NPORT-EX 2 NPORT_6604_59849927_0925.htm

SCHEDULE OF INVESTMENTS

ROYCE SMALL-CAP TRUST

SEPTEMBER 30, 2025 (UNAUDITED)

		SHARES				VALUE
COMMON STOCKS – 95.2%
Communication Services – 1.2%
Diversified Telecommunication Services - 0.0%
Cogent Communications Holdings			127			$	4,871
Liberty Latin America Cl. C 1			63,228				533,644
Shenandoah Telecommunications			36,519				490,085
							1,028,600
Entertainment - 0.4%
IMAX Corporation 1			262,660				8,602,115
Interactive Media & Services - 0.4%
Cars.com 1			87,927				1,074,468
QuinStreet 1			203,754				3,152,074
TripAdvisor 1			68,811				1,118,867
Yelp 1			59,095				1,843,764
Ziff Davis 1			25,764				981,608
							8,170,781
Media - 0.3%
Cable One 1			5,229				925,795
Magnite 1			36,000				784,080
Scholastic Corporation			22,077				604,468
TEGNA			121,171				2,463,406
Thryv Holdings 1			119,060				1,435,864
							6,213,613
Wireless Telecommunication Services - 0.1%
Gogo 1			127,093				1,091,729
Total							25,106,838
Consumer Discretionary – 10.7%
Automobile Components - 2.6%
Adient 1			30,099				724,784
BorgWarner			7,517				330,447
Dorman Products 1			131,352				20,475,150
LCI Industries			154,479				14,389,719
Modine Manufacturing 1			64,866				9,221,350
Patrick Industries			46				4,758
PHINIA			51,992				2,988,500
Standard Motor Products			20,211				825,013
Visteon Corporation			49,171				5,893,636
							54,853,357
Broadline Retail - 0.0%
Etsy 1			8,266				548,780
Diversified Consumer Services - 1.1%
frontdoor 1			5,319				357,915
OneSpaWorld Holdings			80,000				1,691,200
Perdoceo Education			74,437				2,803,297
Strategic Education			5,666				487,333
Stride 1			20,342				3,029,737
Universal Technical Institute 1			489,032				15,917,992
							24,287,474
Hotels, Restaurants & Leisure - 0.7%
Brightstar Lottery			274,690				4,738,403
Kura Sushi USA Cl. A 1			28,500				1,693,185
Life Time Group Holdings 1			62,500				1,725,000
Lindblad Expeditions Holdings 1			373,700				4,783,360
Monarch Casino & Resort			17,560				1,858,550
							14,798,498
Household Durables - 1.8%
Cavco Industries 1			14,700				8,536,731
Champion Homes 1			56,823				4,339,572
Ethan Allen Interiors			49,208				1,449,668
Helen of Troy 1			14,333				361,192
Installed Building Products			45,047				11,111,293
La-Z-Boy			29,427				1,009,935
M/I Homes 1			64,342				9,293,558
Sonos 1			23,766				375,503
Tri Pointe Homes 1			31,662				1,075,558
Worthington Enterprises			18,906				1,049,094
							38,602,104
Leisure Products - 0.5%
Brunswick Corporation			54,341				3,436,525
YETI Holdings 1			203,605				6,755,614
							10,192,139
Specialty Retail - 3.5%
Academy Sports & Outdoors			298,052				14,908,561
Advance Auto Parts			210,042				12,896,579
Asbury Automotive Group 1			17,500				4,277,875
AutoCanada 1			605,600				13,598,477
Bath & Body Works			258,600				6,661,536
Buckle (The)			45,712				2,681,466
Monro			23,004				413,382
ODP Corporation (The) 1			1,285				35,787
OneWater Marine Cl. A 1			140,493				2,225,409
Signet Jewelers			95,544				9,164,580
Urban Outfitters 1			6,195				442,509
Valvoline 1			240,867				8,649,534
							75,955,695
Textiles, Apparel & Luxury Goods - 0.5%
Carter’s			40,059				1,130,465
G-III Apparel Group 1			37,891				1,008,280
Kontoor Brands			37,026				2,953,564
Movado Group			20,231				383,782
Ralph Lauren Cl. A			14,350				4,499,586
Steven Madden			29,455				986,153
							10,961,830
Total							230,199,877
Consumer Staples – 2.3%
Beverages - 0.0%
MGP Ingredients			9,960				240,932
Consumer Staples Distribution & Retail - 0.2%
Andersons (The)			28,496				1,134,426
Guardian Pharmacy Services Cl. A 1			72,479				1,901,124
PriceSmart			13,402				1,624,188
							4,659,738
Food Products - 1.5%
Cal-Maine Foods			7,654				720,241
Fresh Del Monte Produce			23,319				809,636
Freshpet 1			20,250				1,115,978
John B. Sanfilippo & Son			10,498				674,812
Nomad Foods			775,776				10,201,454
Seneca Foods Cl. A 1			173,460				18,723,272
							32,245,393
Household Products - 0.2%
Central Garden & Pet 1			46,425				1,515,776
WD-40 Company			6,718				1,327,477
							2,843,253
Personal Care Products - 0.4%
Interparfums			75,248				7,402,898
USANA Health Sciences 1			41,386				1,140,185
							8,543,083
Total							48,532,399
Energy – 2.3%
Energy Equipment & Services - 1.2%
Bristow Group 1			219,464				7,918,261
Cactus Cl. A			44,577				1,759,454
Helix Energy Solutions Group 1			149,236				978,988
Helmerich & Payne			1,801				39,784
Liberty Energy Cl. A			2,568				31,689
Pason Systems			1,145,504				9,943,011
ProPetro Holding Corp. 1			40,050				209,862
RPC			393,845				1,874,702
Tidewater 1			12,977				692,064
Weatherford International			39,645				2,712,908
							26,160,723
Oil, Gas & Consumable Fuels - 1.1%
California Resources			21,301				1,132,787
Centrus Energy Cl. A 1			11,165				3,461,931
Core Natural Resources			42,572				3,553,910
Crescent Energy Cl. A			55,113				491,608
CVR Energy 1			49,939				1,821,775
Dorchester Minerals L.P.			279,148				7,227,142
International Seaways			30,730				1,416,038
Peabody Energy			35,148				932,125
REX American Resources 1			53,664				1,643,192
Uranium Energy 1			16,000				213,440
World Kinect			25,164				653,006
							22,546,954
Total							48,707,677
Financials – 21.0%
Banks - 4.2%
Atlantic Union Bankshares			47,000				1,658,630
Axos Financial 1			20,835				1,763,683
Bancorp (The) 1			7,180				537,710
Bank of N.T. Butterfield & Son			221,503				9,506,909
BankUnited			281,190				10,730,210
Beacon Financial			13,469				319,350
Cathay General Bancorp			43,948				2,109,944
Chain Bridge Bancorp Cl. A 1			28,523				933,558
Coastal Financial 1			12,400				1,341,308
Customers Bancorp 1			31,661				2,069,680
Eagle Bancorp			2,852				57,667
Esquire Financial Holdings			23,187				2,366,349
First Bancorp			14,000				740,460
First BanCorp			71,521				1,577,038
First Commonwealth Financial			96,111				1,638,693
First Financial Bancorp			111,216				2,808,204
German American Bancorp			59,827				2,349,406
Glacier Bancorp			16,000				778,720
Hanmi Financial			137,365				3,391,542
HBT Financial			27,347				689,144
Hingham Institution for Savings			19,205				5,065,895
Home BancShares			152,117				4,304,911
Metropolitan Bank Holding			21,042				1,574,362
Northeast Bank			13,293				1,331,427
OceanFirst Financial			265,264				4,660,689
OFG Bancorp			8,233				358,053
Origin Bancorp			267,629				9,238,553
Pathward Financial			4,617				341,704
Preferred Bank			23,385				2,113,770
Provident Financial Services			44,601				859,907
Renasant Corporation			22,400				826,336
S&T Bancorp			33,289				1,251,334
Seacoast Banking Corporation of Florida			57,500				1,749,725
Southside Bancshares			36,401				1,028,328
TowneBank			45,000				1,555,650
WaFd			2,225				67,395
Westamerica Bancorporation			43,646				2,181,864
Western Alliance Bancorp			38,000				3,295,360
Western New England Bancorp			13,838				166,194
WSFS Financial			8,732				470,917
							89,810,579
Capital Markets - 7.6%
Acadian Asset Management			45,520				2,192,243
Ares Management Cl. A			31,800				5,084,502
Artisan Partners Asset Management Cl. A			238,936				10,369,822
Bolsa Mexicana de Valores			1,723,106				3,603,624
Cohen & Steers			25,425				1,668,134
Donnelley Financial Solutions 1			106,264				5,465,158
Evercore Cl. A			10,832				3,653,850
GCM Grosvenor Cl. A			801,494				9,674,033
Houlihan Lokey Cl. A			15,905				3,265,615
Lazard			133,881				7,066,239
Marex Group			342,066				11,500,259
MarketWise Cl. A			25,000				413,250
Moelis & Company Cl. A			6,452				460,157
Morningstar			8,189				1,899,930
Onex Corporation			173,237				15,371,874
Perella Weinberg Partners Cl. A			193,771				4,131,198
SEI Investments			264,994				22,484,741
Sprott			231,827				19,268,110
StoneX Group 1			62,144				6,271,572
Tel Aviv Stock Exchange			221,179				5,101,100
TMX Group			478,421				18,302,173
Victory Capital Holdings Cl. A			63,800				4,131,688
Virtu Financial Cl. A			85,000				3,017,500
							164,396,772
Consumer Finance - 0.7%
Bread Financial Holdings			39,037				2,177,093
Encore Capital Group 1			25,000				1,043,500
FirstCash Holdings			54,254				8,594,919
PROG Holdings			37,614				1,217,189
World Acceptance 1			14,894				2,519,171
							15,551,872
Financial Services - 2.0%
Banco Latinoamericano de Comercio Exterior Cl. E			114,899				5,281,907
Burford Capital			175,000				2,093,000
ECN Capital			838,800				1,711,714
Enact Holdings			15,213				583,266
I3 Verticals Cl. A 1			33,430				1,085,138
Jackson Financial			9,858				997,925
Merchants Bancorp			177,707				5,651,083
NCR Atleos 1			76,377				3,002,380
NewtekOne			314,894				3,605,536
NMI Holdings 1			129,767				4,975,267
Payoneer Global 1			124,301				752,021
Paysign 1			143,758				904,238
Radian Group			87,197				3,158,275
Shift4 Payments Cl. A 1			50,000				3,870,000
Walker & Dunlop			72,946				6,099,745
							43,771,495
Insurance - 6.5%
Abacus Global Management 1			565,017				3,237,547
AMERISAFE			94,890				4,159,978
Assured Guaranty			355,857				30,123,295
Axis Capital Holdings			47,788				4,578,090
Berkley (W.R.)			73,854				5,658,694
E-L Financial			2,052,214				23,859,181
Employers Holdings			38,340				1,628,683
Fidelis Insurance Holdings			326,307				5,922,472
Hagerty Cl. A 1			485,700				5,847,828
HCI Group			14,231				2,731,356
International General Insurance Holdings			904,553				20,985,630
Lincoln National			48,219				1,944,672
Mercury General			26,467				2,243,872
RenaissanceRe Holdings			26,495				6,727,875
RLI Corp.			115,876				7,557,433
SiriusPoint 1			93,222				1,686,386
Skyward Specialty Insurance Group 1			50,269				2,390,794
White Mountains Insurance Group			4,923				8,228,893
							139,512,679
Total							453,043,397
Health Care – 9.2%
Biotechnology - 2.6%
ADMA Biologics 1			523,830				7,679,348
Alkermes 1			49,769				1,493,070
BridgeBio Pharma 1			127,136				6,603,444
Catalyst Pharmaceuticals 1			550,068				10,836,340
Centessa Pharmaceuticals ADR 1			138,493				3,358,455
Cytokinetics 1			55,988				3,077,100
89bio 1			34,000				499,800
Halozyme Therapeutics 1			23,565				1,728,257
Insmed 1			50,411				7,259,688
Ironwood Pharmaceuticals Cl. A 1			300,619				393,811
Metsera 1			56,966				2,981,031
ORIC Pharmaceuticals 1			421,304				5,055,648
Protagonist Therapeutics 1			16,989				1,128,579
PTC Therapeutics 1			17,230				1,057,405
Soleno Therapeutics 1			17,320				1,170,832
Travere Therapeutics 1			68,275				1,631,773
							55,954,581
Health Care Equipment & Supplies - 1.9%
Alphatec Holdings 1			109,000				1,584,860
Avanos Medical 1			23,812				275,267
Axogen 1			62,000				1,106,080
Embecta Corp.			21,700				306,187
Enovis Corporation 1			177,374				5,381,527
Envista Holdings 1			266,514				5,428,890
Establishment Labs Holdings 1			22,184				909,322
Haemonetics Corporation 1			203,066				9,897,437
Omnicell 1			16,037				488,327
TransMedics Group 1			127,500				14,305,500
UFP Technologies 1			4,320				862,272
							40,545,669
Health Care Providers & Services - 1.0%
Addus HomeCare 1			3,301				389,485
AMN Healthcare Services 1			20,805				402,785
BrightSpring Health Services 1			61,577				1,820,216
Concentra Group Holdings Parent			77,388				1,619,731
CorVel Corporation 1			8,317				643,902
GeneDx Holdings Cl. A 1			40,042				4,314,125
Owens & Minor 1			59,859				287,323
PACS Group 1			350,304				4,809,674
Pediatrix Medical Group 1			170,167				2,850,297
Premier Cl. A			16,245				451,611
Progyny 1			37,901				815,629
Select Medical Holdings			95,900				1,231,356
Talkspace 1			290,760				802,498
							20,438,632
Health Care Technology - 0.0%
Veradigm 1,2			153,900				738,720
Life Sciences Tools & Services - 1.8%
Azenta 1			219,100				6,292,552
BioLife Solutions 1			22,641				577,572
Bio-Techne			109,313				6,081,082
Charles River Laboratories International 1			47,133				7,374,429
Fortrea Holdings 1			56,346				474,433
Mesa Laboratories			53,188				3,564,128
Repligen Corporation 1			82,280				10,998,368
Stevanato Group			167,724				4,318,893
							39,681,457
Pharmaceuticals - 1.9%
Amphastar Pharmaceuticals 1			34,925				930,751
Axsome Therapeutics 1			21,973				2,668,621
Collegium Pharmaceutical 1			50,839				1,778,857
Corcept Therapeutics 1			138,550				11,514,890
CorMedix 1			68,000				790,840
Elanco Animal Health 1			328,773				6,621,488
Esperion Therapeutics 1			541,123				1,433,976
Harmony Biosciences Holdings 1			78,385				2,160,291
Harrow 1			11,250				542,025
Indivior 1			137,423				3,313,269
Innoviva 1			74,132				1,352,909
Organon & Co			36,287				387,545
Prestige Consumer Healthcare 1			56,300				3,513,120
Supernus Pharmaceuticals 1			37,451				1,789,783
Zevra Therapeutics 1			214,513				2,040,019
							40,838,384
Total							198,197,443
Industrials – 25.1%
Aerospace & Defense - 1.7%
AeroVironment 1			3,000				944,670
Karman Holdings 1,3			87,974				6,351,723
Kratos Defense & Security Solutions 1			128,876				11,775,400
Leonardo DRS			26,311				1,194,519
Magellan Aerospace			943,092				11,086,430
Moog Cl. A			20,855				4,330,958
National Presto Industries			504				56,524
							35,740,224
Air Freight & Logistics - 0.2%
Forward Air 1			63,360				1,624,550
Hub Group Cl. A			47,492				1,635,625
							3,260,175
Building Products - 1.9%
AAON			105,910				9,896,230
American Woodmark 1			542				36,184
Apogee Enterprises			29,479				1,284,400
Carlisle Companies			5,000				1,644,800
Gibraltar Industries 1			31,181				1,958,167
Hayward Holdings 1			22,956				347,095
Janus International Group 1			291,088				2,873,039
MasterBrand 1			235,165				3,097,123
Quanex Building Products			29,587				420,727
Resideo Technologies 1			52,991				2,288,151
Simpson Manufacturing 3			52,500				8,791,650
UFP Industries			94,501				8,834,899
							41,472,465
Commercial Services & Supplies - 2.7%
ACV Auctions Cl. A 1			189,300				1,875,963
Brady Corporation Cl. A			276,191				21,551,184
CECO Environmental 1			126,406				6,471,987
CompX International Cl. A			166,074				3,886,132
Healthcare Services Group 1			446,613				7,516,497
HNI Corporation			26,326				1,233,373
Liquidity Services 1			49,275				1,351,613
MSA Safety			15,650				2,692,895
RB Global			36,537				3,959,149
UniFirst Corporation			14,200				2,374,098
Vestis Corporation			77,353				350,409
VSE Corporation			33,382				5,549,424
							58,812,724
Construction & Engineering - 6.5%
Ameresco Cl. A 1			132,690				4,455,730
APi Group 1			663,180				22,793,497
Arcosa			221,550				20,761,450
Argan			28,903				7,805,255
IES Holdings 1			123,638				49,164,651
Limbach Holdings 1			35,071				3,406,095
MYR Group 1			17,658				3,673,394
NWPX Infrastructure 1			32,800				1,736,104
Sterling Infrastructure 1			47,391				16,097,775
Valmont Industries			26,118				10,126,732
							140,020,683
Electrical Equipment - 1.6%
LSI Industries			496,657				11,726,072
Powell Industries			54,342				16,563,985
Preformed Line Products			32,816				6,436,858
							34,726,915
Ground Transportation - 0.3%
Hertz Global Holdings 1			239,496				1,628,573
Landstar System			24,551				3,008,970
Ryder System			14,770				2,786,213
							7,423,756
Machinery - 5.2%
Alamo Group			5,467				1,043,650
Albany International Cl. A			5,339				284,569
Astec Industries			6,778				326,225
Atmus Filtration Technologies			231,617				10,443,610
ATS Corporation 1			30,500				797,949
Enpro			40,251				9,096,726
ESAB Corporation			169,406				18,929,426
ESCO Technologies			61,176				12,914,865
Franklin Electric			3,973				378,230
Graham Corporation 1			78,428				4,305,697
Helios Technologies			51,900				2,705,547
JBT Marel			113,567				15,950,485
Kadant			31,740				9,445,189
Kennametal			16,821				352,064
Lincoln Electric Holdings			3,984				939,547
Lindsay Corporation			61,226				8,605,927
Miller Industries			23,754				960,137
Mueller Industries			8,208				829,911
RBC Bearings 1,3			9,120				3,559,445
REV Group			3,289				186,388
SPX Technologies 1			4,550				849,849
Standex International			4,868				1,031,529
Tennant Company			40,000				3,242,400
Timken Company (The)			68,285				5,133,666
Titan International 1			56,508				427,200
							112,740,231
Marine Transportation - 0.3%
Kirby Corporation 1			26,718				2,229,617
Matson			32,624				3,216,400
							5,446,017
Passenger Airlines - 0.2%
SkyWest 1			19,451				1,957,160
Strata Critical Medical 1			293,819				1,486,724
Sun Country Airlines Holdings 1			87,339				1,031,473
							4,475,357
Professional Services - 2.0%
CBIZ 1			68,100				3,606,576
CSG Systems International			8,209				528,496
Exponent			71,600				4,974,768
Franklin Covey 1			183,811				3,567,772
Heidrick & Struggles International			34,590				1,721,544
Insperity			122,856				6,044,515
KBR			243,821				11,530,295
Korn Ferry			135,179				9,459,827
Paylocity Holding 1			3,000				477,810
Robert Half			11,685				397,056
Verra Mobility Cl. A 1			21,579				533,001
							42,841,660
Trading Companies & Distributors - 2.5%
Air Lease Cl. A			77,939				4,960,817
Applied Industrial Technologies			18,500				4,829,425
Distribution Solutions Group 1			92,384				2,778,911
DNOW 1			150,223				2,290,901
EVI Industries			45,663				1,443,407
FTAI Aviation			85,996				14,349,293
MSC Industrial Direct Cl. A			51,773				4,770,364
Rush Enterprises Cl. A			41,050				2,194,944
Teqnion 1			191,300				3,173,974
Transcat 1			106,635				7,805,682
WESCO International			24,300				5,139,450
							53,737,168
Total							540,697,375
Information Technology – 13.8%
Communications Equipment - 0.3%
Digi International 1			64,057				2,335,518
Extreme Networks 1			39,263				810,781
Harmonic 1			260,843				2,655,382
NetScout Systems 1			50,000				1,291,500
							7,093,181
Electronic Equipment, Instruments & Components - 5.7%
Arrow Electronics 1			22,306				2,699,026
Badger Meter			6,499				1,160,592
Bel Fuse Cl. B			16,564				2,335,855
Benchmark Electronics			54,127				2,086,596
Cognex Corporation			274,643				12,441,328
Coherent Corp. 1			70,000				7,540,400
Crane NXT			154,532				10,364,461
CTS Corporation			37,645				1,503,541
ePlus			26,999				1,917,199
Insight Enterprises 1			15,886				1,801,631
IPG Photonics 1			51,100				4,046,609
Itron 1			6,968				867,934
Knowles Corporation 1			235,007				5,478,013
Littelfuse			36,520				9,459,045
Luna Innovations 1,2			657,869				723,656
Mirion Technologies Cl. A 1			44,201				1,028,115
nLIGHT 1			160,213				4,747,111
PAR Technology 1			412,239				16,316,420
PC Connection			25,928				1,607,277
Plexus 1			11,658				1,686,796
Richardson Electronics			433,407				4,243,055
Sanmina Corporation 1			62,295				7,170,778
ScanSource 1			23,163				1,018,940
Teledyne Technologies 1			9,660				5,661,146
TTM Technologies 1			102,692				5,915,059
Vontier Corporation			217,581				9,131,875
							122,952,458
IT Services - 1.2%
DXC Technology 1			201,727				2,749,539
Hackett Group (The)			717,251				13,634,942
Kyndryl Holdings 1			319,274				9,587,798
							25,972,279
Semiconductors & Semiconductor Equipment - 5.0%
Allegro MicroSystems 1			57,115				1,667,758
Axcelis Technologies 1			33,718				3,292,226
Camtek 1			28,179				2,960,204
Cirrus Logic 1			112,608				14,108,656
Cohu 1			269,293				5,474,727
FormFactor 1			196,874				7,170,151
Impinj 1			99,676				18,016,437
Kulicke & Soffa Industries			194,058				7,886,517
MKS			149,969				18,561,663
Onto Innovation 1			35,640				4,605,401
Penguin Solutions 1			30,255				795,101
Photronics 1			248,033				5,692,357
Qorvo 1			2,652				241,544
Silicon Laboratories 1			8,250				1,081,823
SiTime Corporation 1			30,465				9,179,409
Tower Semiconductor 1			63,152				4,565,890
Ultra Clean Holdings 1			66,200				1,803,950
							107,103,814
Software - 1.6%
Adeia			145,327				2,441,494
Agilysys 1			72,937				7,676,619
Blend Labs Cl. A 1			285,333				1,041,465
Computer Modelling Group			614,611				2,768,995
Coveo Solutions 1			340,000				2,105,914
Descartes Systems Group (The) 1			8,500				800,955
InterDigital 3			6,847				2,363,790
JFrog 1			214,000				10,128,620
NCR Voyix 1			4,495				56,412
NextNav 1			33,000				471,900
Progress Software 1			52,250				2,295,342
Teradata Corporation 1			28,868				620,951
Vertex Cl. A 1			32,000				793,280
							33,565,737
Technology Hardware, Storage & Peripherals - 0.0%
Xerox Holdings			5,573				20,954
Total							296,708,423
Materials – 7.2%
Chemicals - 3.1%
Element Solutions			679,001				17,090,455
Flotek Industries 1			103,170				1,506,282
Hawkins			93,259				17,040,285
Ingevity Corporation 1			209,034				11,536,586
Innospec			61,220				4,723,735
Quaker Houghton			111,777				14,726,620
							66,623,963
Construction Materials - 0.1%
United States Lime & Minerals			13,891				1,827,361
Containers & Packaging - 0.5%
Graphic Packaging Holding Company			233,029				4,560,377
Sealed Air			63,998				2,262,329
Silgan Holdings			113,066				4,862,969
							11,685,675
Metals & Mining - 3.0%
Alamos Gold Cl. A			555,000				19,345,441
Alpha Metallurgical Resources 1			6,335				1,039,510
Century Aluminum 1			82,935				2,434,971
Commercial Metals 3			56,600				3,242,048
Gold Fields ADR			386,500				16,217,540
IAMGOLD Corporation 1			500,000				6,465,000
Major Drilling Group International 1			1,296,691				10,845,357
Metallus 1			56,120				927,664
Reliance			7,725				2,169,412
SunCoke Energy			45,204				368,865
Worthington Steel			42,208				1,282,701
							64,338,509
Paper & Forest Products - 0.5%
Stella-Jones			157,271				8,973,838
Sylvamo Corporation			38,399				1,698,004
							10,671,842
Total							155,147,350
Real Estate – 2.2%
Diversified REITs - 0.0%
New York REIT 1,4			15,000				100,950
Real Estate Management & Development - 2.2%
Colliers International Group			52,366				8,180,093
FirstService Corporation			79,585				15,160,147
FRP Holdings 1			108,661				2,646,982
Kennedy-Wilson Holdings			607,065				5,050,781
Marcus & Millichap			279,309				8,197,719
St. Joe Company (The)			78,800				3,899,024
Tejon Ranch 1			313,818				5,014,811
							48,149,557
Total							48,250,507
Utilities – 0.2%
Electric Utilities - 0.2%
MGE Energy			25,188				2,120,326
Otter Tail			31,892				2,614,187
Total							4,734,513
TOTAL COMMON STOCKS
(Cost $1,440,988,127)							2,049,325,799
INVESTMENT COMPANIES – 0.7%
Materials – 0.7%
Metals & Mining - 0.7%
VanEck Junior Gold Miners ETF			148,758				14,731,505
(Cost $5,088,129)							14,731,505
INVESTMENTS AT VALUE
(Cost $1,446,076,256)							2,064,057,304
REPURCHASE AGREEMENT – 5.1%
Fixed Income Clearing Corporation, 3.50% dated 9/30/25, due 10/1/25, maturity value $110,350,661 (collateralized by obligations of U.S. Government Agencies, 3.875% due 5/31/27, valued at $112,546,818)
(Cost $110,339,933)							110,339,933
TOTAL INVESTMENTS – 101.0%
(Cost $1,556,416,189)							2,174,397,237
LIABILITIES LESS CASH AND OTHER ASSETS – (1.0)%							(20,562,033	)
NET ASSETS – 100.0%						$	2,153,835,204

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 these securities were pledged as collateral in connection with the Fund’s revolving credit agreement as of September 30, 2025. Total market value of pledged securities as of September 30, 2025, was $1,380,032.

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 $1,561,688,329. As of September 30, 2025, net unrealized appreciation for all securities was $612,708,908, consisting of aggregate gross unrealized appreciation of $717,450,383 and aggregate gross unrealized depreciation of $104,741,475. 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 September 30, 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	$2,047,762,473	$  1,462,376	$100,950	$2,049,325,799
Investment Companies	14,731,505	–	–	14,731,505
Repurchase Agreement	–	110,339,933	–	110,339,933

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	9/30/25
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 September 30, 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 September 30, 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 nine-month period ended September 30, 2025, the Fund had an average daily loan balance of $21,666,667. As of September 30, 2025, the aggregate value of rehypothecated securities was $0.

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).