SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
SEPTEMBER 30, 2019 (UNAUDITED) 

	SHARES		VALUE
COMMON STOCKS – 101.8%
Communication Services – 1.3%
Diversified Telecommunication Services - 0.3%
Bandwidth Cl. A 1		55,900	$	3,639,649
Cogent Communications Holdings		12,858		708,476
Vonage Holdings 1		22,977		259,640
				4,607,765
Entertainment - 0.0%
Global Eagle Entertainment 1		110,000		79,420
Interactive Media & Services - 0.2%
Care.com 1		16,947		177,096
QuinStreet 1,2		180,254		2,269,398
				2,446,494
Media - 0.8%
comScore 1,2,3		808,910		1,545,018
Gannett Company		77,913		836,786
Gray Television 1,2,3		50,000		816,000
Liberty Latin America Cl. C 1,2,3		246,300		4,210,498
Meredith Corporation 2,3		49,300		1,807,338
New Media Investment Group		108,414		955,127
Nexstar Media Group Cl. A		4,800		491,088
Pico Far East Holdings		2,612,400		826,614
				11,488,469
Wireless Telecommunication Services - 0.0%
Boingo Wireless 1,2,3		50,000		555,000
Total				19,177,148
Consumer Discretionary – 7.4%
Auto Components - 1.3%
Cooper-Standard Holdings 1		5,522		225,739
Dorman Products 1,2,3		28,400		2,258,936
Garrett Motion 1		47,015		468,269
Gentex Corporation		89,850		2,474,020
LCI Industries 2,3		135,756		12,469,189
Standard Motor Products 2		9,994		485,209
Stoneridge 1		3,900		120,783
Superior Industries International 1		186,926		540,216
Visteon Corporation 1		1,760		145,270
				19,187,631
Distributors - 0.5%
Core-Mark Holding 2		36,828		1,182,731
LKQ Corporation 1,2,3		137,000		4,308,650
Weyco Group 2,3		97,992		2,215,599
				7,706,980
Diversified Consumer Services - 0.5%
American Public Education 1		21,748		485,850
Collectors Universe 2		71,100		2,024,928
Franchise Group Cl. A 1,4		151,573		1,803,719
Regis Corporation 1		6,418		129,772
Universal Technical Institute 1		504,032		2,741,934
				7,186,203
Hotels, Restaurants & Leisure - 0.4%
Century Casinos 1		242,660		1,875,762
Lindblad Expeditions Holdings 1,2,3		207,600		3,479,376
Red Robin Gourmet Burgers 1		16,208		539,078
Ruth's Hospitality Group		30,423		621,085
				6,515,301
Household Durables - 0.9%
Cavco Industries 1,2,3		14,700		2,823,723
Ethan Allen Interiors 2		149,547		2,856,348
KB HOME		14,800		503,200
La-Z-Boy		20,299		681,843
LGI Homes 1		54,300		4,524,276
Meritage Homes 1		13,469		947,544
Natuzzi ADR 1		182,143		319,370
Purple Innovation 1		129,955		978,561
				13,634,865
Internet & Direct Marketing Retail - 0.7%
Etsy 1,2,3		97,000		5,480,500
PetMed Express		14,614		263,345
Shutterstock 1		22,234		803,092
Stamps.com 1		50,767		3,779,603
				10,326,540
Leisure Products - 0.2%
Brunswick Corporation		40,400		2,105,648
Johnson Outdoors Cl. A		2,230		130,589
MasterCraft Boat Holdings 1		25,250		376,856
Sturm, Ruger & Co.		16,548		691,045
				3,304,138
Specialty Retail - 2.3%
Abercrombie & Fitch Cl. A		32,949		514,005
America's Car-Mart 1,2,3		120,000		11,004,000
AutoCanada		1,088,000		6,561,588
Barnes & Noble Education 1		76,571		238,902
Buckle (The)		62,895		1,295,637
Caleres		36,097		845,031
Camping World Holdings Cl. A 2,3		556,813		4,955,636
CarMax 1		7,100		624,800
Cato Corporation (The) Cl. A		61,301		1,079,511
Chico's FAS		168,369		678,527
Children's Place		50,670		3,901,083
Haverty Furniture		14,886		301,739
Hibbett Sports 1		11,166		255,701
Monro 2,3		7,539		595,656
Shoe Carnival		8,093		262,294
Vitamin Shoppe 1		131,004		854,146
				33,968,256
Textiles, Apparel & Luxury Goods - 0.6%
Crocs 1		10,931		303,445
Culp 2		29,400		479,220
G-III Apparel Group 1		15,000		386,550
J.G. Boswell Company 4		3,940		2,671,320
Movado Group		37,239		925,762
Steven Madden		29,941		1,071,588
Vera Bradley 1		60,220		608,222
Wolverine World Wide 2		95,620		2,702,221
				9,148,328
Total				110,978,242
Consumer Staples – 1.9%
Beverages - 0.1%
Compania Cervecerias Unidas ADR 2		64,500		1,431,255
Food & Staples Retailing - 0.0%
SpartanNash Company		28,701		339,533
Food Products - 1.4%
Cal-Maine Foods 1,2,3		44,698		1,785,908
Farmer Bros. 1,2,3		54,700		708,365
Industrias Bachoco ADR Cl. B		5,630		299,685
John B Sanfilippo & Son		3,935		380,121
Nomad Foods 1,2		143,600		2,943,800
Seneca Foods Cl. A 1,2,3		235,004		7,327,425
Seneca Foods Cl. B 1		13,840		428,902
Tootsie Roll Industries 2		178,044		6,612,554
				20,486,760
Household Products - 0.1%
WD-40 Company		4,653		854,012
Personal Products - 0.3%
Inter Parfums 2		62,745		4,390,268
Tobacco - 0.0%
Universal Corporation		8,008		438,918
Total				27,940,746
Energy – 6.3%
Energy Equipment & Services - 4.5%
CARBO Ceramics 1		78,000		187,200
Computer Modelling Group		1,333,624		6,150,464
Diamond Offshore Drilling 1,2,3		214,000		1,189,840
Era Group 1		725,406		7,660,287
Forum Energy Technologies 1		249,431		386,618
Helmerich & Payne 2,3		94,000		3,766,580
ION Geophysical 1		71,880		655,546
Matrix Service 1		23,568		403,956
Oil States International 1,2,3		219,115		2,914,229
Pason Systems		942,430		11,488,278
ProPetro Holding 1		44,369		403,314
SEACOR Holdings 1,2,3		261,469		12,307,346
SEACOR Marine Holdings 1,2		638,834		8,030,143
TGS-NOPEC Geophysical		466,830		11,848,230
				67,392,031
Oil, Gas & Consumable Fuels - 1.8%
Bonanza Creek Energy 1		33,882		758,618
Carrizo Oil & Gas 1		30,765		264,118
Cimarex Energy		50,000		2,397,000
CONSOL Energy 1		50,844		794,692
Dorchester Minerals L.P. 2		279,148		5,206,110
Dorian LPG 1		394,936		4,091,537
GeoPark 1,2		53,200		979,412
Parsley Energy Cl. A		49,000		823,200
REX American Resources 1		8,880		677,810
San Juan Basin Royalty Trust 1		212,272		641,062
Unit Corporation 1		15,000		50,700
World Fuel Services 2		224,227		8,955,626
WPX Energy 1,2		110,000		1,164,900
				26,804,785
Total				94,196,816
Financials – 16.4%
Banks - 3.0%
Bank of N.T. Butterfield & Son 2		228,416		6,770,250
Canadian Western Bank		279,500		7,016,772
Customers Bancorp 1		25,232		523,312
Eagle Bancorp		13,337		595,097
Farmers & Merchants Bank of Long Beach 4		730		5,785,250
Fauquier Bankshares 2		160,800		3,135,600
First BanCorp		41,954		418,701
First Citizens BancShares Cl. A		14,676		6,920,468
First Commonwealth Financial		53,124		705,487
First Financial Bancorp		19,311		472,637
Franklin Financial Network		6,674		201,621
Great Western Bancorp		33,503		1,105,599
Hanmi Financial		10,754		201,960
LegacyTexas Financial Group		18,367		799,515
Preferred Bank		15,980		837,032
Simmons First National Cl. A		11,760		292,824
Webster Financial 2		193,500		9,069,345
				44,851,470
Capital Markets - 7.3%
Ares Management Cl. A 2		584,400		15,667,764
Artisan Partners Asset Management Cl. A 2,3		125,730		3,550,615
ASA Gold and Precious Metals		249,821		3,002,848
Ashmore Group		548,400		3,411,882
Associated Capital Group Cl. A 2,3		20,200		718,918
Bolsa Mexicana de Valores		1,723,106		3,252,544
Focus Financial Partners Cl. A 1,2		50,000		1,190,000
Houlihan Lokey Cl. A 2,3		71,770		3,236,827
Jupiter Fund Management		230,000		1,005,058
Lazard Cl. A 2,3		123,065		4,307,275
MarketAxess Holdings		35,500		11,626,250
Morningstar 2,3		84,600		12,363,444
MVC Capital		195,688		1,741,623
Qalaa Holdings 1		7,749,921		1,171,057
Rothschild & Co		50,293		1,441,684
SEI Investments 2,3		154,800		9,172,674
Sprott		2,564,800		6,040,062
TMX Group		40,700		3,512,577
Tradeweb Markets Cl. A		150,150		5,552,547
U.S. Global Investors Cl. A		520,551		1,041,102
Value Partners Group		5,453,000		2,748,172
Virtu Financial Cl. A 2,3		652,700		10,678,172
Waddell & Reed Financial Cl. A		72,791		1,250,549
Westwood Holdings Group 2		38,850		1,074,980
WisdomTree Investments		22,900		119,653
				108,878,277
Consumer Finance - 0.0%
Enova International 1		18,668		387,361
Diversified Financial Services - 0.1%
First Pacific		1,020,000		390,421
Waterloo Investment Holdings 1,5		2,972,000		891,600
				1,282,021
Insurance - 3.6%
Alleghany Corporation 1		600		478,656
Ambac Financial Group 1		32,003		625,659
American Equity Investment Life Holding		31,523		762,857
eHealth 1		20,700		1,382,553
E-L Financial		22,500		12,755,123
Employers Holdings		23,170		1,009,749
Erie Indemnity Cl. A		23,750		4,409,187
FBL Financial Group Cl. A		5,190		308,857
Independence Holding Company 2,3		210,523		8,124,082
ProAssurance Corporation 2		387,357		15,598,866
RLI Corp. 2,3		49,670		4,614,840
Trupanion 1,2,3		120,800		3,070,736
Universal Insurance Holdings		32,485		974,225
				54,115,390
Investment Companies - 1.1%
Oaktree Acquisition (Units) 1		800,000		8,128,000
Social Capital Hedosophia Holdings Cl. A 1		819,918		8,773,123
				16,901,123
Thrifts & Mortgage Finance - 1.3%
Axos Financial 1,2,3		28,998		801,795
Dime Community Bancshares		13,958		298,841
Flagstar Bancorp		18,906		706,139
Genworth MI Canada		224,155		8,899,538
HomeStreet 1		7,333		200,337
Meta Financial Group		20,883		680,995
NMI Holdings Cl. A 1		19,614		515,064
Timberland Bancorp 2,3		274,457		7,547,567
Vestin Realty Mortgage II 1,4		34		34,000
Walker & Dunlop		7,677		429,375
				20,113,651
Total				246,529,293
Health Care – 5.8%
Biotechnology - 0.9%
Acorda Therapeutics 1		25,477		73,119
AMAG Pharmaceuticals 1,2,3		41,549		479,891
Anika Therapeutics 1		14,371		788,824
BioSpecifics Technologies 1		2,930		156,814
Eagle Pharmaceuticals 1		14,691		831,070
Emergent BioSolutions 1		4,894		255,858
Enanta Pharmaceuticals 1		3,074		184,686
Pfenex 1		28,610		241,468
Sangamo Therapeutics 1,2,3		65,815		595,626
Vanda Pharmaceuticals 1		11,757		156,133
Zealand Pharma 1		408,857		10,409,515
				14,173,004
Health Care Equipment & Supplies - 2.9%
Atrion Corporation		15,750		12,271,928
CryoLife 1		114,500		3,108,675
Integer Holdings 1,2,3		42,400		3,203,744
Lantheus Holdings 1		5,220		130,839
Masimo Corporation 1,2		45,000		6,695,550
Meridian Bioscience 1		24,468		232,201
Mesa Laboratories 2,3		38,300		9,106,591
Neogen Corporation 1,2,3		22,400		1,525,664
OraSure Technologies 1		21,352		159,500
Surmodics 1,2		161,000		7,364,140
				43,798,832
Health Care Providers & Services - 0.4%
AMN Healthcare Services 1		9,898		569,729
Community Health Systems 1		790,000		2,844,000
CorVel Corporation 1		3,308		250,416
Ensign Group (The)		5,483		260,059
HealthEquity 1		20,000		1,142,900
Magellan Health 1		6,795		421,969
Tivity Health 1		25,116		417,679
U.S. Physical Therapy		4,135		539,824
				6,446,576
Health Care Technology - 0.2%
Simulations Plus		64,460		2,236,762
Life Sciences Tools & Services - 1.1%
Bio-Rad Laboratories Cl. A 1		35,698		11,878,153
Bio-Techne 2,3		21,553		4,217,275
Medpace Holdings 1		3,611		303,468
				16,398,896
Pharmaceuticals - 0.3%
Alimera Sciences 1		641,875		363,494
Assertio Therapeutics 1		127,344		163,000
Corcept Therapeutics 1		56,565		799,546
Innoviva 1		56,687		597,481
Lannett Company 1		81,003		907,234
Supernus Pharmaceuticals 1		23,579		647,951
Theravance Biopharma 1,2,3		34,291		667,989
				4,146,695
Total				87,200,765
Industrials – 26.7%
Aerospace & Defense - 3.4%
Aerojet Rocketdyne Holdings 1		21,924		1,107,381
Ducommun 1,2		105,500		4,473,200
HEICO Corporation 2,3		211,500		26,412,120
HEICO Corporation Cl. A 2		118,200		11,502,042
Hexcel Corporation 2,3		60,300		4,952,439
Magellan Aerospace		96,800		1,087,936
National Presto Industries		8,774		781,676
Teledyne Technologies 1		500		160,995
				50,477,789
Air Freight & Logistics - 0.8%
Echo Global Logistics 1		25,729		582,762
Forward Air 2		185,504		11,820,315
				12,403,077
Building Products - 0.8%
American Woodmark 1		3,461		307,717
Apogee Enterprises		21,635		843,549
Burnham Holdings Cl. B 4		36,000		504,000
Gibraltar Industries 1		10,010		459,859
Insteel Industries		11,513		236,362
Patrick Industries 1,2,3		65,287		2,799,507
Quanex Building Products		30,978		560,082
Simpson Manufacturing 2		83,369		5,783,307
Trex Company 1		3,534		321,347
				11,815,730
Commercial Services & Supplies - 1.7%
CompX International Cl. A 2,3		211,100		3,025,063
Heritage-Crystal Clean 1,2		100,106		2,652,809
Kimball International Cl. B 2,3		253,740		4,897,182
LSC Communications 1		63,906		88,190
PICO Holdings 1		409,400		4,130,846
Pitney Bowes		129,652		592,510
Ritchie Bros. Auctioneers 2		62,900		2,509,710
Steelcase Cl. A		8,580		157,872
Tetra Tech		16,123		1,398,831
UniFirst Corporation		29,230		5,703,358
US Ecology		4,230		270,466
				25,426,837
Construction & Engineering - 2.6%
Arcosa 2		107,320		3,671,417
Comfort Systems USA		22,306		986,594
IES Holdings 1,2,3		594,244		12,235,484
Infrastructure and Energy Alternatives 1		600,000		2,802,000
Jacobs Engineering Group 2		83,500		7,640,250
MYR Group 1		5,860		183,360
Sterling Construction 1,2,3		146,778		1,930,131
Valmont Industries 2		55,605		7,697,956
Williams Industrial Services Group 1,4		631,820		1,232,049
				38,379,241
Electrical Equipment - 1.0%
Encore Wire		9,685		545,072
EnerSys		3,620		238,703
LSI Industries		814,857		4,253,553
Powell Industries 2		94,500		3,699,675
Preformed Line Products 2		91,600		5,000,444
Sensata Technologies Holding 1		9,300		465,558
				14,203,005
Industrial Conglomerates - 0.7%
Carlisle Companies		4,400		640,376
Raven Industries 2		271,725		9,091,918
				9,732,294
Machinery - 8.8%
CIRCOR International 1		136,227		5,115,324
Colfax Corporation 1,2		430,272		12,503,704
Franklin Electric 2,3		218,800		10,460,828
Helios Technologies 2		264,014		10,711,048
Hillenbrand		30,487		941,439
John Bean Technologies 2,3		105,766		10,516,313
Kadant 2		125,769		11,041,260
Kennametal		46,350		1,424,799
Lincoln Electric Holdings 2		136,160		11,813,242
Lindsay Corporation 2,3		110,000		10,213,500
Meritor 1		32,360		598,660
Mueller Industries		28,819		826,529
NN		308,700		2,201,031
Nordson Corporation 2		23,096		3,378,021
Proto Labs 1		10,000		1,021,000
RBC Bearings 1		84,058		13,946,063
Standex International		3,406		248,434
Tennant Company 2,3		116,504		8,236,833
Titan International		173,100		467,370
Wabash National		57,701		837,241
Watts Water Technologies Cl. A 2,3		61,000		5,717,530
Woodward 2		89,500		9,650,785
				131,870,954
Marine - 2.4%
Clarkson		471,100		14,191,399
Eagle Bulk Shipping 1		320,478		1,402,091
Kirby Corporation 1,2		255,100		20,959,016
				36,552,506
Professional Services - 1.1%
Exponent 2,3		100,000		6,990,000
FTI Consulting 1		3,879		411,135
Heidrick & Struggles International		38,611		1,054,080
Korn Ferry		18,582		718,009
ManpowerGroup 2		30,000		2,527,200
Morneau Shepell		17,500		435,370
Navigant Consulting		12,286		343,394
TrueBlue 1,2,3		28,261		596,307
Upwork 1		279,600		3,720,078
				16,795,573
Road & Rail - 1.2%
ArcBest		9,263		282,058
Landstar System 2		121,220		13,646,948
Patriot Transportation Holding 1,2		139,100		2,642,900
Saia 1,2,3		2,674		250,554
Universal Logistics Holdings 2		78,916		1,837,164
				18,659,624
Trading Companies & Distributors - 2.2%
Air Lease Cl. A 2,3		484,200		20,249,244
BMC Stock Holdings 1		58,100		1,521,058
GMS 1		15,178		435,912
Houston Wire & Cable 1,6		877,363		4,141,154
Richelieu Hardware		88,400		1,705,479
SiteOne Landscape Supply 1,2,3		25,000		1,850,500
Watsco 2,3		19,500		3,299,010
				33,202,357
Total				399,518,987
Information Technology – 19.3%
Communications Equipment - 0.2%
ADTRAN 2,3		214,973		2,438,869
CalAmp Corporation 1		36,042		415,204
Comtech Telecommunications		8,086		262,795
NetScout Systems 1		6,960		160,497
				3,277,365
Electronic Equipment, Instruments & Components - 9.1%
Anixter International 1,2		50,995		3,524,774
Cognex Corporation 2		340,100		16,709,113
Coherent 1		86,640		13,318,301
Fabrinet 1,2		190,937		9,986,005
FARO Technologies 1,2		232,147		11,224,307
FLIR Systems 2,3		669,437		35,205,692
Insight Enterprises 1		30,810		1,715,809
IPG Photonics 1		51,600		6,996,960
Kimball Electronics 1		24,797		359,804
Littelfuse		35,520		6,298,051
Methode Electronics		17,007		572,116
National Instruments 2		235,650		9,894,944
nLIGHT 1,2		217,450		3,405,267
PAR Technology 1		156,353		3,716,511
Perceptron 1		357,700		1,716,960
Richardson Electronics		711,475		4,126,555
TTM Technologies 1,2,3		535,116		6,525,740
Vishay Intertechnology		12,340		208,916
Vishay Precision Group 1		9,670		316,596
				135,822,421
IT Services - 1.2%
Cardtronics 1		11,773		356,016
Computer Services 4		20,084		903,780
CSG Systems International		12,565		649,359
EVERTEC		18,478		576,883
Hackett Group (The) 2,3		285,266		4,695,478
KBR 2,3		337,400		8,279,796
NIC		14,010		289,307
Perficient 1		7,140		275,461
TTEC Holdings		7,182		343,874
Unisys Corporation 1,2,3		160,000		1,188,800
WEX 1		2,600		525,382
				18,084,136
Semiconductors & Semiconductor Equipment - 6.7%
Advanced Energy Industries 1,2,3		13,170		756,090
Axcelis Technologies 1		24,200		413,578
Brooks Automation 2,3		389,600		14,426,888
Cabot Microelectronics 2		88,103		12,441,024
Cirrus Logic 1,2,3		295,000		15,806,100
Cohu		25,014		337,814
Diodes 1,2,3		274,774		11,032,176
Entegris 2,3		229,700		10,809,682
Ichor Holdings 1		29,461		712,367
Kulicke & Soffa Industries 2		47,614		1,117,977
MKS Instruments 2,3		233,039		21,504,839
Nanometrics 1		26,124		852,165
Nova Measuring Instruments 1,2,3		46,770		1,485,883
Photronics 1		183,700		1,998,656
Rambus 1		75,657		992,998
Rudolph Technologies 1		45,964		1,211,611
Silicon Motion Technology ADR 2		29,440		1,040,704
SMART Global Holdings 1		19,337		492,707
SolarEdge Technologies 1		15,728		1,316,748
Xperi Corporation 2		86,262		1,783,898
				100,533,905
Software - 2.1%
Altair Engineering Cl. A 1		80,700		2,793,834
CloudFlare Cl. A 1		160,400		2,978,628
Descartes Systems Group (The) 1,2		158,100		6,373,011
Ebix		4,058		170,842
j2 Global 1,2,3		29,475		2,676,919
Manhattan Associates 1,2		94,900		7,655,583
Progress Software		13,632		518,834
RealNetworks 1		109,950		182,517
Support.com 1		216,766		333,820
SVMK 1		156,800		2,681,280
TiVo		37,454		285,212
Upland Software 1		154,300		5,378,898
				32,029,378
Total				289,747,205
Materials – 11.9%
Chemicals - 5.3%
Chase Corporation 2,3		79,059		8,648,264
Element Solutions 1,2		822,800		8,376,104
FutureFuel Corporation		577,952		6,900,747
Hawkins 2,3		91,819		3,902,307
Ingevity Corporation 1,2		37,000		3,139,080
Innospec 2		102,083		9,099,678
Minerals Technologies 2,3		255,952		13,588,492
NewMarket Corporation		8,000		3,776,720
Quaker Chemical		130,069		20,569,112
Stepan Company		3,046		295,645
Tredegar Corporation		31,931		623,293
Westlake Chemical		5,100		334,152
				79,253,594
Construction Materials - 0.3%
Imerys		90,000		3,617,763
U.S. Concrete 1		5,816		321,509
				3,939,272
Containers & Packaging - 0.0%
Myers Industries		29,346		517,957
Packaging Corporation of America		3,200		339,520
				857,477
Metals & Mining - 5.5%
Alamos Gold Cl. A		2,031,300		11,805,872
Ferroglobe (Warranty Insurance Trust) 1,5		49,300		0
Franco-Nevada 2,3		113,900		10,383,124
Gold Fields ADR		370,000		1,820,400
Haynes International 2,3		113,900		4,082,176
Hecla Mining		721,300		1,269,488
IAMGOLD Corporation 1		600,000		2,046,000
Lundin Mining		640,000		3,009,548
MAG Silver 1		198,900		2,110,329
Major Drilling Group International 1		2,217,291		10,711,147
Materion Corporation		4,105		251,883
Pan American Silver		124,627		1,954,151
Pretium Resources 1		101,000		1,164,109
Reliance Steel & Aluminum 2		158,300		15,776,178
Royal Gold 2		16,600		2,045,286
SunCoke Energy 1		33,678		189,944
Synalloy Corporation 2,3		178,800		2,851,860
VanEck Vectors Junior Gold Miners ETF		183,000		6,635,580
Worthington Industries 2,3		133,200		4,801,860
				82,908,935
Paper & Forest Products - 0.8%
Boise Cascade		39,020		1,271,662
Mercer International		52,299		655,829
Neenah 2		16,700		1,087,504
Schweitzer-Mauduit International		29,859		1,117,921
Stella-Jones		254,048		7,422,877
				11,555,793
Total				178,515,071
Real Estate – 4.6%
Equity Real Estate Investment Trusts (REITs) - 0.0%
New York REIT 1,5		15,000		195,000
Real Estate Management & Development - 4.6%
Colliers International Group		20,700		1,553,535
FirstService Corporation		186,700		19,149,819
FRP Holdings 1,2,3		153,158		7,354,647
Jones Lang LaSalle		4,349		604,772
Kennedy-Wilson Holdings 2		707,470		15,507,742
Marcus & Millichap 1,2,3		232,247		8,242,446
RMR Group (The) Cl. A 2		80,100		3,642,948
St. Joe Company (The) 1,2,3		197,000		3,374,610
Tejon Ranch 1,2,3		557,136		9,454,598
				68,885,117
Total				69,080,117
Utilities – 0.2%
Gas Utilities - 0.1%
UGI Corporation 2		35,000		1,759,450
Multi-Utilities - 0.0%
Avista Corporation		7,940		384,613
Water Utilities - 0.1%
American States Water		8,116		729,304
Total				2,873,367
TOTAL COMMON STOCKS
(Cost $1,233,141,233)				1,525,757,757
WARRANTS – 0.0%
Industrials – 0.0%
Construction & Engineering - 0.0%
Infrastructure and Energy Alternatives
(Warrants) 1		625,000		18,875
Total				18,875
Information Technology – 0.0%
Electronic Equipment, Instruments & Components - 0.0%
eMagin Corporation (Warrants) 1,5		50,000		0
Total				0
TOTAL WARRANTS
(Cost $470,283)				18,875
REPURCHASE AGREEMENT – 3.0%
Fixed Income Clearing Corporation,
0.35% dated 9/30/19, due 10/1/19, maturity value $44,259,430 (collateralized
by obligations of various U.S. Government
Agencies, 2.625% due 3/31/25, valued at $45,144,998)
(Cost $44,259,000)				44,259,000
TOTAL INVESTMENTS – 104.8%
(Cost $1,277,870,516)				1,570,035,632
LIABILITIES LESS CASH
AND OTHER ASSETS – (4.8)%				(71,969,288	)
NET ASSETS – 100.0%			$	1,498,066,344

ADR – American Depository Receipt

¹ Non-income producing.

² All or a portion of these securities were pledged as collateral in connection with the Fund's revolving credit agreement at September 30, 2019. Total market value of pledged securities at September 30, 2019, was $146,750,957.

³ At September 30, 2019, a portion of these securities were rehypothecated in connection with the Fund's revolving credit agreement in the aggregate amount of $65,698,927.

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

⁵ Securities for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their fair value under procedures approved by the Fund's Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.

⁶ At September 30, 2019, the Fund owned 5% or more of the Company's outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,279,299,145. At September 30, 2019, net unrealized appreciation for all securities was $290,736,487, consisting of aggregate gross unrealized appreciation of $428,255,632 and aggregate gross unrealized depreciation of $137,519,145. 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 Fund values its 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 Fund's Board of Directors, 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, the Fund may fair value the security. The Fund uses 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 the 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 the 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 Schedule 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 the Fund’s investments as of September 30, 2019. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,511,737,039	$	12,934,118	$	1,086,600	$	1,525,757,757
Warrants		18,875		–		0		18,875
Repurchase Agreement		–		44,259,000		–		44,259,000

Level 3 Reconciliation:
	Balance as of 12/31/18		Purchases		Sales		Realized Gain (Loss)		Unrealized Gain (Loss)		Balance as of 9/30/19
Common Stocks	$	1,100,250	$	–	$	13,650	$	–	$	–	$	1,086,600
Warrants		0		–		–		–		–		0

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

	Fair Value at 9/30/19	Valuation Technique(s)	Unobservable Input(s)	Range Average	Impact to Valuation From an Increase in Input1
		Discounted Present Value	Liquidity
Waterloo Investment Holdings	$891,600	Balance Sheet Analysis	Discount	30%-40%	Decrease
		Guidance from Options Clearing Authorities	Liquidity
New York REIT	195,000	Balance Sheet Analysis	Discount	20%-30%	Decrease

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

Repurchase Agreements:

The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The 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 the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund at September 30, 2019 is overnight and continuous.

Borrowings:

The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). As of September 30, 2019, the Fund has outstanding borrowings of $70,000,000. During the period ended September 30, 2019, the Fund borrowed an average daily balance of $69,908,425. The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 179-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding or as otherwise required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

Transactions in Affiliated Companies:

An “Affiliated Company” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the nine months ended September 30, 2019:

Affiliated Company	Shares 12/31/18		Market Value 12/31/18		Costs of Purchases		Proceeds from Sales		Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)			Dividend Income		Shares 9/30/19		Market Value 9/30/19
HG Holdings1		912,235	$	392,261	$	–	$	464,067	$	(2,022,091	)	$	2,093,897		$	–
Houston Wire & Cable		877,363		4,439,457		–		–		–			(298,303	)		–		877,363	$	4,141,154
Richardson Electronics1		573,732		4,985,731		721,773		–		–			(1,580,949	)		111,536
			$	9,817,449					$	(2,022,091	)	$	214,645		$	111,536			$	4,141,154

¹Not an Affiliated Company at September 30, 2019.

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