SCHEDULES OF INVESTMENTS
ROYCE DIVIDEND VALUE FUND
MARCH 31, 2019 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 94.8%
Consumer Discretionary – 6.6%
Auto Components - 2.0%
Gentex Corporation	46,796	$	967,741
Nokian Renkaat	35,600		1,191,640
			2,159,381
Hotels, Restaurants & Leisure - 0.1%
Cheesecake Factory	2,329		113,935
Household Durables - 1.5%
Hunter Douglas	20,000		1,341,613
La-Z-Boy	9,815		323,797
			1,665,410
Specialty Retail - 2.3%
American Eagle Outfitters	43,231		958,431
Caleres	16,478		406,842
Designer Brands	8,215		182,537
USS	56,000		1,037,842
			2,585,652
Textiles, Apparel & Luxury Goods - 0.7%
HUGO BOSS	9,800		669,263
Steven Madden	2,978		100,776
			770,039
Total			7,294,417
Consumer Staples – 0.4%
Food & Staples Retailing - 0.4%
FamilyMart UNY Holdings	19,200		488,705
Total			488,705
Energy – 5.9%
Energy Equipment & Services - 3.4%
Helmerich & Payne	31,004		1,722,582
TGS-NOPEC Geophysical	72,700		1,983,352
			3,705,934
Oil, Gas & Consumable Fuels - 2.5%
Cimarex Energy	15,800		1,104,420
Gaztransport Et Technigaz	18,200		1,655,726
			2,760,146
Total			6,466,080
Financials – 28.6%
Banks - 2.4%
Bank of Georgia Group	39,500		850,415
BOK Financial	17,114		1,395,647
City Holding Company	4,389		334,398
			2,580,460
Capital Markets - 22.5%
Ashmore Group	367,200		2,043,125
AURELIUS Equity Opportunities	7,200		327,748
B3-Brasil, Bolsa, Balcao	220,000		1,804,794
Bolsa Mexicana de Valores	987,300		2,049,854
Carlyle Group L.P.	97,800		1,787,784
Coronation Fund Managers	153,700		489,369
Federated Investors Cl. B	38,000		1,113,780
Georgia Capital 1	39,500		560,770
Gluskin Sheff + Associates	41,400		444,562
Houlihan Lokey Cl. A	14,200		651,070
Jupiter Fund Management	225,700		1,063,558
KKR & Co. Cl. A	132,500		3,112,425
Lazard Cl. A	23,700		856,518
Moelis & Company Cl. A	18,359		763,918
Northern Trust	18,600		1,681,626
SEI Investments	37,900		1,980,275
Sprott	588,600		1,334,574
State Street	18,600		1,224,066
Value Partners Group	1,818,100		1,412,800
			24,702,616
Diversified Financial Services - 1.0%
Jefferies Financial Group	59,700		1,121,763
Insurance - 0.8%
Reinsurance Group of America	6,305		895,184
Thrifts & Mortgage Finance - 1.9%
Genworth MI Canada	33,948		1,028,589
WSFS Financial	26,201		1,011,358
			2,039,947
Total			31,339,970
Health Care – 2.1%
Health Care Providers & Services - 0.1%
Ensign Group (The)	2,151		110,110
Pharmaceuticals - 2.0%
Recordati	39,100		1,522,396
Santen Pharmaceutical	41,600		618,951
			2,141,347
Total			2,251,457
Industrials – 29.1%
Aerospace & Defense - 3.5%
HEICO Corporation Cl. A	45,420		3,818,005
Airlines - 1.9%
Allegiant Travel	7,371		954,323
Hawaiian Holdings	42,556		1,117,095
			2,071,418
Building Products - 1.8%
Apogee Enterprises	11,700		438,633
Geberit	800		326,990
TOTO	29,600		1,253,920
			2,019,543
Commercial Services & Supplies - 0.7%
Herman Miller	23,676		832,922
Construction & Engineering - 1.9%
Comfort Systems USA	2,092		109,600
KBR	106,200		2,027,358
			2,136,958
Electrical Equipment - 1.6%
EnerSys	3,856		251,257
Hubbell Incorporated	12,700		1,498,346
			1,749,603
Machinery - 11.9%
Alamo Group	3,048		304,617
Federal Signal	4,429		115,110
Graco	50,400		2,495,808
IDEX Corporation	17,100		2,594,754
Lincoln Electric Holdings	10,550		884,828
Lindsay Corporation	21,400		2,071,306
Pfeiffer Vacuum Technology	9,600		1,468,865
Spirax-Sarco Engineering	21,900		2,050,850
Wabash National	77,092		1,044,597
			13,030,735
Marine - 1.4%
Clarkson	48,600		1,503,353
Professional Services - 2.1%
Korn Ferry	7,501		335,895
ManpowerGroup	22,600		1,868,794
Robert Half International	1,664		108,426
			2,313,115
Road & Rail - 0.3%
Old Dominion Freight Line	700		101,073
Werner Enterprises	6,843		233,688
			334,761
Trading Companies & Distributors - 2.0%
Applied Industrial Technologies	36,500		2,170,655
Total			31,981,068
Information Technology – 7.2%
Electronic Equipment, Instruments & Components - 5.6%
Benchmark Electronics	39,678		1,041,547
FLIR Systems	65,800		3,130,764
Methode Electronics	32,838		945,078
Vishay Intertechnology	55,303		1,021,446
			6,138,835
Semiconductors & Semiconductor Equipment - 1.1%
MKS Instruments	12,522		1,165,172
Software - 0.5%
SimCorp	5,600		540,614
Total			7,844,621
Materials – 13.1%
Chemicals - 3.0%
Quaker Chemical	16,400		3,285,412
Containers & Packaging - 3.1%
AptarGroup	29,500		3,138,505
Greif Cl. A	6,300		259,875
			3,398,380
Metals & Mining - 7.0%
Franco-Nevada	26,400		1,981,320
Reliance Steel & Aluminum	28,300		2,554,358
Royal Gold	15,500		1,409,415
Worthington Industries	46,800		1,746,576
			7,691,669
Total			14,375,461
Real Estate – 0.5%
Real Estate Management & Development - 0.5%
Relo Group	18,400		516,322
Total			516,322
Utilities – 1.3%
Water Utilities - 1.3%
Aqua America	39,800		1,450,312
Total			1,450,312
TOTAL COMMON STOCKS
(Cost $65,877,681)			104,008,413
REPURCHASE AGREEMENT – 5.0%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $5,502,229 (collateralized
by obligations of various U.S. Government
Agencies, 1.625%-1.875% due 8/31/22-9/30/22, valued at
$5,616,444)
(Cost $5,502,000)			5,502,000
TOTAL INVESTMENTS – 99.8%
(Cost $71,379,681)			109,510,413
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.2%			245,006
NET ASSETS – 100.0%		$	109,755,419

SCHEDULES OF INVESTMENTS
ROYCE GLOBAL FINANCIAL SERVICES FUND
MARCH 31, 2019 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 99.2%
Banks - 17.7%
BOK Financial	10,450	$	852,198
Bryn Mawr Bank	10,000		361,300
Cadence Bancorporation Cl. A	15,887		294,704
Canadian Western Bank	14,000		292,393
Capital City Bank Group	25,481		554,976
Chemung Financial	14,512		681,048
County Bancorp	15,895		279,752
First Citizens BancShares Cl. A	2,538		1,033,474
First Republic Bank	6,498		652,789
Live Oak Bancshares	22,500		328,725
Popular	23,465		1,223,230
TriState Capital Holdings 1	11,600		236,988
Umpqua Holdings	17,400		287,100
Total			7,078,677
Capital Markets - 49.3%
Ares Management Cl. A	38,950		904,029
Ashmore Group	184,680		1,027,571
Associated Capital Group Cl. A	7,000		276,920
B3-Brasil, Bolsa, Balcao	61,000		500,420
Bolsa Mexicana de Valores	174,000		361,263
Canaccord Genuity Group	133,000		581,225
Carlyle Group L.P.	33,400		610,552
Charles Schwab	8,400		359,184
Coronation Fund Managers	61,200		194,856
CRISIL	14,000		294,045
Edelweiss Financial Services	155,000		439,996
Edmond de Rothschild (Suisse)	30		530,254
Egyptian Financial Group-Hermes Holding 1	307,987		301,945
Gluskin Sheff + Associates	63,400		680,802
GMP Capital	108,000		176,990
Great Elm Capital Group 1	115,545		491,066
Hamilton Lane Cl. A	11,500		501,170
Hellenic Exchanges - Athens Stock Exchange	50,000		240,615
Intermediate Capital Group	39,111		542,512
INTL FCStone 1	12,870		498,841
IOOF Holdings	55,000		239,003
JSE	51,000		467,028
Jupiter Fund Management	106,900		503,741
KKR & Co. Cl. A	23,900		561,411
MarketAxess Holdings	4,370		1,075,370
Northern Trust	3,770		340,846
NZX	580,000		394,980
Rothschild & Co	27,700		880,905
SEI Investments	7,950		415,387
Silvercrest Asset Management Group Cl. A	41,600		592,800
Sprott	500,000		1,133,685
TD Ameritrade Holding Corporation	8,680		433,913
U.S. Global Investors Cl. A	183,900		200,451
Value Partners Group	772,000		599,902
Virtu Financial Cl. A	47,400		1,125,750
VZ Holding	3,183		832,711
Warsaw Stock Exchange	19,000		192,999
Westaim Corporation 1	105,000		201,931
Total			19,707,069
Consumer Finance - 0.6%
Currency Exchange International 1	13,000		234,347
Total			234,347
Diversified Financial Services - 1.3%
ECN Capital	75,000		243,013
Onex Corporation	5,000		282,037
Total			525,050
Hotels, Restaurants & Leisure - 0.9%
Thomas Cook (India)	94,000		348,726
Total			348,726
Insurance - 7.9%
E-L Financial	2,022		1,219,373
First American Financial	3,900		200,850
Jardine Lloyd Thompson Group	11,900		296,654
MBIA 1	95,300		907,256
National Western Life Group Cl. A	1,980		519,691
Total			3,143,824
IT Services - 2.2%
Cass Information Systems	5,016		237,257
PayPal Holdings 1	6,080		631,347
Total			868,604
Marine - 2.0%
Clarkson	26,000		804,263
Total			804,263
Metals & Mining - 3.1%
Franco-Nevada	16,500		1,238,325
Total			1,238,325
Professional Services - 2.1%
IHS Markit 1	11,900		647,122
People Corporation 1	35,000		198,264
Total			845,386
Real Estate Management & Development - 6.9%
Altus Group	32,000		624,268
FirstService Corporation	12,600		1,125,684
FRP Holdings 1	8,841		420,566
RMR Group (The) Cl. A	10,000		609,800
Total			2,780,318
Software - 3.5%
Benefitfocus 1	10,600		524,912
Bottomline Technologies 1	9,800		490,882
Envestnet 1	6,000		392,340
Total			1,408,134
Trading Companies & Distributors - 1.7%
Air Lease Cl. A	19,500		669,825
Total			669,825
TOTAL COMMON STOCKS
(Cost $31,467,182)			39,652,548
REPURCHASE AGREEMENT – 0.8%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $315,013 (collateralized
by obligations of various U.S. Government
Agencies, 1.625% due 8/31/22, valued at $324,254)
(Cost $315,000)			315,000
TOTAL INVESTMENTS – 100.0%
(Cost $31,782,182)			39,967,548
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.0)%			(6,406	)
NET ASSETS – 100.0%		$	39,961,142

SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL PREMIER FUND
MARCH 31, 2019 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 92.6%
Australia – 8.7%
Bravura Solutions	2,000,000	$	7,767,944
Cochlear	62,500		7,689,839
Hansen Technologies	3,732,174		7,711,585
IPH	1,800,000		8,997,751
Technology One	1,545,000		8,776,215
Total			40,943,334
Austria – 1.5%
Mayr-Melnhof Karton	55,000		6,897,642
Total			6,897,642
Brazil – 4.1%
OdontoPrev	2,385,000		9,989,911
TOTVS	920,000		9,257,921
Total			19,247,832
Canada – 5.3%
Altus Group	475,000		9,266,472
Computer Modelling Group	1,814,800		8,351,869
Morneau Shepell	340,000		6,973,772
Total			24,592,113
China – 1.6%
TravelSky Technology	2,800,000		7,401,321
Total			7,401,321
Denmark – 2.2%
SimCorp	108,000		10,426,120
Total			10,426,120
France – 4.4%
Lectra	233,000		5,632,476
Neurones	300,470		7,684,793
Thermador Groupe	130,000		7,291,377
Total			20,608,646
Germany – 3.2%
Amadeus Fire	75,000		8,648,695
Carl Zeiss Meditec	75,000		6,263,573
Total			14,912,268
India – 2.0%
AIA Engineering	295,000		7,596,968
SH Kelkar & Company	797,716		1,761,827
Total			9,358,795
Italy – 1.9%
DiaSorin	87,500		8,804,338
Total			8,804,338
Japan – 21.0%
As One	101,000		8,019,489
Benefit One	590,000		11,562,573
Cosel	850,000		8,934,855
Daifuku	210,000		10,914,013
EPS Holdings	455,000		7,578,544
Medikit	91,500		4,540,738
Meitec Corporation	285,000		12,934,675
NSD	340,000		7,905,621
Relo Group	280,000		7,857,079
TKC Corporation	231,700		8,456,433
USS	525,000		9,729,766
Total			98,433,786
Netherlands – 5.1%
IMCD	129,000		9,818,288
Intertrust	735,000		13,851,372
Total			23,669,660
New Zealand – 1.7%
Fisher & Paykel Healthcare	750,000		8,018,774
Total			8,018,774
Norway – 1.3%
TGS-NOPEC Geophysical	220,000		6,001,890
Total			6,001,890
Singapore – 2.2%
XP Power	310,000		10,093,985
Total			10,093,985
Sweden – 6.6%
Bravida Holding	1,000,000		8,814,387
Hexpol	955,000		8,027,411
Lagercrantz Group	600,000		6,453,486
Loomis Cl. B	225,000		7,744,184
Total			31,039,468
Switzerland – 11.0%
Burkhalter Holding	44,642		3,093,445
Inficon Holding	16,500		9,188,300
Kardex	74,128		11,166,659
LEM Holding	7,100		9,126,789
Partners Group Holding	16,500		11,996,987
VZ Holding	27,000		7,063,520
Total			51,635,700
United Kingdom – 8.8%
Ashmore Group	1,450,000		8,067,894
Consort Medical	725,000		8,271,858
Restore	1,705,000		7,661,334
Spirax-Sarco Engineering	108,500		10,160,605
Victrex	255,000		7,160,608
Total			41,322,299
TOTAL COMMON STOCKS
(Cost $400,911,831)			433,407,971
PREFERRED STOCK – 1.9%
Germany – 1.9%
FUCHS PETROLUB	215,000		8,851,171
(Cost $9,828,587)			8,851,171
REPURCHASE AGREEMENT – 5.5%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $25,741,073 (collateralized
by obligations of various U.S. Government
Agencies, 1.625% due 8/31/22, valued at $26,259,691)
(Cost $25,740,000)			25,740,000
TOTAL INVESTMENTS – 100.0%
(Cost $436,480,418)			467,999,142
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.0)%			(91,905	)
NET ASSETS – 100.0%		$	467,907,237

SCHEDULES OF INVESTMENTS
ROYCE LOW-PRICED STOCK FUND
MARCH 31, 2019 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 96.6%
Communication Services – 2.2%
Diversified Telecommunication Services - 0.7%
ORBCOMM 1	214,500	$	1,454,310
Interactive Media & Services - 0.8%
QuinStreet 1	137,042		1,834,993
Media - 0.7%
ITE Group	486,999		444,004
Marchex Cl. B 1	218,000		1,031,140
			1,475,144
Total			4,764,447
Consumer Discretionary – 14.7%
Auto Components - 4.1%
Fox Factory Holding 1,2	28,800		2,012,832
Modine Manufacturing 1	183,900		2,550,693
Stoneridge 1	114,900		3,316,014
Unique Fabricating	216,141		970,473
			8,850,012
Hotels, Restaurants & Leisure - 3.7%
Century Casinos 1	393,300		3,563,298
Del Taco Restaurants 1	66,700		671,002
Lindblad Expeditions Holdings 1	114,000		1,738,500
Red Lion Hotels 1	265,400		2,144,432
			8,117,232
Household Durables - 0.8%
Lovesac Company (The) 1,2	61,100		1,699,191
Internet & Direct Marketing Retail - 0.8%
Gaia Cl. A 1	179,000		1,637,850
Leisure Products - 1.3%
MasterCraft Boat Holdings 1	76,700		1,731,119
Nautilus 1	197,413		1,097,616
			2,828,735
Specialty Retail - 3.1%
Buckle (The)	95,975		1,796,652
Designer Brands	85,400		1,897,588
Kirkland’s 1	140,500		987,715
Shoe Carnival	63,100		2,147,293
			6,829,248
Textiles, Apparel & Luxury Goods - 0.9%
Vera Bradley 1	147,200		1,950,400
Total			31,912,668
Consumer Staples – 2.4%
Beverages - 0.9%
Primo Water 1,2	124,500		1,924,770
Food Products - 1.5%
Farmer Bros. 1	54,739		1,095,327
Landec Corporation 1	178,800		2,195,664
			3,290,991
Total			5,215,761
Energy – 6.6%
Energy Equipment & Services - 6.0%
Gulf Island Fabrication 1	154,700		1,418,599
Mammoth Energy Services	69,200		1,152,180
Natural Gas Services Group 1	90,800		1,571,748
Newpark Resources 1	276,800		2,535,488
Pason Systems	70,250		1,025,087
Profire Energy 1	703,100		1,258,549
TGS-NOPEC Geophysical	52,000		1,418,628
Total Energy Services	215,500		1,562,611
Unit Corporation 1	82,400		1,173,376
			13,116,266
Oil, Gas & Consumable Fuels - 0.6%
Ardmore Shipping 1	194,600		1,198,736
Total			14,315,002
Financials – 10.5%
Banks - 4.3%
Allegiance Bancshares 1,2	45,200		1,524,144
BayCom Corporation 1	48,300		1,093,512
Brookline Bancorp	102,400		1,474,560
HarborOne Bancorp 1	97,600		1,678,720
Investar Holding	73,000		1,657,830
TriState Capital Holdings 1	90,700		1,853,001
			9,281,767
Capital Markets - 4.0%
B. Riley Financial	103,400		1,725,746
Canaccord Genuity Group	167,700		732,868
Hamilton Lane Cl. A	37,988		1,655,517
Silvercrest Asset Management Group Cl. A	164,300		2,341,275
Sprott	971,000		2,201,616
			8,657,022
Insurance - 0.3%
Health Insurance Innovations Cl. A 1,2	30,000		804,600
Thrifts & Mortgage Finance - 1.9%
PCSB Financial	114,600		2,242,722
Western New England Bancorp	202,800		1,871,844
			4,114,566
Total			22,857,955
Health Care – 12.3%
Biotechnology - 3.2%
AMAG Pharmaceuticals 1	25,800		332,304
Dynavax Technologies 1	105,100		768,281
Heron Therapeutics 1	70,000		1,710,800
Progenics Pharmaceuticals 1	310,074		1,438,744
Zealand Pharma 1	150,800		2,691,805
			6,941,934
Health Care Equipment & Supplies - 4.2%
AtriCure 1	88,500		2,370,915
CryoLife 1	82,700		2,412,359
OrthoPediatrics Corporation 1,2	62,800		2,777,644
Surmodics 1	36,600		1,591,368
			9,152,286
Life Sciences Tools & Services - 3.4%
Harvard Bioscience 1	532,700		2,295,937
NeoGenomics 1	117,300		2,399,958
Quanterix Corporation 1	97,600		2,521,008
			7,216,903
Pharmaceuticals - 1.5%
Axsome Therapeutics 1	182,400		2,595,552
Paratek Pharmaceuticals 1	126,100		675,896
			3,271,448
Total			26,582,571
Industrials – 18.9%
Aerospace & Defense - 1.6%
CPI Aerostructures 1	246,766		1,603,979
Kratos Defense & Security Solutions 1	120,300		1,880,289
			3,484,268
Commercial Services & Supplies - 1.0%
Atento 1	151,400		546,554
Heritage-Crystal Clean 1	60,000		1,647,000
			2,193,554
Construction & Engineering - 4.2%
Ameresco Cl. A 1	199,500		3,227,910
Construction Partners Cl. A 1	104,700		1,337,019
IES Holdings 1	89,800		1,595,746
Northwest Pipe 1	122,000		2,928,000
			9,088,675
Electrical Equipment - 0.5%
American Superconductor 1	39,400		506,684
Power Solutions International 1,3	99,900		702,297
			1,208,981
Industrial Conglomerates - 0.8%
Raven Industries	45,300		1,738,161
Machinery - 6.6%
ASV Holdings 1	296,390		815,072
FreightCar America 1	114,900		707,784
Graham Corporation	126,900		2,491,047
Kornit Digital 1,2	131,500		3,129,700
Luxfer Holdings	68,900		1,721,122
Lydall 1	27,500		645,150
Porvair	364,400		2,610,370
Spartan Motors	29,800		263,134
Wabash National	140,500		1,903,775
			14,287,154
Marine - 0.9%
Clarkson	60,931		1,884,790
Professional Services - 3.3%
GP Strategies 1	122,500		1,488,375
Heidrick & Struggles International	36,640		1,404,411
Kforce	53,674		1,885,031
Resources Connection	144,700		2,393,338
			7,171,155
Total			41,056,738
Information Technology – 26.4%
Communications Equipment - 1.5%
Digi International 1	139,200		1,763,664
Harmonic 1	282,400		1,530,608
			3,294,272
Electronic Equipment, Instruments & Components - 5.8%
CUI Global 1	379,100		447,338
Fabrinet 1	36,200		1,895,432
LightPath Technologies Cl. A 1	890,384		1,335,576
nLIGHT 1	84,300		1,878,204
Novanta 1	28,500		2,414,805
PC Connection	60,800		2,229,536
Vishay Precision Group 1	67,000		2,292,070
			12,492,961
IT Services - 1.1%
Carbonite 1	92,200		2,287,482
Semiconductors & Semiconductor Equipment - 11.9%
Adesto Technologies 1,2	175,300		1,060,565
Aehr Test Systems 1,2	590,400		814,752
AXT 1	201,200		895,340
Brooks Automation	66,582		1,952,850
Cirrus Logic 1	31,600		1,329,412
Cohu	81,700		1,205,075
CyberOptics Corporation 1	48,700		832,770
FormFactor 1	206,500		3,322,585
Ichor Holdings 1	38,700		873,846
Inphi Corporation 1	58,400		2,554,416
Nova Measuring Instruments 1	86,300		2,173,034
PDF Solutions 1,2	123,200		1,521,520
Photronics 1	270,000		2,551,500
Rudolph Technologies 1	120,000		2,736,000
Ultra Clean Holdings 1	194,300		2,011,005
			25,834,670
Software - 6.1%
Agilysys 1	121,000		2,561,570
Amber Road 1	312,700		2,711,109
Attunity 1	116,737		2,737,483
QAD Cl. A	66,513		2,864,715
Rubicon Project (The)1	388,500		2,362,080
			13,236,957
Total			57,146,342
Materials – 2.6%
Chemicals - 0.7%
Trecora Resources 1	172,400		1,567,116
Metals & Mining - 1.9%
Ferroglobe (Warranty Insurance Trust) 1,4	205,763		0
Major Drilling Group International 1	468,500		1,574,112
Pretium Resources 1	103,700		886,186
Superior Gold 1	1,700,000		661,503
Universal Stainless & Alloy Products 1	52,100		863,297
			3,985,098
Total			5,552,214
TOTAL COMMON STOCKS
(Cost $177,953,659)			209,403,698
REPURCHASE AGREEMENT – 4.0%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $8,668,361 (collateralized
by obligations of various U.S. Government
Agencies, 1.875% due 7/31/22, valued at $8,845,893)
(Cost $8,668,000)			8,668,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.9%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-2.3237%)
(Cost $1,903,540)			1,903,540
TOTAL INVESTMENTS – 101.5%
(Cost $188,525,199)			219,975,238
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.5)%			(3,164,397	)
NET ASSETS – 100.0%		$	216,810,841

SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP FUND
MARCH 31, 2019 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 97.4%
Communication Services – 1.7%
Diversified Telecommunication Services - 0.6%
ORBCOMM 1	115,300	$	781,734
Interactive Media & Services - 0.8%
QuinStreet 1	88,004		1,178,373
Media - 0.3%
Marchex Cl. B 1	101,900		481,987
Total			2,442,094
Consumer Discretionary – 13.1%
Auto Components - 3.1%
Fox Factory Holding 1,2	17,000		1,188,130
Standard Motor Products	15,400		756,140
Stoneridge 1	66,200		1,910,532
Unique Fabricating	172,900		776,321
			4,631,123
Hotels, Restaurants & Leisure - 2.6%
Century Casinos 1	129,200		1,170,552
Del Taco Restaurants 1	45,500		457,730
Lindblad Expeditions Holdings 1	62,500		953,125
Red Lion Hotels 1,2	152,300		1,230,584
			3,811,991
Household Durables - 1.2%
Cavco Industries 1	5,210		612,331
Lovesac Company (The) 1	42,400		1,179,144
			1,791,475
Internet & Direct Marketing Retail - 0.6%
Gaia Cl. A 1	102,900		941,535
Leisure Products - 1.3%
MasterCraft Boat Holdings 1	55,500		1,252,635
Nautilus 1	112,000		622,720
			1,875,355
Specialty Retail - 2.9%
Citi Trends	48,724		940,861
Haverty Furniture	66,200		1,448,456
Kirkland’s 1	96,100		675,583
Shoe Carnival	35,111		1,194,827
			4,259,727
Textiles, Apparel & Luxury Goods - 1.4%
Culp	31,474		605,245
Vera Bradley 1	105,300		1,395,225
			2,000,470
Total			19,311,676
Consumer Staples – 2.6%
Beverages - 0.8%
Primo Water 1	70,600		1,091,476
Food Products - 1.8%
Farmer Bros. 1	47,600		952,476
John B. Sanfilippo & Son	18,000		1,293,660
Landec Corporation 1	35,800		439,624
			2,685,760
Total			3,777,236
Energy – 4.7%
Energy Equipment & Services - 4.1%
Gulf Island Fabrication 1	96,518		885,070
Independence Contract Drilling 1	305,386		845,919
Natural Gas Services Group 1	60,387		1,045,299
Newpark Resources 1	157,200		1,439,952
Profire Energy 1	485,812		869,604
Total Energy Services	131,900		956,419
			6,042,263
Oil, Gas & Consumable Fuels - 0.6%
Ardmore Shipping 1	140,175		863,478
Total			6,905,741
Financials – 13.5%
Banks - 7.0%
Allegiance Bancshares 1	29,700		1,001,484
BayCom Corporation 1	35,000		792,400
Brookline Bancorp	50,400		725,760
Caribbean Investment Holdings 1	1,858,138		363,020
County Bancorp	54,200		953,920
HarborOne Bancorp 1	67,400		1,159,280
HomeTrust Bancshares	45,500		1,146,600
Investar Holding	47,600		1,080,996
Midway Investments 1,4	1,858,170		0
Stewardship Financial	94,500		874,125
TriState Capital Holdings 1	52,757		1,077,825
Two River Bancorp	71,100		1,126,935
			10,302,345
Capital Markets - 3.0%
B. Riley Financial	74,100		1,236,729
Canaccord Genuity Group	252,000		1,101,268
Silvercrest Asset Management Group Cl. A	90,400		1,288,200
Westwood Holdings Group	22,572		796,115
			4,422,312
Diversified Financial Services - 0.5%
Waterloo Investment Holdings 1,4	2,760,000		828,000
Insurance - 0.5%
Health Insurance Innovations Cl. A 1,2	29,900		801,918
Thrifts & Mortgage Finance - 2.5%
PCSB Financial	63,200		1,236,824
Territorial Bancorp	45,000		1,210,950
Western New England Bancorp	131,100		1,210,053
			3,657,827
Total			20,012,402
Health Care – 11.7%
Biotechnology - 3.1%
AMAG Pharmaceuticals 1	18,500		238,280
BioSpecifics Technologies 1	20,300		1,265,299
Dynavax Technologies 1	55,500		405,705
Progenics Pharmaceuticals 1	205,900		955,376
Zealand Pharma 1	93,400		1,667,206
			4,531,866
Health Care Equipment & Supplies - 4.5%
AtriCure 1	43,100		1,154,649
Chembio Diagnostics 1	136,053		755,094
CryoLife 1	41,355		1,206,325
OrthoPediatrics Corporation 1	36,900		1,632,087
Surmodics 1	24,822		1,079,261
Tactile Systems Technology 1,2	16,100		848,792
			6,676,208
Life Sciences Tools & Services - 3.1%
Harvard Bioscience 1	331,179		1,427,381
NeoGenomics 1	88,200		1,804,572
Quanterix Corporation 1	53,500		1,381,905
			4,613,858
Pharmaceuticals - 1.0%
Correvio Pharma 1,2	200,500		633,580
Paratek Pharmaceuticals 1	91,600		490,976
Tetraphase Pharmaceuticals 1,2	253,300		339,422
			1,463,978
Total			17,285,910
Industrials – 22.3%
Aerospace & Defense - 1.4%
Astronics Corporation 1	31,991		1,046,745
CPI Aerostructures 1	166,518		1,082,367
			2,129,112
Commercial Services & Supplies - 1.3%
Acme United	49,800		796,800
Heritage-Crystal Clean 1	41,774		1,146,696
			1,943,496
Construction & Engineering - 2.0%
Construction Partners Cl. A 1	106,300		1,357,451
Northwest Pipe 1	63,800		1,531,200
			2,888,651
Electrical Equipment - 1.9%
American Superconductor 1	122,000		1,568,920
Encore Wire	22,800		1,304,616
			2,873,536
Industrial Conglomerates - 0.7%
Raven Industries	26,500		1,016,805
Machinery - 9.7%
Alimak Group	87,200		1,241,789
Exco Technologies	154,400		1,094,151
FreightCar America 1	86,209		531,047
Global Brass and Copper Holdings	38,700		1,332,828
Graham Corporation	63,188		1,240,380
Greenbrier Companies (The)	15,800		509,234
Kadant	12,276		1,079,797
Kornit Digital 1,2	73,700		1,754,060
Lindsay Corporation	12,000		1,161,480
Luxfer Holdings	46,500		1,161,570
Lydall 1	38,100		893,826
Spartan Motors	20,300		179,249
Sun Hydraulics	19,100		888,341
Twin Disc 1	46,000		765,900
Westport Fuel Systems 1	322,100		499,255
			14,332,907
Marine - 0.8%
Clarkson	36,500		1,129,061
Professional Services - 3.9%
CRA International	21,783		1,100,913
GP Strategies 1	87,918		1,068,204
Heidrick & Struggles International	25,300		969,749
Kforce	32,658		1,146,949
Resources Connection	88,152		1,458,034
			5,743,849
Road & Rail - 0.6%
Marten Transport	50,955		908,528
Total			32,965,945
Information Technology – 21.5%
Communications Equipment - 1.2%
Digi International 1	95,900		1,215,053
EMCORE Corporation 1	146,800		535,820
			1,750,873
Electronic Equipment, Instruments & Components - 6.1%
CUI Global 1	321,474		379,339
ePlus 1	13,634		1,207,154
Fabrinet 1	22,549		1,180,666
LightPath Technologies Cl. A 1	60,100		90,150
Mesa Laboratories	4,700		1,083,350
nLIGHT 1	43,400		966,952
Novanta 1	15,442		1,308,401
PC Connection	35,900		1,316,453
Vishay Precision Group 1	41,700		1,426,557
			8,959,022
IT Services - 0.8%
Cass Information Systems	24,216		1,145,417
Semiconductors & Semiconductor Equipment - 9.7%
Adesto Technologies 1,2	226,000		1,367,300
Aehr Test Systems 1	279,300		385,434
AXT 1	120,000		534,000
Brooks Automation	32,100		941,493
Cohu	38,800		572,300
CyberOptics Corporation 1	30,600		523,260
Everspin Technologies 1,2	97,900		749,914
Ichor Holdings 1	23,100		521,598
NeoPhotonics Corporation 1	171,100		1,076,219
Nova Measuring Instruments 1	53,900		1,357,202
PDF Solutions 1,2	88,700		1,095,445
Photronics 1	157,300		1,486,485
Rudolph Technologies 1	65,951		1,503,683
Silicon Motion Technology ADR	25,800		1,022,712
Ultra Clean Holdings 1	122,500		1,267,875
			14,404,920
Software - 3.1%
Agilysys 1	68,000		1,439,560
Amber Road 1	160,100		1,388,067
Attunity 1	18,565		435,349
QAD Cl. A	32,500		1,399,775
			4,662,751
Technology Hardware, Storage & Peripherals - 0.6%
AstroNova	43,100		878,809
Total			31,801,792
Materials – 3.7%
Chemicals - 2.0%
FutureFuel Corporation	62,500		837,500
Quaker Chemical	5,260		1,053,736
Trecora Resources 1	113,900		1,035,351
			2,926,587
Metals & Mining - 1.7%
Haynes International	39,030		1,281,355
Major Drilling Group International 1	241,700		812,087
Universal Stainless & Alloy Products 1	31,100		515,327
			2,608,769
Total			5,535,356
Real Estate – 2.6%
Equity Real Estate Investment Trusts (REITs) - 0.9%
Community Healthcare Trust	39,200		1,406,888
Real Estate Management & Development - 1.7%
FRP Holdings 1	22,975		1,092,921
Marcus & Millichap 1	33,800		1,376,674
			2,469,595
Total			3,876,483
TOTAL COMMON STOCKS
(Cost $118,065,545)			143,914,635
REPURCHASE AGREEMENT – 2.8%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $4,168,174 (collateralized
by obligations of various U.S. Government
Agencies, 1.875% due 7/31/22, valued at $4,254,169)
(Cost $4,168,000)			4,168,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 1.8%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-2.3237%)
(Cost $2,626,038)			2,626,038
TOTAL INVESTMENTS – 102.0%
(Cost $124,859,583)			150,708,673
LIABILITIES LESS CASH
AND OTHER ASSETS – (2.0)%			(2,969,856	)
NET ASSETS – 100.0%		$	147,738,817

SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP OPPORTUNITY FUND
MARCH 31, 2019 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 92.7%
Communication Services – 2.5%
Diversified Telecommunication Services - 1.4%
Ooma 1	22,073	$	292,247
Interactive Media & Services - 1.1%
EverQuote Cl. A 1	30,000		223,200
Total			515,447
Consumer Discretionary – 8.1%
Auto Components - 0.7%
Horizon Global 1	55,591		107,847
Shiloh Industries 1	7,525		41,387
			149,234
Diversified Consumer Services - 1.3%
Bridgepoint Education 1	10,000		61,100
K12 1	6,000		204,780
			265,880
Hotels, Restaurants & Leisure - 0.2%
Century Casinos 1	5,000		45,300
Household Durables - 4.0%
Beazer Homes USA 1	22,040		253,681
Century Communities 1	5,000		119,850
Libbey 1	46,700		132,628
New Home 1	61,357		292,059
			798,218
Multiline Retail - 0.8%
Fred’s Cl. A 1	65,000		160,550
Textiles, Apparel & Luxury Goods - 1.1%
Vince Holding 1	18,053		223,857
Total			1,643,039
Consumer Staples – 4.1%
Beverages - 1.3%
Eastside Distilling 1	42,150		244,891
Reed’s 1	5,000		14,450
			259,341
Food & Staples Retailing - 0.9%
Smart & Final Stores 1	36,637		180,987
Food Products - 0.2%
Landec Corporation 1	3,028		37,184
Personal Products - 1.7%
Avon Products 1	122,500		360,150
Total			837,662
Energy – 4.2%
Energy Equipment & Services - 2.3%
Aspen Aerogels 1	23,065		58,816
Independence Contract Drilling 1	61,125		169,316
Newpark Resources 1	26,369		241,540
			469,672
Oil, Gas & Consumable Fuels - 1.9%
Navigator Holdings 1	35,084		385,924
Total			855,596
Financials – 8.5%
Banks - 3.2%
Allegiance Bancshares 1	1,000		33,720
Old Line Bancshares	16,522		411,893
TriState Capital Holdings 1	10,041		205,138
			650,751
Capital Markets - 1.6%
B. Riley Financial	19,028		317,577
Insurance - 2.7%
HCI Group	7,500		320,475
Heritage Insurance Holdings	15,000		219,000
			539,475
Thrifts & Mortgage Finance - 1.0%
Axos Financial 1	1,000		28,960
NMI Holdings Cl. A 1	7,063		182,720
			211,680
Total			1,719,483
Health Care – 13.7%
Biotechnology - 4.7%
AMAG Pharmaceuticals 1	20,000		257,600
CareDx 1	16,041		505,612
Flexion Therapeutics 1	15,024		187,500
			950,712
Health Care Equipment & Supplies - 3.8%
GenMark Diagnostics 1	45,000		319,050
Invacare Corporation	20,000		167,400
SeaSpine Holdings 1	18,288		275,783
			762,233
Health Care Providers & Services - 4.5%
AAC Holdings 1	70,030		128,855
BioScrip 1	92,500		185,000
Fulgent Genetics 1	37,061		220,513
Surgery Partners 1	33,003		372,274
			906,642
Health Care Technology - 0.7%
Castlight Health Cl. B 1	40,000		150,000
Total			2,769,587
Industrials – 14.8%
Aerospace & Defense - 1.4%
Ducommun 1	3,000		130,560
KEYW Holding 1	9,045		77,968
Kratos Defense & Security Solutions 1	5,000		78,150
			286,678
Building Products - 0.6%
PGT Innovations 1	9,065		125,550
Construction & Engineering - 3.5%
Ameresco Cl. A 1	43,378		701,856
Machinery - 5.0%
Astec Industries	3,400		128,384
Commercial Vehicle Group 1	19,270		147,801
Gencor Industries 1	26,199		323,820
NN	19,905		149,088
Spartan Motors	30,531		269,589
			1,018,682
Marine - 0.3%
Eagle Bulk Shipping 1	10,000		46,500
Road & Rail - 1.0%
Celadon Group 1,3	5,000		8,950
Covenant Transportation Group Cl. A 1	10,500		199,290
			208,240
Trading Companies & Distributors - 3.0%
CAI International 1	7,000		162,400
General Finance 1	48,025		448,073
			610,473
Total			2,997,979
Information Technology – 26.2%
Communications Equipment - 3.9%
Aerohive Networks 1	40,000		181,200
Comtech Telecommunications	8,576		199,135
Infinera Corporation 1	20,000		86,800
Quantenna Communications 1	13,000		316,290
			783,425
Electronic Equipment, Instruments & Components - 3.3%
Control4 Corporation 1	15,000		253,950
Frequency Electronics 1	18,000		213,300
KEMET Corporation	10,348		175,606
LightPath Technologies Cl. A 1	17,062		25,593
			668,449
Semiconductors & Semiconductor Equipment - 7.9%
Alpha & Omega Semiconductor 1	43,096		496,035
AXT 1	60,023		267,102
FormFactor 1	19,029		306,177
MACOM Technology Solutions Holdings 1	10,000		167,100
NeoPhotonics Corporation 1	20,000		125,800
Rudolph Technologies 1	10,048		229,094
			1,591,308
Software - 8.0%
Amber Road 1	43,534		377,440
eGain Corporation 1	27,580		288,211
Rubicon Project (The)1	50,000		304,000
SecureWorks Corporation Cl. A 1	15,028		276,515
Telaria 1	60,083		380,926
			1,627,092
Technology Hardware, Storage & Peripherals - 3.1%
Avid Technology 1	65,610		488,795
Intevac 1	23,003		141,008
			629,803
Total			5,300,077
Materials – 9.8%
Chemicals - 4.3%
Intrepid Potash 1	145,000		549,550
Kraton Corporation 1	10,076		324,246
			873,796
Construction Materials - 1.9%
Forterra 1	90,000		379,800
Metals & Mining - 3.6%
Ferroglobe	60,000		123,000
Synalloy Corporation	22,714		345,253
Universal Stainless & Alloy Products 1	16,080		266,445
			734,698
Total			1,988,294
Real Estate – 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.8%
Armada Hoffler Properties	10,063		156,882
Total			156,882
TOTAL COMMON STOCKS
(Cost $15,435,480)			18,784,046
REPURCHASE AGREEMENT – 7.6%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $1,535,064 (collateralized
by obligations of various U.S. Government
Agencies, 1.875% due 9/30/22, valued at $1,568,226)
(Cost $1,535,000)			1,535,000
TOTAL INVESTMENTS – 100.3%
(Cost $16,970,480)			20,319,046
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.3)%			(61,520	)
NET ASSETS – 100.0%		$	20,257,526

SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
MARCH 31, 2019 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 94.6%
Communication Services – 0.9%
Diversified Telecommunication Services - 0.6%
Iridium Communications 1,2	147,893	$	3,910,291
Ooma 1	164,405		2,176,722
			6,087,013
Interactive Media & Services - 0.2%
EverQuote Cl. A 1,2	235,000		1,748,400
Media - 0.1%
McClatchy Company (The) Cl. A 1	82,718		413,590
Total			8,249,003
Consumer Discretionary – 10.4%
Auto Components - 1.8%
American Axle & Manufacturing Holdings 1	180,645		2,585,030
Cooper Tire & Rubber	23,164		692,372
Dana	231,035		4,098,561
Horizon Global 1,2	683,880		1,326,727
Modine Manufacturing 1	465,937		6,462,546
Tower International	86,304		1,814,973
			16,980,209
Automobiles - 0.4%
Winnebago Industries	117,100		3,647,665
Diversified Consumer Services - 0.5%
frontdoor 1	126,899		4,367,864
Houghton Mifflin Harcourt 1	119,823		871,113
			5,238,977
Hotels, Restaurants & Leisure - 1.1%
Carrols Restaurant Group 1	432,495		4,311,975
Century Casinos 1	154,740		1,401,945
El Pollo Loco Holdings 1	214,306		2,788,121
Playa Hotels & Resorts 1	86,167		657,454
Scientific Games 1,2	42,300		863,766
			10,023,261
Household Durables - 4.4%
Beazer Homes USA 1	486,601		5,600,778
Century Communities 1,2	35,300		846,141
Dixie Group (The)1	390,594		367,158
LGI Homes 1,2	125,200		7,542,048
Libbey 1	787,598		2,236,778
M.D.C. Holdings	215,116		6,251,271
M/I Homes 1	178,248		4,744,962
New Home 1,2	104,400		496,944
TRI Pointe Group 1,2	174,906		2,210,812
Tupperware Brands	212,200		5,428,076
VOXX International Cl. A 1	663,370		3,064,769
William Lyon Homes Cl. A 1	225,919		3,472,375
			42,262,112
Internet & Direct Marketing Retail - 0.2%
Leaf Group 1	250,872		2,011,993
Multiline Retail - 0.3%
Fred’s Cl. A 1	706,725		1,745,611
Tuesday Morning 1	591,141		1,253,219
			2,998,830
Specialty Retail - 0.9%
American Eagle Outfitters	43,133		956,259
Conn’s 1	11,670		266,776
Lumber Liquidators Holdings 1,2	285,000		2,878,500
Party City Holdco 1,2	200,500		1,591,970
RTW Retailwinds 1	677,923		1,627,015
Sears Hometown and Outlet Stores 1,2	203,785		448,327
Stage Stores 1	881,534		907,980
			8,676,827
Textiles, Apparel & Luxury Goods - 0.8%
Fossil Group 1,2	52,000		713,440
Jerash Holdings (US)	61,704		453,524
Unifi 1	239,854		4,641,175
Vince Holding 1	127,274		1,578,198
			7,386,337
Total			99,226,211
Consumer Staples – 1.8%
Beverages - 0.0%
Reed’s 1	69,006		199,427
Food & Staples Retailing - 0.6%
Smart & Final Stores 1	290,076		1,432,975
United Natural Foods 1	339,154		4,483,616
			5,916,591
Food Products - 0.6%
Landec Corporation 1	250,382		3,074,691
SunOpta 1	686,727		2,376,076
			5,450,767
Personal Products - 0.6%
Avon Products 1	1,947,306		5,725,080
Total			17,291,865
Energy – 7.9%
Energy Equipment & Services - 3.0%
Archrock	153,500		1,501,230
Aspen Aerogels 1	305,354		778,653
Independence Contract Drilling 1,2	598,451		1,657,709
KLX Energy Services Holdings 1,2	161,226		4,053,222
Mammoth Energy Services	106,585		1,774,640
Matrix Service 1	20,187		395,262
Newpark Resources 1	854,499		7,827,211
Patterson-UTI Energy	265,385		3,720,698
Ranger Energy Services Cl. A 1,2	165,254		1,317,074
U.S. Silica Holdings	308,101		5,348,633
			28,374,332
Oil, Gas & Consumable Fuels - 4.9%
Ardmore Shipping 1	501,399		3,088,618
Baytex Energy 1	551,500		932,035
Bonanza Creek Energy 1	119,700		2,715,993
Dorian LPG 1,2	775,724		4,980,148
GasLog	215,004		3,753,970
GasLog Partners L.P.	174,604		3,951,288
HighPoint Resources 1,2	351,575		776,981
Matador Resources 1	275,883		5,332,818
Navigator Holdings 1	375,000		4,125,000
StealthGas 1	378,917		1,326,209
Talos Energy 1	267,823		7,113,379
Teekay LNG Partners L.P.	321,300		4,806,648
Whiting Petroleum 1	160,268		4,189,406
			47,092,493
Total			75,466,825
Financials – 7.3%
Banks - 4.4%
Allegiance Bancshares 1	57,000		1,922,040
Boston Private Financial Holdings	30,034		329,173
CenterState Bank	261,066		6,215,981
First Foundation	193,300		2,623,081
Franklin Financial Network	142,714		4,140,133
Hilltop Holdings	336,599		6,142,932
Independent Bank Group	103,835		5,325,697
Old Line Bancshares	50,693		1,263,776
Renasant Corporation	46,000		1,557,100
Seacoast Banking Corp of Florida 1	122,400		3,225,240
Southern National Bancorp of Virginia	195,790		2,868,324
Texas Capital Bancshares 1,2	38,800		2,118,092
TriState Capital Holdings 1	71,720		1,465,240
Umpqua Holdings	161,082		2,657,853
			41,854,662
Capital Markets - 0.4%
B. Riley Financial	194,989		3,254,366
Insurance - 1.2%
HCI Group	70,376		3,007,167
Heritage Insurance Holdings	306,307		4,472,082
MBIA 1	425,700		4,052,664
			11,531,913
Thrifts & Mortgage Finance - 1.3%
Axos Financial 1,2	28,200		816,672
MGIC Investment 1	107,572		1,418,875
Radian Group	225,598		4,678,902
Walker & Dunlop	112,128		5,708,436
			12,622,885
Total			69,263,826
Health Care – 7.7%
Biotechnology - 0.3%
AMAG Pharmaceuticals 1	212,200		2,733,136
Health Care Equipment & Supplies - 2.5%
Accuray 1,2	692,602		3,303,712
Alphatec Holdings 1	124,000		328,600
AngioDynamics 1	284,812		6,510,802
Invacare Corporation	888,516		7,436,879
RTI Surgical Holdings 1	324,228		1,948,610
Varex Imaging 1	144,200		4,885,496
			24,414,099
Health Care Providers & Services - 3.3%
AAC Holdings 1	707,135		1,301,128
Acadia Healthcare 1,2	182,379		5,345,529
BioScrip 1	851,945		1,703,890
Brookdale Senior Living 1	370,809		2,439,923
Community Health Systems 1	760,114		2,835,225
Cross Country Healthcare 1	436,014		3,065,179
Owens & Minor	564,923		2,316,184
R1 RCM 1	352,418		3,407,882
RadNet 1	145,900		1,807,701
Select Medical Holdings 1	171,400		2,415,026
Surgery Partners 1,2	410,972		4,635,764
			31,273,431
Health Care Technology - 0.9%
Allscripts Healthcare Solutions 1	419,628		4,003,251
Castlight Health Cl. B 1,2	602,397		2,258,989
Evolent Health Cl. A 1	177,000		2,226,660
			8,488,900
Life Sciences Tools & Services - 0.3%
Cambrex Corporation 1	76,000		2,952,600
Pharmaceuticals - 0.4%
Mallinckrodt 1	187,496		4,076,163
Total			73,938,329
Industrials – 25.6%
Aerospace & Defense - 3.0%
Aerojet Rocketdyne Holdings 1,2	83,754		2,975,779
Ducommun 1	17,923		780,009
KEYW Holding 1	585,729		5,048,984
Kratos Defense & Security Solutions 1	425,717		6,653,957
Triumph Group	347,301		6,619,557
Wesco Aircraft Holdings 1	697,720		6,132,959
			28,211,245
Air Freight & Logistics - 0.5%
Atlas Air Worldwide Holdings 1,2	102,404		5,177,546
Airlines - 0.3%
Hawaiian Holdings	81,600		2,142,000
Mesa Air Group 1	114,500		954,930
			3,096,930
Building Products - 3.5%
American Woodmark 1	50,700		4,189,341
Apogee Enterprises	173,973		6,522,248
Builders FirstSource 1	67,395		899,049
Griffon Corporation	378,259		6,990,226
Insteel Industries	144,711		3,027,354
NCI Building Systems 1	276,418		1,702,735
PGT Innovations 1	141,530		1,960,191
Quanex Building Products	321,288		5,105,266
Resideo Technologies 1	163,000		3,144,270
			33,540,680
Commercial Services & Supplies - 1.6%
Herman Miller	91,334		3,213,130
Interface	204,696		3,135,943
Pitney Bowes	432,200		2,969,214
Team 1	340,186		5,953,255
			15,271,542
Construction & Engineering - 3.3%
Aegion Corporation 1	271,385		4,768,234
Ameresco Cl. A 1	98,000		1,585,640
Arcosa	122,300		3,736,265
Construction Partners Cl. A 1	105,679		1,349,521
Granite Construction	196,182		8,465,253
Great Lakes Dredge & Dock 1	263,716		2,349,710
Northwest Pipe 1	362,155		8,691,720
			30,946,343
Electrical Equipment - 0.2%
Babcock & Wilcox Enterprises 1,2	1,216,481		500,217
Power Solutions International 1,3	146,143		1,027,386
			1,527,603
Machinery - 9.1%
Astec Industries	215,335		8,131,050
Commercial Vehicle Group 1	791,704		6,072,370
Federal Signal	58,174		1,511,942
FreightCar America 1	479,687		2,954,872
Hurco Companies	94,197		3,798,965
Hyster-Yale Materials Handling Cl. A	93,306		5,818,562
Lydall 1	58,100		1,363,026
Manitex International 1	28,900		221,085
Meritor 1	415,308		8,451,518
Milacron Holdings 1	437,184		4,948,923
Mueller Industries	242,537		7,601,109
Mueller Water Products	793,672		7,968,467
NN	631,986		4,733,575
Park-Ohio Holdings	46,590		1,508,584
REV Group	43,097		471,912
Spartan Motors	489,847		4,325,349
TriMas Corporation 1	251,110		7,591,055
Trinity Industries	126,900		2,757,537
Wabash National	171,100		2,318,405
Westport Fuel Systems 1	2,538,694		3,934,976
			86,483,282
Marine - 0.4%
Diana Shipping 1	327,777		924,331
Eagle Bulk Shipping 1	307,433		1,429,563
Scorpio Bulkers	356,359		1,368,419
			3,722,313
Road & Rail - 0.7%
Celadon Group 1,3	487,331		872,323
Hertz Global Holdings 1,2	350,865		6,094,525
			6,966,848
Trading Companies & Distributors - 3.0%
Air Lease Cl. A	197,238		6,775,125
CAI International 1,2	211,816		4,914,131
Herc Holdings 1	229,378		8,941,155
Textainer Group Holdings 1	289,130		2,790,105
Univar 1,2	244,352		5,414,840
			28,835,356
Total			243,779,688
Information Technology – 22.9%
Communications Equipment - 3.6%
Aerohive Networks 1	649,734		2,943,295
Applied Optoelectronics 1,2	135,900		1,657,980
Aviat Networks 1	68,769		1,056,292
Ciena Corporation 1	192,673		7,194,410
Comtech Telecommunications	365,884		8,495,827
Digi International 1	93,000		1,178,310
EMCORE Corporation 1	337,925		1,233,426
Finisar Corporation 1	252,807		5,857,538
Harmonic 1	106,782		578,758
PCTEL	77,291		387,228
Ribbon Communications 1	834,285		4,296,568
			34,879,632
Electronic Equipment, Instruments & Components - 4.7%
Coherent 1	14,100		1,998,252
CUI Global 1	426,974		503,829
Fabrinet 1	77,705		4,068,634
Frequency Electronics 1	214,532		2,542,204
Identiv 1	516,371		2,602,510
II-VI 1	128,368		4,780,424
KEMET Corporation	457,557		7,764,742
Knowles Corporation 1,2	100,037		1,763,652
PCM 1	139,126		5,096,186
Perceptron 1	328,846		2,466,345
Sanmina Corporation 1	69,434		2,003,171
SigmaTron International 1	78,391		228,118
TTM Technologies 1	266,457		3,125,541
Vishay Intertechnology	317,624		5,866,515
			44,810,123
IT Services - 1.5%
CoreLogic 1	77,500		2,887,650
Limelight Networks 1	384,357		1,241,473
Perspecta	307,600		6,219,672
Unisys Corporation 1	342,782		4,000,266
			14,349,061
Semiconductors & Semiconductor Equipment - 7.2%
Alpha & Omega Semiconductor 1,2	633,534		7,291,976
Amkor Technology 1	203,000		1,733,620
Amtech Systems 1	378,175		2,015,673
AXT 1	603,491		2,685,535
Brooks Automation	69,620		2,041,955
Cohu	159,776		2,356,696
Cypress Semiconductor	362,161		5,403,442
FormFactor 1	394,984		6,355,293
Ichor Holdings 1	216,400		4,886,312
Kopin Corporation 1	306,020		410,067
Kulicke & Soffa Industries	255,365		5,646,120
MACOM Technology Solutions Holdings 1,2	425,705		7,113,530
MaxLinear 1	11,071		282,643
Nanometrics 1	79,064		2,441,496
NeoPhotonics Corporation 1	744,161		4,680,773
Rudolph Technologies 1	210,165		4,791,762
Synaptics 1	26,095		1,037,276
Ultra Clean Holdings 1	335,127		3,468,564
Veeco Instruments 1,2	378,687		4,104,967
			68,747,700
Software - 2.9%
A10 Networks 1	533,706		3,783,976
Amber Road 1	346,817		3,006,903
Asure Software 1	162,800		994,708
Avaya Holdings 1,2	375,854		6,325,623
ImageWare Systems 1,2,3	114,000		161,880
Rubicon Project (The) 1	538,866		3,276,305
SecureWorks Corporation Cl. A 1,2	253,300		4,660,720
Telaria 1	813,284		5,156,221
			27,366,336
Technology Hardware, Storage & Peripherals - 3.0%
Avid Technology 1	615,181		4,583,098
Cray 1	296,418		7,721,689
Intevac 1	595,227		3,648,742
NCR Corporation 1	189,700		5,176,913
Stratasys 1	188,326		4,485,925
3D Systems 1	289,662		3,116,763
			28,733,130
Total			218,885,982
Materials – 9.5%
Chemicals - 3.2%
Cabot Corporation	60,100		2,501,963
Ferro Corporation 1	333,384		6,310,959
Huntsman Corporation	168,500		3,789,565
Intrepid Potash 1	872,200		3,305,638
Kraton Corporation 1	255,269		8,214,557
LSB Industries 1	138,400		863,616
Olin Corporation	125,300		2,899,442
Trecora Resources 1	15,200		138,168
Tronox Holdings Cl. A	160,100		2,105,315
			30,129,223
Construction Materials - 0.4%
Forterra 1	889,337		3,753,002
Metals & Mining - 5.8%
AK Steel Holding Corporation 1	354,285		974,284
Allegheny Technologies 1	267,814		6,848,004
Carpenter Technology	185,812		8,519,480
Century Aluminum 1	317,060		2,815,493
Cleveland-Cliffs	487,752		4,872,642
Coeur Mining 1	95,573		389,938
Commercial Metals	439,309		7,503,398
Ferroglobe	613,300		1,257,265
Haynes International	256,425		8,418,433
Hecla Mining	462,448		1,063,630
Noranda Aluminum Holding Corporation 1,3	488,157		6,443
Synalloy Corporation	310,004		4,712,061
TimkenSteel Corporation 1	421,035		4,572,440
Universal Stainless & Alloy Products 1	190,361		3,154,282
			55,107,793
Paper & Forest Products - 0.1%
PH Glatfelter	84,300		1,190,316
Total			90,180,334
Real Estate – 0.4%
Equity Real Estate Investment Trusts (REITs) - 0.1%
CatchMark Timber Trust Cl. A	121,900		1,197,058
Real Estate Management & Development - 0.3%
Tejon Ranch 1	132,806		2,337,386
Total			3,534,444
Utilities – 0.2%
Water Utilities - 0.2%
Pure Cycle 1	233,799		2,305,258
Total			2,305,258
TOTAL COMMON STOCKS
(Cost $877,129,217)			902,121,765
REPURCHASE AGREEMENT – 5.7%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $54,395,266 (collateralized
by obligations of various U.S. Government
Agencies, 1.875% due 7/31/22, valued at $55,482,907)
(Cost $54,393,000)			54,393,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 1.5%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-2.3237%)
(Cost $14,698,286)			14,698,286
TOTAL INVESTMENTS – 101.8%
(Cost $946,220,503)			971,213,051
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.8)%			(17,615,898	)
NET ASSETS – 100.0%		$	953,597,153

SCHEDULES OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
MARCH 31, 2019 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 99.0%
Communication Services – 1.6%
Media - 1.6%
comScore 1,2	522,674	$	10,584,148
Liberty Latin America Cl. C 1,2	232,593		4,523,934
Meredith Corporation	151,841		8,390,734
Saga Communications Cl. A	116,258		3,858,603
Total			27,357,419
Consumer Discretionary – 7.4%
Auto Components - 2.3%
Cooper-Standard Holdings 1	61,672		2,896,117
Dorman Products 1	118,473		10,436,287
Gentex Corporation	236,005		4,880,583
LCI Industries	94,803		7,282,767
Standard Motor Products	97,744		4,799,230
Stoneridge 1	160,063		4,619,418
Tower International	147,117		3,093,871
Visteon Corporation 1	20,117		1,354,880
			39,363,153
Automobiles - 0.3%
Winnebago Industries	158,610		4,940,701
Distributors - 0.3%
Weyco Group	178,030		5,511,809
Hotels, Restaurants & Leisure - 0.8%
Hilton Grand Vacations 1,2	252,562		7,791,538
Lindblad Expeditions Holdings 1	367,713		5,607,623
Red Lion Hotels 1,2	123,171		995,222
			14,394,383
Household Durables - 0.1%
La-Z-Boy	61,921		2,042,774
Internet & Direct Marketing Retail - 0.5%
Etsy 1	69,989		4,704,661
Waitr Holdings 1,2	217,680		2,675,287
zooplus 1	15,983		1,821,580
			9,201,528
Leisure Products - 0.3%
MasterCraft Boat Holdings 1	161,714		3,649,885
Nautilus 1	106,465		591,945
			4,241,830
Specialty Retail - 2.4%
American Eagle Outfitters	218,313		4,839,999
America’s Car-Mart 1	97,436		8,899,804
Barnes & Noble	75,187		408,265
Caleres	165,969		4,097,775
Camping World Holdings Cl. A	218,101		3,033,785
Designer Brands	90,894		2,019,665
Monro	157,023		13,585,630
Shoe Carnival	148,606		5,057,062
			41,941,985
Textiles, Apparel & Luxury Goods - 0.4%
Steven Madden	52,406		1,773,419
Wolverine World Wide	132,800		4,744,944
			6,518,363
Total			128,156,526
Consumer Staples – 1.4%
Food Products - 0.6%
Cal-Maine Foods	47,581		2,123,540
Farmer Bros. 1	52,408		1,048,684
John B. Sanfilippo & Son	20,126		1,446,456
Nomad Foods 1	171,173		3,500,488
Seneca Foods Cl. A 1	105,072		2,584,771
Seneca Foods Cl. B 1	6,292		152,707
			10,856,646
Personal Products - 0.8%
Inter Parfums	172,112		13,058,137
Total			23,914,783
Energy – 4.0%
Energy Equipment & Services - 4.0%
Core Laboratories	25,000		1,723,250
Era Group 1	532,774		6,148,212
Forum Energy Technologies 1,2	134,485		687,218
Helmerich & Payne	81,880		4,549,253
Natural Gas Services Group 1	50,262		870,035
Pason Systems	1,040,509		15,183,093
RPC	260,074		2,967,444
SEACOR Holdings 1	513,886		21,727,100
SEACOR Marine Holdings 1,2	481,549		6,409,417
TGS-NOPEC Geophysical	335,320		9,147,972
			69,412,994
Oil, Gas & Consumable Fuels - 0.0%
San Juan Basin Royalty Trust	181,003		971,986
Total			70,384,980
Financials – 15.7%
Banks - 5.3%
Ames National	35,783		980,812
Bar Harbor Bankshares	48,324		1,250,142
BOK Financial	140,934		11,493,168
Camden National	125,182		5,222,593
City Holding Company	46,054		3,508,854
CNB Financial	195,735		4,946,223
Financial Institutions	101,588		2,761,162
First Citizens BancShares Cl. A	62,177		25,318,474
Landmark Bancorp	23,150		528,052
MidWestOne Financial Group	121,502		3,310,930
National Bankshares	119,455		5,118,647
Northrim BanCorp	93,915		3,232,554
Popular	205,102		10,691,967
TriState Capital Holdings 1	97,584		1,993,641
Unity Bancorp	61,075		1,153,096
Webster Financial	230,905		11,699,956
			93,210,271
Capital Markets - 5.6%
Ares Management Cl. A	781,781		18,145,137
Artisan Partners Asset Management Cl. A	256,133		6,446,868
B. Riley Financial	70,017		1,168,584
Diamond Hill Investment Group	49,318		6,904,520
Houlihan Lokey Cl. A	305,519		14,008,046
Lazard Cl. A	156,565		5,658,259
Moelis & Company Cl. A	95,869		3,989,109
Morningstar	92,494		11,653,319
Pzena Investment Management Cl. A	71,146		575,571
Reinet Investments	116,469		1,992,091
Rothschild & Co	88,069		2,800,737
SEI Investments	154,476		8,071,371
Sprott	1,716,948		3,892,957
Virtu Financial Cl. A	521,754		12,391,657
			97,698,226
Insurance - 2.8%
Ambac Financial Group 1	38,442		696,569
eHealth 1,2	24,300		1,514,862
E-L Financial	29,218		17,620,005
James River Group Holdings	57,436		2,302,035
Kingstone Companies	106,483		1,569,560
MBIA 1	692,387		6,591,524
ProAssurance Corporation	276,613		9,573,576
RLI Corp.	59,508		4,269,699
Trupanion 1,2	145,592		4,766,682
			48,904,512
Investment Companies - 0.1%
Social Capital Hedosophia Holdings (Units) 1	177,515		1,831,955
Thrifts & Mortgage Finance - 1.9%
Axos Financial 1,2	167,208		4,842,344
Genworth MI Canada	456,169		13,821,441
Southern Missouri Bancorp	41,188		1,268,590
Timberland Bancorp	96,733		2,706,589
TrustCo Bank Corp. NY	764,730		5,934,305
WSFS Financial	95,755		3,696,143
			32,269,412
Total			273,914,376
Health Care – 7.4%
Biotechnology - 0.2%
Myriad Genetics 1	25,000		830,000
Progenics Pharmaceuticals 1	230,365		1,068,894
Zealand Pharma 1	96,622		1,724,719
			3,623,613
Health Care Equipment & Supplies - 2.3%
AtriCure 1	140,333		3,759,521
Atrion Corporation	8,486		7,456,479
Cardiovascular Systems 1	79,844		3,086,769
CryoLife 1	152,817		4,457,672
Hill-Rom Holdings	45,811		4,849,552
Lantheus Holdings 1	113,232		2,771,919
Merit Medical Systems 1	203,088		12,556,931
Surmodics 1	9,600		417,408
			39,356,251
Health Care Providers & Services - 2.2%
AMN Healthcare Services 1	82,565		3,887,986
Covetrus 1,2	88,000		2,802,800
Encompass Health	125,485		7,328,324
Ensign Group (The)	29,764		1,523,619
HealthEquity 1	42,628		3,153,620
National Research	136,613		5,273,262
Tivity Health 1,2	74,749		1,312,592
U.S. Physical Therapy	120,172		12,621,665
			37,903,868
Health Care Technology - 1.0%
Medidata Solutions 1	230,671		16,894,344
Life Sciences Tools & Services - 1.7%
Bio-Rad Laboratories Cl. A 1	25,953		7,933,313
Bio-Techne	67,297		13,361,819
ICON 1	31,848		4,349,800
NeoGenomics 1	62,403		1,276,765
Quanterix Corporation 1,2	140,579		3,631,156
			30,552,853
Total			128,330,929
Industrials – 27.8%
Aerospace & Defense - 2.1%
HEICO Corporation	245,668		23,306,523
HEICO Corporation Cl. A	138,234		11,619,950
Magellan Aerospace	104,171		1,384,426
			36,310,899
Air Freight & Logistics - 0.8%
Forward Air	157,115		10,170,054
Hub Group Cl. A 1	108,475		4,431,204
			14,601,258
Airlines - 0.8%
Allegiant Travel	31,395		4,064,711
Hawaiian Holdings	309,754		8,131,042
Spirit Airlines 1,2	31,330		1,656,104
			13,851,857
Building Products - 1.0%
Apogee Enterprises	210,137		7,878,036
Gibraltar Industries 1	130,289		5,291,036
Simpson Manufacturing	56,572		3,353,023
			16,522,095
Commercial Services & Supplies - 1.9%
Healthcare Services Group	164,656		5,432,001
Heritage-Crystal Clean 1	158,141		4,340,970
Kimball International Cl. B	440,057		6,222,406
Mobile Mini	148,834		5,051,426
PICO Holdings 1	326,703		3,234,360
Ritchie Bros. Auctioneers	39,233		1,333,922
Team 1	185,710		3,249,925
UniFirst Corporation	31,208		4,790,428
			33,655,438
Construction & Engineering - 2.1%
Arcosa	376,038		11,487,961
Construction Partners Cl. A 1	54,866		700,639
KBR	470,489		8,981,635
Valmont Industries	118,050		15,358,305
			36,528,540
Electrical Equipment - 1.0%
Encore Wire	79,059		4,523,756
EnerSys	5,000		325,800
Preformed Line Products	224,632		11,925,713
			16,775,269
Industrial Conglomerates - 1.1%
Raven Industries	520,810		19,983,480
Machinery - 10.2%
Alamo Group	28,656		2,863,881
CIRCOR International 1	304,215		9,917,409
Colfax Corporation 1,2	313,764		9,312,515
Franklin Electric	218,223		11,149,013
Global Brass and Copper Holdings	82,906		2,855,283
Graco	185,633		9,192,546
Graham Corporation	44,465		872,848
John Bean Technologies	134,682		12,375,929
Kadant	114,206		10,045,560
Kornit Digital 1,2	59,526		1,416,719
Lincoln Electric Holdings	112,290		9,417,762
Lindsay Corporation	119,403		11,557,016
Lydall 1	35,028		821,757
Meritor 1	693,749		14,117,792
Miller Industries	218,218		6,732,025
Nordson Corporation	68,760		9,112,075
RBC Bearings 1	56,738		7,215,371
Sun Hydraulics	566,964		26,369,496
Tennant Company	228,874		14,210,787
Wabash National	598,760		8,113,198
			177,668,982
Marine - 1.3%
Clarkson	405,000		12,527,938
Eagle Bulk Shipping 1	379,836		1,766,237
Kirby Corporation 1	112,933		8,482,398
			22,776,573
Professional Services - 1.8%
Exponent	184,649		10,657,940
GP Strategies 1	80,727		980,833
Heidrick & Struggles International	135,596		5,197,395
Kforce	56,776		1,993,973
Korn Ferry	88,543		3,964,955
ManpowerGroup	76,110		6,293,536
Resources Connection	42,928		710,029
TrueBlue 1	68,434		1,617,780
			31,416,441
Road & Rail - 2.1%
ArcBest Corporation	180,012		5,542,569
Landstar System	145,507		15,917,011
Saia 1	71,091		4,343,660
Universal Logistics Holdings	482,495		9,495,502
Werner Enterprises	58,996		2,014,713
			37,313,455
Trading Companies & Distributors - 1.6%
Air Lease Cl. A	468,467		16,091,841
Applied Industrial Technologies	121,716		7,238,451
Richelieu Hardware	245,741		4,356,347
			27,686,639
Total			485,090,926
Information Technology – 22.0%
Communications Equipment - 0.4%
ADTRAN	65,425		896,323
Digi International 1	288,675		3,657,512
NETGEAR 1	47,900		1,586,448
			6,140,283
Electronic Equipment, Instruments & Components - 10.9%
Badger Meter	245,526		13,661,067
Benchmark Electronics	344,222		9,035,828
Celestica 1	731,139		6,178,125
Cognex Corporation	157,547		8,012,840
Coherent 1	101,018		14,316,271
Dolby Laboratories Cl. A	95,028		5,983,913
Fabrinet 1	130,970		6,857,589
FARO Technologies 1	287,843		12,639,186
FLIR Systems	726,041		34,545,031
HollySys Automation Technologies	71,900		1,505,586
Insight Enterprises 1	153,268		8,438,936
IPG Photonics 1	42,449		6,442,909
Kimball Electronics 1	182,454		2,826,212
Mesa Laboratories	42,404		9,774,122
MTS Systems	43,388		2,362,911
National Instruments	306,234		13,584,540
nLIGHT 1	510,043		11,363,758
PC Connection	239,836		8,794,786
Richardson Electronics	137,743		933,898
Sanmina Corporation 1	180,013		5,193,375
Vishay Intertechnology	368,545		6,807,026
			189,257,909
IT Services - 0.1%
Switch Cl. A	112,000		1,154,720
Semiconductors & Semiconductor Equipment - 6.5%
Advanced Energy Industries 1	247,660		12,303,749
Brooks Automation	396,652		11,633,803
Cabot Microelectronics	94,941		10,629,594
Cirrus Logic 1	367,010		15,440,111
Cohu	259,585		3,828,879
Diodes 1	196,302		6,811,679
Entegris	222,599		7,944,558
FormFactor 1	189,111		3,042,796
Kulicke & Soffa Industries	453,905		10,035,839
MKS Instruments	216,392		20,135,276
Nanometrics 1	65,370		2,018,626
Nova Measuring Instruments 1,2	48,304		1,216,295
Photronics 1	170,376		1,610,053
Silicon Motion Technology ADR	163,539		6,482,686
Ultra Clean Holdings 1	101,433		1,049,831
			114,183,775
Software - 3.9%
ACI Worldwide 1	349,413		11,485,205
Altair Engineering Cl. A 1	83,154		3,060,899
Amber Road 1	119,809		1,038,744
Box Cl. A 1,2	180,531		3,486,054
Descartes Systems Group (The) 1	133,262		4,848,072
Domo Cl. B 1,2	29,000		1,169,570
Everbridge 1	50,744		3,806,308
Fair Isaac 1	45,164		12,267,897
Five9 1,2	76,116		4,021,208
j2 Global	59,869		5,184,655
Manhattan Associates 1	88,430		4,873,377
QAD Cl. A	46,077		1,984,536
Qualys 1	36,038		2,981,784
TiVo	254,622		2,373,077
Upland Software 1,2	142,118		6,020,119
Varonis Systems 1	4,727		281,871
			68,883,376
Technology Hardware, Storage & Peripherals - 0.2%
Cray 1	137,702		3,587,137
Total			383,207,200
Materials – 8.6%
Chemicals - 4.7%
Balchem Corporation	136,488		12,666,086
Chase Corporation	32,780		3,033,461
Element Solutions 1,2	907,638		9,167,144
FutureFuel Corporation	557,519		7,470,755
Ingevity Corporation 1,2	70,197		7,413,505
Innospec	81,901		6,826,448
Minerals Technologies	191,195		11,240,354
Quaker Chemical	119,990		24,037,597
			81,855,350
Construction Materials - 0.1%
Imerys	40,000		1,994,023
Containers & Packaging - 0.6%
AptarGroup	96,439		10,260,145
Metals & Mining - 2.1%
Alamos Gold Cl. A	2,135,448		10,834,240
Commercial Metals	39,034		666,701
Franco-Nevada	93,216		6,995,861
Haynes International	37,643		1,235,820
Hecla Mining	151,513		348,480
IAMGOLD Corporation 1	800,000		2,776,000
Major Drilling Group International 1	988,761		3,322,136
Pretium Resources 1	89,701		766,555
Reliance Steel & Aluminum	110,122		9,939,612
			36,885,405
Paper & Forest Products - 1.1%
Stella-Jones	569,501		19,245,456
Total			150,240,379
Real Estate – 3.1%
Real Estate Management & Development - 3.1%
FRP Holdings 1	290,503		13,819,228
Kennedy-Wilson Holdings	532,500		11,390,175
Marcus & Millichap 1	363,680		14,812,686
St. Joe Company (The) 1	248,863		4,103,751
Tejon Ranch 1	598,465		10,532,984
Total			54,658,824
TOTAL COMMON STOCKS
(Cost $1,168,763,013)			1,725,256,342
REPURCHASE AGREEMENT – 1.0%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $17,422,726 (collateralized
by obligations of various U.S. Government
Agencies, 1.625% due 8/31/22, valued at $17,775,035)
(Cost $17,422,000)			17,422,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.3%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-2.3237%)
(Cost $5,542,007)			5,542,007
TOTAL INVESTMENTS – 100.3%
(Cost $1,191,727,020)			1,748,220,349
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.3)%			(4,573,222	)
NET ASSETS – 100.0%		$	1,743,647,127

SCHEDULES OF INVESTMENTS

ROYCE PREMIER FUND

MARCH 31, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.9%
Consumer Discretionary – 7.7%
Auto Components - 2.8%
Dorman Products 1	376,903	$	33,201,385
LCI Industries	252,140		19,369,395
			52,570,780
Automobiles - 0.5%
Thor Industries	155,982		9,728,597
Distributors - 1.3%
Pool Corporation	150,676		24,857,020
Diversified Consumer Services - 0.8%
Sotheby’s 1	364,242		13,750,136
Textiles, Apparel & Luxury Goods - 2.3%
Columbia Sportswear	163,016		16,983,007
Wolverine World Wide	720,959		25,759,865
			42,742,872
Total			143,649,405
Consumer Staples – 1.4%
Food Products - 1.4%
Cal-Maine Foods	601,852		26,860,655
Total			26,860,655
Energy – 3.5%
Energy Equipment & Services - 3.5%
Pason Systems	2,695,145		39,327,517
SEACOR Holdings 1	629,035		26,595,600
Total			65,923,117
Financials – 14.2%
Capital Markets - 9.6%
Ares Management Cl. A	2,362,621		54,836,433
Ashmore Group	8,700,000		48,407,365
Lazard Cl. A	559,716		20,228,136
Morningstar	344,447		43,396,877
TMX Group	203,694		13,119,275
			179,988,086
Insurance - 2.7%
Alleghany Corporation 1	57,097		34,966,203
ProAssurance Corporation	447,565		15,490,224
			50,456,427
Thrifts & Mortgage Finance - 1.9%
Genworth MI Canada	1,138,465		34,494,293
Total			264,938,806
Health Care – 4.3%
Health Care Technology - 2.7%
Medidata Solutions 1	676,646		49,557,553
Life Sciences Tools & Services - 1.6%
Bio-Techne	153,253		30,428,383
Total			79,985,936
Industrials – 36.7%
Air Freight & Logistics - 2.1%
Forward Air	602,149		38,977,105
Building Products - 1.7%
Simpson Manufacturing	541,512		32,095,416
Commercial Services & Supplies - 1.7%
Ritchie Bros. Auctioneers	916,109		31,147,706
Construction & Engineering - 2.1%
Valmont Industries	304,385		39,600,488
Industrial Conglomerates - 0.4%
Raven Industries	168,328		6,458,745
Machinery - 18.5%
CIRCOR International 1	973,487		31,735,676
Colfax Corporation 1,2	1,006,000		29,858,080
Franklin Electric	261,983		13,384,712
John Bean Technologies	488,523		44,890,378
Kadant	157,444		13,848,774
Lincoln Electric Holdings	712,017		59,716,866
Lindsay Corporation	484,370		46,882,172
RBC Bearings 1	159,905		20,335,119
Sun Hydraulics	805,072		37,443,899
Woodward	499,086		47,358,271
			345,453,947
Marine - 4.5%
Clarkson	603,206		18,659,079
Kirby Corporation 1	878,338		65,971,967
			84,631,046
Road & Rail - 2.7%
Landstar System	460,540		50,378,471
Trading Companies & Distributors - 3.0%
Air Lease Cl. A	1,649,979		56,676,779
Total			685,419,703
Information Technology – 20.4%
Electronic Equipment, Instruments & Components - 9.2%
Anixter International 1	231,882		13,010,899
Cognex Corporation	608,494		30,948,005
Coherent 1	326,645		46,292,129
IPG Photonics 1	114,024		17,306,563
National Instruments	1,156,800		51,315,648
nLIGHT 1	565,844		12,607,004
			171,480,248
IT Services - 1.1%
Jack Henry & Associates	149,663		20,764,245
Semiconductors & Semiconductor Equipment - 5.2%
Cabot Microelectronics	391,428		43,824,279
MKS Instruments	568,769		52,923,955
			96,748,234
Software - 4.9%
Fair Isaac 1	180,111		48,923,551
Manhattan Associates 1	797,114		43,928,953
			92,852,504
Total			381,845,231
Materials – 9.1%
Chemicals - 5.1%
Element Solutions 1	774,237		7,819,794
Innospec	137,030		11,421,451
Minerals Technologies	557,585		32,780,422
Quaker Chemical	220,579		44,188,591
			96,210,258
Metals & Mining - 2.2%
Reliance Steel & Aluminum	449,128		40,538,293
Paper & Forest Products - 1.8%
Stella-Jones	1,009,740		34,122,691
Total			170,871,242
Real Estate – 1.6%
Real Estate Management & Development - 1.6%
Kennedy-Wilson Holdings	1,354,242		28,967,236
Total			28,967,236
TOTAL COMMON STOCKS
(Cost $1,114,879,265)			1,848,461,331
REPURCHASE AGREEMENT – 1.1%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $20,301,846 (collateralized
by obligations of various U.S. Government
Agencies, 1.875% due 7/31/22, valued at $20,709,912)
(Cost $20,301,000)			20,301,000
TOTAL INVESTMENTS – 100.0%
(Cost $1,135,180,265)			1,868,762,331
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.0)%			(683,789	)
NET ASSETS – 100.0%		$	1,868,078,542

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP LEADERS FUND

MARCH 31, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.4%
Communication Services – 0.8%
Media - 0.8%
E.W. Scripps Company (The) Cl. A	17,690	$	371,490
Total			371,490
Consumer Discretionary – 13.3%
Auto Components - 4.6%
Cooper-Standard Holdings 1	6,200		291,152
Gentex Corporation	12,734		263,339
LCI Industries	11,532		885,889
Standard Motor Products	4,700		230,770
Stoneridge 1	11,300		326,118
Visteon Corporation 1	3,700		249,195
			2,246,463
Hotels, Restaurants & Leisure - 1.2%
Century Casinos 1	63,900		578,934
Household Durables - 0.7%
Ethan Allen Interiors	16,900		323,297
Leisure Products - 2.2%
Johnson Outdoors Cl. A	3,700		264,032
MasterCraft Boat Holdings 1	36,725		828,883
			1,092,915
Specialty Retail - 2.6%
Caleres	18,200		449,358
Children’s Place	4,250		413,440
Monro	4,500		389,340
			1,252,138
Textiles, Apparel & Luxury Goods - 2.0%
Movado Group	18,000		654,840
Wolverine World Wide	8,500		303,705
			958,545
Total			6,452,292
Consumer Staples – 4.4%
Food Products - 2.5%
Cal-Maine Foods	6,758		301,609
Industrias Bachoco ADR	9,000		414,900
Tootsie Roll Industries	14,099		525,047
			1,241,556
Personal Products - 1.9%
Inter Parfums	12,030		912,716
Total			2,154,272
Energy – 3.9%
Energy Equipment & Services - 3.9%
Oil States International 1	19,040		322,919
Pason Systems	63,240		922,797
TGS-NOPEC Geophysical	22,950		626,106
Total			1,871,822
Financials – 11.3%
Capital Markets - 5.7%
Artisan Partners Asset Management Cl. A	37,400		941,358
Federated Investors Cl. B	4,260		124,860
Houlihan Lokey Cl. A	24,600		1,127,910
Lazard Cl. A	15,970		577,156
			2,771,284
Insurance - 3.6%
FBL Financial Group Cl. A	5,000		313,600
ProAssurance Corporation	16,700		577,987
RLI Corp.	11,500		825,125
			1,716,712
Thrifts & Mortgage Finance - 2.0%
Genworth MI Canada	31,460		953,205
Total			5,441,201
Health Care – 3.9%
Biotechnology - 0.8%
Eagle Pharmaceuticals 1,2	7,300		368,577
Health Care Equipment & Supplies - 0.6%
Lantheus Holdings 1	12,100		296,208
Health Care Providers & Services - 0.7%
AMN Healthcare Services 1	7,000		329,630
Health Care Technology - 0.5%
Simulations Plus	12,875		271,791
Life Sciences Tools & Services - 1.3%
Bio-Techne	3,094		614,314
Total			1,880,520
Industrials – 28.8%
Building Products - 4.3%
Apogee Enterprises	20,700		776,043
Gibraltar Industries 1	22,014		893,989
Simpson Manufacturing	6,620		392,367
			2,062,399
Commercial Services & Supplies - 4.0%
Kimball International Cl. B	37,230		526,432
PICO Holdings 1	22,200		219,780
Steelcase Cl. A	20,600		299,730
UniFirst Corporation	5,700		874,950
			1,920,892
Construction & Engineering - 4.8%
Arcosa	29,900		913,445
Comfort Systems USA	5,400		282,906
Sterling Construction 1	55,000		688,600
Valmont Industries	3,495		454,700
			2,339,651
Electrical Equipment - 0.6%
EnerSys	4,600		299,736
Machinery - 11.2%
CIRCOR International 1	15,520		505,952
Greenbrier Companies (The)	13,300		428,659
John Bean Technologies	9,899		909,619
Kadant	10,760		946,449
Kennametal	8,300		305,025
Meritor 1	55,900		1,137,565
RBC Bearings 1	980		124,627
Sun Hydraulics	7,900		367,429
Wabash National	49,600		672,080
			5,397,405
Professional Services - 1.0%
Heidrick & Struggles International	12,700		486,791
Road & Rail - 2.9%
Landstar System	8,520		932,003
Saia 1	7,620		465,582
			1,397,585
Total			13,904,459
Information Technology – 20.9%
Communications Equipment - 1.3%
NETGEAR 1	7,200		238,464
NetScout Systems 1,2	14,200		398,594
			637,058
Electronic Equipment, Instruments & Components - 8.6%
Coherent 1	4,100		581,052
Fabrinet 1	4,100		214,676
FARO Technologies 1	6,060		266,095
Insight Enterprises 1	10,100		556,106
Kimball Electronics 1	44,356		687,074
Methode Electronics	12,800		368,384
nLIGHT 1	23,700		528,036
Vishay Intertechnology	17,900		330,613
Vishay Precision Group 1	18,751		641,472
			4,173,508
Semiconductors & Semiconductor Equipment - 8.7%
Advanced Energy Industries 1	22,700		1,127,736
Cabot Microelectronics	4,736		530,243
Cohu	17,760		261,960
Kulicke & Soffa Industries	17,900		395,769
MKS Instruments	5,645		525,267
Nanometrics 1	11,938		368,645
Nova Measuring Instruments 1	22,400		564,032
Silicon Motion Technology ADR	10,700		424,148
			4,197,800
Software - 2.3%
j2 Global	12,524		1,084,578
Total			10,092,944
Materials – 3.5%
Chemicals - 2.2%
Minerals Technologies	18,056		1,061,512
Paper & Forest Products - 1.3%
Stella-Jones	18,800		635,319
Total			1,696,831
Real Estate – 4.6%
Real Estate Management & Development - 4.6%
Kennedy-Wilson Holdings	56,500		1,208,535
Marcus & Millichap 1	24,610		1,002,365
Total			2,210,900
TOTAL COMMON STOCKS
(Cost $37,090,852)			46,076,731
REPURCHASE AGREEMENT – 5.1%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $2,450,102 (collateralized
by obligations of various U.S. Government
Agencies, 1.625% due 8/31/22, valued at $2,500,689)
(Cost $2,450,000)			2,450,000
TOTAL INVESTMENTS – 100.5%
(Cost $39,540,852)			48,526,731
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.5)%			(255,773	)
NET ASSETS – 100.0%		$	48,270,958

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP VALUE FUND

MARCH 31, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 91.2%
Communication Services – 1.7%
Media - 1.7%
Saga Communications Cl. A	102,495	$	3,401,809
Total			3,401,809
Consumer Discretionary – 12.4%
Auto Components - 3.9%
Cooper-Standard Holdings 1	37,873		1,778,516
Gentex Corporation	95,028		1,965,179
Stoneridge 1	33,998		981,182
Tower International	91,674		1,927,904
Visteon Corporation 1	14,002		943,035
			7,595,816
Hotels, Restaurants & Leisure - 2.6%
Cheesecake Factory	20,100		983,292
Hilton Grand Vacations 1	137,023		4,227,160
			5,210,452
Household Durables - 0.5%
La-Z-Boy	31,698		1,045,717
Specialty Retail - 4.9%
American Eagle Outfitters	132,545		2,938,523
Caleres	111,917		2,763,231
Designer Brands	49,891		1,108,578
Shoe Carnival	81,920		2,787,737
			9,598,069
Textiles, Apparel & Luxury Goods - 0.5%
Steven Madden	26,649		901,802
Total			24,351,856
Consumer Staples – 2.0%
Food & Staples Retailing - 2.0%
Village Super Market Cl. A	144,030		3,936,340
Total			3,936,340
Energy – 1.4%
Energy Equipment & Services - 1.4%
Helmerich & Payne	48,584		2,699,327
Unit Corporation 1	2,900		41,296
Total			2,740,623
Financials – 24.1%
Banks - 12.4%
Ames National	103,450		2,835,564
Bar Harbor Bankshares	46,471		1,202,205
Camden National	92,961		3,878,333
City Holding Company	25,742		1,961,283
CNB Financial	111,401		2,815,103
Codorus Valley Bancorp	45,454		970,443
Financial Institutions	76,766		2,086,500
Landmark Bancorp	25,129		573,192
MidWestOne Financial Group	65,118		1,774,465
National Bankshares	68,863		2,950,780
Northrim BanCorp	55,188		1,899,571
Unity Bancorp	73,612		1,389,795
			24,337,234
Capital Markets - 3.4%
Houlihan Lokey Cl. A	50,730		2,325,971
Moelis & Company Cl. A	68,395		2,845,916
Pzena Investment Management Cl. A	191,947		1,552,851
			6,724,738
Insurance - 2.1%
James River Group Holdings	32,222		1,291,458
Kingstone Companies	64,801		955,167
Reinsurance Group of America	13,936		1,978,633
			4,225,258
Thrifts & Mortgage Finance - 6.2%
Genworth MI Canada	106,689		3,232,564
Southern Missouri Bancorp	62,525		1,925,770
Timberland Bancorp	52,400		1,466,152
TrustCo Bank Corp. NY	458,250		3,556,020
WSFS Financial	53,376		2,060,314
			12,240,820
Total			47,528,050
Health Care – 0.8%
Health Care Providers & Services - 0.8%
AMN Healthcare Services 1	14,817		697,733
Ensign Group (The)	19,365		991,294
Total			1,689,027
Industrials – 28.4%
Aerospace & Defense - 0.6%
Magellan Aerospace	93,000		1,235,964
Airlines - 5.6%
Allegiant Travel	24,380		3,156,479
Hawaiian Holdings	187,722		4,927,702
Spirit Airlines 1,2	54,598		2,886,050
			10,970,231
Building Products - 1.5%
Apogee Enterprises	80,087		3,002,462
Commercial Services & Supplies - 2.1%
Herman Miller	55,599		1,955,973
Kimball International Cl. B	144,574		2,044,276
			4,000,249
Construction & Engineering - 0.5%
Comfort Systems USA	18,545		971,572
Electrical Equipment - 1.0%
EnerSys	31,020		2,021,263
Machinery - 8.9%
Alamo Group	16,623		1,661,303
Commercial Vehicle Group 1	182,665		1,401,040
Federal Signal	37,510		974,885
Global Brass and Copper Holdings	63,768		2,196,170
Meritor 1	222,877		4,535,547
Miller Industries	150,801		4,652,211
Wabash National	157,871		2,139,152
			17,560,308
Professional Services - 4.0%
Heidrick & Struggles International	50,176		1,923,246
Kforce	30,009		1,053,916
Korn Ferry	65,593		2,937,254
Robert Half International	15,216		991,475
TrueBlue 1	41,500		981,060
			7,886,951
Road & Rail - 4.2%
ArcBest Corporation	128,139		3,945,400
Old Dominion Freight Line	6,664		962,215
Saia 1	19,841		1,212,285
Werner Enterprises	61,752		2,108,831
			8,228,731
Total			55,877,731
Information Technology – 19.8%
Communications Equipment - 0.4%
NETGEAR 1	28,000		927,360
Electronic Equipment, Instruments & Components - 12.9%
Benchmark Electronics	110,184		2,892,330
Celestica 1	482,124		4,073,948
Fabrinet 1	18,490		968,136
Insight Enterprises 1	87,583		4,822,320
Methode Electronics	70,263		2,022,169
PC Connection	90,828		3,330,663
Sanmina Corporation 1	119,541		3,448,758
Vishay Intertechnology	206,739		3,818,469
			25,376,793
Semiconductors & Semiconductor Equipment - 6.5%
Advanced Energy Industries 1	60,600		3,010,608
Kulicke & Soffa Industries	176,175		3,895,229
MKS Instruments	43,980		4,092,339
Silicon Motion Technology ADR	44,501		1,764,020
			12,762,196
Total			39,066,349
Real Estate – 0.6%
Real Estate Management & Development - 0.6%
Marcus & Millichap 1	28,300		1,152,659
Total			1,152,659
TOTAL COMMON STOCKS
(Cost $160,413,901)			179,744,444
REPURCHASE AGREEMENT – 8.0%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $15,704,654 (collateralized
by obligations of various U.S. Government
Agencies, 1.625% due 8/31/22, valued at $16,021,114)
(Cost $15,704,000)			15,704,000
TOTAL INVESTMENTS – 99.2%
(Cost $176,117,901)			195,448,444
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.8%			1,508,737
NET ASSETS – 100.0%		$	196,957,181

SCHEDULES OF INVESTMENTS

ROYCE SMALL/MID-CAP PREMIER FUND

MARCH 31, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 85.8%
Communication Services – 3.9%
Media - 3.9%
Media General (Rights) 1,4	102,272	$	0
Meredith Corporation	68,950		3,810,177
Nexstar Media Group Cl. A	26,260		2,845,796
Total			6,655,973
Consumer Discretionary – 14.7%
Auto Components - 3.9%
Dorman Products 1	18,000		1,585,620
LCI Industries	21,900		1,682,358
Standard Motor Products	67,000		3,289,700
			6,557,678
Distributors - 2.6%
LKQ Corporation 1	155,000		4,398,900
Hotels, Restaurants & Leisure - 1.2%
Aramark	71,200		2,103,960
Specialty Retail - 5.6%
CarMax 1	70,400		4,913,920
Children’s Place	24,400		2,373,632
Monro	26,100		2,258,172
			9,545,724
Textiles, Apparel & Luxury Goods - 1.4%
Wolverine World Wide	66,400		2,372,472
Total			24,978,734
Consumer Staples – 0.1%
Food Products - 0.1%
Cal-Maine Foods	3,700		165,131
Total			165,131
Financials – 8.3%
Banks - 1.0%
Webster Financial	35,450		1,796,252
Capital Markets - 3.1%
Lazard Cl. A	43,550		1,573,897
Oaktree Capital Group LLC Cl. A	32,700		1,623,555
SEI Investments	38,500		2,011,625
			5,209,077
Insurance - 4.2%
Alleghany Corporation 1	8,820		5,401,368
Berkley (W.R.)	20,310		1,720,663
			7,122,031
Total			14,127,360
Health Care – 1.9%
Life Sciences Tools & Services - 1.9%
Bio-Rad Laboratories Cl. A 1	10,626		3,248,156
Total			3,248,156
Industrials – 26.0%
Aerospace & Defense - 2.6%
Hexcel Corporation	40,540		2,803,746
Teledyne Technologies 1	6,600		1,564,266
			4,368,012
Building Products - 3.1%
Lennox International	8,000		2,115,200
Simpson Manufacturing	53,200		3,153,164
			5,268,364
Commercial Services & Supplies - 2.2%
Copart 1	40,200		2,435,718
UniFirst Corporation	8,240		1,264,840
			3,700,558
Construction & Engineering - 0.8%
Comfort Systems USA	26,800		1,404,052
Electrical Equipment - 1.7%
Hubbell Incorporated	18,721		2,208,704
Sensata Technologies Holding 1	16,000		720,320
			2,929,024
Industrial Conglomerates - 2.7%
Carlisle Companies	37,778		4,632,338
Machinery - 4.4%
Allison Transmission Holdings	18,300		822,036
Colfax Corporation 1	83,500		2,478,280
Lincoln Electric Holdings	49,960		4,190,145
			7,490,461
Marine - 3.4%
Kirby Corporation 1	77,000		5,783,470
Professional Services - 0.9%
ManpowerGroup	19,000		1,571,110
Road & Rail - 1.6%
Landstar System	25,810		2,823,356
Trading Companies & Distributors - 2.6%
Air Lease Cl. A	96,000		3,297,600
Diploma	13,585		257,975
Watsco	5,680		813,433
			4,369,008
Total			44,339,753
Information Technology – 13.1%
Electronic Equipment, Instruments & Components - 5.0%
Coherent 1	21,315		3,020,762
FLIR Systems	57,220		2,722,528
Littelfuse	15,300		2,791,944
			8,535,234
IT Services - 1.1%
WEX 1	9,500		1,823,905
Semiconductors & Semiconductor Equipment - 7.0%
Axcelis Technologies 1	23,800		478,856
Cabot Microelectronics	40,320		4,514,227
Entegris	79,300		2,830,217
MKS Instruments	43,320		4,030,926
			11,854,226
Total			22,213,365
Materials – 14.2%
Chemicals - 7.5%
Innospec	34,800		2,900,580
Minerals Technologies	69,000		4,056,510
NewMarket Corporation	2,500		1,083,900
Sensient Technologies	31,342		2,124,674
Westlake Chemical	38,600		2,619,396
			12,785,060
Containers & Packaging - 1.0%
Packaging Corporation of America	16,100		1,600,018
Metals & Mining - 2.9%
Kaiser Aluminum	13,460		1,409,666
Reliance Steel & Aluminum	39,655		3,579,260
			4,988,926
Paper & Forest Products - 2.8%
Stella-Jones	143,000		4,832,477
Total			24,206,481
Real Estate – 2.5%
Real Estate Management & Development - 2.5%
Jones Lang LaSalle	10,209		1,574,024
Kennedy-Wilson Holdings	111,000		2,374,290
Marcus & Millichap 1	8,880		361,682
Total			4,309,996
Utilities – 1.1%
Gas Utilities - 1.1%
UGI Corporation	34,300		1,900,906
Total			1,900,906
TOTAL COMMON STOCKS
(Cost $128,586,815)			146,145,855
REPURCHASE AGREEMENT – 14.6%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $24,838,035 (collateralized
by obligations of various U.S. Government
Agencies, 1.625% due 8/31/22, valued at $25,336,057)
(Cost $24,837,000)			24,837,000
TOTAL INVESTMENTS – 100.4%
(Cost $153,423,815)			170,982,855
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.4)%			(752,672	)
NET ASSETS – 100.0%		$	170,230,183

SCHEDULES OF INVESTMENTS

ROYCE SMALLER-COMPANIES GROWTH FUND

MARCH 31, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 93.1%
Communication Services – 3.1%
Diversified Telecommunication Services - 0.8%
Bandwidth Cl. A 1	35,000	$	2,343,600
Entertainment - 0.9%
Sea Cl. A ADR 1,2	108,000		2,540,160
Media - 0.6%
Marchex Cl. B 1	377,099		1,783,678
Wireless Telecommunication Services - 0.8%
Boingo Wireless 1	95,000		2,211,600
Total			8,879,038
Consumer Discretionary – 9.4%
Diversified Consumer Services - 0.5%
Bright Horizons Family Solutions 1	12,000		1,525,320
Hotels, Restaurants & Leisure - 0.8%
Texas Roadhouse	36,000		2,238,840
Household Durables - 2.9%
Lovesac Company (The) 1,2	174,223		4,845,142
Roku Cl. A 1	32,000		2,064,320
Skyline Champion	72,000		1,368,000
			8,277,462
Internet & Direct Marketing Retail - 1.4%
Etsy 1,2	14,000		941,080
Gaia Cl. A 1	198,000		1,811,700
Waitr Holdings 1	108,000		1,327,320
			4,080,100
Leisure Products - 0.5%
Callaway Golf	85,000		1,354,050
Multiline Retail - 0.3%
Ollies Bargain Outlet Holdings 1,2	9,000		767,970
Specialty Retail - 2.5%
Carvana Cl. A 1,2	19,000		1,103,140
Five Below 1	7,000		869,750
Monro	62,000		5,364,240
			7,337,130
Textiles, Apparel & Luxury Goods - 0.5%
Columbia Sportswear	15,000		1,562,700
Total			27,143,572
Consumer Staples – 2.3%
Beverages - 0.5%
Primo Water 1	89,000		1,375,940
Food Products - 1.3%
Farmer Bros.1	32,000		640,320
Freshpet 1,2	73,000		3,087,170
			3,727,490
Personal Products - 0.5%
CV Sciences 1,2,3	250,000		1,472,500
Total			6,575,930
Energy – 1.7%
Oil, Gas & Consumable Fuels - 1.7%
Centennial Resource Development Cl. A 1	122,000		1,072,380
Magnolia Oil & Gas Cl. A 1,2	178,000		2,136,000
Viper Energy Partners L.P.	48,000		1,591,680
Total			4,800,060
Financials – 8.8%
Banks - 4.5%
Enterprise Financial Services	50,500		2,058,885
Seacoast Banking Corp of Florida 1	82,000		2,160,700
ServisFirst Bancshares	30,000		1,012,800
Southern National Bancorp of Virginia	91,000		1,333,150
TriState Capital Holdings 1	240,057		4,904,365
Webster Financial	26,000		1,317,420
			12,787,320
Capital Markets - 2.3%
MarketAxess Holdings	9,000		2,214,720
Northern Trust	24,000		2,169,840
PJT Partners Cl. A	18,000		752,400
WisdomTree Investments	208,000		1,468,480
			6,605,440
Diversified Financial Services - 0.0%
Black Ridge Acquisition 1	5,000		51,050
Insurance - 0.5%
Health Insurance Innovations Cl. A 1,2	54,000		1,448,280
Thrifts & Mortgage Finance - 1.5%
LendingTree 1	8,000		2,812,480
OceanFirst Financial	63,000		1,515,780
			4,328,260
Total			25,220,350
Health Care – 21.7%
Biotechnology - 7.1%
CareDx 1	40,000		1,260,800
Myriad Genetics 1	116,000		3,851,200
Oxford Biomedica 1	224,000		2,080,168
Progenics Pharmaceuticals 1	227,200		1,054,208
REGENXBIO 1,2	28,000		1,604,680
uniQure 1	60,000		3,579,000
Veracyte 1	247,150		6,183,693
Vericel Corporation 1	44,000		770,440
			20,384,189
Health Care Equipment & Supplies - 7.7%
Apyx Medical 1	755,415		4,766,669
Cantel Medical	9,000		602,010
CONMED Corporation	29,000		2,412,220
CryoPort 1	240,198		3,103,358
Inogen 1	23,255		2,217,829
Penumbra 1	17,000		2,499,170
ViewRay 1	463,000		3,421,570
West Pharmaceutical Services	29,000		3,195,800
			22,218,626
Health Care Providers & Services - 2.0%
Addus HomeCare 1	20,000		1,271,800
Apollo Medical Holdings 1	22,859		418,777
Covetrus 1,2	42,000		1,337,700
HealthEquity 1	19,000		1,405,620
PetIQ Cl. A 1,2	37,000		1,162,170
			5,596,067
Health Care Technology - 0.5%
Tabula Rasa HealthCare 1,2	27,000		1,523,340
Life Sciences Tools & Services - 3.3%
Fluidigm Corporation 1,2	185,400		2,463,966
Harvard Bioscience 1	508,600		2,192,066
Medpace Holdings 1	4,000		235,880
Quanterix Corporation 1	177,600		4,587,408
			9,479,320
Pharmaceuticals - 1.1%
Evolus 1,2	28,000		631,960
Intersect ENT 1	77,000		2,475,550
			3,107,510
Total			62,309,052
Industrials – 12.0%
Aerospace & Defense - 3.5%
AeroVironment 1	9,500		649,895
BWX Technologies	33,000		1,636,140
Cubic Corporation	39,000		2,193,360
KEYW Holding 1	641,000		5,525,420
			10,004,815
Air Freight & Logistics - 0.7%
Atlas Air Worldwide Holdings 1,2	43,000		2,174,080
Building Products - 0.9%
DIRTT Environmental Solutions 1	388,000		2,467,916
Electrical Equipment - 0.9%
American Superconductor 1	202,349		2,602,208
Machinery - 2.5%
Kornit Digital 1	126,000		2,998,800
Manitowoc Company 1,2	117,000		1,919,970
Proto Labs 1	7,000		735,980
Woodward	15,000		1,423,350
			7,078,100
Marine - 0.6%
Clarkson	54,976		1,700,583
Professional Services - 2.1%
ASGN 1	33,000		2,095,170
GP Strategies 1	334,647		4,065,961
			6,161,131
Trading Companies & Distributors - 0.8%
Lawson Products 1	72,000		2,257,920
Total			34,446,753
Information Technology – 30.8%
Communications Equipment - 2.1%
Lumentum Holdings 1,2	63,000		3,562,020
Quantenna Communications 1	100,000		2,433,000
			5,995,020
Electronic Equipment, Instruments & Components - 4.7%
Airgain 1,2	176,411		2,263,353
FLIR Systems	42,600		2,026,908
Iteris 1,2	1,457,000		6,075,690
Knowles Corporation 1	132,000		2,327,160
Seeing Machines 1	4,375,700		173,824
Vishay Precision Group 1	21,000		718,410
			13,585,345
IT Services - 2.9%
Twilio Cl. A 1,2	20,000		2,583,600
Unisys Corporation 1	483,000		5,636,610
			8,220,210
Semiconductors & Semiconductor Equipment - 4.8%
AXT 1	310,000		1,379,500
Brooks Automation	81,000		2,375,730
CyberOptics Corporation 1	137,000		2,342,700
MagnaChip Semiconductor 1	249,961		1,849,711
Silicon Laboratories 1	29,000		2,344,940
Silicon Motion Technology ADR	35,000		1,387,400
Universal Display	13,000		1,987,050
			13,667,031
Software - 15.6%
Alarm.com Holdings 1,2	36,000		2,336,400
Avalara 1	38,000		2,120,020
Coupa Software 1,2	15,000		1,364,700
Envestnet 1	13,000		850,070
Everbridge 1	41,000		3,075,410
Five9 1,2	40,000		2,113,200
ForeScout Technologies 1	54,000		2,263,140
Instructure 1,2	28,000		1,319,360
LivePerson 1	90,000		2,611,800
Manhattan Associates 1	26,000		1,432,860
Materialise ADR 1,2	245,577		3,865,382
Mimecast 1	16,000		757,600
Mitek Systems 1	206,000		2,521,440
Paylocity Holding Corporation 1	89,786		8,008,013
Pluralsight Cl. A 1,2	91,000		2,888,340
QAD Cl. A	50,000		2,153,500
RingCentral Cl. A 1	31,000		3,341,800
Workiva Cl. A 1	15,000		760,500
Yext 1,2	47,000		1,027,420
			44,810,955
Technology Hardware, Storage & Peripherals - 0.7%
USA Technologies 1	480,000		1,992,000
Total			88,270,561
Materials – 1.7%
Chemicals - 1.0%
Albemarle Corporation	10,000		819,800
American Vanguard	115,000		1,980,300
			2,800,100
Metals & Mining - 0.7%
Cobalt 27 Capital 1	284,000		898,956
Orocobre 1	492,350		1,178,129
			2,077,085
Total			4,877,185
Real Estate – 1.6%
Equity Real Estate Investment Trusts (REITs) - 1.6%
Community Healthcare Trust	128,000		4,593,920
Total			4,593,920
TOTAL COMMON STOCKS
(Cost $212,378,795)			267,116,421
REPURCHASE AGREEMENT – 7.0%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $19,888,829 (collateralized
by obligations of various U.S. Government
Agencies, 1.625% due 8/31/22, valued at $20,290,463)
(Cost $19,888,000)			19,888,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 3.1%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-2.3237%)
(Cost $8,985,129)			8,985,129
TOTAL INVESTMENTS – 103.2%
(Cost $241,251,924)			295,989,550
LIABILITIES LESS CASH
AND OTHER ASSETS – (3.2)%			(9,177,900	)
NET ASSETS – 100.0%		$	286,811,650

SCHEDULES OF INVESTMENTS

ROYCE SPECIAL EQUITY FUND

MARCH 31, 2019 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 79.4%
Communication Services – 10.7%
Media - 10.7%
Meredith Corporation	1,325,000	$	73,219,500
Scholastic Corporation	1,598,000		63,536,480
Total			136,755,980
Consumer Discretionary – 20.4%
Auto Components - 9.5%
Cooper Tire & Rubber	975,000		29,142,750
Gentex Corporation	1,030,000		21,300,400
Standard Motor Products 5	1,380,000		67,758,000
Stoneridge 1	152,000		4,386,720
			122,587,870
Automobiles - 1.0%
Winnebago Industries	406,000		12,646,900
Hotels, Restaurants & Leisure - 0.4%
Bowl America Cl. A 5	343,000		5,162,150
Household Durables - 4.6%
Bassett Furniture Industries	511,000		8,385,510
Flexsteel Industries 5	775,000		17,972,250
Hooker Furniture 5	1,155,000		33,298,650
			59,656,410
Leisure Products - 0.8%
Johnson Outdoors Cl. A	140,000		9,990,400
Specialty Retail - 4.1%
Children’s Place	364,500		35,458,560
Haverty Furniture	766,500		16,771,020
			52,229,580
Total			262,273,310
Consumer Staples – 9.1%
Food & Staples Retailing - 3.0%
Weis Markets	958,000		39,095,980
Food Products - 5.1%
John B. Sanfilippo & Son 5	911,500		65,509,505
Tobacco - 1.0%
Universal Corporation	215,000		12,390,450
Total			116,995,935
Energy – 1.0%
Energy Equipment & Services - 1.0%
RPC	1,136,000		12,961,760
Total			12,961,760
Industrials – 17.4%
Aerospace & Defense - 3.6%
National Presto Industries 5	422,000		45,808,100
Building Products - 1.5%
Insteel Industries	922,800		19,304,976
Commercial Services & Supplies - 2.4%
Ennis	841,000		17,459,160
UniFirst Corporation	84,000		12,894,000
			30,353,160
Construction & Engineering - 1.1%
Argan	274,000		13,686,300
Electrical Equipment - 4.9%
Hubbell Incorporated	532,500		62,824,350
Machinery - 3.4%
Gencor Industries 1,5	1,050,000		12,978,000
Hurco Companies 5	580,639		23,417,171
Miller Industries	255,000		7,866,750
			44,261,921
Professional Services - 0.5%
Resources Connection	424,000		7,012,960
Total			223,251,767
Information Technology – 12.9%
Electronic Equipment, Instruments & Components - 6.6%
AVX Corporation	2,790,000		48,378,600
Vishay Intertechnology	1,960,000		36,201,200
			84,579,800
IT Services - 3.5%
Computer Services 3,5	779,000		44,208,250
Semiconductors & Semiconductor Equipment - 2.8%
Axcelis Technologies 1	490,000		9,858,800
Kulicke & Soffa Industries	1,195,000		26,421,450
			36,280,250
Total			165,068,300
Materials – 3.7%
Chemicals - 2.0%
Huntsman Corporation	1,145,000		25,751,050
Metals & Mining - 0.6%
Kaiser Aluminum	75,000		7,854,750
Paper & Forest Products - 1.1%
Louisiana-Pacific	530,000		12,921,400
Verso Corporation Cl. A 1	71,000		1,520,820
			14,442,220
Total			48,048,020
Real Estate – 4.2%
Real Estate Management & Development - 4.2%
Marcus & Millichap 1	1,335,000		54,374,550
Total			54,374,550
TOTAL COMMON STOCKS
(Cost $775,885,921)			1,019,729,622
REPURCHASE AGREEMENT – 20.3%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $261,076,878 (collateralized
by obligations of various U.S. Government
Agencies, 1.625% due 8/31/22, valued at $266,291,445)
(Cost $261,066,000)			261,066,000
TOTAL INVESTMENTS – 99.7%
(Cost $1,036,951,921)			1,280,795,622
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.3%			4,185,034
NET ASSETS – 100.0%		$	1,284,980,656

SCHEDULES OF INVESTMENTS

ROYCE TOTAL RETURN FUND

MARCH 31, 2019 (UNAUDITED)

		SHARES		VALUE
COMMON STOCKS – 98.9%
Communication Services – 2.4%
Diversified Telecommunication Services - 0.6%
ATN International		158,651	$	8,946,330
IDT Corporation Cl. B		116,688		774,808
				9,721,138
Media - 1.7%
Gannett Company		270,618		2,852,314
Meredith Corporation		364,348		20,133,871
Saga Communications Cl. A		178,349		5,919,403
				28,905,588
Wireless Telecommunication Services - 0.1%
Telephone and Data Systems		48,374		1,486,533
Total				40,113,259
Consumer Discretionary – 6.3%
Auto Components - 2.0%
Gentex Corporation		663,567		13,722,566
LCI Industries		99,166		7,617,932
Nokian Renkaat		142,529		4,770,877
Standard Motor Products		78,129		3,836,134
Tower International		153,612		3,230,460
				33,177,969
Automobiles - 0.3%
Thor Industries		67,214		4,192,137
Distributors - 0.4%
Weyco Group		226,024		6,997,703
Hotels, Restaurants & Leisure - 0.3%
Brinker International		35,187		1,561,599
Cheesecake Factory		61,629		3,014,891
				4,576,490
Household Durables - 0.9%
Ethan Allen Interiors		417,417		7,985,187
La-Z-Boy		188,109		6,205,716
				14,190,903
Multiline Retail - 0.2%
Big Lots		35,123		1,335,376
Dillard’s Cl. A		22,939		1,652,067
				2,987,443
Specialty Retail - 2.0%
Aaron’s		33,634		1,769,148
American Eagle Outfitters		369,726		8,196,826
Bed Bath & Beyond		181,361		3,081,323
Buckle (The)		97,504		1,825,275
Caleres		238,592		5,890,837
Camping World Holdings Cl. A		25,000		347,750
Cato Corporation (The) Cl. A		69,690		1,043,956
Designer Brands		84,016		1,866,836
Penske Automotive Group		92,877		4,146,958
Shoe Carnival		133,831		4,554,269
				32,723,178
Textiles, Apparel & Luxury Goods - 0.2%
J.G. Boswell Company 3		1,014		678,366
Movado Group		45,920		1,670,570
Steven Madden		44,030		1,489,975
				3,838,911
Total				102,684,734
Consumer Staples – 4.2%
Beverages - 0.1%
Compania Cervecerias Unidas ADR		84,864		2,500,094
Food & Staples Retailing - 1.0%
Village Super Market Cl. A		623,592		17,042,769
Food Products - 2.9%
Flowers Foods		268,963		5,734,291
Fresh Del Monte Produce		187,818		5,076,720
Hershey Creamery 3		699		2,481,450
Lancaster Colony		83,430		13,072,647
Tootsie Roll Industries		548,887		20,440,552
				46,805,660
Household Products - 0.1%
WD-40 Company		9,401		1,592,905
Personal Products - 0.1%
Nu Skin Enterprises Cl. A		30,400		1,454,944
Total				69,396,372
Energy – 3.8%
Energy Equipment & Services - 2.9%
Computer Modelling Group		225,949		1,039,837
Core Laboratories		47,800		3,294,854
Helmerich & Payne		169,860		9,437,422
Pason Systems		915,250		13,355,315
RPC		219,157		2,500,581
SEACOR Marine Holdings 1,2		261,026		3,474,256
TGS-NOPEC Geophysical		530,159		14,463,436
				47,565,701
Oil, Gas & Consumable Fuels - 0.9%
Dorchester Minerals L.P.		249,438		4,554,738
PBF Energy Cl. A		71,551		2,228,098
Permian Basin Royalty Trust		680,666		5,125,415
Sabine Royalty Trust		9,095		423,372
San Juan Basin Royalty Trust		370,621		1,990,235
				14,321,858
Total				61,887,559
Financials – 33.6%
Banks - 11.4%
Ames National		228,658		6,267,516
Associated Banc-Corp		387,327		8,269,431
Bank of Hawaii		253,973		20,030,850
Bank of N.T. Butterfield & Son		46,729		1,676,637
Bank OZK		140,182		4,062,474
Bar Harbor Bankshares		164,155		4,246,690
BLOM Bank Cl. B GDR		225,597		2,199,571
BOK Financial		274,669		22,399,257
Cadence Bancorporation Cl. A		47,386		879,010
Camden National		189,705		7,914,493
Canadian Western Bank		514,560		10,746,713
City Holding Company		63,260		4,819,779
CNB Financial		215,917		5,456,223
Codorus Valley Bancorp		100,996		2,156,265
Farmers & Merchants Bank of Long Beach 3		416		3,411,200
Financial Institutions		178,546		4,852,880
First Citizens BancShares Cl. A		60,698		24,716,226
First National Bank Alaska 3		25,096		6,537,508
First of Long Island (The)		85,329		1,871,265
Hanmi Financial		117,513		2,499,501
Landmark Bancorp		71,329		1,627,014
MidWestOne Financial Group		149,808		4,082,268
National Bankshares		127,871		5,479,272
Northrim BanCorp		133,068		4,580,201
Peapack-Gladstone Financial		416,627		10,923,960
Popular		230,445		12,013,098
Unity Bancorp		154,739		2,921,472
				186,640,774
Capital Markets - 11.5%
AllianceBernstein Holding L.P.		371,187		10,723,592
Ares Management Cl. A		1,164,900		27,037,329
Artisan Partners Asset Management Cl. A		185,754		4,675,428
Ashmore Group		2,509,996		13,965,781
Associated Capital Group Cl. A		163,721		6,476,803
Bolsa Mexicana de Valores		4,831,182		10,030,609
Cohen & Steers		311,498		13,167,020
Coronation Fund Managers		470,890		1,499,277
Edmond de Rothschild (Suisse)		219		3,870,851
Egyptian Financial Group-Hermes Holding 1		1,298,385		1,272,912
Federated Investors Cl. B		378,718		11,100,225
GAMCO Investors Cl. A		262,160		5,374,280
Houlihan Lokey Cl. A		104,068		4,771,518
Moelis & Company Cl. A		133,379		5,549,900
Morningstar		10,584		1,333,478
MVC Capital		280,165		2,541,097
Oaktree Capital Group LLC Cl. A		207,571		10,305,900
Och-Ziff Capital Management Group LLC Cl. A		59,502		976,428
Pzena Investment Management Cl. A		349,301		2,825,845
Rothschild & Co		64,542		2,052,540
Sprott		3,559,875		8,071,554
TMX Group		274,627		17,687,841
Value Partners Group		9,631,870		7,484,686
Virtu Financial Cl. A		385,154		9,147,407
Vontobel Holding		64,993		3,495,230
Waddell & Reed Financial Cl. A		88,586		1,531,652
Westwood Holdings Group		69,267		2,443,047
				189,412,230
Diversified Financial Services - 0.1%
First Pacific		638,477		232,619
Jefferies Financial Group		118,274		2,222,368
				2,454,987
Insurance - 8.4%
Alleghany Corporation 1		27,036		16,556,846
Assured Guaranty		262,488		11,662,342
E-L Financial		42,586		25,681,619
Employers Holdings		67,879		2,722,627
Erie Indemnity Cl. A		184,151		32,874,636
First American Financial		68,042		3,504,163
Horace Mann Educators		16,715		588,535
James River Group Holdings		47,425		1,900,794
Kingstone Companies		110,586		1,630,038
Mercury General		63,277		3,168,279
National Western Life Group Cl. A		5,286		1,387,416
ProAssurance Corporation		395,329		13,682,337
Protective Insurance Cl. B		17,354		321,396
Reinsurance Group of America		29,252		4,153,199
RLI Corp.		113,293		8,128,773
State Auto Financial		176,392		5,806,825
Universal Insurance Holdings		44,466		1,378,446
White Mountains Insurance Group		2,108		1,950,912
				137,099,183
Thrifts & Mortgage Finance - 2.2%
Genworth MI Canada		347,502		10,528,945
New York Community Bancorp		380,167		4,398,532
Southern Missouri Bancorp		113,338		3,490,810
Timberland Bancorp		154,068		4,310,823
TrustCo Bank Corp. NY		911,218		7,071,052
WSFS Financial		164,500		6,349,700
				36,149,862
Total				551,757,036
Health Care – 1.3%
Health Care Equipment & Supplies - 1.0%
Atrion Corporation		5,363		4,712,361
Hill-Rom Holdings		99,926		10,578,166
Meridian Bioscience		72,409		1,275,123
				16,565,650
Health Care Providers & Services - 0.3%
Chemed Corporation		9,812		3,140,527
Ensign Group (The)		31,814		1,628,558
				4,769,085
Total				21,334,735
Industrials – 26.9%
Aerospace & Defense - 1.2%
HEICO Corporation		192,359		18,249,098
Magellan Aerospace		155,670		2,068,844
				20,317,942
Airlines - 1.0%
Allegiant Travel		47,954		6,208,604
Hawaiian Holdings		360,328		9,458,610
				15,667,214
Building Products - 0.8%
A. O. Smith Corporation		162,990		8,690,627
Apogee Enterprises		130,451		4,890,608
				13,581,235
Commercial Services & Supplies - 5.7%
ABM Industries		357,501		12,995,161
Deluxe Corporation		35,675		1,559,711
Ennis		93,165		1,934,105
Herman Miller		90,742		3,192,304
HNI Corporation		311,909		11,319,178
Kimball International Cl. B		880,932		12,456,379
McGrath RentCorp		251,393		14,221,302
MSA Safety		114,271		11,815,621
Ritchie Bros. Auctioneers		566,689		19,267,426
Tetra Tech		19,829		1,181,610
UniFirst Corporation		18,634		2,860,319
				92,803,116
Construction & Engineering - 2.0%
Arcosa		164,487		5,025,078
Argan		180,917		9,036,804
Comfort Systems USA		113,920		5,968,269
EMCOR Group		49,686		3,631,053
KBR		442,611		8,449,444
				32,110,648
Electrical Equipment - 1.8%
EnerSys		50,364		3,281,718
Hubbell Incorporated		162,025		19,115,710
Preformed Line Products		148,780		7,898,730
				30,296,158
Industrial Conglomerates - 0.9%
Raven Industries		396,046		15,196,285
Machinery - 9.0%
Alamo Group		33,554		3,353,387
Federal Signal		61,282		1,592,719
Franklin Electric		370,226		18,914,846
Global Brass and Copper Holdings		104,145		3,586,754
Gorman-Rupp Company (The)		299,110		10,151,793
Hillenbrand		23,281		966,860
Kadant		21,913		1,927,467
Lincoln Electric Holdings		129,146		10,831,475
Lindsay Corporation		139,140		13,467,361
Miller Industries		295,808		9,125,677
Mueller Industries		224,912		7,048,742
Nordson Corporation		34,372		4,554,977
Standex International		38,997		2,862,380
Starrett (L.S.) Company (The) Cl. A 1		310,217		2,388,671
Sun Hydraulics		135,726		6,312,616
Tennant Company		254,929		15,828,542
Trinity Industries		493,461		10,722,908
Wabash National		754,369		10,221,700
Woodward		139,730		13,258,980
				147,117,855
Marine - 1.0%
Clarkson		526,371		16,282,328
Professional Services - 2.3%
Exponent		30,816		1,778,700
Forrester Research 1		35,774		1,729,673
Heidrick & Struggles International		118,293		4,534,171
Kforce		49,041		1,722,320
Korn Ferry		107,100		4,795,938
ManpowerGroup		255,128		21,096,534
Robert Half International		24,821		1,617,336
				37,274,672
Road & Rail - 0.6%
ArcBest Corporation		209,500		6,450,505
Werner Enterprises		100,956		3,447,647
				9,898,152
Trading Companies & Distributors - 0.6%
Air Lease Cl. A		111,850		3,842,048
Applied Industrial Technologies		40,102		2,384,866
Systemax		181,438		4,107,756
				10,334,670
Total				440,880,275
Information Technology – 5.6%
Communications Equipment - 0.1%
ADTRAN		122,753		1,681,716
Electronic Equipment, Instruments & Components - 3.8%
AVX Corporation		843,491		14,626,134
Bel Fuse Cl. A		18,665		399,991
Benchmark Electronics		125,265		3,288,206
Methode Electronics		530,170		15,258,292
National Instruments		217,556		9,650,784
PC Connection		223,258		8,186,871
Vishay Intertechnology		578,329		10,681,737
				62,092,015
IT Services - 0.2%
MAXIMUS		35,123		2,493,031
Semiconductors & Semiconductor Equipment - 1.1%
Kulicke & Soffa Industries		330,774		7,313,413
MKS Instruments		71,490		6,652,145
Silicon Motion Technology ADR		118,556		4,699,560
				18,665,118
Software - 0.4%
Ebix		45,156		2,229,352
j2 Global		54,754		4,741,696
				6,971,048
Total				91,902,928
Materials – 10.1%
Chemicals - 5.6%
Albemarle Corporation		92,103		7,550,604
Balchem Corporation		121,321		11,258,589
Cabot Corporation		285,296		11,876,872
Chase Corporation		157,987		14,620,117
FutureFuel Corporation		108,287		1,451,046
Minerals Technologies		180,976		10,639,579
Quaker Chemical		161,199		32,292,996
Trinseo		42,354		1,918,636
				91,608,439
Containers & Packaging - 1.7%
AptarGroup		72,327		7,694,870
Mayr-Melnhof Karton		49,643		6,225,812
Sonoco Products		238,351		14,665,737
				28,586,419
Metals & Mining - 2.3%
Carpenter Technology		111,517		5,113,054
Ferroglobe (Warranty Insurance Trust) 1,4		569,803		0
Franco-Nevada		66,956		5,025,048
Gold Fields ADR		1,219,803		4,549,865
Haynes International		232,982		7,648,799
Royal Gold		16,715		1,519,895
Schnitzer Steel Industries Cl. A		101,158		2,427,792
Worthington Industries		293,982		10,971,408
				37,255,861
Paper & Forest Products - 0.5%
Domtar Corporation		94,163		4,675,193
Neenah		32,738		2,107,018
Schweitzer-Mauduit International		43,927		1,700,853
				8,483,064
Total				165,933,783
Real Estate – 1.7%
Equity Real Estate Investment Trusts (REITs) - 0.7%
Lexington Realty Trust		293,638		2,660,360
PotlatchDeltic Corporation		214,686		8,112,984
				10,773,344
Real Estate Management & Development - 1.0%
Kennedy-Wilson Holdings		805,129		17,221,709
Total				27,995,053
Utilities – 3.0%
Electric Utilities - 0.7%
ALLETE		129,881		10,680,115
Gas Utilities - 0.0%
Star Group L.P.		52,211		501,226
Water Utilities - 2.3%
Aqua America		379,103		13,814,513
SJW Group		307,922		19,011,104
York Water		133,512		4,582,132
				37,407,749
Total				48,589,090
TOTAL COMMON STOCKS
(Cost $1,004,767,825)				1,622,474,824
		PRINCIPAL
		AMOUNT
CORPORATE BONDS – 0.3%
Meritor 6.25%
due 2/15/24	$	825,000		847,687
Unit Corporation 6.625%
due 5/15/21		4,269,155		4,098,389
TOTAL CORPORATE BONDS
(Cost $4,693,840)				4,946,076
REPURCHASE AGREEMENT – 0.9%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $14,499,604 (collateralized
by obligations of various U.S. Government
Agencies, 1.625%-1.875% due 7/31/22-8/31/22, valued at
$14,788,987)
(Cost $14,499,000)				14,499,000
TOTAL INVESTMENTS – 100.1%
(Cost $1,023,960,665)				1,641,919,900
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.1)%				(1,416,298	)
NET ASSETS – 100.0%			$	1,640,503,602

ADR – American Depository Receipt

1	Non-income producing.
2	All or a portion of these securities were on loan at March 31, 2019.
3	These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
4	Securities for which market quotations are not readily available represent 0.0%, 0.6%, 0.0% and 0.0% of net assets for Royce Low-Priced Stock Fund, Royce Micro-Cap 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.
5	At March 31, 2019, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.

Securities of Royce International Premier Fund are categorized by the country of their headquarters, with the exception of exchange-traded funds.

Tax Information:
At March 31, 2019, 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	$	71,610,112	$	37,900,301	$	40,931,403	$	3,031,102
Royce Global Financial Services Fund		31,782,190		8,185,358		10,518,340		2,332,982
Royce International Premier Fund		436,930,515		31,068,627		46,856,935		15,788,308
Royce Low-Priced Stock Fund		188,840,135		31,135,103		54,773,261		23,638,158
Royce Micro-Cap Fund		124,866,763		25,841,910		41,581,915		15,740,005
Royce Micro-Cap Opportunity Fund		16,978,505		3,340,541		5,058,931		1,718,390
Royce Opportunity Fund		948,034,648		23,178,403		149,990,744		126,812,341
Royce Pennsylvania Mutual Fund		1,192,931,494		555,288,855		622,233,625		66,944,770
Royce Premier Fund		1,136,093,568		732,668,763		761,803,480		29,134,717
Royce Small-Cap Leaders Fund		39,623,269		8,903,462		10,153,574		1,250,112
Royce Small-Cap Value Fund		176,610,787		18,837,657		30,267,855		11,430,198
Royce Small/Mid-Cap Premier Fund		153,506,817		17,476,038		20,897,734		3,421,696
Royce Smaller-Companies Growth Fund		242,029,512		53,960,038		70,358,006		16,397,968
Royce Special Equity Fund		1,037,217,822		243,577,800		272,249,004		28,671,204
Royce Total Return Fund		1,025,463,491		616,456,409		661,720,193		45,263,784

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 Trust’s Board of Trustees, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, a Fund may fair value the security. The Funds use an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by a Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.

Various inputs are used in determining the value of each Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:

Level 1	–	quoted prices in active markets for identical securities.
Level 2	–	other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities 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, 2019. 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	$	104,008,413	$	–	$	–	$	104,008,413
Repurchase Agreement		–		5,502,000		–		5,502,000
Royce Global Financial Services Fund
Common Stocks		39,652,548		–		–		39,652,548
Repurchase Agreement		–		315,000		–		315,000
Royce International Premier Fund
Common Stocks		433,407,971		–		–		433,407,971
Preferred Stocks		8,851,171		–		–		8,851,171
Repurchase Agreement		–		25,740,000		–		25,740,000
Royce Low-Priced Stock Fund
Common Stocks		208,701,401		702,297		0		209,403,698
Repurchase Agreement		–		8,668,000		–		8,668,000
Money Market Fund/Collateral Received for Securities Loaned		1,903,540		–		–		1,903,540
Royce Micro-Cap Fund
Common Stocks		143,086,635		–		828,000		143,914,635
Repurchase Agreement		–		4,168,000		–		4,168,000
Money Market Fund/Collateral Received for Securities Loaned		2,626,038		–		–		2,626,038
Royce Micro-Cap Opportunity Fund
Common Stocks		18,775,096		8,950		–		18,784,046
Repurchase Agreement		–		1,535,000		–		1,535,000
Royce Opportunity Fund
Common Stocks		900,053,733		2,068,032		–		902,121,765
Repurchase Agreement		–		54,393,000		–		54,393,000
Money Market Fund/Collateral Received for Securities Loaned		14,698,286		–		–		14,698,286
Royce Pennsylvania Mutual Fund
Common Stocks		1,725,256,342		–		–		1,725,256,342
Repurchase Agreement		–		17,422,000		–		17,422,000
Money Market Fund/Collateral Received for Securities Loaned		5,542,007		–		–		5,542,007
Royce Premier Fund
Common Stocks		1,848,461,331		–		–		1,848,461,331
Repurchase Agreement		–		20,301,000		–		20,301,000
Royce Small-Cap Leaders Fund
Common Stocks		46,076,731		–		–		46,076,731
Repurchase Agreement		–		2,450,000		–		2,450,000
Royce Small-Cap Value Fund
Common Stocks		179,744,444		–		–		179,744,444
Repurchase Agreement		–		15,704,000		–		15,704,000
Royce Small/Mid-Cap Premier Fund
Common Stocks		146,145,855		–		0		146,145,855
Repurchase Agreement		–		24,837,000		–		24,837,000
Royce Smaller-Companies Growth Fund
Common Stocks		265,643,921		1,472,500		–		267,116,421
Repurchase Agreement		–		19,888,000		–		19,888,000
Money Market Fund/Collateral Received for Securities Loaned		8,985,129		–		–		8,985,129
Royce Special Equity Fund
Common Stocks		975,521,372		44,208,250		–		1,019,729,622
Repurchase Agreement		–		261,066,000		–		261,066,000
Royce Total Return Fund
Common Stocks		1,609,366,300		13,108,524		0		1,622,474,824
Corporate Bonds		–		4,946,076		–		4,946,076
Repurchase Agreement		–		14,499,000		–		14,499,000

Level 3 Reconciliation:

Balance as

Realized

Unrealized

Balance as

of 12/31/18

Purchases

Sales

Gain (Loss)

Gain (Loss)

of 3/31/19

Royce Low-Priced Stock Fund

Common Stocks

$

0

$

–

$

–

$

–

$

–

$

0

Royce Micro-Cap Fund

Common Stocks

828,000

–

–

–

–

828,000

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
	3/31/19	Technique(s)	Input(s)	Range Average	Input 1
Royce Micro-Cap Fund
		Discounted Present Value
Common Stocks	$828,000	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, 2019 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, which are 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 following table presents cash collateral and the market value of securities on loan collateralized by cash collateral held by the Funds at March 31, 2019:

			Securities on Loan
	Cash Collateral 1		Collateralized by Cash Collateral			Net Amount
Royce Low-Priced Stock Fund	$	1,903,540	$	(1,820,091	)	$	83,449
Royce Micro-Cap Fund		2,626,038		(2,561,388	)		64,650
Royce Opportunity Fund		14,698,286		(14,198,645	)		499,641
Royce Pennsylvania Mutual Fund		5,542,007		(5,586,551	)		(44,544	)
Royce Smaller-Companies Growth Fund		8,985,129		(8,724,553	)		260,576

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

The following table presents non-cash collateral and the market value of securities on loan collateralized by non-cash collateral held by the Funds’ custodian at March 31, 2019:

			Securities on Loan
	Non-Cash Collateral		Collateralized by Non-Cash Collateral			Net Amount
Royce Low-Priced Stock Fund	$	6,707,703	$	(6,532,364	)	$	175,339
Royce Micro-Cap Fund		3,407,304		(3,329,973	)		77,331
Royce Opportunity Fund		57,042,301		(55,860,467	)		1,181,834
Royce Pennsylvania Mutual Fund		33,334,605		(32,633,860	)		700,745
Royce Premier Fund		27,066,099		(26,524,049	)		542,050
Royce Small-Cap Leaders Fund		507,800		(497,604	)		10,196
Royce Small-Cap Value Fund		359,471		(351,020	)		8,451
Royce Smaller-Companies Growth Fund		23,905,154		(23,368,698	)		536,456
Royce Total Return Fund		333,958		(326,106	)		7,852

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, 2019:

												Change in Net
			Market						Realized			Unrealized						Market
	Shares		Value		Cost of		Proceeds		Gain			Appreciation			Dividend	Shares		Value
Affiliated Company	12/31/18		12/31/18		Purchases		from Sales		(Loss)			(Depreciation)			Income	3/31/19		3/31/19
Royce Premier Fund
CIRCOR International1	1,024,687	$	21,825,833	$	–	$	1,568,609	$	(585,509	)	$	12,063,961		$	–
			21,825,833						(585,509	)		12,063,961			–
Royce Special Equity Fund
Bowl America Cl. A	343,000		5,230,750		–		–		–			(68,600	)		60,025	343,000	$	5,162,150
Computer Services	779,000		38,950,000		–		–		–			5,258,250			280,440	779,000		44,208,250
Flexsteel Industries	775,000		17,112,000		–		–		–			860,250			170,500	775,000		17,972,250
Gencor Industries	1,033,500		11,337,495		196,083		–		–			1,444,422			–	1,050,000		12,978,000
Hooker Furniture	1,155,000		30,422,700		–		–		–			2,875,950			173,250	1,155,000		33,298,650
Hurco Companies	580,400		20,720,280		9,589		–		–			2,687,302			133,492	580,639		23,417,171
John B. Sanfilippo & Son	911,500		50,734,090		–		–		–			14,775,415			–	911,500		65,509,505
National Presto Industries	421,800		49,316,856		21,868		–		–			(3,530,624	)		2,530,800	422,000		45,808,100
Standard Motor Products	1,380,000		66,833,400		–		–		–			924,600			317,400	1,380,000		67,758,000
			290,657,571						–			25,226,965			3,665,907			316,112,076
Royce Total Return Fund
Starrett (L.S.) Company (The) Cl. A1	387,817		2,028,283		–		620,534		(876,985	)		1,857,906			–
			2,028,283						(876,985	)		1,857,906			–

¹ Not an Affiliated Company at March 31, 2019.

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).