SCHEDULES OF INVESTMENTS
ROYCE DIVIDEND VALUE FUND
MARCH 31, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 94.2% | ||||||||
Consumer Discretionary – 6.5% | ||||||||
Auto Components - 1.4% | ||||||||
Gentex Corporation | 6,801 | $ | 150,710 | |||||
Nokian Renkaat | 35,600 | 863,916 | ||||||
1,014,626 | ||||||||
Hotels, Restaurants & Leisure - 0.1% | ||||||||
Cheesecake Factory | 3,129 | 53,443 | ||||||
Household Durables - 1.7% | ||||||||
Hunter Douglas | 20,000 | 903,148 | ||||||
La-Z-Boy | 2,615 | 53,738 | ||||||
PulteGroup | 10,900 | 243,288 | ||||||
1,200,174 | ||||||||
Specialty Retail - 2.9% | ||||||||
American Eagle Outfitters | 55,345 | 439,993 | ||||||
Caleres | 12,578 | 65,405 | ||||||
Designer Brands Cl. A | 64,015 | 318,795 | ||||||
Rent-A-Center | 29,966 | 423,719 | ||||||
USS | 56,000 | 771,357 | ||||||
2,019,269 | ||||||||
Textiles, Apparel & Luxury Goods - 0.4% | ||||||||
HUGO BOSS | 9,800 | 252,131 | ||||||
Steven Madden | 2,378 | 55,241 | ||||||
307,372 | ||||||||
Total | 4,594,884 | |||||||
Consumer Staples – 0.6% | ||||||||
Food & Staples Retailing - 0.5% | ||||||||
FamilyMart | 19,200 | 343,777 | ||||||
Household Products - 0.1% | ||||||||
Spectrum Brands Holdings | 1,496 | 54,409 | ||||||
Total | 398,186 | |||||||
Energy – 3.6% | ||||||||
Energy Equipment & Services - 1.6% | ||||||||
Helmerich & Payne | 20,504 | 320,888 | ||||||
TGS-NOPEC Geophysical | 72,700 | 815,808 | ||||||
1,136,696 | ||||||||
Oil, Gas & Consumable Fuels - 2.0% | ||||||||
Cimarex Energy | 17,300 | 291,159 | ||||||
Gaztransport Et Technigaz | 15,600 | 1,145,838 | ||||||
1,436,997 | ||||||||
Total | 2,573,693 | |||||||
Financials – 29.2% | ||||||||
Banks - 2.0% | ||||||||
Bank of Georgia Group1 | 39,500 | 452,495 | ||||||
BOK Financial | 15,414 | 656,020 | ||||||
City Holding Company | 4,789 | 318,612 | ||||||
1,427,127 | ||||||||
Capital Markets - 23.4% | ||||||||
Ashmore Group | 349,000 | 1,539,241 | ||||||
AURELIUS Equity Opportunities1 | 7,200 | 136,222 | ||||||
B3-Brasil, Bolsa, Balcao | 168,300 | 1,162,789 | ||||||
Bolsa Mexicana de Valores | 888,000 | 1,351,699 | ||||||
Carlyle Group | 88,000 | 1,905,200 | ||||||
Coronation Fund Managers | 153,700 | 270,244 | ||||||
Evercore Cl. A | 13,500 | 621,810 | ||||||
Federated Hermes Cl. B | 25,900 | 493,395 | ||||||
Houlihan Lokey Cl. A | 4,946 | 257,786 | ||||||
Jupiter Fund Management | 225,700 | 559,344 | ||||||
KKR & Co. Cl. A | 119,200 | 2,797,624 | ||||||
Moelis & Company Cl. A | 20,759 | 583,328 | ||||||
Northern Trust | 16,800 | 1,267,728 | ||||||
SEI Investments | 37,900 | 1,756,286 | ||||||
Sprott | 588,600 | 957,787 | ||||||
State Street | 16,800 | 894,936 | ||||||
16,555,419 | ||||||||
Diversified Financial Services - 1.2% | ||||||||
Jefferies Financial Group | 59,700 | 816,099 | ||||||
Insurance - 0.9% | ||||||||
Reinsurance Group of America | 7,605 | 639,885 | ||||||
Thrifts & Mortgage Finance - 1.7% | ||||||||
Genworth MI Canada | 23,648 | 525,455 | ||||||
WSFS Financial | 25,701 | 640,469 | ||||||
1,165,924 | ||||||||
Total | 20,604,454 | |||||||
Health Care – 3.0% | ||||||||
Health Care Providers & Services - 0.2% | ||||||||
Ensign Group (The) | 4,451 | 167,402 | ||||||
Pharmaceuticals - 2.8% | ||||||||
Recordati | 29,900 | 1,266,659 | ||||||
Santen Pharmaceutical | 41,600 | 716,520 | ||||||
1,983,179 | ||||||||
Total | 2,150,581 | |||||||
Industrials – 23.4% | ||||||||
Aerospace & Defense - 2.5% | ||||||||
HEICO Corporation Cl. A | 27,220 | 1,739,358 | ||||||
Building Products - 0.5% | ||||||||
Geberit | 800 | 352,909 | ||||||
Universal Forest Products | 800 | 29,752 | ||||||
382,661 | ||||||||
Commercial Services & Supplies - 0.1% | ||||||||
Herman Miller | 3,976 | 88,267 | ||||||
Construction & Engineering - 0.5% | ||||||||
Comfort Systems USA | 9,659 | 353,037 | ||||||
Electrical Equipment - 2.1% | ||||||||
EnerSys | 1,170 | 57,939 | ||||||
Hubbell Incorporated | 12,700 | 1,457,198 | ||||||
1,515,137 | ||||||||
Machinery - 10.4% | ||||||||
Alamo Group | 688 | 61,081 | ||||||
Federal Signal | 6,229 | 169,927 | ||||||
Graco | 45,400 | 2,212,342 | ||||||
Lincoln Electric Holdings | 10,550 | 727,950 | ||||||
Lindsay Corporation | 17,400 | 1,593,492 | ||||||
Spirax-Sarco Engineering | 20,800 | 2,101,170 | ||||||
Wabash National | 67,392 | 486,570 | ||||||
7,352,532 | ||||||||
Marine - 2.0% | ||||||||
Clarkson1 | 48,600 | 1,392,526 | ||||||
Professional Services - 2.3% | ||||||||
Korn Ferry | 11,401 | 277,272 | ||||||
ManpowerGroup | 20,300 | 1,075,697 | ||||||
Robert Half International | 6,594 | 248,924 | ||||||
1,601,893 | ||||||||
Road & Rail - 0.6% | ||||||||
Old Dominion Freight Line | 1,050 | 137,823 | ||||||
Werner Enterprises | 8,643 | 313,395 | ||||||
451,218 | ||||||||
Trading Companies & Distributors - 2.4% | ||||||||
Applied Industrial Technologies | 36,500 | 1,668,780 | ||||||
Total | 16,545,409 | |||||||
Information Technology – 8.7% | ||||||||
Electronic Equipment, Instruments & Components - 4.6% | ||||||||
FLIR Systems | 65,800 | 2,098,362 | ||||||
Methode Electronics | 20,838 | 550,748 | ||||||
Vishay Intertechnology | 42,497 | 612,382 | ||||||
3,261,492 | ||||||||
IT Services - 3.1% | ||||||||
KBR | 106,200 | 2,196,216 | ||||||
Semiconductors & Semiconductor Equipment - 0.3% | ||||||||
MKS Instruments | 2,808 | 228,712 | ||||||
Software - 0.7% | ||||||||
SimCorp | 5,600 | 471,318 | ||||||
Total | 6,157,738 | |||||||
Materials – 16.3% | ||||||||
Chemicals - 2.9% | ||||||||
Quaker Chemical | 16,400 | 2,070,992 | ||||||
Containers & Packaging - 3.2% | ||||||||
AptarGroup | 22,600 | 2,249,604 | ||||||
Metals & Mining - 10.2% | ||||||||
Franco-Nevada | 26,400 | 2,627,328 | ||||||
Reliance Steel & Aluminum | 22,900 | 2,005,811 | ||||||
Royal Gold | 15,500 | 1,359,505 | ||||||
Worthington Industries | 46,800 | 1,228,500 | ||||||
7,221,144 | ||||||||
Total | 11,541,740 | |||||||
Real Estate – 0.6% | ||||||||
Real Estate Management & Development - 0.6% | ||||||||
Relo Group | 18,400 | 386,191 | ||||||
Total | 386,191 | |||||||
Utilities – 2.3% | ||||||||
Water Utilities - 2.3% | ||||||||
Essential Utilities | 39,800 | 1,619,860 | ||||||
Total | 1,619,860 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $52,997,325) | 66,572,736 | |||||||
REPURCHASE AGREEMENT – 5.6% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $3,947,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $4,029,541) (Cost $3,947,000) | 3,947,000 | |||||||
TOTAL INVESTMENTS – 99.8% | ||||||||
(Cost $56,944,325) | 70,519,736 | |||||||
CASH AND OTHER ASSETS | ||||||||
LESS LIABILITIES – 0.2% | 122,367 | |||||||
NET ASSETS – 100.0% | $ | 70,642,103 |
SCHEDULES OF INVESTMENTS
ROYCE GLOBAL FINANCIAL SERVICES FUND
MARCH 31, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 95.4% | ||||||||
Banks - 13.8% | ||||||||
BOK Financial | 10,450 | $ | 444,752 | |||||
Bryn Mawr Bank | 10,000 | 283,800 | ||||||
Cadence Bancorporation Cl. A | 15,887 | 104,060 | ||||||
Capital City Bank Group | 16,988 | 341,799 | ||||||
First Citizens BancShares Cl. A | 1,828 | 608,486 | ||||||
First Republic Bank | 5,198 | 427,691 | ||||||
Popular | 23,465 | 821,275 | ||||||
TriState Capital Holdings1 | 11,600 | 112,172 | ||||||
Umpqua Holdings | 17,400 | 189,660 | ||||||
Total | 3,333,695 | |||||||
Capital Markets - 52.6% | ||||||||
Ares Management Cl. A | 35,055 | 1,084,251 | ||||||
Ashmore Group | 157,000 | 692,438 | ||||||
Associated Capital Group Cl. A | 7,000 | 214,200 | ||||||
B3-Brasil, Bolsa, Balcao | 61,000 | 421,451 | ||||||
Bolsa Mexicana de Valores | 174,000 | 264,860 | ||||||
Canaccord Genuity Group | 133,000 | 409,216 | ||||||
Carlyle Group | 22,300 | 482,795 | ||||||
Charles Schwab | 8,400 | 282,408 | ||||||
Coronation Fund Managers | 61,200 | 107,605 | ||||||
CRISIL | 14,000 | 228,557 | ||||||
Egyptian Financial Group-Hermes Holding Company | 307,987 | 164,364 | ||||||
Garrison Capital | 50,000 | 85,000 | ||||||
GMP Capital | 108,000 | 99,766 | ||||||
Great Elm Capital Group1 | 115,545 | 214,914 | ||||||
Hellenic Exchanges - Athens Stock Exchange | 50,000 | 186,938 | ||||||
Intermediate Capital Group | 39,111 | 433,259 | ||||||
INTL FCStone1 | 12,870 | 466,666 | ||||||
IOOF Holdings | 55,000 | 122,881 | ||||||
JSE | 51,000 | 288,134 | ||||||
Jupiter Fund Management | 106,900 | 264,926 | ||||||
KKR & Co. Cl. A | 23,900 | 560,933 | ||||||
MarketAxess Holdings | 2,657 | 883,639 | ||||||
NZX | 580,000 | 380,979 | ||||||
Rothschild & Co | 13,900 | 283,049 | ||||||
SEI Investments | 7,950 | 368,403 | ||||||
Silvercrest Asset Management Group Cl. A | 20,800 | 196,768 | ||||||
Sprott | 500,000 | 813,615 | ||||||
TD Ameritrade Holding Corporation | 5,787 | 200,577 | ||||||
Tel Aviv Stock Exchange | 273,000 | 921,287 | ||||||
TMX Group | 3,700 | 275,456 | ||||||
U.S. Global Investors Cl. A | 183,900 | 178,401 | ||||||
Value Partners Group | 772,000 | 328,609 | ||||||
Virtu Financial Cl. A | 23,700 | 493,434 | ||||||
Warsaw Stock Exchange | 19,000 | 158,381 | ||||||
Westaim Corporation1 | 105,000 | 129,823 | ||||||
WisdomTree Investments | 27,100 | 63,143 | ||||||
Total | 12,751,126 | |||||||
Closed-End Funds - 0.8% | ||||||||
Eagle Point Income | 19,341 | 206,949 | ||||||
Total | 206,949 | |||||||
Consumer Finance - 0.5% | ||||||||
Currency Exchange International1 | 13,000 | 124,707 | ||||||
Total | 124,707 | |||||||
Diversified Financial Services - 0.8% | ||||||||
ECN Capital | 75,000 | 200,384 | ||||||
Total | 200,384 | |||||||
Hotels, Restaurants & Leisure - 0.1% | ||||||||
Thomas Cook (India) | 94,000 | 28,846 | ||||||
Total | 28,846 | |||||||
Insurance - 3.2% | ||||||||
E-L Financial | 1,820 | 773,367 | ||||||
Total | 773,367 | |||||||
IT Services - 2.3% | ||||||||
Cass Information Systems | 5,016 | 176,363 | ||||||
PayPal Holdings1 | 4,054 | 388,130 | ||||||
Total | 564,493 | |||||||
Metals & Mining - 4.1% | ||||||||
Franco-Nevada | 10,024 | 997,589 | ||||||
Total | 997,589 | |||||||
Professional Services - 1.3% | ||||||||
People Corporation1 | 45,300 | 263,952 | ||||||
Quess Corp1 | 17,756 | 49,160 | ||||||
Total | 313,112 | |||||||
Real Estate Management & Development - 10.0% | ||||||||
Altus Group | 32,000 | 829,958 | ||||||
FirstService Corporation | 12,600 | 971,712 | ||||||
FRP Holdings1 | 7,957 | 342,151 | ||||||
RMR Group (The) Cl. A | 10,000 | 269,700 | ||||||
Total | 2,413,521 | |||||||
Software - 3.2% | ||||||||
Benefitfocus1 | 10,600 | 94,446 | ||||||
Bottomline Technologies1 | 9,800 | 359,170 | ||||||
Envestnet1 | 6,000 | 322,680 | ||||||
Total | 776,296 | |||||||
Thrifts & Mortgage Finance - 0.9% | ||||||||
Provident Bancorp1 | 25,000 | 215,500 | ||||||
Total | 215,500 | |||||||
Trading Companies & Distributors - 1.8% | ||||||||
Air Lease Cl. A | 19,500 | 431,730 | ||||||
Total | 431,730 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $22,838,816) | 23,131,315 | |||||||
REPURCHASE AGREEMENT – 3.4% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $819,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $837,979) (Cost $819,000) | 819,000 | |||||||
TOTAL INVESTMENTS – 98.8% | ||||||||
(Cost $23,657,816) | 23,950,315 | |||||||
CASH AND OTHER ASSETS | ||||||||
LESS LIABILITIES – 1.2% | 285,170 | |||||||
NET ASSETS – 100.0% | $ | 24,235,485 |
SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL PREMIER FUND
MARCH 31, 2020 (UNAUDITED)
|
| SHARES |
|
| VALUE |
| ||
COMMON STOCKS – 90.9% |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
Australia – 9.4% |
|
|
|
|
|
|
|
|
Bravura Solutions |
|
| 5,948,690 |
|
| $ | 14,002,070 |
|
Cochlear |
|
| 71,400 |
|
|
| 8,202,760 |
|
Hansen Technologies |
|
| 7,085,477 |
|
|
| 12,559,638 |
|
IPH |
|
| 3,093,627 |
|
|
| 13,921,394 |
|
IRESS |
|
| 678,200 |
|
|
| 4,446,097 |
|
Technology One |
|
| 2,040,900 |
|
|
| 10,210,827 |
|
Total |
|
|
|
|
|
| 63,342,786 |
|
|
|
|
|
|
|
|
|
|
Brazil – 1.7% |
|
|
|
|
|
|
|
|
OdontoPrev |
|
| 4,006,100 |
|
|
| 11,163,820 |
|
Total |
|
|
|
|
|
| 11,163,820 |
|
|
|
|
|
|
|
|
|
|
Canada – 2.9% |
|
|
|
|
|
|
|
|
Altus Group |
|
| 378,400 |
|
|
| 9,814,254 |
|
Morneau Shepell |
|
| 473,700 |
|
|
| 9,556,131 |
|
Total |
|
|
|
|
|
| 19,370,385 |
|
|
|
|
|
|
|
|
|
|
Denmark – 2.1% |
|
|
|
|
|
|
|
|
Chr. Hansen Holding |
|
| 72,600 |
|
|
| 5,447,201 |
|
SimCorp |
|
| 107,600 |
|
|
| 9,056,049 |
|
Total |
|
|
|
|
|
| 14,503,250 |
|
|
|
|
|
|
|
|
|
|
Germany – 4.0% |
|
|
|
|
|
|
|
|
Amadeus Fire1 |
|
| 86,998 |
|
|
| 7,438,745 |
|
Carl Zeiss Meditec |
|
| 80,900 |
|
|
| 7,860,374 |
|
Nemetschek |
|
| 59,054 |
|
|
| 2,976,936 |
|
Norma Group1 |
|
| 467,368 |
|
|
| 8,796,625 |
|
Total |
|
|
|
|
|
| 27,072,680 |
|
|
|
|
|
|
|
|
|
|
Iceland – 1.4% |
|
|
|
|
|
|
|
|
Marel |
|
| 1,407,869 |
|
|
| 5,431,602 |
|
Ossur |
|
| 626,200 |
|
|
| 3,708,452 |
|
Total |
|
|
|
|
|
| 9,140,054 |
|
|
|
|
|
|
|
|
|
|
India – 1.4% |
|
|
|
|
|
|
|
|
AIA Engineering |
|
| 517,211 |
|
|
| 9,501,709 |
|
Total |
|
|
|
|
|
| 9,501,709 |
|
|
|
|
|
|
|
|
|
|
Italy – 1.7% |
|
|
|
|
|
|
|
|
DiaSorin |
|
| 86,900 |
|
|
| 11,534,299 |
|
Total |
|
|
|
|
|
| 11,534,299 |
|
|
|
|
|
|
|
|
|
|
Japan – 19.4% |
|
|
|
|
|
|
|
|
As One |
|
| 126,700 |
|
|
| 11,179,545 |
|
Benefit One |
|
| 764,100 |
|
|
| 9,962,395 |
|
Cosel |
|
| 1,122,700 |
|
|
| 10,257,295 |
|
Daifuku |
|
| 291,900 |
|
|
| 18,499,916 |
|
Fukui Computer Holdings |
|
| 405,500 |
|
|
| 8,142,668 |
|
Medikit |
|
| 286,000 |
|
|
| 8,099,861 |
|
Meitec Corporation |
|
| 343,800 |
|
|
| 13,682,093 |
|
NSD |
|
| 789,600 |
|
|
| 10,531,597 |
|
TechnoPro Holdings |
|
| 178,300 |
|
|
| 8,280,374 |
|
TKC Corporation |
|
| 473,000 |
|
|
| 21,274,467 |
|
USS |
|
| 795,800 |
|
|
| 10,961,531 |
|
Total |
|
|
|
|
|
| 130,871,742 |
|
|
|
|
|
|
|
|
|
|
Netherlands – 5.7% |
|
|
|
|
|
|
|
|
IMCD |
|
| 277,100 |
|
|
| 19,706,703 |
|
Intertrust1 |
|
| 1,500,000 |
|
|
| 18,777,839 |
|
Total |
|
|
|
|
|
| 38,484,542 |
|
|
|
|
|
|
|
|
|
|
New Zealand – 1.8% |
|
|
|
|
|
|
|
|
Fisher & Paykel Healthcare |
|
| 655,500 |
|
|
| 11,882,738 |
|
Total |
|
|
|
|
|
| 11,882,738 |
|
|
|
|
|
|
|
|
|
|
Norway– 1.5% |
|
|
|
|
|
|
|
|
TGS-NOPEC Geophysical |
|
| 877,100 |
|
|
| 9,842,441 |
|
Total |
|
|
|
|
|
| 9,842,441 |
|
|
|
|
|
|
|
|
|
|
Singapore– 2.2% |
|
|
|
|
|
|
|
|
XP Power |
|
| 450,331 |
|
|
| 14,580,321 |
|
Total |
|
|
|
|
|
| 14,580,321 |
|
|
|
|
|
|
|
|
|
|
Sweden– 9.2% |
|
|
|
|
|
|
|
|
Alimak Group |
|
| 1,113,900 |
|
|
| 9,823,772 |
|
Bravida Holding1 |
|
| 1,786,528 |
|
|
| 12,624,265 |
|
Hexpol |
|
| 1,664,800 |
|
|
| 9,990,121 |
|
Karnov Group |
|
| 2,517,557 |
|
|
| 13,156,468 |
|
Lagercrantz Group |
|
| 521,000 |
|
|
| 6,086,843 |
|
Loomis Cl. B1 |
|
| 508,300 |
|
|
| 10,341,601 |
|
Total |
|
|
|
|
|
| 62,023,070 |
|
|
|
|
|
|
|
|
|
|
Switzerland– 11.7% |
|
|
|
|
|
|
|
|
Bossard Holding |
|
| 106,640 |
|
|
| 12,371,456 |
|
dormakaba Holding |
|
| 29,400 |
|
|
| 13,082,165 |
|
Kardex |
|
| 89,300 |
|
|
| 12,477,562 |
|
LEM Holding |
|
| 9,700 |
|
|
| 10,686,399 |
|
Partners Group Holding |
|
| 16,700 |
|
|
| 11,551,064 |
|
VZ Holding |
|
| 56,497 |
|
|
| 18,971,350 |
|
Total |
|
|
|
|
|
| 79,139,996 |
|
|
|
|
|
|
|
|
|
|
United Kingdom– 14.8% |
|
|
|
|
|
|
|
|
Ashmore Group |
|
| 2,323,850 |
|
|
| 10,249,186 |
|
AVEVA Group |
|
| 83,760 |
|
|
| 3,616,749 |
|
Croda International |
|
| 330,500 |
|
|
| 17,478,572 |
|
Diploma |
|
| 143,380 |
|
|
| 2,860,806 |
|
FDM Group Holdings1 |
|
| 1,119,538 |
|
|
| 10,248,587 |
|
Marlowe1 |
|
| 1,739,006 |
|
|
| 7,618,357 |
|
Restore1 |
|
| 2,710,239 |
|
|
| 11,907,296 |
|
Spirax-Sarco Engineering |
|
| 166,600 |
|
|
| 16,829,565 |
|
Victrex |
|
| 785,100 |
|
|
| 19,162,513 |
|
Total |
|
|
|
|
|
| 99,971,631 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS |
|
|
|
|
|
| 612,425,464 |
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCK – 1.7% |
|
|
|
|
|
|
|
|
Germany– 1.7% |
|
|
|
|
|
|
|
|
FUCHS PETROLUB |
|
| 335,300 |
|
|
| 11,914,023 |
|
(Cost $14,409,499) |
|
|
|
|
|
| 11,914,023 |
|
REPURCHASE AGREEMENT– 7.0% |
|
|
|
| ||||
Fixed Income Clearing Corporation, |
|
| 47,001,000 |
| ||||
|
|
|
|
| ||||
TOTAL INVESTMENTS– 99.6% |
|
| 671,340,487 |
| ||||
CASH AND OTHER ASSETS |
|
| 2,615,543 |
| ||||
NET ASSETS– 100.0% |
| $ | 673,956,030 |
|
SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP FUND
MARCH 31, 2020 (UNAUDITED)
|
| SHARES |
|
| VALUE |
| ||
COMMON STOCKS– 95.9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Communication Services– 2.0% |
|
|
|
|
|
|
|
|
Entertainment - 1.0% |
|
| 249,000 |
|
| $ | 2,211,120 |
|
Interactive Media & Services - 0.8% |
|
| 218,146 |
|
|
| 1,756,075 |
|
Media - 0.2% |
|
| 281,900 |
|
|
| 408,755 |
|
Total |
|
|
|
|
|
| 4,375,950 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary– 7.6% |
|
|
|
|
|
|
|
|
|
| 34,500 |
|
|
| 1,449,000 |
| |
Stoneridge1 |
|
| 134,100 |
|
|
| 2,246,175 |
|
Unique Fabricating1 |
|
| 389,041 |
|
|
| 910,356 |
|
|
|
|
|
|
|
| 4,605,531 |
|
Diversified Consumer Services - 0.4% |
|
| 56,400 |
|
|
| 883,788 |
|
Hotels, Restaurants & Leisure - 1.0% |
|
| 412,100 |
|
|
| 993,161 |
|
Cheesecake Factory |
|
| 28,000 |
|
|
| 478,240 |
|
Lindblad Expeditions Holdings1 |
|
| 178,400 |
|
|
| 743,928 |
|
|
|
|
|
|
|
| 2,215,329 |
|
|
| 125,400 |
|
|
| 731,082 |
| |
Internet & Direct Marketing Retail - 0.9% |
|
| 358,500 |
|
|
| 1,989,675 |
|
Leisure Products - 0.6% |
|
| 174,100 |
|
|
| 1,270,930 |
|
Specialty Retail - 1.8% |
|
| 133,224 |
|
|
| 1,185,694 |
|
OneWater Marine Cl. A1 |
|
| 106,500 |
|
|
| 814,725 |
|
Shoe Carnival |
|
| 98,211 |
|
|
| 2,039,842 |
|
|
|
|
|
|
|
| 4,040,261 |
|
|
| 255,700 |
|
|
| 1,053,484 |
| |
Total |
|
|
|
|
|
| 16,790,080 |
|
|
|
|
|
|
|
|
|
|
Consumer Staples– 0.1% |
|
|
|
|
|
|
|
|
Beverages - 0.1% |
|
|
|
|
|
|
|
|
|
|
| 274,200 |
|
|
| 318,072 |
|
Total |
|
|
|
|
|
| 318,072 |
|
|
|
|
|
|
|
|
|
|
Energy– 2.2% |
|
|
|
|
|
|
|
|
Energy Equipment & Services - 1.4% |
|
| 196,787 |
|
|
| 877,670 |
|
Newpark Resources1 |
|
| 475,700 |
|
|
| 426,703 |
|
Pason Systems |
|
| 182,950 |
|
|
| 812,504 |
|
Profire Energy1 |
|
|
|
|
|
|
|
|
|
|
| 1,170,732 |
|
|
| 922,069 |
|
|
|
|
|
|
|
| 3,038,946 |
|
Oil, Gas & Consumable Fuels - 0.8% |
|
| 319,875 |
|
|
| 1,679,343 |
|
Total |
|
|
|
|
|
| 4,718,289 |
|
|
|
|
|
|
|
|
|
|
Financials– 14.7% |
|
|
|
|
|
|
|
|
Banks - 6.1% |
|
| 66,200 |
|
|
| 1,596,082 |
|
BayCom Corporation1 |
|
| 119,200 |
|
|
| 1,436,360 |
|
Caribbean Investment Holdings |
|
| 1,858,138 |
|
|
| 588,234 |
|
County Bancorp |
|
| 92,400 |
|
|
| 1,709,400 |
|
HarborOne Bancorp1 |
|
| 285,653 |
|
|
| 2,150,967 |
|
HomeTrust Bancshares |
|
| 88,200 |
|
|
| 1,404,144 |
|
Howard Bancorp1 |
|
| 59,800 |
|
|
| 649,428 |
|
Investar Holding |
|
| 137,000 |
|
|
| 1,749,490 |
|
|
| 1,858,170 |
|
|
| 0 |
| |
Professional Holding Cl. A1 |
|
| 31,300 |
|
|
| 499,235 |
|
TriState Capital Holdings1 |
|
| 162,157 |
|
|
| 1,568,058 |
|
|
|
|
|
|
|
| 13,351,398 |
|
Capital Markets - 4.5% |
|
| 149,900 |
|
|
| 2,761,158 |
|
Canaccord Genuity Group |
|
| 476,800 |
|
|
| 1,467,025 |
|
INTL FCStone1 |
|
| 56,200 |
|
|
| 2,037,812 |
|
Silvercrest Asset Management Group Cl. A |
|
| 204,000 |
|
|
| 1,929,840 |
|
Sprott | �� |
| 1,052,000 |
|
|
| 1,711,845 |
|
|
|
|
|
|
|
| 9,907,680 |
|
Diversified Financial Services - 0.3% |
|
| 2,760,000 |
|
|
| 690,000 |
|
|
| 52,800 |
|
|
| 1,182,192 |
| |
Thrifts & Mortgage Finance - 3.3% |
|
| 87,800 |
|
|
| 985,116 |
|
PCSB Financial |
|
| 144,900 |
|
|
| 2,027,151 |
|
Territorial Bancorp |
|
| 75,900 |
|
|
| 1,863,345 |
|
Western New England Bancorp |
|
| 336,300 |
|
|
| 2,273,388 |
|
|
|
|
|
|
|
| 7,149,000 |
|
Total |
|
|
|
|
|
| 32,280,270 |
|
|
|
|
|
|
|
|
|
|
Health Care– 13.8% |
|
|
|
|
|
|
|
|
Biotechnology - 3.2% |
|
| 34,300 |
|
|
| 1,940,351 |
|
CareDx1 |
|
| 19,100 |
|
|
| 416,953 |
|
Dynavax Technologies1 |
|
| 279,800 |
|
|
| 987,694 |
|
Heron Therapeutics1 |
|
| 70,000 |
|
|
| 821,800 |
|
Zealand Pharma1 |
|
| 84,600 |
|
|
| 2,916,688 |
|
|
|
|
|
|
|
| 7,083,486 |
|
Health Care Equipment & Supplies - 6.7% |
|
|
|
|
|
|
| |
Apyx Medical1 |
| 165,100 |
|
|
| 592,709 |
| |
AtriCure1 |
|
| 80,000 |
|
|
| 2,687,200 |
|
Chembio Diagnostics1 |
|
| 389,553 |
|
|
| 1,994,511 |
|
CryoLife1 |
|
| 88,755 |
|
|
| 1,501,735 |
|
Mesa Laboratories |
|
| 4,700 |
|
|
| 1,062,623 |
|
Misonix1 |
|
| 42,900 |
|
|
| 404,118 |
|
|
| 80,800 |
|
|
| 3,202,912 |
| |
Profound Medical1 |
|
| 117,700 |
|
|
| 1,132,422 |
|
Surmodics1 |
|
| 61,422 |
|
|
| 2,046,581 |
|
|
|
|
|
|
|
| 14,624,811 |
|
Health Care Providers & Services - 0.1% |
|
| 12,500 |
|
|
| 99,250 |
|
Life Sciences Tools & Services - 3.1% |
|
| 807,179 |
|
|
| 1,783,866 |
|
NeoGenomics1 |
|
| 107,200 |
|
|
| 2,959,792 |
|
Quanterix Corporation1 |
|
| 113,600 |
|
|
| 2,086,832 |
|
|
|
|
|
|
|
| 6,830,490 |
|
Pharmaceuticals - 0.7% |
|
| 27,000 |
|
|
| 1,588,410 |
|
Total |
|
|
|
|
|
| 30,226,447 |
|
|
|
|
|
|
|
|
|
|
Industrials– 22.1% |
|
|
|
|
|
|
|
|
Aerospace & Defense - 1.4% |
|
| 63,891 |
|
|
| 586,519 |
|
CPI Aerostructures1 |
|
| 373,984 |
|
|
| 841,464 |
|
Kratos Defense & Security Solutions1 |
|
| 122,100 |
|
|
| 1,689,864 |
|
|
|
|
|
|
|
| 3,117,847 |
|
Airlines - 0.1% |
|
| 24,400 |
|
|
| 254,736 |
|
Commercial Services & Supplies - 1.2% |
|
| 49,800 |
|
|
| 1,009,446 |
|
Heritage-Crystal Clean1 |
|
| 101,774 |
|
|
| 1,652,810 |
|
|
|
|
|
|
|
| 2,662,256 |
|
Construction & Engineering - 5.6% |
|
| 172,600 |
|
|
| 2,939,378 |
|
|
| 198,900 |
|
|
| 3,359,421 |
| |
IES Holdings1 |
|
| 89,800 |
|
|
| 1,584,970 |
|
Northwest Pipe1 |
|
| 128,500 |
|
|
| 2,859,125 |
|
NV5 Global1 |
|
| 39,500 |
|
|
| 1,630,955 |
|
|
|
|
|
|
|
| 12,373,849 |
|
Electrical Equipment - 1.2% |
|
| 266,600 |
|
|
| 1,460,968 |
|
Encore Wire |
|
| 14,000 |
|
|
| 587,860 |
|
|
| 99,900 |
|
|
| 459,540 |
| |
|
|
|
|
|
|
| 2,508,368 |
|
Industrial Conglomerates - 0.4% |
|
| 37,000 |
|
|
| 785,510 |
|
Machinery - 5.3% |
|
| 103,200 |
|
|
| 910,148 |
|
CIRCOR International1 |
|
| 80,000 |
|
|
| 930,400 |
|
Graham Corporation |
|
| 168,588 |
|
|
| 2,174,785 |
|
Luxfer Holdings |
|
| 129,900 |
|
|
| 1,836,786 |
|
Porvair |
|
| 344,600 |
|
|
| 2,162,601 |
|
Spartan Motors |
|
| 142,100 |
|
|
| 1,834,511 |
|
Wabash National |
|
| 185,500 |
|
|
| 1,339,310 |
|
Westport Fuel Systems1 |
|
| 433,400 |
|
|
| 407,786 |
|
|
|
|
|
|
|
| 11,596,327 |
|
Marine - 1.2% |
|
| 89,831 |
|
|
| 2,573,910 |
|
Professional Services - 4.2% |
|
| 47,783 |
|
|
| 1,596,430 |
|
Forrester Research1 |
|
| 18,300 |
|
|
| 534,909 |
|
GP Strategies1 |
|
| 211,618 |
|
|
| 1,377,633 |
|
Heidrick & Struggles International |
|
| 92,940 |
|
|
| 2,091,150 |
|
Kforce |
|
| 64,232 |
|
|
| 1,642,412 |
|
Resources Connection |
|
| 181,952 |
|
|
| 1,996,014 |
|
|
|
|
|
|
|
| 9,238,548 |
|
Trading Companies & Distributors - 1.5% |
|
| 59,300 |
|
|
| 1,584,496 |
|
Transcat1 |
|
| 65,100 |
|
|
| 1,725,150 |
|
|
|
|
|
|
|
| 3,309,646 |
|
Total |
|
|
|
|
|
| 48,420,997 |
|
|
|
|
|
|
|
|
|
|
Information Technology– 28.1% |
|
|
|
|
|
|
|
|
Communications Equipment - 2.1% |
|
| 205,900 |
|
|
| 1,964,286 |
|
EMCORE Corporation1 |
|
| 362,200 |
|
|
| 811,328 |
|
Harmonic1 |
|
| 306,600 |
|
|
| 1,766,016 |
|
|
|
|
|
|
|
| 4,541,630 |
|
Electronic Equipment, Instruments & Components - 6.9% |
|
| 27,249 |
|
|
| 1,486,705 |
|
FARO Technologies1 |
|
| 49,500 |
|
|
| 2,202,750 |
|
LightPath Technologies Cl. A1 |
|
| 1,115,984 |
|
|
| 1,194,103 |
|
Luna Innovations1 |
|
| 269,400 |
|
|
| 1,656,810 |
|
|
| 127,700 |
|
|
| 1,339,573 |
| |
Novanta1 |
|
| 18,042 |
|
|
| 1,441,195 |
|
PAR Technology1 |
|
| 86,000 |
|
|
| 1,105,960 |
|
PC Connection |
|
| 57,500 |
|
|
| 2,369,575 |
|
Vishay Precision Group1 |
|
| 112,100 |
|
|
| 2,250,968 |
|
|
|
|
|
|
|
| 15,047,639 |
|
IT Services - 0.4% |
|
| 24,216 |
|
|
| 851,435 |
|
Semiconductors & Semiconductor Equipment - 16.0% |
|
| 869,700 |
|
|
| 1,452,399 |
|
Axcelis Technologies1 |
|
| 89,700 |
|
|
| 1,642,407 |
|
AXT1 |
|
| 528,300 |
|
|
| 1,695,843 |
|
Brooks Automation |
|
| 39,882 |
|
|
| 1,216,401 |
|
Camtek |
|
| 233,600 |
|
|
| 1,966,912 |
|
Cirrus Logic1 |
|
| 31,600 |
|
|
| 2,073,908 |
|
Cohu |
|
| 136,000 |
|
|
| 1,683,680 |
|
CyberOptics Corporation1 |
|
| 95,700 |
|
|
| 1,637,427 |
|
|
| 332,900 |
|
|
| 872,198 |
| |
FormFactor1 |
|
| 138,800 |
|
|
| 2,788,492 |
|
Ichor Holdings1 |
|
| 89,600 |
|
|
| 1,716,736 |
|
Inphi Corporation1 |
|
| 25,000 |
|
|
| 1,979,250 |
|
NeoPhotonics Corporation1 |
|
| 391,700 |
|
|
| 2,839,825 |
|
Nova Measuring Instruments1 |
|
| 91,300 |
|
|
| 2,980,945 |
|
PDF Solutions1 |
|
| 211,900 |
|
|
| 2,483,468 |
|
Photronics1 |
|
| 300,500 |
|
|
| 3,083,130 |
|
Silicon Motion Technology ADR |
|
| 25,800 |
|
|
| 945,828 |
|
Ultra Clean Holdings1 |
|
| 157,000 |
|
|
| 2,166,600 |
|
|
|
|
|
|
|
| 35,225,449 |
|
Software - 2.3% |
|
| 124,500 |
|
|
| 2,079,150 |
|
QAD Cl. A |
|
| 75,613 |
|
|
| 3,019,227 |
|
|
|
|
|
|
|
| 5,098,377 |
|
Technology Hardware, Storage & Peripherals - 0.4% |
|
| 113,655 |
|
|
| 881,963 |
|
Total |
|
|
|
|
|
| 61,646,493 |
|
|
|
|
|
|
|
|
|
|
Materials– 2.8% |
|
|
|
|
|
|
|
|
Chemicals - 0.8% |
|
| 4,300 |
|
|
| 48,461 |
|
Trecora Resources1 |
|
| 282,301 |
|
|
| 1,679,691 |
|
|
|
|
|
|
|
| 1,728,152 |
|
Metals & Mining - 2.0% |
|
| 165,400 |
|
|
| 833,288 |
|
|
| 205,763 |
|
|
| 0 |
| |
Haynes International |
|
| 63,330 |
|
|
| 1,305,231 |
|
Major Drilling Group International1 |
|
| 645,800 |
|
|
| 1,307,845 |
|
Universal Stainless & Alloy Products1 |
|
| 114,600 |
|
|
| 883,566 |
|
|
|
|
|
|
|
| 4,329,930 |
|
Total |
|
|
|
|
|
| 6,058,082 |
|
|
|
|
|
|
|
|
|
|
Real Estate– 2.5% |
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trusts (REITs) - 1.3% |
|
| 28,800 |
|
|
| 1,102,464 |
|
Postal Realty Trust Cl. A |
|
| 120,100 |
|
|
| 1,899,982 |
|
|
|
|
|
|
|
| 3,002,446 |
|
Real Estate Management & Development - 1.2% |
|
| 38,975 |
|
|
| 1,675,925 |
|
Marcus & Millichap1 |
|
| 33,800 |
|
|
| 915,980 |
|
|
|
|
|
|
|
| 2,591,905 |
|
Total |
|
|
|
|
|
| 5,594,351 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS |
|
|
|
|
|
| 210,429,031 |
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENT– 3.8% |
|
|
|
|
|
|
|
|
Fixed Income Clearing Corporation, |
|
|
|
|
|
| 8,450,000 |
|
|
|
|
|
|
|
|
|
|
COLLATERAL RECEIVED FOR SECURITIES LOANED– 1.1% |
|
|
|
|
|
|
|
|
Money Market Funds |
|
|
|
|
|
| 2,324,160 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS– 100.8% |
|
|
|
|
|
| 221,203,191 |
|
LIABILITIES LESS CASH |
|
|
|
|
|
| (1,668,805 | ) |
NET ASSETS– 100.0% |
|
|
|
|
| $ | 219,534,386 |
|
SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
MARCH 31, 2020 (UNAUDITED)
|
| SHARES |
|
| VALUE |
| ||
COMMON STOCKS– 92.8% |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
Communication Services– 1.2% |
|
|
|
|
|
|
|
|
Diversified Telecommunication Services - 0.9% |
|
|
|
|
|
|
|
|
Iridium Communications1 |
|
| 102,993 |
|
| $ | 2,299,834 |
|
Ooma1 |
|
|
|
|
|
|
|
|
|
|
| 247,278 |
|
|
| 2,950,026 |
|
|
|
|
|
|
|
| 5,249,860 |
|
Interactive Media & Services - 0.1% |
|
|
|
|
|
|
|
|
|
| 85,500 |
|
|
| 624,150 |
| |
Media - 0.2% |
|
|
|
|
|
|
|
|
|
| 308,500 |
|
|
| 869,970 |
| |
Total |
|
|
|
|
|
| 6,743,980 |
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary– 8.2% |
|
|
|
|
|
|
|
|
Auto Components - 0.9% |
|
|
|
|
|
|
|
|
Cooper Tire & Rubber |
|
| 110,700 |
|
|
| 1,804,410 |
|
|
| 863,606 |
|
|
| 1,614,943 |
| |
Modine Manufacturing1 |
|
| 483,737 |
|
|
| 1,572,146 |
|
Shiloh Industries1 |
|
| 136,913 |
|
|
| 171,141 |
|
|
|
|
|
|
|
| 5,162,640 |
|
Diversified Consumer Services - 0.6% |
|
|
|
|
|
|
|
|
|
| 96,799 |
|
|
| 3,366,669 |
| |
Hotels, Restaurants & Leisure - 1.6% |
|
|
|
|
|
|
|
|
Carrols Restaurant Group1 |
|
| 1,020,705 |
|
|
| 1,857,683 |
|
Century Casinos1 |
|
| 263,240 |
|
|
| 634,409 |
|
|
| 42,100 |
|
|
| 423,947 |
| |
Dine Brands Global |
|
| 19,100 |
|
|
| 547,788 |
|
Dunkin’ Brands Group |
|
| 33,000 |
|
|
| 1,752,300 |
|
|
| 93,697 |
|
|
| 1,120,616 |
| |
Noodles & Company Cl. A1 |
|
| 217,654 |
|
|
| 1,025,150 |
|
|
| 51,241 |
|
|
| 497,038 |
| |
Texas Roadhouse |
|
| 28,000 |
|
|
| 1,156,400 |
|
|
|
|
|
|
|
| 9,015,331 |
|
Household Durables - 2.9% |
|
|
|
|
|
|
|
|
Beazer Homes USA1 |
|
| 510,041 |
|
|
| 3,284,664 |
|
|
| 47,700 |
|
|
| 692,127 |
| |
Installed Building Products1 |
|
| 15,400 |
|
|
| 613,998 |
|
|
| 69,070 |
|
|
| 3,118,510 |
| |
M.D.C. Holdings |
|
| 78,794 |
|
|
| 1,828,021 |
|
M/I Homes1 |
|
| 91,048 |
|
|
| 1,505,023 |
|
New Home1 |
|
| 248,650 |
|
|
| 340,651 |
|
Taylor Morrison Home1 |
|
| 147,254 |
|
|
| 1,619,794 |
|
Toll Brothers |
|
| 25,600 |
|
|
| 492,800 |
|
TRI Pointe Group1 |
|
| 177,406 |
|
|
| 1,555,851 |
|
|
| 45,600 |
|
|
| 284,544 |
| |
VOXX International Cl. A1 |
|
| 261,432 |
|
|
| 745,081 |
|
|
|
|
|
|
|
| 16,081,064 |
|
Internet & Direct Marketing Retail - 0.4% |
|
|
|
|
|
|
|
|
Leaf Group1 |
|
| 68,126 |
|
|
| 91,289 |
|
Rubicon Project (The)1 |
|
| 366,566 |
|
|
| 2,034,441 |
|
|
|
|
|
|
|
| 2,125,730 |
|
Specialty Retail - 1.3% | ||||||||
America’s Car-Mart1 | 11,700 | 659,295 | ||||||
Conn’s1 | 295,400 | 1,234,772 | ||||||
Hudson Cl. A1 | 114,700 | 575,794 | ||||||
Lithia Motors Cl. A | 29,300 | 2,396,447 | ||||||
Lumber Liquidators Holdings1,2 | 542,766 | 2,545,572 | ||||||
RTW Retailwinds1,2 | 248,338 | 52,176 | ||||||
7,464,056 | ||||||||
Textiles, Apparel & Luxury Goods - 0.5% | ||||||||
Jerash Holdings (US) | 59,304 | 265,089 | ||||||
Unifi1 | 192,854 | 2,227,464 | ||||||
Vince Holding1 | 10,358 | 40,189 | ||||||
2,532,742 | ||||||||
Total | 45,748,232 | |||||||
Consumer Staples – 1.0% | ||||||||
Beverages - 0.3% | ||||||||
Eastside Distilling1 | 80,400 | 93,264 | ||||||
MGP Ingredients | 56,803 | 1,527,433 | ||||||
Reed’s1 | 255,167 | 121,179 | ||||||
1,741,876 | ||||||||
Food & Staples Retailing - 0.4% | ||||||||
Natural Grocers by Vitamin Cottage | 45,100 | 383,801 | ||||||
Rite Aid1,2 | 124,800 | 1,872,000 | ||||||
2,255,801 | ||||||||
Food Products - 0.3% | ||||||||
Landec Corporation1 | 123,397 | 1,072,320 | ||||||
SunOpta1 | 496,127 | 853,338 | ||||||
1,925,658 | ||||||||
Total | 5,923,335 | |||||||
Energy – 4.0% | ||||||||
Energy Equipment & Services - 1.3% | ||||||||
Archrock | 430,500 | 1,618,680 | ||||||
Aspen Aerogels1 | 294,140 | 1,806,020 | ||||||
DMC Global | 22,700 | 522,327 | ||||||
KLX Energy Services Holdings1,2 | 341,826 | 239,278 | ||||||
Nabors Industries | 471,120 | 183,784 | ||||||
Newpark Resources1 | 381,326 | 342,049 | ||||||
Patterson-UTI Energy | 215,185 | 505,685 | ||||||
Ranger Energy Services Cl. A1 | 262,657 | 1,066,387 | ||||||
TETRA Technologies1 | 464,430 | 148,618 | ||||||
U.S. Silica Holdings | 401,501 | 722,702 | ||||||
7,155,530 | ||||||||
Oil, Gas & Consumable Fuels - 2.7% | ||||||||
Ardmore Shipping | 360,699 | 1,893,670 | ||||||
Baytex Energy1 | 1,004,400 | 234,527 | ||||||
Dorian LPG1 | 524,593 | 4,569,205 | ||||||
Earthstone Energy Cl. A1 | 82,704 | 145,559 | ||||||
GasLog | 179,504 | 649,804 | ||||||
HighPoint Resources1,2 | 108,100 | 20,539 | ||||||
Matador Resources1 | 397,983 | 986,998 | ||||||
Montage Resources1,2 | 265,570 | 597,533 | ||||||
Navigator Holdings1 | 479,284 | 2,137,607 | ||||||
Scorpio Tankers | 49,987 | 955,751 | ||||||
Teekay LNG Partners L.P. | 291,143 | 2,850,290 | ||||||
15,041,483 | ||||||||
Total | 22,197,013 | |||||||
Financials – 9.9% | ||||||||
Banks - 3.3% | ||||||||
Allegiance Bancshares | 32,566 | 785,166 | ||||||
CenterState Bank | 176,366 | 3,038,786 | ||||||
First Foundation | 152,500 | 1,558,550 | ||||||
Franklin Financial Network | 91,214 | 1,859,854 | ||||||
Hilltop Holdings | 317,399 | 4,799,073 | ||||||
Independent Bank Group | 71,658 | 1,696,861 | ||||||
Seacoast Banking Corporation of Florida1 | 101,700 | 1,862,127 | ||||||
Southern National Bancorp of Virginia | 99,886 | 982,878 | ||||||
Texas Capital Bancshares1 | 24,400 | 540,948 | ||||||
TriState Capital Holdings1 | 110,761 | 1,071,059 | ||||||
18,195,302 | ||||||||
Capital Markets - 2.2% | ||||||||
B. Riley Financial | 247,617 | 4,561,105 | ||||||
Evercore Cl. A | 82,100 | 3,781,526 | ||||||
Houlihan Lokey Cl. A | 42,300 | 2,204,676 | ||||||
Moelis & Company Cl. A | 65,400 | 1,837,740 | ||||||
12,385,047 | ||||||||
Insurance - 2.4% | ||||||||
Assured Guaranty | 11,600 | 299,164 | ||||||
HCI Group | 93,376 | 3,758,384 | ||||||
Heritage Insurance Holdings | 460,091 | 4,927,575 | ||||||
Stewart Information Services | 157,600 | 4,203,192 | ||||||
13,188,315 | ||||||||
Thrifts & Mortgage Finance - 2.0% | ||||||||
Axos Financial1 | 76,300 | 1,383,319 | ||||||
MGIC Investment | 63,872 | 405,587 | ||||||
NMI Holdings Cl. A1,2 | 165,463 | 1,921,025 | ||||||
Radian Group | 217,598 | 2,817,894 | ||||||
Walker & Dunlop | 117,828 | 4,744,934 | ||||||
11,272,759 | ||||||||
Total | 55,041,423 | |||||||
Health Care – 14.9% | ||||||||
Biotechnology - 2.2% | ||||||||
CareDx1,2 | 206,341 | 4,504,424 | ||||||
Emergent BioSolutions1 | 93,381 | 5,403,025 | ||||||
Flexion Therapeutics1,2 | 267,951 | 2,108,774 | ||||||
12,016,223 | ||||||||
Health Care Equipment & Supplies - 4.6% | ||||||||
Accuray1,2 | 1,003,708 | 1,907,045 | ||||||
Alphatec Holdings1 | 281,400 | 970,830 | ||||||
AngioDynamics1 | 181,057 | 1,888,424 | ||||||
Chembio Diagnostics1 | 166,460 | 852,275 | ||||||
IntriCon Corporation1,2 | 303,600 | 3,573,372 | ||||||
Invacare Corporation | 688,644 | 5,116,625 | ||||||
Orthofix Medical1 | 124,696 | 3,492,735 | ||||||
Ra Medical Systems1,2 | 186,823 | 203,637 | ||||||
RTI Surgical Holdings1 | 578,328 | 988,941 | ||||||
SmileDirectClub Cl. A1,2 | 426,494 | 1,991,727 | ||||||
Varex Imaging1 | 134,646 | 3,057,811 | ||||||
ViewRay1 | 616,300 | 1,540,750 | ||||||
25,584,172 | ||||||||
Health Care Providers & Services - 7.5% | ||||||||
Acadia Healthcare1,2 | 194,579 | 3,570,525 | ||||||
Addus HomeCare1,2 | 4,700 | 317,720 | ||||||
BioTelemetry1 | 109,200 | 4,205,292 | ||||||
Community Health Systems1 | 1,447,414 | 4,834,363 | ||||||
Cross Country Healthcare1 | 671,120 | 4,523,349 | ||||||
Option Care Health1,2 | 333,371 | 3,157,023 | ||||||
Owens & Minor | 963,229 | 8,813,545 | ||||||
R1 RCM1 | 599,443 | 5,448,937 | ||||||
RadNet1 | 93,900 | 986,889 | ||||||
Select Medical Holdings1 | 172,500 | 2,587,500 | ||||||
Surgery Partners1,2 | 511,670 | 3,341,205 | ||||||
41,786,348 | ||||||||
Health Care Technology - 0.6% | ||||||||
Allscripts Healthcare Solutions1 | 219,728 | 1,546,885 | ||||||
Castlight Health Cl. B1 | 1,029,442 | 744,390 | ||||||
Evolent Health Cl. A1,2 | 242,500 | 1,316,775 | ||||||
3,608,050 | ||||||||
Total | 82,994,793 | |||||||
Industrials – 20.1% | ||||||||
Aerospace & Defense - 0.6% | ||||||||
Astronics Corporation1 | 179,400 | 1,646,892 | ||||||
Ducommun1 | 41,200 | 1,023,820 | ||||||
Triumph Group | 125,101 | 845,683 | ||||||
3,516,395 | ||||||||
Air Freight & Logistics - 0.6% | ||||||||
Atlas Air Worldwide Holdings1 | 123,898 | 3,180,462 | ||||||
Airlines - 0.3% | ||||||||
Hawaiian Holdings | 30,700 | 320,508 | ||||||
JetBlue Airways1 | 54,200 | 485,090 | ||||||
Mesa Air Group1,2 | 274,700 | 903,763 | ||||||
1,709,361 | ||||||||
Building Products - 1.9% | ||||||||
American Woodmark1 | 46,200 | 2,105,334 | ||||||
Builders FirstSource1 | 70,695 | 864,600 | ||||||
Gibraltar Industries1 | 9,200 | 394,864 | ||||||
Griffon Corporation | 209,759 | 2,653,451 | ||||||
Insteel Industries | 148,850 | 1,972,262 | ||||||
JELD-WEN Holding1 | 103,900 | 1,010,947 | ||||||
PGT Innovations1 | 221,843 | 1,861,263 | ||||||
10,862,721 | ||||||||
Commercial Services & Supplies - 0.8% | ||||||||
ABM Industries | 42,100 | 1,025,556 | ||||||
Covanta Holding Corporation | 95,200 | 813,960 | ||||||
Interface | 81,672 | 617,440 | ||||||
Pitney Bowes | 636,494 | 1,298,448 | ||||||
Team1 | 96,886 | 629,759 | ||||||
4,385,163 | ||||||||
Construction & Engineering - 5.0% | ||||||||
Aegion Corporation1 | 147,216 | 2,639,583 | ||||||
Ameresco Cl. A1 | 338,530 | 5,765,166 | ||||||
Arcosa | 151,525 | 6,021,603 | ||||||
Concrete Pumping Holdings1,2 | 87,038 | 248,929 | ||||||
Construction Partners Cl. A1,2 | 252,408 | 4,263,171 | ||||||
Great Lakes Dredge & Dock1 | 68,116 | 565,363 | ||||||
Northwest Pipe1 | 228,301 | 5,079,697 | ||||||
Primoris Services | 192,880 | 3,066,792 | ||||||
27,650,304 | ||||||||
Electrical Equipment - 1.6% | ||||||||
Bloom Energy Cl. A1,2 | 397,100 | 2,076,833 | ||||||
Encore Wire | 11,600 | 487,084 | ||||||
Generac Holdings1 | 43,585 | 4,060,815 | ||||||
LSI Industries | 462,953 | 1,749,962 | ||||||
Power Solutions International 1,4 | 163,572 | 752,431 | ||||||
9,127,125 | ||||||||
Machinery - 5.5% | ||||||||
Astec Industries | 104,135 | 3,641,601 | ||||||
Commercial Vehicle Group1 | 391,874 | 591,730 | ||||||
Gencor Industries1 | 26,199 | 275,089 | ||||||
Hurco Companies | 71,765 | 2,088,361 | ||||||
Hyster-Yale Materials Handling Cl. A | 92,964 | 3,726,927 | ||||||
LiqTech International1,2 | 238,100 | 1,021,449 | ||||||
Lydall1 | 283,726 | 1,832,870 | ||||||
Manitex International1 | 264,872 | 1,093,921 | ||||||
Meritor1 | 69,308 | 918,331 | ||||||
Mueller Water Products | 298,372 | 2,389,960 | ||||||
NN1 | 154,172 | 266,718 | ||||||
Park-Ohio Holdings | 51,790 | 980,903 | ||||||
Spartan Motors | 291,438 | 3,762,465 | ||||||
TriMas Corporation1 | 110,510 | 2,552,781 | ||||||
Trinity Industries | 160,300 | 2,576,021 | ||||||
Wabash National | 73,400 | 529,948 | ||||||
Westport Fuel Systems1 | 2,313,733 | 2,176,991 | ||||||
30,426,066 | ||||||||
Marine - 0.2% | ||||||||
Eagle Bulk Shipping1 | 333,333 | 616,666 | ||||||
Scorpio Bulkers | 283,487 | 717,222 | ||||||
1,333,888 | ||||||||
Professional Services - 0.9% | ||||||||
CoreLogic | 72,400 | 2,211,096 | ||||||
GP Strategies1 | 250,445 | 1,630,397 | ||||||
Mistras Group1 | 328,400 | 1,398,984 | ||||||
5,240,477 | ||||||||
Road & Rail - 0.4% | ||||||||
Hertz Global Holdings1,2 | 388,768 | 2,402,586 | ||||||
Trading Companies & Distributors - 2.3% | ||||||||
Air Lease Cl. A | 224,538 | 4,971,272 | ||||||
Fortress Transportation & Infrastructure Investors | 49,200 | 403,440 | ||||||
General Finance1 | 210,284 | 1,312,172 | ||||||
Herc Holdings1 | 193,398 | 3,956,923 | ||||||
United Rentals1,2 | 18,700 | 1,924,230 | ||||||
12,568,037 | ||||||||
Total | 112,402,585 | |||||||
Information Technology – 23.8% | ||||||||
Communications Equipment - 3.9% | ||||||||
ADTRAN | 37,500 | 288,000 | ||||||
Aviat Networks1 | 51,899 | 441,142 | ||||||
CalAmp Corporation1 | 482,242 | 2,170,089 | ||||||
Ciena Corporation1 | 48,173 | 1,917,767 | ||||||
CommScope Holding Company1,2 | 75,800 | 690,538 | ||||||
Comtech Telecommunications | 174,542 | 2,319,663 | ||||||
DASAN Zhone Solutions1 | 196,400 | 822,916 | ||||||
Digi International1 | 328,700 | 3,135,798 | ||||||
EMCORE Corporation1 | 109,264 | 244,751 | ||||||
Extreme Networks1 | 199,800 | 617,382 | ||||||
Infinera Corporation1,2 | 661,346 | 3,505,134 | ||||||
InterDigital | 60,300 | 2,691,189 | ||||||
PCTEL | 290,320 | 1,930,628 | ||||||
Ribbon Communications1 | 241,782 | 732,599 | ||||||
21,507,596 | ||||||||
Electronic Equipment, Instruments & Components - 3.9% | ||||||||
Fabrinet1 | 44,305 | 2,417,281 | ||||||
Frequency Electronics1 | 325,535 | 2,975,390 | ||||||
Identiv1 | 453,420 | 1,532,559 | ||||||
II-VI1 | 240,768 | 6,861,888 | ||||||
KEMET Corporation1 | 209,505 | 5,061,641 | ||||||
Perceptron1 | 138,518 | 398,932 | ||||||
Vishay Intertechnology | 182,024 | 2,622,966 | ||||||
21,870,657 | ||||||||
IT Services - 1.3% | ||||||||
Limelight Networks1 | 960,624 | 5,475,557 | ||||||
Perspecta | 108,059 | 1,970,996 | ||||||
7,446,553 | ||||||||
Semiconductors & Semiconductor Equipment - 9.2% | ||||||||
Advanced Energy Industries1 | 100,700 | 4,882,943 | ||||||
Alpha & Omega Semiconductor1 | 741,525 | 4,753,175 | ||||||
Amkor Technology1,2 | 395,900 | 3,084,061 | ||||||
Amtech Systems1 | 249,575 | 1,085,651 | ||||||
Axcelis Technologies1 | 29,800 | 545,638 | ||||||
AXT1 | 289,506 | 929,314 | ||||||
Brooks Automation | 60,920 | 1,858,060 | ||||||
Cohu | 181,776 | 2,250,387 | ||||||
FormFactor1 | 203,113 | 4,080,540 | ||||||
Ichor Holdings1,2 | 79,194 | 1,517,357 | ||||||
Kulicke & Soffa Industries | 224,565 | 4,686,671 | ||||||
MACOM Technology Solutions Holdings1,2 | 320,139 | 6,060,231 | ||||||
MKS Instruments | 23,500 | 1,914,075 | ||||||
Onto Innovation1 | 217,119 | 6,441,921 | ||||||
Ultra Clean Holdings1 | 284,527 | 3,926,473 | ||||||
Veeco Instruments1 | 308,887 | 2,956,049 | ||||||
50,972,546 | ||||||||
Software - 3.7% | ||||||||
A10 Networks1 | 751,726 | 4,668,219 | ||||||
Asure Software1 | 166,149 | 990,248 | ||||||
Avaya Holdings1,2 | 518,154 | 4,191,866 | ||||||
Cloudera1,2 | 297,700 | 2,342,899 | ||||||
Ebix | 162,700 | 2,469,786 | ||||||
Kaleyra1,2 | 20,200 | 147,460 | ||||||
SecureWorks Corporation Cl. A1,2 | 263,430 | 3,032,079 | ||||||
Telaria1 | 491,177 | 2,947,062 | ||||||
20,789,619 | ||||||||
Technology Hardware, Storage & Peripherals - 1.8% | ||||||||
Avid Technology1 | 846,715 | 5,698,392 | ||||||
Intevac1 | 616,662 | 2,522,148 | ||||||
NCR Corporation1 | 51,565 | 912,700 | ||||||
3D Systems1 | 118,187 | 911,222 | ||||||
10,044,462 | ||||||||
Total | 132,631,433 | |||||||
Materials – 8.0% | ||||||||
Chemicals - 3.0% | ||||||||
American Vanguard | 76,700 | 1,109,082 | ||||||
Ferro Corporation1 | 201,167 | 1,882,923 | ||||||
Huntsman Corporation | 205,600 | 2,966,808 | ||||||
Intrepid Potash1 | 892,800 | 714,240 | ||||||
Kraton Corporation1 | 364,045 | 2,948,764 | ||||||
Livent Corporation1,2 | 347,500 | 1,824,375 | ||||||
Olin Corporation | 269,400 | 3,143,898 | ||||||
Trecora Resources1 | 313,966 | 1,868,098 | ||||||
16,458,188 | ||||||||
Construction Materials - 1.4% | ||||||||
Forterra1 | 744,976 | 4,454,956 | ||||||
U.S. Concrete1,2 | 195,519 | 3,546,715 | ||||||
8,001,671 | ||||||||
Metals & Mining - 3.1% | ||||||||
Allegheny Technologies1 | 82,714 | 703,069 | ||||||
Carpenter Technology | 44,612 | 869,934 | ||||||
Century Aluminum1 | 621,710 | 2,250,590 | ||||||
Cleveland-Cliffs | 698,349 | 2,758,479 | ||||||
Commercial Metals | 165,609 | 2,614,966 | ||||||
Ferroglobe1 | 992,078 | 451,396 | ||||||
Haynes International | 114,888 | 2,367,842 | ||||||
Noranda Aluminum Holding Corporation 1,4 | 488,157 | 2,050 | ||||||
Synalloy Corporation1 | 374,221 | 3,266,949 | ||||||
TimkenSteel Corporation1 | 121,175 | 391,395 | ||||||
Universal Stainless & Alloy Products1 | 227,941 | 1,757,425 | ||||||
17,434,095 | ||||||||
Paper & Forest Products - 0.5% | ||||||||
Glatfelter (P. H.) Company | 204,900 | 2,503,878 | ||||||
Louisiana-Pacific | 26,800 | 460,424 | ||||||
2,964,302 | ||||||||
Total | 44,858,256 | |||||||
Real Estate – 1.5% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 0.9% | ||||||||
Armada Hoffler Properties | 277,433 | 2,968,533 | ||||||
CatchMark Timber Trust Cl. A | 199,200 | 1,438,224 | ||||||
Ryman Hospitality Properties | 16,300 | 584,355 | ||||||
4,991,112 | ||||||||
Real Estate Management & Development - 0.6% | ||||||||
Realogy Holdings1 | 295,020 | 888,010 | ||||||
Tejon Ranch1 | 167,106 | 2,349,511 | ||||||
3,237,521 | ||||||||
Total | 8,228,633 | |||||||
Utilities – 0.2% | ||||||||
Water Utilities - 0.2% | ||||||||
Pure Cycle1 | 114,999 | 1,282,239 | ||||||
Total | 1,282,239 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $709,287,833) | 518,051,922 | |||||||
REPURCHASE AGREEMENT – 6.4% | ||||||||
Fixed Income Clearing Corporation, | ||||||||
0.00% dated 3/31/20, due 4/1/20, | ||||||||
maturity value $35,572,000 (collateralized | ||||||||
by obligations of various U.S. Government | ||||||||
Agencies, 1.375% due 10/15/22, valued at $36,286,561) | ||||||||
(Cost $35,572,000) | 35,572,000 | |||||||
COLLATERAL RECEIVED FOR SECURITIES | ||||||||
LOANED – 3.3% | ||||||||
Money Market Funds | ||||||||
Federated Government Obligations Fund | ||||||||
(7 day yield-0.33%) | ||||||||
(Cost $18,311,046) | 18,311,046 | |||||||
TOTAL INVESTMENTS – 102.5% | ||||||||
(Cost $763,170,879) | 571,934,968 | |||||||
LIABILITIES LESS CASH | ||||||||
AND OTHER ASSETS – (2.5)% | (14,148,447 | ) | ||||||
NET ASSETS – 100.0% | $ | 557,786,521 |
SCHEDULES OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
MARCH 31, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 98.7% | ||||||||
Communication Services – 1.2% | ||||||||
Diversified Telecommunication Services - 0.5% | ||||||||
Bandwidth Cl. A1,2 | 86,935 | $ | 5,849,856 | |||||
Media - 0.7% | ||||||||
Liberty Latin America Cl. C1,2 | 281,143 | 2,884,527 | ||||||
Media General (Rights)1,3 | 102,272 | 0 | ||||||
Meredith Corporation | 128,923 | 1,575,439 | ||||||
Nexstar Media Group Cl. A | 23,725 | 1,369,645 | ||||||
Saga Communications Cl. A | 115,961 | 3,190,087 | ||||||
9,019,698 | ||||||||
Total | 14,869,554 | |||||||
Consumer Discretionary – 7.0% | ||||||||
Auto Components - 1.7% | ||||||||
Dorman Products1 | 109,180 | 6,034,379 | ||||||
Gentex Corporation | 226,552 | 5,020,392 | ||||||
LCI Industries | 128,870 | 8,612,382 | ||||||
Stoneridge1 | 116,469 | 1,950,856 | ||||||
21,618,009 | ||||||||
Automobiles - 0.3% | ||||||||
Winnebago Industries | 158,610 | 4,410,944 | ||||||
Distributors - 0.2% | ||||||||
LKQ Corporation1 | 131,323 | 2,693,435 | ||||||
Diversified Consumer Services - 0.2% | ||||||||
Regis Corporation1 | 349,853 | 2,067,631 | ||||||
Hotels, Restaurants & Leisure - 0.4% | ||||||||
Century Casinos1 | 615,967 | 1,484,481 | ||||||
Cheesecake Factory | 31,900 | 544,852 | ||||||
Hilton Grand Vacations1 | 191,499 | 3,019,939 | ||||||
5,049,272 | ||||||||
Household Durables - 0.4% | ||||||||
Cavco Industries1 | 4,200 | 608,748 | ||||||
Ethan Allen Interiors | 13,928 | 142,344 | ||||||
La-Z-Boy | 39,906 | 820,069 | ||||||
Legacy Housing1,2 | 189,025 | 1,748,481 | ||||||
PulteGroup | 93,800 | 2,093,616 | ||||||
5,413,258 | ||||||||
Internet & Direct Marketing Retail - 0.4% | ||||||||
Etsy1 | 118,283 | 4,546,798 | ||||||
Leisure Products - 0.6% | ||||||||
Brunswick Corporation | 92,100 | 3,257,577 | ||||||
Johnson Outdoors Cl. A | 28,015 | 1,756,541 | ||||||
MasterCraft Boat Holdings1,2 | 340,601 | 2,486,387 | ||||||
7,500,505 | ||||||||
Specialty Retail - 2.2% | ||||||||
American Eagle Outfitters | 310,666 | 2,469,795 | ||||||
America’s Car-Mart1 | 95,046 | 5,355,842 | ||||||
Asbury Automotive Group1 | 49,743 | 2,747,306 | ||||||
Caleres | 197,284 | 1,025,877 | ||||||
Children’s Place1 | 60,209 | 1,177,688 | ||||||
Designer Brands Cl. A | 431,283 | 2,147,789 | ||||||
Monro | 50,639 | 2,218,495 | ||||||
OneWater Marine Cl. A1 | 187,500 | 1,434,375 | ||||||
Rent-A-Center | 391,372 | 5,534,000 | ||||||
Shoe Carnival | 203,991 | 4,236,893 | ||||||
28,348,060 | ||||||||
Textiles, Apparel & Luxury Goods - 0.6% | ||||||||
Canada Goose Holdings1,2 | 122,179 | 2,430,140 | ||||||
G-III Apparel Group1 | 295,632 | 2,276,366 | ||||||
Movado Group1 | 14,923 | 176,390 | ||||||
Wolverine World Wide | 218,755 | 3,325,076 | ||||||
8,207,972 | ||||||||
Total | 89,855,884 | |||||||
Consumer Staples – 1.7% | ||||||||
Food Products - 0.6% | ||||||||
Industrias Bachoco ADR Ser. B | 20,037 | 681,258 | ||||||
Nomad Foods1,2 | 154,056 | 2,859,279 | ||||||
Seneca Foods Cl. A1 | 104,533 | 4,158,323 | ||||||
Tootsie Roll Industries | 421 | 15,132 | ||||||
7,713,992 | ||||||||
Personal Products - 1.1% | ||||||||
BellRing Brands Cl. A1 | 190,076 | 3,240,796 | ||||||
e.l.f. Beauty1 | 293,500 | 2,888,040 | ||||||
Inter Parfums | 177,526 | 8,228,330 | ||||||
14,357,166 | ||||||||
Total | 22,071,158 | |||||||
Energy– 2.7% | ||||||||
Energy Equipment & Services - 2.5% | ||||||||
DMC Global | 31,363 | 721,663 | ||||||
Era Group1 | 544,900 | 2,904,317 | ||||||
Helmerich & Payne | 73,147 | 1,144,751 | ||||||
Oil States International1 | 9,750 | 19,792 | ||||||
Pason Systems | 1,106,349 | 4,913,438 | ||||||
SEACOR Holdings1 | 485,358 | 13,085,252 | ||||||
SEACOR Marine Holdings1 | 701,179 | 3,071,164 | ||||||
Solaris Oilfield Infrastructure Cl. A | 151,605 | 795,926 | ||||||
TGS-NOPEC Geophysical | 517,270 | 5,804,582 | ||||||
32,460,885 | ||||||||
Oil, Gas & Consumable Fuels - 0.2% | ||||||||
Bonanza Creek Energy1 | 111,115 | 1,250,044 | ||||||
EQT Corporation | 49,787 | 351,994 | ||||||
Penn Virginia1,2 | 118,865 | 367,293 | ||||||
1,969,331 | ||||||||
Total | 34,430,216 | |||||||
Financials – 15.8% | ||||||||
Banks - 4.0% | ||||||||
BOK Financial | 77,519 | 3,299,209 | ||||||
Camden National | 110,221 | 3,466,450 | ||||||
CIT Group | 100,000 | 1,726,000 | ||||||
City Holding Company | 45,780 | 3,045,743 | ||||||
CNB Financial | 156,781 | 2,958,458 | ||||||
Financial Institutions | 98,667 | 1,789,819 | ||||||
First Citizens BancShares Cl. A | 42,871 | 14,270,470 | ||||||
National Bankshares | 117,442 | 3,746,400 | ||||||
Northrim BanCorp | 87,892 | 2,373,084 | ||||||
Popular | 204,049 | 7,141,715 | ||||||
TriState Capital Holdings1,2 | 102,161 | 987,897 | ||||||
Unity Bancorp | 84,105 | 984,029 | ||||||
Webster Financial | 258,286 | 5,914,749 | ||||||
51,704,023 | ||||||||
Capital Markets - 6.8% | ||||||||
Ares Management Cl. A | 498,293 | 15,412,203 | ||||||
Artisan Partners Asset Management Cl. A | 134,502 | 2,890,448 | ||||||
B. Riley Financial | 69,658 | 1,283,100 | ||||||
Diamond Hill Investment Group | 36,016 | 3,250,084 | ||||||
Evercore Cl. A | 86,341 | 3,976,866 | ||||||
Houlihan Lokey Cl. A | 259,847 | 13,543,226 | ||||||
Lazard Cl. A | 230,750 | 5,436,470 | ||||||
Moelis & Company Cl. A | 131,324 | 3,690,204 | ||||||
Morningstar | 96,994 | 11,275,553 | ||||||
SEI Investments | 168,119 | 7,790,634 | ||||||
Sprott | 1,716,948 | 2,793,868 | ||||||
TMX Group | 73,600 | 5,479,338 | ||||||
Tradeweb Markets Cl. A | 86,400 | 3,632,256 | ||||||
Virtu Financial Cl. A | 384,323 | 8,001,605 | ||||||
88,455,855 | ||||||||
Diversified Financial Services - 0.1% | ||||||||
Onex Corporation | 50,000 | 1,830,100 | ||||||
Insurance - 3.1% | ||||||||
Alleghany Corporation | 8,775 | 4,846,871 | ||||||
Assured Guaranty | 193,882 | 5,000,217 | ||||||
E-L Financial | 25,518 | 10,843,291 | ||||||
FBL Financial Group Cl. A | 82,812 | 3,864,836 | ||||||
Kingstone Companies | 152,713 | 780,364 | ||||||
ProAssurance Corporation | 197,321 | 4,933,025 | ||||||
RLI Corp. | 68,753 | 6,045,451 | ||||||
Trupanion1,2 | 134,051 | 3,489,348 | ||||||
39,803,403 | ||||||||
Thrifts & Mortgage Finance - 1.8% | ||||||||
Axos Financial1,2 | 122,961 | 2,229,283 | ||||||
Genworth MI Canada | 488,429 | 10,852,821 | ||||||
Southern Missouri Bancorp | 60,483 | 1,467,922 | ||||||
Timberland Bancorp | 96,237 | 1,760,175 | ||||||
TrustCo Bank Corp. NY | 580,930 | 3,142,831 | ||||||
WSFS Financial | 138,559 | 3,452,890 | ||||||
22,905,922 | ||||||||
Total | 204,699,303 | |||||||
Health Care – 8.1% | ||||||||
Biotechnology - 0.6% | ||||||||
BioSpecifics Technologies1,2 | 57,158 | 3,233,428 | ||||||
CareDx1,2 | 34,820 | 760,121 | ||||||
Coherus BioSciences1,2 | 56,500 | 916,430 | ||||||
Eagle Pharmaceuticals1,2 | 7,362 | 338,652 | ||||||
Pfenex1,2 | 93,189 | 821,927 | ||||||
Zealand Pharma1 | 63,722 | 2,196,893 | ||||||
8,267,451 | ||||||||
Health Care Equipment & Supplies - 3.1% | ||||||||
AtriCure1 | 35,243 | 1,183,812 | ||||||
Atrion Corporation | 8,442 | 5,487,300 | ||||||
BioLife Solutions1 | 278,716 | 2,647,802 | ||||||
CryoLife1 | 63,358 | 1,072,017 | ||||||
Haemonetics1 | 61,169 | 6,096,103 | ||||||
Hill-Rom Holdings | 45,576 | 4,584,946 | ||||||
Masimo Corporation1 | 10,000 | 1,771,200 | ||||||
Mesa Laboratories | 50,145 | 11,337,283 | ||||||
Misonix1 | 18,800 | 177,096 | ||||||
OrthoPediatrics Corporation1,2 | 13,500 | 535,140 | ||||||
STAAR Surgical1,2 | 86,141 | 2,778,909 | ||||||
Tandem Diabetes Care1 | 37,586 | 2,418,659 | ||||||
40,090,267 | ||||||||
Health Care Providers & Services - 2.3% | ||||||||
AMN Healthcare Services1,2 | 97,919 | 5,660,698 | ||||||
Encompass Health | 139,160 | 8,910,415 | ||||||
Ensign Group (The) | 76,535 | 2,878,481 | ||||||
National Research | 125,963 | 5,728,797 | ||||||
Pennant Group1 | 24,527 | 347,302 | ||||||
U.S. Physical Therapy | 94,684 | 6,533,196 | ||||||
30,058,889 | ||||||||
Health Care Technology - 0.4% | ||||||||
Simulations Plus | 145,570 | 5,083,304 | ||||||
Life Sciences Tools & Services - 1.6% | ||||||||
Bio-Techne | 57,270 | 10,859,537 | ||||||
ICON1 | 31,848 | 4,331,328 | ||||||
NeoGenomics1 | 62,083 | 1,714,112 | ||||||
PRA Health Sciences1,2 | 9,949 | 826,165 | ||||||
Quanterix Corporation1,2 | 122,399 | 2,248,470 | ||||||
19,979,612 | ||||||||
Pharmaceuticals - 0.1% | ||||||||
Supernus Pharmaceuticals1 | 95,317 | 1,714,753 | ||||||
Total | 105,194,276 | |||||||
Industrials – 27.8% | ||||||||
Aerospace & Defense - 1.7% | ||||||||
HEICO Corporation | 140,087 | 10,451,891 | ||||||
HEICO Corporation Cl. A | 63,610 | 4,064,679 | ||||||
Hexcel Corporation | 32,232 | 1,198,708 | ||||||
Magellan Aerospace | 265,771 | 1,229,425 | ||||||
Vectrus1 | 138,119 | 5,719,508 | ||||||
22,664,211 | ||||||||
Air Freight & Logistics - 0.8% | ||||||||
Forward Air | 100,469 | 5,088,755 | ||||||
Hub Group Cl. A1 | 107,918 | 4,907,031 | ||||||
9,995,786 | ||||||||
Airlines - 0.0% | ||||||||
Spirit Airlines1,2 | 11,897 | 153,352 | ||||||
Building Products - 1.2% | ||||||||
Apogee Enterprises | 73,798 | 1,536,474 | ||||||
Gibraltar Industries1 | 106,327 | 4,563,555 | ||||||
Patrick Industries | 158,191 | 4,454,659 | ||||||
Simpson Manufacturing | 82,299 | 5,100,892 | ||||||
Universal Forest Products | 12,800 | 476,032 | ||||||
16,131,612 | ||||||||
Commercial Services & Supplies - 1.7% | ||||||||
Healthcare Services Group | 163,811 | 3,916,721 | ||||||
Heritage-Crystal Clean1 | 154,283 | 2,505,556 | ||||||
Kimball International Cl. B | 419,617 | 4,997,638 | ||||||
Knoll | 27,840 | 287,309 | ||||||
Mobile Mini | 82,807 | 2,172,028 | ||||||
PICO Holdings1 | 325,026 | 2,528,702 | ||||||
Steelcase Cl. A | 16,232 | 160,210 | ||||||
UniFirst Corporation | 39,285 | 5,935,571 | ||||||
22,503,735 | ||||||||
Construction & Engineering - 2.2% | ||||||||
Arcosa | 316,212 | 12,566,265 | ||||||
Comfort Systems USA | 126,731 | 4,632,018 | ||||||
Construction Partners Cl. A1,2 | 144,891 | 2,447,209 | ||||||
MasTec1 | 1,900 | 62,187 | ||||||
Sterling Construction1 | 8,968 | 85,196 | ||||||
Valmont Industries | 76,725 | 8,131,315 | ||||||
27,924,190 | ||||||||
Electrical Equipment - 1.3% | ||||||||
Bloom Energy Cl. A1,2 | 50,000 | 261,500 | ||||||
Encore Wire | 73,804 | 3,099,030 | ||||||
EnerSys | 13,401 | 663,617 | ||||||
Hubbell Incorporated | 8,335 | 956,358 | ||||||
Preformed Line Products | 209,453 | 10,437,043 | ||||||
Sensata Technologies Holding1,2 | 28,700 | 830,291 | ||||||
16,247,839 | ||||||||
Industrial Conglomerates - 1.2% | ||||||||
Carlisle Companies | 36,313 | 4,549,293 | ||||||
Raven Industries | 505,204 | 10,725,481 | ||||||
15,274,774 | ||||||||
Machinery - 9.5% | ||||||||
Alamo Group | 10,801 | 958,913 | ||||||
Colfax Corporation1,2 | 566,834 | 11,223,313 | ||||||
ESCO Technologies | 79,509 | 6,035,528 | ||||||
Federal Signal | 58,151 | 1,586,359 | ||||||
Graco | 180,999 | 8,820,081 | ||||||
Graham Corporation | 72,292 | 932,567 | ||||||
Helios Technologies | 327,410 | 12,415,387 | ||||||
John Bean Technologies | 116,550 | 8,656,169 | ||||||
Kadant | 123,728 | 9,236,295 | ||||||
Lincoln Electric Holdings | 156,617 | 10,806,573 | ||||||
Lindsay Corporation | 118,390 | 10,842,156 | ||||||
Luxfer Holdings | 34,100 | 482,174 | ||||||
Mayville Engineering1 | 102,309 | 627,154 | ||||||
Meritor1 | 558,714 | 7,402,961 | ||||||
Miller Industries | 205,051 | 5,798,842 | ||||||
Nordson Corporation | 48,336 | 6,528,744 | ||||||
RBC Bearings1 | 54,522 | 6,149,537 | ||||||
Tennant Company | 250,680 | 14,526,906 | ||||||
123,029,659 | ||||||||
Marine - 1.1% | ||||||||
Clarkson1 | 350,000 | 10,028,481 | ||||||
Eagle Bulk Shipping1 | 377,886 | 699,089 | ||||||
Kirby Corporation1 | 70,297 | 3,055,811 | ||||||
13,783,381 | ||||||||
Professional Services - 2.5% | ||||||||
Exponent | 74,566 | 5,362,041 | ||||||
Forrester Research1 | 180,533 | 5,276,980 | ||||||
GP Strategies1 | 85,313 | 555,388 | ||||||
Heidrick & Struggles International | 314,833 | 7,083,742 | ||||||
Kforce | 110,800 | 2,833,156 | ||||||
Korn Ferry | 236,619 | 5,754,574 | ||||||
ManpowerGroup | 10,247 | 542,989 | ||||||
Morneau Shepell | 53,600 | 1,081,293 | ||||||
Resources Connection | 204,684 | 2,245,383 | ||||||
Upwork1,2 | 298,460 | 1,925,067 | ||||||
32,660,613 | ||||||||
Road & Rail - 2.2% | ||||||||
ArcBest | 239,947 | 4,203,871 | ||||||
Landstar System | 137,120 | 13,144,323 | ||||||
Saia1 | 69,162 | 5,086,174 | ||||||
Universal Logistics Holdings | 430,275 | 5,636,603 | ||||||
28,070,971 | ||||||||
Trading Companies & Distributors - 2.4% | ||||||||
Air Lease Cl. A | 305,115 | 6,755,246 | ||||||
Applied Industrial Technologies | 121,091 | 5,536,281 | ||||||
BMC Stock Holdings1,2 | 258,085 | 4,575,847 | ||||||
EVI Industries1,2 | 458,404 | 7,233,615 | ||||||
Lawson Products1 | 8,800 | 235,136 | ||||||
Richelieu Hardware | 310,641 | 4,906,949 | ||||||
Watsco | 9,849 | 1,556,437 | ||||||
30,799,511 | ||||||||
Total | 359,239,634 | |||||||
Information Technology – 21.7% | ||||||||
Communications Equipment - 0.2% | ||||||||
ADTRAN | 61,465 | 472,051 | ||||||
Digi International1 | 287,193 | 2,739,821 | ||||||
NetScout Systems1,2 | 11,938 | 282,573 | ||||||
3,494,445 | ||||||||
Electronic Equipment, Instruments & Components - 8.4% | ||||||||
Badger Meter | 77,200 | 4,137,920 | ||||||
Cognex Corporation | 104,493 | 4,411,694 | ||||||
Coherent1 | 90,691 | 9,650,429 | ||||||
Dolby Laboratories Cl. A | 84,640 | 4,588,334 | ||||||
ePlus1 | 8,700 | 544,794 | ||||||
Fabrinet1 | 182,032 | 9,931,666 | ||||||
FARO Technologies1 | 233,398 | 10,386,211 | ||||||
FLIR Systems | 427,601 | 13,636,196 | ||||||
HollySys Automation Technologies | 71,531 | 922,750 | ||||||
Insight Enterprises1 | 189,493 | 7,983,340 | ||||||
IPG Photonics1 | 46,231 | 5,098,355 | ||||||
Kimball Electronics1 | 186,492 | 2,036,493 | ||||||
Littelfuse | 9,333 | 1,245,209 | ||||||
Luna Innovations1 | 185,900 | 1,143,285 | ||||||
Methode Electronics | 35,648 | 942,177 | ||||||
MTS Systems | 43,710 | 983,475 | ||||||
National Instruments | 261,316 | 8,644,333 | ||||||
PAR Technology1 | 321,789 | 4,138,207 | ||||||
PC Connection | 182,249 | 7,510,481 | ||||||
Plexus Corporation1 | 2,300 | 125,488 | ||||||
Rogers Corporation1 | 18,000 | 1,699,560 | ||||||
Sanmina Corporation1 | 192,160 | 5,242,125 | ||||||
Vishay Intertechnology | 138,090 | 1,989,877 | ||||||
Vishay Precision Group1 | 77,156 | 1,549,292 | ||||||
108,541,691 | ||||||||
IT Services - 1.2% | ||||||||
Computer Services4 | 6,279 | 252,604 | ||||||
Hackett Group (The) | 7,700 | 97,944 | ||||||
KBR | 514,874 | 10,647,595 | ||||||
MAXIMUS | 60,050 | 3,494,910 | ||||||
Switch Cl. A | 8,556 | 123,463 | ||||||
WEX1,2 | 7,900 | 825,945 | ||||||
15,442,461 | ||||||||
Semiconductors & Semiconductor Equipment - 7.0% | ||||||||
Advanced Energy Industries1 | 35,601 | 1,726,293 | ||||||
Axcelis Technologies1 | 239,616 | 4,387,369 | ||||||
Brooks Automation | 187,913 | 5,731,347 | ||||||
Cabot Microelectronics | 120,757 | 13,783,204 | ||||||
Cirrus Logic1 | 197,140 | 12,938,298 | ||||||
Cohu | 122,418 | 1,515,535 | ||||||
Diodes1 | 195,294 | 7,935,772 | ||||||
Entegris | 164,616 | 7,369,858 | ||||||
FormFactor1 | 183,166 | 3,679,805 | ||||||
Kulicke & Soffa Industries | 322,151 | 6,723,291 | ||||||
Lattice Semiconductor1 | 187,271 | 3,337,169 | ||||||
MKS Instruments | 140,280 | 11,425,806 | ||||||
Nova Measuring Instruments1,2 | 95,954 | 3,132,898 | ||||||
Onto Innovation1,2 | 75,220 | 2,231,777 | ||||||
Photronics1 | 142,794 | 1,465,066 | ||||||
Silicon Motion Technology ADR | 60,370 | 2,213,164 | ||||||
Ultra Clean Holdings1 | 89,571 | 1,236,080 | ||||||
90,832,732 | ||||||||
Software - 4.9% | ||||||||
ACI Worldwide1 | 237,597 | 5,737,968 | ||||||
Agilysys1 | 93,087 | 1,554,553 | ||||||
Avalara1 | 27,300 | 2,036,580 | ||||||
Cloudflare Cl. A1 | 168,311 | 3,951,942 | ||||||
Descartes Systems Group (The)1 | 104,547 | 3,595,371 | ||||||
Elastic1,2 | 54,400 | 3,036,064 | ||||||
Envestnet1,2 | 10,000 | 537,800 | ||||||
Everbridge1,2 | 10,700 | 1,138,052 | ||||||
Fair Isaac1 | 28,168 | 8,667,012 | ||||||
Five91,2 | 26,418 | 2,019,920 | ||||||
j2 Global1 | 78,677 | 5,888,973 | ||||||
Manhattan Associates1 | 77,664 | 3,869,221 | ||||||
QAD Cl. A | 45,841 | 1,830,431 | ||||||
Qualys1,2 | 46,927 | 4,082,180 | ||||||
SPS Commerce1 | 70,805 | 3,293,141 | ||||||
SVMK1,2 | 337,645 | 4,561,584 | ||||||
Upland Software1,2 | 270,015 | 7,241,802 | ||||||
63,042,594 | ||||||||
Total | 281,353,923 | |||||||
Materials – 9.5% | ||||||||
Chemicals - 4.5% | ||||||||
Balchem Corporation | 129,022 | 12,737,052 | ||||||
Element Solutions1,2 | 1,076,749 | 9,001,622 | ||||||
Huntsman Corporation | 74,005 | 1,067,892 | ||||||
Innospec | 137,742 | 9,571,692 | ||||||
Minerals Technologies | 215,484 | 7,813,450 | ||||||
Quaker Chemical | 130,297 | 16,453,905 | ||||||
Sensient Technologies | 23,379 | 1,017,220 | ||||||
Westlake Chemical | 13,502 | 515,371 | ||||||
58,178,204 | ||||||||
Construction Materials - 0.1% | ||||||||
Imerys | 40,000 | 1,006,512 | ||||||
Containers & Packaging - 0.7% | ||||||||
AptarGroup | 94,054 | 9,362,135 | ||||||
Metals & Mining - 3.0% | ||||||||
Alamos Gold Cl. A | 2,522,435 | 12,672,220 | ||||||
Franco-Nevada | 92,738 | 9,229,286 | ||||||
Haynes International | 37,450 | 771,844 | ||||||
IAMGOLD Corporation1 | 795,894 | 1,814,638 | ||||||
Pretium Resources1 | 89,241 | 509,206 | ||||||
Reliance Steel & Aluminum | 155,349 | 13,607,019 | ||||||
38,604,213 | ||||||||
Paper & Forest Products - 1.2% | ||||||||
Stella-Jones | 737,201 | 16,060,956 | ||||||
Total | 123,212,020 | |||||||
Real Estate – 3.2% | ||||||||
Real Estate Management & Development - 3.2% | ||||||||
FRP Holdings1 | 244,688 | 10,521,584 | ||||||
Jones Lang LaSalle | 16,515 | 1,667,685 | ||||||
Kennedy-Wilson Holdings | 654,921 | 8,789,040 | ||||||
Marcus & Millichap1 | 402,185 | 10,899,213 | ||||||
St. Joe Company (The)1 | 246,454 | 4,135,498 | ||||||
Tejon Ranch1 | 407,307 | 5,726,736 | ||||||
Total | 41,739,756 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,158,601,264) | 1,276,665,724 | |||||||
REPURCHASE AGREEMENT – 0.7% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $9,668,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $9,864,358) (Cost $9,668,000) | 9,668,000 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.4% | ||||||||
Money Market Funds Federated Government Obligations Fund (7 day yield-0.33%) (Cost $18,287,979) | 18,287,979 | |||||||
TOTAL INVESTMENTS – 100.8% | ||||||||
(Cost $1,186,557,243) | 1,304,621,703 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.8)% | (10,473,405 | ) | ||||||
NET ASSETS – 100.0% | $ | 1,294,148,298 |
SCHEDULES OF INVESTMENTS
ROYCE PREMIER FUND
MARCH 31, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 100.2% | ||||||||
Consumer Discretionary – 4.0% | ||||||||
Auto Components - 2.4% | ||||||||
Dorman Products1 | 229,595 | $ | 12,689,716 | |||||
LCI Industries | 252,919 | 16,902,577 | ||||||
29,592,293 | ||||||||
Distributors - 1.6% | ||||||||
Pool Corporation | 101,991 | 20,068,769 | ||||||
Total | 49,661,062 | |||||||
Consumer Staples – 0.5% | ||||||||
Personal Products - 0.5% | ||||||||
Inter Parfums | 124,994 | 5,793,472 | ||||||
Total | 5,793,472 | |||||||
Energy – 3.4% | ||||||||
Energy Equipment & Services - 3.4% | ||||||||
Pason Systems | 3,009,000 | 13,363,355 | ||||||
SEACOR Holdings1 | 626,395 | 16,887,609 | ||||||
TGS-NOPEC Geophysical | 1,134,000 | 12,725,263 | ||||||
Total | 42,976,227 | |||||||
Financials – 15.5% | ||||||||
Capital Markets - 10.4% | ||||||||
Ares Management Cl. A | 1,137,578 | 35,185,288 | ||||||
Ashmore Group | 6,431,500 | 28,365,702 | ||||||
Lazard Cl. A | 417,183 | 9,828,832 | ||||||
Morningstar | 324,644 | 37,739,865 | ||||||
TMX Group | 268,494 | 19,988,713 | ||||||
131,108,400 | ||||||||
Insurance - 3.4% | ||||||||
Alleghany Corporation | 51,600 | 28,501,260 | ||||||
ProAssurance Corporation | 584,607 | 14,615,175 | ||||||
43,116,435 | ||||||||
Thrifts & Mortgage Finance - 1.7% | ||||||||
Genworth MI Canada | 938,365 | 20,850,333 | ||||||
Total | 195,075,168 | |||||||
Health Care – 5.8% | ||||||||
Health Care Equipment & Supplies - 3.9% | ||||||||
Haemonetics1 | 242,100 | 24,127,686 | ||||||
Mesa Laboratories | 111,079 | 25,113,851 | ||||||
49,241,537 | ||||||||
Life Sciences Tools & Services - 1.9% | ||||||||
Bio-Techne | 127,778 | 24,229,264 | ||||||
Total | 73,470,801 | |||||||
Industrials – 36.4% | ||||||||
Air Freight & Logistics - 2.0% | ||||||||
Forward Air | 485,163 | 24,573,506 | ||||||
Building Products - 1.6% | ||||||||
Simpson Manufacturing | 329,251 | 20,406,977 | ||||||
Commercial Services & Supplies - 1.8% | ||||||||
Ritchie Bros. Auctioneers | 646,246 | 22,088,688 | ||||||
Construction & Engineering - 1.7% | ||||||||
Valmont Industries | 196,649 | 20,840,861 | ||||||
Industrial Conglomerates - 1.3% | ||||||||
Raven Industries | 758,195 | 16,096,480 | ||||||
Machinery - 20.4% | ||||||||
CIRCOR International1 | 441,380 | 5,133,249 | ||||||
Colfax Corporation1,2 | 1,375,182 | 27,228,604 | ||||||
ESCO Technologies | 250,000 | 18,977,500 | ||||||
Franklin Electric | 64,435 | 3,036,822 | ||||||
Helios Technologies | 690,465 | 26,182,433 | ||||||
John Bean Technologies | 419,670 | 31,168,891 | ||||||
Kadant | 242,171 | 18,078,065 | ||||||
Lincoln Electric Holdings | 507,510 | 35,018,190 | ||||||
Lindsay Corporation | 427,385 | 39,139,918 | ||||||
RBC Bearings1 | 134,575 | 15,178,714 | ||||||
Tennant Company | 368,973 | 21,381,985 | ||||||
Woodward | 261,839 | 15,563,710 | ||||||
256,088,081 | ||||||||
Marine - 2.7% | ||||||||
Clarkson1 | 510,106 | 14,615,967 | ||||||
Kirby Corporation1 | 447,819 | 19,466,692 | ||||||
34,082,659 | ||||||||
Professional Services - 0.7% | ||||||||
Forrester Research1 | 323,330 | 9,450,936 | ||||||
Road & Rail - 1.9% | ||||||||
Landstar System | 252,125 | 24,168,703 | ||||||
Trading Companies & Distributors - 2.3% | ||||||||
Air Lease Cl. A | 1,287,547 | 28,506,291 | ||||||
Total | 456,303,182 | |||||||
Information Technology – 23.6% | ||||||||
Electronic Equipment, Instruments & Components - 10.6% | ||||||||
Cognex Corporation | 555,770 | 23,464,610 | ||||||
Coherent1 | 300,257 | 31,950,347 | ||||||
FARO Technologies1 | 460,663 | 20,499,504 | ||||||
IPG Photonics1 | 110,712 | 12,209,319 | ||||||
National Instruments | 859,275 | 28,424,817 | ||||||
Rogers Corporation1 | 170,000 | 16,051,400 | ||||||
132,599,997 | ||||||||
IT Services - 1.5% | ||||||||
Jack Henry & Associates | 123,178 | 19,122,153 | ||||||
Semiconductors & Semiconductor Equipment - 7.1% | ||||||||
Cabot Microelectronics | 321,764 | 36,726,143 | ||||||
Cirrus Logic1 | 256,662 | 16,844,727 | ||||||
MKS Instruments | 432,348 | 35,214,744 | ||||||
88,785,614 | ||||||||
Software - 4.4% | ||||||||
Fair Isaac1 | 105,005 | 32,308,988 | ||||||
Manhattan Associates1 | 465,674 | 23,199,879 | ||||||
55,508,867 | ||||||||
Total | 296,016,631 | |||||||
Materials – 9.9% | ||||||||
Chemicals - 5.2% | ||||||||
Innospec | 426,610 | 29,645,129 | ||||||
Quaker Chemical | 277,780 | 35,078,058 | ||||||
64,723,187 | ||||||||
Metals & Mining - 2.6% | ||||||||
Reliance Steel & Aluminum | 374,331 | 32,787,652 | ||||||
Paper & Forest Products - 2.1% | ||||||||
Stella-Jones | 1,223,000 | 26,644,767 | ||||||
Total | 124,155,606 | |||||||
Real Estate – 1.1% | ||||||||
Real Estate Management & Development - 1.1% | ||||||||
Kennedy-Wilson Holdings | 1,026,399 | 13,774,275 | ||||||
Total | 13,774,275 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,019,202,878) | 1,257,226,424 | |||||||
REPURCHASE AGREEMENT – 1.2% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $15,258,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $15,564,684) (Cost $15,258,000) | 15,258,000 | |||||||
TOTAL INVESTMENTS – 101.4% | ||||||||
(Cost $1,034,460,878) | 1,272,484,424 | |||||||
LIABILITIES LESS CASH | ||||||||
AND OTHER ASSETS – (1.4)% | (17,705,431 | ) | ||||||
NET ASSETS – 100.0% | $ | 1,254,778,993 |
SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP VALUE FUND
MARCH 31, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.4% | ||||||||
Communication Services – 1.5% | ||||||||
Media - 1.5% | ||||||||
Saga Communications Cl. A | 54,029 | $ | 1,486,338 | |||||
Total | 1,486,338 | |||||||
Consumer Discretionary – 12.3% | ||||||||
Auto Components - 0.6% | ||||||||
Gentex Corporation | 24,627 | 545,734 | ||||||
Hotels, Restaurants & Leisure - 1.5% | ||||||||
Cheesecake Factory | 17,100 | 292,068 | ||||||
Hilton Grand Vacations1 | 76,101 | 1,200,113 | ||||||
1,492,181 | ||||||||
Household Durables - 1.7% | ||||||||
La-Z-Boy | 22,102 | 454,196 | ||||||
PulteGroup | 51,900 | 1,158,408 | ||||||
1,612,604 | ||||||||
Leisure Products - 0.4% | ||||||||
MasterCraft Boat Holdings1 | 48,513 | 354,145 | ||||||
Specialty Retail - 7.0% | ||||||||
American Eagle Outfitters | 173,345 | 1,378,093 | ||||||
Caleres | 99,525 | 517,530 | ||||||
Designer Brands Cl. A | 228,348 | 1,137,173 | ||||||
OneWater Marine Cl. A1 | 67,957 | 519,871 | ||||||
Rent-A-Center | 119,770 | 1,693,548 | ||||||
Shoe Carnival | 72,838 | 1,512,845 | ||||||
6,759,060 | ||||||||
Textiles, Apparel & Luxury Goods - 1.1% | ||||||||
G-III Apparel Group1 | 83,900 | 646,030 | ||||||
Steven Madden | 19,249 | 447,154 | ||||||
1,093,184 | ||||||||
Total | 11,856,908 | |||||||
Consumer Staples – 0.6% | ||||||||
Food & Staples Retailing - 0.6% | ||||||||
Village Super Market Cl. A | 21,600 | 530,928 | ||||||
Total | 530,928 | |||||||
Energy – 2.5% | ||||||||
Energy Equipment & Services - 1.4% | ||||||||
DMC Global | 17,857 | 410,889 | ||||||
Helmerich & Payne | 30,984 | 484,900 | ||||||
Solaris Oilfield Infrastructure Cl. A | 74,211 | 389,608 | ||||||
1,285,397 | ||||||||
Oil, Gas & Consumable Fuels - 1.1% | ||||||||
Bonanza Creek Energy1 | 61,177 | 688,241 | ||||||
Dorchester Minerals L.P. | 19,034 | 177,206 | ||||||
Penn Virginia1,2 | 64,740 | 200,047 | ||||||
1,065,494 | ||||||||
Total | 2,350,891 | |||||||
Financials – 29.0% | ||||||||
Banks - 12.7% | ||||||||
Ames National | 77,693 | 1,588,822 | ||||||
Camden National | 48,201 | 1,515,921 | ||||||
City Holding Company | 21,676 | 1,442,104 | ||||||
CNB Financial | 76,510 | 1,443,744 | ||||||
Codorus Valley Bancorp | 35,679 | 574,432 | ||||||
Financial Institutions | 34,766 | 630,655 | ||||||
Landmark Bancorp | 23,280 | 474,912 | ||||||
MidWestOne Financial Group | 30,886 | 646,753 | ||||||
National Bankshares | 58,863 | 1,877,730 | ||||||
Northrim BanCorp | 46,488 | 1,255,176 | ||||||
Unity Bancorp | 64,858 | 758,839 | ||||||
12,209,088 | ||||||||
Capital Markets - 6.3% | ||||||||
Evercore Cl. A | 46,644 | 2,148,423 | ||||||
Houlihan Lokey Cl. A | 34,895 | 1,818,727 | ||||||
Moelis & Company Cl. A | 71,619 | 2,012,494 | ||||||
Pzena Investment Management Cl. A | 15,192 | 67,756 | ||||||
6,047,400 | ||||||||
Insurance - 3.8% | ||||||||
James River Group Holdings | 47,005 | 1,703,462 | ||||||
Kingstone Companies | 102,119 | 521,828 | ||||||
Reinsurance Group of America | 16,936 | 1,424,995 | ||||||
3,650,285 | ||||||||
Thrifts & Mortgage Finance - 6.2% | ||||||||
Genworth MI Canada | 66,814 | 1,484,597 | ||||||
Southern Missouri Bancorp | 32,349 | 785,110 | ||||||
Timberland Bancorp | 45,271 | 828,007 | ||||||
TrustCo Bank Corp. NY | 262,747 | 1,421,461 | ||||||
WSFS Financial | 57,426 | 1,431,056 | ||||||
5,950,231 | ||||||||
Total | 27,857,004 | |||||||
Health Care – 5.2% | ||||||||
Biotechnology - 1.5% | ||||||||
Catalyst Pharmaceuticals1,2 | 236,238 | 909,516 | ||||||
Coherus BioSciences1 | 31,400 | 509,308 | ||||||
1,418,824 | ||||||||
Health Care Providers & Services - 3.0% | ||||||||
AMN Healthcare Services1 | 21,825 | 1,261,703 | ||||||
Ensign Group (The) | 38,965 | 1,465,474 | ||||||
Pennant Group1 | 10,313 | 146,032 | ||||||
2,873,209 | ||||||||
Pharmaceuticals - 0.7% | ||||||||
Supernus Pharmaceuticals1 | ||||||||
40,800 | 733,992 | |||||||
Total | 5,026,025 | |||||||
Industrials – 28.1% | ||||||||
Aerospace & Defense - 3.1% | ||||||||
Magellan Aerospace | 161,900 | 748,930 | ||||||
Vectrus1 | 53,201 | 2,203,053 | ||||||
2,951,983 | ||||||||
Building Products - 0.3% | ||||||||
Universal Forest Products | 7,100 | 264,049 | ||||||
Commercial Services & Supplies - 2.2% | ||||||||
Herman Miller | 14,499 | 321,878 | ||||||
Kimball International Cl. B | 137,354 | 1,635,886 | ||||||
Knoll | 16,553 | 170,827 | ||||||
2,128,591 | ||||||||
Construction & Engineering - 1.8% | ||||||||
Comfort Systems USA | 46,038 | 1,682,689 | ||||||
MasTec1 | 1,100 | 36,003 | ||||||
1,718,692 | ||||||||
Electrical Equipment - 0.5% | ||||||||
EnerSys | 9,714 | 481,037 | ||||||
Machinery - 6.0% | ||||||||
Alamo Group | 5,963 | 529,395 | ||||||
Commercial Vehicle Group1 | 275,384 | 415,830 | ||||||
Federal Signal | 34,210 | 933,249 | ||||||
Mayville Engineering1 | 23,886 | 146,421 | ||||||
Meritor1 | 61,984 | 821,288 | ||||||
Miller Industries | 104,577 | 2,957,438 | ||||||
5,803,621 | ||||||||
Professional Services - 8.0% | ||||||||
Heidrick & Struggles International | 115,034 | 2,588,265 | ||||||
Kforce | 55,010 | 1,406,606 | ||||||
Korn Ferry | 72,960 | 1,774,387 | ||||||
Resources Connection | 80,220 | 880,014 | ||||||
Robert Half International | 26,916 | 1,016,079 | ||||||
7,665,351 | ||||||||
Road & Rail - 4.6% | ||||||||
ArcBest | 88,423 | 1,549,171 | ||||||
Old Dominion Freight Line | 6,246 | 819,850 | ||||||
Saia1 | 8,841 | 650,167 | ||||||
Werner Enterprises | 38,254 | 1,387,090 | ||||||
4,406,278 | ||||||||
Trading Companies & Distributors - 1.6% | ||||||||
BMC Stock Holdings1 | 88,655 | 1,571,853 | ||||||
Total | 26,991,455 | |||||||
Information Technology – 15.4% | ||||||||
Electronic Equipment, Instruments & Components - 12.3% | ||||||||
ePlus1 | 4,700 | 294,314 | ||||||
Fabrinet1 | 24,654 | 1,345,122 | ||||||
Insight Enterprises1 | 58,023 | 2,444,509 | ||||||
Methode Electronics | 13,100 | 346,233 | ||||||
PC Connection | 69,254 | 2,853,957 | ||||||
Plexus Corporation1 | 1,300 | 70,928 | ||||||
Sanmina Corporation1 | 106,941 | 2,917,351 | ||||||
Vishay Intertechnology | 105,139 | 1,515,053 | ||||||
11,787,467 | ||||||||
IT Services - 0.1% | ||||||||
Hackett Group (The) | 4,176 | 53,119 | ||||||
Semiconductors & Semiconductor Equipment - 3.0% | ||||||||
Advanced Energy Industries1 | 11,765 | 570,485 | ||||||
Kulicke & Soffa Industries | 81,558 | 1,702,115 | ||||||
MKS Instruments | 7,780 | 633,681 | ||||||
2,906,281 | ||||||||
Total | 14,746,867 | |||||||
Real Estate – 1.8% | ||||||||
Real Estate Management & Development - 1.8% | ||||||||
Marcus & Millichap1 | ||||||||
63,764 | 1,728,004 | |||||||
Total | 1,728,004 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $114,191,692) | 92,574,420 | |||||||
REPURCHASE AGREEMENT – 3.7% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $3,564,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $3,636,415) (Cost $3,564,000) | 3,564,000 | |||||||
COLLATERAL RECEIVED FOR SECURITIES | ||||||||
LOANED – 0.2% | ||||||||
Money Market Funds | ||||||||
Federated Government Obligations Fund | ||||||||
(7 day yield-0.33%) | ||||||||
(Cost $188,227) | 188,227 | |||||||
TOTAL INVESTMENTS – 100.3% | ||||||||
(Cost $117,943,919) | 96,326,647 | |||||||
LIABILITIES LESS CASH | ||||||||
AND OTHER ASSETS – (0.3)% | (283,440 | ) | ||||||
NET ASSETS – 100.0% | $ | 96,043,207 |
SCHEDULES OF INVESTMENTS
ROYCE SMALLER-COMPANIES GROWTH FUND
MARCH 31, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 97.7% | ||||||||
Communication Services – 2.9% | ||||||||
Diversified Telecommunication Services - 1.0% | ||||||||
Bandwidth Cl. A1 | 26,000 | $ | 1,749,540 | |||||
Entertainment - 1.9% | ||||||||
Sea Cl. A ADR1,2 | 79,000 | 3,500,490 | ||||||
Total | 5,250,030 | |||||||
Consumer Discretionary – 9.8% | ||||||||
Diversified Consumer Services - 1.8% | ||||||||
Aspen Group1 | 182,000 | 1,454,180 | ||||||
Bright Horizons Family Solutions1 | 18,000 | 1,836,000 | ||||||
3,290,180 | ||||||||
Hotels, Restaurants & Leisure - 2.1% | ||||||||
Allied Esports Entertainment1,2 | 201,000 | 315,570 | ||||||
Papa John’s International | 33,000 | 1,761,210 | ||||||
Texas Roadhouse | 43,000 | 1,775,900 | ||||||
3,852,680 | ||||||||
Household Durables - 2.5% | ||||||||
Cavco Industries1 | 10,000 | 1,449,400 | ||||||
Lovesac Company (The)1,2 | 335,666 | 1,956,933 | ||||||
Skyline Champion1 | 80,000 | 1,254,400 | ||||||
4,660,733 | ||||||||
Internet & Direct Marketing Retail - 0.6% | ||||||||
Trxade Group1 | 197,300 | 1,134,475 | ||||||
Leisure Products - 0.8% | ||||||||
Callaway Golf | 144,000 | 1,471,680 | ||||||
Specialty Retail - 2.0% | ||||||||
Carvana Cl. A1,2 | 33,000 | 1,817,970 | ||||||
Monro | 40,000 | 1,752,400 | ||||||
3,570,370 | ||||||||
Total | 17,980,118 | |||||||
Consumer Staples – 1.8% | ||||||||
Food Products - 1.8% | ||||||||
Freshpet1,2 | 52,000 | 3,321,240 | ||||||
Total | 3,321,240 | |||||||
Energy – 0.4% | ||||||||
Oil, Gas & Consumable Fuels - 0.4% | ||||||||
Magnolia Oil & Gas Cl. A1,2 | 128,000 | 512,000 | ||||||
Viper Energy Partners L.P. | 35,000 | 232,050 | ||||||
Total | 744,050 | |||||||
Financials – 5.7% | ||||||||
Banks - 2.4% | ||||||||
Enterprise Financial Services | 41,500 | 1,158,265 | ||||||
Seacoast Banking Corporation of Florida1 | 82,000 | 1,501,420 | ||||||
Southern National Bancorp of Virginia | 73,000 | 718,320 | ||||||
TriState Capital Holdings1 | 104,057 | 1,006,231 | ||||||
4,384,236 | ||||||||
Capital Markets - 1.8% | ||||||||
MarketAxess Holdings | 7,000 | 2,327,990 | ||||||
PJT Partners Cl. A | 24,000 | 1,041,360 | ||||||
3,369,350 | ||||||||
Consumer Finance - 0.8% | ||||||||
LendingTree1 | 8,000 | 1,467,120 | ||||||
Insurance - 0.7% | ||||||||
eHealth1,2 | 9,000 | 1,267,380 | ||||||
Total | 10,488,086 | |||||||
Health Care – 27.0% | ||||||||
Biotechnology - 7.7% | ||||||||
Avid Bioservices1,2 | 299,000 | 1,527,890 | ||||||
bluebird bio1,2 | 19,000 | 873,240 | ||||||
CareDx1,2 | 57,000 | 1,244,310 | ||||||
Coherus BioSciences1,2 | 69,000 | 1,119,180 | ||||||
Natera1 | 37,000 | 1,104,820 | ||||||
Oxford Biomedica1 | 224,000 | 1,495,901 | ||||||
REGENXBIO1 | 60,000 | 1,942,800 | ||||||
uniQure1 | 54,000 | 2,562,300 | ||||||
Veracyte1,2 | 91,150 | 2,215,856 | ||||||
14,086,297 | ||||||||
Health Care Equipment & Supplies - 11.8% | ||||||||
Alphatec Holdings1 | 264,000 | 910,800 | ||||||
Apyx Medical1 | 117,731 | 422,654 | ||||||
CONMED Corporation | 30,000 | 1,718,100 | ||||||
CryoPort1 | 222,198 | 3,792,920 | ||||||
CytoSorbents1 | 63,312 | 489,402 | ||||||
Glaukos Corporation1 | 25,125 | 775,357 | ||||||
Inmode1 | 41,000 | 881,500 | ||||||
Inogen1 | 18,000 | 929,880 | ||||||
Itamar Medical ADR1,2 | 120,000 | 1,413,600 | ||||||
Penumbra1 | 17,000 | 2,742,610 | ||||||
Profound Medical1 | 99,000 | 952,505 | ||||||
STAAR Surgical1 | 54,000 | 1,742,040 | ||||||
ViewRay1 | 563,000 | 1,407,500 | ||||||
West Pharmaceutical Services | 23,000 | 3,501,750 | ||||||
21,680,618 | ||||||||
Health Care Providers & Services - 4.0% | ||||||||
Addus HomeCare1 | 30,000 | 2,028,000 | ||||||
Joint Corp. (The)1 | 165,000 | 1,790,250 | ||||||
Pennant Group1 | 122,000 | 1,727,520 | ||||||
PetIQ Cl. A1,2 | 25,000 | 580,750 | ||||||
Sharps Compliance1,2 | 113,000 | 897,220 | ||||||
Viemed Healthcare1 | 86,000 | 403,937 | ||||||
7,427,677 | ||||||||
Life Sciences Tools & Services - 3.1% | ||||||||
Harvard Bioscience1 | 413,600 | 914,056 | ||||||
Medpace Holdings1,2 | 15,000 | 1,100,700 | ||||||
PureTech Health1 | 645,000 | 1,923,737 | ||||||
Quanterix Corporation1 | 97,600 | 1,792,912 | ||||||
5,731,405 | ||||||||
Pharmaceuticals - 0.4% | ||||||||
Emisphere Technologies 1,4 | 35,000 | 194,250 | ||||||
Evolus1,2 | 128,000 | 531,200 | ||||||
725,450 | ||||||||
Total | 49,651,447 | |||||||
Industrials – 8.7% | ||||||||
Aerospace & Defense - 2.9% | ||||||||
AeroVironment1,2 | 31,000 | 1,889,760 | ||||||
BWX Technologies | 41,000 | 1,997,110 | ||||||
Kratos Defense & Security Solutions1 | 101,000 | 1,397,840 | ||||||
5,284,710 | ||||||||
Electrical Equipment - 2.0% | ||||||||
American Superconductor1 | 302,349 | 1,656,872 | ||||||
EnerSys | 15,000 | 742,800 | ||||||
Vicor Corporation1 | 29,000 | 1,291,660 | ||||||
3,691,332 | ||||||||
Machinery - 0.5% | ||||||||
Energy Recovery1,2 | 126,000 | 937,440 | ||||||
Professional Services - 1.7% | ||||||||
GP Strategies1 | 472,282 | 3,074,556 | ||||||
Trading Companies & Distributors - 1.6% | ||||||||
Lawson Products1 | 111,000 | 2,965,920 | ||||||
Total | 15,953,958 | |||||||
Information Technology – 38.1% | ||||||||
Communications Equipment - 2.4% | ||||||||
Lumentum Holdings1,2 | 42,000 | 3,095,400 | ||||||
Viavi Solutions1 | 125,000 | 1,401,250 | ||||||
4,496,650 | ||||||||
Electronic Equipment, Instruments & Components - 4.7% | ||||||||
FLIR Systems | 48,600 | 1,549,854 | ||||||
Iteris1,2 | 1,707,000 | 5,462,400 | ||||||
Rogers Corporation1 | 18,000 | 1,699,560 | ||||||
8,711,814 | ||||||||
IT Services - 6.5% | ||||||||
Unisys Corporation1 | 691,000 | 8,533,850 | ||||||
USA Technologies 1,4 | 721,996 | 3,321,182 | ||||||
11,855,032 | ||||||||
Semiconductors & Semiconductor Equipment - 9.5% | ||||||||
Advanced Energy Industries1 | 41,000 | 1,988,090 | ||||||
Ambarella1 | 43,000 | 2,088,080 | ||||||
AXT1 | 278,000 | 892,380 | ||||||
CEVA1 | 47,000 | 1,171,710 | ||||||
CyberOptics Corporation1 | 108,000 | 1,847,880 | ||||||
Impinj1,2 | 64,000 | 1,069,440 | ||||||
Lattice Semiconductor1 | 37,000 | 659,340 | ||||||
MagnaChip Semiconductor1 | 315,461 | 3,485,844 | ||||||
Onto Innovation1 | 61,000 | 1,809,870 | ||||||
Silicon Laboratories1,2 | 29,000 | 2,476,890 | ||||||
17,489,524 | ||||||||
Software - 15.0% | ||||||||
Agilysys1 | 73,000 | 1,219,100 | ||||||
Alarm.com Holdings1,2 | 32,000 | 1,245,120 | ||||||
Avalara1 | 38,000 | 2,834,800 | ||||||
Blue Prism Group1 | 82,000 | 1,140,876 | ||||||
Cerence1,2 | 32,000 | 492,800 | ||||||
Coupa Software1,2 | 15,000 | 2,095,950 | ||||||
Descartes Systems Group (The)1 | 66,000 | 2,269,740 | ||||||
LivePerson1,2 | 60,000 | 1,365,000 | ||||||
Materialise ADR1,2 | 138,577 | 2,573,375 | ||||||
Paylocity Holding Corporation1 | 39,786 | 3,513,899 | ||||||
PROS Holdings1,2 | 26,000 | 806,780 | ||||||
QAD Cl. A | 45,000 | 1,796,850 | ||||||
RingCentral Cl. A1 | 24,000 | 5,085,840 | ||||||
Rosetta Stone1 | 37,000 | 518,740 | ||||||
Telaria1 | 99,000 | 594,000 | ||||||
27,552,870 | ||||||||
Total | 70,105,890 | |||||||
Real Estate – 3.3% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 3.3% | ||||||||
Community Healthcare Trust | 89,000 | 3,406,920 | ||||||
Postal Realty Trust Cl. A | 170,000 | 2,689,400 | ||||||
Total | 6,096,320 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $182,530,279) | 179,591,139 | |||||||
REPURCHASE AGREEMENT – 4.1% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $7,588,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $7,743,547) (Cost $7,588,000) | 7,588,000 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 7.1% | ||||||||
Money Market Funds Federated Government Obligations Fund (7 day yield-0.33%) (Cost $13,024,494) | 13,024,494 | |||||||
TOTAL INVESTMENTS – 108.9% | ||||||||
(Cost $203,142,773) | 200,203,633 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (8.9)% | (16,372,509 | ) | ||||||
NET ASSETS – 100.0% | $ | 183,831,124 |
SCHEDULES OF INVESTMENTS
ROYCE SPECIAL EQUITY FUND
MARCH 31, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 83.8% | ||||||||
Communication Services – 7.1% | ||||||||
Media - 7.1% | ||||||||
Meredith Corporation | 1,459,000 | $ | 17,828,980 | |||||
Scholastic Corporation | 1,250,000 | 31,862,500 | ||||||
Total | 49,691,480 | |||||||
Consumer Discretionary – 22.2% | ||||||||
Auto Components - 11.8% | ||||||||
Cooper Tire & Rubber | 1,196,600 | 19,504,580 | ||||||
Gentex Corporation | 1,013,000 | 22,448,080 | ||||||
Standard Motor Products | 990,000 | 41,154,300 | ||||||
83,106,960 | ||||||||
Automobiles - 1.1% | ||||||||
Winnebago Industries | 269,000 | 7,480,890 | ||||||
Hotels, Restaurants & Leisure - 0.4% | ||||||||
Bowl America Cl. A5 | 353,623 | 3,070,756 | ||||||
Household Durables - 3.3% | ||||||||
Flexsteel Industries5 | 720,000 | 7,891,200 | ||||||
Hooker Furniture5 | 963,500 | 15,040,235 | ||||||
Skyline Champion1 | 35,000 | 548,800 | ||||||
23,480,235 | ||||||||
Leisure Products - 3.1% | ||||||||
Johnson Outdoors Cl. A | 347,600 | 21,794,520 | ||||||
Specialty Retail - 2.5% | ||||||||
Children’s Place1 | 550,000 | 10,758,000 | ||||||
Haverty Furniture | 608,700 | 7,237,443 | ||||||
17,995,443 | ||||||||
Total | 156,928,804 | |||||||
Consumer Staples – 2.2% | ||||||||
Food Products - 2.2% | ||||||||
John B Sanfilippo & Son | 175,500 | 15,689,700 | ||||||
Total | 15,689,700 | |||||||
Industrials – 25.4% | ||||||||
Aerospace & Defense - 4.3% | ||||||||
National Presto Industries5 | 384,600 | 27,233,526 | ||||||
Park Aerospace | 234,000 | 2,948,400 | ||||||
30,181,926 | ||||||||
Building Products - 1.1% | ||||||||
Gibraltar Industries1 | 11,500 | 493,580 | ||||||
Insteel Industries | 533,500 | 7,068,875 | ||||||
7,562,455 | ||||||||
Commercial Services & Supplies - 2.4% | ||||||||
Ennis | 855,000 | 16,056,900 | ||||||
UniFirst Corporation | 7,000 | 1,057,630 | ||||||
17,114,530 | ||||||||
Construction & Engineering - 0.1% | ||||||||
Argan | 31,000 | 1,071,670 | ||||||
Electrical Equipment - 4.9% | ||||||||
Hubbell Incorporated | 305,000 | 34,995,700 | ||||||
Machinery - 6.4% | ||||||||
Gencor Industries1,5 | 1,074,783 | 11,285,222 | ||||||
Hurco Companies5 | 596,000 | 17,343,600 | ||||||
Miller Industries | 507,500 | 14,352,100 | ||||||
Oshkosh Corporation | 34,000 | 2,187,220 | ||||||
45,168,142 | ||||||||
Professional Services - 2.5% | ||||||||
Resources Connection | 1,580,000 | 17,332,600 | ||||||
Trading Companies & Distributors - 3.7% | ||||||||
BMC Stock Holdings1 | 685,000 | 12,145,050 | ||||||
MSC Industrial Direct Cl. A | 255,500 | 14,044,835 | ||||||
26,189,885 | ||||||||
Total | 179,616,908 | |||||||
Information Technology – 13.8% | ||||||||
Electronic Equipment, Instruments & Components - 2.9% | ||||||||
Vishay Intertechnology | 1,128,000 | 16,254,480 | ||||||
Vishay Precision Group1 | 204,028 | 4,096,882 | ||||||
20,351,362 | ||||||||
IT Services - 6.5% | ||||||||
Computer Services4 | 1,152,256 | 46,355,259 | ||||||
Semiconductors & Semiconductor Equipment - 4.4% | ||||||||
Axcelis Technologies1 | 395,000 | 7,232,450 | ||||||
Kulicke & Soffa Industries | 1,140,500 | 23,802,235 | ||||||
31,034,685 | ||||||||
Total | 97,741,306 | |||||||
Materials – 8.0% | ||||||||
Chemicals - 3.6% | ||||||||
Huntsman Corporation | 1,733,500 | 25,014,405 | ||||||
Metals & Mining - 0.1% | ||||||||
Materion Corporation | 19,000 | 665,190 | ||||||
Paper & Forest Products - 4.3% | ||||||||
Mercer International | 1,542,500 | 11,167,700 | ||||||
Verso Corporation Cl. A1 | 1,722,000 | 19,424,160 | ||||||
30,591,860 | ||||||||
Total | 56,271,455 | |||||||
Real Estate – 5.1% | ||||||||
Real Estate Management & Development - 5.1% | ||||||||
Marcus & Millichap1 | 1,335,000 | 36,178,500 | ||||||
Total | 36,178,500 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $666,546,077) | 592,118,153 | |||||||
REPURCHASE AGREEMENT – 15.8% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/20, due 4/1/20, maturity value $111,694,000 (collateralized by obligations of various U.S. Government Agencies, 1.375% due 10/15/22, valued at $113,928,938) (Cost $111,694,000) | 111,694,000 | |||||||
TOTAL INVESTMENTS – 99.6% | ||||||||
(Cost $778,240,077) | 703,812,153 | |||||||
CASH AND OTHER ASSETS LESS LIABILITIES – 0.4% | 3,169,038 | |||||||
NET ASSETS – 100.0% | $ | 706,981,191 |
SCHEDULES OF INVESTMENTS
ROYCE TOTAL RETURN FUND
MARCH 31, 2020 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS– 97.9% | ||||||||
Communication Services– 1.1% | ||||||||
Diversified Telecommunication Services - 0.9% ATN International | 151,229 | $ | 8,878,655 | |||||
Entertainment - 0.1% Marcus (The) | 118,289 | 1,457,320 | ||||||
Media - 0.1% Gannett Company1,2 | 89,563 | 132,553 | ||||||
Meredith Corporation | 47,400 | 579,228 | ||||||
711,781 | ||||||||
Total | 11,047,756 | |||||||
Consumer Discretionary– 6.3% | ||||||||
Auto Components - 2.0% Gentex Corporation | 331,889 | 7,354,660 | ||||||
LCI Industries | 85,091 | 5,686,632 | ||||||
Nokian Renkaat | 142,529 | 3,458,795 | ||||||
Standard Motor Products | 74,475 | 3,095,926 | ||||||
19,596,013 | ||||||||
Automobiles - 0.4% Thor Industries | 94,110 | 3,969,560 | ||||||
Hotels, Restaurants & Leisure - 0.6% Cheesecake Factory | 190,882 | 3,260,264 | ||||||
RCI Hospitality Holdings | 34,465 | 343,616 | ||||||
Ruth’s Hospitality Group | 275,288 | 1,838,924 | ||||||
5,442,804 | ||||||||
Household Durables - 1.3% Ethan Allen Interiors | 379,714 | 3,880,677 | ||||||
La-Z-Boy | 209,057 | 4,296,121 | ||||||
PulteGroup | 207,200 | 4,624,704 | ||||||
12,801,502 | ||||||||
Specialty Retail - 2.0% American Eagle Outfitters | 513,634 | 4,083,390 | ||||||
Bed Bath & Beyond | 91,027 | 383,224 | ||||||
Buckle (The) | 56,703 | 777,398 | ||||||
Caleres | 334,752 | 1,740,710 | ||||||
Cato Corporation (The) Cl. A | 59,174 | 631,387 | ||||||
Designer Brands Cl. A | 441,167 | 2,197,012 | ||||||
Rent-A-Center | 315,051 | 4,454,821 | ||||||
Shoe Carnival | 271,766 | 5,644,580 | ||||||
19,912,522 | ||||||||
Textiles, Apparel & Luxury Goods - 0.0% J.G. Boswell Company4 | 966 | 482,759 | ||||||
Total | 62,205,160 | |||||||
Consumer Staples– 2.1% | ||||||||
Beverages - 0.1% Compania Cervecerias Unidas ADR | 80,895 | 1,082,375 | ||||||
Food Products - 1.7% Flowers Foods | 256,382 | 5,260,959 | ||||||
Fresh Del Monte Produce | 179,033 | 4,943,101 | ||||||
Hershey Creamery4 | 666 | 2,530,800 | ||||||
Lancaster Colony | 23,979 | 3,468,323 | ||||||
Tootsie Roll Industries | 11,070 | 398,077 | ||||||
16,601,260 | ||||||||
Household Products - 0.1% Spectrum Brands Holdings | 4,019 | 146,171 | ||||||
WD-40 Company | 4,548 | 913,466 | ||||||
1,059,637 | ||||||||
Personal Products - 0.2% Nu Skin Enterprises Cl. A | 67,870 | 1,482,959 | ||||||
Total | 20,226,231 | |||||||
Diversified Investment Companies– 0.1% | ||||||||
Closed-End Funds - 0.1% Eagle Point Income | 121,333 | 1,298,263 | ||||||
Total | 1,298,263 | |||||||
Energy– 2.4% | ||||||||
Energy Equipment & Services - 2.0% Computer Modelling Group | 970,000 | 2,639,878 | ||||||
DMC Global | 153,757 | 3,537,948 | ||||||
Helmerich & Payne | 114,249 | 1,787,997 | ||||||
Liberty Oilfield Services Cl. A | 130,000 | 349,700 | ||||||
Pason Systems | 380,700 | 1,690,738 | ||||||
Solaris Oilfield Infrastructure Cl. A | 609,400 | 3,199,350 | ||||||
TGS-NOPEC Geophysical | 530,159 | 5,949,217 | ||||||
19,154,828 | ||||||||
Oil, Gas & Consumable Fuels - 0.4% | ||||||||
Arch Coal | 23,271 | 672,532 | ||||||
Dorchester Minerals L.P. | 295,638 | 2,752,390 | ||||||
PBF Energy Cl. A | 83,162 | 588,787 | ||||||
4,013,709 | ||||||||
Total | 23,168,537 | |||||||
Financials– 38.1% | ||||||||
Banks - 13.4% Ames National | 252,071 | 5,154,852 | ||||||
Associated Banc-Corp | 532,461 | 6,810,176 | ||||||
Bank of Hawaii | 211,938 | 11,707,455 | ||||||
Bank of N.T. Butterfield & Son | 322,939 | 5,499,651 | ||||||
Bank OZK | 88,719 | 1,481,607 | ||||||
Bar Harbor Bankshares | 55,452 | 958,211 | ||||||
BOK Financial | 262,464 | 11,170,468 | ||||||
Camden National | 175,111 | 5,507,241 | ||||||
Canadian Western Bank | 498,441 | 6,860,515 | ||||||
CIT Group | 318,000 | 5,488,680 | ||||||
City Holding Company | 98,650 | 6,563,185 | ||||||
CNB Financial | 271,327 | 5,119,940 | ||||||
Farmers & Merchants Bank of Long Beach4 | 397 | 2,382,000 | ||||||
Financial Institutions | 251,553 | 4,563,171 | ||||||
First Citizens BancShares Cl. A | 48,453 | 16,128,550 | ||||||
First Hawaiian | 250,000 | 4,132,500 | ||||||
First National Bank Alaska4 | 23,922 | 4,832,244 | ||||||
First of Long Island (The) | 56,485 | 980,015 | ||||||
National Bankshares | 133,982 | 4,274,026 | ||||||
Northrim BanCorp | 130,080 | 3,512,160 | ||||||
Peapack-Gladstone Financial | 377,260 | 6,771,817 | ||||||
Popular | 213,065 | 7,457,275 | ||||||
Unity Bancorp | 196,309 | 2,296,815 | ||||||
Valley National Bancorp | 400,000 | 2,924,000 | ||||||
132,576,554 | ||||||||
Capital Markets - 13.3% | ||||||||
AllianceBernstein Holding L.P. | 371,187 | 6,900,366 | ||||||
Ares Management Cl. A | 703,141 | 21,748,151 | ||||||
Artisan Partners Asset Management Cl. A | 220,000 | 4,727,800 | ||||||
Ashmore Group | 1,545,796 | 6,817,630 | ||||||
Associated Capital Group Cl. A | 156,062 | 4,775,497 | ||||||
Bolsa Mexicana de Valores | 4,831,182 | 7,353,946 | ||||||
Cohen & Steers | 178,126 | 8,095,827 | ||||||
Evercore Cl. A | 109,600 | 5,048,176 | ||||||
Federated Hermes Cl. B | 257,558 | 4,906,480 | ||||||
Fiera Capital Cl. A | 262,000 | 1,217,566 | ||||||
Golub Capital BDC | 166,577 | 2,092,207 | ||||||
Houlihan Lokey Cl. A | 212,969 | 11,099,944 | ||||||
Lazard Cl. A | 192,551 | 4,536,502 | ||||||
Moelis & Company Cl. A | 306,244 | 8,605,456 | ||||||
Pzena Investment Management Cl. A | 283,472 | 1,264,285 | ||||||
Sprott | 3,780,862 | 6,152,330 | ||||||
TMX Group | 239,424 | 17,824,524 | ||||||
Virtu Financial Cl. A | 368,875 | 7,679,978 | ||||||
130,846,665 | ||||||||
Insurance - 8.8% Alleghany Corporation | 22,562 | 12,462,121 | ||||||
Assured Guaranty | 313,310 | 8,080,265 | ||||||
E-L Financial | 36,052 | 15,319,474 | ||||||
Employers Holdings | 29,790 | 1,206,793 | ||||||
Erie Indemnity Cl. A | 91,727 | 13,597,610 | ||||||
First American Financial | 106,758 | 4,527,607 | ||||||
Horace Mann Educators | 15,933 | 582,988 | ||||||
James River Group Holdings | 184,601 | 6,689,940 | ||||||
Mercury General | 60,317 | 2,456,108 | ||||||
ProAssurance Corporation | 260,999 | 6,524,975 | ||||||
Reinsurance Group of America | 58,285 | 4,904,100 | ||||||
RLI Corp. | 107,993 | 9,495,825 | ||||||
Universal Insurance Holdings | 36,349 | 651,374 | ||||||
86,499,180 | ||||||||
Thrifts & Mortgage Finance - 2.6% Genworth MI Canada | 375,950 | 8,353,554 | ||||||
MGIC Investment | 100,000 | 635,000 | ||||||
New York Community Bancorp | 151,768 | 1,425,102 | ||||||
Southern Missouri Bancorp | 136,381 | 3,309,967 | ||||||
Timberland Bancorp | 148,829 | 2,722,082 | ||||||
TrustCo Bank Corp. NY | 901,310 | 4,876,087 | ||||||
WSFS Financial | 175,050 | 4,362,246 | ||||||
25,684,038 | ||||||||
Total | 375,606,437 | |||||||
Health Care– 2.0% | ||||||||
Health Care Equipment & Supplies - 1.3% Atrion Corporation | 4,915 | 3,194,750 | ||||||
Hill-Rom Holdings | 90,528 | 9,107,117 | ||||||
12,301,867 | ||||||||
Health Care Providers & Services - 0.7% Ensign Group (The) | 185,397 | 6,972,781 | ||||||
Total | 19,274,648 | |||||||
Industrials– 25.4% | ||||||||
Aerospace & Defense - 0.9% HEICO Corporation | 71,600 | 5,342,076 | ||||||
Magellan Aerospace | 644,121 | 2,979,626 | ||||||
8,321,702 | ||||||||
Airlines - 0.2% Hawaiian Holdings | 185,177 | 1,933,248 | ||||||
Building Products - 0.2% Universal Forest Products | 61,500 | 2,287,185 | ||||||
Commercial Services & Supplies - 5.3% ABM Industries | 330,578 | 8,052,880 | ||||||
ACCO Brands | 129,599 | 654,475 | ||||||
Ennis | 26,278 | 493,501 | ||||||
Herman Miller | 92,146 | 2,045,641 | ||||||
Kimball International Cl. B | 772,839 | 9,204,512 | ||||||
Knoll | 128,200 | 1,323,024 | ||||||
McGrath RentCorp | 218,505 | 11,445,292 | ||||||
Mobile Mini | 103,325 | 2,710,215 | ||||||
MSA Safety | 78,425 | 7,936,610 | ||||||
Ritchie Bros. Auctioneers | 207,900 | 7,106,022 | ||||||
Tetra Tech | 15,788 | 1,114,949 | ||||||
52,087,121 | ||||||||
Construction & Engineering - 1.2% Arcosa | 156,792 | 6,230,914 | ||||||
Argan | 172,454 | 5,961,735 | ||||||
12,192,649 | ||||||||
Electrical Equipment - 2.0% EnerSys | 81,118 | 4,016,964 | ||||||
Hubbell Incorporated | 124,699 | 14,307,963 | ||||||
Preformed Line Products | 33,370 | 1,662,827 | ||||||
19,987,754 | ||||||||
Industrial Conglomerates - 0.7% Raven Industries | 339,720 | 7,212,255 | ||||||
Machinery - 9.0% Federal Signal | 197,471 | 5,387,009 | ||||||
Franklin Electric | 237,292 | 11,183,572 | ||||||
Gorman-Rupp Company (The) | 285,118 | 8,898,533 | ||||||
Kadant | 17,995 | 1,343,327 | ||||||
Lincoln Electric Holdings | 123,105 | 8,494,245 | ||||||
Lindsay Corporation | 114,931 | 10,525,381 | ||||||
Miller Industries | 274,418 | 7,760,541 | ||||||
Mueller Industries | 250,381 | 5,994,121 | ||||||
Nordson Corporation | 22,964 | 3,101,747 | ||||||
Standex International | 15,765 | 772,800 | ||||||
Tennant Company | 243,004 | 14,082,082 | ||||||
Trinity Industries | 470,377 | 7,558,958 | ||||||
Woodward | 64,502 | 3,833,999 | ||||||
88,936,315 | ||||||||
Marine - 1.2% Clarkson1 | 426,371 | 12,216,725 | ||||||
Professional Services - 3.5% Exponent | 19,119 | 1,374,847 | ||||||
Heidrick & Struggles International | 282,026 | 6,345,585 | ||||||
Kforce | 215,373 | 5,507,088 | ||||||
Korn Ferry | 210,082 | 5,109,194 | ||||||
ManpowerGroup | 140,298 | 7,434,391 | ||||||
Resources Connection | 306,988 | 3,367,659 | ||||||
Robert Half International | 133,851 | 5,052,875 | ||||||
34,191,639 | ||||||||
Road & Rail - 0.7% Werner Enterprises | 175,796 | 6,374,363 | ||||||
Trading Companies & Distributors - 0.5% Applied Industrial Technologies | 38,226 | 1,747,693 | ||||||
Systemax | 172,950 | 3,066,403 | ||||||
4,814,096 | ||||||||
Total | 250,555,052 | |||||||
Information Technology– 5.3% | ||||||||
Electronic Equipment, Instruments & Components - 3.1% Methode Electronics | 393,526 | 10,400,892 | ||||||
National Instruments | 207,379 | 6,860,097 | ||||||
PC Connection | 160,704 | 6,622,612 | ||||||
Vishay Intertechnology | 479,138 | 6,904,379 | ||||||
30,787,980 | ||||||||
IT Services - 1.1% Hackett Group (The) | 36,300 | 461,736 | ||||||
KBR | 421,906 | 8,725,016 | ||||||
MAXIMUS | 33,480 | 1,948,536 | ||||||
11,135,288 | ||||||||
Semiconductors & Semiconductor Equipment - 1.1% | ||||||||
Kulicke & Soffa Industries | 269,458 | 5,623,588 | ||||||
MKS Instruments | 61,490 | 5,008,361 | ||||||
10,631,949 | ||||||||
Total | 52,555,217 | |||||||
Materials– 9.5% | ||||||||
Chemicals - 4.4% Albemarle Corporation | 107,195 | 6,042,582 | ||||||
Balchem Corporation | 98,840 | 9,757,485 | ||||||
Chase Corporation | 90,597 | 7,455,227 | ||||||
FutureFuel Corporation | 110,466 | 1,244,952 | ||||||
Minerals Technologies | 182,149 | 6,604,722 | ||||||
Quaker Chemical | 96,739 | 12,216,201 | ||||||
43,321,169 | ||||||||
Containers & Packaging - 1.9% AptarGroup | 68,943 | 6,862,586 | ||||||
Sonoco Products | 253,701 | 11,759,042 | ||||||
18,621,628 | ||||||||
Metals & Mining - 2.8% Carpenter Technology | 106,301 | 2,072,870 | ||||||
Ferroglobe (Warranty Insurance Trust)1,3 | 569,803 | 0 | ||||||
Franco-Nevada | 44,724 | 4,450,933 | ||||||
Gold Fields ADR | 1,162,743 | 5,523,029 | ||||||
Haynes International | 222,084 | 4,577,151 | ||||||
Royal Gold | 28,833 | 2,528,942 | ||||||
Worthington Industries | 322,124 | 8,455,755 | ||||||
27,608,680 | ||||||||
Paper & Forest Products - 0.4% Domtar Corporation | 131,382 | 2,843,106 | ||||||
Neenah | 7,717 | 332,834 | ||||||
Schweitzer-Mauduit International | 31,941 | 888,599 | ||||||
4,064,539 | ||||||||
Total | 93,616,016 | |||||||
Real Estate– 1.6% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 0.3% Lexington Realty Trust | 279,902 | 2,779,427 | ||||||
Real Estate Management & Development - 1.3% Kennedy-Wilson Holdings | 779,088 | 10,455,361 | ||||||
RMR Group (The) Cl. A | 93,800 | 2,529,786 | ||||||
12,985,147 | ||||||||
Total | 15,764,574 | |||||||
Utilities– 4.0% | ||||||||
Electric Utilities - 0.8% ALLETE | 123,805 | 7,512,487 | ||||||
Spark Energy Cl. A | 104,987 | 658,269 | ||||||
8,170,756 | ||||||||
Water Utilities - 3.2% Essential Utilities | 263,603 | 10,728,642 | ||||||
SJW Group | 264,894 | 15,302,926 | ||||||
York Water | 127,267 | 5,531,024 | ||||||
31,562,592 | ||||||||
Total | 39,733,348 | |||||||
TOTAL COMMON STOCKS (Cost $813,775,980) | 965,051,239 | |||||||
PREFERRED STOCK– 0.2% | ||||||||
Chicken Soup For The Soul Entertainment 9.75% Ser. A | 78,724 | 1,648,481 | ||||||
(Cost $1,981,326) | 1,648,481 |
|
| PRINCIPAL |
|
|
|
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CORPORATE BONDS– 0.1% |
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Meritor 6.25% |
| $ | 811,839 |
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| 771,336 |
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Unit Corporation 6.625% |
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| 4,269,155 |
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| 302,683 |
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TOTAL CORPORATE BONDS |
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| 1,074,019 |
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REPURCHASE AGREEMENT– 1.0% |
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Fixed Income Clearing Corporation, |
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| 10,297,000 |
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TOTAL INVESTMENTS– 99.2% |
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(Cost $830,906,553) |
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| 978,070,739 |
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CASH AND OTHER ASSETS |
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| 7,783,477 |
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NET ASSETS– 100.0% |
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| $ | 985,854,216 |
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ADR – American Depository Receipt
2All or a portion of these securities were on loan at March 31, 2020.
3Securities for which market quotations are not readily available represent 0.3%, 0.0% and 0.0% of net assets for Royce Micro-Cap Fund, Royce Pennsylvania Mutual Fund and Royce Total Return Fund. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Trustees. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.
4These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
5At March 31, 2020, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.
Securities of Royce International Premier Fund are categorized by the country of their headquarters.
Tax Information:
At March 31, 2020, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:
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| Net Unrealized |
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| Gross Unrealized |
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| Tax Basis Cost |
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| (Depreciation) |
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| Appreciation |
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| Depreciation |
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Royce Dividend Value Fund |
| $ | 57,054,455 |
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| $ | 13,465,281 |
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| $ | 23,124,951 |
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| $ | 9,659,670 |
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Royce Global Financial Services Fund |
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| 23,657,824 |
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| 292,491 |
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| 5,459,016 |
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| 5,166,525 |
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Royce International Premier Fund |
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| 734,424,979 |
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| (63,084,492 | ) |
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| 40,305,344 |
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| 103,389,836 |
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Royce Micro-Cap Fund |
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| 246,979,477 |
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| (25,776,286 | ) |
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| 40,009,801 |
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| 65,786,087 |
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Royce Opportunity Fund |
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| 765,624,180 |
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| (193,689, 212 | ) |
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| 52,208,468 |
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| 245,897,680 |
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Royce Pennsylvania Mutual Fund |
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| 1,187,919,785 |
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| 116,701,918 |
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| 355,287,648 |
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| 238,585,730 |
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Royce Premier Fund |
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| 1,035,806,580 |
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| 236,677,844 |
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| 398,261,993 |
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| 161,584,149 |
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Royce Small-Cap Value Fund |
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| 118,174,546 |
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| (21,847,899 | ) |
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| 8,535,151 |
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| 30,383,050 |
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Royce Smaller-Companies Growth Fund |
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| 203,394,745 |
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| (3,191,112 | ) |
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| 37,472,590 |
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| 40,663,702 |
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Royce Special Equity Fund |
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| 778,319,942 |
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| (74,507,789 | ) |
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| 91,578,843 |
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| 166,086,632 |
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Royce Total Return Fund |
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| 837,374,479 |
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| 140,696,260 |
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| 300,908,196 |
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| 160,211,936 |
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The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
Valuation of Investments:
Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Funds value their non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Trust’s Board of Trustees, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, a Fund may fair value the security. The Funds use an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by a Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.
Various inputs are used in determining the value of each Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
Level 1 – | quoted prices in active markets for identical securities. |
Level 2 – | other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedules of Investments. |
Level 3 – | significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value each Fund’s investments as of March 31, 2020. For a detailed breakout of common stocks by sector classification or country, please refer to the Schedules of Investments.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Royce Dividend Value Fund | ||||||||||||||||
Common Stocks | $ | 51,831,922 | $ | 14,740,814 | $ | – | $ | 66,572,736 | ||||||||
Repurchase Agreement | – | 3,947,000 | – | 3,947,000 | ||||||||||||
Royce Global Financial Services Fund | ||||||||||||||||
Common Stocks | 18,491,901 | 4,639,414 | – | 23,131,315 | ||||||||||||
Repurchase Agreement | – | 819,000 | – | 819,000 | ||||||||||||
Royce International Premier Fund | ||||||||||||||||
Common Stocks | 30,534,206 | 581,891,258 | – | 612,425,464 | ||||||||||||
Preferred Stocks | – | 11,914,023 | – | 11,914,023 | ||||||||||||
Repurchase Agreement | – | 47,001,000 | – | 47,001,000 | ||||||||||||
Royce Micro-Cap Fund | ||||||||||||||||
Common Stocks | 200,127,911 | 9,611,120 | 690,000 | 210,429,031 | ||||||||||||
Repurchase Agreement | – | 8,450,000 | – | 8,450,000 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 2,324,160 | – | – | 2,324,160 | ||||||||||||
Royce Opportunity Fund | ||||||||||||||||
Common Stocks | 517,297,440 | 754,482 | – | 518,051,922 | ||||||||||||
Repurchase Agreement | – | 35,572,000 | – | 35,572,000 | ||||||||||||
Money Market Fund/Collateral Received for | ||||||||||||||||
Securities Loaned | 18,311,046 | – | – | 18,311,046 | ||||||||||||
Royce Pennsylvania Mutual Fund | ||||||||||||||||
Common Stocks | 1,257,376,650 | 19,289,074 | 0 | 1,276,665,724 | ||||||||||||
Repurchase Agreement | – | 9,668,000 | – | 9,668,000 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 18,287,979 | – | – | 18,287,979 | ||||||||||||
Royce Premier Fund | ||||||||||||||||
Common Stocks | 1,201,519,491 | 55,706,933 | – | 1,257,226,424 | ||||||||||||
Repurchase Agreement | – | 15,258,000 | – | 15,258,000 | ||||||||||||
Royce Small-Cap Value Fund | ||||||||||||||||
Common Stocks | 92,574,420 | – | – | 92,574,420 | ||||||||||||
Repurchase Agreement | – | 3,564,000 | – | 3,564,000 | ||||||||||||
Money Market Fund/Collateral Received for | ||||||||||||||||
Securities Loaned | 188,227 | – | – | 188,227 | ||||||||||||
Royce Smaller-Companies Growth Fund | ||||||||||||||||
Common Stocks | 171,515,194 | 8,075,945 | – | 179,591,139 | ||||||||||||
Repurchase Agreement | – | 7,588,000 | – | 7,588,000 | ||||||||||||
Money Market Fund/Collateral Received for | ||||||||||||||||
Securities Loaned | 13,024,494 | – | – | 13,024,494 | ||||||||||||
Royce Special Equity Fund | ||||||||||||||||
Common Stocks | 545,762,894 | 46,355,259 | – | 592,118,153 | ||||||||||||
Repurchase Agreement | – | 111,694,000 | – | 111,694,000 | ||||||||||||
Royce Total Return Fund | ||||||||||||||||
Common Stocks | 926,381,069 | 38,670,170 | 0 | 965,051,239 | ||||||||||||
Preferred Stocks | 1,648,481 | – | – | 1,648,481 | ||||||||||||
Corporate Bonds | – | 1,074,019 | – | 1,074,019 | ||||||||||||
Repurchase Agreement | – | 10,297,000 | – | 10,297,000 |
Level 3 Reconciliation:
Balance as of 12/31/19 | Purchases | Sales | Realized Gain (Loss) | Unrealized Gain (Loss) | Balance as of 3/31/20 | |||||||||||||||||||
Royce Micro-Cap Fund | ||||||||||||||||||||||||
Common Stocks | $ | 828,000 | $ | – | $ | – | $ | – | $ | (138,000 | ) | $ | 690,000 | |||||||||||
Royce Pennsylvania Mutual Fund | ||||||||||||||||||||||||
Common Stocks | 0 | – | – | – | – | 0 | ||||||||||||||||||
Royce Total Return Fund | ||||||||||||||||||||||||
Common Stocks | 0 | – | – | – | – | 0 |
The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information with adjustments (e.g. broker quotes, pricing services, net asset values).
Fair Value at 3/31/20 | Valuation Technique(s) | Unobservable Input(s) | Range Average | Impact to Valuation From an Increase in Input1 | ||||||||||
Royce Micro-Cap Fund | ||||||||||||||
Common Stocks | $ | 690,000 | Discounted Present Value Balance Sheet Analysis | Liquidity Discount | 30%-40% | Decrease |
1This 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 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 March 31, 2020 are overnight and continuous.
Securities Lending:
The Funds loan securities through a lending agent, State Street Bank and Trust Company, to qualified institutional investors for the purpose of earning additional income. The lending agent receives and holds collateral from such borrowers to secure their obligations to the Funds. Such loans must be secured at all times by collateral in an amount at least equal to the market value of the loaned securities. The market values of the loaned securities and the collateral fluctuate and are determined at the close of each business day by the lending agent. Borrowers are required to post additional collateral to the lending agent on the next succeeding business day in the event of a collateral shortfall. Counterparty risk is further reduced by loaning securities only to parties that participate in a Global Securities Lending Program organized and monitored by the lending agent and that are deemed by it to satisfy its requirements and by having the lending agent enter into securities lending agreements with such borrowers. The lending agent is not affiliated with Royce.
Collateral may be in the form of cash or U.S. Treasuries. Cash collateral is invested in certain money market pooled investment vehicles. The Funds record a liability in their respective Statements of Assets and Liabilities for the return of such cash collateral during periods in which securities are on loan. The Funds bear the risk of loss for any decrease in the market value of the loaned securities or the investments purchased with cash collateral received from the borrowers.
Pursuant to the agreement in place between the Funds and the lending agent, if a borrower fails to return loaned securities, and the cash collateral being maintained by the lending agent on behalf of such borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is not the result of investment losses, the lending agent shall, at its option, either replace the loaned securities or pay the amount of the shortfall to the Funds. In the event of the bankruptcy of a borrower, the Funds could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.
Loans of securities generally do not have stated maturity dates, and the Funds may recall a security at any time. The Funds’ securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. Pursuant to the agreement in place between the Funds and the lending agent, the Funds are responsible for any shortfall in the event the value of the investments purchased with cash collateral is insufficient to pay the rebate fee to the borrower.
The following table presents cash collateral and the market value of securities on loan collateralized by cash collateral held by the Funds at March 31, 2020:
Cash Collateral1 | Securities on Loan Collateralized by Cash Collateral | Net Amount | ||||||||||
Royce Micro-Cap Fund | $ | 2,324,160 | $ | (2,236,254 | ) | $ | 87,906 | |||||
Royce Opportunity Fund | 18,311,046 | (17,408,798 | ) | 902,248 | ||||||||
Royce Pennsylvania Mutual Fund | 18,287,979 | (18,013,587 | ) | 274,392 | ||||||||
Royce Small-Cap Value Fund | 188,227 | (181,847 | ) | 6,380 | ||||||||
Royce Smaller-Companies Growth Fund | 13,024,494 | (12,910,070 | ) | 114,424 |
1The 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 March 31, 2020:
Non-Cash Collateral | Securities on Loan Collateralized by Non-Cash Collateral | Net Amount | ||||||||||
Royce Micro-Cap Fund | $ | 8,477,496 | $ | (8,286,133 | ) | $ | 191,363 | |||||
Royce Opportunity Fund | 37,729,512 | (36,923,819 | ) | 805,693 | ||||||||
Royce Pennsylvania Mutual Fund | 22,364,521 | (21,858,602 | ) | 505,919 | ||||||||
Royce Premier Fund | 15,383,596 | (15,084,110 | ) | 299,486 | ||||||||
Royce Small-Cap Value Fund | 930,048 | (910,755 | ) | 19,293 | ||||||||
Royce Smaller-Companies Growth Fund | 15,196,423 | (14,798,819 | ) | 397,604 | ||||||||
Royce Total Return Fund | 177,098 | (172,014 | ) | 5,084 |
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 three months ended March 31, 2020:
Affiliated Company | Shares 12/31/19 | Market Value 12/31/19 | Costs of Purchases | Proceeds from Sales | Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Dividend Income | Shares 3/31/20 | Market Value 3/31/20 | |||||||||||||||||||||||||||
Royce Special Equity Fund | ||||||||||||||||||||||||||||||||||||
Consumer Discretionary - 9.5% | ||||||||||||||||||||||||||||||||||||
Auto Components - 5.8% | ||||||||||||||||||||||||||||||||||||
Standard Motor Products1 | 1,229,000 | $ | 65,407,380 | $ | 866,093 | $ | 12,943,114 | $ | 5,004,724 | $ | (17,180,783 | ) | $ | 276,250 | ||||||||||||||||||||||
Hotels, Restaurants & Leisure - 0.4% | ||||||||||||||||||||||||||||||||||||
Bowl America Cl. A2 | 374,000 | 5,797,000 | 84,281 | 380,185 | 50,419 | (2,480,759 | ) | 65,450 | 353,623 | $ | 3,070,756 | |||||||||||||||||||||||||
Household Durables - 3.3% | ||||||||||||||||||||||||||||||||||||
Flexsteel Industries2 | 720,000 | 14,342,400 | 756,282 | 796,644 | (357,608 | ) | (6,053,230 | ) | 155,650 | 720,000 | 7,891,200 | |||||||||||||||||||||||||
Hooker Furniture2 | 1,000,000 | 25,690,000 | 848,262 | 1,853,308 | (464,469 | ) | (9,180,250 | ) | 152,800 | 963,500 | 15,040,235 | |||||||||||||||||||||||||
40,032,400 | (822,077 | ) | (15,233,480 | ) | 308,450 | 22,931,435 | ||||||||||||||||||||||||||||||
111,236,780 | 4,233,066 | (34,895,022 | ) | 650,150 | 26,002,191 | |||||||||||||||||||||||||||||||
Industrials - 8.9% | ||||||||||||||||||||||||||||||||||||
Aerospace & Defense - 3.9% | ||||||||||||||||||||||||||||||||||||
National Presto Industries2 | 409,000 | 36,151,510 | 632,425 | 2,778,308 | 1,872,053 | (8,644,154 | ) | 2,278,704 | 384,600 | 27,233,526 | ||||||||||||||||||||||||||
Building Products - 1.0% | ||||||||||||||||||||||||||||||||||||
Insteel Industries1 | 969,000 | 20,823,810 | 69,426 | 10,458,737 | (722,460 | ) | (2,643,164 | ) | 15,818 | |||||||||||||||||||||||||||
Machinery - 4.0% | ||||||||||||||||||||||||||||||||||||
Gencor Industries2,3 | 1,130,000 | 13,187,100 | 325,990 | 874,774 | (134,828 | ) | (1,218,266 | ) | — | 1,074,783 | 11,285,222 | |||||||||||||||||||||||||
Hurco Companies2 | 623,600 | 23,921,296 | 555,535 | 1,370,085 | 671,416 | (6,434,562 | ) | 77,480 | 596,000 | 17,343,600 | ||||||||||||||||||||||||||
37,108,396 | 536,588 | (7,652,828 | ) | 77,480 | 28,628,822 | |||||||||||||||||||||||||||||||
94,083,716 | 1,686,181 | (18,940,146 | ) | 2,372,002 | 55,862,348 | |||||||||||||||||||||||||||||||
Information Technology - 6.5% | ||||||||||||||||||||||||||||||||||||
IT Services - 6.5% | ||||||||||||||||||||||||||||||||||||
Computer Services1,4 | 1,463,000 | 65,103,500 | — | 16,364,471 | 10,483,157 | (12,866,927 | ) | 241,974 | ||||||||||||||||||||||||||||
65,103,500 | 10,483,157 | (12,866,927 | ) | 241,974 | ||||||||||||||||||||||||||||||||
Materials - 2.7% | ||||||||||||||||||||||||||||||||||||
Paper & Forest Products - 2.7% | ||||||||||||||||||||||||||||||||||||
Verso Corporation Cl. A1,3 | 1,722,000 | 31,047,660 | 1,940,873 | 2,317,272 | 843,059 | (12,090,160 | ) | — | ||||||||||||||||||||||||||||
31,047,660 | 843,059 | (12,090,160 | ) | — | ||||||||||||||||||||||||||||||||
$ | 301,471,656 | $ | 17,245,463 | $ | (78,792,255 | ) | $ | 3,264,126 | $ | 81,864,539 |
1Not an Affiliated Company at March 31, 2020.
2At March 31, 2020, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.
4This security was defined as a Level 2 security due to fair value being based on quoted prices for similar securities.
Other information regarding the Fund is available in the Fund’s most recent Prospectus and Report to Shareholders. This information is available through Royce Investment Partners (www.royceinvest.com) and on the Securities and Exchange Commission’s website (www.sec.gov).