SCHEDULE OF INVESTMENTS 

ROYCE VALUE TRUST 

MARCH 31, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 101.3%
Communication Services – 2.3%
Diversified Telecommunication Services - 1.2%
Bandwidth Cl. A 1		157,820	$	20,002,107
Cogent Communications Holdings 2		11,448		787,165
Liberty Latin America Cl. C 1,2		319,528		4,147,473
				24,936,745
Entertainment - 0.3%
IMAX Corporation 1		350,000		7,035,000
Marcus Corporation (The) 1		6,051		120,959
World Wrestling Entertainment Cl. A		5,957		323,227
				7,479,186
Interactive Media & Services - 0.6%
Enthusiast Gaming Holdings 1		81,250		603,864
Eventbrite Cl. A 1		377,900		8,374,264
QuinStreet 1,2,3		199,354		4,046,886
				13,025,014
Media - 0.2%
AMC Networks Cl. A 1		9,844		523,307
comScore 1,2		404,910		1,481,971
Gannett Company 1		113,777		612,120
Meredith Corporation 1		27,849		829,343
				3,446,741
Wireless Telecommunication Services - 0.0%
Shenandoah Telecommunications		8,445		412,200
Total				49,299,886
Consumer Discretionary – 11.5%
Auto Components - 2.3%
Cooper Tire & Rubber		11,799		660,508
Cooper-Standard Holdings 1		892		32,397
Dorman Products 1,2		31,800		3,263,952
Fox Factory Holding Corporation 1		1,000		127,060
Gentex Corporation 2		150,660		5,374,042
LCI Industries 2		120,495		15,939,079
Motorcar Parts of America 1		11,274		253,665
Patrick Industries 2		252,532		21,465,220
Standard Motor Products 2		5,794		240,915
Superior Industries International 1		30,572		173,649
				47,530,487
Automobiles - 0.0%
Winnebago Industries		5,800		444,918
Distributors - 0.2%
Core-Mark Holding Company 2		8,226		318,264
LKQ Corporation 1,2		99,100		4,194,903
				4,513,167
Diversified Consumer Services - 0.3%
American Public Education 1		20,401		726,888
Perdoceo Education 1		47,739		570,958
Regis 1		33,660		422,770
Universal Technical Institute 1		639,032		3,731,947
				5,452,563
Hotels, Restaurants & Leisure - 1.5%
Century Casinos 1		80,205		823,706
Denny's Corporation 1		30,000		543,300
Hilton Grand Vacations 1		260,100		9,751,149
Hyatt Hotels Cl. A 1		2,729		225,688
Lindblad Expeditions Holdings 1,2		373,700		7,062,930
Red Robin Gourmet Burgers 1		1,543		61,550
Ruth's Hospitality Group 1		19,871		493,397
Scientific Games 1		293,300		11,297,916
				30,259,636
Household Durables - 0.4%
Cavco Industries 1,2,3		14,700		3,316,467
Century Communities 1		7,624		459,879
Ethan Allen Interiors 2		22,059		609,049
Helen of Troy 1		1,000		210,660
La-Z-Boy		27,364		1,162,423
Meritage Homes 1		17,412		1,600,511
Skyline Champion 1		13,900		629,114
				7,988,103
Internet & Direct Marketing Retail - 0.5%
Magnite 1		10,200		424,422
PetMed Express		2,420		85,123
Shutterstock		15,931		1,418,496
Stamps.com 1		38,323		7,645,822
				9,573,863
Leisure Products - 1.1%
Brunswick Corporation		231,600		22,087,692
Johnson Outdoors Cl. A		1,990		284,073
MasterCraft Boat Holdings 1		36,368		967,025
Sturm, Ruger & Company		2,017		133,263
YETI Holdings 1		4,772		344,586
				23,816,639
Multiline Retail - 0.0%
Big Lots		11,018		752,529
Specialty Retail - 4.1%
America's Car-Mart 1,2,3		108,300		16,501,671
Asbury Automotive Group 1		20,013		3,932,555
AutoCanada 1		1,058,500		25,773,932
Barnes & Noble Education 1		14,332		116,663
Buckle (The)		37,392		1,468,758
Caleres		3,803		82,905
Camping World Holdings Cl. A 2,3		348,913		12,693,455
CarMax 1		7,000		928,620
Cato Corporation (The) Cl. A 1		40,302		483,624
Chico's FAS 1		10,856		35,933
Children's Place (The) 1		1,559		108,662
Genesco 1		4,412		209,570
Haverty Furniture		13,902		517,015
Hibbett Sports 1		13,132		904,664
MarineMax 1		9,402		464,083
Michaels Companies (The) 1		164,595		3,611,214
ODP 1		14,423		624,372
OneWater Marine Cl. A 1		331,300		13,238,748
Rent-A-Center		24,823		1,431,294
Shoe Carnival 2		13,647		844,476
Sleep Number 1		10,764		1,544,526
Zumiez 1		23,250		997,425
				86,514,165
Textiles, Apparel & Luxury Goods - 1.1%
G-III Apparel Group 1		24,253		730,985
J G Boswell Company 4		3,940		2,809,220
Kontoor Brands		7,130		346,019
Levi Strauss & Co. Cl. A		21,004		502,206
Movado Group		13,936		396,479
Ralph Lauren Cl. A 1		105,400		12,981,064
Steven Madden		22,890		852,881
Vera Bradley 1		37,657		380,336
Wolverine World Wide 2		100,512		3,851,620
				22,850,810
Total				239,696,880
Consumer Staples – 1.2%
Food & Staples Retailing - 0.0%
SpartanNash Company		28,020		550,033
Food Products - 0.7%
John B. Sanfilippo & Son		4,537		410,009
Nomad Foods 1,2,3		143,600		3,943,256
Seneca Foods Cl. A 1		215,620		10,153,546
Tootsie Roll Industries 2		7,251		240,225
				14,747,036
Household Products - 0.1%
Central Garden & Pet 1		28,404		1,647,716
Spectrum Brands Holdings		7,248		616,080
WD-40 Company		493		150,947
				2,414,743
Personal Products - 0.4%
Inter Parfums 2		97,965		6,948,657
USANA Health Sciences 1		2,925		285,480
				7,234,137
Tobacco - 0.0%
Universal Corporation		6,700		395,233
Vector Group		18,389		256,527
				651,760
Total				25,597,709
Diversified Investment Companies – 0.0%
Closed-End Funds - 0.0%
Eagle Point Credit		42,054		503,807
Eagle Point Income		44		671
Total				504,478
Energy – 3.5%
Energy Equipment & Services - 2.1%
Aspen Aerogels 1		20,350		413,919
Bristow Group 1		238,278		6,166,635
Computer Modelling Group		1,333,624		6,101,964
DMC Global 1		1,983		107,598
Helmerich & Payne 2		126,339		3,406,099
KLX Energy Services Holdings 1		2,388		38,280
Newpark Resources 1		67,354		211,491
Oil States International 1		18,753		113,081
Pason Systems		1,807,734		12,773,675
ProPetro Holding Corp. 1		40,816		435,099
RPC 1		115,746		625,028
TGS-NOPEC Geophysical		787,460		12,544,083
				42,936,952
Oil, Gas & Consumable Fuels - 1.4%
Bonanza Creek Energy 1		37,101		1,325,619
Callon Petroleum 1		941		36,275
Cimarex Energy		110,600		6,568,534
CONSOL Energy 1		90,400		878,688
Diamondback Energy		5,775		424,405
Dorchester Minerals L.P. 2		279,148		3,813,162
Dorian LPG 1		394,936		5,185,510
EQT Corporation 1		377,200		7,008,376
Renewable Energy Group 1		6,252		412,882
REX American Resources 1		2,871		241,652
Talos Energy 1		13,626		164,057
World Fuel Services 2		100,913		3,552,137
				29,611,297
Total				72,548,249
Financials – 14.1%
Banks - 3.3%
Ameris Bancorp		15,274		802,038
Bank of N.T. Butterfield & Son 2		258,416		9,876,659
BankUnited		12,675		557,066
Boston Private Financial Holdings		40,728		542,497
Cadence Bancorporation Cl. A		15,397		319,180
Canadian Western Bank		279,500		7,114,828
Central Pacific Financial		2,878		76,785
CIT Group		22,000		1,133,220
Customers Bancorp		25,017		796,041
Dime Community Bancshares		1,669		50,304
Eagle Bancorp		24,891		1,324,450
Farmers & Merchants Bank of Long Beach 4		416		3,214,016
Fauquier Bankshares 2		160,800		3,421,824
FB Financial		1,212		53,886
First BanCorp.		86,042		968,833
First Bancshares (The)		19,164		701,594
First Citizens BancShares Cl. A		17,919		14,976,163
First Commonwealth Financial		8,368		120,248
First Financial Bancorp		57,184		1,372,416
First Hawaiian		18,617		509,547
First Midwest Bancorp		25,714		563,394
German American Bancorp		11,559		534,257
Glacier Bancorp		6,703		382,607
Great Western Bancorp		20,682		626,458
Hanmi Financial		35,160		693,707
HarborOne Bancorp		63,400		853,998
HBT Financial		40,400		691,648
Home BancShares		22,327		603,945
HomeTrust Bancshares		23,700		577,095
Independent Bank Group		8,401		606,888
National Bank Holdings Cl. A		10,132		402,038
Origin Bancorp		14,464		613,418
Pacific Premier Bancorp		14,212		617,369
Preferred Bank		18,579		1,183,111
Prosperity Bancshares		1,488		111,436
Signature Bank		2,468		558,015
Simmons First National Cl. A		3,466		102,836
Triumph Bancorp 1		32,050		2,480,349
United Community Banks		2,863		97,686
Webster Financial 2		142,300		7,842,153
Wintrust Financial		11,000		833,800
				68,907,803
Capital Markets - 5.9%
Ares Management Cl. A 2,3		187,200		10,488,816
Artisan Partners Asset Management Cl. A 2		65,330		3,408,266
ASA Gold and Precious Metals		199,821		3,986,449
Ashmore Group		548,400		2,959,077
Barings BDC		191,594		1,912,108
Blucora 1		5,600		93,184
Bolsa Mexicana de Valores		1,723,106		3,469,058
BrightSphere Investment Group		22,293		454,331
Donnelley Financial Solutions 1		13,973		388,869
Fiera Capital Cl. A		33,600		266,565
Focus Financial Partners Cl. A 1,2		50,000		2,081,000
GCM Grosvenor Cl. A		1,291,237		15,365,720
Golub Capital BDC		2,354		34,416
Houlihan Lokey Cl. A 2		59,230		3,939,387
Lazard Cl. A 2		134,435		5,849,267
Moelis & Company Cl. A		21,000		1,152,480
Morningstar 2		58,700		13,209,848
Oaktree Specialty Lending		5,526		34,261
Open Lending 1		361,300		12,797,246
Portman Ridge Finance		32,829		70,911
Rothschild & Co 1		50,293		1,816,541
SEI Investments 2		306,400		18,668,952
Silvercrest Asset Management Group Cl. A		21,168		304,396
Sprott		256,480		9,743,260
Tel Aviv Stock Exchange		332,179		2,046,869
TMX Group		76,000		7,897,541
Waddell & Reed Financial Cl. A		55,147		1,381,432
				123,820,250
Consumer Finance - 0.1%
Enova International 1		47,708		1,692,680
Diversified Financial Services - 0.6%
Banco Latinoamericano de Comercio Exterior Cl. E		73,446		1,111,238
Compass Diversified Holdings		28,065		649,705
ECN Capital		1,023,900		6,379,515
Equitable Holdings		65,000		2,120,300
Onex Corporation		9,200		572,191
Waterloo Investment Holdings 1,5		2,972,000		743,000
				11,575,949
Insurance - 2.9%
Alleghany Corporation 1		350		219,202
Ambac Financial Group 1		53,000		887,220
American Equity Investment Life Holding		23,378		737,108
AMERISAFE		13,723		878,272
Assured Guaranty		84,171		3,558,750
Axis Capital Holdings		11,275		558,902
E-L Financial		21,650		15,935,585
Employers Holdings		13,509		581,698
Erie Indemnity Cl. A		28,200		6,229,662
Fidelity National Financial		446		18,134
First American Financial		40,397		2,288,490
Independence Holding Company 2		170,023		6,775,417
Kinsale Capital Group		45,900		7,564,320
ProAssurance Corporation 2		254,503		6,810,500
ProSight Global 1		103,410		1,302,966
RenaissanceRe Holdings		1,974		316,334
RLI Corp. 2		43,490		4,852,179
Safety Insurance Group		5,652		476,181
SiriusPoint 1		10,476		106,541
Stewart Information Services		19,804		1,030,402
Universal Insurance Holdings		20,104		288,291
				61,416,154
Investment Companies - 0.4%
ACE Convergence Acquisition Cl. A 1		487,150		4,856,885
Jaws Acquisition (Units) 1		150,000		2,244,000
				7,100,885
Thrifts & Mortgage Finance - 0.9%
Axos Financial 1,2		34,267		1,610,892
Essent Group		10,000		474,900
Flagstar Bancorp		36,783		1,658,913
Meridian Bancorp 2		82,500		1,519,650
Meta Financial Group		1,848		83,733
Mr. Cooper Group 1		3,189		110,850
NMI Holdings Cl. A 1		109,149		2,580,282
Provident Bancorp		63,200		910,080
Provident Financial Services		4,035		89,900
Sagen MI Canada		48,895		1,690,529
Territorial Bancorp		9,300		246,078
Timberland Bancorp 2		274,457		7,632,649
TrustCo Bank Corp NY		53,519		394,435
Walker & Dunlop		5,389		553,666
				19,556,557
Total				294,070,278
Health Care – 6.1%
Biotechnology - 0.9%
Acorda Therapeutics 1		2,148		10,461
Anika Therapeutics 1		9,391		383,059
Catalyst Pharmaceuticals 1		67,210		309,838
Coherus BioSciences 1		12,106		176,869
Eagle Pharmaceuticals 1		13,959		582,649
Emergent BioSolutions 1		830		77,115
Enanta Pharmaceuticals 1		5,932		292,566
PureTech Health 1		78,700		433,441
United Therapeutics 1		33,000		5,519,910
Vanda Pharmaceuticals 1		37,422		562,078
Zealand Pharma 1		326,857		10,336,580
				18,684,566
Health Care Equipment & Supplies - 3.3%
Atrion Corporation		8,296		5,320,308
BioLife Solutions 1		72,700		2,617,200
Cutera 1		14,500		435,725
Haemonetics Corporation 1		75,000		8,325,750
Hill-Rom Holdings		1,081		119,429
Inogen 1		8,200		430,664
Integer Holdings 1,2		42,400		3,905,040
Masimo Corporation 1,2		20,000		4,593,200
Meridian Bioscience 1		241,446		6,337,957
Mesa Laboratories 2,3		56,160		13,674,960
Natus Medical 1		10,000		256,100
Neogen Corporation 1,2		1,081		96,090
OraSure Technologies 1		15,305		178,609
Orthofix Medical 1		6,097		264,305
SmileDirectClub Cl. A 1		1,093,088		11,269,737
STAAR Surgical 1		5,150		542,862
Surmodics 1,2		161,000		9,027,270
Vapotherm 1		67,200		1,614,144
				69,009,350
Health Care Providers & Services - 1.1%
Community Health Systems 1		790,000		10,680,800
CorVel Corporation 1		2,410		247,242
Ensign Group (The)		5,810		545,210
Hims & Hers Health Cl. A 1		640,000		8,467,200
Magellan Health 1		10,124		943,962
MEDNAX 1		18,067		460,167
ModivCare 1		2,652		392,814
RadNet 1		4,582		99,659
Sharps Compliance 1		54,300		780,291
Tivity Health 1		1,622		36,203
U.S. Physical Therapy		5,188		540,071
				23,193,619
Health Care Technology - 0.3%
Computer Programs and Systems 1		9,089		278,123
HealthStream 1		18,536		414,094
NextGen Healthcare 1		19,477		352,534
Schrodinger 1		6,250		476,813
Simulations Plus		71,368		4,513,312
				6,034,876
Life Sciences Tools & Services - 0.4%
Bio-Rad Laboratories Cl. A 1		6,331		3,616,077
Bio-Techne 2,3		11,213		4,282,581
Harvard Bioscience 1		28,750		156,975
Medpace Holdings 1		568		93,181
				8,148,814
Pharmaceuticals - 0.1%
Aerie Pharmaceuticals 1		7,650		136,706
Assertio Holdings 1		27,224		18,580
Corcept Therapeutics 1		49,851		1,185,955
Innoviva 1		76,172		910,255
Lannett Company 1		52,692		278,214
Supernus Pharmaceuticals 1		29,837		781,133
				3,310,843
Total				128,382,068
Industrials – 24.4%
Aerospace & Defense - 1.6%
Aerojet Rocketdyne Holdings		8,464		397,469
AeroVironment 1		4,150		481,649
Ducommun 1,2		79,100		4,746,000
HEICO Corporation 2		51,030		6,419,574
HEICO Corporation Cl. A 2		68,333		7,762,629
Magellan Aerospace		893,092		7,330,504
National Presto Industries		5,652		576,900
Park Aerospace		40,820		539,640
Vectrus 1		17,550		937,872
Virgin Galactic Holdings 1,2		161,918		4,959,548
				34,151,785
Air Freight & Logistics - 0.3%
Atlas Air Worldwide Holdings 1		8,044		486,179
Echo Global Logistics 1		21,570		677,514
Forward Air 2		65,112		5,782,597
Hub Group Cl. A 1		2,184		146,939
				7,093,229
Airlines - 0.3%
Sun Country Airlines Holdings 1		214,071		7,338,354
Building Products - 1.1%
American Woodmark 1		2,467		243,197
Apogee Enterprises		16,733		684,045
Builders FirstSource 1		69,475		3,221,556
Burnham Holdings Cl. B 4		36,000		470,880
CSW Industrials		44,700		6,034,500
Gibraltar Industries 1		11,760		1,076,158
Insteel Industries		18,774		578,990
PGT Innovations 1		9,638		243,360
Quanex Building Products		48,203		1,264,365
Simpson Manufacturing 2		29,462		3,056,093
UFP Industries		69,172		5,246,004
				22,119,148
Commercial Services & Supplies - 1.2%
ABM Industries		14,902		760,151
Brink's Company (The)		5,735		454,384
CompX International Cl. A 2		211,100		3,801,911
Deluxe Corporation		8,527		357,793
Healthcare Services Group		6,751		189,231
Heritage-Crystal Clean 1,2		100,106		2,715,876
Kimball International Cl. B 2		167,388		2,343,432
Pitney Bowes		34,416		283,588
Ritchie Bros. Auctioneers 2		35,200		2,060,960
Tetra Tech		1,895		257,189
UniFirst Corporation		32,871		7,353,571
US Ecology 1		713		29,689
Vidler Water Resouces 1,2,3		406,960		3,621,944
				24,229,719
Construction & Engineering - 3.8%
APi Group 1		353,500		7,310,380
Arcosa 2		160,678		10,458,531
Comfort Systems USA 2		68,999		5,159,055
EMCOR Group		29,300		3,286,288
IES Holdings 1,2		490,399		24,721,013
Infrastructure and Energy Alternatives 1		600,000		9,780,000
Matrix Service 1		30,381		398,295
MYR Group 1		6,455		462,630
Northwest Pipe 1		15,421		515,370
Valmont Industries 2		69,361		16,485,029
				78,576,591
Electrical Equipment - 0.9%
AZZ		26,773		1,348,021
Encore Wire		22,866		1,534,995
GrafTech International		19,417		237,470
LSI Industries		814,857		6,950,730
Powell Industries 2		101,805		3,448,135
Preformed Line Products 2		91,600		6,297,500
Sensata Technologies Holding 1		1,500		86,925
				19,903,776
Industrial Conglomerates - 0.6%
Carlisle Companies		8,519		1,402,057
Raven Industries 1,2		278,525		10,675,863
				12,077,920
Machinery - 8.3%
Albany International Cl. A		2,370		197,824
Allison Transmission Holdings		5,300		216,399
Astec Industries		705		53,171
ATS Automation Tooling Systems 1		20,300		427,581
Barnes Group		1,345		66,631
CIRCOR International 1		460,752		16,043,385
Colfax 1,2		436,492		19,122,715
Crane Company		6,061		569,188
ESCO Technologies 2		53,380		5,812,548
Franklin Electric 2		75,561		5,964,785
Greenbrier Companies (The)		11,186		528,203
Helios Technologies 2		192,514		14,028,495
Hillenbrand		21,346		1,018,418
Hurco Companies		22,800		804,840
John Bean Technologies 2		132,631		17,685,018
Kadant 2		127,289		23,549,738
Lincoln Electric Holdings 2		52,600		6,466,644
Lindsay Corporation 2,3		112,000		18,661,440
Lydall 1		17,784		600,032
Meritor 1		34,010		1,000,574
Middleby Corporation (The) 1		78,600		13,027,950
Miller Industries		23,150		1,069,298
Mueller Industries		39,277		1,624,104
NN 1		308,700		2,182,509
Nordson Corporation 2		15,796		3,138,349
Standex International		624		59,636
Tennant Company 2		80,500		6,431,145
Wabash National		75,067		1,411,260
Watts Water Technologies Cl. A 2		55,000		6,534,550
Woodward 2,3		48,500		5,850,555
				174,146,985
Marine - 0.8%
Clarkson		376,686		14,280,723
Kirby Corporation 1,2		41,200		2,483,536
				16,764,259
Professional Services - 3.3%
Exponent 2		96,000		9,355,200
Forrester Research 1,2,3		124,597		5,292,880
Heidrick & Struggles International		53,986		1,928,380
Jacobs Engineering Group 2		33,500		4,330,545
KBR 2		647,400		24,853,686
Kelly Services Cl. A 1		7,419		165,221
Korn Ferry 2		85,864		5,355,338
ManpowerGroup 2,3		9,300		919,770
ManTech International Cl. A		3,384		294,239
Morneau Shepell		17,500		461,069
Resources Connection		47,238		639,602
TrueBlue 1,2		50,401		1,109,830
Upwork 1		300,000		13,431,000
				68,136,760
Road & Rail - 1.0%
ArcBest		25,461		1,791,691
Landstar System 2		113,442		18,724,737
Saia 1,2		2,854		658,075
				21,174,503
Trading Companies & Distributors - 1.2%
Air Lease Cl. A 2		126,120		6,179,880
Applied Industrial Technologies		13,202		1,203,626
Boise Cascade		26,964		1,613,256
DXP Enterprises 1		11,411		344,270
EVI Industries 1,2,3		69,873		2,010,246
GMS 1		26,085		1,089,049
Houston Wire & Cable 1,6		877,363		4,579,835
Lawson Products 1		13,550		702,703
MSC Industrial Direct Cl. A		6,032		544,026
SiteOne Landscape Supply 1,2		25,000		4,268,500
Transcat 1		46,050		2,260,134
				24,795,525
Total				510,508,554
Information Technology – 23.8%
Communications Equipment - 0.2%
ADTRAN 2		214,973		3,585,750
CalAmp Corporation 1		3,116		33,808
Comtech Telecommunications		19,040		472,954
Digi International 1		23,400		444,366
NETGEAR 1		8,958		368,174
				4,905,052
Electronic Equipment, Instruments & Components - 7.1%
Avnet		9,503		394,470
Badger Meter		2,878		267,855
Bel Fuse Cl. B		15,364		305,590
Benchmark Electronics		19,272		595,890
Cognex Corporation 2		206,600		17,145,734
Coherent 1		3,092		781,936
Daktronics 1		8,143		51,057
Dolby Laboratories Cl. A		7,470		737,438
Fabrinet 1,2,3		172,787		15,618,217
FARO Technologies 1,2		266,647		23,083,631
Insight Enterprises 1,2		32,955		3,144,566
IPG Photonics 1		51,100		10,779,034
Kimball Electronics 1		27,827		717,937
Littelfuse 2,3		17,400		4,601,256
Luna Innovations 1		84,380		888,521
Methode Electronics		14,889		625,040
National Instruments 2		311,450		13,449,968
nLIGHT 1,2		164,700		5,336,280
OSI Systems 1		5,872		564,299
PAR Technology 1,2		290,239		18,984,533
PC Connection		1,077		49,962
Plexus Corporation 1		6,196		569,041
Richardson Electronics 6		711,475		4,532,096
Rogers Corporation 1		33,700		6,342,677
Sanmina Corporation 1		30,602		1,266,311
ScanSource 1		5,991		179,430
TTM Technologies 1,2		579,037		8,396,037
Vishay Intertechnology		32,890		791,991
Vishay Precision Group 1		14,950		460,610
Vontier Corporation 1		219,987		6,659,006
				147,320,413
IT Services - 3.1%
BM Technologies Cl. A 1,5		1,776		16,680
Cardtronics 1		8,723		338,452
Cass Information Systems		10,480		484,910
Computer Services 4		88,535		5,179,297
Computer Task Group 1		6,281		59,984
CSG Systems International		19,870		891,964
EVERTEC		19,129		711,981
ExlService Holdings 1		1,297		116,938
Hackett Group (The) 2		285,266		4,675,510
International Money Express 1		858,434		12,885,094
MAXIMUS		5,100		454,104
Repay Holdings Cl. A 1		517,500		12,150,900
Shift4 Payments Cl. A 1		203,800		16,713,638
Unisys Corporation 1,2		388,300		9,870,586
				64,550,038
Semiconductors & Semiconductor Equipment - 9.3%
Advanced Energy Industries 2		5,109		557,750
Ambarella 1		4,050		406,580
Axcelis Technologies 1		19,100		784,819
Brooks Automation 2		243,400		19,873,610
Camtek 1		155,050		4,635,995
Cirrus Logic 1,2,3		289,600		24,555,184
CMC Materials 2		71,028		12,557,040
Cohu 1		13,880		580,739
CyberOptics Corporation 1		17,200		446,684
Diodes 1,2		185,284		14,793,075
Entegris 2		53,100		5,936,580
FormFactor 1		97,400		4,393,714
Ichor Holdings 1		3,767		202,665
Kulicke & Soffa Industries 2		344,777		16,931,998
Lattice Semiconductor 1		299,500		13,483,490
MagnaChip Semiconductor 1		35,200		876,480
MKS Instruments		286,829		53,183,833
Nova Measuring Instruments 1,2,3		45,370		4,129,124
NVE Corporation		12,000		841,200
Onto Innovation 1,2		12,468		819,272
Photronics 1		211,922		2,725,317
Power Integrations		2,378		193,759
Rambus 1		45,966		893,579
SMART Global Holdings 1		15,697		722,376
Tower Semiconductor 1		280,400		7,862,416
Ultra Clean Holdings 1		11,855		688,064
				193,075,343
Software - 3.8%
Aspen Technology 1		14,700		2,121,651
Blackbaud 1		28,800		2,047,104
ChannelAdvisor Corporation 1		21,170		498,554
Descartes Systems Group (The) 1,2,3		287,640		17,520,152
E2open Parent Holdings Cl. A 1		100,000		996,000
Ebix		5,389		172,610
Everbridge 1		60,000		7,270,800
j2 Global 1,2		30,305		3,632,357
Manhattan Associates 1,2		110,800		13,005,704
MicroStrategy Cl. A 1		207		140,512
Progress Software		2,615		115,217
SVMK 1,2		120,000		2,198,400
Upland Software 1,2,3		645,500		30,461,145
Xperi Holding Corporation 2		2,959		64,417
				80,244,623
Technology Hardware, Storage & Peripherals - 0.3%
Avid Technology 1		307,620		6,493,858
Total				496,589,327
Materials – 11.0%
Chemicals - 6.5%
Atotech 1		137,349		2,781,317
Chase Corporation 2,3		79,059		9,201,677
Element Solutions 2		808,512		14,787,684
FutureFuel Corporation		586,768		8,525,739
Hawkins 2		156,748		5,254,193
Huntsman Corporation		517,300		14,913,759
Innospec 2		108,869		11,179,758
Minerals Technologies 2		212,554		16,009,567
Mosaic Company (The)		603,000		19,060,830
NewMarket Corporation		8,000		3,041,280
Quaker Chemical		115,009		28,035,744
Stepan Company		2,205		280,278
Tredegar Corporation		31,388		471,134
Trinseo		23,363		1,487,522
				135,030,482
Construction Materials - 0.2%
Imerys		90,000		4,382,146
U.S. Concrete 1		7,682		563,244
				4,945,390
Containers & Packaging - 0.1%
Graphic Packaging Holding Company		24,544		445,719
Myers Industries		22,914		452,781
Silgan Holdings		11,148		468,550
UFP Technologies 1		6,660		331,801
				1,698,851
Metals & Mining - 3.7%
Alamos Gold Cl. A		2,195,500		17,155,892
Ferroglobe (Warranty Insurance Trust) 1,5		49,300		0
Gold Fields ADR		370,000		3,511,300
Haynes International 2		113,900		3,379,413
Hecla Mining		321,300		1,828,197
IAMGOLD Corporation 1		600,000		1,788,000
Kaiser Aluminum		833		92,047
Lundin Mining		640,000		6,584,865
MAG Silver 1		198,900		2,985,489
Major Drilling Group International 1		2,217,291		11,909,536
Materion Corporation		3,075		203,688
Pan American Silver		140,027		4,205,011
Pretium Resources 1		101,000		1,048,015
Reliance Steel & Aluminum 2		56,200		8,558,698
Royal Gold 2		16,600		1,786,492
SunCoke Energy		128,919		903,722
VanEck Vectors Junior Gold Miners ETF		155,500		6,999,055
Warrior Met Coal		40,495		693,679
Worthington Industries 2		64,300		4,313,887
				77,946,986
Paper & Forest Products - 0.5%
Clearwater Paper 1		8,132		305,926
Glatfelter		25,094		430,362
Mercer International		49,690		715,039
Neenah		8,143		418,388
Schweitzer-Mauduit International		31,795		1,557,001
Stella-Jones		153,286		6,218,286
				9,645,002
Total				229,266,711
Real Estate – 3.4%
Equity Real Estate Investment Trusts (REITs) - 0.0%
New York REIT 1,5		15,000		180,300
Real Estate Management & Development - 3.4%
Colliers International Group		69,900		6,866,976
FirstService		125,905		18,657,862
FRP Holdings 1,2		76,558		3,768,185
Jones Lang LaSalle 1		23,778		4,257,213
Kennedy-Wilson Holdings 2		599,504		12,115,976
Marcus & Millichap 1,2		253,564		8,545,107
RMR Group (The) Cl. A 2		80,100		3,268,881
St. Joe Company (The) 2		78,800		3,380,520
Tejon Ranch 1,2		557,136		9,326,456
				70,187,176
Total				70,367,476
Utilities – 0.0%
Water Utilities - 0.0%
American States Water		12,642		955,988
Total				955,988
TOTAL COMMON STOCKS
(Cost $1,384,644,596)				2,117,787,604
WARRANTS – 0.1%
Health Care – 0.1%
Health Care Providers & Services - 0.1%
Hims & Hers Health (Warrants) 1		266,666		1,173,330
Total				1,173,330
TOTAL WARRANTS
(Cost $645,854)				1,173,330
REPURCHASE AGREEMENT – 1.5%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $30,122,852 (collateralized by obligations of various U.S. Government Agencies, 1.875% due 8/31/24, valued at $30,725,322) (Cost $30,122,852)				30,122,852
TOTAL INVESTMENTS – 102.9%
(Cost $1,415,413,302)				2,149,083,786
LIABILITIES LESS CASH
AND OTHER ASSETS – (2.9)%				(59,932,965	)
NET ASSETS – 100.0%			$	2,089,150,821

ADR – American Depository Receipt

¹ Non-income producing.

² All or a portion of these securities were pledged as collateral in connection with the Fund's revolving credit agreement at March 31, 2021. Total market value of pledged securities at March 31, 2021, was $204,859,126.

³ At March 31, 2021, a portion of these securities were rehypothecated in connection with the Fund's revolving credit agreement in the aggregate amount of $58,721,538.

⁴ These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.

⁵ Securities for which market quotations are not readily available represent 0.0% of net assets. These securities have been valued at their fair value under procedures approved by the Fund's Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.

⁶ At March 31, 2021, 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.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,416,319,935. At March 31, 2021, net unrealized appreciation for all securities was $732,763,851, consisting of aggregate gross unrealized appreciation of $796,068,250 and aggregate gross unrealized depreciation of $63,304,399. The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

Valuation of Investments: 

Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund's Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.

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

Level 1  – quoted prices in active markets for identical securities.

Level 2  – other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments.

Level 3  – significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2021. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,105,174,210	$	11,673,414	$	939,980	$	2,117,787,604
Warrants		1,173,330		–		–		1,173,330
Repurchase Agreement		–		30,122,852		–		30,122,852

Level 3 Reconciliation:

	Balance as of 12/31/20		Purchases		Corporate Actions		Realized Gain (Loss)		Unrealized Gain (Loss)			Balance as of 3/31/21
Common Stocks	$	926,000	$	22,200	$	2,700	$	–	$	(5,520	)	$	939,980
Warrants		5,000		–		0		–		(5,000	)		–

Repurchase Agreements:  

The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The 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 the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund at March 31, 2021 is overnight and continuous.

Borrowings: 

The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed by the Fund under the credit agreement. The credit agreement has a 179-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding, or as otherwise required by applicable regulatory standards, and has granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or comply with other financial covenants set forth in the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may also terminate the credit agreement upon sixty (60) calendar days’ prior written notice to the Fund in the event the Fund’s net asset value per share as of the close of business on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund’s net asset value per share as of the close of business on the last business day of the immediately preceding calendar month.

The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

The current maximum amount the Fund may borrow under the credit agreement is $70,000,000. The Fund has the right to reduce the maximum amount it can borrow under the credit agreement upon one (1) business day’s prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit agreement, which amount may not exceed $150,000,000.

As of March 31, 2021, the Fund has outstanding borrowings of $70,000,000. During the three months ended March 31, 2021, the Fund borrowed an average daily balance of $70,000,000. As of March 31, 2021, the aggregate value of rehypothecated securities was $58,721,538.

Transactions in Affiliated Companies:  

An “Affiliated Company” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the three months ended March 31, 2021:

Affiliated Company	Shares 12/31/20		Market Value 12/31/20		Costs of Purchases		Proceeds from Sales		Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Dividend Income		Shares 3/31/21		Market Value 3/31/21
Industrials - 0.2%
Trading Companies & Distributors - 0.2%
Houston Wire & Cable 1,2		877,363	$	2,447,843	$	–	$	–	$	–	$	2,131,992	$	–		877,363	$	4,579,835
				2,447,843						–		2,131,992		–				4,579,835
Information Technology - 0.2%
Electronic Equipment, Instruments & Components - 0.2%
Richardson Electronics 1		711,475		3,351,047		–		–		–		1,181,049		42,689		711,475		4,532,096
				3,351,047						–		1,181,049		42,689				4,532,096
			$	5,798,890					$	–	$	3,313,041	$	42,689			$	9,111,931

¹ At March 31, 2021, 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.

² Non-income producing.

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