SCHEDULES OF INVESTMENTS

ROYCE DIVIDEND VALUE FUND

SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.3%
Consumer Discretionary – 7.4%
Auto Components - 1.0%
Gentex Corporation		8,101	$	208,601
Nokian Renkaat		18,000		509,269
				717,870
Household Durables - 2.6%
Hunter Douglas 1		20,000		1,164,702
La-Z-Boy		1,915		60,571
PulteGroup		10,900		504,561
				1,729,834
Specialty Retail - 3.8%
American Eagle Outfitters		30,445		450,890
Rent-A-Center		36,466		1,089,969
USS		56,000		1,001,715
				2,542,574
Total				4,990,278
Consumer Staples – 0.8%
Food & Staples Retailing - 0.7%
FamilyMart		19,200		434,204
Household Products - 0.1%
Spectrum Brands Holdings		1,496		85,511
Total				519,715
Energy – 1.8%
Energy Equipment & Services - 0.7%
TGS-NOPEC Geophysical		36,000		434,944
Oil, Gas & Consumable Fuels - 1.1%
Gaztransport Et Technigaz		7,800		743,429
Total				1,178,373
Financials – 29.2%
Banks - 2.2%
Bank of Georgia Group 1		39,500		453,277
BOK Financial		15,414		793,975
City Holding Company		4,089		235,567
				1,482,819
Capital Markets - 25.1%
Ashmore Group		349,000		1,604,044
AURELIUS Equity Opportunities 1		7,200		116,979
B3-Brasil, Bolsa, Balcao		112,200		1,099,044
Bolsa Mexicana de Valores		444,000		1,001,593
Carlyle Group		88,000		2,170,960
Coronation Fund Managers		153,700		369,412
Evercore Cl. A		13,500		883,710
Federated Hermes Cl. B		21,200		456,012
Houlihan Lokey Cl. A		2,846		168,056
Jupiter Fund Management		225,700		653,300
KKR & Co.		76,437		2,624,847
Moelis & Company Cl. A		19,359		680,275
SEI Investments		37,900		1,922,288
Sprott		58,860		2,009,077
State Street		16,800		996,744
				16,756,341
Insurance - 1.0%
Reinsurance Group of America		7,205		685,844
Thrifts & Mortgage Finance - 0.9%
Genworth MI Canada		23,648		613,244
Total				19,538,248
Health Care – 4.1%
Health Care Providers & Services - 0.5%
Ensign Group (The)		5,951		339,564
Pharmaceuticals - 3.6%
Recordati Industria Chimica e Farmaceutica		29,900		1,529,737
Santen Pharmaceutical		41,600		853,005
				2,382,742
Total				2,722,306
Industrials – 27.6%
Aerospace & Defense - 3.6%
HEICO Corporation Cl. A		27,220		2,413,325
Building Products - 1.1%
Geberit		800		474,024
UFP Industries		4,200		237,342
				711,366
Commercial Services & Supplies - 0.2%
Herman Miller		3,976		119,916
Construction & Engineering - 0.7%
Comfort Systems USA		9,059		466,629
Electrical Equipment - 2.3%
Hubbell Incorporated		11,462		1,568,460
Machinery - 10.8%
Alamo Group		588		63,521
Federal Signal		4,729		138,323
Graco		36,774		2,256,085
Lincoln Electric Holdings		10,022		922,425
Lindsay Corporation		17,400		1,682,232
Spirax-Sarco Engineering		14,976		2,129,216
				7,191,802
Marine - 2.1%
Clarkson		48,600		1,409,051
Professional Services - 3.1%
Korn Ferry		10,023		290,667
ManpowerGroup		20,300		1,488,599
Robert Half International		5,994		317,322
				2,096,588
Road & Rail - 0.8%
Old Dominion Freight Line		1,050		189,966
Werner Enterprises		8,643		362,920
				552,886
Trading Companies & Distributors - 2.9%
Applied Industrial Technologies		34,675		1,910,593
Total				18,440,616
Information Technology – 9.4%
Electronic Equipment, Instruments & Components - 4.5%
FLIR Systems		65,800		2,358,930
Vishay Intertechnology		42,497		661,678
				3,020,608
IT Services - 3.6%
CSG Systems International		400		16,380
KBR		106,200		2,374,632
				2,391,012
Semiconductors & Semiconductor Equipment - 0.5%
MKS Instruments		2,808		306,718
Software - 0.8%
SimCorp		4,200		552,089
Total				6,270,427
Materials – 17.4%
Chemicals - 3.2%
Quaker Chemical		11,841		2,127,946
Containers & Packaging - 3.6%
AptarGroup		21,470		2,430,404
Metals & Mining - 10.6%
Franco-Nevada		19,299		2,693,755
Reliance Steel & Aluminum		10,830		1,105,093
Royal Gold		11,600		1,393,972
Worthington Industries		46,800		1,908,504
				7,101,324
Total				11,659,674
Real Estate – 0.6%
Real Estate Management & Development - 0.6%
Relo Group		18,400		441,053
Total				441,053
TOTAL COMMON STOCKS
(Cost $35,756,871)				65,760,690
REPURCHASE AGREEMENT – 0.2%
Fixed Income Clearing Corporation,
0.00% dated 9/30/20, due 10/1/20, maturity value $132,592 (collateralized by obligations of various U.S. Government Agencies, 2.50% due 1/31/25, valued at $135,306)
(Cost $132,592)				132,592
TOTAL INVESTMENTS – 98.5%
(Cost $35,889,463)				65,893,282
CASH AND OTHER ASSETS
LESS LIABILITIES – 1.5%				998,294
NET ASSETS – 100.0%			$	66,891,576

SCHEDULES OF INVESTMENTS

ROYCE GLOBAL FINANCIAL SERVICES FUND

SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.0%
Banks - 10.2%
BOK Financial		10,450	$	538,279
Bryn Mawr Bank		10,000		248,700
Cadence Bancorporation Cl. A		15,887		136,469
Capital City Bank Group		16,988		319,205
First Citizens BancShares Cl. A		1,828		582,730
First Republic Bank		2,599		283,447
Popular		22,292		808,531
TriState Capital Holdings 1		11,600		153,584
Umpqua Holdings		17,400		184,788
Total				3,255,733
Capital Markets - 53.6%
Ares Management Cl. A		33,302		1,346,067
Ashmore Group		157,000		721,590
Associated Capital Group Cl. A		7,000		252,910
B3-Brasil, Bolsa, Balcao		61,000		597,520
Bolsa Mexicana de Valores		174,000		392,516
Canaccord Genuity Group		126,350		644,299
Carlyle Group		22,300		550,141
Charles Schwab		8,400		304,332
Coronation Fund Managers		61,200		147,092
CRISIL		14,000		340,271
Egyptian Financial Group-Hermes Holding Company 1		307,987		267,646
GMP Capital		108,000		158,162
Great Elm Capital Group 1		115,545		272,686
Hellenic Exchanges - Athens Stock Exchange		50,000		165,229
Intermediate Capital Group		39,111		600,876
IOOF Holdings		55,000		121,827
JSE		51,000		357,018
Jupiter Fund Management		106,900		309,427
KKR & Co.		23,900		820,726
MarketAxess Holdings		2,657		1,279,585
NZX		580,000		621,639
Rothschild & Co 1		13,900		390,742
SEI Investments		7,950		403,224
Silvercrest Asset Management Group Cl. A		20,800		217,568
Sprott		45,000		1,535,992
StoneX Group 1		11,583		592,586
TD Ameritrade Holding Corporation		5,787		226,561
Tel Aviv Stock Exchange		273,000		1,218,941
TMX Group		3,700		380,517
U.S. Global Investors Cl. A		183,900		437,682
Value Partners Group		772,000		331,769
Virtu Financial Cl. A		23,700		545,337
Warsaw Stock Exchange		19,000		222,445
Westaim Corporation 1		105,000		179,790
WisdomTree Investments		27,100		86,720
Total				17,041,433
Closed-End Funds - 0.8%
Eagle Point Income		19,341		253,957
Total				253,957
Consumer Finance - 0.4%
Currency Exchange International 1		13,000		111,299
Total				111,299
Diversified Financial Services - 1.9%
Banco Latinoamericano de Comercio Exterior Cl. E		25,700		312,255
ECN Capital		75,000		285,006
Total				597,261
Hotels, Restaurants & Leisure - 0.1%
Thomas Cook (India) 1		94,000		35,959
Total				35,959
Insurance - 4.1%
Axis Capital Holdings		11,554		508,838
E-L Financial		1,638		809,374
Total				1,318,212
Investment Companies - 0.0%
Morgan Group Holding Company 1,2		156		1,014
Total				1,014
IT Services - 3.0%
Cass Information Systems		5,016		201,844
PayPal Holdings 1		3,851		758,763
Total				960,607
Metals & Mining - 4.2%
Franco-Nevada		9,523		1,329,220
Total				1,329,220
Professional Services - 1.9%
Dun & Bradstreet Holdings 1		5,000		128,300
People Corporation 1		45,300		373,545
Quess Corp 1		17,756		99,431
Total				601,276
Real Estate Management & Development - 11.1%
Altus Group		32,000		1,329,699
FirstService Corporation		11,970		1,578,723
FRP Holdings 1		7,957		331,568
RMR Group (The) Cl. A		10,000		274,700
Total				3,514,690
Software - 3.1%
Benefitfocus 1		10,600		118,720
Bottomline Technologies 1		9,800		413,168
Envestnet 1		6,000		462,960
Total				994,848
Thrifts & Mortgage Finance - 0.6%
Provident Bancorp		25,000		194,750
Total				194,750
TOTAL COMMON STOCKS
(Cost $22,107,451)				30,210,259

REPURCHASE AGREEMENT – 2.6%
Fixed Income Clearing Corporation,
0.00% dated 9/30/20, due 10/1/20, maturity value $835,251 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $852,008)
(Cost $835,251)		835,251
TOTAL INVESTMENTS – 97.6%
(Cost $22,942,702)		31,045,510
CASH AND OTHER ASSETS
LESS LIABILITIES – 2.4%		767,519
NET ASSETS – 100.0%	$	31,813,029

SCHEDULES OF INVESTMENTS 

ROYCE INTERNATIONAL PREMIER FUND

SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 91.6%
Australia – 11.4%
Bravura Solutions		8,565,929	$	20,932,618
Cochlear		90,100		12,806,503
Hansen Technologies		7,855,955		21,977,791
IPH		5,169,501		26,564,791
IRESS		2,175,883		14,951,182
Technology One		2,157,500		12,377,136
Total				109,610,021
Brazil – 1.8%
OdontoPrev		4,309,300		9,208,070
TOTVS		1,798,900		8,680,744
Total				17,888,814
Canada – 3.0%
Altus Group		378,400		15,723,684
Morneau Shepell		625,000		13,048,703
Total				28,772,387
Denmark – 2.4%
Chr. Hansen Holding 1		80,800		8,980,122
SimCorp		107,600		14,144,010
Total				23,124,132
Germany – 4.3%
Amadeus Fire 1		101,098		12,587,516
Carl Zeiss Meditec		99,600		12,605,868
Norma Group		510,900		15,866,589
Total				41,059,973
Iceland – 2.4%
Marel		2,168,670		10,551,466
Ossur		1,738,900		12,318,622
Total				22,870,088
India – 1.4%
AIA Engineering		542,411		13,546,214
Total				13,546,214
Italy – 1.3%
DiaSorin		46,900		9,453,242
GVS 1		200,000		2,693,196
Total				12,146,438
Japan – 18.9%
As One		117,100		16,797,502
Benefit One		657,400		16,594,035
Cosel		1,081,200		11,049,249
Daifuku		136,800		13,768,919
Fukui Computer Holdings		588,100		17,218,627
Medikit		316,100		10,089,588
Meitec Corporation		392,300		19,992,707
NSD		714,000		13,972,211
TechnoPro Holdings		239,700		14,822,471
TKC Corporation		482,300		31,284,195
USS		893,100		15,975,561
Total				181,565,065
Netherlands – 5.5%
IMCD		230,100		27,396,808
Intertrust 1		1,515,791		25,813,245
Total				53,210,053
New Zealand – 1.4%
Fisher & Paykel Healthcare		605,000		13,317,144
Total				13,317,144
Norway – 1.3%
TGS-NOPEC Geophysical		1,031,200		12,458,726
Total				12,458,726
Singapore – 1.8%
XP Power		308,616		17,531,506
Total				17,531,506
Sweden – 10.0%
Alimak Group		1,269,900		17,214,555
Bravida Holding 1		1,487,228		18,066,423
Hexpol 1		1,706,500		15,272,480
Karnov Group		2,871,157		17,309,668
Lagercrantz Group		417,300		8,425,609
Loomis 1		726,400		19,847,858
Total				96,136,593
Switzerland – 10.7%
Bossard Holding		84,840		15,332,813
dormakaba Holding		37,800		20,502,309
Kardex Holding		81,500		15,045,822
LEM Holding		8,800		16,484,098
Partners Group Holding		17,000		15,642,942
VZ Holding		224,385		20,014,002
Total				103,021,986
United Kingdom – 14.0%
Ashmore Group		2,465,850		11,333,328
AVEVA Group		79,660		4,925,573
Croda International		318,300		25,698,327
Diploma 1		180,780		5,105,442
FDM Group Holdings		1,181,638		15,415,213
Marlowe 1		2,056,206		14,190,176
Restore 1		3,959,778		16,358,952
Spirax-Sarco Engineering		157,400		22,378,375
Victrex		819,300		19,316,141
Total				134,721,527
TOTAL COMMON STOCKS
(Cost $729,622,823)				880,980,667
PREFERRED STOCK– 2.0%
Germany – 2.0%
FUCHS PETROLUB		380,400		19,345,250
(Cost $16,354,196)				19,345,250
REPURCHASE AGREEMENT – 6.2%
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $59,978,796 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $61,178,463) (Cost $59,978,796)				59,978,796
TOTAL INVESTMENTS – 99.8%
(Cost $805,955,815)				960,304,713
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2%				2,069,767
NET ASSETS – 100.0%			$	962,374,480

SCHEDULES OF INVESTMENTS

ROYCE MICRO-CAP FUND

SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.4%
Communication Services – 2.8%
Entertainment - 1.5%
Chicken Soup For The Soul Entertainment Cl. A 1		90,200	$	1,301,586
Gaia Cl. A 1		249,000		2,447,670
Score Media and Gaming Cl. A 1		754,200		407,813
				4,157,069
Interactive Media & Services - 1.3%
QuinStreet 1		218,146		3,455,433
Total				7,612,502
Consumer Discretionary – 11.5%
Auto Components - 1.7%
Modine Manufacturing 1		133,600		835,000
Stoneridge 1		134,100		2,463,417
Unique Fabricating 1		372,441		1,255,126
				4,553,543
Diversified Consumer Services - 1.0%
Collectors Universe		56,400		2,791,236
Hotels, Restaurants & Leisure - 1.8%
Century Casinos 1		412,100		2,258,308
GAN 1		63,900		1,079,910
Lindblad Expeditions Holdings 1		186,600		1,587,966
				4,926,184
Household Durables - 0.3%
Legacy Housing 1		58,800		804,384
Internet & Direct Marketing Retail - 0.9%
Magnite 1,3		358,500		2,489,783
Leisure Products - 1.0%
MasterCraft Boat Holdings 1		156,400		2,735,436
Specialty Retail - 4.1%
Citi Trends		138,824		3,467,824
OneWater Marine Cl. A 1		106,500		2,182,185
Shoe Carnival		99,011		3,324,789
Zumiez 1		77,500		2,156,050
				11,130,848
Textiles, Apparel & Luxury Goods - 0.7%
Vera Bradley 1,3		340,500		2,080,455
Total				31,511,869
Consumer Staples – 0.1%
Beverages - 0.1%
Eastside Distilling 1		376,800		429,552
Total				429,552
Energy – 2.1%
Energy Equipment & Services - 1.7%
Natural Gas Services Group 1		314,187		2,654,880
Pason Systems		230,750		916,727
Profire Energy 1		1,389,432		1,027,902
				4,599,509
Oil, Gas & Consumable Fuels - 0.4%
Ardmore Shipping		319,875		1,138,755
Total				5,738,264
Financials – 14.2%
Banks - 5.5%
Allegiance Bancshares		82,800		1,935,036
BayCom Corporation 1		166,200		1,711,860
Caribbean Investment Holdings		1,858,138		1,306,717
County Bancorp		92,400		1,737,120
HarborOne Bancorp		261,253		2,108,312
HomeTrust Bancshares		130,400		1,770,832
Investar Holding		164,200		2,105,044
Midway Investments 1,4		1,858,170		0
TriState Capital Holdings 1		182,757		2,419,703
				15,094,624
Capital Markets - 5.3%
B. Riley Financial		149,900		3,756,494
Canaccord Genuity Group		469,900		2,396,171
Silvercrest Asset Management Group Cl. A		204,000		2,133,840
Sprott		108,480		3,702,764
StoneX Group 1,3		50,200		2,568,232
				14,557,501
Diversified Financial Services - 0.3%
Waterloo Investment Holdings 1,4		2,760,000		690,000
Thrifts & Mortgage Finance - 3.1%
Meridian Bancorp		197,500		2,044,125
PCSB Financial		174,400		2,105,008
Territorial Bancorp		98,000		1,982,540
Western New England Bancorp		384,100		2,162,483
				8,294,156
Total				38,636,281
Health Care – 13.7%
Biotechnology - 3.2%
BioSpecifics Technologies 1		25,900		1,368,297
CareDx 1		46,800		1,775,592
Dynavax Technologies 1		261,300		1,128,816
MeiraGTx Holdings 1		85,700		1,134,668
Zealand Pharma 1		83,000		3,153,777
				8,561,150
Health Care Equipment & Supplies - 6.5%
Apyx Medical 1		348,300		1,640,493
AtriCure 1		52,400		2,090,760
Chembio Diagnostics 1		240,253		1,167,630
CryoLife 1		167,455		3,092,894
Mesa Laboratories		4,700		1,197,372
Misonix 1		115,000		1,348,950
OrthoPediatrics Corporation 1,3		57,400		2,635,808
Profound Medical 1		117,700		2,070,169
Surmodics 1		65,822		2,561,134
				17,805,210
Health Care Providers & Services - 0.5%
Sharps Compliance 1,3		232,600		1,458,402
Life Sciences Tools & Services - 3.0%
Harvard Bioscience 1		850,779		2,560,845
NeoGenomics 1		75,700		2,792,573
Quanterix Corporation 1		86,100		2,905,014
				8,258,432
Pharmaceuticals - 0.5%
Axsome Therapeutics 1,3		17,400		1,239,750
Total				37,322,944
Industrials – 22.9%
Aerospace & Defense - 1.2%
Astronics Corporation 1		90,391		697,819
CPI Aerostructures 1		441,384		1,182,909
Kratos Defense & Security Solutions 1		75,100		1,447,928
				3,328,656
Commercial Services & Supplies - 1.0%
Acme United		49,800		1,146,799
Heritage-Crystal Clean 1		124,474		1,661,728
				2,808,527
Construction & Engineering - 5.3%
Ameresco Cl. A 1		107,200		3,580,480
Construction Partners Cl. A 1		151,500		2,757,300
IES Holdings 1		84,900		2,697,273
Northwest Pipe 1		124,200		3,286,332
NV5 Global 1		39,500		2,084,415
				14,405,800
Electrical Equipment - 1.5%
American Superconductor 1		256,600		3,715,568
Power Solutions International 1,2		99,900		304,695
				4,020,263
Machinery - 6.5%
Alimak Group		182,300		2,471,229
CIRCOR International 1		121,400		3,320,290
Graham Corporation		168,588		2,152,869
Luxfer Holdings		129,900		1,630,245
Porvair		313,000		2,060,427
Shyft Group		142,100		2,682,848
Wabash National		218,300		2,610,868
Westport Fuel Systems 1		535,200		872,376
				17,801,152
Marine - 1.0%
Clarkson		89,831		2,604,453
Professional Services - 4.4%
CRA International		52,483		1,966,538
Forrester Research 1		43,300		1,419,807
GP Strategies 1		264,418		2,548,989
Heidrick & Struggles International		99,540		1,955,961
Kforce		55,932		1,799,332
Resources Connection		200,252		2,312,911
				12,003,538
Trading Companies & Distributors - 2.0%
Lawson Products 1		76,900		3,155,207
Transcat 1		76,600		2,244,380
				5,399,587
Total				62,371,976
Information Technology – 25.8%
Communications Equipment - 2.3%
Digi International 1		194,600		3,041,598
EMCORE Corporation 1		481,100		1,563,575
Harmonic 1		306,600		1,710,828
				6,316,001
Electronic Equipment, Instruments & Components - 7.7%
Fabrinet 1		21,349		1,345,628
FARO Technologies 1		46,300		2,823,374
LightPath Technologies Cl. A 1		789,784		1,903,379
Luna Innovations 1		500,300		2,991,794
nLIGHT 1		114,900		2,697,852
PAR Technology 1		92,000		3,726,920
PC Connection		52,300		2,147,438
PowerFleet 1		102,100		574,823
Vishay Precision Group 1		112,100		2,838,372
				21,049,580
IT Services - 0.5%
Cass Information Systems		36,016		1,449,284
Semiconductors & Semiconductor Equipment - 12.6%
Aehr Test Systems 1		869,700		1,208,883
Axcelis Technologies 1		95,400		2,098,800
AXT 1		524,400		3,209,328
Camtek 1		216,800		3,334,384
Cirrus Logic 1		31,600		2,131,420
Cohu		136,000		2,336,480
CyberOptics Corporation 1		78,100		2,486,704
Everspin Technologies 1,3		332,900		1,887,543
FormFactor 1		102,700		2,560,311
Ichor Holdings 1		89,800		1,936,986
Nova Measuring Instruments 1		54,100		2,820,774
PDF Solutions 1		142,600		2,668,046
Photronics 1		284,800		2,836,608
Ultra Clean Holdings 1		125,800		2,699,668
				34,215,935
Software - 2.1%
Agilysys 1		116,900		2,824,304
QAD Cl. A		68,313		2,882,808
				5,707,112
Technology Hardware, Storage & Peripherals - 0.6%
AstroNova		194,100		1,556,682
Total				70,294,594
Materials – 3.7%
Chemicals - 0.5%
Trecora Resources 1		223,101		1,369,840
Metals & Mining - 3.2%
Altius Minerals		165,400		1,203,654
Ferroglobe (Warranty Insurance Trust) 1,4		205,763		0
Haynes International		100,130		1,711,222
Major Drilling Group International 1		687,900		3,683,472
Seabridge Gold 1		33,200		623,496
Universal Stainless & Alloy Products 1		286,200		1,571,238
				8,793,082
Total				10,162,922
Real Estate – 1.6%
Equity Real Estate Investment Trusts (REITs) - 0.7%
Postal Realty Trust Cl. A		120,100		1,818,314
Real Estate Management & Development - 0.9%
FRP Holdings 1		38,975		1,624,088
Marcus & Millichap 1		33,800		930,176
				2,554,264
Total				4,372,578
TOTAL COMMON STOCKS
(Cost $236,578,484)				268,453,482
REPURCHASE AGREEMENT – 1.6%
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $4,472,220 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $4,561,665) (Cost $4,472,220)				4,472,220
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.6%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.01%)
(Cost $1,561,461)				1,561,461
TOTAL INVESTMENTS – 100.6%
(Cost $242,612,165)				274,487,163
LIABILITIES LESS CASH AND OTHER ASSETS – (0.6)%				(1,756,631	)
NET ASSETS – 100.0%			$	272,730,532

SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 92.3%
Communication Services – 1.4%
Diversified Telecommunication Services - 0.5%
Iridium Communications 1,3		51,393	$	1,314,633
Ooma 1		258,078		3,367,918
				4,682,551
Interactive Media & Services - 0.8%
Cars.com 1,3		129,800		1,048,784
Eventbrite Cl. A 1,3		152,900		1,658,965
QuinStreet 1		239,200		3,788,928
				6,496,677
Media - 0.1%
comScore 1,3		575,700		1,174,428
Total				12,353,656
Consumer Discretionary – 14.4%
Auto Components - 1.5%
Cooper Tire & Rubber		48,400		1,534,280
Horizon Global 1,3		1,020,880		5,870,060
Modine Manufacturing 1		582,537		3,640,856
Stoneridge 1		143,200		2,630,584
				13,675,780
Automobiles - 0.4%
Winnebago Industries		74,200		3,833,914
Diversified Consumer Services - 0.8%
frontdoor 1,3		121,499		4,727,526
Regis Corporation 1		313,900		1,927,346
				6,654,872
Hotels, Restaurants & Leisure - 2.9%
BJ’s Restaurants 1		164,200		4,834,048
Carrols Restaurant Group 1		1,096,316		7,071,238
Century Casinos 1		241,140		1,321,447
Chuy’s Holdings 1		247,000		4,836,260
Kura Sushi USA Cl. A 1,3		76,297		999,491
Noodles & Company Cl. A 1		539,654		3,707,423
Red Robin Gourmet Burgers 1,3		86,900		1,143,604
Ruth’s Hospitality Group		139,500		1,542,870
				25,456,381
Household Durables - 4.9%
Beazer Homes USA 1		476,406		6,288,559
Cavco Industries 1		23,200		4,183,192
Century Communities 1,3		76,000		3,217,080
Ethan Allen Interiors		70,600		955,924
Installed Building Products 1,3		18,600		1,892,550
LGI Homes 1,3		47,670		5,537,824
M.D.C. Holdings		40,934		1,927,991
M/I Homes 1		65,848		3,032,300
New Home 1		411,659		2,239,425
Skyline Champion 1		166,300		4,451,851
Taylor Morrison Home 1,3		155,454		3,822,614
Toll Brothers		55,586		2,704,815
TRI Pointe Group 1		176,406		3,200,005
				43,454,130
Internet & Direct Marketing Retail - 0.9%
Leaf Group 1		53,426		268,198
Magnite 1,3		1,056,819		7,339,608
				7,607,806
Specialty Retail - 2.2%
America’s Car-Mart 1		58,400		4,956,992
Lithia Motors Cl. A		16,300		3,715,422
Lumber Liquidators Holdings 1,3		297,156		6,552,290
Sonic Automotive Cl. A		97,000		3,895,520
				19,120,224
Textiles, Apparel & Luxury Goods - 0.8%
Jerash Holdings (US)		55,769		253,191
Tapestry		120,000		1,875,600
Under Armour Cl. A 1		156,700		1,759,741
Unifi 1		220,054		2,825,494
				6,714,026
Total				126,517,133
Consumer Staples – 1.8%
Beverages - 0.6%
Eastside Distilling 1		80,400		91,656
MGP Ingredients		102,303		4,065,521
Reed’s 1		941,794		874,456
				5,031,633
Food & Staples Retailing - 0.8%
Chefs Warehouse 1		192,400		2,797,496
Natural Grocers by Vitamin Cottage		178,644		1,761,430
Rite Aid 1,3		270,565		2,567,662
				7,126,588
Food Products - 0.4%
SunOpta 1		439,027		3,257,580
Total				15,415,801
Energy – 2.7%
Energy Equipment & Services - 0.8%
Archrock		460,100		2,475,338
Aspen Aerogels 1		242,070		2,650,667
Newpark Resources 1		377,226		396,087
Patterson-UTI Energy		93,785		267,287
Ranger Energy Services Cl. A 1		244,352		637,759
TETRA Technologies 1		317,230		162,041
U.S. Silica Holdings		159,001		477,003
				7,066,182
Oil, Gas & Consumable Fuels - 1.9%
Baytex Energy 1		1,271,000		448,155
Dorian LPG 1		496,693		3,978,511
Earthstone Energy Cl. A 1		218,004		564,630
Matador Resources 1		448,883		3,707,773
Montage Resources 1,3		233,374		1,024,512
Navigator Holdings 1		516,884		4,321,150
Teekay LNG Partners L.P.		253,336		2,660,028
				16,704,759
Total				23,770,941
Financials – 7.5%
Banks - 1.1%
First Foundation		130,100		1,700,407
Hilltop Holdings		264,848		5,450,572
Seacoast Banking Corporation of Florida 1		48,900		881,667
TriState Capital Holdings 1		142,487		1,886,528
				9,919,174
Capital Markets - 2.5%
B. Riley Financial		286,317		7,175,104
Evercore Cl. A		89,400		5,852,124
Houlihan Lokey Cl. A		49,589		2,928,231
Moelis & Company Cl. A		173,900		6,110,846
				22,066,305
Insurance - 2.2%
HCI Group		91,076		4,489,136
Heritage Insurance Holdings		470,091		4,757,321
Old Republic International		156,800		2,311,232
Stewart Information Services		168,940		7,387,746
United Fire Group		5,110		103,835
				19,049,270
Thrifts & Mortgage Finance - 1.7%
Axos Financial 1		69,700		1,624,707
NMI Holdings Cl. A 1		211,463		3,764,041
Radian Group		182,298		2,663,374
Walker & Dunlop		127,228		6,743,084
				14,795,206
Total				65,829,955
Health Care – 13.7%
Biotechnology - 1.6%
CareDx 1		128,296		4,867,550
Emergent BioSolutions 1		56,262		5,813,553
Flexion Therapeutics 1,3		341,951		3,559,710
				14,240,813
Health Care Equipment & Supplies - 4.2%
Accuray 1,3		886,708		2,128,099
Alphatec Holdings 1		307,900		2,044,456
AngioDynamics 1		85,757		1,034,229
Cutera 1		87,900		1,667,463
IntriCon Corporation 1,3		373,310		4,546,916
Invacare Corporation		661,444		4,974,059
Neuronetics 1,3		88,100		428,166
Orthofix Medical 1		174,996		5,449,375
Ra Medical Systems 1		241,323		69,984
Sientra 1,3		387,900		1,318,860
SmileDirectClub Cl. A 1,3		425,994		4,975,610
Surgalign Holdings 1,3		773,728		1,400,448
Varex Imaging 1		250,746		3,189,489
ViewRay 1		996,200		3,486,700
				36,713,854
Health Care Providers & Services - 6.8%
Acadia Healthcare 1,3		123,672		3,645,851
BioTelemetry 1		115,500		5,264,490
Community Health Systems 1		1,488,214		6,280,263
Cross Country Healthcare 1		749,820		4,866,332
Option Care Health 1,3		424,171		5,671,166
Owens & Minor		438,268		11,004,910
R1 RCM 1		496,243		8,510,567
RadNet 1		108,900		1,671,615
Select Medical Holdings 1		222,200		4,626,204
Surgery Partners 1,3		379,838		8,318,452
				59,859,850
Health Care Technology - 0.6%
Allscripts Healthcare Solutions 1		24,928		202,914
Castlight Health Cl. B 1		1,111,042		1,255,477
Evolent Health Cl. A 1,3		312,200		3,874,402
				5,332,793
Pharmaceuticals - 0.5%
Pacira BioSciences 1,3		74,000		4,448,880
Total				120,596,190
Industrials – 21.4%
Aerospace & Defense - 1.3%
AAR Corporation		111,800		2,101,840
Astronics Corporation 1		228,300		1,762,476
Cubic Corporation		26,100		1,518,237
Ducommun 1		58,964		1,941,095
Hexcel Corporation		42,300		1,419,165
Spirit AeroSystems Holdings Cl. A		65,600		1,240,496
Triumph Group		213,001		1,386,636
				11,369,945
Air Freight & Logistics - 1.0%
Atlas Air Worldwide Holdings 1,3		110,386		6,722,507
Radiant Logistics 1		321,650		1,653,281
				8,375,788
Airlines - 2.0%
Alaska Air Group		129,200		4,732,596
Allegiant Travel		47,292		5,665,581
JetBlue Airways 1		485,700		5,502,981
Mesa Air Group 1,3		555,146		1,637,681
				17,538,839
Building Products - 3.2%
American Woodmark 1		74,800		5,874,792
Builders FirstSource 1		65,995		2,152,757
Gibraltar Industries 1		51,100		3,328,654
Griffon Corporation		188,759		3,688,351
Insteel Industries		145,950		2,729,265
JELD-WEN Holding 1		159,600		3,606,960
Patrick Industries		49,000		2,818,480
PGT Innovations 1		238,043		4,170,513
				28,369,772
Commercial Services & Supplies - 1.2%
ABM Industries		41,053		1,505,003
CECO Environmental 1		169,304		1,234,226
Covanta Holding Corporation		315,700		2,446,675
Interface		90,472		553,689
Pitney Bowes		917,194		4,870,300
				10,609,893
Construction & Engineering - 3.2%
Aegion Corporation 1		103,116		1,457,029
Ameresco Cl. A 1		218,726		7,305,449
Arcosa		148,825		6,561,694
Concrete Pumping Holdings 1,3		338,274		1,207,638
Construction Partners Cl. A 1		238,555		4,341,701
Great Lakes Dredge & Dock 1		65,116		619,253
Northwest Pipe 1		204,101		5,400,513
Primoris Services		63,780		1,150,591
				28,043,868
Electrical Equipment - 1.4%
Bloom Energy Cl. A 1,3		325,900		5,856,423
Encore Wire		67,270		3,122,673
LSI Industries		446,053		3,010,858
Power Solutions International 1,2		255,270		778,574
				12,768,528
Machinery - 5.4%
Astec Industries		45,135		2,448,574
Commercial Vehicle Group 1		557,674		3,641,611
EnPro Industries		55,000		3,102,550
Gencor Industries 1		30,579		337,286
Hurco Companies		71,765		2,038,126
Hyster-Yale Materials Handling Cl. A		92,264		3,427,608
LiqTech International 1,3		353,235		2,984,836
Lydall 1		313,326		5,182,412
Manitex International 1		366,872		1,529,856
Meritor 1		149,508		3,130,698
Park-Ohio Holdings		110,244		1,771,621
Shyft Group		234,238		4,422,413
TriMas Corporation 1		109,710		2,501,388
Trinity Industries		151,400		2,952,300
Wabash National		331,500		3,964,740
Westport Fuel Systems 1		2,271,533		3,702,599
				47,138,618
Professional Services - 0.7%
GP Strategies 1		309,645		2,984,978
Mistras Group 1		503,000		1,966,730
TrueBlue 1		88,100		1,364,669
				6,316,377
Trading Companies & Distributors - 2.0%
Air Lease Cl. A		266,538		7,841,548
Fortress Transportation & Infrastructure Investors		47,700		817,101
General Finance 1		264,785		1,676,089
Herc Holdings 1		190,498		7,545,626
				17,880,364
Total				188,411,992
Information Technology – 19.0%
Communications Equipment - 4.3%
ADTRAN		300,000		3,076,500
Aviat Networks 1		131,589		2,889,695
CalAmp Corporation 1,3		582,742		4,189,915
Ceragon Networks 1,3		547,916		1,364,311
Ciena Corporation 1		55,373		2,197,754
Comtech Telecommunications		210,896		2,952,544
Digi International 1		364,602		5,698,729
DZS 1		354,504		3,321,703
Infinera Corporation 1,3		903,946		5,568,307
InterDigital		72,800		4,153,968
PCTEL		486,602		2,754,167
				38,167,593
Electronic Equipment, Instruments & Components - 2.4%
CTS Corporation		102,700		2,262,481
Fabrinet 1		23,529		1,483,033
Frequency Electronics 1		321,193		3,247,261
Identiv 1		339,620		2,126,021
II-VI 1		150,968		6,123,262
Iteris 1		531,928		2,180,905
Perceptron 1		136,918		931,042
Vishay Intertechnology		174,624		2,718,896
				21,072,901
IT Services - 0.9%
Limelight Networks 1		986,783		5,683,870
Perspecta		100,759		1,959,763
				7,643,633
Semiconductors & Semiconductor Equipment - 6.6%
Advanced Energy Industries 1		86,261		5,429,267
Alpha & Omega Semiconductor 1		670,517		8,596,028
Amkor Technology 1,3		471,340		5,279,008
Amtech Systems 1		240,575		1,176,412
Cohu		178,476		3,066,218
FormFactor 1		176,613		4,402,962
Ichor Holdings 1,3		113,494		2,448,066
Kulicke & Soffa Industries		176,765		3,959,536
MACOM Technology Solutions Holdings 1,3		123,034		4,184,386
MKS Instruments		27,400		2,992,902
Onto Innovation 1,3		197,519		5,882,116
SunPower Corporation 1		122,400		1,531,224
Ultra Clean Holdings 1		231,827		4,975,007
Veeco Instruments 1		317,787		3,708,574
				57,631,706
Software - 3.3%
A10 Networks 1		773,826		4,929,272
Avaya Holdings 1,3		479,354		7,286,181
Cloudera 1,3		435,800		4,745,862
Ebix		193,300		3,981,980
Kaleyra 1,3		444,542		3,369,628
MobileIron 1		136,400		956,164
SecureWorks Corporation Cl. A 1,3		350,530		3,992,537
				29,261,624
Technology Hardware, Storage & Peripherals - 1.5%
Avid Technology 1		843,054		7,216,542
Intevac 1		615,562		3,391,747
NCR Corporation 1		37,565		831,689
3D Systems 1		417,887		2,051,825
				13,491,803
Total				167,269,260
Materials – 8.0%
Chemicals - 3.5%
American Vanguard		139,300		1,830,402
Ferro Corporation 1		348,067		4,316,031
Huntsman Corporation		252,900		5,616,909
Intrepid Potash 1		109,400		923,336
Kraton Corporation 1		311,180		5,545,228
Livent Corporation 1,3		584,200		5,240,274
Olin Corporation		419,000		5,187,220
Trecora Resources 1		383,366		2,353,867
				31,013,267
Construction Materials - 1.4%
Forterra 1,3		523,586		6,188,786
U.S. Concrete 1,3		200,338		5,817,816
				12,006,602
Metals & Mining - 2.1%
Allegheny Technologies 1		307,714		2,683,266
Carpenter Technology		39,812		722,986
Century Aluminum 1		491,210		3,497,415
Cleveland-Cliffs		687,849		4,415,991
Ferroglobe 1		1,124,778		752,476
Haynes International		167,088		2,855,534
Noranda Aluminum Holding Corporation 1,2		488,157		7,811
Synalloy Corporation 1		365,049		2,015,070
Universal Stainless & Alloy Products 1		237,941		1,306,296
				18,256,845
Paper & Forest Products - 1.0%
Boise Cascade		49,500		1,976,040
Louisiana-Pacific		115,800		3,417,258
P H Glatfelter Company		259,500		3,573,315
				8,966,613
Total				70,243,327
Real Estate – 2.3%
Equity Real Estate Investment Trusts (REITs) - 1.6%
Alexander & Baldwin		170,100		1,906,821
Armada Hoffler Properties		329,433		3,050,550
CatchMark Timber Trust Cl. A		214,200		1,912,806
Kimco Realty		159,800		1,799,348
Ryman Hospitality Properties		132,973		4,893,406
Tanger Factory Outlet Centers		102,800		619,884
				14,182,815
Real Estate Management & Development - 0.7%
Realogy Holdings 1		363,820		3,434,461
Tejon Ranch 1		156,506		2,214,560
				5,649,021
Total				19,831,836
Utilities – 0.1%
Water Utilities - 0.1%
Pure Cycle 1		123,899		1,116,330
Total				1,116,330
TOTAL COMMON STOCKS
(Cost $759,460,082)				811,356,421
REPURCHASE AGREEMENT – 5.0%
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $43,632,373 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $44,505,034) (Cost $43,632,373)				43,632,373
COLLATERAL RECEIVED FOR SECURITIES LOANED – 2.2%
Money Market Funds Federated Government Obligations Fund (7 day yield-0.01%) (Cost $19,477,067)				19,477,067
TOTAL INVESTMENTS – 99.5%
(Cost $822,569,522)				874,465,861
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.5%				4,495,761
NET ASSETS – 100.0%			$	878,961,622

SCHEDULES OF INVESTMENTS

ROYCE PENNSYLVANIA MUTUAL FUND

SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.5%
Communication Services – 2.0%
Diversified Telecommunication Services - 1.1%
Bandwidth Cl. A 1,3		78,435	$	13,692,398
Liberty Latin America Cl. C 1,3		336,335		2,737,767
				16,430,165
Entertainment - 0.3%
Manchester United Cl. A		261,290		3,799,156
SciPlay Corporation Cl. A 1		63,118		1,023,774
				4,822,930
Interactive Media & Services - 0.4%
IAC/InterActiveCorp 1		52,700		6,312,406
Media - 0.2%
Media General (Rights) 1,4		102,272		0
Meredith Corporation		81,420		1,068,230
Saga Communications Cl. A		106,396		2,115,153
				3,183,383
Total				30,748,884
Consumer Discretionary – 8.6%
Auto Components - 2.0%
Dorman Products 1		92,680		8,376,419
Gentex Corporation		263,352		6,781,314
LCI Industries		130,370		13,857,027
Standard Motor Products		12,300		549,195
Stoneridge 1		105,227		1,933,020
				31,496,975
Automobiles - 0.5%
Winnebago Industries		158,610		8,195,379
Distributors - 0.2%
LKQ Corporation 1		101,823		2,823,552
Hotels, Restaurants & Leisure - 0.2%
Century Casinos 1		401,167		2,198,395
Hilton Grand Vacations 1		47,898		1,004,900
				3,203,295
Household Durables - 0.5%
La-Z-Boy		40,310		1,275,005
Legacy Housing 1,3		189,625		2,594,070
PulteGroup		93,800		4,342,002
				8,211,077
Internet & Direct Marketing Retail - 0.8%
Etsy 1		102,869		12,511,956
Leisure Products - 1.2%
Brunswick Corporation		131,800		7,764,338
Johnson Outdoors Cl. A		28,015		2,294,148
Malibu Boats Cl. A 1		37,000		1,833,720
MasterCraft Boat Holdings 1,3		346,701		6,063,801
				17,956,007
Specialty Retail - 2.5%
Aaron’s		55,100		3,121,415
America’s Car-Mart 1		95,046		8,067,504
Asbury Automotive Group 1		49,743		4,847,455
OneWater Marine Cl. A 1,3		210,559		4,314,354

Rent-A-Center	391,372	11,698,109
Shoe Carnival	203,691	6,839,944
		38,888,781
Textiles, Apparel & Luxury Goods - 0.7%
Canada Goose Holdings 1,3	217,879	7,009,168
Wolverine World Wide	152,355	3,936,853
		10,946,021
Total		134,233,043
Consumer Staples – 1.4%
Food Products - 0.5%
Nomad Foods 1	154,056	3,925,347
Seneca Foods Cl. A 1	104,533	3,734,964
		7,660,311
Personal Products - 0.9%
e.l.f. Beauty 1	369,900	6,795,063
Inter Parfums	187,676	7,009,698
		13,804,761
Total		21,465,072
Energy – 1.5%
Energy Equipment & Services - 1.4%
Pason Systems	1,246,349	4,951,512
SEACOR Holdings 1	388,358	11,293,451
TGS-NOPEC Geophysical	494,470	5,974,075
		22,219,038
Oil, Gas & Consumable Fuels - 0.1%
EQT Corporation	49,787	643,746
Total		22,862,784
Financials – 13.2%
Banks - 2.2%
BOK Financial	13,819	711,817
Camden National	47,712	1,442,095
CIT Group	100,000	1,771,000
City Holding Company	21,580	1,243,224
CNB Financial	94,732	1,408,665
Financial Institutions	66,745	1,027,873
First Citizens BancShares Cl. A	41,586	13,256,785
National Bankshares	103,767	2,628,418
Northrim BanCorp	33,507	854,093
Popular	204,049	7,400,857
TriState Capital Holdings 1	128,261	1,698,176
Unity Bancorp	88,673	1,026,833
		34,469,836
Capital Markets - 5.9%
Ares Management Cl. A	257,869	10,423,065
Artisan Partners Asset Management Cl. A	125,202	4,881,626
Associated Capital Group Cl. A	32,940	1,190,122
B. Riley Financial	69,658	1,745,629
Evercore Cl. A	48,741	3,190,586
Houlihan Lokey Cl. A	216,030	12,756,572
Lazard Cl. A	269,200	8,897,060
Moelis & Company Cl. A	90,524	3,181,013
Morningstar	92,144	14,799,248
SEI Investments	178,119	9,034,196
Sprott	169,894	5,799,018
TMX Group	69,920	7,190,751
Tradeweb Markets Cl. A	3,030	175,740

Virtu Financial Cl. A	360,823	8,302,537
		91,567,163
Insurance - 3.5%
Alleghany Corporation	8,775	4,566,949
Assured Guaranty	96,982	2,083,173
Axis Capital Holdings	25,000	1,101,000
CNO Financial Group	203,931	3,271,053
E-L Financial	22,966	11,348,038
FBL Financial Group Cl. A	55,712	2,685,318
James River Group Holdings	20,000	890,600
Kemper Corporation	38,500	2,572,955
Palomar Holdings 1,3	55,300	5,764,472
ProAssurance Corporation	52,698	824,197
RLI Corp.	68,753	5,756,689
Selective Insurance Group	62,400	3,212,976
Trupanion 1,3	135,423	10,684,875
		54,762,295
Investment Companies - 0.2%
CF Finance Acquisition Cl. A 1,3	343,700	3,574,480
Thrifts & Mortgage Finance - 1.4%
Axos Financial 1,3	122,961	2,866,221
Genworth MI Canada	488,429	12,666,031
Southern Missouri Bancorp	56,783	1,338,943
Timberland Bancorp	95,593	1,720,674
TrustCo Bank Corp. NY	259,030	1,352,137
WSFS Financial	52,164	1,406,863
		21,350,869
Total		205,724,643
Health Care – 8.9%
Biotechnology - 0.5%
BioSpecifics Technologies 1,3	48,558	2,565,319
CareDx 1	51,420	1,950,875
Coherus BioSciences 1,3	67,103	1,230,669
Vanda Pharmaceuticals 1	13,600	131,376
Zealand Pharma 1	63,722	2,421,265
		8,299,504
Health Care Equipment & Supplies - 4.2%
AtriCure 1	33,343	1,330,386
Atrion Corporation	8,442	5,284,692
BioLife Solutions 1	310,116	8,974,757
CryoLife 1	71,758	1,325,370
CryoPort 1	41,100	1,948,140
Haemonetics 1	98,069	8,556,520
Hill-Rom Holdings	39,176	3,271,588
Masimo Corporation 1	10,000	2,360,600
Meridian Bioscience 1	149,200	2,533,416
Mesa Laboratories	60,145	15,322,540
Misonix 1	48,100	564,213
OrthoPediatrics Corporation 1,3	58,600	2,690,912
Profound Medical 1	20,400	358,806
SI-BONE 1	89,900	2,132,428
STAAR Surgical 1,3	79,341	4,487,527
Tandem Diabetes Care 1	35,286	4,004,961
		65,146,856
Health Care Providers & Services - 1.9%
Encompass Health	139,160	9,042,617
Ensign Group (The)	54,908	3,133,051
Molina Healthcare 1	17,400	3,184,896
National Research	110,463	5,435,884

Pennant Group 1	24,527	945,761
Sharps Compliance 1,3	81,000	507,870
U.S. Physical Therapy	89,950	7,814,856
		30,064,935
Health Care Technology - 0.4%
Simulations Plus	81,910	6,172,738
Life Sciences Tools & Services - 1.8%
Bio-Techne	57,270	14,187,497
ICON 1	31,848	6,085,834
NeoGenomics 1	62,083	2,290,242
PRA Health Sciences 1	9,949	1,009,227
Quanterix Corporation 1	108,199	3,650,634
		27,223,434
Pharmaceuticals - 0.1%
Supernus Pharmaceuticals 1,3	105,867	2,206,268
Total		139,113,735
Industrials – 27.2%
Aerospace & Defense - 1.5%
HEICO Corporation	116,182	12,159,608
HEICO Corporation Cl. A	52,756	4,677,347
Magellan Aerospace	190,471	975,564
Vectrus 1	141,139	5,363,282
		23,175,801
Air Freight & Logistics - 0.7%
Forward Air	100,469	5,764,911
Hub Group Cl. A 1	107,918	5,416,944
		11,181,855
Building Products - 1.5%
Advanced Drainage Systems	20,000	1,248,800
CSW Industrials	3,500	270,375
Gibraltar Industries 1	78,617	5,121,112
Patrick Industries	158,191	9,099,146
Simpson Manufacturing	66,662	6,476,880
UFP Industries	17,700	1,000,227
		23,216,540
Commercial Services & Supplies - 1.6%
Harsco Corporation 1	524,243	7,292,220
Healthcare Services Group	163,811	3,526,851
Heritage-Crystal Clean 1	154,283	2,059,678
IBEX 1	55,000	845,900
Kimball International Cl. B	265,336	2,796,641
PICO Holdings 1	209,913	1,880,821
UniFirst Corporation	39,285	7,439,400
		25,841,511
Construction & Engineering - 3.1%
Arcosa	303,917	13,399,701
Comfort Systems USA	109,931	5,662,546
Construction Partners Cl. A 1,3	130,391	2,373,116
EMCOR Group	11,400	771,894
Great Lakes Dredge & Dock 1	368,625	3,505,624
MasTec 1	79,300	3,346,460
MYR Group 1	95,406	3,547,195
Primoris Services	189,672	3,421,683
Valmont Industries	76,725	9,527,710
WillScot Mobile Mini Holdings 1,3	199,150	3,321,822
		48,877,751
Electrical Equipment - 0.8%
Bloom Energy Cl. A 1,3	50,000	898,500

Preformed Line Products	201,075	9,796,374
Sensata Technologies Holding 1	28,700	1,238,118
		11,932,992
Industrial Conglomerates - 1.0%
Carlisle Companies	38,813	4,749,547
Raven Industries	484,921	10,435,500
		15,185,047
Machinery - 9.1%
Alamo Group	9,501	1,026,393
Allison Transmission Holdings	18,500	650,090
Colfax Corporation 1,3	467,634	14,665,002
ESCO Technologies	79,509	6,405,245
Federal Signal	29,651	867,292
Graco	180,999	11,104,289
Graham Corporation	72,292	923,169
Helios Technologies	327,410	11,917,724
John Bean Technologies	116,550	10,709,779
Kadant	117,618	12,893,285
Lincoln Electric Holdings	148,880	13,702,915
Lindsay Corporation	118,390	11,445,945
Meritor 1	383,484	8,030,155
Middleby Corporation 1	51,800	4,646,978
Miller Industries	205,051	6,268,409
Nordson Corporation	45,919	8,808,182
RBC Bearings 1	54,522	6,608,612
Tennant Company	172,624	10,419,585
		141,093,049
Marine - 0.7%
Clarkson	350,000	10,147,484
Kirby Corporation 1	6,997	253,082
		10,400,566
Professional Services - 2.5%
Barrett Business Services	26,100	1,368,684
Exponent	74,566	5,370,989
Forrester Research 1	203,708	6,679,585
GP Strategies 1	103,013	993,045
Heidrick & Struggles International	299,733	5,889,753
Kforce	60,500	1,946,285
Korn Ferry	148,419	4,304,151
ManpowerGroup	42,747	3,134,638
Morneau Shepell	53,600	1,119,057
Resources Connection	215,083	2,484,209
Robert Half International	8,000	423,520
Upwork 1,3	298,460	5,205,142
		38,919,058
Road & Rail - 2.1%
ArcBest	127,447	3,958,504
Landstar System	118,854	14,914,988
Saia 1	50,909	6,421,661
Universal Logistics Holdings	365,775	7,630,067
		32,925,220
Trading Companies & Distributors - 2.6%
Air Lease Cl. A	137,462	4,044,132
Applied Industrial Technologies	121,091	6,672,114
BMC Stock Holdings 1	171,685	7,353,269
EVI Industries 1,3	409,609	10,899,695
Lawson Products 1	21,900	898,557
Richelieu Hardware	310,641	8,202,574
Transcat 1	32,800	961,040

Watsco	9,849	2,293,734
		41,325,115
Total		424,074,505
Information Technology – 24.3%
Communications Equipment - 0.5%
ADTRAN	61,465	630,323
Digi International 1	287,193	4,488,827
Viavi Solutions 1	231,500	2,715,495
		7,834,645
Electronic Equipment, Instruments & Components - 9.5%
Badger Meter	77,200	5,046,564
Cognex Corporation	104,493	6,802,494
Coherent 1	90,691	10,060,353
Dolby Laboratories Cl. A	84,640	5,609,939
ePlus 1	41,821	3,061,297
Fabrinet 1	152,082	9,585,729
FARO Technologies 1	197,088	12,018,426
FLIR Systems	413,001	14,806,086
HollySys Automation Technologies	71,531	790,418
Insight Enterprises 1	178,893	10,121,766
IPG Photonics 1	33,931	5,767,252
Kimball Electronics 1	186,492	2,155,848
Littelfuse	37,933	6,727,038
Luna Innovations 1	780,789	4,669,118
Methode Electronics	31,900	909,150
National Instruments	261,316	9,328,981
PAR Technology 1	346,389	14,032,218
PC Connection	143,415	5,888,620
Plexus Corporation 1	23,500	1,659,805
Rogers Corporation 1	74,500	7,305,470
Sanmina Corporation 1	152,060	4,113,223
SYNNEX Corporation 1	24,000	3,361,440
Vishay Intertechnology	138,090	2,150,061
Vishay Precision Group 1	75,915	1,922,168
		147,893,464
IT Services - 1.5%
Computer Services 2	42,975	2,632,219
CSG Systems International	6,500	266,175
Hackett Group (The)	96,484	1,078,691
International Money Express 1	1,000	14,365
KBR	566,361	12,663,832
MAXIMUS	53,150	3,635,992
Switch Cl. A	8,556	133,559
Sykes Enterprises 1	31,200	1,067,352
Unisys Corporation 1	125,000	1,333,750
WEX 1	3,800	528,086
		23,354,021
Semiconductors & Semiconductor Equipment - 6.9%
Advanced Energy Industries 1	35,601	2,240,727
Axcelis Technologies 1	206,316	4,538,952
Brooks Automation	117,408	5,431,294
Cirrus Logic 1	197,140	13,297,093
CMC Materials	117,135	16,728,049
Cohu	122,418	2,103,141
Diodes 1	195,294	11,024,346
Entegris	70,516	5,242,160
FormFactor 1	152,566	3,803,470
Kulicke & Soffa Industries	356,151	7,977,782
Lattice Semiconductor 1	208,071	6,025,736

MKS Instruments	140,280		15,322,784
Nova Measuring Instruments 1,3	76,854		4,007,168
Onto Innovation 1,3	134,820		4,014,940
Photronics 1	142,794		1,422,228
Silicon Motion Technology ADR	60,370		2,280,779
Ultra Clean Holdings 1	78,971		1,694,718
			107,155,367
Software - 5.9%
ACI Worldwide 1	237,597		6,208,410
Agilysys 1	93,087		2,248,982
Avalara 1	35,000		4,456,900
Cloudflare Cl. A 1	127,311		5,227,390
Descartes Systems Group (The) 1	147,147		8,384,436
Elastic 1	64,600		6,969,694
Envestnet 1,3	10,000		771,600
Everbridge 1,3	24,400		3,067,812
Fair Isaac 1	28,168		11,982,104
Five9 1	33,118		4,294,742
j2 Global 1	85,447		5,914,641
Manhattan Associates 1	99,864		9,536,013
QAD Cl. A	42,941		1,812,110
Qualys 1,3	2,017		197,686
SVMK 1	369,645		8,172,851
Upland Software 1,3	319,915		12,060,796
			91,306,167
Total			377,543,664
Materials – 9.1%
Chemicals - 4.0%
Balchem Corporation	122,572		11,966,704
Element Solutions 1	1,076,749		11,316,632
Huntsman Corporation	74,005		1,643,651
Innospec	133,242		8,436,884
Minerals Technologies	215,484		11,011,233
Quaker Chemical	97,892		17,592,171
			61,967,275
Construction Materials - 0.1%
Imerys	36,000		1,338,556
Containers & Packaging - 0.6%
AptarGroup	88,495		10,017,634
Metals & Mining - 3.2%
Alamos Gold Cl. A	1,987,600		17,509,330
Franco-Nevada	92,738		12,944,370
Haynes International	52,750		901,497
IAMGOLD Corporation 1	795,894		3,048,274
Pretium Resources 1	89,241		1,142,027
Reliance Steel & Aluminum	140,441		14,330,600
			49,876,098
Paper & Forest Products - 1.2%
Stella-Jones	551,211		18,669,683
Total			141,869,246
Real Estate – 2.3%
Real Estate Management & Development - 2.3%
Colliers International Group	26,700		1,780,623
FRP Holdings 1	209,149		8,715,239
Kennedy-Wilson Holdings	509,701		7,400,859
Marcus & Millichap 1	325,485		8,957,347
St. Joe Company (The) 1	246,454		5,084,346
Tejon Ranch 1	274,307		3,881,444
Total			35,819,858
TOTAL COMMON STOCKS
(Cost $1,015,471,870)			1,533,455,434
REPURCHASE AGREEMENT – 0.5%
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $7,253,612 (collateralized by obligations of various U.S. Government Agencies, 2.50% due 1/31/25, valued at $7,398,710)
(Cost $7,253,612)			7,253,612
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 1.1%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.01%)
(Cost $16,838,207)			16,838,207
TOTAL INVESTMENTS – 100.1%
(Cost $1,039,563,689)			1,557,547,253
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.1)%			(908,081	)
NET ASSETS – 100.0%		$	1,556,639,172

SCHEDULES OF INVESTMENTS

ROYCE PREMIER FUND

SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 99.6%
Consumer Discretionary – 5.2%
Auto Components - 3.0%
Dorman Products 1		218,295	$	19,729,502
LCI Industries		226,119		24,034,189
				43,763,691
Distributors - 2.2%
Pool Corporation		96,991		32,447,369
Total				76,211,060
Consumer Staples – 1.0%
Personal Products - 1.0%
Inter Parfums		395,294		14,764,231
Total				14,764,231
Energy – 3.0%
Energy Equipment & Services - 3.0%
Pason Systems		3,080,600		12,238,650
SEACOR Holdings 1		659,895		19,189,746
TGS-NOPEC Geophysical		1,089,100		13,158,261
Total				44,586,657
Financials – 13.2%
Capital Markets - 9.8%
Ares Management Cl. A		756,678		30,584,925
Ashmore Group		6,302,900		28,968,848
Lazard Cl. A		475,483		15,714,713
Morningstar		266,844		42,857,815
TMX Group		242,394		24,928,418
				143,054,719
Insurance - 1.8%
Alleghany Corporation		50,600		26,334,770
Thrifts & Mortgage Finance - 1.6%
Genworth MI Canada		919,565		23,846,329
Total				193,235,818
Health Care – 6.3%
Health Care Equipment & Supplies - 4.2%
Haemonetics 1		343,000		29,926,750
Mesa Laboratories		126,079		32,119,886
				62,046,636
Life Sciences Tools & Services - 2.1%
Bio-Techne		121,378		30,068,972
Total				92,115,608
Industrials – 34.8%
Air Freight & Logistics - 1.7%
Forward Air		420,663		24,137,643
Building Products - 1.9%
Simpson Manufacturing		291,151		28,288,231
Commercial Services & Supplies - 2.0%
Ritchie Bros. Auctioneers		505,546		29,953,601
Construction & Engineering - 3.3%
Arcosa		494,950		21,822,345
Valmont Industries		209,849		26,059,049
				47,881,394
Industrial Conglomerates - 1.0%
Raven Industries		702,995		15,128,453
Machinery - 17.8%
Colfax Corporation 1		1,215,782		38,126,924
ESCO Technologies		240,100		19,342,456
Helios Technologies		434,765		15,825,446
John Bean Technologies		411,270		37,791,600
Kadant		227,871		24,979,219
Lincoln Electric Holdings		427,110		39,311,204
Lindsay Corporation		363,085		35,103,058
RBC Bearings 1		127,875		15,499,729
Tennant Company		152,726		9,218,541
Woodward		315,439		25,285,590
				260,483,767
Marine - 2.1%
Clarkson		499,906		14,493,681
Kirby Corporation 1		453,919		16,418,250
				30,911,931
Professional Services - 1.3%
Forrester Research 1		596,827		19,569,957
Road & Rail - 2.1%
Landstar System		239,725		30,083,090
Trading Companies & Distributors - 1.6%
Air Lease Cl. A		804,047		23,655,063
Total				510,093,130
Information Technology – 25.5%
Electronic Equipment, Instruments & Components - 10.5%
Cognex Corporation		517,470		33,687,297
Coherent 1		243,257		26,984,499
FARO Technologies 1		451,463		27,530,214
IPG Photonics 1		110,712		18,817,719
National Instruments		842,075		30,062,077
Rogers Corporation 1		166,600		16,336,796
				153,418,602
IT Services - 2.4%
Computer Services 2		307,400		18,828,250
Jack Henry & Associates		101,178		16,450,531
				35,278,781
Semiconductors & Semiconductor Equipment - 7.0%
Cirrus Logic 1		300,562		20,272,907
CMC Materials		278,864		39,824,568
MKS Instruments		394,648		43,107,401
				103,204,876
Software - 5.6%
Fair Isaac 1		88,405		37,605,719
Manhattan Associates 1		458,974		43,827,427
				81,433,146
Total				373,335,405
Materials – 9.4%
Chemicals - 4.5%
Innospec		397,410		25,164,001
Quaker Chemical		231,280		41,563,329
				66,727,330
Metals & Mining - 2.1%
Reliance Steel & Aluminum		295,231		30,125,371
Paper & Forest Products - 2.8%
Stella-Jones		1,198,500		40,593,556
Total				137,446,257
Real Estate – 1.2%
Real Estate Management & Development - 1.2%
Kennedy-Wilson Holdings		1,198,999		17,409,465
Total				17,409,465
TOTAL COMMON STOCKS
(Cost $954,179,239)				1,459,197,631
REPURCHASE AGREEMENT – 0.2%
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $2,657,147 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $2,710,357) (Cost $2,657,147)				2,657,147
TOTAL INVESTMENTS – 99.8%
(Cost $956,836,386)				1,461,854,778
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2%				2,792,912
NET ASSETS – 100.0%			$	1,464,647,690

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP VALUE FUND

SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.9%
Communication Services – 1.3%
Entertainment - 0.5%
SciPlay Corporation Cl. A 1		31,264	$	507,102
Media - 0.8%
Saga Communications Cl. A		40,340		801,959
Total				1,309,061
Consumer Discretionary – 14.6%
Auto Components - 0.9%
Gentex Corporation		34,827		896,795
Hotels, Restaurants & Leisure - 0.5%
Hilton Grand Vacations 1		23,701		497,247
Household Durables - 2.9%
La-Z-Boy		19,802		626,337
PulteGroup		50,500		2,337,645
				2,963,982
Leisure Products - 1.9%
Malibu Boats Cl. A 1		18,300		906,948
MasterCraft Boat Holdings 1		59,858		1,046,917
				1,953,865
Specialty Retail - 8.4%
Aaron's		27,300		1,546,545
American Eagle Outfitters		82,845		1,226,934
OneWater Marine Cl. A 1		56,557		1,158,853
Rent-A-Center		83,066		2,482,843
Shoe Carnival		65,838		2,210,840
				8,626,015
Total				14,937,904
Consumer Staples – 0.4%
Food & Staples Retailing - 0.4%
Village Super Market Cl. A		17,600		433,136
Total				433,136
Energy – 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Dorchester Minerals L.P.		16,834		173,895
Total				173,895
Financials – 22.5%
Banks - 6.0%
Ames National		37,807		638,560
Camden National		23,376		706,540
City Holding Company		11,976		689,937
CNB Financial		46,305		688,555
Financial Institutions		29,866		459,936
Landmark Bancorp		13,382		285,706
MidWestOne Financial Group		26,686		476,879
National Bankshares		46,432		1,176,123
Northrim BanCorp		15,899		405,265
Unity Bancorp		57,458		665,364
				6,192,865
Capital Markets - 5.0%
Evercore Cl. A		39,044		2,555,820
Houlihan Lokey Cl. A		17,495		1,033,080
Moelis & Company Cl. A		44,719		1,571,426
				5,160,326
Insurance - 7.2%
CNO Financial Group		100,429		1,610,881
Heritage Insurance Holdings		55,872		565,425
James River Group Holdings		31,505		1,402,918
Kemper Corporation		19,600		1,309,868
Reinsurance Group of America		8,936		850,618
Selective Insurance Group		30,900		1,591,041
				7,330,751
Thrifts & Mortgage Finance - 4.3%
Genworth MI Canada		61,914		1,605,565
Southern Missouri Bancorp		28,049		661,396
Timberland Bancorp		41,471		746,478
TrustCo Bank Corp. NY		127,647		666,317
WSFS Financial		25,526		688,436
				4,368,192
Total				23,052,134
Health Care – 6.2%
Biotechnology - 1.7%
Catalyst Pharmaceuticals 1,3		357,382		1,061,424
Coherus BioSciences 1,3		35,987		660,002
Vanda Pharmaceuticals 1		6,700		64,722
				1,786,148
Health Care Providers & Services - 3.4%
Ensign Group (The)		27,165		1,550,035
Molina Healthcare 1		8,600		1,574,144
Pennant Group 1		8,413		324,405
				3,448,584
Pharmaceuticals - 1.1%
Supernus Pharmaceuticals 1		52,000		1,083,680
Total				6,318,412
Industrials – 31.1%
Aerospace & Defense - 2.1%
Magellan Aerospace		93,500		478,893
Vectrus 1		44,267		1,682,146
				2,161,039
Building Products - 0.5%
UFP Industries		8,600		485,986
Commercial Services & Supplies - 2.0%
Herman Miller		13,599		410,146
IBEX 1		67,485		1,037,919
Kimball International Cl. B		56,484		595,342
				2,043,407
Construction & Engineering - 9.8%
Comfort Systems USA		29,338		1,511,200
Great Lakes Dredge & Dock 1		181,183		1,723,050
MasTec 1		39,400		1,662,680
MYR Group 1		49,921		1,856,063
Northwest Pipe 1		60,900		1,611,414
Primoris Services		93,400		1,684,936
				10,049,343
Machinery - 3.8%
Alamo Group		4,763		514,547
Federal Signal		16,410		479,993
Meritor 1		21,802		456,534
Miller Industries		79,657		2,435,114
				3,886,188
Professional Services - 6.4%
Barrett Business Services		12,800		671,232
Heidrick & Struggles International		87,930		1,727,825
Kforce		29,729		956,382
Korn Ferry		58,444		1,694,876
Resources Connection		86,288		996,626
Robert Half International		9,516		503,777
				6,550,718
Road & Rail - 4.9%
ArcBest		63,238		1,964,172
Old Dominion Freight Line		4,646		840,554
Saia 1		6,453		813,981
Werner Enterprises		32,954		1,383,739
				5,002,446
Trading Companies & Distributors - 1.6%
BMC Stock Holdings 1		36,755		1,574,217
Total				31,753,344
Information Technology – 18.1%
Electronic Equipment, Instruments & Components - 13.7%
ePlus 1		20,609		1,508,579
Fabrinet 1		14,154		892,127
Insight Enterprises 1		44,223		2,502,137
Kimball Electronics 1		79,215		915,725
Methode Electronics		15,900		453,150
PC Connection		37,376		1,534,659
Plexus Corporation 1		13,071		923,205
Sanmina Corporation 1		75,541		2,043,384
SYNNEX Corporation 1		11,800		1,652,708
Vishay Intertechnology		103,739		1,615,216
				14,040,890
IT Services - 1.2%
CSG Systems International		3,300		135,135
Hackett Group (The)		47,844		534,896
Sykes Enterprises 1		15,485		529,742
				1,199,773
Semiconductors & Semiconductor Equipment - 3.2%
Advanced Energy Industries 1		11,465		721,607
Kulicke & Soffa Industries		78,958		1,768,659
MKS Instruments		7,480		817,040
				3,307,306
Total				18,547,969
Real Estate – 1.5%
Real Estate Management & Development - 1.5%
Marcus & Millichap 1		55,764		1,534,625
Total				1,534,625
TOTAL COMMON STOCKS
(Cost $89,707,140)				98,060,480
REPURCHASE AGREEMENT – 3.8%
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $3,893,726 (collateralized by obligations of various U.S. Government Agencies, 2.50% due 1/31/25, valued at $3,971,621) (Cost $3,893,726)				3,893,726
TOTAL INVESTMENTS – 99.7%
(Cost $93,600,866)				101,954,206
CASH AND OTHER ASSETS LESS LIABILITIES – 0.3%				295,754
NET ASSETS – 100.0%			$	102,249,960

SCHEDULES OF INVESTMENTS

ROYCE SMALLER-COMPANIES GROWTH FUND

SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.1%
Communication Services – 4.5%
Diversified Telecommunication Services - 1.5%
Bandwidth Cl. A 1		20,000	$	3,491,400
Entertainment - 2.5%
Score Media and Gaming Cl. A 1		3,057,000		1,652,991
Sea Cl. A ADR 1,3		29,000		4,467,160
				6,120,151
Interactive Media & Services - 0.5%
Enthusiast Gaming Holdings 1		1,049,000		1,252,608
Total				10,864,159
Consumer Discretionary – 7.5%
Diversified Consumer Services - 1.5%
Aspen Group 1		331,000		3,697,270
Hotels, Restaurants & Leisure - 2.7%
DraftKings Cl. A 1,3		27,000		1,588,680
GAN 1,3		109,900		1,857,310
Papa John's International		22,000		1,810,160
Texas Roadhouse		23,000		1,398,170
				6,654,320
Household Durables - 0.3%
Lovesac Company (The) 1,3		23,666		655,785
Internet & Direct Marketing Retail - 0.5%
Trxade Group 1,3		197,300		1,233,125
Leisure Products - 0.9%
Callaway Golf		113,000		2,162,820
Specialty Retail - 1.6%
Carvana Cl. A 1,3		10,000		2,230,600
Sportsman's Warehouse Holdings 1		112,000		1,602,720
				3,833,320
Total				18,236,640
Consumer Staples – 2.0%
Beverages - 1.4%
Celsius Holdings 1		146,000		3,315,660
Food Products - 0.6%
Freshpet 1,3		13,000		1,451,450
Total				4,767,110
Financials – 5.7%
Banks - 1.6%
Enterprise Financial Services		48,500		1,322,595
Seacoast Banking Corporation of Florida 1		56,000		1,009,680
Southern National Bancorp of Virginia		4,000		34,720
TriState Capital Holdings 1		124,057		1,642,515
				4,009,510
Capital Markets - 1.5%
MarketAxess Holdings		4,000		1,926,360
PJT Partners Cl. A		28,000		1,697,080
				3,623,440
Consumer Finance - 0.5%
LendingTree 1		4,000		1,227,560
Investment Companies - 1.9%
Insurance Acquisition Cl. A 1,3		166,000		1,960,460
Landcadia Holdings II (Units) 1		30,000		480,300
Landcadia Holdings II Cl. A 1,3		77,000		1,106,490
Software Acquisition Group Cl. A 1		100,000		996,000
				4,543,250
Thrifts & Mortgage Finance - 0.2%
Meridian Bancorp		51,000		527,850
Total				13,931,610
Health Care – 32.5%
Biotechnology - 7.8%
Avid Bioservices 1,3		257,000		1,958,340
bluebird bio 1		6,000		323,700
CareDx 1		65,000		2,466,100
Castle Biosciences 1,3		35,000		1,800,750
Centogene 1,3		200,000		1,892,000
Coherus BioSciences 1,3		88,000		1,613,920
MeiraGTx Holdings 1		42,000		556,080
Natera 1,3		37,000		2,672,880
Oxford Biomedica 1		224,000		2,371,827
REGENXBIO 1		2,000		55,040
uniQure 1		54,000		1,988,820
Veracyte 1,3		40,150		1,304,473
				19,003,930
Health Care Equipment & Supplies - 13.1%
Alphatec Holdings 1		304,000		2,018,560
Axonics Modulation Technologies 1,3		47,000		2,398,880
BioLife Solutions 1		77,000		2,228,380
CONMED Corporation		30,000		2,360,100
CryoPort 1		66,198		3,137,785
CytoSorbents 1		137,000		1,092,575
InMode 1		87,000		3,147,660
Itamar Medical ADR 1,3		120,000		2,440,800
Penumbra 1		12,000		2,332,560
Profound Medical 1		92,000		1,618,659
SI-BONE 1		82,000		1,945,040
STAAR Surgical 1		54,000		3,054,240
TransMedics Group 1,3		41,000		564,980
West Pharmaceutical Services		8,000		2,199,200
Zynex 1		77,000		1,343,650
				31,883,069
Health Care Providers & Services - 7.9%
Addus HomeCare 1,3		25,000		2,362,750
Joint Corp. (The) 1		126,000		2,191,140
Ontrak 1,3		40,000		2,400,000
Pennant Group 1		114,000		4,395,840
PetIQ Cl. A 1,3		100,000		3,292,000
Progyny 1,3		41,000		1,206,630
Sharps Compliance 1,3		257,000		1,611,390
Viemed Healthcare 1		185,000		1,604,709
				19,064,459
Health Care Technology - 0.8%
MTBC 1,3		166,000		1,472,420
Schrodinger 1,3		11,000		522,610
				1,995,030
Life Sciences Tools & Services - 2.8%
Harvard Bioscience 1		218,225		656,857
Medpace Holdings 1,3		15,000		1,676,250
PureTech Health 1		696,000		2,281,089
Quanterix Corporation 1		60,600		2,044,644
				6,658,840
Pharmaceuticals - 0.1%
Emisphere Technologies 1,2		35,000		287,000
Total				78,892,328
Industrials – 9.5%
Aerospace & Defense - 2.4%
AeroVironment 1		31,000		1,860,310
BWX Technologies		38,000		2,139,780
Kratos Defense & Security Solutions 1		101,000		1,947,280
				5,947,370
Electrical Equipment - 2.4%
American Superconductor 1		205,349		2,973,453
EnerSys		21,000		1,409,520
Vicor Corporation 1		20,000		1,554,600
				5,937,573
Machinery - 0.4%
ATS Automation Tooling Systems 1		74,000		961,992
Professional Services - 1.6%
ASGN 1		26,000		1,652,560
Atlas Technical Consultants Cl. A 1		45,000		391,500
GP Strategies 1		80,282		773,918
Rekor Systems 1,3		167,000		961,920
				3,779,898
Trading Companies & Distributors - 2.7%
Lawson Products 1		157,000		6,441,710
Total				23,068,543
Information Technology – 31.2%
Communications Equipment - 1.4%
Lumentum Holdings 1,3		42,000		3,155,460
Viavi Solutions 1		25,000		293,250
				3,448,710
Electronic Equipment, Instruments & Components - 2.6%
Iteris 1		1,433,000		5,875,300
nLIGHT 1		15,000		352,200
Rogers Corporation 1		1,000		98,060
				6,325,560
IT Services - 5.3%
Unisys Corporation 1		852,000		9,090,840
USA Technologies 1,2		428,996		3,625,016
				12,715,856
Semiconductors & Semiconductor Equipment - 9.9%
Advanced Energy Industries 1		41,000		2,580,540
Ambarella 1		43,000		2,243,740
AXT 1		216,400		1,324,368
Beam Global 1,3		50,000		608,000
Canadian Solar 1,3		68,000		2,386,800
CEVA 1		53,000		2,086,610
CyberOptics Corporation 1		49,000		1,560,160
Impinj 1,3		46,000		1,212,100
Lattice Semiconductor 1		51,000		1,476,960
MagnaChip Semiconductor 1		403,461		5,527,416
Onto Innovation 1		9,000		268,020
Silicon Laboratories 1,3		29,000		2,837,650
				24,112,364
Software - 12.0%
Agilysys 1		99,000		2,391,840
Avalara 1		22,000		2,801,480
Blue Prism Group 1		109,000		1,867,286
Cerence 1,3		73,000		3,567,510
Cloudera 1,3		132,000		1,437,480
Coupa Software 1,3		11,000		3,016,640
Descartes Systems Group (The) 1		50,033		2,850,880
Intelligent Systems 1		17,000		662,660
LivePerson 1,3		100,000		5,199,000
Materialise ADR 1,3		22,577		833,317
Paylocity Holding Corporation 1		12,786		2,063,916
RingCentral Cl. A 1		9,000		2,471,490
				29,163,499
Total				75,765,989
Real Estate – 2.2%
Equity Real Estate Investment Trusts (REITs) - 2.2%
Community Healthcare Trust		59,000		2,758,840
Postal Realty Trust Cl. A		170,000		2,573,800
Total				5,332,640
TOTAL COMMON STOCKS
(Cost $160,117,593)				230,859,019
REPURCHASE AGREEMENT – 5.1%
Fixed Income Clearing Corporation,
0.00% dated 9/30/20, due 10/1/20,
maturity value $12,291,657 (collateralized
by obligations of various U.S. Government
Agencies, 2.50% due 1/31/25, valued at $12,537,580)
(Cost $12,291,657)				12,291,657
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 5.0%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.01%)
(Cost $12,049,806)				12,049,806
TOTAL INVESTMENTS – 105.2%
(Cost $184,459,056)				255,200,482
LIABILITIES LESS CASH
AND OTHER ASSETS – (5.2)%				(12,537,629	)
NET ASSETS – 100.0%			$	242,662,853

SCHEDULES OF INVESTMENTS
ROYCE SPECIAL EQUITY FUND
SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 81.5%
Communication Services – 1.8%
Media - 1.8%
Meredith Corporation		635,000	$	8,331,200
Scholastic Corporation		300,000		6,297,000
Total				14,628,200
Consumer Discretionary – 23.2%
Auto Components - 10.7%
Cooper Tire & Rubber		850,000		26,945,000
Gentex Corporation		905,000		23,303,750
Standard Motor Products		835,000		37,282,750
				87,531,500
Automobiles - 1.7%
Winnebago Industries		262,000		13,537,540
Hotels, Restaurants & Leisure - 0.4%
Bowl America Cl. A 5		347,000		3,417,950
Household Durables - 6.2%
Flexsteel Industries 5		767,500		18,420,000
Hooker Furniture 5		1,130,000		29,187,900
Skyline Champion 1		106,600		2,853,682
				50,461,582
Leisure Products - 4.2%
Johnson Outdoors Cl. A		416,400		34,098,996
Total				189,047,568
Consumer Staples – 3.9%
Food Products - 3.9%
John B Sanfilippo & Son		427,000		32,187,260
Total				32,187,260
Financials – 2.4%
Capital Markets - 2.4%
Diamond Hill Investment Group		87,000		10,989,840
Waddell & Reed Financial Cl. A		571,000		8,479,350
Total				19,469,190
Health Care – 0.5%
Biotechnology - 0.5%
United Therapeutics 1		39,500		3,989,500
Total				3,989,500
Industrials – 21.6%
Aerospace & Defense - 3.7%
National Presto Industries 5		369,000		30,206,340
Building Products - 1.3%
Gibraltar Industries 1		90,000		5,862,600
Insteel Industries		255,000		4,768,500
				10,631,100
Commercial Services & Supplies - 2.0%
Ennis		870,000		15,172,800
UniFirst Corporation		7,000		1,325,590
				16,498,390
Construction & Engineering - 0.8%
Argan		150,100		6,290,691
Electrical Equipment - 3.5%
Hubbell Incorporated		207,000		28,325,880
Machinery - 5.9%
Gencor Industries 1,5		1,065,000		11,746,950
Hurco Companies 5		580,000		16,472,000
Miller Industries		544,561		16,647,230
Oshkosh Corporation		45,500		3,344,250
				48,210,430
Professional Services - 2.2%
Resources Connection		1,561,000		18,029,550
Trading Companies & Distributors - 2.2%
MSC Industrial Direct Cl. A		291,000		18,414,480
Total				176,606,861
Information Technology – 17.0%
Electronic Equipment, Instruments & Components - 3.4%
Vishay Intertechnology		1,286,500		20,030,805
Vishay Precision Group 1		310,000		7,849,200
				27,880,005
IT Services - 8.7%
Computer Services 2		1,045,000		64,006,250
International Money Express 1		468,000		6,722,820
				70,729,070
Semiconductors & Semiconductor Equipment - 4.9%
Axcelis Technologies 1		517,500		11,385,000
Kulicke & Soffa Industries		1,285,000		28,784,000
				40,169,000
Total				138,778,075
Materials – 7.3%
Chemicals - 4.5%
Huntsman Corporation		1,665,000		36,979,650
Construction Materials - 0.8%
United States Lime & Minerals		74,000		6,667,400
Metals & Mining - 0.3%
Materion Corporation		47,000		2,445,410
Paper & Forest Products - 1.7%
Mercer International		200,000		1,320,000
Verso Corporation Cl. A		1,592,500		12,564,825
				13,884,825
Total				59,977,285
Real Estate – 3.8%
Real Estate Management & Development - 3.8%
Marcus & Millichap 1		1,119,200		30,800,384
Total				30,800,384
TOTAL COMMON STOCKS
(Cost $572,922,808)				665,484,323
REPURCHASE AGREEMENT – 18.3%
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $149,578,898 (collateralized   by obligations of various U.S. Government   Agencies, 1.50%-2.50% due 11/30/24-1/31/25, valued at $152,570,525)  (Cost $149,578,898)				149,578,898
TOTAL INVESTMENTS – 99.8%
(Cost $722,501,706)				815,063,221
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.2%				1,720,102
NET ASSETS – 100.0%			$	816,783,323

SCHEDULES OF INVESTMENTS

ROYCE TOTAL RETURN FUND

SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.5%
Communication Services 1.6%
Diversified Telecommunication Services - 0.9%
ATN International		191,729	$	9,613,292
Entertainment - 0.7%
World Wrestling Entertainment Cl. A		208,900		8,454,183
Total				18,067,475
Consumer Discretionary – 7.8%
Auto Components - 2.2%
Gentex Corporation		373,889		9,627,642
LCI Industries		75,091		7,981,422
Nokian Renkaat		142,529		4,032,532
Standard Motor Products		74,475		3,325,309
				24,966,905
Automobiles - 0.5%
Thor Industries		61,441		5,852,870
Household Durables - 1.8%
Ethan Allen Interiors		340,499		4,610,356
Leggett & Platt		168,600		6,941,262
PulteGroup		183,000		8,471,070
				20,022,688
Specialty Retail - 1.5%
Rent-A-Center		337,851		10,098,367
Shoe Carnival		220,366		7,399,890
				17,498,257
Textiles, Apparel & Luxury Goods - 1.8%
Levi Strauss & Co. Cl. A		684,300		9,169,620
Ralph Lauren Cl. A		164,000		11,147,080
				20,316,700
Total				88,657,420
Consumer Staples – 2.2%
Food Products - 0.9%
Flowers Foods		335,782		8,169,576
Hershey Creamery 2		666		2,564,100
				10,733,676
Household Products - 1.3%
Reynolds Consumer Products		130,000		3,980,600
Spectrum Brands Holdings		179,463		10,258,105
				14,238,705
Total				24,972,381
Diversified Investment Companies – 0.1%
Closed-End Funds - 0.1%
Eagle Point Income		121,333		1,593,163
Total				1,593,163
Energy – 1.1%
Energy Equipment & Services - 1.1%
Computer Modelling Group		970,000		3,758,928
Pason Systems		522,200		2,074,603
TGS-NOPEC Geophysical		530,159		6,405,262
Total				12,238,793
Financials – 39.5%
Banks - 17.4%
Ames National		96,600		1,631,574
Bank of N.T. Butterfield & Son		433,012		9,647,507
BankUnited		559,200		12,252,072
BOK Financial		261,264		13,457,709
CIT Group		318,000		5,631,780
Farmers & Merchants Bank of Long Beach 2		397		2,461,400
First Citizens BancShares Cl. A		47,001		14,982,979
First Financial Bankshares		121,200		3,382,692
First Hawaiian		794,700		11,499,309
First National Bank Alaska 2		23,922		4,736,556
German American Bancorp		162,800		4,418,392
Glacier Bancorp		173,200		5,551,060
HBT Financial		244,100		2,738,802
Heritage Financial		179,700		3,304,683
Home BancShares		1,326,814		20,114,500
Independent Bank Group		427,400		18,882,532
National Bankshares		133,982		3,393,764
OceanFirst Financial		564,700		7,730,743
Peapack-Gladstone Financial		231,460		3,506,619
Popular		161,514		5,858,113
Prosperity Bancshares		55,200		2,861,016
Signature Bank		166,500		13,817,835
South State		104,300		5,022,045
Triumph Bancorp 1		189,700		5,907,258
UMB Financial		90,399		4,430,455
Valley National Bancorp		1,488,139		10,193,752
				197,415,147
Capital Markets - 8.1%
AllianceBernstein Holding L.P.		283,687		7,670,896
Ares Management Cl. A		294,441		11,901,305
Artisan Partners Asset Management Cl. A		313,800		12,235,062
Ashmore Group		1,700,796		7,817,053
Fiera Capital Cl. A		262,000		2,008,952
Lazard Cl. A		280,251		9,262,296
Moelis & Company Cl. A		360,544		12,669,516
Sprott		355,296		12,127,373
TMX Group		128,073		13,171,354
Virtu Financial Cl. A		133,975		3,082,765
				91,946,572
Diversified Financial Services - 1.7%
Compass Diversified Holdings		670,581		12,781,274
Equitable Holdings		362,500		6,612,000
				19,393,274
Insurance - 11.5%
AMERISAFE		56,000		3,212,160
Assured Guaranty		440,210		9,455,711
Axis Capital Holdings		426,300		18,774,252
E-L Financial		29,727		14,688,806
Erie Indemnity Cl. A		49,927		10,498,649
First American Financial		246,658		12,557,359
Hanover Insurance Group		59,913		5,582,693
James River Group Holdings		456,081		20,309,287
ProAssurance Corporation		1,078,848		16,873,183
Reinsurance Group of America		58,285		5,548,149
RenaissanceRe Holdings		78,700		13,358,538
				130,858,787
Investment Companies - 0.0%
Morgan Group Holding Company 1,2		1,391		9,041
Thrifts & Mortgage Finance - 0.8%
Genworth MI Canada		375,950		9,749,205
Total				449,372,026
Health Care – 1.6%
Health Care Equipment & Supplies - 0.7%
Hill-Rom Holdings		96,828		8,086,106
Health Care Providers & Services - 0.9%
Patterson Companies		394,884		9,518,679
Total				17,604,785
Industrials – 22.1%
Aerospace & Defense - 0.3%
Magellan Aerospace		644,121		3,299,092
Building Products - 1.6%
Fortune Brands Home & Security		114,600		9,915,192
UFP Industries		144,800		8,182,648
				18,097,840
Commercial Services & Supplies - 4.7%
ABM Industries		301,678		11,059,516
Deluxe Corporation		485,791		12,499,402
Healthcare Services Group		413,755		8,908,145
Kimball International Cl. B		772,839		8,145,723
McGrath RentCorp		218,505		13,020,713
				53,633,499
Construction & Engineering - 1.2%
Arcosa		156,792		6,912,959
Argan		146,554		6,142,078
				13,055,037
Electrical Equipment - 1.5%
Hubbell Incorporated		124,699		17,063,811
Preformed Line Products		4,270		208,035
				17,271,846
Industrial Conglomerates - 0.7%
Raven Industries		339,720		7,310,774
Machinery - 6.2%
Crane Company		56,400		2,827,332
Gorman-Rupp Company (The)		285,118		8,399,576
Lincoln Electric Holdings		123,105		11,330,584
Lindsay Corporation		110,331		10,666,801
Miller Industries		208,318		6,368,281
Mueller Industries		331,929		8,981,999
Tennant Company		105,755		6,383,372
Timken Company (The)		160,900		8,723,998
Trinity Industries		355,077		6,924,002
				70,605,945
Marine - 1.1%
Clarkson		426,371		12,361,694
Professional Services - 1.2%
ManpowerGroup		140,298		10,288,052
Resources Connection		306,988		3,545,712
				13,833,764
Road & Rail - 0.7%
Werner Enterprises		200,396		8,414,628
Trading Companies & Distributors - 2.9%
MSC Industrial Direct Cl. A		179,100		11,333,448
Systemax		233,365		5,586,758
Watsco		70,200		16,348,878
				33,269,084
Total				251,153,203
Information Technology – 7.5%
Electronic Equipment, Instruments & Components - 4.3%
Avnet		484,300		12,514,312
Methode Electronics		452,926		12,908,391
National Instruments		207,379		7,403,430
PC Connection		211,070		8,666,534
Vishay Intertechnology		479,138		7,460,179
				48,952,846
IT Services - 1.8%
EVERTEC		161,100		5,591,781
Hackett Group (The)		163,700		1,830,166
KBR		568,316		12,707,546
				20,129,493
Semiconductors & Semiconductor Equipment - 1.4%
Kulicke & Soffa Industries		418,058		9,364,499
MKS Instruments		61,490		6,716,553
				16,081,052
Total				85,163,391
Materials – 10.6%
Chemicals - 4.0%
Albemarle Corporation		98,995		8,838,274
Chase Corporation		90,597		8,642,954
FutureFuel Corporation		110,466		1,255,998
Minerals Technologies		256,270		13,095,397
Quaker Chemical		74,012		13,300,696
				45,133,319
Containers & Packaging - 3.7%
AptarGroup		79,243		8,970,308
Graphic Packaging Holding Company		556,100		7,835,449
Packaging Corporation of America		50,000		5,452,500
Silgan Holdings		165,400		6,081,758
Sonoco Products		276,601		14,126,013
				42,466,028
Metals & Mining - 2.9%
Ferroglobe (Warranty Insurance Trust) 1,4		569,803		0
Franco-Nevada		17,835		2,489,409
Gold Fields ADR		1,219,523		14,987,938
Royal Gold		28,833		3,464,862
Worthington Industries		291,971		11,906,577
				32,848,786
Total				120,448,133
Real Estate – 2.3%
Equity Real Estate Investment Trusts (REITs) - 0.2%
Lexington Realty Trust		279,902		2,924,976
Real Estate Management & Development - 2.1%
Kennedy-Wilson Holdings		779,088		11,312,358
RMR Group (The) Cl. A		447,360		12,288,979
				23,601,337
Total				26,526,313
Utilities – 1.1%
Electric Utilities - 0.5%
ALLETE		123,805		6,405,671
Water Utilities - 0.6%
Essential Utilities		68,203		2,745,170
SJW Group		63,694		3,876,417
				6,621,587
Total				13,027,258
TOTAL COMMON STOCKS
(Cost $884,048,158)				1,108,824,341
PREFERRED STOCK – 0.2%
Chicken Soup For The Soul Entertainment
9.75% Ser. A		78,724		1,818,524
(Cost $1,981,326)				1,818,524

	PRINCIPAL
	AMOUNT
CORPORATE BONDS – 0.1%
Meritor 6.25%
due 2/15/24	$	811,839		828,076
Unit Corporation 6.625%
due 5/15/21		4,269,155		471,229
TOTAL CORPORATE BONDS
(Cost $4,880,867)				1,299,305
REPURCHASE AGREEMENT – 2.3%
Fixed Income Clearing Corporation,
0.00% dated 9/30/20, due 10/1/20,
maturity value $26,507,172 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/24, valued at $27,037,429)
(Cost $26,507,172)				26,507,172
TOTAL INVESTMENTS – 100.1%
(Cost $917,417,523)				1,138,449,342
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.1)%				(1,607,579	)
NET ASSETS – 100.0%			$	1,136,841,763

ADR – American Depository Receipt

¹ Non-income producing.

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

³ All or a portion of these securities were on loan at September 30, 2020.

⁴ Securities for which market quotations are not readily available represent 0.3%, 0.0% and 0.0% of net assets for Royce Micro-Cap Fund, Royce Pennsylvania Mutual Fund and Royce Total Return Fund. These securities have been valued at their fair value under procedures approved by the Fund's Board of Trustees. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.

⁵ At September 30, 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 September 30, 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	$	35,952,953	$	29,940,329	$	31,097,811	$	1,157,482
Royce Global Financial Services Fund		22,942,710		8,102,800		11,288,255		3,185,455
Royce International Premier Fund		806,287,679		154,017,034		189,796,215		35,779,181
Royce Micro-Cap Fund		242,762,090		31,725,073		70,282,239		38,557,166
Royce Opportunity Fund		824,530,291		49,935,570		158,714,599		108,779,029
Royce Pennsylvania Mutual Fund		1,041,369,576		516,177,677		576,673,421		60,495,744
Royce Premier Fund		958,432,021		503,422,757		601,601,041		98,178,284
Royce Small-Cap Value Fund		93,744,615		8,209,591		15,911,118		7,701,527
Royce Smaller-Companies Growth Fund		184,708,001		70,492,481		75,503,689		5,011,208
Royce Special Equity Fund		722,561,322		92,501,899		144,245,317		51,743,418
Royce Total Return Fund		918,243,725		220,205,617		290,051,848		69,846,231

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

Valuation of Investments:

Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Funds value their non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Trust's Board of Trustees, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, a Fund may fair value the security. The Funds use an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by a Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value each Fund’s investments as of September 30, 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	$	50,887,242	$	14,873,448	$	–	$	65,760,690
Repurchase Agreement		–		132,592		–		132,592
Royce Global Financial Services Fund
Common Stocks		24,257,343		5,952,916		–		30,210,259
Repurchase Agreement		–		835,251		–		835,251
Royce International Premier Fund
Common Stocks		46,661,201		834,319,466		–		880,980,667
Preferred Stocks		–		19,345,250		–		19,345,250
Repurchase Agreement		–		59,978,796		–		59,978,796
Royce Micro-Cap Fund
Common Stocks		255,862,183		11,901,299		690,000		268,453,482
Repurchase Agreement		–		4,472,220		–		4,472,220
Money Market Fund/Collateral Received for
Securities Loaned		1,561,461		–		–		1,561,461
Royce Opportunity Fund
Common Stocks		810,570,037		786,384		–		811,356,421
Repurchase Agreement		–		43,632,373		–		43,632,373
Money Market Fund/Collateral Received for
Securities Loaned		19,477,067		–		–		19,477,067
Royce Pennsylvania Mutual Fund
Common Stocks		1,510,941,835		22,513,599		0		1,533,455,434
Repurchase Agreement		–		7,253,612		–		7,253,612
Money Market Fund/Collateral Received for
Securities Loaned		16,838,207		–		–		16,838,207
Royce Premier Fund
Common Stocks		1,383,748,591		75,449,040		–		1,459,197,631
Repurchase Agreement		–		2,657,147		–		2,657,147
Royce Small-Cap Value Fund
Common Stocks		98,060,480		–		–		98,060,480
Repurchase Agreement		–		3,893,726		–		3,893,726
Royce Smaller-Companies Growth Fund
Common Stocks		220,426,802		10,432,217		–		230,859,019
Repurchase Agreement		–		12,291,657		–		12,291,657
Money Market Fund/Collateral Received for
Securities Loaned		12,049,806		–		–		12,049,806
Royce Special Equity Fund
Common Stocks		601,478,073		64,006,250		–		665,484,323
Repurchase Agreement		–		149,578,898		–		149,578,898
Royce Total Return Fund
Common Stocks		1,068,436,702		40,387,639		0		1,108,824,341
Preferred Stocks		1,818,524		–		–		1,818,524
Corporate Bonds		–		1,299,305		–		1,299,305
Repurchase Agreement		–		26,507,172		–		26,507,172

Level 3 Reconciliation:

Balance as of 12/31/19

Purchases

Sales

Realized Gain (Loss)

Unrealized Gain (Loss)

Balance as of 9/30/20

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).

							Impact to Valuation
	Fair Value at		Valuation	Unobservable			From an Increase in
	9/30/20		Technique(s)	Input(s)	Range Average		Input1
Royce Micro-Cap Fund
			Discounted Present Value
Common Stocks		$690,000	Balance Sheet Analysis	Liquidity Discount		30%-40%	Decrease

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

Repurchase Agreements:

The Funds may enter into repurchase agreements with institutions that the Funds’ investment adviser has determined are creditworthy. Each Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of each Fund to dispose of its underlying securities. The remaining contractual maturities of repurchase agreements held by the Funds at September 30, 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 September 30, 2020:

			Securities on Loan
	Cash Collateral1		Collateralized by Cash Collateral			Net Amount
Royce Micro-Cap Fund		$   1,561,461		$   (1,470,124	)		$     91,337
Royce Opportunity Fund		19,477,067		(19,548,749	)		(71,682	)
Royce Pennsylvania Mutual Fund		16,838,207		(16,990,476	)		(152,269	)
Royce Smaller-Companies Growth Fund		12,049,806		(11,717,756	)		332,050

¹ The remaining contractual maturity of cash collateral is overnight and continuous.

The following table presents non-cash collateral and the market value of securities on loan collateralized by non-cash collateral held by the Funds’ custodian at September 30, 2020:

			Securities on Loan
	Non-Cash Collateral		Collateralized by Non-Cash Collateral			Net Amount
Royce Micro-Cap Fund		$   8,426,194		$   (8,255,975	)		$  170,219
Royce Opportunity Fund		47,860,157		(46,772,200	)		1,087,957
Royce Pennsylvania Mutual Fund		19,685,320		(19,156,551	)		528,769
Royce Small-Cap Value Fund		1,343,942		(1,306,596	)		37,346
Royce Smaller-Companies Growth Fund		27,616,860		(26,772,176	)		844,684

Transactions in Affiliated Companies:

An "Affiliated Company," as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company's outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the nine months ended September 30, 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 9/30/20		Market Value 9/30/20
Royce Special Equity Fund
Consumer Discretionary – 10.8%
Auto Components – 4.6%
Standard Motor Products1		1,229,000	$	65,407,380	$	866,093	$	19,516,962	$	6,892,348		$	(16,366,109	)	$	276,250
Hotels, Restaurants & Leisure - 0.4%
Bowl America Cl. A2		374,000		5,797,000		132,406		490,253		49,962			(2,071,165	)		65,450		347,000	$	3,417,950
Household Durables – 5.8%
Flexsteel Industries2		720,000		14,342,400		1,750,771		1,006,140		(387,297	)		3,720,266			230,275		767,500		18,420,000
Hooker Furniture2		1,000,000		25,690,000		4,364,321		2,390,008		(398,163	)		1,921,750			502,176		1,130,000		29,187,900
				40,032,400						(785,460	)		5,642,016			732,451				47,607,900
				111,236,780						6,156,850			(12,795,258	)		1,074,151				51,025,850
Industrials – 7.7%
Aerospace & Defense - 3.7%
National Presto Industries2		409,000		36,151,510		2,333,039		5,927,599		3,191,846			(5,542,456	)		2,278,704		369,000		30,206,340
Building Products – 0.6%
Insteel Industries1		969,000		20,823,810		94,031		15,885,683		(1,880,064	)		1,616,406			38,093
Machinery – 3.4%
Gencor Industries2,3		1,130,000		13,187,100		622,652		1,290,843		(72,178	)		(699,781	)		–		1,065,000		11,746,950
Hurco Companies2		623,600		23,921,296		657,597		1,978,764		982,115			(7,110,244	)		152,750		580,000		16,472,000
				37,108,396						909,937			(7,810,025	)		152,750				28,218,950
				94,083,716						2,221,719			(11,736,075	)		2,469,547				58,425,290
Information Technology – 7.8%
IT Services – 7.8%
Computer Services1,4		1,463,000		65,103,500		–		21,871,372		14,022,352			6,751,770			733,485
				65,103,500						14,022,352			6,751,770			733,485
Materials – 1.5%
Paper & Forest Products – 1.5%
Verso Corporation Cl. A1		1,722,000		31,047,660		3,222,820		6,151,043		575,348			(16,129,960	)		4,827,820
				31,047,660						575,348			(16,129,960	)		4,827,820
			$	301,471,656					$	22,976,269		$	(33,909,523	)	$	9,105,003			$	109,451,140

¹ Not an Affiliated Company at September 30, 2020.

² At September 30, 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.

³ Non-income producing.

⁴ This 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).