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      ROYCE FUND
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      0000709364
      2549002ZQ3R56YQP4I31
      745 FIFTH AVENUE
      NEW YORK
      
      10151
      212-508-4500
      Royce Opportunity Fund
      S000009512
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      2022-12-31
      2022-03-31
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            UST
          
        
      
      
        
          
          
          
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        WESCO International Inc
        529900TXOGREY3WNJ434
        WESCO International Inc
        95082P105
        
          
        
        88804.00000000
        NS
        USD
        11556952.56000000
        0.682012045539
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Astronics Corp
        549300NNXCF8H4MSMK17
        Astronics Corp
        046433108
        
          
        
        748500.00000000
        NS
        USD
        9678105.00000000
        0.571135353695
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Entravision Communications Corp
        549300SKHY2ALCLKV539
        Entravision Communications Corp
        29382R107
        
          
        
        1011800.00000000
        NS
        USD
        6485638.00000000
        0.382737855507
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KAR Auction Services Inc
        5493004HKD20LBSG7D03
        KAR Auction Services Inc
        48238T109
        
          
        
        326880.00000000
        NS
        USD
        5900184.00000000
        0.348188377343
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AdvanSix Inc
        5493009TPRODMCAZLF67
        AdvanSix Inc
        00773T101
        
          
        
        115412.00000000
        NS
        USD
        5896399.08000000
        0.347965017334
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        A10 Networks Inc
        549300UQD4IWUML81Q35
        A10 Networks Inc
        002121101
        
          
        
        532126.00000000
        NS
        USD
        7423157.70000000
        0.438063835691
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Victoria's Secret & Co
        5493006T3O70U3UWVF17
        Victoria's Secret & Co
        926400102
        
          
        
        152829.00000000
        NS
        USD
        7849297.44000000
        0.463211679317
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Primoris Services Corp
        549300UF3OLBJ8D5K349
        Primoris Services Corp
        74164F103
        
          
        
        334980.00000000
        NS
        USD
        7979223.60000000
        0.470879029830
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carpenter Technology Corp
        DX6I6ZD3X5WNNCDJKP85
        Carpenter Technology Corp
        144285103
        
          
        
        292842.00000000
        NS
        USD
        12293507.16000000
        0.725478444384
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Conduent Inc
        549300SFJ2D2CYY6CQ11
        Conduent Inc
        206787103
        
          
        
        914900.00000000
        NS
        USD
        4720884.00000000
        0.278594182755
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aviat Networks Inc
        549300Z3X8Z4MK52CI65
        Aviat Networks Inc
        05366Y201
        
          
        
        295778.00000000
        NS
        USD
        9101089.06000000
        0.537083831937
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zovio Inc
        N/A
        Zovio Inc
        98979V102
        
          
        
        1580088.00000000
        NS
        USD
        1295830.17000000
        0.076471005684
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        PGT Innovations Inc
        549300LRW9WM59C1S579
        PGT Innovations Inc
        69336V101
        
          
        
        187943.00000000
        NS
        USD
        3379215.14000000
        0.199418092095
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DMC Global Inc
        549300CBDXD1Z5MRNG02
        DMC Global Inc
        23291C103
        
          
        
        204400.00000000
        NS
        USD
        6234200.00000000
        0.367899709913
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Skyline Champion Corp
        N/A
        Skyline Champion Corp
        830830105
        
          
        
        102300.00000000
        NS
        USD
        5614224.00000000
        0.331312980171
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LSB Industries Inc
        5493001H215A0HG0MI71
        LSB Industries Inc
        502160104
        
          
        
        439162.00000000
        NS
        USD
        9591298.08000000
        0.566012604876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stoneridge Inc
        PNBCIH9LE7WI83VJIF08
        Stoneridge Inc
        86183P102
        
          
        
        515780.00000000
        NS
        USD
        10707592.80000000
        0.631888660130
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Krispy Kreme Inc
        N/A
        Krispy Kreme Inc
        50101L106
        
          
        
        279200.00000000
        NS
        USD
        4146120.00000000
        0.244675555045
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Steelcase Inc
        GIE4CCPBJDI8SMV1OX95
        Steelcase Inc
        858155203
        
          
        
        614300.00000000
        NS
        USD
        7340885.00000000
        0.433208665427
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vera Bradley Inc
        52990005Q6LEJKXO7M51
        Vera Bradley Inc
        92335C106
        
          
        
        641602.00000000
        NS
        USD
        4921087.34000000
        0.290408810247
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kulicke & Soffa Industries Inc
        529900H6BEIRBF429744
        Kulicke & Soffa Industries Inc
        501242101
        
          
        
        152165.00000000
        NS
        USD
        8524283.30000000
        0.503044713561
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Horizon Global Corp
        549300D1ZZV3IWN54G85
        Horizon Global Corp
        44052W104
        
          
        
        1198916.00000000
        NS
        USD
        6845810.36000000
        0.403992756979
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barnes Group Inc
        G1MSYD2DQZX30V5DMX12
        Barnes Group Inc
        067806109
        
          
        
        210500.00000000
        NS
        USD
        8459995.00000000
        0.499250859190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Central Garden & Pet Co
        5493004DVZLD37DJ0H83
        Central Garden & Pet Co
        153527205
        
          
        
        76100.00000000
        NS
        USD
        3103358.00000000
        0.183138896403
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PCTEL Inc
        N/A
        PCTEL Inc
        69325Q105
        
          
        
        1031093.00000000
        NS
        USD
        4784271.52000000
        0.282334879271
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amkor Technology Inc
        529900VHLRTKPWZJBM84
        Amkor Technology Inc
        031652100
        
          
        
        431940.00000000
        NS
        USD
        9381736.80000000
        0.553645735972
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tanger Factory Outlet Centers Inc
        UKEW8YSXE4Y581KYOL30
        Tanger Factory Outlet Centers Inc
        875465106
        
          
        
        518600.00000000
        NS
        USD
        8914734.00000000
        0.526086434915
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TimkenSteel Corp
        549300QZTZWHDE9HJL14
        TimkenSteel Corp
        887399103
        
          
        
        587900.00000000
        NS
        USD
        12863252.00000000
        0.759100875708
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heritage-Crystal Clean Inc
        N/A
        Heritage-Crystal Clean Inc
        42726M106
        
          
        
        295988.00000000
        NS
        USD
        8764204.68000000
        0.517203227261
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mistras Group Inc
        N/A
        Mistras Group Inc
        60649T107
        
          
        
        578707.00000000
        NS
        USD
        3825253.27000000
        0.225740202171
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VSE Corp
        549300QWJYQDH4U5XI15
        VSE Corp
        918284100
        
          
        
        253732.00000000
        NS
        USD
        11694507.88000000
        0.690129616731
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goodyear Tire & Rubber Co/The
        5493002BI0S2ZQUY3437
        Goodyear Tire & Rubber Co/The
        382550101
        
          
        
        330000.00000000
        NS
        USD
        4715700.00000000
        0.278288258643
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gibraltar Industries Inc
        N/A
        Gibraltar Industries Inc
        374689107
        
          
        
        76800.00000000
        NS
        USD
        3298560.00000000
        0.194658379123
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ferroglobe PLC
        2138005GCFJACFTZUD90
        Ferroglobe PLC
        000000000
        
          
        
        1260971.00000000
        NS
        USD
        9709476.70000000
        0.572986696182
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Scorpio Tankers Inc
        549300NVJUH16NXG8K87
        Scorpio Tankers Inc
        000000000
        
          
        
        386500.00000000
        NS
        USD
        8263370.00000000
        0.487647400773
        Long
        EC
        CORP
        MH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ATI Physical Therapy Inc
        N/A
        ATI Physical Therapy Inc
        00216W109
        
          
        
        852300.00000000
        NS
        USD
        1602324.00000000
        0.094558168616
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        EnPro Industries Inc
        549300Y5CFT2LKCFDN54
        EnPro Industries Inc
        29355X107
        
          
        
        105100.00000000
        NS
        USD
        10271423.00000000
        0.606148911182
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evercel Inc
        N/A
        Evercel Inc
        299759100
        
          
        
        203243.00000000
        NS
        USD
        323156.37000000
        0.019070471717
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Limelight Networks Inc
        529900BNCMDQGEKW5M59
        Limelight Networks Inc
        53261M104
        
          
        
        187700.00000000
        NS
        USD
        979794.00000000
        0.057820719318
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walker & Dunlop Inc
        N/A
        Walker & Dunlop Inc
        93148P102
        
          
        
        37488.00000000
        NS
        USD
        4851696.96000000
        0.286313866120
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JetBlue Airways Corp
        54930070J9H97ZO93T57
        JetBlue Airways Corp
        477143101
        
          
        
        624800.00000000
        NS
        USD
        9340760.00000000
        0.551227566386
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Orion Group Holdings Inc
        549300KBVXPV9Q3CT222
        Orion Group Holdings Inc
        68628V308
        
          
        
        833053.00000000
        NS
        USD
        2065971.44000000
        0.121919459347
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Luxfer Holdings PLC
        21380045UF5SJYZOXE41
        Luxfer Holdings PLC
        000000000
        
          
        
        486700.00000000
        NS
        USD
        8176560.00000000
        0.482524470194
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Calavo Growers Inc
        N/A
        Calavo Growers Inc
        128246105
        
          
        
        157741.00000000
        NS
        USD
        5749659.45000000
        0.339305451181
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DZS Inc
        549300JL6GXPZ9SNGD29
        DZS Inc
        268211109
        
          
        
        685329.00000000
        NS
        USD
        9505513.23000000
        0.560950171616
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Noranda Aluminum Holding Corp
        5493002XKIUDJWJUU032
        Noranda Aluminum Holding Corp
        65542W206
        
          
        
        488157.00000000
        NS
        USD
        0.00000000
        0.000000
        Long
        EC
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        Hub Group Inc
        N/A
        Hub Group Inc
        443320106
        
          
        
        102500.00000000
        NS
        USD
        7914025.00000000
        0.467031455799
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trecora Resources
        549300YM7091ZVQS2B12
        Trecora Resources
        894648104
        
          
        
        630431.00000000
        NS
        USD
        5333446.26000000
        0.314743404429
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marin Software Inc
        529900G58P3UFOACQI16
        Marin Software Inc
        56804T205
        
          
        
        538350.00000000
        NS
        USD
        1550448.00000000
        0.091496803027
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MillerKnoll Inc
        U98HXD3PNK7HYU2MU887
        MillerKnoll Inc
        600544100
        
          
        
        266900.00000000
        NS
        USD
        9224064.00000000
        0.544340969141
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cohu Inc
        529900FJPORJ3JJ2XS33
        Cohu Inc
        192576106
        
          
        
        326276.00000000
        NS
        USD
        9657769.60000000
        0.569935297912
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avid Technology Inc
        549300PQGW3DXKJTQ914
        Avid Technology Inc
        05367P100
        
          
        
        223885.00000000
        NS
        USD
        7806869.95000000
        0.460707899960
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Select Medical Holdings Corp
        N/A
        Select Medical Holdings Corp
        81619Q105
        
          
        
        207400.00000000
        NS
        USD
        4975526.00000000
        0.293621406445
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SecureWorks Corp
        N/A
        SecureWorks Corp
        81374A105
        
          
        
        420062.00000000
        NS
        USD
        5565821.50000000
        0.328456596721
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Frequency Electronics Inc
        549300S56SO2JB5JBE31
        Frequency Electronics Inc
        358010106
        
          
        
        289393.00000000
        NS
        USD
        2517719.10000000
        0.148578506710
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ADTRAN Inc
        549300XWTHXJVGKWU616
        ADTRAN Inc
        00738A106
        
          
        
        528400.00000000
        NS
        USD
        9748980.00000000
        0.575317909908
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        InterDigital Inc
        N/A
        InterDigital Inc
        45867G101
        
          
        
        65100.00000000
        NS
        USD
        4153380.00000000
        0.245103990433
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QuinStreet Inc
        549300TP8MFBFPOS4Y78
        QuinStreet Inc
        74874Q100
        
          
        
        627500.00000000
        NS
        USD
        7279000.00000000
        0.429556637332
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Herc Holdings Inc
        549300TP80QLITMSBP82
        Herc Holdings Inc
        42704L104
        
          
        
        51519.00000000
        NS
        USD
        8608309.71000000
        0.508003375758
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Air Lease Corp
        5493004NW4M4P8TMMK63
        Air Lease Corp
        00912X302
        
          
        
        265438.00000000
        NS
        USD
        11851806.70000000
        0.699412313829
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Unifi Inc
        549300MW5LPO0M2LNO04
        Unifi Inc
        904677200
        
          
        
        449200.00000000
        NS
        USD
        8130520.00000000
        0.479807505284
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federated Government Obligations Fund
        254900VAJ9169N7JRF45
        Federated Government Obligations Fund
        60934N807
        
          
        
        4096215.00000000
        NS
        USD
        4096215.00000000
        0.241730504353
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Advanced Energy Industries Inc
        549300756XI3QLFT2U27
        Advanced Energy Industries Inc
        007973100
        
          
        
        133153.00000000
        NS
        USD
        11461810.24000000
        0.676397398603
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NN Inc
        549300SU3TUM6VH84645
        NN Inc
        629337106
        
          
        
        1310065.00000000
        NS
        USD
        3772987.20000000
        0.222655817327
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Modine Manufacturing Co
        Z35SZFYJR8GZZRSIUU09
        Modine Manufacturing Co
        607828100
        
          
        
        982363.00000000
        NS
        USD
        8851090.63000000
        0.522330639888
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brighthouse Financial Inc
        5493003T8SZSHOGGAW52
        Brighthouse Financial Inc
        10922N103
        
          
        
        173700.00000000
        NS
        USD
        8973342.00000000
        0.529545076954
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aerojet Rocketdyne Holdings Inc
        549300VULNLWHE8QWI76
        Aerojet Rocketdyne Holdings Inc
        007800105
        
          
        
        142100.00000000
        NS
        USD
        5591635.00000000
        0.329979932379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carrols Restaurant Group Inc
        529900HZEMNWQSAKFJ98
        Carrols Restaurant Group Inc
        14574X104
        
          
        
        791792.00000000
        NS
        USD
        1789449.92000000
        0.105601056506
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tri Pointe Homes Inc
        N/A
        Tri Pointe Homes Inc
        87265H109
        
          
        
        227906.00000000
        NS
        USD
        4576352.48000000
        0.270064924104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JELD-WEN Holding Inc
        529900AXX7CT9GZSCS30
        JELD-WEN Holding Inc
        47580P103
        
          
        
        356713.00000000
        NS
        USD
        7234139.64000000
        0.426909286681
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iMedia Brands Inc
        5299009C9SZXPB0EEN07
        iMedia Brands Inc
        452465206
        
          
        
        627960.00000000
        NS
        USD
        3786598.80000000
        0.223459080568
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Rocky Brands Inc
        5299004HQ6GCTW838N96
        Rocky Brands Inc
        774515100
        
          
        
        149400.00000000
        NS
        USD
        6213546.00000000
        0.366680852544
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Asbury Automotive Group Inc
        549300JH4DTA7U42GL91
        Asbury Automotive Group Inc
        043436104
        
          
        
        53900.00000000
        NS
        USD
        8634780.00000000
        0.509565470656
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axos Financial Inc
        529900D8M56422GK9O25
        Axos Financial Inc
        05465C100
        
          
        
        160300.00000000
        NS
        USD
        7436317.00000000
        0.438840407289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US Xpress Enterprises Inc
        549300NXY19K1OZN4915
        US Xpress Enterprises Inc
        90338N202
        
          
        
        545928.00000000
        NS
        USD
        2118200.64000000
        0.125001668376
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dorian LPG Ltd
        549300WP1W2WGMC7F395
        Dorian LPG Ltd
        000000000
        
          
        
        614392.00000000
        NS
        USD
        8902540.08000000
        0.525366833422
        Long
        EC
        CORP
        MH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Marcus Corp/The
        549300NL0OKPNEMP6B79
        Marcus Corp/The
        566330106
        
          
        
        393800.00000000
        NS
        USD
        6970260.00000000
        0.411336920859
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wabash National Corp
        5299004ZAWHQZI5XO485
        Wabash National Corp
        929566107
        
          
        
        628700.00000000
        NS
        USD
        9329908.00000000
        0.550587155804
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Glatfelter Corp
        549300LDQLQBT38QDY28
        Glatfelter Corp
        377320106
        
          
        
        539445.00000000
        NS
        USD
        6678329.10000000
        0.394109162137
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JOANN Inc
        N/A
        JOANN Inc
        47768J101
        
          
        
        589805.00000000
        NS
        USD
        6729675.05000000
        0.397139247811
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Designer Brands Inc
        549300X8J6FI8PPRK859
        Designer Brands Inc
        250565108
        
          
        
        563379.00000000
        NS
        USD
        7611250.29000000
        0.449163769812
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avaya Holdings Corp
        549300NZS2OZN6Q63A60
        Avaya Holdings Corp
        05351X101
        
          
        
        572654.00000000
        NS
        USD
        7255526.18000000
        0.428171373534
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bed Bath & Beyond Inc
        529900ZBUWWUV7BKGX39
        Bed Bath & Beyond Inc
        075896100
        
          
        
        185500.00000000
        NS
        USD
        4179315.00000000
        0.246634496188
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Knowles Corp
        5493003EO323TDZQU148
        Knowles Corp
        49926D109
        
          
        
        510420.00000000
        NS
        USD
        10989342.60000000
        0.648515600185
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Radiant Logistics Inc
        549300HWCW2HBOG4GN20
        Radiant Logistics Inc
        75025X100
        
          
        
        685069.00000000
        NS
        USD
        4363889.53000000
        0.257526818546
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Toll Brothers Inc
        529900JB6IS9MSZGVR44
        Toll Brothers Inc
        889478103
        
          
        
        102686.00000000
        NS
        USD
        4828295.72000000
        0.284932885496
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ranger Energy Services Inc
        549300J7RIVGVAN0RE23
        Ranger Energy Services Inc
        75282U104
        
          
        
        268256.00000000
        NS
        USD
        2749624.00000000
        0.162263942762
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Babcock & Wilcox Enterprises Inc
        5493006H661OZN2C0T54
        Babcock & Wilcox Enterprises Inc
        05614L209
        
          
        
        1224595.00000000
        NS
        USD
        9992695.20000000
        0.589700308833
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DHI Group Inc
        529900489RAC0CU0AO81
        DHI Group Inc
        23331S100
        
          
        
        650228.00000000
        NS
        USD
        3868856.60000000
        0.228313371536
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CTS Corp
        549300YV1HQLBVHOI649
        CTS Corp
        126501105
        
          
        
        261614.00000000
        NS
        USD
        9245438.76000000
        0.545602360819
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Archrock Inc
        549300K3RIHMHDVFTL28
        Archrock Inc
        03957W106
        
          
        
        445800.00000000
        NS
        USD
        4114734.00000000
        0.242823368671
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LL Flooring Holdings Inc
        N/A
        LL Flooring Holdings Inc
        55003T107
        
          
        
        495500.00000000
        NS
        USD
        6946910.00000000
        0.409958964068
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Express Inc
        N/A
        Express Inc
        30219E103
        
          
        
        1011300.00000000
        NS
        USD
        3600228.00000000
        0.212460754679
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shyft Group Inc/The
        549300YY0TB51BGRV994
        Shyft Group Inc/The
        825698103
        
          
        
        247538.00000000
        NS
        USD
        8938597.18000000
        0.527494676069
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aaron's Co Inc/The
        N/A
        Aaron's Co Inc/The
        00258W108
        
          
        
        111400.00000000
        NS
        USD
        2236912.00000000
        0.132007198341
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comfort Systems USA Inc
        5299009DT1ZA5HTU6R38
        Comfort Systems USA Inc
        199908104
        
          
        
        57710.00000000
        NS
        USD
        5136767.10000000
        0.303136749860
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Foundation Inc
        254900TQZQ6LBCK77E82
        First Foundation Inc
        32026V104
        
          
        
        277600.00000000
        NS
        USD
        6742904.00000000
        0.397919929673
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arcosa Inc
        549300WFHLTCZV7D6V29
        Arcosa Inc
        039653100
        
          
        
        204606.00000000
        NS
        USD
        11713693.50000000
        0.691261820387
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Power Solutions International Inc
        549300JWGWDXC70SNH31
        Power Solutions International Inc
        73933G202
        
          
        
        343740.00000000
        NS
        USD
        1075906.20000000
        0.063492601917
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Concrete Pumping Holdings Inc
        N/A
        Concrete Pumping Holdings Inc
        206704108
        
          
        
        838799.00000000
        NS
        USD
        5619953.30000000
        0.331651084148
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Century Communities Inc
        5299002QMB2O7ZL1CA26
        Century Communities Inc
        156504300
        
          
        
        84700.00000000
        NS
        USD
        4537379.00000000
        0.267764976719
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fixed Income Clearing Corp
        549300H47WTHXPU08X20
        FIXED INC CLEARING CORP.REPO
        000000000
        
          
        
        60498812.45000000
        PA
        USD
        60498812.45000000
        3.570224816407
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
          N
          0.00000000
          2022-04-01
          
            
              53673400.00000000
              USD
              61708824.39000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        GoPro Inc
        549300CQJMLT21SZFL16
        GoPro Inc
        38268T103
        
          
        
        591300.00000000
        NS
        USD
        5043789.00000000
        0.297649820339
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Accuray Inc
        549300G28LY4TZKZJG51
        Accuray Inc
        004397105
        
          
        
        1523508.00000000
        NS
        USD
        5042811.48000000
        0.297592133816
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Braemar Hotels & Resorts Inc
        549300JDUUEBN868C776
        Braemar Hotels & Resorts Inc
        10482B101
        
          
        
        489753.00000000
        NS
        USD
        3026673.54000000
        0.178613505721
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ruth's Hospitality Group Inc
        529900JQW9JP41OHOD14
        Ruth's Hospitality Group Inc
        783332109
        
          
        
        255310.00000000
        NS
        USD
        5841492.80000000
        0.344724825411
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ryman Hospitality Properties Inc
        529900GCCWW9SRMPJR11
        Ryman Hospitality Properties Inc
        78377T107
        
          
        
        45271.00000000
        NS
        USD
        4199790.67000000
        0.247842829743
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Vanguard Corp
        529900GWI78WZA5M9783
        American Vanguard Corp
        030371108
        
          
        
        100614.00000000
        NS
        USD
        2044476.48000000
        0.120650974289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hurco Cos Inc
        XSC5XDOTBYOBQPOG2O82
        Hurco Cos Inc
        447324104
        
          
        
        77351.00000000
        NS
        USD
        2438103.52000000
        0.143880141436
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sierra Wireless Inc
        549300E33RZ5BJ726L53
        Sierra Wireless Inc
        826516106
        
          
        
        442291.00000000
        NS
        USD
        7978929.64000000
        0.470861682328
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Resideo Technologies Inc
        5493006TKFPYISY2DS54
        Resideo Technologies Inc
        76118Y104
        
          
        
        363916.00000000
        NS
        USD
        8672118.28000000
        0.511768919756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Cavco Industries Inc
        N/A
        Cavco Industries Inc
        149568107
        
          
        
        11100.00000000
        NS
        USD
        2673435.00000000
        0.157767790730
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insteel Industries Inc
        52990026LKY4MOX3L174
        Insteel Industries Inc
        45774W108
        
          
        
        149233.00000000
        NS
        USD
        5520128.67000000
        0.325760119402
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alpha & Omega Semiconductor Ltd
        5493001FE7J03YOV2V35
        Alpha & Omega Semiconductor Ltd
        000000000
        
          
        
        114413.00000000
        NS
        USD
        6252670.45000000
        0.368989709142
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TrueBlue Inc
        N/A
        TrueBlue Inc
        89785X101
        
          
        
        321136.00000000
        NS
        USD
        9277619.04000000
        0.547501420150
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Innovage Holding Corp
        N/A
        Innovage Holding Corp
        45784A104
        
          
        
        363000.00000000
        NS
        USD
        2330460.00000000
        0.137527759450
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Ultra Clean Holdings Inc
        5493007L6LS7QX18PE75
        Ultra Clean Holdings Inc
        90385V107
        
          
        
        231627.00000000
        NS
        USD
        9818668.53000000
        0.579430448801
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Adtalem Global Education Inc
        549300Z467EZLMODV621
        Adtalem Global Education Inc
        00737L103
        
          
        
        144000.00000000
        NS
        USD
        4278240.00000000
        0.252472370943
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Huntsman Corp
        5299000V56320A7RIQ67
        Huntsman Corp
        447011107
        
          
        
        273700.00000000
        NS
        USD
        10266487.00000000
        0.605857622329
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Identiv Inc
        5299008KH3C585Z0DS77
        Identiv Inc
        45170X205
        
          
        
        185120.00000000
        NS
        USD
        2993390.40000000
        0.176649363160
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Benchmark Electronics Inc
        549300W18RHYZOZKOP53
        Benchmark Electronics Inc
        08160H101
        
          
        
        217200.00000000
        NS
        USD
        5438688.00000000
        0.320954049839
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Applied Optoelectronics Inc
        529900I8U6Q5SYDNLT48
        Applied Optoelectronics Inc
        03823U102
        
          
        
        769700.00000000
        NS
        USD
        2809405.00000000
        0.165791807213
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BlueLinx Holdings Inc
        549300YSX7GU28F5I540
        BlueLinx Holdings Inc
        09624H208
        
          
        
        130900.00000000
        NS
        USD
        9409092.00000000
        0.555260052187
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hilltop Holdings Inc
        54930010TA543US0PM65
        Hilltop Holdings Inc
        432748101
        
          
        
        310008.00000000
        NS
        USD
        9114235.20000000
        0.537859626922
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tronox Holdings PLC
        549300NRVC84SGJSXV06
        Tronox Holdings PLC
        000000000
        
          
        
        240700.00000000
        NS
        USD
        4763453.00000000
        0.281106313061
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Alaska Air Group Inc
        529900G48RT4KWLC6C27
        Alaska Air Group Inc
        011659109
        
          
        
        132000.00000000
        NS
        USD
        7657320.00000000
        0.451882488003
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TTEC Holdings Inc
        GTJS1N8S8I28A7L4WG97
        TTEC Holdings Inc
        89854H102
        
          
        
        73900.00000000
        NS
        USD
        6098228.00000000
        0.359875575404
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Westport Fuel Systems Inc
        549300ZBKJ4TMPXRB502
        Westport Fuel Systems Inc
        960908309
        
          
        
        747933.00000000
        NS
        USD
        1181734.14000000
        0.069737840829
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Thryv Holdings Inc
        N/A
        Thryv Holdings Inc
        886029206
        
          
        
        283738.00000000
        NS
        USD
        7978712.56000000
        0.470848871756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegheny Technologies Inc
        ZW1LRE7C3H17O2ZN9B45
        Allegheny Technologies Inc
        01741R102
        
          
        
        500814.00000000
        NS
        USD
        13441847.76000000
        0.793245627602
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Diana Shipping Inc
        549300XD7FHNJ0THIV12
        Diana Shipping Inc
        000000000
        
          
        
        649710.00000000
        NS
        USD
        3508434.00000000
        0.207043702616
        Long
        EC
        CORP
        MH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BWX Technologies Inc
        549300NP85N265KWMS58
        BWX Technologies Inc
        05605H100
        
          
        
        82700.00000000
        NS
        USD
        4454222.00000000
        0.262857621136
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Intertechnology Inc
        5493009O8F3QQJTCQR75
        Vishay Intertechnology Inc
        928298108
        
          
        
        422409.00000000
        NS
        USD
        8279216.40000000
        0.488582546576
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Construction Partners Inc
        549300MHLFL4E8JLZU44
        Construction Partners Inc
        21044C107
        
          
        
        279859.00000000
        NS
        USD
        7326708.62000000
        0.432372072746
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ceragon Networks Ltd
        529900WC6JZN5WQLZ645
        Ceragon Networks Ltd
        000000000
        
          
        
        817566.00000000
        NS
        USD
        1741415.58000000
        0.102766399332
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          
        
      
      
        Skechers USA Inc
        529900D2R54KZPA4XR56
        Skechers USA Inc
        830566105
        
          
        
        180322.00000000
        NS
        USD
        7349924.72000000
        0.433742127678
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coeur Mining Inc
        5493003AVK173D48DR70
        Coeur Mining Inc
        192108504
        
          
        
        878332.00000000
        NS
        USD
        3908577.40000000
        0.230657420620
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ebix Inc
        549300DHXVZR5SW5QR44
        Ebix Inc
        278715206
        
          
        
        185900.00000000
        NS
        USD
        6162585.00000000
        0.363673483977
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexander & Baldwin Inc
        N/A
        Alexander & Baldwin Inc
        014491104
        
          
        
        310500.00000000
        NS
        USD
        7200495.00000000
        0.424923810870
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LGI Homes Inc
        549300W02B4WNV8CV109
        LGI Homes Inc
        50187T106
        
          
        
        33170.00000000
        NS
        USD
        3240045.60000000
        0.191205260714
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Infinera Corp
        549300ZOF66WPV3H0H17
        Infinera Corp
        45667G103
        
          
        
        679346.00000000
        NS
        USD
        5889929.82000000
        0.347583245995
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Regis Corp
        5493000Q1S5TJIDIQH89
        Regis Corp
        758932107
        
          
        
        855427.00000000
        NS
        USD
        1813505.24000000
        0.107020636444
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Griffon Corp
        5493000C2SGNC7ZN3242
        Griffon Corp
        398433102
        
          
        
        372667.00000000
        NS
        USD
        7464520.01000000
        0.440504755432
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mesa Air Group Inc
        549300EY743RMV1F7P98
        Mesa Air Group Inc
        590479135
        
          
        
        1182946.00000000
        NS
        USD
        5204962.40000000
        0.307161168565
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stewart Information Services Corp
        529900TV1XI0PLKENU10
        Stewart Information Services Corp
        860372101
        
          
        
        43152.00000000
        NS
        USD
        2615442.72000000
        0.154345484261
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dillard's Inc
        529900FGYKMWL6019P91
        Dillard's Inc
        254067101
        
          
        
        22133.00000000
        NS
        USD
        5940275.87000000
        0.350554324432
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dixie Group Inc/The
        549300MLTT5S33W3Q656
        Dixie Group Inc/The
        255519100
        
          
        
        571206.00000000
        NS
        USD
        1770738.60000000
        0.104496842782
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northern Oil and Gas Inc
        OKFF0PIZDDMNH4UCYE51
        Northern Oil and Gas Inc
        665531307
        
          
        
        189600.00000000
        NS
        USD
        5344824.00000000
        0.315414840578
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Realogy Holdings Corp
        5493004HBTOTE9DI9P12
        Realogy Holdings Corp
        75605Y106
        
          
        
        399820.00000000
        NS
        USD
        6269177.60000000
        0.369963847876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Matrix Service Co
        529900VYBKSX6HD2YW58
        Matrix Service Co
        576853105
        
          
        
        764046.00000000
        NS
        USD
        6280458.12000000
        0.370629546769
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Major Drilling Group International Inc
        549300O1MNHCX2FUBC21
        Major Drilling Group International Inc
        560909103
        
          
        
        838900.00000000
        NS
        
        8166550.41000000
        0.481933772870
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Organon & Co
        549300AMCKY57OK2CO56
        Organon & Co
        68622V106
        
          
        
        255603.00000000
        NS
        USD
        8928212.79000000
        0.526881860621
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Park-Ohio Holdings Corp
        N/A
        Park-Ohio Holdings Corp
        700666100
        
          
        
        192268.00000000
        NS
        USD
        2705210.76000000
        0.159642978065
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AAR Corp
        MP76T5YQX3YK5VVAQ802
        AAR Corp
        000361105
        
          
        
        271100.00000000
        NS
        USD
        13129373.00000000
        0.774805511219
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Macerich Co/The
        529900PSWCB5KI0JYU46
        Macerich Co/The
        554382101
        
          
        
        611700.00000000
        NS
        USD
        9566988.00000000
        0.564577990751
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Guess? Inc
        549300QVH3ZK2DW0KP86
        Guess? Inc
        401617105
        
          
        
        282594.00000000
        NS
        USD
        6174678.90000000
        0.364387182977
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FormFactor Inc
        549300YCEEO6SZD1ZR61
        FormFactor Inc
        346375108
        
          
        
        199613.00000000
        NS
        USD
        8389734.39000000
        0.495104560060
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Korn Ferry
        549300FOD20OM0GT5G40
        Korn Ferry
        500643200
        
          
        
        124945.00000000
        NS
        USD
        8113928.30000000
        0.478828376989
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ducommun Inc
        549300Z71HMWF90S2214
        Ducommun Inc
        264147109
        
          
        
        225886.00000000
        NS
        USD
        11834167.54000000
        0.698371371632
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sportsman's Warehouse Holdings Inc
        549300JVV8YLQSRSF462
        Sportsman's Warehouse Holdings Inc
        84920Y106
        
          
        
        291800.00000000
        NS
        USD
        3119342.00000000
        0.184082162413
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CalAmp Corp
        5493007SIGZIX83TOW07
        CalAmp Corp
        128126109
        
          
        
        1066500.00000000
        NS
        USD
        7796115.00000000
        0.460073216603
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Spectrum Brands Holdings Inc
        549300JM0MJETDD30O20
        Spectrum Brands Holdings Inc
        84790A105
        
          
        
        101500.00000000
        NS
        USD
        9005080.00000000
        0.531418035954
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trinity Industries Inc
        R1JB4KXN77XFCXOQKV49
        Trinity Industries Inc
        896522109
        
          
        
        339424.00000000
        NS
        USD
        11662608.64000000
        0.688247142453
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fabrinet
        5493004TETZ6IYF7CV44
        Fabrinet
        000000000
        
          
        
        90529.00000000
        NS
        USD
        9517313.77000000
        0.561646558521
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nordstrom Inc
        549300S3IZB5P35KNV16
        Nordstrom Inc
        655664100
        
          
        
        226200.00000000
        NS
        USD
        6132282.00000000
        0.361885208832
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sonic Automotive Inc
        549300NTLRGJ2JCBZU03
        Sonic Automotive Inc
        83545G102
        
          
        
        110800.00000000
        NS
        USD
        4710108.00000000
        0.277958257171
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriMas Corp
        75G1WUQ8QK4P5MZOYD78
        TriMas Corp
        896215209
        
          
        
        258410.00000000
        NS
        USD
        8292376.90000000
        0.489359188989
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Seacoast Banking Corp of Florida
        549300V6IC06XYQYPG88
        Seacoast Banking Corp of Florida
        811707801
        
          
        
        268650.00000000
        NS
        USD
        9408123.00000000
        0.555202868455
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Veeco Instruments Inc
        5493004201F72ADDZW04
        Veeco Instruments Inc
        922417100
        
          
        
        425087.00000000
        NS
        USD
        11558115.53000000
        0.682080676049
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Century Casinos Inc
        549300H2L4Y24HXY7M50
        Century Casinos Inc
        156492100
        
          
        
        287694.00000000
        NS
        USD
        3437943.30000000
        0.202883825152
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Taylor Morrison Home Corp
        5299009UDLLGLKOOJE30
        Taylor Morrison Home Corp
        87724P106
        
          
        
        199754.00000000
        NS
        USD
        5437303.88000000
        0.320872368573
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlas Air Worldwide Holdings Inc
        549300R0A2TUVCYZB465
        Atlas Air Worldwide Holdings Inc
        049164205
        
          
        
        93536.00000000
        NS
        USD
        8078704.32000000
        0.476749699368
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        nLight Inc
        N/A
        nLight Inc
        65487K100
        
          
        
        199400.00000000
        NS
        USD
        3457596.00000000
        0.204043592665
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cambium Networks Corp
        549300OYSIGK6OT5WL04
        Cambium Networks Corp
        000000000
        
          
        
        244281.00000000
        NS
        USD
        5774802.84000000
        0.340789241545
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Avnet Inc
        XJI53DCPL7QABOWK4Z75
        Avnet Inc
        053807103
        
          
        
        177700.00000000
        NS
        USD
        7212843.00000000
        0.425652505108
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Twin Disc Inc
        549300FR8EHCY14BLP32
        Twin Disc Inc
        901476101
        
          
        
        327853.00000000
        NS
        USD
        5455473.92000000
        0.321944639666
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chico's FAS Inc
        5299003ESGN5T1MFXY13
        Chico's FAS Inc
        168615102
        
          
        
        1075592.00000000
        NS
        USD
        5162841.60000000
        0.304675487948
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kirkland's Inc
        N/A
        Kirkland's Inc
        497498105
        
          
        
        329900.00000000
        NS
        USD
        3064771.00000000
        0.180861756416
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arlo Technologies Inc
        549300T4EUX2OQ75HV52
        Arlo Technologies Inc
        04206A101
        
          
        
        480500.00000000
        NS
        USD
        4257230.00000000
        0.251232504897
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Ichor Holdings Ltd
        529900PS8R2JVLJ2H892
        Ichor Holdings Ltd
        000000000
        
          
        
        280394.00000000
        NS
        USD
        9987634.28000000
        0.589401648059
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        J Jill Inc
        529900I19PJIF8MIDL12
        J Jill Inc
        46620W201
        
          
        
        312789.00000000
        NS
        USD
        4745009.13000000
        0.280017882400
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Hyster-Yale Materials Handling Inc
        N/A
        Hyster-Yale Materials Handling Inc
        449172105
        
          
        
        53466.00000000
        NS
        USD
        1775605.86000000
        0.104784075072
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Public Education Inc
        254900GZNX6TJQGM4S17
        American Public Education Inc
        02913V103
        
          
        
        469400.00000000
        NS
        USD
        9970056.00000000
        0.588364298581
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Century Aluminum Co
        549300U5ODNGEYWKSW73
        Century Aluminum Co
        156431108
        
          
        
        375210.00000000
        NS
        USD
        9871775.10000000
        0.582564434188
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        B Riley Financial Inc
        N/A
        B Riley Financial Inc
        05580M108
        
          
        
        167467.00000000
        NS
        USD
        11715991.32000000
        0.691397421958
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Option Care Health Inc
        549300DI3Q5ACSYJRI17
        Option Care Health Inc
        68404L201
        
          
        
        243471.00000000
        NS
        USD
        6953531.76000000
        0.410349734910
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cleveland-Cliffs Inc
        549300TM2WLI2BJMDD86
        Cleveland-Cliffs Inc
        185899101
        
          
        
        389249.00000000
        NS
        USD
        12537710.29000000
        0.739889637590
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NeoGenomics Inc
        N/A
        NeoGenomics Inc
        64049M209
        
          
        
        190900.00000000
        NS
        USD
        2319435.00000000
        0.136877139594
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comtech Telecommunications Corp
        529900FTEZ8MGM0Y8F73
        Comtech Telecommunications Corp
        205826209
        
          
        
        436217.00000000
        NS
        USD
        6844244.73000000
        0.403900364239
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VIA Optronics AG
        391200MQMJVYVM0L2S18
        VIA Optronics AG
        91823Y109
        
          
        
        730832.00000000
        NS
        USD
        5846656.00000000
        0.345029522049
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Fossil Group Inc
        DDMY8YZ6L8UEMS1FDM73
        Fossil Group Inc
        34988V106
        
          
        
        760700.00000000
        NS
        USD
        7333148.00000000
        0.432752080772
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Beazer Homes USA Inc
        549300DUPYT2T0F60I45
        Beazer Homes USA Inc
        07556Q881
        
          
        
        296306.00000000
        NS
        USD
        4509777.32000000
        0.266136114946
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pitney Bowes Inc
        549300N2O26NW4ST6W55
        Pitney Bowes Inc
        724479100
        
          
        
        1430694.00000000
        NS
        USD
        7439608.80000000
        0.439034666739
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Owens & Minor Inc
        549300LMT5KQQXCEZ733
        Owens & Minor Inc
        690732102
        
          
        
        162707.00000000
        NS
        USD
        7162362.14000000
        0.422673471110
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Garrett Motion Inc
        549300LS5WT7EMBNV724
        Garrett Motion Inc
        366505105
        
          
        
        826385.00000000
        NS
        USD
        5941708.15000000
        0.350638847770
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegiant Travel Co
        549300JM9OZXOHWL2K18
        Allegiant Travel Co
        01748X102
        
          
        
        29125.00000000
        NS
        USD
        4729608.75000000
        0.279109057638
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intevac Inc
        N/A
        Intevac Inc
        461148108
        
          
        
        694602.00000000
        NS
        USD
        3716120.70000000
        0.219299946670
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Noodles & Co
        5299003PCPK4UINV4362
        Noodles & Co
        65540B105
        
          
        
        554754.00000000
        NS
        USD
        3311881.38000000
        0.195444515570
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Navigator Holdings Ltd
        213800H7RVOFYARK2W19
        Navigator Holdings Ltd
        000000000
        
          
        
        594484.00000000
        NS
        USD
        7258649.64000000
        0.428355698713
        Long
        EC
        CORP
        MH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Spirit AeroSystems Holdings Inc
        N/A
        Spirit AeroSystems Holdings Inc
        848574109
        
          
        
        219900.00000000
        NS
        USD
        10750911.00000000
        0.634445003080
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intrepid Potash Inc
        549300OZ696E2PRRTO45
        Intrepid Potash Inc
        46121Y201
        
          
        
        67482.00000000
        NS
        USD
        5542971.48000000
        0.327108145319
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Orthofix Medical Inc
        N/A
        Orthofix Medical Inc
        68752M108
        
          
        
        101396.00000000
        NS
        USD
        3315649.20000000
        0.195666866455
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RadNet Inc
        529900RECG94V2IZJ970
        RadNet Inc
        750491102
        
          
        
        158700.00000000
        NS
        USD
        3550119.00000000
        0.209503665307
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Earthstone Energy Inc
        54930081UTV7CK45XG14
        Earthstone Energy Inc
        27032D304
        
          
        
        749672.00000000
        NS
        USD
        9468357.36000000
        0.558757487103
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chatham Lodging Trust
        N/A
        Chatham Lodging Trust
        16208T102
        
          
        
        260800.00000000
        NS
        USD
        3596432.00000000
        0.212236740804
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CIRCOR International Inc
        5493007701O01N3FQM69
        CIRCOR International Inc
        17273K109
        
          
        
        289303.00000000
        NS
        USD
        7701245.86000000
        0.454474690876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Emergent BioSolutions Inc
        549300YW6TUOX8BE5103
        Emergent BioSolutions Inc
        29089Q105
        
          
        
        112226.00000000
        NS
        USD
        4607999.56000000
        0.271932517629
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ooma Inc
        N/A
        Ooma Inc
        683416101
        
          
        
        348278.00000000
        NS
        USD
        5220687.22000000
        0.308089139550
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Overstock.com Inc
        549300ACR0DL9U7EI710
        Overstock.com Inc
        690370101
        
          
        
        188700.00000000
        NS
        USD
        8303743.50000000
        0.490029967733
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kaleyra Inc
        549300Q16CZ1PDK9BL93
        Kaleyra Inc
        483379103
        
          
        
        704257.00000000
        NS
        USD
        4211456.86000000
        0.248531288233
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        Covetrus Inc
        5493009S30DUFCF75V87
        Covetrus Inc
        22304C100
        
          
        
        163400.00000000
        NS
        USD
        2743486.00000000
        0.161901720116
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ON24 Inc
        N/A
        ON24 Inc
        68339B104
        
          
        
        277200.00000000
        NS
        USD
        3645180.00000000
        0.215113513294
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Bancshares Inc/The
        5493006DL5RXJODMAF36
        First Bancshares Inc/The
        318916103
        
          
        
        134000.00000000
        NS
        USD
        4510440.00000000
        0.266175221773
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ardmore Shipping Corp
        549300J8HD7K6BHD8O28
        Ardmore Shipping Corp
        000000000
        
          
        
        1152593.00000000
        NS
        USD
        5186668.50000000
        0.306081588105
        Long
        EC
        CORP
        MH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LSI Industries Inc
        529900HY42OANH6BVT33
        LSI Industries Inc
        50216C108
        
          
        
        498673.00000000
        NS
        USD
        2992038.00000000
        0.176569553791
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        comScore Inc
        N/A
        comScore Inc
        20564W105
        
          
        
        1943562.00000000
        NS
        USD
        5655765.42000000
        0.333764469756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Matador Resources Co
        549300CI3Q2UUK5R4G79
        Matador Resources Co
        576485205
        
          
        
        172783.00000000
        NS
        USD
        9154043.34000000
        0.540208830213
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Commercial Metals Co
        549300OQS2LO07ZJ7N73
        Commercial Metals Co
        201723103
        
          
        
        284600.00000000
        NS
        USD
        11845052.00000000
        0.699013697780
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Digi International Inc
        529900KG656HGROI4N27
        Digi International Inc
        253798102
        
          
        
        569002.00000000
        NS
        USD
        12244923.04000000
        0.722611342967
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Daseke Inc
        549300CUSFIOX5Q3VA53
        Daseke Inc
        23753F107
        
          
        
        516300.00000000
        NS
        USD
        5199141.00000000
        0.306817629478
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Moelis & Co
        549300891QNU7VTQUR83
        Moelis & Co
        60786M105
        
          
        
        98026.00000000
        NS
        USD
        4602320.70000000
        0.271597390275
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northwest Pipe Co
        54930056VW2CRCZ9RE54
        Northwest Pipe Co
        667746101
        
          
        
        399936.00000000
        NS
        USD
        10178371.20000000
        0.600657632393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mammoth Energy Services Inc
        549300ODHHN3MGXCQ803
        Mammoth Energy Services Inc
        56155L108
        
          
        
        822195.00000000
        NS
        USD
        1751275.35000000
        0.103348255308
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Immersion Corp
        529900AKNC1UAMQ2YB35
        Immersion Corp
        452521107
        
          
        
        692600.00000000
        NS
        USD
        3850856.00000000
        0.227251099630
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amtech Systems Inc
        5299008VRUUPETM6HZ85
        Amtech Systems Inc
        032332504
        
          
        
        618984.00000000
        NS
        USD
        6226979.04000000
        0.367473578398
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Interface Inc
        549300VXZWQOIDFPU355
        Interface Inc
        458665304
        
          
        
        503867.00000000
        NS
        USD
        6837475.19000000
        0.403500872435
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Conn's Inc
        529900K9HOACKOJJT953
        Conn's Inc
        208242107
        
          
        
        446804.00000000
        NS
        USD
        6885249.64000000
        0.406320192684
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthcare Services Group Inc
        529900GVZ1D2FBYMS719
        Healthcare Services Group Inc
        421906108
        
          
        
        300600.00000000
        NS
        USD
        5582142.00000000
        0.329419720652
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Commercial Vehicle Group Inc
        5493006OG8I91X0K7Q22
        Commercial Vehicle Group Inc
        202608105
        
          
        
        858857.00000000
        NS
        USD
        7257341.65000000
        0.428278510117
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southwestern Energy Co
        EFWMP121W54QV9MGOP87
        Southwestern Energy Co
        845467109
        
          
        
        658081.00000000
        NS
        USD
        4718440.77000000
        0.278450000084
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cross Country Healthcare Inc
        54930037L0NBIPZ5S663
        Cross Country Healthcare Inc
        227483104
        
          
        
        441620.00000000
        NS
        USD
        9569905.40000000
        0.564750155682
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apogee Enterprises Inc
        549300579S7QW8V4IJ60
        Apogee Enterprises Inc
        037598109
        
          
        
        135900.00000000
        NS
        USD
        6449814.00000000
        0.380623768822
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Univar Solutions Inc
        549300VSXHFQVR770L55
        Univar Solutions Inc
        91336L107
        
          
        
        381800.00000000
        NS
        USD
        12271052.00000000
        0.724153294910
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Limbach Holdings Inc
        N/A
        Limbach Holdings Inc
        53263P105
        
          
        
        673808.00000000
        NS
        USD
        4682965.60000000
        0.276356498953
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Community Health Systems Inc
        N/A
        Community Health Systems Inc
        203668108
        
          
        
        465514.00000000
        NS
        USD
        5525651.18000000
        0.326086020051
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hexcel Corp
        S6Q7LW43WUBUHXY2QP69
        Hexcel Corp
        428291108
        
          
        
        176000.00000000
        NS
        USD
        10466720.00000000
        0.617674000151
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Livent Corp
        254900OOLQ2VNMZTJL47
        Livent Corp
        53814L108
        
          
        
        239800.00000000
        NS
        USD
        6251586.00000000
        0.368925712344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Triumph Group Inc
        5493007L6S47Q14SL582
        Triumph Group Inc
        896818101
        
          
        
        549716.00000000
        NS
        USD
        13896820.48000000
        0.820094995878
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barnes & Noble Education Inc
        549300JQGDS5THBPED41
        Barnes & Noble Education Inc
        06777U101
        
          
        
        914532.00000000
        NS
        USD
        3274024.56000000
        0.193210465797
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Adient PLC
        5493002QLDY8O75RTR78
        Adient PLC
        000000000
        
          
        
        79600.00000000
        NS
        USD
        3245292.00000000
        0.191514867245
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Chesapeake Energy Corp
        X2MT1W32SPAZ9WSKLE78
        Chesapeake Energy Corp
        165167735
        
          
        
        105700.00000000
        NS
        USD
        9195900.00000000
        0.542678923100
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Varex Imaging Corp
        549300CWYWPVCT8E9W67
        Varex Imaging Corp
        92214X106
        
          
        
        255346.00000000
        NS
        USD
        5436316.34000000
        0.320814090738
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Manitex International Inc
        549300QZ9TZ4MVXPZQ53
        Manitex International Inc
        563420108
        
          
        
        862976.00000000
        NS
        USD
        6282465.28000000
        0.370747995581
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Baytex Energy Corp
        549300R5LTV2H7I1I079
        Baytex Energy Corp
        07317Q105
        
          
        
        1117900.00000000
        NS
        USD
        4896402.00000000
        0.288952050851
        Long
        EC
        CORP
        CA
        N
        
        2
        
          N
          N
          N
        
      
      
        Haynes International Inc
        549300I9MS5UZLRFDO40
        Haynes International Inc
        420877201
        
          
        
        309461.00000000
        NS
        USD
        13183038.60000000
        0.777972486720
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dana Inc
        KVWHW7YLZPFJM8QYNJ51
        Dana Inc
        235825205
        
          
        
        488353.00000000
        NS
        USD
        8580362.21000000
        0.506354106061
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Caleres Inc
        JFU6RQQJ8Z1CPOLBXQ18
        Caleres Inc
        129500104
        
          
        
        280700.00000000
        NS
        USD
        5425931.00000000
        0.320201219227
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hudson Technologies Inc
        N/A
        Hudson Technologies Inc
        444144109
        
          
        
        742918.00000000
        NS
        USD
        4613520.78000000
        0.272258342151
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bioventus Inc
        N/A
        Bioventus Inc
        09075A108
        
          
        
        574415.00000000
        NS
        USD
        8099251.50000000
        0.477962252953
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Republic International Corp
        549300IV6O2YY2A1KH37
        Old Republic International Corp
        680223104
        
          
        
        281900.00000000
        NS
        USD
        7292753.00000000
        0.430368245030
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Olympic Steel Inc
        549300GQ061U6N6KWJ49
        Olympic Steel Inc
        68162K106
        
          
        
        170995.00000000
        NS
        USD
        6576467.70000000
        0.388098001200
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Onto Innovation Inc
        254900RXZVN73CHOO062
        Onto Innovation Inc
        683344105
        
          
        
        64719.00000000
        NS
        USD
        5623433.91000000
        0.331856485869
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BayCom Corp
        549300UOLS54Q5ONIG33
        BayCom Corp
        07272M107
        
          
        
        244959.00000000
        NS
        USD
        5332757.43000000
        0.314702754408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heidrick & Struggles International Inc
        5493006284N2J367VB57
        Heidrick & Struggles International Inc
        422819102
        
          
        
        160665.00000000
        NS
        USD
        6359120.70000000
        0.375271672521
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cars.com Inc
        5493002G6J07LNGX4M98
        Cars.com Inc
        14575E105
        
          
        
        277100.00000000
        NS
        USD
        3998553.00000000
        0.235967163192
        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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