SCHEDULES OF INVESTMENTS

ROYCE DIVIDEND VALUE FUND

SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 92.8%
Consumer Discretionary – 6.4%
Auto Components - 0.8%
Nokian Renkaat 1		18,000	$	638,663
Household Durables - 0.7%
PulteGroup		10,900		500,528
Specialty Retail - 4.9%
American Eagle Outfitters		24,345		628,101
Rent-A-Center		36,466		2,049,754
USS 1		56,000		958,060
				3,635,915
Total				4,775,106
Energy – 1.3%
Energy Equipment & Services - 0.5%
TGS 1		32,400		343,015
Oil, Gas & Consumable Fuels - 0.8%
Gaztransport Et Technigaz 1		7,800		582,782
Total				925,797
Financials – 28.2%
Banks - 5.0%
Bank of Georgia Group 1,2		39,500		821,677
BOK Financial		15,414		1,380,324
Triumph Bancorp 2		15,000		1,501,950
				3,703,951
Capital Markets - 23.2%
Ashmore Group 1		244,300		1,110,511
B3-Brasil, Bolsa, Balcao		336,600		787,455
Bolsa Mexicana de Valores		444,000		850,508
Carlyle Group		71,520		3,381,466
Coronation Fund Managers 1		153,700		510,959
Evercore Cl. A		13,500		1,804,545
Jupiter Fund Management 1		225,700		749,658
KKR & Co.		16,338		994,657
Moelis & Company Cl. A		19,359		1,197,741
SEI Investments		37,900		2,247,470
Sprott		58,860		2,164,148
State Street		16,800		1,423,296
				17,222,414
Total				20,926,365
Health Care – 3.3%
Health Care Providers & Services - 0.6%
Ensign Group (The)		5,951		445,671
Pharmaceuticals - 2.7%
Recordati Industria Chimica e Farmaceutica 1		24,210		1,408,240
Santen Pharmaceutical 1		41,600		587,035
				1,995,275
Total				2,440,946

Industrials – 35.7%
Aerospace & Defense - 3.7%
HEICO Corporation Cl. A	23,259	2,754,563
Building Products - 0.8%
Geberit 1	800	587,810
Commercial Services & Supplies - 0.5%
Healthcare Services Group	15,700	392,343
Construction & Engineering - 0.9%
Comfort Systems USA	8,959	638,956
Electrical Equipment - 2.8%
Hubbell Incorporated	11,462	2,070,840
Machinery - 11.4%
Graco	25,224	1,764,923
Lincoln Electric Holdings	10,022	1,290,734
Lindsay Corporation	17,400	2,641,146
Spirax-Sarco Engineering 1	13,478	2,708,657
		8,405,460
Marine - 2.4%
Clarkson 1	35,040	1,774,350
Professional Services - 8.9%
KBR	80,690	3,179,186
Korn Ferry	10,023	725,264
ManpowerGroup	19,300	2,089,804
Robert Half International	5,994	601,378
		6,595,632
Road & Rail - 0.5%
Werner Enterprises	8,643	382,626
Trading Companies & Distributors - 3.8%
Applied Industrial Technologies	31,294	2,820,528
Total		26,423,108
Information Technology – 1.8%
Electronic Equipment, Instruments & Components - 1.1%
Vishay Intertechnology	42,497	853,765
Software - 0.7%
SimCorp 1	4,200	494,693
Total		1,348,458
Materials – 16.1%
Chemicals - 2.9%
Quaker Chemical	9,137	2,172,048
Containers & Packaging - 3.3%
AptarGroup	20,396	2,434,262
Metals & Mining - 9.9%
Franco-Nevada	18,335	2,381,900
Reliance Steel & Aluminum	10,288	1,465,217
Royal Gold	11,600	1,107,684
Worthington Industries	44,460	2,343,042
		7,297,843
Total		11,904,153
TOTAL COMMON STOCKS
(Cost $28,253,864)		68,743,933

REPURCHASE AGREEMENT – 7.3%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $5,431,170 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $5,539,888)
(Cost $5,431,170)		5,431,170
TOTAL INVESTMENTS – 100.1%
(Cost $33,685,034)		74,175,103
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%		(58,964	)
NET ASSETS – 100.0%	$	74,116,139

SCHEDULES OF INVESTMENTS

ROYCE GLOBAL FINANCIAL SERVICES FUND

SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 90.4%
Banks - 15.5%
BOK Financial		10,450	$	935,797
Bryn Mawr Bank		10,000		459,500
Cadence Bancorporation Cl. A		15,887		348,879
Capital City Bank Group		16,988		420,283
First Citizens BancShares Cl. A		1,828		1,541,315
First Republic Bank		2,599		501,295
Popular		20,063		1,558,293
TriState Capital Holdings 2		11,600		245,340
Umpqua Holdings		17,400		352,350
Total				6,363,052
Capital Markets - 45.8%
Ares Management Cl. A		14,986		1,106,416
Ashmore Group 1		157,000		713,672
Associated Capital Group Cl. A		7,000		261,870
B3-Brasil, Bolsa, Balcao		183,000		428,117
Bolsa Mexicana de Valores		174,000		333,307
Canaccord Genuity Group		113,715		1,250,632
Carlyle Group		22,300		1,054,344
Charles Schwab		14,671		1,068,636
Coronation Fund Managers 1		61,200		203,453
CRISIL 1		14,000		512,526
Egyptian Financial Group-Hermes Holding
Company 1,2		184,791		142,854
Hellenic Exchanges - Athens Stock Exchange 1		50,000		199,535
Intermediate Capital Group 1		39,111		1,074,683
IOOF Holdings 1		55,000		168,778
JSE 1		51,000		354,089
Jupiter Fund Management 1		106,900		355,066
KKR & Co.		19,120		1,164,026
MarketAxess Holdings		1,581		665,111
NZX 1		580,000		678,125
RF Capital Group 2		108,000		185,884
Rothschild & Co 1		13,900		598,211
SEI Investments		7,950		471,435
Silvercrest Asset Management Group Cl. A		27,612		430,195
Sprott		40,500		1,489,093
StoneX Group 2		9,846		648,851
Tel Aviv Stock Exchange 1		273,000		1,445,342
U.S. Global Investors Cl. A		165,500		941,695
Virtu Financial Cl. A		21,330		521,092
Warsaw Stock Exchange 1		9,500		99,129
Westaim Corporation (The) 2		105,000		223,828
Total				18,789,995
Closed-End Funds - 0.8%
Eagle Point Income		19,341		340,402
Total				340,402
Diversified Financial Services - 2.6%
Banco Latinoamericano de Comercio
Exterior Cl. E		25,700		450,778
ECN Capital		75,000		618,190
Total				1,068,968
Health Care Providers & Services - 0.7%
Great Elm Group 2		115,545		262,287
Total				262,287
Insurance - 6.8%
Axis Capital Holdings		11,554		531,946
E-L Financial		1,638		1,209,153
James River Group Holdings		18,700		705,551
Trean Insurance Group 2		32,600		337,410
Total				2,784,060
IT Services - 2.6%
Cass Information Systems		4,013		167,944
PayPal Holdings 2		3,466		901,888
Total				1,069,832
Metals & Mining - 3.0%
Franco-Nevada		9,523		1,237,133
Total				1,237,133
Professional Services - 0.8%
Dun & Bradstreet Holdings 2		5,000		84,050
Quess Corp 1		17,756		217,750
Total				301,800
Real Estate Management & Development - 8.4%
Altus Group		23,760		1,159,299
FirstService		8,379		1,512,242
FRP Holdings 2		7,957		444,955
RMR Group (The) Cl. A		10,000		334,500
Total				3,450,996
Software - 2.4%
Benefitfocus 2		10,600		117,660
Bottomline Technologies 2		9,800		384,944
Envestnet 2		6,000		481,440
Total				984,044
Thrifts & Mortgage Finance - 1.0%
Provident Bancorp		25,000		400,500
Total				400,500
Transportation Infrastructure - 0.0%
Morgan Group Holding Co. 1,2		156		811
Total				811
TOTAL COMMON STOCKS
(Cost $20,322,967)				37,053,880
REPURCHASE AGREEMENT – 9.8%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $4,034,726 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $4,115,471)
(Cost $4,034,726)				4,034,726

TOTAL INVESTMENTS – 100.2%
(Cost $24,357,693)		41,088,606
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%		(81,833	)
NET ASSETS – 100.0%	$	41,006,773

SCHEDULES OF INVESTMENTS

ROYCE INTERNATIONAL PREMIER FUND

SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 91.7%
Australia – 10.7%
Bravura Solutions 1,3		14,219,530	$	31,497,958
Cochlear 1		78,400		12,382,666
Hansen Technologies 1		7,554,076		30,169,272
IPH 1		7,083,920		46,600,093
Technology One 1		2,023,800		16,500,628
Total				137,150,617
Brazil – 2.3%
OdontoPrev		7,212,100		21,798,864
TOTVS		1,061,400		7,036,045
Total				28,834,909
Canada – 4.0%
Altus Group		323,900		15,803,742
Enghouse Systems		385,900		16,930,730
LifeWorks		748,100		19,059,835
Total				51,794,307
Denmark – 2.5%
Chr. Hansen Holding 1		226,600		18,504,921
SimCorp 1		112,400		13,238,938
Total				31,743,859
Germany – 4.5%
Amadeus Fire 1		80,698		16,684,790
Carl Zeiss Meditec 1		15,700		3,017,974
New Work 1		86,700		21,277,521
Norma Group 1		393,800		16,693,003
Total				57,673,288
Iceland – 2.7%
Marel		2,828,670		19,603,033
Ossur 1,2		2,136,966		14,943,415
Total				34,546,448
India – 1.3%
AIA Engineering 1		609,311		16,004,389
Total				16,004,389
Italy – 4.4%
Carel Industries 1		679,852		18,383,001
DiaSorin 1		87,563		18,377,576
GVS 1		1,415,112		20,113,465
Total				56,874,042
Japan – 17.9%
As One 1		139,400		20,389,298
BML 1		413,100		15,687,032
Daifuku 1		118,100		11,105,251
Fukui Computer Holdings 1		608,100		23,602,976
Medikit 1		193,600		5,187,278
Meitec Corporation 1		580,600		31,890,687
NSD 1		1,143,300		20,890,384
OBIC Business Consultants 1		562,300		28,570,073
TechnoPro Holdings 1		600,100		17,826,955
TKC Corporation 1		1,121,700		35,261,864
USS 1		1,157,400		19,801,047
Total				230,212,845
Netherlands – 4.2%
IMCD 1		149,500		28,383,834
Intertrust 1,2		1,696,595		25,392,400
Total				53,776,234
New Zealand – 1.0%
Fisher & Paykel Healthcare 1		605,000		13,302,810
Total				13,302,810
Singapore – 1.4%
XP Power 1		266,516		18,483,845
Total				18,483,845
South Korea – 2.7%
Douzone Bizon 1		136,800		11,047,429
NICE Information Service 1		1,372,000		23,569,761
Total				34,617,190
Sweden – 8.0%
Alimak Group 1		1,073,200		16,066,703
Bravida Holding 1		1,165,928		15,660,411
Hexpol 1		1,538,600		17,467,560
Karnov Group 1		3,490,189		21,273,874
Lagercrantz Group 1		503,300		5,993,557
Loomis 1		996,500		26,964,995
Total				103,427,100
Switzerland – 7.5%
dormakaba Holding 1		36,000		26,140,956
Kardex Holding 1		80,900		22,774,349
LEM Holding 1		6,300		14,520,100
Partners Group Holding 1		10,600		16,501,129
VZ Holding 1		169,985		16,850,938
Total				96,787,472
United Kingdom – 16.6%
Ashmore Group 1		4,021,950		18,282,512
Croda International 1		247,200		28,229,124
Diploma 1		234,698		8,824,781
DiscoverIE Group 1		1,363,500		19,176,918
FDM Group Holdings 1		828,438		13,926,330
Learning Technologies Group 1		6,511,300		18,852,520
Marlowe 1,2		2,266,601		25,614,274
Restore 1		3,919,839		25,893,765
Spirax-Sarco Engineering 1		134,100		26,949,913
Victrex 1		893,545		28,013,024
Total				213,763,161
TOTAL COMMON STOCKS
(Cost $893,941,103)				1,178,992,516

PREFERRED STOCK– 2.1%

Germany – 2.1%
FUCHS PETROLUB1	577,600		27,023,213
(Cost $26,069,560)			27,023,213
REPURCHASE AGREEMENT – 6.3%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $80,965,634 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $82,584,985)
(Cost $80,965,634)			80,965,634
TOTAL INVESTMENTS – 100.1%
(Cost $1,000,976,297)			1,286,981,363
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%			(726,146	)
NET ASSETS – 100.0%		$	1,286,255,217

SCHEDULES OF INVESTMENTS

ROYCE MICRO-CAP FUND

SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 94.6%
Communication Services – 4.7%
Entertainment - 2.5%
Chicken Soup For The Soul
Entertainment Cl. A 2		138,732	$	3,172,801
Gaia Cl. A 2		277,600		2,631,648
IMAX Corporation 2		137,000		2,600,260
Motorsport Games Cl. A 2,4		115,600		1,648,456
				10,053,165
Interactive Media & Services - 1.1%
Enthusiast Gaming Holdings 2		371,800		1,341,486
QuinStreet 2		179,246		3,147,560
				4,489,046
Media - 1.1%
Magnite 2,4		63,000		1,764,000
Thryv Holdings 2		84,004		2,523,480
				4,287,480
Total				18,829,691
Consumer Discretionary – 10.8%
Auto Components - 1.6%
Modine Manufacturing 2		230,100		2,607,033
Stoneridge 2		128,900		2,628,271
Unique Fabricating 2		373,951		1,234,038
				6,469,342
Hotels, Restaurants & Leisure - 1.9%
Century Casinos 2		356,300		4,799,361
Lindblad Expeditions Holdings 2,4		196,700		2,869,853
				7,669,214
Household Durables - 0.8%
Legacy Housing 2		177,300		3,186,081
Leisure Products - 0.9%
MasterCraft Boat Holdings 2		141,300		3,543,804
Specialty Retail - 4.3%
Barnes & Noble Education 2		222,800		2,225,772
Chico's FAS 2		397,700		1,785,673
Citi Trends 2		51,724		3,773,783
OneWater Marine Cl. A		90,100		3,622,921
Shoe Carnival		112,022		3,631,753
Zumiez 2		66,400		2,640,064
				17,679,966
Textiles, Apparel & Luxury Goods - 1.3%
Fossil Group 2		163,100		1,932,735
Vera Bradley 2		363,000		3,415,830
				5,348,565
Total				43,896,972
Energy – 3.2%
Energy Equipment & Services - 3.2%
Aspen Aerogels 2		106,700		4,909,267
Natural Gas Services Group 2		324,287		3,366,099
Newpark Resources 2		872,900		2,880,570
Profire Energy 2		1,389,432		1,597,847
Total				12,753,783
Financials – 13.3%
Banks - 6.1%
Allegiance Bancshares		80,000		3,052,000
BayCom Corporation 2,4		160,300		2,981,580
Caribbean Investment Holdings 2		1,858,138		926,352
HarborOne Bancorp		261,253		3,667,992
HBT Financial		197,300		3,068,015
HomeTrust Bancshares		131,200		3,670,976
Investar Holding Corporation		163,500		3,600,270
Midway Investments 2,5		1,858,170		0
TriState Capital Holdings 2		182,757		3,865,311
				24,832,496
Capital Markets - 4.4%
B. Riley Financial		57,300		3,382,992
Canaccord Genuity Group		398,400		4,381,582
Silvercrest Asset Management Group Cl. A		204,000		3,178,320
Sprott		108,480		3,988,563
StoneX Group 2		43,400		2,860,060
				17,791,517
Diversified Financial Services - 0.0%
Waterloo Investment Holdings 2,5		2,760,000		0
Investment Companies - 0.4%
Trident Acquisitions 2		138,600		1,607,760
Thrifts & Mortgage Finance - 2.4%
PCSB Financial		174,400		3,215,936
Territorial Bancorp		112,300		2,850,174
Western New England Bancorp		439,000		3,744,670
				9,810,780
Total				54,042,553
Health Care – 13.2%
Biotechnology - 2.2%
CareDx 2		32,200		2,040,514
Dynavax Technologies 2		211,200		4,057,152
MeiraGTx Holdings 2		212,500		2,800,750
				8,898,416
Health Care Equipment & Supplies - 7.3%
Apyx Medical 2,4		344,000		4,764,400
AtriCure 2		44,700		3,108,885
Chembio Diagnostics 2		240,253		600,632
CryoLife 2		143,855		3,206,528
Cutera 2		92,300		4,301,180
Misonix 2		153,400		3,881,020
OrthoPediatrics Corp. 2		57,400		3,760,274
Profound Medical 2		172,500		2,518,179
Surmodics 2		63,822		3,548,503
				29,689,601
Health Care Providers & Services - 0.7%
Sharps Compliance 2		326,700		2,701,809
Life Sciences Tools & Services - 3.0%
Harvard Bioscience 2		633,052		4,418,703
Inotiv 2		104,500		3,055,580
NeoGenomics 2		43,900		2,117,736
Quanterix Corporation 2		54,300		2,703,597
				12,295,616
Total				53,585,442
Industrials – 21.1%
Aerospace & Defense - 1.0%
Astronics Corporation 2		186,800		2,626,408
CPI Aerostructures 2		466,084		1,281,731
				3,908,139
Building Products - 0.5%
Quanex Building Products		94,700		2,027,527
Commercial Services & Supplies - 2.1%
Acme United		72,400		2,370,376
Heritage-Crystal Clean 2		124,474		3,607,257
VSE Corporation		49,500		2,384,415
				8,362,048
Construction & Engineering - 3.9%
Ameresco Cl. A 2		40,500		2,366,415
Concrete Pumping Holdings 2		26,600		227,164
Construction Partners Cl. A 2		135,500		4,521,635
IES Holdings 2		54,800		2,503,812
Northwest Pipe 2		128,500		3,045,450
NV5 Global 2		30,800		3,035,956
				15,700,432
Electrical Equipment - 0.8%
American Superconductor 2		196,600		2,866,428
Power Solutions International 1,2		99,900		399,600
				3,266,028
Machinery - 5.5%
Alimak Group 1		182,300		2,729,184
CIRCOR International 2		111,400		3,677,314
Graham Corporation		209,688		2,600,131
Luxfer Holdings		105,000		2,061,150
Porvair 1		313,000		2,898,561
Shyft Group (The)		111,900		4,253,319
Wabash National		195,600		2,959,428
Westport Fuel Systems 2		407,700		1,341,333
				22,520,420
Marine - 1.0%
Clarkson 1		83,324		4,219,347
Professional Services - 4.2%
CRA International		39,583		3,932,175
Forrester Research 2		55,500		2,733,930
Heidrick & Struggles International		88,240		3,938,151
Kforce		55,932		3,335,784
Resources Connection		200,252		3,159,977
				17,100,017
Trading Companies & Distributors - 2.1%
Lawson Products 2		71,900		3,595,719
Transcat 2		73,900		4,765,072
				8,360,791
Total				85,464,749
Information Technology – 24.3%
Communications Equipment - 3.3%
Comtech Telecommunications		59,902		1,534,090
Digi International 2		202,500		4,256,550
EMCORE Corporation 2		413,400		3,092,232
Genasys 2		324,700		1,681,946
Harmonic 2		306,600		2,682,750
				13,247,568
Electronic Equipment, Instruments & Components - 5.0%
FARO Technologies 2		41,300		2,717,953
LightPath Technologies Cl. A 2		789,784		1,682,240
Luna Innovations 2		383,800		3,646,100
nLIGHT 2		84,700		2,387,693
PAR Technology 2		57,800		3,555,278
PowerFleet 2		406,600		2,724,220
Vishay Precision Group 2		97,100		3,376,167
				20,089,651
IT Services - 1.3%
Cass Information Systems		67,416		2,821,360
Computer Task Group 2		314,400		2,508,912
				5,330,272
Semiconductors & Semiconductor Equipment - 12.3%
Aehr Test Systems 2		340,559		4,648,630
Axcelis Technologies 2		92,400		4,345,572
AXT 2		396,500		3,302,845
Camtek 2		109,700		4,443,947
Cohu 2		96,100		3,069,434
CyberOptics Corporation 2		107,500		3,824,850
FormFactor 2		70,400		2,628,032
Ichor Holdings 2		76,700		3,151,603
NeoPhotonics Corporation 2		231,600		2,017,236
Nova 2,4		43,200		4,418,928
NVE Corporation		40,400		2,584,388
PDF Solutions 2		158,900		3,661,056
Photronics 2		302,500		4,123,075
Ultra Clean Holdings 2		86,100		3,667,860
				49,887,456
Software - 1.5%
Agilysys 2		81,821		4,284,148
GTY Technology Holdings 2,4		258,600		1,944,672
				6,228,820
Technology Hardware, Storage & Peripherals - 0.9%
AstroNova 2		228,700		3,441,935
Total				98,225,702
Materials – 3.6%
Metals & Mining - 3.6%
Altius Minerals		165,400		2,033,221
Ferroglobe (Warranty Insurance Trust) 2,5		205,763		0
Haynes International		118,230		4,404,068
Major Drilling Group International 2		694,700		4,634,624
Universal Stainless & Alloy Products 2		343,900		3,562,804
Total				14,634,717
Real Estate – 0.4%
Real Estate Management & Development - 0.4%
FRP Holdings 2		29,575		1,653,834
Total				1,653,834
TOTAL COMMON STOCKS
(Cost $246,248,876)				383,087,443

REPURCHASE AGREEMENT – 5.4%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $22,057,167 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $22,498,397)
(Cost $22,057,167)		22,057,167
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.0%
Money Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.03%) (Cost $32,875)		32,875
TOTAL INVESTMENTS – 100.0%
(Cost $268,338,918)		405,177,485
LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)%		(47,449	)
NET ASSETS – 100.0%	$	405,130,036

SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
SEPTEMBER 30, 2021 (UNAUDITED)

\

	SHARES		VALUE
COMMON STOCKS – 94.5%
Communication Services – 2.4%
Diversified Telecommunication Services - 0.3%
Ooma 2		275,278	$	5,122,924
Entertainment - 0.3%
Marcus Corporation (The) 2		383,100		6,685,095
Interactive Media & Services - 0.8%
Cars.com 2		268,000		3,390,200
DHI Group 2		443,828		2,112,621
QuinStreet 2		549,000		9,640,440
				15,143,261
Media - 1.0%
comScore 2,4		1,625,862		6,340,862
Entravision Communications Cl. A		818,200		5,809,220
Thryv Holdings 2		225,638		6,778,165
				18,928,247
Total				45,879,527
Consumer Discretionary – 14.1%
Auto Components - 2.1%
Dana		548,453		12,197,595
Garrett Motion 2		320,985		2,365,659
Horizon Global 2		1,250,462		8,790,748
Modine Manufacturing 2		856,363		9,702,593
Stoneridge 2		335,777		6,846,493
				39,903,088
Diversified Consumer Services - 1.4%
American Public Education 2		421,600		10,797,176
frontdoor 2		87,799		3,678,778
Houghton Mifflin Harcourt 2		577,746		7,759,129
Regis 2		436,300		1,518,324
Zovio 2,4		1,269,163		3,033,299
				26,786,706
Hotels, Restaurants & Leisure - 1.2%
Carrols Restaurant Group		311,692		1,140,793
Century Casinos 2		263,494		3,549,264
Chuy's Holdings 2,4		148,693		4,688,291
Noodles & Company Cl. A 2		464,154		5,477,017
Ruth's Hospitality Group 2		270,310		5,598,120
Six Flags Entertainment 2		62,600		2,660,500
				23,113,985
Household Durables - 2.7%
Beazer Homes USA 2		295,506		5,097,479
Cavco Industries 2		15,100		3,574,774
Century Communities		93,500		5,745,575
Dixie Group (The) 2		534,556		2,597,942
Ethan Allen Interiors		222,900		5,282,730
GoPro Cl. A 2,4		374,100		3,501,576
LGI Homes 2,4		39,770		5,643,761
Skyline Champion 2		107,200		6,438,432
Taylor Morrison Home 2		158,854		4,095,256
Toll Brothers		105,086		5,810,205
Tri Pointe Homes 2		240,606		5,057,538
				52,845,268
Internet & Direct Marketing Retail - 0.6%
iMedia Brands 2		79,731		458,453
Overstock.com 2		137,800		10,737,376
				11,195,829
Multiline Retail - 0.7%
Dillard's Cl. A		32,900		5,675,908
Nordstrom 2		254,700		6,736,815
				12,412,723
Specialty Retail - 3.9%
Barnes & Noble Education 2		604,046		6,034,420
Caleres		204,600		4,546,212
Chico's FAS 2		1,210,392		5,434,660
Conn's 2		448,704		10,243,912
Designer Brands Cl. A 2		592,579		8,254,625
Express 2		640,300		3,022,216
Guess?		289,994		6,092,774
J.Jill 2		358,643		6,233,215
JOANN		123,005		1,370,276
Kirkland's 2		446,900		8,584,949
Lumber Liquidators Holdings 2		444,500		8,303,260
Sonic Automotive Cl. A		64,400		3,383,576
Victoria’s Secret & Co. 2		71,629		3,958,219
				75,462,314
Textiles, Apparel & Luxury Goods - 1.5%
Fossil Group 2,4		607,500		7,198,875
Skechers U.S.A. Cl. A 2		229,922		9,684,314
Unifi 2		441,400		9,679,902
Vera Bradley 2		253,202		2,382,631
				28,945,722
Total				270,665,635
Consumer Staples – 0.4%
Beverages - 0.0%
Reed's 2		441,994		265,196
Food & Staples Retailing - 0.1%
Chefs' Warehouse (The) 2,4		68,050		2,216,389
Household Products - 0.3%
Central Garden & Pet Cl. A 2		117,700		5,061,100
Total				7,542,685
Energy – 3.5%
Energy Equipment & Services - 0.5%
Archrock		445,800		3,677,850
Mammoth Energy Services 2		520,121		1,513,552
Ranger Energy Services Cl. A 2		225,056		2,070,515
U.S. Silica Holdings 2		396,902		3,171,247
				10,433,164
Oil, Gas & Consumable Fuels - 3.0%
Ardmore Shipping 2		971,793		4,032,941
Baytex Energy 1,2		1,240,800		3,399,792
Chesapeake Energy		139,100		8,567,169
Dorian LPG		558,592		6,932,127
Earthstone Energy Cl. A 2		875,472		8,054,342
Matador Resources		242,383		9,220,249
Navigator Holdings 2		568,084		5,055,948
Scorpio Tankers		297,800		5,521,212
Southwestern Energy 2		573,781		3,178,747
Teekay LNG Partners L.P.		246,136		3,827,415
				57,789,942
Total				68,223,106
Financials – 8.7%
Banks - 2.5%
First Foundation		295,600		7,774,280
Hilltop Holdings		389,308		12,718,692
Seacoast Banking Corporation of Florida		326,650		11,044,037
Texas Capital Bancshares 2		89,600		5,377,792
TriState Capital Holdings 2		510,587		10,798,915
				47,713,716
Capital Markets - 1.3%
B. Riley Financial		154,467		9,119,732
Houlihan Lokey Cl. A		60,489		5,571,037
Moelis & Company Cl. A		158,726		9,820,377
				24,511,146
Insurance - 2.6%
Brighthouse Financial 2		270,700		12,243,761
HCI Group		98,676		10,930,341
Old Republic International		544,700		12,598,911
Stewart Information Services		171,240		10,832,642
United Fire Group		147,203		3,400,389
				50,006,044
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
ACRES Commercial Realty 2		329,539		5,328,646
Thrifts & Mortgage Finance - 2.0%
Axos Financial 2		170,300		8,777,262
MGIC Investment		442,100		6,613,816
NMI Holdings Cl. A 2		349,363		7,899,097
Radian Group		309,698		7,036,339
Walker & Dunlop		79,688		9,044,588
				39,371,102
Total				166,930,654
Health Care – 7.4%
Biotechnology - 0.3%
Emergent BioSolutions 2		132,226		6,620,556
Health Care Equipment & Supplies - 3.2%
Accuray 2		1,078,108		4,258,527
Alphatec Holdings 2		211,300		2,575,747
Cutera 2		76,810		3,579,346
IntriCon Corporation 2,3,4		481,447		8,743,077
Invacare Corporation 2		478,008		2,275,318
Misonix 2		197,456		4,995,637
Ortho Clinical Diagnostics Holdings 2		435,400		8,046,192
Orthofix Medical 2		179,396		6,838,575
Sientra 2,4		803,916		4,606,439
Surgalign Holdings 2		512,945		559,110
Varex Imaging 2		253,646		7,152,817
ViewRay 2		1,161,770		8,376,362
				62,007,147
Health Care Providers & Services - 3.0%
Acadia Healthcare 2,4		45,072		2,874,692
Community Health Systems 2		849,614		9,940,484
Cross Country Healthcare 2,4		598,720		12,716,813
Option Care Health 2,4		445,971		10,819,256
Owens & Minor		295,307		9,240,156
RadNet 2		147,100		4,311,501
Select Medical Holdings		224,400		8,116,548
				58,019,450
Health Care Technology - 0.3%
Evolent Health Cl. A 2		193,200		5,989,200
Pharmaceuticals - 0.6%
Organon & Co		321,103		10,528,967
Total				143,165,320
Industrials – 26.7%
Aerospace & Defense - 3.3%
AAR Corporation 2		313,400		10,163,562
Astronics Corporation 2		697,900		9,812,474
Ducommun 2		211,886		10,668,460
Hexcel Corporation 2		189,000		11,224,710
Spirit AeroSystems Holdings Cl. A		231,900		10,247,661
Triumph Group 2		631,816		11,770,732
				63,887,599
Air Freight & Logistics - 1.5%
Atlas Air Worldwide Holdings 2,4		163,736		13,373,956
Hub Group Cl. A 2		179,500		12,340,625
Radiant Logistics 2,4		617,069		3,943,071
				29,657,652
Airlines - 1.2%
Alaska Air Group 2		99,000		5,801,400
JetBlue Airways 2		622,100		9,511,909
Mesa Air Group 2,4		1,067,146		8,174,338
				23,487,647
Building Products - 2.5%
Apogee Enterprises		258,600		9,764,736
Gibraltar Industries 2		56,700		3,949,155
Griffon Corporation		418,167		10,286,908
Insteel Industries		107,633		4,095,436
JELD-WEN Holding 2		267,213		6,688,341
PGT Innovations 2		187,943		3,589,711
Resideo Technologies 2,4		368,616		9,137,991
				47,512,278
Commercial Services & Supplies - 3.2%
Heritage-Crystal Clean 2		308,600		8,943,228
Herman Miller		237,000		8,925,420
Interface		512,467		7,763,875
KAR Auction Services 2		437,580		7,171,936
Pitney Bowes		1,277,894		9,213,616
Quest Resource Holding Corporation 2		146,841		892,793
Steelcase Cl. A		573,600		7,273,248
VSE Corporation		248,932		11,991,055
				62,175,171
Construction & Engineering - 3.0%
Arcosa		230,506		11,564,486
Comfort Systems USA		139,010		9,914,193
Concrete Pumping Holdings 2,4		587,124		5,014,039
Construction Partners Cl. A 2		181,159		6,045,276
Limbach Holdings 2,4		447,434		2,962,013
Matrix Service 2		437,046		4,571,501
Northwest Pipe 2		260,222		6,167,262
Orion Group Holdings 2		556,653		3,028,192
Primoris Services		327,680		8,024,883
				57,291,845
Electrical Equipment - 0.6%
Babcock & Wilcox Enterprises 2,4		1,013,495		6,496,503
LSI Industries		535,673		4,151,466
Power Solutions International 1,2		345,040		1,380,160
				12,028,129
Machinery - 5.9%
CIRCOR International 2		379,103		12,514,190
Commercial Vehicle Group 2		680,592		6,438,400
EnPro Industries		145,700		12,693,384
Evercel 1,2		141,133		344,365
Hurco Companies		73,351		2,366,303
Hyster-Yale Materials Handling Cl. A		150,457		7,561,969
LiqTech International 2		352,470		1,931,536
Luxfer Holdings		390,100		7,657,663
Manitex International 2		648,058		4,653,056
Meritor 2		341,408		7,275,404
NN 2		973,519		5,110,975
Park-Ohio Holdings		227,971		5,817,820
Shyft Group (The)		259,338		9,857,437
Trinity Industries		369,224		10,031,816
Twin Disc 2		258,565		2,756,303
Wabash National		742,700		11,237,051
Westport Fuel Systems 2		1,542,333		5,074,276
				113,321,948
Marine - 0.3%
Diana Shipping 2		894,745		5,117,942
Professional Services - 1.6%
Heidrick & Struggles International		165,665		7,393,629
Korn Ferry		135,645		9,815,272
Mistras Group 2		454,973		4,622,526
TrueBlue 2		355,436		9,625,207
				31,456,634
Road & Rail - 0.6%
Daseke 2,4		488,400		4,498,164
U.S. Xpress Enterprises Cl. A 2,4		727,624		6,279,395
				10,777,559
Trading Companies & Distributors - 3.0%
Air Lease Cl. A		326,538		12,846,005
BlueLinx Holdings 2		178,800		8,739,744
Herc Holdings 2		81,119		13,259,712
Univar Solutions 2		423,900		10,097,298
WESCO International 2		111,504		12,858,641
				57,801,400
Total				514,515,804
Information Technology – 17.6%
Communications Equipment - 4.6%
ADTRAN		531,300		9,967,188
Applied Optoelectronics 2,4		610,100		4,380,518
Aviat Networks 2		234,278		7,698,375
CalAmp Corporation 2		1,017,900		10,128,105
Ceragon Networks 2,4		1,095,416		3,823,002
Comtech Telecommunications		501,517		12,843,850
Digi International 2		638,402		13,419,210
DZS 2		676,804		8,297,617
Infinera Corporation 2,4		1,167,646		9,714,815
PCTEL		911,693		5,670,731
Sierra Wireless 2,4		103,604		1,605,862
				87,549,273
Electronic Equipment, Instruments & Components - 4.1%
Advanced Energy Industries		83,953		7,366,876
Avnet		320,500		11,848,885
CTS Corporation		278,314		8,602,685
Fabrinet 2		113,929		11,678,862
Frequency Electronics 2		289,393		3,009,687
Identiv 2		299,020		5,633,537
Iteris 2,4		512,321		2,705,055
Knowles 2		559,520		10,485,405
VIA optronics ADR 2		644,307		4,935,391
Vishay Intertechnology		639,409		12,845,727
				79,112,110
IT Services - 0.2%
Conduent 2		617,600		4,069,984
Semiconductors & Semiconductor Equipment - 5.2%
Alpha & Omega Semiconductor 2		340,613		10,685,030
Amkor Technology		525,240		13,104,738
Amtech Systems 2		447,188		5,111,359
Cohu 2		310,076		9,903,827
FormFactor 2		269,513		10,060,920
Ichor Holdings 2		214,994		8,834,104
Kulicke & Soffa Industries		149,165		8,693,336
Onto Innovation 2		157,619		11,387,973
Ultra Clean Holdings 2		277,927		11,839,690
Veeco Instruments 2		450,587		10,007,537
				99,628,514
Software - 2.6%
A10 Networks 2		964,126		12,996,418
Avaya Holdings 2		551,354		10,911,296
InterDigital		96,500		6,544,630
Kaleyra 2,4		687,057		7,564,498
Marin Software 2		268,830		2,451,730
SecureWorks Corp. Cl. A 2,4		521,762		10,372,628
				50,841,200
Technology Hardware, Storage & Peripherals - 0.9%
Avid Technology 2		360,185		10,416,550
Immersion Corporation 2		507,500		3,471,300
Intevac 2		628,802		3,005,674
				16,893,524
Total				338,094,605
Materials – 9.4%
Chemicals - 3.5%
AdvanSix 2		275,812		10,963,527
American Vanguard		419,114		6,307,666
Huntsman Corporation		488,400		14,451,756
Intrepid Potash 2		121,882		3,766,154
Kraton Corporation 2		62,521		2,853,458
Livent Corporation 2,4		545,000		12,594,950
LSB Industries 2		496,456		5,068,816
Trecora Resources 2		633,431		5,181,465
Tronox Holdings		261,100		6,436,115
				67,623,907
Containers & Packaging - 0.5%
TriMas Corporation 2		264,610		8,562,780
Metals & Mining - 5.0%
Allegheny Technologies 2		704,014		11,707,753
Carpenter Technology		301,242		9,862,663
Century Aluminum 2		505,010		6,792,384
Cleveland-Cliffs 2		482,549		9,559,296
Coeur Mining 2		913,932		5,638,960
Commercial Metals		390,900		11,906,814
Ferroglobe 2		1,167,871		10,160,478
Haynes International		358,594		13,357,627
Major Drilling Group International 2		772,500		5,153,659
Noranda Aluminum Holding Corporation 2,5		488,157		3,417
Olympic Steel		170,995		4,165,438
TimkenSteel Corporation 2		667,400		8,729,592
				97,038,081
Paper & Forest Products - 0.4%
Glatfelter		551,145		7,771,145
Total				180,995,913
Real Estate – 3.8%
Equity Real Estate Investment Trusts (REITs) - 3.4%
Alexander & Baldwin		469,400		11,002,736
Armada Hoffler Properties		638,834		8,541,210
Braemar Hotels & Resorts 2		483,253		2,343,777
CatchMark Timber Trust Cl. A		95,800		1,137,146
Chatham Lodging Trust 2		267,500		3,276,875
Diversified Healthcare Trust		1,153,400		3,910,026
Kimco Realty		521,000		10,810,750
Macerich Company		720,000		12,031,200
Ryman Hospitality Properties 2		55,571		4,651,293
Tanger Factory Outlet Centers		544,200		8,870,460
				66,575,473
Real Estate Management & Development - 0.4%
Realogy Holdings 2		409,320		7,179,473
Total				73,754,946
Utilities – 0.5%
Electric Utilities - 0.2%
Hawaiian Electric Industries		75,701		3,090,872
Multi-Utilities - 0.3%
Black Hills		108,700		6,822,012
Total				9,912,884
TOTAL COMMON STOCKS
(Cost $1,428,551,475)				1,819,681,079
REPURCHASE AGREEMENT – 5.6%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $107,842,367 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $109,999,304) (Cost $107,842,367)				107,842,367
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.1%
Money Market Funds
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.03%) (Cost $2,358,674)				2,358,674
TOTAL INVESTMENTS – 100.2%
(Cost $1,538,752,516)				1,929,882,120
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%				(3,076,736	)
NET ASSETS – 100.0%			$	1,926,805,384

SCHEDULES OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.8%
Communication Services – 1.7%
Diversified Telecommunication Services - 0.7%
Bandwidth Cl. A 2		111,035	$	10,024,240
Liberty Latin America Cl. C 2		383,565		5,032,372
				15,056,612
Entertainment - 0.3%
Chicken Soup For The Soul Entertainment Cl. A 2		34,500		789,015
IMAX Corporation 2		243,000		4,612,140
World Wrestling Entertainment Cl. A		37,714		2,121,790
				7,522,945
Interactive Media & Services - 0.1%
QuinStreet 2		80,000		1,404,800
Media - 0.6%
Media General (Rights) 2,5		102,272		0
Meredith Corporation 2		76,540		4,263,278
New York Times Cl. A		169,395		8,346,092
				12,609,370
Total				36,593,727
Consumer Discretionary – 10.7%
Auto Components - 2.1%
Dorman Products 2		102,127		9,668,363
Gentex Corporation		310,098		10,227,032
LCI Industries		83,352		11,221,680
Patrick Industries		111,291		9,270,540
Standard Motor Products		45,000		1,966,950
Stoneridge 2		105,227		2,145,579
				44,500,144
Automobiles - 0.4%
Winnebago Industries		115,649		8,378,770
Distributors - 0.2%
LKQ Corporation 2		101,823		5,123,733
Hotels, Restaurants & Leisure - 1.4%
Century Casinos 2		498,274		6,711,751
Dutch Bros Cl. A 2,4		108,700		4,708,884
Hilton Grand Vacations 2,4		9,000		428,130
Hyatt Hotels Cl. A 2		23,842		1,838,218
Scientific Games 2,4		188,500		15,658,695
				29,345,678
Household Durables - 1.1%
La-Z-Boy		136,227		4,390,596
Legacy Housing 2,4		100,000		1,797,000
PulteGroup		113,500		5,211,920
Skyline Champion 2		101,000		6,066,060
TopBuild Corp. 2		30,500		6,246,705
				23,712,281
Internet & Direct Marketing Retail - 0.1%
1-800-FLOWERS.COM Cl. A 2,4		63,050		1,923,656
Leisure Products - 1.0%
Brunswick Corporation		48,575		4,627,741
Malibu Boats Cl. A 2		66,396		4,646,392
MasterCraft Boat Holdings 2		471,039		11,813,658
				21,087,791
Multiline Retail - 0.2%
Franchise Group Cl. A		85,210		3,017,286
Specialty Retail - 3.1%
Aaron's Company (The)		179,091		4,932,166
America's Car-Mart 2		70,479		8,230,538
Asbury Automotive Group 2		88,535		17,418,376
Haverty Furniture		56,700		1,911,357
OneWater Marine Cl. A		172,761		6,946,720
Rent-A-Center		281,282		15,810,861
Shoe Carnival		292,746		9,490,825
				64,740,843
Textiles, Apparel & Luxury Goods - 1.1%
Canada Goose Holdings 2,4		179,100		6,388,497
Levi Strauss & Co. Cl. A		140,194		3,436,155
Movado Group		100,500		3,164,745
Ralph Lauren Cl. A		65,302		7,251,134
Wolverine World Wide		126,355		3,770,433
				24,010,964
Total				225,841,146
Consumer Staples – 1.2%
Food Products - 0.4%
Nomad Foods 2		154,056		4,245,784
Seneca Foods Cl. A 2		94,033		4,534,271
				8,780,055
Household Products - 0.3%
Spectrum Brands Holdings		60,403		5,778,755
Personal Products - 0.5%
Inter Parfums		150,426		11,247,352
Total				25,806,162
Energy – 0.8%
Energy Equipment & Services - 0.8%
Aspen Aerogels 2,4		130,000		5,981,300
Pason Systems		1,642,358		11,177,267
Total				17,158,567
Financials – 19.3%
Banks - 6.9%
BankUnited		144,972		6,062,729
BOK Financial		41,600		3,725,280
CIT Group		113,630		5,903,078
City Holding Company		48,243		3,758,612
First Bancshares (The)		206,125		7,993,528
First Citizens BancShares Cl. A		35,155		29,641,641
First Hawaiian		424,326		12,453,968
German American Bancorp		69,919		2,700,971
Home BancShares		306,249		7,206,039
Independent Bank Group		124,750		8,862,240
National Bankshares		107,919		3,918,539
Origin Bancorp		126,328		5,349,991
Popular		193,643		15,040,252
Signature Bank		35,196		9,583,167
Texas Capital Bancshares 2		37,328		2,240,427
TriState Capital Holdings 2		75,000		1,586,250
Triumph Bancorp 2		198,610		19,886,819
				145,913,531
Capital Markets - 5.7%
Ares Management Cl. A		147,021		10,854,560
Artisan Partners Asset Management Cl. A		122,702		6,002,582
B. Riley Financial		33,700		1,989,648
Evercore Cl. A		44,241		5,913,694
GCM Grosvenor Cl. A		1,410,780		16,252,186
Houlihan Lokey Cl. A		111,966		10,312,069
Lazard Cl. A		104,992		4,808,633
MarketWise Cl. A 2		25,000		206,500
MarketWise Cl. A (Private Placement) 2,5		500,000		4,130,000
Moelis & Company Cl. A		41,924		2,593,838
Morningstar		54,934		14,229,554
Open Lending 2		223,901		8,076,109
SEI Investments		310,019		18,384,127
Silvercrest Asset Management Group Cl. A		184,878		2,880,399
Sprott		184,894		6,798,132
TMX Group		56,620		6,105,894
				119,537,925
Consumer Finance - 0.3%
PROG Holdings 2		130,339		5,475,541
Diversified Financial Services - 0.2%
Compass Diversified Holdings		166,046		4,677,516
Insurance - 5.6%
Alleghany Corporation 2		11,375		7,102,664
AMERISAFE		108,980		6,120,317
Assured Guaranty		139,159		6,514,033
Axis Capital Holdings		96,827		4,457,915
CNO Financial Group		182,993		4,307,655
E-L Financial		24,818		18,320,371
Employers Holdings		122,800		4,849,372
First American Financial		47,971		3,216,456
James River Group Holdings		446,301		16,838,937
Kemper Corporation		69,128		4,617,059
Old Republic International		194,300		4,494,159
ProAssurance Corporation		317,966		7,561,231
RenaissanceRe Holdings		22,316		3,110,850
RLI Corp.		62,253		6,242,108
Safety Insurance Group		60,000		4,755,000
Selective Insurance Group		19,216		1,451,384
Stewart Information Services		44,402		2,808,871
Trean Insurance Group 2,4		775,759		8,029,106
White Mountains Insurance Group		2,790		2,984,212
				117,781,700
Thrifts & Mortgage Finance - 0.6%
Axos Financial 2		122,961		6,337,410
Southern Missouri Bancorp		31,616		1,419,242
Timberland Bancorp		111,523		3,228,591
TrustCo Bank Corp NY		87,066		2,783,500
				13,768,743
Total				407,154,956
Health Care – 7.0%
Biotechnology - 1.0%
CareDx 2		102,120		6,471,344
Catalyst Pharmaceuticals 2		767,117		4,065,720
DermTech 2,4		77,800		2,498,158
MaxCyte 2,4		466,161		5,691,826
MeiraGTx Holdings 2,4		97,600		1,286,368
				20,013,416
Health Care Equipment & Supplies - 4.0%
AtriCure 2		25,000		1,738,750
Atrion Corporation		8,442		5,888,295
BioLife Solutions 2		145,416		6,154,005
ClearPoint Neuro 2,4		192,807		3,422,324
Cutera 2,4		48,300		2,250,780
Haemonetics Corporation 2		267,369		18,873,578
Meridian Bioscience 2		484,658		9,324,820
Mesa Laboratories		74,145		22,418,482
Misonix 2,4		201,200		5,090,360
Natus Medical 2		69,100		1,733,028
OrthoPediatrics Corp. 2		56,800		3,720,968
Profound Medical 2		53,200		776,621
SI-BONE 2		70,358		1,507,068
Surmodics 2		43,200		2,401,920
				85,300,999
Health Care Providers & Services - 0.8%
Encompass Health		107,260		8,048,791
Ensign Group (The)		34,708		2,599,282
Molina Healthcare 2		20,400		5,534,724
Sharps Compliance 2,4		148,200		1,225,614
				17,408,411
Health Care Technology - 0.3%
Simulations Plus		142,091		5,612,594
Life Sciences Tools & Services - 0.5%
Bio-Techne		7,320		3,547,052
Harvard Bioscience 2		249,100		1,738,718
Quanterix Corporation 2		101,479		5,052,640
				10,338,410
Pharmaceuticals - 0.4%
BioDelivery Sciences International 2		553,500		1,998,135
Harmony Biosciences Holdings 2,4		93,500		3,583,855
Supernus Pharmaceuticals 2,4		116,267		3,100,841
				8,682,831
Total				147,356,661
Industrials – 26.1%
Aerospace & Defense - 1.0%
HEICO Corporation		81,768		10,782,746
Vectrus 2		185,783		9,341,169
				20,123,915
Air Freight & Logistics - 0.6%
Forward Air		74,011		6,144,393
Hub Group Cl. A 2		97,118		6,676,863
				12,821,256
Airlines - 0.5%
Sun Country Airlines Holdings 2,4		306,802		10,290,139
Building Products - 2.7%
Advanced Drainage Systems		37,631		4,070,545
Builders FirstSource 2		256,370		13,264,584
Carlisle Companies		35,638		7,084,478
CSW Industrials		1,500		191,550
Gibraltar Industries 2		103,417		7,202,994
Quanex Building Products		55,700		1,192,537
Rexnord Corporation		109,200		7,020,468
Simpson Manufacturing		51,562		5,515,587
UFP Industries		171,174		11,636,409
				57,179,152
Commercial Services & Supplies - 1.2%
Brink's Company (The)		5,783		366,064
Deluxe Corporation		161,270		5,787,980
Healthcare Services Group		270,620		6,762,794
Heritage-Crystal Clean 2		154,283		4,471,122
Herman Miller		88,600		3,336,676
UniFirst Corporation		17,752		3,774,430
				24,499,066
Construction & Engineering - 3.6%
Arcosa		366,117		18,368,090
Construction Partners Cl. A 2,4		144,091		4,808,317
EMCOR Group		29,550		3,409,479
Great Lakes Dredge & Dock 2		776,804		11,721,972
Northwest Pipe 2		133,537		3,164,827
NV5 Global 2		11,100		1,094,127
Primoris Services		237,409		5,814,146
Sterling Construction 2		80,572		1,826,567
Valmont Industries		78,905		18,552,144
WillScot Mobile Mini Holdings Corp. 2,4		199,150		6,317,038
				75,076,707
Electrical Equipment - 0.9%
American Superconductor 2		95,300		1,389,474
Encore Wire		50,580		4,796,501
GrafTech International		412,065		4,252,511
Preformed Line Products		144,775		9,416,166
				19,854,652
Machinery - 7.2%
CIRCOR International 2		111,200		3,670,712
Colfax 2,4		353,280		16,215,552
Crane Company		36,920		3,500,385
ESCO Technologies		103,409		7,962,493
Graham Corporation		93,792		1,163,021
Helios Technologies		131,011		10,757,313
Hurco Companies		91,930		2,965,662
John Bean Technologies		100,250		14,090,138
Kadant		97,602		19,920,568
Lincoln Electric Holdings		126,226		16,256,647
Lindsay Corporation		68,474		10,393,668
Meritor 2		365,410		7,786,887
Middleby Corporation (The) 2		100,090		17,066,346
Miller Industries		309,488		10,534,972
RBC Bearings 2		45,622		9,680,988
Westport Fuel Systems 2		169,500		557,655
				152,523,007
Marine - 0.4%
Clarkson 1		136,052		6,889,379
Kirby Corporation 2		54,000		2,589,840
				9,479,219
Professional Services - 2.8%
Barrett Business Services		10,563		805,534
Forrester Research 2		274,387		13,516,304
Heidrick & Struggles International		258,519		11,537,703
KBR		523,961		20,644,063
Korn Ferry		79,850		5,777,946
LifeWorks		53,600		1,365,602
ManpowerGroup		31,547		3,415,909
Upwork 2		46,554		2,096,327
				59,159,388
Road & Rail - 2.4%
ArcBest		93,175		7,618,920
Landstar System		97,966		15,460,994
Saia 2		55,562		13,225,423
Schneider National Cl. B		238,900		5,432,586
Universal Logistics Holdings		306,291		6,150,323
Werner Enterprises		63,800		2,824,426
				50,712,672
Trading Companies & Distributors - 2.8%
Air Lease Cl. A		447,054		17,587,104
Applied Industrial Technologies		93,965		8,469,066
EVI Industries 2,4		339,829		9,243,349
Lawson Products 2		19,600		980,196
MSC Industrial Direct Cl. A		58,022		4,652,784
Richelieu Hardware		355,741		11,700,750
Transcat 2,4		107,600		6,938,048
				59,571,297
Total				551,290,470
Information Technology – 21.4%
Communications Equipment - 0.8%
Calix 2		177,700		8,783,711
Digi International 2		314,293		6,606,439
NETGEAR 2		50,500		1,611,455
				17,001,605
Electronic Equipment, Instruments & Components - 6.9%
Avnet		48,644		1,798,369
Belden		46,768		2,724,704
Cognex Corporation		90,945		7,295,608
ePlus 2		42,596		4,370,776
Fabrinet 2		110,082		11,284,506
FARO Technologies 2		178,488		11,746,295
Insight Enterprises 2		77,043		6,940,033
IPG Photonics 2		27,231		4,313,390
Jabil		34,000		1,984,580
Kimball Electronics 2		410,192		10,570,648
Littelfuse		7,375		2,015,366
Luna Innovations 2		782,599		7,434,691
Methode Electronics		87,078		3,661,630
National Instruments		36,311		1,424,481
nLIGHT 2,4		134,000		3,777,460
PAR Technology 2		236,371		14,539,180
PC Connection		34,844		1,534,181
PowerFleet 2,4		158,600		1,062,620
Rogers Corporation 2		39,591		7,382,930
Sanmina Corporation 2		151,860		5,852,684
SYNNEX Corporation		40,532		4,219,381
Vishay Intertechnology		452,890		9,098,560
Vishay Precision Group 2		111,165		3,865,207
Vontier Corporation		505,462		16,983,523
				145,880,803
IT Services - 1.9%
Cass Information Systems		40,250		1,684,462
Computer Services 1		143,710		8,478,890
Concentrix Corporation 2		12,583		2,227,191
Repay Holdings Cl. A 2,4		502,704		11,577,273
Shift4 Payments Cl. A 2,4		156,538		12,134,826
Unisys Corporation 2		125,000		3,142,500
				39,245,142
Semiconductors & Semiconductor Equipment - 8.4%
Axcelis Technologies 2		95,265		4,480,313
Brooks Automation		81,200		8,310,820
Camtek 2		335,371		13,585,879
Cirrus Logic 2		172,540		14,208,669
CMC Materials		119,778		14,760,243
Cohu 2		363,618		11,613,959
CyberOptics Corporation 2		148,400		5,280,072
FormFactor 2		481,773		17,984,586
Ichor Holdings 2,4		30,400		1,249,136
Kulicke & Soffa Industries		328,090		19,121,085
Lattice Semiconductor 2		89,571		5,790,765
MKS Instruments		174,153		26,281,430
Nova 2,4		88,254		9,027,502
NVE Corporation		52,363		3,349,661
Onto Innovation 2,4		141,820		10,246,495
Photronics 2		144,000		1,962,720
SiTime 2,4		36,854		7,524,481
Ultra Clean Holdings 2		86,600		3,689,160
				178,466,976
Software - 2.8%
ACI Worldwide 2		213,837		6,571,211
Agilysys 2		105,387		5,518,063
CDK Global		85,117		3,621,728
ChannelAdvisor Corporation 2		114,430		2,887,069
Dolby Laboratories Cl. A		93,120		8,194,560
j2 Global 2		38,302		5,232,819
Momentive Global 2,4		234,300		4,592,280
Teradata Corporation 2		63,696		3,652,966
Upland Software 2		546,715		18,282,150
				58,552,846
Technology Hardware, Storage & Peripherals - 0.6%
AstroNova 2		83,400		1,255,170
Avid Technology 2		396,340		11,462,153
				12,717,323
Total				451,864,695
Materials – 7.5%
Chemicals - 5.1%
Balchem Corporation		69,792		10,124,726
Element Solutions		1,061,406		23,011,282
Huntsman Corporation		208,700		6,175,433
Innospec		225,074		18,955,732
Minerals Technologies		224,022		15,645,697
Mosaic Company (The)		388,500		13,877,220
Quaker Chemical		80,102		19,041,847
				106,831,937
Construction Materials - 0.3%
Eagle Materials		50,800		6,662,928
Containers & Packaging - 0.4%
Graphic Packaging Holding Company		283,303		5,394,089
Silgan Holdings		90,142		3,457,847
				8,851,936
Metals & Mining - 1.2%
Alamos Gold Cl. A		2,037,600		14,655,405
Haynes International		64,000		2,384,000
IAMGOLD Corporation 2		795,894		1,798,721
Reliance Steel & Aluminum		49,834		7,097,358
				25,935,484
Paper & Forest Products - 0.5%
Stella-Jones		307,177		10,343,517
Total				158,625,802
Real Estate – 2.1%
Real Estate Management & Development - 2.1%
Colliers International Group		32,596		4,162,835
FirstService		3,400		613,632
FRP Holdings 2		167,330		9,357,094
Jones Lang LaSalle 2		17,800		4,416,002
Kennedy-Wilson Holdings		723,421		15,133,967
Marcus & Millichap 2		241,159		9,795,879
Tejon Ranch 2		20,294		360,421
Total				43,839,830
TOTAL COMMON STOCKS
(Cost $1,382,500,337)				2,065,532,016
REPURCHASE AGREEMENT – 2.2%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $47,757,457 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $48,712,636) (Cost $47,757,457)				47,757,457
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.5%
Money Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.03%) (Cost $9,824,788)				9,824,788
TOTAL INVESTMENTS – 100.5%
(Cost $1,440,082,582)				2,123,114,261
LIABILITIES LESS CASH AND OTHER ASSETS – (0.5)%				(10,452,938	)
NET ASSETS – 100.0%			$	2,112,661,323

SCHEDULES OF INVESTMENTS 

ROYCE PREMIER FUND 

SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 94.9%
Consumer Discretionary – 7.4%
Auto Components - 2.6%
Dorman Products 2		284,925	$	26,973,850
LCI Industries		123,447		16,619,670
				43,593,520
Distributors - 1.5%
Pool Corporation		57,715		25,071,973
Leisure Products - 1.2%
Brunswick Corporation		213,300		20,321,091
Textiles, Apparel & Luxury Goods - 2.1%
Ralph Lauren Cl. A		324,903		36,077,229
Total				125,063,813
Consumer Staples – 1.7%
Personal Products - 1.7%
Inter Parfums		390,641		29,208,228
Total				29,208,228
Financials – 14.0%
Capital Markets - 12.3%
Ares Management Cl. A		322,380		23,801,315
Ashmore Group 1		5,917,301		26,898,178
GCM Grosvenor Cl. A		2,030,615		23,392,685
Lazard Cl. A		518,583		23,751,101
Morningstar		201,486		52,190,919
SEI Investments		623,300		36,961,690
TMX Group		194,583		20,983,809
				207,979,697
Insurance - 1.7%
Alleghany Corporation 2		47,504		29,661,972
Total				237,641,669
Health Care – 7.1%
Health Care Equipment & Supplies - 5.6%
Haemonetics Corporation 2		553,462		39,068,882
Meridian Bioscience 2		845,200		16,261,648
Mesa Laboratories		134,225		40,584,271
				95,914,801
Life Sciences Tools & Services - 1.5%
Bio-Techne		50,980		24,703,379
Total				120,618,180
Industrials – 32.4%
Air Freight & Logistics - 1.6%
Forward Air		318,528		26,444,194
Building Products - 1.6%
Simpson Manufacturing		245,995		26,314,085
Commercial Services & Supplies - 1.3%
Ritchie Bros. Auctioneers		346,946		21,392,690
Construction & Engineering - 4.3%
Arcosa		559,123		28,051,201
Valmont Industries		189,084		44,457,430
				72,508,631
Machinery - 17.2%
Colfax 2		625,570		28,713,663
ESCO Technologies		283,073		21,796,621
Helios Technologies		234,805		19,279,838
John Bean Technologies		322,263		45,294,065
Kadant		185,326		37,825,037
Lincoln Electric Holdings		365,699		47,098,374
Lindsay Corporation		270,643		41,080,901
RBC Bearings 2		113,770		24,141,994
Woodward		239,409		27,101,099
				292,331,592
Marine - 0.8%
Kirby Corporation 2		278,036		13,334,607
Professional Services - 2.2%
Forrester Research 2		769,896		37,925,077
Road & Rail - 1.5%
Landstar System		162,485		25,643,383
Trading Companies & Distributors - 1.9%
Air Lease Cl. A		832,205		32,738,945
Total				548,633,204
Information Technology – 21.1%
Electronic Equipment, Instruments & Components - 9.2%
Cognex Corporation		307,691		24,682,972
FARO Technologies 2		401,548		26,425,874
IPG Photonics 2		98,709		15,635,505
National Instruments		556,600		21,835,418
Rogers Corporation 2		205,166		38,259,356
Vontier Corporation		848,700		28,516,320
				155,355,445
IT Services - 2.4%
Computer Services 1		561,400		33,122,600
Jack Henry & Associates		49,987		8,200,867
				41,323,467
Semiconductors & Semiconductor Equipment - 6.3%
Cirrus Logic 2		317,124		26,115,162
CMC Materials		270,848		33,376,599
FormFactor 2		227,700		8,500,041
MKS Instruments		256,034		38,638,091
				106,629,893
Software - 2.6%
Fair Isaac 2		35,041		13,943,865
Manhattan Associates 2		51,006		7,805,448
Upland Software 2		672,800		22,498,432
				44,247,745
Technology Hardware, Storage & Peripherals - 0.6%
Avid Technology 2		324,400		9,381,648
Total				356,938,198
Materials – 8.7%
Chemicals - 4.5%
Innospec		401,153		33,785,106
Quaker Chemical		176,802		42,029,371
				75,814,477
Metals & Mining - 2.2%
Reliance Steel & Aluminum		264,355		37,649,439
Paper & Forest Products - 2.0%
Stella-Jones		1,012,691		34,100,167
Total				147,564,083
Real Estate – 2.5%
Real Estate Management & Development - 2.5%
Kennedy-Wilson Holdings		2,061,269		43,121,747
Total				43,121,747
TOTAL COMMON STOCKS
(Cost $897,157,695)				1,608,789,122
REPURCHASE AGREEMENT – 4.4%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $75,171,795 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $76,675,313) (Cost $75,171,795)				75,171,795
TOTAL INVESTMENTS – 99.3%
(Cost $972,329,490)				1,683,960,917
CASH AND OTHER ASSETS LESS LIABILITIES – 0.7%				11,866,749
NET ASSETS – 100.0%			$	1,695,827,666

SCHEDULES OF INVESTMENTS 

ROYCE SMALL-CAP VALUE FUND 

SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 99.2%
Communication Services – 1.0%
Media - 1.0%
Entravision Communications Cl. A		66,175	$	469,842
Saga Communications Cl. A		35,086		798,207
Total				1,268,049
Consumer Discretionary – 22.5%
Auto Components - 0.3%
Gentex Corporation		11,740		387,185
Diversified Consumer Services - 1.1%
Lincoln Educational Services 2		222,110		1,485,916
Household Durables - 5.4%
La-Z-Boy		76,502		2,465,659
Meritage Homes 2		20,410		1,979,770
PulteGroup		60,700		2,787,344
				7,232,773
Leisure Products - 3.9%
Malibu Boats Cl. A 2		24,938		1,745,161
MasterCraft Boat Holdings 2		87,554		2,195,855
Nautilus 2		126,726		1,179,819
				5,120,835
Specialty Retail - 11.8%
Aaron’s Company (The)		102,646		2,826,871
American Eagle Outfitters		29,661		765,254
Haverty Furniture		60,171		2,028,364
Lazydays Holdings 2,4		73,535		1,569,237
OneWater Marine Cl. A		61,520		2,473,719
Rent-A-Center		53,024		2,980,479
Shoe Carnival		90,200		2,924,284
				15,568,208
Total				29,794,917
Consumer Staples – 0.5%
Food & Staples Retailing - 0.5%
Village Super Market Cl. A		28,759		623,495
Total				623,495
Energy – 0.6%
Oil, Gas & Consumable Fuels - 0.6%
Dorchester Minerals L.P.		43,114		826,495
Total				826,495
Financials – 23.8%
Banks - 7.6%
Ames National		30,293		704,615
Camden National		15,876		760,460
Chemung Financial		15,857		718,322
City Holding Company		21,029		1,638,369
CNB Financial		33,581		817,362
Financial Institutions		23,978		734,926
Landmark Bancorp		27,497		761,392
MidWestOne Financial Group		39,267		1,184,293
National Bankshares		53,904		1,957,254
Unity Bancorp		32,992		772,013
				10,049,006
Capital Markets - 3.7%
Evercore Cl. A		24,142		3,227,061
Houlihan Lokey Cl. A		4,695		432,410
Moelis & Company Cl. A		19,632		1,214,632
				4,874,103
Consumer Finance - 1.9%
PROG Holdings 2		60,200		2,529,002
Insurance - 7.5%
CNO Financial Group		92,900		2,186,866
Crawford & Company Cl. A		27,697		248,442
Donegal Group Cl. A		49,990		724,355
Employers Holdings		59,995		2,369,202
Heritage Insurance Holdings		123,462		840,776
James River Group Holdings		20,927		789,576
Kemper Corporation		23,300		1,556,207
Selective Insurance Group		7,437		561,717
Tiptree		67,648		677,833
				9,954,974
Thrifts & Mortgage Finance - 3.1%
Southern Missouri Bancorp		27,346		1,227,562
Timberland Bancorp		54,119		1,566,745
TrustCo Bank Corp NY		41,911		1,339,895
				4,134,202
Total				31,541,287
Health Care – 7.4%
Biotechnology - 2.1%
Catalyst Pharmaceuticals 2		346,594		1,836,948
Coherus BioSciences 2		28,887		464,214
Vanda Pharmaceuticals 2		24,738		424,010
				2,725,172
Health Care Providers & Services - 2.0%
Ensign Group (The)		8,021		600,693
Molina Healthcare 2		7,514		2,038,623
				2,639,316
Pharmaceuticals - 3.3%
BioDelivery Sciences International 2		277,103		1,000,342
Collegium Pharmaceutical 2,4		41,102		811,353
SIGA Technologies 2		144,723		1,069,503
Supernus Pharmaceuticals 2		55,761		1,487,146
				4,368,344
Total				9,732,832
Industrials – 23.0%
Aerospace & Defense - 1.7%
Vectrus 2		44,988		2,261,997
Building Products - 2.2%
Builders FirstSource 2		19,541		1,011,051
Quanex Building Products		36,771		787,267
UFP Industries		15,900		1,080,882
				2,879,200
Commercial Services & Supplies - 1.1%
Herman Miller		39,920		1,503,387
Construction & Engineering - 5.6%
Comfort Systems USA		4,138		295,122
Great Lakes Dredge & Dock 2		130,720		1,972,565
MYR Group 2		5,140		511,430
Northwest Pipe 2		26,005		616,318
Primoris Services		103,599		2,537,140
Sterling Construction 2		61,856		1,402,276
				7,334,851
Machinery - 1.6%
Alamo Group		3,163		441,334
Federal Signal		5,510		212,796
Miller Industries		44,407		1,511,614
				2,165,744
Professional Services - 5.1%
Barrett Business Services		9,015		687,484
Heidrick & Struggles International		49,626		2,214,808
Kforce		10,495		625,922
Korn Ferry		20,764		1,502,483
Resources Connection		89,897		1,418,575
Robert Half International		3,116		312,628
				6,761,900
Road & Rail - 5.7%
ArcBest		42,484		3,473,916
Schneider National Cl. B		96,650		2,197,821
Werner Enterprises		41,784		1,849,778
				7,521,515
Total				30,428,594
Information Technology – 20.1%
Communications Equipment - 1.0%
NETGEAR 2		42,400		1,352,984
Electronic Equipment, Instruments & Components - 14.1%
ePlus 2		18,663		1,915,010
Fabrinet 2		5,354		548,839
Insight Enterprises 2		21,623		1,947,800
Jabil		19,000		1,109,030
Kimball Electronics 2		100,964		2,601,842
Methode Electronics		27,289		1,147,502
PC Connection		15,289		673,175
Plexus Corporation 2		6,553		585,904
Sanmina Corporation 2		81,941		3,158,006
SYNNEX Corporation		22,066		2,297,071
Vishay Intertechnology		130,204		2,615,798
				18,599,977
IT Services - 1.0%
Concentrix Corporation 2		3,300		584,100
IBEX 2,4		40,414		687,038
				1,271,138
Semiconductors & Semiconductor Equipment - 4.0%
Amkor Technology		27,600		688,620
Cohu 2		42,141		1,345,984
Kulicke & Soffa Industries		46,365		2,702,152
MKS Instruments		3,780		570,440
				5,307,196
Total				26,531,295
Real Estate – 0.3%
Real Estate Management & Development - 0.3%
Marcus & Millichap 2		11,189		454,497
Total				454,497

TOTAL COMMON STOCKS
(Cost $100,434,120)		131,201,461
REPURCHASE AGREEMENT – 0.6%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $848,163 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $865,216) (Cost $848,163)		848,163
TOTAL INVESTMENTS – 99.8%
(Cost $101,282,283)		132,049,624
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2%		199,946
NET ASSETS – 100.0%	$	132,249,570

SCHEDULES OF INVESTMENTS 

ROYCE SMALLER-COMPANIES GROWTH FUND 

SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 94.1%
Communication Services – 5.2%
Entertainment - 2.9%
CuriosityStream Cl. A 2,4		117,700	$	1,240,558
LiveXLive Media 2		242,000		723,580
Sea Cl. A ADR 2,4		23,000		7,330,790
				9,294,928
Interactive Media & Services - 2.3%
Enthusiast Gaming Holdings 2		2,055,800		7,417,500
Total				16,712,428
Consumer Discretionary – 8.6%
Diversified Consumer Services - 0.5%
Aspen Group 2		311,000		1,732,270
Hotels, Restaurants & Leisure - 3.5%
Bragg Gaming Group 2		58,000		556,829
DraftKings Cl. A 2,4		12,000		577,920
NEOGAMES 2		45,000		1,652,400
Papa John’s International		22,000		2,793,780
Rush Street Interactive Cl. A 2		178,000		3,419,380
Texas Roadhouse		23,000		2,100,590
				11,100,899
Household Durables - 1.4%
Lovesac Company (The) 2,4		38,666		2,555,436
Purple Innovation 2,4		94,000		1,975,880
				4,531,316
Internet & Direct Marketing Retail - 0.6%
CarParts.com 2,4		128,000		1,998,080
Leisure Products - 0.5%
Callaway Golf 2		58,000		1,602,540
Specialty Retail - 2.1%
Leslie’s 2,4		126,500		2,598,310
Lithia Motors Cl. A		13,000		4,121,520
				6,719,830
Total				27,684,935
Consumer Staples – 1.0%
Food Products - 0.4%
Freshpet 2,4		8,000		1,141,520
Household Products - 0.6%
Central Garden & Pet Cl. A 2		45,000		1,935,000
Total				3,076,520
Financials – 8.1%
Banks - 3.2%
Primis Financial		4,000		57,840
Seacoast Banking Corporation of Florida		82,000		2,772,420
TriState Capital Holdings 2		124,057		2,623,806
Triumph Bancorp 2		48,000		4,806,240
				10,260,306
Capital Markets - 0.4%
MarketAxess Holdings		3,000		1,262,070
Insurance - 2.6%
BRP Group Cl. A 2,4		148,000		4,926,920
Trean Insurance Group 2		255,800		2,647,530
Trupanion 2,4		10,000		776,700
				8,351,150
Investment Companies - 1.9%
Isos Acquisition Cl. A 2		25,000		249,500
Trident Acquisitions 2,4		522,000		6,055,200
				6,304,700
Total				26,178,226
Health Care – 27.0%
Biotechnology - 6.7%
Avid Bioservices 2		208,000		4,486,560
BiomX 2,4		225,696		690,630
CareDx 2		47,000		2,978,390
Krystal Biotech 2		22,000		1,148,620
MeiraGTx Holdings 2		157,000		2,069,260
Oxford Biomedica 1,2		224,000		4,659,475
PureTech Health 1,2		846,000		4,083,027
Synlogic 2		484,041		1,476,325
				21,592,287
Health Care Equipment & Supplies - 11.5%
Alphatec Holdings 2		254,000		3,096,260
Axonics 2,4		47,000		3,059,230
CryoPort 2		34,198		2,274,509
CytoSorbents Corporation 2		196,000		1,591,520
InMode 2		65,000		10,364,250
Neuronetics 2,4		336,500		2,207,440
Profound Medical 2		123,000		1,795,571
Semler Scientific 2,4		16,000		2,014,400
SI-BONE 2		82,000		1,756,440
STAAR Surgical 2		50,000		6,426,500
West Pharmaceutical Services		6,000		2,547,240
				37,133,360
Health Care Providers & Services - 6.2%
Addus HomeCare 2		25,000		1,993,750
Greenbrook TMS 2		206,902		1,549,696
Joint Corp. (The) 2,4		19,000		1,862,380
ModivCare 2		32,000		5,811,840
Pennant Group 2		91,000		2,556,190
Progyny 2,4		65,000		3,640,000
Sharps Compliance 2		284,000		2,348,680
				19,762,536
Health Care Technology - 0.7%
CareCloud 2,4		312,000		2,377,440
Life Sciences Tools & Services - 1.9%
Harvard Bioscience 2		213,600		1,490,928
Inotiv 2,4		55,796		1,631,475
Medpace Holdings 2		15,000		2,839,200
				5,961,603
Total				86,827,226
Industrials – 15.0%
Aerospace & Defense - 1.4%
AeroVironment 2		31,000		2,675,920
Byrna Technologies 2		83,000		1,814,380
				4,490,300
Commercial Services & Supplies - 1.6%
ACV Auctions Cl. A 2		103,000		1,842,670
VSE Corporation		67,000		3,227,390
				5,070,060
Construction & Engineering - 0.7%
Ameresco Cl. A 2		36,000		2,103,480
Electrical Equipment - 3.5%
American Superconductor 2		226,349		3,300,169
EnerSys		29,000		2,158,760
Enovix 2,4		125,000		2,361,250
Eos Energy Enterprises 2,4		111,000		1,557,330
GrafTech International		195,000		2,012,400
				11,389,909
Machinery - 3.5%
ATS Automation Tooling Systems 2		193,000		6,122,485
Chart Industries 2		26,000		4,968,860
				11,091,345
Professional Services - 1.9%
ASGN 2		26,000		2,941,640
Atlas Technical Consultants Cl. A 2		326,000		3,315,420
				6,257,060
Trading Companies & Distributors - 2.4%
Lawson Products 2		157,000		7,851,570
Total				48,253,724
Information Technology – 26.0%
Communications Equipment - 0.5%
Genasys 2,4		324,000		1,678,320
Electronic Equipment, Instruments & Components - 3.4%
Iteris 2		1,287,474		6,797,863
nLIGHT 2		59,000		1,663,210
Rogers Corporation 2		14,151		2,638,878
				11,099,951
IT Services - 4.8%
Cantaloupe 2		428,996		4,624,577
Unisys Corporation 2		426,900		10,732,266
				15,356,843
Semiconductors & Semiconductor Equipment - 9.7%
Ambarella 2		42,000		6,541,080
AXT 2		216,400		1,802,612
Canadian Solar 2,4		68,000		2,352,120
CyberOptics Corporation 2		39,000		1,387,620
Impinj 2,4		61,000		3,484,930
Lattice Semiconductor 2		33,000		2,133,450
MagnaChip Semiconductor 2		403,461		7,165,467
Onto Innovation 2		43,000		3,106,750
Silicon Laboratories 2,4		22,000		3,083,520
				31,057,549
Software - 7.6%
Agilysys 2		63,000		3,298,680
Coupa Software 2,4		5,000		1,095,900
Descartes Systems Group (The) 2		56,033		4,553,242
LivePerson 2,4		59,000		3,478,050
Matterport Cl. A 2,4		336,000		6,353,760
Paylocity Holding Corporation 2		7,786		2,183,194
RingCentral Cl. A 2		4,000		870,000
Veritone 2,4		115,000		2,747,350
				24,580,176
Total				83,772,839
Materials – 2.2%
Chemicals - 1.0%
NanoXplore 2		611,000		3,294,750
Metals & Mining - 1.2%
Core Lithium 1,2		3,612,904		1,083,938
ioneer 1,2		6,000,000		2,714,965
				3,798,903
Total				7,093,653
Real Estate – 1.0%
Equity Real Estate Investment Trusts (REITs) - 1.0%
Postal Realty Trust Cl. A		170,000		3,168,800
Total				3,168,800
TOTAL COMMON STOCKS
(Cost $196,574,899)				302,768,351
REPURCHASE AGREEMENT – 4.5%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $14,416,312 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $14,704,690) (Cost $14,416,312)				14,416,312
COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.6%
Money Market Funds
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.03%) (Cost $5,295,774)				5,295,774
TOTAL INVESTMENTS – 100.2%
(Cost $216,286,985)				322,480,437
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%				(698,230	)
NET ASSETS – 100.0%			$	321,782,207

SCHEDULES OF INVESTMENTS 

ROYCE SPECIAL EQUITY FUND 

SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 84.8%
Communication Services – 4.5%
Media - 4.5%
Meredith Corporation 2		711,000	$	39,602,700
TEGNA		425,000		8,381,000
Total				47,983,700
Consumer Discretionary – 20.8%
Auto Components - 6.3%
Gentex Corporation		465,000		15,335,700
Standard Motor Products 3		1,171,500		51,206,265
				66,541,965
Automobiles - 2.2%
Winnebago Industries		316,500		22,930,425
Diversified Consumer Services - 0.8%
H&R Block		355,000		8,875,000
Household Durables - 5.2%
Flexsteel Industries 3		767,500		23,700,400
Hooker Furnishings 3		1,137,000		30,687,630
				54,388,030
Leisure Products - 4.4%
Johnson Outdoors Cl. A		441,700		46,731,860
Textiles, Apparel & Luxury Goods - 1.9%
Movado Group		625,000		19,681,250
Total				219,148,530
Consumer Staples – 8.2%
Food & Staples Retailing - 4.5%
Ingles Markets Cl. A		727,000		48,003,810
Food Products - 3.7%
John B. Sanfilippo & Son		476,600		38,947,752
Total				86,951,562
Financials – 5.0%
Capital Markets - 5.0%
BrightSphere Investment Group		524,500		13,705,185
Diamond Hill Investment Group		140,000		24,592,400
Federated Hermes Cl. B		430,500		13,991,250
Total				52,288,835
Health Care – 1.4%
Biotechnology - 1.4%
United Therapeutics 2		77,500		14,304,950
Total				14,304,950
Industrials – 22.5%
Aerospace & Defense - 2.9%
National Presto Industries 3		378,100		31,034,448
Building Products - 2.6%
Insteel Industries		255,500		9,721,775
UFP Industries		261,500		17,776,770
				27,498,545
Commercial Services & Supplies - 1.8%
Ennis		990,100		18,663,385
Construction & Engineering - 3.4%
Argan		278,500		12,162,095
MYR Group 2		173,800		17,293,100
Sterling Construction 2		268,500		6,086,895
				35,542,090
Electrical Equipment - 2.0%
Encore Wire		225,000		21,336,750
Machinery - 7.3%
Gencor Industries 2,3		1,066,000		11,832,600
Hurco Companies 3		580,000		18,710,800
Miller Industries 3		732,500		24,934,300
Mueller Industries		526,000		21,618,600
				77,096,300
Trading Companies & Distributors - 2.5%
MSC Industrial Direct Cl. A		325,500		26,101,845
Total				237,273,363
Information Technology – 13.3%
Communications Equipment - 0.5%
NETGEAR 2		170,000		5,424,700
Electronic Equipment, Instruments & Components - 2.5%
Vishay Intertechnology		1,129,000		22,681,610
Vishay Precision Group 2		89,100		3,098,007
				25,779,617
IT Services - 3.8%
Computer Services 1		674,000		39,766,000
Semiconductors & Semiconductor Equipment - 6.5%
Axcelis Technologies 2		373,000		17,542,190
Kulicke & Soffa Industries		575,500		33,540,140
NVE Corporation 3		279,500		17,879,615
				68,961,945
Total				139,932,262
Materials – 6.0%
Chemicals - 4.9%
Huntsman Corporation		1,742,500		51,560,575
Construction Materials - 1.1%
United States Lime & Minerals		100,000		12,080,000
Total				63,640,575
Real Estate – 3.1%
Real Estate Management & Development - 3.1%
Marcus & Millichap 2		808,000		32,820,960
Total				32,820,960
TOTAL COMMON STOCKS
(Cost $657,710,434)				894,344,737
REPURCHASE AGREEMENT – 15.5%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $163,083,099 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $166,344,781) (Cost $163,083,099)				163,083,099

TOTAL INVESTMENTS – 100.3%
(Cost $820,793,533)		1,057,427,836
LIABILITIES LESS CASH AND OTHER ASSETS – (0.3)%		(3,145,912	)
NET ASSETS – 100.0%	$	1,054,281,924

SCHEDULES OF INVESTMENTS 

ROYCE TOTAL RETURN FUND 

SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.5%
Communication Services – 1.9%
Diversified Telecommunication Services - 0.7%
ATN International		209,393	$	9,810,062
Entertainment - 1.2%
World Wrestling Entertainment Cl. A		329,751		18,551,791
Total				28,361,853
Consumer Discretionary – 7.3%
Auto Components - 1.5%
Gentex Corporation		367,584		12,122,920
LCI Industries		76,885		10,351,028
				22,473,948
Hotels, Restaurants & Leisure - 1.7%
Denny’s Corporation 2		1,215,700		19,864,538
Hyatt Hotels Cl. A 2		79,753		6,148,956
				26,013,494
Household Durables - 0.6%
Leggett & Platt		185,640		8,324,098
Multiline Retail - 1.1%
Franchise Group Cl. A		478,500		16,943,685
Textiles, Apparel & Luxury Goods - 2.4%
Levi Strauss & Co. Cl. A		703,431		17,241,094
Ralph Lauren Cl. A		161,336		17,914,749
				35,155,843
Total				108,911,068
Consumer Staples – 3.6%
Food Products - 0.0%
Hershey Creamery 5		39		111,150
Household Products - 3.6%
Reynolds Consumer Products		788,365		21,553,899
Spectrum Brands Holdings		342,126		32,731,194
				54,285,093
Total				54,396,243
Energy – 3.0%
Energy Equipment & Services - 3.0%
Cactus Cl. A		547,600		20,655,472
ChampionX 2		513,900		11,490,804
Computer Modelling Group		1,435,056		5,370,413
Pason Systems		1,115,676		7,592,869
Total				45,109,558
Financials – 40.3%
Banks - 20.3%
Bank of N.T. Butterfield & Son		698,412		24,800,610
BankUnited		519,972		21,745,229
BOK Financial		196,695		17,614,037
CapStar Financial Holdings		143,500		3,047,940
CBTX		115,800		3,054,804
First Bancshares (The)		403,900		15,663,242
First Citizens BancShares Cl. A		16,203		13,661,883
First Hawaiian		609,275		17,882,221
HBT Financial		405,244		6,301,544
Heritage Commerce		259,400		3,016,822
Home BancShares		1,038,522		24,436,423
HomeTrust Bancshares		108,100		3,024,638
Independent Bank Group		385,191		27,363,969
OceanFirst Financial		351,270		7,520,691
Origin Bancorp		427,800		18,117,330
Preferred Bank		96,600		6,441,288
Primis Financial		206,800		2,990,328
QCR Holdings		147,800		7,602,832
Signature Bank		38,413		10,459,092
Southern First Bancshares 2		58,600		3,135,100
TowneBank		323,600		10,067,196
Triumph Bancorp 2		245,162		24,548,071
UMB Financial		137,611		13,308,360
Valley National Bancorp		1,301,723		17,325,933
				303,129,583
Capital Markets - 3.9%
Ares Management Cl. A		133,433		9,851,358
Artisan Partners Asset Management Cl. A		353,169		17,277,027
Moelis & Company Cl. A		278,705		17,243,478
Sprott		42,331		1,556,415
TMX Group		121,104		13,059,842
				58,988,120
Diversified Financial Services - 2.3%
Compass Diversified Holdings		923,593		26,017,615
Equitable Holdings		271,054		8,034,040
				34,051,655
Insurance - 13.8%
AMERISAFE		233,756		13,127,737
Assured Guaranty		244,100		11,426,321
Axis Capital Holdings		565,284		26,025,676
First American Financial		315,660		21,165,003
Hanover Insurance Group		33,331		4,320,364
International General Insurance Holdings		712,400		5,962,788
James River Group Holdings		781,592		29,489,466
Old Republic International		409,600		9,474,048
ProAssurance Corporation		741,634		17,636,057
RenaissanceRe Holdings		140,700		19,613,580
Stewart Information Services		325,400		20,584,804
Trean Insurance Group 2,3		2,599,615		26,906,015
				205,731,859
Total				601,901,217
Health Care – 0.8%
Health Care Providers & Services - 0.8%
Patterson Companies		383,842		11,568,998
Total				11,568,998
Industrials – 21.2%
Building Products - 3.8%
Carlisle Companies		105,167		20,906,148
Fortune Brands Home & Security		152,292		13,617,950
UFP Industries		326,016		22,162,568
				56,686,666
Commercial Services & Supplies - 2.6%
Deluxe Corporation		516,431		18,534,708
Healthcare Services Group		793,009		19,817,295
				38,352,003
Electrical Equipment - 3.3%
GrafTech International		1,826,100		18,845,352
Hubbell Incorporated		51,134		9,238,380
nVent Electric		678,900		21,948,837
				50,032,569
Machinery - 5.2%
Crane Company		252,486		23,938,198
Douglas Dynamics		436,100		15,830,430
Lincoln Electric Holdings		103,944		13,386,948
Timken Company (The)		378,611		24,768,731
				77,924,307
Professional Services - 1.2%
KBR		437,759		17,247,705
Road & Rail - 0.5%
Werner Enterprises		164,137		7,266,345
Trading Companies & Distributors - 4.6%
Applied Industrial Technologies		196,300		17,692,519
Global Industrial		355,933		13,486,302
Lawson Products 2		60,600		3,030,606
MSC Industrial Direct Cl. A		292,880		23,486,047
Watsco		41,668		11,026,186
				68,721,660
Total				316,231,255
Information Technology – 8.9%
Electronic Equipment, Instruments & Components - 3.7%
Avnet		299,730		11,081,018
PC Connection		215,944		9,508,014
Vontier Corporation		1,040,100		34,947,360
				55,536,392
IT Services - 1.3%
EVERTEC		340,400		15,563,088
Hackett Group (The)		155,832		3,057,424
				18,620,512
Semiconductors & Semiconductor Equipment - 1.8%
Kulicke & Soffa Industries		346,553		20,197,109
MKS Instruments		46,101		6,957,102
				27,154,211
Software - 2.1%
CDK Global		518,600		22,066,430
Teradata Corporation 2		150,900		8,654,115
				30,720,545
Total				132,031,660
Materials – 8.9%
Chemicals - 5.0%
Chase Corporation		58,843		6,010,812
Element Solutions		1,187,802		25,751,547
Innospec		242,327		20,408,780
Minerals Technologies		323,397		22,586,047
				74,757,186
Containers & Packaging - 3.9%
Graphic Packaging Holding Company		1,287,534		24,514,647
Silgan Holdings		565,654		21,698,488
TriMas Corporation 2		359,300		11,626,948
				57,840,083
Metals & Mining - 0.0%
Ferroglobe (Warranty Insurance Trust) 2,5		569,803		0
Total				132,597,269
Real Estate – 2.6%
Equity Real Estate Investment Trusts (REITs) - 1.0%
Equity Commonwealth 2		574,300		14,920,314
Real Estate Management & Development - 1.6%
Kennedy-Wilson Holdings		1,123,505		23,503,725
Total				38,424,039
TOTAL COMMON STOCKS
(Cost $1,128,093,404)				1,469,533,160
PREFERRED STOCK – 0.8%
II-VI 6.00% Ser. A Conv.		50,100		12,628,206
(Cost $12,866,803)				12,628,206
REPURCHASE AGREEMENT – 0.8%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $11,315,876 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $11,542,280) (Cost $11,315,876)				11,315,876
TOTAL INVESTMENTS – 100.1%
(Cost $1,152,276,083)				1,493,477,242
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%				(1,339,139	)
NET ASSETS – 100.0%			$	1,492,138,103

ADR – American Depository Receipt 

¹ These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or the application of fair value factors.

² Non-income producing.

³ At September 30, 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.

⁴ All or a portion of these securities were on loan at September 30, 2021.

⁵ Securities for which market quotations are not readily available represent 0.0%, 0.0%, 0.2% and 0.0% of net assets for Royce Micro-Cap Fund, Royce Opportunity 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.

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

Tax Information: 

At September 30, 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	$	33,746,542	$	40,428,561	$	40,790,161	$	361,600
Royce Global Financial Services Fund		24,357,701		16,730,905		18,257,709		1,526,804
Royce International Premier Fund		1,001,053,914		285,927,449		316,337,536		30,410,087
Royce Micro-Cap Fund		268,441,264		136,736,221		150,954,449		14,218,228
Royce Opportunity Fund		1,542,525,318		387,356,802		444,042,156		56,685,354
Royce Pennsylvania Mutual Fund		1,442,637,525		680,476,736		714,652,082		34,175,346
Royce Premier Fund		972,592,268		711,368,649		732,012,400		20,643,751
Royce Small-Cap Value Fund		101,345,890		30,703,734		34,753,686		4,049,952
Royce Smaller-Companies Growth Fund		216,503,802		105,976,635		113,939,933		7,963,298
Royce Special Equity Fund		820,816,589		236,611,247		244,822,792		8,211,545
Royce Total Return Fund		1,152,575,749		340,901,493		370,331,773		29,430,280

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 and foreign securities that were fair valued 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, 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	$	55,467,822	$	13,276,111	$	–	$	68,743,933
Repurchase Agreement		–		5,431,170		–		5,431,170
Royce Global Financial Services Fund
Common Stocks		30,289,856		6,764,024		–		37,053,880
Repurchase Agreement		–		4,034,726		–		4,034,726
Royce International Premier Fund
Common Stocks		100,232,250		1,078,760,266		–		1,178,992,516
Preferred Stocks		–		27,023,213		–		27,023,213
Repurchase Agreement		–		80,965,634		–		80,965,634
Royce Micro-Cap Fund
Common Stocks		372,840,751		10,246,692		0		383,087,443
Repurchase Agreement		–		22,057,167		–		22,057,167
Money Market Fund/Collateral Received for Securities Loaned		32,875		–		–		32,875
Royce Opportunity Fund
Common Stocks		1,814,553,345		5,124,317		3,417		1,819,681,079
Repurchase Agreement		–		107,842,367		–		107,842,367
Money Market Fund/Collateral Received for Securities Loaned		2,358,674		–		–		2,358,674
Royce Pennsylvania Mutual Fund
Common Stocks		2,046,033,746		15,368,270		4,130,000		2,065,532,016
Repurchase Agreement		–		47,757,457		–		47,757,457
Money Market Fund/Collateral Received for Securities Loaned		9,824,788		–		–		9,824,788
Royce Premier Fund
Common Stocks		1,548,768,344		60,020,778		–		1,608,789,122
Repurchase Agreement		–		75,171,795		–		75,171,795
Royce Small-Cap Value Fund
Common Stocks		131,201,461		–		–		131,201,461
Repurchase Agreement		–		848,163		–		848,163
Royce Smaller-Companies Growth Fund
Common Stocks		290,226,946		12,541,405		–		302,768,351
Repurchase Agreement		–		14,416,312		–		14,416,312
Money Market Fund/Collateral Received for Securities Loaned		5,295,774		–		–		5,295,774
Royce Special Equity Fund
Common Stocks		854,578,737		39,766,000		–		894,344,737
Repurchase Agreement		–		163,083,099		–		163,083,099
Royce Total Return Fund
Common Stocks		1,469,422,010		–		111,150		1,469,533,160
Preferred Stocks		12,628,206		–		–		12,628,206
Repurchase Agreement		–		11,315,876		–		11,315,876

Level 3 Reconciliation:

	Balance as of 12/31/20		Purchases		Sales		Transfers In		Realized Gain (Loss)			Unrealized Gain (Loss)			Balance as of 9/30/21
Royce Micro-Cap Fund
Common Stocks	$	690,000	$	–	$	–	$	–	$	–		$	(690,000	)	$	0
Royce Opportunity Fund
Common Stocks		–		–		–		3,417		–			–			3,417
Royce Pennsylvania Mutual Fund
Common Stocks		0		5,000,000		–		–		–			(870,000	)		4,130,000
Royce Total Return Fund
Common Stocks		506,127		–		614,038		111,150		(3,470,385	)		3,578,296			111,150

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, 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 September 30, 2021:

	Cash Collateral1		Securities on Loan Collateralized by Cash Collateral			Net Amount
Royce Micro-Cap Fund	$	32,875	$	(31,801	)	$	1,074
Royce Opportunity Fund		2,358,674		(2,260,737	)		97,937
Royce Pennsylvania Mutual Fund		9,824,788		(9,508,257	)		316,531
Royce Smaller-Companies Growth Fund		5,295,774		(5,124,611	)		171,163

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, 2021:

	Non-Cash Collateral		Securities on Loan Collateralized by Non-Cash Collateral			Net Amount
Royce Micro-Cap Fund	$	6,828,341	$	(6,669,341	)	$	159,000
Royce Opportunity Fund		37,498,888		(36,662,159	)		836,729
Royce Pennsylvania Mutual Fund		44,426,282		(42,198,751	)		2,227,531
Royce Small-Cap Value Fund		347,244		(339,975	)		7,269
Royce Smaller-Companies Growth Fund		36,878,470		(35,977,303	)		901,167

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, 2021:

Affiliated Company1	Shares 12/31/20		Market Value 12/31/20		Costs of Purchases		Proceeds from Sales		Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)			Dividend Income		Shares 9/30/21		Market Value 9/30/21
Royce International Premier Fund
Australia – 2.4%
Bravura Solutions2,3		11,180,629	$	27,783,984	$	8,212,414	$	1,606,281	$	18,037		$	(2,910,196	)	$	819,692		14,219,530	$	31,497,958
				27,783,984						18,037			(2,910,196	)		819,692				31,497,958
Royce Opportunity Fund
Health Care – 0.5%
Health Care Equipment & Supplies – 0.5%
IntriCon Corporation2,4,5		395,910		7,165,971		2,175,159		81,515		(18,978	)		(497,560	)		–		481,447		8,743,077
				7,165,971						(18,978	)		(497,560	)		–				8,743,077
Royce Special Equity Fund
Consumer Discretionary – 10.0%
Auto Components – 4.8%
Standard Motor Products2		827,500		33,480,650		14,701,168		–		–			3,024,447			772,375		1,171,500		51,206,265
Hotels, Restaurants & Leisure – 0.0%
Bowl America Cl. A6		347,000		3,270,475		–		2,979,032		(1,557,851	)		1,266,408			192,000
Household Durables – 5.2%
Flexsteel Industries2		767,500		26,839,475		–		–		–			(3,139,075	)		345,375		767,500		23,700,400
Hooker Furniture2		1,130,000		36,442,500		254,942		–		–			(6,009,812	)		611,460		1,137,000		30,687,630
				63,281,975						–			(9,148,887	)		956,835				54,388,030
				100,033,100						(1,557,851	)		(4,858,032	)		1,921,210				105,594,295
Industrials – 8.2%
Aerospace & Defense – 2.9%
National Presto Industries2		393,100		34,761,833		1,492,053		2,512,245		(307,169	)		(2,400,024	)		2,462,613		378,100		31,034,448
Machinery – 5.3%
Gencor Industries2,4		1,065,000		13,099,500		11,460		–		–			(1,278,360	)		–		1,066,000		11,832,600
Hurco Companies2		580,000		17,400,000		–		–		–			1,310,800			319,000		580,000		18,710,800
Miller Industries2		575,500		21,880,510		6,349,337		–		–			(3,295,547	)		363,114		732,500		24,934,300
				52,380,010						–			(3,263,107	)		682,114				55,477,700
				87,141,843						(307,169	)		(5,663,131	)		3,144,727				86,512,148
Information Technology – 1.7%
Semiconductors & Semiconductor Equipment – 1.7%
NVE Corporation2		124,000		6,966,320		10,595,095		–		–			318,200			612,803		279,500		17,879,615
				6,966,320						–			318,200			612,803				17,879,615
				194,141,263						(1,865,020	)		(10,202,963	)		5,678,740				209,986,058
Royce Total Return Fund
Financials – 1.8%
Insurance – 1.8%
Trean Insurance Group2,4						35,826,932		–		–			(8,920,917	)		–		2,599,615		26,906,015
										–			(8,920,917	)		–				26,906,015

¹ Percentages represent the percentages of the investments in Affiliated Companies of the Funds’s net assets.

² At September 30, 2021, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company and Affiliated Company as that term is defined in the Investment Company Act of 1940.

³ These securities are defined as Level 2 securities due to the application of fair value factors.

⁴ Non-income producing.

⁵ All or a portion of these securities were on loan at September 30, 2021.

⁶ Not an Affiliated Company at September 30, 2021.

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).