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 Special Equity 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	121446494	$100.00	30.41%	$121,446,494.20
2	SMP	Common Stock	Consumer Discretionary	Automobile Components	Standard Motor Products	1020000	$40.82	10.42%	$41,636,400.00
3	MLI	Common Stock	Industrials	Machinery	Mueller Industries	403000	$101.11	10.20%	$40,747,330.00
4	IMKTA	Common Stock	Consumer Staples	Consumer Staples Distribution & Retail	Ingles Markets Cl. A	350000	$69.56	6.10%	$24,346,000.00
5	TGNA	Common Stock	Communication Services	Media	TEGNA	1100000	$20.33	5.60%	$22,363,000.00
6	EBF	Common Stock	Industrials	Commercial Services & Supplies	Ennis	1215000	$18.28	5.56%	$22,210,200.00
7	MOV	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Movado Group	1151500	$18.97	5.47%	$21,843,955.00
8	VSH	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Vishay Intertechnology	1375000	$15.30	5.27%	$21,037,500.00
9	DHIL	Common Stock	Financials	Capital Markets	Diamond Hill Investment Group	137000	$140.01	4.80%	$19,181,370.00
10	M	Common Stock	Consumer Discretionary	Broadline Retail	Macy's	975000	$17.93	4.38%	$17,481,750.00
11	FHI	Common Stock	Financials	Capital Markets	Federated Hermes Cl. B	300000	$51.93	3.90%	$15,579,000.00
12	JBSS	Common Stock	Consumer Staples	Food Products	John B. Sanfilippo & Son	227000	$64.28	3.65%	$14,591,560.00
13	NVEC	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	NVE Corporation	222000	$65.27	3.63%	$14,489,940.00
14	SLVM	Common Stock	Materials	Paper & Forest Products	Sylvamo Corporation	321000	$44.22	3.55%	$14,194,620.00
15	GENC	Common Stock	Industrials	Machinery	Gencor Industries	896000	$14.63	3.28%	$13,108,480.00
16	UFPI	Common Stock	Industrials	Building Products	UFP Industries	124500	$93.49	2.91%	$11,639,505.00
17	HRB	Common Stock	Consumer Discretionary	Diversified Consumer Services	H&R Block	209500	$50.57	2.65%	$10,594,415.00
18	IIIN	Common Stock	Industrials	Building Products	Insteel Industries	199000	$38.34	1.91%	$7,629,660.00
19	ETD	Common Stock	Consumer Discretionary	Household Durables	Ethan Allen Interiors	250000	$29.46	1.84%	$7,365,000.00
20	CMC	Common Stock	Materials	Metals & Mining	Commercial Metals	127000	$57.28	1.82%	$7,274,560.00
21	MMI	Common Stock	Real Estate	Real Estate Management & Development	Marcus & Millichap	208000	$29.35	1.53%	$6,104,800.00
22	ODC	Common Stock	Consumer Staples	Household Products	Oil-Dri Corporation of America	93500	$61.04	1.43%	$5,707,240.00
23	MTUS	Common Stock	Materials	Metals & Mining	Metallus	260000	$16.53	1.08%	$4,297,800.00
24	GAMI!	Common Stock	Financials	Capital Markets	GAMCO Investors Cl. A	130000	$23.15	0.75%	$3,009,500.00
25	MLR	Common Stock	Industrials	Machinery	Miller Industries	47000	$40.42	0.48%	$1,899,740.00
26	KEQU	Common Stock	Health Care	Health Care Equipment & Supplies	Kewaunee Scientific	37000	$42.65	0.40%	$1,578,050.00
27	USLM	Common Stock	Materials	Construction Materials	United States Lime & Minerals	8500	$131.55	0.28%	$1,118,175.00
28	NATH	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Nathan's Famous	8000	$110.74	0.22%	$885,920.00
29	EEFT	Common Stock	Financials	Financial Services	Euronet Worldwide	6500	$87.81	0.14%	$570,765.00
30	ROCK	Common Stock	Industrials	Building Products	Gibraltar Industries	9000	$62.80	0.14%	$565,200.00
31	NWPX	Common Stock	Industrials	Construction & Engineering	NWPX Infrastructure	8500	$52.93	0.11%	$449,905.00
32	ATKR	Common Stock	Industrials	Electrical Equipment	Atkore	4300	$62.74	0.07%	$269,782.00
33	RES	Common Stock	Energy	Energy Equipment & Services	RPC	9000	$4.76	0.01%	$42,840.00

Important Disclosure Information

Royce Small-Cap Special Equity Fund

Holdings as of: 09/30/25

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