SCHEDULES OF INVESTMENTS
ROYCE DIVIDEND VALUE FUND
SEPTEMBER 30, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 98.3% | ||||||||
Consumer Discretionary – 7.4% | ||||||||
Auto Components - 1.0% | ||||||||
Gentex Corporation | 8,101 | $ | 208,601 | |||||
Nokian Renkaat | 18,000 | 509,269 | ||||||
717,870 | ||||||||
Household Durables - 2.6% | ||||||||
Hunter Douglas 1 | 20,000 | 1,164,702 | ||||||
La-Z-Boy | 1,915 | 60,571 | ||||||
PulteGroup | 10,900 | 504,561 | ||||||
1,729,834 | ||||||||
Specialty Retail - 3.8% | ||||||||
American Eagle Outfitters | 30,445 | 450,890 | ||||||
Rent-A-Center | 36,466 | 1,089,969 | ||||||
USS | 56,000 | 1,001,715 | ||||||
2,542,574 | ||||||||
Total | 4,990,278 | |||||||
Consumer Staples – 0.8% | ||||||||
Food & Staples Retailing - 0.7% | ||||||||
FamilyMart | 19,200 | 434,204 | ||||||
Household Products - 0.1% | ||||||||
Spectrum Brands Holdings | 1,496 | 85,511 | ||||||
Total | 519,715 | |||||||
Energy – 1.8% | ||||||||
Energy Equipment & Services - 0.7% | ||||||||
TGS-NOPEC Geophysical | 36,000 | 434,944 | ||||||
Oil, Gas & Consumable Fuels - 1.1% | ||||||||
Gaztransport Et Technigaz | 7,800 | 743,429 | ||||||
Total | 1,178,373 | |||||||
Financials – 29.2% | ||||||||
Banks - 2.2% | ||||||||
Bank of Georgia Group 1 | 39,500 | 453,277 | ||||||
BOK Financial | 15,414 | 793,975 | ||||||
City Holding Company | 4,089 | 235,567 | ||||||
1,482,819 | ||||||||
Capital Markets - 25.1% | ||||||||
Ashmore Group | 349,000 | 1,604,044 | ||||||
AURELIUS Equity Opportunities 1 | 7,200 | 116,979 | ||||||
B3-Brasil, Bolsa, Balcao | 112,200 | 1,099,044 | ||||||
Bolsa Mexicana de Valores | 444,000 | 1,001,593 | ||||||
Carlyle Group | 88,000 | 2,170,960 | ||||||
Coronation Fund Managers | 153,700 | 369,412 | ||||||
Evercore Cl. A | 13,500 | 883,710 | ||||||
Federated Hermes Cl. B | 21,200 | 456,012 | ||||||
Houlihan Lokey Cl. A | 2,846 | 168,056 | ||||||
Jupiter Fund Management | 225,700 | 653,300 | ||||||
KKR & Co. | 76,437 | 2,624,847 | ||||||
Moelis & Company Cl. A | 19,359 | 680,275 | ||||||
SEI Investments | 37,900 | 1,922,288 | ||||||
Sprott | 58,860 | 2,009,077 | ||||||
State Street | 16,800 | 996,744 | ||||||
16,756,341 | ||||||||
Insurance - 1.0% | ||||||||
Reinsurance Group of America | 7,205 | 685,844 | ||||||
Thrifts & Mortgage Finance - 0.9% | ||||||||
Genworth MI Canada | 23,648 | 613,244 | ||||||
Total | 19,538,248 | |||||||
Health Care – 4.1% | ||||||||
Health Care Providers & Services - 0.5% | ||||||||
Ensign Group (The) | 5,951 | 339,564 | ||||||
Pharmaceuticals - 3.6% | ||||||||
Recordati Industria Chimica e Farmaceutica | 29,900 | 1,529,737 | ||||||
Santen Pharmaceutical | 41,600 | 853,005 | ||||||
2,382,742 | ||||||||
Total | 2,722,306 | |||||||
Industrials – 27.6% | ||||||||
Aerospace & Defense - 3.6% | ||||||||
HEICO Corporation Cl. A | 27,220 | 2,413,325 | ||||||
Building Products - 1.1% | ||||||||
Geberit | 800 | 474,024 | ||||||
UFP Industries | 4,200 | 237,342 | ||||||
711,366 | ||||||||
Commercial Services & Supplies - 0.2% | ||||||||
Herman Miller | 3,976 | 119,916 | ||||||
Construction & Engineering - 0.7% | ||||||||
Comfort Systems USA | 9,059 | 466,629 | ||||||
Electrical Equipment - 2.3% | ||||||||
Hubbell Incorporated | 11,462 | 1,568,460 | ||||||
Machinery - 10.8% | ||||||||
Alamo Group | 588 | 63,521 | ||||||
Federal Signal | 4,729 | 138,323 | ||||||
Graco | 36,774 | 2,256,085 | ||||||
Lincoln Electric Holdings | 10,022 | 922,425 | ||||||
Lindsay Corporation | 17,400 | 1,682,232 | ||||||
Spirax-Sarco Engineering | 14,976 | 2,129,216 | ||||||
7,191,802 | ||||||||
Marine - 2.1% | ||||||||
Clarkson | 48,600 | 1,409,051 | ||||||
Professional Services - 3.1% | ||||||||
Korn Ferry | 10,023 | 290,667 | ||||||
ManpowerGroup | 20,300 | 1,488,599 | ||||||
Robert Half International | 5,994 | 317,322 | ||||||
2,096,588 | ||||||||
Road & Rail - 0.8% | ||||||||
Old Dominion Freight Line | 1,050 | 189,966 | ||||||
Werner Enterprises | 8,643 | 362,920 | ||||||
552,886 | ||||||||
Trading Companies & Distributors - 2.9% | ||||||||
Applied Industrial Technologies | 34,675 | 1,910,593 | ||||||
Total | 18,440,616 | |||||||
Information Technology – 9.4% | ||||||||
Electronic Equipment, Instruments & Components - 4.5% | ||||||||
FLIR Systems | 65,800 | 2,358,930 | ||||||
Vishay Intertechnology | 42,497 | 661,678 | ||||||
3,020,608 | ||||||||
IT Services - 3.6% | ||||||||
CSG Systems International | 400 | 16,380 | ||||||
KBR | 106,200 | 2,374,632 | ||||||
2,391,012 | ||||||||
Semiconductors & Semiconductor Equipment - 0.5% | ||||||||
MKS Instruments | 2,808 | 306,718 | ||||||
Software - 0.8% | ||||||||
SimCorp | 4,200 | 552,089 | ||||||
Total | 6,270,427 | |||||||
Materials – 17.4% | ||||||||
Chemicals - 3.2% | ||||||||
Quaker Chemical | 11,841 | 2,127,946 | ||||||
Containers & Packaging - 3.6% | ||||||||
AptarGroup | 21,470 | 2,430,404 | ||||||
Metals & Mining - 10.6% | ||||||||
Franco-Nevada | 19,299 | 2,693,755 | ||||||
Reliance Steel & Aluminum | 10,830 | 1,105,093 | ||||||
Royal Gold | 11,600 | 1,393,972 | ||||||
Worthington Industries | 46,800 | 1,908,504 | ||||||
7,101,324 | ||||||||
Total | 11,659,674 | |||||||
Real Estate – 0.6% | ||||||||
Real Estate Management & Development - 0.6% | ||||||||
Relo Group | 18,400 | 441,053 | ||||||
Total | 441,053 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $35,756,871) | 65,760,690 | |||||||
REPURCHASE AGREEMENT – 0.2% | ||||||||
Fixed Income Clearing Corporation, | ||||||||
0.00% dated 9/30/20, due 10/1/20, by obligations of various U.S. Government Agencies, 2.50% due 1/31/25, valued at $135,306) | ||||||||
(Cost $132,592) | 132,592 | |||||||
TOTAL INVESTMENTS – 98.5% | ||||||||
(Cost $35,889,463) | 65,893,282 | |||||||
CASH AND OTHER ASSETS | ||||||||
LESS LIABILITIES – 1.5% | 998,294 | |||||||
NET ASSETS – 100.0% | $ | 66,891,576 |
SCHEDULES OF INVESTMENTS
ROYCE GLOBAL FINANCIAL SERVICES FUND
SEPTEMBER 30, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 95.0% | ||||||||
Banks - 10.2% | ||||||||
BOK Financial | 10,450 | $ | 538,279 | |||||
Bryn Mawr Bank | 10,000 | 248,700 | ||||||
Cadence Bancorporation Cl. A | 15,887 | 136,469 | ||||||
Capital City Bank Group | 16,988 | 319,205 | ||||||
First Citizens BancShares Cl. A | 1,828 | 582,730 | ||||||
First Republic Bank | 2,599 | 283,447 | ||||||
Popular | 22,292 | 808,531 | ||||||
TriState Capital Holdings 1 | 11,600 | 153,584 | ||||||
Umpqua Holdings | 17,400 | 184,788 | ||||||
Total | 3,255,733 | |||||||
Capital Markets - 53.6% | ||||||||
Ares Management Cl. A | 33,302 | 1,346,067 | ||||||
Ashmore Group | 157,000 | 721,590 | ||||||
Associated Capital Group Cl. A | 7,000 | 252,910 | ||||||
B3-Brasil, Bolsa, Balcao | 61,000 | 597,520 | ||||||
Bolsa Mexicana de Valores | 174,000 | 392,516 | ||||||
Canaccord Genuity Group | 126,350 | 644,299 | ||||||
Carlyle Group | 22,300 | 550,141 | ||||||
Charles Schwab | 8,400 | 304,332 | ||||||
Coronation Fund Managers | 61,200 | 147,092 | ||||||
CRISIL | 14,000 | 340,271 | ||||||
Egyptian Financial Group-Hermes Holding Company 1 | 307,987 | 267,646 | ||||||
GMP Capital | 108,000 | 158,162 | ||||||
Great Elm Capital Group 1 | 115,545 | 272,686 | ||||||
Hellenic Exchanges - Athens Stock Exchange | 50,000 | 165,229 | ||||||
Intermediate Capital Group | 39,111 | 600,876 | ||||||
IOOF Holdings | 55,000 | 121,827 | ||||||
JSE | 51,000 | 357,018 | ||||||
Jupiter Fund Management | 106,900 | 309,427 | ||||||
KKR & Co. | 23,900 | 820,726 | ||||||
MarketAxess Holdings | 2,657 | 1,279,585 | ||||||
NZX | 580,000 | 621,639 | ||||||
Rothschild & Co 1 | 13,900 | 390,742 | ||||||
SEI Investments | 7,950 | 403,224 | ||||||
Silvercrest Asset Management Group Cl. A | 20,800 | 217,568 | ||||||
Sprott | 45,000 | 1,535,992 | ||||||
StoneX Group 1 | 11,583 | 592,586 | ||||||
TD Ameritrade Holding Corporation | 5,787 | 226,561 | ||||||
Tel Aviv Stock Exchange | 273,000 | 1,218,941 | ||||||
TMX Group | 3,700 | 380,517 | ||||||
U.S. Global Investors Cl. A | 183,900 | 437,682 | ||||||
Value Partners Group | 772,000 | 331,769 | ||||||
Virtu Financial Cl. A | 23,700 | 545,337 | ||||||
Warsaw Stock Exchange | 19,000 | 222,445 | ||||||
Westaim Corporation 1 | 105,000 | 179,790 | ||||||
WisdomTree Investments | 27,100 | 86,720 | ||||||
Total | 17,041,433 | |||||||
Closed-End Funds - 0.8% | ||||||||
Eagle Point Income | 19,341 | 253,957 | ||||||
Total | 253,957 | |||||||
Consumer Finance - 0.4% | ||||||||
Currency Exchange International 1 | 13,000 | 111,299 | ||||||
Total | 111,299 | |||||||
Diversified Financial Services - 1.9% | ||||||||
Banco Latinoamericano de Comercio Exterior Cl. E | 25,700 | 312,255 | ||||||
ECN Capital | 75,000 | 285,006 | ||||||
Total | 597,261 | |||||||
Hotels, Restaurants & Leisure - 0.1% | ||||||||
Thomas Cook (India) 1 | 94,000 | 35,959 | ||||||
Total | 35,959 | |||||||
Insurance - 4.1% | ||||||||
Axis Capital Holdings | 11,554 | 508,838 | ||||||
E-L Financial | 1,638 | 809,374 | ||||||
Total | 1,318,212 | |||||||
Investment Companies - 0.0% | ||||||||
Morgan Group Holding Company 1,2 | 156 | 1,014 | ||||||
Total | 1,014 | |||||||
IT Services - 3.0% | ||||||||
Cass Information Systems | 5,016 | 201,844 | ||||||
PayPal Holdings 1 | 3,851 | 758,763 | ||||||
Total | 960,607 | |||||||
Metals & Mining - 4.2% | ||||||||
Franco-Nevada | 9,523 | 1,329,220 | ||||||
Total | 1,329,220 | |||||||
Professional Services - 1.9% | ||||||||
Dun & Bradstreet Holdings 1 | 5,000 | 128,300 | ||||||
People Corporation 1 | 45,300 | 373,545 | ||||||
Quess Corp 1 | 17,756 | 99,431 | ||||||
Total | 601,276 | |||||||
Real Estate Management & Development - 11.1% | ||||||||
Altus Group | 32,000 | 1,329,699 | ||||||
FirstService Corporation | 11,970 | 1,578,723 | ||||||
FRP Holdings 1 | 7,957 | 331,568 | ||||||
RMR Group (The) Cl. A | 10,000 | 274,700 | ||||||
Total | 3,514,690 | |||||||
Software - 3.1% | ||||||||
Benefitfocus 1 | 10,600 | 118,720 | ||||||
Bottomline Technologies 1 | 9,800 | 413,168 | ||||||
Envestnet 1 | 6,000 | 462,960 | ||||||
Total | 994,848 | |||||||
Thrifts & Mortgage Finance - 0.6% | ||||||||
Provident Bancorp | 25,000 | 194,750 | ||||||
Total | 194,750 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $22,107,451) | 30,210,259 |
REPURCHASE AGREEMENT – 2.6% | ||||
Fixed Income Clearing Corporation, | ||||
0.00% dated 9/30/20, due 10/1/20, maturity value $835,251 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $852,008) | ||||
(Cost $835,251) | 835,251 | |||
TOTAL INVESTMENTS – 97.6% | ||||
(Cost $22,942,702) | 31,045,510 | |||
CASH AND OTHER ASSETS | ||||
LESS LIABILITIES – 2.4% | 767,519 | |||
NET ASSETS – 100.0% | $ | 31,813,029 | ||
SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL PREMIER FUND
SEPTEMBER 30, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 91.6% | ||||||||
Australia – 11.4% | ||||||||
Bravura Solutions | 8,565,929 | $ | 20,932,618 | |||||
Cochlear | 90,100 | 12,806,503 | ||||||
Hansen Technologies | 7,855,955 | 21,977,791 | ||||||
IPH | 5,169,501 | 26,564,791 | ||||||
IRESS | 2,175,883 | 14,951,182 | ||||||
Technology One | 2,157,500 | 12,377,136 | ||||||
Total | 109,610,021 | |||||||
Brazil – 1.8% | ||||||||
OdontoPrev | 4,309,300 | 9,208,070 | ||||||
TOTVS | 1,798,900 | 8,680,744 | ||||||
Total | 17,888,814 | |||||||
Canada – 3.0% | ||||||||
Altus Group | 378,400 | 15,723,684 | ||||||
Morneau Shepell | 625,000 | 13,048,703 | ||||||
Total | 28,772,387 | |||||||
Denmark – 2.4% | ||||||||
Chr. Hansen Holding 1 | 80,800 | 8,980,122 | ||||||
SimCorp | 107,600 | 14,144,010 | ||||||
Total | 23,124,132 | |||||||
Germany – 4.3% | ||||||||
Amadeus Fire 1 | 101,098 | 12,587,516 | ||||||
Carl Zeiss Meditec | 99,600 | 12,605,868 | ||||||
Norma Group | 510,900 | 15,866,589 | ||||||
Total | 41,059,973 | |||||||
Iceland – 2.4% | ||||||||
Marel | 2,168,670 | 10,551,466 | ||||||
Ossur | 1,738,900 | 12,318,622 | ||||||
Total | 22,870,088 | |||||||
India – 1.4% | ||||||||
AIA Engineering | 542,411 | 13,546,214 | ||||||
Total | 13,546,214 | |||||||
Italy – 1.3% | ||||||||
DiaSorin | 46,900 | 9,453,242 | ||||||
GVS 1 | 200,000 | 2,693,196 | ||||||
Total | 12,146,438 | |||||||
Japan – 18.9% | ||||||||
As One | 117,100 | 16,797,502 | ||||||
Benefit One | 657,400 | 16,594,035 | ||||||
Cosel | 1,081,200 | 11,049,249 | ||||||
Daifuku | 136,800 | 13,768,919 | ||||||
Fukui Computer Holdings | 588,100 | 17,218,627 | ||||||
Medikit | 316,100 | 10,089,588 | ||||||
Meitec Corporation | 392,300 | 19,992,707 | ||||||
NSD | 714,000 | 13,972,211 | ||||||
TechnoPro Holdings | 239,700 | 14,822,471 | ||||||
TKC Corporation | 482,300 | 31,284,195 | ||||||
USS | 893,100 | 15,975,561 | ||||||
Total | 181,565,065 | |||||||
Netherlands – 5.5% | ||||||||
IMCD | 230,100 | 27,396,808 | ||||||
Intertrust 1 | 1,515,791 | 25,813,245 | ||||||
Total | 53,210,053 | |||||||
New Zealand – 1.4% | ||||||||
Fisher & Paykel Healthcare | 605,000 | 13,317,144 | ||||||
Total | 13,317,144 | |||||||
Norway – 1.3% | ||||||||
TGS-NOPEC Geophysical | 1,031,200 | 12,458,726 | ||||||
Total | 12,458,726 | |||||||
Singapore – 1.8% | ||||||||
XP Power | 308,616 | 17,531,506 | ||||||
Total | 17,531,506 | |||||||
Sweden – 10.0% | ||||||||
Alimak Group | 1,269,900 | 17,214,555 | ||||||
Bravida Holding 1 | 1,487,228 | 18,066,423 | ||||||
Hexpol 1 | 1,706,500 | 15,272,480 | ||||||
Karnov Group | 2,871,157 | 17,309,668 | ||||||
Lagercrantz Group | 417,300 | 8,425,609 | ||||||
Loomis 1 | 726,400 | 19,847,858 | ||||||
Total | 96,136,593 | |||||||
Switzerland – 10.7% | ||||||||
Bossard Holding | 84,840 | 15,332,813 | ||||||
dormakaba Holding | 37,800 | 20,502,309 | ||||||
Kardex Holding | 81,500 | 15,045,822 | ||||||
LEM Holding | 8,800 | 16,484,098 | ||||||
Partners Group Holding | 17,000 | 15,642,942 | ||||||
VZ Holding | 224,385 | 20,014,002 | ||||||
Total | 103,021,986 | |||||||
United Kingdom – 14.0% | ||||||||
Ashmore Group | 2,465,850 | 11,333,328 | ||||||
AVEVA Group | 79,660 | 4,925,573 | ||||||
Croda International | 318,300 | 25,698,327 | ||||||
Diploma 1 | 180,780 | 5,105,442 | ||||||
FDM Group Holdings | 1,181,638 | 15,415,213 | ||||||
Marlowe 1 | 2,056,206 | 14,190,176 | ||||||
Restore 1 | 3,959,778 | 16,358,952 | ||||||
Spirax-Sarco Engineering | 157,400 | 22,378,375 | ||||||
Victrex | 819,300 | 19,316,141 | ||||||
Total | 134,721,527 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $729,622,823) | 880,980,667 | |||||||
PREFERRED STOCK– 2.0% | ||||||||
Germany – 2.0% | ||||||||
FUCHS PETROLUB | 380,400 | 19,345,250 | ||||||
(Cost $16,354,196) | 19,345,250 | |||||||
REPURCHASE AGREEMENT – 6.2% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $59,978,796 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $61,178,463) (Cost $59,978,796) | 59,978,796 | |||||||
TOTAL INVESTMENTS – 99.8% | ||||||||
(Cost $805,955,815) | 960,304,713 | |||||||
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2% | 2,069,767 | |||||||
NET ASSETS – 100.0% | $ | 962,374,480 |
SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP FUND
SEPTEMBER 30, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 98.4% | ||||||||
Communication Services – 2.8% | ||||||||
Entertainment - 1.5% | ||||||||
Chicken Soup For The Soul Entertainment Cl. A 1 | 90,200 | $ | 1,301,586 | |||||
Gaia Cl. A 1 | 249,000 | 2,447,670 | ||||||
Score Media and Gaming Cl. A 1 | 754,200 | 407,813 | ||||||
4,157,069 | ||||||||
Interactive Media & Services - 1.3% | ||||||||
QuinStreet 1 | 218,146 | 3,455,433 | ||||||
Total | 7,612,502 | |||||||
Consumer Discretionary – 11.5% | ||||||||
Auto Components - 1.7% | ||||||||
Modine Manufacturing 1 | 133,600 | 835,000 | ||||||
Stoneridge 1 | 134,100 | 2,463,417 | ||||||
Unique Fabricating 1 | 372,441 | 1,255,126 | ||||||
4,553,543 | ||||||||
Diversified Consumer Services - 1.0% | ||||||||
Collectors Universe | 56,400 | 2,791,236 | ||||||
Hotels, Restaurants & Leisure - 1.8% | ||||||||
Century Casinos 1 | 412,100 | 2,258,308 | ||||||
GAN 1 | 63,900 | 1,079,910 | ||||||
Lindblad Expeditions Holdings 1 | 186,600 | 1,587,966 | ||||||
4,926,184 | ||||||||
Household Durables - 0.3% | ||||||||
Legacy Housing 1 | 58,800 | 804,384 | ||||||
Internet & Direct Marketing Retail - 0.9% | ||||||||
Magnite 1,3 | 358,500 | 2,489,783 | ||||||
Leisure Products - 1.0% | ||||||||
MasterCraft Boat Holdings 1 | 156,400 | 2,735,436 | ||||||
Specialty Retail - 4.1% | ||||||||
Citi Trends | 138,824 | 3,467,824 | ||||||
OneWater Marine Cl. A 1 | 106,500 | 2,182,185 | ||||||
Shoe Carnival | 99,011 | 3,324,789 | ||||||
Zumiez 1 | 77,500 | 2,156,050 | ||||||
11,130,848 | ||||||||
Textiles, Apparel & Luxury Goods - 0.7% | ||||||||
Vera Bradley 1,3 | 340,500 | 2,080,455 | ||||||
Total | 31,511,869 | |||||||
Consumer Staples – 0.1% | ||||||||
Beverages - 0.1% | ||||||||
Eastside Distilling 1 | 376,800 | 429,552 | ||||||
Total | 429,552 | |||||||
Energy – 2.1% | ||||||||
Energy Equipment & Services - 1.7% | ||||||||
Natural Gas Services Group 1 | 314,187 | 2,654,880 | ||||||
Pason Systems | 230,750 | 916,727 | ||||||
Profire Energy 1 | 1,389,432 | 1,027,902 | ||||||
4,599,509 | ||||||||
Oil, Gas & Consumable Fuels - 0.4% | ||||||||
Ardmore Shipping | 319,875 | 1,138,755 | ||||||
Total | 5,738,264 | |||||||
Financials – 14.2% | ||||||||
Banks - 5.5% | ||||||||
Allegiance Bancshares | 82,800 | 1,935,036 | ||||||
BayCom Corporation 1 | 166,200 | 1,711,860 | ||||||
Caribbean Investment Holdings | 1,858,138 | 1,306,717 | ||||||
County Bancorp | 92,400 | 1,737,120 | ||||||
HarborOne Bancorp | 261,253 | 2,108,312 | ||||||
HomeTrust Bancshares | 130,400 | 1,770,832 | ||||||
Investar Holding | 164,200 | 2,105,044 | ||||||
Midway Investments 1,4 | 1,858,170 | 0 | ||||||
TriState Capital Holdings 1 | 182,757 | 2,419,703 | ||||||
15,094,624 | ||||||||
Capital Markets - 5.3% | ||||||||
B. Riley Financial | 149,900 | 3,756,494 | ||||||
Canaccord Genuity Group | 469,900 | 2,396,171 | ||||||
Silvercrest Asset Management Group Cl. A | 204,000 | 2,133,840 | ||||||
Sprott | 108,480 | 3,702,764 | ||||||
StoneX Group 1,3 | 50,200 | 2,568,232 | ||||||
14,557,501 | ||||||||
Diversified Financial Services - 0.3% | ||||||||
Waterloo Investment Holdings 1,4 | 2,760,000 | 690,000 | ||||||
Thrifts & Mortgage Finance - 3.1% | ||||||||
Meridian Bancorp | 197,500 | 2,044,125 | ||||||
PCSB Financial | 174,400 | 2,105,008 | ||||||
Territorial Bancorp | 98,000 | 1,982,540 | ||||||
Western New England Bancorp | 384,100 | 2,162,483 | ||||||
8,294,156 | ||||||||
Total | 38,636,281 | |||||||
Health Care – 13.7% | ||||||||
Biotechnology - 3.2% | ||||||||
BioSpecifics Technologies 1 | 25,900 | 1,368,297 | ||||||
CareDx 1 | 46,800 | 1,775,592 | ||||||
Dynavax Technologies 1 | 261,300 | 1,128,816 | ||||||
MeiraGTx Holdings 1 | 85,700 | 1,134,668 | ||||||
Zealand Pharma 1 | 83,000 | 3,153,777 | ||||||
8,561,150 | ||||||||
Health Care Equipment & Supplies - 6.5% | ||||||||
Apyx Medical 1 | 348,300 | 1,640,493 | ||||||
AtriCure 1 | 52,400 | 2,090,760 | ||||||
Chembio Diagnostics 1 | 240,253 | 1,167,630 | ||||||
CryoLife 1 | 167,455 | 3,092,894 | ||||||
Mesa Laboratories | 4,700 | 1,197,372 | ||||||
Misonix 1 | 115,000 | 1,348,950 | ||||||
OrthoPediatrics Corporation 1,3 | 57,400 | 2,635,808 | ||||||
Profound Medical 1 | 117,700 | 2,070,169 | ||||||
Surmodics 1 | 65,822 | 2,561,134 | ||||||
17,805,210 | ||||||||
Health Care Providers & Services - 0.5% | ||||||||
Sharps Compliance 1,3 | 232,600 | 1,458,402 | ||||||
Life Sciences Tools & Services - 3.0% | ||||||||
Harvard Bioscience 1 | 850,779 | 2,560,845 | ||||||
NeoGenomics 1 | 75,700 | 2,792,573 | ||||||
Quanterix Corporation 1 | 86,100 | 2,905,014 | ||||||
8,258,432 | ||||||||
Pharmaceuticals - 0.5% | ||||||||
Axsome Therapeutics 1,3 | 17,400 | 1,239,750 | ||||||
Total | 37,322,944 | |||||||
Industrials – 22.9% | ||||||||
Aerospace & Defense - 1.2% | ||||||||
Astronics Corporation 1 | 90,391 | 697,819 | ||||||
CPI Aerostructures 1 | 441,384 | 1,182,909 | ||||||
Kratos Defense & Security Solutions 1 | 75,100 | 1,447,928 | ||||||
3,328,656 | ||||||||
Commercial Services & Supplies - 1.0% | ||||||||
Acme United | 49,800 | 1,146,799 | ||||||
Heritage-Crystal Clean 1 | 124,474 | 1,661,728 | ||||||
2,808,527 | ||||||||
Construction & Engineering - 5.3% | ||||||||
Ameresco Cl. A 1 | 107,200 | 3,580,480 | ||||||
Construction Partners Cl. A 1 | 151,500 | 2,757,300 | ||||||
IES Holdings 1 | 84,900 | 2,697,273 | ||||||
Northwest Pipe 1 | 124,200 | 3,286,332 | ||||||
NV5 Global 1 | 39,500 | 2,084,415 | ||||||
14,405,800 | ||||||||
Electrical Equipment - 1.5% | ||||||||
American Superconductor 1 | 256,600 | 3,715,568 | ||||||
Power Solutions International 1,2 | 99,900 | 304,695 | ||||||
4,020,263 | ||||||||
Machinery - 6.5% | ||||||||
Alimak Group | 182,300 | 2,471,229 | ||||||
CIRCOR International 1 | 121,400 | 3,320,290 | ||||||
Graham Corporation | 168,588 | 2,152,869 | ||||||
Luxfer Holdings | 129,900 | 1,630,245 | ||||||
Porvair | 313,000 | 2,060,427 | ||||||
Shyft Group | 142,100 | 2,682,848 | ||||||
Wabash National | 218,300 | 2,610,868 | ||||||
Westport Fuel Systems 1 | 535,200 | 872,376 | ||||||
17,801,152 | ||||||||
Marine - 1.0% | ||||||||
Clarkson | 89,831 | 2,604,453 | ||||||
Professional Services - 4.4% | ||||||||
CRA International | 52,483 | 1,966,538 | ||||||
Forrester Research 1 | 43,300 | 1,419,807 | ||||||
GP Strategies 1 | 264,418 | 2,548,989 | ||||||
Heidrick & Struggles International | 99,540 | 1,955,961 | ||||||
Kforce | 55,932 | 1,799,332 | ||||||
Resources Connection | 200,252 | 2,312,911 | ||||||
12,003,538 | ||||||||
Trading Companies & Distributors - 2.0% | ||||||||
Lawson Products 1 | 76,900 | 3,155,207 | ||||||
Transcat 1 | 76,600 | 2,244,380 | ||||||
5,399,587 | ||||||||
Total | 62,371,976 | |||||||
Information Technology – 25.8% | ||||||||
Communications Equipment - 2.3% | ||||||||
Digi International 1 | 194,600 | 3,041,598 | ||||||
EMCORE Corporation 1 | 481,100 | 1,563,575 | ||||||
Harmonic 1 | 306,600 | 1,710,828 | ||||||
6,316,001 | ||||||||
Electronic Equipment, Instruments & Components - 7.7% | ||||||||
Fabrinet 1 | 21,349 | 1,345,628 | ||||||
FARO Technologies 1 | 46,300 | 2,823,374 | ||||||
LightPath Technologies Cl. A 1 | 789,784 | 1,903,379 | ||||||
Luna Innovations 1 | 500,300 | 2,991,794 | ||||||
nLIGHT 1 | 114,900 | 2,697,852 | ||||||
PAR Technology 1 | 92,000 | 3,726,920 | ||||||
PC Connection | 52,300 | 2,147,438 | ||||||
PowerFleet 1 | 102,100 | 574,823 | ||||||
Vishay Precision Group 1 | 112,100 | 2,838,372 | ||||||
21,049,580 | ||||||||
IT Services - 0.5% | ||||||||
Cass Information Systems | 36,016 | 1,449,284 | ||||||
Semiconductors & Semiconductor Equipment - 12.6% | ||||||||
Aehr Test Systems 1 | 869,700 | 1,208,883 | ||||||
Axcelis Technologies 1 | 95,400 | 2,098,800 | ||||||
AXT 1 | 524,400 | 3,209,328 | ||||||
Camtek 1 | 216,800 | 3,334,384 | ||||||
Cirrus Logic 1 | 31,600 | 2,131,420 | ||||||
Cohu | 136,000 | 2,336,480 | ||||||
CyberOptics Corporation 1 | 78,100 | 2,486,704 | ||||||
Everspin Technologies 1,3 | 332,900 | 1,887,543 | ||||||
FormFactor 1 | 102,700 | 2,560,311 | ||||||
Ichor Holdings 1 | 89,800 | 1,936,986 | ||||||
Nova Measuring Instruments 1 | 54,100 | 2,820,774 | ||||||
PDF Solutions 1 | 142,600 | 2,668,046 | ||||||
Photronics 1 | 284,800 | 2,836,608 | ||||||
Ultra Clean Holdings 1 | 125,800 | 2,699,668 | ||||||
34,215,935 | ||||||||
Software - 2.1% | ||||||||
Agilysys 1 | 116,900 | 2,824,304 | ||||||
QAD Cl. A | 68,313 | 2,882,808 | ||||||
5,707,112 | ||||||||
Technology Hardware, Storage & Peripherals - 0.6% | ||||||||
AstroNova | 194,100 | 1,556,682 | ||||||
Total | 70,294,594 | |||||||
Materials – 3.7% | ||||||||
Chemicals - 0.5% | ||||||||
Trecora Resources 1 | 223,101 | 1,369,840 | ||||||
Metals & Mining - 3.2% | ||||||||
Altius Minerals | 165,400 | 1,203,654 | ||||||
Ferroglobe (Warranty Insurance Trust) 1,4 | 205,763 | 0 | ||||||
Haynes International | 100,130 | 1,711,222 | ||||||
Major Drilling Group International 1 | 687,900 | 3,683,472 | ||||||
Seabridge Gold 1 | 33,200 | 623,496 | ||||||
Universal Stainless & Alloy Products 1 | 286,200 | 1,571,238 | ||||||
8,793,082 | ||||||||
Total | 10,162,922 | |||||||
Real Estate – 1.6% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 0.7% | ||||||||
Postal Realty Trust Cl. A | 120,100 | 1,818,314 | ||||||
Real Estate Management & Development - 0.9% | ||||||||
FRP Holdings 1 | 38,975 | 1,624,088 | ||||||
Marcus & Millichap 1 | 33,800 | 930,176 | ||||||
2,554,264 | ||||||||
Total | 4,372,578 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $236,578,484) | 268,453,482 | |||||||
REPURCHASE AGREEMENT – 1.6% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $4,472,220 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $4,561,665) | 4,472,220 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.6% | ||||||||
Money Market Funds | ||||||||
Federated Government Obligations Fund | ||||||||
(7 day yield-0.01%) | ||||||||
(Cost $1,561,461) | 1,561,461 | |||||||
TOTAL INVESTMENTS – 100.6% | ||||||||
(Cost $242,612,165) | 274,487,163 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.6)% | (1,756,631 | ) | ||||||
NET ASSETS – 100.0% | $ | 272,730,532 |
SCHEDULES OF INVESTMENTS
ROYCE
OPPORTUNITY FUND
SEPTEMBER 30, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 92.3% | ||||||||
Communication Services – 1.4% | ||||||||
Diversified Telecommunication Services - 0.5% | ||||||||
Iridium Communications 1,3 | 51,393 | $ | 1,314,633 | |||||
Ooma 1 | 258,078 | 3,367,918 | ||||||
4,682,551 | ||||||||
Interactive Media & Services - 0.8% | ||||||||
Cars.com 1,3 | 129,800 | 1,048,784 | ||||||
Eventbrite Cl. A 1,3 | 152,900 | 1,658,965 | ||||||
QuinStreet 1 | 239,200 | 3,788,928 | ||||||
6,496,677 | ||||||||
Media - 0.1% | ||||||||
comScore 1,3 | 575,700 | 1,174,428 | ||||||
Total | 12,353,656 | |||||||
Consumer Discretionary – 14.4% | ||||||||
Auto Components - 1.5% | ||||||||
Cooper Tire & Rubber | 48,400 | 1,534,280 | ||||||
Horizon Global 1,3 | 1,020,880 | 5,870,060 | ||||||
Modine Manufacturing 1 | 582,537 | 3,640,856 | ||||||
Stoneridge 1 | 143,200 | 2,630,584 | ||||||
13,675,780 | ||||||||
Automobiles - 0.4% | ||||||||
Winnebago Industries | 74,200 | 3,833,914 | ||||||
Diversified Consumer Services - 0.8% | ||||||||
frontdoor 1,3 | 121,499 | 4,727,526 | ||||||
Regis Corporation 1 | 313,900 | 1,927,346 | ||||||
6,654,872 | ||||||||
Hotels, Restaurants & Leisure - 2.9% | ||||||||
BJ’s Restaurants 1 | 164,200 | 4,834,048 | ||||||
Carrols Restaurant Group 1 | 1,096,316 | 7,071,238 | ||||||
Century Casinos 1 | 241,140 | 1,321,447 | ||||||
Chuy’s Holdings 1 | 247,000 | 4,836,260 | ||||||
Kura Sushi USA Cl. A 1,3 | 76,297 | 999,491 | ||||||
Noodles & Company Cl. A 1 | 539,654 | 3,707,423 | ||||||
Red Robin Gourmet Burgers 1,3 | 86,900 | 1,143,604 | ||||||
Ruth’s Hospitality Group | 139,500 | 1,542,870 | ||||||
25,456,381 | ||||||||
Household Durables - 4.9% | ||||||||
Beazer Homes USA 1 | 476,406 | 6,288,559 | ||||||
Cavco Industries 1 | 23,200 | 4,183,192 | ||||||
Century Communities 1,3 | 76,000 | 3,217,080 | ||||||
Ethan Allen Interiors | 70,600 | 955,924 | ||||||
Installed Building Products 1,3 | 18,600 | 1,892,550 | ||||||
LGI Homes 1,3 | 47,670 | 5,537,824 | ||||||
M.D.C. Holdings | 40,934 | 1,927,991 | ||||||
M/I Homes 1 | 65,848 | 3,032,300 | ||||||
New Home 1 | 411,659 | 2,239,425 | ||||||
Skyline Champion 1 | 166,300 | 4,451,851 | ||||||
Taylor Morrison Home 1,3 | 155,454 | 3,822,614 | ||||||
Toll Brothers | 55,586 | 2,704,815 | ||||||
TRI Pointe Group 1 | 176,406 | 3,200,005 | ||||||
43,454,130 | ||||||||
Internet & Direct Marketing Retail - 0.9% | ||||||||
Leaf Group 1 | 53,426 | 268,198 | ||||||
Magnite 1,3 | 1,056,819 | 7,339,608 | ||||||
7,607,806 | ||||||||
Specialty Retail - 2.2% | ||||||||
America’s Car-Mart 1 | 58,400 | 4,956,992 | ||||||
Lithia Motors Cl. A | 16,300 | 3,715,422 | ||||||
Lumber Liquidators Holdings 1,3 | 297,156 | 6,552,290 | ||||||
Sonic Automotive Cl. A | 97,000 | 3,895,520 | ||||||
19,120,224 | ||||||||
Textiles, Apparel & Luxury Goods - 0.8% | ||||||||
Jerash Holdings (US) | 55,769 | 253,191 | ||||||
Tapestry | 120,000 | 1,875,600 | ||||||
Under Armour Cl. A 1 | 156,700 | 1,759,741 | ||||||
Unifi 1 | 220,054 | 2,825,494 | ||||||
6,714,026 | ||||||||
Total | 126,517,133 | |||||||
Consumer Staples – 1.8% | ||||||||
Beverages - 0.6% | ||||||||
Eastside Distilling 1 | 80,400 | 91,656 | ||||||
MGP Ingredients | 102,303 | 4,065,521 | ||||||
Reed’s 1 | 941,794 | 874,456 | ||||||
5,031,633 | ||||||||
Food & Staples Retailing - 0.8% | ||||||||
Chefs Warehouse 1 | 192,400 | 2,797,496 | ||||||
Natural Grocers by Vitamin Cottage | 178,644 | 1,761,430 | ||||||
Rite Aid 1,3 | 270,565 | 2,567,662 | ||||||
7,126,588 | ||||||||
Food Products - 0.4% | ||||||||
SunOpta 1 | 439,027 | 3,257,580 | ||||||
Total | 15,415,801 | |||||||
Energy – 2.7% | ||||||||
Energy Equipment & Services - 0.8% | ||||||||
Archrock | 460,100 | 2,475,338 | ||||||
Aspen Aerogels 1 | 242,070 | 2,650,667 | ||||||
Newpark Resources 1 | 377,226 | 396,087 | ||||||
Patterson-UTI Energy | 93,785 | 267,287 | ||||||
Ranger Energy Services Cl. A 1 | 244,352 | 637,759 | ||||||
TETRA Technologies 1 | 317,230 | 162,041 | ||||||
U.S. Silica Holdings | 159,001 | 477,003 | ||||||
7,066,182 | ||||||||
Oil, Gas & Consumable Fuels - 1.9% | ||||||||
Baytex Energy 1 | 1,271,000 | 448,155 | ||||||
Dorian LPG 1 | 496,693 | 3,978,511 | ||||||
Earthstone Energy Cl. A 1 | 218,004 | 564,630 | ||||||
Matador Resources 1 | 448,883 | 3,707,773 | ||||||
Montage Resources 1,3 | 233,374 | 1,024,512 | ||||||
Navigator Holdings 1 | 516,884 | 4,321,150 | ||||||
Teekay LNG Partners L.P. | 253,336 | 2,660,028 | ||||||
16,704,759 | ||||||||
Total | 23,770,941 | |||||||
Financials – 7.5% | ||||||||
Banks - 1.1% | ||||||||
First Foundation | 130,100 | 1,700,407 | ||||||
Hilltop Holdings | 264,848 | 5,450,572 | ||||||
Seacoast Banking Corporation of Florida 1 | 48,900 | 881,667 | ||||||
TriState Capital Holdings 1 | 142,487 | 1,886,528 | ||||||
9,919,174 | ||||||||
Capital Markets - 2.5% | ||||||||
B. Riley Financial | 286,317 | 7,175,104 | ||||||
Evercore Cl. A | 89,400 | 5,852,124 | ||||||
Houlihan Lokey Cl. A | 49,589 | 2,928,231 | ||||||
Moelis & Company Cl. A | 173,900 | 6,110,846 | ||||||
22,066,305 | ||||||||
Insurance - 2.2% | ||||||||
HCI Group | 91,076 | 4,489,136 | ||||||
Heritage Insurance Holdings | 470,091 | 4,757,321 | ||||||
Old Republic International | 156,800 | 2,311,232 | ||||||
Stewart Information Services | 168,940 | 7,387,746 | ||||||
United Fire Group | 5,110 | 103,835 | ||||||
19,049,270 | ||||||||
Thrifts & Mortgage Finance - 1.7% | ||||||||
Axos Financial 1 | 69,700 | 1,624,707 | ||||||
NMI Holdings Cl. A 1 | 211,463 | 3,764,041 | ||||||
Radian Group | 182,298 | 2,663,374 | ||||||
Walker & Dunlop | 127,228 | 6,743,084 | ||||||
14,795,206 | ||||||||
Total | 65,829,955 | |||||||
Health Care – 13.7% | ||||||||
Biotechnology - 1.6% | ||||||||
CareDx 1 | 128,296 | 4,867,550 | ||||||
Emergent BioSolutions 1 | 56,262 | 5,813,553 | ||||||
Flexion Therapeutics 1,3 | 341,951 | 3,559,710 | ||||||
14,240,813 | ||||||||
Health Care Equipment & Supplies - 4.2% | ||||||||
Accuray 1,3 | 886,708 | 2,128,099 | ||||||
Alphatec Holdings 1 | 307,900 | 2,044,456 | ||||||
AngioDynamics 1 | 85,757 | 1,034,229 | ||||||
Cutera 1 | 87,900 | 1,667,463 | ||||||
IntriCon Corporation 1,3 | 373,310 | 4,546,916 | ||||||
Invacare Corporation | 661,444 | 4,974,059 | ||||||
Neuronetics 1,3 | 88,100 | 428,166 | ||||||
Orthofix Medical 1 | 174,996 | 5,449,375 | ||||||
Ra Medical Systems 1 | 241,323 | 69,984 | ||||||
Sientra 1,3 | 387,900 | 1,318,860 | ||||||
SmileDirectClub Cl. A 1,3 | 425,994 | 4,975,610 | ||||||
Surgalign Holdings 1,3 | 773,728 | 1,400,448 | ||||||
Varex Imaging 1 | 250,746 | 3,189,489 | ||||||
ViewRay 1 | 996,200 | 3,486,700 | ||||||
36,713,854 | ||||||||
Health Care Providers & Services - 6.8% | ||||||||
Acadia Healthcare 1,3 | 123,672 | 3,645,851 | ||||||
BioTelemetry 1 | 115,500 | 5,264,490 | ||||||
Community Health Systems 1 | 1,488,214 | 6,280,263 | ||||||
Cross Country Healthcare 1 | 749,820 | 4,866,332 | ||||||
Option Care Health 1,3 | 424,171 | 5,671,166 | ||||||
Owens & Minor | 438,268 | 11,004,910 | ||||||
R1 RCM 1 | 496,243 | 8,510,567 | ||||||
RadNet 1 | 108,900 | 1,671,615 | ||||||
Select Medical Holdings 1 | 222,200 | 4,626,204 | ||||||
Surgery Partners 1,3 | 379,838 | 8,318,452 | ||||||
59,859,850 | ||||||||
Health Care Technology - 0.6% | ||||||||
Allscripts Healthcare Solutions 1 | 24,928 | 202,914 | ||||||
Castlight Health Cl. B 1 | 1,111,042 | 1,255,477 | ||||||
Evolent Health Cl. A 1,3 | 312,200 | 3,874,402 | ||||||
5,332,793 | ||||||||
Pharmaceuticals - 0.5% | ||||||||
Pacira BioSciences 1,3 | 74,000 | 4,448,880 | ||||||
Total | 120,596,190 | |||||||
Industrials – 21.4% | ||||||||
Aerospace & Defense - 1.3% | ||||||||
AAR Corporation | 111,800 | 2,101,840 | ||||||
Astronics Corporation 1 | 228,300 | 1,762,476 | ||||||
Cubic Corporation | 26,100 | 1,518,237 | ||||||
Ducommun 1 | 58,964 | 1,941,095 | ||||||
Hexcel Corporation | 42,300 | 1,419,165 | ||||||
Spirit AeroSystems Holdings Cl. A | 65,600 | 1,240,496 | ||||||
Triumph Group | 213,001 | 1,386,636 | ||||||
11,369,945 | ||||||||
Air Freight & Logistics - 1.0% | ||||||||
Atlas Air Worldwide Holdings 1,3 | 110,386 | 6,722,507 | ||||||
Radiant Logistics 1 | 321,650 | 1,653,281 | ||||||
8,375,788 | ||||||||
Airlines - 2.0% | ||||||||
Alaska Air Group | 129,200 | 4,732,596 | ||||||
Allegiant Travel | 47,292 | 5,665,581 | ||||||
JetBlue Airways 1 | 485,700 | 5,502,981 | ||||||
Mesa Air Group 1,3 | 555,146 | 1,637,681 | ||||||
17,538,839 | ||||||||
Building Products - 3.2% | ||||||||
American Woodmark 1 | 74,800 | 5,874,792 | ||||||
Builders FirstSource 1 | 65,995 | 2,152,757 | ||||||
Gibraltar Industries 1 | 51,100 | 3,328,654 | ||||||
Griffon Corporation | 188,759 | 3,688,351 | ||||||
Insteel Industries | 145,950 | 2,729,265 | ||||||
JELD-WEN Holding 1 | 159,600 | 3,606,960 | ||||||
Patrick Industries | 49,000 | 2,818,480 | ||||||
PGT Innovations 1 | 238,043 | 4,170,513 | ||||||
28,369,772 | ||||||||
Commercial Services & Supplies - 1.2% | ||||||||
ABM Industries | 41,053 | 1,505,003 | ||||||
CECO Environmental 1 | 169,304 | 1,234,226 | ||||||
Covanta Holding Corporation | 315,700 | 2,446,675 | ||||||
Interface | 90,472 | 553,689 | ||||||
Pitney Bowes | 917,194 | 4,870,300 | ||||||
10,609,893 | ||||||||
Construction & Engineering - 3.2% | ||||||||
Aegion Corporation 1 | 103,116 | 1,457,029 | ||||||
Ameresco Cl. A 1 | 218,726 | 7,305,449 | ||||||
Arcosa | 148,825 | 6,561,694 | ||||||
Concrete Pumping Holdings 1,3 | 338,274 | 1,207,638 | ||||||
Construction Partners Cl. A 1 | 238,555 | 4,341,701 | ||||||
Great Lakes Dredge & Dock 1 | 65,116 | 619,253 | ||||||
Northwest Pipe 1 | 204,101 | 5,400,513 | ||||||
Primoris Services | 63,780 | 1,150,591 | ||||||
28,043,868 | ||||||||
Electrical Equipment - 1.4% | ||||||||
Bloom Energy Cl. A 1,3 | 325,900 | 5,856,423 | ||||||
Encore Wire | 67,270 | 3,122,673 | ||||||
LSI Industries | 446,053 | 3,010,858 | ||||||
Power Solutions International 1,2 | 255,270 | 778,574 | ||||||
12,768,528 | ||||||||
Machinery - 5.4% | ||||||||
Astec Industries | 45,135 | 2,448,574 | ||||||
Commercial Vehicle Group 1 | 557,674 | 3,641,611 | ||||||
EnPro Industries | 55,000 | 3,102,550 | ||||||
Gencor Industries 1 | 30,579 | 337,286 | ||||||
Hurco Companies | 71,765 | 2,038,126 | ||||||
Hyster-Yale Materials Handling Cl. A | 92,264 | 3,427,608 | ||||||
LiqTech International 1,3 | 353,235 | 2,984,836 | ||||||
Lydall 1 | 313,326 | 5,182,412 | ||||||
Manitex International 1 | 366,872 | 1,529,856 | ||||||
Meritor 1 | 149,508 | 3,130,698 | ||||||
Park-Ohio Holdings | 110,244 | 1,771,621 | ||||||
Shyft Group | 234,238 | 4,422,413 | ||||||
TriMas Corporation 1 | 109,710 | 2,501,388 | ||||||
Trinity Industries | 151,400 | 2,952,300 | ||||||
Wabash National | 331,500 | 3,964,740 | ||||||
Westport Fuel Systems 1 | 2,271,533 | 3,702,599 | ||||||
47,138,618 | ||||||||
Professional Services - 0.7% | ||||||||
GP Strategies 1 | 309,645 | 2,984,978 | ||||||
Mistras Group 1 | 503,000 | 1,966,730 | ||||||
TrueBlue 1 | 88,100 | 1,364,669 | ||||||
6,316,377 | ||||||||
Trading Companies & Distributors - 2.0% | ||||||||
Air Lease Cl. A | 266,538 | 7,841,548 | ||||||
Fortress Transportation & Infrastructure Investors | 47,700 | 817,101 | ||||||
General Finance 1 | 264,785 | 1,676,089 | ||||||
Herc Holdings 1 | 190,498 | 7,545,626 | ||||||
17,880,364 | ||||||||
Total | 188,411,992 | |||||||
Information Technology – 19.0% | ||||||||
Communications Equipment - 4.3% | ||||||||
ADTRAN | 300,000 | 3,076,500 | ||||||
Aviat Networks 1 | 131,589 | 2,889,695 | ||||||
CalAmp Corporation 1,3 | 582,742 | 4,189,915 | ||||||
Ceragon Networks 1,3 | 547,916 | 1,364,311 | ||||||
Ciena Corporation 1 | 55,373 | 2,197,754 | ||||||
Comtech Telecommunications | 210,896 | 2,952,544 | ||||||
Digi International 1 | 364,602 | 5,698,729 | ||||||
DZS 1 | 354,504 | 3,321,703 | ||||||
Infinera Corporation 1,3 | 903,946 | 5,568,307 | ||||||
InterDigital | 72,800 | 4,153,968 | ||||||
PCTEL | 486,602 | 2,754,167 | ||||||
38,167,593 | ||||||||
Electronic Equipment, Instruments & Components - 2.4% | ||||||||
CTS Corporation | 102,700 | 2,262,481 | ||||||
Fabrinet 1 | 23,529 | 1,483,033 | ||||||
Frequency Electronics 1 | 321,193 | 3,247,261 | ||||||
Identiv 1 | 339,620 | 2,126,021 | ||||||
II-VI 1 | 150,968 | 6,123,262 | ||||||
Iteris 1 | 531,928 | 2,180,905 | ||||||
Perceptron 1 | 136,918 | 931,042 | ||||||
Vishay Intertechnology | 174,624 | 2,718,896 | ||||||
21,072,901 | ||||||||
IT Services - 0.9% | ||||||||
Limelight Networks 1 | 986,783 | 5,683,870 | ||||||
Perspecta | 100,759 | 1,959,763 | ||||||
7,643,633 | ||||||||
Semiconductors & Semiconductor Equipment - 6.6% | ||||||||
Advanced Energy Industries 1 | 86,261 | 5,429,267 | ||||||
Alpha & Omega Semiconductor 1 | 670,517 | 8,596,028 | ||||||
Amkor Technology 1,3 | 471,340 | 5,279,008 | ||||||
Amtech Systems 1 | 240,575 | 1,176,412 | ||||||
Cohu | 178,476 | 3,066,218 | ||||||
FormFactor 1 | 176,613 | 4,402,962 | ||||||
Ichor Holdings 1,3 | 113,494 | 2,448,066 | ||||||
Kulicke & Soffa Industries | 176,765 | 3,959,536 | ||||||
MACOM Technology Solutions Holdings 1,3 | 123,034 | 4,184,386 | ||||||
MKS Instruments | 27,400 | 2,992,902 | ||||||
Onto Innovation 1,3 | 197,519 | 5,882,116 | ||||||
SunPower Corporation 1 | 122,400 | 1,531,224 | ||||||
Ultra Clean Holdings 1 | 231,827 | 4,975,007 | ||||||
Veeco Instruments 1 | 317,787 | 3,708,574 | ||||||
57,631,706 | ||||||||
Software - 3.3% | ||||||||
A10 Networks 1 | 773,826 | 4,929,272 | ||||||
Avaya Holdings 1,3 | 479,354 | 7,286,181 | ||||||
Cloudera 1,3 | 435,800 | 4,745,862 | ||||||
Ebix | 193,300 | 3,981,980 | ||||||
Kaleyra 1,3 | 444,542 | 3,369,628 | ||||||
MobileIron 1 | 136,400 | 956,164 | ||||||
SecureWorks Corporation Cl. A 1,3 | 350,530 | 3,992,537 | ||||||
29,261,624 | ||||||||
Technology Hardware, Storage & Peripherals - 1.5% | ||||||||
Avid Technology 1 | 843,054 | 7,216,542 | ||||||
Intevac 1 | 615,562 | 3,391,747 | ||||||
NCR Corporation 1 | 37,565 | 831,689 | ||||||
3D Systems 1 | 417,887 | 2,051,825 | ||||||
13,491,803 | ||||||||
Total | 167,269,260 | |||||||
Materials – 8.0% | ||||||||
Chemicals - 3.5% | ||||||||
American Vanguard | 139,300 | 1,830,402 | ||||||
Ferro Corporation 1 | 348,067 | 4,316,031 | ||||||
Huntsman Corporation | 252,900 | 5,616,909 | ||||||
Intrepid Potash 1 | 109,400 | 923,336 | ||||||
Kraton Corporation 1 | 311,180 | 5,545,228 | ||||||
Livent Corporation 1,3 | 584,200 | 5,240,274 | ||||||
Olin Corporation | 419,000 | 5,187,220 | ||||||
Trecora Resources 1 | 383,366 | 2,353,867 | ||||||
31,013,267 | ||||||||
Construction Materials - 1.4% | ||||||||
Forterra 1,3 | 523,586 | 6,188,786 | ||||||
U.S. Concrete 1,3 | 200,338 | 5,817,816 | ||||||
12,006,602 | ||||||||
Metals & Mining - 2.1% | ||||||||
Allegheny Technologies 1 | 307,714 | 2,683,266 | ||||||
Carpenter Technology | 39,812 | 722,986 | ||||||
Century Aluminum 1 | 491,210 | 3,497,415 | ||||||
Cleveland-Cliffs | 687,849 | 4,415,991 | ||||||
Ferroglobe 1 | 1,124,778 | 752,476 | ||||||
Haynes International | 167,088 | 2,855,534 | ||||||
Noranda Aluminum Holding Corporation 1,2 | 488,157 | 7,811 | ||||||
Synalloy Corporation 1 | 365,049 | 2,015,070 | ||||||
Universal Stainless & Alloy Products 1 | 237,941 | 1,306,296 | ||||||
18,256,845 | ||||||||
Paper & Forest Products - 1.0% | ||||||||
Boise Cascade | 49,500 | 1,976,040 | ||||||
Louisiana-Pacific | 115,800 | 3,417,258 | ||||||
P H Glatfelter Company | 259,500 | 3,573,315 | ||||||
8,966,613 | ||||||||
Total | 70,243,327 | |||||||
Real Estate – 2.3% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 1.6% | ||||||||
Alexander & Baldwin | 170,100 | 1,906,821 | ||||||
Armada Hoffler Properties | 329,433 | 3,050,550 | ||||||
CatchMark Timber Trust Cl. A | 214,200 | 1,912,806 | ||||||
Kimco Realty | 159,800 | 1,799,348 | ||||||
Ryman Hospitality Properties | 132,973 | 4,893,406 | ||||||
Tanger Factory Outlet Centers | 102,800 | 619,884 | ||||||
14,182,815 | ||||||||
Real Estate Management & Development - 0.7% | ||||||||
Realogy Holdings 1 | 363,820 | 3,434,461 | ||||||
Tejon Ranch 1 | 156,506 | 2,214,560 | ||||||
5,649,021 | ||||||||
Total | 19,831,836 | |||||||
Utilities – 0.1% | ||||||||
Water Utilities - 0.1% | ||||||||
Pure Cycle 1 | 123,899 | 1,116,330 | ||||||
Total | 1,116,330 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $759,460,082) | 811,356,421 | |||||||
REPURCHASE AGREEMENT – 5.0% | ||||||||
Fixed Income Clearing Corporation, maturity value $43,632,373 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $44,505,034) (Cost $43,632,373) | 43,632,373 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 2.2% | ||||||||
Money Market Funds Federated Government Obligations Fund (7 day yield-0.01%) (Cost $19,477,067) | 19,477,067 | |||||||
TOTAL INVESTMENTS – 99.5% | ||||||||
(Cost $822,569,522) | 874,465,861 | |||||||
CASH AND OTHER ASSETS | ||||||||
LESS LIABILITIES – 0.5% | 4,495,761 | |||||||
NET ASSETS – 100.0% | $ | 878,961,622 |
SCHEDULES OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
SEPTEMBER 30, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 98.5% | ||||||||
Communication Services – 2.0% | ||||||||
Diversified Telecommunication Services - 1.1% | ||||||||
Bandwidth Cl. A 1,3 | 78,435 | $ | 13,692,398 | |||||
Liberty Latin America Cl. C 1,3 | 336,335 | 2,737,767 | ||||||
16,430,165 | ||||||||
Entertainment - 0.3% | ||||||||
Manchester United Cl. A | 261,290 | 3,799,156 | ||||||
SciPlay Corporation Cl. A 1 | 63,118 | 1,023,774 | ||||||
4,822,930 | ||||||||
Interactive Media & Services - 0.4% | ||||||||
IAC/InterActiveCorp 1 | 52,700 | 6,312,406 | ||||||
Media - 0.2% | ||||||||
Media General (Rights) 1,4 | 102,272 | 0 | ||||||
Meredith Corporation | 81,420 | 1,068,230 | ||||||
Saga Communications Cl. A | 106,396 | 2,115,153 | ||||||
3,183,383 | ||||||||
Total | 30,748,884 | |||||||
Consumer Discretionary – 8.6% | ||||||||
Auto Components - 2.0% | ||||||||
Dorman Products 1 | 92,680 | 8,376,419 | ||||||
Gentex Corporation | 263,352 | 6,781,314 | ||||||
LCI Industries | 130,370 | 13,857,027 | ||||||
Standard Motor Products | 12,300 | 549,195 | ||||||
Stoneridge 1 | 105,227 | 1,933,020 | ||||||
31,496,975 | ||||||||
Automobiles - 0.5% | ||||||||
Winnebago Industries | 158,610 | 8,195,379 | ||||||
Distributors - 0.2% | ||||||||
LKQ Corporation 1 | 101,823 | 2,823,552 | ||||||
Hotels, Restaurants & Leisure - 0.2% | ||||||||
Century Casinos 1 | 401,167 | 2,198,395 | ||||||
Hilton Grand Vacations 1 | 47,898 | 1,004,900 | ||||||
3,203,295 | ||||||||
Household Durables - 0.5% | ||||||||
La-Z-Boy | 40,310 | 1,275,005 | ||||||
Legacy Housing 1,3 | 189,625 | 2,594,070 | ||||||
PulteGroup | 93,800 | 4,342,002 | ||||||
8,211,077 | ||||||||
Internet & Direct Marketing Retail - 0.8% | ||||||||
Etsy 1 | 102,869 | 12,511,956 | ||||||
Leisure Products - 1.2% | ||||||||
Brunswick Corporation | 131,800 | 7,764,338 | ||||||
Johnson Outdoors Cl. A | 28,015 | 2,294,148 | ||||||
Malibu Boats Cl. A 1 | 37,000 | 1,833,720 | ||||||
MasterCraft Boat Holdings 1,3 | 346,701 | 6,063,801 | ||||||
17,956,007 | ||||||||
Specialty Retail - 2.5% | ||||||||
Aaron’s | 55,100 | 3,121,415 | ||||||
America’s Car-Mart 1 | 95,046 | 8,067,504 | ||||||
Asbury Automotive Group 1 | 49,743 | 4,847,455 | ||||||
OneWater Marine Cl. A 1,3 | 210,559 | 4,314,354 |
Rent-A-Center | 391,372 | 11,698,109 | ||||||
Shoe Carnival | 203,691 | 6,839,944 | ||||||
38,888,781 | ||||||||
Textiles, Apparel & Luxury Goods - 0.7% | ||||||||
Canada Goose Holdings 1,3 | 217,879 | 7,009,168 | ||||||
Wolverine World Wide | 152,355 | 3,936,853 | ||||||
10,946,021 | ||||||||
Total | 134,233,043 | |||||||
Consumer Staples – 1.4% | ||||||||
Food Products - 0.5% | ||||||||
Nomad Foods 1 | 154,056 | 3,925,347 | ||||||
Seneca Foods Cl. A 1 | 104,533 | 3,734,964 | ||||||
7,660,311 | ||||||||
Personal Products - 0.9% | ||||||||
e.l.f. Beauty 1 | 369,900 | 6,795,063 | ||||||
Inter Parfums | 187,676 | 7,009,698 | ||||||
13,804,761 | ||||||||
Total | 21,465,072 | |||||||
Energy – 1.5% | ||||||||
Energy Equipment & Services - 1.4% | ||||||||
Pason Systems | 1,246,349 | 4,951,512 | ||||||
SEACOR Holdings 1 | 388,358 | 11,293,451 | ||||||
TGS-NOPEC Geophysical | 494,470 | 5,974,075 | ||||||
22,219,038 | ||||||||
Oil, Gas & Consumable Fuels - 0.1% | ||||||||
EQT Corporation | 49,787 | 643,746 | ||||||
Total | 22,862,784 | |||||||
Financials – 13.2% | ||||||||
Banks - 2.2% | ||||||||
BOK Financial | 13,819 | 711,817 | ||||||
Camden National | 47,712 | 1,442,095 | ||||||
CIT Group | 100,000 | 1,771,000 | ||||||
City Holding Company | 21,580 | 1,243,224 | ||||||
CNB Financial | 94,732 | 1,408,665 | ||||||
Financial Institutions | 66,745 | 1,027,873 | ||||||
First Citizens BancShares Cl. A | 41,586 | 13,256,785 | ||||||
National Bankshares | 103,767 | 2,628,418 | ||||||
Northrim BanCorp | 33,507 | 854,093 | ||||||
Popular | 204,049 | 7,400,857 | ||||||
TriState Capital Holdings 1 | 128,261 | 1,698,176 | ||||||
Unity Bancorp | 88,673 | 1,026,833 | ||||||
34,469,836 | ||||||||
Capital Markets - 5.9% | ||||||||
Ares Management Cl. A | 257,869 | 10,423,065 | ||||||
Artisan Partners Asset Management Cl. A | 125,202 | 4,881,626 | ||||||
Associated Capital Group Cl. A | 32,940 | 1,190,122 | ||||||
B. Riley Financial | 69,658 | 1,745,629 | ||||||
Evercore Cl. A | 48,741 | 3,190,586 | ||||||
Houlihan Lokey Cl. A | 216,030 | 12,756,572 | ||||||
Lazard Cl. A | 269,200 | 8,897,060 | ||||||
Moelis & Company Cl. A | 90,524 | 3,181,013 | ||||||
Morningstar | 92,144 | 14,799,248 | ||||||
SEI Investments | 178,119 | 9,034,196 | ||||||
Sprott | 169,894 | 5,799,018 | ||||||
TMX Group | 69,920 | 7,190,751 | ||||||
Tradeweb Markets Cl. A | 3,030 | 175,740 |
Virtu Financial Cl. A | 360,823 | 8,302,537 | ||||||
91,567,163 | ||||||||
Insurance - 3.5% | ||||||||
Alleghany Corporation | 8,775 | 4,566,949 | ||||||
Assured Guaranty | 96,982 | 2,083,173 | ||||||
Axis Capital Holdings | 25,000 | 1,101,000 | ||||||
CNO Financial Group | 203,931 | 3,271,053 | ||||||
E-L Financial | 22,966 | 11,348,038 | ||||||
FBL Financial Group Cl. A | 55,712 | 2,685,318 | ||||||
James River Group Holdings | 20,000 | 890,600 | ||||||
Kemper Corporation | 38,500 | 2,572,955 | ||||||
Palomar Holdings 1,3 | 55,300 | 5,764,472 | ||||||
ProAssurance Corporation | 52,698 | 824,197 | ||||||
RLI Corp. | 68,753 | 5,756,689 | ||||||
Selective Insurance Group | 62,400 | 3,212,976 | ||||||
Trupanion 1,3 | 135,423 | 10,684,875 | ||||||
54,762,295 | ||||||||
Investment Companies - 0.2% | ||||||||
CF Finance Acquisition Cl. A 1,3 | 343,700 | 3,574,480 | ||||||
Thrifts & Mortgage Finance - 1.4% | ||||||||
Axos Financial 1,3 | 122,961 | 2,866,221 | ||||||
Genworth MI Canada | 488,429 | 12,666,031 | ||||||
Southern Missouri Bancorp | 56,783 | 1,338,943 | ||||||
Timberland Bancorp | 95,593 | 1,720,674 | ||||||
TrustCo Bank Corp. NY | 259,030 | 1,352,137 | ||||||
WSFS Financial | 52,164 | 1,406,863 | ||||||
21,350,869 | ||||||||
Total | 205,724,643 | |||||||
Health Care – 8.9% | ||||||||
Biotechnology - 0.5% | ||||||||
BioSpecifics Technologies 1,3 | 48,558 | 2,565,319 | ||||||
CareDx 1 | 51,420 | 1,950,875 | ||||||
Coherus BioSciences 1,3 | 67,103 | 1,230,669 | ||||||
Vanda Pharmaceuticals 1 | 13,600 | 131,376 | ||||||
Zealand Pharma 1 | 63,722 | 2,421,265 | ||||||
8,299,504 | ||||||||
Health Care Equipment & Supplies - 4.2% | ||||||||
AtriCure 1 | 33,343 | 1,330,386 | ||||||
Atrion Corporation | 8,442 | 5,284,692 | ||||||
BioLife Solutions 1 | 310,116 | 8,974,757 | ||||||
CryoLife 1 | 71,758 | 1,325,370 | ||||||
CryoPort 1 | 41,100 | 1,948,140 | ||||||
Haemonetics 1 | 98,069 | 8,556,520 | ||||||
Hill-Rom Holdings | 39,176 | 3,271,588 | ||||||
Masimo Corporation 1 | 10,000 | 2,360,600 | ||||||
Meridian Bioscience 1 | 149,200 | 2,533,416 | ||||||
Mesa Laboratories | 60,145 | 15,322,540 | ||||||
Misonix 1 | 48,100 | 564,213 | ||||||
OrthoPediatrics Corporation 1,3 | 58,600 | 2,690,912 | ||||||
Profound Medical 1 | 20,400 | 358,806 | ||||||
SI-BONE 1 | 89,900 | 2,132,428 | ||||||
STAAR Surgical 1,3 | 79,341 | 4,487,527 | ||||||
Tandem Diabetes Care 1 | 35,286 | 4,004,961 | ||||||
65,146,856 | ||||||||
Health Care Providers & Services - 1.9% | ||||||||
Encompass Health | 139,160 | 9,042,617 | ||||||
Ensign Group (The) | 54,908 | 3,133,051 | ||||||
Molina Healthcare 1 | 17,400 | 3,184,896 | ||||||
National Research | 110,463 | 5,435,884 |
Pennant Group 1 | 24,527 | 945,761 | ||||||
Sharps Compliance 1,3 | 81,000 | 507,870 | ||||||
U.S. Physical Therapy | 89,950 | 7,814,856 | ||||||
30,064,935 | ||||||||
Health Care Technology - 0.4% | ||||||||
Simulations Plus | 81,910 | 6,172,738 | ||||||
Life Sciences Tools & Services - 1.8% | ||||||||
Bio-Techne | 57,270 | 14,187,497 | ||||||
ICON 1 | 31,848 | 6,085,834 | ||||||
NeoGenomics 1 | 62,083 | 2,290,242 | ||||||
PRA Health Sciences 1 | 9,949 | 1,009,227 | ||||||
Quanterix Corporation 1 | 108,199 | 3,650,634 | ||||||
27,223,434 | ||||||||
Pharmaceuticals - 0.1% | ||||||||
Supernus Pharmaceuticals 1,3 | 105,867 | 2,206,268 | ||||||
Total | 139,113,735 | |||||||
Industrials – 27.2% | ||||||||
Aerospace & Defense - 1.5% | ||||||||
HEICO Corporation | 116,182 | 12,159,608 | ||||||
HEICO Corporation Cl. A | 52,756 | 4,677,347 | ||||||
Magellan Aerospace | 190,471 | 975,564 | ||||||
Vectrus 1 | 141,139 | 5,363,282 | ||||||
23,175,801 | ||||||||
Air Freight & Logistics - 0.7% | ||||||||
Forward Air | 100,469 | 5,764,911 | ||||||
Hub Group Cl. A 1 | 107,918 | 5,416,944 | ||||||
11,181,855 | ||||||||
Building Products - 1.5% | ||||||||
Advanced Drainage Systems | 20,000 | 1,248,800 | ||||||
CSW Industrials | 3,500 | 270,375 | ||||||
Gibraltar Industries 1 | 78,617 | 5,121,112 | ||||||
Patrick Industries | 158,191 | 9,099,146 | ||||||
Simpson Manufacturing | 66,662 | 6,476,880 | ||||||
UFP Industries | 17,700 | 1,000,227 | ||||||
23,216,540 | ||||||||
Commercial Services & Supplies - 1.6% | ||||||||
Harsco Corporation 1 | 524,243 | 7,292,220 | ||||||
Healthcare Services Group | 163,811 | 3,526,851 | ||||||
Heritage-Crystal Clean 1 | 154,283 | 2,059,678 | ||||||
IBEX 1 | 55,000 | 845,900 | ||||||
Kimball International Cl. B | 265,336 | 2,796,641 | ||||||
PICO Holdings 1 | 209,913 | 1,880,821 | ||||||
UniFirst Corporation | 39,285 | 7,439,400 | ||||||
25,841,511 | ||||||||
Construction & Engineering - 3.1% | ||||||||
Arcosa | 303,917 | 13,399,701 | ||||||
Comfort Systems USA | 109,931 | 5,662,546 | ||||||
Construction Partners Cl. A 1,3 | 130,391 | 2,373,116 | ||||||
EMCOR Group | 11,400 | 771,894 | ||||||
Great Lakes Dredge & Dock 1 | 368,625 | 3,505,624 | ||||||
MasTec 1 | 79,300 | 3,346,460 | ||||||
MYR Group 1 | 95,406 | 3,547,195 | ||||||
Primoris Services | 189,672 | 3,421,683 | ||||||
Valmont Industries | 76,725 | 9,527,710 | ||||||
WillScot Mobile Mini Holdings 1,3 | 199,150 | 3,321,822 | ||||||
48,877,751 | ||||||||
Electrical Equipment - 0.8% | ||||||||
Bloom Energy Cl. A 1,3 | 50,000 | 898,500 |
Preformed Line Products | 201,075 | 9,796,374 | ||||||
Sensata Technologies Holding 1 | 28,700 | 1,238,118 | ||||||
11,932,992 | ||||||||
Industrial Conglomerates - 1.0% | ||||||||
Carlisle Companies | 38,813 | 4,749,547 | ||||||
Raven Industries | 484,921 | 10,435,500 | ||||||
15,185,047 | ||||||||
Machinery - 9.1% | ||||||||
Alamo Group | 9,501 | 1,026,393 | ||||||
Allison Transmission Holdings | 18,500 | 650,090 | ||||||
Colfax Corporation 1,3 | 467,634 | 14,665,002 | ||||||
ESCO Technologies | 79,509 | 6,405,245 | ||||||
Federal Signal | 29,651 | 867,292 | ||||||
Graco | 180,999 | 11,104,289 | ||||||
Graham Corporation | 72,292 | 923,169 | ||||||
Helios Technologies | 327,410 | 11,917,724 | ||||||
John Bean Technologies | 116,550 | 10,709,779 | ||||||
Kadant | 117,618 | 12,893,285 | ||||||
Lincoln Electric Holdings | 148,880 | 13,702,915 | ||||||
Lindsay Corporation | 118,390 | 11,445,945 | ||||||
Meritor 1 | 383,484 | 8,030,155 | ||||||
Middleby Corporation 1 | 51,800 | 4,646,978 | ||||||
Miller Industries | 205,051 | 6,268,409 | ||||||
Nordson Corporation | 45,919 | 8,808,182 | ||||||
RBC Bearings 1 | 54,522 | 6,608,612 | ||||||
Tennant Company | 172,624 | 10,419,585 | ||||||
141,093,049 | ||||||||
Marine - 0.7% | ||||||||
Clarkson | 350,000 | 10,147,484 | ||||||
Kirby Corporation 1 | 6,997 | 253,082 | ||||||
10,400,566 | ||||||||
Professional Services - 2.5% | ||||||||
Barrett Business Services | 26,100 | 1,368,684 | ||||||
Exponent | 74,566 | 5,370,989 | ||||||
Forrester Research 1 | 203,708 | 6,679,585 | ||||||
GP Strategies 1 | 103,013 | 993,045 | ||||||
Heidrick & Struggles International | 299,733 | 5,889,753 | ||||||
Kforce | 60,500 | 1,946,285 | ||||||
Korn Ferry | 148,419 | 4,304,151 | ||||||
ManpowerGroup | 42,747 | 3,134,638 | ||||||
Morneau Shepell | 53,600 | 1,119,057 | ||||||
Resources Connection | 215,083 | 2,484,209 | ||||||
Robert Half International | 8,000 | 423,520 | ||||||
Upwork 1,3 | 298,460 | 5,205,142 | ||||||
38,919,058 | ||||||||
Road & Rail - 2.1% | ||||||||
ArcBest | 127,447 | 3,958,504 | ||||||
Landstar System | 118,854 | 14,914,988 | ||||||
Saia 1 | 50,909 | 6,421,661 | ||||||
Universal Logistics Holdings | 365,775 | 7,630,067 | ||||||
32,925,220 | ||||||||
Trading Companies & Distributors - 2.6% | ||||||||
Air Lease Cl. A | 137,462 | 4,044,132 | ||||||
Applied Industrial Technologies | 121,091 | 6,672,114 | ||||||
BMC Stock Holdings 1 | 171,685 | 7,353,269 | ||||||
EVI Industries 1,3 | 409,609 | 10,899,695 | ||||||
Lawson Products 1 | 21,900 | 898,557 | ||||||
Richelieu Hardware | 310,641 | 8,202,574 | ||||||
Transcat 1 | 32,800 | 961,040 |
Watsco | 9,849 | 2,293,734 | ||||||
41,325,115 | ||||||||
Total | 424,074,505 | |||||||
Information Technology – 24.3% | ||||||||
Communications Equipment - 0.5% | ||||||||
ADTRAN | 61,465 | 630,323 | ||||||
Digi International 1 | 287,193 | 4,488,827 | ||||||
Viavi Solutions 1 | 231,500 | 2,715,495 | ||||||
7,834,645 | ||||||||
Electronic Equipment, Instruments & Components - 9.5% | ||||||||
Badger Meter | 77,200 | 5,046,564 | ||||||
Cognex Corporation | 104,493 | 6,802,494 | ||||||
Coherent 1 | 90,691 | 10,060,353 | ||||||
Dolby Laboratories Cl. A | 84,640 | 5,609,939 | ||||||
ePlus 1 | 41,821 | 3,061,297 | ||||||
Fabrinet 1 | 152,082 | 9,585,729 | ||||||
FARO Technologies 1 | 197,088 | 12,018,426 | ||||||
FLIR Systems | 413,001 | 14,806,086 | ||||||
HollySys Automation Technologies | 71,531 | 790,418 | ||||||
Insight Enterprises 1 | 178,893 | 10,121,766 | ||||||
IPG Photonics 1 | 33,931 | 5,767,252 | ||||||
Kimball Electronics 1 | 186,492 | 2,155,848 | ||||||
Littelfuse | 37,933 | 6,727,038 | ||||||
Luna Innovations 1 | 780,789 | 4,669,118 | ||||||
Methode Electronics | 31,900 | 909,150 | ||||||
National Instruments | 261,316 | 9,328,981 | ||||||
PAR Technology 1 | 346,389 | 14,032,218 | ||||||
PC Connection | 143,415 | 5,888,620 | ||||||
Plexus Corporation 1 | 23,500 | 1,659,805 | ||||||
Rogers Corporation 1 | 74,500 | 7,305,470 | ||||||
Sanmina Corporation 1 | 152,060 | 4,113,223 | ||||||
SYNNEX Corporation 1 | 24,000 | 3,361,440 | ||||||
Vishay Intertechnology | 138,090 | 2,150,061 | ||||||
Vishay Precision Group 1 | 75,915 | 1,922,168 | ||||||
147,893,464 | ||||||||
IT Services - 1.5% | ||||||||
Computer Services 2 | 42,975 | 2,632,219 | ||||||
CSG Systems International | 6,500 | 266,175 | ||||||
Hackett Group (The) | 96,484 | 1,078,691 | ||||||
International Money Express 1 | 1,000 | 14,365 | ||||||
KBR | 566,361 | 12,663,832 | ||||||
MAXIMUS | 53,150 | 3,635,992 | ||||||
Switch Cl. A | 8,556 | 133,559 | ||||||
Sykes Enterprises 1 | 31,200 | 1,067,352 | ||||||
Unisys Corporation 1 | 125,000 | 1,333,750 | ||||||
WEX 1 | 3,800 | 528,086 | ||||||
23,354,021 | ||||||||
Semiconductors & Semiconductor Equipment - 6.9% | ||||||||
Advanced Energy Industries 1 | 35,601 | 2,240,727 | ||||||
Axcelis Technologies 1 | 206,316 | 4,538,952 | ||||||
Brooks Automation | 117,408 | 5,431,294 | ||||||
Cirrus Logic 1 | 197,140 | 13,297,093 | ||||||
CMC Materials | 117,135 | 16,728,049 | ||||||
Cohu | 122,418 | 2,103,141 | ||||||
Diodes 1 | 195,294 | 11,024,346 | ||||||
Entegris | 70,516 | 5,242,160 | ||||||
FormFactor 1 | 152,566 | 3,803,470 | ||||||
Kulicke & Soffa Industries | 356,151 | 7,977,782 | ||||||
Lattice Semiconductor 1 | 208,071 | 6,025,736 |
MKS Instruments | 140,280 | 15,322,784 | ||||||
Nova Measuring Instruments 1,3 | 76,854 | 4,007,168 | ||||||
Onto Innovation 1,3 | 134,820 | 4,014,940 | ||||||
Photronics 1 | 142,794 | 1,422,228 | ||||||
Silicon Motion Technology ADR | 60,370 | 2,280,779 | ||||||
Ultra Clean Holdings 1 | 78,971 | 1,694,718 | ||||||
107,155,367 | ||||||||
Software - 5.9% | ||||||||
ACI Worldwide 1 | 237,597 | 6,208,410 | ||||||
Agilysys 1 | 93,087 | 2,248,982 | ||||||
Avalara 1 | 35,000 | 4,456,900 | ||||||
Cloudflare Cl. A 1 | 127,311 | 5,227,390 | ||||||
Descartes Systems Group (The) 1 | 147,147 | 8,384,436 | ||||||
Elastic 1 | 64,600 | 6,969,694 | ||||||
Envestnet 1,3 | 10,000 | 771,600 | ||||||
Everbridge 1,3 | 24,400 | 3,067,812 | ||||||
Fair Isaac 1 | 28,168 | 11,982,104 | ||||||
Five9 1 | 33,118 | 4,294,742 | ||||||
j2 Global 1 | 85,447 | 5,914,641 | ||||||
Manhattan Associates 1 | 99,864 | 9,536,013 | ||||||
QAD Cl. A | 42,941 | 1,812,110 | ||||||
Qualys 1,3 | 2,017 | 197,686 | ||||||
SVMK 1 | 369,645 | 8,172,851 | ||||||
Upland Software 1,3 | 319,915 | 12,060,796 | ||||||
91,306,167 | ||||||||
Total | 377,543,664 | |||||||
Materials – 9.1% | ||||||||
Chemicals - 4.0% | ||||||||
Balchem Corporation | 122,572 | 11,966,704 | ||||||
Element Solutions 1 | 1,076,749 | 11,316,632 | ||||||
Huntsman Corporation | 74,005 | 1,643,651 | ||||||
Innospec | 133,242 | 8,436,884 | ||||||
Minerals Technologies | 215,484 | 11,011,233 | ||||||
Quaker Chemical | 97,892 | 17,592,171 | ||||||
61,967,275 | ||||||||
Construction Materials - 0.1% | ||||||||
Imerys | 36,000 | 1,338,556 | ||||||
Containers & Packaging - 0.6% | ||||||||
AptarGroup | 88,495 | 10,017,634 | ||||||
Metals & Mining - 3.2% | ||||||||
Alamos Gold Cl. A | 1,987,600 | 17,509,330 | ||||||
Franco-Nevada | 92,738 | 12,944,370 | ||||||
Haynes International | 52,750 | 901,497 | ||||||
IAMGOLD Corporation 1 | 795,894 | 3,048,274 | ||||||
Pretium Resources 1 | 89,241 | 1,142,027 | ||||||
Reliance Steel & Aluminum | 140,441 | 14,330,600 | ||||||
49,876,098 | ||||||||
Paper & Forest Products - 1.2% | ||||||||
Stella-Jones | 551,211 | 18,669,683 | ||||||
Total | 141,869,246 | |||||||
Real Estate – 2.3% | ||||||||
Real Estate Management & Development - 2.3% | ||||||||
Colliers International Group | 26,700 | 1,780,623 | ||||||
FRP Holdings 1 | 209,149 | 8,715,239 | ||||||
Kennedy-Wilson Holdings | 509,701 | 7,400,859 | ||||||
Marcus & Millichap 1 | 325,485 | 8,957,347 | ||||||
St. Joe Company (The) 1 | 246,454 | 5,084,346 | ||||||
Tejon Ranch 1 | 274,307 | 3,881,444 | ||||||
Total | 35,819,858 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,015,471,870) | 1,533,455,434 | |||||||
REPURCHASE AGREEMENT – 0.5% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, by obligations of various U.S. Government Agencies, 2.50% due 1/31/25, valued at $7,398,710) | ||||||||
(Cost $7,253,612) | 7,253,612 | |||||||
COLLATERAL RECEIVED FOR SECURITIES | ||||||||
LOANED – 1.1% | ||||||||
Money Market Funds | ||||||||
Federated Government Obligations Fund | ||||||||
(7 day yield-0.01%) | ||||||||
(Cost $16,838,207) | 16,838,207 | |||||||
TOTAL INVESTMENTS – 100.1% | ||||||||
(Cost $1,039,563,689) | 1,557,547,253 | |||||||
LIABILITIES LESS CASH | ||||||||
AND OTHER ASSETS – (0.1)% | (908,081 | ) | ||||||
NET ASSETS – 100.0% | $ | 1,556,639,172 |
SCHEDULES OF INVESTMENTS
ROYCE PREMIER FUND
SEPTEMBER 30, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 99.6% | ||||||||
Consumer Discretionary – 5.2% | ||||||||
Auto Components - 3.0% | ||||||||
Dorman Products 1 | 218,295 | $ | 19,729,502 | |||||
LCI Industries | 226,119 | 24,034,189 | ||||||
43,763,691 | ||||||||
Distributors - 2.2% | ||||||||
Pool Corporation | 96,991 | 32,447,369 | ||||||
Total | 76,211,060 | |||||||
Consumer Staples – 1.0% | ||||||||
Personal Products - 1.0% | ||||||||
Inter Parfums | 395,294 | 14,764,231 | ||||||
Total | 14,764,231 | |||||||
Energy – 3.0% | ||||||||
Energy Equipment & Services - 3.0% | ||||||||
Pason Systems | 3,080,600 | 12,238,650 | ||||||
SEACOR Holdings 1 | 659,895 | 19,189,746 | ||||||
TGS-NOPEC Geophysical | 1,089,100 | 13,158,261 | ||||||
Total | 44,586,657 | |||||||
Financials – 13.2% | ||||||||
Capital Markets - 9.8% | ||||||||
Ares Management Cl. A | 756,678 | 30,584,925 | ||||||
Ashmore Group | 6,302,900 | 28,968,848 | ||||||
Lazard Cl. A | 475,483 | 15,714,713 | ||||||
Morningstar | 266,844 | 42,857,815 | ||||||
TMX Group | 242,394 | 24,928,418 | ||||||
143,054,719 | ||||||||
Insurance - 1.8% | ||||||||
Alleghany Corporation | 50,600 | 26,334,770 | ||||||
Thrifts & Mortgage Finance - 1.6% | ||||||||
Genworth MI Canada | 919,565 | 23,846,329 | ||||||
Total | 193,235,818 | |||||||
Health Care – 6.3% | ||||||||
Health Care Equipment & Supplies - 4.2% | ||||||||
Haemonetics 1 | 343,000 | 29,926,750 | ||||||
Mesa Laboratories | 126,079 | 32,119,886 | ||||||
62,046,636 | ||||||||
Life Sciences Tools & Services - 2.1% | ||||||||
Bio-Techne | 121,378 | 30,068,972 | ||||||
Total | 92,115,608 | |||||||
Industrials – 34.8% | ||||||||
Air Freight & Logistics - 1.7% | ||||||||
Forward Air | 420,663 | 24,137,643 | ||||||
Building Products - 1.9% | ||||||||
Simpson Manufacturing | 291,151 | 28,288,231 | ||||||
Commercial Services & Supplies - 2.0% | ||||||||
Ritchie Bros. Auctioneers | 505,546 | 29,953,601 | ||||||
Construction & Engineering - 3.3% | ||||||||
Arcosa | 494,950 | 21,822,345 | ||||||
Valmont Industries | 209,849 | 26,059,049 | ||||||
47,881,394 | ||||||||
Industrial Conglomerates - 1.0% | ||||||||
Raven Industries | 702,995 | 15,128,453 | ||||||
Machinery - 17.8% | ||||||||
Colfax Corporation 1 | 1,215,782 | 38,126,924 | ||||||
ESCO Technologies | 240,100 | 19,342,456 | ||||||
Helios Technologies | 434,765 | 15,825,446 | ||||||
John Bean Technologies | 411,270 | 37,791,600 | ||||||
Kadant | 227,871 | 24,979,219 | ||||||
Lincoln Electric Holdings | 427,110 | 39,311,204 | ||||||
Lindsay Corporation | 363,085 | 35,103,058 | ||||||
RBC Bearings 1 | 127,875 | 15,499,729 | ||||||
Tennant Company | 152,726 | 9,218,541 | ||||||
Woodward | 315,439 | 25,285,590 | ||||||
260,483,767 | ||||||||
Marine - 2.1% | ||||||||
Clarkson | 499,906 | 14,493,681 | ||||||
Kirby Corporation 1 | 453,919 | 16,418,250 | ||||||
30,911,931 | ||||||||
Professional Services - 1.3% | ||||||||
Forrester Research 1 | 596,827 | 19,569,957 | ||||||
Road & Rail - 2.1% | ||||||||
Landstar System | 239,725 | 30,083,090 | ||||||
Trading Companies & Distributors - 1.6% | ||||||||
Air Lease Cl. A | 804,047 | 23,655,063 | ||||||
Total | 510,093,130 | |||||||
Information Technology – 25.5% | ||||||||
Electronic Equipment, Instruments & Components - 10.5% | ||||||||
Cognex Corporation | 517,470 | 33,687,297 | ||||||
Coherent 1 | 243,257 | 26,984,499 | ||||||
FARO Technologies 1 | 451,463 | 27,530,214 | ||||||
IPG Photonics 1 | 110,712 | 18,817,719 | ||||||
National Instruments | 842,075 | 30,062,077 | ||||||
Rogers Corporation 1 | 166,600 | 16,336,796 | ||||||
153,418,602 | ||||||||
IT Services - 2.4% | ||||||||
Computer Services 2 | 307,400 | 18,828,250 | ||||||
Jack Henry & Associates | 101,178 | 16,450,531 | ||||||
35,278,781 | ||||||||
Semiconductors & Semiconductor Equipment - 7.0% | ||||||||
Cirrus Logic 1 | 300,562 | 20,272,907 | ||||||
CMC Materials | 278,864 | 39,824,568 | ||||||
MKS Instruments | 394,648 | 43,107,401 | ||||||
103,204,876 | ||||||||
Software - 5.6% | ||||||||
Fair Isaac 1 | 88,405 | 37,605,719 | ||||||
Manhattan Associates 1 | 458,974 | 43,827,427 | ||||||
81,433,146 | ||||||||
Total | 373,335,405 | |||||||
Materials – 9.4% | ||||||||
Chemicals - 4.5% | ||||||||
Innospec | 397,410 | 25,164,001 | ||||||
Quaker Chemical | 231,280 | 41,563,329 | ||||||
66,727,330 | ||||||||
Metals & Mining - 2.1% | ||||||||
Reliance Steel & Aluminum | 295,231 | 30,125,371 | ||||||
Paper & Forest Products - 2.8% | ||||||||
Stella-Jones | 1,198,500 | 40,593,556 | ||||||
Total | 137,446,257 | |||||||
Real Estate – 1.2% | ||||||||
Real Estate Management & Development - 1.2% | ||||||||
Kennedy-Wilson Holdings | 1,198,999 | 17,409,465 | ||||||
Total | 17,409,465 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $954,179,239) | 1,459,197,631 | |||||||
REPURCHASE AGREEMENT – 0.2% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $2,710,357) | 2,657,147 | |||||||
TOTAL INVESTMENTS – 99.8% | ||||||||
(Cost $956,836,386) | 1,461,854,778 | |||||||
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2% | 2,792,912 | |||||||
NET ASSETS – 100.0% | $ | 1,464,647,690 |
SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP VALUE FUND
SEPTEMBER 30, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 95.9% | ||||||||
Communication Services – 1.3% | ||||||||
Entertainment - 0.5% | ||||||||
SciPlay Corporation Cl. A 1 | 31,264 | $ | 507,102 | |||||
Media - 0.8% | ||||||||
Saga Communications Cl. A | 40,340 | 801,959 | ||||||
Total | 1,309,061 | |||||||
Consumer Discretionary – 14.6% | ||||||||
Auto Components - 0.9% | ||||||||
Gentex Corporation | 34,827 | 896,795 | ||||||
Hotels, Restaurants & Leisure - 0.5% | ||||||||
Hilton Grand Vacations 1 | 23,701 | 497,247 | ||||||
Household Durables - 2.9% | ||||||||
La-Z-Boy | 19,802 | 626,337 | ||||||
PulteGroup | 50,500 | 2,337,645 | ||||||
2,963,982 | ||||||||
Leisure Products - 1.9% | ||||||||
Malibu Boats Cl. A 1 | 18,300 | 906,948 | ||||||
MasterCraft Boat Holdings 1 | 59,858 | 1,046,917 | ||||||
1,953,865 | ||||||||
Specialty Retail - 8.4% | ||||||||
Aaron's | 27,300 | 1,546,545 | ||||||
American Eagle Outfitters | 82,845 | 1,226,934 | ||||||
OneWater Marine Cl. A 1 | 56,557 | 1,158,853 | ||||||
Rent-A-Center | 83,066 | 2,482,843 | ||||||
Shoe Carnival | 65,838 | 2,210,840 | ||||||
8,626,015 | ||||||||
Total | 14,937,904 | |||||||
Consumer Staples – 0.4% | ||||||||
Food & Staples Retailing - 0.4% | ||||||||
Village Super Market Cl. A | 17,600 | 433,136 | ||||||
Total | 433,136 | |||||||
Energy – 0.2% | ||||||||
Oil, Gas & Consumable Fuels - 0.2% | ||||||||
Dorchester Minerals L.P. | 16,834 | 173,895 | ||||||
Total | 173,895 | |||||||
Financials – 22.5% | ||||||||
Banks - 6.0% | ||||||||
Ames National | 37,807 | 638,560 | ||||||
Camden National | 23,376 | 706,540 | ||||||
City Holding Company | 11,976 | 689,937 | ||||||
CNB Financial | 46,305 | 688,555 | ||||||
Financial Institutions | 29,866 | 459,936 | ||||||
Landmark Bancorp | 13,382 | 285,706 | ||||||
MidWestOne Financial Group | 26,686 | 476,879 | ||||||
National Bankshares | 46,432 | 1,176,123 | ||||||
Northrim BanCorp | 15,899 | 405,265 | ||||||
Unity Bancorp | 57,458 | 665,364 | ||||||
6,192,865 | ||||||||
Capital Markets - 5.0% | ||||||||
Evercore Cl. A | 39,044 | 2,555,820 | ||||||
Houlihan Lokey Cl. A | 17,495 | 1,033,080 | ||||||
Moelis & Company Cl. A | 44,719 | 1,571,426 | ||||||
5,160,326 | ||||||||
Insurance - 7.2% | ||||||||
CNO Financial Group | 100,429 | 1,610,881 | ||||||
Heritage Insurance Holdings | 55,872 | 565,425 | ||||||
James River Group Holdings | 31,505 | 1,402,918 | ||||||
Kemper Corporation | 19,600 | 1,309,868 | ||||||
Reinsurance Group of America | 8,936 | 850,618 | ||||||
Selective Insurance Group | 30,900 | 1,591,041 | ||||||
7,330,751 | ||||||||
Thrifts & Mortgage Finance - 4.3% | ||||||||
Genworth MI Canada | 61,914 | 1,605,565 | ||||||
Southern Missouri Bancorp | 28,049 | 661,396 | ||||||
Timberland Bancorp | 41,471 | 746,478 | ||||||
TrustCo Bank Corp. NY | 127,647 | 666,317 | ||||||
WSFS Financial | 25,526 | 688,436 | ||||||
4,368,192 | ||||||||
Total | 23,052,134 | |||||||
Health Care – 6.2% | ||||||||
Biotechnology - 1.7% | ||||||||
Catalyst Pharmaceuticals 1,3 | 357,382 | 1,061,424 | ||||||
Coherus BioSciences 1,3 | 35,987 | 660,002 | ||||||
Vanda Pharmaceuticals 1 | 6,700 | 64,722 | ||||||
1,786,148 | ||||||||
Health Care Providers & Services - 3.4% | ||||||||
Ensign Group (The) | 27,165 | 1,550,035 | ||||||
Molina Healthcare 1 | 8,600 | 1,574,144 | ||||||
Pennant Group 1 | 8,413 | 324,405 | ||||||
3,448,584 | ||||||||
Pharmaceuticals - 1.1% | ||||||||
Supernus Pharmaceuticals 1 | 52,000 | 1,083,680 | ||||||
Total | 6,318,412 | |||||||
Industrials – 31.1% | ||||||||
Aerospace & Defense - 2.1% | ||||||||
Magellan Aerospace | 93,500 | 478,893 | ||||||
Vectrus 1 | 44,267 | 1,682,146 | ||||||
2,161,039 | ||||||||
Building Products - 0.5% | ||||||||
UFP Industries | 8,600 | 485,986 | ||||||
Commercial Services & Supplies - 2.0% | ||||||||
Herman Miller | 13,599 | 410,146 | ||||||
IBEX 1 | 67,485 | 1,037,919 | ||||||
Kimball International Cl. B | 56,484 | 595,342 | ||||||
2,043,407 | ||||||||
Construction & Engineering - 9.8% | ||||||||
Comfort Systems USA | 29,338 | 1,511,200 | ||||||
Great Lakes Dredge & Dock 1 | 181,183 | 1,723,050 | ||||||
MasTec 1 | 39,400 | 1,662,680 | ||||||
MYR Group 1 | 49,921 | 1,856,063 | ||||||
Northwest Pipe 1 | 60,900 | 1,611,414 | ||||||
Primoris Services | 93,400 | 1,684,936 | ||||||
10,049,343 | ||||||||
Machinery - 3.8% | ||||||||
Alamo Group | 4,763 | 514,547 | ||||||
Federal Signal | 16,410 | 479,993 | ||||||
Meritor 1 | 21,802 | 456,534 | ||||||
Miller Industries | 79,657 | 2,435,114 | ||||||
3,886,188 | ||||||||
Professional Services - 6.4% | ||||||||
Barrett Business Services | 12,800 | 671,232 | ||||||
Heidrick & Struggles International | 87,930 | 1,727,825 | ||||||
Kforce | 29,729 | 956,382 | ||||||
Korn Ferry | 58,444 | 1,694,876 | ||||||
Resources Connection | 86,288 | 996,626 | ||||||
Robert Half International | 9,516 | 503,777 | ||||||
6,550,718 | ||||||||
Road & Rail - 4.9% | ||||||||
ArcBest | 63,238 | 1,964,172 | ||||||
Old Dominion Freight Line | 4,646 | 840,554 | ||||||
Saia 1 | 6,453 | 813,981 | ||||||
Werner Enterprises | 32,954 | 1,383,739 | ||||||
5,002,446 | ||||||||
Trading Companies & Distributors - 1.6% | ||||||||
BMC Stock Holdings 1 | 36,755 | 1,574,217 | ||||||
Total | 31,753,344 | |||||||
Information Technology – 18.1% | ||||||||
Electronic Equipment, Instruments & Components - 13.7% | ||||||||
ePlus 1 | 20,609 | 1,508,579 | ||||||
Fabrinet 1 | 14,154 | 892,127 | ||||||
Insight Enterprises 1 | 44,223 | 2,502,137 | ||||||
Kimball Electronics 1 | 79,215 | 915,725 | ||||||
Methode Electronics | 15,900 | 453,150 | ||||||
PC Connection | 37,376 | 1,534,659 | ||||||
Plexus Corporation 1 | 13,071 | 923,205 | ||||||
Sanmina Corporation 1 | 75,541 | 2,043,384 | ||||||
SYNNEX Corporation 1 | 11,800 | 1,652,708 | ||||||
Vishay Intertechnology | 103,739 | 1,615,216 | ||||||
14,040,890 | ||||||||
IT Services - 1.2% | ||||||||
CSG Systems International | 3,300 | 135,135 | ||||||
Hackett Group (The) | 47,844 | 534,896 | ||||||
Sykes Enterprises 1 | 15,485 | 529,742 | ||||||
1,199,773 | ||||||||
Semiconductors & Semiconductor Equipment - 3.2% | ||||||||
Advanced Energy Industries 1 | 11,465 | 721,607 | ||||||
Kulicke & Soffa Industries | 78,958 | 1,768,659 | ||||||
MKS Instruments | 7,480 | 817,040 | ||||||
3,307,306 | ||||||||
Total | 18,547,969 | |||||||
Real Estate – 1.5% | ||||||||
Real Estate Management & Development - 1.5% | ||||||||
Marcus & Millichap 1 | 55,764 | 1,534,625 | ||||||
Total | 1,534,625 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $89,707,140) | 98,060,480 | |||||||
REPURCHASE AGREEMENT – 3.8% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, by obligations of various U.S. Government Agencies, 2.50% due 1/31/25, valued at $3,971,621) | 3,893,726 | |||||||
TOTAL INVESTMENTS – 99.7% | ||||||||
(Cost $93,600,866) | 101,954,206 | |||||||
CASH AND OTHER ASSETS LESS LIABILITIES – 0.3% | 295,754 | |||||||
NET ASSETS – 100.0% | $ | 102,249,960 |
SCHEDULES OF INVESTMENTS
ROYCE SMALLER-COMPANIES GROWTH FUND
SEPTEMBER 30, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 95.1% | ||||||||
Communication Services – 4.5% | ||||||||
Diversified Telecommunication Services - 1.5% | ||||||||
Bandwidth Cl. A 1 | 20,000 | $ | 3,491,400 | |||||
Entertainment - 2.5% | ||||||||
Score Media and Gaming Cl. A 1 | 3,057,000 | 1,652,991 | ||||||
Sea Cl. A ADR 1,3 | 29,000 | 4,467,160 | ||||||
6,120,151 | ||||||||
Interactive Media & Services - 0.5% | ||||||||
Enthusiast Gaming Holdings 1 | 1,049,000 | 1,252,608 | ||||||
Total | 10,864,159 | |||||||
Consumer Discretionary – 7.5% | ||||||||
Diversified Consumer Services - 1.5% | ||||||||
Aspen Group 1 | 331,000 | 3,697,270 | ||||||
Hotels, Restaurants & Leisure - 2.7% | ||||||||
DraftKings Cl. A 1,3 | 27,000 | 1,588,680 | ||||||
GAN 1,3 | 109,900 | 1,857,310 | ||||||
Papa John's International | 22,000 | 1,810,160 | ||||||
Texas Roadhouse | 23,000 | 1,398,170 | ||||||
6,654,320 | ||||||||
Household Durables - 0.3% | ||||||||
Lovesac Company (The) 1,3 | 23,666 | 655,785 | ||||||
Internet & Direct Marketing Retail - 0.5% | ||||||||
Trxade Group 1,3 | 197,300 | 1,233,125 | ||||||
Leisure Products - 0.9% | ||||||||
Callaway Golf | 113,000 | 2,162,820 | ||||||
Specialty Retail - 1.6% | ||||||||
Carvana Cl. A 1,3 | 10,000 | 2,230,600 | ||||||
Sportsman's Warehouse Holdings 1 | 112,000 | 1,602,720 | ||||||
3,833,320 | ||||||||
Total | 18,236,640 | |||||||
Consumer Staples – 2.0% | ||||||||
Beverages - 1.4% | ||||||||
Celsius Holdings 1 | 146,000 | 3,315,660 | ||||||
Food Products - 0.6% | ||||||||
Freshpet 1,3 | 13,000 | 1,451,450 | ||||||
Total | 4,767,110 | |||||||
Financials – 5.7% | ||||||||
Banks - 1.6% | ||||||||
Enterprise Financial Services | 48,500 | 1,322,595 | ||||||
Seacoast Banking Corporation of Florida 1 | 56,000 | 1,009,680 | ||||||
Southern National Bancorp of Virginia | 4,000 | 34,720 | ||||||
TriState Capital Holdings 1 | 124,057 | 1,642,515 | ||||||
4,009,510 | ||||||||
Capital Markets - 1.5% | ||||||||
MarketAxess Holdings | 4,000 | 1,926,360 | ||||||
PJT Partners Cl. A | 28,000 | 1,697,080 | ||||||
3,623,440 | ||||||||
Consumer Finance - 0.5% | ||||||||
LendingTree 1 | 4,000 | 1,227,560 | ||||||
Investment Companies - 1.9% | ||||||||
Insurance Acquisition Cl. A 1,3 | 166,000 | 1,960,460 | ||||||
Landcadia Holdings II (Units) 1 | 30,000 | 480,300 | ||||||
Landcadia Holdings II Cl. A 1,3 | 77,000 | 1,106,490 | ||||||
Software Acquisition Group Cl. A 1 | 100,000 | 996,000 | ||||||
4,543,250 | ||||||||
Thrifts & Mortgage Finance - 0.2% | ||||||||
Meridian Bancorp | 51,000 | 527,850 | ||||||
Total | 13,931,610 | |||||||
Health Care – 32.5% | ||||||||
Biotechnology - 7.8% | ||||||||
Avid Bioservices 1,3 | 257,000 | 1,958,340 | ||||||
bluebird bio 1 | 6,000 | 323,700 | ||||||
CareDx 1 | 65,000 | 2,466,100 | ||||||
Castle Biosciences 1,3 | 35,000 | 1,800,750 | ||||||
Centogene 1,3 | 200,000 | 1,892,000 | ||||||
Coherus BioSciences 1,3 | 88,000 | 1,613,920 | ||||||
MeiraGTx Holdings 1 | 42,000 | 556,080 | ||||||
Natera 1,3 | 37,000 | 2,672,880 | ||||||
Oxford Biomedica 1 | 224,000 | 2,371,827 | ||||||
REGENXBIO 1 | 2,000 | 55,040 | ||||||
uniQure 1 | 54,000 | 1,988,820 | ||||||
Veracyte 1,3 | 40,150 | 1,304,473 | ||||||
19,003,930 | ||||||||
Health Care Equipment & Supplies - 13.1% | ||||||||
Alphatec Holdings 1 | 304,000 | 2,018,560 | ||||||
Axonics Modulation Technologies 1,3 | 47,000 | 2,398,880 | ||||||
BioLife Solutions 1 | 77,000 | 2,228,380 | ||||||
CONMED Corporation | 30,000 | 2,360,100 | ||||||
CryoPort 1 | 66,198 | 3,137,785 | ||||||
CytoSorbents 1 | 137,000 | 1,092,575 | ||||||
InMode 1 | 87,000 | 3,147,660 | ||||||
Itamar Medical ADR 1,3 | 120,000 | 2,440,800 | ||||||
Penumbra 1 | 12,000 | 2,332,560 | ||||||
Profound Medical 1 | 92,000 | 1,618,659 | ||||||
SI-BONE 1 | 82,000 | 1,945,040 | ||||||
STAAR Surgical 1 | 54,000 | 3,054,240 | ||||||
TransMedics Group 1,3 | 41,000 | 564,980 | ||||||
West Pharmaceutical Services | 8,000 | 2,199,200 | ||||||
Zynex 1 | 77,000 | 1,343,650 | ||||||
31,883,069 | ||||||||
Health Care Providers & Services - 7.9% | ||||||||
Addus HomeCare 1,3 | 25,000 | 2,362,750 | ||||||
Joint Corp. (The) 1 | 126,000 | 2,191,140 | ||||||
Ontrak 1,3 | 40,000 | 2,400,000 | ||||||
Pennant Group 1 | 114,000 | 4,395,840 | ||||||
PetIQ Cl. A 1,3 | 100,000 | 3,292,000 | ||||||
Progyny 1,3 | 41,000 | 1,206,630 | ||||||
Sharps Compliance 1,3 | 257,000 | 1,611,390 | ||||||
Viemed Healthcare 1 | 185,000 | 1,604,709 | ||||||
19,064,459 | ||||||||
Health Care Technology - 0.8% | ||||||||
MTBC 1,3 | 166,000 | 1,472,420 | ||||||
Schrodinger 1,3 | 11,000 | 522,610 | ||||||
1,995,030 | ||||||||
Life Sciences Tools & Services - 2.8% | ||||||||
Harvard Bioscience 1 | 218,225 | 656,857 | ||||||
Medpace Holdings 1,3 | 15,000 | 1,676,250 | ||||||
PureTech Health 1 | 696,000 | 2,281,089 | ||||||
Quanterix Corporation 1 | 60,600 | 2,044,644 | ||||||
6,658,840 | ||||||||
Pharmaceuticals - 0.1% | ||||||||
Emisphere Technologies 1,2 | 35,000 | 287,000 | ||||||
Total | 78,892,328 | |||||||
Industrials – 9.5% | ||||||||
Aerospace & Defense - 2.4% | ||||||||
AeroVironment 1 | 31,000 | 1,860,310 | ||||||
BWX Technologies | 38,000 | 2,139,780 | ||||||
Kratos Defense & Security Solutions 1 | 101,000 | 1,947,280 | ||||||
5,947,370 | ||||||||
Electrical Equipment - 2.4% | ||||||||
American Superconductor 1 | 205,349 | 2,973,453 | ||||||
EnerSys | 21,000 | 1,409,520 | ||||||
Vicor Corporation 1 | 20,000 | 1,554,600 | ||||||
5,937,573 | ||||||||
Machinery - 0.4% | ||||||||
ATS Automation Tooling Systems 1 | 74,000 | 961,992 | ||||||
Professional Services - 1.6% | ||||||||
ASGN 1 | 26,000 | 1,652,560 | ||||||
Atlas Technical Consultants Cl. A 1 | 45,000 | 391,500 | ||||||
GP Strategies 1 | 80,282 | 773,918 | ||||||
Rekor Systems 1,3 | 167,000 | 961,920 | ||||||
3,779,898 | ||||||||
Trading Companies & Distributors - 2.7% | ||||||||
Lawson Products 1 | 157,000 | 6,441,710 | ||||||
Total | 23,068,543 | |||||||
Information Technology – 31.2% | ||||||||
Communications Equipment - 1.4% | ||||||||
Lumentum Holdings 1,3 | 42,000 | 3,155,460 | ||||||
Viavi Solutions 1 | 25,000 | 293,250 | ||||||
3,448,710 | ||||||||
Electronic Equipment, Instruments & Components - 2.6% | ||||||||
Iteris 1 | 1,433,000 | 5,875,300 | ||||||
nLIGHT 1 | 15,000 | 352,200 | ||||||
Rogers Corporation 1 | 1,000 | 98,060 | ||||||
6,325,560 | ||||||||
IT Services - 5.3% | ||||||||
Unisys Corporation 1 | 852,000 | 9,090,840 | ||||||
USA Technologies 1,2 | 428,996 | 3,625,016 | ||||||
12,715,856 | ||||||||
Semiconductors & Semiconductor Equipment - 9.9% | ||||||||
Advanced Energy Industries 1 | 41,000 | 2,580,540 | ||||||
Ambarella 1 | 43,000 | 2,243,740 | ||||||
AXT 1 | 216,400 | 1,324,368 | ||||||
Beam Global 1,3 | 50,000 | 608,000 | ||||||
Canadian Solar 1,3 | 68,000 | 2,386,800 | ||||||
CEVA 1 | 53,000 | 2,086,610 | ||||||
CyberOptics Corporation 1 | 49,000 | 1,560,160 | ||||||
Impinj 1,3 | 46,000 | 1,212,100 | ||||||
Lattice Semiconductor 1 | 51,000 | 1,476,960 | ||||||
MagnaChip Semiconductor 1 | 403,461 | 5,527,416 | ||||||
Onto Innovation 1 | 9,000 | 268,020 | ||||||
Silicon Laboratories 1,3 | 29,000 | 2,837,650 | ||||||
24,112,364 | ||||||||
Software - 12.0% | ||||||||
Agilysys 1 | 99,000 | 2,391,840 | ||||||
Avalara 1 | 22,000 | 2,801,480 | ||||||
Blue Prism Group 1 | 109,000 | 1,867,286 | ||||||
Cerence 1,3 | 73,000 | 3,567,510 | ||||||
Cloudera 1,3 | 132,000 | 1,437,480 | ||||||
Coupa Software 1,3 | 11,000 | 3,016,640 | ||||||
Descartes Systems Group (The) 1 | 50,033 | 2,850,880 | ||||||
Intelligent Systems 1 | 17,000 | 662,660 | ||||||
LivePerson 1,3 | 100,000 | 5,199,000 | ||||||
Materialise ADR 1,3 | 22,577 | 833,317 | ||||||
Paylocity Holding Corporation 1 | 12,786 | 2,063,916 | ||||||
RingCentral Cl. A 1 | 9,000 | 2,471,490 | ||||||
29,163,499 | ||||||||
Total | 75,765,989 | |||||||
Real Estate – 2.2% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 2.2% | ||||||||
Community Healthcare Trust | 59,000 | 2,758,840 | ||||||
Postal Realty Trust Cl. A | 170,000 | 2,573,800 | ||||||
Total | 5,332,640 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $160,117,593) | 230,859,019 | |||||||
REPURCHASE AGREEMENT – 5.1% | ||||||||
Fixed Income Clearing Corporation, | ||||||||
0.00% dated 9/30/20, due 10/1/20, | ||||||||
maturity value $12,291,657 (collateralized | ||||||||
by obligations of various U.S. Government | ||||||||
Agencies, 2.50% due 1/31/25, valued at $12,537,580) | ||||||||
(Cost $12,291,657) | 12,291,657 | |||||||
COLLATERAL RECEIVED FOR SECURITIES | ||||||||
LOANED – 5.0% | ||||||||
Money Market Funds | ||||||||
Federated Government Obligations Fund | ||||||||
(7 day yield-0.01%) | ||||||||
(Cost $12,049,806) | 12,049,806 | |||||||
TOTAL INVESTMENTS – 105.2% | ||||||||
(Cost $184,459,056) | 255,200,482 | |||||||
LIABILITIES LESS CASH | ||||||||
AND OTHER ASSETS – (5.2)% | (12,537,629 | ) | ||||||
NET ASSETS – 100.0% | $ | 242,662,853 |
SCHEDULES
OF INVESTMENTS
ROYCE SPECIAL EQUITY
FUND
SEPTEMBER 30, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 81.5% | ||||||||
Communication Services – 1.8% | ||||||||
Media - 1.8% | ||||||||
Meredith Corporation | 635,000 | $ | 8,331,200 | |||||
Scholastic Corporation | 300,000 | 6,297,000 | ||||||
Total | 14,628,200 | |||||||
Consumer Discretionary – 23.2% | ||||||||
Auto Components - 10.7% | ||||||||
Cooper Tire & Rubber | 850,000 | 26,945,000 | ||||||
Gentex Corporation | 905,000 | 23,303,750 | ||||||
Standard Motor Products | 835,000 | 37,282,750 | ||||||
87,531,500 | ||||||||
Automobiles - 1.7% | ||||||||
Winnebago Industries | 262,000 | 13,537,540 | ||||||
Hotels, Restaurants & Leisure - 0.4% | ||||||||
Bowl America Cl. A 5 | 347,000 | 3,417,950 | ||||||
Household Durables - 6.2% | ||||||||
Flexsteel Industries 5 | 767,500 | 18,420,000 | ||||||
Hooker Furniture 5 | 1,130,000 | 29,187,900 | ||||||
Skyline Champion 1 | 106,600 | 2,853,682 | ||||||
50,461,582 | ||||||||
Leisure Products - 4.2% | ||||||||
Johnson Outdoors Cl. A | 416,400 | 34,098,996 | ||||||
Total | 189,047,568 | |||||||
Consumer Staples – 3.9% | ||||||||
Food Products - 3.9% | ||||||||
John B Sanfilippo & Son | 427,000 | 32,187,260 | ||||||
Total | 32,187,260 | |||||||
Financials – 2.4% | ||||||||
Capital Markets - 2.4% | ||||||||
Diamond Hill Investment Group | 87,000 | 10,989,840 | ||||||
Waddell & Reed Financial Cl. A | 571,000 | 8,479,350 | ||||||
Total | 19,469,190 | |||||||
Health Care – 0.5% | ||||||||
Biotechnology - 0.5% | ||||||||
United Therapeutics 1 | 39,500 | 3,989,500 | ||||||
Total | 3,989,500 | |||||||
Industrials – 21.6% | ||||||||
Aerospace & Defense - 3.7% | ||||||||
National Presto Industries 5 | 369,000 | 30,206,340 | ||||||
Building Products - 1.3% | ||||||||
Gibraltar Industries 1 | 90,000 | 5,862,600 | ||||||
Insteel Industries | 255,000 | 4,768,500 | ||||||
10,631,100 | ||||||||
Commercial Services & Supplies - 2.0% | ||||||||
Ennis | 870,000 | 15,172,800 | ||||||
UniFirst Corporation | 7,000 | 1,325,590 | ||||||
16,498,390 | ||||||||
Construction & Engineering - 0.8% | ||||||||
Argan | 150,100 | 6,290,691 | ||||||
Electrical Equipment - 3.5% | ||||||||
Hubbell Incorporated | 207,000 | 28,325,880 | ||||||
Machinery - 5.9% | ||||||||
Gencor Industries 1,5 | 1,065,000 | 11,746,950 | ||||||
Hurco Companies 5 | 580,000 | 16,472,000 | ||||||
Miller Industries | 544,561 | 16,647,230 | ||||||
Oshkosh Corporation | 45,500 | 3,344,250 | ||||||
48,210,430 | ||||||||
Professional Services - 2.2% | ||||||||
Resources Connection | 1,561,000 | 18,029,550 | ||||||
Trading Companies & Distributors - 2.2% | ||||||||
MSC Industrial Direct Cl. A | 291,000 | 18,414,480 | ||||||
Total | 176,606,861 | |||||||
Information Technology – 17.0% | ||||||||
Electronic Equipment, Instruments & Components - 3.4% | ||||||||
Vishay Intertechnology | 1,286,500 | 20,030,805 | ||||||
Vishay Precision Group 1 | 310,000 | 7,849,200 | ||||||
27,880,005 | ||||||||
IT Services - 8.7% | ||||||||
Computer Services 2 | 1,045,000 | 64,006,250 | ||||||
International Money Express 1 | 468,000 | 6,722,820 | ||||||
70,729,070 | ||||||||
Semiconductors & Semiconductor Equipment - 4.9% | ||||||||
Axcelis Technologies 1 | 517,500 | 11,385,000 | ||||||
Kulicke & Soffa Industries | 1,285,000 | 28,784,000 | ||||||
40,169,000 | ||||||||
Total | 138,778,075 | |||||||
Materials – 7.3% | ||||||||
Chemicals - 4.5% | ||||||||
Huntsman Corporation | 1,665,000 | 36,979,650 | ||||||
Construction Materials - 0.8% | ||||||||
United States Lime & Minerals | 74,000 | 6,667,400 | ||||||
Metals & Mining - 0.3% | ||||||||
Materion Corporation | 47,000 | 2,445,410 | ||||||
Paper & Forest Products - 1.7% | ||||||||
Mercer International | 200,000 | 1,320,000 | ||||||
Verso Corporation Cl. A | 1,592,500 | 12,564,825 | ||||||
13,884,825 | ||||||||
Total | 59,977,285 | |||||||
Real Estate – 3.8% | ||||||||
Real Estate Management & Development - 3.8% | ||||||||
Marcus & Millichap 1 | 1,119,200 | 30,800,384 | ||||||
Total | 30,800,384 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $572,922,808) | 665,484,323 | |||||||
REPURCHASE AGREEMENT – 18.3% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $149,578,898 (collateralized by obligations of various U.S. Government Agencies, 1.50%-2.50% due 11/30/24-1/31/25, valued at $152,570,525) (Cost $149,578,898) |
149,578,898 | |||||||
TOTAL INVESTMENTS – 99.8% | ||||||||
(Cost $722,501,706) | 815,063,221 | |||||||
CASH AND OTHER ASSETS | ||||||||
LESS LIABILITIES – 0.2% | 1,720,102 | |||||||
NET ASSETS – 100.0% | $ | 816,783,323 |
SCHEDULES OF INVESTMENTS
ROYCE TOTAL RETURN FUND
SEPTEMBER 30, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 97.5% | ||||||||
Communication Services 1.6% | ||||||||
Diversified Telecommunication Services - 0.9% | ||||||||
ATN International | 191,729 | $ | 9,613,292 | |||||
Entertainment - 0.7% | ||||||||
World Wrestling Entertainment Cl. A | 208,900 | 8,454,183 | ||||||
Total | 18,067,475 | |||||||
Consumer Discretionary – 7.8% | ||||||||
Auto Components - 2.2% | ||||||||
Gentex Corporation | 373,889 | 9,627,642 | ||||||
LCI Industries | 75,091 | 7,981,422 | ||||||
Nokian Renkaat | 142,529 | 4,032,532 | ||||||
Standard Motor Products | 74,475 | 3,325,309 | ||||||
24,966,905 | ||||||||
Automobiles - 0.5% | ||||||||
Thor Industries | 61,441 | 5,852,870 | ||||||
Household Durables - 1.8% | ||||||||
Ethan Allen Interiors | 340,499 | 4,610,356 | ||||||
Leggett & Platt | 168,600 | 6,941,262 | ||||||
PulteGroup | 183,000 | 8,471,070 | ||||||
20,022,688 | ||||||||
Specialty Retail - 1.5% | ||||||||
Rent-A-Center | 337,851 | 10,098,367 | ||||||
Shoe Carnival | 220,366 | 7,399,890 | ||||||
17,498,257 | ||||||||
Textiles, Apparel & Luxury Goods - 1.8% | ||||||||
Levi Strauss & Co. Cl. A | 684,300 | 9,169,620 | ||||||
Ralph Lauren Cl. A | 164,000 | 11,147,080 | ||||||
20,316,700 | ||||||||
Total | 88,657,420 | |||||||
Consumer Staples – 2.2% | ||||||||
Food Products - 0.9% | ||||||||
Flowers Foods | 335,782 | 8,169,576 | ||||||
Hershey Creamery 2 | 666 | 2,564,100 | ||||||
10,733,676 | ||||||||
Household Products - 1.3% | ||||||||
Reynolds Consumer Products | 130,000 | 3,980,600 | ||||||
Spectrum Brands Holdings | 179,463 | 10,258,105 | ||||||
14,238,705 | ||||||||
Total | 24,972,381 | |||||||
Diversified Investment Companies – 0.1% | ||||||||
Closed-End Funds - 0.1% | ||||||||
Eagle Point Income | 121,333 | 1,593,163 | ||||||
Total | 1,593,163 | |||||||
Energy – 1.1% | ||||||||
Energy Equipment & Services - 1.1% | ||||||||
Computer Modelling Group | 970,000 | 3,758,928 | ||||||
Pason Systems | 522,200 | 2,074,603 | ||||||
TGS-NOPEC Geophysical | 530,159 | 6,405,262 | ||||||
Total | 12,238,793 | |||||||
Financials – 39.5% | ||||||||
Banks - 17.4% | ||||||||
Ames National | 96,600 | 1,631,574 | ||||||
Bank of N.T. Butterfield & Son | 433,012 | 9,647,507 | ||||||
BankUnited | 559,200 | 12,252,072 | ||||||
BOK Financial | 261,264 | 13,457,709 | ||||||
CIT Group | 318,000 | 5,631,780 | ||||||
Farmers & Merchants Bank of Long Beach 2 | 397 | 2,461,400 | ||||||
First Citizens BancShares Cl. A | 47,001 | 14,982,979 | ||||||
First Financial Bankshares | 121,200 | 3,382,692 | ||||||
First Hawaiian | 794,700 | 11,499,309 | ||||||
First National Bank Alaska 2 | 23,922 | 4,736,556 | ||||||
German American Bancorp | 162,800 | 4,418,392 | ||||||
Glacier Bancorp | 173,200 | 5,551,060 | ||||||
HBT Financial | 244,100 | 2,738,802 | ||||||
Heritage Financial | 179,700 | 3,304,683 | ||||||
Home BancShares | 1,326,814 | 20,114,500 | ||||||
Independent Bank Group | 427,400 | 18,882,532 | ||||||
National Bankshares | 133,982 | 3,393,764 | ||||||
OceanFirst Financial | 564,700 | 7,730,743 | ||||||
Peapack-Gladstone Financial | 231,460 | 3,506,619 | ||||||
Popular | 161,514 | 5,858,113 | ||||||
Prosperity Bancshares | 55,200 | 2,861,016 | ||||||
Signature Bank | 166,500 | 13,817,835 | ||||||
South State | 104,300 | 5,022,045 | ||||||
Triumph Bancorp 1 | 189,700 | 5,907,258 | ||||||
UMB Financial | 90,399 | 4,430,455 | ||||||
Valley National Bancorp | 1,488,139 | 10,193,752 | ||||||
197,415,147 | ||||||||
Capital Markets - 8.1% | ||||||||
AllianceBernstein Holding L.P. | 283,687 | 7,670,896 | ||||||
Ares Management Cl. A | 294,441 | 11,901,305 | ||||||
Artisan Partners Asset Management Cl. A | 313,800 | 12,235,062 | ||||||
Ashmore Group | 1,700,796 | 7,817,053 | ||||||
Fiera Capital Cl. A | 262,000 | 2,008,952 | ||||||
Lazard Cl. A | 280,251 | 9,262,296 | ||||||
Moelis & Company Cl. A | 360,544 | 12,669,516 | ||||||
Sprott | 355,296 | 12,127,373 | ||||||
TMX Group | 128,073 | 13,171,354 | ||||||
Virtu Financial Cl. A | 133,975 | 3,082,765 | ||||||
91,946,572 | ||||||||
Diversified Financial Services - 1.7% | ||||||||
Compass Diversified Holdings | 670,581 | 12,781,274 | ||||||
Equitable Holdings | 362,500 | 6,612,000 | ||||||
19,393,274 | ||||||||
Insurance - 11.5% | ||||||||
AMERISAFE | 56,000 | 3,212,160 | ||||||
Assured Guaranty | 440,210 | 9,455,711 | ||||||
Axis Capital Holdings | 426,300 | 18,774,252 | ||||||
E-L Financial | 29,727 | 14,688,806 | ||||||
Erie Indemnity Cl. A | 49,927 | 10,498,649 | ||||||
First American Financial | 246,658 | 12,557,359 | ||||||
Hanover Insurance Group | 59,913 | 5,582,693 | ||||||
James River Group Holdings | 456,081 | 20,309,287 | ||||||
ProAssurance Corporation | 1,078,848 | 16,873,183 | ||||||
Reinsurance Group of America | 58,285 | 5,548,149 | ||||||
RenaissanceRe Holdings | 78,700 | 13,358,538 | ||||||
130,858,787 | ||||||||
Investment Companies - 0.0% | ||||||||
Morgan Group Holding Company 1,2 | 1,391 | 9,041 | ||||||
Thrifts & Mortgage Finance - 0.8% | ||||||||
Genworth MI Canada | 375,950 | 9,749,205 | ||||||
Total | 449,372,026 | |||||||
Health Care – 1.6% | ||||||||
Health Care Equipment & Supplies - 0.7% | ||||||||
Hill-Rom Holdings | 96,828 | 8,086,106 | ||||||
Health Care Providers & Services - 0.9% | ||||||||
Patterson Companies | 394,884 | 9,518,679 | ||||||
Total | 17,604,785 | |||||||
Industrials – 22.1% | ||||||||
Aerospace & Defense - 0.3% | ||||||||
Magellan Aerospace | 644,121 | 3,299,092 | ||||||
Building Products - 1.6% | ||||||||
Fortune Brands Home & Security | 114,600 | 9,915,192 | ||||||
UFP Industries | 144,800 | 8,182,648 | ||||||
18,097,840 | ||||||||
Commercial Services & Supplies - 4.7% | ||||||||
ABM Industries | 301,678 | 11,059,516 | ||||||
Deluxe Corporation | 485,791 | 12,499,402 | ||||||
Healthcare Services Group | 413,755 | 8,908,145 | ||||||
Kimball International Cl. B | 772,839 | 8,145,723 | ||||||
McGrath RentCorp | 218,505 | 13,020,713 | ||||||
53,633,499 | ||||||||
Construction & Engineering - 1.2% | ||||||||
Arcosa | 156,792 | 6,912,959 | ||||||
Argan | 146,554 | 6,142,078 | ||||||
13,055,037 | ||||||||
Electrical Equipment - 1.5% | ||||||||
Hubbell Incorporated | 124,699 | 17,063,811 | ||||||
Preformed Line Products | 4,270 | 208,035 | ||||||
17,271,846 | ||||||||
Industrial Conglomerates - 0.7% | ||||||||
Raven Industries | 339,720 | 7,310,774 | ||||||
Machinery - 6.2% | ||||||||
Crane Company | 56,400 | 2,827,332 | ||||||
Gorman-Rupp Company (The) | 285,118 | 8,399,576 | ||||||
Lincoln Electric Holdings | 123,105 | 11,330,584 | ||||||
Lindsay Corporation | 110,331 | 10,666,801 | ||||||
Miller Industries | 208,318 | 6,368,281 | ||||||
Mueller Industries | 331,929 | 8,981,999 | ||||||
Tennant Company | 105,755 | 6,383,372 | ||||||
Timken Company (The) | 160,900 | 8,723,998 | ||||||
Trinity Industries | 355,077 | 6,924,002 | ||||||
70,605,945 | ||||||||
Marine - 1.1% | ||||||||
Clarkson | 426,371 | 12,361,694 | ||||||
Professional Services - 1.2% | ||||||||
ManpowerGroup | 140,298 | 10,288,052 | ||||||
Resources Connection | 306,988 | 3,545,712 | ||||||
13,833,764 | ||||||||
Road & Rail - 0.7% | ||||||||
Werner Enterprises | 200,396 | 8,414,628 | ||||||
Trading Companies & Distributors - 2.9% | ||||||||
MSC Industrial Direct Cl. A | 179,100 | 11,333,448 | ||||||
Systemax | 233,365 | 5,586,758 | ||||||
Watsco | 70,200 | 16,348,878 | ||||||
33,269,084 | ||||||||
Total | 251,153,203 | |||||||
Information Technology – 7.5% | ||||||||
Electronic Equipment, Instruments & Components - 4.3% | ||||||||
Avnet | 484,300 | 12,514,312 | ||||||
Methode Electronics | 452,926 | 12,908,391 | ||||||
National Instruments | 207,379 | 7,403,430 | ||||||
PC Connection | 211,070 | 8,666,534 | ||||||
Vishay Intertechnology | 479,138 | 7,460,179 | ||||||
48,952,846 | ||||||||
IT Services - 1.8% | ||||||||
EVERTEC | 161,100 | 5,591,781 | ||||||
Hackett Group (The) | 163,700 | 1,830,166 | ||||||
KBR | 568,316 | 12,707,546 | ||||||
20,129,493 | ||||||||
Semiconductors & Semiconductor Equipment - 1.4% | ||||||||
Kulicke & Soffa Industries | 418,058 | 9,364,499 | ||||||
MKS Instruments | 61,490 | 6,716,553 | ||||||
16,081,052 | ||||||||
Total | 85,163,391 | |||||||
Materials – 10.6% | ||||||||
Chemicals - 4.0% | ||||||||
Albemarle Corporation | 98,995 | 8,838,274 | ||||||
Chase Corporation | 90,597 | 8,642,954 | ||||||
FutureFuel Corporation | 110,466 | 1,255,998 | ||||||
Minerals Technologies | 256,270 | 13,095,397 | ||||||
Quaker Chemical | 74,012 | 13,300,696 | ||||||
45,133,319 | ||||||||
Containers & Packaging - 3.7% | ||||||||
AptarGroup | 79,243 | 8,970,308 | ||||||
Graphic Packaging Holding Company | 556,100 | 7,835,449 | ||||||
Packaging Corporation of America | 50,000 | 5,452,500 | ||||||
Silgan Holdings | 165,400 | 6,081,758 | ||||||
Sonoco Products | 276,601 | 14,126,013 | ||||||
42,466,028 | ||||||||
Metals & Mining - 2.9% | ||||||||
Ferroglobe (Warranty Insurance Trust) 1,4 | 569,803 | 0 | ||||||
Franco-Nevada | 17,835 | 2,489,409 | ||||||
Gold Fields ADR | 1,219,523 | 14,987,938 | ||||||
Royal Gold | 28,833 | 3,464,862 | ||||||
Worthington Industries | 291,971 | 11,906,577 | ||||||
32,848,786 | ||||||||
Total | 120,448,133 | |||||||
Real Estate – 2.3% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 0.2% | ||||||||
Lexington Realty Trust | 279,902 | 2,924,976 | ||||||
Real Estate Management & Development - 2.1% | ||||||||
Kennedy-Wilson Holdings | 779,088 | 11,312,358 | ||||||
RMR Group (The) Cl. A | 447,360 | 12,288,979 | ||||||
23,601,337 | ||||||||
Total | 26,526,313 | |||||||
Utilities – 1.1% | ||||||||
Electric Utilities - 0.5% | ||||||||
ALLETE | 123,805 | 6,405,671 | ||||||
Water Utilities - 0.6% | ||||||||
Essential Utilities | 68,203 | 2,745,170 | ||||||
SJW Group | 63,694 | 3,876,417 | ||||||
6,621,587 | ||||||||
Total | 13,027,258 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $884,048,158) | 1,108,824,341 | |||||||
PREFERRED STOCK – 0.2% | ||||||||
Chicken Soup For The Soul Entertainment | ||||||||
9.75% Ser. A | 78,724 | 1,818,524 | ||||||
(Cost $1,981,326) | 1,818,524 |
PRINCIPAL | ||||||||
AMOUNT | ||||||||
CORPORATE BONDS – 0.1% | ||||||||
Meritor 6.25% | ||||||||
due 2/15/24 | $ | 811,839 | 828,076 | |||||
Unit Corporation 6.625% | ||||||||
due 5/15/21 | 4,269,155 | 471,229 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $4,880,867) | 1,299,305 | |||||||
REPURCHASE AGREEMENT – 2.3% | ||||||||
Fixed Income Clearing Corporation, | ||||||||
0.00% dated 9/30/20, due 10/1/20, | ||||||||
maturity value $26,507,172 (collateralized | ||||||||
by obligations of various U.S. Government | ||||||||
Agencies, 0.125% due 7/15/24, valued at $27,037,429) | ||||||||
(Cost $26,507,172) | 26,507,172 | |||||||
TOTAL INVESTMENTS – 100.1% | ||||||||
(Cost $917,417,523) | 1,138,449,342 | |||||||
LIABILITIES LESS CASH | ||||||||
AND OTHER ASSETS – (0.1)% | (1,607,579 | ) | ||||||
NET ASSETS – 100.0% | $ | 1,136,841,763 |
ADR – American Depository Receipt
1 | Non-income producing. |
2 | These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities. |
3 | All or a portion of these securities were on loan at September 30, 2020. |
Securities of Royce International Premier Fund are categorized by the country of their headquarters.
Tax Information:
At September 30, 2020, 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 | $ | 35,952,953 | $ | 29,940,329 | $ | 31,097,811 | $ | 1,157,482 | ||||||||
Royce Global Financial Services Fund | 22,942,710 | 8,102,800 | 11,288,255 | 3,185,455 | ||||||||||||
Royce International Premier Fund | 806,287,679 | 154,017,034 | 189,796,215 | 35,779,181 | ||||||||||||
Royce Micro-Cap Fund | 242,762,090 | 31,725,073 | 70,282,239 | 38,557,166 | ||||||||||||
Royce Opportunity Fund | 824,530,291 | 49,935,570 | 158,714,599 | 108,779,029 | ||||||||||||
Royce Pennsylvania Mutual Fund | 1,041,369,576 | 516,177,677 | 576,673,421 | 60,495,744 | ||||||||||||
Royce Premier Fund | 958,432,021 | 503,422,757 | 601,601,041 | 98,178,284 | ||||||||||||
Royce Small-Cap Value Fund | 93,744,615 | 8,209,591 | 15,911,118 | 7,701,527 | ||||||||||||
Royce Smaller-Companies Growth Fund | 184,708,001 | 70,492,481 | 75,503,689 | 5,011,208 | ||||||||||||
Royce Special Equity Fund | 722,561,322 | 92,501,899 | 144,245,317 | 51,743,418 | ||||||||||||
Royce Total Return Fund | 918,243,725 | 220,205,617 | 290,051,848 | 69,846,231 |
The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
Valuation of Investments:
Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Funds value their non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Trust's Board of Trustees, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, a Fund may fair value the security. The Funds use an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by a Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.
Various inputs are used in determining the value of each Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
Level 1 – | quoted prices in active markets for identical securities. |
Level 2 – | other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedules of Investments. |
Level 3 – | significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value each Fund’s investments as of September 30, 2020. For a detailed breakout of common stocks by sector classification or country, please refer to the Schedules of Investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Royce Dividend Value Fund | ||||||||||||||||
Common Stocks | $ | 50,887,242 | $ | 14,873,448 | $ | – | $ | 65,760,690 | ||||||||
Repurchase Agreement | – | 132,592 | – | 132,592 | ||||||||||||
Royce Global Financial Services Fund | ||||||||||||||||
Common Stocks | 24,257,343 | 5,952,916 | – | 30,210,259 | ||||||||||||
Repurchase Agreement | – | 835,251 | – | 835,251 | ||||||||||||
Royce International Premier Fund | ||||||||||||||||
Common Stocks | 46,661,201 | 834,319,466 | – | 880,980,667 | ||||||||||||
Preferred Stocks | – | 19,345,250 | – | 19,345,250 | ||||||||||||
Repurchase Agreement | – | 59,978,796 | – | 59,978,796 | ||||||||||||
Royce Micro-Cap Fund | ||||||||||||||||
Common Stocks | 255,862,183 | 11,901,299 | 690,000 | 268,453,482 | ||||||||||||
Repurchase Agreement | – | 4,472,220 | – | 4,472,220 | ||||||||||||
Money Market Fund/Collateral Received for | ||||||||||||||||
Securities Loaned | 1,561,461 | – | – | 1,561,461 | ||||||||||||
Royce Opportunity Fund | ||||||||||||||||
Common Stocks | 810,570,037 | 786,384 | – | 811,356,421 | ||||||||||||
Repurchase Agreement | – | 43,632,373 | – | 43,632,373 | ||||||||||||
Money Market Fund/Collateral Received for | ||||||||||||||||
Securities Loaned | 19,477,067 | – | – | 19,477,067 | ||||||||||||
Royce Pennsylvania Mutual Fund | ||||||||||||||||
Common Stocks | 1,510,941,835 | 22,513,599 | 0 | 1,533,455,434 | ||||||||||||
Repurchase Agreement | – | 7,253,612 | – | 7,253,612 | ||||||||||||
Money Market Fund/Collateral Received for | ||||||||||||||||
Securities Loaned | 16,838,207 | – | – | 16,838,207 | ||||||||||||
Royce Premier Fund | ||||||||||||||||
Common Stocks | 1,383,748,591 | 75,449,040 | – | 1,459,197,631 | ||||||||||||
Repurchase Agreement | – | 2,657,147 | – | 2,657,147 | ||||||||||||
Royce Small-Cap Value Fund | ||||||||||||||||
Common Stocks | 98,060,480 | – | – | 98,060,480 | ||||||||||||
Repurchase Agreement | – | 3,893,726 | – | 3,893,726 | ||||||||||||
Royce Smaller-Companies Growth Fund | ||||||||||||||||
Common Stocks | 220,426,802 | 10,432,217 | – | 230,859,019 | ||||||||||||
Repurchase Agreement | – | 12,291,657 | – | 12,291,657 | ||||||||||||
Money Market Fund/Collateral Received for | ||||||||||||||||
Securities Loaned | 12,049,806 | – | – | 12,049,806 | ||||||||||||
Royce Special Equity Fund | ||||||||||||||||
Common Stocks | 601,478,073 | 64,006,250 | – | 665,484,323 | ||||||||||||
Repurchase Agreement | – | 149,578,898 | – | 149,578,898 | ||||||||||||
Royce Total Return Fund | ||||||||||||||||
Common Stocks | 1,068,436,702 | 40,387,639 | 0 | 1,108,824,341 | ||||||||||||
Preferred Stocks | 1,818,524 | – | – | 1,818,524 | ||||||||||||
Corporate Bonds | – | 1,299,305 | – | 1,299,305 | ||||||||||||
Repurchase Agreement | – | 26,507,172 | – | 26,507,172 |
Level 3 Reconciliation:
Balance as of 12/31/19 | Purchases | Sales | Realized Gain (Loss) | Unrealized Gain (Loss) | Balance as of 9/30/20 | |||||||||||||||||||
Royce Micro-Cap Fund | ||||||||||||||||||||||||
Common Stocks | $828,000 | $ – | $ – | $ – | $ (138,000 | ) | $690,000 | |||||||||||||||||
Royce Pennsylvania Mutual Fund | ||||||||||||||||||||||||
Common Stocks | 0 | – | – | – | – | 0 | ||||||||||||||||||
Royce Total Return Fund | ||||||||||||||||||||||||
Common Stocks | 0 | – | – | – | – | 0 |
The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information with adjustments (e.g. broker quotes, pricing services, net asset values).
Impact to Valuation | ||||||||||||||
Fair Value at | Valuation | Unobservable | From an Increase in | |||||||||||
9/30/20 | Technique(s) | Input(s) | Range Average | Input1 | ||||||||||
Royce Micro-Cap Fund | ||||||||||||||
Discounted Present Value | ||||||||||||||
Common Stocks | $690,000 | Balance Sheet Analysis | Liquidity Discount | 30%-40% | Decrease |
Repurchase Agreements:
The Funds may enter into repurchase agreements with institutions that the Funds’ investment adviser has determined are creditworthy. Each Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of each Fund to dispose of its underlying securities. The remaining contractual maturities of repurchase agreements held by the Funds at September 30, 2020 are overnight 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 at September 30, 2020:
Securities on Loan | ||||||||||||
Cash Collateral1 | Collateralized by Cash Collateral | Net Amount | ||||||||||
Royce Micro-Cap Fund | $ 1,561,461 | $ (1,470,124 | ) | $ 91,337 | ||||||||
Royce Opportunity Fund | 19,477,067 | (19,548,749 | ) | (71,682 | ) | |||||||
Royce Pennsylvania Mutual Fund | 16,838,207 | (16,990,476 | ) | (152,269 | ) | |||||||
Royce Smaller-Companies Growth Fund | 12,049,806 | (11,717,756 | ) | 332,050 |
1 | The remaining contractual maturity of cash collateral is overnight and continuous. |
The following table presents non-cash collateral and the market value of securities on loan collateralized by non-cash collateral held by the Funds’ custodian at September 30, 2020:
Securities on Loan | ||||||||||||
Non-Cash Collateral | Collateralized by Non-Cash Collateral | Net Amount | ||||||||||
Royce Micro-Cap Fund | $ 8,426,194 | $ (8,255,975 | ) | $ 170,219 | ||||||||
Royce Opportunity Fund | 47,860,157 | (46,772,200 | ) | 1,087,957 | ||||||||
Royce Pennsylvania Mutual Fund | 19,685,320 | (19,156,551 | ) | 528,769 | ||||||||
Royce Small-Cap Value Fund | 1,343,942 | (1,306,596 | ) | 37,346 | ||||||||
Royce Smaller-Companies Growth Fund | 27,616,860 | (26,772,176 | ) | 844,684 |
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, 2020:
Affiliated Company | Shares 12/31/19 | Market Value 12/31/19 | Costs
of Purchases | Proceeds from Sales | Realized Gain (Loss) | Change
in Net Unrealized Appreciation (Depreciation) | Dividend Income | Shares 9/30/20 | Market Value 9/30/20 | |||||||||||||||||||||||||||
Royce Special Equity Fund | ||||||||||||||||||||||||||||||||||||
Consumer Discretionary – 10.8% | ||||||||||||||||||||||||||||||||||||
Auto Components – 4.6% | ||||||||||||||||||||||||||||||||||||
Standard Motor Products1 | 1,229,000 | $ | 65,407,380 | $ | 866,093 | $ | 19,516,962 | $ | 6,892,348 | $ | (16,366,109 | ) | $ | 276,250 | ||||||||||||||||||||||
Hotels, Restaurants & Leisure - 0.4% | ||||||||||||||||||||||||||||||||||||
Bowl America Cl. A2 | 374,000 | 5,797,000 | 132,406 | 490,253 | 49,962 | (2,071,165 | ) | 65,450 | 347,000 | $ | 3,417,950 | |||||||||||||||||||||||||
Household Durables – 5.8% | ||||||||||||||||||||||||||||||||||||
Flexsteel Industries2 | 720,000 | 14,342,400 | 1,750,771 | 1,006,140 | (387,297 | ) | 3,720,266 | 230,275 | 767,500 | 18,420,000 | ||||||||||||||||||||||||||
Hooker Furniture2 | 1,000,000 | 25,690,000 | 4,364,321 | 2,390,008 | (398,163 | ) | 1,921,750 | 502,176 | 1,130,000 | 29,187,900 | ||||||||||||||||||||||||||
40,032,400 | (785,460 | ) | 5,642,016 | 732,451 | 47,607,900 | |||||||||||||||||||||||||||||||
111,236,780 | 6,156,850 | (12,795,258 | ) | 1,074,151 | 51,025,850 | |||||||||||||||||||||||||||||||
Industrials – 7.7% | ||||||||||||||||||||||||||||||||||||
Aerospace & Defense - 3.7% | ||||||||||||||||||||||||||||||||||||
National Presto Industries2 | 409,000 | 36,151,510 | 2,333,039 | 5,927,599 | 3,191,846 | (5,542,456 | ) | 2,278,704 | 369,000 | 30,206,340 | ||||||||||||||||||||||||||
Building Products – 0.6% | ||||||||||||||||||||||||||||||||||||
Insteel Industries1 | 969,000 | 20,823,810 | 94,031 | 15,885,683 | (1,880,064 | ) | 1,616,406 | 38,093 | ||||||||||||||||||||||||||||
Machinery – 3.4% | ||||||||||||||||||||||||||||||||||||
Gencor Industries2,3 | 1,130,000 | 13,187,100 | 622,652 | 1,290,843 | (72,178 | ) | (699,781 | ) | – | 1,065,000 | 11,746,950 | |||||||||||||||||||||||||
Hurco Companies2 | 623,600 | 23,921,296 | 657,597 | 1,978,764 | 982,115 | (7,110,244 | ) | 152,750 | 580,000 | 16,472,000 | ||||||||||||||||||||||||||
37,108,396 | 909,937 | (7,810,025 | ) | 152,750 | 28,218,950 | |||||||||||||||||||||||||||||||
94,083,716 | 2,221,719 | (11,736,075 | ) | 2,469,547 | 58,425,290 | |||||||||||||||||||||||||||||||
Information Technology – 7.8% | ||||||||||||||||||||||||||||||||||||
IT Services – 7.8% | ||||||||||||||||||||||||||||||||||||
Computer Services1,4 | 1,463,000 | 65,103,500 | – | 21,871,372 | 14,022,352 | 6,751,770 | 733,485 | |||||||||||||||||||||||||||||
65,103,500 | 14,022,352 | 6,751,770 | 733,485 | |||||||||||||||||||||||||||||||||
Materials – 1.5% | ||||||||||||||||||||||||||||||||||||
Paper & Forest Products – 1.5% | ||||||||||||||||||||||||||||||||||||
Verso Corporation Cl. A1 | 1,722,000 | 31,047,660 | 3,222,820 | 6,151,043 | 575,348 | (16,129,960 | ) | 4,827,820 | ||||||||||||||||||||||||||||
31,047,660 | 575,348 | (16,129,960 | ) | 4,827,820 | ||||||||||||||||||||||||||||||||
$ | 301,471,656 | $ | 22,976,269 | $ | (33,909,523 | ) | $ | 9,105,003 | $ | 109,451,140 |
1 | Not an Affiliated Company at September 30, 2020. |
3 | Non-income producing. |
4 | This security was defined as a Level 2 security due to fair value being based on quoted prices for similar securities. |
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).