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    NPORT-P
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      ROYCE FUND
      811-03599
      0000709364
      2549002ZQ3R56YQP4I31
      745 FIFTH AVENUE
      NEW YORK
      
      10151
      212-508-4500
      Royce Total Return Fund
      S000009510
      254900UK8XGKXK2Y4H10
      2022-12-31
      2022-03-31
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      4427395.86
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      0.00000000
      0.00000000
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      0.00000000
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      0.00000000
      0.00000000
      114573.11000000
      N
      
        
          
          
          
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Kulicke & Soffa Industries Inc
        529900H6BEIRBF429744
        Kulicke & Soffa Industries Inc
        501242101
        
          
        
        202784.00000000
        NS
        USD
        11359959.68000000
        0.944796245723
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Oceaneering International Inc
        549300L6PH74701W0R30
        Oceaneering International Inc
        675232102
        
          
        
        231433.00000000
        NS
        USD
        3508524.28000000
        0.291800381440
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERISAFE Inc
        2549002B4EXPBLGMNN22
        AMERISAFE Inc
        03071H100
        
          
        
        253460.00000000
        NS
        USD
        12589358.20000000
        1.047044065162
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Global Industrial Co
        N/A
        Global Industrial Co
        37892E102
        
          
        
        311339.00000000
        NS
        USD
        10034455.97000000
        0.834555455775
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pason Systems Inc
        984500DC6T2FLR969F65
        Pason Systems Inc
        702925108
        
          
        
        1931576.00000000
        NS
        
        23655104.24000000
        1.967370862899
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Cushman & Wakefield PLC
        N/A
        Cushman & Wakefield PLC
        000000000
        
          
        
        813244.00000000
        NS
        USD
        16679634.44000000
        1.387228163027
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        nVent Electric PLC
        N/A
        nVent Electric PLC
        000000000
        
          
        
        430434.00000000
        NS
        USD
        14970494.52000000
        1.245080741265
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Artisan Partners Asset Management Inc
        549300T1FUI6JF63XU51
        Artisan Partners Asset Management Inc
        04316A108
        
          
        
        255903.00000000
        NS
        USD
        10069783.05000000
        0.837493572942
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CDK Global Inc
        5493000L10CYRTHIJ385
        CDK Global Inc
        12508E101
        
          
        
        422530.00000000
        NS
        USD
        20568760.40000000
        1.710682797520
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trean Insurance Group Inc
        N/A
        Trean Insurance Group Inc
        89457R101
        
          
        
        3614889.00000000
        NS
        USD
        16953829.41000000
        1.410032678672
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KBR Inc
        254900OFQDXZRKRCV808
        KBR Inc
        48242W106
        
          
        
        331054.00000000
        NS
        USD
        18118585.42000000
        1.506904246568
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Financial Corp
        549300B6VEZK3N0A1P55
        First American Financial Corp
        31847R102
        
          
        
        163745.00000000
        NS
        USD
        10613950.90000000
        0.882751457319
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TMX Group Ltd
        549300N65GFVKSHGJW59
        TMX Group Ltd
        87262K105
        
          
        
        116004.00000000
        NS
        
        11931203.71000000
        0.992306028340
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Franchise Group Inc
        549300MWCHSL8BSOMV77
        Franchise Group Inc
        35180X105
        
          
        
        524401.00000000
        NS
        USD
        21725933.43000000
        1.806923696713
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Applied Industrial Technologies Inc
        549300NU173IJRC6PO38
        Applied Industrial Technologies Inc
        03820C105
        
          
        
        207160.00000000
        NS
        USD
        21267045.60000000
        1.768758464511
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Consensus Cloud Solutions Inc
        N/A
        Consensus Cloud Solutions Inc
        20848V105
        
          
        
        98500.00000000
        NS
        USD
        5922805.00000000
        0.492593643444
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Levi Strauss & Co
        MB0UERO0RDFKU8258G77
        Levi Strauss & Co
        52736R102
        
          
        
        807547.00000000
        NS
        USD
        15957128.72000000
        1.327138100122
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Graphic Packaging Holding Co
        N/A
        Graphic Packaging Holding Co
        388689101
        
          
        
        1171060.00000000
        NS
        USD
        23468042.40000000
        1.951813120695
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Triumph Bancorp Inc
        5493003RNRMEVYDZ1Q52
        Triumph Bancorp Inc
        89679E300
        
          
        
        81992.00000000
        NS
        USD
        7708887.84000000
        0.641140329288
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Loomis AB
        213800NS2XXVRYS7WP40
        Loomis AB
        000000000
        
          
        
        95176.00000000
        NS
        
        2602297.81000000
        0.216430451374
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Lincoln Electric Holdings Inc
        BIMGBY40SIN95O01BN93
        Lincoln Electric Holdings Inc
        533900106
        
          
        
        79666.00000000
        NS
        USD
        10978771.46000000
        0.913093210737
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        James River Group Holdings Ltd
        N/A
        James River Group Holdings Ltd
        000000000
        
          
        
        199003.00000000
        NS
        USD
        4923334.22000000
        0.409468679337
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Vontier Corp
        549300VVSQLG4P5K4639
        Vontier Corp
        928881101
        
          
        
        1419853.00000000
        NS
        USD
        36050067.67000000
        2.998247313558
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JOANN Inc
        N/A
        JOANN Inc
        47768J101
        
          
        
        505000.00000000
        NS
        USD
        5762050.00000000
        0.479223814258
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kennedy-Wilson Holdings Inc
        549300MOI1T78144X610
        Kennedy-Wilson Holdings Inc
        489398107
        
          
        
        873197.00000000
        NS
        USD
        21297274.83000000
        1.771272598700
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Hawaiian Inc
        5493002DJSH46F5OLV06
        First Hawaiian Inc
        32051X108
        
          
        
        347961.00000000
        NS
        USD
        9704632.29000000
        0.807124357127
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barrett Business Services Inc
        529900HXB6TMG0SR9Y34
        Barrett Business Services Inc
        068463108
        
          
        
        198127.00000000
        NS
        USD
        15348898.69000000
        1.276552229655
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ChampionX Corp
        549300EP2909K6DYYP38
        ChampionX Corp
        15872M104
        
          
        
        472637.00000000
        NS
        USD
        11570153.76000000
        0.962277872705
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Alliance Bancorp
        5493003VJXZ5JXT9S762
        Western Alliance Bancorp
        957638109
        
          
        
        62300.00000000
        NS
        USD
        5159686.00000000
        0.429125815516
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ralph Lauren Corp
        HO1QNWM0IXBZ0QSMMO20
        Ralph Lauren Corp
        751212101
        
          
        
        125145.00000000
        NS
        USD
        14196448.80000000
        1.180704149193
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Origin Bancorp Inc
        54930055DO2Z4KO3NB45
        Origin Bancorp Inc
        68621T102
        
          
        
        358728.00000000
        NS
        USD
        15170607.12000000
        1.261723901850
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fixed Income Clearing Corp
        549300H47WTHXPU08X20
        FIXED INC CLEARING CORP.REPO
        000000000
        
          
        
        34640241.34000000
        PA
        USD
        34640241.34000000
        2.880993497415
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
          N
          0.00000000
          2022-04-01
          
            
              30732200.00000000
              USD
              35333106.09000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        UMB Financial Corp
        549300MGEH3N3CUCV828
        UMB Financial Corp
        902788108
        
          
        
        112270.00000000
        NS
        USD
        10908153.20000000
        0.907219962169
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cactus Inc
        549300J3T8C9F8QFKV08
        Cactus Inc
        127203107
        
          
        
        170659.00000000
        NS
        USD
        9683191.66000000
        0.805341161825
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International General Insurance Holdings Ltd
        N/A
        International General Insurance Holdings Ltd
        000000000
        
          
        
        1851697.00000000
        NS
        USD
        14295100.84000000
        1.188908938615
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Crane Co
        549300X1RO9ID7AUCA83
        Crane Co
        224399105
        
          
        
        112439.00000000
        NS
        USD
        12174894.92000000
        1.012573577417
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ESC GCB UNIT CORP
        N/A
        ESC GCB UNIT CORP
        909ESCAA3
        
          
        
        4269155.00000000
        PA
        USD
        0.00000000
        0.000000
        Long
        DBT
        CORP
        US
        N
        
        3
        
          2049-05-15
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Teradata Corp
        549300JU9SOUHV4U4R71
        Teradata Corp
        88076W103
        
          
        
        459667.00000000
        NS
        USD
        22656986.43000000
        1.884358423926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BankUnited Inc
        96OVUWEW5D4YX6PFXD91
        BankUnited Inc
        06652K103
        
          
        
        380547.00000000
        NS
        USD
        16728846.12000000
        1.391321048197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Helmerich & Payne Inc
        254900NAOGHJ88RZ4C73
        Helmerich & Payne Inc
        423452101
        
          
        
        84373.00000000
        NS
        USD
        3609476.94000000
        0.300196511079
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Denny's Corp
        54930037V56XOULXM917
        Denny's Corp
        24869P104
        
          
        
        1098695.00000000
        NS
        USD
        15722325.45000000
        1.307609751938
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        World Wrestling Entertainment Inc
        549300WZVLSCS3L4L698
        World Wrestling Entertainment Inc
        98156Q108
        
          
        
        240348.00000000
        NS
        USD
        15007329.12000000
        1.248144237331
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Compass Diversified Holdings
        5299001SM1LBYANJRR58
        Compass Diversified Holdings
        20451Q104
        
          
        
        1064512.00000000
        NS
        USD
        25303450.24000000
        2.104462116418
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BOK Financial Corp
        GRI2NT5QHYW751NMR949
        BOK Financial Corp
        05561Q201
        
          
        
        140901.00000000
        NS
        USD
        13237648.95000000
        1.100961744801
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simpson Manufacturing Co Inc
        529900EJUNNL15LZ8056
        Simpson Manufacturing Co Inc
        829073105
        
          
        
        64000.00000000
        NS
        USD
        6978560.00000000
        0.580399708650
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axis Capital Holdings Ltd
        N/A
        Axis Capital Holdings Ltd
        000000000
        
          
        
        407197.00000000
        NS
        USD
        24623202.59000000
        2.047886614040
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        II-VI INC
        549300O5C25A0MMHHU33
        II-VI Inc
        902104306
        
          
        
        80724.00000000
        NS
        USD
        23824074.12000000
        1.981423915266
        Long
        EP
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deluxe Corp
        KWGNKB8TX9LE5TV29231
        Deluxe Corp
        248019101
        
          
        
        447073.00000000
        NS
        USD
        13519487.52000000
        1.124401970852
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carlisle Cos Inc
        XR64VGX1ZPX6G7ZN7Z11
        Carlisle Cos Inc
        142339100
        
          
        
        37194.00000000
        NS
        USD
        9146748.48000000
        0.760725730364
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Citizens BancShares Inc/NC
        549300N3Z00ZHE2XC526
        First Citizens BancShares Inc/NC
        31946M103
        
          
        
        12082.00000000
        NS
        USD
        8041779.20000000
        0.668826563748
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Douglas Dynamics Inc
        529900CDFLKNQ0QT6580
        Douglas Dynamics Inc
        25960R105
        
          
        
        527879.00000000
        NS
        USD
        18259334.61000000
        1.518610212966
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home BancShares Inc/AR
        N/A
        Home BancShares Inc/AR
        436893200
        
          
        
        828867.00000000
        NS
        USD
        18732394.20000000
        1.557954095975
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PC Connection Inc
        5299005WPRNIXDV2KM73
        PC Connection Inc
        69318J100
        
          
        
        192334.00000000
        NS
        USD
        10076378.26000000
        0.838042089823
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Towne Bank/Portsmouth VA
        54930039UO39UJGI7078
        Towne Bank/Portsmouth VA
        89214P109
        
          
        
        252048.00000000
        NS
        USD
        7546317.12000000
        0.627619488523
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Independent Bank Group Inc
        N/A
        Independent Bank Group Inc
        45384B106
        
          
        
        278599.00000000
        NS
        USD
        19825104.84000000
        1.648833724021
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Innospec Inc
        213800SQBACNY5IWJO68
        Innospec Inc
        45768S105
        
          
        
        135357.00000000
        NS
        USD
        12527290.35000000
        1.041881945461
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stewart Information Services Corp
        529900TV1XI0PLKENU10
        Stewart Information Services Corp
        860372101
        
          
        
        231504.00000000
        NS
        USD
        14031457.44000000
        1.166981986272
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Silgan Holdings Inc
        KAF673KJXD92C8KSLU49
        Silgan Holdings Inc
        827048109
        
          
        
        500871.00000000
        NS
        USD
        23155266.33000000
        1.925799854362
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortune Brands Home & Security Inc
        54930032LHW54PQUJD44
        Fortune Brands Home & Security Inc
        34964C106
        
          
        
        156967.00000000
        NS
        USD
        11659508.76000000
        0.969709436805
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ziff Davis Inc
        5493008OJYGLHD7MXA18
        Ziff Davis Inc
        48123V102
        
          
        
        77820.00000000
        NS
        USD
        7531419.60000000
        0.626380476998
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Patterson Cos Inc
        YM48Q2087CUE26GWEK09
        Patterson Cos Inc
        703395103
        
          
        
        298291.00000000
        NS
        USD
        9655679.67000000
        0.803053017713
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Preferred Bank/Los Angeles CA
        5493007K6HGI9G0ECX16
        Preferred Bank/Los Angeles CA
        740367404
        
          
        
        58816.00000000
        NS
        USD
        4357677.44000000
        0.362423582597
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HBT Financial Inc
        549300NTXD4Q6UK5BY66
        HBT Financial Inc
        404111106
        
          
        
        432472.00000000
        NS
        USD
        7862340.96000000
        0.653902868571
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Spectrum Brands Holdings Inc
        549300JM0MJETDD30O20
        Spectrum Brands Holdings Inc
        84790A105
        
          
        
        206984.00000000
        NS
        USD
        18363620.48000000
        1.527283562276
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriMas Corp
        75G1WUQ8QK4P5MZOYD78
        TriMas Corp
        896215209
        
          
        
        356840.00000000
        NS
        USD
        11450995.60000000
        0.952367610223
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avnet Inc
        XJI53DCPL7QABOWK4Z75
        Avnet Inc
        053807103
        
          
        
        140509.00000000
        NS
        USD
        5703260.31000000
        0.474334335777
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UFP Industries Inc
        5493007KB485C9OV5572
        UFP Industries Inc
        90278Q108
        
          
        
        206999.00000000
        NS
        USD
        15972042.84000000
        1.328378492252
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GrafTech International Ltd
        549300GY32W00XP57351
        GrafTech International Ltd
        384313508
        
          
        
        1961721.00000000
        NS
        USD
        18871756.02000000
        1.569544676227
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MKS Instruments Inc
        549300KEQATBHAGVF505
        MKS Instruments Inc
        55306N104
        
          
        
        58205.00000000
        NS
        USD
        8730750.00000000
        0.726127561603
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QCR Holdings Inc
        549300MWKWM7KWJVQO33
        QCR Holdings Inc
        74727A104
        
          
        
        168783.00000000
        NS
        USD
        9551429.97000000
        0.794382676624
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hackett Group Inc/The
        5K016KLIRB6156644289
        Hackett Group Inc/The
        404609109
        
          
        
        688755.00000000
        NS
        USD
        15882690.30000000
        1.320947132747
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Bancshares Inc/The
        5493006DL5RXJODMAF36
        First Bancshares Inc/The
        318916103
        
          
        
        346809.00000000
        NS
        USD
        11673590.94000000
        0.970880637335
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MSC Industrial Direct Co Inc
        0XVKH0LN6YGOWO2EGO17
        MSC Industrial Direct Co Inc
        553530106
        
          
        
        208510.00000000
        NS
        USD
        17767137.10000000
        1.477674648694
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EVERTEC Inc
        N/A
        EVERTEC Inc
        30040P103
        
          
        
        244189.00000000
        NS
        USD
        9994655.77000000
        0.831245313785
        Long
        EC
        CORP
        PR
        N
        
        1
        
          N
          N
          N
        
      
      
        Moelis & Co
        549300891QNU7VTQUR83
        Moelis & Co
        60786M105
        
          
        
        207037.00000000
        NS
        USD
        9720387.15000000
        0.808434672745
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Minerals Technologies Inc
        549300D3I1QU67GP6403
        Minerals Technologies Inc
        603158106
        
          
        
        340380.00000000
        NS
        USD
        22516137.00000000
        1.872644120669
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthcare Services Group Inc
        529900GVZ1D2FBYMS719
        Healthcare Services Group Inc
        421906108
        
          
        
        685475.00000000
        NS
        USD
        12729270.75000000
        1.058680449066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Valley National Bancorp
        549300ET52S1UBIB9762
        Valley National Bancorp
        919794107
        
          
        
        1163221.00000000
        NS
        USD
        15145137.42000000
        1.259605612911
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ProAssurance Corp
        54930015E5J57R675E89
        ProAssurance Corp
        74267C106
        
          
        
        652765.00000000
        NS
        USD
        17546323.20000000
        1.459309782128
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of NT Butterfield & Son Ltd/The
        549300V8RVM0EMTDPF28
        Bank of NT Butterfield & Son Ltd/The
        000000000
        
          
        
        551423.00000000
        NS
        USD
        19785057.24000000
        1.645503006025
        Long
        EC
        CORP
        BM
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Republic International Corp
        549300IV6O2YY2A1KH37
        Old Republic International Corp
        680223104
        
          
        
        228728.00000000
        NS
        USD
        5917193.36000000
        0.492126929076
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Element Solutions Inc
        549300FLGN6P5CU20J91
        Element Solutions Inc
        28618M106
        
          
        
        1124566.00000000
        NS
        USD
        24627995.40000000
        2.048285227154
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Reynolds Consumer Products Inc
        N/A
        Reynolds Consumer Products Inc
        76171L106
        
          
        
        316022.00000000
        NS
        USD
        9272085.48000000
        0.771149880659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RenaissanceRe Holdings Ltd
        EK6GB9U3U58PDI411C94
        RenaissanceRe Holdings Ltd
        000000000
        
          
        
        154991.00000000
        NS
        USD
        24567623.41000000
        2.043264150398
        Long
        EC
        CORP
        BM
        N
        
        1
        
          N
          N
          N
        
      
      
        Timken Co/The
        B0I35MLPFXZSE70ASS73
        Timken Co/The
        887389104
        
          
        
        359313.00000000
        NS
        USD
        21810299.10000000
        1.813940303332
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
      
    
    
      2022-04-26
      ROYCE FUND
      John Schwartz
      John Schwartz
      Associate General Counsel
    
  
  XXXX

SCHEDULES OF INVESTMENTS

ROYCE DIVIDEND VALUE FUND

MARCH 31, 2022 (UNAUDITED)

	SHARES		VALUE

COMMON STOCKS – 93.6%

Consumer Discretionary – 3.8%
Auto Components - 0.4%
Nokian Renkaat ¹		18,000	$	291,561
Household Durables - 0.7%
PulteGroup		10,900		456,710
Specialty Retail - 2.7%
Rent-A-Center		36,466		918,578
USS ¹		56,000		941,912
				1,860,490
Total				2,608,761

Energy – 1.3%
Oil, Gas & Consumable Fuels - 1.3%
Gaztransport Et Technigaz ¹		7,800		873,927
Total				873,927

Financials – 28.4%
Banks - 4.2%
BOK Financial		15,414		1,448,145
Triumph Bancorp ²		15,750		1,480,815
				2,928,960
Capital Markets - 24.2%
Ashmore Group ¹		244,300		741,645
B3-Brasil, Bolsa, Balcao		336,600		1,110,677
Bolsa Mexicana de Valores		444,000		942,914
Carlyle Group		60,820		2,974,706
Coronation Fund Managers ¹		153,700		486,486
Evercore Cl. A		13,500		1,502,820
Jupiter Fund Management ¹		225,700		610,408
KKR & Co.		14,738		861,731
Moelis & Company Cl. A		19,359		908,905
SEI Investments		37,900		2,281,959
Sprott		58,860		2,951,122
State Street		16,800		1,463,616
				16,836,989
Total				19,765,949

Health Care – 3.1%
Health Care Providers & Services - 0.8%
Ensign Group (The)		5,951		535,650
Pharmaceuticals - 2.3%
Recordati Industria Chimica e Farmaceutica ¹		24,210		1,217,095
Santen Pharmaceutical ¹		41,600		416,436
				1,633,531
Total				2,169,181

Industrials – 37.9%
Aerospace & Defense - 4.3%
HEICO Corporation Cl. A		23,259		2,949,939
Building Products - 0.7%
Geberit ¹		800		492,487
Commercial Services & Supplies - 0.4%
Healthcare Services Group		15,700		291,549
Construction & Engineering - 1.2%
Comfort Systems USA		8,959		797,441
Electrical Equipment - 2.8%
Hubbell Incorporated		10,362		1,904,225
Machinery - 11.6%
Graco		25,224		1,758,617
Lincoln Electric Holdings		10,022		1,381,132
Lindsay Corporation		17,400		2,731,974
Spirax-Sarco Engineering ¹		13,478		2,208,675
				8,080,398
Marine - 2.4%
Clarkson ¹		35,040		1,691,575
Professional Services - 9.4%
KBR		64,590		3,535,011
Korn Ferry		10,023		650,893
ManpowerGroup		19,300		1,812,656
Robert Half International		4,794		547,379
				6,545,939
Road & Rail - 0.5%
Werner Enterprises		8,643		354,363
Trading Companies & Distributors - 4.6%
Applied Industrial Technologies		31,294		3,212,642
Total				26,320,558

Information Technology – 1.6%
Electronic Equipment, Instruments & Components - 1.2%
Vishay Intertechnology		42,497		832,941
Software - 0.4%
SimCorp ¹		4,200		305,905
Total				1,138,846

Materials – 17.5%
Chemicals - 1.5%
Quaker Chemical		6,122		1,057,943
Containers & Packaging - 3.4%
AptarGroup		20,396		2,396,530
Metals & Mining - 12.6%
Franco-Nevada		18,335		2,924,799
Reliance Steel & Aluminum		10,288		1,886,305
Royal Gold		11,600		1,638,848
Worthington Industries		44,460		2,285,688
				8,735,640
Total				12,190,113

TOTAL COMMON STOCKS
(Cost $25,780,668)				65,067,335

REPURCHASE AGREEMENT – 3.1%
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $2,133,469 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $2,176,170) (Cost $2,133,469)				2,133,469

TOTAL INVESTMENTS – 96.7%
(Cost $27,914,137)		67,200,804

CASH AND OTHER ASSETS LESS LIABILITIES – 3.3%		2,301,380

NET ASSETS – 100.0%	$	69,502,184

SCHEDULES OF INVESTMENTS

ROYCE GLOBAL FINANCIAL SERVICES FUND

MARCH 31, 2022 (UNAUDITED)

	SHARES		VALUE

COMMON STOCKS – 99.3%

Banks - 16.9%
BOK Financial		10,450	$	981,777
Cadence Bank		11,120		325,371
Capital City Bank Group		16,988		447,804
First Citizens BancShares Cl. A		1,828		1,216,717
First Republic Bank		2,599		421,298
Popular		20,063		1,639,950
TriState Capital Holdings ²		11,600		385,468
Umpqua Holdings		17,400		328,164
Total				5,746,549

Capital Markets - 52.9%
Ares Management Cl. A		14,986		1,217,313
B3-Brasil, Bolsa, Balcao		183,000		603,844
Canaccord Genuity Group		113,715		1,123,369
Carlyle Group		22,300		1,090,693
Charles Schwab		14,671		1,236,912
Coronation Fund Managers ¹		61,200		193,708
CRISIL ¹		14,000		593,714
Egyptian Financial Group-Hermes Holding Company ^1,2		184,791		178,827
Hellenic Exchanges - Athens Stock Exchange ¹		50,000		203,476
Insignia Financial ¹		55,000		149,829
Intermediate Capital Group ¹		39,111		908,959
JSE ¹		51,000		390,878
Jupiter Fund Management ¹		106,900		289,112
KKR & Co.		19,120		1,117,946
MarketAxess Holdings		1,581		537,856
MarketWise Cl. A ²		88,300		416,776
NZX ¹		580,000		572,347
RF Capital Group ²		10,800		149,454
Rothschild & Co ¹		13,900		548,018
SEI Investments		7,950		478,670
Silvercrest Asset Management Group Cl. A		27,612		564,665
Sprott		40,500		2,030,588
StoneX Group ²		9,846		730,869
Tel Aviv Stock Exchange ¹		273,000		1,397,536
U.S. Global Investors Cl. A		165,500		860,600
Warsaw Stock Exchange ¹		23,169		224,801
Westaim Corporation (The) ²		105,000		198,216
Total				18,008,976

Closed-End Funds - 1.0%
Eagle Point Income		19,341		325,896
Total				325,896

Diversified Financial Services - 2.4%
Banco Latinoamericano de Comercio Exterior Cl. E		25,700		400,406
ECN Capital		75,000		400,152
Total				800,558

Electronic Equipment, Instruments & Components - 1.4%
Vontier Corporation	18,600		472,254
Total			472,254

Insurance - 6.4%
Axis Capital Holdings	11,554		698,671
E-L Financial	1,638		1,156,944
James River Group Holdings	13,700		338,938
Total			2,194,553

IT Services - 1.2%
PayPal Holdings ²	3,466		400,843
Total			400,843

Metals & Mining - 4.5%
Franco-Nevada	9,523		1,519,109
Total			1,519,109

Professional Services - 0.4%
Quess Corp ¹	17,756		153,288
Total			153,288

Real Estate Management & Development - 7.7%
Altus Group	23,760		959,789
FirstService Corporation	8,379		1,213,949
FRP Holdings ²	7,957		459,915
Total			2,633,653

Software - 3.3%
Benefitfocus ²	10,600		133,772
Bottomline Technologies ²	9,800		555,464
Envestnet ²	6,000		446,640
Total			1,135,876

Thrifts & Mortgage Finance - 1.2%
Provident Bancorp	25,000		405,500
Total			405,500

TOTAL COMMON STOCKS
(Cost $18,119,357)			33,797,055

REPURCHASE AGREEMENT – 0.7%
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $216,043 (collateralized by obligations of various U.S. Government Agencies, 0.375% due 9/15/24, valued at $220,443)
(Cost $216,043)			216,043

TOTAL INVESTMENTS – 100.0%
(Cost $18,335,400)			34,013,098

CASH AND OTHER ASSETS LESS LIABILITIES – 0.0%			15,211

NET ASSETS – 100.0%		$	34,028,309

SCHEDULES OF INVESTMENTS

ROYCE INTERNATIONAL PREMIER FUND

MARCH 31, 2022 (UNAUDITED)

	SHARES		VALUE

COMMON STOCKS – 93.0%

Australia – 10.1%
Bravura Solutions ^1,3		16,315,230	$	21,591,972
Cochlear ¹		64,300		10,712,308
Hansen Technologies ¹		8,522,446		36,574,603
IPH ¹		6,514,319		38,468,913
Total				107,347,796

Brazil – 2.8%
Odontoprev		7,731,500		20,363,788
TOTVS		1,282,900		9,802,859
Total				30,166,647

Canada – 5.0%
Altus Group		331,400		13,386,954
Enghouse Systems		630,400		19,928,335
LifeWorks		1,124,500		19,447,018
Total				52,762,307

Denmark – 2.8%
Chr. Hansen Holding ¹		245,700		18,055,705
SimCorp ¹		159,300		11,602,532
Total				29,658,237

Germany – 4.7%
Amadeus Fire ¹		62,798		10,027,209
New Work ¹		116,944		23,918,528
Norma Group ¹		542,600		15,606,363
Total				49,552,100

Iceland – 2.9%
Marel ¹		3,045,870		17,908,708
Ossur ^1,2		2,309,266		13,478,449
Total				31,387,157

India – 1.3%
AIA Engineering ¹		626,411		13,350,939
Total				13,350,939

Italy – 5.6%
Carel Industries ¹		556,148		14,198,974
DiaSorin ¹		148,463		23,246,617
GVS ¹		2,482,312		22,518,376
Total				59,963,967

Japan – 17.0%
As One ¹		299,100		17,652,430
BML ¹		737,100		18,606,668
Daifuku ¹		133,100		9,508,310
Fukui Computer Holdings ¹		744,000		19,746,980
JCU ¹		342,400		11,556,873
Meitec Corporation ¹		368,000		19,985,507
NSD ¹		788,700		14,089,769
OBIC Business Consultants ¹		700,300		24,344,827
TKC Corporation ¹		1,209,300		32,871,822
USS ¹		770,600		12,961,378
Total				181,324,564

Netherlands – 1.4%
IMCD ¹		90,900		15,455,513
Total				15,455,513

New Zealand – 1.0%
Fisher & Paykel Healthcare ¹		605,000		10,166,062
Total				10,166,062

Poland – 1.5%
Asseco Poland ¹		848,400		16,242,029
Total				16,242,029

Singapore – 1.4%
XP Power ¹		319,640		14,515,839
Total				14,515,839

South Korea – 3.7%
Douzone Bizon ¹		327,700		12,493,344
NICE Information Service ¹		1,658,400		26,868,987
Total				39,362,331

Sweden – 9.3%
Alimak Group ¹		1,756,300		19,672,232
Bravida Holding ¹		1,246,828		14,328,440
Hexpol ¹		1,152,200		11,227,611
Karnov Group ¹		3,242,913		20,566,481
Lagercrantz Group ¹		449,095		5,078,843
Loomis ¹		1,010,200		27,620,842
Total				98,494,449

Switzerland – 6.6%
dormakaba Holding ¹		26,600		13,623,626
Kardex Holding ¹		68,700		15,724,989
LEM Holding ¹		5,600		13,535,764
Partners Group Holding ¹		10,400		12,920,618
VZ Holding ¹		155,385		14,696,624
Total				70,501,621

United Kingdom – 15.9%
Ashmore Group ¹		4,550,650		13,814,849
Croda International ¹		162,600		16,710,733
Diploma ¹		309,798		10,653,635
DiscoverIE Group ¹		1,774,200		18,246,412
Learning Technologies Group ¹		10,196,000		21,686,380
Marlowe ^1,2		1,827,045		21,562,241
Restore ¹		3,966,539		23,885,277
Spirax-Sarco Engineering ¹		119,700		19,615,552
Victrex ¹		958,845		22,927,456
Total				169,102,535

TOTAL COMMON STOCKS
(Cost $943,282,760)				989,354,093

PREFERRED STOCK– 2.1%
Germany – 2.1%
FUCHS PETROLUB ¹		616,800		22,407,219

(Cost $27,816,511)		22,407,219

REPURCHASE AGREEMENT – 4.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $46,945,174 (collateralized by obligations of various U.S. Government Agencies, 0.375% due 9/15/24, valued at $47,884,128)
(Cost $46,945,174)		46,945,174

TOTAL INVESTMENTS – 99.5%
(Cost $1,018,044,445)		1,058,706,486

CASH AND OTHER ASSETS LESS LIABILITIES – 0.5%		4,843,838

NET ASSETS – 100.0%	$	1,063,550,324

SCHEDULES OF INVESTMENTS

ROYCE MICRO-CAP FUND

MARCH 31, 2022 (UNAUDITED)

	SHARES		VALUE

COMMON STOCKS – 96.8%

Communication Services – 3.9%
Entertainment - 1.8%
Chicken Soup for the Soul Entertainment Cl. A ²		212,621	$	1,698,842
Gaia Cl. A ²		348,700		1,715,604
IMAX Corporation ²		169,200		3,202,956
				6,617,402
Interactive Media & Services - 1.1%
Enthusiast Gaming Holdings ²		605,100		1,461,746
QuinStreet ²		210,246		2,438,854
				3,900,600
Media - 1.0%
Magnite ^2,4		63,000		832,230
Thryv Holdings ²		97,704		2,747,436
				3,579,666
Total				14,097,668

Consumer Discretionary – 10.7%
Auto Components - 1.8%
Modine Manufacturing ²		296,500		2,671,465
Stoneridge ²		152,600		3,167,976
Unique Fabricating ²		373,951		710,507
				6,549,948
Hotels, Restaurants & Leisure - 2.1%
Century Casinos ²		346,100		4,135,895
Lindblad Expeditions Holdings ²		215,400		3,248,232
				7,384,127
Household Durables - 0.7%
Legacy Housing ²		123,473		2,649,731
Leisure Products - 0.8%
MasterCraft Boat Holdings ²		113,600		2,795,696
Specialty Retail - 3.8%
Barnes & Noble Education ²		303,400		1,086,172
Chico's FAS ²		487,500		2,340,000
Citi Trends ²		66,024		2,021,985
JOANN		98,700		1,126,167
OneWater Marine Cl. A		58,200		2,004,990
Shoe Carnival		101,822		2,969,129
Zumiez ²		54,900		2,097,729
				13,646,172
Textiles, Apparel & Luxury Goods - 1.5%
Fossil Group ²		211,900		2,042,716
Vera Bradley ²		414,400		3,178,448
				5,221,164
Total				38,246,838

Energy – 2.5%
Energy Equipment & Services - 2.5%
Natural Gas Services Group ²		323,313		3,850,658
Newpark Resources ²		881,300		3,225,558
Profire Energy ²		1,389,432		1,806,261
Total				8,882,477

Financials – 13.9%
Banks - 6.1%
Allegiance Bancshares		73,800		3,297,384
BayCom Corporation		171,342		3,730,115
Caribbean Investment Holdings ^2,5		1,858,138		646,850
HarborOne Bancorp		255,953		3,588,461
HBT Financial		195,400		3,552,372
HomeTrust Bancshares		125,600		3,708,968
Investar Holding Corporation		180,900		3,453,381
Midway Investments ^2,5		1,858,170		0
				21,977,531
Capital Markets - 5.0%
B. Riley Financial		51,700		3,616,932
Canaccord Genuity Group		345,760		3,415,699
Silvercrest Asset Management Group Cl. A		184,600		3,775,070
Sprott		78,480		3,934,829
StoneX Group ²		42,500		3,154,775
				17,897,305
Thrifts & Mortgage Finance - 2.8%
PCSB Financial		174,400		3,332,784
Territorial Bancorp		122,408		2,937,792
Western New England Bancorp		428,400		3,829,896
				10,100,472
Total				49,975,308

Health Care – 11.6%
Biotechnology - 1.7%
CareDx ²		32,200		1,191,078
Dynavax Technologies ²		198,000		2,146,320
MeiraGTx Holdings ²		198,900		2,754,765
				6,092,163
Health Care Equipment & Supplies - 6.8%
Apyx Medical ²		294,727		1,924,567
Artivion ²		149,055		3,186,796
AtriCure ²		42,800		2,810,676
Bioventus Cl. A ²		298,364		4,206,933
Cutera ²		64,400		4,443,600
OrthoPediatrics Corp. ²		53,900		2,910,061
Profound Medical ²		203,000		1,826,781
Surmodics ²		63,822		2,893,051
				24,202,465
Health Care Providers & Services - 0.6%
Sharps Compliance ²		395,000		2,330,500
Life Sciences Tools & Services - 2.5%
Harvard Bioscience ²		663,052		4,117,553
Inotiv ^2,4		89,500		2,343,110
NeoGenomics ²		43,900		533,385
Quanterix Corporation ²		61,600		1,798,104
				8,792,152
Total				41,417,280

Industrials – 23.7%
Aerospace & Defense - 2.2%
Astronics Corporation ²		237,400		3,069,582
Cadre Holdings		139,200		3,418,752
CPI Aerostructures ²		468,290		1,381,456
				7,869,790
Building Products - 0.8%
Quanex Building Products		136,400		2,863,036
Commercial Services & Supplies - 2.6%
Acme United		72,400		2,443,500
Heritage-Crystal Clean ²		124,474		3,685,675
VSE Corporation		71,000		3,272,390
				9,401,565
Construction & Engineering - 4.7%
Ameresco Cl. A ²		27,800		2,210,100
Concrete Pumping Holdings ²		260,100		1,742,670
Construction Partners Cl. A ²		128,700		3,369,366
IES Holdings ²		54,800		2,202,960
Northwest Pipe ²		144,600		3,680,070
NV5 Global ²		26,200		3,492,460
				16,697,626
Electrical Equipment - 0.6%
American Superconductor ²		243,700		1,854,557
Power Solutions International ^1,2		99,900		312,687
				2,167,244
Machinery - 5.3%
Alimak Group ¹		196,200		2,197,627
CIRCOR International ²		83,200		2,214,784
Commercial Vehicle Group ²		105,300		889,785
Graham Corporation ²		234,903		1,811,102
Luxfer Holdings		165,500		2,780,400
Porvair ¹		313,000		2,579,656
Shyft Group (The)		90,100		3,253,511
Wabash National		206,400		3,062,976
Westport Fuel Systems ²		231,300		365,454
				19,155,295
Marine - 1.0%
Clarkson ¹		78,024		3,766,651
Professional Services - 4.6%
CRA International		33,883		2,854,982
Forrester Research ²		59,900		3,379,558
Heidrick & Struggles International		80,740		3,195,689
Kforce		48,232		3,567,721
Resources Connection		198,152		3,396,325
				16,394,275
Trading Companies & Distributors - 1.9%
Lawson Products ²		71,265		2,746,553
Transcat ²		48,474		3,933,180
				6,679,733
Total				84,995,215

Information Technology – 24.6%
Communications Equipment - 3.9%
Clearfield ²		31,400		2,047,908
Comtech Telecommunications		109,202		1,713,379
Digi International ²		189,900		4,086,648
EMCORE Corporation ²		449,400		1,662,780
Genasys ²		553,301		1,521,578
Harmonic ²		306,600		2,848,314
				13,880,607
Electronic Equipment, Instruments & Components - 5.4%
Arlo Technologies ²		193,600		1,715,296
FARO Technologies ²		45,000		2,336,400
LightPath Technologies Cl. A ²		828,984		1,633,099
Luna Innovations ²		463,800		3,575,898
nLIGHT ²		117,650		2,040,051
PAR Technology ²		55,000		2,218,700
PowerFleet ²		551,219		1,637,120
VIA optronics ADR ²		132,968		1,063,744
Vishay Precision Group ²		97,100		3,121,765
				19,342,073
IT Services - 1.6%
Cass Information Systems		63,916		2,359,140
Computer Task Group ²		328,626		3,210,676
				5,569,816
Semiconductors & Semiconductor Equipment - 11.4%
Aehr Test Systems ²		186,359		1,893,407
Amtech Systems ²		146,811		1,476,919
Axcelis Technologies ²		48,900		3,693,417
AXT ²		462,100		3,243,942
Camtek ²		95,900		2,921,114
Cohu ²		94,000		2,782,400
CyberOptics Corporation ²		79,337		3,219,495
FormFactor ²		70,400		2,958,912
Ichor Holdings ²		76,700		2,732,054
Nova ²		27,700		3,015,976
NVE Corporation		44,216		2,408,446
PDF Solutions ²		110,500		3,079,635
Photronics ²		234,800		3,984,556
Ultra Clean Holdings ²		82,300		3,488,697
				40,898,970
Software - 1.1%
Agilysys ²		70,321		2,804,401
GTY Technology Holdings ²		358,803		1,158,934
				3,963,335
Technology Hardware, Storage & Peripherals - 1.2%
AstroNova ²		222,276		3,371,927
Intevac ²		180,900		967,815
				4,339,742
Total				87,994,543

Materials – 5.4%
Chemicals - 0.9%
Aspen Aerogels ²		91,700		3,161,816
Metals & Mining - 4.5%
Altius Minerals		138,500		2,669,960
Ferroglobe ²		186,100		1,432,970
Haynes International		93,130		3,967,338
Major Drilling Group International ²		515,400		5,017,332
Universal Stainless & Alloy Products ²		342,900		2,976,372
				16,063,972
Total				19,225,788

Real Estate – 0.5%
Real Estate Management & Development - 0.5%
FRP Holdings ²		29,575		1,709,435
Total				1,709,435

TOTAL COMMON STOCKS
(Cost $254,545,806)				346,544,552

REPURCHASE AGREEMENT – 3.2%
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $11,649,439 (collateralized by obligations of various U.S. Government Agencies, 0.375% due 9/15/24, valued at $11,882,508)
(Cost $11,649,439)		11,649,439

TOTAL INVESTMENTS – 100.0%
(Cost $266,195,245)		358,193,991

LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)%		(31,127	)

NET ASSETS – 100.0%	$	358,162,864

SCHEDULES OF INVESTMENTS

ROYCE OPPORTUNITY FUND

MARCH 31, 2022 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.1%

Communication Services – 2.8%
Diversified Telecommunication Services - 0.3%
Ooma ²		348,278	$	5,220,687
Entertainment - 0.4%
Marcus Corporation (The) ²		393,800		6,970,260
Interactive Media & Services - 0.9%
Cars.com ²		277,100		3,998,553
DHI Group ²		656,628		3,906,937
QuinStreet ²		627,500		7,279,000
				15,184,490
Media - 1.2%
comScore ²		1,943,562		5,655,765
Entravision Communications Cl. A		1,011,800		6,485,638
Thryv Holdings ²		283,738		7,978,713
				20,120,116
Total				47,495,553

Consumer Discretionary – 16.3%
Auto Components - 2.9%
Adient ²		79,600		3,245,292
Dana		488,353		8,580,362
Garrett Motion ²		826,385		5,941,708
Goodyear Tire & Rubber ²		336,400		4,807,156
Horizon Global ²		1,198,916		6,845,810
Modine Manufacturing ²		982,363		8,851,091
Stoneridge ²		519,880		10,792,709
				49,064,128
Diversified Consumer Services - 1.1%
Adtalem Global Education ²		147,200		4,373,312
American Public Education ²		469,400		9,970,056
Regis Corporation ²		855,427		1,813,505
Zovio ^2,4		1,580,088		1,295,830
				17,452,703
Hotels, Restaurants & Leisure - 1.1%
Carrols Restaurant Group		791,792		1,789,450
Century Casinos ²		287,694		3,437,943
Krispy Kreme		279,200		4,146,120
Noodles & Company Cl. A ²		561,254		3,350,686
Ruth’s Hospitality Group		255,310		5,841,493
				18,565,692
Household Durables - 2.5%
Beazer Homes USA ²		296,306		4,509,777
Cavco Industries ²		11,100		2,673,435
Century Communities		84,700		4,537,379
Dixie Group (The) ²		571,206		1,770,739
GoPro Cl. A ^2,4		597,800		5,099,234
LGI Homes ^2,4		33,170		3,240,046
Skyline Champion ²		102,300		5,614,224
Taylor Morrison Home ²		202,154		5,502,632
Toll Brothers		102,686		4,828,296
Tri Pointe Homes ²		227,906		4,576,352
				42,352,114

Internet & Direct Marketing Retail - 0.7%
iMedia Brands ^2,4	627,960	3,786,599
Overstock.com ²	188,700	8,303,743
		12,090,342
Multiline Retail - 0.7%
Dillard’s Cl. A	22,133	5,940,276
Nordstrom	223,200	6,050,952
		11,991,228
Specialty Retail - 5.3%
Aaron’s Company (The)	117,800	2,365,424
Asbury Automotive Group ²	53,900	8,634,780
Barnes & Noble Education ²	914,532	3,274,025
Bed Bath & Beyond ²	185,500	4,179,315
Caleres	280,700	5,425,931
Chico’s FAS ²	1,069,492	5,133,562
Conn’s ²	434,204	6,691,084
Designer Brands Cl. A ²	560,179	7,568,018
Express ²	1,027,400	3,657,544
Guess?	282,594	6,174,679
J.Jill ^2,4	312,789	4,745,009
JOANN	589,805	6,729,675
Kirkland’s ²	323,600	3,006,244
LL Flooring Holdings ²	495,500	6,946,910
Sonic Automotive Cl. A	110,800	4,710,108
Sportsman’s Warehouse Holdings ²	298,600	3,192,034
Victoria’s Secret & Co. ²	152,829	7,849,297
		90,283,639
Textiles, Apparel & Luxury Goods - 2.0%
Fossil Group ²	760,700	7,333,148
Rocky Brands	149,400	6,213,546
Skechers U.S.A. Cl. A ²	180,322	7,349,925
Unifi ²	451,900	8,179,390
Vera Bradley ²	641,602	4,921,087
		33,997,096
Total		275,796,942

Consumer Staples – 1.1%
Food Products - 0.4%
Calavo Growers	157,741	5,749,660
Household Products - 0.7%
Central Garden & Pet Cl. A ²	76,100	3,103,358
Spectrum Brands Holdings	101,500	9,005,080
		12,108,438
Personal Products - 0.0%
LifeMD ²	5,176	18,271
Total		17,876,369

Energy – 5.1%
Energy Equipment & Services - 0.9%
Archrock	445,800	4,114,734
DMC Global ²	207,600	6,331,800
Mammoth Energy Services ²	822,195	1,751,275
Ranger Energy Services Cl. A ²	268,256	2,749,624
		14,947,433
Oil, Gas & Consumable Fuels - 4.2%
Ardmore Shipping ²	1,152,593	5,186,669
Baytex Energy ^1,2	1,117,900	4,896,402
Chesapeake Energy	105,700	9,195,900
Dorian LPG	614,392	8,902,540
Earthstone Energy Cl. A ²	749,672	9,468,357
Matador Resources	172,783	9,154,043
Navigator Holdings ²	594,484	7,258,650
Northern Oil and Gas	189,600	5,344,824
Scorpio Tankers	386,500	8,263,370
Southwestern Energy ²	658,081	4,718,441
		72,389,196
Total		87,336,629

Financials – 4.9%
Banks - 2.1%
BayCom Corporation	244,959	5,332,757
First Bancshares (The)	137,200	4,618,152
First Foundation	277,600	6,742,904
Hilltop Holdings	310,008	9,114,235
Seacoast Banking Corporation of Florida	268,650	9,408,123
		35,216,171
Capital Markets - 1.0%
B. Riley Financial	167,467	11,715,991
Moelis & Company Cl. A	98,026	4,602,321
		16,318,312
Insurance - 1.1%
Brighthouse Financial ²	173,700	8,973,342
Old Republic International	275,600	7,129,772
Stewart Information Services	43,152	2,615,443
		18,718,557
Thrifts & Mortgage Finance - 0.7%
Axos Financial ²	160,300	7,436,317
Walker & Dunlop	35,688	4,618,741
		12,055,058
Total		82,308,098

Health Care – 4.8%
Biotechnology - 0.3%
Emergent BioSolutions ²	112,226	4,608,000
Health Care Equipment & Supplies - 1.3%
Accuray ²	1,523,508	5,042,811
Bioventus Cl. A ²	574,415	8,099,252
Orthofix Medical ²	101,396	3,315,649
Varex Imaging ²	263,746	5,615,152
		22,072,864
Health Care Providers & Services - 2.6%
ATI Physical Therapy Cl. A ^2,4	852,300	1,602,324
Community Health Systems ²	465,514	5,525,651
Covetrus ²	170,000	2,854,300
Cross Country Healthcare ²	441,620	9,569,905
InnovAge Holding ^2,4	363,000	2,330,460
Option Care Health ²	243,471	6,953,532
Owens & Minor	156,507	6,889,438
RadNet ²	158,700	3,550,119
Select Medical Holdings	207,400	4,975,526
		44,251,255
Life Sciences Tools & Services - 0.1%
NeoGenomics ²	194,100	2,358,315
Pharmaceuticals - 0.5%
Organon & Co	255,603	8,928,213
Total		82,218,647

Industrials – 29.3%
Aerospace & Defense - 4.7%
AAR Corporation ²	269,700		13,061,571
Aerojet Rocketdyne Holdings ²	142,100		5,591,635
Astronics Corporation ²	753,500		9,742,755
BWX Technologies	85,900		4,626,574
Ducommun ²	223,986		11,734,627
Hexcel Corporation	176,000		10,466,720
Spirit AeroSystems Holdings Cl. A	219,900		10,750,911
Triumph Group ²	549,716		13,896,820
			79,871,613
Air Freight & Logistics - 1.2%
Atlas Air Worldwide Holdings ^2,4	93,536		8,078,704
Hub Group Cl. A ²	90,000		6,948,900
Radiant Logistics ²	685,069		4,363,890
			19,391,494
Airlines - 1.6%
Alaska Air Group ²	132,000		7,657,320
Allegiant Travel ²	29,125		4,729,609
JetBlue Airways ²	624,800		9,340,760
Mesa Air Group ²	1,182,946		5,204,962
			26,932,651
Building Products - 2.5%
Apogee Enterprises	129,600		6,150,816
Gibraltar Industries ²	76,800		3,298,560
Griffon Corporation	372,667		7,464,520
Insteel Industries	149,233		5,520,129
JELD-WEN Holding ²	356,713		7,234,140
PGT Innovations ²	181,143		3,256,951
Resideo Technologies ^2,4	363,916		8,672,118
			41,597,234
Commercial Services & Supplies - 3.7%
Healthcare Services Group	307,000		5,700,990
Heritage-Crystal Clean ²	295,988		8,764,205
Interface	503,867		6,837,475
KAR Auction Services ²	326,880		5,900,184
MillerKnoll	266,900		9,224,064
Pitney Bowes	1,430,694		7,439,609
Steelcase Cl. A	614,300		7,340,885
VSE Corporation	256,532		11,823,560
			63,030,972
Construction & Engineering - 3.6%
Arcosa	204,606		11,713,693
Comfort Systems USA	57,710		5,136,767
Concrete Pumping Holdings ²	838,799		5,619,953
Construction Partners Cl. A ²	283,459		7,420,957
Limbach Holdings ^2,3	673,808		4,682,966
Matrix Service ²	764,046		6,280,458
Northwest Pipe ²	399,936		10,178,371
Orion Group Holdings ²	833,053		2,065,971
Primoris Services	334,980		7,979,224
			61,078,360
Electrical Equipment - 0.8%
Babcock & Wilcox Enterprises ²	1,224,595		9,992,695
LSI Industries	485,973		2,915,838
Power Solutions International ^1,2	343,740		1,075,906
			13,984,439
Machinery - 5.6%
Barnes Group	210,500		8,459,995
CIRCOR International ²	289,303		7,701,246
Commercial Vehicle Group ²	858,857		7,257,342
EnPro Industries	105,100		10,271,423
Evercel ^1,2	203,243		323,156
Hurco Companies	77,351		2,438,103
Hyster-Yale Materials Handling Cl. A	47,066		1,563,062
Luxfer Holdings	480,400		8,070,720
Manitex International ²	862,976		6,282,465
NN ²	1,310,065		3,772,987
Park-Ohio Holdings	185,868		2,615,163
Shyft Group (The)	247,538		8,938,597
Trinity Industries	339,424		11,662,609
Twin Disc ²	327,853		5,455,474
Wabash National	630,900		9,362,556
Westport Fuel Systems ²	684,433		1,081,404
			95,256,302
Marine - 0.2%
Diana Shipping	654,410		3,533,814
Professional Services - 1.6%
Heidrick & Struggles International	160,665		6,359,121
Korn Ferry	124,945		8,113,928
Mistras Group ²	591,507		3,909,861
TrueBlue ²	314,836		9,095,612
			27,478,522
Road & Rail - 0.4%
Daseke ²	521,300		5,249,491
U.S. Xpress Enterprises Cl. A ²	545,928		2,118,201
			7,367,692
Trading Companies & Distributors - 3.4%
Air Lease Cl. A	262,238		11,708,927
BlueLinx Holdings ²	130,900		9,409,092
Herc Holdings	51,519		8,608,310
Hudson Technologies ²	742,918		4,613,521
Univar Solutions ²	381,800		12,271,052
WESCO International ²	88,804		11,556,952
			58,167,854
Total			497,690,947

Information Technology – 18.8%
Communications Equipment - 5.0%
ADTRAN	528,400		9,748,980
Applied Optoelectronics ²	769,700		2,809,405
Aviat Networks ²	295,778		9,101,089
CalAmp Corporation ²	1,066,500		7,796,115
Cambium Networks ²	244,281		5,774,803
Ceragon Networks ^2,4	749,466		1,596,363
Comtech Telecommunications	436,217		6,844,245
Digi International ²	569,002		12,244,923
DZS ²	685,329		9,505,513
Infinera Corporation ^2,4	679,346		5,889,930
PCTEL ^2,3	1,031,093		4,784,271
Sierra Wireless ²	442,291		7,978,930
			84,074,567
Electronic Equipment, Instruments & Components - 4.8%
Advanced Energy Industries	133,153		11,461,810
Arlo Technologies ^2,4	480,500		4,257,230
Avnet	177,700		7,212,843
Benchmark Electronics	217,200		5,438,688
CTS Corporation	261,614		9,245,439
Fabrinet ²	90,529		9,517,314
Frequency Electronics ²	289,393		2,517,719
Identiv ²	185,120		2,993,390
Knowles Corporation ²	510,420		10,989,343
nLIGHT ²	205,800		3,568,572
VIA optronics ADR ²	730,832		5,846,656
Vishay Intertechnology	422,409		8,279,216
			81,328,220
IT Services - 0.7%
Conduent ²	914,900		4,720,884
Limelight Networks ²	203,600		1,062,792
TTEC Holdings	80,200		6,618,104
			12,401,780
Semiconductors & Semiconductor Equipment - 5.0%
Alpha & Omega Semiconductor ²	114,413		6,252,670
Amkor Technology	431,940		9,381,737
Amtech Systems ²	618,984		6,226,979
Cohu ²	326,276		9,657,770
FormFactor ²	199,613		8,389,734
Ichor Holdings ²	280,394		9,987,634
Kulicke & Soffa Industries	152,165		8,524,283
Onto Innovation ²	64,719		5,623,434
Ultra Clean Holdings ²	231,627		9,818,669
Veeco Instruments ²	425,087		11,558,116
			85,421,026
Software - 2.4%
A10 Networks	532,126		7,423,158
Avaya Holdings ²	572,654		7,255,526
Ebix	180,400		5,980,260
InterDigital	65,100		4,153,380
Kaleyra ^2,4	704,257		4,211,457
Marin Software ²	538,350		1,550,448
ON24 ²	277,200		3,645,180
SecureWorks Corp. Cl. A ^2,4	420,062		5,565,821
			39,785,230
Technology Hardware, Storage & Peripherals - 0.9%
Avid Technology ²	223,885		7,806,870
Immersion Corporation ²	692,600		3,850,856
Intevac ²	701,702		3,754,106
			15,411,832
Total			318,422,655

Materials – 10.5%
Chemicals - 2.9%
AdvanSix	112,212		5,732,911
American Vanguard	94,314		1,916,461
Huntsman Corporation	273,700		10,266,487
Intrepid Potash ²	67,482		5,542,972
Livent Corporation ^2,4	239,800		6,251,586
LSB Industries ²	435,962		9,521,410
Trecora Resources ²	630,431		5,333,446
Tronox Holdings	240,700		4,763,453
			49,328,726
Containers & Packaging - 0.5%
TriMas Corporation	258,410		8,292,377
Metals & Mining - 6.7%
Allegheny Technologies ²	498,514		13,380,116
Carpenter Technology	292,842		12,293,507
Century Aluminum ²	372,010		9,787,583
Cleveland-Cliffs ²	389,249		12,537,710
Coeur Mining ²	878,332		3,908,577
Commercial Metals	282,700		11,765,974
Ferroglobe ²	1,260,971		9,709,477
Haynes International	309,461		13,183,039
Major Drilling Group International ²	838,900		8,166,550
Noranda Aluminum Holding Corporation ^2,5	488,157		0
Olympic Steel	170,995		6,576,468
TimkenSteel Corporation ²	587,100		12,845,748
			114,154,749
Paper & Forest Products - 0.4%
Glatfelter Corporation	539,445		6,678,329
Total			178,454,181

Real Estate – 2.5%
Equity Real Estate Investment Trusts (REITs) - 2.1%
Alexander & Baldwin	310,500		7,200,495
Braemar Hotels & Resorts	489,753		3,026,673
Chatham Lodging Trust ²	260,800		3,596,432
Macerich Company	611,700		9,566,988
Ryman Hospitality Properties ²	45,271		4,199,791
Tanger Factory Outlet Centers	518,600		8,914,734
			36,505,113
Real Estate Management & Development - 0.4%
Realogy Holdings ²	399,820		6,269,178
Total			42,774,291

TOTAL COMMON STOCKS
(Cost $1,346,777,772)			1,630,374,312

REPURCHASE AGREEMENT – 3.6%
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $60,498,812 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $61,708,824) (Cost $60,498,812)			60,498,812

COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.2%
Money Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.14%) (Cost $4,096,215)	4,096,215		4,096,215

TOTAL INVESTMENTS – 99.9%
(Cost $1,411,372,799)			1,694,969,339

CASH AND OTHER ASSETS
LESS LIABILITIES – 0.1%			1,475,033

NET ASSETS – 100.0%		$	1,696,444,372

SCHEDULES OF INVESTMENTS

ROYCE PENNSYLVANIA MUTUAL FUND

MARCH 31, 2022 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.9%

Communication Services – 2.3%
Diversified Telecommunication Services - 0.2%
Liberty Latin America Cl. C ²		375,620	$	3,602,196
Entertainment - 0.3%
Chicken Soup for the Soul
Entertainment Cl. A ²		33,785		269,942
IMAX Corporation ²		240,219		4,547,346
World Wrestling Entertainment Cl. A		38,514		2,404,814
				7,222,102
Interactive Media & Services - 1.1%
QuinStreet ²		78,343		908,779
Ziff Davis ²		173,659		16,806,718
ZipRecruiter Cl. A ²		126,800		2,913,864
				20,629,361
Media - 0.7%
Magnite ²		200,100		2,643,321
Media General (Rights) ^2,5		102,272		0
New York Times Cl. A		165,886		7,604,214
TechTarget ^2,4		41,200		3,348,736
				13,596,271
Total				45,049,930

Consumer Discretionary – 9.3%
Auto Components - 1.9%
Dorman Products ²		98,232		9,334,987
Fox Factory Holding Corporation ²		17,800		1,743,510
Gentex Corporation		294,056		8,577,613
LCI Industries		67,565		7,013,923
Patrick Industries		96,957		5,846,507
Standard Motor Products		36,568		1,577,543
Stoneridge ²		103,047		2,139,256
				36,233,339
Automobiles - 0.3%
Winnebago Industries		113,253		6,119,060
Distributors - 0.2%
LKQ Corporation		76,921		3,492,983
Diversified Consumer Services - 0.2%
H&R Block		72,077		1,876,885
Lincoln Educational Services ²		368,796		2,636,891
				4,513,776
Hotels, Restaurants & Leisure - 1.2%
Century Casinos ²		490,241		5,858,380
Scientific Games ²		214,147		12,581,136
Texas Roadhouse		41,400		3,466,422
				21,905,938
Household Durables - 1.1%
La-Z-Boy		127,542		3,363,283
Legacy Housing ²		97,929		2,101,556
M/I Homes ²		55,123		2,444,705
PulteGroup		100,553		4,213,171
Skyline Champion ²		176,864		9,706,296
				21,829,011

Internet & Direct Marketing Retail - 0.0%
1-800-FLOWERS.COM Cl. A ²	23,842	304,224
Leisure Products - 0.9%
Brunswick Corporation	60,869	4,923,694
Malibu Boats Cl. A ²	68,738	3,987,491
MasterCraft Boat Holdings ²	367,185	9,036,423
		17,947,608
Multiline Retail - 0.2%
Franchise Group Cl. A	78,752	3,262,695
Specialty Retail - 2.3%
Aaron’s Company (The)	193,427	3,884,014
American Eagle Outfitters	187,369	3,147,799
Asbury Automotive Group ²	93,172	14,926,154
Haverty Furniture	149,042	4,086,732
JOANN	112,561	1,284,321
Lazydays Holdings ^2,4	220,273	4,445,109
OneWater Marine Cl. A	117,310	4,041,330
Shoe Carnival	270,778	7,895,886
		43,711,345
Textiles, Apparel & Luxury Goods - 1.0%
Levi Strauss & Co. Cl. A	185,054	3,656,667
Movado Group	106,601	4,162,769
Ralph Lauren Cl. A	65,651	7,447,450
Wolverine World Wide	202,047	4,558,180
		19,825,066
Total		179,145,045

Consumer Staples – 1.3%
Food Products - 0.4%
Nomad Foods ²	150,865	3,406,532
Seneca Foods Cl. A ²	92,085	4,746,061
		8,152,593
Household Products - 0.3%
Spectrum Brands Holdings	56,786	5,038,054
Personal Products - 0.6%
Inter Parfums	129,303	11,385,129
Total		24,575,776

Energy – 2.2%
Energy Equipment & Services - 1.3%
Computer Modelling Group	2,652,180	11,371,184
Pason Systems	1,108,148	13,570,968
		24,942,152
Oil, Gas & Consumable Fuels - 0.9%
Antero Resources ²	194,324	5,932,712
Oasis Petroleum	13,600	1,989,680
PDC Energy	79,158	5,753,203
Whiting Petroleum	35,100	2,861,001
		16,536,596
Total		41,478,748

Financials – 18.5%
Banks - 6.1%
Bank of N.T. Butterfield & Son	103,700	3,720,756
BankUnited	144,636	6,358,199
BOK Financial	40,738	3,827,335
First Bancshares (The)	170,787	5,748,690
First Citizens BancShares Cl. A	40,878	27,208,397
First Hawaiian	357,648	9,974,803
German American Bancorp	32,857	1,248,237
Home BancShares	235,138	5,314,119
Independent Bank Group	116,232	8,271,069
National Bankshares	76,534	2,846,300
Origin Bancorp	90,332	3,820,140
Popular	189,632	15,500,520
Signature Bank	23,523	6,903,765
Texas Capital Bancshares ²	27,554	1,579,120
Triumph Bancorp ²	151,517	14,245,628
		116,567,078
Capital Markets - 5.5%
Ares Management Cl. A	115,176	9,355,746
Artisan Partners Asset Management Cl. A	181,499	7,141,986
B. Riley Financial	33,002	2,308,820
Evercore Cl. A	44,556	4,959,974
GCM Grosvenor Cl. A	1,377,722	13,377,681
Houlihan Lokey Cl. A	94,918	8,333,800
Lazard Cl. A	80,948	2,792,706
MarketWise Cl. A ²	500,000	2,360,000
Moelis & Company Cl. A	69,834	3,278,706
Morningstar	46,838	12,794,736
Newtek Business Services	81,498	2,175,997
SEI Investments	303,597	18,279,575
Silvercrest Asset Management Group Cl. A	168,399	3,443,760
Sprott	181,064	9,078,184
TMX Group	56,620	5,823,461
		105,505,132
Consumer Finance - 0.1%
PROG Holdings ²	74,823	2,152,658
Diversified Financial Services - 0.2%
Compass Diversified Holdings	203,369	4,834,081
Insurance - 6.3%
Alleghany Corporation ²	12,719	10,772,993
AMERISAFE	106,723	5,300,931
Assured Guaranty	106,823	6,800,352
Axis Capital Holdings	98,513	5,957,081
CNO Financial Group	216,387	5,429,150
E-L Financial	24,818	17,529,332
Employers Holdings	76,924	3,155,422
First American Financial	31,619	2,049,544
Hagerty Cl. A ²	35,700	385,203
International General Insurance Holdings	256,236	1,978,142
James River Group Holdings	589,717	14,589,599
Old Republic International	190,275	4,922,414
ProAssurance Corporation	304,019	8,172,031
RenaissanceRe Holdings	36,405	5,770,556
RLI Corp.	72,547	8,025,875
Safety Insurance Group	63,654	5,782,966
Stewart Information Services	39,873	2,416,702
Tiptree	214,120	2,751,442
Trean Insurance Group ²	507,378	2,379,603
White Mountains Insurance Group	4,936	5,608,481
		119,777,819
Thrifts & Mortgage Finance - 0.3%
Timberland Bancorp	99,201	2,679,419
TrustCo Bank Corp NY	81,163	2,591,534
		5,270,953
Total		354,107,721

Health Care – 7.8%
Biotechnology - 0.8%
CareDx ²	100,005		3,699,185
Catalyst Pharmaceuticals ²	508,547		4,215,855
Ironwood Pharmaceuticals Cl. A ²	427,400		5,376,692
MeiraGTx Holdings ²	95,578		1,323,755
			14,615,487
Health Care Equipment & Supplies - 4.3%
AtriCure ²	24,482		1,607,733
Atrion Corporation	8,442		6,019,146
Bioventus Cl. A ²	331,782		4,678,126
Colfax ^2,4	319,220		12,701,764
Cutera ²	47,300		3,263,700
Haemonetics Corporation ²	253,046		15,997,568
Meridian Bioscience ²	397,993		10,331,898
Mesa Laboratories	76,983		19,621,427
Natus Medical ²	101,650		2,671,362
OrthoPediatrics Corp. ²	55,623		3,003,086
Profound Medical ²	52,098		468,826
Surmodics ²	42,305		1,917,685
			82,282,321
Health Care Providers & Services - 0.7%
Cross Country Healthcare ²	70,227		1,521,819
Encompass Health	105,038		7,469,252
Molina Healthcare ²	11,239		3,749,218
Sharps Compliance ²	145,130		856,267
			13,596,556
Health Care Technology - 0.3%
Simulations Plus	113,805		5,801,779
Life Sciences Tools & Services - 1.4%
Azenta ²	79,518		6,590,452
Bio-Techne	7,868		3,407,159
Harvard Bioscience ²	243,940		1,514,867
Maravai LifeSciences Holdings Cl. A ²	122,100		4,306,467
MaxCyte ^2,4	407,474		2,848,243
Quanterix Corporation ²	30,848		900,453
Repligen Corporation ^2,4	31,750		5,971,858
Stevanato Group ²	85,200		1,714,224
			27,253,723
Pharmaceuticals - 0.3%
Collegium Pharmaceutical ²	48,600		989,496
Harmony Biosciences Holdings ^2,4	65,294		3,176,553
Supernus Pharmaceuticals ^2,4	41,033		1,326,187
			5,492,236
Total			149,042,102

Industrials – 26.7%
Aerospace & Defense - 1.0%
HEICO Corporation	80,074		12,294,562
Vectrus ²	166,690		5,977,503
			18,272,065
Air Freight & Logistics - 1.5%
Forward Air	227,801		22,274,382
Hub Group Cl. A ²	95,106		7,343,134
			29,617,516
Airlines - 0.2%
Sun Country Airlines Holdings ²	146,370		3,831,967
Building Products - 3.0%
Advanced Drainage Systems	36,852		4,378,386
AZEK Company (The) Cl. A ²	8,899		221,051
Builders FirstSource ²	281,365		18,159,297
Carlisle Companies	22,447		5,520,166
Gibraltar Industries ²	67,046		2,879,626
Hayward Holdings ^2,4	186,380		3,097,636
Quanex Building Products	156,245		3,279,583
Simpson Manufacturing	58,844		6,416,350
UFP Industries	149,028		11,499,000
Zurn Water Solutions	57,008		2,018,083
			57,469,178
Commercial Services & Supplies - 1.3%
Deluxe Corporation	175,875		5,318,460
Driven Brands Holdings ²	120,900		3,177,252
Healthcare Services Group	352,937		6,554,040
Heritage-Crystal Clean ²	151,087		4,473,686
IAA ²	128,210		4,904,033
			24,427,471
Construction & Engineering - 3.8%
Arcosa	418,367		23,951,511
Construction Partners Cl. A ²	141,106		3,694,155
EMCOR Group	17,438		1,964,042
Great Lakes Dredge & Dock ²	445,678		6,252,862
Northwest Pipe ²	79,274		2,017,523
NV5 Global ²	10,870		1,448,971
Primoris Services	121,607		2,896,679
Sterling Construction ²	147,904		3,963,827
Valmont Industries	77,271		18,436,861
WillScot Mobile Mini Holdings Corp. ²	195,025		7,631,328
			72,257,759
Electrical Equipment - 1.0%
American Superconductor ²	93,326		710,211
Encore Wire	38,532		4,395,345
GrafTech International	565,705		5,442,082
Preformed Line Products	141,776		8,991,434
			19,539,072
Machinery - 5.8%
CIRCOR International ²	118,897		3,165,038
Crane Co.	26,825		2,904,611
Douglas Dynamics	55,689		1,926,282
ESCO Technologies	80,939		5,659,255
Graham Corporation ²	91,849		708,156
Helios Technologies	69,419		5,570,875
Hurco Companies	31,802		1,002,399
John Bean Technologies	110,807		13,127,305
Kadant	95,353		18,516,599
Lincoln Electric Holdings	123,611		17,034,832
Lindsay Corporation	67,056		10,528,463
Meritor ²	57,854		2,057,867
Middleby Corporation (The) ²	51,809		8,493,567
Miller Industries	324,674		9,142,820
Mueller Industries	37,408		2,026,391
RBC Bearings ²	44,677		8,661,977
Westport Fuel Systems ²	165,989		262,263
			110,788,700
Marine - 0.4%
Clarkson ¹	30,004		1,448,459
Kirby Corporation ²	95,774		6,913,925
			8,362,384
Professional Services - 3.4%
CBIZ ²	5,000		209,850
Forrester Research ²	335,718		18,941,209
Heidrick & Struggles International	203,712		8,062,921
KBR	513,108		28,082,401
Korn Ferry	135,287		8,785,538
LifeWorks	48,100		831,838
ManpowerGroup	5,587		524,731
			65,438,488
Road & Rail - 2.1%
ArcBest	74,487		5,996,203
Landstar System	95,190		14,357,508
Saia ²	33,831		8,248,674
Schneider National Cl. B	173,275		4,418,513
Universal Logistics Holdings	299,946		6,043,912
Werner Enterprises	7,747		317,627
			39,382,437
Trading Companies & Distributors - 3.2%
Air Lease Cl. A	440,477		19,667,298
Applied Industrial Technologies	90,534		9,294,220
EVI Industries ^2,4	332,790		6,186,566
Lawson Products ²	29,194		1,125,137
MSC Industrial Direct Cl. A	48,118		4,100,135
Richelieu Hardware	355,741		12,958,801
Transcat ²	96,894		7,861,979
			61,194,136
Total			510,581,173

Information Technology – 18.5%
Communications Equipment - 0.7%
Aviat Networks ²	16,600		510,782
Calix ²	141,147		6,056,618
Digi International ²	307,783		6,623,490
			13,190,890
Electronic Equipment, Instruments & Components - 6.4%
Belden	46,126		2,555,380
Cognex Corporation	89,061		6,871,056
ePlus ²	52,776		2,958,623
Fabrinet ²	83,247		8,751,757
FARO Technologies ²	184,874		9,598,658
Flex ²	198,200		3,676,610
II-VI ²	74,009		5,364,912
Insight Enterprises ²	11,710		1,256,717
Jabil	73,259		4,522,278
Kimball Electronics ²	348,872		6,973,951
Littelfuse	7,222		1,801,239
Luna Innovations ²	766,388		5,908,852
National Instruments	14,541		590,219
nLIGHT ²	167,461		2,903,774
PAR Technology ²	231,475		9,337,702
PowerFleet ²	155,315		461,286
Rogers Corporation ²	30,454		8,274,352
Sanmina Corporation ²	133,023		5,376,790
TD SYNNEX	36,891		3,807,520
Teledyne Technologies ²	7,400		3,497,462
Vishay Intertechnology	336,054		6,586,658
Vishay Precision Group ²	133,126		4,280,001
Vontier Corporation	655,029		16,631,186
			121,986,983
IT Services - 1.7%
Computer Services ¹	156,263		7,735,019
Hackett Group (The)	78,237		1,804,145
Repay Holdings Cl. A ²	712,349		10,521,395
Shift4 Payments Cl. A ^2,4	209,323		12,963,373
			33,023,932
Semiconductors & Semiconductor Equipment - 6.9%
Amkor Technology	180,962		3,930,495
Axcelis Technologies ²	39,172		2,958,661
Camtek ²	79,224		2,413,163
Cirrus Logic ²	164,966		13,987,467
CMC Materials	27,293		5,060,122
Cohu ²	372,485		11,025,556
CyberOptics Corporation ²	145,326		5,897,329
FormFactor ²	263,962		11,094,323
Ichor Holdings ²	29,770		1,060,407
Kulicke & Soffa Industries	337,976		18,933,416
MKS Instruments	72,113		10,816,950
Nova ^2,4	90,867		9,893,599
NVE Corporation	43,178		2,351,906
Onto Innovation ²	162,146		14,088,866
Photronics ²	141,017		2,393,058
Power Integrations	50,300		4,661,804
SiTime Corporation ^2,4	34,435		8,533,682
Ultra Clean Holdings ²	84,806		3,594,926
			132,695,730
Software - 2.2%
Agilysys ²	103,204		4,115,775
Avalara ²	66,800		6,647,268
CDK Global	68,313		3,325,477
ChannelAdvisor Corporation ²	246,094		4,077,778
Consensus Cloud Solutions ²	31,600		1,900,108
Dolby Laboratories Cl. A	94,227		7,370,436
Fair Isaac ²	1,106		515,905
PagerDuty ^2,4	170,344		5,824,061
Teradata Corporation ²	90,063		4,439,205
Xperi Holding Corporation	158,800		2,750,416
			40,966,429
Technology Hardware, Storage & Peripherals - 0.6%
AstroNova ²	81,672		1,238,964
Avid Technology ²	300,986		10,495,382
			11,734,346
Total			353,598,310

Materials – 8.2%
Chemicals - 5.5%
Aspen Aerogels ²	126,230		4,352,410
Balchem Corporation	68,346		9,342,898
Element Solutions	1,283,405		28,106,570
Huntsman Corporation	201,377		7,553,651
Innospec	245,087		22,682,802
Minerals Technologies	212,390		14,049,599
Mosaic Company (The)	106,000		7,049,000
Quaker Chemical	68,219		11,788,925
			104,925,855
Construction Materials - 0.1%
Eagle Materials	17,022		2,184,944
Containers & Packaging - 0.5%
Graphic Packaging Holding Company	269,322		5,397,213
Silgan Holdings	84,832		3,921,783
			9,318,996
Metals & Mining - 1.2%
Alamos Gold Cl. A	1,272,092		10,684,291
Haynes International	62,674		2,669,912
Reliance Steel & Aluminum	48,802		8,947,847
			22,302,050
Paper & Forest Products - 0.9%
Louisiana-Pacific	135,554		8,420,615
Stella-Jones	307,177		9,231,404
			17,652,019
Total			156,383,864

Real Estate – 2.1%
Real Estate Management & Development - 2.1%
Altus Group	34,800		1,405,752
Colliers International Group	17,150		2,236,360
Cushman & Wakefield ²	133,602		2,740,177
FRP Holdings ²	163,864		9,471,339
Kennedy-Wilson Holdings	660,936		16,120,229
Marcus & Millichap	179,068		9,433,302
Total			41,407,159

TOTAL COMMON STOCKS
(Cost $1,344,371,549)			1,855,369,828

REPURCHASE AGREEMENT – 2.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $45,835,386 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $46,752,137) (Cost $45,835,386)			45,835,386

COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.2%
Money Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.14%) (Cost $3,313,100)	3,313,100		3,313,100

TOTAL INVESTMENTS – 99.5%
(Cost $1,393,520,035)			1,904,518,314

CASH AND OTHER ASSETS
LESS LIABILITIES – 0.5%			9,131,768

NET ASSETS – 100.0%		$	1,913,650,082

SCHEDULES OF INVESTMENTS

ROYCE PREMIER FUND

MARCH 31, 2022 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.0%

Communication Services – 1.7%
Interactive Media & Services - 1.7%
Ziff Davis ²		278,700	$	26,972,586
Total				26,972,586

Consumer Discretionary – 8.2%
Auto Components - 2.9%
Dorman Products ²		340,644		32,371,399
LCI Industries		119,738		12,430,002
				44,801,401
Distributors - 1.3%
Pool Corporation		50,355		21,292,612
Leisure Products - 1.8%
Brunswick Corporation		340,791		27,566,584
Textiles, Apparel & Luxury Goods - 2.2%
Ralph Lauren Cl. A		309,340		35,091,529
Total				128,752,126

Consumer Staples – 2.1%
Personal Products - 2.1%
Inter Parfums		378,903		33,362,409
Total				33,362,409

Financials – 12.2%
Capital Markets - 9.7%
Ares Management Cl. A		281,593		22,873,799
GCM Grosvenor Cl. A		2,169,600		21,066,816
Lazard Cl. A		394,401		13,606,835
Morningstar		135,516		37,018,906
SEI Investments		604,571		36,401,220
TMX Group		194,583		20,013,184
				150,980,760
Insurance - 2.5%
Alleghany Corporation ²		46,077		39,027,219
Total				190,007,979

Health Care – 7.9%
Health Care Equipment & Supplies - 6.5%
Colfax ²		606,773		24,143,498
Haemonetics Corporation ²		377,779		23,883,188
Meridian Bioscience ²		819,804		21,282,112
Mesa Laboratories		130,364		33,227,176
				102,535,974
Life Sciences Tools & Services - 1.4%
Bio-Techne		49,448		21,412,962
Total				123,948,936

Industrials – 31.8%
Aerospace & Defense - 1.8%
Woodward		232,215		29,005,976

Air Freight & Logistics - 2.4%
Forward Air	378,038	36,964,556
Building Products - 1.7%
Simpson Manufacturing	238,603	26,017,271
Commercial Services & Supplies - 1.3%
Ritchie Bros. Auctioneers	336,521	19,864,835
Construction & Engineering - 5.2%
Arcosa	705,620	40,396,745
Valmont Industries	170,599	40,704,921
		81,101,666
Machinery - 12.6%
ESCO Technologies	302,017	21,117,029
John Bean Technologies	301,650	35,736,475
Kadant	165,402	32,119,414
Lincoln Electric Holdings	342,511	47,201,441
Lindsay Corporation	262,511	41,216,852
RBC Bearings ²	99,294	19,251,121
		196,642,332
Professional Services - 2.7%
Forrester Research ²	746,762	42,132,312
Road & Rail - 1.6%
Landstar System	171,603	25,882,880
Trading Companies & Distributors - 2.5%
Air Lease Cl. A	867,135	38,717,578
Total		496,329,406

Information Technology – 19.9%
Electronic Equipment, Instruments & Components - 7.3%
Cognex Corporation	333,546	25,733,074
FARO Technologies ²	418,082	21,706,818
National Instruments	539,875	21,913,526
Rogers Corporation ²	63,656	17,295,335
Vontier Corporation	1,070,176	27,171,769
		113,820,522
IT Services - 2.1%
Computer Services ¹	677,800	33,551,100
Semiconductors & Semiconductor Equipment - 7.6%
Cirrus Logic ²	307,595	26,080,980
CMC Materials	126,510	23,454,954
FormFactor ²	677,676	28,482,722
MKS Instruments	268,741	40,311,150
		118,329,806
Software - 1.0%
Fair Isaac ²	35,443	16,532,742
Technology Hardware, Storage & Peripherals - 1.9%
Avid Technology ²	837,784	29,213,528
Total		311,447,698

Materials – 8.9%
Chemicals - 4.5%
Innospec	470,794	43,571,985
Quaker Chemical	157,813	27,271,664
		70,843,649
Metals & Mining - 2.4%
Reliance Steel & Aluminum	204,312	37,460,605
Paper & Forest Products - 2.0%
Stella-Jones	1,012,691	30,433,789
Total		138,738,043

Real Estate – 3.3%
Real Estate Management & Development - 3.3%
Kennedy-Wilson Holdings	2,099,335		51,202,781
Total			51,202,781

TOTAL COMMON STOCKS
(Cost $884,722,400)			1,500,761,964

REPURCHASE AGREEMENT – 3.7%
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $57,424,103 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $58,572,646) (Cost $57,424,103)			57,424,103

TOTAL INVESTMENTS – 99.7%
(Cost $942,146,503)			1,558,186,067

CASH AND OTHER ASSETS
LESS LIABILITIES – 0.3%			4,340,071

NET ASSETS – 100.0%		$	1,562,526,138

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP VALUE FUND

MARCH 31, 2022 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.7%

Communication Services – 2.1%
Entertainment - 0.8%
SciPlay Corporation Cl. A ²		70,868	$	915,614
Media - 1.3%
Entravision Communications Cl. A		152,908		980,140
Saga Communications Cl. A		29,337		670,351
				1,650,491
Total				2,566,105

Consumer Discretionary – 17.1%
Diversified Consumer Services - 1.6%
Lincoln Educational Services ²		271,218		1,939,209
Household Durables - 4.6%
La-Z-Boy		63,702		1,679,822
M/I Homes ²		21,698		962,306
Meritage Homes ²		12,005		951,156
PulteGroup		51,100		2,141,090
				5,734,374
Leisure Products - 1.9%
Malibu Boats Cl. A ²		18,790		1,090,008
MasterCraft Boat Holdings ²		49,665		1,222,255
				2,312,263
Specialty Retail - 9.0%
Aaron's Company (The)		111,238		2,233,659
American Eagle Outfitters		96,161		1,615,505
Container Store Group (The) ²		115,467		943,365
Haverty Furniture		49,773		1,364,776
Lazydays Holdings ^2,4		97,166		1,960,810
OneWater Marine Cl. A		31,488		1,084,762
Shoe Carnival		67,783		1,976,552
				11,179,429
Total				21,165,275

Consumer Staples – 0.7%
Food & Staples Retailing - 0.7%
Village Super Market Cl. A		36,714		899,493
Total				899,493

Energy – 4.5%
Oil, Gas & Consumable Fuels - 4.5%
Civitas Resources		22,700		1,355,417
Dorchester Minerals L.P.		53,604		1,391,024
Oasis Petroleum		7,900		1,155,770
SilverBow Resources ²		13,300		425,600
Whiting Petroleum		15,500		1,263,405
Total				5,591,216

Financials – 21.5%
Banks - 8.3%
Ames National		30,293		753,084
Bank of Princeton		22,968		662,627
Camden National		15,023		706,682
Chemung Financial		15,857		740,363
Citizens Community Bancorp		47,239		713,781
City Holding Company		7,567		595,523
CNB Financial		33,581		883,852
Financial Institutions		23,978		722,457
Landmark Bancorp		22,175		583,868
Mid Penn Bancorp		9,444		253,194
MidWestOne Financial Group		18,504		612,482
National Bankshares		50,636		1,883,153
Unity Bancorp		45,247		1,266,011
				10,377,077
Capital Markets - 3.8%
Evercore Cl. A		23,142		2,576,168
Houlihan Lokey Cl. A		7,290		640,062
Moelis & Company Cl. A		31,282		1,468,690
				4,684,920
Consumer Finance - 0.4%
PROG Holdings ²		16,371		470,994
Insurance - 6.1%
CNO Financial Group		92,900		2,330,861
Employers Holdings		44,477		1,824,447
Heritage Insurance Holdings		51,217		365,689
James River Group Holdings		56,729		1,403,475
Tiptree		126,988		1,631,796
				7,556,268
Thrifts & Mortgage Finance - 2.9%
Southern Missouri Bancorp		2,448		122,278
Timberland Bancorp		54,119		1,461,754
TrustCo Bank Corp NY		42,211		1,347,797
Western New England Bancorp		73,813		659,888
				3,591,717
Total				26,680,976

Health Care – 8.2%
Biotechnology - 4.1%
Catalyst Pharmaceuticals ²		316,032		2,619,905
Ironwood Pharmaceuticals Cl. A ²		139,551		1,755,552
Vanda Pharmaceuticals ²		58,916		666,340
				5,041,797
Health Care Providers & Services - 2.3%
Cross Country Healthcare ²		41,009		888,665
Ensign Group (The)		1,857		167,148
Molina Healthcare ²		5,440		1,814,730
				2,870,543
Pharmaceuticals - 1.8%
Collegium Pharmaceutical ²		62,192		1,266,229
SIGA Technologies ²		146,623		1,039,557
				2,305,786
Total				10,218,126

Industrials – 18.9%
Aerospace & Defense - 1.2%
Vectrus ²		40,464		1,451,039
Building Products - 2.4%
Builders FirstSource ²		9,241		596,414
Quanex Building Products		61,195		1,284,483
UFP Industries		13,900		1,072,524
				2,953,421

Construction & Engineering - 3.6%
Northwest Pipe ²	28,034	713,465
Primoris Services	68,799	1,638,792
Sterling Construction ²	77,856	2,086,541
		4,438,798
Machinery - 1.0%
Miller Industries	44,704	1,258,865
Professional Services - 5.5%
Barrett Business Services	12,694	983,404
Heidrick & Struggles International	43,771	1,732,456
Kforce	4,795	354,686
Korn Ferry	20,664	1,341,920
Mastech Digital ²	24,931	460,975
Resources Connection	115,913	1,986,749
		6,860,190
Road & Rail - 5.2%
ArcBest	29,128	2,344,804
Heartland Express	44,162	621,359
Schneider National Cl. B	93,950	2,395,725
Werner Enterprises	25,776	1,056,816
		6,418,704
Total		23,381,017

Information Technology – 22.7%
Communications Equipment - 1.1%
Aviat Networks ²	43,293	1,332,125
Electronic Equipment, Instruments & Components - 14.2%
ePlus ²	33,007	1,850,372
Flex ²	127,381	2,362,918
Insight Enterprises ²	5,807	623,207
Jabil	39,075	2,412,100
Kimball Electronics ²	92,767	1,854,412
PC Connection	14,027	734,875
Sanmina Corporation ²	75,640	3,057,369
TD SYNNEX	22,066	2,277,432
Vishay Intertechnology	120,304	2,357,958
		17,530,643
IT Services - 0.8%
Computer Task Group ²	11,080	108,252
IBEX ²	58,114	926,337
		1,034,589
Semiconductors & Semiconductor Equipment - 5.5%
Amkor Technology	99,100	2,152,452
Cohu ²	53,509	1,583,867
Kulicke & Soffa Industries	51,565	2,888,671
MKS Instruments	1,580	237,000
		6,861,990
Software - 1.1%
Xperi Holding Corporation	76,000	1,316,320
Total		28,075,667

Real Estate – 1.0%
Real Estate Management & Development - 1.0%
Marcus & Millichap	13,489	710,601
RMR Group (The) Cl. A	16,245	505,219
Total		1,215,820

TOTAL COMMON STOCKS
(Cost $99,971,419)		119,793,695

REPURCHASE AGREEMENT – 4.2%
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $5,219,607 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $5,324,075)
(Cost $5,219,607)			5,219,607

COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.2%
Money Market Funds
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.14%)
(Cost $287,000)	287,000		287,000

TOTAL INVESTMENTS – 101.1%
(Cost $105,478,026)			125,300,302

LIABILITIES LESS CASH
AND OTHER ASSETS – (1.1)%			(1,422,545	)

NET ASSETS – 100.0%		$	123,877,757

SCHEDULES OF INVESTMENTS

ROYCE SMALLER-COMPANIES GROWTH FUND

MARCH 31, 2022 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.3%

Communication Services – 2.6%
Entertainment - 1.2%
Sea Cl. A ADR ²		23,000	$	2,755,170
Interactive Media & Services - 1.4%
Enthusiast Gaming Holdings ²		1,403,100		3,389,483
Total				6,144,653

Consumer Discretionary – 8.1%
Hotels, Restaurants & Leisure - 2.7%
Bragg Gaming Group ²		227,000		1,637,835
Papa John's International		27,000		2,842,560
Texas Roadhouse		23,000		1,925,790
				6,406,185
Household Durables - 1.2%
Lovesac Company (The) ²		52,666		2,847,124
Internet & Direct Marketing Retail - 0.6%
CarParts.com ^2,4		220,000		1,474,000
Leisure Products - 1.2%
Callaway Golf ²		126,000		2,950,920
Specialty Retail - 2.4%
Lithia Motors		13,000		3,901,560
Warby Parker Cl. A ^2,4		55,000		1,859,550
				5,761,110
Total				19,439,339

Consumer Staples – 2.6%
Food Products - 1.9%
Freshpet ^2,4		44,000		4,516,160
Household Products - 0.7%
Central Garden & Pet Cl. A ²		45,000		1,835,100
Total				6,351,260

Financials – 5.6%
Banks - 1.8%
Primis Financial		4,000		55,920
Seacoast Banking Corporation of Florida		82,000		2,871,640
Triumph Bancorp ²		14,000		1,316,280
				4,243,840
Capital Markets - 0.4%
MarketAxess Holdings		3,000		1,020,600
Consumer Finance - 0.8%
LendingTree ²		15,000		1,795,050
Insurance - 2.6%
BRP Group Cl. A ²		148,000		3,970,840
Trupanion ²		26,000		2,317,120
				6,287,960
Total				13,347,450

Health Care – 25.7%
Biotechnology - 6.8%
Avid Bioservices ^2,4		154,000		3,136,980
BiomX ^2,4		320,655		618,864
CareDx ²		102,000		3,772,980
Halozyme Therapeutics ²		32,000		1,276,160
MeiraGTx Holdings ²		157,000		2,174,450
Oxford Biomedica ^1,2		224,000		1,981,265
PureTech Health ^1,2		846,000		2,199,715
Synlogic ²		484,041		1,161,698
				16,322,112
Health Care Equipment & Supplies - 10.4%
Alphatec Holdings ²		254,000		2,921,000
Axonics ^2,4		64,000		4,006,400
CryoPort ²		48,198		1,682,592
CytoSorbents Corporation ²		349,000		1,113,310
InMode ²		90,000		3,321,900
Lantheus Holdings ²		34,000		1,880,540
Neuronetics ²		253,500		768,105
Profound Medical ²		73,000		656,921
SI-BONE ²		82,000		1,853,200
STAAR Surgical ²		50,000		3,995,500
TransMedics Group ²		87,000		2,343,780
ViewRay ²		100,000		392,000
				24,935,248
Health Care Providers & Services - 3.6%
Greenbrook TMS ²		223,500		840,360
Joint Corp. (The) ²		45,000		1,592,550
Pennant Group ²		74,000		1,378,620
Progyny ²		80,000		4,112,000
Sharps Compliance ²		102,000		601,800
				8,525,330
Health Care Technology - 3.2%
CareCloud ^2,4		162,000		834,300
Inspire Medical Systems ²		20,488		5,259,065
OptimizeRx Corporation ²		44,000		1,659,240
				7,752,605
Life Sciences Tools & Services - 1.2%
Harvard Bioscience ²		63,600		394,956
West Pharmaceutical Services		6,000		2,464,260
				2,859,216
Pharmaceuticals - 0.5%
Harmony Biosciences Holdings ^2,4		26,000		1,264,900
Total				61,659,411

Industrials – 17.1%
Aerospace & Defense - 1.2%
AeroVironment ²		31,000		2,918,340
Commercial Services & Supplies - 2.9%
ACV Auctions Cl. A ²		222,000		3,287,820
VSE Corporation		82,000		3,779,380
				7,067,200
Construction & Engineering - 1.4%
Ameresco Cl. A ²		41,000		3,259,500
Electrical Equipment - 2.1%
American Superconductor ²		226,349		1,722,516
EnerSys		29,000		2,162,530
Enovix Corporation ²		80,000		1,141,600
				5,026,646
Machinery - 4.0%
ATS Automation Tooling Systems ²		128,000		4,617,686
Chart Industries ^2,4		20,000		3,435,400
Velo3D ^2,4		162,000		1,508,220
				9,561,306
Professional Services - 3.0%
ASGN ²		26,000		3,034,460
Atlas Technical Consultants Cl. A ²		349,000		4,201,960
				7,236,420
Trading Companies & Distributors - 2.5%
Lawson Products ²		157,000		6,050,780
Total				41,120,192

Information Technology – 29.8%
Communications Equipment - 1.8%
Clearfield ²		48,000		3,130,560
Genasys ²		404,000		1,111,000
				4,241,560
Electronic Equipment, Instruments & Components - 1.1%
Iteris ²		844,474		2,516,532
IT Services - 3.5%
Cantaloupe ²		453,996		3,073,553
DigitalOcean Holdings ²		22,000		1,272,700
Limelight Networks ²		365,000		1,905,300
Unisys Corporation ²		98,900		2,137,229
				8,388,782
Semiconductors & Semiconductor Equipment - 10.6%
Ambarella ²		47,000		4,931,240
AXT ²		216,400		1,519,128
Canadian Solar ^2,4		68,000		2,404,480
CyberOptics Corporation ²		39,000		1,582,620
Impinj ^2,4		88,555		5,626,785
Lattice Semiconductor ²		33,000		2,011,350
Onto Innovation ²		43,000		3,736,270
Silicon Laboratories ²		24,000		3,604,800
				25,416,673
Software - 11.4%
Agilysys ²		40,000		1,595,200
Descartes Systems Group (The) ²		42,033		3,079,338
Digital Turbine ²		86,000		3,767,660
GTY Technology Holdings ²		250,000		807,500
Matterport Cl. A ^2,4		443,000		3,597,160
Paylocity Holding Corporation ²		7,786		1,602,125
Ping Identity Holding Corp. ^2,4		118,000		3,236,740
Sprout Social Cl. A ²		64,000		5,127,680
Veritone ^2,4		130,000		2,376,400
Workiva Cl. A ²		19,000		2,242,000
				27,431,803
Technology Hardware, Storage & Peripherals - 1.4%
Stratasys ²		133,000		3,376,870
Total				71,372,220

Materials – 4.3%
Chemicals - 1.0%
Aspen Aerogels ²		36,000		1,241,280
NanoXplore ²		289,000		1,068,016
				2,309,296
Metals & Mining - 3.3%
AMG Advanced Metallurgical Group ¹		34,000		1,458,597
Core Lithium ^1,2		3,876,202		3,897,217
ioneer ^1,2		5,000,000		2,539,529
				7,895,343
Total				10,204,639

Real Estate – 0.5%
Equity Real Estate Investment Trusts (REITs) - 0.5%
Postal Realty Trust Cl. A		70,000		1,177,400
Total				1,177,400

TOTAL COMMON STOCKS
(Cost $187,287,270)				230,816,564

REPURCHASE AGREEMENT – 4.1%
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $9,939,979 (collateralized by obligations of various U.S. Government Agencies, 0.375% due 9/15/24, valued at $10,138,835)
(Cost $9,939,979)				9,939,979

COLLATERAL RECEIVED FOR SECURITIES
LOANED – 3.0%
Money Market Funds
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.14%)
(Cost $7,248,415)		7,248,415		7,248,415

TOTAL INVESTMENTS – 103.4%
(Cost $204,475,664)				248,004,958

LIABILITIES LESS CASH
AND OTHER ASSETS – (3.4)%				(8,258,724	)

NET ASSETS – 100.0%			$	239,746,234

SCHEDULES OF INVESTMENTS

ROYCE SPECIAL EQUITY FUND

MARCH 31, 2022 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 83.3%

Communication Services – 3.8%
Media - 3.8%
TEGNA		1,551,000	$	34,742,400
Total				34,742,400

Consumer Discretionary – 18.4%
Auto Components - 5.5%
Standard Motor Products ³		1,177,500		50,797,350
Automobiles - 1.3%
Winnebago Industries		218,000		11,778,540
Diversified Consumer Services - 4.5%
H&R Block		1,595,000		41,533,800
Household Durables - 0.5%
Ethan Allen Interiors		165,500		4,314,585
Leisure Products - 3.8%
Johnson Outdoors Cl. A		449,500		34,939,635
Textiles, Apparel & Luxury Goods - 2.8%
Movado Group		663,000		25,890,150
Total				169,254,060

Consumer Staples – 11.0%
Food & Staples Retailing - 7.0%
Ingles Markets Cl. A		727,000		64,739,350
Food Products - 4.0%
John B. Sanfilippo & Son		437,000		36,463,280
Total				101,202,630

Financials – 4.9%
Capital Markets - 4.9%
BrightSphere Investment Group		163,000		3,952,750
Diamond Hill Investment Group		136,000		25,472,800
Federated Hermes Cl. B		465,000		15,837,900
Total				45,263,450

Industrials – 19.2%
Building Products - 3.3%
Insteel Industries		302,000		11,170,980
UFP Industries		250,000		19,290,000
				30,460,980
Commercial Services & Supplies - 2.5%
Ennis		1,217,000		22,477,990
Construction & Engineering - 1.1%
Argan		170,000		6,900,300
MYR Group ²		34,500		3,244,380
				10,144,680
Electrical Equipment - 2.8%
Encore Wire		228,500		26,064,995
Machinery - 9.2%
Gencor Industries ^2,3		1,066,000		10,958,480
Hillenbrand		163,500		7,221,795
Hurco Companies ³		580,000		18,281,600
Miller Industries ³		685,000		19,289,600
Mueller Industries		532,000		28,818,440
				84,569,915
Professional Services - 0.3%
Resources Connection		137,500		2,356,750
Total				176,075,310

Information Technology – 11.6%
Electronic Equipment, Instruments & Components - 3.6%
Vishay Intertechnology		1,699,000		33,300,400
IT Services - 1.6%
Computer Services ¹		298,100		14,755,950
Semiconductors & Semiconductor Equipment - 6.4%
Kulicke & Soffa Industries		727,500		40,754,550
NVE Corporation ³		325,000		17,702,750
				58,457,300
Total				106,513,650

Materials – 9.8%
Chemicals - 6.5%
Huntsman Corporation		1,600,000		60,016,000
Construction Materials - 1.6%
United States Lime & Minerals		122,500		14,214,900
Paper & Forest Products - 1.7%
Louisiana-Pacific		251,000		15,592,120
Total				89,823,020

Real Estate – 4.6%
Real Estate Management & Development - 4.6%
Marcus & Millichap		808,000		42,565,440
Total				42,565,440

TOTAL COMMON STOCKS
(Cost $587,144,959)				765,439,960

REPURCHASE AGREEMENT – 16.7%
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $153,935,215 (collateralized by obligations of various U.S. Government Agencies, 0.125%-0.375% due 9/15/24-10/15/24, valued at $157,013,971)
(Cost $153,935,215)				153,935,215

TOTAL INVESTMENTS – 100.0%
(Cost $741,080,174)				919,375,175

LIABILITIES LESS CASH
AND OTHER ASSETS – (0.0)%				(354,374	)

NET ASSETS – 100.0%			$	919,020,801

SCHEDULES OF INVESTMENTS

ROYCE TOTAL RETURN FUND

MARCH 31, 2022 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.6%

Communication Services – 1.9%
Entertainment - 1.3%
World Wrestling Entertainment Cl. A		240,348	$	15,007,329
Interactive Media & Services - 0.6%
Ziff Davis ²		77,820		7,531,420
Total				22,538,749

Consumer Discretionary – 6.1%
Hotels, Restaurants & Leisure - 1.3%
Denny's Corporation ²		1,098,695		15,722,325
Multiline Retail - 1.8%
Franchise Group Cl. A		524,401		21,725,933
Specialty Retail - 0.5%
JOANN		505,000		5,762,050
Textiles, Apparel & Luxury Goods - 2.5%
Levi Strauss & Co. Cl. A		807,547		15,957,129
Ralph Lauren Cl. A		125,145		14,196,449
				30,153,578
Total				73,363,886

Consumer Staples – 2.3%
Household Products - 2.3%
Reynolds Consumer Products		316,022		9,272,086
Spectrum Brands Holdings		206,984		18,363,620
Total				27,635,706

Energy – 4.3%
Energy Equipment & Services - 4.3%
Cactus Cl. A		170,659		9,683,192
ChampionX Corporation ²		472,637		11,570,154
Helmerich & Payne		84,373		3,609,477
Oceaneering International ²		231,433		3,508,524
Pason Systems		1,931,576		23,655,104
Total				52,026,451

Financials – 33.7%
Banks - 16.8%
Bank of N.T. Butterfield & Son		551,423		19,785,057
BankUnited		380,547		16,728,846
BOK Financial		140,901		13,237,649
First Bancshares (The)		346,809		11,673,591
First Citizens BancShares Cl. A		12,082		8,041,779
First Hawaiian		347,961		9,704,632
HBT Financial		432,472		7,862,341
Home BancShares		828,867		18,732,394
Independent Bank Group		278,599		19,825,105
Origin Bancorp		358,728		15,170,607
Preferred Bank		58,816		4,357,678
QCR Holdings		168,783		9,551,430
TowneBank		252,048		7,546,317
Triumph Bancorp ²		81,992		7,708,888
UMB Financial		112,270		10,908,153
Valley National Bancorp		1,163,221		15,145,138
Western Alliance Bancorp		62,300		5,159,686
				201,139,291
Capital Markets - 2.6%
Artisan Partners Asset Management Cl. A		255,903		10,069,783
Moelis & Company Cl. A		207,037		9,720,387
TMX Group		116,004		11,931,204
				31,721,374
Diversified Financial Services - 2.1%
Compass Diversified Holdings		1,064,512		25,303,450
Insurance - 12.2%
AMERISAFE		253,460		12,589,358
Axis Capital Holdings		407,197		24,623,203
First American Financial		163,745		10,613,951
International General Insurance Holdings		1,851,697		14,295,101
James River Group Holdings		199,003		4,923,334
Old Republic International		228,728		5,917,193
ProAssurance Corporation		652,765		17,546,323
RenaissanceRe Holdings		154,991		24,567,623
Stewart Information Services		231,504		14,031,458
Trean Insurance Group ^2,3		3,614,889		16,953,829
				146,061,373
Total				404,225,488

Health Care – 0.8%
Health Care Providers & Services - 0.8%
Patterson Companies		298,291		9,655,680
Total				9,655,680

Industrials – 21.2%
Building Products - 3.6%
Carlisle Companies		37,194		9,146,748
Fortune Brands Home & Security		156,967		11,659,509
Simpson Manufacturing		64,000		6,978,560
UFP Industries		206,999		15,972,043
				43,756,860
Commercial Services & Supplies - 2.6%
Deluxe Corporation		447,073		13,519,487
Healthcare Services Group		685,475		12,729,271
Loomis ¹		181,992		4,976,017
				31,224,775
Electrical Equipment - 2.8%
GrafTech International		1,961,721		18,871,756
nVent Electric		430,434		14,970,495
				33,842,251
Machinery - 5.3%
Crane Co.		112,439		12,174,895
Douglas Dynamics		527,879		18,259,335
Lincoln Electric Holdings		79,666		10,978,771
Timken Company (The)		359,313		21,810,299
				63,223,300
Professional Services - 2.8%
Barrett Business Services		198,127		15,348,899
KBR		331,054		18,118,585
				33,467,484
Trading Companies & Distributors - 4.1%
Applied Industrial Technologies		207,160		21,267,046
Global Industrial		311,339		10,034,456
MSC Industrial Direct Cl. A		208,510		17,767,137
				49,068,639
Total				254,583,309

Information Technology – 12.3%
Electronic Equipment, Instruments & Components - 4.3%
Avnet		140,509		5,703,260
PC Connection		192,334		10,076,378
Vontier Corporation		1,419,853		36,050,068
				51,829,706
IT Services - 2.2%
EVERTEC		244,189		9,994,656
Hackett Group (The)		688,755		15,882,690
				25,877,346
Semiconductors & Semiconductor Equipment - 1.7%
Kulicke & Soffa Industries		202,784		11,359,960
MKS Instruments		58,205		8,730,750
				20,090,710
Software - 4.1%
CDK Global		422,530		20,568,760
Consensus Cloud Solutions ²		98,500		5,922,805
Teradata Corporation ²		459,667		22,656,987
				49,148,552
Total				146,946,314

Materials – 9.8%
Chemicals - 5.0%
Element Solutions		1,124,566		24,627,996
Innospec		135,357		12,527,290
Minerals Technologies		340,380		22,516,137
				59,671,423
Containers & Packaging - 4.8%
Graphic Packaging Holding Company		1,171,060		23,468,042
Silgan Holdings		500,871		23,155,266
TriMas Corporation		356,840		11,450,996
				58,074,304
Total				117,745,727

Real Estate – 3.2%
Real Estate Management & Development - 3.2%
Cushman & Wakefield ²		813,244		16,679,634
Kennedy-Wilson Holdings		873,197		21,297,275
Total				37,976,909

TOTAL COMMON STOCKS
(Cost $939,038,395)				1,146,698,219

PREFERRED STOCK – 2.0%
Information Technology – 2.0%
Electronic Equipment, Instruments & Components - 2.0%
II-VI Series A Conv.		80,724		23,824,074
(Cost $20,862,360)				23,824,074

REPURCHASE AGREEMENT – 2.9%
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $34,640,241 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $35,333,106)
(Cost $34,640,241)				34,640,241

TOTAL INVESTMENTS – 100.5%
(Cost $994,540,996)				1,205,162,534

LIABILITIES LESS CASH AND OTHER ASSETS – (0.5)%				(5,468,418	)

NET ASSETS – 100.0%			$	1,199,694,116

ADR – American Depository Receipt

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

Non-income producing.

At March 31, 2022, 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 March 31, 2022.

⁵

Securities for which market quotations are not readily available represent 0.2%, 0.0% and 0.0% of net assets for Royce Micro-Cap Fund, Royce Opportunity Fund and Royce Pennyslvania Mutual 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 March 31, 2022, 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	$	27,975,645	$	39,225,159	$	39,711,942	$	486,783
Royce Global Financial Services Fund		18,335,412		15,677,686		17,241,789		1,564,103
Royce International Premier Fund		1,018,492,420		40,214,066		172,555,768		132,341,702
Royce Micro-Cap Fund		266,268,225		91,925,766		120,850,355		28,924,589
Royce Opportunity Fund		1,416,177,801		278,791,538		392,084,735		113,293,197
Royce Pennsylvania Mutual Fund		1,397,360,467		507,157,847		579,356,468		72,198,621
Royce Premier Fund		942,484,739		615,701,328		648,141,377		32,440,049
Royce Small-Cap Value Fund		105,612,369		19,687,933		23,241,374		3,553,441
Royce Smaller-Companies Growth Fund		204,672,597		43,332,361		59,852,881		16,520,520
Royce Special Equity Fund		741,103,230		178,271,945		191,588,656		13,316,711
Royce Total Return Fund		996,368,392		208,794,142		260,040,906		51,246,764

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 Investment Company Act of 1940 (“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/or 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 March 31, 2022. 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	$	54,789,223	$	10,278,112	$	–	$	65,067,335
Repurchase Agreement		–		2,133,469		–		2,133,469
Royce Global Financial Services Fund
Common Stocks		27,992,562		5,804,493		–		33,797,055
Repurchase Agreement		–		216,043		–		216,043
Royce International Premier Fund
Common Stocks		82,928,953		906,425,140		–		989,354,093
Preferred Stocks		–		22,407,219		–		22,407,219
Repurchase Agreement		–		46,945,174		–		46,945,174
Royce Micro-Cap Fund
Common Stocks		337,041,081		8,856,621		646,850		346,544,552
Repurchase Agreement		–		11,649,439		–		11,649,439
Royce Opportunity Fund
Common Stocks		1,624,078,847		6,295,465		0		1,630,374,312
Repurchase Agreement		–		60,498,812		–		60,498,812
Money Market Fund/Collateral Received for Securities Loaned		4,096,215		–		–		4,096,215
Royce Pennsylvania Mutual Fund
Common Stocks		1,846,186,350		9,183,478		0		1,855,369,828
Repurchase Agreement		–		45,835,386		–		45,835,386
Money Market Fund/Collateral Received for Securities Loaned		3,313,100		–		–		3,313,100
Royce Premier Fund
Common Stocks		1,467,210,864		33,551,100		–		1,500,761,964
Repurchase Agreement		–		57,424,103		–		57,424,103
Royce Small-Cap Value Fund
Common Stocks		119,793,695		–		–		119,793,695
Repurchase Agreement		–		5,219,607		–		5,219,607
Money Market Fund/Collateral Received for Securities Loaned		287,000		–		–		287,000
Royce Smaller-Companies Growth Fund
Common Stocks		218,740,242		12,076,322		–		230,816,564
Repurchase Agreement		–		9,939,979		–		9,939,979
Money Market Fund/Collateral Received for Securities Loaned		7,248,415		–		–		7,248,415
Royce Special Equity Fund
Common Stocks		750,684,010		14,755,950		–		765,439,960
Repurchase Agreement		–		153,935,215		–		153,935,215
Royce Total Return Fund
Common Stocks		1,141,722,202		4,976,017		–		1,146,698,219
Preferred Stocks		23,824,074		–		–		23,824,074
Repurchase Agreement		–		34,640,241		–		34,640,241

Level 3 Reconciliation:

	Balance as of 12/31/21		Purchases		Sales		Transfers In		Realized Gain (Loss)		Unrealized Gain (Loss)			Balance as of 3/31/22
Royce Micro-Cap Fund
Common Stocks	$	666,497	$	–	$	966,000	$	–	$	319,352	$	627,001		$	646,850
Royce Opportunity Fund
Common Stocks		49		–		–		–		–		(49	)		0
Royce Pennsylvania Mutual Fund
Common Stocks		0		–		–		–		–		–			0
Royce Total Return Fund
Common Stocks		0		–		0		–		0		–			–

Repurchase Agreements:

The Funds may enter into repurchase agreements with institutions that the Funds’ investment adviser has determined are creditworthy. Each Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of each Fund to dispose of its underlying securities. The remaining contractual maturities of repurchase agreements held by the Funds at March 31, 2022 are overnight and continuous.

Securities Lending:

The Funds loan securities through a lending agent, State Street Bank and Trust Company, to qualified institutional investors for the purpose of earning additional income. The lending agent receives and holds collateral from such borrowers to secure their obligations to the Funds. Such loans must be secured at all times by collateral in an amount at least equal to the market value of the loaned securities. The market values of the loaned securities and the collateral fluctuate and are determined at the close of each business day by the lending agent. Borrowers are required to post additional collateral to the lending agent on the next succeeding business day in the event of a collateral shortfall. Counterparty risk is further reduced by loaning securities only to parties that participate in a Global Securities Lending Program organized and monitored by the lending agent and that are deemed by it to satisfy its requirements and by having the lending agent enter into securities lending agreements with such borrowers. The lending agent is not affiliated with Royce.

Collateral may be in the form of cash or U.S. Treasuries. Cash collateral is invested in certain money market pooled investment vehicles. The Funds record a liability in their respective Statements of Assets and Liabilities for the return of such cash collateral during periods in which securities are on loan. The Funds bear the risk of loss for any decrease in the market value of the loaned securities or the investments purchased with cash collateral received from the borrowers.

Pursuant to the agreement in place between the Funds and the lending agent, if a borrower fails to return loaned securities, and the cash collateral being maintained by the lending agent on behalf of such borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is not the result of investment losses, the lending agent shall, at its option, either replace the loaned securities or pay the amount of the shortfall to the Funds. In the event of the bankruptcy of a borrower, the Funds could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.

Loans of securities generally do not have stated maturity dates, and the Funds may recall a security at any time. The Funds’ securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. Pursuant to the agreement in place between the Funds and the lending agent, the Funds are responsible for any shortfall in the event the value of the investments purchased with cash collateral is insufficient to pay the rebate fee to the borrower.

The following table presents cash collateral and the market value of securities on loan collateralized by cash collateral held by the Funds at March 31, 2022:

	Cash Collateral¹		Securities on Loan Collateralized by Cash Collateral			Net Amount
Royce Opportunity Fund	$	4,096,215	$	(3,759,020	)	$	337,195
Royce Pennsylvania Mutual Fund		3,313,100		(3,242,068	)		71,032
Royce Small-Cap Value Fund		287,000		(282,520	)		4,480
Royce Smaller-Companies Growth Fund		7,248,415		(6,690,779	)		557,636

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

The following table presents non-cash collateral and the market value of securities on loan collateralized by non-cash collateral held by the Funds’ custodian at March 31, 2022:

			Securities on Loan
	Non-Cash Collateral		Collateralized by Non-Cash Collateral			Net Amount
Royce Micro-Cap Fund	$	2,628,770	$	(2,551,656	)	$	77,114
Royce Opportunity Fund		17,292,937		(16,827,937	)		465,000
Royce Pennsylvania Mutual Fund		25,067,489		(24,482,482	)		585,007
Royce Small-Cap Value Fund		51,203		(49,700	)		1,503
Royce Smaller-Companies Growth Fund		21,136,413		(20,641,354	)		495,059

Transactions in Affiliated Companies:

An “Affiliated Company,” as defined in the 1940 Act, 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, 2022:

Affiliated Company¹	Shares 12/31/21	Market Value 12/31/21		Costs of Purchases		Proceeds from Sales		Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)			Dividend Income		Shares 3/31/22		Market Value 3/31/22
Royce International Premier Fund Australia – 2.0%
Bravura Solutions^2,3	15,808,630	$	28,408,875	$	736,852	$	–	$	–		$	(7,553,755	)	$	440,705		16,315,230	$	21,591,972
			28,408,875						–			(7,553,755	)		440,705				21,591,972
Royce Opportunity Fund Health Care – 0.0%
Health Care Equipment & Supplies – 0.0%
IntriCon Corporation^4,5	486,447		7,865,848		–		11,579,543		2,355,413			1,358,282			–
			7,865,848						2,355,413			1,358,282			–
Industrials – 0.3%
Construction & Engineering – 0.3%
Limbach Holdings^2,4	635,423		5,718,807		285,356		–		–			(1,321,197	)		–		673,808		4,682,966
			5,718,807						–			(1,321,197	)		–				4,682,966
Information Technology – 0.3%
Communications Equipment – 0.3%
PCTEL^2,4	1,000,593		5,673,362		146,489		–		–			(1,035,580	)		–		1,031,093		4,784,271
			5,673,362						–			(1,035,580	)		–				4,784,271
			19,258,017						2,355,413			(998,495	)		–				9,467,237

Royce Special Equity Fund Consumer Discretionary – 5.5%
Auto Components – 5.5%
Standard Motor Products²	1,171,500		61,374,885		265,350		–		–			(10,842,885	)		316,305		1,177,500		50,797,350
Household Durables – 0.0%
Flexsteel Industries⁵	767,500		20,615,050		–		14,352,219		(13,061,794	)		6,798,963			–
Hooker Furniture⁵	1,137,000		26,469,360		–		21,153,315		(7,013,961	)		1,697,916			220,000
			47,084,410						(20,075,755	)		8,496,879			220,000
			108,459,295						(20,075,755	)		(2,346,006	)		536,305				50,797,350
Industrials – 5.3%
Machinery – 5.3%
Gencor Industries^2,4	1,066,000		12,290,980		–		–		–			(1,332,500	)		–		1,066,000		10,958,480
Hurco Companies²	580,000		17,226,000		–		–		–			1,055,600			87,000		580,000		18,281,600
Miller Industries²	754,000		25,183,600		316,991		2,237,528		29,551			(4,003,014	)		137,610		685,000		19,289,600
			54,700,580						29,551			(4,279,914	)		224,610				48,529,680
Information Technology – 1.9%
Semiconductors & Semiconductor Equipment – 1.9%
NVE Corporation²	300,100		20,496,830		1,467,034		–		–			(4,261,114	)		307,500		325,000		17,702,750
			20,496,830						–			(4,261,114	)		307,500				17,702,750
			183,656,705						(20,046,204	)		(10,887,034	)		1,068,415				117,029,780
Royce Total Return Fund
Financials – 1.4%
Insurance – 1.4%
Trean Insurance Group^2,4	2,821,597		25,140,429		4,172,397		1,056,668		(25,504	)		(11,276,825	)		–		3,614,889		16,953,829
			25,140,429						(25,504	)		(11,276,825	)		–				16,953,829

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

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

⁴

Non-income producing.

⁵

Not an Affiliated Company at March 31, 2022.

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).

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Form NPORT-P ROYCE FUND For: Mar 31

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