SCHEDULES OF INVESTMENTS
ROYCE DIVIDEND VALUE FUND
MARCH 31, 2022 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 93.6% | ||||||||
Consumer Discretionary – 3.8% | ||||||||
Auto Components - 0.4% | ||||||||
Nokian Renkaat 1 | 18,000 | $ | 291,561 | |||||
Household Durables - 0.7% | ||||||||
PulteGroup | 10,900 | 456,710 | ||||||
Specialty Retail - 2.7% | ||||||||
Rent-A-Center | 36,466 | 918,578 | ||||||
USS 1 | 56,000 | 941,912 | ||||||
1,860,490 | ||||||||
Total | 2,608,761 | |||||||
Energy – 1.3% | ||||||||
Oil, Gas & Consumable Fuels - 1.3% | ||||||||
Gaztransport Et Technigaz 1 | 7,800 | 873,927 | ||||||
Total | 873,927 | |||||||
Financials – 28.4% | ||||||||
Banks - 4.2% | ||||||||
BOK Financial | 15,414 | 1,448,145 | ||||||
Triumph Bancorp 2 | 15,750 | 1,480,815 | ||||||
2,928,960 | ||||||||
Capital Markets - 24.2% | ||||||||
Ashmore Group 1 | 244,300 | 741,645 | ||||||
B3-Brasil, Bolsa, Balcao | 336,600 | 1,110,677 | ||||||
Bolsa Mexicana de Valores | 444,000 | 942,914 | ||||||
Carlyle Group | 60,820 | 2,974,706 | ||||||
Coronation Fund Managers 1 | 153,700 | 486,486 | ||||||
Evercore Cl. A | 13,500 | 1,502,820 | ||||||
Jupiter Fund Management 1 | 225,700 | 610,408 | ||||||
KKR & Co. | 14,738 | 861,731 | ||||||
Moelis & Company Cl. A | 19,359 | 908,905 | ||||||
SEI Investments | 37,900 | 2,281,959 | ||||||
Sprott | 58,860 | 2,951,122 | ||||||
State Street | 16,800 | 1,463,616 | ||||||
16,836,989 | ||||||||
Total | 19,765,949 | |||||||
Health Care – 3.1% | ||||||||
Health Care Providers & Services - 0.8% | ||||||||
Ensign Group (The) | 5,951 | 535,650 | ||||||
Pharmaceuticals - 2.3% | ||||||||
Recordati Industria Chimica e Farmaceutica 1 | 24,210 | 1,217,095 | ||||||
Santen Pharmaceutical 1 | 41,600 | 416,436 | ||||||
1,633,531 | ||||||||
Total | 2,169,181 | |||||||
Industrials – 37.9% | ||||||||
Aerospace & Defense - 4.3% | ||||||||
HEICO Corporation Cl. A | 23,259 | 2,949,939 | ||||||
Building Products - 0.7% | ||||||||
Geberit 1 | 800 | 492,487 | ||||||
Commercial Services & Supplies - 0.4% | ||||||||
Healthcare Services Group | 15,700 | 291,549 | ||||||
Construction & Engineering - 1.2% | ||||||||
Comfort Systems USA | 8,959 | 797,441 | ||||||
Electrical Equipment - 2.8% | ||||||||
Hubbell Incorporated | 10,362 | 1,904,225 | ||||||
Machinery - 11.6% | ||||||||
Graco | 25,224 | 1,758,617 | ||||||
Lincoln Electric Holdings | 10,022 | 1,381,132 | ||||||
Lindsay Corporation | 17,400 | 2,731,974 | ||||||
Spirax-Sarco Engineering 1 | 13,478 | 2,208,675 | ||||||
8,080,398 | ||||||||
Marine - 2.4% | ||||||||
Clarkson 1 | 35,040 | 1,691,575 | ||||||
Professional Services - 9.4% | ||||||||
KBR | 64,590 | 3,535,011 | ||||||
Korn Ferry | 10,023 | 650,893 | ||||||
ManpowerGroup | 19,300 | 1,812,656 | ||||||
Robert Half International | 4,794 | 547,379 | ||||||
6,545,939 | ||||||||
Road & Rail - 0.5% | ||||||||
Werner Enterprises | 8,643 | 354,363 | ||||||
Trading Companies & Distributors - 4.6% | ||||||||
Applied Industrial Technologies | 31,294 | 3,212,642 | ||||||
Total | 26,320,558 | |||||||
Information Technology – 1.6% | ||||||||
Electronic Equipment, Instruments & Components - 1.2% | ||||||||
Vishay Intertechnology | 42,497 | 832,941 | ||||||
Software - 0.4% | ||||||||
SimCorp 1 | 4,200 | 305,905 | ||||||
Total | 1,138,846 | |||||||
Materials – 17.5% | ||||||||
Chemicals - 1.5% | ||||||||
Quaker Chemical | 6,122 | 1,057,943 | ||||||
Containers & Packaging - 3.4% | ||||||||
AptarGroup | 20,396 | 2,396,530 | ||||||
Metals & Mining - 12.6% | ||||||||
Franco-Nevada | 18,335 | 2,924,799 | ||||||
Reliance Steel & Aluminum | 10,288 | 1,886,305 | ||||||
Royal Gold | 11,600 | 1,638,848 | ||||||
Worthington Industries | 44,460 | 2,285,688 | ||||||
8,735,640 | ||||||||
Total | 12,190,113 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $25,780,668) | 65,067,335 | |||||||
REPURCHASE AGREEMENT – 3.1% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $2,133,469 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $2,176,170) | 2,133,469 | |||||||
TOTAL INVESTMENTS – 96.7% | ||||
(Cost $27,914,137) | 67,200,804 | |||
CASH AND OTHER ASSETS LESS LIABILITIES – 3.3% | 2,301,380 | |||
NET ASSETS – 100.0% | $ | 69,502,184 |
SCHEDULES OF INVESTMENTS
ROYCE GLOBAL FINANCIAL SERVICES FUND
MARCH 31, 2022 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 99.3% | ||||||||
Banks - 16.9% | ||||||||
BOK Financial | 10,450 | $ | 981,777 | |||||
Cadence Bank | 11,120 | 325,371 | ||||||
Capital City Bank Group | 16,988 | 447,804 | ||||||
First Citizens BancShares Cl. A | 1,828 | 1,216,717 | ||||||
First Republic Bank | 2,599 | 421,298 | ||||||
Popular | 20,063 | 1,639,950 | ||||||
TriState Capital Holdings 2 | 11,600 | 385,468 | ||||||
Umpqua Holdings | 17,400 | 328,164 | ||||||
Total | 5,746,549 | |||||||
Capital Markets - 52.9% | ||||||||
Ares Management Cl. A | 14,986 | 1,217,313 | ||||||
B3-Brasil, Bolsa, Balcao | 183,000 | 603,844 | ||||||
Canaccord Genuity Group | 113,715 | 1,123,369 | ||||||
Carlyle Group | 22,300 | 1,090,693 | ||||||
Charles Schwab | 14,671 | 1,236,912 | ||||||
Coronation Fund Managers 1 | 61,200 | 193,708 | ||||||
CRISIL 1 | 14,000 | 593,714 | ||||||
Egyptian Financial Group-Hermes Holding Company 1,2 | 184,791 | 178,827 | ||||||
Hellenic Exchanges - Athens Stock Exchange 1 | 50,000 | 203,476 | ||||||
Insignia Financial 1 | 55,000 | 149,829 | ||||||
Intermediate Capital Group 1 | 39,111 | 908,959 | ||||||
JSE 1 | 51,000 | 390,878 | ||||||
Jupiter Fund Management 1 | 106,900 | 289,112 | ||||||
KKR & Co. | 19,120 | 1,117,946 | ||||||
MarketAxess Holdings | 1,581 | 537,856 | ||||||
MarketWise Cl. A 2 | 88,300 | 416,776 | ||||||
NZX 1 | 580,000 | 572,347 | ||||||
RF Capital Group 2 | 10,800 | 149,454 | ||||||
Rothschild & Co 1 | 13,900 | 548,018 | ||||||
SEI Investments | 7,950 | 478,670 | ||||||
Silvercrest Asset Management Group Cl. A | 27,612 | 564,665 | ||||||
Sprott | 40,500 | 2,030,588 | ||||||
StoneX Group 2 | 9,846 | 730,869 | ||||||
Tel Aviv Stock Exchange 1 | 273,000 | 1,397,536 | ||||||
U.S. Global Investors Cl. A | 165,500 | 860,600 | ||||||
Warsaw Stock Exchange 1 | 23,169 | 224,801 | ||||||
Westaim Corporation (The) 2 | 105,000 | 198,216 | ||||||
Total | 18,008,976 | |||||||
Closed-End Funds - 1.0% | ||||||||
Eagle Point Income | 19,341 | 325,896 | ||||||
Total | 325,896 | |||||||
Diversified Financial Services - 2.4% | ||||||||
Banco Latinoamericano de Comercio Exterior Cl. E | 25,700 | 400,406 | ||||||
ECN Capital | 75,000 | 400,152 | ||||||
Total | 800,558 | |||||||
Electronic Equipment, Instruments & Components - 1.4% | ||||||||
Vontier Corporation | 18,600 | 472,254 | ||||||
Total | 472,254 | |||||||
Insurance - 6.4% | ||||||||
Axis Capital Holdings | 11,554 | 698,671 | ||||||
E-L Financial | 1,638 | 1,156,944 | ||||||
James River Group Holdings | 13,700 | 338,938 | ||||||
Total | 2,194,553 | |||||||
IT Services - 1.2% | ||||||||
PayPal Holdings 2 | 3,466 | 400,843 | ||||||
Total | 400,843 | |||||||
Metals & Mining - 4.5% | ||||||||
Franco-Nevada | 9,523 | 1,519,109 | ||||||
Total | 1,519,109 | |||||||
Professional Services - 0.4% | ||||||||
Quess Corp 1 | 17,756 | 153,288 | ||||||
Total | 153,288 | |||||||
Real Estate Management & Development - 7.7% | ||||||||
Altus Group | 23,760 | 959,789 | ||||||
FirstService Corporation | 8,379 | 1,213,949 | ||||||
FRP Holdings 2 | 7,957 | 459,915 | ||||||
Total | 2,633,653 | |||||||
Software - 3.3% | ||||||||
Benefitfocus 2 | 10,600 | 133,772 | ||||||
Bottomline Technologies 2 | 9,800 | 555,464 | ||||||
Envestnet 2 | 6,000 | 446,640 | ||||||
Total | 1,135,876 | |||||||
Thrifts & Mortgage Finance - 1.2% | ||||||||
Provident Bancorp | 25,000 | 405,500 | ||||||
Total | 405,500 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $18,119,357) | 33,797,055 | |||||||
REPURCHASE AGREEMENT – 0.7% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $216,043 (collateralized by obligations of various U.S. Government Agencies, 0.375% due 9/15/24, valued at $220,443) | ||||||||
(Cost $216,043) | 216,043 | |||||||
TOTAL INVESTMENTS – 100.0% | ||||||||
(Cost $18,335,400) | 34,013,098 | |||||||
CASH AND OTHER ASSETS LESS LIABILITIES – 0.0% | 15,211 | |||||||
NET ASSETS – 100.0% | $ | 34,028,309 |
SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL PREMIER FUND
MARCH 31, 2022 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 93.0% | ||||||||
Australia – 10.1% | ||||||||
Bravura Solutions 1,3 | 16,315,230 | $ | 21,591,972 | |||||
Cochlear 1 | 64,300 | 10,712,308 | ||||||
Hansen Technologies 1 | 8,522,446 | 36,574,603 | ||||||
IPH 1 | 6,514,319 | 38,468,913 | ||||||
Total | 107,347,796 | |||||||
Brazil – 2.8% | ||||||||
Odontoprev | 7,731,500 | 20,363,788 | ||||||
TOTVS | 1,282,900 | 9,802,859 | ||||||
Total | 30,166,647 | |||||||
Canada – 5.0% | ||||||||
Altus Group | 331,400 | 13,386,954 | ||||||
Enghouse Systems | 630,400 | 19,928,335 | ||||||
LifeWorks | 1,124,500 | 19,447,018 | ||||||
Total | 52,762,307 | |||||||
Denmark – 2.8% | ||||||||
Chr. Hansen Holding 1 | 245,700 | 18,055,705 | ||||||
SimCorp 1 | 159,300 | 11,602,532 | ||||||
Total | 29,658,237 | |||||||
Germany – 4.7% | ||||||||
Amadeus Fire 1 | 62,798 | 10,027,209 | ||||||
New Work 1 | 116,944 | 23,918,528 | ||||||
Norma Group 1 | 542,600 | 15,606,363 | ||||||
Total | 49,552,100 | |||||||
Iceland – 2.9% | ||||||||
Marel 1 | 3,045,870 | 17,908,708 | ||||||
Ossur 1,2 | 2,309,266 | 13,478,449 | ||||||
Total | 31,387,157 | |||||||
India – 1.3% | ||||||||
AIA Engineering 1 | 626,411 | 13,350,939 | ||||||
Total | 13,350,939 | |||||||
Italy – 5.6% | ||||||||
Carel Industries 1 | 556,148 | 14,198,974 | ||||||
DiaSorin 1 | 148,463 | 23,246,617 | ||||||
GVS 1 | 2,482,312 | 22,518,376 | ||||||
Total | 59,963,967 | |||||||
Japan – 17.0% | ||||||||
As One 1 | 299,100 | 17,652,430 | ||||||
BML 1 | 737,100 | 18,606,668 | ||||||
Daifuku 1 | 133,100 | 9,508,310 | ||||||
Fukui Computer Holdings 1 | 744,000 | 19,746,980 | ||||||
JCU 1 | 342,400 | 11,556,873 | ||||||
Meitec Corporation 1 | 368,000 | 19,985,507 | ||||||
NSD 1 | 788,700 | 14,089,769 | ||||||
OBIC Business Consultants 1 | 700,300 | 24,344,827 | ||||||
TKC Corporation 1 | 1,209,300 | 32,871,822 | ||||||
USS 1 | 770,600 | 12,961,378 | ||||||
Total | 181,324,564 | |||||||
Netherlands – 1.4% | ||||||||
IMCD 1 | 90,900 | 15,455,513 | ||||||
Total | 15,455,513 | |||||||
New Zealand – 1.0% | ||||||||
Fisher & Paykel Healthcare 1 | 605,000 | 10,166,062 | ||||||
Total | 10,166,062 | |||||||
Poland – 1.5% | ||||||||
Asseco Poland 1 | 848,400 | 16,242,029 | ||||||
Total | 16,242,029 | |||||||
Singapore – 1.4% | ||||||||
XP Power 1 | 319,640 | 14,515,839 | ||||||
Total | 14,515,839 | |||||||
South Korea – 3.7% | ||||||||
Douzone Bizon 1 | 327,700 | 12,493,344 | ||||||
NICE Information Service 1 | 1,658,400 | 26,868,987 | ||||||
Total | 39,362,331 | |||||||
Sweden – 9.3% | ||||||||
Alimak Group 1 | 1,756,300 | 19,672,232 | ||||||
Bravida Holding 1 | 1,246,828 | 14,328,440 | ||||||
Hexpol 1 | 1,152,200 | 11,227,611 | ||||||
Karnov Group 1 | 3,242,913 | 20,566,481 | ||||||
Lagercrantz Group 1 | 449,095 | 5,078,843 | ||||||
Loomis 1 | 1,010,200 | 27,620,842 | ||||||
Total | 98,494,449 | |||||||
Switzerland – 6.6% | ||||||||
dormakaba Holding 1 | 26,600 | 13,623,626 | ||||||
Kardex Holding 1 | 68,700 | 15,724,989 | ||||||
LEM Holding 1 | 5,600 | 13,535,764 | ||||||
Partners Group Holding 1 | 10,400 | 12,920,618 | ||||||
VZ Holding 1 | 155,385 | 14,696,624 | ||||||
Total | 70,501,621 | |||||||
United Kingdom – 15.9% | ||||||||
Ashmore Group 1 | 4,550,650 | 13,814,849 | ||||||
Croda International 1 | 162,600 | 16,710,733 | ||||||
Diploma 1 | 309,798 | 10,653,635 | ||||||
DiscoverIE Group 1 | 1,774,200 | 18,246,412 | ||||||
Learning Technologies Group 1 | 10,196,000 | 21,686,380 | ||||||
Marlowe 1,2 | 1,827,045 | 21,562,241 | ||||||
Restore 1 | 3,966,539 | 23,885,277 | ||||||
Spirax-Sarco Engineering 1 | 119,700 | 19,615,552 | ||||||
Victrex 1 | 958,845 | 22,927,456 | ||||||
Total | 169,102,535 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $943,282,760) | 989,354,093 | |||||||
PREFERRED STOCK– 2.1% | ||||||||
Germany – 2.1% | ||||||||
FUCHS PETROLUB 1 | 616,800 | 22,407,219 |
(Cost $27,816,511) | 22,407,219 | |||
REPURCHASE AGREEMENT – 4.4% | ||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $46,945,174 (collateralized by obligations of various U.S. Government Agencies, 0.375% due 9/15/24, valued at $47,884,128) | ||||
(Cost $46,945,174) | 46,945,174 | |||
TOTAL INVESTMENTS – 99.5% | ||||
(Cost $1,018,044,445) | 1,058,706,486 | |||
CASH AND OTHER ASSETS LESS LIABILITIES – 0.5% | 4,843,838 | |||
NET ASSETS – 100.0% | $ | 1,063,550,324 |
SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP FUND
MARCH 31, 2022 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.8% | ||||||||
Communication Services – 3.9% | ||||||||
Entertainment - 1.8% | ||||||||
Chicken Soup for the Soul Entertainment Cl. A 2 | 212,621 | $ | 1,698,842 | |||||
Gaia Cl. A 2 | 348,700 | 1,715,604 | ||||||
IMAX Corporation 2 | 169,200 | 3,202,956 | ||||||
6,617,402 | ||||||||
Interactive Media & Services - 1.1% | ||||||||
Enthusiast Gaming Holdings 2 | 605,100 | 1,461,746 | ||||||
QuinStreet 2 | 210,246 | 2,438,854 | ||||||
3,900,600 | ||||||||
Media - 1.0% | ||||||||
Magnite 2,4 | 63,000 | 832,230 | ||||||
Thryv Holdings 2 | 97,704 | 2,747,436 | ||||||
3,579,666 | ||||||||
Total | 14,097,668 | |||||||
Consumer Discretionary – 10.7% | ||||||||
Auto Components - 1.8% | ||||||||
Modine Manufacturing 2 | 296,500 | 2,671,465 | ||||||
Stoneridge 2 | 152,600 | 3,167,976 | ||||||
Unique Fabricating 2 | 373,951 | 710,507 | ||||||
6,549,948 | ||||||||
Hotels, Restaurants & Leisure - 2.1% | ||||||||
Century Casinos 2 | 346,100 | 4,135,895 | ||||||
Lindblad Expeditions Holdings 2 | 215,400 | 3,248,232 | ||||||
7,384,127 | ||||||||
Household Durables - 0.7% | ||||||||
Legacy Housing 2 | 123,473 | 2,649,731 | ||||||
Leisure Products - 0.8% | ||||||||
MasterCraft Boat Holdings 2 | 113,600 | 2,795,696 | ||||||
Specialty Retail - 3.8% | ||||||||
Barnes & Noble Education 2 | 303,400 | 1,086,172 | ||||||
Chico's FAS 2 | 487,500 | 2,340,000 | ||||||
Citi Trends 2 | 66,024 | 2,021,985 | ||||||
JOANN | 98,700 | 1,126,167 | ||||||
OneWater Marine Cl. A | 58,200 | 2,004,990 | ||||||
Shoe Carnival | 101,822 | 2,969,129 | ||||||
Zumiez 2 | 54,900 | 2,097,729 | ||||||
13,646,172 | ||||||||
Textiles, Apparel & Luxury Goods - 1.5% | ||||||||
Fossil Group 2 | 211,900 | 2,042,716 | ||||||
Vera Bradley 2 | 414,400 | 3,178,448 | ||||||
5,221,164 | ||||||||
Total | 38,246,838 | |||||||
Energy – 2.5% | ||||||||
Energy Equipment & Services - 2.5% | ||||||||
Natural Gas Services Group 2 | 323,313 | 3,850,658 | ||||||
Newpark Resources 2 | 881,300 | 3,225,558 | ||||||
Profire Energy 2 | 1,389,432 | 1,806,261 | ||||||
Total | 8,882,477 | |||||||
Financials – 13.9% | ||||||||
Banks - 6.1% | ||||||||
Allegiance Bancshares | 73,800 | 3,297,384 | ||||||
BayCom Corporation | 171,342 | 3,730,115 | ||||||
Caribbean Investment Holdings 2,5 | 1,858,138 | 646,850 | ||||||
HarborOne Bancorp | 255,953 | 3,588,461 | ||||||
HBT Financial | 195,400 | 3,552,372 | ||||||
HomeTrust Bancshares | 125,600 | 3,708,968 | ||||||
Investar Holding Corporation | 180,900 | 3,453,381 | ||||||
Midway Investments 2,5 | 1,858,170 | 0 | ||||||
21,977,531 | ||||||||
Capital Markets - 5.0% | ||||||||
B. Riley Financial | 51,700 | 3,616,932 | ||||||
Canaccord Genuity Group | 345,760 | 3,415,699 | ||||||
Silvercrest Asset Management Group Cl. A | 184,600 | 3,775,070 | ||||||
Sprott | 78,480 | 3,934,829 | ||||||
StoneX Group 2 | 42,500 | 3,154,775 | ||||||
17,897,305 | ||||||||
Thrifts & Mortgage Finance - 2.8% | ||||||||
PCSB Financial | 174,400 | 3,332,784 | ||||||
Territorial Bancorp | 122,408 | 2,937,792 | ||||||
Western New England Bancorp | 428,400 | 3,829,896 | ||||||
10,100,472 | ||||||||
Total | 49,975,308 | |||||||
Health Care – 11.6% | ||||||||
Biotechnology - 1.7% | ||||||||
CareDx 2 | 32,200 | 1,191,078 | ||||||
Dynavax Technologies 2 | 198,000 | 2,146,320 | ||||||
MeiraGTx Holdings 2 | 198,900 | 2,754,765 | ||||||
6,092,163 | ||||||||
Health Care Equipment & Supplies - 6.8% | ||||||||
Apyx Medical 2 | 294,727 | 1,924,567 | ||||||
Artivion 2 | 149,055 | 3,186,796 | ||||||
AtriCure 2 | 42,800 | 2,810,676 | ||||||
Bioventus Cl. A 2 | 298,364 | 4,206,933 | ||||||
Cutera 2 | 64,400 | 4,443,600 | ||||||
OrthoPediatrics Corp. 2 | 53,900 | 2,910,061 | ||||||
Profound Medical 2 | 203,000 | 1,826,781 | ||||||
Surmodics 2 | 63,822 | 2,893,051 | ||||||
24,202,465 | ||||||||
Health Care Providers & Services - 0.6% | ||||||||
Sharps Compliance 2 | 395,000 | 2,330,500 | ||||||
Life Sciences Tools & Services - 2.5% | ||||||||
Harvard Bioscience 2 | 663,052 | 4,117,553 | ||||||
Inotiv 2,4 | 89,500 | 2,343,110 | ||||||
NeoGenomics 2 | 43,900 | 533,385 | ||||||
Quanterix Corporation 2 | 61,600 | 1,798,104 | ||||||
8,792,152 | ||||||||
Total | 41,417,280 | |||||||
Industrials – 23.7% | ||||||||
Aerospace & Defense - 2.2% | ||||||||
Astronics Corporation 2 | 237,400 | 3,069,582 | ||||||
Cadre Holdings | 139,200 | 3,418,752 | ||||||
CPI Aerostructures 2 | 468,290 | 1,381,456 | ||||||
7,869,790 | ||||||||
Building Products - 0.8% | ||||||||
Quanex Building Products | 136,400 | 2,863,036 | ||||||
Commercial Services & Supplies - 2.6% | ||||||||
Acme United | 72,400 | 2,443,500 | ||||||
Heritage-Crystal Clean 2 | 124,474 | 3,685,675 | ||||||
VSE Corporation | 71,000 | 3,272,390 | ||||||
9,401,565 | ||||||||
Construction & Engineering - 4.7% | ||||||||
Ameresco Cl. A 2 | 27,800 | 2,210,100 | ||||||
Concrete Pumping Holdings 2 | 260,100 | 1,742,670 | ||||||
Construction Partners Cl. A 2 | 128,700 | 3,369,366 | ||||||
IES Holdings 2 | 54,800 | 2,202,960 | ||||||
Northwest Pipe 2 | 144,600 | 3,680,070 | ||||||
NV5 Global 2 | 26,200 | 3,492,460 | ||||||
16,697,626 | ||||||||
Electrical Equipment - 0.6% | ||||||||
American Superconductor 2 | 243,700 | 1,854,557 | ||||||
Power Solutions International 1,2 | 99,900 | 312,687 | ||||||
2,167,244 | ||||||||
Machinery - 5.3% | ||||||||
Alimak Group 1 | 196,200 | 2,197,627 | ||||||
CIRCOR International 2 | 83,200 | 2,214,784 | ||||||
Commercial Vehicle Group 2 | 105,300 | 889,785 | ||||||
Graham Corporation 2 | 234,903 | 1,811,102 | ||||||
Luxfer Holdings | 165,500 | 2,780,400 | ||||||
Porvair 1 | 313,000 | 2,579,656 | ||||||
Shyft Group (The) | 90,100 | 3,253,511 | ||||||
Wabash National | 206,400 | 3,062,976 | ||||||
Westport Fuel Systems 2 | 231,300 | 365,454 | ||||||
19,155,295 | ||||||||
Marine - 1.0% | ||||||||
Clarkson 1 | 78,024 | 3,766,651 | ||||||
Professional Services - 4.6% | ||||||||
CRA International | 33,883 | 2,854,982 | ||||||
Forrester Research 2 | 59,900 | 3,379,558 | ||||||
Heidrick & Struggles International | 80,740 | 3,195,689 | ||||||
Kforce | 48,232 | 3,567,721 | ||||||
Resources Connection | 198,152 | 3,396,325 | ||||||
16,394,275 | ||||||||
Trading Companies & Distributors - 1.9% | ||||||||
Lawson Products 2 | 71,265 | 2,746,553 | ||||||
Transcat 2 | 48,474 | 3,933,180 | ||||||
6,679,733 | ||||||||
Total | 84,995,215 | |||||||
Information Technology – 24.6% | ||||||||
Communications Equipment - 3.9% | ||||||||
Clearfield 2 | 31,400 | 2,047,908 | ||||||
Comtech Telecommunications | 109,202 | 1,713,379 | ||||||
Digi International 2 | 189,900 | 4,086,648 | ||||||
EMCORE Corporation 2 | 449,400 | 1,662,780 | ||||||
Genasys 2 | 553,301 | 1,521,578 | ||||||
Harmonic 2 | 306,600 | 2,848,314 | ||||||
13,880,607 | ||||||||
Electronic Equipment, Instruments & Components - 5.4% | ||||||||
Arlo Technologies 2 | 193,600 | 1,715,296 | ||||||
FARO Technologies 2 | 45,000 | 2,336,400 | ||||||
LightPath Technologies Cl. A 2 | 828,984 | 1,633,099 | ||||||
Luna Innovations 2 | 463,800 | 3,575,898 | ||||||
nLIGHT 2 | 117,650 | 2,040,051 | ||||||
PAR Technology 2 | 55,000 | 2,218,700 | ||||||
PowerFleet 2 | 551,219 | 1,637,120 | ||||||
VIA optronics ADR 2 | 132,968 | 1,063,744 | ||||||
Vishay Precision Group 2 | 97,100 | 3,121,765 | ||||||
19,342,073 | ||||||||
IT Services - 1.6% | ||||||||
Cass Information Systems | 63,916 | 2,359,140 | ||||||
Computer Task Group 2 | 328,626 | 3,210,676 | ||||||
5,569,816 | ||||||||
Semiconductors & Semiconductor Equipment - 11.4% | ||||||||
Aehr Test Systems 2 | 186,359 | 1,893,407 | ||||||
Amtech Systems 2 | 146,811 | 1,476,919 | ||||||
Axcelis Technologies 2 | 48,900 | 3,693,417 | ||||||
AXT 2 | 462,100 | 3,243,942 | ||||||
Camtek 2 | 95,900 | 2,921,114 | ||||||
Cohu 2 | 94,000 | 2,782,400 | ||||||
CyberOptics Corporation 2 | 79,337 | 3,219,495 | ||||||
FormFactor 2 | 70,400 | 2,958,912 | ||||||
Ichor Holdings 2 | 76,700 | 2,732,054 | ||||||
Nova 2 | 27,700 | 3,015,976 | ||||||
NVE Corporation | 44,216 | 2,408,446 | ||||||
PDF Solutions 2 | 110,500 | 3,079,635 | ||||||
Photronics 2 | 234,800 | 3,984,556 | ||||||
Ultra Clean Holdings 2 | 82,300 | 3,488,697 | ||||||
40,898,970 | ||||||||
Software - 1.1% | ||||||||
Agilysys 2 | 70,321 | 2,804,401 | ||||||
GTY Technology Holdings 2 | 358,803 | 1,158,934 | ||||||
3,963,335 | ||||||||
Technology Hardware, Storage & Peripherals - 1.2% | ||||||||
AstroNova 2 | 222,276 | 3,371,927 | ||||||
Intevac 2 | 180,900 | 967,815 | ||||||
4,339,742 | ||||||||
Total | 87,994,543 | |||||||
Materials – 5.4% | ||||||||
Chemicals - 0.9% | ||||||||
Aspen Aerogels 2 | 91,700 | 3,161,816 | ||||||
Metals & Mining - 4.5% | ||||||||
Altius Minerals | 138,500 | 2,669,960 | ||||||
Ferroglobe 2 | 186,100 | 1,432,970 | ||||||
Haynes International | 93,130 | 3,967,338 | ||||||
Major Drilling Group International 2 | 515,400 | 5,017,332 | ||||||
Universal Stainless & Alloy Products 2 | 342,900 | 2,976,372 | ||||||
16,063,972 | ||||||||
Total | 19,225,788 | |||||||
Real Estate – 0.5% | ||||||||
Real Estate Management & Development - 0.5% | ||||||||
FRP Holdings 2 | 29,575 | 1,709,435 | ||||||
Total | 1,709,435 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $254,545,806) | 346,544,552 | |||||||
REPURCHASE AGREEMENT – 3.2% | ||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $11,649,439 (collateralized by obligations of various U.S. Government Agencies, 0.375% due 9/15/24, valued at $11,882,508) | ||||
(Cost $11,649,439) | 11,649,439 | |||
TOTAL INVESTMENTS – 100.0% | ||||
(Cost $266,195,245) | 358,193,991 | |||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)% | (31,127 | ) | ||
NET ASSETS – 100.0% | $ | 358,162,864 |
SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
MARCH 31, 2022 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.1% | ||||||||
Communication Services – 2.8% | ||||||||
Diversified Telecommunication Services - 0.3% | ||||||||
Ooma 2 | 348,278 | $ | 5,220,687 | |||||
Entertainment - 0.4% | ||||||||
Marcus Corporation (The) 2 | 393,800 | 6,970,260 | ||||||
Interactive Media & Services - 0.9% | ||||||||
Cars.com 2 | 277,100 | 3,998,553 | ||||||
DHI Group 2 | 656,628 | 3,906,937 | ||||||
QuinStreet 2 | 627,500 | 7,279,000 | ||||||
15,184,490 | ||||||||
Media - 1.2% | ||||||||
comScore 2 | 1,943,562 | 5,655,765 | ||||||
Entravision Communications Cl. A | 1,011,800 | 6,485,638 | ||||||
Thryv Holdings 2 | 283,738 | 7,978,713 | ||||||
20,120,116 | ||||||||
Total | 47,495,553 | |||||||
Consumer Discretionary – 16.3% | ||||||||
Auto Components - 2.9% | ||||||||
Adient 2 | 79,600 | 3,245,292 | ||||||
Dana | 488,353 | 8,580,362 | ||||||
Garrett Motion 2 | 826,385 | 5,941,708 | ||||||
Goodyear Tire & Rubber 2 | 336,400 | 4,807,156 | ||||||
Horizon Global 2 | 1,198,916 | 6,845,810 | ||||||
Modine Manufacturing 2 | 982,363 | 8,851,091 | ||||||
Stoneridge 2 | 519,880 | 10,792,709 | ||||||
49,064,128 | ||||||||
Diversified Consumer Services - 1.1% | ||||||||
Adtalem Global Education 2 | 147,200 | 4,373,312 | ||||||
American Public Education 2 | 469,400 | 9,970,056 | ||||||
Regis Corporation 2 | 855,427 | 1,813,505 | ||||||
Zovio 2,4 | 1,580,088 | 1,295,830 | ||||||
17,452,703 | ||||||||
Hotels, Restaurants & Leisure - 1.1% | ||||||||
Carrols Restaurant Group | 791,792 | 1,789,450 | ||||||
Century Casinos 2 | 287,694 | 3,437,943 | ||||||
Krispy Kreme | 279,200 | 4,146,120 | ||||||
Noodles & Company Cl. A 2 | 561,254 | 3,350,686 | ||||||
Ruth’s Hospitality Group | 255,310 | 5,841,493 | ||||||
18,565,692 | ||||||||
Household Durables - 2.5% | ||||||||
Beazer Homes USA 2 | 296,306 | 4,509,777 | ||||||
Cavco Industries 2 | 11,100 | 2,673,435 | ||||||
Century Communities | 84,700 | 4,537,379 | ||||||
Dixie Group (The) 2 | 571,206 | 1,770,739 | ||||||
GoPro Cl. A 2,4 | 597,800 | 5,099,234 | ||||||
LGI Homes 2,4 | 33,170 | 3,240,046 | ||||||
Skyline Champion 2 | 102,300 | 5,614,224 | ||||||
Taylor Morrison Home 2 | 202,154 | 5,502,632 | ||||||
Toll Brothers | 102,686 | 4,828,296 | ||||||
Tri Pointe Homes 2 | 227,906 | 4,576,352 | ||||||
42,352,114 |
Internet & Direct Marketing Retail - 0.7% | ||||||||
iMedia Brands 2,4 | 627,960 | 3,786,599 | ||||||
Overstock.com 2 | 188,700 | 8,303,743 | ||||||
12,090,342 | ||||||||
Multiline Retail - 0.7% | ||||||||
Dillard’s Cl. A | 22,133 | 5,940,276 | ||||||
Nordstrom | 223,200 | 6,050,952 | ||||||
11,991,228 | ||||||||
Specialty Retail - 5.3% | ||||||||
Aaron’s Company (The) | 117,800 | 2,365,424 | ||||||
Asbury Automotive Group 2 | 53,900 | 8,634,780 | ||||||
Barnes & Noble Education 2 | 914,532 | 3,274,025 | ||||||
Bed Bath & Beyond 2 | 185,500 | 4,179,315 | ||||||
Caleres | 280,700 | 5,425,931 | ||||||
Chico’s FAS 2 | 1,069,492 | 5,133,562 | ||||||
Conn’s 2 | 434,204 | 6,691,084 | ||||||
Designer Brands Cl. A 2 | 560,179 | 7,568,018 | ||||||
Express 2 | 1,027,400 | 3,657,544 | ||||||
Guess? | 282,594 | 6,174,679 | ||||||
J.Jill 2,4 | 312,789 | 4,745,009 | ||||||
JOANN | 589,805 | 6,729,675 | ||||||
Kirkland’s 2 | 323,600 | 3,006,244 | ||||||
LL Flooring Holdings 2 | 495,500 | 6,946,910 | ||||||
Sonic Automotive Cl. A | 110,800 | 4,710,108 | ||||||
Sportsman’s Warehouse Holdings 2 | 298,600 | 3,192,034 | ||||||
Victoria’s Secret & Co. 2 | 152,829 | 7,849,297 | ||||||
90,283,639 | ||||||||
Textiles, Apparel & Luxury Goods - 2.0% | ||||||||
Fossil Group 2 | 760,700 | 7,333,148 | ||||||
Rocky Brands | 149,400 | 6,213,546 | ||||||
Skechers U.S.A. Cl. A 2 | 180,322 | 7,349,925 | ||||||
Unifi 2 | 451,900 | 8,179,390 | ||||||
Vera Bradley 2 | 641,602 | 4,921,087 | ||||||
33,997,096 | ||||||||
Total | 275,796,942 | |||||||
Consumer Staples – 1.1% | ||||||||
Food Products - 0.4% | ||||||||
Calavo Growers | 157,741 | 5,749,660 | ||||||
Household Products - 0.7% | ||||||||
Central Garden & Pet Cl. A 2 | 76,100 | 3,103,358 | ||||||
Spectrum Brands Holdings | 101,500 | 9,005,080 | ||||||
12,108,438 | ||||||||
Personal Products - 0.0% | ||||||||
LifeMD 2 | 5,176 | 18,271 | ||||||
Total | 17,876,369 | |||||||
Energy – 5.1% | ||||||||
Energy Equipment & Services - 0.9% | ||||||||
Archrock | 445,800 | 4,114,734 | ||||||
DMC Global 2 | 207,600 | 6,331,800 | ||||||
Mammoth Energy Services 2 | 822,195 | 1,751,275 | ||||||
Ranger Energy Services Cl. A 2 | 268,256 | 2,749,624 | ||||||
14,947,433 | ||||||||
Oil, Gas & Consumable Fuels - 4.2% | ||||||||
Ardmore Shipping 2 | 1,152,593 | 5,186,669 | ||||||
Baytex Energy 1,2 | 1,117,900 | 4,896,402 | ||||||
Chesapeake Energy | 105,700 | 9,195,900 | ||||||
Dorian LPG | 614,392 | 8,902,540 | ||||||
Earthstone Energy Cl. A 2 | 749,672 | 9,468,357 | ||||||
Matador Resources | 172,783 | 9,154,043 | ||||||
Navigator Holdings 2 | 594,484 | 7,258,650 | ||||||
Northern Oil and Gas | 189,600 | 5,344,824 | ||||||
Scorpio Tankers | 386,500 | 8,263,370 | ||||||
Southwestern Energy 2 | 658,081 | 4,718,441 | ||||||
72,389,196 | ||||||||
Total | 87,336,629 | |||||||
Financials – 4.9% | ||||||||
Banks - 2.1% | ||||||||
BayCom Corporation | 244,959 | 5,332,757 | ||||||
First Bancshares (The) | 137,200 | 4,618,152 | ||||||
First Foundation | 277,600 | 6,742,904 | ||||||
Hilltop Holdings | 310,008 | 9,114,235 | ||||||
Seacoast Banking Corporation of Florida | 268,650 | 9,408,123 | ||||||
35,216,171 | ||||||||
Capital Markets - 1.0% | ||||||||
B. Riley Financial | 167,467 | 11,715,991 | ||||||
Moelis & Company Cl. A | 98,026 | 4,602,321 | ||||||
16,318,312 | ||||||||
Insurance - 1.1% | ||||||||
Brighthouse Financial 2 | 173,700 | 8,973,342 | ||||||
Old Republic International | 275,600 | 7,129,772 | ||||||
Stewart Information Services | 43,152 | 2,615,443 | ||||||
18,718,557 | ||||||||
Thrifts & Mortgage Finance - 0.7% | ||||||||
Axos Financial 2 | 160,300 | 7,436,317 | ||||||
Walker & Dunlop | 35,688 | 4,618,741 | ||||||
12,055,058 | ||||||||
Total | 82,308,098 | |||||||
Health Care – 4.8% | ||||||||
Biotechnology - 0.3% | ||||||||
Emergent BioSolutions 2 | 112,226 | 4,608,000 | ||||||
Health Care Equipment & Supplies - 1.3% | ||||||||
Accuray 2 | 1,523,508 | 5,042,811 | ||||||
Bioventus Cl. A 2 | 574,415 | 8,099,252 | ||||||
Orthofix Medical 2 | 101,396 | 3,315,649 | ||||||
Varex Imaging 2 | 263,746 | 5,615,152 | ||||||
22,072,864 | ||||||||
Health Care Providers & Services - 2.6% | ||||||||
ATI Physical Therapy Cl. A 2,4 | 852,300 | 1,602,324 | ||||||
Community Health Systems 2 | 465,514 | 5,525,651 | ||||||
Covetrus 2 | 170,000 | 2,854,300 | ||||||
Cross Country Healthcare 2 | 441,620 | 9,569,905 | ||||||
InnovAge Holding 2,4 | 363,000 | 2,330,460 | ||||||
Option Care Health 2 | 243,471 | 6,953,532 | ||||||
Owens & Minor | 156,507 | 6,889,438 | ||||||
RadNet 2 | 158,700 | 3,550,119 | ||||||
Select Medical Holdings | 207,400 | 4,975,526 | ||||||
44,251,255 | ||||||||
Life Sciences Tools & Services - 0.1% | ||||||||
NeoGenomics 2 | 194,100 | 2,358,315 | ||||||
Pharmaceuticals - 0.5% | ||||||||
Organon & Co | 255,603 | 8,928,213 | ||||||
Total | 82,218,647 | |||||||
Industrials – 29.3% | ||||||||
Aerospace & Defense - 4.7% | ||||||||
AAR Corporation 2 | 269,700 | 13,061,571 | ||||||
Aerojet Rocketdyne Holdings 2 | 142,100 | 5,591,635 | ||||||
Astronics Corporation 2 | 753,500 | 9,742,755 | ||||||
BWX Technologies | 85,900 | 4,626,574 | ||||||
Ducommun 2 | 223,986 | 11,734,627 | ||||||
Hexcel Corporation | 176,000 | 10,466,720 | ||||||
Spirit AeroSystems Holdings Cl. A | 219,900 | 10,750,911 | ||||||
Triumph Group 2 | 549,716 | 13,896,820 | ||||||
79,871,613 | ||||||||
Air Freight & Logistics - 1.2% | ||||||||
Atlas Air Worldwide Holdings 2,4 | 93,536 | 8,078,704 | ||||||
Hub Group Cl. A 2 | 90,000 | 6,948,900 | ||||||
Radiant Logistics 2 | 685,069 | 4,363,890 | ||||||
19,391,494 | ||||||||
Airlines - 1.6% | ||||||||
Alaska Air Group 2 | 132,000 | 7,657,320 | ||||||
Allegiant Travel 2 | 29,125 | 4,729,609 | ||||||
JetBlue Airways 2 | 624,800 | 9,340,760 | ||||||
Mesa Air Group 2 | 1,182,946 | 5,204,962 | ||||||
26,932,651 | ||||||||
Building Products - 2.5% | ||||||||
Apogee Enterprises | 129,600 | 6,150,816 | ||||||
Gibraltar Industries 2 | 76,800 | 3,298,560 | ||||||
Griffon Corporation | 372,667 | 7,464,520 | ||||||
Insteel Industries | 149,233 | 5,520,129 | ||||||
JELD-WEN Holding 2 | 356,713 | 7,234,140 | ||||||
PGT Innovations 2 | 181,143 | 3,256,951 | ||||||
Resideo Technologies 2,4 | 363,916 | 8,672,118 | ||||||
41,597,234 | ||||||||
Commercial Services & Supplies - 3.7% | ||||||||
Healthcare Services Group | 307,000 | 5,700,990 | ||||||
Heritage-Crystal Clean 2 | 295,988 | 8,764,205 | ||||||
Interface | 503,867 | 6,837,475 | ||||||
KAR Auction Services 2 | 326,880 | 5,900,184 | ||||||
MillerKnoll | 266,900 | 9,224,064 | ||||||
Pitney Bowes | 1,430,694 | 7,439,609 | ||||||
Steelcase Cl. A | 614,300 | 7,340,885 | ||||||
VSE Corporation | 256,532 | 11,823,560 | ||||||
63,030,972 | ||||||||
Construction & Engineering - 3.6% | ||||||||
Arcosa | 204,606 | 11,713,693 | ||||||
Comfort Systems USA | 57,710 | 5,136,767 | ||||||
Concrete Pumping Holdings 2 | 838,799 | 5,619,953 | ||||||
Construction Partners Cl. A 2 | 283,459 | 7,420,957 | ||||||
Limbach Holdings 2,3 | 673,808 | 4,682,966 | ||||||
Matrix Service 2 | 764,046 | 6,280,458 | ||||||
Northwest Pipe 2 | 399,936 | 10,178,371 | ||||||
Orion Group Holdings 2 | 833,053 | 2,065,971 | ||||||
Primoris Services | 334,980 | 7,979,224 | ||||||
61,078,360 | ||||||||
Electrical Equipment - 0.8% | ||||||||
Babcock & Wilcox Enterprises 2 | 1,224,595 | 9,992,695 | ||||||
LSI Industries | 485,973 | 2,915,838 | ||||||
Power Solutions International 1,2 | 343,740 | 1,075,906 | ||||||
13,984,439 | ||||||||
Machinery - 5.6% | ||||||||
Barnes Group | 210,500 | 8,459,995 | ||||||
CIRCOR International 2 | 289,303 | 7,701,246 | ||||||
Commercial Vehicle Group 2 | 858,857 | 7,257,342 | ||||||
EnPro Industries | 105,100 | 10,271,423 | ||||||
Evercel 1,2 | 203,243 | 323,156 | ||||||
Hurco Companies | 77,351 | 2,438,103 | ||||||
Hyster-Yale Materials Handling Cl. A | 47,066 | 1,563,062 | ||||||
Luxfer Holdings | 480,400 | 8,070,720 | ||||||
Manitex International 2 | 862,976 | 6,282,465 | ||||||
NN 2 | 1,310,065 | 3,772,987 | ||||||
Park-Ohio Holdings | 185,868 | 2,615,163 | ||||||
Shyft Group (The) | 247,538 | 8,938,597 | ||||||
Trinity Industries | 339,424 | 11,662,609 | ||||||
Twin Disc 2 | 327,853 | 5,455,474 | ||||||
Wabash National | 630,900 | 9,362,556 | ||||||
Westport Fuel Systems 2 | 684,433 | 1,081,404 | ||||||
95,256,302 | ||||||||
Marine - 0.2% | ||||||||
Diana Shipping | 654,410 | 3,533,814 | ||||||
Professional Services - 1.6% | ||||||||
Heidrick & Struggles International | 160,665 | 6,359,121 | ||||||
Korn Ferry | 124,945 | 8,113,928 | ||||||
Mistras Group 2 | 591,507 | 3,909,861 | ||||||
TrueBlue 2 | 314,836 | 9,095,612 | ||||||
27,478,522 | ||||||||
Road & Rail - 0.4% | ||||||||
Daseke 2 | 521,300 | 5,249,491 | ||||||
U.S. Xpress Enterprises Cl. A 2 | 545,928 | 2,118,201 | ||||||
7,367,692 | ||||||||
Trading Companies & Distributors - 3.4% | ||||||||
Air Lease Cl. A | 262,238 | 11,708,927 | ||||||
BlueLinx Holdings 2 | 130,900 | 9,409,092 | ||||||
Herc Holdings | 51,519 | 8,608,310 | ||||||
Hudson Technologies 2 | 742,918 | 4,613,521 | ||||||
Univar Solutions 2 | 381,800 | 12,271,052 | ||||||
WESCO International 2 | 88,804 | 11,556,952 | ||||||
58,167,854 | ||||||||
Total | 497,690,947 | |||||||
Information Technology – 18.8% | ||||||||
Communications Equipment - 5.0% | ||||||||
ADTRAN | 528,400 | 9,748,980 | ||||||
Applied Optoelectronics 2 | 769,700 | 2,809,405 | ||||||
Aviat Networks 2 | 295,778 | 9,101,089 | ||||||
CalAmp Corporation 2 | 1,066,500 | 7,796,115 | ||||||
Cambium Networks 2 | 244,281 | 5,774,803 | ||||||
Ceragon Networks 2,4 | 749,466 | 1,596,363 | ||||||
Comtech Telecommunications | 436,217 | 6,844,245 | ||||||
Digi International 2 | 569,002 | 12,244,923 | ||||||
DZS 2 | 685,329 | 9,505,513 | ||||||
Infinera Corporation 2,4 | 679,346 | 5,889,930 | ||||||
PCTEL 2,3 | 1,031,093 | 4,784,271 | ||||||
Sierra Wireless 2 | 442,291 | 7,978,930 | ||||||
84,074,567 | ||||||||
Electronic Equipment, Instruments & Components - 4.8% | ||||||||
Advanced Energy Industries | 133,153 | 11,461,810 | ||||||
Arlo Technologies 2,4 | 480,500 | 4,257,230 | ||||||
Avnet | 177,700 | 7,212,843 | ||||||
Benchmark Electronics | 217,200 | 5,438,688 | ||||||
CTS Corporation | 261,614 | 9,245,439 | ||||||
Fabrinet 2 | 90,529 | 9,517,314 | ||||||
Frequency Electronics 2 | 289,393 | 2,517,719 | ||||||
Identiv 2 | 185,120 | 2,993,390 | ||||||
Knowles Corporation 2 | 510,420 | 10,989,343 | ||||||
nLIGHT 2 | 205,800 | 3,568,572 | ||||||
VIA optronics ADR 2 | 730,832 | 5,846,656 | ||||||
Vishay Intertechnology | 422,409 | 8,279,216 | ||||||
81,328,220 | ||||||||
IT Services - 0.7% | ||||||||
Conduent 2 | 914,900 | 4,720,884 | ||||||
Limelight Networks 2 | 203,600 | 1,062,792 | ||||||
TTEC Holdings | 80,200 | 6,618,104 | ||||||
12,401,780 | ||||||||
Semiconductors & Semiconductor Equipment - 5.0% | ||||||||
Alpha & Omega Semiconductor 2 | 114,413 | 6,252,670 | ||||||
Amkor Technology | 431,940 | 9,381,737 | ||||||
Amtech Systems 2 | 618,984 | 6,226,979 | ||||||
Cohu 2 | 326,276 | 9,657,770 | ||||||
FormFactor 2 | 199,613 | 8,389,734 | ||||||
Ichor Holdings 2 | 280,394 | 9,987,634 | ||||||
Kulicke & Soffa Industries | 152,165 | 8,524,283 | ||||||
Onto Innovation 2 | 64,719 | 5,623,434 | ||||||
Ultra Clean Holdings 2 | 231,627 | 9,818,669 | ||||||
Veeco Instruments 2 | 425,087 | 11,558,116 | ||||||
85,421,026 | ||||||||
Software - 2.4% | ||||||||
A10 Networks | 532,126 | 7,423,158 | ||||||
Avaya Holdings 2 | 572,654 | 7,255,526 | ||||||
Ebix | 180,400 | 5,980,260 | ||||||
InterDigital | 65,100 | 4,153,380 | ||||||
Kaleyra 2,4 | 704,257 | 4,211,457 | ||||||
Marin Software 2 | 538,350 | 1,550,448 | ||||||
ON24 2 | 277,200 | 3,645,180 | ||||||
SecureWorks Corp. Cl. A 2,4 | 420,062 | 5,565,821 | ||||||
39,785,230 | ||||||||
Technology Hardware, Storage & Peripherals - 0.9% | ||||||||
Avid Technology 2 | 223,885 | 7,806,870 | ||||||
Immersion Corporation 2 | 692,600 | 3,850,856 | ||||||
Intevac 2 | 701,702 | 3,754,106 | ||||||
15,411,832 | ||||||||
Total | 318,422,655 | |||||||
Materials – 10.5% | ||||||||
Chemicals - 2.9% | ||||||||
AdvanSix | 112,212 | 5,732,911 | ||||||
American Vanguard | 94,314 | 1,916,461 | ||||||
Huntsman Corporation | 273,700 | 10,266,487 | ||||||
Intrepid Potash 2 | 67,482 | 5,542,972 | ||||||
Livent Corporation 2,4 | 239,800 | 6,251,586 | ||||||
LSB Industries 2 | 435,962 | 9,521,410 | ||||||
Trecora Resources 2 | 630,431 | 5,333,446 | ||||||
Tronox Holdings | 240,700 | 4,763,453 | ||||||
49,328,726 | ||||||||
Containers & Packaging - 0.5% | ||||||||
TriMas Corporation | 258,410 | 8,292,377 | ||||||
Metals & Mining - 6.7% | ||||||||
Allegheny Technologies 2 | 498,514 | 13,380,116 | ||||||
Carpenter Technology | 292,842 | 12,293,507 | ||||||
Century Aluminum 2 | 372,010 | 9,787,583 | ||||||
Cleveland-Cliffs 2 | 389,249 | 12,537,710 | ||||||
Coeur Mining 2 | 878,332 | 3,908,577 | ||||||
Commercial Metals | 282,700 | 11,765,974 | ||||||
Ferroglobe 2 | 1,260,971 | 9,709,477 | ||||||
Haynes International | 309,461 | 13,183,039 | ||||||
Major Drilling Group International 2 | 838,900 | 8,166,550 | ||||||
Noranda Aluminum Holding Corporation 2,5 | 488,157 | 0 | ||||||
Olympic Steel | 170,995 | 6,576,468 | ||||||
TimkenSteel Corporation 2 | 587,100 | 12,845,748 | ||||||
114,154,749 | ||||||||
Paper & Forest Products - 0.4% | ||||||||
Glatfelter Corporation | 539,445 | 6,678,329 | ||||||
Total | 178,454,181 | |||||||
Real Estate – 2.5% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 2.1% | ||||||||
Alexander & Baldwin | 310,500 | 7,200,495 | ||||||
Braemar Hotels & Resorts | 489,753 | 3,026,673 | ||||||
Chatham Lodging Trust 2 | 260,800 | 3,596,432 | ||||||
Macerich Company | 611,700 | 9,566,988 | ||||||
Ryman Hospitality Properties 2 | 45,271 | 4,199,791 | ||||||
Tanger Factory Outlet Centers | 518,600 | 8,914,734 | ||||||
36,505,113 | ||||||||
Real Estate Management & Development - 0.4% | ||||||||
Realogy Holdings 2 | 399,820 | 6,269,178 | ||||||
Total | 42,774,291 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,346,777,772) | 1,630,374,312 | |||||||
REPURCHASE AGREEMENT – 3.6% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $60,498,812 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $61,708,824) | 60,498,812 | |||||||
COLLATERAL RECEIVED FOR SECURITIES | ||||||||
LOANED – 0.2% | ||||||||
Money Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.14%) | 4,096,215 | 4,096,215 | ||||||
TOTAL INVESTMENTS – 99.9% | ||||||||
(Cost $1,411,372,799) | 1,694,969,339 | |||||||
CASH AND OTHER ASSETS | ||||||||
LESS LIABILITIES – 0.1% | 1,475,033 | |||||||
NET ASSETS – 100.0% | $ | 1,696,444,372 |
SCHEDULES OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
MARCH 31, 2022 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.9% | ||||||||
Communication Services – 2.3% | ||||||||
Diversified Telecommunication Services - 0.2% | ||||||||
Liberty Latin America Cl. C 2 | 375,620 | $ | 3,602,196 | |||||
Entertainment - 0.3% | ||||||||
Chicken Soup for the Soul | ||||||||
Entertainment Cl. A 2 | 33,785 | 269,942 | ||||||
IMAX Corporation 2 | 240,219 | 4,547,346 | ||||||
World Wrestling Entertainment Cl. A | 38,514 | 2,404,814 | ||||||
7,222,102 | ||||||||
Interactive Media & Services - 1.1% | ||||||||
QuinStreet 2 | 78,343 | 908,779 | ||||||
Ziff Davis 2 | 173,659 | 16,806,718 | ||||||
ZipRecruiter Cl. A 2 | 126,800 | 2,913,864 | ||||||
20,629,361 | ||||||||
Media - 0.7% | ||||||||
Magnite 2 | 200,100 | 2,643,321 | ||||||
Media General (Rights) 2,5 | 102,272 | 0 | ||||||
New York Times Cl. A | 165,886 | 7,604,214 | ||||||
TechTarget 2,4 | 41,200 | 3,348,736 | ||||||
13,596,271 | ||||||||
Total | 45,049,930 | |||||||
Consumer Discretionary – 9.3% | ||||||||
Auto Components - 1.9% | ||||||||
Dorman Products 2 | 98,232 | 9,334,987 | ||||||
Fox Factory Holding Corporation 2 | 17,800 | 1,743,510 | ||||||
Gentex Corporation | 294,056 | 8,577,613 | ||||||
LCI Industries | 67,565 | 7,013,923 | ||||||
Patrick Industries | 96,957 | 5,846,507 | ||||||
Standard Motor Products | 36,568 | 1,577,543 | ||||||
Stoneridge 2 | 103,047 | 2,139,256 | ||||||
36,233,339 | ||||||||
Automobiles - 0.3% | ||||||||
Winnebago Industries | 113,253 | 6,119,060 | ||||||
Distributors - 0.2% | ||||||||
LKQ Corporation | 76,921 | 3,492,983 | ||||||
Diversified Consumer Services - 0.2% | ||||||||
H&R Block | 72,077 | 1,876,885 | ||||||
Lincoln Educational Services 2 | 368,796 | 2,636,891 | ||||||
4,513,776 | ||||||||
Hotels, Restaurants & Leisure - 1.2% | ||||||||
Century Casinos 2 | 490,241 | 5,858,380 | ||||||
Scientific Games 2 | 214,147 | 12,581,136 | ||||||
Texas Roadhouse | 41,400 | 3,466,422 | ||||||
21,905,938 | ||||||||
Household Durables - 1.1% | ||||||||
La-Z-Boy | 127,542 | 3,363,283 | ||||||
Legacy Housing 2 | 97,929 | 2,101,556 | ||||||
M/I Homes 2 | 55,123 | 2,444,705 | ||||||
PulteGroup | 100,553 | 4,213,171 | ||||||
Skyline Champion 2 | 176,864 | 9,706,296 | ||||||
21,829,011 |
Internet & Direct Marketing Retail - 0.0% | ||||||||
1-800-FLOWERS.COM Cl. A 2 | 23,842 | 304,224 | ||||||
Leisure Products - 0.9% | ||||||||
Brunswick Corporation | 60,869 | 4,923,694 | ||||||
Malibu Boats Cl. A 2 | 68,738 | 3,987,491 | ||||||
MasterCraft Boat Holdings 2 | 367,185 | 9,036,423 | ||||||
17,947,608 | ||||||||
Multiline Retail - 0.2% | ||||||||
Franchise Group Cl. A | 78,752 | 3,262,695 | ||||||
Specialty Retail - 2.3% | ||||||||
Aaron’s Company (The) | 193,427 | 3,884,014 | ||||||
American Eagle Outfitters | 187,369 | 3,147,799 | ||||||
Asbury Automotive Group 2 | 93,172 | 14,926,154 | ||||||
Haverty Furniture | 149,042 | 4,086,732 | ||||||
JOANN | 112,561 | 1,284,321 | ||||||
Lazydays Holdings 2,4 | 220,273 | 4,445,109 | ||||||
OneWater Marine Cl. A | 117,310 | 4,041,330 | ||||||
Shoe Carnival | 270,778 | 7,895,886 | ||||||
43,711,345 | ||||||||
Textiles, Apparel & Luxury Goods - 1.0% | ||||||||
Levi Strauss & Co. Cl. A | 185,054 | 3,656,667 | ||||||
Movado Group | 106,601 | 4,162,769 | ||||||
Ralph Lauren Cl. A | 65,651 | 7,447,450 | ||||||
Wolverine World Wide | 202,047 | 4,558,180 | ||||||
19,825,066 | ||||||||
Total | 179,145,045 | |||||||
Consumer Staples – 1.3% | ||||||||
Food Products - 0.4% | ||||||||
Nomad Foods 2 | 150,865 | 3,406,532 | ||||||
Seneca Foods Cl. A 2 | 92,085 | 4,746,061 | ||||||
8,152,593 | ||||||||
Household Products - 0.3% | ||||||||
Spectrum Brands Holdings | 56,786 | 5,038,054 | ||||||
Personal Products - 0.6% | ||||||||
Inter Parfums | 129,303 | 11,385,129 | ||||||
Total | 24,575,776 | |||||||
Energy – 2.2% | ||||||||
Energy Equipment & Services - 1.3% | ||||||||
Computer Modelling Group | 2,652,180 | 11,371,184 | ||||||
Pason Systems | 1,108,148 | 13,570,968 | ||||||
24,942,152 | ||||||||
Oil, Gas & Consumable Fuels - 0.9% | ||||||||
Antero Resources 2 | 194,324 | 5,932,712 | ||||||
Oasis Petroleum | 13,600 | 1,989,680 | ||||||
PDC Energy | 79,158 | 5,753,203 | ||||||
Whiting Petroleum | 35,100 | 2,861,001 | ||||||
16,536,596 | ||||||||
Total | 41,478,748 | |||||||
Financials – 18.5% | ||||||||
Banks - 6.1% | ||||||||
Bank of N.T. Butterfield & Son | 103,700 | 3,720,756 | ||||||
BankUnited | 144,636 | 6,358,199 | ||||||
BOK Financial | 40,738 | 3,827,335 | ||||||
First Bancshares (The) | 170,787 | 5,748,690 | ||||||
First Citizens BancShares Cl. A | 40,878 | 27,208,397 | ||||||
First Hawaiian | 357,648 | 9,974,803 | ||||||
German American Bancorp | 32,857 | 1,248,237 | ||||||
Home BancShares | 235,138 | 5,314,119 | ||||||
Independent Bank Group | 116,232 | 8,271,069 | ||||||
National Bankshares | 76,534 | 2,846,300 | ||||||
Origin Bancorp | 90,332 | 3,820,140 | ||||||
Popular | 189,632 | 15,500,520 | ||||||
Signature Bank | 23,523 | 6,903,765 | ||||||
Texas Capital Bancshares 2 | 27,554 | 1,579,120 | ||||||
Triumph Bancorp 2 | 151,517 | 14,245,628 | ||||||
116,567,078 | ||||||||
Capital Markets - 5.5% | ||||||||
Ares Management Cl. A | 115,176 | 9,355,746 | ||||||
Artisan Partners Asset Management Cl. A | 181,499 | 7,141,986 | ||||||
B. Riley Financial | 33,002 | 2,308,820 | ||||||
Evercore Cl. A | 44,556 | 4,959,974 | ||||||
GCM Grosvenor Cl. A | 1,377,722 | 13,377,681 | ||||||
Houlihan Lokey Cl. A | 94,918 | 8,333,800 | ||||||
Lazard Cl. A | 80,948 | 2,792,706 | ||||||
MarketWise Cl. A 2 | 500,000 | 2,360,000 | ||||||
Moelis & Company Cl. A | 69,834 | 3,278,706 | ||||||
Morningstar | 46,838 | 12,794,736 | ||||||
Newtek Business Services | 81,498 | 2,175,997 | ||||||
SEI Investments | 303,597 | 18,279,575 | ||||||
Silvercrest Asset Management Group Cl. A | 168,399 | 3,443,760 | ||||||
Sprott | 181,064 | 9,078,184 | ||||||
TMX Group | 56,620 | 5,823,461 | ||||||
105,505,132 | ||||||||
Consumer Finance - 0.1% | ||||||||
PROG Holdings 2 | 74,823 | 2,152,658 | ||||||
Diversified Financial Services - 0.2% | ||||||||
Compass Diversified Holdings | 203,369 | 4,834,081 | ||||||
Insurance - 6.3% | ||||||||
Alleghany Corporation 2 | 12,719 | 10,772,993 | ||||||
AMERISAFE | 106,723 | 5,300,931 | ||||||
Assured Guaranty | 106,823 | 6,800,352 | ||||||
Axis Capital Holdings | 98,513 | 5,957,081 | ||||||
CNO Financial Group | 216,387 | 5,429,150 | ||||||
E-L Financial | 24,818 | 17,529,332 | ||||||
Employers Holdings | 76,924 | 3,155,422 | ||||||
First American Financial | 31,619 | 2,049,544 | ||||||
Hagerty Cl. A 2 | 35,700 | 385,203 | ||||||
International General Insurance Holdings | 256,236 | 1,978,142 | ||||||
James River Group Holdings | 589,717 | 14,589,599 | ||||||
Old Republic International | 190,275 | 4,922,414 | ||||||
ProAssurance Corporation | 304,019 | 8,172,031 | ||||||
RenaissanceRe Holdings | 36,405 | 5,770,556 | ||||||
RLI Corp. | 72,547 | 8,025,875 | ||||||
Safety Insurance Group | 63,654 | 5,782,966 | ||||||
Stewart Information Services | 39,873 | 2,416,702 | ||||||
Tiptree | 214,120 | 2,751,442 | ||||||
Trean Insurance Group 2 | 507,378 | 2,379,603 | ||||||
White Mountains Insurance Group | 4,936 | 5,608,481 | ||||||
119,777,819 | ||||||||
Thrifts & Mortgage Finance - 0.3% | ||||||||
Timberland Bancorp | 99,201 | 2,679,419 | ||||||
TrustCo Bank Corp NY | 81,163 | 2,591,534 | ||||||
5,270,953 | ||||||||
Total | 354,107,721 | |||||||
Health Care – 7.8% | ||||||||
Biotechnology - 0.8% | ||||||||
CareDx 2 | 100,005 | 3,699,185 | ||||||
Catalyst Pharmaceuticals 2 | 508,547 | 4,215,855 | ||||||
Ironwood Pharmaceuticals Cl. A 2 | 427,400 | 5,376,692 | ||||||
MeiraGTx Holdings 2 | 95,578 | 1,323,755 | ||||||
14,615,487 | ||||||||
Health Care Equipment & Supplies - 4.3% | ||||||||
AtriCure 2 | 24,482 | 1,607,733 | ||||||
Atrion Corporation | 8,442 | 6,019,146 | ||||||
Bioventus Cl. A 2 | 331,782 | 4,678,126 | ||||||
Colfax 2,4 | 319,220 | 12,701,764 | ||||||
Cutera 2 | 47,300 | 3,263,700 | ||||||
Haemonetics Corporation 2 | 253,046 | 15,997,568 | ||||||
Meridian Bioscience 2 | 397,993 | 10,331,898 | ||||||
Mesa Laboratories | 76,983 | 19,621,427 | ||||||
Natus Medical 2 | 101,650 | 2,671,362 | ||||||
OrthoPediatrics Corp. 2 | 55,623 | 3,003,086 | ||||||
Profound Medical 2 | 52,098 | 468,826 | ||||||
Surmodics 2 | 42,305 | 1,917,685 | ||||||
82,282,321 | ||||||||
Health Care Providers & Services - 0.7% | ||||||||
Cross Country Healthcare 2 | 70,227 | 1,521,819 | ||||||
Encompass Health | 105,038 | 7,469,252 | ||||||
Molina Healthcare 2 | 11,239 | 3,749,218 | ||||||
Sharps Compliance 2 | 145,130 | 856,267 | ||||||
13,596,556 | ||||||||
Health Care Technology - 0.3% | ||||||||
Simulations Plus | 113,805 | 5,801,779 | ||||||
Life Sciences Tools & Services - 1.4% | ||||||||
Azenta 2 | 79,518 | 6,590,452 | ||||||
Bio-Techne | 7,868 | 3,407,159 | ||||||
Harvard Bioscience 2 | 243,940 | 1,514,867 | ||||||
Maravai LifeSciences Holdings Cl. A 2 | 122,100 | 4,306,467 | ||||||
MaxCyte 2,4 | 407,474 | 2,848,243 | ||||||
Quanterix Corporation 2 | 30,848 | 900,453 | ||||||
Repligen Corporation 2,4 | 31,750 | 5,971,858 | ||||||
Stevanato Group 2 | 85,200 | 1,714,224 | ||||||
27,253,723 | ||||||||
Pharmaceuticals - 0.3% | ||||||||
Collegium Pharmaceutical 2 | 48,600 | 989,496 | ||||||
Harmony Biosciences Holdings 2,4 | 65,294 | 3,176,553 | ||||||
Supernus Pharmaceuticals 2,4 | 41,033 | 1,326,187 | ||||||
5,492,236 | ||||||||
Total | 149,042,102 | |||||||
Industrials – 26.7% | ||||||||
Aerospace & Defense - 1.0% | ||||||||
HEICO Corporation | 80,074 | 12,294,562 | ||||||
Vectrus 2 | 166,690 | 5,977,503 | ||||||
18,272,065 | ||||||||
Air Freight & Logistics - 1.5% | ||||||||
Forward Air | 227,801 | 22,274,382 | ||||||
Hub Group Cl. A 2 | 95,106 | 7,343,134 | ||||||
29,617,516 | ||||||||
Airlines - 0.2% | ||||||||
Sun Country Airlines Holdings 2 | 146,370 | 3,831,967 | ||||||
Building Products - 3.0% | ||||||||
Advanced Drainage Systems | 36,852 | 4,378,386 | ||||||
AZEK Company (The) Cl. A 2 | 8,899 | 221,051 | ||||||
Builders FirstSource 2 | 281,365 | 18,159,297 | ||||||
Carlisle Companies | 22,447 | 5,520,166 | ||||||
Gibraltar Industries 2 | 67,046 | 2,879,626 | ||||||
Hayward Holdings 2,4 | 186,380 | 3,097,636 | ||||||
Quanex Building Products | 156,245 | 3,279,583 | ||||||
Simpson Manufacturing | 58,844 | 6,416,350 | ||||||
UFP Industries | 149,028 | 11,499,000 | ||||||
Zurn Water Solutions | 57,008 | 2,018,083 | ||||||
57,469,178 | ||||||||
Commercial Services & Supplies - 1.3% | ||||||||
Deluxe Corporation | 175,875 | 5,318,460 | ||||||
Driven Brands Holdings 2 | 120,900 | 3,177,252 | ||||||
Healthcare Services Group | 352,937 | 6,554,040 | ||||||
Heritage-Crystal Clean 2 | 151,087 | 4,473,686 | ||||||
IAA 2 | 128,210 | 4,904,033 | ||||||
24,427,471 | ||||||||
Construction & Engineering - 3.8% | ||||||||
Arcosa | 418,367 | 23,951,511 | ||||||
Construction Partners Cl. A 2 | 141,106 | 3,694,155 | ||||||
EMCOR Group | 17,438 | 1,964,042 | ||||||
Great Lakes Dredge & Dock 2 | 445,678 | 6,252,862 | ||||||
Northwest Pipe 2 | 79,274 | 2,017,523 | ||||||
NV5 Global 2 | 10,870 | 1,448,971 | ||||||
Primoris Services | 121,607 | 2,896,679 | ||||||
Sterling Construction 2 | 147,904 | 3,963,827 | ||||||
Valmont Industries | 77,271 | 18,436,861 | ||||||
WillScot Mobile Mini Holdings Corp. 2 | 195,025 | 7,631,328 | ||||||
72,257,759 | ||||||||
Electrical Equipment - 1.0% | ||||||||
American Superconductor 2 | 93,326 | 710,211 | ||||||
Encore Wire | 38,532 | 4,395,345 | ||||||
GrafTech International | 565,705 | 5,442,082 | ||||||
Preformed Line Products | 141,776 | 8,991,434 | ||||||
19,539,072 | ||||||||
Machinery - 5.8% | ||||||||
CIRCOR International 2 | 118,897 | 3,165,038 | ||||||
Crane Co. | 26,825 | 2,904,611 | ||||||
Douglas Dynamics | 55,689 | 1,926,282 | ||||||
ESCO Technologies | 80,939 | 5,659,255 | ||||||
Graham Corporation 2 | 91,849 | 708,156 | ||||||
Helios Technologies | 69,419 | 5,570,875 | ||||||
Hurco Companies | 31,802 | 1,002,399 | ||||||
John Bean Technologies | 110,807 | 13,127,305 | ||||||
Kadant | 95,353 | 18,516,599 | ||||||
Lincoln Electric Holdings | 123,611 | 17,034,832 | ||||||
Lindsay Corporation | 67,056 | 10,528,463 | ||||||
Meritor 2 | 57,854 | 2,057,867 | ||||||
Middleby Corporation (The) 2 | 51,809 | 8,493,567 | ||||||
Miller Industries | 324,674 | 9,142,820 | ||||||
Mueller Industries | 37,408 | 2,026,391 | ||||||
RBC Bearings 2 | 44,677 | 8,661,977 | ||||||
Westport Fuel Systems 2 | 165,989 | 262,263 | ||||||
110,788,700 | ||||||||
Marine - 0.4% | ||||||||
Clarkson 1 | 30,004 | 1,448,459 | ||||||
Kirby Corporation 2 | 95,774 | 6,913,925 | ||||||
8,362,384 | ||||||||
Professional Services - 3.4% | ||||||||
CBIZ 2 | 5,000 | 209,850 | ||||||
Forrester Research 2 | 335,718 | 18,941,209 | ||||||
Heidrick & Struggles International | 203,712 | 8,062,921 | ||||||
KBR | 513,108 | 28,082,401 | ||||||
Korn Ferry | 135,287 | 8,785,538 | ||||||
LifeWorks | 48,100 | 831,838 | ||||||
ManpowerGroup | 5,587 | 524,731 | ||||||
65,438,488 | ||||||||
Road & Rail - 2.1% | ||||||||
ArcBest | 74,487 | 5,996,203 | ||||||
Landstar System | 95,190 | 14,357,508 | ||||||
Saia 2 | 33,831 | 8,248,674 | ||||||
Schneider National Cl. B | 173,275 | 4,418,513 | ||||||
Universal Logistics Holdings | 299,946 | 6,043,912 | ||||||
Werner Enterprises | 7,747 | 317,627 | ||||||
39,382,437 | ||||||||
Trading Companies & Distributors - 3.2% | ||||||||
Air Lease Cl. A | 440,477 | 19,667,298 | ||||||
Applied Industrial Technologies | 90,534 | 9,294,220 | ||||||
EVI Industries 2,4 | 332,790 | 6,186,566 | ||||||
Lawson Products 2 | 29,194 | 1,125,137 | ||||||
MSC Industrial Direct Cl. A | 48,118 | 4,100,135 | ||||||
Richelieu Hardware | 355,741 | 12,958,801 | ||||||
Transcat 2 | 96,894 | 7,861,979 | ||||||
61,194,136 | ||||||||
Total | 510,581,173 | |||||||
Information Technology – 18.5% | ||||||||
Communications Equipment - 0.7% | ||||||||
Aviat Networks 2 | 16,600 | 510,782 | ||||||
Calix 2 | 141,147 | 6,056,618 | ||||||
Digi International 2 | 307,783 | 6,623,490 | ||||||
13,190,890 | ||||||||
Electronic Equipment, Instruments & Components - 6.4% | ||||||||
Belden | 46,126 | 2,555,380 | ||||||
Cognex Corporation | 89,061 | 6,871,056 | ||||||
ePlus 2 | 52,776 | 2,958,623 | ||||||
Fabrinet 2 | 83,247 | 8,751,757 | ||||||
FARO Technologies 2 | 184,874 | 9,598,658 | ||||||
Flex 2 | 198,200 | 3,676,610 | ||||||
II-VI 2 | 74,009 | 5,364,912 | ||||||
Insight Enterprises 2 | 11,710 | 1,256,717 | ||||||
Jabil | 73,259 | 4,522,278 | ||||||
Kimball Electronics 2 | 348,872 | 6,973,951 | ||||||
Littelfuse | 7,222 | 1,801,239 | ||||||
Luna Innovations 2 | 766,388 | 5,908,852 | ||||||
National Instruments | 14,541 | 590,219 | ||||||
nLIGHT 2 | 167,461 | 2,903,774 | ||||||
PAR Technology 2 | 231,475 | 9,337,702 | ||||||
PowerFleet 2 | 155,315 | 461,286 | ||||||
Rogers Corporation 2 | 30,454 | 8,274,352 | ||||||
Sanmina Corporation 2 | 133,023 | 5,376,790 | ||||||
TD SYNNEX | 36,891 | 3,807,520 | ||||||
Teledyne Technologies 2 | 7,400 | 3,497,462 | ||||||
Vishay Intertechnology | 336,054 | 6,586,658 | ||||||
Vishay Precision Group 2 | 133,126 | 4,280,001 | ||||||
Vontier Corporation | 655,029 | 16,631,186 | ||||||
121,986,983 | ||||||||
IT Services - 1.7% | ||||||||
Computer Services 1 | 156,263 | 7,735,019 | ||||||
Hackett Group (The) | 78,237 | 1,804,145 | ||||||
Repay Holdings Cl. A 2 | 712,349 | 10,521,395 | ||||||
Shift4 Payments Cl. A 2,4 | 209,323 | 12,963,373 | ||||||
33,023,932 | ||||||||
Semiconductors & Semiconductor Equipment - 6.9% | ||||||||
Amkor Technology | 180,962 | 3,930,495 | ||||||
Axcelis Technologies 2 | 39,172 | 2,958,661 | ||||||
Camtek 2 | 79,224 | 2,413,163 | ||||||
Cirrus Logic 2 | 164,966 | 13,987,467 | ||||||
CMC Materials | 27,293 | 5,060,122 | ||||||
Cohu 2 | 372,485 | 11,025,556 | ||||||
CyberOptics Corporation 2 | 145,326 | 5,897,329 | ||||||
FormFactor 2 | 263,962 | 11,094,323 | ||||||
Ichor Holdings 2 | 29,770 | 1,060,407 | ||||||
Kulicke & Soffa Industries | 337,976 | 18,933,416 | ||||||
MKS Instruments | 72,113 | 10,816,950 | ||||||
Nova 2,4 | 90,867 | 9,893,599 | ||||||
NVE Corporation | 43,178 | 2,351,906 | ||||||
Onto Innovation 2 | 162,146 | 14,088,866 | ||||||
Photronics 2 | 141,017 | 2,393,058 | ||||||
Power Integrations | 50,300 | 4,661,804 | ||||||
SiTime Corporation 2,4 | 34,435 | 8,533,682 | ||||||
Ultra Clean Holdings 2 | 84,806 | 3,594,926 | ||||||
132,695,730 | ||||||||
Software - 2.2% | ||||||||
Agilysys 2 | 103,204 | 4,115,775 | ||||||
Avalara 2 | 66,800 | 6,647,268 | ||||||
CDK Global | 68,313 | 3,325,477 | ||||||
ChannelAdvisor Corporation 2 | 246,094 | 4,077,778 | ||||||
Consensus Cloud Solutions 2 | 31,600 | 1,900,108 | ||||||
Dolby Laboratories Cl. A | 94,227 | 7,370,436 | ||||||
Fair Isaac 2 | 1,106 | 515,905 | ||||||
PagerDuty 2,4 | 170,344 | 5,824,061 | ||||||
Teradata Corporation 2 | 90,063 | 4,439,205 | ||||||
Xperi Holding Corporation | 158,800 | 2,750,416 | ||||||
40,966,429 | ||||||||
Technology Hardware, Storage & Peripherals - 0.6% | ||||||||
AstroNova 2 | 81,672 | 1,238,964 | ||||||
Avid Technology 2 | 300,986 | 10,495,382 | ||||||
11,734,346 | ||||||||
Total | 353,598,310 | |||||||
Materials – 8.2% | ||||||||
Chemicals - 5.5% | ||||||||
Aspen Aerogels 2 | 126,230 | 4,352,410 | ||||||
Balchem Corporation | 68,346 | 9,342,898 | ||||||
Element Solutions | 1,283,405 | 28,106,570 | ||||||
Huntsman Corporation | 201,377 | 7,553,651 | ||||||
Innospec | 245,087 | 22,682,802 | ||||||
Minerals Technologies | 212,390 | 14,049,599 | ||||||
Mosaic Company (The) | 106,000 | 7,049,000 | ||||||
Quaker Chemical | 68,219 | 11,788,925 | ||||||
104,925,855 | ||||||||
Construction Materials - 0.1% | ||||||||
Eagle Materials | 17,022 | 2,184,944 | ||||||
Containers & Packaging - 0.5% | ||||||||
Graphic Packaging Holding Company | 269,322 | 5,397,213 | ||||||
Silgan Holdings | 84,832 | 3,921,783 | ||||||
9,318,996 | ||||||||
Metals & Mining - 1.2% | ||||||||
Alamos Gold Cl. A | 1,272,092 | 10,684,291 | ||||||
Haynes International | 62,674 | 2,669,912 | ||||||
Reliance Steel & Aluminum | 48,802 | 8,947,847 | ||||||
22,302,050 | ||||||||
Paper & Forest Products - 0.9% | ||||||||
Louisiana-Pacific | 135,554 | 8,420,615 | ||||||
Stella-Jones | 307,177 | 9,231,404 | ||||||
17,652,019 | ||||||||
Total | 156,383,864 | |||||||
Real Estate – 2.1% | ||||||||
Real Estate Management & Development - 2.1% | ||||||||
Altus Group | 34,800 | 1,405,752 | ||||||
Colliers International Group | 17,150 | 2,236,360 | ||||||
Cushman & Wakefield 2 | 133,602 | 2,740,177 | ||||||
FRP Holdings 2 | 163,864 | 9,471,339 | ||||||
Kennedy-Wilson Holdings | 660,936 | 16,120,229 | ||||||
Marcus & Millichap | 179,068 | 9,433,302 | ||||||
Total | 41,407,159 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,344,371,549) | 1,855,369,828 | |||||||
REPURCHASE AGREEMENT – 2.4% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $45,835,386 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $46,752,137) | 45,835,386 | |||||||
COLLATERAL RECEIVED FOR SECURITIES | ||||||||
LOANED – 0.2% | ||||||||
Money Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.14%) | 3,313,100 | 3,313,100 | ||||||
TOTAL INVESTMENTS – 99.5% | ||||||||
(Cost $1,393,520,035) | 1,904,518,314 | |||||||
CASH AND OTHER ASSETS | ||||||||
LESS LIABILITIES – 0.5% | 9,131,768 | |||||||
NET ASSETS – 100.0% | $ | 1,913,650,082 |
SCHEDULES OF INVESTMENTS
ROYCE PREMIER FUND
MARCH 31, 2022 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.0% | ||||||||
Communication Services – 1.7% | ||||||||
Interactive Media & Services - 1.7% | ||||||||
Ziff Davis 2 | 278,700 | $ | 26,972,586 | |||||
Total | 26,972,586 | |||||||
Consumer Discretionary – 8.2% | ||||||||
Auto Components - 2.9% | ||||||||
Dorman Products 2 | 340,644 | 32,371,399 | ||||||
LCI Industries | 119,738 | 12,430,002 | ||||||
44,801,401 | ||||||||
Distributors - 1.3% | ||||||||
Pool Corporation | 50,355 | 21,292,612 | ||||||
Leisure Products - 1.8% | ||||||||
Brunswick Corporation | 340,791 | 27,566,584 | ||||||
Textiles, Apparel & Luxury Goods - 2.2% | ||||||||
Ralph Lauren Cl. A | 309,340 | 35,091,529 | ||||||
Total | 128,752,126 | |||||||
Consumer Staples – 2.1% | ||||||||
Personal Products - 2.1% | ||||||||
Inter Parfums | 378,903 | 33,362,409 | ||||||
Total | 33,362,409 | |||||||
Financials – 12.2% | ||||||||
Capital Markets - 9.7% | ||||||||
Ares Management Cl. A | 281,593 | 22,873,799 | ||||||
GCM Grosvenor Cl. A | 2,169,600 | 21,066,816 | ||||||
Lazard Cl. A | 394,401 | 13,606,835 | ||||||
Morningstar | 135,516 | 37,018,906 | ||||||
SEI Investments | 604,571 | 36,401,220 | ||||||
TMX Group | 194,583 | 20,013,184 | ||||||
150,980,760 | ||||||||
Insurance - 2.5% | ||||||||
Alleghany Corporation 2 | 46,077 | 39,027,219 | ||||||
Total | 190,007,979 | |||||||
Health Care – 7.9% | ||||||||
Health Care Equipment & Supplies - 6.5% | ||||||||
Colfax 2 | 606,773 | 24,143,498 | ||||||
Haemonetics Corporation 2 | 377,779 | 23,883,188 | ||||||
Meridian Bioscience 2 | 819,804 | 21,282,112 | ||||||
Mesa Laboratories | 130,364 | 33,227,176 | ||||||
102,535,974 | ||||||||
Life Sciences Tools & Services - 1.4% | ||||||||
Bio-Techne | 49,448 | 21,412,962 | ||||||
Total | 123,948,936 | |||||||
Industrials – 31.8% | ||||||||
Aerospace & Defense - 1.8% | ||||||||
Woodward | 232,215 | 29,005,976 | ||||||
Air Freight & Logistics - 2.4% | ||||||||
Forward Air | 378,038 | 36,964,556 | ||||||
Building Products - 1.7% | ||||||||
Simpson Manufacturing | 238,603 | 26,017,271 | ||||||
Commercial Services & Supplies - 1.3% | ||||||||
Ritchie Bros. Auctioneers | 336,521 | 19,864,835 | ||||||
Construction & Engineering - 5.2% | ||||||||
Arcosa | 705,620 | 40,396,745 | ||||||
Valmont Industries | 170,599 | 40,704,921 | ||||||
81,101,666 | ||||||||
Machinery - 12.6% | ||||||||
ESCO Technologies | 302,017 | 21,117,029 | ||||||
John Bean Technologies | 301,650 | 35,736,475 | ||||||
Kadant | 165,402 | 32,119,414 | ||||||
Lincoln Electric Holdings | 342,511 | 47,201,441 | ||||||
Lindsay Corporation | 262,511 | 41,216,852 | ||||||
RBC Bearings 2 | 99,294 | 19,251,121 | ||||||
196,642,332 | ||||||||
Professional Services - 2.7% | ||||||||
Forrester Research 2 | 746,762 | 42,132,312 | ||||||
Road & Rail - 1.6% | ||||||||
Landstar System | 171,603 | 25,882,880 | ||||||
Trading Companies & Distributors - 2.5% | ||||||||
Air Lease Cl. A | 867,135 | 38,717,578 | ||||||
Total | 496,329,406 | |||||||
Information Technology – 19.9% | ||||||||
Electronic Equipment, Instruments & Components - 7.3% | ||||||||
Cognex Corporation | 333,546 | 25,733,074 | ||||||
FARO Technologies 2 | 418,082 | 21,706,818 | ||||||
National Instruments | 539,875 | 21,913,526 | ||||||
Rogers Corporation 2 | 63,656 | 17,295,335 | ||||||
Vontier Corporation | 1,070,176 | 27,171,769 | ||||||
113,820,522 | ||||||||
IT Services - 2.1% | ||||||||
Computer Services 1 | 677,800 | 33,551,100 | ||||||
Semiconductors & Semiconductor Equipment - 7.6% | ||||||||
Cirrus Logic 2 | 307,595 | 26,080,980 | ||||||
CMC Materials | 126,510 | 23,454,954 | ||||||
FormFactor 2 | 677,676 | 28,482,722 | ||||||
MKS Instruments | 268,741 | 40,311,150 | ||||||
118,329,806 | ||||||||
Software - 1.0% | ||||||||
Fair Isaac 2 | 35,443 | 16,532,742 | ||||||
Technology Hardware, Storage & Peripherals - 1.9% | ||||||||
Avid Technology 2 | 837,784 | 29,213,528 | ||||||
Total | 311,447,698 | |||||||
Materials – 8.9% | ||||||||
Chemicals - 4.5% | ||||||||
Innospec | 470,794 | 43,571,985 | ||||||
Quaker Chemical | 157,813 | 27,271,664 | ||||||
70,843,649 | ||||||||
Metals & Mining - 2.4% | ||||||||
Reliance Steel & Aluminum | 204,312 | 37,460,605 | ||||||
Paper & Forest Products - 2.0% | ||||||||
Stella-Jones | 1,012,691 | 30,433,789 | ||||||
Total | 138,738,043 | |||||||
Real Estate – 3.3% | ||||||||
Real Estate Management & Development - 3.3% | ||||||||
Kennedy-Wilson Holdings | 2,099,335 | 51,202,781 | ||||||
Total | 51,202,781 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $884,722,400) | 1,500,761,964 | |||||||
REPURCHASE AGREEMENT – 3.7% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $57,424,103 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $58,572,646) | 57,424,103 | |||||||
TOTAL INVESTMENTS – 99.7% | ||||||||
(Cost $942,146,503) | 1,558,186,067 | |||||||
CASH AND OTHER ASSETS | �� | |||||||
LESS LIABILITIES – 0.3% | 4,340,071 | |||||||
NET ASSETS – 100.0% | $ | 1,562,526,138 |
SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP VALUE FUND
MARCH 31, 2022 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.7% | ||||||||
Communication Services – 2.1% | ||||||||
Entertainment - 0.8% | ||||||||
SciPlay Corporation Cl. A 2 | 70,868 | $ | 915,614 | |||||
Media - 1.3% | ||||||||
Entravision Communications Cl. A | 152,908 | 980,140 | ||||||
Saga Communications Cl. A | 29,337 | 670,351 | ||||||
1,650,491 | ||||||||
Total | 2,566,105 | |||||||
Consumer Discretionary – 17.1% | ||||||||
Diversified Consumer Services - 1.6% | ||||||||
Lincoln Educational Services 2 | 271,218 | 1,939,209 | ||||||
Household Durables - 4.6% | ||||||||
La-Z-Boy | 63,702 | 1,679,822 | ||||||
M/I Homes 2 | 21,698 | 962,306 | ||||||
Meritage Homes 2 | 12,005 | 951,156 | ||||||
PulteGroup | 51,100 | 2,141,090 | ||||||
5,734,374 | ||||||||
Leisure Products - 1.9% | ||||||||
Malibu Boats Cl. A 2 | 18,790 | 1,090,008 | ||||||
MasterCraft Boat Holdings 2 | 49,665 | 1,222,255 | ||||||
2,312,263 | ||||||||
Specialty Retail - 9.0% | ||||||||
Aaron's Company (The) | 111,238 | 2,233,659 | ||||||
American Eagle Outfitters | 96,161 | 1,615,505 | ||||||
Container Store Group (The) 2 | 115,467 | 943,365 | ||||||
Haverty Furniture | 49,773 | 1,364,776 | ||||||
Lazydays Holdings 2,4 | 97,166 | 1,960,810 | ||||||
OneWater Marine Cl. A | 31,488 | 1,084,762 | ||||||
Shoe Carnival | 67,783 | 1,976,552 | ||||||
11,179,429 | ||||||||
Total | 21,165,275 | |||||||
Consumer Staples – 0.7% | ||||||||
Food & Staples Retailing - 0.7% | ||||||||
Village Super Market Cl. A | 36,714 | 899,493 | ||||||
Total | 899,493 | |||||||
Energy – 4.5% | ||||||||
Oil, Gas & Consumable Fuels - 4.5% | ||||||||
Civitas Resources | 22,700 | 1,355,417 | ||||||
Dorchester Minerals L.P. | 53,604 | 1,391,024 | ||||||
Oasis Petroleum | 7,900 | 1,155,770 | ||||||
SilverBow Resources 2 | 13,300 | 425,600 | ||||||
Whiting Petroleum | 15,500 | 1,263,405 | ||||||
Total | 5,591,216 | |||||||
Financials – 21.5% | ||||||||
Banks - 8.3% | ||||||||
Ames National | 30,293 | 753,084 | ||||||
Bank of Princeton | 22,968 | 662,627 | ||||||
Camden National | 15,023 | 706,682 | ||||||
Chemung Financial | 15,857 | 740,363 | ||||||
Citizens Community Bancorp | 47,239 | 713,781 | ||||||
City Holding Company | 7,567 | 595,523 | ||||||
CNB Financial | 33,581 | 883,852 | ||||||
Financial Institutions | 23,978 | 722,457 | ||||||
Landmark Bancorp | 22,175 | 583,868 | ||||||
Mid Penn Bancorp | 9,444 | 253,194 | ||||||
MidWestOne Financial Group | 18,504 | 612,482 | ||||||
National Bankshares | 50,636 | 1,883,153 | ||||||
Unity Bancorp | 45,247 | 1,266,011 | ||||||
10,377,077 | ||||||||
Capital Markets - 3.8% | ||||||||
Evercore Cl. A | 23,142 | 2,576,168 | ||||||
Houlihan Lokey Cl. A | 7,290 | 640,062 | ||||||
Moelis & Company Cl. A | 31,282 | 1,468,690 | ||||||
4,684,920 | ||||||||
Consumer Finance - 0.4% | ||||||||
PROG Holdings 2 | 16,371 | 470,994 | ||||||
Insurance - 6.1% | ||||||||
CNO Financial Group | 92,900 | 2,330,861 | ||||||
Employers Holdings | 44,477 | 1,824,447 | ||||||
Heritage Insurance Holdings | 51,217 | 365,689 | ||||||
James River Group Holdings | 56,729 | 1,403,475 | ||||||
Tiptree | 126,988 | 1,631,796 | ||||||
7,556,268 | ||||||||
Thrifts & Mortgage Finance - 2.9% | ||||||||
Southern Missouri Bancorp | 2,448 | 122,278 | ||||||
Timberland Bancorp | 54,119 | 1,461,754 | ||||||
TrustCo Bank Corp NY | 42,211 | 1,347,797 | ||||||
Western New England Bancorp | 73,813 | 659,888 | ||||||
3,591,717 | ||||||||
Total | 26,680,976 | |||||||
Health Care – 8.2% | ||||||||
Biotechnology - 4.1% | ||||||||
Catalyst Pharmaceuticals 2 | 316,032 | 2,619,905 | ||||||
Ironwood Pharmaceuticals Cl. A 2 | 139,551 | 1,755,552 | ||||||
Vanda Pharmaceuticals 2 | 58,916 | 666,340 | ||||||
5,041,797 | ||||||||
Health Care Providers & Services - 2.3% | ||||||||
Cross Country Healthcare 2 | 41,009 | 888,665 | ||||||
Ensign Group (The) | 1,857 | 167,148 | ||||||
Molina Healthcare 2 | 5,440 | 1,814,730 | ||||||
2,870,543 | ||||||||
Pharmaceuticals - 1.8% | ||||||||
Collegium Pharmaceutical 2 | 62,192 | 1,266,229 | ||||||
SIGA Technologies 2 | 146,623 | 1,039,557 | ||||||
2,305,786 | ||||||||
Total | 10,218,126 | |||||||
Industrials – 18.9% | ||||||||
Aerospace & Defense - 1.2% | ||||||||
Vectrus 2 | 40,464 | 1,451,039 | ||||||
Building Products - 2.4% | ||||||||
Builders FirstSource 2 | 9,241 | 596,414 | ||||||
Quanex Building Products | 61,195 | 1,284,483 | ||||||
UFP Industries | 13,900 | 1,072,524 | ||||||
2,953,421 |
Construction & Engineering - 3.6% | ||||||||
Northwest Pipe 2 | 28,034 | 713,465 | ||||||
Primoris Services | 68,799 | 1,638,792 | ||||||
Sterling Construction 2 | 77,856 | 2,086,541 | ||||||
4,438,798 | ||||||||
Machinery - 1.0% | ||||||||
Miller Industries | 44,704 | 1,258,865 | ||||||
Professional Services - 5.5% | ||||||||
Barrett Business Services | 12,694 | 983,404 | ||||||
Heidrick & Struggles International | 43,771 | 1,732,456 | ||||||
Kforce | 4,795 | 354,686 | ||||||
Korn Ferry | 20,664 | 1,341,920 | ||||||
Mastech Digital 2 | 24,931 | 460,975 | ||||||
Resources Connection | 115,913 | 1,986,749 | ||||||
6,860,190 | ||||||||
Road & Rail - 5.2% | ||||||||
ArcBest | 29,128 | 2,344,804 | ||||||
Heartland Express | 44,162 | 621,359 | ||||||
Schneider National Cl. B | 93,950 | 2,395,725 | ||||||
Werner Enterprises | 25,776 | 1,056,816 | ||||||
6,418,704 | ||||||||
Total | 23,381,017 | |||||||
Information Technology – 22.7% | ||||||||
Communications Equipment - 1.1% | ||||||||
Aviat Networks 2 | 43,293 | 1,332,125 | ||||||
Electronic Equipment, Instruments & Components - 14.2% | ||||||||
ePlus 2 | 33,007 | 1,850,372 | ||||||
Flex 2 | 127,381 | 2,362,918 | ||||||
Insight Enterprises 2 | 5,807 | 623,207 | ||||||
Jabil | 39,075 | 2,412,100 | ||||||
Kimball Electronics 2 | 92,767 | 1,854,412 | ||||||
PC Connection | 14,027 | 734,875 | ||||||
Sanmina Corporation 2 | 75,640 | 3,057,369 | ||||||
TD SYNNEX | 22,066 | 2,277,432 | ||||||
Vishay Intertechnology | 120,304 | 2,357,958 | ||||||
17,530,643 | ||||||||
IT Services - 0.8% | ||||||||
Computer Task Group 2 | 11,080 | 108,252 | ||||||
IBEX 2 | 58,114 | 926,337 | ||||||
1,034,589 | ||||||||
Semiconductors & Semiconductor Equipment - 5.5% | ||||||||
Amkor Technology | 99,100 | 2,152,452 | ||||||
Cohu 2 | 53,509 | 1,583,867 | ||||||
Kulicke & Soffa Industries | 51,565 | 2,888,671 | ||||||
MKS Instruments | 1,580 | 237,000 | ||||||
6,861,990 | ||||||||
Software - 1.1% | ||||||||
Xperi Holding Corporation | 76,000 | 1,316,320 | ||||||
Total | 28,075,667 | |||||||
Real Estate – 1.0% | ||||||||
Real Estate Management & Development - 1.0% | ||||||||
Marcus & Millichap | 13,489 | 710,601 | ||||||
RMR Group (The) Cl. A | 16,245 | 505,219 | ||||||
Total | 1,215,820 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $99,971,419) | 119,793,695 |
REPURCHASE AGREEMENT – 4.2% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $5,219,607 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $5,324,075) | ||||||||
(Cost $5,219,607) | 5,219,607 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.2% | ||||||||
Money Market Funds | ||||||||
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.14%) | ||||||||
(Cost $287,000) | 287,000 | 287,000 | ||||||
TOTAL INVESTMENTS – 101.1% | ||||||||
(Cost $105,478,026) | 125,300,302 | |||||||
LIABILITIES LESS CASH | ||||||||
AND OTHER ASSETS – (1.1)% | (1,422,545 | ) | ||||||
NET ASSETS – 100.0% | $ | 123,877,757 |
SCHEDULES OF INVESTMENTS
ROYCE SMALLER-COMPANIES GROWTH FUND
MARCH 31, 2022 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.3% | ||||||||
Communication Services – 2.6% | ||||||||
Entertainment - 1.2% | ||||||||
Sea Cl. A ADR 2 | 23,000 | $ | 2,755,170 | |||||
Interactive Media & Services - 1.4% | ||||||||
Enthusiast Gaming Holdings 2 | 1,403,100 | 3,389,483 | ||||||
Total | 6,144,653 | |||||||
Consumer Discretionary – 8.1% | ||||||||
Hotels, Restaurants & Leisure - 2.7% | ||||||||
Bragg Gaming Group 2 | 227,000 | 1,637,835 | ||||||
Papa John's International | 27,000 | 2,842,560 | ||||||
Texas Roadhouse | 23,000 | 1,925,790 | ||||||
6,406,185 | ||||||||
Household Durables - 1.2% | ||||||||
Lovesac Company (The) 2 | 52,666 | 2,847,124 | ||||||
Internet & Direct Marketing Retail - 0.6% | ||||||||
CarParts.com 2,4 | 220,000 | 1,474,000 | ||||||
Leisure Products - 1.2% | ||||||||
Callaway Golf 2 | 126,000 | 2,950,920 | ||||||
Specialty Retail - 2.4% | ||||||||
Lithia Motors | 13,000 | 3,901,560 | ||||||
Warby Parker Cl. A 2,4 | 55,000 | 1,859,550 | ||||||
5,761,110 | ||||||||
Total | 19,439,339 | |||||||
Consumer Staples – 2.6% | ||||||||
Food Products - 1.9% | ||||||||
Freshpet 2,4 | 44,000 | 4,516,160 | ||||||
Household Products - 0.7% | ||||||||
Central Garden & Pet Cl. A 2 | 45,000 | 1,835,100 | ||||||
Total | 6,351,260 | |||||||
Financials – 5.6% | ||||||||
Banks - 1.8% | ||||||||
Primis Financial | 4,000 | 55,920 | ||||||
Seacoast Banking Corporation of Florida | 82,000 | 2,871,640 | ||||||
Triumph Bancorp 2 | 14,000 | 1,316,280 | ||||||
4,243,840 | ||||||||
Capital Markets - 0.4% | ||||||||
MarketAxess Holdings | 3,000 | 1,020,600 | ||||||
Consumer Finance - 0.8% | ||||||||
LendingTree 2 | 15,000 | 1,795,050 | ||||||
Insurance - 2.6% | ||||||||
BRP Group Cl. A 2 | 148,000 | 3,970,840 | ||||||
Trupanion 2 | 26,000 | 2,317,120 | ||||||
6,287,960 | ||||||||
Total | 13,347,450 | |||||||
Health Care – 25.7% | ||||||||
Biotechnology - 6.8% | ||||||||
Avid Bioservices 2,4 | 154,000 | 3,136,980 | ||||||
BiomX 2,4 | 320,655 | 618,864 | ||||||
CareDx 2 | 102,000 | 3,772,980 | ||||||
Halozyme Therapeutics 2 | 32,000 | 1,276,160 | ||||||
MeiraGTx Holdings 2 | 157,000 | 2,174,450 | ||||||
Oxford Biomedica 1,2 | 224,000 | 1,981,265 | ||||||
PureTech Health 1,2 | 846,000 | 2,199,715 | ||||||
Synlogic 2 | 484,041 | 1,161,698 | ||||||
16,322,112 | ||||||||
Health Care Equipment & Supplies - 10.4% | ||||||||
Alphatec Holdings 2 | 254,000 | 2,921,000 | ||||||
Axonics 2,4 | 64,000 | 4,006,400 | ||||||
CryoPort 2 | 48,198 | 1,682,592 | ||||||
CytoSorbents Corporation 2 | 349,000 | 1,113,310 | ||||||
InMode 2 | 90,000 | 3,321,900 | ||||||
Lantheus Holdings 2 | 34,000 | 1,880,540 | ||||||
Neuronetics 2 | 253,500 | 768,105 | ||||||
Profound Medical 2 | 73,000 | 656,921 | ||||||
SI-BONE 2 | 82,000 | 1,853,200 | ||||||
STAAR Surgical 2 | 50,000 | 3,995,500 | ||||||
TransMedics Group 2 | 87,000 | 2,343,780 | ||||||
ViewRay 2 | 100,000 | 392,000 | ||||||
24,935,248 | ||||||||
Health Care Providers & Services - 3.6% | ||||||||
Greenbrook TMS 2 | 223,500 | 840,360 | ||||||
Joint Corp. (The) 2 | 45,000 | 1,592,550 | ||||||
Pennant Group 2 | 74,000 | 1,378,620 | ||||||
Progyny 2 | 80,000 | 4,112,000 | ||||||
Sharps Compliance 2 | 102,000 | 601,800 | ||||||
8,525,330 | ||||||||
Health Care Technology - 3.2% | ||||||||
CareCloud 2,4 | 162,000 | 834,300 | ||||||
Inspire Medical Systems 2 | 20,488 | 5,259,065 | ||||||
OptimizeRx Corporation 2 | 44,000 | 1,659,240 | ||||||
7,752,605 | ||||||||
Life Sciences Tools & Services - 1.2% | ||||||||
Harvard Bioscience 2 | 63,600 | 394,956 | ||||||
West Pharmaceutical Services | 6,000 | 2,464,260 | ||||||
2,859,216 | ||||||||
Pharmaceuticals - 0.5% | ||||||||
Harmony Biosciences Holdings 2,4 | 26,000 | 1,264,900 | ||||||
Total | 61,659,411 | |||||||
Industrials – 17.1% | ||||||||
Aerospace & Defense - 1.2% | ||||||||
AeroVironment 2 | 31,000 | 2,918,340 | ||||||
Commercial Services & Supplies - 2.9% | ||||||||
ACV Auctions Cl. A 2 | 222,000 | 3,287,820 | ||||||
VSE Corporation | 82,000 | 3,779,380 | ||||||
7,067,200 | ||||||||
Construction & Engineering - 1.4% | ||||||||
Ameresco Cl. A 2 | 41,000 | 3,259,500 | ||||||
Electrical Equipment - 2.1% | ||||||||
American Superconductor 2 | 226,349 | 1,722,516 | ||||||
EnerSys | 29,000 | 2,162,530 | ||||||
Enovix Corporation 2 | 80,000 | 1,141,600 | ||||||
5,026,646 | ||||||||
Machinery - 4.0% | ||||||||
ATS Automation Tooling Systems 2 | 128,000 | 4,617,686 | ||||||
Chart Industries 2,4 | 20,000 | 3,435,400 | ||||||
Velo3D 2,4 | 162,000 | 1,508,220 | ||||||
9,561,306 | ||||||||
Professional Services - 3.0% | ||||||||
ASGN 2 | 26,000 | 3,034,460 | ||||||
Atlas Technical Consultants Cl. A 2 | 349,000 | 4,201,960 | ||||||
7,236,420 | ||||||||
Trading Companies & Distributors - 2.5% | ||||||||
Lawson Products 2 | 157,000 | 6,050,780 | ||||||
Total | 41,120,192 | |||||||
Information Technology – 29.8% | ||||||||
Communications Equipment - 1.8% | ||||||||
Clearfield 2 | 48,000 | 3,130,560 | ||||||
Genasys 2 | 404,000 | 1,111,000 | ||||||
4,241,560 | ||||||||
Electronic Equipment, Instruments & Components - 1.1% | ||||||||
Iteris 2 | 844,474 | 2,516,532 | ||||||
IT Services - 3.5% | ||||||||
Cantaloupe 2 | 453,996 | 3,073,553 | ||||||
DigitalOcean Holdings 2 | 22,000 | 1,272,700 | ||||||
Limelight Networks 2 | 365,000 | 1,905,300 | ||||||
Unisys Corporation 2 | 98,900 | 2,137,229 | ||||||
8,388,782 | ||||||||
Semiconductors & Semiconductor Equipment - 10.6% | ||||||||
Ambarella 2 | 47,000 | 4,931,240 | ||||||
AXT 2 | 216,400 | 1,519,128 | ||||||
Canadian Solar 2,4 | 68,000 | 2,404,480 | ||||||
CyberOptics Corporation 2 | 39,000 | 1,582,620 | ||||||
Impinj 2,4 | 88,555 | 5,626,785 | ||||||
Lattice Semiconductor 2 | 33,000 | 2,011,350 | ||||||
Onto Innovation 2 | 43,000 | 3,736,270 | ||||||
Silicon Laboratories 2 | 24,000 | 3,604,800 | ||||||
25,416,673 | ||||||||
Software - 11.4% | ||||||||
Agilysys 2 | 40,000 | 1,595,200 | ||||||
Descartes Systems Group (The) 2 | 42,033 | 3,079,338 | ||||||
Digital Turbine 2 | 86,000 | 3,767,660 | ||||||
GTY Technology Holdings 2 | 250,000 | 807,500 | ||||||
Matterport Cl. A 2,4 | 443,000 | 3,597,160 | ||||||
Paylocity Holding Corporation 2 | 7,786 | 1,602,125 | ||||||
Ping Identity Holding Corp. 2,4 | 118,000 | 3,236,740 | ||||||
Sprout Social Cl. A 2 | 64,000 | 5,127,680 | ||||||
Veritone 2,4 | 130,000 | 2,376,400 | ||||||
Workiva Cl. A 2 | 19,000 | 2,242,000 | ||||||
27,431,803 | ||||||||
Technology Hardware, Storage & Peripherals - 1.4% | ||||||||
Stratasys 2 | 133,000 | 3,376,870 | ||||||
Total | 71,372,220 | |||||||
Materials – 4.3% | ||||||||
Chemicals - 1.0% | ||||||||
Aspen Aerogels 2 | 36,000 | 1,241,280 | ||||||
NanoXplore 2 | 289,000 | 1,068,016 | ||||||
2,309,296 | ||||||||
Metals & Mining - 3.3% | ||||||||
AMG Advanced Metallurgical Group 1 | 34,000 | 1,458,597 | ||||||
Core Lithium 1,2 | 3,876,202 | 3,897,217 | ||||||
ioneer 1,2 | 5,000,000 | 2,539,529 | ||||||
7,895,343 | ||||||||
Total | 10,204,639 | |||||||
Real Estate – 0.5% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 0.5% | ||||||||
Postal Realty Trust Cl. A | 70,000 | 1,177,400 | ||||||
Total | 1,177,400 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $187,287,270) | 230,816,564 | |||||||
REPURCHASE AGREEMENT – 4.1% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $9,939,979 (collateralized by obligations of various U.S. Government Agencies, 0.375% due 9/15/24, valued at $10,138,835) | ||||||||
(Cost $9,939,979) | 9,939,979 | |||||||
COLLATERAL RECEIVED FOR SECURITIES | ||||||||
LOANED – 3.0% | ||||||||
Money Market Funds | ||||||||
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.14%) | ||||||||
(Cost $7,248,415) | 7,248,415 | 7,248,415 | ||||||
TOTAL INVESTMENTS – 103.4% | ||||||||
(Cost $204,475,664) | 248,004,958 | |||||||
LIABILITIES LESS CASH | ||||||||
AND OTHER ASSETS – (3.4)% | (8,258,724 | ) | ||||||
NET ASSETS – 100.0% | $ | 239,746,234 |
SCHEDULES OF INVESTMENTS
ROYCE SPECIAL EQUITY FUND
MARCH 31, 2022 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 83.3% | ||||||||
Communication Services – 3.8% | ||||||||
Media - 3.8% | ||||||||
TEGNA | 1,551,000 | $ | 34,742,400 | |||||
Total | 34,742,400 | |||||||
Consumer Discretionary – 18.4% | ||||||||
Auto Components - 5.5% | ||||||||
Standard Motor Products 3 | 1,177,500 | 50,797,350 | ||||||
Automobiles - 1.3% | ||||||||
Winnebago Industries | 218,000 | 11,778,540 | ||||||
Diversified Consumer Services - 4.5% | ||||||||
H&R Block | 1,595,000 | 41,533,800 | ||||||
Household Durables - 0.5% | ||||||||
Ethan Allen Interiors | 165,500 | 4,314,585 | ||||||
Leisure Products - 3.8% | ||||||||
Johnson Outdoors Cl. A | 449,500 | 34,939,635 | ||||||
Textiles, Apparel & Luxury Goods - 2.8% | ||||||||
Movado Group | 663,000 | 25,890,150 | ||||||
Total | 169,254,060 | |||||||
Consumer Staples – 11.0% | ||||||||
Food & Staples Retailing - 7.0% | ||||||||
Ingles Markets Cl. A | 727,000 | 64,739,350 | ||||||
Food Products - 4.0% | ||||||||
John B. Sanfilippo & Son | 437,000 | 36,463,280 | ||||||
Total | 101,202,630 | |||||||
Financials – 4.9% | ||||||||
Capital Markets - 4.9% | ||||||||
BrightSphere Investment Group | 163,000 | 3,952,750 | ||||||
Diamond Hill Investment Group | 136,000 | 25,472,800 | ||||||
Federated Hermes Cl. B | 465,000 | 15,837,900 | ||||||
Total | 45,263,450 | |||||||
Industrials – 19.2% | ||||||||
Building Products - 3.3% | ||||||||
Insteel Industries | 302,000 | 11,170,980 | ||||||
UFP Industries | 250,000 | 19,290,000 | ||||||
30,460,980 | ||||||||
Commercial Services & Supplies - 2.5% | ||||||||
Ennis | 1,217,000 | 22,477,990 | ||||||
Construction & Engineering - 1.1% | ||||||||
Argan | 170,000 | 6,900,300 | ||||||
MYR Group 2 | 34,500 | 3,244,380 | ||||||
10,144,680 | ||||||||
Electrical Equipment - 2.8% | ||||||||
Encore Wire | 228,500 | 26,064,995 | ||||||
Machinery - 9.2% | ||||||||
Gencor Industries 2,3 | 1,066,000 | 10,958,480 | ||||||
Hillenbrand | 163,500 | 7,221,795 | ||||||
Hurco Companies 3 | 580,000 | 18,281,600 | ||||||
Miller Industries 3 | 685,000 | 19,289,600 | ||||||
Mueller Industries | 532,000 | 28,818,440 | ||||||
84,569,915 | ||||||||
Professional Services - 0.3% | ||||||||
Resources Connection | 137,500 | 2,356,750 | ||||||
Total | 176,075,310 | |||||||
Information Technology – 11.6% | ||||||||
Electronic Equipment, Instruments & Components - 3.6% | ||||||||
Vishay Intertechnology | 1,699,000 | 33,300,400 | ||||||
IT Services - 1.6% | ||||||||
Computer Services 1 | 298,100 | 14,755,950 | ||||||
Semiconductors & Semiconductor Equipment - 6.4% | ||||||||
Kulicke & Soffa Industries | 727,500 | 40,754,550 | ||||||
NVE Corporation 3 | 325,000 | 17,702,750 | ||||||
58,457,300 | ||||||||
Total | 106,513,650 | |||||||
Materials – 9.8% | ||||||||
Chemicals - 6.5% | ||||||||
Huntsman Corporation | 1,600,000 | 60,016,000 | ||||||
Construction Materials - 1.6% | ||||||||
United States Lime & Minerals | 122,500 | 14,214,900 | ||||||
Paper & Forest Products - 1.7% | ||||||||
Louisiana-Pacific | 251,000 | 15,592,120 | ||||||
Total | 89,823,020 | |||||||
Real Estate – 4.6% | ||||||||
Real Estate Management & Development - 4.6% | ||||||||
Marcus & Millichap | 808,000 | 42,565,440 | ||||||
Total | 42,565,440 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $587,144,959) | 765,439,960 | |||||||
REPURCHASE AGREEMENT – 16.7% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $153,935,215 (collateralized by obligations of various U.S. Government Agencies, 0.125%-0.375% due 9/15/24-10/15/24, valued at $157,013,971) | ||||||||
(Cost $153,935,215) | 153,935,215 | |||||||
TOTAL INVESTMENTS – 100.0% | ||||||||
(Cost $741,080,174) | 919,375,175 | |||||||
LIABILITIES LESS CASH | ||||||||
AND OTHER ASSETS – (0.0)% | (354,374 | ) | ||||||
NET ASSETS – 100.0% | $ | 919,020,801 |
SCHEDULES OF INVESTMENTS
ROYCE TOTAL RETURN FUND
MARCH 31, 2022 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 95.6% | ||||||||
Communication Services – 1.9% | ||||||||
Entertainment - 1.3% | ||||||||
World Wrestling Entertainment Cl. A | 240,348 | $ | 15,007,329 | |||||
Interactive Media & Services - 0.6% | ||||||||
Ziff Davis 2 | 77,820 | 7,531,420 | ||||||
Total | 22,538,749 | |||||||
Consumer Discretionary – 6.1% | ||||||||
Hotels, Restaurants & Leisure - 1.3% | ||||||||
Denny's Corporation 2 | 1,098,695 | 15,722,325 | ||||||
Multiline Retail - 1.8% | ||||||||
Franchise Group Cl. A | 524,401 | 21,725,933 | ||||||
Specialty Retail - 0.5% | ||||||||
JOANN | 505,000 | 5,762,050 | ||||||
Textiles, Apparel & Luxury Goods - 2.5% | ||||||||
Levi Strauss & Co. Cl. A | 807,547 | 15,957,129 | ||||||
Ralph Lauren Cl. A | 125,145 | 14,196,449 | ||||||
30,153,578 | ||||||||
Total | 73,363,886 | |||||||
Consumer Staples – 2.3% | ||||||||
Household Products - 2.3% | ||||||||
Reynolds Consumer Products | 316,022 | 9,272,086 | ||||||
Spectrum Brands Holdings | 206,984 | 18,363,620 | ||||||
Total | 27,635,706 | |||||||
Energy – 4.3% | ||||||||
Energy Equipment & Services - 4.3% | ||||||||
Cactus Cl. A | 170,659 | 9,683,192 | ||||||
ChampionX Corporation 2 | 472,637 | 11,570,154 | ||||||
Helmerich & Payne | 84,373 | 3,609,477 | ||||||
Oceaneering International 2 | 231,433 | 3,508,524 | ||||||
Pason Systems | 1,931,576 | 23,655,104 | ||||||
Total | 52,026,451 | |||||||
Financials – 33.7% | ||||||||
Banks - 16.8% | ||||||||
Bank of N.T. Butterfield & Son | 551,423 | 19,785,057 | ||||||
BankUnited | 380,547 | 16,728,846 | ||||||
BOK Financial | 140,901 | 13,237,649 | ||||||
First Bancshares (The) | 346,809 | 11,673,591 | ||||||
First Citizens BancShares Cl. A | 12,082 | 8,041,779 | ||||||
First Hawaiian | 347,961 | 9,704,632 | ||||||
HBT Financial | 432,472 | 7,862,341 | ||||||
Home BancShares | 828,867 | 18,732,394 | ||||||
Independent Bank Group | 278,599 | 19,825,105 | ||||||
Origin Bancorp | 358,728 | 15,170,607 | ||||||
Preferred Bank | 58,816 | 4,357,678 | ||||||
QCR Holdings | 168,783 | 9,551,430 | ||||||
TowneBank | 252,048 | 7,546,317 | ||||||
Triumph Bancorp 2 | 81,992 | 7,708,888 | ||||||
UMB Financial | 112,270 | 10,908,153 | ||||||
Valley National Bancorp | 1,163,221 | 15,145,138 | ||||||
Western Alliance Bancorp | 62,300 | 5,159,686 | ||||||
201,139,291 | ||||||||
Capital Markets - 2.6% | ||||||||
Artisan Partners Asset Management Cl. A | 255,903 | 10,069,783 | ||||||
Moelis & Company Cl. A | 207,037 | 9,720,387 | ||||||
TMX Group | 116,004 | 11,931,204 | ||||||
31,721,374 | ||||||||
Diversified Financial Services - 2.1% | ||||||||
Compass Diversified Holdings | 1,064,512 | 25,303,450 | ||||||
Insurance - 12.2% | ||||||||
AMERISAFE | 253,460 | 12,589,358 | ||||||
Axis Capital Holdings | 407,197 | 24,623,203 | ||||||
First American Financial | 163,745 | 10,613,951 | ||||||
International General Insurance Holdings | 1,851,697 | 14,295,101 | ||||||
James River Group Holdings | 199,003 | 4,923,334 | ||||||
Old Republic International | 228,728 | 5,917,193 | ||||||
ProAssurance Corporation | 652,765 | 17,546,323 | ||||||
RenaissanceRe Holdings | 154,991 | 24,567,623 | ||||||
Stewart Information Services | 231,504 | 14,031,458 | ||||||
Trean Insurance Group 2,3 | 3,614,889 | 16,953,829 | ||||||
146,061,373 | ||||||||
Total | 404,225,488 | |||||||
Health Care – 0.8% | ||||||||
Health Care Providers & Services - 0.8% | ||||||||
Patterson Companies | 298,291 | 9,655,680 | ||||||
Total | 9,655,680 | |||||||
Industrials – 21.2% | ||||||||
Building Products - 3.6% | ||||||||
Carlisle Companies | 37,194 | 9,146,748 | ||||||
Fortune Brands Home & Security | 156,967 | 11,659,509 | ||||||
Simpson Manufacturing | 64,000 | 6,978,560 | ||||||
UFP Industries | 206,999 | 15,972,043 | ||||||
43,756,860 | ||||||||
Commercial Services & Supplies - 2.6% | ||||||||
Deluxe Corporation | 447,073 | 13,519,487 | ||||||
Healthcare Services Group | 685,475 | 12,729,271 | ||||||
Loomis 1 | 181,992 | 4,976,017 | ||||||
31,224,775 | ||||||||
Electrical Equipment - 2.8% | ||||||||
GrafTech International | 1,961,721 | 18,871,756 | ||||||
nVent Electric | 430,434 | 14,970,495 | ||||||
33,842,251 | ||||||||
Machinery - 5.3% | ||||||||
Crane Co. | 112,439 | 12,174,895 | ||||||
Douglas Dynamics | 527,879 | 18,259,335 | ||||||
Lincoln Electric Holdings | 79,666 | 10,978,771 | ||||||
Timken Company (The) | 359,313 | 21,810,299 | ||||||
63,223,300 | ||||||||
Professional Services - 2.8% | ||||||||
Barrett Business Services | 198,127 | 15,348,899 | ||||||
KBR | 331,054 | 18,118,585 | ||||||
33,467,484 | ||||||||
Trading Companies & Distributors - 4.1% | ||||||||
Applied Industrial Technologies | 207,160 | 21,267,046 | ||||||
Global Industrial | 311,339 | 10,034,456 | ||||||
MSC Industrial Direct Cl. A | 208,510 | 17,767,137 | ||||||
49,068,639 | ||||||||
Total | 254,583,309 | |||||||
Information Technology – 12.3% | ||||||||
Electronic Equipment, Instruments & Components - 4.3% | ||||||||
Avnet | 140,509 | 5,703,260 | ||||||
PC Connection | 192,334 | 10,076,378 | ||||||
Vontier Corporation | 1,419,853 | 36,050,068 | ||||||
51,829,706 | ||||||||
IT Services - 2.2% | ||||||||
EVERTEC | 244,189 | 9,994,656 | ||||||
Hackett Group (The) | 688,755 | 15,882,690 | ||||||
25,877,346 | ||||||||
Semiconductors & Semiconductor Equipment - 1.7% | ||||||||
Kulicke & Soffa Industries | 202,784 | 11,359,960 | ||||||
MKS Instruments | 58,205 | 8,730,750 | ||||||
20,090,710 | ||||||||
Software - 4.1% | ||||||||
CDK Global | 422,530 | 20,568,760 | ||||||
Consensus Cloud Solutions 2 | 98,500 | 5,922,805 | ||||||
Teradata Corporation 2 | 459,667 | 22,656,987 | ||||||
49,148,552 | ||||||||
Total | 146,946,314 | |||||||
Materials – 9.8% | ||||||||
Chemicals - 5.0% | ||||||||
Element Solutions | 1,124,566 | 24,627,996 | ||||||
Innospec | 135,357 | 12,527,290 | ||||||
Minerals Technologies | 340,380 | 22,516,137 | ||||||
59,671,423 | ||||||||
Containers & Packaging - 4.8% | ||||||||
Graphic Packaging Holding Company | 1,171,060 | 23,468,042 | ||||||
Silgan Holdings | 500,871 | 23,155,266 | ||||||
TriMas Corporation | 356,840 | 11,450,996 | ||||||
58,074,304 | ||||||||
Total | 117,745,727 | |||||||
Real Estate – 3.2% | ||||||||
Real Estate Management & Development - 3.2% | ||||||||
Cushman & Wakefield 2 | 813,244 | 16,679,634 | ||||||
Kennedy-Wilson Holdings | 873,197 | 21,297,275 | ||||||
Total | 37,976,909 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $939,038,395) | 1,146,698,219 | |||||||
PREFERRED STOCK – 2.0% | ||||||||
Information Technology – 2.0% | ||||||||
Electronic Equipment, Instruments & Components - 2.0% | ||||||||
II-VI Series A Conv. | 80,724 | 23,824,074 | ||||||
(Cost $20,862,360) | 23,824,074 | |||||||
REPURCHASE AGREEMENT – 2.9% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $34,640,241 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 10/15/24, valued at $35,333,106) | ||||||||
(Cost $34,640,241) | 34,640,241 | |||||||
TOTAL INVESTMENTS – 100.5% | ||||||||
(Cost $994,540,996) | 1,205,162,534 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.5)% | (5,468,418 | ) | ||||||
NET ASSETS – 100.0% | $ | 1,199,694,116 |
ADR – American Depository Receipt
1 | These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors. |
2 | Non-income producing. |
4 | All or a portion of these securities were on loan at March 31, 2022. |
Securities of Royce International Premier Fund are categorized by the country of their headquarters.
Tax Information:
At March 31, 2022, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:
Net Unrealized Appreciation | Gross Unrealized | |||||||||||||||
Tax Basis Cost | (Depreciation) | Appreciation | (Depreciation) | |||||||||||||
Royce Dividend Value Fund | $ | 27,975,645 | $ | 39,225,159 | $ | 39,711,942 | $ | 486,783 | ||||||||
Royce Global Financial Services Fund | 18,335,412 | 15,677,686 | 17,241,789 | 1,564,103 | ||||||||||||
Royce International Premier Fund | 1,018,492,420 | 40,214,066 | 172,555,768 | 132,341,702 | ||||||||||||
Royce Micro-Cap Fund | 266,268,225 | 91,925,766 | 120,850,355 | 28,924,589 | ||||||||||||
Royce Opportunity Fund | 1,416,177,801 | 278,791,538 | 392,084,735 | 113,293,197 | ||||||||||||
Royce Pennsylvania Mutual Fund | 1,397,360,467 | 507,157,847 | 579,356,468 | 72,198,621 | ||||||||||||
Royce Premier Fund | 942,484,739 | 615,701,328 | 648,141,377 | 32,440,049 | ||||||||||||
Royce Small-Cap Value Fund | 105,612,369 | 19,687,933 | 23,241,374 | 3,553,441 | ||||||||||||
Royce Smaller-Companies Growth Fund | 204,672,597 | 43,332,361 | 59,852,881 | 16,520,520 | ||||||||||||
Royce Special Equity Fund | 741,103,230 | 178,271,945 | 191,588,656 | 13,316,711 | ||||||||||||
Royce Total Return Fund | 996,368,392 | 208,794,142 | 260,040,906 | 51,246,764 |
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 Investment Company Act of 1940 (“1940 Act”), under procedures approved by the Trust’s Board of Trustees, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, a Fund may fair value the security. The Funds use an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by a Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.
Various inputs are used in determining the value of each Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
Level 1 – | quoted prices in active markets for identical securities. |
Level 2 – | other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities and/or foreign securities that were fair valued are noted in the Schedules of Investments. |
Level 3 – | significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value each Fund’s investments as of March 31, 2022. 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 | $ | 54,789,223 | $ | 10,278,112 | $ | – | $ | 65,067,335 | ||||||||
Repurchase Agreement | – | 2,133,469 | – | 2,133,469 | ||||||||||||
Royce Global Financial Services Fund | ||||||||||||||||
Common Stocks | 27,992,562 | 5,804,493 | – | 33,797,055 | ||||||||||||
Repurchase Agreement | – | 216,043 | – | 216,043 | ||||||||||||
Royce International Premier Fund | ||||||||||||||||
Common Stocks | 82,928,953 | 906,425,140 | – | 989,354,093 | ||||||||||||
Preferred Stocks | – | 22,407,219 | – | 22,407,219 | ||||||||||||
Repurchase Agreement | – | 46,945,174 | – | 46,945,174 | ||||||||||||
Royce Micro-Cap Fund | ||||||||||||||||
Common Stocks | 337,041,081 | 8,856,621 | 646,850 | 346,544,552 | ||||||||||||
Repurchase Agreement | – | 11,649,439 | – | 11,649,439 | ||||||||||||
Royce Opportunity Fund | ||||||||||||||||
Common Stocks | 1,624,078,847 | 6,295,465 | 0 | 1,630,374,312 | ||||||||||||
Repurchase Agreement | – | 60,498,812 | – | 60,498,812 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 4,096,215 | – | – | 4,096,215 | ||||||||||||
Royce Pennsylvania Mutual Fund | ||||||||||||||||
Common Stocks | 1,846,186,350 | 9,183,478 | 0 | 1,855,369,828 | ||||||||||||
Repurchase Agreement | – | 45,835,386 | – | 45,835,386 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 3,313,100 | – | – | 3,313,100 | ||||||||||||
Royce Premier Fund | ||||||||||||||||
Common Stocks | 1,467,210,864 | 33,551,100 | – | 1,500,761,964 | ||||||||||||
Repurchase Agreement | – | 57,424,103 | – | 57,424,103 | ||||||||||||
Royce Small-Cap Value Fund | ||||||||||||||||
Common Stocks | 119,793,695 | – | – | 119,793,695 | ||||||||||||
Repurchase Agreement | – | 5,219,607 | – | 5,219,607 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 287,000 | – | – | 287,000 | ||||||||||||
Royce Smaller-Companies Growth Fund | ||||||||||||||||
Common Stocks | 218,740,242 | 12,076,322 | – | 230,816,564 | ||||||||||||
Repurchase Agreement | – | 9,939,979 | – | 9,939,979 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 7,248,415 | – | – | 7,248,415 | ||||||||||||
Royce Special Equity Fund | ||||||||||||||||
Common Stocks | 750,684,010 | 14,755,950 | – | 765,439,960 | ||||||||||||
Repurchase Agreement | – | 153,935,215 | – | 153,935,215 | ||||||||||||
Royce Total Return Fund | ||||||||||||||||
Common Stocks | 1,141,722,202 | 4,976,017 | – | 1,146,698,219 | ||||||||||||
Preferred Stocks | 23,824,074 | – | �� | – | 23,824,074 | |||||||||||
Repurchase Agreement | – | 34,640,241 | – | 34,640,241 |
Level 3 Reconciliation:
Balance as of 12/31/21 | Purchases | Sales | Transfers In | Realized Gain (Loss) | Unrealized Gain (Loss) | Balance as of 3/31/22 | ||||||||||||||||||||||
Royce Micro-Cap Fund | ||||||||||||||||||||||||||||
Common Stocks | $ | 666,497 | $ | – | $ | 966,000 | $ | – | $ | 319,352 | $ | 627,001 | $ | 646,850 | ||||||||||||||
Royce Opportunity Fund | ||||||||||||||||||||||||||||
Common Stocks | 49 | – | – | – | – | (49 | ) | 0 | ||||||||||||||||||||
Royce Pennsylvania Mutual Fund | ||||||||||||||||||||||||||||
Common Stocks | 0 | – | – | – | – | – | 0 | |||||||||||||||||||||
Royce Total Return Fund | ||||||||||||||||||||||||||||
Common Stocks | 0 | – | 0 | – | 0 | – | – |
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, 2022 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, 2022:
Cash Collateral1 | Securities on Loan Collateralized by Cash Collateral | Net Amount | ||||||||||
Royce Opportunity Fund | $ | 4,096,215 | $ | (3,759,020 | ) | $ | 337,195 | |||||
Royce Pennsylvania Mutual Fund | 3,313,100 | (3,242,068 | ) | 71,032 | ||||||||
Royce Small-Cap Value Fund | 287,000 | (282,520 | ) | 4,480 | ||||||||
Royce Smaller-Companies Growth Fund | 7,248,415 | (6,690,779 | ) | 557,636 |
1 The 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, 2022:
Securities on Loan | ||||||||||||
Non-Cash Collateral | Collateralized by Non-Cash Collateral | Net Amount | ||||||||||
Royce Micro-Cap Fund | $ | 2,628,770 | $ | (2,551,656 | ) | $ | 77,114 | |||||
Royce Opportunity Fund | 17,292,937 | (16,827,937 | ) | 465,000 | ||||||||
Royce Pennsylvania Mutual Fund | 25,067,489 | (24,482,482 | ) | 585,007 | ||||||||
Royce Small-Cap Value Fund | 51,203 | (49,700 | ) | 1,503 | ||||||||
Royce Smaller-Companies Growth Fund | 21,136,413 | (20,641,354 | ) | 495,059 |
Transactions in Affiliated Companies:
An “Affiliated Company,” as defined in the 1940 Act, 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, 2022:
Affiliated Company1 | Shares 12/31/21 | Market Value 12/31/21 | Costs of Purchases | Proceeds from Sales | Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Dividend Income | Shares 3/31/22 | Market Value 3/31/22 | ||||||||||||||||||||||||||
Royce International Premier Fund Australia – 2.0% | |||||||||||||||||||||||||||||||||||
Bravura Solutions2,3 | 15,808,630 | $ | 28,408,875 | $ | 736,852 | $ | – | $ | – | $ | (7,553,755 | ) | $ | 440,705 | 16,315,230 | $ | 21,591,972 | ||||||||||||||||||
28,408,875 | – | (7,553,755 | ) | 440,705 | 21,591,972 | ||||||||||||||||||||||||||||||
Royce Opportunity Fund Health Care – 0.0% | |||||||||||||||||||||||||||||||||||
Health Care Equipment & Supplies – 0.0% | |||||||||||||||||||||||||||||||||||
IntriCon Corporation4,5 | 486,447 | 7,865,848 | – | 11,579,543 | 2,355,413 | 1,358,282 | – | ||||||||||||||||||||||||||||
7,865,848 | 2,355,413 | 1,358,282 | – | ||||||||||||||||||||||||||||||||
Industrials – 0.3% | |||||||||||||||||||||||||||||||||||
Construction & Engineering – 0.3% | |||||||||||||||||||||||||||||||||||
Limbach Holdings2,4 | 635,423 | 5,718,807 | 285,356 | – | – | (1,321,197 | ) | – | 673,808 | 4,682,966 | |||||||||||||||||||||||||
5,718,807 | – | (1,321,197 | ) | – | 4,682,966 | ||||||||||||||||||||||||||||||
Information Technology – 0.3% | |||||||||||||||||||||||||||||||||||
Communications Equipment – 0.3% | |||||||||||||||||||||||||||||||||||
PCTEL2,4 | 1,000,593 | 5,673,362 | 146,489 | – | – | (1,035,580 | ) | – | 1,031,093 | 4,784,271 | |||||||||||||||||||||||||
5,673,362 | – | (1,035,580 | ) | – | 4,784,271 | ||||||||||||||||||||||||||||||
19,258,017 | 2,355,413 | (998,495 | ) | – | 9,467,237 | ||||||||||||||||||||||||||||||
Royce Special Equity Fund Consumer Discretionary – 5.5% | |||||||||||||||||||||||||||||||||||
Auto Components – 5.5% | |||||||||||||||||||||||||||||||||||
Standard Motor Products2 | 1,171,500 | 61,374,885 | 265,350 | – | – | (10,842,885 | ) | 316,305 | 1,177,500 | 50,797,350 | |||||||||||||||||||||||||
Household Durables – 0.0% | |||||||||||||||||||||||||||||||||||
Flexsteel Industries5 | 767,500 | 20,615,050 | – | 14,352,219 | (13,061,794 | ) | 6,798,963 | – | |||||||||||||||||||||||||||
Hooker Furniture5 | 1,137,000 | 26,469,360 | – | 21,153,315 | (7,013,961 | ) | 1,697,916 | 220,000 | |||||||||||||||||||||||||||
47,084,410 | (20,075,755 | ) | 8,496,879 | 220,000 | |||||||||||||||||||||||||||||||
108,459,295 | (20,075,755 | ) | (2,346,006 | ) | 536,305 | 50,797,350 | |||||||||||||||||||||||||||||
Industrials – 5.3% | |||||||||||||||||||||||||||||||||||
Machinery – 5.3% | |||||||||||||||||||||||||||||||||||
Gencor Industries2,4 | 1,066,000 | 12,290,980 | – | – | – | (1,332,500 | ) | – | 1,066,000 | 10,958,480 | |||||||||||||||||||||||||
Hurco Companies2 | 580,000 | 17,226,000 | – | – | – | 1,055,600 | 87,000 | 580,000 | 18,281,600 | ||||||||||||||||||||||||||
Miller Industries2 | 754,000 | 25,183,600 | 316,991 | 2,237,528 | 29,551 | (4,003,014 | ) | 137,610 | 685,000 | 19,289,600 | |||||||||||||||||||||||||
54,700,580 | 29,551 | (4,279,914 | ) | 224,610 | 48,529,680 | ||||||||||||||||||||||||||||||
Information Technology – 1.9% | |||||||||||||||||||||||||||||||||||
Semiconductors & Semiconductor Equipment – 1.9% | |||||||||||||||||||||||||||||||||||
NVE Corporation2 | 300,100 | 20,496,830 | 1,467,034 | – | – | (4,261,114 | ) | 307,500 | 325,000 | 17,702,750 | |||||||||||||||||||||||||
20,496,830 | – | (4,261,114 | ) | 307,500 | 17,702,750 | ||||||||||||||||||||||||||||||
183,656,705 | (20,046,204 | ) | (10,887,034 | ) | 1,068,415 | 117,029,780 | |||||||||||||||||||||||||||||
Royce Total Return Fund | |||||||||||||||||||||||||||||||||||
Financials – 1.4% | |||||||||||||||||||||||||||||||||||
Insurance – 1.4% | |||||||||||||||||||||||||||||||||||
Trean Insurance Group2,4 | 2,821,597 | 25,140,429 | 4,172,397 | 1,056,668 | (25,504 | ) | (11,276,825 | ) | – | 3,614,889 | 16,953,829 | ||||||||||||||||||||||||
25,140,429 | (25,504 | ) | (11,276,825 | ) | – | 16,953,829 |
1 | Percentages represent the percentages of the investments in Affiliated Companies of the Funds’s net assets. |
3 | These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors. |
4 | Non-income producing. |
5 | Not an Affiliated Company at March 31, 2022. |
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).