SCHEDULES OF INVESTMENTS
ROYCE DIVIDEND VALUE FUND
MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 99.0%
Consumer Discretionary – 8.2%
Auto Components - 1.2%
Gentex Corporation		8,101	$	288,963
Nokian Renkaat		18,000		651,833
				940,796
Household Durables - 1.7%
Hunter Douglas 1		9,000		709,249
PulteGroup		10,900		571,596
				1,280,845
Specialty Retail - 5.3%
American Eagle Outfitters		30,445		890,212
Rent-A-Center		36,466		2,102,630
USS		56,000		1,094,459
				4,087,301
Total				6,308,942
Consumer Staples – 0.2%
Household Products - 0.2%
Spectrum Brands Holdings		1,496		127,160
Total				127,160
Energy – 1.5%
Energy Equipment & Services - 0.7%
TGS-NOPEC Geophysical		32,400		516,126
Oil, Gas & Consumable Fuels - 0.8%
Gaztransport Et Technigaz		7,800		622,000
Total				1,138,126
Financials – 29.7%
Banks - 4.1%
Bank of Georgia Group 1		39,500		599,001
BOK Financial		15,414		1,376,779
Triumph Bancorp 1		15,000		1,160,850
				3,136,630
Capital Markets - 23.9%
Ashmore Group		244,300		1,318,203
AURELIUS Equity Opportunities 1		7,200		227,973
B3-Brasil, Bolsa, Balcao		112,200		1,088,781
Bolsa Mexicana de Valores		444,000		893,887
Carlyle Group		79,420		2,919,479
Coronation Fund Managers		153,700		570,648
Evercore Cl. A		13,500		1,778,490
Federated Hermes Cl. B		21,200		663,560
Houlihan Lokey Cl. A		2,846		189,288
Jupiter Fund Management		225,700		866,863
KKR & Co.		16,338		798,111
Moelis & Company Cl. A		19,359		1,062,422
SEI Investments		37,900		2,309,247
Sprott		58,860		2,235,996
State Street		16,800		1,411,368
				18,334,316
Insurance - 0.6%
Reinsurance Group of America		3,605		454,410
Thrifts & Mortgage Finance - 1.1%
Sagen MI Canada		23,648		817,622
Total				22,742,978
Health Care – 3.4%
Health Care Providers & Services - 0.7%
Ensign Group (The)		5,951		558,442
Pharmaceuticals - 2.7%
Recordati Industria Chimica e Farmaceutica		26,910		1,447,536
Santen Pharmaceutical		41,600		572,199
				2,019,735
Total				2,578,177
Industrials – 36.0%
Aerospace & Defense - 3.8%
HEICO Corporation Cl. A		25,859		2,937,582
Building Products - 1.1%
Geberit		800		509,210
UFP Industries		4,200		318,528
				827,738
Commercial Services & Supplies - 0.8%
Healthcare Services Group		15,700		440,071
Herman Miller		3,976		163,612
				603,683
Construction & Engineering - 0.9%
Comfort Systems USA		8,959		669,865
Electrical Equipment - 2.8%
Hubbell Incorporated		11,462		2,142,133
Machinery - 10.7%
Alamo Group		588		91,816
Graco		26,552		1,901,654
Lincoln Electric Holdings		10,022		1,232,105
Lindsay Corporation		17,400		2,899,188
Spirax-Sarco Engineering		13,478		2,118,207
				8,242,970
Marine - 2.2%
Clarkson		43,740		1,658,248
Professional Services - 9.1%
KBR		100,890		3,873,167
Korn Ferry		10,023		625,134
ManpowerGroup		20,300		2,007,670
Robert Half International		5,994		467,952
				6,973,923
Road & Rail - 0.9%
Old Dominion Freight Line		1,050		252,431
Werner Enterprises		8,643		407,690
				660,121
Trading Companies & Distributors - 3.7%
Applied Industrial Technologies		31,294		2,853,074
Total				27,569,337
Information Technology – 2.0%
Electronic Equipment, Instruments & Components - 1.3%
Vishay Intertechnology		42,497		1,023,328
IT Services - 0.0%
CSG Systems International		400		17,956
Software - 0.7%
SimCorp		4,200		520,096
Total				1,561,380
Materials – 17.5%
Chemicals - 3.0%
Quaker Chemical		9,618		2,344,580
Containers & Packaging - 3.8%
AptarGroup		20,396		2,889,501
Metals & Mining - 10.7%
Franco-Nevada		18,335		2,297,192
Reliance Steel & Aluminum		10,830		1,649,301
Royal Gold		11,600		1,248,392
Worthington Industries		44,460		2,982,821
				8,177,706
Total				13,411,787
Real Estate – 0.5%
Real Estate Management & Development - 0.5%
Relo Group		18,400		389,188
Total				389,188
TOTAL COMMON STOCKS
(Cost $31,763,494)				75,827,075
REPURCHASE AGREEMENT – 1.1%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $860,918 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $878,144)
(Cost $860,918)				860,918
TOTAL INVESTMENTS – 100.1%
(Cost $32,624,412)				76,687,993
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%				(70,203	)
NET ASSETS – 100.0%			$	76,617,790

SCHEDULES OF INVESTMENTS
ROYCE GLOBAL FINANCIAL SERVICES FUND
MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.5%
Banks - 16.9%
BOK Financial		10,450	$	933,394
Bryn Mawr Bank		10,000		455,100
Cadence Bancorporation Cl. A		15,887		329,338
Capital City Bank Group		16,988		442,028
First Citizens BancShares Cl. A		1,828		1,527,788
First Republic Bank		2,599		433,383
Popular		22,292		1,567,573
TriState Capital Holdings 1		11,600		267,496
Umpqua Holdings		17,400		305,370
Total				6,261,470
Capital Markets - 53.3%
Ares Management Cl. A		16,651		932,956
Ashmore Group		157,000		847,146
Associated Capital Group Cl. A		7,000		251,020
B3-Brasil, Bolsa, Balcao		61,000		591,939
Bolsa Mexicana de Valores		174,000		350,307
Canaccord Genuity Group		126,350		1,156,223
Carlyle Group		22,300		819,748
Charles Schwab		14,671		956,256
Coronation Fund Managers		61,200		227,220
CRISIL		14,000		351,543
Egyptian Financial Group-Hermes Holding Company 1		153,993		142,456
Hellenic Exchanges - Athens Stock Exchange		50,000		230,142
Intermediate Capital Group		39,111		993,177
IOOF Holdings		55,000		147,049
JSE		51,000		385,817
Jupiter Fund Management		106,900		410,579
KKR & Co.		19,120		934,012
MarketAxess Holdings		1,581		787,212
NZX		580,000		850,651
RF Capital Group 1		108,000		181,332
Rothschild & Co 1		13,900		502,056
SEI Investments		7,950		484,393
Silvercrest Asset Management Group Cl. A		20,800		299,104
Sprott		45,000		1,709,477
StoneX Group 1		9,846		643,731
Tel Aviv Stock Exchange		273,000		1,682,211
U.S. Global Investors Cl. A		183,900		1,283,622
Value Partners Group		772,000		524,326
Virtu Financial Cl. A		23,700		735,885
Warsaw Stock Exchange		9,500		110,099
Westaim Corporation (The) 1		105,000		223,920
Total				19,745,609
Closed-End Funds - 0.8%
Eagle Point Income		19,341		294,757
Total				294,757
Diversified Financial Services - 2.3%
Banco Latinoamericano de Comercio Exterior Cl. E		25,700		388,841
ECN Capital		75,000		467,295
Total				856,136
Health Care Providers & Services - 0.8%
Great Elm Group 1		115,545		281,930
Total				281,930
Insurance - 4.8%
Axis Capital Holdings		11,554		572,732
E-L Financial		1,638		1,205,657
Total				1,778,389
IT Services - 3.0%
Cass Information Systems		4,013		185,681
PayPal Holdings 1		3,851		935,177
Total				1,120,858
Metals & Mining - 3.2%
Franco-Nevada		9,523		1,193,137
Total				1,193,137
Professional Services - 0.8%
Dun & Bradstreet Holdings 1		5,000		119,050
Quess Corp 1		17,756		166,598
Total				285,648
Real Estate Management & Development - 8.9%
Altus Group		26,400		1,269,687
FirstService		8,379		1,241,684
FRP Holdings 1		7,957		391,644
RMR Group (The) Cl. A		10,000		408,100
Total				3,311,115
Software - 2.7%
Benefitfocus 1		10,600		146,386
Bottomline Technologies 1		9,800		443,450
Envestnet 1		6,000		433,380
Total				1,023,216
Thrifts & Mortgage Finance - 1.0%
Provident Bancorp		25,000		360,000
Total				360,000
Transportation Infrastructure - 0.0%
Morgan Group Holding Co. 1,2		156		1,170
Total				1,170
TOTAL COMMON STOCKS
(Cost $20,004,597)				36,513,435
REPURCHASE AGREEMENT – 2.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $876,818 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $894,373)
(Cost $876,818)				876,818
TOTAL INVESTMENTS – 100.9%
(Cost $20,881,415)				37,390,253
LIABILITIES LESS CASH AND OTHER ASSETS – (0.9)%				(324,515	)
NET ASSETS – 100.0%			$	37,065,738

SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL PREMIER FUND
MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 94.0%
Australia – 12.1%
Bravura Solutions		12,159,429	$	23,551,021
Cochlear		99,800		15,992,178
Hansen Technologies		8,244,355		34,002,660
IPH		7,122,918		35,815,606
IRESS		1,625,250		11,332,331
Technology One		2,363,800		16,769,263
Total				137,463,059
Brazil – 2.0%
OdontoPrev		6,146,300		14,359,366
TOTVS		1,711,200		8,795,185
Total				23,154,551
Canada – 3.1%
Altus Group		324,900		15,625,811
Morneau Shepell		748,100		19,710,027
Total				35,335,838
Denmark – 3.0%
Chr. Hansen Holding 1		222,900		20,254,532
SimCorp		115,200		14,265,495
Total				34,520,027
Germany – 5.4%
Amadeus Fire 1		109,898		16,083,898
Carl Zeiss Meditec		78,600		11,844,387
New Work		67,600		17,559,306
Norma Group		339,400		16,119,583
Total				61,607,174
Iceland – 2.9%
Marel		2,828,670		19,229,602
Ossur 1		2,072,200		14,324,829
Total				33,554,431
India – 1.4%
AIA Engineering 1		567,511		15,834,538
Total				15,834,538
Italy – 3.0%
Carel Industries		837,858		17,057,174
DiaSorin		53,000		8,502,544
GVS 1		583,500		9,182,909
Total				34,742,627
Japan – 17.2%
As One		110,000		13,818,921
Benefit One		545,800		14,487,299
Daifuku		118,100		11,562,014
Fukui Computer Holdings		630,200		22,567,108
Medikit		349,700		10,295,976
Meitec Corporation		575,500		31,757,101
NSD		758,900		12,618,062
OBIC Business Consultants		259,700		13,603,612
TechnoPro Holdings		220,500		18,360,894
TKC Corporation		1,006,600		32,000,289
USS		741,200		14,485,950
Total				195,557,226
Netherlands – 4.7%
IMCD		192,700		26,778,546
Intertrust 1		1,634,791		27,069,726
Total				53,848,272
New Zealand – 1.2%
Fisher & Paykel Healthcare		605,000		13,563,279
Total				13,563,279
Singapore – 1.5%
XP Power		266,516		17,268,681
Total				17,268,681
South Korea – 1.1%
NICE Information Service		541,461		12,128,152
Total				12,128,152
Sweden – 9.3%
Alimak Group		1,220,800		19,569,815
Bravida Holding		1,208,528		16,647,020
Hexpol		1,538,600		17,370,679
Karnov Group		3,545,957		21,194,254
Lagercrantz Group		680,700		6,165,189
Loomis		811,000		24,663,976
Total				105,610,933
Switzerland – 8.5%
dormakaba Holding		42,700		29,162,408
Kardex Holding		83,300		16,992,266
LEM Holding		7,400		14,296,567
Partners Group Holding		14,300		18,261,757
VZ Holding		224,385		18,541,468
Total				97,254,466
United Kingdom – 17.6%
Ashmore Group		2,382,450		12,855,312
AVEVA Group		221,095		10,430,303
Croda International		285,600		24,993,849
Diploma		234,698		8,244,168
DiscoverIE Group		1,200,300		11,086,708
FDM Group Holdings		1,181,638		16,420,372
Learning Technologies Group		6,053,100		12,533,888
Marlowe 1		2,644,206		26,246,162
Restore 1		5,326,839		26,143,130
Spirax-Sarco Engineering		153,700		24,155,539
Victrex		893,545		27,223,673
Total				200,333,104
TOTAL COMMON STOCKS
(Cost $836,075,460)				1,071,776,358
PREFERRED STOCK– 1.7%
Germany – 1.7%
FUCHS PETROLUB		409,100		19,593,054
(Cost $17,754,411)				19,593,054
REPURCHASE AGREEMENT – 4.2%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $47,148,791 (collateralized by obligations of various U.S. Government Agencies, 1.875% due 8/31/24, valued at $48,091,781)
(Cost $47,148,791)				47,148,791
TOTAL INVESTMENTS – 99.9%
(Cost $900,978,662)				1,138,518,203
CASH AND OTHER ASSETS LESS LIABILITIES – 0.1%				1,358,509
NET ASSETS – 100.0%			$	1,139,876,712

SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP FUND
MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.0%
Communication Services – 3.6%
Entertainment - 2.7%
Chicken Soup For The Soul Entertainment Cl. A 1		125,700	$	3,024,342
Gaia Cl. A 1		268,400		3,191,276
IMAX Corporation 1		48,700		978,870
Motorsport Games Cl. A 1		40,500		942,030
Score Media and Gaming Cl. A 1		100,060		2,681,643
				10,818,161
Interactive Media & Services - 0.9%
QuinStreet 1		172,146		3,494,564
Total				14,312,725
Consumer Discretionary – 12.0%
Auto Components - 2.2%
Modine Manufacturing 1		198,100		2,925,937
Stoneridge 1		119,800		3,810,838
Unique Fabricating 1		373,951		2,225,009
				8,961,784
Hotels, Restaurants & Leisure - 1.9%
Century Casinos 1		412,100		4,232,267
Lindblad Expeditions Holdings 1,3		186,600		3,526,740
				7,759,007
Household Durables - 0.8%
Legacy Housing 1		177,300		3,143,529
Internet & Direct Marketing Retail - 0.7%
Magnite 1,3		63,000		2,621,430
Leisure Products - 1.0%
MasterCraft Boat Holdings 1		156,400		4,158,676
Specialty Retail - 4.5%
Citi Trends 1		61,324		5,137,725
OneWater Marine Cl. A 1		106,500		4,255,740
Shoe Carnival		93,911		5,811,212
Zumiez 1		66,400		2,848,560
				18,053,237
Textiles, Apparel & Luxury Goods - 0.9%
Vera Bradley 1		340,500		3,439,050
Total				48,136,713
Energy – 2.3%
Energy Equipment & Services - 2.3%
Aspen Aerogels 1		126,800		2,579,112
Natural Gas Services Group 1		324,287		3,061,269
Newpark Resources 1		691,000		2,169,740
Profire Energy 1		1,389,432		1,528,375
Total				9,338,496
Financials – 14.9%
Banks - 6.6%
Allegiance Bancshares		82,800		3,356,712
BayCom Corporation 1		160,500		2,892,210
Caribbean Investment Holdings 1		1,858,138		883,762
County Bancorp		114,500		2,744,565
HarborOne Bancorp		261,253		3,519,078
HBT Financial		159,300		2,727,216
HomeTrust Bancshares		118,600		2,887,910
Investar Holding Corporation		163,500		3,359,925
Midway Investments 1,4		1,858,170		0
TriState Capital Holdings 1		182,757		4,214,376
				26,585,754
Capital Markets - 4.9%
B. Riley Financial		87,300		4,921,974
Canaccord Genuity Group		469,900		4,300,032
Silvercrest Asset Management Group Cl. A		204,000		2,933,520
Sprott		108,480		4,120,979
StoneX Group 1,3		50,200		3,282,076
				19,558,581
Diversified Financial Services - 0.2%
Waterloo Investment Holdings 1,4		2,760,000		690,000
Thrifts & Mortgage Finance - 3.2%
Meridian Bancorp		197,500		3,637,950
PCSB Financial		174,400		2,896,784
Territorial Bancorp		112,300		2,971,458
Western New England Bancorp		390,300		3,290,229
				12,796,421
Total				59,630,756
Health Care – 12.9%
Biotechnology - 2.4%
CareDx 1		32,200		2,192,498
Dynavax Technologies 1		261,300		2,568,579
MeiraGTx Holdings 1		195,000		2,813,850
Zealand Pharma 1		60,200		1,903,775
				9,478,702
Health Care Equipment & Supplies - 6.8%
Apyx Medical 1		348,300		3,364,578
AtriCure 1		52,400		3,433,248
Chembio Diagnostics 1		240,253		843,288
CryoLife 1		167,455		3,781,134
Cutera 1		97,000		2,914,850
Misonix 1		157,200		3,079,548
OrthoPediatrics Corp. 1,3		57,400		2,798,250
Profound Medical 1		162,900		3,266,555
Surmodics 1		65,822		3,690,640
				27,172,091
Health Care Providers & Services - 0.8%
Sharps Compliance 1		232,600		3,342,462
Life Sciences Tools & Services - 2.6%
Harvard Bioscience 1		876,479		4,785,575
NeoGenomics 1		49,700		2,397,031
Quanterix Corporation 1		54,300		3,174,921
				10,357,527
Pharmaceuticals - 0.3%
Axsome Therapeutics 1,3		17,400		985,188
Total				51,335,970
Industrials – 22.1%
Aerospace & Defense - 1.0%
Astronics Corporation 1		113,400		2,045,736
CPI Aerostructures 1		466,084		2,116,021
				4,161,757
Building Products - 0.6%
Quanex Building Products		94,700		2,483,981
Commercial Services & Supplies - 1.6%
Acme United		72,400		2,855,456
Heritage-Crystal Clean 1		124,474		3,376,980
				6,232,436
Construction & Engineering - 4.5%
Ameresco Cl. A 1		54,500		2,650,335
Construction Partners Cl. A 1		135,500		4,048,740
IES Holdings 1		70,700		3,563,987
Northwest Pipe 1		128,500		4,294,470
NV5 Global 1		33,500		3,235,095
				17,792,627
Electrical Equipment - 1.0%
American Superconductor 1		173,700		3,293,352
Power Solutions International 1,2		99,900		699,300
				3,992,652
Machinery - 5.8%
Alimak Group		182,300		2,922,327
CIRCOR International 1		111,400		3,878,948
Graham Corporation		184,788		2,631,381
Porvair		313,000		2,355,999
Shyft Group (The)		119,500		4,445,400
Wabash National		211,900		3,983,720
Westport Fuel Systems 1		407,700		2,931,363
				23,149,138
Marine - 0.8%
Clarkson		89,831		3,405,626
Professional Services - 4.8%
CRA International		52,483		3,917,331
Forrester Research 1		43,300		1,839,384
GP Strategies 1		239,418		4,177,844
Heidrick & Struggles International		99,540		3,555,569
Kforce		55,932		2,997,955
Resources Connection		200,252		2,711,412
				19,199,495
Trading Companies & Distributors - 2.0%
Lawson Products 1		71,900		3,728,734
Transcat 1		87,500		4,294,500
				8,023,234
Total				88,440,946
Information Technology – 25.6%
Communications Equipment - 2.2%
Digi International 1		202,500		3,845,475
EMCORE Corporation 1		481,100		2,626,806
Harmonic 1		306,600		2,403,744
				8,876,025
Electronic Equipment, Instruments & Components - 5.6%
FARO Technologies 1		41,300		3,575,341
LightPath Technologies Cl. A 1		789,784		2,448,330
Luna Innovations 1		379,100		3,991,923
nLIGHT 1		84,700		2,744,280
PAR Technology 1		59,200		3,872,272
PowerFleet 1		353,400		2,904,948
Vishay Precision Group 1		97,100		2,991,651
				22,528,745
IT Services - 1.6%
Cass Information Systems		69,516		3,216,505
Computer Task Group 1		314,400		3,002,520
				6,219,025
Semiconductors & Semiconductor Equipment - 13.3%
Aehr Test Systems 1,3		699,800		1,763,496
Axcelis Technologies 1		95,400		3,919,986
AXT 1		346,500		4,040,190
Camtek 1		156,100		4,667,390
Cirrus Logic 1		27,700		2,348,683
Cohu 1		100,900		4,221,656
CyberOptics Corporation 1		107,500		2,791,775
FormFactor 1		70,400		3,175,744
Ichor Holdings 1		79,800		4,293,240
NeoPhotonics Corporation 1		206,100		2,462,895
Nova Measuring Instruments 1,3		51,300		4,668,813
NVE Corporation		40,400		2,832,040
PDF Solutions 1		158,900		2,825,242
Photronics 1		305,900		3,933,874
Ultra Clean Holdings 1		92,000		5,339,680
				53,284,704
Software - 2.1%
Agilysys 1		89,400		4,287,624
QAD Cl. A		61,013		4,062,246
				8,349,870
Technology Hardware, Storage & Peripherals - 0.8%
AstroNova 1		224,000		3,001,600
Total				102,259,969
Materials – 3.1%
Metals & Mining - 3.1%
Altius Minerals		165,400		1,975,534
Ferroglobe (Warranty Insurance Trust) 1,4		205,763		0
Haynes International		105,430		3,128,108
Major Drilling Group International 1		687,900		3,694,856
Universal Stainless & Alloy Products 1		343,900		3,497,463
Total				12,295,961
Real Estate – 0.5%
Real Estate Management & Development - 0.5%
FRP Holdings 1		38,975		1,918,350
Total				1,918,350
TOTAL COMMON STOCKS
(Cost $232,813,750)				387,669,886
REPURCHASE AGREEMENT – 3.1%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $12,194,783 (collateralized by obligations of various U.S. Government Agencies, 1.875% due 8/31/24, valued at $12,438,724)
(Cost $12,194,783)				12,194,783
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.1%
Money Market Funds
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.02%)
(Cost $541,690)				541,690
TOTAL INVESTMENTS – 100.2%
(Cost $245,550,223)				400,406,359
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%				(919,833	)
NET ASSETS – 100.0%			$	399,486,526

SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 93.7%
Communication Services – 1.4%
Diversified Telecommunication Services - 0.3%
Iridium Communications 1	30,393	$	1,253,711
Ooma 1	275,278		4,363,157
			5,616,868
Entertainment - 0.2%
Marcus Corporation (The) 1	242,400		4,845,576
Interactive Media & Services - 0.7%
Cars.com 1,3	292,000		3,784,320
Eventbrite Cl. A 1,3	141,500		3,135,640
QuinStreet 1	331,800		6,735,540
			13,655,500
Media - 0.2%
comScore 1,3	1,396,262		5,110,319
Total			29,228,263
Consumer Discretionary – 13.2%
Auto Components - 1.9%
Dana	391,653		9,528,917
Horizon Global 1,3	1,150,087		11,880,399
Modine Manufacturing 1	756,963		11,180,344
Stoneridge 1	217,177		6,908,400
Unique Fabricating 1	94,253		560,805
			40,058,865
Diversified Consumer Services - 1.4%
American Public Education 1	248,700		8,861,181
frontdoor 1	168,999		9,083,696
Houghton Mifflin Harcourt 1,3	485,546		3,699,861
Regis 1	518,800		6,516,128
Select Interior Concepts 1	75,600		544,320
Zovio 1	366,569		1,488,270
			30,193,456
Hotels, Restaurants & Leisure - 3.3%
BJ's Restaurants 1	198,501		11,528,938
Carrols Restaurant Group 1	729,692		4,367,206
Cedar Fair LP 1	152,900		7,596,072
Century Casinos 1	223,540		2,295,756
Chuy's Holdings 1,3	237,193		10,512,394
Drive Shack 1	335,300		1,076,313
J. Alexander's Holdings 1	240,291		2,316,405
Noodles & Company Cl. A 1	707,254		7,320,079
Red Robin Gourmet Burgers 1,3	48,100		1,918,709
Ruth's Hospitality Group 1	365,925		9,085,918
Six Flags Entertainment 1	229,200		10,650,924
			68,668,714
Household Durables - 3.2%
Beazer Homes USA 1	275,206		5,757,309
Cavco Industries 1	24,000		5,414,640
Century Communities 1	120,000		7,238,400
Dixie Group (The) 1	397,715		1,181,214
Ethan Allen Interiors	235,100		6,491,111
GoPro Cl. A 1,3	190,800		2,220,912
Installed Building Products	22,500		2,494,800
LGI Homes 1,3	79,670		11,895,528
New Home Company (The) 1	401,659		2,104,693
Skyline Champion 1	110,100		4,983,126
Taylor Morrison Home 1	183,954		5,667,623
Toll Brothers	138,686		7,867,657
Tri Pointe Homes 1	208,506		4,245,182
			67,562,195
Specialty Retail - 2.0%
America's Car-Mart 1	64,771		9,869,157
Chico's FAS 1	948,500		3,139,535
Conn's 1	46,300		900,535
J.Jill 1,3	282,834		2,757,632
Kirkland's 1	341,000		9,582,100
Lithia Motors Cl. A	6,500		2,535,585
Lumber Liquidators Holdings 1	303,856		7,632,863
Sonic Automotive Cl. A	106,200		5,264,334
			41,681,741
Textiles, Apparel & Luxury Goods - 1.4%
Jerash Holdings (US)	55,769		349,672
Skechers U.S.A. Cl. A 1	216,022		9,010,277
Tapestry 1	93,600		3,857,256
Under Armour Cl. A 1	303,500		6,725,560
Unifi 1	297,200		8,190,832
			28,133,597
Total			276,298,568
Consumer Staples – 1.7%
Beverages - 0.5%
MGP Ingredients	122,460		7,243,509
Reed's 1	1,928,894		2,256,806
			9,500,315
Food & Staples Retailing - 0.7%
Chefs' Warehouse (The) 1,3	266,500		8,117,590
Natural Grocers by Vitamin Cottage	365,358		6,412,033
			14,529,623
Food Products - 0.2%
SunOpta 1	226,527		3,345,804
Household Products - 0.3%
Central Garden & Pet Cl. A 1	141,500		7,342,435
Total			34,718,177
Energy – 2.6%
Energy Equipment & Services - 0.4%
Archrock	490,800		4,657,692
Aspen Aerogels 1	8,406		170,978
Ranger Energy Services Cl. A 1	88,411		484,492
U.S. Silica Holdings 1	315,302		3,875,062
			9,188,224
Oil, Gas & Consumable Fuels - 2.2%
Ardmore Shipping 1	662,993		3,009,988
Baytex Energy 1,2	1,354,100		1,394,723
Chesapeake Energy 1	248,500		10,782,415
Dorian LPG 1	549,892		7,220,082
Earthstone Energy Cl. A 1	842,072		6,020,815
Matador Resources	248,583		5,829,271
Navigator Holdings 1	563,084		5,011,448
Southwestern Energy 1	460,081		2,139,377
Teekay LNG Partners L.P.	236,936		3,409,509
			44,817,628
Total			54,005,852
Financials – 9.4%
Banks - 2.2%
First Foundation	189,800		4,452,708
Hilltop Holdings	436,308		14,891,192
Seacoast Banking Corporation of Florida 1	342,150		12,399,516
Texas Capital Bancshares 1	94,700		6,716,124
TriState Capital Holdings 1	313,787		7,235,928
			45,695,468
Capital Markets - 2.0%
B. Riley Financial	268,317		15,127,713
Evercore Cl. A	68,200		8,984,668
Houlihan Lokey Cl. A	88,189		5,865,450
JMP Group LLC 1	153,314		916,818
Moelis & Company Cl. A	206,626		11,339,635
			42,234,284
Insurance - 2.8%
Brighthouse Financial 1	265,400		11,743,950
HCI Group	134,276		10,315,082
Heritage Insurance Holdings	365,591		4,050,748
Old Republic International	613,100		13,390,104
Stewart Information Services	216,540		11,266,576
United Fire Group	237,003		8,247,705
			59,014,165
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
ACRES Commercial Realty 1	352,839		5,147,921
Thrifts & Mortgage Finance - 2.1%
Axos Financial 1	100,700		4,733,907
MGIC Investment	515,700		7,142,445
NMI Holdings Cl. A 1	378,063		8,937,409
Radian Group	320,098		7,442,279
Walker & Dunlop	146,738		15,075,862
			43,331,902
Total			195,423,740
Health Care – 9.6%
Biotechnology - 0.6%
Emergent BioSolutions 1	107,026		9,943,786
Flexion Therapeutics 1,3	264,351		2,365,941
			12,309,727
Health Care Equipment & Supplies - 4.0%
Accuray 1,3	886,708		4,389,205
Alphatec Holdings 1	286,700		4,526,993
Cutera 1	236,810		7,116,140
IntriCon Corporation 1,5	481,347		12,341,737
Invacare Corporation 1	427,108		3,425,406
Misonix 1,3	76,300		1,494,717
Neuronetics 1	364,990		4,514,926
Ortho Clinical Diagnostics Holdings 1	425,600		8,211,952
Orthofix Medical 1	263,996		11,444,227
Ra Medical Systems 1,3	146,562		682,979
Sientra 1	929,016		6,772,527
SmileDirectClub Cl. A 1,3	566,194		5,837,460
Surgalign Holdings 1,3	1,371,045		2,988,878
Varex Imaging 1,3	233,946		4,793,554
ViewRay 1	1,113,870		4,845,334
			83,386,035
Health Care Providers & Services - 4.5%
Acadia Healthcare 1,3	78,672		4,495,318
Community Health Systems 1	1,449,614		19,598,781
Cross Country Healthcare 1	828,420		10,346,966
Option Care Health 1	545,971		9,685,526
Owens & Minor	454,107		17,069,882
R1 RCM 1	248,643		6,136,509
RadNet 1	129,200		2,810,100
Select Medical Holdings 1	305,300		10,410,730
Surgery Partners 1	312,814		13,845,148
			94,398,960
Health Care Technology - 0.3%
Castlight Health Cl. B 1,3	1,408,652		2,127,064
Evolent Health Cl. A 1,3	224,000		4,524,800
			6,651,864
Pharmaceuticals - 0.2%
Pacira BioSciences 1,3	54,400		3,812,896
Total			200,559,482
Industrials – 24.0%
Aerospace & Defense - 2.6%
AAR Corporation 1	274,900		11,449,585
Astronics Corporation 1	270,200		4,874,408
Ducommun 1	126,286		7,577,160
Hexcel Corporation 1	180,400		10,102,400
Spirit AeroSystems Holdings Cl. A	224,100		10,902,465
Triumph Group 1	490,616		9,017,522
			53,923,540
Air Freight & Logistics - 1.4%
Atlas Air Worldwide Holdings 1,3	250,486		15,139,374
Hub Group Cl. A 1	155,500		10,462,040
Radiant Logistics 1	452,069		3,141,879
			28,743,293
Airlines - 2.0%
Alaska Air Group 1	124,900		8,644,329
Allegiant Travel 1	33,392		8,149,651
JetBlue Airways 1	626,600		12,745,044
Mesa Air Group 1	870,446		11,707,499
			41,246,523
Building Products - 2.6%
American Woodmark 1	133,200		13,130,856
Apogee Enterprises	175,400		7,170,352
Builders FirstSource 1	50,195		2,327,542
Gibraltar Industries 1	57,700		5,280,127
Griffon Corporation	231,267		6,283,524
Insteel Industries	122,450		3,776,358
JELD-WEN Holding 1	198,200		5,488,158
PGT Innovations 1	171,643		4,333,986
Resideo Technologies 1	234,016		6,610,952
			54,401,855
Commercial Services & Supplies - 1.8%
Covanta Holding Corporation	367,400		5,092,164
Heritage-Crystal Clean 1	190,200		5,160,126
Interface	393,467		4,910,468
KAR Auction Services 1	494,080		7,411,200
Pitney Bowes	1,157,994		9,541,871
Quest Resource Holding Corporation 1	126,006		491,423
Steelcase Cl. A	386,300		5,558,857
			38,166,109
Construction & Engineering - 3.0%
Aegion Corporation 1	74,196		2,133,135
Ameresco Cl. A 1	157,226		7,645,900
Arcosa	240,806		15,674,063
Comfort Systems USA	142,110		10,625,565
Concrete Pumping Holdings 1,3	461,710		3,421,271
Construction Partners Cl. A 1	157,159		4,695,911
Great Lakes Dredge & Dock 1	47,416		691,325
Limbach Holdings 1,3	88,400		933,504
Northwest Pipe 1	176,322		5,892,681
Orion Group Holdings 1	462,475		2,807,223
Primoris Services	262,280		8,689,337
			63,209,915
Electrical Equipment - 0.6%
Babcock & Wilcox Enterprises 1	374,895		3,550,256
Encore Wire	57,233		3,842,051
LSI Industries	402,553		3,433,777
Power Solutions International 1,2	225,970		1,581,790
			12,407,874
Machinery - 5.5%
CIRCOR International 1	210,411		7,326,511
Commercial Vehicle Group 1	663,792		6,405,593
EnPro Industries	111,400		9,499,078
Gencor Industries 1	32,979		442,249
Hurco Companies	65,054		2,296,406
Hyster-Yale Materials Handling Cl. A	68,260		5,946,811
LiqTech International 1	465,355		3,764,722
Luxfer Holdings	180,500		3,841,040
Lydall 1	360,191		12,152,844
Manitex International 1	433,553		3,420,733
Meritor 1	277,308		8,158,401
Park-Ohio Holdings	202,176		6,366,522
Shyft Group (The)	260,638		9,695,734
TriMas Corporation 1	213,110		6,461,495
Trinity Industries	321,524		9,160,219
Wabash National	657,900		12,368,520
Westport Fuel Systems 1	1,143,933		8,224,878
			115,531,756
Marine - 0.1%
Diana Shipping 1	650,445		1,944,831
Professional Services - 1.3%
GP Strategies 1	334,785		5,841,998
Heidrick & Struggles International	98,835		3,530,386
Korn Ferry	108,545		6,769,952
Mistras Group 1	266,651		3,042,488
TrueBlue 1	356,236		7,844,317
			27,029,141
Road & Rail - 0.3%
Daseke 1	379,900		3,225,351
U.S. Xpress Enterprises Cl. A 1	307,100		3,608,425
			6,833,776
Trading Companies & Distributors - 2.8%
Air Lease Cl. A	336,638		16,495,262
Boise Cascade	80,300		4,804,349
General Finance 1	345,082		4,192,747
Herc Holdings 1	186,219		18,869,571
Univar Solutions 1	46,700		1,005,918
WESCO International 1	146,604		12,685,644
			58,053,491
Total			501,492,104
Information Technology – 15.5%
Communications Equipment - 3.7%
ADTRAN	548,100		9,142,308
Aviat Networks 1	123,389		8,765,555
CalAmp Corporation 1	775,400		8,413,090
Ceragon Networks 1,3	600,916		2,265,453
Ciena Corporation 1	38,473		2,105,243
Comtech Telecommunications	493,117		12,249,026
Digi International 1	539,002		10,235,648
DZS 1	615,104		9,564,867
Infinera Corporation 1,3	1,019,146		9,814,376
PCTEL	592,962		4,121,086
			76,676,652
Electronic Equipment, Instruments & Components - 3.1%
Avnet	302,000		12,536,020
CTS Corporation	203,214		6,311,827
Fabrinet 1	34,729		3,139,154
Frequency Electronics 1	321,193		3,626,269
Identiv 1	332,420		3,809,533
II-VI 1	126,968		8,680,802
Iteris 1,3	806,600		4,976,722
Knowles 1	318,620		6,665,530
VIA optronics ADR 1	195,578		2,526,868
Vishay Intertechnology	501,309		12,071,521
			64,344,246
Semiconductors & Semiconductor Equipment - 5.3%
Advanced Energy Industries	109,503		11,954,443
Alpha & Omega Semiconductor 1	536,613		17,547,245
Amkor Technology	574,240		13,615,230
Amtech Systems 1	214,548		2,535,957
Cohu 1	236,076		9,877,420
FormFactor 1	99,213		4,475,499
Ichor Holdings 1	138,494		7,450,977
Kulicke & Soffa Industries	185,665		9,118,008
MKS Instruments	14,900		2,762,758
Onto Innovation 1	178,019		11,697,629
Ultra Clean Holdings 1	232,527		13,495,867
Veeco Instruments 1,3	332,887		6,904,076
			111,435,109
Software - 2.6%
A10 Networks 1	810,426		7,788,194
Avaya Holdings 1	527,354		14,781,733
Cloudera 1,3	375,200		4,566,184
InterDigital	106,500		6,757,425
Kaleyra 1,3	517,857		7,301,784
New Relic 1	92,700		5,699,196
SecureWorks Corp. Cl. A 1,3	509,162		6,812,587
			53,707,103
Technology Hardware, Storage & Peripherals - 0.8%
Avid Technology 1	647,654		13,671,976
Intevac 1	584,362		4,178,188
			17,850,164
Total			324,013,274
Materials – 11.8%
Chemicals - 5.3%
AdvanSix 1	262,512		7,040,572
American Vanguard	487,241		9,944,589
Ferro Corporation 1	568,867		9,591,098
Huntsman Corporation	438,400		12,639,072
Intrepid Potash 1,3	481,522		15,678,356
Kraton Corporation 1	364,921		13,352,459
Livent Corporation 1,3	637,500		11,041,500
LSB Industries 1	469,956		2,410,874
Olin Corporation	495,810		18,825,906
Trecora Resources 1	485,231		3,770,245
Tronox Holdings	315,000		5,764,500
			110,059,171
Construction Materials - 1.2%
Forterra 1	350,665		8,152,961
U.S. Concrete 1,3	229,849		16,852,529
			25,005,490
Metals & Mining - 4.6%
Alcoa Corporation 1	482,493		15,676,198
Allegheny Technologies 1	630,514		13,278,625
Carpenter Technology	228,342		9,396,273
Century Aluminum 1	498,610		8,805,453
Cleveland-Cliffs 1	727,949		14,639,054
Commercial Metals	361,000		11,133,240
Ferroglobe 1	1,345,071		5,084,368
Haynes International	275,665		8,178,980
Noranda Aluminum Holding Corporation 1,2	488,157		30,754
Olympic Steel	119,200		3,510,440
Synalloy Corporation 1	52,914		467,760
TimkenSteel Corporation 1	503,800		5,919,650
Universal Stainless & Alloy Products 1	31,921		324,637
			96,445,432
Paper & Forest Products - 0.7%
Glatfelter	270,345		4,636,416
Louisiana-Pacific	174,700		9,688,862
			14,325,278
Total			245,835,371
Real Estate – 3.5%
Equity Real Estate Investment Trusts (REITs) - 3.1%
Alexander & Baldwin	439,600		7,380,884
Armada Hoffler Properties	617,134		7,738,860
Braemar Hotels & Resorts 1	344,253		2,089,616
CatchMark Timber Trust Cl. A	310,200		3,157,836
Chatham Lodging Trust 1	269,800		3,550,568
Diversified Healthcare Trust	1,102,600		5,270,428
Kimco Realty	510,900		9,579,375
Macerich Company	545,100		6,377,670
Ryman Hospitality Properties 1	157,371		12,197,826
Tanger Factory Outlet Centers	485,900		7,351,667
			64,694,730
Real Estate Management & Development - 0.4%
Realogy Holdings 1	401,020		6,067,433
Tejon Ranch 1	101,206		1,694,188
			7,761,621
Total			72,456,351
Utilities – 1.0%
Electric Utilities - 0.3%
Hawaiian Electric Industries	129,701		5,762,616
Multi-Utilities - 0.6%
Black Hills	184,900		12,345,773
Water Utilities - 0.1%
Pure Cycle 1	150,901		2,025,091
Total			20,133,480
TOTAL COMMON STOCKS
(Cost $1,319,820,435)			1,954,164,662
REPURCHASE AGREEMENT – 6.6%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $138,261,961 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $141,027,211) (Cost $138,261,961)			138,261,961
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.6%
Money Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.02%) (Cost $12,776,050)			12,776,050
TOTAL INVESTMENTS – 100.9%
(Cost $1,470,858,446)			2,105,202,673
LIABILITIES LESS CASH AND OTHER ASSETS – (0.9)%			(19,495,425	)
NET ASSETS – 100.0%		$	2,085,707,248

SCHEDULES OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 93.7%
Communication Services – 2.0%
Diversified Telecommunication Services - 0.7%
Bandwidth Cl. A 1,3	91,435	$	11,588,472
Liberty Latin America Cl. C 1	383,565		4,978,674
			16,567,146
Entertainment - 0.5%
Chicken Soup For The Soul
Entertainment Cl. A 1	29,000		697,740
IMAX Corporation 1	171,000		3,437,100
Manchester United Cl. A	306,490		4,824,152
World Wrestling Entertainment Cl. A	52,030		2,823,148
			11,782,140
Interactive Media & Services - 0.3%
Eventbrite Cl. A 1,3	256,500		5,684,040
QuinStreet 1	35,900		728,770
			6,412,810
Media - 0.5%
Media General (Rights) 1,4	102,272		0
New York Times Cl. A	174,500		8,833,190
Saga Communications Cl. A 1	51,695		1,129,536
			9,962,726
Total			44,724,822
Consumer Discretionary – 10.6%
Auto Components - 2.2%
Dorman Products 1	98,847		10,145,656
Gentex Corporation	294,285		10,497,146
LCI Industries	110,552		14,623,818
Patrick Industries	120,291		10,224,735
Stoneridge 1	105,227		3,347,271
			48,838,626
Automobiles - 0.5%
Winnebago Industries	138,349		10,612,752
Distributors - 0.2%
LKQ Corporation 1	101,823		4,310,168
Diversified Consumer Services - 0.1%
Regis 1	247,600		3,109,856
Hotels, Restaurants & Leisure - 0.9%
Century Casinos 1	512,574		5,264,135
Hilton Grand Vacations 1	177,300		6,646,977
Hyatt Hotels Cl. A 1	23,842		1,971,733
Scientific Games 1	197,700		7,615,404
			21,498,249
Household Durables - 1.1%
La-Z-Boy	117,327		4,984,051
Legacy Housing 1,3	192,025		3,404,603
PulteGroup	120,400		6,313,776
Skyline Champion 1	128,600		5,820,436
TopBuild Corp. 1	18,827		3,942,939
			24,465,805
Leisure Products - 1.3%
Brunswick Corporation	153,850		14,672,674
Malibu Boats Cl. A 1	44,038		3,508,948
MasterCraft Boat Holdings 1,3	456,539		12,139,372
			30,320,994
Specialty Retail - 3.5%
Aaron's Company (The)	208,891		5,364,321
America's Car-Mart 1	85,779		13,070,146
Asbury Automotive Group 1	86,010		16,900,965
OneWater Marine Cl. A 1	394,161		15,750,674
Rent-A-Center	286,494		16,519,244
Shoe Carnival	172,918		10,700,166
			78,305,516
Textiles, Apparel & Luxury Goods - 0.8%
Levi Strauss & Co. Cl. A	183,445		4,386,170
Ralph Lauren Cl. A 1	61,517		7,576,434
Wolverine World Wide	163,155		6,252,099
			18,214,703
Total			239,676,669
Consumer Staples – 1.1%
Food Products - 0.4%
Nomad Foods 1	154,056		4,230,378
Seneca Foods Cl. A 1	94,033		4,428,014
			8,658,392
Household Products - 0.2%
Spectrum Brands Holdings	63,306		5,381,010
Personal Products - 0.5%
Inter Parfums	150,376		10,666,169
Total			24,705,571
Energy – 1.0%
Energy Equipment & Services - 0.6%
Aspen Aerogels 1	100,400		2,042,136
Cactus Cl. A	22,300		682,826
Pason Systems	1,623,749		11,473,614
			14,198,576
Oil, Gas & Consumable Fuels - 0.4%
Cimarex Energy	69,700		4,139,483
EQT Corporation 1	237,500		4,412,750
			8,552,233
Total			22,750,809
Financials – 17.0%
Banks - 6.5%
BankUnited	134,600		5,915,670
BOK Financial	41,600		3,715,712
CIT Group	113,630		5,853,081
City Holding Company	50,343		4,117,051
CNB Financial	32,130		790,719
First Bancshares (The)	206,125		7,546,236
First Citizens BancShares Cl. A	38,108		31,849,523
First Hawaiian	381,425		10,439,602
German American Bancorp	100,956		4,666,186
Glacier Bancorp	58,545		3,341,749
Home BancShares	288,600		7,806,630
Independent Bank Group	119,478		8,631,091
National Bankshares	112,867		4,007,907
Origin Bancorp	126,328		5,357,570
Popular	178,543		12,555,144
Signature Bank	46,026		10,406,479
Texas Capital Bancshares 1	37,328		2,647,302
TriState Capital Holdings 1	128,261		2,957,699
Triumph Bancorp 1	195,140		15,101,885
			147,707,236
Capital Markets - 5.3%
Ares Management Cl. A	168,069		9,416,906
Artisan Partners Asset Management Cl. A	119,302		6,223,985
B. Riley Financial	51,258		2,889,926
Evercore Cl. A	48,941		6,447,487
GCM Grosvenor Cl. A 3	942,450		11,215,155
Houlihan Lokey Cl. A	177,648		11,815,369
Lazard Cl. A	244,200		10,625,142
Moelis & Company Cl. A	70,524		3,870,357
Morningstar	63,937		14,388,382
Open Lending 1	312,300		11,061,666
SEI Investments	273,119		16,641,141
Silvercrest Asset Management Group Cl. A	184,878		2,658,546
Sprott	169,894		6,453,998
TMX Group	62,920		6,538,333
			120,246,393
Consumer Finance - 0.3%
PROG Holdings 1	140,567		6,085,145
Diversified Financial Services - 0.3%
Compass Diversified Holdings	245,113		5,674,366
Insurance - 3.9%
Alleghany Corporation 1	9,554		5,983,575
AMERISAFE	49,680		3,179,520
Assured Guaranty	127,441		5,388,206
Axis Capital Holdings	110,976		5,501,080
CNO Financial Group	197,231		4,790,741
E-L Financial	21,818		16,059,242
Employers Holdings	18,000		775,080
First American Financial	90,803		5,143,990
James River Group Holdings	50,000		2,281,000
Kemper Corporation	77,128		6,148,644
Kinsale Capital Group	31,800		5,240,640
ProAssurance Corporation	273,526		7,319,556
RenaissanceRe Holdings	20,515		3,287,529
RLI Corp.	62,853		7,012,509
Selective Insurance Group	75,100		5,447,754
Trean Insurance Group 1,3	237,600		3,837,240
			87,396,306
Investment Companies - 0.1%
ACE Convergence Acquisition Cl. A 1,3	293,700		2,928,189
Thrifts & Mortgage Finance - 0.6%
Axos Financial 1	122,961		5,780,396
Southern Missouri Bancorp	57,683		2,273,864
Timberland Bancorp	108,123		3,006,901
TrustCo Bank Corp NY	435,330		3,208,382
			14,269,543
Total			384,307,178
Health Care – 7.3%
Biotechnology - 1.2%
CareDx 1	162,220		11,045,560
Catalyst Pharmaceuticals 1,3	794,896		3,664,471
MeiraGTx Holdings 1,3	53,700		774,891
Natera 1	80,300		8,153,662
United Therapeutics 1	23,898		3,997,418
			27,636,002
Health Care Equipment & Supplies - 3.5%
AtriCure 1	33,343		2,184,633
Atrion Corporation	8,442		5,413,939
BioLife Solutions 1	195,096		7,023,456
Cutera 1	72,500		2,178,625
Haemonetics Corporation 1	40,969		4,547,969
Hill-Rom Holdings	35,976		3,974,628
Meridian Bioscience 1	290,000		7,612,500
Mesa Laboratories	62,845		15,302,758
Misonix 1,3	158,600		3,106,974
Natus Medical 1	87,800		2,248,558
OrthoPediatrics Corp. 1,3	56,800		2,769,000
Profound Medical 1	35,000		701,838
SI-BONE 1	171,800		5,464,958
SmileDirectClub Cl. A 1,3	676,695		6,976,725
Surmodics 1	13,900		779,373
Tandem Diabetes Care 1	68,386		6,035,065
Vapotherm 1,3	42,800		1,028,056
			77,349,055
Health Care Providers & Services - 1.0%
Encompass Health	119,160		9,759,204
Ensign Group (The)	39,308		3,688,663
Molina Healthcare 1	28,800		6,732,288
Sharps Compliance 1,3	87,700		1,260,249
			21,440,404
Health Care Technology - 0.3%
Simulations Plus	117,310		7,418,684
Life Sciences Tools & Services - 1.0%
Bio-Techne	43,516		16,620,066
Harvard Bioscience 1	143,300		782,418
Quanterix Corporation 1	97,379		5,693,750
			23,096,234
Pharmaceuticals - 0.3%
BioDelivery Sciences International 1	954,296		3,731,298
Supernus Pharmaceuticals 1,3	118,567		3,104,084
			6,835,382
Total			163,775,761
Industrials – 24.2%
Aerospace & Defense - 1.0%
HEICO Corporation	92,864		11,682,291
Vectrus 1	191,139		10,214,468
			21,896,759
Air Freight & Logistics - 0.6%
Forward Air	76,869		6,826,736
Hub Group Cl. A 1	97,118		6,534,099
			13,360,835
Airlines - 0.3%
Sun Country Airlines Holdings 1	180,100		6,173,828
Building Products - 1.7%
Advanced Drainage Systems	40,200		4,156,278
Builders FirstSource 1	185,780		8,614,619
Gibraltar Industries 1	79,767		7,299,478
Quanex Building Products	30,700		805,261
Simpson Manufacturing	56,462		5,856,803
UFP Industries	164,032		12,440,187
			39,172,626
Commercial Services & Supplies - 1.4%
Brink's Company (The)	50,090		3,968,631
Deluxe Corporation	127,972		5,369,705
Healthcare Services Group	265,352		7,437,816
Heritage-Crystal Clean 1	154,283		4,185,698
Herman Miller	82,200		3,382,530
UniFirst Corporation	32,385		7,244,848
			31,589,228
Construction & Engineering - 3.0%
Arcosa	276,717		18,011,510
Comfort Systems USA	57,406		4,292,247
Construction Partners Cl. A 1	127,191		3,800,467
EMCOR Group	25,100		2,815,216
Great Lakes Dredge & Dock 1	425,625		6,205,612
Northwest Pipe 1	134,770		4,504,013
NV5 Global 1	11,100		1,071,927
Primoris Services	165,509		5,483,313
Valmont Industries	69,025		16,405,172
WillScot Mobile Mini Holdings Corp. 1,3	199,150		5,526,412
			68,115,889
Electrical Equipment - 0.8%
American Superconductor 1	35,000		663,600
Encore Wire	62,234		4,177,769
GrafTech International	262,913		3,215,426
Preformed Line Products	144,775		9,953,281
Sensata Technologies Holding 1	7,900		457,805
			18,467,881
Industrial Conglomerates - 0.4%
Carlisle Companies	56,375		9,278,197
Machinery - 7.1%
Allison Transmission Holdings	21,400		873,762
CIRCOR International 1	62,960		2,192,267
Colfax 1	383,634		16,807,006
Crane Company	52,939		4,971,501
ESCO Technologies	77,309		8,418,177
Graham Corporation	72,292		1,029,438
Helios Technologies	195,939		14,278,075
Hurco Companies	87,200		3,078,160
John Bean Technologies	112,450		14,994,083
Kadant	104,502		19,333,915
Lincoln Electric Holdings	128,236		15,765,334
Lindsay Corporation	73,590		12,261,566
Meritor 1	290,210		8,537,978
Middleby Corporation (The) 1	65,200		10,806,900
Miller Industries	367,451		16,972,562
RBC Bearings 1	50,722		9,980,568
Westport Fuel Systems 1	92,200		662,918
			160,964,210
Marine - 0.5%
Clarkson	184,624		6,999,369
Kirby Corporation 1	54,000		3,255,120
			10,254,489
Professional Services - 3.2%
Barrett Business Services	52,149		3,590,980
Forrester Research 1	272,487		11,575,248
GP Strategies 1	168,413		2,938,807
Heidrick & Struggles International	315,319		11,263,195
KBR	523,961		20,114,863
Korn Ferry	102,100		6,367,977
ManpowerGroup	40,085		3,964,406
Morneau Shepell	73,100		1,925,950
Upwork 1	251,660		11,266,818
			73,008,244
Road & Rail - 2.0%
ArcBest	84,747		5,963,647
Landstar System	113,754		18,776,235
Saia 1	25,662		5,917,144
Schneider National Cl. B	183,900		4,591,983
Universal Logistics Holdings	315,775		8,308,040
Werner Enterprises	49,800		2,349,066
			45,906,115
Trading Companies & Distributors - 2.2%
Air Lease Cl. A	186,962		9,161,138
Applied Industrial Technologies	93,965		8,566,789
EVI Industries 1,3	348,509		10,026,604
Lawson Products 1	13,100		679,366
MSC Industrial Direct Cl. A	52,685		4,751,660
Richelieu Hardware	342,241		11,247,357
Transcat 1	79,300		3,892,044
			48,324,958
Total			546,513,259
Information Technology – 21.3%
Communications Equipment - 0.2%
Digi International 1	290,693		5,520,260
Electronic Equipment, Instruments & Components - 7.4%
Avnet	82,997		3,445,206
Cognex Corporation	94,043		7,804,629
Dolby Laboratories Cl. A	94,160		9,295,475
ePlus 1	41,621		4,147,116
Fabrinet 1	125,882		11,378,474
FARO Technologies 1	157,288		13,616,422
Insight Enterprises 1	172,893		16,497,450
IPG Photonics 1	28,631		6,039,423
Kimball Electronics 1	332,895		8,588,691
Littelfuse	3,575		945,373
Luna Innovations 1,3	754,599		7,945,928
Methode Electronics	95,878		4,024,958
National Instruments	333,216		14,389,933
nLIGHT 1	91,300		2,958,120
PAR Technology 1	214,655		14,040,584
PC Connection	78,232		3,629,183
PowerFleet 1,3	98,100		806,382
Rogers Corporation 1	20,316		3,823,674
Sanmina Corporation 1	161,260		6,672,939
SYNNEX Corporation	55,000		6,316,200
Vishay Intertechnology	368,078		8,863,318
Vishay Precision Group 1	111,915		3,448,101
Vontier Corporation 1	240,052		7,266,374
			165,943,953
IT Services - 2.4%
Cass Information Systems	72,489		3,354,066
Computer Services 2	143,975		8,422,538
Concentrix 1	12,583		1,883,927
International Money Express 1	666,733		10,007,662
MAXIMUS	42,350		3,770,844
Repay Holdings Cl. A 1,3	346,100		8,126,428
Shift4 Payments Cl. A 1,3	144,400		11,842,244
Sykes Enterprises 1	72,800		3,209,024
Unisys Corporation 1	125,000		3,177,500
			53,794,233
Semiconductors & Semiconductor Equipment - 7.9%
Advanced Energy Industries	24,203		2,642,241
Axcelis Technologies 1	177,676		7,300,707
Brooks Automation	103,408		8,443,263
Camtek 1	147,300		4,404,270
Cirrus Logic 1	178,340		15,121,449
CMC Materials	99,378		17,569,037
Cohu 1	158,118		6,615,657
CyberOptics Corporation 1	92,380		2,399,109
Diodes 1	142,364		11,366,342
FormFactor 1	206,466		9,313,681
Ichor Holdings 1	20,400		1,097,520
Kulicke & Soffa Industries	503,086		24,706,553
Lattice Semiconductor 1	230,271		10,366,800
MKS Instruments	120,353		22,315,853
Nova Measuring Instruments 1,3	107,454		9,779,389
NVE Corporation	42,363		2,969,646
Onto Innovation 1,3	157,520		10,350,639
Photronics 1	142,794		1,836,331
Tower Semiconductor 1	196,600		5,512,664
Ultra Clean Holdings 1	78,971		4,583,477
			178,694,628
Software - 3.2%
ACI Worldwide 1	213,837		8,136,498
Agilysys 1	102,787		4,929,664
Aspen Technology 1	8,600		1,241,238
Avalara 1	46,600		6,217,838
Blackbaud 1	34,116		2,424,965
ChannelAdvisor Corporation 1	149,430		3,519,076
Descartes Systems Group (The) 1	183,647		11,185,939
Five9 1,3	42,918		6,709,371
j2 Global 1	56,802		6,808,288
QAD Cl. A	42,941		2,859,012
Upland Software 1	367,615		17,347,752
			71,379,641
Technology Hardware, Storage & Peripherals - 0.2%
AstroNova 1	41,500		556,100
Avid Technology 1	213,700		4,511,207
			5,067,307
Total			480,400,022
Materials – 7.2%
Chemicals - 4.8%
Atotech 1,3	328,600		6,654,150
Balchem Corporation	75,472		9,464,943
Element Solutions	954,719		17,461,810
Huntsman Corporation	515,500		14,861,865
Innospec	153,724		15,785,918
Minerals Technologies	193,984		14,610,875
Mosaic Company (The)	361,200		11,417,532
Quaker Chemical	73,602		17,941,960
			108,199,053
Containers & Packaging - 0.4%
Graphic Packaging Holding Company	264,364		4,800,850
Silgan Holdings	97,363		4,092,167
			8,893,017
Metals & Mining - 1.2%
Alamos Gold Cl. A	2,037,600		15,922,044
Haynes International	80,600		2,391,402
IAMGOLD Corporation 1	795,894		2,371,764
Reliance Steel & Aluminum	49,834		7,589,220
			28,274,430
Paper & Forest Products - 0.8%
Stella-Jones	433,311		17,577,938
Total			162,944,438
Real Estate – 2.0%
Real Estate Management & Development - 2.0%
Colliers International Group	38,944		3,825,859
FirstService	8,367		1,239,906
FRP Holdings 1	163,149		8,030,194
Jones Lang LaSalle 1	19,828		3,550,005
Kennedy-Wilson Holdings	777,821		15,719,762
Marcus & Millichap 1	223,359		7,527,198
Tejon Ranch 1	235,407		3,940,713
Total			43,833,637
TOTAL COMMON STOCKS
(Cost $1,281,781,787)			2,113,632,166
REPURCHASE AGREEMENT – 6.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $144,563,797 (collateralized by obligations of various U.S. Government Agencies, 1.875% due 8/31/24, valued at $147,455,159) (Cost $144,563,797)			144,563,797
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.3%
Money Market Funds
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.02%) (Cost $7,063,418)			7,063,418
TOTAL INVESTMENTS – 100.4%
(Cost $1,433,409,002)			2,265,259,381
LIABILITIES LESS CASH AND OTHER ASSETS – (0.4)%			(10,138,904	)
NET ASSETS – 100.0%		$	2,255,120,477

SCHEDULES OF INVESTMENTS 

ROYCE PREMIER FUND 

MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.0%
Consumer Discretionary – 7.8%
Auto Components - 2.6%
Dorman Products 1		215,725	$	22,142,014
LCI Industries		193,647		25,615,625
				47,757,639
Distributors - 1.4%
Pool Corporation		74,715		25,794,607
Leisure Products - 1.4%
Brunswick Corporation		266,400		25,406,568
Textiles, Apparel & Luxury Goods - 2.4%
Ralph Lauren Cl. A 1		365,103		44,966,085
Total				143,924,899
Consumer Staples – 1.5%
Personal Products - 1.5%
Inter Parfums		390,641		27,708,166
Total				27,708,166
Financials – 13.1%
Capital Markets - 11.5%
Ares Management Cl. A		517,370		28,988,241
Ashmore Group		5,917,301		31,928,793
GCM Grosvenor Cl. A		2,140,615		25,473,319
Lazard Cl. A		518,583		22,563,546
Morningstar		201,486		45,342,409
SEI Investments		595,300		36,271,629
TMX Group		204,783		21,280,029
				211,847,966
Insurance - 1.6%
Alleghany Corporation 1		47,504		29,751,280
Total				241,599,246
Health Care – 5.8%
Health Care Equipment & Supplies - 3.7%
Haemonetics Corporation 1		338,962		37,628,172
Mesa Laboratories		124,595		30,338,882
				67,967,054
Life Sciences Tools & Services - 2.1%
Bio-Techne		102,521		39,155,846
Total				107,122,900
Industrials – 34.7%
Air Freight & Logistics - 1.8%
Forward Air		379,158		33,673,022
Building Products - 1.4%
Simpson Manufacturing		245,995		25,517,061
Commercial Services & Supplies - 1.1%
Ritchie Bros. Auctioneers		346,946		20,313,688
Construction & Engineering - 4.3%
Arcosa		489,123		31,837,016
Valmont Industries		199,084		47,316,295
				79,153,311
Machinery - 18.7%
Colfax 1		1,053,570		46,156,902
ESCO Technologies		237,273		25,836,657
Helios Technologies		369,905		26,954,977
John Bean Technologies		375,963		50,130,906
Kadant		216,181		39,995,647
Lincoln Electric Holdings		405,199		49,815,165
Lindsay Corporation		284,843		47,460,541
RBC Bearings 1		113,770		22,386,523
Woodward		299,257		36,099,372
				344,836,690
Marine - 1.9%
Kirby Corporation 1		587,376		35,407,025
Professional Services - 1.8%
Forrester Research 1		769,896		32,705,182
Road & Rail - 1.8%
Landstar System		200,585		33,108,560
Trading Companies & Distributors - 1.9%
Air Lease Cl. A		688,405		33,731,845
Total				638,446,384
Information Technology – 21.5%
Electronic Equipment, Instruments & Components - 9.0%
Cognex Corporation		377,691		31,344,576
Coherent 1		2,633		665,859
FARO Technologies 1		401,548		34,762,010
IPG Photonics 1		103,909		21,918,565
National Instruments		873,865		37,737,860
Rogers Corporation 1		205,866		38,746,040
				165,174,910
IT Services - 2.3%
Computer Services 2		561,400		32,841,900
Jack Henry & Associates		69,107		10,484,914
				43,326,814
Semiconductors & Semiconductor Equipment - 6.8%
Cirrus Logic 1		297,024		25,184,665
CMC Materials		238,848		42,225,938
MKS Instruments		308,834		57,264,000
				124,674,603
Software - 3.4%
Fair Isaac 1		45,541		22,135,203
Manhattan Associates 1		346,071		40,621,814
				62,757,017
Total				395,933,344
Materials – 9.4%
Chemicals - 4.5%
Innospec		387,553		39,797,818
Quaker Chemical		176,802		43,099,023
				82,896,841
Metals & Mining - 2.3%
Reliance Steel & Aluminum		278,255		42,375,454
Paper & Forest Products - 2.6%
Stella-Jones		1,184,391		48,046,672
Total				173,318,967
Real Estate – 2.2%
Real Estate Management & Development - 2.2%
Kennedy-Wilson Holdings		1,977,469		39,964,649
Total				39,964,649
TOTAL COMMON STOCKS (Cost $854,411,575)				1,768,018,555
REPURCHASE AGREEMENT – 2.6%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $46,742,536 (collateralized by obligations of various U.S. Government Agencies, 1.875% due 8/31/24, valued at $47,677,419)
(Cost $46,742,536)				46,742,536
TOTAL INVESTMENTS – 98.6% (Cost $901,154,111)				1,814,761,091
CASH AND OTHER ASSETS LESS LIABILITIES – 1.4%				26,672,974
NET ASSETS – 100.0%			$	1,841,434,065

SCHEDULES OF INVESTMENTS 

ROYCE SMALL-CAP VALUE FUND 

MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.5%
Communication Services – 1.6%
Entertainment - 1.1%
SciPlay Corporation Cl. A 1		94,702	$	1,532,279
Media - 0.5%
Saga Communications Cl. A 1		33,786		738,224
Total				2,270,503
Consumer Discretionary – 17.2%
Auto Components - 0.6%
Gentex Corporation		24,240		864,641
Diversified Consumer Services - 0.4%
Lincoln Educational Services 1		96,384		617,821
Household Durables - 4.2%
La-Z-Boy		66,102		2,808,013
PulteGroup		59,800		3,135,912
				5,943,925
Leisure Products - 2.8%
Malibu Boats Cl. A 1		23,238		1,851,604
MasterCraft Boat Holdings 1		80,067		2,128,981
				3,980,585
Specialty Retail - 9.2%
Aaron’s Company (The)		113,499		2,914,654
American Eagle Outfitters		33,761		987,172
OneWater Marine Cl. A 1		61,320		2,450,347
Rent-A-Center		60,724		3,501,346
Shoe Carnival		51,587		3,192,204
				13,045,723
Total				24,452,695
Consumer Staples – 0.5%
Food & Staples Retailing - 0.5%
Village Super Market Cl. A		27,662		651,993
Total				651,993
Energy – 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Dorchester Minerals L.P.		46,334		632,922
Total				632,922
Financials – 23.7%
Banks - 6.4%
Ames National		30,293		774,895
Camden National		14,276		683,249
Chemung Financial		2,100		87,822
City Holding Company		23,229		1,899,668
CNB Financial		33,981		836,272
Financial Institutions		22,162		671,287
Landmark Bancorp		17,071		451,016
MidWestOne Financial Group		40,467		1,253,263
National Bankshares		47,663		1,692,513
Unity Bancorp		31,361		689,942
				9,039,927
Capital Markets - 4.1%
Evercore Cl. A		24,244		3,193,905
Houlihan Lokey Cl. A		12,895		857,646
Moelis & Company Cl. A		33,619		1,845,011
				5,896,562
Consumer Finance - 1.6%
PROG Holdings 1		52,100		2,255,409
Insurance - 8.5%
CNO Financial Group		100,429		2,439,420
Donegal Group Cl. A		18,594		276,307
Employers Holdings		49,895		2,148,479
Heritage Insurance Holdings		101,687		1,126,692
James River Group Holdings		46,527		2,122,562
Kemper Corporation		23,600		1,881,392
Selective Insurance Group		28,200		2,045,628
				12,040,480
Thrifts & Mortgage Finance - 3.1%
Southern Missouri Bancorp		36,986		1,457,988
Timberland Bancorp		51,119		1,421,620
TrustCo Bank Corp NY		202,955		1,495,778
				4,375,386
Total				33,607,764
Health Care – 6.9%
Biotechnology - 1.9%
Catalyst Pharmaceuticals 1,3		414,582		1,911,223
Coherus BioSciences 1,3		28,887		422,039
Vanda Pharmaceuticals 1		24,638		370,063
				2,703,325
Health Care Providers & Services - 3.1%
Ensign Group (The)		14,221		1,334,499
Molina Healthcare 1		11,714		2,738,265
Pennant Group 1		8,413		385,315
				4,458,079
Pharmaceuticals - 1.9%
BioDelivery Sciences International 1		251,100		981,801
SIGA Technologies 1		21,172		137,618
Supernus Pharmaceuticals 1		58,261		1,525,273
				2,644,692
Total				9,806,096
Industrials – 24.6%
Aerospace & Defense - 1.5%
Vectrus 1		40,478		2,163,144
Building Products - 1.7%
Builders FirstSource 1		22,241		1,031,315
UFP Industries		18,800		1,425,792
				2,457,107
Commercial Services & Supplies - 1.0%
Herman Miller		34,720		1,428,728
Construction & Engineering - 6.5%
Comfort Systems USA		9,238		690,725
Great Lakes Dredge & Dock 1		207,604		3,026,866
MasTec 1		7,412		694,505
MYR Group 1		9,540		683,732
Northwest Pipe 1		54,172		1,810,428
Primoris Services		71,699		2,375,388
				9,281,644
Machinery - 3.2%
Alamo Group		4,163		650,053
Federal Signal		16,410		628,503
Miller Industries		69,706		3,219,720
				4,498,276
Professional Services - 5.5%
Barrett Business Services		25,649		1,766,190
Heidrick & Struggles International		60,026		2,144,129
Kforce		25,429		1,362,994
Korn Ferry		19,464		1,213,970
Resources Connection		49,153		665,532
Robert Half International		7,416		578,967
				7,731,782
Road & Rail - 5.2%
ArcBest		29,830		2,099,137
Old Dominion Freight Line		2,346		564,002
Saia 1		2,753		634,787
Schneider National Cl. B		81,551		2,036,328
Werner Enterprises		44,084		2,079,442
				7,413,696
Total				34,974,377
Information Technology – 21.2%
Electronic Equipment, Instruments & Components - 14.4%
ePlus 1		20,310		2,023,688
Fabrinet 1		7,254		655,689
Insight Enterprises 1		36,823		3,513,651
Kimball Electronics 1		96,367		2,486,269
Methode Electronics		36,789		1,544,402
PC Connection		25,428		1,179,605
Plexus Corporation 1		7,453		684,484
Sanmina Corporation 1		83,541		3,456,927
SYNNEX Corporation		23,366		2,683,351
Vishay Intertechnology		89,004		2,143,216
				20,371,282
IT Services - 3.4%
Concentrix 1		9,600		1,437,312
CSG Systems International		12,000		538,680
Hackett Group (The)		38,772		635,473
IBEX 1		37,698		829,356
Sykes Enterprises 1		32,404		1,428,368
				4,869,189
Semiconductors & Semiconductor Equipment - 3.4%
Advanced Energy Industries		7,965		869,539
Kulicke & Soffa Industries		60,458		2,969,092
MKS Instruments		5,080		941,934
				4,780,565
Total				30,021,036
Real Estate – 0.4%
Real Estate Management & Development - 0.4%
Marcus & Millichap 1		16,589		559,049
Total				559,049
TOTAL COMMON STOCKS (Cost $90,028,852)				136,976,435
REPURCHASE AGREEMENT – 3.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $4,833,243 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $4,929,993)
(Cost $4,833,243)				4,833,243
TOTAL INVESTMENTS – 99.9% (Cost $94,862,095)				141,809,678
CASH AND OTHER ASSETS LESS LIABILITIES – 0.1%				148,884
NET ASSETS – 100.0%			$	141,958,562

SCHEDULES OF INVESTMENTS
ROYCE SMALLER-COMPANIES GROWTH FUND
MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.0%
Communication Services – 6.3%
Entertainment - 2.8%
CuriosityStream Cl. A 1,3		117,700	$	1,594,835
LiveXLive Media 1,3		200,000		868,000
Motorsport Games Cl. A 1		62,200		1,446,772
Score Media and Gaming Cl. A 1		30,200		809,370
Sea Cl. A ADR 1,3		23,000		5,134,290
				9,853,267
Interactive Media & Services - 3.5%
Enthusiast Gaming Holdings 1		1,669,800		12,410,227
Total				22,263,494
Consumer Discretionary – 9.4%
Diversified Consumer Services - 0.6%
Aspen Group 1		364,000		2,184,000
Hotels, Restaurants & Leisure - 3.6%
DraftKings Cl. A 1,3		12,000		735,960
NEOGAMES 1		149,000		5,329,730
Papa John's International		22,000		1,950,080
Rush Street Interactive Cl. A 1,3		145,000		2,369,300
Texas Roadhouse 1		23,000		2,206,620
				12,591,690
Household Durables - 2.0%
Lovesac Company (The) 1,3		69,666		3,943,096
Purple Innovation 1,3		94,000		2,975,100
				6,918,196
Internet & Direct Marketing Retail - 0.5%
CarParts.com 1,3		128,000		1,827,840
Leisure Products - 0.4%
Callaway Golf 1		58,000		1,551,500
Specialty Retail - 2.3%
Leslie's 1		115,500		2,828,595
Lithia Motors Cl. A		13,000		5,071,170
				7,899,765
Total				32,972,991
Consumer Staples – 1.5%
Food & Staples Retailing - 0.5%
MedAvail Holdings 1,3		116,740		1,634,360
Food Products - 0.3%
Freshpet 1		8,000		1,270,480
Household Products - 0.7%
Central Garden & Pet Cl. A 1		45,000		2,335,050
Total				5,239,890
Energy – 0.2%
Energy Equipment & Services - 0.2%
Montauk Renewables 1		75,000		906,000
Total				906,000
Financials – 6.7%
Banks - 3.4%
Enterprise Financial Services		48,500		2,397,840
Primis Financial		4,000		58,160
Seacoast Banking Corporation of Florida 1		82,000		2,971,680
TriState Capital Holdings 1		124,057		2,860,754
Triumph Bancorp 1		48,000		3,714,720
				12,003,154
Capital Markets - 1.0%
MarketAxess Holdings		3,000		1,493,760
PJT Partners Cl. A		28,000		1,894,200
				3,387,960
Insurance - 0.5%
Metromile 1,3		150,000		1,543,500
Investment Companies - 1.4%
dMY Technology Group II Cl. A 1,3		157,000		2,309,470
Rodgers Silicon Valley Acquisition 1,3		75,000		998,250
Trident Acquisitions 1,3		146,000		1,743,240
				5,050,960
Thrifts & Mortgage Finance - 0.4%
Meridian Bancorp		81,000		1,492,020
Total				23,477,594
Health Care – 28.4%
Biotechnology - 8.1%
Avid Bioservices 1		231,000		4,211,130
BiomX 1		359,000		2,556,080
CareDx 1		50,000		3,404,500
Centogene 1,3		200,000		2,426,000
Krystal Biotech 1		22,000		1,694,880
MeiraGTx Holdings 1		128,000		1,847,040
Oxford Biomedica 1		224,000		2,939,835
Passage Bio 1,3		84,000		1,468,320
PureTech Health 1		802,227		4,418,268
Synlogic 1		484,041		1,732,867
uniQure 1		54,000		1,819,260
				28,518,180
Health Care Equipment & Supplies - 9.3%
Alphatec Holdings 1		304,000		4,800,160
Axonics Modulation Technologies 1		47,000		2,814,830
CryoPort 1		23,198		1,206,528
CytoSorbents 1		137,000		1,189,160
InMode 1		87,000		6,296,190
Itamar Medical ADR 1,3		63,000		1,508,850
Neuronetics 1		243,500		3,012,095
Profound Medical 1		92,000		1,844,832
SI-BONE 1		82,000		2,608,420
STAAR Surgical 1,3		54,000		5,692,140
West Pharmaceutical Services		6,000		1,690,680
				32,663,885
Health Care Providers & Services - 6.9%
Addus HomeCare 1		25,000		2,614,750
Joint Corp. (The) 1,3		92,000		4,450,040
ModivCare 1,3		32,000		4,739,840
Pennant Group 1		39,000		1,786,200
PetIQ Cl. A 1,3		54,000		1,904,040
Progyny 1		52,000		2,314,520
Sharps Compliance 1,3		284,000		4,081,080
Vivos Therapeutics 1		348,000		2,310,720
				24,201,190
Health Care Technology - 2.2%
CareCloud 1,3		240,000		1,994,400
Phreesia 1		25,720		1,340,012
Schrodinger 1,3		56,100		4,279,869
				7,614,281
Life Sciences Tools & Services - 1.3%
Harvard Bioscience 1		213,600		1,166,256
Medpace Holdings 1,3		15,000		2,460,750
Quanterix Corporation 1		17,600		1,029,072
				4,656,078
Pharmaceuticals - 0.6%
Aerie Pharmaceuticals 1,3		110,000		1,965,700
Total				99,619,314
Industrials – 11.5%
Aerospace & Defense - 1.8%
AeroVironment 1		31,000		3,597,860
Kratos Defense & Security Solutions 1		101,000		2,755,280
				6,353,140
Construction & Engineering - 0.4%
Ameresco Cl. A 1		29,000		1,410,270
Electrical Equipment - 2.4%
American Superconductor 1		205,349		3,893,417
Beam Global 1,3		13,000		563,680
EnerSys		29,000		2,633,200
Eos Energy Enterprises 1,3		74,000		1,459,280
				8,549,577
Machinery - 2.4%
Agrify 1		115,000		1,435,200
ATS Automation Tooling Systems 1		193,000		4,065,179
Chart Industries 1		20,000		2,847,000
				8,347,379
Professional Services - 2.2%
ASGN 1,3		26,000		2,481,440
Atlas Technical Consultants Cl. A 1		256,000		2,613,760
GP Strategies 1		143,282		2,500,271
				7,595,471
Trading Companies & Distributors - 2.3%
Lawson Products 1		157,000		8,142,020
Total				40,397,857
Information Technology – 29.0%
Communications Equipment - 0.5%
Genasys 1		254,000		1,699,260
Electronic Equipment, Instruments & Components - 3.7%
Iteris 1		1,287,474		7,943,714
nLIGHT 1		91,000		2,948,400
Rogers Corporation 1		12,000		2,258,520
				13,150,634
IT Services - 5.0%
Unisys Corporation 1		492,900		12,529,518
USA Technologies 1		428,996		5,027,833
				17,557,351
Semiconductors & Semiconductor Equipment - 13.2%
Advanced Energy Industries		46,000		5,021,820
Ambarella 1		50,000		5,019,500
AXT 1		216,400		2,523,224
Canadian Solar 1,3		68,000		3,374,840
CEVA 1,3		39,000		2,189,850
CyberOptics Corporation 1		104,000		2,700,880
Impinj 1,3		46,000		2,616,020
Lattice Semiconductor 1		51,000		2,296,020
MagnaChip Semiconductor 1		453,461		11,291,179
Onto Innovation 1		57,000		3,745,470
PDF Solutions 1		75,000		1,333,500
Silicon Laboratories 1		29,000		4,091,030
				46,203,333
Software - 6.6%
Agilysys 1		99,000		4,748,040
Blue Prism Group 1		121,000		2,118,493
Cloudera 1,3		294,000		3,577,980
Coupa Software 1,3		5,000		1,272,400
Descartes Systems Group (The) 1		65,033		3,961,160
LivePerson 1,3		43,000		2,267,820
Paylocity Holding Corporation 1		9,786		1,759,817
RingCentral Cl. A 1		4,000		1,191,520
Telos 1		37,500		1,422,000
Veritone 1		40,000		959,200
				23,278,430
Total				101,889,008
Materials – 0.8%
Chemicals - 0.3%
NanoXplore 1		462,000		1,183,767
Metals & Mining - 0.5%
ioneer 1		6,000,000		1,549,482
Total				2,733,249
Real Estate – 1.2%
Equity Real Estate Investment Trusts (REITs) - 1.2%
Community Healthcare Trust		28,000		1,291,360
Postal Realty Trust Cl. A		170,000		2,920,600
Total				4,211,960
TOTAL COMMON STOCKS (Cost $205,378,864)				333,711,357
REPURCHASE AGREEMENT – 5.5%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $19,266,141 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $19,651,537)
(Cost $19,266,141)				19,266,141
COLLATERAL RECEIVED FOR SECURITIES LOANED – 3.4%
Money Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.02%)
(Cost $11,954,095)				11,954,095
TOTAL INVESTMENTS – 103.9% (Cost $236,599,100)				364,931,593
LIABILITIES LESS CASH AND OTHER ASSETS – (3.9)%				(13,816,807	)
NET ASSETS – 100.0%			$	351,114,786

SCHEDULES OF INVESTMENTS
ROYCE SPECIAL EQUITY FUND
MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 84.0%
Communication Services – 0.3%
Media - 0.3%
Meredith Corporation 1		125,000	$	3,722,500
Total				3,722,500
Consumer Discretionary – 22.1%
Auto Components - 7.9%
Cooper Tire & Rubber		450,000		25,191,000
Gentex Corporation		560,000		19,975,200
Standard Motor Products		980,000		40,748,400
				85,914,600
Automobiles - 2.1%
Winnebago Industries		305,000		23,396,550
Hotels, Restaurants & Leisure - 0.3%
Bowl America Cl. A 1,5		347,000		3,640,030
Household Durables - 6.2%
Flexsteel Industries 5		767,500		26,747,375
Hooker Furniture 5		1,130,000		41,199,800
				67,947,175
Leisure Products - 5.6%
Johnson Outdoors Cl. A		425,200		60,697,300
Total				241,595,655
Consumer Staples – 7.7%
Food & Staples Retailing - 3.3%
Ingles Markets Cl. A		580,000		35,757,000
Food Products - 4.4%
John B. Sanfilippo & Son		539,500		48,754,615
Total				84,511,615
Financials – 2.0%
Capital Markets - 2.0%
Diamond Hill Investment Group		138,000		21,529,380
Total				21,529,380
Health Care – 1.9%
Biotechnology - 1.9%
United Therapeutics 1		124,500		20,825,115
Total				20,825,115
Industrials – 26.1%
Aerospace & Defense - 3.7%
National Presto Industries 5		399,000		40,725,930
Building Products - 2.4%
Insteel Industries		152,000		4,687,680
UFP Industries		290,000		21,993,600
				26,681,280
Commercial Services & Supplies - 1.9%
Ennis		950,000		20,282,500
Construction & Engineering - 2.4%
Argan		214,000		11,416,900
MYR Group 1		211,300		15,143,871
				26,560,771
Electrical Equipment - 4.2%
Encore Wire		218,100		14,641,053
Hubbell Incorporated		164,000		30,649,960
				45,291,013
Machinery - 7.6%
Gencor Industries 1,5		1,065,000		14,281,650
Hurco Companies 5		580,000		20,474,000
Miller Industries 5		639,200		29,524,648
Mueller Industries		465,000		19,227,750
				83,508,048
Professional Services - 1.2%
Resources Connection		940,000		12,727,600
Trading Companies & Distributors - 2.7%
MSC Industrial Direct Cl. A		325,000		29,311,750
Total				285,088,892
Information Technology – 16.2%
Electronic Equipment, Instruments & Components - 2.7%
Vishay Intertechnology		1,032,000		24,850,560
Vishay Precision Group 1		146,000		4,498,260
				29,348,820
IT Services - 6.3%
Computer Services 2		900,000		52,650,000
International Money Express 1		1,075,000		16,135,750
				68,785,750
Semiconductors & Semiconductor Equipment - 7.2%
Axcelis Technologies 1		578,000		23,750,020
Kulicke & Soffa Industries		848,500		41,669,835
NVE Corporation		202,300		14,181,230
				79,601,085
Total				177,735,655
Materials – 5.5%
Chemicals - 4.4%
Huntsman Corporation		1,667,000		48,059,610
Construction Materials - 1.1%
United States Lime & Minerals		88,500		11,833,335
Total				59,892,945
Real Estate – 2.2%
Real Estate Management & Development - 2.2%
Marcus & Millichap 1		702,000		23,657,400
Total				23,657,400
TOTAL COMMON STOCKS (Cost $604,587,215)				918,559,157
REPURCHASE AGREEMENT – 15.8%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $172,878,137 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $176,335,769)
(Cost $172,878,137)				172,878,137
TOTAL INVESTMENTS – 99.8% (Cost $777,465,352)				1,091,437,294
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2%				2,489,558
NET ASSETS – 100.0%			$	1,093,926,852

SCHEDULES OF INVESTMENTS
ROYCE TOTAL RETURN FUND
MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.4%
Communication Services – 2.1%
Diversified Telecommunication Services - 0.8%
ATN International		267,693	$	13,149,080
Entertainment - 1.3%
World Wrestling Entertainment Cl. A		363,351		19,715,426
Total				32,864,506
Consumer Discretionary – 7.1%
Auto Components - 1.6%
Gentex Corporation		394,084		14,056,976
LCI Industries		76,885		10,170,348
				24,227,324
Hotels, Restaurants & Leisure - 1.0%
Denny's Corporation 1,3		620,800		11,242,688
Hyatt Hotels Cl. A 1		48,853		4,040,143
				15,282,831
Household Durables - 0.8%
Leggett & Platt		291,140		13,290,541
Specialty Retail - 0.4%
Shoe Carnival		97,104		6,008,796
Textiles, Apparel & Luxury Goods - 3.3%
Levi Strauss & Co. Cl. A		1,073,831		25,675,299
Ralph Lauren Cl. A 1		199,636		24,587,170
				50,262,469
Total				109,071,961
Consumer Staples – 3.1%
Food Products - 0.6%
Flowers Foods		319,597		7,606,408
Hershey Creamery 2		398		1,277,584
				8,883,992
Household Products - 2.5%
Reynolds Consumer Products		582,065		17,333,896
Spectrum Brands Holdings		259,026		22,017,210
				39,351,106
Total				48,235,098
Diversified Investment Companies – 0.1%
Closed-End Funds - 0.1%
Eagle Point Income		66,068		1,006,876
Total				1,006,876
Energy – 2.1%
Energy Equipment & Services - 2.1%
Cactus Cl. A		361,400		11,066,068
Computer Modelling Group		1,435,056		6,566,063
Pason Systems		901,376		6,369,236
TGS-NOPEC Geophysical		502,068		7,997,845
Total				31,999,212
Financials – 39.9%
Banks - 20.3%
Bank of N.T. Butterfield & Son		514,512		19,664,649
BankUnited		513,872		22,584,674
BOK Financial		239,095		21,355,965
Eastern Bankshares		285,953		5,516,033
First Bancshares (The)		15,900		582,099
First Citizens BancShares Cl. A		29,603		24,741,299
First Hawaiian		801,875		21,947,319
German American Bancorp		154,959		7,162,205
HBT Financial		405,244		6,937,777
Home BancShares		1,169,522		31,635,570
Independent Bank Group		384,791		27,797,302
OceanFirst Financial		439,370		10,518,518
Origin Bancorp		152,400		6,463,284
Prosperity Bancshares		52,459		3,928,655
Signature Bank		92,113		20,826,749
South State		80,299		6,304,275
TowneBank		282,400		8,584,960
Triumph Bancorp 1		402,162		31,123,317
UMB Financial		137,611		12,705,624
Valley National Bancorp		1,539,423		21,151,672
				311,531,946
Capital Markets - 5.8%
Ares Management Cl. A		220,633		12,362,067
Artisan Partners Asset Management Cl. A		369,269		19,264,764
Ashmore Group		1,619,222		8,737,058
Lazard Cl. A		274,987		11,964,684
Moelis & Company Cl. A		266,705		14,636,770
Sprott		338,231		12,848,849
TMX Group		94,504		9,820,385
				89,634,577
Diversified Financial Services - 2.4%
Compass Diversified Holdings		1,001,193		23,177,618
Equitable Holdings		448,854		14,641,617
				37,819,235
Insurance - 11.4%
AMERISAFE		184,656		11,817,984
Assured Guaranty		332,800		14,070,784
Axis Capital Holdings		466,484		23,123,612
Erie Indemnity Cl. A		21,443		4,736,973
First American Financial		430,560		24,391,224
Hanover Insurance Group		75,631		9,791,189
James River Group Holdings		516,177		23,547,995
Old Republic International		814,800		17,795,232
ProAssurance Corporation		727,934		19,479,514
RenaissanceRe Holdings		91,000		14,582,750
Stewart Information Services		220,700		11,483,021
				174,820,278
Total				613,806,036
Health Care – 1.4%
Health Care Equipment & Supplies - 0.6%
Hill-Rom Holdings		83,749		9,252,589
Health Care Providers & Services - 0.8%
Patterson Companies		361,442		11,548,072
Total				20,800,661
Industrials – 21.6%
Building Products - 2.5%
Fortune Brands Home & Security		168,192		16,116,158
UFP Industries		292,716		22,199,581
				38,315,739
Commercial Services & Supplies - 2.9%
Deluxe Corporation		555,531		23,310,081
Healthcare Services Group		782,509		21,933,727
				45,243,808
Electrical Equipment - 2.8%
GrafTech International		998,200		12,207,986
Hubbell Incorporated		68,534		12,808,319
nVent Electric		633,500		17,680,985
				42,697,290
Industrial Conglomerates - 1.8%
Carlisle Companies		167,267		27,528,803
Machinery - 5.3%
Crane Company		272,986		25,636,115
Gorman-Rupp Company (The)		49,010		1,622,721
Lincoln Electric Holdings		110,944		13,639,456
Lindsay Corporation		62,857		10,473,233
Mueller Industries		351,565		14,537,213
Timken Company (The)		194,611		15,796,575
				81,705,313
Marine - 0.7%
Clarkson		275,293		10,436,764
Professional Services - 1.2%
KBR		495,859		19,036,027
Road & Rail - 0.6%
Werner Enterprises		206,137		9,723,482
Trading Companies & Distributors - 3.8%
Lawson Products 1		37,700		1,955,122
McGrath RentCorp		119,108		9,606,060
MSC Industrial Direct Cl. A		275,680		24,863,580
Systemax		224,033		9,212,237
Watsco		46,068		12,012,231
				57,649,230
Total				332,336,456
Information Technology – 7.7%
Electronic Equipment, Instruments & Components - 4.5%
Avnet		524,030		21,752,486
Methode Electronics		93,758		3,935,961
National Instruments		189,185		8,169,954
PC Connection		228,544		10,602,156
Vontier Corporation 1		809,300		24,497,511
				68,958,068
IT Services - 1.3%
EVERTEC		470,500		17,512,010
Hackett Group (The)		155,832		2,554,086
				20,066,096
Semiconductors & Semiconductor Equipment - 1.9%
Kulicke & Soffa Industries		413,253		20,294,855
MKS Instruments		50,701		9,400,979
				29,695,834
Total				118,719,998
Materials – 10.5%
Chemicals - 6.3%
Albemarle Corporation		41,251		6,027,184
Chase Corporation		99,556		11,587,323
Element Solutions		1,319,002		24,124,546
Innospec		202,327		20,776,960
Minerals Technologies		365,997		27,566,894
Quaker Chemical		25,573		6,233,930
				96,316,837
Containers & Packaging - 3.5%
AptarGroup		53,387		7,563,336
Graphic Packaging Holding Company		1,294,434		23,506,921
Silgan Holdings		558,254		23,463,416
				54,533,673
Metals & Mining - 0.7%
Ferroglobe (Warranty Insurance Trust) 1,4		569,803		0
Gold Fields ADR		1,057,201		10,032,838
				10,032,838
Total				160,883,348
Real Estate – 2.4%
Equity Real Estate Investment Trusts (REITs) - 0.9%
Equity Commonwealth		518,300		14,408,740
Real Estate Management & Development - 1.5%
Kennedy-Wilson Holdings		1,123,505		22,706,036
Total				37,114,776
Utilities – 0.4%
Electric Utilities - 0.4%
ALLETE		87,024		5,847,143
Total				5,847,143
TOTAL COMMON STOCKS
(Cost $998,004,126)				1,512,686,071
PREFERRED STOCK – 0.1%
Chicken Soup For The Soul Entertainment 9.75% Ser. A		74,883		1,994,883
(Cost $1,884,655)				1,994,883
REPURCHASE AGREEMENT – 1.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $21,426,059 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $21,854,638) (Cost $21,426,059)				21,426,059
TOTAL INVESTMENTS – 99.9%
(Cost $1,021,314,840)				1,536,107,013
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.1%				1,390,150
NET ASSETS – 100.0%			$	1,537,497,163

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 March 31, 2021.

⁴ Securities for which market quotations are not readily available represent 0.2%, 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 March 31, 2021, 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, 2021, 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	$	32,685,945	$	44,002,048	$	44,370,728	$	368,680
Royce Global Financial Services Fund		20,881,423		16,508,830		17,747,348		1,238,518
Royce International Premier Fund		901,077,929		237,440,274		258,458,789		21,018,515
Royce Micro-Cap Fund		245,652,569		154,753,790		161,957,083		7,203,293
Royce Opportunity Fund		1,472,493,006		632,709,667		646,345,029		13,635,362
Royce Pennsylvania Mutual Fund		1,435,102,962		830,156,419		843,896,844		13,740,425
Royce Premier Fund		901,447,958		913,313,133		913,313,133		–
Royce Small-Cap Value Fund		94,899,994		46,909,684		47,969,877		1,060,193
Royce Smaller-Companies Growth Fund		236,816,766		128,114,827		133,599,067		5,484,240
Royce Special Equity Fund		777,492,601		313,944,693		316,965,743		3,021,050
Royce Total Return Fund		1,021,431,560		514,675,453		517,814,914		3,139,461

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, 2021. 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	$	75,827,075	$	–	$	–	$	75,827,075
Repurchase Agreement		–		860,918		–		860,918
Royce Global Financial Services Fund
Common Stocks		36,512,265		1,170		–		36,513,435
Repurchase Agreement		–		876,818		–		876,818
Royce International Premier Fund
Common Stocks		1,071,776,358		–		–		1,071,776,358
Preferred Stocks		19,593,054		–		–		19,593,054
Repurchase Agreement		–		47,148,791		–		47,148,791
Royce Micro-Cap Fund
Common Stocks		386,280,586		699,300		690,000		387,669,886
Repurchase Agreement		–		12,194,783		–		12,194,783
Money Market Fund/Collateral Received for Securities Loaned		541,690		–		–		541,690
Royce Opportunity Fund
Common Stocks		1,951,157,395		3,007,267		–		1,954,164,662
Repurchase Agreement		–		138,261,961		–		138,261,961
Money Market Fund/Collateral Received for Securities Loaned		12,776,050		–		–		12,776,050
Royce Pennsylvania Mutual Fund
Common Stocks		2,105,209,628		8,422,538		0		2,113,632,166
Repurchase Agreement		–		144,563,797		–		144,563,797
Money Market Fund/Collateral Received for Securities Loaned		7,063,418		–		–		7,063,418
Royce Premier Fund
Common Stocks		1,735,176,655		32,841,900		–		1,768,018,555
Repurchase Agreement		–		46,742,536		–		46,742,536
Royce Small-Cap Value Fund
Common Stocks		136,976,435		–		–		136,976,435
Repurchase Agreement		–		4,833,243		–		4,833,243
Royce Smaller-Companies Growth Fund
Common Stocks		333,711,357		–		–		333,711,357
Repurchase Agreement		–		19,266,141		–		19,266,141
Money Market Fund/Collateral Received for Securities Loaned		11,954,095		–		–		11,954,095
Royce Special Equity Fund
Common Stocks		865,909,157		52,650,000		–		918,559,157
Repurchase Agreement		–		172,878,137		–		172,878,137
Royce Total Return Fund
Common Stocks		1,511,408,487		1,277,584		0		1,512,686,071
Preferred Stocks		1,994,883		–		–		1,994,883
Repurchase Agreement		–		21,426,059		–		21,426,059

Level 3 Reconciliation:

Balance as

Realized

Unrealized

Balance as

of 12/31/20

Purchases

Sales

Gain (Loss)

Gain (Loss)

of 3/31/21

Royce Micro-Cap Fund

Common Stocks

$

690,000

$

–

$

–

$

–

$

–

$

690,000

Royce Pennsylvania Mutual Fund

Common Stocks

0

–

–

–

–

0

Royce Total Return Fund

Common Stocks

506,127

–

516,640

(3,567,783

)

3,578,296

0

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, 2021 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, 2021:

			Securities on Loan
	Cash Collateral1		Collateralized by Cash Collateral		Net Amount
Royce Micro-Cap Fund	$	541,690	$	(547,590)	$	(5,900)
Royce Opportunity Fund		12,776,050		(12,210,275)		565,775
Royce Pennsylvania Mutual Fund		7,063,418		(7,096,515)		(33,097)
Royce Smaller-Companies Growth Fund		11,954,095		(11,905,314)		48,781

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 March 31, 2021:

			Securities on Loan
	Non-Cash Collateral		Collateralized by Non-Cash Collateral		Net Amount
Royce Micro-Cap Fund	$	9,931,533	$	(9,631,045)	$	300,488
Royce Opportunity Fund		44,882,417		(42,913,514)		1,968,903
Royce Pennsylvania Mutual Fund		27,846,439		(26,364,431)		1,482,008
Royce Small-Cap Value Fund		732,381		(700,054)		32,327
Royce Smaller-Companies Growth Fund		30,248,933		(29,317,663)		931,270
Royce Total Return Fund		99,470		(95,461)		4,009

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, 2021:

											Change in Net
			Market						Realized		Unrealized							Market
	Shares		Value		Costs of		Proceeds		Gain		Appreciation			Dividend		Shares		Value
Affiliated Company	12/31/20		12/31/20		Purchases		from Sales		(Loss)		(Depreciation)			Income		3/31/21		3/31/21
Royce Opportunity Fund
Health Care – 0.6%
Health Care Equipment & Supplies – 0.6%
IntriCon Corporation1,2		395,910	$	7,165,971	$	2,079,560	$	–	$	–	$	3,096,206		$	–		481,347	$	12,341,737
			$	7,165,971					$	–	$	3,096,206		$	–			$	12,341,737
Royce Special Equity Fund
Consumer Discretionary – 6.5%
Hotels, Restaurants & Leisure – 0.3%
Bowl America Cl. A1,2		347,000		3,270,475		–		–		–		369,555			–		347,000		3,640,030
Household Durables – 6.2%
Flexsteel Industries2		767,500		26,839,475		–		–		–		(92,100	)		115,125		767,500		26,747,375
Hooker Furniture2		1,130,000		36,442,500		–		–		–		4,757,300			203,400		1,130,000		41,199,800
				63,281,975						–		4,665,200			318,525				67,947,175
				66,552,450						–		5,034,755			318,525				71,587,205
Industrials – 9.6%
Aerospace & Defense – 3.7%
National Presto Industries2		393,100		34,761,833		571,910		–		–		5,392,187			2,462,613		399,000		40,725,930
Machinery – 5.9%
Gencor Industries1,2		1,065,000		13,099,500		–		–		–		1,182,150			–		1,065,000		14,281,650
Hurco Companies2		580,000		17,400,000		–		–		–		3,074,000			156,600		580,000		20,474,000
Miller Industries2		575,500		21,880,510		2,627,854		–		–		5,016,284			111,384		639,200		29,524,648
				52,380,010						–		9,272,434			267,984				64,280,298
				87,141,843						–		14,664,621			2,730,597				105,006,228
			$	153,694,293					$	–	$	19,699,376		$	3,049,122			$	176,593,433

¹ Non-income producing.

² At March 31, 2021, 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.

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).