# EDGAR Filing Document

**Accession Number:** 0000709364
**File Stem:** 0001410368-25-025654
**Filing Date:** 2025-11
**Character Count:** 149119
**Document Hash:** b03b5d920ca98e26ea40b9f3abd0731b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-025654.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001410368-25-025654

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYCE FUND
- **CENTRAL INDEX KEY:** 0000709364

**ORGANIZATION NAME:**
- **EIN:** 133139046
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03599
- **FILM NUMBER:** 251493075

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 2125084500

**MAIL ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYCE VALUE FUND INC
- **DATE OF NAME CHANGE:** 19851103

## Series and Classes Contracts Data

### Royce Premier Fund (Series ID: S000009505)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000025990 | Investment Class    | RYPRX           |
| C000025991 | Institutional Class | RPFIX           |
| C000025992 | Service Class       | RPFFX           |
| C000025993 | Consultant Class    | RPRCX           |

## Nport-Ex

SCHEDULES OF INVESTMENTS

ROYCE INTERNATIONAL PREMIER FUND

SEPTEMBER 30, 2025 (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS – 91.5%** |  |  |
| **Australia – 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Cochlear | 6616 | $1222502 |
| &nbsp;&nbsp;&nbsp;Hansen Technologies | 715735 | 2780043 |
| **Total** |  | 4002545 |
| **Belgium – 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Azelis Group | 82486 | 1117565 |
| **Total** |  | 1117565 |
| **Brazil – 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Odontoprev | 757039 | 1883263 |
| **Total** |  | 1883263 |
| **Canada – 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CAE <sup>[1](#f001)</sup> | 49788 | 1474286 |
| &nbsp;&nbsp;&nbsp;FirstService Corporation | 4548 | 866348 |
| **Total** |  | 2340634 |
| **Finland – 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Enento Group | 125045 | 2228563 |
| **Total** |  | 2228563 |
| **France – 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Antin Infrastructure Partners | 193559 | 2658802 |
| &nbsp;&nbsp;&nbsp;Gaztransport Et Technigaz | 15088 | 2791739 |
| &nbsp;&nbsp;&nbsp;Lectra | 66785 | 1854372 |
| &nbsp;&nbsp;&nbsp;Planisware | 44012 | 1009677 |
| &nbsp;&nbsp;&nbsp;Robertet | 2849 | 2655827 |
| **Total** |  | 10970417 |
| **Germany – 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. | 25911 | 2537097 |
| &nbsp;&nbsp;&nbsp;Schott Pharma AG & Co | 63886 | 1582614 |
| **Total** |  | 4119711 |
| **India – 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Engineering | 20064 | 692612 |
| &nbsp;&nbsp;&nbsp;Triveni Turbine | 215072 | 1254746 |
| **Total** |  | 1947358 |
| **Israel – 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cellebrite DI <sup>[1](#f001)</sup> | 64049 | 1186828 |
| &nbsp;&nbsp;&nbsp;Nice ADR <sup>[1](#f001)</sup> | 9016 | 1305337 |
| **Total** |  | 2492165 |
| **Italy – 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Carel Industries | 87412 | 2293694 |
| &nbsp;&nbsp;&nbsp;DiaSorin | 18796 | 1666534 |
| &nbsp;&nbsp;&nbsp;SOL | 15849 | 943402 |
| **Total** |  | 4903630 |
| **Japan – 22.2%** |  |  |
| &nbsp;&nbsp;&nbsp;As One | 94800 | 1573750 |
| &nbsp;&nbsp;&nbsp;BML | 109200 | 2728431 |
| &nbsp;&nbsp;&nbsp;Business Engineering | 18200 | 785178 |
| &nbsp;&nbsp;&nbsp;Dexerials | 167700 | 2581526 |
| &nbsp;&nbsp;&nbsp;Hirose Electric | 21300 | 2654488 |
| &nbsp;&nbsp;&nbsp;Maruwa | 10900 | 2852419 |
| &nbsp;&nbsp;&nbsp;OBIC Business Consultants | 50600 | 3113636 |
| &nbsp;&nbsp;&nbsp;Riken Keiki | 120800 | 2552659 |
| &nbsp;&nbsp;&nbsp;TKC Corporation | 96500 | 2760219 |
| &nbsp;&nbsp;&nbsp;USS | 256400 | 2943091 |
| &nbsp;&nbsp;&nbsp;Zuken | 85900 | 2849102 |
| **Total** |  | 27394499 |
| **Jersey – 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;JTC | 196737 | 3487316 |
| **Total** |  | 3487316 |
| **Lithuania – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Baltic Classifieds Group | 384978 | 1605046 |
| **Total** |  | 1605046 |
| **Netherlands – 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;IMCD | 9954 | 1028412 |
| **Total** |  | 1028412 |
| **Norway – 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Medistim | 32535 | 743318 |
| &nbsp;&nbsp;&nbsp;SmartCraft <sup>[1](#f001)</sup> | 539976 | 1477155 |
| **Total** |  | 2220473 |
| **Poland – 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Asseco Poland | 29240 | 1612176 |
| **Total** |  | 1612176 |
| **Singapore – 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;XP Power <sup>[1](#f001)</sup> | 190933 | 2431761 |
| **Total** |  | 2431761 |
| **South Korea – 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;NICE Information Service | 413974 | 4110087 |
| **Total** |  | 4110087 |
| **Sweden – 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Karnov Group <sup>[1](#f001)</sup> | 245397 | 2935047 |
| &nbsp;&nbsp;&nbsp;Vitec Software Group Cl. B | 47589 | 1675199 |
| **Total** |  | 4610246 |
| **Switzerland – 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Accelleron Industries | 9495 | 798556 |
| &nbsp;&nbsp;&nbsp;Kardex Holding | 6839 | 2654671 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding | 1331 | 1728018 |
| &nbsp;&nbsp;&nbsp;VZ Holding | 11101 | 2320465 |
| **Total** |  | 7501710 |
| **United Kingdom – 17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ashtead Technology Holdings | 551884 | 2582955 |
| &nbsp;&nbsp;&nbsp;CVS Group | 150260 | 2522016 |
| &nbsp;&nbsp;&nbsp;Diploma | 42831 | 3055860 |
| &nbsp;&nbsp;&nbsp;DiscoverIE Group | 326830 | 2610948 |
| &nbsp;&nbsp;&nbsp;GlobalData | 664288 | 1103350 |
| &nbsp;&nbsp;&nbsp;Halma | 75192 | 3488836 |
| &nbsp;&nbsp;&nbsp;Intertek Group | 41168 | 2614421 |
| &nbsp;&nbsp;&nbsp;Rightmove | 320649 | 3055771 |
| **Total** |  | 21034157 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $94,523,563) |  | 113041734 |
| **PREFERRED STOCK– 1.2%** |  |  |
| **Germany – 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;FUCHS | 32393 | 1448221 |
| &nbsp;&nbsp;&nbsp;(Cost $1,025,659) |  | 1448221 |
| **INVESTMENTS AT VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $95,549,222) |  | 114489955 |
| **REPURCHASE AGREEMENT – 4.8%** |  |  |
| Fixed Income Clearing Corporation, <br> 3.50% dated 9/30/25, due 10/1/25, <br> maturity value $5,902,212 (collateralized <br> by obligations of U.S. Government <br> Agencies, 3.875% due 5/31/27, valued at $6,019,757) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,901,638) |  | 5901638 |
| **TOTAL INVESTMENTS – 97.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $101,450,860) |  | 120391593 |
| **CASH AND OTHER ASSETS<br> LESS LIABILITIES – 2.5%** |  | 3066905 |
| **NET ASSETS – 100.0%** |  | $**123458498** |

---

SCHEDULES OF INVESTMENTS

ROYCE MICRO-CAP FUND

SEPTEMBER 30, 2025 (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS – 97.9%** |  |  |
| **Communication Services – 3.5%** |  |  |
| Entertainment - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;IMAX Corporation <sup>[1](#f001)</sup> | 97693 | $3199446 |
| Interactive Media & Services - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;DHI Group <sup>[1](#f001)</sup> | 329005 | 914634 |
| &nbsp;&nbsp;&nbsp;QuinStreet <sup>[1](#f001)</sup> | 141969 | 2196260 |
| &nbsp;&nbsp;&nbsp;Vimeo <sup>[1](#f001)</sup> | 274194 | 2125004 |
|  |  | 5235898 |
| Media - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Magnite <sup>[1](#f001)</sup> | 114008 | 2483094 |
| **Total** |  | 10918438 |
| **Consumer Discretionary – 11.5%** |  |  |
| Automobile Components - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing <sup>[1](#f001)</sup> | 15939 | 2265888 |
| &nbsp;&nbsp;&nbsp;Stoneridge <sup>[1](#f001)</sup> | 185800 | 1415796 |
|  |  | 3681684 |
| Diversified Consumer Services - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Legacy Education <sup>[1](#f001)</sup> | 253058 | 2421765 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services <sup>[1](#f001)</sup> | 131427 | 3088535 |
|  |  | 5510300 |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Century Casinos <sup>[1](#f001)</sup> | 430485 | 1123566 |
| &nbsp;&nbsp;&nbsp;Denny's Corporation <sup>[1](#f001)</sup> | 239944 | 1254907 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings <sup>[1](#f001)</sup> | 216687 | 2773594 |
|  |  | 5152067 |
| Household Durables - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises Cl. A <sup>[1](#f001)</sup> | 13415 | 1723693 |
| &nbsp;&nbsp;&nbsp;Legacy Housing <sup>[1](#f001)</sup> | 101199 | 2783985 |
| &nbsp;&nbsp;&nbsp;LGI Homes <sup>[1](#f001)</sup> | 16690 | 863040 |
|  |  | 5370718 |
| Leisure Products - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;American Outdoor Brands <sup>[1](#f001)</sup> | 249711 | 2167491 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings <sup>[1](#f001)</sup> | 80469 | 1726865 |
|  |  | 3894356 |
| Specialty Retail - 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond <sup>[1](#f001)</sup> | 209215 | 2048215 |
| &nbsp;&nbsp;&nbsp;Citi Trends <sup>[1](#f001)</sup> | 82350 | 2555320 |
| &nbsp;&nbsp;&nbsp;J.Jill | 30685 | 526248 |
| &nbsp;&nbsp;&nbsp;OneWater Marine Cl. A <sup>[1](#f001)</sup> | 106800 | 1691712 |
| &nbsp;&nbsp;&nbsp;RealReal <sup>[1](#f001)</sup> | 227260 | 2415774 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival | 48364 | 1005487 |
|  |  | 10242756 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Lakeland Industries | 100328 | 1484854 |
| &nbsp;&nbsp;&nbsp;Vera Bradley <sup>[1](#f001),[2](#f002)</sup> | 293415 | 589764 |
|  |  | 2074618 |
| **Total** |  | 35926499 |
| **Consumer Staples – 0.9%** |  |  |
| Food Products - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Seneca Foods Cl. A <sup>[1](#f001)</sup> | 25486 | 2750959 |
| **Total** |  | 2750959 |
| **Energy – 4.5%** |  |  |
| Energy Equipment & Services - 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group | 124253 | 3477841 |
| &nbsp;&nbsp;&nbsp;NPK International <sup>[1](#f001)</sup> | 336552 | 3806403 |
| &nbsp;&nbsp;&nbsp;Pason Systems | 218074 | 1892889 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services Cl. A | 125052 | 1755730 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions Cl. A | 179694 | 1920929 |
|  |  | 12853792 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;SandRidge Energy | 97667 | 1101684 |
| **Total** |  | 13955476 |
| **Financials – 15.8%** |  |  |
| Banks - 9.3% |  |  |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | 78401 | 2254029 |
| &nbsp;&nbsp;&nbsp;Chain Bridge Bancorp Cl. A <sup>[1](#f001)</sup> | 56845 | 1860537 |
| &nbsp;&nbsp;&nbsp;Coastal Financial <sup>[1](#f001)</sup> | 19218 | 2078811 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp <sup>[1](#f001)</sup> | 43428 | 2838888 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings | 15005 | 1531335 |
| &nbsp;&nbsp;&nbsp;First Foundation <sup>[1](#f001)</sup> | 232747 | 1296401 |
| &nbsp;&nbsp;&nbsp;HBT Financial | 75642 | 1906178 |
| &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | 6764 | 1784208 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares | 45224 | 1851470 |
| &nbsp;&nbsp;&nbsp;Investar Holding | 141600 | 3286536 |
| &nbsp;&nbsp;&nbsp;Midway Investments <sup>[1](#f001),[3](#f003)</sup> | 1858170 | 0 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 21210 | 2124394 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp | 91545 | 2777475 |
| &nbsp;&nbsp;&nbsp;West Coast Community Bancorp <sup>[4](#f004)</sup> | 6204 | 263050 |
| &nbsp;&nbsp;&nbsp;Western New England Bancorp | 265796 | 3192210 |
|  |  | 29045522 |
| Capital Markets - 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Canaccord Genuity Group | 370517 | 2859347 |
| &nbsp;&nbsp;&nbsp;Oppenheimer Holdings Cl. A | 32695 | 2416487 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners Cl. A | 27885 | 594508 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group Cl. A | 111737 | 1759858 |
| &nbsp;&nbsp;&nbsp;Sprott | 44146 | 3669158 |
|  |  | 11299358 |
| Consumer Finance - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;EZCORP Cl. A <sup>[1](#f001)</sup> | 173177 | 3297290 |
| Financial Services - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Cass Information Systems | 32308 | 1270674 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Cl. A <sup>[1](#f001)</sup> | 281458 | 1472025 |
|  |  | 2742699 |
| Insurance - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;International General Insurance Holdings | 117898 | 2735234 |
| **Total** |  | 49120103 |
| **Health Care – 9.8%** |  |  |
| Biotechnology - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Absci Corporation <sup>[1](#f001),[2](#f002)</sup> | 366098 | 1112938 |
| &nbsp;&nbsp;&nbsp;CareDx <sup>[1](#f001)</sup> | 117300 | 1705542 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals <sup>[1](#f001),[2](#f002)</sup> | 203120 | 2437440 |
|  |  | 5255920 |
| Health Care Equipment & Supplies - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Apyx Medical <sup>[1](#f001)</sup> | 591628 | 1266084 |
| &nbsp;&nbsp;&nbsp;Artivion <sup>[1](#f001)</sup> | 66835 | 2829794 |
| &nbsp;&nbsp;&nbsp;Establishment Labs Holdings <sup>[1](#f001),[2](#f002)</sup> | 72547 | 2973701 |
| &nbsp;&nbsp;&nbsp;Inogen <sup>[1](#f001)</sup> | 174308 | 1424096 |
| &nbsp;&nbsp;&nbsp;Profound Medical <sup>[1](#f001)</sup> | 250402 | 1223492 |
|  |  | 9717167 |
| Health Care Providers & Services - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services <sup>[1](#f001)</sup> | 112310 | 2174322 |
| Health Care Technology - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Simulations Plus <sup>[1](#f001)</sup> | 98187 | 1479678 |
| Life Sciences Tools & Services - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;BioLife Solutions <sup>[1](#f001)</sup> | 105042 | 2679621 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences <sup>[1](#f001)</sup> | 500252 | 1735875 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings Cl. A <sup>[1](#f001),[2](#f002)</sup> | 489809 | 1405752 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories | 14198 | 951408 |
| &nbsp;&nbsp;&nbsp;Standard BioTools <sup>[1](#f001)</sup> | 651983 | 847578 |
|  |  | 7620234 |
| Pharmaceuticals - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics <sup>[1](#f001),[2](#f002)</sup> | 427422 | 1132668 |
| &nbsp;&nbsp;&nbsp;Harrow <sup>[1](#f001)</sup> | 64004 | 3083713 |
|  |  | 4216381 |
| **Total** |  | 30463702 |
| **Industrials – 25.5%** |  |  |
| Aerospace & Defense - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Astronics Corporation <sup>[1](#f001)</sup> | 74403 | 3393521 |
| &nbsp;&nbsp;&nbsp;CPI Aerostructures <sup>[1](#f001)</sup> | 318190 | 801839 |
| &nbsp;&nbsp;&nbsp;Park Aerospace | 147356 | 2997221 |
|  |  | 7192581 |
| Air Freight & Logistics - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Forward Air <sup>[1](#f001),[2](#f002)</sup> | 34938 | 895811 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics <sup>[1](#f001)</sup> | 192778 | 1137390 |
|  |  | 2033201 |
| Building Products - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Janus International Group <sup>[1](#f001)</sup> | 155864 | 1538378 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products | 110652 | 1573471 |
|  |  | 3111849 |
| Commercial Services & Supplies - 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Acme United | 62998 | 2594258 |
| &nbsp;&nbsp;&nbsp;CECO Environmental <sup>[1](#f001)</sup> | 73872 | 3782246 |
| &nbsp;&nbsp;&nbsp;Liquidity Services <sup>[1](#f001)</sup> | 89148 | 2445330 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group <sup>[1](#f001)</sup> | 116185 | 3190440 |
| &nbsp;&nbsp;&nbsp;VSE Corporation | 14790 | 2458689 |
|  |  | 14470963 |
| Construction & Engineering - 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco Cl. A <sup>[1](#f001)</sup> | 99772 | 3350344 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings | 259783 | 1831470 |
| &nbsp;&nbsp;&nbsp;IES Holdings <sup>[1](#f001)</sup> | 7998 | 3180405 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings <sup>[1](#f001)</sup> | 18746 | 1820611 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure <sup>[1](#f001)</sup> | 64375 | 3407369 |
|  |  | 13590199 |
| Electrical Equipment - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;American Superconductor <sup>[1](#f001)</sup> | 43497 | 2583287 |
| &nbsp;&nbsp;&nbsp;Hammond Power Solutions Cl. A | 17718 | 1571793 |
| &nbsp;&nbsp;&nbsp;LSI Industries | 54489 | 1286485 |
|  |  | 5441565 |
| Ground Transportation - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group Cl. A | 87421 | 1893539 |
| Machinery - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Aebi Schmidt Holding | 180583 | 2251870 |
| &nbsp;&nbsp;&nbsp;Energy Recovery <sup>[1](#f001)</sup> | 93200 | 1437144 |
| &nbsp;&nbsp;&nbsp;Graham Corporation <sup>[1](#f001)</sup> | 59203 | 3250245 |
| &nbsp;&nbsp;&nbsp;Lindsay Corporation | 13135 | 1846255 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings | 209526 | 2912411 |
| &nbsp;&nbsp;&nbsp;Perma-Pipe International Holdings <sup>[1](#f001)</sup> | 27830 | 652057 |
| &nbsp;&nbsp;&nbsp;Titan International <sup>[1](#f001)</sup> | 136953 | 1035365 |
| &nbsp;&nbsp;&nbsp;Wabash National | 130000 | 1283100 |
|  |  | 14668447 |
| Marine Transportation - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Clarkson | 43970 | 2170263 |
| Professional Services - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Asure Software <sup>[1](#f001)</sup> | 97543 | 799853 |
| &nbsp;&nbsp;&nbsp;Forrester Research <sup>[1](#f001)</sup> | 29247 | 310018 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International | 11239 | 559365 |
| &nbsp;&nbsp;&nbsp;Kforce | 37882 | 1135702 |
| &nbsp;&nbsp;&nbsp;Resources Connection | 211756 | 1069368 |
| &nbsp;&nbsp;&nbsp;TrueBlue <sup>[1](#f001)</sup> | 213916 | 1311305 |
|  |  | 5185611 |
| Trading Companies & Distributors - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group | 159824 | 1157126 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group <sup>[1](#f001)</sup> | 86213 | 2593287 |
| &nbsp;&nbsp;&nbsp;EVI Industries | 75622 | 2390411 |
| &nbsp;&nbsp;&nbsp;Titan Machinery <sup>[1](#f001)</sup> | 85560 | 1432274 |
| &nbsp;&nbsp;&nbsp;Transcat <sup>[1](#f001)</sup> | 29743 | 2177188 |
|  |  | 9750286 |
| **Total** |  | 79508504 |
| **Information Technology – 21.8%** |  |  |
| Communications Equipment - 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings <sup>[1](#f001)</sup> | 262407 | 2461378 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics <sup>[1](#f001),[2](#f002)</sup> | 96974 | 2514536 |
| &nbsp;&nbsp;&nbsp;Clearfield <sup>[1](#f001)</sup> | 71769 | 2467418 |
| &nbsp;&nbsp;&nbsp;Digi International <sup>[1](#f001)</sup> | 85635 | 3122252 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications <sup>[1](#f001)</sup> | 371178 | 1410476 |
|  |  | 11976060 |
| Electronic Equipment, Instruments & Components - 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;Arlo Technologies <sup>[1](#f001)</sup> | 114726 | 1944606 |
| &nbsp;&nbsp;&nbsp;Bel Fuse Cl. B | 23841 | 3362058 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions | 20567 | 2773254 |
| &nbsp;&nbsp;&nbsp;Kraken Robotics <sup>[1](#f001)</sup> | 165759 | 540739 |
| &nbsp;&nbsp;&nbsp;LightPath Technologies Cl. A <sup>[1](#f001)</sup> | 441815 | 3503593 |
| &nbsp;&nbsp;&nbsp;Luna Innovations <sup>[1](#f001),[2](#f002),[4](#f004)</sup> | 445804 | 490384 |
| &nbsp;&nbsp;&nbsp;nLIGHT <sup>[1](#f001)</sup> | 115350 | 3417820 |
| &nbsp;&nbsp;&nbsp;PAR Technology <sup>[1](#f001)</sup> | 40152 | 1589216 |
| &nbsp;&nbsp;&nbsp;Powerfleet <sup>[1](#f001)</sup> | 547923 | 2871117 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics | 235829 | 2308766 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group <sup>[1](#f001)</sup> | 80488 | 2579640 |
|  |  | 25381193 |
| Semiconductors & Semiconductor Equipment - 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems <sup>[1](#f001)</sup> | 41946 | 1262994 |
| &nbsp;&nbsp;&nbsp;Alpha and Omega Semiconductor <sup>[1](#f001)</sup> | 46883 | 1310849 |
| &nbsp;&nbsp;&nbsp;Camtek <sup>[1](#f001)</sup> | 21936 | 2304377 |
| &nbsp;&nbsp;&nbsp;Cohu <sup>[1](#f001)</sup> | 126408 | 2569875 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings <sup>[1](#f001)</sup> | 168916 | 2959408 |
| &nbsp;&nbsp;&nbsp;inTEST Corporation <sup>[1](#f001)</sup> | 220595 | 1722847 |
| &nbsp;&nbsp;&nbsp;Kopin Corporation <sup>[1](#f001)</sup> | 1278042 | 3105642 |
| &nbsp;&nbsp;&nbsp;Nova <sup>[1](#f001),[2](#f002)</sup> | 10496 | 3355151 |
| &nbsp;&nbsp;&nbsp;NVE Corporation | 31244 | 2039296 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions <sup>[1](#f001)</sup> | 70556 | 1854212 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings <sup>[1](#f001)</sup> | 103150 | 2810837 |
|  |  | 25295488 |
| Software - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;PROS Holdings <sup>[1](#f001)</sup> | 105984 | 2428094 |
| &nbsp;&nbsp;&nbsp;Similarweb <sup>[1](#f001)</sup> | 142528 | 1325510 |
|  |  | 3753604 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;AstroNova <sup>[1](#f001)</sup> | 157970 | 1617613 |
| **Total** |  | 68023958 |
| **Materials – 3.8%** |  |  |
| Chemicals - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies <sup>[1](#f001)</sup> | 78404 | 1611202 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;5N Plus <sup>[1](#f001)</sup> | 210151.0 | 2568563 |
|  |  | 4179765 |
| Metals & Mining - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alphamin Resources | 100088.0 | 71918 |
| &nbsp;&nbsp;&nbsp;Altius Minerals | 102661.0 | 2468969 |
| &nbsp;&nbsp;&nbsp;Ferroglobe | 412754.0 | 1878031 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International <sup>[1](#f001)</sup> | 399214.0 | 3338974 |
|  |  | 7757892 |
| **Total** |  | 11937657 |
| **Real Estate – 0.8%** |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;FRP Holdings <sup>[1](#f001)</sup> | 54032.0 | 1316220 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 41706.0 | 1224071 |
| **Total** |  | 2540291 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $222,839,480) |  | 305145587 |
| **COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.6%** |  |  |
| Money Market Funds |  |  |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund - <br> Institutional Shares (7 day yield-4.01%) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,164,610) | 5164610.0 | 5164610 |
| **INVESTMENTS AT VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $228,004,090) |  | 310310197 |
| **REPURCHASE AGREEMENT – 2.1%** |  |  |
| Fixed Income Clearing Corporation, <br> 3.50% dated 9/30/25, due 10/1/25, <br> maturity value $6,412,207 (collateralized <br> by obligations of U.S. Government <br> Agencies, 4.125% due 2/29/32, valued at $6,539,871) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,411,584) |  | 6411584 |
| **TOTAL INVESTMENTS – 101.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $234,415,674) |  | 316721781 |
| **LIABILITIES LESS CASH<br> AND OTHER ASSETS – (1.6)%** |  | (5066766) |
| **NET ASSETS – 100.0%** |  | $**311655015** |

---

SCHEDULES OF INVESTMENTS

ROYCE PREMIER FUND

SEPTEMBER 30, 2025 (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS – 95.0%** |  |  |
| **Consumer Discretionary – 12.1%** |  |  |
| Automobile Components - 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Dorman Products <sup>[1](#f001)</sup> | 179143 | $27924811 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 204322 | 19032594 |
|  |  | 46957405 |
| Distributors - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Pool Corporation | 36921 | 11448094 |
| Household Durables - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Installed Building Products | 94000 | 23186040 |
| Leisure Products - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Brunswick Corporation | 169291 | 10705963 |
| Specialty Retail - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Valvoline <sup>[1](#f001)</sup> | 470303 | 16888581 |
| Textiles, Apparel & Luxury Goods - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Cl. A | 63968 | 20057806 |
| **Total** |  | 129243889 |
| **Consumer Staples – 1.6%** |  |  |
| Personal Care Products - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Interparfums | 169091 | 16635173 |
| **Total** |  | 16635173 |
| **Financials – 10.7%** |  |  |
| Capital Markets - 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;Evercore Cl. A | 28578 | 9639931 |
| &nbsp;&nbsp;&nbsp;Lazard | 391377 | 20656878 |
| &nbsp;&nbsp;&nbsp;Morningstar | 70944 | 16459718 |
| &nbsp;&nbsp;&nbsp;SEI Investments | 239814 | 20348218 |
| &nbsp;&nbsp;&nbsp;TMX Group | 779000 | 29800934 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings Cl. A | 150000 | 9714000 |
|  |  | 106619679 |
| Insurance - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 122732 | 8004581 |
| **Total** |  | 114624260 |
| **Health Care – 1.8%** |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Haemonetics Corporation <sup>[1](#f001)</sup> | 126800 | 6180232 |
| Life Sciences Tools & Services - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 235792 | 13117109 |
| **Total** |  | 19297341 |
| **Industrials – 36.8%** |  |  |
| Aerospace & Defense - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Woodward | 65000 | 16426150 |
| Building Products - 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;AAON | 121166 | 11321751 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 117682 | 19707028 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 109932 | 10277542 |
|  |  | 41306321 |
| Commercial Services & Supplies - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Brady Corporation Cl. A | 137552 | 10733183 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 40365 | 6945605 |
| &nbsp;&nbsp;&nbsp;RB Global | 282415 | 30602489 |
|  |  | 48281277 |
| Construction & Engineering - 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;Arcosa | 387066 | 36271955 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 78775 | 30543431 |
|  |  | 66815386 |
| Ground Transportation - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Landstar System | 114032 | 13975762 |
| Machinery - 17.3% |  |  |
| &nbsp;&nbsp;&nbsp;Enpro | 61263 | 13845438 |
| &nbsp;&nbsp;&nbsp;ESAB Corporation | 257821 | 28808918 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies | 147605 | 31160892 |
| &nbsp;&nbsp;&nbsp;JBT Marel | 252551 | 35470788 |
| &nbsp;&nbsp;&nbsp;Kadant | 47000 | 13986260 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 85626 | 20193180 |
| &nbsp;&nbsp;&nbsp;Lindsay Corporation | 91295 | 12832425 |
| &nbsp;&nbsp;&nbsp;RBC Bearings <sup>[1](#f001)</sup> | 73121 | 28538395 |
|  |  | 184836296 |
| Professional Services - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Exponent | 120168 | 8349273 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 109793 | 7683314 |
|  |  | 16032587 |
| Trading Companies & Distributors - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Cl. A | 84925 | 5405476 |
| **Total** |  | 393079255 |
| **Information Technology – 14.4%** |  |  |
| Electronic Equipment, Instruments & Components - 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cognex Corporation | 376700 | 17064510 |
| &nbsp;&nbsp;&nbsp;Knowles Corporation <sup>[1](#f001)</sup> | 409807 | 9552601 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 112740 | 29200788 |
|  |  | 55817899 |
| Semiconductors & Semiconductor Equipment - 9.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cirrus Logic <sup>[1](#f001)</sup> | 264807 | 33177669 |
| &nbsp;&nbsp;&nbsp;FormFactor <sup>[1](#f001)</sup> | 449364 | 16365837 |
| &nbsp;&nbsp;&nbsp;MKS | 334800 | 41438196 |
| &nbsp;&nbsp;&nbsp;Onto Innovation <sup>[1](#f001)</sup> | 58407 | 7547352 |
|  |  | 98529054 |
| **Total** |  | 154346953 |
| **Materials – 10.0%** |  |  |
| Chemicals - 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Innospec | 223788 | 17267482 |
| &nbsp;&nbsp;&nbsp;Quaker Houghton | 237294 | 31263484 |
|  |  | 48530966 |
| Metals & Mining - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Reliance | 95717 | 26880205 |
| Paper & Forest Products - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Stella-Jones | 549742 | 31368120 |
| **Total** |  | 106779291 |
| **Real Estate – 7.6%** |  |  |
| Real Estate Management & Development - 7.6% |  |  |
| &nbsp;&nbsp;&nbsp;Colliers International Group | 218043 | 34060497 |
| &nbsp;&nbsp;&nbsp;FirstService Corporation | 191323 | 36445118 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 372385 | 10929500 |
| **Total** |  | 81435115 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $517,765,613) |  | 1015441277 |
| **INVESTMENTS AT VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $517,765,613) |  | 1015441277 |

---

---

| | |
|:---|:---|
| **REPURCHASE AGREEMENT – 5.0%** | |
| Fixed Income Clearing Corporation, <br> 3.50% dated 9/30/25, due 10/1/25, <br> maturity value $53,768,632 (collateralized <br> by obligations of various U.S. Government <br> Agencies, 3.875-4.125% due 2/29/32-8/31/32, valued at $54,838,762) |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,763,405) | 53763405 |
| **TOTAL INVESTMENTS – 100.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $571,529,018) | 1069204682 |
| **CASH AND OTHER ASSETS<br> LESS LIABILITIES – 0.0%** | 72859 |
| **NET ASSETS – 100.0%** | $**1069277541** |

---

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP FUND

SEPTEMBER 30, 2025 (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS – 95.7%** |  |  |
| **Communication Services – 0.8%** |  |  |
| Entertainment - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;IMAX Corporation <sup>[1](#f001)</sup> | 406039 | $13297777 |
| Interactive Media & Services - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;QuinStreet <sup>[1](#f001)</sup> | 76292 | 1180237 |
| **Total** |  | 14478014 |
| **Consumer Discretionary – 10.0%** |  |  |
| Automobile Components - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Dorman Products <sup>[1](#f001)</sup> | 124212 | 19362167 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 113937 | 10613231 |
| &nbsp;&nbsp;&nbsp;Lear Corporation | 40696 | 4094425 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing <sup>[1](#f001)</sup> | 82820 | 11773691 |
| &nbsp;&nbsp;&nbsp;Visteon Corporation | 89198 | 10691272 |
|  |  | 56534786 |
| Distributors - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Pool Corporation | 1888 | 585412 |
| Diversified Consumer Services - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;frontdoor <sup>[1](#f001)</sup> | 55230 | 3716427 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery | 267176 | 4608786 |
| Household Durables - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Champion Homes <sup>[1](#f001)</sup> | 49003 | 3742359 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors | 138490 | 4079915 |
| &nbsp;&nbsp;&nbsp;Installed Building Products | 34531 | 8517417 |
| &nbsp;&nbsp;&nbsp;M/I Homes <sup>[1](#f001)</sup> | 83835 | 12109127 |
| &nbsp;&nbsp;&nbsp;Meritage Homes | 55435 | 4015157 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 30743 | 4062073 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes <sup>[1](#f001)</sup> | 120489 | 4093011 |
|  |  | 40619059 |
| Leisure Products - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Brunswick Corporation | 47575 | 3008643 |
| &nbsp;&nbsp;&nbsp;YETI Holdings <sup>[1](#f001)</sup> | 196913 | 6533574 |
|  |  | 9542217 |
| Specialty Retail - 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors | 274281 | 13719536 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts | 167578 | 10289289 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group <sup>[1](#f001)</sup> | 47178 | 11532662 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 237393 | 6115244 |
| &nbsp;&nbsp;&nbsp;J.Jill | 251339 | 4310464 |
| &nbsp;&nbsp;&nbsp;OneWater Marine Cl. A <sup>[1](#f001)</sup> | 136554 | 2163015 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival | 118115 | 2455611 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 60693 | 5821673 |
| &nbsp;&nbsp;&nbsp;Valvoline <sup>[1](#f001)</sup> | 200330 | 7193850 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 5030 | 983113 |
|  |  | 64584457 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Movado Group | 37569 | 712684 |
| **Total** |  | 180903828 |
| **Consumer Staples – 0.9%** |  |  |
| Food Products - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Nomad Foods | 383891 | 5048166 |
| Household Products - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;WD-40 Company | 4818 | 952037 |
| Personal Care Products - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Interparfums | 100986 | 9935003 |
| **Total** |  | 15935206 |
| **Energy – 2.1%** |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Pason Systems | 1309266 | 11364471 |
| &nbsp;&nbsp;&nbsp;Weatherford International | 34861 | 2385538 |
|  |  | 13750009 |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Centrus Energy Cl. A <sup>[1](#f001)</sup> | 8681 | 2691718 |
| &nbsp;&nbsp;&nbsp;Chord Energy | 40332 | 4007791 |
| &nbsp;&nbsp;&nbsp;Civitas Resources | 130017 | 4225552 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 88147 | 3960445 |
| &nbsp;&nbsp;&nbsp;SM Energy | 156061 | 3896843 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Cl. A | 92850 | 4693567 |
|  |  | 23475916 |
| **Total** |  | 37225925 |
| **Financials – 19.8%** |  |  |
| Banks - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son | 188155 | 8075612 |
| &nbsp;&nbsp;&nbsp;BankUnited | 155583 | 5937047 |
| &nbsp;&nbsp;&nbsp;BOK Financial | 40236 | 4483900 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares | 65324 | 1542300 |
| &nbsp;&nbsp;&nbsp;Chain Bridge Bancorp Cl. A <sup>[1](#f001)</sup> | 22171 | 725657 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares | 148928 | 3024728 |
| &nbsp;&nbsp;&nbsp;CNB Financial | 160709 | 3889158 |
| &nbsp;&nbsp;&nbsp;Coastal Financial <sup>[1](#f001)</sup> | 9640 | 1042759 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings | 23200 | 2367676 |
| &nbsp;&nbsp;&nbsp;First Bank | 235018 | 3828443 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 57339 | 2251702 |
| &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | 17628 | 4649914 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 196672 | 5565818 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding | 19112 | 1429960 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 10346 | 1036255 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial | 244612 | 4297833 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 201631 | 6960302 |
| &nbsp;&nbsp;&nbsp;Popular | 117297 | 14897892 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp | 120336 | 4004782 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp NY | 41536 | 1507757 |
|  |  | 81519495 |
| Capital Markets - 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Cl. A | 355946 | 15448056 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions <sup>[1](#f001)</sup> | 76458 | 3932235 |
| &nbsp;&nbsp;&nbsp;Evercore Cl. A | 20965 | 7071914 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor Cl. A | 854408 | 10312705 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey Cl. A | 13841 | 2841834 |
| &nbsp;&nbsp;&nbsp;Lazard | 97083 | 5124041 |
| &nbsp;&nbsp;&nbsp;Marex Group | 316812 | 10651219 |
| &nbsp;&nbsp;&nbsp;Morningstar | 33306 | 7727325 |
| &nbsp;&nbsp;&nbsp;Onex Corporation | 164237 | 14573275 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners Cl. A | 150647 | 3211794 |
| &nbsp;&nbsp;&nbsp;SEI Investments | 274408 | 23283519 |
| &nbsp;&nbsp;&nbsp;Sprott | 194337 | 16152160 |
| &nbsp;&nbsp;&nbsp;StoneX Group <sup>[1](#f001)</sup> | 48410 | 4885537 |
| &nbsp;&nbsp;&nbsp;TMX Group | 444202 | 16993112 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings Cl. A | 47900 | 3102004 |
|  |  | 145310730 |
| Consumer Finance - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 42171 | 6680730 |
| Financial Services - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Enact Holdings | 111669 | 4281389 |
| &nbsp;&nbsp;&nbsp;I3 Verticals Cl. A <sup>[1](#f001)</sup> | 25580 | 830327 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 149847 | 4765135 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop | 67983 | 5684738 |
|  |  | 15561589 |
| Insurance - 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 91621 | 4016665 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty | 302932 | 25643194 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 17733 | 1698821 |
| &nbsp;&nbsp;&nbsp;Berkley (W.R.) | 137856 | 10562527 |
| &nbsp;&nbsp;&nbsp;E-L Financial | 2159914 | 25111309 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings | 296708 | 5385250 |
| &nbsp;&nbsp;&nbsp;International General Insurance Holdings | 684880 | 15889216 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 26074 | 6620971 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 102858 | 6708399 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group <sup>[1](#f001)</sup> | 44043 | 2094685 |
| &nbsp;&nbsp;&nbsp;Tiptree | 192049 | 3681579 |
|  |  | 107412616 |
| **Total** |  | 356485160 |
| **Health Care – 8.2%** |  |  |
| Biotechnology - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;ADMA Biologics <sup>[1](#f001)</sup> | 402119 | 5895065 |
| &nbsp;&nbsp;&nbsp;BridgeBio Pharma <sup>[1](#f001)</sup> | 104260 | 5415264 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals <sup>[1](#f001)</sup> | 531309 | 10466787 |
| &nbsp;&nbsp;&nbsp;Centessa Pharmaceuticals ADR <sup>[1](#f001),[2](#f002)</sup> | 107671 | 2611022 |
| &nbsp;&nbsp;&nbsp;Cytokinetics <sup>[1](#f001)</sup> | 43527 | 2392244 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics <sup>[1](#f001)</sup> | 20626 | 1512711 |
| &nbsp;&nbsp;&nbsp;Insmed <sup>[1](#f001)</sup> | 41448 | 5968926 |
| &nbsp;&nbsp;&nbsp;Metsera <sup>[1](#f001)</sup> | 44333 | 2319946 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals <sup>[1](#f001)</sup> | 328065 | 3936780 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics <sup>[1](#f001)</sup> | 13411 | 823033 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics <sup>[1](#f001)</sup> | 13471 | 910640 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics <sup>[1](#f001)</sup> | 53081 | 1268636 |
|  |  | 43521054 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Enovis Corporation <sup>[1](#f001)</sup> | 181337 | 5501765 |
| &nbsp;&nbsp;&nbsp;Envista Holdings <sup>[1](#f001)</sup> | 232996 | 4746128 |
| &nbsp;&nbsp;&nbsp;Establishment Labs Holdings <sup>[1](#f001),[2](#f002)</sup> | 17243 | 706791 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corporation <sup>[1](#f001)</sup> | 277703 | 13535244 |
| &nbsp;&nbsp;&nbsp;Surmodics <sup>[1](#f001)</sup> | 41784 | 1248924 |
| &nbsp;&nbsp;&nbsp;TransMedics Group <sup>[1](#f001),[2](#f002)</sup> | 109460 | 12281412 |
| &nbsp;&nbsp;&nbsp;UFP Technologies <sup>[1](#f001)</sup> | 3100 | 618760 |
|  |  | 38639024 |
| Health Care Providers & Services - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Cl. A <sup>[1](#f001)</sup> | 31130 | 3353946 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare <sup>[1](#f001)</sup> | 13654 | 2612830 |
| &nbsp;&nbsp;&nbsp;PACS Group <sup>[1](#f001)</sup> | 407144 | 5590087 |
|  |  | 11556863 |
| Life Sciences Tools & Services - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Azenta <sup>[1](#f001)</sup> | 122710 | 3524231 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions <sup>[1](#f001)</sup> | 17602 | 449027 |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 107101 | 5958029 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International <sup>[1](#f001)</sup> | 36736 | 5747714 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories | 45515 | 3049960 |
| &nbsp;&nbsp;&nbsp;Repligen Corporation <sup>[1](#f001)</sup> | 63968 | 8550603 |
| &nbsp;&nbsp;&nbsp;Stevanato Group | 132046 | 3400184 |
|  |  | 30679748 |
| Pharmaceuticals - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals <sup>[1](#f001)</sup> | 173962 | 4636087 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics <sup>[1](#f001)</sup> | 9892 | 1201384 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical <sup>[1](#f001)</sup> | 125915 | 4405766 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health <sup>[1](#f001)</sup> | 269838 | 5434537 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics <sup>[1](#f001),[2](#f002)</sup> | 420906 | 1115401 |
| &nbsp;&nbsp;&nbsp;Indivior <sup>[1](#f001)</sup> | 106954 | 2578661 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies | 357096 | 3267428 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics <sup>[1](#f001),[2](#f002)</sup> | 187649 | 1784542 |
|  |  | 24423806 |
| **Total** |  | 148820495 |
| **Industrials – 28.4%** |  |  |
| Aerospace & Defense - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Karman Holdings <sup>[1](#f001)</sup> | 68736 | 4962739 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions <sup>[1](#f001)</sup> | 101308 | 9256512 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS | 24352 | 1105581 |
| &nbsp;&nbsp;&nbsp;Moog Cl. A | 16213 | 3366954 |
|  |  | 18691786 |
| Air Freight & Logistics - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Hub Group Cl. A | 195522 | 6733778 |
| Building Products - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;AAON | 102671 | 9593578 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource <sup>[1](#f001)</sup> | 82073 | 9951351 |
| &nbsp;&nbsp;&nbsp;Carlisle Companies | 3600 | 1184256 |
| &nbsp;&nbsp;&nbsp;Janus International Group <sup>[1](#f001)</sup> | 255247 | 2519288 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 45863 | 7680218 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 105487 | 9861980 |
|  |  | 40790671 |
| Commercial Services & Supplies - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Brady Corporation Cl. A | 94726 | 7391470 |
| &nbsp;&nbsp;&nbsp;CECO Environmental <sup>[1](#f001)</sup> | 98391 | 5037619 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group <sup>[1](#f001)</sup> | 473834 | 7974626 |
| &nbsp;&nbsp;&nbsp;Interface | 176812 | 5116939 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 13470 | 2317783 |
| &nbsp;&nbsp;&nbsp;RB Global | 25600 | 2774016 |
| &nbsp;&nbsp;&nbsp;UniFirst Corporation | 11072 | 1851128 |
| &nbsp;&nbsp;&nbsp;VSE Corporation | 19539 | 3248163 |
|  |  | 35711744 |
| Construction & Engineering - 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco Cl. A <sup>[1](#f001)</sup> | 103139 | 3463408 |
| &nbsp;&nbsp;&nbsp;Arcosa | 385994 | 36171498 |
| &nbsp;&nbsp;&nbsp;Argan | 22498 | 6075585 |
| &nbsp;&nbsp;&nbsp;Construction Partners Cl. A <sup>[1](#f001)</sup> | 106429 | 13516483 |
| &nbsp;&nbsp;&nbsp;IES Holdings <sup>[1](#f001)</sup> | 24754 | 9843428 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings <sup>[1](#f001)</sup> | 12883 | 1251197 |
| &nbsp;&nbsp;&nbsp;MYR Group <sup>[1](#f001)</sup> | 13750 | 2860412 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure <sup>[1](#f001)</sup> | 41766 | 2210674 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure <sup>[1](#f001),[2](#f002)</sup> | 38494 | 13075642 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 36212 | 14040479 |
|  |  | 102508806 |
| Electrical Equipment - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;American Superconductor <sup>[1](#f001)</sup> | 92177 | 5474392 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products | 80721 | 15833424 |
|  |  | 21307816 |
| Ground Transportation - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;ArcBest Corporation | 41873 | 2925667 |
| &nbsp;&nbsp;&nbsp;Landstar System | 42091 | 5158673 |
| &nbsp;&nbsp;&nbsp;Ryder System | 10961 | 2067683 |
|  |  | 10152023 |
| Machinery - 8.5% |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 44084 | 3741850 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 267195 | 12047823 |
| &nbsp;&nbsp;&nbsp;Blue Bird <sup>[1](#f001)</sup> | 84819 | 4881333 |
| &nbsp;&nbsp;&nbsp;Enpro | 75476 | 17057576 |
| &nbsp;&nbsp;&nbsp;ESAB Corporation | 168556 | 18834447 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies | 49232 | 10393367 |
| &nbsp;&nbsp;&nbsp;Graham Corporation <sup>[1](#f001)</sup> | 144791 | 7949026 |
| &nbsp;&nbsp;&nbsp;Helios Technologies | 59852 | 3120085 |
| &nbsp;&nbsp;&nbsp;JBT Marel | 115205 | 16180542 |
| &nbsp;&nbsp;&nbsp;Kadant | 40279 | 11986225 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 54999 | 12970414 |
| &nbsp;&nbsp;&nbsp;Lindsay Corporation | 62639 | 8804538 |
| &nbsp;&nbsp;&nbsp;Miller Industries | 118606 | 4794055 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 4508 | 455804 |
| &nbsp;&nbsp;&nbsp;RBC Bearings <sup>[1](#f001)</sup> | 37789 | 14748669 |
| &nbsp;&nbsp;&nbsp;REV Group | 2556 | 144849 |
| &nbsp;&nbsp;&nbsp;SPX Technologies <sup>[1](#f001)</sup> | 3325 | 621043 |
| &nbsp;&nbsp;&nbsp;Timken Company (The) | 64555 | 4853245 |
|  |  | 153584891 |
| Marine Transportation - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading | 271377 | 4830510 |
| &nbsp;&nbsp;&nbsp;Kirby Corporation <sup>[1](#f001)</sup> | 77546 | 6471214 |
| &nbsp;&nbsp;&nbsp;Matson | 24722 | 2437342 |
|  |  | 13739066 |
| Professional Services - 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services | 28445 | 1260682 |
| &nbsp;&nbsp;&nbsp;CBIZ <sup>[1](#f001)</sup> | 65227 | 3454422 |
| &nbsp;&nbsp;&nbsp;Exponent | 62685 | 4355354 |
| &nbsp;&nbsp;&nbsp;Franklin Covey <sup>[1](#f001)</sup> | 183971 | 3570877 |
| &nbsp;&nbsp;&nbsp;IBEX <sup>[1](#f001)</sup> | 143289 | 5806070 |
| &nbsp;&nbsp;&nbsp;Insperity | 119818 | 5895046 |
| &nbsp;&nbsp;&nbsp;KBR | 331189 | 15661928 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 150883 | 10558792 |
|  |  | 50563171 |
| Trading Companies & Distributors - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease Cl. A | 152808 | 9726229 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 43882 | 11455396 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group <sup>[1](#f001)</sup> | 106672 | 3208694 |
| &nbsp;&nbsp;&nbsp;EVI Industries | 346167 | 10942339 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 17906 | 2987795 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Cl. A | 50937 | 4693335 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises Cl. A | 31674 | 1693609 |
| &nbsp;&nbsp;&nbsp;Transcat <sup>[1](#f001)</sup> | 114759 | 8400359 |
| &nbsp;&nbsp;&nbsp;WESCO International | 19525 | 4129537 |
|  |  | 57237293 |
| **Total** |  | 511021045 |
| **Information Technology – 16.6%** |  |  |
| Communications Equipment - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Digi International <sup>[1](#f001)</sup> | 258206 | 9414191 |
| Electronic Equipment, Instruments & Components - 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;Arrow Electronics <sup>[1](#f001)</sup> | 19504 | 2359984 |
| &nbsp;&nbsp;&nbsp;Bel Fuse Cl. B | 16084 | 2268166 |
| &nbsp;&nbsp;&nbsp;Cognex Corporation | 273320 | 12381396 |
| &nbsp;&nbsp;&nbsp;Coherent Corp. <sup>[1](#f001)</sup> | 69138 | 7447545 |
| &nbsp;&nbsp;&nbsp;Crane NXT | 108840 | 7299899 |
| &nbsp;&nbsp;&nbsp;ePlus | 56218 | 3992040 |
| &nbsp;&nbsp;&nbsp;Flex <sup>[1](#f001)</sup> | 67604 | 3919004 |
| &nbsp;&nbsp;&nbsp;Jabil | 15812 | 3433892 |
| &nbsp;&nbsp;&nbsp;Knowles Corporation <sup>[1](#f001)</sup> | 206046 | 4802932 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 42410 | 10984614 |
| &nbsp;&nbsp;&nbsp;Luna Innovations <sup>[1](#f001),[4](#f004)</sup> | 655884 | 721472 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies Cl. A <sup>[1](#f001)</sup> | 23475 | 546028 |
| &nbsp;&nbsp;&nbsp;nLIGHT <sup>[1](#f001)</sup> | 238109 | 7055170 |
| &nbsp;&nbsp;&nbsp;PAR Technology <sup>[1](#f001)</sup> | 343758 | 13605942 |
| &nbsp;&nbsp;&nbsp;Powerfleet <sup>[1](#f001)</sup> | 751408 | 3937378 |
| &nbsp;&nbsp;&nbsp;Sanmina Corporation <sup>[1](#f001)</sup> | 77173 | 8883384 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 29839 | 4886136 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies <sup>[1](#f001)</sup> | 8040 | 4711762 |
| &nbsp;&nbsp;&nbsp;Vontier Corporation | 458346 | 19236782 |
|  |  | 122473526 |
| IT Services - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Hackett Group (The) | 432681 | 8225266 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings <sup>[1](#f001)</sup> | 326991 | 9819539 |
|  |  | 18044805 |
| Semiconductors & Semiconductor Equipment - 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems <sup>[1](#f001)</sup> | 44404 | 1296597 |
| &nbsp;&nbsp;&nbsp;Camtek <sup>[1](#f001)</sup> | 52355 | 5499893 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic <sup>[1](#f001)</sup> | 198201 | 24832603 |
| &nbsp;&nbsp;&nbsp;Cohu <sup>[1](#f001)</sup> | 264647 | 5380274 |
| &nbsp;&nbsp;&nbsp;FormFactor <sup>[1](#f001)</sup> | 186075 | 6776851 |
| &nbsp;&nbsp;&nbsp;Impinj <sup>[1](#f001)</sup> | 49151 | 8884043 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | 163478 | 6643746 |
| &nbsp;&nbsp;&nbsp;MKS | 122240 | 15129645 |
| &nbsp;&nbsp;&nbsp;Nova <sup>[1](#f001),[2](#f002)</sup> | 40750 | 13026145 |
| &nbsp;&nbsp;&nbsp;NVE Corporation | 25148 | 1641410 |
| &nbsp;&nbsp;&nbsp;Onto Innovation <sup>[1](#f001)</sup> | 91220 | 11787448 |
| &nbsp;&nbsp;&nbsp;Photronics <sup>[1](#f001)</sup> | 130787 | 3001562 |
| &nbsp;&nbsp;&nbsp;SiTime Corporation <sup>[1](#f001)</sup> | 23732 | 7150689 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor <sup>[1](#f001)</sup> | 49172 | 3555136 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings <sup>[1](#f001)</sup> | 83762 | 2282514 |
|  |  | 116888556 |
| Software - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Adeia | 125607 | 2110198 |
| &nbsp;&nbsp;&nbsp;Agilysys <sup>[1](#f001)</sup> | 94589 | 9955492 |
| &nbsp;&nbsp;&nbsp;Computer Modelling Group | 2339433 | 10539804 |
| &nbsp;&nbsp;&nbsp;JFrog <sup>[1](#f001)</sup> | 84926 | 4019547 |
|  |  | 26625041 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf <sup>[1](#f001)</sup> | 90560 | 5164637 |
| **Total** |  | 298610756 |
| **Materials – 7.6%** |  |  |
| Chemicals - 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Cabot Corporation | 52623 | 4001979 |
| &nbsp;&nbsp;&nbsp;Element Solutions | 1100159 | 27691002 |
| &nbsp;&nbsp;&nbsp;Hawkins | 7766 | 1419003 |
| &nbsp;&nbsp;&nbsp;Ingevity Corporation <sup>[1](#f001)</sup> | 197525 | 10901405 |
| &nbsp;&nbsp;&nbsp;Innospec | 113530 | 8759975 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 154907 | 9622823 |
| &nbsp;&nbsp;&nbsp;NewMarket Corporation | 5960 | 4936132 |
| &nbsp;&nbsp;&nbsp;Quaker Houghton | 96164 | 12669607 |
|  |  | 80001926 |
| Construction Materials - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals | 12191 | 1603726 |
| Containers & Packaging - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Company | 227338 | 4449005 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 110062 | 4733766 |
|  |  | 9182771 |
| Metals & Mining - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alamos Gold Cl. A | 454328 | 15836352 |
| &nbsp;&nbsp;&nbsp;Century Aluminum <sup>[1](#f001)</sup> | 64478 | 1893074 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 39806 | 2280088 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International <sup>[1](#f001)</sup> | 281491 | 2354355 |
| &nbsp;&nbsp;&nbsp;Metallus <sup>[1](#f001)</sup> | 69000 | 1140570 |
| &nbsp;&nbsp;&nbsp;Reliance | 14973 | 4204868 |
| &nbsp;&nbsp;&nbsp;Worthington Steel | 131068 | 3983156 |
|  |  | 31692463 |
| Paper & Forest Products - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Stella-Jones | 244295 | 13939402 |
| **Total** |  | 136420288 |
| **Real Estate – 1.3%** |  |  |
| Real Estate Management & Development - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Colliers International Group | 31615 | 4938579 |
| &nbsp;&nbsp;&nbsp;FirstService Corporation | 23813 | 4536138 |
| &nbsp;&nbsp;&nbsp;FRP Holdings <sup>[1](#f001)</sup> | 170323 | 4149068 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings | 634050 | 5275296 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 177716 | 5215965 |
| **Total** |  | 24115046 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,087,350,792) |  | 1724015763 |
| **COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.2%** |  |  |
| Money Market Funds |  |  |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund - <br> Institutional Shares (7 day yield-4.01%) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,818,565) | 3818565 | 3818565 |
| **INVESTMENTS AT VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,091,169,357) |  | 1727834328 |
| **REPURCHASE AGREEMENT – 4.3%** |  |  |
| Fixed Income Clearing Corporation, <br> 3.50% dated 9/30/25, due 10/1/25, <br> maturity value $77,040,927 (collateralized <br> by obligations of various U.S. Government <br> Agencies, 3.875-4.625% due 5/31/27-2/29/32, valued at $78,574,297) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $77,033,438) |  | 77033438 |
| **TOTAL INVESTMENTS – 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,168,202,795) |  | 1804867766 |
| **LIABILITIES LESS CASH** |  |  |
| &nbsp;&nbsp;&nbsp;**AND OTHER ASSETS – (0.2)%** |  | (3049412) |
| **NET ASSETS – 100.0%** |  | $**1801818354** |

---

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP OPPORTUNITY FUND

SEPTEMBER 30, 2025 (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS – 96.3%** |  |  |
| **Communication Services – 3.7%** |  |  |
| Entertainment - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;IMAX Corporation <sup>[1](#f001)</sup> | 152516 | $4994899 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios <sup>[1](#f001)</sup> | 776168 | 5355559 |
| &nbsp;&nbsp;&nbsp;Starz Entertainment <sup>[1](#f001)</sup> | 201549 | 2968817 |
|  |  | 13319275 |
| Interactive Media & Services - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;DHI Group <sup>[1](#f001)</sup> | 1157117 | 3216785 |
| &nbsp;&nbsp;&nbsp;EverQuote Cl. A <sup>[1](#f001)</sup> | 169821 | 3883806 |
| &nbsp;&nbsp;&nbsp;IAC <sup>[1](#f001)</sup> | 144227 | 4913814 |
| &nbsp;&nbsp;&nbsp;QuinStreet <sup>[1](#f001)</sup> | 305102 | 4719928 |
|  |  | 16734333 |
| Media - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Criteo ADR <sup>[1](#f001)</sup> | 158139 | 3573942 |
| &nbsp;&nbsp;&nbsp;Magnite <sup>[1](#f001)</sup> | 243931 | 5312817 |
|  |  | 8886759 |
| Wireless Telecommunication Services - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Gogo <sup>[1](#f001)</sup> | 276291 | 2373340 |
| **Total** |  | 41313707 |
| **Consumer Discretionary – 10.1%** |  |  |
| Automobile Components - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing <sup>[1](#f001)</sup> | 65154 | 9262293 |
| &nbsp;&nbsp;&nbsp;Patrick Industries | 16145 | 1669877 |
| &nbsp;&nbsp;&nbsp;Stoneridge <sup>[1](#f001)</sup> | 220299 | 1678678 |
|  |  | 12610848 |
| Automobiles - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Winnebago Industries | 113703 | 3802228 |
| Broadline Retail - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Dillard's Cl. A | 12975 | 7972878 |
| Diversified Consumer Services - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;American Public Education <sup>[1](#f001)</sup> | 179883 | 7099982 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Century Casinos <sup>[1](#f001)</sup> | 370386 | 966708 |
| Household Durables - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA <sup>[1](#f001)</sup> | 196649 | 4827733 |
| &nbsp;&nbsp;&nbsp;Cavco Industries <sup>[1](#f001)</sup> | 8172 | 4745726 |
| &nbsp;&nbsp;&nbsp;Century Communities | 29639 | 1878223 |
| &nbsp;&nbsp;&nbsp;Champion Homes <sup>[1](#f001)</sup> | 107176 | 8185031 |
| &nbsp;&nbsp;&nbsp;M/I Homes <sup>[1](#f001)</sup> | 17783 | 2568577 |
| &nbsp;&nbsp;&nbsp;Sonos <sup>[1](#f001)</sup> | 162499 | 2567484 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home <sup>[1](#f001)</sup> | 91306 | 6027109 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes <sup>[1](#f001)</sup> | 129503 | 4399217 |
|  |  | 35199100 |
| Specialty Retail - 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts | 143006 | 8780568 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings Cl. A | 234731 | 3706403 |
| &nbsp;&nbsp;&nbsp;J.Jill | 324756 | 5569565 |
| &nbsp;&nbsp;&nbsp;MarineMax <sup>[1](#f001)</sup> | 219513 | 5560264 |
| &nbsp;&nbsp;&nbsp;OneWater Marine Cl. A <sup>[1](#f001)</sup> | 267845 | 4242665 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. <sup>[1](#f001)</sup> | 221750 | 6018295 |
|  |  | 33877760 |
| Textiles, Apparel & Luxury Goods - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Capri Holdings <sup>[1](#f001)</sup> | 137258 | 2734179 |
| &nbsp;&nbsp;&nbsp;Carter's | 82289 | 2322196 |
| &nbsp;&nbsp;&nbsp;Lakeland Industries | 463899 | 6865705 |
|  |  | 11922080 |
| **Total** |  | 113451584 |
| **Consumer Staples – 0.4%** |  |  |
| Food Products - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;SunOpta <sup>[1](#f001)</sup> | 709483 | 4157570 |
| **Total** |  | 4157570 |
| **Energy – 9.0%** |  |  |
| Energy Equipment & Services - 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Archrock | 139566 | 3671981 |
| &nbsp;&nbsp;&nbsp;Cactus Cl. A | 75345 | 2973867 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings Cl. A | 157290 | 2335756 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services | 165499 | 6118498 |
| &nbsp;&nbsp;&nbsp;Liberty Energy Cl. A | 289381 | 3570962 |
| &nbsp;&nbsp;&nbsp;Mattr Corp. <sup>[1](#f001)</sup> | 447482 | 3446869 |
| &nbsp;&nbsp;&nbsp;NPK International <sup>[1](#f001)</sup> | 722500 | 8171475 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy | 52604 | 272489 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services Cl. A | 371168 | 5211199 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions Cl. A | 928133 | 9921742 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure Cl. A | 255654 | 10218490 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies <sup>[1](#f001)</sup> | 999134 | 5745020 |
|  |  | 61658348 |
| Oil, Gas & Consumable Fuels - 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping | 410576 | 4873537 |
| &nbsp;&nbsp;&nbsp;Comstock Resources <sup>[1](#f001)</sup> | 241956 | 4797988 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 53697 | 2412606 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings | 429918 | 6659430 |
| &nbsp;&nbsp;&nbsp;Northern Oil and Gas | 132974 | 3297755 |
| &nbsp;&nbsp;&nbsp;Range Resources | 44444 | 1672872 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy | 514578 | 5804440 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers | 90042 | 5046854 |
| &nbsp;&nbsp;&nbsp;Vermilion Energy | 529856 | 4138489 |
|  |  | 38703971 |
| **Total** |  | 100362319 |
| **Financials – 11.7%** |  |  |
| Banks - 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Axos Financial <sup>[1](#f001)</sup> | 44022 | 3726462 |
| &nbsp;&nbsp;&nbsp;BankUnited | 213354 | 8141589 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | 237000 | 6813750 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares | 301152 | 7110199 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp <sup>[1](#f001)</sup> | 96950 | 6337621 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares | 196811 | 5870872 |
| &nbsp;&nbsp;&nbsp;First Foundation <sup>[1](#f001)</sup> | 561914 | 3129861 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings | 157049 | 5248578 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial | 47222 | 829691 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 296356 | 9018113 |
| &nbsp;&nbsp;&nbsp;TowneBank | 35988 | 1244105 |
|  |  | 57470841 |
| Capital Markets - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Cl. A | 150274 | 6521892 |
| &nbsp;&nbsp;&nbsp;Canaccord Genuity Group | 869379 | 6709155 |
| &nbsp;&nbsp;&nbsp;Evercore Cl. A | 13795 | 4653329 |
| &nbsp;&nbsp;&nbsp;Marex Group | 127680 | 4292601 |
| &nbsp;&nbsp;&nbsp;Moelis & Company Cl. A | 58667 | 4184130 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners Cl. A | 353268 | 7531674 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings Cl. A | 120838 | 7825469 |
|  |  | 41718250 |
| Consumer Finance - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Encore Capital Group <sup>[1](#f001)</sup> | 99983 | 4173291 |
| Financial Services - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;I3 Verticals Cl. A <sup>[1](#f001),[2](#f002)</sup> | 219907 | 7138181 |
| &nbsp;&nbsp;&nbsp;NCR Atleos <sup>[1](#f001)</sup> | 224986 | 8844200 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop | 87613 | 7326199 |
|  |  | 23308580 |
| Insurance - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Abacus Global Management <sup>[1](#f001),[2](#f002)</sup> | 706051 | 4045672 |
| **Total** |  | 130716634 |
| **Health Care – 8.4%** |  |  |
| Biotechnology - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Myriad Genetics <sup>[1](#f001)</sup> | 372521 | 2693327 |
| Health Care Equipment & Supplies - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;AngioDynamics <sup>[1](#f001)</sup> | 553461 | 6182159 |
| &nbsp;&nbsp;&nbsp;Apyx Medical <sup>[1](#f001)</sup> | 696479 | 1490465 |
| &nbsp;&nbsp;&nbsp;Artivion <sup>[1](#f001)</sup> | 165123 | 6991308 |
| &nbsp;&nbsp;&nbsp;Bioventus Cl. A <sup>[1](#f001),[2](#f002)</sup> | 701953 | 4696066 |
| &nbsp;&nbsp;&nbsp;Enovis Corporation <sup>[1](#f001)</sup> | 130715 | 3965893 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care <sup>[1](#f001)</sup> | 283331 | 3439638 |
| &nbsp;&nbsp;&nbsp;Teleflex | 38889 | 4758458 |
| &nbsp;&nbsp;&nbsp;Varex Imaging <sup>[1](#f001)</sup> | 351187 | 4354719 |
|  |  | 35878706 |
| Health Care Providers & Services - 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare <sup>[1](#f001)</sup> | 285586 | 4983476 |
| &nbsp;&nbsp;&nbsp;Astrana Health <sup>[1](#f001)</sup> | 141855 | 4021589 |
| &nbsp;&nbsp;&nbsp;Community Health Systems <sup>[1](#f001)</sup> | 350213 | 1124184 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent | 189658 | 3969542 |
| &nbsp;&nbsp;&nbsp;NeoGenomics <sup>[1](#f001)</sup> | 73658 | 568640 |
| &nbsp;&nbsp;&nbsp;Privia Health Group <sup>[1](#f001)</sup> | 337216 | 8396678 |
| &nbsp;&nbsp;&nbsp;Quipt Home Medical <sup>[1](#f001),[2](#f002)</sup> | 434534 | 1134134 |
| &nbsp;&nbsp;&nbsp;RadNet <sup>[1](#f001)</sup> | 69394 | 5288517 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings | 190890 | 2451027 |
| &nbsp;&nbsp;&nbsp;Talkspace <sup>[1](#f001)</sup> | 719910 | 1986951 |
|  |  | 33924738 |
| Health Care Technology - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;LifeMD <sup>[1](#f001),[2](#f002)</sup> | 452845 | 3074818 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corporation <sup>[1](#f001)</sup> | 376442 | 7717061 |
|  |  | 10791879 |
| Pharmaceuticals - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Harrow <sup>[1](#f001)</sup> | 146144 | 7041218 |
| &nbsp;&nbsp;&nbsp;Innoviva <sup>[1](#f001)</sup> | 235932 | 4305759 |
|  |  | 11346977 |
| **Total** |  | 94635627 |
| **Industrials – 25.7%** |  |  |
| Aerospace & Defense - 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;AAR Corp. <sup>[1](#f001)</sup> | 104676 | 9386297 |
| &nbsp;&nbsp;&nbsp;Astronics Corporation <sup>[1](#f001)</sup> | 193652 | 8832468 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 23606 | 4352238 |
| &nbsp;&nbsp;&nbsp;Ducommun <sup>[1](#f001)</sup> | 71040 | 6829075 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions <sup>[1](#f001)</sup> | 77776 | 7106393 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS | 113123 | 5135784 |
| &nbsp;&nbsp;&nbsp;Mercury Systems <sup>[1](#f001)</sup> | 115855 | 8967177 |
| &nbsp;&nbsp;&nbsp;V2X <sup>[1](#f001),[2](#f002)</sup> | 119787 | 6958427 |
|  |  | 57567859 |
| Air Freight & Logistics - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Hub Group Cl. A | 91425 | 3148677 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics <sup>[1](#f001)</sup> | 766151 | 4520291 |
|  |  | 7668968 |
| Building Products - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries <sup>[1](#f001)</sup> | 51241 | 3217935 |
| &nbsp;&nbsp;&nbsp;Insteel Industries | 54130 | 2075344 |
| &nbsp;&nbsp;&nbsp;Janus International Group <sup>[1](#f001)</sup> | 458355 | 4523964 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies <sup>[1](#f001)</sup> | 267799 | 11563561 |
|  |  | 21380804 |
| Commercial Services & Supplies - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Acuren Corporation <sup>[1](#f001)</sup> | 372521 | 4958254 |
| &nbsp;&nbsp;&nbsp;ACV Auctions Cl. A <sup>[1](#f001)</sup> | 133332 | 1321320 |
| &nbsp;&nbsp;&nbsp;CECO Environmental <sup>[1](#f001)</sup> | 193653 | 9915034 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group <sup>[1](#f001)</sup> | 203643 | 3427312 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group <sup>[1](#f001)</sup> | 263991 | 7249193 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality <sup>[1](#f001)</sup> | 162839 | 5891515 |
| &nbsp;&nbsp;&nbsp;VSE Corporation | 29823 | 4957775 |
|  |  | 37720403 |
| Construction & Engineering - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco Cl. A <sup>[1](#f001)</sup> | 188887 | 6342825 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings | 576349 | 4063260 |
| &nbsp;&nbsp;&nbsp;Construction Partners Cl. A <sup>[1](#f001),[2](#f002)</sup> | 56342 | 7155434 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings <sup>[1](#f001)</sup> | 17732 | 1722132 |
| &nbsp;&nbsp;&nbsp;Matrix Service <sup>[1](#f001)</sup> | 306120 | 4004050 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure <sup>[1](#f001),[2](#f002)</sup> | 129297 | 6843690 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings <sup>[1](#f001)</sup> | 947521 | 7883375 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 77451 | 10636346 |
|  |  | 48651112 |
| Electrical Equipment - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;American Superconductor <sup>[1](#f001)</sup> | 63276 | 3757961 |
| &nbsp;&nbsp;&nbsp;LSI Industries | 166665 | 3934961 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group Cl. A <sup>[1](#f001),[2](#f002)</sup> | 760709 | 5636854 |
|  |  | 13329776 |
| Ground Transportation - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure | 1197381 | 5220581 |
| Machinery - 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Aebi Schmidt Holding | 444196 | 5539124 |
| &nbsp;&nbsp;&nbsp;Ag Growth International | 109727 | 2867551 |
| &nbsp;&nbsp;&nbsp;Helios Technologies | 141508 | 7376812 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings | 585957 | 8144802 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering <sup>[1](#f001)</sup> | 311691 | 4288868 |
| &nbsp;&nbsp;&nbsp;Stratasys <sup>[1](#f001)</sup> | 320565 | 3590328 |
| &nbsp;&nbsp;&nbsp;Titan International <sup>[1](#f001)</sup> | 327830 | 2478395 |
| &nbsp;&nbsp;&nbsp;Trinity Industries | 218861 | 6136863 |
| &nbsp;&nbsp;&nbsp;Wabash National | 438331 | 4326327 |
|  |  | 44749070 |
| Professional Services - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Amentum Holdings <sup>[1](#f001)</sup> | 252498 | 6047327 |
| &nbsp;&nbsp;&nbsp;Kelly Services Cl. A | 326634 | 4285438 |
| &nbsp;&nbsp;&nbsp;Mistras Group <sup>[1](#f001)</sup> | 746158 | 7342195 |
| &nbsp;&nbsp;&nbsp;TrueBlue <sup>[1](#f001)</sup> | 878259 | 5383728 |
|  |  | 23058688 |
| Trading Companies & Distributors - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Boise Cascade | 42797 | 3309064 |
| &nbsp;&nbsp;&nbsp;DNOW <sup>[1](#f001)</sup> | 288543 | 4400281 |
| &nbsp;&nbsp;&nbsp;MRC Global <sup>[1](#f001)</sup> | 466925 | 6733058 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply <sup>[1](#f001)</sup> | 40318 | 5192958 |
| &nbsp;&nbsp;&nbsp;Titan Machinery <sup>[1](#f001)</sup> | 184444 | 3087593 |
| &nbsp;&nbsp;&nbsp;WESCO International | 26114 | 5523111 |
|  |  | 28246065 |
| **Total** |  | 287593326 |
| **Information Technology – 20.7%** |  |  |
| Communications Equipment - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings <sup>[1](#f001)</sup> | 680700 | 6384966 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics <sup>[1](#f001),[2](#f002)</sup> | 282782 | 7332537 |
| &nbsp;&nbsp;&nbsp;Aviat Networks <sup>[1](#f001)</sup> | 332063 | 7614205 |
| &nbsp;&nbsp;&nbsp;Clearfield <sup>[1](#f001)</sup> | 94325 | 3242893 |
| &nbsp;&nbsp;&nbsp;Comtech Telecommunications <sup>[1](#f001)</sup> | 886588 | 2287397 |
| &nbsp;&nbsp;&nbsp;Digi International <sup>[1](#f001)</sup> | 218850 | 7979271 |
| &nbsp;&nbsp;&nbsp;Gilat Satellite Networks <sup>[1](#f001)</sup> | 665378 | 8663222 |
| &nbsp;&nbsp;&nbsp;Inseego <sup>[1](#f001),[2](#f002)</sup> | 224998 | 3368220 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications <sup>[1](#f001)</sup> | 1672486 | 6355447 |
|  |  | 53228158 |
| Electronic Equipment, Instruments & Components - 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries | 34234 | 5824573 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies <sup>[1](#f001)</sup> | 328270 | 5564177 |
| &nbsp;&nbsp;&nbsp;Coherent Corp. <sup>[1](#f001)</sup> | 64724 | 6972069 |
| &nbsp;&nbsp;&nbsp;CTS Corporation | 131942 | 5269764 |
| &nbsp;&nbsp;&nbsp;Identiv <sup>[1](#f001)</sup> | 617479 | 2130303 |
| &nbsp;&nbsp;&nbsp;IPG Photonics <sup>[1](#f001)</sup> | 71576 | 5668103 |
| &nbsp;&nbsp;&nbsp;Knowles Corporation <sup>[1](#f001)</sup> | 439694 | 10249267 |
| &nbsp;&nbsp;&nbsp;nLIGHT <sup>[1](#f001),[2](#f002)</sup> | 269288 | 7979003 |
| &nbsp;&nbsp;&nbsp;Powerfleet <sup>[1](#f001),[2](#f002)</sup> | 924964 | 4846811 |
| &nbsp;&nbsp;&nbsp;SmartRent Cl. A <sup>[1](#f001)</sup> | 760361 | 1072109 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology | 155440 | 2378232 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group <sup>[1](#f001)</sup> | 121750 | 3902088 |
|  |  | 61856499 |
| IT Services - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;CI&T Cl. A <sup>[1](#f001)</sup> | 290845 | 1497852 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings <sup>[1](#f001)</sup> | 212053 | 6367951 |
|  |  | 7865803 |
| Semiconductors & Semiconductor Equipment - 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;Alpha and Omega Semiconductor <sup>[1](#f001)</sup> | 148517 | 4152535 |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 271897 | 7721875 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies <sup>[1](#f001)</sup> | 61660 | 6020482 |
| &nbsp;&nbsp;&nbsp;Cohu <sup>[1](#f001)</sup> | 298522 | 6068952 |
| &nbsp;&nbsp;&nbsp;FormFactor <sup>[1](#f001)</sup> | 204215 | 7437510 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings <sup>[1](#f001)</sup> | 224140 | 3926933 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor Cl. A <sup>[1](#f001),[2](#f002)</sup> | 931524 | 3791303 |
| &nbsp;&nbsp;&nbsp;inTEST Corporation <sup>[1](#f001)</sup> | 472837 | 3692857 |
| &nbsp;&nbsp;&nbsp;Kopin Corporation <sup>[1](#f001)</sup> | 2665864 | 6478050 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | 94374 | 3835359 |
| &nbsp;&nbsp;&nbsp;Onto Innovation <sup>[1](#f001)</sup> | 17441 | 2253726 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions <sup>[1](#f001)</sup> | 352968 | 9275999 |
| &nbsp;&nbsp;&nbsp;Silicon Motion Technology ADR | 36411 | 3452127 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings <sup>[1](#f001)</sup> | 336585 | 9171941 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments <sup>[1](#f001)</sup> | 288648 | 8783559 |
|  |  | 86063208 |
| Software - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;A10 Networks | 383147 | 6954118 |
| &nbsp;&nbsp;&nbsp;Blend Labs Cl. A <sup>[1](#f001)</sup> | 349997 | 1277489 |
| &nbsp;&nbsp;&nbsp;Five9 <sup>[1](#f001)</sup> | 143666 | 3476717 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings <sup>[1](#f001)</sup> | 130518 | 3542259 |
| &nbsp;&nbsp;&nbsp;NCR Voyix <sup>[1](#f001)</sup> | 318330 | 3995041 |
| &nbsp;&nbsp;&nbsp;Veritone <sup>[1](#f001)</sup> | 299997 | 1445986 |
| &nbsp;&nbsp;&nbsp;Viant Technology Cl. A <sup>[1](#f001)</sup> | 290664 | 2508430 |
|  |  | 23200040 |
| **Total** |  | 232213708 |
| **Materials – 6.4%** |  |  |
| Chemicals - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Arq <sup>[1](#f001)</sup> | 763017 | 5463202 |
| &nbsp;&nbsp;&nbsp;Ingevity Corporation <sup>[1](#f001)</sup> | 132400 | 7307156 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash <sup>[1](#f001)</sup> | 109127 | 3337103 |
|  |  | 16107461 |
| Containers & Packaging - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Cl. A <sup>[1](#f001)</sup> | 249998 | 1404989 |
| &nbsp;&nbsp;&nbsp;Sealed Air | 157960 | 5583886 |
|  |  | 6988875 |
| Metals & Mining - 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;AMG Critical Materials | 203313 | 6845909 |
| &nbsp;&nbsp;&nbsp;ATI <sup>[1](#f001)</sup> | 76346 | 6209984 |
| &nbsp;&nbsp;&nbsp;Capstone Copper <sup>[1](#f001)</sup> | 1002051 | 8510629 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 113672 | 6511132 |
| &nbsp;&nbsp;&nbsp;Ferroglobe | 789082 | 3590323 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International <sup>[1](#f001)</sup> | 816655 | 6830398 |
| &nbsp;&nbsp;&nbsp;Materion Corporation | 54211 | 6549231 |
| &nbsp;&nbsp;&nbsp;Metallus <sup>[1](#f001)</sup> | 246196 | 4069620 |
| &nbsp;&nbsp;&nbsp;Noranda Aluminum Holding Corporation <sup>[1](#f001),[3](#f003)</sup> | 488157 | 0 |
|  |  | 49117226 |
| **Total** |  | 72213562 |
| **Real Estate – 0.2%** |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings | 308265 | 2564765 |
| **Total** |  | 2564765 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $750,281,067) |  | 1079222802 |
| **COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.7%** |  |  |
| Money Market Funds |  |  |
| &nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund - <br> Institutional Shares (7 day yield-4.01%) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,851,754) | 7851754 | 7851754 |
| **INVESTMENTS AT VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $758,132,821) |  | 1087074556 |
| **REPURCHASE AGREEMENT – 3.9%** |  |  |
| Fixed Income Clearing Corporation, <br> 3.50% dated 9/30/25, due 10/1/25, <br> maturity value $44,334,335 (collateralized <br> by obligations of U.S. Government <br> Agencies, 3.75% due 4/30/27, valued at $45,216,690) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,330,025) |  | 44330025 |
| **TOTAL INVESTMENTS – 100.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $802,462,846) |  | 1131404581 |
| **LIABILITIES LESS CASH** |  |  |
| &nbsp;&nbsp;&nbsp;**AND OTHER ASSETS – (0.9)%** |  | (10639290) |
| **NET ASSETS – 100.0%** |  | $**1120765291** |

---

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP SPECIAL EQUITY FUND

SEPTEMBER 30, 2025 (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS – 75.6%** |  |  |
| **Communication Services – 4.5%** |  |  |
| Media - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;TEGNA | 1100000 | $22363000 |
| **Total** |  | 22363000 |
| **Consumer Discretionary – 20.2%** |  |  |
| Automobile Components - 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;Standard Motor Products | 1020000 | 41636400 |
| Broadline Retail - 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Macy's | 975000 | 17481750 |
| Diversified Consumer Services - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;H&R Block | 209500 | 10594415 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Nathan's Famous | 8000 | 885920 |
| Household Durables - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors | 250000 | 7365000 |
| Textiles, Apparel & Luxury Goods - 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Movado Group <sup>[5](#f005)</sup> | 1151500 | 21843955 |
| **Total** |  | 99807440 |
| **Consumer Staples – 9.0%** |  |  |
| Consumer Staples Distribution & Retail - 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ingles Markets Cl. A | 350000 | 24346000 |
| Food Products - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;John B. Sanfilippo & Son | 227000 | 14591560 |
| Household Products - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corporation of America | 93500 | 5707240 |
| **Total** |  | 44644800 |
| **Energy – 0.0%** |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;RPC | 9000 | 42840 |
| **Total** |  | 42840 |
| **Financials – 7.8%** |  |  |
| Capital Markets - 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group <sup>[5](#f005)</sup> | 137000 | 19181370 |
| &nbsp;&nbsp;&nbsp;Federated Hermes Cl. B | 300000 | 15579000 |
| &nbsp;&nbsp;&nbsp;GAMCO Investors Cl. A <sup>[4](#f001)</sup> | 130000 | 3009500 |
|  |  | 37769870 |
| Financial Services - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide <sup>[1](#f001)</sup> | 6500 | 570765 |
| **Total** |  | 38340635 |
| **Health Care – 0.3%** |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Kewaunee Scientific <sup>[1](#f001)</sup> | 37000 | 1578050 |
| **Total** |  | 1578050 |
| **Industrials – 19.9%** |  |  |
| Building Products - 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries <sup>[1](#f001)</sup> | 9000 | 565200 |
| &nbsp;&nbsp;&nbsp;Insteel Industries | 199000 | 7629660 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 124500 | 11639505 |
|  |  | 19834365 |
| Commercial Services & Supplies - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Ennis | 1215000 | 22210200 |
| Construction & Engineering - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure <sup>[1](#f001)</sup> | 8500 | 449905 |
| Electrical Equipment - 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Atkore | 4300 | 269782 |
| Machinery - 11.3% |  |  |
| &nbsp;&nbsp;&nbsp;Gencor Industries <sup>[1](#f001)</sup><sup>,</sup><sup>[5](#f005)</sup> | 896000 | 13108480 |
| &nbsp;&nbsp;&nbsp;Miller Industries | 47000 | 1899740 |
| &nbsp;&nbsp;&nbsp;Mueller Industries | 403000 | 40747330 |
|  |  | 55755550 |
| **Total** |  | 98519802 |
| **Information Technology – 7.2%** |  |  |
| Electronic Equipment, Instruments & Components - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology | 1375000 | 21037500 |
| Semiconductors & Semiconductor Equipment - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;NVE Corporation | 222000 | 14489940 |
| **Total** |  | 35527440 |
| **Materials – 5.5%** |  |  |
| Construction Materials - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals | 8500 | 1118175 |
| Metals & Mining - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 127000 | 7274560 |
| &nbsp;&nbsp;&nbsp;Metallus <sup>[1](#f001)</sup> | 260000 | 4297800 |
|  |  | 11572360 |
| Paper & Forest Products - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Sylvamo Corporation | 321000 | 14194620 |
| **Total** |  | 26885155 |
| **Real Estate – 1.2%** |  |  |
| Real Estate Management & Development - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 208000 | 6104800 |
| **Total** |  | 6104800 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $301,302,116) |  | 373813962 |
| **INVESTMENTS AT VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $301,302,116) |  | 373813962 |
| **REPURCHASE AGREEMENT – 24.5%** |  |  |
| Fixed Income Clearing Corporation, <br> 3.50% dated 9/30/25, due 10/1/25, <br> maturity value $121,458,302 (collateralized <br> by obligations of U.S. Government <br> Agencies, 3.875% due 8/31/32, valued at $123,875,548) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $121,446,494) |  | 121446494 |
| **TOTAL INVESTMENTS – 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $422,748,610) |  | 495260456 |
| **LIABILITIES LESS CASH <br> AND OTHER ASSETS – (0.1)%** |  | (679079) |
| **NET ASSETS – 100.0%** |  | $**494581377** |

---

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP TOTAL RETURN FUND

SEPTEMBER 30, 2025 (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS – 93.0%** |  |  |
| **Communication Services – 0.2%** |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;IDT Corporation Cl. B | 27983 | $1463791 |
| **Total** |  | 1463791 |
| **Consumer Discretionary – 12.5%** |  |  |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery | 986142 | 17010949 |
| Household Durables - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Installed Building Products | 21653 | 5340929 |
| Leisure Products - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;YETI Holdings <sup>[1](#f001)</sup> | 530371 | 17597710 |
| Specialty Retail - 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors | 610236 | 30524005 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts | 455910 | 27992874 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 597771 | 15398581 |
| &nbsp;&nbsp;&nbsp;OneWater Marine Cl. A <sup>[1](#f001)</sup> | 245788 | 3893282 |
|  |  | 77808742 |
| **Total** |  | 117758330 |
| **Consumer Staples – 2.7%** |  |  |
| Food Products - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Nomad Foods | 1248555 | 16418498 |
| Household Products - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico | 4113045 | 8660224 |
| **Total** |  | 25078722 |
| **Energy – 2.9%** |  |  |
| Energy Equipment & Services - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Cactus Cl. A | 173673 | 6854873 |
| &nbsp;&nbsp;&nbsp;Core Laboratories | 427284 | 5281230 |
| &nbsp;&nbsp;&nbsp;Pason Systems | 1750467 | 15194109 |
| **Total** |  | 27330212 |
| **Financials – 35.7%** |  |  |
| Banks - 17.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banc of California | 56797 | 939991 |
| &nbsp;&nbsp;&nbsp;BankUnited | 414220 | 15806635 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings | 35197 | 3592030 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares | 152749 | 5140004 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 335977 | 13193817 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp | 301606 | 14679164 |
| &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | 51055 | 13467288 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 708233 | 20042994 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding | 124027 | 9279700 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial | 815390 | 14326402 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 464891 | 16048037 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 473375 | 14404801 |
| &nbsp;&nbsp;&nbsp;TowneBank | 451662 | 15613955 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 42930 | 3722890 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial | 25402 | 3364241 |
|  |  | 163621949 |
| Capital Markets - 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions <sup>[1](#f001)</sup> | 241325 | 12411345 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor Cl. A | 197648 | 2385611 |
| &nbsp;&nbsp;&nbsp;Marex Group | 488558 | 16425320 |
| &nbsp;&nbsp;&nbsp;Tel Aviv Stock Exchange | 85193 | 1964825 |
|  |  | 33187101 |
| Financial Services - 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 488398 | 15531056 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop | 181088 | 15142579 |
|  |  | 30673635 |
| Insurance - 11.5% |  |  |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 356990 | 15650442 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty | 342983 | 29033511 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 82711 | 7923714 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings | 945374 | 17158538 |
| &nbsp;&nbsp;&nbsp;International General Insurance Holdings | 1130355 | 26224236 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 50066 | 12713259 |
|  |  | 108703700 |
| **Total** |  | 336186385 |
| **Health Care – 1.5%** |  |  |
| Health Care Providers & Services - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;PACS Group <sup>[1](#f001)</sup> | 1064031 | 14609146 |
| **Total** |  | 14609146 |
| **Industrials – 19.7%** |  |  |
| Building Products - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;UFP Industries | 215668 | 20162801 |
| Commercial Services & Supplies - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group <sup>[1](#f001)</sup> | 1522253 | 25619518 |
| Machinery - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics | 261010 | 8159173 |
| &nbsp;&nbsp;&nbsp;Timken Company (The) | 234436 | 17624898 |
|  |  | 25784071 |
| Professional Services - 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services | 533664 | 23651989 |
| &nbsp;&nbsp;&nbsp;Franklin Covey <sup>[1](#f001)</sup> | 448673 | 8708743 |
| &nbsp;&nbsp;&nbsp;Insperity | 274917 | 13525916 |
| &nbsp;&nbsp;&nbsp;KBR | 425040 | 20100142 |
|  |  | 65986790 |
| Trading Companies & Distributors - 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 145725 | 24315673 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Cl. A | 262935 | 24226831 |
|  |  | 48542504 |
| **Total** |  | 186095684 |
| **Information Technology – 10.0%** |  |  |
| Electronic Equipment, Instruments & Components - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bel Fuse Cl. B | 59671 | 8414804 |
| &nbsp;&nbsp;&nbsp;Vontier Corporation | 451682 | 18957094 |
|  |  | 27371898 |
| IT Services - 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Hackett Group (The) <sup>[5](#f005)</sup> | 1381040 | 26253570 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings <sup>[1](#f001)</sup> | 629148 | 18893315 |
|  |  | 45146885 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | 543824 | 22101007 |
| **Total** |  | 94619790 |
| **Materials – 7.8%** |  |  |
| Chemicals - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Element Solutions | 774088 | 19483795 |
| &nbsp;&nbsp;&nbsp;Ingevity Corporation <sup>[1](#f001)</sup> | 373096 | 20591168 |
|  |  | 40074963 |
| Containers & Packaging - 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Company | 718445 | 14059969 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 446301 | 19195406 |
|  |  | 33255375 |
| **Total** |  | 73330338 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $724,047,956) |  | 876472398 |
| **INVESTMENTS AT VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $724,047,956) |  | 876472398 |
| **REPURCHASE AGREEMENT – 7.1%** |  |  |
| Fixed Income Clearing Corporation, <br> 3.50% dated 9/30/25, due 10/1/25, <br> maturity value $67,279,612 (collateralized <br> by obligations of U.S. Government <br> Agencies, 3.875% due 5/31/27, valued at $68,618,630) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $67,273,071) |  | 67273071 |
| **TOTAL INVESTMENTS – 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $791,321,027) |  | 943745469 |
| **LIABILITIES LESS CASH <br> AND OTHER ASSETS – (0.1)%** |  | (726708) |
| **NET ASSETS – 100.0%** |  | $**943018761** |

---

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP VALUE FUND

SEPTEMBER 30, 2025 (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS – 98.8%** |  |  |
| **Consumer Discretionary – 22.5%** |  |  |
| Automobile Components - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Gentex Corporation | 31705 | $897251 |
| &nbsp;&nbsp;&nbsp;Lear Corporation | 16957 | 1706044 |
| &nbsp;&nbsp;&nbsp;Visteon Corporation | 16371 | 1962228 |
|  |  | 4565523 |
| Diversified Consumer Services - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;frontdoor <sup>[1](#f001)</sup> | 15048 | 1012580 |
| Household Durables - 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors | 42925 | 1264570 |
| &nbsp;&nbsp;&nbsp;M/I Homes <sup>[1](#f001)</sup> | 13046 | 1884364 |
| &nbsp;&nbsp;&nbsp;Meritage Homes | 20596 | 1491768 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 15043 | 1987632 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home <sup>[1](#f001)</sup> | 6909 | 456063 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes <sup>[1](#f001)</sup> | 36545 | 1241434 |
|  |  | 8325831 |
| Specialty Retail - 7.8% |  |  |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors | 26945 | 1347789 |
| &nbsp;&nbsp;&nbsp;Buckle (The) | 34079 | 1999074 |
| &nbsp;&nbsp;&nbsp;J.Jill | 78013 | 1337923 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival | 42706 | 887858 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 15479 | 1484745 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 4555 | 890275 |
|  |  | 7947664 |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kontoor Brands | 12258 | 977821 |
| **Total** |  | 22829419 |
| **Consumer Staples – 1.7%** |  |  |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Village Super Market Cl. A | 46127 | 1723305 |
| **Total** |  | 1723305 |
| **Energy – 8.2%** |  |  |
| Oil, Gas & Consumable Fuels - 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;Chord Energy | 15027 | 1493233 |
| &nbsp;&nbsp;&nbsp;Civitas Resources | 40532 | 1317290 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Cl. A | 26247 | 234123 |
| &nbsp;&nbsp;&nbsp;Matador Resources | 32943 | 1480129 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian | 19413 | 526286 |
| &nbsp;&nbsp;&nbsp;SM Energy | 59144 | 1476826 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Cl. A | 34550 | 1746503 |
| **Total** |  | 8274390 |
| **Financials – 24.6%** |  |  |
| Banks - 18.8% |  |  |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services | 22286 | 1374823 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares | 32804 | 774503 |
| &nbsp;&nbsp;&nbsp;Citizens Community Bancorp | 27798 | 446714 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares | 50223 | 1020029 |
| &nbsp;&nbsp;&nbsp;CNB Financial | 51442 | 1244896 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares | 21468 | 640391 |
| &nbsp;&nbsp;&nbsp;First Bank | 95794 | 1560484 |
| &nbsp;&nbsp;&nbsp;FS Bancorp | 30911 | 1233967 |
| &nbsp;&nbsp;&nbsp;Heritage Financial | 41707 | 1008892 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp | 35368 | 1012940 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial | 66251 | 1164030 |
| &nbsp;&nbsp;&nbsp;Princeton Bancorp | 23307 | 742095 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp | 48922 | 1628124 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp NY | 21528 | 781466 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp | 35453 | 1732588 |
| &nbsp;&nbsp;&nbsp;Univest Financial | 42869 | 1286927 |
| &nbsp;&nbsp;&nbsp;WesBanco | 22894 | 731006 |
| &nbsp;&nbsp;&nbsp;Western New England Bancorp | 58899 | 707377 |
|  |  | 19091252 |
| Capital Markets - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Evercore Cl. A | 4988 | 1682552 |
| Financial Services - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Enact Holdings | 39021 | 1496065 |
| Insurance - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Donegal Group Cl. A | 23541 | 456460 |
| &nbsp;&nbsp;&nbsp;Tiptree | 73167 | 1402612 |
| &nbsp;&nbsp;&nbsp;United Fire Group | 26379 | 802449 |
|  |  | 2661521 |
| **Total** |  | 24931390 |
| **Health Care – 7.7%** |  |  |
| Biotechnology - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals <sup>[1](#f001)</sup> | 86300 | 1700110 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics <sup>[1](#f001)</sup> | 102850 | 596530 |
|  |  | 2296640 |
| Health Care Providers & Services - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Molina Healthcare <sup>[1](#f001)</sup> | 7317 | 1400181 |
| Pharmaceuticals - 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals <sup>[1](#f001)</sup> | 46434 | 1237466 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical <sup>[1](#f001),[2](#f002)</sup> | 36844 | 1289172 |
| &nbsp;&nbsp;&nbsp;CorMedix <sup>[1](#f001),[2](#f002)</sup> | 72483 | 842977 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies | 84764 | 775591 |
|  |  | 4145206 |
| **Total** |  | 7842027 |
| **Industrials – 14.9%** |  |  |
| Building Products - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;MasterBrand <sup>[1](#f001)</sup> | 51549 | 678900 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 5556 | 519431 |
|  |  | 1198331 |
| Commercial Services & Supplies - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Interface | 55626 | 1609816 |
| Construction & Engineering - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure <sup>[1](#f001)</sup> | 3908 | 1327469 |
| Ground Transportation - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;ArcBest Corporation | 16619 | 1161170 |
| Machinery - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 17703 | 1502631 |
| &nbsp;&nbsp;&nbsp;Blue Bird <sup>[1](#f001)</sup> | 22209 | 1278128 |
|  |  | 2780759 |
| Marine Transportation - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading | 91881 | 1635482 |
| Professional Services - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Barrett Business Services | 28503 | 1263253 |
| &nbsp;&nbsp;&nbsp;IBEX <sup>[1](#f001)</sup> | 49520 | 2006550 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 21052 | 1473219 |
|  |  | 4743022 |
| Trading Companies & Distributors - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Boise Cascade | 8315 | 642916 |
| **Total** |  | 15098965 |
| **Information Technology – 14.7%** |  |  |
| Electronic Equipment, Instruments & Components - 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bel Fuse Cl. B | 6942 | 978961 |
| &nbsp;&nbsp;&nbsp;ePlus | 20755 | 1473812 |
| &nbsp;&nbsp;&nbsp;Flex <sup>[1](#f001)</sup> | 29703 | 1721883 |
| &nbsp;&nbsp;&nbsp;Jabil | 7305 | 1586427 |
| &nbsp;&nbsp;&nbsp;PC Connection | 12593 | 780640 |
| &nbsp;&nbsp;&nbsp;Sanmina Corporation <sup>[1](#f001)</sup> | 13436 | 1546618 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 12085 | 1978919 |
|  |  | 10067260 |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 57796 | 1641406 |
| Software - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Adeia | 80888 | 1358918 |
| Technology Hardware, Storage & Peripherals - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf <sup>[1](#f001)</sup> | 32023 | 1826272 |
| **Total** |  | 14893856 |
| **Materials – 4.5%** |  |  |
| Chemicals - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Cabot Corporation | 16373 | 1245167 |
| &nbsp;&nbsp;&nbsp;NewMarket Corporation | 1568 | 1298633 |
|  |  | 2543800 |
| Metals & Mining - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Worthington Steel | 40854 | 1241553 |
| Paper & Forest Products - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Sylvamo Corporation | 17122 | 757135 |
| **Total** |  | 4542488 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $71,626,215) |  | 100135840 |
| **COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.9%** |  |  |
| Money Market Funds <br> Federated Hermes Government Obligations Fund - <br> Institutional Shares (7 day yield-4.01%) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $879,036) | 879036 | 879036 |
| **INVESTMENTS AT VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $72,505,251) |  | 101014876 |
| **REPURCHASE AGREEMENT – 1.3%** |  |  |
| Fixed Income Clearing Corporation, <br> 3.50% dated 9/30/25, due 10/1/25, <br> maturity value $1,370,295 (collateralized <br> by obligations of U.S. Government <br> Agencies, 3.875% due 8/31/32, valued at $1,397,749) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,370,162) |  | 1370162 |
| **TOTAL INVESTMENTS – 101.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $73,875,413) |  | 102385038 |
| **LIABILITIES LESS CASH<br> AND OTHER ASSETS – (1.0)%** |  | (1002583) |
| **NET ASSETS – 100.0%** |  | $**101382455** |

---

SCHEDULES OF INVESTMENTS

ROYCE SMALLER-COMPANIES GROWTH FUND

SEPTEMBER 30, 2025 (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS – 94.8%** |  |  |
| **Communication Services – 1.2%** |  |  |
| Media - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Magnite <sup>[1](#f001)</sup> | 111000 | $2417580 |
| **Total** |  | 2417580 |
| **Consumer Discretionary – 8.1%** |  |  |
| Diversified Consumer Services - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings | 190000 | 4016600 |
| Hotels, Restaurants & Leisure - 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA Cl. A <sup>[1](#f001)</sup> | 54000 | 3208140 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings <sup>[1](#f001)</sup><sup>,</sup><sup>[2](#f002)</sup> | 139000 | 3836400 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse | 14000 | 2326100 |
|  |  | 9370640 |
| Household Durables - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Installed Building Products | 10000 | 2466600 |
| **Total** |  | 15853840 |
| **Consumer Staples – 3.5%** |  |  |
| Consumer Staples Distribution & Retail - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services Cl. A <sup>[1](#f001)</sup> | 195596 | 5130483 |
| Food Products - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Freshpet <sup>[1](#f001)</sup> | 31000 | 1708410 |
| **Total** |  | 6838893 |
| **Energy – 4.2%** |  |  |
| Energy Equipment & Services - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group | 37000 | 1035630 |
| &nbsp;&nbsp;&nbsp;Oceaneering International <sup>[1](#f001)</sup> | 53000 | 1313340 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure Cl. A | 35000 | 1398950 |
|  |  | 3747920 |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Golar LNG | 72000 | 2909520 |
| &nbsp;&nbsp;&nbsp;Uranium Energy <sup>[1](#f001)</sup> | 119000 | 1587460 |
|  |  | 4496980 |
| **Total** |  | 8244900 |
| **Financials – 10.1%** |  |  |
| Banks - 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares | 47000 | 1658630 |
| &nbsp;&nbsp;&nbsp;Coastal Financial <sup>[1](#f001)</sup> | 30000 | 3245100 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp | 35000 | 1703450 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 142000 | 4321060 |
|  |  | 10928240 |
| Capital Markets - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Sprott | 39000 | 3241453 |
| Financial Services - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Paysign <sup>[1](#f001)</sup> | 478667 | 3010815 |
| Insurance - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Root Cl. A <sup>[1](#f001)</sup> | 10000 | 895100 |
| &nbsp;&nbsp;&nbsp;TWFG Cl. A <sup>[1](#f001)</sup> | 57000 | 1564080 |
|  |  | 2459180 |
| **Total** |  | 19639688 |
| **Health Care – 18.5%** |  |  |
| Biotechnology - 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics <sup>[1](#f001)</sup> | 32500 | 1543100 |
| &nbsp;&nbsp;&nbsp;Alvotech <sup>[1](#f001)</sup> | 124307 | 1018074 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals <sup>[1](#f001)</sup> | 99000 | 1950300 |
| &nbsp;&nbsp;&nbsp;89bio <sup>[1](#f001)</sup> | 192000 | 2822400 |
| &nbsp;&nbsp;&nbsp;Palvella Therapeutics <sup>[1](#f001)</sup> | 49493 | 3102716 |
|  |  | 10436590 |
| Health Care Equipment & Supplies - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings <sup>[1](#f001)</sup> | 212000 | 3082480 |
| &nbsp;&nbsp;&nbsp;Axogen <sup>[1](#f001)</sup> | 139000 | 2479760 |
| &nbsp;&nbsp;&nbsp;SI-BONE <sup>[1](#f001)</sup> | 162000 | 2384640 |
| &nbsp;&nbsp;&nbsp;TransMedics Group <sup>[1](#f001),[2](#f002)</sup> | 4500 | 504900 |
|  |  | 8451780 |
| Health Care Providers & Services - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services <sup>[1](#f001)</sup> | 120923 | 3574484 |
| &nbsp;&nbsp;&nbsp;Talkspace <sup>[1](#f001)</sup> | 587462 | 1621395 |
|  |  | 5195879 |
| Life Sciences Tools & Services - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;BioLife Solutions <sup>[1](#f001)</sup> | 71000 | 1811210 |
| Pharmaceuticals - 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics <sup>[1](#f001)</sup> | 24000 | 2914800 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics <sup>[1](#f001)</sup> | 30000 | 2493300 |
| &nbsp;&nbsp;&nbsp;CorMedix <sup>[1](#f001)</sup><sup>,</sup><sup>[2](#f002)</sup> | 171000 | 1988730 |
| &nbsp;&nbsp;&nbsp;Harrow <sup>[1](#f001)</sup> | 39700 | 1912746 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed <sup>[1](#f001)</sup> | 81000 | 954990 |
|  |  | 10264566 |
| **Total** |  | 36160025 |
| **Industrials – 21.6%** |  |  |
| Aerospace & Defense - 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;AeroVironment <sup>[1](#f001)</sup> | 17000 | 5353130 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 26500 | 4885805 |
|  |  | 10238935 |
| Building Products - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Legence Cl. A <sup>[1](#f001)</sup> | 32000 | 985920 |
| Commercial Services & Supplies - 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;ACV Auctions Cl. A <sup>[1](#f001)</sup> | 289000 | 2863990 |
| &nbsp;&nbsp;&nbsp;VSE Corporation | 21000 | 3491040 |
|  |  | 6355030 |
| Construction & Engineering - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco Cl. A <sup>[1](#f001)</sup> | 50000 | 1679000 |
| &nbsp;&nbsp;&nbsp;Argan | 7000 | 1890350 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings <sup>[1](#f001)</sup> | 38250 | 3714840 |
|  |  | 7284190 |
| Electrical Equipment - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Enovix Corporation <sup>[1](#f001)</sup> | 119000 | 1186430 |
| Machinery - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;ATS Corporation <sup>[1](#f001)</sup> | 104000 | 2720874 |
| &nbsp;&nbsp;&nbsp;Graham Corporation <sup>[1](#f001)</sup> | 30000 | 1647000 |
|  |  | 4367874 |
| Passenger Airlines - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Strata Critical Medical <sup>[1](#f001)</sup> | 747181 | 3780736 |
| Professional Services - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Paylocity Holding <sup>[1](#f001)</sup> | 13786 | 2195696 |
| Trading Companies & Distributors - 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group <sup>[1](#f001)</sup> | 93611 | 2815819 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 17500 | 2920050 |
|  |  | 5735869 |
| **Total** |  | 42130680 |
| **Information Technology – 23.9%** |  |  |
| Communications Equipment - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings <sup>[1](#f001)</sup> | 285000 | 2673300 |
| Electronic Equipment, Instruments & Components - 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Arlo Technologies <sup>[1](#f001)</sup> | 81000 | 1372950 |
| &nbsp;&nbsp;&nbsp;Kraken Robotics <sup>[1](#f001)</sup> | 180000 | 587196 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies Cl. A <sup>[1](#f001)</sup> | 84000 | 1953840 |
| &nbsp;&nbsp;&nbsp;nLIGHT <sup>[1](#f001)</sup> | 34000 | 1007420 |
| &nbsp;&nbsp;&nbsp;PAR Technology <sup>[1](#f001)</sup> | 73000 | 2889340 |
| &nbsp;&nbsp;&nbsp;TTM Technologies <sup>[1](#f001)</sup> | 29500 | 1699200 |
|  |  | 9509946 |
| IT Services - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Figure Technology Solutions Cl. A <sup>[1](#f001)</sup> | 31500 | 1145655 |
| Semiconductors & Semiconductor Equipment - 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Impinj <sup>[1](#f001)</sup> | 20250 | 3660187 |
| &nbsp;&nbsp;&nbsp;Nova <sup>[1](#f001)</sup><sup>,</sup><sup>[2](#f002)</sup> | 9000 | 2876940 |
| &nbsp;&nbsp;&nbsp;Semtech Corporation <sup>[1](#f001)</sup> | 44000 | 3143800 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories <sup>[1](#f001)</sup> | 21500 | 2819295 |
|  |  | 12500222 |
| Software - 10.6% |  |  |
| &nbsp;&nbsp;&nbsp;Agilysys <sup>[1](#f001)</sup> | 36500 | 3841625 |
| &nbsp;&nbsp;&nbsp;Blend Labs Cl. A <sup>[1](#f001)</sup> | 755667 | 2758185 |
| &nbsp;&nbsp;&nbsp;Coveo Solutions <sup>[1](#f001)</sup> | 614000 | 3803032 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group (The) <sup>[1](#f001)</sup> | 29033 | 2735780 |
| &nbsp;&nbsp;&nbsp;JFrog <sup>[1](#f001)</sup> | 77318 | 3659461 |
| &nbsp;&nbsp;&nbsp;NextNav <sup>[1](#f001)</sup><sup>,</sup><sup>[2](#f002)</sup> | 139894 | 2000484 |
| &nbsp;&nbsp;&nbsp;Vertex Cl. A <sup>[1](#f001)</sup> | 78500 | 1946015 |
|  |  | 20744582 |
| **Total** |  | 46573705 |
| **Materials – 3.7%** |  |  |
| Chemicals - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Flotek Industries <sup>[1](#f001)</sup><sup>,</sup><sup>[2](#f002)</sup> | 255000 | 3723000 |
| Metals & Mining - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Elevra Lithium ADR <sup>[1](#f001)</sup><sup>,</sup><sup>[2](#f002)</sup> | 45000 | 1080450 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International <sup>[1](#f001)</sup> | 296000 | 2475706 |
|  |  | 3556156 |
| **Total** |  | 7279156 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $130,466,358) |  | 185138467 |
| **COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.1%** |  |  |
| Money Market Funds <br> Federated Hermes Government Obligations Fund - <br> Institutional Shares (7 day yield-4.01%) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,206,803) | 2206803 | 2206803 |
| **INVESTMENTS AT VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $132,673,161) |  | 187345270 |
| **REPURCHASE AGREEMENT – 5.1%** |  |  |
| Fixed Income Clearing Corporation, <br> 3.50% dated 9/30/25, due 10/1/25, <br> maturity value $9,879,240 (collateralized <br> by obligations of U.S. Government <br> Agencies, 3.875% due 5/31/27, valued at $10,075,957) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,878,280) |  | 9878280 |
| **TOTAL INVESTMENTS – 101.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $142,551,441) |  | 197223550 |
| **LIABILITIES LESS CASH <br> AND OTHER ASSETS – (1.0)%** |  | (2015417) |
| **NET ASSETS – 100.0%** |  | $**195208133** |

---

SCHEDULES OF INVESTMENTS

ROYCE SMID-CAP TOTAL RETURN FUND

SEPTEMBER 30, 2025 (UNAUDITED)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS – 94.4%** |  |  |
| Consumer Discretionary – 11.4% |  |  |
| Household Durables - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Installed Building Products | 2114 | $521439 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises | 1687 | 93612 |
|  |  | 615051 |
| Specialty Retail - 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors | 37722 | 1886854 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts | 25744 | 1580682 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 39614 | 1020457 |
|  |  | 4487993 |
| **Total** |  | 5103044 |
| **Consumer Staples – 1.6%** |  |  |
| Household Products - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico | 333565 | 702338 |
| **Total** |  | 702338 |
| **Energy – 2.7%** |  |  |
| Energy Equipment & Services - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Cactus Cl. A | 7834 | 309208 |
| &nbsp;&nbsp;&nbsp;Pason Systems | 104304 | 905362 |
| **Total** |  | 1214570 |
| **Financials – 26.6%** |  |  |
| Banks - 12.5% |  |  |
| &nbsp;&nbsp;&nbsp;BOK Financial | 8275 | 922166 |
| &nbsp;&nbsp;&nbsp;German American Bancorp | 24099 | 946368 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp | 19807 | 964007 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 32884 | 930617 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 21604 | 657410 |
| &nbsp;&nbsp;&nbsp;TowneBank | 28962 | 1001216 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 1520 | 131814 |
|  |  | 5553598 |
| Capital Markets - 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor Cl. A | 28732 | 346795 |
| &nbsp;&nbsp;&nbsp;Marex Group | 22332 | 750802 |
| &nbsp;&nbsp;&nbsp;SEI Investments | 12937 | 1097705 |
|  |  | 2195302 |
| Financial Services - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 25619 | 814684 |
| Insurance - 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;Assured Guaranty | 18960 | 1604964 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 7156 | 685545 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 4041 | 1026131 |
|  |  | 3316640 |
| **Total** |  | 11880224 |
| **Health Care – 3.3%** |  |  |
| Health Care Providers & Services - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ensign Group (The) | 4857 | 839144 |
| Life Sciences Tools & Services - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Avantor <sup>[1](#f001)</sup> | 51711 | 645353 |
| **Total** |  | 1484497 |

---

---

| | | |
|:---|:---|:---|
| **Industrials – 23.3%** | | |
| Building Products - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing | 1081 | 181024 |
| &nbsp;&nbsp;&nbsp;UFP Industries | 10479 | 979682 |
|  |  | 1160706 |
| Machinery - 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 1340 | 316012 |
| &nbsp;&nbsp;&nbsp;Spirax Group | 7208 | 660648 |
| &nbsp;&nbsp;&nbsp;Timken Company (The) | 17126 | 1287533 |
|  |  | 2264193 |
| Professional Services - 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;KBR | 22729 | 1074854 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 474 | 33171 |
| &nbsp;&nbsp;&nbsp;TriNet Group | 11154 | 746091 |
|  |  | 1854116 |
| Trading Companies & Distributors - 11.5% |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Holdings | 9574 | 1158454 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 2395 | 625215 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation | 11846 | 1976623 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Cl. A | 15034 | 1385233 |
|  |  | 5145525 |
| **Total** |  | 10424540 |
| **Information Technology – 11.6%** |  |  |
| Electronic Equipment, Instruments & Components - 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Coherent Corp. <sup>[1](#f001)</sup> | 8531 | 918959 |
| &nbsp;&nbsp;&nbsp;Vontier Corporation | 34386 | 1443181 |
|  |  | 2362140 |
| IT Services - 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings <sup>[1](#f001)</sup> | 49043 | 1472761 |
| Semiconductors & Semiconductor Equipment - 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | 32544 | 1322588 |
| **Total** |  | 5157489 |
| **Materials – 13.9%** |  |  |
| Chemicals - 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Element Solutions | 44973 | 1131970 |
| &nbsp;&nbsp;&nbsp;Quaker Houghton | 7974 | 1050575 |
|  |  | 2182545 |
| Containers & Packaging - 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;AptarGroup | 9682 | 1294096 |
| &nbsp;&nbsp;&nbsp;Ball Corporation | 17699 | 892384 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Company | 40097 | 784698 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 24163 | 1039251 |
|  |  | 4010429 |
| **Total** |  | 6192974 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $35,661,017) |  | 42159676 |
| **INVESTMENTS AT VALUE** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $35,661,017) |  | 42159676 |
| **REPURCHASE AGREEMENT – 5.7%** |  |  |
| Fixed Income Clearing Corporation, <br> 3.50% dated 9/30/25, due 10/1/25, <br> maturity value $2,546,004 (collateralized <br> by obligations of U.S. Government <br> Agencies, 3.75% due 4/30/27, valued at $2,596,754) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,545,756) |  | 2545756 |
| **TOTAL INVESTMENTS – 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $38,206,773) |  | 44705432 |

---

---

| | |
|:---|:---|
| **LIABILITIES LESS CASH** | |
| &nbsp;&nbsp;&nbsp;**AND OTHER ASSETS – (0.1)%** | (25329) |
| **NET ASSETS – 100.0%** | $**44680103** |

---

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

<sup>1</sup> Non-income producing.

<sup>2</sup> All or a portion of these securities were on loan as of September 30, 2025.

<sup>3</sup> 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.

<sup>4</sup> 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.

<sup>5</sup> As of September 30, 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 September 30, 2025, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Gross Unrealized** | **Gross Unrealized** |
| |<br>**Tax Basis Cost** | **Net Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Appreciation** | **(Depreciation)** |
| **Royce International Premier Fund** | $102153693 | $18237900 | $28250304 | $10012404 |
| **Royce Micro-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;234540352 | &nbsp;&nbsp;&nbsp;&nbsp;82181429 | 108237488 | 26056059 |
| **Royce Premier Fund** | &nbsp;&nbsp;&nbsp;&nbsp;572357295 | 496847387 | 511322898 | 14475511 |
| **Royce Small-Cap Fund** | 1172283815 | 632583951 | 670982906 | 38398955 |
| **Royce Small-Cap Opportunity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;808108054 | 323296527 | 367065585 | 43769058 |
| **Royce Small-Cap Special Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;422757592 | &nbsp;&nbsp;&nbsp;&nbsp;72502864 | &nbsp;&nbsp;&nbsp;&nbsp;83097911 | 10595047 |
| **Royce Small-Cap Total Return Fund** | &nbsp;&nbsp;&nbsp;&nbsp;792777851 | 150967618 | 187141887 | 36174269 |
| **Royce Small-Cap Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73968116 | &nbsp;&nbsp;&nbsp;&nbsp;28416922 | &nbsp;&nbsp;&nbsp;&nbsp;31344929 | &nbsp;&nbsp;&nbsp;&nbsp;2928007 |
| **Royce Smaller-Companies Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;142880260 | &nbsp;&nbsp;&nbsp;&nbsp;54343290 | &nbsp;&nbsp;&nbsp;&nbsp;58651436 | &nbsp;&nbsp;&nbsp;&nbsp;4308146 |
| **Royce SMid-Cap Total Return Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38221374 | &nbsp;&nbsp;&nbsp;&nbsp;6484058 | &nbsp;&nbsp;&nbsp;&nbsp;8516892 | &nbsp;&nbsp;&nbsp;&nbsp;2032834 |

---

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 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, Royce Smaller-Companies Growth Fund and Royce SMid-Cap Total Return Fund (formerly Royce Dividend Value Fund) (each, a "Fund", and collectively, the "Funds"), are the 10 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 September 30, 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 International Premier Fund** |  |  |  |  |
| Common Stocks | $113041734 | $– | $– | $113041734 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448221 |
| Repurchase Agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;5901638 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5901638 |
| **Royce Micro-Cap Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;304392153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753434 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;305145587 |
| Money Market Fund/Collateral Received for Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5164610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5164610 |
| Repurchase Agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;6411584 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6411584 |
| **Royce Premier Fund** |  |  |  |  |
| Common Stocks | 1015441277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | 1015441277 |
| Repurchase Agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;53763405 |  | &nbsp;&nbsp;&nbsp;&nbsp;53763405 |
| **Royce Small-Cap Fund** |  |  |  |  |
| Common Stocks | 1723294291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721472 |  | 1724015763 |
| Money Market Fund/Collateral Received for Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818565 |
| Repurchase Agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;77033438 |  | &nbsp;&nbsp;&nbsp;&nbsp;77033438 |
| **Royce Small-Cap Opportunity Fund** |  |  |  |  |
| Common Stocks | 1079222802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 0 | 1079222802 |
| Money Market Fund/Collateral Received for Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7851754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7851754 |
| Repurchase Agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;44330025 |  | &nbsp;&nbsp;&nbsp;&nbsp;44330025 |
| **Royce Small-Cap Special Equity Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;370804462 | &nbsp;&nbsp;&nbsp;&nbsp;3009500 |  | &nbsp;&nbsp;&nbsp;&nbsp;373813962 |
| Repurchase Agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 121446494 |  | &nbsp;&nbsp;&nbsp;&nbsp;121446494 |
| **Royce Small-Cap Total Return Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;876472398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | &nbsp;&nbsp;&nbsp;&nbsp;876472398 |
| Repurchase Agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;67273071 |  | &nbsp;&nbsp;&nbsp;&nbsp;67273071 |
| **Royce Small-Cap Value Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;100135840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | &nbsp;&nbsp;&nbsp;&nbsp;100135840 |
| Money Market Fund/Collateral Received for Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879036 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879036 |
| Repurchase Agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;1370162 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370162 |
| **Royce Smaller-Companies Growth Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;185138467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | &nbsp;&nbsp;&nbsp;&nbsp;185138467 |
| Money Market Fund/Collateral Received for Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206803 |
| Repurchase Agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;9878280 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9878280 |
| **Royce SMid-Cap Total Return Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42159676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | &nbsp;&nbsp;&nbsp;&nbsp;42159676 |
| Repurchase Agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;2545756 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2545756 |

---

**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 September 30, 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 September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Cash Collateral<sup>[1](#g001)</sup>** | **Securities on Loan<br> Collateralized by Cash Collateral** | **Net Amount** |
| **Royce Micro-Cap Fund** | $5164610 | $(4972667) | $191943 |
| **Royce Small-Cap Fund** | 3818565 | (3740876) | 77689 |
| **Royce Small-Cap Opportunity Fund** | 7851754 | (7385614) | 466140 |
| **Royce Small-Cap Value Fund** | 879036 | (834546) | 44490 |
| **Royce Smaller-Companies Growth Fund** | 2206803 | (2098073) | 108730 |

---

<sup>1</sup> 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 September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | <br>**Non-Cash Collateral** | **Securities on Loan**<br>**Collateralized by Non-Cash Collateral** | <br>**Net Amount** |
| **Royce Micro-Cap Fund** | $6001188 | $(5876126) | $125062 |
| **Royce Small-Cap Fund** | 4498691 | (4119722) | 378969 |
| **Royce Small-Cap Opportunity Fund** | 14641920 | (14294579) | 347341 |
| **Royce Small-Cap Value Fund** | 1286635 | (1260941) | 25694 |
| **Royce Smaller-Companies Growth Fund** | 3525898 | (3455211) | 70687 |

---

**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 nine months ended September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Affiliated Company <sup>[1](#h001)</sup>** |<br>**Shares**<br>**12/31/24** |<br>**Market**<br>**Value**<br>**12/31/24** |<br>**Costs of**<br>**Purchases** |<br> **Proceeds**<br>**from**<br> **Sales** |<br>**Realized**<br>**Gain**<br>**(Loss)** | **Change in Net**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br>**Dividend**<br>**Income** |<br>**Shares**<br>**9/30/25** |<br>**Market**<br>**Value**<br>**9/30/25** |
| **Royce Small-Cap Opportunity Fund** |  |  |  |  |  |  |  |  |  |
| **Consumer Discretionary – 0.6%** |  |  |  |  |  |  |  |  |  |
| Textiles, Apparel & Luxury Goods – 0.6% |  |  |  |  |  |  |  |  |  |
| Lakeland Industries <sup>[2](#h002)</sup> | 428565 | $10949836 | $1213926 | $955928 | $201998 | $(4544127) | $37691 | n/a | n/a |
|  |  | **10949836** |  |  | **201998** | **(4544127)** | **37691** |  |  |
| Royce Small-Cap Special Equity Fund |  |  |  |  |  |  |  |  |  |
| **Consumer Discretionary – 4.4%** |  |  |  |  |  |  |  |  |  |
| Textiles, Apparel & Luxury Goods – 4.4% |  |  |  |  |  |  |  |  |  |
| Movado Group <sup>[3](#h003)</sup> | 1068000 | 21018240 | 4687965 | 3919606 | (2368219) | 2425575 | 1251425 | 1151500 | $21843955 |
|  |  | **21018240** |  |  | **(2368219)** | **2425575** | **1251425** |  | **21843955** |
| **Financials – 3.9%** |  |  |  |  |  |  |  |  |  |
| Capital Markets – 3.9% |  |  |  |  |  |  |  |  |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Diamond Hill Investment Group <sup>[3](#h003)</sup> | 139500 | 21636450 | – | 377349 | 122480 | (2200211) | 616689 | 137000 | 19181370 |
|  |  | **21636450** |  |  | **122480** | **(2200211)** | **616689** |  | **19181370** |
| **Industrials – 2.7%** |  |  |  |  |  |  |  |  |  |
| Machinery – 2.7% |  |  |  |  |  |  |  |  |  |
| Gencor Industries <sup>[3](#h003),[4](#h004)</sup> | 913000 | 16114450 | 65741 | 348674 | 88679 | (2811716) | – | 896000 | 13108480 |
|  |  | **16114450** |  |  | **88679** | **(2811716)** | **–** |  | **13108480** |
| **Information Technology – 2.9%** |  |  |  |  |  |  |  |  |  |
| Semiconductors & Semiconductor Equipment – 2.9% |  |  |  |  |  |  |  |  |  |
| NVE Corporation <sup>[2](#h002)</sup> | 326500 | 26586895 | 215 | 7799938 | 875810 | (5173042) | 872600 | n/a | n/a |
|  |  | **26586895** |  |  | **875810** | **(5173042)** | **872600** |  |  |
|  |  | **85356035** |  |  | **(1281250)** | **(7759394)** | **2740714** |  | **54133805** |
| **Royce Small-Cap Total Return Fund** |  |  |  |  |  |  |  |  |  |
| **Information Technology – 2.8%** |  |  |  |  |  |  |  |  |  |
| IT Services – 2.8% |  |  |  |  |  |  |  |  |  |
| Hackett Group (The) <sup>[3](#h003)</sup> | 875075 | 26882304 | 11295370 | – | – | (11924104) | 389395 | 1381040 | 26253570 |
|  |  | **26882304** |  |  | **–** | **(11924104)** | **389395** |  | **26253570** |

---

<sup>1</sup> Percentages represent the percentages of the investments in Affiliated Companies of the Fund's net assets.

<sup>2</sup> Not an Affiliated Company as of September 30, 2025.

<sup>3</sup> As of September 30, 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.

<sup>4</sup> 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).

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ROYCE FUND

- **b. Investment Company Act file number:** 811-03599

- **c. CIK number of Registrant:** 0000709364

- **d. LEI of Registrant:** 2549002ZQ3R56YQP4I31

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE MADISON AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

  - **Telephone number:** 212-508-4500

**Item A.2. Information about the Series.**

- **a. Name of Series:** Royce Premier Fund

- **b. EDGAR series identifier (if any):** S000009505

- **c. LEI of Series:** 254900B9WD8VVS3VF734

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1071342311.66

**Total Liabilities:** $1316868.56

**Net Assets:** $1070025443.10

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000025993 | 2.48%                | 3.88%                | -1.75%               |
| Class ID C000025991 | 2.54%                | 4.07%                | -1.79%               |
| Class ID C000025992 | 2.50%                | 4.03%                | -1.71%               |
| Class ID C000025990 | 2.49%                | 4.05%                | -1.73%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3790594.56              | $23354215.92                               |
| Month 2  | $-2684977.32             | $45530531.17                               |
| Month 3  | $-3205354.12             | $-15906514.18                              |

### Schedule of Portfolio Investments

| Name                             | Title                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Interparfums Inc                 | Interparfums Inc                 | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    169091 | NS      | $16635172.58  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group Inc | Colliers International Group Inc | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |    218043 | NS      | $34060497.03  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                        | Pool Corp                        | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |     36921 | NS      | $11448094.47  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                     | Evercore Inc                     | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     28578 | NS      | $9639930.96   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                 | RBC Bearings Inc                 | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73121 | NS      | $28538395.09  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                    | Valvoline Inc                    | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |    470303 | NS      | $16888580.73  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                        | Enpro Inc                        | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     61263 | NS      | $13845438.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TMX Group Ltd                    | TMX Group Ltd                    | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |    779000 | NS      | $29800934.11  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc                 | Cirrus Logic Inc                 | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |    264807 | NS      | $33177669.03  | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                   | Air Lease Corp                   | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |     84925 | NS      | $5405476.25   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                     | Exponent Inc                     | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               | CORP              | US        |    120168 | NS      | $8349272.64   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc    | Lincoln Electric Holdings Inc    | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     85626 | NS      | $20193179.58  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc     | Victory Capital Holdings Inc     | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |    150000 | NS      | $9714000.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                       | Kadant Inc                       | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |     47000 | NS      | $13986260.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc              | Dorman Products Inc              | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |    179143 | NS      | $27924810.84  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                     | Lindsay Corp                     | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |     91295 | NS      | $12832425.20  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                     | Knowles Corp                     | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |    409807 | NS      | $9552601.17   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                     | Woodward Inc                     | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |     65000 | NS      | $16426150.00  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                | Ralph Lauren Corp                | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     63968 | NS      | $20057806.08  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                       | Arcosa Inc                       | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |    387066 | NS      | $36271954.86  | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc           | Marcus & Millichap Inc           | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |    372385 | NS      | $10929499.75  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc     | Simpson Manufacturing Co Inc     | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |    117682 | NS      | $19707027.72  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                | Brunswick Corp/DE                | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |    169291 | NS      | $10705962.84  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                         | RLI Corp                         | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |    115732 | NS      | $7548041.04   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc            | ESCO Technologies Inc            | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |    147605 | NS      | $31160891.55  | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp       | FIXED INC CLEARING CORP.REPO     | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  53763405 | PA      | $53763404.64  | 5.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MSA Safety Inc                   | MSA Safety Inc                   | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |     38765 | NS      | $6670293.55   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                     | Innospec Inc                     | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |    223788 | NS      | $17267482.08  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                       | Lazard Inc                       | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |    391377 | NS      | $20656878.06  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                    | RB Global Inc                    | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |    282415 | NS      | $30602489.40  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                      | Cognex Corp                      | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |    376700 | NS      | $17064510.00  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                   | Littelfuse Inc                   | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |    112740 | NS      | $29200787.40  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                   | FormFactor Inc                   | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |    449364 | NS      | $16365836.88  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                       | Korn Ferry                       | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |    109793 | NS      | $7683314.14   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                  | Bio-Techne Corp                  | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |    235792 | NS      | $13117108.96  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc               | UFP Industries Inc               | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |    109932 | NS      | $10277542.68  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                   | LCI Industries                   | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |    204322 | NS      | $19032594.30  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Esab Corp                        | Esab Corp                        | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |    257821 | NS      | $28808918.54  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc              | Landstar System Inc              | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |    114032 | NS      | $13975761.92  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                          | MKS Inc                          | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |    339000 | NS      | $41958030.00  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Stella-Jones Inc                 | Stella-Jones Inc                 | CUSIP: 85853F105<br>LEI: 5493007LOVNNLYJ6KZ35 | Long             | EC               | CORP              | CA        |    549742 | NS      | $31368119.72  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp             | Quaker Chemical Corp             | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |    237294 | NS      | $31263484.50  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                 | Haemonetics Corp                 | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |    126800 | NS      | $6180232.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                   | JBT Marel Corp                   | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    252551 | NS      | $35470787.95  | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp                       | Brady Corp                       | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |    131381 | NS      | $10251659.43  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products Inc  | Installed Building Products Inc  | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |    102058 | NS      | $25173626.28  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp                | FirstService Corp                | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |    191323 | NS      | $36445118.27  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc           | Valmont Industries Inc           | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |     78775 | NS      | $30543430.75  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                  | Morningstar Inc                  | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |     70944 | NS      | $16459717.44  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                         | AAON Inc                         | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    121166 | NS      | $11321751.04  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                     | Reliance Inc                     | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     95717 | NS      | $26880205.11  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc              | Onto Innovation Inc              | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     58407 | NS      | $7547352.54   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co               | SEI Investments Co               | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |    239814 | NS      | $20348217.90  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** ROYCE FUND

**Signature:** John Schwartz

**Name of Signer:** John Schwartz

**Title:** Associate General Counsel