SCHEDULES OF INVESTMENTS
ROYCE DIVIDEND VALUE FUND
SEPTEMBER 30, 2021 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 92.8% | ||||||||
Consumer Discretionary – 6.4% | ||||||||
Auto Components - 0.8% | ||||||||
Nokian Renkaat 1 | 18,000 | $ | 638,663 | |||||
Household Durables - 0.7% | ||||||||
PulteGroup | 10,900 | 500,528 | ||||||
Specialty Retail - 4.9% | ||||||||
American Eagle Outfitters | 24,345 | 628,101 | ||||||
Rent-A-Center | 36,466 | 2,049,754 | ||||||
USS 1 | 56,000 | 958,060 | ||||||
3,635,915 | ||||||||
Total | 4,775,106 | |||||||
Energy – 1.3% | ||||||||
Energy Equipment & Services - 0.5% | ||||||||
TGS 1 | 32,400 | 343,015 | ||||||
Oil, Gas & Consumable Fuels - 0.8% | ||||||||
Gaztransport Et Technigaz 1 | 7,800 | 582,782 | ||||||
Total | 925,797 | |||||||
Financials – 28.2% | ||||||||
Banks - 5.0% | ||||||||
Bank of Georgia Group 1,2 | 39,500 | 821,677 | ||||||
BOK Financial | 15,414 | 1,380,324 | ||||||
Triumph Bancorp 2 | 15,000 | 1,501,950 | ||||||
3,703,951 | ||||||||
Capital Markets - 23.2% | ||||||||
Ashmore Group 1 | 244,300 | 1,110,511 | ||||||
B3-Brasil, Bolsa, Balcao | 336,600 | 787,455 | ||||||
Bolsa Mexicana de Valores | 444,000 | 850,508 | ||||||
Carlyle Group | 71,520 | 3,381,466 | ||||||
Coronation Fund Managers 1 | 153,700 | 510,959 | ||||||
Evercore Cl. A | 13,500 | 1,804,545 | ||||||
Jupiter Fund Management 1 | 225,700 | 749,658 | ||||||
KKR & Co. | 16,338 | 994,657 | ||||||
Moelis & Company Cl. A | 19,359 | 1,197,741 | ||||||
SEI Investments | 37,900 | 2,247,470 | ||||||
Sprott | 58,860 | 2,164,148 | ||||||
State Street | 16,800 | 1,423,296 | ||||||
17,222,414 | ||||||||
Total | 20,926,365 | |||||||
Health Care – 3.3% | ||||||||
Health Care Providers & Services - 0.6% | ||||||||
Ensign Group (The) | 5,951 | 445,671 | ||||||
Pharmaceuticals - 2.7% | ||||||||
Recordati Industria Chimica e Farmaceutica 1 | 24,210 | 1,408,240 | ||||||
Santen Pharmaceutical 1 | 41,600 | 587,035 | ||||||
1,995,275 | ||||||||
Total | 2,440,946 | |||||||
Industrials – 35.7% | ||||||||
Aerospace & Defense - 3.7% | ||||||||
HEICO Corporation Cl. A | 23,259 | 2,754,563 | ||||||
Building Products - 0.8% | ||||||||
Geberit 1 | 800 | 587,810 | ||||||
Commercial Services & Supplies - 0.5% | ||||||||
Healthcare Services Group | 15,700 | 392,343 | ||||||
Construction & Engineering - 0.9% | ||||||||
Comfort Systems USA | 8,959 | 638,956 | ||||||
Electrical Equipment - 2.8% | ||||||||
Hubbell Incorporated | 11,462 | 2,070,840 | ||||||
Machinery - 11.4% | ||||||||
Graco | 25,224 | 1,764,923 | ||||||
Lincoln Electric Holdings | 10,022 | 1,290,734 | ||||||
Lindsay Corporation | 17,400 | 2,641,146 | ||||||
Spirax-Sarco Engineering 1 | 13,478 | 2,708,657 | ||||||
8,405,460 | ||||||||
Marine - 2.4% | ||||||||
Clarkson 1 | 35,040 | 1,774,350 | ||||||
Professional Services - 8.9% | ||||||||
KBR | 80,690 | 3,179,186 | ||||||
Korn Ferry | 10,023 | 725,264 | ||||||
ManpowerGroup | 19,300 | 2,089,804 | ||||||
Robert Half International | 5,994 | 601,378 | ||||||
6,595,632 | ||||||||
Road & Rail - 0.5% | ||||||||
Werner Enterprises | 8,643 | 382,626 | ||||||
Trading Companies & Distributors - 3.8% | ||||||||
Applied Industrial Technologies | 31,294 | 2,820,528 | ||||||
Total | 26,423,108 | |||||||
Information Technology – 1.8% | ||||||||
Electronic Equipment, Instruments & Components - 1.1% | ||||||||
Vishay Intertechnology | 42,497 | 853,765 | ||||||
Software - 0.7% | ||||||||
SimCorp 1 | 4,200 | 494,693 | ||||||
Total | 1,348,458 | |||||||
Materials – 16.1% | ||||||||
Chemicals - 2.9% | ||||||||
Quaker Chemical | 9,137 | 2,172,048 | ||||||
Containers & Packaging - 3.3% | ||||||||
AptarGroup | 20,396 | 2,434,262 | ||||||
Metals & Mining - 9.9% | ||||||||
Franco-Nevada | 18,335 | 2,381,900 | ||||||
Reliance Steel & Aluminum | 10,288 | 1,465,217 | ||||||
Royal Gold | 11,600 | 1,107,684 | ||||||
Worthington Industries | 44,460 | 2,343,042 | ||||||
7,297,843 | ||||||||
Total | 11,904,153 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $28,253,864) | 68,743,933 | |||||||
REPURCHASE AGREEMENT – 7.3% | ||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $5,431,170 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $5,539,888) | ||||
(Cost $5,431,170) | 5,431,170 | |||
TOTAL INVESTMENTS – 100.1% | ||||
(Cost $33,685,034) | 74,175,103 | |||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)% | (58,964 | ) | ||
NET ASSETS – 100.0% | $ | 74,116,139 |
SCHEDULES OF INVESTMENTS
ROYCE GLOBAL FINANCIAL SERVICES FUND
SEPTEMBER 30, 2021 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 90.4% | ||||||||
Banks - 15.5% | ||||||||
BOK Financial | 10,450 | $ | 935,797 | |||||
Bryn Mawr Bank | 10,000 | 459,500 | ||||||
Cadence Bancorporation Cl. A | 15,887 | 348,879 | ||||||
Capital City Bank Group | 16,988 | 420,283 | ||||||
First Citizens BancShares Cl. A | 1,828 | 1,541,315 | ||||||
First Republic Bank | 2,599 | 501,295 | ||||||
Popular | 20,063 | 1,558,293 | ||||||
TriState Capital Holdings 2 | 11,600 | 245,340 | ||||||
Umpqua Holdings | 17,400 | 352,350 | ||||||
Total | 6,363,052 | |||||||
Capital Markets - 45.8% | ||||||||
Ares Management Cl. A | 14,986 | 1,106,416 | ||||||
Ashmore Group 1 | 157,000 | 713,672 | ||||||
Associated Capital Group Cl. A | 7,000 | 261,870 | ||||||
B3-Brasil, Bolsa, Balcao | 183,000 | 428,117 | ||||||
Bolsa Mexicana de Valores | 174,000 | 333,307 | ||||||
Canaccord Genuity Group | 113,715 | 1,250,632 | ||||||
Carlyle Group | 22,300 | 1,054,344 | ||||||
Charles Schwab | 14,671 | 1,068,636 | ||||||
Coronation Fund Managers 1 | 61,200 | 203,453 | ||||||
CRISIL 1 | 14,000 | 512,526 | ||||||
Egyptian Financial Group-Hermes Holding | ||||||||
Company 1,2 | 184,791 | 142,854 | ||||||
Hellenic Exchanges - Athens Stock Exchange 1 | 50,000 | 199,535 | ||||||
Intermediate Capital Group 1 | 39,111 | 1,074,683 | ||||||
IOOF Holdings 1 | 55,000 | 168,778 | ||||||
JSE 1 | 51,000 | 354,089 | ||||||
Jupiter Fund Management 1 | 106,900 | 355,066 | ||||||
KKR & Co. | 19,120 | 1,164,026 | ||||||
MarketAxess Holdings | 1,581 | 665,111 | ||||||
NZX 1 | 580,000 | 678,125 | ||||||
RF Capital Group 2 | 108,000 | 185,884 | ||||||
Rothschild & Co 1 | 13,900 | 598,211 | ||||||
SEI Investments | 7,950 | 471,435 | ||||||
Silvercrest Asset Management Group Cl. A | 27,612 | 430,195 | ||||||
Sprott | 40,500 | 1,489,093 | ||||||
StoneX Group 2 | 9,846 | 648,851 | ||||||
Tel Aviv Stock Exchange 1 | 273,000 | 1,445,342 | ||||||
U.S. Global Investors Cl. A | 165,500 | 941,695 | ||||||
Virtu Financial Cl. A | 21,330 | 521,092 | ||||||
Warsaw Stock Exchange 1 | 9,500 | 99,129 | ||||||
Westaim Corporation (The) 2 | 105,000 | 223,828 | ||||||
Total | 18,789,995 | |||||||
Closed-End Funds - 0.8% | ||||||||
Eagle Point Income | 19,341 | 340,402 | ||||||
Total | 340,402 | |||||||
Diversified Financial Services - 2.6% | ||||||||
Banco Latinoamericano de Comercio | ||||||||
Exterior Cl. E | 25,700 | 450,778 | ||||||
ECN Capital | 75,000 | 618,190 | ||||||
Total | 1,068,968 | |||||||
Health Care Providers & Services - 0.7% | ||||||||
Great Elm Group 2 | 115,545 | 262,287 | ||||||
Total | 262,287 | |||||||
Insurance - 6.8% | ||||||||
Axis Capital Holdings | 11,554 | 531,946 | ||||||
E-L Financial | 1,638 | 1,209,153 | ||||||
James River Group Holdings | 18,700 | 705,551 | ||||||
Trean Insurance Group 2 | 32,600 | 337,410 | ||||||
Total | 2,784,060 | |||||||
IT Services - 2.6% | ||||||||
Cass Information Systems | 4,013 | 167,944 | ||||||
PayPal Holdings 2 | 3,466 | 901,888 | ||||||
Total | 1,069,832 | |||||||
Metals & Mining - 3.0% | ||||||||
Franco-Nevada | 9,523 | 1,237,133 | ||||||
Total | 1,237,133 | |||||||
Professional Services - 0.8% | ||||||||
Dun & Bradstreet Holdings 2 | 5,000 | 84,050 | ||||||
Quess Corp 1 | 17,756 | 217,750 | ||||||
Total | 301,800 | |||||||
Real Estate Management & Development - 8.4% | ||||||||
Altus Group | 23,760 | 1,159,299 | ||||||
FirstService | 8,379 | 1,512,242 | ||||||
FRP Holdings 2 | 7,957 | 444,955 | ||||||
RMR Group (The) Cl. A | 10,000 | 334,500 | ||||||
Total | 3,450,996 | |||||||
Software - 2.4% | ||||||||
Benefitfocus 2 | 10,600 | 117,660 | ||||||
Bottomline Technologies 2 | 9,800 | 384,944 | ||||||
Envestnet 2 | 6,000 | 481,440 | ||||||
Total | 984,044 | |||||||
Thrifts & Mortgage Finance - 1.0% | ||||||||
Provident Bancorp | 25,000 | 400,500 | ||||||
Total | 400,500 | |||||||
Transportation Infrastructure - 0.0% | ||||||||
Morgan Group Holding Co. 1,2 | 156 | 811 | ||||||
Total | 811 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $20,322,967) | 37,053,880 | |||||||
REPURCHASE AGREEMENT – 9.8% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $4,034,726 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $4,115,471) | ||||||||
(Cost $4,034,726) | 4,034,726 |
TOTAL INVESTMENTS – 100.2% | ||||
(Cost $24,357,693) | 41,088,606 | |||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)% | (81,833 | ) | ||
NET ASSETS – 100.0% | $ | 41,006,773 |
SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL PREMIER FUND
SEPTEMBER 30, 2021 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 91.7% | ||||||||
Australia – 10.7% | ||||||||
Bravura Solutions 1,3 | 14,219,530 | $ | 31,497,958 | |||||
Cochlear 1 | 78,400 | 12,382,666 | ||||||
Hansen Technologies 1 | 7,554,076 | 30,169,272 | ||||||
IPH 1 | 7,083,920 | 46,600,093 | ||||||
Technology One 1 | 2,023,800 | 16,500,628 | ||||||
Total | 137,150,617 | |||||||
Brazil – 2.3% | ||||||||
OdontoPrev | 7,212,100 | 21,798,864 | ||||||
TOTVS | 1,061,400 | 7,036,045 | ||||||
Total | 28,834,909 | |||||||
Canada – 4.0% | ||||||||
Altus Group | 323,900 | 15,803,742 | ||||||
Enghouse Systems | 385,900 | 16,930,730 | ||||||
LifeWorks | 748,100 | 19,059,835 | ||||||
Total | 51,794,307 | |||||||
Denmark – 2.5% | ||||||||
Chr. Hansen Holding 1 | 226,600 | 18,504,921 | ||||||
SimCorp 1 | 112,400 | 13,238,938 | ||||||
Total | 31,743,859 | |||||||
Germany – 4.5% | ||||||||
Amadeus Fire 1 | 80,698 | 16,684,790 | ||||||
Carl Zeiss Meditec 1 | 15,700 | 3,017,974 | ||||||
New Work 1 | 86,700 | 21,277,521 | ||||||
Norma Group 1 | 393,800 | 16,693,003 | ||||||
Total | 57,673,288 | |||||||
Iceland – 2.7% | ||||||||
Marel | 2,828,670 | 19,603,033 | ||||||
Ossur 1,2 | 2,136,966 | 14,943,415 | ||||||
Total | 34,546,448 | |||||||
India – 1.3% | ||||||||
AIA Engineering 1 | 609,311 | 16,004,389 | ||||||
Total | 16,004,389 | |||||||
Italy – 4.4% | ||||||||
Carel Industries 1 | 679,852 | 18,383,001 | ||||||
DiaSorin 1 | 87,563 | 18,377,576 | ||||||
GVS 1 | 1,415,112 | 20,113,465 | ||||||
Total | 56,874,042 | |||||||
Japan – 17.9% | ||||||||
As One 1 | 139,400 | 20,389,298 | ||||||
BML 1 | 413,100 | 15,687,032 | ||||||
Daifuku 1 | 118,100 | 11,105,251 | ||||||
Fukui Computer Holdings 1 | 608,100 | 23,602,976 | ||||||
Medikit 1 | 193,600 | 5,187,278 | ||||||
Meitec Corporation 1 | 580,600 | 31,890,687 | ||||||
NSD 1 | 1,143,300 | 20,890,384 | ||||||
OBIC Business Consultants 1 | 562,300 | 28,570,073 | ||||||
TechnoPro Holdings 1 | 600,100 | 17,826,955 | ||||||
TKC Corporation 1 | 1,121,700 | 35,261,864 | ||||||
USS 1 | 1,157,400 | 19,801,047 | ||||||
Total | 230,212,845 | |||||||
Netherlands – 4.2% | ||||||||
IMCD 1 | 149,500 | 28,383,834 | ||||||
Intertrust 1,2 | 1,696,595 | 25,392,400 | ||||||
Total | 53,776,234 | |||||||
New Zealand – 1.0% | ||||||||
Fisher & Paykel Healthcare 1 | 605,000 | 13,302,810 | ||||||
Total | 13,302,810 | |||||||
Singapore – 1.4% | ||||||||
XP Power 1 | 266,516 | 18,483,845 | ||||||
Total | 18,483,845 | |||||||
South Korea – 2.7% | ||||||||
Douzone Bizon 1 | 136,800 | 11,047,429 | ||||||
NICE Information Service 1 | 1,372,000 | 23,569,761 | ||||||
Total | 34,617,190 | |||||||
Sweden – 8.0% | ||||||||
Alimak Group 1 | 1,073,200 | 16,066,703 | ||||||
Bravida Holding 1 | 1,165,928 | 15,660,411 | ||||||
Hexpol 1 | 1,538,600 | 17,467,560 | ||||||
Karnov Group 1 | 3,490,189 | 21,273,874 | ||||||
Lagercrantz Group 1 | 503,300 | 5,993,557 | ||||||
Loomis 1 | 996,500 | 26,964,995 | ||||||
Total | 103,427,100 | |||||||
Switzerland – 7.5% | ||||||||
dormakaba Holding 1 | 36,000 | 26,140,956 | ||||||
Kardex Holding 1 | 80,900 | 22,774,349 | ||||||
LEM Holding 1 | 6,300 | 14,520,100 | ||||||
Partners Group Holding 1 | 10,600 | 16,501,129 | ||||||
VZ Holding 1 | 169,985 | 16,850,938 | ||||||
Total | 96,787,472 | |||||||
United Kingdom – 16.6% | ||||||||
Ashmore Group 1 | 4,021,950 | 18,282,512 | ||||||
Croda International 1 | 247,200 | 28,229,124 | ||||||
Diploma 1 | 234,698 | 8,824,781 | ||||||
DiscoverIE Group 1 | 1,363,500 | 19,176,918 | ||||||
FDM Group Holdings 1 | 828,438 | 13,926,330 | ||||||
Learning Technologies Group 1 | 6,511,300 | 18,852,520 | ||||||
Marlowe 1,2 | 2,266,601 | 25,614,274 | ||||||
Restore 1 | 3,919,839 | 25,893,765 | ||||||
Spirax-Sarco Engineering 1 | 134,100 | 26,949,913 | ||||||
Victrex 1 | 893,545 | 28,013,024 | ||||||
Total | 213,763,161 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $893,941,103) | 1,178,992,516 | |||||||
PREFERRED STOCK– 2.1%
Germany – 2.1% | ||||||||
FUCHS PETROLUB1 | 577,600 | 27,023,213 | ||||||
(Cost $26,069,560) | 27,023,213 | |||||||
REPURCHASE AGREEMENT – 6.3% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $80,965,634 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $82,584,985) | ||||||||
(Cost $80,965,634) | 80,965,634 | |||||||
TOTAL INVESTMENTS – 100.1% | ||||||||
(Cost $1,000,976,297) | 1,286,981,363 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)% | (726,146 | ) | ||||||
NET ASSETS – 100.0% | $ | 1,286,255,217 |
SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP FUND
SEPTEMBER 30, 2021 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 94.6% | ||||||||
Communication Services – 4.7% | ||||||||
Entertainment - 2.5% | ||||||||
Chicken Soup For The Soul | ||||||||
Entertainment Cl. A 2 | 138,732 | $ | 3,172,801 | |||||
Gaia Cl. A 2 | 277,600 | 2,631,648 | ||||||
IMAX Corporation 2 | 137,000 | 2,600,260 | ||||||
Motorsport Games Cl. A 2,4 | 115,600 | 1,648,456 | ||||||
10,053,165 | ||||||||
Interactive Media & Services - 1.1% | ||||||||
Enthusiast Gaming Holdings 2 | 371,800 | 1,341,486 | ||||||
QuinStreet 2 | 179,246 | 3,147,560 | ||||||
4,489,046 | ||||||||
Media - 1.1% | ||||||||
Magnite 2,4 | 63,000 | 1,764,000 | ||||||
Thryv Holdings 2 | 84,004 | 2,523,480 | ||||||
4,287,480 | ||||||||
Total | 18,829,691 | |||||||
Consumer Discretionary – 10.8% | ||||||||
Auto Components - 1.6% | ||||||||
Modine Manufacturing 2 | 230,100 | 2,607,033 | ||||||
Stoneridge 2 | 128,900 | 2,628,271 | ||||||
Unique Fabricating 2 | 373,951 | 1,234,038 | ||||||
6,469,342 | ||||||||
Hotels, Restaurants & Leisure - 1.9% | ||||||||
Century Casinos 2 | 356,300 | 4,799,361 | ||||||
Lindblad Expeditions Holdings 2,4 | 196,700 | 2,869,853 | ||||||
7,669,214 | ||||||||
Household Durables - 0.8% | ||||||||
Legacy Housing 2 | 177,300 | 3,186,081 | ||||||
Leisure Products - 0.9% | ||||||||
MasterCraft Boat Holdings 2 | 141,300 | 3,543,804 | ||||||
Specialty Retail - 4.3% | ||||||||
Barnes & Noble Education 2 | 222,800 | 2,225,772 | ||||||
Chico's FAS 2 | 397,700 | 1,785,673 | ||||||
Citi Trends 2 | 51,724 | 3,773,783 | ||||||
OneWater Marine Cl. A | 90,100 | 3,622,921 | ||||||
Shoe Carnival | 112,022 | 3,631,753 | ||||||
Zumiez 2 | 66,400 | 2,640,064 | ||||||
17,679,966 | ||||||||
Textiles, Apparel & Luxury Goods - 1.3% | ||||||||
Fossil Group 2 | 163,100 | 1,932,735 | ||||||
Vera Bradley 2 | 363,000 | 3,415,830 | ||||||
5,348,565 | ||||||||
Total | 43,896,972 | |||||||
Energy – 3.2% | ||||||||
Energy Equipment & Services - 3.2% | ||||||||
Aspen Aerogels 2 | 106,700 | 4,909,267 | ||||||
Natural Gas Services Group 2 | 324,287 | 3,366,099 | ||||||
Newpark Resources 2 | 872,900 | 2,880,570 | ||||||
Profire Energy 2 | 1,389,432 | 1,597,847 | ||||||
Total | 12,753,783 | |||||||
Financials – 13.3% | ||||||||
Banks - 6.1% | ||||||||
Allegiance Bancshares | 80,000 | 3,052,000 | ||||||
BayCom Corporation 2,4 | 160,300 | 2,981,580 | ||||||
Caribbean Investment Holdings 2 | 1,858,138 | 926,352 | ||||||
HarborOne Bancorp | 261,253 | 3,667,992 | ||||||
HBT Financial | 197,300 | 3,068,015 | ||||||
HomeTrust Bancshares | 131,200 | 3,670,976 | ||||||
Investar Holding Corporation | 163,500 | 3,600,270 | ||||||
Midway Investments 2,5 | 1,858,170 | 0 | ||||||
TriState Capital Holdings 2 | 182,757 | 3,865,311 | ||||||
24,832,496 | ||||||||
Capital Markets - 4.4% | ||||||||
B. Riley Financial | 57,300 | 3,382,992 | ||||||
Canaccord Genuity Group | 398,400 | 4,381,582 | ||||||
Silvercrest Asset Management Group Cl. A | 204,000 | 3,178,320 | ||||||
Sprott | 108,480 | 3,988,563 | ||||||
StoneX Group 2 | 43,400 | 2,860,060 | ||||||
17,791,517 | ||||||||
Diversified Financial Services - 0.0% | ||||||||
Waterloo Investment Holdings 2,5 | 2,760,000 | 0 | ||||||
Investment Companies - 0.4% | ||||||||
Trident Acquisitions 2 | 138,600 | 1,607,760 | ||||||
Thrifts & Mortgage Finance - 2.4% | ||||||||
PCSB Financial | 174,400 | 3,215,936 | ||||||
Territorial Bancorp | 112,300 | 2,850,174 | ||||||
Western New England Bancorp | 439,000 | 3,744,670 | ||||||
9,810,780 | ||||||||
Total | 54,042,553 | |||||||
Health Care – 13.2% | ||||||||
Biotechnology - 2.2% | ||||||||
CareDx 2 | 32,200 | 2,040,514 | ||||||
Dynavax Technologies 2 | 211,200 | 4,057,152 | ||||||
MeiraGTx Holdings 2 | 212,500 | 2,800,750 | ||||||
8,898,416 | ||||||||
Health Care Equipment & Supplies - 7.3% | ||||||||
Apyx Medical 2,4 | 344,000 | 4,764,400 | ||||||
AtriCure 2 | 44,700 | 3,108,885 | ||||||
Chembio Diagnostics 2 | 240,253 | 600,632 | ||||||
CryoLife 2 | 143,855 | 3,206,528 | ||||||
Cutera 2 | 92,300 | 4,301,180 | ||||||
Misonix 2 | 153,400 | 3,881,020 | ||||||
OrthoPediatrics Corp. 2 | 57,400 | 3,760,274 | ||||||
Profound Medical 2 | 172,500 | 2,518,179 | ||||||
Surmodics 2 | 63,822 | 3,548,503 | ||||||
29,689,601 | ||||||||
Health Care Providers & Services - 0.7% | ||||||||
Sharps Compliance 2 | 326,700 | 2,701,809 | ||||||
Life Sciences Tools & Services - 3.0% | ||||||||
Harvard Bioscience 2 | 633,052 | 4,418,703 | ||||||
Inotiv 2 | 104,500 | 3,055,580 | ||||||
NeoGenomics 2 | 43,900 | 2,117,736 | ||||||
Quanterix Corporation 2 | 54,300 | 2,703,597 | ||||||
12,295,616 | ||||||||
Total | 53,585,442 | |||||||
Industrials – 21.1% | ||||||||
Aerospace & Defense - 1.0% | ||||||||
Astronics Corporation 2 | 186,800 | 2,626,408 | ||||||
CPI Aerostructures 2 | 466,084 | 1,281,731 | ||||||
3,908,139 | ||||||||
Building Products - 0.5% | ||||||||
Quanex Building Products | 94,700 | 2,027,527 | ||||||
Commercial Services & Supplies - 2.1% | ||||||||
Acme United | 72,400 | 2,370,376 | ||||||
Heritage-Crystal Clean 2 | 124,474 | 3,607,257 | ||||||
VSE Corporation | 49,500 | 2,384,415 | ||||||
8,362,048 | ||||||||
Construction & Engineering - 3.9% | ||||||||
Ameresco Cl. A 2 | 40,500 | 2,366,415 | ||||||
Concrete Pumping Holdings 2 | 26,600 | 227,164 | ||||||
Construction Partners Cl. A 2 | 135,500 | 4,521,635 | ||||||
IES Holdings 2 | 54,800 | 2,503,812 | ||||||
Northwest Pipe 2 | 128,500 | 3,045,450 | ||||||
NV5 Global 2 | 30,800 | 3,035,956 | ||||||
15,700,432 | ||||||||
Electrical Equipment - 0.8% | ||||||||
American Superconductor 2 | 196,600 | 2,866,428 | ||||||
Power Solutions International 1,2 | 99,900 | 399,600 | ||||||
3,266,028 | ||||||||
Machinery - 5.5% | ||||||||
Alimak Group 1 | 182,300 | 2,729,184 | ||||||
CIRCOR International 2 | 111,400 | 3,677,314 | ||||||
Graham Corporation | 209,688 | 2,600,131 | ||||||
Luxfer Holdings | 105,000 | 2,061,150 | ||||||
Porvair 1 | 313,000 | 2,898,561 | ||||||
Shyft Group (The) | 111,900 | 4,253,319 | ||||||
Wabash National | 195,600 | 2,959,428 | ||||||
Westport Fuel Systems 2 | 407,700 | 1,341,333 | ||||||
22,520,420 | ||||||||
Marine - 1.0% | ||||||||
Clarkson 1 | 83,324 | 4,219,347 | ||||||
Professional Services - 4.2% | ||||||||
CRA International | 39,583 | 3,932,175 | ||||||
Forrester Research 2 | 55,500 | 2,733,930 | ||||||
Heidrick & Struggles International | 88,240 | 3,938,151 | ||||||
Kforce | 55,932 | 3,335,784 | ||||||
Resources Connection | 200,252 | 3,159,977 | ||||||
17,100,017 | ||||||||
Trading Companies & Distributors - 2.1% | ||||||||
Lawson Products 2 | 71,900 | 3,595,719 | ||||||
Transcat 2 | 73,900 | 4,765,072 | ||||||
8,360,791 | ||||||||
Total | 85,464,749 | |||||||
Information Technology – 24.3% | ||||||||
Communications Equipment - 3.3% | ||||||||
Comtech Telecommunications | 59,902 | 1,534,090 | ||||||
Digi International 2 | 202,500 | 4,256,550 | ||||||
EMCORE Corporation 2 | 413,400 | 3,092,232 | ||||||
Genasys 2 | 324,700 | 1,681,946 | ||||||
Harmonic 2 | 306,600 | 2,682,750 | ||||||
13,247,568 | ||||||||
Electronic Equipment, Instruments & Components - 5.0% | ||||||||
FARO Technologies 2 | 41,300 | 2,717,953 | ||||||
LightPath Technologies Cl. A 2 | 789,784 | 1,682,240 | ||||||
Luna Innovations 2 | 383,800 | 3,646,100 | ||||||
nLIGHT 2 | 84,700 | 2,387,693 | ||||||
PAR Technology 2 | 57,800 | 3,555,278 | ||||||
PowerFleet 2 | 406,600 | 2,724,220 | ||||||
Vishay Precision Group 2 | 97,100 | 3,376,167 | ||||||
20,089,651 | ||||||||
IT Services - 1.3% | ||||||||
Cass Information Systems | 67,416 | 2,821,360 | ||||||
Computer Task Group 2 | 314,400 | 2,508,912 | ||||||
5,330,272 | ||||||||
Semiconductors & Semiconductor Equipment - 12.3% | ||||||||
Aehr Test Systems 2 | 340,559 | 4,648,630 | ||||||
Axcelis Technologies 2 | 92,400 | 4,345,572 | ||||||
AXT 2 | 396,500 | 3,302,845 | ||||||
Camtek 2 | 109,700 | 4,443,947 | ||||||
Cohu 2 | 96,100 | 3,069,434 | ||||||
CyberOptics Corporation 2 | 107,500 | 3,824,850 | ||||||
FormFactor 2 | 70,400 | 2,628,032 | ||||||
Ichor Holdings 2 | 76,700 | 3,151,603 | ||||||
NeoPhotonics Corporation 2 | 231,600 | 2,017,236 | ||||||
Nova 2,4 | 43,200 | 4,418,928 | ||||||
NVE Corporation | 40,400 | 2,584,388 | ||||||
PDF Solutions 2 | 158,900 | 3,661,056 | ||||||
Photronics 2 | 302,500 | 4,123,075 | ||||||
Ultra Clean Holdings 2 | 86,100 | 3,667,860 | ||||||
49,887,456 | ||||||||
Software - 1.5% | ||||||||
Agilysys 2 | 81,821 | 4,284,148 | ||||||
GTY Technology Holdings 2,4 | 258,600 | 1,944,672 | ||||||
6,228,820 | ||||||||
Technology Hardware, Storage & Peripherals - 0.9% | ||||||||
AstroNova 2 | 228,700 | 3,441,935 | ||||||
Total | 98,225,702 | |||||||
Materials – 3.6% | ||||||||
Metals & Mining - 3.6% | ||||||||
Altius Minerals | 165,400 | 2,033,221 | ||||||
Ferroglobe (Warranty Insurance Trust) 2,5 | 205,763 | 0 | ||||||
Haynes International | 118,230 | 4,404,068 | ||||||
Major Drilling Group International 2 | 694,700 | 4,634,624 | ||||||
Universal Stainless & Alloy Products 2 | 343,900 | 3,562,804 | ||||||
Total | 14,634,717 | |||||||
Real Estate – 0.4% | ||||||||
Real Estate Management & Development - 0.4% | ||||||||
FRP Holdings 2 | 29,575 | 1,653,834 | ||||||
Total | 1,653,834 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $246,248,876) | 383,087,443 |
REPURCHASE AGREEMENT – 5.4% | ||||||||
Fixed
Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $22,057,167 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $22,498,397) | ||||||||
(Cost $22,057,167) | 22,057,167 | |||||||
COLLATERAL
RECEIVED FOR SECURITIES LOANED – 0.0% | ||||||||
Money
Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.03%) (Cost $32,875) | 32,875 | |||||||
TOTAL INVESTMENTS – 100.0% | ||||||||
(Cost $268,338,918) | 405,177,485 | |||||||
LIABILITIES
LESS CASH AND OTHER ASSETS – (0.0)% | (47,449 | ) | ||||||
NET ASSETS – 100.0% | $ | 405,130,036 |
SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
SEPTEMBER 30, 2021 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 94.5% | ||||||||
Communication Services – 2.4% | ||||||||
Diversified Telecommunication Services - 0.3% | ||||||||
Ooma 2 | 275,278 | $ | 5,122,924 | |||||
Entertainment - 0.3% | ||||||||
Marcus Corporation (The) 2 | 383,100 | 6,685,095 | ||||||
Interactive Media & Services - 0.8% | ||||||||
Cars.com 2 | 268,000 | 3,390,200 | ||||||
DHI Group 2 | 443,828 | 2,112,621 | ||||||
QuinStreet 2 | 549,000 | 9,640,440 | ||||||
15,143,261 | ||||||||
Media - 1.0% | ||||||||
comScore 2,4 | 1,625,862 | 6,340,862 | ||||||
Entravision Communications Cl. A | 818,200 | 5,809,220 | ||||||
Thryv Holdings 2 | 225,638 | 6,778,165 | ||||||
18,928,247 | ||||||||
Total | 45,879,527 | |||||||
Consumer Discretionary – 14.1% | ||||||||
Auto Components - 2.1% | ||||||||
Dana | 548,453 | 12,197,595 | ||||||
Garrett Motion 2 | 320,985 | 2,365,659 | ||||||
Horizon Global 2 | 1,250,462 | 8,790,748 | ||||||
Modine Manufacturing 2 | 856,363 | 9,702,593 | ||||||
Stoneridge 2 | 335,777 | 6,846,493 | ||||||
39,903,088 | ||||||||
Diversified Consumer Services - 1.4% | ||||||||
American Public Education 2 | 421,600 | 10,797,176 | ||||||
frontdoor 2 | 87,799 | 3,678,778 | ||||||
Houghton Mifflin Harcourt 2 | 577,746 | 7,759,129 | ||||||
Regis 2 | 436,300 | 1,518,324 | ||||||
Zovio 2,4 | 1,269,163 | 3,033,299 | ||||||
26,786,706 | ||||||||
Hotels, Restaurants & Leisure - 1.2% | ||||||||
Carrols Restaurant Group | 311,692 | 1,140,793 | ||||||
Century Casinos 2 | 263,494 | 3,549,264 | ||||||
Chuy's Holdings 2,4 | 148,693 | 4,688,291 | ||||||
Noodles & Company Cl. A 2 | 464,154 | 5,477,017 | ||||||
Ruth's Hospitality Group 2 | 270,310 | 5,598,120 | ||||||
Six Flags Entertainment 2 | 62,600 | 2,660,500 | ||||||
23,113,985 | ||||||||
Household Durables - 2.7% | ||||||||
Beazer Homes USA 2 | 295,506 | 5,097,479 | ||||||
Cavco Industries 2 | 15,100 | 3,574,774 | ||||||
Century Communities | 93,500 | 5,745,575 | ||||||
Dixie Group (The) 2 | 534,556 | 2,597,942 | ||||||
Ethan Allen Interiors | 222,900 | 5,282,730 | ||||||
GoPro Cl. A 2,4 | 374,100 | 3,501,576 | ||||||
LGI Homes 2,4 | 39,770 | 5,643,761 | ||||||
Skyline Champion 2 | 107,200 | 6,438,432 | ||||||
Taylor Morrison Home 2 | 158,854 | 4,095,256 | ||||||
Toll Brothers | 105,086 | 5,810,205 | ||||||
Tri Pointe Homes 2 | 240,606 | 5,057,538 | ||||||
52,845,268 | ||||||||
Internet & Direct Marketing Retail - 0.6% | ||||||||
iMedia Brands 2 | 79,731 | 458,453 | ||||||
Overstock.com 2 | 137,800 | 10,737,376 | ||||||
11,195,829 | ||||||||
Multiline Retail - 0.7% | ||||||||
Dillard's Cl. A | 32,900 | 5,675,908 | ||||||
Nordstrom 2 | 254,700 | 6,736,815 | ||||||
12,412,723 | ||||||||
Specialty Retail - 3.9% | ||||||||
Barnes & Noble Education 2 | 604,046 | 6,034,420 | ||||||
Caleres | 204,600 | 4,546,212 | ||||||
Chico's FAS 2 | 1,210,392 | 5,434,660 | ||||||
Conn's 2 | 448,704 | 10,243,912 | ||||||
Designer Brands Cl. A 2 | 592,579 | 8,254,625 | ||||||
Express 2 | 640,300 | 3,022,216 | ||||||
Guess? | 289,994 | 6,092,774 | ||||||
J.Jill 2 | 358,643 | 6,233,215 | ||||||
JOANN | 123,005 | 1,370,276 | ||||||
Kirkland's 2 | 446,900 | 8,584,949 | ||||||
Lumber Liquidators Holdings 2 | 444,500 | 8,303,260 | ||||||
Sonic Automotive Cl. A | 64,400 | 3,383,576 | ||||||
Victoria’s Secret & Co. 2 | 71,629 | 3,958,219 | ||||||
75,462,314 | ||||||||
Textiles, Apparel & Luxury Goods - 1.5% | ||||||||
Fossil Group 2,4 | 607,500 | 7,198,875 | ||||||
Skechers U.S.A. Cl. A 2 | 229,922 | 9,684,314 | ||||||
Unifi 2 | 441,400 | 9,679,902 | ||||||
Vera Bradley 2 | 253,202 | 2,382,631 | ||||||
28,945,722 | ||||||||
Total | 270,665,635 | |||||||
Consumer Staples – 0.4% | ||||||||
Beverages - 0.0% | ||||||||
Reed's 2 | 441,994 | 265,196 | ||||||
Food & Staples Retailing - 0.1% | ||||||||
Chefs' Warehouse (The) 2,4 | 68,050 | 2,216,389 | ||||||
Household Products - 0.3% | ||||||||
Central Garden & Pet Cl. A 2 | 117,700 | 5,061,100 | ||||||
Total | 7,542,685 | |||||||
Energy – 3.5% | ||||||||
Energy Equipment & Services - 0.5% | ||||||||
Archrock | 445,800 | 3,677,850 | ||||||
Mammoth Energy Services 2 | 520,121 | 1,513,552 | ||||||
Ranger Energy Services Cl. A 2 | 225,056 | 2,070,515 | ||||||
U.S. Silica Holdings 2 | 396,902 | 3,171,247 | ||||||
10,433,164 | ||||||||
Oil, Gas & Consumable Fuels - 3.0% | ||||||||
Ardmore Shipping 2 | 971,793 | 4,032,941 | ||||||
Baytex Energy 1,2 | 1,240,800 | 3,399,792 | ||||||
Chesapeake Energy | 139,100 | 8,567,169 | ||||||
Dorian LPG | 558,592 | 6,932,127 | ||||||
Earthstone Energy Cl. A 2 | 875,472 | 8,054,342 | ||||||
Matador Resources | 242,383 | 9,220,249 | ||||||
Navigator Holdings 2 | 568,084 | 5,055,948 | ||||||
Scorpio Tankers | 297,800 | 5,521,212 | ||||||
Southwestern Energy 2 | 573,781 | 3,178,747 | ||||||
Teekay LNG Partners L.P. | 246,136 | 3,827,415 | ||||||
57,789,942 | ||||||||
Total | 68,223,106 | |||||||
Financials – 8.7% | ||||||||
Banks - 2.5% | ||||||||
First Foundation | 295,600 | 7,774,280 | ||||||
Hilltop Holdings | 389,308 | 12,718,692 | ||||||
Seacoast Banking Corporation of Florida | 326,650 | 11,044,037 | ||||||
Texas Capital Bancshares 2 | 89,600 | 5,377,792 | ||||||
TriState Capital Holdings 2 | 510,587 | 10,798,915 | ||||||
47,713,716 | ||||||||
Capital Markets - 1.3% | ||||||||
B. Riley Financial | 154,467 | 9,119,732 | ||||||
Houlihan Lokey Cl. A | 60,489 | 5,571,037 | ||||||
Moelis & Company Cl. A | 158,726 | 9,820,377 | ||||||
24,511,146 | ||||||||
Insurance - 2.6% | ||||||||
Brighthouse Financial 2 | 270,700 | 12,243,761 | ||||||
HCI Group | 98,676 | 10,930,341 | ||||||
Old Republic International | 544,700 | 12,598,911 | ||||||
Stewart Information Services | 171,240 | 10,832,642 | ||||||
United Fire Group | 147,203 | 3,400,389 | ||||||
50,006,044 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) - 0.3% | ||||||||
ACRES Commercial Realty 2 | 329,539 | 5,328,646 | ||||||
Thrifts & Mortgage Finance - 2.0% | ||||||||
Axos Financial 2 | 170,300 | 8,777,262 | ||||||
MGIC Investment | 442,100 | 6,613,816 | ||||||
NMI Holdings Cl. A 2 | 349,363 | 7,899,097 | ||||||
Radian Group | 309,698 | 7,036,339 | ||||||
Walker & Dunlop | 79,688 | 9,044,588 | ||||||
39,371,102 | ||||||||
Total | 166,930,654 | |||||||
Health Care – 7.4% | ||||||||
Biotechnology - 0.3% | ||||||||
Emergent BioSolutions 2 | 132,226 | 6,620,556 | ||||||
Health Care Equipment & Supplies - 3.2% | ||||||||
Accuray 2 | 1,078,108 | 4,258,527 | ||||||
Alphatec Holdings 2 | 211,300 | 2,575,747 | ||||||
Cutera 2 | 76,810 | 3,579,346 | ||||||
IntriCon Corporation 2,3,4 | 481,447 | 8,743,077 | ||||||
Invacare Corporation 2 | 478,008 | 2,275,318 | ||||||
Misonix 2 | 197,456 | 4,995,637 | ||||||
Ortho Clinical Diagnostics Holdings 2 | 435,400 | 8,046,192 | ||||||
Orthofix Medical 2 | 179,396 | 6,838,575 | ||||||
Sientra 2,4 | 803,916 | 4,606,439 | ||||||
Surgalign Holdings 2 | 512,945 | 559,110 | ||||||
Varex Imaging 2 | 253,646 | 7,152,817 | ||||||
ViewRay 2 | 1,161,770 | 8,376,362 | ||||||
62,007,147 | ||||||||
Health Care Providers & Services - 3.0% | ||||||||
Acadia Healthcare 2,4 | 45,072 | 2,874,692 | ||||||
Community Health Systems 2 | 849,614 | 9,940,484 | ||||||
Cross Country Healthcare 2,4 | 598,720 | 12,716,813 | ||||||
Option Care Health 2,4 | 445,971 | 10,819,256 | ||||||
Owens & Minor | 295,307 | 9,240,156 | ||||||
RadNet 2 | 147,100 | 4,311,501 | ||||||
Select Medical Holdings | 224,400 | 8,116,548 | ||||||
58,019,450 | ||||||||
Health Care Technology - 0.3% | ||||||||
Evolent Health Cl. A 2 | 193,200 | 5,989,200 | ||||||
Pharmaceuticals - 0.6% | ||||||||
Organon & Co | 321,103 | 10,528,967 | ||||||
Total | 143,165,320 | |||||||
Industrials – 26.7% | ||||||||
Aerospace & Defense - 3.3% | ||||||||
AAR Corporation 2 | 313,400 | 10,163,562 | ||||||
Astronics Corporation 2 | 697,900 | 9,812,474 | ||||||
Ducommun 2 | 211,886 | 10,668,460 | ||||||
Hexcel Corporation 2 | 189,000 | 11,224,710 | ||||||
Spirit AeroSystems Holdings Cl. A | 231,900 | 10,247,661 | ||||||
Triumph Group 2 | 631,816 | 11,770,732 | ||||||
63,887,599 | ||||||||
Air Freight & Logistics - 1.5% | ||||||||
Atlas Air Worldwide Holdings 2,4 | 163,736 | 13,373,956 | ||||||
Hub Group Cl. A 2 | 179,500 | 12,340,625 | ||||||
Radiant Logistics 2,4 | 617,069 | 3,943,071 | ||||||
29,657,652 | ||||||||
Airlines - 1.2% | ||||||||
Alaska Air Group 2 | 99,000 | 5,801,400 | ||||||
JetBlue Airways 2 | 622,100 | 9,511,909 | ||||||
Mesa Air Group 2,4 | 1,067,146 | 8,174,338 | ||||||
23,487,647 | ||||||||
Building Products - 2.5% | ||||||||
Apogee Enterprises | 258,600 | 9,764,736 | ||||||
Gibraltar Industries 2 | 56,700 | 3,949,155 | ||||||
Griffon Corporation | 418,167 | 10,286,908 | ||||||
Insteel Industries | 107,633 | 4,095,436 | ||||||
JELD-WEN Holding 2 | 267,213 | 6,688,341 | ||||||
PGT Innovations 2 | 187,943 | 3,589,711 | ||||||
Resideo Technologies 2,4 | 368,616 | 9,137,991 | ||||||
47,512,278 | ||||||||
Commercial Services & Supplies - 3.2% | ||||||||
Heritage-Crystal Clean 2 | 308,600 | 8,943,228 | ||||||
Herman Miller | 237,000 | 8,925,420 | ||||||
Interface | 512,467 | 7,763,875 | ||||||
KAR Auction Services 2 | 437,580 | 7,171,936 | ||||||
Pitney Bowes | 1,277,894 | 9,213,616 | ||||||
Quest Resource Holding Corporation 2 | 146,841 | 892,793 | ||||||
Steelcase Cl. A | 573,600 | 7,273,248 | ||||||
VSE Corporation | 248,932 | 11,991,055 | ||||||
62,175,171 | ||||||||
Construction & Engineering - 3.0% | ||||||||
Arcosa | 230,506 | 11,564,486 | ||||||
Comfort Systems USA | 139,010 | 9,914,193 | ||||||
Concrete Pumping Holdings 2,4 | 587,124 | 5,014,039 | ||||||
Construction Partners Cl. A 2 | 181,159 | 6,045,276 | ||||||
Limbach Holdings 2,4 | 447,434 | 2,962,013 | ||||||
Matrix Service 2 | 437,046 | 4,571,501 | ||||||
Northwest Pipe 2 | 260,222 | 6,167,262 | ||||||
Orion Group Holdings 2 | 556,653 | 3,028,192 | ||||||
Primoris Services | 327,680 | 8,024,883 | ||||||
57,291,845 | ||||||||
Electrical Equipment - 0.6% | ||||||||
Babcock & Wilcox Enterprises 2,4 | 1,013,495 | 6,496,503 | ||||||
LSI Industries | 535,673 | 4,151,466 | ||||||
Power Solutions International 1,2 | 345,040 | 1,380,160 | ||||||
12,028,129 | ||||||||
Machinery - 5.9% | ||||||||
CIRCOR International 2 | 379,103 | 12,514,190 | ||||||
Commercial Vehicle Group 2 | 680,592 | 6,438,400 | ||||||
EnPro Industries | 145,700 | 12,693,384 | ||||||
Evercel 1,2 | 141,133 | 344,365 | ||||||
Hurco Companies | 73,351 | 2,366,303 | ||||||
Hyster-Yale Materials Handling Cl. A | 150,457 | 7,561,969 | ||||||
LiqTech International 2 | 352,470 | 1,931,536 | ||||||
Luxfer Holdings | 390,100 | 7,657,663 | ||||||
Manitex International 2 | 648,058 | 4,653,056 | ||||||
Meritor 2 | 341,408 | 7,275,404 | ||||||
NN 2 | 973,519 | 5,110,975 | ||||||
Park-Ohio Holdings | 227,971 | 5,817,820 | ||||||
Shyft Group (The) | 259,338 | 9,857,437 | ||||||
Trinity Industries | 369,224 | 10,031,816 | ||||||
Twin Disc 2 | 258,565 | 2,756,303 | ||||||
Wabash National | 742,700 | 11,237,051 | ||||||
Westport Fuel Systems 2 | 1,542,333 | 5,074,276 | ||||||
113,321,948 | ||||||||
Marine - 0.3% | ||||||||
Diana Shipping 2 | 894,745 | 5,117,942 | ||||||
Professional Services - 1.6% | ||||||||
Heidrick & Struggles International | 165,665 | 7,393,629 | ||||||
Korn Ferry | 135,645 | 9,815,272 | ||||||
Mistras Group 2 | 454,973 | 4,622,526 | ||||||
TrueBlue 2 | 355,436 | 9,625,207 | ||||||
31,456,634 | ||||||||
Road & Rail - 0.6% | ||||||||
Daseke 2,4 | 488,400 | 4,498,164 | ||||||
U.S. Xpress Enterprises Cl. A 2,4 | 727,624 | 6,279,395 | ||||||
10,777,559 | ||||||||
Trading Companies & Distributors - 3.0% | ||||||||
Air Lease Cl. A | 326,538 | 12,846,005 | ||||||
BlueLinx Holdings 2 | 178,800 | 8,739,744 | ||||||
Herc Holdings 2 | 81,119 | 13,259,712 | ||||||
Univar Solutions 2 | 423,900 | 10,097,298 | ||||||
WESCO International 2 | 111,504 | 12,858,641 | ||||||
57,801,400 | ||||||||
Total | 514,515,804 | |||||||
Information Technology – 17.6% | ||||||||
Communications Equipment - 4.6% | ||||||||
ADTRAN | 531,300 | 9,967,188 | ||||||
Applied Optoelectronics 2,4 | 610,100 | 4,380,518 | ||||||
Aviat Networks 2 | 234,278 | 7,698,375 | ||||||
CalAmp Corporation 2 | 1,017,900 | 10,128,105 | ||||||
Ceragon Networks 2,4 | 1,095,416 | 3,823,002 | ||||||
Comtech Telecommunications | 501,517 | 12,843,850 | ||||||
Digi International 2 | 638,402 | 13,419,210 | ||||||
DZS 2 | 676,804 | 8,297,617 | ||||||
Infinera Corporation 2,4 | 1,167,646 | 9,714,815 | ||||||
PCTEL | 911,693 | 5,670,731 | ||||||
Sierra Wireless 2,4 | 103,604 | 1,605,862 | ||||||
87,549,273 | ||||||||
Electronic Equipment, Instruments & Components - 4.1% | ||||||||
Advanced Energy Industries | 83,953 | 7,366,876 | ||||||
Avnet | 320,500 | 11,848,885 | ||||||
CTS Corporation | 278,314 | 8,602,685 | ||||||
Fabrinet 2 | 113,929 | 11,678,862 | ||||||
Frequency Electronics 2 | 289,393 | 3,009,687 | ||||||
Identiv 2 | 299,020 | 5,633,537 | ||||||
Iteris 2,4 | 512,321 | 2,705,055 | ||||||
Knowles 2 | 559,520 | 10,485,405 | ||||||
VIA optronics ADR 2 | 644,307 | 4,935,391 | ||||||
Vishay Intertechnology | 639,409 | 12,845,727 | ||||||
79,112,110 | ||||||||
IT Services - 0.2% | ||||||||
Conduent 2 | 617,600 | 4,069,984 | ||||||
Semiconductors & Semiconductor Equipment - 5.2% | ||||||||
Alpha & Omega Semiconductor 2 | 340,613 | 10,685,030 | ||||||
Amkor Technology | 525,240 | 13,104,738 | ||||||
Amtech Systems 2 | 447,188 | 5,111,359 | ||||||
Cohu 2 | 310,076 | 9,903,827 | ||||||
FormFactor 2 | 269,513 | 10,060,920 | ||||||
Ichor Holdings 2 | 214,994 | 8,834,104 | ||||||
Kulicke & Soffa Industries | 149,165 | 8,693,336 | ||||||
Onto Innovation 2 | 157,619 | 11,387,973 | ||||||
Ultra Clean Holdings 2 | 277,927 | 11,839,690 | ||||||
Veeco Instruments 2 | 450,587 | 10,007,537 | ||||||
99,628,514 | ||||||||
Software - 2.6% | ||||||||
A10 Networks 2 | 964,126 | 12,996,418 | ||||||
Avaya Holdings 2 | 551,354 | 10,911,296 | ||||||
InterDigital | 96,500 | 6,544,630 | ||||||
Kaleyra 2,4 | 687,057 | 7,564,498 | ||||||
Marin Software 2 | 268,830 | 2,451,730 | ||||||
SecureWorks Corp. Cl. A 2,4 | 521,762 | 10,372,628 | ||||||
50,841,200 | ||||||||
Technology Hardware, Storage & Peripherals - 0.9% | ||||||||
Avid Technology 2 | 360,185 | 10,416,550 | ||||||
Immersion Corporation 2 | 507,500 | 3,471,300 | ||||||
Intevac 2 | 628,802 | 3,005,674 | ||||||
16,893,524 | ||||||||
Total | 338,094,605 | |||||||
Materials – 9.4% | ||||||||
Chemicals - 3.5% | ||||||||
AdvanSix 2 | 275,812 | 10,963,527 | ||||||
American Vanguard | 419,114 | 6,307,666 | ||||||
Huntsman Corporation | 488,400 | 14,451,756 | ||||||
Intrepid Potash 2 | 121,882 | 3,766,154 | ||||||
Kraton Corporation 2 | 62,521 | 2,853,458 | ||||||
Livent Corporation 2,4 | 545,000 | 12,594,950 | ||||||
LSB Industries 2 | 496,456 | 5,068,816 | ||||||
Trecora Resources 2 | 633,431 | 5,181,465 | ||||||
Tronox Holdings | 261,100 | 6,436,115 | ||||||
67,623,907 | ||||||||
Containers & Packaging - 0.5% | ||||||||
TriMas Corporation 2 | 264,610 | 8,562,780 | ||||||
Metals & Mining - 5.0% | ||||||||
Allegheny Technologies 2 | 704,014 | 11,707,753 | ||||||
Carpenter Technology | 301,242 | 9,862,663 | ||||||
Century Aluminum 2 | 505,010 | 6,792,384 | ||||||
Cleveland-Cliffs 2 | 482,549 | 9,559,296 | ||||||
Coeur Mining 2 | 913,932 | 5,638,960 | ||||||
Commercial Metals | 390,900 | 11,906,814 | ||||||
Ferroglobe 2 | 1,167,871 | 10,160,478 | ||||||
Haynes International | 358,594 | 13,357,627 | ||||||
Major Drilling Group International 2 | 772,500 | 5,153,659 | ||||||
Noranda Aluminum Holding Corporation 2,5 | 488,157 | 3,417 | ||||||
Olympic Steel | 170,995 | 4,165,438 | ||||||
TimkenSteel Corporation 2 | 667,400 | 8,729,592 | ||||||
97,038,081 | ||||||||
Paper & Forest Products - 0.4% | ||||||||
Glatfelter | 551,145 | 7,771,145 | ||||||
Total | 180,995,913 | |||||||
Real Estate – 3.8% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 3.4% | ||||||||
Alexander & Baldwin | 469,400 | 11,002,736 | ||||||
Armada Hoffler Properties | 638,834 | 8,541,210 | ||||||
Braemar Hotels & Resorts 2 | 483,253 | 2,343,777 | ||||||
CatchMark Timber Trust Cl. A | 95,800 | 1,137,146 | ||||||
Chatham Lodging Trust 2 | 267,500 | 3,276,875 | ||||||
Diversified Healthcare Trust | 1,153,400 | 3,910,026 | ||||||
Kimco Realty | 521,000 | 10,810,750 | ||||||
Macerich Company | 720,000 | 12,031,200 | ||||||
Ryman Hospitality Properties 2 | 55,571 | 4,651,293 | ||||||
Tanger Factory Outlet Centers | 544,200 | 8,870,460 | ||||||
66,575,473 | ||||||||
Real Estate Management & Development - 0.4% | ||||||||
Realogy Holdings 2 | 409,320 | 7,179,473 | ||||||
Total | 73,754,946 | |||||||
Utilities – 0.5% | ||||||||
Electric Utilities - 0.2% | ||||||||
Hawaiian Electric Industries | 75,701 | 3,090,872 | ||||||
Multi-Utilities - 0.3% | ||||||||
Black Hills | 108,700 | 6,822,012 | ||||||
Total | 9,912,884 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,428,551,475) | 1,819,681,079 | |||||||
REPURCHASE AGREEMENT – 5.6% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $107,842,367 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $109,999,304) (Cost $107,842,367) | 107,842,367 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.1% | ||||||||
Money Market Funds | ||||||||
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.03%) (Cost $2,358,674) | 2,358,674 | |||||||
TOTAL INVESTMENTS – 100.2% | ||||||||
(Cost $1,538,752,516) | 1,929,882,120 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)% | (3,076,736 | ) | ||||||
NET ASSETS – 100.0% | $ | 1,926,805,384 |
SCHEDULES OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
SEPTEMBER 30, 2021 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 97.8% | ||||||||
Communication Services – 1.7% | ||||||||
Diversified Telecommunication Services - 0.7% | ||||||||
Bandwidth Cl. A 2 | 111,035 | $ | 10,024,240 | |||||
Liberty Latin America Cl. C 2 | 383,565 | 5,032,372 | ||||||
15,056,612 | ||||||||
Entertainment - 0.3% | ||||||||
Chicken Soup For The Soul Entertainment Cl. A 2 | 34,500 | 789,015 | ||||||
IMAX Corporation 2 | 243,000 | 4,612,140 | ||||||
World Wrestling Entertainment Cl. A | 37,714 | 2,121,790 | ||||||
7,522,945 | ||||||||
Interactive Media & Services - 0.1% | ||||||||
QuinStreet 2 | 80,000 | 1,404,800 | ||||||
Media - 0.6% | ||||||||
Media General (Rights) 2,5 | 102,272 | 0 | ||||||
Meredith Corporation 2 | 76,540 | 4,263,278 | ||||||
New York Times Cl. A | 169,395 | 8,346,092 | ||||||
12,609,370 | ||||||||
Total | 36,593,727 | |||||||
Consumer Discretionary – 10.7% | ||||||||
Auto Components - 2.1% | ||||||||
Dorman Products 2 | 102,127 | 9,668,363 | ||||||
Gentex Corporation | 310,098 | 10,227,032 | ||||||
LCI Industries | 83,352 | 11,221,680 | ||||||
Patrick Industries | 111,291 | 9,270,540 | ||||||
Standard Motor Products | 45,000 | 1,966,950 | ||||||
Stoneridge 2 | 105,227 | 2,145,579 | ||||||
44,500,144 | ||||||||
Automobiles - 0.4% | ||||||||
Winnebago Industries | 115,649 | 8,378,770 | ||||||
Distributors - 0.2% | ||||||||
LKQ Corporation 2 | 101,823 | 5,123,733 | ||||||
Hotels, Restaurants & Leisure - 1.4% | ||||||||
Century Casinos 2 | 498,274 | 6,711,751 | ||||||
Dutch Bros Cl. A 2,4 | 108,700 | 4,708,884 | ||||||
Hilton Grand Vacations 2,4 | 9,000 | 428,130 | ||||||
Hyatt Hotels Cl. A 2 | 23,842 | 1,838,218 | ||||||
Scientific Games 2,4 | 188,500 | 15,658,695 | ||||||
29,345,678 | ||||||||
Household Durables - 1.1% | ||||||||
La-Z-Boy | 136,227 | 4,390,596 | ||||||
Legacy Housing 2,4 | 100,000 | 1,797,000 | ||||||
PulteGroup | 113,500 | 5,211,920 | ||||||
Skyline Champion 2 | 101,000 | 6,066,060 | ||||||
TopBuild Corp. 2 | 30,500 | 6,246,705 | ||||||
23,712,281 | ||||||||
Internet & Direct Marketing Retail - 0.1% | ||||||||
1-800-FLOWERS.COM Cl. A 2,4 | 63,050 | 1,923,656 | ||||||
Leisure Products - 1.0% | ||||||||
Brunswick Corporation | 48,575 | 4,627,741 | ||||||
Malibu Boats Cl. A 2 | 66,396 | 4,646,392 | ||||||
MasterCraft Boat Holdings 2 | 471,039 | 11,813,658 | ||||||
21,087,791 | ||||||||
Multiline Retail - 0.2% | ||||||||
Franchise Group Cl. A | 85,210 | 3,017,286 | ||||||
Specialty Retail - 3.1% | ||||||||
Aaron's Company (The) | 179,091 | 4,932,166 | ||||||
America's Car-Mart 2 | 70,479 | 8,230,538 | ||||||
Asbury Automotive Group 2 | 88,535 | 17,418,376 | ||||||
Haverty Furniture | 56,700 | 1,911,357 | ||||||
OneWater Marine Cl. A | 172,761 | 6,946,720 | ||||||
Rent-A-Center | 281,282 | 15,810,861 | ||||||
Shoe Carnival | 292,746 | 9,490,825 | ||||||
64,740,843 | ||||||||
Textiles, Apparel & Luxury Goods - 1.1% | ||||||||
Canada Goose Holdings 2,4 | 179,100 | 6,388,497 | ||||||
Levi Strauss & Co. Cl. A | 140,194 | 3,436,155 | ||||||
Movado Group | 100,500 | 3,164,745 | ||||||
Ralph Lauren Cl. A | 65,302 | 7,251,134 | ||||||
Wolverine World Wide | 126,355 | 3,770,433 | ||||||
24,010,964 | ||||||||
Total | 225,841,146 | |||||||
Consumer Staples – 1.2% | ||||||||
Food Products - 0.4% | ||||||||
Nomad Foods 2 | 154,056 | 4,245,784 | ||||||
Seneca Foods Cl. A 2 | 94,033 | 4,534,271 | ||||||
8,780,055 | ||||||||
Household Products - 0.3% | ||||||||
Spectrum Brands Holdings | 60,403 | 5,778,755 | ||||||
Personal Products - 0.5% | ||||||||
Inter Parfums | 150,426 | 11,247,352 | ||||||
Total | 25,806,162 | |||||||
Energy – 0.8% | ||||||||
Energy Equipment & Services - 0.8% | ||||||||
Aspen Aerogels 2,4 | 130,000 | 5,981,300 | ||||||
Pason Systems | 1,642,358 | 11,177,267 | ||||||
Total | 17,158,567 | |||||||
Financials – 19.3% | ||||||||
Banks - 6.9% | ||||||||
BankUnited | 144,972 | 6,062,729 | ||||||
BOK Financial | 41,600 | 3,725,280 | ||||||
CIT Group | 113,630 | 5,903,078 | ||||||
City Holding Company | 48,243 | 3,758,612 | ||||||
First Bancshares (The) | 206,125 | 7,993,528 | ||||||
First Citizens BancShares Cl. A | 35,155 | 29,641,641 | ||||||
First Hawaiian | 424,326 | 12,453,968 | ||||||
German American Bancorp | 69,919 | 2,700,971 | ||||||
Home BancShares | 306,249 | 7,206,039 | ||||||
Independent Bank Group | 124,750 | 8,862,240 | ||||||
National Bankshares | 107,919 | 3,918,539 | ||||||
Origin Bancorp | 126,328 | 5,349,991 | ||||||
Popular | 193,643 | 15,040,252 | ||||||
Signature Bank | 35,196 | 9,583,167 | ||||||
Texas Capital Bancshares 2 | 37,328 | 2,240,427 | ||||||
TriState Capital Holdings 2 | 75,000 | 1,586,250 | ||||||
Triumph Bancorp 2 | 198,610 | 19,886,819 | ||||||
145,913,531 | ||||||||
Capital Markets - 5.7% | ||||||||
Ares Management Cl. A | 147,021 | 10,854,560 | ||||||
Artisan Partners Asset Management Cl. A | 122,702 | 6,002,582 | ||||||
B. Riley Financial | 33,700 | 1,989,648 | ||||||
Evercore Cl. A | 44,241 | 5,913,694 | ||||||
GCM Grosvenor Cl. A | 1,410,780 | 16,252,186 | ||||||
Houlihan Lokey Cl. A | 111,966 | 10,312,069 | ||||||
Lazard Cl. A | 104,992 | 4,808,633 | ||||||
MarketWise Cl. A 2 | 25,000 | 206,500 | ||||||
MarketWise Cl. A (Private Placement) 2,5 | 500,000 | 4,130,000 | ||||||
Moelis & Company Cl. A | 41,924 | 2,593,838 | ||||||
Morningstar | 54,934 | 14,229,554 | ||||||
Open Lending 2 | 223,901 | 8,076,109 | ||||||
SEI Investments | 310,019 | 18,384,127 | ||||||
Silvercrest Asset Management Group Cl. A | 184,878 | 2,880,399 | ||||||
Sprott | 184,894 | 6,798,132 | ||||||
TMX Group | 56,620 | 6,105,894 | ||||||
119,537,925 | ||||||||
Consumer Finance - 0.3% | ||||||||
PROG Holdings 2 | 130,339 | 5,475,541 | ||||||
Diversified Financial Services - 0.2% | ||||||||
Compass Diversified Holdings | 166,046 | 4,677,516 | ||||||
Insurance - 5.6% | ||||||||
Alleghany Corporation 2 | 11,375 | 7,102,664 | ||||||
AMERISAFE | 108,980 | 6,120,317 | ||||||
Assured Guaranty | 139,159 | 6,514,033 | ||||||
Axis Capital Holdings | 96,827 | 4,457,915 | ||||||
CNO Financial Group | 182,993 | 4,307,655 | ||||||
E-L Financial | 24,818 | 18,320,371 | ||||||
Employers Holdings | 122,800 | 4,849,372 | ||||||
First American Financial | 47,971 | 3,216,456 | ||||||
James River Group Holdings | 446,301 | 16,838,937 | ||||||
Kemper Corporation | 69,128 | 4,617,059 | ||||||
Old Republic International | 194,300 | 4,494,159 | ||||||
ProAssurance Corporation | 317,966 | 7,561,231 | ||||||
RenaissanceRe Holdings | 22,316 | 3,110,850 | ||||||
RLI Corp. | 62,253 | 6,242,108 | ||||||
Safety Insurance Group | 60,000 | 4,755,000 | ||||||
Selective Insurance Group | 19,216 | 1,451,384 | ||||||
Stewart Information Services | 44,402 | 2,808,871 | ||||||
Trean Insurance Group 2,4 | 775,759 | 8,029,106 | ||||||
White Mountains Insurance Group | 2,790 | 2,984,212 | ||||||
117,781,700 | ||||||||
Thrifts & Mortgage Finance - 0.6% | ||||||||
Axos Financial 2 | 122,961 | 6,337,410 | ||||||
Southern Missouri Bancorp | 31,616 | 1,419,242 | ||||||
Timberland Bancorp | 111,523 | 3,228,591 | ||||||
TrustCo Bank Corp NY | 87,066 | 2,783,500 | ||||||
13,768,743 | ||||||||
Total | 407,154,956 | |||||||
Health Care – 7.0% | ||||||||
Biotechnology - 1.0% | ||||||||
CareDx 2 | 102,120 | 6,471,344 | ||||||
Catalyst Pharmaceuticals 2 | 767,117 | 4,065,720 | ||||||
DermTech 2,4 | 77,800 | 2,498,158 | ||||||
MaxCyte 2,4 | 466,161 | 5,691,826 | ||||||
MeiraGTx Holdings 2,4 | 97,600 | 1,286,368 | ||||||
20,013,416 | ||||||||
Health Care Equipment & Supplies - 4.0% | ||||||||
AtriCure 2 | 25,000 | 1,738,750 | ||||||
Atrion Corporation | 8,442 | 5,888,295 | ||||||
BioLife Solutions 2 | 145,416 | 6,154,005 | ||||||
ClearPoint Neuro 2,4 | 192,807 | 3,422,324 | ||||||
Cutera 2,4 | 48,300 | 2,250,780 | ||||||
Haemonetics Corporation 2 | 267,369 | 18,873,578 | ||||||
Meridian Bioscience 2 | 484,658 | 9,324,820 | ||||||
Mesa Laboratories | 74,145 | 22,418,482 | ||||||
Misonix 2,4 | 201,200 | 5,090,360 | ||||||
Natus Medical 2 | 69,100 | 1,733,028 | ||||||
OrthoPediatrics Corp. 2 | 56,800 | 3,720,968 | ||||||
Profound Medical 2 | 53,200 | 776,621 | ||||||
SI-BONE 2 | 70,358 | 1,507,068 | ||||||
Surmodics 2 | 43,200 | 2,401,920 | ||||||
85,300,999 | ||||||||
Health Care Providers & Services - 0.8% | ||||||||
Encompass Health | 107,260 | 8,048,791 | ||||||
Ensign Group (The) | 34,708 | 2,599,282 | ||||||
Molina Healthcare 2 | 20,400 | 5,534,724 | ||||||
Sharps Compliance 2,4 | 148,200 | 1,225,614 | ||||||
17,408,411 | ||||||||
Health Care Technology - 0.3% | ||||||||
Simulations Plus | 142,091 | 5,612,594 | ||||||
Life Sciences Tools & Services - 0.5% | ||||||||
Bio-Techne | 7,320 | 3,547,052 | ||||||
Harvard Bioscience 2 | 249,100 | 1,738,718 | ||||||
Quanterix Corporation 2 | 101,479 | 5,052,640 | ||||||
10,338,410 | ||||||||
Pharmaceuticals - 0.4% | ||||||||
BioDelivery Sciences International 2 | 553,500 | 1,998,135 | ||||||
Harmony Biosciences Holdings 2,4 | 93,500 | 3,583,855 | ||||||
Supernus Pharmaceuticals 2,4 | 116,267 | 3,100,841 | ||||||
8,682,831 | ||||||||
Total | 147,356,661 | |||||||
Industrials – 26.1% | ||||||||
Aerospace & Defense - 1.0% | ||||||||
HEICO Corporation | 81,768 | 10,782,746 | ||||||
Vectrus 2 | 185,783 | 9,341,169 | ||||||
20,123,915 | ||||||||
Air Freight & Logistics - 0.6% | ||||||||
Forward Air | 74,011 | 6,144,393 | ||||||
Hub Group Cl. A 2 | 97,118 | 6,676,863 | ||||||
12,821,256 | ||||||||
Airlines - 0.5% | ||||||||
Sun Country Airlines Holdings 2,4 | 306,802 | 10,290,139 | ||||||
Building Products - 2.7% | ||||||||
Advanced Drainage Systems | 37,631 | 4,070,545 | ||||||
Builders FirstSource 2 | 256,370 | 13,264,584 | ||||||
Carlisle Companies | 35,638 | 7,084,478 | ||||||
CSW Industrials | 1,500 | 191,550 | ||||||
Gibraltar Industries 2 | 103,417 | 7,202,994 | ||||||
Quanex Building Products | 55,700 | 1,192,537 | ||||||
Rexnord Corporation | 109,200 | 7,020,468 | ||||||
Simpson Manufacturing | 51,562 | 5,515,587 | ||||||
UFP Industries | 171,174 | 11,636,409 | ||||||
57,179,152 | ||||||||
Commercial Services & Supplies - 1.2% | ||||||||
Brink's Company (The) | 5,783 | 366,064 | ||||||
Deluxe Corporation | 161,270 | 5,787,980 | ||||||
Healthcare Services Group | 270,620 | 6,762,794 | ||||||
Heritage-Crystal Clean 2 | 154,283 | 4,471,122 | ||||||
Herman Miller | 88,600 | 3,336,676 | ||||||
UniFirst Corporation | 17,752 | 3,774,430 | ||||||
24,499,066 | ||||||||
Construction & Engineering - 3.6% | ||||||||
Arcosa | 366,117 | 18,368,090 | ||||||
Construction Partners Cl. A 2,4 | 144,091 | 4,808,317 | ||||||
EMCOR Group | 29,550 | 3,409,479 | ||||||
Great Lakes Dredge & Dock 2 | 776,804 | 11,721,972 | ||||||
Northwest Pipe 2 | 133,537 | 3,164,827 | ||||||
NV5 Global 2 | 11,100 | 1,094,127 | ||||||
Primoris Services | 237,409 | 5,814,146 | ||||||
Sterling Construction 2 | 80,572 | 1,826,567 | ||||||
Valmont Industries | 78,905 | 18,552,144 | ||||||
WillScot Mobile Mini Holdings Corp. 2,4 | 199,150 | 6,317,038 | ||||||
75,076,707 | ||||||||
Electrical Equipment - 0.9% | ||||||||
American Superconductor 2 | 95,300 | 1,389,474 | ||||||
Encore Wire | 50,580 | 4,796,501 | ||||||
GrafTech International | 412,065 | 4,252,511 | ||||||
Preformed Line Products | 144,775 | 9,416,166 | ||||||
19,854,652 | ||||||||
Machinery - 7.2% | ||||||||
CIRCOR International 2 | 111,200 | 3,670,712 | ||||||
Colfax 2,4 | 353,280 | 16,215,552 | ||||||
Crane Company | 36,920 | 3,500,385 | ||||||
ESCO Technologies | 103,409 | 7,962,493 | ||||||
Graham Corporation | 93,792 | 1,163,021 | ||||||
Helios Technologies | 131,011 | 10,757,313 | ||||||
Hurco Companies | 91,930 | 2,965,662 | ||||||
John Bean Technologies | 100,250 | 14,090,138 | ||||||
Kadant | 97,602 | 19,920,568 | ||||||
Lincoln Electric Holdings | 126,226 | 16,256,647 | ||||||
Lindsay Corporation | 68,474 | 10,393,668 | ||||||
Meritor 2 | 365,410 | 7,786,887 | ||||||
Middleby Corporation (The) 2 | 100,090 | 17,066,346 | ||||||
Miller Industries | 309,488 | 10,534,972 | ||||||
RBC Bearings 2 | 45,622 | 9,680,988 | ||||||
Westport Fuel Systems 2 | 169,500 | 557,655 | ||||||
152,523,007 | ||||||||
Marine - 0.4% | ||||||||
Clarkson 1 | 136,052 | 6,889,379 | ||||||
Kirby Corporation 2 | 54,000 | 2,589,840 | ||||||
9,479,219 | ||||||||
Professional Services - 2.8% | ||||||||
Barrett Business Services | 10,563 | 805,534 | ||||||
Forrester Research 2 | 274,387 | 13,516,304 | ||||||
Heidrick & Struggles International | 258,519 | 11,537,703 | ||||||
KBR | 523,961 | 20,644,063 | ||||||
Korn Ferry | 79,850 | 5,777,946 | ||||||
LifeWorks | 53,600 | 1,365,602 | ||||||
ManpowerGroup | 31,547 | 3,415,909 | ||||||
Upwork 2 | 46,554 | 2,096,327 | ||||||
59,159,388 | ||||||||
Road & Rail - 2.4% | ||||||||
ArcBest | 93,175 | 7,618,920 | ||||||
Landstar System | 97,966 | 15,460,994 | ||||||
Saia 2 | 55,562 | 13,225,423 | ||||||
Schneider National Cl. B | 238,900 | 5,432,586 | ||||||
Universal Logistics Holdings | 306,291 | 6,150,323 | ||||||
Werner Enterprises | 63,800 | 2,824,426 | ||||||
50,712,672 | ||||||||
Trading Companies & Distributors - 2.8% | ||||||||
Air Lease Cl. A | 447,054 | 17,587,104 | ||||||
Applied Industrial Technologies | 93,965 | 8,469,066 | ||||||
EVI Industries 2,4 | 339,829 | 9,243,349 | ||||||
Lawson Products 2 | 19,600 | 980,196 | ||||||
MSC Industrial Direct Cl. A | 58,022 | 4,652,784 | ||||||
Richelieu Hardware | 355,741 | 11,700,750 | ||||||
Transcat 2,4 | 107,600 | 6,938,048 | ||||||
59,571,297 | ||||||||
Total | 551,290,470 | |||||||
Information Technology – 21.4% | ||||||||
Communications Equipment - 0.8% | ||||||||
Calix 2 | 177,700 | 8,783,711 | ||||||
Digi International 2 | 314,293 | 6,606,439 | ||||||
NETGEAR 2 | 50,500 | 1,611,455 | ||||||
17,001,605 | ||||||||
Electronic Equipment, Instruments & Components - 6.9% | ||||||||
Avnet | 48,644 | 1,798,369 | ||||||
Belden | 46,768 | 2,724,704 | ||||||
Cognex Corporation | 90,945 | 7,295,608 | ||||||
ePlus 2 | 42,596 | 4,370,776 | ||||||
Fabrinet 2 | 110,082 | 11,284,506 | ||||||
FARO Technologies 2 | 178,488 | 11,746,295 | ||||||
Insight Enterprises 2 | 77,043 | 6,940,033 | ||||||
IPG Photonics 2 | 27,231 | 4,313,390 | ||||||
Jabil | 34,000 | 1,984,580 | ||||||
Kimball Electronics 2 | 410,192 | 10,570,648 | ||||||
Littelfuse | 7,375 | 2,015,366 | ||||||
Luna Innovations 2 | 782,599 | 7,434,691 | ||||||
Methode Electronics | 87,078 | 3,661,630 | ||||||
National Instruments | 36,311 | 1,424,481 | ||||||
nLIGHT 2,4 | 134,000 | 3,777,460 | ||||||
PAR Technology 2 | 236,371 | 14,539,180 | ||||||
PC Connection | 34,844 | 1,534,181 | ||||||
PowerFleet 2,4 | 158,600 | 1,062,620 | ||||||
Rogers Corporation 2 | 39,591 | 7,382,930 | ||||||
Sanmina Corporation 2 | 151,860 | 5,852,684 | ||||||
SYNNEX Corporation | 40,532 | 4,219,381 | ||||||
Vishay Intertechnology | 452,890 | 9,098,560 | ||||||
Vishay Precision Group 2 | 111,165 | 3,865,207 | ||||||
Vontier Corporation | 505,462 | 16,983,523 | ||||||
145,880,803 | ||||||||
IT Services - 1.9% | ||||||||
Cass Information Systems | 40,250 | 1,684,462 | ||||||
Computer Services 1 | 143,710 | 8,478,890 | ||||||
Concentrix Corporation 2 | 12,583 | 2,227,191 | ||||||
Repay Holdings Cl. A 2,4 | 502,704 | 11,577,273 | ||||||
Shift4 Payments Cl. A 2,4 | 156,538 | 12,134,826 | ||||||
Unisys Corporation 2 | 125,000 | 3,142,500 | ||||||
39,245,142 | ||||||||
Semiconductors & Semiconductor Equipment - 8.4% | ||||||||
Axcelis Technologies 2 | 95,265 | 4,480,313 | ||||||
Brooks Automation | 81,200 | 8,310,820 | ||||||
Camtek 2 | 335,371 | 13,585,879 | ||||||
Cirrus Logic 2 | 172,540 | 14,208,669 | ||||||
CMC Materials | 119,778 | 14,760,243 | ||||||
Cohu 2 | 363,618 | 11,613,959 | ||||||
CyberOptics Corporation 2 | 148,400 | 5,280,072 | ||||||
FormFactor 2 | 481,773 | 17,984,586 | ||||||
Ichor Holdings 2,4 | 30,400 | 1,249,136 | ||||||
Kulicke & Soffa Industries | 328,090 | 19,121,085 | ||||||
Lattice Semiconductor 2 | 89,571 | 5,790,765 | ||||||
MKS Instruments | 174,153 | 26,281,430 | ||||||
Nova 2,4 | 88,254 | 9,027,502 | ||||||
NVE Corporation | 52,363 | 3,349,661 | ||||||
Onto Innovation 2,4 | 141,820 | 10,246,495 | ||||||
Photronics 2 | 144,000 | 1,962,720 | ||||||
SiTime 2,4 | 36,854 | 7,524,481 | ||||||
Ultra Clean Holdings 2 | 86,600 | 3,689,160 | ||||||
178,466,976 | ||||||||
Software - 2.8% | ||||||||
ACI Worldwide 2 | 213,837 | 6,571,211 | ||||||
Agilysys 2 | 105,387 | 5,518,063 | ||||||
CDK Global | 85,117 | 3,621,728 | ||||||
ChannelAdvisor Corporation 2 | 114,430 | 2,887,069 | ||||||
Dolby Laboratories Cl. A | 93,120 | 8,194,560 | ||||||
j2 Global 2 | 38,302 | 5,232,819 | ||||||
Momentive Global 2,4 | 234,300 | 4,592,280 | ||||||
Teradata Corporation 2 | 63,696 | 3,652,966 | ||||||
Upland Software 2 | 546,715 | 18,282,150 | ||||||
58,552,846 | ||||||||
Technology Hardware, Storage & Peripherals - 0.6% | ||||||||
AstroNova 2 | 83,400 | 1,255,170 | ||||||
Avid Technology 2 | 396,340 | 11,462,153 | ||||||
12,717,323 | ||||||||
Total | 451,864,695 | |||||||
Materials – 7.5% | ||||||||
Chemicals - 5.1% | ||||||||
Balchem Corporation | 69,792 | 10,124,726 | ||||||
Element Solutions | 1,061,406 | 23,011,282 | ||||||
Huntsman Corporation | 208,700 | 6,175,433 | ||||||
Innospec | 225,074 | 18,955,732 | ||||||
Minerals Technologies | 224,022 | 15,645,697 | ||||||
Mosaic Company (The) | 388,500 | 13,877,220 | ||||||
Quaker Chemical | 80,102 | 19,041,847 | ||||||
106,831,937 | ||||||||
Construction Materials - 0.3% | ||||||||
Eagle Materials | 50,800 | 6,662,928 | ||||||
Containers & Packaging - 0.4% | ||||||||
Graphic Packaging Holding Company | 283,303 | 5,394,089 | ||||||
Silgan Holdings | 90,142 | 3,457,847 | ||||||
8,851,936 | ||||||||
Metals & Mining - 1.2% | ||||||||
Alamos Gold Cl. A | 2,037,600 | 14,655,405 | ||||||
Haynes International | 64,000 | 2,384,000 | ||||||
IAMGOLD Corporation 2 | 795,894 | 1,798,721 | ||||||
Reliance Steel & Aluminum | 49,834 | 7,097,358 | ||||||
25,935,484 | ||||||||
Paper & Forest Products - 0.5% | ||||||||
Stella-Jones | 307,177 | 10,343,517 | ||||||
Total | 158,625,802 | |||||||
Real Estate – 2.1% | ||||||||
Real Estate Management & Development - 2.1% | ||||||||
Colliers International Group | 32,596 | 4,162,835 | ||||||
FirstService | 3,400 | 613,632 | ||||||
FRP Holdings 2 | 167,330 | 9,357,094 | ||||||
Jones Lang LaSalle 2 | 17,800 | 4,416,002 | ||||||
Kennedy-Wilson Holdings | 723,421 | 15,133,967 | ||||||
Marcus & Millichap 2 | 241,159 | 9,795,879 | ||||||
Tejon Ranch 2 | 20,294 | 360,421 | ||||||
Total | 43,839,830 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,382,500,337) | 2,065,532,016 | |||||||
REPURCHASE AGREEMENT – 2.2% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $47,757,457 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $48,712,636) (Cost $47,757,457) | 47,757,457 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.5% | ||||||||
Money Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.03%) (Cost $9,824,788) | 9,824,788 | |||||||
TOTAL INVESTMENTS – 100.5% | ||||||||
(Cost $1,440,082,582) | 2,123,114,261 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.5)% | (10,452,938 | ) | ||||||
NET ASSETS – 100.0% | $ | 2,112,661,323 |
SCHEDULES OF INVESTMENTS
ROYCE PREMIER FUND
SEPTEMBER 30, 2021 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 94.9% | ||||||||
Consumer Discretionary – 7.4% | ||||||||
Auto Components - 2.6% | ||||||||
Dorman Products 2 | 284,925 | $ | 26,973,850 | |||||
LCI Industries | 123,447 | 16,619,670 | ||||||
43,593,520 | ||||||||
Distributors - 1.5% | ||||||||
Pool Corporation | 57,715 | 25,071,973 | ||||||
Leisure Products - 1.2% | ||||||||
Brunswick Corporation | 213,300 | 20,321,091 | ||||||
Textiles, Apparel & Luxury Goods - 2.1% | ||||||||
Ralph Lauren Cl. A | 324,903 | 36,077,229 | ||||||
Total | 125,063,813 | |||||||
Consumer Staples – 1.7% | ||||||||
Personal Products - 1.7% | ||||||||
Inter Parfums | 390,641 | 29,208,228 | ||||||
Total | 29,208,228 | |||||||
Financials – 14.0% | ||||||||
Capital Markets - 12.3% | ||||||||
Ares Management Cl. A | 322,380 | 23,801,315 | ||||||
Ashmore Group 1 | 5,917,301 | 26,898,178 | ||||||
GCM Grosvenor Cl. A | 2,030,615 | 23,392,685 | ||||||
Lazard Cl. A | 518,583 | 23,751,101 | ||||||
Morningstar | 201,486 | 52,190,919 | ||||||
SEI Investments | 623,300 | 36,961,690 | ||||||
TMX Group | 194,583 | 20,983,809 | ||||||
207,979,697 | ||||||||
Insurance - 1.7% | ||||||||
Alleghany Corporation 2 | 47,504 | 29,661,972 | ||||||
Total | 237,641,669 | |||||||
Health Care – 7.1% | ||||||||
Health Care Equipment & Supplies - 5.6% | ||||||||
Haemonetics Corporation 2 | 553,462 | 39,068,882 | ||||||
Meridian Bioscience 2 | 845,200 | 16,261,648 | ||||||
Mesa Laboratories | 134,225 | 40,584,271 | ||||||
95,914,801 | ||||||||
Life Sciences Tools & Services - 1.5% | ||||||||
Bio-Techne | 50,980 | 24,703,379 | ||||||
Total | 120,618,180 | |||||||
Industrials – 32.4% | ||||||||
Air Freight & Logistics - 1.6% | ||||||||
Forward Air | 318,528 | 26,444,194 | ||||||
Building Products - 1.6% | ||||||||
Simpson Manufacturing | 245,995 | 26,314,085 | ||||||
Commercial Services & Supplies - 1.3% | ||||||||
Ritchie Bros. Auctioneers | 346,946 | 21,392,690 | ||||||
Construction & Engineering - 4.3% | ||||||||
Arcosa | 559,123 | 28,051,201 | ||||||
Valmont Industries | 189,084 | 44,457,430 | ||||||
72,508,631 | ||||||||
Machinery - 17.2% | ||||||||
Colfax 2 | 625,570 | 28,713,663 | ||||||
ESCO Technologies | 283,073 | 21,796,621 | ||||||
Helios Technologies | 234,805 | 19,279,838 | ||||||
John Bean Technologies | 322,263 | 45,294,065 | ||||||
Kadant | 185,326 | 37,825,037 | ||||||
Lincoln Electric Holdings | 365,699 | 47,098,374 | ||||||
Lindsay Corporation | 270,643 | 41,080,901 | ||||||
RBC Bearings 2 | 113,770 | 24,141,994 | ||||||
Woodward | 239,409 | 27,101,099 | ||||||
292,331,592 | ||||||||
Marine - 0.8% | ||||||||
Kirby Corporation 2 | 278,036 | 13,334,607 | ||||||
Professional Services - 2.2% | ||||||||
Forrester Research 2 | 769,896 | 37,925,077 | ||||||
Road & Rail - 1.5% | ||||||||
Landstar System | 162,485 | 25,643,383 | ||||||
Trading Companies & Distributors - 1.9% | ||||||||
Air Lease Cl. A | 832,205 | 32,738,945 | ||||||
Total | 548,633,204 | |||||||
Information Technology – 21.1% | ||||||||
Electronic Equipment, Instruments & Components - 9.2% | ||||||||
Cognex Corporation | 307,691 | 24,682,972 | ||||||
FARO Technologies 2 | 401,548 | 26,425,874 | ||||||
IPG Photonics 2 | 98,709 | 15,635,505 | ||||||
National Instruments | 556,600 | 21,835,418 | ||||||
Rogers Corporation 2 | 205,166 | 38,259,356 | ||||||
Vontier Corporation | 848,700 | 28,516,320 | ||||||
155,355,445 | ||||||||
IT Services - 2.4% | ||||||||
Computer Services 1 | 561,400 | 33,122,600 | ||||||
Jack Henry & Associates | 49,987 | 8,200,867 | ||||||
41,323,467 | ||||||||
Semiconductors & Semiconductor Equipment - 6.3% | ||||||||
Cirrus Logic 2 | 317,124 | 26,115,162 | ||||||
CMC Materials | 270,848 | 33,376,599 | ||||||
FormFactor 2 | 227,700 | 8,500,041 | ||||||
MKS Instruments | 256,034 | 38,638,091 | ||||||
106,629,893 | ||||||||
Software - 2.6% | ||||||||
Fair Isaac 2 | 35,041 | 13,943,865 | ||||||
Manhattan Associates 2 | 51,006 | 7,805,448 | ||||||
Upland Software 2 | 672,800 | 22,498,432 | ||||||
44,247,745 | ||||||||
Technology Hardware, Storage & Peripherals - 0.6% | ||||||||
Avid Technology 2 | 324,400 | 9,381,648 | ||||||
Total | 356,938,198 | |||||||
Materials – 8.7% | ||||||||
Chemicals - 4.5% | ||||||||
Innospec | 401,153 | 33,785,106 | ||||||
Quaker Chemical | 176,802 | 42,029,371 | ||||||
75,814,477 | ||||||||
Metals & Mining - 2.2% | ||||||||
Reliance Steel & Aluminum | 264,355 | 37,649,439 | ||||||
Paper & Forest Products - 2.0% | ||||||||
Stella-Jones | 1,012,691 | 34,100,167 | ||||||
Total | 147,564,083 | |||||||
Real Estate – 2.5% | ||||||||
Real Estate Management & Development - 2.5% | ||||||||
Kennedy-Wilson Holdings | 2,061,269 | 43,121,747 | ||||||
Total | 43,121,747 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $897,157,695) | 1,608,789,122 | |||||||
REPURCHASE AGREEMENT – 4.4% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $75,171,795 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $76,675,313) (Cost $75,171,795) | 75,171,795 | |||||||
TOTAL INVESTMENTS – 99.3% | ||||||||
(Cost $972,329,490) | 1,683,960,917 | |||||||
CASH AND OTHER ASSETS LESS LIABILITIES – 0.7% | 11,866,749 | |||||||
NET ASSETS – 100.0% | $ | 1,695,827,666 |
SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP VALUE FUND
SEPTEMBER 30, 2021 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 99.2% | ||||||||
Communication Services – 1.0% | ||||||||
Media - 1.0% | ||||||||
Entravision Communications Cl. A | 66,175 | $ | 469,842 | |||||
Saga Communications Cl. A | 35,086 | 798,207 | ||||||
Total | 1,268,049 | |||||||
Consumer Discretionary – 22.5% | ||||||||
Auto Components - 0.3% | ||||||||
Gentex Corporation | 11,740 | 387,185 | ||||||
Diversified Consumer Services - 1.1% | ||||||||
Lincoln Educational Services 2 | 222,110 | 1,485,916 | ||||||
Household Durables - 5.4% | ||||||||
La-Z-Boy | 76,502 | 2,465,659 | ||||||
Meritage Homes 2 | 20,410 | 1,979,770 | ||||||
PulteGroup | 60,700 | 2,787,344 | ||||||
7,232,773 | ||||||||
Leisure Products - 3.9% | ||||||||
Malibu Boats Cl. A 2 | 24,938 | 1,745,161 | ||||||
MasterCraft Boat Holdings 2 | 87,554 | 2,195,855 | ||||||
Nautilus 2 | 126,726 | 1,179,819 | ||||||
5,120,835 | ||||||||
Specialty Retail - 11.8% | ||||||||
Aaron’s Company (The) | 102,646 | 2,826,871 | ||||||
American Eagle Outfitters | 29,661 | 765,254 | ||||||
Haverty Furniture | 60,171 | 2,028,364 | ||||||
Lazydays Holdings 2,4 | 73,535 | 1,569,237 | ||||||
OneWater Marine Cl. A | 61,520 | 2,473,719 | ||||||
Rent-A-Center | 53,024 | 2,980,479 | ||||||
Shoe Carnival | 90,200 | 2,924,284 | ||||||
15,568,208 | ||||||||
Total | 29,794,917 | |||||||
Consumer Staples – 0.5% | ||||||||
Food & Staples Retailing - 0.5% | ||||||||
Village Super Market Cl. A | 28,759 | 623,495 | ||||||
Total | 623,495 | |||||||
Energy – 0.6% | ||||||||
Oil, Gas & Consumable Fuels - 0.6% | ||||||||
Dorchester Minerals L.P. | 43,114 | 826,495 | ||||||
Total | 826,495 | |||||||
Financials – 23.8% | ||||||||
Banks - 7.6% | ||||||||
Ames National | 30,293 | 704,615 | ||||||
Camden National | 15,876 | 760,460 | ||||||
Chemung Financial | 15,857 | 718,322 | ||||||
City Holding Company | 21,029 | 1,638,369 | ||||||
CNB Financial | 33,581 | 817,362 | ||||||
Financial Institutions | 23,978 | 734,926 | ||||||
Landmark Bancorp | 27,497 | 761,392 | ||||||
MidWestOne Financial Group | 39,267 | 1,184,293 | ||||||
National Bankshares | 53,904 | 1,957,254 | ||||||
Unity Bancorp | 32,992 | 772,013 | ||||||
10,049,006 | ||||||||
Capital Markets - 3.7% | ||||||||
Evercore Cl. A | 24,142 | 3,227,061 | ||||||
Houlihan Lokey Cl. A | 4,695 | 432,410 | ||||||
Moelis & Company Cl. A | 19,632 | 1,214,632 | ||||||
4,874,103 | ||||||||
Consumer Finance - 1.9% | ||||||||
PROG Holdings 2 | 60,200 | 2,529,002 | ||||||
Insurance - 7.5% | ||||||||
CNO Financial Group | 92,900 | 2,186,866 | ||||||
Crawford & Company Cl. A | 27,697 | 248,442 | ||||||
Donegal Group Cl. A | 49,990 | 724,355 | ||||||
Employers Holdings | 59,995 | 2,369,202 | ||||||
Heritage Insurance Holdings | 123,462 | 840,776 | ||||||
James River Group Holdings | 20,927 | 789,576 | ||||||
Kemper Corporation | 23,300 | 1,556,207 | ||||||
Selective Insurance Group | 7,437 | 561,717 | ||||||
Tiptree | 67,648 | 677,833 | ||||||
9,954,974 | ||||||||
Thrifts & Mortgage Finance - 3.1% | ||||||||
Southern Missouri Bancorp | 27,346 | 1,227,562 | ||||||
Timberland Bancorp | 54,119 | 1,566,745 | ||||||
TrustCo Bank Corp NY | 41,911 | 1,339,895 | ||||||
4,134,202 | ||||||||
Total | 31,541,287 | |||||||
Health Care – 7.4% | ||||||||
Biotechnology - 2.1% | ||||||||
Catalyst Pharmaceuticals 2 | 346,594 | 1,836,948 | ||||||
Coherus BioSciences 2 | 28,887 | 464,214 | ||||||
Vanda Pharmaceuticals 2 | 24,738 | 424,010 | ||||||
2,725,172 | ||||||||
Health Care Providers & Services - 2.0% | ||||||||
Ensign Group (The) | 8,021 | 600,693 | ||||||
Molina Healthcare 2 | 7,514 | 2,038,623 | ||||||
2,639,316 | ||||||||
Pharmaceuticals - 3.3% | ||||||||
BioDelivery Sciences International 2 | 277,103 | 1,000,342 | ||||||
Collegium Pharmaceutical 2,4 | 41,102 | 811,353 | ||||||
SIGA Technologies 2 | 144,723 | 1,069,503 | ||||||
Supernus Pharmaceuticals 2 | 55,761 | 1,487,146 | ||||||
4,368,344 | ||||||||
Total | 9,732,832 | |||||||
Industrials – 23.0% | ||||||||
Aerospace & Defense - 1.7% | ||||||||
Vectrus 2 | 44,988 | 2,261,997 | ||||||
Building Products - 2.2% | ||||||||
Builders FirstSource 2 | 19,541 | 1,011,051 | ||||||
Quanex Building Products | 36,771 | 787,267 | ||||||
UFP Industries | 15,900 | 1,080,882 | ||||||
2,879,200 | ||||||||
Commercial Services & Supplies - 1.1% | ||||||||
Herman Miller | 39,920 | 1,503,387 | ||||||
Construction & Engineering - 5.6% | ||||||||
Comfort Systems USA | 4,138 | 295,122 | ||||||
Great Lakes Dredge & Dock 2 | 130,720 | 1,972,565 | ||||||
MYR Group 2 | 5,140 | 511,430 | ||||||
Northwest Pipe 2 | 26,005 | 616,318 | ||||||
Primoris Services | 103,599 | 2,537,140 | ||||||
Sterling Construction 2 | 61,856 | 1,402,276 | ||||||
7,334,851 | ||||||||
Machinery - 1.6% | ||||||||
Alamo Group | 3,163 | 441,334 | ||||||
Federal Signal | 5,510 | 212,796 | ||||||
Miller Industries | 44,407 | 1,511,614 | ||||||
2,165,744 | ||||||||
Professional Services - 5.1% | ||||||||
Barrett Business Services | 9,015 | 687,484 | ||||||
Heidrick & Struggles International | 49,626 | 2,214,808 | ||||||
Kforce | 10,495 | 625,922 | ||||||
Korn Ferry | 20,764 | 1,502,483 | ||||||
Resources Connection | 89,897 | 1,418,575 | ||||||
Robert Half International | 3,116 | 312,628 | ||||||
6,761,900 | ||||||||
Road & Rail - 5.7% | ||||||||
ArcBest | 42,484 | 3,473,916 | ||||||
Schneider National Cl. B | 96,650 | 2,197,821 | ||||||
Werner Enterprises | 41,784 | 1,849,778 | ||||||
7,521,515 | ||||||||
Total | 30,428,594 | |||||||
Information Technology – 20.1% | ||||||||
Communications Equipment - 1.0% | ||||||||
NETGEAR 2 | 42,400 | 1,352,984 | ||||||
Electronic Equipment, Instruments & Components - 14.1% | ||||||||
ePlus 2 | 18,663 | 1,915,010 | ||||||
Fabrinet 2 | 5,354 | 548,839 | ||||||
Insight Enterprises 2 | 21,623 | 1,947,800 | ||||||
Jabil | 19,000 | 1,109,030 | ||||||
Kimball Electronics 2 | 100,964 | 2,601,842 | ||||||
Methode Electronics | 27,289 | 1,147,502 | ||||||
PC Connection | 15,289 | 673,175 | ||||||
Plexus Corporation 2 | 6,553 | 585,904 | ||||||
Sanmina Corporation 2 | 81,941 | 3,158,006 | ||||||
SYNNEX Corporation | 22,066 | 2,297,071 | ||||||
Vishay Intertechnology | 130,204 | 2,615,798 | ||||||
18,599,977 | ||||||||
IT Services - 1.0% | ||||||||
Concentrix Corporation 2 | 3,300 | 584,100 | ||||||
IBEX 2,4 | 40,414 | 687,038 | ||||||
1,271,138 | ||||||||
Semiconductors & Semiconductor Equipment - 4.0% | ||||||||
Amkor Technology | 27,600 | 688,620 | ||||||
Cohu 2 | 42,141 | 1,345,984 | ||||||
Kulicke & Soffa Industries | 46,365 | 2,702,152 | ||||||
MKS Instruments | 3,780 | 570,440 | ||||||
5,307,196 | ||||||||
Total | 26,531,295 | |||||||
Real Estate – 0.3% | ||||||||
Real Estate Management & Development - 0.3% | ||||||||
Marcus & Millichap 2 | 11,189 | 454,497 | ||||||
Total | 454,497 |
TOTAL COMMON STOCKS | ||||
(Cost $100,434,120) | 131,201,461 | |||
REPURCHASE AGREEMENT – 0.6% | ||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $848,163 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $865,216) (Cost $848,163) | 848,163 | |||
TOTAL INVESTMENTS – 99.8% | ||||
(Cost $101,282,283) | 132,049,624 | |||
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2% | 199,946 | |||
NET ASSETS – 100.0% | $ | 132,249,570 |
SCHEDULES OF INVESTMENTS
ROYCE SMALLER-COMPANIES GROWTH FUND
SEPTEMBER 30, 2021 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 94.1% | ||||||||
Communication Services – 5.2% | ||||||||
Entertainment - 2.9% | ||||||||
CuriosityStream Cl. A 2,4 | 117,700 | $ | 1,240,558 | |||||
LiveXLive Media 2 | 242,000 | 723,580 | ||||||
Sea Cl. A ADR 2,4 | 23,000 | 7,330,790 | ||||||
9,294,928 | ||||||||
Interactive Media & Services - 2.3% | ||||||||
Enthusiast Gaming Holdings 2 | 2,055,800 | 7,417,500 | ||||||
Total | 16,712,428 | |||||||
Consumer Discretionary – 8.6% | ||||||||
Diversified Consumer Services - 0.5% | ||||||||
Aspen Group 2 | 311,000 | 1,732,270 | ||||||
Hotels, Restaurants & Leisure - 3.5% | ||||||||
Bragg Gaming Group 2 | 58,000 | 556,829 | ||||||
DraftKings Cl. A 2,4 | 12,000 | 577,920 | ||||||
NEOGAMES 2 | 45,000 | 1,652,400 | ||||||
Papa John’s International | 22,000 | 2,793,780 | ||||||
Rush Street Interactive Cl. A 2 | 178,000 | 3,419,380 | ||||||
Texas Roadhouse | 23,000 | 2,100,590 | ||||||
11,100,899 | ||||||||
Household Durables - 1.4% | ||||||||
Lovesac Company (The) 2,4 | 38,666 | 2,555,436 | ||||||
Purple Innovation 2,4 | 94,000 | 1,975,880 | ||||||
4,531,316 | ||||||||
Internet & Direct Marketing Retail - 0.6% | ||||||||
CarParts.com 2,4 | 128,000 | 1,998,080 | ||||||
Leisure Products - 0.5% | ||||||||
Callaway Golf 2 | 58,000 | 1,602,540 | ||||||
Specialty Retail - 2.1% | ||||||||
Leslie’s 2,4 | 126,500 | 2,598,310 | ||||||
Lithia Motors Cl. A | 13,000 | 4,121,520 | ||||||
6,719,830 | ||||||||
Total | 27,684,935 | |||||||
Consumer Staples – 1.0% | ||||||||
Food Products - 0.4% | ||||||||
Freshpet 2,4 | 8,000 | 1,141,520 | ||||||
Household Products - 0.6% | ||||||||
Central Garden & Pet Cl. A 2 | 45,000 | 1,935,000 | ||||||
Total | 3,076,520 | |||||||
Financials – 8.1% | ||||||||
Banks - 3.2% | ||||||||
Primis Financial | 4,000 | 57,840 | ||||||
Seacoast Banking Corporation of Florida | 82,000 | 2,772,420 | ||||||
TriState Capital Holdings 2 | 124,057 | 2,623,806 | ||||||
Triumph Bancorp 2 | 48,000 | 4,806,240 | ||||||
10,260,306 | ||||||||
Capital Markets - 0.4% | ||||||||
MarketAxess Holdings | 3,000 | 1,262,070 | ||||||
Insurance - 2.6% | ||||||||
BRP Group Cl. A 2,4 | 148,000 | 4,926,920 | ||||||
Trean Insurance Group 2 | 255,800 | 2,647,530 | ||||||
Trupanion 2,4 | 10,000 | 776,700 | ||||||
8,351,150 | ||||||||
Investment Companies - 1.9% | ||||||||
Isos Acquisition Cl. A 2 | 25,000 | 249,500 | ||||||
Trident Acquisitions 2,4 | 522,000 | 6,055,200 | ||||||
6,304,700 | ||||||||
Total | 26,178,226 | |||||||
Health Care – 27.0% | ||||||||
Biotechnology - 6.7% | ||||||||
Avid Bioservices 2 | 208,000 | 4,486,560 | ||||||
BiomX 2,4 | 225,696 | 690,630 | ||||||
CareDx 2 | 47,000 | 2,978,390 | ||||||
Krystal Biotech 2 | 22,000 | 1,148,620 | ||||||
MeiraGTx Holdings 2 | 157,000 | 2,069,260 | ||||||
Oxford Biomedica 1,2 | 224,000 | 4,659,475 | ||||||
PureTech Health 1,2 | 846,000 | 4,083,027 | ||||||
Synlogic 2 | 484,041 | 1,476,325 | ||||||
21,592,287 | ||||||||
Health Care Equipment & Supplies - 11.5% | ||||||||
Alphatec Holdings 2 | 254,000 | 3,096,260 | ||||||
Axonics 2,4 | 47,000 | 3,059,230 | ||||||
CryoPort 2 | 34,198 | 2,274,509 | ||||||
CytoSorbents Corporation 2 | 196,000 | 1,591,520 | ||||||
InMode 2 | 65,000 | 10,364,250 | ||||||
Neuronetics 2,4 | 336,500 | 2,207,440 | ||||||
Profound Medical 2 | 123,000 | 1,795,571 | ||||||
Semler Scientific 2,4 | 16,000 | 2,014,400 | ||||||
SI-BONE 2 | 82,000 | 1,756,440 | ||||||
STAAR Surgical 2 | 50,000 | 6,426,500 | ||||||
West Pharmaceutical Services | 6,000 | 2,547,240 | ||||||
37,133,360 | ||||||||
Health Care Providers & Services - 6.2% | ||||||||
Addus HomeCare 2 | 25,000 | 1,993,750 | ||||||
Greenbrook TMS 2 | 206,902 | 1,549,696 | ||||||
Joint Corp. (The) 2,4 | 19,000 | 1,862,380 | ||||||
ModivCare 2 | 32,000 | 5,811,840 | ||||||
Pennant Group 2 | 91,000 | 2,556,190 | ||||||
Progyny 2,4 | 65,000 | 3,640,000 | ||||||
Sharps Compliance 2 | 284,000 | 2,348,680 | ||||||
19,762,536 | ||||||||
Health Care Technology - 0.7% | ||||||||
CareCloud 2,4 | 312,000 | 2,377,440 | ||||||
Life Sciences Tools & Services - 1.9% | ||||||||
Harvard Bioscience 2 | 213,600 | 1,490,928 | ||||||
Inotiv 2,4 | 55,796 | 1,631,475 | ||||||
Medpace Holdings 2 | 15,000 | 2,839,200 | ||||||
5,961,603 | ||||||||
Total | 86,827,226 | |||||||
Industrials – 15.0% | ||||||||
Aerospace & Defense - 1.4% | ||||||||
AeroVironment 2 | 31,000 | 2,675,920 | ||||||
Byrna Technologies 2 | 83,000 | 1,814,380 | ||||||
4,490,300 | ||||||||
Commercial Services & Supplies - 1.6% | ||||||||
ACV Auctions Cl. A 2 | 103,000 | 1,842,670 | ||||||
VSE Corporation | 67,000 | 3,227,390 | ||||||
5,070,060 | ||||||||
Construction & Engineering - 0.7% | ||||||||
Ameresco Cl. A 2 | 36,000 | 2,103,480 | ||||||
Electrical Equipment - 3.5% | ||||||||
American Superconductor 2 | 226,349 | 3,300,169 | ||||||
EnerSys | 29,000 | 2,158,760 | ||||||
Enovix 2,4 | 125,000 | 2,361,250 | ||||||
Eos Energy Enterprises 2,4 | 111,000 | 1,557,330 | ||||||
GrafTech International | 195,000 | 2,012,400 | ||||||
11,389,909 | ||||||||
Machinery - 3.5% | ||||||||
ATS Automation Tooling Systems 2 | 193,000 | 6,122,485 | ||||||
Chart Industries 2 | 26,000 | 4,968,860 | ||||||
11,091,345 | ||||||||
Professional Services - 1.9% | ||||||||
ASGN 2 | 26,000 | 2,941,640 | ||||||
Atlas Technical Consultants Cl. A 2 | 326,000 | 3,315,420 | ||||||
6,257,060 | ||||||||
Trading Companies & Distributors - 2.4% | ||||||||
Lawson Products 2 | 157,000 | 7,851,570 | ||||||
Total | 48,253,724 | |||||||
Information Technology – 26.0% | ||||||||
Communications Equipment - 0.5% | ||||||||
Genasys 2,4 | 324,000 | 1,678,320 | ||||||
Electronic Equipment, Instruments & Components - 3.4% | ||||||||
Iteris 2 | 1,287,474 | 6,797,863 | ||||||
nLIGHT 2 | 59,000 | 1,663,210 | ||||||
Rogers Corporation 2 | 14,151 | 2,638,878 | ||||||
11,099,951 | ||||||||
IT Services - 4.8% | ||||||||
Cantaloupe 2 | 428,996 | 4,624,577 | ||||||
Unisys Corporation 2 | 426,900 | 10,732,266 | ||||||
15,356,843 | ||||||||
Semiconductors & Semiconductor Equipment - 9.7% | ||||||||
Ambarella 2 | 42,000 | 6,541,080 | ||||||
AXT 2 | 216,400 | 1,802,612 | ||||||
Canadian Solar 2,4 | 68,000 | 2,352,120 | ||||||
CyberOptics Corporation 2 | 39,000 | 1,387,620 | ||||||
Impinj 2,4 | 61,000 | 3,484,930 | ||||||
Lattice Semiconductor 2 | 33,000 | 2,133,450 | ||||||
MagnaChip Semiconductor 2 | 403,461 | 7,165,467 | ||||||
Onto Innovation 2 | 43,000 | 3,106,750 | ||||||
Silicon Laboratories 2,4 | 22,000 | 3,083,520 | ||||||
31,057,549 | ||||||||
Software - 7.6% | ||||||||
Agilysys 2 | 63,000 | 3,298,680 | ||||||
Coupa Software 2,4 | 5,000 | 1,095,900 | ||||||
Descartes Systems Group (The) 2 | 56,033 | 4,553,242 | ||||||
LivePerson 2,4 | 59,000 | 3,478,050 | ||||||
Matterport Cl. A 2,4 | 336,000 | 6,353,760 | ||||||
Paylocity Holding Corporation 2 | 7,786 | 2,183,194 | ||||||
RingCentral Cl. A 2 | 4,000 | 870,000 | ||||||
Veritone 2,4 | 115,000 | 2,747,350 | ||||||
24,580,176 | ||||||||
Total | 83,772,839 | |||||||
Materials – 2.2% | ||||||||
Chemicals - 1.0% | ||||||||
NanoXplore 2 | 611,000 | 3,294,750 | ||||||
Metals & Mining - 1.2% | ||||||||
Core Lithium 1,2 | 3,612,904 | 1,083,938 | ||||||
ioneer 1,2 | 6,000,000 | 2,714,965 | ||||||
3,798,903 | ||||||||
Total | 7,093,653 | |||||||
Real Estate – 1.0% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 1.0% | ||||||||
Postal Realty Trust Cl. A | 170,000 | 3,168,800 | ||||||
Total | 3,168,800 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $196,574,899) | 302,768,351 | |||||||
REPURCHASE AGREEMENT – 4.5% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $14,416,312 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $14,704,690) (Cost $14,416,312) | 14,416,312 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.6% | ||||||||
Money Market Funds | ||||||||
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.03%) (Cost $5,295,774) | 5,295,774 | |||||||
TOTAL INVESTMENTS – 100.2% | ||||||||
(Cost $216,286,985) | 322,480,437 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)% | (698,230 | ) | ||||||
NET ASSETS – 100.0% | $ | 321,782,207 |
SCHEDULES OF INVESTMENTS
ROYCE SPECIAL EQUITY FUND
SEPTEMBER 30, 2021 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 84.8% | ||||||||
Communication Services – 4.5% | ||||||||
Media - 4.5% | ||||||||
Meredith Corporation 2 | 711,000 | $ | 39,602,700 | |||||
TEGNA | 425,000 | 8,381,000 | ||||||
Total | 47,983,700 | |||||||
Consumer Discretionary – 20.8% | ||||||||
Auto Components - 6.3% | ||||||||
Gentex Corporation | 465,000 | 15,335,700 | ||||||
Standard Motor Products 3 | 1,171,500 | 51,206,265 | ||||||
66,541,965 | ||||||||
Automobiles - 2.2% | ||||||||
Winnebago Industries | 316,500 | 22,930,425 | ||||||
Diversified Consumer Services - 0.8% | ||||||||
H&R Block | 355,000 | 8,875,000 | ||||||
Household Durables - 5.2% | ||||||||
Flexsteel Industries 3 | 767,500 | 23,700,400 | ||||||
Hooker Furnishings 3 | 1,137,000 | 30,687,630 | ||||||
54,388,030 | ||||||||
Leisure Products - 4.4% | ||||||||
Johnson Outdoors Cl. A | 441,700 | 46,731,860 | ||||||
Textiles, Apparel & Luxury Goods - 1.9% | ||||||||
Movado Group | 625,000 | 19,681,250 | ||||||
Total | 219,148,530 | |||||||
Consumer Staples – 8.2% | ||||||||
Food & Staples Retailing - 4.5% | ||||||||
Ingles Markets Cl. A | 727,000 | 48,003,810 | ||||||
Food Products - 3.7% | ||||||||
John B. Sanfilippo & Son | 476,600 | 38,947,752 | ||||||
Total | 86,951,562 | |||||||
Financials – 5.0% | ||||||||
Capital Markets - 5.0% | ||||||||
BrightSphere Investment Group | 524,500 | 13,705,185 | ||||||
Diamond Hill Investment Group | 140,000 | 24,592,400 | ||||||
Federated Hermes Cl. B | 430,500 | 13,991,250 | ||||||
Total | 52,288,835 | |||||||
Health Care – 1.4% | ||||||||
Biotechnology - 1.4% | ||||||||
United Therapeutics 2 | 77,500 | 14,304,950 | ||||||
Total | 14,304,950 | |||||||
Industrials – 22.5% | ||||||||
Aerospace & Defense - 2.9% | ||||||||
National Presto Industries 3 | 378,100 | 31,034,448 | ||||||
Building Products - 2.6% | ||||||||
Insteel Industries | 255,500 | 9,721,775 | ||||||
UFP Industries | 261,500 | 17,776,770 | ||||||
27,498,545 | ||||||||
Commercial Services & Supplies - 1.8% | ||||||||
Ennis | 990,100 | 18,663,385 | ||||||
Construction & Engineering - 3.4% | ||||||||
Argan | 278,500 | 12,162,095 | ||||||
MYR Group 2 | 173,800 | 17,293,100 | ||||||
Sterling Construction 2 | 268,500 | 6,086,895 | ||||||
35,542,090 | ||||||||
Electrical Equipment - 2.0% | ||||||||
Encore Wire | 225,000 | 21,336,750 | ||||||
Machinery - 7.3% | ||||||||
Gencor Industries 2,3 | 1,066,000 | 11,832,600 | ||||||
Hurco Companies 3 | 580,000 | 18,710,800 | ||||||
Miller Industries 3 | 732,500 | 24,934,300 | ||||||
Mueller Industries | 526,000 | 21,618,600 | ||||||
77,096,300 | ||||||||
Trading Companies & Distributors - 2.5% | ||||||||
MSC Industrial Direct Cl. A | 325,500 | 26,101,845 | ||||||
Total | 237,273,363 | |||||||
Information Technology – 13.3% | ||||||||
Communications Equipment - 0.5% | ||||||||
NETGEAR 2 | 170,000 | 5,424,700 | ||||||
Electronic Equipment, Instruments & Components - 2.5% | ||||||||
Vishay Intertechnology | 1,129,000 | 22,681,610 | ||||||
Vishay Precision Group 2 | 89,100 | 3,098,007 | ||||||
25,779,617 | ||||||||
IT Services - 3.8% | ||||||||
Computer Services 1 | 674,000 | 39,766,000 | ||||||
Semiconductors & Semiconductor Equipment - 6.5% | ||||||||
Axcelis Technologies 2 | 373,000 | 17,542,190 | ||||||
Kulicke & Soffa Industries | 575,500 | 33,540,140 | ||||||
NVE Corporation 3 | 279,500 | 17,879,615 | ||||||
68,961,945 | ||||||||
Total | 139,932,262 | |||||||
Materials – 6.0% | ||||||||
Chemicals - 4.9% | ||||||||
Huntsman Corporation | 1,742,500 | 51,560,575 | ||||||
Construction Materials - 1.1% | ||||||||
United States Lime & Minerals | 100,000 | 12,080,000 | ||||||
Total | 63,640,575 | |||||||
Real Estate – 3.1% | ||||||||
Real Estate Management & Development - 3.1% | ||||||||
Marcus & Millichap 2 | 808,000 | 32,820,960 | ||||||
Total | 32,820,960 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $657,710,434) | 894,344,737 | |||||||
REPURCHASE AGREEMENT – 15.5% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $163,083,099 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $166,344,781) (Cost $163,083,099) | 163,083,099 |
TOTAL INVESTMENTS – 100.3% | ||||
(Cost $820,793,533) | 1,057,427,836 | |||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.3)% | (3,145,912 | ) | ||
NET ASSETS – 100.0% | $ | 1,054,281,924 |
SCHEDULES OF INVESTMENTS
ROYCE TOTAL RETURN FUND
SEPTEMBER 30, 2021 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 98.5% | ||||||||
Communication Services – 1.9% | ||||||||
Diversified Telecommunication Services - 0.7% | ||||||||
ATN International | 209,393 | $ | 9,810,062 | |||||
Entertainment - 1.2% | ||||||||
World Wrestling Entertainment Cl. A | 329,751 | 18,551,791 | ||||||
Total | 28,361,853 | |||||||
Consumer Discretionary – 7.3% | ||||||||
Auto Components - 1.5% | ||||||||
Gentex Corporation | 367,584 | 12,122,920 | ||||||
LCI Industries | 76,885 | 10,351,028 | ||||||
22,473,948 | ||||||||
Hotels, Restaurants & Leisure - 1.7% | ||||||||
Denny’s Corporation 2 | 1,215,700 | 19,864,538 | ||||||
Hyatt Hotels Cl. A 2 | 79,753 | 6,148,956 | ||||||
26,013,494 | ||||||||
Household Durables - 0.6% | ||||||||
Leggett & Platt | 185,640 | 8,324,098 | ||||||
Multiline Retail - 1.1% | ||||||||
Franchise Group Cl. A | 478,500 | 16,943,685 | ||||||
Textiles, Apparel & Luxury Goods - 2.4% | ||||||||
Levi Strauss & Co. Cl. A | 703,431 | 17,241,094 | ||||||
Ralph Lauren Cl. A | 161,336 | 17,914,749 | ||||||
35,155,843 | ||||||||
Total | 108,911,068 | |||||||
Consumer Staples – 3.6% | ||||||||
Food Products - 0.0% | ||||||||
Hershey Creamery 5 | 39 | 111,150 | ||||||
Household Products - 3.6% | ||||||||
Reynolds Consumer Products | 788,365 | 21,553,899 | ||||||
Spectrum Brands Holdings | 342,126 | 32,731,194 | ||||||
54,285,093 | ||||||||
Total | 54,396,243 | |||||||
Energy – 3.0% | ||||||||
Energy Equipment & Services - 3.0% | ||||||||
Cactus Cl. A | 547,600 | 20,655,472 | ||||||
ChampionX 2 | 513,900 | 11,490,804 | ||||||
Computer Modelling Group | 1,435,056 | 5,370,413 | ||||||
Pason Systems | 1,115,676 | 7,592,869 | ||||||
Total | 45,109,558 | |||||||
Financials – 40.3% | ||||||||
Banks - 20.3% | ||||||||
Bank of N.T. Butterfield & Son | 698,412 | 24,800,610 | ||||||
BankUnited | 519,972 | 21,745,229 | ||||||
BOK Financial | 196,695 | 17,614,037 | ||||||
CapStar Financial Holdings | 143,500 | 3,047,940 | ||||||
CBTX | 115,800 | 3,054,804 | ||||||
First Bancshares (The) | 403,900 | 15,663,242 | ||||||
First Citizens BancShares Cl. A | 16,203 | 13,661,883 | ||||||
First Hawaiian | 609,275 | 17,882,221 | ||||||
HBT Financial | 405,244 | 6,301,544 | ||||||
Heritage Commerce | 259,400 | 3,016,822 | ||||||
Home BancShares | 1,038,522 | 24,436,423 | ||||||
HomeTrust Bancshares | 108,100 | 3,024,638 | ||||||
Independent Bank Group | 385,191 | 27,363,969 | ||||||
OceanFirst Financial | 351,270 | 7,520,691 | ||||||
Origin Bancorp | 427,800 | 18,117,330 | ||||||
Preferred Bank | 96,600 | 6,441,288 | ||||||
Primis Financial | 206,800 | 2,990,328 | ||||||
QCR Holdings | 147,800 | 7,602,832 | ||||||
Signature Bank | 38,413 | 10,459,092 | ||||||
Southern First Bancshares 2 | 58,600 | 3,135,100 | ||||||
TowneBank | 323,600 | 10,067,196 | ||||||
Triumph Bancorp 2 | 245,162 | 24,548,071 | ||||||
UMB Financial | 137,611 | 13,308,360 | ||||||
Valley National Bancorp | 1,301,723 | 17,325,933 | ||||||
303,129,583 | ||||||||
Capital Markets - 3.9% | ||||||||
Ares Management Cl. A | 133,433 | 9,851,358 | ||||||
Artisan Partners Asset Management Cl. A | 353,169 | 17,277,027 | ||||||
Moelis & Company Cl. A | 278,705 | 17,243,478 | ||||||
Sprott | 42,331 | 1,556,415 | ||||||
TMX Group | 121,104 | 13,059,842 | ||||||
58,988,120 | ||||||||
Diversified Financial Services - 2.3% | ||||||||
Compass Diversified Holdings | 923,593 | 26,017,615 | ||||||
Equitable Holdings | 271,054 | 8,034,040 | ||||||
34,051,655 | ||||||||
Insurance - 13.8% | ||||||||
AMERISAFE | 233,756 | 13,127,737 | ||||||
Assured Guaranty | 244,100 | 11,426,321 | ||||||
Axis Capital Holdings | 565,284 | 26,025,676 | ||||||
First American Financial | 315,660 | 21,165,003 | ||||||
Hanover Insurance Group | 33,331 | 4,320,364 | ||||||
International General Insurance Holdings | 712,400 | 5,962,788 | ||||||
James River Group Holdings | 781,592 | 29,489,466 | ||||||
Old Republic International | 409,600 | 9,474,048 | ||||||
ProAssurance Corporation | 741,634 | 17,636,057 | ||||||
RenaissanceRe Holdings | 140,700 | 19,613,580 | ||||||
Stewart Information Services | 325,400 | 20,584,804 | ||||||
Trean Insurance Group 2,3 | 2,599,615 | 26,906,015 | ||||||
205,731,859 | ||||||||
Total | 601,901,217 | |||||||
Health Care – 0.8% | ||||||||
Health Care Providers & Services - 0.8% | ||||||||
Patterson Companies | 383,842 | 11,568,998 | ||||||
Total | 11,568,998 | |||||||
Industrials – 21.2% | ||||||||
Building Products - 3.8% | ||||||||
Carlisle Companies | 105,167 | 20,906,148 | ||||||
Fortune Brands Home & Security | 152,292 | 13,617,950 | ||||||
UFP Industries | 326,016 | 22,162,568 | ||||||
56,686,666 | ||||||||
Commercial Services & Supplies - 2.6% | ||||||||
Deluxe Corporation | 516,431 | 18,534,708 | ||||||
Healthcare Services Group | 793,009 | 19,817,295 | ||||||
38,352,003 | ||||||||
Electrical Equipment - 3.3% | ||||||||
GrafTech International | 1,826,100 | 18,845,352 | ||||||
Hubbell Incorporated | 51,134 | 9,238,380 | ||||||
nVent Electric | 678,900 | 21,948,837 | ||||||
50,032,569 | ||||||||
Machinery - 5.2% | ||||||||
Crane Company | 252,486 | 23,938,198 | ||||||
Douglas Dynamics | 436,100 | 15,830,430 | ||||||
Lincoln Electric Holdings | 103,944 | 13,386,948 | ||||||
Timken Company (The) | 378,611 | 24,768,731 | ||||||
77,924,307 | ||||||||
Professional Services - 1.2% | ||||||||
KBR | 437,759 | 17,247,705 | ||||||
Road & Rail - 0.5% | ||||||||
Werner Enterprises | 164,137 | 7,266,345 | ||||||
Trading Companies & Distributors - 4.6% | ||||||||
Applied Industrial Technologies | 196,300 | 17,692,519 | ||||||
Global Industrial | 355,933 | 13,486,302 | ||||||
Lawson Products 2 | 60,600 | 3,030,606 | ||||||
MSC Industrial Direct Cl. A | 292,880 | 23,486,047 | ||||||
Watsco | 41,668 | 11,026,186 | ||||||
68,721,660 | ||||||||
Total | 316,231,255 | |||||||
Information Technology – 8.9% | ||||||||
Electronic Equipment, Instruments & Components - 3.7% | ||||||||
Avnet | 299,730 | 11,081,018 | ||||||
PC Connection | 215,944 | 9,508,014 | ||||||
Vontier Corporation | 1,040,100 | 34,947,360 | ||||||
55,536,392 | ||||||||
IT Services - 1.3% | ||||||||
EVERTEC | 340,400 | 15,563,088 | ||||||
Hackett Group (The) | 155,832 | 3,057,424 | ||||||
18,620,512 | ||||||||
Semiconductors & Semiconductor Equipment - 1.8% | ||||||||
Kulicke & Soffa Industries | 346,553 | 20,197,109 | ||||||
MKS Instruments | 46,101 | 6,957,102 | ||||||
27,154,211 | ||||||||
Software - 2.1% | ||||||||
CDK Global | 518,600 | 22,066,430 | ||||||
Teradata Corporation 2 | 150,900 | 8,654,115 | ||||||
30,720,545 | ||||||||
Total | 132,031,660 | |||||||
Materials – 8.9% | ||||||||
Chemicals - 5.0% | ||||||||
Chase Corporation | 58,843 | 6,010,812 | ||||||
Element Solutions | 1,187,802 | 25,751,547 | ||||||
Innospec | 242,327 | 20,408,780 | ||||||
Minerals Technologies | 323,397 | 22,586,047 | ||||||
74,757,186 | ||||||||
Containers & Packaging - 3.9% | ||||||||
Graphic Packaging Holding Company | 1,287,534 | 24,514,647 | ||||||
Silgan Holdings | 565,654 | 21,698,488 | ||||||
TriMas Corporation 2 | 359,300 | 11,626,948 | ||||||
57,840,083 | ||||||||
Metals & Mining - 0.0% | ||||||||
Ferroglobe (Warranty Insurance Trust) 2,5 | 569,803 | 0 | ||||||
Total | 132,597,269 | |||||||
Real Estate – 2.6% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 1.0% | ||||||||
Equity Commonwealth 2 | 574,300 | 14,920,314 | ||||||
Real Estate Management & Development - 1.6% | ||||||||
Kennedy-Wilson Holdings | 1,123,505 | 23,503,725 | ||||||
Total | 38,424,039 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,128,093,404) | 1,469,533,160 | |||||||
PREFERRED STOCK – 0.8% | ||||||||
II-VI 6.00% Ser. A Conv. | 50,100 | 12,628,206 | ||||||
(Cost $12,866,803) | 12,628,206 | |||||||
REPURCHASE AGREEMENT – 0.8% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $11,315,876 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $11,542,280) (Cost $11,315,876) | 11,315,876 | |||||||
TOTAL INVESTMENTS – 100.1% | ||||||||
(Cost $1,152,276,083) | 1,493,477,242 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)% | (1,339,139 | ) | ||||||
NET ASSETS – 100.0% | $ | 1,492,138,103 |
ADR – American Depository Receipt
1 | These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or the application of fair value factors. |
2 | Non-income producing. |
4 | All or a portion of these securities were on loan at September 30, 2021. |
Securities of Royce International Premier Fund are categorized by the country of their headquarters.
Tax Information:
At September 30, 2021, 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 | $ | 33,746,542 | $ | 40,428,561 | $ | 40,790,161 | $ | 361,600 | ||||||||
Royce Global Financial Services Fund | 24,357,701 | 16,730,905 | 18,257,709 | 1,526,804 | ||||||||||||
Royce International Premier Fund | 1,001,053,914 | 285,927,449 | 316,337,536 | 30,410,087 | ||||||||||||
Royce Micro-Cap Fund | 268,441,264 | 136,736,221 | 150,954,449 | 14,218,228 | ||||||||||||
Royce Opportunity Fund | 1,542,525,318 | 387,356,802 | 444,042,156 | 56,685,354 | ||||||||||||
Royce Pennsylvania Mutual Fund | 1,442,637,525 | 680,476,736 | 714,652,082 | 34,175,346 | ||||||||||||
Royce Premier Fund | 972,592,268 | 711,368,649 | 732,012,400 | 20,643,751 | ||||||||||||
Royce Small-Cap Value Fund | 101,345,890 | 30,703,734 | 34,753,686 | 4,049,952 | ||||||||||||
Royce Smaller-Companies Growth Fund | 216,503,802 | 105,976,635 | 113,939,933 | 7,963,298 | ||||||||||||
Royce Special Equity Fund | 820,816,589 | 236,611,247 | 244,822,792 | 8,211,545 | ||||||||||||
Royce Total Return Fund | 1,152,575,749 | 340,901,493 | 370,331,773 | 29,430,280 |
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 and foreign securities that were fair valued 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, 2021. 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 | $ | 55,467,822 | $ | 13,276,111 | $ | – | $ | 68,743,933 | ||||||||
Repurchase Agreement | – | 5,431,170 | – | 5,431,170 | ||||||||||||
Royce Global Financial Services Fund | ||||||||||||||||
Common Stocks | 30,289,856 | 6,764,024 | – | 37,053,880 | ||||||||||||
Repurchase Agreement | – | 4,034,726 | – | 4,034,726 | ||||||||||||
Royce International Premier Fund | ||||||||||||||||
Common Stocks | 100,232,250 | 1,078,760,266 | – | 1,178,992,516 | ||||||||||||
Preferred Stocks | – | 27,023,213 | – | 27,023,213 | ||||||||||||
Repurchase Agreement | – | 80,965,634 | – | 80,965,634 | ||||||||||||
Royce Micro-Cap Fund | ||||||||||||||||
Common Stocks | 372,840,751 | 10,246,692 | 0 | 383,087,443 | ||||||||||||
Repurchase Agreement | – | 22,057,167 | – | 22,057,167 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 32,875 | – | – | 32,875 | ||||||||||||
Royce Opportunity Fund | ||||||||||||||||
Common Stocks | 1,814,553,345 | 5,124,317 | 3,417 | 1,819,681,079 | ||||||||||||
Repurchase Agreement | – | 107,842,367 | – | 107,842,367 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 2,358,674 | – | – | 2,358,674 | ||||||||||||
Royce Pennsylvania Mutual Fund | ||||||||||||||||
Common Stocks | 2,046,033,746 | 15,368,270 | 4,130,000 | 2,065,532,016 | ||||||||||||
Repurchase Agreement | – | 47,757,457 | – | 47,757,457 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 9,824,788 | – | – | 9,824,788 | ||||||||||||
Royce Premier Fund | ||||||||||||||||
Common Stocks | 1,548,768,344 | 60,020,778 | – | 1,608,789,122 | ||||||||||||
Repurchase Agreement | – | 75,171,795 | – | 75,171,795 | ||||||||||||
Royce Small-Cap Value Fund | ||||||||||||||||
Common Stocks | 131,201,461 | – | – | 131,201,461 | ||||||||||||
Repurchase Agreement | – | 848,163 | – | 848,163 | ||||||||||||
Royce Smaller-Companies Growth Fund | ||||||||||||||||
Common Stocks | 290,226,946 | 12,541,405 | – | 302,768,351 | ||||||||||||
Repurchase Agreement | – | 14,416,312 | – | 14,416,312 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 5,295,774 | – | – | 5,295,774 | ||||||||||||
Royce Special Equity Fund | ||||||||||||||||
Common Stocks | 854,578,737 | 39,766,000 | – | 894,344,737 | ||||||||||||
Repurchase Agreement | – | 163,083,099 | – | 163,083,099 | ||||||||||||
Royce Total Return Fund | ||||||||||||||||
Common Stocks | 1,469,422,010 | – | 111,150 | 1,469,533,160 | ||||||||||||
Preferred Stocks | 12,628,206 | – | – | 12,628,206 | ||||||||||||
Repurchase Agreement | – | 11,315,876 | – | 11,315,876 |
Level 3 Reconciliation:
Balance as of 12/31/20 | Purchases | Sales | Transfers In | Realized Gain (Loss) | Unrealized Gain (Loss) | Balance as of 9/30/21 | ||||||||||||||||||||||
Royce Micro-Cap Fund | ||||||||||||||||||||||||||||
Common Stocks | $ | 690,000 | $ | – | $ | – | $ | – | $ | – | $ | (690,000 | ) | $ | 0 | |||||||||||||
Royce Opportunity Fund | ||||||||||||||||||||||||||||
Common Stocks | – | – | – | 3,417 | – | – | 3,417 | |||||||||||||||||||||
Royce Pennsylvania Mutual Fund | ||||||||||||||||||||||||||||
Common Stocks | 0 | 5,000,000 | – | – | – | (870,000 | ) | 4,130,000 | ||||||||||||||||||||
Royce Total Return Fund | ||||||||||||||||||||||||||||
Common Stocks | 506,127 | – | 614,038 | 111,150 | (3,470,385 | ) | 3,578,296 | 111,150 |
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, 2021 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, 2021:
Cash Collateral1 | Securities on Loan Collateralized by Cash Collateral | Net Amount | ||||||||||
Royce Micro-Cap Fund | $ | 32,875 | $ | (31,801 | ) | $ | 1,074 | |||||
Royce Opportunity Fund | 2,358,674 | (2,260,737 | ) | 97,937 | ||||||||
Royce Pennsylvania Mutual Fund | 9,824,788 | (9,508,257 | ) | 316,531 | ||||||||
Royce Smaller-Companies Growth Fund | 5,295,774 | (5,124,611 | ) | 171,163 |
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, 2021:
Non-Cash Collateral | Securities on Loan Collateralized by Non-Cash Collateral | Net Amount | ||||||||||
Royce Micro-Cap Fund | $ | 6,828,341 | $ | (6,669,341 | ) | $ | 159,000 | |||||
Royce Opportunity Fund | 37,498,888 | (36,662,159 | ) | 836,729 | ||||||||
Royce Pennsylvania Mutual Fund | 44,426,282 | (42,198,751 | ) | 2,227,531 | ||||||||
Royce Small-Cap Value Fund | 347,244 | (339,975 | ) | 7,269 | ||||||||
Royce Smaller-Companies Growth Fund | 36,878,470 | (35,977,303 | ) | 901,167 |
Transactions in Affiliated Companies:
An “Affiliated Company,” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the nine months ended September 30, 2021:
Affiliated Company1 | Shares 12/31/20 | Market Value 12/31/20 | Costs of Purchases | Proceeds from Sales | Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Dividend Income | Shares 9/30/21 | Market Value 9/30/21 | |||||||||||||||||||||||||||
Royce International Premier Fund | ||||||||||||||||||||||||||||||||||||
Australia – 2.4% | ||||||||||||||||||||||||||||||||||||
Bravura Solutions2,3 | 11,180,629 | $ | 27,783,984 | $ | 8,212,414 | $ | 1,606,281 | $ | 18,037 | $ | (2,910,196 | ) | $ | 819,692 | 14,219,530 | $ | 31,497,958 | |||||||||||||||||||
27,783,984 | 18,037 | (2,910,196 | ) | 819,692 | 31,497,958 | |||||||||||||||||||||||||||||||
Royce Opportunity Fund | ||||||||||||||||||||||||||||||||||||
Health Care – 0.5% | ||||||||||||||||||||||||||||||||||||
Health Care Equipment & Supplies – 0.5% | ||||||||||||||||||||||||||||||||||||
IntriCon Corporation2,4,5 | 395,910 | 7,165,971 | 2,175,159 | 81,515 | (18,978 | ) | (497,560 | ) | – | 481,447 | 8,743,077 | |||||||||||||||||||||||||
7,165,971 | (18,978 | ) | (497,560 | ) | – | 8,743,077 | ||||||||||||||||||||||||||||||
Royce Special Equity Fund | ||||||||||||||||||||||||||||||||||||
Consumer Discretionary – 10.0% | ||||||||||||||||||||||||||||||||||||
Auto Components – 4.8% | ||||||||||||||||||||||||||||||||||||
Standard Motor Products2 | 827,500 | 33,480,650 | 14,701,168 | – | – | 3,024,447 | 772,375 | 1,171,500 | 51,206,265 | |||||||||||||||||||||||||||
Hotels, Restaurants & Leisure – 0.0% | ||||||||||||||||||||||||||||||||||||
Bowl America Cl. A6 | 347,000 | 3,270,475 | – | 2,979,032 | (1,557,851 | ) | 1,266,408 | 192,000 | ||||||||||||||||||||||||||||
Household Durables – 5.2% | ||||||||||||||||||||||||||||||||||||
Flexsteel Industries2 | 767,500 | 26,839,475 | – | – | – | (3,139,075 | ) | 345,375 | 767,500 | 23,700,400 | ||||||||||||||||||||||||||
Hooker Furniture2 | 1,130,000 | 36,442,500 | 254,942 | – | – | (6,009,812 | ) | 611,460 | 1,137,000 | 30,687,630 | ||||||||||||||||||||||||||
63,281,975 | – | (9,148,887 | ) | 956,835 | 54,388,030 | |||||||||||||||||||||||||||||||
100,033,100 | (1,557,851 | ) | (4,858,032 | ) | 1,921,210 | 105,594,295 | ||||||||||||||||||||||||||||||
Industrials – 8.2% | ||||||||||||||||||||||||||||||||||||
Aerospace & Defense – 2.9% | ||||||||||||||||||||||||||||||||||||
National Presto Industries2 | 393,100 | 34,761,833 | 1,492,053 | 2,512,245 | (307,169 | ) | (2,400,024 | ) | 2,462,613 | 378,100 | 31,034,448 | |||||||||||||||||||||||||
Machinery – 5.3% | ||||||||||||||||||||||||||||||||||||
Gencor Industries2,4 | 1,065,000 | 13,099,500 | 11,460 | – | – | (1,278,360 | ) | – | 1,066,000 | 11,832,600 | ||||||||||||||||||||||||||
Hurco Companies2 | 580,000 | 17,400,000 | – | – | – | 1,310,800 | 319,000 | 580,000 | 18,710,800 | |||||||||||||||||||||||||||
Miller Industries2 | 575,500 | 21,880,510 | 6,349,337 | – | – | (3,295,547 | ) | 363,114 | 732,500 | 24,934,300 | ||||||||||||||||||||||||||
52,380,010 | – | (3,263,107 | ) | 682,114 | 55,477,700 | |||||||||||||||||||||||||||||||
87,141,843 | (307,169 | ) | (5,663,131 | ) | 3,144,727 | 86,512,148 | ||||||||||||||||||||||||||||||
Information Technology – 1.7% | ||||||||||||||||||||||||||||||||||||
Semiconductors & Semiconductor Equipment – 1.7% | ||||||||||||||||||||||||||||||||||||
NVE Corporation2 | 124,000 | 6,966,320 | 10,595,095 | – | – | 318,200 | 612,803 | 279,500 | 17,879,615 | |||||||||||||||||||||||||||
6,966,320 | – | 318,200 | 612,803 | 17,879,615 | ||||||||||||||||||||||||||||||||
194,141,263 | (1,865,020 | ) | (10,202,963 | ) | 5,678,740 | 209,986,058 | ||||||||||||||||||||||||||||||
Royce Total Return Fund | ||||||||||||||||||||||||||||||||||||
Financials – 1.8% | ||||||||||||||||||||||||||||||||||||
Insurance – 1.8% | ||||||||||||||||||||||||||||||||||||
Trean Insurance Group2,4 | 35,826,932 | – | – | (8,920,917 | ) | – | 2,599,615 | 26,906,015 | ||||||||||||||||||||||||||||
– | (8,920,917 | ) | – | 26,906,015 |
1 | Percentages represent the percentages of the investments in Affiliated Companies of the Funds’s net assets. |
2 | At September 30, 2021, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company and Affiliated Company as that term is defined in the Investment Company Act of 1940. |
3 | These securities are defined as Level 2 securities due to the application of fair value factors. |
4 | Non-income producing. |
5 | All or a portion of these securities were on loan at September 30, 2021. |
6 | Not an Affiliated Company at September 30, 2021. |
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).