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 Small-Cap Total Return Fund

Holdings as of: 09/30/25

Download Holdings

#	Ticker	Asset Type	Sector	Industry	Name	Shares/ Principal	Price	% of Assets	Market Value
1		Repurchase Agreement			Fixed Income Clearing Corporation	67273071	$100.00	11.52%	$67,273,071.11
2	ASO	Common Stock	Consumer Discretionary	Specialty Retail	Academy Sports & Outdoors	610236	$50.02	5.23%	$30,524,004.72
3	AGO	Common Stock	Financials	Insurance	Assured Guaranty	342983	$84.65	4.97%	$29,033,510.95
4	AAP	Common Stock	Consumer Discretionary	Specialty Retail	Advance Auto Parts	455910	$61.40	4.79%	$27,992,874.00
5	HCKT	Common Stock	Information Technology	IT Services	Hackett Group (The)	1381040	$19.01	4.49%	$26,253,570.40
6	IGIC	Common Stock	Financials	Insurance	International General Insurance Holdings	1130355	$23.20	4.49%	$26,224,236.00
7	HCSG	Common Stock	Industrials	Commercial Services & Supplies	Healthcare Services Group	1522253	$16.83	4.39%	$25,619,517.99
8	FTAI	Common Stock	Industrials	Trading Companies & Distributors	FTAI Aviation	145725	$166.86	4.16%	$24,315,673.50
9	MSM	Common Stock	Industrials	Trading Companies & Distributors	MSC Industrial Direct Cl. A	262935	$92.14	4.15%	$24,226,830.90
10	BBSI	Common Stock	Industrials	Professional Services	Barrett Business Services	533664	$44.32	4.05%	$23,651,988.48
11	KLIC	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Kulicke & Soffa Industries	543824	$40.64	3.78%	$22,101,007.36
12	NGVT	Common Stock	Materials	Chemicals	Ingevity Corporation	373096	$55.19	3.52%	$20,591,168.24
13	UFPI	Common Stock	Industrials	Building Products	UFP Industries	215668	$93.49	3.45%	$20,162,801.32
14	KBR	Common Stock	Industrials	Professional Services	KBR	425040	$47.29	3.44%	$20,100,141.60
15	HOMB	Common Stock	Financials	Banks	Home BancShares	708233	$28.30	3.43%	$20,042,993.90
16	ESI	Common Stock	Materials	Chemicals	Element Solutions	774088	$25.17	3.34%	$19,483,794.96
17	SLGN	Common Stock	Materials	Containers & Packaging	Silgan Holdings	446301	$43.01	3.29%	$19,195,406.01
18	VNT	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Vontier Corporation	451682	$41.97	3.25%	$18,957,093.54
19	KD	Common Stock	Information Technology	IT Services	Kyndryl Holdings	629148	$30.03	3.23%	$18,893,314.44
20	TKR	Common Stock	Industrials	Machinery	Timken Company (The)	234436	$75.18	3.02%	$17,624,898.48
21	YETI	Common Stock	Consumer Discretionary	Leisure Products	YETI Holdings	530371	$33.18	3.01%	$17,597,709.78
22	FIHL	Common Stock	Financials	Insurance	Fidelis Insurance Holdings	945374	$18.15	2.94%	$17,158,538.10
23	BRSL	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Brightstar Lottery	986142	$17.25	2.91%	$17,010,949.50
24	MRX	Common Stock	Financials	Capital Markets	Marex Group	488558	$33.62	2.81%	$16,425,319.96
25	NOMD	Common Stock	Consumer Staples	Food Products	Nomad Foods	1248555	$13.15	2.81%	$16,418,498.25
26	OBK	Common Stock	Financials	Banks	Origin Bancorp	464891	$34.52	2.75%	$16,048,037.32
27	BKU	Common Stock	Financials	Banks	BankUnited	414220	$38.16	2.71%	$15,806,635.20
28	AMSF	Common Stock	Financials	Insurance	AMERISAFE	356990	$43.84	2.68%	$15,650,441.60
29	TOWN	Common Stock	Financials	Banks	TowneBank	451662	$34.57	2.67%	$15,613,955.34
30	MBIN	Common Stock	Financials	Financial Services	Merchants Bancorp	488398	$31.80	2.66%	$15,531,056.40
31	BBWI	Common Stock	Consumer Discretionary	Specialty Retail	Bath & Body Works	597771	$25.76	2.64%	$15,398,580.96
32	PSI CN	Common Stock	Energy	Energy Equipment & Services	Pason Systems	1750467	$8.68	2.60%	$15,194,108.90
33	WD	Common Stock	Financials	Financial Services	Walker & Dunlop	181088	$83.62	2.59%	$15,142,578.56
34	GBCI	Common Stock	Financials	Banks	Glacier Bancorp	301606	$48.67	2.51%	$14,679,164.02
35	PACS	Common Stock	Health Care	Health Care Providers & Services	PACS Group	1064031	$13.73	2.50%	$14,609,145.63
36	SBCF	Common Stock	Financials	Banks	Seacoast Banking Corporation of Florida	473375	$30.43	2.47%	$14,404,801.25
37	OCFC	Common Stock	Financials	Banks	OceanFirst Financial	815390	$17.57	2.45%	$14,326,402.30
38	GPK	Common Stock	Materials	Containers & Packaging	Graphic Packaging Holding Company	718445	$19.57	2.41%	$14,059,968.65
39	NSP	Common Stock	Industrials	Professional Services	Insperity	274917	$49.20	2.32%	$13,525,916.40
40	HIFS	Common Stock	Financials	Banks	Hingham Institution for Savings	51055	$263.78	2.31%	$13,467,287.90
41	GABC	Common Stock	Financials	Banks	German American Bancorp	335977	$39.27	2.26%	$13,193,816.79
42	RNR	Common Stock	Financials	Insurance	RenaissanceRe Holdings	50066	$253.93	2.18%	$12,713,259.38
43	DFIN	Common Stock	Financials	Capital Markets	Donnelley Financial Solutions	241325	$51.43	2.12%	$12,411,344.75
44	MCB	Common Stock	Financials	Banks	Metropolitan Bank Holding	124027	$74.82	1.59%	$9,279,700.14
45	FC	Common Stock	Industrials	Professional Services	Franklin Covey	448673	$19.41	1.49%	$8,708,742.93
46	KIMBERA MM	Common Stock	Consumer Staples	Household Products	Kimberly-Clark de Mexico	4113045	$2.11	1.48%	$8,660,224.16
47	BELFB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Bel Fuse Cl. B	59671	$141.02	1.44%	$8,414,804.42
48	PLOW	Common Stock	Industrials	Machinery	Douglas Dynamics	261010	$31.26	1.40%	$8,159,172.60
49	AXS	Common Stock	Financials	Insurance	Axis Capital Holdings	82711	$95.80	1.36%	$7,923,713.80
50	WHD	Common Stock	Energy	Energy Equipment & Services	Cactus Cl. A	173673	$39.47	1.17%	$6,854,873.31
51	IBP	Common Stock	Consumer Discretionary	Household Durables	Installed Building Products	21653	$246.66	0.91%	$5,340,928.98
52	CLB	Common Stock	Energy	Energy Equipment & Services	Core Laboratories	427284	$12.36	0.90%	$5,281,230.24
53	FFIN	Common Stock	Financials	Banks	First Financial Bankshares	152749	$33.65	0.88%	$5,140,003.85
54	ONEW	Common Stock	Consumer Discretionary	Specialty Retail	OneWater Marine Cl. A	245788	$15.84	0.67%	$3,893,281.92
55	WAL	Common Stock	Financials	Banks	Western Alliance Bancorp	42930	$86.72	0.64%	$3,722,889.60
56	ESQ	Common Stock	Financials	Banks	Esquire Financial Holdings	35197	$102.06	0.61%	$3,592,029.84
57	WTFC	Common Stock	Financials	Banks	Wintrust Financial	25402	$132.44	0.58%	$3,364,240.88
58	GCMG	Common Stock	Financials	Capital Markets	GCM Grosvenor Cl. A	197648	$12.07	0.41%	$2,385,611.36
59	TASE IT	Common Stock	Financials	Capital Markets	Tel Aviv Stock Exchange	85193	$23.06	0.34%	$1,964,824.97
60	IDT	Common Stock	Communication Services	Diversified Telecommunication Services	IDT Corporation Cl. B	27983	$52.31	0.25%	$1,463,790.73
61	BANC	Common Stock	Financials	Banks	Banc of California	56797	$16.55	0.16%	$939,990.35

Important Disclosure Information

Royce Small-Cap Total Return Fund

Holdings as of: 09/30/25

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