SCHEDULES OF INVESTMENTS

ROYCE DIVIDEND VALUE FUND
SEPTEMBER 30, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.7%
Consumer Discretionary – 8.0%
Auto Components - 1.2%
Gentex Corporation		7,501	$	206,540
Nokian Renkaat		35,600		1,004,202
				1,210,742
Hotels, Restaurants & Leisure - 0.1%
Cheesecake Factory		2,329		97,073
Household Durables - 1.6%
Hunter Douglas		20,000		1,299,220
La-Z-Boy		8,415		282,660
				1,581,880
Specialty Retail - 4.5%
American Eagle Outfitters		64,431		1,045,071
Caleres		53,378		1,249,579
Designer Brands Cl. A		60,115		1,029,169
Rent-A-Center		4,800		123,792
USS		56,000		1,086,076
				4,533,687
Textiles, Apparel & Luxury Goods - 0.6%
HUGO BOSS		9,800		524,996
Steven Madden		2,778		99,425
				624,421
Total				8,047,803
Consumer Staples – 0.5%
Food & Staples Retailing - 0.4%
FamilyMart		19,200		467,548
Household Products - 0.1%
Spectrum Brands Holdings		1,493		78,684
Total				546,232
Energy – 5.9%
Energy Equipment & Services - 3.0%
Helmerich & Payne		29,504		1,182,226
TGS-NOPEC Geophysical		72,700		1,845,139
				3,027,365
Oil, Gas & Consumable Fuels - 2.9%
Alliance Resource Partners L.P.		26,264		420,487
Cimarex Energy		17,300		829,362
Gaztransport Et Technigaz		16,400		1,623,960
				2,873,809
Total				5,901,174
Financials – 29.3%
Banks - 2.3%
Bank of Georgia Group		39,500		648,858
BOK Financial		16,214		1,283,338
City Holding Company		4,589		349,911
				2,282,107
Capital Markets - 22.3%
Ashmore Group		349,000		2,171,311
AURELIUS Equity Opportunities		7,200		297,112
B3-Brasil, Bolsa, Balcao		187,000		1,963,636
Bolsa Mexicana de Valores		888,000		1,676,193
Carlyle Group L.P.		97,800		2,499,768
Coronation Fund Managers		153,700		423,094
Federated Investors Cl. B		25,900		839,419
Houlihan Lokey Cl. A		6,846		308,755
Jupiter Fund Management		225,700		986,268
KKR & Co. Cl. A		132,500		3,557,625
Lazard Cl. A		23,700		829,500
Moelis & Company Cl. A		18,359		603,093
Northern Trust		17,700		1,651,764
SEI Investments		37,900		2,245,764
Sprott		588,600		1,386,143
State Street		17,700		1,047,663
				22,487,108
Diversified Financial Services - 1.1%
Jefferies Financial Group		59,700		1,098,480
Insurance - 1.2%
Reinsurance Group of America		7,805		1,247,864
Thrifts & Mortgage Finance - 2.4%
Genworth MI Canada		31,748		1,260,479
WSFS Financial		26,501		1,168,694
				2,429,173
Total				29,544,732
Health Care – 2.3%
Health Care Providers & Services - 0.1%
Ensign Group (The)		2,151		102,022
Pharmaceuticals - 2.2%
Recordati		35,200		1,510,096
Santen Pharmaceutical		41,600		722,541
				2,232,637
Total				2,334,659
Industrials – 26.9%
Aerospace & Defense - 3.9%
HEICO Corporation Cl. A		40,920		3,981,925
Airlines - 2.1%
Allegiant Travel		7,271		1,088,178
Hawaiian Holdings		40,656		1,067,626
				2,155,804
Building Products - 1.6%
Apogee Enterprises		4,400		171,556
Geberit		800		382,025
TOTO		29,600		1,107,348
				1,660,929
Commercial Services & Supplies - 0.5%
Herman Miller		11,276		519,711
Construction & Engineering - 0.1%
Comfort Systems USA		2,359		104,338
Electrical Equipment - 1.9%
EnerSys		3,756		247,671
Hubbell Incorporated		12,700		1,668,780
				1,916,451
Machinery - 9.5%
Alamo Group		888		104,535
Federal Signal		3,229		105,717
Graco		45,400		2,090,216
Lincoln Electric Holdings		10,550		915,318
Lindsay Corporation		21,400		1,986,990
Pfeiffer Vacuum Technology		9,600		1,303,755
Spirax-Sarco Engineering		21,900		2,112,434
Wabash National		67,392		977,858
				9,596,823
Marine - 1.5%
Clarkson		48,600		1,464,025
Professional Services - 2.6%
Korn Ferry		9,101		351,663
ManpowerGroup		22,600		1,903,824
Robert Half International		5,694		316,928
				2,572,415
Road & Rail - 1.1%
Old Dominion Freight Line		700		118,979
Werner Enterprises		26,743		944,028
				1,063,007
Trading Companies & Distributors - 2.1%
Applied Industrial Technologies		36,500		2,073,200
Total				27,108,628
Information Technology – 9.0%
Electronic Equipment, Instruments & Components - 5.6%
FLIR Systems		65,800		3,460,422
Methode Electronics		32,838		1,104,671
Vishay Intertechnology		61,367		1,038,943
				5,604,036
IT Services - 2.6%
KBR		106,200		2,606,148
Semiconductors & Semiconductor Equipment - 0.3%
MKS Instruments		3,708		342,174
Software - 0.5%
SimCorp		5,600		491,741
Total				9,044,099
Materials – 13.6%
Chemicals - 2.6%
Quaker Chemical		16,400		2,593,496
Containers & Packaging - 2.8%
AptarGroup		23,800		2,819,110
Metals & Mining - 8.2%
Franco-Nevada		26,400		2,406,624
Reliance Steel & Aluminum		22,900		2,282,214
Royal Gold		15,500		1,909,755
Worthington Industries		46,800		1,687,140
				8,285,733
Total				13,698,339
Real Estate – 0.4%
Real Estate Management & Development - 0.4%
Relo Group		18,400		450,619
Total				450,619
Utilities – 1.8%
Water Utilities - 1.8%
Aqua America		39,800		1,784,234
Total				1,784,234
TOTAL COMMON STOCKS
(Cost $60,829,326)				98,460,519
REPURCHASE AGREEMENT – 2.4%
Fixed Income Clearing Corporation, 0.35% dated 9/30/19, due 10/1/19, maturity value $2,387,023 (collateralized by obligations of various U.S. Government Agencies, 2.25% due 8/15/27, valued at $2,437,497)
(Cost $2,387,000)				2,387,000
TOTAL INVESTMENTS – 100.1%
(Cost $63,216,326)				100,847,519
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.1)%				(87,375	)
NET ASSETS – 100.0%			$	100,760,144

SCHEDULES OF INVESTMENTS
ROYCE GLOBAL FINANCIAL SERVICES FUND
SEPTEMBER 30, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.1%
Banks - 16.3%
BOK Financial		10,450	$	827,118
Bryn Mawr Bank		10,000		365,100
Cadence Bancorporation Cl. A		15,887		278,658
Canadian Western Bank		14,000		351,466
Capital City Bank Group		25,481		699,453
First Citizens BancShares Cl. A		2,031		957,718
First Republic Bank		6,498		628,357
Popular		23,465		1,268,987
TriState Capital Holdings 1		11,600		244,064
Umpqua Holdings		17,400		286,404
Total				5,907,325
Capital Markets - 52.3%
Ares Management Cl. A		38,950		1,044,249
Ashmore Group		157,000		976,779
Associated Capital Group Cl. A		7,000		249,130
B3-Brasil, Bolsa, Balcao		61,000		640,544
Bolsa Mexicana de Valores		174,000		328,443
Canaccord Genuity Group		133,000		524,029
Carlyle Group L.P.		33,400		853,704
Charles Schwab		8,400		351,372
Coronation Fund Managers		61,200		168,467
CRISIL		14,000		268,685
Edelweiss Financial Services		155,000		207,122
Egyptian Financial Group-Hermes
Holding Company		307,987		365,120
GMP Capital		108,000		203,797
Great Elm Capital Group 1		115,545		427,517
Hamilton Lane Cl. A		11,500		655,040
Hellenic Exchanges - Athens Stock Exchange		50,000		251,234
Intermediate Capital Group		39,111		699,694
INTL FCStone 1		12,870		528,442
IOOF Holdings		55,000		237,211
JSE		51,000		441,169
Jupiter Fund Management		106,900		467,134
KKR & Co. Cl. A		23,900		641,715
MarketAxess Holdings		3,496		1,144,940
Northern Trust		3,770		351,816
NZX		580,000		468,523
Rothschild & Co		27,700		794,040
SEI Investments		7,950		471,077
Silvercrest Asset Management Group Cl. A		41,600		511,680
Sprott		500,000		1,177,492
TD Ameritrade Holding Corporation		8,680		405,356
Tel Aviv Stock Exchange 1		228,800		708,860
TMX Group		3,700		319,325
U.S. Global Investors Cl. A		183,900		367,800
Value Partners Group		772,000		389,068
Virtu Financial Cl. A		47,400		775,464
Warsaw Stock Exchange		19,000		190,232
Westaim Corporation 1		105,000		198,136
WisdomTree Investments		27,100		141,598
Total				18,946,004
Closed-End Funds - 1.0%
Eagle Point Income		19,341		374,248
Total				374,248
Consumer Finance - 0.5%
Currency Exchange International 1		13,000		186,436
Total				186,436
Diversified Financial Services - 0.7%
ECN Capital		75,000		258,708
Total				258,708
Hotels, Restaurants & Leisure - 0.5%
Thomas Cook (India)		94,000		179,726
Total				179,726
Insurance - 3.5%
E-L Financial		1,820		1,031,748
First American Financial		3,900		230,139
Total				1,261,887
IT Services - 1.9%
Cass Information Systems		5,016		270,814
PayPal Holdings 1		4,054		419,954
Total				690,768
Metals & Mining - 3.7%
Franco-Nevada		14,850		1,353,726
Total				1,353,726
Professional Services - 3.1%
IHS Markit 1		11,900		795,872
People 1		45,300		309,101
Total				1,104,973
Real Estate Management & Development - 8.6%
Altus Group		32,000		964,940
FirstService Corporation		12,600		1,292,382
FRP Holdings 1		7,957		382,095
RMR Group (The) Cl. A		10,000		454,800
Total				3,094,217
Software - 2.7%
Benefitfocus 1		10,600		252,386
Bottomline Technologies 1		9,800		385,630
Envestnet 1		6,000		340,200
Total				978,216
Trading Companies & Distributors - 2.3%
Air Lease Cl. A		19,500		815,490
Total				815,490
TOTAL COMMON STOCKS
(Cost $25,769,104)				35,151,724
REPURCHASE AGREEMENT – 3.1%
Fixed Income Clearing Corporation, 0.35% dated 9/30/19, due 10/1/19, maturity value $1,119,011 (collateralized by obligations of various U.S. Government Agencies, 2.25% due 8/15/27, valued at $1,142,741)
(Cost $1,119,000)				1,119,000
TOTAL INVESTMENTS – 100.2%
(Cost $26,888,104)				36,270,724
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.2)%				(60,849	)
NET ASSETS – 100.0%			$	36,209,875

SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL PREMIER FUND
SEPTEMBER 30, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.5%
Australia – 9.0%
Bravura Solutions		4,000,000	$	11,177,174
Cochlear		80,000		11,239,269
Hansen Technologies		5,985,935		15,271,984
IPH		1,900,000		11,169,749
Technology One		2,145,000		10,394,974
Total				59,253,150
Brazil – 4.0%
OdontoPrev		3,075,000		11,959,711
TOTVS		1,020,000		14,174,611
Total				26,134,322
Canada – 5.0%
Altus Group		445,000		13,418,689
Computer Modelling Group		1,387,700		6,399,855
Morneau Shepell		525,000		13,061,101
Total				32,879,645
China – 2.3%
TravelSky Technology		7,310,000		15,183,893
Total				15,183,893
Denmark – 1.7%
SimCorp		128,500		11,283,696
Total				11,283,696
France – 3.7%
Lectra		218,780		4,316,114
Neurones		412,500		9,621,537
Thermador Groupe		167,987		10,106,981
Total				24,044,632
Germany – 5.4%
Amadeus Fire		115,000		12,709,911
Carl Zeiss Meditec		102,000		11,628,898
Norma Group		325,000		11,271,721
Total				35,610,530
India – 1.9%
AIA Engineering		477,000		12,014,384
Total				12,014,384
Italy – 1.9%
DiaSorin		107,000		12,443,854
Total				12,443,854
Japan – 17.6%
As One		156,000		12,912,832
Benefit One		695,000		13,125,457
Cosel		1,050,000		9,953,757
Daifuku		365,000		18,802,775
Fukui Computer Holdings		63,200		1,436,722
Medikit		121,300		7,763,200
Meitec Corporation		275,000		13,454,335
NSD		415,000		11,917,457
TechnoPro Holdings		160,000		9,470,520
TKC Corporation		386,500		16,728,971
Total				115,566,026
Netherlands – 5.2%
IMCD		265,000		19,597,580
Intertrust		725,000		14,176,439
Total				33,774,019
New Zealand – 1.8%
Fisher & Paykel Healthcare		1,100,000		11,916,585
Total				11,916,585
Norway – 2.1%
TGS-NOPEC Geophysical		550,000		13,959,099
Total				13,959,099
Singapore – 1.9%
XP Power		425,000		12,593,661
Total				12,593,661
Sweden – 9.4%
Bravida Holding		1,500,000		13,157,694
Hexpol		2,314,000		17,759,225
Lagercrantz Group		835,000		10,636,781
Loomis Cl. B		565,000		19,858,696
Total				61,412,396
Switzerland – 10.2%
Bossard Holding		62,140		8,554,718
Kardex		90,000		12,426,231
LEM Holding		10,000		11,923,250
Partners Group Holding		24,000		18,415,110
VZ Holding		52,500		15,675,567
Total				66,994,876
United Kingdom – 12.4%
Ashmore Group		2,080,000		12,940,763
Croda International		285,000		17,030,490
Marlowe 1		1,576,306		8,547,225
Restore		1,935,000		9,707,048
Spirax-Sarco Engineering		143,000		13,793,517
Victrex		725,000		19,236,917
Total				81,255,960
TOTAL COMMON STOCKS
(Cost $580,916,396)				626,320,728
PREFERRED STOCK– 2.3%
Germany – 2.3%
FUCHS PETROLUB		400,000		15,023,875
(Cost $17,063,000)				15,023,875
REPURCHASE AGREEMENT – 2.5%
Fixed Income Clearing Corporation, 0.35% dated 9/30/19, due 10/1/19, maturity value $16,512,161 (collateralized by obligations of various U.S. Government Agencies, 2.25% due 8/15/27, valued at $16,842,321)
(Cost $16,512,000)				16,512,000
TOTAL INVESTMENTS – 100.3%
(Cost $614,491,396)				657,856,603
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.3)%				(1,712,470	)
NET ASSETS – 100.0%			$	656,144,133

SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP FUND
SEPTEMBER 30, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.2%
Communication Services – 2.3%
Diversified Telecommunication Services - 0.5%
ORBCOMM 1		308,200	$	1,467,032
Entertainment - 0.6%
Gaia Cl. A 1		301,600		1,970,956
Interactive Media & Services - 0.9%
QuinStreet 1		234,046		2,946,639
Media - 0.3%
Marchex Cl. B 1		344,200		1,080,788
Total				7,465,415
Consumer Discretionary – 11.3%
Auto Components - 3.0%
Fox Factory Holding 1,2		38,100		2,371,344
Modine Manufacturing 1		199,200		2,264,904
Stoneridge 1		128,600		3,982,742
Unique Fabricating 1		389,041		1,124,328
				9,743,318
Hotels, Restaurants & Leisure - 2.8%
Century Casinos 1		490,100		3,788,473
Lindblad Expeditions Holdings 1		140,700		2,358,132
Red Lion Hotels 1,2		438,800		2,843,424
				8,990,029
Household Durables - 0.7%
Lovesac Company (The) 1,2		115,100		2,148,917
Internet & Direct Marketing Retail - 1.0%
Rubicon Project (The) 1		348,500		3,035,435
Leisure Products - 0.7%
MasterCraft Boat Holdings 1		156,100		2,329,793
Specialty Retail - 2.4%
Buckle (The)		62,675		1,291,105
Citi Trends		91,924		1,682,209
Designer Brands Cl. A		85,400		1,462,048
Shoe Carnival		98,211		3,183,019
				7,618,381
Textiles, Apparel & Luxury Goods - 0.7%
Vera Bradley 1,2		217,800		2,199,780
Total				36,065,653
Consumer Staples – 1.0%
Beverages - 0.8%
Eastside Distilling 1		164,500		804,405
Primo Water 1,2		145,800		1,790,424
				2,594,829
Food Products - 0.2%
Farmer Bros. 1		37,639		487,425
Total				3,082,254
Energy – 4.1%
Energy Equipment & Services - 3.4%
Gulf Island Fabrication 1		147,893		791,228
Independence Contract Drilling 1		180,786		216,943
Natural Gas Services Group 1		146,987		1,882,903
Newpark Resources 1		434,000		3,307,080
Pason Systems		70,250		856,352
Profire Energy 1		1,170,732		2,212,683
Total Energy Services		347,400		1,796,196
				11,063,385
Oil, Gas & Consumable Fuels - 0.7%
Ardmore Shipping 1		319,875		2,139,964
Total				13,203,349
Financials – 13.1%
Banks - 5.6%
Allegiance Bancshares 1		74,900		2,403,541
BayCom Corporation 1		103,900		2,359,569
Caribbean Investment Holdings 1		1,858,138		376,971
County Bancorp		81,500		1,599,030
HarborOne Bancorp 1		285,653		2,875,098
HomeTrust Bancshares		88,200		2,299,374
Investar Holding		120,600		2,870,280
Midway Investments 1,3		1,858,170		0
TriState Capital Holdings 1		143,457		3,018,335
				17,802,198
Capital Markets - 4.3%
B. Riley Financial		167,900		3,965,798
Canaccord Genuity Group		594,000		2,340,401
INTL FCStone 1		56,200		2,307,572
Silvercrest Asset Management Group Cl. A		234,000		2,878,200
Sprott		971,000		2,286,689
				13,778,660
Diversified Financial Services - 0.2%
Waterloo Investment Holdings 1,3		2,760,000		828,000
Thrifts & Mortgage Finance - 3.0%
Meridian Bancorp		71,700		1,344,375
PCSB Financial		152,200		3,042,478
Territorial Bancorp		75,900		2,169,222
Western New England Bancorp		307,100		2,926,663
				9,482,738
Total				41,891,596
Health Care – 11.9%
Biotechnology - 3.4%
BioSpecifics Technologies 1		45,300		2,424,456
Dynavax Technologies 1		198,700		710,352
Heron Therapeutics 1		70,000		1,295,000
Progenics Pharmaceuticals 1		515,974		2,608,249
Zealand Pharma 1		156,900		3,994,680
				11,032,737
Health Care Equipment & Supplies - 4.4%
Apyx Medical 1		118,000		798,860
AtriCure 1		91,100		2,272,034
Chembio Diagnostics 1		190,253		1,164,349
CryoLife 1		112,655		3,058,583
Mesa Laboratories		4,700		1,117,519
OrthoPediatrics Corporation 1,2		83,600		2,947,736
Surmodics 1		61,422		2,809,442
				14,168,523
Life Sciences Tools & Services - 2.6%
Harvard Bioscience 1		910,479		2,799,723
NeoGenomics 1		152,300		2,911,976
Quanterix Corporation 1		113,600		2,494,656
				8,206,355
Pharmaceuticals - 1.5%
Axsome Therapeutics 1,2		104,700		2,119,128
Correvio Pharma 1,2		907,000		1,814,000
Paratek Pharmaceuticals 1		194,800		841,536
				4,774,664
Total				38,182,279
Industrials – 22.5%
Aerospace & Defense - 2.0%
Astronics Corporation 1		37,591		1,104,424
CPI Aerostructures 1		405,784		3,335,544
Kratos Defense & Security Solutions 1		105,700		1,965,492
				6,405,460
Commercial Services & Supplies - 1.2%
Acme United		49,800		997,130
Heritage-Crystal Clean 1		101,774		2,697,011
				3,694,141
Construction & Engineering - 3.9%
Ameresco Cl. A 1		199,500		3,205,965
Construction Partners Cl. A 1,2		198,900		3,098,862
IES Holdings 1		89,800		1,848,982
Northwest Pipe 1		149,900		4,219,685
				12,373,494
Electrical Equipment - 1.1%
American Superconductor 1		203,000		1,591,520
Encore Wire		20,200		1,136,856
Power Solutions International 1,4		99,900		729,270
				3,457,646
Industrial Conglomerates - 0.6%
Raven Industries		56,700		1,897,182
Machinery - 8.0%
Alimak Group		103,200		1,362,854
CIRCOR International 1		22,600		848,630
Exco Technologies		193,300		1,072,389
Graham Corporation		186,288		3,699,680
Helios Technologies		19,100		774,887
Kadant		12,276		1,077,710
Kornit Digital 1,2		72,100		2,219,238
Lindsay Corporation		12,000		1,114,200
Luxfer Holdings		138,400		2,156,272
Lydall 1		92,100		2,294,211
Porvair		344,400		2,574,617
Spartan Motors		233,600		3,204,992
Wabash National		149,200		2,164,892
Westport Fuel Systems 1		414,800		1,128,256
				25,692,828
Marine - 0.9%
Clarkson		97,431		2,935,008
Professional Services - 4.1%
CRA International		42,383		1,778,815
GP Strategies 1		206,718		2,654,259
Heidrick & Struggles International		67,040		1,830,192
Kforce		83,932		3,175,567
Resources Connection		225,652		3,833,827
				13,272,660
Road & Rail - 0.3%
Marten Transport		50,955		1,058,845
Trading Companies & Distributors - 0.4%
Transcat 1		50,500		1,293,305
Total				72,080,569
Information Technology – 25.3%
Communications Equipment - 1.8%
Digi International 1		235,100		3,202,062
EMCORE Corporation 1		146,800		450,676
Harmonic 1		306,600		2,017,428
				5,670,166
Electronic Equipment, Instruments & Components - 5.2%
ePlus 1		12,734		968,930
Fabrinet 1		58,749		3,072,573
LightPath Technologies Cl. A 1		1,115,984		937,427
Luna Innovations 1		138,800		803,652
nLIGHT 1		127,700		1,999,782
Novanta 1		28,042		2,291,592
PC Connection		83,500		3,248,150
Vishay Precision Group 1		98,300		3,218,342
				16,540,448
IT Services - 0.8%
Carbonite 1		92,200		1,428,178
Cass Information Systems		24,216		1,307,422
				2,735,600
Semiconductors & Semiconductor Equipment - 14.6%
Adesto Technologies 1,2		395,900		3,388,904
Aehr Test Systems 1,2		869,700		1,556,763
AXT 1		383,300		1,364,548
Brooks Automation		70,482		2,609,948
Camtek		186,500		1,749,370
Cirrus Logic 1		31,600		1,693,128
Cohu		136,000		1,836,680
CyberOptics Corporation 1		93,900		1,344,648
Everspin Technologies 1,2		220,300		1,350,439
FormFactor 1		172,300		3,212,534
Ichor Holdings 1		89,600		2,166,528
Inphi Corporation 1		35,400		2,161,170
NeoPhotonics Corporation 1		411,900		2,508,471
Nova Measuring Instruments 1,2		131,600		4,180,932
PDF Solutions 1		211,900		2,769,533
Photronics 1		370,800		4,034,304
Rudolph Technologies 1		153,951		4,058,148
Silicon Motion Technology ADR		25,800		912,030
Ultra Clean Holdings 1		257,400		3,767,049
				46,665,127
Software - 2.4%
Agilysys 1		127,100		3,255,031
QAD Cl. A		95,713		4,420,026
				7,675,057
Technology Hardware, Storage & Peripherals - 0.5%
AstroNova		102,300		1,654,191
Total				80,940,589
Materials – 3.6%
Chemicals - 1.0%
FutureFuel Corporation		62,500		746,250
Trecora Resources 1		282,301		2,546,355
				3,292,605
Metals & Mining - 2.6%
Altius Minerals		19,900		165,827
Ferroglobe (Warranty Insurance Trust) 1,3		205,763		0
Haynes International		63,330		2,269,747
Major Drilling Group International 1		693,700		3,351,082
Universal Stainless & Alloy Products 1		167,300		2,609,880
				8,396,536
Total				11,689,141
Real Estate – 2.1%
Equity Real Estate Investment Trusts (REITs) - 1.2%
Community Healthcare Trust		43,600		1,942,380
Postal Realty Trust Cl. A		120,100		1,902,384
				3,844,764
Real Estate Management & Development - 0.9%
FRP Holdings 1		32,975		1,583,459
Marcus & Millichap 1		33,800		1,199,562
				2,783,021
Total				6,627,785
TOTAL COMMON STOCKS
(Cost $257,011,263)				311,228,630
REPURCHASE AGREEMENT – 3.7%
Fixed Income Clearing Corporation,
0.35% dated 9/30/19, due 10/1/19,
maturity value $11,774,114 (collateralized
by obligations of various U.S. Government
Agencies, 2.625% due 3/31/25, valued at $12,013,714)
(Cost $11,774,000)				11,774,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.5%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-1.8605%)
(Cost $1,644,564)				1,644,564
TOTAL INVESTMENTS – 101.4%
(Cost $270,429,827)				324,647,194
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.4)%				(4,624,328	)
NET ASSETS – 100.0%			$	320,022,866

SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
SEPTEMBER 30, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.6%
Communication Services – 1.5%
Diversified Telecommunication Services - 0.5%
Iridium Communications 1,2		102,993	$	2,191,691
Ooma 1		252,378		2,624,731
				4,816,422
Interactive Media & Services - 0.9%
Eventbrite Cl. A 1,2		187,700		3,324,167
EverQuote Cl. A 1,2		213,700		4,560,358
				7,884,525
Media - 0.1%
comScore 1,2		277,200		529,452
Total				13,230,399
Consumer Discretionary – 10.9%
Auto Components - 0.8%
Horizon Global 1,2		842,768		3,219,374
Modine Manufacturing 1		347,237		3,948,085
Shiloh Industries 1		46,400		192,096
				7,359,555
Diversified Consumer Services - 0.7%
frontdoor 1,2		128,099		6,221,768
Hotels, Restaurants & Leisure - 1.9%
Carrols Restaurant Group 1		760,405		6,303,758
Century Casinos 1		261,540		2,021,704
El Pollo Loco Holdings 1,2		239,806		2,628,274
Kura Sushi USA Cl. A 1,2		107,000		2,099,340
Playa Hotels & Resorts 1,2		153,406		1,201,169
Scientific Games 1,2		123,841		2,520,164
				16,774,409
Household Durables - 4.9%
Beazer Homes USA 1		572,341		8,527,881
Century Communities 1,2		93,600		2,866,968
LGI Homes 1,2		74,500		6,207,340
Libbey 1		351,310		1,176,889
M.D.C. Holdings		150,816		6,500,170
M/I Homes 1		155,548		5,856,382
New Home 1		240,350		1,047,926
TRI Pointe Group 1,2		200,206		3,011,098
Turtle Beach 1,2		98,100		1,144,827
VOXX International Cl. A 1		422,619		1,986,309
William Lyon Homes Cl. A 1		224,519		4,571,207
				42,896,997
Internet & Direct Marketing Retail - 0.6%
Leaf Group 1		31,267		131,321
Rubicon Project (The) 1		540,566		4,708,330
				4,839,651
Multiline Retail - 0.0%
Tuesday Morning 1		227,762		357,586
Specialty Retail - 1.2%
Conn's 1		81,000		2,013,660
Francesca's Holdings 1,2		25,500		356,745
Lumber Liquidators Holdings 1,2		509,366		5,027,442
RTW Retailwinds 1		458,583		628,259
Stage Stores 1		854,711		1,606,857
Zumiez 1		34,800		1,102,290
				10,735,253
Textiles, Apparel & Luxury Goods - 0.8%
Fossil Group 1,2		14,000		175,140
Jerash Holdings (US)		61,704		462,780
Unifi 1		240,154		5,264,176
Vince Holding 1		66,784		1,268,228
				7,170,324
Total				96,355,543
Consumer Staples – 0.3%
Beverages - 0.1%
Eastside Distilling 1		80,400		393,156
Reed's 1		297,882		387,246
				780,402
Food Products - 0.2%
Landec Corporation 1		40,575		441,050
SunOpta 1		585,727		1,054,309
				1,495,359
Total				2,275,761
Energy – 7.0%
Energy Equipment & Services - 2.5%
Archrock		379,700		3,785,609
Aspen Aerogels 1		355,425		2,104,116
Independence Contract Drilling 1,2		686,060		823,272
KLX Energy Services Holdings 1,2		200,226		1,730,954
Newpark Resources 1		938,573		7,151,926
Patterson-UTI Energy		307,385		2,628,142
Ranger Energy Services Cl. A 1		183,954		1,186,503
TETRA Technologies 1		220,700		443,607
U.S. Silica Holdings		293,701		2,807,782
				22,661,911
Oil, Gas & Consumable Fuels - 4.5%
Ardmore Shipping 1		394,499		2,639,198
Baytex Energy 1		791,800		1,171,864
Bonanza Creek Energy 1		105,600		2,364,384
Dorian LPG 1		735,924		7,624,173
GasLog		229,204		2,945,271
GasLog Partners L.P.		163,780		3,108,544
Matador Resources 1		358,883		5,932,336
Navigator Holdings 1		447,184		4,775,925
StealthGas 1		56,040		169,801
Talos Energy 1		176,023		3,578,548
Teekay LNG Partners L.P.		315,143		4,301,702
Whiting Petroleum 1		110,568		887,861
				39,499,607
Total				62,161,518
Financials – 9.4%
Banks - 4.7%
Allegiance Bancshares 1		59,100		1,896,519
CenterState Bank		243,966		5,851,525
First Foundation		193,300		2,952,658
Franklin Financial Network		161,514		4,879,338
Hilltop Holdings		337,699		8,067,629
Independent Bank Group		110,958		5,837,500
Seacoast Banking Corporation of Florida 1		125,400		3,173,874
Southern National Bancorp of Virginia		150,090		2,309,885
Texas Capital Bancshares 1		58,300		3,186,095
TriState Capital Holdings 1		110,761		2,330,411
Umpqua Holdings		48,282		794,722
				41,280,156
Capital Markets - 1.1%
B. Riley Financial		208,717		4,929,895
Evercore Cl. A		52,800		4,229,280
GAIN Capital Holdings		74,800		394,944
				9,554,119
Insurance - 1.7%
HCI Group		90,176		3,790,999
Heritage Insurance Holdings		350,507		5,240,080
MBIA 1		297,400		2,745,002
Stewart Information Services		88,700		3,440,673
				15,216,754
Thrifts & Mortgage Finance - 1.9%
Axos Financial 1		43,700		1,208,305
MGIC Investment		112,372		1,413,640
NMI Holdings Cl. A 1		61,963		1,627,148
Radian Group		222,498		5,081,854
Walker & Dunlop		131,628		7,361,954
				16,692,901
Total				82,743,930
Health Care – 12.1%
Biotechnology - 1.5%
AMAG Pharmaceuticals 1		116,600		1,346,730
CareDx 1		128,141		2,897,268
Emergent BioSolutions 1		137,431		7,184,893
Flexion Therapeutics 1,2		151,124		2,071,154
				13,500,045
Health Care Equipment & Supplies - 3.0%
Accuray 1,2		800,502		2,217,391
Alphatec Holdings 1		261,000		1,310,220
AngioDynamics 1		280,312		5,163,347
Chembio Diagnostics 1		43,000		263,160
Conformis 1,2		23,520		43,747
IntriCon Corporation 1,2		179,400		3,487,536
Invacare Corporation		933,616		7,002,120
RA Medical Systems 1,2		145,973		204,362
RTI Surgical Holdings 1		504,728		1,438,475
Varex Imaging 1		177,500		5,065,850
				26,196,208
Health Care Providers & Services - 6.1%
AAC Holdings 1,2		772,065		517,284
Acadia Healthcare 1,2		207,579		6,451,555
Addus HomeCare 1		43,189		3,424,024
BioTelemetry 1		113,900		4,639,147
Brookdale Senior Living 1		103,209		782,324
Community Health Systems 1		1,188,614		4,279,011
Cross Country Healthcare 1		669,320		6,893,996
Fulgent Genetics 1		33,295		345,935
Option Care Health 1,2		1,179,785		3,775,312
Owens & Minor		911,669		5,296,797
R1 RCM 1		567,243		5,065,480
RadNet 1		252,000		3,618,720
Select Medical Holdings 1		204,400		3,386,908
Surgery Partners 1,2		665,536		4,914,983
				53,391,476
Health Care Technology - 1.5%
Allscripts Healthcare Solutions 1		280,428		3,079,099
Castlight Health Cl. B 1		965,197		1,360,928
Evolent Health Cl. A 1,2		462,500		3,325,375
Tabula Rasa HealthCare 1,2		106,900		5,873,086
				13,638,488
Total				106,726,217
Industrials – 21.6%
Aerospace & Defense - 1.1%
Astronics Corporation 1		72,400		2,127,112
Kratos Defense & Security Solutions 1		85,513		1,590,114
Triumph Group		208,101		4,761,351
Wesco Aircraft Holdings 1		78,928		868,997
				9,347,574
Air Freight & Logistics - 0.1%
Atlas Air Worldwide Holdings 1		45,904		1,158,158
Airlines - 0.4%
Hawaiian Holdings		89,900		2,360,774
Mesa Air Group 1		214,400		1,446,128
				3,806,902
Building Products - 3.5%
American Woodmark 1		80,000		7,112,800
Apogee Enterprises		11,466		447,059
Builders FirstSource 1		89,195		1,835,187
Cornerstone Building Brands 1,2		88,594		535,994
Griffon Corporation		310,359		6,508,228
Insteel Industries		162,318		3,332,389
PGT Innovations 1		244,343		4,219,804
Quanex Building Products		139,180		2,516,374
Resideo Technologies 1,2		334,500		4,800,075
				31,307,910
Commercial Services & Supplies - 1.0%
Interface		109,672		1,583,664
Pitney Bowes		572,200		2,614,954
Team 1		245,986		4,440,047
				8,638,665
Construction & Engineering - 3.5%
Aegion Corporation 1		200,385		4,284,231
Ameresco Cl. A 1		394,076		6,332,802
Arcosa		149,300		5,107,553
Construction Partners Cl. A 1,2		147,079		2,291,491
Great Lakes Dredge & Dock 1		77,216		806,907
Northwest Pipe 1		319,300		8,988,295
Primoris Services		154,680		3,033,275
				30,844,554
Electrical Equipment - 1.4%
Bloom Energy Cl. A 1,2		482,800		1,569,100
Generac Holdings 1		101,600		7,959,344
LSI Industries		278,955		1,456,145
Power Solutions International 1,4		146,143		1,066,844
				12,051,433
Machinery - 6.6%
Astec Industries		176,535		5,490,239
Commercial Vehicle Group 1		414,674		2,989,800
FreightCar America 1		378,487		1,835,662
Gencor Industries 1		26,199		304,170
Hurco Companies		81,397		2,618,542
Hyster-Yale Materials Handling Cl. A		109,664		6,001,911
Lydall 1		136,518		3,400,663
Manitex International 1		180,300		1,198,995
Meritor 1		66,808		1,235,948
Milacron Holdings 1		88,988		1,483,430
Mueller Industries		19,437		557,453
Mueller Water Products		384,872		4,325,961
NN		434,891		3,100,773
Park-Ohio Holdings		46,590		1,391,177
Spartan Motors		441,638		6,059,273
TriMas Corporation 1		184,910		5,667,492
Trinity Industries		141,000		2,774,880
Wabash National		107,700		1,562,727
Westport Fuel Systems 1		2,329,574		6,336,441
				58,335,537
Marine - 0.4%
Diana Shipping 1		72,152		243,874
Eagle Bulk Shipping 1		331,433		1,450,019
Scorpio Bulkers		362,228		2,202,346
				3,896,239
Professional Services - 0.6%
GP Strategies 1		179,945		2,310,494
Mistras Group 1		159,800		2,620,720
				4,931,214
Road & Rail - 0.8%
Celadon Group 1,4		472,331		609,307
Hertz Global Holdings 1,2		479,593		6,637,567
				7,246,874
Trading Companies & Distributors - 2.2%
Air Lease Cl. A		214,638		8,976,161
CAI International 1,2		14,938		325,200
General Finance 1		134,822		1,191,827
Herc Holdings 1		191,298		8,897,270
				19,390,458
Total				190,955,518
Information Technology – 22.7%
Communications Equipment - 3.8%
Applied Optoelectronics 1,2		227,100		2,548,062
Aviat Networks 1		45,499		621,061
CalAmp Corporation 1,2		290,600		3,347,712
Ciena Corporation 1		129,073		5,063,534
Comtech Telecommunications		261,976		8,514,220
Digi International 1		244,300		3,327,366
EMCORE Corporation 1		109,016		334,679
Extreme Networks 1		174,900		1,272,398
Infinera Corporation 1,2		516,446		2,814,631
PCTEL		131,891		1,107,884
Ribbon Communications 1		757,285		4,422,544
				33,374,091
Electronic Equipment, Instruments & Components - 3.2%
Fabrinet 1		85,105		4,450,992
Frequency Electronics 1		296,305		3,600,106
Identiv 1		464,337		2,442,413
II-VI 1		182,368		6,421,177
KEMET Corporation		328,105		5,964,949
Perceptron 1		141,318		678,326
Vishay Intertechnology		251,924		4,265,073
				27,823,036
IT Services - 1.7%
CoreLogic 1		117,300		5,427,471
Limelight Networks 1		632,257		1,915,739
Perspecta		287,800		7,517,336
				14,860,546
Semiconductors & Semiconductor Equipment - 9.2%
Advanced Energy Industries 1		82,000		4,707,620
Alpha & Omega Semiconductor 1		827,292		10,159,146
Amkor Technology 1		354,900		3,229,590
Amtech Systems 1		328,175		1,739,327
AXT 1		652,514		2,322,950
Brooks Automation		124,120		4,596,163
Cohu		213,776		2,887,045
Cypress Semiconductor		224,761		5,245,922
FormFactor 1		374,113		6,975,337
Ichor Holdings 1,2		156,894		3,793,697
Kulicke & Soffa Industries		272,165		6,390,434
MACOM Technology Solutions Holdings 1,2		442,585		9,513,364
Nanometrics 1		123,264		4,020,872
Rudolph Technologies 1		227,655		6,000,986
Ultra Clean Holdings 1		387,127		5,665,604
Veeco Instruments 1		374,187		4,370,504
				81,618,561
Software - 3.0%
A10 Networks 1		716,626		4,973,385
Asure Software 1		341,349		2,290,452
Avaya Holdings 1,2		507,454		5,191,254
Cloudera 1,2		243,000		2,152,980
Ebix		78,500		3,304,850
SecureWorks Corporation Cl. A 1,2		264,028		3,413,882
Telaria 1,2		761,467		5,261,737
				26,588,540
Technology Hardware, Storage & Peripherals - 1.8%
Avid Technology 1		855,015		5,292,543
Intevac 1		634,230		3,323,365
NCR Corporation 1		128,000		4,039,680
Stratasys 1,2		79,061		1,684,395
3D Systems 1		202,462		1,650,065
				15,990,048
Total				200,254,822
Materials – 8.7%
Chemicals - 3.1%
American Vanguard		92,200		1,447,540
Ferro Corporation 1		275,967		3,272,968
Huntsman Corporation		257,000		5,977,820
Intrepid Potash 1		996,400		3,258,228
Kraton Corporation 1		246,045		7,944,793
Olin Corporation		183,500		3,435,120
Rayonier Advanced Materials 1		84,500		365,885
Trecora Resources 1		235,640		2,125,473
				27,827,827
Construction Materials - 1.3%
Forterra 1,2		932,437		6,741,520
U.S. Concrete 1,2		81,062		4,481,107
				11,222,627
Metals & Mining - 4.0%
Allegheny Technologies 1		111,914		2,266,259
Carpenter Technology		61,212		3,162,212
Century Aluminum 1		561,360		3,724,624
Cleveland-Cliffs		611,952		4,418,293
Commercial Metals		253,009		4,397,296
Ferroglobe 1		1,035,900		1,170,567
Haynes International		145,788		5,225,042
Noranda Aluminum Holding Corporation 1,4		488,157		4,149
Synalloy Corporation		373,305		5,954,215
TimkenSteel Corporation 1		222,935		1,402,261
Universal Stainless & Alloy Products 1,2		227,941		3,555,880
				35,280,798
Paper & Forest Products - 0.3%
Glatfelter (P. H.) Company		164,600		2,533,194
Total				76,864,446
Real Estate – 1.2%
Equity Real Estate Investment Trusts (REITs) - 0.6%
Armada Hoffler Properties		197,303		3,569,211
CatchMark Timber Trust Cl. A		184,500		1,968,615
				5,537,826
Real Estate Management & Development - 0.6%
Realogy Holdings		295,700		1,975,276
Tejon Ranch 1		167,106		2,835,789
				4,811,065
Total				10,348,891
Utilities – 0.2%
Water Utilities - 0.2%
Pure Cycle 1		204,499		2,102,250
Total				2,102,250
TOTAL COMMON STOCKS
(Cost $792,193,745)				844,019,295
REPURCHASE AGREEMENT – 5.3%
Fixed Income Clearing Corporation,
0.35% dated 9/30/19, due 10/1/19,
maturity value $46,514,452 (collateralized
by obligations of various U.S. Government
Agencies, 2.625% due 3/31/25, valued at $47,448,636)
(Cost $46,514,000)				46,514,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 3.2%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-1.8605%)
(Cost $28,663,858)				28,663,858
TOTAL INVESTMENTS – 104.1%
(Cost $867,371,603)				919,197,153
LIABILITIES LESS CASH
AND OTHER ASSETS – (4.1)%				(35,932,499	)
NET ASSETS – 100.0%			$	883,264,654

SCHEDULES OF INVESTMENTS

ROYCE PENNSYLVANIA MUTUAL FUND

SEPTEMBER 30, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.9%
Communication Services – 1.2%
Diversified Telecommunication Services - 0.2%
Bandwidth Cl. A 1,2		65,500	$	4,264,705
Media - 1.0%
Liberty Latin America Cl. C 1,2		282,593		4,830,927
Media General (Rights) 1,3		102,272		0
Meredith Corporation		206,491		7,569,960
Nexstar Media Group Cl. A		26,260		2,686,661
Saga Communications Cl. A		116,258		3,458,675
				18,546,223
Total				22,810,928
Consumer Discretionary – 8.7%
Auto Components - 2.2%
Dorman Products 1		138,993		11,055,503
Gentex Corporation		227,339		6,259,779
LCI Industries		129,535		11,897,790
Standard Motor Products		124,987		6,068,119
Stoneridge 1		159,263		4,932,375
				40,213,566
Automobiles - 0.3%
Winnebago Industries		158,610		6,082,693
Distributors - 0.4%
LKQ Corporation 1		132,000		4,151,400
Weyco Group		129,865		2,936,248
				7,087,648
Diversified Consumer Services - 0.0%
Regis Corporation 1		17,330		350,413
Hotels, Restaurants & Leisure - 0.9%
Century Casinos 1		499,090		3,857,966
Hilton Grand Vacations 1		201,762		6,456,384
Lindblad Expeditions Holdings 1		367,713		6,162,870
				16,477,220
Household Durables - 0.7%
Ethan Allen Interiors		14,000		267,400
KB HOME		17,200		584,800
La-Z-Boy		103,321		3,470,552
Legacy Housing 1,2		190,000		3,078,000
LGI Homes 1,2		69,800		5,815,736
				13,216,488
Internet & Direct Marketing Retail - 0.4%
Etsy 1		123,689		6,988,428
zooplus 1		9,787		1,164,874
				8,153,302
Leisure Products - 0.3%
Johnson Outdoors Cl. A		35,440		2,075,367
MasterCraft Boat Holdings 1		250,356		3,736,563
				5,811,930
Specialty Retail - 2.7%
American Eagle Outfitters		318,735		5,169,882
America's Car-Mart 1		95,536		8,760,651
Asbury Automotive Group 1		50,000		5,116,500
Caleres		288,992		6,765,303
Children's Place		59,278		4,563,813
Designer Brands Cl. A		369,694		6,329,161
Monro		50,900		4,021,609
Rent-A-Center		93,563		2,412,990
Shoe Carnival		233,206		7,558,206
				50,698,115
Textiles, Apparel & Luxury Goods - 0.8%
Canada Goose Holdings 1		10,000		439,700
G-III Apparel Group 1		347,540		8,956,106
Movado Group		15,000		372,900
Wolverine World Wide		161,900		4,575,294
				14,344,000
Total				162,435,375
Consumer Staples – 1.2%
Food Products - 0.5%
Cal-Maine Foods 1		36,000		1,438,380
Industrias Bachoco ADR Cl. B		20,140		1,072,052
Nomad Foods 1		171,173		3,509,046
Seneca Foods Cl. A 1		105,072		3,276,145
Tootsie Roll Industries		14,099		523,637
				9,819,260
Personal Products - 0.7%
Inter Parfums		186,442		13,045,347
Total				22,864,607
Energy – 4.5%
Energy Equipment & Services - 3.8%
Core Laboratories		25,000		1,165,500
Era Group 1		547,711		5,783,828
Helmerich & Payne		84,280		3,377,099
Oil States International 1		9,800		130,340
Pason Systems		1,106,349		13,486,460
RPC		260,074		1,459,015
SEACOR Holdings 1		502,939		23,673,339
SEACOR Marine Holdings 1,2		704,796		8,859,286
TGS-NOPEC Geophysical		517,270		13,128,406
				71,063,273
Oil, Gas & Consumable Fuels - 0.7%
Alliance Resource Partners L.P.		215,700		3,453,357
Bonanza Creek Energy 1		135,423		3,032,121
EQT Corporation		100,000		1,064,000
Laredo Petroleum 1,2		1,292,300		3,114,443
Penn Virginia 1,2		121,228		3,524,098
				14,188,019
Total				85,251,292
Financials – 15.5%
Banks - 4.5%
BOK Financial		98,634		7,806,881
Camden National		123,982		5,370,900
City Holding Company		55,006		4,194,207
CNB Financial		162,314		4,658,412
Financial Institutions		101,588		3,065,926
First Citizens BancShares Cl. A		47,277		22,293,469
National Bankshares		119,455		4,784,173
Northrim BanCorp		94,983		3,767,976
Popular		205,102		11,091,916
TriState Capital Holdings 1,2		99,069		2,084,412
Unity Bancorp		81,239		1,799,444
Webster Financial		285,155		13,365,215
				84,282,931
Capital Markets - 5.7%
Ares Management Cl. A		754,781		20,235,679
Artisan Partners Asset Management Cl. A		117,533		3,319,132
Assetmark Financial Holdings 1		33,000		859,650
B. Riley Financial		70,017		1,653,802
Carlyle Group L.P.		100,000		2,556,000
Diamond Hill Investment Group		47,318		6,536,035
Houlihan Lokey Cl. A		337,077		15,202,173
Lazard Cl. A		201,685		7,058,975
Moelis & Company Cl. A		86,970		2,856,964
Morningstar		92,494		13,517,073
Pzena Investment Management Cl. A		62,726		559,516
SEI Investments		186,376		11,043,710
Sprott		1,716,948		4,043,384
Tradeweb Markets Cl. A		167,700		6,201,546
Virtu Financial Cl. A		723,554		11,837,343
				107,480,982
Diversified Financial Services - 0.2%
Onex Corporation		50,000		3,099,596
Insurance - 2.9%
Alleghany Corporation 1		8,820		7,036,243
Assured Guaranty		120,500		5,357,430
eHealth 1,2		34,300		2,290,897
E-L Financial		26,318		14,919,526
FBL Financial Group Cl. A		41,620		2,476,806
Kingstone Companies		155,511		1,324,954
ProAssurance Corporation		290,713		11,707,013
RLI Corp.		69,108		6,420,824
Trupanion 1,2		156,192		3,970,401
				55,504,094
Thrifts & Mortgage Finance - 2.2%
Axos Financial 1		167,208		4,623,301
Genworth MI Canada		488,229		19,383,965
Southern Missouri Bancorp		59,078		2,152,212
Timberland Bancorp		96,733		2,660,157
TrustCo Bank Corp. NY		662,530		5,399,619
WSFS Financial		153,255		6,758,546
				40,977,800
Total				291,345,403
Health Care – 7.2%
Biotechnology - 0.5%
BioSpecifics Technologies 1		86,800		4,645,536
Eagle Pharmaceuticals 1,2		7,400		418,618
Pfenex 1		19,700		166,268
Progenics Pharmaceuticals 1		230,365		1,164,495
Zealand Pharma 1		84,222		2,144,296
				8,539,213
Health Care Equipment & Supplies - 2.1%
AtriCure 1		36,128		901,032
Atrion Corporation		8,486		6,612,037
BioLife Solutions 1		196,655		3,269,389
CryoLife 1		215,217		5,843,142
Hill-Rom Holdings		45,811		4,820,691
Lantheus Holdings 1,2		122,532		3,071,265
Mesa Laboratories		50,404		11,984,559
Tandem Diabetes Care 1		50,500		2,978,490
				39,480,605
Health Care Providers & Services - 2.2%
AMN Healthcare Services 1,2		84,566		4,867,619
Encompass Health		121,685		7,700,227
Ensign Group (The)		55,364		2,625,914
HealthEquity 1		84,128		4,807,495
National Research		126,613		7,311,901
Tivity Health 1,2		77,826		1,294,246
U.S. Physical Therapy		95,172		12,424,705
				41,032,107
Health Care Technology - 0.5%
Medidata Solutions 1		48,070		4,398,405
Simulations Plus		55,326		1,919,812
Tabula Rasa HealthCare 1,2		53,500		2,939,290
				9,257,507
Life Sciences Tools & Services - 1.8%
Bio-Rad Laboratories Cl. A 1		31,426		10,456,687
Bio-Techne		76,041		14,878,943
ICON 1		31,848		4,692,484
NeoGenomics 1		62,403		1,193,145
Quanterix Corporation 1,2		123,030		2,701,739
				33,922,998
Pharmaceuticals - 0.1%
Supernus Pharmaceuticals 1		90,800		2,495,184
Total				134,727,614
Industrials – 28.6%
Aerospace & Defense - 2.6%
HEICO Corporation		245,668		30,679,020
HEICO Corporation Cl. A		131,334		12,780,112
Hexcel Corporation		40,540		3,329,550
Magellan Aerospace		163,171		1,833,880
Vectrus 1		7,200		292,680
				48,915,242
Air Freight & Logistics - 0.8%
Forward Air		149,215		9,507,980
Hub Group Cl. A 1		108,475		5,044,087
				14,552,067
Airlines - 0.9%
Allegiant Travel		35,595		5,327,148
Hawaiian Holdings		198,317		5,207,804
Spirit Airlines 1,2		170,130		6,175,719
				16,710,671
Building Products - 1.3%
Apogee Enterprises		154,237		6,013,701
Gibraltar Industries 1		154,876		7,115,003
Patrick Industries 1		99,200		4,253,696
Simpson Manufacturing		115,492		8,011,680
				25,394,080
Commercial Services & Supplies - 1.8%
Healthcare Services Group		164,656		3,999,494
Heritage-Crystal Clean 1		155,079		4,109,594
Kimball International Cl. B		436,357		8,421,690
Mobile Mini		83,234		3,068,005
PICO Holdings 1		326,703		3,296,433
Ritchie Bros. Auctioneers		39,233		1,565,397
Steelcase Cl. A		16,316		300,214
UniFirst Corporation		44,988		8,778,059
				33,538,886
Construction & Engineering - 1.7%
Arcosa		404,488		13,837,535
Comfort Systems USA		82,344		3,642,075
Construction Partners Cl. A 1,2		145,638		2,269,040
Sterling Construction 1		9,014		118,534
Valmont Industries		85,665		11,859,463
				31,726,647
Electrical Equipment - 1.2%
Encore Wire		80,517		4,531,497
EnerSys		43,345		2,858,169
Hubbell Incorporated		12,600		1,655,640
Preformed Line Products		219,278		11,970,386
Sensata Technologies Holding 1		16,000		800,960
				21,816,652
Industrial Conglomerates - 1.2%
Carlisle Companies		36,500		5,312,210
Raven Industries		520,810		17,426,303
				22,738,513
Machinery - 9.6%
Alamo Group		12,565		1,479,152
CIRCOR International 1		134,935		5,066,809
Colfax Corporation 1,2		511,864		14,874,768
Franklin Electric		218,223		10,433,242
Graco		181,933		8,376,195
Graham Corporation		72,665		1,443,127
Helios Technologies		540,464		21,926,624
John Bean Technologies		117,151		11,648,324
Kadant		124,366		10,918,091
Kennametal		118,740		3,650,068
Kornit Digital 1,2		29,126		896,498
Lincoln Electric Holdings		162,250		14,076,810
Lindsay Corporation		119,403		11,086,569
Luxfer Holdings		34,100		531,278
Meritor 1		782,748		14,480,838
Miller Industries		210,218		7,000,259
Nordson Corporation		67,360		9,852,074
Proto Labs 1		24,300		2,481,030
RBC Bearings 1		57,718		9,575,993
Tennant Company		232,674		16,450,052
Wabash National		209,020		3,032,880
				179,280,681
Marine - 1.5%
Clarkson		405,000		12,200,205
Eagle Bulk Shipping 1		379,836		1,661,783
Kirby Corporation 1		166,433		13,674,135
				27,536,123
Professional Services - 2.1%
Exponent		166,600		11,645,340
GP Strategies 1		80,727		1,036,535
Heidrick & Struggles International		282,557		7,713,806
Kforce		78,876		2,984,273
Korn Ferry		121,943		4,711,878
ManpowerGroup		10,300		867,672
Morneau Shepell		53,600		1,333,476
Resources Connection		212,140		3,604,259
TrueBlue 1		124,234		2,621,337
Upwork 1,2		214,400		2,852,592
				39,371,168
Road & Rail - 2.1%
ArcBest		188,012		5,724,965
Landstar System		138,127		15,550,338
Saia 1		62,405		5,847,348
Universal Logistics Holdings		432,495		10,068,484
Werner Enterprises		87,596		3,092,139
				40,283,274
Trading Companies & Distributors - 1.8%
Air Lease Cl. A		392,067		16,396,242
Applied Industrial Technologies		121,716		6,913,469
BMC Stock Holdings 1		102,241		2,676,669
Richelieu Hardware		310,641		5,993,119
Watsco		9,900		1,674,882
				33,654,381
Total				535,518,385
Information Technology – 20.9%
Communications Equipment - 0.3%
ADTRAN		61,782		700,917
Digi International 1		288,675		3,931,753
NetScout Systems 1,2		12,000		276,720
				4,909,390
Electronic Equipment, Instruments & Components - 9.3%
Badger Meter		233,500		12,538,950
Cognex Corporation		157,547		7,740,284
Coherent 1		112,569		17,304,107
Dolby Laboratories Cl. A		95,028		6,142,610
Fabrinet 1		195,917		10,246,459
FARO Technologies 1		293,203		14,176,365
FLIR Systems		677,961		35,653,969
HollySys Automation Technologies		71,900		1,092,161
Insight Enterprises 1		205,078		11,420,794
IPG Photonics 1		42,449		5,756,084
Kimball Electronics 1		187,454		2,719,958
Littelfuse		13,000		2,305,030
Methode Electronics		10,100		339,764
MTS Systems		43,935		2,427,409
National Instruments		283,964		11,923,648
nLIGHT 1,2		457,122		7,158,531
PC Connection		213,190		8,293,091
Sanmina Corporation 1		205,113		6,586,178
Vishay Intertechnology		325,845		5,516,556
Vishay Precision Group 1		164,599		5,388,971
				174,730,919
IT Services - 0.8%
Computer Services 4		4,100		184,500
KBR		470,489		11,545,800
Switch Cl. A		246,000		3,842,520
				15,572,820
Semiconductors & Semiconductor Equipment - 6.5%
Adesto Technologies 1,2		39,700		339,832
Advanced Energy Industries 1		76,479		4,390,659
Axcelis Technologies 1		123,800		2,115,742
Brooks Automation		256,252		9,489,011
Cabot Microelectronics		150,027		21,185,313
Cirrus Logic 1		305,910		16,390,658
Cohu		258,282		3,488,098
Diodes 1		196,302		7,881,525
Entegris		247,999		11,670,833
FormFactor 1		184,111		3,432,750
Kulicke & Soffa Industries		353,635		8,303,350
MKS Instruments		234,257		21,617,236
Nanometrics 1		75,608		2,466,333
Nova Measuring Instruments 1,2		80,704		2,563,966
Photronics 1		168,861		1,837,208
Silicon Motion Technology ADR		60,681		2,145,073
Ultra Clean Holdings 1		101,433		1,484,472
				120,802,059
Software - 4.0%
ACI Worldwide 1		331,900		10,396,768
Altair Engineering Cl. A 1,2		111,654		3,865,462
CloudFlare Cl. A 1,2		188,600		3,502,302
Descartes Systems Group (The) 1		202,462		8,161,243
Fair Isaac 1		38,164		11,583,537
Five9 1,2		64,116		3,445,594
j2 Global 1		92,440		8,395,401
Manhattan Associates 1		61,480		4,959,592
QAD Cl. A		46,077		2,127,836
Qualys 1,2		46,164		3,488,613
SVMK 1,2		184,200		3,149,820
Upland Software 1,2		180,118		6,278,913
Varonis Systems 1		48,227		2,883,010
Zuora Cl. A 1,2		196,400		2,955,820
				75,193,911
Total				391,209,099
Materials – 8.1%
Chemicals - 4.0%
Balchem Corporation		136,488		13,538,245
Element Solutions 1,2		1,032,046		10,506,228
Ingevity Corporation 1		55,087		4,673,581
Innospec		128,401		11,445,665
Minerals Technologies		164,644		8,740,950
Quaker Chemical		134,990		21,347,319
Sensient Technologies		23,500		1,613,275
Westlake Chemical		38,600		2,529,072
				74,394,335
Construction Materials - 0.1%
Imerys		40,000		1,607,895
Containers & Packaging - 0.6%
AptarGroup		94,539		11,198,144
Packaging Corporation of America		10,100		1,071,610
				12,269,754
Metals & Mining - 2.3%
Alamos Gold Cl. A		2,185,448		12,701,777
Franco-Nevada		93,216		8,497,571
Haynes International		37,643		1,349,125
IAMGOLD Corporation 1		800,000		2,728,000
Mayville Engineering 1		145,239		1,915,702
Pretium Resources 1		89,701		1,033,879
Reliance Steel & Aluminum		141,877		14,139,462
				42,365,516
Paper & Forest Products - 1.1%
Stella-Jones		731,301		21,367,447
Total				152,004,947
Real Estate – 3.0%
Real Estate Management & Development - 3.0%
FRP Holdings 1		256,203		12,302,868
Jones Lang LaSalle		16,600		2,308,396
Kennedy-Wilson Holdings		673,000		14,752,160
Marcus & Millichap 1		438,070		15,547,104
St. Joe Company (The) 1		247,725		4,243,529
Tejon Ranch 1		409,408		6,947,654
Total				56,101,711
TOTAL COMMON STOCKS
(Cost $1,240,657,241)				1,854,269,361
REPURCHASE AGREEMENT – 0.6%
Fixed Income Clearing Corporation,
0.35% dated 9/30/19, due 10/1/19,
maturity value $11,479,112 (collateralized
by obligations of various U.S. Government
Agencies, 2.625% due 3/31/25, valued at $11,713,240)
(Cost $11,479,000)				11,479,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.5%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-1.8605%)
(Cost $8,292,050)				8,292,050
TOTAL INVESTMENTS – 100.0%
(Cost $1,260,428,291)				1,874,040,411
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.0%				348,877
NET ASSETS – 100.0%			$	1,874,389,288

SCHEDULES OF INVESTMENTS

ROYCE PREMIER FUND

SEPTEMBER 30, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.3%
Consumer Discretionary – 4.3%
Auto Components - 2.2%
Dorman Products 1		241,303	$	19,193,241
LCI Industries		227,740		20,917,919
				40,111,160
Distributors - 1.2%
Pool Corporation		110,500		22,287,850
Diversified Consumer Services - 0.3%
Sotheby's 1		100,000		5,698,000
Textiles, Apparel & Luxury Goods - 0.6%
Columbia Sportswear		23,000		2,228,470
Wolverine World Wide		283,100		8,000,406
				10,228,876
Total				78,325,886
Consumer Staples – 0.6%
Food Products - 0.6%
Cal-Maine Foods 1		269,500		10,767,872
Total				10,767,872
Energy – 5.2%
Energy Equipment & Services - 5.2%
Pason Systems		2,980,000		36,326,377
SEACOR Holdings 1		603,935		28,427,220
TGS-NOPEC Geophysical		1,134,000		28,781,125
Total				93,534,722
Financials – 17.1%
Capital Markets - 11.0%
Ares Management Cl. A		1,515,100		40,619,831
Ashmore Group		7,429,400		46,222,165
Lazard Cl. A		537,316		18,806,060
Morningstar		330,647		48,320,753
TMX Group		258,694		22,326,355
Virtu Financial Cl. A		1,300,000		21,268,000
				197,563,164
Insurance - 3.7%
Alleghany Corporation 1		53,143		42,395,360
ProAssurance Corporation		627,765		25,280,096
				67,675,456
Thrifts & Mortgage Finance - 2.4%
Genworth MI Canada		1,092,965		43,393,561
Total				308,632,181
Health Care – 3.1%
Health Care Equipment & Supplies - 1.1%
Mesa Laboratories		84,001		19,972,918
Health Care Technology - 0.6%
Medidata Solutions 1		115,000		10,522,500
Life Sciences Tools & Services - 1.4%
Bio-Techne		131,600		25,750,172
Total				56,245,590
Industrials – 35.5%
Air Freight & Logistics - 1.8%
Forward Air		511,649		32,602,274
Building Products - 1.4%
Simpson Manufacturing		379,400		26,318,978
Commercial Services & Supplies - 1.9%
Ritchie Bros. Auctioneers		853,309		34,047,029
Construction & Engineering - 1.9%
Valmont Industries		242,800		33,613,232
Industrial Conglomerates - 0.9%
Raven Industries		512,882		17,161,032
Machinery - 18.7%
CIRCOR International 1		424,287		15,931,977
Colfax Corporation 1,2		1,343,500		39,042,110
Franklin Electric		235,783		11,272,785
Helios Technologies		822,746		33,378,805
John Bean Technologies		432,223		42,975,933
Kadant		173,144		15,200,312
Lincoln Electric Holdings		578,717		50,209,487
Lindsay Corporation		419,570		38,957,075
RBC Bearings 1		138,600		22,995,126
Tennant Company		280,009		19,796,636
Woodward		437,286		47,152,549
				336,912,795
Marine - 4.0%
Clarkson		510,106		15,366,414
Kirby Corporation 1		684,400		56,230,304
				71,596,718
Road & Rail - 1.7%
Landstar System		267,700		30,137,666
Trading Companies & Distributors - 3.2%
Air Lease Cl. A		1,372,100		57,381,222
Total				639,770,946
Information Technology – 19.4%
Electronic Equipment, Instruments & Components - 8.5%
Anixter International 1		231,882		16,027,684
Cognex Corporation		572,394		28,121,717
Coherent 1		244,045		37,514,598
IPG Photonics 1		114,024		15,461,654
National Instruments		930,900		39,088,491
nLIGHT 1		1,132,000		17,727,120
				153,941,264
IT Services - 1.1%
Jack Henry & Associates		133,763		19,525,385
Semiconductors & Semiconductor Equipment - 5.7%
Cabot Microelectronics		386,283		54,547,023
MKS Instruments		513,769		47,410,603
				101,957,626
Software - 4.1%
Fair Isaac 1		120,711		36,638,202
Manhattan Associates 1		464,700		37,487,349
				74,125,551
Total				349,549,826
Materials – 9.8%
Chemicals - 5.8%
Innospec		349,030		31,112,534
Minerals Technologies		481,785		25,577,966
Quaker Chemical		300,855		47,577,210
				104,267,710
Metals & Mining - 2.2%
Reliance Steel & Aluminum		401,528		40,016,280
Paper & Forest Products - 1.8%
Stella-Jones		1,113,000		32,520,082
Total				176,804,072
Real Estate – 1.3%
Real Estate Management & Development - 1.3%
Kennedy-Wilson Holdings		1,057,100		23,171,632
Total				23,171,632
TOTAL COMMON STOCKS
(Cost $1,037,081,486)				1,736,802,727
REPURCHASE AGREEMENT – 3.9%
Fixed Income Clearing Corporation,
0.35% dated 9/30/19, due 10/1/19,
maturity value $70,737,688 (collateralized
by obligations of various U.S. Government
Agencies, 2.625% due 3/31/25, valued at $72,156,087)
(Cost $70,737,000)				70,737,000
TOTAL INVESTMENTS – 100.2%
(Cost $1,107,818,486)				1,807,539,727
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.2)%				(4,189,746	)
NET ASSETS – 100.0%			$	1,803,349,981

SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP VALUE FUND
SEPTEMBER 30, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 90.9%
Communication Services – 1.0%
Media - 1.0%
Saga Communications Cl. A		57,582	$	1,713,064
Total				1,713,064
Consumer Discretionary – 13.9%
Auto Components - 0.9%
Gentex Corporation		29,727		818,533
Stoneridge 1		25,798		798,964
				1,617,497
Hotels, Restaurants & Leisure - 1.6%
Hilton Grand Vacations 1		86,223		2,759,136
Household Durables - 1.1%
La-Z-Boy		55,998		1,880,973
Internet & Direct Marketing Retail - 0.0%
Points International 1		5,000		54,850
Specialty Retail - 8.0%
American Eagle Outfitters		181,845		2,949,526
Caleres		136,531		3,196,191
Designer Brands Cl. A		193,740		3,316,829
Rent-A-Center		39,900		1,029,021
Shoe Carnival		98,470		3,191,412
				13,682,979
Textiles, Apparel & Luxury Goods - 2.3%
G-III Apparel Group 1		119,400		3,076,938
Steven Madden		22,949		821,345
				3,898,283
Total				23,893,718
Consumer Staples – 1.3%
Food & Staples Retailing - 1.3%
Village Super Market Cl. A		83,518		2,209,051
Total				2,209,051
Energy – 5.6%
Energy Equipment & Services - 1.1%
Helmerich & Payne		48,584		1,946,761
Oil, Gas & Consumable Fuels - 4.5%
Alliance Resource Partners L.P.		148,392		2,375,756
Bonanza Creek Energy 1		75,163		1,682,900
Laredo Petroleum 1,2		708,255		1,706,894
Penn Virginia 1		66,240		1,925,597
				7,691,147
Total				9,637,908
Financials – 25.7%
Banks - 12.0%
Ames National		88,620		2,535,418
Bar Harbor Bankshares		35,371		881,799
Camden National		61,201		2,651,227
City Holding Company		32,176		2,453,420
CNB Financial		87,567		2,513,173
Codorus Valley Bancorp		27,409		637,533
Financial Institutions		44,425		1,340,747
Landmark Bancorp		24,029		559,395
MidWestOne Financial Group		18,388		561,202
National Bankshares		64,363		2,577,738
Northrim BanCorp		54,688		2,169,473
Unity Bancorp		72,512		1,606,141
				20,487,266
Capital Markets - 3.3%
Houlihan Lokey Cl. A		56,295		2,538,904
Moelis & Company Cl. A		42,895		1,409,101
Pzena Investment Management Cl. A		191,756		1,710,464
				5,658,469
Insurance - 2.5%
James River Group Holdings		16,622		851,711
Kingstone Companies		93,681		798,162
Reinsurance Group of America		16,936		2,707,728
				4,357,601
Thrifts & Mortgage Finance - 7.9%
Genworth MI Canada		99,389		3,946,002
Southern Missouri Bancorp		46,154		1,681,390
Timberland Bancorp		51,174		1,407,285
TrustCo Bank Corp. NY		330,850		2,696,428
WSFS Financial		85,626		3,776,107
				13,507,212
Total				44,010,548
Health Care – 1.6%
Health Care Providers & Services - 1.0%
AMN Healthcare Services 1		14,017		806,818
Ensign Group (The)		19,165		908,996
				1,715,814
Pharmaceuticals - 0.6%
Supernus Pharmaceuticals 1		33,800		928,824
Total				2,644,638
Industrials – 27.0%
Aerospace & Defense - 1.0%
Magellan Aerospace		131,300		1,475,682
Vectrus 1		3,900		158,535
				1,634,217
Airlines - 5.2%
Allegiant Travel		22,430		3,356,874
Hawaiian Holdings		93,014		2,442,548
Spirit Airlines 1,2		87,398		3,172,547
				8,971,969
Building Products - 0.9%
Apogee Enterprises		38,587		1,504,507
Commercial Services & Supplies - 2.5%
Herman Miller		39,699		1,829,727
Kimball International Cl. B		130,174		2,512,358
				4,342,085
Construction & Engineering - 0.5%
Comfort Systems USA		19,038		842,051
Electrical Equipment - 1.0%
EnerSys		26,420		1,742,135
Machinery - 6.3%
Alamo Group		6,963		819,684
Commercial Vehicle Group 1		334,315		2,410,411
Federal Signal		25,810		845,019
Meritor 1		141,001		2,608,519
Miller Industries		125,803		4,189,240
				10,872,873
Professional Services - 5.5%
Heidrick & Struggles International		97,134		2,651,758
Kforce		27,409		1,037,019
Korn Ferry		57,593		2,225,394
Resources Connection		106,885		1,815,976
Robert Half International		16,016		891,451
TrueBlue 1		36,600		772,260
				9,393,858
Road & Rail - 3.3%
ArcBest		74,270		2,261,521
Old Dominion Freight Line		4,864		826,734
Saia 1		8,841		828,402
Werner Enterprises		47,954		1,692,776
				5,609,433
Trading Companies & Distributors - 0.8%
BMC Stock Holdings 1		54,634		1,430,318
Total				46,343,446
Information Technology – 12.7%
Electronic Equipment, Instruments & Components - 9.8%
Fabrinet 1		30,954		1,618,894
Insight Enterprises 1		75,583		4,209,217
PC Connection		82,600		3,213,140
Sanmina Corporation 1		113,741		3,652,224
Vishay Intertechnology		171,139		2,897,383
Vishay Precision Group 1		36,487		1,194,585
				16,785,443
Semiconductors & Semiconductor Equipment - 2.9%
Advanced Energy Industries 1		22,265		1,278,234
Kulicke & Soffa Industries		106,969		2,511,632
MKS Instruments		12,280		1,133,198
				4,923,064
Total				21,708,507
Materials – 1.0%
Metals & Mining - 1.0%
Mayville Engineering 1		131,656		1,736,543
Total				1,736,543
Real Estate – 1.1%
Real Estate Management & Development - 1.1%
Marcus & Millichap 1		51,600		1,831,284
Total				1,831,284
TOTAL COMMON STOCKS
(Cost $132,653,972)				155,728,707
REPURCHASE AGREEMENT – 9.4%
Fixed Income Clearing Corporation,
0.35% dated 9/30/19, due 10/1/19,
maturity value $16,165,157 (collateralized
by obligations of various U.S. Government
Agencies, 2.25% due 8/15/27, valued at $16,491,112)
(Cost $16,165,000)				16,165,000
TOTAL INVESTMENTS – 100.3%
(Cost $148,818,972)				171,893,707
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.3)%				(521,956	)
NET ASSETS – 100.0%			$	171,371,751

SCHEDULES OF INVESTMENTS

ROYCE SMALLER-COMPANIES GROWTH FUND
SEPTEMBER 30, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.2%
Communication Services – 2.4%
Diversified Telecommunication Services - 0.7%
Bandwidth Cl. A 1,2		26,000	$	1,692,860
Entertainment - 1.4%
Sea Cl. A ADR 1,2		118,000		3,652,100
Media - 0.3%
Marchex Cl. B 1		236,099		741,351
Total				6,086,311
Consumer Discretionary – 9.2%
Diversified Consumer Services - 0.9%
Bright Horizons Family Solutions 1		15,000		2,287,500
Hotels, Restaurants & Leisure - 1.1%
Allied Esports Entertainment 1,2		180,000		941,400
Texas Roadhouse		36,000		1,890,720
				2,832,120
Household Durables - 3.1%
Cavco Industries 1		10,000		1,920,900
Lovesac Company (The) 1,2		192,666		3,597,074
Skyline Champion 1		80,000		2,407,200
				7,925,174
Internet & Direct Marketing Retail - 0.3%
Etsy 1		15,000		847,500
Leisure Products - 0.7%
Callaway Golf		98,000		1,902,180
Specialty Retail - 2.5%
Carvana Cl. A 1,2		28,000		1,848,000
Five Below 1		11,000		1,387,100
Monro		40,000		3,160,400
				6,395,500
Textiles, Apparel & Luxury Goods - 0.6%
Columbia Sportswear		15,000		1,453,350
Total				23,643,324
Consumer Staples – 1.4%
Food Products - 1.4%
Freshpet 1		73,000		3,633,210
Total				3,633,210
Energy – 0.9%
Oil, Gas & Consumable Fuels - 0.9%
Magnolia Oil & Gas Cl. A 1,2		128,000		1,420,800
Viper Energy Partners L.P.		35,000		968,450
Total				2,389,250
Financials – 6.8%
Banks - 3.6%
Enterprise Financial Services		41,500		1,691,125
Seacoast Banking Corporation of Florida 1		82,000		2,075,420
Southern National Bancorp of Virginia		59,000		908,010
TriState Capital Holdings 1		161,057		3,388,639
Webster Financial		26,000		1,218,620
				9,281,814
Capital Markets - 2.2%
MarketAxess Holdings		9,000		2,947,500
Northern Trust		22,000		2,053,040
PJT Partners Cl. A		18,000		732,600
				5,733,140
Thrifts & Mortgage Finance - 1.0%
LendingTree 1		8,000		2,483,440
Total				17,498,394
Health Care – 23.5%
Biotechnology - 7.4%
Avid Bioservices 1,2		334,000		1,770,200
CareDx 1		42,000		949,620
Myriad Genetics 1		191,000		5,468,330
Natera 1,2		37,000		1,213,600
Oxford Biomedica 1		224,000		1,487,263
REGENXBIO 1,2		60,000		2,136,000
uniQure 1		60,000		2,361,600
Veracyte 1,2		147,150		3,531,600
				18,918,213
Health Care Equipment & Supplies - 7.7%
Alphatec Holdings 1		232,000		1,164,640
Apyx Medical 1,2		272,415		1,844,250
Avedro 1		25,000		567,500
CONMED Corporation		29,000		2,788,350
CryoPort 1		265,198		4,337,313
Glaukos Corporation 1,2		16,000		1,000,160
Penumbra 1		17,000		2,286,330
ViewRay 1		563,000		1,632,700
West Pharmaceutical Services		29,000		4,112,780
				19,734,023
Health Care Providers & Services - 3.9%
Addus HomeCare 1		30,000		2,378,400
Ensign Group (The)		36,000		1,707,480
Joint Corp. (The) 1,2		140,000		2,605,400
PetIQ Cl. A 1,2		93,000		2,535,180
Viemed Healthcare 1		103,000		710,586
				9,937,046
Health Care Technology - 0.6%
Tabula Rasa HealthCare 1,2		29,000		1,593,260
Life Sciences Tools & Services - 2.9%
Fluidigm Corporation 1		122,400		566,712
Harvard Bioscience 1		508,600		1,563,945
Medpace Holdings 1,2		15,000		1,260,600
PureTech Health 1		600,000		1,866,456
Quanterix Corporation 1		97,600		2,143,296
				7,401,009
Pharmaceuticals - 1.0%
Evolus 1,2		128,000		1,999,360
Intersect ENT 1		40,000		680,400
				2,679,760
Total				60,263,311
Industrials – 10.1%
Aerospace & Defense - 4.0%
AeroVironment 1,2		49,000		2,624,440
BWX Technologies		41,000		2,345,610
Cubic Corporation		49,000		3,451,070
Kratos Defense & Security Solutions 1		101,000		1,878,095
				10,299,215
Building Products - 0.1%
DIRTT Environmental Solutions 1		85,000		384,308
Electrical Equipment - 1.1%
American Superconductor 1		269,349		2,111,696
Vicor 1		22,000		649,440
				2,761,136
Machinery - 1.4%
Energy Recovery 1,2		126,000		1,167,390
Proto Labs 1		7,000		714,700
Woodward		15,000		1,617,450
				3,499,540
Professional Services - 2.0%
GP Strategies 1		398,282		5,113,941
Trading Companies & Distributors - 1.5%
Lawson Products 1		96,000		3,718,080
Total				25,776,220
Information Technology – 37.7%
Communications Equipment - 2.0%
Lumentum Holdings 1,2		63,000		3,374,280
Viavi Solutions 1		125,000		1,750,625
				5,124,905
Electronic Equipment, Instruments & Components - 7.2%
Airgain 1		68,411		803,829
FLIR Systems		48,600		2,555,874
Iteris 1,2		1,607,000		9,232,215
Knowles Corporation 1,2		132,000		2,684,880
Rogers Corporation 1		14,000		1,913,940
Vishay Precision Group 1		36,000		1,178,640
				18,369,378
IT Services - 4.8%
Twilio Cl. A 1,2		10,000		1,099,600
Unisys Corporation 1		691,000		5,134,130
USA Technologies 1,4		821,996		6,008,791
				12,242,521
Semiconductors & Semiconductor Equipment - 7.3%
Advanced Energy Industries 1		27,000		1,550,070
Ambarella 1		34,000		2,136,390
AXT 1		393,000		1,399,080
Brooks Automation		81,000		2,999,430
CyberOptics Corporation 1		118,000		1,689,760
First Solar 1,2		23,000		1,334,230
MagnaChip Semiconductor 1		249,961		2,534,605
Nanometrics 1		61,000		1,989,820
Silicon Laboratories 1		29,000		3,229,150
				18,862,535
Software - 16.4%
Alarm.com Holdings 1,2		32,000		1,492,480
Avalara 1		38,000		2,557,020
Coupa Software 1,2		27,000		3,498,390
Descartes Systems Group (The) 1		54,000		2,176,740
Envestnet 1,2		22,000		1,247,400
ForeScout Technologies 1		59,000		2,237,280
LivePerson 1,2		90,000		3,213,000
Manhattan Associates 1		42,000		3,388,140
Materialise ADR 1,2		270,577		5,000,263
Mitek Systems 1,2		206,000		1,987,900
Paylocity Holding Corporation 1		89,786		8,761,318
Pluralsight Cl. A 1,2		30,000		503,850
QAD Cl. A		45,000		2,078,100
RingCentral Cl. A 1		31,000		3,895,460
				42,037,341
Total				96,636,680
Real Estate – 3.2%
Equity Real Estate Investment Trusts (REITs) - 3.2%
Community Healthcare Trust		128,000		5,702,400
Postal Realty Trust Cl. A		155,000		2,455,200
Total				8,157,600
TOTAL COMMON STOCKS
(Cost $196,801,015)				244,084,300
REPURCHASE AGREEMENT – 5.6%
Fixed Income Clearing Corporation,
0.35% dated 9/30/19, due 10/1/19,
maturity value $14,341,139 (collateralized
by obligations of various U.S. Government
Agencies, 2.25% due 8/15/27, valued at $14,630,227)
(Cost $14,341,000)				14,341,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 3.3%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-1.8605%)
(Cost $8,438,127)				8,438,127
TOTAL INVESTMENTS – 104.1%
(Cost $219,580,142)				266,863,427
LIABILITIES LESS CASH
AND OTHER ASSETS – (4.1)%				(10,492,062	)
NET ASSETS – 100.0%			$	256,371,365

SCHEDULES OF INVESTMENTS

ROYCE SPECIAL EQUITY FUND

SEPTEMBER 30, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 81.0%
Communication Services – 9.6%
Media - 9.6%
Meredith Corporation		1,425,700	$	52,266,162
Scholastic Corporation		1,480,000		55,884,800
Total				108,150,962
Consumer Discretionary – 21.4%
Auto Components - 10.9%
Cooper Tire & Rubber		1,080,000		28,209,600
Gentex Corporation		1,020,000		28,085,700
Standard Motor Products 5		1,370,000		66,513,500
				122,808,800
Automobiles - 1.6%
Winnebago Industries		464,000		17,794,400
Hotels, Restaurants & Leisure - 0.5%
Bowl America Cl. A 5		375,000		5,591,250
Household Durables - 3.1%
Flexsteel Industries 5		774,000		11,470,680
Hooker Furniture 5		1,124,000		24,098,560
				35,569,240
Leisure Products - 1.3%
Johnson Outdoors Cl. A		244,236		14,302,460
Specialty Retail - 4.0%
Children's Place		382,000		29,410,180
Haverty Furniture		769,000		15,587,630
				44,997,810
Total				241,063,960
Consumer Staples – 3.5%
Food & Staples Retailing - 2.1%
Weis Markets		608,000		23,189,120
Food Products - 1.4%
John B Sanfilippo & Son		162,000		15,649,200
Total				38,838,320
Industrials – 20.3%
Aerospace & Defense - 3.3%
National Presto Industries 5		415,000		36,972,350
Building Products - 2.1%
Insteel Industries 5		1,145,000		23,506,850
Commercial Services & Supplies - 1.5%
Ennis		855,000		17,279,550
Construction & Engineering - 1.2%
Argan		336,051		13,203,444
Electrical Equipment - 6.1%
Hubbell Incorporated		526,000		69,116,400
Machinery - 4.1%
Gencor Industries 1,5		1,140,000		13,235,400
Hurco Companies 5		630,000		20,267,100
Miller Industries		367,668		12,243,344
				45,745,844
Professional Services - 1.1%
Resources Connection		695,000		11,808,050
Trading Companies & Distributors - 0.9%
BMC Stock Holdings 1		390,000		10,210,200
Total				227,842,688
Information Technology – 14.2%
Electronic Equipment, Instruments & Components - 4.8%
AVX Corporation		2,370,000		36,024,000
Vishay Intertechnology		1,090,000		18,453,700
				54,477,700
IT Services - 6.0%
Computer Services 4,5		1,490,000		67,050,000
Semiconductors & Semiconductor Equipment - 3.4%
Axcelis Technologies 1		558,050		9,537,075
Kulicke & Soffa Industries		1,244,000		29,209,120
				38,746,195
Total				160,273,895
Materials – 7.6%
Chemicals - 3.1%
Huntsman Corporation		1,484,000		34,517,840
Paper & Forest Products - 4.5%
Louisiana-Pacific		760,000		18,680,800
Mercer International		1,101,000		13,806,540
Verso Corporation Cl. A 1		1,507,719		18,665,561
				51,152,901
Total				85,670,741
Real Estate – 4.4%
Real Estate Management & Development - 4.4%
Marcus & Millichap 1		1,405,000		49,863,450
Total				49,863,450
TOTAL COMMON STOCKS
(Cost $736,925,231)				911,704,016
REPURCHASE AGREEMENT – 19.2%
Fixed Income Clearing Corporation,
0.35% dated 9/30/19, due 10/1/19,
maturity value $216,274,103 (collateralized
by obligations of various U.S. Government
Agencies, 2.25% due 8/15/27, valued at $220,601,382)
(Cost $216,272,000)				216,272,000
TOTAL INVESTMENTS – 100.2%
(Cost $953,197,231)				1,127,976,016
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.2)%				(2,205,113	)
NET ASSETS – 100.0%			$	1,125,770,903

SCHEDULES OF INVESTMENTS

ROYCE TOTAL RETURN FUND

SEPTEMBER 30, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.4%
Communication Services – 1.7%
Diversified Telecommunication Services - 0.6%
ATN International		153,681	$	8,970,360
IDT Corporation Cl. B 1		38,033		400,488
				9,370,848
Media - 1.0%
Gannett Company		167,708		1,801,184
Meredith Corporation		352,935		12,938,597
				14,739,781
Wireless Telecommunication Services - 0.1%
Telephone and Data Systems		46,859		1,208,962
Total				25,319,591
Consumer Discretionary – 6.6%
Auto Components - 1.7%
Gentex Corporation		337,269		9,286,702
LCI Industries		86,470		7,942,270
Nokian Renkaat		142,529		4,020,446
Standard Motor Products		75,682		3,674,361
Superior Industries International 1		235,225		679,800
				25,603,579
Automobiles - 0.3%
Thor Industries		95,636		5,416,823
Distributors - 0.1%
Core-Mark Holding		16,260		522,190
Weyco Group		43,033		972,976
				1,495,166
Hotels, Restaurants & Leisure - 0.4%
Cheesecake Factory		135,239		5,636,762
Household Durables - 1.1%
Ethan Allen Interiors		428,754		8,189,201
La-Z-Boy		236,022		7,927,979
				16,117,180
Multiline Retail - 0.0%
Big Lots		31,407		769,472
Specialty Retail - 2.9%
American Eagle Outfitters		507,023		8,223,913
Bed Bath & Beyond		92,503		984,232
Buckle (The)		57,622		1,187,013
Caleres		340,179		7,963,590
Cato Corporation (The) Cl. A		60,133		1,058,942
Chico's FAS		303,420		1,222,783
Designer Brands Cl. A		448,319		7,675,221
Rent-A-Center		290,500		7,491,995
Shoe Carnival		276,172		8,950,735
				44,758,424
Textiles, Apparel & Luxury Goods - 0.1%
J.G. Boswell Company 4		982		665,796
Movado Group		37,390		929,515
				1,595,311
Total				101,392,717
Consumer Staples – 3.1%
Beverages - 0.1%
Compania Cervecerias Unidas ADR		82,206		1,824,151
Food & Staples Retailing - 0.4%
Village Super Market Cl. A		261,925		6,927,916
Food Products - 2.4%
Flowers Foods		260,538		6,026,244
Fresh Del Monte Produce		181,935		6,205,803
Hershey Creamery 4		677		2,775,700
Lancaster Colony		46,685		6,472,875
Tootsie Roll Industries		416,654		15,474,530
				36,955,152
Household Products - 0.1%
Spectrum Brands Holdings		4,075		214,838
WD-40 Company		4,622		848,322
				1,063,160
Personal Products - 0.1%
Nu Skin Enterprises Cl. A		29,448		1,252,423
Total				48,022,802
Diversified Investment Companies – 0.2%
Closed-End Funds - 0.2%
Eagle Point Income		123,300		2,385,855
Total				2,385,855
Energy – 2.9%
Energy Equipment & Services - 1.5%
Core Laboratories		50,000		2,331,000
Helmerich & Payne		149,331		5,983,693
RPC		255,654		1,434,219
TGS-NOPEC Geophysical		530,159		13,455,531
				23,204,443
Oil, Gas & Consumable Fuels - 1.4%
Alliance Resource Partners L.P.		401,957		6,435,331
Arch Coal		9,444		700,745
Brigham Minerals Cl. A		50,000		995,000
Dorchester Minerals L.P.		249,438		4,652,019
PBF Energy Cl. A		84,510		2,297,827
Permian Basin Royalty Trust		859,344		4,459,995
Sabine Royalty Trust		8,810		382,266
San Juan Basin Royalty Trust 1		580,344		1,752,639
				21,675,822
Total				44,880,265
Financials – 35.4%
Banks - 12.4%
Ames National		256,157		7,328,652
Associated Banc-Corp		541,093		10,957,133
Bank of Hawaii		226,755		19,485,057
Bank of N.T. Butterfield & Son		106,139		3,145,960
Bank OZK		59,958		1,635,055
Bar Harbor Bankshares		215,375		5,369,299
BLOM Bank Cl. B GDR		225,597		1,522,780
BOK Financial		246,191		19,486,018
Camden National		177,950		7,708,794
Canadian Western Bank		498,441		12,513,226
City Holding Company		100,249		7,643,986
CNB Financial		275,726		7,913,336
Codorus Valley Bancorp		32,842		763,905
Farmers & Merchants Bank of Long Beach 4		403		3,193,775
Financial Institutions		255,631		7,714,944
First Citizens BancShares Cl. A		52,897		24,943,580
First National Bank Alaska 4		24,310		5,810,090
First of Long Island (The)		57,401		1,305,873
Hanmi Financial		73,098		1,372,780
Landmark Bancorp		81,338		1,893,549
National Bankshares		130,677		5,233,614
Northrim BanCorp		129,900		5,153,133
Peapack-Gladstone Financial		383,376		10,746,029
Popular		223,226		12,072,062
Unity Bancorp		184,877		4,095,025
				189,007,655
Capital Markets - 11.5%
AllianceBernstein Holding L.P.		371,187		10,894,338
Ares Management Cl. A		957,313		25,665,562
Artisan Partners Asset Management Cl. A		118,735		3,353,076
Ashmore Group		2,259,996		14,060,612
Associated Capital Group Cl. A		158,592		5,644,289
Bolsa Mexicana de Valores		4,831,182		9,119,364
Cohen & Steers		301,740		16,574,578
Coronation Fund Managers		470,890		1,296,230
Egyptian Financial Group-Hermes
Holding Company		1,298,385		1,539,240
Federated Investors Cl. B		261,733		8,482,767
GAMCO Investors Cl. A		155,498		3,039,986
Golub Capital BDC		164,400		3,097,296
Houlihan Lokey Cl. A		249,213		11,239,506
Lazard Cl. A		154,516		5,408,060
Moelis & Company Cl. A		197,190		6,477,692
MVC Capital		271,389		2,415,362
Pzena Investment Management Cl. A		447,206		3,989,078
Rothschild & Co		47,542		1,362,824
Sculptor Capital Management Cl. A 2		57,638		1,122,788
Sprott		3,448,362		8,120,836
TMX Group		266,024		22,958,965
Virtu Financial Cl. A		498,089		8,148,736
Waddell & Reed Financial Cl. A		72,305		1,242,200
Westwood Holdings Group		18,820		520,749
				175,774,134
Diversified Financial Services - 0.2%
First Pacific		638,477		244,387
Jefferies Financial Group		163,003		2,999,255
				3,243,642
Insurance - 8.7%
Alleghany Corporation 1		24,880		19,848,269
Assured Guaranty		254,266		11,304,666
E-L Financial		41,252		23,385,526
Employers Holdings		30,273		1,319,297
Erie Indemnity Cl. A		149,614		27,775,839
First American Financial		108,489		6,401,936
Horace Mann Educators		16,191		750,129
James River Group Holdings		77,369		3,964,388
Kingstone Companies		32,833		279,737
Mercury General		61,295		3,425,165
ProAssurance Corporation		245,230		9,875,412
Reinsurance Group of America		41,954		6,707,606
RLI Corp.		109,744		10,196,315
State Auto Financial		170,867		5,534,382
Universal Insurance Holdings		36,938		1,107,771
				131,876,438
Thrifts & Mortgage Finance - 2.6%
Genworth MI Canada		341,750		13,568,366
New York Community Bancorp		154,228		1,935,561
Southern Missouri Bancorp		125,460		4,570,508
Timberland Bancorp		149,242		4,104,155
TrustCo Bank Corp. NY		935,433		7,623,779
WSFS Financial		172,888		7,624,361
				39,426,730
Total				539,328,599
Health Care – 1.3%
Health Care Equipment & Supplies - 1.0%
Atrion Corporation		4,995		3,891,954
Hill-Rom Holdings		91,996		9,680,739
Meridian Bioscience 1		99,545		944,682
				14,517,375
Health Care Providers & Services - 0.3%
Ensign Group (The)		111,349		5,281,283
Total				19,798,658
Industrials – 26.4%
Aerospace & Defense - 1.7%
HEICO Corporation		173,533		21,670,801
Magellan Aerospace		342,521		3,849,596
				25,520,397
Airlines - 1.0%
Allegiant Travel		51,708		7,738,619
Hawaiian Holdings		308,034		8,088,973
				15,827,592
Building Products - 0.3%
Apogee Enterprises		106,928		4,169,123
Commercial Services & Supplies - 6.5%
ABM Industries		335,937		12,201,232
ACCO Brands		131,700		1,299,879
Ennis		26,704		539,688
Herman Miller		88,660		4,086,339
HNI Corporation		301,047		10,687,169
Kimball International Cl. B		789,026		15,228,202
McGrath RentCorp		233,734		16,265,549
Mobile Mini		105,000		3,870,300
MSA Safety		110,691		12,077,495
Ritchie Bros. Auctioneers		548,937		21,902,586
Tetra Tech		16,044		1,391,977
				99,550,416
Construction & Engineering - 0.8%
Arcosa		159,334		5,450,816
Argan		175,250		6,885,573
				12,336,389
Electrical Equipment - 2.3%
EnerSys		110,316		7,274,237
GrafTech International		154,219		1,974,003
Hubbell Incorporated		135,953		17,864,224
Preformed Line Products		144,119		7,867,457
				34,979,921
Industrial Conglomerates - 0.9%
Raven Industries		383,640		12,836,595
Machinery - 8.1%
Federal Signal		200,672		6,570,001
Franklin Electric		329,956		15,775,196
Gorman-Rupp Company (The)		289,740		10,080,054
Hillenbrand		57,890		1,787,643
Kadant		18,287		1,605,416
Lincoln Electric Holdings		125,101		10,853,763
Lindsay Corporation		134,781		12,514,416
Miller Industries		279,767		9,316,241
Mueller Industries		254,440		7,297,339
Nordson Corporation		33,295		4,869,727
Standex International		16,021		1,168,572
Starrett (L.S.) Company (The) Cl. A 1		139,962		811,780
Tennant Company		246,943		17,458,870
Trinity Industries		478,003		9,407,099
Woodward		128,553		13,861,870
				123,377,987
Marine - 0.9%
Clarkson		473,771		14,271,860
Professional Services - 2.8%
Exponent		19,429		1,358,087
Forrester Research 1		26,330		846,246
Heidrick & Struggles International		279,448		7,628,931
Kforce		118,186		4,471,567
Korn Ferry		198,341		7,663,896
ManpowerGroup		111,133		9,361,844
Resources Connection		311,965		5,300,285
Robert Half International		101,021		5,622,829
				42,253,685
Road & Rail - 0.4%
Werner Enterprises		178,646		6,306,204
Trading Companies & Distributors - 0.7%
Air Lease Cl. A		108,346		4,531,030
Applied Industrial Technologies		38,846		2,206,453
Systemax		175,754		3,868,345
				10,605,828
Total				402,035,997
Information Technology – 5.5%
Communications Equipment - 0.1%
ADTRAN		58,908		668,311
Electronic Equipment, Instruments & Components - 3.4%
AVX Corporation		745,821		11,336,479
Bel Fuse Cl. A		15,516		212,724
Methode Electronics		472,870		15,907,347
National Instruments		210,741		8,849,015
PC Connection		204,161		7,941,863
Vishay Intertechnology		456,906		7,735,419
				51,982,847
IT Services - 0.9%
KBR		428,746		10,521,427
MAXIMUS		34,023		2,628,617
				13,150,044
Semiconductors & Semiconductor Equipment - 0.7%
Kulicke & Soffa Industries		223,826		5,255,434
MKS Instruments		65,739		6,066,395
				11,321,829
Software - 0.4%
j2 Global 1		70,060		6,362,849
Total				83,485,880
Materials – 9.3%
Chemicals - 4.5%
Albemarle Corporation		89,218		6,202,435
Balchem Corporation		111,621		11,071,687
Cabot Corporation		276,359		12,524,590
Chase Corporation		92,066		10,071,100
FutureFuel Corporation		86,343		1,030,936
Minerals Technologies		88,392		4,692,731
Quaker Chemical		130,928		20,704,954
Trinseo		44,955		1,930,817
				68,229,250
Containers & Packaging - 1.6%
AptarGroup		70,061		8,298,725
Sonoco Products		269,700		15,699,237
				23,997,962
Metals & Mining - 2.8%
Carpenter Technology		108,024		5,580,520
Ferroglobe (Warranty Insurance Trust) 1,3		569,803		0
Franco-Nevada		64,859		5,912,546
Gold Fields ADR		1,181,593		5,813,438
Haynes International		225,684		8,088,515
Royal Gold		16,191		1,994,893
Schnitzer Steel Industries Cl. A		163,084		3,369,315
Worthington Industries		344,622		12,423,623
				43,182,850
Paper & Forest Products - 0.4%
Domtar Corporation		133,512		4,781,065
Neenah		7,842		510,671
Schweitzer-Mauduit International		32,459		1,215,265
				6,507,001
Total				141,917,063
Real Estate – 1.3%
Equity Real Estate Investment Trusts (REITs) - 0.2%
Lexington Realty Trust		284,440		2,915,510
Real Estate Management & Development - 1.1%
Kennedy-Wilson Holdings		740,908		16,240,703
Total				19,156,213
Utilities – 3.7%
Electric Utilities - 1.0%
ALLETE		168,763		14,751,574
Spark Energy Cl. A		106,689		1,125,569
				15,877,143
Water Utilities - 2.7%
Aqua America		356,185		15,967,773
SJW Group		286,362		19,555,661
York Water		129,330		5,646,548
				41,169,982
Total				57,047,125
TOTAL COMMON STOCKS
(Cost $901,955,555)				1,484,770,765
PREFERRED STOCK – 0.1%
Chicken Soup For The Soul Entertainment
9.75 % Ser. A		80,000		2,012,800
(Cost $2,013,440)				2,012,800

	PRINCIPAL AMOUNT
CORPORATE BONDS – 0.3%
Meritor 6.25%
due 2/15/24	$	825,000		848,719
Unit Corporation 6.625%
due 5/15/21		4,269,155		3,233,885
TOTAL CORPORATE BONDS
(Cost $4,776,882)				4,082,604
REPURCHASE AGREEMENT – 2.4%
Fixed Income Clearing Corporation,
0.35% dated 9/30/19, due 10/1/19,
maturity value $36,883,359 (collateralized
by obligations of various U.S. Government
Agencies, 2.625% due 3/31/25, valued at $37,622,588)
(Cost $36,883,000)				36,883,000
TOTAL INVESTMENTS – 100.2%
(Cost $945,628,877)				1,527,749,169
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.2)%				(3,106,763	)
NET ASSETS – 100.0%			$	1,524,642,406

ADR – American Depository Receipt

¹ Non-income producing.

² All or a portion of these securities were on loan at September 30, 2019.

³ Securities for which market quotations are not readily available represent 0.3%, 0.0% and 0.0% of net assets for Royce Micro-Cap Fund, Royce Pennsylvania Mutual Fund and Royce Total Return 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 These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.

⁵ At September 30, 2019, 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, with the exception of exchange-traded funds.

Tax Information:  

At September 30, 2019, 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	$	63,439,477	$	37,408,042	$	40,160,274	$	2,752,232
Royce Global Financial Services Fund		26,888,112		9,382,612		11,010,608		1,627,996
Royce International Premier Fund		615,451,277		42,405,326		59,996,152		17,590,826
Royce Micro-Cap Fund		270,755,111		53,892,083		77,750,538		23,858,455
Royce Opportunity Fund		868,772,235		50,424,918		144,621,889		94,196,971
Royce Pennsylvania Mutual Fund		1,261,802,375		612,238,036		664,631,389		52,393,353
Royce Premier Fund		1,108,868,452		698,671,275		727,527,885		28,856,610
Royce Small-Cap Value Fund		149,163,299		22,730,408		29,581,193		6,850,785
Royce Smaller-Companies Growth Fund		220,318,655		46,544,772		60,822,312		14,277,540
Royce Special Equity Fund		953,286,245		174,689,771		229,601,016		54,911,245
Royce Total Return Fund		948,621,502		579,127,667		611,136,779		32,009,112

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:

Investment transactions are accounted for on the trade date. Securities 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. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Funds value their non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Trust's Board of Trustees, and are reported as 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, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, a Fund may fair value the security. The Funds use an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the 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 relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by a Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.

Various inputs are used in determining the value of each Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:

Level 1 – quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedules of Investments.

Level 3 – significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value each Fund’s investments as of September 30, 2019. For a detailed breakout of common stocks by sector classification or country, please refer to the Schedules of Investments.

	Level 1		Level 2		Level 3		Total
Royce Dividend Value Fund
Common Stocks	$	98,460,519	$	–	$	–	$	98,460,519
Repurchase Agreement		–		2,387,000		–		2,387,000
Royce Global Financial Services Fund
Common Stocks		35,151,724		–		–		35,151,724
Repurchase Agreement		–		1,119,000		–		1,119,000
Royce International Premier Fund
Common Stocks		626,320,728		–		–		626,320,728
Preferred Stocks		15,023,875		–		–		15,023,875
Repurchase Agreement		–		16,512,000		–		16,512,000
Royce Micro-Cap Fund
Common Stocks		309,671,360		729,270		828,000		311,228,630
Repurchase Agreement		–		11,774,000		–		11,774,000
Money Market Fund/Collateral Received for Securities Loaned		1,644,564		–		–		1,644,564
Royce Opportunity Fund
Common Stocks		842,338,995		1,680,300		–		844,019,295
Repurchase Agreement		–		46,514,000		–		46,514,000
Money Market Fund/Collateral Received for Securities Loaned		28,663,858		–		–		28,663,858
Royce Pennsylvania Mutual Fund
Common Stocks		1,854,084,861		184,500		0		1,854,269,361
Repurchase Agreement		–		11,479,000		–		11,479,000
Money Market Fund/Collateral Received for Securities Loaned		8,292,050		–		–		8,292,050
Royce Premier Fund
Common Stocks		1,736,802,727		–		–		1,736,802,727
Repurchase Agreement		–		70,737,000		–		70,737,000
Royce Small-Cap Value Fund
Common Stocks		155,728,707		–		–		155,728,707
Repurchase Agreement		–		16,165,000		–		16,165,000
Royce Smaller-Companies Growth Fund
Common Stocks		238,075,509		6,008,791		–		244,084,300
Repurchase Agreement		–		14,341,000		–		14,341,000
Money Market Fund/Collateral Received for Securities Loaned		8,438,127		–		–		8,438,127
Royce Special Equity Fund
Common Stocks		844,654,016		67,050,000		–		911,704,016
Repurchase Agreement		–		216,272,000		–		216,272,000
Royce Total Return Fund
Common Stocks		1,472,325,404		12,445,361		0		1,484,770,765
Preferred Stocks		2,012,800		–		–		2,012,800
Corporate Bonds		–		4,082,604		–		4,082,604
Repurchase Agreement		–		36,883,000		–		36,883,000

Certain securities have transferred in and out of Level 1 and Level 2 measurements during the reporting period. This is generally due to whether fair value factors have been applied. The Funds recognize transfers between levels as of the end of the reporting period. For the nine months ended September 30, 2019, the following Fund had securities transfer from Level 1 to Level 2 within the fair value hierarchy:

	Transfers From
	Level 1 to Level 2
Royce Smaller-Companies Growth Fund	$	6,008,791
Level 3 Reconciliation:

Balance as

Realized

Unrealized

Balance as

of 12/31/18

Purchases

Sales

Gain (Loss)

Gain (Loss)

of 9/30/19

Royce Micro-Cap Fund

Common Stocks

$

828,000

$

0

$

–

$

–

$

–

$

828,000

Royce Pennsylvania Mutual Fund

Common Stocks

–

0

–

–

–

0

Royce Total Return Fund

Common Stocks

0

–

–

–

–

0

The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information with adjustments (e.g. broker quotes, pricing services, net asset values).

					Impact to Valuation
	Fair Value at	Valuation	Unobservable		From an Increase in
	9/30/19	Technique(s)	Input(s)	Range Average	Input1
Royce Micro-Cap Fund
Common Stocks	$828,000	Discounted Present Value Balance Sheet Analysis	Liquidity Discount	30%-40%	Decrease

¹ This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could result in significantly higher or lower fair value measurements.

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 at September 30, 2019 are overnight and continuous.

Securities Lending:

The Funds loan securities through a lending agent to qualified institutional investors for the purpose of realizing additional income. Collateral for the Funds on all securities loaned is accepted in cash and cash equivalents, which are invested temporarily by the custodian, as well as non-cash collateral, which includes short and long-term U.S. Treasuries. The collateral maintained is at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds retain the risk of any loss on the securities on loan as well as incurring the potential loss on investments purchased with cash collateral received for securities lending. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. If the borrower fails to return loaned securities, and cash collateral being maintained by the 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 has agreed to pay the amount of the shortfall to the Funds or, at the option of the lending agent, to replace the securities. In the event of the bankruptcy of the 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. The lending agent is not affiliated with Royce. The following table presents cash collateral and the market value of securities on loan collateralized by cash collateral held by the Funds at September 30, 2019:

	Cash Collateral1		Securities on Loan Collateralized by Cash Collateral			Net Amount
Royce Micro-Cap Fund	$	1,644,564	$	(1,569,915	)	$	74,649
Royce Opportunity Fund		28,663,858		(27,414,484	)		1,249,374
Royce Pennsylvania Mutual Fund		8,292,050		(8,211,606	)		80,444
Royce Smaller-Companies Growth Fund		8,438,127		(8,321,625	)		116,502

¹ The remaining 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 at September 30, 2019:

	Non-Cash Collateral		Securities on Loan Collateralized by Non-Cash Collateral			Net Amount
Royce Micro-Cap Fund	$	14,525,860	$	(14,227,294	)	$	298,566
Royce Opportunity Fund		60,185,037		(58,961,594	)		1,223,443
Royce Pennsylvania Mutual Fund		60,816,470		(59,576,914	)		1,239,556
Royce Premier Fund		37,698,570		(36,943,698	)		754,872
Royce Small-Cap Value Fund		3,603,206		(3,531,296	)		71,910
Royce Smaller-Companies Growth Fund		37,273,046		(36,517,133	)		755,913
Royce Total Return Fund		553,023		(542,010	)		11,013

Transactions in Affiliated Companies:

An "Affiliated Company," as defined in the Investment Company Act of 1940, 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, 2019:

Affiliated Company	Shares 12/31/18		Market Value 12/31/18		Costs of Purchases		Proceeds from Sales		Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)			Dividend Income		Shares 9/30/19		Market Value 9/30/19
Royce Premier Fund
CIRCOR International¹		1,024,687	$	21,825,833	$	–	$	25,047,554	$	(5,915,558	)	$	25,069,256		$	–
				21,825,833				–		(5,915,558	)		25,069,256			–
Royce Special Equity Fund
Bowl America Cl. A		343,000		5,230,750		456,501		–		–			(96,001	)		185,675		375,000	$	5,591,250
Computer Services		779,000		38,950,000		1,461,346		4,775,331		1,851,276			29,562,709			876,947		1,490,000		67,050,000
Flexsteel Industries		775,000		17,112,000		162,575		177,222		(369,770	)		(5,256,903	)		512,160		774,000		11,470,680
Gencor Industries		1,033,500		11,337,495		1,484,378		232,818		(98,872	)		745,217			–		1,140,000		13,235,400
Hooker Furniture		1,155,000		30,422,700		–		645,582		(660,688	)		(5,017,870	)		518,100		1,124,000		24,098,560
Hurco Companies		580,400		20,720,280		1,827,921		–		–			(2,281,101	)		284,692		630,000		20,267,100
Insteel Industries		605,500		14,701,540		11,387,894		–		–			(2,582,584	)		92,400		1,145,000		23,506,850
John B Sanfilippo & Son¹		911,500		50,734,090		–		65,315,934		22,542,977			7,688,067			1,946,100
National Presto Industries		421,800		49,316,856		400,302		989,942		(352,973	)		(11,401,893	)		2,530,800		415,000		36,972,350
Standard Motor Products		1,380,000		66,833,400		–		499,165		12,883			166,382			952,200		1,370,000		66,513,500
				305,359,111						22,924,833			11,526,023			7,899,074				268,705,690

Royce Total Return Fund
Starrett (L.S.) Company (The) Cl. A¹	387,817	2,028,283	–	1,601,142	(2,650,511	)	3,035,150	–
		2,028,283			(2,650,511	)	3,035,150	–

¹Not an Affiliated Company at September 30, 2019.

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