SCHEDULES OF INVESTMENTS

ROYCE DIVIDEND VALUE FUND

MARCH 31, 2025 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.8%

Consumer Discretionary – 12.2%
Household Durables - 2.9%
Installed Building Products		6,970	$	1,195,076
Worthington Enterprises		12,536		627,929
				1,823,005
Specialty Retail - 9.3%
Academy Sports & Outdoors		52,086		2,375,642
Advance Auto Parts		59,214		2,321,781
Bath & Body Works		40,390		1,224,625
				5,922,048
Total				7,745,053

Consumer Staples – 1.2%
Household Products - 1.2%
Kimberly-Clark de Mexico		447,643		733,439
Total				733,439

Energy – 3.5%
Energy Equipment & Services - 3.5%
Cactus Cl. A		14,866		681,309
Pason Systems		167,102		1,526,973
Total				2,208,282

Financials – 31.5%
Banks - 12.8%
BOK Financial		15,414		1,605,368
German American Bancorp		36,905		1,383,938
Glacier Bancorp		17,576		777,211
Home BancShares		50,512		1,427,974
Seacoast Banking Corporation of Florida		39,999		1,029,174
TowneBank		37,318		1,275,902
Western Alliance Bancorp		7,918		608,340
				8,107,907
Capital Markets - 7.6%
GCM Grosvenor Cl. A		110,107		1,456,715
Marex Group		43,449		1,534,619
SEI Investments		23,389		1,815,688
				4,807,022
Financial Services - 1.6%
Merchants Bancorp		27,659		1,023,383
Insurance - 9.5%
Assured Guaranty		25,814		2,274,214
Axis Capital Holdings		18,104		1,814,745
RenaissanceRe Holdings		8,146		1,955,040
				6,043,999
Total				19,982,311

Health Care – 3.6%
Health Care Providers & Services - 1.5%
Ensign Group (The)		7,439		962,607
Life Sciences Tools & Services - 2.1%
Avantor ¹		41,372		670,640
Charles River Laboratories International ¹		4,137		622,701
				1,293,341
Total				2,255,948

Industrials – 20.9%
Building Products - 3.3%
Simpson Manufacturing		2,085		327,512
UFP Industries		16,076		1,720,775
				2,048,287
Machinery - 4.3%
Lincoln Electric Holdings		2,255		426,556
Spirax Group ²		7,410		596,774
Timken Company (The)		23,898		1,717,549
				2,740,879
Professional Services - 1.8%
KBR		19,005		946,639
Korn Ferry		2,788		189,110
				1,135,749
Trading Companies & Distributors - 11.5%
AerCap Holdings		15,575		1,591,298
Applied Industrial Technologies		5,584		1,258,298
FTAI Aviation		20,671		2,295,101
MSC Industrial Direct Cl. A		27,801		2,159,304
				7,304,001
Total				13,228,916

Information Technology – 12.2%
Electronic Equipment, Instruments & Components - 3.9%
Coherent Corp. ¹		9,658		627,191
Vontier Corporation		56,246		1,847,681
				2,474,872
IT Services - 2.8%
Kyndryl Holdings ¹		56,223		1,765,402
Semiconductors & Semiconductor Equipment - 2.6%
Kulicke & Soffa Industries		50,067		1,651,210
Software - 2.9%
Sapiens International		68,606		1,858,536
Total				7,750,020

Materials – 10.7%
Chemicals - 4.6%
Element Solutions		69,360		1,568,229
Quaker Houghton		10,916		1,349,327
				2,917,556
Containers & Packaging - 6.1%
AptarGroup		12,238		1,815,874
Ball Corporation		12,550		653,479
Silgan Holdings		27,689		1,415,462
				3,884,815
Total				6,802,371

TOTAL COMMON STOCKS
(Cost $55,051,750)				60,706,340

INVESTMENTS AT VALUE
(Cost $55,051,750)				60,706,340

REPURCHASE AGREEMENT – 2.9%
Fixed Income Clearing Corporation, 3.75% dated 3/31/25, due 4/1/25, maturity value $1,829,861 (collateralized by obligations of U.S. Government Agencies, 1.125% due 2/15/31, valued at $1,866,274)
(Cost $1,829,670)				1,829,670

TOTAL INVESTMENTS – 98.7%
(Cost $56,881,420)				62,536,010

CASH AND OTHER ASSETS
LESS LIABILITIES – 1.3%				818,657

NET ASSETS – 100.0%			$	63,354,667

SCHEDULES OF INVESTMENTS

ROYCE INTERNATIONAL PREMIER FUND

MARCH 31, 2025 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 88.9%

Australia – 5.0%
Hansen Technologies ²		894,248	$	2,809,008
IPH ²		821,903		2,343,416
Johns Lyng Group ²		1,512,980		2,041,834
Total				7,194,258

Belgium – 1.5%
Azelis Group ²		125,124		2,202,745
Total				2,202,745

Brazil – 1.9%
Odontoprev		1,477,464		2,703,033
Total				2,703,033

Finland – 2.0%
Enento Group ²		171,817		2,868,838
Total				2,868,838

France – 7.4%
Antin Infrastructure Partners ²		238,877		2,722,372
Gaztransport Et Technigaz ²		18,263		2,767,474
Lectra ²		88,026		2,527,519
Robertet ²		2,849		2,516,651
Total				10,534,016

Germany – 4.1%
CTS Eventim AG & Co. ²		32,628		3,259,749
Schott Pharma AG & Co ²		98,841		2,528,994
Total				5,788,743

India – 1.1%
AIA Engineering ²		20,064		782,692
Triveni Turbine ²		117,137		763,814
Total				1,546,506

Italy – 5.0%
Carel Industries ²		136,539		2,493,980
DiaSorin ²		23,101		2,288,047
GVS ^1,2		504,264		2,357,982
Total				7,140,009

Japan – 21.8%
As One ²		169,400		2,625,126
BML ²		170,700		3,450,500
Dexerials ²		189,900		2,347,053
Hirose Electric ²		26,100		3,029,364
JCU ²		130,600		2,833,722
Maruwa ²		12,200		2,507,603
OBIC Business Consultants ²		56,500		2,748,320
Riken Keiki ²		151,900		2,633,641
TKC Corporation ²		120,500		3,101,719
USS ²		326,700		3,040,085
Zuken ²		85,900		2,724,836
Total				31,041,969

Jersey – 2.1%
JTC ²		259,721		3,063,136
Total				3,063,136

Lithuania – 0.6%
Baltic Classifieds Group ²		207,284		805,365
Total				805,365

Netherlands – 1.6%
IMCD ²		17,273		2,299,103
Total				2,299,103

Poland – 1.4%
Asseco Poland ²		48,221		1,975,560
Total				1,975,560

Singapore – 1.3%
XP Power ^1,2		190,933		1,904,047
Total				1,904,047

South Korea – 3.3%
NICE Information Service ²		594,443		4,718,769
Total				4,718,769

Sweden – 3.8%
Karnov Group ^1,2		318,068		2,770,149
Vitec Software Group Cl. B ²		47,589		2,596,972
Total				5,367,121

Switzerland – 5.3%
Kardex Holding ²		9,193		2,441,358
Partners Group Holding ²		1,331		1,888,714
Tecan Group ²		6,176		1,173,743
VZ Holding ²		10,437		1,993,608
Total				7,497,423

United Kingdom – 19.7%
Ashtead Technology Holdings ²		569,944		3,918,312
Auction Technology Group ^1,2		346,798		2,608,857
CVS Group ²		271,264		3,533,937
Diploma ²		54,065		2,700,617
DiscoverIE Group ²		524,116		3,681,499
Halma ²		88,539		2,961,175
Intertek Group ²		49,032		3,174,809
Marlowe ²		659,308		2,767,847
Rightmove ²		305,909		2,710,201
Total				28,057,254

TOTAL COMMON STOCKS
(Cost $123,065,894)				126,707,895

PREFERRED STOCK– 1.6%
Germany – 1.6%
FUCHS²		46,862		2,246,539
(Cost $1,547,171)				2,246,539

INVESTMENTS AT VALUE
(Cost $124,613,065)				128,954,434

REPURCHASE AGREEMENT – 2.5%
Fixed Income Clearing Corporation, 3.75% dated 3/31/25, due 4/1/25, maturity value $3,619,813 (collateralized by obligations of U.S. Government Agencies, 1.125% due 2/15/31, valued at $3,691,946)
(Cost $3,619,436)				3,619,436

TOTAL INVESTMENTS – 93.0%
(Cost $128,232,501)				132,573,870

CASH AND OTHER ASSETS
LESS LIABILITIES – 7.0%				9,949,486

NET ASSETS – 100.0%			$	142,523,356

SCHEDULES OF INVESTMENTS

ROYCE MICRO-CAP FUND

MARCH 31, 2025 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.7%

Communication Services – 4.2%
Entertainment - 1.3%
IMAX Corporation ¹		126,183	$	3,324,922
Interactive Media & Services - 1.8%
DHI Group ¹		329,005		457,317
QuinStreet ¹		145,105		2,588,673
Vimeo ¹		285,306		1,500,710
				4,546,700
Media - 1.1%
Magnite ¹		175,591		2,003,493
Thryv Holdings ¹		66,073		846,395
				2,849,888
Total				10,721,510

Consumer Discretionary – 11.1%
Automobile Components - 0.8%
Modine Manufacturing ¹		15,939		1,223,318
Stoneridge ¹		177,482		814,643
				2,037,961
Diversified Consumer Services - 1.9%
Legacy Education ^1,3		268,676		1,926,407
Lincoln Educational Services ¹		183,475		2,911,748
				4,838,155
Hotels, Restaurants & Leisure - 1.4%
Century Casinos ¹		430,485		727,520
Denny’s Corporation ¹		67,685		248,404
Lindblad Expeditions Holdings ¹		267,119		2,476,193
				3,452,117
Household Durables - 1.7%
Hovnanian Enterprises Cl. A ¹		13,415		1,404,685
Legacy Housing ¹		111,224		2,805,069
				4,209,754
Leisure Products - 1.7%
American Outdoor Brands ¹		247,351		3,007,788
MasterCraft Boat Holdings ¹		80,469		1,385,676
				4,393,464
Specialty Retail - 2.9%
Beyond ¹		173,521		1,006,422
Citi Trends ¹		125,661		2,781,506
OneWater Marine Cl. A ¹		101,548		1,643,047
RealReal ¹		99,922		538,579
Shoe Carnival		61,573		1,353,990
				7,323,544
Textiles, Apparel & Luxury Goods - 0.7%
Lakeland Industries		54,611		1,109,149
Vera Bradley ¹		293,415		660,184
				1,769,333
Total				28,024,328

Consumer Staples – 1.1%
Food Products - 1.1%
Seneca Foods Cl. A ¹		32,688		2,910,540
Total				2,910,540


Energy – 3.6%
Energy Equipment & Services - 3.2%
Natural Gas Services Group ¹		134,046		2,944,991
NPK International ¹		499,400		2,901,514
Ranger Energy Services Cl. A		136,951		1,943,335
Select Water Solutions Cl. A		27,565		289,432
				8,079,272
Oil, Gas & Consumable Fuels - 0.4%
SandRidge Energy		97,667		1,115,357
Total				9,194,629


Financials – 17.0%
Banks - 9.1%
BayCom Corp.		111,510		2,806,707
Customers Bancorp ¹		44,928		2,255,386
First Foundation		122,422		635,370
HarborOne Bancorp		243,748		2,527,667
HBT Financial		129,728		2,907,204
HomeTrust Bancshares		77,237		2,647,684
Investar Holding		148,600		2,616,846
Midway Investments ^1,4		1,858,170		0
Northeast Bank		15,983		1,463,084
Stellar Bancorp		95,377		2,638,128
Western New England Bancorp		285,055		2,651,011
				23,149,087
Capital Markets - 4.8%
Canaccord Genuity Group		390,517		2,282,233
Oppenheimer Holdings Cl. A		24,155		1,440,363
Silvercrest Asset Management Group Cl. A		159,158		2,603,825
Sprott		68,380		3,063,451
StoneX Group ¹		35,001		2,673,376
				12,063,248
Consumer Finance - 0.9%
EZCORP Cl. A ¹		163,891		2,412,476
Financial Services - 1.6%
Cass Information Systems		50,983		2,205,015
NewtekOne		50,257		601,073
Repay Holdings Cl. A ¹		216,661		1,206,802
				4,012,890
Insurance - 0.6%
International General Insurance Holdings		57,061		1,501,275
Total				43,138,976

Health Care – 10.6%
Biotechnology - 2.7%
Absci Corporation ^1,3		210,839		529,206
ARS Pharmaceuticals ^1,3		88,054		1,107,719
CareDx ¹		120,744		2,143,206
Dynavax Technologies ¹		146,689		1,902,556
MeiraGTx Holdings ¹		177,675		1,204,637
				6,887,324

Health Care Equipment & Supplies - 2.9%
Apyx Medical ¹		591,628		810,530
Artivion ¹		91,693		2,253,814
Establishment Labs Holdings ¹		55,061		2,246,764
Inogen ¹		93,112		663,889
Profound Medical ¹		233,460		1,331,925
				7,306,922
Health Care Providers & Services - 0.6%
AMN Healthcare Services ¹		62,753		1,534,938
Health Care Technology - 0.7%
Simulations Plus		74,095		1,816,810
Life Sciences Tools & Services - 3.0%
BioLife Solutions ¹		130,008		2,969,383
Harvard Bioscience ¹		638,541		361,414
Maravai LifeSciences Holdings Cl. A ¹		369,703		817,044
MaxCyte ^1,3		153,457		418,937
Mesa Laboratories		21,561		2,558,428
Standard BioTools ^1,3		300,360		324,389
				7,449,595
Pharmaceuticals - 0.7%
Harrow ¹		65,740		1,748,684
Total				26,744,273

Industrials – 24.1%
Aerospace & Defense - 2.4%
Astronics Corporation ¹		115,396		2,789,122
CPI Aerostructures ¹		318,190		1,104,119
Park Aerospace		153,862		2,069,444
				5,962,685
Air Freight & Logistics - 0.3%
Radiant Logistics ¹		135,526		833,485
Building Products - 0.9%
Janus International Group ¹		38,739		278,921
Quanex Building Products		108,652		2,019,840
				2,298,761
Commercial Services & Supplies - 4.9%
Acme United		71,778		2,843,127
CECO Environmental ¹		125,970		2,872,116
Liquidity Services ¹		86,745		2,689,962
Montrose Environmental Group ¹		92,539		1,319,606
VSE Corporation		22,899		2,747,651
				12,472,462
Construction & Engineering - 2.9%
Ameresco Cl. A ¹		23,738		286,755
Concrete Pumping Holdings		259,783		1,418,415
IES Holdings ¹		10,327		1,705,091
Limbach Holdings ¹		16,757		1,247,894
Northwest Pipe ¹		64,263		2,654,062
				7,312,217
Electrical Equipment - 0.8%
American Superconductor ¹		106,450		1,931,003
Ground Transportation - 0.7%
Covenant Logistics Group Cl. A		85,572		1,899,698
Machinery - 4.1%
Commercial Vehicle Group ¹		222,294		255,638
Graham Corporation ¹		80,322		2,314,880
Luxfer Holdings		202,871		2,406,050
Porvair ²		170,247		1,503,162
Shyft Group (The)		187,523		1,517,061
Titan International ¹		113,557		952,743
Wabash National		130,000		1,436,500
				10,386,034
Marine Transportation - 0.9%
Clarkson ²		52,913		2,328,420
Professional Services - 3.2%
Asure Software ¹		82,692		789,709
Forrester Research ¹		110,655		1,022,452
Kforce		37,823		1,849,167
NV5 Global ¹		93,600		1,803,672
Resources Connection		217,997		1,425,700
TrueBlue ¹		185,410		984,527
TTEC Holdings ¹		54,503		179,315
				8,054,542
Trading Companies & Distributors - 3.0%
Alta Equipment Group		116,158		544,781
Distribution Solutions Group ¹		89,213		2,497,964
EVI Industries		47,248		792,821
Titan Machinery ¹		56,663		965,538
Transcat ¹		36,084		2,686,454
				7,487,558
Total				60,966,865

Information Technology – 21.3%
Communications Equipment - 3.7%
ADTRAN Holdings ¹		139,994		1,220,748
Applied Optoelectronics ¹		88,608		1,360,133
Clearfield ¹		72,448		2,153,154
Digi International ¹		96,232		2,678,137
Harmonic ¹		182,927		1,754,270
Ribbon Communications ¹		42,962		168,411
				9,334,853
Electronic Equipment, Instruments & Components - 9.2%
Arlo Technologies ¹		246,837		2,436,281
Bel Fuse Cl. B		39,078		2,925,379
Climb Global Solutions		17,086		1,892,445
FARO Technologies ¹		97,241		2,654,679
LightPath Technologies Cl. A ¹		808,510		1,625,105
Luna Innovations ^1,2,3		445,804		303,147
nLIGHT ¹		279,314		2,170,270
PAR Technology ¹		44,653		2,739,015
Powerfleet ¹		474,346		2,604,160
Richardson Electronics		174,315		1,945,355
Vishay Precision Group ¹		83,288		2,006,408
				23,302,244
Semiconductors & Semiconductor Equipment - 7.2%
Aehr Test Systems ^1,3		119,656		872,292
Amtech Systems ¹		167,883		810,875
Camtek		21,936		1,286,108
Cohu ¹		82,400		1,212,104
Ichor Holdings ¹		94,793		2,143,270
inTEST Corporation ¹		220,595		1,541,959
Kopin Corporation ¹		1,439,111		1,341,539
Nova ¹		12,163		2,242,006
NVE Corporation		34,143		2,176,275
Penguin Solutions ¹		42,504		738,294
Photronics ¹		115,056		2,388,562
Ultra Clean Holdings ¹		73,682		1,577,532
				18,330,816
Software - 0.6%
PROS Holdings ¹		74,082		1,409,781
Technology Hardware, Storage & Peripherals - 0.6%
AstroNova ¹		157,970		1,451,744
Total				53,829,438

Materials – 2.9%
Chemicals - 0.5%
Core Molding Technologies ¹		78,404		1,191,741
Metals & Mining - 2.4%
Alphamin Resources		100,088		34,080
Altius Minerals		106,161		1,826,585
Ferroglobe		412,754		1,531,317
Major Drilling Group International ¹		486,613		2,711,953
				6,103,935
Total				7,295,676

Real Estate – 0.8%
Real Estate Management & Development - 0.8%
FRP Holdings ¹		54,032		1,543,694
Marcus & Millichap		13,100		451,295
Total				1,994,989

TOTAL COMMON STOCKS
(Cost $216,606,141)				244,821,224

COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.7%
Money Market Funds Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.21%)
(Cost $1,709,777)		1,709,777		1,709,777

INVESTMENTS AT VALUE
(Cost $218,315,918)				246,531,001

REPURCHASE AGREEMENT – 3.4%
Fixed Income Clearing Corporation, 3.75% dated 3/31/25, due 4/1/25, maturity value $8,677,967 (collateralized by obligations of U.S. Government Agencies, 1.125% due 2/15/31, valued at $8,850,717)
(Cost $8,677,063)				8,677,063

TOTAL INVESTMENTS – 100.8%
(Cost $226,992,981)				255,208,064

LIABILITIES LESS CASH
AND OTHER ASSETS – (0.8)%				(2,110,044	)

NET ASSETS – 100.0%			$	253,098,020

SCHEDULES OF INVESTMENTS

ROYCE PREMIER FUND

MARCH 31, 2025 (UNAUDITED)

	SHARES		VALUE

COMMON STOCKS – 95.4%

Consumer Discretionary – 11.2%
Automobile Components - 4.1%
Dorman Products ¹		179,143	$	21,593,897
LCI Industries		231,000		20,196,330
				41,790,227
Distributors - 1.1%
Pool Corporation		36,921		11,753,800
Household Durables - 1.3%
Installed Building Products		80,276		13,764,123
Leisure Products - 1.2%
Brunswick Corporation		230,856		12,431,595
Specialty Retail - 1.7%
Valvoline ¹		498,465		17,351,567
Textiles, Apparel & Luxury Goods - 1.8%
Ralph Lauren Cl. A		82,878		18,294,490
Total				115,385,802

Consumer Staples – 1.8%
Personal Care Products - 1.8%
Interparfums		166,681		18,979,965
Total				18,979,965

Financials – 10.7%
Capital Markets - 10.0%
Lazard		391,377		16,946,624
Morningstar		73,365		21,999,962
SEI Investments		468,641		36,380,601
TMX Group		779,000		28,441,444
				103,768,631
Insurance - 0.7%
RLI Corp.		85,200		6,844,116
Total				110,612,747

Health Care – 7.2%
Health Care Equipment & Supplies - 5.1%
Enovis Corporation ¹		798,627		30,515,538
Haemonetics Corporation ¹		343,732		21,844,168
				52,359,706
Life Sciences Tools & Services - 2.1%
Bio-Techne		370,609		21,728,806
Total				74,088,512

Industrials – 34.7%
Aerospace & Defense - 1.2%
Woodward		65,000		11,861,850
Building Products - 3.1%
AAON		64,000		5,000,320
Simpson Manufacturing		96,291		15,125,390
UFP Industries		109,932		11,767,121
				31,892,831
Commercial Services & Supplies - 3.7%
Brady Corporation Cl. A		117,843		8,324,430
RB Global		302,334		30,324,100
				38,648,530
Construction & Engineering - 5.1%
Arcosa		387,066		29,850,530
Valmont Industries		78,775		22,480,022
				52,330,552
Ground Transportation - 1.8%
Landstar System		121,903		18,309,831
Machinery - 16.7%
Enpro		71,956		11,641,761
ESAB Corporation		222,750		25,950,375
ESCO Technologies		174,715		27,800,651
JBT Marel		269,870		32,978,114
Kadant		57,000		19,203,870
Lincoln Electric Holdings		85,626		16,197,014
Lindsay Corporation		121,131		15,325,494
RBC Bearings ¹		73,121		23,528,144
				172,625,423
Professional Services - 1.5%
Exponent		89,052		7,218,555
Korn Ferry		125,708		8,526,774
				15,745,329
Trading Companies & Distributors - 1.6%
Air Lease Cl. A		350,183		16,917,341
Total				358,331,687

Information Technology – 10.5%
Electronic Equipment, Instruments & Components - 3.4%
Cognex Corporation		461,124		13,755,329
Littelfuse		106,400		20,933,136
Rogers Corporation ¹		15,784		1,065,894
				35,754,359
Semiconductors & Semiconductor Equipment - 7.1%
Axcelis Technologies ¹		46,808		2,324,953
Cirrus Logic ¹		264,807		26,389,342
FormFactor ¹		560,590		15,859,091
MKS Instruments		355,074		28,459,181
				73,032,567
Total				108,786,926

Materials – 10.8%
Chemicals - 5.2%
Innospec		277,553		26,298,147
Quaker Houghton		220,501		27,256,128
				53,554,275
Metals & Mining - 2.7%
Reliance		95,717		27,638,284
Paper & Forest Products - 2.9%
Stella-Jones		645,881		30,627,789
Total				111,820,348

Real Estate – 8.5%
Real Estate Management & Development - 8.5%
Colliers International Group		218,043		26,448,616
FirstService Corporation		191,323		31,750,052
Kennedy-Wilson Holdings		1,963,995		17,047,477
Marcus & Millichap		372,385		12,828,663
Total				88,074,808

TOTAL COMMON STOCKS
(Cost $616,054,756)				986,080,795

INVESTMENTS AT VALUE
(Cost $616,054,756)				986,080,795

REPURCHASE AGREEMENT – 4.7%
Fixed Income Clearing Corporation, 3.75% dated 3/31/25, due 4/1/25, maturity value $48,583,622 (collateralized by obligations of U.S. Government Agencies, 3.875% due 8/15/34, valued at $49,550,281)
(Cost $48,578,561)				48,578,561

TOTAL INVESTMENTS – 100.1%
(Cost $664,633,317)				1,034,659,356

LIABILITIES LESS CASH
AND OTHER ASSETS – (0.1)%				(1,168,760	)

NET ASSETS – 100.0%			$	1,033,490,596

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP FUND

MARCH 31, 2025 (UNAUDITED)

	SHARES		VALUE

COMMON STOCKS – 96.6%

Communication Services – 1.8%
Diversified Telecommunication Services - 0.3%
IDT Corporation Cl. B		84,690	$	4,345,444
Entertainment - 0.8%
IMAX Corporation ¹		506,039		13,334,128
Interactive Media & Services - 0.4%
QuinStreet ¹		76,292		1,361,049
Ziff Davis ¹		134,393		5,050,489
				6,411,538
Media - 0.3%
TEGNA		242,672		4,421,484
Total				28,512,594

Consumer Discretionary – 8.8%
Automobile Components - 2.6%
Dorman Products ¹		126,812		15,285,918
Garrett Motion		371,260		3,107,446
LCI Industries		90,927		7,949,748
Lear Corporation		40,066		3,534,623
Modine Manufacturing ¹		70,990		5,448,482
Visteon Corporation ¹		89,253		6,927,818
				42,254,035
Distributors - 0.1%
LKQ Corporation		5,708		242,818
Pool Corporation		2,956		941,043
				1,183,861
Diversified Consumer Services - 0.1%
frontdoor ¹		56,458		2,169,116
Hotels, Restaurants & Leisure - 0.1%
Bloomin’ Brands		301,209		2,159,668
Household Durables - 2.0%
Champion Homes ¹		14,521		1,376,010
Ethan Allen Interiors		130,744		3,621,609
Installed Building Products		43,077		7,385,982
M/I Homes ¹		79,073		9,028,555
Meritage Homes		50,811		3,601,484
PulteGroup		29,285		3,010,498
Tri Pointe Homes ¹		120,489		3,846,009
				31,870,147
Leisure Products - 0.5%
Brunswick Corporation		53,965		2,906,015
YETI Holdings ¹		164,306		5,438,529
				8,344,544
Specialty Retail - 3.4%
Academy Sports & Outdoors		239,109		10,905,762
Advance Auto Parts		199,586		7,825,767
Asbury Automotive Group ¹		45,678		10,087,530
Caleres		222,419		3,832,279
J.Jill		182,880		3,571,646
Murphy USA		1,595		749,347
OneWater Marine Cl. A ¹		244,105		3,949,619
Shoe Carnival		118,115		2,597,349
Signet Jewelers		69,969		4,062,400
Valvoline ¹		169,263		5,892,045
Williams-Sonoma		5,030		795,243
				54,268,987
Total				142,250,358

Consumer Staples – 0.6%
Personal Care Products - 0.6%
Interparfums		88,298		10,054,493
Total				10,054,493

Energy – 2.2%
Energy Equipment & Services - 1.0%
Core Laboratories		136,390		2,044,486
Pason Systems		1,305,439		11,929,067
Weatherford International		36,107		1,933,530
				15,907,083
Oil, Gas & Consumable Fuels - 1.2%
Chord Energy		32,833		3,700,936
Civitas Resources		104,410		3,642,865
Crescent Energy Cl. A		183,370		2,061,079
Matador Resources		75,159		3,839,873
SM Energy		123,323		3,693,524
Teekay Tankers Cl. A		95,091		3,639,132
				20,577,409
Total				36,484,492

Financials – 21.6%
Banks - 5.8%
Banc of California		287,165		4,074,871
Bank of N.T. Butterfield & Son		188,155		7,322,993
BankUnited		151,423		5,215,008
BOK Financial		40,236		4,190,579
CNB Financial		101,893		2,267,119
Coastal Financial ¹		21,450		1,939,294
Esquire Financial Holdings		17,411		1,312,441
First Citizens BancShares Cl. A		6,938		12,863,885
First Financial Bankshares		51,401		1,846,324
German American Bancorp		53,464		2,004,900
Hingham Institution for Savings		17,442		4,147,708
Home BancShares		196,672		5,559,917
Metropolitan Bank Holding ¹		65,019		3,640,414
Northeast Bank		20,674		1,892,498
OceanFirst Financial		146,752		2,496,252
Origin Bancorp		235,753		8,173,557
Popular		187,297		17,300,624
Timberland Bancorp		111,102		3,349,725
TrustCo Bank Corp NY		121,838		3,713,622
Western Alliance Bancorp		2,807		215,662
				93,527,393
Capital Markets - 7.8%
Artisan Partners Asset Management Cl. A		353,282		13,813,326
Evercore Cl. A		13,021		2,600,554
GCM Grosvenor Cl. A		854,408		11,303,818
Houlihan Lokey Cl. A		16,200		2,616,300
Lazard		98,697		4,273,580
Marex Group		309,475		10,930,657
Morningstar		35,006		10,497,249
Onex Corporation		164,237		10,991,742
Perella Weinberg Partners Cl. A		172,021		3,165,186
SEI Investments		314,808		24,438,545
Silvercrest Asset Management Group Cl. A		18,280		299,061
Sprott		241,751		10,830,539
StoneX Group ¹		27,085		2,068,752
TMX Group		444,202		16,217,903
Victory Capital Holdings		42,266		2,445,934
				126,493,146
Consumer Finance - 0.3%
FirstCash Holdings		35,660		4,290,611
Financial Services - 1.3%
Compass Diversified Holdings		137,858		2,573,809
Enact Holdings		111,669		3,880,498
International Money Express ¹		265,440		3,349,853
Merchants Bancorp		149,847		5,544,339
Mr. Cooper Group ¹		25,106		3,002,677
Walker & Dunlop		36,966		3,155,418
WEX ¹		3,635		570,767
				22,077,361
Insurance - 6.4%
AMERISAFE		49,774		2,615,624
Assured Guaranty		294,780		25,970,118
Axis Capital Holdings		38,247		3,833,879
Berkley (W.R.)		150,156		10,685,101
E-L Financial		23,327		20,635,330
International General Insurance Holdings		578,208		15,212,653
RenaissanceRe Holdings		27,482		6,595,680
RLI Corp.		82,810		6,652,127
Skyward Specialty Insurance Group ¹		82,539		4,367,964
Tiptree		192,049		4,626,460
White Mountains Insurance Group		1,783		3,433,719
				104,628,655
Total				351,017,166

Health Care – 8.5%
Biotechnology - 1.9%
ADMA Biologics ¹		332,670		6,600,173
Arcutis Biotherapeutics ¹		127,761		1,998,182
Blueprint Medicines ¹		8,618		762,779
BridgeBio Pharma ¹		91,778		3,172,765
CareDx ¹		33,770		599,417
Catalyst Pharmaceuticals ¹		411,469		9,978,123
Halozyme Therapeutics ¹		78,044		4,979,988
Insmed ¹		41,448		3,162,068
Soleno Therapeutics ¹		1,926		137,613
				31,391,108
Health Care Equipment & Supplies - 3.6%
Alphatec Holdings ¹		213,292		2,162,781
Enovis Corporation ¹		430,624		16,454,143
Envista Holdings ¹		178,369		3,078,649
Establishment Labs Holdings ¹		3,377		137,798
Haemonetics Corporation ¹		327,208		20,794,068
Lantheus Holdings ¹		38,173		3,725,685
QuidelOrtho Corporation ¹		31,817		1,112,640
Surmodics ¹		41,784		1,275,666
TransMedics Group ^1,3		139,460		9,382,869
				58,124,299
Health Care Providers & Services - 0.4%
Molina Healthcare ¹		13,654		4,497,491
PACS Group ¹		149,878		1,684,629
				6,182,120
Health Care Technology - 0.1%
Certara ¹		217,554		2,153,785
Life Sciences Tools & Services - 1.9%
Azenta ¹		122,710		4,250,674
BioLife Solutions ¹		153,979		3,516,880
Bio-Techne		130,021		7,623,131
Maravai LifeSciences Holdings Cl. A ^1,3		30,023		66,351
Mesa Laboratories		95,515		11,333,810
Stevanato Group		194,249		3,966,565
				30,757,411
Pharmaceuticals - 0.6%
Amphastar Pharmaceuticals ¹		123,632		3,584,092
Collegium Pharmaceutical ¹		119,707		3,573,254
SIGA Technologies		397,090		2,176,053
				9,333,399
Total				137,942,122

Industrials – 27.2%
Aerospace & Defense - 0.6%
Karman Holdings ¹		65,390		2,185,334
Kratos Defense & Security Solutions ¹		166,089		4,931,182
Leonardo DRS		94,977		3,122,844
				10,239,360
Air Freight & Logistics - 0.4%
Hub Group Cl. A		187,870		6,983,128
Building Products - 2.4%
AAON		35,191		2,749,473
Builders FirstSource ¹		92,073		11,503,600
Carlisle Companies		3,677		1,252,018
Insteel Industries		19,396		510,115
Janus International Group ¹		350,409		2,522,945
MasterBrand ¹		260,915		3,407,550
Simpson Manufacturing		45,863		7,204,160
UFP Industries		82,021		8,779,528
				37,929,389
Commercial Services & Supplies - 1.6%
Brady Corporation Cl. A		89,447		6,318,536
Healthcare Services Group ¹		639,751		6,448,690
Liquidity Services ¹		100,892		3,128,661
RB Global		31,230		3,132,369
UniFirst Corporation		8,227		1,431,498
Vestis Corporation		519,108		5,139,169
				25,598,923
Construction & Engineering - 3.7%
Arcosa		388,223		29,939,758
Construction Partners Cl. A ¹		131,429		9,445,802
IES Holdings ¹		19,754		3,261,583
Limbach Holdings ¹		30,169		2,246,685
Northwest Pipe ¹		35,856		1,480,853
Sterling Infrastructure ¹		30,022		3,398,791
Valmont Industries		37,368		10,663,706
				60,437,178
Electrical Equipment - 1.4%
American Superconductor ¹		92,177		1,672,091
Atkore		53,035		3,181,569
Nextracker Cl. A ¹		99,041		4,173,588
Preformed Line Products		100,721		14,110,005
				23,137,253
Ground Transportation - 0.8%
ArcBest Corporation		49,026		3,460,255
Landstar System		52,993		7,959,549
Ryder System		4,761		684,679
Schneider National Cl. B		21,736		496,668
				12,601,151
Machinery - 7.9%
Allison Transmission Holdings		44,084		4,217,516
Atmus Filtration Technologies		263,425		9,675,600
Enpro		79,584		12,875,895
ESAB Corporation		139,835		16,290,778
ESCO Technologies		53,809		8,562,088
Graham Corporation ¹		90,718		2,614,493
Helios Technologies		54,852		1,760,201
JBT Marel		123,966		15,148,645
Kadant		36,039		12,141,900
Lincoln Electric Holdings		54,999		10,403,611
Lindsay Corporation		62,639		7,925,086
Miller Industries		216,184		9,159,716
Mueller Industries		4,508		343,239
RBC Bearings ¹		36,969		11,895,515
REV Group		30,219		954,920
Timken Company (The)		64,334		4,623,685
				128,592,888
Marine Transportation - 1.1%
Genco Shipping & Trading		264,868		3,538,636
Kirby Corporation ¹		107,460		10,854,535
Pangaea Logistics Solutions		547,509		2,606,143
				16,999,314
Professional Services - 2.7%
Barrett Business Services		28,445		1,170,512
CBIZ ¹		91,807		6,964,479
Dun & Bradstreet Holdings		219,000		1,957,860
Exponent		31,015		2,514,076
Forrester Research ¹		435,631		4,025,230
Franklin Covey ¹		175,233		4,839,936
IBEX ¹		193,178		4,703,884
KBR		236,015		11,755,907
Korn Ferry		91,196		6,185,825
				44,117,709
Trading Companies & Distributors - 4.6%
Air Lease Cl. A		546,920		26,421,705
Applied Industrial Technologies		43,882		9,888,370
Distribution Solutions Group ¹		106,672		2,986,816
EVI Industries		338,570		5,681,204
FTAI Aviation		17,906		1,988,103
MSC Industrial Direct Cl. A		60,327		4,685,598
Richelieu Hardware		288,462		6,733,219
Rush Enterprises Cl. A		26,174		1,397,953
Transcat ¹		163,317		12,158,951
WESCO International		12,926		2,007,408
				73,949,327
Total				440,585,620

Information Technology – 17.1%
Communications Equipment - 0.6%
Ciena Corporation ¹		54,701		3,305,581
Digi International ¹		258,206		7,185,873
				10,491,454
Electronic Equipment, Instruments & Components - 7.3%
Bel Fuse Cl. B		40,224		3,011,169
Cognex Corporation		301,183		8,984,289
Coherent Corp. ¹		69,138		4,489,822
Crane NXT		132,572		6,814,201
ePlus ¹		26,288		1,604,357
Fabrinet ¹		27,237		5,379,580
FARO Technologies ¹		31,322		855,091
Flex ¹		86,874		2,873,792
Jabil		27,166		3,696,478
Knowles Corporation ¹		173,970		2,644,344
Littelfuse		41,660		8,196,188
Luna Innovations ^1,^2,³		655,884		446,001
Mirion Technologies Cl. A ¹		175,458		2,544,141
nLIGHT ¹		314,237		2,441,621
PAR Technology ¹		343,758		21,086,116
Powerfleet ¹		751,408		4,125,230
Rogers Corporation ¹		99,185		6,697,963
Sanmina Corporation ¹		121,253		9,237,053
TD SYNNEX		29,839		3,102,062
Teledyne Technologies ¹		8,040		4,001,588
Vishay Precision Group ¹		14,508		349,498
Vontier Corporation		480,983		15,800,291
				118,380,875
IT Services - 0.7%
Hackett Group (The)		124,565		3,639,789
Kyndryl Holdings ¹		255,631		8,026,814
				11,666,603
Semiconductors & Semiconductor Equipment - 6.3%
Allegro MicroSystems ¹		37,322		937,902
Axcelis Technologies ¹		68,555		3,405,127
Camtek		91,823		5,383,583
Cirrus Logic ¹		182,150		18,152,158
Cohu ¹		266,122		3,914,655
FormFactor ¹		320,894		9,078,091
Ichor Holdings ¹		32,298		730,258
Impinj ¹		49,151		4,457,996
Kulicke & Soffa Industries		166,127		5,478,868
MKS Instruments		99,610		7,983,742
Nova ¹		69,234		12,761,903
NVE Corporation		25,148		1,602,934
Onto Innovation ¹		112,951		13,705,474
Photronics ¹		130,787		2,715,138
Rambus ¹		86,278		4,467,043
SiTime Corporation ¹		29,677		4,536,723
Synaptics ¹		5,707		363,650
Ultra Clean Holdings ¹		83,762		1,793,344
				101,468,589
Software - 2.0%
Agilysys ¹		94,589		6,861,486
Alkami Technology ¹		95,021		2,494,301
Computer Modelling Group		2,339,433		13,102,971
Intapp ¹		33,693		1,966,997
JFrog ¹		84,926		2,717,632
Sapiens International		174,488		4,726,880
				31,870,267
Technology Hardware, Storage & Peripherals - 0.2%
Diebold Nixdorf ^1,3		93,083		4,069,589
Total				277,947,377

Materials – 7.0%
Chemicals - 4.6%
Aspen Aerogels ¹		115,730		739,515
Element Solutions		1,043,072		23,583,858
Hawkins		13,226		1,400,898
Ingevity Corporation ¹		254,165		10,062,392
Innospec		142,076		13,461,701
Minerals Technologies		154,907		9,847,438
NewMarket Corporation		6,834		3,871,119
Quaker Houghton		87,058		10,761,240
				73,728,161
Containers & Packaging - 0.2%
Silgan Holdings		77,480		3,960,778
Metals & Mining - 1.5%
Alamos Gold Cl. A		623,193		16,651,104
Commercial Metals		31,606		1,454,192
Major Drilling Group International ¹		281,491		1,568,783
Metallus ¹		59,261		791,727
Reliance		14,973		4,323,454
				24,789,260
Paper & Forest Products - 0.7%
Stella-Jones		239,845		11,373,491
Total				113,851,690

Real Estate – 1.8%
Real Estate Management & Development - 1.8%
Colliers International Group		31,615		3,834,900
FirstService Corporation		24,813		4,117,717
FRP Holdings ¹		170,323		4,866,128
Kennedy-Wilson Holdings		1,009,406		8,761,644
Marcus & Millichap		174,451		6,009,837
RMR Group (The) Cl. A		93,929		1,563,918
Total				29,154,144

TOTAL COMMON STOCKS
(Cost $1,170,314,151)				1,567,800,056

COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.0%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.21%)
(Cost $10,700)		10,700		10,700

INVESTMENTS AT VALUE
(Cost $1,170,324,851)				1,567,810,756

REPURCHASE AGREEMENT – 3.3%
Fixed Income Clearing Corporation, 3.75% dated 3/31/25, due 4/1/25, maturity value $53,038,759 (collateralized by obligations of U.S. Government Agencies, 1.125% due 2/15/31, valued at $54,093,916)
(Cost $53,033,235)				53,033,235

TOTAL INVESTMENTS – 99.9%
(Cost $1,223,358,086)				1,620,843,991

CASH AND OTHER ASSETS
LESS LIABILITIES – 0.1%				1,621,229

NET ASSETS – 100.0%			$	1,622,465,220

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP OPPORTUNITY FUND

MARCH 31, 2025 (UNAUDITED)

	SHARES		VALUE

COMMON STOCKS – 97.1%

Communication Services – 4.6%
Entertainment - 1.1%
IMAX Corporation ¹		223,443	$	5,887,723
Lions Gate Entertainment Cl. A ¹		592,541		5,243,988
				11,131,711
Interactive Media & Services - 2.0%
DHI Group ¹		1,305,627		1,814,822
EverQuote Cl. A ¹		197,680		5,177,239
IAC ¹		146,777		6,742,935
QuinStreet ¹		317,862		5,670,658
				19,405,654
Media - 1.2%
Criteo ADR ¹		160,194		5,672,470
Magnite ¹		331,320		3,780,361
Thryv Holdings ¹		204,300		2,617,083
				12,069,914
Wireless Telecommunication Services - 0.3%
Gogo ^1,3		282,035		2,431,141
Total				45,038,420

Consumer Discretionary – 10.6%
Automobile Components - 1.9%
Fox Factory Holding ¹		95,679		2,233,148
Garrett Motion		607,550		5,085,193
Modine Manufacturing ¹		65,804		5,050,457
Patrick Industries		50,771		4,293,196
Stoneridge ¹		438,967		2,014,859
				18,676,853
Broadline Retail - 0.4%
Dillard’s Cl. A		10,659		3,817,308
Diversified Consumer Services - 0.6%
American Public Education ¹		125,399		2,798,906
Udemy ¹		409,886		3,180,715
				5,979,621
Hotels, Restaurants & Leisure - 0.1%
Century Casinos ¹		417,984		706,393
Noodles & Company Cl. A ^1,3		453,474		494,286
				1,200,679
Household Durables - 3.7%
Beazer Homes USA ¹		140,120		2,857,047
Cavco Industries ¹		9,599		4,987,928
Century Communities		48,551		3,257,772
Champion Homes ¹		83,742		7,935,392
M/I Homes ¹		29,845		3,407,702
Taylor Morrison Home ¹		105,975		6,362,739
Toll Brothers		22,976		2,426,036
Tri Pointe Homes ¹		146,091		4,663,225
				35,897,841
Specialty Retail - 2.4%
Advance Auto Parts		134,913		5,289,939
Caleres		215,470		3,712,548
J.Jill		208,752		4,076,926
MarineMax ¹		211,374		4,544,541
OneWater Marine Cl. A ¹		267,533		4,328,684
Victoria’s Secret & Co. ¹		85,316		1,585,171
				23,537,809
Textiles, Apparel & Luxury Goods - 1.5%
Capri Holdings ¹		145,151		2,863,829
Lakeland Industries		393,891		7,999,926
Movado Group		108,249		1,809,924
Vera Bradley ¹		608,156		1,368,351
				14,042,030
Total				103,152,141

Consumer Staples – 0.4%
Food Products - 0.4%
SunOpta ¹		880,742		4,280,406
Total				4,280,406

Energy – 9.9%
Energy Equipment & Services - 5.5%
Archrock		147,384		3,867,356
Atlas Energy Solutions		193,486		3,451,790
Kodiak Gas Services		171,096		6,381,881
Liberty Energy Cl. A		226,390		3,583,754
Mammoth Energy Services ¹		680,923		1,389,083
NPK International ¹		734,069		4,264,941
Patterson-UTI Energy		670,884		5,514,666
ProPetro Holding Corp. ¹		518,989		3,814,569
Ranger Energy Services Cl. A		385,085		5,464,356
Select Water Solutions Cl. A		818,205		8,591,153
Solaris Energy Infrastructure Cl. A		270,865		5,894,022
TETRA Technologies ¹		423,044		1,421,428
				53,638,999
Oil, Gas & Consumable Fuels - 4.4%
Ardmore Shipping		465,027		4,552,614
Baytex Energy		1,546,204		3,448,035
Comstock Resources ¹		337,085		6,856,309
Kosmos Energy ¹		1,033,655		2,356,733
Matador Resources		53,673		2,742,154
Navigator Holdings		449,367		5,981,075
Northern Oil and Gas		134,342		4,061,159
SandRidge Energy		452,848		5,171,524
Scorpio Tankers		115,405		4,336,920
Vermilion Energy		502,130		4,065,053
				43,571,576
Total				97,210,575

Financials – 10.2%
Banks - 4.3%
Axos Financial ¹		36,147		2,332,204
BankUnited		210,113		7,236,292
BayCom Corp.		215,799		5,431,661
Business First Bancshares		274,071		6,673,629
Customers Bancorp ¹		86,906		4,362,681
Dime Community Bancshares		167,207		4,661,731
First Foundation		548,995		2,849,284
Hilltop Holdings		124,387		3,787,584
Seacoast Banking Corporation of Florida		186,704		4,803,894
				42,138,960
Capital Markets - 3.7%
Artisan Partners Asset Management Cl. A		134,224		5,248,159
Bridge Investment Group Holdings Cl. A		383,855		3,677,331
Canaccord Genuity Group		929,173		5,430,211
Marex Group		161,797		5,714,670
Moelis & Company Cl. A		42,565		2,484,093
Perella Weinberg Partners Cl. A		316,570		5,824,888
Victory Capital Holdings		128,869		7,457,649
				35,837,001
Financial Services - 1.8%
I3 Verticals Cl. A ¹		274,986		6,783,905
NCR Atleos ¹		204,137		5,385,134
Repay Holdings Cl. A ¹		291,509		1,623,705
Walker & Dunlop		45,175		3,856,138
				17,648,882
Insurance - 0.4%
Abacus Global Management ¹		511,331		3,829,869
Total				99,454,712

Health Care – 9.7%
Biotechnology - 0.2%
MiMedx Group ¹		304,376		2,313,258
Health Care Equipment & Supplies - 3.1%
AngioDynamics ¹		541,095		5,080,882
Apyx Medical ¹		916,134		1,255,104
Artivion ¹		261,030		6,416,117
Bioventus Cl. A ¹		470,929		4,309,000
Enovis Corporation ¹		137,801		5,265,376
Tactile Systems Technology ¹		219,725		2,904,765
Varex Imaging ¹		384,392		4,458,947
				29,690,191
Health Care Providers & Services - 3.9%
AdaptHealth Corp. ¹		508,955		5,517,072
Alignment Healthcare ¹		355,208		6,613,973
Astrana Health ¹		147,356		4,569,509
Community Health Systems ¹		666,886		1,800,592
Concentra Group Holdings Parent		138,518		3,005,841
NeoGenomics ¹		451,941		4,288,920
Privia Health Group ¹		159,788		3,587,241
Quipt Home Medical ¹		1,037,695		2,417,829
RadNet ¹		66,669		3,314,783
Select Medical Holdings		160,897		2,686,980
				37,802,740
Health Care Technology - 1.1%
Evolent Health Cl. A ¹		299,761		2,838,737
LifeMD ^1,3		606,580		3,299,795
OptimizeRx Corporation ¹		523,707		4,535,303
				10,673,835
Life Sciences Tools & Services - 0.5%
Azenta ¹		142,845		4,948,151
Pharmaceuticals - 0.9%
Harrow ¹		108,136		2,876,417
Organon & Co		419,257		6,242,737
				9,119,154
Total				94,547,329

Industrials – 26.2%
Aerospace & Defense - 5.4%
AAR Corp. ¹		122,195		6,841,698
Astronics Corporation ¹		321,233		7,764,202
BWX Technologies		67,517		6,660,552
Ducommun ¹		97,648		5,666,513
Kratos Defense & Security Solutions ¹		223,717		6,642,158
Leonardo DRS		223,877		7,361,076
Mercury Systems ¹		135,701		5,847,356
V2X ¹		130,985		6,424,814
				53,208,369
Air Freight & Logistics - 1.0%
Hub Group Cl. A		119,202		4,430,738
Radiant Logistics ¹		890,806		5,478,457
				9,909,195
Building Products - 1.5%
Gibraltar Industries ¹		58,320		3,421,051
Insteel Industries		104,504		2,748,455
Janus International Group ¹		362,740		2,611,728
Resideo Technologies ¹		327,212		5,791,653
				14,572,887
Commercial Services & Supplies - 3.2%
CECO Environmental ¹		316,527		7,216,816
GDI Integrated Facility Services ¹		99,179		2,237,825
Healthcare Services Group ¹		661,869		6,671,640
Montrose Environmental Group ¹		284,714		4,060,022
Pursuit Attractions and Hospitality ¹		121,224		4,290,117
VSE Corporation		57,459		6,894,505
				31,370,925
Construction & Engineering - 3.6%
Argan		7,058		925,798
Concrete Pumping Holdings		544,657		2,973,827
Construction Partners Cl. A ¹		77,659		5,581,352
Limbach Holdings ¹		40,860		3,042,844
Matrix Service ¹		406,453		5,052,211
Northwest Pipe ¹		121,149		5,003,454
Orion Group Holdings ¹		1,065,769		5,573,972
Primoris Services		117,084		6,721,792
				34,875,250
Electrical Equipment - 0.6%
American Superconductor ¹		224,637		4,074,915
Shoals Technologies Group Cl. A ¹		553,661		1,838,155
				5,913,070
Machinery - 4.9%
Ag Growth International		112,097		2,720,926
Chart Industries ¹		45,439		6,559,574
Commercial Vehicle Group ^1,3		844,903		971,638
Enpro		10,310		1,668,055
Helios Technologies		177,442		5,694,114
Luxfer Holdings		594,743		7,053,652
Mayville Engineering ¹		311,473		4,183,082
Shyft Group (The)		395,094		3,196,311
Stratasys ¹		292,611		2,864,662
Titan International ¹		227,270		1,906,795
Trinity Industries		209,168		5,869,254
Twin Disc		118,679		898,400
Wabash National		385,302		4,257,587
				47,844,050
Professional Services - 3.6%
Kelly Services Cl. A		237,642		3,129,745
Korn Ferry		51,866		3,518,071
Mistras Group ¹		728,363		7,706,081
Resources Connection		618,302		4,043,695
TaskUs Cl. A ¹		414,440		5,648,817
TrueBlue ¹		701,265		3,723,717
WNS (Holdings) ¹		115,158		7,081,065
				34,851,191
Trading Companies & Distributors - 2.4%
Air Lease Cl. A		57,928		2,798,502
DNOW ¹		306,262		5,230,955
Herc Holdings		24,297		3,262,358
MRC Global ¹		501,731		5,759,872
Titan Machinery ¹		138,615		2,361,999
WESCO International		29,593		4,595,793
				24,009,479
Total				256,554,416

Information Technology – 19.8%
Communications Equipment - 3.6%
ADTRAN Holdings ¹		402,103		3,506,338
Applied Optoelectronics ^1,3		308,480		4,735,168
Aviat Networks ¹		358,771		6,877,640
Clearfield ¹		125,050		3,716,486
Comtech Telecommunications ¹		824,497		1,319,195
Digi International ¹		243,533		6,777,524
Gilat Satellite Networks ¹		366,922		2,329,955
Ribbon Communications ¹		1,548,583		6,070,445
				35,332,751
Electronic Equipment, Instruments & Components - 6.2%
Advanced Energy Industries		31,851		3,035,719
Arlo Technologies ¹		606,823		5,989,343
Coherent Corp. ¹		55,483		3,603,066
CTS Corporation		132,664		5,512,189
Fabrinet ¹		8,248		1,629,062
FARO Technologies ¹		255,269		6,968,844
Identiv ¹		735,820		2,347,266
IPG Photonics ¹		76,146		4,807,858
Knowles Corporation ¹		500,633		7,609,622
nLIGHT ¹		774,321		6,016,474
Powerfleet ¹		724,906		3,979,734
SmartRent Cl. A ^1,3		698,212		844,837
Vishay Intertechnology		274,914		4,371,133
Vishay Precision Group ¹		155,294		3,741,032
				60,456,179
IT Services - 2.0%
Applied Digital ^1,3		224,596		1,262,229
Endava ADR Cl. A ¹		192,488		3,755,441
Globant ¹		23,583		2,776,191
Grid Dynamics Holdings ¹		316,020		4,945,713
Kyndryl Holdings ¹		219,804		6,901,846
				19,641,420
Semiconductors & Semiconductor Equipment - 5.5%
Alpha and Omega Semiconductor ¹		164,589		4,091,682
Amkor Technology		194,210		3,507,433
Amtech Systems ¹		137,324		663,275
Cohu ¹		246,728		3,629,369
FormFactor ¹		178,816		5,058,705
Ichor Holdings ¹		303,560		6,863,492
indie Semiconductor Cl. A ^1,3		624,357		1,270,566
inTEST Corporation ¹		472,191		3,300,615
Kopin Corporation ¹		2,697,788		2,514,878
Kulicke & Soffa Industries		138,544		4,569,181
Onto Innovation ¹		10,478		1,271,400
Penguin Solutions ¹		322,051		5,594,026
Ultra Clean Holdings ¹		285,995		6,123,153
Veeco Instruments ¹		250,811		5,036,285
				53,494,060
Software - 2.3%
A10 Networks		370,056		6,046,715
Five9 ¹		191,297		5,193,713
LiveRamp Holdings ¹		178,897		4,676,368
Viant Technology Cl. A ¹		339,278		4,210,440
Xperi ¹		206,933		1,597,523
Zeta Global Holdings Cl. A ¹		73,673		999,006
				22,723,765
Technology Hardware, Storage & Peripherals - 0.2%
Immersion Corporation		238,868		1,810,619
Total				193,458,794

Materials – 5.3%
Chemicals - 1.0%
Aspen Aerogels ¹		252,434		1,613,053
Ingevity Corporation ¹		118,959		4,709,587
Intrepid Potash ¹		39,468		1,159,965
Tronox Holdings		281,518		1,981,887
				9,464,492
Containers & Packaging - 0.2%
Sealed Air		81,398		2,352,402
Metals & Mining - 4.1%
AMG Critical Materials ²		208,872		3,261,351
ATI ¹		142,665		7,422,860
Capstone Copper ¹		1,050,287		5,408,170
Carpenter Technology		25,502		4,620,452
Commercial Metals		136,647		6,287,128
Ferroglobe		940,883		3,490,676
Major Drilling Group International ¹		949,090		5,289,394
Metallus ¹		292,467		3,907,359
Noranda Aluminum Holding Corporation ^1,4		488,157		0
				39,687,390
Total				51,504,284

Real Estate – 0.4%
Real Estate Management & Development - 0.4%
Kennedy-Wilson Holdings		454,435		3,944,496
Total				3,944,496

TOTAL COMMON STOCKS
(Cost $844,272,883)				949,145,573

COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.3%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.21%)
(Cost $2,515,492)		2,515,492		2,515,492

INVESTMENTS AT VALUE
(Cost $846,788,375)				951,661,065

REPURCHASE AGREEMENT – 3.0%
Fixed Income Clearing Corporation, 3.75% dated 3/31/25, due 4/1/25, maturity value $29,147,103 (collateralized by obligations of U.S. Government Agencies, 1.125% due 2/15/31, valued at $29,726,955)
(Cost $29,144,067)				29,144,067

TOTAL INVESTMENTS – 100.4%
(Cost $875,932,442)				980,805,132

LIABILITIES LESS CASH
AND OTHER ASSETS – (0.4)%				(3,567,867	)

NET ASSETS – 100.0%			$	977,237,265

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP SPECIAL EQUITY FUND

MARCH 31, 2025 (UNAUDITED)

	SHARES		VALUE

COMMON STOCKS – 82.5%

Communication Services – 6.6%
Media - 6.6%
TEGNA		1,868,000	$	34,034,960
Total				34,034,960

Consumer Discretionary – 15.1%
Automobile Components - 5.0%
Standard Motor Products		1,028,000		25,628,040
Broadline Retail - 2.4%
Macy’s		1,005,000		12,622,800
Diversified Consumer Services - 1.2%
H&R Block		110,000		6,040,100
Hotels, Restaurants & Leisure - 1.9%
Nathan’s Famous		101,000		9,733,875
Household Durables - 1.2%
Ethan Allen Interiors		225,600		6,249,120
Specialty Retail - 0.0%
ODP Corporation (The) ¹		13,000		186,290
Textiles, Apparel & Luxury Goods - 3.4%
Movado Group		1,049,500		17,547,640
Total				78,007,865

Consumer Staples – 9.9%
Consumer Staples Distribution & Retail - 4.3%
Ingles Markets Cl. A		341,500		22,241,895
Food Products - 3.2%
John B. Sanfilippo & Son		236,000		16,722,960
Household Products - 2.4%
Oil-Dri Corporation of America		271,500		12,467,280
Total				51,432,135

Energy – 0.7%
Energy Equipment & Services - 0.7%
RPC		653,000		3,591,500
Total				3,591,500

Financials – 6.7%
Capital Markets - 6.7%
Diamond Hill Investment Group		137,063		19,578,079
Federated Hermes Cl. B		299,000		12,190,230
GAMCO Investors Cl. A ²		113,482		2,644,131
Total				34,412,440

Industrials – 23.6%
Building Products - 4.7%
Insteel Industries		417,000		10,967,100
UFP Industries		124,500		13,326,480
				24,293,580
Commercial Services & Supplies - 4.7%
Ennis		1,215,000		24,409,350
Electrical Equipment - 4.5%
Atkore		130,900		7,852,691
Preformed Line Products		107,500		15,059,675
				22,912,366
Machinery - 9.6%
Gencor Industries ^1,5		901,000		10,956,160
Miller Industries		158,500		6,715,645
Mueller Industries		419,000		31,902,660
				49,574,465
Professional Services - 0.1%
Resources Connection		105,000		686,700
Total				121,876,461

Information Technology – 8.6%
Electronic Equipment, Instruments & Components - 4.7%
Vishay Intertechnology		1,515,000		24,088,500
Semiconductors & Semiconductor Equipment - 3.9%
NVE Corporation ⁵		320,800		20,447,792
Total				44,536,292

Materials – 8.6%
Chemicals - 0.1%
Huntsman Corporation		23,500		371,065
Construction Materials - 3.4%
United States Lime & Minerals		200,000		17,676,000
Metals & Mining - 1.8%
Commercial Metals		126,000		5,797,260
Metallus ¹		273,000		3,647,280
				9,444,540
Paper & Forest Products - 3.3%
Sylvamo Corporation		256,000		17,169,920
Total				44,661,525

Real Estate – 2.7%
Real Estate Management & Development - 2.7%
Marcus & Millichap		401,000		13,814,450
Total				13,814,450

TOTAL COMMON STOCKS
(Cost $378,112,158)				426,367,628

INVESTMENTS AT VALUE
(Cost $378,112,158)				426,367,628

REPURCHASE AGREEMENT – 17.6%
Fixed Income Clearing Corporation, 3.75% dated 3/31/25, due 4/1/25, maturity value $90,709,330 (collateralized by obligations of various U.S. Government Agencies, 1.875-3.875% due 2/15/32-8/15/34, valued at $92,513,967)
(Cost $90,699,882)				90,699,882

TOTAL INVESTMENTS – 100.1%
(Cost $468,812,040)				517,067,510

LIABILITIES LESS CASH
AND OTHER ASSETS – (0.1)%				(275,524	)

NET ASSETS – 100.0%			$	516,791,986

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP TOTAL RETURN FUND

MARCH 31, 2025 (UNAUDITED)

	SHARES		VALUE

COMMON STOCKS – 96.4%

Communication Services – 1.9%
Diversified Telecommunication Services - 1.9%
IDT Corporation Cl. B		345,434	$	17,724,219
Total				17,724,219

Consumer Discretionary – 9.5%
Hotels, Restaurants & Leisure - 0.2%
International Game Technology		140,836		2,289,993
Household Durables - 0.2%
Installed Building Products		13,404		2,298,250
Leisure Products - 1.9%
YETI Holdings ¹		515,944		17,077,747
Specialty Retail - 7.2%
Academy Sports & Outdoors		645,397		29,436,557
Advance Auto Parts		624,851		24,500,408
OneWater Marine Cl. A ¹		713,407		11,542,925
				65,479,890
Total				87,145,880

Energy – 4.1%
Energy Equipment & Services - 4.1%
Cactus Cl. A		170,442		7,811,357
Core Laboratories		689,591		10,336,969
Pason Systems		2,063,268		18,854,087
Total				37,002,413

Financials – 36.9%
Banks - 17.9%
Banc of California		916,110		12,999,601
BankUnited		414,220		14,265,737
Esquire Financial Holdings		26,121		1,969,001
First Financial Bankshares		123,387		4,432,061
German American Bancorp		285,140		10,692,750
Glacier Bancorp		242,899		10,740,994
Hingham Institution for Savings		46,967		11,168,753
Home BancShares		708,233		20,021,747
Metropolitan Bank Holding ¹		179,593		10,055,412
OceanFirst Financial		565,151		9,613,218
Origin Bancorp		440,655		15,277,509
Seacoast Banking Corporation of Florida		598,847		15,408,333
TowneBank		484,417		16,562,217
Western Alliance Bancorp		93,561		7,188,292
Wintrust Financial		30,629		3,444,537
				163,840,162
Capital Markets - 4.2%
GCM Grosvenor Cl. A		1,055,792		13,968,128
Marex Group		486,173		17,171,631
StoneX Group ¹		29,727		2,270,548
Tel Aviv Stock Exchange ²		395,773		4,667,211
				38,077,518
Financial Services - 3.8%
Compass Diversified Holdings		608,163		11,354,403
Merchants Bancorp		350,358		12,963,246
Walker & Dunlop		120,333		10,271,625
				34,589,274
Insurance - 11.0%
AMERISAFE		291,195		15,302,297
Assured Guaranty		331,298		29,187,354
Axis Capital Holdings		136,864		13,719,247
International General Insurance Holdings		1,128,294		29,685,415
RenaissanceRe Holdings		54,982		13,195,680
				101,089,993
Total				337,596,947

Health Care – 0.8%
Health Care Providers & Services - 0.8%
PACS Group ¹		628,551		7,064,913
Total				7,064,913

Industrials – 23.0%
Building Products - 2.1%
UFP Industries		176,429		18,884,960
Commercial Services & Supplies - 4.2%
Healthcare Services Group ¹		2,162,452		21,797,516
Vestis Corporation		1,720,057		17,028,564
				38,826,080
Electrical Equipment - 1.1%
Atkore		167,937		10,074,541
Machinery - 2.0%
Timken Company (The)		255,104		18,334,324
Professional Services - 6.0%
Barrett Business Services		635,333		26,143,953
Franklin Covey ¹		572,392		15,809,467
Insperity		25,967		2,317,036
KBR		214,046		10,661,631
				54,932,087
Trading Companies & Distributors - 7.6%
Air Lease Cl. A		422,940		20,432,231
FTAI Aviation		226,053		25,098,665
MSC Industrial Direct Cl. A		309,021		24,001,661
				69,532,557
Total				210,584,549

Information Technology – 13.1%
Electronic Equipment, Instruments & Components - 3.7%
Bel Fuse Cl. B		189,447		14,182,002
Vontier Corporation		599,229		19,684,673
				33,866,675
IT Services - 4.8%
Hackett Group (The)		875,075		25,569,691
Kyndryl Holdings ¹		578,317		18,159,154
				43,728,845
Semiconductors & Semiconductor Equipment - 2.5%
Kulicke & Soffa Industries		692,005		22,822,325
Software - 2.1%
Sapiens International		696,945		18,880,240
Total				119,298,085

Materials – 6.0%
Chemicals - 3.8%
Element Solutions		732,257		16,556,331
Ingevity Corporation ¹		460,529		18,232,343
				34,788,674
Containers & Packaging - 2.2%
Silgan Holdings		386,081		19,736,461
Total				54,525,135

Real Estate – 1.1%
Real Estate Management & Development - 1.1%
Kennedy-Wilson Holdings		1,120,939		9,729,751
Total				9,729,751

TOTAL COMMON STOCKS
(Cost $762,082,249)				880,671,892

INVESTMENTS AT VALUE
(Cost $762,082,249)				880,671,892

REPURCHASE AGREEMENT – 4.5%
Fixed Income Clearing Corporation, 3.75% dated 3/31/25, due 4/1/25, maturity value $41,105,196 (collateralized by obligations of U.S. Government Agencies, 1.125% due 2/15/31, valued at $41,923,101)
(Cost $41,100,914)				41,100,914

TOTAL INVESTMENTS – 100.9%
(Cost $803,183,163)				921,772,806

LIABILITIES LESS CASH
AND OTHER ASSETS – (0.9)%				(7,902,584	)

NET ASSETS – 100.0%			$	913,870,222

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP VALUE FUND

MARCH 31, 2025 (UNAUDITED)

	SHARES		VALUE

COMMON STOCKS – 99.0%

Communication Services – 1.9%
Media - 1.9%
TEGNA		99,026	$	1,804,254
Total				1,804,254

Consumer Discretionary – 23.0%
Automobile Components - 3.5%
Lear Corporation		19,257		1,698,852
Visteon Corporation ¹		20,032		1,554,884
				3,253,736
Diversified Consumer Services - 1.0%
frontdoor ¹		25,284		971,411
Hotels, Restaurants & Leisure - 0.5%
Bloomin’ Brands		68,418		490,557
Household Durables - 7.8%
Ethan Allen Interiors		36,315		1,005,925
M/I Homes ¹		13,916		1,588,929
Meritage Homes		22,010		1,560,069
PulteGroup		15,519		1,595,353
Tri Pointe Homes ¹		49,964		1,594,851
				7,345,127
Specialty Retail - 8.7%
Academy Sports & Outdoors		24,351		1,110,649
Buckle (The)		39,957		1,531,152
Caleres		70,772		1,219,402
J.Jill		61,170		1,194,650
Shoe Carnival		51,494		1,132,353
Signet Jewelers		20,374		1,182,915
Williams-Sonoma		4,892		773,425
				8,144,546
Textiles, Apparel & Luxury Goods - 1.5%
Kontoor Brands		14,432		925,524
Oxford Industries		7,690		451,173
				1,376,697
Total				21,582,074

Consumer Staples – 2.0%
Consumer Staples Distribution & Retail - 2.0%
Village Super Market Cl. A		50,164		1,906,734
Total				1,906,734

Energy – 10.3%
Oil, Gas & Consumable Fuels - 10.3%
Chord Energy		10,353		1,166,990
Civitas Resources		41,839		1,459,763
Crescent Energy Cl. A		79,279		891,096
Dorchester Minerals L.P.		23,755		714,550
Matador Resources		27,832		1,421,937
Riley Exploration Permian		37,338		1,089,150
SM Energy		49,295		1,476,385
Teekay Tankers Cl. A		36,596		1,400,529
Total				9,620,400

Financials – 23.1%
Banks - 17.3%
Burke & Herbert Financial Services		24,666		1,384,009
Citizens Community Bancorp		38,678		556,190
CNB Financial		52,525		1,168,681
Dime Community Bancshares		40,001		1,115,228
First Bank		78,446		1,161,785
FS Bancorp		5,315		202,023
Heritage Financial		55,665		1,354,329
Mid Penn Bancorp		44,017		1,140,481
OceanFirst Financial		50,617		860,995
Princeton Bancorp		17,578		537,008
Timberland Bancorp		48,922		1,474,998
TrustCo Bank Corp NY		26,799		816,834
Unity Bancorp		36,634		1,491,004
Univest Financial		43,830		1,243,019
WesBanco		29,123		901,648
Western New England Bancorp		82,704		769,147
				16,177,379
Capital Markets - 1.3%
Evercore Cl. A		6,018		1,201,915
Financial Services - 2.5%
Enact Holdings		33,905		1,178,199
International Money Express ¹		95,621		1,206,737
				2,384,936
Insurance - 2.0%
Tiptree		76,918		1,852,954
Total				21,617,184

Health Care – 6.7%
Biotechnology - 1.7%
Catalyst Pharmaceuticals ¹		65,571		1,590,096
Health Care Providers & Services - 2.0%
Molina Healthcare ¹		5,705		1,879,170
Pharmaceuticals - 3.0%
Amphastar Pharmaceuticals ¹		32,888		953,423
Collegium Pharmaceutical ¹		41,303		1,232,895
SIGA Technologies		114,042		624,950
				2,811,268
Total				6,280,534

Industrials – 15.7%
Air Freight & Logistics - 0.5%
Hub Group Cl. A		12,305		457,377
Building Products - 2.0%
MasterBrand ¹		92,647		1,209,970
UFP Industries		6,631		709,782
				1,919,752
Commercial Services & Supplies - 0.8%
Interface		37,772		749,397
Construction & Engineering - 1.1%
Sterling Infrastructure ¹		8,985		1,017,192
Ground Transportation - 1.4%
ArcBest Corporation		15,875		1,120,458
Schneider National Cl. B		10,752		245,683
				1,366,141
Machinery - 2.9%
Allison Transmission Holdings		19,045		1,822,035
Miller Industries		20,784		880,618
				2,702,653
Marine Transportation - 2.4%
Genco Shipping & Trading		94,719		1,265,446
Pangaea Logistics Solutions		200,944		956,493
				2,221,939
Professional Services - 4.6%
Barrett Business Services		32,117		1,321,614
IBEX ¹		73,077		1,779,425
Korn Ferry		17,460		1,184,312
				4,285,351
Total				14,719,802

Information Technology – 13.5%
Electronic Equipment, Instruments & Components - 9.8%
Bel Fuse Cl. B		13,348		999,231
ePlus ¹		17,922		1,093,780
Flex ¹		48,669		1,609,970
Jabil		10,642		1,448,057
PC Connection		12,660		790,237
Sanmina Corporation ¹		23,481		1,788,783
TD SYNNEX		13,672		1,421,341
				9,151,399
Semiconductors & Semiconductor Equipment - 1.2%
Amkor Technology		64,457		1,164,093
Software - 0.5%
Adeia		33,876		447,841
Technology Hardware, Storage & Peripherals - 2.0%
Diebold Nixdorf ¹		42,555		1,860,505
Total				12,623,838

Materials – 2.8%
Chemicals - 1.2%
NewMarket Corporation		2,064		1,169,153
Metals & Mining - 0.8%
Worthington Steel		28,340		717,852
Paper & Forest Products - 0.8%
Sylvamo Corporation		11,010		738,441
Total				2,625,446

TOTAL COMMON STOCKS
(Cost $77,197,064)				92,780,266

INVESTMENTS AT VALUE
(Cost $77,197,064)				92,780,266

REPURCHASE AGREEMENT – 1.1%
Fixed Income Clearing Corporation, 3.75% dated 3/31/25, due 4/1/25, maturity value $1,020,177 (collateralized by obligations of U.S. Government Agencies, 1.125% due 2/15/31, valued at $1,040,625)
(Cost $1,020,071)				1,020,071

TOTAL INVESTMENTS – 100.1%
(Cost $78,217,135)				93,800,337

LIABILITIES LESS CASH
AND OTHER ASSETS – (0.1)%				(93,721	)

NET ASSETS – 100.0%			$	93,706,616

SCHEDULES OF INVESTMENTS

ROYCE SMALLER-COMPANIES GROWTH FUND

MARCH 31, 2025 (UNAUDITED)

	SHARES		VALUE

COMMON STOCKS – 94.9%

Consumer Discretionary – 10.6%
Diversified Consumer Services - 3.7%
Bright Horizons Family Solutions ¹		24,506	$	3,113,242
OneSpaWorld Holdings		190,000		3,190,100
				6,303,342
Hotels, Restaurants & Leisure - 6.2%
DraftKings Cl. A ¹		51,000		1,693,710
Kura Sushi USA Cl. A ^1,3		29,500		1,510,400
Life Time Group Holdings ¹		152,000		4,590,400
Texas Roadhouse		16,000		2,666,080
				10,460,590
Household Durables - 0.7%
Installed Building Products		7,000		1,200,220
Total				17,964,152

Consumer Staples – 4.2%
Consumer Staples Distribution & Retail - 2.9%
Guardian Pharmacy Services Cl. A ^1,3		235,000		4,996,100
Food Products - 1.3%
Freshpet ¹		26,000		2,162,420
Total				7,158,520

Energy – 3.2%
Energy Equipment & Services - 0.8%
Natural Gas Services Group ¹		18,000		395,460
Oceaneering International ¹		43,000		937,830
				1,333,290
Oil, Gas & Consumable Fuels - 2.4%
Centrus Energy Cl. A ¹		6,000		373,260
Golar LNG		72,000		2,735,280
Uranium Energy ¹		210,000		1,003,800
				4,112,340
Total				5,445,630

Financials – 11.5%
Banks - 5.3%
Atlantic Union Bankshares		58,000		1,806,120
Coastal Financial ¹		30,000		2,712,300
Glacier Bancorp		35,000		1,547,700
Seacoast Banking Corporation of Florida		113,000		2,907,490
				8,973,610
Capital Markets - 0.7%
Sprott		26,000		1,164,810
Financial Services - 2.3%
Cantaloupe ¹		491,000		3,864,170
Insurance - 3.2%
Abacus Global Management ¹		497,000		3,722,530
TWFG Cl. A ¹		57,000		1,761,870
				5,484,400
Total				19,486,990

Health Care – 21.6%
Biotechnology - 10.3%
Alvotech ¹		144,000		1,392,480
ARS Pharmaceuticals ^1,3		276,000		3,472,080
CareDx ¹		154,000		2,733,500
Catalyst Pharmaceuticals ¹		69,000		1,673,250
89bio ¹		192,000		1,395,840
MeiraGTx Holdings ¹		216,989		1,471,185
Oxford Biomedica ^1,2		310,000		1,204,843
Palvella Therapeutics ¹		71,493		2,001,089
PureTech Health ^1,2		1,106,000		2,056,749
				17,401,016
Health Care Equipment & Supplies - 3.6%
Alphatec Holdings ¹		228,000		2,311,920
Integer Holdings ¹		15,000		1,770,150
SI-BONE ¹		110,000		1,543,300
TransMedics Group ¹		6,000		403,680
				6,029,050
Health Care Providers & Services - 1.0%
BrightSpring Health Services ¹		48,000		868,320
Talkspace ¹		307,462		787,103
				1,655,423
Life Sciences Tools & Services - 1.5%
Azenta ¹		29,000		1,004,560
BioLife Solutions ¹		71,000		1,621,640
				2,626,200
Pharmaceuticals - 5.2%
Axsome Therapeutics ¹		24,000		2,799,120
Corcept Therapeutics ^1,3		47,000		5,368,340
Harrow ¹		21,700		577,220
				8,744,680
Total				36,456,369

Industrials – 16.7%
Aerospace & Defense - 2.7%
AeroVironment ¹		16,000		1,907,040
BWX Technologies		26,500		2,614,225
				4,521,265
Commercial Services & Supplies - 4.6%
ACV Auctions Cl. A ¹		315,000		4,438,350
VSE Corporation		28,000		3,359,720
				7,798,070
Construction & Engineering - 2.4%
Argan		7,000		918,190
Limbach Holdings ¹		43,000		3,202,210
				4,120,400
Machinery - 1.5%
ATS Corporation ¹		99,000		2,467,691
Passenger Airlines - 0.8%
Blade Air Mobility ¹		492,000		1,343,160
Professional Services - 1.5%
Paylocity Holding ¹		13,786		2,582,669
Trading Companies & Distributors - 3.2%
Distribution Solutions Group ¹		93,611		2,621,108
FTAI Aviation		25,000		2,775,750
				5,396,858
Total				28,230,113

Information Technology – 26.5%
Communications Equipment - 0.9%
ADTRAN Holdings ¹		170,000		1,482,400
Electronic Equipment, Instruments & Components - 4.4%
Mirion Technologies Cl. A ¹		238,000		3,451,000
nLIGHT ¹		105,000		815,850
PAR Technology ¹		53,000		3,251,020
				7,517,870
Semiconductors & Semiconductor Equipment - 6.5%
Impinj ¹		30,500		2,766,350
Nova ¹		11,500		2,119,795
PDF Solutions ¹		43,000		821,730
Semtech Corporation ¹		69,000		2,373,600
Silicon Laboratories ¹		25,500		2,870,535
				10,952,010
Software - 14.7%
Agilysys ¹		34,000		2,466,360
Blend Labs Cl. A ¹		829,000		2,777,150
Clearwater Analytics Holdings Cl. A ¹		104,000		2,787,200
Coveo Solutions ¹		456,000		1,711,129
CyberArk Software ¹		7,500		2,535,000
Descartes Systems Group (The) ¹		29,033		2,927,397
JFrog ¹		97,318		3,114,176
NextNav ^1,3		139,894		1,702,510
Northern Data ^1,2,3		35,000		905,776
Vertex Cl. A ¹		73,250		2,564,483
Zeta Global Holdings Cl. A ¹		97,000		1,315,320
				24,806,501
Total				44,758,781

Materials – 0.6%
Chemicals - 0.6%
Flotek Industries ¹		125,000		1,041,250
Total				1,041,250

TOTAL COMMON STOCKS
(Cost $136,863,446)				160,541,805

COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.7%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.21%)
(Cost $1,088,707)		1,088,707		1,088,707

INVESTMENTS AT VALUE
(Cost $137,952,153)				161,630,512

REPURCHASE AGREEMENT – 4.0%
Fixed Income Clearing Corporation, 3.75% dated 3/31/25, due 4/1/25, maturity value $6,835,474 (collateralized by obligations of U.S. Government Agencies, 3.875% due 8/15/34, valued at $6,971,520)
(Cost $6,834,762)				6,834,762

TOTAL INVESTMENTS – 99.6%
(Cost $144,786,915)				168,465,274

CASH AND OTHER ASSETS
LESS LIABILITIES – 0.4%				712,068

NET ASSETS – 100.0%			$	169,177,342

For the purposes of this report, “ADR” shall mean American Depository Receipt.

Non-income producing.

These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors.

All or a portion of these securities were on loan as of March 31, 2025.

⁴

Securities for which market quotations are not readily available represent 0.0% and 0.0% of net assets for Royce Micro-Cap Fund and Royce Small-Cap Opportunity Fund. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Trustees. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.

⁵

As of March 31, 2025, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.

Securities of Royce International Premier Fund are categorized by the country of their headquarters.

Tax Information:

As of March 31, 2025, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

			Net Unrealized
			Appreciation		Gross Unrealized
	Tax Basis Cost		(Depreciation)		Appreciation		(Depreciation)
Royce Dividend Value Fund	$	56,881,420	$	5,654,590	$	9,776,955	$	4,122,365
Royce International Premier Fund		130,157,497		2,416,373		21,266,645		18,850,272
Royce Micro-Cap Fund		227,071,094		28,136,970		70,472,667		42,335,697
Royce Premier Fund		666,287,623		368,371,733		411,645,255		43,273,522
Royce Small-Cap Fund		1,227,656,259		393,187,732		488,853,074		95,665,342
Royce Small-Cap Opportunity Fund		880,744,170		100,060,962		228,587,432		128,526,470
Royce Small-Cap Special Equity Fund		468,814,726		48,252,784		86,044,487		37,791,703
Royce Small-Cap Total Return Fund		806,625,505		115,147,301		176,751,926		61,604,625
Royce Small-Cap Value Fund		78,411,974		15,388,363		22,701,600		7,313,237
Royce Smaller-Companies Growth Fund		145,057,314		23,407,960		35,977,525		12,569,565

The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

Valuation of Investments:

Royce Dividend Value Fund, Royce International Premier Fund, Royce Micro-Cap Fund, Royce Premier Fund, Royce Small-Cap Fund, Royce Small-Cap Opportunity Fund, Royce Small-Cap Special Equity Fund, Royce Small-Cap Total Return Fund, Royce Small-Cap Value Fund and Royce Smaller-Companies Growth Fund (each, a “Fund”, and collectively, the “Funds”), are the10 series of The Royce Fund (the “Trust”), an open-end management investment company organized as a Delaware statutory trust. Royce & Associates, LP, the Funds’ investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners (“Royce”). Investment transactions are accounted for on the trade date. Portfolio securities held by the Funds are valued as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on the valuation date. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.

Portfolio securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as “Level 1” inputs because they represent reliable quoted prices in active markets for identical securities.

If the value of a portfolio security held by a Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be “fair valued.” The Trust’s Board of Trustees has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act of 1940 (“Rule 2a-5”). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Trust’s Board of Trustees and policies and procedures adopted by Royce in its capacity as valuation designee for the Trust. Fair valued securities are reported as either “Level 2” or “Level 3” securities.

As a general principle, the fair value of a security is the amount which a Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.

Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Funds on a particular valuation date include:

●

Over-the-counter equity securities other than those traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system (collectively referred to herein as “Other OTC Equity Securities”) are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities;

●

Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and

●

The Funds use an independent pricing service to fair value certain non-U.S. equity securities when U.S. market volatility exceeds a certain threshold set by Royce as valuation designee. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts, and other indications to estimate the fair value of such non-U.S. securities.

Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer’s ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas.

A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if:

●

an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, has not traded and there are no bids;

●

Royce does not receive at least two bid side quotes for an Other OTC Equity Security;

●

the independent pricing services are unable to supply fair value prices; or

●

the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time a Fund prices its shares).

The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Funds as of March 31, 2025. Any Level 2 or Level 3 securities held by a Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

	Level 1		Level 2		Level 3		Total
Royce Dividend Value Fund
Common Stocks	$	60,109,566	$	596,774	$	–	$	60,706,340
Repurchase Agreement		–		1,829,670		–		1,829,670
Royce International Premier Fund
Common Stocks		2,703,033		124,004,862		–		126,707,895
Preferred Stocks		–		2,246,539		–		2,246,539
Repurchase Agreement		–		3,619,436		–		3,619,436
Royce Micro-Cap Fund
Common Stocks		240,686,495		4,134,729		0		244,821,224
Money Market Fund/Collateral Received for Securities Loaned		1,709,777		–		–		1,709,777
Repurchase Agreement		–		8,677,063		–		8,677,063
Royce Premier Fund
Common Stocks		986,080,795		–		–		986,080,795
Repurchase Agreement		–		48,578,561		–		48,578,561
Royce Small-Cap Fund
Common Stocks		1,567,354,055		446,001		–		1,567,800,056
Money Market Fund/Collateral Received for Securities Loaned		10,700		–		–		10,700
Repurchase Agreement		–		53,033,235		–		53,033,235
Royce Small-Cap Opportunity Fund
Common Stocks		945,884,222		3,261,351		0		949,145,573
Money Market Fund/Collateral Received for Securities Loaned		2,515,492		–		–		2,515,492
Repurchase Agreement		–		29,144,067		–		29,144,067
Royce Small-Cap Special Equity Fund
Common Stocks		423,723,497		2,644,131		–		426,367,628
Repurchase Agreement		–		90,699,882		–		90,699,882
Royce Small-Cap Total Return Fund
Common Stocks		876,004,681		4,667,211		–		880,671,892
Repurchase Agreement		–		41,100,914		–		41,100,914
Royce Small-Cap Value Fund
Common Stocks		92,780,266		–		–		92,780,266
Repurchase Agreement		–		1,020,071		–		1,020,071
Royce Smaller-Companies Growth Fund
Common Stocks		156,374,437		4,167,368		–		160,541,805
Money Market Fund/Collateral Received for Securities Loaned		1,088,707		–		–		1,088,707
Repurchase Agreement		–		6,834,762		–		6,834,762

Repurchase Agreements:

The Funds may enter into repurchase agreements with institutions that the Funds’ investment adviser has determined are creditworthy. Each Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of each Fund to dispose of its underlying securities. The remaining contractual maturities of repurchase agreements held by the Funds as of March 31, 2025, are next business day and continuous.

Securities Lending:

The Funds loan securities through a lending agent, State Street Bank and Trust Company, to qualified institutional investors for the purpose of earning additional income. The lending agent receives and holds collateral from such borrowers to secure their obligations to the Funds. Such loans must be secured at all times by collateral in an amount at least equal to the market value of the loaned securities. The market values of the loaned securities and the collateral fluctuate and are determined at the close of each business day by the lending agent. Borrowers are required to post additional collateral to the lending agent on the next succeeding business day in the event of a collateral shortfall. Counterparty risk is further reduced by loaning securities only to parties that participate in a Global Securities Lending Program organized and monitored by the lending agent and that are deemed by it to satisfy its requirements and by having the lending agent enter into securities lending agreements with such borrowers. The lending agent is not affiliated with Royce.

Collateral may be in the form of cash or U.S. Treasuries. Cash collateral is invested in certain money market pooled investment vehicles. The Funds record a liability in their respective Statements of Assets and Liabilities for the return of such cash collateral during periods in which securities are on loan. The Funds bear the risk of loss for any decrease in the market value of the loaned securities or the investments purchased with cash collateral received from the borrowers.

Pursuant to the agreement in place between the Funds and the lending agent, if a borrower fails to return loaned securities, and the cash collateral being maintained by the lending agent on behalf of such borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is not the result of investment losses, the lending agent shall, at its option, either replace the loaned securities or pay the amount of the shortfall to the Funds. In the event of the bankruptcy of a borrower, the Funds could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.

Loans of securities generally do not have stated maturity dates, and the Funds may recall a security at any time. The Funds’ securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. Pursuant to the agreement in place between the Funds and the lending agent, the Funds are responsible for any shortfall in the event the value of the investments purchased with cash collateral is insufficient to pay the rebate fee to the borrower.

The following table presents cash collateral and the market value of securities on loan collateralized by cash collateral held by the Funds as of March 31, 2025:

			Securities on Loan
	Cash Collateral¹		Collateralized by Cash Collateral			Net Amount
Royce Micro-Cap Fund	$	1,709,777	$	(1,485,190	)	$	224,587
Royce Small-Cap Fund		10,700		(7,276	)		3,424
Royce Small-Cap Opportunity Fund		2,515,492		(2,310,544	)		204,948
Royce Smaller-Companies Growth Fund		1,088,707		(1,030,608	)		58,099

The contractual maturity of cash collateral is overnight and continuous.

The following table presents non-cash collateral and the market value of securities on loan collateralized by non-cash collateral held by the Funds’ custodian as of March 31, 2025:

			Securities on Loan
	Non-Cash Collateral		Collateralized by Non-Cash Collateral			Net Amount
Royce Micro-Cap Fund	$	1,416,619	$	(1,372,309	)	$	44,310
Royce Small-Cap Fund		943,940		(922,405	)		21,535
Royce Small-Cap Opportunity Fund		1,579,704		(1,545,001	)		34,703
Royce Smaller-Companies Growth Fund		6,126,344		(5,954,702	)		171,642

Transactions in Affiliated Companies:

An “Affiliated Company,” as defined in the 1940 Act, is a company in which a Fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the three months ended March 31, 2025:

											Change in Net
			Market						Realized		Unrealized							Market
	Shares		Value		Costs of		Proceeds		Gain		Appreciation			Dividend		Shares		Value
Affiliated Company ¹	12/31/24		12/31/24		Purchases		from Sales		(Loss)		(Depreciation)			Income		3/31/25		3/31/25
Royce Small-Cap Opportunity Fund
Consumer Discretionary – 0.8%
Textiles, Apparel & Luxury Goods – 0.8%
Lakeland Industries ²		428,565	$	10,949,836	$	–	$	800,693	$	219,741	$	(2,368,958	)	$	12,487		n/a		n/a
				10,949,836						219,741		(2,368,958	)		12,487
Royce Small-Cap Special Equity Fund
Financials – 3.8%
Capital Markets – 3.8%
Diamond Hill Investment Group ²		139,500		21,636,450		–		367,987		124,287		(1,814,671	)		205,595		n/a		n/a
				21,636,450						124,287		(1,814,671	)		205,595
Industrials – 2.1%
Machinery – 2.1%
Gencor Industries ^3,4		913,000		16,114,450		65,741		264,016		90,292		(5,050,307	)		–		901,000	$	10,956,160
				16,114,450						90,292		(5,050,307	)		–				10,956,160
Information Technology – 3.9%
Semiconductors & Semiconductor Equipment – 3.9%
NVE Corporation ³		326,500		26,586,895		215		465,593		209,990		(5,883,715	)		320,800		320,800		20,447,792
				26,586,895						209,990		(5,883,715	)		320,800				20,447,792
				64,337,795						424,569		(12,748,693	)		526,395				31,403,952

Percentages represent the percentages of the investments in Affiliated Companies of the Fund’s net assets.

Not an Affiliated Company as of March 31, 2025.

⁴

Non-income producing.

Other information regarding the Fund is available in the Fund’s most recent Prospectus, Annual and Semiannual Shareholder Reports, and Annual and Semiannual Financial Statements. This information is available through Royce Investment Partners (www.royceinvest.com) and on the Securities and Exchange Commission’s website (www.sec.gov).