SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
SEPTEMBER 30, 2023 (UNAUDITED)
| SHARES | VALUE | |||||||
| COMMON STOCKS – 98.7% | ||||||||
| Communication Services – 2.0% | ||||||||
| Diversified Telecommunication Services - 0.2% | ||||||||
| Cogent Communications Holdings 1 | 28,315 | $ | 1,752,699 | |||||
| Liberty Latin America Cl. C 1,2,3 | 83,228 | 679,140 | ||||||
| 2,431,839 | ||||||||
| Entertainment - 0.0% | ||||||||
| IMAX Corporation 3 | 37,950 | 733,194 | ||||||
| Interactive Media & Services - 1.5% | ||||||||
| Cars.com 3 | 182,200 | 3,071,892 | ||||||
| QuinStreet 1,2,3 | 203,754 | 1,827,674 | ||||||
| Shutterstock | 19,826 | 754,379 | ||||||
| Yelp 3 | 42,925 | 1,785,251 | ||||||
| Ziff Davis 1,2,3 | 277,177 | 17,653,403 | ||||||
| 25,092,599 | ||||||||
| Media - 0.3% | ||||||||
| AMC Networks Cl. A 3 | 37,495 | 441,691 | ||||||
| John Wiley & Sons Cl. A | 19,184 | 713,069 | ||||||
| Magnite 3 | 31,550 | 237,887 | ||||||
| Scholastic Corporation | 1,594 | 60,795 | ||||||
| TechTarget 1,3 | 44,518 | 1,351,567 | ||||||
| Thryv Holdings 3 | 69,985 | 1,313,618 | ||||||
| 4,118,627 | ||||||||
| Wireless Telecommunication Services - 0.0% | ||||||||
| Gogo 3 | 47,177 | 562,822 | ||||||
| Total | 32,939,081 | |||||||
| Consumer Discretionary – 10.1% | ||||||||
| Automobile Components - 2.5% | ||||||||
| Atmus Filtration Technologies 3 | 57,800 | 1,205,130 | ||||||
| Dorman Products 1,2,3 | 106,624 | 8,077,834 | ||||||
| Fox Factory Holding Corporation 3 | 49,615 | 4,915,854 | ||||||
| Gentex Corporation 1 | 225,162 | 7,326,771 | ||||||
| LCI Industries 1,2 | 136,435 | 16,020,198 | ||||||
| Patrick Industries 1,2 | 8,181 | 614,066 | ||||||
| Vitesco Technologies Group 3,4 | 42,509 | 3,452,725 | ||||||
| 41,612,578 | ||||||||
| Automobiles - 0.1% | ||||||||
| Winnebago Industries | 20,741 | 1,233,052 | ||||||
| Broadline Retail - 0.1% | ||||||||
| Savers Value Village 3 | 80,719 | 1,507,024 | ||||||
| Distributors - 0.1% | ||||||||
| LKQ Corporation 1 | 39,900 | 1,975,449 | ||||||
| Pool Corporation | 975 | 347,198 | ||||||
| 2,322,647 | ||||||||
| Diversified Consumer Services - 0.5% | ||||||||
| frontdoor 3 | 2,485 | 76,016 | ||||||
| Perdoceo Education | 99,335 | 1,698,629 | ||||||
| Stride 3 | 37,382 | 1,683,311 | ||||||
| Universal Technical Institute 3 | 639,032 | 5,355,088 | ||||||
| 8,813,044 | ||||||||
| Hotels, Restaurants & Leisure - 0.5% | ||||||||
| Bloomin’ Brands 1,2 | 68,620 | 1,687,366 | ||||||
| Century Casinos 3 | 142,462 | 730,830 | ||||||
| Denny’s Corporation 3 | 161,666 | 1,369,311 | ||||||
| Golden Entertainment | 10,243 | 350,106 | ||||||
| Hilton Grand Vacations 3 | 15,000 | 610,500 | ||||||
| Lindblad Expeditions Holdings 3 | 373,700 | 2,690,640 | ||||||
| Monarch Casino & Resort | 18,303 | 1,136,616 | ||||||
| 8,575,369 | ||||||||
| Household Durables - 1.0% | ||||||||
| Cavco Industries 1,3 | 16,225 | 4,310,334 | ||||||
| Ethan Allen Interiors 1 | 57,564 | 1,721,164 | ||||||
| Helen of Troy 3 | 17,735 | 2,067,192 | ||||||
| Installed Building Products | 17,732 | 2,214,549 | ||||||
| La-Z-Boy | 39,655 | 1,224,546 | ||||||
| M.D.C. Holdings | 19,496 | 803,820 | ||||||
| Skyline Champion 3 | 62,291 | 3,969,183 | ||||||
| TopBuild Corp. 3 | 294 | 73,970 | ||||||
| Tri Pointe Homes 3 | 23,323 | 637,884 | ||||||
| 17,022,642 | ||||||||
| Leisure Products - 0.6% | ||||||||
| Brunswick Corporation 1,2 | 85,220 | 6,732,380 | ||||||
| Sturm, Ruger & Company | 9,194 | 479,191 | ||||||
| Vista Outdoor 3 | 23,504 | 778,453 | ||||||
| YETI Holdings 3 | 54,967 | 2,650,509 | ||||||
| 10,640,533 | ||||||||
| Specialty Retail - 3.6% | ||||||||
| Academy Sports and Outdoors 1,2 | 80,085 | 3,785,618 | ||||||
| American Eagle Outfitters | 52,549 | 872,839 | ||||||
| America’s Car-Mart 1,2,3 | 87,700 | 7,979,823 | ||||||
| Asbury Automotive Group 3 | 29,761 | 6,847,113 | ||||||
| AutoCanada 3 | 625,600 | 11,183,190 | ||||||
| Barnes & Noble Education 3 | 50,000 | 54,500 | ||||||
| CarMax 3 | 8,500 | 601,205 | ||||||
| Chico’s FAS 3 | 185,193 | 1,385,244 | ||||||
| Five Below 1,2,3 | 9,337 | 1,502,323 | ||||||
| Floor & Decor Holdings Cl. A 3 | 2,738 | 247,789 | ||||||
| Group 1 Automotive | 550 | 147,790 | ||||||
| Haverty Furniture | 32,056 | 922,572 | ||||||
| MarineMax 3 | 2,007 | 65,870 | ||||||
| Murphy USA | 9,882 | 3,376,976 | ||||||
| ODP Corporation (The) 3 | 14,640 | 675,636 | ||||||
| 1-800-FLOWERS.COM Cl. A 3 | 76,000 | 532,000 | ||||||
| OneWater Marine Cl. A 3 | 124,320 | 3,185,078 | ||||||
| PetMed Express | 50,371 | 516,303 | ||||||
| Signet Jewelers | 96,148 | 6,904,388 | ||||||
| Valvoline 3 | 224,758 | 7,246,198 | ||||||
| Williams-Sonoma | 3,900 | 606,060 | ||||||
| Zumiez 3 | 19,643 | 349,645 | ||||||
| 58,988,160 | ||||||||
| Textiles, Apparel & Luxury Goods - 1.1% | ||||||||
| Carter’s | 26,682 | 1,845,060 | ||||||
| G-III Apparel Group 3 | 26,802 | 667,906 | ||||||
| Kontoor Brands | 1,975 | 86,722 | ||||||
| Movado Group | 94,766 | 2,591,850 | ||||||
| Ralph Lauren Cl. A | 50,400 | 5,850,936 | ||||||
| Steven Madden | 181,150 | 5,755,136 | ||||||
| Wolverine World Wide 1 | 112,470 | 906,508 | ||||||
| 17,704,118 | ||||||||
| Total | 168,419,167 |
| Consumer Staples – 2.6% | ||||||||
| Beverages - 0.4% | ||||||||
| Celsius Holdings 3 | 2,500 | 429,000 | ||||||
| Coca-Cola Consolidated 1 | 8,000 | 5,090,560 | ||||||
| National Beverage 3 | 30,581 | 1,437,919 | ||||||
| 6,957,479 | ||||||||
| Consumer Staples Distribution & Retail - 0.1% | ||||||||
| PriceSmart | 22,962 | 1,709,062 | ||||||
| Food Products - 1.4% | ||||||||
| Cal-Maine Foods | 21,791 | 1,055,120 | ||||||
| CubicFarm Systems 3 | 950,000 | 24,480 | ||||||
| Freshpet 1,3 | 25,000 | 1,647,000 | ||||||
| J G Boswell Company 4 | 3,940 | 2,600,400 | ||||||
| John B. Sanfilippo & Son | 13,312 | 1,315,226 | ||||||
| Nomad Foods 1,3 | 323,600 | 4,925,192 | ||||||
| Seneca Foods Cl. A 3 | 205,297 | 11,051,137 | ||||||
| 22,618,555 | ||||||||
| Household Products - 0.0% | ||||||||
| Spectrum Brands Holdings | 9,523 | 746,127 | ||||||
| Personal Care Products - 0.6% | ||||||||
| Inter Parfums 1 | 54,243 | 7,287,005 | ||||||
| Medifast | 6,735 | 504,115 | ||||||
| Nu Skin Enterprises Cl. A | 13,864 | 294,055 | ||||||
| USANA Health Sciences 3 | 19,921 | 1,167,570 | ||||||
| 9,252,745 | ||||||||
| Tobacco - 0.1% | ||||||||
| Vector Group | 164,246 | 1,747,577 | ||||||
| Total | 43,031,545 | |||||||
| Energy – 2.6% | ||||||||
| Energy Equipment & Services - 1.1% | ||||||||
| Bristow Group 1,3 | 219,464 | 6,182,301 | ||||||
| Core Laboratories | 99,484 | 2,388,611 | ||||||
| Pason Systems | 900,028 | 8,932,359 | ||||||
| Patterson-UTI Energy | 23,275 | 322,126 | ||||||
| U.S. Silica Holdings 3 | 38,019 | 533,787 | ||||||
| 18,359,184 | ||||||||
| Oil, Gas & Consumable Fuels - 1.5% | ||||||||
| Civitas Resources | 24,708 | 1,998,136 | ||||||
| CONSOL Energy 1 | 18,827 | 1,975,141 | ||||||
| CVR Energy | 27,207 | 925,854 | ||||||
| Dorchester Minerals L.P. 1 | 279,148 | 8,109,249 | ||||||
| Magnolia Oil & Gas Cl. A 1 | 68,698 | 1,573,871 | ||||||
| Northern Oil and Gas | 39,199 | 1,576,976 | ||||||
| Range Resources | 47,745 | 1,547,415 | ||||||
| REX American Resources 3 | 23,090 | 940,225 | ||||||
| Sitio Royalties Cl. A | 60,655 | 1,468,458 | ||||||
| SM Energy | 22,242 | 881,895 | ||||||
| World Kinect 1 | 183,796 | 4,122,544 | ||||||
| 25,119,764 | ||||||||
| Total | 43,478,948 | |||||||
| Financials – 18.6% | ||||||||
| Banks - 5.1% | ||||||||
| Ameris Bancorp 1 | 38,364 | 1,472,794 | ||||||
| Atlantic Union Bankshares | 10,000 | 287,800 | ||||||
| Axos Financial 3 | 13,785 | 521,900 | ||||||
| Banc of California | 41,013 | 507,741 | ||||||
| Bancorp (The) 3 | 25,000 | 862,500 | ||||||
| Bank of N.T. Butterfield & Son 1 | 241,503 | 6,539,901 | ||||||
| BankUnited 1 | 390,977 | 8,875,178 | ||||||
| Brookline Bancorp | 4,646 | 42,325 | ||||||
| Central Pacific Financial | 50,310 | 839,171 | ||||||
| Customers Bancorp 3 | 58,751 | 2,023,972 | ||||||
| Dime Community Bancshares | 74,603 | 1,489,076 | ||||||
| Eagle Bancorp | 24,774 | 531,402 | ||||||
| Farmers & Merchants Bank of Long Beach 4 | 416 | 2,008,240 | ||||||
| First Bancorp | 19,000 | 534,660 | ||||||
| First BanCorp (Puerto Rico) | 43,960 | 591,702 | ||||||
| First Bancshares (The) | 97,112 | 2,619,111 | ||||||
| First Citizens BancShares Cl. A | 10,109 | 13,951,431 | ||||||
| Fulton Financial | 58,137 | 704,039 | ||||||
| Hanmi Financial | 172,337 | 2,797,029 | ||||||
| HBT Financial | 40,400 | 736,896 | ||||||
| Hingham Institution for Savings | 13,011 | 2,429,804 | ||||||
| Home BancShares | 197,617 | 4,138,100 | ||||||
| HomeStreet | 72,619 | 565,702 | ||||||
| Hope Bancorp | 147,228 | 1,302,968 | ||||||
| Independent Bank Group | 111,830 | 4,422,876 | ||||||
| OFG Bancorp | 39,357 | 1,175,200 | ||||||
| Origin Bancorp | 73,207 | 2,113,486 | ||||||
| Preferred Bank | 18,649 | 1,160,900 | ||||||
| Territorial Bancorp | 17 | 155 | ||||||
| TowneBank | 21,058 | 482,860 | ||||||
| Triumph Financial 3 | 35,708 | 2,313,521 | ||||||
| Valley National Bancorp | 221,668 | 1,897,478 | ||||||
| Veritex Holdings | 46,634 | 837,080 | ||||||
| Virginia National Bankshares | 96,671 | 2,933,965 | ||||||
| WaFd | 47,600 | 1,219,512 | ||||||
| Webster Financial 1,2 | 134,200 | 5,409,602 | ||||||
| Western Alliance Bancorp 1,2 | 85,609 | 3,935,446 | ||||||
| 84,275,523 | ||||||||
| Capital Markets - 5.6% | ||||||||
| Ares Management Cl. A 1 | 43,500 | 4,474,845 | ||||||
| Artisan Partners Asset Management Cl. A 1,2 | 247,298 | 9,253,891 | ||||||
| Avantax 3 | 16,448 | 420,740 | ||||||
| B. Riley Financial | 39,200 | 1,606,808 | ||||||
| Barings BDC | 191,594 | 1,707,103 | ||||||
| Blue Owl Capital Cl. A | 55,900 | 724,464 | ||||||
| Bolsa Mexicana de Valores | 1,723,106 | 3,226,220 | ||||||
| BrightSphere Investment Group | 45,653 | 885,212 | ||||||
| Donnelley Financial Solutions 1,2,3 | 53,447 | 3,007,997 | ||||||
| GCM Grosvenor Cl. A | 767,911 | 5,958,989 | ||||||
| Houlihan Lokey Cl. A 1 | 72,400 | 7,755,488 | ||||||
| Lazard Cl. A 1,2 | 90,811 | 2,816,049 | ||||||
| MarketWise Cl. A | 500,000 | 800,000 | ||||||
| Moelis & Company Cl. A | 21,000 | 947,730 | ||||||
| Morningstar 1 | 18,161 | 4,254,033 | ||||||
| Onex Corporation | 153,900 | 9,045,343 | ||||||
| P10 Cl. A | 20,000 | 233,000 | ||||||
| SEI Investments 1 | 284,052 | 17,108,452 | ||||||
| Sprott | 230,880 | 7,032,215 | ||||||
| Tel Aviv Stock Exchange 3,4 | 221,179 | 1,270,261 | ||||||
| TMX Group | 336,150 | 7,224,162 | ||||||
| Tradeweb Markets Cl. A | 47,981 | 3,848,076 | ||||||
| 93,601,078 | ||||||||
| Consumer Finance - 0.6% | ||||||||
| Bread Financial Holdings | 85,023 | 2,907,787 |
| Encore Capital Group 1,2,3 | 35,105 | 1,676,615 | ||||||
| Enova International 3 | 67,631 | 3,440,389 | ||||||
| PRA Group 3 | 104,469 | 2,006,849 | ||||||
| 10,031,640 | ||||||||
| Financial Services - 1.6% | ||||||||
| Banco Latinoamericano de Comercio Exterior Cl. E | 73,446 | 1,557,055 | ||||||
| Compass Diversified Holdings | 137,336 | 2,577,797 | ||||||
| ECN Capital | 888,800 | 1,505,054 | ||||||
| EVERTEC | 41,285 | 1,534,976 | ||||||
| Mr. Cooper Group 1,2,3 | 19,050 | 1,020,318 | ||||||
| NewtekOne | 336,358 | 4,961,281 | ||||||
| NMI Holdings Cl. A 3 | 144,469 | 3,913,665 | ||||||
| Radian Group | 63,581 | 1,596,519 | ||||||
| Repay Holdings Cl. A 3 | 638,403 | 4,845,479 | ||||||
| Shift4 Payments Cl. A 3 | 50,000 | 2,768,500 | ||||||
| Waterloo Investment Holdings 3,5 | 2,972,000 | 832,160 | ||||||
| 27,112,804 | ||||||||
| Insurance - 5.7% | ||||||||
| Ambac Financial Group 3 | 24,314 | 293,227 | ||||||
| American Equity Investment Life Holding Company 1,3 | 45,605 | 2,446,252 | ||||||
| Assured Guaranty | 227,941 | 13,794,989 | ||||||
| Axis Capital Holdings | 56,362 | 3,177,126 | ||||||
| E-L Financial | 21,650 | 14,202,209 | ||||||
| Erie Indemnity Cl. A | 22,600 | 6,639,654 | ||||||
| First American Financial | 41,672 | 2,354,051 | ||||||
| Genworth Financial Cl. A 3 | 458,061 | 2,684,237 | ||||||
| Hagerty Cl. A 3 | 435,700 | 3,559,669 | ||||||
| International General Insurance Holdings | 632,619 | 7,135,942 | ||||||
| James River Group Holdings | 109,500 | 1,680,825 | ||||||
| ProAssurance Corporation 1,2 | 198,675 | 3,752,971 | ||||||
| RenaissanceRe Holdings | 48,326 | 9,564,682 | ||||||
| RLI Corp. 1 | 47,193 | 6,413,057 | ||||||
| Safety Insurance Group | 40,945 | 2,792,040 | ||||||
| Skyward Specialty Insurance Group 3 | 5,000 | 136,800 | ||||||
| Stewart Information Services 1 | 36,135 | 1,582,713 | ||||||
| White Mountains Insurance Group | 8,380 | 12,533,882 | ||||||
| 94,744,326 | ||||||||
| Total | 309,765,371 | |||||||
| Health Care – 9.9% | ||||||||
| Biotechnology - 1.0% | ||||||||
| Avid Bioservices 3 | 178,000 | 1,680,320 | ||||||
| Catalyst Pharmaceuticals 3 | 222,407 | 2,599,938 | ||||||
| Coherus BioSciences 3 | 106,700 | 399,058 | ||||||
| Dynavax Technologies 3 | 148,827 | 2,198,175 | ||||||
| Eagle Pharmaceuticals 1,3 | 46,586 | 734,661 | ||||||
| Ironwood Pharmaceuticals Cl. A 3 | 274,624 | 2,644,629 | ||||||
| PureTech Health 3,4 | 175,100 | 386,267 | ||||||
| REGENXBIO 3 | 149,664 | 2,463,469 | ||||||
| United Therapeutics 3 | 10,000 | 2,258,700 | ||||||
| Vanda Pharmaceuticals 3 | 5,100 | 22,032 | ||||||
| Vir Biotechnology 3 | 102,900 | 964,173 | ||||||
| 16,351,422 | ||||||||
| Health Care Equipment & Supplies - 3.6% | ||||||||
| Atrion Corporation | 1,882 | 777,586 | ||||||
| Bioventus Cl. A 3 | 50,000 | 165,000 | ||||||
| Cutera 3 | 15,650 | 94,213 | ||||||
| Embecta Corp. | 104,843 | 1,577,887 | ||||||
| Enovis Corporation 3 | 373,788 | 19,709,841 |
| Haemonetics Corporation 3 | 166,727 | 14,935,405 | ||||||
| Integer Holdings Corporation 1,2,3 | 75,700 | 5,937,151 | ||||||
| Lantheus Holdings 3 | 78,800 | 5,475,024 | ||||||
| QuidelOrtho Corporation 3 | 10,000 | 730,400 | ||||||
| Surmodics 1,2,3 | 161,000 | 5,166,490 | ||||||
| TransMedics Group 3 | 55,500 | 3,038,625 | ||||||
| UFP Technologies 3 | 9,302 | 1,501,808 | ||||||
| Zynex 3 | 40,622 | 324,976 | ||||||
| 59,434,406 | ||||||||
| Health Care Providers & Services - 1.7% | ||||||||
| Addus HomeCare 3 | 16,402 | 1,397,286 | ||||||
| AMN Healthcare Services 3 | 40,973 | 3,490,080 | ||||||
| Community Health Systems 3 | 197,636 | 573,144 | ||||||
| CorVel Corporation 3 | 2,869 | 564,189 | ||||||
| Cross Country Healthcare 3 | 127,100 | 3,150,809 | ||||||
| Fulgent Genetics 3 | 26,851 | 717,996 | ||||||
| NeoGenomics 3 | 41,750 | 513,525 | ||||||
| Pediatrix Medical Group 3 | 72,295 | 918,870 | ||||||
| Premier Cl. A | 51,254 | 1,101,961 | ||||||
| Privia Health Group 3 | 309,400 | 7,116,200 | ||||||
| Select Medical Holdings | 95,900 | 2,423,393 | ||||||
| U.S. Physical Therapy | 62,300 | 5,714,779 | ||||||
| 27,682,232 | ||||||||
| Health Care Technology - 0.3% | ||||||||
| Doximity Cl. A 3 | 30,095 | 638,616 | ||||||
| Simulations Plus 1,2 | 74,558 | 3,109,069 | ||||||
| Veradigm 3 | 128,731 | 1,691,525 | ||||||
| 5,439,210 | ||||||||
| Life Sciences Tools & Services - 2.2% | ||||||||
| Azenta 1,2,3 | 219,100 | 10,996,629 | ||||||
| BioLife Solutions 3 | 88,877 | 1,227,392 | ||||||
| Bio-Rad Laboratories Cl. A 3 | 16,245 | 5,823,020 | ||||||
| Bio-Techne 1 | 124,547 | 8,477,914 | ||||||
| Harvard Bioscience 3 | 102,050 | 438,815 | ||||||
| Mesa Laboratories 1,2 | 44,600 | 4,686,122 | ||||||
| Stevanato Group | 176,429 | 5,243,470 | ||||||
| 36,893,362 | ||||||||
| Pharmaceuticals - 1.1% | ||||||||
| Cara Therapeutics 3 | 202,300 | 339,864 | ||||||
| Collegium Pharmaceutical 3 | 17,381 | 388,465 | ||||||
| Corcept Therapeutics 3 | 284,829 | 7,760,166 | ||||||
| Harmony Biosciences Holdings 1,3 | 136,416 | 4,470,352 | ||||||
| Innoviva 3 | 108,269 | 1,406,414 | ||||||
| Ligand Pharmaceuticals 3 | 11,481 | 687,942 | ||||||
| Pacira BioSciences 3 | 2,158 | 66,207 | ||||||
| Prestige Consumer Healthcare 3 | 56,300 | 3,219,797 | ||||||
| Supernus Pharmaceuticals 3 | 15,522 | 427,942 | ||||||
| 18,767,149 | ||||||||
| Total | 164,567,781 | |||||||
| Industrials – 26.5% | ||||||||
| Aerospace & Defense - 1.6% | ||||||||
| AeroVironment 3 | 2,650 | 295,555 | ||||||
| Ducommun 1,3 | 32,334 | 1,406,852 | ||||||
| HEICO Corporation 1 | 31,030 | 5,024,688 | ||||||
| HEICO Corporation Cl. A 1 | 36,533 | 4,720,794 | ||||||
| Leonardo DRS 3 | 344,154 | 5,747,372 | ||||||
| Magellan Aerospace | 893,092 | 4,984,088 | ||||||
| National Presto Industries | 6,396 | 463,454 |
| Woodward 1 | 28,500 | 3,541,410 | ||||||
| 26,184,213 | ||||||||
| Air Freight & Logistics - 0.4% | ||||||||
| Forward Air 1 | 63,360 | 4,355,366 | ||||||
| GXO Logistics 3 | 7,000 | 410,550 | ||||||
| Hub Group Cl. A 3 | 21,151 | 1,661,200 | ||||||
| 6,427,116 | ||||||||
| Building Products - 1.8% | ||||||||
| Advanced Drainage Systems | 37,491 | 4,267,601 | ||||||
| American Woodmark 3 | 15,374 | 1,162,428 | ||||||
| AZZ 1,2 | 20,000 | 911,600 | ||||||
| Carlisle Companies | 13,700 | 3,551,862 | ||||||
| CSW Industrials | 44,000 | 7,710,560 | ||||||
| PGT Innovations 3 | 20,486 | 568,486 | ||||||
| Quanex Building Products | 39,648 | 1,116,884 | ||||||
| Simpson Manufacturing 1 | 22,600 | 3,385,706 | ||||||
| UFP Industries | 73,095 | 7,484,928 | ||||||
| 30,160,055 | ||||||||
| Commercial Services & Supplies - 2.2% | ||||||||
| ACV Auctions Cl. A 3 | 115,800 | 1,757,844 | ||||||
| Brady Corporation Cl. A 1 | 266,918 | 14,659,137 | ||||||
| CompX International Cl. A 1 | 183,197 | 3,405,632 | ||||||
| Driven Brands Holdings 3 | 67,631 | 851,474 | ||||||
| GFL Environmental 1 | 83,595 | 2,654,977 | ||||||
| Healthcare Services Group 3 | 299,589 | 3,124,713 | ||||||
| Heritage-Crystal Clean 1,3 | 100,106 | 4,539,807 | ||||||
| HNI Corporation | 9,705 | 336,084 | ||||||
| Montrose Environmental Group 3 | 49,641 | 1,452,496 | ||||||
| RB Global 1 | 58,413 | 3,650,813 | ||||||
| 36,432,977 | ||||||||
| Construction & Engineering - 4.7% | ||||||||
| Ameresco Cl. A 1,2,3 | 25,000 | 964,000 | ||||||
| APi Group 1,3 | 546,800 | 14,178,524 | ||||||
| Arcosa 1 | 180,450 | 12,974,355 | ||||||
| Comfort Systems USA 1 | 12,256 | 2,088,545 | ||||||
| EMCOR Group | 39,503 | 8,311,036 | ||||||
| IES Holdings 1,2,3 | 268,939 | 17,715,012 | ||||||
| MasTec 3 | 78,980 | 5,684,191 | ||||||
| MYR Group 3 | 8,253 | 1,112,174 | ||||||
| Northwest Pipe 3 | 36,049 | 1,087,598 | ||||||
| Valmont Industries 1 | 36,302 | 8,720,104 | ||||||
| WillScot Mobile Mini Holdings Corp. 3 | 141,770 | 5,896,214 | ||||||
| 78,731,753 | ||||||||
| Electrical Equipment - 2.6% | ||||||||
| Allient | 23,000 | 711,160 | ||||||
| Atkore 3 | 41,016 | 6,119,177 | ||||||
| Encore Wire | 44,959 | 8,203,219 | ||||||
| GrafTech International | 48,796 | 186,889 | ||||||
| LSI Industries | 496,657 | 7,886,913 | ||||||
| Powell Industries | 64,393 | 5,338,180 | ||||||
| Preformed Line Products | 58,600 | 9,527,188 | ||||||
| Vertiv Holdings Cl. A | 147,417 | 5,483,912 | ||||||
| 43,456,638 | ||||||||
| Ground Transportation - 1.1% | ||||||||
| ArcBest Corporation | 19,538 | 1,986,038 | ||||||
| Hertz Global Holdings 3 | 5,000 | 61,250 | ||||||
| Knight-Swift Transportation Holdings | 67,391 | 3,379,658 | ||||||
| Landstar System 1 | 65,833 | 11,648,491 | ||||||
| RXO 3 | 55,433 | 1,093,693 | ||||||
| 18,169,130 |
| Machinery - 6.6% | ||||||||
| ATS Corporation 3 | 15,150 | 645,820 | ||||||
| Chart Industries 3 | 27,797 | 4,701,029 | ||||||
| Douglas Dynamics | 95,688 | 2,887,864 | ||||||
| EnPro Industries | 56,488 | 6,845,781 | ||||||
| ESAB Corporation 1 | 156,756 | 11,007,406 | ||||||
| ESCO Technologies 1 | 104,967 | 10,962,753 | ||||||
| Helios Technologies 1 | 44,900 | 2,491,052 | ||||||
| Hillman Solutions 3 | 200,000 | 1,650,000 | ||||||
| John Bean Technologies 1,2 | 127,806 | 13,437,523 | ||||||
| Kadant 1 | 62,070 | 13,999,889 | ||||||
| Lincoln Electric Holdings 1 | 24,000 | 4,362,960 | ||||||
| Lindsay Corporation 1 | 70,900 | 8,343,512 | ||||||
| Miller Industries | 81,473 | 3,194,556 | ||||||
| Mueller Industries 1 | 28,209 | 2,120,188 | ||||||
| RBC Bearings 3 | 25,282 | 5,919,275 | ||||||
| Standex International | 497 | 72,408 | ||||||
| Tennant Company 1 | 80,500 | 5,969,075 | ||||||
| Titan International 3 | 78,169 | 1,049,810 | ||||||
| Wabash National | 22,701 | 479,445 | ||||||
| Watts Water Technologies Cl. A 1 | 55,000 | 9,505,100 | ||||||
| 109,645,446 | ||||||||
| Marine Transportation - 0.3% | ||||||||
| Kirby Corporation 3 | 61,454 | 5,088,391 | ||||||
| Passenger Airlines - 0.1% | ||||||||
| Sun Country Airlines Holdings 3 | 88,126 | 1,307,790 | ||||||
| Professional Services - 2.3% | ||||||||
| CBIZ 1,3 | 43,170 | 2,240,523 | ||||||
| Dun & Bradstreet Holdings | 277,907 | 2,776,291 | ||||||
| ExlService Holdings 3 | 1,580 | 44,303 | ||||||
| Exponent 1 | 41,400 | 3,543,840 | ||||||
| Forrester Research 1,2,3 | 281,425 | 8,133,183 | ||||||
| FTI Consulting 3 | 1,210 | 215,876 | ||||||
| Heidrick & Struggles International | 17,490 | 437,600 | ||||||
| Jacobs Solutions 1 | 33,500 | 4,572,750 | ||||||
| KBR 1 | 145,632 | 8,583,550 | ||||||
| Korn Ferry 1 | 160,990 | 7,637,366 | ||||||
| Resources Connection | 58,708 | 875,336 | ||||||
| TrueBlue 3 | 26,363 | 386,745 | ||||||
| 39,447,363 | ||||||||
| Trading Companies & Distributors - 2.8% | ||||||||
| Air Lease Cl. A 1 | 289,473 | 11,408,131 | ||||||
| Applied Industrial Technologies | 34,927 | 5,400,064 | ||||||
| Boise Cascade 1 | 19,608 | 2,020,408 | ||||||
| Core & Main Cl. A 1,3 | 2,532 | 73,048 | ||||||
| Distribution Solutions Group 3 | 47,456 | 1,233,856 | ||||||
| FTAI Aviation | 230,018 | 8,177,140 | ||||||
| GMS 3 | 11,085 | 709,107 | ||||||
| Hudson Technologies 3 | 115,180 | 1,531,894 | ||||||
| MSC Industrial Direct Cl. A | 14,383 | 1,411,691 | ||||||
| Richelieu Hardware | 7,800 | 228,444 | ||||||
| SiteOne Landscape Supply 1,2,3 | 25,000 | 4,086,250 | ||||||
| Transcat 3 | 93,647 | 9,174,597 | ||||||
| Veritiv | 4,884 | 824,908 | ||||||
| 46,279,538 | ||||||||
| Total | 441,330,410 | |||||||
| Information Technology – 15.4% | ||||||||
| Communications Equipment - 0.5% | ||||||||
| Calix 1,3 | 27,116 | 1,242,997 | ||||||
| Digi International 3 | 38,250 | 1,032,750 | ||||||
| Extreme Networks 3 | 40,911 | 990,455 | ||||||
| Harmonic 3 | 251,885 | 2,425,653 | ||||||
| NetScout Systems 3 | 106,253 | 2,977,209 | ||||||
| 8,669,064 | ||||||||
| Electronic Equipment, Instruments & Components - 6.5% | ||||||||
| Badger Meter | 501 | 72,079 | ||||||
| Cognex Corporation 1,2 | 153,200 | 6,501,808 | ||||||
| Coherent 1,3 | 87,766 | 2,864,682 | ||||||
| Crane NXT | 152,860 | 8,494,430 | ||||||
| CTS Corporation | 17,532 | 731,786 | ||||||
| Fabrinet 1,2,3 | 111,111 | 18,513,315 | ||||||
| FARO Technologies 1,2,3 | 228,848 | 3,485,355 | ||||||
| Insight Enterprises 3 | 4,707 | 684,868 | ||||||
| IPG Photonics 3 | 73,976 | 7,511,523 | ||||||
| Kimball Electronics 3 | 115,766 | 3,169,673 | ||||||
| Littelfuse 1 | 20,900 | 5,168,988 | ||||||
| Luna Innovations 3 | 86,450 | 506,597 | ||||||
| Methode Electronics | 18,843 | 430,563 | ||||||
| Mirion Technologies Cl. A 3 | 225,000 | 1,680,750 | ||||||
| NAPCO Security Technologies | 6,000 | 133,500 | ||||||
| PAR Technology 1,2,3 | 369,239 | 14,230,471 | ||||||
| PC Connection | 21,259 | 1,134,805 | ||||||
| Richardson Electronics | 394,763 | 4,314,760 | ||||||
| Rogers Corporation 3 | 65,442 | 8,603,660 | ||||||
| Sanmina Corporation 3 | 23,505 | 1,275,851 | ||||||
| Teledyne Technologies 3 | 10,020 | 4,093,972 | ||||||
| TTM Technologies 1,2,3 | 365,912 | 4,712,947 | ||||||
| Vishay Precision Group 3 | 86,537 | 2,905,912 | ||||||
| Vontier Corporation | 206,311 | 6,379,136 | ||||||
| 107,601,431 | ||||||||
| IT Services - 1.2% | ||||||||
| Computer Task Group 3 | 36,031 | 372,200 | ||||||
| Hackett Group (The) 1 | 429,740 | 10,137,567 | ||||||
| Kyndryl Holdings 3 | 401,802 | 6,067,210 | ||||||
| Unisys Corporation 1,2,3 | 256,698 | 885,608 | ||||||
| Wix.com 3 | 19,497 | 1,789,825 | ||||||
| 19,252,410 | ||||||||
| Semiconductors & Semiconductor Equipment - 5.0% | ||||||||
| Axcelis Technologies 3 | 28,919 | 4,715,243 | ||||||
| AXT 3 | 106,100 | 254,640 | ||||||
| Camtek 3 | 26,300 | 1,637,438 | ||||||
| Cirrus Logic 1,3 | 82,550 | 6,105,398 | ||||||
| Cohu 1,3 | 35,638 | 1,227,373 | ||||||
| Diodes 1,2,3 | 76,492 | 6,030,629 | ||||||
| FormFactor 3 | 348,835 | 12,188,295 | ||||||
| Impinj 1,2,3 | 65,945 | 3,628,953 | ||||||
| indie Semiconductor Cl. A 3 | 61,000 | 384,300 | ||||||
| Kulicke & Soffa Industries 1 | 69,864 | 3,397,486 | ||||||
| MaxLinear 3 | 130,780 | 2,909,855 | ||||||
| MKS Instruments | 154,429 | 13,364,286 | ||||||
| Onto Innovation 1,2,3 | 99,156 | 12,644,373 | ||||||
| Photronics 3 | 252,571 | 5,104,460 | ||||||
| Power Integrations | 1,882 | 143,616 | ||||||
| Rambus 3 | 111,443 | 6,217,405 | ||||||
| Semtech Corporation 3 | 12,424 | 319,918 | ||||||
| SiTime Corporation 3 | 4,689 | 535,718 | ||||||
| SMART Global Holdings 3 | 3,349 | 81,548 | ||||||
| Ultra Clean Holdings 3 | 68,070 | 2,019,637 | ||||||
| 82,910,571 | ||||||||
| Software - 2.1% | ||||||||
| Adeia 1,2 | 60,834 | 649,707 | ||||||
| Agilysys 3 | 37,500 | 2,481,000 | ||||||
| Alkami Technology 3 | 79,541 | 1,449,237 | ||||||
| AppLovin Corporation Cl. A 3 | 43,252 | 1,728,350 | ||||||
| Asana Cl. A 3 | 50,000 | 915,500 | ||||||
| BlackLine 3 | 23,894 | 1,325,400 | ||||||
| Consensus Cloud Solutions 1,2,3 | 22,315 | 561,892 | ||||||
| Descartes Systems Group (The) 3 | 5,000 | 366,900 | ||||||
| E2open Parent Holdings Cl. A 3 | 100,000 | 454,000 | ||||||
| InterDigital 1 | 14,728 | 1,181,775 | ||||||
| JFrog 3 | 200,000 | 5,072,000 | ||||||
| Matterport Cl. A 3 | 150,000 | 325,500 | ||||||
| Progress Software | 76,358 | 4,014,903 | ||||||
| PROS Holdings 3 | 80,116 | 2,773,616 | ||||||
| Q2 Holdings 3 | 23,553 | 760,055 | ||||||
| Sapiens International | 171,842 | 4,885,468 | ||||||
| Sprout Social Cl. A 3 | 10,000 | 498,800 | ||||||
| Teradata Corporation 3 | 82,497 | 3,714,015 | ||||||
| Upland Software 3 | 100,000 | 462,000 | ||||||
| Workiva Cl. A 3 | 20,711 | 2,098,853 | ||||||
| 35,718,971 | ||||||||
| Technology Hardware, Storage & Peripherals - 0.1% | ||||||||
| Avid Technology 1,3 | 64,650 | 1,737,146 | ||||||
| Total | 255,889,593 | |||||||
| Materials – 7.8% | ||||||||
| Chemicals - 3.5% | ||||||||
| AdvanSix 1 | 40,479 | 1,258,087 | ||||||
| American Vanguard 1 | 165,294 | 1,806,663 | ||||||
| Aspen Aerogels 3 | 47,200 | 405,920 | ||||||
| Chase Corporation 1 | 49,829 | 6,339,744 | ||||||
| Element Solutions 1 | 618,107 | 12,121,078 | ||||||
| FutureFuel Corporation | 67,144 | 481,423 | ||||||
| Hawkins 1 | 89,940 | 5,292,969 | ||||||
| Ingevity Corporation 3 | 35,839 | 1,706,295 | ||||||
| Innospec 1,2 | 116,511 | 11,907,424 | ||||||
| NewMarket Corporation | 8,000 | 3,640,320 | ||||||
| Quaker Houghton | 83,254 | 13,320,640 | ||||||
| Scotts Miracle-Gro Cl. A | 7,029 | 363,259 | ||||||
| 58,643,822 | ||||||||
| Containers & Packaging - 0.3% | ||||||||
| Graphic Packaging Holding Company | 106,331 | 2,369,054 | ||||||
| Silgan Holdings | 58,579 | 2,525,341 | ||||||
| 4,894,395 | ||||||||
| Metals & Mining - 3.2% | ||||||||
| Alamos Gold Cl. A | 1,976,000 | 22,287,738 | ||||||
| AMG Critical Materials 4 | 14,000 | 420,503 | ||||||
| Gold Fields ADR | 536,500 | 5,826,390 | ||||||
| Haynes International 1,2 | 102,500 | 4,768,300 | ||||||
| Hecla Mining | 321,300 | 1,256,283 | ||||||
| IAMGOLD Corporation 3 | 500,000 | 1,075,000 | ||||||
| Major Drilling Group International 3 | 1,496,691 | 9,112,928 | ||||||
| Materion Corporation | 25,000 | 2,547,750 | ||||||
| Newcrest Mining | 33,909 | 535,254 | ||||||
| Olympic Steel | 27,263 | 1,532,453 | ||||||
| Reliance Steel & Aluminum 1 | 6,600 | 1,730,718 | ||||||
| Ryerson Holding Corporation | 39,374 | 1,145,390 | ||||||
| TimkenSteel Corporation 3 | 50,693 | 1,101,052 | ||||||
| 53,339,759 | ||||||||
| Paper & Forest Products - 0.8% | ||||||||
| Clearwater Paper 3 | 25,762 | 933,872 | ||||||
| Glatfelter Corporation 3 | 210,400 | 420,800 | ||||||
| Louisiana-Pacific | 77,491 | 4,282,928 | ||||||
| Mercer International | 102,682 | 881,012 | ||||||
| Stella-Jones | 83,600 | 4,020,432 | ||||||
| Sylvamo Corporation 1 | 41,019 | 1,802,375 | ||||||
| 12,341,419 | ||||||||
| Total | 129,219,395 | |||||||
| Real Estate – 3.1% | ||||||||
| Diversified REITs - 0.0% | ||||||||
| New York REIT 3,5 | 15,000 | 166,950 | ||||||
| Real Estate Management & Development - 3.1% | ||||||||
| Anywhere Real Estate 3 | 13,358 | 85,892 | ||||||
| Colliers International Group | 59,771 | 5,693,188 | ||||||
| DigitalBridge Group Cl. A | 4,271 | 75,084 | ||||||
| Douglas Elliman | 20,488 | 46,303 | ||||||
| FirstService Corporation | 91,672 | 13,341,943 | ||||||
| FRP Holdings 1,3 | 76,558 | 4,131,835 | ||||||
| Kennedy-Wilson Holdings 1 | 728,244 | 10,734,317 | ||||||
| Marcus & Millichap 1 | 299,177 | 8,777,853 | ||||||
| St. Joe Company (The) 1,2 | 78,800 | 4,281,204 | ||||||
| Tejon Ranch 1,2,3 | 313,818 | 5,090,128 | ||||||
| 52,257,747 | ||||||||
| Total | 52,424,697 | |||||||
| Utilities – 0.1% | ||||||||
| Electric Utilities - 0.1% | ||||||||
| Otter Tail | 15,695 | 1,191,564 | ||||||
| Gas Utilities - 0.0% | ||||||||
| Chesapeake Utilities | 3,499 | 342,027 | ||||||
| Water Utilities - 0.0% | ||||||||
| American States Water | 679 | 53,424 | ||||||
| Total | 1,587,015 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,393,838,856) | 1,642,653,003 | |||||||
| DIVERSIFIED INVESTMENT COMPANIES – 1.0% | ||||||||
| Diversified Investment Companies – 0.1% | ||||||||
| Closed-End Funds - 0.1% | ||||||||
| Eagle Point Credit | 42,054 | 426,848 | ||||||
| Total | 426,848 | |||||||
| Financials – 0.3% | ||||||||
| Investment Companies - 0.3% | ||||||||
| iShares S&P Small-Cap 600 Growth ETF | 17,700 | 1,941,336 | ||||||
| ProShares Ultra SmallCap600 | 25,000 | 486,245 | ||||||
| SPDR S&P 600 Small Cap Value ETF | 38,900 | 2,815,193 | ||||||
| Total | 5,242,774 |
| Materials – 0.6% | ||||||||
| Metals & Mining - 0.6% | ||||||||
| VanEck Junior Gold Miners ETF | 319,426 | 10,295,100 | ||||||
| Total | 10,295,100 | |||||||
| TOTAL DIVERSIFIED INVESTMENT COMPANIES | ||||||||
| (Cost $17,275,188) | 15,964,722 | |||||||
| REPURCHASE AGREEMENT – 2.5% | ||||||||
| Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $41,222,764 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $42,036,194) | ||||||||
| (Cost $41,211,946) | 41,211,946 | |||||||
| TOTAL INVESTMENTS – 102.2% | ||||||||
| (Cost $1,452,325,990) | 1,699,829,671 | |||||||
| LIABILITIES LESS CASH AND OTHER ASSETS – (2.2)% | (36,402,639 | ) | ||||||
| NET ASSETS – 100.0% | $ | 1,663,427,032 | ||||||
ADR – American Depository Receipt
| 3 | Non-income producing. |
| 4 | These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors. |
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,456,676,731. As of September 30, 2023, net unrealized appreciation for all securities was $243,152,940, consisting of aggregate gross unrealized appreciation of $394,181,009 and aggregate gross unrealized depreciation of $151,028,069. 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:
Royce Value Trust, Inc. (the “Fund”), is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on July 1, 1986. The Fund commenced operations on November 26, 1986. Royce & Associates, LP, the Fund’s investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners (“Royce”). Investment transactions are accounted for on the trade date. Portfolio securities held by the Fund 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. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.
Equity securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as “Level 1” inputs because they represent reliable quoted prices in active markets for identical securities.
If the value of a portfolio security held by the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be “fair valued.” The Fund’s Board of Directors has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act of 1940 (“Rule 2a-5”). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Fund’s Board of Directors and policies and procedures adopted by Royce in its capacity as valuation designee for the Fund. Fair valued securities are reported as either “Level 2” or “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, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.
Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Fund on a particular valuation date include:
| ● | Over-the-counter equity securities other than those traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system (collectively referred to herein as “Other OTC Equity Securities”) are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities; |
| ● | Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and |
| ● | The Fund uses an independent pricing service to fair value certain non-U.S. equity securities when 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 such non-U.S. securities. |
Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer’s ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas. In the case of restricted securities, fair value determinations generally start with the inherent or intrinsic worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in value resulting from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ significantly from the values that would have been used had an active market existed.
A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if:
| ● | an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, has not traded and there are no bids; |
| ● | Royce does not receive at least two bid side quotes for an Other OTC Equity Security; |
| ● | the independent pricing services are unable to supply fair value prices; or |
| ● | the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time the Fund prices its shares). |
The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Fund as of September 30, 2023. Any Level 2 or Level 3 securities held by the Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | $1,631,515,497 | $10,138,396 | $999,110 | $ | 1,642,653,003 | |||||||||||
| Diversified Investment Companies | 15,964,722 | – | – | 15,964,722 | ||||||||||||
| Repurchase Agreement | – | 41,211,946 | – | 41,211,946 | ||||||||||||
| Level 3 Reconciliation: | ||||||||||||||||||||||
| Unrealized Gain (Loss) | ||||||||||||||||||||||
| Balance as of 12/31/22 | Sales | Realized Gain (Loss) | Currently Held Securities | Securities No Longer Held | Balance as of 9/30/23 | |||||||||||||||||
| Common Stocks | $999,110 | $– | $– | $0 | $– | $999,110 | ||||||||||||||||
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 as of September 30, 2023, is next business day and continuous.
Borrowings:
The Fund is party to a revolving credit agreement (the “credit agreement”) with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed by the Fund under the credit agreement. The credit agreement has a 179-day rolling term that resets daily. The Fund pledges eligible portfolio securities as collateral and has granted a security interest in such pledged securities to, and in favor of, BNPPI as security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged as collateral is determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value of eligible securities pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the credit agreement. As of September 30, 2023, the market value of eligible securities pledged as collateral exceeded two times the loan balance outstanding.
If the Fund fails to meet certain requirements, or comply with other financial covenants set forth in the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may also terminate the credit agreement upon sixty (60) calendar days’ prior written notice to the Fund in the event the Fund’s net asset value per share as of the close of business on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund’s net asset value per share as of the close of business on the last business day of the immediately preceding calendar month.
The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.
The Fund and BNPPI have agreed that the current maximum amount the Fund may borrow under the credit agreement is $70,000,000. The Fund has the right to further reduce the maximum amount it can borrow under the credit agreement upon one (1) business day’s prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit agreement, which amount may not exceed $150,000,000.
As of September 30, 2023, the Fund had outstanding borrowings of $35,000,000. During the nine-month period ended September 30, 2023, the Fund had an average daily loan balance of $35,000,000. As of September 30, 2023, the aggregate value of rehypothecated securities was $32,440,363.
Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through Royce Investment Partners (www.royceinvest.com) and on the Securities and Exchange Commission’s website (www.sec.gov).