SCHEDULE OF INVESTMENTS

ROYCE VALUE TRUST

MARCH 31, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 105.1%
Communication Services – 1.7%
Diversified Telecommunication Services - 1.0%
Bandwidth Cl. A 1,2		146,800	$	9,878,172
Cogent Communications Holdings 1,3		19,006		1,557,922
				11,436,094
Entertainment - 0.0%
Global Eagle Entertainment 2		110,000		17,347
Interactive Media & Services - 0.1%
QuinStreet 1,2,3		180,254		1,451,044
Media - 0.6%
comScore 1,2		808,910		2,281,126
Gannett Company 2		204,141		302,129
Gray Television 1,2		50,000		537,000
Liberty Latin America Cl. C 1,2		246,300		2,527,038
Meredith Corporation		2,800		34,216
Nexstar Media Group Cl. A		800		46,184
Pico Far East Holdings		2,612,400		453,490
				6,181,183
Wireless Telecommunication Services - 0.0%
Boingo Wireless 1,2		50,000		530,500
Total				19,616,168
Consumer Discretionary – 7.3%
Auto Components - 1.3%
Cooper Tire & Rubber		7,600		123,880
Cooper-Standard Holdings 2		892		9,161
Dorman Products 1,2		31,800		1,757,586
Fox Factory Holding 2		3,000		126,000
Garrett Motion 2		77,350		221,221
Gentex Corporation 1		98,110		2,174,118
LCI Industries 1		143,207		9,570,524
Standard Motor Products 1		8,894		369,723
Superior Industries International 2		176,497		211,796
				14,564,009
Distributors - 0.5%
Core-Mark Holding 1		23,359		667,366
LKQ Corporation 1,2		137,800		2,826,278
Weyco Group 1		97,992		1,976,499
				5,470,143
Diversified Consumer Services - 0.5%
American Public Education 2		20,453		489,440
Collectors Universe 1,3		71,100		1,114,137
Perdoceo Education 2		22,191		239,441
Regis Corporation 2		16,220		95,860
Universal Technical Institute 2		639,032		3,802,241
				5,741,119
Hotels, Restaurants & Leisure - 0.2%
Century Casinos 2		56,720		136,695
Lindblad Expeditions Holdings 1,2		415,200		1,731,384
Red Robin Gourmet Burgers 2		5,566		47,423
Ruth’s Hospitality Group		30,597		204,388
				2,119,890
Household Durables - 0.5%
Cavco Industries 1,2,3		18,600		2,695,884
Ethan Allen Interiors 1		158,755		1,622,476
La-Z-Boy		21,799		447,970
Meritage Homes 2		19,644		717,202
				5,483,532
Internet & Direct Marketing Retail - 1.2%
Etsy 1,2		134,300		5,162,492
PetMed Express		16,879		485,778
Shutterstock		25,853		831,432
Stamps.com 2		53,678		6,982,434
				13,462,136
Leisure Products - 0.5%
Brunswick Corporation		139,600		4,937,652
Johnson Outdoors Cl. A		1,690		105,963
MasterCraft Boat Holdings 2		31,610		230,753
Sturm, Ruger & Co.		10,714		545,450
				5,819,818
Specialty Retail - 1.9%
Abercrombie & Fitch Cl. A		11,635		105,762
America’s Car-Mart 1,2,3		120,000		6,762,000
Asbury Automotive Group 2		2,600		143,598
AutoCanada		1,138,000		4,326,227
Barnes & Noble Education 2		91,318		124,192
Buckle (The)		63,861		875,534
Caleres		3,803		19,776
Camping World Holdings Cl. A 1		606,813		3,452,766
CarMax 2		7,000		376,810
Cato Corporation (The) Cl. A		62,587		667,803
Chico’s FAS		62,869		81,101
Children’s Place 2		48,778		954,098
Haverty Furniture		28,713		341,398
Hibbett Sports 2		8,588		93,910
Michaels Companies 2		108,602		175,935
Monro 1		8,139		356,570
OneWater Marine Cl. A 2		198,800		1,520,820
Rent-A-Center		10,208		144,341
Shoe Carnival 1		16,360		339,797
Sleep Number 2		9,258		177,383
Zumiez 2		12,027		208,308
				21,248,129
Textiles, Apparel & Luxury Goods - 0.7%
Canada Goose Holdings 2		114,200		2,271,438
Crocs 2		6,215		105,593
Culp 1		29,400		216,384
J.G. Boswell Company 4		3,940		1,969,015
Kontoor Brands		7,130		136,682
Movado Group 2		31,014		366,586
Steven Madden		32,999		766,567
Vera Bradley 2		37,920		156,230
Wolverine World Wide 1		102,780		1,562,256
				7,550,751
Total				81,459,527
Consumer Staples – 2.8%
Beverages - 0.1%
Compania Cervecerias Unidas ADR 1		64,500		863,010
Food & Staples Retailing - 0.0%
SpartanNash Company		16,624		238,056
Food Products - 1.8%
Farmer Bros. 1,2		54,700		380,712
Industrias Bachoco ADR Ser. B		8,440		286,960
John B Sanfilippo & Son		6,948		621,151
Nomad Foods 1,2		143,600		2,665,216
Seneca Foods Cl. A 1,2,3		236,301		9,400,054
Seneca Foods Cl. B 2		13,840		498,240
Tootsie Roll Industries 1,3		180,406		6,487,400
				20,339,733
Household Products - 0.1%
Central Garden & Pet 2		16,733		460,157
WD-40 Company		2,821		566,598
				1,026,755
Personal Products - 0.7%
BellRing Brands Cl. A 2		71,500		1,219,075
e.l.f. Beauty 2		313,500		3,084,840
Inter Parfums 1		71,595		3,318,428
USANA Health Sciences 2		3,038		175,475
				7,797,818
Tobacco - 0.1%
Universal Corporation		14,694		649,622
Total				30,914,994
Diversified Investment Companies – 0.0%
Closed-End Funds - 0.0%
Eagle Point Credit		41,890		286,527
Eagle Point Income		44		471
Total				286,998
Energy – 4.0%
Energy Equipment & Services - 2.7%
Computer Modelling Group		1,333,624		3,629,489
Diamond Offshore Drilling 1,2		214,000		391,620
Era Group 2		731,567		3,899,252
Forum Energy Technologies 2		249,431		44,224
Helmerich & Payne 1		94,000		1,471,100
ION Geophysical 2		71,880		91,288
KLX Energy Services Holdings 2		15,746		11,022
Matrix Service 2		31,532		298,608
Newpark Resources 2		67,354		60,417
Oil States International 1,2		209,349		424,978
Pason Systems		1,023,280		4,544,518
ProPetro Holding 2		65,610		164,025
SEACOR Holdings 1,2		270,450		7,291,332
SEACOR Marine Holdings 1,2		638,834		2,798,093
TGS-NOPEC Geophysical		449,310		5,041,964
				30,161,930
Oil, Gas & Consumable Fuels - 1.3%
Bonanza Creek Energy 2		46,006		517,567
Callon Petroleum 2		63,252		34,656
Cimarex Energy		50,000		841,500
CONSOL Energy 2		100,053		369,196
Dorchester Minerals L.P. 1		279,148		2,598,868
Dorian LPG 2		394,936		3,439,893
GeoPark 1		53,412		377,623
REX American Resources 2		7,967		370,545
San Juan Basin Royalty Trust		212,272		445,771
Talos Energy 2		13,626		78,349
Unit Corporation 2		15,000		3,900
World Fuel Services 1		224,227		5,646,036
WPX Energy 1,2		110,000		335,500
				15,059,404
Total				45,221,334
Financials – 16.8%
Banks - 2.8%
Ameris Bancorp		6,385		151,708
Bank of N.T. Butterfield & Son 1		248,416		4,230,524
Boston Private Financial Holdings		45,074		322,279
Canadian Western Bank		279,500		3,847,023
CIT Group		22,000		379,720
Customers Bancorp 2		8,520		93,124
Dime Community Bancshares		2,577		35,331
Eagle Bancorp		22,798		688,727
Farmers & Merchants Bank of Long Beach 4		730		4,380,000
Fauquier Bankshares 1		160,800		2,170,800
First BanCorp		108,522		577,337
First Citizens BancShares Cl. A		16,376		5,451,079
First Commonwealth Financial		45,541		416,245
First Financial Bancorp		35,612		530,975
First Midwest Bancorp		15,011		198,670
Franklin Financial Network		1,256		25,610
Great Western Bancorp		30,893		632,689
Hanmi Financial		11,849		128,562
HarborOne Bancorp 2		63,400		477,402
HomeTrust Bancshares		23,700		377,304
Pacific Premier Bancorp		9,322		175,626
Preferred Bank		17,549		593,507
Prosperity Bancshares		8,171		394,251
Webster Financial 1		193,500		4,431,150
Western Alliance Bancorp		5,000		153,050
				30,862,693
Capital Markets - 8.2%
Ares Management Cl. A 1		364,694		11,279,985
Artisan Partners Asset Management Cl. A 1		124,920		2,684,531
ASA Gold and Precious Metals		249,821		2,575,654
Ashmore Group		548,400		2,418,682
Associated Capital Group Cl. A 1		20,200		618,120
Bolsa Mexicana de Valores		1,723,106		2,622,884
Fiera Capital Cl. A		45,000		209,124
Focus Financial Partners Cl. A 1,2		50,000		1,150,500
Garrison Capital		29,434		50,038
Golub Capital BDC		22,100		277,576
Houlihan Lokey Cl. A 1,3		59,120		3,081,334
Jupiter Fund Management		230,000		570,001
Lazard Cl. A 1		122,075		2,876,087
MarketAxess Holdings		31,900		10,608,983
Moelis & Company Cl. A		16,000		449,600
Morningstar 1		84,600		9,834,750
MVC Capital		195,688		855,157
Oaktree Strategic Income		11,455		63,461
Qalaa Holdings 2		7,749,921		536,684
Rothschild & Co		50,293		1,024,128
SEI Investments 1		197,100		9,133,614
Solar Capital		14,400		167,616
Sprott		2,564,800		4,173,518
Tel Aviv Stock Exchange		322,179		1,087,251
TMX Group		76,000		5,658,012
Tradeweb Markets Cl. A		106,050		4,458,342
U.S. Global Investors Cl. A		520,551		504,986
Value Partners Group		5,453,000		2,321,120
Virtu Financial Cl. A 1,3		451,100		9,391,902
Waddell & Reed Financial Cl. A		85,176		969,303
Westwood Holdings Group 1		38,850		711,343
WisdomTree Investments		22,900		53,357
				92,417,643
Consumer Finance - 0.1%
Enova International 2		48,849		707,822
Diversified Financial Services - 0.2%
Banco Latinoamericano de Comercio Exterior Cl. E		13,700		141,247
ECN Capital		185,100		494,547
First Pacific		1,020,000		188,324
Onex Corporation		9,200		336,738
Waterloo Investment Holdings 2,5		2,972,000		743,000
				1,903,856
Insurance - 3.4%
Alleghany Corporation		700		386,645
Ambac Financial Group 2		11,730		144,748
American Equity Investment Life Holding		9,249		173,881
Assured Guaranty		20,900		539,011
eHealth 2		20,700		2,914,974
E-L Financial		22,500		9,560,861
Employers Holdings		26,350		1,067,439
Erie Indemnity Cl. A		28,200		4,180,368
FBL Financial Group Cl. A		6,130		286,087
Independence Holding Company 1		210,523		5,380,968
ProAssurance Corporation 1		246,787		6,169,675
RLI Corp. 1,3		44,620		3,923,437
Stewart Information Services		6,572		175,275
Trupanion 1,2		116,899		3,042,881
Universal Insurance Holdings		39,741		712,159
				38,658,409
Investment Companies - 0.7%
Oaktree Acquisition (Units) 2		800,000		8,032,000
Thrifts & Mortgage Finance - 1.4%
Axos Financial 1,2,3		35,003		634,604
Flagstar Bancorp		30,937		613,481
Genworth MI Canada		237,075		5,267,772
Meridian Bancorp 1		97,500		1,093,950
Meta Financial Group		5,042		109,512
NMI Holdings Cl. A 2		101,317		1,176,290
Provident Bancorp 2		63,200		544,784
Territorial Bancorp		9,300		228,315
Timberland Bancorp 1		274,457		5,019,819
Vestin Realty Mortgage II 2,4		34		24,650
Walker & Dunlop		12,700		511,429
				15,224,606
Total				187,807,029
Health Care – 8.1%
Biotechnology - 1.5%
Acorda Therapeutics 2		18,079		16,860
AMAG Pharmaceuticals 1,2		16,936		104,664
Anika Therapeutics 2		13,046		377,160
BioSpecifics Technologies 2		1,830		103,523
Coherus BioSciences 2		6,600		107,052
Eagle Pharmaceuticals 2		14,509		667,414
Emergent BioSolutions 2		830		48,024
Enanta Pharmaceuticals 2		9,698		498,768
Pfenex 2		11,047		97,435
Sangamo Therapeutics 1,2		65,815		419,242
Vanda Pharmaceuticals 2		25,375		262,885
Zealand Pharma 2		408,857		14,095,841
				16,798,868
Health Care Equipment & Supplies - 4.3%
Atrion Corporation		14,175		9,213,750
BioLife Solutions 2		202,000		1,919,000
Haemonetics 2		73,300		7,305,078
Inogen 2		6,242		322,462
Integer Holdings 1,2		42,400		2,665,264
Masimo Corporation 1,2		60,000		10,627,200
Meridian Bioscience 2		70,718		594,031
Mesa Laboratories 1,3		38,600		8,727,074
Neogen Corporation 1,2,3		22,400		1,500,576
OraSure Technologies 2		29,950		322,262
Surmodics 1,2		161,000		5,364,520
				48,561,217
Health Care Providers & Services - 0.5%
AMN Healthcare Services 2		3,964		229,159
Community Health Systems 2		790,000		2,638,600
CorVel Corporation 2		2,864		156,116
Ensign Group (The)		2,664		100,193
HealthEquity 2		20,000		1,011,800
Magellan Health 2		16,980		816,908
Pennant Group 2		1,331		18,847
Tivity Health 2		8,766		55,138
U.S. Physical Therapy		5,616		387,504
				5,414,265
Health Care Technology - 0.3%
HealthStream 2		7,060		169,087
NextGen Healthcare 2		12,673		132,306
Simulations Plus		94,390		3,296,099
				3,597,492
Life Sciences Tools & Services - 1.2%
Bio-Rad Laboratories Cl. A 2		29,829		10,456,854
Bio-Techne 1,3		12,153		2,304,452
Medpace Holdings 2		4,167		305,775
				13,067,081
Pharmaceuticals - 0.3%
Alimera Sciences 2		61,125		234,720
Assertio Therapeutics 2		156,932		102,006
Corcept Therapeutics 2		62,201		739,570
Innoviva 2		72,352		850,860
Lannett Company 2		79,311		551,211
Supernus Pharmaceuticals 2		25,406		457,054
Theravance Biopharma 1,2,3		34,291		792,465
				3,727,886
Total				91,166,809
Industrials – 24.7%
Aerospace & Defense - 2.3%
Aerojet Rocketdyne Holdings 2		15,351		642,132
Ducommun 1,2		79,100		1,965,635
HEICO Corporation 1		166,100		12,392,721
HEICO Corporation Cl. A 1		88,726		5,669,592
Hexcel Corporation 1		7,600		282,644
Magellan Aerospace		96,800		447,785
National Presto Industries		11,093		785,495
Park Aerospace		13,847		174,472
Vectrus 2		3,950		163,570
Virgin Galactic Holdings 1,2,3		215,918		3,191,268
				25,715,314
Air Freight & Logistics - 0.7%
Echo Global Logistics 2		43,457		742,246
Forward Air 1		149,565		7,575,467
				8,317,713
Building Products - 0.9%
American Woodmark 2		6,364		290,007
Apogee Enterprises		7,929		165,082
Burnham Holdings Cl. B 4		36,000		369,000
Gibraltar Industries 2		8,550		366,966
Insteel Industries		1,751		23,201
Patrick Industries 1		124,590		3,508,454
PGT Innovations 2		11,783		98,859
Quanex Building Products		40,647		409,722
Simpson Manufacturing 1		65,065		4,032,729
Trex Company 2		1,800		144,252
Universal Forest Products		12,406		461,379
				9,869,651
Commercial Services & Supplies - 1.7%
CompX International Cl. A 1		211,100		3,208,720
Heritage-Crystal Clean 1,2		100,106		1,625,721
Kimball International Cl. B 1		252,050		3,001,915
LSC Communications 2,4		63,906		5,751
MSA Safety		400		40,480
PICO Holdings 1,2,3		406,960		3,166,149
Pitney Bowes		145,515		296,851
Ritchie Bros. Auctioneers 1		62,900		2,149,922
Tetra Tech		8,119		573,364
UniFirst Corporation		30,430		4,597,669
US Ecology		4,915		149,416
				18,815,958
Construction & Engineering - 2.9%
Arcosa 1		110,980		4,410,345
Comfort Systems USA 1		37,847		1,383,308
EMCOR Group		17,600		1,079,232
IES Holdings 1,2		594,244		10,488,407
Infrastructure and Energy Alternatives 2		600,000		1,206,000
Jacobs Engineering Group 1,3		83,500		6,619,045
Sterling Construction 1,2,3		144,638		1,374,061
Valmont Industries 1		48,461		5,135,897
Williams Industrial Services Group 2,4		631,820		770,820
				32,467,115
Electrical Equipment - 1.0%
AZZ		5,573		156,713
Encore Wire		16,027		672,974
LSI Industries		814,857		3,080,159
Powell Industries 1		99,197		2,546,387
Preformed Line Products 1		91,600		4,564,428
Sensata Technologies Holding 2		9,400		271,942
				11,292,603
Industrial Conglomerates - 0.6%
Carlisle Companies		4,000		501,120
Raven Industries 1		309,525		6,571,216
				7,072,336
Machinery - 7.9%
CIRCOR International 2		199,553		2,320,801
Colfax Corporation 1,2		534,462		10,582,348
ESCO Technologies 1		32,440		2,462,520
Franklin Electric 1,3		87,500		4,123,875
Helios Technologies 1		237,714		9,014,115
Hillenbrand		40,375		771,566
John Bean Technologies 1		130,176		9,668,172
Kadant 1		130,579		9,747,722
Lincoln Electric Holdings 1		52,600		3,629,400
Lindsay Corporation 1		112,000		10,256,960
Lydall 2		12,168		78,605
Meritor 2		28,460		377,095
Miller Industries		11,500		325,220
Mueller Industries		44,724		1,070,693
NN 2		308,700		534,051
Nordson Corporation 1		23,096		3,119,577
Proto Labs 2		10,000		761,300
Standex International		624		30,588
Tennant Company 1		153,304		8,883,967
Titan International		173,100		268,305
Wabash National		70,721		510,606
Watts Water Technologies Cl. A 1		61,000		5,163,650
Woodward 1		72,500		4,309,400
				88,010,536
Marine - 1.9%
Clarkson 2		471,100		13,498,336
Eagle Bulk Shipping 2		320,478		592,884
Kirby Corporation 1,2		175,700		7,637,679
				21,728,899
Professional Services - 1.5%
Exponent 1		100,000		7,191,000
Forrester Research 1,2,3		68,329		1,997,257
Heidrick & Struggles International		48,473		1,090,642
Korn Ferry 1		83,129		2,021,697
ManpowerGroup 1		15,842		839,468
Morneau Shepell		17,500		353,034
Resources Connection		13,344		146,384
TrueBlue 1,2		45,858		585,148
Upwork 2		300,000		1,935,000
				16,159,630
Road & Rail - 1.3%
ArcBest		21,449		375,786
Landstar System 1		122,050		11,699,713
Patriot Transportation Holding 1		139,100		1,310,322
Saia 1,2		1,794		131,931
Universal Logistics Holdings 1		78,916		1,033,800
				14,551,552
Trading Companies & Distributors - 2.0%
Air Lease Cl. A 1,3		303,200		6,712,848
Applied Industrial Technologies		9,758		446,136
BMC Stock Holdings 2		297,000		5,265,810
EVI Industries 1,2,3		120,038		1,894,200
GMS 2		35,608		560,114
Houston Wire & Cable 2,6		877,363		1,921,425
Richelieu Hardware		88,400		1,396,384
SiteOne Landscape Supply 1,2		25,000		1,840,500
Watsco 1		13,300		2,101,799
				22,139,216
Total				276,140,523
Information Technology – 23.9%
Communications Equipment - 0.2%
ADTRAN 1		214,973		1,650,993
CalAmp Corporation 2		31,396		141,282
Comtech Telecommunications		23,273		309,298
				2,101,573
Electronic Equipment, Instruments & Components - 9.3%
Badger Meter		3,560		190,816
Benchmark Electronics		16,483		329,495
Cognex Corporation 1		340,100		14,359,022
Coherent 2		93,670		9,967,425
Fabrinet 1,2		192,918		10,525,606
FARO Technologies 1,2		308,097		13,710,316
FLIR Systems 1		585,637		18,675,964
Insight Enterprises 1,2		30,074		1,267,018
IPG Photonics 2		56,900		6,274,932
Kimball Electronics 2		24,797		270,783
Littelfuse 1,3		22,100		2,948,582
Methode Electronics		7,193		190,111
National Instruments 1		235,650		7,795,302
nLIGHT 1,2		166,610		1,747,739
OSI Systems 2		2,270		156,448
PAR Technology 1,2		156,353		2,010,700
Perceptron 2		357,700		1,030,176
Richardson Electronics 6		711,475		2,724,949
Rogers Corporation 2		30,100		2,842,042
Sanmina Corporation 2		9,703		264,698
TTM Technologies 1,2		581,642		6,014,178
Vishay Intertechnology		7,620		109,804
Vishay Precision Group 2		6,310		126,705
				103,532,811
IT Services - 2.2%
Cardtronics 2		20,118		420,869
Computer Services 4		30,292		1,218,647
CSG Systems International		12,192		510,235
EVERTEC		29,338		666,853
Hackett Group (The) 1		285,266		3,628,583
KBR 1		647,400		13,388,232
ManTech International Cl. A		3,384		245,915
MAXIMUS		2,750		160,050
Unisys Corporation 1,2		360,000		4,446,000
				24,685,384
Semiconductors & Semiconductor Equipment - 8.3%
Advanced Energy Industries 1,2		9,259		448,969
Axcelis Technologies 2		39,700		726,907
Brooks Automation 1		389,600		11,882,800
Cabot Microelectronics 1		78,188		8,924,378
Cirrus Logic 1,2,3		250,700		16,453,441
Cohu		5,890		72,918
Diodes 1,2		253,777		10,312,228
Entegris 1,3		202,000		9,043,540
Ichor Holdings 2		16,476		315,680
Kulicke & Soffa Industries 1		39,338		820,984
Lattice Semiconductor 2		212,000		3,777,840
MKS Instruments 1,3		254,889		20,760,709
Nova Measuring Instruments 1,2,3		47,770		1,559,691
Onto Innovation 1,2,3		44,791		1,328,949
Photronics 2		183,700		1,884,762
Rambus 2		71,660		795,426
Silicon Motion Technology ADR 1,3		27,510		1,008,517
SMART Global Holdings 2		28,435		690,971
SolarEdge Technologies 2		10,139		830,181
Ultra Clean Holdings 2		10,656		147,053
Xperi Corporation 1		67,935		944,976
				92,730,920
Software - 3.9%
Descartes Systems Group (The) 1,2,3		214,100		7,362,899
Elastic 1,2,3		56,400		3,147,684
Everbridge 2		60,000		6,381,600
j2 Global 1,2		25,535		1,911,295
Manhattan Associates 1,2		145,900		7,268,738
Progress Software		9,887		316,384
RealNetworks 2		109,950		80,264
SharpSpring 2		20,000		121,200
Support.com 2		216,766		236,275
SVMK 1,2		514,600		6,952,246
TiVo 2		6,504		46,048
Upland Software 1,2,3		376,700		10,103,094
				43,927,727
Total				266,978,415
Materials – 11.2%
Chemicals - 5.7%
Chase Corporation 1		79,059		6,505,765
Element Solutions 1,2		872,800		7,296,608
FutureFuel Corporation		595,325		6,709,313
Hawkins 1		87,082		3,100,119
Huntsman Corporation		25,500		367,965
Innospec 1		96,083		6,676,808
Minerals Technologies 1		204,702		7,422,494
NewMarket Corporation		8,000		3,062,960
Quaker Chemical		170,709		21,557,133
Stepan Company		2,760		244,150
Tredegar Corporation		10,991		171,789
Trinseo		19,168		347,132
				63,462,236
Construction Materials - 0.2%
Imerys		90,000		2,264,652
U.S. Concrete 2		6,620		120,087
				2,384,739
Containers & Packaging - 0.0%
Myers Industries		36,820		395,815
UFP Technologies 2		2,860		108,938
				504,753
Metals & Mining - 4.6%
Alamos Gold Cl. A		2,091,300		10,506,282
Ferroglobe (Warranty Insurance Trust) 2,5		49,300		0
Gold Fields ADR		370,000		1,757,500
Haynes International 1		113,900		2,347,479
Hecla Mining		721,300		1,312,766
IAMGOLD Corporation 2		600,000		1,368,000
Lundin Mining		640,000		2,405,742
MAG Silver 2		198,900		1,527,552
Major Drilling Group International 2		2,217,291		4,490,357
Materion Corporation		3,794		132,828
Pan American Silver		124,627		1,785,905
Pretium Resources 2		101,000		576,302
Reliance Steel & Aluminum 1		135,000		11,824,650
Royal Gold 1		16,600		1,455,986
SunCoke Energy		58,573		225,506
Synalloy Corporation 1,2		178,800		1,560,924
VanEck Vectors Junior Gold Miners ETF		183,000		5,142,300
Warrior Met Coal		44,383		471,347
Worthington Industries 1		80,400		2,110,500
				51,001,926
Paper & Forest Products - 0.7%
Boise Cascade		29,893		710,856
Mercer International		91,912		665,443
Neenah 1		16,700		720,271
Schweitzer-Mauduit International		31,274		870,043
Stella-Jones		221,758		4,831,308
				7,797,921
Total				125,151,575
Real Estate – 4.5%
Equity Real Estate Investment Trusts (REITs) - 0.0%
New York REIT 2,5		15,000		192,000
Real Estate Management & Development - 4.5%
Colliers International Group		15,000		720,150
FirstService Corporation		190,950		14,726,064
FRP Holdings 1,2		153,158		6,585,794
Jones Lang LaSalle		13,613		1,374,641
Kennedy-Wilson Holdings 1		427,850		5,741,747
Marcus & Millichap 1,2		275,083		7,454,749
RMR Group (The) Cl. A 1		80,100		2,160,297
St. Joe Company (The) 1,2		197,000		3,305,660
Tejon Ranch 1,2		557,136		7,833,332
				49,902,434
Total				50,094,434
Utilities – 0.1%
Gas Utilities - 0.0%
UGI Corporation 1		7,000		186,690
Water Utilities - 0.1%
American States Water		11,689		955,459
Total				1,142,149
TOTAL COMMON STOCKS
(Cost $1,284,404,331)				1,175,979,955
WARRANTS – 0.0%
Industrials – 0.0%
Construction & Engineering - 0.0%
Infrastructure and Energy Alternatives
(Warrants) 2		625,000		37,500
Total				37,500
Information Technology – 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
eMagin Corporation (Warrants) 2,5		50,000		0
Total				0
TOTAL WARRANTS
(Cost $470,283)				37,500
REPURCHASE AGREEMENT – 1.0%
Fixed Income Clearing Corporation,
0.00% dated 3/31/20, due 4/1/20,
maturity value $11,438,000 (collateralized
by obligations of various U.S. Government
Agencies, 1.375% due 10/15/22, valued at $11,669,634)
(Cost $11,438,000)				11,438,000
TOTAL INVESTMENTS – 106.1%
(Cost $1,296,312,614)				1,187,455,455
LIABILITIES LESS CASH
AND OTHER ASSETS – (6.1)%				(68,230,623	)
NET ASSETS – 100.0%			$	1,119,224,832

ADR – American Depository Receipt  

¹ All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at March 31, 2020. Total market value of pledged securities at March 31, 2020, was $170,309,806.

² Non-income producing.

³ At March 31, 2020, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $66,497,241.

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

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,297,807,650. At March 31, 2020, net unrealized depreciation for all securities was $110,352,195, consisting of aggregate gross unrealized appreciation of $226,334,639 and aggregate gross unrealized depreciation of $336,686,834. 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 March 31, 2020. 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		$1,122,806,597		$52,238,358		$935,000		$1,175,979,955
Warrants		37,500		–		0		37,500
Repurchase Agreement		–		11,438,000		–		11,438,000

Level 3 Reconciliation:

Balance as of

Realized

Unrealized

Balance as of

12/31/19

Purchases

Sales

Gain (Loss)

Gain (Loss)

3/31/20

Common Stocks

$1,085,100

$–

$1,500

$–

$(148,600

)

$935,000

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).

						Impact to
						Valuation
	Fair Value at			Unobservable	Range	From an Increase
	3/31/20		Valuation Technique(s)	Input(s)	Average	in Input1
			Discounted Present Value	Liquidity
Waterloo Investment Holdings		$743,000	Balance Sheet Analysis	Discount	30%-40%	Decrease
			Guidance from Options Clearing Authorities	Liquidity
New York REIT		192,000	Balance Sheet Analysis	Discount	15%-25%	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 March 31, 2020 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). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed by the Fund under the credit agreement. The credit agreement has a 179-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. BNPPI may also terminate the credit agreement upon sixty (60) calendar days’ prior written notice to the Fund in the event the Fund’s net asset value per share as of the close of business on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund’s net asset value per share as of the close of business on the last business day of the immediately preceding calendar month. 

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.

The Fund and BNPPI have agreed that the current maximum amount the Fund may borrow under the credit agreement is $70,000,000. The Fund has the right to reduce the maximum amount it can borrow under the credit agreement upon one (1) business day’s prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit agreement, which amount may not exceed $150,000,000.

As of March 31, 2020, the Fund has outstanding borrowings of $70,000,000. During the three months ended March 31, 2020, the Fund borrowed an average daily balance of $70,000,000. As of March 31, 2020 the aggregate value of rehypothecated securities was $66,497,241.

Transactions in Affiliated Companies:

An “Affiliated Company” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the three months ended March 31, 2020:

										Change in Net
		Market						Realized		Unrealized							Market
	Shares	Value		Costs of		Proceeds		Gain		Appreciation			Dividend		Shares		Value
Affiliated Company	12/31/19	12/31/19		Purchases		from Sales		(Loss)		(Depreciation)			Income		3/31/20		3/31/20
Industrials - 0.2%
Trading Companies & Distributors - 0.2%
Houston Wire & Cable 1,2	877,363	$	3,869,171	$	–	$	–	$	–	$	(1,947,746	)	$	–		877,363	$	1,921,425
			3,869,171						–		(1,947,746	)		–				1,921,425
Information Technology - 0.2%
Electronic Equipment, Instruments & Components - 0.2%
Richardson Electronics 1	711,475		4,005,604		–		–		–		(1,280,655	)		42,689		711,475		2,724,949
			4,005,604						–		(1,280,655	)		42,689				2,724,949
		$	7,874,775					$	–	$	(3,228,401	)	$	42,689			$	4,646,374

¹ At March 31, 2020, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as   that term is defined in the Investment Company Act of 1940.

² Non-income producing.

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