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 Smaller-Companies Growth Fund

Holdings as of: 12/31/25

Download Holdings

#	Ticker	Asset Type	Sector	Industry	Name	Shares/ Principal	Price	% of Assets	Market Value
1		Repurchase Agreement			Fixed Income Clearing Corporation	10935924	$100.00	5.63%	$10,935,924.40
2	AXSM	Common Stock	Health Care	Pharmaceuticals	Axsome Therapeutics	28000	$182.64	2.63%	$5,113,920.00
3	SRTA US	Common Stock	Industrials	Passenger Airlines	Strata Critical Medical	932181	$4.81	2.31%	$4,483,790.61
4	SBCF	Common Stock	Financials	Banks	Seacoast Banking Corporation of Florida	142000	$31.42	2.30%	$4,461,640.00
5	FTK	Common Stock	Materials	Chemicals	Flotek Industries	255000	$17.23	2.26%	$4,393,650.00
6	MGNI	Common Stock	Communication Services	Media	Magnite	267000	$16.23	2.23%	$4,333,410.00
7	GRDN	Common Stock	Consumer Staples	Consumer Staples Distribution & Retail	Guardian Pharmacy Services Cl. A	138596	$30.09	2.15%	$4,170,353.64
8	ACVA	Common Stock	Industrials	Commercial Services & Supplies	ACV Auctions Cl. A	514000	$8.02	2.12%	$4,122,280.00
9	SIBN	Common Stock	Health Care	Health Care Equipment & Supplies	SI-BONE	206000	$19.72	2.09%	$4,062,320.00
10	BTSG	Common Stock	Health Care	Health Care Providers & Services	BrightSpring Health Services	107923	$37.45	2.08%	$4,041,716.35
11	FROG	Common Stock	Information Technology	Software	JFrog	63318	$62.46	2.03%	$3,954,842.28
12	FIGR	Common Stock	Information Technology	IT Services	Figure Technology Solutions Cl. A	95500	$40.84	2.01%	$3,900,220.00
13	AXGN	Common Stock	Health Care	Health Care Equipment & Supplies	Axogen	119000	$32.73	2.00%	$3,894,870.00
14	SII CN	Common Stock	Financials	Capital Markets	Sprott	39000	$97.95	1.97%	$3,820,013.84
15	PI	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Impinj	20250	$174.01	1.81%	$3,523,702.50
16	FRPT	Common Stock	Consumer Staples	Food Products	Freshpet	57500	$60.93	1.80%	$3,503,475.00
17	FTAI	Common Stock	Industrials	Trading Companies & Distributors	FTAI Aviation	17500	$196.85	1.77%	$3,444,875.00
18	ATS CN	Common Stock	Industrials	Machinery	ATS Corporation	116000	$27.55	1.64%	$3,195,482.86
19	LTH	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Life Time Group Holdings	120000	$26.58	1.64%	$3,189,600.00
20	ATEC	Common Stock	Health Care	Health Care Equipment & Supplies	Alphatec Holdings	150000	$21.04	1.62%	$3,156,000.00
21	OSW	Common Stock	Consumer Discretionary	Diversified Consumer Services	OneSpaWorld Holdings	152000	$20.74	1.62%	$3,152,480.00
22	AGYS	Common Stock	Information Technology	Software	Agilysys	26500	$118.84	1.62%	$3,149,260.00
23	PVLA	Common Stock	Health Care	Biotechnology	Palvella Therapeutics	30000	$104.67	1.62%	$3,140,100.00
24	TALK	Common Stock	Health Care	Health Care Providers & Services	Talkspace	842462	$3.63	1.57%	$3,058,137.06
25	PAR	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	PAR Technology	82296	$36.28	1.54%	$2,985,698.88
26	CCB	Common Stock	Financials	Banks	Coastal Financial	26000	$114.59	1.53%	$2,979,340.00
27	CDNA	Common Stock	Health Care	Biotechnology	CareDx	156000	$18.84	1.51%	$2,939,040.00
28	VSEC	Common Stock	Industrials	Commercial Services & Supplies	VSE Corporation	17000	$172.77	1.51%	$2,937,090.00
29	ELVR	Common Stock	Materials	Metals & Mining	Elevra Lithium ADR	53000	$52.57	1.43%	$2,786,210.00
30	MDI CN	Common Stock	Materials	Metals & Mining	Major Drilling Group International	296000	$9.40	1.43%	$2,781,975.16
31	PAYS	Common Stock	Financials	Financial Services	Paysign	538667	$5.15	1.43%	$2,774,135.05
32	IBP	Common Stock	Consumer Discretionary	Household Durables	Installed Building Products	10000	$259.39	1.33%	$2,593,900.00
33	DSGR	Common Stock	Industrials	Trading Companies & Distributors	Distribution Solutions Group	93611	$27.39	1.32%	$2,564,005.29
34	DSGX	Common Stock	Information Technology	Software	Descartes Systems Group (The)	29033	$87.66	1.31%	$2,545,032.78
35	ADTN	Common Stock	Information Technology	Communications Equipment	ADTRAN Holdings	285000	$8.69	1.27%	$2,476,650.00
36	KRUS	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Kura Sushi USA Cl. A	46000	$52.33	1.24%	$2,407,180.00
37	NN	Common Stock	Information Technology	Software	NextNav	139894	$16.64	1.20%	$2,327,836.16
38	TXRH	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Texas Roadhouse	14000	$166.00	1.20%	$2,324,000.00
39	LMB	Common Stock	Industrials	Construction & Engineering	Limbach Holdings	28250	$77.85	1.13%	$2,199,262.50
40	CVO CN	Common Stock	Information Technology	Software	Coveo Solutions	439618	$4.82	1.09%	$2,120,338.90
41	PCTY	Common Stock	Industrials	Professional Services	Paylocity Holding	13786	$152.50	1.08%	$2,102,365.00
42	SLAB	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Silicon Laboratories	15500	$130.70	1.04%	$2,025,850.00
43	MAMA	Common Stock	Consumer Staples	Food Products	Mama's Creations	149000	$13.49	1.03%	$2,010,010.00
44	NVMI	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Nova	6000	$328.39	1.01%	$1,970,340.00
45	HROW	Common Stock	Health Care	Pharmaceuticals	Harrow	39700	$49.00	1.00%	$1,945,300.00
46	GHM	Common Stock	Industrials	Machinery	Graham Corporation	30000	$64.23	0.99%	$1,926,900.00
47	VERX	Common Stock	Information Technology	Software	Vertex Cl. A	95000	$19.97	0.98%	$1,897,150.00
48	NGS	Common Stock	Energy	Energy Equipment & Services	Natural Gas Services Group	55500	$33.65	0.96%	$1,867,575.00
49	CPRX	Common Stock	Health Care	Biotechnology	Catalyst Pharmaceuticals	78000	$23.34	0.94%	$1,820,520.00
50	TTMI	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	TTM Technologies	26000	$69.00	0.92%	$1,794,000.00
51	ORA	Common Stock	Utilities	Independent Power & Renewable Electricity Producer	Ormat Technologies	16000	$110.47	0.91%	$1,767,520.00
52	SPRY	Common Stock	Health Care	Biotechnology	ARS Pharmaceuticals	150000	$11.65	0.90%	$1,747,500.00
53	BLFS	Common Stock	Health Care	Life Sciences Tools & Services	BioLife Solutions	71000	$24.18	0.88%	$1,716,780.00
54	RGNX	Common Stock	Health Care	Biotechnology	REGENXBIO	119000	$14.40	0.88%	$1,713,600.00
55	AUB	Common Stock	Financials	Banks	Atlantic Union Bankshares	47000	$35.30	0.85%	$1,659,100.00
56	TWFG	Common Stock	Financials	Insurance	TWFG Cl. A	57000	$28.77	0.84%	$1,639,890.00
57	MNMD	Common Stock	Health Care	Pharmaceuticals	Mind Medicine (MindMed)	121000	$13.39	0.83%	$1,620,190.00
58	AVAV	Common Stock	Industrials	Aerospace & Defense	AeroVironment	6615	$241.89	0.82%	$1,600,102.35
59	BLND	Common Stock	Information Technology	Software	Blend Labs Cl. A	517637	$3.04	0.81%	$1,573,616.48
60	AMRC	Common Stock	Industrials	Construction & Engineering	Ameresco Cl. A	53000	$29.29	0.80%	$1,552,370.00
61	GBCI	Common Stock	Financials	Banks	Glacier Bancorp	35000	$44.05	0.79%	$1,541,750.00
62	BWXT	Common Stock	Industrials	Aerospace & Defense	BWX Technologies	8500	$172.84	0.76%	$1,469,140.00
63	HNGE	Common Stock	Health Care	Health Care Providers & Services	Hinge Health Cl. A	31000	$46.45	0.74%	$1,439,950.00
64	MGTX	Common Stock	Health Care	Biotechnology	MeiraGTx Holdings	176000	$7.95	0.72%	$1,399,200.00
65	UEC	Common Stock	Energy	Oil, Gas & Consumable Fuels	Uranium Energy	119000	$11.68	0.72%	$1,389,920.00
66	LGN	Common Stock	Industrials	Building Products	Legence Corp. Cl. A	32000	$43.04	0.71%	$1,377,280.00
67	OII	Common Stock	Energy	Energy Equipment & Services	Oceaneering International	53000	$24.03	0.66%	$1,273,590.00
68	SMTC	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Semtech Corporation	16000	$73.69	0.61%	$1,179,040.00
69	CORT	Common Stock	Health Care	Pharmaceuticals	Corcept Therapeutics	30000	$34.80	0.54%	$1,044,000.00
70	ARLO	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Arlo Technologies	73000	$13.99	0.53%	$1,021,270.00
71	SEI	Common Stock	Energy	Energy Equipment & Services	Solaris Energy Infrastructure Cl. A	20000	$45.97	0.47%	$919,400.00
72	PNG CN	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Kraken Robotics	180000	$4.66	0.43%	$839,313.69
73	PATH	Common Stock	Information Technology	Software	UiPath Cl. A	50000	$16.39	0.42%	$819,500.00
74	MIR	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Mirion Technologies Cl. A	32377	$23.42	0.39%	$758,269.34
75	GLNG	Common Stock	Energy	Oil, Gas & Consumable Fuels	Golar LNG	18000	$37.21	0.34%	$669,780.00
76	LASR	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	nLIGHT	17000	$37.51	0.33%	$637,670.00
77	TMDX	Common Stock	Health Care	Health Care Equipment & Supplies	TransMedics Group	4500	$121.65	0.28%	$547,425.00
78	SDGR	Common Stock	Health Care	Health Care Technology	Schrodinger	29000	$17.88	0.27%	$518,520.00
79	2595777D SW	Contingent Value Right	Health Care	Biotechnology	89bio	192000	$0.50	0.05%	$96,000.00
80	ROOT	Common Stock	Financials	Insurance	Root Cl. A	500	$72.23	0.02%	$36,115.00

Important Disclosure Information

Royce Smaller-Companies Growth Fund

Holdings as of: 12/31/25

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