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 Value Fund

Holdings as of: 12/31/25

Download Holdings

#	Ticker	Asset Type	Sector	Industry	Name	Shares/ Principal	Price	% of Assets	Market Value
1	DBD	Common Stock	Information Technology	Technology Hardware, Storage & Peripherals	Diebold Nixdorf	29822	$67.89	2.07%	$2,024,615.58
2	CPRX	Common Stock	Health Care	Biotechnology	Catalyst Pharmaceuticals	82325	$23.34	1.96%	$1,921,465.50
3	IBEX	Common Stock	Industrials	Professional Services	IBEX	49520	$38.18	1.93%	$1,890,673.60
4	SNX	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	TD SYNNEX	12085	$150.23	1.86%	$1,815,529.55
5	TSBK	Common Stock	Financials	Banks	Timberland Bancorp	50228	$35.80	1.84%	$1,798,162.40
6	LEA	Common Stock	Consumer Discretionary	Automobile Components	Lear Corporation	15668	$114.60	1.84%	$1,795,552.80
7	MHO	Common Stock	Consumer Discretionary	Household Durables	M/I Homes	14004	$127.95	1.83%	$1,791,811.80
8	UNTY	Common Stock	Financials	Banks	Unity Bancorp	34626	$51.72	1.83%	$1,790,856.72
9	BKE	Common Stock	Consumer Discretionary	Specialty Retail	Buckle (The)	33211	$53.42	1.81%	$1,774,131.62
10	TILE	Common Stock	Industrials	Commercial Services & Supplies	Interface	62834	$27.92	1.79%	$1,754,325.28
11	PHM	Common Stock	Consumer Discretionary	Household Durables	PulteGroup	14689	$117.26	1.76%	$1,722,432.14
12	ALSN	Common Stock	Industrials	Machinery	Allison Transmission Holdings	17146	$97.90	1.72%	$1,678,593.40
13	VLGEA	Common Stock	Consumer Staples	Consumer Staples Distribution & Retail	Village Super Market Cl. A	46818	$35.40	1.69%	$1,657,123.11
14	ACT	Common Stock	Financials	Financial Services	Enact Holdings	41565	$39.64	1.68%	$1,647,636.60
15	FRBA	Common Stock	Financials	Banks	First Bank	99813	$16.46	1.68%	$1,642,921.98
16	GNK	Common Stock	Industrials	Marine Transportation	Genco Shipping & Trading	89032	$18.43	1.68%	$1,640,859.76
17	TNK	Common Stock	Energy	Oil, Gas & Consumable Fuels	Teekay Tankers Cl. A	30191	$53.42	1.65%	$1,612,803.22
18	MTDR	Common Stock	Energy	Oil, Gas & Consumable Fuels	Matador Resources	37492	$42.44	1.63%	$1,591,160.48
19	MOH	Common Stock	Health Care	Health Care Providers & Services	Molina Healthcare	9051	$173.54	1.61%	$1,570,710.54
20	GNTX	Common Stock	Consumer Discretionary	Automobile Components	Gentex Corporation	65329	$23.27	1.55%	$1,520,205.83
21	TIPT	Common Stock	Financials	Insurance	Tiptree	82436	$18.27	1.54%	$1,506,105.72
22	CIVB	Common Stock	Financials	Banks	Civista Bancshares	67253	$22.22	1.53%	$1,494,361.66
23	KFY	Common Stock	Industrials	Professional Services	Korn Ferry	22619	$66.02	1.53%	$1,493,306.38
24	FSBW	Common Stock	Financials	Banks	FS Bancorp	35954	$41.17	1.51%	$1,480,226.18
25	VC	Common Stock	Consumer Discretionary	Automobile Components	Visteon Corporation	15429	$95.10	1.50%	$1,467,297.90
26	SM	Common Stock	Energy	Oil, Gas & Consumable Fuels	SM Energy	77090	$18.70	1.47%	$1,441,583.00
27	TMHC	Common Stock	Consumer Discretionary	Household Durables	Taylor Morrison Home	24468	$58.87	1.47%	$1,440,431.16
28	BLBD	Common Stock	Industrials	Machinery	Blue Bird	30614	$47.00	1.47%	$1,438,858.00
29	COLL	Common Stock	Health Care	Pharmaceuticals	Collegium Pharmaceutical	30887	$46.30	1.46%	$1,430,068.10
30	WS	Common Stock	Materials	Metals & Mining	Worthington Steel	40854	$34.62	1.45%	$1,414,365.48
31	FLEX	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Flex	23203	$60.42	1.43%	$1,401,925.26
32	CHRD	Common Stock	Energy	Oil, Gas & Consumable Fuels	Chord Energy	14903	$92.70	1.41%	$1,381,508.10
33	EVR	Common Stock	Financials	Capital Markets	Evercore Cl. A	4054	$340.25	1.41%	$1,379,373.50
34	BHRB	Common Stock	Financials	Banks	Burke & Herbert Financial Services	21671	$62.31	1.38%	$1,350,320.01
35	ASO	Common Stock	Consumer Discretionary	Specialty Retail	Academy Sports & Outdoors	26945	$49.96	1.38%	$1,346,172.20
36	AMPH	Common Stock	Health Care	Pharmaceuticals	Amphastar Pharmaceuticals	49500	$26.78	1.36%	$1,325,610.00
37	BFST	Common Stock	Financials	Banks	Business First Bancshares	49411	$26.14	1.32%	$1,291,603.54
38	SIG	Common Stock	Consumer Discretionary	Specialty Retail	Signet Jewelers	15479	$82.88	1.31%	$1,282,899.52
39	SANM	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Sanmina Corporation	8407	$150.07	1.29%	$1,261,638.49
40	UFCS	Common Stock	Financials	Insurance	United Fire Group	34700	$36.35	1.29%	$1,261,345.00
41	BBT	Common Stock	Financials	Banks	Beacon Financial	47344	$26.37	1.28%	$1,248,461.28
42	MPB	Common Stock	Financials	Banks	Mid Penn Bancorp	40188	$31.02	1.27%	$1,246,631.76
43	DGICA	Common Stock	Financials	Insurance	Donegal Group Cl. A	61932	$19.98	1.27%	$1,237,401.36
44	JILL	Common Stock	Consumer Discretionary	Specialty Retail	J.Jill	88567	$13.72	1.24%	$1,215,139.24
45	CNXN	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	PC Connection	20797	$57.76	1.23%	$1,201,234.72
46	ADEA	Common Stock	Information Technology	Software	Adeia	69540	$17.25	1.23%	$1,199,565.00
47	PLUS	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	ePlus	13577	$87.70	1.22%	$1,190,702.90
48	JBL	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Jabil	5148	$228.02	1.20%	$1,173,846.96
49	CCNE	Common Stock	Financials	Banks	CNB Financial	43846	$26.17	1.17%	$1,147,449.82
50	ARCB	Common Stock	Industrials	Ground Transportation	ArcBest Corporation	15274	$74.19	1.16%	$1,133,178.06
51	AMKR	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Amkor Technology	28689	$39.48	1.16%	$1,132,641.72
52	HRMY	Common Stock	Health Care	Pharmaceuticals	Harmony Biosciences Holdings	30068	$37.42	1.15%	$1,125,144.56
53	SCVL	Common Stock	Consumer Discretionary	Specialty Retail	Shoe Carnival	65887	$16.88	1.14%	$1,112,172.56
54	OCFC	Common Stock	Financials	Banks	OceanFirst Financial	59750	$17.95	1.10%	$1,072,512.50
55	INVA	Common Stock	Health Care	Pharmaceuticals	Innoviva	51189	$19.99	1.05%	$1,023,268.11
56	CRMD	Common Stock	Health Care	Pharmaceuticals	CorMedix	86956	$11.63	1.03%	$1,011,298.28
57	BELFB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Bel Fuse Cl. B	5916	$169.63	1.03%	$1,003,531.08
58	HFWA	Common Stock	Financials	Banks	Heritage Financial	40489	$23.65	0.98%	$957,564.85
59	MTH	Common Stock	Consumer Discretionary	Household Durables	Meritage Homes	14480	$65.80	0.97%	$952,784.00
60	UVSP	Common Stock	Financials	Banks	Univest Financial	28946	$32.74	0.97%	$947,692.04
61	TRDA	Common Stock	Health Care	Biotechnology	Entrada Therapeutics	89898	$10.28	0.95%	$924,151.44
62	STRL	Common Stock	Industrials	Construction & Engineering	Sterling Infrastructure	2923	$306.23	0.92%	$895,110.29
63	BBSI	Common Stock	Industrials	Professional Services	Barrett Business Services	24708	$36.21	0.91%	$894,676.68
64	FTDR	Common Stock	Consumer Discretionary	Diversified Consumer Services	frontdoor	15402	$57.69	0.91%	$888,541.38
65	LRN	Common Stock	Consumer Discretionary	Diversified Consumer Services	Stride	12684	$64.93	0.84%	$823,572.12
66	BYD	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Boyd Gaming	9482	$85.24	0.83%	$808,245.68
67	BPRN	Common Stock	Financials	Banks	Princeton Bancorp	21871	$34.69	0.78%	$758,704.99
68	MMS	Common Stock	Industrials	Professional Services	MAXIMUS	8730	$86.32	0.77%	$753,573.60
69	KTB	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Kontoor Brands	11878	$61.09	0.74%	$725,627.02
70	WSM	Common Stock	Consumer Discretionary	Specialty Retail	Williams-Sonoma	3755	$178.59	0.69%	$670,605.45
71	ETD	Common Stock	Consumer Discretionary	Household Durables	Ethan Allen Interiors	26963	$22.84	0.63%	$615,834.92
72	TRST	Common Stock	Financials	Banks	TrustCo Bank Corp NY	14554	$41.33	0.62%	$601,516.82
73	WSBC	Common Stock	Financials	Banks	WesBanco	16128	$33.24	0.55%	$536,094.72
74	REPX	Common Stock	Energy	Oil, Gas & Consumable Fuels	Riley Exploration Permian	19993	$26.40	0.54%	$527,815.20
75	SIGA	Common Stock	Health Care	Pharmaceuticals	SIGA Technologies	84764	$6.11	0.53%	$517,908.04
76		Repurchase Agreement			Fixed Income Clearing Corporation	516265	$100.00	0.53%	$516,265.19
77	WNEB	Common Stock	Financials	Banks	Western New England Bancorp	39359	$12.62	0.51%	$496,710.58
78	DCOM	Common Stock	Financials	Banks	Dime Community Bancshares	15563	$30.09	0.48%	$468,290.67
79	UFPI	Common Stock	Industrials	Building Products	UFP Industries	5096	$91.05	0.47%	$463,990.80
80	CZWI	Common Stock	Financials	Banks	Citizens Community Bancorp	17598	$17.82	0.32%	$313,596.36

Important Disclosure Information

Royce Small-Cap Value Fund

Holdings as of: 12/31/25

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