SCHEDULES OF INVESTMENTS
ROYCE DIVIDEND VALUE FUND
MARCH 31, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 94.2%
Consumer Discretionary – 6.5%
Auto Components - 1.4%
Gentex Corporation		6,801	$	150,710
Nokian Renkaat		35,600		863,916
				1,014,626
Hotels, Restaurants & Leisure - 0.1%
Cheesecake Factory		3,129		53,443
Household Durables - 1.7%
Hunter Douglas		20,000		903,148
La-Z-Boy		2,615		53,738
PulteGroup		10,900		243,288
				1,200,174
Specialty Retail - 2.9%
American Eagle Outfitters		55,345		439,993
Caleres		12,578		65,405
Designer Brands Cl. A		64,015		318,795
Rent-A-Center		29,966		423,719
USS		56,000		771,357
				2,019,269
Textiles, Apparel & Luxury Goods - 0.4%
HUGO BOSS		9,800		252,131
Steven Madden		2,378		55,241
				307,372
Total				4,594,884
Consumer Staples – 0.6%
Food & Staples Retailing - 0.5%
FamilyMart		19,200		343,777
Household Products - 0.1%
Spectrum Brands Holdings		1,496		54,409
Total				398,186
Energy – 3.6%
Energy Equipment & Services - 1.6%
Helmerich & Payne		20,504		320,888
TGS-NOPEC Geophysical		72,700		815,808
				1,136,696
Oil, Gas & Consumable Fuels - 2.0%
Cimarex Energy		17,300		291,159
Gaztransport Et Technigaz		15,600		1,145,838
				1,436,997
Total				2,573,693
Financials – 29.2%
Banks - 2.0%
Bank of Georgia Group 1		39,500		452,495
BOK Financial		15,414		656,020
City Holding Company		4,789		318,612
				1,427,127
Capital Markets - 23.4%
Ashmore Group		349,000		1,539,241
AURELIUS Equity Opportunities 1		7,200		136,222
B3-Brasil, Bolsa, Balcao		168,300		1,162,789
Bolsa Mexicana de Valores		888,000		1,351,699
Carlyle Group		88,000		1,905,200
Coronation Fund Managers		153,700		270,244
Evercore Cl. A		13,500		621,810
Federated Hermes Cl. B		25,900		493,395
Houlihan Lokey Cl. A		4,946		257,786
Jupiter Fund Management		225,700		559,344
KKR & Co. Cl. A		119,200		2,797,624
Moelis & Company Cl. A		20,759		583,328
Northern Trust		16,800		1,267,728
SEI Investments		37,900		1,756,286
Sprott		588,600		957,787
State Street		16,800		894,936
				16,555,419
Diversified Financial Services - 1.2%
Jefferies Financial Group		59,700		816,099
Insurance - 0.9%
Reinsurance Group of America		7,605		639,885
Thrifts & Mortgage Finance - 1.7%
Genworth MI Canada		23,648		525,455
WSFS Financial		25,701		640,469
				1,165,924
Total				20,604,454
Health Care – 3.0%
Health Care Providers & Services - 0.2%
Ensign Group (The)		4,451		167,402
Pharmaceuticals - 2.8%
Recordati		29,900		1,266,659
Santen Pharmaceutical		41,600		716,520
				1,983,179
Total				2,150,581
Industrials – 23.4%
Aerospace & Defense - 2.5%
HEICO Corporation Cl. A		27,220		1,739,358
Building Products - 0.5%
Geberit		800		352,909
Universal Forest Products		800		29,752
				382,661
Commercial Services & Supplies - 0.1%
Herman Miller		3,976		88,267
Construction & Engineering - 0.5%
Comfort Systems USA		9,659		353,037
Electrical Equipment - 2.1%
EnerSys		1,170		57,939
Hubbell Incorporated		12,700		1,457,198
				1,515,137
Machinery - 10.4%
Alamo Group		688		61,081
Federal Signal		6,229		169,927
Graco		45,400		2,212,342
Lincoln Electric Holdings		10,550		727,950
Lindsay Corporation		17,400		1,593,492
Spirax-Sarco Engineering		20,800		2,101,170
Wabash National		67,392		486,570
				7,352,532
Marine - 2.0%
Clarkson 1	48,600		1,392,526
Professional Services - 2.3%
Korn Ferry		11,401		277,272
ManpowerGroup		20,300		1,075,697
Robert Half International		6,594		248,924
				1,601,893
Road & Rail - 0.6%
Old Dominion Freight Line		1,050		137,823
Werner Enterprises		8,643		313,395
				451,218
Trading Companies & Distributors - 2.4%
Applied Industrial Technologies		36,500		1,668,780
Total				16,545,409
Information Technology – 8.7%
Electronic Equipment, Instruments & Components - 4.6%
FLIR Systems		65,800		2,098,362
Methode Electronics		20,838		550,748
Vishay Intertechnology		42,497		612,382
				3,261,492
IT Services - 3.1%
KBR		106,200		2,196,216
Semiconductors & Semiconductor Equipment - 0.3%
MKS Instruments		2,808		228,712
Software - 0.7%
SimCorp		5,600		471,318
Total				6,157,738
Materials – 16.3%
Chemicals - 2.9%
Quaker Chemical		16,400		2,070,992
Containers & Packaging - 3.2%
AptarGroup		22,600		2,249,604
Metals & Mining - 10.2%
Franco-Nevada		26,400		2,627,328
Reliance Steel & Aluminum		22,900		2,005,811
Royal Gold		15,500		1,359,505
Worthington Industries		46,800		1,228,500
				7,221,144
Total				11,541,740
Real Estate – 0.6%
Real Estate Management & Development - 0.6%
Relo Group		18,400		386,191
Total				386,191
Utilities – 2.3%
Water Utilities - 2.3%
Essential Utilities		39,800		1,619,860
Total				1,619,860
TOTAL COMMON STOCKS
(Cost $52,997,325)				66,572,736
REPURCHASE AGREEMENT – 5.6%
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $3,947,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $4,029,541) (Cost $3,947,000)				3,947,000
TOTAL INVESTMENTS – 99.8%
(Cost $56,944,325)				70,519,736
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.2%				122,367
NET ASSETS – 100.0%			$	70,642,103

SCHEDULES OF INVESTMENTS 

ROYCE GLOBAL FINANCIAL SERVICES FUND
MARCH 31, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.4%
Banks - 13.8%
BOK Financial		10,450	$	444,752
Bryn Mawr Bank		10,000		283,800
Cadence Bancorporation Cl. A		15,887		104,060
Capital City Bank Group		16,988		341,799
First Citizens BancShares Cl. A		1,828		608,486
First Republic Bank		5,198		427,691
Popular		23,465		821,275
TriState Capital Holdings 1		11,600		112,172
Umpqua Holdings		17,400		189,660
Total				3,333,695
Capital Markets - 52.6%
Ares Management Cl. A		35,055		1,084,251
Ashmore Group		157,000		692,438
Associated Capital Group Cl. A		7,000		214,200
B3-Brasil, Bolsa, Balcao		61,000		421,451
Bolsa Mexicana de Valores		174,000		264,860
Canaccord Genuity Group		133,000		409,216
Carlyle Group		22,300		482,795
Charles Schwab		8,400		282,408
Coronation Fund Managers		61,200		107,605
CRISIL		14,000		228,557
Egyptian Financial Group-Hermes Holding Company		307,987		164,364
Garrison Capital		50,000		85,000
GMP Capital		108,000		99,766
Great Elm Capital Group 1		115,545		214,914
Hellenic Exchanges - Athens Stock Exchange		50,000		186,938
Intermediate Capital Group		39,111		433,259
INTL FCStone 1		12,870		466,666
IOOF Holdings		55,000		122,881
JSE		51,000		288,134
Jupiter Fund Management		106,900		264,926
KKR & Co. Cl. A		23,900		560,933
MarketAxess Holdings		2,657		883,639
NZX		580,000		380,979
Rothschild & Co		13,900		283,049
SEI Investments		7,950		368,403
Silvercrest Asset Management Group Cl. A		20,800		196,768
Sprott		500,000		813,615
TD Ameritrade Holding Corporation		5,787		200,577
Tel Aviv Stock Exchange		273,000		921,287
TMX Group		3,700		275,456
U.S. Global Investors Cl. A		183,900		178,401
Value Partners Group		772,000		328,609
Virtu Financial Cl. A		23,700		493,434
Warsaw Stock Exchange		19,000		158,381
Westaim Corporation 1		105,000		129,823
WisdomTree Investments		27,100		63,143
Total				12,751,126
Closed-End Funds - 0.8%
Eagle Point Income		19,341		206,949
Total				206,949
Consumer Finance - 0.5%
Currency Exchange International 1		13,000		124,707
Total				124,707
Diversified Financial Services - 0.8%
ECN Capital		75,000		200,384
Total				200,384
Hotels, Restaurants & Leisure - 0.1%
Thomas Cook (India)		94,000		28,846
Total				28,846
Insurance - 3.2%
E-L Financial		1,820		773,367
Total				773,367
IT Services - 2.3%
Cass Information Systems		5,016		176,363
PayPal Holdings 1		4,054		388,130
Total				564,493
Metals & Mining - 4.1%
Franco-Nevada		10,024		997,589
Total				997,589
Professional Services - 1.3%
People Corporation 1		45,300		263,952
Quess Corp 1		17,756		49,160
Total				313,112
Real Estate Management & Development - 10.0%
Altus Group		32,000		829,958
FirstService Corporation		12,600		971,712
FRP Holdings 1		7,957		342,151
RMR Group (The) Cl. A		10,000		269,700
Total				2,413,521
Software - 3.2%
Benefitfocus 1		10,600		94,446
Bottomline Technologies 1		9,800		359,170
Envestnet 1		6,000		322,680
Total				776,296
Thrifts & Mortgage Finance - 0.9%
Provident Bancorp 1		25,000		215,500
Total				215,500
Trading Companies & Distributors - 1.8%
Air Lease Cl. A		19,500		431,730
Total				431,730
TOTAL COMMON STOCKS
(Cost $22,838,816)				23,131,315
REPURCHASE AGREEMENT – 3.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $819,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $837,979) (Cost $819,000)				819,000
TOTAL INVESTMENTS – 98.8%
(Cost $23,657,816)				23,950,315
CASH AND OTHER ASSETS
LESS LIABILITIES – 1.2%				285,170
NET ASSETS – 100.0%			$	24,235,485

SCHEDULES OF INVESTMENTS 

ROYCE INTERNATIONAL PREMIER FUND

MARCH 31, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 90.9%
Australia – 9.4%
Bravura Solutions		5,948,690	$	14,002,070
Cochlear		71,400		8,202,760
Hansen Technologies		7,085,477		12,559,638
IPH		3,093,627		13,921,394
IRESS		678,200		4,446,097
Technology One		2,040,900		10,210,827
Total				63,342,786
Brazil – 1.7%
OdontoPrev		4,006,100		11,163,820
Total				11,163,820
Canada – 2.9%
Altus Group		378,400		9,814,254
Morneau Shepell		473,700		9,556,131
Total				19,370,385
Denmark – 2.1%
Chr. Hansen Holding		72,600		5,447,201
SimCorp		107,600		9,056,049
Total				14,503,250
Germany – 4.0%
Amadeus Fire 1		86,998		7,438,745
Carl Zeiss Meditec		80,900		7,860,374
Nemetschek		59,054		2,976,936
Norma Group 1		467,368		8,796,625
Total				27,072,680
Iceland – 1.4%
Marel		1,407,869		5,431,602
Ossur		626,200		3,708,452
Total				9,140,054
India – 1.4%
AIA Engineering		517,211		9,501,709
Total				9,501,709
Italy – 1.7%
DiaSorin		86,900		11,534,299
Total				11,534,299
Japan – 19.4%
As One		126,700		11,179,545
Benefit One		764,100		9,962,395
Cosel		1,122,700		10,257,295
Daifuku		291,900		18,499,916
Fukui Computer Holdings		405,500		8,142,668
Medikit		286,000		8,099,861
Meitec Corporation		343,800		13,682,093
NSD		789,600		10,531,597
TechnoPro Holdings		178,300		8,280,374
TKC Corporation		473,000		21,274,467
USS		795,800		10,961,531
Total				130,871,742
Netherlands – 5.7%
IMCD		277,100		19,706,703
Intertrust 1		1,500,000		18,777,839
Total				38,484,542
New Zealand – 1.8%
Fisher & Paykel Healthcare		655,500		11,882,738
Total				11,882,738
Norway – 1.5%
TGS-NOPEC Geophysical		877,100		9,842,441
Total				9,842,441
Singapore – 2.2%
XP Power		450,331		14,580,321
Total				14,580,321
Sweden – 9.2%
Alimak Group		1,113,900		9,823,772
Bravida Holding 1		1,786,528		12,624,265
Hexpol		1,664,800		9,990,121
Karnov Group		2,517,557		13,156,468
Lagercrantz Group		521,000		6,086,843
Loomis Cl. B 1		508,300		10,341,601
Total				62,023,070
Switzerland – 11.7%
Bossard Holding		106,640		12,371,456
dormakaba Holding		29,400		13,082,165
Kardex		89,300		12,477,562
LEM Holding		9,700		10,686,399
Partners Group Holding		16,700		11,551,064
VZ Holding		56,497		18,971,350
Total				79,139,996
United Kingdom – 14.8%
Ashmore Group		2,323,850		10,249,186
AVEVA Group		83,760		3,616,749
Croda International		330,500		17,478,572
Diploma		143,380		2,860,806
FDM Group Holdings 1		1,119,538		10,248,587
Marlowe 1		1,739,006		7,618,357
Restore 1		2,710,239		11,907,296
Spirax-Sarco Engineering		166,600		16,829,565
Victrex		785,100		19,162,513
Total				99,971,631
TOTAL COMMON STOCKS (Cost $672,682,616)				612,425,464
PREFERRED STOCK – 1.7%
Germany – 1.7%
FUCHS PETROLUB		335,300		11,914,023
(Cost $14,409,499)				11,914,023
REPURCHASE AGREEMENT – 7.0%
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $47,001,000 (collateralized  by obligations of various U.S. Government  Agencies, 1.375% due 10/15/22, valued at $47,945,849) (Cost $47,001,000)				47,001,000
TOTAL INVESTMENTS – 99.6% (Cost $734,093,115)				671,340,487
CASH AND OTHER ASSETS LESS LIABILITIES – 0.4%				2,615,543
NET ASSETS – 100.0%			$	673,956,030

SCHEDULES OF INVESTMENTS

ROYCE MICRO-CAP FUND

MARCH 31, 2020 (UNAUDITED) 

	SHARES		VALUE
COMMON STOCKS – 95.9%
Communication Services – 2.0%
Entertainment - 1.0% Gaia Cl. A 1		249,000	$	2,211,120
Interactive Media & Services - 0.8% QuinStreet 1		218,146		1,756,075
Media - 0.2% Marchex Cl. B 1		281,900		408,755
Total				4,375,950
Consumer Discretionary – 7.6%
Auto Components - 2.1% Fox Factory Holding 1,2		34,500		1,449,000
Stoneridge 1		134,100		2,246,175
Unique Fabricating 1		389,041		910,356
				4,605,531
Diversified Consumer Services - 0.4% Collectors Universe		56,400		883,788
Hotels, Restaurants & Leisure - 1.0% Century Casinos 1		412,100		993,161
Cheesecake Factory		28,000		478,240
Lindblad Expeditions Holdings 1		178,400		743,928
				2,215,329
Household Durables - 0.3% Lovesac Company (The) 1,2		125,400		731,082
Internet & Direct Marketing Retail - 0.9% Rubicon Project (The) 1		358,500		1,989,675
Leisure Products - 0.6% MasterCraft Boat Holdings 1		174,100		1,270,930
Specialty Retail - 1.8% Citi Trends		133,224		1,185,694
OneWater Marine Cl. A 1		106,500		814,725
Shoe Carnival		98,211		2,039,842
				4,040,261
Textiles, Apparel & Luxury Goods - 0.5% Vera Bradley 1,2		255,700		1,053,484
Total				16,790,080
Consumer Staples – 0.1%
Beverages - 0.1% Eastside Distilling 1
		274,200		318,072
Total				318,072
Energy – 2.2%
Energy Equipment & Services - 1.4% Natural Gas Services Group 1		196,787		877,670
Newpark Resources 1		475,700		426,703
Pason Systems		182,950		812,504
Profire Energy 1
		1,170,732		922,069
				3,038,946
Oil, Gas & Consumable Fuels - 0.8% Ardmore Shipping		319,875		1,679,343
Total				4,718,289
Financials – 14.7%
Banks - 6.1% Allegiance Bancshares		66,200		1,596,082
BayCom Corporation 1		119,200		1,436,360
Caribbean Investment Holdings		1,858,138		588,234
County Bancorp		92,400		1,709,400
HarborOne Bancorp 1		285,653		2,150,967
HomeTrust Bancshares		88,200		1,404,144
Howard Bancorp 1		59,800		649,428
Investar Holding		137,000		1,749,490
Midway Investments 1,3		1,858,170		0
Professional Holding Cl. A 1		31,300		499,235
TriState Capital Holdings 1		162,157		1,568,058
				13,351,398
Capital Markets - 4.5% B. Riley Financial		149,900		2,761,158
Canaccord Genuity Group		476,800		1,467,025
INTL FCStone 1		56,200		2,037,812
Silvercrest Asset Management Group Cl. A		204,000		1,929,840
Sprott		1,052,000		1,711,845
				9,907,680
Diversified Financial Services - 0.3% Waterloo Investment Holdings 1,3		2,760,000		690,000
Insurance - 0.5% Benefytt Technologies Cl. A 1,2		52,800		1,182,192
Thrifts & Mortgage Finance - 3.3% Meridian Bancorp		87,800		985,116
PCSB Financial		144,900		2,027,151
Territorial Bancorp		75,900		1,863,345
Western New England Bancorp		336,300		2,273,388
				7,149,000
Total				32,280,270
Health Care – 13.8%
Biotechnology - 3.2% BioSpecifics Technologies 1		34,300		1,940,351
CareDx 1		19,100		416,953
Dynavax Technologies 1		279,800		987,694
Heron Therapeutics 1		70,000		821,800
Zealand Pharma 1		84,600		2,916,688
				7,083,486
Health Care Equipment & Supplies - 6.7%
Apyx Medical 1		165,100		592,709
AtriCure 1		80,000		2,687,200
Chembio Diagnostics 1		389,553		1,994,511
CryoLife 1		88,755		1,501,735
Mesa Laboratories		4,700		1,062,623
Misonix 1		42,900		404,118
OrthoPediatrics Corporation 1,2		80,800		3,202,912
Profound Medical 1		117,700		1,132,422
Surmodics 1		61,422		2,046,581
				14,624,811
Health Care Providers & Services - 0.1% Sharps Compliance 1		12,500		99,250
Life Sciences Tools & Services - 3.1% Harvard Bioscience 1		807,179		1,783,866
NeoGenomics 1		107,200		2,959,792
Quanterix Corporation 1		113,600		2,086,832
				6,830,490
Pharmaceuticals - 0.7% Axsome Therapeutics 1		27,000		1,588,410
Total				30,226,447
Industrials – 22.1%
Aerospace & Defense - 1.4% Astronics Corporation 1		63,891		586,519
CPI Aerostructures 1		373,984		841,464
Kratos Defense & Security Solutions 1		122,100		1,689,864
				3,117,847
Airlines - 0.1% Hawaiian Holdings		24,400		254,736
Commercial Services & Supplies - 1.2% Acme United		49,800		1,009,446
Heritage-Crystal Clean 1		101,774		1,652,810
				2,662,256
Construction & Engineering - 5.6% Ameresco Cl. A 1		172,600		2,939,378
Construction Partners Cl. A 1,2		198,900		3,359,421
IES Holdings 1		89,800		1,584,970
Northwest Pipe 1		128,500		2,859,125
NV5 Global 1		39,500		1,630,955
				12,373,849
Electrical Equipment - 1.2% American Superconductor 1		266,600		1,460,968
Encore Wire		14,000		587,860
Power Solutions International 1,4		99,900		459,540
				2,508,368
Industrial Conglomerates - 0.4% Raven Industries		37,000		785,510
Machinery - 5.3% Alimak Group		103,200		910,148
CIRCOR International 1		80,000		930,400
Graham Corporation		168,588		2,174,785
Luxfer Holdings		129,900		1,836,786
Porvair		344,600		2,162,601
Spartan Motors		142,100		1,834,511
Wabash National		185,500		1,339,310
Westport Fuel Systems 1		433,400		407,786
				11,596,327
Marine - 1.2% Clarkson 1		89,831		2,573,910
Professional Services - 4.2% CRA International		47,783		1,596,430
Forrester Research 1		18,300		534,909
GP Strategies 1		211,618		1,377,633
Heidrick & Struggles International		92,940		2,091,150
Kforce		64,232		1,642,412
Resources Connection		181,952		1,996,014
				9,238,548
Trading Companies & Distributors - 1.5% Lawson Products 1		59,300		1,584,496
Transcat 1		65,100		1,725,150
				3,309,646
Total				48,420,997
Information Technology – 28.1%
Communications Equipment - 2.1% Digi International 1		205,900		1,964,286
EMCORE Corporation 1		362,200		811,328
Harmonic 1		306,600		1,766,016
				4,541,630
Electronic Equipment, Instruments & Components - 6.9% Fabrinet 1		27,249		1,486,705
FARO Technologies 1		49,500		2,202,750
LightPath Technologies Cl. A 1		1,115,984		1,194,103
Luna Innovations 1		269,400		1,656,810
nLIGHT 1,2		127,700		1,339,573
Novanta 1		18,042		1,441,195
PAR Technology 1		86,000		1,105,960
PC Connection		57,500		2,369,575
Vishay Precision Group 1		112,100		2,250,968
				15,047,639
IT Services - 0.4% Cass Information Systems		24,216		851,435
Semiconductors & Semiconductor Equipment - 16.0% Aehr Test Systems 1,2		869,700		1,452,399
Axcelis Technologies 1		89,700		1,642,407
AXT 1		528,300		1,695,843
Brooks Automation		39,882		1,216,401
Camtek		233,600		1,966,912
Cirrus Logic 1		31,600		2,073,908
Cohu		136,000		1,683,680
CyberOptics Corporation 1		95,700		1,637,427
Everspin Technologies 1,2		332,900		872,198
FormFactor 1		138,800		2,788,492
Ichor Holdings 1		89,600		1,716,736
Inphi Corporation 1		25,000		1,979,250
NeoPhotonics Corporation 1		391,700		2,839,825
Nova Measuring Instruments 1		91,300		2,980,945
PDF Solutions 1		211,900		2,483,468
Photronics 1		300,500		3,083,130
Silicon Motion Technology ADR		25,800		945,828
Ultra Clean Holdings 1		157,000		2,166,600
				35,225,449
Software - 2.3% Agilysys 1		124,500		2,079,150
QAD Cl. A		75,613		3,019,227
				5,098,377
Technology Hardware, Storage & Peripherals - 0.4% AstroNova		113,655		881,963
Total				61,646,493
Materials – 2.8%
Chemicals - 0.8% FutureFuel Corporation		4,300		48,461
Trecora Resources 1		282,301		1,679,691
				1,728,152
Metals & Mining - 2.0% Altius Minerals		165,400		833,288
Ferroglobe (Warranty Insurance Trust) 1,3		205,763		0
Haynes International		63,330		1,305,231
Major Drilling Group International 1		645,800		1,307,845
Universal Stainless & Alloy Products 1		114,600		883,566
				4,329,930
Total				6,058,082
Real Estate – 2.5%
Equity Real Estate Investment Trusts (REITs) - 1.3% Community Healthcare Trust		28,800		1,102,464
Postal Realty Trust Cl. A		120,100		1,899,982
				3,002,446
Real Estate Management & Development - 1.2% FRP Holdings 1		38,975		1,675,925
Marcus & Millichap 1		33,800		915,980
				2,591,905
Total				5,594,351
TOTAL COMMON STOCKS (Cost $236,050,293)				210,429,031
REPURCHASE AGREEMENT – 3.8%
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $8,450,000 (collateralized  by obligations of various U.S. Government  Agencies, 1.375% due 10/15/22, valued at $8,622,908) (Cost $8,450,000)				8,450,000
COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.1%
Money Market Funds Federated Government Obligations Fund (7 day yield-0.33%) (Cost $2,324,160)				2,324,160
TOTAL INVESTMENTS – 100.8% (Cost $246,824,453)				221,203,191
LIABILITIES LESS CASH AND OTHER ASSETS –  (0.8)%				(1,668,805	)
NET ASSETS – 100.0%			$	219,534,386

SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
MARCH 31, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 92.8%
Communication Services – 1.2%
Diversified Telecommunication Services - 0.9%
Iridium Communications 1		102,993	$	2,299,834
Ooma 1
		247,278		2,950,026
				5,249,860
Interactive Media & Services - 0.1%
Eventbrite Cl. A 1,2		85,500		624,150
Media - 0.2%
comScore 1,2		308,500		869,970
Total				6,743,980
Consumer Discretionary – 8.2%
Auto Components - 0.9%
Cooper Tire & Rubber		110,700		1,804,410
Horizon Global 1,2		863,606		1,614,943
Modine Manufacturing 1		483,737		1,572,146
Shiloh Industries 1		136,913		171,141
				5,162,640
Diversified Consumer Services - 0.6%
frontdoor 1,2		96,799		3,366,669
Hotels, Restaurants & Leisure - 1.6%
Carrols Restaurant Group 1		1,020,705		1,857,683
Century Casinos 1		263,240		634,409
Chuys Holdings 1,2		42,100		423,947
Dine Brands Global		19,100		547,788
Dunkin’ Brands Group		33,000		1,752,300
Kura Sushi USA Cl. A 1,2		93,697		1,120,616
Noodles & Company Cl. A 1		217,654		1,025,150
Scientific Games 1,2		51,241		497,038
Texas Roadhouse		28,000		1,156,400
				9,015,331
Household Durables - 2.9%
Beazer Homes USA 1		510,041		3,284,664
Century Communities 1,2		47,700		692,127
Installed Building Products 1		15,400		613,998
LGI Homes 1,2		69,070		3,118,510
M.D.C. Holdings		78,794		1,828,021
M/I Homes 1		91,048		1,505,023
New Home 1		248,650		340,651
Taylor Morrison Home 1		147,254		1,619,794
Toll Brothers		25,600		492,800
TRI Pointe Group 1		177,406		1,555,851
Turtle Beach 1,2		45,600		284,544
VOXX International Cl. A 1		261,432		745,081
				16,081,064
Internet & Direct Marketing Retail - 0.4%
Leaf Group 1		68,126		91,289
Rubicon Project (The) 1		366,566		2,034,441
				2,125,730
Specialty Retail - 1.3%
America’s Car-Mart 1		11,700		659,295
Conn’s 1		295,400		1,234,772
Hudson Cl. A 1		114,700		575,794
Lithia Motors Cl. A		29,300		2,396,447
Lumber Liquidators Holdings 1,2		542,766		2,545,572
RTW Retailwinds 1,2		248,338		52,176
				7,464,056
Textiles, Apparel & Luxury Goods - 0.5%
Jerash Holdings (US)		59,304		265,089
Unifi 1		192,854		2,227,464
Vince Holding 1		10,358		40,189
				2,532,742
Total				45,748,232
Consumer Staples – 1.0%
Beverages - 0.3%
Eastside Distilling 1		80,400		93,264
MGP Ingredients		56,803		1,527,433
Reed’s 1		255,167		121,179
				1,741,876
Food & Staples Retailing - 0.4%
Natural Grocers by Vitamin Cottage		45,100		383,801
Rite Aid 1,2		124,800		1,872,000
				2,255,801
Food Products - 0.3%
Landec Corporation 1		123,397		1,072,320
SunOpta 1		496,127		853,338
				1,925,658
Total				5,923,335
Energy – 4.0%
Energy Equipment & Services - 1.3%
Archrock		430,500		1,618,680
Aspen Aerogels 1		294,140		1,806,020
DMC Global		22,700		522,327
KLX Energy Services Holdings 1,2		341,826		239,278
Nabors Industries		471,120		183,784
Newpark Resources 1		381,326		342,049
Patterson-UTI Energy		215,185		505,685
Ranger Energy Services Cl. A 1		262,657		1,066,387
TETRA Technologies 1		464,430		148,618
U.S. Silica Holdings		401,501		722,702
				7,155,530
Oil, Gas & Consumable Fuels - 2.7%
Ardmore Shipping		360,699		1,893,670
Baytex Energy 1		1,004,400		234,527
Dorian LPG 1		524,593		4,569,205
Earthstone Energy Cl. A 1		82,704		145,559
GasLog		179,504		649,804
HighPoint Resources 1,2		108,100		20,539
Matador Resources 1		397,983		986,998
Montage Resources 1,2		265,570		597,533
Navigator Holdings 1		479,284		2,137,607
Scorpio Tankers		49,987		955,751
Teekay LNG Partners L.P.		291,143		2,850,290
				15,041,483
Total				22,197,013
Financials – 9.9%
Banks - 3.3%
Allegiance Bancshares		32,566		785,166
CenterState Bank		176,366		3,038,786
First Foundation		152,500		1,558,550
Franklin Financial Network		91,214		1,859,854
Hilltop Holdings		317,399		4,799,073
Independent Bank Group		71,658		1,696,861
Seacoast Banking Corporation of Florida 1		101,700		1,862,127
Southern National Bancorp of Virginia		99,886		982,878
Texas Capital Bancshares 1		24,400		540,948
TriState Capital Holdings 1		110,761		1,071,059
				18,195,302
Capital Markets - 2.2%
B. Riley Financial		247,617		4,561,105
Evercore Cl. A		82,100		3,781,526
Houlihan Lokey Cl. A		42,300		2,204,676
Moelis & Company Cl. A		65,400		1,837,740
				12,385,047
Insurance - 2.4%
Assured Guaranty		11,600		299,164
HCI Group		93,376		3,758,384
Heritage Insurance Holdings		460,091		4,927,575
Stewart Information Services		157,600		4,203,192
				13,188,315
Thrifts & Mortgage Finance - 2.0%
Axos Financial 1		76,300		1,383,319
MGIC Investment		63,872		405,587
NMI Holdings Cl. A 1,2		165,463		1,921,025
Radian Group		217,598		2,817,894
Walker & Dunlop		117,828		4,744,934
				11,272,759
Total				55,041,423
Health Care – 14.9%
Biotechnology - 2.2%
CareDx 1,2		206,341		4,504,424
Emergent BioSolutions 1		93,381		5,403,025
Flexion Therapeutics 1,2		267,951		2,108,774
				12,016,223
Health Care Equipment & Supplies - 4.6%
Accuray 1,2		1,003,708		1,907,045
Alphatec Holdings 1		281,400		970,830
AngioDynamics 1		181,057		1,888,424
Chembio Diagnostics 1		166,460		852,275
IntriCon Corporation 1,2		303,600		3,573,372
Invacare Corporation		688,644		5,116,625
Orthofix Medical 1		124,696		3,492,735
Ra Medical Systems 1,2		186,823		203,637
RTI Surgical Holdings 1		578,328		988,941
SmileDirectClub Cl. A 1,2		426,494		1,991,727
Varex Imaging 1		134,646		3,057,811
ViewRay 1		616,300		1,540,750
				25,584,172
Health Care Providers & Services - 7.5%
Acadia Healthcare 1,2		194,579		3,570,525
Addus HomeCare 1,2		4,700		317,720
BioTelemetry 1		109,200		4,205,292
Community Health Systems 1		1,447,414		4,834,363
Cross Country Healthcare 1		671,120		4,523,349
Option Care Health 1,2		333,371		3,157,023
Owens & Minor		963,229		8,813,545
R1 RCM 1		599,443		5,448,937
RadNet 1		93,900		986,889
Select Medical Holdings 1		172,500		2,587,500
Surgery Partners 1,2		511,670		3,341,205
				41,786,348
Health Care Technology - 0.6%
Allscripts Healthcare Solutions 1		219,728		1,546,885
Castlight Health Cl. B 1		1,029,442		744,390
Evolent Health Cl. A 1,2		242,500		1,316,775
				3,608,050
Total				82,994,793
Industrials – 20.1%
Aerospace & Defense - 0.6%
Astronics Corporation 1		179,400		1,646,892
Ducommun 1		41,200		1,023,820
Triumph Group		125,101		845,683
				3,516,395
Air Freight & Logistics - 0.6%
Atlas Air Worldwide Holdings 1		123,898		3,180,462
Airlines - 0.3%
Hawaiian Holdings		30,700		320,508
JetBlue Airways 1		54,200		485,090
Mesa Air Group 1,2		274,700		903,763
				1,709,361
Building Products - 1.9%
American Woodmark 1		46,200		2,105,334
Builders FirstSource 1		70,695		864,600
Gibraltar Industries 1		9,200		394,864
Griffon Corporation		209,759		2,653,451
Insteel Industries		148,850		1,972,262
JELD-WEN Holding 1		103,900		1,010,947
PGT Innovations 1		221,843		1,861,263
				10,862,721
Commercial Services & Supplies - 0.8%
ABM Industries		42,100		1,025,556
Covanta Holding Corporation		95,200		813,960
Interface		81,672		617,440
Pitney Bowes		636,494		1,298,448
Team 1		96,886		629,759
				4,385,163
Construction & Engineering - 5.0%
Aegion Corporation 1		147,216		2,639,583
Ameresco Cl. A 1		338,530		5,765,166
Arcosa		151,525		6,021,603
Concrete Pumping Holdings 1,2		87,038		248,929
Construction Partners Cl. A 1,2		252,408		4,263,171
Great Lakes Dredge & Dock 1		68,116		565,363
Northwest Pipe 1		228,301		5,079,697
Primoris Services		192,880		3,066,792
				27,650,304
Electrical Equipment - 1.6%
Bloom Energy Cl. A 1,2		397,100		2,076,833
Encore Wire		11,600		487,084
Generac Holdings 1		43,585		4,060,815
LSI Industries		462,953		1,749,962
Power Solutions International 1,4		163,572		752,431
				9,127,125
Machinery - 5.5%
Astec Industries		104,135		3,641,601
Commercial Vehicle Group 1		391,874		591,730
Gencor Industries 1		26,199		275,089
Hurco Companies		71,765		2,088,361
Hyster-Yale Materials Handling Cl. A		92,964		3,726,927
LiqTech International 1,2		238,100		1,021,449
Lydall 1		283,726		1,832,870
Manitex International 1		264,872		1,093,921
Meritor 1		69,308		918,331
Mueller Water Products		298,372		2,389,960
NN 1		154,172		266,718
Park-Ohio Holdings		51,790		980,903
Spartan Motors		291,438		3,762,465
TriMas Corporation 1		110,510		2,552,781
Trinity Industries		160,300		2,576,021
Wabash National		73,400		529,948
Westport Fuel Systems 1		2,313,733		2,176,991
				30,426,066
Marine - 0.2%
Eagle Bulk Shipping 1		333,333		616,666
Scorpio Bulkers		283,487		717,222
				1,333,888
Professional Services - 0.9%
CoreLogic		72,400		2,211,096
GP Strategies 1		250,445		1,630,397
Mistras Group 1		328,400		1,398,984
				5,240,477
Road & Rail - 0.4%
Hertz Global Holdings 1,2		388,768		2,402,586
Trading Companies & Distributors - 2.3%
Air Lease Cl. A		224,538		4,971,272
Fortress Transportation & Infrastructure Investors		49,200		403,440
General Finance 1		210,284		1,312,172
Herc Holdings 1		193,398		3,956,923
United Rentals 1,2		18,700		1,924,230
				12,568,037
Total				112,402,585
Information Technology – 23.8%
Communications Equipment - 3.9%
ADTRAN		37,500		288,000
Aviat Networks 1		51,899		441,142
CalAmp Corporation 1		482,242		2,170,089
Ciena Corporation 1		48,173		1,917,767
CommScope Holding Company 1,2		75,800		690,538
Comtech Telecommunications		174,542		2,319,663
DASAN Zhone Solutions 1		196,400		822,916
Digi International 1		328,700		3,135,798
EMCORE Corporation 1		109,264		244,751
Extreme Networks 1		199,800		617,382
Infinera Corporation 1,2		661,346		3,505,134
InterDigital		60,300		2,691,189
PCTEL		290,320		1,930,628
Ribbon Communications 1		241,782		732,599
				21,507,596
Electronic Equipment, Instruments & Components - 3.9%
Fabrinet 1		44,305		2,417,281
Frequency Electronics 1		325,535		2,975,390
Identiv 1		453,420		1,532,559
II-VI 1		240,768		6,861,888
KEMET Corporation 1		209,505		5,061,641
Perceptron 1		138,518		398,932
Vishay Intertechnology		182,024		2,622,966
				21,870,657
IT Services - 1.3%
Limelight Networks 1		960,624		5,475,557
Perspecta		108,059		1,970,996
				7,446,553
Semiconductors & Semiconductor Equipment - 9.2%
Advanced Energy Industries 1		100,700		4,882,943
Alpha & Omega Semiconductor 1		741,525		4,753,175
Amkor Technology 1,2		395,900		3,084,061
Amtech Systems 1		249,575		1,085,651
Axcelis Technologies 1		29,800		545,638
AXT 1		289,506		929,314
Brooks Automation		60,920		1,858,060
Cohu		181,776		2,250,387
FormFactor 1		203,113		4,080,540
Ichor Holdings 1,2		79,194		1,517,357
Kulicke & Soffa Industries		224,565		4,686,671
MACOM Technology Solutions Holdings 1,2		320,139		6,060,231
MKS Instruments		23,500		1,914,075
Onto Innovation 1		217,119		6,441,921
Ultra Clean Holdings 1		284,527		3,926,473
Veeco Instruments 1		308,887		2,956,049
				50,972,546
Software - 3.7%
A10 Networks 1		751,726		4,668,219
Asure Software 1		166,149		990,248
Avaya Holdings 1,2		518,154		4,191,866
Cloudera 1,2		297,700		2,342,899
Ebix		162,700		2,469,786
Kaleyra 1,2		20,200		147,460
SecureWorks Corporation Cl. A 1,2		263,430		3,032,079
Telaria 1		491,177		2,947,062
				20,789,619
Technology Hardware, Storage & Peripherals - 1.8%
Avid Technology 1		846,715		5,698,392
Intevac 1		616,662		2,522,148
NCR Corporation 1		51,565		912,700
3D Systems 1		118,187		911,222
				10,044,462
Total				132,631,433
Materials – 8.0%
Chemicals - 3.0%
American Vanguard		76,700		1,109,082
Ferro Corporation 1		201,167		1,882,923
Huntsman Corporation		205,600		2,966,808
Intrepid Potash 1		892,800		714,240
Kraton Corporation 1		364,045		2,948,764
Livent Corporation 1,2		347,500		1,824,375
Olin Corporation		269,400		3,143,898
Trecora Resources 1		313,966		1,868,098
				16,458,188
Construction Materials - 1.4%
Forterra 1		744,976		4,454,956
U.S. Concrete 1,2		195,519		3,546,715
				8,001,671
Metals & Mining - 3.1%
Allegheny Technologies 1		82,714		703,069
Carpenter Technology		44,612		869,934
Century Aluminum 1		621,710		2,250,590
Cleveland-Cliffs		698,349		2,758,479
Commercial Metals		165,609		2,614,966
Ferroglobe 1		992,078		451,396
Haynes International		114,888		2,367,842
Noranda Aluminum Holding Corporation 1,4		488,157		2,050
Synalloy Corporation 1		374,221		3,266,949
TimkenSteel Corporation 1		121,175		391,395
Universal Stainless & Alloy Products 1		227,941		1,757,425
				17,434,095
Paper & Forest Products - 0.5%
Glatfelter (P. H.) Company		204,900		2,503,878
Louisiana-Pacific		26,800		460,424
				2,964,302
Total				44,858,256
Real Estate – 1.5%
Equity Real Estate Investment Trusts (REITs) - 0.9%
Armada Hoffler Properties		277,433		2,968,533
CatchMark Timber Trust Cl. A		199,200		1,438,224
Ryman Hospitality Properties		16,300		584,355
				4,991,112
Real Estate Management & Development - 0.6%
Realogy Holdings 1		295,020		888,010
Tejon Ranch 1		167,106		2,349,511
				3,237,521
Total				8,228,633
Utilities – 0.2%
Water Utilities - 0.2%
Pure Cycle 1		114,999		1,282,239
Total				1,282,239
TOTAL COMMON STOCKS
(Cost $709,287,833)				518,051,922
REPURCHASE AGREEMENT – 6.4%
Fixed Income Clearing Corporation,
0.00% dated 3/31/20, due 4/1/20,
maturity value $35,572,000 (collateralized
by obligations of various U.S. Government
Agencies, 1.375% due 10/15/22, valued at $36,286,561)
(Cost $35,572,000)				35,572,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 3.3%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.33%)
(Cost $18,311,046)				18,311,046
TOTAL INVESTMENTS – 102.5%
(Cost $763,170,879)				571,934,968
LIABILITIES LESS CASH
AND OTHER ASSETS – (2.5)%				(14,148,447	)
NET ASSETS – 100.0%			$	557,786,521

SCHEDULES OF INVESTMENTS

ROYCE PENNSYLVANIA MUTUAL FUND
MARCH 31, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.7%
Communication Services – 1.2%
Diversified Telecommunication Services - 0.5%
Bandwidth Cl. A 1,2		86,935	$	5,849,856
Media - 0.7%
Liberty Latin America Cl. C 1,2		281,143		2,884,527
Media General (Rights) 1,3		102,272		0
Meredith Corporation		128,923		1,575,439
Nexstar Media Group Cl. A		23,725		1,369,645
Saga Communications Cl. A		115,961		3,190,087
				9,019,698
Total				14,869,554
Consumer Discretionary – 7.0%
Auto Components - 1.7%
Dorman Products 1		109,180		6,034,379
Gentex Corporation		226,552		5,020,392
LCI Industries		128,870		8,612,382
Stoneridge 1		116,469		1,950,856
				21,618,009
Automobiles - 0.3%
Winnebago Industries		158,610		4,410,944
Distributors - 0.2%
LKQ Corporation 1		131,323		2,693,435
Diversified Consumer Services - 0.2%
Regis Corporation 1		349,853		2,067,631
Hotels, Restaurants & Leisure - 0.4%
Century Casinos 1		615,967		1,484,481
Cheesecake Factory		31,900		544,852
Hilton Grand Vacations 1		191,499		3,019,939
				5,049,272
Household Durables - 0.4%
Cavco Industries 1		4,200		608,748
Ethan Allen Interiors		13,928		142,344
La-Z-Boy		39,906		820,069
Legacy Housing 1,2		189,025		1,748,481
PulteGroup		93,800		2,093,616
				5,413,258
Internet & Direct Marketing Retail - 0.4%
Etsy 1		118,283		4,546,798
Leisure Products - 0.6%
Brunswick Corporation		92,100		3,257,577
Johnson Outdoors Cl. A		28,015		1,756,541
MasterCraft Boat Holdings 1,2		340,601		2,486,387
				7,500,505
Specialty Retail - 2.2%
American Eagle Outfitters		310,666		2,469,795
America’s Car-Mart 1		95,046		5,355,842
Asbury Automotive Group 1		49,743		2,747,306
Caleres		197,284		1,025,877
Children’s Place 1		60,209		1,177,688
Designer Brands Cl. A		431,283		2,147,789
Monro		50,639		2,218,495
OneWater Marine Cl. A 1		187,500		1,434,375
Rent-A-Center		391,372		5,534,000
Shoe Carnival		203,991		4,236,893
				28,348,060
Textiles, Apparel & Luxury Goods - 0.6%
Canada Goose Holdings 1,2		122,179		2,430,140
G-III Apparel Group 1		295,632		2,276,366
Movado Group 1		14,923		176,390
Wolverine World Wide		218,755		3,325,076
				8,207,972
Total				89,855,884
Consumer Staples – 1.7%
Food Products - 0.6%
Industrias Bachoco ADR Ser. B		20,037		681,258
Nomad Foods 1,2		154,056		2,859,279
Seneca Foods Cl. A 1		104,533		4,158,323
Tootsie Roll Industries		421		15,132
				7,713,992
Personal Products - 1.1%
BellRing Brands Cl. A 1		190,076		3,240,796
e.l.f. Beauty 1		293,500		2,888,040
Inter Parfums		177,526		8,228,330
				14,357,166
Total				22,071,158
Energy– 2.7%
Energy Equipment & Services - 2.5%
DMC Global		31,363		721,663
Era Group 1		544,900		2,904,317
Helmerich & Payne		73,147		1,144,751
Oil States International 1		9,750		19,792
Pason Systems		1,106,349		4,913,438
SEACOR Holdings 1		485,358		13,085,252
SEACOR Marine Holdings 1		701,179		3,071,164
Solaris Oilfield Infrastructure Cl. A		151,605		795,926
TGS-NOPEC Geophysical		517,270		5,804,582
				32,460,885
Oil, Gas & Consumable Fuels - 0.2%
Bonanza Creek Energy 1		111,115		1,250,044
EQT Corporation		49,787		351,994
Penn Virginia 1,2		118,865		367,293
				1,969,331
Total				34,430,216
Financials – 15.8%
Banks - 4.0%
BOK Financial		77,519		3,299,209
Camden National		110,221		3,466,450
CIT Group		100,000		1,726,000
City Holding Company		45,780		3,045,743
CNB Financial		156,781		2,958,458
Financial Institutions		98,667		1,789,819
First Citizens BancShares Cl. A		42,871		14,270,470
National Bankshares		117,442		3,746,400
Northrim BanCorp		87,892		2,373,084
Popular		204,049		7,141,715
TriState Capital Holdings 1,2		102,161		987,897
Unity Bancorp		84,105		984,029
Webster Financial		258,286		5,914,749
				51,704,023
Capital Markets - 6.8%
Ares Management Cl. A		498,293		15,412,203
Artisan Partners Asset Management Cl. A		134,502		2,890,448
B. Riley Financial		69,658		1,283,100
Diamond Hill Investment Group		36,016		3,250,084
Evercore Cl. A		86,341		3,976,866
Houlihan Lokey Cl. A		259,847		13,543,226
Lazard Cl. A		230,750		5,436,470
Moelis & Company Cl. A		131,324		3,690,204
Morningstar		96,994		11,275,553
SEI Investments		168,119		7,790,634
Sprott		1,716,948		2,793,868
TMX Group		73,600		5,479,338
Tradeweb Markets Cl. A		86,400		3,632,256
Virtu Financial Cl. A		384,323		8,001,605
				88,455,855
Diversified Financial Services - 0.1%
Onex Corporation		50,000		1,830,100
Insurance - 3.1%
Alleghany Corporation		8,775		4,846,871
Assured Guaranty		193,882		5,000,217
E-L Financial		25,518		10,843,291
FBL Financial Group Cl. A		82,812		3,864,836
Kingstone Companies		152,713		780,364
ProAssurance Corporation		197,321		4,933,025
RLI Corp.		68,753		6,045,451
Trupanion 1,2		134,051		3,489,348
				39,803,403
Thrifts & Mortgage Finance - 1.8%
Axos Financial 1,2		122,961		2,229,283
Genworth MI Canada		488,429		10,852,821
Southern Missouri Bancorp		60,483		1,467,922
Timberland Bancorp		96,237		1,760,175
TrustCo Bank Corp. NY		580,930		3,142,831
WSFS Financial		138,559		3,452,890
				22,905,922
Total				204,699,303
Health Care – 8.1%
Biotechnology - 0.6%
BioSpecifics Technologies 1,2		57,158		3,233,428
CareDx 1,2		34,820		760,121
Coherus BioSciences 1,2		56,500		916,430
Eagle Pharmaceuticals 1,2		7,362		338,652
Pfenex 1,2		93,189		821,927
Zealand Pharma 1		63,722		2,196,893
				8,267,451
Health Care Equipment & Supplies - 3.1%
AtriCure 1		35,243		1,183,812
Atrion Corporation		8,442		5,487,300
BioLife Solutions 1		278,716		2,647,802
CryoLife 1		63,358		1,072,017
Haemonetics 1		61,169		6,096,103
Hill-Rom Holdings		45,576		4,584,946
Masimo Corporation 1		10,000		1,771,200
Mesa Laboratories		50,145		11,337,283
Misonix 1		18,800		177,096
OrthoPediatrics Corporation 1,2		13,500		535,140
STAAR Surgical 1,2		86,141		2,778,909
Tandem Diabetes Care 1		37,586		2,418,659
				40,090,267
Health Care Providers & Services - 2.3%
AMN Healthcare Services 1,2		97,919		5,660,698
Encompass Health		139,160		8,910,415
Ensign Group (The)		76,535		2,878,481
National Research		125,963		5,728,797
Pennant Group 1		24,527		347,302
U.S. Physical Therapy		94,684		6,533,196
				30,058,889
Health Care Technology - 0.4%
Simulations Plus		145,570		5,083,304
Life Sciences Tools & Services - 1.6%
Bio-Techne		57,270		10,859,537
ICON 1		31,848		4,331,328
NeoGenomics 1		62,083		1,714,112
PRA Health Sciences 1,2		9,949		826,165
Quanterix Corporation 1,2		122,399		2,248,470
				19,979,612
Pharmaceuticals - 0.1%
Supernus Pharmaceuticals 1		95,317		1,714,753
Total				105,194,276
Industrials – 27.8%
Aerospace & Defense - 1.7%
HEICO Corporation		140,087		10,451,891
HEICO Corporation Cl. A		63,610		4,064,679
Hexcel Corporation		32,232		1,198,708
Magellan Aerospace		265,771		1,229,425
Vectrus 1		138,119		5,719,508
				22,664,211
Air Freight & Logistics - 0.8%
Forward Air		100,469		5,088,755
Hub Group Cl. A 1		107,918		4,907,031
				9,995,786
Airlines - 0.0%
Spirit Airlines 1,2		11,897		153,352
Building Products - 1.2%
Apogee Enterprises		73,798		1,536,474
Gibraltar Industries 1		106,327		4,563,555
Patrick Industries		158,191		4,454,659
Simpson Manufacturing		82,299		5,100,892
Universal Forest Products		12,800		476,032
				16,131,612
Commercial Services & Supplies - 1.7%
Healthcare Services Group		163,811		3,916,721
Heritage-Crystal Clean 1		154,283		2,505,556
Kimball International Cl. B		419,617		4,997,638
Knoll		27,840		287,309
Mobile Mini		82,807		2,172,028
PICO Holdings 1		325,026		2,528,702
Steelcase Cl. A		16,232		160,210
UniFirst Corporation		39,285		5,935,571
				22,503,735
Construction & Engineering - 2.2%
Arcosa		316,212		12,566,265
Comfort Systems USA		126,731		4,632,018
Construction Partners Cl. A 1,2		144,891		2,447,209
MasTec 1		1,900		62,187
Sterling Construction 1		8,968		85,196
Valmont Industries		76,725		8,131,315
				27,924,190
Electrical Equipment - 1.3%
Bloom Energy Cl. A 1,2		50,000		261,500
Encore Wire		73,804		3,099,030
EnerSys		13,401		663,617
Hubbell Incorporated		8,335		956,358
Preformed Line Products		209,453		10,437,043
Sensata Technologies Holding 1,2		28,700		830,291
				16,247,839
Industrial Conglomerates - 1.2%
Carlisle Companies		36,313		4,549,293
Raven Industries		505,204		10,725,481
				15,274,774
Machinery - 9.5%
Alamo Group		10,801		958,913
Colfax Corporation 1,2		566,834		11,223,313
ESCO Technologies		79,509		6,035,528
Federal Signal		58,151		1,586,359
Graco		180,999		8,820,081
Graham Corporation		72,292		932,567
Helios Technologies		327,410		12,415,387
John Bean Technologies		116,550		8,656,169
Kadant		123,728		9,236,295
Lincoln Electric Holdings		156,617		10,806,573
Lindsay Corporation		118,390		10,842,156
Luxfer Holdings		34,100		482,174
Mayville Engineering 1		102,309		627,154
Meritor 1		558,714		7,402,961
Miller Industries		205,051		5,798,842
Nordson Corporation		48,336		6,528,744
RBC Bearings 1		54,522		6,149,537
Tennant Company		250,680		14,526,906
				123,029,659
Marine - 1.1%
Clarkson 1		350,000		10,028,481
Eagle Bulk Shipping 1		377,886		699,089
Kirby Corporation 1		70,297		3,055,811
				13,783,381
Professional Services - 2.5%
Exponent		74,566		5,362,041
Forrester Research 1		180,533		5,276,980
GP Strategies 1		85,313		555,388
Heidrick & Struggles International		314,833		7,083,742
Kforce		110,800		2,833,156
Korn Ferry		236,619		5,754,574
ManpowerGroup		10,247		542,989
Morneau Shepell		53,600		1,081,293
Resources Connection		204,684		2,245,383
Upwork 1,2		298,460		1,925,067
				32,660,613
Road & Rail - 2.2%
ArcBest		239,947		4,203,871
Landstar System		137,120		13,144,323
Saia 1		69,162		5,086,174
Universal Logistics Holdings		430,275		5,636,603
				28,070,971
Trading Companies & Distributors - 2.4%
Air Lease Cl. A		305,115		6,755,246
Applied Industrial Technologies		121,091		5,536,281
BMC Stock Holdings 1,2		258,085		4,575,847
EVI Industries 1,2		458,404		7,233,615
Lawson Products 1		8,800		235,136
Richelieu Hardware		310,641		4,906,949
Watsco		9,849		1,556,437
				30,799,511
Total				359,239,634
Information Technology – 21.7%
Communications Equipment - 0.2%
ADTRAN		61,465		472,051
Digi International 1		287,193		2,739,821
NetScout Systems 1,2		11,938		282,573
				3,494,445
Electronic Equipment, Instruments & Components - 8.4%
Badger Meter		77,200		4,137,920
Cognex Corporation		104,493		4,411,694
Coherent 1		90,691		9,650,429
Dolby Laboratories Cl. A		84,640		4,588,334
ePlus 1		8,700		544,794
Fabrinet 1		182,032		9,931,666
FARO Technologies 1		233,398		10,386,211
FLIR Systems		427,601		13,636,196
HollySys Automation Technologies		71,531		922,750
Insight Enterprises 1		189,493		7,983,340
IPG Photonics 1		46,231		5,098,355
Kimball Electronics 1		186,492		2,036,493
Littelfuse		9,333		1,245,209
Luna Innovations 1		185,900		1,143,285
Methode Electronics		35,648		942,177
MTS Systems		43,710		983,475
National Instruments		261,316		8,644,333
PAR Technology 1		321,789		4,138,207
PC Connection		182,249		7,510,481
Plexus Corporation 1		2,300		125,488
Rogers Corporation 1		18,000		1,699,560
Sanmina Corporation 1		192,160		5,242,125
Vishay Intertechnology		138,090		1,989,877
Vishay Precision Group 1		77,156		1,549,292
				108,541,691
IT Services - 1.2%
Computer Services 4		6,279		252,604
Hackett Group (The)		7,700		97,944
KBR		514,874		10,647,595
MAXIMUS		60,050		3,494,910
Switch Cl. A		8,556		123,463
WEX 1,2		7,900		825,945
				15,442,461
Semiconductors & Semiconductor Equipment - 7.0%
Advanced Energy Industries 1		35,601		1,726,293
Axcelis Technologies 1		239,616		4,387,369
Brooks Automation		187,913		5,731,347
Cabot Microelectronics		120,757		13,783,204
Cirrus Logic 1		197,140		12,938,298
Cohu		122,418		1,515,535
Diodes 1		195,294		7,935,772
Entegris		164,616		7,369,858
FormFactor 1		183,166		3,679,805
Kulicke & Soffa Industries		322,151		6,723,291
Lattice Semiconductor 1		187,271		3,337,169
MKS Instruments		140,280		11,425,806
Nova Measuring Instruments 1,2		95,954		3,132,898
Onto Innovation 1,2		75,220		2,231,777
Photronics 1		142,794		1,465,066
Silicon Motion Technology ADR		60,370		2,213,164
Ultra Clean Holdings 1		89,571		1,236,080
				90,832,732
Software - 4.9%
ACI Worldwide 1		237,597		5,737,968
Agilysys 1		93,087		1,554,553
Avalara 1		27,300		2,036,580
Cloudflare Cl. A 1		168,311		3,951,942
Descartes Systems Group (The) 1		104,547		3,595,371
Elastic 1,2		54,400		3,036,064
Envestnet 1,2		10,000		537,800
Everbridge 1,2		10,700		1,138,052
Fair Isaac 1		28,168		8,667,012
Five9 1,2		26,418		2,019,920
j2 Global 1		78,677		5,888,973
Manhattan Associates 1		77,664		3,869,221
QAD Cl. A		45,841		1,830,431
Qualys 1,2		46,927		4,082,180
SPS Commerce 1		70,805		3,293,141
SVMK 1,2		337,645		4,561,584
Upland Software 1,2		270,015		7,241,802
				63,042,594
Total				281,353,923
Materials – 9.5%
Chemicals - 4.5%
Balchem Corporation		129,022		12,737,052
Element Solutions 1,2		1,076,749		9,001,622
Huntsman Corporation		74,005		1,067,892
Innospec		137,742		9,571,692
Minerals Technologies		215,484		7,813,450
Quaker Chemical		130,297		16,453,905
Sensient Technologies		23,379		1,017,220
Westlake Chemical		13,502		515,371
				58,178,204
Construction Materials - 0.1%
Imerys		40,000		1,006,512
Containers & Packaging - 0.7%
AptarGroup		94,054		9,362,135
Metals & Mining - 3.0%
Alamos Gold Cl. A		2,522,435		12,672,220
Franco-Nevada		92,738		9,229,286
Haynes International		37,450		771,844
IAMGOLD Corporation 1		795,894		1,814,638
Pretium Resources 1		89,241		509,206
Reliance Steel & Aluminum		155,349		13,607,019
				38,604,213
Paper & Forest Products - 1.2%
Stella-Jones		737,201		16,060,956
Total				123,212,020
Real Estate – 3.2%
Real Estate Management & Development - 3.2%
FRP Holdings 1		244,688		10,521,584
Jones Lang LaSalle		16,515		1,667,685
Kennedy-Wilson Holdings		654,921		8,789,040
Marcus & Millichap 1		402,185		10,899,213
St. Joe Company (The) 1		246,454		4,135,498
Tejon Ranch 1		407,307		5,726,736
Total				41,739,756
TOTAL COMMON STOCKS
(Cost $1,158,601,264)				1,276,665,724
REPURCHASE AGREEMENT – 0.7%
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $9,668,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $9,864,358) (Cost $9,668,000)				9,668,000
COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.4%
Money Market Funds Federated Government Obligations Fund (7 day yield-0.33%) (Cost $18,287,979)				18,287,979
TOTAL INVESTMENTS – 100.8%
(Cost $1,186,557,243)				1,304,621,703
LIABILITIES LESS CASH AND OTHER ASSETS – (0.8)%				(10,473,405	)
NET ASSETS – 100.0%			$	1,294,148,298

SCHEDULES OF INVESTMENTS

ROYCE PREMIER FUND

MARCH 31, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 100.2%
Consumer Discretionary – 4.0%
Auto Components - 2.4%
Dorman Products 1		229,595	$	12,689,716
LCI Industries		252,919		16,902,577
				29,592,293
Distributors - 1.6%
Pool Corporation		101,991		20,068,769
Total				49,661,062
Consumer Staples – 0.5%
Personal Products - 0.5%
Inter Parfums		124,994		5,793,472
Total				5,793,472
Energy – 3.4%
Energy Equipment & Services - 3.4%
Pason Systems		3,009,000		13,363,355
SEACOR Holdings 1		626,395		16,887,609
TGS-NOPEC Geophysical		1,134,000		12,725,263
Total				42,976,227
Financials – 15.5%
Capital Markets - 10.4%
Ares Management Cl. A		1,137,578		35,185,288
Ashmore Group		6,431,500		28,365,702
Lazard Cl. A		417,183		9,828,832
Morningstar		324,644		37,739,865
TMX Group		268,494		19,988,713
				131,108,400
Insurance - 3.4%
Alleghany Corporation		51,600		28,501,260
ProAssurance Corporation		584,607		14,615,175
				43,116,435
Thrifts & Mortgage Finance - 1.7%
Genworth MI Canada		938,365		20,850,333
Total				195,075,168
Health Care – 5.8%
Health Care Equipment & Supplies - 3.9%
Haemonetics 1		242,100		24,127,686
Mesa Laboratories		111,079		25,113,851
				49,241,537
Life Sciences Tools & Services - 1.9%
Bio-Techne		127,778		24,229,264
Total				73,470,801
Industrials – 36.4%
Air Freight & Logistics - 2.0%
Forward Air		485,163		24,573,506
Building Products - 1.6%
Simpson Manufacturing		329,251		20,406,977
Commercial Services & Supplies - 1.8%
Ritchie Bros. Auctioneers		646,246		22,088,688
Construction & Engineering - 1.7%
Valmont Industries		196,649		20,840,861
Industrial Conglomerates - 1.3%
Raven Industries		758,195		16,096,480
Machinery - 20.4%
CIRCOR International 1		441,380		5,133,249
Colfax Corporation 1,2		1,375,182		27,228,604
ESCO Technologies		250,000		18,977,500
Franklin Electric		64,435		3,036,822
Helios Technologies		690,465		26,182,433
John Bean Technologies		419,670		31,168,891
Kadant		242,171		18,078,065
Lincoln Electric Holdings		507,510		35,018,190
Lindsay Corporation		427,385		39,139,918
RBC Bearings 1		134,575		15,178,714
Tennant Company		368,973		21,381,985
Woodward		261,839		15,563,710
				256,088,081
Marine - 2.7%
Clarkson 1		510,106		14,615,967
Kirby Corporation 1		447,819		19,466,692
				34,082,659
Professional Services - 0.7%
Forrester Research 1		323,330		9,450,936
Road & Rail - 1.9%
Landstar System		252,125		24,168,703
Trading Companies & Distributors - 2.3%
Air Lease Cl. A		1,287,547		28,506,291
Total				456,303,182
Information Technology – 23.6%
Electronic Equipment, Instruments & Components - 10.6%
Cognex Corporation		555,770		23,464,610
Coherent 1		300,257		31,950,347
FARO Technologies 1		460,663		20,499,504
IPG Photonics 1		110,712		12,209,319
National Instruments		859,275		28,424,817
Rogers Corporation 1		170,000		16,051,400
				132,599,997
IT Services - 1.5%
Jack Henry & Associates		123,178		19,122,153
Semiconductors & Semiconductor Equipment - 7.1%
Cabot Microelectronics		321,764		36,726,143
Cirrus Logic 1		256,662		16,844,727
MKS Instruments		432,348		35,214,744
				88,785,614
Software - 4.4%
Fair Isaac 1		105,005		32,308,988
Manhattan Associates 1		465,674		23,199,879
				55,508,867
Total				296,016,631
Materials – 9.9%
Chemicals - 5.2%
Innospec		426,610		29,645,129
Quaker Chemical		277,780		35,078,058
				64,723,187
Metals & Mining - 2.6%
Reliance Steel & Aluminum		374,331		32,787,652
Paper & Forest Products - 2.1%
Stella-Jones		1,223,000		26,644,767
Total				124,155,606
Real Estate – 1.1%
Real Estate Management & Development - 1.1%
Kennedy-Wilson Holdings		1,026,399		13,774,275
Total				13,774,275
TOTAL COMMON STOCKS
(Cost $1,019,202,878)				1,257,226,424
REPURCHASE AGREEMENT – 1.2%
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $15,258,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $15,564,684) (Cost $15,258,000)				15,258,000
TOTAL INVESTMENTS – 101.4%
(Cost $1,034,460,878)				1,272,484,424
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.4)%				(17,705,431	)
NET ASSETS – 100.0%			$	1,254,778,993

SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP VALUE FUND
MARCH 31, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.4%
Communication Services – 1.5%
Media - 1.5%
Saga Communications Cl. A		54,029	$	1,486,338
Total				1,486,338
Consumer Discretionary – 12.3%
Auto Components - 0.6%
Gentex Corporation		24,627		545,734
Hotels, Restaurants & Leisure - 1.5%
Cheesecake Factory		17,100		292,068
Hilton Grand Vacations 1		76,101		1,200,113
				1,492,181
Household Durables - 1.7%
La-Z-Boy		22,102		454,196
PulteGroup		51,900		1,158,408
				1,612,604
Leisure Products - 0.4%
MasterCraft Boat Holdings 1		48,513		354,145
Specialty Retail - 7.0%
American Eagle Outfitters		173,345		1,378,093
Caleres		99,525		517,530
Designer Brands Cl. A		228,348		1,137,173
OneWater Marine Cl. A 1		67,957		519,871
Rent-A-Center		119,770		1,693,548
Shoe Carnival		72,838		1,512,845
				6,759,060
Textiles, Apparel & Luxury Goods - 1.1%
G-III Apparel Group 1		83,900		646,030
Steven Madden		19,249		447,154
				1,093,184
Total				11,856,908
Consumer Staples – 0.6%
Food & Staples Retailing - 0.6%
Village Super Market Cl. A		21,600		530,928
Total				530,928
Energy – 2.5%
Energy Equipment & Services - 1.4%
DMC Global		17,857		410,889
Helmerich & Payne		30,984		484,900
Solaris Oilfield Infrastructure Cl. A		74,211		389,608
				1,285,397
Oil, Gas & Consumable Fuels - 1.1%
Bonanza Creek Energy 1		61,177		688,241
Dorchester Minerals L.P.		19,034		177,206
Penn Virginia 1,2		64,740		200,047
				1,065,494
Total				2,350,891
Financials – 29.0%
Banks - 12.7%
Ames National		77,693		1,588,822
Camden National		48,201		1,515,921
City Holding Company		21,676		1,442,104
CNB Financial		76,510		1,443,744
Codorus Valley Bancorp		35,679		574,432
Financial Institutions		34,766		630,655
Landmark Bancorp		23,280		474,912
MidWestOne Financial Group		30,886		646,753
National Bankshares		58,863		1,877,730
Northrim BanCorp		46,488		1,255,176
Unity Bancorp		64,858		758,839
				12,209,088
Capital Markets - 6.3%
Evercore Cl. A		46,644		2,148,423
Houlihan Lokey Cl. A		34,895		1,818,727
Moelis & Company Cl. A		71,619		2,012,494
Pzena Investment Management Cl. A		15,192		67,756
				6,047,400
Insurance - 3.8%
James River Group Holdings		47,005		1,703,462
Kingstone Companies		102,119		521,828
Reinsurance Group of America		16,936		1,424,995
				3,650,285
Thrifts & Mortgage Finance - 6.2%
Genworth MI Canada		66,814		1,484,597
Southern Missouri Bancorp		32,349		785,110
Timberland Bancorp		45,271		828,007
TrustCo Bank Corp. NY		262,747		1,421,461
WSFS Financial		57,426		1,431,056
				5,950,231
Total				27,857,004
Health Care – 5.2%
Biotechnology - 1.5%
Catalyst Pharmaceuticals 1,2		236,238		909,516
Coherus BioSciences 1		31,400		509,308
				1,418,824
Health Care Providers & Services - 3.0%
AMN Healthcare Services 1		21,825		1,261,703
Ensign Group (The)		38,965		1,465,474
Pennant Group 1		10,313		146,032
				2,873,209
Pharmaceuticals - 0.7%
Supernus Pharmaceuticals 1
		40,800		733,992
Total				5,026,025
Industrials – 28.1%
Aerospace & Defense - 3.1%
Magellan Aerospace		161,900		748,930
Vectrus 1		53,201		2,203,053
				2,951,983
Building Products - 0.3%
Universal Forest Products		7,100		264,049
Commercial Services & Supplies - 2.2%
Herman Miller		14,499		321,878
Kimball International Cl. B		137,354		1,635,886
Knoll		16,553		170,827
				2,128,591
Construction & Engineering - 1.8%
Comfort Systems USA		46,038		1,682,689
MasTec 1		1,100		36,003
				1,718,692
Electrical Equipment - 0.5%
EnerSys		9,714		481,037
Machinery - 6.0%
Alamo Group		5,963		529,395
Commercial Vehicle Group 1		275,384		415,830
Federal Signal		34,210		933,249
Mayville Engineering 1		23,886		146,421
Meritor 1		61,984		821,288
Miller Industries		104,577		2,957,438
				5,803,621
Professional Services - 8.0%
Heidrick & Struggles International		115,034		2,588,265
Kforce		55,010		1,406,606
Korn Ferry		72,960		1,774,387
Resources Connection		80,220		880,014
Robert Half International		26,916		1,016,079
				7,665,351
Road & Rail - 4.6%
ArcBest		88,423		1,549,171
Old Dominion Freight Line		6,246		819,850
Saia 1		8,841		650,167
Werner Enterprises		38,254		1,387,090
				4,406,278
Trading Companies & Distributors - 1.6%
BMC Stock Holdings 1		88,655		1,571,853
Total				26,991,455
Information Technology – 15.4%
Electronic Equipment, Instruments & Components - 12.3%
ePlus 1		4,700		294,314
Fabrinet 1		24,654		1,345,122
Insight Enterprises 1		58,023		2,444,509
Methode Electronics		13,100		346,233
PC Connection		69,254		2,853,957
Plexus Corporation 1		1,300		70,928
Sanmina Corporation 1		106,941		2,917,351
Vishay Intertechnology		105,139		1,515,053
				11,787,467
IT Services - 0.1%
Hackett Group (The)		4,176		53,119
Semiconductors & Semiconductor Equipment - 3.0%
Advanced Energy Industries 1		11,765		570,485
Kulicke & Soffa Industries		81,558		1,702,115
MKS Instruments		7,780		633,681
				2,906,281
Total				14,746,867
Real Estate – 1.8%
Real Estate Management & Development - 1.8%
Marcus & Millichap 1
		63,764		1,728,004
Total				1,728,004
TOTAL COMMON STOCKS
(Cost $114,191,692)				92,574,420
REPURCHASE AGREEMENT – 3.7%
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $3,564,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $3,636,415) (Cost $3,564,000)				3,564,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.2%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.33%)
(Cost $188,227)				188,227
TOTAL INVESTMENTS – 100.3%
(Cost $117,943,919)				96,326,647
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.3)%				(283,440	)
NET ASSETS – 100.0%			$	96,043,207

SCHEDULES OF INVESTMENTS

ROYCE SMALLER-COMPANIES GROWTH FUND
MARCH 31, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.7%
Communication Services – 2.9%
Diversified Telecommunication Services - 1.0%
Bandwidth Cl. A 1		26,000	$	1,749,540
Entertainment - 1.9%
Sea Cl. A ADR 1,2		79,000		3,500,490
Total				5,250,030
Consumer Discretionary – 9.8%
Diversified Consumer Services - 1.8%
Aspen Group 1		182,000		1,454,180
Bright Horizons Family Solutions 1		18,000		1,836,000
				3,290,180
Hotels, Restaurants & Leisure - 2.1%
Allied Esports Entertainment 1,2		201,000		315,570
Papa John’s International		33,000		1,761,210
Texas Roadhouse		43,000		1,775,900
				3,852,680
Household Durables - 2.5%
Cavco Industries 1		10,000		1,449,400
Lovesac Company (The) 1,2		335,666		1,956,933
Skyline Champion 1		80,000		1,254,400
				4,660,733
Internet & Direct Marketing Retail - 0.6%
Trxade Group 1		197,300		1,134,475
Leisure Products - 0.8%
Callaway Golf		144,000		1,471,680
Specialty Retail - 2.0%
Carvana Cl. A 1,2		33,000		1,817,970
Monro		40,000		1,752,400
				3,570,370
Total				17,980,118
Consumer Staples – 1.8%
Food Products - 1.8%
Freshpet 1,2		52,000		3,321,240
Total				3,321,240
Energy – 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Magnolia Oil & Gas Cl. A 1,2		128,000		512,000
Viper Energy Partners L.P.		35,000		232,050
Total				744,050
Financials – 5.7%
Banks - 2.4%
Enterprise Financial Services		41,500		1,158,265
Seacoast Banking Corporation of Florida 1		82,000		1,501,420
Southern National Bancorp of Virginia		73,000		718,320
TriState Capital Holdings 1		104,057		1,006,231
				4,384,236
Capital Markets - 1.8%
MarketAxess Holdings		7,000		2,327,990
PJT Partners Cl. A		24,000		1,041,360
				3,369,350
Consumer Finance - 0.8%
LendingTree 1		8,000		1,467,120
Insurance - 0.7%
eHealth 1,2		9,000		1,267,380
Total				10,488,086
Health Care – 27.0%
Biotechnology - 7.7%
Avid Bioservices 1,2		299,000		1,527,890
bluebird bio 1,2		19,000		873,240
CareDx 1,2		57,000		1,244,310
Coherus BioSciences 1,2		69,000		1,119,180
Natera 1		37,000		1,104,820
Oxford Biomedica 1		224,000		1,495,901
REGENXBIO 1		60,000		1,942,800
uniQure 1		54,000		2,562,300
Veracyte 1,2		91,150		2,215,856
				14,086,297
Health Care Equipment & Supplies - 11.8%
Alphatec Holdings 1		264,000		910,800
Apyx Medical 1		117,731		422,654
CONMED Corporation		30,000		1,718,100
CryoPort 1		222,198		3,792,920
CytoSorbents 1		63,312		489,402
Glaukos Corporation 1		25,125		775,357
Inmode 1		41,000		881,500
Inogen 1		18,000		929,880
Itamar Medical ADR 1,2		120,000		1,413,600
Penumbra 1		17,000		2,742,610
Profound Medical 1		99,000		952,505
STAAR Surgical 1		54,000		1,742,040
ViewRay 1		563,000		1,407,500
West Pharmaceutical Services		23,000		3,501,750
				21,680,618
Health Care Providers & Services - 4.0%
Addus HomeCare 1		30,000		2,028,000
Joint Corp. (The) 1		165,000		1,790,250
Pennant Group 1		122,000		1,727,520
PetIQ Cl. A 1,2		25,000		580,750
Sharps Compliance 1,2		113,000		897,220
Viemed Healthcare 1		86,000		403,937
				7,427,677
Life Sciences Tools & Services - 3.1%
Harvard Bioscience 1		413,600		914,056
Medpace Holdings 1,2		15,000		1,100,700
PureTech Health 1		645,000		1,923,737
Quanterix Corporation 1		97,600		1,792,912
				5,731,405
Pharmaceuticals - 0.4%
Emisphere Technologies 1,4		35,000		194,250
Evolus 1,2		128,000		531,200
				725,450
Total				49,651,447
Industrials – 8.7%
Aerospace & Defense - 2.9%
AeroVironment 1,2		31,000		1,889,760
BWX Technologies		41,000		1,997,110
Kratos Defense & Security Solutions 1		101,000		1,397,840
				5,284,710
Electrical Equipment - 2.0%
American Superconductor 1		302,349		1,656,872
EnerSys		15,000		742,800
Vicor Corporation 1		29,000		1,291,660
				3,691,332
Machinery - 0.5%
Energy Recovery 1,2		126,000		937,440
Professional Services - 1.7%
GP Strategies 1		472,282		3,074,556
Trading Companies & Distributors - 1.6%
Lawson Products 1		111,000		2,965,920
Total				15,953,958
Information Technology – 38.1%
Communications Equipment - 2.4%
Lumentum Holdings 1,2		42,000		3,095,400
Viavi Solutions 1		125,000		1,401,250
				4,496,650
Electronic Equipment, Instruments & Components - 4.7%
FLIR Systems		48,600		1,549,854
Iteris 1,2		1,707,000		5,462,400
Rogers Corporation 1		18,000		1,699,560
				8,711,814
IT Services - 6.5%
Unisys Corporation 1		691,000		8,533,850
USA Technologies 1,4		721,996		3,321,182
				11,855,032
Semiconductors & Semiconductor Equipment - 9.5%
Advanced Energy Industries 1		41,000		1,988,090
Ambarella 1		43,000		2,088,080
AXT 1		278,000		892,380
CEVA 1		47,000		1,171,710
CyberOptics Corporation 1		108,000		1,847,880
Impinj 1,2		64,000		1,069,440
Lattice Semiconductor 1		37,000		659,340
MagnaChip Semiconductor 1		315,461		3,485,844
Onto Innovation 1		61,000		1,809,870
Silicon Laboratories 1,2		29,000		2,476,890
				17,489,524
Software - 15.0%
Agilysys 1		73,000		1,219,100
Alarm.com Holdings 1,2		32,000		1,245,120
Avalara 1		38,000		2,834,800
Blue Prism Group 1		82,000		1,140,876
Cerence 1,2		32,000		492,800
Coupa Software 1,2		15,000		2,095,950
Descartes Systems Group (The) 1		66,000		2,269,740
LivePerson 1,2		60,000		1,365,000
Materialise ADR 1,2		138,577		2,573,375
Paylocity Holding Corporation 1		39,786		3,513,899
PROS Holdings 1,2		26,000		806,780
QAD Cl. A		45,000		1,796,850
RingCentral Cl. A 1		24,000		5,085,840
Rosetta Stone 1		37,000		518,740
Telaria 1		99,000		594,000
				27,552,870
Total				70,105,890
Real Estate – 3.3%
Equity Real Estate Investment Trusts (REITs) - 3.3%
Community Healthcare Trust		89,000		3,406,920
Postal Realty Trust Cl. A		170,000		2,689,400
Total				6,096,320
TOTAL COMMON STOCKS
(Cost $182,530,279)				179,591,139
REPURCHASE AGREEMENT – 4.1%
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $7,588,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $7,743,547) (Cost $7,588,000)				7,588,000
COLLATERAL RECEIVED FOR SECURITIES LOANED – 7.1%
Money Market Funds Federated Government Obligations Fund (7 day yield-0.33%) (Cost $13,024,494)				13,024,494
TOTAL INVESTMENTS – 108.9%
(Cost $203,142,773)				200,203,633
LIABILITIES LESS CASH AND OTHER ASSETS – (8.9)%				(16,372,509	)
NET ASSETS – 100.0%			$	183,831,124

SCHEDULES OF INVESTMENTS
ROYCE SPECIAL EQUITY FUND
MARCH 31, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 83.8%
Communication Services – 7.1%
Media - 7.1%
Meredith Corporation		1,459,000	$	17,828,980
Scholastic Corporation		1,250,000		31,862,500
Total				49,691,480
Consumer Discretionary – 22.2%
Auto Components - 11.8%
Cooper Tire & Rubber		1,196,600		19,504,580
Gentex Corporation		1,013,000		22,448,080
Standard Motor Products		990,000		41,154,300
				83,106,960
Automobiles - 1.1%
Winnebago Industries		269,000		7,480,890
Hotels, Restaurants & Leisure - 0.4%
Bowl America Cl. A 5		353,623		3,070,756
Household Durables - 3.3%
Flexsteel Industries 5		720,000		7,891,200
Hooker Furniture 5		963,500		15,040,235
Skyline Champion 1		35,000		548,800
				23,480,235
Leisure Products - 3.1%
Johnson Outdoors Cl. A		347,600		21,794,520
Specialty Retail - 2.5%
Children’s Place 1		550,000		10,758,000
Haverty Furniture		608,700		7,237,443
				17,995,443
Total				156,928,804
Consumer Staples – 2.2%
Food Products - 2.2%
John B Sanfilippo & Son		175,500		15,689,700
Total				15,689,700
Industrials – 25.4%
Aerospace & Defense - 4.3%
National Presto Industries 5		384,600		27,233,526
Park Aerospace		234,000		2,948,400
				30,181,926
Building Products - 1.1%
Gibraltar Industries 1		11,500		493,580
Insteel Industries		533,500		7,068,875
				7,562,455
Commercial Services & Supplies - 2.4%
Ennis		855,000		16,056,900
UniFirst Corporation		7,000		1,057,630
				17,114,530
Construction & Engineering - 0.1%
Argan		31,000		1,071,670
Electrical Equipment - 4.9%
Hubbell Incorporated		305,000		34,995,700
Machinery - 6.4%
Gencor Industries 1,5		1,074,783		11,285,222
Hurco Companies 5		596,000		17,343,600
Miller Industries		507,500		14,352,100
Oshkosh Corporation		34,000		2,187,220
				45,168,142
Professional Services - 2.5%
Resources Connection		1,580,000		17,332,600
Trading Companies & Distributors - 3.7%
BMC Stock Holdings 1		685,000		12,145,050
MSC Industrial Direct Cl. A		255,500		14,044,835
				26,189,885
Total				179,616,908
Information Technology – 13.8%
Electronic Equipment, Instruments & Components - 2.9%
Vishay Intertechnology		1,128,000		16,254,480
Vishay Precision Group 1		204,028		4,096,882
				20,351,362
IT Services - 6.5%
Computer Services 4		1,152,256		46,355,259
Semiconductors & Semiconductor Equipment - 4.4%
Axcelis Technologies 1		395,000		7,232,450
Kulicke & Soffa Industries		1,140,500		23,802,235
				31,034,685
Total				97,741,306
Materials – 8.0%
Chemicals - 3.6%
Huntsman Corporation		1,733,500		25,014,405
Metals & Mining - 0.1%
Materion Corporation		19,000		665,190
Paper & Forest Products - 4.3%
Mercer International		1,542,500		11,167,700
Verso Corporation Cl. A 1		1,722,000		19,424,160
				30,591,860
Total				56,271,455
Real Estate – 5.1%
Real Estate Management & Development - 5.1%
Marcus & Millichap 1		1,335,000		36,178,500
Total				36,178,500
TOTAL COMMON STOCKS
(Cost $666,546,077)				592,118,153
REPURCHASE AGREEMENT – 15.8%
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $111,694,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $113,928,938) (Cost $111,694,000)				111,694,000
TOTAL INVESTMENTS – 99.6%
(Cost $778,240,077)				703,812,153
CASH AND OTHER ASSETS LESS LIABILITIES – 0.4%				3,169,038
NET ASSETS – 100.0%			$	706,981,191

SCHEDULES OF INVESTMENTS

ROYCE TOTAL RETURN FUND

MARCH 31, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.9%
Communication Services – 1.1%
Diversified Telecommunication Services - 0.9% ATN International		151,229	$	8,878,655
Entertainment - 0.1% Marcus (The)		118,289		1,457,320
Media - 0.1% Gannett Company 1,2		89,563		132,553
Meredith Corporation		47,400		579,228
				711,781
Total				11,047,756
Consumer Discretionary – 6.3%
Auto Components - 2.0% Gentex Corporation		331,889		7,354,660
LCI Industries		85,091		5,686,632
Nokian Renkaat		142,529		3,458,795
Standard Motor Products		74,475		3,095,926
				19,596,013
Automobiles - 0.4% Thor Industries		94,110		3,969,560
Hotels, Restaurants & Leisure - 0.6% Cheesecake Factory		190,882		3,260,264
RCI Hospitality Holdings		34,465		343,616
Ruth’s Hospitality Group		275,288		1,838,924
				5,442,804
Household Durables - 1.3% Ethan Allen Interiors		379,714		3,880,677
La-Z-Boy		209,057		4,296,121
PulteGroup		207,200		4,624,704
				12,801,502
Specialty Retail - 2.0% American Eagle Outfitters		513,634		4,083,390
Bed Bath & Beyond		91,027		383,224
Buckle (The)		56,703		777,398
Caleres		334,752		1,740,710
Cato Corporation (The) Cl. A		59,174		631,387
Designer Brands Cl. A		441,167		2,197,012
Rent-A-Center		315,051		4,454,821
Shoe Carnival		271,766		5,644,580
				19,912,522
Textiles, Apparel & Luxury Goods - 0.0% J.G. Boswell Company 4		966		482,759
Total				62,205,160
Consumer Staples – 2.1%
Beverages - 0.1% Compania Cervecerias Unidas ADR		80,895		1,082,375
Food Products - 1.7% Flowers Foods		256,382		5,260,959
Fresh Del Monte Produce		179,033		4,943,101
Hershey Creamery 4		666		2,530,800
Lancaster Colony		23,979		3,468,323
Tootsie Roll Industries		11,070		398,077
				16,601,260
Household Products - 0.1% Spectrum Brands Holdings		4,019		146,171
WD-40 Company		4,548		913,466
				1,059,637
Personal Products - 0.2% Nu Skin Enterprises Cl. A		67,870		1,482,959
Total				20,226,231
Diversified Investment Companies – 0.1%
Closed-End Funds - 0.1% Eagle Point Income		121,333		1,298,263
Total				1,298,263
Energy – 2.4%
Energy Equipment & Services - 2.0% Computer Modelling Group		970,000		2,639,878
DMC Global		153,757		3,537,948
Helmerich & Payne		114,249		1,787,997
Liberty Oilfield Services Cl. A		130,000		349,700
Pason Systems		380,700		1,690,738
Solaris Oilfield Infrastructure Cl. A		609,400		3,199,350
TGS-NOPEC Geophysical		530,159		5,949,217
				19,154,828
Oil, Gas & Consumable Fuels - 0.4%
Arch Coal		23,271		672,532
Dorchester Minerals L.P.		295,638		2,752,390
PBF Energy Cl. A		83,162		588,787
				4,013,709
Total				23,168,537
Financials – 38.1%
Banks - 13.4% Ames National		252,071		5,154,852
Associated Banc-Corp		532,461		6,810,176
Bank of Hawaii		211,938		11,707,455
Bank of N.T. Butterfield & Son		322,939		5,499,651
Bank OZK		88,719		1,481,607
Bar Harbor Bankshares		55,452		958,211
BOK Financial		262,464		11,170,468
Camden National		175,111		5,507,241
Canadian Western Bank		498,441		6,860,515
CIT Group		318,000		5,488,680
City Holding Company		98,650		6,563,185
CNB Financial		271,327		5,119,940
Farmers & Merchants Bank of Long Beach 4		397		2,382,000
Financial Institutions		251,553		4,563,171
First Citizens BancShares Cl. A		48,453		16,128,550
First Hawaiian		250,000		4,132,500
First National Bank Alaska 4		23,922		4,832,244
First of Long Island (The)		56,485		980,015
National Bankshares		133,982		4,274,026
Northrim BanCorp		130,080		3,512,160
Peapack-Gladstone Financial		377,260		6,771,817
Popular		213,065		7,457,275
Unity Bancorp		196,309		2,296,815
Valley National Bancorp		400,000		2,924,000
				132,576,554
Capital Markets - 13.3%
AllianceBernstein Holding L.P.		371,187		6,900,366
Ares Management Cl. A		703,141		21,748,151
Artisan Partners Asset Management Cl. A		220,000		4,727,800
Ashmore Group		1,545,796		6,817,630
Associated Capital Group Cl. A		156,062		4,775,497
Bolsa Mexicana de Valores		4,831,182		7,353,946
Cohen & Steers		178,126		8,095,827
Evercore Cl. A		109,600		5,048,176
Federated Hermes Cl. B		257,558		4,906,480
Fiera Capital Cl. A		262,000		1,217,566
Golub Capital BDC		166,577		2,092,207
Houlihan Lokey Cl. A		212,969		11,099,944
Lazard Cl. A		192,551		4,536,502
Moelis & Company Cl. A		306,244		8,605,456
Pzena Investment Management Cl. A		283,472		1,264,285
Sprott		3,780,862		6,152,330
TMX Group		239,424		17,824,524
Virtu Financial Cl. A		368,875		7,679,978
				130,846,665
Insurance - 8.8% Alleghany Corporation		22,562		12,462,121
Assured Guaranty		313,310		8,080,265
E-L Financial		36,052		15,319,474
Employers Holdings		29,790		1,206,793
Erie Indemnity Cl. A		91,727		13,597,610
First American Financial		106,758		4,527,607
Horace Mann Educators		15,933		582,988
James River Group Holdings		184,601		6,689,940
Mercury General		60,317		2,456,108
ProAssurance Corporation		260,999		6,524,975
Reinsurance Group of America		58,285		4,904,100
RLI Corp.		107,993		9,495,825
Universal Insurance Holdings		36,349		651,374
				86,499,180
Thrifts & Mortgage Finance - 2.6% Genworth MI Canada		375,950		8,353,554
MGIC Investment		100,000		635,000
New York Community Bancorp		151,768		1,425,102
Southern Missouri Bancorp		136,381		3,309,967
Timberland Bancorp		148,829		2,722,082
TrustCo Bank Corp. NY		901,310		4,876,087
WSFS Financial		175,050		4,362,246
				25,684,038
Total				375,606,437
Health Care – 2.0%
Health Care Equipment & Supplies - 1.3% Atrion Corporation		4,915		3,194,750
Hill-Rom Holdings		90,528		9,107,117
				12,301,867
Health Care Providers & Services - 0.7% Ensign Group (The)		185,397		6,972,781
Total				19,274,648
Industrials – 25.4%
Aerospace & Defense - 0.9% HEICO Corporation		71,600		5,342,076
Magellan Aerospace		644,121		2,979,626
				8,321,702
Airlines - 0.2% Hawaiian Holdings		185,177		1,933,248
Building Products - 0.2% Universal Forest Products		61,500		2,287,185
Commercial Services & Supplies - 5.3% ABM Industries		330,578		8,052,880
ACCO Brands		129,599		654,475
Ennis		26,278		493,501
Herman Miller		92,146		2,045,641
Kimball International Cl. B		772,839		9,204,512
Knoll		128,200		1,323,024
McGrath RentCorp		218,505		11,445,292
Mobile Mini		103,325		2,710,215
MSA Safety		78,425		7,936,610
Ritchie Bros. Auctioneers		207,900		7,106,022
Tetra Tech		15,788		1,114,949
				52,087,121
Construction & Engineering - 1.2% Arcosa		156,792		6,230,914
Argan		172,454		5,961,735
				12,192,649
Electrical Equipment - 2.0% EnerSys		81,118		4,016,964
Hubbell Incorporated		124,699		14,307,963
Preformed Line Products		33,370		1,662,827
				19,987,754
Industrial Conglomerates - 0.7% Raven Industries		339,720		7,212,255
Machinery - 9.0% Federal Signal		197,471		5,387,009
Franklin Electric		237,292		11,183,572
Gorman-Rupp Company (The)		285,118		8,898,533
Kadant		17,995		1,343,327
Lincoln Electric Holdings		123,105		8,494,245
Lindsay Corporation		114,931		10,525,381
Miller Industries		274,418		7,760,541
Mueller Industries		250,381		5,994,121
Nordson Corporation		22,964		3,101,747
Standex International		15,765		772,800
Tennant Company		243,004		14,082,082
Trinity Industries		470,377		7,558,958
Woodward		64,502		3,833,999
				88,936,315
Marine - 1.2% Clarkson 1		426,371		12,216,725
Professional Services - 3.5% Exponent		19,119		1,374,847
Heidrick & Struggles International		282,026		6,345,585
Kforce		215,373		5,507,088
Korn Ferry		210,082		5,109,194
ManpowerGroup		140,298		7,434,391
Resources Connection		306,988		3,367,659
Robert Half International		133,851		5,052,875
				34,191,639
Road & Rail - 0.7% Werner Enterprises		175,796		6,374,363
Trading Companies & Distributors - 0.5% Applied Industrial Technologies		38,226		1,747,693
Systemax		172,950		3,066,403
				4,814,096
Total				250,555,052
Information Technology – 5.3%
Electronic Equipment, Instruments & Components - 3.1% Methode Electronics		393,526		10,400,892
National Instruments		207,379		6,860,097
PC Connection		160,704		6,622,612
Vishay Intertechnology		479,138		6,904,379
				30,787,980
IT Services - 1.1% Hackett Group (The)		36,300		461,736
KBR		421,906		8,725,016
MAXIMUS		33,480		1,948,536
				11,135,288
Semiconductors & Semiconductor Equipment - 1.1%
Kulicke & Soffa Industries		269,458		5,623,588
MKS Instruments		61,490		5,008,361
				10,631,949
Total				52,555,217
Materials – 9.5%
Chemicals - 4.4% Albemarle Corporation		107,195		6,042,582
Balchem Corporation		98,840		9,757,485
Chase Corporation		90,597		7,455,227
FutureFuel Corporation		110,466		1,244,952
Minerals Technologies		182,149		6,604,722
Quaker Chemical		96,739		12,216,201
				43,321,169
Containers & Packaging - 1.9% AptarGroup		68,943		6,862,586
Sonoco Products		253,701		11,759,042
				18,621,628
Metals & Mining - 2.8% Carpenter Technology		106,301		2,072,870
Ferroglobe (Warranty Insurance Trust) 1,3		569,803		0
Franco-Nevada		44,724		4,450,933
Gold Fields ADR		1,162,743		5,523,029
Haynes International		222,084		4,577,151
Royal Gold		28,833		2,528,942
Worthington Industries		322,124		8,455,755
				27,608,680
Paper & Forest Products - 0.4% Domtar Corporation		131,382		2,843,106
Neenah		7,717		332,834
Schweitzer-Mauduit International		31,941		888,599
				4,064,539
Total				93,616,016
Real Estate – 1.6%
Equity Real Estate Investment Trusts (REITs) - 0.3% Lexington Realty Trust		279,902		2,779,427
Real Estate Management & Development - 1.3% Kennedy-Wilson Holdings		779,088		10,455,361
RMR Group (The) Cl. A		93,800		2,529,786
				12,985,147
Total				15,764,574
Utilities – 4.0%
Electric Utilities - 0.8% ALLETE		123,805		7,512,487
Spark Energy Cl. A		104,987		658,269
				8,170,756
Water Utilities - 3.2% Essential Utilities		263,603		10,728,642
SJW Group		264,894		15,302,926
York Water		127,267		5,531,024
				31,562,592
Total				39,733,348
TOTAL COMMON STOCKS (Cost $813,775,980)				965,051,239
PREFERRED STOCK – 0.2%
Chicken Soup For The Soul Entertainment 9.75% Ser. A		78,724		1,648,481
(Cost $1,981,326)				1,648,481

	PRINCIPAL AMOUNT
CORPORATE BONDS – 0.1%
Meritor 6.25% due 2/15/24	$	811,839		771,336
Unit Corporation 6.625% due 5/15/21		4,269,155		302,683
TOTAL CORPORATE BONDS (Cost $4,852,247)				1,074,019
REPURCHASE AGREEMENT – 1.0%
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $10,297,000 (collateralized  by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $10,505,774) (Cost $10,297,000)				10,297,000
TOTAL INVESTMENTS – 99.2%
(Cost $830,906,553)				978,070,739
CASH AND OTHER ASSETS LESS LIABILITIES – 0.8%				7,783,477
NET ASSETS – 100.0%			$	985,854,216

ADR – American Depository Receipt

¹Non-income producing.

²All or a portion of these securities were on loan at March 31, 2020.

³Securities 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.

⁴These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.

⁵At March 31, 2020, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.

Securities of Royce International Premier Fund are categorized by the country of their headquarters. 

Tax Information:  

At March 31, 2020, 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	$	57,054,455	$	13,465,281		$	23,124,951	$	9,659,670
Royce Global Financial Services Fund		23,657,824		292,491			5,459,016		5,166,525
Royce International Premier Fund		734,424,979		(63,084,492	)		40,305,344		103,389,836
Royce Micro-Cap Fund		246,979,477		(25,776,286	)		40,009,801		65,786,087
Royce Opportunity Fund		765,624,180		(193,689, 212	)		52,208,468		245,897,680
Royce Pennsylvania Mutual Fund		1,187,919,785		116,701,918			355,287,648		238,585,730
Royce Premier Fund		1,035,806,580		236,677,844			398,261,993		161,584,149
Royce Small-Cap Value Fund		118,174,546		(21,847,899	)		8,535,151		30,383,050
Royce Smaller-Companies Growth Fund		203,394,745		(3,191,112	)		37,472,590		40,663,702
Royce Special Equity Fund		778,319,942		(74,507,789	)		91,578,843		166,086,632
Royce Total Return Fund		837,374,479		140,696,260			300,908,196		160,211,936

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 March 31, 2020. 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	$	51,831,922	$	14,740,814	$	–	$	66,572,736
Repurchase Agreement		–		3,947,000		–		3,947,000
Royce Global Financial Services Fund
Common Stocks		18,491,901		4,639,414		–		23,131,315
Repurchase Agreement		–		819,000		–		819,000
Royce International Premier Fund
Common Stocks		30,534,206		581,891,258		–		612,425,464
Preferred Stocks		–		11,914,023		–		11,914,023
Repurchase Agreement		–		47,001,000		–		47,001,000
Royce Micro-Cap Fund
Common Stocks		200,127,911		9,611,120		690,000		210,429,031
Repurchase Agreement		–		8,450,000		–		8,450,000
Money Market Fund/Collateral Received for Securities Loaned		2,324,160		–		–		2,324,160
Royce Opportunity Fund
Common Stocks		517,297,440		754,482		–		518,051,922
Repurchase Agreement		–		35,572,000		–		35,572,000
Money Market Fund/Collateral Received for
Securities Loaned		18,311,046		–		–		18,311,046
Royce Pennsylvania Mutual Fund
Common Stocks		1,257,376,650		19,289,074		0		1,276,665,724
Repurchase Agreement		–		9,668,000		–		9,668,000
Money Market Fund/Collateral Received for Securities Loaned		18,287,979		–		–		18,287,979
Royce Premier Fund
Common Stocks		1,201,519,491		55,706,933		–		1,257,226,424
Repurchase Agreement		–		15,258,000		–		15,258,000
Royce Small-Cap Value Fund
Common Stocks		92,574,420		–		–		92,574,420
Repurchase Agreement		–		3,564,000		–		3,564,000
Money Market Fund/Collateral Received for
Securities Loaned		188,227		–		–		188,227
Royce Smaller-Companies Growth Fund
Common Stocks		171,515,194		8,075,945		–		179,591,139
Repurchase Agreement		–		7,588,000		–		7,588,000
Money Market Fund/Collateral Received for
Securities Loaned		13,024,494		–		–		13,024,494
Royce Special Equity Fund
Common Stocks		545,762,894		46,355,259		–		592,118,153
Repurchase Agreement		–		111,694,000		–		111,694,000
Royce Total Return Fund
Common Stocks		926,381,069		38,670,170		0		965,051,239
Preferred Stocks		1,648,481		–		–		1,648,481
Corporate Bonds		–		1,074,019		–		1,074,019
Repurchase Agreement		–		10,297,000		–		10,297,000

Level 3 Reconciliation:

Balance as of 12/31/19

Purchases

Sales

Realized Gain (Loss)

Unrealized Gain (Loss)

Balance as of 3/31/20

Royce Micro-Cap Fund

Common Stocks

$

828,000

$

–

$

–

$

–

$

(138,000

)

$

690,000

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).

	Fair Value at 3/31/20		Valuation Technique(s)	Unobservable Input(s)	Range Average		Impact to Valuation From an Increase in Input1
Royce Micro-Cap Fund
Common Stocks	$	690,000	Discounted Present Value Balance Sheet Analysis	Liquidity Discount		30%-40%	Decrease

¹This 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 March 31, 2020 are overnight and continuous.

Securities Lending: 

The Funds loan securities through a lending agent, State Street Bank and Trust Company, to qualified institutional investors for the purpose of earning additional income. The lending agent receives and holds collateral from such borrowers to secure their obligations to the Funds. Such loans must be secured at all times by collateral in an amount at least equal to the market value of the loaned securities. The market values of the loaned securities and the collateral fluctuate and are determined at the close of each business day by the lending agent. Borrowers are required to post additional collateral to the lending agent on the next succeeding business day in the event of a collateral shortfall. Counterparty risk is further reduced by loaning securities only to parties that participate in a Global Securities Lending Program organized and monitored by the lending agent and that are deemed by it to satisfy its requirements and by having the lending agent enter into securities lending agreements with such borrowers. The lending agent is not affiliated with Royce.

Collateral may be in the form of cash or U.S. Treasuries. Cash collateral is invested in certain money market pooled investment vehicles. The Funds record a liability in their respective Statements of Assets and Liabilities for the return of such cash collateral during periods in which securities are on loan. The Funds bear the risk of loss for any decrease in the market value of the loaned securities or the investments purchased with cash collateral received from the borrowers.

Pursuant to the agreement in place between the Funds and the lending agent, if a borrower fails to return loaned securities, and the cash collateral being maintained by the lending agent on behalf of such borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is not the result of investment losses, the lending agent shall, at its option, either replace the loaned securities or pay the amount of the shortfall to the Funds. In the event of the bankruptcy of a borrower, the Funds could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.

Loans of securities generally do not have stated maturity dates, and the Funds may recall a security at any time. The Funds’ securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. Pursuant to the agreement in place between the Funds and the lending agent, the Funds are responsible for any shortfall in the event the value of the investments purchased with cash collateral is insufficient to pay the rebate fee to the borrower.

The following table presents cash collateral and the market value of securities on loan collateralized by cash collateral held by the Funds at March 31, 2020: 

	Cash Collateral1		Securities on Loan Collateralized by Cash Collateral			Net Amount
Royce Micro-Cap Fund	$	2,324,160	$	(2,236,254	)	$	87,906
Royce Opportunity Fund		18,311,046		(17,408,798	)		902,248
Royce Pennsylvania Mutual Fund		18,287,979		(18,013,587	)		274,392
Royce Small-Cap Value Fund		188,227		(181,847	)		6,380
Royce Smaller-Companies Growth Fund		13,024,494		(12,910,070	)		114,424

¹The 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 March 31, 2020: 

	Non-Cash Collateral		Securities on Loan Collateralized by Non-Cash Collateral			Net Amount
Royce Micro-Cap Fund	$	8,477,496	$	(8,286,133	)	$	191,363
Royce Opportunity Fund		37,729,512		(36,923,819	)		805,693
Royce Pennsylvania Mutual Fund		22,364,521		(21,858,602	)		505,919
Royce Premier Fund		15,383,596		(15,084,110	)		299,486
Royce Small-Cap Value Fund		930,048		(910,755	)		19,293
Royce Smaller-Companies Growth Fund		15,196,423		(14,798,819	)		397,604
Royce Total Return Fund		177,098		(172,014	)		5,084

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 three months ended March 31, 2020:

Affiliated Company	Shares 12/31/19		Market Value 12/31/19		Costs of Purchases		Proceeds from Sales		Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)			Dividend Income	Shares 3/31/20		Market Value 3/31/20
Royce Special Equity Fund
Consumer Discretionary - 9.5%
Auto Components - 5.8%
Standard Motor Products1	1,229,000	$	65,407,380	$	866,093	$	12,943,114	$	5,004,724		$	(17,180,783	)	$	276,250
Hotels, Restaurants & Leisure - 0.4%
Bowl America Cl. A2	374,000		5,797,000		84,281		380,185		50,419			(2,480,759	)		65,450	353,623	$	3,070,756
Household Durables - 3.3%
Flexsteel Industries2	720,000		14,342,400		756,282		796,644		(357,608	)		(6,053,230	)		155,650	720,000		7,891,200
Hooker Furniture2	1,000,000		25,690,000		848,262		1,853,308		(464,469	)		(9,180,250	)		152,800	963,500		15,040,235
			40,032,400						(822,077	)		(15,233,480	)		308,450			22,931,435
			111,236,780						4,233,066			(34,895,022	)		650,150			26,002,191
Industrials - 8.9%
Aerospace & Defense - 3.9%
National Presto Industries2	409,000		36,151,510		632,425		2,778,308		1,872,053			(8,644,154	)		2,278,704	384,600		27,233,526
Building Products - 1.0%
Insteel Industries1	969,000		20,823,810		69,426		10,458,737		(722,460	)		(2,643,164	)		15,818
Machinery - 4.0%
Gencor Industries2,3	1,130,000		13,187,100		325,990		874,774		(134,828	)		(1,218,266	)		—	1,074,783		11,285,222
Hurco Companies2	623,600		23,921,296		555,535		1,370,085		671,416			(6,434,562	)		77,480	596,000		17,343,600
			37,108,396						536,588			(7,652,828	)		77,480			28,628,822
			94,083,716						1,686,181			(18,940,146	)		2,372,002			55,862,348
Information Technology - 6.5%
IT Services - 6.5%
Computer Services1,4	1,463,000		65,103,500		—		16,364,471		10,483,157			(12,866,927	)		241,974
			65,103,500						10,483,157			(12,866,927	)		241,974
Materials - 2.7%
Paper & Forest Products - 2.7%
Verso Corporation Cl. A1,3	1,722,000		31,047,660		1,940,873		2,317,272		843,059			(12,090,160	)		—
			31,047,660						843,059			(12,090,160	)		—
		$	301,471,656					$	17,245,463		$	(78,792,255	)	$	3,264,126		$	81,864,539

¹Not an Affiliated Company at March 31, 2020.

²At March 31, 2020, 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.

³Non-income producing.

⁴This security was defined as a Level 2 security due to fair value being based on quoted prices for similar securities.

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