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: 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	51926871	$100.00	5.70%	$51,926,870.93
2	AGO	Common Stock	Financials	Insurance	Assured Guaranty	322034	$89.87	3.18%	$28,941,195.58
3	IGIC	Common Stock	Financials	Insurance	International General Insurance Holdings	1130355	$25.09	3.11%	$28,360,606.95
4	HCKT	Common Stock	Information Technology	IT Services	Hackett Group (The)	1381040	$19.63	2.97%	$27,109,815.20
5	ASO	Common Stock	Consumer Discretionary	Specialty Retail	Academy Sports & Outdoors	525592	$49.96	2.88%	$26,258,576.32
6	AAP	Common Stock	Consumer Discretionary	Specialty Retail	Advance Auto Parts	663385	$39.30	2.86%	$26,071,030.50
7	NGVT	Common Stock	Materials	Chemicals	Ingevity Corporation	430056	$59.18	2.79%	$25,450,714.08
8	MSM	Common Stock	Industrials	Trading Companies & Distributors	MSC Industrial Direct Cl. A	296193	$84.10	2.73%	$24,909,831.30
9	BBSI	Common Stock	Industrials	Professional Services	Barrett Business Services	677662	$36.21	2.69%	$24,538,141.02
10	KLIC	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Kulicke & Soffa Industries	515989	$45.56	2.58%	$23,508,458.84
11	HCSG	Common Stock	Industrials	Commercial Services & Supplies	Healthcare Services Group	1155625	$19.12	2.42%	$22,095,550.00
12	FTAI	Common Stock	Industrials	Trading Companies & Distributors	FTAI Aviation	101960	$196.85	2.20%	$20,070,826.00
13	UFPI	Common Stock	Industrials	Building Products	UFP Industries	215668	$91.05	2.15%	$19,636,571.40
14	JJSF	Common Stock	Consumer Staples	Food Products	J&J Snack Foods	215399	$90.37	2.14%	$19,465,607.63
15	SLGN	Common Stock	Materials	Containers & Packaging	Silgan Holdings	473460	$40.37	2.10%	$19,113,580.20
16	CBZ	Common Stock	Industrials	Professional Services	CBIZ	372913	$50.45	2.06%	$18,813,460.85
17	PACS	Common Stock	Health Care	Health Care Providers & Services	PACS Group	482779	$38.39	2.03%	$18,533,885.81
18	HOMB	Common Stock	Financials	Banks	Home BancShares	632857	$27.78	1.93%	$17,580,767.46
19	MRX	Common Stock	Financials	Capital Markets	Marex Group	449037	$38.36	1.89%	$17,225,059.32
20	KBR	Common Stock	Industrials	Professional Services	KBR	425040	$40.20	1.87%	$17,086,608.00
21	TKR	Common Stock	Industrials	Machinery	Timken Company (The)	200460	$84.13	1.85%	$16,864,699.80
22	KD	Common Stock	Information Technology	IT Services	Kyndryl Holdings	629148	$26.56	1.83%	$16,710,170.88
23	BRSL	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Brightstar Lottery	1049744	$15.48	1.78%	$16,250,037.12
24	NSP	Common Stock	Industrials	Professional Services	Insperity	419014	$38.72	1.78%	$16,224,222.08
25	NOMD	Common Stock	Consumer Staples	Food Products	Nomad Foods	1282608	$12.51	1.76%	$16,045,426.08
26	ESI	Common Stock	Materials	Chemicals	Element Solutions	641311	$24.99	1.76%	$16,026,361.89
27	ANDG	Common Stock	Industrials	Commercial Services & Supplies	Andersen Group Cl. A	602944	$25.93	1.72%	$15,634,337.92
28	GBCI	Common Stock	Financials	Banks	Glacier Bancorp	354771	$44.05	1.71%	$15,627,662.55
29	OBK	Common Stock	Financials	Banks	Origin Bancorp	412977	$37.61	1.70%	$15,532,064.97
30	MBIN	Common Stock	Financials	Financial Services	Merchants Bancorp	453836	$34.06	1.70%	$15,457,654.16
31	VNT	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Vontier Corporation	408265	$37.18	1.67%	$15,179,292.70
32	DFIN	Common Stock	Financials	Capital Markets	Donnelley Financial Solutions	323488	$46.69	1.66%	$15,103,654.72
33	TOWN	Common Stock	Financials	Banks	TowneBank	451662	$33.37	1.65%	$15,071,960.94
34	YETI	Common Stock	Consumer Discretionary	Leisure Products	YETI Holdings	335039	$44.17	1.62%	$14,798,672.63
35	AMSF	Common Stock	Financials	Insurance	AMERISAFE	379030	$38.41	1.60%	$14,558,542.30
36	FIHL	Common Stock	Financials	Insurance	Fidelis Insurance Holdings	730074	$19.57	1.57%	$14,287,548.18
37	GABC	Common Stock	Financials	Banks	German American Bancorp	359590	$39.18	1.55%	$14,088,736.20
38	PSI CN	Common Stock	Energy	Energy Equipment & Services	Pason Systems	1536628	$8.74	1.47%	$13,423,314.07
39	BKU	Common Stock	Financials	Banks	BankUnited	296905	$44.57	1.45%	$13,233,055.85
40	WD	Common Stock	Financials	Financial Services	Walker & Dunlop	216703	$60.15	1.43%	$13,034,685.45
41	HIFS	Common Stock	Financials	Banks	Hingham Institution for Savings	43766	$283.96	1.36%	$12,427,793.36
42	RNR	Common Stock	Financials	Insurance	RenaissanceRe Holdings	41196	$281.16	1.27%	$11,582,667.36
43	GPK	Common Stock	Materials	Containers & Packaging	Graphic Packaging Holding Company	701486	$15.06	1.16%	$10,564,379.16
44	KIMBERA MM	Common Stock	Consumer Staples	Household Products	Kimberly-Clark de Mexico	4844520	$2.13	1.13%	$10,333,361.83
45	FFIN	Common Stock	Financials	Banks	First Financial Bankshares	296319	$29.87	0.97%	$8,851,048.53
46	SBCF	Common Stock	Financials	Banks	Seacoast Banking Corporation of Florida	273074	$31.42	0.94%	$8,579,985.08
47	PLOW	Common Stock	Industrials	Machinery	Douglas Dynamics	239665	$32.65	0.86%	$7,825,062.25
48	IDT	Common Stock	Communication Services	Diversified Telecommunication Services	IDT Corporation Cl. B	142462	$51.21	0.80%	$7,295,479.02
49	OCFC	Common Stock	Financials	Banks	OceanFirst Financial	405105	$17.95	0.80%	$7,271,634.75
50	WHD	Common Stock	Energy	Energy Equipment & Services	Cactus Cl. A	156065	$45.68	0.78%	$7,129,049.20
51	IPAR	Common Stock	Consumer Staples	Personal Care Products	Interparfums	70102	$84.83	0.65%	$5,946,752.66
52	BBWI	Common Stock	Consumer Discretionary	Specialty Retail	Bath & Body Works	290900	$20.08	0.64%	$5,841,272.00
53	LOB	Common Stock	Financials	Banks	Live Oak Bancshares	162890	$34.35	0.61%	$5,595,271.50
54	FC	Common Stock	Industrials	Professional Services	Franklin Covey	285296	$16.78	0.53%	$4,787,266.88
55	KWR	Common Stock	Materials	Chemicals	Quaker Houghton	31495	$137.31	0.47%	$4,324,578.45
56	ESQ	Common Stock	Financials	Banks	Esquire Financial Holdings	35197	$102.07	0.39%	$3,592,557.79
57	TDS	Common Stock	Communication Services	Wireless Telecommunication Services	Telephone and Data Systems	85097	$41.00	0.38%	$3,488,977.00
58	CLB	Common Stock	Energy	Energy Equipment & Services	Core Laboratories	199827	$16.03	0.35%	$3,203,226.81
59	CRD/A	Common Stock	Financials	Insurance	Crawford & Company Cl. A	234373	$11.25	0.29%	$2,636,696.25
60	MD	Common Stock	Health Care	Health Care Providers & Services	Pediatrix Medical Group	106348	$21.39	0.25%	$2,274,783.72
61	TASE IT	Common Stock	Financials	Capital Markets	Tel Aviv Stock Exchange	64812	$29.75	0.21%	$1,927,983.49
62	MCB	Common Stock	Financials	Banks	Metropolitan Bank Holding Corp.	24647	$76.36	0.21%	$1,882,044.92
63	AXS	Common Stock	Financials	Insurance	Axis Capital Holdings	4772	$107.09	0.06%	$511,033.48
64	IBP	Common Stock	Consumer Discretionary	Household Durables	Installed Building Products	1754	$259.39	0.05%	$454,970.06
65	GCMG	Common Stock	Financials	Capital Markets	GCM Grosvenor Cl. A	40190	$11.32	0.05%	$454,950.80
66	ONEW	Common Stock	Consumer Discretionary	Specialty Retail	OneWater Marine Cl. A	33412	$10.82	0.04%	$361,517.84

Important Disclosure Information

Royce Small-Cap Total Return Fund

Holdings as of: 12/31/25

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