Royce Premier Fund IMPACT AND ATTRIBUTION REPORT INVESTMENT CLASS

FINANCIAL PROFESSIONALS ONLY Royce Premier Fund IMPACT AND ATTRIBUTION REPORT INVESTMENT CLASS March 31, 2018

Royce Premier Fund IMPACT AND ATTRIBUTION REPORT 2 Performance Performance and Expenses (%) Average Annual Total Return Through 3/31/18 RPR RUSSELL 2000 First Quarter 2018 ¹ 1.14-0.08 One-Year 17.32 11.79 Three-Year 10.57 8.39 Five-Year 10.49 11.47 10-Year 9.19 9.84 15-Year 12.66 11.50 20-Year 10.51 7.37 25-Year 11.63 9.36 Since Inception (12/31/91) 11.86 9.77 Monthly Rolling Average Annual Return Periods 20 Years Through 3/31/18 On a monthly rolling basis, the Fund outperformed the Russell 2000 in 97% of all 10-year periods; 67% of all 5-year periods; and 63% of all 1-year periods. 10-year 5-year 1-year PERIODS BEATING THE INDEX FUND AVG (%)* INDEX AVG (%)* 117/121 97% 10.1 6.8 122/181 67% 11.2 8.5 145/229 63% 12.4 10.1 *Average of monthly rolling average annual total returns over the specified periods. ANNUAL EXPENSE RATIO (%) Operating Expenses 1.16 ¹ Not Annualized Important Performance and Expense 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. Shares redeemed within 30 days of purchase may be subject to a 1% redemption fee, payable to the Fund, 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. roycefunds.com. All performance information reflects Investment Class results. Shares of the Fund s Service, Consultant, and R Classes bear an annual distribution expense that is higher than that borne by the Investment Class. Operating expenses reflect the Fund s total annual operating expenses for the Investment Class as of the Fund s prospectus dated 1/2/18 and include management fees and other expenses. The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. (Please see Primary Risk for Fund Investors in the prospectus.) The Fund generally invests a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a more broadly diversified portfolio because a decline in the value of any one of these stocks would cause the Fund s overall value to decline to a greater degree. (Please see Primary Risks for Fund Investors in the prospectus.) The Fund may invest up to 25% of its net assets (measured at the time of investment) in foreign securities, which may involve political, economic, currency, and other risks not encountered in U.S. investments. (Please see Investing in Foreign Securities in the prospectus.) The thoughts concerning recent market movements and future prospects for smaller-company stocks are solely those of Royce & Associates and, of course, there can be no assurance with regard to future market movements. This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. Distributor: Royce Fund Services, LLC

Royce Premier Fund IMPACT AND ATTRIBUTION REPORT 3 Fund Information as of 3/31/18 Calendar Year Total Returns (%) YEAR RPR RUSSELL 2000 2017 23.8 14.6 2016 23.0 21.3 2015-9.9-4.4 2014-0.9 4.9 2013 27.7 38.8 2012 11.4 16.3 2011-0.9-4.2 2010 26.5 26.9 2009 33.3 27.2 2008-28.3-33.8 2007 12.7-1.6 2006 8.8 18.4 2005 17.1 4.6 2004 22.8 18.3 2003 38.7 47.3 Below Average Volatility 1 5-Year Relative Standard Deviation vs. all Small-Cap Funds tracked by Morningstar LOW HIGH RPR Portfolio Diagnostics RPR RUSSELL 2000 Average Market Cap 2 $3,782M $1,913M Active Share 3 97% Weighted Average 23.9x 20.4x P/E Ratio 4,5 Weighted Average 2.9x 2.3x P/B Ratio 4 Weighted Average 21.3% 13.5% ROIC 6 Asset/Equity 7 1.9x 2.3x Non-U.S. Investments (% of Net Assets) Russell 2000 10.4% Top 10 Positions % of Net Assets (Subject to Change) Kirby Corporation 3.2 National Instruments 3.1 Lincoln Electric Holdings 3.0 Landstar System 3.0 Copart 2.8 MKS Instruments 2.6 Alleghany Corporation 2.6 Fair Isaac 2.5 Valmont Industries 2.5 Minerals Technologies 2.5 Portfolio Sector Breakdown % of Net Assets (Subject to Change) RPR RUSSELL 2000 Industrials 32.1 15.3 Information Technology 18.0 17.5 Financials 12.7 18.0 Materials 9.5 4.3 Consumer Discretionary 9.5 12.1 Health Care 4.7 16.6 Energy 3.0 3.7 Consumer Staples 2.4 2.3 Real Estate 1.3 6.3 Utilities 3.3 Telecommunication Services Cash and Cash Equivalents 0.6 6.8 1 Below Average Volatility. The Fund was in the second-lowest volatility quintile compared with all funds in Morningstar s Small Growth, Small Blend, and Small Value Categories with at least five years of history, a total of 520 funds as of 3/31/18. The universe consists of each fund s oldest share class only. Volatility quintiles are based on the average five-year standard deviation for each of the last four calendar quarters. Higher volatility is usually associated with higher risk. 2 Geometric Average. This weighted calculation uses each portfolio holding s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio s center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median. 3 Active Share is the sum of the absolute values of the different weightings of each holding in the Fund versus each holding in the benchmark, divided by two. 4 Harmonic Average. This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio s share in the earnings or book value, as the case may be, of its underlying stocks. 5 The Fund s and Index s P/E Ratio calculation uses trailing 12-month earnings and excludes companies with zero or negative earnings (2% of portfolio holdings, and 24% of Index holdings as of 3/31/18). 6 Return on Invested Capital is calculated by dividing a company s past 12 months of operating income (earnings before interest and taxes) by its average invested capital (total equity, less cash and cash equivalents, plus total debt, minority interest, and preferred stock). The portfolio calculation is a simple weighted average that excludes cash, all non-equity securities, investment companies, and securities in the Financials sector with the exceptions of the asset management & custody banks and insurance brokers sub-industries. The portfolio calculation also eliminates outliers by applying the inter-quartile method of outlier removal. 7 The Asset/Equity Ratio is calculated by dividing a company s total assets by stockholder s equity. This ratio shows a company s leverage.

Royce Premier Fund IMPACT AND ATTRIBUTION REPORT 4 Manager Commentary Company, Industry, and Sector Impact Our high-quality premier strategy outperformed its benchmark in the quarter, advancing 1.1%, compared with a modest loss of 0.1%, for the Russell 2000 Index. This positive result helped extend the Fund s outperformance advantage over the index on a one- and three-year basis ended 3/31/18 as well. In a highly volatile quarter where the lowest profitability stocks outperformed the best, we were particularly gratified with the Fund s outperformance and that its edge was driven by superior stock selection. Five of the portfolio s sectors had positive results in 1Q18 compared to only three in the small-cap index. Information Technology and Health Care were the top two contributors for both the Fund and the Index. The Fund s biggest detractors at the sector level were two cyclical areas, Consumer Discretionary and Industrials. Semiconductors & semiconductor equipment (Information Technology) was the top industry contributor while commercial services & supplies (Industrials) bucked generally negative results among cyclicals to finish second. On the downside, both lagging industries were from the Industrials sector machinery and construction & engineering. We found this cyclical weakness surprising in a quarter with numerous strong economic data releases and think each industry may represent an attractive investment opportunity going forward. On a relative basis, Real Estate provided the largest benefit as both the Fund s underweighting and its preference for real estate management & development companies over equity REIT s added to outperformance. Strong stock selection was the main driver of our performance advantage in Information Technology, where National Instruments, a supplier of computer-based instrumentation products, was the single best contributor. Its stock rose steadily during the quarter as it reported solid revenue growth, margin expansion, and continued strong backlog of new orders. Health Care detracted most relative to the index, entirely attributable to the Fund s underweighted position as the portfolio s stocks actually outperformed those in the index. The Fund s underweight was due to having no holdings among biotechnology or pharmaceuticals, industries that comprise about 9% of the index as a whole. Many stocks in these areas are currently unprofitable and therefore not suited to the Fund s investment discipline. Additionally, stock selection in Consumer Discretionary also detracted. Shares of RV manufacturer Thor and RV dealer Camping World both fell throughout the quarter as industry order growth slowed, raising investor concerns that the strong multi-year sales cycle for RVs may be ending.

Royce Premier Fund IMPACT AND ATTRIBUTION REPORT 5 Manager Commentary (continued) Portfolio Outlook We believe several changes in market conditions could be potential positives for the Fund. The first quarter marked the beginning of what looks to us like a return to a more historically normal that is higher level of volatility, which we see as a possible advantage for active managers. Additionally, we believe that we are in a multi-year period of gradually compressing valuations, an environment in which the highest valuation stocks will face the greatest difficulties. As a result, we are reducing the portfolio s weighting in companies with high valuations and/or expectations and increasing holdings in stocks with lower valuations and expectations. The sector implication of the repositioning is that we have been generally trimming some of our long-term winners in Information Technology and buying additional lower-valuation cyclicals. As of 3/31/18, the percentage of Fund assets was as follows: National Instruments 3.1%; Thor 1.0%; and Camping World 1.0% The thoughts concerning recent market movements and future prospects for small-company stocks are solely those of Royce & Associates, LP, and, of course, there can be no assurances with respect to future small-cap market performance.

Royce Premier Fund IMPACT AND ATTRIBUTION REPORT 6 First Quarter Impact Report ¹ Top Five Contributors by Security For Quarter Ended 3/31/18 SECURITY NAME (%) National Instruments 0.64 MKS Instruments 0.51 Copart 0.49 Kirby Corporation 0.38 IDEXX Laboratories 0.32 Top Five Detractors by Security For Quarter Ended 3/31/18 SECURITY NAME (%) Sun Hydraulics -0.34 Valmont Industries -0.31 Thor Industries -0.28 Cognex Corporation -0.26 Core-Mark Holding Company -0.25 Top Five Contributors by Industry For Quarter Ended 3/31/18 INDUSTRY NAME Semiconductors & Semiconductor Equipment Commercial Services & Supplies Electronic Equipment, Instruments & Components (%) 0.72 0.56 0.55 Marine 0.46 Health Care Equipment & Supplies 0.32 Top Five Detractors by Industry For Quarter Ended 3/31/18 INDUSTRY NAME (%) Machinery -0.82 Construction & Engineering -0.31 Automobiles -0.28 Trading Companies & Distributors -0.25 Specialty Retail -0.22 Sector Net Gains and Losses (%) For Quarter Ended 3/31/18 TOTAL SECTOR NAME WEIGHT RETURN Information Technology 18.36 8.90 1.52 Health Care 4.34 15.23 0.59 Real Estate 1.06 17.52 0.17 Financials 12.32 1.28 0.11 Energy 2.79 0.15 0.03 Consumer Staples 2.29-6.71-0.14 Materials 9.38-1.94-0.15 Industrials 32.28-0.85-0.27 Consumer Discretionary 8.85-5.83-0.50 Cash 8.32 0.38 0.03 Total 1.38 Net Cumulative Return 1.14 Expense Impact 0.29 Gross Cumulative Return 1.43 Residual² 0.05 ¹ Represents estimated net realized and unrealized gains and losses, including dividends, during the three-month period ended 3/31/18. The sum of all contributions to and detractions from performance for all securities would equal the Fund s gross cumulative total return for the first quarter of 2018. ² The Residual is the total return variance caused by intraday transactions.

Royce Premier Fund IMPACT AND ATTRIBUTION REPORT 7 First Quarter Performance Attribution Analysis For the Three Months Ended March 31, 2018 (%) RPR Russell 2000 Variance Attribution Analysis GICS SECTORS ALLOCATION EFFECT¹ SELECTION EFFECT² TOTAL EFFECT Consumer Discretionary 8.85-5.83-0.50 12.29-2.70-0.31-3.44-3.13-0.20 0.10-0.29-0.18 Consumer Staples 2.29-6.71-0.14 2.56-5.41-0.14-0.27-1.29 0.00 0.04-0.03 0.02 Energy 2.79 0.15 0.03 3.82-11.42-0.45-1.03 11.57 0.47 0.14 0.33 0.47 Financials 12.32 1.28 0.11 18.01 0.83 0.16-5.69 0.45-0.04-0.04 0.01-0.03 Health Care 4.34 15.23 0.59 16.18 6.24 0.89-11.85 8.99-0.30-0.70 0.34-0.36 Industrials 32.28-0.85-0.27 15.37-2.45-0.40 16.91 1.60 0.13-0.40 0.52 0.12 Information Technology 18.36 8.90 1.52 17.08 6.55 1.07 1.28 2.34 0.45 0.10 0.36 0.47 Materials 9.38-1.94-0.15 4.52-3.00-0.11 4.86 1.06-0.04-0.15 0.11-0.04 Real Estate 1.06 17.52 0.17 6.22-8.13-0.53-5.15 25.65 0.70 0.47 0.25 0.72 Telecommunication Services 0.00 0.00 0.00 0.71-5.07-0.03-0.71 5.07 0.03 0.04 0.00 0.04 Utilities 0.00 0.00 0.00 3.22-6.37-0.22-3.22 6.37 0.22 0.24 0.00 0.24 Cash 8.32 0.38 0.03 0.00 0.00 0.00 8.32 0.38 0.03 0.00 0.00 0.00 Unclassified 0.00 0.00 0.00 0.01 0.00 0.00-0.01 0.00 0.00 0.01 0.00 0.01 Total 100.00 1.38 1.38 100.00-0.08-0.08 0.00 1.47 1.47-0.15 1.61 1.47 Net Cumulative Return 1.14-0.08 Expense Impact 0.29 0.00 Gross Cumulative Return 1.43-0.08 Residual 0.05 0.00 ¹ The Allocation Effect is the excess return attributable to the Fund s choice of sector weighting that differed from those of the Russell 2000 Index. ² Selection Effect represents the sum of the portfolio s excess return attributable to security selection within each sector and the portion of its excess return attributable to combining the weighting decision with its relative performance. ³ The Residual is the total return variance caused by intraday transactions. Important Information Past performance is no guarantee of future results. The Fund is actively managed and does not seek to replicate its benchmark in portfolio construction. Holdings and sector weightings are subject to change. Source: Royce & Associates, LP, based in part on data provided by FactSet. The attribution figures above are based on the Fund s holdings as of the close of business of each day during the period ended 3/31/18 and reflect estimated fees and expenses of the Fund. These figures are for analytical purposes only. This information should not be construed as investment advice or recommendations with respect to the sectors listed. Sector weightings may not be representative of the portfolio managers current or future investments and are subject to change at any time. The sum of all contributions to and detractions from performance for all securities would equal the Fund s gross cumulative total return for the first quarter of 2018.

Royce Premier Fund IMPACT AND ATTRIBUTION REPORT 8 One-Year Impact Report ¹ Top Five Contributors by Security One-Year Ended 3/31/18 SECURITY NAME (%) MKS Instruments 1.99 Cognex Corporation 1.64 Copart 1.60 National Instruments 1.53 IPG Photonics 1.52 Top Five Detractors by Security One-Year Ended 3/31/18 SECURITY NAME (%) CIRCOR International -0.58 MSC Industrial Direct Cl. A -0.57 Dorman Products -0.50 Minerals Technologies -0.30 SEACOR Marine Holdings -0.27 Top Five Contributors by Industry One-Year Ended 3/31/18 INDUSTRY NAME Electronic Equipment, Instruments & Components Semiconductors & Semiconductor Equipment (%) 4.62 2.48 Capital Markets 1.76 Commercial Services & Supplies 1.55 Chemicals 0.90 Top Five Detractors by Industry One-Year Ended 3/31/18 INDUSTRY NAME (%) Auto Components -0.50 Trading Companies & Distributors Energy Equipment & Services -0.32-0.15 Specialty Retail -0.08 Health Care Technology -0.07 Sector Net Gains and Losses (%) One-Year Ended 3/31/18 TOTAL SECTOR NAME WEIGHT RETURN Information Technology 19.54 46.72 8.51 Industrials 32.57 12.68 4.29 Financials 11.93 18.45 2.04 Materials 7.69 19.10 1.42 Health Care 3.92 28.00 1.07 Consumer Staples 2.35 27.64 0.75 Consumer Discretionary 8.67 6.30 0.46 Real Estate 0.95 54.17 0.44 Energy 2.98-4.40-0.15 Cash 9.38 1.18 0.12 Total 18.96 Net Cumulative Return 17.32 Expense Impact 1.37 Gross Cumulative Return 18.69 Residual² -0.27 ¹ Represents estimated net realized and unrealized gains and losses, including dividends, during the one-year period ended 3/31/18. The sum of all contributions to and detractions from performance for all securities would equal the Fund s gross cumulative total return for the one-year period ended 3/31/18. ² The Residual is the total return variance caused by intraday transactions.

Royce Premier Fund IMPACT AND ATTRIBUTION REPORT 9 One-Year Performance Attribution Analysis For the One-Year Ended March 31, 2018 (%) RPR Russell 2000 Variance Attribution Analysis GICS SECTORS ALLOCATION EFFECT¹ SELECTION EFFECT² TOTAL EFFECT Consumer Discretionary 8.67 6.30 0.46 12.16 11.21 1.35-3.49-4.91-0.89 0.04-0.42-0.38 Consumer Staples 2.35 27.64 0.75 2.73 0.28 0.00-0.38 27.36 0.75 0.09 0.72 0.82 Energy 2.98-4.40-0.15 3.53-19.23-0.70-0.55 14.83 0.55 0.09 0.57 0.65 Financials 11.93 18.45 2.04 18.29 8.95 1.55-6.36 9.50 0.50 0.29 0.97 1.26 Health Care 3.92 28.00 1.07 14.93 28.04 3.84-11.01-0.04-2.77-1.52 0.02-1.50 Industrials 32.57 12.68 4.29 14.98 15.81 2.29 17.59-3.12 2.00 0.80-1.16-0.36 Information Technology 19.54 46.72 8.51 17.19 17.66 3.01 2.35 29.05 5.50 0.13 4.99 5.12 Materials 7.69 19.10 1.42 4.56 6.89 0.32 3.13 12.21 1.10-0.12 0.89 0.78 Real Estate 0.95 54.17 0.44 7.20-3.71-0.09-6.25 57.88 0.53 0.92 0.50 1.41 Telecommunication Services 0.00 0.00 0.00 0.80 5.53 0.06-0.80-5.53-0.06 0.07 0.00 0.07 Utilities 0.00 0.00 0.00 3.61 2.35 0.16-3.61-2.35-0.16 0.34 0.00 0.34 Cash 9.38 1.18 0.12 0.00 0.00 0.00 9.38 1.18 0.12-1.07 0.00-1.07 Unclassified 0.00 0.00 0.00 0.00 15.83 0.00 0.00-15.83 0.00 0.04 0.00 0.04 Total 100.00 18.96 18.96 100.00 11.80 11.80 0.00 7.17 7.17 0.08 7.08 7.17 Net Cumulative Return 17.32 11.79 Expense Impact 1.37 0.00 Gross Cumulative Return 18.69 11.79 Residual -0.27-0.01 ¹ The Allocation Effect is the excess return attributable to the Fund s choice of sector weighting that differed from those of the Russell 2000 Index. ² Selection Effect represents the sum of the portfolio s excess return attributable to security selection within each sector and the portion of its excess return attributable to combining the weighting decision with its relative performance. ³ The Residual is the total return variance caused by intraday transactions. Important Information Past performance is no guarantee of future results. The Fund is actively managed and does not seek to replicate its benchmark in portfolio construction. Holdings and sector weightings are subject to change. Source: Royce & Associates, LP, based in part on data provided by FactSet. The attribution figures above are based on the Fund s holdings as of the close of business of each day during the period ended 3/31/18 and reflect estimated fees and expenses of the Fund. These figures are for analytical purposes only. This information should not be construed as investment advice or recommendations with respect to the sectors listed. Sector weightings may not be representative of the portfolio managers current or future investments and are subject to change at any time. The sum of all contributions to and detractions from performance for all securities would equal the Fund s gross cumulative total return for the one-year period ended 3/31/18.

Notes, Performance and Risk Disclosure 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. Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. This is a presentation of Royce. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination, or redistribution is strictly prohibited. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in Royce s presentation thereof. All indexes referenced are unmanaged and capitalization weighted. Each index s returns include net reinvested dividends and/or interest income. The Russell 2000 is an 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 Russell Global ex-u.s. Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap 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 and industry 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 Member FINRA, SIPC. Any information, statements and opinions set forth herein are general in nature, are not directed to or based on the financial situation or needs of any particular investor, and do not constitute, and should not be construed as, investment advice, a forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional. 745 Fifth Avenue New York, NY 10151 P (800) 348-1414 www.roycefunds.com Client Services Group P (800) 33-ROYCE (800-337-6923) RPR-QIA-0318