UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-03599

Name of Fund:	The Royce Fund
Fund Address:	745 Fifth Avenue
	New York, NY 10151

Name and address of agent for service:

John E. Denneen, Esq.

Royce & Associates, LP

745 Fifth Avenue

New York, NY 10151

Registrant’s telephone number, including area code: (212) 508-4500

Date of fiscal year end: 12/31/2018

Date of reporting period: 3/31/2018

Item 1 - Schedule of Investments

SCHEDULES OF INVESTMENTS

ROYCE DIVIDEND VALUE FUND

MARCH 31, 2018 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.5%
Consumer Discretionary – 9.5%
Auto Components - 2.3%
Gentex Corporation	82,396	$	1,896,756
Nokian Renkaat	44,500		2,024,139
			3,920,895
Automobiles - 0.8%
Thor Industries	12,840		1,478,783
Hotels, Restaurants & Leisure - 0.1%
Cheesecake Factory	3,929		189,456
Household Durables - 1.7%
Hunter Douglas	25,000		1,999,876
La-Z-Boy	31,548		944,863
			2,944,739
Specialty Retail - 3.3%
American Eagle Outfitters	95,231		1,897,954
DSW Cl. A	84,540		1,898,769
Fielmann	6,400		518,042
USS	70,000		1,434,247
			5,749,012
Textiles, Apparel & Luxury Goods - 1.3%
HUGO BOSS	12,300		1,072,002
Steven Madden	28,308		1,242,721
			2,314,723
Total			16,597,608
Consumer Staples – 0.5%
Food & Staples Retailing - 0.3%
FamilyMart UNY Holdings	6,000		502,545
Food Products - 0.2%
Industrias Bachoco ADR	6,100		377,895
Total			880,440
Energy – 3.7%
Energy Equipment & Services - 2.9%
Helmerich & Payne	41,454		2,759,178
TGS-NOPEC Geophysical	90,900		2,217,679
			4,976,857
Oil, Gas & Consumable Fuels - 0.8%
Gaztransport Et Technigaz	22,700		1,423,953
Total			6,400,810
Financials – 30.4%
Banks - 4.6%
BGEO Group	49,400		2,468,330
BOK Financial	21,414		2,119,772
City Holding Company	6,489		444,886
First Republic Bank	32,400		3,000,564
			8,033,552
Capital Markets - 23.0%
Ashmore Group	459,000		2,454,953
AURELIUS Equity Opportunities	9,000		626,860
B3	275,000		2,223,190
Bolsa Mexicana de Valores	1,234,000		2,358,834
Carlyle Group L.P.	122,300		2,611,105
Coronation Fund Managers	192,000		1,309,264
Federated Investors Cl. B	56,600		1,890,440
Gluskin Sheff + Associates	51,700		585,079
Houlihan Lokey Cl. A	7,900		352,340
Jupiter Fund Management	282,000		1,868,097
KKR & Co. L.P.	207,000		4,202,100
Lazard Cl. A	37,000		1,944,720
Moelis & Company Cl. A	32,220		1,638,387
Northern Trust	23,300		2,402,929
SEI Investments	47,400		3,550,734
Singapore Exchange	70,000		395,306
Sprott	735,700		1,775,936
State Street	25,700		2,563,061
TD Ameritrade Holding Corporation	52,100		3,085,883
Value Partners Group	2,272,200		2,145,131
			39,984,349
Diversified Financial Services - 1.0%
Leucadia National	74,600		1,695,658
Insurance - 0.9%
Reinsurance Group of America	10,405		1,602,370
Thrifts & Mortgage Finance - 0.9%
Genworth MI Canada	47,648		1,516,333
Total			52,832,262
Health Care – 3.7%
Health Care Equipment & Supplies - 1.7%
DENTSPLY SIRONA	57,500		2,892,825
Health Care Providers & Services - 0.2%
Ensign Group (The)	15,400		405,020
Health Care Technology - 0.2%
CompuGroup Medical	7,300		395,407
Pharmaceuticals - 1.6%
Recordati	48,800		1,808,296
Santen Pharmaceutical	52,000		874,082
			2,682,378
Total			6,375,630
Industrials – 29.9%
Aerospace & Defense - 1.9%
HEICO Corporation Cl. A	45,456		3,225,103
Air Freight & Logistics - 1.8%
Expeditors International of Washington	48,300		3,057,390
Airlines - 2.0%
Allegiant Travel	10,100		1,742,755
Hawaiian Holdings	46,870		1,813,869
			3,556,624
Building Products - 1.8%
Apogee Enterprises	18,300		793,305
Geberit	1,000		442,253
TOTO	37,000		1,942,137
			3,177,695
Commercial Services & Supplies - 0.8%
Herman Miller	44,057		1,407,621
Construction & Engineering - 1.5%
Comfort Systems USA	9,000		371,250
KBR	132,800		2,150,032
			2,521,282
Electrical Equipment - 1.8%
EnerSys	16,400		1,137,668
Hubbell Cl. B	15,900		1,936,302
			3,073,970
Machinery - 11.6%
Alamo Group	1,608		176,719
Donaldson Company	67,500		3,040,875
Federal Signal	8,429		185,607
Graco	63,000		2,880,360
IDEX Corporation	29,700		4,232,547
Lincoln Electric Holdings	13,150		1,182,842
Lindsay Corporation	26,700		2,441,448
Pfeiffer Vacuum Technology	12,000		1,865,974
Spirax-Sarco Engineering	27,400		2,214,943
Wabash National	92,000		1,914,520
			20,135,835
Marine - 1.5%
Clarkson	60,700		2,573,805
Professional Services - 3.0%
Korn/Ferry International	17,201		887,399
ManpowerGroup	28,300		3,257,330
Robert Half International	19,665		1,138,407
			5,283,136
Road & Rail - 0.3%
Werner Enterprises	15,150		552,975
Trading Companies & Distributors - 1.9%
Applied Industrial Technologies	45,600		3,324,240
Total			51,889,676
Information Technology – 6.7%
Electronic Equipment, Instruments & Components - 5.3%
Benchmark Electronics	51,506		1,537,454
FLIR Systems	91,500		4,575,915
Methode Electronics	29,142		1,139,453
Vishay Intertechnology	102,507		1,906,630
			9,159,452
IT Services - 0.3%
Convergys Corporation	24,800		560,976
Semiconductors & Semiconductor Equipment - 0.2%
MKS Instruments	3,308		382,570
Software - 0.9%
Computer Modelling Group	140,000		1,009,508
SimCorp	7,000		487,888
			1,497,396
Total			11,600,394
Materials – 12.7%
Chemicals - 1.9%
Quaker Chemical	20,500		3,036,665
Victrex	10,000		360,680
			3,397,345
Containers & Packaging - 2.1%
AptarGroup	36,900		3,314,727
Greif Cl. A	7,800		407,550
			3,722,277
Metals & Mining - 8.7%
Carpenter Technology	61,900		2,731,028
Compass Minerals International	35,100		2,116,530
Franco-Nevada Corporation	33,000		2,256,870
Reliance Steel & Aluminum	44,200		3,789,708
Royal Gold	19,300		1,657,291
Worthington Industries	58,500		2,510,820
			15,062,247
Total			22,181,869
Real Estate – 0.4%
Real Estate Management & Development - 0.4%
Relo Group	23,000		644,885
Total			644,885
Utilities – 1.0%
Water Utilities - 1.0%
Aqua America	49,800		1,696,188
Total			1,696,188
TOTAL COMMON STOCKS
(Cost $107,754,447)			171,099,762
REPURCHASE AGREEMENT – 0.2%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $311,010 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $319,736)
(Cost $311,000)			311,000
TOTAL INVESTMENTS – 98.7%
(Cost $108,065,447)			171,410,762
CASH AND OTHER ASSETS
LESS LIABILITIES – 1.3%			2,301,225
NET ASSETS – 100.0%		$	173,711,987

SCHEDULES OF INVESTMENTS
ROYCE GLOBAL FINANCIAL SERVICES FUND
MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 99.9%
Banks - 19.3%
Bank of Princeton 1	5,000	$	172,450
Bank of the Ozarks	5,900		284,793
BankUnited	4,100		163,918
BLOM Bank GDR	8,000		97,600
BOK Financial	11,600		1,148,284
Bryn Mawr Bank	10,000		439,500
Canadian Western Bank	14,000		359,141
Capital City Bank Group	26,822		663,844
Chemung Financial	14,512		674,373
County Bancorp	15,895		464,293
First Citizens BancShares Cl. A	3,290		1,359,560
First Republic Bank	8,000		740,880
Investors Bancorp	25,300		345,092
Live Oak Bancshares	22,500		625,500
Popular	32,300		1,344,326
State Bank Financial	12,500		375,125
TriState Capital Holdings 1	11,600		269,700
Umpqua Holdings	17,400		372,534
Webster Financial	14,600		808,840
Total			10,709,753
Capital Markets - 49.7%
Ares Management L.P.	32,900		704,060
Ashmore Group	216,000		1,155,272
Associated Capital Group Cl. A	14,084		527,446
B3	61,000		493,144
Canaccord Genuity Group	133,000		715,403
Carlyle Group L.P.	41,700		890,295
Cboe Global Markets	2,226		253,987
Charles Schwab (The) Corporation	8,400		438,648
Coronation Fund Managers	61,200		417,328
CRISIL	14,000		407,685
Dundee Corporation Cl. A 1	90,000		129,235
Edelweiss Financial Services	155,000		576,372
Edmond de Rothschild (Suisse)	30		562,157
Egyptian Financial Group-Hermes Holding
Company	246,390		355,057
Financial Engines	14,100		493,500
Gluskin Sheff + Associates	63,400		717,485
GMP Capital	108,000		232,204
Great Elm Capital Group 1	115,545		462,180
Hamilton Lane Cl. A	11,500		428,145
Hellenic Exchanges - Athens Stock Exchange	50,000		286,771
Intermediate Capital Group	39,111		539,689
INTL FCStone 1	15,100		644,468
IOOF Holdings	55,000		433,147
JSE	51,000		801,186
Jupiter Fund Management	106,900		708,154
KKR & Co. L.P.	23,900		485,170
Lazard Cl. A	3,700		194,472
MarketAxess Holdings	4,600		1,000,224
MVC Capital	47,100		467,703
Northern Trust	6,600		680,658
NZX	580,000		448,784
Partners Group Holding	670		498,638
Rothschild & Co	27,700		1,020,259
SEI Investments	19,900		1,490,709
Silvercrest Asset Management Group Cl. A	41,600		632,320
Singapore Exchange	114,300		645,479
Sprott	750,000		1,810,455
TD Ameritrade Holding Corporation	10,880		644,422
Tokai Tokyo Financial Holdings	9,400		65,157
U.S. Global Investors Cl. A	183,900		465,267
UOB-Kay Hian Holdings	129,000		137,052
Value Partners Group	672,000		634,420
Virtu Financial Cl. A	47,400		1,564,200
VZ Holding	3,350		908,400
Warsaw Stock Exchange	19,000		229,510
Westaim Corporation 1	105,000		230,644
Total			27,626,961
Consumer Finance - 0.5%
Currency Exchange International 1	13,000		278,496
Total			278,496
Diversified Financial Services - 0.5%
ECN Capital	50,000		133,504
SHUAA Capital 1	580,000		165,848
Total			299,352
Equity Real Estate Investment Trusts (REITs) - 0.3%
Colony NorthStar Cl. A	31,500		177,030
Total			177,030
Hotels, Restaurants & Leisure - 0.7%
Thomas Cook (India)	94,000		400,564
Total			400,564
Insurance - 6.9%
E-L Financial	2,625		1,646,292
First American Financial	3,900		228,852
Jardine Lloyd Thompson Group	11,900		214,212
MBIA 1	95,300		882,478
National Western Life Group Cl. A	2,750		838,420
Total			3,810,254
Internet Software & Services - 1.1%
Benefitfocus 1	10,600		258,640
Envestnet 1	6,000		343,800
Novation Companies 1, 2	223,459		6,704
Total			609,144
Investment Companies - 0.9%
RIT Capital Partners	19,000		506,964
Total			506,964
IT Services - 1.7%
Cass Information Systems	4,180		248,752
GBST Holdings	105,000		177,524
PayPal Holdings 1	6,400		485,568
Total			911,844
Marine - 2.0%
Clarkson	26,000		1,102,453
Total			1,102,453
Metals & Mining - 2.0%
Franco-Nevada Corporation	16,500		1,128,435
Total			1,128,435
Professional Services - 1.6%
IHS Markit 1	14,000		675,360
People Corporation 1	35,000		194,241
Total			869,601
Real Estate Management & Development - 6.8%
Altus Group	32,000		810,215
FirstService Corporation	14,000		1,024,520
FRP Holdings 1	18,100		1,013,600
Midland Holdings 1	800,000		225,069
Midland IC&I 1	400,000		17,899
RMR Group Cl. A	10,000		699,500
Total			3,790,803
Software - 2.5%
Bottomline Technologies 1	13,600		527,000
Fair Isaac 1	5,100		863,787
Total			1,390,787
Thrifts & Mortgage Finance - 1.9%
BofI Holding 1	25,700		1,041,621
Total			1,041,621
Trading Companies & Distributors - 1.5%
Air Lease Cl. A	19,500		831,090
Total			831,090
TOTAL COMMON STOCKS
(Cost $41,639,333)			55,485,152
REPURCHASE AGREEMENT – 1.6%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $902,028 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $921,906)
(Cost $902,000)			902,000
TOTAL INVESTMENTS – 101.5%
(Cost $42,541,333)			56,387,152
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.5)%			(832,066	)
NET ASSETS – 100.0%		$	55,555,086

SCHEDULES OF INVESTMENTS

ROYCE INTERNATIONAL DISCOVERY FUND

MARCH 31, 2018 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.2%
Australia – 2.9%
Austal	46,400	$	64,926
Bingo Industries	29,400		63,668
HT&E	77,700		114,861
Total			243,455
Belgium – 0.8%
Greenyard	3,200		71,402
Total			71,402
Brazil – 3.2%
Construtora Tenda 1	8,800		70,236
International Meal Company Alimentacao	44,800		115,343
T4F Entretenimento	25,000		80,268
Total			265,847
Canada – 9.7%
Calfrac Well Services 1	18,900		86,406
Centric Health 1	158,600		56,627
Cogeco Communications	2,900		158,781
Exco Technologies	5,200		36,689
Magellan Aerospace	11,700		177,450
Major Drilling Group International 1	20,900		108,041
Sandstorm Gold 1	20,600		98,056
Solium Capital 1	11,000		95,370
Total			817,420
China – 9.1%
China Communications Services	190,200		114,113
China Lesso Group Holdings	137,200		104,809
China Medical System Holdings	46,400		106,206
Haitian International Holdings	45,800		139,298
Hua Hong Semiconductor	56,700		113,490
Xiabuxiabu Catering Management China
Holdings Company	59,300		113,638
Xingda International Holdings	221,000		75,204
Total			766,758
Denmark – 1.7%
DFDS	2,500		140,448
Total			140,448
Egypt – 1.4%
Egyptian Financial Group-Hermes Holding
Company	81,600		117,588
Total			117,588
Germany – 1.8%
CANCOM	600		61,841
VIB Vermoegen	3,300		89,074
Total			150,915
Hong Kong – 6.8%
China Resources Cement Holdings	100,600		87,785
CSI Properties	1,188,900		73,584
HKBN	67,400		79,620
I.T	92,000		42,926
Pico Far East Holdings	258,700		99,227
Texhong Textile Group	60,000		84,535
Value Partners Group	111,700		105,453
Total			573,130
India – 6.5%
Asian Granito India	12,700		89,852
Dewan Housing Finance	21,000		169,019
Edelweiss Financial Services	20,800		77,345
Multi Commodity Exchange of India	7,400		76,855
Redington India	29,900		67,593
Time Technoplast	28,000		69,063
Total			549,727
Ireland – 1.8%
Irish Residential Properties REIT	88,600		151,942
Total			151,942
Israel – 1.2%
Nova Measuring Instruments 1	3,700		100,381
Total			100,381
Italy – 2.1%
Anima Holding	11,700		79,623
Openjobmetis 1	6,800		96,156
Total			175,779
Japan – 18.2%
Ain Holdings	1,300		101,120
Dip Corporation	2,800		88,714
eGuarantee	3,400		68,424
H.I.S.	3,800		138,658
Information Services International-Dentsu	3,100		83,887
Investors Cloud	3,800		84,219
Kyowa Exeo	4,600		122,922
Leopalace21	12,000		98,178
NS Solutions	4,900		140,943
Open House	1,000		61,688
Outsourcing	6,000		105,039
Ryobi	4,740		125,603
Sun Frontier Fudousan	11,600		128,223
Tokai Corporation	4,500		93,517
Yumeshin Holdings	7,600		85,475
Total			1,526,610
Malaysia – 1.0%
AEON Credit Service	25,150		80,110
Total			80,110
Mexico – 1.7%
Industrias Bachoco SAB de CV	27,400		141,823
Total			141,823
Netherlands – 1.1%
AMG Advanced Metallurgical Group	2,100		93,931
Total			93,931
Norway – 2.5%
Leroy Seafood Group	17,600		109,374
Protector Forsikring	9,100		98,570
Total			207,944
Singapore – 0.5%
CSE Global	138,200		42,486
Total			42,486
South Africa – 0.9%
Nampak 1	56,600		72,630
Total			72,630
South Korea – 5.6%
Eugene Technology	4,900		86,999
Innocean Worldwide	2,500		151,635
Interojo Company	2,244		85,751
Modetour Network	1,900		69,863
Samjin Pharmaceutical	1,900		77,858
Total			472,106
Spain – 0.9%
Atento	10,200		79,560
Total			79,560
Sweden – 2.3%
Dustin Group	11,200		99,617
Knowit	4,400		89,367
Total			188,984
Taiwan – 4.5%
Formosa Laboratories	36,800		80,176
Sinmag Equipment	16,100		90,583
Sporton International	25,326		140,960
TCI	4,400		62,618
Total			374,337
Turkey – 1.2%
Soda Sanayii	73,900		102,708
Total			102,708
United Arab Emirates – 0.7%
Aramex	47,500		56,962
Total			56,962
United Kingdom – 7.1%
Biffa	57,500		161,532
Conviviality 1, 3	35,800		5,023
dotdigital group	64,900		77,007
Hilton Food Group	11,500		133,953
River and Mercantile Group	20,300		93,431
RPC Group	11,400		124,034
Total			594,980
TOTAL COMMON STOCKS
(Cost $7,730,287)			8,159,963
REPURCHASE AGREEMENT – 2.5%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $207,006 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $213,157)
(Cost $207,000)			207,000
TOTAL INVESTMENTS – 99.7%
(Cost $7,937,287)			8,366,963
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.3%			27,927
NET ASSETS – 100.0%		$	8,394,890

SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL PREMIER FUND
MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 95.7%
Australia – 10.8%
ALS	650,000	$	3,727,718
Bravura Solutions	2,100,000		4,398,463
Cochlear	27,000		3,788,474
Hansen Technologies	1,200,000		3,832,097
IPH	1,500,000		3,912,121
Technology One	910,000		3,657,493
Total			23,316,366
Austria – 1.9%
Mayr-Melnhof Karton	27,000		4,095,935
Total			4,095,935
Brazil – 3.5%
OdontoPrev	805,000		3,640,416
TOTVS	455,000		3,970,543
Total			7,610,959
Canada – 5.5%
Altus Group	166,000		4,202,988
Computer Modelling Group	515,000		3,713,548
Morneau Shepell	197,500		3,962,724
Total			11,879,260
China – 1.8%
TravelSky Technology	1,315,000		3,852,604
Total			3,852,604
Denmark – 2.0%
SimCorp	62,000		4,321,292
Total			4,321,292
France – 5.4%
Neurones	110,000		3,628,207
Sartorius Stedim Biotech	46,500		4,209,325
Thermador Groupe	27,500		3,896,920
Total			11,734,452
Germany – 3.3%
Carl Zeiss Meditec	66,000		4,214,537
STRATEC Biomedical	33,500		3,029,371
Total			7,243,908
India – 4.4%
AIA Engineering	163,000		3,614,397
SH Kelkar & Company	965,000		3,831,421
Vakrangee	565,000		1,958,293
Total			9,404,111
Israel – 1.7%
Frutarom Industries	40,000		3,677,036
Total			3,677,036
Italy – 1.6%
DiaSorin	39,000		3,514,396
Total			3,514,396
Japan – 14.0%
Ai Holdings	182,000		5,099,787
As One	66,000		4,276,845
Medikit Company	8,600		476,061
Meitec Corporation	110,000		6,041,256
Nihon Kohden	135,000		3,846,094
Relo Group	145,000		4,065,582
USS	315,000		6,454,112
Total			30,259,737
Netherlands – 1.7%
Intertrust	176,000		3,648,530
Total			3,648,530
New Zealand – 4.1%
Fisher & Paykel Healthcare	412,000		3,957,290
Trade Me Group	1,505,000		4,827,344
Total			8,784,634
Norway – 1.6%
TGS-NOPEC Geophysical	140,000		3,415,567
Total			3,415,567
Singapore – 1.6%
XP Power	75,771		3,394,614
Total			3,394,614
Sweden – 5.6%
Bravida Holding	565,000		4,044,283
Hexpol	475,000		4,406,226
Lagercrantz Group	360,000		3,605,033
Total			12,055,542
Switzerland – 9.3%
Burkhalter Holding	45,000		5,276,996
LEM Holding	1,900		3,164,687
Partners Group Holding	8,000		5,953,882
VZ Holding	21,000		5,694,445
Total			20,090,010
United Kingdom – 15.9%
Ashmore Group	588,243		3,146,207
Clarkson	90,000		3,816,186
Consort Medical	228,367		3,588,581
Elementis	960,000		3,983,988
Equiniti Group	1,230,000		5,162,287
ITE Group	1,633,870		3,582,411
Rotork	785,000		3,132,356
Spirax-Sarco Engineering	52,500		4,243,959
Victrex	100,000		3,606,797
Total			34,262,772
TOTAL COMMON STOCKS
(Cost $183,255,154)			206,561,725
REPURCHASE AGREEMENT – 5.9%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $12,745,397 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $13,002,601)
(Cost $12,745,000)			12,745,000
TOTAL INVESTMENTS – 101.6%
(Cost $196,000,154)			219,306,725
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.6)%			(3,437,409	)
NET ASSETS – 100.0%		$	215,869,316

SCHEDULES OF INVESTMENTS
ROYCE LOW-PRICED STOCK FUND
MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 92.2%
Consumer Discretionary – 17.6%
Auto Components - 3.4%
Fox Factory Holding 1	47,800	$	1,668,220
Modine Manufacturing 1	95,900		2,028,285
Stoneridge 1	118,300		3,265,080
Unique Fabricating	202,989		1,713,227
			8,674,812
Hotels, Restaurants & Leisure - 1.5%
Century Casinos 1	228,800		1,706,848
Del Taco Restaurants 1	115,000		1,191,400
Red Lion Hotels 1	101,300		987,675
			3,885,923
Household Durables - 0.9%
AV Homes 1	37,500		695,625
TRI Pointe Group 1, 4	88,700		1,457,341
			2,152,966
Internet & Direct Marketing Retail - 0.4%
Gaia Cl. A 1	59,600		923,800
Leisure Products - 2.4%
Acushnet Holdings	91,000		2,101,190
MCBC Holdings 1	88,500		2,230,200
Nautilus 1	141,213		1,899,315
			6,230,705
Media - 1.3%
ITE Group	550,000		1,205,926
New Media Investment Group	125,300		2,147,642
			3,353,568
Specialty Retail - 7.0%
American Eagle Outfitters	83,100		1,656,183
Buckle (The)	95,975		2,125,846
Build-A-Bear Workshop 1	174,100		1,593,015
Chico’s FAS	231,300		2,090,952
DSW Cl. A	110,400		2,479,584
Guess?	117,500		2,436,950
Kirkland’s 1	143,700		1,392,453
Shoe Carnival	150,400		3,579,520
Urban Outfitters 1	17,100		632,016
			17,986,519
Textiles, Apparel & Luxury Goods - 0.7%
Vera Bradley 1	176,900		1,876,909
Total			45,085,202
Consumer Staples – 1.8%
Food Products - 1.8%
Farmer Bros. 1, 4	45,600		1,377,120
John B. Sanfilippo & Son	22,600		1,307,862
Landec Corporation 1	147,900		1,930,095
Total			4,615,077
Energy – 8.7%
Energy Equipment & Services - 6.6%
Gulf Island Fabrication	138,600		984,060
Mammoth Energy Services 1, 4	76,000		2,436,560
Natural Gas Services Group 1	106,700		2,544,795
Newpark Resources 1	231,700		1,876,770
Pason Systems	90,250		1,208,377
Profire Energy 1	799,000		2,181,270
TGS-NOPEC Geophysical	82,000		2,000,546
Total Energy Services	212,900		2,272,189
Unit Corporation 1	76,300		1,507,688
			17,012,255
Oil, Gas & Consumable Fuels - 2.1%
Ardmore Shipping 1	274,800		2,088,480
Panhandle Oil and Gas Cl. A	74,800		1,443,640
SRC Energy 1	181,900		1,715,317
			5,247,437
Total			22,259,692
Financials – 12.6%
Banks - 3.7%
Allegiance Bancshares 1	31,300		1,225,395
Blue Hills Bancorp	107,800		2,247,630
Brookline Bancorp	122,400		1,982,880
HarborOne Bancorp 1, 4	104,800		1,850,768
Meridian Bank 1	55,000		965,250
TriState Capital Holdings 1	52,200		1,213,650
			9,485,573
Capital Markets - 5.5%
Ares Management L.P.	32,500		695,500
Ashmore Group	140,363		750,729
Dundee Corporation Cl. A 1	240,600		345,488
Hamilton Lane Cl. A	68,388		2,546,085
Silvercrest Asset Management Group Cl. A	164,300		2,497,360
Sprott	971,000		2,343,936
Value Partners Group	1,762,600		1,664,030
Westwood Holdings Group	58,800		3,321,612
			14,164,740
Diversified Financial Services - 0.3%
GTY Technology Holdings 1	80,000		828,000
Insurance - 0.7%
MBIA 1	177,000		1,639,020
Thrifts & Mortgage Finance - 2.4%
Beneficial Bancorp	98,000		1,523,900
Meridian Bancorp	76,900		1,549,535
PCSB Financial 1	73,600		1,544,128
Western New England Bancorp	138,800		1,478,220
			6,095,783
Total			32,213,116
Health Care – 7.1%
Biotechnology - 2.3%
Heron Therapeutics 1, 4	82,500		2,277,000
Progenics Pharmaceuticals 1	235,774		1,758,874
Zealand Pharma 1	120,600		1,863,501
			5,899,375
Health Care Equipment & Supplies - 2.2%
AtriCure 1	127,400		2,614,248
CryoLife 1	120,300		2,412,015
Surmodics 1	17,000		646,850
			5,673,113
Life Sciences Tools & Services - 1.4%
Harvard Bioscience 1	448,600		2,243,000
Quanterix Corporation 1, 4	75,785		1,291,377
			3,534,377
Pharmaceuticals - 1.2%
Axsome Therapeutics 1	300,000		735,000
BioDelivery Sciences International 1, 4	497,500		1,119,375
Paratek Pharmaceuticals 1	103,900		1,350,700
			3,205,075
Total			18,311,940
Industrials – 20.4%
Aerospace & Defense - 1.5%
CPI Aerostructures 1	246,766		2,405,968
Kratos Defense & Security Solutions 1	150,300		1,546,587
			3,952,555
Building Products - 0.6%
NCI Building Systems 1	86,700		1,534,590
Commercial Services & Supplies - 1.1%
Atento	155,600		1,213,680
Heritage-Crystal Clean 1	68,000		1,601,400
			2,815,080
Construction & Engineering - 2.4%
Ameresco Cl. A 1	249,500		3,243,500
IES Holdings 1	79,800		1,208,970
Northwest Pipe 1	103,500		1,790,550
			6,243,020
Electrical Equipment - 1.5%
Encore Wire	25,000		1,417,500
LSI Industries	202,300		1,640,653
Power Solutions International 1, 2	99,900		739,260
			3,797,413
Industrial Conglomerates - 0.6%
Raven Industries	45,300		1,587,765
Machinery - 6.2%
ASV Holdings 1	150,790		1,094,736
FreightCar America 1	98,300		1,317,220
Graham Corporation	97,600		2,090,592
Harsco Corporation 1	71,300		1,472,345
Kornit Digital 1, 4	148,700		1,918,230
Lindsay Corporation	21,100		1,929,384
Lydall 1	51,200		2,470,400
Porvair	262,000		1,830,458
Wabash National	84,000		1,748,040
			15,871,405
Marine - 0.9%
Clarkson	55,931		2,371,590
Professional Services - 5.6%
GP Strategies 1	101,200		2,292,180
Heidrick & Struggles International	73,140		2,285,625
Kforce	71,274		1,927,962
Korn/Ferry International	42,340		2,184,320
Navigant Consulting 1	92,523		1,780,142
Resources Connection	155,200		2,514,240
TrueBlue 1	49,472		1,281,325
			14,265,794
Total			52,439,212
Information Technology – 18.9%
Communications Equipment - 1.4%
Finisar Corporation 1, 4	92,500		1,462,425
Harmonic 1	320,000		1,216,000
Oclaro 1	80,700		771,492
			3,449,917
Electronic Equipment, Instruments & Components - 5.8%
CUI Global 1	379,100		985,660
Electro Scientific Industries 1	83,300		1,610,189
Fabrinet 1	57,100		1,791,798
LightPath Technologies Cl. A 1, 4	690,000		1,518,000
Novanta 1	36,700		1,913,905
PC Connection	69,100		1,727,500
TTM Technologies 1	116,458		1,780,643
Vishay Intertechnology	73,250		1,362,450
Vishay Precision Group 1	72,000		2,242,800
			14,932,945
Internet Software & Services - 3.0%
Amber Road 1	202,200		1,799,580
Carbonite 1, 4	82,200		2,367,360
iPass 1	916,500		348,270
QuinStreet 1	180,442		2,304,244
Quotient Technology 1	72,500		949,750
			7,769,204
Semiconductors & Semiconductor Equipment - 6.2%
Aehr Test Systems 1, 4	305,000		686,250
Brooks Automation	79,182		2,144,248
Cirrus Logic 1	26,600		1,080,758
FormFactor 1	180,800		2,467,920
Inphi Corporation 1	68,400		2,058,840
Nanometrics 1	72,992		1,963,485
Photronics 1	198,100		1,634,325
Rudolph Technologies 1	73,200		2,027,640
Ultra Clean Holdings 1	89,700		1,726,725
			15,790,191
Software - 1.9%
Computer Modelling Group	168,600		1,215,737
QAD Cl. A	55,000		2,290,750
Rubicon Project 1	150,000		270,000
SeaChange International 1	446,575		1,210,218
			4,986,705
Technology Hardware, Storage & Peripherals - 0.6%
Super Micro Computer 1	92,100		1,565,700
Total			48,494,662
Materials – 4.5%
Chemicals - 0.8%
Trecora Resources 1	143,500		1,951,600
Metals & Mining - 3.7%
Ferroglobe (Warranty Insurance Trust) 1, 3	205,763		0
Haynes International	77,500		2,876,025
Major Drilling Group International 1	253,500		1,310,444
Orocobre 1	335,500		1,407,864
Pretium Resources 1	155,700		1,034,495
Schnitzer Steel Industries Cl. A	52,100		1,685,435
Superior Gold 1	1,250,000		1,261,303
			9,575,566
Total			11,527,166
Telecommunication Services – 0.6%
Diversified Telecommunication Services - 0.6%
ORBCOMM 1	161,700		1,515,129
Total			1,515,129
TOTAL COMMON STOCKS
(Cost $190,755,424)			236,461,196
REPURCHASE AGREEMENT – 8.1%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $20,669,643 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $21,086,596)
(Cost $20,669,000)			20,669,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 1.5%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-1.5219%)
(Cost $3,917,975)			3,917,975
TOTAL INVESTMENTS – 101.8%
(Cost $215,342,399)			261,048,171
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.8)%			(4,733,392	)
NET ASSETS – 100.0%		$	256,314,779

SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP FUND
MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 98.2%
Consumer Discretionary – 14.9%
Auto Components - 3.5%
Fox Factory Holding 1	34,800	$	1,214,520
Standard Motor Products	34,300		1,631,651
Stoneridge 1	81,300		2,243,880
Unique Fabricating	157,200		1,326,768
			6,416,819
Hotels, Restaurants & Leisure - 1.5%
Del Taco Restaurants 1	113,900		1,180,004
Red Lion Hotels 1, 4	166,700		1,625,325
			2,805,329
Household Durables - 1.4%
AV Homes 1	74,350		1,379,192
Cavco Industries 1	7,010		1,217,988
			2,597,180
Internet & Direct Marketing Retail - 0.4%
Gaia Cl. A 1	48,900		757,950
Leisure Products - 1.7%
MCBC Holdings 1	66,700		1,680,840
Nautilus 1	107,800		1,449,910
			3,130,750
Media - 0.9%
New Media Investment Group	98,900		1,695,146
Specialty Retail - 4.2%
Build-A-Bear Workshop 1	137,600		1,259,040
Citi Trends	70,724		2,186,079
Haverty Furniture	69,200		1,394,380
Kirkland’s 1	116,100		1,125,009
Shoe Carnival	79,411		1,889,981
			7,854,489
Textiles, Apparel & Luxury Goods - 1.3%
Culp	31,474		961,531
Vera Bradley 1	135,000		1,432,350
			2,393,881
Total			27,651,544
Consumer Staples – 1.8%
Beverages - 0.6%
Primo Water 1	96,400		1,128,844
Food Products - 1.2%
Farmer Bros. 1	36,800		1,111,360
John B. Sanfilippo & Son	20,900		1,209,483
			2,320,843
Total			3,449,687
Energy – 5.9%
Energy Equipment & Services - 4.5%
Basic Energy Services 1	56,000		808,640
Gulf Island Fabrication	96,518		685,278
Independence Contract Drilling 1	308,986		1,167,967
Natural Gas Services Group 1	59,587		1,421,150
Newpark Resources 1	171,800		1,391,580
Profire Energy 1	593,612		1,620,561
Total Energy Services	120,200		1,282,842
			8,378,018
Oil, Gas & Consumable Fuels - 1.4%
Ardmore Shipping 1	213,875		1,625,450
Panhandle Oil and Gas Cl. A	55,800		1,076,940
			2,702,390
Total			11,080,408
Financials – 16.5%
Banks - 6.5%
Allegiance Bancshares 1	31,200		1,221,480
Blue Hills Bancorp	79,600		1,659,660
Brookline Bancorp	65,700		1,064,340
Caribbean Investment Holdings 1	1,858,138		521,509
County Bancorp	52,400		1,530,604
First Connecticut Bancorp	40,500		1,036,800
HarborOne Bancorp 1	80,400		1,419,864
Midway Investments 1, 3	1,858,170		0
Stewardship Financial	94,500		1,058,400
TriState Capital Holdings 1	53,157		1,235,900
Two River Bancorp	71,600		1,292,380
			12,040,937
Capital Markets - 4.3%
B. Riley Financial	45,300		883,350
Canaccord Genuity Group	308,800		1,661,027
GAIN Capital Holdings	145,500		982,125
Gluskin Sheff + Associates	122,400		1,385,176
Silvercrest Asset Management Group Cl. A	108,400		1,647,680
Westwood Holdings Group	26,772		1,512,350
			8,071,708
Diversified Financial Services - 0.5%
Waterloo Investment Holdings 1, 3	2,760,000		828,000
Insurance - 0.8%
Atlas Financial Holdings 1	48,200		498,870
Blue Capital Reinsurance Holdings	82,000		1,000,400
			1,499,270
Thrifts & Mortgage Finance - 4.4%
Beneficial Bancorp	60,200		936,110
Federal Agricultural Mortgage	20,000		1,740,400
Meridian Bancorp	57,100		1,150,565
PCSB Financial 1	71,300		1,495,874
Territorial Bancorp	47,400		1,405,884
Western New England Bancorp	140,900		1,500,585
			8,229,418
Total			30,669,333
Health Care – 9.8%
Biotechnology - 2.2%
BioSpecifics Technologies 1	32,600		1,445,484
Progenics Pharmaceuticals 1	180,000		1,342,800
Zealand Pharma 1	92,300		1,426,212
			4,214,496
Health Care Equipment & Supplies - 4.4%
AtriCure 1	87,500		1,795,500
Chembio Diagnostics 1, 4	90,553		724,424
CryoLife 1	94,255		1,889,813
OrthoPediatrics Corporation 1, 4	38,400		578,304
Surmodics 1	39,422		1,500,007
Tactile Systems Technology 1, 4	53,500		1,701,300
			8,189,348
Life Sciences Tools & Services - 1.5%
Harvard Bioscience 1	334,479		1,672,395
NeoGenomics 1, 4	104,200		850,272
Quanterix Corporation 1	12,800		218,112
			2,740,779
Pharmaceuticals - 1.7%
BioDelivery Sciences International 1	381,600		858,600
Corium International 1, 4	122,464		1,404,662
Paratek Pharmaceuticals 1	64,600		839,800
Synergetics USA (Rights) 1, 3	196,684		0
			3,103,062
Total			18,247,685
Industrials – 21.6%
Aerospace & Defense - 1.6%
Astronics Corporation 1	30,340		1,131,682
CPI Aerostructures 1	181,418		1,768,825
			2,900,507
Commercial Services & Supplies - 1.9%
Acme United	46,100		960,724
Heritage-Crystal Clean 1	50,674		1,193,373
Viad Corporation	24,800		1,300,760
			3,454,857
Construction & Engineering - 0.8%
Northwest Pipe 1	87,400		1,512,020
Electrical Equipment - 2.0%
American Superconducter 1, 4	171,100		995,802
Encore Wire	34,400		1,950,480
LSI Industries	89,236		723,704
			3,669,986
Industrial Conglomerates - 0.6%
Raven Industries	33,700		1,181,185
Machinery - 8.0%
Alimak Group	87,200		1,327,266
Exco Technologies	161,900		1,142,291
FreightCar America 1	82,009		1,098,921
Global Brass and Copper Holdings	40,900		1,368,105
Graham Corporation	69,888		1,497,001
Greenbrier Companies (The)	22,400		1,125,600
Kadant	18,376		1,736,532
Kornit Digital 1, 4	98,000		1,264,200
Lindsay Corporation	17,400		1,591,056
Lydall 1	34,700		1,674,275
Sun Hydraulics	21,800		1,167,608
			14,992,855
Marine - 0.9%
Clarkson	39,700		1,683,362
Professional Services - 4.8%
CRA International	26,683		1,395,254
GP Strategies 1	56,118		1,271,073
Heidrick & Struggles International	61,400		1,918,750
Kforce	53,158		1,437,924
Navigant Consulting 1	61,900		1,190,956
Resources Connection	106,752		1,729,382
			8,943,339
Road & Rail - 1.0%
Marten Transport	81,355		1,854,894
Total			40,193,005
Information Technology – 19.6%
Communications Equipment - 0.9%
Digi International 1	79,200		815,760
EMCORE Corporation 1	143,700		819,090
			1,634,850
Electronic Equipment, Instruments & Components - 5.4%
Airgain 1, 4	65,700		508,518
CUI Global 1	321,474		835,832
ePlus 1	15,834		1,230,302
Fabrinet 1	46,749		1,466,984
Mesa Laboratories	8,900		1,321,116
Novanta 1	25,942		1,352,875
PC Connection	62,800		1,570,000
Vishay Precision Group 1	57,600		1,794,240
			10,079,867
Internet Software & Services - 1.6%
Amber Road 1	148,800		1,324,320
QuinStreet 1	134,404		1,716,339
			3,040,659
IT Services - 1.4%
Cass Information Systems	24,380		1,450,854
Computer Task Group 1	143,910		1,178,623
			2,629,477
Semiconductors & Semiconductor Equipment - 6.1%
Brooks Automation	44,000		1,191,520
Everspin Technologies 1, 4	97,900		739,145
Nanometrics 1	54,400		1,463,360
NeoPhotonics Corporation 1	230,700		1,580,295
Photronics 1	189,700		1,565,025
Rudolph Technologies 1	58,351		1,616,323
Silicon Motion Technology ADR	28,100		1,352,172
Ultra Clean Holdings 1	64,800		1,247,400
Xcerra Corporation 1	56,200		654,730
			11,409,970
Software - 3.0%
Attunity 1	210,565		1,579,237
Computer Modelling Group	125,400		904,231
QAD Cl. A	55,300		2,303,245
SeaChange International 1	309,107		837,680
			5,624,393
Technology Hardware, Storage & Peripherals - 1.2%
AstroNova	25,200		390,600
Intevac 1	127,700		881,130
Super Micro Computer 1	51,246		871,182
			2,142,912
Total			36,562,128
Materials – 5.1%
Chemicals - 2.0%
FutureFuel Corporation	73,800		884,862
Quaker Chemical	7,660		1,134,676
Trecora Resources 1	121,400		1,651,040
			3,670,578
Construction Materials - 0.6%
U.S. Concrete 1	17,300		1,044,920
Metals & Mining - 2.5%
Haynes International	46,530		1,726,728
Major Drilling Group International 1	241,700		1,249,445
McEwen Mining	247,704		515,224
Schnitzer Steel Industries Cl. A	38,800		1,255,180
			4,746,577
Total			9,462,075
Real Estate – 2.4%
Equity Real Estate Investment Trusts (REITs) - 0.8%
Community Healthcare Trust	55,300		1,423,422
Real Estate Management & Development - 1.6%
FRP Holdings 1	23,975		1,342,600
Marcus & Millichap 1	47,900		1,727,274
			3,069,874
Total			4,493,296
Telecommunication Services – 0.6%
Diversified Telecommunication Services - 0.6%
ORBCOMM 1	120,700		1,130,959
Total			1,130,959
TOTAL COMMON STOCKS
(Cost $141,348,619)			182,940,120
REPURCHASE AGREEMENT – 2.3%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $4,282,133 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $4,369,727)
(Cost $4,282,000)			4,282,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 1.9%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-1.5219%)
(Cost $3,481,490)			3,481,490
TOTAL INVESTMENTS – 102.4%
(Cost $149,112,109)			190,703,610
LIABILITIES LESS CASH
AND OTHER ASSETS – (2.4)%			(4,539,311	)
NET ASSETS – 100.0%		$	186,164,299

SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP OPPORTUNITY FUND
MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 95.2%
Consumer Discretionary – 4.6%
Diversified Consumer Services - 0.6%
K12 1	20,000	$	283,600
Hotels, Restaurants & Leisure - 0.8%
Del Taco Restaurants 1	27,500		284,900
YogaWorks 1	22,000		61,600
			346,500
Household Durables - 2.8%
Beazer Homes USA 1	23,526		375,240
Dixie Group 1	27,100		74,525
Libbey	20,000		97,800
New Home 1	62,263		689,874
			1,237,439
Textiles, Apparel & Luxury Goods - 0.4%
Vince Holding 1	17,801		159,319
Total			2,026,858
Consumer Staples – 1.9%
Food Products - 1.9%
Farmer Bros. 1	14,001		422,830
Landec Corporation 1	30,528		398,391
Total			821,221
Energy – 7.1%
Energy Equipment & Services - 6.0%
Aspen Aerogels 1	78,108		333,521
Basic Energy Services 1	38,657		558,207
Helix Energy Solutions Group 1	18,083		104,701
Independence Contract Drilling 1	18,400		69,552
Mammoth Energy Services 1	13,071		419,056
Newpark Resources 1	71,000		575,100
Ranger Energy Services Cl. A 1	67,179		546,837
			2,606,974
Oil, Gas & Consumable Fuels - 1.1%
HighPoint Resources 1	40,000		203,200
StealthGas 1	75,000		300,750
			503,950
Total			3,110,924
Financials – 11.2%
Banks - 3.4%
Old Line Bancshares	22,022		726,726
Renasant Corporation	900		38,304
State Bank Financial	16,000		480,160
TriState Capital Holdings 1	11,041		256,703
			1,501,893
Capital Markets - 2.7%
B. Riley Financial	23,028		449,046
Hamilton Lane Cl. A	20,000		744,600
			1,193,646
Insurance - 2.9%
HCI Group	14,733		562,211
Heritage Insurance Holdings	46,500		704,940
			1,267,151
Thrifts & Mortgage Finance - 2.2%
BofI Holding 1	10,000		405,300
NMI Holdings Cl. A 1	33,563		555,468
			960,768
Total			4,923,458
Health Care – 15.5%
Biotechnology - 3.0%
CareDx 1	162,531		1,295,372
Health Care Equipment & Supplies - 4.4%
Accuray 1	140,000		700,000
GenMark Diagnostics 1	67,500		367,200
Invuity 1	75,580		290,983
SeaSpine Holdings 1	56,699		574,928
			1,933,111
Health Care Providers & Services - 6.5%
BioScrip 1	198,000		487,080
Civitas Solutions 1	34,488		531,115
Cross Country Healthcare 1	45,771		508,516
Fulgent Genetics 1	67,911		270,285
Surgery Partners 1	60,000		1,029,000
			2,825,996
Health Care Technology - 1.6%
Castlight Health Cl. B 1	197,509		720,908
Total			6,775,387
Industrials – 20.2%
Aerospace & Defense - 3.8%
Ducommun 1	33,513		1,018,125
KEYW Holding Corporation 1	62,545		491,604
Kratos Defense & Security Solutions 1	17,511		180,188
			1,689,917
Air Freight & Logistics - 1.4%
Atlas Air Worldwide Holdings 1	10,000		604,500
Building Products - 1.2%
PGT Innovations 1	27,670		516,045
Construction & Engineering - 2.4%
Ameresco Cl. A 1	69,749		906,737
Great Lakes Dredge & Dock 1	30,005		138,023
			1,044,760
Electrical Equipment - 0.7%
Babcock & Wilcox Enterprises 1	40,000		174,800
Babcock & Wilcox Enterprises (Rights) 1, 3	40,000		76,720
Power Solutions International 1, 2	8,088		59,851
			311,371
Machinery - 6.3%
Commercial Vehicle Group 1	100,700		780,425
FreightCar America 1	15,328		205,395
Gencor Industries 1	46,056		741,502
Park-Ohio Holdings	11,609		451,010
Spartan Motors	33,031		568,133
			2,746,465
Marine - 1.2%
Diana Shipping 1	92,500		338,550
Scorpio Bulkers	26,000		183,300
			521,850
Road & Rail - 2.1%
Celadon Group	131,000		484,700
YRC Worldwide 1	47,500		419,425
			904,125
Trading Companies & Distributors - 1.1%
CAI International 1	16,000		340,160
General Finance 1	21,277		154,258
			494,418
Total			8,833,451
Information Technology – 24.0%
Communications Equipment - 5.7%
Aerohive Networks 1	102,000		412,080
Comtech Telecommunications	23,015		687,918
EMCORE Corporation 1	24,798		141,349
Quantenna Communications 1	51,500		705,550
Ribbon Communications 1	105,000		535,500
			2,482,397
Electronic Equipment, Instruments & Components - 3.6%
Electro Scientific Industries 1	37,000		715,210
KEMET Corporation 1	44,652		809,541
LightPath Technologies Cl. A 1	12,500		27,500
			1,552,251
Internet Software & Services - 5.4%
Amber Road 1	93,446		831,669
eGain Corporation 1	116,585		926,851
Limelight Networks 1	47,566		195,496
Telaria 1	112,283		422,184
			2,376,200
Semiconductors & Semiconductor Equipment - 8.2%
Alpha & Omega Semiconductor 1	42,931		663,284
AXT 1	79,023		572,917
FormFactor 1	19,040		259,896
Ichor Holdings 1	25,375		614,329
Kopin Corporation 1	106,955		333,699
NeoPhotonics Corporation 1	55,000		376,750
Rudolph Technologies 1	17,003		470,983
Ultra Clean Holdings 1	16,500		317,625
			3,609,483
Software - 0.8%
A10 Networks 1	10,097		58,765
Datawatch Corporation 1	34,877		301,686
			360,451
Technology Hardware, Storage & Peripherals - 0.3%
Intevac 1	21,503		148,371
Total			10,529,153
Materials – 9.0%
Chemicals - 2.8%
Intrepid Potash 1	182,349		663,750
Kraton Corporation 1	12,076		576,146
			1,239,896
Construction Materials - 2.2%
Forterra 1	113,000		940,160
Metals & Mining - 4.0%
Haynes International	14,349		532,491
Synalloy Corporation	22,790		327,037
Universal Stainless & Alloy Products 1	32,080		882,200
			1,741,728
Total			3,921,784
Real Estate – 0.7%
Equity Real Estate Investment Trusts (REITs) - 0.7%
Armada Hoffler Properties	23,000		314,870
Total			314,870
Telecommunication Services – 1.0%
Diversified Telecommunication Services - 1.0%
Ooma 1	31,000		337,900
Windstream Holdings 1	86,863		122,477
Total			460,377
TOTAL COMMON STOCKS
(Cost $34,329,259)			41,717,483
REPURCHASE AGREEMENT – 4.7%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $2,034,063 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $2,078,285)
(Cost $2,034,000)			2,034,000
TOTAL INVESTMENTS – 99.9%
(Cost $36,363,259)			43,751,483
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.1%			53,458
NET ASSETS – 100.0%		$	43,804,941

SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 92.4%
Consumer Discretionary – 14.5%
Auto Components - 3.8%
American Axle & Manufacturing Holdings 1, 4	524,245	$	7,979,009
Cooper Tire & Rubber	249,064		7,297,575
Dana	384,835		9,913,350
Modine Manufacturing 1	408,910		8,648,446
Tower International	387,467		10,752,209
VOXX International Cl. A 1	861,063		4,262,262
			48,852,851
Diversified Consumer Services - 0.7%
Houghton Mifflin Harcourt 1	716,893		4,982,406
K12 1	295,494		4,190,105
			9,172,511
Hotels, Restaurants & Leisure - 1.3%
Belmond Cl. A 1	428,462		4,777,351
Carrols Restaurant Group 1	346,356		3,879,187
Del Taco Restaurants 1	270,337		2,800,692
El Pollo Loco Holdings 1, 4	218,338		2,074,211
Jamba 1, 4	321,991		2,759,463
			16,290,904
Household Durables - 2.5%
Beazer Homes USA 1	303,001		4,832,866
Dixie Group 1	702,921		1,933,033
Ethan Allen Interiors	188,943		4,336,242
Hamilton Beach Brands Holding
Company Cl. A	67,404		1,430,313
Libbey	549,568		2,687,387
M.D.C. Holdings	195,108		5,447,415
M/I Homes 1	150,748		4,801,324
TRI Pointe Group 1, 4	170,006		2,793,199
William Lyon Homes Cl. A 1	113,719		3,126,135
			31,387,914
Leisure Products - 0.1%
Clarus Corporation 1	181,364		1,224,207
Media - 0.4%
Entravision Communications Cl. A	256,097		1,203,656
McClatchy Company (The) Cl. A 1	253,454		2,344,449
New York Times Cl. A	79,301		1,911,154
			5,459,259
Multiline Retail - 0.4%
Fred’s Cl. A 1, 4	384,725		1,150,328
J.C. Penney Company 1, 4	910,118		2,748,556
Tuesday Morning 1, 4	244,041		963,962
			4,862,846
Specialty Retail - 3.7%
American Eagle Outfitters	289,333		5,766,407
Ascena Retail Group 1, 4	837,787		1,683,952
Barnes & Noble	212,393		1,051,345
bebe stores 1, 2, 4	151,394		938,643
Caleres	84,996		2,855,865
Conn’s 1, 4	97,770		3,324,180
DSW Cl. A	330,222		7,416,786
Francesca’s Holdings 1	189,700		910,560
Genesco 1	111,466		4,525,519
Guess?	133,626		2,771,403
MarineMax 1	111,242		2,163,657
New York & Company 1	160,823		543,582
Rent-A-Center 1	136,736		1,180,032
Sally Beauty Holdings 1, 4	319,828		5,261,171
Sears Hometown and Outlet Stores 1	265,885		797,655
Stage Stores	829,433		1,808,164
Williams-Sonoma	66,326		3,499,360
			46,498,281
Textiles, Apparel & Luxury Goods - 1.6%
Perry Ellis International 1	174,855		4,511,259
Skechers U.S.A. Cl. A 1	182,243		7,087,430
Unifi 1	192,119		6,964,314
Vince Holding 1, 4	191,585		1,714,686
			20,277,689
Total			184,026,462
Consumer Staples – 1.9%
Food & Staples Retailing - 1.0%
Natural Grocers by Vitamin Cottage 1	300,604		2,152,325
SUPERVALU 1, 4	414,449		6,312,058
United Natural Foods 1, 4	97,954		4,206,145
			12,670,528
Food Products - 0.6%
Landec Corporation 1	441,914		5,766,977
SunOpta 1	202,227		1,435,812
			7,202,789
Personal Products - 0.3%
Avon Products 1	1,422,906		4,041,053
Total			23,914,370
Energy – 7.3%
Energy Equipment & Services - 3.0%
Aspen Aerogels 1	302,054		1,289,770
Basic Energy Services 1	455,793		6,581,651
Independence Contract Drilling 1, 4	547,251		2,068,609
Mammoth Energy Services 1	55,312		1,773,303
Matrix Service 1	411,687		5,640,112
Newpark Resources 1	1,013,199		8,206,912
Patterson-UTI Energy	392,185		6,867,159
Ranger Energy Services Cl. A 1, 4	90,487		736,564
U.S. Silica Holdings	177,398		4,527,197
			37,691,277
Oil, Gas & Consumable Fuels - 4.3%
Ardmore Shipping 1	597,896		4,544,010
Bonanza Creek Energy 1	261,399		7,243,366
Dorian LPG 1, 4	679,914		5,092,556
GasLog	191,704		3,153,531
GasLog Partners L.P.	173,104		4,033,323
Gener8 Maritime 1	440,483		2,488,729
HighPoint Resources 1, 4	504,975		2,565,273
Matador Resources 1	214,921		6,428,287
Pengrowth Energy 1, 4	1,702,677		1,088,011
Scorpio Tankers	755,040		1,479,879
StealthGas 1	881,819		3,536,094
Stone Energy 1, 4	213,164		7,908,384
Whiting Petroleum 1, 4	168,079		5,687,793
			55,249,236
Total			92,940,513
Financials – 6.7%
Banks - 3.4%
Boston Private Financial Holdings	303,666		4,570,173
CenterState Bank	269,466		7,148,933
Franklin Financial Network 1	33,900		1,105,140
Guaranty Bancorp	137,767		3,905,694
Hilltop Holdings	237,699		5,576,419
Old Line Bancshares	38,492		1,270,236
Renasant Corporation	25,600		1,089,536
Southern National Bancorp of Virginia	178,490		2,827,282
State Bank Financial	328,926		9,871,069
Umpqua Holdings	253,482		5,427,050
			42,791,532
Capital Markets - 0.3%
B. Riley Financial	197,994		3,860,883
Consumer Finance - 0.5%
Enova International 1	270,592		5,966,554
Insurance - 1.7%
Aspen Insurance Holdings	160,004		7,176,180
HCI Group	69,946		2,669,139
Heritage Insurance Holdings	216,607		3,283,762
MBIA 1	905,600		8,385,856
			21,514,937
Investment Companies - 0.1%
BlackRock Resources & Commodities
Strategy Trust	235,329		2,089,721
Thrifts & Mortgage Finance - 0.7%
MGIC Investment 1	226,572		2,945,436
Radian Group	203,798		3,880,314
Walker & Dunlop	33,120		1,967,990
			8,793,740
Total			85,017,367
Health Care – 6.1%
Health Care Equipment & Supplies - 2.6%
Accuray 1, 4	692,802		3,464,010
Analogic Corporation	91,249		8,750,779
AngioDynamics 1	456,221		7,869,812
Invacare Corporation	615,516		10,709,978
RTI Surgical 1	371,841		1,710,469
			32,505,048
Health Care Providers & Services - 2.2%
Acadia Healthcare Company 1, 4	103,679		4,062,143
Aceto Corporation	418,524		3,180,782
BioScrip 1, 4	652,245		1,604,523
Brookdale Senior Living 1, 4	528,409		3,545,624
Community Health Systems 1	286,414		1,134,200
Cross Country Healthcare 1, 4	328,713		3,652,001
Owens & Minor	282,423		4,391,678
Surgery Partners 1, 4	405,272		6,950,415
			28,521,366
Health Care Technology - 0.7%
Allscripts Healthcare Solutions 1	643,804		7,950,980
Castlight Health Cl. B 1, 4	196,697		717,944
			8,668,924
Pharmaceuticals - 0.6%
Mallinckrodt 1, 4	530,296		7,678,686
Total			77,374,024
Industrials – 22.9%
Aerospace & Defense - 3.7%
Aerojet Rocketdyne Holdings 1	333,854		9,337,896
Ducommun 1	56,725		1,723,305
Engility Holdings 1	254,350		6,206,140
KEYW Holding Corporation 1	667,029		5,242,848
KLX 1	61,195		4,348,517
Kratos Defense & Security Solutions 1	741,517		7,630,210
Triumph Group	132,901		3,349,105
Wesco Aircraft Holdings 1	868,618		8,903,335
			46,741,356
Air Freight & Logistics - 0.7%
Atlas Air Worldwide Holdings 1, 4	155,004		9,369,992
Building Products - 2.4%
Builders FirstSource 1	105,995		2,102,941
Griffon Corporation	358,147		6,536,183
Insteel Industries	183,811		5,078,698
NCI Building Systems 1	344,518		6,097,969
PGT Innovations 1	255,730		4,769,364
Quanex Building Products	307,158		5,344,549
			29,929,704
Commercial Services & Supplies - 1.7%
Herman Miller	200,024		6,390,767
Interface	175,896		4,432,579
Steelcase Cl. A	359,601		4,890,574
Team 1	410,886		5,649,682
			21,363,602
Construction & Engineering - 2.1%
Aegion Corporation 1	315,385		7,225,470
Granite Construction	50,161		2,801,993
Great Lakes Dredge & Dock 1, 4	366,516		1,685,974
Layne Christensen 1	560,081		8,356,409
Northwest Pipe 1	402,320		6,960,136
			27,029,982
Electrical Equipment - 0.7%
Babcock & Wilcox Enterprises 1, 4	223,051		974,733
Babcock & Wilcox Enterprises (Rights) 1, 3, 4	269,422		516,751
Encore Wire	81,776		4,636,699
General Cable	18,314		542,095
Power Solutions International 1, 2	149,243		1,104,398
Revolution Lighting Technologies 1, 4	483,961		1,659,986
			9,434,662
Machinery - 8.8%
Astec Industries	131,835		7,274,655
Commercial Vehicle Group 1	818,846		6,346,056
DMC Global	297,744		7,964,652
Federal Signal	241,974		5,328,267
FreightCar America 1	389,787		5,223,146
Hurco Companies	157,996		7,252,016
Hyster-Yale Materials Handling Cl. A	120,506		8,426,985
Meritor 1	441,610		9,079,502
Milacron Holdings 1	329,684		6,639,836
Mueller Industries	309,737		8,102,720
Mueller Water Products Cl. A	877,672		9,540,295
NN	327,722		7,865,328
Spartan Motors	448,216		7,709,315
TriMas Corporation 1	304,310		7,988,137
Westport Fuel Systems 1	2,902,440		6,356,344
			111,097,254
Marine - 0.5%
Diana Shipping 1	601,677		2,202,138
Navios Maritime Holdings 1	960,617		862,538
Scorpio Bulkers	547,183		3,857,640
			6,922,316
Road & Rail - 0.3%
Celadon Group	212,831		787,475
Hertz Global Holdings 1, 4	175,665		3,486,950
			4,274,425
Trading Companies & Distributors - 2.0%
CAI International 1, 4	210,616		4,477,696
Herc Holdings 1	133,198		8,651,210
Textainer Group Holdings 1, 4	251,709		4,266,468
Univar 1, 4	273,352		7,585,518
			24,980,892
Total			291,144,185
Information Technology – 23.5%
Communications Equipment - 4.8%
Aerohive Networks 1, 4	589,505		2,381,600
ARRIS International 1	329,161		8,745,808
Aviat Networks 1	188,881		3,165,645
Ciena Corporation 1, 4	445,273		11,532,571
Comtech Telecommunications	545,508		16,305,234
EMCORE Corporation 1	454,025		2,587,942
Extreme Networks 1	387,351		4,287,976
Finisar Corporation 1, 4	317,507		5,019,786
Harmonic 1	690,082		2,622,312
PCTEL	103,391		742,347
Ribbon Communications 1	477,470		2,435,097
Westell Technologies Cl. A 1	268,339		898,936
			60,725,254
Electronic Equipment, Instruments & Components - 7.5%
Benchmark Electronics	117,903		3,519,405
CUI Global 1	499,557		1,298,848
Daktronics	253,510		2,233,423
Echelon Corporation 1	189,229		870,453
Fabrinet 1	364,764		11,446,294
Frequency Electronics 1	187,032		1,636,530
Identiv 1	522,994		1,955,998
II-VI 1	177,568		7,262,531
KEMET Corporation 1	609,437		11,049,093
Knowles Corporation 1, 4	523,955		6,596,593
Maxwell Technologies 1	685,673		4,066,041
Park Electrochemical	164,466		2,769,607
PCM 1	228,513		1,896,658
Perceptron 1	351,887		3,008,634
Sanmina Corporation 1	300,434		7,856,349
SigmaTron International 1	209,462		1,214,880
TTM Technologies 1	478,757		7,320,195
VeriFone Systems 1	377,194		5,801,244
Vishay Intertechnology	548,383		10,199,924
Vishay Precision Group 1	87,036		2,711,171
			94,713,871
Internet Software & Services - 1.4%
Amber Road 1	224,517		1,998,201
Blucora 1	285,145		7,014,567
Leaf Group 1	311,172		2,193,763
Limelight Networks 1	203,596		836,779
Marin Software 1	88,501		588,532
QuinStreet 1	78,831		1,006,672
Telaria 1	774,384		2,911,684
Web.com Group 1, 4	74,502		1,348,486
			17,898,684
IT Services - 1.1%
Computer Task Group 1	365,652		2,994,690
Perficient 1	109,437		2,508,296
Unisys Corporation 1	774,124		8,321,833
			13,824,819
Semiconductors & Semiconductor Equipment - 6.7%
Alpha & Omega Semiconductor 1	396,334		6,123,360
Amtech Systems 1	309,470		2,265,320
AXT 1	434,091		3,147,160
Brooks Automation	84,820		2,296,926
Cohu	116,176		2,649,974
Cree 1, 4	170,378		6,867,937
CyberOptics Corporation 1	168,107		3,025,926
Cypress Semiconductor	614,461		10,421,259
FormFactor 1	308,441		4,210,220
Kopin Corporation 1	917,420		2,862,350
Kulicke & Soffa Industries 1	449,560		11,243,496
MaxLinear 1	292,971		6,665,090
Microsemi Corporation 1	49,639		3,212,636
Nanometrics 1	141,912		3,817,433
NeoPhotonics Corporation 1	779,460		5,339,301
Rudolph Technologies 1	105,451		2,920,993
Synaptics 1, 4	82,595		3,777,069
Ultra Clean Holdings 1	106,027		2,041,020
Veeco Instruments 1	157,887		2,684,079
			85,571,549
Software - 0.2%
A10 Networks 1	394,006		2,293,115
Rubicon Project 1	362,266		652,079
			2,945,194
Technology Hardware, Storage & Peripherals - 1.8%
Avid Technology 1	500,906		2,274,113
Cray 1, 4	352,544		7,297,661
Intevac 1	533,827		3,683,406
Stratasys 1, 4	252,026		5,085,885
3D Systems 1, 4	329,662		3,820,782
			22,161,847
Total			297,841,218
Materials – 8.2%
Chemicals - 1.1%
Ferro Corporation 1	394,084		9,150,631
Kraton Corporation 1	106,369		5,074,865
			14,225,496
Construction Materials - 0.4%
Forterra 1, 4	632,179		5,259,729
Metals & Mining - 6.3%
AK Steel Holding Corporation 1, 4	922,085		4,177,045
Allegheny Technologies 1, 4	501,539		11,876,444
Carpenter Technology	262,099		11,563,808
Century Aluminum 1	114,914		1,900,678
Cleveland-Cliffs 1, 4	409,152		2,843,606
Coeur Mining 1	494,885		3,959,080
Commercial Metals	460,809		9,428,152
Constellium Cl. A 1	199,859		2,168,470
Haynes International	256,825		9,530,776
Hecla Mining	623,048		2,286,586
Major Drilling Group International 1	139,728		722,310
Noranda Aluminum Holding Corporation 1, 2	488,157		19,526
Synalloy Corporation	346,502		4,972,304
TimkenSteel Corporation 1, 4	590,766		8,973,736
Universal Stainless & Alloy Products 1, 4	165,925		4,562,937
			78,985,458
Paper & Forest Products - 0.4%
Louisiana-Pacific Corporation	175,251		5,041,971
Total			103,512,654
Real Estate – 0.3%
Real Estate Management & Development - 0.3%
Tejon Ranch 1	189,606		4,381,795
Total			4,381,795
Telecommunication Services – 0.8%
Diversified Telecommunication Services - 0.8%
Iridium Communications 1, 4	607,393		6,833,171
Ooma 1	142,959		1,558,253
Windstream Holdings 1, 4	1,180,942		1,665,128
Total			10,056,552
Utilities – 0.2%
Water Utilities - 0.2%
Pure Cycle 1	287,417		2,716,091
Total			2,716,091
TOTAL COMMON STOCKS
(Cost $1,068,087,008)			1,172,925,231
REPURCHASE AGREEMENT – 8.1%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $102,016,174 (collateralized
by obligations of various U.S. Government
Agencies, 2.00% due 10/5/22-11/30/22, valued at
$104,056,177)
(Cost $102,013,000)			102,013,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 2.4%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-1.5219%)
(Cost $30,805,921)			30,805,921
TOTAL INVESTMENTS – 102.9%
(Cost $1,200,905,929)			1,305,744,152
LIABILITIES LESS CASH
AND OTHER ASSETS – (2.9)%			(36,507,293	)
NET ASSETS – 100.0%		$	1,269,236,859

SCHEDULES OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 97.3%
Consumer Discretionary – 8.4%
Auto Components - 2.2%
Cooper Tire & Rubber	56,038	$	1,641,913
Dorman Products 1	94,406		6,250,621
Fox Factory Holding 1, 4	39,994		1,395,791
Gentex Corporation	301,131		6,932,036
LCI Industries	90,445		9,419,847
Motorcar Parts of America 1, 4	64,493		1,382,085
Standard Motor Products	100,248		4,768,797
Stoneridge 1	223,392		6,165,619
STRATTEC SECURITY	159,187		5,786,448
Superior Industries International	46,200		614,460
Unique Fabricating	56,052		473,079
			44,830,696
Automobiles - 0.5%
Thor Industries	36,682		4,224,666
Winnebago Industries	164,174		6,172,942
			10,397,608
Distributors - 1.1%
Core-Mark Holding Company	325,243		6,914,666
Weyco Group	434,160		14,587,776
			21,502,442
Hotels, Restaurants & Leisure - 0.2%
Cheesecake Factory	25,656		1,237,133
Lindblad Expeditions Holdings 1	332,116		3,410,831
Red Lion Hotels 1	22,700		221,325
			4,869,289
Household Durables - 1.3%
AV Homes 1	23,528		436,444
Bassett Furniture Industries	69,810		2,118,733
Ethan Allen Interiors	371,194		8,518,902
Flexsteel Industries	71,389		2,825,577
La-Z-Boy	129,747		3,885,923
PICO Holdings	534,791		6,123,357
TopBuild Corporation 1	31,000		2,372,120
			26,281,056
Leisure Products - 0.2%
MCBC Holdings 1	133,984		3,376,397
Nautilus 1	81,136		1,091,279
			4,467,676
Media - 0.4%
E.W. Scripps Company Cl. A	112,062		1,343,623
Liberty Latin America Cl. C 1, 4	88,151		1,682,803
Saga Communications Cl. A	120,308		4,481,473
			7,507,899
Specialty Retail - 2.2%
American Eagle Outfitters	265,307		5,287,569
America’s Car-Mart 1	258,064		13,019,329
AutoCanada	214,601		3,704,526
Barnes & Noble	77,048		381,388
Caleres	139,152		4,675,507
DSW Cl. A	215,622		4,842,870
Hibbett Sports 1, 4	13,796		330,414
Kirkland’s 1	28,670		277,812
Monro	109,176		5,851,834
Shoe Carnival	251,514		5,986,033
			44,357,282
Textiles, Apparel & Luxury Goods - 0.3%
Movado Group	97,675		3,750,720
Steven Madden	59,769		2,623,859
			6,374,579
Total			170,588,527
Consumer Staples – 1.9%
Food & Staples Retailing - 0.3%
Village Super Market Cl. A	190,005		5,010,432
Food Products - 1.0%
Cal-Maine Foods 1	94,441		4,127,072
Farmer Bros. 1, 4	43,705		1,319,891
Industrias Bachoco ADR	62,525		3,873,424
John B. Sanfilippo & Son	17,291		1,000,630
Lancaster Colony	21,072		2,594,806
Nomad Foods 1, 4	143,233		2,254,487
Seneca Foods Cl. A 1	96,264		2,666,513
Seneca Foods Cl. B 1	6,448		179,577
Tootsie Roll Industries	88,631		2,610,175
			20,626,575
Personal Products - 0.6%
Inter Parfums	259,241		12,223,213
Total			37,860,220
Energy – 4.1%
Energy Equipment & Services - 3.7%
Era Group 1	338,963		3,169,304
Forum Energy Technologies 1, 4	131,957		1,451,527
Frank’s International 1	181,742		986,859
Helmerich & Payne	60,407		4,020,690
Mammoth Energy Services 1, 4	55,547		1,780,837
Natural Gas Services Group 1	21,818		520,359
Newpark Resources 1	88,696		718,438
Oil States International 1	70,055		1,835,441
Pason Systems	1,047,968		14,031,473
RPC	246,512		4,444,611
SEACOR Holdings 1	243,551		12,445,456
SEACOR Marine Holdings 1, 4	493,470		9,385,799
TGS-NOPEC Geophysical	660,820		16,121,963
Unit Corporation 1	222,794		4,402,410
			75,315,167
Oil, Gas & Consumable Fuels - 0.4%
Centennial Resource Development Cl. A 1	11,240		206,254
San Juan Basin Royalty Trust	185,484		1,465,324
World Fuel Services	263,170		6,460,823
			8,132,401
Total			83,447,568
Financials – 14.7%
Banks - 4.9%
Ames National	22,785		626,587
Bar Harbor Bankshares	13,804		382,647
Blue Hills Bancorp	101,236		2,110,771
BOK Financial	144,423		14,296,433
Camden National	99,347		4,420,942
City Holding Company	36,013		2,469,051
CNB Financial	195,408		5,684,419
Codorus Valley Bancorp	25,661		721,587
County Bancorp	12,918		377,335
FCB Financial Holdings Cl. A 1	51,413		2,627,204
Fidelity Southern	77,048		1,777,497
First Citizens BancShares Cl. A	70,666		29,202,018
Heartland Financial USA	38,302		2,031,921
Independent Bank Group	28,865		2,040,756
Landmark Bancorp	21,317		618,193
Live Oak Bancshares	48,919		1,359,948
MidWestOne Financial Group	128,043		4,262,551
National Bankshares	84,313		3,798,301
Northrim BanCorp	89,288		3,084,900
Popular	210,179		8,747,650
Unity Bancorp	43,357		953,854
Webster Financial	149,888		8,303,795
			99,898,360
Capital Markets - 5.4%
Ares Management L.P.	328,131		7,022,003
Artisan Partners Asset Management Cl. A	202,175		6,732,428
Bolsa Mexicana de Valores	2,965,106		5,667,904
Cohen & Steers	39,204		1,594,035
Diamond Hill Investment Group	52,002		10,741,533
Federated Investors Cl. B	236,927		7,913,362
Greenhill & Co.	11,109		205,517
Houlihan Lokey Cl. A	140,369		6,260,457
Lazard Cl. A	86,941		4,569,619
Moelis & Company Cl. A	70,640		3,592,044
Morningstar	83,837		8,008,110
Reinet Investments	213,721		3,786,810
Reinet Investments DR 1	116,469		2,262,920
Rothschild & Co	116,869		4,304,573
SEI Investments	208,300		15,603,753
Sprott	2,397,253		5,786,826
Virtu Financial Cl. A	308,226		10,171,458
Westwood Holdings Group	96,214		5,435,129
			109,658,481
Consumer Finance - 0.1%
Nelnet Cl. A	17,218		902,395
Diversified Financial Services - 0.0%
ECN Capital	48,438		129,334
FGL Holdings 1, 4	38,200		387,730
			517,064
Insurance - 2.4%
Ambac Financial Group 1, 4	27,667		433,818
E-L Financial	33,157		20,794,703
James River Group Holdings	110,725		3,927,416
Kingstone Companies	84,197		1,414,510
MBIA 1	709,528		6,570,229
ProAssurance Corporation	26,878		1,304,927
Reinsurance Group of America	32,829		5,055,666
RLI Corp.	118,025		7,481,605
Trupanion 1, 4	48,500		1,449,665
			48,432,539
Investment Companies - 0.1%
RIT Capital Partners	11,949		318,827
Social Capital Hedosophia Holdings (Units) 1	152,910		1,616,259
			1,935,086
Thrifts & Mortgage Finance - 1.8%
BofI Holding 1, 4	331,347		13,429,494
Genworth MI Canada	525,469		16,722,342
PCSB Financial 1, 4	16,500		346,170
Southern Missouri Bancorp	9,944		363,950
Timberland Bancorp	54,993		1,671,787
TrustCo Bank Corp. NY	536,240		4,531,228
			37,064,971
Total			298,408,896
Health Care – 11.3%
Biotechnology - 0.3%
Eagle Pharmaceuticals 1, 4	22,303		1,175,145
Flexion Therapeutics 1	44,795		1,003,856
Progenics Pharmaceuticals 1	205,882		1,535,880
Zealand Pharma 1, 4	162,272		2,507,413
			6,222,294
Health Care Equipment & Supplies - 4.0%
Analogic Corporation	122,970		11,792,823
AtriCure 1	31,899		654,567
Atrion Corporation	8,512		5,373,626
Cantel Medical	12,543		1,397,416
CryoLife 1	69,794		1,399,370
Haemonetics 1	20,000		1,463,200
Hill-Rom Holdings	46,945		4,084,215
ICU Medical 1, 4	41,668		10,517,003
Lantheus Holdings 1	67,481		1,072,948
LeMaitre Vascular	38,500		1,394,855
Masimo Corporation 1	53,721		4,724,762
Merit Medical Systems 1	562,445		25,506,881
Neogen Corporation 1, 4	143,381		9,605,093
Varex Imaging 1, 4	73,858		2,642,639
			81,629,398
Health Care Providers & Services - 2.7%
AAC Holdings 1, 4	89,593		1,028,528
AMN Healthcare Services 1, 4	103,666		5,883,045
Encompass Health	164,591		9,409,667
Ensign Group (The)	101,831		2,678,155
HealthEquity 1	109,166		6,608,910
LHC Group 1	13,439		827,305
National Research Cl. A	135,183		3,954,103
Tivity Health 1	80,811		3,204,156
U.S. Physical Therapy	260,263		21,159,382
			54,753,251
Health Care Technology - 1.5%
athenahealth 1	100,725		14,406,697
Medidata Solutions 1, 4	238,871		15,003,487
			29,410,184
Life Sciences Tools & Services - 2.8%
Bio-Rad Laboratories Cl. A 1	42,156		10,542,372
Bio-Techne	171,563		25,912,876
ICON 1	119,936		14,169,239
PRA Health Sciences 1	60,336		5,005,475
			55,629,962
Pharmaceuticals - 0.0%
Paratek Pharmaceuticals 1	31,369		407,797
Total			228,052,886
Industrials – 26.8%
Aerospace & Defense - 1.9%
HEICO Corporation	237,203		20,591,592
HEICO Corporation Cl. A	121,751		8,638,234
Teledyne Technologies 1	50,704		9,490,268
			38,720,094
Air Freight & Logistics - 0.7%
Forward Air	164,064		8,672,423
Hub Group Cl. A 1, 4	117,060		4,898,961
			13,571,384
Airlines - 0.6%
Allegiant Travel	16,594		2,863,295
Hawaiian Holdings	120,023		4,644,890
Spirit Airlines 1, 4	136,167		5,144,389
			12,652,574
Building Products - 0.9%
American Woodmark 1, 4	28,366		2,792,633
Apogee Enterprises	169,835		7,362,347
Gibraltar Industries 1	118,473		4,010,311
NCI Building Systems 1	169,694		3,003,584
			17,168,875
Commercial Services & Supplies - 2.5%
Acme United	49,998		1,041,958
Copart 1	269,602		13,730,830
Healthcare Services Group	168,732		7,336,467
Heritage-Crystal Clean 1	205,673		4,843,599
Herman Miller	108,157		3,455,616
Kimball International Cl. B	401,978		6,849,705
Mobile Mini	152,518		6,634,533
Ritchie Bros. Auctioneers	40,204		1,265,220
Steelcase Cl. A	104,380		1,419,568
Team 1	160,013		2,200,179
UniFirst Corporation	12,281		1,985,224
Viad Corporation	11,380		596,881
			51,359,780
Construction & Engineering - 1.6%
Comfort Systems USA	60,949		2,514,146
Goldfield Corporation 1	334,183		1,286,605
Jacobs Engineering Group	48,381		2,861,736
KBR	428,536		6,937,998
Valmont Industries	131,771		19,278,097
			32,878,582
Electrical Equipment - 1.6%
Encore Wire	157,830		8,948,961
EnerSys	95,094		6,596,671
Preformed Line Products 5	252,846		16,457,746
			32,003,378
Industrial Conglomerates - 1.2%
Raven Industries	670,475		23,500,149
Machinery - 10.1%
Alamo Group	11,120		1,222,088
Blue Bird 1	49,505		1,173,268
CIRCOR International 1	382,887		16,333,959
Colfax Corporation 1, 4	66,785		2,130,441
Commercial Vehicle Group 1	158,600		1,229,150
Federal Signal	56,738		1,249,371
Franklin Electric	240,194		9,787,906
Graco	272,077		12,439,360
Graham Corporation	34,166		731,836
Greenbrier Companies (The)	133,774		6,722,144
John Bean Technologies	194,316		22,035,434
Kadant	95,756		9,048,942
Kornit Digital 1, 4	39,200		505,680
Lincoln Electric Holdings	119,870		10,782,307
Lindsay Corporation	101,213		9,254,917
Lydall 1	62,893		3,034,587
Meritor 1	64,300		1,322,008
Miller Industries	213,941		5,348,525
Mueller Water Products Cl. A	81,913		890,394
Nordson Corporation	73,362		10,002,175
RBC Bearings 1	81,132		10,076,594
Sun Hydraulics	711,112		38,087,159
Tennant Company	307,627		20,826,348
Wabash National	497,855		10,360,363
			204,594,956
Marine - 0.8%
Clarkson	238,297		10,104,284
Eagle Bulk Shipping 1, 4	185,526		918,354
Kirby Corporation 1	76,729		5,904,296
			16,926,934
Professional Services - 1.7%
Exponent	112,743		8,867,237
GP Strategies 1	40,225		911,096
Heidrick & Struggles International	223,025		6,969,531
Kforce	37,500		1,014,375
Korn/Ferry International	48,390		2,496,440
ManpowerGroup	81,294		9,356,940
Resources Connection	49,991		809,854
Robert Half International	42,645		2,468,719
TrueBlue 1	87,310		2,261,329
			35,155,521
Road & Rail - 1.9%
Landstar System	193,877		21,258,613
Marten Transport	52,238		1,191,026
Old Dominion Freight Line	8,530		1,253,654
Saia 1	47,245		3,550,462
Universal Logistics Holdings	504,440		10,668,906
Werner Enterprises	26,631		972,032
			38,894,693
Trading Companies & Distributors - 1.3%
Air Lease Cl. A	195,573		8,335,321
Applied Industrial Technologies	132,591		9,665,884
MSC Industrial Direct Cl. A	19,411		1,780,183
Richelieu Hardware	251,825		5,887,351
			25,668,739
Total			543,095,659
Information Technology – 19.5%
Communications Equipment - 0.4%
ADTRAN	55,547		863,756
Digi International 1	304,942		3,140,903
NETGEAR 1, 4	34,197		1,956,068
NetScout Systems 1, 4	76,671		2,020,281
Oclaro 1	37,471		358,223
TESSCO Technologies	15,409		356,718
			8,695,949
Electronic Equipment, Instruments & Components - 9.9%
Badger Meter	352,168		16,604,721
Benchmark Electronics	131,864		3,936,140
Celestica 1, 4	979,274		10,135,486
Cognex Corporation	168,147		8,741,963
Coherent 1	42,000		7,870,800
Dolby Laboratories Cl. A	97,381		6,189,536
Electro Scientific Industries 1	124,148		2,399,781
ePlus 1	7,168		556,954
Fabrinet 1	405,981		12,739,684
FARO Technologies 1	314,566		18,370,654
FLIR Systems	790,762		39,546,008
HollySys Automation Technologies	73,680		1,821,370
Insight Enterprises 1	164,458		5,744,518
IPG Photonics 1	50,800		11,855,704
Kimball Electronics 1	101,600		1,640,840
LightPath Technologies Cl. A 1, 4	275,584		606,285
Mesa Laboratories	23,307		3,459,691
Methode Electronics	161,437		6,312,187
MTS Systems	59,116		3,053,341
National Instruments	343,971		17,394,613
PC Connection	326,910		8,172,750
Richardson Electronics	141,153		1,122,166
Sanmina Corporation 1, 4	90,060		2,355,069
Universal Display	12,000		1,212,000
Vishay Intertechnology	492,667		9,163,606
			201,005,867
Internet Software & Services - 1.2%
Amber Road 1	110,475		983,228
Benefitfocus 1, 4	100,798		2,459,471
comScore 1, 2, 4	301,606		7,208,383
Etsy 1	209,454		5,877,279
j2 Global	72,238		5,701,023
Stamps.com 1	8,337		1,676,154
			23,905,538
IT Services - 0.2%
Convergys Corporation	153,204		3,465,475
MoneyGram International 1	33,200		286,184
			3,751,659
Semiconductors & Semiconductor Equipment - 5.2%
Advanced Energy Industries 1	201,021		12,845,242
Brooks Automation	407,138		11,025,297
Cabot Microelectronics	125,456		13,437,592
Cirrus Logic 1	124,713		5,067,089
Cohu	301,710		6,882,005
Diodes 1	194,290		5,918,073
Entegris	95,080		3,308,784
FormFactor 1	109,492		1,494,566
Kulicke & Soffa Industries 1	387,382		9,688,424
MKS Instruments	147,640		17,074,566
Monolithic Power Systems	26,000		3,010,020
Nanometrics 1	109,887		2,955,960
PDF Solutions 1, 4	94,575		1,102,745
Photronics 1	133,993		1,105,442
Rudolph Technologies 1	66,933		1,854,044
Silicon Motion Technology ADR	127,270		6,124,232
Ultra Clean Holdings 1	38,022		731,924
Xcerra Corporation 1	173,100		2,016,615
			105,642,620
Software - 2.3%
ACI Worldwide 1	396,538		9,405,881
Computer Modelling Group	586,050		4,225,874
Fair Isaac 1	54,464		9,224,568
Guidewire Software 1, 4	18,808		1,520,251
Manhattan Associates 1, 4	65,000		2,722,200
Monotype Imaging Holdings	478,230		10,736,264
Pegasystems	25,000		1,516,250
PTC 1	40,945		3,194,119
QAD Cl. A	34,853		1,451,627
TiVo	100,109		1,356,477
Varonis Systems 1	4,844		293,062
			45,646,573
Technology Hardware, Storage & Peripherals - 0.3%
Cray 1, 4	66,281		1,372,017
Stratasys 1, 4	55,173		1,113,391
Super Micro Computer 1, 4	222,229		3,777,893
			6,263,301
Total			394,911,507
Materials – 7.8%
Chemicals - 3.6%
AdvanSix 1	22,397		778,968
Balchem Corporation	154,777		12,653,020
Chase Corporation	18,964		2,208,358
FutureFuel Corporation	566,949		6,797,719
Ingevity Corporation 1	27,157		2,001,199
Innospec	83,929		5,757,529
Minerals Technologies	159,093		10,651,276
Platform Specialty Products 1	530,108		5,104,940
Quaker Chemical	147,049		21,782,368
Umicore	84,217		4,467,723
			72,203,100
Containers & Packaging - 0.6%
AptarGroup	124,834		11,213,838
Metals & Mining - 2.6%
Alamos Gold Cl. A	179,900		935,561
Compass Minerals International	96,799		5,836,980
Franco-Nevada Corporation	193,524		13,235,106
Haynes International	28,575		1,060,418
Hecla Mining	155,264		569,819
Major Drilling Group International 1	1,363,082		7,046,320
Pretium Resources 1	91,922		610,744
Reliance Steel & Aluminum	150,693		12,920,418
Schnitzer Steel Industries Cl. A	52,143		1,686,826
Tahoe Resources 1	288,000		1,350,720
Worthington Industries	195,718		8,400,217
			53,653,129
Paper & Forest Products - 1.0%
Stella-Jones	577,400		20,396,223
Total			157,466,290
Real Estate – 2.7%
Real Estate Management & Development - 2.7%
FRP Holdings 1	382,135		21,399,560
Marcus & Millichap 1	323,545		11,667,033
St. Joe Company (The) 1, 4	244,070		4,600,719
Tejon Ranch 1, 4	760,763		17,581,233
Total			55,248,545
Utilities – 0.1%
Gas Utilities - 0.1%
Star Group L.P.	175,605		1,641,907
Total			1,641,907
TOTAL COMMON STOCKS
(Cost $1,203,424,936)			1,970,722,005
REPURCHASE AGREEMENT – 2.6%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $52,658,638 (collateralized
by obligations of various U.S. Government
Agencies, 1.25%-2.50% due 10/5/22-8/15/23, valued at
$53,712,926)
(Cost $52,657,000)			52,657,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 1.0%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-1.5219%)
(Cost $18,963,102)			18,963,102
TOTAL INVESTMENTS – 100.9%
(Cost $1,275,045,038)			2,042,342,107
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.9)%			(17,690,527	)
NET ASSETS – 100.0%		$	2,024,651,580

SCHEDULES OF INVESTMENTS
ROYCE PREMIER FUND
MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 93.1%
Consumer Discretionary – 9.5%
Auto Components - 1.5%
Dorman Products 1	535,078	$	35,427,514
Automobiles - 1.0%
Thor Industries	190,565		21,947,371
Distributors - 2.8%
Core-Mark Holding Company	1,317,559		28,011,305
Pool Corporation	248,028		36,266,654
			64,277,959
Diversified Consumer Services - 0.6%
Sotheby’s 1, 4	280,584		14,396,765
Specialty Retail - 1.1%
AutoCanada	100,000		1,726,239
Camping World Holdings Cl. A	732,413		23,620,319
			25,346,558
Textiles, Apparel & Luxury Goods - 2.5%
Columbia Sportswear	417,654		31,921,295
Wolverine World Wide	878,000		25,374,200
			57,295,495
Total			218,691,662
Consumer Staples – 2.4%
Food Products - 2.4%
Cal-Maine Foods 1	804,969		35,177,145
Sanderson Farms	168,167		20,015,237
Total			55,192,382
Energy – 3.0%
Energy Equipment & Services - 3.0%
Pason Systems	2,816,062		37,704,870
SEACOR Holdings 1	608,236		31,080,860
Total			68,785,730
Financials – 12.6%
Capital Markets - 8.0%
Ares Management L.P.	2,408,400		51,539,760
Ashmore Group	10,045,000		53,725,497
Lazard Cl. A	562,927		29,587,443
Morningstar	394,968		37,727,343
TMX Group	212,833		12,348,560
			184,928,603
Insurance - 3.0%
Alleghany Corporation	96,063		59,024,950
ProAssurance Corporation	224,600		10,904,330
			69,929,280
Thrifts & Mortgage Finance - 1.6%
Genworth MI Canada	1,138,465		36,230,112
Total			291,087,995
Health Care – 4.7%
Health Care Equipment & Supplies - 1.5%
IDEXX Laboratories 1	183,204		35,063,413
Health Care Technology - 1.2%
Medidata Solutions 1	426,646		26,797,635
Life Sciences Tools & Services - 2.0%
Bio-Techne	300,594		45,401,718
Total			107,262,766
Industrials – 32.1%
Air Freight & Logistics - 1.4%
Forward Air	615,564		32,538,713
Building Products - 1.4%
Simpson Manufacturing	567,847		32,702,309
Commercial Services & Supplies - 4.2%
Copart 1, 4	1,277,810		65,078,863
Ritchie Bros. Auctioneers	957,210		30,123,399
			95,202,262
Construction & Engineering - 2.5%
Valmont Industries	390,764		57,168,773
Machinery - 12.8%
CIRCOR International 1, 5	1,038,443		44,299,978
Franklin Electric	342,175		13,943,631
Kadant	118,323		11,181,524
Lincoln Electric Holdings	766,961		68,988,142
Lindsay Corporation	506,101		46,277,875
RBC Bearings 1	167,079		20,751,212
Sun Hydraulics	776,191		41,572,790
Woodward	673,610		48,270,893
			295,286,045
Marine - 4.6%
Clarkson	759,909		32,221,708
Kirby Corporation 1	951,973		73,254,322
			105,476,030
Road & Rail - 3.0%
Landstar System	626,702		68,717,874
Trading Companies & Distributors - 2.2%
Air Lease Cl. A	1,196,271		50,985,070
Total			738,077,076
Information Technology – 18.0%
Electronic Equipment, Instruments & Components - 7.0%
Anixter International 1	280,285		21,231,589
Cognex Corporation	689,994		35,872,788
IPG Photonics 1	147,740		34,479,561
National Instruments	1,395,200		70,555,264
			162,139,202
IT Services - 3.3%
Gartner 1	205,065		24,119,746
Jack Henry & Associates	430,257		52,039,584
			76,159,330
Semiconductors & Semiconductor Equipment - 4.4%
Cabot Microelectronics	374,216		40,082,276
MKS Instruments	521,187		60,275,276
			100,357,552
Software - 3.3%
Fair Isaac 1	341,784		57,887,956
Manhattan Associates 1, 4	415,349		17,394,816
			75,282,772
Total			413,938,856
Materials – 9.5%
Chemicals - 5.8%
Chase Corporation	128,562		14,971,045
Minerals Technologies	848,494		56,806,673
Quaker Chemical	140,832		20,861,444
Westlake Chemical	379,509		42,182,426
			134,821,588
Metals & Mining - 2.1%
Reliance Steel & Aluminum	566,837		48,600,604
Paper & Forest Products - 1.6%
Stella-Jones	1,016,749		35,915,898
Total			219,338,090
Real Estate – 1.3%
Real Estate Management & Development - 1.3%
Jones Lang LaSalle	154,165		26,923,376
Kennedy-Wilson Holdings	200,000		3,480,000
Total			30,403,376
TOTAL COMMON STOCKS
(Cost $1,055,441,671)			2,142,777,933
REPURCHASE AGREEMENT – 6.7%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $152,835,755 (collateralized
by obligations of various U.S. Government
Agencies, 0.125%-7.25% due 7/15/22-10/5/22, valued at
$155,888,448)
(Cost $152,831,000)			152,831,000
TOTAL INVESTMENTS – 99.8%
(Cost $1,208,272,671)			2,295,608,933
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.2%			5,395,312
NET ASSETS – 100.0%		$	2,301,004,245

SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP LEADERS FUND
MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 93.5%
Consumer Discretionary – 9.8%
Auto Components - 3.4%
Cooper Tire & Rubber	19,000	$	556,700
Gentex Corporation	44,934		1,034,381
LCI Industries	7,632		794,873
Standard Motor Products	6,000		285,420
			2,671,374
Household Durables - 1.0%
Ethan Allen Interiors	17,272		396,392
PICO Holdings	37,800		432,810
			829,202
Leisure Products - 1.4%
MCBC Holdings 1	44,200		1,113,840
Media - 0.6%
E.W. Scripps Company Cl. A	36,690		439,913
Specialty Retail - 1.9%
Caleres	45,600		1,532,160
Textiles, Apparel & Luxury Goods - 1.5%
Movado Group	31,900		1,224,960
Total			7,811,449
Consumer Staples – 6.4%
Food Products - 4.4%
Cal-Maine Foods 1	30,958		1,352,865
Industrias Bachoco ADR	21,090		1,306,525
Tootsie Roll Industries	28,813		848,554
			3,507,944
Personal Products - 2.0%
Inter Parfums	33,729		1,590,322
Total			5,098,266
Energy – 4.7%
Energy Equipment & Services - 4.7%
Oil States International 1, 4	23,040		603,648
Pason Systems	124,540		1,667,493
TGS-NOPEC Geophysical	60,250		1,469,914
Total			3,741,055
Financials – 13.5%
Capital Markets - 7.5%
Artisan Partners Asset Management Cl. A	66,100		2,201,130
Federated Investors Cl. B	29,060		970,604
Houlihan Lokey Cl. A	29,000		1,293,400
Lazard Cl. A	28,470		1,496,383
			5,961,517
Insurance - 3.1%
RLI Corp.	38,700		2,453,193
Thrifts & Mortgage Finance - 2.9%
Genworth MI Canada	73,660		2,344,130
Total			10,758,840
Health Care – 4.9%
Biotechnology - 1.2%
Eagle Pharmaceuticals 1	7,100		374,099
Zealand Pharma 1, 4	37,100		573,266
			947,365
Health Care Equipment & Supplies - 0.4%
Lantheus Holdings 1	22,100		351,390
Health Care Providers & Services - 1.0%
AMN Healthcare Services 1	14,300		811,525
Life Sciences Tools & Services - 2.3%
Bio-Rad Laboratories Cl. A 1	1,025		256,332
Bio-Techne	10,294		1,554,806
			1,811,138
Total			3,921,418
Industrials – 27.5%
Building Products - 3.5%
American Woodmark 1	4,200		413,490
Apogee Enterprises	28,100		1,218,135
Gibraltar Industries 1	6,100		206,485
NCI Building Systems 1	55,800		987,660
			2,825,770
Commercial Services & Supplies - 3.0%
Kimball International Cl. B	48,900		833,256
Ritchie Bros. Auctioneers	13,800		434,286
Steelcase Cl. A	36,700		499,120
UniFirst Corporation	4,000		646,600
			2,413,262
Construction & Engineering - 2.4%
Comfort Systems USA	10,000		412,500
Goldfield Corporation 1	109,416		421,252
Valmont Industries	7,295		1,067,258
			1,901,010
Electrical Equipment - 1.1%
EnerSys	13,100		908,747
Machinery - 13.1%
CIRCOR International 1	37,770		1,611,268
Commercial Vehicle Group 1	42,800		331,700
Greenbrier Companies (The)	43,900		2,205,975
John Bean Technologies	5,109		579,361
Kadant	8,660		818,370
Lydall 1	14,360		692,870
Meritor 1	21,100		433,816
RBC Bearings 1	4,680		581,256
Sun Hydraulics	30,100		1,612,156
Wabash National	78,900		1,641,909
			10,508,681
Professional Services - 1.2%
Heidrick & Struggles International	29,900		934,375
Road & Rail - 2.9%
Landstar System	13,920		1,526,328
Saia 1	10,020		753,003
			2,279,331
Trading Companies & Distributors - 0.3%
MSC Industrial Direct Cl. A	2,777		254,679
Total			22,025,855
Information Technology – 19.9%
Communications Equipment - 0.8%
NetScout Systems 1	25,100		661,385
Electronic Equipment, Instruments & Components - 7.8%
Celestica 1	143,900		1,489,365
Fabrinet 1	57,300		1,798,074
FARO Technologies 1	6,760		394,784
Kimball Electronics 1	46,300		747,745
Methode Electronics	21,150		826,965
Vishay Intertechnology	54,100		1,006,260
			6,263,193
Internet Software & Services - 1.7%
j2 Global	16,724		1,319,858
Semiconductors & Semiconductor Equipment - 9.6%
Advanced Energy Industries 1	8,900		568,710
Cabot Microelectronics	11,736		1,257,043
Cohu	83,400		1,902,354
Kulicke & Soffa Industries 1	46,400		1,160,464
MKS Instruments	6,545		756,929
Nanometrics 1	24,238		652,002
Rudolph Technologies 1	10,800		299,160
Silicon Motion Technology ADR	23,000		1,106,760
			7,703,422
Total			15,947,858
Materials – 4.1%
Chemicals - 3.0%
Minerals Technologies	35,456		2,373,779
Paper & Forest Products - 1.1%
Stella-Jones	25,300		893,704
Total			3,267,483
Real Estate – 2.7%
Real Estate Management & Development - 2.7%
Marcus & Millichap 1	60,910		2,196,415
Total			2,196,415
TOTAL COMMON STOCKS
(Cost $58,210,589)			74,768,639
REPURCHASE AGREEMENT – 6.7%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $5,370,167 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $5,478,145)
(Cost $5,370,000)			5,370,000
TOTAL INVESTMENTS – 100.2%
(Cost $63,580,589)			80,138,639
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.2)%			(188,549	)
NET ASSETS – 100.0%		$	79,950,090

SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP VALUE FUND
MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 95.1%
Consumer Discretionary – 15.0%
Auto Components - 3.0%
Gentex Corporation	150,921	$	3,474,201
Stoneridge 1	126,025		3,478,290
			6,952,491
Automobiles - 0.1%
Thor Industries	2,879		331,574
Hotels, Restaurants & Leisure - 0.5%
Cheesecake Factory	23,800		1,147,636
Household Durables - 3.5%
Bassett Furniture Industries	60,589		1,838,876
Flexsteel Industries	66,204		2,620,354
La-Z-Boy	119,193		3,569,831
			8,029,061
Media - 1.5%
Saga Communications Cl. A	94,403		3,516,512
Specialty Retail - 5.4%
American Eagle Outfitters	232,245		4,628,643
DSW Cl. A	170,891		3,838,212
Shoe Carnival	174,515		4,153,457
			12,620,312
Textiles, Apparel & Luxury Goods - 1.0%
Steven Madden	54,733		2,402,779
Total			35,000,365
Consumer Staples – 1.9%
Food & Staples Retailing - 1.9%
Village Super Market Cl. A	165,440		4,362,653
Total			4,362,653
Energy – 2.9%
Energy Equipment & Services - 2.9%
Helmerich & Payne	48,584		3,233,751
Unit Corporation 1	177,961		3,516,509
Total			6,750,260
Financials – 22.7%
Banks - 10.0%
Ames National	81,532		2,242,130
Bar Harbor Bankshares	13,688		379,431
Camden National	78,252		3,482,214
City Holding Company	31,377		2,151,207
CNB Financial	91,467		2,660,775
Codorus Valley Bancorp	26,209		736,997
Landmark Bancorp	18,733		543,257
MidWestOne Financial Group	105,622		3,516,156
National Bankshares	78,579		3,539,984
Northrim BanCorp	85,008		2,937,027
Unity Bancorp	49,660		1,092,520
			23,281,698
Capital Markets - 4.3%
Federated Investors Cl. B	138,598		4,629,173
Houlihan Lokey Cl. A	48,596		2,167,382
Moelis & Company Cl. A	64,838		3,297,012
			10,093,567
Diversified Financial Services - 0.2%
FGL Holdings 1, 4	35,320		358,498
Insurance - 3.4%
James River Group Holdings	101,480		3,599,496
Kingstone Companies	56,765		953,652
Reinsurance Group of America	22,036		3,393,544
			7,946,692
Thrifts & Mortgage Finance - 4.8%
Genworth MI Canada	175,189		5,575,153
Southern Missouri Bancorp	18,441		674,941
Timberland Bancorp	51,049		1,551,890
TrustCo Bank Corp. NY	397,831		3,361,672
			11,163,656
Total			52,844,111
Health Care – 1.9%
Health Care Providers & Services - 1.9%
AMN Healthcare Services 1, 4	39,080		2,217,790
Ensign Group (The)	84,989		2,235,211
Total			4,453,001
Industrials – 23.2%
Airlines - 5.0%
Allegiant Travel	15,289		2,638,117
Hawaiian Holdings	110,000		4,257,000
Spirit Airlines 1, 4	125,112		4,726,731
			11,621,848
Building Products - 2.0%
American Woodmark 1	14,252		1,403,110
Apogee Enterprises	77,626		3,365,087
			4,768,197
Commercial Services & Supplies - 2.8%
Herman Miller	98,899		3,159,823
Kimball International Cl. B	202,749		3,454,843
			6,614,666
Construction & Engineering - 0.5%
Comfort Systems USA	28,057		1,157,351
Electrical Equipment - 1.5%
EnerSys	50,693		3,516,573
Machinery - 5.4%
Alamo Group	10,233		1,124,607
Blue Bird 1	46,501		1,102,074
Federal Signal	52,010		1,145,260
Miller Industries	169,214		4,230,350
Wabash National	236,126		4,913,782
			12,516,073
Professional Services - 4.6%
Heidrick & Struggles International	97,630		3,050,938
Kforce	34,421		931,088
Korn/Ferry International	44,494		2,295,445
Robert Half International	39,207		2,269,693
TrueBlue 1	80,500		2,084,950
			10,632,114
Road & Rail - 1.4%
Old Dominion Freight Line	7,864		1,155,772
Saia 1	15,241		1,145,361
Werner Enterprises	24,652		899,798
			3,200,931
Total			54,027,753
Information Technology – 25.4%
Communications Equipment - 0.4%
NETGEAR 1, 4	17,117		979,092
Electronic Equipment, Instruments & Components - 16.4%
Benchmark Electronics	121,274		3,620,029
Celestica 1	498,190		5,156,267
Electro Scientific Industries 1	112,200		2,168,826
Fabrinet 1	179,161		5,622,072
Insight Enterprises 1	150,950		5,272,684
Methode Electronics	88,743		3,469,851
PC Connection	207,834		5,195,850
Sanmina Corporation 1	82,672		2,161,873
Vishay Intertechnology	300,239		5,584,445
			38,251,897
IT Services - 1.4%
Convergys Corporation	140,734		3,183,403
Semiconductors & Semiconductor Equipment - 5.7%
Cohu	43,000		980,830
Kulicke & Soffa Industries 1	226,500		5,664,765
MKS Instruments	19,180		2,218,167
Silicon Motion Technology ADR	52,501		2,526,348
Xcerra Corporation 1	159,162		1,854,237
			13,244,347
Technology Hardware, Storage & Peripherals - 1.5%
Super Micro Computer 1, 4	204,204		3,471,468
Total			59,130,207
Real Estate – 1.5%
Real Estate Management & Development - 1.5%
Marcus & Millichap 1	95,813		3,455,017
Total			3,455,017
Utilities – 0.6%
Gas Utilities - 0.6%
Star Group L.P.	146,291		1,367,821
Total			1,367,821
TOTAL COMMON STOCKS
(Cost $188,526,469)			221,391,188
REPURCHASE AGREEMENT – 5.4%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $12,621,393 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $12,874,707)
(Cost $12,621,000)			12,621,000
TOTAL INVESTMENTS – 100.5%
(Cost $201,147,469)			234,012,188
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.5)%			(1,121,183	)
NET ASSETS – 100.0%		$	232,891,005

SCHEDULES OF INVESTMENTS
ROYCE SMALL/MID-CAP PREMIER FUND
MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 89.0%
Consumer Discretionary – 20.0%
Auto Components - 0.6%
Dorman Products 1	18,000	$	1,191,780
Automobiles - 1.0%
Thor Industries	17,586		2,025,380
Distributors - 4.8%
Core-Mark Holding Company	139,600		2,967,896
LKQ Corporation 1	169,313		6,425,428
			9,393,324
Hotels, Restaurants & Leisure - 1.5%
Aramark	72,700		2,876,012
Household Durables - 1.7%
Cavco Industries 1	4,000		695,000
Meritage Homes 1	37,285		1,687,146
NVR 1	378		1,058,400
			3,440,546
Media - 2.5%
Media General (Rights) 1, 3	102,272		0
Meredith Corporation	55,405		2,980,789
Nexstar Media Group Cl. A	29,131		1,937,212
			4,918,001
Multiline Retail - 2.0%
Dollar Tree 1	42,708		4,052,989
Specialty Retail - 5.6%
Camping World Holdings Cl. A	93,100		3,002,475
CarMax 1	40,922		2,534,709
Children’s Place	26,000		3,516,500
Monro	32,490		1,741,464
USS	8,732		178,912
			10,974,060
Textiles, Apparel & Luxury Goods - 0.3%
Wolverine World Wide	20,010		578,289
Total			39,450,381
Consumer Staples – 3.6%
Food & Staples Retailing - 1.2%
Casey’s General Stores	21,435		2,352,920
Food Products - 2.4%
Cal-Maine Foods 1	59,640		2,606,268
Hormel Foods	64,286		2,206,296
			4,812,564
Total			7,165,484
Financials – 7.6%
Capital Markets - 4.7%
Affiliated Managers Group	21,088		3,997,863
Lazard Cl. A	67,550		3,550,428
Oaktree Capital Group LLC Cl. A	43,117		1,707,433
			9,255,724
Insurance - 2.9%
Alleghany Corporation	9,205		5,655,920
Total			14,911,644
Health Care – 3.8%
Health Care Equipment & Supplies - 2.5%
DENTSPLY SIRONA	42,685		2,147,482
Hill-Rom Holdings	31,797		2,766,339
			4,913,821
Life Sciences Tools & Services - 1.3%
Bio-Rad Laboratories Cl. A 1	9,996		2,499,800
Total			7,413,621
Industrials – 29.1%
Aerospace & Defense - 2.6%
Hexcel Corporation	43,301		2,796,812
Teledyne Technologies 1	12,030		2,251,655
			5,048,467
Building Products - 2.1%
Lennox International	10,206		2,085,800
Simpson Manufacturing	35,863		2,065,350
			4,151,150
Commercial Services & Supplies - 4.8%
Cintas Corporation	7,961		1,357,987
Copart 1	159,903		8,143,860
			9,501,847
Construction & Engineering - 2.4%
Valmont Industries	32,660		4,778,158
Electrical Equipment - 2.7%
Hubbell Cl. B	34,516		4,203,358
Sensata Technologies 1	19,018		985,703
			5,189,061
Industrial Conglomerates - 2.2%
Carlisle Companies	41,181		4,299,708
Machinery - 2.4%
Franklin Electric	21,960		894,870
Lincoln Electric Holdings	25,800		2,320,710
Westinghouse Air Brake Technologies	18,654		1,518,436
			4,734,016
Marine - 2.3%
Kirby Corporation 1	57,970		4,460,792
Professional Services - 4.6%
IHS Markit 1	72,304		3,487,945
ManpowerGroup	39,909		4,593,526
Verisk Analytics 1	9,150		951,600
			9,033,071
Road & Rail - 1.0%
Landstar System	18,256		2,001,770
Trading Companies & Distributors - 2.0%
Air Lease Cl. A	57,900		2,467,698
Diploma	13,585		217,599
Watsco	7,300		1,321,081
			4,006,378
Total			57,204,418
Information Technology – 6.7%
Electronic Equipment, Instruments & Components - 1.8%
AVX Corporation	127,618		2,112,078
FLIR Systems	22,100		1,105,221
IPG Photonics 1	1,853		432,453
			3,649,752
IT Services - 0.7%
DST Systems	16,858		1,410,172
Semiconductors & Semiconductor Equipment - 4.2%
Cabot Microelectronics	35,090		3,758,490
Entegris	47,675		1,659,090
Lam Research	2,430		493,679
Rudolph Technologies 1	81,789		2,265,555
			8,176,814
Total			13,236,738
Materials – 11.5%
Chemicals - 7.9%
Innospec	7,500		514,500
Minerals Technologies	76,846		5,144,840
NewMarket Corporation	5,362		2,153,808
Sensient Technologies	31,342		2,212,118
Westlake Chemical	50,350		5,596,403
			15,621,669
Metals & Mining - 2.2%
Reliance Steel & Aluminum	49,655		4,257,420
Paper & Forest Products - 1.4%
Stella-Jones	77,351		2,732,366
Total			22,611,455
Real Estate – 4.1%
Real Estate Management & Development - 4.1%
Jones Lang LaSalle	27,704		4,838,226
Realogy Holdings	120,110		3,276,601
Total			8,114,827
Utilities – 2.6%
Gas Utilities - 2.6%
UGI Corporation	113,701		5,050,598
Total			5,050,598
TOTAL COMMON STOCKS
(Cost $140,182,744)			175,159,166
REPURCHASE AGREEMENT – 11.1%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $21,726,676 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $22,163,041)
(Cost $21,726,000)			21,726,000
TOTAL INVESTMENTS – 100.1%
(Cost $161,908,744)			196,885,166
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.1)%			(149,959	)
NET ASSETS – 100.0%		$	196,735,207

SCHEDULES OF INVESTMENTS ROYCE SMALLER-COMPANIES GROWTH FUND MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 95.1%
Consumer Discretionary – 6.9%
Auto Components - 0.8%
LCI Industries	21,000	$	2,187,150
Stoneridge 1	25,000		690,000
			2,877,150
Hotels, Restaurants & Leisure - 3.0%
Dave & Busters Entertainment 1	66,000		2,754,840
Del Taco Restaurants 1	179,700		1,861,692
Texas Roadhouse	98,000		5,662,440
			10,278,972
Leisure Products - 1.1%
Callaway Golf	226,000		3,697,360
Multiline Retail - 0.3%
Ollies Bargain Outlet Holdings 1	16,000		964,800
Specialty Retail - 1.1%
Dicks Sporting Goods	56,000		1,962,800
Five Below 1, 4	13,000		953,420
Monro	17,000		911,200
			3,827,420
Textiles, Apparel & Luxury Goods - 0.6%
Carter’s	9,900		1,030,590
Columbia Sportswear	15,000		1,146,450
			2,177,040
Total			23,822,742
Consumer Staples – 2.8%
Food Products - 2.8%
Blue Buffalo Pet Products 1	110,000		4,379,100
Farmer Bros. 1	123,000		3,714,600
Freshpet 1, 4	102,000		1,677,900
Total			9,771,600
Energy – 1.2%
Energy Equipment & Services - 0.6%
Pason Systems	158,200		2,118,175
Oil, Gas & Consumable Fuels - 0.6%
Centennial Resource Development Cl. A 1	111,000		2,036,850
Total			4,155,025
Financials – 14.6%
Banks - 9.5%
Banc of California	141,000		2,721,300
Enterprise Financial Services	138,500		6,495,650
F.N.B. Corporation	62,000		833,900
Great Western Bancorp	21,000		845,670
Live Oak Bancshares	60,700		1,687,460
Pacific Premier Bancorp 1	22,000		884,400
Seacoast Banking Corporation of Florida 1	146,000		3,864,620
ServisFirst Bancshares	85,000		3,469,700
Southern National Bancorp of Virginia	53,000		839,520
State Bank Financial	79,500		2,385,795
TriState Capital Holdings 1	283,057		6,581,075
Webster Financial	43,000		2,382,200
			32,991,290
Capital Markets - 2.9%
Northern Trust	51,000		5,259,630
PJT Partners Cl. A	18,000		901,800
WisdomTree Investments	431,200		3,954,104
			10,115,534
Thrifts & Mortgage Finance - 2.2%
Federal Agricultural Mortgage	33,000		2,871,660
LendingTree 1	6,000		1,968,900
MGIC Investment 1	121,000		1,573,000
OceanFirst Financial	50,000		1,337,500
			7,751,060
Total			50,857,884
Health Care – 19.0%
Biotechnology - 4.9%
Celcuity 1, 4	37,000		609,760
Myriad Genetics 1	67,000		1,979,850
Oxford Biomedica 1	5,000,000		776,799
Progenics Pharmaceuticals 1	357,200		2,664,712
REGENXBIO 1	77,000		2,298,450
Repligen 1, 4	27,000		976,860
Sangamo Therapeutics 1	79,000		1,501,000
uniQure 1	125,000		2,937,500
vTv Therapeutics Cl. A 1, 4	363,000		1,477,410
Zealand Pharma 1	122,799		1,897,480
			17,119,821
Health Care Equipment & Supplies - 7.5%
ABIOMED 1	10,000		2,909,900
AxoGen 1	68,000		2,482,000
Bovie Medical 1, 4	686,600		2,039,202
CryoPort 1, 4	261,198		2,246,303
Heska Corporation 1	36,000		2,846,520
Inogen 1	18,755		2,303,864
Nevro Corporation 1, 4	36,000		3,120,120
OraSure Technologies 1	102,000		1,722,780
Penumbra 1	24,000		2,775,600
Restoration Robotics 1, 4	250,000		1,557,500
West Pharmaceutical Services	23,000		2,030,670
			26,034,459
Health Care Providers & Services - 0.3%
HealthEquity 1	19,000		1,150,260
Life Sciences Tools & Services - 1.9%
Cambrex Corporation 1	37,500		1,961,250
Codexis 1, 4	163,800		1,801,800
Harvard Bioscience 1	177,894		889,470
Quanterix Corporation 1, 4	113,600		1,935,744
			6,588,264
Pharmaceuticals - 4.4%
Axsome Therapeutics 1	656,000		1,607,200
BioDelivery Sciences International 1	590,000		1,327,500
Collegium Pharmaceutical 1, 4	170,000		4,343,500
Intersect ENT 1	85,000		3,340,500
Paratek Pharmaceuticals 1	124,000		1,612,000
Supernus Pharmaceuticals 1	67,000		3,068,600
			15,299,300
Total			66,192,104
Industrials – 11.3%
Aerospace & Defense - 0.2%
AeroVironment 1	18,000		819,180
Air Freight & Logistics - 3.2%
Air Transport Services Group 1, 4	146,000		3,404,720
Atlas Air Worldwide Holdings 1, 4	95,000		5,742,750
Forward Air	36,700		1,939,962
			11,087,432
Building Products - 0.2%
DIRTT Environmental Solutions 1	153,000		587,845
Construction & Engineering - 0.7%
NV5 Global 1	43,585		2,429,864
Electrical Equipment - 1.2%
Ballard Power Systems 1, 4	358,000		1,270,900
Enphase Energy 1, 4	636,000		2,906,520
			4,177,420
Machinery - 1.6%
Kornit Digital 1, 4	125,000		1,612,500
Proto Labs 1, 4	16,000		1,880,800
Woodward	30,000		2,149,800
			5,643,100
Marine - 3.3%
Clarkson	147,976		6,274,487
Scorpio Bulkers	312,000		2,199,600
Star Bulk Carriers 1	244,000		2,837,720
			11,311,807
Professional Services - 0.9%
GP Strategies 1	102,000		2,310,300
On Assignment 1	12,000		982,560
			3,292,860
Total			39,349,508
Information Technology – 30.3%
Communications Equipment - 1.2%
Lumentum Holdings 1, 4	65,000		4,147,000
Electronic Equipment, Instruments & Components - 5.1%
Airgain 1, 4	265,411		2,054,281
FLIR Systems	89,600		4,480,896
II-VI 1	63,000		2,576,700
IPG Photonics 1	9,444		2,204,041
Iteris 1, 4	697,000		3,457,120
Knowles Corporation 1	20,000		251,800
Seeing Machines 1	7,875,700		549,254
Universal Display	20,000		2,020,000
			17,594,092
Internet Software & Services - 6.7%
Bandwidth Cl. A 1, 4	45,000		1,469,700
Carbonite 1	137,000		3,945,600
Five9 1	90,000		2,681,100
LivePerson 1, 4	138,000		2,256,300
Q2 Holdings 1, 4	40,000		1,822,000
Quotient Technology 1	332,000		4,349,200
Shopify Cl. A 1	24,000		2,990,160
2U 1	35,348		2,970,292
Yext 1, 4	74,000		936,100
			23,420,452
IT Services - 1.8%
Square Cl. A 1	30,000		1,476,000
Unisys Corporation 1	447,000		4,805,250
			6,281,250
Semiconductors & Semiconductor Equipment - 6.7%
AXT 1	323,000		2,341,750
Brooks Automation	101,000		2,735,080
CEVA 1, 4	62,000		2,244,400
CyberOptics Corporation 1	170,000		3,060,000
MagnaChip Semiconductor 1, 4	410,000		3,936,000
ON Semiconductor 1	147,000		3,595,620
Silicon Laboratories 1	29,000		2,607,100
Silicon Motion Technology ADR	57,000		2,742,840
			23,262,790
Software - 7.8%
Altair Engineering Cl. A 1, 4	20,000		627,200
Digital Turbine 1, 4	700,000		1,407,000
HubSpot 1	31,000		3,357,300
Materialise ADR 1, 4	478,577		5,594,565
Paylocity Holding Corporation 1	107,786		5,521,877
QAD Cl. A	128,000		5,331,200
RingCentral Cl. A 1	83,000		5,270,500
			27,109,642
Technology Hardware, Storage & Peripherals - 1.0%
USA Technologies 1, 4	374,000		3,366,000
Total			105,181,226
Materials – 6.9%
Chemicals - 2.4%
Albemarle Corporation	20,000		1,854,800
American Vanguard	72,000		1,454,400
Kraton Corporation 1	103,000		4,914,130
			8,223,330
Construction Materials - 1.3%
Eagle Materials	28,000		2,885,400
Summit Materials Cl. A 1, 4	57,946		1,754,605
			4,640,005
Metals & Mining - 3.2%
Cobalt 27 Capital 1	620,000		6,376,373
Orocobre 1	642,350		2,695,503
Tahoe Resources 1	422,000		1,979,180
			11,051,056
Total			23,914,391
Real Estate – 2.1%
Equity Real Estate Investment Trusts (REITs) - 2.1%
Community Healthcare Trust	128,000		3,294,720
CyrusOne	78,000		3,994,380
Total			7,289,100
TOTAL COMMON STOCKS
(Cost $254,782,508)			330,533,580
REPURCHASE AGREEMENT – 3.9%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $13,582,423 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $13,855,231)
(Cost $13,582,000)			13,582,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 6.0%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-1.5219%)
(Cost $20,882,089)			20,882,089
TOTAL INVESTMENTS – 105.0%
(Cost $289,246,597)			364,997,669
LIABILITIES LESS CASH
AND OTHER ASSETS – (5.0)%			(17,523,899	)
NET ASSETS – 100.0%		$	347,473,770

SCHEDULES OF INVESTMENTS ROYCE SPECIAL EQUITY FUND MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 91.6%
Consumer Discretionary – 39.7%
Auto Components - 9.3%
Cooper Tire & Rubber	1,480,000	$	43,364,000
Gentex Corporation	860,000		19,797,200
Standard Motor Products 5	1,409,000		67,026,130
			130,187,330
Automobiles - 2.3%
Winnebago Industries	865,000		32,524,000
Diversified Consumer Services - 3.7%
Capella Education 5	588,000		51,361,800
Hotels, Restaurants & Leisure - 0.3%
Bowl America Cl. A 5	343,000		5,076,400
Household Durables - 6.6%
Bassett Furniture Industries 5	823,000		24,978,050
CSS Industries	135,900		2,378,250
Flexsteel Industries 5	577,627		22,862,477
Hooker Furniture 5	1,144,000		41,984,800
			92,203,577
Media - 8.8%
Meredith Corporation	1,106,000		59,502,800
Scholastic Corporation	1,645,000		63,891,800
			123,394,600
Specialty Retail - 8.7%
Children’s Place	781,000		105,630,250
Haverty Furniture	789,500		15,908,425
			121,538,675
Total			556,286,382
Consumer Staples – 6.5%
Food & Staples Retailing - 3.5%
Weis Markets	1,197,000		49,053,060
Food Products - 3.0%
John B. Sanfilippo & Son 5	737,000		42,650,190
Total			91,703,250
Industrials – 23.2%
Aerospace & Defense - 3.2%
National Presto Industries 5	470,000		44,062,500
Building Products - 0.7%
Insteel Industries	360,000		9,946,800
Commercial Services & Supplies - 8.0%
Ennis	408,000		8,037,600
Herman Miller	677,500		21,646,125
UniFirst Corporation	509,500		82,360,675
			112,044,400
Construction & Engineering - 0.5%
Argan	175,000		7,516,250
Electrical Equipment - 4.5%
Hubbell Cl. B	518,500		63,142,930
Machinery - 4.4%
Gencor Industries 1	690,000		11,109,000
Hurco Companies 5	525,000		24,097,500
Wabash National	1,285,200		26,745,012
			61,951,512
Professional Services - 1.7%
Resources Connection	1,425,000		23,085,000
Trading Companies & Distributors - 0.2%
Central Steel & Wire 2	6,500		3,055,065
Total			324,804,457
Information Technology – 17.6%
Electronic Equipment, Instruments & Components - 9.6%
AVX Corporation	4,814,000		79,671,700
Park Electrochemical 5	1,202,200		20,245,048
Vishay Intertechnology	1,860,000		34,596,000
			134,512,748
IT Services - 2.4%
Computer Services 2, 5	765,000		34,042,500
Semiconductors & Semiconductor Equipment - 5.6%
Kulicke & Soffa Industries 1	940,000		23,509,400
Teradyne	1,185,000		54,166,350
			77,675,750
Total			246,230,998
Materials – 1.5%
Metals & Mining - 1.5%
Kaiser Aluminum	208,000		20,987,200
Total			20,987,200
Real Estate – 3.1%
Real Estate Management & Development - 3.1%
Marcus & Millichap 1	1,191,500		42,965,490
Total			42,965,490
TOTAL COMMON STOCKS
(Cost $870,977,791)			1,282,977,777
REPURCHASE AGREEMENT – 8.5%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $118,759,695 (collateralized
by obligations of various U.S. Government
Agencies, 2.50% due 8/15/23, valued at $121,131,129)
(Cost $118,756,000)			118,756,000
TOTAL INVESTMENTS – 100.1%
(Cost $989,733,791)			1,401,733,777
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.1)%			(1,848,554	)
NET ASSETS – 100.0%		$	1,399,885,223

SCHEDULES OF INVESTMENTS ROYCE SPECIAL EQUITY MULTI-CAP FUND MARCH 31, 2018 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 68.4%
Consumer Discretionary – 16.3%
Distributors - 4.9%
Genuine Parts	54,000	$	4,851,360
Hotels, Restaurants & Leisure - 2.4%
McDonald’s Corporation	15,000		2,345,700
Household Durables - 2.4%
Leggett & Platt	53,000		2,351,080
Specialty Retail - 4.5%
Lowe’s Companies	51,000		4,475,250
Textiles, Apparel & Luxury Goods - 2.1%
V.F. Corporation	28,000		2,075,360
Total			16,098,750
Consumer Staples – 10.5%
Food Products - 3.2%
Hormel Foods	93,000		3,191,760
Household Products - 7.3%
Kimberly-Clark	32,000		3,524,160
Procter & Gamble	46,000		3,646,880
			7,171,040
Total			10,362,800
Financials – 1.1%
Insurance - 1.1%
Brown & Brown	44,000		1,119,360
Total			1,119,360
Industrials – 27.8%
Aerospace & Defense - 5.3%
General Dynamics	13,000		2,871,700
United Technologies	19,000		2,390,580
			5,262,280
Electrical Equipment - 1.8%
Emerson Electric	26,000		1,775,800
Industrial Conglomerates - 4.4%
Carlisle Companies	31,000		3,236,710
3M	5,000		1,097,600
			4,334,310
Machinery - 14.5%
Cummins	10,500		1,701,945
Illinois Tool Works	41,000		6,423,060
Parker Hannifin	22,500		3,848,175
Stanley Black & Decker	16,000		2,451,200
			14,424,380
Professional Services - 1.8%
ManpowerGroup	15,500		1,784,050
Total			27,580,820
Information Technology – 10.7%
Communications Equipment - 4.4%
Cisco Systems	103,000		4,417,670
Technology Hardware, Storage & Peripherals - 6.3%
Apple	37,000		6,207,860
Total			10,625,530
Materials – 2.0%
Chemicals - 2.0%
NewMarket Corporation	5,000		2,008,400
Total			2,008,400
TOTAL COMMON STOCKS
(Cost $48,515,018)			67,795,660
REPURCHASE AGREEMENT – 15.6%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $15,405,479 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $15,715,029)
(Cost $15,405,000)			15,405,000
TOTAL INVESTMENTS – 84.0%
(Cost $63,920,018)			83,200,660
CASH AND OTHER ASSETS
LESS LIABILITIES – 16.0%			15,843,158
NET ASSETS – 100.0%		$	99,043,818

SCHEDULES OF INVESTMENTS ROYCE TOTAL RETURN FUND MARCH 31, 2018 (UNAUDITED)
		SHARES		VALUE
COMMON STOCKS – 94.4%
Consumer Discretionary – 8.9%
Auto Components - 1.6%
Cooper Tire & Rubber		48,022	$	1,407,045
Gentex Corporation		917,841		21,128,700
LCI Industries		16,530		1,721,599
Nokian Renkaat		148,429		6,751,482
Standard Motor Products		84,156		4,003,301
				35,012,127
Automobiles - 0.7%
Thor Industries		144,187		16,606,017
Distributors - 0.4%
Weyco Group		243,324		8,175,686
Diversified Consumer Services - 0.3%
Capella Education		30,797		2,690,118
Liberty Tax Cl. A		436,616		4,409,822
				7,099,940
Hotels, Restaurants & Leisure - 0.2%
Brinker International		36,370		1,312,957
Cheesecake Factory		74,465		3,590,702
MTY Food Group		6,852		268,049
				5,171,708
Household Durables - 1.5%
Bassett Furniture Industries		143,989		4,370,066
Ethan Allen Interiors		593,352		13,617,428
Flexsteel Industries		103,199		4,084,617
La-Z-Boy		396,118		11,863,734
				33,935,845
Media - 1.0%
Gannett Company		279,717		2,791,576
Meredith Corporation		239,294		12,874,017
Saga Communications Cl. A		181,032		6,743,442
				22,409,035
Multiline Retail - 0.2%
Big Lots		34,194		1,488,465
Dillard’s Cl. A		33,893		2,722,963
				4,211,428
Specialty Retail - 2.5%
Aaron’s		34,765		1,620,049
American Eagle Outfitters		771,737		15,380,718
Buckle (The)		130,266		2,885,392
Caleres		54,843		1,842,725
Cato Corporation (The) Cl. A		147,456		2,173,502
Children’s Place		34,719		4,695,745
DSW Cl. A		586,687		13,176,990
GameStop Corporation Cl. A		77,795		981,773
Shoe Carnival		555,893		13,230,253
				55,987,147
Textiles, Apparel & Luxury Goods - 0.5%
J.G. Boswell Company 2		1,048		723,120
Movado Group		73,240		2,812,416
Steven Madden		146,359		6,425,160
				9,960,696
Total				198,569,629
Consumer Staples – 3.1%
Beverages - 0.1%
Compania Cervecerias Unidas ADR		87,717		2,579,757
Food & Staples Retailing - 0.6%
Village Super Market Cl. A		497,694		13,124,191
Food Products - 2.2%
Flowers Foods		289,606		6,330,787
Fresh Del Monte Produce		202,233		9,149,021
Hershey Creamery 2		722		3,249,000
Lancaster Colony		108,770		13,393,938
Tootsie Roll Industries		573,718		16,896,002
				49,018,748
Household Products - 0.1%
WD-40 Company		16,453		2,166,860
Personal Products - 0.1%
Nu Skin Enterprises Cl. A		31,422		2,316,116
Total				69,205,672
Energy – 3.6%
Energy Equipment & Services - 2.8%
CARBO Ceramics 1		99,038		718,026
Diamond Offshore Drilling 1, 4		158,467		2,323,126
Helmerich & Payne		185,149		12,323,517
Oceaneering International 1, 4		66,211		1,227,552
Pason Systems		926,023		12,398,725
SEACOR Holdings 1		279,082		14,261,090
SEACOR Marine Holdings 1, 4		269,802		5,131,634
TGS-NOPEC Geophysical		563,959		13,758,854
				62,142,524
Oil, Gas & Consumable Fuels - 0.8%
Boardwalk Pipeline Partners L.P.		172,759		1,753,504
Dorchester Minerals L.P.		257,825		4,150,982
PBF Energy Cl. A		73,957		2,507,142
Permian Basin Royalty Trust		715,852		6,907,972
Sabine Royalty Trust		9,401		413,174
San Juan Basin Royalty Trust		383,082		3,026,348
				18,759,122
Total				80,901,646
Financials – 28.8%
Banks - 9.2%
Ames National		236,646		6,507,765
Associated Banc-Corp		425,950		10,584,858
Bank of Hawaii		279,312		23,210,827
Bank of N.T. Butterfield & Son		48,300		2,167,704
Bank of the Ozarks		93,500		4,513,245
Bar Harbor Bankshares		28,500		790,020
BLOM Bank GDR		225,597		2,752,283
BOK Financial		299,604		29,657,800
Camden National		196,492		8,743,894
Canadian Western Bank		560,861		14,387,749
City Holding Company		101,829		6,981,396
CNB Financial		250,672		7,292,048
Codorus Valley Bancorp		38,208		1,074,409
Farmers & Merchants Bank of Long Beach 2		430		3,397,000
First Citizens BancShares Cl. A		64,839		26,794,068
First National Bank Alaska 2		2,694		5,657,400
Landmark Bancorp		32,584		944,936
MidWestOne Financial Group		269,342		8,966,395
National Bankshares		148,090		6,671,455
Northrim BanCorp		188,895		6,526,322
Peapack-Gladstone Financial		477,835		15,954,911
Popular		213,193		8,873,093
State Bank Financial		40,137		1,204,511
Unity Bancorp		69,136		1,520,992
				205,175,081
Capital Markets - 8.7%
AllianceBernstein Holding L.P.		391,687		10,516,796
Apollo Global Management LLC Cl. A		266,903		7,905,667
Ares Management L.P.		400,267		8,565,714
Ashmore Group		2,670,196		14,281,494
Associated Capital Group Cl. A		176,326		6,603,409
Bolsa Mexicana de Valores		5,031,182		9,617,282
Cohen & Steers		289,371		11,765,825
Coronation Fund Managers		470,890		3,211,038
Edmond de Rothschild (Suisse)		219		4,103,746
Egyptian Financial Group-Hermes Holding Company		1,038,708		1,496,815
Federated Investors Cl. B		578,375		19,317,725
GAMCO Investors Cl. A		232,630		5,776,203
Houlihan Lokey Cl. A		88,579		3,950,623
KKR & Co. L.P.		565,863		11,487,019
Moelis & Company Cl. A		159,987		8,135,339
Morningstar		29,992		2,864,836
MVC Capital		289,585		2,875,579
Oaktree Specialty Lending		258,811		1,089,594
Och-Ziff Capital Management Group LLC Cl. A		615,026		1,642,119
Oppenheimer Holdings Cl. A		107,876		2,777,807
Rothschild & Co		286,042		10,535,630
Teton Advisors Cl. A 2		1,163		58,150
TMX Group		301,961		17,519,762
Value Partners Group		10,033,270		9,472,176
Virtu Financial Cl. A		106,404		3,511,332
Vontobel Holding		64,993		4,028,346
Waddell & Reed Financial Cl. A		91,564		1,850,508
Westwood Holdings Group		160,529		9,068,283
				194,028,817
Consumer Finance - 0.1%
Nelnet Cl. A		28,467		1,491,955
Diversified Financial Services - 0.1%
First Pacific		638,477		348,564
Leucadia National		122,251		2,778,765
				3,127,329
Insurance - 9.4%
Alleghany Corporation		45,030		27,668,233
American Financial Group		97,043		10,890,166
Assured Guaranty		287,414		10,404,387
Baldwin & Lyons Cl. B		240,045		5,280,990
E-L Financial		62,118		38,957,848
Employers Holdings		70,161		2,838,012
Erie Indemnity Cl. A		317,895		37,397,168
First American Financial		73,230		4,297,136
Gallagher (Arthur J.) & Co.		111,175		7,641,058
Horace Mann Educators		17,277		738,592
James River Group Holdings		222,790		7,902,361
Kingstone Companies		104,864		1,761,715
Mercury General		104,383		4,788,048
National Western Life Group Cl. A		5,464		1,665,864
Old Republic International		508,221		10,901,340
ProAssurance Corporation		175,621		8,526,400
Reinsurance Group of America		57,854		8,909,516
RLI Corp.		122,002		7,733,707
Selective Insurance Group		24,241		1,471,429
State Auto Financial		161,323		4,608,998
Universal Insurance Holdings		87,285		2,784,392
White Mountains Insurance Group		2,179		1,792,271
				208,959,631
Investment Companies - 0.0%
RIT Capital Partners		28,161		751,401
Thrifts & Mortgage Finance - 1.3%
Genworth MI Canada		553,102		17,601,725
Southern Missouri Bancorp		18,974		694,448
Timberland Bancorp		94,885		2,884,504
TrustCo Bank Corp. NY		979,037		8,272,863
				29,453,540
Total				642,987,754
Health Care – 2.4%
Health Care Equipment & Supplies - 1.8%
Analogic Corporation		117,285		11,247,631
Atrion Corporation		8,312		5,247,366
Hill-Rom Holdings		128,459		11,175,933
Meridian Bioscience		141,351		2,007,184
Teleflex		40,913		10,431,997
				40,110,111
Health Care Providers & Services - 0.5%
Aceto Corporation		43,150		327,940
Chemed Corporation		18,667		5,093,477
Encompass Health		9,647		551,519
Ensign Group (The)		162,323		4,269,095
Patterson Companies		13,429		298,527
				10,540,558
Pharmaceuticals - 0.1%
Recordati		94,894		3,516,321
Total				54,166,990
Industrials – 25.6%
Aerospace & Defense - 1.0%
HEICO Corporation		265,302		23,030,867
Air Freight & Logistics - 0.9%
Expeditors International of Washington		302,226		19,130,906
Airlines - 0.9%
Allegiant Travel		48,743		8,410,605
Hawaiian Holdings		273,863		10,598,498
				19,009,103
Building Products - 1.1%
A. O. Smith Corporation		263,549		16,759,081
Apogee Enterprises		169,047		7,328,187
				24,087,268
Commercial Services & Supplies - 5.0%
ABM Industries		462,443		15,482,592
Deluxe Corporation		30,874		2,284,985
Ennis		163,629		3,223,491
Herman Miller		238,022		7,604,803
HNI Corporation		340,396		12,284,892
Kimball International Cl. B		1,121,838		19,116,119
McGrath RentCorp		276,446		14,842,386
MSA Safety		147,813		12,303,954
Pitney Bowes		112,082		1,220,573
Ritchie Bros. Auctioneers		642,343		20,214,534
Tetra Tech		20,496		1,003,279
UniFirst Corporation		19,261		3,113,541
				112,695,149
Construction & Engineering - 0.8%
Comfort Systems USA		209,178		8,628,592
EMCOR Group		51,357		4,002,251
KBR		379,667		6,146,809
				18,777,652
Electrical Equipment - 2.4%
EnerSys		124,164		8,613,257
Hubbell Cl. B		209,573		25,521,800
LSI Industries		862,285		6,993,131
Preformed Line Products		202,482		13,179,553
				54,307,741
Industrial Conglomerates - 0.8%
Raven Industries		482,462		16,910,293
Machinery - 8.1%
Alamo Group		26,040		2,861,796
American Railcar Industries		161,069		6,025,591
Federal Signal		97,356		2,143,779
Franklin Electric		589,597		24,026,078
Gorman-Rupp Company (The)		328,967		9,622,285
Greenbrier Companies (The)		46,392		2,331,198
Hillenbrand		24,064		1,104,538
Kadant		22,650		2,140,425
Lincoln Electric Holdings		141,715		12,747,264
Lindsay Corporation		143,818		13,150,718
Miller Industries		335,360		8,384,000
Mueller (Paul) Company 1, 2		52,426		1,761,514
Mueller Industries		302,674		7,917,952
Nordson Corporation		43,528		5,934,608
Standex International		40,308		3,843,368
Starrett (L.S.) Company (The) Cl. A 1, 5		439,557		2,967,010
Sun Hydraulics		146,090		7,824,580
Tennant Company		313,345		21,213,456
Trinity Industries		542,653		17,706,767
Wabash National		741,722		15,435,235
Woodward		161,728		11,589,428
				180,731,590
Marine - 1.3%
Clarkson		676,971		28,704,966
Professional Services - 3.0%
Exponent		56,714		4,460,556
Forrester Research		36,977		1,532,697
Heidrick & Struggles International		337,128		10,535,250
Insperity		52,352		3,641,081
Kforce		153,100		4,141,355
Korn/Ferry International		83,764		4,321,385
ManpowerGroup		295,257		33,984,081
Resources Connection		5,012		81,194
Robert Half International		73,346		4,246,000
				66,943,599
Road & Rail - 0.2%
Werner Enterprises		113,398		4,139,027
Trading Companies & Distributors - 0.1%
Applied Industrial Technologies		43,150		3,145,635
Transportation Infrastructure - 0.0%
Grupo Aeroportuario del Pacifico SAB de CV		96,468		961,305
Total				572,575,101
Information Technology – 6.5%
Communications Equipment - 0.1%
ADTRAN		126,880		1,972,984
TESSCO Technologies		39,149		906,299
				2,879,283
Electronic Equipment, Instruments & Components - 4.2%
AVX Corporation		810,714		13,417,317
Bel Fuse Cl. A		19,293		318,334
Benchmark Electronics		297,800		8,889,330
Methode Electronics		579,156		22,645,000
National Instruments		239,271		12,099,934
PC Connection		522,081		13,052,025
Systemax		195,338		5,576,900
Vishay Intertechnology		936,403		17,417,096
				93,415,936
IT Services - 0.4%
Convergys Corporation		289,448		6,547,314
MAXIMUS		47,442		3,166,279
				9,713,593
Semiconductors & Semiconductor Equipment - 1.2%
Cohu		80,012		1,825,074
MKS Instruments		133,205		15,405,158
Silicon Motion Technology ADR		145,750		7,013,490
Xperi		55,763		1,179,387
				25,423,109
Software - 0.2%
Ebix		46,674		3,477,213
Technology Hardware, Storage & Peripherals - 0.4%
Diebold Nixdorf		618,934		9,531,584
Total				144,440,718
Materials – 11.6%
Chemicals - 5.7%
Albemarle Corporation		166,678		15,457,718
Balchem Corporation		133,400		10,905,450
Cabot Corporation		313,688		17,478,695
Chase Corporation		215,855		25,136,315
FutureFuel Corporation		201,809		2,419,690
Innospec		28,121		1,929,100
Quaker Chemical		281,483		41,696,077
Trinseo		31,709		2,348,051
Umicore		187,280		9,935,229
				127,306,325
Construction Materials - 0.8%
Ash Grove Cement 2		31,781		16,716,806
Containers & Packaging - 1.8%
AptarGroup		99,638		8,950,482
Greif Cl. A		190,842		9,971,494
Mayr-Melnhof Karton		51,743		7,849,481
Sonoco Products		282,604		13,706,294
				40,477,751
Metals & Mining - 2.9%
Agnico Eagle Mines		25,937		1,091,169
Alamos Gold Cl. A		621,066		3,229,823
Ampco-Pittsburgh 1		129,724		1,154,543
Carpenter Technology		120,067		5,297,356
Compass Minerals International		211,744		12,768,163
Ferroglobe (Warranty Insurance Trust) 1, 3		569,803		0
Franco-Nevada Corporation		69,207		4,733,067
Gold Fields ADR		1,283,616		5,160,136
Haynes International		256,215		9,508,139
Reliance Steel & Aluminum		26,231		2,249,046
Royal Gold		17,277		1,483,576
Schnitzer Steel Industries Cl. A		108,959		3,524,824
Worthington Industries		323,267		13,874,620
				64,074,462
Paper & Forest Products - 0.4%
Domtar Corporation		101,429		4,314,790
Neenah		33,839		2,652,977
Pope Resources L.P.		12,575		880,879
Resolute Forest Products 1		86,300		716,290
Schweitzer-Mauduit International		34,824		1,363,360
				9,928,296
Total				258,503,640
Real Estate – 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.8%
CBL & Associates Properties		271,075		1,130,383
Kite Realty Group Trust		96,500		1,469,695
Lexington Realty Trust		316,111		2,487,794
New York REIT		18,405		395,891
PotlatchDeltic Corporation		221,160		11,511,378
Total				16,995,141
Telecommunication Services – 0.8%
Diversified Telecommunication Services - 0.5%
ATN International		179,785		10,718,781
Wireless Telecommunication Services - 0.3%
Telephone and Data Systems		219,558		6,154,211
Total				16,872,992
Utilities – 2.3%
Electric Utilities - 0.5%
ALLETE		142,848		10,320,768
Gas Utilities - 0.1%
Star Group L.P.		362,668		3,390,946
Water Utilities - 1.7%
Aqua America		434,281		14,791,611
SJW Group		338,575		17,846,288
York Water		143,801		4,457,831
				37,095,730
Total				50,807,444
TOTAL COMMON STOCKS
(Cost $1,219,320,764)				2,106,026,727
		PRINCIPAL
		AMOUNT
CORPORATE BOND – 0.2%
Unit Corporation 6.625% due 5/15/21
(Cost $3,864,831)	$	4,411,900		4,411,900
REPURCHASE AGREEMENT – 5.6%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $126,010,920 (collateralized
by obligations of various U.S. Government
Agencies, 0.125% due 7/15/22, valued at $128,528,583)
(Cost $126,007,000)				126,007,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.1%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-1.5219%)
(Cost $2,314,010)				2,314,010
TOTAL INVESTMENTS – 100.3%
(Cost $1,351,506,605)				2,238,759,637
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.3)%				(6,605,699	)
NET ASSETS – 100.0%			$	2,232,153,938

1	Non-income producing.
2	These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
3	Securities for which market quotations are not readily available represent 0.1%, 0.0%, 0.4%, 0.2%, 0.0%, 0.0% and 0.0% of net assets for Royce International Discovery Fund, Royce Low-Priced Stock Fund, Royce Micro-Cap Fund, Royce Micro-Cap Opportunity Fund, Royce Opportunity Fund, Royce Small/Mid-Cap Premier Fund and Royce Total Return Fund. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Trustees. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.
4	All or a portion of these securities were on loan at March 31, 2018.
5	At March 31, 2018, 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.
Securities of International Funds are categorized by the country of their headquarters, with the exception of exchange-traded funds.
Tax Information: At March 31, 2018, 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	$	108,217,198	$	63,193,564	$	67,617,668	$	4,424,104
Royce Global Financial Services Fund		42,547,560		13,839,592		16,521,864		2,682,272
Royce International Discovery Fund		7,938,505		428,458		889,827		461,369
Royce International Premier Fund		196,130,216		23,176,509		27,250,395		4,073,886
Royce Low-Priced Stock Fund		215,390,594		45,657,577		59,584,055		13,926,478
Royce Micro-Cap Fund		149,127,900		41,575,710		53,745,902		12,170,192
Royce Micro-Cap Opportunity Fund		36,418,022		7,333,461		9,812,698		2,479,237
Royce Opportunity Fund		1,207,013,510		98,730,642		264,952,411		166,221,769
Royce Pennsylvania Mutual Fund		1,276,355,817		765,986,290		819,634,779		53,648,489
Royce Premier Fund		1,209,172,628		1,086,436,305		1,107,435,486		20,999,181
Royce Small-Cap Leaders Fund		63,644,076		16,494,563		18,128,368		1,633,805
Royce Small-Cap Value Fund		201,332,972		32,679,216		43,164,481		10,485,265
Royce Small/Mid-Cap Premier Fund		162,086,853		34,798,313		37,585,083		2,786,770
Royce Smaller-Companies Growth Fund		289,536,269		75,461,400		88,752,276		13,290,876
Royce Special Equity Fund		989,780,359		411,953,418		430,932,750		18,979,332
Royce Special Equity Multi-Cap Fund		63,920,018		19,280,642		20,388,284		1,107,642
Royce Total Return Fund		1,352,179,365		886,580,272		940,407,270		53,826,998
The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

Valuation of Investments:
Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Funds value their non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’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 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, 2018. 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	$	132,670,153	$	38,429,609	$	–	$	171,099,762
Cash Equivalents		–		311,000		–		311,000
Royce Global Financial Services Fund
Common Stocks		41,837,397		13,647,755		–		55,485,152
Cash Equivalents		–		902,000		–		902,000
Royce International Discovery Fund
Common Stocks		1,263,208		6,891,732		5,023		8,159,963
Cash Equivalents		–		207,000		–		207,000
Royce International Premier Fund
Common Stocks		19,490,219		187,071,506		–		206,561,725
Cash Equivalents		–		12,745,000		–		12,745,000
Royce Low-Priced Stock Fund
Common Stocks		222,627,293		13,833,903		0		236,461,196
Cash Equivalents		3,917,975		20,669,000		–		24,586,975
Royce Micro-Cap Fund
Common Stocks		177,153,772		4,958,348		828,000		182,940,120
Cash Equivalents		3,481,490		4,282,000		–		7,763,490
Royce Micro-Cap Opportunity Fund
Common Stocks		41,580,912		59,851		76,720		41,717,483
Cash Equivalents		–		2,034,000		–		2,034,000
Royce Opportunity Fund
Common Stocks		1,170,345,913		2,062,567		516,751		1,172,925,231
Cash Equivalents		30,805,921		102,013,000		–		132,818,921
Royce Pennsylvania Mutual Fund
Common Stocks		1,917,758,014		52,963,991		–		1,970,722,005
Cash Equivalents		18,963,102		52,657,000		–		71,620,102
Royce Premier Fund
Common Stocks		2,056,830,728		85,947,205		–		2,142,777,933
Cash Equivalents		–		152,831,000		–		152,831,000
Royce Small-Cap Leaders Fund
Common Stocks		72,725,459		2,043,180		–		74,768,639
Cash Equivalents		–		5,370,000		–		5,370,000
Royce Small-Cap Value Fund
Common Stocks		221,391,188		–		–		221,391,188
Cash Equivalents		–		12,621,000		–		12,621,000
Royce Small/Mid-Cap Premier Fund
Common Stocks		174,762,655		396,511		0		175,159,166
Cash Equivalents		–		21,726,000		–		21,726,000
Royce Smaller-Companies Growth Fund
Common Stocks		318,340,056		12,193,524		–		330,533,580
Cash Equivalents		20,882,089		13,582,000		–		34,464,089
Royce Special Equity Fund
Common Stocks		1,245,880,212		37,097,565		–		1,282,977,777
Cash Equivalents		–		118,756,000		–		118,756,000
Royce Special Equity Multi-Cap Fund
Common Stocks		67,795,660		–		–		67,795,660
Cash Equivalents		–		15,405,000		–		15,405,000
Royce Total Return Fund
Common Stocks		1,945,139,609		160,887,118		0		2,106,026,727
Corporate Bond		–		4,411,900		–		4,411,900
Cash Equivalents		2,314,010		126,007,000		–		128,321,010
Certain securities have transferred in and out of Level 1 and Level 2 measurements during the reporting period. The Funds recognize transfers between levels as of the end of the reporting period. For the three months ended March 31, 2018, the following Funds had securities transfer from Level 1 to Level 2, from Level 2 to Level 1 and from Level 2 to Level 3 within the fair value hierarchy:

		Transfers From		Transfers From		Transfers From
		Level 1 to Level 2		Level 2 to Level 1		Level 2 to Level 3
Royce Dividend Value Fund	$	2,358,834	$	–	$	–
Royce International Discovery Fund		–		265,847		5,023
Royce International Premier Fund		–		7,610,959		–
Royce Micro-Cap Fund		521,509		–		–
Royce Pennsylvania Mutual Fund		7,930,825		–		–
Royce Total Return Fund		10,578,587		–		–

Level 3 Reconciliation:

		Balance as						Unrealized		Balance as
		of 12/31/17		Purchases		Transfers In		Gain (Loss)		of 3/31/18
Royce International Discovery Fund
Common Stocks	$	–	$	–	$	5,023	$	–	$	5,023
Royce Low-Priced Stock Fund
Common Stocks		0		–		–		–		0
Royce Micro-Cap Fund
Common Stocks		828,000		–		–		–		828,000
Royce Micro-Cap Opportunity Fund
Common Stocks		–		0		–		76,720		76,720
Royce Opportunity Fund
Common Stocks		–		0		–		516,751		516,751
Royce Small/Mid-Cap Premier Fund
Common Stocks		0		–		–		–		0
Royce Total Return Fund
Common Stocks		0		–		–		–		0

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

					Impact to Valuation
	Fair Value at	Valuation	Unobservable		From an Increase in
	3/31/18	Technique(s)	Input(s)	Range Average	Input1
Royce Micro-Cap Fund
Common Stocks	$828,000	Discounted Present Value Balance Sheet Analysis	Liquidity Discount	30%-40%	Decrease

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

Repurchase Agreements:
The 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, 2018 are overnight and continuous.

Securities Lending:
The Funds loan securities through a lending agent to qualified institutional investors for the purpose of realizing additional income. Collateral for the Funds on all securities loaned is accepted in cash and cash equivalents and invested temporarily by the custodian, as well as non-cash collateral which includes short and long-term U.S. Treasuries. The collateral maintained is at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds retain the risk of any loss on the securities on loan as well as incurring the potential loss on investments purchased with cash collateral received for securities lending. In the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. If the borrower fails to return loaned securities, and cash collateral being maintained by the 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 has agreed to pay the amount of the shortfall to the Funds or, at the option of the lending agent, to replace the securities. In the event of the bankruptcy of the 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. The lending agent is not affiliated with Royce. The market value of non-cash collateral held by the Funds at March 31, 2018 was as follows:

Royce Low-Priced Stock Fund	$	4,674,073	Royce Small-Cap Leaders Fund	$	755,334
Royce Micro-Cap Fund		3,393,551	Royce Small-Cap Value Fund		5,915,076
Royce Opportunity Fund		73,416,241	Royce Smaller-Companies Growth Fund		19,682,583
Royce Pennsylvania Mutual Fund		45,423,440	Royce Total Return Fund		3,546,680
Royce Premier Fund		19,479,085

Transactions in Affiliated Companies:
An “Affiliated Company,” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the three months ended March 31, 2018:

Affiliated Company	Shares 12/31/17		Market Value 12/31/17		Cost of Purchases		Proceeds from Sales		Change in Net Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Dividend Income	Shares 3/31/18		Market Value 3/31/18
Royce Opportunity Fund
Dixie Group1	849,935	$	3,272,250	$	16,265	$	421,567	$	(967,208	)	$	33,293		$	–
Echelon Corporation1	230,152		1,298,057		–		190,970		(211,671	)		(24,963	)		–
Noranda Aluminum Holding    Corporation1	593,726		7,718		–		4,223		15,435			596			–
Northwest Pipe1	489,326		9,365,700		–		1,717,984		(1,002,394	)		314,814			–
SigmaTron International1	282,757		2,867,156		–		523,895		(1,112,596	)		(15,785	)		–
			16,810,881						(3,278,434	)		307,955			–
Royce Pennsylvania Mutual Fund
Preformed Line Products	260,064		18,477,547		–		574,703		(1,741,460	)		296,362			50,569	252,846	$	16,457,746
			18,477,547						(1,741,460	)		296,362			50,569			16,457,746
Royce Premier Fund
CIRCOR International	878,443		42,762,605		6,954,788		–		(5,417,415	)		–			–	1,038,443		44,299,978
			42,762,605						(5,417,415	)		–			–			44,299,978
Royce Special Equity Fund
Bassett Furniture Industries	781,000		29,365,600		1,409,481		–		(5,797,031	)		–			88,110	823,000		24,978,050
Bowl America Cl. A	343,000		5,145,000		–		–		(68,600	)		–			58,310	343,000		5,076,400
Capella Education	588,000		45,511,200		–		–		5,850,600			–			252,840	588,000		51,361,800
Computer Services	756,000		35,222,040		404,133		–		(1,583,673	)		–			236,220	765,000		34,042,500
CSS Industries1	695,900		19,366,897		–		12,309,684		(5,674,099	)		995,136			69,540
Flexsteel Industries	567,000		26,524,260		497,274		–		(4,159,057	)		–			127,078	577,627		22,862,477
Hooker Furniture	1,127,000		47,841,150		643,573		–		(6,499,923	)		–			159,600	1,144,000		41,984,800
Hurco Companies	525,000		22,155,000		–		–		1,942,500			–			110,250	525,000		24,097,500
John B. Sanfilippo & Son	726,500		45,951,125		607,528		–		(3,908,463	)		–			–	737,000		42,650,190
National Presto Industries	469,000		46,642,050		99,505		–		(2,679,055	)		–			2,820,000	470,000		44,062,500
Park Electrochemical	1,557,000		30,595,050		–		7,768,945		(1,319,685	)		(1,261,372	)		3,731,400	1,202,200		20,245,048
Standard Motor Products	1,350,000		60,628,500		2,721,816		–		3,675,814			–			292,320	1,409,000		67,026,130
			414,947,872						(20,220,672	)		(266,236	)		7,945,668			378,387,395
Royce Total Return Fund
Mueller (Paul) Company1	100,714		3,927,846		–		1,800,031		(316,697	)		(49,604	)		–
Starrett (L.S.) Company (The) Cl. A	439,557		3,780,190		–		–		(813,180	)		–			–	439,557		2,967,010
			7,708,036						(1,129,877	)		(49,604	)		–			2,967,010

¹ Not an Affiliated Company at March 31, 2018.

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

Item 2 - Controls and Procedures

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”)), that the Registrant’s disclosure controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Item 3 - Exhibits

Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Royce Fund

By:

/s/ Christopher D. Clark

Christopher D. Clark

President, The Royce Fund

Date: May 29, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:

/s/ Christopher D. Clark

Christopher D. Clark

President, The Royce Fund

Date: May 29, 2018

By:

/s/ Peter K. Hoglund

Peter K. Hoglund

Treasurer, The Royce Fund

Date: May 29, 2018