Royce Fund NPORT-P Royce Smaller-Companies Growth Fund (Sep 2024 report)

SCHEDULES OF INVESTMENTS 

ROYCE DIVIDEND VALUE FUND

SEPTEMBER 30, 2024 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 94.1%
Consumer Discretionary – 5.4%
Hotels, Restaurants & Leisure - 0.2%
Travel + Leisure	3,100	$	142,848
Household Durables - 3.7%
Vistry Group 1,2	77,500		1,356,802
Worthington Enterprises	30,000		1,243,500
			2,600,302
Specialty Retail - 1.5%
USS 1	112,000		1,059,541
Total			3,802,691
Energy – 1.5%
Oil, Gas & Consumable Fuels - 1.5%
Gaztransport Et Technigaz 1	7,800		1,104,414
Total			1,104,414
Financials – 35.7%
Banks - 5.7%
BOK Financial	15,414		1,612,613
First Citizens BancShares Cl. A	1,314		2,419,008
			4,031,621
Capital Markets - 26.5%
Artisan Partners Asset Management Cl. A	25,600		1,108,992
B3-Brasil, Bolsa, Balcao	336,600		661,745
Bolsa Mexicana de Valores	444,000		718,653
Canaccord Genuity Group	31,500		209,387
Carlyle Group	76,020		3,273,421
Evercore Cl. A	13,500		3,420,090
KKR & Co.	19,138		2,499,040
Moelis & Company Cl. A	19,359		1,326,285
SEI Investments	37,900		2,622,301
Sprott	37,500		1,625,106
State Street	15,120		1,337,667
			18,802,687
Consumer Finance - 1.5%
goeasy	8,125		1,087,018
Insurance - 2.0%
Assured Guaranty	17,900		1,423,408
Total			25,344,734
Health Care – 4.1%
Health Care Providers & Services - 1.5%
Ensign Group (The)	7,439		1,069,877
Pharmaceuticals - 2.6%
Recordati Industria Chimica e Farmaceutica 1	24,210		1,370,088
Santen Pharmaceutical 1	41,600		502,837
			1,872,925
Total			2,942,802
Industrials – 30.7%
Aerospace & Defense - 5.4%
HEICO Corporation Cl. A	18,800		3,830,688
Building Products - 0.7%
Geberit 1	800		522,233
Construction & Engineering - 2.0%
Comfort Systems USA	3,584		1,399,014
Electrical Equipment - 3.2%
Hubbell Incorporated	5,295		2,268,113
Machinery - 5.6%
Graco	20,179		1,765,864
Lincoln Electric Holdings	2,255		433,005
Lindsay Corporation	5,287		658,972
Spirax Group 1	10,782		1,086,486
			3,944,327
Marine Transportation - 1.2%
Clarkson 1	16,707		823,976
Professional Services - 5.5%
KBR	28,573		1,860,959
Korn Ferry	8,723		656,319
ManpowerGroup	19,300		1,418,936
			3,936,214
Trading Companies & Distributors - 7.1%
Applied Industrial Technologies	13,642		3,043,939
FTAI Aviation	15,031		1,997,620
			5,041,559
Total			21,766,124
Information Technology – 0.5%
Technology Hardware, Storage & Peripherals - 0.5%
Xerox Holdings	31,357		325,486
Total			325,486
Materials – 14.6%
Chemicals - 2.1%
Quaker Houghton	6,122		1,031,496
Scotts Miracle-Gro Cl. A	5,000		433,500
			1,464,996
Containers & Packaging - 2.7%
AptarGroup	12,238		1,960,405
Metals & Mining - 9.8%
Franco-Nevada	16,500		2,050,125
Reliance	4,982		1,440,844
Royal Gold	17,500		2,455,250
Worthington Steel	30,000		1,020,300
			6,966,519
Total			10,391,920
Real Estate – 1.6%
Real Estate Management & Development - 1.2%
RMR Group (The) Cl. A	32,700		829,926
Specialized REITs - 0.4%
OUTFRONT Media	17,900		329,002
Total			1,158,928
TOTAL COMMON STOCKS
(Cost $22,968,845)			66,837,099
REPURCHASE AGREEMENT – 5.9%
Fixed Income Clearing Corporation, 4.25% dated 9/30/24, due 10/1/24, maturity value $4,164,168 (collateralized by obligations of U.S. Government Agencies, 3.375% due 9/15/27, valued at $4,246,957)
(Cost $4,163,676)			4,163,676

TOTAL INVESTMENTS – 100.0%
(Cost $27,132,521)		71,000,775
LIABILITIES LESS CASH    AND OTHER ASSETS – (0.0)%		(18,522	)
NET ASSETS – 100.0%	$	70,982,253

SCHEDULES OF INVESTMENTS

ROYCE INTERNATIONAL PREMIER FUND 

SEPTEMBER 30, 2024 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 87.3%
Australia – 5.8%
Hansen Technologies 1	1,807,724	$	5,946,890
IPH 1	1,063,434		4,466,776
Johns Lyng Group 1	2,006,793		5,188,816
Total			15,602,482
Belgium – 1.9%
Azelis Group 1	229,924		5,039,161
Total			5,039,161
Brazil – 2.7%
Odontoprev	1,997,070		4,124,133
TOTVS	592,241		3,104,870
Total			7,229,003
Canada – 3.3%
Enghouse Systems	209,717		5,217,921
Open Text	105,735		3,519,679
Total			8,737,600
Finland – 1.7%
Enento Group 1	210,890		4,545,641
Total			4,545,641
France – 4.7%
Antin Infrastructure Partners 1	357,686		4,763,236
Gaztransport Et Technigaz 1	9,780		1,384,765
Lectra 1	124,757		4,062,658
Robertet 1	2,243		2,376,078
Total			12,586,737
Germany – 1.8%
CTS Eventim AG & Co. 1	29,991		3,116,153
Schott Pharma AG & Co 1	47,929		1,635,634
Total			4,751,787
Israel – 2.0%
Nice ADR 2	31,188		5,416,420
Total			5,416,420
Italy – 6.1%
Carel Industries 1	268,387		5,877,671
DiaSorin 1	42,822		5,003,013
GVS 1,2	671,468		5,400,249
Total			16,280,933
Japan – 19.1%
As One 1	263,700		5,330,902
BML 1	250,600		4,631,705
Dexerials 1	141,300		2,005,248
Hirose Electric 1	36,200		4,602,769
JCU 1	165,600		4,032,170
Maruwa 1	20,100		5,908,971
OBIC Business Consultants 1	90,800		4,708,947
Riken Keiki 1	187,200		5,019,152
TKC Corporation 1	209,900		5,595,376
USS 1	430,900		4,076,397
Zuken 1	211,700		5,301,376
Total			51,213,013
Jersey – 2.1%
JTC 1	394,250		5,578,508
Total			5,578,508
Netherlands – 1.6%
IMCD 1	24,611		4,278,787
Total			4,278,787
Poland – 2.1%
Asseco Poland 1	247,119		5,585,209
Total			5,585,209
Singapore – 1.9%
XP Power 1,2	295,191		5,203,434
Total			5,203,434
South Korea – 2.3%
NICE Information Service 1	768,182		6,239,455
Total			6,239,455
Sweden – 6.2%
Karnov Group 1,2	701,089		5,629,786
Norva24 Group 1,2	1,650,473		4,794,633
Sdiptech 1,2	69,496		2,041,276
Vitec Software Group Cl. B 1	82,486		4,274,694
Total			16,740,389
Switzerland – 5.0%
Kardex Holding 1	15,288		5,007,669
Partners Group Holding 1	1,963		2,952,350
Tecan Group 1	3,696		1,217,908
VZ Holding 1	27,214		4,355,236
Total			13,533,163
United Kingdom – 17.0%
Ashtead Technology Holdings 1	491,588		3,733,391
Auction Technology Group 1,2	731,134		4,116,800
CVS Group 1	355,189		5,376,915
Diploma 1	89,054		5,293,450
DiscoverIE Group 1	707,817		5,754,947
Halma 1	117,883		4,116,211
Intertek Group 1	84,679		5,853,548
Marlowe 1	750,707		3,222,518
Optima Health Group 2	750,707		1,505,487
Restore 1	1,190,076		3,787,895
Rightmove 1	360,738		2,991,530
Total			45,752,692
TOTAL COMMON STOCKS
(Cost $204,572,591)			234,314,414
PREFERRED STOCK– 1.8%
Germany – 1.8%
FUCHS1	99,575		4,836,058

(Cost $3,584,508)		4,836,058
REPURCHASE AGREEMENT – 9.7%
Fixed Income Clearing Corporation, 4.25% dated 9/30/24, due 10/1/24, maturity value $25,999,783 (collateralized by obligations of U.S. Government Agencies, 3.375% due 9/15/27, valued at $26,516,700)
(Cost $25,996,714)		25,996,714
TOTAL INVESTMENTS – 98.8%
(Cost $234,153,813)		265,147,186
CASH AND OTHER ASSETS LESS LIABILITIES – 1.2%		3,267,882
NET ASSETS – 100.0%	$	268,415,068

SCHEDULES OF INVESTMENTS

ROYCE MICRO-CAP FUND 

SEPTEMBER 30, 2024 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 99.0%
Communication Services – 5.0%
Entertainment - 1.1%
IMAX Corporation 2		159,100	$	3,263,141
Interactive Media & Services - 1.8%
DHI Group 2		356,103		655,229
QuinStreet 2		198,112		3,789,883
Vimeo 2		238,635		1,205,107
				5,650,219
Media - 2.1%
Innovid Corp. 2		929,656		1,673,381
Magnite 2		214,167		2,966,213
Thryv Holdings 2		94,839		1,634,076
				6,273,670
Total				15,187,030
Consumer Discretionary – 12.6%
Automobile Components - 1.7%
Modine Manufacturing 2		25,076		3,329,842
Stoneridge 2		177,482		1,986,024
				5,315,866
Diversified Consumer Services - 1.3%
Legacy Education 2		268,676		1,235,936
Lincoln Educational Services 2		224,238		2,677,402
				3,913,338
Hotels, Restaurants & Leisure - 1.2%
Century Casinos 2		430,485		1,102,042
Lindblad Expeditions Holdings 2		283,196		2,619,563
				3,721,605
Household Durables - 2.2%
Hovnanian Enterprises Cl. A 2		16,813		3,436,073
Legacy Housing 2		114,169		3,122,522
				6,558,595
Leisure Products - 1.4%
American Outdoor Brands 2		282,224		2,602,105
MasterCraft Boat Holdings 2		85,300		1,553,313
				4,155,418
Specialty Retail - 4.2%
Beyond 2		166,747		1,680,810
Citi Trends 2		136,475		2,507,046
OneWater Marine Cl. A 2		97,895		2,340,669
Shoe Carnival		84,065		3,686,250
Zumiez 2		123,900		2,639,070
				12,853,845
Textiles, Apparel & Luxury Goods - 0.6%
Vera Bradley 2		332,274		1,814,216
Total				38,332,883
Consumer Staples – 0.7%
Food Products - 0.7%
Seneca Foods Cl. A 2		36,345		2,265,384
Total				2,265,384
Energy – 3.8%
Energy Equipment & Services - 3.6%
Natural Gas Services Group 2		176,014		3,363,627
Newpark Resources 2		504,400		3,495,492
Profire Energy 2		1,412,035		2,372,219
Ranger Energy Services Cl. A		153,277		1,825,529
				11,056,867
Oil, Gas & Consumable Fuels - 0.2%
SandRidge Energy		52,054		636,621
Total				11,693,488
Financials – 12.9%
Banks - 8.3%
BayCom Corp.		148,162		3,514,403
Customers Bancorp 2		46,866		2,176,926
First Foundation		69,406		433,093
HarborOne Bancorp		246,253		3,196,364
HBT Financial		149,748		3,276,486
HomeTrust Bancshares		104,424		3,558,770
Investar Holding		179,900		3,490,060
Midway Investments 2,3		1,858,170		0
Stellar Bancorp		99,377		2,572,871
Western New England Bancorp		368,075		3,128,637
				25,347,610
Capital Markets - 3.8%
Canaccord Genuity Group		400,517		2,662,315
Silvercrest Asset Management Group Cl. A		161,773		2,788,966
Sprott		69,380		3,006,663
StoneX Group 2		39,469		3,231,722
				11,689,666
Financial Services - 0.8%
Cass Information Systems		58,216		2,414,800
Total				39,452,076
Health Care – 9.8%
Biotechnology - 3.3%
ARS Pharmaceuticals 2,4		203,124		2,945,298
CareDx 2		126,383		3,946,309
Dynavax Technologies 2		185,200		2,063,128
MeiraGTx Holdings 2		240,893		1,004,524
				9,959,259
Health Care Equipment & Supplies - 2.6%
Apyx Medical 2		615,218		762,871
Artivion 2		146,600		3,902,492
Profound Medical 2		227,937		1,813,451
Zynex 2		174,088		1,420,558
				7,899,372
Health Care Providers & Services - 0.3%
Cross Country Healthcare 2		76,397		1,026,776
Life Sciences Tools & Services - 2.4%
BioLife Solutions 2		107,908		2,702,016
Harvard Bioscience 2		647,017		1,740,476
Mesa Laboratories		22,621		2,937,563
				7,380,055
Pharmaceuticals - 1.2%
Harrow 2		78,566		3,532,327
Total				29,797,789
Industrials – 26.1%
Aerospace & Defense - 1.6%
Astronics Corporation 2		129,200		2,516,816
CPI Aerostructures 2		343,190		1,180,574
Park Aerospace		95,116		1,239,361
				4,936,751
Building Products - 1.0%
Quanex Building Products		111,694		3,099,509
Commercial Services & Supplies - 3.9%
Acme United		77,030		3,207,529
CECO Environmental 2		125,970		3,552,354
Montrose Environmental Group 2		61,932		1,628,812
VSE Corporation		43,900		3,631,847
				12,020,542
Construction & Engineering - 3.4%
Bowman Consulting Group 2		61,236		1,474,563
Concrete Pumping Holdings 2		276,163		1,598,984
IES Holdings 2		17,913		3,575,793
Northwest Pipe 2		85,120		3,841,465
				10,490,805
Electrical Equipment - 1.2%
American Superconductor 2		150,390		3,549,204
Ground Transportation - 0.7%
Covenant Logistics Group Cl. A		42,786		2,260,812
Machinery - 5.8%
Alimak Group 1		192,246		2,151,185
Commercial Vehicle Group 2		290,867		945,318
Graham Corporation 2		128,949		3,815,601
Luxfer Holdings		199,887		2,588,536
Porvair 1		329,800		2,911,067
Shyft Group (The)		187,523		2,353,414
Wabash National		143,962		2,762,631
				17,527,752
Marine Transportation - 1.2%
Clarkson 1		71,210		3,512,018
Professional Services - 4.7%
CRA International		21,523		3,773,412
Forrester Research 2		89,604		1,613,768
Kforce		39,732		2,441,531
NV5 Global 2		23,400		2,187,432
Resources Connection		217,997		2,114,571
TrueBlue 2		178,836		1,411,016
TTEC Holdings		116,389		683,204
				14,224,934
Trading Companies & Distributors - 2.6%
Alta Equipment Group		80,051		539,544
Distribution Solutions Group 2		98,960		3,810,949
Transcat 2		30,014		3,624,791
				7,975,284
Total				79,597,611
Information Technology – 24.0%
Communications Equipment - 4.5%
Applied Optoelectronics 2		229,214		3,280,052
Clearfield 2		72,448		2,822,574
Digi International 2		102,500		2,821,825
Genasys 2		567,594		2,020,635
Harmonic 2		195,900		2,854,263
				13,799,349
Electronic Equipment, Instruments & Components - 8.3%
Arlo Technologies 2		253,837		3,073,966
Bel Fuse Cl. B		39,667		3,114,256
Climb Global Solutions		17,086		1,700,740
FARO Technologies 2		175,347		3,356,142
LightPath Technologies Cl. A 2		852,684		1,168,177
Luna Innovations 2		503,076		1,182,229
nLIGHT 2		270,257		2,889,047
PAR Technology 2		69,324		3,610,394
Powerfleet 2		539,309		2,696,545
Richardson Electronics		11,204		138,257
Vishay Precision Group 2		86,274		2,234,497
				25,164,250
Semiconductors & Semiconductor Equipment - 9.0%
Aehr Test Systems 2,4		119,656		1,537,580
Amtech Systems 2		285,853		1,657,947
AXT 2		376,980		912,292
Camtek		21,936		1,751,590
Cohu 2		82,400		2,117,680
Ichor Holdings 2		85,900		2,732,479
inTEST Corporation 2		220,595		1,610,344
Kopin Corporation 2		1,432,160		1,045,477
Nova 2		15,448		3,218,436
NVE Corporation		34,143		2,727,001
PDF Solutions 2		68,600		2,173,248
Photronics 2		121,704		3,013,391
Ultra Clean Holdings 2		73,682		2,942,122
				27,439,587
Software - 0.9%
Agilysys 2		26,290		2,864,821
Technology Hardware, Storage & Peripherals - 1.3%
AstroNova 2		164,905		2,219,621
Intevac 2		509,044		1,730,750
				3,950,371
Total				73,218,378
Materials – 3.6%
Chemicals - 1.3%
Aspen Aerogels 2		80,578		2,231,205
Core Molding Technologies 2		101,042		1,738,933
				3,970,138
Metals & Mining - 2.3%
Altius Minerals		106,161		2,044,018
Ferroglobe		405,171		1,879,993
Major Drilling Group International 2		484,100		2,995,983
				6,919,994
Total				10,890,132
Real Estate – 0.5%
Real Estate Management & Development - 0.5%
FRP Holdings 2		54,421		1,625,011
Total				1,625,011
TOTAL COMMON STOCKS
(Cost $221,040,065)				302,059,782
REPURCHASE AGREEMENT – 1.0%
Fixed Income Clearing Corporation, 4.25% dated 9/30/24, due 10/1/24, maturity value $3,059,454 (collateralized by obligations of U.S. Government Agencies, 3.375% due 9/15/27, valued at $3,120,400)
(Cost $3,059,092)				3,059,092
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.6%
Money Market Funds Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.79%)
(Cost $1,835,421)		1,835,421		1,835,421
TOTAL INVESTMENTS – 100.6%
(Cost $225,934,578)				306,954,295
LIABILITIES LESS CASH AND OTHER ASSETS – (0.6)%				(1,975,256	)
NET ASSETS – 100.0%			$	304,979,039

SCHEDULES OF INVESTMENTS

ROYCE PREMIER FUND 

SEPTEMBER 30, 2024 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.5%
Communication Services – 1.3%
Interactive Media & Services - 1.3%
Ziff Davis 2		375,526	$	18,273,095
Total				18,273,095
Consumer Discretionary – 10.6%
Automobile Components - 3.0%
Dorman Products 2		219,848		24,869,206
LCI Industries		148,058		17,846,911
				42,716,117
Distributors - 1.3%
Pool Corporation		50,355		18,973,764
Household Durables - 1.5%
Installed Building Products		88,338		21,754,999
Leisure Products - 1.5%
Brunswick Corporation		246,935		20,698,092
Specialty Retail - 1.6%
Valvoline 2		559,000		23,394,150
Textiles, Apparel & Luxury Goods - 1.7%
Ralph Lauren Cl. A		127,241		24,668,213
Total				152,205,335
Consumer Staples – 1.9%
Personal Care Products - 1.9%
Inter Parfums		212,411		27,502,976
Total				27,502,976
Financials – 9.7%
Capital Markets - 9.7%
Lazard		474,562		23,908,434
Morningstar		114,158		36,430,101
SEI Investments		615,771		42,605,195
TMX Group		1,136,994		35,636,937
Total				138,580,667
Health Care – 6.3%
Health Care Equipment & Supplies - 4.2%
Enovis Corporation 2		580,824		25,004,473
Haemonetics Corporation 2		440,619		35,416,956
				60,421,429
Life Sciences Tools & Services - 2.1%
Bio-Techne		367,740		29,393,458
Total				89,814,887
Industrials – 36.4%
Aerospace & Defense - 2.3%
Woodward		194,403		33,342,058
Building Products - 3.1%
Simpson Manufacturing		143,482		27,443,802
UFP Industries		124,060		16,277,913
				43,721,715
Commercial Services & Supplies - 2.8%
Brady Corporation Cl. A		98,000		7,509,740
RB Global		402,022		32,358,751
				39,868,491
Construction & Engineering - 5.4%
Arcosa		498,054		47,195,597
Valmont Industries		103,599		30,038,530
				77,234,127
Ground Transportation - 2.1%
Landstar System		161,303		30,465,297
Machinery - 16.2%
Enpro		103,793		16,833,149
ESAB Corporation		275,455		29,283,621
ESCO Technologies		268,028		34,570,251
John Bean Technologies		321,775		31,698,055
Kadant		118,658		40,106,404
Lincoln Electric Holdings		134,145		25,758,523
Lindsay Corporation		196,340		24,471,818
RBC Bearings 2		99,294		29,726,638
				232,448,459
Professional Services - 2.5%
Exponent		92,567		10,671,124
Forrester Research 2		683,658		12,312,680
Korn Ferry		161,053		12,117,628
				35,101,432
Trading Companies & Distributors - 2.0%
Air Lease Cl. A		627,000		28,396,830
Total				520,578,409
Information Technology – 12.5%
Electronic Equipment, Instruments & Components - 5.4%
Cognex Corporation		546,349		22,127,135
Littelfuse		108,674		28,825,779
Rogers Corporation 2		229,636		25,951,164
				76,904,078
Semiconductors & Semiconductor Equipment - 7.1%
Axcelis Technologies 2		79,006		8,283,779
Cirrus Logic 2		291,027		36,148,464
FormFactor 2		449,369		20,670,974
MKS Instruments		343,767		37,370,910
				102,474,127
Total				179,378,205
Materials – 10.6%
Chemicals - 5.0%
Innospec		355,504		40,203,947
Quaker Houghton		188,206		31,710,829
				71,914,776
Metals & Mining - 2.6%
Reliance		130,525		37,749,135
Paper & Forest Products - 3.0%
Stella-Jones		649,257		42,624,518
Total				152,288,429
Real Estate – 9.2%
Real Estate Management & Development - 9.2%
Colliers International Group		284,226		43,148,349
FirstService Corporation		241,973		44,150,394
Kennedy-Wilson Holdings		2,432,354		26,877,512
Marcus & Millichap		439,331		17,410,687
Total				131,586,942

TOTAL COMMON STOCKS
(Cost $803,396,811)		1,410,208,945
REPURCHASE AGREEMENT – 1.4%
Fixed Income Clearing Corporation, 4.25% dated 9/30/24, due 10/1/24, maturity value $20,311,179 (collateralized by obligations of U.S. Government Agencies, 1.75% due 8/15/41, valued at $20,715,073)
(Cost $20,308,782)		20,308,782
TOTAL INVESTMENTS – 99.9%
(Cost $823,705,593)		1,430,517,727
CASH AND OTHER ASSETS LESS LIABILITIES – 0.1%		1,979,907
NET ASSETS – 100.0%	$	1,432,497,634

SCHEDULES OF INVESTMENTS 

ROYCE SMALL-CAP FUND 

SEPTEMBER 30, 2024 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.2%
Communication Services – 2.5%
Diversified Telecommunication Services - 0.6%
Cogent Communications Holdings		15,484	$	1,175,545
Globalstar 2,4		4,708,344		5,838,346
IDT Corporation Cl. B		74,257		2,834,390
Liberty Latin America Cl. C 2		187,820		1,782,412
				11,630,693
Entertainment - 0.5%
IMAX Corporation 2		512,346		10,508,217
Interactive Media & Services - 1.2%
QuinStreet 2		77,243		1,477,659
Shutterstock		108,341		3,832,021
Ziff Davis 2		378,696		18,427,347
				23,737,027
Media - 0.2%
TEGNA		245,697		3,877,099
Total				49,753,036
Consumer Discretionary – 8.6%
Automobile Components - 2.4%
Dorman Products 2		127,833		14,460,469
Fox Factory Holding 2		50,000		2,075,000
Gentex Corporation		152,091		4,515,582
LCI Industries		68,192		8,219,863
Modine Manufacturing 2		81,087		10,767,543
Stoneridge 2		57,057		638,468
Visteon Corporation 2		68,183		6,493,749
				47,170,674
Broadline Retail - 0.2%
Ollie’s Bargain Outlet Holdings 2		35,219		3,423,287
Distributors - 0.1%
LKQ Corporation		5,779		230,698
Pool Corporation		2,993		1,127,762
				1,358,460
Diversified Consumer Services - 0.1%
frontdoor 2		62,255		2,987,618
Hotels, Restaurants & Leisure - 0.2%
Bloomin’ Brands		206,502		3,413,478
Household Durables - 1.2%
Champion Homes 2		36,590		3,470,561
Installed Building Products		5,236		1,289,470
Legacy Housing 2		97,929		2,678,358
M/I Homes 2		42,905		7,352,201
PulteGroup		29,650		4,255,664
Tri Pointe Homes 2		90,096		4,082,250
				23,128,504
Leisure Products - 0.5%
Brunswick Corporation		62,206		5,214,107
YETI Holdings 2		103,807		4,259,201
				9,473,308
Specialty Retail - 3.5%
Academy Sports & Outdoors		190,736		11,131,353
Advance Auto Parts		146,954		5,729,737
Asbury Automotive Group 2		46,247		11,034,072
Buckle (The)		88,761		3,902,821
Caleres		107,838		3,564,046
Destination XL Group 2		1,068,980		3,142,801
Murphy USA		13,589		6,697,610
OneWater Marine Cl. A 2		247,148		5,909,309
Shoe Carnival		141,455		6,202,802
Signet Jewelers		43,759		4,513,303
Valvoline 2		155,865		6,522,950
Williams-Sonoma		6,696		1,037,344
				69,388,148
Textiles, Apparel & Luxury Goods - 0.4%
Carter’s		90,695		5,893,361
Kontoor Brands		33,987		2,779,457
				8,672,818
Total				169,016,295
Consumer Staples – 1.4%
Beverages - 0.1%
Primo Water		78,220		1,975,055
Food Products - 0.5%
Nomad Foods		534,749		10,192,316
Personal Care Products - 0.8%
Inter Parfums		115,150		14,909,622
Total				27,076,993
Energy – 1.8%
Energy Equipment & Services - 0.9%
Core Laboratories		128,530		2,381,661
Helmerich & Payne		109,035		3,316,845
Pason Systems		1,231,205		12,134,986
				17,833,492
Oil, Gas & Consumable Fuels - 0.9%
Chord Energy		20,558		2,677,268
Civitas Resources		62,004		3,141,743
Crescent Energy Cl. A		394,043		4,314,771
Matador Resources		82,204		4,062,522
Northern Oil & Gas		23,288		824,628
SM Energy		83,113		3,322,026
				18,342,958
Total				36,176,450
Financials – 18.0%
Banks - 5.6%
Banc of California		227,398		3,349,572
Bank of N.T. Butterfield & Son		190,500		7,025,640
BankUnited		138,629		5,051,641
BOK Financial		40,738		4,262,010
CNB Financial		148,037		3,561,770
First Citizens BancShares Cl. A		18,024		33,181,283
First Hawaiian		252,895		5,854,519
Hingham Institution for Savings		17,659		4,296,611
Home BancShares		199,123		5,394,242
Independent Bank Group		31,045		1,790,055
OceanFirst Financial		47,400		881,166
Origin Bancorp		209,102		6,724,720
Popular		189,632		19,014,401
Timberland Bancorp		74,199		2,245,262
TrustCo Bank Corp NY		104,492		3,455,550
Western Alliance Bancorp		22,044		1,906,586
WSFS Financial		25,987		1,325,077
				109,320,105
Capital Markets - 6.6%
Artisan Partners Asset Management Cl. A		355,810		15,413,689
Evercore Cl. A		35,575		9,012,570
GCM Grosvenor Cl. A		865,058		9,792,456
Houlihan Lokey Cl. A		26,880		4,247,578
Lazard		99,297		5,002,583
Marex Group		273,150		6,451,803
Morningstar		40,916		13,057,114
Onex Corporation		162,537		11,384,620
Perella Weinberg Partners Cl. A		171,587		3,313,345
SEI Investments		318,732		22,053,067
Silvercrest Asset Management Group Cl. A		21,000		362,040
Sprott		244,764		10,607,134
TMX Group		449,739		14,096,223
Tradeweb Markets Cl. A		46,591		5,761,909
				130,556,131
Consumer Finance - 0.6%
FirstCash Holdings		41,382		4,750,654
goeasy		31,251		4,180,972
PRA Group 2		111,744		2,498,596
				11,430,222
Financial Services - 0.5%
Compass Diversified Holdings		99,808		2,208,751
International Money Express 2		196,733		3,637,593
Merchants Bancorp		69,695		3,133,487
Repay Holdings Cl. A 2		61,979		505,749
WEX 2		4,500		943,785
				10,429,365
Insurance - 4.7%
Assured Guaranty		298,454		23,733,062
Axis Capital Holdings		53,827		4,285,168
Berkley (W.R.)		152,028		8,624,548
E-L Financial		23,618		20,955,747
International General Insurance Holdings		514,351		9,772,669
RenaissanceRe Holdings		31,430		8,561,532
RLI Corp.		41,334		6,405,943
Safety Insurance Group		40,347		3,299,578
Tiptree		107,698		2,107,650
White Mountains Insurance Group		2,656		4,505,107
				92,251,004
Total				353,986,827
Health Care – 8.4%
Biotechnology - 0.9%
BridgeBio Pharma 2		56,754		1,444,957
CareDx 2		34,191		1,067,614
Catalyst Pharmaceuticals 2		503,101		10,001,648
Halozyme Therapeutics 2		34,840		1,994,241
Insmed 2		44,292		3,233,316
MeiraGTx Holdings 2		95,578		398,560
Viking Therapeutics 2		6,241		395,118
				18,535,454
Health Care Equipment & Supplies - 4.1%
Alphatec Holdings 2		307,154		1,707,776
AtriCure 2		24,482		686,476
Enovis Corporation 2		551,421		23,738,674
Haemonetics Corporation 2		332,548		26,730,208
OrthoPediatrics Corp. 2		13,220		358,394
Profound Medical 2		52,098		414,488
QuidelOrtho Corporation 2		33,190		1,513,464
RxSight 2		22,187		1,096,704
Surmodics 2		42,305		1,640,588
TransMedics Group 2,4		141,198		22,168,086
				80,054,858
Health Care Providers & Services - 0.9%
Molina Healthcare 2		13,824		4,763,198
PACS Group 2		20,767		830,057
Patterson Companies		155,339		3,392,604
Surgery Partners 2		238,056		7,674,925
				16,660,784
Life Sciences Tools & Services - 2.2%
Azenta 2		190,655		9,235,328
BioLife Solutions 2		124,265		3,111,596
Bio-Techne		131,642		10,522,145
Harvard Bioscience 2		163,620		440,138
Maravai LifeSciences Holdings Cl. A 2		415,995		3,456,918
Mesa Laboratories		104,550		13,576,863
Quanterix Corporation 2		16,148		209,278
Stevanato Group		170,260		3,405,200
				43,957,466
Pharmaceuticals - 0.3%
Collegium Pharmaceutical 2		102,798		3,972,115
SIGA Technologies		402,039		2,713,763
				6,685,878
Total				165,894,440
Industrials – 27.1%
Aerospace & Defense - 1.3%
HEICO Corporation		61,618		16,111,875
Leonardo DRS 2		364,666		10,290,874
				26,402,749
Air Freight & Logistics - 0.4%
Hub Group Cl. A		190,212		8,645,135
Building Products - 2.8%
Builders FirstSource 2		93,221		18,071,823
Carlisle Companies		7,678		3,453,180
CSW Industrials		9,200		3,370,788
Janus International Group 2		338,189		3,419,091
MasterBrand 2		87,292		1,618,394
Quanex Building Products		175,939		4,882,307
Simpson Manufacturing		46,435		8,881,622
UFP Industries		78,789		10,337,905
				54,035,110
Commercial Services & Supplies - 1.0%
Brady Corporation Cl. A		68,040		5,213,905
Healthcare Services Group 2		592,864		6,622,291
Montrose Environmental Group 2		68,217		1,794,107
RB Global		31,619		2,545,013
UniFirst Corporation		8,330		1,654,755
Vestis Corporation		153,922		2,293,438
				20,123,509
Construction & Engineering - 3.5%
Arcosa		391,975		37,143,551
Construction Partners Cl. A 2		133,067		9,288,077
EMCOR Group		3,540		1,524,076
IES Holdings 2		21,783		4,348,323
Limbach Holdings 2		48,169		3,649,283
Northwest Pipe 2		36,303		1,638,354
Valmont Industries		40,416		11,718,619
				69,310,283
Electrical Equipment - 1.5%
American Superconductor 2		93,326		2,202,494
Atkore		67,915		5,755,117
nVent Electric		46,910		3,295,897
Preformed Line Products		101,976		13,061,086
Vertiv Holdings Cl. A		42,264		4,204,845
				28,519,439
Ground Transportation - 0.9%
ArcBest Corporation		27,889		3,024,562
Landstar System		71,539		13,511,571
Schneider National Cl. B		22,007		628,080
				17,164,213
Machinery - 7.2%
Allison Transmission Holdings		45,697		4,390,111
Atmus Filtration Technologies		291,796		10,951,104
Enpro		85,030		13,790,165
ESAB Corporation		166,991		17,752,813
ESCO Technologies		68,912		8,888,270
Graham Corporation 2		91,849		2,717,812
Helios Technologies		55,536		2,649,067
John Bean Technologies		172,617		17,004,501
Kadant		42,716		14,438,008
Lincoln Electric Holdings		56,716		10,890,606
Lindsay Corporation		63,420		7,904,669
Miller Industries		175,105		10,681,405
Mueller Industries		5,000		370,500
RBC Bearings 2		37,430		11,205,793
Terex Corporation		63,555		3,362,695
Timken Company (The)		20,102		1,694,398
Wabash National		148,904		2,857,468
Westport Fuel Systems 2,4		11,598		53,235
				141,602,620
Marine Transportation - 1.2%
Clarkson 1		30,004		1,479,772
Genco Shipping & Trading		196,862		3,838,809
Kirby Corporation 2		146,781		17,970,398
				23,288,979
Passenger Airlines - 0.1%
Sun Country Airlines Holdings 2		194,570		2,181,130
Professional Services - 2.7%
Barrett Business Services		35,292		1,323,803
CBIZ 2		90,716		6,104,280
Dun & Bradstreet Holdings		454,428		5,230,466
Exponent		24,726		2,850,413
Forrester Research 2		483,815		8,713,508
IBEX 2		231,272		4,620,815
KBR		238,957		15,563,269
Korn Ferry		94,578		7,116,049
NV5 Global 2		10,870		1,016,128
				52,538,731
Trading Companies & Distributors - 4.5%
Air Lease Cl. A		631,015		28,578,669
Applied Industrial Technologies		60,190		13,430,195
Distribution Solutions Group 2		108,002		4,159,157
EVI Industries		342,790		6,626,131
FTAI Aviation		22,553		2,997,294
MSC Industrial Direct Cl. A		35,257		3,034,217
Richelieu Hardware		292,057		8,659,459
Transcat 2		155,006		18,720,075
WESCO International		16,136		2,710,525
				88,915,722
Total				532,727,620
Information Technology – 18.7%
Communications Equipment - 0.9%
Aviat Networks 2		121,653		2,631,354
Ciena Corporation 2		55,383		3,411,039
Digi International 2		261,424		7,197,003
Harmonic 2		332,601		4,845,997
				18,085,393
Electronic Equipment, Instruments & Components - 8.0%
Bel Fuse Cl. B		40,725		3,197,320
Cognex Corporation		343,269		13,902,394
Coherent Corp. 2		117,984		10,489,957
Crane NXT		89,640		5,028,804
ePlus 2		36,986		3,637,203
Fabrinet 2		84,273		19,925,508
FARO Technologies 2		31,712		606,968
Flex 2		87,957		2,940,403
Jabil		27,505		3,295,924
Kimball Electronics 2		46,581		862,214
Littelfuse		41,114		10,905,488
Luna Innovations 2,4		664,059		1,560,539
NAPCO Security Technologies		180,000		7,282,800
nLIGHT 2		318,154		3,401,066
PAR Technology 2		355,975		18,539,178
Powerfleet 2		910,774		4,553,870
Rogers Corporation 2		131,355		14,844,429
Sanmina Corporation 2		118,113		8,084,835
TD SYNNEX		30,211		3,627,737
Teledyne Technologies 2		8,140		3,562,552
Vishay Intertechnology		11,770		222,571
Vishay Precision Group 2		110,299		2,856,744
Vontier Corporation		442,512		14,930,355
				158,258,859
IT Services - 0.6%
Hackett Group (The)		126,118		3,313,120
Kyndryl Holdings 2		360,964		8,294,953
				11,608,073
Semiconductors & Semiconductor Equipment - 6.9%
Allegro MicroSystems 2,4		3,340		77,822
Axcelis Technologies 2		61,625		6,461,381
Camtek		85,084		6,793,957
Cirrus Logic 2		172,140		21,381,509
Cohu 2		191,588		4,923,812
Diodes 2		77,596		4,973,128
FormFactor 2		268,497		12,350,862
Ichor Holdings 2		32,701		1,040,219
Impinj 2,4		54,559		11,813,115
Kulicke & Soffa Industries		126,623		5,714,496
MKS Instruments		72,384		7,868,865
Nova 2		67,197		13,999,823
NVE Corporation		25,461		2,033,570
Onto Innovation 2		114,359		23,736,354
Photronics 2		132,417		3,278,645
Rambus 2		1,975		83,384
Silicon Motion Technology ADR		6,856		416,433
SiTime Corporation 2		4,061		696,502
Synaptics 2		3,525		273,470
Ultra Clean Holdings 2		189,197		7,554,636
				135,471,983
Software - 2.1%
Agilysys 2		95,768		10,435,839
Alkami Technology 2		26,654		840,667
Computer Modelling Group		2,393,592		20,122,844
Dolby Laboratories Cl. A		63,720		4,876,492
JFrog 2		85,985		2,497,004
Sapiens International		55,191		2,056,969
				40,829,815
Technology Hardware, Storage & Peripherals - 0.2%
AstroNova 2		81,672		1,099,305
Diebold Nixdorf 2		77,232		3,449,181
				4,548,486
Total				368,802,609
Materials – 7.2%
Chemicals - 4.4%
Aspen Aerogels 2		117,172		3,244,492
Element Solutions		1,026,838		27,888,920
Hawkins		4,000		509,880
Ingevity Corporation 2		222,731		8,686,509
Innospec		185,230		20,947,661
Minerals Technologies		156,838		12,112,599
Quaker Houghton		77,041		12,980,638
				86,370,699
Construction Materials - 0.0%
Knife River 2		5,200		464,828
Containers & Packaging - 0.2%
Graphic Packaging Holding Company		48,964		1,448,845
Silgan Holdings		62,250		3,268,125
				4,716,970
Metals & Mining - 1.7%
Alamos Gold Cl. A		1,031,729		20,559,057
Major Drilling Group International 2		285,000		1,763,799
Materion Corporation		50,000		5,593,000
Reliance		15,160		4,384,424
				32,300,280
Paper & Forest Products - 0.9%
Louisiana-Pacific		40,911		4,396,296
Stella-Jones		193,572		12,708,239
				17,104,535
Total				140,957,312
Real Estate – 2.5%
Real Estate Management & Development - 2.5%
Colliers International Group		43,489		6,602,065
FirstService Corporation		38,250		6,979,095
FRP Holdings 2		172,446		5,149,238
Kennedy-Wilson Holdings		1,501,791		16,594,790
Marcus & Millichap		272,368		10,793,944
RMR Group (The) Cl. A		134,860		3,422,747
Total				49,541,879
TOTAL COMMON STOCKS
(Cost $1,217,080,758)				1,893,933,461
REPURCHASE AGREEMENT – 3.6%
Fixed Income Clearing Corporation, 4.25% dated 9/30/24, due 10/1/24, maturity value $69,731,877 (collateralized by obligations of various U.S. Government Agencies, 0.625%-3.875% due 12/31/27-8/15/30, valued at $71,118,253) (Cost $69,723,645)				69,723,645
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.0%
Money Market Funds Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.79%) (Cost $445,775)		445,775		445,775
TOTAL INVESTMENTS – 99.8%
(Cost $1,287,250,178)				1,964,102,881
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2%				4,558,710
NET ASSETS – 100.0%			$	1,968,661,591

SCHEDULES OF INVESTMENTS 

ROYCE SMALL-CAP OPPORTUNITY FUND 

SEPTEMBER 30, 2024 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.4%
Communication Services – 5.1%
Entertainment - 0.7%
IMAX Corporation 2		261,109	$	5,355,346
Lions Gate Entertainment Cl. A 2		459,580		3,598,511
				8,953,857
Interactive Media & Services - 2.7%
Cars.com 2		257,316		4,312,616
DHI Group 2		1,675,209		3,082,385
EverQuote Cl. A 2		342,346		7,220,077
IAC 2		162,006		8,719,163
QuinStreet 2		490,829		9,389,559
				32,723,800
Media - 1.7%
Criteo ADR 2		170,980		6,880,235
Innovid Corp. 2,4		1,781,732		3,207,118
Magnite 2		510,710		7,073,333
Thryv Holdings 2		234,474		4,039,987
				21,200,673
Total				62,878,330
Consumer Discretionary – 12.0%
Automobile Components - 2.9%
Fox Factory Holding 2		147,184		6,108,136
Garrett Motion 2		960,649		7,858,109
Gentherm 2		121,406		5,651,449
Modine Manufacturing 2		33,338		4,426,953
Patrick Industries		40,975		5,833,611
Stoneridge 2		573,845		6,421,325
				36,299,583
Broadline Retail - 0.7%
Dillard’s Cl. A		18,285		7,015,772
Nordstrom		73,574		1,654,679
				8,670,451
Diversified Consumer Services - 0.3%
Udemy 2		550,532		4,095,958
Hotels, Restaurants & Leisure - 0.2%
Century Casinos 2		427,984		1,095,639
Noodles & Company Cl. A 2		1,303,519		1,564,223
				2,659,862
Household Durables - 3.7%
Beazer Homes USA 2		115,176		3,935,564
Cavco Industries 2		16,429		7,035,555
Century Communities		37,039		3,814,276
Champion Homes 2		99,664		9,453,130
M/I Homes 2		25,202		4,318,615
Taylor Morrison Home 2		94,653		6,650,320
Toll Brothers		31,708		4,898,569
Tri Pointe Homes 2		117,207		5,310,649
				45,416,678
Specialty Retail - 2.9%
Advance Auto Parts		81,547		3,179,518
Beyond 2		352,092		3,549,087
Caleres		175,517		5,800,837
Designer Brands Cl. A		335,205		2,473,813
J.Jill		170,705		4,211,292
MarineMax 2		214,322		7,559,137
OneWater Marine Cl. A 2		213,704		5,109,663
Victoria’s Secret & Co. 2		131,623		3,382,711
				35,266,058
Textiles, Apparel & Luxury Goods - 1.3%
Lakeland Industries 5		423,870		8,519,787
Rocky Brands		108,896		3,469,426
Vera Bradley 2,4		642,069		3,505,697
				15,494,910
Total				147,903,500
Consumer Staples – 1.3%
Food Products - 0.5%
SunOpta 2		894,469		5,706,712
Household Products - 0.5%
Spectrum Brands Holdings		64,134		6,101,709
Personal Care Products - 0.3%
Inter Parfums		30,399		3,936,063
Total				15,744,484
Energy – 7.9%
Energy Equipment & Services - 4.0%
Archrock		237,822		4,813,517
DMC Global 2		163,266		2,119,193
Kodiak Gas Services		75,461		2,188,369
Mammoth Energy Services 2		785,339		3,212,037
Newpark Resources 2		699,510		4,847,604
Patterson-UTI Energy		583,046		4,460,302
ProPetro Holding Corp. 2		412,725		3,161,473
Ranger Energy Services Cl. A		437,877		5,215,115
Select Water Solutions Cl. A		882,564		9,822,937
Solaris Energy Infrastructure Cl. A		716,680		9,144,837
				48,985,384
Oil, Gas & Consumable Fuels - 3.9%
Ardmore Shipping		387,908		7,021,135
Baytex Energy		1,542,064		4,579,930
Comstock Resources 2		400,904		4,462,062
Kosmos Energy 2		510,813		2,058,576
Matador Resources		92,815		4,586,917
Navigator Holdings		421,172		6,768,234
Northern Oil & Gas		169,684		6,008,511
SandRidge Energy		297,427		3,637,532
Scorpio Tankers		87,453		6,235,399
Vermilion Energy		356,913		3,483,494
				48,841,790
Total				97,827,174
Financials – 8.0%
Banks - 3.5%
Axos Financial 2		52,975		3,331,068
BankUnited		181,472		6,612,840
BayCom Corp.		190,933		4,528,931
Business First Bancshares		224,004		5,750,183
Customers Bancorp 2		72,024		3,345,515
Dime Community Bancshares		140,982		4,060,281
First Foundation		429,413		2,679,537
Hilltop Holdings		134,722		4,332,659
Seacoast Banking Corporation of Florida		156,577		4,172,777
Western Alliance Bancorp		41,861		3,620,558
				42,434,349
Capital Markets - 2.9%
Artisan Partners Asset Management Cl. A		118,711		5,142,561
Bridge Investment Group Holdings Cl. A		448,836		4,430,011
Canaccord Genuity Group		1,152,624		7,661,717
GCM Grosvenor Cl. A		276,463		3,129,561
Moelis & Company Cl. A		54,058		3,703,514
Perella Weinberg Partners Cl. A		389,014		7,511,860
Victory Capital Holdings		78,944		4,373,498
				35,952,722
Financial Services - 1.3%
Acacia Research 2		496,381		2,313,135
I3 Verticals Cl. A 2		283,757		6,046,862
Repay Holdings Cl. A 2		346,473		2,827,220
Walker & Dunlop		44,954		5,106,325
				16,293,542
Insurance - 0.3%
Brighthouse Financial 2		76,279		3,434,843
Total				98,115,456
Health Care – 8.3%
Biotechnology - 0.3%
MiMedx Group 2		559,852		3,308,725
Health Care Equipment & Supplies - 2.9%
Accuray 2		1,112,264		2,002,075
AngioDynamics 2		569,410		4,430,010
Apyx Medical 2		1,003,739		1,244,636
Artivion 2		348,413		9,274,754
Bioventus Cl. A 2		404,991		4,839,642
Enovis Corporation 2		126,212		5,433,427
Tactile Systems Technology 2		356,038		5,201,715
Varex Imaging 2		229,056		2,730,348
				35,156,607
Health Care Providers & Services - 3.2%
AdaptHealth Corp. 2		451,259		5,067,639
Alignment Healthcare 2		185,750		2,195,565
Astrana Health 2		58,047		3,363,243
Community Health Systems 2		765,524		4,646,731
Cross Country Healthcare 2		475,982		6,397,198
NeoGenomics 2		371,886		5,485,318
Quipt Home Medical 2		1,033,126		3,016,728
RadNet 2		62,828		4,359,635
Select Medical Holdings		146,909		5,122,717
				39,654,774
Health Care Technology - 0.4%
Evolent Health Cl. A 2		84,168		2,380,271
LifeMD 2,4		523,026		2,740,656
				5,120,927
Life Sciences Tools & Services - 0.5%
Azenta 2		130,669		6,329,607
Pharmaceuticals - 1.0%
Harrow 2,4		96,303		4,329,783
Organon & Co		408,124		7,807,412
				12,137,195
Total				101,707,835
Industrials – 27.5%
Aerospace & Defense - 5.6%
AAR Corp. 2		141,247		9,231,904
Astronics Corporation 2		407,423		7,936,600
BWX Technologies		73,789		8,020,865
Ducommun 2		131,120		8,631,630
Kratos Defense & Security Solutions 2		364,731		8,498,232
Leonardo DRS 2		282,032		7,958,943
Mercury Systems 2		128,450		4,752,650
Triumph Group 2		538,080		6,935,851
V2X 2		117,921		6,587,067
				68,553,742
Air Freight & Logistics - 1.1%
Hub Group Cl. A		184,382		8,380,162
Radiant Logistics 2		873,305		5,615,351
				13,995,513
Building Products - 1.2%
Gibraltar Industries 2		74,761		5,228,037
Insteel Industries		135,096		4,200,134
Resideo Technologies 2		280,826		5,655,836
				15,084,007
Commercial Services & Supplies - 2.6%
ACV Auctions Cl. A 2		254,990		5,183,947
CECO Environmental 2		312,294		8,806,691
Healthcare Services Group 2		773,858		8,643,994
VSE Corporation		106,157		8,782,368
				31,417,000
Construction & Engineering - 3.9%
Argan		54,839		5,562,320
Concrete Pumping Holdings 2		515,788		2,986,412
Construction Partners Cl. A 2		63,185		4,410,313
Limbach Holdings 2		43,628		3,305,257
Matrix Service 2		470,969		5,430,273
Northwest Pipe 2		202,519		9,139,682
Orion Group Holdings 2		1,016,404		5,864,651
Primoris Services		154,595		8,978,878
Sterling Infrastructure 2		20,298		2,943,616
				48,621,402
Electrical Equipment - 0.7%
American Superconductor 2		277,600		6,551,360
Babcock & Wilcox Enterprises 2		904,826		1,845,845
				8,397,205
Machinery - 5.6%
Ag Growth International		103,869		4,157,218
Chart Industries 2,4		78,921		9,797,253
Commercial Vehicle Group 2		1,002,185		3,257,101
Enpro		28,308		4,590,992
Evercel 2,3		203,243		126,011
Helios Technologies		167,305		7,980,449
Luxfer Holdings		584,789		7,573,018
Manitex International 2		190,599		1,073,072
Mayville Engineering 2		325,380		6,859,010
Shyft Group (The)		374,998		4,706,225
Terex Corporation		29,453		1,558,358
Trinity Industries		213,554		7,440,221
Twin Disc		235,082		2,936,174
Wabash National		383,991		7,368,787
				69,423,889
Professional Services - 3.7%
Conduent 2		1,059,228		4,268,689
Korn Ferry		98,438		7,406,475
Mistras Group 2		764,590		8,693,388
Resources Connection		531,590		5,156,423
TaskUs Cl. A 2,4		388,670		5,021,616
TrueBlue 2		478,704		3,776,975
TTEC Holdings		360,427		2,115,707
WNS (Holdings) 2		169,713		8,945,572
				45,384,845
Trading Companies & Distributors - 3.1%
Air Lease Cl. A		168,550		7,633,629
DNOW 2		330,285		4,270,585
Herc Holdings		42,269		6,738,947
Hudson Technologies 2		503,671		4,200,616
MRC Global 2		531,221		6,767,755
WESCO International		53,072		8,915,035
				38,526,567
Total				339,404,170
Information Technology – 19.5%
Communications Equipment - 3.0%
Applied Optoelectronics 2		627,730		8,982,816
Aviat Networks 2		235,453		5,092,849
Clearfield 2,4		139,846		5,448,400
Comtech Telecommunications 2		574,257		2,762,176
Digi International 2		368,437		10,143,071
Ribbon Communications 2		1,472,229		4,784,744
				37,214,056
Electronic Equipment, Instruments & Components - 5.9%
Advanced Energy Industries		40,426		4,254,432
Arlo Technologies 2		606,704		7,347,185
Benchmark Electronics		46,742		2,071,605
Coherent Corp. 2		74,360		6,611,348
CTS Corporation		154,304		7,465,228
Fabrinet 2		11,026		2,606,987
FARO Technologies 2		458,087		8,767,785
Identiv 2		804,957		2,841,498
IPG Photonics 2		65,012		4,831,692
Knowles Corporation 2		504,890		9,103,167
nLIGHT 2		728,887		7,791,802
SmartRent Cl. A 2,4		455,431		787,896
Vishay Intertechnology		245,989		4,651,652
Vishay Precision Group 2		138,976		3,599,478
				72,731,755
IT Services - 1.7%
Applied Digital 2,4		658,376		5,431,602
Grid Dynamics Holdings 2		465,714		6,519,996
Kyndryl Holdings 2		399,065		9,170,514
				21,122,112
Semiconductors & Semiconductor Equipment - 5.7%
Alpha & Omega Semiconductor 2		214,335		7,956,115
Amkor Technology		172,754		5,286,272
Amtech Systems 2,5		713,369		4,137,540
Cohu 2		212,497		5,461,173
FormFactor 2		129,417		5,953,182
Ichor Holdings 2		256,458		8,157,929
inTEST Corporation 2		436,746		3,188,246
Kopin Corporation 2		2,697,788		1,969,385
Kulicke & Soffa Industries		135,007		6,092,866
Onto Innovation 2		11,978		2,486,154
SMART Global Holdings 2		212,658		4,455,185
Ultra Clean Holdings 2		201,392		8,041,583
Veeco Instruments 2		216,888		7,185,499
				70,371,129
Software - 2.0%
A10 Networks		485,655		7,012,858
Five9 2		14,512		416,930
LiveRamp Holdings 2		184,424		4,570,027
SecureWorks Corp. Cl. A 2,4		772,236		6,834,289
Viant Technology Cl. A 2		536,920		5,943,704
				24,777,808
Technology Hardware, Storage & Peripherals - 1.2%
Eastman Kodak 2		546,956		2,581,632
Immersion Corporation		363,494		3,242,367
Intevac 2,5		1,362,203		4,631,490
Xerox Holdings		391,223		4,060,895
				14,516,384
Total				240,733,244
Materials – 6.4%
Chemicals - 1.8%
Arcadium Lithium 2		873,919		2,490,669
Aspen Aerogels 2		258,967		7,170,796
Mativ Holdings		501,672		8,523,408
Tronox Holdings		288,174		4,215,986
				22,400,859
Construction Materials - 0.7%
Summit Materials Cl. A 2		214,604		8,375,994
Metals & Mining - 3.9%
ATI 2		131,199		8,778,525
Capstone Copper 2		1,010,111		7,894,468
Carpenter Technology		50,075		7,990,969
Commercial Metals		129,518		7,118,309
Ferroglobe		1,259,225		5,842,804
Major Drilling Group International 2		955,595		5,913,956
Metallus 2		338,470		5,019,510
Noranda Aluminum Holding Corporation 2,3		488,157		0
				48,558,541
Total				79,335,394
Real Estate – 0.4%
Real Estate Management & Development - 0.4%
Kennedy-Wilson Holdings		403,909		4,463,194
Total				4,463,194
TOTAL COMMON STOCKS
(Cost $908,750,039)				1,188,112,781
REPURCHASE AGREEMENT – 2.9%
Fixed Income Clearing Corporation, 4.25% dated 9/30/24, due 10/1/24, maturity value $36,097,862 (collateralized by obligations of U.S. Government Agencies, 3.375% due 9/15/27, valued at $36,815,495) (Cost $36,093,601)				36,093,601
COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.1%
Money Market Funds Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.79%) (Cost $13,336,004)		13,336,004		13,336,004
TOTAL INVESTMENTS – 100.4%
(Cost $958,179,644)				1,237,542,386
LIABILITIES LESS CASH AND OTHER ASSETS – (0.4)%				(5,443,109	)
NET ASSETS – 100.0%			$	1,232,099,277

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP SPECIAL EQUITY FUND 

SEPTEMBER 30, 2024 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 75.7%
Communication Services – 4.2%
Media - 4.2%
TEGNA		1,901,300	$	30,002,514
Total				30,002,514
Consumer Discretionary – 13.8%
Automobile Components - 4.8%
Standard Motor Products		1,025,600		34,049,920
Broadline Retail - 2.2%
Macy’s		1,000,000		15,690,000
Diversified Consumer Services - 1.1%
H&R Block		125,000		7,943,750
Hotels, Restaurants & Leisure - 1.1%
Nathan’s Famous		98,500		7,968,650
Household Durables - 1.0%
Ethan Allen Interiors		229,500		7,318,755
Specialty Retail - 0.8%
ODP Corporation (The) 2		183,000		5,444,250
Textiles, Apparel & Luxury Goods - 2.8%
Movado Group		1,061,000		19,734,600
Total				98,149,925
Consumer Staples – 8.6%
Consumer Staples Distribution & Retail - 3.6%
Ingles Markets Cl. A		344,000		25,662,400
Food Products - 3.7%
John B. Sanfilippo & Son		277,000		26,123,870
Household Products - 1.3%
Oil-Dri Corporation of America		136,500		9,417,135
Total				61,203,405
Energy – 0.8%
Energy Equipment & Services - 0.8%
RPC		918,500		5,841,660
Total				5,841,660
Financials – 5.1%
Capital Markets - 5.1%
Diamond Hill Investment Group 5		139,500		22,544,595
Federated Hermes Cl. B		303,500		11,159,695
GAMCO Investors Cl. A 1		115,500		2,774,310
Total				36,478,600
Industrials – 22.0%
Building Products - 4.2%
Insteel Industries		416,500		12,948,985
UFP Industries		126,500		16,598,065
				29,547,050
Commercial Services & Supplies - 4.3%
Ennis		1,265,000		30,764,800
Electrical Equipment - 4.0%
Atkore		133,000		11,270,420
Preformed Line Products		135,500		17,354,840
				28,625,260
Machinery - 8.9%
Gencor Industries 2,5		910,000		18,982,600
Miller Industries		55,000		3,355,000
Mueller Industries		555,500		41,162,550
				63,500,150
Professional Services - 0.6%
Resources Connection		434,500		4,214,650
Total				156,651,910
Information Technology – 8.0%
Electronic Equipment, Instruments & Components - 4.3%
Vishay Intertechnology		1,611,000		30,464,010
Semiconductors & Semiconductor Equipment - 3.7%
NVE Corporation 5		326,500		26,077,555
Total				56,541,565
Materials – 9.6%
Chemicals - 0.7%
Huntsman Corporation		197,500		4,779,500
Construction Materials - 4.2%
United States Lime & Minerals		302,500		29,542,150
Metals & Mining - 1.5%
Commercial Metals		124,000		6,815,040
Metallus 2		264,000		3,915,120
				10,730,160
Paper & Forest Products - 3.2%
Sylvamo Corporation		267,000		22,921,950
Total				67,973,760
Real Estate – 3.6%
Real Estate Management & Development - 3.6%
Marcus & Millichap		639,500		25,343,385
Total				25,343,385
TOTAL COMMON STOCKS
(Cost $412,033,515)				538,186,724
REPURCHASE AGREEMENT – 24.3%
Fixed Income Clearing Corporation, 4.25% dated 9/30/24, due 10/1/24, maturity value $173,012,039 (collateralized by obligations of various U.S. Government Agencies, 3.375%-3.875% due 9/15/27-12/31/27, valued at $176,451,583)
(Cost $172,991,617)				172,991,617
TOTAL INVESTMENTS – 100.0%
(Cost $585,025,132)				711,178,341
LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)%				(75,051	)
NET ASSETS – 100.0%			$	711,103,290

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP TOTAL RETURN FUND 

SEPTEMBER 30, 2024 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.6%
Communication Services – 5.6%
Diversified Telecommunication Services - 1.7%
IDT Corporation Cl. B		456,088	$	17,408,879
Interactive Media & Services - 3.9%
Shutterstock		504,083		17,829,415
Ziff Davis 2		438,430		21,334,004
				39,163,419
Total				56,572,298
Consumer Discretionary – 8.4%
Leisure Products - 1.6%
YETI Holdings 2		387,504		15,899,289
Specialty Retail - 6.8%
Academy Sports & Outdoors		503,445		29,381,050
Advance Auto Parts		602,181		23,479,037
OneWater Marine Cl. A 2		663,874		15,873,228
				68,733,315
Total				84,632,604
Energy – 4.4%
Energy Equipment & Services - 4.4%
Cactus Cl. A		191,993		11,456,223
Core Laboratories		774,876		14,358,452
Pason Systems		1,897,691		18,703,997
Total				44,518,672
Financials – 36.4%
Banks - 16.0%
Banc of California		953,831		14,049,930
BankUnited		395,218		14,401,744
First Bancshares (The)		86,248		2,771,148
First Financial Bankshares		125,574		4,647,494
German American Bancorp		131,589		5,099,074
Glacier Bancorp		121,356		5,545,969
Hingham Institution for Savings		69,787		16,979,875
Home BancShares		774,335		20,976,735
OceanFirst Financial		577,881		10,742,808
Origin Bancorp		514,724		16,553,524
Seacoast Banking Corporation of Florida		626,923		16,707,498
TowneBank		460,378		15,220,097
Western Alliance Bancorp		91,754		7,935,803
Wintrust Financial		81,473		8,842,265
				160,473,964
Capital Markets - 5.6%
GCM Grosvenor Cl. A		1,495,239		16,926,106
Marex Group		678,871		16,034,933
StoneX Group 2		51,448		4,212,562
Tel Aviv Stock Exchange 1		1,984,631		18,774,906
				55,948,507
Consumer Finance - 2.0%
Encore Capital Group 2		177,919		8,410,231
PRA Group 2		492,716		11,017,130
				19,427,361
Financial Services - 3.0%
Compass Diversified Holdings		650,514		14,395,875
Merchants Bancorp		357,243		16,061,645
				30,457,520
Insurance - 9.8%
Assured Guaranty		337,168		26,811,599
Axis Capital Holdings		263,996		21,016,722
International General Insurance Holdings		1,919,647		36,473,293
RenaissanceRe Holdings		52,373		14,266,405
				98,568,019
Total				364,875,371
Health Care – 1.7%
Health Care Providers & Services - 1.7%
PACS Group 2		421,813		16,859,866
Total				16,859,866
Industrials – 17.4%
Building Products - 1.7%
UFP Industries		130,624		17,139,175
Commercial Services & Supplies - 3.0%
Healthcare Services Group 2		2,147,055		23,982,604
Vestis Corporation		400,550		5,968,195
				29,950,799
Electrical Equipment - 0.7%
Atkore		91,018		7,712,865
Machinery - 1.3%
Timken Company (The)		151,403		12,761,759
Professional Services - 3.9%
Barrett Business Services		658,359		24,695,046
KBR		217,839		14,187,854
				38,882,900
Trading Companies & Distributors - 6.8%
Air Lease Cl. A		524,525		23,755,737
Applied Industrial Technologies		60,942		13,597,989
FTAI Aviation		119,665		15,903,479
MSC Industrial Direct Cl. A		173,353		14,918,759
				68,175,964
Total				174,623,462
Information Technology – 15.5%
Electronic Equipment, Instruments & Components - 5.2%
Bel Fuse Cl. B		192,804		15,137,042
Coherent Corp. 2		196,437		17,465,214
Vontier Corporation		571,156		19,270,803
				51,873,059
IT Services - 5.3%
Hackett Group (The)		890,582		23,395,589
Kyndryl Holdings 2		1,289,485		29,632,366
				53,027,955
Semiconductors & Semiconductor Equipment - 3.5%
Kulicke & Soffa Industries		637,928		28,789,691
MKS Instruments		60,181		6,542,276
				35,331,967
Software - 1.5%
Sapiens International		406,878		15,164,343
Total				155,397,324
Materials – 6.0%
Chemicals - 4.1%
Element Solutions		772,074		20,969,530
Ingevity Corporation 2		510,927		19,926,153
				40,895,683
Containers & Packaging - 1.9%
Silgan Holdings		375,067		19,691,017
Total				60,586,700
Real Estate – 1.2%
Real Estate Management & Development - 1.2%
Kennedy-Wilson Holdings		1,046,631		11,565,272
Total				11,565,272
TOTAL COMMON STOCKS
(Cost $753,349,702)				969,631,569
REPURCHASE AGREEMENT – 3.4%
Fixed Income Clearing Corporation, 4.25% dated 9/30/24, due 10/1/24, maturity value $33,790,810 (collateralized by obligations of U.S. Government Agencies, 3.375% due 9/15/27, valued at $34,462,642)
(Cost $33,786,822)				33,786,822
TOTAL INVESTMENTS – 100.0%
(Cost $787,136,524)				1,003,418,391
LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)%				(368,673	)
NET ASSETS – 100.0%			$	1,003,049,718

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP VALUE FUND 

SEPTEMBER 30, 2024 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 99.6%
Communication Services – 1.8%
Media - 1.8%
Saga Communications Cl. A		34,819	$	500,001
TEGNA		101,440		1,600,723
Total				2,100,724
Consumer Discretionary – 23.2%
Automobile Components - 1.3%
Visteon Corporation 2		15,112		1,439,267
Diversified Consumer Services - 1.4%
frontdoor 2		33,423		1,603,970
Hotels, Restaurants & Leisure - 1.2%
Bloomin’ Brands		84,431		1,395,644
Household Durables - 7.6%
M/I Homes 2		13,046		2,235,562
Meritage Homes		10,409		2,134,574
PulteGroup		15,519		2,227,442
Tri Pointe Homes 2		49,964		2,263,869
				8,861,447
Specialty Retail - 9.0%
Academy Sports & Outdoors		16,356		954,536
Buckle (The)		39,957		1,756,909
Caleres		64,656		2,136,881
Destination XL Group 2		58,678		172,513
J.Jill		35,501		875,810
Shoe Carnival		47,100		2,065,335
Signet Jewelers		15,236		1,571,441
Williams-Sonoma		5,898		913,718
				10,447,143
Textiles, Apparel & Luxury Goods - 2.7%
Carter’s		3,600		233,928
Kontoor Brands		23,200		1,897,296
Oxford Industries		10,481		909,332
Steven Madden		2,685		131,538
				3,172,094
Total				26,919,565
Consumer Staples – 2.5%
Consumer Staples Distribution & Retail - 2.5%
Ingles Markets Cl. A		10,105		753,833
Village Super Market Cl. A		66,216		2,105,007
Total				2,858,840
Energy – 9.3%
Energy Equipment & Services - 0.7%
Helmerich & Payne		27,081		823,804
Oil, Gas & Consumable Fuels - 8.6%
Chord Energy		10,465		1,362,857
Civitas Resources		26,065		1,320,714
Crescent Energy Cl. A		150,455		1,647,482
Dorchester Minerals L.P.		51,215		1,544,132
Matador Resources		27,304		1,349,364
Riley Exploration Permian		43,403		1,149,745
SM Energy		41,180		1,645,965
				10,020,259
Total				10,844,063
Financials – 21.2%
Banks - 16.5%
Burke & Herbert Financial Services		27,198		1,658,806
Citizens Community Bancorp		42,313		599,575
CNB Financial		68,151		1,639,713
Dime Community Bancshares		68,148		1,962,662
Heritage Financial		76,781		1,671,522
Mid Penn Bancorp		57,732		1,722,146
OceanFirst Financial		17,216		320,045
Premier Financial		49,449		1,161,063
Princeton Bancorp		18,692		691,230
Riverview Bancorp		71,980		339,026
Timberland Bancorp		45,004		1,361,821
TrustCo Bank Corp NY		39,674		1,312,019
Unity Bancorp		56,515		1,924,901
Univest Financial		68,813		1,936,398
Western New England Bancorp		107,935		917,448
				19,218,375
Capital Markets - 1.6%
Evercore Cl. A		7,158		1,813,408
Financial Services - 1.4%
International Money Express 2		88,681		1,639,711
Insurance - 1.7%
Tiptree		100,226		1,961,423
Total				24,632,917
Health Care – 6.3%
Biotechnology - 1.8%
Catalyst Pharmaceuticals 2		105,592		2,099,169
Health Care Providers & Services - 2.3%
Molina Healthcare 2		4,868		1,677,318
Patterson Companies		44,374		969,128
				2,646,446
Pharmaceuticals - 2.2%
Collegium Pharmaceutical 2		45,442		1,755,879
SIGA Technologies		118,273		798,343
				2,554,222
Total				7,299,837
Industrials – 19.1%
Air Freight & Logistics - 0.9%
Hub Group Cl. A		22,572		1,025,897
Building Products - 2.7%
MasterBrand 2		50,013		927,241
Quanex Building Products		43,936		1,219,224
UFP Industries		7,988		1,048,105
				3,194,570
Construction & Engineering - 1.1%
Sterling Infrastructure 2		8,711		1,263,269
Ground Transportation - 3.1%
ArcBest Corporation		13,979		1,516,022
Schneider National Cl. B		40,164		1,146,281
Universal Logistics Holdings		21,653		933,461
				3,595,764
Machinery - 4.6%
Allison Transmission Holdings		18,676		1,794,203
Miller Industries		19,731		1,203,591
Terex Corporation		26,603		1,407,565
Wabash National		45,908		880,975
				5,286,334
Marine Transportation - 2.7%
Genco Shipping & Trading		80,732		1,574,274
Pangaea Logistics Solutions		218,472		1,579,553
				3,153,827
Professional Services - 4.0%
Barrett Business Services		47,124		1,767,621
IBEX 2		79,053		1,579,479
Korn Ferry		17,460		1,313,691
				4,660,791
Total				22,180,452
Information Technology – 15.0%
Communications Equipment - 0.9%
Aviat Networks 2		47,051		1,017,713
Electronic Equipment, Instruments & Components - 11.9%
Bel Fuse Cl. B		21,929		1,721,646
ePlus 2		22,235		2,186,590
Flex 2		62,366		2,084,895
Insight Enterprises 2		4,408		949,439
Jabil		13,114		1,571,451
Kimball Electronics 2		5,978		110,653
PC Connection		13,995		1,055,643
Sanmina Corporation 2		31,822		2,178,216
TD SYNNEX		11,370		1,365,309
Vishay Intertechnology		36,039		681,497
				13,905,339
Semiconductors & Semiconductor Equipment - 0.7%
Amkor Technology		25,930		793,458
Software - 0.4%
Adeia		36,989		440,539
Technology Hardware, Storage & Peripherals - 1.1%
Diebold Nixdorf 2		28,113		1,255,527
Total				17,412,576
Real Estate – 1.2%
Real Estate Management & Development - 1.2%
RMR Group (The) Cl. A		56,388		1,431,127
Total				1,431,127
TOTAL COMMON STOCKS
(Cost $81,592,014)				115,680,101
REPURCHASE AGREEMENT – 0.5%
Fixed Income Clearing Corporation, 4.25% dated 9/30/24, due 10/1/24, maturity value $646,153 (collateralized by obligations of U.S. Government Agencies, 3.50% due 9/30/26, valued at $659,107)
(Cost $646,077)				646,077
TOTAL INVESTMENTS – 100.1%
(Cost $82,238,091)				116,326,178
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%				(159,573	)
NET ASSETS – 100.0%			$	116,166,605

SCHEDULES OF INVESTMENTS
ROYCE SMALLER-COMPANIES GROWTH FUND
SEPTEMBER 30, 2024 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.7%
Communication Services – 1.4%
Interactive Media & Services - 1.4%
Reddit Cl. A 2		39,400	$	2,597,248
Total				2,597,248
Consumer Discretionary – 9.2%
Diversified Consumer Services - 2.8%
Bright Horizons Family Solutions 2		20,206		2,831,467
OneSpaWorld Holdings		139,000		2,294,890
				5,126,357
Hotels, Restaurants & Leisure - 5.5%
Bragg Gaming Group 2		114,800		582,297
DraftKings Cl. A 2		51,000		1,999,200
Kura Sushi USA Cl. A 2,4		33,000		2,658,480
Life Time Group Holdings 2		82,000		2,002,440
Texas Roadhouse		16,000		2,825,600
				10,068,017
Household Durables - 0.9%
Installed Building Products		7,000		1,723,890
Total				16,918,264
Consumer Staples – 2.8%
Beverages - 0.1%
Celsius Holdings 2		7,500		235,200
Food Products - 2.7%
Freshpet 2		25,000		3,419,250
Vital Farms 2		42,000		1,472,940
				4,892,190
Total				5,127,390
Energy – 3.3%
Energy Equipment & Services - 1.2%
Oceaneering International 2		55,000		1,367,850
Tidewater 2		12,500		897,375
				2,265,225
Oil, Gas & Consumable Fuels - 2.1%
Golar LNG		81,000		2,977,560
Uranium Energy 2		130,000		807,300
				3,784,860
Total				6,050,085
Financials – 9.6%
Banks - 4.1%
Atlantic Union Bankshares		78,000		2,938,260
Coastal Financial 2		10,000		539,900
Seacoast Banking Corporation of Florida		107,000		2,851,550
Webster Financial		28,000		1,305,080
				7,634,790
Capital Markets - 0.8%
Open Lending 2		250,000		1,530,000
Consumer Finance - 0.5%
Encore Capital Group 2		18,000		850,860
Financial Services - 2.0%
AvidXchange Holdings 2		99,974		810,789
Cantaloupe 2		282,000		2,086,800
Paysign 2		212,000		778,040
				3,675,629
Insurance - 2.2%
Abacus Life 2		257,000		2,600,840
TWFG Cl. A 2		57,000		1,545,840
				4,146,680
Total				17,837,959
Health Care – 24.4%
Biotechnology - 10.3%
Alkermes 2		15,000		419,850
Alvotech 2		112,000		1,332,800
ARS Pharmaceuticals 2,4		277,000		4,016,500
Avid Bioservices 2		418,500		4,762,530
CareDx 2		77,000		2,404,325
Catalyst Pharmaceuticals 2		25,000		497,000
Cytokinetics 2		24,250		1,280,400
MeiraGTx Holdings 2		216,989		904,844
Oxford Biomedica 1,2		250,000		1,255,669
PureTech Health 1,2		1,106,000		2,174,262
				19,048,180
Health Care Equipment & Supplies - 2.0%
Alphatec Holdings 2		208,000		1,156,480
SI-BONE 2		110,000		1,537,800
TransMedics Group 2,4		6,000		942,000
				3,636,280
Health Care Providers & Services - 2.0%
Hims & Hers Health Cl. A 2		143,000		2,634,060
Talkspace 2		500,000		1,045,000
				3,679,060
Health Care Technology - 1.3%
Evolent Health Cl. A 2		85,000		2,403,800
Life Sciences Tools & Services - 2.2%
Azenta 2		29,000		1,404,760
BioLife Solutions 2		111,000		2,779,440
				4,184,200
Pharmaceuticals - 6.6%
Axsome Therapeutics 2		17,500		1,572,725
Corcept Therapeutics 2,4		78,000		3,609,840
Guardian Pharmacy Services Cl. A 2		75,000		1,260,000
Harrow 2,4		81,700		3,673,232
Intra-Cellular Therapies 2		27,500		2,012,175
				12,127,972
Total				45,079,492
Industrials – 20.8%
Aerospace & Defense - 3.3%
AeroVironment 2		16,000		3,208,000
BWX Technologies		26,500		2,880,550
				6,088,550
Air Freight & Logistics - 0.8%
GXO Logistics 2		26,000		1,353,820
Commercial Services & Supplies - 4.9%
ACV Auctions Cl. A 2		191,000		3,883,030
Montrose Environmental Group 2		32,000		841,600
VSE Corporation		53,000		4,384,690
				9,109,320
Construction & Engineering - 2.7%
Argan		8,500		862,155
Badger Infrastructure Solutions		37,073		1,007,929
Bowman Consulting Group 2,4		36,000		866,880
Limbach Holdings 2		30,000		2,272,800
				5,009,764
Ground Transportation - 0.6%
RXO 2		40,000		1,120,000
Machinery - 1.1%
ATS Corporation 2		50,500		1,465,208
Symbotic Cl. A 2,4		23,500		573,165
				2,038,373
Professional Services - 1.2%
Paylocity Holding 2		13,786		2,274,276
Trading Companies & Distributors - 6.2%
Distribution Solutions Group 2		119,111		4,586,965
FTAI Aviation		38,000		5,050,200
Herc Holdings		11,000		1,753,730
				11,390,895
Total				38,384,998
Information Technology – 22.4%
Electronic Equipment, Instruments & Components - 2.8%
Evolv Technologies Holdings 2		279,000		1,129,950
Mirion Technologies Cl. A 2		217,000		2,402,190
PAR Technology 2		32,000		1,666,560
				5,198,700
Semiconductors & Semiconductor Equipment - 6.0%
Credo Technology Group Holding 2		55,000		1,694,000
Impinj 2		5,300		1,147,556
PDF Solutions 2		82,000		2,597,760
Semtech Corporation 2		73,000		3,333,180
Silicon Laboratories 2		20,500		2,369,185
				11,141,681
Software - 13.6%
Agilysys 2		35,000		3,813,950
Clearwater Analytics Holdings Cl. A 2		74,000		1,868,500
Coveo Solutions 2		419,000		1,902,222
CyberArk Software 2		9,500		2,770,295
Descartes Systems Group (The) 2		27,033		2,783,318
JFrog 2		97,318		2,826,115
NextNav 2,4		336,894		2,523,336
Vertex Cl. A 2,4		35,000		1,347,850
Zeta Global Holdings Cl. A 2		176,000		5,250,080
				25,085,666
Total				41,426,047
Materials – 2.8%
Chemicals - 0.7%
Bioceres Crop Solutions 2		155,000		1,219,850
Metals & Mining - 2.1%
Carpenter Technology		19,000		3,032,020
Lithium Royalty 2		208,000		915,080
				3,947,100
Total				5,166,950
TOTAL COMMON STOCKS
(Cost $127,992,785)				178,588,433
REPURCHASE AGREEMENT – 3.9%
Fixed Income Clearing Corporation, 4.25% dated 9/30/24, due 10/1/24, maturity value $7,165,365 (collateralized by obligations of U.S. Government Agencies, 3.50% due 9/30/26, valued at $7,307,815)
(Cost $7,164,519)				7,164,519
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.8%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-4.79%)
(Cost $1,469,883)		1,469,883		1,469,883
TOTAL INVESTMENTS – 101.4%
(Cost $136,627,187)				187,222,835
LIABILITIES LESS CASH AND OTHER ASSETS – (1.4)%				(2,521,534	)
NET ASSETS – 100.0%			$	184,701,301

	ADR- American Depository Receipt
1	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.

² Non-income producing.

³ 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.

⁴ All or a portion of these securities were on loan as of September 30, 2024.

⁵ As of September 30, 2024, 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, 2024, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

			Net Unrealized Appreciation		Gross Unrealized
	Tax Basis Cost		(Depreciation)		Appreciation		(Depreciation)
Royce Dividend Value Fund		$     27,189,619		$   43,811,156		$   43,983,728		$       172,572
Royce International Premier Fund		235,776,420		29,370,766		48,387,097		19,016,331
Royce Micro-Cap Fund		226,111,480		80,842,815		111,912,797		31,069,982
Royce Premier Fund		825,120,659		605,397,068		643,059,712		37,662,644
Royce Small-Cap Fund		1,293,857,910		670,244,971		735,839,984		65,595,013
Royce Small-Cap Opportunity Fund		963,576,383		273,966,003		381,045,472		107,079,469
Royce Small-Cap Special Equity Fund		585,041,921		126,136,420		155,001,522		28,865,102
Royce Small-Cap Total Return Fund		790,979,441		212,438,950		250,325,016		37,886,066
Royce Small-Cap Value Fund		82,409,876		33,916,302		36,749,616		2,833,314
Royce Smaller-Companies Growth Fund		136,739,827		50,483,008		59,192,772		8,709,764

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

Valuation of Investments:

Royce Dividend Value Fund, Royce International Premier Fund, Royce Micro-Cap Fund, Royce Premier Fund, Royce Small-Cap Fund, Royce Small-Cap Opportunity Fund, Royce Small-Cap Special Equity Fund, Royce Small-Cap Total Return Fund, Royce Small-Cap Value Fund and Royce Smaller-Companies Growth Fund (each, a “Fund”, and collectively, the “Funds”), are the ten 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. 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. In the case of restricted securities, fair value determinations generally start with the inherent or intrinsic worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in value resulting from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ significantly from the values that would have been used had an active market existed.

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, 2024. Any Level 2 or Level 3 securities held by a Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

	Level 1		Level 2		Level 3		Total
Royce Dividend Value Fund
Common Stocks		$   59,010,723		$   7,826,376		$      –		$   66,837,099
Repurchase Agreement		–		4,163,676		–		4,163,676
Royce International Premier Fund
Common Stocks		22,888,510		211,425,904		–		234,314,414
Preferred Stocks		–		4,836,058		–		4,836,058
Repurchase Agreement		–		25,996,714		–		25,996,714
Royce Micro-Cap Fund
Common Stocks		293,485,511		8,574,271		0		302,059,782
Repurchase Agreement		–		3,059,092		–		3,059,092
Money Market Fund/Collateral Received for Securities Loaned		1,835,421		–		–		1,835,421
Royce Premier Fund
Common Stocks		1,410,208,945		–		–		1,410,208,945
Repurchase Agreement		–		20,308,782		–		20,308,782
Royce Small-Cap Fund
Common Stocks		1,892,453,688		1,479,773		–		1,893,933,461
Repurchase Agreement		–		69,723,645		–		69,723,645
Money Market Fund/Collateral Received for Securities Loaned		445,775		–		–		445,775
Royce Small-Cap Opportunity Fund
Common Stocks		1,187,986,770		–		126,011		1,188,112,781
Repurchase Agreement		–		36,093,601		–		36,093,601
Money Market Fund/Collateral Received for Securities Loaned		13,336,004		–		–		13,336,004
Royce Small-Cap Special Equity Fund
Common Stocks		535,412,414		2,774,310		–		538,186,724
Repurchase Agreement		–		172,991,617		–		172,991,617
Royce Small-Cap Total Return Fund
Common Stocks		950,856,663		18,774,906		–		969,631,569
Repurchase Agreement		–		33,786,822		–		33,786,822
Royce Small-Cap Value Fund
Common Stocks		115,680,101		–		–		115,680,101
Repurchase Agreement		–		646,077		–		646,077
Royce Smaller-Companies Growth Fund
Common Stocks		175,158,502		3,429,931		–		178,588,433
Repurchase Agreement		–		7,164,519		–		7,164,519
Money Market Fund/Collateral Received for Securities Loaned		1,469,883		–		–		1,469,883

Level 3 Reconciliation:

Net change in Unrealized Gain (Loss)

Balance as of 12/31/23

Purchases

Transfers In1

Sales

Realized Gain (Loss)

Currently Held Securities

Securities No Longer Held

Balance as of 9/30/24

Royce Small-Cap Opportunity Fund

Common Stocks

$  0

$  –

$126,011

$  –

$  –

$  0

$  –

$126,011

¹ Transfers into Level 3 represents a security for which there were no longer readily available market quotations at September 30, 2024.

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, 2024, 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, 2024:

	Cash Collateral1		Securities on Loan Collateralized by Cash Collateral		Net Amount
Royce Micro-Cap Fund		$  1,835,421		$  (1,757,367)		$  78,054
Royce Small-Cap Fund		445,775		(419,516)		26,259
Royce Small-Cap Opportunity Fund		13,336,004		(12,925,355)		410,649
Royce Smaller-Companies Growth Fund		1,469,883		(1,411,791)		58,092

¹ 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, 2024:

	Non-Cash Collateral		Securities on Loan Collateralized by Non-Cash Collateral		Net Amount
Royce Micro-Cap Fund		$  2,628,434		$  (2,558,554)		$  69,880
Royce Small-Cap Fund		21,024,416		(20,466,474)		557,942
Royce Small-Cap Opportunity Fund		9,603,523		(9,375,455)		228,068
Royce Smaller-Companies Growth Fund		16,022,359		(15,645,035)		377,324

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, 2024:

Affiliated Company 1	Shares 12/31/23		Market Value 12/31/23		Costs of Purchases		Proceeds from Sales		Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)			Dividend Income		Shares 9/30/24		Market Value 9/30/24
Royce Small-Cap Opportunity Fund
Consumer Discretionary – 0.7%
Textiles, Apparel & Luxury Goods – 0.7%
Lakeland Industries 2		437,480		$ 8,110,879		$  434,018		$  889,482		$  302,841			$  561,531			$   39,474		423,870		$ 8,519,787
				8,110,879						302,841			561,531			39,474				8,519,787
Industrials – 0.1%
Machinery – 0.1%
Manitex International 3,4		862,450		7,537,813		1,383,602		5,124,773		(924,632	)		(1,798,938	)		–		n/a		n/a
				7,537,813						(924,632	)		(1,798,938	)		–
Information Technology – 0.7%
Semiconductors & Semiconductor Equipment – 0.3%
Amtech Systems 2,4		692,350		2,907,870		421,117		354,176		(261,255	)		1,423,984			–		713,369		4,137,540
Technology Hardware, Storage & Peripherals – 0.4%
Intevac 2,4		1,344,751		5,809,325		72,257		–		–			(1,250,092	)		–		1,362,203		4,631,490
				8,717,195						(261,255	)		173,892			–				8,769,030
				24,365,887						(883,046	)		(1,063,515	)		39,474				17,288,817
Royce Small-Cap Special Equity Fund
Financials – 3.2%
Capital Markets – 3.2%
Diamond Hill Investment Group 2		138,800		22,983,892		105,109		–		–			(544,406	)		626,700		139,500		22,544,595
				22,983,892						–			(544,406	)		626,700				22,544,595
Industrials – 2.7%
Machinery – 2.7%
Gencor Industries 2,4		910,000		14,687,400		–		–		–			4,295,200			–		910,000		18,982,600
				14,687,400						–			4,295,200			–				18,982,600
Information Technology – 3.7%
Semiconductors & Semiconductor Equipment – 3.7%
NVE Corporation 2		326,500		25,607,395		–		–		–			470,160			979,500		326,500		26,077,555
				25,607,395						–			470,160			979,500				26,077,555
				63,278,687						–			4,220,954			1,606,200				67,604,750
Royce Small-Cap Total Return Fund
Financials – 3.6%
Insurance – 3.6%
International General Insurance Holdings 3		2,674,312		34,445,139		398,038		12,516,258		5,554,788			8,591,586			1,494,568		n/a		n/a
				34,445,139						5,554,788			8,591,586			1,494,568

¹ Percentages represent the percentages of the investments in Affiliated Companies of the Fund’s net assets.

² As of September 30, 2024, 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.

³ Not an affiliated Company as of September 30, 2024.

⁴ Non-income producing.

Other information regarding the Fund is available in the Fund’s most recent Prospectus and Report to Shareholders. This information is available through Royce Investment Partners (www.royceinvest.com) and on the Securities and Exchange Commission’s website (www.sec.gov).