020	1211559	1756916	1139304	1384322
30-11-2020	1297055	1970651	1359264	1639487
31-12-2020	1368735	2059306	1466938	1781304
31-01-2021	1380110	2050147	1544115	1870943
28-02-2021	1496888	2114229	1689183	1987550
31-03-2021	1550728	2190009	1777458	2007512
30-04-2021	1596984	2302902	1813410	2049668
31-05-2021	1587126	2313415	1869841	2053893
30-06-2021	1564377	2370461	1858511	2093687
31-07-2021	1548453	2410547	1791987	2018086
31-08-2021	1584852	2479290	1839969	2063227
30-09-2021	1546936	2368050	1803108	2002393
31-10-2021	1615184	2528188	1871858	2087574
30-11-2021	1630350	2489706	1807919	2000585
31-12-2021	1679462	2587747	1881647	2045275
31-01-2022	1585369	2435494	1771939	1848369
28-02-2022	1607561	2374146	1801259	1868100
31-03-2022	1584481	2451154	1836504	1891351
30-04-2022	1520570	2231182	1693981	1703900
31-05-2022	1556964	2228190	1726492	1706475
30-06-2022	1464647	2041783	1555936	1566129
31-07-2022	1584481	2233339	1706577	1729638
31-08-2022	1516131	2149992	1652612	1694245
30-09-2022	1412274	1950625	1484206	1531876
31-10-2022	1550750	2110588	1671056	1700519
30-11-2022	1627089	2220753	1722111	1740239
31-12-2022	1574164	2090720	1609122	1627293
31-01-2023	1665000	2234714	1762676	1785899
28-02-2023	1666996	2182482	1722037	1755734
31-03-2023	1628066	2240840	1598551	1671845
30-04-2023	1579155	2264715	1558689	1641788
31-05-2023	1579155	2273526	1528029	1626622
30-06-2023	1697941	2428775	1649410	1758869
31-07-2023	1720899	2515839	1773878	1866430
31-08-2023	1676978	2467274	1688548	1773056
30-09-2023	1632059	2349747	1600603	1668672
31-10-2023	1584146	2287458	1505126	1554871
30-11-2023	1636052	2500760	1640609	1695602
31-12-2023	1777992	2633405	1844802	1902776
31-01-2024	1741148	2662590	1761003	1828771
29-02-2024	1752728	2806718	1818613	1932172
31-03-2024	1816942	2897255	1898316	2001342
30-04-2024	1756938	2769771	1777359	1860482
31-05-2024	1810626	2900634	1860481	1953818
30-06-2024	1752728	2990431	1829126	1935744
31-07-2024	1921158	3046020	2052045	2132414
31-08-2024	1817994	3112327	2013528	2100561
30-09-2024	1837996	3176709	2014813	2115241
31-10-2024	1805362	3153380	1983295	2084689
30-11-2024	1935896	3363156	2174596	2313367
31-12-2024	1833337	3260360	1993395	2122316

Average Annual Total Returns Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Institutional Class	3.11	7.56	6.25
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$615
Number of Holdings	32
2024 Portfolio Turnover Rate	5%
Advisory Fees Paid in 2024 (Millions)	$7.2

2

ROYCE SMALL-CAP SPECIAL EQUITY FUND—INSTITUTIONAL CLASS (RSEIX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Mueller Industries	6.6
TEGNA	5.7
Standard Motor Products	5.3
United States Lime & Minerals	4.9
Vishay Intertechnology	4.4
Ennis	4.3
NVE Corporation	4.3
John B. Sanfilippo & Son	3.9
Ingles Markets Cl. A	3.6
Marcus & Millichap	3.6

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	35.1
Information Technology	12.4
Consumer Discretionary	11.2
Materials	10.2
Financials	10.1
Real Estate	8.8
Health Care	6.7
Consumer Staples	2.2
Cash and Cash Equivalents	3.3

How Has the Fund Changed?

Effective May 1, 2024, Charles R. Dreifus is the Fund’s portfolio manager, and Steven G. McBoyle and Tim Hipskind are the Fund’s assistant portfolio managers.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information  •    Fund Holdings •    Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      RSE-INC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Small-Cap Special Equity Fund Service Class—RSEFX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Special Equity Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Special Equity Fund—Service Class	$151	1.49%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Special Equity Fund advanced 2.77% for the year, lagging its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Materials, Industrials and Communication Services.

At the industry level, construction materials (Materials), machinery (Industrials), and paper & forest products (Materials) contributed most.

The Fund’s top contributor was United States Lime & Minerals.

Stock selection within Materials contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The sectors making the largest detractions were Consumer Discretionary, Consumer Staples and Information Technology.

At the industry level, electronic equipment, instruments & components (Information Technology), consumer staples distribution & retail (Consumer Staples), and textiles, apparel & luxury goods (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Vishay Intertechnology.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP SPECIAL EQUITY FUND—SERVICE CLASS (RSEFX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Special Equity Fund—Service Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9557	9721	9583	9678
28-02-2015	10056	10284	10028	10252
31-03-2015	10236	10180	10198	10431
30-04-2015	9877	10226	9980	10165
31-05-2015	10026	10367	10062	10397
30-06-2015	9938	10194	10076	10475
31-07-2015	9644	10364	9798	10353
31-08-2015	9320	9738	9316	9703
30-09-2015	8807	9455	8994	9226
31-10-2015	9259	10201	9498	9746
30-11-2015	9259	10258	9768	10063
31-12-2015	8744	10047	9253	9558
31-01-2016	8466	9480	8631	8718
29-02-2016	8540	9477	8690	8717
31-03-2016	9232	10145	9410	9413
30-04-2016	9252	10208	9610	9561
31-05-2016	9413	10390	9786	9776
30-06-2016	9462	10412	9815	9770
31-07-2016	9755	10825	10345	10353
31-08-2016	9960	10852	10602	10536
30-09-2016	9994	10869	10686	10654
31-10-2016	9877	10634	10334	10147
30-11-2016	11028	11110	11706	11279
31-12-2016	11536	11327	12190	11595
31-01-2017	11221	11540	12103	11641
28-02-2017	11200	11969	12278	11865
31-03-2017	11494	11978	12174	11881
30-04-2017	11641	12105	12222	12011
31-05-2017	11263	12228	11841	11767
30-06-2017	11478	12339	12255	12173
31-07-2017	11578	12571	12333	12264
31-08-2017	11221	12596	12030	12108
30-09-2017	11877	12903	12882	12864
31-10-2017	11982	13184	12898	12973
30-11-2017	12460	13585	13272	13347
31-12-2017	12420	13721	13145	13293
31-01-2018	12523	14444	13307	13641
28-02-2018	11803	13911	12642	13112
31-03-2018	11786	13632	12798	13282
30-04-2018	11347	13684	13020	13397
31-05-2018	12032	14070	13777	14210
30-06-2018	12357	14162	13861	14312
31-07-2018	12814	14632	14106	14561
31-08-2018	12825	15146	14442	15189
30-09-2018	12380	15171	14083	14824
31-10-2018	11838	14054	12822	13214
30-11-2018	12129	14336	13029	13424
31-12-2018	11162	13001	11454	11829
31-01-2019	12002	14117	12707	13160
28-02-2019	12386	14614	13201	13844
31-03-2019	12021	14827	12820	13554
30-04-2019	12342	15419	13305	14015
31-05-2019	11200	14421	12218	12925
30-06-2019	11668	15434	12996	13838
31-07-2019	11720	15664	13017	13918
31-08-2019	11303	15345	12291	13231
30-09-2019	11668	15614	12922	13506
31-10-2019	12027	15950	13235	13862
30-11-2019	12322	16556	13545	14432
31-12-2019	12546	17034	14019	14849
31-01-2020	12081	17016	13263	14372
29-02-2020	11267	15623	11974	13162
31-03-2020	9459	13474	9020	10303
30-04-2020	10481	15259	10132	11718
31-05-2020	11002	16075	10423	12480
30-06-2020	11288	16442	10725	12921
31-07-2020	11367	17376	10946	13279
31-08-2020	11853	18635	11536	14027
30-09-2020	11567	17956	10999	13559
31-10-2020	11917	17569	11393	13843
30-11-2020	12753	19706	13592	16394
31-12-2020	13461	20593	14669	17813
31-01-2021	13564	20501	15441	18709
28-02-2021	14704	21142	16891	19875
31-03-2021	15237	21900	17774	20075
30-04-2021	15688	23029	18134	20496
31-05-2021	15585	23134	18698	20538
30-06-2021	15355	23704	18585	20936
31-07-2021	15192	24105	17919	20180
31-08-2021	15548	24792	18399	20632
30-09-2021	15170	23680	18031	20023
31-10-2021	15836	25281	18718	20875
30-11-2021	15977	24897	18079	20005
31-12-2021	16448	25877	18816	20452
31-01-2022	15524	24354	17719	18483
28-02-2022	15740	23741	18012	18681
31-03-2022	15498	24511	18365	18913
30-04-2022	14877	22311	16939	17039
31-05-2022	15231	22281	17264	17064
30-06-2022	14316	20417	15559	15661
31-07-2022	15490	22333	17065	17296
31-08-2022	14817	21499	16526	16942
30-09-2022	13790	19506	14842	15318
31-10-2022	15145	21105	16710	17005
30-11-2022	15878	22207	17221	17402
31-12-2022	15369	20907	16091	16272
31-01-2023	16238	22347	17626	17858
28-02-2023	16257	21824	17220	17557
31-03-2023	15881	22408	15985	16718
30-04-2023	15398	22647	15586	16417
31-05-2023	15389	22735	15280	16266
30-06-2023	16547	24287	16494	17588
31-07-2023	16769	25158	17738	18664
31-08-2023	16325	24672	16885	17730
30-09-2023	15881	23497	16006	16686
31-10-2023	15408	22874	15051	15548
30-11-2023	15920	25007	16406	16956
31-12-2023	17290	26334	18448	19027
31-01-2024	16935	26625	17610	18287
29-02-2024	17036	28067	18186	19321
31-03-2024	17655	28972	18983	20013
30-04-2024	17067	27697	17773	18604
31-05-2024	17584	29006	18604	19538
30-06-2024	17016	29904	18291	19357
31-07-2024	18639	30460	20520	21324
31-08-2024	17645	31123	20135	21005
30-09-2024	17827	31767	20148	21152
31-10-2024	17503	31533	19832	20846
30-11-2024	18770	33631	21745	23133
31-12-2024	17768	32603	19933	21223

Average Annual Total Returns Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Service Class	2.77	7.21	5.92
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$615
Number of Holdings	32
2024 Portfolio Turnover Rate	5%
Advisory Fees Paid in 2024 (Millions)	$7.2

2

ROYCE SMALL-CAP SPECIAL EQUITY FUND—SERVICE CLASS (RSEFX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Mueller Industries	6.6
TEGNA	5.7
Standard Motor Products	5.3
United States Lime & Minerals	4.9
Vishay Intertechnology	4.4
Ennis	4.3
NVE Corporation	4.3
John B. Sanfilippo & Son	3.9
Ingles Markets Cl. A	3.6
Marcus & Millichap	3.6

Portfolio Sector Breakdown

 

Sector Breakdown
Industrials	24.2
Consumer Discretionary	15.6
Materials	10.5
Consumer Staples	9.5
Information Technology	8.8
Financials	6.0
Communication Services	5.7
Real Estate	3.6
Energy	0.6
Cash and Cash Equivalents	15.5

How Has the Fund Changed?

Effective May 1, 2024, Charles R. Dreifus is the Fund’s portfolio manager, and Steven G. McBoyle and Tim Hipskind are the Fund’s assistant portfolio managers.

Effective May 1, 2024, the early redemption fees imposed on sales of Service Class shares of the Fund held for less than 30 days were eliminated.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information  •     Fund Holdings •     Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED     RSE-SC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Small-Cap Total Return Fund Consultant Class—RYTCX

 Consultant Class

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Total Return Fund—Consultant Class	$230	2.20%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Total Return Fund advanced 8.79% for the year, outperforming its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to sector allocation.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Information Technology and Industrials.

At the industry level, insurance (Financials), trading companies & distributors (Industrials), and capital markets (Financials) contributed most.

The Fund’s top contributor was International General Insurance Holdings.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The sectors making the largest detractions were Consumer Discretionary, Communication Services and Energy.

At the industry level, interactive media & services (Communication Services), specialty retail (Consumer Discretionary), and household durables (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Teradata Corporation.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP TOTAL RETURN FUND—CONSULTANT CLASS (RYTCX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

 

Investment_Value_Date	Royce Small-Cap Total Return Fund—Consultant Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9607	9721	9583	9678
28-02-2015	10112	10284	10028	10252
31-03-2015	10152	10180	10198	10431
30-04-2015	10059	10226	9980	10165
31-05-2015	10106	10367	10062	10397
30-06-2015	10026	10194	10076	10475
31-07-2015	9800	10364	9798	10353
31-08-2015	9407	9738	9316	9703
30-09-2015	9041	9455	8994	9226
31-10-2015	9620	10201	9498	9746
30-11-2015	9693	10258	9768	10063
31-12-2015	9184	10047	9253	9558
31-01-2016	8798	9480	8631	8718
29-02-2016	8919	9477	8690	8717
31-03-2016	9645	10145	9410	9413
30-04-2016	9781	10208	9610	9561
31-05-2016	9879	10390	9786	9776
30-06-2016	9929	10412	9815	9770
31-07-2016	10360	10825	10345	10353
31-08-2016	10496	10852	10602	10536
30-09-2016	10488	10869	10686	10654
31-10-2016	10103	10634	10334	10147
30-11-2016	11139	11110	11706	11279
31-12-2016	11455	11327	12190	11595
31-01-2017	11496	11540	12103	11641
28-02-2017	11675	11969	12278	11865
31-03-2017	11675	11978	12174	11881
30-04-2017	11789	12105	12222	12011
31-05-2017	11414	12228	11841	11767
30-06-2017	11707	12339	12255	12173
31-07-2017	11797	12571	12333	12264
31-08-2017	11569	12596	12030	12108
30-09-2017	12375	12903	12882	12864
31-10-2017	12538	13184	12898	12973
30-11-2017	12953	13585	13272	13347
31-12-2017	12890	13721	13145	13293
31-01-2018	13112	14444	13307	13641
28-02-2018	12493	13911	12642	13112
31-03-2018	12576	13632	12798	13282
30-04-2018	12548	13684	13020	13397
31-05-2018	12881	14070	13777	14210
30-06-2018	12903	14162	13861	14312
31-07-2018	13320	14632	14106	14561
31-08-2018	13505	15146	14442	15189
30-09-2018	13236	15171	14083	14824
31-10-2018	12172	14054	12822	13214
30-11-2018	12459	14336	13029	13424
31-12-2018	11181	13001	11454	11829
31-01-2019	12196	14117	12707	13160
28-02-2019	12821	14614	13201	13844
31-03-2019	12425	14827	12820	13554
30-04-2019	12972	15419	13305	14015
31-05-2019	12012	14421	12218	12925
30-06-2019	12827	15434	12996	13838
31-07-2019	12928	15664	13017	13918
31-08-2019	12425	15345	12291	13231
30-09-2019	12816	15614	12922	13506
31-10-2019	13084	15950	13235	13862
30-11-2019	13375	16556	13545	14432
31-12-2019	13661	17034	14019	14849
31-01-2020	13299	17016	13263	14372
29-02-2020	11910	15623	11974	13162
31-03-2020	9499	13474	9020	10303
30-04-2020	10635	15259	10132	11718
31-05-2020	10900	16075	10423	12480
30-06-2020	11233	16442	10725	12921
31-07-2020	11462	17376	10946	13279
31-08-2020	11849	18635	11536	14027
30-09-2020	11237	17956	10999	13559
31-10-2020	11564	17569	11393	13843
30-11-2020	13116	19706	13592	16394
31-12-2020	14038	20593	14669	17813
31-01-2021	14196	20501	15441	18709
28-02-2021	15549	21142	16891	19875
31-03-2021	16406	21900	17774	20075
30-04-2021	17213	23029	18134	20496
31-05-2021	17328	23134	18698	20538
30-06-2021	16737	23704	18585	20936
31-07-2021	16435	24105	17919	20180
31-08-2021	16824	24792	18399	20632
30-09-2021	16413	23680	18031	20023
31-10-2021	17119	25281	18718	20875
30-11-2021	16629	24897	18079	20005
31-12-2021	17495	25877	18816	20452
31-01-2022	16809	24354	17719	18483
28-02-2022	16866	23741	18012	18681
31-03-2022	17018	24511	18365	18913
30-04-2022	15951	22311	16939	17039
31-05-2022	16313	22281	17264	17064
30-06-2022	15017	20417	15559	15661
31-07-2022	16046	22333	17065	17296
31-08-2022	15055	21499	16526	16942
30-09-2022	13492	19506	14842	15318
31-10-2022	14941	21105	16710	17005
30-11-2022	15760	22207	17221	17402
31-12-2022	15019	20907	16091	16272
31-01-2023	16675	22347	17626	17858
28-02-2023	16392	21824	17220	17557
31-03-2023	15324	22408	15985	16718
30-04-2023	15106	22647	15586	16417
31-05-2023	14844	22735	15280	16266
30-06-2023	16283	24287	16494	17588
31-07-2023	17264	25158	17738	18664
31-08-2023	16872	24672	16885	17730
30-09-2023	16327	23497	16006	16686
31-10-2023	15258	22874	15051	15548
30-11-2023	16610	25007	16406	16956
31-12-2023	18459	26334	18448	19027
31-01-2024	17893	26625	17610	18287
29-02-2024	18318	28067	18186	19321
31-03-2024	19190	28972	18983	20013
30-04-2024	17775	27697	17773	18604
31-05-2024	18718	29006	18604	19538
30-06-2024	18600	29904	18291	19357
31-07-2024	20062	30460	20520	21324
31-08-2024	19355	31123	20135	21005
30-09-2024	19355	31767	20148	21152
31-10-2024	19284	31533	19832	20846
30-11-2024	21264	33631	21745	23133
31-12-2024	20081	32603	19933	21223

Average Annual Total Returns Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Consultant Class	8.79	8.01	7.22
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$998
Number of Holdings	62
2024 Portfolio Turnover Rate	51%
Advisory Fees Paid in 2024 (Millions)	$9.7

2

ROYCE SMALL-CAP TOTAL RETURN FUND—CONSULTANT CLASS (RYTCX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Academy Sports & Outdoors	3.6
Kyndryl Holdings	3.4
Advance Auto Parts	3.2
Assured Guaranty	3.0
Kulicke & Soffa Industries	2.9
Barrett Business Services	2.8
International General Insurance Holdings	2.8
Hackett Group (The)	2.7
Healthcare Services Group	2.5
Air Lease Cl. A	2.4

Portfolio Sector Breakdown

 

Sector Breakdown
Financials	36.1
Industrials	18.3
Information Technology	14.6
Consumer Discretionary	9.8
Communication Services	5.9
Materials	5.6
Energy	4.2
Real Estate	1.1
Health Care	0.8
Cash And Cash Equivalents	3.6

How Has the Fund Changed?

Effective July 31, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective July 31, 2024, Miles Lewis is the Fund’s lead portfolio manager, Joseph Hintz is portfolio manager, and Jag Sriram is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information  •     Fund Holdings •     Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Consultant Class shares redeemed within 365 days of purchase may be subject to a 1% contingent deferred sales charge, payable to the Fund’s distributor, Royce Fund Services, LLC, which is not reflected in the performance shown above; if it were, performance would be lower. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED     RTR-CC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Small-Cap Total Return Fund Investment Class—RYTRX

 Investment Class

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Total Return Fund—Investment Class	$123	1.17%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Total Return Fund advanced 10.03% for the year, outperforming its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to sector allocation.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Information Technology and Industrials.

At the industry level, insurance (Financials), trading companies & distributors (Industrials), and capital markets (Financials) contributed most.

The Fund’s top contributor was International General Insurance Holdings.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The sectors making the largest detractions were Consumer Discretionary, Communication Services and Energy.

At the industry level, interactive media & services (Communication Services), specialty retail (Consumer Discretionary), and household durables (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Teradata Corporation.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP TOTAL RETURN FUND—INVESTMENT CLASS (RYTRX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

 

Investment_Value_Date	Royce Small-Cap Total Return Fund—Investment Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9613	9721	9583	9678
28-02-2015	10128	10284	10028	10252
31-03-2015	10176	10180	10198	10431
30-04-2015	10095	10226	9980	10165
31-05-2015	10142	10367	10062	10397
30-06-2015	10074	10194	10076	10475
31-07-2015	9855	10364	9798	10353
31-08-2015	9473	9738	9316	9703
30-09-2015	9111	9455	8994	9226
31-10-2015	9699	10201	9498	9746
30-11-2015	9774	10258	9768	10063
31-12-2015	9280	10047	9253	9558
31-01-2016	8891	9480	8631	8718
29-02-2016	9023	9477	8690	8717
31-03-2016	9760	10145	9410	9413
30-04-2016	9917	10208	9610	9561
31-05-2016	10018	10390	9786	9776
30-06-2016	10080	10412	9815	9770
31-07-2016	10527	10825	10345	10353
31-08-2016	10668	10852	10602	10536
30-09-2016	10672	10869	10686	10654
31-10-2016	10287	10634	10334	10147
30-11-2016	11354	11110	11706	11279
31-12-2016	11680	11327	12190	11595
31-01-2017	11731	11540	12103	11641
28-02-2017	11919	11969	12278	11865
31-03-2017	11940	11978	12174	11881
30-04-2017	12060	12105	12222	12011
31-05-2017	11692	12228	11841	11767
30-06-2017	12004	12339	12255	12173
31-07-2017	12099	12571	12333	12264
31-08-2017	11876	12596	12030	12108
30-09-2017	12714	12903	12882	12864
31-10-2017	12895	13184	12898	12973
30-11-2017	13324	13585	13272	13347
31-12-2017	13275	13721	13145	13293
31-01-2018	13509	14444	13307	13641
28-02-2018	12893	13911	12642	13112
31-03-2018	12976	13632	12798	13282
30-04-2018	12966	13684	13020	13397
31-05-2018	13319	14070	13777	14210
30-06-2018	13352	14162	13861	14312
31-07-2018	13795	14632	14106	14561
31-08-2018	14001	15146	14442	15189
30-09-2018	13725	15171	14083	14824
31-10-2018	12630	14054	12822	13214
30-11-2018	12946	14336	13029	13424
31-12-2018	11620	13001	11454	11829
31-01-2019	12697	14117	12707	13160
28-02-2019	13356	14614	13201	13844
31-03-2019	12961	14827	12820	13554
30-04-2019	13537	15419	13305	14015
31-05-2019	12552	14421	12218	12925
30-06-2019	13401	15434	12996	13838
31-07-2019	13521	15664	13017	13918
31-08-2019	13015	15345	12291	13231
30-09-2019	13432	15614	12922	13506
31-10-2019	13722	15950	13235	13862
30-11-2019	14036	16556	13545	14432
31-12-2019	14346	17034	14019	14849
31-01-2020	13978	17016	13263	14372
29-02-2020	12534	15623	11974	13162
31-03-2020	10004	13474	9020	10303
30-04-2020	11203	15259	10132	11718
31-05-2020	11493	16075	10423	12480
30-06-2020	11860	16442	10725	12921
31-07-2020	12112	17376	10946	13279
31-08-2020	12535	18635	11536	14027
30-09-2020	11892	17956	10999	13559
31-10-2020	12250	17569	11393	13843
30-11-2020	13909	19706	13592	16394
31-12-2020	14894	20593	14669	17813
31-01-2021	15070	20501	15441	18709
28-02-2021	16521	21142	16891	19875
31-03-2021	17444	21900	17774	20075
30-04-2021	18324	23029	18134	20496
31-05-2021	18452	23134	18698	20538
30-06-2021	17843	23704	18585	20936
31-07-2021	17523	24105	17919	20180
31-08-2021	17956	24792	18399	20632
30-09-2021	17531	23680	18031	20023
31-10-2021	18319	25281	18718	20875
30-11-2021	17788	24897	18079	20005
31-12-2021	18735	25877	18816	20452
31-01-2022	18009	24354	17719	18483
28-02-2022	18095	23741	18012	18681
31-03-2022	18265	24511	18365	18913
30-04-2022	17153	22311	16939	17039
31-05-2022	17538	22281	17264	17064
30-06-2022	16181	20417	15559	15661
31-07-2022	17295	22333	17065	17296
31-08-2022	16224	21499	16526	16942
30-09-2022	14548	19506	14842	15318
31-10-2022	16138	21105	16710	17005
30-11-2022	17041	22207	17221	17402
31-12-2022	16252	20907	16091	16272
31-01-2023	18060	22347	17626	17858
28-02-2023	17763	21824	17220	17557
31-03-2023	16625	22408	15985	16718
30-04-2023	16401	22647	15586	16417
31-05-2023	16128	22735	15280	16266
30-06-2023	17706	24287	16494	17588
31-07-2023	18802	25158	17738	18664
31-08-2023	18378	24672	16885	17730
30-09-2023	17781	23497	16006	16686
31-10-2023	16635	22874	15051	15548
30-11-2023	18129	25007	16406	16956
31-12-2023	20163	26334	18448	19027
31-01-2024	19564	26625	17610	18287
29-02-2024	20081	28067	18186	19321
31-03-2024	21036	28972	18983	20013
30-04-2024	19481	27697	17773	18604
31-05-2024	20545	29006	18604	19538
30-06-2024	20436	29904	18291	19357
31-07-2024	22048	30460	20520	21324
31-08-2024	21311	31123	20135	21005
30-09-2024	21312	31767	20148	21152
31-10-2024	21257	31533	19832	20846
30-11-2024	23473	33631	21745	23133
31-12-2024	22186	32603	19933	21223

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Investment Class	10.03	9.11	8.29
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$998
Number of Holdings	62
2024 Portfolio Turnover Rate	51%
Advisory Fees Paid in 2024 (Millions)	$9.7

2

ROYCE SMALL-CAP TOTAL RETURN FUND—INVESTMENT CLASS (RYTRX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Academy Sports & Outdoors	3.6
Kyndryl Holdings	3.4
Advance Auto Parts	3.2
Assured Guaranty	3.0
Kulicke & Soffa Industries	2.9
Barrett Business Services	2.8
International General Insurance Holdings	2.8
Hackett Group (The)	2.7
Healthcare Services Group	2.5
Air Lease Cl. A	2.4

Portfolio Sector Breakdown

 

Sector Breakdown
Financials	36.1
Industrials	18.3
Information Technology	14.6
Consumer Discretionary	9.8
Communication Services	5.9
Materials	5.6
Energy	4.2
Real Estate	1.1
Health Care	0.8
Cash And Cash Equivalents	3.6

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Investment Class shares of the Fund held for less than 30 days were eliminated.

Effective July 31, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective July 31, 2024, Miles Lewis is the Fund’s lead portfolio manager, Joseph Hintz is portfolio manager, and Jag Sriram is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information  •    Fund Holdings •    Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      RTR-IC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Small-Cap Total Return Fund Institutional Class—RTRIX

 Institutional Class

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Total Return Fund—Institutional Class	$112	1.07%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Total Return Fund advanced 10.19% for the year, outperforming its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to sector allocation.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Information Technology and Industrials.

At the industry level, insurance (Financials), trading companies & distributors (Industrials), and capital markets (Financials) contributed most.

The Fund’s top contributor was International General Insurance Holdings.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The sectors making the largest detractions were Consumer Discretionary, Communication Services and Energy.

At the industry level, interactive media & services (Communication Services), specialty retail (Consumer Discretionary), and household durables (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Teradata Corporation.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP TOTAL RETURN FUND—INSTITUTIONAL CLASS (RTRIX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $1,000,000

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Total Return Fund—Institutional Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	1000000	1000000	1000000	1000000
31-01-2015	961670	972168	958376	967834
28-02-2015	1012320	1028457	1002881	1025290
31-03-2015	1017838	1018002	1019803	1043152
30-04-2015	1009596	1022607	998021	1016549
31-05-2015	1015090	1036751	1006293	1039757
30-06-2015	1008185	1019406	1007608	1047543
31-07-2015	986133	1036456	979814	1035369
31-08-2015	947543	973885	931695	970305
30-09-2015	911300	945506	899443	922699
31-10-2015	970717	1020187	949802	974684
30-11-2015	978317	1025843	976803	1006389
31-12-2015	928297	1004787	925312	955859
31-01-2016	890472	948092	863150	871806
29-02-2016	903868	947786	869037	871767
31-03-2016	977269	1014516	941067	941344
30-04-2016	993070	1020804	961000	956118
31-05-2016	1003340	1039066	978617	977654
30-06-2016	1009656	1041203	981592	977038
31-07-2016	1054829	1082525	1034553	1035374
31-08-2016	1069094	1085286	1060263	1053683
30-09-2016	1069081	1086992	1068620	1065420
31-10-2016	1030957	1063475	1033497	1014770
30-11-2016	1138183	1111067	1170671	1127929
31-12-2016	1170886	1132748	1219013	1159533
31-01-2017	1176082	1154068	1210312	1164107
28-02-2017	1195135	1196990	1227823	1186572
31-03-2017	1196845	1197804	1217429	1188125
30-04-2017	1209873	1210501	1222223	1201155
31-05-2017	1172526	1222889	1184161	1176718
30-06-2017	1203816	1233925	1225587	1217396
31-07-2017	1213398	1257191	1233341	1226440
31-08-2017	1191621	1259613	1203028	1210837
30-09-2017	1275436	1290332	1288206	1286405
31-10-2017	1293768	1318490	1289897	1297370
30-11-2017	1337418	1358526	1327223	1334760
31-12-2017	1332464	1372104	1314558	1329372
31-01-2018	1356329	1444429	1330755	1364115
28-02-2018	1293684	1391188	1264220	1311294
31-03-2018	1302567	1363261	1279855	1328254
30-04-2018	1301570	1368442	1302041	1339737
31-05-2018	1337475	1407074	1377786	1421060
30-06-2018	1340871	1416276	1386130	1431243
31-07-2018	1384899	1463276	1410604	1456187
31-08-2018	1405913	1514663	1444204	1518963
30-09-2018	1378845	1517171	1408371	1482429
31-10-2018	1269381	1405457	1282273	1321413
30-11-2018	1300513	1433607	1302948	1342416
31-12-2018	1167389	1300182	1145453	1182956
31-01-2019	1275842	1411781	1270741	1316037
28-02-2019	1341644	1461433	1320133	1384455
31-03-2019	1302025	1482772	1282070	1355479
30-04-2019	1360708	1541982	1330554	1401526
31-05-2019	1260458	1442197	1221876	1292525
30-06-2019	1347491	1543493	1299698	1383877
31-07-2019	1359774	1566437	1301790	1391845
31-08-2019	1308184	1534504	1229140	1323123
30-09-2019	1350053	1561436	1292253	1350653
31-10-2019	1379643	1595049	1323555	1386224
30-11-2019	1411699	1655680	1354541	1443288
31-12-2019	1442814	1703486	1401967	1484905
31-01-2020	1405303	1701625	1326346	1437281
29-02-2020	1260620	1562307	1197461	1316288
31-03-2020	1004989	1347462	902018	1030305
30-04-2020	1126072	1525920	1013288	1171822
31-05-2020	1157015	1607524	1042370	1248078
30-06-2020	1192456	1644275	1072550	1292194
31-07-2020	1218143	1737643	1094674	1327960
31-08-2020	1261407	1863525	1153645	1402782
30-09-2020	1196232	1795672	1099963	1355924
31-10-2020	1231535	1756916	1139304	1384322
30-11-2020	1399904	1970651	1359264	1639487
31-12-2020	1498660	2059306	1466938	1781304
31-01-2021	1516637	2050147	1544115	1870943
28-02-2021	1662091	2114229	1689183	1987550
31-03-2021	1756708	2190009	1777458	2007512
30-04-2021	1843642	2302902	1813410	2049668
31-05-2021	1858404	2313415	1869841	2053893
30-06-2021	1797638	2370461	1858511	2093687
31-07-2021	1764775	2410547	1791987	2018086
31-08-2021	1809141	2479290	1839969	2063227
30-09-2021	1766418	2368050	1803108	2002393
31-10-2021	1843936	2528188	1871858	2087574
30-11-2021	1792807	2489706	1807919	2000585
31-12-2021	1886987	2587747	1881647	2045275
31-01-2022	1814664	2435494	1771939	1848369
28-02-2022	1823430	2374146	1801259	1868100
31-03-2022	1840942	2451154	1836504	1891351
30-04-2022	1728904	2231182	1693981	1703900
31-05-2022	1768447	2228190	1726492	1706475
30-06-2022	1631251	2041783	1555936	1566129
31-07-2022	1743523	2233339	1706577	1729638
31-08-2022	1635654	2149992	1652612	1694245
30-09-2022	1468956	1950625	1484206	1531876
31-10-2022	1628001	2110588	1671056	1700519
30-11-2022	1718569	2220753	1722111	1740239
31-12-2022	1639251	2090720	1609122	1627293
31-01-2023	1820257	2234714	1762676	1785899
28-02-2023	1792214	2182482	1722037	1755734
31-03-2023	1677644	2240840	1598551	1671845
30-04-2023	1654628	2264715	1558689	1641788
31-05-2023	1629054	2273526	1528029	1626622
30-06-2023	1786339	2428775	1649410	1758869
31-07-2023	1896543	2515839	1773878	1866430
31-08-2023	1855537	2467274	1688548	1773056
30-09-2023	1795277	2349747	1600603	1668672
31-10-2023	1679866	2287458	1505126	1554871
30-11-2023	1828617	2500760	1640609	1695602
31-12-2023	2034565	2633405	1844802	1902776
31-01-2024	1975552	2662590	1761003	1828771
29-02-2024	2026135	2806718	1818613	1932172
31-03-2024	2121813	2897255	1898316	2001342
30-04-2024	1967039	2769771	1777359	1860482
31-05-2024	2073974	2900634	1860481	1953818
30-06-2024	2062749	2990431	1829126	1935744
31-07-2024	2226191	3046020	2052045	2132414
31-08-2024	2152924	3112327	2013528	2100561
30-09-2024	2154566	3176709	2014813	2115241
31-10-2024	2146095	3153380	1983295	2084689
30-11-2024	2372000	3363156	2174596	2313367
31-12-2024	2241957	3260360	1993395	2122316

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Institutional Class	10.19	9.22	8.41
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$998
Number of Holdings	62
2024 Portfolio Turnover Rate	51%
Advisory Fees Paid in 2024 (Millions)	$9.7

2

ROYCE SMALL-CAP TOTAL RETURN FUND—INSTITUTIONAL CLASS (RTRIX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Academy Sports & Outdoors	3.6
Kyndryl Holdings	3.4
Advance Auto Parts	3.2
Assured Guaranty	3.0
Kulicke & Soffa Industries	2.9
Barrett Business Services	2.8
International General Insurance Holdings	2.8
Hackett Group (The)	2.7
Healthcare Services Group	2.5
Air Lease Cl. A	2.4

Portfolio Sector Breakdown

Sector Breakdown
Financials	36.1
Industrials	18.3
Information Technology	14.6
Consumer Discretionary	9.8
Communication Services	5.9
Materials	5.6
Energy	4.2
Real Estate	1.1
Health Care	0.8
Cash And Cash Equivalents	3.6

How Has the Fund Changed?

Effective July 1, 2024, Royce Investment Partners, investment adviser to the Fund, has contractually agreed, and without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the Institutional Class’s net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.02% through April 30, 2025.

Effective July 31, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective July 31, 2024, Miles Lewis is the Fund’s lead portfolio manager, Joseph Hintz is portfolio manager, and Jag Sriram is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •   Prospectus •   Financial Information  •    Fund Holdings •    Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      RTR-INC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Small-Cap Total Return Fund R Class—RTRRX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Total Return Fund—R Class	$194	1.85%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Total Return Fund advanced 9.26% for the year, outperforming its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to sector allocation.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Information Technology and Industrials.

At the industry level, insurance (Financials), trading companies & distributors (Industrials), and capital markets (Financials) contributed most.

The Fund’s top contributor was International General Insurance Holdings.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The sectors making the largest detractions were Consumer Discretionary, Communication Services and Energy.

At the industry level, interactive media & services (Communication Services), specialty retail (Consumer Discretionary), and household durables (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Teradata Corporation.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP TOTAL RETURN FUND—R CLASS (RTRRX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

 

Investment_Value_Date	Royce Small-Cap Total Return Fund—R Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9615	9721	9583	9678
28-02-2015	10119	10284	10028	10252
31-03-2015	10166	10180	10198	10431
30-04-2015	10073	10226	9980	10165
31-05-2015	10119	10367	10062	10397
30-06-2015	10046	10194	10076	10475
31-07-2015	9826	10364	9798	10353
31-08-2015	9433	9738	9316	9703
30-09-2015	9070	9455	8994	9226
31-10-2015	9650	10201	9498	9746
30-11-2015	9723	10258	9768	10063
31-12-2015	9221	10047	9253	9558
31-01-2016	8835	9480	8631	8718
29-02-2016	8956	9477	8690	8717
31-03-2016	9686	10145	9410	9413
30-04-2016	9830	10208	9610	9561
31-05-2016	9928	10390	9786	9776
30-06-2016	9981	10412	9815	9770
31-07-2016	10421	10825	10345	10353
31-08-2016	10557	10852	10602	10536
30-09-2016	10553	10869	10686	10654
31-10-2016	10174	10634	10334	10147
30-11-2016	11221	11110	11706	11279
31-12-2016	11539	11327	12190	11595
31-01-2017	11588	11540	12103	11641
28-02-2017	11768	11969	12278	11865
31-03-2017	11780	11978	12174	11881
30-04-2017	11895	12105	12222	12011
31-05-2017	11526	12228	11841	11767
30-06-2017	11817	12339	12255	12173
31-07-2017	11916	12571	12333	12264
31-08-2017	11686	12596	12030	12108
30-09-2017	12503	12903	12882	12864
31-10-2017	12675	13184	12898	12973
30-11-2017	13094	13585	13272	13347
31-12-2017	13035	13721	13145	13293
31-01-2018	13259	14444	13307	13641
28-02-2018	12644	13911	12642	13112
31-03-2018	12723	13632	12798	13282
30-04-2018	12704	13684	13020	13397
31-05-2018	13040	14070	13777	14210
30-06-2018	13072	14162	13861	14312
31-07-2018	13493	14632	14106	14561
31-08-2018	13689	15146	14442	15189
30-09-2018	13413	15171	14083	14824
31-10-2018	12336	14054	12822	13214
30-11-2018	12636	14336	13029	13424
31-12-2018	11345	13001	11454	11829
31-01-2019	12383	14117	12707	13160
28-02-2019	13015	14614	13201	13844
31-03-2019	12626	14827	12820	13554
30-04-2019	13179	15419	13305	14015
31-05-2019	12208	14421	12218	12925
30-06-2019	13033	15434	12996	13838
31-07-2019	13146	15664	13017	13918
31-08-2019	12637	15345	12291	13231
30-09-2019	13033	15614	12922	13506
31-10-2019	13316	15950	13235	13862
30-11-2019	13621	16556	13545	14432
31-12-2019	13917	17034	14019	14849
31-01-2020	13538	17016	13263	14372
29-02-2020	12143	15623	11974	13162
31-03-2020	9680	13474	9020	10303
30-04-2020	10832	15259	10132	11718
31-05-2020	11114	16075	10423	12480
30-06-2020	11456	16442	10725	12921
31-07-2020	11702	17376	10946	13279
31-08-2020	12095	18635	11536	14027
30-09-2020	11478	17956	10999	13559
31-10-2020	11811	17569	11393	13843
30-11-2020	13402	19706	13592	16394
31-12-2020	14345	20593	14669	17813
31-01-2021	14507	20501	15441	18709
28-02-2021	15889	21142	16891	19875
31-03-2021	16784	21900	17774	20075
30-04-2021	17609	23029	18134	20496
31-05-2021	17741	23134	18698	20538
30-06-2021	17138	23704	18585	20936
31-07-2021	16829	24105	17919	20180
31-08-2021	17226	24792	18399	20632
30-09-2021	16814	23680	18031	20023
31-10-2021	17551	25281	18718	20875
30-11-2021	17035	24897	18079	20005
31-12-2021	17934	25877	18816	20452
31-01-2022	17232	24354	17719	18483
28-02-2022	17291	23741	18012	18681
31-03-2022	17446	24511	18365	18913
30-04-2022	16374	22311	16939	17039
31-05-2022	16745	22281	17264	17064
30-06-2022	15419	20417	15559	15661
31-07-2022	16491	22333	17065	17296
31-08-2022	15458	21499	16526	16942
30-09-2022	13858	19506	14842	15318
31-10-2022	15361	21105	16710	17005
30-11-2022	16200	22207	17221	17402
31-12-2022	15447	20907	16091	16272
31-01-2023	17143	22347	17626	17858
28-02-2023	16875	21824	17220	17557
31-03-2023	15771	22408	15985	16718
30-04-2023	15547	22647	15586	16417
31-05-2023	15302	22735	15280	16266
30-06-2023	16765	24287	16494	17588
31-07-2023	17793	25158	17738	18664
31-08-2023	17391	24672	16885	17730
30-09-2023	16832	23497	16006	16686
31-10-2023	15736	22874	15051	15548
30-11-2023	17122	25007	16406	16956
31-12-2023	19043	26334	18448	19027
31-01-2024	18461	26625	17610	18287
29-02-2024	18922	28067	18186	19321
31-03-2024	19819	28972	18983	20013
30-04-2024	18364	27697	17773	18604
31-05-2024	19334	29006	18604	19538
30-06-2024	19213	29904	18291	19357
31-07-2024	20741	30460	20520	21324
31-08-2024	20013	31123	20135	21005
30-09-2024	20037	31767	20148	21152
31-10-2024	19940	31533	19832	20846
30-11-2024	22027	33631	21745	23133
31-12-2024	20807	32603	19933	21223

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
R Class	9.26	8.38	7.60
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$998
Number of Holdings	62
2024 Portfolio Turnover Rate	51%
Advisory Fees Paid in 2024 (Millions)	$9.7

2

ROYCE SMALL-CAP TOTAL RETURN FUND—R CLASS (RTRRX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Academy Sports & Outdoors	3.6
Kyndryl Holdings	3.4
Advance Auto Parts	3.2
Assured Guaranty	3.0
Kulicke & Soffa Industries	2.9
Barrett Business Services	2.8
International General Insurance Holdings	2.8
Hackett Group (The)	2.7
Healthcare Services Group	2.5
Air Lease Cl. A	2.4

Portfolio Sector Breakdown

 

Sector Breakdown
Financials	36.1
Industrials	18.3
Information Technology	14.6
Consumer Discretionary	9.8
Communication Services	5.9
Materials	5.6
Energy	4.2
Real Estate	1.1
Health Care	0.8
Cash And Cash Equivalents	3.6

How Has the Fund Changed?

Effective July 31, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective July 31, 2024, Miles Lewis is the Fund’s lead portfolio manager, Joseph Hintz is portfolio manager, and Jag Sriram is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •   Prospectus •   Financial Information  •   Fund Holdings •   Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      RTR-RC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Small-Cap Total Return Fund Service Class—RYTFX

 Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Total Return Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

 Service Class

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Total Return Fund—Service Class	$154	1.47%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Total Return Fund advanced 9.69% for the year, outperforming its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to sector allocation.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Information Technology and Industrials.

At the industry level, insurance (Financials), trading companies & distributors (Industrials), and capital markets (Financials) contributed most.

The Fund’s top contributor was International General Insurance Holdings.

Stock selection within Financials contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The sectors making the largest detractions were Consumer Discretionary, Communication Services and Energy.

At the industry level, interactive media & services (Communication Services), specialty retail (Consumer Discretionary), and household durables (Consumer Discretionary) were the largest detractors.

The Fund’s top detractor was Teradata Corporation.

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP TOTAL RETURN FUND—SERVICE CLASS (RYTFX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

 

Investment_Value_Date	Royce Small-Cap Total Return Fund—Service Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9612	9721	9583	9678
28-02-2015	10120	10284	10028	10252
31-03-2015	10170	10180	10198	10431
30-04-2015	10083	10226	9980	10165
31-05-2015	10130	10367	10062	10397
30-06-2015	10056	10194	10076	10475
31-07-2015	9841	10364	9798	10353
31-08-2015	9453	9738	9316	9703
30-09-2015	9087	9455	8994	9226
31-10-2015	9671	10201	9498	9746
30-11-2015	9752	10258	9768	10063
31-12-2015	9252	10047	9253	9558
31-01-2016	8863	9480	8631	8718
29-02-2016	8992	9477	8690	8717
31-03-2016	9730	10145	9410	9413
30-04-2016	9875	10208	9610	9561
31-05-2016	9974	10390	9786	9776
30-06-2016	10035	10412	9815	9770
31-07-2016	10480	10825	10345	10353
31-08-2016	10618	10852	10602	10536
30-09-2016	10614	10869	10686	10654
31-10-2016	10238	10634	10334	10147
30-11-2016	11296	11110	11706	11279
31-12-2016	11620	11327	12190	11595
31-01-2017	11662	11540	12103	11641
28-02-2017	11853	11969	12278	11865
31-03-2017	11865	11978	12174	11881
30-04-2017	11982	12105	12222	12011
31-05-2017	11616	12228	11841	11767
30-06-2017	11916	12339	12255	12173
31-07-2017	12016	12571	12333	12264
31-08-2017	11790	12596	12030	12108
30-09-2017	12613	12903	12882	12864
31-10-2017	12789	13184	12898	12973
30-11-2017	13215	13585	13272	13347
31-12-2017	13159	13721	13145	13293
31-01-2018	13396	14444	13307	13641
28-02-2018	12770	13911	12642	13112
31-03-2018	12860	13632	12798	13282
30-04-2018	12841	13684	13020	13397
31-05-2018	13192	14070	13777	14210
30-06-2018	13215	14162	13861	14312
31-07-2018	13653	14632	14106	14561
31-08-2018	13853	15146	14442	15189
30-09-2018	13581	15171	14083	14824
31-10-2018	12493	14054	12822	13214
30-11-2018	12799	14336	13029	13424
31-12-2018	11486	13001	11454	11829
31-01-2019	12546	14117	12707	13160
28-02-2019	13191	14614	13201	13844
31-03-2019	12793	14827	12820	13554
30-04-2019	13371	15419	13305	14015
31-05-2019	12389	14421	12218	12925
30-06-2019	13228	15434	12996	13838
31-07-2019	13344	15664	13017	13918
31-08-2019	12834	15345	12291	13231
30-09-2019	13251	15614	12922	13506
31-10-2019	13530	15950	13235	13862
30-11-2019	13843	16556	13545	14432
31-12-2019	14137	17034	14019	14849
31-01-2020	13774	17016	13263	14372
29-02-2020	12344	15623	11974	13162
31-03-2020	9852	13474	9020	10303
30-04-2020	11035	15259	10132	11718
31-05-2020	11324	16075	10423	12480
30-06-2020	11675	16442	10725	12921
31-07-2020	11915	17376	10946	13279
31-08-2020	12332	18635	11536	14027
30-09-2020	11697	17956	10999	13559
31-10-2020	12040	17569	11393	13843
30-11-2020	13677	19706	13592	16394
31-12-2020	14633	20593	14669	17813
31-01-2021	14816	20501	15441	18709
28-02-2021	16230	21142	16891	19875
31-03-2021	17142	21900	17774	20075
30-04-2021	17996	23029	18134	20496
31-05-2021	18118	23134	18698	20538
30-06-2021	17523	23704	18585	20936
31-07-2021	17202	24105	17919	20180
31-08-2021	17614	24792	18399	20632
30-09-2021	17202	23680	18031	20023
31-10-2021	17952	25281	18718	20875
30-11-2021	17447	24897	18079	20005
31-12-2021	18371	25877	18816	20452
31-01-2022	17663	24354	17719	18483
28-02-2022	17723	23741	18012	18681
31-03-2022	17885	24511	18365	18913
30-04-2022	16791	22311	16939	17039
31-05-2022	17176	22281	17264	17064
30-06-2022	15840	20417	15559	15661
31-07-2022	16935	22333	17065	17296
31-08-2022	15881	21499	16526	16942
30-09-2022	14234	19506	14842	15318
31-10-2022	15780	21105	16710	17005
30-11-2022	16674	22207	17221	17402
31-12-2022	15883	20907	16091	16272
31-01-2023	17635	22347	17626	17858
28-02-2023	17355	21824	17220	17557
31-03-2023	16234	22408	15985	16718
30-04-2023	16024	22647	15586	16417
31-05-2023	15766	22735	15280	16266
30-06-2023	17275	24287	16494	17588
31-07-2023	18354	25158	17738	18664
31-08-2023	17932	24672	16885	17730
30-09-2023	17369	23497	16006	16686
31-10-2023	16220	22874	15051	15548
30-11-2023	17674	25007	16406	16956
31-12-2023	19672	26334	18448	19027
31-01-2024	19084	26625	17610	18287
29-02-2024	19544	28067	18186	19321
31-03-2024	20503	28972	18983	20013
30-04-2024	18969	27697	17773	18604
31-05-2024	20017	29006	18604	19538
30-06-2024	19877	29904	18291	19357
31-07-2024	21463	30460	20520	21324
31-08-2024	20721	31123	20135	21005
30-09-2024	20734	31767	20148	21152
31-10-2024	20683	31533	19832	20846
30-11-2024	22833	33631	21745	23133
31-12-2024	21577	32603	19933	21223

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Service Class	9.69	8.82	7.99
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$998
Number of Holdings	62
2024 Portfolio Turnover Rate	51%
Advisory Fees Paid in 2024 (Millions)	$9.7

2

ROYCE SMALL-CAP TOTAL RETURN FUND—SERVICE CLASS (RYTFX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Academy Sports & Outdoors	3.6
Kyndryl Holdings	3.4
Advance Auto Parts	3.2
Assured Guaranty	3.0
Kulicke & Soffa Industries	2.9
Barrett Business Services	2.8
International General Insurance Holdings	2.8
Hackett Group (The)	2.7
Healthcare Services Group	2.5
Air Lease Cl. A	2.4

Portfolio Sector Breakdown

 

Sector Breakdown
Financials	36.1
Industrials	18.3
Information Technology	14.6
Consumer Discretionary	9.8
Communication Services	5.9
Materials	5.6
Energy	4.2
Real Estate	1.1
Health Care	0.8
Cash and Cash Equivalents	3.6

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Service Class shares of the Fund held for less than 30 days were eliminated.

Effective July 31, 2024, Charles M. Royce no longer serves as a portfolio manager of the Fund.

Effective July 31, 2024, Miles Lewis is the Fund’s lead portfolio manager, Joseph Hintz is portfolio manager, and Jag Sriram is assistant portfolio manager.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •    Prospectus •    Financial Information  •    Fund Holdings •    Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      RTR-SC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Smaller-Companies Growth Fund Investment Class—RVPHX

Annual Shareholder Report

This annual shareholder report contains important information about Royce Smaller-Companies Growth Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

This report describes changes to the Fund that occurred during the reporting period and changes that occurred on January 1, 2025.

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

 Investment Class

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Smaller-Companies Growth Fund—Investment Class	$138	1.24%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Smaller-Companies Growth Fund advanced 22.15% for the year, outperforming its benchmark, the Russell 2000 Growth Index, which was up 15.15% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Information Technology, Industrials and Health Care.

At the industry level, trading companies & distributors (Industrials), semiconductors & semiconductor equipment (Information Technology), and pharmaceuticals (Health Care) contributed most.

The Fund’s top contributor was FTAI Aviation.

Stock selection within Health Care contributed most to relative results versus the Russell 2000 Growth Index.

Top Detractors from Performance

The sectors making the largest detractions were Financials, Materials and Real Estate.

At the industry level, health care equipment & supplies (Health Care), chemicals (Materials), and machinery (Industrials) were the largest detractors.

The Fund’s top detractor was CVRx.

Stock selection within Financials detracted most from relative results versus the Russell 2000 Growth Index.

1

ROYCE SMALLER-COMPANIES GROWTH FUND—INVESTMENT CLASS (RVPHX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

 

Investment_Value_Date	Royce Smaller-Companies Growth Fund—Investment Class	Russell 3000 Index	Russell 2000 Growth Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9637	9721	9771	9678
28-02-2015	10431	10284	10474	10252
31-03-2015	10480	10180	10662	10431
30-04-2015	10341	10226	10349	10165
31-05-2015	10626	10367	10729	10397
30-06-2015	10905	10194	10873	10475
31-07-2015	11162	10364	10918	10353
31-08-2015	10334	9738	10090	9703
30-09-2015	9700	9455	9453	9226
31-10-2015	9944	10201	9989	9746
30-11-2015	10215	10258	10355	10063
31-12-2015	9840	10047	9861	9558
31-01-2016	8653	9480	8793	8718
29-02-2016	8783	9477	8731	8717
31-03-2016	9416	10145	9400	9413
30-04-2016	9511	10208	9493	9561
31-05-2016	9520	10390	9749	9776
30-06-2016	9511	10412	9704	9770
31-07-2016	9875	10825	10339	10353
31-08-2016	9987	10852	10449	10536
30-09-2016	10039	10869	10599	10654
31-10-2016	9597	10634	9940	10147
30-11-2016	10741	11110	10830	11279
31-12-2016	10792	11327	10978	11595
31-01-2017	11061	11540	11156	11641
28-02-2017	11244	11969	11429	11865
31-03-2017	11350	11978	11565	11881
30-04-2017	11494	12105	11778	12011
31-05-2017	11648	12228	11671	11767
30-06-2017	12023	12339	12072	12173
31-07-2017	12100	12571	12175	12264
31-08-2017	12081	12596	12161	12108
30-09-2017	12562	12903	12823	12864
31-10-2017	12773	13184	13022	12973
30-11-2017	12725	13585	13396	13347
31-12-2017	12756	13721	13411	13293
31-01-2018	13037	14444	13934	13641
28-02-2018	12803	13911	13537	13112
31-03-2018	12815	13632	13719	13282
30-04-2018	12826	13684	13733	13397
31-05-2018	13970	14070	14597	14210
30-06-2018	14110	14162	14712	14312
31-07-2018	14192	14632	14965	14561
31-08-2018	15266	15146	15896	15189
30-09-2018	14869	15171	15524	14824
31-10-2018	13130	14054	13560	13214
30-11-2018	12826	14336	13772	13424
31-12-2018	11489	13001	12163	11829
31-01-2019	12695	14117	13567	13160
28-02-2019	13532	14614	14443	13844
31-03-2019	13314	14827	14248	13554
30-04-2019	13850	15419	14682	14015
31-05-2019	13097	14421	13593	12925
30-06-2019	13917	15434	14640	13838
31-07-2019	14269	15664	14783	13918
31-08-2019	13365	15345	14145	13231
30-09-2019	13063	15614	14029	13506
31-10-2019	13465	15950	14428	13862
30-11-2019	13934	16556	15277	14432
31-12-2019	14237	17034	15627	14849
31-01-2020	14168	17016	15455	14372
29-02-2020	13370	15623	14339	13162
31-03-2020	10873	13474	11601	10303
30-04-2020	12781	15259	13329	11718
31-05-2020	13925	16075	14588	12480
30-06-2020	14549	16442	15149	12921
31-07-2020	15191	17376	15669	13279
31-08-2020	16509	18635	16589	14027
30-09-2020	15954	17956	16233	13559
31-10-2020	16041	17569	16357	13843
30-11-2020	18850	19706	19241	16394
31-12-2020	21300	20593	21039	17813
31-01-2021	23187	20501	22054	18709
28-02-2021	24458	21142	22782	19875
31-03-2021	23958	21900	22065	20075
30-04-2021	25075	23029	22546	20496
31-05-2021	24805	23134	21902	20538
30-06-2021	25364	23704	22929	20936
31-07-2021	24112	24105	22094	20180
31-08-2021	24343	24792	22496	20632
30-09-2021	23977	23680	21633	20023
31-10-2021	25537	25281	22646	20875
30-11-2021	23438	24897	21540	20005
31-12-2021	23023	25877	21636	20452
31-01-2022	19466	24354	18736	18483
28-02-2022	19150	23741	18818	18681
31-03-2022	19203	24511	18904	18913
30-04-2022	16147	22311	16584	17039
31-05-2022	15673	22281	16271	17064
30-06-2022	14725	20417	15264	15661
31-07-2022	16595	22333	16973	17296
31-08-2022	16780	21499	16813	16942
30-09-2022	15041	19506	15301	15318
31-10-2022	16437	21105	16753	17005
30-11-2022	16780	22207	17026	17402
31-12-2022	15638	20907	15933	16272
31-01-2023	17452	22347	17518	17858
28-02-2023	17645	21824	17328	17557
31-03-2023	17123	22408	16901	16718
30-04-2023	16490	22647	16704	16417
31-05-2023	16600	22735	16707	16266
30-06-2023	18030	24287	18093	17588
31-07-2023	18772	25158	18938	18664
31-08-2023	17645	24672	17953	17730
30-09-2023	16051	23497	16768	16686
31-10-2023	14731	22874	15475	15548
30-11-2023	16600	25007	16884	16956
31-12-2023	18304	26334	18906	19027
31-01-2024	18030	26625	18300	18287
29-02-2024	19239	28067	19786	19321
31-03-2024	20009	28972	20339	20013
30-04-2024	18854	27697	18773	18604
31-05-2024	19486	29006	19779	19538
30-06-2024	19431	29904	19746	19357
31-07-2024	20668	30460	21362	21324
31-08-2024	20751	31123	21126	21005
30-09-2024	21080	31767	21406	21152
31-10-2024	21713	31533	21122	20846
30-11-2024	24434	33631	23712	23133
31-12-2024	22359	32603	21771	21223

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Investment Class	22.15	9.45	8.38
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Growth Index	15.15	6.86	8.09
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$188
Number of Holdings	78
2024 Portfolio Turnover Rate	73%
Advisory Fees Paid in 2024 (Millions)	$1.8

2

ROYCE SMALLER-COMPANIES GROWTH FUND—INVESTMENT CLASS (RVPHX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
ACV Auctions Cl. A	2.7
Cantaloupe	2.5
Distribution Solutions Group	2.2
Semtech Corporation	2.1
Abacus Life	2.0
Freshpet	2.0
Guardian Pharmacy Services Cl. A	1.9
PAR Technology	1.9
Mirion Technologies Cl. A	1.9
Golar LNG	1.8

Portfolio Sector Breakdown

  

Sector Breakdown
Information Technology	24.3
Health Care	19.8
Industrials	17.1
Financials	12.7
Consumer Discretionary	9.2
Consumer Staples	4.6
Energy	3.5
Materials	1.9
Communication Services	1.8
Cash and Cash Equivalents	5.1

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Investment Class shares of the Fund held for less than 30 days were eliminated.

Effective January 1, 2025, Royce Investment Partners, investment adviser to the Fund, has contractually agreed, and without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the Investment Class’s net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.02% through April 30, 2025.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •  Prospectus •  Financial Information  •   Fund Holdings •   Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Growth Index consists of the growth stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      RVP-IC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Smaller-Companies Growth Fund Institutional Class—RVPIX

 Institutional Class

Annual Shareholder Report

This annual shareholder report contains important information about Royce Smaller-Companies Growth Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

This report describes changes to the Fund that occurred on January 1, 2025.

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Smaller-Companies Growth Fund—Institutional Class	$138	1.24%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Smaller-Companies Growth Fund advanced 22.09% for the year, outperforming its benchmark, the Russell 2000 Growth Index, which was up 15.15% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Information Technology, Industrials and Health Care.

At the industry level, trading companies & distributors (Industrials), semiconductors & semiconductor equipment (Information Technology), and pharmaceuticals (Health Care) contributed most.

The Fund’s top contributor was FTAI Aviation.

Stock selection within Health Care contributed most to relative results versus the Russell 2000 Growth Index.

Top Detractors from Performance

The sectors making the largest detractions were Financials, Materials and Real Estate.

At the industry level, health care equipment & supplies (Health Care), chemicals (Materials), and machinery (Industrials) were the largest detractors.

The Fund’s top detractor was CVRx.

Stock selection within Financials detracted most from relative results versus the Russell 2000 Growth Index.

1

ROYCE SMALLER-COMPANIES GROWTH FUND—INSTITUTIONAL CLASS (RVPIX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $1,000,000

Invested from 12/31/14 through 12/31/24 ($)

 

Investment_Value_Date	Royce Smaller-Companies Growth Fund—Institutional Class	Russell 3000 Index	Russell 2000 Growth Index	Russell 2000 Index
31-12-2014	1000000	1000000	1000000	1000000
31-01-2015	964038	972168	977169	967834
28-02-2015	1043568	1028457	1047492	1025290
31-03-2015	1049100	1018002	1066298	1043152
30-04-2015	1034578	1022607	1034930	1016549
31-05-2015	1063623	1036751	1072954	1039757
30-06-2015	1091286	1019406	1087377	1047543
31-07-2015	1117565	1036456	1091817	1035369
31-08-2015	1034578	973885	1009078	970305
30-09-2015	971645	945506	945348	922699
31-10-2015	995850	1020187	998971	974684
30-11-2015	1023513	1025843	1035579	1006389
31-12-2015	985533	1004787	986183	955859
31-01-2016	866204	948092	879331	871806
29-02-2016	879081	947786	873115	871767
31-03-2016	943467	1014516	940000	941344
30-04-2016	952910	1020804	949374	956118
31-05-2016	954627	1039066	974951	977654
30-06-2016	952910	1041203	970466	977038
31-07-2016	989825	1082525	1033923	1035374
31-08-2016	1000985	1085286	1044913	1053683
30-09-2016	1006136	1086992	1059958	1065420
31-10-2016	961495	1063475	994087	1014770
30-11-2016	1075673	1111067	1083027	1127929
31-12-2016	1080723	1132748	1097800	1159533
31-01-2017	1107384	1154068	1115625	1164107
28-02-2017	1125476	1196990	1142981	1186572
31-03-2017	1136902	1197804	1156519	1188125
30-04-2017	1151184	1210501	1177819	1201155
31-05-2017	1166419	1222889	1167107	1176718
30-06-2017	1204506	1233925	1207277	1217396
31-07-2017	1212124	1257191	1217553	1226440
31-08-2017	1209267	1259613	1216130	1210837
30-09-2017	1257828	1290332	1282349	1286405
31-10-2017	1279729	1318490	1302216	1297370
30-11-2017	1274015	1358526	1339603	1334760
31-12-2017	1277696	1372104	1341147	1329372
31-01-2018	1304266	1444429	1393427	1364115
28-02-2018	1282317	1391188	1353754	1311294
31-03-2018	1282317	1363261	1371984	1328254
30-04-2018	1284627	1368442	1373327	1339737
31-05-2018	1400151	1407074	1459793	1421060
30-06-2018	1412859	1416276	1471214	1431243
31-07-2018	1422101	1463276	1496507	1456187
31-08-2018	1529538	1514663	1589676	1518963
30-09-2018	1490260	1517171	1552473	1482429
31-10-2018	1316974	1405457	1356029	1321413
30-11-2018	1285782	1433607	1377241	1342416
31-12-2018	1150662	1300182	1216313	1182956
31-01-2019	1273178	1411781	1356776	1316037
28-02-2019	1357615	1461433	1444395	1384455
31-03-2019	1334436	1482772	1424848	1355479
30-04-2019	1389072	1541982	1468237	1401526
31-05-2019	1312913	1442197	1359307	1292525
30-06-2019	1395695	1543493	1464003	1383877
31-07-2019	1432119	1566437	1478312	1391845
31-08-2019	1341059	1534504	1414519	1323123
30-09-2019	1311258	1561436	1402909	1350653
31-10-2019	1350993	1595049	1442829	1386224
30-11-2019	1397350	1655680	1527752	1443288
31-12-2019	1427992	1703486	1562761	1484905
31-01-2020	1421135	1701625	1545554	1437281
29-02-2020	1342278	1562307	1433968	1316288
31-03-2020	1090280	1347462	1160116	1030305
30-04-2020	1282279	1525920	1332909	1171822
31-05-2020	1397135	1607524	1458866	1248078
30-06-2020	1460563	1644275	1514929	1292194
31-07-2020	1523992	1737643	1566989	1327960
31-08-2020	1655991	1863525	1658913	1402782
30-09-2020	1601134	1795672	1623367	1355924
31-10-2020	1609705	1756916	1635702	1384322
30-11-2020	1892561	1970651	1924133	1639487
31-12-2020	2137704	2059306	2103981	1781304
31-01-2021	2328061	2050147	2205424	1870943
28-02-2021	2453696	2114229	2278242	1987550
31-03-2021	2402300	2190009	2206555	2007512
30-04-2021	2514611	2302902	2254666	2049668
31-05-2021	2489864	2313415	2190274	2053893
30-06-2021	2545068	2370461	2292996	2093687
31-07-2021	2421336	2410547	2209482	2018086
31-08-2021	2444179	2479290	2249638	2063227
30-09-2021	2406107	2368050	2163384	2002393
31-10-2021	2562200	2528188	2264685	2087574
30-11-2021	2352807	2489706	2154079	2000585
31-12-2021	2312207	2587747	2163625	2045275
31-01-2022	1955079	2435494	1873637	1848369
28-02-2022	1923798	2374146	1881812	1868100
31-03-2022	1926405	2451154	1890415	1891351
30-04-2022	1618805	2231182	1658475	1703900
31-05-2022	1571883	2228190	1627157	1706475
30-06-2022	1478040	2041783	1526428	1566129
31-07-2022	1665727	2233339	1697331	1729638
31-08-2022	1683975	2149992	1681377	1694245
30-09-2022	1511928	1950625	1530120	1531876
31-10-2022	1650087	2110588	1675362	1700519
30-11-2022	1683975	2220753	1702641	1740239
31-12-2022	1568418	2090720	1593348	1627293
31-01-2023	1753258	2234714	1751842	1785899
28-02-2023	1772286	2182482	1732864	1755734
31-03-2023	1720639	2240840	1690107	1671845
30-04-2023	1658120	2264715	1670471	1641788
31-05-2023	1668993	2273526	1670772	1626622
30-06-2023	1810341	2428775	1809302	1758869
31-07-2023	1883733	2515839	1893893	1866430
31-08-2023	1772286	2467274	1795306	1773056
30-09-2023	1614628	2349747	1676886	1668672
31-10-2023	1481435	2287458	1547563	1554871
30-11-2023	1668993	2500760	1688450	1695602
31-12-2023	1840241	2633405	1890642	1902776
31-01-2024	1813059	2662590	1830010	1828771
29-02-2024	1932661	2806718	1978653	1932172
31-03-2024	2011490	2897255	2033987	2001342
30-04-2024	1894606	2769771	1877372	1860482
31-05-2024	1959843	2900634	1977908	1953818
30-06-2024	1951689	2990431	1974612	1935744
31-07-2024	2076727	3046020	2136256	2132414
31-08-2024	2084882	3112327	2112601	2100561
30-09-2024	2117501	3176709	2140678	2115241
31-10-2024	2182738	3153380	2112276	2084689
30-11-2024	2451843	3363156	2371273	2313367
31-12-2024	2246702	3260360	2177154	2122316

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Institutional Class	22.09	9.49	8.43
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Growth Index	15.15	6.86	8.09
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$188
Number of Holdings	78
2024 Portfolio Turnover Rate	73%
Advisory Fees Paid in 2024 (Millions)	$1.8

2

ROYCE SMALLER-COMPANIES GROWTH FUND—INSTITUTIONAL CLASS (RVPIX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
ACV Auctions Cl. A	2.7
Cantaloupe	2.5
Distribution Solutions Group	2.2
Semtech Corporation	2.1
Abacus Life	2.0
Freshpet	2.0
Guardian Pharmacy Services Cl. A	1.9
PAR Technology	1.9
Mirion Technologies Cl. A	1.9
Golar LNG	1.8

Portfolio Sector Breakdown

Sector Breakdown
Information Technology	24.3
Health Care	19.8
Industrials	17.1
Financials	12.7
Consumer Discretionary	9.2
Consumer Staples	4.6
Energy	3.5
Materials	1.9
Communication Services	1.8
Cash and Cash Equivalents	5.1

How Has the Fund Changed?

Effective January 1, 2025, Royce Investment Partners, investment adviser to the Fund, has contractually agreed, and without right of termination, to waive fees and/or reimburse expenses to the extent necessary to maintain the Institutional Class’s net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.02% through April 30, 2025.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •  Prospectus •  Financial Information  •   Fund Holdings •   Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Growth Index consists of the growth stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      RVP-INC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Smaller-Companies Growth Fund Service Class—RYVPX

 Service Class

Annual Shareholder Report

This annual shareholder report contains important information about Royce Smaller-Companies Growth Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Smaller-Companies Growth Fund—Service Class	$165	1.49%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Smaller-Companies Growth Fund advanced 21.84% for the year, outperforming its benchmark, the Russell 2000 Growth Index, which was up 15.15% for the same period.

• The Fund’s advantage over its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Information Technology, Industrials and Health Care.

At the industry level, trading companies & distributors (Industrials), semiconductors & semiconductor equipment (Information Technology), and pharmaceuticals (Health Care) contributed most.

The Fund’s top contributor was FTAI Aviation.

Stock selection within Health Care contributed most to relative results versus the Russell 2000 Growth Index.

Top Detractors from Performance

The sectors making the largest detractions were Financials, Materials and Real Estate.

At the industry level, health care equipment & supplies (Health Care), chemicals (Materials), and machinery (Industrials) were the largest detractors.

The Fund’s top detractor was CVRx.

Stock selection within Financials detracted most from relative results versus the Russell 2000 Growth Index.

1

ROYCE SMALLER-COMPANIES GROWTH FUND—SERVICE CLASS (RYVPX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Smaller-Companies Growth Fund—Service Class	Russell 3000 Index	Russell 2000 Growth Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9634	9721	9771	9678
28-02-2015	10428	10284	10474	10252
31-03-2015	10477	10180	10662	10431
30-04-2015	10330	10226	10349	10165
31-05-2015	10618	10367	10729	10397
30-06-2015	10892	10194	10873	10475
31-07-2015	11145	10364	10918	10353
31-08-2015	10316	9738	10090	9703
30-09-2015	9683	9455	9453	9226
31-10-2015	9929	10201	9989	9746
30-11-2015	10196	10258	10355	10063
31-12-2015	9818	10047	9861	9558
31-01-2016	8634	9480	8793	8718
29-02-2016	8757	9477	8731	8717
31-03-2016	9388	10145	9400	9413
30-04-2016	9476	10208	9493	9561
31-05-2016	9493	10390	9749	9776
30-06-2016	9476	10412	9704	9770
31-07-2016	9844	10825	10339	10353
31-08-2016	9949	10852	10449	10536
30-09-2016	10002	10869	10599	10654
31-10-2016	9555	10634	9940	10147
30-11-2016	10686	11110	10830	11279
31-12-2016	10738	11327	10978	11595
31-01-2017	10991	11540	11156	11641
28-02-2017	11177	11969	11429	11865
31-03-2017	11284	11978	11565	11881
30-04-2017	11420	12105	11778	12011
31-05-2017	11567	12228	11671	11767
30-06-2017	11947	12339	12072	12173
31-07-2017	12015	12571	12175	12264
31-08-2017	11986	12596	12161	12108
30-09-2017	12464	12903	12823	12864
31-10-2017	12679	13184	13022	12973
30-11-2017	12620	13585	13396	13347
31-12-2017	12650	13721	13411	13293
31-01-2018	12922	14444	13934	13641
28-02-2018	12697	13911	13537	13112
31-03-2018	12697	13632	13719	13282
30-04-2018	12709	13684	13733	13397
31-05-2018	13833	14070	14597	14210
30-06-2018	13963	14162	14712	14312
31-07-2018	14046	14632	14965	14561
31-08-2018	15111	15146	15896	15189
30-09-2018	14709	15171	15524	14824
31-10-2018	12993	14054	13560	13214
30-11-2018	12685	14336	13772	13424
31-12-2018	11356	13001	12163	11829
31-01-2019	12562	14117	13567	13160
28-02-2019	13376	14614	14443	13844
31-03-2019	13156	14827	14248	13554
30-04-2019	13682	15419	14682	14015
31-05-2019	12935	14421	13593	12925
30-06-2019	13750	15434	14640	13838
31-07-2019	14089	15664	14783	13918
31-08-2019	13207	15345	14145	13231
30-09-2019	12901	15614	14029	13506
31-10-2019	13291	15950	14428	13862
30-11-2019	13750	16556	15277	14432
31-12-2019	14044	17034	15627	14849
31-01-2020	13974	17016	15455	14372
29-02-2020	13183	15623	14339	13162
31-03-2020	10704	13474	11601	10303
30-04-2020	12585	15259	13329	11718
31-05-2020	13710	16075	14588	12480
30-06-2020	14343	16442	15149	12921
31-07-2020	14976	17376	15669	13279
31-08-2020	16259	18635	16589	14027
30-09-2020	15714	17956	16233	13559
31-10-2020	15802	17569	16357	13843
30-11-2020	18562	19706	19241	16394
31-12-2020	20963	20593	21039	17813
31-01-2021	22817	20501	22054	18709
28-02-2021	24047	21142	22782	19875
31-03-2021	23559	21900	22065	20075
30-04-2021	24652	23029	22546	20496
31-05-2021	24379	23134	21902	20538
30-06-2021	24925	23704	22929	20936
31-07-2021	23695	24105	22094	20180
31-08-2021	23910	24792	22496	20632
30-09-2021	23539	23680	21633	20023
31-10-2021	25062	25281	22646	20875
30-11-2021	23012	24897	21540	20005
31-12-2021	22593	25877	21636	20452
31-01-2022	19091	24354	18736	18483
28-02-2022	18796	23741	18818	18681
31-03-2022	18823	24511	18904	18913
30-04-2022	15828	22311	16584	17039
31-05-2022	15347	22281	16271	17064
30-06-2022	14411	20417	15264	15661
31-07-2022	16256	22333	16973	17296
31-08-2022	16443	21499	16813	16942
30-09-2022	14732	19506	15301	15318
31-10-2022	16096	21105	16753	17005
30-11-2022	16417	22207	17026	17402
31-12-2022	15280	20907	15933	16272
31-01-2023	17065	22347	17518	17858
28-02-2023	17260	21824	17328	17557
31-03-2023	16730	22408	16901	16718
30-04-2023	16117	22647	16704	16417
31-05-2023	16228	22735	16707	16266
30-06-2023	17622	24287	18093	17588
31-07-2023	18347	25158	18938	18664
31-08-2023	17232	24672	17953	17730
30-09-2023	15698	23497	16768	16686
31-10-2023	14388	22874	15475	15548
30-11-2023	16200	25007	16884	16956
31-12-2023	17873	26334	18906	19027
31-01-2024	17622	26625	18300	18287
29-02-2024	18766	28067	19786	19321
31-03-2024	19519	28972	20339	20013
30-04-2024	18403	27697	18773	18604
31-05-2024	19017	29006	19779	19538
30-06-2024	18961	29904	19746	19357
31-07-2024	20160	30460	21362	21324
31-08-2024	20244	31123	21126	21005
30-09-2024	20550	31767	21406	21152
31-10-2024	21164	31533	21122	20846
30-11-2024	23785	33631	23712	23133
31-12-2024	21778	32603	21771	21223

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Service Class	21.84	9.17	8.09
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Growth Index	15.15	6.86	8.09
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$188
Number of Holdings	78
2024 Portfolio Turnover Rate	73%
Advisory Fees Paid in 2024 (Millions)	$1.8

2

ROYCE SMALLER-COMPANIES GROWTH FUND—SERVICE CLASS (RYVPX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
ACV Auctions Cl. A	2.7
Cantaloupe	2.5
Distribution Solutions Group	2.2
Semtech Corporation	2.1
Abacus Life	2.0
Freshpet	2.0
Guardian Pharmacy Services Cl. A	1.9
PAR Technology	1.9
Mirion Technologies Cl. A	1.9
Golar LNG	1.8

Portfolio Sector Breakdown

 

Sector Breakdown
Information Technology	24.3
Health Care	19.8
Industrials	17.1
Financials	12.7
Consumer Discretionary	9.2
Consumer Staples	4.6
Energy	3.5
Materials	1.9
Communication Services	1.8
Cash and Cash Equivalents	5.1

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Service Class shares of the Fund held for less than 30 days were eliminated.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •  Prospectus •  Financial Information  •   Fund Holdings •   Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Growth Index consists of the growth stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      RVP-SC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Small-Cap Value Fund Investment Class—RVVHX

 Investment Class

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Value Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Value Fund—Investment Class	$126	1.24%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Value Fund advanced 3.44% for the year, lagging its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Industrials and Information Technology.

At the industry level, banks (Financials), electronic equipment, instruments & components (Information Technology), and professional services (Industrials) contributed most.

The Fund’s top contributor was Flex.

Stock selection in Financials contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The sectors making the largest detractions were Consumer Discretionary, Communication Services and Materials.

At the industry level, hotels, restaurants & leisure (Consumer Discretionary), communications equipment (Information Technology), and marine transportation (Industrials) were the largest detractors.

The Fund’s top detractor was Bloomin’ Brands.

An overweight in Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP VALUE FUND—INVESTMENT CLASS (RVVHX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

 

Investment_Value_Date	Royce Small-Cap Value Fund—Investment Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9441	9721	9583	9678
28-02-2015	10135	10284	10028	10252
31-03-2015	10338	10180	10198	10431
30-04-2015	10279	10226	9980	10165
31-05-2015	10118	10367	10062	10397
30-06-2015	10118	10194	10076	10475
31-07-2015	9796	10364	9798	10353
31-08-2015	9483	9738	9316	9703
30-09-2015	9017	9455	8994	9226
31-10-2015	9339	10201	9498	9746
30-11-2015	9305	10258	9768	10063
31-12-2015	8875	10047	9253	9558
31-01-2016	8621	9480	8631	8718
29-02-2016	8977	9477	8690	8717
31-03-2016	9708	10145	9410	9413
30-04-2016	9433	10208	9610	9561
31-05-2016	9180	10390	9786	9776
30-06-2016	9169	10412	9815	9770
31-07-2016	9657	10825	10345	10353
31-08-2016	9738	10852	10602	10536
30-09-2016	9576	10869	10686	10654
31-10-2016	9210	10634	10334	10147
30-11-2016	10276	11110	11706	11279
31-12-2016	10771	11327	12190	11595
31-01-2017	10524	11540	12103	11641
28-02-2017	10589	11969	12278	11865
31-03-2017	10610	11978	12174	11881
30-04-2017	10514	12105	12222	12011
31-05-2017	10030	12228	11841	11767
30-06-2017	10320	12339	12255	12173
31-07-2017	10159	12571	12333	12264
31-08-2017	9987	12596	12030	12108
30-09-2017	10857	12903	12882	12864
31-10-2017	10900	13184	12898	12973
30-11-2017	11459	13585	13272	13347
31-12-2017	11363	13721	13145	13293
31-01-2018	11408	14444	13307	13641
28-02-2018	11016	13911	12642	13112
31-03-2018	11318	13632	12798	13282
30-04-2018	11262	13684	13020	13397
31-05-2018	12079	14070	13777	14210
30-06-2018	12179	14162	13861	14312
31-07-2018	12504	14632	14106	14561
31-08-2018	12951	15146	14442	15189
30-09-2018	12291	15171	14083	14824
31-10-2018	11385	14054	12822	13214
30-11-2018	11710	14336	13029	13424
31-12-2018	10562	13001	11454	11829
31-01-2019	11713	14117	12707	13160
28-02-2019	12269	14614	13201	13844
31-03-2019	11599	14827	12820	13554
30-04-2019	12219	15419	13305	14015
31-05-2019	10650	14421	12218	12925
30-06-2019	11523	15434	12996	13838
31-07-2019	11713	15664	13017	13918
31-08-2019	11093	15345	12291	13231
30-09-2019	11738	15614	12922	13506
31-10-2019	11903	15950	13235	13862
30-11-2019	12206	16556	13545	14432
31-12-2019	12527	17034	14019	14849
31-01-2020	11728	17016	13263	14372
29-02-2020	10184	15623	11974	13162
31-03-2020	7579	13474	9020	10303
30-04-2020	8416	15259	10132	11718
31-05-2020	8770	16075	10423	12480
30-06-2020	9019	16442	10725	12921
31-07-2020	9032	17376	10946	13279
31-08-2020	9634	18635	11536	14027
30-09-2020	9254	17956	10999	13559
31-10-2020	9516	17569	11393	13843
30-11-2020	11047	19706	13592	16394
31-12-2020	11744	20593	14669	17813
31-01-2021	12003	20501	15441	18709
28-02-2021	13258	21142	16891	19875
31-03-2021	14186	21900	17774	20075
30-04-2021	14718	23029	18134	20496
31-05-2021	14881	23134	18698	20538
30-06-2021	14472	23704	18585	20936
31-07-2021	14254	24105	17919	20180
31-08-2021	14540	24792	18399	20632
30-09-2021	13940	23680	18031	20023
31-10-2021	14404	25281	18718	20875
30-11-2021	14240	24897	18079	20005
31-12-2021	15089	25877	18816	20452
31-01-2022	14033	24354	17719	18483
28-02-2022	13903	23741	18012	18681
31-03-2022	13700	24511	18365	18913
30-04-2022	12919	22311	16939	17039
31-05-2022	13324	22281	17264	17064
30-06-2022	12196	20417	15559	15661
31-07-2022	13585	22333	17065	17296
31-08-2022	13295	21499	16526	16942
30-09-2022	12051	19506	14842	15318
31-10-2022	13570	21105	16710	17005
30-11-2022	14583	22207	17221	17402
31-12-2022	13600	20907	16091	16272
31-01-2023	14753	22347	17626	17858
28-02-2023	14630	21824	17220	17557
31-03-2023	14030	22408	15985	16718
30-04-2023	13416	22647	15586	16417
31-05-2023	13339	22735	15280	16266
30-06-2023	14783	24287	16494	17588
31-07-2023	15567	25158	17738	18664
31-08-2023	15367	24672	16885	17730
30-09-2023	14829	23497	16006	16686
31-10-2023	14338	22874	15051	15548
30-11-2023	15352	25007	16406	16956
31-12-2023	17206	26334	18448	19027
31-01-2024	16522	26625	17610	18287
29-02-2024	17023	28067	18186	19321
31-03-2024	17824	28972	18983	20013
30-04-2024	16672	27697	17773	18604
31-05-2024	17356	29006	18604	19538
30-06-2024	16705	29904	18291	19357
31-07-2024	18808	30460	20520	21324
31-08-2024	18157	31123	20135	21005
30-09-2024	18157	31767	20148	21152
31-10-2024	17673	31533	19832	20846
30-11-2024	19175	33631	21745	23133
31-12-2024	17797	32603	19933	21223

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Investment Class	3.44	7.28	5.93
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$109
Number of Holdings	81
2024 Portfolio Turnover Rate	43%
Advisory Fees Paid in 2024 (Millions)	$1.2

2

ROYCE SMALL-CAP VALUE FUND—INVESTMENT CLASS (RVVHX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Sanmina Corporation	1.9
Flex	1.9
Village Super Market Cl. A	1.9
Tiptree	1.9
Buckle (The)	1.9
Allison Transmission Holdings	1.9
IBEX	1.8
Jabil	1.7
Lear Corporation	1.7
Diebold Nixdorf	1.7

Portfolio Sector Breakdown

Sector Breakdown
Consumer Discretionary	24.6
Financials	20.8
Industrials	19.1
Information Technology	13.6
Energy	10.3
Health Care	6.4
Consumer Staples	1.9
Communication Services	1.7
Real Estate	0.8
Cash and Cash Equivalents	0.8

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Investment Class shares of the Fund held for less than 30 days were eliminated.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •  Prospectus •  Financial Information  •   Fund Holdings •   Proxy Voting Information 

Householding

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Certain immaterial adjustments were made to the net assets of Royce Small- Cap Value Fund at 12/31/23 for financial reporting purposes, and as a result the calendar year total returns based on those net asset values differ from the adjusted net asset values and calendar year total returns reported in the Financial Highlights. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      RVV-IC-ATSR-1224 3

The Royce Funds	December 31, 2024
Royce Small-Cap Value Fund Service Class—RYVFX

 Service Class

Annual Shareholder Report

This annual shareholder report contains important information about Royce Small-Cap Value Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

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

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

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Small-Cap Value Fund—Service Class	$151	1.49%

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

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

• Royce Small-Cap Value Fund advanced 3.25% for the year, lagging its benchmark, the Russell 2000 Value Index, which was up 8.05% for the same period.

• The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

Top Contributors to Performance

The sectors making the largest positive contributions were Financials, Industrials and Information Technology.

At the industry level, banks (Financials), electronic equipment, instruments & components (Information Technology), and professional services (Industrials) contributed most.

The Fund’s top contributor was Flex.

Stock selection in Financials contributed most to relative results versus the Russell 2000 Value Index.

Top Detractors from Performance

The sectors making the largest detractions were Consumer Discretionary, Communication Services and Materials.

At the industry level, hotels, restaurants & leisure (Consumer Discretionary), communications equipment (Information Technology), and marine transportation (Industrials) were the largest detractors.

The Fund’s top detractor was Bloomin’ Brands.

An overweight in Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

1

ROYCE SMALL-CAP VALUE FUND—SERVICE CLASS (RYVFX) Annual Shareholder Report—December 31, 2024

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Cumulative Performance: Value of $10,000

Invested from 12/31/14 through 12/31/24 ($)

Investment_Value_Date	Royce Small-Cap Value Fund—Service Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2014	10000	10000	10000	10000
31-01-2015	9438	9721	9583	9678
28-02-2015	10127	10284	10028	10252
31-03-2015	10331	10180	10198	10431
30-04-2015	10272	10226	9980	10165
31-05-2015	10102	10367	10062	10397
30-06-2015	10102	10194	10076	10475
31-07-2015	9778	10364	9798	10353
31-08-2015	9464	9738	9316	9703
30-09-2015	8996	9455	8994	9226
31-10-2015	9319	10201	9498	9746
30-11-2015	9285	10258	9768	10063
31-12-2015	8849	10047	9253	9558
31-01-2016	8595	9480	8631	8718
29-02-2016	8951	9477	8690	8717
31-03-2016	9673	10145	9410	9413
30-04-2016	9398	10208	9610	9561
31-05-2016	9154	10390	9786	9776
30-06-2016	9144	10412	9815	9770
31-07-2016	9612	10825	10345	10353
31-08-2016	9693	10852	10602	10536
30-09-2016	9530	10869	10686	10654
31-10-2016	9164	10634	10334	10147
30-11-2016	10222	11110	11706	11279
31-12-2016	10712	11327	12190	11595
31-01-2017	10476	11540	12103	11641
28-02-2017	10530	11969	12278	11865
31-03-2017	10551	11978	12174	11881
30-04-2017	10444	12105	12222	12011
31-05-2017	9961	12228	11841	11767
30-06-2017	10262	12339	12255	12173
31-07-2017	10090	12571	12333	12264
31-08-2017	9918	12596	12030	12108
30-09-2017	10788	12903	12882	12864
31-10-2017	10820	13184	12898	12973
30-11-2017	11378	13585	13272	13347
31-12-2017	11277	13721	13145	13293
31-01-2018	11321	14444	13307	13641
28-02-2018	10931	13911	12642	13112
31-03-2018	11221	13632	12798	13282
30-04-2018	11165	13684	13020	13397
31-05-2018	11979	14070	13777	14210
30-06-2018	12079	14162	13861	14312
31-07-2018	12391	14632	14106	14561
31-08-2018	12837	15146	14442	15189
30-09-2018	12168	15171	14083	14824
31-10-2018	11277	14054	12822	13214
30-11-2018	11589	14336	13029	13424
31-12-2018	10468	13001	11454	11829
31-01-2019	11599	14117	12707	13160
28-02-2019	12139	14614	13201	13844
31-03-2019	11473	14827	12820	13554
30-04-2019	12089	15419	13305	14015
31-05-2019	10530	14421	12218	12925
30-06-2019	11398	15434	12996	13838
31-07-2019	11574	15664	13017	13918
31-08-2019	10958	15345	12291	13231
30-09-2019	11599	15614	12922	13506
31-10-2019	11762	15950	13235	13862
30-11-2019	12051	16556	13545	14432
31-12-2019	12374	17034	14019	14849
31-01-2020	11583	17016	13263	14372
29-02-2020	10065	15623	11974	13162
31-03-2020	7484	13474	9020	10303
30-04-2020	8314	15259	10132	11718
31-05-2020	8652	16075	10423	12480
30-06-2020	8898	16442	10725	12921
31-07-2020	8911	17376	10946	13279
31-08-2020	9508	18635	11536	14027
30-09-2020	9119	17956	10999	13559
31-10-2020	9378	17569	11393	13843
30-11-2020	10883	19706	13592	16394
31-12-2020	11574	20593	14669	17813
31-01-2021	11830	20501	15441	18709
28-02-2021	13057	21142	16891	19875
31-03-2021	13975	21900	17774	20075
30-04-2021	14501	23029	18134	20496
31-05-2021	14663	23134	18698	20538
30-06-2021	14244	23704	18585	20936
31-07-2021	14029	24105	17919	20180
31-08-2021	14312	24792	18399	20632
30-09-2021	13718	23680	18031	20023
31-10-2021	14163	25281	18718	20875
30-11-2021	14002	24897	18079	20005
31-12-2021	14842	25877	18816	20452
31-01-2022	13798	24354	17719	18483
28-02-2022	13655	23741	18012	18681
31-03-2022	13455	24511	18365	18913
30-04-2022	12683	22311	16939	17039
31-05-2022	13083	22281	17264	17064
30-06-2022	11968	20417	15559	15661
31-07-2022	13326	22333	17065	17296
31-08-2022	13040	21499	16526	16942
30-09-2022	11825	19506	14842	15318
31-10-2022	13312	21105	16710	17005
30-11-2022	14299	22207	17221	17402
31-12-2022	13349	20907	16091	16272
31-01-2023	14455	22347	17626	17858
28-02-2023	14334	21824	17220	17557
31-03-2023	13743	22408	15985	16718
30-04-2023	13137	22647	15586	16417
31-05-2023	13061	22735	15280	16266
30-06-2023	14471	24287	16494	17588
31-07-2023	15243	25158	17738	18664
31-08-2023	15031	24672	16885	17730
30-09-2023	14516	23497	16006	16686
31-10-2023	14031	22874	15051	15548
30-11-2023	15016	25007	16406	16956
31-12-2023	16831	26334	18448	19027
31-01-2024	16158	26625	17610	18287
29-02-2024	16634	28067	18186	19321
31-03-2024	17423	28972	18983	20013
30-04-2024	16290	27697	17773	18604
31-05-2024	16963	29006	18604	19538
30-06-2024	16322	29904	18291	19357
31-07-2024	18375	30460	20520	21324
31-08-2024	17735	31123	20135	21005
30-09-2024	17735	31767	20148	21152
31-10-2024	17258	31533	19832	20846
30-11-2024	18720	33631	21745	23133
31-12-2024	17378	32603	19933	21223

Average Annual Total Returns
Through 12/31/24 (%)
	1-YR	5-YR	10-YR
Service Class	3.25	7.03	5.68
Russell 3000 Index	23.81	13.86	12.55
Russell 2000 Value Index	8.05	7.29	7.14
Russell 2000 Index	11.54	7.40	7.82

Fund performance figures reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Visit www.royceinvest.com/funds for more recent performance information

Key Fund Statistics

As of/through 12/31/24

Net Assets (Millions)	$109
Number of Holdings	81
2024 Portfolio Turnover Rate	43%
Advisory Fees Paid in 2024 (Millions)	$1.2

2

ROYCE SMALL-CAP VALUE FUND—SERVICE CLASS (RYVFX) Annual Shareholder Report—December 31, 2024

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/24 (%)

Top 10 Positions
Sanmina Corporation	1.9
Flex	1.9
Village Super Market Cl. A	1.9
Tiptree	1.9
Buckle (The)	1.9
Allison Transmission Holdings	1.9
IBEX	1.8
Jabil	1.7
Lear Corporation	1.7
Diebold Nixdorf	1.7

Portfolio Sector Breakdown

 

Portfolio Sector Breakdown
Consumer Discretionary	24.6
Financials	20.8
Industrials	19.1
Information Technology	13.6
Energy	10.3
Heath Care	6.4
Consumer Staples	1.9
Communication Services	1.7
Real Estate	0.8
Cash and Cash Equivalents	0.8

How Has the Fund Changed?

Effective May 1, 2024, the early redemption fees imposed on sales of Service Class shares of the Fund held for less than 30 days were eliminated.

This is a summary of certain changes to the Fund since January 1, 2024. For more complete information, you may review the Fund’s current prospectus and any applicable supplements, and the Fund’s next prospectus, which we expect to be available by May 1, 2025, at www.royceinvest.com/literature or upon request at 1-800-221-4268.

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

  •  Prospectus •  Financial Information  •   Fund Holdings •   Proxy Voting Information 

Householding 

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

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. Certain immaterial adjustments were made to the net assets of Royce Small- Cap Value Fund at 12/31/23 for financial reporting purposes, and as a result the calendar year total returns based on those net asset values differ from the adjusted net asset values and calendar year total returns reported in the Financial Highlights. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED      RVV-SC-ATSR-1224 3

Item 2. Code(s) of Ethics.

As of the end of the period covered by this report, the Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the Registrant did not: (i) amend any provision of its code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions or (ii) grant any waiver, including an implicit waiver, from a provision of such code of ethics to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

(a)(1) The Board of Trustees of the Registrant has determined that it has an audit committee financial expert serving on its Audit Committee.

(a)(2) Patricia W. Chadwick and Julia W. Poston were designated by the Board of Trustees as the Registrant’s Audit Committee Financial Experts, effective April 8, 2010, and July 13, 2023, respectively. Ms. Chadwick and Ms. Poston are “independent” as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the “1940 Act”).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees:

Year ended December 31, 2024 - $297,151

Year ended December 31, 2023 - $312,006

(b) Audit-Related Fees:

Year ended December 31, 2024 - $0

Year ended December 31, 2023 - $0

(c) Tax Fees:

Year ended December 31, 2024 - $135,259 – Preparation of tax returns and excise tax review

Year ended December 31, 2023 - $131,320 – Preparation of tax returns and excise tax review

(d) All Other Fees:

Year ended December 31, 2024 - $0

Year ended December 31, 2023 - $0

(e)(1) Annual Pre-Approval: On an annual basis, the Registrant’s independent auditor submits to the Audit Committee a schedule of proposed audit, audit-related, tax and other non-audit services to be rendered to the Registrant and/or its investment adviser and its affiliates for the following year that require pre-approval by the Audit Committee. This schedule provides a description of each type of service that is expected to require pre-approval and the maximum fees that can be paid for each such service without further Audit Committee approval. The Audit Committee then reviews and determines whether to approve the types of scheduled services and the projected fees associated with them. Any subsequent revision to already pre-approved services or fees are presented for consideration at the next regularly scheduled Audit Committee meeting, as needed.

If subsequent to the annual pre-approval of services and fees by the Audit Committee, the Registrant and/or its investment adviser and its affiliates determines that it would like to engage the Registrant’s independent auditor to perform a service not already pre-approved, the request is to be submitted to the Registrant’s Chief Financial Officer, and if he or she determines that the service fits within the independence guidelines (i.e., it is not a prohibited service), he or she will then arrange for a discussion of the proposed service and fee to be included on the agenda for the next regularly scheduled Audit Committee meeting so that pre-approval can be considered.

Interim Pre-Approval: If, in the judgment of the Registrant's Chief Financial Officer, a proposed engagement needs to commence before the next regularly scheduled Audit Committee meeting, he or she shall submit a written summary of the proposed engagement to all members of the Audit Committee, outlining the services, the estimated maximum cost, the category of the services (e.g., audit, audit-related, tax or other) and the rationale for engaging the Registrant’s independent auditor to perform the services. To the extent the proposed engagement involves audit, audit-related or tax services, any individual member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement. To the extent the proposed engagement involves non-audit services other than audit-related or tax, only the Chairman of the Audit Committee is authorized to pre-approve the engagement. The Registrant’s Chief Financial Officer will arrange for this interim review and coordinate with the appropriate member(s) of the Audit Committee. The Registrant’s independent auditor may not commence the engagement under consideration until the Registrant’s Chief Financial Officer has informed the auditor in writing that the required pre-approval has been obtained from an individual member of the Audit Committee who is an independent Board member or the Chairman of the Audit Committee, as applicable. Each member of the Audit Committee who pre-approves any engagements in between regularly scheduled Audit Committee meetings is to report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regularly scheduled meeting.

(e)(2) Not Applicable

(f) Not Applicable

(g) Non-Audit Fees:

Year ended December 31, 2024 - $135,259

Year ended December 31, 2023 - $131,320

(h) No such services were rendered during 2024 or 2023.

(i) Not Applicable

(j) Not Applicable

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

Item 6. Investments.

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

(b) Not Applicable.

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

The Royce Funds

Financial Statements and

Other Important Information

Annual—December 31, 2024

Royce Dividend Value Fund

Royce International Premier Fund

Royce Micro-Cap Fund 

Royce Premier Fund

Royce Small-Cap Fund 

Royce Small-Cap Opportunity Fund

Royce Small-Cap Special Equity Fund

Royce Small-Cap Total Return Fund

Royce Small-Cap Value Fund 

Royce Smaller-Companies Growth Fund

Schedules of Investments

Royce Dividend Value Fund
Common Stocks – 86.8%
	SHARES		VALUE
CONSUMER DISCRETIONARY – 12.1%
HOUSEHOLD DURABLES - 2.5%
Vistry Group 1,2		77,500	$	552,958
Worthington Enterprises		30,000		1,203,300
				1,756,258
SPECIALTY RETAIL - 9.6%
† Academy Sports & Outdoors		47,023		2,705,233
† Advance Auto Parts		59,214		2,800,230
† Bath & Body Works		32,918		1,276,231
				6,781,694
Total (Cost $6,885,472)				8,537,952
ENERGY – 3.8%
ENERGY EQUIPMENT & SERVICES - 2.8%
† Cactus Cl. A		11,085		646,920
Pason Systems		143,625		1,359,864
				2,006,784
OIL, GAS & CONSUMABLE FUELS - 1.0%
Gaztransport Et Technigaz 1		5,104		680,009
Total (Cost $2,490,294)				2,686,793
FINANCIALS – 29.5%
BANKS - 10.9%
BOK Financial		15,414		1,640,820
First Citizens BancShares Cl. A		731		1,544,618
† German American Bancorp		32,347		1,300,996
†Home BancShares		47,709		1,350,165
† Seacoast Banking Corporation of Florida		33,246		915,262
†TowneBank		25,990		885,220
				7,637,081
CAPITAL MARKETS - 9.1%
† GCM Grosvenor Cl. A		90,893		1,115,257
† Marex Group		39,105		1,218,903
Moelis & Company Cl. A		9,961		735,919
SEI Investments		31,299		2,581,541
Sprott		17,590		741,192
				6,392,812
FINANCIAL SERVICES - 1.4%
†Merchants Bancorp		27,659		1,008,724
INSURANCE - 8.1%
Assured Guaranty		25,814		2,323,518
† Axis Capital Holdings		22,586		2,001,571
† RenaissanceRe Holdings		5,629		1,400,552
				5,725,641
Total (Cost $15,382,538)				20,764,258
HEALTH CARE – 2.4%
HEALTH CARE PROVIDERS & SERVICES - 1.4%
Ensign Group (The)		7,439		988,346
PHARMACEUTICALS - 1.0%
Recordati Industria Chimica e Farmaceutica 1		13,552		709,984
Total (Cost $436,826)				1,698,330
INDUSTRIALS – 17.0%
BUILDING PRODUCTS - 1.8%
UFP Industries		11,350		1,278,577
MACHINERY - 3.1%
Lincoln Electric Holdings		2,255		422,745
Spirax Group 1		4,485		382,716
† Timken Company (The)		19,696		1,405,703
				2,211,164
PROFESSIONAL SERVICES - 2.4%
KBR		19,005		1,100,960
Korn Ferry		8,723		588,366
				1,689,326
TRADING COMPANIES & DISTRIBUTORS - 9.7%
†AerCap Holdings		15,575		1,490,527
Applied Industrial Technologies		6,813		1,631,509
FTAI Aviation		13,795		1,987,032
MSC Industrial Direct Cl. A		22,482		1,679,181
				6,788,249
Total (Cost $8,090,428)				11,967,316
INFORMATION TECHNOLOGY – 11.8%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.8%
†Coherent Corp. 2		9,658		914,903
†Vontier Corporation		48,660		1,774,630
				2,689,533
IT SERVICES - 3.4%
†Kyndryl Holdings 2		68,765		2,379,269
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
†Kulicke & Soffa Industries		38,882		1,814,234
SOFTWARE - 2.0%
†Sapiens International		53,274		1,431,472
Total (Cost $7,963,221)				8,314,508
MATERIALS – 9.7%
CHEMICALS - 4.1%
†Element Solutions		52,611		1,337,898
Quaker Houghton		10,916		1,536,536
				2,874,434
CONTAINERS & PACKAGING - 4.2%
AptarGroup		12,238		1,922,590
†Silgan Holdings		20,214		1,052,139
				2,974,729
METALS & MINING - 1.4%
Reliance		3,509		944,833
Total (Cost $4,255,843)				6,793,996
REAL ESTATE – 0.5%
SPECIALIZED REITS - 0.5%
OUTFRONT Media		18,261		323,950
Total (Cost $301,098)				323,950
TOTAL COMMON STOCKS
(Cost $45,805,720)				61,087,103
INVESTMENTS AT VALUE
(Cost $45,805,720)				61,087,103

See Notes to Financial Statements 1

December 31, 2024

Royce Dividend Value Fund (continued)
	VALUE
REPURCHASE AGREEMENT– 13.2%
Fixed Income Clearing Corporation, 3.75% dated 12/31/24, due 1/2/25, maturity value $9,265,997 (collateralized by obligations of U.S. Government Agencies, 3.625% due 3/31/30, valued at $9,449,517)
(Cost $9,264,067)	$	9,264,067
TOTAL INVESTMENTS – 100.0%
(Cost $55,069,787)		70,351,170
LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)%		(15,172)
NET ASSETS – 100.0%	$	70,335,998

Royce International Premier Fund
Common Stocks – 98.2%
	SHARES		VALUE
AUSTRALIA – 6.4%
Hansen Technologies 1		1,034,923	$	3,422,197
IPH 1		1,063,434		3,304,277
†Johns Lyng Group 1		2,006,793		4,642,512
Total (Cost $12,724,286)				11,368,986
BELGIUM – 1.7%
Azelis Group 1		151,983		2,980,300
Total (Cost $3,342,996)				2,980,300
BRAZIL – 2.5%
Odontoprev 1		1,725,903		3,034,350
TOTVS 1		331,910		1,429,345
Total (Cost $4,663,189)				4,463,695
CANADA – 2.3%
Enghouse Systems		166,840		3,144,246
Open Text		32,519		920,291
Total (Cost $4,484,602)				4,064,537
FINLAND – 2.0%
Enento Group 1		193,481		3,503,304
Total (Cost $4,322,144)				3,503,304
FRANCE – 6.5%
Antin Infrastructure Partners 1		351,533		4,020,384
Gaztransport Et Technigaz 1		13,028		1,735,727
Lectra 1		124,757		3,339,592
Robertet 1		2,849		2,496,305
Total (Cost $13,807,543)				11,592,008
GERMANY – 2.8%
†CTS Eventim AG & Co. 1		34,651		2,929,478
†Schott Pharma AG & Co 1		83,215		2,169,461
Total (Cost $5,611,125)				5,098,939
ISRAEL – 2.2%
†Nice ADR 2		23,612		4,010,262
Total (Cost $4,770,988)				4,010,262
ITALY – 6.0%
Carel Industries 1		176,974		3,391,438
DiaSorin 1		38,976		4,017,759
GVS 1,2		650,160		3,292,461
Total (Cost $9,984,301)				10,701,658
JAPAN – 23.8%
As One 1		217,100		3,628,038
BML 1		219,400		4,036,686
†Dexerials 1		141,300		2,173,829
†Hirose Electric 1		33,000		3,886,619
JCU 1		160,100		3,868,313
Maruwa 1		15,500		4,676,137
OBIC Business Consultants 1		79,400		3,473,602
Riken Keiki 1		167,000		4,040,285
TKC Corporation 1		150,200		3,611,261
USS 1		433,900		3,797,282
Zuken 1		202,500		5,292,939
Total (Cost $35,878,885)				42,484,991
JERSEY – 2.5%
JTC 1		364,279		4,482,837
Total (Cost $2,977,846)				4,482,837

See Notes to Financial Statements 2

Schedules of Investments

Royce International Premier Fund (continued)
	SHARES		VALUE
NETHERLANDS – 1.7%
IMCD 1	20,690	$	3,064,157
Total (Cost $1,310,300)			3,064,157
POLAND – 2.0%
Asseco Poland 1	155,162		3,612,893
Total (Cost $2,325,582)			3,612,893
SINGAPORE – 1.9%
XP Power 1,2	203,576		3,313,647
Total (Cost $2,563,524)			3,313,647
SOUTH KOREA – 3.3%
NICE Information Service 1	724,047		5,988,221
Total (Cost $12,566,704)			5,988,221
SWEDEN – 7.0%
Karnov Group 1,2	492,609		3,666,745
Norva24 Group 1,2	1,411,484		3,371,053
†Sdiptech 1,2	69,496		1,493,356
†Vitec Software Group Cl. B 1	82,486		4,053,320
Total (Cost $12,659,561)			12,584,474
SWITZERLAND – 4.7%
Kardex Holding 1	10,360		3,087,710
Partners Group Holding 1	1,479		2,007,539
†Tecan Group 1	6,176		1,373,802
VZ Holding 1	12,770		2,026,825
Total (Cost $3,733,471)			8,495,876
UNITED KINGDOM – 18.9%
†Ashtead Technology Holdings 1	587,717		4,109,952
Auction Technology Group 1,2	408,684		2,798,541
CVS Group 1	355,189		3,727,745
Diploma 1	56,057		2,981,567
DiscoverIE Group 1	584,203		5,231,200
†Halma 1	88,237		2,953,544
Intertek Group 1	68,785		4,070,236
Marlowe 1	897,552		3,637,992
Restore 1	633,807		1,914,811
Rightmove 1	305,909		2,449,240
Total (Cost $32,785,098)			33,874,828
TOTAL COMMON STOCKS
(Cost $170,512,145)			175,685,613
PREFERRED STOCK – 2.0%
GERMANY – 2.0%
FUCHS1	79,898		3,447,492
(Cost $2,806,761)			3,447,492
INVESTMENTS AT VALUE
(Cost $173,318,906)			179,133,105
TOTAL INVESTMENTS – 100.2%
(Cost $173,318,906)			179,133,105
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%			(269,607)
NET ASSETS – 100.0%		$	178,863,498

Royce Micro-Cap Fund
Common Stocks – 98.8%
	SHARES		VALUE
COMMUNICATION SERVICES – 5.4%
ENTERTAINMENT - 1.3%
IMAX Corporation 2	152,027	$	3,891,891
INTERACTIVE MEDIA & SERVICES - 1.9%
DHI Group 2	329,005		582,339
QuinStreet 2	169,282		3,905,336
†Vimeo 2	238,635		1,527,264
			6,014,939
MEDIA - 2.2%
Innovid Corp. 2	754,199		2,330,475
Magnite 2	209,167		3,329,939
Thryv Holdings 2	73,007		1,080,503
			6,740,917
Total (Cost $9,063,275)			16,647,747
CONSUMER DISCRETIONARY – 12.2%
AUTOMOBILE COMPONENTS - 1.1%
Modine Manufacturing 2	20,182		2,339,699
Stoneridge 2	177,482		1,112,812
			3,452,511
DIVERSIFIED CONSUMER SERVICES - 1.9%
†Legacy Education 2	268,676		2,235,384
Lincoln Educational Services 2	219,238		3,468,345
			5,703,729
HOTELS, RESTAURANTS & LEISURE - 1.5%
Century Casinos 2	430,485		1,394,772
Lindblad Expeditions Holdings 2	267,119		3,168,031
			4,562,803
HOUSEHOLD DURABLES - 1.6%
Hovnanian Enterprises Cl. A 2	16,813		2,249,916
Legacy Housing 2	111,224		2,745,008
			4,994,924
LEISURE PRODUCTS - 1.9%
American Outdoor Brands 2	282,224		4,301,094
MasterCraft Boat Holdings 2	85,300		1,626,671
			5,927,765
SPECIALTY RETAIL - 3.7%
Beyond 2	166,747		822,063
Citi Trends 2	127,661		3,351,101
OneWater Marine Cl. A 2	101,548		1,764,904
†RealReal 2,3	56,867		621,556
Shoe Carnival	80,536		2,664,131
Zumiez 2	104,551		2,004,243
			11,227,998
TEXTILES, APPAREL & LUXURY GOODS - 0.5%
†Lakeland Industries	13,442		343,443
Vera Bradley 2	293,415		1,153,121
			1,496,564
Total (Cost $29,019,974)			37,366,294
CONSUMER STAPLES – 0.9%
FOOD PRODUCTS - 0.9%
Seneca Foods Cl. A 2	36,345		2,880,705
Total (Cost $1,995,697)			2,880,705
ENERGY – 4.3%
ENERGY EQUIPMENT & SERVICES - 4.0%
Natural Gas Services Group 2	168,244		4,508,939
NPK International 2	504,400		3,868,748
Profire Energy 2	565,035		1,435,189

See Notes to Financial Statements 3

December 31, 2024

Royce Micro-Cap Fund (continued)
	SHARES		VALUE
ENERGY (continued)
ENERGY EQUIPMENT & SERVICES (continued)
Ranger Energy Services Cl. A	153,277	$	2,372,728
			12,185,604
OIL, GAS & CONSUMABLE FUELS - 0.3%
SandRidge Energy	86,645		1,014,613
Total (Cost $5,689,147)			13,200,217
FINANCIALS – 14.1%
BANKS - 8.4%
BayCom Corp.	148,162		3,976,668
Customers Bancorp 2	46,866		2,281,437
†First Foundation	96,675		600,352
HarborOne Bancorp	246,253		2,913,173
HBT Financial	145,748		3,191,881
HomeTrust Bancshares	104,424		3,517,000
Investar Holding	154,733		3,397,937
Midway Investments 2,4	1,858,170		0
Stellar Bancorp	95,377		2,703,938
Western New England Bancorp	351,938		3,237,830
			25,820,216
CAPITAL MARKETS - 4.2%
Canaccord Genuity Group	400,517		2,816,951
† Oppenheimer Holdings Cl. A	11,368		728,575
Silvercrest Asset Management Group Cl. A	161,773		2,975,006
Sprott	69,380		2,923,473
StoneX Group 2	34,975		3,426,501
			12,870,506
CONSUMER FINANCE - 0.4%
EZCORP Cl. A 2	98,302		1,201,250
FINANCIAL SERVICES - 1.1%
Cass Information Systems	58,216		2,381,617
†Repay Holdings Cl. A 2	126,353		964,073
			3,345,690
Total (Cost $32,144,800)			43,237,662
HEALTH CARE – 9.7%
BIOTECHNOLOGY - 2.7%
ARS Pharmaceuticals 2,3	203,124		2,142,958
CareDx 2	120,744		2,585,129
Dynavax Technologies 2	185,200		2,365,004
MeiraGTx Holdings 2	177,675		1,082,041
			8,175,132
HEALTH CARE EQUIPMENT & SUPPLIES - 3.0%
Apyx Medical 2	591,628		934,772
Artivion 2	133,097		3,805,243
†Establishment Labs Holdings 2,3	29,947		1,379,659
Profound Medical 2	233,460		1,754,056
†Zynex 2	148,916		1,192,817
			9,066,547
HEALTH CARE PROVIDERS & SERVICES - 1.0%
†AMN Healthcare Services 2,3	54,689		1,308,161
Cross Country Healthcare 2	106,138		1,927,466
			3,235,627
LIFE SCIENCES TOOLS & SERVICES - 2.3%
BioLife Solutions 2	105,408		2,736,392
Harvard Bioscience 2	647,017		1,365,206
Mesa Laboratories	22,621		2,983,031
			7,084,629
PHARMACEUTICALS - 0.7%
Harrow 2	65,740		2,205,577
Total (Cost $25,758,333)			29,767,512
INDUSTRIALS – 24.0%
AEROSPACE & DEFENSE - 1.8%
Astronics Corporation 2	122,500		1,955,100
CPI Aerostructures 2	343,190		1,389,920
†Park Aerospace	153,862		2,254,078
			5,599,098
AIR FREIGHT & LOGISTICS - 0.1%
Radiant Logistics 2	40,368		270,466
BUILDING PRODUCTS - 0.9%
Quanex Building Products	111,694		2,707,463
COMMERCIAL SERVICES & SUPPLIES - 3.6%
Acme United	75,030		2,800,870
CECO Environmental 2	125,970		3,808,073
Montrose Environmental Group 2	75,583		1,402,065
VSE Corporation	30,880		2,936,688
			10,947,696
CONSTRUCTION & ENGINEERING - 2.9%
†Bowman Consulting Group 2	35,484		885,326
Concrete Pumping Holdings 2	276,163		1,839,246
IES Holdings 2	12,398		2,491,502
Northwest Pipe 2	73,381		3,541,367
			8,757,441
ELECTRICAL EQUIPMENT - 0.9%
American Superconductor 2	109,435		2,695,384
GROUND TRANSPORTATION - 0.8%
Covenant Logistics Group Cl. A	42,786		2,332,265
MACHINERY - 5.5%
Alimak Group 1	189,390		2,008,206
Commercial Vehicle Group 2	239,625		594,270
Graham Corporation 2	101,043		4,493,382
Luxfer Holdings	199,887		2,616,521
Porvair 1	307,406		2,730,475
Shyft Group (The)	187,523		2,201,520
Wabash National	130,000		2,226,900
			16,871,274
MARINE TRANSPORTATION - 1.1%
Clarkson 1	68,832		3,401,295
PROFESSIONAL SERVICES - 4.1%
†Asure Software 2	52,380		492,896
CRA International	13,845		2,591,784
Forrester Research 2	120,867		1,893,986
Kforce	39,732		2,252,804
NV5 Global 2	93,600		1,763,424
Resources Connection	217,997		1,859,514
TrueBlue 2	185,410		1,557,444
†TTEC Holdings 2	54,503		271,970
			12,683,822
TRADING COMPANIES & DISTRIBUTORS - 2.3%
†Alta Equipment Group	80,051		523,534
Distribution Solutions Group 2	89,443		3,076,839
†EVI Industries	7,755		126,794
†Titan Machinery 2	22,869		323,139
Transcat 2	30,014		3,173,680
			7,223,986
Total (Cost $52,359,466)			73,490,190

See Notes to Financial Statements 4

Schedules of Investments

Royce Micro-Cap Fund (continued)

	SHARES		VALUE
INFORMATION TECHNOLOGY – 24.6%
COMMUNICATIONS EQUIPMENT - 4.0%
†ADTRAN Holdings 2		43,222	$	360,039
Applied Optoelectronics 2,3		88,608		3,266,091
Clearfield 2		72,448		2,245,888
Digi International 2		96,232		2,909,093
Genasys 2		359,243		934,032
Harmonic 2		195,900		2,591,757
				12,306,900
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 9.6%
Arlo Technologies 2		253,837		2,840,436
†Bel Fuse Cl. B		39,667		3,271,337
†Climb Global Solutions		17,086		2,165,651
FARO Technologies 2		153,192		3,884,949
LightPath Technologies Cl. A 2		852,684		3,009,975
Luna Innovations 2		445,804		962,937
nLIGHT 2		272,597		2,859,543
PAR Technology 2		48,245		3,505,964
Powerfleet 2		528,458		3,519,530
Richardson Electronics		93,882		1,317,164
Vishay Precision Group 2		86,274		2,024,851
				29,362,337
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.9%
Aehr Test Systems 2,3		119,656		1,989,879
Amtech Systems 2		262,759		1,432,037
AXT 2		18,626		40,418
Camtek		21,936		1,771,771
Cohu 2		82,400		2,200,080
Ichor Holdings 2		85,900		2,767,698
inTEST Corporation 2		220,595		1,894,911
Kopin Corporation 2		1,439,111		1,957,191
Nova 2		15,448		3,042,484
NVE Corporation		34,143		2,780,264
PDF Solutions 2		68,600		1,857,688
Photronics 2		118,704		2,796,666
Ultra Clean Holdings 2		73,682		2,648,868
				27,179,955
SOFTWARE - 0.9%
Agilysys 2		21,973		2,894,064
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.2%
AstroNova 2		160,266		1,924,795
Intevac 2		484,396		1,646,946
				3,571,741
Total (Cost $50,419,755)				75,314,997
MATERIALS – 3.0%
CHEMICALS - 0.9%
Aspen Aerogels 2		80,578		957,267
Core Molding Technologies 2		99,634		1,647,946
†Mativ Holdings		18,116		197,464
				2,802,677
METALS & MINING - 2.1%
Altius Minerals		106,161		1,965,985
Ferroglobe		412,754		1,568,465
Major Drilling Group International 2		484,100		2,764,939
				6,299,389
Total (Cost $8,483,207)				9,102,066
REAL ESTATE – 0.6%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6%
FRP Holdings 2		54,421		1,666,915
Total (Cost $418,184)				1,666,915
TOTAL COMMON STOCKS
(Cost $215,351,838)				302,674,305
COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.0%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.35%)
(Cost $3,002,890)		3,002,890		3,002,890
INVESTMENTS AT VALUE
(Cost $218,354,728)				305,677,195
REPURCHASE AGREEMENT– 1.4%
Fixed Income Clearing Corporation, 3.75% dated 12/31/24, due 1/2/25, maturity value $4,148,435 (collateralized by obligations of U.S. Government Agencies, 3.625% due 3/31/30, valued at $4,230,634)
(Cost $4,147,571)				4,147,571
TOTAL INVESTMENTS – 101.2%
(Cost $222,502,299)				309,824,766
LIABILITIES LESS CASH AND OTHER ASSETS – (1.2)%				(3,568,331)
NET ASSETS – 100.0%			$	306,256,435

See Notes to Financial Statements 5

December 31, 2024

Royce Premier Fund 

Common Stocks – 96.7%

	SHARES		VALUE
CONSUMER DISCRETIONARY – 11.2%
AUTOMOBILE COMPONENTS - 3.8%
Dorman Products 2		199,725	$	25,874,374
LCI Industries		215,892		22,321,074
				48,195,448
DISTRIBUTORS - 1.3%
Pool Corporation		50,355		17,168,034
HOUSEHOLD DURABLES - 1.2%
Installed Building Products		88,338		15,481,234
LEISURE PRODUCTS - 1.3%
Brunswick Corporation		257,380		16,647,338
SPECIALTY RETAIL - 1.6%
Valvoline 2		559,000		20,224,620
TEXTILES, APPAREL & LUXURY GOODS - 2.0%
Ralph Lauren Cl. A		111,224		25,690,520
Total (Cost $90,640,422)				143,407,194
CONSUMER STAPLES – 2.2%
PERSONAL CARE PRODUCTS - 2.2%
Interparfums		212,411		27,934,171
Total (Cost $12,131,180)				27,934,171
FINANCIALS – 10.1%
CAPITAL MARKETS - 10.1%
Lazard		436,344		22,462,989
Morningstar		95,137		32,038,336
SEI Investments		510,286		42,088,389
TMX Group		1,093,437		33,682,835
Total (Cost $55,990,473)				130,272,549
HEALTH CARE – 6.7%
HEALTH CARE EQUIPMENT & SUPPLIES - 4.7%
Enovis Corporation 2		698,271		30,640,131
Haemonetics Corporation 2		377,447		29,471,062
				60,111,193
LIFE SCIENCES TOOLS & SERVICES - 2.0%
Bio-Techne		367,740		26,488,312
Total (Cost $73,937,114)				86,599,505
INDUSTRIALS – 35.1%
AEROSPACE & DEFENSE - 1.5%
Woodward		114,643		19,078,888
BUILDING PRODUCTS - 2.6%
Simpson Manufacturing		116,500		19,319,195
UFP Industries		124,060		13,975,359
				33,294,554
COMMERCIAL SERVICES & SUPPLIES - 3.2%
Brady Corporation Cl. A		125,718		9,284,274
RB Global		352,599		31,807,956
				41,092,230
CONSTRUCTION & ENGINEERING - 5.1%
Arcosa		409,294		39,595,102
Valmont Industries		84,575		25,936,615
				65,531,717
GROUND TRANSPORTATION - 2.1%
Landstar System		151,790		26,086,629
MACHINERY - 17.1%
Enpro		89,617		15,454,451
ESAB Corporation		275,455		33,038,073
ESCO Technologies		268,028		35,704,010
JBT Marel		292,457		37,171,285
Kadant		94,313		32,537,042
Lincoln Electric Holdings		115,151		21,587,358
Lindsay Corporation		160,595		18,999,994
RBC Bearings 2		84,972		25,418,524
				219,910,737
PROFESSIONAL SERVICES - 2.1%
†Exponent		92,567		8,247,720
Forrester Research 2		472,006		7,396,334
Korn Ferry		170,843		11,523,360
				27,167,414
TRADING COMPANIES & DISTRIBUTORS - 1.4%
Air Lease Cl. A		374,479		18,053,633
Total (Cost $191,996,266)				450,215,802
INFORMATION TECHNOLOGY – 12.4%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.5%
Cognex Corporation		546,349		19,592,075
Littelfuse		108,674		25,609,028
Rogers Corporation 2		124,914		12,692,512
				57,893,615
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.9%
†Axcelis Technologies 2		117,452		8,206,371
Cirrus Logic 2		291,027		28,980,469
FormFactor 2		568,213		25,001,372
MKS Instruments		372,870		38,923,899
				101,112,111
Total (Cost $118,455,208)				159,005,726
MATERIALS – 10.2%
CHEMICALS - 5.3%
Innospec		335,937		36,973,227
Quaker Houghton		221,045		31,114,294
				68,087,521
METALS & MINING - 2.2%
Reliance		105,001		28,272,569
PAPER & FOREST PRODUCTS - 2.7%
Stella-Jones		693,582		34,349,788
Total (Cost $79,779,730)				130,709,878
REAL ESTATE – 8.8%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 8.8%
Colliers International Group		249,606		33,938,928
FirstService Corporation		212,408		38,450,096
Kennedy-Wilson Holdings		2,432,354		24,299,216
Marcus & Millichap		439,331		16,808,804
Total (Cost $107,256,776)				113,497,044
TOTAL COMMON STOCKS
(Cost $730,187,169)				1,241,641,869
INVESTMENTS AT VALUE
(Cost $730,187,169)				1,241,641,869

See Notes to Financial Statements 6

Schedules of Investments

Royce Premier Fund (continued)

	VALUE
REPURCHASE AGREEMENT – 2.0%
Fixed Income Clearing Corporation, 3.75% dated 12/31/24, due 1/2/25, maturity value $25,644,452 (collateralized by obligations of U.S. Government Agencies, 3.625% due 3/31/30, valued at $26,151,928)
(Cost $25,639,111)	$	25,639,111
TOTAL INVESTMENTS – 98.7%
(Cost $755,826,280)		1,267,280,980
CASH AND OTHER ASSETS LESS LIABILITIES – 1.3%		16,940,877
NET ASSETS – 100.0%	$	1,284,221,857

Royce Small-Cap Fund

Common Stocks — 96.7% 

	SHARES		VALUE
COMMUNICATION SERVICES – 2.4%
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.3%
Cogent Communications Holdings		15,707	$	1,210,538
IDT Corporation Cl. B		74,257		3,528,693
				4,739,231
ENTERTAINMENT - 0.7%
IMAX Corporation 2		512,346		13,116,058
INTERACTIVE MEDIA & SERVICES - 1.2%
QuinStreet 2		77,243		1,781,996
Shutterstock		130,691		3,966,472
Ziff Davis 2		325,065		17,664,032
				23,412,500
MEDIA - 0.2%
TEGNA		245,697		4,493,798
Total (Cost $46,495,327)				45,761,587
CONSUMER DISCRETIONARY – 9.0%
AUTOMOBILE COMPONENTS - 2.8%
Dorman Products 2		128,393		16,633,313
†Garrett Motion 2		192,310		1,736,559
Gentex Corporation		146,510		4,209,232
LCI Industries		88,460		9,145,879
†Lear Corporation		40,565		3,841,506
Modine Manufacturing 2		71,875		8,332,469
Stoneridge 2		57,057		357,747
Visteon Corporation 2		87,812		7,790,681
				52,047,386
BROADLINE RETAIL - 0.1%
Etsy 2		32,679		1,728,392
DISTRIBUTORS - 0.1%
LKQ Corporation		5,779		212,378
Pool Corporation		2,993		1,020,434
				1,232,812
DIVERSIFIED CONSUMER SERVICES - 0.2%
†frontdoor 2		57,162		3,125,047
HOTELS, RESTAURANTS & LEISURE - 0.2%
Bloomin’ Brands		310,911		3,796,223
HOUSEHOLD DURABLES - 1.6%
Champion Homes 2		34,658		3,053,370
Ethan Allen Interiors		130,514		3,668,748
Installed Building Products		11,332		1,985,933
Legacy Housing 2		97,929		2,416,888
M/I Homes 2		65,995		8,774,035
†Meritage Homes		23,597		3,629,691
PulteGroup		29,650		3,228,885
†Tri Pointe Homes 2		100,662		3,650,004
				30,407,554
LEISURE PRODUCTS - 0.5%
Brunswick Corporation		56,481		3,653,191
YETI Holdings 2		125,368		4,827,922
				8,481,113
SPECIALTY RETAIL - 3.4%
Academy Sports & Outdoors		209,823		12,071,117
Advance Auto Parts		212,012		10,026,047
Asbury Automotive Group 2		46,247		11,239,408
Caleres		158,211		3,664,167
Murphy USA		13,589		6,818,281
OneWater Marine Cl. A 2		247,148		4,295,432
Shoe Carnival		167,294		5,534,086
Signet Jewelers		45,225		3,650,110
Valvoline 2		168,865		6,109,536

See Notes to Financial Statements 7

December 31, 2024

Royce Small-Cap Fund (continued)

	SHARES		VALUE
CONSUMER DISCRETIONARY (continued)
SPECIALTY RETAIL (continued)
Williams-Sonoma		5,093	$	943,122
				64,351,306
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
Kontoor Brands		31,003		2,647,966
Total (Cost $128,416,105)				167,817,799
CONSUMER STAPLES – 0.9%
BEVERAGES - 0.2%
†Primo Brands Cl. A		110,074		3,386,977
PERSONAL CARE PRODUCTS - 0.7%
Interparfums		100,931		13,273,436
Total (Cost $7,660,155)				16,660,413
ENERGY – 2.3%
ENERGY EQUIPMENT & SERVICES - 1.1%
Core Laboratories		138,090		2,390,338
Helmerich & Payne		109,035		3,491,301
Pason Systems		1,321,710		12,514,155
†Weatherford International		27,876		1,996,758
				20,392,552
OIL, GAS & CONSUMABLE FUELS - 1.2%
Chord Energy		32,515		3,801,654
Civitas Resources		84,002		3,853,172
†Crescent Energy Cl. A		272,182		3,976,579
Matador Resources		74,004		4,163,465
Northern Oil & Gas		2,385		88,627
SM Energy		97,757		3,789,061
†Teekay Tankers Cl. A		96,276		3,830,822
				23,503,380
Total (Cost $40,822,475)				43,895,932
FINANCIALS – 19.0%
BANKS - 5.1%
†Banc of California		227,398		3,515,573
Bank of N.T. Butterfield & Son		190,500		6,962,775
BankUnited		138,629		5,291,469
BOK Financial		40,738		4,336,560
CNB Financial		148,037		3,680,200
†Coastal Financial 2		13,042		1,107,396
First Citizens BancShares Cl. A		7,024		14,841,852
†First Financial Bankshares		27,843		1,003,740
First Hawaiian		252,895		6,562,625
German American Bancorp		30,101		1,210,662
Hingham Institution for Savings		17,659		4,487,858
Home BancShares		199,123		5,635,181
Independent Bank Group		31,045		1,883,500
†Northeast Bank		11,613		1,065,261
†OceanFirst Financial		47,400		857,940
Origin Bancorp		238,691		7,946,023
Popular		189,632		17,836,786
Timberland Bancorp		74,199		2,263,812
TrustCo Bank Corp NY		111,741		3,722,093
Western Alliance Bancorp		2,842		237,421
				94,448,727
CAPITAL MARKETS - 7.5%
Artisan Partners Asset Management Cl. A		355,810		15,317,620
Evercore Cl. A		31,148		8,633,914
GCM Grosvenor Cl. A		865,058		10,614,262
Houlihan Lokey Cl. A		19,904		3,456,529

Lazard	90,146	4,640,716
†Marex Group	311,035	9,694,961
Morningstar	40,116	13,509,464
Onex Corporation	162,537	12,695,853
Perella Weinberg Partners Cl. A	161,157	3,841,983
SEI Investments	318,732	26,289,015
Silvercrest Asset Management Group Cl. A	18,508	340,362
Sprott	244,764	10,313,650
TMX Group	449,739	13,854,007
Tradeweb Markets Cl. A	44,391	5,811,670
†Victory Capital Holdings	24,793	1,622,950
		140,636,956
CONSUMER FINANCE - 0.5%
Bread Financial Holdings	29,435	1,797,301
FirstCash Holdings	53,260	5,517,736
PRA Group 2	111,744	2,334,332
		9,649,369
FINANCIAL SERVICES - 0.6%
Compass Diversified Holdings	99,808	2,303,569
International Money Express 2	208,477	4,342,576
†Merchants Bancorp	109,573	3,996,127
Repay Holdings Cl. A 2	60,000	457,800
WEX 2	4,500	788,940
		11,889,012
INSURANCE - 5.3%
AMERISAFE	37,612	1,938,522
Assured Guaranty	298,454	26,863,845
Axis Capital Holdings	53,827	4,770,149
Berkley (W.R.)	152,028	8,896,679
E-L Financial	23,618	21,770,392
International General Insurance Holdings	497,915	11,830,460
RenaissanceRe Holdings	29,413	7,318,249
RLI Corp.	37,898	6,246,727
†Skyward Specialty Insurance Group 2	31,772	1,605,757
Tiptree	176,036	3,672,111
White Mountains Insurance Group	1,973	3,837,603
		98,750,494
Total (Cost $226,117,936)		355,374,558
HEALTH CARE – 7.6%
BIOTECHNOLOGY - 1.3%
†ADMA Biologics 2	195,376	3,350,699
†ARS Pharmaceuticals 2,3	54,768	577,802
†BridgeBio Pharma 2,3	67,359	1,848,331
CareDx 2	34,191	732,029
Catalyst Pharmaceuticals 2	471,936	9,849,304
Halozyme Therapeutics 2	67,289	3,217,087
†Insmed 2	41,965	2,897,264
†Viking Therapeutics 2,3	34,995	1,408,199
		23,880,715
HEALTH CARE EQUIPMENT & SUPPLIES - 3.4%
Alphatec Holdings 2	148,613	1,364,267
AtriCure 2	24,482	748,170
Enovis Corporation 2,3	489,732	21,489,440
†Envista Holdings 2	135,524	2,614,258
Haemonetics Corporation 2	321,467	25,100,144
Lantheus Holdings 2	17,293	1,547,032
Surmodics 2	42,305	1,675,278

See Notes to Financial Statements 8

Schedules of Investments

Royce Small-Cap Fund (continued)

	SHARES		VALUE
HEALTH CARE (continued)
HEALTH CARE EQUIPMENT & SUPPLIES (continued)
TransMedics Group 2,3		141,198	$	8,803,695
				63,342,284
HEALTH CARE PROVIDERS & SERVICES - 0.6%
Molina Healthcare 2		13,824		4,023,475
†PACS Group 2		151,746		1,989,390
Patterson Companies		145,397		4,486,951
†Surgery Partners 2		11,310		239,433
				10,739,249
LIFE SCIENCES TOOLS & SERVICES - 2.0%
Azenta 2		124,239		6,211,950
BioLife Solutions 2		107,699		2,795,866
Bio-Techne		131,642		9,482,173
Harvard Bioscience 2		163,620		345,238
Maravai LifeSciences Holdings Cl. A 2		285,370		1,555,267
Mesa Laboratories		97,059		12,799,170
Stevanato Group		223,568		4,871,547
				38,061,211
PHARMACEUTICALS - 0.3%
Collegium Pharmaceutical 2		125,927		3,607,809
SIGA Technologies		402,039		2,416,254
				6,024,063
Total (Cost $130,832,088)				142,047,522
INDUSTRIALS – 27.1%
AEROSPACE & DEFENSE - 1.2%
HEICO Corporation		51,618		12,271,663
Kratos Defense & Security Solutions 2		124,699		3,289,560
Leonardo DRS 2		191,135		6,175,572
				21,736,795
AIR FREIGHT & LOGISTICS - 0.4%
Hub Group Cl. A		190,212		8,475,847
BUILDING PRODUCTS - 2.3%
Builders FirstSource 2		93,221		13,324,078
Carlisle Companies		5,488		2,024,194
CSW Industrials		2,219		782,863
Janus International Group 2		401,330		2,949,775
†MasterBrand 2		256,622		3,749,247
Quanex Building Products		178,130		4,317,871
Simpson Manufacturing		46,435		7,700,316
UFP Industries		73,064		8,230,660
				43,079,004
COMMERCIAL SERVICES & SUPPLIES - 1.0%
Brady Corporation Cl. A		71,967		5,314,763
Healthcare Services Group 2		592,864		6,886,115
Montrose Environmental Group 2		31,199		578,742
RB Global		31,619		2,852,350
UniFirst Corporation		8,330		1,425,180
†Vestis Corporation		153,922		2,345,771
				19,402,921
CONSTRUCTION & ENGINEERING - 3.7%
Arcosa		384,270		37,174,280
Construction Partners Cl. A 2		133,067		11,771,107
EMCOR Group		1,390		630,921
IES Holdings 2		1,943		390,465
†Limbach Holdings 2		27,837		2,381,177
Northwest Pipe 2		36,303		1,751,983
Sterling Infrastructure 2		13,636		2,296,984
Valmont Industries		39,484		12,108,558
				68,505,475

ELECTRICAL EQUIPMENT - 1.5%
American Superconductor 2	93,326	2,298,619
Atkore	58,923	4,917,124
†Nextracker Cl. A 2	86,884	3,173,873
Preformed Line Products	101,976	13,031,513
Vertiv Holdings Cl. A	39,362	4,471,917
		27,893,046
GROUND TRANSPORTATION - 0.9%
ArcBest Corporation	36,172	3,375,571
Landstar System	78,255	13,448,904
Schneider National Cl. B	22,007	644,365
		17,468,840
MACHINERY - 7.9%
Allison Transmission Holdings	45,697	4,938,018
Atmus Filtration Technologies	268,963	10,537,971
Enpro	84,225	14,524,601
ESAB Corporation	156,474	18,767,492
ESCO Technologies	66,273	8,828,226
Graham Corporation 2	91,849	4,084,525
Helios Technologies	55,536	2,479,127
JBT Marel	131,437	16,705,643
Kadant	40,274	13,894,127
Lincoln Electric Holdings	55,685	10,439,267
Lindsay Corporation	63,420	7,503,220
Miller Industries	218,263	14,265,670
Mueller Industries	5,000	396,800
RBC Bearings 2	37,430	11,196,810
†Terex Corporation	80,782	3,733,744
Timken Company (The)	65,136	4,648,756
		146,943,997
MARINE TRANSPORTATION - 0.9%
Clarkson 1	30,004	1,482,631
Genco Shipping & Trading	262,543	3,659,850
Kirby Corporation 2	114,605	12,125,209
		17,267,690
PROFESSIONAL SERVICES - 2.7%
Barrett Business Services	28,800	1,251,072
CBIZ 2	92,951	7,606,180
Dun & Bradstreet Holdings	361,633	4,505,947
Exponent	27,422	2,443,300
Forrester Research 2	501,532	7,859,007
IBEX 2	232,517	4,996,790
KBR	238,957	13,842,779
Korn Ferry	106,062	7,153,882
NV5 Global 2	43,480	819,163
		50,478,120
TRADING COMPANIES & DISTRIBUTORS - 4.6%
Air Lease Cl. A	595,785	28,722,795
Applied Industrial Technologies	52,021	12,457,469
Distribution Solutions Group 2	108,002	3,715,269
EVI Industries	342,790	5,604,616
FTAI Aviation	17,906	2,579,180
MSC Industrial Direct Cl. A	61,079	4,561,990
Richelieu Hardware	292,057	7,932,036
Transcat 2	165,043	17,451,647
WESCO International	13,087	2,368,224
		85,393,226
Total (Cost $280,372,896)		506,644,961

See Notes to Financial Statements 9

December 31, 2024

Royce Small-Cap Fund (continued)

	SHARES		VALUE
INFORMATION TECHNOLOGY – 19.0%
COMMUNICATIONS EQUIPMENT - 0.7%
†Ciena Corporation 2		55,383	$	4,697,032
Digi International 2		261,424		7,902,848
				12,599,880
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 7.9%
Bel Fuse Cl. B		40,725		3,358,591
Cognex Corporation		339,112		12,160,556
Coherent Corp. 2		80,416		7,617,808
Crane NXT		133,464		7,770,274
ePlus 2		26,616		1,966,390
Fabrinet 2		37,576		8,262,211
FARO Technologies 2		31,712		804,216
Flex 2		87,957		3,376,669
Jabil		27,505		3,957,970
†Knowles Corporation 2		77,832		1,551,192
Littelfuse		41,114		9,688,514
Luna Innovations 2,3		664,059		1,434,367
NAPCO Security Technologies		180,000		6,400,800
nLIGHT 2		318,154		3,337,435
PAR Technology 2		348,043		25,292,285
Powerfleet 2		910,774		6,065,755
Rogers Corporation 2		111,026		11,281,352
Sanmina Corporation 2		121,705		9,209,417
TD SYNNEX		30,211		3,543,146
Teledyne Technologies 2		8,140		3,778,018
Vishay Intertechnology		7,770		131,624
Vishay Precision Group 2		14,689		344,751
Vontier Corporation		476,021		17,360,486
				148,693,827
IT SERVICES - 0.9%
Hackett Group (The)		126,118		3,874,345
Kyndryl Holdings 2		360,964		12,489,354
				16,363,699
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.9%
Axcelis Technologies 2		66,013		4,612,328
Camtek		92,967		7,508,945
Cirrus Logic 2		179,020		17,826,812
Cohu 2		215,533		5,754,731
Diodes 2		77,596		4,785,345
FormFactor 2		333,842		14,689,048
Ichor Holdings 2		32,701		1,053,626
Impinj 2		59,450		8,635,707
Kulicke & Soffa Industries		126,623		5,908,229
MaxLinear 2		30,620		605,664
MKS Instruments		70,909		7,402,190
Nova 2		70,097		13,805,604
NVE Corporation		25,461		2,073,289
Onto Innovation 2		114,359		19,060,215
Photronics 2		132,417		3,119,745
Rambus 2		55,484		2,932,884
Silicon Motion Technology ADR		1,370		74,048
SiTime Corporation 2		9,583		2,055,841
Synaptics 2		12,286		937,668
Ultra Clean Holdings 2		173,440		6,235,168
				129,077,087
SOFTWARE - 2.3%
Agilysys 2		95,768		12,613,603
Alkami Technology 2		53,405		1,958,895
Computer Modelling Group		2,393,592		17,734,012
Dolby Laboratories Cl. A		63,720		4,976,532

†JFrog 2	85,985	2,528,819
Sapiens International	107,584	2,890,782
		42,702,643
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.3%
AstroNova 2	81,672	980,881
Diebold Nixdorf 2,3	94,243	4,056,219
		5,037,100
Total (Cost $226,840,266)		354,474,236
MATERIALS – 7.0%
CHEMICALS - 4.3%
Aspen Aerogels 2	117,172	1,392,003
Element Solutions	1,026,838	26,112,490
Ingevity Corporation 2	228,646	9,317,325
Innospec	168,382	18,532,123
Minerals Technologies	156,838	11,952,624
Quaker Houghton	98,357	13,844,731
		81,151,296
CONSTRUCTION MATERIALS - 0.0%
†Knife River 2	5,200	528,528
CONTAINERS & PACKAGING - 0.3%
Graphic Packaging Holding Company	48,964	1,329,862
Silgan Holdings	62,250	3,240,113
		4,569,975
METALS & MINING - 1.6%
Alamos Gold Cl. A	1,031,729	19,034,716
Major Drilling Group International 2	285,000	1,627,778
Materion Corporation	50,000	4,944,000
Metallus 2	25,000	353,250
Reliance	15,160	4,081,982
		30,041,726
PAPER & FOREST PRODUCTS - 0.8%
Louisiana-Pacific	23,704	2,454,549
Stella-Jones	239,835	11,877,877
		14,332,426
Total (Cost $68,770,825)		130,623,951
REAL ESTATE – 2.4%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.4%
Colliers International Group	37,889	5,151,767
FirstService Corporation	34,875	6,313,072
FRP Holdings 2	172,446	5,282,021
Kennedy-Wilson Holdings	1,510,704	15,091,933
Marcus & Millichap	256,506	9,813,920
RMR Group (The) Cl. A	177,840	3,670,618
Total (Cost $41,535,768)		45,323,331
TOTAL COMMON STOCKS
(Cost $1,197,863,841)		1,808,624,290
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.1%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.35%)
(Cost $1,251,830)	1,253,100	1,251,830
INVESTMENTS AT VALUE
(Cost $1,199,115,671)		1,809,876,120

See Notes to Financial Statements 10

Schedules of Investments

Royce Small-Cap Fund (continued)

	VALUE
REPURCHASE AGREEMENT – 3.2%
Fixed Income Clearing Corporation, 3.75% dated 12/31/24, due 1/2/25, maturity value $60,396,532 (collateralized by obligations of U.S. Government Agencies, 3.625% due 3/31/30, valued at $61,591,650)
(Cost $60,383,952)	$	60,383,952
TOTAL INVESTMENTS – 100.0%
(Cost $1,259,499,623)		1,870,260,072
LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)%		(475,048)
NET ASSETS – 100.0%	$	1,869,785,024

Royce Small-Cap Opportunity Fund

Common Stocks – 97.4%

	SHARES		VALUE
COMMUNICATION SERVICES – 5.2%
ENTERTAINMENT - 1.0%
IMAX Corporation 2		261,502	$	6,694,452
Lions Gate Entertainment Cl. A 2		539,430		4,606,732
				11,301,184
INTERACTIVE MEDIA & SERVICES - 2.2%
Cars.com 2		122,841		2,128,834
DHI Group 2		1,680,949		2,975,280
EverQuote Cl. A 2		239,085		4,779,309
IAC 2		161,388		6,962,278
QuinStreet 2		374,437		8,638,262
				25,483,963
MEDIA - 2.0%
Criteo ADR 2		186,731		7,387,078
Innovid Corp. 2		1,457,629		4,504,074
Magnite 2		530,603		8,447,200
Thryv Holdings 2		223,623		3,309,620
				23,647,972
Total (Cost $49,836,934)				60,433,119
CONSUMER DISCRETIONARY – 10.0%
AUTOMOBILE COMPONENTS - 2.0%
†Fox Factory Holding 2		110,550		3,346,349
Garrett Motion 2		880,837		7,953,958
Gentherm 2		56,705		2,263,947
Modine Manufacturing 2		25,905		3,003,167
Patrick Industries		45,967		3,818,938
Stoneridge 2		458,788		2,876,601
				23,262,960
BROADLINE RETAIL - 0.5%
Dillard’s Cl. A		13,852		5,980,462
DIVERSIFIED CONSUMER SERVICES - 0.4%
Udemy 2		595,978		4,904,899
HOTELS, RESTAURANTS & LEISURE - 0.1%
Century Casinos 2		427,984		1,386,668
Noodles & Company Cl. A 2,3		672,581		389,290
				1,775,958
HOUSEHOLD DURABLES - 3.1%
Beazer Homes USA 2		123,267		3,384,912
Cavco Industries 2		12,174		5,432,404
Century Communities		35,209		2,582,932
Champion Homes 2		92,868		8,181,671
M/I Homes 2		25,692		3,415,751
Taylor Morrison Home 2		86,972		5,323,556
Toll Brothers		25,924		3,265,128
Tri Pointe Homes 2		126,488		4,586,455
				36,172,809
SPECIALTY RETAIL - 2.7%
†Advance Auto Parts		105,486		4,988,433
Beyond 2		176,192		868,627
Caleres		200,081		4,633,876
Designer Brands Cl. A		226,268		1,208,271
J.Jill		214,013		5,911,039
MarineMax 2		219,654		6,358,983
OneWater Marine Cl. A 2		244,021		4,241,085
Victoria’s Secret & Co. 2,3		72,489		3,002,494
				31,212,808
TEXTILES, APPAREL & LUXURY GOODS - 1.2%
Lakeland Industries 5		428,565		10,949,836

See Notes to Financial Statements 11

   December 31, 2024

Royce Small-Cap Opportunity Fund (continued)
	SHARES		VALUE
CONSUMER DISCRETIONARY (continued)
TEXTILES, APPAREL & LUXURY GOODS (continued)
Vera Bradley 2,3		708,338	$	2,783,768
				13,733,604
Total (Cost $93,453,540)				117,043,500
CONSUMER STAPLES – 1.2%
FOOD PRODUCTS - 0.6%
SunOpta 2		923,596		7,111,689
HOUSEHOLD PRODUCTS - 0.4%
Spectrum Brands Holdings		53,440		4,515,146
PERSONAL CARE PRODUCTS - 0.2%
Interparfums		19,071		2,508,027
Total (Cost $10,932,920)				14,134,862
ENERGY – 9.8%
ENERGY EQUIPMENT & SERVICES - 5.5%
Archrock		190,159		4,733,057
† Atlas Energy Solutions		119,543		2,651,464
† Kodiak Gas Services		181,281		7,401,703
† Liberty Energy Cl. A		138,340		2,751,583
Mammoth Energy Services 2		785,618		2,356,854
NPK International 2		714,286		5,478,574
Patterson-UTI Energy		632,178		5,221,790
ProPetro Holding Corp. 2		471,644		4,400,438
Ranger Energy Services Cl. A		431,952		6,686,617
Select Water Solutions Cl. A		826,787		10,946,660
Solaris Energy Infrastructure Cl. A		400,673		11,531,369
				64,160,109
OIL, GAS & CONSUMABLE FUELS - 4.3%
Ardmore Shipping		441,508		5,364,322
Baytex Energy		1,556,204		4,015,006
Comstock Resources 2		414,100		7,544,902
†Kosmos Energy 2		942,363		3,222,882
Matador Resources		65,419		3,680,473
Navigator Holdings		449,064		6,893,133
Northern Oil & Gas		145,256		5,397,713
†SandRidge Energy		423,154		4,955,133
Scorpio Tankers		106,661		5,299,985
†Vermilion Energy		487,766		4,591,098
				50,964,647
Total (Cost $81,347,924)				115,124,756
FINANCIALS – 8.8%
BANKS - 3.6%
Axos Financial 2		41,065		2,868,390
BankUnited		195,544		7,463,914
BayCom Corp.		208,098		5,585,350
Business First Bancshares		251,776		6,470,643
Customers Bancorp 2		83,410		4,060,399
† Dime Community Bancshares		139,364		4,283,353
First Foundation		505,853		3,141,347
Hilltop Holdings		125,587		3,595,556
Seacoast Banking Corporation of Florida		167,136		4,601,254
				42,070,206
CAPITAL MARKETS - 3.2%
Artisan Partners Asset Management Cl. A		122,796		5,286,368
† Bridge Investment Group Holdings Cl. A		533,427		4,480,787
Canaccord Genuity Group		981,159		6,900,774
† Marex Group		106,588		3,322,348
Moelis & Company Cl. A		40,956		3,025,829
Perella Weinberg Partners Cl. A		303,525		7,236,036
†Victory Capital Holdings		112,978		7,395,540
				37,647,682
FINANCIAL SERVICES - 1.6%
Acacia Research 2		412,737		1,791,278
†I3 Verticals Cl. A 2		287,090		6,614,554
†NCR Atleos 2		114,716		3,891,167
†Repay Holdings Cl. A 2		357,492		2,727,664
Walker & Dunlop		41,999		4,082,723
				19,107,386
INSURANCE - 0.4%
†Abacus Life 2		273,969		2,145,177
Brighthouse Financial 2		51,793		2,488,136
				4,633,313
Total (Cost $83,808,004)				103,458,587
HEALTH CARE – 9.7%
BIOTECHNOLOGY - 0.4%
MiMedx Group 2		464,772		4,471,107
HEALTH CARE EQUIPMENT & SUPPLIES - 3.2%
AngioDynamics 2		592,238		5,424,900
Apyx Medical 2,3		994,779		1,571,751
Artivion 2		307,121		8,780,589
Bioventus Cl. A 2		390,237		4,097,489
†Enovis Corporation 2		143,867		6,312,884
Tactile Systems Technology 2		288,811		4,947,332
†TELA Bio 2,3		532,972		1,609,576
Varex Imaging 2		375,168		5,473,701
				38,218,222
HEALTH CARE PROVIDERS & SERVICES - 3.6%
†AdaptHealth Corp. 2		532,962		5,073,798
†Alignment Healthcare 2		414,988		4,668,615
†Astrana Health 2		127,266		4,012,697
Community Health Systems 2		750,524		2,244,067
†Concentra Group Holdings Parent		116,771		2,309,730
Cross Country Healthcare 2		442,380		8,033,621
NeoGenomics 2		358,609		5,909,876
Quipt Home Medical 2,3		1,057,695		3,225,970
RadNet 2		54,075		3,776,598
Select Medical Holdings		146,167		2,755,248
				42,010,220
HEALTH CARE TECHNOLOGY - 0.8%
Evolent Health Cl. A 2		307,476		3,459,105
LifeMD 2,3		594,754		2,944,032
†OptimizeRx Corporation 2		567,344		2,757,292
				9,160,429
LIFE SCIENCES TOOLS & SERVICES - 0.9%
Azenta 2		204,671		10,233,550
PHARMACEUTICALS - 0.8%
†Harrow 2		77,744		2,608,311
Organon & Co		435,738		6,501,211
				9,109,522
Total (Cost $101,440,370)				113,203,050
INDUSTRIALS – 26.0%
AEROSPACE & DEFENSE - 5.7%
AAR Corp. 2		140,388		8,602,977
Astronics Corporation 2		418,993		6,687,128
BWX Technologies		62,920		7,008,659

See Notes to Financial Statements 12

Schedules of Investments

Royce Small-Cap Opportunity Fund (continued)
	SHARES		VALUE
INDUSTRIALS (continued)
AEROSPACE & DEFENSE (continued)
Ducommun 2		125,194	$	7,969,850
Kratos Defense & Security Solutions 2		323,780		8,541,316
Leonardo DRS 2		248,738		8,036,725
Mercury Systems 2		140,051		5,882,142
Triumph Group 2		434,616		8,109,935
V2X 2		114,668		5,484,570
				66,323,302
AIR FREIGHT & LOGISTICS - 1.2%
Hub Group Cl. A		177,292		7,900,132
Radiant Logistics 2		908,253		6,085,295
				13,985,427
BUILDING PRODUCTS - 1.4%
Gibraltar Industries 2		69,364		4,085,540
Insteel Industries		144,430		3,901,054
†Janus International Group 2		188,612		1,386,298
Resideo Technologies 2		312,764		7,209,210
				16,582,102
COMMERCIAL SERVICES & SUPPLIES - 2.4%
CECO Environmental 2		309,190		9,346,814
Healthcare Services Group 2		793,015		9,210,869
†Pursuit Attractions and Hospitality 2		62,893		2,673,582
VSE Corporation		70,043		6,661,089
				27,892,354
CONSTRUCTION & ENGINEERING - 3.5%
Argan		8,419		1,153,740
Concrete Pumping Holdings 2		558,330		3,718,478
Construction Partners Cl. A 2		56,449		4,993,479
Limbach Holdings 2		32,506		2,780,563
Matrix Service 2		451,364		5,402,827
Northwest Pipe 2		151,971		7,334,120
Orion Group Holdings 2		1,078,424		7,904,848
Primoris Services		106,590		8,143,476
				41,431,531
ELECTRICAL EQUIPMENT - 0.6%
American Superconductor 2		215,080		5,297,420
†Fluence Energy Cl. A 2,3		108,917		1,729,602
†Shoals Technologies Group Cl. A 2		90,322		499,481
				7,526,503
MACHINERY - 5.4%
† Ag Growth International		109,585		3,874,298
Chart Industries 2,3		58,358		11,137,041
Commercial Vehicle Group 2		1,010,246		2,505,410
Enpro		21,178		3,652,146
Helios Technologies		177,129		7,907,039
Luxfer Holdings		602,943		7,892,524
Mayville Engineering 2		309,128		4,859,492
Shyft Group (The)		382,342		4,488,695
Stratasys 2		87,665		779,342
Trinity Industries		218,924		7,684,232
Twin Disc		175,176		2,058,318
Wabash National		374,511		6,415,373
				63,253,910
PROFESSIONAL SERVICES - 3.4%
Conduent 2		765,528		3,092,733
Korn Ferry		82,168		5,542,232
Mistras Group 2		768,427		6,961,949
Resources Connection		554,696		4,731,557
†TaskUs Cl. A 2,3		395,184		6,694,417
TrueBlue 2		618,631		5,196,500
WNS (Holdings) 2		170,945		8,101,083
				40,320,471
TRADING COMPANIES & DISTRIBUTORS - 2.4%
Air Lease Cl. A		148,924		7,179,626
DNOW 2		335,357		4,362,995
Herc Holdings		22,988		4,352,318
Hudson Technologies 2		3,940		21,985
MRC Global 2		509,189		6,507,435
WESCO International		30,812		5,575,740
				28,000,099
Total (Cost $224,445,473)				305,315,699
INFORMATION TECHNOLOGY – 21.0%
COMMUNICATIONS EQUIPMENT - 3.2%
ADTRAN Holdings 2		183,533		1,528,830
Applied Optoelectronics 2,3		248,854		9,172,758
Aviat Networks 2		343,124		6,213,976
Clearfield 2		122,959		3,811,729
Comtech Telecommunications 2		706,467		2,832,933
Digi International 2		279,144		8,438,523
Ribbon Communications 2		1,486,671		6,184,551
				38,183,300
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 6.1%
Advanced Energy Industries		33,804		3,908,757
Arlo Technologies 2		676,018		7,564,641
Coherent Corp. 2		21,490		2,035,748
CTS Corporation		137,954		7,274,314
Fabrinet 2		9,326		2,050,601
†FARO Technologies 2		364,596		9,246,155
Identiv 2		804,957		2,946,143
IPG Photonics 2		74,134		5,391,024
Knowles Corporation 2		502,252		10,009,882
nLIGHT 2		762,663		8,000,335
†Powerfleet 2		552,155		3,677,352
SmartRent Cl. A 2,3		680,806		1,191,411
Vishay Intertechnology		272,094		4,609,272
Vishay Precision Group 2		158,175		3,712,367
				71,618,002
IT SERVICES - 2.3%
Applied Digital 2,3		313,065		2,391,817
Endava ADR Cl. A 2		154,840		4,784,556
Grid Dynamics Holdings 2		375,114		8,342,535
Kyndryl Holdings 2		325,769		11,271,608
				26,790,516
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.2%
Alpha & Omega Semiconductor 2		180,720		6,692,062
Amkor Technology		177,535		4,560,874
Amtech Systems 2		536,307		2,922,873
Cohu 2		232,020		6,194,934
FormFactor 2		151,551		6,668,244
Ichor Holdings 2		278,550		8,974,881
†indie Semiconductor Cl. A 2,3		326,750		1,323,337
inTEST Corporation 2		464,031		3,986,026
Kopin Corporation 2		2,697,788		3,668,992
Kulicke & Soffa Industries		135,660		6,329,896
Onto Innovation 2		10,478		1,746,368
†Penguin Solutions 2		286,422		5,496,438
Ultra Clean Holdings 2		212,055		7,623,377

See Notes to Financial Statements 13

December 31, 2024

Royce Small-Cap Opportunity Fund (continued)
	SHARES		VALUE
INFORMATION TECHNOLOGY (continued)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued)
Veeco Instruments 2		240,027	$	6,432,724
				72,621,026
SOFTWARE - 2.5%
A10 Networks		485,029		8,924,534
†Five9 2		175,457		7,130,572
LiveRamp Holdings 2		194,787		5,915,681
Viant Technology Cl. A 2		385,024		7,311,606
				29,282,393
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.7%
Eastman Kodak 2,3		218,097		1,432,897
Immersion Corporation		278,828		2,434,169
Intevac 2		1,236,965		4,205,681
				8,072,747
Total (Cost $169,153,784)				246,567,984
MATERIALS – 5.3%
CHEMICALS - 1.4%
Aspen Aerogels 2		252,434		2,998,916
†Ingevity Corporation 2		115,888		4,722,436
Mativ Holdings		547,510		5,967,859
Tronox Holdings		305,240		3,073,767
				16,762,978
CONSTRUCTION MATERIALS - 0.5%
Summit Materials Cl. A 2		105,267		5,326,510
METALS & MINING - 3.4%
ATI 2		132,344		7,284,214
Capstone Copper 2		1,015,299		6,279,181
Carpenter Technology		32,304		5,482,312
Commercial Metals		132,172		6,555,731
Ferroglobe		1,211,265		4,602,807
Major Drilling Group International 2		958,989		5,477,268
Metallus 2		338,588		4,784,248
Noranda Aluminum Holding Corporation 2,4		488,157		0
				40,465,761
Total (Cost $45,624,633)				62,555,249
REAL ESTATE – 0.4%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.4%
† Kennedy-Wilson Holdings		434,298		4,338,637
Total (Cost $4,061,503)				4,338,637
TOTAL COMMON STOCKS
(Cost $864,105,085)				1,142,175,443
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.4% Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.35%)
(Cost $3,971,397)		3,971,397		3,971,397

INVESTMENTS AT VALUE
(Cost $868,076,482)	1,146,146,840

REPURCHASE AGREEMENT – 2.8%
Fixed Income Clearing Corporation, 3.75% dated 12/31/24, due 1/2/25, maturity value $32,902,846 (collateralized by obligations of U.S. Government Agencies, 3.625% due 3/31/30, valued at $33,554,107)
(Cost $32,895,993)		32,895,993
TOTAL INVESTMENTS – 100.6%
(Cost $900,972,475)		1,179,042,833
LIABILITIES LESS CASH AND OTHER ASSETS – (0.6)%		(6,749,984)
NET ASSETS – 100.0%	$	1,172,292,849

See Notes to Financial Statements 14

Schedules of Investments

Royce Small-Cap Special Equity Fund

Common Stocks – 84.5%

	SHARES		VALUE
COMMUNICATION SERVICES – 5.7%
MEDIA - 5.7%
TEGNA		1,901,300	$	34,774,777
Total (Cost $36,295,694)				34,774,777
CONSUMER DISCRETIONARY – 15.6%
AUTOMOBILE COMPONENTS - 5.3%
Standard Motor Products		1,046,000		32,405,080
BROADLINE RETAIL - 2.8%
Macy’s		1,020,000		17,268,600
DIVERSIFIED CONSUMER SERVICES - 1.1%
H&R Block		125,000		6,605,000
HOTELS, RESTAURANTS & LEISURE - 1.3%
Nathan’s Famous		104,500		8,214,745
HOUSEHOLD DURABLES - 1.0%
Ethan Allen Interiors		229,500		6,451,245
SPECIALTY RETAIL - 0.7%
ODP Corporation (The) 2		183,000		4,161,420
TEXTILES, APPAREL & LUXURY GOODS - 3.4%
Movado Group		1,068,000		21,018,240
Total (Cost $103,200,770)				96,124,330
CONSUMER STAPLES – 9.5%
CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.6%
Ingles Markets Cl. A		348,000		22,425,120
FOOD PRODUCTS - 3.9%
John B. Sanfilippo & Son		277,000		24,129,470
HOUSEHOLD PRODUCTS - 2.0%
Oil-Dri Corporation of America		138,000		12,094,320
Total (Cost $46,327,661)				58,648,910
ENERGY – 0.6%
ENERGY EQUIPMENT & SERVICES - 0.6%
RPC		672,900		3,997,026
Total (Cost $5,247,447)				3,997,026
FINANCIALS – 6.0%
CAPITAL MARKETS - 6.0%
Diamond Hill Investment Group 5		139,500		21,636,450
Federated Hermes Cl. B		303,500		12,476,885
GAMCO Investors Cl. A 1		115,500		2,770,845
Total (Cost $28,509,191)				36,884,180
INDUSTRIALS – 24.2%
BUILDING PRODUCTS - 4.2%
Insteel Industries		427,000		11,533,270
UFP Industries		126,500		14,250,225
				25,783,495
COMMERCIAL SERVICES & SUPPLIES - 4.3%
Ennis		1,265,000		26,678,850
ELECTRICAL EQUIPMENT - 4.6%
Atkore		133,000		11,098,850
Preformed Line Products		135,500		17,315,545
				28,414,395
MACHINERY - 10.9%
Gencor Industries 2,5		913,000		16,114,450
Miller Industries		160,200		10,470,672
Mueller Industries		508,500		40,354,560
				66,939,682
PROFESSIONAL SERVICES - 0.2%
Resources Connection		120,000		1,023,600
Total (Cost $104,461,362)				148,840,022
INFORMATION TECHNOLOGY – 8.8%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.5%
Vishay Intertechnology		1,611,000		27,290,340
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.3%
NVE Corporation 5		326,500		26,586,895
Total (Cost $43,081,661)				53,877,235
MATERIALS – 10.5%
CHEMICALS - 0.6%
Huntsman Corporation		195,000		3,515,850
CONSTRUCTION MATERIALS - 4.8%
United States Lime & Minerals		225,000		29,866,500
METALS & MINING - 1.7%
Commercial Metals		128,000		6,348,800
Metallus 2		276,000		3,899,880
				10,248,680
PAPER & FOREST PRODUCTS - 3.4%
Sylvamo Corporation		261,500		20,663,730
Total (Cost $27,938,337)				64,294,760
REAL ESTATE – 3.6%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.6%
Marcus & Millichap		585,500		22,401,230
Total (Cost $14,511,953)				22,401,230
TOTAL COMMON STOCKS
(Cost $409,574,076)				519,842,470
INVESTMENTS AT VALUE
(Cost $409,574,076)				519,842,470
REPURCHASE AGREEMENT– 15.9%
Fixed Income Clearing Corporation, 3.75% dated 12/31/24, due 1/2/25, maturity value $97,720,463 (collateralized by obligations of U.S. Government Agencies, 3.625% due 3/31/30, valued at $99,654,256)
(Cost $97,700,108)				97,700,108
TOTAL INVESTMENTS – 100.4%
(Cost $507,274,184)				617,542,578
LIABILITIES LESS CASH AND OTHER ASSETS – (0.4)%				(2,385,860)
NET ASSETS – 100.0%			$	615,156,718

See Notes to Financial Statements 15

December 31, 2024

Royce Small-Cap Total Return Fund 

Common Stocks – 96.4%

	SHARES		VALUE
COMMUNICATION SERVICES – 5.9%
DIVERSIFIED TELECOMMUNICATION SERVICES - 2.1%
IDT Corporation Cl. B		448,146	$	21,295,898
INTERACTIVE MEDIA & SERVICES - 3.8%
Shutterstock		560,656		17,015,910
Ziff Davis 2		373,837		20,314,302
				37,330,212
Total (Cost $62,044,855)				58,626,110
CONSUMER DISCRETIONARY – 9.8%
LEISURE PRODUCTS - 1.7%
YETI Holdings 2		424,830		16,360,203
SPECIALTY RETAIL - 8.1%
Academy Sports & Outdoors		624,911		35,951,130
Advance Auto Parts		681,171		32,212,577
OneWater Marine Cl. A 2		742,761		12,909,186
				81,072,893
Total (Cost $103,181,253)				97,433,096
ENERGY – 4.2%
ENERGY EQUIPMENT & SERVICES - 4.2%
Cactus Cl. A		170,442		9,946,995
Core Laboratories		689,591		11,936,820
Pason Systems		2,063,268		19,535,342
Total (Cost $37,875,553)				41,419,157
FINANCIALS – 36.1%
BANKS - 15.8%
†Banc of California		703,720		10,879,511
BankUnited		374,856		14,308,253
First Financial Bankshares		123,387		4,448,101
German American Bancorp		224,504		9,029,551
Glacier Bancorp		199,851		10,036,517
Hingham Institution for Savings		50,369		12,800,778
Home BancShares		708,233		20,042,994
†Metropolitan Bank Holding 2		34,197		1,997,105
OceanFirst Financial		511,233		9,253,317
Origin Bancorp		460,509		15,330,345
Seacoast Banking Corporation of Florida		598,847		16,486,258
TowneBank		484,417		16,499,243
Western Alliance Bancorp		103,381		8,636,449
Wintrust Financial		58,752		7,326,962
				157,075,384
CAPITAL MARKETS - 5.5%
GCM Grosvenor Cl. A		1,469,204		18,027,133
†Marex Group		593,006		18,483,997
StoneX Group 2		50,553		4,952,677
Tel Aviv Stock Exchange 1		1,189,537		13,796,509
				55,260,316
CONSUMER FINANCE - 1.9%
Encore Capital Group 2		174,821		8,351,199
PRA Group 2		484,136		10,113,601
				18,464,800
FINANCIAL SERVICES - 2.6%
Compass Diversified Holdings		608,163		14,036,402
†Merchants Bancorp		331,310		12,082,876
				26,119,278
INSURANCE - 10.3%
AMERISAFE		228,110		11,756,789
Assured Guaranty		331,298		29,820,133
Axis Capital Holdings		232,924		20,641,725
International General Insurance Holdings		1,181,343		28,068,710
RenaissanceRe Holdings		51,462		12,804,260
				103,091,617
Total (Cost $249,867,329)				360,011,395
HEALTH CARE – 0.8%
HEALTH CARE PROVIDERS & SERVICES - 0.8%
†PACS Group 2		628,551		8,240,304
Total (Cost $12,983,780)				8,240,304
INDUSTRIALS – 18.3%
BUILDING PRODUCTS - 1.6%
UFP Industries		144,243		16,248,974
COMMERCIAL SERVICES & SUPPLIES - 3.6%
Healthcare Services Group 2		2,162,452		25,116,880
†Vestis Corporation		665,637		10,144,308
				35,261,188
ELECTRICAL EQUIPMENT - 1.0%
†Atkore		122,212		10,198,591
MACHINERY - 1.7%
Timken Company (The)		241,516		17,236,997
PROFESSIONAL SERVICES - 4.6%
Barrett Business Services		646,895		28,101,119
†Franklin Covey 2		138,619		5,209,302
KBR		214,046		12,399,684
				45,710,105
TRADING COMPANIES & DISTRIBUTORS - 5.8%
Air Lease Cl. A		500,566		24,132,287
Applied Industrial Technologies		31,456		7,532,768
FTAI Aviation		39,516		5,691,885
MSC Industrial Direct Cl. A		275,597		20,584,340
				57,941,280
Total (Cost $144,557,878)				182,597,135
INFORMATION TECHNOLOGY – 14.6%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.9%
Bel Fuse Cl. B		189,447		15,623,694
Coherent Corp. 2		33,697		3,192,117
Vontier Corporation		561,211		20,467,365
				39,283,176
IT SERVICES - 6.1%
Hackett Group (The)		875,075		26,882,304
Kyndryl Holdings 2		983,757		34,037,992
				60,920,296
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%
Kulicke & Soffa Industries		626,820		29,247,421
SOFTWARE - 1.7%
Sapiens International		614,723		16,517,607
Total (Cost $92,934,906)				145,968,500
MATERIALS – 5.6%
CHEMICALS - 3.8%
Element Solutions		758,630		19,291,961
Ingevity Corporation 2		451,701		18,406,816
				37,698,777
CONTAINERS & PACKAGING - 1.8%
Silgan Holdings		350,817		18,260,025
Total (Cost $43,934,508)				55,958,802

See Notes to Financial Statements 16

Schedules of Investments

Royce Small-Cap Total Return Fund (continued)

	SHARES		VALUE
REAL ESTATE – 1.1%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.1%
Kennedy-Wilson Holdings		1,120,939	$	11,198,181
Total (Cost $10,468,468)				11,198,181
TOTAL COMMON STOCKS
(Cost $757,848,530)				961,452,680
INVESTMENTS AT VALUE
(Cost $757,848,530)				961,452,680
REPURCHASE AGREEMENT– 3.8%
Fixed Income Clearing Corporation, 3.75% dated 12/31/24, due 1/2/25, maturity value $37,771,907 (collateralized by obligations of U.S. Government Agencies, 3.625% due 3/31/30, valued at $38,519,371)
(Cost $37,764,040)				37,764,040
TOTAL INVESTMENTS – 100.2%
(Cost $795,612,570)				999,216,720
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%				(1,556,459)
NET ASSETS – 100.0%			$	997,660,261

Royce Small-Cap Value Fund 

Common Stocks – 99.2%

	SHARES		VALUE
COMMUNICATION SERVICES – 1.7%
MEDIA - 1.7%
TEGNA		99,026	$	1,811,186
Total (Cost $1,567,654)				1,811,186
CONSUMER DISCRETIONARY – 24.6%
AUTOMOBILE COMPONENTS - 3.3%
†Lear Corporation		19,596		1,855,741
Visteon Corporation 2		20,032		1,777,239
				3,632,980
DIVERSIFIED CONSUMER SERVICES - 1.4%
†frontdoor 2		27,585		1,508,072
HOTELS, RESTAURANTS & LEISURE - 1.0%
Bloomin’ Brands		89,052		1,087,325
HOUSEHOLD DURABLES - 7.3%
Ethan Allen Interiors		38,118		1,071,497
M/I Homes 2		13,046		1,734,466
Meritage Homes		11,005		1,692,789
PulteGroup		15,519		1,690,019
Tri Pointe Homes 2		49,964		1,811,694
				8,000,465
SPECIALTY RETAIL - 9.5%
†Academy Sports & Outdoors		16,356		940,961
Buckle (The)		39,957		2,030,215
Caleres		77,038		1,784,200
†J.Jill		49,336		1,362,660
Shoe Carnival		52,774		1,745,764
Signet Jewelers		16,590		1,338,979
Williams-Sonoma		5,898		1,092,192
				10,294,971
TEXTILES, APPAREL & LUXURY GOODS - 2.1%
Kontoor Brands		17,658		1,508,170
†Oxford Industries		8,332		656,395
Steven Madden		2,685		114,166
				2,278,731
Total (Cost $21,617,482)				26,802,544
CONSUMER STAPLES – 1.9%
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9%
Village Super Market Cl. A		66,216		2,111,628
Total (Cost $1,514,187)				2,111,628
ENERGY – 10.3%
OIL, GAS & CONSUMABLE FUELS - 10.3%
Chord Energy		6,992		817,505
Civitas Resources		30,306		1,390,136
†Crescent Energy Cl. A		113,719		1,661,434
Dorchester Minerals L.P.		51,215		1,706,996
Matador Resources		24,365		1,370,775
Riley Exploration Permian		37,338		1,191,829
SM Energy		41,180		1,596,137
†Teekay Tankers Cl. A		36,596		1,456,155
Total (Cost $9,421,168)				11,190,967
FINANCIALS – 20.8%
BANKS - 15.8%
†Burke & Herbert Financial Services		23,309		1,453,549
Citizens Community Bancorp		41,889		682,372
CNB Financial		60,523		1,504,602
Dime Community Bancshares		45,206		1,389,406
Heritage Financial		63,473		1,555,089
Mid Penn Bancorp		52,785		1,522,319

See Notes to Financial Statements 17

December 31, 2024

Royce Small-Cap Value Fund (continued)

	SHARES		VALUE
FINANCIALS (continued)
BANKS (continued)
†OceanFirst Financial		44,319	$	802,174
†Premier Financial		42,882		1,096,493
Princeton Bancorp		18,409		633,822
Riverview Bancorp		1,976		11,342
Timberland Bancorp		44,608		1,360,990
TrustCo Bank Corp NY		29,735		990,473
Unity Bancorp		41,692		1,818,188
Univest Financial		52,123		1,538,150
Western New England Bancorp		98,452		905,758
				17,264,727
CAPITAL MARKETS - 1.4%
Evercore Cl. A		5,364		1,486,847
FINANCIAL SERVICES - 1.7%
International Money Express 2		87,750		1,827,833
INSURANCE - 1.9%
Tiptree		100,226		2,090,714
Total (Cost $15,698,601)				22,670,121
HEALTH CARE – 6.4%
BIOTECHNOLOGY - 1.4%
Catalyst Pharmaceuticals 2		75,311		1,571,741
HEALTH CARE PROVIDERS & SERVICES - 3.1%
Molina Healthcare 2		6,177		1,797,816
Patterson Companies		49,881		1,539,327
				3,337,143
PHARMACEUTICALS - 1.9%
Collegium Pharmaceutical 2		47,562		1,362,651
SIGA Technologies		121,804		732,042
				2,094,693
Total (Cost $5,060,885)				7,003,577
INDUSTRIALS – 19.1%
AIR FREIGHT & LOGISTICS - 0.9%
Hub Group Cl. A		21,499		957,995
BUILDING PRODUCTS - 2.9%
†MasterBrand 2		92,647		1,353,572
Quanex Building Products		39,787		964,437
UFP Industries		7,538		849,156
				3,167,165
CONSTRUCTION & ENGINEERING - 1.4%
Sterling Infrastructure 2		8,711		1,467,368
GROUND TRANSPORTATION - 3.4%
ArcBest Corporation		13,979		1,304,520
Schneider National Cl. B		37,048		1,084,766
Universal Logistics Holdings		29,365		1,349,028
				3,738,314
MACHINERY - 3.7%
†Allison Transmission Holdings		18,676		2,018,129
Miller Industries		21,492		1,404,717
†Terex Corporation		14,216		657,063
				4,079,909
MARINE TRANSPORTATION - 2.5%
Genco Shipping & Trading		94,719		1,320,383
Pangaea Logistics Solutions		271,206		1,453,664
				2,774,047
PROFESSIONAL SERVICES - 4.3%
Barrett Business Services		36,040		1,565,578
IBEX 2		89,474		1,922,796
Korn Ferry		17,460		1,177,677
				4,666,051
Total (Cost $14,701,977)				20,850,849
INFORMATION TECHNOLOGY – 13.6%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 10.8%
Bel Fuse Cl. B		17,974		1,482,316
ePlus 2		19,347		1,429,356
Flex 2		55,017		2,112,103
Insight Enterprises 2		1,798		273,476
Jabil		13,114		1,887,104
PC Connection		13,995		969,434
Sanmina Corporation 2		28,055		2,122,922
TD SYNNEX		11,370		1,333,473
Vishay Intertechnology		13,181		223,286
				11,833,470
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
Amkor Technology		25,930		666,142
SOFTWARE - 0.5%
Adeia		36,989		517,106
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.7%
Diebold Nixdorf 2		42,936		1,847,966
Total (Cost $7,631,238)				14,864,684
REAL ESTATE – 0.8%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.8%
RMR Group (The) Cl. A		42,201		871,029
Total (Cost $1,120,951)				871,029
TOTAL COMMON STOCKS
(Cost $78,334,143)				108,176,585
INVESTMENTS AT VALUE
(Cost $78,334,143)				108,176,585
REPURCHASE AGREEMENT– 0.9%
Fixed Income Clearing Corporation, 3.75% dated 12/31/24, due 1/2/25, maturity value $950,001 (collateralized by obligations of U.S. Government Agencies, 3.625% due 3/31/30, valued at $968,812)
(Cost $949,804)				949,804
TOTAL INVESTMENTS – 100.1%
(Cost $79,283,947)				109,126,389
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%				(74,654)
NET ASSETS – 100.0%			$	109,051,735

See Notes to Financial Statements 18

Schedules of Investments

Royce Smaller-Companies Growth Fund 

Common Stocks – 94.9%

	SHARES		VALUE
COMMUNICATION SERVICES – 1.8%
INTERACTIVE MEDIA & SERVICES - 1.8%
†Reddit Cl. A 2		20,900	$	3,415,896
Total (Cost $832,980)				3,415,896
CONSUMER DISCRETIONARY – 9.2%
DIVERSIFIED CONSUMER SERVICES - 3.2%
Bright Horizons Family Solutions 2		24,506		2,716,490
†OneSpaWorld Holdings		163,000		3,243,700
				5,960,190
HOTELS, RESTAURANTS & LEISURE - 5.3%
DraftKings Cl. A 2		51,000		1,897,200
Kura Sushi USA Cl. A 2,3		20,500		1,856,890
†Life Time Group Holdings 2		152,000		3,362,240
Texas Roadhouse		16,000		2,886,880
				10,003,210
HOUSEHOLD DURABLES - 0.7%
Installed Building Products		7,000		1,226,750
Total (Cost $12,436,568)				17,190,150
CONSUMER STAPLES – 4.6%
BEVERAGES - 0.7%
Celsius Holdings 2		50,500		1,330,170
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9%
†Guardian Pharmacy Services Cl. A 2		176,000		3,565,760
FOOD PRODUCTS - 2.0%
Freshpet 2,3		25,000		3,702,750
Total (Cost $6,120,826)				8,598,680
ENERGY – 3.5%
ENERGY EQUIPMENT & SERVICES - 0.7%
Oceaneering International 2		55,000		1,434,400
OIL, GAS & CONSUMABLE FUELS - 2.8%
†Centrus Energy Cl. A 2		6,000		399,660
† Golar LNG		81,000		3,427,920
†Uranium Energy 2		210,000		1,404,900
				5,232,480
Total (Cost $5,585,721)				6,666,880
FINANCIALS – 12.7%
BANKS - 5.5%
Atlantic Union Bankshares		78,000		2,954,640
†Coastal Financial 2		30,000		2,547,300
†Glacier Bancorp		35,000		1,757,700
Seacoast Banking Corporation of Florida		107,000		2,945,710
				10,205,350
CAPITAL MARKETS - 0.8%
Open Lending 2		250,000		1,492,500
CONSUMER FINANCE - 0.5%
†Encore Capital Group 2		18,000		859,860
FINANCIAL SERVICES - 3.0%
AvidXchange Holdings 2		99,974		1,033,731
Cantaloupe 2		491,000		4,669,410
				5,703,141
INSURANCE - 2.9%
†Abacus Life 2		476,000		3,727,080
†TWFG Cl. A 2		57,000		1,755,600
				5,482,680
Total (Cost $20,931,654)				23,743,531

HEALTH CARE – 19.8%
BIOTECHNOLOGY - 6.9%
†Alvotech 2	132,000	1,746,360
ARS Pharmaceuticals 2,3	224,000	2,363,200
CareDx 2	154,000	3,297,140
†Catalyst Pharmaceuticals 2	25,000	521,750
MeiraGTx Holdings 2	216,989	1,321,463
Oxford Biomedica 1,2	310,000	1,620,684
PureTech Health 1,2	1,106,000	2,072,976
		12,943,573
HEALTH CARE EQUIPMENT & SUPPLIES - 3.1%
Alphatec Holdings 2	208,000	1,909,440
†Integer Holdings 2	15,000	1,987,800
SI-BONE 2	110,000	1,542,200
TransMedics Group 2,3	6,000	374,100
		5,813,540
HEALTH CARE PROVIDERS & SERVICES - 2.6%
Hims & Hers Health Cl. A 2,3	121,000	2,925,780
†Talkspace 2,3	606,462	1,873,968
		4,799,748
LIFE SCIENCES TOOLS & SERVICES - 2.3%
Azenta 2	29,000	1,450,000
BioLife Solutions 2	111,000	2,881,560
		4,331,560
PHARMACEUTICALS - 4.9%
Axsome Therapeutics 2,3	28,500	2,411,385
Corcept Therapeutics 2	62,000	3,124,180
Harrow 2	43,700	1,466,135
†Intra-Cellular Therapies 2	27,500	2,296,800
		9,298,500
Total (Cost $32,616,414)		37,186,921
INDUSTRIALS – 17.1%
AEROSPACE & DEFENSE - 2.9%
AeroVironment 2,3	16,000	2,462,240
BWX Technologies	26,500	2,951,835
		5,414,075
AIR FREIGHT & LOGISTICS - 0.6%
GXO Logistics 2	26,000	1,131,000
COMMERCIAL SERVICES & SUPPLIES - 4.1%
ACV Auctions Cl. A 2	235,000	5,076,000
VSE Corporation	28,000	2,662,800
		7,738,800
CONSTRUCTION & ENGINEERING - 2.0%
†Argan	5,500	753,720
†Limbach Holdings 2	35,000	2,993,900
		3,747,620
GROUND TRANSPORTATION - 0.7%
RXO 2	53,000	1,263,520
MACHINERY - 1.0%
ATS Corporation 2	61,500	1,875,655
PASSENGER AIRLINES - 1.1%
†Blade Air Mobility 2	492,000	2,091,000
PROFESSIONAL SERVICES - 1.5%
Paylocity Holding 2	13,786	2,749,894
TRADING COMPANIES & DISTRIBUTORS - 3.2%
Distribution Solutions Group 2	119,111	4,097,418
FTAI Aviation	14,000	2,016,560
		6,113,978
Total (Cost $18,630,734)		32,125,542

See Notes to Financial Statements 19

December 31, 2024

Royce Smaller-Companies Growth Fund (continued)

	SHARES		VALUE
INFORMATION TECHNOLOGY – 24.3%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 4.0%
†Mirion Technologies Cl. A 2		200,000	$	3,490,000
nLIGHT 2		42,000		440,580
†PAR Technology 2		49,000		3,560,830
				7,491,410
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.4%
Impinj 2		5,300		769,878
†Nova 2		12,500		2,461,875
PDF Solutions 2		82,000		2,220,560
Semtech Corporation 2		63,000		3,896,550
Silicon Laboratories 2		20,500		2,546,510
				11,895,373
SOFTWARE - 13.9%
Agilysys 2		24,000		3,161,040
†Blend Labs Cl. A 2		689,000		2,900,690
†Clearwater Analytics Holdings Cl. A 2		74,000		2,036,480
Coveo Solutions 2		374,000		1,659,967
CyberArk Software 2		9,500		3,164,925
Descartes Systems Group (The) 2		27,033		3,070,949
JFrog 2		97,318		2,862,122
NextNav 2,3		169,894		2,643,551
†Northern Data 1,2		25,000		1,154,529
Vertex Cl. A 2		35,000		1,867,250
Zeta Global Holdings Cl. A 2		88,000		1,583,120
				26,104,623
Total (Cost $30,058,545)				45,491,406
MATERIALS – 1.9%
METALS & MINING - 1.9%
Carpenter Technology		19,000		3,224,490
Lithium Royalty 2		108,000		442,534
Total (Cost $2,162,112)				3,667,024
TOTAL COMMON STOCKS
(Cost $129,375,554)				178,086,030

COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.6%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.35%)
(Cost $1,106,652)	1,106,652		1,106,652
INVESTMENTS AT VALUE
(Cost $130,482,206)			179,192,682
REPURCHASE AGREEMENT– 5.5%
Fixed Income Clearing Corporation, 3.75% dated 12/31/24, due 1/2/25, maturity value
$10,271,713 (collateralized by obligations of U.S. Government Agencies, 3.625%
due 3/31/30, valued at $10,475,030)
(Cost $10,269,574)			10,269,574
TOTAL INVESTMENTS – 101.0%
(Cost $140,751,780)			189,462,256
LIABILITIES LESS CASH AND OTHER ASSETS – (1.0)%			(1,921,148)
NET ASSETS – 100.0%		$	187,541,108

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

^†  New additions in 2024.

¹  These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors. See Notes to Financial Statements.

²  Non-income producing.

³  All or a portion of these securities were on loan as of December 31, 2024.

⁴  Securities for which market quotations are not readily available represent 0.0% and 0.0% of net assets for Royce Micro-Cap Fund and Royce Small-Cap Opportunity Fund. These securities have been valued at their fair value under procedures approved by the Fund's Board of Trustees. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.

⁵  As of December 31, 2024, the Fund owned 5% or more of the Company's outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. See Notes to Financial Statements.

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

Bold indicates a Fund’s 20 largest equity holdings in terms of December 31, 2024, market value.  

See Notes to Financial Statements 20

Statements of Assets and Liabilities

December 31, 2024

	Royce Dividend		Royce International			Royce Micro-Cap		Royce
	Value Fund		Premier Fund			Fund		Premier Fund
ASSETS:
Investments at value (including collateral on loaned securities)1
Non-Affiliated Companies	$	61,087,103	$	179,133,105		$	305,677,195	$	1,241,641,869
Repurchase agreements (at cost and value)		9,264,067		–			4,147,571		25,639,111
Cash		6,805		–			–		–
Foreign currency2		11,022		4,753			–		–
Receivable for investments sold		–		3,050,160			80,936		25,291,056
Receivable for capital shares sold		7,498		87,518			5,888		956,089
Receivable for dividends and interest		92,019		2,607,692			58,604		1,058,488
Receivable for securities lending income		–		–			2,374		–
Prepaid expenses and other assets		442		6,997			2,795		11,274
Total Assets		70,468,956		184,890,225			309,975,363		1,294,597,887
LIABILITIES:
Payable for collateral on loaned securities		–		–			3,002,890		–
Payable to custodian for cash overdrawn		–		1,832,808			–		–
Payable for investments purchased		–		–			55,252		7,254,623
Payable for capital shares redeemed		9,954		3,826,173			193,763		1,416,476
Payable for investment advisory fees		52,016		164,781			267,235		1,174,610
Payable for trustees' fees		2,900		18,012			13,329		61,030
Accrued expenses		68,088		184,953			186,459		469,291
Total Liabilities		132,958		6,026,727			3,718,928		10,376,030
Net Assets	$	70,335,998	$	178,863,498		$	306,256,435	$	1,284,221,857
ANALYSIS OF NET ASSETS:
Paid-in capital	$	31,061,897	$	304,241,067		$	212,451,226	$	720,284,496
Total distributable earnings (loss)		39,274,101		(125,377,569	)		93,805,209		563,937,361
Net Assets	$	70,335,998	$	178,863,498		$	306,256,435	$	1,284,221,857
Investment Class	$	49,634,102	$	79,657,958		$	165,091,545	$	965,427,707
Service Class		20,701,896		20,099,809			130,813,476		31,253,310
Consultant Class							10,351,414		11,240,063
Institutional Class				79,105,731					276,300,777
SHARES OUTSTANDING (unlimited number of $.001 par value):
Investment Class		8,359,702		6,877,373			14,797,372		88,613,477
Service Class		3,329,234		1,424,681			12,144,108		2,981,903
Consultant Class							1,284,491		1,380,555
Institutional Class				6,834,695					24,944,057
NET ASSET VALUES (Net Assets ÷ Shares Outstanding):
Investment Class3	$	5.94	$	11.58		$	11.16	$	10.89
Service Class3		6.22		14.11			10.77		10.48
Consultant Class4							8.06		8.14
Institutional Class5				11.57					11.08
Investments at identified cost - Non-Affiliated Companies	$	45,805,720	$	173,318,906		$	218,354,728	$	730,187,169
Market value of loaned securities6		–		–			8,301,700		–

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

²  The cost of foreign currency is $11,058 for Royce Dividend Value Fund and $4,781 for Royce International Premier Fund.

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

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

⁵  Offering and redemption price per share.

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

See Notes to Financial Statements 21

Statements of Assets and Liabilities December 31, 2024

	Royce Small-Cap Fund		Royce Small-Cap Opportunity Fund		Royce Small-Cap Special Equity Fund		Royce Small-Cap Total Return Fund
ASSETS:
Investments at value (including collateral on loaned securities)1
Non-Affiliated Companies	$	1,809,876,120	$	1,135,197,004	$	455,504,675	$	961,452,680
Affiliated Companies		–		10,949,836		64,337,795		–
Repurchase agreements (at cost and value)		60,383,952		32,895,993		97,700,108		37,764,040
Foreign currency2		101,603		–		–		158,338
Receivable for investments sold		1,108,490		1,552,490		–		–
Receivable for capital shares sold		457,527		322,641		780,281		514,173
Receivable for dividends and interest		1,069,034		728,279		471,889		976,004
Receivable for securities lending income		2,602		3,743		–		20
Prepaid expenses and other assets		1,879,578		11,652		6,446		7,607
Total Assets		1,874,878,906		1,181,661,638		618,801,194		1,000,872,862
LIABILITIES:
Payable for collateral on loaned securities		1,251,830		3,971,397		–		–
Payable for investments purchased		605,978		450,835		–		782,038
Payable for capital shares redeemed		1,159,512		3,358,818		2,762,019		1,103,738
Payable for investment advisory fees		1,257,418		1,034,702		559,801		824,306
Payable for trustees’ fees		80,533		52,086		31,491		43,666
Accrued expenses		738,611		500,951		291,165		458,853
Total Liabilities		5,093,882		9,368,789		3,644,476		3,212,601
Net Assets	$	1,869,785,024	$	1,172,292,849	$	615,156,718	$	997,660,261
ANALYSIS OF NET ASSETS:
Paid-in capital	$	1,247,011,969	$	872,250,816	$	492,308,585	$	774,068,847
Total distributable earnings (loss)		622,773,055		300,042,033		122,848,133		223,591,414
Net Assets	$	1,869,785,024	$	1,172,292,849	$	615,156,718	$	997,660,261
Investment Class	$	1,404,770,764	$	806,369,212	$	481,035,284	$	625,356,578
Service Class		67,100,523		52,271,045		27,791,880		56,507,125
Consultant Class		179,497,558		12,478,526		13,028,719		81,872,226
Institutional Class		218,416,179		260,432,884		93,300,835		211,811,854
R Class				40,741,182				22,112,478
SHARES OUTSTANDING (unlimited number of $.001 par value):
Investment Class		155,527,615		52,063,593		31,643,810		82,505,059
Service Class		7,474,745		3,715,604		1,828,204		7,148,113
Consultant Class		25,971,302		1,052,635		945,536		10,167,375
Institutional Class		24,089,227		16,352,391		6,197,776		28,594,996
R Class				3,034,841				2,737,507
NET ASSET VALUES (Net Assets ÷ Shares Outstanding):
Investment Class3		$9.03		$15.49		$15.20		$7.58
Service Class3		8.98		14.07		15.20		7.91
Consultant Class4		6.91		11.85		13.78		8.05
Institutional Class5		9.07		15.93		15.05		7.41
R Class5				13.42				8.08
Investments at identified cost - Non-Affiliated Companies	$	1,199,115,671	$	862,369,874	$	360,267,611	$	757,848,530
Investments at identified cost - Affiliated Companies		–		5,706,608		49,306,465		–
Market value of loaned securities6		16,156,738		21,162,210		–		–

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

²  The cost of foreign currency is $101,759 for Royce Small-Cap Fund and $158,851 for Royce Small-Cap Total Return Fund.

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

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

⁵  Offering and redemption price per share.

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

See Notes to Financial Statements 22

Statements of Assets and Liabilities December 31, 2024

				Royce Smaller-
		Royce Small-Cap	Companies Growth
		Value Fund		Fund
ASSETS:
Investments at value (including collateral on loaned securities)1
Non-Affiliated Companies	$	108,176,585	$	179,192,682
Repurchase agreements (at cost and value)		949,804		10,269,574
Receivable for investments sold		234,511		–
Receivable for capital shares sold		6,262		55,994
Receivable for dividends and interest		49,988		1,070
Receivable for securities lending income		–		34,071
Prepaid expenses and other assets		892		1,553
Total Assets		109,418,042		189,554,944
LIABILITIES:
Payable for collateral on loaned securities		–		1,106,652
Payable for investments purchased		56,383		–
Payable for capital shares redeemed		104,508		598,448
Payable for investment advisory fees		96,386		168,460
Payable for trustees’ fees		5,161		8,037
Accrued expenses		103,869		132,239
Total Liabilities		366,307		2,013,836
Net Assets	$	109,051,735	$	187,541,108
ANALYSIS OF NET ASSETS:
Paid-in capital	$	76,590,540	$	130,752,301
Total distributable earnings (loss)		32,461,195		56,788,807
Net Assets	$	109,051,735	$	187,541,108
Investment Class	$	35,266,889	$	64,900,425
Service Class		73,784,846		116,998,440
Institutional Class				5,642,243
SHARES OUTSTANDING (unlimited number of $.001 par value):
Investment Class		3,504,168		8,214,575
Service Class		7,373,169		15,397,172
Institutional Class				702,798
NET ASSET VALUES (Net Assets ÷ Shares Outstanding):
Investment Class2		$10.06		$7.90
Service Class2		10.01		7.60
Institutional Class3				8.03
Investments at identified cost - Non-Affiliated Companies	$	78,334,143	$	130,482,206
Market value of loaned securities4		–		11,205,244

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

²  Offering and redemption price per share; Prior to May 1, 2024, shares held less than 30 days may have been subject to a 1% redemption fee, payable to the Fund.

³  Offering and redemption price per share.

⁴  Market value of loaned securities backed by non-cash collateral is as of prior business day.

See Notes to Financial Statements 23

Statements of Operations Year Ended December 31, 2024

	Royce Dividend			Royce International			Royce Micro-Cap			Royce Premier
	Value Fund			Premier Fund			Fund			Fund
INVESTMENT INCOME:
INCOME:
Dividends	$	1,183,044		$	10,134,309		$	2,023,214		$	13,805,430
Foreign withholding tax		(36,855	)		(696,240	)		(48,502	)		(288,416	)
Interest		229,174			733,739			339,745			2,821,262
Securities lending		–			–			13,814			–
Total income		1,375,363			10,171,808			2,328,271			16,338,276
EXPENSES:
Investment advisory fees		581,530			3,503,294			3,062,825			14,203,366
Distribution fees		49,922			70,333			432,401			201,030
Shareholder servicing		107,172			339,152			389,142			1,055,481
Administrative and office facilities		50,697			234,721			165,912			703,320
Audit		34,675			39,099			39,166			47,172
Registration		33,247			49,708			48,937			79,453
Custody		23,713			164,108			44,688			112,438
Shareholder reports		11,590			41,973			39,582			160,090
Trustees’ fees		11,002			65,415			50,354			235,348
Legal		2,834			20,831			13,200			61,434
Other expenses		7,366			53,534			26,908			116,843
Total expenses		913,748			4,582,168			4,313,115			16,975,975
Compensating balance credits		(1,806	)		(24,614	)		(15,076	)		(26,781	)
Fees waived by investment adviser		–			(439,852	)		–			–
Expenses reimbursed by investment adviser		(116,293	)		(117,059	)		(81,077	)		(48,755	)
Net expenses		795,649			4,000,643			4,216,962			16,900,439
Net investment income (loss)		579,714			6,171,165			(1,888,691	)		(562,163	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
NET REALIZED GAIN (LOSS):
Investments		35,390,241			(27,784,560	)		33,963,477			162,028,945
Foreign currency transactions		(6,614	)		(358,257	)		554			(3,069	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
Investments		(23,613,967	)		(756,365	)		5,873,230			(117,038,158	)
Other assets and liabilities denominated in foreign currency		(2,202	)		(177,741	)		–			–
Net realized and unrealized gain (loss) on investments and foreign currency		11,767,458			(29,076,923	)		39,837,261			44,987,718
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS	$	12,347,172		$	(22,905,758	)	$	37,948,570		$	44,425,555

See Notes to Financial Statements 24

Statements of Operations Year Ended December 31, 2024 

	Royce Small-Cap Fund			Royce Small-Cap Opportunity Fund			Royce Small-Cap Special Equity Fund			Royce Small-Cap Total Return Fund
INVESTMENT INCOME: INCOME:
Dividends
Non-Affiliated Companies	$	21,293,761		$	10,342,479		$	15,577,269		$	14,748,469
Affiliated Companies		–			52,321			2,141,950			1,524,157
Foreign withholding tax		(582,625	)		(71,474	)		–			(215,958	)
Interest		2,475,171			1,749,505			6,312,353			1,483,075
Securities lending		205,959			74,029			–			12,043
Total income		23,392,266			12,146,860			24,031,572			17,551,786
EXPENSES:
Investment advisory fees		14,549,932			12,398,780			7,209,729			10,107,718
Distribution fees		2,088,199			499,063			220,284			1,079,357
Shareholder servicing		1,403,889			1,233,438			714,898			871,317
Administrative and office facilities		915,007			620,304			381,890			502,546
Audit		55,484			54,054			43,351			52,661
Registration		93,733			85,395			67,276			73,866
Custody		181,546			149,563			58,901			133,053
Shareholder reports		181,733			104,691			63,272			117,419
Trustees’ fees		312,853			205,519			121,534			166,140
Legal		80,391			56,630			32,648			43,431
Other expenses		149,270			107,364			66,923			89,570
Total expenses		20,012,037			15,514,801			8,980,706			13,237,078
Compensating balance credits		(70,888	)		(38,371	)		(23,296	)		(24,945	)
Fees waived by investment adviser and distributor		(8,942	)		–			–			(390,757	)
Expenses reimbursed by investment adviser		(2,290	)		(41,733	)		(44,359	)		(48,324	)
Net expenses		19,929,917			15,434,697			8,913,051			12,773,052
Net investment income (loss)		3,462,349			(3,287,837	)		15,118,521			4,778,734
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
NET REALIZED GAIN (LOSS):
Investments in Non-Affiliated Companies		156,187,485			107,751,442			87,908,996			64,037,687
Investments in Affiliated Companies		–			(2,174,679	)		–			15,798,817
Foreign currency transactions		(40,441	)		(3,114	)		–			(41,814	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
Investments in Non-Affiliated Companies		(29,541,170	)		15,074,148			(80,879,255	)		4,510,482
Investments in Affiliated Companies		–			2,251,513			901,785			6,465,730
Other assets and liabilities denominated in foreign currency		90			(417	)		–			3,482
Net realized and unrealized gain (loss) on investments and foreign currency		126,605,964			122,898,893			7,931,526			90,774,384
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS	$	130,068,313		$	119,611,056		$	23,050,047		$	95,553,118

See Notes to Financial Statements 25

Statements of Operations Year Ended December 31, 2024 

	Royce Small-Cap Value Fund			Royce Smaller- Companies Growth Fund
INVESTMENT INCOME: INCOME:
Dividends	$	2,833,964		$	621,496
Foreign withholding tax		–			(2,721	)
Interest		74,935			360,386
Securities lending		19			210,686
Total income		2,908,918			1,189,847
EXPENSES:
Investment advisory fees		1,206,199			1,845,679
Distribution fees		209,585			284,010
Shareholder servicing		176,750			247,565
Administrative and office facilities		80,512			104,237
Audit		31,527			32,778
Registration		46,437			44,272
Custody		33,241			31,964
Shareholder reports		18,229			23,508
Trustees’ fees		20,684			29,848
Legal		5,482			7,857
Other expenses		11,409			17,308
Total expenses		1,840,055			2,669,026
Compensating balance credits		(3,978	)		(7,077	)
Expenses reimbursed by investment adviser		(130,805	)		(89,298	)
Net expenses		1,705,272			2,572,651
Net investment income (loss)		1,203,646			(1,382,804	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
NET REALIZED GAIN (LOSS):
Investments		6,845,653			31,297,427
Foreign currency transactions		–			(5,986	)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
Investments		(4,161,924	)		6,667,134
Other assets and liabilities denominated in foreign currency		–			–
Net realized and unrealized gain (loss) on investments and foreign currency		2,683,729			37,958,575
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS	$	3,887,375		$	36,575,771

See Notes to Financial Statements 26

Statements of Changes in Net Assets

	Royce Dividend Value Fund						Royce International Premier Fund						Royce Micro-Cap Fund
	Year Ended 12/31/24			Year Ended 12/31/23			Year Ended 12/31/24			Year Ended 12/31/23			Year Ended 12/31/24			Year Ended 12/31/23
INVESTMENT OPERATIONS: Net investment income (loss)	$	579,714		$	594,324		$	6,171,165		$	8,180,796		$	(1,888,691	)	$	(1,672,097	)
Net realized gain (loss) on investments and foreign currency		35,383,627			7,402,145			(28,142,817	)		(59,465,778	)		33,964,031			27,692,148
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(23,616,169	)		4,555,773			(934,106	)		88,231,890			5,873,230			26,342,764
Net increase (decrease) in net assets from investment operations		12,347,172			12,552,242			(22,905,758	)		36,946,908			37,948,570			52,362,815
DISTRIBUTIONS: Total distributable earnings
Investment Class		(9,190,403	)		(5,042,548	)		(4,940,705	)		(7,746,903	)		(18,298,370	)		(10,989,696	)
Service Class		(3,766,348	)		(2,006,314	)		(816,568	)		(729,574	)		(14,530,687	)		(8,936,398	)
Consultant Class					–						–			(1,143,190	)		(707,046	)
Institutional Class					(247	)		(4,786,529	)		(7,720,585	)
Total distributions		(12,956,751	)		(7,049,109	)		(10,543,802	)		(16,197,062	)		(33,972,247	)		(20,633,140	)
CAPITAL SHARE TRANSACTIONS: Net capital share transactions
Investment Class		5,277,360			(2,513,377	)		(155,203,319	)		(3,654,818	)		(3,790,549	)		(175,080	)
Service Class		2,493,449			2,961,580			(10,684,178	)		(1,119,634	)		(5,481,270	)		(11,363,544	)
Consultant Class					(1,669,601	)					(5,029,442	)		(462,808	)		(606,724	)
Institutional Class					(135,683	)		(122,305,848	)		(250,345,128	)
Shareholder redemption fees
Investment Class		–			396			1,485			1,501			14			970
Service Class		1			–			45			2,968			5			1,067
Net increase (decrease) in net assets from capital share transactions		7,770,810			(1,356,685	)		(288,191,815	)		(260,144,553	)		(9,734,608	)		(12,143,311	)
Net Increase (Decrease) In Net Assets		7,161,231			4,146,448			(321,641,375	)		(239,394,707	)		(5,758,285	)		19,586,364
NET ASSETS:
Beginning of year		63,174,767			59,028,319			500,504,873			739,899,580			312,014,720			292,428,356
End of year	$	70,335,998		$	63,174,767		$	178,863,498		$	500,504,873		$	306,256,435		$	312,014,720

See Notes to Financial Statements 27

Statements of Changes in Net Assets

	Royce Premier Fund						Royce Small-Cap Fund						Royce Small-Cap Opportunity Fund
	Year Ended 12/31/24			Year Ended 12/31/23			Year Ended 12/31/24			Year Ended 12/31/23			Year Ended 12/31/24			Year Ended 12/31/23
INVESTMENT OPERATIONS: Net investment income (loss)	$	(562,163	)	$	1,267,358		$	3,462,349		$	2,177,822		$	(3,287,837	)	$	(506,632	)
Net realized gain (loss) on investments and foreign currency		162,025,876			93,027,953			156,147,044			111,671,680			105,573,649			74,676,437
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(117,038,158	)		179,451,497			(29,541,080	)		288,599,020			17,325,244			143,786,459
Net increase (decrease) in net assets from investment operations		44,425,555			273,746,808			130,068,313			402,448,522			119,611,056			217,956,264
DISTRIBUTIONS: Total distributable earnings
Investment Class		(90,046,936	)		(74,373,756	)		(122,668,318	)		(65,933,131	)		(60,958,156	)		(39,071,925	)
Service Class		(2,764,769	)		(2,295,254	)		(5,625,830	)		(3,275,912	)		(3,939,085	)		(3,291,030	)
Consultant Class		(989,585	)		(762,327	)		(14,711,704	)		(8,438,738	)		(955,009	)		(559,481	)
Institutional Class		(24,330,759	)		(16,644,913	)		(18,926,808	)		(9,421,722	)		(19,744,463	)		(12,002,169	)
R Class					–						–			(3,012,057	)		(1,964,587	)
Total distributions		(118,132,049	)		(94,076,250	)		(161,932,660	)		(87,069,503	)		(88,608,770	)		(56,889,192	)
CAPITAL SHARE TRANSACTIONS: Net capital share transactions
Investment Class		(119,573,748	)		(4,998,002	)		26,276,626			(29,489,951	)		(104,803,501	)		(135,355,933	)
Service Class		(1,829,806	)		6,039,867			(5,669,831	)		3,384,794			(25,353,309	)		(1,863,203	)
Consultant Class		216,068			(913,538	)		(10,577,757	)		(15,806,157	)		(624,763	)		55,614
Institutional Class		36,060,284			18,701,299			24,640,059			34,304,093			(9,235,649	)		16,944,127
R Class					(6,605,757	)					(7,470,321	)		(5,515,731	)		1,076,523
Shareholder redemption fees
Investment Class		661			447			435			1,158			223			12,846
Service Class		–			–			39			202			65			1,305
Net increase (decrease) in net assets from capital share transactions		(85,126,541	)		12,224,316			34,669,571			(15,076,182	)		(145,532,665	)		(119,128,721	)
Net Increase (Decrease) In Net Assets		(158,833,035	)		191,894,874			2,805,224			300,302,837			(114,530,379	)		41,938,351
NET ASSETS:
Beginning of year		1,443,054,892			1,251,160,018			1,866,979,800			1,566,676,963			1,286,823,228			1,244,884,877
End of year	$	1,284,221,857		$	1,443,054,892		$	1,869,785,024		$	1,866,979,800		$	1,172,292,849		$	1,286,823,228

See Notes to Financial Statements 28

Statements of Changes in Net Assets

	Royce Small-Cap Special Equity Fund						Royce Small-Cap Total Return Fund
	Year Ended 12/31/24			Year Ended 12/31/23			Year Ended 12/31/24			Year Ended 12/31/23
INVESTMENT OPERATIONS:
Net investment income (loss)	$	15,118,521		$	11,056,200		$	4,778,734		$	7,240,407
Net realized gain (loss) on investments and foreign currency		87,908,996			19,047,269			79,794,690			88,192,988
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(79,977,470	)		62,658,927			10,979,694			112,810,575
Net increase (decrease) in net assets from investment operations		23,050,047			92,762,396			95,553,118			208,243,970
DISTRIBUTIONS:
Total distributable earnings
Investment Class		(71,454,591	)		(31,210,014	)		(46,027,567	)		(58,941,637	)
Service Class		(4,307,243	)		(1,555,626	)		(3,759,367	)		(5,006,920	)
Consultant Class		(1,825,462	)		(657,508	)		(4,791,152	)		(6,494,539	)
Institutional Class		(15,280,623	)		(6,876,676	)		(16,491,412	)		(19,349,504	)
R Class								(1,365,181	)		(1,761,612	)
Total distributions		(92,867,919	)		(40,299,824	)		(72,434,679	)		(91,554,212	)
CAPITAL SHARE TRANSACTIONS:
Net capital share transactions
Investment Class		(70,518,486	)		(22,889,342	)		(31,989,301	)		(22,783,520	)
Service Class		(1,103,149	)		(4,629,957	)		(3,435,159	)		(7,348,656	)
Consultant Class		(739,002	)		(883,022	)		(5,793,839	)		(9,626,037	)
Institutional Class		(26,541,992	)		6,248,547			(4,803,983	)		8,493,692
R Class								(797,092	)		(469,274	)
Shareholder redemption fees
Investment Class		367			1,640			279			687
Service Class		823			112			–			293
Net increase (decrease) in net assets from capital share transactions		(98,901,439	)		(22,152,022	)		(46,819,095	)		(31,732,815	)
Net Increase (Decrease) In Net Assets		(168,719,311	)		30,310,550			(23,700,656	)		84,956,943
NET ASSETS:
Beginning of year		783,876,029			753,565,479			1,021,360,917			936,403,974
End of year	$	615,156,718		$	783,876,029		$	997,660,261		$	1,021,360,917

See Notes to Financial Statements 29

Statements of Changes in Net Assets

	Royce Small-Cap Value Fund						Royce Smaller-Companies Growth Fund
	Year Ended 12/31/24			Year Ended 12/31/23			Year Ended 12/31/24			Year Ended 12/31/23
INVESTMENT OPERATIONS:
Net investment income (loss)	$	1,203,646		$	1,055,971		$	(1,382,804	)	$	(1,525,709	)
Net realized gain (loss) on investments and foreign currency		6,845,653			8,713,674			31,291,441			7,463,010
Net change in unrealized appreciation (depreciation) on investments and foreign currency		(4,161,924	)		15,859,268			6,667,134			22,084,532
Net increase (decrease) in net assets from investment operations		3,887,375			25,628,913			36,575,771			28,021,833
DISTRIBUTIONS:
Total distributable earnings
Investment Class		(2,143,064	)		(2,893,809	)		(2,014,748	)		–
Service Class		(4,260,805	)		(6,304,788	)		(3,380,620	)		–
Consultant Class					–						–
Institutional Class								(169,646	)		–
R Class					–
Total distributions		(6,403,869	)		(9,198,597	)		(5,565,014	)		–
CAPITAL SHARE TRANSACTIONS:
Net capital share transactions
Investment Class		(1,349,243	)		(3,318,421	)		(9,758,403	)		(7,846,011	)
Service Class		(23,614,099	)		19,172,063			(13,871,394	)		(10,576,956	)
Consultant Class					(3,079,281	)					(4,414,617	)
Institutional Class								(427,399	)		114,033
R Class					(5,632,125	)
Shareholder redemption fees
Investment Class		251			512			153			8
Service Class		13,576			544			1			2,572
Net increase (decrease) in net assets from capital share transactions		(24,949,515	)		7,143,292			(24,057,042	)		(22,720,971	)
Net Increase (Decrease) In Net Assets		(27,466,009	)		23,573,608			6,953,715			5,300,862
NET ASSETS:
Beginning of year		136,517,744			112,944,136			180,587,393			175,286,531
End of year	$	109,051,735		$	136,517,744		$	187,541,108		$	180,587,393

See Notes to Financial Statements 30

Financial Highlights

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

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investments and Foreign Currency			Total Distributions			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (in thousands)											Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
																												Ratio of Expenses to Average Net Assets
																												Prior to Fee Waivers, Expense Reimbursements and Balance Credits			Prior to Fee Waivers and Expense Reimbursements			Net of Fee Waivers and Expense Reimbursements
Royce Dividend Value Fund–Investment Class
2024	$	6.00	$	0.06		$	1.18		$	1.24		$	(0.23	)	$	(1.07	)	$	(1.30	)	$	5.94		20.09	%	$	49,634		1.24	%		1.24	%		1.09	%		0.92	%		62	%
2023		5.48		0.06			1.20			1.26			(0.08	)		(0.66	)		(0.74	)		6.00		23.12			44,754		1.28			1.27			1.09			1.05			14
2022		6.40		0.04			(0.90	)		(0.86	)		(0.05	)		(0.01	)		(0.06	)		5.48		(13.45	)		43,264		1.27			1.27			1.09			0.80			3
2021		6.11		0.05			1.17			1.22			(0.06	)		(0.87	)		(0.93	)		6.40		20.47			54,466		1.21			1.21			1.09			0.76			0
2020		6.21		0.07			0.20			0.27			(0.11	)		(0.26	)		(0.37	)		6.11		4.57			53,421		1.26			1.26			1.09			1.27			4
Royce Dividend Value Fund–Service Class
2024	$	6.27	$	0.05		$	1.22		$	1.27		$	(0.20	)	$	(1.12	)	$	(1.32	)	$	6.22		19.62	%	$	20,702		1.56	%		1.56	%		1.34	%		0.67	%		62	%
2023		5.71		0.05			1.25			1.30			(0.06	)		(0.68	)		(0.74	)		6.27		22.92			18,421		1.62			1.61			1.34			0.81			14
2022		6.65		0.03			(0.94	)		(0.91	)		(0.02	)		(0.01	)		(0.03	)		5.71		(13.62	)		14,005		1.62			1.62			1.34			0.55			3
2021		6.34		0.04			1.21			1.25			(0.04	)		(0.90	)		(0.94	)		6.65		20.11			19,518		1.54			1.54			1.34			0.51			0
2020		6.42		0.06			0.21			0.27			(0.08	)		(0.27	)		(0.35	)		6.34		4.47			19,687		1.60			1.60			1.34			1.02			4
Royce International Premier Fund–Investment Class
2024	$	13.12	$	0.22		$	(1.14	)	$	(0.92	)	$	(0.62	)	$	–		$	(0.62	)	$	11.58		(7.17	)%	$	79,658		1.32	%		1.31	%		1.19	%		1.74	%		31	%
2023		12.54		0.13			0.84			0.97			(0.39	)		–			(0.39	)		13.12		7.81			252,621		1.29			1.29			1.19			1.02			36
2022		17.81		0.13			(4.94	)		(4.81	)		(0.13	)		(0.33	)		(0.46	)		12.54		(26.96	)		248,170		1.26			1.26			1.17			0.95			31
2021		17.64		0.06			0.99			1.05			(0.07	)		(0.81	)		(0.88	)		17.81		6.06			480,550		1.23			1.23			1.16			0.33			32
2020		15.25		0.04			2.40			2.44			(0.05	)		–			(0.05	)		17.64		15.99			486,378		1.26			1.26			1.19			0.30			21
Royce International Premier Fund–Service Class
2024	$	15.83	$	0.21		$	(1.35	)	$	(1.14	)	$	(0.58	)	$	–		$	(0.58	)	$	14.11		(7.36	)%	$	20,100		1.64	%		1.64	%		1.44	%		1.37	%		31	%
2023		15.04		0.12			1.01			1.13			(0.34	)		–			(0.34	)		15.83		7.62			33,645		1.62			1.61			1.44			0.79			36
2022		21.33		0.11			(5.92	)		(5.81	)		(0.08	)		(0.40	)		(0.48	)		15.04		(27.21	)		33,163		1.59			1.59			1.44			0.63			31
2021		21.10		0.01			1.18			1.19			–			(0.96	)		(0.96	)		21.33		5.78			59,258		1.54			1.54			1.44			0.05			32
2020		18.24		0.01			2.85			2.86			–			–			–			21.10		15.68			69,153		1.57			1.57			1.44			0.04			21
Royce International Premier Fund–Institutional Class
2024	$	13.12	$	0.24		$	(1.13	)	$	(0.89	)	$	(0.66	)	$	–		$	(0.66	)	$	11.57		(7.03	)%	$	79,106		1.24	%		1.23	%		1.04	%		1.85	%		31	%
2023		12.53		0.16			0.84			1.00			(0.41	)		–			(0.41	)		13.12		8.05			214,238		1.21			1.19			1.04			1.24			36
2022		17.82		0.14			(4.95	)		(4.81	)		(0.15	)		(0.33	)		(0.48	)		12.53		(26.92	)		453,793		1.20			1.19			1.04			1.03			31
2021		17.64		0.08			0.99			1.07			(0.09	)		(0.80	)		(0.89	)		17.82		6.23			704,714		1.16			1.16			1.04			0.44			32
2020		15.25		0.06			2.39			2.45			(0.06	)		–			(0.06	)		17.64		16.12			567,878		1.20			1.20			1.04			0.44			21
Royce Micro-Cap Fund–Investment Class
2024	$	11.00	$	(0.05	)	$	1.57		$	1.52		$	–		$	(1.36	)	$	(1.36	)	$	11.16		13.37	%	$	165,092		1.24	%		1.23	%		1.23	%		(0.47	)%		18	%
2023		9.88		(0.04	)		1.93			1.89			–			(0.77	)		(0.77	)		11.00		19.31			166,477		1.25			1.25			1.24			(0.42	)		19
2022		13.41		(0.05	)		(2.98	)		(3.03	)		–			(0.50	)		(0.50	)		9.88		(22.55	)		149,934		1.25			1.24			1.24			(0.50	)		13
2021		12.74		(0.07	)		3.84			3.77			–			(3.10	)		(3.10	)		13.41		31.02			209,032		1.20			1.20			1.20			(0.43	)		26
2020		11.02		(0.05	)		2.71			2.66			–			(0.94	)		(0.94	)		12.74		24.50			174,339		1.29			1.29			1.24			(0.46	)		25

See Notes to Financial Statements 31

Financial Highlights

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

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investments and Foreign Currency			Total Distributions			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (in thousands)											Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
																												Ratio of Expenses to Average Net Assets
																												Prior to Fee Waivers, Expense Reimbursements and Balance Credits			Prior to Fee Waivers and Expense Reimbursements			Net of Fee Waivers and Expense Reimbursements
Royce Micro-Cap Fund–Service Class
2024	$	10.65	$	(0.08	)	$	1.52		$	1.44		$	–		$	(1.32	)	$	(1.32	)	$	10.77		13.01	%	$	130,813		1.54	%		1.54	%		1.49	%		(0.73	)%		18	%
2023		9.59		(0.07	)		1.87			1.80			–			(0.74	)		(0.74	)		10.65		19.03			134,780		1.55			1.55			1.49			(0.67	)		19
2022		13.05		(0.08	)		(2.89	)		(2.97	)		–			(0.49	)		(0.49	)		9.59		(22.76	)		132,133		1.54			1.54			1.49			(0.75	)		13
2021		12.45		(0.11	)		3.74			3.63			–			(3.03	)		(3.03	)		13.05		30.64			197,089		1.51			1.51			1.49			(0.73	)		26
2020		10.79		(0.07	)		2.65			2.58			–			(0.92	)		(0.92	)		12.45		24.26			168,285		1.60			1.60			1.49			(0.71	)		25
Royce Micro-Cap Fund–Consultant Class
2024	$	8.03	$	(0.12	)	$	1.13		$	1.01		$	–		$	(0.98	)	$	(0.98	)	$	8.06		12.17	%	$	10,351		2.43	%		2.43	%		2.24	%		(1.48	)%		18	%
2023		7.29		(0.11	)		1.41			1.30			–			(0.56	)		(0.56	)		8.03		18.03			10,758		2.42			2.42			2.30			(1.48	)		19
2022		10.00		(0.13	)		(2.21	)		(2.34	)		–			(0.37	)		(0.37	)		7.29		(23.37	)		10,361		2.37			2.37			2.37			(1.63	)		13
2021		9.62		(0.18	)		2.89			2.71			–			(2.33	)		(2.33	)		10.00		29.56			15,777		2.30			2.30			2.30			(1.53	)		26
2020		8.42		(0.13	)		2.04			1.91			–			(0.71	)		(0.71	)		9.62		23.04			14,025		2.41			2.41			2.41			(1.63	)		25
Royce Premier Fund–Investment Class
2024	$	11.52	$	(0.00	)	$	0.41		$	0.41		$	(0.00	)	$	(1.04	)	$	(1.04	)	$	10.89		2.97	%	$	965,428		1.19	%		1.19	%		1.19	%		(0.04	)%		12	%
2023		10.06		0.01			2.24			2.25			(0.00	)		(0.79	)		(0.79	)		11.52		22.53			1,140,122		1.19			1.19			1.19			0.10			15
2022		12.97		(0.00	)		(2.00	)		(2.00	)		–			(0.91	)		(0.91	)		10.06		(15.46	)		1,001,894		1.18			1.18			1.18			(0.02	)		23
2021		13.59		(0.03	)		2.16			2.13			(0.01	)		(2.74	)		(2.75	)		12.97		16.36			1,401,347		1.17			1.17			1.17			(0.19	)		20
2020		12.88		0.05			1.41			1.46			(0.12	)		(0.63	)		(0.75	)		13.59		11.50			1,414,718		1.21			1.21			1.21			0.41			23
Royce Premier Fund–Service Class
2024	$	11.11	$	(0.04	)	$	0.40		$	0.36		$	–		$	(0.99	)	$	(0.99	)	$	10.48		2.71	%	$	31,253		1.59	%		1.59	%		1.49	%		(0.34	)%		12	%
2023		9.72		(0.02	)		2.17			2.15			–			(0.76	)		(0.76	)		11.11		22.24			34,923		1.63			1.62			1.49			(0.19	)		15
2022		12.58		(0.04	)		(1.95	)		(1.99	)		–			(0.87	)		(0.87	)		9.72		(15.79	)		24,968		1.59			1.59			1.49			(0.33	)		23
2021		13.22		(0.07	)		2.09			2.02			–			(2.66	)		(2.66	)		12.58		15.98			36,488		1.56			1.56			1.49			(0.50	)		20
2020		12.54		0.01			1.37			1.38			(0.09	)		(0.61	)		(0.70	)		13.22		11.16			29,588		1.57			1.57			1.49			0.12			23
Royce Premier Fund–Consultant Class
2024	$	8.69	$	(0.10	)	$	0.32		$	0.22		$	–		$	(0.77	)	$	(0.77	)	$	8.14		1.94	%	$	11,240		2.38	%		2.37	%		2.24	%		(1.09	)%		12	%
2023		7.67		(0.08	)		1.69			1.61			–			(0.59	)		(0.59	)		8.69		21.16			11,782		2.36			2.36			2.28			(0.99	)		15
2022		10.00		(0.10	)		(1.53	)		(1.63	)		–			(0.70	)		(0.70	)		7.67		(16.36	)		11,265		2.33			2.33			2.33			(1.17	)		23
2021		10.60		(0.15	)		1.67			1.52			–			(2.12	)		(2.12	)		10.00		15.01			16,016		2.29			2.29			2.29			(1.30	)		20
2020		10.09		(0.07	)		1.09			1.02			(0.02	)		(0.49	)		(0.51	)		10.60		10.19			15,686		2.34			2.34			2.34			(0.72	)		23
Royce Premier Fund–Institutional Class
2024	$	11.71	$	0.00		$	0.43		$	0.43		$	(0.01	)	$	(1.05	)	$	(1.06	)	$	11.08		3.09	%	$	276,301		1.12	%		1.12	%		1.12	%		0.03	%		12	%
2023		10.22		0.02			2.28			2.30			(0.01	)		(0.80	)		(0.81	)		11.71		22.64			256,228		1.12			1.12			1.12			0.17			15
2022		13.16		0.01			(2.03	)		(2.02	)		–			(0.92	)		(0.92	)		10.22		(15.37	)		206,916		1.11			1.11			1.11			0.05			23
2021		13.80		(0.02	)		2.19			2.17			(0.02	)		(2.79	)		(2.81	)		13.16		16.39			273,853		1.09			1.09			1.09			(0.11	)		20
2020		13.08		0.05			1.44			1.49			(0.13	)		(0.64	)		(0.77	)		13.80		11.53			266,587		1.15			1.15			1.15			0.44			23

See Notes to Financial Statements 32

Financial Highlights

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

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investments and Foreign Currency			Total Distributions			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (in thousands)											Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
																												Ratio of Expenses to Average Net Assets
																												Prior to Fee Waivers, Expense Reimbursements and Balance Credits			Prior to Fee Waivers and Expense Reimbursements			Net of Fee Waivers and Expense Reimbursements
Royce Small-Cap Fund–Investment Class
2024	$	9.18	$	0.03		$	0.66		$	0.69		$	(0.05	)	$	(0.79	)	$	(0.84	)	$	9.03		7.07	%	$	1,404,771		0.94	%		0.93	%		0.93	%		0.29	%		37	%
2023		7.61		0.02			2.00			2.02			(0.04	)		(0.41	)		(0.45	)		9.18		26.66			1,401,591		0.94			0.94			0.94			0.25			40
2022		9.65		0.03			(1.68	)		(1.65	)		(0.00	)		(0.39	)		(0.39	)		7.61		(17.06	)		1,191,941		0.94			0.94			0.94			0.31			45
2021		10.24		0.02			2.11			2.13			(0.01	)		(2.71	)		(2.72	)		9.65		22.05			1,605,587		0.91			0.91			0.91			0.15			60
2020		9.44		0.03			1.29			1.32			(0.06	)		(0.46	)		(0.52	)		10.24		14.08			1,426,472		0.95			0.95			0.95			0.37			32
Royce Small-Cap Fund–Service Class
2024	$	9.12	$	(0.00	)	$	0.67		$	0.67		$	(0.02	)	$	(0.79	)	$	(0.81	)	$	8.98		6.83	%	$	67,101		1.29	%		1.29	%		1.27	%		(0.05	)%		37	%
2023		7.56		(0.01	)		1.99			1.98			(0.01	)		(0.41	)		(0.42	)		9.12		26.31			73,661		1.31			1.31			1.25			(0.06	)		40
2022		9.62		(0.00	)		(1.67	)		(1.67	)		–			(0.39	)		(0.39	)		7.56		(17.41	)		58,043		1.30			1.30			1.25			(0.01	)		45
2021		10.23		(0.02	)		2.11			2.09			–			(2.70	)		(2.70	)		9.62		21.64			84,060		1.27			1.27			1.27			(0.22	)		60
2020		9.42		0.02			1.28			1.30			(0.03	)		(0.46	)		(0.49	)		10.23		13.88			78,789		1.25			1.24			1.13			0.23			32
Royce Small-Cap Fund–Consultant Class
2024	$	7.05	$	(0.05	)	$	0.51		$	0.46		$	–		$	(0.60	)	$	(0.60	)	$	6.91		6.09	%	$	179,498		1.95	%		1.95	%		1.95	%		(0.73	)%		37	%
2023		5.88		(0.05	)		1.54			1.49			–			(0.32	)		(0.32	)		7.05		25.39			193,390		1.95			1.94			1.94			(0.76	)		40
2022		7.53		(0.04	)		(1.31	)		(1.35	)		–			(0.30	)		(0.30	)		5.88		(17.94	)		175,956		1.94			1.94			1.94			(0.70	)		45
2021		8.07		(0.08	)		1.66			1.58			–			(2.12	)		(2.12	)		7.53		20.78			249,816		1.92			1.92			1.92			(0.86	)		60
2020		7.47		(0.04	)		1.00			0.96			–			(0.36	)		(0.36	)		8.07		12.94			238,595		1.96			1.96			1.96			(0.64	)		32
Royce Small-Cap Fund–Institutional Class
2024	$	9.21	$	0.03		$	0.68		$	0.71		$	(0.06	)	$	(0.79	)	$	(0.85	)	$	9.07		7.23	%	$	218,416		0.89	%		0.89	%		0.89	%		0.33	%		37	%
2023		7.63		0.02			2.02			2.04			(0.04	)		(0.42	)		(0.46	)		9.21		26.77			198,338		0.91			0.91			0.91			0.29			40
2022		9.68		0.03			(1.68	)		(1.65	)		(0.01	)		(0.39	)		(0.40	)		7.63		(17.07	)		133,606		0.90			0.90			0.90			0.33			45
2021		10.27		0.03			2.12			2.15			(0.01	)		(2.73	)		(2.74	)		9.68		22.10			199,842		0.86			0.86			0.86			0.21			60
2020		9.47		0.04			1.28			1.32			(0.06	)		(0.46	)		(0.52	)		10.27		14.10			163,944		0.89			0.89			0.89			0.42			32
Royce Small-Cap Opportunity Fund–Investment Class
2024	$	15.11	$	(0.04	)	$	1.65		$	1.61		$	–		$	(1.23	)	$	(1.23	)	$	15.49		10.30	%	$	806,369		1.23	%		1.22	%		1.22	%		(0.24	)%		35	%
2023		13.22		(0.00	)		2.57			2.57			–			(0.68	)		(0.68	)		15.11		19.58			890,662		1.23			1.23			1.23			(0.02	)		35
2022		16.76		0.00			(2.86	)		(2.86	)		–			(0.68	)		(0.68	)		13.22		(17.08	)		911,802		1.23			1.23			1.23			0.03			35
2021		15.84		(0.06	)		4.75			4.69			–			(3.77	)		(3.77	)		16.76		30.85			1,332,050		1.21			1.21			1.21			(0.30	)		69
2020		12.52		(0.03	)		3.35			3.32			–			–			–			15.84		26.52			786,849		1.24			1.23			1.23			(0.28	)		53
Royce Small-Cap Opportunity Fund–Service Class
2024	$	13.76	$	(0.07	)	$	1.49		$	1.42		$	–		$	(1.11	)	$	(1.11	)	$	14.07		9.99	%	$	52,271		1.54	%		1.54	%		1.49	%		(0.52	)%		35	%
2023		12.07		(0.04	)		2.35			2.31			–			(0.62	)		(0.62	)		13.76		19.26			75,831		1.54			1.54			1.49			(0.27	)		35
2022		15.34		(0.03	)		(2.62	)		(2.65	)		–			(0.62	)		(0.62	)		12.07		(17.28	)		68,292		1.54			1.54			1.49			(0.23	)		35
2021		14.66		(0.11	)		4.39			4.28			–			(3.60	)		(3.60	)		15.34		30.43			109,440		1.50			1.50			1.49			(0.61	)		69
2020		11.61		(0.06	)		3.11			3.05			–			–			–			14.66		26.27			131,725		1.54			1.54			1.49			(0.54	)		53

See Notes to Financial Statements 33

Financial Highlights

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

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investments and Foreign Currency			Total Distributions			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (in thousands)											Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
																												Ratio of Expenses to Average Net Assets
																												Prior to Fee Waivers, Expense Reimbursements and Balance Credits			Prior to Fee Waivers and Expense Reimbursements			Net of Fee Waivers and Expense Reimbursements
Royce Small-Cap Opportunity Fund–Consultant Class
2024	$	11.69	$	(0.15	)	$	1.25		$	1.10		$	–		$	(0.94	)	$	(0.94	)	$	11.85		9.06	%	$	12,479		2.34	%		2.34	%		2.24	%		(1.26	)%		35	%
2023		10.33		(0.12	)		2.01			1.89			–			(0.53	)		(0.53	)		11.69		18.39			12,898		2.34			2.34			2.27			(1.06	)		35
2022		13.24		(0.12	)		(2.26	)		(2.38	)		–			(0.53	)		(0.53	)		10.33		(17.98	)		11,396		2.35			2.35			2.35			(1.07	)		35
2021		12.61		(0.21	)		3.78			3.57			–			(2.94	)		(2.94	)		13.24		29.46			14,871		2.26			2.26			2.26			(1.35	)		69
2020		10.09		(0.14	)		2.66			2.52			–			–			–			12.61		24.98			13,477		2.45			2.45			2.45			(1.50	)		53
Royce Small-Cap Opportunity Fund–Institutional Class
2024	$	15.52	$	(0.02	)	$	1.69		$	1.67		$	–		$	(1.26	)	$	(1.26	)	$	15.93		10.43	%	$	260,433		1.12	%		1.12	%		1.12	%		(0.13	)%		35	%
2023		13.59		0.01			2.65			2.66			(0.02	)		(0.71	)		(0.73	)		15.52		19.65			262,010		1.12			1.12			1.12			0.10			35
2022		17.21		0.02			(2.94	)		(2.92	)		–			(0.70	)		(0.70	)		13.59		(16.94	)		214,424		1.12			1.12			1.12			0.15			35
2021		16.22		(0.03	)		4.84			4.81			–			(3.82	)		(3.82	)		17.21		30.89			291,961		1.08			1.08			1.08			(0.18	)		69
2020		12.80		(0.02	)		3.44			3.42			–			–			–			16.22		26.72			340,877		1.12			1.12			1.12			(0.17	)		53
Royce Small-Cap Opportunity Fund–R Class
2024	$	13.18	$	(0.12	)	$	1.43		$	1.31		$	–		$	(1.07	)	$	(1.07	)	$	13.42		9.54	%	$	40,741		1.85	%		1.85	%		1.85	%		(0.87	)%		35	%
2023		11.61		(0.08	)		2.25			2.17			–			(0.60	)		(0.60	)		13.18		18.76			45,422		1.85			1.85			1.85			(0.63	)		35
2022		14.80		(0.07	)		(2.53	)		(2.60	)		–			(0.59	)		(0.59	)		11.61		(17.54	)		38,971		1.85			1.85			1.85			(0.57	)		35
2021		14.03		(0.16	)		4.20			4.04			–			(3.27	)		(3.27	)		14.80		30.01			51,537		1.81			1.81			1.81			(0.90	)		69
2020		11.16		(0.09	)		2.96			2.87			–			–			–			14.03		25.72			36,065		1.88			1.87			1.87			(0.93	)		53
Royce Small-Cap Special Equity Fund–Investment Class
2024	$	17.05	$	0.36	1	$	0.27		$	0.63		$	(0.40	)	$	(2.08	)	$	(2.48	)	$	15.20		3.05	%	$	481,035		1.22	%		1.22	%		1.22	%		2.11	%1		5	%
2023		15.92		0.24			1.80			2.04			(0.25	)		(0.66	)		(0.91	)		17.05		12.83			605,345		1.22			1.22			1.22			1.45			14
2022		19.09		0.18			(1.39	)		(1.21	)		(0.19	)		(1.77	)		(1.96	)		15.92		(6.33	)		587,346		1.21			1.21			1.21			1.01			23
2021		18.22		0.17			3.86			4.03			(0.20	)		(2.96	)		(3.16	)		19.09		22.50			755,338		1.20			1.20			1.20			0.82			42
2020		17.59		0.27			1.03			1.30			(0.26	)		(0.41	)		(0.67	)		18.22		7.43			702,556		1.23			1.23			1.23			1.68			39
Royce Small-Cap Special Equity Fund–Service Class
2024	$	17.05	$	0.32	1	$	0.26		$	0.58		$	(0.36	)	$	(2.07	)	$	(2.43	)	$	15.20		2.77	%	$	27,792		1.58	%		1.58	%		1.49	%		1.87	%1		5	%
2023		15.92		0.19			1.79			1.98			(0.20	)		(0.65	)		(0.85	)		17.05		12.50			32,297		1.58			1.57			1.49			1.16			14
2022		19.06		0.12			(1.37	)		(1.25	)		(0.13	)		(1.76	)		(1.89	)		15.92		(6.56	)		34,729		1.57			1.57			1.49			0.70			23
2021		18.19		0.12			3.85			3.97			(0.16	)		(2.94	)		(3.10	)		19.06		22.19			57,738		1.54			1.54			1.46			0.57			42
2020		17.56		0.24			1.04			1.28			(0.24	)		(0.41	)		(0.65	)		18.19		7.29			46,671		1.60			1.60			1.39			1.49			39
Royce Small-Cap Special Equity Fund–Consultant Class
2024	$	15.49	$	0.17	1	$	0.24		$	0.41		$	(0.25	)	$	(1.87	)	$	(2.12	)	$	13.78		2.00	%	$	13,029		2.35	%		2.35	%		2.24	%		1.10	%1		5	%
2023		14.49		0.05			1.63			1.68			(0.09	)		(0.59	)		(0.68	)		15.49		11.64			15,317		2.36			2.35			2.31			0.35			14
2022		17.37		(0.04	)		(1.25	)		(1.29	)		–			(1.59	)		(1.59	)		14.49		(7.43	)		15,189		2.40			2.40			2.40			(0.23	)		23
2021		16.60		(0.05	)		3.50			3.45			(0.01	)		(2.67	)		(2.68	)		17.37		21.16			25,068		2.31			2.31			2.31			(0.29	)		42
2020		16.05		0.09			0.92			1.01			(0.09	)		(0.37	)		(0.46	)		16.60		6.27			18,852		2.31			2.31			2.31			0.59			39

¹ For Royce Small-Cap Special Equity Fund, a special distribution from Ennis resulted in an increase in net investment income (loss) per share of $0.07 and an increase in the ratio of net investment income (loss) to average net assets of 0.44% for the Investment Class, $0.08 per share and 0.45% for the Service Class and $0.07 per share and 0.44% for the Consultant Class.

See Notes to Financial Statements 34

Financial Highlights

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

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investments and Foreign Currency			Total Distributions			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (in thousands)											Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
																												Ratio of Expenses to Average Net Assets
																												Prior to Fee Waivers, Expense Reimbursements and Balance Credits			Prior to Fee Waivers and Expense Reimbursements			Net of Fee Waivers and Expense Reimbursements
Royce Small-Cap Special Equity Fund–Institutional Class
2024	$	16.89	$	0.38	1	$	0.26		$	0.64		$	(0.42	)	$	(2.06	)	$	(2.48	)	$	15.05		3.11	%	$	93,301		1.14	%		1.13	%		1.13	%		2.21	%1		5	%
2023		15.77		0.25			1.79			2.04			(0.27	)		(0.65	)		(0.92	)		16.89		12.95			130,917		1.14			1.14			1.14			1.55			14
2022		18.92		0.19			(1.37	)		(1.18	)		(0.21	)		(1.76	)		(1.97	)		15.77		(6.27	)		116,301		1.12			1.12			1.12			1.08			23
2021		18.06		0.19			3.82			4.01			(0.22	)		(2.93	)		(3.15	)		18.92		22.63			238,810		1.11			1.11			1.11			0.92			42
2020		17.43		0.30			1.01			1.31			(0.28	)		(0.40	)		(0.68	)		18.06		7.52			194,911		1.15			1.15			1.15			1.84			39
Royce Small-Cap Total Return Fund–Investment Class
2024	$	7.40	$	0.04		$	0.73		$	0.77		$	(0.23	)	$	(0.36	)	$	(0.59	)	$	7.58		10.03	%	$	625,357		1.21	%		1.21	%		1.17	%		0.57	%		51	%
2023		6.56		0.06	2		1.50			1.56			(0.25	)		(0.47	)		(0.72	)		7.40		24.07			642,546		1.22			1.22			1.22			0.86	2		65
2022		8.78		0.08			(1.25	)		(1.17	)		(0.11	)		(0.94	)		(1.05	)		6.56		(13.25	)		591,730		1.22			1.22			1.22			0.97			62
2021		9.34		0.12			2.21			2.33			(0.13	)		(2.76	)		(2.89	)		8.78		25.78			1,016,331		1.20			1.20			1.20			1.09			64
2020		10.93		0.17			0.19			0.36			(0.21	)		(1.74	)		(1.95	)		9.34		3.82			893,868		1.24			1.24			1.24			1.88			61
Royce Small-Cap Total Return Fund–Service Class
2024	$	7.70	$	0.02		$	0.75		$	0.77		$	(0.19	)	$	(0.37	)	$	(0.56	)	$	7.91		9.69	%	$	56,507		1.54	%		1.54	%		1.47	%		0.26	%		51	%
2023		6.80		0.04	2		1.57			1.61			(0.23	)		(0.48	)		(0.71	)		7.70		23.85			58,424		1.58			1.58			1.49			0.58	2		65
2022		9.08		0.06			(1.30	)		(1.24	)		(0.07	)		(0.97	)		(1.04	)		6.80		(13.54	)		58,571		1.57			1.57			1.49			0.74			62
2021		9.62		0.09			2.28			2.37			(0.07	)		(2.84	)		(2.91	)		9.08		25.54			80,478		1.52			1.52			1.49			0.78			64
2020		11.27		0.16			0.18			0.34			(0.19	)		(1.80	)		(1.99	)		9.62		3.51			69,634		1.55			1.55			1.49			1.64			61
Royce Small-Cap Total Return Fund–Consultant Class
2024	$	7.83	$	(0.04	)	$	0.75		$	0.71		$	(0.12	)	$	(0.37	)	$	(0.49	)	$	8.05		8.79	%	$	81,872		2.24	%		2.24	%		2.20	%		(0.46	)%		51	%
2023		6.89		(0.01	)2		1.58			1.57			(0.14	)		(0.49	)		(0.63	)		7.83		22.91			85,488		2.25			2.24			2.24			(0.17	)2		65
2022		9.18		0.00			(1.31	)		(1.31	)		–			(0.98	)		(0.98	)		6.89		(14.15	)		84,448		2.23			2.23			2.23			0.01			62
2021		9.75		0.01			2.31			2.32			(0.01	)		(2.88	)		(2.89	)		9.18		24.63			112,649		2.18			2.18			2.18			0.09			64
2020		11.31		0.09			0.18			0.27			(0.03	)		(1.80	)		(1.83	)		9.75		2.76			110,179		2.22			2.22			2.22			0.88			61
Royce Small-Cap Total Return Fund–Institutional Class
2024	$	7.24	$	0.05		$	0.71		$	0.76		$	(0.24	)	$	(0.35	)	$	(0.59	)	$	7.41		10.19	%	$	211,812		1.12	%		1.12	%		1.07	%		0.67	%		51	%
2023		6.43		0.07	2		1.46			1.53			(0.27	)		(0.45	)		(0.72	)		7.24		24.12			212,581		1.13			1.13			1.13			0.95	2		65
2022		8.61		0.08			(1.22	)		(1.14	)		(0.12	)		(0.92	)		(1.04	)		6.43		(13.13	)		181,476		1.14			1.14			1.14			1.07			62
2021		9.17		0.13			2.17			2.30			(0.14	)		(2.72	)		(2.86	)		8.61		25.91			279,510		1.10			1.10			1.10			1.19			64
2020		10.77		0.18			0.18			0.36			(0.24	)		(1.72	)		(1.96	)		9.17		3.87			208,605		1.13			1.13			1.13			1.98			61
Royce Small-Cap Total Return Fund–R Class
2024	$	7.85	$	(0.01	)	$	0.76		$	0.75		$	(0.14	)	$	(0.38	)	$	(0.52	)	$	8.08		9.26	%	$	22,112		1.89	%		1.89	%		1.85	%		(0.11	)%		51	%
2023		6.92		0.01	2		1.59			1.60			(0.18	)		(0.49	)		(0.67	)		7.85		23.28			22,322		1.91			1.91			1.91			0.17	2		65
2022		9.20		0.03			(1.32	)		(1.29	)		(0.01	)		(0.98	)		(0.99	)		6.92		(13.87	)		20,180		1.91			1.91			1.91			0.32			62
2021		9.76		0.05			2.31			2.36			(0.04	)		(2.88	)		(2.92	)		9.20		25.01			27,040		1.85			1.85			1.85			0.42			64
2020		11.38		0.12			0.18			0.30			(0.12	)		(1.80	)		(1.92	)		9.76		3.08			30,027		1.89			1.88			1.88			1.23			61

¹ For Royce Small-Cap Special Equity Fund, a special distribution from Ennis resulted in an increase in net investment income (loss) per share of $0.08 and an increase in the ratio of net investment income (loss) to average net assets of 0.45% for the Institutional Class.

² For Royce Small-Cap Total Return Fund, a special distribution from Tel Aviv Stock Exchange resulted in an increase in net investment income (loss) per share of $0.01 and an increase in the ratio of net investment income (loss) to average net assets of 0.17% for the Investment Class, $0.01 per share and 0.16% for the Service Class, $0.01 per share and 0.16% for the Consultant Class, $0.01 per share and 0.17% for the Institutional Class and $0.01 per share and 0.17% for the R Class.

See Notes to Financial Statements 35

Financial Highlights

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

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency			Total from Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investments and Foreign Currency			Total Distributions			Net Asset Value, End of Period		Total Return			Net Assets, End of Period (in thousands)											Ratio of Net Investment Income (Loss) to Average Net Assets			Portfolio Turnover Rate
																												Ratio of Expenses to Average Net Assets
																												Prior to Fee Waivers, Expense Reimbursements and Balance Credits			Prior to Fee Waivers and Expense Reimbursements			Net of Fee Waivers and Expense Reimbursements
Royce Small-Cap Value Fund–Investment Class
2024	$	10.30	$	0.12		$	0.28		$	0.40		$	(0.13	)	$	(0.51	)	$	(0.64	)	$	10.06		3.54	%	$	35,267		1.35	%		1.34	%		1.24	%		1.16	%		43	%
2023		8.85		0.11			2.21			2.32			(0.12	)		(0.75	)		(0.87	)		10.30		26.39			37,440		1.36			1.35			1.24			1.15			48
2022		10.43		0.07			(1.09	)		(1.02	)		(0.05	)		(0.51	)		(0.56	)		8.85		(9.87	)		35,545		1.35			1.35			1.24			0.76			62
2021		8.61		0.02			2.41			2.43			(0.01	)		(0.60	)		(0.61	)		10.43		28.48			44,621		1.31			1.31			1.24			0.20			53
2020		9.57		0.06			(0.66	)		(0.60	)		(0.17	)		(0.19	)		(0.36	)		8.61		(6.25	)		34,523		1.39			1.39			1.24			0.76			61
Royce Small-Cap Value Fund–Service Class
2024	$	10.24	$	0.10		$	0.27		$	0.37		$	(0.09	)	$	(0.51	)	$	(0.60	)	$	10.01		3.35	%	$	73,785		1.60	%		1.60	%		1.49	%		0.93	%		43	%
2023		8.81		0.09			2.18			2.27			(0.10	)		(0.74	)		(0.84	)		10.24		25.96			99,077		1.62			1.62			1.49			0.92			48
2022		10.38		0.05			(1.09	)		(1.04	)		(0.03	)		(0.50	)		(0.53	)		8.81		(10.06	)		68,455		1.59			1.59			1.49			0.52			62
2021		8.58		(0.01	)		2.41			2.40			–			(0.60	)		(0.60	)		10.38		28.24			81,840		1.55			1.55			1.49			(0.06	)		53
2020		9.54		0.04			(0.66	)		(0.62	)		(0.15	)		(0.19	)		(0.34	)		8.58		(6.47	)		75,502		1.62			1.62			1.49			0.50			61
Royce Smaller-Companies Growth Fund–Investment Class
2024	$	6.66	$	(0.04	)	$	1.53		$	1.49		$	(0.08	)	$	(0.17	)	$	(0.25	)	$	7.90		22.15	%	$	64,900		1.26	%		1.26	%		1.24	%		(0.60	)%		73	%
2023		5.69		(0.04	)		1.01			0.97			–			–			–			6.66		17.05			63,279		1.27			1.27			1.24			(0.68	)		65
2022		8.74		(0.06	)		(2.74	)		(2.80	)		–			(0.25	)		(0.25	)		5.69		(32.07	)		61,107		1.26			1.26			1.24			(0.97	)		66
2021		11.06		(0.11	)		0.83			0.72			–			(3.04	)		(3.04	)		8.74		8.09			106,318		1.19			1.19			1.19			(0.91	)		50
2020		8.21		(0.07	)		4.06			3.99			–			(1.14	)		(1.14	)		11.06		49.61			112,668		1.25			1.25			1.24			(0.86	)		61
Royce Smaller-Companies Growth Fund–Service Class
2024	$	6.41	$	(0.06	)	$	1.47		$	1.41		$	(0.06	)	$	(0.16	)	$	(0.22	)	$	7.60		21.84	%	$	116,998		1.55	%		1.55	%		1.49	%		(0.85	)%		73	%
2023		5.48		(0.06	)		0.99			0.93			–			–			–			6.41		16.97			112,078		1.57			1.57			1.49			(0.93	)		65
2022		8.45		(0.08	)		(2.65	)		(2.73	)		–			(0.24	)		(0.24	)		5.48		(32.37	)		105,585		1.55			1.55			1.49			(1.22	)		66
2021		10.74		(0.15	)		0.82			0.67			–			(2.96	)		(2.96	)		8.45		7.78			178,553		1.51			1.51			1.49			(1.21	)		50
2020		7.99		(0.09	)		3.95			3.86			–			(1.11	)		(1.11	)		10.74		49.26			181,591		1.54			1.54			1.49			(1.11	)		61
Royce Smaller-Companies Growth Fund–Institutional Class
2024	$	6.77	$	(0.04	)	$	1.55		$	1.51		$	(0.08	)	$	(0.17	)	$	(0.25	)	$	8.03		22.09	%	$	5,642		1.54	%		1.53	%		1.24	%		(0.59	)%		73	%
2023		5.77		(0.04	)		1.04			1.00			–			–			–			6.77		17.33			5,231		1.54			1.53			1.21			(0.65	)		65
2022		8.87		(0.06	)		(2.79	)		(2.85	)		–			(0.25	)		(0.25	)		5.77		(32.17	)		4,400		1.53			1.53			1.16			(0.89	)		66
2021		11.23		(0.11	)		0.85			0.74			–			(3.10	)		(3.10	)		8.87		8.16			7,278		1.41			1.41			1.16			(0.88	)		50
2020		8.33		(0.07	)		4.13			4.06			–			(1.16	)		(1.16	)		11.23		49.70			5,646		1.44			1.44			1.23			(0.85	)		61

See Notes to Financial Statements 36

Notes to Financial Statements

Summary of Significant Accounting Policies:

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

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

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

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

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

VALUATION OF INVESTMENTS:

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

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

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

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

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

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

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

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

37

Notes to Financial Statements (continued)

VALUATION OF INVESTMENTS (continued):

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

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

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

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

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

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

The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Funds as of December 31, 2024. Any Level 2 or Level 3 securities held by a Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Royce Dividend Value Fund
Common Stocks	$	58,761,436	$	2,325,667	$	–	$	61,087,103
Repurchase Agreement		–		9,264,067	–			9,264,067
Royce International Premier Fund
Common Stocks		8,074,799		167,610,814	–			175,685,613
Preferred Stocks		–		3,447,492	–			3,447,492
Royce Micro-Cap Fund
Common Stocks		294,534,329		8,139,976	0			302,674,305
Money Market Fund/Collateral Received for Securities Loaned		3,002,890		–	–			3,002,890
Repurchase Agreement		–		4,147,571	–			4,147,571
Royce Premier Fund
Common Stocks		1,241,641,869		–	–			1,241,641,869
Repurchase Agreement		–		25,639,111	–			25,639,111
Royce Small-Cap Fund
Common Stocks		1,807,141,659		1,482,631	–			1,808,624,290
Money Market Fund/Collateral Received for Securities Loaned		1,251,830		–	–			1,251,830
Repurchase Agreement		–		60,383,952	–			60,383,952
Royce Small-Cap Opportunity Fund
Common Stocks		1,142,175,443		–	0			1,142,175,443
Money Market Fund/Collateral Received for Securities Loaned		3,971,397		–	–			3,971,397
Repurchase Agreement		–		32,895,993	–			32,895,993
Royce Small-Cap Special Equity Fund
Common Stocks		517,071,625		2,770,845	–			519,842,470
Repurchase Agreement		–		97,700,108	–			97,700,108
Royce Small-Cap Total Return Fund
Common Stocks		947,656,171		13,796,509	–			961,452,680
Repurchase Agreement		–		37,764,040	–			37,764,040

38

Notes to Financial Statements (continued)

VALUATION OF INVESTMENTS (continued):

	LEVEL 1			LEVEL 2	LEVEL 3		TOTAL
Royce Small-Cap Value Fund
Common Stocks	$	108,176,585	$	–	$	–	$	108,176,585
Repurchase Agreement	–			949,804	–		949,804
Royce Smaller-Companies Growth Fund
Common Stocks	173,237,841			4,848,189	–		178,086,030
Money Market Fund/Collateral Received for Securities Loaned	1,106,652			–	–		1,106,652
Repurchase Agreement	–			10,269,574	–		10,269,574

REPURCHASE AGREEMENTS:

The Funds may enter into repurchase agreements with institutions that the Funds’ investment adviser has determined are creditworthy. Each Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of each Fund to dispose of its underlying securities. The remaining contractual maturities of repurchase agreements held by the Funds as of December 31, 2024, are next business day and continuous.

FOREIGN CURRENCY:

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

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

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

SECURITIES LENDING:

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

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

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

39

Notes to Financial Statements (continued)

SECURITIES LENDING (continued):

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

The following table presents cash collateral and the market value of securities on loan collateralized by cash collateral held by the

Funds as of December 31, 2024:

	CASH COLLATERAL1	SECURITIES ON LOAN COLLATERALIZED BY CASH COLLATERAL	NET AMOUNT
Royce Micro-Cap Fund	$3,002,890	$(2,875,559)	$127,331
Royce Small-Cap Fund	1,251,830	(1,238,816)	13,014
Royce Small-Cap Opportunity Fund	3,971,397	(3,733,701)	237,696
Royce Smaller-Companies Growth Fund	1,106,652	(1,069,130)	37,522

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

The following table presents non-cash collateral and the market value of securities on loan collateralized by non-cash collateral held by the Funds’ custodian as of December 31, 2024:

	NON-CASH COLLATERAL	SECURITIES ON LOAN COLLATERALIZED BY NON-CASH COLLATERAL	NET AMOUNT
Royce Micro-Cap Fund	$ 5,540,968	$  (5,426,141)	$114,827
Royce Small-Cap Fund	15,248,170	(14,917,922)	330,248
Royce Small-Cap Opportunity Fund	17,809,393	(17,428,509)	380,884
Royce Smaller-Companies Growth Fund	10,349,947	(10,136,114)	213,833

DISTRIBUTIONS AND TAXES:

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

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

INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:

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

CASH INCLUDING FOREIGN CURRENCIES:

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

EXPENSES:

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

40

Notes to Financial Statements (continued)

COMPENSATING BALANCE CREDITS:

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

LINE OF CREDIT:

The Funds, along with certain other Royce Funds, participate in a $65 million line of credit (“Credit Agreement”) with State Street Bank and Trust Company to be used for short-term working capital purposes, to include the funding of shareholder redemptions and trade settlements. This revolving Credit Agreement expires on October 3, 2025. Pursuant to the Credit Agreement, each participating Fund is liable for a portion of the commitment fee for the credit facility (i.e., 0.25% of any unused portion of the line of credit) and for principal and interest payments related to borrowings made by that Fund. Borrowings under the Credit Agreement bear interest at a variable rate equal to the Applicable Rate plus the Applicable Margin. The term Applicable Rate means, for any day, a rate equal to the sum of (a) 0.10%, plus (b) the higher of (i) the Federal Funds Effective Rate for such day, or (ii) the Overnight Bank Funding Rate for such day; provided that if the Applicable Rate as so determined shall be less than 0.0%, such Applicable Rate shall be deemed to be 0.0% for all purposes of the Credit Agreement. The term Applicable Margin means 1.25%. The Funds did not utilize the line of credit during the year ended December 31, 2024.

INDEMNIFICATION PROVISIONS:

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

Capital Share Transactions (in dollars):

			SHARES ISSUED FOR						NET INCREASE (DECREASE) FROM
	SHARES SOLD		REINVESTMENT OF DISTRIBUTIONS		SHARES REDEEMED		SHARE CLASS CONVERSIONS		CAPITAL SHARE TRANSACTIONS
	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	12/31/24	12/31/23	12/31/24	12/31/23	12/31/24	12/31/23	12/31/24	12/31/231	12/31/24	12/31/23
Royce Dividend Value Fund
Investment Class	$ 4,170,176	$ 3,371,909	$ 8,412,864	$ 4,622,952	$ (7,305,680)	$ (10,646,830)		$ 138,592	$  5,277,360	$  (2,513,377)
Service Class	1,805,721	1,830,118	3,329,102	1,771,922	(2,641,374)	(2,454,783)		1,814,323	2,493,449	2,961,580
Consultant Class		210,153		–		(65,431)		(1,814,323)		(1,669,601)
Institutional Class		3,063		226		(380)		(138,592)		(135,683)
Royce International Premier Fund
Investment Class	33,063,486	107,678,901	3,908,771	6,060,642	(192,175,576)	(117,394,361)			(155,203,319)	(3,654,818)
Service Class	2,109,944	2,157,306	711,026	616,946	(13,505,148)	(8,592,048)		4,698,162	(10,684,178)	(1,119,634)
Consultant Class		30,324		–		(361,604)		(4,698,162)		(5,029,442)
Institutional Class	17,629,775	42,412,902	2,244,129	4,586,782	(142,179,752)	(297,344,812)			(122,305,848)	(250,345,128)
Royce Micro-Cap Fund
Investment Class	4,877,734	9,635,607	16,552,883	9,965,314	(25,221,166)	(19,776,001)			(3,790,549)	(175,080)
Service Class	1,525,770	1,295,075	13,130,354	8,183,040	(20,137,394)	(20,841,659)			(5,481,270)	(11,363,544)
Consultant Class	33,524	19,443	1,065,047	647,373	(1,561,379)	(1,273,540)			(462,808)	(606,724)
Royce Premier Fund
Investment Class	134,661,178	169,049,919	72,540,796	58,712,623	(326,775,722)	(232,760,544)			(119,573,748)	(4,998,002)
Service Class	5,269,880	11,634,237	2,584,680	2,160,921	(9,684,366)	(8,257,640)		502,349	(1,829,806)	6,039,867
Consultant Class	863,878	690,713	944,900	730,118	(1,592,710)	(2,334,369)			216,068	(913,538)
Institutional Class	65,915,254	51,805,843	22,477,597	15,789,022	(52,332,567)	(48,893,566)			36,060,284	18,701,299
R Class		183,825		–		(6,287,233)		(502,349)		(6,605,757)

41

Notes to Financial Statements (continued)

Capital Share Transactions (in dollars) (continued):

			SHARES ISSUED FOR						NET INCREASE (DECREASE) FROM
	SHARES SOLD		REINVESTMENT OF DISTRIBUTIONS		SHARES REDEEMED		SHARE CLASS CONVERSIONS		CAPITAL SHARE TRANSACTIONS
	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	12/31/24	12/31/23	12/31/24	12/31/23	12/31/24	12/31/23	12/31/24	12/31/231	12/31/24	12/31/23
Royce Small-Cap Fund
Investment Class	$110,834,521	$ 79,544,369	$109,698,197	$59,046,248	$(194,256,092)	$(168,080,568)			$ 26,276,626	$ (29,489,951)
Service Class	5,254,845	10,290,971	5,181,369	2,961,254	(16,106,045)	(11,876,975)		$2,009,544	(5,669,831)	3,384,794
Consultant Class	3,451,863	2,521,669	13,663,545	7,851,890	(27,693,165)	(26,179,716)			(10,577,757)	(15,806,157)
Institutional Class	41,536,973	53,155,609	18,752,713	9,282,608	(35,649,627)	(28,134,124)			24,640,059	34,304,093
R Class		158,917		–		(5,619,694)		(2,009,544)		(7,470,321)
Royce Small-Cap Opportunity Fund
Investment Class	128,105,952	165,497,370	49,382,009	33,252,633	(282,291,462)	(334,105,936)			(104,803,501)	(135,355,933)
Service Class	7,953,448	14,034,208	3,785,705	3,169,540	(37,092,462)	(19,066,951)			(25,353,309)	(1,863,203)
Consultant Class	1,314,264	1,381,496	874,075	512,023	(2,813,102)	(1,837,905)			(624,763)	55,614
Institutional Class	52,513,964	79,555,925	16,066,624	9,350,666	(77,816,237)	(71,962,464)			(9,235,649)	16,944,127
R Class	2,525,347	6,503,400	3,012,053	1,964,573	(11,053,131)	(7,391,450)			(5,515,731)	1,076,523
Royce Small-Cap Special Equity Fund
Investment Class	45,753,240	80,810,358	61,035,276	26,814,396	(177,307,002)	(130,514,096)			(70,518,486)	(22,889,342)
Service Class	3,759,299	4,077,772	2,799,060	1,106,792	(7,661,508)	(9,814,521)			(1,103,149)	(4,629,957)
Consultant Class	618,506	317,388	1,599,341	572,830	(2,956,849)	(1,773,240)			(739,002)	(883,022)
Institutional Class	21,682,125	33,909,101	9,963,360	4,352,603	(58,187,477)	(32,013,157)			(26,541,992)	6,248,547
Royce Small-Cap Total Return Fund
Investment Class	58,896,942	41,935,943	40,678,659	51,009,988	(131,564,902)	(115,729,451)			(31,989,301)	(22,783,520)
Service Class	8,939,500	6,373,369	3,568,943	4,719,947	(15,943,602)	(18,441,972)			(3,435,159)	(7,348,656)
Consultant Class	3,653,350	2,057,356	4,363,616	5,905,962	(13,810,805)	(17,589,355)			(5,793,839)	(9,626,037)
Institutional Class	30,910,950	23,321,203	16,109,322	19,219,822	(51,824,255)	(34,047,333)			(4,803,983)	8,493,692
R Class	3,362,771	2,641,296	1,365,181	1,761,612	(5,525,044)	(4,872,182)			(797,092)	(469,274)
Royce Small-Cap Value Fund
Investment Class	2,217,156	2,365,304	1,853,426	2,665,001	(5,419,825)	(8,348,726)			(1,349,243)	(3,318,421)
Service Class	18,534,190	21,486,015	3,942,817	5,843,957	(46,091,106)	(14,846,995)		6,689,086	(23,614,099)	19,172,063
Consultant Class		897		–		(190,820)		(2,889,358)		(3,079,281)
R Class		274,078		–		(2,106,475)		(3,799,728)		(5,632,125)
Royce Smaller-Companies Growth Fund
Investment Class	3,525,861	4,439,689	1,345,604	–	(14,629,868)	(12,285,700)			(9,758,403)	(7,846,011)
Service Class	3,739,232	3,656,743	3,210,708	–	(20,821,334)	(18,187,433)		3,953,734	(13,871,394)	(10,576,956)
Consultant Class		7,157		–		(468,040)		(3,953,734)		(4,414,617)
Institutional Class	224,456	866,567	167,736	–	(819,591)	(752,534)			(427,399)	114,033

Capital Share Transactions (in shares):

			SHARES ISSUED FOR						NET INCREASE (DECREASE) IN
	SHARES SOLD		REINVESTMENT OF DISTRIBUTIONS		SHARES REDEEMED		SHARE CLASS CONVERSIONS		SHARES OUTSTANDING
	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	12/31/24	12/31/23	12/31/24	12/31/23	12/31/24	12/31/23	12/31/24	12/31/231	12/31/24	12/31/23
Royce Dividend Value Fund
Investment Class	649,459	570,027	1,365,492	774,173	(1,108,440)	(1,805,395)		24,530	906,511	(436,665)
Service Class	266,887	292,085	516,485	284,444	(393,422)	(397,725)		308,035	389,950	486,839
Consultant Class		30,591		–		(9,600)		(270,888)		(249,897)
Institutional Class		539		41		(66)		(24,934)		(24,420)
Royce International Premier Fund
Investment Class	2,605,758	8,187,775	323,574	477,216	(15,308,135)	(9,206,880)			(12,378,803)	(541,889)
Service Class	137,566	140,416	48,336	40,244	(886,576)	(555,432)		295,668	(700,674)	(79,104)
Consultant Class		1,803		–		(21,630)		(280,651)		(300,478)
Institutional Class	1,395,870	3,250,170	185,926	361,164	(11,073,960)	(23,493,797)			(9,492,164)	(19,882,463)

42

Notes to Financial Statements (continued)

Capital Share Transactions (in shares) (continued):

			SHARES ISSUED FOR						NET INCREASE (DECREASE) IN
	SHARES SOLD		REINVESTMENT OF DISTRIBUTIONS		SHARES REDEEMED		SHARE CLASS CONVERSIONS		SHARES OUTSTANDING
	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended	Year Ended
	12/31/24	12/31/23	12/31/24	12/31/23	12/31/24	12/31/23	12/31/24	12/31/231	12/31/24	12/31/23
Royce Micro-Cap Fund
Investment Class	434,533	900,369	1,428,204	930,468	(2,198,638)	(1,865,472)			(335,901)	(34,635)
Service Class	137,748	128,976	1,173,401	789,107	(1,823,474)	(2,033,028)			(512,325)	(1,114,945)
Consultant Class	4,032	2,606	127,246	82,785	(187,022)	(166,622)			(55,744)	(81,231)
Royce Premier Fund
Investment Class	11,454,398	15,115,666	6,242,753	5,177,480	(28,058,218)	(20,949,988)			(10,361,067)	(656,842)
Service Class	463,932	1,099,873	231,188	197,525	(856,260)	(771,331)		49,298	(161,140)	575,365
Consultant Class	99,329	80,081	108,734	85,294	(182,997)	(279,287)			25,066	(113,912)
Institutional Class	5,519,508	4,607,393	1,903,268	1,369,386	(4,364,574)	(4,343,129)			3,058,202	1,633,650
R Class		18,464		–		(637,782)		(52,611)		(671,929)
Royce Small-Cap Fund
Investment Class	11,587,350	9,342,337	11,498,763	6,546,147	(20,273,319)	(19,888,598)			2,812,794	(4,000,114)
Service Class	549,559	1,224,130	546,558	330,129	(1,695,181)	(1,412,822)		257,965	(599,064)	399,402
Consultant Class	468,435	383,489	1,871,718	1,131,397	(3,782,155)	(4,015,139)			(1,442,002)	(2,500,253)
Institutional Class	4,313,227	6,259,443	1,959,531	1,024,570	(3,713,563)	(3,256,245)			2,559,195	4,027,768
R Class		21,258		–		(760,823)		(279,491)		(1,019,056)
Royce Small-Cap Opportunity Fund
Investment Class	8,164,012	11,526,963	3,044,514	2,246,800	(18,072,964)	(23,795,316)			(6,864,438)	(10,021,553)
Service Class	558,963	1,075,540	257,006	235,304	(2,610,763)	(1,458,374)			(1,794,794)	(147,530)
Consultant Class	110,845	122,026	70,376	44,718	(232,265)	(166,141)			(51,044)	603
Institutional Class	3,273,243	5,334,621	963,227	615,175	(4,761,126)	(4,852,493)			(524,656)	1,097,303
R Class	186,618	526,142	214,229	152,174	(811,769)	(590,638)			(410,922)	87,678
Royce Small-Cap Special Equity Fund
Investment Class	2,698,028	4,879,316	3,829,064	1,581,970	(10,380,018)	(7,852,907)			(3,852,926)	(1,391,621)
Service Class	227,323	246,275	175,600	65,298	(468,610)	(599,369)			(65,687)	(287,796)
Consultant Class	39,107	21,121	110,604	37,197	(192,994)	(117,448)			(43,283)	(59,130)
Institutional Class	1,279,359	2,056,148	631,391	259,238	(3,463,221)	(1,938,056)			(1,552,471)	377,330
Royce Small-Cap Total Return Fund
Investment Class	7,892,856	5,989,446	5,131,713	7,007,761	(17,335,602)	(16,402,558)			(4,311,033)	(3,405,351)
Service Class	1,146,922	879,575	430,977	622,548	(2,021,325)	(2,523,128)			(443,426)	(1,021,005)
Consultant Class	458,659	277,558	515,794	764,031	(1,731,041)	(2,375,820)			(756,588)	(1,334,231)
Institutional Class	4,181,387	3,368,703	2,082,824	2,699,062	(7,020,432)	(4,954,924)			(756,221)	1,112,841
R Class	421,612	357,894	160,988	227,606	(689,614)	(657,564)			(107,014)	(72,064)
Royce Small-Cap Value Fund
Investment Class	215,913	243,757	174,687	263,861	(521,001)	(887,380)			(130,401)	(379,762)
Service Class	1,846,601	2,135,035	373,727	582,067	(4,522,237)	(1,599,835)		784,184	(2,301,909)	1,901,451
Consultant Class		114		–		(23,761)		(394,479)		(418,126)
R Class		31,309		–		(250,388)		(469,746)		(688,825)
Royce Smaller-Companies Growth Fund
Investment Class	489,527	717,461	161,150	–	(1,934,003)	(1,966,328)			(1,283,326)	(1,248,867)
Service Class	480,951	605,212	399,839	–	(2,966,141)	(3,058,267)		685,222	(2,085,351)	(1,767,833)
Consultant Class		1,523		–		(94,490)		(825,397)		(918,364)
Institutional Class	30,592	132,361	19,781	–	(120,498)	(121,506)			(70,125)	10,855

¹ On April 26, 2023, Institutional Class shares converted to Investment Class shares for Royce Dividend Value Fund; Consultant Class shares converted to Service Class shares for the following funds: Royce Dividend Value Fund, Royce International Premier Fund, Royce Small-Cap Value Fund and Royce Smaller-Companies Growth Fund; and R Class shares converted to Service Class shares for the following funds: Royce Premier Fund, Royce Small-Cap Fund and Royce Small-Cap Value Fund.

43

Notes to Financial Statements (continued)

Investment Adviser and Distributor:

INVESTMENT ADVISER:

Under the Trust’s investment advisory agreements with Royce, Royce is entitled to receive investment advisory fees in respect of each Fund that are computed daily and payable monthly. Royce has contractually agreed, without right of termination, to waive fees and/or reimburse expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) to the extent necessary to maintain certain Funds’ net annual operating expense ratios at specified levels through April 30, 2025. To the extent that they impacted net expenses for the year ended December 31, 2024, the effects of those arrangements are shown below. See the Prospectuses for contractual waivers and expiration dates for all classes of all Funds.

	ANNUAL CONTRACTUAL							YEAR ENDED
	ADVISORY FEE AS A	COMMITTED NET ANNUAL OPERATING EXPENSE RATIO CAP						DECEMBER 31, 2024
	PERCENTAGE OF AVERAGE	Investment	Service	Consultant	Institutional				Advisory fees
	NET ASSETS1	Class	Class	Class	Class	R Class	Net advisory fees			waived
Royce Dividend Value Fund	0.85%	1.09%	1.34%	N/A	N/A	N/A	$	581,530	$	–
Royce International Premier Fund	1.00%	1.19%	1.44%	N/A	1.04%	N/A		3,063,442		439,852
Royce Micro-Cap Fund	1.00%	N/A	1.49%	2.24%	N/A	N/A		3,062,825		–
Royce Premier Fund	1.00%	N/A	1.49%	2.24%	N/A	N/A		14,203,366		–
Royce Small-Cap Fund	0.76%2	N/A	N/A4	N/A	N/A	N/A		14,549,932		–
Royce Small-Cap Opportunity Fund	1.00%	N/A	1.49%	2.24%	N/A	N/A		12,398,780		–
Royce Small-Cap Special Equity Fund	1.00%	N/A	1.49%	2.24%	N/A	N/A		7,209,729		–
Royce Small-Cap Total Return Fund	1.00%	N/A	1.49%5	N/A	1.02%5,6	N/A		9,716,961		390,757
Royce Small-Cap Value Fund	1.00%	1.24%	1.49%	N/A	N/A	N/A		1,206,199		–
Royce Smaller-Companies Growth Fund	1.00%	1.24%3	1.49%	N/A	1.24%7	N/A		1,845,679		–

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

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

³ Royce Smaller-Companies Growth Fund’s committed net annual operating expense ratio cap was reduced from 1.24% to 1.02% for Investment Class, effective January 1, 2025.

⁴ Royce Small-Cap Fund’s committed net annual operating expense ratio cap of 1.25% for Service Class was eliminated, effective May 1, 2024.

⁵ Committed net annual operating expense ratio cap excludes acquired fund fees and expenses.

⁶ Royce Small-Cap Total Return Fund’s committed net annual operating expense ratio cap (excludes acquired fund fees and expenses) is 1.02% for Institutional Class, effective July 1, 2024.

⁷ Royce Smaller-Companies Growth Fund’s committed net annual operating expense ratio cap was reduced from 1.24% to 1.02% for Institutional Class, effective January 1, 2025.

DISTRIBUTOR:

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

	ANNUAL CONTRACTUAL DISTRIBUTION FEE AS A	YEAR ENDED DECEMBER 31, 2024
	PERCENTAGE OF AVERAGE NET ASSETS	Net distribution fees	Distribution fees waived
Royce Dividend Value Fund – Service Class	0.25%	$             49,922	$               –
Royce International Premier Fund – Service Class	0.25%	70,333	–
Royce Micro-Cap Fund – Service Class	0.25%	327,784	–
Royce Micro-Cap Fund – Consultant Class	1.00%	104,617	–
Royce Premier Fund – Service Class	0.25%	84,500	–
Royce Premier Fund – Consultant Class	1.00%	116,530	–
Royce Small-Cap Fund – Service Class	0.25%	169,396	8,942
Royce Small-Cap Fund – Consultant Class	1.00%	1,909,861	–
Royce Small-Cap Opportunity Fund – Service Class	0.25%	158,259	–
Royce Small-Cap Opportunity Fund – Consultant Class	1.00%	127,396	–
Royce Small-Cap Opportunity Fund – R Class	0.50%	213,408	–
Royce Small-Cap Special Equity Fund – Service Class	0.25%	78,153	–
Royce Small-Cap Special Equity Fund – Consultant Class	1.00%	142,131	–
Royce Small-Cap Total Return Fund – Service Class	0.25%	141,370	–
Royce Small-Cap Total Return Fund – Consultant Class	1.00%	827,261	–
Royce Small-Cap Total Return Fund – R Class	0.50%	110,726	–
Royce Small-Cap Value Fund – Service Class	0.25%	209,585	–
Royce Smaller-Companies Growth Fund – Service Class	0.25%	284,010	–

44

Notes to Financial Statements (continued)

Purchases and Sales of Investment Securities: 

For the year ended December 31, 2024, the costs of purchases and the proceeds from sales of investment securities, other than short-term securities and collateral received for securities loaned, were as follows:

	PURCHASES	SALES
Royce Dividend Value Fund	$          39,416,878	$          52,499,774
Royce International Premier Fund	101,400,222	371,540,432
Royce Micro-Cap Fund	54,253,150	96,850,407
Royce Premier Fund	161,189,535	337,812,572
Royce Small-Cap Fund	683,956,909	830,317,859
Royce Small-Cap Opportunity Fund	418,045,246	650,823,124
Royce Small-Cap Special Equity Fund	30,295,171	124,712,452
Royce Small-Cap Total Return Fund	501,038,887	608,400,140
Royce Small-Cap Value Fund	51,798,407	75,348,055
Royce Smaller-Companies Growth Fund	130,324,188	167,533,263

Cross trades were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which Royce or an affiliate of Franklin Resources, Inc. serves as investment adviser. The Trust’s Chief Compliance Officer reviews such transactions each quarter for compliance with the requirements and restrictions set forth by Rule 17a-7, and reports the results of that review to the Board of Trustees. Cross trades for the year ended December 31, 2024, were as follows:

	COSTS OF PURCHASES	PROCEEDS FROM SALES	REALIZED GAIN (LOSS)
Royce Micro-Cap Fund	$259,062	$   256,953	$133,135
Royce Small-Cap Fund	181,437	1,096,679	(990,969	)
Royce Small-Cap Opportunity Fund	430,690	–	–
Royce Smaller Companie Growth Fund	957,100	–	–

Class Specific Expenses:

Class specific expenses were as follows for the year ended December 31, 2024:

	NET DISTRIBUTION FEES		SHAREHOLDER SERVICING		REGISTRATION		SHAREHOLDER REPORTS		COMPENSATING BALANCE CREDITS		TOTAL		CLASS LEVEL EXPENSES REIMBURSED BY INVESTMENT ADVISER
Royce Dividend Value Fund – Investment Class	$	–	$	71,088	$	18,560	$	8,338	$	(1,211)	$	96,775	$	72,778
Royce Dividend Value Fund – Service Class		49,922		36,084		14,687		3,252		(595)		103,350		43,515
		49,922		107,172		33,247		11,590		(1,806)				116,293
Royce International Premier Fund – Investment Class		–		204,904		21,367		23,008		(2,416)		246,863		–
Royce International Premier Fund – Service Class		70,333		47,610		10,847		4,617		(494)		132,913		20,283
Royce International Premier Fund – Institutional Class		–		86,638		17,494		14,348		(21,704)		96,776		96,776
		70,333		339,152		49,708		41,973		(24,614)				117,059
Royce Micro-Cap Fund – Investment Class		–		168,889		18,464		24,765		(13,139)		198,979		–
Royce Micro-Cap Fund – Service Class		327,784		202,440		17,280		11,988		(1,470)		558,022		61,194
Royce Micro-Cap Fund – Consultant Class		104,617		17,813		13,193		2,829		(467)		137,985		19,883
		432,401		389,142		48,937		39,582		(15,076)				81,077
Royce Premier Fund – Investment Class		–		960,911		32,394		87,933		(23,280)		1,057,958		–
Royce Premier Fund – Service Class		84,500		62,588		12,556		10,322		(1,677)		168,289		33,050
Royce Premier Fund – Consultant Class		116,530		17,964		12,489		3,123		(403)		149,703		15,705
Royce Premier Fund – Institutional Class		–		14,018		22,014		58,712		(1,421)		93,323		–
		201,030		1,055,481		79,453		160,090		(26,781)				48,755
Royce Small-Cap Fund – Investment Class		–		1,088,139		38,031		125,257		(50,310)		1,201,117		–
Royce Small-Cap Fund – Service Class		169,396		111,329		13,604		11,678		(1,960)		304,047		2,290
Royce Small-Cap Fund – Consultant Class		1,909,861		154,661		16,913		21,353		(5,570)		2,097,218		–
Royce Small-Cap Fund – Institutional Class		–		49,760		25,185		23,445		(13,048)		85,342		–
		2,079,257		1,403,889		93,733		181,733		(70,888)				2,290

45

Notes to Financial Statements (continued)

Class Specific Expenses (continued):

	NET DISTRIBUTION FEES		SHAREHOLDER SERVICING		REGISTRATION		SHAREHOLDER REPORTS		COMPENSATING BALANCE CREDITS		TOTAL		CLASS LEVEL EXPENSES REIMBURSED BY INVESTMENT ADVISER
Royce Small-Cap Opportunity Fund – Investment Class	$	–	$	1,003,242	$	30,359	$	71,726	$	(33,684)	$	1,071,643	$	–
Royce Small-Cap Opportunity Fund – Service Class		158,259	96,143			13,901		11,301		(666)	278,938			29,250
Royce Small-Cap Opportunity Fund – Consultant Class		127,396	16,324			11,808		2,928		(306)	158,150			12,483
Royce Small-Cap Opportunity Fund – Institutional Class		–	23,438			17,244		16,053		(3,171)	53,564			–
Royce Small-Cap Opportunity Fund – R Class		213,408	94,291			12,083		2,683		(544)	321,921			–
		499,063	1,233,438			85,395		104,691		(38,371)				41,733
Royce Small-Cap Special Equity Fund – Investment Class		–	614,526			28,387		45,068		(17,680)	670,301			–
Royce Small-Cap Special Equity Fund – Service Class		78,153	55,869			12,349		5,406		(485)	151,292			28,794
Royce Small-Cap Special Equity Fund – Consultant Class		142,131	20,337			12,712		3,397		(705)	177,872			15,565
Royce Small-Cap Special Equity Fund – Institutional Class		–	24,166			13,828		9,401		(4,426)	42,969			–
		220,284	714,898			67,276		63,272		(23,296)				44,359
Royce Small-Cap Total Return Fund – Investment Class		–	624,434			24,866		62,653		(18,447)	693,506			–
Royce Small-Cap Total Return Fund – Service Class		141,370	89,796			13,142		7,988		(1,071)	251,225			18,527
Royce Small-Cap Total Return Fund – Consultant Class		827,261	91,311			14,194		13,200		(3,894)	942,072			–
Royce Small-Cap Total Return Fund – Institutional Class		–	12,681			14,112		29,630		(759)	55,664			29,797
Royce Small-Cap Total Return Fund – R Class		110,726	53,095			7,552		3,948		(774)	174,547			–
		1,079,357	871,317			73,866		117,419		(24,945)				48,324
Royce Small-Cap Value Fund – Investment Class		–	50,384			14,820		5,882		(2,481)	68,605			36,720
Royce Small-Cap Value Fund – Service Class		209,585	126,366			31,617		12,347		(1,497)	378,418			94,085
		209,585	176,750			46,437		18,229		(3,978)				130,805
Royce Smaller-Companies Growth Fund – Investment Class		–	68,248			15,293		10,261		(5,466)	88,336			10,239
Royce Smaller-Companies Growth Fund – Service Class		284,010	171,539			17,255		11,430		(1,456)	482,778			63,970
Royce Smaller-Companies Growth Fund – Institutional Class		–	7,778			11,724		1,817		(155)	21,164			15,089
		284,010	247,565			44,272		23,508		(7,077)				89,298

46

Notes to Financial Statements (continued)

Tax Information: 

As of December 31, 2024, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

		NET UNREALIZED	GROSS UNREALIZED
	TAX BASIS COST	APPRECIATION (DEPRECIATION)	Appreciation	(Depreciation)
Royce Dividend Value Fund	$     56,227,343	$   14,123,827	$   15,500,504	$   1,376,677
Royce International Premier Fund	178,008,719	1,124,386	25,491,788	24,367,402
Royce Micro-Cap Fund	222,699,349	87,125,417	115,201,657	28,076,240
Royce Premier Fund	758,247,282	509,033,698	549,403,039	40,369,341
Royce Small-Cap Fund	1,271,571,774	598,688,298	663,050,088	64,361,790
Royce Small-Cap Opportunity Fund	913,616,183	265,426,650	358,649,154	93,222,504
Royce Small-Cap Special Equity Fund	507,284,476	110,258,102	131,582,344	21,324,242
Royce Small-Cap Total Return Fund	806,208,951	193,007,769	231,761,677	38,753,908
Royce Small-Cap Value Fund	79,332,437	29,793,952	33,052,493	3,258,541
Royce Smaller-Companies Growth Fund	142,857,363	46,604,893	53,466,898	6,862,005

The primary causes of the difference between book and tax basis cost are the timing of the recognition of losses on securities sold, investments in Real Estate Investment Trusts, investments in publicly traded partnerships, underlying investments and mark-to-market of Passive Foreign Investment Companies.

Distributions during the years ended December 31, 2024 and 2023, were characterized as follows for tax purposes:

	ORDINARY INCOME		LONG-TERM CAPITAL GAINS
	2024	2023	2024	2023
Royce Dividend Value Fund	$ 2,170,762	$   906,319	$ 10,785,989	$  6,142,790
Royce International Premier Fund	10,543,802	16,197,062	–	–
Royce Micro-Cap Fund	–	–	33,972,247	20,633,140
Royce Premier Fund	269,057	843,270	117,862,992	93,232,980
Royce Small-Cap Fund	17,482,277	8,158,858	144,450,383	78,910,645
Royce Small-Cap Opportunity Fund	51,547	4,987,940	88,557,223	51,901,252
Royce Small-Cap Special Equity Fund	15,118,521	11,151,118	77,749,398	29,148,706
Royce Small-Cap Total Return Fund	35,033,381	43,148,082	37,401,298	48,406,130
Royce Small-Cap Value Fund	1,192,387	2,301,024	5,211,482	6,897,573
Royce Smaller-Companies Growth Fund	1,674,406	–	3,890,608	–

The tax basis components of distributable earnings as of December 31, 2024, were as follows:

	UNDISTRIBUTED ORDINARY INCOME	UNDISTRIBUTED LONG-TERM CAPITAL GAINS OR (CAPITAL LOSS CARRYFORWARD)	NET UNREALIZED APPRECIATION (DEPRECIATION)1	QUALIFIED LATE YEAR ORDINARY AND POST-OCTOBER LOSS DEFERRALS2	TOTAL DISTRIBUTABLE EARNINGS	CAPITAL LOSS CARRYFORWARD UTILIZED
Royce Dividend Value Fund	$   228,379	$  24,944,530	$  14,121,302	$      (20,110)	$  39,274,101	$	–
Royce International Premier Fund	21,488	(124,899,528)	1,078,908	(1,578,437)	(125,377,569)	–
Royce Micro-Cap Fund	–	6,680,512	87,125,415	(718)	93,805,209	–
Royce Premier Fund	–	54,905,905	509,033,695	(2,239)	563,937,361	–
Royce Small-Cap Fund	1,111,240	26,870,546	598,688,020	(3,896,751)	622,773,055	–
Royce Small-Cap Opportunity Fund	–	34,701,470	265,426,483	(85,920)	300,042,033	–
Royce Small-Cap Special Equity Fund	–	12,592,537	110,258,099	(2,503)	122,848,133	–
Royce Small-Cap Total Return Fund	6,064,727	24,521,145	193,005,542	–	223,591,414	–
Royce Small-Cap Value Fund	24,048	2,665,969	29,793,951	(22,773)	32,461,195	–
Royce Smaller-Companies Growth Fund	3,183,143	7,014,855	46,590,809	–	56,788,807	14,348,935

¹ Includes timing differences on foreign currency, recognition of losses on securities sold, investments in Real Estate Investment Trusts, investments in publicly traded partnerships, underlying investments and mark-to-market of Passive Foreign Investment Companies.

² Under the current tax law, capital losses and qualified late year ordinary losses incurred after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. This column also includes passive activity losses and 857 (b)(9) adjustments.

47

Notes to Financial Statements (continued)

Tax Information (continued): 

For financial reporting purposes, capital accounts and distributions to shareholders are adjusted to reflect the tax character of permanent book/tax differences. For the year ended December 31, 2024, the Funds recorded the following permanent reclassifications, which relate to current net operating losses. Results of operations and net assets were not affected by these reclassifications.

	TOTAL DISTRIBUTABLE EARNINGS (LOSS)		PAID-IN CAPITAL
Royce Dividend Value Fund	$	–	$	–
Royce International Premier Fund		–		–
Royce Micro-Cap Fund		1,887,419		(1,887,419)
Royce Premier Fund		565,035		(565,035)
Royce Small-Cap Fund		–		–
Royce Small-Cap Opportunity Fund		3,286,563		(3,286,563)
Royce Small-Cap Special Equity Fund		–		–
Royce Small-Cap Total Return Fund		–		–
Royce Small-Cap Value Fund		–		–
Royce Smaller-Companies Growth Fund		–		–

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (2021 – 2024) and has concluded that as of December 31, 2024, no provision for income tax is required in the Funds’ financial statements.

Transactions in Affiliated Companies: 

An “Affiliated Company,” as defined in the 1940 Act, is a company in which a Fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the year ended December 31, 2024:

AFFILIATED COMPANY 1	SHARES 12/31/23		MARKET VALUE 12/31/23		COSTS OF PURCHASES		PROCEEDS FROM SALES		REALIZED GAIN (LOSS)			CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION)			DIVIDEND INCOME		SHARES 12/31/24		MARKET VALUE 12/31/24
Royce Small-Cap Opportunity Fund
CONSUMER DISCRETIONARY – 0.9%
TEXTILES, APPAREL & LUXURY GOODS – 0.9%
Lakeland Industries 2		437,480	$	8,110,879	$	725,668	$	1,094,406	$	312,542		$	2,895,153		$	52,321		428,565	$	10,949,836
				8,110,879						312,542			2,895,153			52,321				10,949,836
INDUSTRIALS – 0.0%
MACHINERY – 0.0%
Manitex International 3,4		862,450		7,537,813		1,383,602		6,196,082		(688,705	)		(2,036,628	)		–		n/a		n/a
				7,537,813						(688,705	)		(2,036,628	)		–
INFORMATION TECHNOLOGY – 0.6%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.2%
Amtech Systems 3,4		692,350		2,907,870		421,117		1,342,994		(1,284,108	)		2,220,988			–		n/a		n/a
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS– 0.4%
Intevac 3,4		1,344,751		5,809,325		72,257		333,493		(514,408	)		(828,000	)		–		n/a		n/a
				8,717,195						(1,798,516	)		1,392,988			–
				24,365,887						(2,174,679	)		2,251,513			52,321				10,949,836
Royce Small-Cap Special Equity Fund
FINANCIALS – 3.5%
CAPITAL MARKETS – 3.5%
Diamond Hill Investment Group 2		138,800		22,983,892		105,109		–		–			(1,452,551	)		835,950		139,500		21,636,450
				22,983,892						–			(1,452,551	)		835,950				21,636,450
INDUSTRIALS – 2.6%
MACHINERY – 2.6%
Gencor Industries 2,3		910,000		14,687,400		52,214		–		–			1,374,836			–		913,000		16,114,450
				14,687,400						–			1,374,836			–				16,114,450
INFORMATION TECHNOLOGY – 4.3%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 4.3%
NVE Corporation 2		326,500		25,607,395		–		–		–			979,500			1,306,000		326,500		26,586,895
				25,607,395						–			979,500			1,306,000				26,586,895
				63,278,687						—			901,785			2,141,950				64,337,795

48

Notes to Financial Statements (continued)

Transactions in Affiliated Companies (continued):

AFFILIATED COMPANY 1	SHARES 12/31/23	MARKET VALUE 12/31/23		COSTS OF PURCHASES		PROCEEDS FROM SALES		REALIZED GAIN (LOSS)		CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION)		DIVIDEND INCOME		SHARES 12/31/24		MARKET VALUE 12/31/24
Royce Small-Cap Total Return Fund
FINANCIALS – 2.8%
INSURANCE – 2.8%
International General Insurance Holdings 4	2,674,312	$	34,445,139	$	398,038	$	29,039,014	$	15,798,817	$	6,465,730	$	1,524,157		n/a		n/a
			34,445,139						15,798,817		6,465,730		1,524,157

¹  Percentages represent the percentages of the investments in the Affiliated Companies of the Fund’s net assets.

²  As of December 31, 2024, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.

³  Non-income producing.

⁴  Not an Affiliated Company as of December 31, 2024.

Segment Reporting:

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

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

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

Subsequent Events:

Effective January 1, 2025, Royce Smaller-Companies Growth Fund’s committed net annual operating expense ratio cap was reduced from 1.24% to 1.02%, for the Investment and Institutional Classes.

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

49

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of The Royce Fund and Shareholders of Royce Dividend Value Fund, Royce International Premier Fund, Royce Micro-Cap Fund, Royce Premier Fund, Royce Small-Cap Fund, Royce Small-Cap Opportunity Fund, Royce Small-Cap Special Equity Fund, Royce Small-Cap Total Return Fund, Royce Small-Cap Value Fund and Royce Smaller-Companies Growth Fund:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Royce Dividend Value Fund, Royce International Premier Fund, Royce Micro-Cap Fund, Royce Premier Fund, Royce Small-Cap Fund, Royce Small-Cap Opportunity Fund, Royce Small-Cap Special Equity Fund, Royce Small-Cap Total Return Fund, Royce Small-Cap Value Fund and Royce Smaller-Companies Growth Fund (constituting The Royce Fund, hereafter collectively referred to as the “Funds”) as of December 31, 2024, the related statements of operations for the year ended December 31, 2024, the statements of changes in net assets for each of the two years in the period ended December 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2024 and each of the financial highlights for each of the five years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 19, 2025

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

50

Federal Tax Information (unaudited)

In January 2025, taxable shareholders that opted out of e-delivery were mailed a Form 1099-DIV reporting the federal tax status of all distributions paid during the calendar year 2024. Shareholders who elected e-delivery have received electronic notification of the form being available for download via their Online Account Access.

2024 Supplemental Tax Information:

	% QDI	% U.S. GOVT INCOME	%INCOME QUALIFYING FOR DRD	LONG-TERM CAPITAL GAIN DISTRIBUTION OR MAXIMUM ALLOWABLE (OOO’S)
Royce Dividend Value Fund	57.40%	N/A	34.40%	$  10,786
Royce International Premier Fund	89.57%	N/A	0.00%	–
Royce Micro-Cap Fund	0.00%	N/A	0.00%	33,972
Royce Premier Fund	100.00%	N/A	100.00%	117,863
Royce Small-Cap Fund	100.00%	N/A	85.49%	144,450
Royce Small-Cap Opportunity Fund	100.00%	N/A	100.00%	88,557
Royce Small-Cap Special Equity Fund	100.00%	N/A	100.00%	77,749
Royce Small-Cap Total Return Fund	37.89%	N/A	33.89%	37,401
Royce Small-Cap Value Fund	91.62%	N/A	100.00%	5,211
Royce Smaller-Companies Growth Fund	58.84%	N/A	27.38%	3,891

Definitions:

% QDI: Qualified Dividend Income; % of net investment income and/or short-term capital gains distributions that qualify for treatment at long-term capital gain rates.

% U.S. Govt Income: % of investment income paid from U.S. Government obligations.

% Income Qualifying for DRD: % of investment income eligible for the corporate dividend received deduction.

Foreign Tax Credit:

For the year ended December 31, 2024, Royce International Premier Fund had elected to pass through the credit for tax paid in foreign countries. The net foreign source income and foreign tax per share outstanding on the dividend distribution date are as follows:

NET FOREIGN SOURCE INCOME	NET FOREIGN SOURCE INCOME PER SHARE	FOREIGN TAX	FOREIGN TAX PER SHARE
$8,789,268	$0.5288	$696,240	$0.0419

51

Trustees and Officers

All Trustees and Officers may be reached c/o The Royce Funds, One Madison Avenue, New York, NY 10010

Christopher D. Clark, Trustee¹, President

Age: 59  | Number of Funds Overseen: 15  | Tenure: Since 2014

Principal Occupation(s) During Past Five Years: Chief Executive Officer (since July 2016), President (since July 2014), Co-Chief Investment Officer (since January 2014), Managing Director of Royce, a Member of the Board of Managers of Royce, having been employed by Royce since May 2007.

Patricia W. Chadwick, Trustee

Age: 76  | Number of Funds Overseen: 15  | Tenure: Since 2009

Non-Royce Directorships: Trustee of Voya Mutual Funds

Principal Occupation(s) During Past 5 Years: Consultant and President, Ravengate Partners LLC (since 2000). Formerly Director, Wisconsin Energy Corp. (until 2022).

Christopher C. Grisanti, Trustee

Age: 63  | Number of Funds Overseen: 15  | Tenure: Since 2017

Non-Royce Directorships: None

Principal Occupation(s) During Past Five Years: Chief Equity Strategist and Senior Portfolio Manager, MAI Capital Management LLC (investment advisory firm) (since May 2020). Formerly Co-Founder and Chief Executive Officer, Grisanti Capital Management LLC (investment advisory firm) (from 1999 to 2020); Director of Research and Portfolio Manager, Spears Benzak, Salomon & Farrell (from 1994 to 1999); and Senior Associate, Simpson, Thacher & Bartlett (law firm) (from 1988 to 1994).

Cecile B. Harper, Trustee

Age: 61  | Number of Funds Overseen: 15  | Tenure: Since 2020

Non-Royce Directorships: None

Principal Occupation(s) During Past Five Years: Chief Financial Officer and Chief Operating Officer, College Foundation at the University of Virginia (since October 2019). Formerly Board Member, Pyramid Peak Foundation (January 2012 to 2022); Board Member, Regional One Health Foundation (from June 2013 to September 2019); and Principal, Southeastern Asset Management (from December 1993 to September 2019).

G. Peter O’Brien, Trustee

Age: 79  | Number of Funds Overseen: 64  | Tenure: Since 2001

Non-Royce Directorships: Director/Trustee of registered investment companies constituting the 49 Legg Mason Funds.

Principal Occupation(s) During Past Five Years: Trustee Emeritus, Colgate University (since 2005); and Emeritus Board Member, Hill House, Inc. (since 2019). Formerly Director, TICC Capital Corp. (from 2003-2017); Trustee, Colgate University (from 1996 to 2005); President, Hill House, Inc. (from 2001 to 2005); Board Member, Hill House, Inc. (from 1999 to 2019); Director, Bridges School (from 2006 to 2018); and Managing Director/ Equity Capital Markets Group, Merrill Lynch & Co. (from 1971 to 1999).

Julia W. Poston, Trustee

Age: 64  | Number of Funds Overseen: 15  | Tenure: Since 2023

Non-Royce Directorships: Ohio National Fund, Inc. and The James Advantage Funds

Principal Occupation(s) During Past Five Years: Director, Member of Nominating/Governance Committee, and Chair of Audit Committee, Al. Neyer Corporation (since 2020); Director, Member of Governance Committee, and Chair of Audit Committee, Master Fluid Solutions (since 2021); Trustee and Chair of Finance/Audit Committee, Cincinnati Museum Center (non-profit) (since 2015); and Director and Founder, Cincinnati Women’s Executive Forum (non-profit) (since 2010). Formerly Senior Client Partner (2002-2020) and Assurance Practice Group Leader for Ohio Valley Region (2014-2019), Ernst & Young, LLP (international accounting and services firm); and Audit Partner, Arthur Andersen LLP (international accounting and services firm) (1982-2002).

Michael K. Shields, Trustee

Age: 66  | Number of Funds Overseen: 15  | Tenure: Since 2015

Non-Royce Directorships: None

Principal Occupation(s) During Past Five Years: President and Chief Executive Officer, Piedmont Trust Company (privately-owned North Carolina trust company) (since February 2012); Chairman, UNC Charlotte Investment Fund Board (since February 2016); and Chairman, Halftime Carolinas Board (since February 2011). Formerly Owner, Shields Advisors (investment consulting firm) (from April 2010 to June 2012); President and Chief Executive Officer, Eastover Capital Management (2005-2007); President and Chief Executive Officer, Campbell, Cowperthwait (investment subsidiary of U.S. Trust Corporation) (1997-2002); and equity portfolio manager and co-manager of Quality Growth Team, Scudder, Stevens and Clark (1992-1997).

Francis D. Gannon, Vice President

Age: 57  | Tenure: Since 2014

Principal Occupation(s) During Past Five Years: Co-Chief Investment Officer (since January 2014) and Managing Director of Royce, having been employed by Royce since September 2006.

Daniel A. O’Byrne, Vice President

Age: 62  | Tenure: Since 1994

Principal Occupation(s) During Past Five Years: Principal and Vice President of Royce, having been employed by Royce since October 1986.

Peter K. Hoglund, Treasurer

Age: 58  | Tenure: Since 2015

Principal Occupation(s) During Past Five Years: Chief Financial Officer, Chief Administrative Officer, and Managing Director of Royce, having been employed by Royce since December 2014. Prior to joining Royce, Mr. Hoglund spent more than 20 years with Munder Capital Management in Birmingham, MI, serving as Managing Director and Chief Financial Officer and overseeing all financial aspects of the firm. He began his career at Munder as a portfolio manager.

John E. Denneen, Secretary and Chief Legal Officer

Age: 57  | Tenure: 1996-2001 and Since 2002

Principal Occupation(s) During Past Five Years: General Counsel, Managing Director, and, since June 2015, a Member of the Board of Managers of Royce. Chief Legal and Compliance Officer and Secretary of Royce.

John P. Schwartz, Chief Compliance Officer

Age: 53  | Tenure: Since 2022 

Principal Occupation(s) During Past Five Years: Chief Compliance Officer of The Royce Funds (since May 2022) and Associate General Counsel and Compliance Officer of Royce (since March 2013).

¹ Interested Trustee.

Trustees will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal. The Statement of Additional Information, which contains additional information about the Trust’s trustees and officers, is available and can be obtained without charge at www.royceinvest. com or by calling (800) 221-4268.

52

Changes In and Disagreements with Accountants for the Period Covered by this Report

Not applicable.

Results of Meeting(s) of Shareholders for the Period Covered by this Report

Not applicable.

Remuneration Paid to Directors, Officers and Others for the Period Covered by this Report

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Contract

Not applicable.

53

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

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

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

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. Not Applicable.

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

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

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

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

Item 16. Controls and Procedures.

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

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

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

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

Item 19. Exhibits. Attached hereto.

(a)(1) The Royce Funds Code of Ethics.

(a)(2) Not Applicable.

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

(a)(4) Not Applicable.

(a)(5) Not Applicable.

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

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

THE ROYCE FUND

BY: /s/Christopher D. Clark

Christopher D. Clark

President

Date: February 28, 2025

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

THE ROYCE FUND		THE ROYCE FUND
BY:	/s/Christopher D. Clark	BY:	/s/ Peter K. Hoglund
Christopher D. Clark		Peter K. Hoglund
President		Chief Financial Officer
Date: February 28, 2025		Date: February 28, 2025