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: 12/31/25

Download Holdings

#	Ticker	Sector	Industry	Name	Price	% of Assets	Market Value
1	RYOTX	Health Care	Health Care Equipment & Supplies	Establishment Labs Holdings	$0.00	1.34%	$4,096,001.76
2	RYOTX	Financials	Capital Markets	Sprott	$0.00	1.30%	$3,965,762.07
3	RYOTX	Energy	Energy Equipment & Services	Natural Gas Services Group	$0.00	1.27%	$3,887,382.60
4	RYOTX	Industrials	Commercial Services & Supplies	CECO Environmental	$0.00	1.26%	$3,850,210.35
5	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	LightPath Technologies Cl. A	$0.00	1.26%	$3,831,786.00
6	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	Bel Fuse Cl. B	$0.00	1.24%	$3,792,757.17
7	RYOTX	Financials	Banks	Investar Holding	$0.00	1.24%	$3,783,552.00
8	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	nLIGHT	$0.00	1.19%	$3,623,916.12
9	RYOTX	Industrials	Construction & Engineering	NWPX Infrastructure	$0.00	1.18%	$3,607,735.17
10	RYOTX	Energy	Energy Equipment & Services	NPK International	$0.00	1.18%	$3,600,030.72
11	RYOTX	Consumer Discretionary	Specialty Retail	RealReal	$0.00	1.16%	$3,530,601.42
12	RYOTX	Industrials	Aerospace & Defense	Astronics Corporation	$0.00	1.14%	$3,477,597.60
13	RYOTX	Materials	Metals & Mining	Major Drilling Group International	$0.00	1.14%	$3,474,376.92
14	RYOTX	Information Technology	Communications Equipment	Digi International	$0.00	1.13%	$3,447,399.15
15	RYOTX	Communication Services	Entertainment	IMAX Corporation	$0.00	1.12%	$3,411,149.28
16	RYOTX	Industrials	Machinery	Graham Corporation	$0.00	1.12%	$3,401,235.42
17	RYOTX	Information Technology	Communications Equipment	Applied Optoelectronics	$0.00	1.11%	$3,380,513.64
18	RYOTX	Financials	Consumer Finance	EZCORP Cl. A	$0.00	1.10%	$3,346,318.46
19	RYOTX	Financials	Banks	Western New England Bancorp	$0.00	1.09%	$3,322,795.52
20	RYOTX	Information Technology	Semiconductors & Semiconductor Equipment	Ichor Holdings	$0.00	1.06%	$3,217,361.96
21	RYOTX	Information Technology	Semiconductors & Semiconductor Equipment	Cohu	$0.00	1.05%	$3,199,136.33
22	RYOTX	Financials	Banks	Customers Bancorp	$0.00	1.04%	$3,175,455.36
23	RYOTX	Consumer Discretionary	Diversified Consumer Services	Lincoln Educational Services	$0.00	1.04%	$3,173,962.05
24	RYOTX	Health Care	Pharmaceuticals	Harrow	$0.00	1.03%	$3,136,196.00
25	RYOTX	Consumer Discretionary	Hotels, Restaurants & Leisure	Lindblad Expeditions Holdings	$0.00	1.02%	$3,124,626.54
26	RYOTX	Consumer Discretionary	Specialty Retail	Citi Trends	$0.00	1.02%	$3,121,197.56
27	RYOTX	Industrials	Aerospace & Defense	Park Aerospace	$0.00	1.01%	$3,093,958.56
28	RYOTX	Information Technology	Semiconductors & Semiconductor Equipment	Nova	$0.00	1.01%	$3,064,535.48
29	RYOTX	Materials	Metals & Mining	Altius Minerals	$0.00	1.00%	$3,054,661.22
30	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	Vishay Precision Group	$0.00	0.99%	$3,014,434.50
31	RYOTX	Industrials	Machinery	Luxfer Holdings	$0.00	0.99%	$3,005,608.32
32	RYOTX	Health Care	Health Care Equipment & Supplies	Artivion	$0.00	0.97%	$2,962,916.82
33	RYOTX	Financials	Insurance	International General Insurance Holdings	$0.00	0.97%	$2,958,060.82
34	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	Powerfleet	$0.00	0.96%	$2,935,267.44
35	RYOTX	Information Technology	Semiconductors & Semiconductor Equipment	Ultra Clean Holdings	$0.00	0.95%	$2,884,504.41
36	RYOTX	Information Technology	Semiconductors & Semiconductor Equipment	Kopin Corporation	$0.00	0.93%	$2,846,958.66
37	RYOTX	Financials	Banks	Stellar Bancorp	$0.00	0.93%	$2,832,402.30
38	RYOTX	Industrials	Commercial Services & Supplies	Montrose Environmental Group	$0.00	0.92%	$2,810,383.55
39	RYOTX	Industrials	Construction & Engineering	Ameresco Cl. A	$0.00	0.92%	$2,808,442.36
40	RYOTX	Materials	Chemicals	5N Plus	$0.00	0.91%	$2,777,658.79
41	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	Richardson Electronics	$0.00	0.89%	$2,729,019.52
42	RYOTX	Industrials	Commercial Services & Supplies	Liquidity Services	$0.00	0.89%	$2,702,075.88
43	RYOTX	Industrials	Construction & Engineering	Limbach Holdings	$0.00	0.87%	$2,643,007.50
44	RYOTX	Industrials	Construction & Engineering	IES Holdings	$0.00	0.86%	$2,607,990.08
45	RYOTX	Consumer Discretionary	Diversified Consumer Services	Legacy Education	$0.00	0.85%	$2,578,661.02
46	RYOTX	Health Care	Life Sciences Tools & Services	BioLife Solutions	$0.00	0.83%	$2,539,915.56
47	RYOTX	Health Care	Life Sciences Tools & Services	Cytek Biosciences	$0.00	0.83%	$2,519,965.15
48	RYOTX	Information Technology	Communications Equipment	ADTRAN Holdings	$0.00	0.82%	$2,512,139.96
49	RYOTX	Industrials	Commercial Services & Supplies	Acme United	$0.00	0.82%	$2,499,139.38
50	RYOTX	Industrials	Commercial Services & Supplies	VSE Corporation	$0.00	0.80%	$2,432,774.37
51	RYOTX	Financials	Capital Markets	Canaccord Genuity Group	$0.00	0.80%	$2,430,226.53
52	RYOTX	Financials	Banks	Northeast Bank	$0.00	0.80%	$2,427,285.15
53	RYOTX	Consumer Staples	Food Products	Seneca Foods Cl. A	$0.00	0.78%	$2,376,996.18
54	RYOTX	Financials	Capital Markets	Oppenheimer Holdings Cl. A	$0.00	0.78%	$2,363,521.55
55	RYOTX	Health Care	Life Sciences Tools & Services	Mesa Laboratories	$0.00	0.77%	$2,353,351.50
56	RYOTX	Information Technology	Semiconductors & Semiconductor Equipment	Camtek	$0.00	0.77%	$2,332,783.92
57	RYOTX	Industrials	Trading Companies & Distributors	Transcat	$0.00	0.76%	$2,316,512.82
58	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	Climb Global Solutions	$0.00	0.76%	$2,304,140.64
59	RYOTX	Health Care	Health Care Equipment & Supplies	Profound Medical	$0.00	0.75%	$2,296,300.16
60	RYOTX	Financials	Banks	BayCom Corp.	$0.00	0.73%	$2,222,816.40
61	RYOTX	Financials	Banks	Coastal Financial	$0.00	0.72%	$2,202,190.62
62	RYOTX	Health Care	Health Care Technology	Simulations Plus	$0.00	0.72%	$2,199,650.03
63	RYOTX	Industrials	Trading Companies & Distributors	Distribution Solutions Group	$0.00	0.71%	$2,174,163.42
64	RYOTX	Industrials	Trading Companies & Distributors	EVI Industries	$0.00	0.69%	$2,109,726.08
65	RYOTX	Communication Services	Interactive Media & Services	QuinStreet	$0.00	0.69%	$2,108,064.63
66	RYOTX	Health Care	Pharmaceuticals	Esperion Therapeutics	$0.00	0.69%	$2,092,405.50
67	RYOTX	Information Technology	Communications Equipment	Clearfield	$0.00	0.69%	$2,092,066.35
68	RYOTX	Industrials	Ground Transportation	Covenant Logistics Group Cl. A	$0.00	0.68%	$2,075,661.08
69	RYOTX	Industrials	Electrical Equipment	Hammond Power Solutions Cl. A	$0.00	0.68%	$2,058,698.50
70	RYOTX	Health Care	Health Care Equipment & Supplies	Apyx Medical	$0.00	0.67%	$2,053,730.00
71	RYOTX	Health Care	Biotechnology	CareDx	$0.00	0.67%	$2,041,427.04
72	RYOTX	Financials	Banks	Chain Bridge Bancorp Cl. A	$0.00	0.66%	$2,024,638.72
73	RYOTX	Energy	Energy Equipment & Services	Pason Systems	$0.00	0.65%	$1,992,355.25
74	RYOTX	Financials	Banks	Hingham Institution for Savings	$0.00	0.65%	$1,984,028.52
75	RYOTX	Consumer Discretionary	Household Durables	Legacy Housing	$0.00	0.65%	$1,975,404.48
76	RYOTX	Health Care	Health Care Providers & Services	AMN Healthcare Services	$0.00	0.64%	$1,943,475.92
77	RYOTX	Materials	Metals & Mining	Ferroglobe	$0.00	0.63%	$1,915,178.56
78	RYOTX	Financials	Banks	HomeTrust Bancshares	$0.00	0.62%	$1,901,554.96
79	RYOTX	Energy	Energy Equipment & Services	Select Water Solutions Cl. A	$0.00	0.62%	$1,890,380.88
80	RYOTX	Financials	Banks	HBT Financial	$0.00	0.61%	$1,848,895.40
81	RYOTX	Consumer Discretionary	Leisure Products	American Outdoor Brands	$0.00	0.60%	$1,825,377.66
82	RYOTX	Financials	Banks	Esquire Financial Holdings	$0.00	0.58%	$1,766,219.28
83	RYOTX	Energy	Energy Equipment & Services	Ranger Energy Services Cl. A	$0.00	0.57%	$1,748,226.96
84	RYOTX	Industrials	Electrical Equipment	LSI Industries	$0.00	0.57%	$1,738,476.40
85	RYOTX	Consumer Discretionary	Leisure Products	MasterCraft Boat Holdings	$0.00	0.57%	$1,728,752.20
86	RYOTX	Industrials	Building Products	Quanex Building Products	$0.00	0.56%	$1,701,827.76
87	RYOTX	Health Care	Biotechnology	ORIC Pharmaceuticals	$0.00	0.54%	$1,661,521.60
88	RYOTX	Communication Services	Media	Magnite	$0.00	0.54%	$1,659,679.80
89	RYOTX	Industrials	Trading Companies & Distributors	Titan Machinery	$0.00	0.54%	$1,657,377.92
90	RYOTX	Information Technology	Semiconductors & Semiconductor Equipment	inTEST Corporation	$0.00	0.54%	$1,647,844.65
91	RYOTX	Industrials	Construction & Engineering	Concrete Pumping Holdings	$0.00	0.53%	$1,608,943.93
92	RYOTX	Financials	Capital Markets	Silvercrest Asset Management Group Cl. A	$0.00	0.53%	$1,606,995.67
93	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	Arlo Technologies	$0.00	0.53%	$1,605,016.74
94	RYOTX	Industrials	Air Freight & Logistics	Forward Air	$0.00	0.53%	$1,601,675.00
95	RYOTX	Health Care	Life Sciences Tools & Services	Maravai LifeSciences Holdings Cl. A	$0.00	0.52%	$1,591,879.25
96	RYOTX	Materials	Chemicals	Core Molding Technologies	$0.00	0.52%	$1,572,000.20
97	RYOTX	Industrials	Machinery	Lindsay Corporation	$0.00	0.51%	$1,548,222.45
98	RYOTX	Industrials	Marine Transportation	Clarkson	$0.00	0.48%	$1,467,839.28
99	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	PAR Technology	$0.00	0.48%	$1,456,714.56
100	RYOTX	Energy	Oil, Gas & Consumable Fuels	SandRidge Energy	$0.00	0.46%	$1,409,334.81
101	RYOTX	Consumer Discretionary	Specialty Retail	OneWater Marine Cl. A	$0.00	0.45%	$1,385,620.02
102	RYOTX	Industrials	Air Freight & Logistics	Radiant Logistics	$0.00	0.45%	$1,380,655.29
103	RYOTX	Industrials	Machinery	Perma-Pipe International Holdings	$0.00	0.44%	$1,353,509.52
104	RYOTX	Industrials	Machinery	Energy Recovery	$0.00	0.44%	$1,345,236.29
105	RYOTX	Industrials	Machinery	Aebi Schmidt Holding	$0.00	0.44%	$1,336,257.45
106	RYOTX	Consumer Discretionary	Household Durables	Hovnanian Enterprises Cl. A	$0.00	0.43%	$1,308,499.10
107	RYOTX	Information Technology	Communications Equipment	Ribbon Communications	$0.00	0.41%	$1,259,916.48
108	RYOTX	Industrials	Building Products	Janus International Group	$0.00	0.41%	$1,237,989.30
109	RYOTX	Information Technology	Technology Hardware, Storage & Peripherals	AstroNova	$0.00	0.40%	$1,219,174.25
110	RYOTX	Industrials	Electrical Equipment	American Superconductor	$0.00	0.40%	$1,207,608.80
111	RYOTX	Information Technology	Software	Similarweb	$0.00	0.40%	$1,204,729.05
112	RYOTX	Information Technology	Semiconductors & Semiconductor Equipment	Penguin Solutions	$0.00	0.39%	$1,203,272.52
113	RYOTX	Industrials	Aerospace & Defense	CPI Aerostructures	$0.00	0.39%	$1,200,382.92
114	RYOTX	Consumer Discretionary	Specialty Retail	Bed Bath & Beyond	$0.00	0.38%	$1,159,188.42
115	RYOTX	Industrials	Machinery	Titan International	$0.00	0.38%	$1,155,269.52
116	RYOTX	Real Estate	Real Estate Management & Development	Marcus & Millichap	$0.00	0.37%	$1,138,156.74
117	RYOTX	Industrials	Professional Services	Kforce	$0.00	0.37%	$1,130,002.32
118	RYOTX	Consumer Discretionary	Household Durables	LGI Homes	$0.00	0.36%	$1,106,606.64
119	RYOTX	Health Care	Health Care Equipment & Supplies	Inogen	$0.00	0.36%	$1,104,136.32
120	RYOTX	Health Care	Life Sciences Tools & Services	Standard BioTools	$0.00	0.33%	$1,006,787.84
121	RYOTX	Information Technology	Semiconductors & Semiconductor Equipment	Alpha and Omega Semiconductor	$0.00	0.32%	$982,952.39
122	RYOTX	Industrials	Professional Services	TrueBlue	$0.00	0.32%	$982,458.75
123	RYOTX	Consumer Discretionary	Automobile Components	Stoneridge	$0.00	0.32%	$969,929.22
124	RYOTX	Financials	Financial Services	Repay Holdings Cl. A	$0.00	0.32%	$965,100.15
125	RYOTX	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Lakeland Industries	$0.00	0.31%	$939,391.44
126	RYOTX	Health Care	Health Care Providers & Services	Cross Country Healthcare	$0.00	0.30%	$916,579.80
127	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	Kraken Robotics	$0.00	0.28%	$865,467.67
128	RYOTX	Industrials	Professional Services	Asure Software	$0.00	0.28%	$855,675.12
129	RYOTX	Consumer Discretionary	Hotels, Restaurants & Leisure	Target Hospitality	$0.00	0.27%	$823,916.61
130	RYOTX	Consumer Discretionary	Specialty Retail	Shoe Carnival	$0.00	0.27%	$816,384.32
131	RYOTX	Consumer Discretionary	Specialty Retail	J.Jill	$0.00	0.26%	$784,550.76
132	RYOTX	Health Care	Biotechnology	Absci Corporation	$0.00	0.25%	$766,581.99
133	RYOTX	Industrials	Trading Companies & Distributors	Alta Equipment Group	$0.00	0.25%	$753,443.20
134	RYOTX	Health Care	Health Care Equipment & Supplies	AngioDynamics	$0.00	0.23%	$697,610.04
135	RYOTX	Industrials	Professional Services	Resources Connection	$0.00	0.22%	$657,795.60
136	RYOTX	Information Technology	Semiconductors & Semiconductor Equipment	Aehr Test Systems	$0.00	0.21%	$644,989.74
137	RYOTX	Industrials	Construction & Engineering	Bowman Consulting Group	$0.00	0.21%	$629,064.02
138	RYOTX	Consumer Discretionary	Hotels, Restaurants & Leisure	Century Casinos	$0.00	0.20%	$613,594.17
139	RYOTX	Information Technology	Communications Equipment	NETGEAR	$0.00	0.19%	$592,473.09
140	RYOTX	Consumer Discretionary	Hotels, Restaurants & Leisure	First Watch Restaurant Group	$0.00	0.19%	$591,407.44
141	RYOTX	Information Technology	Semiconductors & Semiconductor Equipment	NVE Corporation	$0.00	0.18%	$561,380.46
142	RYOTX	Industrials	Professional Services	Mistras Group	$0.00	0.18%	$546,416.75
143	RYOTX	Financials	Capital Markets	Perella Weinberg Partners Cl. A	$0.00	0.16%	$482,410.50
144	RYOTX	Health Care	Health Care Equipment & Supplies	Delcath Systems	$0.00	0.15%	$460,236.80
145	RYOTX	Communication Services	Interactive Media & Services	DHI Group	$0.00	0.13%	$381,499.95
146	RYOTX	Health Care	Life Sciences Tools & Services	Alpha Teknova	$0.00	0.11%	$329,908.40
147	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	SmartRent Cl. A	$0.00	0.11%	$325,567.44
148	RYOTX	Health Care	Health Care Technology	SOPHiA GENETICS	$0.00	0.07%	$227,835.29
149	RYOTX	Financials	Banks	West Coast Community Bancorp	$0.00	0.07%	$206,456.25
150	RYOTX	Information Technology	Electronic Equipment, Instruments & Components	Luna Innovations	$0.00	0.05%	$139,734.10
151	RYOTX	Industrials	Machinery	Westport Fuel Systems	$0.00	0.03%	$105,628.03
152	RYOTX	Materials	Metals & Mining	Alphamin Resources	$0.00	0.03%	$86,776.20
153	RYOTX	Financials	Financial Services	Cass Information Systems	$0.00	0.02%	$65,850.72
154	RYOTX	Financials	Banks	Midway Investments	$0.00	0.00%	$0.00

Important Disclosure Information

Royce Micro-Cap Fund

Holdings as of: 12/31/25

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