SCHEDULE OF INVESTMENTS

ROYCE VALUE TRUST

SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 100.9%
Communication Services – 2.1%
Diversified Telecommunication Services - 1.0%
Bandwidth Cl. A 1		183,730	$	16,587,144
Cogent Communications Holdings 2		3,265		231,293
Liberty Latin America Cl. C 1,2,3		319,528		4,192,207
				21,010,644
Entertainment - 0.4%
IMAX Corporation 1		367,250		6,970,405
Marcus Corporation (The) 1		6,051		105,590
World Wrestling Entertainment Cl. A		4,084		229,766
				7,305,761
Interactive Media & Services - 0.2%
Enthusiast Gaming Holdings 1		257,750		929,984
QuinStreet 1,2		204,154		3,584,944
				4,514,928
Media - 0.5%
AMC Networks Cl. A 1		22,804		1,062,438
comScore 1,2		404,910		1,579,149
E.W. Scripps Company (The) Cl. A		6,825		123,260
Gannett Company 1		34,307		229,171
Magnite 1		31,550		883,400
Meredith Corporation 1		68,733		3,828,428
Thryv Holdings 1		50,000		1,502,000
				9,207,846
Wireless Telecommunication Services - 0.0%
Shenandoah Telecommunications		8,445		266,693
Spok Holdings		44,181		451,530
				718,223
Total				42,757,402
Consumer Discretionary – 11.2%
Auto Components - 1.7%
Dorman Products 1,2		55,700		5,273,119
Gentex Corporation 2		197,430		6,511,241
Goodyear Tire & Rubber 1		10,701		189,408
LCI Industries 2		111,229		14,974,760
Motorcar Parts of America 1		14,947		291,467
Patrick Industries 2		89,872		7,486,338
Standard Motor Products 2		20,100		878,571
XPEL 1		4,911		372,548
				35,977,452
Distributors - 0.2%
LKQ Corporation 1,2		101,400		5,102,448
Diversified Consumer Services - 0.3%
American Public Education 1		27,381		701,228
Perdoceo Education 1		32,425		342,408
Regis 1		49,910		173,687
Universal Technical Institute 1		639,032		4,319,856
				5,537,179
Hotels, Restaurants & Leisure - 2.1%
Century Casinos 1		90,564		1,219,897
Denny’s Corporation 1		100,000		1,634,000
Dutch Bros Cl. A 1		197,700		8,564,364
Hyatt Hotels Cl. A 1		2,729		210,406
Lindblad Expeditions Holdings 1,2		373,700		5,452,283
Ruth’s Hospitality Group 1		9,201		190,552
Scientific Games 1		311,568		25,881,954
				43,153,456
Household Durables - 0.9%
Cavco Industries 1,2		14,700		3,480,078
Century Communities		16,868		1,036,539
Ethan Allen Interiors 2		31,189		739,179
La-Z-Boy		36,606		1,179,811
Meritage Homes 1		16,701		1,619,997
Skyline Champion 1		11,990		720,119
TopBuild Corp. 1		50,400		10,322,424
Tupperware Brands 1		6,079		128,389
				19,226,536
Internet & Direct Marketing Retail - 0.6%
Liquidity Services 1		10,075		217,721
1-800-FLOWERS.COM Cl. A 1		84,480		2,577,485
Shutterstock		5,363		607,735
Stamps.com 1		25,293		8,341,378
				11,744,319
Leisure Products - 0.4%
Brunswick Corporation		75,810		7,222,419
MasterCraft Boat Holdings 1		44,488		1,115,759
YETI Holdings 1		4,772		408,912
				8,747,090
Multiline Retail - 0.0%
Big Lots		11,018		477,741
Franchise Group Cl. A		9,601		339,971
				817,712
Specialty Retail - 3.5%
Aaron’s Company (The)		4,363		120,157
America’s Car-Mart 1,2		97,500		11,386,050
Asbury Automotive Group 1		24,033		4,728,253
AutoCanada 1		952,600		34,889,558
Buckle (The)		12,746		504,614
Camping World Holdings Cl. A 2		279,113		10,849,122
CarMax 1		4,400		563,024
Cato Corporation (The) Cl. A		14,505		239,913
Chico’s FAS 1		746		3,350
Children’s Place (The) 1		1,559		117,330
Conn’s 1		17,982		410,529
Genesco 1		11,775		679,771
Group 1 Automotive		4,040		759,035
Haverty Furniture		7,810		263,275
Hibbett		6,342		448,633
MarineMax 1		20,383		988,983
ODP Corporation (The) 1		14,423		579,228
Rent-A-Center		22,100		1,242,241
Shoe Carnival 2		22,034		714,342
Signet Jewelers		12,212		964,260
Sleep Number 1		4,609		430,849
Zumiez 1		27,254		1,083,619
				71,966,136
Textiles, Apparel & Luxury Goods - 1.5%
Canada Goose Holdings 1		309,750		11,048,782
G-III Apparel Group 1		40,555		1,147,707
Kontoor Brands		13,653		681,967
Levi Strauss & Co. Cl. A		16,052		393,435
Movado Group		18,843		593,366
Ralph Lauren Cl. A		109,925		12,206,072
Steven Madden		9,675		388,548
Vera Bradley 1		65,049		612,111
Wolverine World Wide 2		102,636		3,062,658
				30,134,646
Total				232,406,974
Consumer Staples – 1.3%
Beverages - 0.0%
Coca-Cola Consolidated		448		176,593
Food & Staples Retailing - 0.0%
Performance Food Group 1,2		1,024		47,575
SpartanNash Company		37,072		811,877
				859,452
Food Products - 0.9%
CubicFarm Systems 1		950,000		990,052
J G Boswell Company 4		3,940		3,938,030
John B. Sanfilippo & Son		899		73,466
Nomad Foods 1,2		143,600		3,957,616
Seneca Foods Cl. A 1		203,535		9,814,458
				18,773,622
Household Products - 0.1%
Central Garden & Pet 1		11,900		571,200
Spectrum Brands Holdings		6,842		654,574
				1,225,774
Personal Products - 0.3%
Inter Parfums 2		84,475		6,316,196
USANA Health Sciences 1		523		48,220
				6,364,416
Tobacco - 0.0%
Universal Corporation		2,872		138,804
Vector Group		32,605		415,713
				554,517
Total				27,954,374
Diversified Investment Companies – 0.0%
Closed-End Funds - 0.0%
Eagle Point Credit		42,054		572,776
Eagle Point Income		44		774
Total				573,550
Energy – 2.6%
Energy Equipment & Services - 1.7%
Aspen Aerogels 1		36,850		1,695,468
Bristow Group 1		233,564		7,434,342
Computer Modelling Group		1,333,624		4,990,824
DMC Global 1		1,983		73,192
Helix Energy Solutions Group 1		101,212		392,703
Helmerich & Payne 2,3		126,339		3,462,952
KLX Energy Services Holdings 1		1,594		7,587
Newpark Resources 1		44,120		145,596
Oil States International 1		34,989		223,580
Pason Systems		1,489,188		10,134,850
ProPetro Holding Corp. 1		19,803		171,296
RPC 1		115,746		562,526
TGS 4		673,039		7,125,383
				36,420,299
Oil, Gas & Consumable Fuels - 0.9%
Bonanza Creek Energy		28,639		1,371,808
CONSOL Energy 1		62,188		1,618,132
Diamondback Energy		5,775		546,719
Dorchester Minerals L.P. 2		279,148		5,351,267
Dorian LPG		394,936		4,901,156
PDC Energy		3,557		168,566
Renewable Energy Group 1		8,555		429,461
Talos Energy 1		8,163		112,405
World Fuel Services 2		100,913		3,392,695
				17,892,209
Total				54,312,508
Financials – 14.1%
Banks - 3.4%
Ameris Bancorp		24,041		1,247,247
Bank of N.T. Butterfield & Son 2		258,416		9,176,352
BankUnited		12,979		542,782
Cadence Bancorporation Cl. A		15,397		338,118
Canadian Western Bank		279,500		8,091,951
Central Pacific Financial		2,878		73,907
CIT Group		22,000		1,142,900
Customers Bancorp 1		36,387		1,565,369
Eagle Bancorp		25,932		1,491,090
Farmers & Merchants Bank of Long Beach 4		416		3,380,000
First BanCorp.		33,939		446,298
First Bancshares (The)		19,164		743,180
First Citizens BancShares Cl. A		17,709		14,931,697
First Financial Bancorp		43,846		1,026,435
First Hawaiian		17,461		512,480
First Midwest Bancorp		13,779		261,939
German American Bancorp		9,365		361,770
Great Western Bancorp		11,228		367,605
Hanmi Financial		48,369		970,282
HarborOne Bancorp		63,400		890,136
HBT Financial		40,400		628,220
Hilltop Holdings		20,430		667,448
Home BancShares		26,079		613,639
HomeTrust Bancshares		23,700		663,126
Independent Bank Group		7,844		557,238
National Bank Holdings Cl. A		24,924		1,008,923
NBT Bancorp		14,633		528,544
Old National Bancorp		47,963		812,973
Origin Bancorp		14,464		612,550
Pacific Premier Bancorp		9,002		373,043
Preferred Bank		13,234		882,443
Signature Bank		1,501		408,692
Simmons First National Cl. A		3,466		102,455
Southside Bancshares		13,131		502,786
SVB Financial Group 1		218		141,020
Triumph Bancorp 1		34,063		3,410,728
United Community Banks		2,863		93,964
Virginia National Bankshares		108,540		3,922,636
Webster Financial 2		134,200		7,308,532
Wintrust Financial		11,000		884,070
				71,684,568
Capital Markets - 6.2%
Ares Management Cl. A 2		187,200		13,820,976
Artisan Partners Asset Management Cl. A 2,3		67,750		3,314,330
ASA Gold and Precious Metals		199,821		3,774,619
Ashmore Group 4		548,400		2,492,853
B. Riley Financial		9,148		540,098
Barings BDC		191,594		2,111,366
Blucora 1		5,600		87,304
Bolsa Mexicana de Valores		1,723,106		3,300,710
BrightSphere Investment Group		45,003		1,175,928
Donnelley Financial Solutions 1		27,709		959,285
Fiera Capital Cl. A		33,600		277,480
Focus Financial Partners Cl. A 1,2,3		50,000		2,618,500
GCM Grosvenor Cl. A		1,523,505		17,550,778
Golub Capital BDC		2,354		37,217
Houlihan Lokey Cl. A 2		40,880		3,765,048
Lazard Cl. A 2		105,435		4,828,923
MarketWise Cl. A 1		25,000		206,500
MarketWise Cl. A (Private Placement) 1,5		500,000		4,130,000
Moelis & Company Cl. A		21,000		1,299,270
Morningstar 2,3		58,700		15,205,061
Oaktree Specialty Lending		5,526		39,014
Onex Corporation		9,200		650,377
Open Lending 1		217,500		7,845,225
Portman Ridge Finance		3,282		79,917
Rothschild & Co 4		50,293		2,164,450
SEI Investments 2,3		315,800		18,726,940
Silvercrest Asset Management Group Cl. A		21,168		329,797
Sprott		256,480		9,430,186
Tel Aviv Stock Exchange 4		332,179		1,758,653
TMX Group		68,400		7,376,248
				129,897,053
Consumer Finance - 0.1%
Encore Capital Group 1		9,650		475,456
Enova International 1		27,980		966,709
				1,442,165
Diversified Financial Services - 0.6%
Banco Latinoamericano de Comercio
Exterior Cl. E		73,446		1,288,243
Compass Diversified Holdings		20,328		572,639
ECN Capital		1,023,900		8,439,536
Equitable Holdings		65,000		1,926,600
Waterloo Investment Holdings 1,5		2,972,000		0
				12,227,018
Insurance - 2.9%
Alleghany Corporation 1		150		93,661
Ambac Financial Group 1		53,000		758,960
American Equity Investment
Life Holding Company		55,267		1,634,245
AMERISAFE		13,723		770,684
Assured Guaranty		86,954		4,070,317
Axis Capital Holdings		11,085		510,353
BRP Group Cl. A 1		33,300		1,108,557
E-L Financial		21,650		15,981,789
Employers Holdings		13,548		535,010
Erie Indemnity Cl. A		28,200		5,031,444
Fidelity National Financial		446		20,222
First American Financial		35,493		2,379,806
Genworth Financial Cl. A 1		244,325		916,219
Independence Holding Company 2		170,023		8,431,440
James River Group Holdings		9,394		354,435
ProAssurance Corporation 2		254,805		6,059,263
RenaissanceRe Holdings		2,147		299,292
RLI Corp. 2		48,710		4,884,152
Safety Insurance Group		14,071		1,115,127
SiriusPoint 1		23,314		215,888
Stewart Information Services		32,299		2,043,235
Trean Insurance Group 1		247,806		2,564,792
Universal Insurance Holdings		3,663		47,765
White Mountains Insurance Group		480		513,413
				60,340,069
Investment Companies - 0.1%
Aldel Financial Cl. A 1		100,000		1,009,000
Trident Acquisitions 1		91,500		1,061,400
				2,070,400
Thrifts & Mortgage Finance - 0.8%
Axos Financial 1,2		21,861		1,126,716
Essent Group		10,000		440,100
Flagstar Bancorp		43,527		2,210,301
HomeStreet		11,419		469,892
Meridian Bancorp 2		80		1,661
Meta Financial Group		1,848		96,983
Mr. Cooper Group 1		3,189		131,291
NMI Holdings Cl. A 1		87,455		1,977,358
Provident Bancorp		63,200		1,012,464
Provident Financial Services		4,035		94,701
Territorial Bancorp		9,300		236,034
Timberland Bancorp 2		274,457		7,945,530
TrustCo Bank Corp NY		14,121		451,448
				16,194,479
Total				293,855,752
Health Care – 6.1%
Biotechnology - 1.4%
Acorda Therapeutics 1		2,148		9,881
Anika Therapeutics 1		3,798		161,643
CareDx 1		8,000		506,960
Catalyst Pharmaceuticals 1		76,450		405,185
Coherus BioSciences 1		36,165		581,172
DermTech 1		129,600		4,161,456
Eagle Pharmaceuticals 1		15,840		883,555
Enanta Pharmaceuticals 1		1,067		60,616
MaxCyte 1		760,403		9,284,521
PureTech Health 1,4		120,100		579,635
United Therapeutics 1		10,000		1,845,800
Vanda Pharmaceuticals 1		31,078		532,677
Zealand Pharma 1,4		326,857		9,387,016
				28,400,117
Health Care Equipment & Supplies - 2.9%
Atrion Corporation		8,296		5,786,460
BioLife Solutions 1		8,040		340,253
ClearPoint Neuro 1		319,300		5,667,575
Cutera 1		21,750		1,013,550
Haemonetics Corporation 1		98,600		6,960,174
Inogen 1		3,795		163,527
Integer Holdings 1,2		42,400		3,788,016
Meridian Bioscience 1		259,989		5,002,188
Mesa Laboratories 2,3		72,140		21,812,250
Natus Medical 1		12,930		324,284
Neogen Corporation 1,2		2,162		93,896
Orthofix Medical 1		6,097		232,418
STAAR Surgical 1		5,250		674,782
Surmodics 1,2		161,000		8,951,600
				60,810,973
Health Care Providers & Services - 1.0%
Cano Health Cl. A 1		150,000		1,902,000
Community Health Systems 1		790,000		9,243,000
Ensign Group (The)		5,810		435,111
Fulgent Genetics 1		4,188		376,711
Hims & Hers Health Cl. A 1,2,3		640,000		4,825,600
Magellan Health 1		1,808		170,946
MEDNAX 1		33,799		960,906
ModivCare 1		5,713		1,037,595
Pennant Group 1		28,000		786,520
RadNet 1		4,582		134,298
Sharps Compliance 1		75,850		627,279
Tivity Health 1		17,981		414,642
U.S. Physical Therapy		3,077		340,316
				21,254,924
Health Care Technology - 0.3%
Computer Programs and Systems 1		21,049		746,398
Doximity Cl. A 1		14,650		1,182,255
HealthStream 1		12,921		369,282
NextGen Healthcare 1		39,292		554,017
Simulations Plus		88,788		3,507,126
				6,359,078
Life Sciences Tools & Services - 0.3%
Bio-Techne 2,3		9,603		4,653,326
Harvard Bioscience 1		102,050		712,309
				5,365,635
Pharmaceuticals - 0.2%
Aerie Pharmaceuticals 1		22,300		254,220
Cara Therapeutics 1		15,144		233,975
Collegium Pharmaceutical 1		17,828		351,925
Corcept Therapeutics 1		46,977		924,507
Harmony Biosciences Holdings 1		16,220		621,713
Innoviva 1		81,998		1,370,186
Lannett Company 1		8,240		24,720
Prestige Consumer Healthcare 1		8,147		457,128
Supernus Pharmaceuticals 1		39,577		1,055,519
				5,293,893
Total				127,484,620
Industrials – 25.2%
Aerospace & Defense - 1.6%
Aerojet Rocketdyne Holdings		6,250		272,188
AeroVironment 1		7,650		660,348
Ducommun 1,2		79,100		3,982,685
HEICO Corporation 2		51,030		6,729,326
HEICO Corporation Cl. A 2		68,333		8,092,677
Magellan Aerospace		893,092		7,170,966
National Presto Industries		936		76,827
Park Aerospace		59,288		811,060
Vectrus 1		18,710		940,739
Virgin Galactic Holdings 1,2,3		161,918		4,096,525
				32,833,341
Air Freight & Logistics - 0.3%
Atlas Air Worldwide Holdings 1		18,079		1,476,693
Echo Global Logistics 1		4,266		203,531
Forward Air 2		63,360		5,260,147
Hub Group Cl. A 1		2,184		150,150
				7,090,521
Airlines - 0.7%
Sun Country Airlines Holdings 1		409,701		13,741,372
Building Products - 1.8%
Apogee Enterprises		26,523		1,001,508
Builders FirstSource 1		85,575		4,427,650
Carlisle Companies		7,246		1,440,432
CSW Industrials		40,800		5,210,160
Gibraltar Industries 1		18,410		1,282,257
Insteel Industries		26,711		1,016,354
Quanex Building Products		43,098		922,728
Rexnord Corporation		186,171		11,968,934
Simpson Manufacturing 2		26,591		2,844,439
UFP Industries		103,306		7,022,742
				37,137,204
Commercial Services & Supplies - 1.2%
ABM Industries		32,547		1,464,940
Brady Corporation Cl. A		12,479		632,685
Brink’s Company (The)		652		41,271
CompX International Cl. A 2,3		211,100		4,386,658
Deluxe Corporation		8,321		298,641
Healthcare Services Group		7,100		177,429
Heritage-Crystal Clean 1,2		100,106		2,901,072
HNI Corporation		17,864		655,966
Kimball International Cl. B 2		167,388		1,874,746
Ritchie Bros. Auctioneers 2		35,200		2,170,432
UniFirst Corporation		27,398		5,825,363
Vidler Water Resouces 1,2		406,960		4,631,205
VSE Corporation		21,500		1,035,655
				26,096,063
Construction & Engineering - 3.2%
APi Group 1		425,300		8,654,855
Arcosa 2		150,614		7,556,304
Comfort Systems USA 2		21,045		1,500,929
EMCOR Group		35,500		4,095,990
Great Lakes Dredge & Dock 1		45,367		684,588
IES Holdings 1,2,3		441,399		20,167,520
Infrastructure and Energy Alternatives 1		600,000		6,858,000
Matrix Service 1		12,564		131,420
MYR Group 1		12,011		1,195,095
Northwest Pipe 1		16,871		399,843
Valmont Industries 2		66,361		15,602,798
				66,847,342
Electrical Equipment - 1.0%
AZZ		23,535		1,252,062
Encore Wire		17,837		1,691,483
GrafTech International		37,766		389,745
LSI Industries		814,857		6,315,142
Powell Industries 2		115,617		2,840,709
Preformed Line Products 2		73,300		4,767,432
TPI Composites 1		103,900		3,506,625
				20,763,198
Machinery - 8.7%
Alamo Group		757		105,624
Albany International Cl. A		2,370		182,182
Astec Industries		7,564		407,019
ATS Automation Tooling Systems 1		29,150		924,717
Barnes Group		1,345		56,127
CIRCOR International 1		414,652		13,687,662
Colfax 1,2		446,422		20,490,770
Crane Company		4,611		437,169
ESCO Technologies 2		75,400		5,805,800
Franklin Electric 2		75,561		6,033,546
Greenbrier Companies (The)		26,426		1,136,054
Helios Technologies 2		173,214		14,222,602
Hillenbrand		17,926		764,544
Hillman Solutions 1		50,000		596,500
Hurco Companies		25,900		835,534
John Bean Technologies 2		128,951		18,124,063
Kadant 2		120,419		24,577,518
Lincoln Electric Holdings 2		52,600		6,774,354
Lindsay Corporation 2		112,000		17,000,480
Lydall 1		12,465		773,952
Meritor 1		54,080		1,152,445
Middleby Corporation (The) 1		110,930		18,914,674
Miller Industries		29,650		1,009,286
Mueller Industries		35,978		1,478,696
NN 1		308,700		1,620,675
Nordson Corporation 2		15,796		3,761,817
Tennant Company 2		80,500		5,952,975
Wabash National		41,949		634,688
Watts Water Technologies Cl. A 2		55,000		9,244,950
Woodward 2		48,500		5,490,200
				182,196,623
Marine - 0.9%
Clarkson 4		371,400		18,806,894
Professional Services - 3.4%
Exponent 2		86,400		9,776,160
Forrester Research 1,2,3		139,300		6,861,918
Heidrick & Struggles International		40,350		1,800,820
Jacobs Engineering Group 2		33,500		4,439,755
KBR 2		615,000		24,231,000
Kelly Services Cl. A		7,419		140,071
Korn Ferry 2		62,252		4,504,555
LifeWorks		18,400		468,789
ManpowerGroup 2		8,300		898,724
ManTech International Cl. A		1,171		88,902
Resources Connection		73,817		1,164,832
TrueBlue 1,2		36,957		1,000,796
Upwork 1		346,900		15,620,907
				70,997,229
Road & Rail - 1.5%
ArcBest		9,942		812,957
Landstar System 2		114,162		18,017,047
Saia 1,2		50,630		12,051,459
				30,881,463
Trading Companies & Distributors - 0.9%
Air Lease Cl. A 2		99,270		3,905,282
Applied Industrial Technologies		8,215		740,418
Boise Cascade		32,053		1,730,221
DXP Enterprises 1		11,411		337,423
EVI Industries 1,2,3		69,873		1,900,546
GMS 1		12,272		537,514
Lawson Products 1		16,250		812,662
MSC Industrial Direct Cl. A		6,642		532,622
SiteOne Landscape Supply 1,2,3		25,000		4,986,750
Transcat 1		39,180		2,526,326
				18,009,764
Total				525,401,014
Information Technology – 23.9%
Communications Equipment - 1.0%
ADTRAN 2		214,973		4,032,894
Calix 1		303,293		14,991,773
Comtech Telecommunications		10,192		261,017
Digi International 1		60,293		1,267,359
NETGEAR 1		21,963		700,839
				21,253,882
Electronic Equipment, Instruments & Components - 6.9%
Avnet		5,233		193,464
Bel Fuse Cl. B		42,562		529,046
Belden		5,056		294,563
Benchmark Electronics		26,221		700,363
Cognex Corporation 2		206,600		16,573,452
Daktronics 1		22,653		123,006
ePlus 1		3,786		388,481
Fabrinet 1,2		154,448		15,832,464
FARO Technologies 1,2		272,167		17,911,310
Insight Enterprises 1,2		18,774		1,691,162
IPG Photonics 1		51,100		8,094,240
Kimball Electronics 1		39,845		1,026,806
Littelfuse 2		18,800		5,137,476
Luna Innovations 1		120,580		1,145,510
Methode Electronics		23,628		993,557
National Instruments 2		301,450		11,825,883
nLIGHT 1,2		174,610		4,922,256
OSI Systems 1		4,506		427,169
PAR Technology 1,2,3		290,239		17,852,601
PC Connection		1,077		47,420
Plexus Corporation 1		11,413		1,020,436
Richardson Electronics 6		711,475		6,894,193
Rogers Corporation 1		40,010		7,461,065
Sanmina Corporation 1		44,048		1,697,610
ScanSource 1		21,028		731,564
TTM Technologies 1,2,3		582,635		7,323,722
Vishay Intertechnology		41,680		837,351
Vishay Precision Group 1		16,360		568,837
Vontier Corporation		309,288		10,392,077
				142,637,084
IT Services - 2.8%
Cass Information Systems		8,870		371,210
Computer Services 4		108,625		6,408,875
Computer Task Group 1		71,510		570,650
CSG Systems International		26,207		1,263,177
EVERTEC		9,017		412,257
ExlService Holdings 1		1,297		159,687
Hackett Group (The) 2		285,266		5,596,919
Repay Holdings Cl. A 1		740,109		17,044,710
Shift4 Payments Cl. A 1		216,620		16,792,382
Unisys Corporation 1,2		402,250		10,112,565
				58,732,432
Semiconductors & Semiconductor Equipment - 9.2%
Ambarella 1		3,500		545,090
Axcelis Technologies 1		15,400		724,262
Brooks Automation 2		219,100		22,424,885
Camtek 1		448,200		18,156,582
Cirrus Logic 1,2		275,700		22,703,895
CMC Materials 2		76,398		9,414,526
Cohu 1		125,130		3,996,652
CyberOptics Corporation 1		17,200		611,976
Diodes 1,2,3		158,325		14,342,662
Entegris 2,3		20,100		2,530,590
FormFactor 1		529,300		19,758,769
Kulicke & Soffa Industries 2		150,870		8,792,704
Lattice Semiconductor 1		7,800		504,270
MagnaChip Semiconductor 1		35,200		625,152
MKS Instruments		284,489		42,932,235
Nova 1,2,3		42,990		4,397,447
NVE Corporation		9,900		633,303
Onto Innovation 1,2		14,718		1,063,375
Photronics 1		219,321		2,989,345
Power Integrations		2,378		235,398
Rambus 1		13,988		310,534
SiTime 1		63,222		12,908,036
SMART Global Holdings 1		5,421		241,234
Ultra Clean Holdings 1		17,148		730,505
				191,573,427
Software - 3.2%
Agilysys 1		16,600		869,176
CDK Global		8,882		377,929
ChannelAdvisor Corporation 1		19,770		498,797
Descartes Systems Group (The) 1,2		40,000		3,250,400
Digital Turbine 1		5,000		343,750
Dolby Laboratories Cl. A		11,220		987,360
E2open Parent Holdings Cl. A 1		100,000		1,130,000
Ebix		5,389		145,126
Everbridge 1		60,000		9,062,400
InterDigital		7,096		481,251
j2 Global 1,2		26,585		3,632,043
Manhattan Associates 1,2		21,200		3,244,236
Matterport Cl. A 1		45,000		850,950
MicroStrategy Cl. A 1		207		119,729
Momentive Global 1,2,3		545,580		10,693,368
Progress Software		100		4,919
Teradata Corporation 1		47,581		2,728,770
Upland Software 1,2		821,550		27,472,632
Xperi Holding Corporation 2		32,448		611,320
				66,504,156
Technology Hardware, Storage & Peripherals - 0.8%
Avid Technology 1		541,605		15,663,217
Total				496,364,198
Materials – 10.5%
Chemicals - 5.8%
American Vanguard		23,847		358,897
Chase Corporation 2,3		79,059		8,075,877
Element Solutions 2		868,786		18,835,280
FutureFuel Corporation		550,431		3,924,573
Hawkins 2		154,940		5,404,307
Huntsman Corporation		46,837		1,385,907
Innospec 2		152,499		12,843,466
Minerals Technologies 2		208,333		14,549,977
Mosaic Company (The)		655,230		23,404,816
NewMarket Corporation		8,000		2,710,160
Quaker Chemical		116,199		27,622,826
Stepan Company		1,129		127,509
Tredegar Corporation		39,337		479,125
Trinseo		21,766		1,174,929
				120,897,649
Construction Materials - 0.7%
Eagle Materials		83,900		11,004,324
Imerys 4		90,000		3,877,263
				14,881,587
Containers & Packaging - 0.1%
Graphic Packaging Holding Company		24,456		465,642
Myers Industries		13,041		255,212
Silgan Holdings		10,321		395,914
UFP Technologies 1		5,120		315,341
				1,432,109
Metals & Mining - 3.5%
Alamos Gold Cl. A		2,195,500		15,791,098
Ferroglobe (Warranty Insurance Trust) 1,5		49,300		0
Gold Fields ADR		370,000		3,004,400
Haynes International 2		126,449		4,710,225
Hecla Mining		321,300		1,767,150
IAMGOLD Corporation 1		600,000		1,356,000
Kaiser Aluminum		833		90,764
Lundin Mining		640,000		4,603,190
MAG Silver 1		198,900		3,222,180
Major Drilling Group International 1		2,217,291		14,792,443
Pan American Silver		140,027		3,258,428
Pretium Resources 1		101,000		976,828
Reliance Steel & Aluminum 2		47,500		6,764,950
Royal Gold 2		16,600		1,585,134
SunCoke Energy		173,844		1,091,740
VanEck Junior Gold Miners ETF		155,500		5,961,870
Warrior Met Coal		10,481		243,893
Worthington Industries 2		64,300		3,388,610
				72,608,903
Paper & Forest Products - 0.4%
Clearwater Paper 1		23,773		911,219
Glatfelter		62,012		874,369
Mercer International		10,171		117,882
Neenah		17,192		801,319
Schweitzer-Mauduit International		35,551		1,232,198
Stella-Jones		122,556		4,126,807
				8,063,794
Total				217,884,042
Real Estate – 3.8%
Equity Real Estate Investment Trusts (REITs) - 0.0%
Equity Commonwealth 1		12,000		311,760
New York REIT 1,5		15,000		174,600
				486,360
Real Estate Management & Development - 3.8%
Colliers International Group		85,520		10,921,759
FirstService		125,495		22,649,338
FRP Holdings 1,2,3		76,558		4,281,123
Jones Lang LaSalle 1		8,578		2,128,116
Kennedy-Wilson Holdings 2		634,968		13,283,531
Marcus & Millichap 1,2		247,646		10,059,381
RMR Group (The) Cl. A 2		80,100		2,679,345
St. Joe Company (The) 2,3		78,800		3,317,480
Tejon Ranch 1,2		557,136		9,894,735
				79,214,808
Total				79,701,168
Utilities – 0.1%
Water Utilities - 0.1%
American States Water		14,615		1,249,875
Total				1,249,875
TOTAL COMMON STOCKS
(Cost $1,445,053,867)				2,099,945,477
WARRANTS – 0.0%
Health Care – 0.0%
Health Care Providers & Services - 0.0%
Cano Health (Warrants) 1		49,999		206,496
Total				206,496

TOTAL WARRANTS
(Cost $237,495)		206,496
REPURCHASE AGREEMENT – 2.5%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $52,302,669 (collateralized by obligations of various U.S. Government Agencies, 0.25%-1.25% due 9/30/28-7/15/29, valued at $53,348,737) (Cost $52,302,669)		52,302,669
TOTAL INVESTMENTS – 103.4%
(Cost $1,497,594,031)		2,152,454,642
LIABILITIES LESS CASH AND OTHER ASSETS – (3.4)%		(71,137,081	)
NET ASSETS – 100.0%	$	2,081,317,561

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 September 30, 2021. Total market value of pledged securities at September 30, 2021, was $195,350,990.

³ At September 30, 2021, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $59,092,462.

⁴ 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.

⁵ Securities for which market quotations are not readily available represent 0.2% 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 September 30, 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 $1,498,524,752. At September 30, 2021, net unrealized appreciation for all securities was $653,929,890, consisting of aggregate gross unrealized appreciation of $738,389,760 and aggregate gross unrealized depreciation of $84,459,870. 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 and foreign securities that were fair valued 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 September 30, 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	$2,035,721,824	$59,919,053	$4,304,600	$2,099,945,477
Warrants	206,496	–	–	206,496
Repurchase Agreement	–	52,302,669	–	52,302,669

Level 3 Reconciliation:
	Balance as of 12/31/20	Purchases	Corporate Actions		Realized Gain (Loss)		Unrealized Gain (Loss)		Balance as of 9/30/21
Common Stocks	$926,000	$5,000,000	$(8,400	)	$	–	$(1,613,000	)	$4,304,600
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 September 30, 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 September 30, 2021, the Fund has outstanding borrowings of $70,000,000. During the nine months ended September 30, 2021, the Fund borrowed an average daily balance of $70,000,000. As of September 30, 2021, the aggregate value of rehypothecated securities was $59,092,462.

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 nine months ended September 30, 2021:

Affiliated Company 1	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 9/30/21	Market Value 9/30/21
Industrials - 0.0%
Trading Companies & Distributors - 0.0%
Houston Wire & Cable 2,3	877,363	$	2,447,843	$	–	$	4,650,024	$	(100,026	)	$	2,302,207	$	–
			2,447,843						(100,026	)		2,302,207		–
Information Technology - 0.3%
Electronic Equipment, Instruments & Components - 0.3%
Richardson Electronics 4	711,475		3,351,047		–		–		–			3,543,146		128,066	711,475	$	6,894,193
			3,351,047						–			3,543,146		128,066			6,894,193
		$	5,798,890					$	(100,026	)	$	5,845,353	$	128,066		$	6,894,193

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

² Not an Affiliated Company at September 30, 2021.

³ Non-income producing.

⁴ At September 30, 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.

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).