SCHEDULES OF INVESTMENTS

ROYCE DIVIDEND VALUE FUND

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 99.8%
Consumer Discretionary – 4.4%
Household Durables - 1.2%
Vistry Group 1		77,500	$	748,530
Specialty Retail - 3.2%
Franchise Group Cl. A		34,900		951,025
USS 1		56,000		970,668
				1,921,693
Total				2,670,223
Energy – 1.3%
Oil, Gas & Consumable Fuels - 1.3%
Gaztransport Et Technigaz 1		7,800		799,168
Total				799,168
Financials – 28.9%
Banks - 4.4%
BOK Financial		15,414		1,301,096
First Citizens BancShares Cl. A		1,460		1,420,726
				2,721,822
Capital Markets - 23.0%
Artisan Partners Asset Management Cl. A		25,600		818,688
B3-Brasil, Bolsa, Balcao		336,600		687,352
Bolsa Mexicana de Valores		444,000		949,352
Carlyle Group		76,020		2,361,181
Evercore Cl. A		13,500		1,557,630
KKR & Co.		19,138		1,005,128
Moelis & Company Cl. A		19,359		744,160
NewtekOne		60,500		774,400
SEI Investments		37,900		2,181,145
Sprott		45,280		1,654,738
State Street		16,800		1,271,592
				14,005,366
Insurance - 1.5%
Assured Guaranty		17,900		899,833
Total				17,627,021
Health Care – 3.2%
Health Care Providers & Services - 0.9%
Ensign Group (The)		5,951		568,559
Pharmaceuticals - 2.3%
Recordati Industria Chimica e Farmaceutica 1		24,210		1,024,619
Santen Pharmaceutical 1		41,600		354,967
				1,379,586
Total				1,948,145
Industrials – 36.8%
Aerospace & Defense - 4.2%
HEICO Corporation Cl. A		18,800		2,554,920
Building Products - 0.7%
Geberit 1		800		447,372
Construction & Engineering - 2.2%
Comfort Systems USA		8,959		1,307,656
Electrical Equipment - 2.8%
Hubbell Incorporated		7,060		1,717,768
Ground Transportation - 0.6%
Werner Enterprises		8,643		393,170
Machinery - 11.9%
Graco		25,224		1,841,604
Lincoln Electric Holdings		10,022		1,694,720
Lindsay Corporation		11,530		1,742,529
Spirax-Sarco Engineering 1		13,478		1,977,943
				7,256,796
Marine Transportation - 2.2%
Clarkson 1		35,040		1,338,068
Professional Services - 8.0%
KBR		42,860		2,359,443
Korn Ferry		10,023		518,590
ManpowerGroup		19,300		1,592,829
Robert Half International		4,794		386,253
				4,857,115
Trading Companies & Distributors - 4.2%
Applied Industrial Technologies		16,050		2,281,186
FTAI Aviation		10,000		279,600
				2,560,786
Total				22,433,651
Information Technology – 2.1%
Electronic Equipment, Instruments & Components - 1.6%
Vishay Intertechnology		42,497		961,282
Software - 0.5%
SimCorp 1		4,200		318,120
Total				1,279,402
Materials – 20.7%
Chemicals - 2.6%
Quaker Houghton		6,122		1,211,850
Scotts Miracle-Gro Cl. A		5,000		348,700
				1,560,550
Containers & Packaging - 3.9%
AptarGroup		20,396		2,410,603
Metals & Mining - 14.2%
Franco-Nevada		18,335		2,673,243
Reliance Steel & Aluminum		6,920		1,776,641
Royal Gold		17,500		2,269,925
Worthington Industries		30,000		1,939,500
				8,659,309
Total				12,630,462
Real Estate – 2.4%
Real Estate Management & Development - 1.9%
Kennedy-Wilson Holdings		17,000		282,030
RMR Group (The) Cl. A		32,700		858,048
				1,140,078
Specialized REITs - 0.5%
OUTFRONT Media		17,900		290,517
Total				1,430,595

TOTAL COMMON STOCKS
(Cost $26,936,652)		60,818,667
REPURCHASE AGREEMENT – 0.2%
Fixed Income Clearing Corporation,
1.44% dated 3/31/23, due 4/3/23,
maturity value $157,499 (collateralized
by obligations of U.S. Government
Agencies, 3.875% due 3/31/25, valued at $160,688)
(Cost $157,481)		157,481
TOTAL INVESTMENTS – 100.0%
(Cost $27,094,133)		60,976,148
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.0)%		(21,340	)
NET ASSETS – 100.0%	$	60,954,808

SCHEDULES OF INVESTMENTS

ROYCE GLOBAL FINANCIAL SERVICES FUND

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.2%
Banks - 14.7%
Bank of N.T. Butterfield & Son		5,805	$	156,735
BankUnited		1,000		22,580
BOK Financial		9,405		793,876
Capital City Bank Group		16,988		497,918
Columbia Banking System		10,366		222,040
First Bancorp		1,000		35,520
First Citizens BancShares Cl. A		1,173		1,141,446
Independent Bank Group		1,000		46,350
Popular		14,626		839,679
Valley National Bancorp		5,000		46,200
Veritex Holdings		1,000		18,260
Total				3,820,604
Capital Markets - 52.9%
Ares Management Cl. A		8,883		741,197
Artisan Partners Asset Management Cl. A		7,512		240,234
B3-Brasil, Bolsa, Balcao		183,000		373,694
Canaccord Genuity Group		37,879		306,900
Carlyle Group		21,185		658,006
Charles Schwab		14,671		768,467
Coronation Fund Managers 1		30,600		51,976
CRISIL 1		14,000		547,799
Donnelley Financial Solutions 2		5,128		209,530
Egyptian Financial Group-Hermes Holding
Company 1,2		221,749		120,594
GCM Grosvenor Cl. A		21,300		166,353
Intermediate Capital Group 1		39,111		590,730
JSE 1		51,000		281,101
KKR & Co.		14,508		761,960
MarketAxess Holdings		1,423		556,806
MarketWise Cl. A 2		88,300		163,355
Morningstar		1,199		243,433
NZX 1		580,000		446,483
Onex Corporation		11,615		542,979
Rand Capital		5,000		67,100
Raymond James Financial		2,320		216,386
Rothschild & Co 1		13,900		701,754
SEI Investments		9,540		549,027
Silvercrest Asset Management Group Cl. A		27,612		501,986
Sprott		36,450		1,332,050
StoneX Group 2		7,975		825,652
Tel Aviv Stock Exchange 1,2		273,000		1,194,548
U.S. Global Investors Cl. A		165,500		436,920
Warsaw Stock Exchange 1		23,169		193,076
Total				13,790,096
Financial Services - 3.5%
Banco Latinoamericano de Comercio Exterior Cl. E		25,700		446,666
ECN Capital		100,000		207,177
PayPal Holdings 2		3,466		263,208
Total				917,051

Insurance - 8.4%
Assured Guaranty	7,594		381,750
Axis Capital Holdings	11,554		629,924
E-L Financial	1,327		891,550
James River Group Holdings	13,700		282,905
Total			2,186,129
Metals & Mining - 4.8%
Franco-Nevada	8,571		1,249,652
Total			1,249,652
Professional Services - 0.2%
Quess Corp 1	8,900		40,471
Total			40,471
Real Estate Management & Development - 9.3%
Altus Group	23,760		1,008,943
FirstService Corporation	7,541		1,063,206
Real Matters 2	100,000		361,080
Total			2,433,229
Software - 1.3%
Envestnet 2	6,000		352,020
Total			352,020
Trading Companies & Distributors - 1.1%
FTAI Aviation	10,000		279,600
Total			279,600
TOTAL COMMON STOCKS
(Cost $15,413,656)			25,068,852
DIVERSIFIED INVESTMENT COMPANIES – 2.0%
Closed-End Funds - 1.0%
Eagle Point Income	19,341		272,902
Total			272,902
Financial Services - 1.0%
Financial Select Sector SPDR Fund	8,022		257,907
Total			257,907
TOTAL DIVERSIFIED INVESTMENT COMPANIES
(Cost $629,774)			530,809
REPURCHASE AGREEMENT – 1.7%
Fixed Income Clearing Corporation,
1.44% dated 3/31/23, due 4/3/23,
maturity value $453,013 (collateralized
by obligations of U.S. Government
Agencies, 3.875% due 3/31/25, valued at $462,051)
(Cost $452,958)			452,958
TOTAL INVESTMENTS – 99.9%
(Cost $16,496,388)			26,052,619
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.1%			14,826
NET ASSETS – 100.0%		$	26,067,445

SCHEDULES OF INVESTMENTS

ROYCE INTERNATIONAL PREMIER FUND

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 91.5%
Australia – 5.6%
Hansen Technologies 1		7,455,061	$	23,067,470
IPH 1		4,242,324		21,044,717
Total				44,112,187
Brazil – 2.8%
Odontoprev		5,933,500		12,877,408
TOTVS		1,558,900		8,661,154
Total				21,538,562
Canada – 4.7%
Altus Group		76,300		3,239,998
Enghouse Systems		604,600		17,111,320
Open Text		425,100		16,396,939
Total				36,748,257
Denmark – 1.1%
SimCorp 1		112,500		8,521,068
Total				8,521,068
France – 0.6%
Lectra 1		124,589		4,923,390
Total				4,923,390
Germany – 4.5%
Amadeus Fire 1		61,498		9,245,402
New Work 1		108,402		19,662,001
Norma Group 1		284,200		6,707,782
Total				35,615,185
Iceland – 2.6%
Marel 1		3,190,770		13,204,832
Ossur 1,2		1,498,647		6,762,120
Total				19,966,952
Italy – 3.8%
Carel Industries 1		216,154		5,917,460
DiaSorin 1		114,163		12,045,179
GVS 1,2		1,709,551		11,414,890
Total				29,377,529
Japan – 24.4%
As One 1		279,400		11,888,522
Benefit One 1		443,900		6,345,262
BML 1		949,200		22,138,077
Fukui Computer Holdings 1		592,900		12,287,902
JCU 1		614,400		16,057,766
Maruwa 1		86,600		12,068,070
Meitec Corporation 1		871,300		15,583,974
NSD 1		607,000		10,943,713
OBIC Business Consultants 1		571,600		21,602,708
Riken Keiki 1		299,000		12,878,606
TKC Corporation 1		891,500		24,738,296
USS 1		599,200		10,386,152
Zuken 1		532,900		13,882,751
Total				190,801,799
Netherlands – 1.5%
IMCD 1		73,400		12,012,938
Total				12,012,938
Poland – 2.4%
Asseco Poland 1		1,081,200		19,105,691
Total				19,105,691
Singapore – 1.7%
XP Power 1		528,026		13,274,239
Total				13,274,239
South Korea – 2.9%
Douzone Bizon 1		188,887		5,117,155
NICE Information Service 1		1,809,606		17,208,046
Total				22,325,201
Sweden – 6.9%
Alimak Group 1		1,466,778		10,451,893
Karnov Group 1,2		2,840,086		14,868,183
Loomis 1		541,300		18,528,912
Norva24 Group 1,2		3,581,977		10,014,039
Total				53,863,027
Switzerland – 5.1%
dormakaba Holding 1		9,400		4,026,083
Kardex Holding 1		53,300		11,550,445
Partners Group Holding 1		10,500		9,899,777
VZ Holding 1		179,685		14,735,377
Total				40,211,682
United Kingdom – 20.9%
Ashmore Group 1		1,359,150		4,014,879
Croda International 1		127,000		10,201,119
CVS Group 1		416,600		9,554,304
Diploma 1		354,598		12,323,535
DiscoverIE Group 1		1,546,914		14,740,039
Intertek Group 1		312,900		15,682,899
Learning Technologies Group 1		12,411,200		19,756,081
Marlowe 1,2		2,604,833		18,636,698
Mortgage Advice Bureau Holdings 1		1,318,702		12,062,601
Restore 1		6,263,858		20,864,768
Spirax-Sarco Engineering 1		76,600		11,241,313
Victrex 1		755,245		14,881,704
Total				163,959,940
TOTAL COMMON STOCKS
(Cost $729,799,893)				716,357,647
PREFERRED STOCK– 2.4%
Germany – 2.4%
FUCHS PETROLUB 1		456,200		18,572,351
(Cost $19,567,575)				18,572,351

REPURCHASE AGREEMENT – 5.5%
Fixed Income Clearing Corporation,
1.44% dated 3/31/23, due 4/3/23,
maturity value $43,446,344 (collateralized
by obligations of U.S. Government
Agencies, 1.25% due 6/30/28, valued at $44,309,993)
(Cost $43,441,131)		43,441,131
TOTAL INVESTMENTS – 99.4%
(Cost $792,808,599)		778,371,129
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.6%		4,955,037
NET ASSETS – 100.0%	$	783,326,166

SCHEDULES OF INVESTMENTS

ROYCE MICRO-CAP FUND

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.2%
Communication Services – 4.3%
Entertainment - 1.6%
Chicken Soup for the Soul Entertainment Cl. A 2		297,421	$	594,842
Gaia Cl. A 2		166,968		462,502
IMAX Corporation 2		190,600		3,655,708
				4,713,052
Interactive Media & Services - 1.2%
QuinStreet 2		222,246		3,527,044
Media - 1.5%
Magnite 2		228,400		2,114,984
Thryv Holdings 2		97,704		2,253,054
				4,368,038
Total				12,608,134
Consumer Discretionary – 12.4%
Automobile Components - 2.3%
Modine Manufacturing 2		168,700		3,888,535
Stoneridge 2		147,400		2,756,380
				6,644,915
Diversified Consumer Services - 0.1%
Lincoln Educational Services 2		39,501		223,576
Hotels, Restaurants & Leisure - 1.7%
Century Casinos 2		346,100		2,536,913
Lindblad Expeditions Holdings 2,3		260,800		2,493,248
				5,030,161
Household Durables - 1.7%
Hovnanian Enterprises Cl. A 2		36,300		2,462,592
Legacy Housing 2		117,973		2,685,065
				5,147,657
Leisure Products - 1.6%
American Outdoor Brands 2,3		200,638		1,974,278
MasterCraft Boat Holdings 2		85,300		2,595,679
				4,569,957
Specialty Retail - 4.1%
Barnes & Noble Education 2		414,700		630,344
Chico's FAS 2		495,100		2,723,050
Citi Trends 2		114,924		2,185,855
JOANN 2		221,026		351,431
OneWater Marine Cl. A 2		45,600		1,275,432
Shoe Carnival		112,322		2,881,059
Zumiez 2		105,300		1,941,732
				11,988,903
Textiles, Apparel & Luxury Goods - 0.9%
Fossil Group 2		399,800		1,279,360
Vera Bradley 2		214,900		1,287,251
				2,566,611
Total				36,171,780
Energy – 2.8%
Energy Equipment & Services - 2.8%
Natural Gas Services Group 2		296,113		3,052,925
Newpark Resources 2		855,100		3,292,135
Profire Energy 2		1,410,332		1,748,812
Total				8,093,872
Financials – 12.6%
Banks - 8.0%
BayCom Corporation		167,842		2,866,741
Customers Bancorp 2		27,400		507,448
HarborOne Bancorp		251,253		3,065,287
HBT Financial		174,811		3,447,273
HomeTrust Bancshares		120,000		2,950,800
Investar Holding Corporation		185,600		2,590,976
Midway Investments 2,4		1,858,170		0
Stellar Bancorp		99,377		2,445,668
Territorial Bancorp		122,408		2,363,698
Western New England Bancorp		398,436		3,271,160
				23,509,051
Capital Markets - 3.7%
B. Riley Financial		54,500		1,547,255
Silvercrest Asset Management Group Cl. A		177,500		3,226,950
Sprott		70,380		2,572,007
StoneX Group 2		33,000		3,416,490
				10,762,702
Financial Services - 0.9%
Cass Information Systems		60,216		2,607,955
Total				36,879,708
Health Care – 6.5%
Biotechnology - 1.6%
ARS Pharmaceuticals 2		118,300		770,133
CareDx 2		89,400		817,116
Dynavax Technologies 2		198,000		1,942,380
MeiraGTx Holdings 2		222,200		1,148,774
				4,678,403
Health Care Equipment & Supplies - 4.0%
Apyx Medical 2,3		462,727		1,332,654
Artivion 2		183,955		2,409,810
AtriCure 2		40,700		1,687,015
Cutera 2,3		72,400		1,710,088
OrthoPediatrics Corp. 2		52,900		2,342,941
Profound Medical 2		227,300		2,107,339
				11,589,847
Life Sciences Tools & Services - 0.9%
Harvard Bioscience 2		615,559		2,585,348
Total				18,853,598
Industrials – 25.5%
Aerospace & Defense - 1.8%
Astronics Corporation 2		139,000		1,857,040
Cadre Holdings		104,032		2,240,849
CPI Aerostructures 2		343,190		1,304,122
				5,402,011
Building Products - 1.0%
Quanex Building Products		138,300		2,977,599
Commercial Services & Supplies - 2.8%
Acme United		73,530		1,691,190
CECO Environmental 2		41,000		573,590
Heritage-Crystal Clean 2		78,874		2,808,703
VSE Corporation		68,500		3,075,650
				8,149,133
Construction & Engineering - 3.8%
Concrete Pumping Holdings 2		296,400		2,015,520
Construction Partners Cl. A 2		127,100		3,424,074
IES Holdings 2		59,800		2,576,782
Northwest Pipe 2		98,800		3,085,524
				11,101,900
Electrical Equipment - 0.7%
American Superconductor 2		392,100		1,925,211
Machinery - 6.9%
Alimak Group 1		196,200		1,398,072
CIRCOR International 2		91,000		2,831,920
Commercial Vehicle Group 2		248,400		1,813,320
Graham Corporation 2		245,116		3,206,117
Luxfer Holdings		162,200		2,741,180
Porvair 1		320,800		2,375,560
Shyft Group (The)		93,700		2,131,675
Wabash National		143,800		3,536,042
				20,033,886
Marine Transportation - 1.1%
Clarkson 1		81,324		3,105,509
Professional Services - 4.9%
CRA International		30,483		3,286,677
Forrester Research 2		74,300		2,403,605
Kforce		42,732		2,702,372
NV5 Global 2		26,200		2,724,014
Resources Connection		194,652		3,320,763
				14,437,431
Trading Companies & Distributors - 2.5%
Distribution Solutions Group 2		71,265		3,239,707
Transcat 2		43,874		3,921,897
				7,161,604
Total				74,294,284
Information Technology – 27.5%
Communications Equipment - 4.8%
Applied Optoelectronics 2		476,500		1,053,065
Casa Systems 2,3		247,800		314,706
Clearfield 2		31,800		1,481,244
Comtech Telecommunications		138,302		1,726,009
Digi International 2		76,100		2,563,048
DZS 2		199,509		1,574,126
EMCORE Corporation 2		547,300		629,395
Genasys 2		474,222		1,398,955
Harmonic 2		228,600		3,335,274
				14,075,822
Electronic Equipment, Instruments & Components - 6.1%
Arlo Technologies 2		288,500		1,748,310
FARO Technologies 2		82,945		2,041,277
LightPath Technologies Cl. A 2		852,684		1,202,284
Luna Innovations 2		398,300		2,863,777
nLIGHT 2		217,250		2,211,605
PAR Technology 2		62,800		2,132,688
PowerFleet 2		374,908		1,285,934
VIA optronics ADR 2		261,857		707,014
Vishay Precision Group 2		88,800		3,708,288
				17,901,177
IT Services - 0.8%
Computer Task Group 2		336,226		2,437,639
Semiconductors & Semiconductor Equipment - 12.6%
Aehr Test Systems 2		101,159		3,137,952
Amtech Systems 2		184,511		1,760,235
Axcelis Technologies 2		31,200		4,157,400
AXT 2		476,600		1,896,868
Camtek 2		95,900		2,718,765
Cohu 2		94,000		3,608,660
Ichor Holdings 2		85,900		2,812,366
Nova 2		26,100		2,726,667
NVE Corporation		44,216		3,669,486
PDF Solutions 2		93,200		3,951,680
Photronics 2		208,600		3,458,588
Ultra Clean Holdings 2		82,300		2,729,068
				36,627,735
Software - 1.3%
Agilysys 2		44,321		3,656,926
Technology Hardware, Storage & Peripherals - 1.9%
AstroNova 2		222,276		3,131,869
Intevac 2		336,913		2,469,572
				5,601,441
Total				80,300,740
Materials – 5.0%
Chemicals - 0.4%
Aspen Aerogels 2		168,500		1,255,325
Metals & Mining - 4.6%
Altius Minerals		114,900		1,954,533
Ferroglobe 2		304,600		1,504,724
Haynes International		65,330		3,272,380
Major Drilling Group International 2		454,600		3,575,581
Universal Stainless & Alloy Products 2,3		319,833		2,990,438
				13,297,656
Total				14,552,981
Real Estate – 0.6%
Real Estate Management & Development - 0.6%
FRP Holdings 2		29,575		1,711,801
Total				1,711,801
TOTAL COMMON STOCKS
(Cost $230,200,513)				283,466,898
REPURCHASE AGREEMENT – 3.0%
Fixed Income Clearing Corporation, 1.44% dated 3/31/23, due 4/3/23, maturity value $8,600,399 (collateralized by obligations of U.S. Government Agencies, 1.25% due 6/30/28, valued at $8,771,431)
(Cost $8,599,367)				8,599,367
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.1%
Money Market Funds Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield- 4.65%)
(Cost $399,066)		399,066		399,066

TOTAL INVESTMENTS – 100.3%
(Cost $239,198,946)		292,465,331
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.3)%		(862,053	)
NET ASSETS – 100.0%	$	291,603,278

SCHEDULES OF INVESTMENTS

ROYCE PENNSYLVANIA MUTUAL FUND

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.7%
Communication Services – 1.9%
Diversified Telecommunication Services - 0.1%
Cogent Communications Holdings		1,300	$	82,836
Frontier Communications Parent 2		3,700		84,249
Liberty Latin America Cl. C 2		187,820		1,551,393
				1,718,478
Entertainment - 0.3%
Chicken Soup for the Soul Entertainment Cl. A 2		33,785		67,570
IMAX Corporation 2		240,219		4,607,400
				4,674,970
Interactive Media & Services - 1.4%
QuinStreet 2		77,243		1,225,847
Ziff Davis 2		256,768		20,040,742
ZipRecruiter Cl. A 2		50,000		797,000
ZoomInfo Technologies 2		63,335		1,565,008
				23,628,597
Media - 0.1%
Cable One		1,200		842,400
Total				30,864,445
Consumer Discretionary – 10.8%
Automobile Components - 2.6%
Dorman Products 2		155,712		13,431,717
Fox Factory Holding Corporation 2		68,000		8,253,160
Gentex Corporation		327,856		9,189,804
LCI Industries		97,650		10,728,805
Stoneridge 2		57,057		1,066,966
				42,670,452
Distributors - 0.2%
LKQ Corporation		60,000		3,405,600
Diversified Consumer Services - 0.2%
H&R Block		4,767		168,037
Lincoln Educational Services 2		475,314		2,690,277
				2,858,314
Hotels, Restaurants & Leisure - 0.5%
Bloomin' Brands		122,200		3,134,430
Century Casinos 2		515,834		3,781,063
Denny's Corporation 2		160,623		1,792,553
				8,708,046
Household Durables - 1.4%
Helen of Troy 2		53,014		5,045,343
Legacy Housing 2		97,929		2,228,864
M/I Homes 2		50,768		3,202,953
PulteGroup		54,922		3,200,854
Skyline Champion 2		127,171		9,567,074
				23,245,088
Leisure Products - 1.0%
Brunswick Corporation		105,169		8,623,858
Malibu Boats Cl. A 2		44,383		2,505,420
MasterCraft Boat Holdings 2		120,058		3,653,365
YETI Holdings 2,3		65,033		2,601,320
				17,383,963
Specialty Retail - 3.2%
Academy Sports and Outdoors		45,600		2,975,400
Asbury Automotive Group 2		77,975		16,374,750
CarMax 2		17,075		1,097,581
Chico's FAS 2		495,836		2,727,098
Five Below 2,3		12,877		2,652,276
Floor & Decor Holdings Cl. A 2,3		7,120		699,326
Franchise Group Cl. A		196,881		5,365,007
JOANN 2		204,784		325,606
Lazydays Holdings 2,3		221,886		2,589,410
Murphy USA		20,799		5,367,182
1-800-FLOWERS.COM Cl. A 2		23,842		274,183
OneWater Marine Cl. A 2		199,798		5,588,350
Shoe Carnival		268,678		6,891,591
				52,927,760
Textiles, Apparel & Luxury Goods - 1.7%
Carter's		61,384		4,414,737
Kontoor Brands		65,500		3,169,545
Levi Strauss & Co. Cl. A		61,749		1,125,684
Movado Group		196,801		5,661,965
Ralph Lauren Cl. A		54,587		6,368,665
Skechers U.S.A. Cl. A 2		64,941		3,085,997
Steven Madden		51,400		1,850,400
Wolverine World Wide		161,592		2,755,144
				28,432,137
Total				179,631,360
Consumer Staples – 1.3%
Food Products - 0.6%
John B. Sanfilippo & Son		12,910		1,251,237
Nomad Foods 2		430,865		8,074,410
				9,325,647
Personal Care Products - 0.7%
Inter Parfums		82,033		11,668,374
Total				20,994,021
Energy – 2.5%
Energy Equipment & Services - 1.6%
Computer Modelling Group		2,652,180		14,247,005
Core Laboratories		91,785		2,023,859
Pason Systems		1,101,696		9,887,956
				26,158,820
Oil, Gas & Consumable Fuels - 0.9%
Antero Resources 2		14,555		336,075
Chord Energy		20,746		2,792,411
Civitas Resources		46,200		3,157,308
Magnolia Oil & Gas Cl. A		60,900		1,332,492
Matador Resources		50,400		2,401,560
Northern Oil and Gas		42,100		1,277,735
Range Resources		20,300		537,341
SilverBow Resources 2,3		115,341		2,635,542
Sitio Royalties Cl. A		55,300		1,249,780
				15,720,244
Total				41,879,064

Financials – 17.0%
Banks - 5.8%
Bank of N.T. Butterfield & Son	285,484		7,708,068
BankUnited	177,576		4,009,666
BOK Financial	40,738		3,438,695
First Bancshares (The)	154,207		3,983,167
First Citizens BancShares Cl. A	39,453		38,391,714
First Hawaiian	252,895		5,217,224
Home BancShares	204,985		4,450,224
Independent Bank Group	100,809		4,672,497
Origin Bancorp	116,681		3,751,294
Popular	189,632		10,886,773
Timberland Bancorp	99,201		2,680,411
Triumph Financial 2	109,401		6,351,822
TrustCo Bank Corp NY	25,090		801,375
			96,342,930
Capital Markets - 5.6%
Ares Management Cl. A	98,476		8,216,837
Artisan Partners Asset Management Cl. A	411,399		13,156,540
B. Riley Financial	33,802		959,639
Evercore Cl. A	25,517		2,944,151
GCM Grosvenor Cl. A	961,176		7,506,785
Houlihan Lokey Cl. A	64,115		5,609,421
Lazard Cl. A	34,948		1,157,128
MarketWise Cl. A 2	500,000		925,000
Morningstar	40,288		8,179,673
NewtekOne	194,746		2,492,749
SEI Investments	320,707		18,456,688
Silvercrest Asset Management Group Cl. A	16,943		308,024
Sprott	244,764		8,944,798
TMX Group	80,220		8,102,131
Tradeweb Markets Cl. A	80,840		6,387,977
			93,347,541
Financial Services - 0.6%
Compass Diversified Holdings	173,000		3,300,840
International Money Express 2	112,244		2,893,650
Repay Holdings Cl. A 2,3	469,682		3,085,811
			9,280,301
Insurance - 5.0%
AMERISAFE	85,251		4,173,036
Assured Guaranty	190,296		9,566,180
Axis Capital Holdings	67,661		3,688,878
E-L Financial	23,618		15,867,836
First American Financial	26,098		1,452,615
International General Insurance Holdings	574,102		4,759,306
James River Group Holdings	524,470		10,830,305
ProAssurance Corporation	72,843		1,346,139
RenaissanceRe Holdings	39,489		7,911,226
RLI Corp.	53,947		7,170,096
Safety Insurance Group	68,754		5,123,548
Stewart Information Services	55,095		2,223,083
Tiptree	206,320		3,006,082
White Mountains Insurance Group	4,726		6,510,018
			83,628,348
Total			282,599,120
Health Care – 7.1%
Biotechnology - 0.6%
CareDx 2	100,005		914,046
Catalyst Pharmaceuticals 2,3	163,147		2,704,977
Ironwood Pharmaceuticals Cl. A 2	613,800		6,457,176
MeiraGTx Holdings 2	95,578		494,138
			10,570,337
Health Care Equipment & Supplies - 3.7%
AtriCure 2	24,482		1,014,779
Atrion Corporation	8,442		5,300,816
Cutera 2,3	46,800		1,105,416
Enovis Corporation 2	267,732		14,320,985
Haemonetics Corporation 2	286,866		23,738,161
Mesa Laboratories	53,106		9,279,211
Neogen Corporation 2	3,355		62,135
OrthoPediatrics Corp. 2	55,623		2,463,543
Profound Medical 2	52,098		483,010
QuidelOrtho Corporation 2	30,840		2,747,535
Surmodics 2	42,305		963,708
			61,479,299
Health Care Providers & Services - 0.6%
AMN Healthcare Services 2,3	34,150		2,833,084
Cross Country Healthcare 2,3	120,876		2,697,953
Molina Healthcare 2	14,639		3,915,786
			9,446,823
Health Care Technology - 0.5%
Certara 2,3	104,100		2,509,851
Doximity Cl. A 2,3	111,330		3,604,865
Simulations Plus	67,805		2,979,352
			9,094,068
Life Sciences Tools & Services - 1.4%
Azenta 2	162,183		7,236,605
Bio-Techne	138,812		10,298,462
Harvard Bioscience 2	121,940		512,148
Quanterix Corporation 2	30,848		347,657
Repligen Corporation 2,3	6,755		1,137,272
Stevanato Group	144,301		3,737,396
			23,269,540
Pharmaceuticals - 0.3%
Harmony Biosciences Holdings 2	82,894		2,706,489
Supernus Pharmaceuticals 2	41,033		1,486,626
			4,193,115
Total			118,053,182
Industrials – 30.4%
Aerospace & Defense - 1.1%
HEICO Corporation	80,074		13,695,857
Leonardo DRS 2	352,300		4,569,331
			18,265,188
Air Freight & Logistics - 1.8%
Forward Air	178,151		19,197,552
Hub Group Cl. A 2	129,606		10,879,127
			30,076,679
Building Products - 3.1%
AAON	14,600		1,411,674
Advanced Drainage Systems	55,395		4,664,813
Builders FirstSource 2	214,797		19,069,678
Carlisle Companies	9,815		2,218,877
CSW Industrials	7,100		986,403
Hayward Holdings 2,3	22,552		264,309
Quanex Building Products	177,145		3,813,932
Simpson Manufacturing	73,187		8,024,223
UFP Industries	141,252		11,225,296
			51,679,205
Commercial Services & Supplies - 1.9%
Brady Corporation Cl. A	68,500		3,680,505
Deluxe Corporation	43,365		693,840
Driven Brands Holdings 2	202,100		6,125,651
GFL Environmental	118,000		4,063,920
Healthcare Services Group 2	450,791		6,252,471
Heritage-Crystal Clean 2	207,187		7,377,929
Ritchie Bros. Auctioneers	43,833		2,467,360
			30,661,676
Construction & Engineering - 3.7%
Arcosa	413,898		26,121,103
Construction Partners Cl. A 2	141,106		3,801,396
EMCOR Group	37,580		6,110,132
Great Lakes Dredge & Dock 2	186,853		1,014,612
Northwest Pipe 2	75,074		2,344,561
Sterling Infrastructure 2	81,904		3,102,523
Valmont Industries	47,152		15,054,691
WillScot Mobile Mini Holdings Corp. 2	96,030		4,501,886
			62,050,904
Electrical Equipment - 1.8%
American Superconductor 2	93,326		458,231
Atkore 2	17,395		2,443,650
Encore Wire	42,169		7,815,181
GrafTech International	133,111		646,919
Preformed Line Products	141,776		18,152,999
			29,516,980
Ground Transportation - 1.4%
ArcBest Corporation	33,353		3,082,485
Landstar System	75,523		13,538,253
Schneider National Cl. B	138,375		3,701,531
Werner Enterprises	62,047		2,822,518
			23,144,787
Machinery - 7.5%
Allison Transmission Holdings	27,830		1,259,029
Chart Industries 2	24,285		3,045,339
CIRCOR International 2	210,097		6,538,219
Crane NXT	6,070		688,945
Douglas Dynamics	103,446		3,298,893
EnPro Industries	10,500		1,090,845
ESAB Corporation	217,272		12,834,257
ESCO Technologies	74,239		7,086,112
Graham Corporation 2	91,849		1,201,385
Helios Technologies	69,419		4,540,003
Hurco Companies	17,278		437,479
John Bean Technologies	119,907		13,104,636
Kadant	86,773		18,093,906
Lincoln Electric Holdings	111,211		18,805,780
Lindsay Corporation	60,156		9,091,376
Miller Industries	215,462		7,616,582
RBC Bearings 2	67,952		15,814,469
Westport Fuel Systems 2	165,989		158,104
			124,705,359
Marine Transportation - 0.7%
Clarkson 1	30,004		1,145,759
Kirby Corporation 2	158,339		11,036,228
			12,181,987
Passenger Airlines - 0.3%
Sun Country Airlines Holdings 2	194,570		3,988,685
Professional Services - 3.0%
Barrett Business Services	28,456		2,522,340
CBIZ 2	12,691		628,078
Dun & Bradstreet Holdings	329,800		3,871,852
First Advantage 2	55,300		771,988
Forrester Research 2	362,623		11,730,854
FTI Consulting 2	7,140		1,409,079
KBR	372,008		20,479,040
Korn Ferry	92,772		4,800,023
NV5 Global 2	10,870		1,130,154
Resources Connection	167,185		2,852,176
			50,195,584
Trading Companies & Distributors - 4.1%
Air Lease Cl. A	601,234		23,670,582
Applied Industrial Technologies	73,043		10,381,602
Distribution Solutions Group 2	39,594		1,799,943
EVI Industries 2,3	342,790		6,787,242
FTAI Aviation	163,555		4,572,998
Hudson Technologies 2	264,460		2,308,736
MSC Industrial Direct Cl. A	16,639		1,397,676
Richelieu Hardware	322,291		8,904,436
Transcat 2	96,894		8,661,355
			68,484,570
Total			504,951,604
Information Technology – 16.4%
Communications Equipment - 1.4%
Aviat Networks 2	74,204		2,557,070
Calix 2	95,408		5,112,915
Digi International 2	303,783		10,231,411
Harmonic 2	397,190		5,795,002
			23,696,398
Electronic Equipment, Instruments & Components - 5.7%
Cognex Corporation	99,061		4,908,473
Coherent 2	70,130		2,670,550
ePlus 2	80,900		3,967,336
Fabrinet 2	112,147		13,318,578
FARO Technologies 2	200,614		4,937,110
Flex 2	134,900		3,104,049
Jabil	35,959		3,170,145
Kimball Electronics 2	287,872		6,937,715
Littelfuse	10,402		2,788,672
Luna Innovations 2	766,388		5,510,330
nLIGHT 2	55,802		568,064
PAR Technology 2	241,475		8,200,491
PC Connection	14,307		643,243
PowerFleet 2	155,315		532,730
Rogers Corporation 2	8,713		1,423,966
Sanmina Corporation 2	47,626		2,904,710
TD SYNNEX	29,391		2,844,755
Teledyne Technologies 2	7,470		3,341,779
Vishay Intertechnology	136,647		3,090,955
Vishay Precision Group 2	107,826		4,502,814
Vontier Corporation	554,952		15,172,388
			94,538,853
IT Services - 0.5%
Hackett Group (The)	177,648		3,282,935
Kyndryl Holdings 2	399,152		5,891,484
			9,174,419
Semiconductors & Semiconductor Equipment - 6.4%
Alpha and Omega Semiconductor 2	110,404		2,975,388
Amkor Technology	108,462		2,822,181
Axcelis Technologies 2	52,952		7,055,854
Camtek 2	79,224		2,246,000
Cirrus Logic 2	173,392		18,965,617
Cohu 2	138,685		5,324,117
FormFactor 2	373,172		11,885,528
Ichor Holdings 2	29,770		974,670
Kulicke & Soffa Industries	104,474		5,504,735
MaxLinear 2	100,875		3,551,809
MKS Instruments	106,727		9,458,147
Nova 2	52,494		5,484,048
NVE Corporation	25,461		2,113,008
Onto Innovation 2	176,346		15,497,287
Photronics 2	132,417		2,195,474
Rambus 2	67,455		3,457,743
SiTime Corporation 2	22,883		3,254,649
Ultra Clean Holdings 2	84,806		2,812,167
			105,578,422
Software - 2.1%
Adeia	326,681		2,894,394
Agilysys 2	56,407		4,654,142
Alkami Technology 2	390,300		4,941,198
Consensus Cloud Solutions 2	8,006		272,924
Dolby Laboratories Cl. A	66,887		5,713,488
nCino 2,3	98,200		2,433,396
Paycor HCM 2	121,300		3,216,876
Sapiens International	204,984		4,452,252
Teradata Corporation 2	107,012		4,310,443
Workiva Cl. A 2	14,300		1,464,463
			34,353,576
Technology Hardware, Storage & Peripherals - 0.3%
AstroNova 2	81,672		1,150,759
Avid Technology 2	132,590		4,240,228
			5,390,987
Total			272,732,655
Materials – 7.9%
Chemicals - 4.6%
Aspen Aerogels 2	77,281		575,743
Balchem Corporation	68,346		8,644,402
Element Solutions	1,120,028		21,627,741
Innospec	178,895		18,367,150
Minerals Technologies	191,009		11,540,764
Quaker Houghton	79,694		15,775,427
			76,531,227
Containers & Packaging - 0.3%
Graphic Packaging Holding Company	136,933		3,490,422
Silgan Holdings	41,604		2,232,887
			5,723,309
Metals & Mining - 2.0%
Alamos Gold Cl. A	1,393,592		17,013,887
Haynes International	62,674		3,139,341
Materion Corporation	50,000		5,800,000
Reliance Steel & Aluminum	25,102		6,444,687
			32,397,915
Paper & Forest Products - 1.0%
Louisiana-Pacific	94,163		5,104,576
Stella-Jones	318,961		12,222,708
			17,327,284
Total			131,979,735
Real Estate – 2.4%
Real Estate Management & Development - 2.4%
Colliers International Group	29,025		3,063,589
DigitalBridge Group Cl. A	321,425		3,853,886
FirstService Corporation	27,782		3,916,984
FRP Holdings 2	90,363		5,230,210
Kennedy-Wilson Holdings	845,376		14,024,788
Marcus & Millichap	202,378		6,498,358
RMR Group (The) Cl. A	102,460		2,688,550
Total			39,276,365
TOTAL COMMON STOCKS
(Cost $1,170,086,712)			1,622,961,551
REPURCHASE AGREEMENT – 1.9%
Fixed Income Clearing Corporation,
1.44% dated 3/31/23, due 4/3/23,
maturity value $31,525,773 (collateralized
by obligations of U.S. Government
Agencies, 3.875% due 3/31/25, valued at $32,152,450)
(Cost $31,521,991)			31,521,991
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.1%
Money Market Funds
Federated Hermes Government Obligations
Fund - Institutional Shares (7 day yield-
4.65%)
(Cost $2,391,350)	2,391,350		2,391,350
TOTAL INVESTMENTS – 99.7%
(Cost $1,204,000,053)			1,656,874,892
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.3%			4,295,880
NET ASSETS – 100.0%		$	1,661,170,772

SCHEDULES OF INVESTMENTS

ROYCE PREMIER FUND

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 94.0%
Communication Services – 2.4%
Interactive Media & Services - 1.9%
Ziff Davis 2		329,300	$	25,701,865
Media - 0.5%
TechTarget 2		187,000		6,754,440
Total				32,456,305
Consumer Discretionary – 9.7%
Automobile Components - 4.0%
Dorman Products 2		292,151		25,200,945
Fox Factory Holding Corporation 2		82,900		10,061,573
LCI Industries		174,538		19,176,490
				54,439,008
Distributors - 1.3%
Pool Corporation		50,355		17,243,566
Leisure Products - 1.9%
Brunswick Corporation		313,291		25,689,862
Textiles, Apparel & Luxury Goods - 2.5%
Ralph Lauren Cl. A		285,440		33,302,285
Total				130,674,721
Consumer Staples – 2.1%
Personal Care Products - 2.1%
Inter Parfums		198,189		28,190,403
Total				28,190,403
Financials – 8.5%
Capital Markets - 8.5%
Ares Management Cl. A		226,393		18,890,232
Lazard Cl. A		394,401		13,058,617
Morningstar		135,516		27,513,813
SEI Investments		615,771		35,437,621
TMX Group		194,583		19,652,667
Total				114,552,950
Health Care – 5.0%
Health Care Equipment & Supplies - 3.7%
Enovis Corporation 2		336,857		18,018,481
Haemonetics Corporation 2		380,779		31,509,462
				49,527,943
Life Sciences Tools & Services - 1.3%
Bio-Techne		234,692		17,411,800
Total				66,939,743
Industrials – 34.2%
Aerospace & Defense - 1.7%
Woodward		232,215		22,610,774
Air Freight & Logistics - 2.5%
Forward Air		313,138		33,743,751
Building Products - 1.5%
Simpson Manufacturing		181,103		19,856,133
Commercial Services & Supplies - 2.4%
Ritchie Bros. Auctioneers		578,953		32,589,264
Construction & Engineering - 5.1%
Arcosa		534,820		33,752,490
Valmont Industries		108,399		34,609,633
				68,362,123
Ground Transportation - 2.1%
Landstar System		161,303		28,915,176
Machinery - 14.4%
ESAB Corporation		245,591		14,507,060
ESCO Technologies		268,953		25,671,564
John Bean Technologies		281,250		30,737,813
Kadant		151,302		31,549,493
Lincoln Electric Holdings		231,311		39,114,690
Lindsay Corporation		193,511		29,245,317
RBC Bearings 2		99,294		23,108,693
				193,934,630
Professional Services - 2.7%
Forrester Research 2		792,962		25,652,321
Korn Ferry		208,700		10,798,138
				36,450,459
Trading Companies & Distributors - 1.8%
Air Lease Cl. A		627,000		24,684,990
Total				461,147,300
Information Technology – 13.3%
Electronic Equipment, Instruments & Components - 3.8%
Cognex Corporation		354,946		17,587,574
National Instruments		398,275		20,873,593
Rogers Corporation 2		78,500		12,829,255
				51,290,422
Semiconductors & Semiconductor Equipment - 6.2%
Cirrus Logic 2		250,595		27,410,081
FormFactor 2		826,000		26,308,100
MKS Instruments		337,000		29,864,940
				83,583,121
Software - 1.7%
Fair Isaac 2		32,143		22,586,565
Technology Hardware, Storage & Peripherals - 1.6%
Avid Technology 2		665,084		21,269,386
Total				178,729,494
Materials – 11.2%
Chemicals - 5.5%
Innospec		374,276		38,426,917
Quaker Houghton		182,413		36,108,653
				74,535,570
Metals & Mining - 3.0%
Reliance Steel & Aluminum		154,812		39,746,433
Paper & Forest Products - 2.7%
Stella-Jones		945,631		36,236,944
Total				150,518,947
Real Estate – 7.6%
Real Estate Management & Development - 7.6%
Colliers International Group		212,000		22,376,600
FirstService Corporation		231,300		32,610,987
Kennedy-Wilson Holdings		2,250,335		37,333,058
Marcus & Millichap		322,000		10,339,420
Total				102,660,065
TOTAL COMMON STOCKS
(Cost $742,083,319)				1,265,869,928
REPURCHASE AGREEMENT – 5.9%
Fixed Income Clearing Corporation, 1.44% dated 3/31/23, due 4/3/23, maturity value $79,969,940 (collateralized by obligations of various U.S. Government Agencies, 1.25%-3.875% due 3/31/25-6/30/28, valued at $81,559,629)
(Cost $79,960,345)				79,960,345
TOTAL INVESTMENTS – 99.9%
(Cost $822,043,664)				1,345,830,273
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.1%				1,626,401
NET ASSETS – 100.0%			$	1,347,456,674

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP OPPORTUNITY FUND

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.9%
Communication Services – 5.8%
Diversified Telecommunication Services - 0.4%
Ooma 2		453,203	$	5,669,569
Entertainment - 0.8%
IMAX Corporation 2		236,700		4,539,906
Marcus Corporation (The)		362,929		5,806,864
				10,346,770
Interactive Media & Services - 2.6%
Cars.com 2		306,100		5,907,730
DHI Group 2		1,045,728		4,057,425
EverQuote Cl. A 2		397,100		5,519,690
IAC 2		130,366		6,726,885
QuinStreet 2		688,000		10,918,560
				33,130,290
Media - 2.0%
comScore 2,3		1,514,862		1,863,280
Criteo ADR 2		137,800		4,341,389
Entravision Communications Cl. A		1,014,600		6,138,330
Innovid Corp. 2,3		310,600		437,946
Magnite 2		632,300		5,855,098
Thryv Holdings 2		269,938		6,224,771
				24,860,814
Total				74,007,443
Consumer Discretionary – 15.3%
Automobile Components - 3.6%
Adient 2		156,800		6,422,528
Dana		289,653		4,359,278
Garrett Motion 2		940,085		7,201,051
Goodyear Tire & Rubber 2		353,500		3,895,570
Modine Manufacturing 2		479,663		11,056,232
Patrick Industries		64,000		4,403,840
Stoneridge 2		446,657		8,352,486
				45,690,985
Broadline Retail - 0.8%
Dillard's Cl. A		23,333		7,179,097
iMedia Brands 2,3		1,052,260		536,232
Nordstrom		180,200		2,931,854
				10,647,183
Diversified Consumer Services - 0.2%
Adtalem Global Education 2		55,200		2,131,824
Hotels, Restaurants & Leisure - 1.4%
Carrols Restaurant Group 2		1,087,868		2,425,946
Century Casinos 2		287,694		2,108,797
Krispy Kreme		215,389		3,349,299
Noodles & Company Cl. A 2		1,108,154		5,374,547
Ruth's Hospitality Group		273,110		4,484,466
				17,743,055
Household Durables - 3.5%
Beazer Homes USA 2		201,106		3,193,563
Cavco Industries 2		22,100		7,022,054
Century Communities		58,100		3,713,752
Helen of Troy 2		33,500		3,188,195
M/I Homes 2		47,600		3,003,084
Skyline Champion 2		127,100		9,561,733
Taylor Morrison Home 2		170,054		6,506,266
Toll Brothers		57,386		3,444,882
Tri Pointe Homes 2		176,706		4,474,196
				44,107,725
Specialty Retail - 4.4%
Asbury Automotive Group 2		35,700		7,497,000
Barnes & Noble Education 2		727,132		1,105,241
Caleres		349,600		7,561,848
Chico's FAS 2		727,992		4,003,956
Designer Brands Cl. A		523,879		4,578,702
Express 2		1,210,900		954,552
Franchise Group Cl. A		132,700		3,616,075
J.Jill 2,3		239,939		6,248,012
JOANN 2		602,947		958,686
MarineMax 2		28,600		822,250
Overstock.com 2		197,200		3,997,244
Sonic Automotive Cl. A		80,500		4,374,370
Sportsman's Warehouse Holdings 2		408,000		3,459,840
Victoria's Secret & Co. 2,3		179,329		6,124,085
				55,301,861
Textiles, Apparel & Luxury Goods - 1.4%
Fossil Group 2		665,100		2,128,320
Lakeland Industries		323,371		4,721,217
Movado Group		23,000		661,710
Rocky Brands		141,941		3,274,579
Skechers U.S.A. Cl. A 2		60,122		2,856,997
Unifi 2		382,400		3,124,208
Vera Bradley 2		249,702		1,495,715
				18,262,746
Total				193,885,379
Consumer Staples – 0.9%
Food Products - 0.3%
SunOpta 2		553,900		4,265,030
Household Products - 0.2%
Spectrum Brands Holdings		35,800		2,370,676
Personal Care Products - 0.4%
Inter Parfums		32,772		4,661,489
Total				11,297,195
Energy – 6.2%
Energy Equipment & Services - 1.8%
Archrock		653,500		6,384,695
DMC Global 2		209,600		4,604,912
Mammoth Energy Services 2		823,117		3,473,554
Ranger Energy Services Cl. A 2,3		336,956		3,433,581
Select Energy Services Cl. A		107,600		748,896
Solaris Oilfield Infrastructure Cl. A		450,200		3,844,708
				22,490,346
Oil, Gas & Consumable Fuels - 4.4%
Ardmore Shipping		450,393		6,697,344
Baytex Energy 2		847,200		3,177,000
Chesapeake Energy		101,200		7,695,248
Dorian LPG		150,292		2,996,822
Earthstone Energy Cl. A 2		543,572		7,071,872
Matador Resources		150,183		7,156,220
Navigator Holdings 2		492,284		6,891,976
Northern Oil and Gas		195,700		5,939,495
Scorpio Tankers		88,650		4,991,882
Southwestern Energy 2		644,681		3,223,405
				55,841,264
Total				78,331,610
Financials – 4.2%
Banks - 2.5%
Axos Financial 2		166,300		6,139,796
BayCom Corporation		279,959		4,781,700
Business First Bancshares		76,200		1,305,306
CapStar Financial Holdings		72,900		1,104,435
Eastern Bankshares		85,700		1,081,534
First Bancshares (The)		130,700		3,375,981
Hanmi Financial		81,400		1,511,598
Hilltop Holdings		200,308		5,943,138
Seacoast Banking Corporation of Florida		200,250		4,745,925
Western Alliance Bancorp		38,100		1,354,074
				31,343,487
Capital Markets - 1.2%
Artisan Partners Asset Management Cl. A		118,100		3,776,838
B. Riley Financial		182,967		5,194,433
Moelis & Company Cl. A		97,926		3,764,276
P10 Cl. A		293,800		2,970,318
				15,705,865
Financial Services - 0.1%
Acacia Research 2		275,100		1,061,886
Insurance - 0.4%
Brighthouse Financial 2		128,700		5,676,957
Total				53,788,195
Health Care – 5.1%
Biotechnology - 0.2%
CareDx 2		128,200		1,171,748
MiMedx Group 2		535,100		1,824,691
				2,996,439
Health Care Equipment & Supplies - 1.9%
Accuray 2		1,903,308		5,652,825
Apyx Medical 2,3		499,500		1,438,560
Artivion 2		402,300		5,270,130
Tactile Systems Technology 2		310,100		5,091,842
Varex Imaging 2		378,546		6,885,751
				24,339,108
Health Care Providers & Services - 2.4%
Community Health Systems 2		702,214		3,440,849
Cross Country Healthcare 2		164,620		3,674,318
NeoGenomics 2		259,600		4,519,636
Option Care Health 2		143,571		4,561,251
Quipt Home Medical 2		298,100		2,089,681
RadNet 2		288,100		7,211,143
Select Medical Holdings		200,400		5,180,340
				30,677,218
Health Care Technology - 0.1%
LifeMD 2,3		677,900		1,152,430
Pharmaceuticals - 0.5%
Organon & Co		183,803		4,323,047
Societal CDMO 2		1,247,300		1,484,287
				5,807,334
Total				64,972,529
Industrials – 31.0%
Aerospace & Defense - 5.9%
AAR Corporation 2		176,900		9,649,895
Astronics Corporation 2		516,431		6,899,518
BWX Technologies		114,100		7,192,864
Ducommun 2		184,686		10,104,171
Hexcel Corporation		85,000		5,801,250
Kaman Corporation		127,206		2,907,929
Kratos Defense & Security Solutions 2		343,600		4,631,728
Leonardo DRS 2		403,776		5,236,975
Mercury Systems 2		77,700		3,972,024
Spirit AeroSystems Holdings Cl. A 2		167,400		5,780,322
Terran Orbital 2,3		706,600		1,300,144
Triumph Group 2		638,716		7,402,718
V2X 2		104,094		4,134,614
				75,014,152
Air Freight & Logistics - 1.0%
Hub Group Cl. A 2		91,400		7,672,116
Radiant Logistics 2		724,469		4,752,517
				12,424,633
Building Products - 2.2%
Gibraltar Industries 2		137,700		6,678,450
Griffon Corporation		188,967		6,048,834
Insteel Industries		195,033		5,425,818
PGT Innovations 2		161,043		4,043,790
Resideo Technologies 2		329,216		6,018,068
				28,214,960
Commercial Services & Supplies - 2.1%
ACV Auctions Cl. A 2,3		263,500		3,401,785
CECO Environmental 2		149,200		2,087,308
Healthcare Services Group 2		579,900		8,043,213
Heritage-Crystal Clean 2		122,288		4,354,676
VSE Corporation		191,632		8,604,277
				26,491,259
Construction & Engineering - 4.9%
Arcosa		55,206		3,484,051
Argan		101,900		4,123,893
Comfort Systems USA		22,710		3,314,752
Concrete Pumping Holdings 2		966,297		6,570,820
Construction Partners Cl. A 2		285,759		7,698,347
Limbach Holdings 2		484,381		8,379,791
Matrix Service 2		846,446		4,570,808
Northwest Pipe 2		248,445		7,758,937
Orion Group Holdings 2		1,185,666		3,070,875
Primoris Services		297,980		7,348,187
Sterling Infrastructure 2		143,300		5,428,204
				61,748,665
Electrical Equipment - 1.4%
American Superconductor 2		657,173		3,226,719
Babcock & Wilcox Enterprises 2		1,355,795		8,216,118
Power Solutions International 1,2		343,740		876,537
TPI Composites 2		444,200		5,796,810
				18,116,184
Ground Transportation - 0.5%
Daseke 2		879,300		6,796,989
Machinery - 5.8%
Barnes Group		119,600		4,817,488
CIRCOR International 2		203,903		6,345,461
Commercial Vehicle Group 2		1,045,357		7,631,106
EnPro Industries		75,500		7,843,695
Evercel 1,2		203,243		445,102
Helios Technologies		53,800		3,518,520
Hurco Companies		77,751		1,968,655
Luxfer Holdings		524,100		8,857,290
Manitex International 2		931,120		4,851,135
Mayville Engineering 2		131,500		1,961,980
NN 2		913,965		977,943
Shyft Group (The)		275,738		6,273,040
Trinity Industries		273,824		6,670,353
Twin Disc 2		296,812		2,855,331
Wabash National		363,200		8,931,088
				73,948,187
Marine Transportation - 0.2%
Diana Shipping		575,510		2,244,489
Passenger Airlines - 0.7%
Alaska Air Group 2		94,100		3,948,436
Allegiant Travel 2		34,325		3,157,214
Mesa Air Group 2,3		477,109		1,130,748
				8,236,398
Professional Services - 3.0%
Conduent 2		1,121,900		3,848,117
HireRight Holdings 2		245,600		2,605,816
Korn Ferry		129,545		6,702,658
Mistras Group 2,3		875,407		5,935,259
Resources Connection		411,364		7,017,870
Sterling Check 2,3		191,700		2,137,455
TrueBlue 2		261,036		4,646,441
TTEC Holdings		136,600		5,085,618
				37,979,234
Trading Companies & Distributors - 3.3%
Air Lease Cl. A		216,638		8,529,038
BlueLinx Holdings 2		83,000		5,640,680
Herc Holdings		62,919		7,166,474
Hudson Technologies 2		748,318		6,532,816
MRC Global 2		517,200		5,027,184
NOW 2		317,400		3,539,010
WESCO International		35,004		5,409,518
				41,844,720
Total				393,059,870
Information Technology – 19.5%
Communications Equipment - 3.9%
ADTRAN Holdings		395,600		6,274,216
Aviat Networks 2		211,151		7,276,264
CalAmp Corporation 2,3		1,003,200		3,601,488
Cambium Networks 2		284,281		5,037,459
Comtech Telecommunications		507,017		6,327,572
Digi International 2		151,102		5,089,115
DZS 2		708,129		5,587,138
Infinera Corporation 2,3		517,046		4,012,277
PCTEL 5		1,045,793		4,423,705
Ribbon Communications 2		366,100		1,252,062
				48,881,296
Electronic Equipment, Instruments & Components - 5.8%
Advanced Energy Industries		93,253		9,138,794
Arlo Technologies 2		717,600		4,348,656
Avnet		68,600		3,100,720
Benchmark Electronics		291,400		6,903,266
Coherent 2		134,200		5,110,336
CTS Corporation		215,714		10,669,214
Fabrinet 2		53,129		6,309,600
Frequency Electronics		271,693		1,871,965
Identiv 2		462,905		2,842,237
Knowles Corporation 2		387,120		6,581,040
nLIGHT 2		602,000		6,128,360
VIA optronics ADR 2		802,732		2,167,376
Vishay Intertechnology		215,409		4,872,552
Vishay Precision Group 2		98,388		4,108,683
				74,152,799
IT Services - 0.5%
Edgio 2		901,800		713,414
Kyndryl Holdings 2		379,200		5,596,992
				6,310,406
Semiconductors & Semiconductor Equipment - 6.4%
Alpha and Omega Semiconductor 2		152,413		4,107,530
Amkor Technology		275,340		7,164,347
Amtech Systems 2		666,484		6,358,257
Cohu 2		286,076		10,982,458
FormFactor 2		221,113		7,042,449
Ichor Holdings 2		301,794		9,880,736
inTEST Corporation 2		97,000		2,011,780
Kulicke & Soffa Industries		140,065		7,380,025
Onto Innovation 2		88,419		7,770,262
Ultra Clean Holdings 2		268,127		8,891,091
Veeco Instruments 2		435,687		9,206,066
				80,795,001
Software - 1.4%
A10 Networks		396,326		6,139,089
Digital Turbine 2		224,000		2,768,640
LiveRamp Holdings 2		120,300		2,638,179
Marin Software 2		595,767		542,446
SecureWorks Corp. Cl. A 2		635,491		5,446,158
Viant Technology Cl. A 2,3		206,600		898,710
				18,433,222
Technology Hardware, Storage & Peripherals - 1.5%
Avid Technology 2		201,835		6,454,683
Immersion Corporation		630,147		5,633,514
Intevac 2		987,202		7,236,191
				19,324,388
Total				247,897,112
Materials – 7.9%
Chemicals - 1.6%
Aspen Aerogels 2		244,300		1,820,035
Huntsman Corporation		207,200		5,668,992
Livent Corporation 2,3		268,800		5,838,336
Mativ Holdings		156,400		3,357,908
Tronox Holdings		263,100		3,783,378
				20,468,649
Construction Materials - 0.5%
Summit Materials Cl. A 2		246,400		7,019,936
Containers & Packaging - 0.5%
TriMas Corporation		208,110		5,797,945
Metals & Mining - 5.3%
ATI 2		253,314		9,995,770
Carpenter Technology		191,042		8,551,040
Century Aluminum 2		305,510		3,055,100
Cleveland-Cliffs 2		353,149		6,473,221
Commercial Metals		128,300		6,273,870
Ferroglobe 2		1,333,471		6,587,347
Haynes International		165,361		8,282,932
Major Drilling Group International 2		740,000		5,820,348
Noranda Aluminum Holding Corporation 2,4		488,157		0
Olympic Steel		77,327		4,037,243
TimkenSteel Corporation 2		419,700		7,697,298
				66,774,169
Total				100,060,699
Real Estate – 1.0%
Hotel & Resort REITs - 0.2%
Ryman Hospitality Properties		18,771		1,684,322
Real Estate Management & Development - 0.2%
Anywhere Real Estate 2		425,720		2,247,801
Fathom Holdings 2		127,000		539,750
				2,787,551
Retail REITs - 0.6%
Macerich Company		514,700		5,455,820
Tanger Factory Outlet Centers		115,300		2,263,339
				7,719,159
Total				12,191,032
TOTAL COMMON STOCKS
(Cost $1,056,761,252)				1,229,491,064
REPURCHASE AGREEMENT – 2.7%
Fixed Income Clearing Corporation, 1.44% dated 3/31/23, due 4/3/23, maturity value $33,978,965 (collateralized   by obligations of U.S. Government   Agencies, 3.875% due 3/31/25, valued at $34,654,457)
(Cost $33,974,888)				33,974,888
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.2%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield- 4.65%)
(Cost $2,234,157)		2,234,157		2,234,157
TOTAL INVESTMENTS – 99.8%
(Cost $1,092,970,297)				1,265,700,109
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2%				2,701,361
NET ASSETS – 100.0%			$	1,268,401,470

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP SPECIAL EQUITY FUND

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 80.5%
Communication Services – 3.9%
Media - 3.9%
TEGNA		1,815,000	$	30,691,650
Total				30,691,650
Consumer Discretionary – 15.3%
Automobile Components - 5.0%
Standard Motor Products		1,050,000		38,755,500
Broadline Retail - 2.6%
Macy's		1,164,500		20,367,105
Diversified Consumer Services - 2.4%
H&R Block		542,000		19,105,500
Hotels, Restaurants & Leisure - 0.2%
Nathan's Famous		22,100		1,670,760
Household Durables - 0.9%
Ethan Allen Interiors		267,500		7,345,550
Leisure Products - 0.8%
Johnson Outdoors Cl. A		98,000		6,174,980
Textiles, Apparel & Luxury Goods - 3.4%
Movado Group		931,500		26,799,255
Total				120,218,650
Consumer Staples – 11.2%
Consumer Staples Distribution & Retail - 6.4%
Ingles Markets Cl. A		565,000		50,115,500
Food Products - 4.8%
John B. Sanfilippo & Son		387,100		37,517,732
Total				87,633,232
Energy – 0.6%
Energy Equipment & Services - 0.6%
RPC		654,500		5,033,105
Total				5,033,105
Financials – 5.2%
Capital Markets - 5.2%
Diamond Hill Investment Group		138,800		22,843,704
Federated Hermes Cl. B		304,000		12,202,560
GAMCO Investors Cl. A 1		313,600		5,880,000
Total				40,926,264
Industrials – 23.5%
Building Products - 2.7%
Insteel Industries		412,400		11,472,968
UFP Industries		119,100		9,464,877
				20,937,845
Commercial Services & Supplies - 3.4%
Ennis		1,250,000		26,362,500
Electrical Equipment - 9.8%
Atkore 2		119,400		16,773,312
Encore Wire		278,000		51,521,740
Preformed Line Products		68,800		8,809,152
				77,104,204
Machinery - 6.7%
Gencor Industries 2,5		1,066,000		16,384,420
Hurco Companies 5		580,000		14,685,600
Mueller Industries		292,500		21,492,900
				52,562,920
Professional Services - 0.9%
Resources Connection		430,000		7,335,800
Total				184,303,269
Information Technology – 8.6%
Electronic Equipment, Instruments & Components - 4.7%
Vishay Intertechnology		1,610,000		36,418,200
Semiconductors & Semiconductor Equipment - 3.9%
NVE Corporation 5		368,000		30,540,320
Total				66,958,520
Materials – 8.5%
Chemicals - 3.4%
Huntsman Corporation		969,000		26,511,840
Construction Materials - 2.6%
United States Lime & Minerals		134,000		20,460,460
Metals & Mining - 0.5%
TimkenSteel Corporation 2		213,000		3,906,420
Paper & Forest Products - 2.0%
Sylvamo Corporation		333,000		15,404,580
Total				66,283,300
Real Estate – 3.7%
Real Estate Management & Development - 3.7%
Marcus & Millichap		903,000		28,995,330
Total				28,995,330
TOTAL COMMON STOCKS
(Cost $491,686,732)				631,043,320
REPURCHASE AGREEMENT – 19.5%
Fixed Income Clearing Corporation, 1.44% dated 3/31/23, due 4/3/23, maturity value $152,856,971 (collateralized   by obligations of U.S. Government   Agencies, 3.875% due 3/31/25, valued at $155,895,427)
(Cost $152,838,631)				152,838,631
TOTAL INVESTMENTS – 100.0%
(Cost $644,525,363)				783,881,951
LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)%				(326,006	)
NET ASSETS – 100.0%			$	783,555,945

SCHEDULES OF INVESTMENTS 

ROYCE SMALL-CAP TOTAL RETURN FUND

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 94.8%
Communication Services – 2.9%
Entertainment - 0.9%
World Wrestling Entertainment Cl. A		88,448	$	8,071,765
Interactive Media & Services - 2.0%
Ziff Davis 2		240,520		18,772,586
Total				26,844,351
Consumer Discretionary – 9.9%
Automobile Components - 1.5%
Vitesco Technologies Group 1,2		199,500		14,440,099
Hotels, Restaurants & Leisure - 1.1%
Denny's Corporation 2		891,100		9,944,676
Household Durables - 1.8%
Helen of Troy 2		180,900		17,216,253
Leisure Products - 1.0%
YETI Holdings 2		237,600		9,504,000
Specialty Retail - 3.8%
Franchise Group Cl. A		597,501		16,281,902
JOANN 2		1,453,952		2,311,784
OneWater Marine Cl. A 2		601,109		16,813,019
				35,406,705
Textiles, Apparel & Luxury Goods - 0.7%
Levi Strauss & Co. Cl. A		357,547		6,518,082
Total				93,029,815
Energy – 5.1%
Energy Equipment & Services - 5.1%
Cactus Cl. A		202,459		8,347,385
Core Laboratories		546,400		12,048,120
Dril-Quip 2		282,600		8,107,794
Oceaneering International 2		102,933		1,814,709
Pason Systems		1,938,676		17,400,029
Total				47,718,037
Financials – 37.6%
Banks - 15.9%
Atlantic Union Bankshares		143,300		5,022,665
Bank of N.T. Butterfield & Son		408,823		11,038,221
BankUnited		476,547		10,760,431
BOK Financial		100,401		8,474,848
First Bancorp		150,800		5,356,416
First Bancshares (The)		411,209		10,621,529
First Citizens BancShares Cl. A		20,500		19,948,550
HBT Financial		294,272		5,803,044
Home BancShares		785,167		17,045,976
Independent Bank Group		337,699		15,652,349
Origin Bancorp		343,028		11,028,350
TowneBank		395,948		10,552,014
UMB Financial		103,070		5,949,200
Valley National Bancorp		1,326,921		12,260,750
				149,514,343
Capital Markets - 5.9%
Artisan Partners Asset Management Cl. A		209,403		6,696,708
Moelis & Company Cl. A		199,737		7,677,891
NewtekOne 5		1,288,549		16,493,427
Tel Aviv Stock Exchange 1,2		3,625,200		15,862,546
TMX Group		87,204		8,807,507
				55,538,079
Financial Services - 3.0%
Compass Diversified Holdings		828,412		15,806,101
Repay Holdings Cl. A 2		1,812,678		11,909,294
				27,715,395
Insurance - 12.8%
AMERISAFE		97,409		4,768,171
Assured Guaranty		153,600		7,721,472
Axis Capital Holdings		348,697		19,010,960
First American Financial		154,345		8,590,843
International General Insurance Holdings 5		2,781,497		23,058,610
James River Group Holdings		366,003		7,557,962
ProAssurance Corporation		514,865		9,514,705
RenaissanceRe Holdings		96,391		19,310,973
Skyward Specialty Insurance Group 2		342,000		7,479,540
Stewart Information Services		316,304		12,762,866
				119,776,102
Total				352,543,919
Industrials – 19.2%
Building Products - 2.3%
Simpson Manufacturing		76,100		8,343,604
UFP Industries		169,399		13,462,138
				21,805,742
Commercial Services & Supplies - 0.6%
Healthcare Services Group 2		434,575		6,027,555
Machinery - 4.4%
Allison Transmission Holdings		176,600		7,989,384
Crane NXT		42,339		4,805,477
Douglas Dynamics		424,979		13,552,580
Lincoln Electric Holdings		16,066		2,716,761
Timken Company (The)		144,013		11,768,742
				40,832,944
Professional Services - 3.0%
Barrett Business Services		146,627		12,997,017
KBR		273,654		15,064,653
				28,061,670
Trading Companies & Distributors - 8.9%
Air Lease Cl. A		462,200		18,196,814
Applied Industrial Technologies		94,560		13,439,813
FTAI Aviation		727,800		20,349,288
Global Industrial		232,064		6,228,598
MRC Global 2		968,400		9,412,848
MSC Industrial Direct Cl. A		94,310		7,922,040
NOW 2		672,200		7,495,030
				83,044,431
Total				179,772,342
Information Technology – 12.2%
Electronic Equipment, Instruments & Components - 3.3%
Avnet		133,709		6,043,647
Vontier Corporation		928,953		25,397,575
				31,441,222
IT Services - 3.2%
Hackett Group (The)		898,909		16,611,838
Kyndryl Holdings 2		879,800		12,985,848
				29,597,686
Semiconductors & Semiconductor Equipment - 1.4%
Kulicke & Soffa Industries		151,184		7,965,885
MKS Instruments		56,905		5,042,921
				13,008,806
Software - 4.3%
Sapiens International		947,077		20,570,512
Teradata Corporation 2		502,367		20,235,343
				40,805,855
Total				114,853,569
Materials – 6.3%
Chemicals - 2.7%
Element Solutions		882,066		17,032,694
Minerals Technologies		135,480		8,185,702
				25,218,396
Containers & Packaging - 3.6%
Graphic Packaging Holding Company		411,460		10,488,116
Silgan Holdings		209,771		11,258,410
TriMas Corporation		440,740		12,279,016
				34,025,542
Total				59,243,938
Real Estate – 1.6%
Real Estate Management & Development - 1.6%
Kennedy-Wilson Holdings		900,697		14,942,563
Total				14,942,563
TOTAL COMMON STOCKS
(Cost $810,821,462)				888,948,534
PREFERRED STOCK – 2.1%
Information Technology – 2.1%
Electronic Equipment, Instruments & Components - 2.1%
Coherent Series A Conv.		110,424		19,323,096
(Cost $26,049,857)				19,323,096
REPURCHASE AGREEMENT – 3.3%
Fixed Income Clearing Corporation, 1.44% dated 3/31/23, due 4/3/23, maturity value $31,405,725 (collateralized by obligations of U.S. Government Agencies, 3.875% due 3/31/25, valued at $32,030,092)   (Cost $31,401,956)				31,401,956
TOTAL INVESTMENTS – 100.2%
(Cost $868,273,275)				939,673,586
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%				(1,551,040	)
NET ASSETS – 100.0%			$	938,122,546

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP VALUE FUND

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.7%
Communication Services – 3.9%
Entertainment - 1.2%
SciPlay Corporation Cl. A 2		82,264	$	1,395,197
Media - 2.7%
Entravision Communications Cl. A		180,211		1,090,277
Saga Communications Cl. A		49,604		1,102,697
TEGNA		52,400		886,084
				3,079,058
Total				4,474,255
Consumer Discretionary – 18.5%
Diversified Consumer Services - 1.2%
Lincoln Educational Services 2		233,476		1,321,474
Hotels, Restaurants & Leisure - 1.6%
Bloomin' Brands		69,700		1,787,805
Household Durables - 2.3%
M/I Homes 2		17,121		1,080,164
PulteGroup		27,200		1,585,216
				2,665,380
Leisure Products - 1.1%
Malibu Boats Cl. A 2		12,390		699,415
MasterCraft Boat Holdings 2		18,067		549,779
				1,249,194
Specialty Retail - 5.1%
Buckle (The)		907		32,371
Chico's FAS 2		168,100		924,550
Container Store Group (The) 2		88,689		304,203
Destination XL Group 2		113,500		625,385
Haverty Furniture		26,415		842,903
Lazydays Holdings 2		47,442		553,648
OneWater Marine Cl. A 2		25,788		721,290
Shoe Carnival		61,283		1,571,909
Williams-Sonoma		1,900		231,154
				5,807,413
Textiles, Apparel & Luxury Goods - 7.2%
Carter's		16,700		1,201,064
Kontoor Brands		33,700		1,630,743
Movado Group		46,601		1,340,711
Skechers U.S.A. Cl. A 2		27,100		1,287,792
Steven Madden		42,500		1,530,000
Tapestry		28,300		1,220,013
				8,210,323
Total				21,041,589
Consumer Staples – 2.5%
Consumer Staples Distribution & Retail - 2.5%
Ingles Markets Cl. A		15,975		1,416,983
Village Super Market Cl. A		63,999		1,464,297
Total				2,881,280
Energy – 8.0%
Oil, Gas & Consumable Fuels - 8.0%
Chord Energy		12,052		1,622,199
Civitas Resources		25,100		1,715,334
Dorchester Minerals L.P.		55,104		1,669,100
Matador Resources		25,900		1,234,135
Riley Exploration Permian		44,230		1,683,394
SilverBow Resources 2,3		53,996		1,233,809
Total				9,157,971
Financials – 14.6%
Banks - 9.4%
Citizens Community Bancorp		71,173		755,145
CNB Financial		64,458		1,237,594
Financial Institutions		22,336		430,638
First United		6,705		113,046
Landmark Bancorp		14,446		298,454
Mid Penn Bancorp		43,308		1,109,118
National Bankshares		15,995		503,203
Princeton Bancorp		29,137		924,226
Riverview Bancorp		109,605		585,291
Timberland Bancorp		53,249		1,438,788
TrustCo Bank Corp NY		36,834		1,176,478
Unity Bancorp		56,935		1,298,687
Western New England Bancorp		98,487		808,578
				10,679,246
Capital Markets - 2.5%
Evercore Cl. A		16,442		1,897,078
Houlihan Lokey Cl. A		5,190		454,073
Moelis & Company Cl. A		13,132		504,794
				2,855,945
Financial Services - 1.1%
International Money Express 2		47,100		1,214,238
Insurance - 1.6%
Tiptree		126,696		1,845,961
Total				16,595,390
Health Care – 6.5%
Biotechnology - 2.2%
Catalyst Pharmaceuticals 2,3		68,663		1,138,432
Ironwood Pharmaceuticals Cl. A 2		131,634		1,384,790
				2,523,222
Health Care Providers & Services - 2.9%
Cross Country Healthcare 2		58,957		1,315,920
Ensign Group (The)		6,091		581,934
Molina Healthcare 2		5,240		1,401,648
				3,299,502
Pharmaceuticals - 1.4%
Amphastar Pharmaceuticals 2		5,600		210,000
SIGA Technologies		249,963		1,437,287
				1,647,287
Total				7,470,011
Industrials – 19.2%
Air Freight & Logistics - 1.3%
Hub Group Cl. A 2		18,112		1,520,321
Building Products - 3.0%
Insteel Industries		35,517		988,083
Quanex Building Products		58,795		1,265,856
UFP Industries		14,800		1,176,156
				3,430,095
Construction & Engineering - 2.9%
Northwest Pipe 2		39,369		1,229,494
Sterling Infrastructure 2		55,066		2,085,900
				3,315,394
Electrical Equipment - 1.8%
Preformed Line Products		15,559		1,992,174
Ground Transportation - 4.7%
ArcBest Corporation		18,428		1,703,116
Schneider National Cl. B		69,850		1,868,488
Universal Logistics Holdings		21,934		639,376
Werner Enterprises		25,976		1,181,648
				5,392,628
Professional Services - 4.9%
Barrett Business Services		16,394		1,453,164
IBEX 2		40,956		999,327
Kforce		4,795		303,236
Korn Ferry		18,164		939,805
Mastech Digital 2		25,778		317,714
Resources Connection		90,815		1,549,304
				5,562,550
Trading Companies & Distributors - 0.6%
Veritiv		4,593		620,698
Total				21,833,860
Information Technology – 22.5%
Communications Equipment - 1.1%
Aviat Networks 2		35,442		1,221,331
Electronic Equipment, Instruments & Components - 14.6%
ePlus 2		31,034		1,521,907
Flex 2		91,781		2,111,881
Insight Enterprises 2		15,007		2,145,401
Jabil		25,775		2,272,324
Kimball Electronics 2		79,067		1,905,515
PC Connection		28,015		1,259,554
Sanmina Corporation 2		30,940		1,887,031
TD SYNNEX		16,966		1,642,139
Vishay Intertechnology		83,304		1,884,336
				16,630,088
IT Services - 0.9%
Computer Task Group 2		136,616		990,466
Semiconductors & Semiconductor Equipment - 4.7%
Alpha and Omega Semiconductor 2		46,200		1,245,090
Amkor Technology		60,957		1,586,101
Cohu 2		29,609		1,136,690
Kulicke & Soffa Industries		10,465		551,401
Ultra Clean Holdings 2		24,651		817,427
				5,336,709
Software - 1.2%
Adeia		160,219		1,419,541
Total				25,598,135
Real Estate – 1.0%
Real Estate Management & Development - 1.0%
RMR Group (The) Cl. A		42,456		1,114,045
Total				1,114,045

TOTAL COMMON STOCKS
(Cost $90,615,759)		110,166,536
REPURCHASE AGREEMENT – 4.3%
Fixed Income Clearing Corporation, 1.44% dated 3/31/23, due 4/3/23, maturity value $4,901,184 (collateralized   by obligations of U.S. Government   Agencies, 3.875% due 3/31/25, valued at $4,998,638)
(Cost $4,900,596)		4,900,596
TOTAL INVESTMENTS – 101.0%
(Cost $95,516,355)		115,067,132
LIABILITIES LESS CASH AND OTHER ASSETS – (1.0)%		(1,143,085	)
NET ASSETS – 100.0%	$	113,924,047

SCHEDULES OF INVESTMENTS

ROYCE SMALLER-COMPANIES GROWTH FUND

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.6%
Consumer Discretionary – 8.1%
Broadline Retail - 1.6%
Ollie's Bargain Outlet Holdings 2		51,000	$	2,954,940
Hotels, Restaurants & Leisure - 3.1%
Bragg Gaming Group 2		300,000		1,065,483
DraftKings Cl. A 2		83,000		1,606,880
Texas Roadhouse		30,000		3,241,800
				5,914,163
Leisure Products - 2.0%
Topgolf Callaway Brands 2		175,000		3,783,500
Specialty Retail - 0.7%
Lithia Motors		6,000		1,373,580
Textiles, Apparel & Luxury Goods - 0.7%
Canada Goose Holdings 2,3		64,000		1,232,000
Total				15,258,183
Consumer Staples – 5.5%
Beverages - 3.1%
Celsius Holdings 2		44,000		4,089,360
MGP Ingredients		19,000		1,837,680
				5,927,040
Food Products - 2.4%
Freshpet 2,3		67,000		4,434,730
Total				10,361,770
Energy – 0.5%
Energy Equipment & Services - 0.5%
Cactus Cl. A		24,000		989,520
Total				989,520
Financials – 4.1%
Banks - 3.4%
Atlantic Union Bankshares		58,000		2,032,900
Seacoast Banking Corporation of Florida		106,000		2,512,200
Webster Financial		47,000		1,852,740
				6,397,840
Financial Services - 0.7%
Cantaloupe 2		247,000		1,407,900
Total				7,805,740
Health Care – 29.1%
Biotechnology - 4.5%
ARS Pharmaceuticals 2,3		131,000		852,810
Avid Bioservices 2		125,000		2,345,000
Halozyme Therapeutics 2		45,000		1,718,550
MeiraGTx Holdings 2		146,337		756,563
PureTech Health 1,2		1,046,000		2,863,186
				8,536,109
Health Care Equipment & Supplies - 18.5%
Alphatec Holdings 2		346,000		5,397,600
Axonics 2		58,000		3,164,480
InMode 2		110,000		3,515,600
Inspire Medical Systems 2		16,488		3,859,346
Lantheus Holdings 2		58,000		4,788,480
SI-BONE 2		132,000		2,596,440
STAAR Surgical 2		39,000		2,494,050
TransMedics Group 2		99,000		7,497,270
ViewRay 2		468,000		1,619,280
				34,932,546
Health Care Providers & Services - 5.1%
DocGo 2		249,000		2,153,850
Hims & Hers Health Cl. A 2		220,000		2,182,400
Privia Health Group 2		97,000		2,678,170
Progyny 2		81,000		2,601,720
				9,616,140
Life Sciences Tools & Services - 1.0%
CryoPort 2		34,198		820,752
MaxCyte 2,3		210,000		1,039,500
				1,860,252
Total				54,945,047
Industrials – 19.5%
Aerospace & Defense - 1.6%
AeroVironment 2		33,000		3,024,780
Air Freight & Logistics - 2.0%
GXO Logistics 2		73,000		3,683,580
Commercial Services & Supplies - 3.7%
ACV Auctions Cl. A 2,3		318,000		4,105,380
VSE Corporation		66,000		2,963,400
				7,068,780
Electrical Equipment - 1.9%
Enovix Corporation 2,3		86,000		1,282,260
Shoals Technologies Group Cl. A 2		102,000		2,324,580
				3,606,840
Machinery - 4.3%
ATS Corporation 2		113,000		4,731,535
Chart Industries 2		19,000		2,382,600
Symbotic Cl. A 2,3		41,500		947,860
				8,061,995
Professional Services - 1.0%
ASGN 2		22,000		1,818,740
Trading Companies & Distributors - 5.0%
Distribution Solutions Group 2		134,000		6,091,640
FTAI Aviation		88,000		2,460,480
Xometry Cl. A 2,3		57,000		853,290
				9,405,410
Total				36,670,125
Information Technology – 27.1%
Communications Equipment - 1.2%
Clearfield 2,3		27,500		1,280,950
Genasys 2		328,000		967,600
				2,248,550
Electronic Equipment, Instruments & Components - 5.9%
Evolv Technologies Holdings 2,3		329,000		1,026,480
Iteris 2		803,474		3,768,293
Napco Security Technologies 2		166,000		6,238,280
				11,033,053
Semiconductors & Semiconductor Equipment - 10.1%
Aehr Test Systems 2		86,000		2,667,720
Ambarella 2		25,000		1,935,500
AXT 2		216,400		861,272
Credo Technology Group Holding 2		83,000		781,860
Impinj 2		53,555		7,257,774
indie Semiconductor Cl. A 2		134,000		1,413,700
Silicon Laboratories 2		24,000		4,202,160
				19,119,986
Software - 8.7%
Agilysys 2		53,000		4,373,030
Descartes Systems Group (The) 2		41,033		3,307,670
JFrog 2		113,000		2,226,100
Marin Software 2		200,000		182,100
Paylocity Holding Corporation 2		7,786		1,547,701
Sprout Social Cl. A 2,3		54,000		3,287,520
Vertex Cl. A 2		71,000		1,468,990
				16,393,111
Technology Hardware, Storage & Peripherals - 1.2%
Stratasys 2		133,000		2,198,490
Total				50,993,190
Materials – 3.1%
Chemicals - 0.8%
Bioceres Crop Solutions 2,3		133,000		1,544,130
Metals & Mining - 2.3%
AMG Advanced Metallurgical Group 1		102,589		4,376,140
Total				5,920,270
Real Estate – 0.6%
Office REITs - 0.6%
Postal Realty Trust Cl. A		70,000		1,065,400
Total				1,065,400
TOTAL COMMON STOCKS
(Cost $145,208,666)				184,009,245
REPURCHASE AGREEMENT – 2.2%
Fixed Income Clearing Corporation, 1.44% dated 3/31/23, due 4/3/23, maturity value $4,240,155 (collateralized   by obligations of U.S. Government   Agencies, 3.875% due 3/31/25, valued at $4,324,527)
(Cost $4,239,646)				4,239,646
COLLATERAL RECEIVED FOR SECURITIES LOANED – 2.1%
Money Market Funds
Federated Hermes Government Obligations
Fund - Institutional Shares (7 day yield-4.65%)
(Cost $3,946,488)		3,946,488		3,946,488
TOTAL INVESTMENTS – 101.9%
(Cost $153,394,800)				192,195,379
LIABILITIES LESS CASH AND OTHER ASSETS – (1.9)%				(3,674,317	)
NET ASSETS – 100.0%			$	188,521,062

	ADR – American Depository Receipt
	SPDR – Standard & Poor’s Depository Receipt
1	These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors.

² Non-income producing.

³ All or a portion of these securities were on loan as of March 31, 2023.

⁴ Securities for which market quotations are not readily available represent 0.0% and 0.0% of net assets for Royce Micro-Cap Fund and Royce Small-Cap Opportunity 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 As of March 31, 2023, 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.

Tax Information:

As of March 31, 2023, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

	Tax Basis		Net Unrealized Appreciation			Gross Unrealized
	Cost		(Depreciation)			Appreciation		(Depreciation)
Royce Dividend Value Fund	$	27,151,231	$	33,824,917		$	34,216,396	$	391,479
Royce Global Financial Services Fund		16,496,403		9,556,216			10,895,050		1,338,834
Royce International Premier Fund		795,371,024		(16,999,895	)		81,151,683		98,151,578
Royce Micro-Cap Fund		239,322,240		53,143,091			90,571,950		37,428,859
Royce Pennsylvania Mutual Fund		1,210,810,743		446,064,149			519,968,621		73,904,472
Royce Premier Fund		823,599,461		522,230,812			538,509,811		16,278,999
Royce Small-Cap Opportunity Fund		1,099,955,559		165,744,550			297,050,022		131,305,472
Royce Small-Cap Special Equity Fund		644,534,988		139,346,963			150,011,705		10,664,742
Royce Small-Cap Total Return Fund		872,463,583		67,210,003			128,530,889		61,320,886
Royce Small-Cap Value Fund		95,704,706		19,362,426			24,238,427		4,876,001
Royce Smaller-Companies Growth Fund		153,566,811		38,628,568			49,770,155		11,141,587

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:

Royce Dividend Value Fund, Royce Global Financial Services Fund, Royce International Premier Fund, Royce Micro-Cap Fund, Royce Pennsylvania Mutual Fund, Royce Premier Fund, Royce Small-Cap Opportunity Fund, Royce Small-Cap Special Equity Fund, Royce Small-Cap Total Return Fund, Royce Small-Cap Value Fund and Royce Smaller-Companies Growth Fund (the “Fund” or “Funds”), are the eleven series of The Royce Fund (the “Trust”), an open-end management investment company organized as a Delaware statutory trust. Royce & Associates, LP, the Funds’ investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners (“Royce”). Investment transactions are accounted for on the trade date. Portfolio securities held by the Funds 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. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.

Equity securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as “Level 1” inputs because they represent reliable quoted prices in active markets for identical securities.

If the value of a portfolio security held by a Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be “fair valued.” The Trust’s Board of Trustees has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act of 1940 (“Rule 2a-5”). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Trust's Board of Trustees and policies and procedures adopted by Royce in its capacity as valuation designee for the Trust. Fair valued securities are reported as either “Level 2” or “Level 3” securities.

As a general principle, the fair value of a security is the amount which a Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.

Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Funds on a particular valuation date include:

● Over-the-counter equity securities other than those traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system (collectively referred to herein as “Other OTC Equity Securities”) are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities;

● Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and

● The Funds use an independent pricing service to fair value certain non-U.S. equity securities when 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 such non-U.S. securities.

Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer’s ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas. In the case of restricted securities, fair value determinations generally start with the inherent or intrinsic worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in value resulting from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ significantly from the values that would have been used had an active market existed.

A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if:

● an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, has not traded and there are no bids;

● Royce does not receive at least two bid side quotes for an Other OTC Equity Security;

● the independent pricing services are unable to supply fair value prices; or

● the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time a Fund prices its shares).

The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Funds as of March 31, 2023. Any Level 2 or Level 3 securities held by a Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

	Level 1		Level 2		Level 3		Total
Royce Dividend Value Fund
Common Stocks	$	52,839,212	$	7,979,455	$	–	$	60,818,667
Repurchase Agreement		–		157,481		–		157,481
Royce Global Financial Services Fund
Common Stocks		20,900,320		4,168,532		–		25,068,852
Diversified Investment Companies		530,809		–		–		530,809
Repurchase Agreement		–		452,958		–		452,958
Royce International Premier Fund
Common Stocks		58,286,820		658,070,827		–		716,357,647
Preferred Stocks		–		18,572,351		–		18,572,351
Repurchase Agreement		–		43,441,131		–		43,441,131
Royce Micro-Cap Fund
Common Stocks		276,587,757		6,879,141		0		283,466,898
Repurchase Agreement		–		8,599,367		–		8,599,367
Money Market Fund/Collateral Received for Securities Loaned		399,066		–		–		399,066
Royce Pennsylvania Mutual Fund
Common Stocks		1,621,815,792		1,145,759		–		1,622,961,551
Repurchase Agreement		–		31,521,991		–		31,521,991
Money Market Fund/Collateral Received for Securities Loaned		2,391,350		–		–		2,391,350
Royce Premier Fund
Common Stocks		1,265,869,928		–		–		1,265,869,928
Repurchase Agreement		–		79,960,345		–		79,960,345
Royce Small-Cap Opportunity Fund
Common Stocks		1,228,169,425		1,321,639		0		1,229,491,064
Repurchase Agreement		–		33,974,888		–		33,974,888
Money Market Fund/Collateral Received for Securities Loaned		2,234,157		–		–		2,234,157
Royce Small-Cap Special Equity Fund
Common Stocks		625,163,320		5,880,000		–		631,043,320
Repurchase Agreement		–		152,838,631		–		152,838,631
Royce Small-Cap Total Return Fund
Common Stocks		858,645,889		30,302,645		–		888,948,534
Preferred Stocks		19,323,096		–		–		19,323,096
Repurchase Agreement		–		31,401,956		–		31,401,956
Royce Small-Cap Value Fund
Common Stocks		110,166,536		–		–		110,166,536
Repurchase Agreement		–		4,900,596		–		4,900,596
Royce Smaller-Companies Growth Fund
Common Stocks		176,769,919		7,239,326		–		184,009,245
Repurchase Agreement		–		4,239,646		–		4,239,646
Money Market Fund/Collateral Received for Securities Loaned		3,946,488		–		–		3,946,488

Level 3 Reconciliation:

Unrealized Gain (Loss)

Balance as of 12/31/22

Purchases

Sales

Realized Gain (Loss)

Currently Held Securities

Securities No Longer Held

Balance as of 3/31/23

Royce Micro-Cap Fund

Common Stocks

$

0

$

–

$

–

$

–

$

0

$

–

$

0

Royce Small-Cap Opportunity Fund

Common Stocks

0

–

–

–

0

–

0

Repurchase Agreements:

The Funds may enter into repurchase agreements with institutions that the Funds’ investment adviser has determined are creditworthy. Each Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of each Fund to dispose of its underlying securities. The remaining contractual maturities of repurchase agreements held by the Funds as of March 31, 2023, are next business day and continuous.

Securities Lending:

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

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

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

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

The following table presents cash collateral and the market value of securities on loan collateralized by cash collateral held by the Funds as of March 31, 2023:

	Cash Collateral1		Securities on Loan Collateralized by Cash Collateral			Net Amount
Royce Micro-Cap Fund	$	399,066	$	(394,909	)	$	4,157
Royce Pennsylvania Mutual Fund		2,391,350		(2,399,051	)		(7,701	)
Royce Small-Cap Opportunity Fund		2,234,157		(2,270,837	)		(36,680	)
Royce Smaller-Companies Growth Fund		3,946,488		(3,963,586	)		(17,098	)

¹The 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 as of March 31, 2023:

	Non-Cash Collateral		Securities on Loan Collateralized by Non-Cash Collateral			Net Amount
Royce Micro-Cap Fund	$	916,476	$	(894,938	)	$	21,538
Royce Pennsylvania Mutual Fund		17,341,983		(16,874,861	)		467,122
Royce Small-Cap Opportunity Fund		14,651,689		(14,244,481	)		407,208
Royce Small-Cap Value Fund		1,768,447		(1,724,562	)		43,885
Royce Smaller-Companies Growth Fund		4,823,583		(4,721,160	)		102,423

Transactions in Affiliated Companies:

An "Affiliated Company," as defined in the 1940 Act, is a company in which a Fund owns 5% or more of the company's outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the three months ended March 31, 2023:

Affiliated Company1	Shares 12/31/22		Market Value 12/31/22		Costs of Purchases		Proceeds from Sales		Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)			Dividend Income		Shares 3/31/23		Market Value 3/31/23
Royce Small-Cap Opportunity Fund
Industrials – 0.0%
Construction & Engineering – 0.0%
Limbach Holdings2,3		654,981	$	6,818,352	$	–	$	2,392,697	$	779,282		$	3,174,854		$	–		n/a		n/a
				6,818,352						779,282			3,174,854			–
Information Technology – 0.3%
Communications Equipment – 0.3%
PCTEL4		1,044,693		4,492,180		5,255		–		–			(73,730	)		57,519		1,045,793	$	4,423,705
				4,492,180						–			(73,730	)		57,519				4,423,705
				11,310,532						779,282			3,101,124			57,519				4,423,705
Royce Small-Cap Special Equity Fund
Consumer Discretionary – 0.0%
Automobile Components – 0.0%
Standard Motor Products2		1,188,000		41,342,400		–		5,283,059		(747,870	)		3,444,029			335,820		n/a		n/a
				41,342,400						(747,870	)		3,444,029			335,820
Industrials – 4.0%
Machinery – 4.0%
Gencor Industries3,4		1,066,000		10,766,600		–		–		–			5,617,820			–		1,066,000		16,384,420
Hurco Companies4		580,000		15,155,400		–		–		–			(469,800	)		92,800		580,000		14,685,600
				25,922,000						–			5,148,020			92,800				31,070,020
Information Technology – 3.9%
Semiconductors & Semiconductor Equipment – 3.9%
NVE Corporation4		371,500		24,054,625		–		261,371		5,601			6,741,465			370,000		368,000		30,540,320
				24,054,625						5,601			6,741,465			370,000				30,540,320
				91,319,025						(742,269	)		15,333,514			798,620				61,610,340
Royce Small-Cap Total Return Fund
Financials – 4.3%
Capital Markets – 1.8%
NewtekOne4		471,100		7,655,375		14,341,030		1,337,707		55,053			(4,220,324	)		–		1,288,549		16,493,427
Insurance – 2.5%
International General
Insurance Holdings4		2,747,997		21,983,976		278,340		–		–			796,294			–		2,781,497		23,058,610
				29,639,351						55,053			(3,424,030	)		–				39,552,037

¹ Percentages represent the percentages of the investments in Affiliated Companies of the Fund's net assets.

² Not an Affiliated Company as of March 31, 2023.

³ Non-income producing.

⁴ As of March 31, 2023, 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.

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