NPORT-EX 2 NPORT_6604_57571111_0325.htm

SCHEDULE OF INVESTMENTS 

ROYCE SMALL-CAP TRUST 

MARCH 31, 2025 (UNAUDITED)

		SHARES				VALUE
COMMON STOCKS – 95.8%
Communication Services – 1.7%
Diversified Telecommunication Services - 0.3%
Cogent Communications Holdings			127			$	7,786
IDT Corporation Cl. B			84,588				4,340,210
Liberty Latin America Cl. C 1			83,228				516,846
							4,864,842
Entertainment - 0.4%
IMAX Corporation 1			262,660				6,921,091
Interactive Media & Services - 0.7%
Cars.com 1			43,344				488,487
QuinStreet 1			203,754				3,634,971
Shutterstock			6,126				114,127
TripAdvisor 1			68,811				975,052
Yelp 1			54,541				2,019,653
Ziff Davis 1			138,368				5,199,870
							12,432,160
Media - 0.2%
AMC Networks Cl. A 1			123,834				851,978
John Wiley & Sons Cl. A			9,987				445,021
Scholastic Corporation			38,004				717,515
TEGNA			67,681				1,233,148
Thryv Holdings 1			119,060				1,525,159
							4,772,821
Wireless Telecommunication Services - 0.1%
Gogo 1			165,424				1,425,955
Total							30,416,869
Consumer Discretionary – 8.9%
Automobile Components - 2.0%
Dorman Products 1			128,552				15,495,658
Garrett Motion			398,268				3,333,503
LCI Industries			105,814				9,251,318
Modine Manufacturing 1			42,692				3,276,611
Patrick Industries			46				3,890
PHINIA			36,103				1,531,850
Standard Motor Products			36,714				915,280
Visteon Corporation 1			43,139				3,348,449
							37,156,559
Broadline Retail - 0.0%
Etsy 1			8,266				389,990
Diversified Consumer Services - 1.3%
Bright Horizons Family Solutions 1			4,000				508,160
OneSpaWorld Holdings			30,000				503,700
Perdoceo Education			82,076				2,066,674
Strategic Education			5,666				475,717
Stride 1			24,780				3,134,670
Universal Technical Institute 1			639,032				16,410,342
							23,099,263
Hotels, Restaurants & Leisure - 0.4%
DraftKings Cl. A 1			8,000				265,680
Kura Sushi USA Cl. A 1			5,500				281,600
Life Time Group Holdings 1			26,000				785,200
Lindblad Expeditions Holdings 1			373,700				3,464,199
Monarch Casino & Resort			18,285				1,421,659
							6,218,338
Household Durables - 1.5%
Cavco Industries 1			14,700				7,638,561
Champion Homes 1			13,828				1,310,341
Ethan Allen Interiors			27,113				751,030
Helen of Troy 1			14,333				766,672
Installed Building Products			46,226				7,925,910
La-Z-Boy			11,271				440,583
M/I Homes 1			53,134				6,066,840
Meritage Homes			5,096				361,205
Sonos 1			23,766				253,583
Tri Pointe Homes 1			28,454				908,252
Worthington Enterprises			32,039				1,604,834
							28,027,811
Leisure Products - 0.5%
Brunswick Corporation			51,469				2,771,605
YETI Holdings 1			165,878				5,490,562
							8,262,167
Specialty Retail - 2.8%
Abercrombie & Fitch Cl. A 1			5,151				393,382
Academy Sports & Outdoors			245,403				11,192,831
Advance Auto Parts			250,532				9,823,360
Asbury Automotive Group 1			15,500				3,423,020
AutoCanada 1			625,600				7,090,467
Buckle (The)			26,503				1,015,595
Guess?			77,366				856,441
Monro			22,524				325,922
Murphy USA			2,020				949,016
ODP Corporation (The) 1			16,583				237,634
OneWater Marine Cl. A 1			209,873				3,395,745
Signet Jewelers			95,544				5,547,285
Valvoline 1			207,627				7,227,496
							51,478,194
Textiles, Apparel & Luxury Goods - 0.4%
Carter’s			12,465				509,819
G-III Apparel Group 1			37,891				1,036,319
Kontoor Brands			30,690				1,968,150
Movado Group			63,821				1,067,087
Ralph Lauren Cl. A			14,350				3,167,619
Steven Madden			8,032				213,972
							7,962,966
Total							162,595,288
Consumer Staples – 2.4%
Consumer Staples Distribution & Retail - 0.2%
Andersons (The)			15,922				683,531
Guardian Pharmacy Services Cl. A 1			38,000				807,880
PriceSmart			21,566				1,894,573
							3,385,984
Food Products - 1.7%
Cal-Maine Foods			14,308				1,300,597
Freshpet 1			5,750				478,228
John B. Sanfilippo & Son			16,246				1,151,192
Nomad Foods			486,865				9,566,897
Seneca Foods Cl. A 1			183,460				16,335,278
WK Kellogg			140,895				2,808,037
							31,640,229
Household Products - 0.1%
Central Garden & Pet 1			41,128				1,507,753
Central Garden & Pet Cl. A 1			265				8,673
WD-40 Company			1,028				250,832
							1,767,258
Personal Care Products - 0.4%
Interparfums			43,783				4,985,570
USANA Health Sciences 1			42,744				1,152,806
							6,138,376
Tobacco - 0.0%
Universal Corporation			6,796				380,916
Total							43,312,763
Energy – 2.3%
Energy Equipment & Services - 1.4%
Bristow Group 1			219,464				6,930,673
Cactus Cl. A			27,367				1,254,230
Core Laboratories			130,893				1,962,086
Helix Energy Solutions Group 1			51,670				429,378
Helmerich & Payne			22,976				600,133
Liberty Energy Cl. A			34,305				543,048
Pason Systems			1,083,088				9,897,229
ProPetro Holding Corp. 1			40,050				294,367
RPC			328,005				1,804,028
Weatherford International			34,942				1,871,144
							25,586,316
Oil, Gas & Consumable Fuels - 0.9%
California Resources			15,880				698,243
Core Natural Resources			40,696				3,137,662
CVR Energy			82,172				1,594,137
Dorchester Minerals L.P.			279,148				8,396,772
International Seaways			18,097				600,820
REX American Resources 1			36,020				1,353,271
World Kinect			25,164				713,651
							16,494,556
Total							42,080,872
Financials – 23.6%
Banks - 5.1%
Atlantic Union Bankshares			33,000				1,027,620
Axos Financial 1			21,697				1,399,890
Banc of California			309,705				4,394,714
Bancorp (The) 1			7,180				379,391
Bank of N.T. Butterfield & Son			226,503				8,815,497
BankUnited			276,987				9,539,432
Cathay General Bancorp			45,551				1,960,060
Central Pacific Financial			13,649				369,069
Coastal Financial 1			23,109				2,089,285
Customers Bancorp 1			32,247				1,618,799
Eagle Bancorp			33,437				702,177
Esquire Financial Holdings			17,402				1,311,763
First Bancorp			14,000				561,960
First BanCorp			30,324				581,311
First Citizens BancShares Cl. A			3,282				6,085,222
First Commonwealth Financial			96,111				1,493,565
First Financial Bancorp			111,992				2,797,560
First Financial Bankshares			55,139				1,980,593
German American Bancorp			48,177				1,806,638
Glacier Bancorp			5,000				221,100
Hanmi Financial			171,558				3,887,504
HBT Financial			27,347				612,846
Hingham Institution for Savings			14,999				3,566,762
Home BancShares			152,117				4,300,348
Metropolitan Bank Holding 1			64,938				3,635,879
Northeast Bank			22,273				2,038,870
OceanFirst Financial			146,018				2,483,766
Origin Bancorp			270,640				9,383,089
Pathward Financial			13,475				983,001
Preferred Bank			23,591				1,973,623
Provident Financial Services			44,601				765,799
S&T Bancorp			35,135				1,301,752
Seacoast Banking Corporation of Florida			18,500				476,005
Southside Bancshares			14,641				424,003
TowneBank			45,000				1,538,550
TrustCo Bank Corp NY			9,403				286,603
Veritex Holdings			14,000				349,580
WaFd			15,472				442,190
Westamerica Bancorporation			36,389				1,842,375
Western Alliance Bancorp			55,415				4,257,535
WSFS Financial			8,732				452,929
							94,138,655
Capital Markets - 7.4%
Acadian Asset Management			49,549				1,281,337
Ares Management Cl. A			34,800				5,102,028
Artisan Partners Asset Management Cl. A			245,935				9,616,059
Bolsa Mexicana de Valores			1,723,106				2,871,212
Cohen & Steers			15,255				1,224,214
Donnelley Financial Solutions 1			35,500				1,551,705
Evercore Cl. A			2,223				443,978
GCM Grosvenor Cl. A			801,494				10,603,766
Houlihan Lokey Cl. A			22,162				3,579,163
Lazard			117,157				5,072,898
Marex Group			296,667				10,478,278
MarketWise Cl. A			500,000				246,800
Morningstar			11,289				3,385,232
Onex Corporation			173,237				11,594,076
Perella Weinberg Partners Cl. A			184,264				3,390,458
SEI Investments			314,994				24,452,984
Silvercrest Asset Management Group Cl. A			23,192				379,421
Sprott			264,413				11,845,805
StoneX Group 1			29,181				2,228,845
Tel Aviv Stock Exchange 2			221,179				2,608,286
TMX Group			478,421				17,467,245
Victory Capital Holdings			53,668				3,105,767
Virtu Financial Cl. A			65,000				2,477,800
							135,007,357
Consumer Finance - 0.8%
Bread Financial Holdings			64,301				3,220,194
Encore Capital Group 1			25,000				857,000
Enova International 1			47,285				4,565,840
FirstCash Holdings			38,270				4,604,646
PROG Holdings			32,925				875,805
World Acceptance 1			11,123				1,407,616
							15,531,101
Financial Services - 2.3%
Banco Latinoamericano de Comercio Exterior Cl. E			114,899				4,205,303
Burford Capital			175,000				2,311,750
Cantaloupe 1			72,000				566,640
Compass Diversified Holdings			139,666				2,607,564
ECN Capital			888,800				1,593,485
Jackson Financial			9,318				780,662
Merchants Bancorp			150,312				5,561,544
Mr. Cooper Group 1			27,182				3,250,967
NCR Atleos 1			53,373				1,407,980
NewtekOne			314,894				3,766,132
NMI Holdings 1			133,959				4,829,222
Payoneer Global 1			216,254				1,580,817
Radian Group			89,446				2,957,979
Shift4 Payments Cl. A 1			50,000				4,085,500
Walker & Dunlop			37,019				3,159,942
							42,665,487
Insurance - 8.0%
Abacus Global Management 1			355,431				2,662,178
Ambac Financial Group 1			57,003				498,776
AMERISAFE			48,560				2,551,828
Assured Guaranty			339,015				29,867,222
Axis Capital Holdings			68,366				6,853,008
Berkley (W.R.)			110,054				7,831,443
E-L Financial			21,650				19,151,836
Employers Holdings			38,683				1,958,907
Erie Indemnity Cl. A			22,600				9,470,530
Genworth Financial 1			75,596				535,976
Hagerty Cl. A 1			485,700				4,390,728
HCI Group			12,018				1,793,446
International General Insurance Holdings			708,297				18,635,294
Lincoln National			40,287				1,446,706
Mercury General			19,417				1,085,410
ProAssurance Corporation 1			225,600				5,267,760
RenaissanceRe Holdings			27,941				6,705,840
RLI Corp.			82,472				6,624,976
SiriusPoint 1			148,142				2,561,375
Skyward Specialty Insurance Group 1			84,427				4,467,877
White Mountains Insurance Group			6,604				12,718,049
							147,079,165
Total							434,421,765
Health Care – 9.9%
Biotechnology - 2.3%
ADMA Biologics 1			360,185				7,146,070
Alkermes 1			47,187				1,558,115
Alvotech 1			27,000				261,090
Arcutis Biotherapeutics 1			138,307				2,163,122
ARS Pharmaceuticals 1			69,500				874,310
Blueprint Medicines 1			9,285				821,815
BridgeBio Pharma 1			98,877				3,418,178
CareDx 1			22,000				390,500
Catalyst Pharmaceuticals 1			463,844				11,248,217
Dynavax Technologies 1			19,580				253,953
89bio 1			34,000				247,180
Halozyme Therapeutics 1			80,327				5,125,666
Insmed 1			48,062				3,666,650
Ironwood Pharmaceuticals Cl. A 1			709,188				1,042,506
Protagonist Therapeutics 1			12,255				592,652
PureTech Health 1,2			120,000				223,155
Soleno Therapeutics 1			2,074				148,187
United Therapeutics 1			10,000				3,082,700
							42,264,066
Health Care Equipment & Supplies - 3.4%
Alphatec Holdings 1			295,810				2,999,513
Embecta Corp.			41,700				531,675
Enovis Corporation 1			452,937				17,306,723
Envista Holdings 1			167,046				2,883,214
Establishment Labs Holdings 1			3,638				148,448
Haemonetics Corporation 1			258,154				16,405,687
Integer Holdings 1			45,700				5,393,057
Lantheus Holdings 1			41,050				4,006,480
Omnicell 1			16,037				560,653
OraSure Technologies 1			25,613				86,316
QuidelOrtho Corporation 1			34,105				1,192,652
TransMedics Group 1			150,000				10,092,000
Varex Imaging 1			29,213				338,871
							61,945,289
Health Care Providers & Services - 0.6%
Addus HomeCare 1			7,567				748,301
AMN Healthcare Services 1			11,730				286,916
Astrana Health 1			6,715				208,232
Concentra Group Holdings Parent			77,388				1,679,320
CorVel Corporation 1			5,861				656,256
Owens & Minor 1			77,993				704,277
PACS Group 1			128,954				1,449,443
Pediatrix Medical Group 1			189,054				2,739,392
Progyny 1			37,901				846,708
Select Medical Holdings			95,900				1,601,530
Talkspace 1			39,260				100,506
							11,020,881
Health Care Technology - 0.2%
Certara 1			228,105				2,258,240
Simulations Plus			37,339				915,552
Veradigm 1,2			186,617				793,122
							3,966,914
Life Sciences Tools & Services - 1.9%
Azenta 1			219,100				7,589,624
BioLife Solutions 1			165,181				3,772,734
Bio-Techne			130,411				7,645,997
Maravai LifeSciences Holdings Cl. A 1			27,407				60,570
Mesa Laboratories			93,188				11,057,688
Stevanato Group			216,934				4,429,792
							34,556,405
Pharmaceuticals - 1.5%
Amphastar Pharmaceuticals 1			18,816				545,476
Axsome Therapeutics 1			6,250				728,938
Collegium Pharmaceutical 1			46,401				1,385,070
Corcept Therapeutics 1			142,300				16,253,506
Harmony Biosciences Holdings 1			78,385				2,601,598
Harrow 1			4,250				113,050
Innoviva 1			62,434				1,131,928
Organon & Co			36,287				540,313
Prestige Consumer Healthcare 1			56,300				4,840,111
Supernus Pharmaceuticals 1			21,268				696,527
							28,836,517
Total							182,590,072
Industrials – 22.8%
Aerospace & Defense - 1.1%
AeroVironment 1			2,000				238,380
Karman Holdings 1			70,448				2,354,372
Kratos Defense & Security Solutions 1			178,165				5,289,719
Leonardo DRS			94,903				3,120,411
Magellan Aerospace			943,092				8,421,342
National Presto Industries			3,809				334,849
							19,759,073
Air Freight & Logistics - 0.2%
Forward Air 1			72,040				1,447,284
Hub Group Cl. A			44,790				1,664,844
							3,112,128
Building Products - 1.3%
AAON			34,928				2,728,925
American Woodmark 1			6,370				374,747
Apogee Enterprises			31,771				1,471,951
AZZ			20,000				1,672,200
Carlisle Companies			4,620				1,573,110
Gibraltar Industries 1			28,032				1,644,357
Insteel Industries			7,741				203,588
Janus International Group 1			334,442				2,407,982
MasterBrand 1			175,513				2,292,200
Quanex Building Products			29,587				550,022
Resideo Technologies 1			50,200				888,540
Simpson Manufacturing			14,900				2,340,492
UFP Industries			60,384				6,463,503
							24,611,617
Commercial Services & Supplies - 2.6%
ACV Auctions Cl. A 1			102,800				1,448,452
Brady Corporation Cl. A			265,239				18,736,483
CompX International Cl. A			183,197				3,795,842
Healthcare Services Group 1			576,382				5,809,931
HNI Corporation			18,736				830,942
Liquidity Services 1			147,586				4,576,642
RB Global			40,437				4,055,831
UniFirst Corporation			10,100				1,757,400
Vestis Corporation			557,645				5,520,685
VSE Corporation			3,250				389,967
							46,922,175
Construction & Engineering - 4.2%
APi Group 1			492,120				17,598,211
Arcosa			207,269				15,984,585
IES Holdings 1			123,638				20,413,870
Limbach Holdings 1			32,487				2,419,307
MasTec 1			78,980				9,217,756
Sterling Infrastructure 1			32,107				3,634,834
Valmont Industries			27,584				7,871,646
							77,140,209
Electrical Equipment - 1.6%
Atkore			52,778				3,166,152
LSI Industries			496,657				8,443,169
Nextracker Cl. A 1			102,843				4,333,804
Powell Industries			57,503				9,794,486
Preformed Line Products			32,816				4,597,194
							30,334,805
Ground Transportation - 0.3%
Hertz Global Holdings 1			239,496				943,614
Landstar System			31,371				4,711,924
Ryder System			4,300				618,383
							6,273,921
Machinery - 5.5%
Alamo Group			2,350				418,793
Atmus Filtration Technologies			212,284				7,797,191
ATS Corporation 1			21,500				535,913
Enpro			38,297				6,196,072
ESAB Corporation			125,317				14,599,431
ESCO Technologies			54,234				8,629,714
Franklin Electric			3,973				372,985
Helios Technologies			44,900				1,440,841
JBT Marel			118,325				14,459,315
Kadant			26,072				8,783,918
Lincoln Electric Holdings			3,984				753,613
Lindsay Corporation			63,313				8,010,361
Miller Industries			50,932				2,157,989
Mueller Industries			15,622				1,189,459
RBC Bearings 1			5,200				1,673,204
REV Group			32,557				1,028,801
Standex International			6,327				1,021,115
Tennant Company			80,500				6,419,875
Timken Company (The)			68,051				4,890,825
Titan International 1			101,705				853,305
Wabash National			55,881				617,485
Watts Water Technologies Cl. A			46,400				9,461,888
							101,312,093
Marine Transportation - 0.3%
Kirby Corporation 1			50,692				5,120,399
Passenger Airlines - 0.1%
SkyWest 1			23,933				2,091,026
Sun Country Airlines Holdings 1			43,998				542,056
							2,633,082
Professional Services - 2.2%
CBIZ 1,3			108,915				8,262,292
CSG Systems International			14,255				862,000
Dun & Bradstreet Holdings			211,141				1,887,600
Exponent			29,542				2,394,674
Forrester Research 1			389,047				3,594,794
Franklin Covey 1			175,081				4,835,737
Heidrick & Struggles International			28,385				1,215,730
KBR			139,154				6,931,261
Korn Ferry			111,567				7,567,590
Paylocity Holding 1			3,000				562,020
Resources Connection			44,087				288,329
Robert Half			11,685				637,417
Verra Mobility Cl. A 1			41,761				940,040
							39,979,484
Trading Companies & Distributors - 3.4%
Air Lease Cl. A			365,637				17,663,923
Applied Industrial Technologies			18,500				4,168,790
Boise Cascade			3,606				353,713
Distribution Solutions Group 1			92,384				2,586,752
DNOW 1			106,375				1,816,885
FTAI Aviation			100,618				11,171,617
GMS 1			3,769				275,778
MSC Industrial Direct Cl. A			61,317				4,762,491
Rush Enterprises Cl. A			33,650				1,797,246
Teqnion 1,2			191,300				3,221,256
Transcat 1			156,223				11,630,802
WESCO International			14,990				2,327,947
							61,777,200
Total							418,976,186
Information Technology – 15.0%
Communications Equipment - 0.5%
Ciena Corporation 1			63,205				3,819,478
Digi International 1			64,057				1,782,706
Extreme Networks 1			80,752				1,068,349
Harmonic 1			260,843				2,501,485
NetScout Systems 1			50,000				1,050,500
							10,222,518
Electronic Equipment, Instruments & Components - 6.6%
Badger Meter			6,499				1,236,435
Bel Fuse Cl. B			34,676				2,595,845
Benchmark Electronics			44,932				1,708,764
Cognex Corporation			307,696				9,178,572
Coherent Corp. 1			70,000				4,545,800
Crane NXT			164,446				8,452,524
CTS Corporation			29,872				1,241,182
ePlus 1			24,622				1,502,681
Fabrinet 1			21,323				4,211,506
FARO Technologies 1			228,848				6,247,550
Insight Enterprises 1			13,257				1,988,417
IPG Photonics 1			51,100				3,226,454
Itron 1			4,272				447,535
Knowles Corporation 1			167,570				2,547,064
Littelfuse			34,070				6,702,932
Luna Innovations 1,2			657,869				447,351
Mirion Technologies Cl. A 1			253,000				3,668,500
nLIGHT 1			69,993				543,846
PAR Technology 1			389,239				23,875,920
PC Connection			30,465				1,901,625
Plexus 1			6,180				791,843
Richardson Electronics			433,407				4,836,822
Rogers Corporation 1			58,078				3,922,007
Sanmina Corporation 1			76,372				5,818,019
ScanSource 1			21,545				732,745
Teledyne Technologies 1			9,660				4,807,879
TTM Technologies 1			341,192				6,997,848
Vontier Corporation			233,853				7,682,071
							121,859,737
IT Services - 1.2%
DXC Technology 1			154,348				2,631,633
Hackett Group (The)			392,058				11,455,935
Kyndryl Holdings 1			232,009				7,285,083
							21,372,651
Semiconductors & Semiconductor Equipment - 4.6%
Allegro MicroSystems 1			40,396				1,015,152
Axcelis Technologies 1			62,931				3,125,783
Camtek			63,987				3,751,558
Cirrus Logic 1			90,274				8,996,255
Cohu 1			218,115				3,208,472
Diodes 1			4,460				192,538
FormFactor 1			306,823				8,680,023
Impinj 1			137,426				12,464,538
Kulicke & Soffa Industries			166,642				5,495,853
MKS Instruments			101,778				8,157,507
Nova 1			23,070				4,252,493
Onto Innovation 1			57,596				6,988,699
PDF Solutions 1			5,500				105,105
Penguin Solutions 1			30,126				523,289
Photronics 1			248,033				5,149,165
Qorvo 1			2,652				192,031
Rambus 1			92,554				4,791,983
Semtech Corporation 1			7,500				258,000
Silicon Laboratories 1			5,500				619,135
SiTime Corporation 1			31,875				4,872,731
Synaptics 1			6,053				385,697
Ultra Clean Holdings 1			66,200				1,417,342
							84,643,349
Software - 2.1%
Adeia			152,375				2,014,397
Agilysys 1			70,437				5,109,500
Alkami Technology 1			102,181				2,682,251
Blend Labs Cl. A 1			132,000				442,200
Clearwater Analytics Holdings Cl. A 1			22,000				589,600
Computer Modelling Group			614,611				3,442,385
Consensus Cloud Solutions 1			24,170				557,844
Coveo Solutions 1			151,000				566,624
CyberArk Software 1			900				304,200
Descartes Systems Group (The) 1			8,500				857,055
Intapp 1			36,232				2,115,224
InterDigital			9,795				2,025,116
JFrog 1			217,500				6,960,000
NCR Voyix 1			34,618				337,525
NextNav 1			22,000				267,740
Progress Software			52,250				2,691,398
PROS Holdings 1			46,664				888,016
Sapiens International			224,639				6,085,471
							37,936,546
Technology Hardware, Storage & Peripherals - 0.0%
Xerox Holdings			36,854				178,005
Total							276,212,806
Materials – 6.3%
Chemicals - 3.0%
Aspen Aerogels 1			118,727				758,666
Element Solutions			599,992				13,565,819
Flotek Industries 1			15,000				124,950
Hawkins			101,421				10,742,512
Ingevity Corporation 1			257,478				10,193,554
Innospec			91,992				8,716,242
Quaker Houghton			96,870				11,974,101
							56,075,844
Containers & Packaging - 0.3%
Sealed Air			34,342				992,484
Silgan Holdings			84,063				4,297,300
							5,289,784
Metals & Mining - 2.5%
Alamos Gold Cl. A			690,303				18,444,217
Alpha Metallurgical Resources 1			6,335				793,459
Commercial Metals			27,000				1,242,270
Gold Fields ADR			536,500				11,851,285
IAMGOLD Corporation 1			500,000				3,125,000
Major Drilling Group International 1			1,496,691				8,341,240
Metallus 1			56,120				749,763
Olympic Steel			24,446				770,538
Worthington Steel			17,445				441,882
							45,759,654
Paper & Forest Products - 0.5%
Clearwater Paper 1			36,477				925,421
Stella-Jones			128,680				6,102,028
Sylvamo Corporation			34,426				2,308,952
							9,336,401
Total							116,461,683
Real Estate – 2.6%
Diversified REITs - 0.0%
New York REIT 1,4			15,000				100,950
Real Estate Management & Development - 2.6%
Colliers International Group			52,366				6,351,996
FirstService Corporation			79,585				13,207,131
FRP Holdings 1			108,661				3,104,445
Kennedy-Wilson Holdings			904,415				7,850,322
Marcus & Millichap			270,495				9,318,553
St. Joe Company (The)			78,800				3,699,660
Tejon Ranch 1			313,818				4,974,015
							48,506,122
Total							48,607,072
Utilities – 0.3%
Electric Utilities - 0.3%
MGE Energy			21,404				1,989,716
Otter Tail			30,371				2,440,917
							4,430,633
Gas Utilities - 0.0%
Chesapeake Utilities			2,722				349,587
Total							4,780,220
TOTAL COMMON STOCKS
(Cost $1,438,838,252)							1,760,455,596
INVESTMENT COMPANIES – 0.9%
Materials – 0.9%
Metals & Mining - 0.9%
VanEck Junior Gold Miners ETF			293,758				16,802,958
(Cost $10,332,361)							16,802,958
INVESTMENTS AT VALUE
(Cost $1,449,170,613)							1,777,258,554
REPURCHASE AGREEMENT – 2.5%
Fixed Income Clearing Corporation, 3.75% dated 3/31/25, due 4/1/25, maturity value $46,393,054 (collateralized by obligations of various U.S. Government Agencies, 1.125-1.875% due 2/15/31-2/15/32, valued at $47,316,053)
(Cost $46,388,222)							46,388,222
TOTAL INVESTMENTS – 99.2%
(Cost $1,495,558,835)							1,823,646,776
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.8%							14,448,389
NET ASSETS – 100.0%						$	1,838,095,165

For the purposes of this report, “ADR” shall mean American Depository Receipt and “ETF” shall mean Exchange-Traded Fund.

¹  Non-income producing.

²  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.

³  All or a portion of this security was pledged as collateral in connection with the Fund’s revolving credit agreement as of March 31, 2025. Total market value of the pledged security as of March 31, 2025, was $1,289,620.

⁴  A security for which market quotations are not readily available represents 0.0% of net assets. This security has been valued at its fair value under procedures approved by the Fund’s Board of Directors. This security is defined as a Level 3 security due to the use of significant unobservable inputs in the determination of fair value.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,500,028,929. As of March 31, 2025, net unrealized appreciation for all securities was $323,617,847, consisting of aggregate gross unrealized appreciation of $503,327,173 and aggregate gross unrealized depreciation of $179,709,326. 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 Small-Cap Trust, Inc. (the "Fund"), is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on July 1, 1986. The Fund commenced operations on November 26, 1986. Royce & Associates, LP, the Fund’s 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 Fund 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 the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be “fair valued.” The Fund’s Board of Directors 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 Fund’s Board of Directors and policies and procedures adopted by Royce in its capacity as valuation designee for the Fund. 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 the 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 Fund 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 Fund uses 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 the 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 Fund as of March 31, 2025. Any Level 2 or Level 3 securities held by the 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
Common Stocks		$1,753,061,476		$7,293,170		$100,950		$1,760,455,596
Investment Companies		16,802,958		–		–		16,802,958
Repurchase Agreement		–		46,388,222		–		46,388,222

Level 3 Reconciliation:

Net Change in

Unrealized Gain (Loss)

Balance as of

Realized

Currently Held

Securities No

Balance as of

12/31/24

Purchases

Sales

Gain (Loss)

Securities

Longer Held

3/31/25

Common Stocks

$163,200

$–

$62,250

$0

$0

$–

$100,950

Repurchase Agreements:

The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The 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 the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund as of March 31, 2025, is next business day and continuous.

Borrowings:

The Fund is party to a revolving credit agreement (the “credit agreement”) with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed by the Fund under the credit agreement. The credit agreement has a 179-day rolling term that resets daily. The Fund pledges eligible portfolio securities as collateral and has granted a security interest in such pledged securities to, and in favor of, BNPPI as security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged as collateral is determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value of eligible securities pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the credit agreement.

If the Fund fails to meet certain requirements, or comply with other financial covenants set forth in the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may also terminate the credit agreement upon sixty (60) calendar days’ prior written notice to the Fund in the event the Fund’s net asset value per share as of the close of business on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund’s net asset value per share as of the close of business on the last business day of the immediately preceding calendar month.

The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

As of March 31, 2025, the Fund had no outstanding borrowings under the credit agreement. The Fund and BNPPI may agree for the Fund to borrow again under the credit agreement, which borrowed amount may not exceed $150,000,000. During the three-month period ended March 31, 2025, the Fund had an average daily loan balance of $11,666,667. As of March 31, 2025, the aggregate value of rehypothecated securities was $0. As of April 8, 2025, the Fund had outstanding borrowings of $35,000,000 under the credit agreement.

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