SCHEDULES OF INVESTMENTS 

ROYCE DIVIDEND VALUE FUND 

SEPTEMBER 30, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.4%
Consumer Discretionary – 3.2%
Hotels, Restaurants & Leisure - 0.2%
Travel + Leisure		3,100	$	113,863
Household Durables - 1.4%
Vistry Group 1		77,500		859,939
Specialty Retail - 1.6%
USS 1		56,000		925,945
Total				1,899,747
Energy – 1.6%
Oil, Gas & Consumable Fuels - 1.6%
Gaztransport Et Technigaz 1		7,800		958,245
Total				958,245
Financials – 31.2%
Banks - 5.2%
BOK Financial		15,414		1,232,812
First Citizens BancShares Cl. A		1,314		1,813,451
				3,046,263
Capital Markets - 22.7%
Artisan Partners Asset Management Cl. A		25,600		957,952
B3-Brasil, Bolsa, Balcao		336,600		822,993
Bolsa Mexicana de Valores		444,000		831,314
Canaccord Genuity Group		31,500		186,924
Carlyle Group		76,020		2,292,763
Evercore Cl. A		13,500		1,861,380
KKR & Co.		19,138		1,178,901
Moelis & Company Cl. A		19,359		873,672
SEI Investments		37,900		2,282,717
Sprott		37,500		1,142,186
State Street		15,120		1,012,435
				13,443,237
Financial Services - 1.5%
NewtekOne		60,500		892,375
Insurance - 1.8%
Assured Guaranty		17,900		1,083,308
Total				18,465,183
Health Care – 3.5%
Health Care Providers & Services - 0.9%
Ensign Group (The)		5,951		553,027
Pharmaceuticals - 2.6%
Recordati Industria Chimica e Farmaceutica 1		24,210		1,141,381
Santen Pharmaceutical 1		41,600		381,047
				1,522,428
Total				2,075,455
Industrials – 34.9%
Aerospace & Defense - 4.1%
HEICO Corporation Cl. A		18,800		2,429,336
Building Products - 0.7%
Geberit 1		800		399,385
Construction & Engineering - 2.6%
Comfort Systems USA		8,959		1,526,703

Electrical Equipment - 3.7%
Hubbell Incorporated	7,060	2,212,674
Ground Transportation - 0.6%
Werner Enterprises	8,643	336,645
Machinery - 9.3%
Graco	25,224	1,838,325
Lincoln Electric Holdings	9,020	1,639,746
Lindsay Corporation	3,843	452,244
Spirax-Sarco Engineering 1	13,478	1,558,552
		5,488,867
Marine Transportation - 1.9%
Clarkson 1	33,415	1,112,070
Professional Services - 7.9%
KBR	42,860	2,526,169
Korn Ferry	8,723	413,819
ManpowerGroup	19,300	1,415,076
Robert Half	4,794	351,304
		4,706,368
Trading Companies & Distributors - 4.1%
Applied Industrial Technologies	13,642	2,109,190
FTAI Aviation	10,000	355,500
		2,464,690
Total		20,676,738
Information Technology – 1.8%
Electronic Equipment, Instruments & Components - 1.8%
Vishay Intertechnology	42,497	1,050,526
Total		1,050,526
Materials – 19.1%
Chemicals - 2.1%
Quaker Houghton	6,122	979,520
Scotts Miracle-Gro Cl. A	5,000	258,400
		1,237,920
Containers & Packaging - 4.3%
AptarGroup	20,396	2,550,316
Metals & Mining - 12.7%
Franco-Nevada	16,500	2,202,585
Reliance Steel & Aluminum	6,228	1,633,168
Royal Gold	17,500	1,860,775
Worthington Industries	30,000	1,854,600
		7,551,128
Total		11,339,364
Real Estate – 2.1%
Real Estate Management & Development - 1.8%
Kennedy-Wilson Holdings	17,000	250,580
RMR Group (The) Cl. A	32,700	801,804
		1,052,384
Specialized REITs - 0.3%
OUTFRONT Media	17,900	180,790
Total		1,233,174
TOTAL COMMON STOCKS
(Cost $25,109,833)		57,698,432

REPURCHASE AGREEMENT – 3.3%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $1,935,660 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $1,973,934)
(Cost $1,935,152)		1,935,152
TOTAL INVESTMENTS – 100.7%
(Cost $27,044,985)		59,633,584
LIABILITIES LESS CASH AND OTHER ASSETS – (0.7)%		(427,226	)
NET ASSETS – 100.0%	$	59,206,358

SCHEDULES OF INVESTMENTS 

ROYCE GLOBAL FINANCIAL SERVICES FUND 

SEPTEMBER 30, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.0%
Banks - 17.3%
Bank of N.T. Butterfield & Son		5,805	$	157,199
BOK Financial		9,405		752,212
Capital City Bank Group		16,988		506,752
Columbia Banking System		10,366		210,430
First Citizens BancShares Cl. A		1,056		1,457,386
Popular		14,626		921,584
Valley National Bancorp		5,000		42,800
Western Alliance Bancorp		8,000		367,760
Total				4,416,123
Capital Markets - 48.8%
Ares Management Cl. A		4,442		456,949
Artisan Partners Asset Management Cl. A		7,512		281,099
B3-Brasil, Bolsa, Balcao		183,000		447,438
Carlyle Group		21,185		638,940
Charles Schwab		10,270		563,823
Coronation Fund Managers 1,2		30,600		49,997
CRISIL 1		14,000		659,873
Donnelley Financial Solutions 2		5,128		288,604
EFG Holding S.A.E. 1,2		277,186		132,314
GCM Grosvenor Cl. A		21,300		165,288
Intermediate Capital Group 1		39,111		659,002
JSE 1		51,000		247,566
KKR & Co.		14,508		893,693
MarketAxess Holdings		1,423		304,010
MarketWise Cl. A		88,300		141,280
Morningstar		1,199		280,854
NZX 1		580,000		369,557
Onex Corporation		11,615		682,662
Rand Capital		5,000		66,050
Raymond James Financial		2,320		232,998
SEI Investments		9,540		574,594
Silvercrest Asset Management Group Cl. A		27,612		438,202
Sprott		36,450		1,110,205
StoneX Group 2		7,975		772,937
Tel Aviv Stock Exchange 1,2		232,705		1,336,456
U.S. Global Investors Cl. A		165,500		471,675
Warsaw Stock Exchange 1		23,169		198,079
Total				12,464,145
Electronic Equipment, Instruments & Components - 1.4%
Crane NXT		6,500		361,205
Total				361,205
Financial Services - 3.6%
Banco Latinoamericano de Comercio Exterior Cl. E		25,700		544,840
ECN Capital		100,000		169,336
PayPal Holdings 2		3,466		202,622
Total				916,798
Insurance - 8.6%
Assured Guaranty		7,594		459,589
Axis Capital Holdings		11,554		651,299
E-L Financial		1,327		870,500

James River Group Holdings	13,700		210,295
Total			2,191,683
Metals & Mining - 4.5%
Franco-Nevada	8,571		1,144,143
Total			1,144,143
Professional Services - 0.1%
Quess Corp 1,2	8,900		44,729
Total			44,729
Real Estate Management & Development - 9.3%
Altus Group	23,760		822,525
FirstService Corporation	7,541		1,097,517
Real Matters 2	100,000		456,470
Total			2,376,512
Software - 1.0%
Envestnet 2	6,000		264,180
Total			264,180
Trading Companies & Distributors - 1.4%
FTAI Aviation	10,000		355,500
Total			355,500
TOTAL COMMON STOCKS
(Cost $15,101,306)			24,535,018
DIVERSIFIED INVESTMENT COMPANIES – 1.1%
Closed-End Funds - 1.1%
Eagle Point Income	19,341		275,609
(Cost $384,692)			275,609
REPURCHASE AGREEMENT – 3.4%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $860,178 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $877,224)
(Cost $859,952)			859,952
TOTAL INVESTMENTS – 100.5%
(Cost $16,345,950)			25,670,579
LIABILITIES LESS CASH AND OTHER ASSETS – (0.5)%			(119,223	)
NET ASSETS – 100.0%		$	25,551,356

SCHEDULES OF INVESTMENTS 

ROYCE INTERNATIONAL PREMIER FUND 

SEPTEMBER 30, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 92.7%
Australia – 5.5%
Hansen Technologies 1		4,885,772	$	16,611,812
IPH 1		3,937,898		18,723,201
Total				35,335,013
Belgium – 1.8%
Azelis Group 1		596,406		11,728,509
Total				11,728,509
Brazil – 3.5%
Odontoprev		5,653,425		12,248,122
TOTVS		1,892,555		10,165,817
Total				22,413,939
Canada – 4.5%
Altus Group		85,300		2,952,922
Enghouse Systems		635,548		14,028,146
Open Text		323,849		11,366,009
Total				28,347,077
Finland – 1.3%
Enento Group 1		369,530		8,280,473
Total				8,280,473
France – 2.8%
Antin Infrastructure Partners 1		684,124		8,840,655
Lectra 1		341,745		9,302,744
Total				18,143,399
Germany – 1.9%
New Work 1		90,018		9,412,598
Norma Group 1		155,200		2,878,955
Total				12,291,553
Iceland – 2.3%
Marel 1		2,871,501		8,324,163
Ossur 1,2		1,498,647		6,051,735
Total				14,375,898
Italy – 4.0%
Carel Industries 1		268,750		6,441,882
DiaSorin 1		108,363		9,864,774
GVS 1,2		1,743,636		9,425,985
Total				25,732,641
Japan – 23.8%
As One 1		309,100		11,281,487
Benefit One 1		432,000		3,123,081
BML 1		1,009,700		18,875,826
Fukui Computer Holdings 1		322,900		5,753,477
JCU 1		552,300		11,412,140
Maruwa 1		64,600		10,118,350
MEITEC Group Holdings 1		693,000		12,528,999
Miura 1		469,500		9,447,621
NSD 1		459,800		8,697,817

OBIC Business Consultants 1	246,300	10,198,030
Riken Keiki 1	319,600	12,880,990
TKC Corporation 1	706,800	17,202,318
USS 1	600,500	9,929,104
Zuken 1	433,600	10,534,356
Total		151,983,596
Netherlands – 1.7%
IMCD 1	85,800	10,845,356
Total		10,845,356
Poland – 2.0%
Asseco Poland 1	769,597	12,593,983
Total		12,593,983
Singapore – 1.8%
XP Power 1	394,461	11,339,760
Total		11,339,760
South Korea – 2.2%
Douzone Bizon 1	106,000	2,277,191
NICE Information Service 1	1,605,997	11,763,930
Total		14,041,121
Sweden – 6.5%
Alimak Group 1	1,337,294	8,119,844
Karnov Group 1,2	2,952,897	13,049,608
Loomis 1	456,647	12,262,137
Norva24 Group 1,2	4,484,405	7,887,239
Total		41,318,828
Switzerland – 4.3%
Kardex Holding 1	38,900	8,479,643
Partners Group Holding 1	6,788	7,638,199
VZ Holding 1	105,896	11,048,926
Total		27,166,768
United Kingdom – 22.8%
Ashmore Group 1	1,052,350	2,410,880
Auction Technology Group 1,2	1,150,543	9,123,638
Croda International 1	133,040	7,974,796
CVS Group 1	387,708	7,706,882
Diploma 1	257,610	9,411,600
DiscoverIE Group 1	1,475,482	12,139,990
Ergomed 1,2	327,131	5,336,186
Intertek Group 1	231,722	11,586,804
Learning Technologies Group 1	13,079,874	10,243,158
Marlowe 1,2	2,246,370	15,971,048
Mortgage Advice Bureau Holdings 1	1,379,609	8,939,048
Restore 1	6,331,860	18,149,189
Rightmove 1	987,816	6,732,746
Spirax-Sarco Engineering 1	78,500	9,077,485
Victrex 1	600,145	10,276,765
Total		145,080,215
TOTAL COMMON STOCKS
(Cost $672,739,884)		591,018,129
PREFERRED STOCK– 1.6%
Germany – 1.6%
FUCHS1	250,615	9,759,810
(Cost $9,813,187)		9,759,810

REPURCHASE AGREEMENT – 5.3%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $33,956,828 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $34,626,946)
(Cost $33,947,917)		33,947,917
TOTAL INVESTMENTS – 99.6%
(Cost $716,500,988)		634,725,856
CASH AND OTHER ASSETS LESS LIABILITIES – 0.4%		2,694,882
NET ASSETS – 100.0%	$	637,420,738

SCHEDULES OF INVESTMENTS 

ROYCE MICRO-CAP FUND 

SEPTEMBER 30, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.1%
Communication Services – 3.9%
Entertainment - 1.1%
Chicken Soup for the Soul Entertainment Cl. A 2		32	$	11
Gaia Cl. A 2		41		111
IMAX Corporation 2		166,100		3,209,052
				3,209,174
Interactive Media & Services - 0.8%
QuinStreet 2		260,446		2,336,201
Media - 2.0%
Entravision Communications Cl. A		377,521		1,377,952
Innovid Corp. 2		725,961		929,230
Magnite 2		220,900		1,665,586
Thryv Holdings 2		97,704		1,833,904
				5,806,672
Total				11,352,047
Consumer Discretionary – 12.5%
Automobile Components - 2.5%
Modine Manufacturing 2		89,694		4,103,500
Stoneridge 2		147,400		2,958,318
				7,061,818
Diversified Consumer Services - 0.6%
Lincoln Educational Services 2		206,908		1,748,373
Hotels, Restaurants & Leisure - 1.3%
Century Casinos 2		346,100		1,775,493
Lindblad Expeditions Holdings 2		270,400		1,946,880
				3,722,373
Household Durables - 2.0%
Hovnanian Enterprises Cl. A 2		34,400		3,497,104
Legacy Housing 2		117,973		2,289,856
				5,786,960
Leisure Products - 1.5%
American Outdoor Brands 2		260,456		2,547,260
MasterCraft Boat Holdings 2		85,300		1,895,366
				4,442,626
Specialty Retail - 3.7%
Chico's FAS 2		166,637		1,246,445
Citi Trends 2		142,724		3,171,327
JOANN 2		217,326		156,475
OneWater Marine Cl. A 2		45,600		1,168,272
Shoe Carnival		109,322		2,627,007
Zumiez 2		127,900		2,276,620
				10,646,146
Textiles, Apparel & Luxury Goods - 0.9%
Fossil Group 2		452,400		931,944
Vera Bradley 2		243,100		1,606,891
				2,538,835
Total				35,947,131
Energy – 4.5%
Energy Equipment & Services - 4.5%
Natural Gas Services Group 2		299,513		4,360,909
Newpark Resources 2		670,400		4,632,464
Profire Energy 2		1,404,632		3,904,877
Total				12,898,250

Financials – 12.2%
Banks - 7.4%
BayCom Corporation	155,542	2,987,962
Customers Bancorp 2	72,500	2,497,625
HarborOne Bancorp	251,253	2,391,928
HBT Financial	168,011	3,064,520
HomeTrust Bancshares	115,700	2,507,219
Investar Holding Corporation	185,600	1,965,504
Midway Investments 2,3	1,858,170	0
Stellar Bancorp	99,377	2,118,718
Territorial Bancorp	125,708	1,142,686
Western New England Bancorp	405,336	2,630,631
		21,306,793
Capital Markets - 4.0%
B. Riley Financial	52,800	2,164,272
Canaccord Genuity Group	284,800	1,690,033
Silvercrest Asset Management Group Cl. A	170,773	2,710,168
Sprott	70,380	2,143,656
StoneX Group 2	28,100	2,723,452
		11,431,581
Financial Services - 0.8%
Cass Information Systems	60,216	2,243,046
Total		34,981,420
Health Care – 7.3%
Biotechnology - 2.1%
ARS Pharmaceuticals 2,4	171,174	647,038
CareDx 2	193,500	1,354,500
Dynavax Technologies 2	198,000	2,924,460
MeiraGTx Holdings 2	222,200	1,091,002
		6,017,000
Health Care Equipment & Supplies - 3.7%
Apyx Medical 2	527,527	1,688,086
Artivion 2	176,155	2,670,510
AtriCure 2	40,700	1,782,660
Cutera 2	86,900	523,138
OrthoPediatrics Corp. 2	50,400	1,612,800
Profound Medical 2	227,300	2,279,276
		10,556,470
Life Sciences Tools & Services - 0.9%
Harvard Bioscience 2	601,559	2,586,703
Pharmaceuticals - 0.6%
Harrow 2,4	120,300	1,728,711
Total		20,888,884
Industrials – 26.1%
Aerospace & Defense - 2.2%
Astronics Corporation 2	132,200	2,096,692
Cadre Holdings	111,032	2,959,003
CPI Aerostructures 2	343,190	1,146,254
		6,201,949
Building Products - 1.3%
Quanex Building Products	137,300	3,867,741
Commercial Services & Supplies - 3.2%
Acme United	80,930	2,418,998
CECO Environmental 2	200,200	3,197,194
VSE Corporation	69,900	3,525,756
		9,141,948
Construction & Engineering - 4.6%
Concrete Pumping Holdings 2	312,332	2,679,809
Construction Partners Cl. A 2	104,300	3,813,208
IES Holdings 2	57,100	3,761,177

Northwest Pipe 2	97,900	2,953,643
		13,207,837
Electrical Equipment - 0.7%
American Superconductor 2	248,800	1,878,440
Machinery - 5.6%
Alimak Group 1	199,400	1,210,726
Commercial Vehicle Group 2	253,100	1,964,056
Graham Corporation 2	251,316	4,171,846
Luxfer Holdings	152,065	1,984,448
Porvair 1	329,800	2,332,703
Shyft Group (The)	107,219	1,605,068
Wabash National	138,700	2,929,344
		16,198,191
Marine Transportation - 0.9%
Clarkson 1	78,924	2,626,636
Professional Services - 5.1%
CRA International	27,783	2,799,415
Forrester Research 2	74,300	2,147,270
Kforce	42,732	2,549,391
NV5 Global 2	24,400	2,348,012
Resources Connection	204,452	3,048,379
TrueBlue 2	121,200	1,778,004
		14,670,471
Trading Companies & Distributors - 2.5%
Distribution Solutions Group 2	147,748	3,841,448
Transcat 2	35,274	3,455,794
		7,297,242
Total		75,090,455
Information Technology – 24.0%
Communications Equipment - 4.0%
Applied Optoelectronics 2	271,298	2,976,139
Clearfield 2,4	55,300	1,584,898
Comtech Telecommunications	166,002	1,452,517
Digi International 2	86,500	2,335,500
EMCORE Corporation 2	547,300	260,241
Genasys 2	524,453	1,054,151
Harmonic 2	195,900	1,886,517
		11,549,963
Electronic Equipment, Instruments & Components - 6.3%
Arlo Technologies 2	298,500	3,074,550
FARO Technologies 2	132,045	2,011,045
LightPath Technologies Cl. A 2	852,684	1,236,392
Luna Innovations 2	386,354	2,264,035
nLIGHT 2	254,350	2,645,240
PAR Technology 2	79,600	3,067,784
PowerFleet 2	388,604	804,410
VIA optronics ADR 2	261,857	301,136
Vishay Precision Group 2	79,000	2,652,820
		18,057,412
IT Services - 0.0%
Computer Task Group 2	77	796
Semiconductors & Semiconductor Equipment - 11.5%
Aehr Test Systems 2	76,512	3,496,598
Amtech Systems 2	193,211	1,472,268
Axcelis Technologies 2	18,200	2,967,510
AXT 2	496,600	1,191,840
Camtek 2	70,007	4,358,636
Cohu 2	84,900	2,923,956
Ichor Holdings 2	85,900	2,659,464
Nova 2	26,100	2,934,684
NVE Corporation	36,516	2,999,424

PDF Solutions 2	71,600		2,319,840
Photronics 2	165,900		3,352,839
Ultra Clean Holdings 2	79,500		2,358,765
			33,035,824
Software - 0.8%
Agilysys 2	36,121		2,389,765
Technology Hardware, Storage & Peripherals - 1.4%
AstroNova 2	198,050		2,475,625
Intevac 2	485,428		1,509,681
			3,985,306
Total			69,019,066
Materials – 5.1%
Chemicals - 0.7%
Aspen Aerogels 2	221,100		1,901,460
Metals & Mining - 4.4%
Altius Minerals	114,900		1,857,687
Ferroglobe 2	300,400		1,562,080
Haynes International	60,130		2,797,248
Major Drilling Group International 2	479,000		2,916,496
Universal Stainless & Alloy Products 2	273,592		3,586,791
			12,720,302
Total			14,621,762
Real Estate – 0.5%
Real Estate Management & Development - 0.5%
FRP Holdings 2	29,575		1,596,163
Total			1,596,163
TOTAL COMMON STOCKS
(Cost $224,620,630)			276,395,178
REPURCHASE AGREEMENT – 2.6%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $7,381,006 (collateralized by obligations of U.S. Government Agencies, 4.125% due 6/15/26, valued at $7,526,656)
(Cost $7,379,069)			7,379,069
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.2%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-5.20%)
(Cost $635,483)	635,483		635,483
TOTAL INVESTMENTS – 98.9%
(Cost $232,635,182)			284,409,730
CASH AND OTHER ASSETS LESS LIABILITIES – 1.1%			3,030,490
NET ASSETS – 100.0%		$	287,440,220

SCHEDULES OF INVESTMENTS 

ROYCE PENNSYLVANIA MUTUAL FUND 

SEPTEMBER 30, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.7%
Communication Services – 1.7%
Diversified Telecommunication Services - 0.1%
Cogent Communications Holdings		20,293	$	1,256,137
Liberty Latin America Cl. C 2		187,820		1,532,611
				2,788,748
Entertainment - 0.3%
IMAX Corporation 2		240,219		4,641,031
Interactive Media & Services - 1.1%
QuinStreet 2		77,243		692,870
Ziff Davis 2		283,622		18,063,885
				18,756,755
Media - 0.2%
TEGNA		197,863		2,882,864
Total				29,069,398
Consumer Discretionary – 9.7%
Automobile Components - 2.9%
Atmus Filtration Technologies 2		54,000		1,125,900
Dorman Products 2		158,168		11,982,808
Fox Factory Holding Corporation 2		64,400		6,380,752
Gentex Corporation		324,597		10,562,386
LCI Industries		90,392		10,613,829
Modine Manufacturing 2		50,000		2,287,500
Stoneridge 2		57,057		1,145,134
Vitesco Technologies Group 1,2		47,438		3,853,075
				47,951,384
Broadline Retail - 0.1%
Savers Value Village 2		71,007		1,325,701
Distributors - 0.2%
LKQ Corporation		60,000		2,970,600
Pool Corporation		2,993		1,065,807
				4,036,407
Diversified Consumer Services - 0.1%
Lincoln Educational Services 2		180,860		1,528,267
Hotels, Restaurants & Leisure - 0.4%
Bloomin' Brands		118,700		2,918,833
Century Casinos 2		421,973		2,164,722
Denny's Corporation 2		114,732		971,780
				6,055,335
Household Durables - 1.1%
Helen of Troy 2		36,289		4,229,846
Installed Building Products		6,750		843,007
Legacy Housing 2		97,929		1,900,802
M/I Homes 2		35,113		2,950,896
PulteGroup		41,539		3,075,963
Skyline Champion 2		77,223		4,920,650
TopBuild Corp. 2		256		64,410
				17,985,574
Leisure Products - 0.7%
Brunswick Corporation		102,845		8,124,755
YETI Holdings 2		63,347		3,054,592
				11,179,347
Specialty Retail - 3.0%
Asbury Automotive Group 2		73,132		16,825,479
CarMax 2		18,799		1,329,653
Destination XL Group 2		682,360		3,056,973

Five Below 2	8,214	1,321,633
Floor & Decor Holdings Cl. A 2,4	2,389	216,205
Murphy USA	8,640	2,952,547
OneWater Marine Cl. A 2	170,276	4,362,471
Shoe Carnival	287,578	6,910,499
Signet Jewelers	43,935	3,154,972
Valvoline 2	201,657	6,501,422
Williams-Sonoma	25,793	4,008,232
		50,640,086
Textiles, Apparel & Luxury Goods - 1.2%
Carter's	76,046	5,258,581
Kontoor Brands	67,144	2,948,293
Movado Group	198,126	5,418,746
Ralph Lauren Cl. A	35,171	4,083,001
Steven Madden	99,500	3,161,115
		20,869,736
Total		161,571,837
Consumer Staples – 1.2%
Food Products - 0.5%
Nomad Foods 2	430,865	6,557,765
Seneca Foods Cl. A 2	19,233	1,035,313
		7,593,078
Personal Care Products - 0.7%
Inter Parfums	86,890	11,672,802
Total		19,265,880
Energy – 2.0%
Energy Equipment & Services - 0.9%
Core Laboratories	117,948	2,831,932
Pason Systems	1,262,865	12,533,348
RPC	11,000	98,340
		15,463,620
Oil, Gas & Consumable Fuels - 1.1%
Chord Energy	20,346	3,297,476
Civitas Resources	40,650	3,287,366
Magnolia Oil & Gas Cl. A	60,508	1,386,238
Matador Resources	53,828	3,201,689
Northern Oil and Gas	34,526	1,388,981
Range Resources	42,052	1,362,905
SilverBow Resources 2	83,509	2,987,117
Sitio Royalties Cl. A	53,103	1,285,624
		18,197,396
Total		33,661,016
Financials – 16.9%
Banks - 5.5%
Bank of N.T. Butterfield & Son	190,500	5,158,740
BankUnited	182,703	4,147,358
BOK Financial	40,738	3,258,225
CNB Financial	10,180	184,360
First Bancshares (The)	154,207	4,158,963
First Citizens BancShares Cl. A	18,024	24,874,923
First Hawaiian	252,895	4,564,755
Hingham Institution for Savings	15,319	2,860,823
Home BancShares	249,980	5,234,581
Independent Bank Group	141,798	5,608,111
Origin Bancorp	102,630	2,962,928
Popular	189,632	11,948,712
Timberland Bancorp	99,201	2,688,347
Triumph Financial 2	96,832	6,273,745
TrustCo Bank Corp NY	117,875	3,216,809

Valley National Bancorp	246,171	2,107,224
Western Alliance Bancorp	64,860	2,981,614
		92,230,218
Capital Markets - 5.4%
Artisan Partners Asset Management Cl. A	402,699	15,068,996
B. Riley Financial	37,902	1,553,603
Evercore Cl. A	22,103	3,047,562
GCM Grosvenor Cl. A	961,176	7,458,726
Houlihan Lokey Cl. A	59,507	6,374,390
Lazard Cl. A	81,532	2,528,307
Morningstar	50,657	11,865,896
Onex Corporation	25,000	1,469,354
SEI Investments	340,707	20,520,782
Sprott	244,764	7,455,098
TMX Group	463,250	9,955,654
Tradeweb Markets Cl. A	42,244	3,387,969
		90,686,337
Consumer Finance - 0.2%
PRA Group 2	118,066	2,268,048
Financial Services - 0.9%
Compass Diversified Holdings	137,247	2,576,126
International Money Express 2	172,382	2,918,427
NewtekOne	313,177	4,619,361
Repay Holdings Cl. A 2,4	695,381	5,277,942
		15,391,856
Insurance - 4.9%
Assured Guaranty	269,277	16,296,644
Axis Capital Holdings	61,968	3,493,136
E-L Financial	23,618	15,493,199
First American Financial	24,673	1,393,778
International General Insurance Holdings	577,986	6,519,682
James River Group Holdings	448,659	6,886,916
RenaissanceRe Holdings	41,951	8,302,942
RLI Corp.	53,417	7,258,836
Safety Insurance Group	68,754	4,688,335
Stewart Information Services	50,605	2,216,499
Tiptree	195,785	3,281,357
White Mountains Insurance Group	4,160	6,222,070
		82,053,394
Total		282,629,853
Health Care – 6.9%
Biotechnology - 0.4%
CareDx 2	200,005	1,400,035
Catalyst Pharmaceuticals 2	471,389	5,510,537
MeiraGTx Holdings 2	95,578	469,288
		7,379,860
Health Care Equipment & Supplies - 3.6%
AtriCure 2	24,482	1,072,312
Atrion Corporation	8,442	3,487,981
Cutera 2	39,800	239,596
Enovis Corporation 2	382,033	20,144,600
Haemonetics Corporation 2	325,682	29,174,594
OrthoPediatrics Corp. 2	55,623	1,779,936
Profound Medical 2	52,098	522,418
Surmodics 2	42,305	1,357,567
TransMedics Group 2,4	41,198	2,255,591
		60,034,595
Health Care Providers & Services - 0.7%
AMN Healthcare Services 2	32,457	2,764,687
Cross Country Healthcare 2	121,617	3,014,885
Molina Healthcare 2	13,896	4,556,360

Premier Cl. A	44,819	963,609
		11,299,541
Health Care Technology - 0.1%
Doximity Cl. A 2	51,474	1,092,278
Simulations Plus	35,508	1,480,684
		2,572,962
Life Sciences Tools & Services - 1.9%
Azenta 2	129,518	6,500,508
BioLife Solutions 2	78,183	1,079,707
Bio-Rad Laboratories Cl. A 2	14,084	5,048,410
Bio-Techne	115,647	7,872,091
Harvard Bioscience 2	121,940	524,342
Mesa Laboratories	53,106	5,579,847
Quanterix Corporation 2	16,148	438,257
Stevanato Group	155,201	4,612,574
		31,655,736
Pharmaceuticals - 0.2%
Harmony Biosciences Holdings 2	48,593	1,592,393
Pacira BioSciences 2	1,900	58,292
SIGA Technologies	210,689	1,106,117
		2,756,802
Total		115,699,496
Industrials – 30.5%
Aerospace & Defense - 1.2%
HEICO Corporation	80,074	12,966,383
Leonardo DRS 2	378,414	6,319,514
		19,285,897
Air Freight & Logistics - 0.9%
Forward Air	78,031	5,363,851
Hub Group Cl. A 2	133,340	10,472,523
		15,836,374
Building Products - 3.4%
Advanced Drainage Systems	557	63,403
Builders FirstSource 2	168,376	20,961,128
Carlisle Companies	11,978	3,105,416
CSW Industrials	9,200	1,612,208
Hayward Holdings 2	22,552	317,983
Quanex Building Products	169,345	4,770,449
Simpson Manufacturing	73,187	10,964,145
UFP Industries	141,967	14,537,421
		56,332,153
Commercial Services & Supplies - 1.5%
Brady Corporation Cl. A	101,977	5,600,577
Driven Brands Holdings 2	59,545	749,672
GFL Environmental	73,628	2,338,425
Healthcare Services Group 2	575,282	6,000,191
Heritage-Crystal Clean 2	111,087	5,037,795
Montrose Environmental Group 2	55,184	1,614,684
RB Global	53,565	3,347,813
		24,689,157
Construction & Engineering - 3.7%
Arcosa	393,817	28,315,442
Construction Partners Cl. A 2	141,106	5,158,835
EMCOR Group	37,155	7,817,041
Northwest Pipe 2	81,867	2,469,927
Sterling Infrastructure 2	32,704	2,403,090
Valmont Industries	44,950	10,797,440
WillScot Mobile Mini Holdings Corp. 2	124,868	5,193,260
		62,155,035
Electrical Equipment - 2.2%
Allient	19,000	587,480

American Superconductor 2	93,326	704,611
Atkore 2	37,007	5,521,074
Encore Wire	45,487	8,299,558
GrafTech International	171,614	657,282
Preformed Line Products	101,976	16,579,258
Vertiv Holdings Cl. A	129,924	4,833,173
		37,182,436
Ground Transportation - 1.3%
ArcBest Corporation	28,778	2,925,284
Knight-Swift Transportation Holdings	58,931	2,955,389
Landstar System	70,783	12,524,344
Schneider National Cl. B	129,975	3,599,008
		22,004,025
Machinery - 8.0%
Chart Industries 2	23,621	3,994,784
Douglas Dynamics	115,001	3,470,730
EnPro Industries	98,854	11,980,116
ESAB Corporation	196,002	13,763,261
ESCO Technologies	122,593	12,803,613
Graham Corporation 2	91,849	1,524,693
Helios Technologies	69,419	3,851,366
John Bean Technologies	127,321	13,386,530
Kadant	96,603	21,788,807
Lincoln Electric Holdings	110,941	20,167,964
Lindsay Corporation	30,078	3,539,579
Miller Industries	204,924	8,035,070
RBC Bearings 2	68,424	16,020,111
Westport Fuel Systems 2,4	11,598	70,052
		134,396,676
Marine Transportation - 1.0%
Clarkson 1	30,004	998,550
Genco Shipping & Trading	223,501	3,126,779
Kirby Corporation 2	149,901	12,411,803
		16,537,132
Passenger Airlines - 0.2%
Sun Country Airlines Holdings 2	194,570	2,887,419
Professional Services - 2.7%
Barrett Business Services	33,565	3,028,906
CBIZ 2	36,496	1,894,142
Dun & Bradstreet Holdings	343,862	3,435,181
Forrester Research 2	345,994	9,999,227
FTI Consulting 2	1,065	190,007
IBEX 2	26,400	407,880
KBR	265,508	15,649,042
Korn Ferry	131,991	6,261,653
NV5 Global 2	10,870	1,046,020
Resources Connection	185,585	2,767,072
		44,679,130
Trading Companies & Distributors - 4.4%
Air Lease Cl. A	604,209	23,811,876
Applied Industrial Technologies	73,043	11,293,178
Core & Main Cl. A 2	2,227	64,249
Distribution Solutions Group 2	95,502	2,483,052
EVI Industries 2,4	342,790	8,508,048
FTAI Aviation	128,974	4,585,026
Hudson Technologies 2	143,783	1,912,314
MSC Industrial Direct Cl. A	16,639	1,633,118
Richelieu Hardware	322,291	9,439,158
Transcat 2	96,894	9,492,705
		73,222,724
Total		509,208,158

Information Technology – 17.7%
Communications Equipment - 0.8%
Aviat Networks 2	102,331	3,192,727
Calix 2	23,853	1,093,422
Digi International 2	303,783	8,202,141
Harmonic 2	114,873	1,106,227
		13,594,517
Electronic Equipment, Instruments & Components - 7.2%
Cognex Corporation	121,561	5,159,049
Coherent 2	103,170	3,367,469
Crane NXT	109,649	6,093,195
ePlus 2	73,438	4,664,782
Fabrinet 2	103,603	17,262,332
FARO Technologies 2	114,396	1,742,251
Flex 2	120,400	3,248,392
IPG Photonics 2	19,959	2,026,637
Jabil	28,126	3,568,908
Kimball Electronics 2	250,351	6,854,610
Littelfuse	30,402	7,519,023
Luna Innovations 2	766,388	4,491,034
nLIGHT 2	80,802	840,341
PAR Technology 2	345,975	13,333,876
PC Connection	14,307	763,708
PowerFleet 2	155,315	321,502
Rogers Corporation 2	60,729	7,984,041
Sanmina Corporation 2	54,889	2,979,375
TD SYNNEX	29,391	2,934,985
Teledyne Technologies 2	8,140	3,325,841
Vishay Intertechnology	117,978	2,916,416
Vishay Precision Group 2	122,532	4,114,624
Vontier Corporation	510,416	15,782,063
		121,294,454
IT Services - 0.8%
Hackett Group (The)	170,621	4,024,949
Kyndryl Holdings 2	508,606	7,679,951
Wix.com 2	17,172	1,576,390
		13,281,290
Semiconductors & Semiconductor Equipment - 6.0%
Amkor Technology	83,462	1,886,241
Axcelis Technologies 2	26,753	4,362,077
Camtek 2	79,224	4,932,486
Cirrus Logic 2	184,766	13,665,293
Cohu 2	80,612	2,776,277
FormFactor 2	445,312	15,559,201
Ichor Holdings 2	29,770	921,679
Kulicke & Soffa Industries	114,947	5,589,873
MKS Instruments	105,756	9,152,124
Nova 2	52,494	5,902,426
NVE Corporation	25,461	2,091,367
Onto Innovation 2	169,308	21,590,156
Photronics 2	132,417	2,676,148
Power Integrations	1,658	126,522
Rambus 2	98,218	5,479,582
SiTime Corporation 2	4,124	471,167
Ultra Clean Holdings 2	84,806	2,516,194
		99,698,813
Software - 2.7%
Adeia	267,263	2,854,369
Agilysys 2	56,407	3,731,887
Alkami Technology 2	69,971	1,274,871
AppLovin Corporation Cl. A 2,4	38,048	1,520,398
BlackLine 2	21,019	1,165,924

Computer Modelling Group	2,652,180	16,597,482
Dolby Laboratories Cl. A	63,720	5,050,447
PROS Holdings 2	70,477	2,439,914
Q2 Holdings 2	20,563	663,568
Sapiens International	127,290	3,618,855
Teradata Corporation 2	85,469	3,847,814
Workiva Cl. A 2,4	18,076	1,831,822
		44,597,351
Technology Hardware, Storage & Peripherals - 0.2%
AstroNova 2	81,672	1,020,900
Avid Technology 2	100,779	2,707,932
		3,728,832
Total		296,195,257
Materials – 7.9%
Chemicals - 4.4%
Aspen Aerogels 2	77,281	664,617
Balchem Corporation	68,346	8,477,638
Element Solutions	1,079,711	21,173,133
Ingevity Corporation 2	30,915	1,471,863
Innospec	186,071	19,016,456
Minerals Technologies	166,336	9,108,559
Quaker Houghton	78,812	12,609,920
Scotts Miracle-Gro Cl. A	6,191	319,951
		72,842,137
Containers & Packaging - 0.4%
Graphic Packaging Holding Company	182,635	4,069,108
Silgan Holdings	69,603	3,000,585
		7,069,693
Metals & Mining - 1.9%
Alamos Gold Cl. A	1,393,592	15,718,630
Haynes International	62,674	2,915,595
Materion Corporation	50,000	5,095,500
Reliance Steel & Aluminum	19,702	5,166,455
Ryerson Holding Corporation	100,158	2,913,596
		31,809,776
Paper & Forest Products - 1.2%
Louisiana-Pacific	81,031	4,478,584
Stella-Jones	311,861	14,997,799
		19,476,383
Total		131,197,989
Real Estate – 2.2%
Real Estate Management & Development - 2.2%
Colliers International Group	38,409	3,658,457
DigitalBridge Group Cl. A	28,762	505,636
FirstService Corporation	36,243	5,274,806
FRP Holdings 2	86,223	4,653,456
Kennedy-Wilson Holdings	845,184	12,458,012
Marcus & Millichap	245,327	7,197,894
RMR Group (The) Cl. A	128,042	3,139,590
Total		36,887,851
TOTAL COMMON STOCKS
(Cost $1,155,947,920)		1,615,386,735

REPURCHASE AGREEMENT – 2.9%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $48,783,084 (collateralized by obligations of various U.S. Government Agencies, 2.875%-4.125% due 6/15/26-5/15/52, valued at $49,745,746)
(Cost $48,770,282)			48,770,282
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.2%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-5.20%)
(Cost $2,866,875)	2,866,875		2,866,875
TOTAL INVESTMENTS – 99.8%
(Cost $1,207,585,077)			1,667,023,892
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2%			2,716,611
NET ASSETS – 100.0%		$	1,669,740,503

SCHEDULES OF INVESTMENTS

ROYCE PREMIER FUND

SEPTEMBER 30, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.2%
Communication Services – 1.6%
Interactive Media & Services - 1.6%
Ziff Davis 2		329,300	$	20,973,117
Total				20,973,117
Consumer Discretionary – 10.4%
Automobile Components - 4.3%
Dorman Products 2		292,151		22,133,360
Fox Factory Holding Corporation 2		140,359		13,906,769
LCI Industries		174,538		20,494,252
				56,534,381
Distributors - 1.4%
Pool Corporation		50,355		17,931,415
Leisure Products - 1.9%
Brunswick Corporation		313,291		24,749,989
Specialty Retail - 0.5%
Valvoline 2		201,908		6,509,514
Textiles, Apparel & Luxury Goods - 2.3%
Ralph Lauren Cl. A		264,740		30,733,667
Total				136,458,966
Consumer Staples – 1.8%
Personal Care Products - 1.8%
Inter Parfums		177,189		23,803,570
Total				23,803,570
Financials – 9.7%
Capital Markets - 9.7%
Ares Management Cl. A		226,393		23,289,048
Lazard Cl. A		436,759		13,543,897
Morningstar		135,516		31,743,268
SEI Investments		615,771		37,087,887
TMX Group		972,915		20,908,808
Total				126,572,908
Health Care – 5.3%
Health Care Equipment & Supplies - 4.0%
Enovis Corporation 2		336,857		17,762,469
Haemonetics Corporation 2		380,779		34,110,183
				51,872,652
Life Sciences Tools & Services - 1.3%
Bio-Techne		250,369		17,042,618
Total				68,915,270
Industrials – 34.9%
Aerospace & Defense - 2.2%
Woodward		232,215		28,855,036
Building Products - 3.0%
Simpson Manufacturing		181,103		27,131,040
UFP Industries		124,060		12,703,744
				39,834,784
Commercial Services & Supplies - 2.5%
RB Global		520,453		32,528,312
Construction & Engineering - 4.7%
Arcosa		516,520		37,137,788

Valmont Industries	103,599	24,885,516
		62,023,304
Ground Transportation - 2.2%
Landstar System	161,303	28,540,953
Machinery - 15.7%
EnPro Industries	100,238	12,147,843
ESAB Corporation	245,591	17,245,400
ESCO Technologies	280,909	29,338,136
John Bean Technologies	306,079	32,181,146
Kadant	151,302	34,126,166
Lincoln Electric Holdings	197,001	35,812,812
Lindsay Corporation	177,011	20,830,655
RBC Bearings 2	99,294	23,247,704
		204,929,862
Professional Services - 2.7%
Forrester Research 2	760,962	21,991,802
Korn Ferry	267,341	12,682,657
		34,674,459
Trading Companies & Distributors - 1.9%
Air Lease Cl. A	627,000	24,710,070
Total		456,096,780
Information Technology – 12.7%
Electronic Equipment, Instruments & Components - 2.9%
Cognex Corporation	354,946	15,063,908
Littelfuse	33,646	8,321,329
Rogers Corporation 2	116,617	15,331,637
		38,716,874
Semiconductors & Semiconductor Equipment - 6.3%
Cirrus Logic 2	272,997	20,190,858
FormFactor 2	826,000	28,860,440
MKS Instruments	380,552	32,932,970
		81,984,268
Software - 1.9%
Fair Isaac 2	28,314	24,591,559
Technology Hardware, Storage & Peripherals - 1.6%
Avid Technology 2	775,382	20,834,514
Total		166,127,215
Materials – 11.2%
Chemicals - 5.2%
Innospec	374,276	38,251,007
Quaker Houghton	188,206	30,112,960
		68,363,967
Metals & Mining - 3.0%
Reliance Steel & Aluminum	149,212	39,127,863
Paper & Forest Products - 3.0%
Stella-Jones	800,729	38,508,094
Total		145,999,924
Real Estate – 7.6%
Real Estate Management & Development - 7.6%
Colliers International Group	239,000	22,764,750
FirstService Corporation	231,300	33,663,402
Kennedy-Wilson Holdings	2,250,335	33,169,938
Marcus & Millichap	322,000	9,447,480
Total		99,045,570
TOTAL COMMON STOCKS
(Cost $771,513,673)		1,243,993,320

REPURCHASE AGREEMENT – 4.8%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $62,539,352 (collateralized by obligations of U.S. Government Agencies, 4.125% due 6/15/26, valued at $63,773,476) (Cost $62,522,940)		62,522,940
TOTAL INVESTMENTS – 100.0%
(Cost $834,036,613)		1,306,516,260
LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)%		(356,892	)
NET ASSETS – 100.0%	$	1,306,159,368

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP OPPORTUNITY FUND

SEPTEMBER 30, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.3%
Communication Services – 5.4%
Diversified Telecommunication Services - 0.6%
Ooma 2		548,170	$	7,131,692
Entertainment - 0.8%
IMAX Corporation 2		224,197		4,331,486
Marcus Corporation (The)		401,029		6,215,950
				10,547,436
Interactive Media & Services - 2.1%
Cars.com 2		296,100		4,992,246
DHI Group 2		1,373,538		4,203,026
EverQuote Cl. A 2		556,699		4,024,934
IAC 2		141,519		7,131,142
QuinStreet 2		722,100		6,477,237
				26,828,585
Media - 1.9%
comScore 2		1,273,062		781,533
Criteo ADR 2		190,623		5,566,192
Entravision Communications Cl. A		1,213,826		4,430,465
Innovid Corp. 2,4		1,424,565		1,823,443
Magnite 2		722,508		5,447,710
Thryv Holdings 2		273,351		5,130,798
				23,180,141
Total				67,687,854
Consumer Discretionary – 14.0%
Automobile Components - 3.7%
Adient 2		150,633		5,528,231
Dana		302,953		4,444,320
Garrett Motion 2,4		994,837		7,839,316
Goodyear Tire & Rubber 2		331,000		4,114,330
Modine Manufacturing 2		233,865		10,699,324
Patrick Industries		64,600		4,848,876
Stoneridge 2		458,569		9,203,480
				46,677,877
Broadline Retail - 1.0%
Dillard’s Cl. A		23,833		7,884,195
Nordstrom		331,392		4,950,996
				12,835,191
Diversified Consumer Services - 0.7%
Adtalem Global Education 2		93,909		4,024,001
Udemy 2		500,621		4,755,899
				8,779,900
Hotels, Restaurants & Leisure - 0.9%
Carrols Restaurant Group 2		628,546		4,142,118
Century Casinos 2		287,694		1,475,870
Krispy Kreme		218,221		2,721,216
Noodles & Company Cl. A 2		1,302,261		3,203,562
				11,542,766
Household Durables - 2.8%
Beazer Homes USA 2		118,157		2,943,291
Cavco Industries 2		20,186		5,362,613
Century Communities		46,001		3,071,947
M/I Homes 2		28,667		2,409,174
Skyline Champion 2		123,313		7,857,504
Taylor Morrison Home 2		112,187		4,780,288
Toll Brothers		39,455		2,918,092
Tri Pointe Homes 2		116,588		3,188,682
Vizio Holding Corp. Cl. A 2		443,261		2,398,042
				34,929,633
Specialty Retail - 3.8%
Asbury Automotive Group 2		32,779		7,541,465
Barnes & Noble Education 2,4		1,122,244		1,223,246
Caleres		326,928		9,402,449
Chico’s FAS 2		216,936		1,622,681
Designer Brands Cl. A		629,579		7,970,470
Express 2,4		60,545		544,905
J.Jill 2		223,242		6,607,963
MarineMax 2		93,152		3,057,249
OneWater Marine Cl. A 2		119,030		3,049,549
Overstock.com 2		242,700		3,839,514
Victoria’s Secret & Co. 2		127,584		2,128,101
				46,987,592
Textiles, Apparel & Luxury Goods - 1.1%
Fossil Group 2		774,200		1,594,852
Lakeland Industries 5		430,233		6,483,612
Rocky Brands		190,563		2,801,276
Vera Bradley 2		320,607		2,119,212
				12,998,952
Total				174,751,911
Consumer Staples – 1.0%
Food Products - 0.2%
SunOpta 2		752,208		2,534,941
Household Products - 0.5%
Spectrum Brands Holdings		72,200		5,656,870
Personal Care Products - 0.3%
Inter Parfums		32,772		4,402,590
Total				12,594,401
Energy – 7.7%
Energy Equipment & Services - 3.6%
Archrock		571,558		7,201,631
DMC Global 2		213,434		5,222,730
Mammoth Energy Services 2		823,117		3,819,263
Newpark Resources 2		670,674		4,634,357
Patterson-UTI Energy		319,208		4,417,839
ProPetro Holding Corp. 2		304,613		3,238,036
Ranger Energy Services Cl. A		345,556		4,899,984
Select Water Solutions Cl. A		563,185		4,477,321
Solaris Oilfield Infrastructure Cl. A		592,867		6,319,962
				44,231,123
Oil, Gas & Consumable Fuels - 4.1%
Ardmore Shipping		490,518		6,381,639
Baytex Energy		1,396,950		6,160,550
Chesapeake Energy		54,600		4,708,158
Matador Resources		143,783		8,552,213
Navigator Holdings		493,478		7,288,670
Northern Oil and Gas		193,400		7,780,482
Scorpio Tankers		122,781		6,644,908
Southwestern Energy 2		644,681		4,158,192
				51,674,812
Total				95,905,935
Financials – 6.4%
Banks - 2.8%
Axos Financial 2		93,800		3,551,268
BankUnited		112,010		2,542,627
BayCom Corporation		221,651		4,257,916

Business First Bancshares	152,684	2,864,352
CapStar Financial Holdings	169,650	2,407,333
First Bancshares (The)	101,504	2,737,563
Hanmi Financial	162,977	2,645,117
Hilltop Holdings	189,563	5,376,007
New York Community Bancorp	202,700	2,298,618
Seacoast Banking Corporation of Florida	168,550	3,701,358
Western Alliance Bancorp	54,415	2,501,457
		34,883,616
Capital Markets - 2.9%
Artisan Partners Asset Management Cl. A	115,155	4,309,100
B. Riley Financial	196,802	8,066,914
Canaccord Genuity Group	877,155	5,205,131
GCM Grosvenor Cl. A	488,605	3,791,575
Moelis & Company Cl. A	111,226	5,019,629
P10 Cl. A	412,141	4,801,443
Perella Weinberg Partners Cl. A	440,084	4,480,055
		35,673,847
Financial Services - 0.1%
Acacia Research 2	437,625	1,597,331
Insurance - 0.6%
Brighthouse Financial 2	166,538	8,150,370
Total		80,305,164
Health Care – 6.0%
Biotechnology - 0.5%
CareDx 2	312,827	2,189,789
MiMedx Group 2	561,200	4,091,148
		6,280,937
Health Care Equipment & Supplies - 2.0%
Accuray 2	1,962,188	5,337,151
Apyx Medical 2,4	805,338	2,577,081
Artivion 2	434,598	6,588,506
Tactile Systems Technology 2	272,966	3,835,172
Varex Imaging 2	391,659	7,359,273
		25,697,183
Health Care Providers & Services - 2.2%
Community Health Systems 2	748,736	2,171,334
Cross Country Healthcare 2	243,669	6,040,555
ModivCare 2	42,151	1,328,178
NeoGenomics 2	359,697	4,424,273
Quipt Home Medical 2,4	643,650	3,276,178
RadNet 2	239,478	6,750,885
Select Medical Holdings	148,700	3,757,649
		27,749,052
Health Care Technology - 0.4%
LifeMD 2,4	710,205	4,438,781
Life Sciences Tools & Services - 0.3%
Azenta 2	75,145	3,771,528
Pharmaceuticals - 0.6%
Organon & Co	345,894	6,004,720
Societal CDMO 2	2,126,957	997,543
		7,002,263
Total		74,939,744
Industrials – 29.0%
Aerospace & Defense - 5.1%
AAR Corporation 2	144,922	8,627,207
Astronics Corporation 2	490,531	7,779,822
BWX Technologies	114,000	8,547,720
Ducommun 2	172,140	7,489,811
Kaman Corporation	144,705	2,843,453

Kratos Defense & Security Solutions 2	420,369	6,313,942
Leonardo DRS 2	407,493	6,805,133
Mercury Systems 2	130,028	4,822,739
Terran Orbital 2,4	487,862	406,096
Triumph Group 2	635,068	4,864,621
V2X 2	115,436	5,963,424
		64,463,968
Air Freight & Logistics - 1.1%
Hub Group Cl. A 2	117,835	9,254,761
Radiant Logistics 2,4	701,969	3,966,125
		13,220,886
Building Products - 1.8%
Gibraltar Industries 2	108,900	7,351,839
Griffon Corporation	113,529	4,503,695
Insteel Industries	196,333	6,372,969
Resideo Technologies 2	263,216	4,158,813
		22,387,316
Commercial Services & Supplies - 2.2%
ACV Auctions Cl. A 2	289,713	4,397,843
CECO Environmental 2	502,799	8,029,700
Healthcare Services Group 2	688,043	7,176,288
VSE Corporation	157,249	7,931,640
		27,535,471
Construction & Engineering - 5.5%
Arcosa	42,836	3,079,908
Argan	125,000	5,690,000
Comfort Systems USA	16,110	2,745,305
Concrete Pumping Holdings 2	957,997	8,219,614
Construction Partners Cl. A 2	239,926	8,771,695
Limbach Holdings 2	212,618	6,746,369
Matrix Service 2	708,587	8,361,327
Northwest Pipe 2	221,397	6,679,547
Orion Group Holdings 2	1,252,666	6,714,290
Primoris Services	269,900	8,833,827
Sterling Infrastructure 2	45,667	3,355,611
		69,197,493
Electrical Equipment - 0.8%
American Superconductor 2	447,161	3,376,065
Babcock & Wilcox Enterprises 2	1,339,489	5,639,249
Power Solutions International 1,2	197,791	646,777
		9,662,091
Ground Transportation - 0.4%
Daseke 2	871,309	4,469,815
Machinery - 4.7%
Commercial Vehicle Group 2	877,571	6,809,951
EnPro Industries	33,320	4,038,051
Evercel 1,2	203,243	166,659
Helios Technologies	94,418	5,238,311
Hurco Companies	71,251	1,598,160
Luxfer Holdings	456,086	5,951,922
Manitex International 2	948,061	4,427,445
Mayville Engineering 2,4	373,330	4,095,430
Shyft Group (The)	291,979	4,370,926
Terex Corporation	60,500	3,486,010
Trinity Industries	256,237	6,239,371
Twin Disc 2	283,895	3,895,039
Wabash National	404,359	8,540,062
		58,857,337
Passenger Airlines - 0.5%
Alaska Air Group 2	105,300	3,904,524
Allegiant Travel	27,225	2,092,514
		5,997,038

Professional Services - 3.5%
Conduent 2	1,235,313	4,298,889
HireRight Holdings 2	308,975	2,938,352
Korn Ferry	123,277	5,848,261
Mistras Group 2	849,154	4,627,889
Resources Connection	471,275	7,026,710
Sterling Check 2	282,937	3,570,665
TrueBlue 2	332,126	4,872,289
TTEC Holdings	240,799	6,313,750
WNS Holdings ADR 2	71,226	4,876,132
		44,372,937
Trading Companies & Distributors - 3.4%
Air Lease Cl. A	206,264	8,128,864
BlueLinx Holdings 2	38,394	3,151,764
Herc Holdings	42,895	5,101,931
Hudson Technologies 2	683,456	9,089,965
MRC Global 2	598,622	6,135,876
NOW 2	462,447	5,489,246
WESCO International	38,359	5,516,791
		42,614,437
Total		362,778,789
Information Technology – 18.8%
Communications Equipment - 3.7%
ADTRAN Holdings	572,114	4,708,498
Applied Optoelectronics 2	371,155	4,071,571
Aviat Networks 2	230,751	7,199,431
Cambium Networks 2,4	210,197	1,540,744
Clearfield 2,4	165,098	4,731,709
Comtech Telecommunications	597,907	5,231,686
Digi International 2	244,381	6,598,287
DZS 2,4	935,194	1,963,908
Infinera Corporation 2,4	617,979	2,583,152
PCTEL 5	1,071,612	4,457,906
Ribbon Communications 2	1,043,571	2,796,770
		45,883,662
Electronic Equipment, Instruments & Components - 5.6%
Advanced Energy Industries	74,026	7,633,561
Arlo Technologies 2,4	720,600	7,422,180
Avnet	48,900	2,356,491
Benchmark Electronics	308,400	7,481,784
Coherent 2	125,029	4,080,947
CTS Corporation	186,001	7,763,682
Fabrinet 2	29,795	4,964,443
Frequency Electronics	271,693	1,885,549
Identiv 2	639,333	5,395,970
Knowles Corporation 2	433,469	6,419,676
nLIGHT 2	583,852	6,072,061
SmartRent Cl. A 2,4	737,252	1,924,228
VIA optronics ADR 2	802,732	923,142
Vishay Intertechnology	106,109	2,623,014
Vishay Precision Group 2	113,601	3,814,722
		70,761,450
IT Services - 0.6%
Kyndryl Holdings 2	493,822	7,456,712
Semiconductors & Semiconductor Equipment - 6.1%
Alpha and Omega Semiconductor 2	258,292	7,707,433
Amkor Technology	211,683	4,784,036
Amtech Systems 2,5	717,350	5,466,207
Cohu 2	225,996	7,783,302
FormFactor 2	221,813	7,750,146
Ichor Holdings 2	257,248	7,964,398
inTEST Corporation 2	282,562	4,286,466
Kulicke & Soffa Industries	131,365	6,388,280
Onto Innovation 2	57,826	7,373,971
Ultra Clean Holdings 2	250,427	7,430,169
Veeco Instruments 2	347,587	9,770,671
		76,705,079
Software - 1.7%
A10 Networks	350,426	5,266,903
Applied Digital 2,4	288,165	1,798,150
Everbridge 2	97,184	2,178,865
LiveRamp Holdings 2	133,900	3,861,676
Marin Software 2	595,767	253,201
SecureWorks Corp. Cl. A 2	670,268	4,162,364
Viant Technology Cl. A 2	682,513	3,822,073
		21,343,232
Technology Hardware, Storage & Peripherals - 1.1%
Immersion Corporation	724,844	4,791,219
Intevac 2,5	1,321,244	4,109,069
Xerox Holdings	310,491	4,871,603
		13,771,891
Total		235,922,026
Materials – 7.9%
Chemicals - 2.0%
Aspen Aerogels 2	447,587	3,849,248
Huntsman Corporation	207,758	5,069,295
Livent Corporation 2	282,614	5,202,924
Mativ Holdings	451,290	6,435,396
Tronox Holdings	285,425	3,836,112
		24,392,975
Construction Materials - 0.6%
Summit Materials Cl. A 2	231,995	7,224,324
Containers & Packaging - 0.4%
TriMas Corporation	197,810	4,897,776
Metals & Mining - 4.9%
ATI 2	200,035	8,231,440
Capstone Copper 2	908,421	3,852,387
Carpenter Technology	161,949	10,884,593
Commercial Metals	121,900	6,023,079
Ferroglobe 2	1,337,171	6,953,289
Haynes International	173,510	8,071,685
Major Drilling Group International 2	923,532	5,623,125
Noranda Aluminum Holding Corporation 2,3	488,157	0
Olympic Steel	49,971	2,808,870
TimkenSteel Corporation 2	430,900	9,359,148
		61,807,616
Total		98,322,691
Real Estate – 0.1%
Real Estate Management & Development - 0.1%
Fathom Holdings 2	321,703	1,312,548
Total		1,312,548
TOTAL COMMON STOCKS
(Cost $1,055,395,876)		1,204,521,063

REPURCHASE AGREEMENT – 3.5%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $43,798,073 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $44,662,376) (Cost $43,786,579)			43,786,579
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.4%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-5.20%)
(Cost $4,839,123)	4,839,123		4,839,123
TOTAL INVESTMENTS – 100.2%
(Cost $1,104,021,578)			1,253,146,765
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%			(2,093,970	)
NET ASSETS – 100.0%		$	1,251,052,795

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP SPECIAL EQUITY FUND

SEPTEMBER 30, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 82.7%
Communication Services – 3.8%
Media - 3.8%
TEGNA		1,955,000	$	28,484,350
Total				28,484,350
Consumer Discretionary – 14.3%
Automobile Components - 3.7%
Standard Motor Products		835,000		28,072,700
Broadline Retail - 1.7%
Macy’s		1,133,500		13,159,935
Diversified Consumer Services - 2.8%
H&R Block		485,000		20,884,100
Hotels, Restaurants & Leisure - 0.3%
Nathan’s Famous		28,000		1,978,480
Household Durables - 0.9%
Ethan Allen Interiors		225,000		6,727,500
Specialty Retail - 1.3%
ODP Corporation (The) 2		212,000		9,783,800
Textiles, Apparel & Luxury Goods - 3.6%
Movado Group		995,500		27,226,925
Total				107,833,440
Consumer Staples – 10.5%
Consumer Staples Distribution & Retail - 5.7%
Ingles Markets Cl. A		565,000		42,561,450
Food Products - 4.1%
John B. Sanfilippo & Son		311,500		30,776,200
Household Products - 0.7%
Oil-Dri Corporation of America		91,300		5,637,775
Total				78,975,425
Energy – 1.3%
Energy Equipment & Services - 1.3%
RPC		960,000		8,582,400
U.S. Silica Holdings 2		87,000		1,221,480
Total				9,803,880
Financials – 5.1%
Capital Markets - 5.1%
Diamond Hill Investment Group		138,800		23,397,516
Federated Hermes Cl. B		290,000		9,822,300
GAMCO Investors Cl. A 1		270,100		5,402,000
Total				38,621,816
Industrials – 26.1%
Building Products - 3.5%
Insteel Industries		413,500		13,422,210
UFP Industries		126,500		12,953,600
				26,375,810
Commercial Services & Supplies - 3.6%
Ennis		1,276,000		27,076,720
Electrical Equipment - 12.0%
Atkore 2		134,000		19,991,460
Encore Wire		266,000		48,534,360

Preformed Line Products	133,000		21,623,140
			90,148,960
Machinery - 6.0%
Gencor Industries 2,5	910,000		12,858,300
Hurco Companies 5	436,000		9,779,480
Miller Industries	40,000		1,568,400
Mueller Industries	279,500		21,007,220
			45,213,400
Professional Services - 1.0%
Resources Connection	490,000		7,305,900
Total			196,120,790
Information Technology – 8.8%
Electronic Equipment, Instruments & Components - 5.3%
Vishay Intertechnology	1,600,000		39,552,000
Semiconductors & Semiconductor Equipment - 3.5%
NVE Corporation 5	325,500		26,736,570
Total			66,288,570
Materials – 9.3%
Chemicals - 3.1%
Huntsman Corporation	950,000		23,180,000
Construction Materials - 3.3%
United States Lime & Minerals	123,500		24,823,500
Metals & Mining - 0.7%
TimkenSteel Corporation 2	240,000		5,212,800
Paper & Forest Products - 2.2%
Sylvamo Corporation	385,500		16,938,870
Total			70,155,170
Real Estate – 3.5%
Real Estate Management & Development - 3.5%
Marcus & Millichap	907,000		26,611,380
Total			26,611,380
TOTAL COMMON STOCKS
(Cost $490,031,988)			622,894,821
REPURCHASE AGREEMENT – 17.0%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $128,294,459 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $130,826,044)
(Cost $128,260,790)			128,260,790
TOTAL INVESTMENTS – 99.7%
(Cost $618,292,778)			751,155,611
CASH AND OTHER ASSETS LESS LIABILITIES – 0.3%			1,918,684
NET ASSETS – 100.0%		$	753,074,295

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP TOTAL RETURN FUND

SEPTEMBER 30, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 98.2%
Communication Services – 1.7%
Interactive Media & Services - 1.7%
Ziff Davis 2		249,355	$	15,881,420
Total				15,881,420
Consumer Discretionary – 7.4%
Automobile Components - 2.0%
Vitesco Technologies Group 1,2		226,985		18,436,490
Hotels, Restaurants & Leisure - 0.6%
Denny’s Corporation 2		721,414		6,110,376
Household Durables - 1.8%
Helen of Troy 2		141,721		16,519,000
Leisure Products - 1.4%
YETI Holdings 2		280,737		13,537,138
Specialty Retail - 1.6%
OneWater Marine Cl. A 2		575,931		14,755,352
Total				69,358,356
Energy – 6.0%
Energy Equipment & Services - 6.0%
Cactus Cl. A		229,925		11,544,534
Core Laboratories		468,100		11,239,081
Dril-Quip 2		508,000		14,310,360
Oceaneering International 2		63,033		1,621,209
Pason Systems		1,754,055		17,408,181
Total				56,123,365
Financials – 37.7%
Banks - 14.5%
Atlantic Union Bankshares		316,486		9,108,467
BankUnited		455,911		10,349,180
BOK Financial		58,559		4,683,549
First Bancshares (The)		236,403		6,375,789
First Citizens BancShares Cl. A		1,526		2,106,033
HBT Financial		195,169		3,559,882
Hingham Institution for Savings		75,487		14,097,197
Home BancShares		822,538		17,223,946
Independent Bank Group		368,502		14,574,254
Origin Bancorp		370,789		10,704,678
Seacoast Banking Corporation of Florida		333,441		7,322,364
TowneBank		308,001		7,062,463
Valley National Bancorp		1,485,557		12,716,368
Western Alliance Bancorp		175,336		8,060,196
Wintrust Financial		108,320		8,178,160
				136,122,526
Capital Markets - 2.9%
Moelis & Company Cl. A		65,708		2,965,402
Tel Aviv Stock Exchange 1,2		3,320,944		19,072,633
TMX Group		217,513		4,674,548
				26,712,583
Consumer Finance - 1.5%
Encore Capital Group 2		129,786		6,198,579
PRA Group 2		404,847		7,777,111
				13,975,690

Financial Services - 4.9%
Compass Diversified Holdings	725,170	13,611,441
NewtekOne	892,815	13,169,022
Repay Holdings Cl. A 2	2,567,780	19,489,450
		46,269,913
Insurance - 13.9%
AMERISAFE	78,297	3,920,331
Assured Guaranty	362,920	21,963,918
Axis Capital Holdings	352,897	19,892,804
First American Financial	151,815	8,576,029
International General Insurance Holdings 5	3,095,621	34,918,605
RenaissanceRe Holdings	97,513	19,299,773
Skyward Specialty Insurance Group 2	356,597	9,756,494
Stewart Information Services	262,895	11,514,801
		129,842,755
Total		352,923,467
Industrials – 20.3%
Building Products - 3.1%
Simpson Manufacturing	76,100	11,400,541
UFP Industries	169,399	17,346,458
		28,746,999
Commercial Services & Supplies - 1.6%
Healthcare Services Group 2	1,430,602	14,921,179
Machinery - 3.3%
Allison Transmission Holdings	71,492	4,222,317
Douglas Dynamics	584,357	17,635,894
Lincoln Electric Holdings	10,666	1,938,972
Timken Company (The)	99,038	7,278,303
		31,075,486
Professional Services - 2.2%
Barrett Business Services	163,027	14,711,557
KBR	107,714	6,348,663
		21,060,220
Trading Companies & Distributors - 10.1%
Air Lease Cl. A	507,231	19,989,974
Applied Industrial Technologies	80,660	12,470,843
FTAI Aviation	755,971	26,874,769
Global Industrial	186,325	6,241,887
MRC Global 2	621,290	6,368,222
MSC Industrial Direct Cl. A	98,791	9,696,337
NOW 2	1,078,508	12,801,890
		94,443,922
Total		190,247,806
Information Technology – 16.0%
Electronic Equipment, Instruments & Components - 5.0%
Coherent 2	514,893	16,806,108
Crane NXT	75,499	4,195,479
Vontier Corporation	829,653	25,652,871
		46,654,458
IT Services - 4.5%
Hackett Group (The)	838,560	19,781,630
Kyndryl Holdings 2	1,483,811	22,405,546
		42,187,176
Semiconductors & Semiconductor Equipment - 2.2%
Kulicke & Soffa Industries	232,607	11,311,678
MKS Instruments	112,916	9,771,751
		21,083,429
Software - 4.3%
Sapiens International	703,849	20,010,427

Teradata Corporation 2	451,759		20,338,190
			40,348,617
Total			150,273,680
Materials – 6.2%
Chemicals - 3.1%
Element Solutions	1,018,098		19,964,902
Ingevity Corporation 2	185,715		8,841,891
			28,806,793
Containers & Packaging - 3.1%
Graphic Packaging Holding Company	554,035		12,343,900
Silgan Holdings	395,226		17,038,193
			29,382,093
Total			58,188,886
Real Estate – 2.9%
Office REITs - 1.3%
Equity Commonwealth	666,011		12,234,622
Real Estate Management & Development - 1.6%
Kennedy-Wilson Holdings	993,197		14,639,724
Total			26,874,346
TOTAL COMMON STOCKS
(Cost $793,451,445)			919,871,326
REPURCHASE AGREEMENT – 1.9%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $17,982,958 (collateralized by obligations of U.S. Government Agencies, 4.125% due 6/15/26, valued at $18,337,804
(Cost $17,978,239)			17,978,239
TOTAL INVESTMENTS – 100.1%
(Cost $811,429,684)			937,849,565
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%			(613,129	)
NET ASSETS – 100.0%		$	937,236,436

SCHEDULES OF INVESTMENTS

ROYCE SMALL-CAP VALUE FUND

SEPTEMBER 30, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.6%
Communication Services – 3.1%
Media - 3.1%
Entravision Communications Cl. A		220,747	$	805,727
Saga Communications Cl. A		57,635		1,236,847
TEGNA		87,314		1,272,165
Total				3,314,739
Consumer Discretionary – 18.1%
Diversified Consumer Services - 0.5%
Lincoln Educational Services 2		59,446		502,319
Hotels, Restaurants & Leisure - 1.6%
Bloomin’ Brands		69,700		1,713,923
Household Durables - 4.0%
M/I Homes 2		18,321		1,539,697
Meritage Homes		6,477		792,720
PulteGroup		25,600		1,895,680
				4,228,097
Specialty Retail - 7.4%
Buckle (The)		38,425		1,283,011
Caleres		40,139		1,154,398
Destination XL Group 2		193,322		866,083
Haverty Furniture		33,962		977,426
Shoe Carnival		61,583		1,479,839
Signet Jewelers		14,989		1,076,360
Williams-Sonoma		6,700		1,041,180
				7,878,297
Textiles, Apparel & Luxury Goods - 4.6%
Carter’s		20,300		1,403,745
Kontoor Brands		31,500		1,383,165
Movado Group		28,401		776,767
Steven Madden		40,900		1,299,393
				4,863,070
Total				19,185,706
Consumer Staples – 2.5%
Consumer Staples Distribution & Retail - 2.5%
Ingles Markets Cl. A		16,575		1,248,595
Village Super Market Cl. A		60,899		1,378,753
Total				2,627,348
Energy – 10.5%
Oil, Gas & Consumable Fuels - 10.5%
Berry Corporation		113,841		933,496
Chord Energy		12,052		1,953,268
Civitas Resources		24,934		2,016,412
Dorchester Minerals L.P.		53,102		1,542,613
Matador Resources		27,100		1,611,908
Riley Exploration Permian		42,053		1,336,865
SilverBow Resources 2		50,491		1,806,063
Total				11,200,625
Financials – 16.6%
Banks - 11.6%
Citizens Community Bancorp		78,873		757,181
CNB Financial		73,658		1,333,946

Dime Community Bancshares	53,607	1,069,996
Heritage Financial	45,850	747,813
Landmark Bancorp	8,094	147,311
Mid Penn Bancorp	52,139	1,049,558
National Bankshares	5,869	146,960
Princeton Bancorp	29,649	859,525
Riverview Bancorp	116,983	650,425
Summit Financial Group	27,576	621,563
Timberland Bancorp	53,249	1,443,048
TrustCo Bank Corp NY	46,800	1,277,172
Unity Bancorp	56,935	1,333,987
Western New England Bancorp	132,324	858,783
		12,297,268
Capital Markets - 1.9%
Evercore Cl. A	13,936	1,921,496
Houlihan Lokey Cl. A	1,161	124,366
		2,045,862
Financial Services - 1.2%
International Money Express 2	76,081	1,288,051
Insurance - 1.9%
Tiptree	118,696	1,989,345
Total		17,620,526
Health Care – 5.7%
Biotechnology - 1.1%
Catalyst Pharmaceuticals 2	102,355	1,196,530
Health Care Providers & Services - 3.1%
Cross Country Healthcare 2	58,957	1,461,544
Ensign Group (The)	1,121	104,174
Molina Healthcare 2	5,240	1,718,144
		3,283,862
Pharmaceuticals - 1.5%
SIGA Technologies	290,756	1,526,469
Total		6,006,861
Industrials – 20.0%
Air Freight & Logistics - 1.3%
Hub Group Cl. A 2	17,212	1,351,831
Building Products - 3.7%
Insteel Industries	24,834	806,112
Quanex Building Products	57,095	1,608,366
UFP Industries	14,800	1,515,520
		3,929,998
Construction & Engineering - 2.5%
Northwest Pipe 2	39,369	1,187,763
Sterling Infrastructure 2	19,919	1,463,648
		2,651,411
Electrical Equipment - 1.5%
Preformed Line Products	9,462	1,538,332
Ground Transportation - 3.9%
ArcBest Corporation	13,979	1,420,965
Schneider National Cl. B	69,121	1,913,961
Universal Logistics Holdings	28,334	713,450
Werner Enterprises	3,418	133,131
		4,181,507
Marine Transportation - 2.1%
Genco Shipping & Trading	100,958	1,412,402
Pangaea Logistics Solutions	147,775	868,917
		2,281,319
Professional Services - 5.0%
Barrett Business Services	16,394	1,479,395
IBEX 2	95,361	1,473,327

Kforce	3,895		232,376
Korn Ferry	18,164		861,700
Resources Connection	88,251		1,315,822
			5,362,620
Total			21,297,018
Information Technology – 18.0%
Communications Equipment - 1.4%
Aviat Networks 2	47,628		1,485,994
Electronic Equipment, Instruments & Components - 13.9%
ePlus 2	29,607		1,880,637
Flex 2	78,181		2,109,323
Insight Enterprises 2	6,997		1,018,063
Jabil	16,822		2,134,544
Kimball Electronics 2	47,395		1,297,675
PC Connection	27,105		1,446,865
Sanmina Corporation 2	30,940		1,679,423
TD SYNNEX	13,366		1,334,729
Vishay Intertechnology	74,904		1,851,627
			14,752,886
Semiconductors & Semiconductor Equipment - 1.2%
Amkor Technology	47,181		1,066,291
Cohu 2	4,016		138,311
Kulicke & Soffa Industries	2,597		126,292
			1,330,894
Software - 1.5%
Adeia	147,902		1,579,593
Total			19,149,367
Materials – 1.0%
Metals & Mining - 1.0%
Ryerson Holding Corporation	38,125		1,109,056
Total			1,109,056
Real Estate – 1.1%
Real Estate Management & Development - 1.1%
RMR Group (The) Cl. A	48,350		1,185,542
Total			1,185,542
TOTAL COMMON STOCKS
(Cost $83,271,244)			102,696,788
REPURCHASE AGREEMENT – 2.1%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $2,236,734 (collateralized by obligations of various U.S. Government Agencies, 0.75%-4.125% due 5/31/26-6/15/26, valued at $2,280,958)
(Cost $2,236,147)			2,236,147
TOTAL INVESTMENTS – 98.7%
(Cost $85,507,391)			104,932,935
CASH AND OTHER ASSETS LESS LIABILITIES – 1.3%			1,371,365
NET ASSETS – 100.0%		$	106,304,300

SCHEDULES OF INVESTMENTS 

ROYCE SMALLER-COMPANIES GROWTH FUND 

SEPTEMBER 30, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.1%
Consumer Discretionary – 7.9%
Broadline Retail - 2.2%
Ollie's Bargain Outlet Holdings 2		47,000	$	3,627,460
Hotels, Restaurants & Leisure - 4.4%
Bragg Gaming Group 2		368,000		1,780,055
DraftKings Cl. A 2		108,000		3,179,520
Texas Roadhouse		26,000		2,498,600
				7,458,175
Household Durables - 1.3%
Installed Building Products		17,000		2,123,130
Total				13,208,765
Consumer Staples – 4.8%
Beverages - 3.2%
Celsius Holdings 2		23,000		3,946,800
MGP Ingredients		13,000		1,371,240
				5,318,040
Food Products - 1.6%
Freshpet 2		42,000		2,766,960
Total				8,085,000
Energy – 3.5%
Energy Equipment & Services - 3.5%
Cactus Cl. A		54,000		2,711,340
Oceaneering International 2		82,000		2,109,040
Select Water Solutions Cl. A		123,000		977,850
Total				5,798,230
Financials – 7.0%
Banks - 4.8%
Atlantic Union Bankshares		83,000		2,388,740
Seacoast Banking Corporation of Florida		125,000		2,745,000
Webster Financial		70,000		2,821,700
				7,955,440
Capital Markets - 0.8%
Open Lending 2,4		181,000		1,324,920
Financial Services - 1.4%
AvidXchange Holdings 2		45,000		426,600
Cantaloupe 2		314,000		1,962,500
				2,389,100
Total				11,669,460
Health Care – 19.0%
Biotechnology - 2.9%
ARS Pharmaceuticals 2,4		217,000		820,260
Avid Bioservices 2		100,000		944,000
MeiraGTx Holdings 2		146,337		718,515
PureTech Health 1,2		1,046,000		2,307,452
				4,790,227
Health Care Equipment & Supplies - 11.3%
Alphatec Holdings 2		261,000		3,385,170
Axonics 2		28,000		1,571,360
CVRx 2,4		70,416		1,068,210
InMode 2		110,000		3,350,600
Inspire Medical Systems 2		13,488		2,676,559
Lantheus Holdings 2		23,000		1,598,040
SI-BONE 2		132,000		2,803,680
TransMedics Group 2,4		45,000		2,463,750
				18,917,369
Health Care Providers & Services - 1.7%
Privia Health Group 2		125,000		2,875,000
Life Sciences Tools & Services - 1.1%
Azenta 2		10,000		501,900
BioLife Solutions 2		36,000		497,160
MaxCyte 2,4		250,000		780,000
				1,779,060
Pharmaceuticals - 2.0%
Corcept Therapeutics 2		64,000		1,743,680
Harrow 2,4		116,700		1,676,979
				3,420,659
Total				31,782,315
Industrials – 26.7%
Aerospace & Defense - 1.7%
AeroVironment 2		25,000		2,788,250
Air Freight & Logistics - 2.0%
GXO Logistics 2		57,000		3,343,050
Commercial Services & Supplies - 5.6%
ACV Auctions Cl. A 2		318,000		4,827,240
VSE Corporation		88,000		4,438,720
				9,265,960
Electrical Equipment - 2.1%
Enovix Corporation 2,4		108,000		1,355,400
Shoals Technologies Group Cl. A 2		118,000		2,153,500
				3,508,900
Machinery - 5.8%
ATS Corporation 2		113,000		4,817,007
Chart Industries 2		21,000		3,551,520
Energy Recovery 2		48,000		1,018,080
Symbotic Cl. A 2,4		9,500		317,585
				9,704,192
Professional Services - 1.9%
LegalZoom.com 2		164,000		1,794,160
Paylocity Holding Corporation 2		7,786		1,414,717
				3,208,877
Trading Companies & Distributors - 7.6%
Distribution Solutions Group 2		260,140		6,763,640
FTAI Aviation		104,000		3,697,200
Herc Holdings		19,000		2,259,860
				12,720,700
Total				44,539,929
Information Technology – 22.4%
Electronic Equipment, Instruments & Components - 2.8%
Evolv Technologies Holdings 2		379,000		1,841,940
Iteris 2		417,474		1,728,342
NAPCO Security Technologies		50,000		1,112,500
				4,682,782
Semiconductors & Semiconductor Equipment - 6.4%
Aehr Test Systems 2		82,000		3,747,400
Credo Technology Group Holding 2		40,000		610,000
Impinj 2		53,555		2,947,132
indie Semiconductor Cl. A 2		309,000		1,946,700
Silicon Laboratories 2		12,000		1,390,680
				10,641,912
Software - 12.6%
Agilysys 2		53,000		3,506,480
CyberArk Software 2		20,000		3,275,400
Descartes Systems Group (The) 2		35,033		2,570,722
JFrog 2		171,000		4,336,560
NextNav 2,4		368,894		1,896,115
SoundHound AI Cl. A 2,4		110,000		221,100
Sprout Social Cl. A 2,4		61,000		3,042,680
Vertex Cl. A 2		95,000		2,194,500
				21,043,557
Technology Hardware, Storage & Peripherals - 0.6%
Super Micro Computer 2		3,500		959,770
Total				37,328,021
Materials – 3.2%
Chemicals - 1.1%
Bioceres Crop Solutions 2		165,000		1,862,850
Metals & Mining - 2.1%
AMG Critical Materials 1		93,589		2,811,035
Lithium Royalty 2		75,000		627,278
				3,438,313
Total				5,301,163
Real Estate – 0.6%
Office REITs - 0.6%
Postal Realty Trust Cl. A		70,000		945,000
Total				945,000
TOTAL COMMON STOCKS
(Cost $131,786,335)				158,657,883
REPURCHASE AGREEMENT – 4.7%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $7,849,881 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $8,004,803) (Cost $7,847,821)				7,847,821
COLLATERAL RECEIVED FOR SECURITIES LOANED – 2.7%
Money Market Funds
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-5.20%) (Cost $4,509,673)		4,509,673		4,509,673
TOTAL INVESTMENTS – 102.5%
(Cost $144,143,829)				171,015,377
LIABILITIES LESS CASH AND OTHER ASSETS – (2.5)%				(4,237,296	)
NET ASSETS – 100.0%			$	166,778,081

ADR – American 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 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.

⁴ All or a portion of these securities were on loan as of September 30, 2023.

⁵ As of September 30, 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 September 30, 2023, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

			Net Unrealized
			Appreciation			Gross Unrealized
	Tax Basis Cost		(Depreciation)			Appreciation		(Depreciation)
Royce Dividend Value Fund	$	27,102,083	$	32,531,501		$	32,862,991	$	331,490
Royce Global Financial Services Fund		16,345,965		9,324,614			10,665,260		1,340,646
Royce International Premier Fund		720,203,909		(85,478,053	)		56,652,815		142,130,868
Royce Micro-Cap Fund		232,827,793		51,581,937			91,576,024		39,994,087
Royce Pennsylvania Mutual Fund		1,213,893,458		453,130,434			526,381,633		73,251,199
Royce Premier Fund		835,451,679		471,064,581			502,702,318		31,637,737
Royce Small-Cap Opportunity Fund		1,109,750,854		143,395,911			293,696,146		150,300,235
Royce Small-Cap Special Equity Fund		618,506,142		132,649,469			153,796,376		21,146,907
Royce Small-Cap Total Return Fund		815,068,217		122,781,348			156,319,572		33,538,224
Royce Small-Cap Value Fund		85,606,106		19,326,829			23,853,820		4,526,991
Royce Smaller-Companies Growth Fund		144,159,936		26,855,441			38,248,363		11,392,922

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 September 30, 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	$	50,361,868	$	7,336,564		$    –	$	57,698,432
Repurchase Agreement		–		1,935,152		–		1,935,152
Royce Global Financial Services Fund
Common Stocks		20,837,444		3,697,574		–		24,535,018
Diversified Investment Companies		275,609		–		–		275,609
Repurchase Agreement		–		859,952		–		859,952
Royce International Premier Fund
Common Stocks		50,761,015		540,257,114		–		591,018,129
Preferred Stocks		–		9,759,810		–		9,759,810
Repurchase Agreement		–		33,947,917		–		33,947,917
Royce Micro-Cap Fund
Common Stocks		270,225,113		6,170,065		0		276,395,178
Repurchase Agreement		–		7,379,069		–		7,379,069
Money Market Fund/Collateral Received for Securities Loaned		635,483		–		–		635,483
Royce Pennsylvania Mutual Fund
Common Stocks		1,610,535,110		4,851,625		–		1,615,386,735
Repurchase Agreement		–		48,770,282		–		48,770,282
Money Market Fund/Collateral Received for Securities Loaned		2,866,875		–		–		2,866,875
Royce Premier Fund
Common Stocks		1,243,993,320		–		–		1,243,993,320
Repurchase Agreement		–		62,522,940		–		62,522,940
Royce Small-Cap Opportunity Fund
Common Stocks		1,203,707,627		813,436		0		1,204,521,063
Repurchase Agreement		–		43,786,579		–		43,786,579
Money Market Fund/Collateral Received for Securities Loaned		4,839,123		–		–		4,839,123
Royce Small-Cap Special Equity Fund
Common Stocks		617,492,821		5,402,000		–		622,894,821
Repurchase Agreement		–		128,260,790		–		128,260,790
Royce Small-Cap Total Return Fund
Common Stocks		882,362,203		37,509,123		–		919,871,326
Repurchase Agreement		–		17,978,239		–		17,978,239
Royce Small-Cap Value Fund
Common Stocks		102,696,788		–		–		102,696,788
Repurchase Agreement		–		2,236,147		–		2,236,147
Royce Smaller-Companies Growth Fund
Common Stocks		153,539,395		5,118,488		–		158,657,883
Repurchase Agreement		–		7,847,821		–		7,847,821
Money Market Fund/Collateral Received for Securities Loaned		4,509,673		–		–		4,509,673

Level 3 Reconciliation:					Unrealized Gain (Loss)
	Balance as			Realized	Currently Held	Securities	Balance as
	of 12/31/22	Purchases	Sales	Gain (Loss)	Securities	No Longer Held	of 9/30/23
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 September 30, 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 September 30, 2023:

		Securities on Loan
	Cash Collateral1	Collateralized by Cash Collateral	Net Amount
Royce Micro-Cap Fund	$         635,483	$         (640,566)	$      (5,083)
Royce Pennsylvania Mutual Fund	2,866,875	(2,844,798)	22,077
Royce Small-Cap Opportunity Fund	4,839,123	(4,664,152)	174,971
Royce Smaller-Companies Growth Fund	4,509,673	(4,361,036)	148,637

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

The following table presents non-cash collateral and the market value of securities on loan collateralized by non-cash collateral held by the Funds’ custodian as of September 30, 2023:

		Securities on Loan
	Non-Cash Collateral	Collateralized by Non-Cash Collateral	Net Amount
Royce Micro-Cap Fund	$  1,929,556	$  (1,872,278)	$   57,278
Royce Pennsylvania Mutual Fund	4,739,950	(4,638,551)	101,399
Royce Small-Cap Opportunity Fund	7,750,390	(7,546,202)	204,188
Royce Smaller-Companies Growth Fund	6,173,297	(6,028,337)	144,960

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 nine months ended September 30, 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 9/30/23		Market Value 9/30/23
Royce International Premier Fund
United Kingdom – 2.8%
Restore2,3		4,729,458	$	18,868,340	$	9,089,495	$	2,564,185	$	(1,407,831	)	$	(5,836,630	)	$	577,315		n/a		n/a
				18,868,340						(1,407,831	)		(5,836,630	)		577,315
Royce Small-Cap Opportunity Fund
Consumer Discretionary – 0.5%
Textiles, Apparel & Luxury Goods – 0.5%
Lakeland Industries4		273,810		3,641,673		2,169,119		—		—			672,820			30,691		430,233	$	6,483,612
				3,641,673						—			672,820			30,691				6,483,612
Industrials – 0.5%
Construction & Engineering – 0.5%
Limbach Holdings3,5		654,981		6,818,352		—		8,626,362		4,884,972			3,669,407			—		n/a		n/a
				6,818,352						4,884,972			3,669,407			—

Information Technology – 1.1% 

Communications Equipment – 0.4% 

PCTEL4	1,044,693	4,492,180	165,529	51,081	(16,969	)	(131,753	)	172,125	1,071,612	4,457,906
Semiconductors & Semiconductor Equipment – 0.4%
Amtech Systems4,5	663,484	5,042,478	477,208	—	—		(53,479	)	—	717,350	5,466,207
Technology Hardware, Storage & Peripherals – 0.3%
Intevac4,5	968,302	6,264,914	1,547,779	—	—		(3,703,624	)	—	1,321,244	4,109,069
		15,799,572			(16,969	)	(3,888,856	)	172,125		14,033,182
		26,259,597			4,868,003		453,371		202,816		20,516,794
Royce Small-Cap Special Equity Fund
Consumer Discretionary – 3.7%
Automobile Components – 3.7%
Standard Motor Products3	1,188,000	41,342,400	1,173,090	14,529,115	(1,780,124	)	1,866,449		852,745	n/a	n/a
		41,342,400			(1,780,124	)	1,866,449		852,745
Industrials – 3.0%
Machinery – 3.0%
Gencor Industries4,5	1,066,000	10,766,600	—	2,259,411	(327,983	)	4,679,094		—	910,000	12,858,300
Hurco Companies4	580,000	15,155,400	—	3,175,319	(2,413,304	)	212,703		232,928	436,000	9,779,480
		25,922,000			(2,741,287	)	4,891,797		232,928		22,637,780
Information Technology – 3.5%
Semiconductors & Semiconductor Equipment – 3.5%
NVE Corporation4	371,500	24,054,625	—	4,185,657	913,378		5,954,224		1,068,000	325,500	26,736,570
		24,054,625			913,378		5,954,224		1,068,000		26,736,570
		91,319,025			(3,608,033	)	12,712,470		2,153,673		49,374,350
Royce Small-Cap Total Return Fund
Financials – 5.1%
Financial Services – 1.4%
NewtekOne3	471,100	7,655,375	14,341,030	7,701,253	(678,074	)	(448,057	)	418,627	n/a	n/a
Insurance – 3.7%
International General Insurance Holdings4	2,747,997	21,983,976	3,593,972	746,659	129,774		9,957,542		87,503	3,095,621	34,918,605
		29,639,351			(548,300	)	9,509,485		506,130		34,918,605

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

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

³ Not an Affiliated Company as of September 30, 2023.

⁴ As of September 30, 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.

⁵ Non-income producing.

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).