SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
SEPTEMBER 30, 2019 (UNAUDITED)
| SHARES | VALUE | |||||||
| COMMON STOCKS – 101.8% | ||||||||
| Communication Services – 1.3% | ||||||||
| Diversified Telecommunication Services - 0.3% | ||||||||
| Bandwidth Cl. A 1 | 55,900 | $ | 3,639,649 | |||||
| Cogent Communications Holdings | 12,858 | 708,476 | ||||||
| Vonage Holdings 1 | 22,977 | 259,640 | ||||||
| 4,607,765 | ||||||||
| Entertainment - 0.0% | ||||||||
| Global Eagle Entertainment 1 | 110,000 | 79,420 | ||||||
| Interactive Media & Services - 0.2% | ||||||||
| Care.com 1 | 16,947 | 177,096 | ||||||
| QuinStreet 1,2 | 180,254 | 2,269,398 | ||||||
| 2,446,494 | ||||||||
| Media - 0.8% | ||||||||
| comScore 1,2,3 | 808,910 | 1,545,018 | ||||||
| Gannett Company | 77,913 | 836,786 | ||||||
| Gray Television 1,2,3 | 50,000 | 816,000 | ||||||
| Liberty Latin America Cl. C 1,2,3 | 246,300 | 4,210,498 | ||||||
| Meredith Corporation 2,3 | 49,300 | 1,807,338 | ||||||
| New Media Investment Group | 108,414 | 955,127 | ||||||
| Nexstar Media Group Cl. A | 4,800 | 491,088 | ||||||
| Pico Far East Holdings | 2,612,400 | 826,614 | ||||||
| 11,488,469 | ||||||||
| Wireless Telecommunication Services - 0.0% | ||||||||
| Boingo Wireless 1,2,3 | 50,000 | 555,000 | ||||||
| Total | 19,177,148 | |||||||
| Consumer Discretionary – 7.4% | ||||||||
| Auto Components - 1.3% | ||||||||
| Cooper-Standard Holdings 1 | 5,522 | 225,739 | ||||||
| Dorman Products 1,2,3 | 28,400 | 2,258,936 | ||||||
| Garrett Motion 1 | 47,015 | 468,269 | ||||||
| Gentex Corporation | 89,850 | 2,474,020 | ||||||
| LCI Industries 2,3 | 135,756 | 12,469,189 | ||||||
| Standard Motor Products 2 | 9,994 | 485,209 | ||||||
| Stoneridge 1 | 3,900 | 120,783 | ||||||
| Superior Industries International 1 | 186,926 | 540,216 | ||||||
| Visteon Corporation 1 | 1,760 | 145,270 | ||||||
| 19,187,631 | ||||||||
| Distributors - 0.5% | ||||||||
| Core-Mark Holding 2 | 36,828 | 1,182,731 | ||||||
| LKQ Corporation 1,2,3 | 137,000 | 4,308,650 | ||||||
| Weyco Group 2,3 | 97,992 | 2,215,599 | ||||||
| 7,706,980 | ||||||||
| Diversified Consumer Services - 0.5% | ||||||||
| American Public Education 1 | 21,748 | 485,850 | ||||||
| Collectors Universe 2 | 71,100 | 2,024,928 | ||||||
| Franchise Group Cl. A 1,4 | 151,573 | 1,803,719 | ||||||
| Regis Corporation 1 | 6,418 | 129,772 | ||||||
| Universal Technical Institute 1 | 504,032 | 2,741,934 | ||||||
| 7,186,203 | ||||||||
| Hotels, Restaurants & Leisure - 0.4% | ||||||||
| Century Casinos 1 | 242,660 | 1,875,762 | ||||||
| Lindblad Expeditions Holdings 1,2,3 | 207,600 | 3,479,376 | ||||||
| Red Robin Gourmet Burgers 1 | 16,208 | 539,078 | ||||||
| Ruth's Hospitality Group | 30,423 | 621,085 | ||||||
| 6,515,301 | ||||||||
| Household Durables - 0.9% | ||||||||
| Cavco Industries 1,2,3 | 14,700 | 2,823,723 | ||||||
| Ethan Allen Interiors 2 | 149,547 | 2,856,348 | ||||||
| KB HOME | 14,800 | 503,200 | ||||||
| La-Z-Boy | 20,299 | 681,843 | ||||||
| LGI Homes 1 | 54,300 | 4,524,276 | ||||||
| Meritage Homes 1 | 13,469 | 947,544 | ||||||
| Natuzzi ADR 1 | 182,143 | 319,370 | ||||||
| Purple Innovation 1 | 129,955 | 978,561 | ||||||
| 13,634,865 | ||||||||
| Internet & Direct Marketing Retail - 0.7% | ||||||||
| Etsy 1,2,3 | 97,000 | 5,480,500 | ||||||
| PetMed Express | 14,614 | 263,345 | ||||||
| Shutterstock 1 | 22,234 | 803,092 | ||||||
| Stamps.com 1 | 50,767 | 3,779,603 | ||||||
| 10,326,540 | ||||||||
| Leisure Products - 0.2% | ||||||||
| Brunswick Corporation | 40,400 | 2,105,648 | ||||||
| Johnson Outdoors Cl. A | 2,230 | 130,589 | ||||||
| MasterCraft Boat Holdings 1 | 25,250 | 376,856 | ||||||
| Sturm, Ruger & Co. | 16,548 | 691,045 | ||||||
| 3,304,138 | ||||||||
| Specialty Retail - 2.3% | ||||||||
| Abercrombie & Fitch Cl. A | 32,949 | 514,005 | ||||||
| America's Car-Mart 1,2,3 | 120,000 | 11,004,000 | ||||||
| AutoCanada | 1,088,000 | 6,561,588 | ||||||
| Barnes & Noble Education 1 | 76,571 | 238,902 | ||||||
| Buckle (The) | 62,895 | 1,295,637 | ||||||
| Caleres | 36,097 | 845,031 | ||||||
| Camping World Holdings Cl. A 2,3 | 556,813 | 4,955,636 | ||||||
| CarMax 1 | 7,100 | 624,800 | ||||||
| Cato Corporation (The) Cl. A | 61,301 | 1,079,511 | ||||||
| Chico's FAS | 168,369 | 678,527 | ||||||
| Children's Place | 50,670 | 3,901,083 | ||||||
| Haverty Furniture | 14,886 | 301,739 | ||||||
| Hibbett Sports 1 | 11,166 | 255,701 | ||||||
| Monro 2,3 | 7,539 | 595,656 | ||||||
| Shoe Carnival | 8,093 | 262,294 | ||||||
| Vitamin Shoppe 1 | 131,004 | 854,146 | ||||||
| 33,968,256 | ||||||||
| Textiles, Apparel & Luxury Goods - 0.6% | ||||||||
| Crocs 1 | 10,931 | 303,445 | ||||||
| Culp 2 | 29,400 | 479,220 | ||||||
| G-III Apparel Group 1 | 15,000 | 386,550 | ||||||
| J.G. Boswell Company 4 | 3,940 | 2,671,320 | ||||||
| Movado Group | 37,239 | 925,762 | ||||||
| Steven Madden | 29,941 | 1,071,588 | ||||||
| Vera Bradley 1 | 60,220 | 608,222 | ||||||
| Wolverine World Wide 2 | 95,620 | 2,702,221 | ||||||
| 9,148,328 | ||||||||
| Total | 110,978,242 | |||||||
| Consumer Staples – 1.9% | ||||||||
| Beverages - 0.1% | ||||||||
| Compania Cervecerias Unidas ADR 2 | 64,500 | 1,431,255 | ||||||
| Food & Staples Retailing - 0.0% | ||||||||
| SpartanNash Company | 28,701 | 339,533 | ||||||
| Food Products - 1.4% | ||||||||
| Cal-Maine Foods 1,2,3 | 44,698 | 1,785,908 | ||||||
| Farmer Bros. 1,2,3 | 54,700 | 708,365 | ||||||
| Industrias Bachoco ADR Cl. B | 5,630 | 299,685 | ||||||
| John B Sanfilippo & Son | 3,935 | 380,121 | ||||||
| Nomad Foods 1,2 | 143,600 | 2,943,800 | ||||||
| Seneca Foods Cl. A 1,2,3 | 235,004 | 7,327,425 | ||||||
| Seneca Foods Cl. B 1 | 13,840 | 428,902 | ||||||
| Tootsie Roll Industries 2 | 178,044 | 6,612,554 | ||||||
| 20,486,760 | ||||||||
| Household Products - 0.1% | ||||||||
| WD-40 Company | 4,653 | 854,012 | ||||||
| Personal Products - 0.3% | ||||||||
| Inter Parfums 2 | 62,745 | 4,390,268 | ||||||
| Tobacco - 0.0% | ||||||||
| Universal Corporation | 8,008 | 438,918 | ||||||
| Total | 27,940,746 | |||||||
| Energy – 6.3% | ||||||||
| Energy Equipment & Services - 4.5% | ||||||||
| CARBO Ceramics 1 | 78,000 | 187,200 | ||||||
| Computer Modelling Group | 1,333,624 | 6,150,464 | ||||||
| Diamond Offshore Drilling 1,2,3 | 214,000 | 1,189,840 | ||||||
| Era Group 1 | 725,406 | 7,660,287 | ||||||
| Forum Energy Technologies 1 | 249,431 | 386,618 | ||||||
| Helmerich & Payne 2,3 | 94,000 | 3,766,580 | ||||||
| ION Geophysical 1 | 71,880 | 655,546 | ||||||
| Matrix Service 1 | 23,568 | 403,956 | ||||||
| Oil States International 1,2,3 | 219,115 | 2,914,229 | ||||||
| Pason Systems | 942,430 | 11,488,278 | ||||||
| ProPetro Holding 1 | 44,369 | 403,314 | ||||||
| SEACOR Holdings 1,2,3 | 261,469 | 12,307,346 | ||||||
| SEACOR Marine Holdings 1,2 | 638,834 | 8,030,143 | ||||||
| TGS-NOPEC Geophysical | 466,830 | 11,848,230 | ||||||
| 67,392,031 | ||||||||
| Oil, Gas & Consumable Fuels - 1.8% | ||||||||
| Bonanza Creek Energy 1 | 33,882 | 758,618 | ||||||
| Carrizo Oil & Gas 1 | 30,765 | 264,118 | ||||||
| Cimarex Energy | 50,000 | 2,397,000 | ||||||
| CONSOL Energy 1 | 50,844 | 794,692 | ||||||
| Dorchester Minerals L.P. 2 | 279,148 | 5,206,110 | ||||||
| Dorian LPG 1 | 394,936 | 4,091,537 | ||||||
| GeoPark 1,2 | 53,200 | 979,412 | ||||||
| Parsley Energy Cl. A | 49,000 | 823,200 | ||||||
| REX American Resources 1 | 8,880 | 677,810 | ||||||
| San Juan Basin Royalty Trust 1 | 212,272 | 641,062 | ||||||
| Unit Corporation 1 | 15,000 | 50,700 | ||||||
| World Fuel Services 2 | 224,227 | 8,955,626 | ||||||
| WPX Energy 1,2 | 110,000 | 1,164,900 | ||||||
| 26,804,785 | ||||||||
| Total | 94,196,816 | |||||||
| Financials – 16.4% | ||||||||
| Banks - 3.0% | ||||||||
| Bank of N.T. Butterfield & Son 2 | 228,416 | 6,770,250 | ||||||
| Canadian Western Bank | 279,500 | 7,016,772 | ||||||
| Customers Bancorp 1 | 25,232 | 523,312 | ||||||
| Eagle Bancorp | 13,337 | 595,097 | ||||||
| Farmers & Merchants Bank of Long Beach 4 | 730 | 5,785,250 | ||||||
| Fauquier Bankshares 2 | 160,800 | 3,135,600 | ||||||
| First BanCorp | 41,954 | 418,701 | ||||||
| First Citizens BancShares Cl. A | 14,676 | 6,920,468 | ||||||
| First Commonwealth Financial | 53,124 | 705,487 | ||||||
| First Financial Bancorp | 19,311 | 472,637 | ||||||
| Franklin Financial Network | 6,674 | 201,621 | ||||||
| Great Western Bancorp | 33,503 | 1,105,599 | ||||||
| Hanmi Financial | 10,754 | 201,960 | ||||||
| LegacyTexas Financial Group | 18,367 | 799,515 | ||||||
| Preferred Bank | 15,980 | 837,032 | ||||||
| Simmons First National Cl. A | 11,760 | 292,824 | ||||||
| Webster Financial 2 | 193,500 | 9,069,345 | ||||||
| 44,851,470 | ||||||||
| Capital Markets - 7.3% | ||||||||
| Ares Management Cl. A 2 | 584,400 | 15,667,764 | ||||||
| Artisan Partners Asset Management Cl. A 2,3 | 125,730 | 3,550,615 | ||||||
| ASA Gold and Precious Metals | 249,821 | 3,002,848 | ||||||
| Ashmore Group | 548,400 | 3,411,882 | ||||||
| Associated Capital Group Cl. A 2,3 | 20,200 | 718,918 | ||||||
| Bolsa Mexicana de Valores | 1,723,106 | 3,252,544 | ||||||
| Focus Financial Partners Cl. A 1,2 | 50,000 | 1,190,000 | ||||||
| Houlihan Lokey Cl. A 2,3 | 71,770 | 3,236,827 | ||||||
| Jupiter Fund Management | 230,000 | 1,005,058 | ||||||
| Lazard Cl. A 2,3 | 123,065 | 4,307,275 | ||||||
| MarketAxess Holdings | 35,500 | 11,626,250 | ||||||
| Morningstar 2,3 | 84,600 | 12,363,444 | ||||||
| MVC Capital | 195,688 | 1,741,623 | ||||||
| Qalaa Holdings 1 | 7,749,921 | 1,171,057 | ||||||
| Rothschild & Co | 50,293 | 1,441,684 | ||||||
| SEI Investments 2,3 | 154,800 | 9,172,674 | ||||||
| Sprott | 2,564,800 | 6,040,062 | ||||||
| TMX Group | 40,700 | 3,512,577 | ||||||
| Tradeweb Markets Cl. A | 150,150 | 5,552,547 | ||||||
| U.S. Global Investors Cl. A | 520,551 | 1,041,102 | ||||||
| Value Partners Group | 5,453,000 | 2,748,172 | ||||||
| Virtu Financial Cl. A 2,3 | 652,700 | 10,678,172 | ||||||
| Waddell & Reed Financial Cl. A | 72,791 | 1,250,549 | ||||||
| Westwood Holdings Group 2 | 38,850 | 1,074,980 | ||||||
| WisdomTree Investments | 22,900 | 119,653 | ||||||
| 108,878,277 | ||||||||
| Consumer Finance - 0.0% | ||||||||
| Enova International 1 | 18,668 | 387,361 | ||||||
| Diversified Financial Services - 0.1% | ||||||||
| First Pacific | 1,020,000 | 390,421 | ||||||
| Waterloo Investment Holdings 1,5 | 2,972,000 | 891,600 | ||||||
| 1,282,021 | ||||||||
| Insurance - 3.6% | ||||||||
| Alleghany Corporation 1 | 600 | 478,656 | ||||||
| Ambac Financial Group 1 | 32,003 | 625,659 | ||||||
| American Equity Investment Life Holding | 31,523 | 762,857 | ||||||
| eHealth 1 | 20,700 | 1,382,553 | ||||||
| E-L Financial | 22,500 | 12,755,123 | ||||||
| Employers Holdings | 23,170 | 1,009,749 | ||||||
| Erie Indemnity Cl. A | 23,750 | 4,409,187 | ||||||
| FBL Financial Group Cl. A | 5,190 | 308,857 | ||||||
| Independence Holding Company 2,3 | 210,523 | 8,124,082 | ||||||
| ProAssurance Corporation 2 | 387,357 | 15,598,866 | ||||||
| RLI Corp. 2,3 | 49,670 | 4,614,840 | ||||||
| Trupanion 1,2,3 | 120,800 | 3,070,736 | ||||||
| Universal Insurance Holdings | 32,485 | 974,225 | ||||||
| 54,115,390 | ||||||||
| Investment Companies - 1.1% | ||||||||
| Oaktree Acquisition (Units) 1 | 800,000 | 8,128,000 | ||||||
| Social Capital Hedosophia Holdings Cl. A 1 | 819,918 | 8,773,123 | ||||||
| 16,901,123 | ||||||||
| Thrifts & Mortgage Finance - 1.3% | ||||||||
| Axos Financial 1,2,3 | 28,998 | 801,795 | ||||||
| Dime Community Bancshares | 13,958 | 298,841 | ||||||
| Flagstar Bancorp | 18,906 | 706,139 | ||||||
| Genworth MI Canada | 224,155 | 8,899,538 | ||||||
| HomeStreet 1 | 7,333 | 200,337 | ||||||
| Meta Financial Group | 20,883 | 680,995 | ||||||
| NMI Holdings Cl. A 1 | 19,614 | 515,064 | ||||||
| Timberland Bancorp 2,3 | 274,457 | 7,547,567 | ||||||
| Vestin Realty Mortgage II 1,4 | 34 | 34,000 | ||||||
| Walker & Dunlop | 7,677 | 429,375 | ||||||
| 20,113,651 | ||||||||
| Total | 246,529,293 | |||||||
| Health Care – 5.8% | ||||||||
| Biotechnology - 0.9% | ||||||||
| Acorda Therapeutics 1 | 25,477 | 73,119 | ||||||
| AMAG Pharmaceuticals 1,2,3 | 41,549 | 479,891 | ||||||
| Anika Therapeutics 1 | 14,371 | 788,824 | ||||||
| BioSpecifics Technologies 1 | 2,930 | 156,814 | ||||||
| Eagle Pharmaceuticals 1 | 14,691 | 831,070 | ||||||
| Emergent BioSolutions 1 | 4,894 | 255,858 | ||||||
| Enanta Pharmaceuticals 1 | 3,074 | 184,686 | ||||||
| Pfenex 1 | 28,610 | 241,468 | ||||||
| Sangamo Therapeutics 1,2,3 | 65,815 | 595,626 | ||||||
| Vanda Pharmaceuticals 1 | 11,757 | 156,133 | ||||||
| Zealand Pharma 1 | 408,857 | 10,409,515 | ||||||
| 14,173,004 | ||||||||
| Health Care Equipment & Supplies - 2.9% | ||||||||
| Atrion Corporation | 15,750 | 12,271,928 | ||||||
| CryoLife 1 | 114,500 | 3,108,675 | ||||||
| Integer Holdings 1,2,3 | 42,400 | 3,203,744 | ||||||
| Lantheus Holdings 1 | 5,220 | 130,839 | ||||||
| Masimo Corporation 1,2 | 45,000 | 6,695,550 | ||||||
| Meridian Bioscience 1 | 24,468 | 232,201 | ||||||
| Mesa Laboratories 2,3 | 38,300 | 9,106,591 | ||||||
| Neogen Corporation 1,2,3 | 22,400 | 1,525,664 | ||||||
| OraSure Technologies 1 | 21,352 | 159,500 | ||||||
| Surmodics 1,2 | 161,000 | 7,364,140 | ||||||
| 43,798,832 | ||||||||
| Health Care Providers & Services - 0.4% | ||||||||
| AMN Healthcare Services 1 | 9,898 | 569,729 | ||||||
| Community Health Systems 1 | 790,000 | 2,844,000 | ||||||
| CorVel Corporation 1 | 3,308 | 250,416 | ||||||
| Ensign Group (The) | 5,483 | 260,059 | ||||||
| HealthEquity 1 | 20,000 | 1,142,900 | ||||||
| Magellan Health 1 | 6,795 | 421,969 | ||||||
| Tivity Health 1 | 25,116 | 417,679 | ||||||
| U.S. Physical Therapy | 4,135 | 539,824 | ||||||
| 6,446,576 | ||||||||
| Health Care Technology - 0.2% | ||||||||
| Simulations Plus | 64,460 | 2,236,762 | ||||||
| Life Sciences Tools & Services - 1.1% | ||||||||
| Bio-Rad Laboratories Cl. A 1 | 35,698 | 11,878,153 | ||||||
| Bio-Techne 2,3 | 21,553 | 4,217,275 | ||||||
| Medpace Holdings 1 | 3,611 | 303,468 | ||||||
| 16,398,896 | ||||||||
| Pharmaceuticals - 0.3% | ||||||||
| Alimera Sciences 1 | 641,875 | 363,494 | ||||||
| Assertio Therapeutics 1 | 127,344 | 163,000 | ||||||
| Corcept Therapeutics 1 | 56,565 | 799,546 | ||||||
| Innoviva 1 | 56,687 | 597,481 | ||||||
| Lannett Company 1 | 81,003 | 907,234 | ||||||
| Supernus Pharmaceuticals 1 | 23,579 | 647,951 | ||||||
| Theravance Biopharma 1,2,3 | 34,291 | 667,989 | ||||||
| 4,146,695 | ||||||||
| Total | 87,200,765 | |||||||
| Industrials – 26.7% | ||||||||
| Aerospace & Defense - 3.4% | ||||||||
| Aerojet Rocketdyne Holdings 1 | 21,924 | 1,107,381 | ||||||
| Ducommun 1,2 | 105,500 | 4,473,200 | ||||||
| HEICO Corporation 2,3 | 211,500 | 26,412,120 | ||||||
| HEICO Corporation Cl. A 2 | 118,200 | 11,502,042 | ||||||
| Hexcel Corporation 2,3 | 60,300 | 4,952,439 | ||||||
| Magellan Aerospace | 96,800 | 1,087,936 | ||||||
| National Presto Industries | 8,774 | 781,676 | ||||||
| Teledyne Technologies 1 | 500 | 160,995 | ||||||
| 50,477,789 | ||||||||
| Air Freight & Logistics - 0.8% | ||||||||
| Echo Global Logistics 1 | 25,729 | 582,762 | ||||||
| Forward Air 2 | 185,504 | 11,820,315 | ||||||
| 12,403,077 | ||||||||
| Building Products - 0.8% | ||||||||
| American Woodmark 1 | 3,461 | 307,717 | ||||||
| Apogee Enterprises | 21,635 | 843,549 | ||||||
| Burnham Holdings Cl. B 4 | 36,000 | 504,000 | ||||||
| Gibraltar Industries 1 | 10,010 | 459,859 | ||||||
| Insteel Industries | 11,513 | 236,362 | ||||||
| Patrick Industries 1,2,3 | 65,287 | 2,799,507 | ||||||
| Quanex Building Products | 30,978 | 560,082 | ||||||
| Simpson Manufacturing 2 | 83,369 | 5,783,307 | ||||||
| Trex Company 1 | 3,534 | 321,347 | ||||||
| 11,815,730 | ||||||||
| Commercial Services & Supplies - 1.7% | ||||||||
| CompX International Cl. A 2,3 | 211,100 | 3,025,063 | ||||||
| Heritage-Crystal Clean 1,2 | 100,106 | 2,652,809 | ||||||
| Kimball International Cl. B 2,3 | 253,740 | 4,897,182 | ||||||
| LSC Communications 1 | 63,906 | 88,190 | ||||||
| PICO Holdings 1 | 409,400 | 4,130,846 | ||||||
| Pitney Bowes | 129,652 | 592,510 | ||||||
| Ritchie Bros. Auctioneers 2 | 62,900 | 2,509,710 | ||||||
| Steelcase Cl. A | 8,580 | 157,872 | ||||||
| Tetra Tech | 16,123 | 1,398,831 | ||||||
| UniFirst Corporation | 29,230 | 5,703,358 | ||||||
| US Ecology | 4,230 | 270,466 | ||||||
| 25,426,837 | ||||||||
| Construction & Engineering - 2.6% | ||||||||
| Arcosa 2 | 107,320 | 3,671,417 | ||||||
| Comfort Systems USA | 22,306 | 986,594 | ||||||
| IES Holdings 1,2,3 | 594,244 | 12,235,484 | ||||||
| Infrastructure and Energy Alternatives 1 | 600,000 | 2,802,000 | ||||||
| Jacobs Engineering Group 2 | 83,500 | 7,640,250 | ||||||
| MYR Group 1 | 5,860 | 183,360 | ||||||
| Sterling Construction 1,2,3 | 146,778 | 1,930,131 | ||||||
| Valmont Industries 2 | 55,605 | 7,697,956 | ||||||
| Williams Industrial Services Group 1,4 | 631,820 | 1,232,049 | ||||||
| 38,379,241 | ||||||||
| Electrical Equipment - 1.0% | ||||||||
| Encore Wire | 9,685 | 545,072 | ||||||
| EnerSys | 3,620 | 238,703 | ||||||
| LSI Industries | 814,857 | 4,253,553 | ||||||
| Powell Industries 2 | 94,500 | 3,699,675 | ||||||
| Preformed Line Products 2 | 91,600 | 5,000,444 | ||||||
| Sensata Technologies Holding 1 | 9,300 | 465,558 | ||||||
| 14,203,005 | ||||||||
| Industrial Conglomerates - 0.7% | ||||||||
| Carlisle Companies | 4,400 | 640,376 | ||||||
| Raven Industries 2 | 271,725 | 9,091,918 | ||||||
| 9,732,294 | ||||||||
| Machinery - 8.8% | ||||||||
| CIRCOR International 1 | 136,227 | 5,115,324 | ||||||
| Colfax Corporation 1,2 | 430,272 | 12,503,704 | ||||||
| Franklin Electric 2,3 | 218,800 | 10,460,828 | ||||||
| Helios Technologies 2 | 264,014 | 10,711,048 | ||||||
| Hillenbrand | 30,487 | 941,439 | ||||||
| John Bean Technologies 2,3 | 105,766 | 10,516,313 | ||||||
| Kadant 2 | 125,769 | 11,041,260 | ||||||
| Kennametal | 46,350 | 1,424,799 | ||||||
| Lincoln Electric Holdings 2 | 136,160 | 11,813,242 | ||||||
| Lindsay Corporation 2,3 | 110,000 | 10,213,500 | ||||||
| Meritor 1 | 32,360 | 598,660 | ||||||
| Mueller Industries | 28,819 | 826,529 | ||||||
| NN | 308,700 | 2,201,031 | ||||||
| Nordson Corporation 2 | 23,096 | 3,378,021 | ||||||
| Proto Labs 1 | 10,000 | 1,021,000 | ||||||
| RBC Bearings 1 | 84,058 | 13,946,063 | ||||||
| Standex International | 3,406 | 248,434 | ||||||
| Tennant Company 2,3 | 116,504 | 8,236,833 | ||||||
| Titan International | 173,100 | 467,370 | ||||||
| Wabash National | 57,701 | 837,241 | ||||||
| Watts Water Technologies Cl. A 2,3 | 61,000 | 5,717,530 | ||||||
| Woodward 2 | 89,500 | 9,650,785 | ||||||
| 131,870,954 | ||||||||
| Marine - 2.4% | ||||||||
| Clarkson | 471,100 | 14,191,399 | ||||||
| Eagle Bulk Shipping 1 | 320,478 | 1,402,091 | ||||||
| Kirby Corporation 1,2 | 255,100 | 20,959,016 | ||||||
| 36,552,506 | ||||||||
| Professional Services - 1.1% | ||||||||
| Exponent 2,3 | 100,000 | 6,990,000 | ||||||
| FTI Consulting 1 | 3,879 | 411,135 | ||||||
| Heidrick & Struggles International | 38,611 | 1,054,080 | ||||||
| Korn Ferry | 18,582 | 718,009 | ||||||
| ManpowerGroup 2 | 30,000 | 2,527,200 | ||||||
| Morneau Shepell | 17,500 | 435,370 | ||||||
| Navigant Consulting | 12,286 | 343,394 | ||||||
| TrueBlue 1,2,3 | 28,261 | 596,307 | ||||||
| Upwork 1 | 279,600 | 3,720,078 | ||||||
| 16,795,573 | ||||||||
| Road & Rail - 1.2% | ||||||||
| ArcBest | 9,263 | 282,058 | ||||||
| Landstar System 2 | 121,220 | 13,646,948 | ||||||
| Patriot Transportation Holding 1,2 | 139,100 | 2,642,900 | ||||||
| Saia 1,2,3 | 2,674 | 250,554 | ||||||
| Universal Logistics Holdings 2 | 78,916 | 1,837,164 | ||||||
| 18,659,624 | ||||||||
| Trading Companies & Distributors - 2.2% | ||||||||
| Air Lease Cl. A 2,3 | 484,200 | 20,249,244 | ||||||
| BMC Stock Holdings 1 | 58,100 | 1,521,058 | ||||||
| GMS 1 | 15,178 | 435,912 | ||||||
| Houston Wire & Cable 1,6 | 877,363 | 4,141,154 | ||||||
| Richelieu Hardware | 88,400 | 1,705,479 | ||||||
| SiteOne Landscape Supply 1,2,3 | 25,000 | 1,850,500 | ||||||
| Watsco 2,3 | 19,500 | 3,299,010 | ||||||
| 33,202,357 | ||||||||
| Total | 399,518,987 | |||||||
| Information Technology – 19.3% | ||||||||
| Communications Equipment - 0.2% | ||||||||
| ADTRAN 2,3 | 214,973 | 2,438,869 | ||||||
| CalAmp Corporation 1 | 36,042 | 415,204 | ||||||
| Comtech Telecommunications | 8,086 | 262,795 | ||||||
| NetScout Systems 1 | 6,960 | 160,497 | ||||||
| 3,277,365 | ||||||||
| Electronic Equipment, Instruments & Components - 9.1% | ||||||||
| Anixter International 1,2 | 50,995 | 3,524,774 | ||||||
| Cognex Corporation 2 | 340,100 | 16,709,113 | ||||||
| Coherent 1 | 86,640 | 13,318,301 | ||||||
| Fabrinet 1,2 | 190,937 | 9,986,005 | ||||||
| FARO Technologies 1,2 | 232,147 | 11,224,307 | ||||||
| FLIR Systems 2,3 | 669,437 | 35,205,692 | ||||||
| Insight Enterprises 1 | 30,810 | 1,715,809 | ||||||
| IPG Photonics 1 | 51,600 | 6,996,960 | ||||||
| Kimball Electronics 1 | 24,797 | 359,804 | ||||||
| Littelfuse | 35,520 | 6,298,051 | ||||||
| Methode Electronics | 17,007 | 572,116 | ||||||
| National Instruments 2 | 235,650 | 9,894,944 | ||||||
| nLIGHT 1,2 | 217,450 | 3,405,267 | ||||||
| PAR Technology 1 | 156,353 | 3,716,511 | ||||||
| Perceptron 1 | 357,700 | 1,716,960 | ||||||
| Richardson Electronics | 711,475 | 4,126,555 | ||||||
| TTM Technologies 1,2,3 | 535,116 | 6,525,740 | ||||||
| Vishay Intertechnology | 12,340 | 208,916 | ||||||
| Vishay Precision Group 1 | 9,670 | 316,596 | ||||||
| 135,822,421 | ||||||||
| IT Services - 1.2% | ||||||||
| Cardtronics 1 | 11,773 | 356,016 | ||||||
| Computer Services 4 | 20,084 | 903,780 | ||||||
| CSG Systems International | 12,565 | 649,359 | ||||||
| EVERTEC | 18,478 | 576,883 | ||||||
| Hackett Group (The) 2,3 | 285,266 | 4,695,478 | ||||||
| KBR 2,3 | 337,400 | 8,279,796 | ||||||
| NIC | 14,010 | 289,307 | ||||||
| Perficient 1 | 7,140 | 275,461 | ||||||
| TTEC Holdings | 7,182 | 343,874 | ||||||
| Unisys Corporation 1,2,3 | 160,000 | 1,188,800 | ||||||
| WEX 1 | 2,600 | 525,382 | ||||||
| 18,084,136 | ||||||||
| Semiconductors & Semiconductor Equipment - 6.7% | ||||||||
| Advanced Energy Industries 1,2,3 | 13,170 | 756,090 | ||||||
| Axcelis Technologies 1 | 24,200 | 413,578 | ||||||
| Brooks Automation 2,3 | 389,600 | 14,426,888 | ||||||
| Cabot Microelectronics 2 | 88,103 | 12,441,024 | ||||||
| Cirrus Logic 1,2,3 | 295,000 | 15,806,100 | ||||||
| Cohu | 25,014 | 337,814 | ||||||
| Diodes 1,2,3 | 274,774 | 11,032,176 | ||||||
| Entegris 2,3 | 229,700 | 10,809,682 | ||||||
| Ichor Holdings 1 | 29,461 | 712,367 | ||||||
| Kulicke & Soffa Industries 2 | 47,614 | 1,117,977 | ||||||
| MKS Instruments 2,3 | 233,039 | 21,504,839 | ||||||
| Nanometrics 1 | 26,124 | 852,165 | ||||||
| Nova Measuring Instruments 1,2,3 | 46,770 | 1,485,883 | ||||||
| Photronics 1 | 183,700 | 1,998,656 | ||||||
| Rambus 1 | 75,657 | 992,998 | ||||||
| Rudolph Technologies 1 | 45,964 | 1,211,611 | ||||||
| Silicon Motion Technology ADR 2 | 29,440 | 1,040,704 | ||||||
| SMART Global Holdings 1 | 19,337 | 492,707 | ||||||
| SolarEdge Technologies 1 | 15,728 | 1,316,748 | ||||||
| Xperi Corporation 2 | 86,262 | 1,783,898 | ||||||
| 100,533,905 | ||||||||
| Software - 2.1% | ||||||||
| Altair Engineering Cl. A 1 | 80,700 | 2,793,834 | ||||||
| CloudFlare Cl. A 1 | 160,400 | 2,978,628 | ||||||
| Descartes Systems Group (The) 1,2 | 158,100 | 6,373,011 | ||||||
| Ebix | 4,058 | 170,842 | ||||||
| j2 Global 1,2,3 | 29,475 | 2,676,919 | ||||||
| Manhattan Associates 1,2 | 94,900 | 7,655,583 | ||||||
| Progress Software | 13,632 | 518,834 | ||||||
| RealNetworks 1 | 109,950 | 182,517 | ||||||
| Support.com 1 | 216,766 | 333,820 | ||||||
| SVMK 1 | 156,800 | 2,681,280 | ||||||
| TiVo | 37,454 | 285,212 | ||||||
| Upland Software 1 | 154,300 | 5,378,898 | ||||||
| 32,029,378 | ||||||||
| Total | 289,747,205 | |||||||
| Materials – 11.9% | ||||||||
| Chemicals - 5.3% | ||||||||
| Chase Corporation 2,3 | 79,059 | 8,648,264 | ||||||
| Element Solutions 1,2 | 822,800 | 8,376,104 | ||||||
| FutureFuel Corporation | 577,952 | 6,900,747 | ||||||
| Hawkins 2,3 | 91,819 | 3,902,307 | ||||||
| Ingevity Corporation 1,2 | 37,000 | 3,139,080 | ||||||
| Innospec 2 | 102,083 | 9,099,678 | ||||||
| Minerals Technologies 2,3 | 255,952 | 13,588,492 | ||||||
| NewMarket Corporation | 8,000 | 3,776,720 | ||||||
| Quaker Chemical | 130,069 | 20,569,112 | ||||||
| Stepan Company | 3,046 | 295,645 | ||||||
| Tredegar Corporation | 31,931 | 623,293 | ||||||
| Westlake Chemical | 5,100 | 334,152 | ||||||
| 79,253,594 | ||||||||
| Construction Materials - 0.3% | ||||||||
| Imerys | 90,000 | 3,617,763 | ||||||
| U.S. Concrete 1 | 5,816 | 321,509 | ||||||
| 3,939,272 | ||||||||
| Containers & Packaging - 0.0% | ||||||||
| Myers Industries | 29,346 | 517,957 | ||||||
| Packaging Corporation of America | 3,200 | 339,520 | ||||||
| 857,477 | ||||||||
| Metals & Mining - 5.5% | ||||||||
| Alamos Gold Cl. A | 2,031,300 | 11,805,872 | ||||||
| Ferroglobe (Warranty Insurance Trust) 1,5 | 49,300 | 0 | ||||||
| Franco-Nevada 2,3 | 113,900 | 10,383,124 | ||||||
| Gold Fields ADR | 370,000 | 1,820,400 | ||||||
| Haynes International 2,3 | 113,900 | 4,082,176 | ||||||
| Hecla Mining | 721,300 | 1,269,488 | ||||||
| IAMGOLD Corporation 1 | 600,000 | 2,046,000 | ||||||
| Lundin Mining | 640,000 | 3,009,548 | ||||||
| MAG Silver 1 | 198,900 | 2,110,329 | ||||||
| Major Drilling Group International 1 | 2,217,291 | 10,711,147 | ||||||
| Materion Corporation | 4,105 | 251,883 | ||||||
| Pan American Silver | 124,627 | 1,954,151 | ||||||
| Pretium Resources 1 | 101,000 | 1,164,109 | ||||||
| Reliance Steel & Aluminum 2 | 158,300 | 15,776,178 | ||||||
| Royal Gold 2 | 16,600 | 2,045,286 | ||||||
| SunCoke Energy 1 | 33,678 | 189,944 | ||||||
| Synalloy Corporation 2,3 | 178,800 | 2,851,860 | ||||||
| VanEck Vectors Junior Gold Miners ETF | 183,000 | 6,635,580 | ||||||
| Worthington Industries 2,3 | 133,200 | 4,801,860 | ||||||
| 82,908,935 | ||||||||
| Paper & Forest Products - 0.8% | ||||||||
| Boise Cascade | 39,020 | 1,271,662 | ||||||
| Mercer International | 52,299 | 655,829 | ||||||
| Neenah 2 | 16,700 | 1,087,504 | ||||||
| Schweitzer-Mauduit International | 29,859 | 1,117,921 | ||||||
| Stella-Jones | 254,048 | 7,422,877 | ||||||
| 11,555,793 | ||||||||
| Total | 178,515,071 | |||||||
| Real Estate – 4.6% | ||||||||
| Equity Real Estate Investment Trusts (REITs) - 0.0% | ||||||||
| New York REIT 1,5 | 15,000 | 195,000 | ||||||
| Real Estate Management & Development - 4.6% | ||||||||
| Colliers International Group | 20,700 | 1,553,535 | ||||||
| FirstService Corporation | 186,700 | 19,149,819 | ||||||
| FRP Holdings 1,2,3 | 153,158 | 7,354,647 | ||||||
| Jones Lang LaSalle | 4,349 | 604,772 | ||||||
| Kennedy-Wilson Holdings 2 | 707,470 | 15,507,742 | ||||||
| Marcus & Millichap 1,2,3 | 232,247 | 8,242,446 | ||||||
| RMR Group (The) Cl. A 2 | 80,100 | 3,642,948 | ||||||
| St. Joe Company (The) 1,2,3 | 197,000 | 3,374,610 | ||||||
| Tejon Ranch 1,2,3 | 557,136 | 9,454,598 | ||||||
| 68,885,117 | ||||||||
| Total | 69,080,117 | |||||||
| Utilities – 0.2% | ||||||||
| Gas Utilities - 0.1% | ||||||||
| UGI Corporation 2 | 35,000 | 1,759,450 | ||||||
| Multi-Utilities - 0.0% | ||||||||
| Avista Corporation | 7,940 | 384,613 | ||||||
| Water Utilities - 0.1% | ||||||||
| American States Water | 8,116 | 729,304 | ||||||
| Total | 2,873,367 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,233,141,233) | 1,525,757,757 | |||||||
| WARRANTS – 0.0% | ||||||||
| Industrials – 0.0% | ||||||||
| Construction & Engineering - 0.0% | ||||||||
| Infrastructure and Energy Alternatives | ||||||||
| (Warrants) 1 | 625,000 | 18,875 | ||||||
| Total | 18,875 | |||||||
| Information Technology – 0.0% | ||||||||
| Electronic Equipment, Instruments & Components - 0.0% | ||||||||
| eMagin Corporation (Warrants) 1,5 | 50,000 | 0 | ||||||
| Total | 0 | |||||||
| TOTAL WARRANTS | ||||||||
| (Cost $470,283) | 18,875 | |||||||
| REPURCHASE AGREEMENT – 3.0% | ||||||||
| Fixed Income Clearing Corporation, | ||||||||
| 0.35% dated 9/30/19, due 10/1/19, maturity value $44,259,430 (collateralized | ||||||||
| by obligations of various U.S. Government | ||||||||
| Agencies, 2.625% due 3/31/25, valued at $45,144,998) | ||||||||
| (Cost $44,259,000) | 44,259,000 | |||||||
| TOTAL INVESTMENTS – 104.8% | ||||||||
| (Cost $1,277,870,516) | 1,570,035,632 | |||||||
| LIABILITIES LESS CASH | ||||||||
| AND OTHER ASSETS – (4.8)% | (71,969,288 | ) | ||||||
| NET ASSETS – 100.0% | $ | 1,498,066,344 | ||||||
ADR – American Depository Receipt
| 1 | Non-income producing. |
| 3 | At September 30, 2019, a portion of these securities were rehypothecated in connection with the Fund's revolving credit agreement in the aggregate amount of $65,698,927. |
| 4 | These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities. |
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,279,299,145. At September 30, 2019, net unrealized appreciation for all securities was $290,736,487, consisting of aggregate gross unrealized appreciation of $428,255,632 and aggregate gross unrealized depreciation of $137,519,145. The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
Valuation of Investments:
Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund's Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.
Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
| Level 1 | – | quoted prices in active markets for identical securities. |
| Level 2 | – | other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments. |
| Level 3 | – | significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2019. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | $ | 1,511,737,039 | $ | 12,934,118 | $ | 1,086,600 | $ | 1,525,757,757 | ||||||||
| Warrants | 18,875 | – | 0 | 18,875 | ||||||||||||
| Repurchase Agreement | – | 44,259,000 | – | 44,259,000 | ||||||||||||
| Level 3 Reconciliation: | ||||||||||||||||||||||||
| Balance as of 12/31/18 | Purchases | Sales | Realized Gain (Loss) | Unrealized Gain (Loss) | Balance as of 9/30/19 | |||||||||||||||||||
| Common Stocks | $ | 1,100,250 | $ | – | $ | 13,650 | $ | – | $ | – | $ | 1,086,600 | ||||||||||||
| Warrants | 0 | – | – | – | – | 0 | ||||||||||||||||||
The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information with adjustments (e.g. broker quotes, pricing services, net asset values).
| Fair Value at 9/30/19 |
Valuation Technique(s) | Unobservable Input(s) |
Range Average |
Impact to Valuation From an Increase in Input1 | |
| Discounted Present Value | Liquidity | ||||
| Waterloo Investment Holdings | $891,600 | Balance Sheet Analysis | Discount | 30%-40% | Decrease |
| Guidance from Options Clearing Authorities | Liquidity | ||||
| New York REIT | 195,000 | Balance Sheet Analysis | Discount | 20%-30% | Decrease |
| 1 | This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could result in significantly higher or lower fair value measurements. |
Repurchase Agreements:
The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund at September 30, 2019 is overnight and continuous.
Borrowings:
The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). As of September 30, 2019, the Fund has outstanding borrowings of $70,000,000. During the period ended September 30, 2019, the Fund borrowed an average daily balance of $69,908,425. The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 179-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding or as otherwise required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.
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, 2019:
| Affiliated Company | Shares 12/31/18 | Market Value 12/31/18 | Costs of Purchases | Proceeds from Sales | Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Dividend Income | Shares 9/30/19 | Market Value 9/30/19 | |||||||||||||||||||||||||||
| HG Holdings1 | 912,235 | $ | 392,261 | $ | – | $ | 464,067 | $ | (2,022,091 | ) | $ | 2,093,897 | $ | – | ||||||||||||||||||||||
| Houston Wire & Cable | 877,363 | 4,439,457 | – | – | – | (298,303 | ) | – | 877,363 | $ | 4,141,154 | |||||||||||||||||||||||||
| Richardson Electronics1 | 573,732 | 4,985,731 | 721,773 | – | – | (1,580,949 | ) | 111,536 | ||||||||||||||||||||||||||||
| $ | 9,817,449 | $ | (2,022,091 | ) | $ | 214,645 | $ | 111,536 | $ | 4,141,154 | ||||||||||||||||||||||||||
1Not an Affiliated Company at September 30, 2019.
Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s website (www.sec.gov).