Important Disclosure Information

Portfolio holdings are subject to change without notice. There can be no assurance that securities held as of the date shown below will be included in any Royce-managed portfolio in the future.

Unlike the Fund's regulatory filings, the portfolio data may not conform to Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from the schedule
of investments in the Fund's annual and semiannual reports to shareholders, which are available at royceinvest.com/literature and are also filed with the SEC on Form N-CSR.
This presentation may also differ from the schedule of investments provided in the first and third quarter SEC Form N-PORT Exhibit F filings.

See "Notes to Financial Statements" in the Fund's most recent annual or semiannual report to shareholders for information about how the Fund values its portfolio securities.

Investors should carefully consider the investment goals, risks, fees, and expenses of the Funds before investing. Please read the prospectus carefully before investing.

For additional information, you may view Exhibit F to Form N-PORT (Quarterly Fund Holdings report) filed by each Fund at http://www.sec.gov.

Royce Micro-Cap Fund

Holdings as of: 06/30/25

Download Holdings

#	Ticker	Asset Type	Sector	Industry	Name	Shares/ Principal	Price	% of Assets	Market Value
1		Repurchase Agreement			Fixed Income Clearing Corporation	4100000	$100.00	1.46%	$4,100,000.36
2	MGNI	Common Stock	Communication Services	Media	Magnite	159437	$24.12	1.37%	$3,845,620.44
3	BELFB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Bel Fuse Cl. B	38078	$97.69	1.32%	$3,719,839.82
4	SII CN	Common Stock	Financials	Capital Markets	Sprott	51445	$69.12	1.26%	$3,556,099.03
5	AMSC	Common Stock	Industrials	Electrical Equipment	American Superconductor	95185	$36.69	1.24%	$3,492,337.65
6	GHM	Common Stock	Industrials	Machinery	Graham Corporation	69265	$49.51	1.22%	$3,429,310.15
7	NGS	Common Stock	Energy	Energy Equipment & Services	Natural Gas Services Group	129745	$25.81	1.19%	$3,348,718.45
8	DGII	Common Stock	Information Technology	Communications Equipment	Digi International	94232	$34.86	1.17%	$3,284,927.52
9	CECO	Common Stock	Industrials	Commercial Services & Supplies	CECO Environmental	112896	$28.31	1.13%	$3,196,085.76
10	LINC	Common Stock	Consumer Discretionary	Diversified Consumer Services	Lincoln Educational Services	137311	$23.05	1.12%	$3,165,018.55
11	NPKI	Common Stock	Energy	Energy Equipment & Services	NPK International	371081	$8.51	1.12%	$3,157,899.31
12	CLFD	Common Stock	Information Technology	Communications Equipment	Clearfield	71740	$43.41	1.11%	$3,114,233.40
13	HBT	Common Stock	Financials	Banks	HBT Financial	122544	$25.21	1.10%	$3,089,334.24
14	NVMI	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Nova	11130	$275.20	1.09%	$3,062,976.00
15	PAR	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	PAR Technology	43716	$69.37	1.08%	$3,032,578.92
16	BCML	Common Stock	Financials	Banks	BayCom Corp.	108510	$27.71	1.07%	$3,006,812.10
17	ESTA	Common Stock	Health Care	Health Care Equipment & Supplies	Establishment Labs Holdings	70011	$42.71	1.06%	$2,990,169.81
18	LGCY	Common Stock	Consumer Discretionary	Diversified Consumer Services	Legacy Education	265176	$11.18	1.05%	$2,964,667.68
19	LMB	Common Stock	Industrials	Construction & Engineering	Limbach Holdings	21147	$140.10	1.05%	$2,962,694.70
20	ICHR	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Ichor Holdings	149373	$19.64	1.04%	$2,933,685.72
21	LASR	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	nLIGHT	148652	$19.68	1.04%	$2,925,471.36
22	IESC	Common Stock	Industrials	Construction & Engineering	IES Holdings	9782	$296.23	1.03%	$2,897,721.86
23	CF CN	Common Stock	Financials	Capital Markets	Canaccord Genuity Group	380517	$7.61	1.03%	$2,894,919.13
24	ACU	Common Stock	Industrials	Commercial Services & Supplies	Acme United	68833	$41.45	1.01%	$2,853,127.85
25	AORT	Common Stock	Health Care	Health Care Equipment & Supplies	Artivion	91693	$31.10	1.01%	$2,851,652.30
26	LIND	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Lindblad Expeditions Holdings	242869	$11.67	1.01%	$2,834,281.23
27	CTRN	Common Stock	Consumer Discretionary	Specialty Retail	Citi Trends	84850	$33.39	1.01%	$2,833,141.50
28	HTB	Common Stock	Financials	Banks	HomeTrust Bancshares	75237	$37.41	1.00%	$2,814,616.17
29	SENEA	Common Stock	Consumer Staples	Food Products	Seneca Foods Cl. A	27651	$101.43	1.00%	$2,804,640.93
30	NWPX	Common Stock	Industrials	Construction & Engineering	NWPX Infrastructure	68244	$41.01	0.99%	$2,798,686.44
31	ISTR	Common Stock	Financials	Banks	Investar Holding	144600	$19.32	0.99%	$2,793,672.00
32	IMAX	Common Stock	Communication Services	Entertainment	IMAX Corporation	97693	$27.96	0.97%	$2,731,496.28
33	ATRO	Common Stock	Industrials	Aerospace & Defense	Astronics Corporation	79920	$33.48	0.95%	$2,675,721.60
34	STEL	Common Stock	Financials	Banks	Stellar Bancorp	95377	$27.98	0.95%	$2,668,648.46
35	MDI CN	Common Stock	Materials	Metals & Mining	Major Drilling Group International	409503	$6.51	0.95%	$2,664,363.19
36	CUBI	Common Stock	Financials	Banks	Customers Bancorp	44928	$58.74	0.94%	$2,639,070.72
37	WNEB	Common Stock	Financials	Banks	Western New England Bancorp	285055	$9.23	0.93%	$2,631,057.65
38	MEG	Common Stock	Industrials	Commercial Services & Supplies	Montrose Environmental Group	119726	$21.89	0.93%	$2,620,802.14
39	IGIC	Common Stock	Financials	Insurance	International General Insurance Holdings	108077	$24.02	0.92%	$2,596,009.54
40	AOUT	Common Stock	Consumer Discretionary	Leisure Products	American Outdoor Brands	247351	$10.45	0.92%	$2,584,817.95
41	TRNS	Common Stock	Industrials	Trading Companies & Distributors	Transcat	29743	$85.96	0.91%	$2,556,708.28
42	AAOI	Common Stock	Information Technology	Communications Equipment	Applied Optoelectronics	96974	$25.69	0.88%	$2,491,262.06
43	LPTH	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	LightPath Technologies Cl. A	808510	$3.08	0.88%	$2,490,210.80
44	LXFR	Common Stock	Industrials	Machinery	Luxfer Holdings	203287	$12.18	0.88%	$2,476,035.66
45	SAMG	Common Stock	Financials	Capital Markets	Silvercrest Asset Management Group Cl. A	155049	$15.86	0.87%	$2,459,077.14
46	DSGR	Common Stock	Industrials	Trading Companies & Distributors	Distribution Solutions Group	89213	$27.47	0.87%	$2,450,681.11
47	CDNA	Common Stock	Health Care	Biotechnology	CareDx	121533	$19.54	0.84%	$2,374,754.82
48	NVEC	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	NVE Corporation	32244	$73.61	0.84%	$2,373,480.84
49	SHYF@	Common Stock	Industrials	Machinery	Shyft Group (The)	187523	$12.54	0.83%	$2,351,538.42
50	LEGH	Common Stock	Consumer Discretionary	Household Durables	Legacy Housing	101199	$22.66	0.81%	$2,293,169.34
51	PKE	Common Stock	Industrials	Aerospace & Defense	Park Aerospace	153862	$14.77	0.81%	$2,272,541.74
52	VPG	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Vishay Precision Group	80488	$28.10	0.80%	$2,261,712.80
53	QNST	Common Stock	Communication Services	Interactive Media & Services	QuinStreet	138404	$16.10	0.79%	$2,228,304.40
54	ARLO	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Arlo Technologies	130116	$16.96	0.78%	$2,206,767.36
55	KOPN	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Kopin Corporation	1439111	$1.53	0.78%	$2,201,839.83
56	BLFS	Common Stock	Health Care	Life Sciences Tools & Services	BioLife Solutions	101951	$21.54	0.78%	$2,196,024.54
57	EZPW	Common Stock	Financials	Consumer Finance	EZCORP Cl. A	157191	$13.88	0.77%	$2,181,811.08
58	ALS CN	Common Stock	Materials	Metals & Mining	Altius Minerals	106161	$20.11	0.76%	$2,134,524.09
59	LQDT	Common Stock	Industrials	Commercial Services & Supplies	Liquidity Services	89148	$23.59	0.75%	$2,103,001.32
60	CVLG	Common Stock	Industrials	Ground Transportation	Covenant Logistics Group Cl. A	85572	$24.11	0.73%	$2,063,140.92
61	RELL	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Richardson Electronics	213687	$9.65	0.73%	$2,062,079.55
62	AIOT	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Powerfleet	475827	$4.31	0.73%	$2,050,814.37
63	HROW	Common Stock	Health Care	Pharmaceuticals	Harrow	65740	$30.54	0.71%	$2,007,699.60
64	CASS	Common Stock	Financials	Financial Services	Cass Information Systems	46066	$43.45	0.71%	$2,001,567.70
65	NX	Common Stock	Industrials	Building Products	Quanex Building Products	105652	$18.90	0.71%	$1,996,822.80
66	AMN	Common Stock	Health Care	Health Care Providers & Services	AMN Healthcare Services	96008	$20.67	0.70%	$1,984,485.36
67	CKN LN	Common Stock	Industrials	Marine Transportation	Clarkson	43970	$44.82	0.70%	$1,970,604.02
68	COHU	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Cohu	101437	$19.24	0.69%	$1,951,647.88
69	ADTN	Common Stock	Information Technology	Communications Equipment	ADTRAN Holdings	216647	$8.97	0.69%	$1,943,323.59
70	VSEC	Common Stock	Industrials	Commercial Services & Supplies	VSE Corporation	14790	$130.98	0.69%	$1,937,194.20
71	LNN	Common Stock	Industrials	Machinery	Lindsay Corporation	13135	$144.25	0.67%	$1,894,723.75
72	NBN	Common Stock	Financials	Banks	Northeast Bank	21210	$88.99	0.67%	$1,887,477.90
73	CCB	Common Stock	Financials	Banks	Coastal Financial	19218	$96.87	0.66%	$1,861,647.66
74	CAMT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Camtek	21936	$84.56	0.66%	$1,854,908.16
75	UCTT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Ultra Clean Holdings	82125	$22.57	0.66%	$1,853,561.25
76	ALOT	Common Stock	Information Technology	Technology Hardware, Storage & Peripherals	AstroNova	157970	$11.59	0.65%	$1,830,872.30
77	OPY	Common Stock	Financials	Capital Markets	Oppenheimer Holdings Cl. A	27813	$65.77	0.65%	$1,829,261.01
78	CLMB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Climb Global Solutions	17086	$106.91	0.65%	$1,826,664.26
79	SNEX	Common Stock	Financials	Capital Markets	StoneX Group	19512	$91.14	0.63%	$1,778,323.68
80	PRV LN	Common Stock	Industrials	Machinery	Porvair	170247	$9.91	0.60%	$1,687,238.12
81	HLIT	Common Stock	Information Technology	Communications Equipment	Harmonic	177927	$9.47	0.60%	$1,684,968.69
82	PSI CN	Common Stock	Energy	Energy Equipment & Services	Pason Systems	179387	$9.02	0.57%	$1,617,677.52
83	INTT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	inTEST Corporation	220595	$7.28	0.57%	$1,605,931.60
84	BBCP	Common Stock	Industrials	Construction & Engineering	Concrete Pumping Holdings	259783	$6.15	0.57%	$1,597,665.45
85	MLAB	Common Stock	Health Care	Life Sciences Tools & Services	Mesa Laboratories	16942	$94.22	0.57%	$1,596,275.24
86	MOD	Common Stock	Consumer Discretionary	Automobile Components	Modine Manufacturing	15939	$98.50	0.56%	$1,569,991.50
87	KFRC	Common Stock	Industrials	Professional Services	Kforce	37823	$41.13	0.55%	$1,555,659.99
88	RNGR	Common Stock	Energy	Energy Equipment & Services	Ranger Energy Services Cl. A	130052	$11.94	0.55%	$1,552,820.88
89	HPS/A CN	Common Stock	Industrials	Electrical Equipment	Hammond Power Solutions Cl. A	16803	$92.11	0.55%	$1,547,714.55
90	GSM	Common Stock	Materials	Metals & Mining	Ferroglobe	412754	$3.67	0.54%	$1,514,807.18
91	MCFT	Common Stock	Consumer Discretionary	Leisure Products	MasterCraft Boat Holdings	80469	$18.58	0.53%	$1,495,114.02
92	FRPH	Common Stock	Real Estate	Real Estate Management & Development	FRP Holdings	54032	$26.89	0.52%	$1,452,920.48
93	VMEO	Common Stock	Communication Services	Interactive Media & Services	Vimeo	356167	$4.04	0.51%	$1,438,914.68
94	AMRC	Common Stock	Industrials	Construction & Engineering	Ameresco Cl. A	94431	$15.19	0.51%	$1,434,406.89
95	BYON	Common Stock	Consumer Discretionary	Specialty Retail	Beyond	206961	$6.88	0.51%	$1,423,891.68
96	TITN	Common Stock	Industrials	Trading Companies & Distributors	Titan Machinery	71182	$19.81	0.50%	$1,410,115.42
97	HOV	Common Stock	Consumer Discretionary	Household Durables	Hovnanian Enterprises Cl. A	13415	$104.55	0.50%	$1,402,538.25
98	PRO	Common Stock	Information Technology	Software	PROS Holdings	89171	$15.66	0.50%	$1,396,417.86
99	ONEW	Common Stock	Consumer Discretionary	Specialty Retail	OneWater Marine Cl. A	103810	$13.39	0.49%	$1,390,015.90
100	PRN CN	Common Stock	Health Care	Health Care Equipment & Supplies	Profound Medical	233460	$5.95	0.49%	$1,388,673.40
101	WNC	Common Stock	Industrials	Machinery	Wabash National	130000	$10.63	0.49%	$1,381,900.00
102	EVI	Common Stock	Industrials	Trading Companies & Distributors	EVI Industries	63113	$21.83	0.49%	$1,377,756.79
103	SLP	Common Stock	Health Care	Health Care Technology	Simulations Plus	77311	$17.45	0.48%	$1,349,076.95
104	TWI	Common Stock	Industrials	Machinery	Titan International	131193	$10.27	0.48%	$1,347,352.11
105	APYX	Common Stock	Health Care	Health Care Equipment & Supplies	Apyx Medical	591628	$2.25	0.47%	$1,331,163.00
106	CMT	Common Stock	Materials	Chemicals	Core Molding Technologies	78404	$16.59	0.46%	$1,300,722.36
107	CTKB	Common Stock	Health Care	Life Sciences Tools & Services	Cytek Biosciences	380574	$3.40	0.46%	$1,293,951.60
108	PENG	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Penguin Solutions	64774	$19.81	0.46%	$1,283,172.94
109	MMI	Common Stock	Real Estate	Real Estate Management & Development	Marcus & Millichap	41706	$30.71	0.45%	$1,280,791.26
110	RPAY	Common Stock	Financials	Financial Services	Repay Holdings Cl. A	265534	$4.82	0.45%	$1,279,873.88
111	JBI	Common Stock	Industrials	Building Products	Janus International Group	155864	$8.14	0.45%	$1,268,732.96
112	TBI	Common Stock	Industrials	Professional Services	TrueBlue	195517	$6.48	0.45%	$1,266,950.16
113	SRI	Common Stock	Consumer Discretionary	Automobile Components	Stoneridge	177482	$7.04	0.44%	$1,249,473.28
114	SCVL	Common Stock	Consumer Discretionary	Specialty Retail	Shoe Carnival	61573	$18.71	0.41%	$1,152,030.83
115	RGP	Common Stock	Industrials	Professional Services	Resources Connection	211756	$5.37	0.40%	$1,137,129.72
116	LAKE	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Lakeland Industries	83466	$13.61	0.40%	$1,135,972.26
117	CVU	Common Stock	Industrials	Aerospace & Defense	CPI Aerostructures	318190	$3.50	0.40%	$1,113,665.00
118	HIFS	Common Stock	Financials	Banks	Hingham Institution for Savings	4402	$248.35	0.39%	$1,093,236.70
119	ABSI	Common Stock	Health Care	Biotechnology	Absci Corporation	417829	$2.57	0.38%	$1,073,820.53
120	SD	Common Stock	Energy	Oil, Gas & Consumable Fuels	SandRidge Energy	97667	$10.82	0.38%	$1,056,756.94
121	INGN	Common Stock	Health Care	Health Care Equipment & Supplies	Inogen	145834	$7.03	0.36%	$1,025,213.02
122	ESQ	Common Stock	Financials	Banks	Esquire Financial Holdings	10635	$94.66	0.36%	$1,006,709.10
123	REAL	Common Stock	Consumer Discretionary	Specialty Retail	RealReal	209290	$4.79	0.36%	$1,002,499.10
124	AEHR	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Aehr Test Systems	77265	$12.93	0.35%	$999,036.45
125	AOSL	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Alpha and Omega Semiconductor	38177	$25.66	0.35%	$979,621.82
126	VNP CN	Common Stock	Materials	Chemicals	5N Plus	149217	$6.57	0.35%	$979,621.80
127	DHX	Common Stock	Communication Services	Interactive Media & Services	DHI Group	329005	$2.97	0.35%	$977,144.85
128	FORR	Common Stock	Industrials	Professional Services	Forrester Research	96454	$9.90	0.34%	$954,894.60
129	RLGT	Common Stock	Industrials	Air Freight & Logistics	Radiant Logistics	156331	$6.08	0.34%	$950,492.48
130	ALTG	Common Stock	Industrials	Trading Companies & Distributors	Alta Equipment Group	147269	$6.32	0.33%	$930,740.08
131	CNTY	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Century Casinos	430485	$2.12	0.32%	$910,475.78
132	WTTR	Common Stock	Energy	Energy Equipment & Services	Select Water Solutions Cl. A	105191	$8.64	0.32%	$908,850.24
133	MRVI	Common Stock	Health Care	Life Sciences Tools & Services	Maravai LifeSciences Holdings Cl. A	369703	$2.41	0.32%	$890,984.23
134	ASUR	Common Stock	Industrials	Professional Services	Asure Software	86502	$9.76	0.30%	$844,259.52
135	RBBN	Common Stock	Information Technology	Communications Equipment	Ribbon Communications	207412	$4.01	0.30%	$831,722.12
136	CBNA	Common Stock	Financials	Banks	Chain Bridge Bancorp Cl. A	30558	$25.77	0.28%	$787,479.66
137	LGIH	Common Stock	Consumer Discretionary	Household Durables	LGI Homes	14542	$51.52	0.27%	$749,203.84
138	FFWM	Common Stock	Financials	Banks	First Foundation	146641	$5.10	0.27%	$747,869.10
139	LAB	Common Stock	Health Care	Life Sciences Tools & Services	Standard BioTools	573169	$1.20	0.24%	$687,802.80
140	TVTX	Common Stock	Health Care	Biotechnology	Travere Therapeutics	44264	$14.80	0.23%	$655,107.20
141	DENN	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Denny's Corporation	158842	$4.10	0.23%	$651,252.20
142	THRY	Common Stock	Communication Services	Media	Thryv Holdings	53540	$12.16	0.23%	$651,046.40
143	VRA	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Vera Bradley	293415	$2.21	0.23%	$648,447.15
144	PWP	Common Stock	Financials	Capital Markets	Perella Weinberg Partners Cl. A	27885	$19.42	0.19%	$541,526.70
145	PLAB	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Photronics	23665	$18.83	0.16%	$445,611.95
146	LUNA!	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Luna Innovations	445804	$0.89	0.14%	$394,536.54
147	RDW	Common Stock	Industrials	Aerospace & Defense	Redwire	23797	$16.30	0.14%	$387,891.10
148	ORIC	Common Stock	Health Care	Biotechnology	ORIC Pharmaceuticals	32646	$10.15	0.12%	$331,356.90
149	MXCT	Common Stock	Health Care	Life Sciences Tools & Services	MaxCyte	122377	$2.18	0.09%	$266,781.86
150	SLQT	Common Stock	Financials	Insurance	SelectQuote	109345	$2.38	0.09%	$260,241.10
151	TTEC	Common Stock	Industrials	Professional Services	TTEC Holdings	52913	$4.81	0.09%	$254,511.53
152	AFM CN	Common Stock	Materials	Metals & Mining	Alphamin Resources	100088	$0.63	0.02%	$63,209.61
153	SPRY	Common Stock	Health Care	Biotechnology	ARS Pharmaceuticals	3435	$17.45	0.02%	$59,940.75
154	1515759D LN	Common Stock	Financials	Banks	Midway Investments	1858170	$0.00	0.00%	$0.00

Important Disclosure Information

Royce Micro-Cap Fund

Holdings as of: 06/30/25

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