SCHEDULES OF INVESTMENTS
ROYCE DIVIDEND VALUE FUND
SEPTEMBER 30, 2023 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 97.4% | ||||||||
Consumer Discretionary – 3.2% | ||||||||
Hotels, Restaurants & Leisure - 0.2% | ||||||||
Travel + Leisure | 3,100 | $ | 113,863 | |||||
Household Durables - 1.4% | ||||||||
Vistry Group 1 | 77,500 | 859,939 | ||||||
Specialty Retail - 1.6% | ||||||||
USS 1 | 56,000 | 925,945 | ||||||
Total | 1,899,747 | |||||||
Energy – 1.6% | ||||||||
Oil, Gas & Consumable Fuels - 1.6% | ||||||||
Gaztransport Et Technigaz 1 | 7,800 | 958,245 | ||||||
Total | 958,245 | |||||||
Financials – 31.2% | ||||||||
Banks - 5.2% | ||||||||
BOK Financial | 15,414 | 1,232,812 | ||||||
First Citizens BancShares Cl. A | 1,314 | 1,813,451 | ||||||
3,046,263 | ||||||||
Capital Markets - 22.7% | ||||||||
Artisan Partners Asset Management Cl. A | 25,600 | 957,952 | ||||||
B3-Brasil, Bolsa, Balcao | 336,600 | 822,993 | ||||||
Bolsa Mexicana de Valores | 444,000 | 831,314 | ||||||
Canaccord Genuity Group | 31,500 | 186,924 | ||||||
Carlyle Group | 76,020 | 2,292,763 | ||||||
Evercore Cl. A | 13,500 | 1,861,380 | ||||||
KKR & Co. | 19,138 | 1,178,901 | ||||||
Moelis & Company Cl. A | 19,359 | 873,672 | ||||||
SEI Investments | 37,900 | 2,282,717 | ||||||
Sprott | 37,500 | 1,142,186 | ||||||
State Street | 15,120 | 1,012,435 | ||||||
13,443,237 | ||||||||
Financial Services - 1.5% | ||||||||
NewtekOne | 60,500 | 892,375 | ||||||
Insurance - 1.8% | ||||||||
Assured Guaranty | 17,900 | 1,083,308 | ||||||
Total | 18,465,183 | |||||||
Health Care – 3.5% | ||||||||
Health Care Providers & Services - 0.9% | ||||||||
Ensign Group (The) | 5,951 | 553,027 | ||||||
Pharmaceuticals - 2.6% | ||||||||
Recordati Industria Chimica e Farmaceutica 1 | 24,210 | 1,141,381 | ||||||
Santen Pharmaceutical 1 | 41,600 | 381,047 | ||||||
1,522,428 | ||||||||
Total | 2,075,455 | |||||||
Industrials – 34.9% | ||||||||
Aerospace & Defense - 4.1% | ||||||||
HEICO Corporation Cl. A | 18,800 | 2,429,336 | ||||||
Building Products - 0.7% | ||||||||
Geberit 1 | 800 | 399,385 | ||||||
Construction & Engineering - 2.6% | ||||||||
Comfort Systems USA | 8,959 | 1,526,703 |
Electrical Equipment - 3.7% | ||||||||
Hubbell Incorporated | 7,060 | 2,212,674 | ||||||
Ground Transportation - 0.6% | ||||||||
Werner Enterprises | 8,643 | 336,645 | ||||||
Machinery - 9.3% | ||||||||
Graco | 25,224 | 1,838,325 | ||||||
Lincoln Electric Holdings | 9,020 | 1,639,746 | ||||||
Lindsay Corporation | 3,843 | 452,244 | ||||||
Spirax-Sarco Engineering 1 | 13,478 | 1,558,552 | ||||||
5,488,867 | ||||||||
Marine Transportation - 1.9% | ||||||||
Clarkson 1 | 33,415 | 1,112,070 | ||||||
Professional Services - 7.9% | ||||||||
KBR | 42,860 | 2,526,169 | ||||||
Korn Ferry | 8,723 | 413,819 | ||||||
ManpowerGroup | 19,300 | 1,415,076 | ||||||
Robert Half | 4,794 | 351,304 | ||||||
4,706,368 | ||||||||
Trading Companies & Distributors - 4.1% | ||||||||
Applied Industrial Technologies | 13,642 | 2,109,190 | ||||||
FTAI Aviation | 10,000 | 355,500 | ||||||
2,464,690 | ||||||||
Total | 20,676,738 | |||||||
Information Technology – 1.8% | ||||||||
Electronic Equipment, Instruments & Components - 1.8% | ||||||||
Vishay Intertechnology | 42,497 | 1,050,526 | ||||||
Total | 1,050,526 | |||||||
Materials – 19.1% | ||||||||
Chemicals - 2.1% | ||||||||
Quaker Houghton | 6,122 | 979,520 | ||||||
Scotts Miracle-Gro Cl. A | 5,000 | 258,400 | ||||||
1,237,920 | ||||||||
Containers & Packaging - 4.3% | ||||||||
AptarGroup | 20,396 | 2,550,316 | ||||||
Metals & Mining - 12.7% | ||||||||
Franco-Nevada | 16,500 | 2,202,585 | ||||||
Reliance Steel & Aluminum | 6,228 | 1,633,168 | ||||||
Royal Gold | 17,500 | 1,860,775 | ||||||
Worthington Industries | 30,000 | 1,854,600 | ||||||
7,551,128 | ||||||||
Total | 11,339,364 | |||||||
Real Estate – 2.1% | ||||||||
Real Estate Management & Development - 1.8% | ||||||||
Kennedy-Wilson Holdings | 17,000 | 250,580 | ||||||
RMR Group (The) Cl. A | 32,700 | 801,804 | ||||||
1,052,384 | ||||||||
Specialized REITs - 0.3% | ||||||||
OUTFRONT Media | 17,900 | 180,790 | ||||||
Total | 1,233,174 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $25,109,833) | 57,698,432 |
REPURCHASE AGREEMENT – 3.3% | ||||
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $1,935,660 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $1,973,934) | ||||
(Cost $1,935,152) | 1,935,152 | |||
TOTAL INVESTMENTS – 100.7% | ||||
(Cost $27,044,985) | 59,633,584 | |||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.7)% | (427,226 | ) | ||
NET ASSETS – 100.0% | $ | 59,206,358 |
SCHEDULES OF INVESTMENTS
ROYCE GLOBAL FINANCIAL SERVICES FUND
SEPTEMBER 30, 2023 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.0% | ||||||||
Banks - 17.3% | ||||||||
Bank of N.T. Butterfield & Son | 5,805 | $ | 157,199 | |||||
BOK Financial | 9,405 | 752,212 | ||||||
Capital City Bank Group | 16,988 | 506,752 | ||||||
Columbia Banking System | 10,366 | 210,430 | ||||||
First Citizens BancShares Cl. A | 1,056 | 1,457,386 | ||||||
Popular | 14,626 | 921,584 | ||||||
Valley National Bancorp | 5,000 | 42,800 | ||||||
Western Alliance Bancorp | 8,000 | 367,760 | ||||||
Total | 4,416,123 | |||||||
Capital Markets - 48.8% | ||||||||
Ares Management Cl. A | 4,442 | 456,949 | ||||||
Artisan Partners Asset Management Cl. A | 7,512 | 281,099 | ||||||
B3-Brasil, Bolsa, Balcao | 183,000 | 447,438 | ||||||
Carlyle Group | 21,185 | 638,940 | ||||||
Charles Schwab | 10,270 | 563,823 | ||||||
Coronation Fund Managers 1,2 | 30,600 | 49,997 | ||||||
CRISIL 1 | 14,000 | 659,873 | ||||||
Donnelley Financial Solutions 2 | 5,128 | 288,604 | ||||||
EFG Holding S.A.E. 1,2 | 277,186 | 132,314 | ||||||
GCM Grosvenor Cl. A | 21,300 | 165,288 | ||||||
Intermediate Capital Group 1 | 39,111 | 659,002 | ||||||
JSE 1 | 51,000 | 247,566 | ||||||
KKR & Co. | 14,508 | 893,693 | ||||||
MarketAxess Holdings | 1,423 | 304,010 | ||||||
MarketWise Cl. A | 88,300 | 141,280 | ||||||
Morningstar | 1,199 | 280,854 | ||||||
NZX 1 | 580,000 | 369,557 | ||||||
Onex Corporation | 11,615 | 682,662 | ||||||
Rand Capital | 5,000 | 66,050 | ||||||
Raymond James Financial | 2,320 | 232,998 | ||||||
SEI Investments | 9,540 | 574,594 | ||||||
Silvercrest Asset Management Group Cl. A | 27,612 | 438,202 | ||||||
Sprott | 36,450 | 1,110,205 | ||||||
StoneX Group 2 | 7,975 | 772,937 | ||||||
Tel Aviv Stock Exchange 1,2 | 232,705 | 1,336,456 | ||||||
U.S. Global Investors Cl. A | 165,500 | 471,675 | ||||||
Warsaw Stock Exchange 1 | 23,169 | 198,079 | ||||||
Total | 12,464,145 | |||||||
Electronic Equipment, Instruments & Components - 1.4% | ||||||||
Crane NXT | 6,500 | 361,205 | ||||||
Total | 361,205 | |||||||
Financial Services - 3.6% | ||||||||
Banco Latinoamericano de Comercio Exterior Cl. E | 25,700 | 544,840 | ||||||
ECN Capital | 100,000 | 169,336 | ||||||
PayPal Holdings 2 | 3,466 | 202,622 | ||||||
Total | 916,798 | |||||||
Insurance - 8.6% | ||||||||
Assured Guaranty | 7,594 | 459,589 | ||||||
Axis Capital Holdings | 11,554 | 651,299 | ||||||
E-L Financial | 1,327 | 870,500 |
James River Group Holdings | 13,700 | 210,295 | ||||||
Total | 2,191,683 | |||||||
Metals & Mining - 4.5% | ||||||||
Franco-Nevada | 8,571 | 1,144,143 | ||||||
Total | 1,144,143 | |||||||
Professional Services - 0.1% | ||||||||
Quess Corp 1,2 | 8,900 | 44,729 | ||||||
Total | 44,729 | |||||||
Real Estate Management & Development - 9.3% | ||||||||
Altus Group | 23,760 | 822,525 | ||||||
FirstService Corporation | 7,541 | 1,097,517 | ||||||
Real Matters 2 | 100,000 | 456,470 | ||||||
Total | 2,376,512 | |||||||
Software - 1.0% | ||||||||
Envestnet 2 | 6,000 | 264,180 | ||||||
Total | 264,180 | |||||||
Trading Companies & Distributors - 1.4% | ||||||||
FTAI Aviation | 10,000 | 355,500 | ||||||
Total | 355,500 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $15,101,306) | 24,535,018 | |||||||
DIVERSIFIED INVESTMENT COMPANIES – 1.1% | ||||||||
Closed-End Funds - 1.1% | ||||||||
Eagle Point Income | 19,341 | 275,609 | ||||||
(Cost $384,692) | 275,609 | |||||||
REPURCHASE AGREEMENT – 3.4% | ||||||||
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $860,178 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $877,224) | ||||||||
(Cost $859,952) | 859,952 | |||||||
TOTAL INVESTMENTS – 100.5% | ||||||||
(Cost $16,345,950) | 25,670,579 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.5)% | (119,223 | ) | ||||||
NET ASSETS – 100.0% | $ | 25,551,356 |
SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL PREMIER FUND
SEPTEMBER 30, 2023 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 92.7% | ||||||||
Australia – 5.5% | ||||||||
Hansen Technologies 1 | 4,885,772 | $ | 16,611,812 | |||||
IPH 1 | 3,937,898 | 18,723,201 | ||||||
Total | 35,335,013 | |||||||
Belgium – 1.8% | ||||||||
Azelis Group 1 | 596,406 | 11,728,509 | ||||||
Total | 11,728,509 | |||||||
Brazil – 3.5% | ||||||||
Odontoprev | 5,653,425 | 12,248,122 | ||||||
TOTVS | 1,892,555 | 10,165,817 | ||||||
Total | 22,413,939 | |||||||
Canada – 4.5% | ||||||||
Altus Group | 85,300 | 2,952,922 | ||||||
Enghouse Systems | 635,548 | 14,028,146 | ||||||
Open Text | 323,849 | 11,366,009 | ||||||
Total | 28,347,077 | |||||||
Finland – 1.3% | ||||||||
Enento Group 1 | 369,530 | 8,280,473 | ||||||
Total | 8,280,473 | |||||||
France – 2.8% | ||||||||
Antin Infrastructure Partners 1 | 684,124 | 8,840,655 | ||||||
Lectra 1 | 341,745 | 9,302,744 | ||||||
Total | 18,143,399 | |||||||
Germany – 1.9% | ||||||||
New Work 1 | 90,018 | 9,412,598 | ||||||
Norma Group 1 | 155,200 | 2,878,955 | ||||||
Total | 12,291,553 | |||||||
Iceland – 2.3% | ||||||||
Marel 1 | 2,871,501 | 8,324,163 | ||||||
Ossur 1,2 | 1,498,647 | 6,051,735 | ||||||
Total | 14,375,898 | |||||||
Italy – 4.0% | ||||||||
Carel Industries 1 | 268,750 | 6,441,882 | ||||||
DiaSorin 1 | 108,363 | 9,864,774 | ||||||
GVS 1,2 | 1,743,636 | 9,425,985 | ||||||
Total | 25,732,641 | |||||||
Japan – 23.8% | ||||||||
As One 1 | 309,100 | 11,281,487 | ||||||
Benefit One 1 | 432,000 | 3,123,081 | ||||||
BML 1 | 1,009,700 | 18,875,826 | ||||||
Fukui Computer Holdings 1 | 322,900 | 5,753,477 | ||||||
JCU 1 | 552,300 | 11,412,140 | ||||||
Maruwa 1 | 64,600 | 10,118,350 | ||||||
MEITEC Group Holdings 1 | 693,000 | 12,528,999 | ||||||
Miura 1 | 469,500 | 9,447,621 | ||||||
NSD 1 | 459,800 | 8,697,817 |
OBIC Business Consultants 1 | 246,300 | 10,198,030 | ||||||
Riken Keiki 1 | 319,600 | 12,880,990 | ||||||
TKC Corporation 1 | 706,800 | 17,202,318 | ||||||
USS 1 | 600,500 | 9,929,104 | ||||||
Zuken 1 | 433,600 | 10,534,356 | ||||||
Total | 151,983,596 | |||||||
Netherlands – 1.7% | ||||||||
IMCD 1 | 85,800 | 10,845,356 | ||||||
Total | 10,845,356 | |||||||
Poland – 2.0% | ||||||||
Asseco Poland 1 | 769,597 | 12,593,983 | ||||||
Total | 12,593,983 | |||||||
Singapore – 1.8% | ||||||||
XP Power 1 | 394,461 | 11,339,760 | ||||||
Total | 11,339,760 | |||||||
South Korea – 2.2% | ||||||||
Douzone Bizon 1 | 106,000 | 2,277,191 | ||||||
NICE Information Service 1 | 1,605,997 | 11,763,930 | ||||||
Total | 14,041,121 | |||||||
Sweden – 6.5% | ||||||||
Alimak Group 1 | 1,337,294 | 8,119,844 | ||||||
Karnov Group 1,2 | 2,952,897 | 13,049,608 | ||||||
Loomis 1 | 456,647 | 12,262,137 | ||||||
Norva24 Group 1,2 | 4,484,405 | 7,887,239 | ||||||
Total | 41,318,828 | |||||||
Switzerland – 4.3% | ||||||||
Kardex Holding 1 | 38,900 | 8,479,643 | ||||||
Partners Group Holding 1 | 6,788 | 7,638,199 | ||||||
VZ Holding 1 | 105,896 | 11,048,926 | ||||||
Total | 27,166,768 | |||||||
United Kingdom – 22.8% | ||||||||
Ashmore Group 1 | 1,052,350 | 2,410,880 | ||||||
Auction Technology Group 1,2 | 1,150,543 | 9,123,638 | ||||||
Croda International 1 | 133,040 | 7,974,796 | ||||||
CVS Group 1 | 387,708 | 7,706,882 | ||||||
Diploma 1 | 257,610 | 9,411,600 | ||||||
DiscoverIE Group 1 | 1,475,482 | 12,139,990 | ||||||
Ergomed 1,2 | 327,131 | 5,336,186 | ||||||
Intertek Group 1 | 231,722 | 11,586,804 | ||||||
Learning Technologies Group 1 | 13,079,874 | 10,243,158 | ||||||
Marlowe 1,2 | 2,246,370 | 15,971,048 | ||||||
Mortgage Advice Bureau Holdings 1 | 1,379,609 | 8,939,048 | ||||||
Restore 1 | 6,331,860 | 18,149,189 | ||||||
Rightmove 1 | 987,816 | 6,732,746 | ||||||
Spirax-Sarco Engineering 1 | 78,500 | 9,077,485 | ||||||
Victrex 1 | 600,145 | 10,276,765 | ||||||
Total | 145,080,215 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $672,739,884) | 591,018,129 | |||||||
PREFERRED STOCK– 1.6% | ||||||||
Germany – 1.6% | ||||||||
FUCHS1 | 250,615 | 9,759,810 | ||||||
(Cost $9,813,187) | 9,759,810 |
REPURCHASE AGREEMENT – 5.3% | ||||
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $33,956,828 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $34,626,946) | ||||
(Cost $33,947,917) | 33,947,917 | |||
TOTAL INVESTMENTS – 99.6% | ||||
(Cost $716,500,988) | 634,725,856 | |||
CASH AND OTHER ASSETS LESS LIABILITIES – 0.4% | 2,694,882 | |||
NET ASSETS – 100.0% | $ | 637,420,738 |
SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP FUND
SEPTEMBER 30, 2023 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.1% | ||||||||
Communication Services – 3.9% | ||||||||
Entertainment - 1.1% | ||||||||
Chicken Soup for the Soul Entertainment Cl. A 2 | 32 | $ | 11 | |||||
Gaia Cl. A 2 | 41 | 111 | ||||||
IMAX Corporation 2 | 166,100 | 3,209,052 | ||||||
3,209,174 | ||||||||
Interactive Media & Services - 0.8% | ||||||||
QuinStreet 2 | 260,446 | 2,336,201 | ||||||
Media - 2.0% | ||||||||
Entravision Communications Cl. A | 377,521 | 1,377,952 | ||||||
Innovid Corp. 2 | 725,961 | 929,230 | ||||||
Magnite 2 | 220,900 | 1,665,586 | ||||||
Thryv Holdings 2 | 97,704 | 1,833,904 | ||||||
5,806,672 | ||||||||
Total | 11,352,047 | |||||||
Consumer Discretionary – 12.5% | ||||||||
Automobile Components - 2.5% | ||||||||
Modine Manufacturing 2 | 89,694 | 4,103,500 | ||||||
Stoneridge 2 | 147,400 | 2,958,318 | ||||||
7,061,818 | ||||||||
Diversified Consumer Services - 0.6% | ||||||||
Lincoln Educational Services 2 | 206,908 | 1,748,373 | ||||||
Hotels, Restaurants & Leisure - 1.3% | ||||||||
Century Casinos 2 | 346,100 | 1,775,493 | ||||||
Lindblad Expeditions Holdings 2 | 270,400 | 1,946,880 | ||||||
3,722,373 | ||||||||
Household Durables - 2.0% | ||||||||
Hovnanian Enterprises Cl. A 2 | 34,400 | 3,497,104 | ||||||
Legacy Housing 2 | 117,973 | 2,289,856 | ||||||
5,786,960 | ||||||||
Leisure Products - 1.5% | ||||||||
American Outdoor Brands 2 | 260,456 | 2,547,260 | ||||||
MasterCraft Boat Holdings 2 | 85,300 | 1,895,366 | ||||||
4,442,626 | ||||||||
Specialty Retail - 3.7% | ||||||||
Chico's FAS 2 | 166,637 | 1,246,445 | ||||||
Citi Trends 2 | 142,724 | 3,171,327 | ||||||
JOANN 2 | 217,326 | 156,475 | ||||||
OneWater Marine Cl. A 2 | 45,600 | 1,168,272 | ||||||
Shoe Carnival | 109,322 | 2,627,007 | ||||||
Zumiez 2 | 127,900 | 2,276,620 | ||||||
10,646,146 | ||||||||
Textiles, Apparel & Luxury Goods - 0.9% | ||||||||
Fossil Group 2 | 452,400 | 931,944 | ||||||
Vera Bradley 2 | 243,100 | 1,606,891 | ||||||
2,538,835 | ||||||||
Total | 35,947,131 | |||||||
Energy – 4.5% | ||||||||
Energy Equipment & Services - 4.5% | ||||||||
Natural Gas Services Group 2 | 299,513 | 4,360,909 | ||||||
Newpark Resources 2 | 670,400 | 4,632,464 | ||||||
Profire Energy 2 | 1,404,632 | 3,904,877 | ||||||
Total | 12,898,250 | |||||||
Financials – 12.2% | ||||||||
Banks - 7.4% | ||||||||
BayCom Corporation | 155,542 | 2,987,962 | ||||||
Customers Bancorp 2 | 72,500 | 2,497,625 | ||||||
HarborOne Bancorp | 251,253 | 2,391,928 | ||||||
HBT Financial | 168,011 | 3,064,520 | ||||||
HomeTrust Bancshares | 115,700 | 2,507,219 | ||||||
Investar Holding Corporation | 185,600 | 1,965,504 | ||||||
Midway Investments 2,3 | 1,858,170 | 0 | ||||||
Stellar Bancorp | 99,377 | 2,118,718 | ||||||
Territorial Bancorp | 125,708 | 1,142,686 | ||||||
Western New England Bancorp | 405,336 | 2,630,631 | ||||||
21,306,793 | ||||||||
Capital Markets - 4.0% | ||||||||
B. Riley Financial | 52,800 | 2,164,272 | ||||||
Canaccord Genuity Group | 284,800 | 1,690,033 | ||||||
Silvercrest Asset Management Group Cl. A | 170,773 | 2,710,168 | ||||||
Sprott | 70,380 | 2,143,656 | ||||||
StoneX Group 2 | 28,100 | 2,723,452 | ||||||
11,431,581 | ||||||||
Financial Services - 0.8% | ||||||||
Cass Information Systems | 60,216 | 2,243,046 | ||||||
Total | 34,981,420 | |||||||
Health Care – 7.3% | ||||||||
Biotechnology - 2.1% | ||||||||
ARS Pharmaceuticals 2,4 | 171,174 | 647,038 | ||||||
CareDx 2 | 193,500 | 1,354,500 | ||||||
Dynavax Technologies 2 | 198,000 | 2,924,460 | ||||||
MeiraGTx Holdings 2 | 222,200 | 1,091,002 | ||||||
6,017,000 | ||||||||
Health Care Equipment & Supplies - 3.7% | ||||||||
Apyx Medical 2 | 527,527 | 1,688,086 | ||||||
Artivion 2 | 176,155 | 2,670,510 | ||||||
AtriCure 2 | 40,700 | 1,782,660 | ||||||
Cutera 2 | 86,900 | 523,138 | ||||||
OrthoPediatrics Corp. 2 | 50,400 | 1,612,800 | ||||||
Profound Medical 2 | 227,300 | 2,279,276 | ||||||
10,556,470 | ||||||||
Life Sciences Tools & Services - 0.9% | ||||||||
Harvard Bioscience 2 | 601,559 | 2,586,703 | ||||||
Pharmaceuticals - 0.6% | ||||||||
Harrow 2,4 | 120,300 | 1,728,711 | ||||||
Total | 20,888,884 | |||||||
Industrials – 26.1% | ||||||||
Aerospace & Defense - 2.2% | ||||||||
Astronics Corporation 2 | 132,200 | 2,096,692 | ||||||
Cadre Holdings | 111,032 | 2,959,003 | ||||||
CPI Aerostructures 2 | 343,190 | 1,146,254 | ||||||
6,201,949 | ||||||||
Building Products - 1.3% | ||||||||
Quanex Building Products | 137,300 | 3,867,741 | ||||||
Commercial Services & Supplies - 3.2% | ||||||||
Acme United | 80,930 | 2,418,998 | ||||||
CECO Environmental 2 | 200,200 | 3,197,194 | ||||||
VSE Corporation | 69,900 | 3,525,756 | ||||||
9,141,948 | ||||||||
Construction & Engineering - 4.6% | ||||||||
Concrete Pumping Holdings 2 | 312,332 | 2,679,809 | ||||||
Construction Partners Cl. A 2 | 104,300 | 3,813,208 | ||||||
IES Holdings 2 | 57,100 | 3,761,177 |
Northwest Pipe 2 | 97,900 | 2,953,643 | ||||||
13,207,837 | ||||||||
Electrical Equipment - 0.7% | ||||||||
American Superconductor 2 | 248,800 | 1,878,440 | ||||||
Machinery - 5.6% | ||||||||
Alimak Group 1 | 199,400 | 1,210,726 | ||||||
Commercial Vehicle Group 2 | 253,100 | 1,964,056 | ||||||
Graham Corporation 2 | 251,316 | 4,171,846 | ||||||
Luxfer Holdings | 152,065 | 1,984,448 | ||||||
Porvair 1 | 329,800 | 2,332,703 | ||||||
Shyft Group (The) | 107,219 | 1,605,068 | ||||||
Wabash National | 138,700 | 2,929,344 | ||||||
16,198,191 | ||||||||
Marine Transportation - 0.9% | ||||||||
Clarkson 1 | 78,924 | 2,626,636 | ||||||
Professional Services - 5.1% | ||||||||
CRA International | 27,783 | 2,799,415 | ||||||
Forrester Research 2 | 74,300 | 2,147,270 | ||||||
Kforce | 42,732 | 2,549,391 | ||||||
NV5 Global 2 | 24,400 | 2,348,012 | ||||||
Resources Connection | 204,452 | 3,048,379 | ||||||
TrueBlue 2 | 121,200 | 1,778,004 | ||||||
14,670,471 | ||||||||
Trading Companies & Distributors - 2.5% | ||||||||
Distribution Solutions Group 2 | 147,748 | 3,841,448 | ||||||
Transcat 2 | 35,274 | 3,455,794 | ||||||
7,297,242 | ||||||||
Total | 75,090,455 | |||||||
Information Technology – 24.0% | ||||||||
Communications Equipment - 4.0% | ||||||||
Applied Optoelectronics 2 | 271,298 | 2,976,139 | ||||||
Clearfield 2,4 | 55,300 | 1,584,898 | ||||||
Comtech Telecommunications | 166,002 | 1,452,517 | ||||||
Digi International 2 | 86,500 | 2,335,500 | ||||||
EMCORE Corporation 2 | 547,300 | 260,241 | ||||||
Genasys 2 | 524,453 | 1,054,151 | ||||||
Harmonic 2 | 195,900 | 1,886,517 | ||||||
11,549,963 | ||||||||
Electronic Equipment, Instruments & Components - 6.3% | ||||||||
Arlo Technologies 2 | 298,500 | 3,074,550 | ||||||
FARO Technologies 2 | 132,045 | 2,011,045 | ||||||
LightPath Technologies Cl. A 2 | 852,684 | 1,236,392 | ||||||
Luna Innovations 2 | 386,354 | 2,264,035 | ||||||
nLIGHT 2 | 254,350 | 2,645,240 | ||||||
PAR Technology 2 | 79,600 | 3,067,784 | ||||||
PowerFleet 2 | 388,604 | 804,410 | ||||||
VIA optronics ADR 2 | 261,857 | 301,136 | ||||||
Vishay Precision Group 2 | 79,000 | 2,652,820 | ||||||
18,057,412 | ||||||||
IT Services - 0.0% | ||||||||
Computer Task Group 2 | 77 | 796 | ||||||
Semiconductors & Semiconductor Equipment - 11.5% | ||||||||
Aehr Test Systems 2 | 76,512 | 3,496,598 | ||||||
Amtech Systems 2 | 193,211 | 1,472,268 | ||||||
Axcelis Technologies 2 | 18,200 | 2,967,510 | ||||||
AXT 2 | 496,600 | 1,191,840 | ||||||
Camtek 2 | 70,007 | 4,358,636 | ||||||
Cohu 2 | 84,900 | 2,923,956 | ||||||
Ichor Holdings 2 | 85,900 | 2,659,464 | ||||||
Nova 2 | 26,100 | 2,934,684 | ||||||
NVE Corporation | 36,516 | 2,999,424 |
PDF Solutions 2 | 71,600 | 2,319,840 | ||||||
Photronics 2 | 165,900 | 3,352,839 | ||||||
Ultra Clean Holdings 2 | 79,500 | 2,358,765 | ||||||
33,035,824 | ||||||||
Software - 0.8% | ||||||||
Agilysys 2 | 36,121 | 2,389,765 | ||||||
Technology Hardware, Storage & Peripherals - 1.4% | ||||||||
AstroNova 2 | 198,050 | 2,475,625 | ||||||
Intevac 2 | 485,428 | 1,509,681 | ||||||
3,985,306 | ||||||||
Total | 69,019,066 | |||||||
Materials – 5.1% | ||||||||
Chemicals - 0.7% | ||||||||
Aspen Aerogels 2 | 221,100 | 1,901,460 | ||||||
Metals & Mining - 4.4% | ||||||||
Altius Minerals | 114,900 | 1,857,687 | ||||||
Ferroglobe 2 | 300,400 | 1,562,080 | ||||||
Haynes International | 60,130 | 2,797,248 | ||||||
Major Drilling Group International 2 | 479,000 | 2,916,496 | ||||||
Universal Stainless & Alloy Products 2 | 273,592 | 3,586,791 | ||||||
12,720,302 | ||||||||
Total | 14,621,762 | |||||||
Real Estate – 0.5% | ||||||||
Real Estate Management & Development - 0.5% | ||||||||
FRP Holdings 2 | 29,575 | 1,596,163 | ||||||
Total | 1,596,163 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $224,620,630) | 276,395,178 | |||||||
REPURCHASE AGREEMENT – 2.6% | ||||||||
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $7,381,006 (collateralized by obligations of U.S. Government Agencies, 4.125% due 6/15/26, valued at $7,526,656) | ||||||||
(Cost $7,379,069) | 7,379,069 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.2% | ||||||||
Money Market Funds | ||||||||
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-5.20%) | ||||||||
(Cost $635,483) | 635,483 | 635,483 | ||||||
TOTAL INVESTMENTS – 98.9% | ||||||||
(Cost $232,635,182) | 284,409,730 | |||||||
CASH AND OTHER ASSETS LESS LIABILITIES – 1.1% | 3,030,490 | |||||||
NET ASSETS – 100.0% | $ | 287,440,220 |
SCHEDULES OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
SEPTEMBER 30, 2023 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.7% | ||||||||
Communication Services – 1.7% | ||||||||
Diversified Telecommunication Services - 0.1% | ||||||||
Cogent Communications Holdings | 20,293 | $ | 1,256,137 | |||||
Liberty Latin America Cl. C 2 | 187,820 | 1,532,611 | ||||||
2,788,748 | ||||||||
Entertainment - 0.3% | ||||||||
IMAX Corporation 2 | 240,219 | 4,641,031 | ||||||
Interactive Media & Services - 1.1% | ||||||||
QuinStreet 2 | 77,243 | 692,870 | ||||||
Ziff Davis 2 | 283,622 | 18,063,885 | ||||||
18,756,755 | ||||||||
Media - 0.2% | ||||||||
TEGNA | 197,863 | 2,882,864 | ||||||
Total | 29,069,398 | |||||||
Consumer Discretionary – 9.7% | ||||||||
Automobile Components - 2.9% | ||||||||
Atmus Filtration Technologies 2 | 54,000 | 1,125,900 | ||||||
Dorman Products 2 | 158,168 | 11,982,808 | ||||||
Fox Factory Holding Corporation 2 | 64,400 | 6,380,752 | ||||||
Gentex Corporation | 324,597 | 10,562,386 | ||||||
LCI Industries | 90,392 | 10,613,829 | ||||||
Modine Manufacturing 2 | 50,000 | 2,287,500 | ||||||
Stoneridge 2 | 57,057 | 1,145,134 | ||||||
Vitesco Technologies Group 1,2 | 47,438 | 3,853,075 | ||||||
47,951,384 | ||||||||
Broadline Retail - 0.1% | ||||||||
Savers Value Village 2 | 71,007 | 1,325,701 | ||||||
Distributors - 0.2% | ||||||||
LKQ Corporation | 60,000 | 2,970,600 | ||||||
Pool Corporation | 2,993 | 1,065,807 | ||||||
4,036,407 | ||||||||
Diversified Consumer Services - 0.1% | ||||||||
Lincoln Educational Services 2 | 180,860 | 1,528,267 | ||||||
Hotels, Restaurants & Leisure - 0.4% | ||||||||
Bloomin' Brands | 118,700 | 2,918,833 | ||||||
Century Casinos 2 | 421,973 | 2,164,722 | ||||||
Denny's Corporation 2 | 114,732 | 971,780 | ||||||
6,055,335 | ||||||||
Household Durables - 1.1% | ||||||||
Helen of Troy 2 | 36,289 | 4,229,846 | ||||||
Installed Building Products | 6,750 | 843,007 | ||||||
Legacy Housing 2 | 97,929 | 1,900,802 | ||||||
M/I Homes 2 | 35,113 | 2,950,896 | ||||||
PulteGroup | 41,539 | 3,075,963 | ||||||
Skyline Champion 2 | 77,223 | 4,920,650 | ||||||
TopBuild Corp. 2 | 256 | 64,410 | ||||||
17,985,574 | ||||||||
Leisure Products - 0.7% | ||||||||
Brunswick Corporation | 102,845 | 8,124,755 | ||||||
YETI Holdings 2 | 63,347 | 3,054,592 | ||||||
11,179,347 | ||||||||
Specialty Retail - 3.0% | ||||||||
Asbury Automotive Group 2 | 73,132 | 16,825,479 | ||||||
CarMax 2 | 18,799 | 1,329,653 | ||||||
Destination XL Group 2 | 682,360 | 3,056,973 |
Five Below 2 | 8,214 | 1,321,633 | ||||||
Floor & Decor Holdings Cl. A 2,4 | 2,389 | 216,205 | ||||||
Murphy USA | 8,640 | 2,952,547 | ||||||
OneWater Marine Cl. A 2 | 170,276 | 4,362,471 | ||||||
Shoe Carnival | 287,578 | 6,910,499 | ||||||
Signet Jewelers | 43,935 | 3,154,972 | ||||||
Valvoline 2 | 201,657 | 6,501,422 | ||||||
Williams-Sonoma | 25,793 | 4,008,232 | ||||||
50,640,086 | ||||||||
Textiles, Apparel & Luxury Goods - 1.2% | ||||||||
Carter's | 76,046 | 5,258,581 | ||||||
Kontoor Brands | 67,144 | 2,948,293 | ||||||
Movado Group | 198,126 | 5,418,746 | ||||||
Ralph Lauren Cl. A | 35,171 | 4,083,001 | ||||||
Steven Madden | 99,500 | 3,161,115 | ||||||
20,869,736 | ||||||||
Total | 161,571,837 | |||||||
Consumer Staples – 1.2% | ||||||||
Food Products - 0.5% | ||||||||
Nomad Foods 2 | 430,865 | 6,557,765 | ||||||
Seneca Foods Cl. A 2 | 19,233 | 1,035,313 | ||||||
7,593,078 | ||||||||
Personal Care Products - 0.7% | ||||||||
Inter Parfums | 86,890 | 11,672,802 | ||||||
Total | 19,265,880 | |||||||
Energy – 2.0% | ||||||||
Energy Equipment & Services - 0.9% | ||||||||
Core Laboratories | 117,948 | 2,831,932 | ||||||
Pason Systems | 1,262,865 | 12,533,348 | ||||||
RPC | 11,000 | 98,340 | ||||||
15,463,620 | ||||||||
Oil, Gas & Consumable Fuels - 1.1% | ||||||||
Chord Energy | 20,346 | 3,297,476 | ||||||
Civitas Resources | 40,650 | 3,287,366 | ||||||
Magnolia Oil & Gas Cl. A | 60,508 | 1,386,238 | ||||||
Matador Resources | 53,828 | 3,201,689 | ||||||
Northern Oil and Gas | 34,526 | 1,388,981 | ||||||
Range Resources | 42,052 | 1,362,905 | ||||||
SilverBow Resources 2 | 83,509 | 2,987,117 | ||||||
Sitio Royalties Cl. A | 53,103 | 1,285,624 | ||||||
18,197,396 | ||||||||
Total | 33,661,016 | |||||||
Financials – 16.9% | ||||||||
Banks - 5.5% | ||||||||
Bank of N.T. Butterfield & Son | 190,500 | 5,158,740 | ||||||
BankUnited | 182,703 | 4,147,358 | ||||||
BOK Financial | 40,738 | 3,258,225 | ||||||
CNB Financial | 10,180 | 184,360 | ||||||
First Bancshares (The) | 154,207 | 4,158,963 | ||||||
First Citizens BancShares Cl. A | 18,024 | 24,874,923 | ||||||
First Hawaiian | 252,895 | 4,564,755 | ||||||
Hingham Institution for Savings | 15,319 | 2,860,823 | ||||||
Home BancShares | 249,980 | 5,234,581 | ||||||
Independent Bank Group | 141,798 | 5,608,111 | ||||||
Origin Bancorp | 102,630 | 2,962,928 | ||||||
Popular | 189,632 | 11,948,712 | ||||||
Timberland Bancorp | 99,201 | 2,688,347 | ||||||
Triumph Financial 2 | 96,832 | 6,273,745 | ||||||
TrustCo Bank Corp NY | 117,875 | 3,216,809 |
Valley National Bancorp | 246,171 | 2,107,224 | ||||||
Western Alliance Bancorp | 64,860 | 2,981,614 | ||||||
92,230,218 | ||||||||
Capital Markets - 5.4% | ||||||||
Artisan Partners Asset Management Cl. A | 402,699 | 15,068,996 | ||||||
B. Riley Financial | 37,902 | 1,553,603 | ||||||
Evercore Cl. A | 22,103 | 3,047,562 | ||||||
GCM Grosvenor Cl. A | 961,176 | 7,458,726 | ||||||
Houlihan Lokey Cl. A | 59,507 | 6,374,390 | ||||||
Lazard Cl. A | 81,532 | 2,528,307 | ||||||
Morningstar | 50,657 | 11,865,896 | ||||||
Onex Corporation | 25,000 | 1,469,354 | ||||||
SEI Investments | 340,707 | 20,520,782 | ||||||
Sprott | 244,764 | 7,455,098 | ||||||
TMX Group | 463,250 | 9,955,654 | ||||||
Tradeweb Markets Cl. A | 42,244 | 3,387,969 | ||||||
90,686,337 | ||||||||
Consumer Finance - 0.2% | ||||||||
PRA Group 2 | 118,066 | 2,268,048 | ||||||
Financial Services - 0.9% | ||||||||
Compass Diversified Holdings | 137,247 | 2,576,126 | ||||||
International Money Express 2 | 172,382 | 2,918,427 | ||||||
NewtekOne | 313,177 | 4,619,361 | ||||||
Repay Holdings Cl. A 2,4 | 695,381 | 5,277,942 | ||||||
15,391,856 | ||||||||
Insurance - 4.9% | ||||||||
Assured Guaranty | 269,277 | 16,296,644 | ||||||
Axis Capital Holdings | 61,968 | 3,493,136 | ||||||
E-L Financial | 23,618 | 15,493,199 | ||||||
First American Financial | 24,673 | 1,393,778 | ||||||
International General Insurance Holdings | 577,986 | 6,519,682 | ||||||
James River Group Holdings | 448,659 | 6,886,916 | ||||||
RenaissanceRe Holdings | 41,951 | 8,302,942 | ||||||
RLI Corp. | 53,417 | 7,258,836 | ||||||
Safety Insurance Group | 68,754 | 4,688,335 | ||||||
Stewart Information Services | 50,605 | 2,216,499 | ||||||
Tiptree | 195,785 | 3,281,357 | ||||||
White Mountains Insurance Group | 4,160 | 6,222,070 | ||||||
82,053,394 | ||||||||
Total | 282,629,853 | |||||||
Health Care – 6.9% | ||||||||
Biotechnology - 0.4% | ||||||||
CareDx 2 | 200,005 | 1,400,035 | ||||||
Catalyst Pharmaceuticals 2 | 471,389 | 5,510,537 | ||||||
MeiraGTx Holdings 2 | 95,578 | 469,288 | ||||||
7,379,860 | ||||||||
Health Care Equipment & Supplies - 3.6% | ||||||||
AtriCure 2 | 24,482 | 1,072,312 | ||||||
Atrion Corporation | 8,442 | 3,487,981 | ||||||
Cutera 2 | 39,800 | 239,596 | ||||||
Enovis Corporation 2 | 382,033 | 20,144,600 | ||||||
Haemonetics Corporation 2 | 325,682 | 29,174,594 | ||||||
OrthoPediatrics Corp. 2 | 55,623 | 1,779,936 | ||||||
Profound Medical 2 | 52,098 | 522,418 | ||||||
Surmodics 2 | 42,305 | 1,357,567 | ||||||
TransMedics Group 2,4 | 41,198 | 2,255,591 | ||||||
60,034,595 | ||||||||
Health Care Providers & Services - 0.7% | ||||||||
AMN Healthcare Services 2 | 32,457 | 2,764,687 | ||||||
Cross Country Healthcare 2 | 121,617 | 3,014,885 | ||||||
Molina Healthcare 2 | 13,896 | 4,556,360 |
Premier Cl. A | 44,819 | 963,609 | ||||||
11,299,541 | ||||||||
Health Care Technology - 0.1% | ||||||||
Doximity Cl. A 2 | 51,474 | 1,092,278 | ||||||
Simulations Plus | 35,508 | 1,480,684 | ||||||
2,572,962 | ||||||||
Life Sciences Tools & Services - 1.9% | ||||||||
Azenta 2 | 129,518 | 6,500,508 | ||||||
BioLife Solutions 2 | 78,183 | 1,079,707 | ||||||
Bio-Rad Laboratories Cl. A 2 | 14,084 | 5,048,410 | ||||||
Bio-Techne | 115,647 | 7,872,091 | ||||||
Harvard Bioscience 2 | 121,940 | 524,342 | ||||||
Mesa Laboratories | 53,106 | 5,579,847 | ||||||
Quanterix Corporation 2 | 16,148 | 438,257 | ||||||
Stevanato Group | 155,201 | 4,612,574 | ||||||
31,655,736 | ||||||||
Pharmaceuticals - 0.2% | ||||||||
Harmony Biosciences Holdings 2 | 48,593 | 1,592,393 | ||||||
Pacira BioSciences 2 | 1,900 | 58,292 | ||||||
SIGA Technologies | 210,689 | 1,106,117 | ||||||
2,756,802 | ||||||||
Total | 115,699,496 | |||||||
Industrials – 30.5% | ||||||||
Aerospace & Defense - 1.2% | ||||||||
HEICO Corporation | 80,074 | 12,966,383 | ||||||
Leonardo DRS 2 | 378,414 | 6,319,514 | ||||||
19,285,897 | ||||||||
Air Freight & Logistics - 0.9% | ||||||||
Forward Air | 78,031 | 5,363,851 | ||||||
Hub Group Cl. A 2 | 133,340 | 10,472,523 | ||||||
15,836,374 | ||||||||
Building Products - 3.4% | ||||||||
Advanced Drainage Systems | 557 | 63,403 | ||||||
Builders FirstSource 2 | 168,376 | 20,961,128 | ||||||
Carlisle Companies | 11,978 | 3,105,416 | ||||||
CSW Industrials | 9,200 | 1,612,208 | ||||||
Hayward Holdings 2 | 22,552 | 317,983 | ||||||
Quanex Building Products | 169,345 | 4,770,449 | ||||||
Simpson Manufacturing | 73,187 | 10,964,145 | ||||||
UFP Industries | 141,967 | 14,537,421 | ||||||
56,332,153 | ||||||||
Commercial Services & Supplies - 1.5% | ||||||||
Brady Corporation Cl. A | 101,977 | 5,600,577 | ||||||
Driven Brands Holdings 2 | 59,545 | 749,672 | ||||||
GFL Environmental | 73,628 | 2,338,425 | ||||||
Healthcare Services Group 2 | 575,282 | 6,000,191 | ||||||
Heritage-Crystal Clean 2 | 111,087 | 5,037,795 | ||||||
Montrose Environmental Group 2 | 55,184 | 1,614,684 | ||||||
RB Global | 53,565 | 3,347,813 | ||||||
24,689,157 | ||||||||
Construction & Engineering - 3.7% | ||||||||
Arcosa | 393,817 | 28,315,442 | ||||||
Construction Partners Cl. A 2 | 141,106 | 5,158,835 | ||||||
EMCOR Group | 37,155 | 7,817,041 | ||||||
Northwest Pipe 2 | 81,867 | 2,469,927 | ||||||
Sterling Infrastructure 2 | 32,704 | 2,403,090 | ||||||
Valmont Industries | 44,950 | 10,797,440 | ||||||
WillScot Mobile Mini Holdings Corp. 2 | 124,868 | 5,193,260 | ||||||
62,155,035 | ||||||||
Electrical Equipment - 2.2% | ||||||||
Allient | 19,000 | 587,480 |
American Superconductor 2 | 93,326 | 704,611 | ||||||
Atkore 2 | 37,007 | 5,521,074 | ||||||
Encore Wire | 45,487 | 8,299,558 | ||||||
GrafTech International | 171,614 | 657,282 | ||||||
Preformed Line Products | 101,976 | 16,579,258 | ||||||
Vertiv Holdings Cl. A | 129,924 | 4,833,173 | ||||||
37,182,436 | ||||||||
Ground Transportation - 1.3% | ||||||||
ArcBest Corporation | 28,778 | 2,925,284 | ||||||
Knight-Swift Transportation Holdings | 58,931 | 2,955,389 | ||||||
Landstar System | 70,783 | 12,524,344 | ||||||
Schneider National Cl. B | 129,975 | 3,599,008 | ||||||
22,004,025 | ||||||||
Machinery - 8.0% | ||||||||
Chart Industries 2 | 23,621 | 3,994,784 | ||||||
Douglas Dynamics | 115,001 | 3,470,730 | ||||||
EnPro Industries | 98,854 | 11,980,116 | ||||||
ESAB Corporation | 196,002 | 13,763,261 | ||||||
ESCO Technologies | 122,593 | 12,803,613 | ||||||
Graham Corporation 2 | 91,849 | 1,524,693 | ||||||
Helios Technologies | 69,419 | 3,851,366 | ||||||
John Bean Technologies | 127,321 | 13,386,530 | ||||||
Kadant | 96,603 | 21,788,807 | ||||||
Lincoln Electric Holdings | 110,941 | 20,167,964 | ||||||
Lindsay Corporation | 30,078 | 3,539,579 | ||||||
Miller Industries | 204,924 | 8,035,070 | ||||||
RBC Bearings 2 | 68,424 | 16,020,111 | ||||||
Westport Fuel Systems 2,4 | 11,598 | 70,052 | ||||||
134,396,676 | ||||||||
Marine Transportation - 1.0% | ||||||||
Clarkson 1 | 30,004 | 998,550 | ||||||
Genco Shipping & Trading | 223,501 | 3,126,779 | ||||||
Kirby Corporation 2 | 149,901 | 12,411,803 | ||||||
16,537,132 | ||||||||
Passenger Airlines - 0.2% | ||||||||
Sun Country Airlines Holdings 2 | 194,570 | 2,887,419 | ||||||
Professional Services - 2.7% | ||||||||
Barrett Business Services | 33,565 | 3,028,906 | ||||||
CBIZ 2 | 36,496 | 1,894,142 | ||||||
Dun & Bradstreet Holdings | 343,862 | 3,435,181 | ||||||
Forrester Research 2 | 345,994 | 9,999,227 | ||||||
FTI Consulting 2 | 1,065 | 190,007 | ||||||
IBEX 2 | 26,400 | 407,880 | ||||||
KBR | 265,508 | 15,649,042 | ||||||
Korn Ferry | 131,991 | 6,261,653 | ||||||
NV5 Global 2 | 10,870 | 1,046,020 | ||||||
Resources Connection | 185,585 | 2,767,072 | ||||||
44,679,130 | ||||||||
Trading Companies & Distributors - 4.4% | ||||||||
Air Lease Cl. A | 604,209 | 23,811,876 | ||||||
Applied Industrial Technologies | 73,043 | 11,293,178 | ||||||
Core & Main Cl. A 2 | 2,227 | 64,249 | ||||||
Distribution Solutions Group 2 | 95,502 | 2,483,052 | ||||||
EVI Industries 2,4 | 342,790 | 8,508,048 | ||||||
FTAI Aviation | 128,974 | 4,585,026 | ||||||
Hudson Technologies 2 | 143,783 | 1,912,314 | ||||||
MSC Industrial Direct Cl. A | 16,639 | 1,633,118 | ||||||
Richelieu Hardware | 322,291 | 9,439,158 | ||||||
Transcat 2 | 96,894 | 9,492,705 | ||||||
73,222,724 | ||||||||
Total | 509,208,158 | |||||||
Information Technology – 17.7% | ||||||||
Communications Equipment - 0.8% | ||||||||
Aviat Networks 2 | 102,331 | 3,192,727 | ||||||
Calix 2 | 23,853 | 1,093,422 | ||||||
Digi International 2 | 303,783 | 8,202,141 | ||||||
Harmonic 2 | 114,873 | 1,106,227 | ||||||
13,594,517 | ||||||||
Electronic Equipment, Instruments & Components - 7.2% | ||||||||
Cognex Corporation | 121,561 | 5,159,049 | ||||||
Coherent 2 | 103,170 | 3,367,469 | ||||||
Crane NXT | 109,649 | 6,093,195 | ||||||
ePlus 2 | 73,438 | 4,664,782 | ||||||
Fabrinet 2 | 103,603 | 17,262,332 | ||||||
FARO Technologies 2 | 114,396 | 1,742,251 | ||||||
Flex 2 | 120,400 | 3,248,392 | ||||||
IPG Photonics 2 | 19,959 | 2,026,637 | ||||||
Jabil | 28,126 | 3,568,908 | ||||||
Kimball Electronics 2 | 250,351 | 6,854,610 | ||||||
Littelfuse | 30,402 | 7,519,023 | ||||||
Luna Innovations 2 | 766,388 | 4,491,034 | ||||||
nLIGHT 2 | 80,802 | 840,341 | ||||||
PAR Technology 2 | 345,975 | 13,333,876 | ||||||
PC Connection | 14,307 | 763,708 | ||||||
PowerFleet 2 | 155,315 | 321,502 | ||||||
Rogers Corporation 2 | 60,729 | 7,984,041 | ||||||
Sanmina Corporation 2 | 54,889 | 2,979,375 | ||||||
TD SYNNEX | 29,391 | 2,934,985 | ||||||
Teledyne Technologies 2 | 8,140 | 3,325,841 | ||||||
Vishay Intertechnology | 117,978 | 2,916,416 | ||||||
Vishay Precision Group 2 | 122,532 | 4,114,624 | ||||||
Vontier Corporation | 510,416 | 15,782,063 | ||||||
121,294,454 | ||||||||
IT Services - 0.8% | ||||||||
Hackett Group (The) | 170,621 | 4,024,949 | ||||||
Kyndryl Holdings 2 | 508,606 | 7,679,951 | ||||||
Wix.com 2 | 17,172 | 1,576,390 | ||||||
13,281,290 | ||||||||
Semiconductors & Semiconductor Equipment - 6.0% | ||||||||
Amkor Technology | 83,462 | 1,886,241 | ||||||
Axcelis Technologies 2 | 26,753 | 4,362,077 | ||||||
Camtek 2 | 79,224 | 4,932,486 | ||||||
Cirrus Logic 2 | 184,766 | 13,665,293 | ||||||
Cohu 2 | 80,612 | 2,776,277 | ||||||
FormFactor 2 | 445,312 | 15,559,201 | ||||||
Ichor Holdings 2 | 29,770 | 921,679 | ||||||
Kulicke & Soffa Industries | 114,947 | 5,589,873 | ||||||
MKS Instruments | 105,756 | 9,152,124 | ||||||
Nova 2 | 52,494 | 5,902,426 | ||||||
NVE Corporation | 25,461 | 2,091,367 | ||||||
Onto Innovation 2 | 169,308 | 21,590,156 | ||||||
Photronics 2 | 132,417 | 2,676,148 | ||||||
Power Integrations | 1,658 | 126,522 | ||||||
Rambus 2 | 98,218 | 5,479,582 | ||||||
SiTime Corporation 2 | 4,124 | 471,167 | ||||||
Ultra Clean Holdings 2 | 84,806 | 2,516,194 | ||||||
99,698,813 | ||||||||
Software - 2.7% | ||||||||
Adeia | 267,263 | 2,854,369 | ||||||
Agilysys 2 | 56,407 | 3,731,887 | ||||||
Alkami Technology 2 | 69,971 | 1,274,871 | ||||||
AppLovin Corporation Cl. A 2,4 | 38,048 | 1,520,398 | ||||||
BlackLine 2 | 21,019 | 1,165,924 |
Computer Modelling Group | 2,652,180 | 16,597,482 | ||||||
Dolby Laboratories Cl. A | 63,720 | 5,050,447 | ||||||
PROS Holdings 2 | 70,477 | 2,439,914 | ||||||
Q2 Holdings 2 | 20,563 | 663,568 | ||||||
Sapiens International | 127,290 | 3,618,855 | ||||||
Teradata Corporation 2 | 85,469 | 3,847,814 | ||||||
Workiva Cl. A 2,4 | 18,076 | 1,831,822 | ||||||
44,597,351 | ||||||||
Technology Hardware, Storage & Peripherals - 0.2% | ||||||||
AstroNova 2 | 81,672 | 1,020,900 | ||||||
Avid Technology 2 | 100,779 | 2,707,932 | ||||||
3,728,832 | ||||||||
Total | 296,195,257 | |||||||
Materials – 7.9% | ||||||||
Chemicals - 4.4% | ||||||||
Aspen Aerogels 2 | 77,281 | 664,617 | ||||||
Balchem Corporation | 68,346 | 8,477,638 | ||||||
Element Solutions | 1,079,711 | 21,173,133 | ||||||
Ingevity Corporation 2 | 30,915 | 1,471,863 | ||||||
Innospec | 186,071 | 19,016,456 | ||||||
Minerals Technologies | 166,336 | 9,108,559 | ||||||
Quaker Houghton | 78,812 | 12,609,920 | ||||||
Scotts Miracle-Gro Cl. A | 6,191 | 319,951 | ||||||
72,842,137 | ||||||||
Containers & Packaging - 0.4% | ||||||||
Graphic Packaging Holding Company | 182,635 | 4,069,108 | ||||||
Silgan Holdings | 69,603 | 3,000,585 | ||||||
7,069,693 | ||||||||
Metals & Mining - 1.9% | ||||||||
Alamos Gold Cl. A | 1,393,592 | 15,718,630 | ||||||
Haynes International | 62,674 | 2,915,595 | ||||||
Materion Corporation | 50,000 | 5,095,500 | ||||||
Reliance Steel & Aluminum | 19,702 | 5,166,455 | ||||||
Ryerson Holding Corporation | 100,158 | 2,913,596 | ||||||
31,809,776 | ||||||||
Paper & Forest Products - 1.2% | ||||||||
Louisiana-Pacific | 81,031 | 4,478,584 | ||||||
Stella-Jones | 311,861 | 14,997,799 | ||||||
19,476,383 | ||||||||
Total | 131,197,989 | |||||||
Real Estate – 2.2% | ||||||||
Real Estate Management & Development - 2.2% | ||||||||
Colliers International Group | 38,409 | 3,658,457 | ||||||
DigitalBridge Group Cl. A | 28,762 | 505,636 | ||||||
FirstService Corporation | 36,243 | 5,274,806 | ||||||
FRP Holdings 2 | 86,223 | 4,653,456 | ||||||
Kennedy-Wilson Holdings | 845,184 | 12,458,012 | ||||||
Marcus & Millichap | 245,327 | 7,197,894 | ||||||
RMR Group (The) Cl. A | 128,042 | 3,139,590 | ||||||
Total | 36,887,851 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,155,947,920) | 1,615,386,735 | |||||||
REPURCHASE AGREEMENT – 2.9% | ||||||||
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $48,783,084 (collateralized by obligations of various U.S. Government Agencies, 2.875%-4.125% due 6/15/26-5/15/52, valued at $49,745,746) | ||||||||
(Cost $48,770,282) | 48,770,282 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.2% | ||||||||
Money Market Funds | ||||||||
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-5.20%) | ||||||||
(Cost $2,866,875) | 2,866,875 | 2,866,875 | ||||||
TOTAL INVESTMENTS – 99.8% | ||||||||
(Cost $1,207,585,077) | 1,667,023,892 | |||||||
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2% | 2,716,611 | |||||||
NET ASSETS – 100.0% | $ | 1,669,740,503 |
SCHEDULES OF INVESTMENTS
ROYCE PREMIER FUND
SEPTEMBER 30, 2023 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 95.2% | ||||||||
Communication Services – 1.6% | ||||||||
Interactive Media & Services - 1.6% | ||||||||
Ziff Davis 2 | 329,300 | $ | 20,973,117 | |||||
Total | 20,973,117 | |||||||
Consumer Discretionary – 10.4% | ||||||||
Automobile Components - 4.3% | ||||||||
Dorman Products 2 | 292,151 | 22,133,360 | ||||||
Fox Factory Holding Corporation 2 | 140,359 | 13,906,769 | ||||||
LCI Industries | 174,538 | 20,494,252 | ||||||
56,534,381 | ||||||||
Distributors - 1.4% | ||||||||
Pool Corporation | 50,355 | 17,931,415 | ||||||
Leisure Products - 1.9% | ||||||||
Brunswick Corporation | 313,291 | 24,749,989 | ||||||
Specialty Retail - 0.5% | ||||||||
Valvoline 2 | 201,908 | 6,509,514 | ||||||
Textiles, Apparel & Luxury Goods - 2.3% | ||||||||
Ralph Lauren Cl. A | 264,740 | 30,733,667 | ||||||
Total | 136,458,966 | |||||||
Consumer Staples – 1.8% | ||||||||
Personal Care Products - 1.8% | ||||||||
Inter Parfums | 177,189 | 23,803,570 | ||||||
Total | 23,803,570 | |||||||
Financials – 9.7% | ||||||||
Capital Markets - 9.7% | ||||||||
Ares Management Cl. A | 226,393 | 23,289,048 | ||||||
Lazard Cl. A | 436,759 | 13,543,897 | ||||||
Morningstar | 135,516 | 31,743,268 | ||||||
SEI Investments | 615,771 | 37,087,887 | ||||||
TMX Group | 972,915 | 20,908,808 | ||||||
Total | 126,572,908 | |||||||
Health Care – 5.3% | ||||||||
Health Care Equipment & Supplies - 4.0% | ||||||||
Enovis Corporation 2 | 336,857 | 17,762,469 | ||||||
Haemonetics Corporation 2 | 380,779 | 34,110,183 | ||||||
51,872,652 | ||||||||
Life Sciences Tools & Services - 1.3% | ||||||||
Bio-Techne | 250,369 | 17,042,618 | ||||||
Total | 68,915,270 | |||||||
Industrials – 34.9% | ||||||||
Aerospace & Defense - 2.2% | ||||||||
Woodward | 232,215 | 28,855,036 | ||||||
Building Products - 3.0% | ||||||||
Simpson Manufacturing | 181,103 | 27,131,040 | ||||||
UFP Industries | 124,060 | 12,703,744 | ||||||
39,834,784 | ||||||||
Commercial Services & Supplies - 2.5% | ||||||||
RB Global | 520,453 | 32,528,312 | ||||||
Construction & Engineering - 4.7% | ||||||||
Arcosa | 516,520 | 37,137,788 |
Valmont Industries | 103,599 | 24,885,516 | ||||||
62,023,304 | ||||||||
Ground Transportation - 2.2% | ||||||||
Landstar System | 161,303 | 28,540,953 | ||||||
Machinery - 15.7% | ||||||||
EnPro Industries | 100,238 | 12,147,843 | ||||||
ESAB Corporation | 245,591 | 17,245,400 | ||||||
ESCO Technologies | 280,909 | 29,338,136 | ||||||
John Bean Technologies | 306,079 | 32,181,146 | ||||||
Kadant | 151,302 | 34,126,166 | ||||||
Lincoln Electric Holdings | 197,001 | 35,812,812 | ||||||
Lindsay Corporation | 177,011 | 20,830,655 | ||||||
RBC Bearings 2 | 99,294 | 23,247,704 | ||||||
204,929,862 | ||||||||
Professional Services - 2.7% | ||||||||
Forrester Research 2 | 760,962 | 21,991,802 | ||||||
Korn Ferry | 267,341 | 12,682,657 | ||||||
34,674,459 | ||||||||
Trading Companies & Distributors - 1.9% | ||||||||
Air Lease Cl. A | 627,000 | 24,710,070 | ||||||
Total | 456,096,780 | |||||||
Information Technology – 12.7% | ||||||||
Electronic Equipment, Instruments & Components - 2.9% | ||||||||
Cognex Corporation | 354,946 | 15,063,908 | ||||||
Littelfuse | 33,646 | 8,321,329 | ||||||
Rogers Corporation 2 | 116,617 | 15,331,637 | ||||||
38,716,874 | ||||||||
Semiconductors & Semiconductor Equipment - 6.3% | ||||||||
Cirrus Logic 2 | 272,997 | 20,190,858 | ||||||
FormFactor 2 | 826,000 | 28,860,440 | ||||||
MKS Instruments | 380,552 | 32,932,970 | ||||||
81,984,268 | ||||||||
Software - 1.9% | ||||||||
Fair Isaac 2 | 28,314 | 24,591,559 | ||||||
Technology Hardware, Storage & Peripherals - 1.6% | ||||||||
Avid Technology 2 | 775,382 | 20,834,514 | ||||||
Total | 166,127,215 | |||||||
Materials – 11.2% | ||||||||
Chemicals - 5.2% | ||||||||
Innospec | 374,276 | 38,251,007 | ||||||
Quaker Houghton | 188,206 | 30,112,960 | ||||||
68,363,967 | ||||||||
Metals & Mining - 3.0% | ||||||||
Reliance Steel & Aluminum | 149,212 | 39,127,863 | ||||||
Paper & Forest Products - 3.0% | ||||||||
Stella-Jones | 800,729 | 38,508,094 | ||||||
Total | 145,999,924 | |||||||
Real Estate – 7.6% | ||||||||
Real Estate Management & Development - 7.6% | ||||||||
Colliers International Group | 239,000 | 22,764,750 | ||||||
FirstService Corporation | 231,300 | 33,663,402 | ||||||
Kennedy-Wilson Holdings | 2,250,335 | 33,169,938 | ||||||
Marcus & Millichap | 322,000 | 9,447,480 | ||||||
Total | 99,045,570 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $771,513,673) | 1,243,993,320 |
REPURCHASE AGREEMENT – 4.8% | ||||
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $62,539,352 (collateralized by obligations of U.S. Government Agencies, 4.125% due 6/15/26, valued at $63,773,476) (Cost $62,522,940) | 62,522,940 | |||
TOTAL INVESTMENTS – 100.0% | ||||
(Cost $834,036,613) | 1,306,516,260 | |||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)% | (356,892 | ) | ||
NET ASSETS – 100.0% | $ | 1,306,159,368 |
SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP OPPORTUNITY FUND
SEPTEMBER 30, 2023 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.3% | ||||||||
Communication Services – 5.4% | ||||||||
Diversified Telecommunication Services - 0.6% | ||||||||
Ooma 2 | 548,170 | $ | 7,131,692 | |||||
Entertainment - 0.8% | ||||||||
IMAX Corporation 2 | 224,197 | 4,331,486 | ||||||
Marcus Corporation (The) | 401,029 | 6,215,950 | ||||||
10,547,436 | ||||||||
Interactive Media & Services - 2.1% | ||||||||
Cars.com 2 | 296,100 | 4,992,246 | ||||||
DHI Group 2 | 1,373,538 | 4,203,026 | ||||||
EverQuote Cl. A 2 | 556,699 | 4,024,934 | ||||||
IAC 2 | 141,519 | 7,131,142 | ||||||
QuinStreet 2 | 722,100 | 6,477,237 | ||||||
26,828,585 | ||||||||
Media - 1.9% | ||||||||
comScore 2 | 1,273,062 | 781,533 | ||||||
Criteo ADR 2 | 190,623 | 5,566,192 | ||||||
Entravision Communications Cl. A | 1,213,826 | 4,430,465 | ||||||
Innovid Corp. 2,4 | 1,424,565 | 1,823,443 | ||||||
Magnite 2 | 722,508 | 5,447,710 | ||||||
Thryv Holdings 2 | 273,351 | 5,130,798 | ||||||
23,180,141 | ||||||||
Total | 67,687,854 | |||||||
Consumer Discretionary – 14.0% | ||||||||
Automobile Components - 3.7% | ||||||||
Adient 2 | 150,633 | 5,528,231 | ||||||
Dana | 302,953 | 4,444,320 | ||||||
Garrett Motion 2,4 | 994,837 | 7,839,316 | ||||||
Goodyear Tire & Rubber 2 | 331,000 | 4,114,330 | ||||||
Modine Manufacturing 2 | 233,865 | 10,699,324 | ||||||
Patrick Industries | 64,600 | 4,848,876 | ||||||
Stoneridge 2 | 458,569 | 9,203,480 | ||||||
46,677,877 | ||||||||
Broadline Retail - 1.0% | ||||||||
Dillard’s Cl. A | 23,833 | 7,884,195 | ||||||
Nordstrom | 331,392 | 4,950,996 | ||||||
12,835,191 | ||||||||
Diversified Consumer Services - 0.7% | ||||||||
Adtalem Global Education 2 | 93,909 | 4,024,001 | ||||||
Udemy 2 | 500,621 | 4,755,899 | ||||||
8,779,900 | ||||||||
Hotels, Restaurants & Leisure - 0.9% | ||||||||
Carrols Restaurant Group 2 | 628,546 | 4,142,118 | ||||||
Century Casinos 2 | 287,694 | 1,475,870 | ||||||
Krispy Kreme | 218,221 | 2,721,216 | ||||||
Noodles & Company Cl. A 2 | 1,302,261 | 3,203,562 | ||||||
11,542,766 | ||||||||
Household Durables - 2.8% | ||||||||
Beazer Homes USA 2 | 118,157 | 2,943,291 | ||||||
Cavco Industries 2 | 20,186 | 5,362,613 | ||||||
Century Communities | 46,001 | 3,071,947 | ||||||
M/I Homes 2 | 28,667 | 2,409,174 | ||||||
Skyline Champion 2 | 123,313 | 7,857,504 | ||||||
Taylor Morrison Home 2 | 112,187 | 4,780,288 | ||||||
Toll Brothers | 39,455 | 2,918,092 | ||||||
Tri Pointe Homes 2 | 116,588 | 3,188,682 | ||||||
Vizio Holding Corp. Cl. A 2 | 443,261 | 2,398,042 | ||||||
34,929,633 | ||||||||
Specialty Retail - 3.8% | ||||||||
Asbury Automotive Group 2 | 32,779 | 7,541,465 | ||||||
Barnes & Noble Education 2,4 | 1,122,244 | 1,223,246 | ||||||
Caleres | 326,928 | 9,402,449 | ||||||
Chico’s FAS 2 | 216,936 | 1,622,681 | ||||||
Designer Brands Cl. A | 629,579 | 7,970,470 | ||||||
Express 2,4 | 60,545 | 544,905 | ||||||
J.Jill 2 | 223,242 | 6,607,963 | ||||||
MarineMax 2 | 93,152 | 3,057,249 | ||||||
OneWater Marine Cl. A 2 | 119,030 | 3,049,549 | ||||||
Overstock.com 2 | 242,700 | 3,839,514 | ||||||
Victoria’s Secret & Co. 2 | 127,584 | 2,128,101 | ||||||
46,987,592 | ||||||||
Textiles, Apparel & Luxury Goods - 1.1% | ||||||||
Fossil Group 2 | 774,200 | 1,594,852 | ||||||
Lakeland Industries 5 | 430,233 | 6,483,612 | ||||||
Rocky Brands | 190,563 | 2,801,276 | ||||||
Vera Bradley 2 | 320,607 | 2,119,212 | ||||||
12,998,952 | ||||||||
Total | 174,751,911 | |||||||
Consumer Staples – 1.0% | ||||||||
Food Products - 0.2% | ||||||||
SunOpta 2 | 752,208 | 2,534,941 | ||||||
Household Products - 0.5% | ||||||||
Spectrum Brands Holdings | 72,200 | 5,656,870 | ||||||
Personal Care Products - 0.3% | ||||||||
Inter Parfums | 32,772 | 4,402,590 | ||||||
Total | 12,594,401 | |||||||
Energy – 7.7% | ||||||||
Energy Equipment & Services - 3.6% | ||||||||
Archrock | 571,558 | 7,201,631 | ||||||
DMC Global 2 | 213,434 | 5,222,730 | ||||||
Mammoth Energy Services 2 | 823,117 | 3,819,263 | ||||||
Newpark Resources 2 | 670,674 | 4,634,357 | ||||||
Patterson-UTI Energy | 319,208 | 4,417,839 | ||||||
ProPetro Holding Corp. 2 | 304,613 | 3,238,036 | ||||||
Ranger Energy Services Cl. A | 345,556 | 4,899,984 | ||||||
Select Water Solutions Cl. A | 563,185 | 4,477,321 | ||||||
Solaris Oilfield Infrastructure Cl. A | 592,867 | 6,319,962 | ||||||
44,231,123 | ||||||||
Oil, Gas & Consumable Fuels - 4.1% | ||||||||
Ardmore Shipping | 490,518 | 6,381,639 | ||||||
Baytex Energy | 1,396,950 | 6,160,550 | ||||||
Chesapeake Energy | 54,600 | 4,708,158 | ||||||
Matador Resources | 143,783 | 8,552,213 | ||||||
Navigator Holdings | 493,478 | 7,288,670 | ||||||
Northern Oil and Gas | 193,400 | 7,780,482 | ||||||
Scorpio Tankers | 122,781 | 6,644,908 | ||||||
Southwestern Energy 2 | 644,681 | 4,158,192 | ||||||
51,674,812 | ||||||||
Total | 95,905,935 | |||||||
Financials – 6.4% | ||||||||
Banks - 2.8% | ||||||||
Axos Financial 2 | 93,800 | 3,551,268 | ||||||
BankUnited | 112,010 | 2,542,627 | ||||||
BayCom Corporation | 221,651 | 4,257,916 |
Business First Bancshares | 152,684 | 2,864,352 | ||||||
CapStar Financial Holdings | 169,650 | 2,407,333 | ||||||
First Bancshares (The) | 101,504 | 2,737,563 | ||||||
Hanmi Financial | 162,977 | 2,645,117 | ||||||
Hilltop Holdings | 189,563 | 5,376,007 | ||||||
New York Community Bancorp | 202,700 | 2,298,618 | ||||||
Seacoast Banking Corporation of Florida | 168,550 | 3,701,358 | ||||||
Western Alliance Bancorp | 54,415 | 2,501,457 | ||||||
34,883,616 | ||||||||
Capital Markets - 2.9% | ||||||||
Artisan Partners Asset Management Cl. A | 115,155 | 4,309,100 | ||||||
B. Riley Financial | 196,802 | 8,066,914 | ||||||
Canaccord Genuity Group | 877,155 | 5,205,131 | ||||||
GCM Grosvenor Cl. A | 488,605 | 3,791,575 | ||||||
Moelis & Company Cl. A | 111,226 | 5,019,629 | ||||||
P10 Cl. A | 412,141 | 4,801,443 | ||||||
Perella Weinberg Partners Cl. A | 440,084 | 4,480,055 | ||||||
35,673,847 | ||||||||
Financial Services - 0.1% | ||||||||
Acacia Research 2 | 437,625 | 1,597,331 | ||||||
Insurance - 0.6% | ||||||||
Brighthouse Financial 2 | 166,538 | 8,150,370 | ||||||
Total | 80,305,164 | |||||||
Health Care – 6.0% | ||||||||
Biotechnology - 0.5% | ||||||||
CareDx 2 | 312,827 | 2,189,789 | ||||||
MiMedx Group 2 | 561,200 | 4,091,148 | ||||||
6,280,937 | ||||||||
Health Care Equipment & Supplies - 2.0% | ||||||||
Accuray 2 | 1,962,188 | 5,337,151 | ||||||
Apyx Medical 2,4 | 805,338 | 2,577,081 | ||||||
Artivion 2 | 434,598 | 6,588,506 | ||||||
Tactile Systems Technology 2 | 272,966 | 3,835,172 | ||||||
Varex Imaging 2 | 391,659 | 7,359,273 | ||||||
25,697,183 | ||||||||
Health Care Providers & Services - 2.2% | ||||||||
Community Health Systems 2 | 748,736 | 2,171,334 | ||||||
Cross Country Healthcare 2 | 243,669 | 6,040,555 | ||||||
ModivCare 2 | 42,151 | 1,328,178 | ||||||
NeoGenomics 2 | 359,697 | 4,424,273 | ||||||
Quipt Home Medical 2,4 | 643,650 | 3,276,178 | ||||||
RadNet 2 | 239,478 | 6,750,885 | ||||||
Select Medical Holdings | 148,700 | 3,757,649 | ||||||
27,749,052 | ||||||||
Health Care Technology - 0.4% | ||||||||
LifeMD 2,4 | 710,205 | 4,438,781 | ||||||
Life Sciences Tools & Services - 0.3% | ||||||||
Azenta 2 | 75,145 | 3,771,528 | ||||||
Pharmaceuticals - 0.6% | ||||||||
Organon & Co | 345,894 | 6,004,720 | ||||||
Societal CDMO 2 | 2,126,957 | 997,543 | ||||||
7,002,263 | ||||||||
Total | 74,939,744 | |||||||
Industrials – 29.0% | ||||||||
Aerospace & Defense - 5.1% | ||||||||
AAR Corporation 2 | 144,922 | 8,627,207 | ||||||
Astronics Corporation 2 | 490,531 | 7,779,822 | ||||||
BWX Technologies | 114,000 | 8,547,720 | ||||||
Ducommun 2 | 172,140 | 7,489,811 | ||||||
Kaman Corporation | 144,705 | 2,843,453 |
Kratos Defense & Security Solutions 2 | 420,369 | 6,313,942 | ||||||
Leonardo DRS 2 | 407,493 | 6,805,133 | ||||||
Mercury Systems 2 | 130,028 | 4,822,739 | ||||||
Terran Orbital 2,4 | 487,862 | 406,096 | ||||||
Triumph Group 2 | 635,068 | 4,864,621 | ||||||
V2X 2 | 115,436 | 5,963,424 | ||||||
64,463,968 | ||||||||
Air Freight & Logistics - 1.1% | ||||||||
Hub Group Cl. A 2 | 117,835 | 9,254,761 | ||||||
Radiant Logistics 2,4 | 701,969 | 3,966,125 | ||||||
13,220,886 | ||||||||
Building Products - 1.8% | ||||||||
Gibraltar Industries 2 | 108,900 | 7,351,839 | ||||||
Griffon Corporation | 113,529 | 4,503,695 | ||||||
Insteel Industries | 196,333 | 6,372,969 | ||||||
Resideo Technologies 2 | 263,216 | 4,158,813 | ||||||
22,387,316 | ||||||||
Commercial Services & Supplies - 2.2% | ||||||||
ACV Auctions Cl. A 2 | 289,713 | 4,397,843 | ||||||
CECO Environmental 2 | 502,799 | 8,029,700 | ||||||
Healthcare Services Group 2 | 688,043 | 7,176,288 | ||||||
VSE Corporation | 157,249 | 7,931,640 | ||||||
27,535,471 | ||||||||
Construction & Engineering - 5.5% | ||||||||
Arcosa | 42,836 | 3,079,908 | ||||||
Argan | 125,000 | 5,690,000 | ||||||
Comfort Systems USA | 16,110 | 2,745,305 | ||||||
Concrete Pumping Holdings 2 | 957,997 | 8,219,614 | ||||||
Construction Partners Cl. A 2 | 239,926 | 8,771,695 | ||||||
Limbach Holdings 2 | 212,618 | 6,746,369 | ||||||
Matrix Service 2 | 708,587 | 8,361,327 | ||||||
Northwest Pipe 2 | 221,397 | 6,679,547 | ||||||
Orion Group Holdings 2 | 1,252,666 | 6,714,290 | ||||||
Primoris Services | 269,900 | 8,833,827 | ||||||
Sterling Infrastructure 2 | 45,667 | 3,355,611 | ||||||
69,197,493 | ||||||||
Electrical Equipment - 0.8% | ||||||||
American Superconductor 2 | 447,161 | 3,376,065 | ||||||
Babcock & Wilcox Enterprises 2 | 1,339,489 | 5,639,249 | ||||||
Power Solutions International 1,2 | 197,791 | 646,777 | ||||||
9,662,091 | ||||||||
Ground Transportation - 0.4% | ||||||||
Daseke 2 | 871,309 | 4,469,815 | ||||||
Machinery - 4.7% | ||||||||
Commercial Vehicle Group 2 | 877,571 | 6,809,951 | ||||||
EnPro Industries | 33,320 | 4,038,051 | ||||||
Evercel 1,2 | 203,243 | 166,659 | ||||||
Helios Technologies | 94,418 | 5,238,311 | ||||||
Hurco Companies | 71,251 | 1,598,160 | ||||||
Luxfer Holdings | 456,086 | 5,951,922 | ||||||
Manitex International 2 | 948,061 | 4,427,445 | ||||||
Mayville Engineering 2,4 | 373,330 | 4,095,430 | ||||||
Shyft Group (The) | 291,979 | 4,370,926 | ||||||
Terex Corporation | 60,500 | 3,486,010 | ||||||
Trinity Industries | 256,237 | 6,239,371 | ||||||
Twin Disc 2 | 283,895 | 3,895,039 | ||||||
Wabash National | 404,359 | 8,540,062 | ||||||
58,857,337 | ||||||||
Passenger Airlines - 0.5% | ||||||||
Alaska Air Group 2 | 105,300 | 3,904,524 | ||||||
Allegiant Travel | 27,225 | 2,092,514 | ||||||
5,997,038 |
Professional Services - 3.5% | ||||||||
Conduent 2 | 1,235,313 | 4,298,889 | ||||||
HireRight Holdings 2 | 308,975 | 2,938,352 | ||||||
Korn Ferry | 123,277 | 5,848,261 | ||||||
Mistras Group 2 | 849,154 | 4,627,889 | ||||||
Resources Connection | 471,275 | 7,026,710 | ||||||
Sterling Check 2 | 282,937 | 3,570,665 | ||||||
TrueBlue 2 | 332,126 | 4,872,289 | ||||||
TTEC Holdings | 240,799 | 6,313,750 | ||||||
WNS Holdings ADR 2 | 71,226 | 4,876,132 | ||||||
44,372,937 | ||||||||
Trading Companies & Distributors - 3.4% | ||||||||
Air Lease Cl. A | 206,264 | 8,128,864 | ||||||
BlueLinx Holdings 2 | 38,394 | 3,151,764 | ||||||
Herc Holdings | 42,895 | 5,101,931 | ||||||
Hudson Technologies 2 | 683,456 | 9,089,965 | ||||||
MRC Global 2 | 598,622 | 6,135,876 | ||||||
NOW 2 | 462,447 | 5,489,246 | ||||||
WESCO International | 38,359 | 5,516,791 | ||||||
42,614,437 | ||||||||
Total | 362,778,789 | |||||||
Information Technology – 18.8% | ||||||||
Communications Equipment - 3.7% | ||||||||
ADTRAN Holdings | 572,114 | 4,708,498 | ||||||
Applied Optoelectronics 2 | 371,155 | 4,071,571 | ||||||
Aviat Networks 2 | 230,751 | 7,199,431 | ||||||
Cambium Networks 2,4 | 210,197 | 1,540,744 | ||||||
Clearfield 2,4 | 165,098 | 4,731,709 | ||||||
Comtech Telecommunications | 597,907 | 5,231,686 | ||||||
Digi International 2 | 244,381 | 6,598,287 | ||||||
DZS 2,4 | 935,194 | 1,963,908 | ||||||
Infinera Corporation 2,4 | 617,979 | 2,583,152 | ||||||
PCTEL 5 | 1,071,612 | 4,457,906 | ||||||
Ribbon Communications 2 | 1,043,571 | 2,796,770 | ||||||
45,883,662 | ||||||||
Electronic Equipment, Instruments & Components - 5.6% | ||||||||
Advanced Energy Industries | 74,026 | 7,633,561 | ||||||
Arlo Technologies 2,4 | 720,600 | 7,422,180 | ||||||
Avnet | 48,900 | 2,356,491 | ||||||
Benchmark Electronics | 308,400 | 7,481,784 | ||||||
Coherent 2 | 125,029 | 4,080,947 | ||||||
CTS Corporation | 186,001 | 7,763,682 | ||||||
Fabrinet 2 | 29,795 | 4,964,443 | ||||||
Frequency Electronics | 271,693 | 1,885,549 | ||||||
Identiv 2 | 639,333 | 5,395,970 | ||||||
Knowles Corporation 2 | 433,469 | 6,419,676 | ||||||
nLIGHT 2 | 583,852 | 6,072,061 | ||||||
SmartRent Cl. A 2,4 | 737,252 | 1,924,228 | ||||||
VIA optronics ADR 2 | 802,732 | 923,142 | ||||||
Vishay Intertechnology | 106,109 | 2,623,014 | ||||||
Vishay Precision Group 2 | 113,601 | 3,814,722 | ||||||
70,761,450 | ||||||||
IT Services - 0.6% | ||||||||
Kyndryl Holdings 2 | 493,822 | 7,456,712 | ||||||
Semiconductors & Semiconductor Equipment - 6.1% | ||||||||
Alpha and Omega Semiconductor 2 | 258,292 | 7,707,433 | ||||||
Amkor Technology | 211,683 | 4,784,036 | ||||||
Amtech Systems 2,5 | 717,350 | 5,466,207 | ||||||
Cohu 2 | 225,996 | 7,783,302 | ||||||
FormFactor 2 | 221,813 | 7,750,146 | ||||||
Ichor Holdings 2 | 257,248 | 7,964,398 | ||||||
inTEST Corporation 2 | 282,562 | 4,286,466 | ||||||
Kulicke & Soffa Industries | 131,365 | 6,388,280 | ||||||
Onto Innovation 2 | 57,826 | 7,373,971 | ||||||
Ultra Clean Holdings 2 | 250,427 | 7,430,169 | ||||||
Veeco Instruments 2 | 347,587 | 9,770,671 | ||||||
76,705,079 | ||||||||
Software - 1.7% | ||||||||
A10 Networks | 350,426 | 5,266,903 | ||||||
Applied Digital 2,4 | 288,165 | 1,798,150 | ||||||
Everbridge 2 | 97,184 | 2,178,865 | ||||||
LiveRamp Holdings 2 | 133,900 | 3,861,676 | ||||||
Marin Software 2 | 595,767 | 253,201 | ||||||
SecureWorks Corp. Cl. A 2 | 670,268 | 4,162,364 | ||||||
Viant Technology Cl. A 2 | 682,513 | 3,822,073 | ||||||
21,343,232 | ||||||||
Technology Hardware, Storage & Peripherals - 1.1% | ||||||||
Immersion Corporation | 724,844 | 4,791,219 | ||||||
Intevac 2,5 | 1,321,244 | 4,109,069 | ||||||
Xerox Holdings | 310,491 | 4,871,603 | ||||||
13,771,891 | ||||||||
Total | 235,922,026 | |||||||
Materials – 7.9% | ||||||||
Chemicals - 2.0% | ||||||||
Aspen Aerogels 2 | 447,587 | 3,849,248 | ||||||
Huntsman Corporation | 207,758 | 5,069,295 | ||||||
Livent Corporation 2 | 282,614 | 5,202,924 | ||||||
Mativ Holdings | 451,290 | 6,435,396 | ||||||
Tronox Holdings | 285,425 | 3,836,112 | ||||||
24,392,975 | ||||||||
Construction Materials - 0.6% | ||||||||
Summit Materials Cl. A 2 | 231,995 | 7,224,324 | ||||||
Containers & Packaging - 0.4% | ||||||||
TriMas Corporation | 197,810 | 4,897,776 | ||||||
Metals & Mining - 4.9% | ||||||||
ATI 2 | 200,035 | 8,231,440 | ||||||
Capstone Copper 2 | 908,421 | 3,852,387 | ||||||
Carpenter Technology | 161,949 | 10,884,593 | ||||||
Commercial Metals | 121,900 | 6,023,079 | ||||||
Ferroglobe 2 | 1,337,171 | 6,953,289 | ||||||
Haynes International | 173,510 | 8,071,685 | ||||||
Major Drilling Group International 2 | 923,532 | 5,623,125 | ||||||
Noranda Aluminum Holding Corporation 2,3 | 488,157 | 0 | ||||||
Olympic Steel | 49,971 | 2,808,870 | ||||||
TimkenSteel Corporation 2 | 430,900 | 9,359,148 | ||||||
61,807,616 | ||||||||
Total | 98,322,691 | |||||||
Real Estate – 0.1% | ||||||||
Real Estate Management & Development - 0.1% | ||||||||
Fathom Holdings 2 | 321,703 | 1,312,548 | ||||||
Total | 1,312,548 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,055,395,876) | 1,204,521,063 |
REPURCHASE AGREEMENT – 3.5% | ||||||||
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $43,798,073 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $44,662,376) (Cost $43,786,579) | 43,786,579 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.4% | ||||||||
Money Market Funds | ||||||||
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-5.20%) | ||||||||
(Cost $4,839,123) | 4,839,123 | 4,839,123 | ||||||
TOTAL INVESTMENTS – 100.2% | ||||||||
(Cost $1,104,021,578) | 1,253,146,765 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)% | (2,093,970 | ) | ||||||
NET ASSETS – 100.0% | $ | 1,251,052,795 |
SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP SPECIAL EQUITY FUND
SEPTEMBER 30, 2023 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 82.7% | ||||||||
Communication Services – 3.8% | ||||||||
Media - 3.8% | ||||||||
TEGNA | 1,955,000 | $ | 28,484,350 | |||||
Total | 28,484,350 | |||||||
Consumer Discretionary – 14.3% | ||||||||
Automobile Components - 3.7% | ||||||||
Standard Motor Products | 835,000 | 28,072,700 | ||||||
Broadline Retail - 1.7% | ||||||||
Macy’s | 1,133,500 | 13,159,935 | ||||||
Diversified Consumer Services - 2.8% | ||||||||
H&R Block | 485,000 | 20,884,100 | ||||||
Hotels, Restaurants & Leisure - 0.3% | ||||||||
Nathan’s Famous | 28,000 | 1,978,480 | ||||||
Household Durables - 0.9% | ||||||||
Ethan Allen Interiors | 225,000 | 6,727,500 | ||||||
Specialty Retail - 1.3% | ||||||||
ODP Corporation (The) 2 | 212,000 | 9,783,800 | ||||||
Textiles, Apparel & Luxury Goods - 3.6% | ||||||||
Movado Group | 995,500 | 27,226,925 | ||||||
Total | 107,833,440 | |||||||
Consumer Staples – 10.5% | ||||||||
Consumer Staples Distribution & Retail - 5.7% | ||||||||
Ingles Markets Cl. A | 565,000 | 42,561,450 | ||||||
Food Products - 4.1% | ||||||||
John B. Sanfilippo & Son | 311,500 | 30,776,200 | ||||||
Household Products - 0.7% | ||||||||
Oil-Dri Corporation of America | 91,300 | 5,637,775 | ||||||
Total | 78,975,425 | |||||||
Energy – 1.3% | ||||||||
Energy Equipment & Services - 1.3% | ||||||||
RPC | 960,000 | 8,582,400 | ||||||
U.S. Silica Holdings 2 | 87,000 | 1,221,480 | ||||||
Total | 9,803,880 | |||||||
Financials – 5.1% | ||||||||
Capital Markets - 5.1% | ||||||||
Diamond Hill Investment Group | 138,800 | 23,397,516 | ||||||
Federated Hermes Cl. B | 290,000 | 9,822,300 | ||||||
GAMCO Investors Cl. A 1 | 270,100 | 5,402,000 | ||||||
Total | 38,621,816 | |||||||
Industrials – 26.1% | ||||||||
Building Products - 3.5% | ||||||||
Insteel Industries | 413,500 | 13,422,210 | ||||||
UFP Industries | 126,500 | 12,953,600 | ||||||
26,375,810 | ||||||||
Commercial Services & Supplies - 3.6% | ||||||||
Ennis | 1,276,000 | 27,076,720 | ||||||
Electrical Equipment - 12.0% | ||||||||
Atkore 2 | 134,000 | 19,991,460 | ||||||
Encore Wire | 266,000 | 48,534,360 |
Preformed Line Products | 133,000 | 21,623,140 | ||||||
90,148,960 | ||||||||
Machinery - 6.0% | ||||||||
Gencor Industries 2,5 | 910,000 | 12,858,300 | ||||||
Hurco Companies 5 | 436,000 | 9,779,480 | ||||||
Miller Industries | 40,000 | 1,568,400 | ||||||
Mueller Industries | 279,500 | 21,007,220 | ||||||
45,213,400 | ||||||||
Professional Services - 1.0% | ||||||||
Resources Connection | 490,000 | 7,305,900 | ||||||
Total | 196,120,790 | |||||||
Information Technology – 8.8% | ||||||||
Electronic Equipment, Instruments & Components - 5.3% | ||||||||
Vishay Intertechnology | 1,600,000 | 39,552,000 | ||||||
Semiconductors & Semiconductor Equipment - 3.5% | ||||||||
NVE Corporation 5 | 325,500 | 26,736,570 | ||||||
Total | 66,288,570 | |||||||
Materials – 9.3% | ||||||||
Chemicals - 3.1% | ||||||||
Huntsman Corporation | 950,000 | 23,180,000 | ||||||
Construction Materials - 3.3% | ||||||||
United States Lime & Minerals | 123,500 | 24,823,500 | ||||||
Metals & Mining - 0.7% | ||||||||
TimkenSteel Corporation 2 | 240,000 | 5,212,800 | ||||||
Paper & Forest Products - 2.2% | ||||||||
Sylvamo Corporation | 385,500 | 16,938,870 | ||||||
Total | 70,155,170 | |||||||
Real Estate – 3.5% | ||||||||
Real Estate Management & Development - 3.5% | ||||||||
Marcus & Millichap | 907,000 | 26,611,380 | ||||||
Total | 26,611,380 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $490,031,988) | 622,894,821 | |||||||
REPURCHASE AGREEMENT – 17.0% | ||||||||
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $128,294,459 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $130,826,044) | ||||||||
(Cost $128,260,790) | 128,260,790 | |||||||
TOTAL INVESTMENTS – 99.7% | ||||||||
(Cost $618,292,778) | 751,155,611 | |||||||
CASH AND OTHER ASSETS LESS LIABILITIES – 0.3% | 1,918,684 | |||||||
NET ASSETS – 100.0% | $ | 753,074,295 |
SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP TOTAL RETURN FUND
SEPTEMBER 30, 2023 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 98.2% | ||||||||
Communication Services – 1.7% | ||||||||
Interactive Media & Services - 1.7% | ||||||||
Ziff Davis 2 | 249,355 | $ | 15,881,420 | |||||
Total | 15,881,420 | |||||||
Consumer Discretionary – 7.4% | ||||||||
Automobile Components - 2.0% | ||||||||
Vitesco Technologies Group 1,2 | 226,985 | 18,436,490 | ||||||
Hotels, Restaurants & Leisure - 0.6% | ||||||||
Denny’s Corporation 2 | 721,414 | 6,110,376 | ||||||
Household Durables - 1.8% | ||||||||
Helen of Troy 2 | 141,721 | 16,519,000 | ||||||
Leisure Products - 1.4% | ||||||||
YETI Holdings 2 | 280,737 | 13,537,138 | ||||||
Specialty Retail - 1.6% | ||||||||
OneWater Marine Cl. A 2 | 575,931 | 14,755,352 | ||||||
Total | 69,358,356 | |||||||
Energy – 6.0% | ||||||||
Energy Equipment & Services - 6.0% | ||||||||
Cactus Cl. A | 229,925 | 11,544,534 | ||||||
Core Laboratories | 468,100 | 11,239,081 | ||||||
Dril-Quip 2 | 508,000 | 14,310,360 | ||||||
Oceaneering International 2 | 63,033 | 1,621,209 | ||||||
Pason Systems | 1,754,055 | 17,408,181 | ||||||
Total | 56,123,365 | |||||||
Financials – 37.7% | ||||||||
Banks - 14.5% | ||||||||
Atlantic Union Bankshares | 316,486 | 9,108,467 | ||||||
BankUnited | 455,911 | 10,349,180 | ||||||
BOK Financial | 58,559 | 4,683,549 | ||||||
First Bancshares (The) | 236,403 | 6,375,789 | ||||||
First Citizens BancShares Cl. A | 1,526 | 2,106,033 | ||||||
HBT Financial | 195,169 | 3,559,882 | ||||||
Hingham Institution for Savings | 75,487 | 14,097,197 | ||||||
Home BancShares | 822,538 | 17,223,946 | ||||||
Independent Bank Group | 368,502 | 14,574,254 | ||||||
Origin Bancorp | 370,789 | 10,704,678 | ||||||
Seacoast Banking Corporation of Florida | 333,441 | 7,322,364 | ||||||
TowneBank | 308,001 | 7,062,463 | ||||||
Valley National Bancorp | 1,485,557 | 12,716,368 | ||||||
Western Alliance Bancorp | 175,336 | 8,060,196 | ||||||
Wintrust Financial | 108,320 | 8,178,160 | ||||||
136,122,526 | ||||||||
Capital Markets - 2.9% | ||||||||
Moelis & Company Cl. A | 65,708 | 2,965,402 | ||||||
Tel Aviv Stock Exchange 1,2 | 3,320,944 | 19,072,633 | ||||||
TMX Group | 217,513 | 4,674,548 | ||||||
26,712,583 | ||||||||
Consumer Finance - 1.5% | ||||||||
Encore Capital Group 2 | 129,786 | 6,198,579 | ||||||
PRA Group 2 | 404,847 | 7,777,111 | ||||||
13,975,690 |
Financial Services - 4.9% | ||||||||
Compass Diversified Holdings | 725,170 | 13,611,441 | ||||||
NewtekOne | 892,815 | 13,169,022 | ||||||
Repay Holdings Cl. A 2 | 2,567,780 | 19,489,450 | ||||||
46,269,913 | ||||||||
Insurance - 13.9% | ||||||||
AMERISAFE | 78,297 | 3,920,331 | ||||||
Assured Guaranty | 362,920 | 21,963,918 | ||||||
Axis Capital Holdings | 352,897 | 19,892,804 | ||||||
First American Financial | 151,815 | 8,576,029 | ||||||
International General Insurance Holdings 5 | 3,095,621 | 34,918,605 | ||||||
RenaissanceRe Holdings | 97,513 | 19,299,773 | ||||||
Skyward Specialty Insurance Group 2 | 356,597 | 9,756,494 | ||||||
Stewart Information Services | 262,895 | 11,514,801 | ||||||
129,842,755 | ||||||||
Total | 352,923,467 | |||||||
Industrials – 20.3% | ||||||||
Building Products - 3.1% | ||||||||
Simpson Manufacturing | 76,100 | 11,400,541 | ||||||
UFP Industries | 169,399 | 17,346,458 | ||||||
28,746,999 | ||||||||
Commercial Services & Supplies - 1.6% | ||||||||
Healthcare Services Group 2 | 1,430,602 | 14,921,179 | ||||||
Machinery - 3.3% | ||||||||
Allison Transmission Holdings | 71,492 | 4,222,317 | ||||||
Douglas Dynamics | 584,357 | 17,635,894 | ||||||
Lincoln Electric Holdings | 10,666 | 1,938,972 | ||||||
Timken Company (The) | 99,038 | 7,278,303 | ||||||
31,075,486 | ||||||||
Professional Services - 2.2% | ||||||||
Barrett Business Services | 163,027 | 14,711,557 | ||||||
KBR | 107,714 | 6,348,663 | ||||||
21,060,220 | ||||||||
Trading Companies & Distributors - 10.1% | ||||||||
Air Lease Cl. A | 507,231 | 19,989,974 | ||||||
Applied Industrial Technologies | 80,660 | 12,470,843 | ||||||
FTAI Aviation | 755,971 | 26,874,769 | ||||||
Global Industrial | 186,325 | 6,241,887 | ||||||
MRC Global 2 | 621,290 | 6,368,222 | ||||||
MSC Industrial Direct Cl. A | 98,791 | 9,696,337 | ||||||
NOW 2 | 1,078,508 | 12,801,890 | ||||||
94,443,922 | ||||||||
Total | 190,247,806 | |||||||
Information Technology – 16.0% | ||||||||
Electronic Equipment, Instruments & Components - 5.0% | ||||||||
Coherent 2 | 514,893 | 16,806,108 | ||||||
Crane NXT | 75,499 | 4,195,479 | ||||||
Vontier Corporation | 829,653 | 25,652,871 | ||||||
46,654,458 | ||||||||
IT Services - 4.5% | ||||||||
Hackett Group (The) | 838,560 | 19,781,630 | ||||||
Kyndryl Holdings 2 | 1,483,811 | 22,405,546 | ||||||
42,187,176 | ||||||||
Semiconductors & Semiconductor Equipment - 2.2% | ||||||||
Kulicke & Soffa Industries | 232,607 | 11,311,678 | ||||||
MKS Instruments | 112,916 | 9,771,751 | ||||||
21,083,429 | ||||||||
Software - 4.3% | ||||||||
Sapiens International | 703,849 | 20,010,427 |
Teradata Corporation 2 | 451,759 | 20,338,190 | ||||||
40,348,617 | ||||||||
Total | 150,273,680 | |||||||
Materials – 6.2% | ||||||||
Chemicals - 3.1% | ||||||||
Element Solutions | 1,018,098 | 19,964,902 | ||||||
Ingevity Corporation 2 | 185,715 | 8,841,891 | ||||||
28,806,793 | ||||||||
Containers & Packaging - 3.1% | ||||||||
Graphic Packaging Holding Company | 554,035 | 12,343,900 | ||||||
Silgan Holdings | 395,226 | 17,038,193 | ||||||
29,382,093 | ||||||||
Total | 58,188,886 | |||||||
Real Estate – 2.9% | ||||||||
Office REITs - 1.3% | ||||||||
Equity Commonwealth | 666,011 | 12,234,622 | ||||||
Real Estate Management & Development - 1.6% | ||||||||
Kennedy-Wilson Holdings | 993,197 | 14,639,724 | ||||||
Total | 26,874,346 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $793,451,445) | 919,871,326 | |||||||
REPURCHASE AGREEMENT – 1.9% | ||||||||
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $17,982,958 (collateralized by obligations of U.S. Government Agencies, 4.125% due 6/15/26, valued at $18,337,804 | ||||||||
(Cost $17,978,239) | 17,978,239 | |||||||
TOTAL INVESTMENTS – 100.1% | ||||||||
(Cost $811,429,684) | 937,849,565 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)% | (613,129 | ) | ||||||
NET ASSETS – 100.0% | $ | 937,236,436 |
SCHEDULES OF INVESTMENTS
ROYCE SMALL-CAP VALUE FUND
SEPTEMBER 30, 2023 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 96.6% | ||||||||
Communication Services – 3.1% | ||||||||
Media - 3.1% | ||||||||
Entravision Communications Cl. A | 220,747 | $ | 805,727 | |||||
Saga Communications Cl. A | 57,635 | 1,236,847 | ||||||
TEGNA | 87,314 | 1,272,165 | ||||||
Total | 3,314,739 | |||||||
Consumer Discretionary – 18.1% | ||||||||
Diversified Consumer Services - 0.5% | ||||||||
Lincoln Educational Services 2 | 59,446 | 502,319 | ||||||
Hotels, Restaurants & Leisure - 1.6% | ||||||||
Bloomin’ Brands | 69,700 | 1,713,923 | ||||||
Household Durables - 4.0% | ||||||||
M/I Homes 2 | 18,321 | 1,539,697 | ||||||
Meritage Homes | 6,477 | 792,720 | ||||||
PulteGroup | 25,600 | 1,895,680 | ||||||
4,228,097 | ||||||||
Specialty Retail - 7.4% | ||||||||
Buckle (The) | 38,425 | 1,283,011 | ||||||
Caleres | 40,139 | 1,154,398 | ||||||
Destination XL Group 2 | 193,322 | 866,083 | ||||||
Haverty Furniture | 33,962 | 977,426 | ||||||
Shoe Carnival | 61,583 | 1,479,839 | ||||||
Signet Jewelers | 14,989 | 1,076,360 | ||||||
Williams-Sonoma | 6,700 | 1,041,180 | ||||||
7,878,297 | ||||||||
Textiles, Apparel & Luxury Goods - 4.6% | ||||||||
Carter’s | 20,300 | 1,403,745 | ||||||
Kontoor Brands | 31,500 | 1,383,165 | ||||||
Movado Group | 28,401 | 776,767 | ||||||
Steven Madden | 40,900 | 1,299,393 | ||||||
4,863,070 | ||||||||
Total | 19,185,706 | |||||||
Consumer Staples – 2.5% | ||||||||
Consumer Staples Distribution & Retail - 2.5% | ||||||||
Ingles Markets Cl. A | 16,575 | 1,248,595 | ||||||
Village Super Market Cl. A | 60,899 | 1,378,753 | ||||||
Total | 2,627,348 | |||||||
Energy – 10.5% | ||||||||
Oil, Gas & Consumable Fuels - 10.5% | ||||||||
Berry Corporation | 113,841 | 933,496 | ||||||
Chord Energy | 12,052 | 1,953,268 | ||||||
Civitas Resources | 24,934 | 2,016,412 | ||||||
Dorchester Minerals L.P. | 53,102 | 1,542,613 | ||||||
Matador Resources | 27,100 | 1,611,908 | ||||||
Riley Exploration Permian | 42,053 | 1,336,865 | ||||||
SilverBow Resources 2 | 50,491 | 1,806,063 | ||||||
Total | 11,200,625 | |||||||
Financials – 16.6% | ||||||||
Banks - 11.6% | ||||||||
Citizens Community Bancorp | 78,873 | 757,181 | ||||||
CNB Financial | 73,658 | 1,333,946 |
Dime Community Bancshares | 53,607 | 1,069,996 | ||||||
Heritage Financial | 45,850 | 747,813 | ||||||
Landmark Bancorp | 8,094 | 147,311 | ||||||
Mid Penn Bancorp | 52,139 | 1,049,558 | ||||||
National Bankshares | 5,869 | 146,960 | ||||||
Princeton Bancorp | 29,649 | 859,525 | ||||||
Riverview Bancorp | 116,983 | 650,425 | ||||||
Summit Financial Group | 27,576 | 621,563 | ||||||
Timberland Bancorp | 53,249 | 1,443,048 | ||||||
TrustCo Bank Corp NY | 46,800 | 1,277,172 | ||||||
Unity Bancorp | 56,935 | 1,333,987 | ||||||
Western New England Bancorp | 132,324 | 858,783 | ||||||
12,297,268 | ||||||||
Capital Markets - 1.9% | ||||||||
Evercore Cl. A | 13,936 | 1,921,496 | ||||||
Houlihan Lokey Cl. A | 1,161 | 124,366 | ||||||
2,045,862 | ||||||||
Financial Services - 1.2% | ||||||||
International Money Express 2 | 76,081 | 1,288,051 | ||||||
Insurance - 1.9% | ||||||||
Tiptree | 118,696 | 1,989,345 | ||||||
Total | 17,620,526 | |||||||
Health Care – 5.7% | ||||||||
Biotechnology - 1.1% | ||||||||
Catalyst Pharmaceuticals 2 | 102,355 | 1,196,530 | ||||||
Health Care Providers & Services - 3.1% | ||||||||
Cross Country Healthcare 2 | 58,957 | 1,461,544 | ||||||
Ensign Group (The) | 1,121 | 104,174 | ||||||
Molina Healthcare 2 | 5,240 | 1,718,144 | ||||||
3,283,862 | ||||||||
Pharmaceuticals - 1.5% | ||||||||
SIGA Technologies | 290,756 | 1,526,469 | ||||||
Total | 6,006,861 | |||||||
Industrials – 20.0% | ||||||||
Air Freight & Logistics - 1.3% | ||||||||
Hub Group Cl. A 2 | 17,212 | 1,351,831 | ||||||
Building Products - 3.7% | ||||||||
Insteel Industries | 24,834 | 806,112 | ||||||
Quanex Building Products | 57,095 | 1,608,366 | ||||||
UFP Industries | 14,800 | 1,515,520 | ||||||
3,929,998 | ||||||||
Construction & Engineering - 2.5% | ||||||||
Northwest Pipe 2 | 39,369 | 1,187,763 | ||||||
Sterling Infrastructure 2 | 19,919 | 1,463,648 | ||||||
2,651,411 | ||||||||
Electrical Equipment - 1.5% | ||||||||
Preformed Line Products | 9,462 | 1,538,332 | ||||||
Ground Transportation - 3.9% | ||||||||
ArcBest Corporation | 13,979 | 1,420,965 | ||||||
Schneider National Cl. B | 69,121 | 1,913,961 | ||||||
Universal Logistics Holdings | 28,334 | 713,450 | ||||||
Werner Enterprises | 3,418 | 133,131 | ||||||
4,181,507 | ||||||||
Marine Transportation - 2.1% | ||||||||
Genco Shipping & Trading | 100,958 | 1,412,402 | ||||||
Pangaea Logistics Solutions | 147,775 | 868,917 | ||||||
2,281,319 | ||||||||
Professional Services - 5.0% | ||||||||
Barrett Business Services | 16,394 | 1,479,395 | ||||||
IBEX 2 | 95,361 | 1,473,327 |
Kforce | 3,895 | 232,376 | ||||||
Korn Ferry | 18,164 | 861,700 | ||||||
Resources Connection | 88,251 | 1,315,822 | ||||||
5,362,620 | ||||||||
Total | 21,297,018 | |||||||
Information Technology – 18.0% | ||||||||
Communications Equipment - 1.4% | ||||||||
Aviat Networks 2 | 47,628 | 1,485,994 | ||||||
Electronic Equipment, Instruments & Components - 13.9% | ||||||||
ePlus 2 | 29,607 | 1,880,637 | ||||||
Flex 2 | 78,181 | 2,109,323 | ||||||
Insight Enterprises 2 | 6,997 | 1,018,063 | ||||||
Jabil | 16,822 | 2,134,544 | ||||||
Kimball Electronics 2 | 47,395 | 1,297,675 | ||||||
PC Connection | 27,105 | 1,446,865 | ||||||
Sanmina Corporation 2 | 30,940 | 1,679,423 | ||||||
TD SYNNEX | 13,366 | 1,334,729 | ||||||
Vishay Intertechnology | 74,904 | 1,851,627 | ||||||
14,752,886 | ||||||||
Semiconductors & Semiconductor Equipment - 1.2% | ||||||||
Amkor Technology | 47,181 | 1,066,291 | ||||||
Cohu 2 | 4,016 | 138,311 | ||||||
Kulicke & Soffa Industries | 2,597 | 126,292 | ||||||
1,330,894 | ||||||||
Software - 1.5% | ||||||||
Adeia | 147,902 | 1,579,593 | ||||||
Total | 19,149,367 | |||||||
Materials – 1.0% | ||||||||
Metals & Mining - 1.0% | ||||||||
Ryerson Holding Corporation | 38,125 | 1,109,056 | ||||||
Total | 1,109,056 | |||||||
Real Estate – 1.1% | ||||||||
Real Estate Management & Development - 1.1% | ||||||||
RMR Group (The) Cl. A | 48,350 | 1,185,542 | ||||||
Total | 1,185,542 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $83,271,244) | 102,696,788 | |||||||
REPURCHASE AGREEMENT – 2.1% | ||||||||
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $2,236,734 (collateralized by obligations of various U.S. Government Agencies, 0.75%-4.125% due 5/31/26-6/15/26, valued at $2,280,958) | ||||||||
(Cost $2,236,147) | 2,236,147 | |||||||
TOTAL INVESTMENTS – 98.7% | ||||||||
(Cost $85,507,391) | 104,932,935 | |||||||
CASH AND OTHER ASSETS LESS LIABILITIES – 1.3% | 1,371,365 | |||||||
NET ASSETS – 100.0% | $ | 106,304,300 |
SCHEDULES OF INVESTMENTS
ROYCE SMALLER-COMPANIES GROWTH FUND
SEPTEMBER 30, 2023 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS – 95.1% | ||||||||
Consumer Discretionary – 7.9% | ||||||||
Broadline Retail - 2.2% | ||||||||
Ollie's Bargain Outlet Holdings 2 | 47,000 | $ | 3,627,460 | |||||
Hotels, Restaurants & Leisure - 4.4% | ||||||||
Bragg Gaming Group 2 | 368,000 | 1,780,055 | ||||||
DraftKings Cl. A 2 | 108,000 | 3,179,520 | ||||||
Texas Roadhouse | 26,000 | 2,498,600 | ||||||
7,458,175 | ||||||||
Household Durables - 1.3% | ||||||||
Installed Building Products | 17,000 | 2,123,130 | ||||||
Total | 13,208,765 | |||||||
Consumer Staples – 4.8% | ||||||||
Beverages - 3.2% | ||||||||
Celsius Holdings 2 | 23,000 | 3,946,800 | ||||||
MGP Ingredients | 13,000 | 1,371,240 | ||||||
5,318,040 | ||||||||
Food Products - 1.6% | ||||||||
Freshpet 2 | 42,000 | 2,766,960 | ||||||
Total | 8,085,000 | |||||||
Energy – 3.5% | ||||||||
Energy Equipment & Services - 3.5% | ||||||||
Cactus Cl. A | 54,000 | 2,711,340 | ||||||
Oceaneering International 2 | 82,000 | 2,109,040 | ||||||
Select Water Solutions Cl. A | 123,000 | 977,850 | ||||||
Total | 5,798,230 | |||||||
Financials – 7.0% | ||||||||
Banks - 4.8% | ||||||||
Atlantic Union Bankshares | 83,000 | 2,388,740 | ||||||
Seacoast Banking Corporation of Florida | 125,000 | 2,745,000 | ||||||
Webster Financial | 70,000 | 2,821,700 | ||||||
7,955,440 | ||||||||
Capital Markets - 0.8% | ||||||||
Open Lending 2,4 | 181,000 | 1,324,920 | ||||||
Financial Services - 1.4% | ||||||||
AvidXchange Holdings 2 | 45,000 | 426,600 | ||||||
Cantaloupe 2 | 314,000 | 1,962,500 | ||||||
2,389,100 | ||||||||
Total | 11,669,460 | |||||||
Health Care – 19.0% | ||||||||
Biotechnology - 2.9% | ||||||||
ARS Pharmaceuticals 2,4 | 217,000 | 820,260 | ||||||
Avid Bioservices 2 | 100,000 | 944,000 | ||||||
MeiraGTx Holdings 2 | 146,337 | 718,515 | ||||||
PureTech Health 1,2 | 1,046,000 | 2,307,452 | ||||||
4,790,227 | ||||||||
Health Care Equipment & Supplies - 11.3% | ||||||||
Alphatec Holdings 2 | 261,000 | 3,385,170 | ||||||
Axonics 2 | 28,000 | 1,571,360 | ||||||
CVRx 2,4 | 70,416 | 1,068,210 | ||||||
InMode 2 | 110,000 | 3,350,600 | ||||||
Inspire Medical Systems 2 | 13,488 | 2,676,559 | ||||||
Lantheus Holdings 2 | 23,000 | 1,598,040 | ||||||
SI-BONE 2 | 132,000 | 2,803,680 | ||||||
TransMedics Group 2,4 | 45,000 | 2,463,750 | ||||||
18,917,369 | ||||||||
Health Care Providers & Services - 1.7% | ||||||||
Privia Health Group 2 | 125,000 | 2,875,000 | ||||||
Life Sciences Tools & Services - 1.1% | ||||||||
Azenta 2 | 10,000 | 501,900 | ||||||
BioLife Solutions 2 | 36,000 | 497,160 | ||||||
MaxCyte 2,4 | 250,000 | 780,000 | ||||||
1,779,060 | ||||||||
Pharmaceuticals - 2.0% | ||||||||
Corcept Therapeutics 2 | 64,000 | 1,743,680 | ||||||
Harrow 2,4 | 116,700 | 1,676,979 | ||||||
3,420,659 | ||||||||
Total | 31,782,315 | |||||||
Industrials – 26.7% | ||||||||
Aerospace & Defense - 1.7% | ||||||||
AeroVironment 2 | 25,000 | 2,788,250 | ||||||
Air Freight & Logistics - 2.0% | ||||||||
GXO Logistics 2 | 57,000 | 3,343,050 | ||||||
Commercial Services & Supplies - 5.6% | ||||||||
ACV Auctions Cl. A 2 | 318,000 | 4,827,240 | ||||||
VSE Corporation | 88,000 | 4,438,720 | ||||||
9,265,960 | ||||||||
Electrical Equipment - 2.1% | ||||||||
Enovix Corporation 2,4 | 108,000 | 1,355,400 | ||||||
Shoals Technologies Group Cl. A 2 | 118,000 | 2,153,500 | ||||||
3,508,900 | ||||||||
Machinery - 5.8% | ||||||||
ATS Corporation 2 | 113,000 | 4,817,007 | ||||||
Chart Industries 2 | 21,000 | 3,551,520 | ||||||
Energy Recovery 2 | 48,000 | 1,018,080 | ||||||
Symbotic Cl. A 2,4 | 9,500 | 317,585 | ||||||
9,704,192 | ||||||||
Professional Services - 1.9% | ||||||||
LegalZoom.com 2 | 164,000 | 1,794,160 | ||||||
Paylocity Holding Corporation 2 | 7,786 | 1,414,717 | ||||||
3,208,877 | ||||||||
Trading Companies & Distributors - 7.6% | ||||||||
Distribution Solutions Group 2 | 260,140 | 6,763,640 | ||||||
FTAI Aviation | 104,000 | 3,697,200 | ||||||
Herc Holdings | 19,000 | 2,259,860 | ||||||
12,720,700 | ||||||||
Total | 44,539,929 | |||||||
Information Technology – 22.4% | ||||||||
Electronic Equipment, Instruments & Components - 2.8% | ||||||||
Evolv Technologies Holdings 2 | 379,000 | 1,841,940 | ||||||
Iteris 2 | 417,474 | 1,728,342 | ||||||
NAPCO Security Technologies | 50,000 | 1,112,500 | ||||||
4,682,782 | ||||||||
Semiconductors & Semiconductor Equipment - 6.4% | ||||||||
Aehr Test Systems 2 | 82,000 | 3,747,400 | ||||||
Credo Technology Group Holding 2 | 40,000 | 610,000 | ||||||
Impinj 2 | 53,555 | 2,947,132 | ||||||
indie Semiconductor Cl. A 2 | 309,000 | 1,946,700 | ||||||
Silicon Laboratories 2 | 12,000 | 1,390,680 | ||||||
10,641,912 | ||||||||
Software - 12.6% | ||||||||
Agilysys 2 | 53,000 | 3,506,480 | ||||||
CyberArk Software 2 | 20,000 | 3,275,400 | ||||||
Descartes Systems Group (The) 2 | 35,033 | 2,570,722 | ||||||
JFrog 2 | 171,000 | 4,336,560 | ||||||
NextNav 2,4 | 368,894 | 1,896,115 | ||||||
SoundHound AI Cl. A 2,4 | 110,000 | 221,100 | ||||||
Sprout Social Cl. A 2,4 | 61,000 | 3,042,680 | ||||||
Vertex Cl. A 2 | 95,000 | 2,194,500 | ||||||
21,043,557 | ||||||||
Technology Hardware, Storage & Peripherals - 0.6% | ||||||||
Super Micro Computer 2 | 3,500 | 959,770 | ||||||
Total | 37,328,021 | |||||||
Materials – 3.2% | ||||||||
Chemicals - 1.1% | ||||||||
Bioceres Crop Solutions 2 | 165,000 | 1,862,850 | ||||||
Metals & Mining - 2.1% | ||||||||
AMG Critical Materials 1 | 93,589 | 2,811,035 | ||||||
Lithium Royalty 2 | 75,000 | 627,278 | ||||||
3,438,313 | ||||||||
Total | 5,301,163 | |||||||
Real Estate – 0.6% | ||||||||
Office REITs - 0.6% | ||||||||
Postal Realty Trust Cl. A | 70,000 | 945,000 | ||||||
Total | 945,000 | |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $131,786,335) | 158,657,883 | |||||||
REPURCHASE AGREEMENT – 4.7% | ||||||||
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $7,849,881 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $8,004,803) (Cost $7,847,821) | 7,847,821 | |||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED – 2.7% | ||||||||
Money Market Funds | ||||||||
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-5.20%) (Cost $4,509,673) | 4,509,673 | 4,509,673 | ||||||
TOTAL INVESTMENTS – 102.5% | ||||||||
(Cost $144,143,829) | 171,015,377 | |||||||
LIABILITIES LESS CASH AND OTHER ASSETS – (2.5)% | (4,237,296 | ) | ||||||
NET ASSETS – 100.0% | $ | 166,778,081 |
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 as of September 30, 2023. |
Securities of Royce International Premier Fund are categorized by the country of their headquarters.
Tax Information: |
As of September 30, 2023, 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 | $ | 27,102,083 | $ | 32,531,501 | $ | 32,862,991 | $ | 331,490 | ||||||||
Royce Global Financial Services Fund | 16,345,965 | 9,324,614 | 10,665,260 | 1,340,646 | ||||||||||||
Royce International Premier Fund | 720,203,909 | (85,478,053 | ) | 56,652,815 | 142,130,868 | |||||||||||
Royce Micro-Cap Fund | 232,827,793 | 51,581,937 | 91,576,024 | 39,994,087 | ||||||||||||
Royce Pennsylvania Mutual Fund | 1,213,893,458 | 453,130,434 | 526,381,633 | 73,251,199 | ||||||||||||
Royce Premier Fund | 835,451,679 | 471,064,581 | 502,702,318 | 31,637,737 | ||||||||||||
Royce Small-Cap Opportunity Fund | 1,109,750,854 | 143,395,911 | 293,696,146 | 150,300,235 | ||||||||||||
Royce Small-Cap Special Equity Fund | 618,506,142 | 132,649,469 | 153,796,376 | 21,146,907 | ||||||||||||
Royce Small-Cap Total Return Fund | 815,068,217 | 122,781,348 | 156,319,572 | 33,538,224 | ||||||||||||
Royce Small-Cap Value Fund | 85,606,106 | 19,326,829 | �� | 23,853,820 | 4,526,991 | |||||||||||
Royce Smaller-Companies Growth Fund | 144,159,936 | 26,855,441 | 38,248,363 | 11,392,922 |
The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
Valuation of Investments:
Royce Dividend Value Fund, Royce Global Financial Services Fund, Royce International Premier Fund, Royce Micro-Cap Fund, Royce Pennsylvania Mutual Fund, Royce Premier Fund, Royce Small-Cap Opportunity Fund, Royce Small-Cap Special Equity Fund, Royce Small-Cap Total Return Fund, Royce Small-Cap Value Fund and Royce Smaller-Companies Growth Fund (the “Fund” or “Funds”), are the eleven series of The Royce Fund (the “Trust”), an open-end management investment company organized as a Delaware statutory trust. Royce & Associates, LP, the Funds’ investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners (“Royce”). Investment transactions are accounted for on the trade date. Portfolio securities held by the Funds are valued as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on the valuation date. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.
Equity securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as “Level 1” inputs because they represent reliable quoted prices in active markets for identical securities.
If the value of a portfolio security held by a Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be “fair valued.” The Trust’s Board of Trustees has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act of 1940 (“Rule 2a-5”). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Trust's Board of Trustees and policies and procedures adopted by Royce in its capacity as valuation designee for the Trust. Fair valued securities are reported as either “Level 2” or “Level 3” securities.
As a general principle, the fair value of a security is the amount which a Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.
Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Funds on a particular valuation date include:
● | Over-the-counter equity securities other than those traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system (collectively referred to herein as “Other OTC Equity Securities”) are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities; |
● | Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and |
● | The Funds use an independent pricing service to fair value certain non-U.S. equity securities when U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts, and other indications to estimate the fair value of such non-U.S. securities. |
Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer’s ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas. In the case of restricted securities, fair value determinations generally start with the inherent or intrinsic worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in value resulting from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ significantly from the values that would have been used had an active market existed.
A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if:
● | an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, has not traded and there are no bids; |
● | Royce does not receive at least two bid side quotes for an Other OTC Equity Security; |
● | the independent pricing services are unable to supply fair value prices; or |
● | the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time a Fund prices its shares). |
The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Funds as of September 30, 2023. Any Level 2 or Level 3 securities held by a Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Royce Dividend Value Fund | ||||||||||||||||
Common Stocks | $ | 50,361,868 | $ | 7,336,564 | $ – | $ | 57,698,432 | |||||||||
Repurchase Agreement | – | 1,935,152 | – | 1,935,152 | ||||||||||||
Royce Global Financial Services Fund | ||||||||||||||||
Common Stocks | 20,837,444 | 3,697,574 | – | 24,535,018 | ||||||||||||
Diversified Investment Companies | 275,609 | – | – | 275,609 | ||||||||||||
Repurchase Agreement | – | 859,952 | – | 859,952 | ||||||||||||
Royce International Premier Fund | ||||||||||||||||
Common Stocks | 50,761,015 | 540,257,114 | – | 591,018,129 | ||||||||||||
Preferred Stocks | – | 9,759,810 | – | 9,759,810 | ||||||||||||
Repurchase Agreement | – | 33,947,917 | – | 33,947,917 | ||||||||||||
Royce Micro-Cap Fund | ||||||||||||||||
Common Stocks | 270,225,113 | 6,170,065 | 0 | 276,395,178 | ||||||||||||
Repurchase Agreement | – | 7,379,069 | – | 7,379,069 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 635,483 | – | – | 635,483 | ||||||||||||
Royce Pennsylvania Mutual Fund | ||||||||||||||||
Common Stocks | 1,610,535,110 | 4,851,625 | – | 1,615,386,735 | ||||||||||||
Repurchase Agreement | – | 48,770,282 | – | 48,770,282 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 2,866,875 | – | – | 2,866,875 | ||||||||||||
Royce Premier Fund | ||||||||||||||||
Common Stocks | 1,243,993,320 | – | – | 1,243,993,320 | ||||||||||||
Repurchase Agreement | – | 62,522,940 | – | 62,522,940 | ||||||||||||
Royce Small-Cap Opportunity Fund | ||||||||||||||||
Common Stocks | 1,203,707,627 | 813,436 | 0 | 1,204,521,063 | ||||||||||||
Repurchase Agreement | – | 43,786,579 | – | 43,786,579 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 4,839,123 | – | – | 4,839,123 | ||||||||||||
Royce Small-Cap Special Equity Fund | ||||||||||||||||
Common Stocks | 617,492,821 | 5,402,000 | – | 622,894,821 | ||||||||||||
Repurchase Agreement | – | 128,260,790 | – | 128,260,790 | ||||||||||||
Royce Small-Cap Total Return Fund | ||||||||||||||||
Common Stocks | 882,362,203 | 37,509,123 | – | 919,871,326 | ||||||||||||
Repurchase Agreement | – | 17,978,239 | – | 17,978,239 | ||||||||||||
Royce Small-Cap Value Fund | ||||||||||||||||
Common Stocks | 102,696,788 | – | – | 102,696,788 | ||||||||||||
Repurchase Agreement | – | 2,236,147 | – | 2,236,147 | ||||||||||||
Royce Smaller-Companies Growth Fund | ||||||||||||||||
Common Stocks | 153,539,395 | 5,118,488 | – | 158,657,883 | ||||||||||||
Repurchase Agreement | – | 7,847,821 | – | 7,847,821 | ||||||||||||
Money Market Fund/Collateral Received for Securities Loaned | 4,509,673 | – | – | 4,509,673 |
Level 3 Reconciliation: | Unrealized Gain (Loss) | ||||||
Balance as | Realized | Currently Held | Securities | Balance as | |||
of 12/31/22 | Purchases | Sales | Gain (Loss) | Securities | No Longer Held | of 9/30/23 | |
Royce Micro-Cap Fund | |||||||
Common Stocks | $ 0 | $ – | $ – | $ – | $ 0 | $ – | $ 0 |
Royce Small-Cap Opportunity 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 as of September 30, 2023, are next business day 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 as of September 30, 2023:
Securities on Loan | |||
Cash Collateral1 | Collateralized by Cash Collateral | Net Amount | |
Royce Micro-Cap Fund | $ 635,483 | $ (640,566) | $ (5,083) |
Royce Pennsylvania Mutual Fund | 2,866,875 | (2,844,798) | 22,077 |
Royce Small-Cap Opportunity Fund | 4,839,123 | (4,664,152) | 174,971 |
Royce Smaller-Companies Growth Fund | 4,509,673 | (4,361,036) | 148,637 |
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 as of September 30, 2023:
Securities on Loan | |||
Non-Cash Collateral | Collateralized by Non-Cash Collateral | Net Amount | |
Royce Micro-Cap Fund | $ 1,929,556 | $ (1,872,278) | $ 57,278 |
Royce Pennsylvania Mutual Fund | 4,739,950 | (4,638,551) | 101,399 |
Royce Small-Cap Opportunity Fund | 7,750,390 | (7,546,202) | 204,188 |
Royce Smaller-Companies Growth Fund | 6,173,297 | (6,028,337) | 144,960 |
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 nine months ended September 30, 2023:
Affiliated Company1 | Shares 12/31/22 | Market Value 12/31/22 | Costs of Purchases | Proceeds from Sales | Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Dividend Income | Shares 9/30/23 | Market Value 9/30/23 | ||||||||||||||||||||||||||
Royce International Premier Fund | |||||||||||||||||||||||||||||||||||
United Kingdom – 2.8% | |||||||||||||||||||||||||||||||||||
Restore2,3 | 4,729,458 | $ | 18,868,340 | $ | 9,089,495 | $ | 2,564,185 | $ | (1,407,831 | ) | $ | (5,836,630 | ) | $ | 577,315 | n/a | n/a | ||||||||||||||||||
18,868,340 | (1,407,831 | ) | (5,836,630 | ) | 577,315 | ||||||||||||||||||||||||||||||
Royce Small-Cap Opportunity Fund | |||||||||||||||||||||||||||||||||||
Consumer Discretionary – 0.5% | |||||||||||||||||||||||||||||||||||
Textiles, Apparel & Luxury Goods – 0.5% | |||||||||||||||||||||||||||||||||||
Lakeland Industries4 | 273,810 | 3,641,673 | 2,169,119 | — | — | 672,820 | 30,691 | 430,233 | $ | 6,483,612 | |||||||||||||||||||||||||
3,641,673 | — | 672,820 | 30,691 | 6,483,612 | |||||||||||||||||||||||||||||||
Industrials – 0.5% | |||||||||||||||||||||||||||||||||||
Construction & Engineering – 0.5% | |||||||||||||||||||||||||||||||||||
Limbach Holdings3,5 | 654,981 | 6,818,352 | — | 8,626,362 | 4,884,972 | 3,669,407 | — | n/a | n/a | ||||||||||||||||||||||||||
6,818,352 | 4,884,972 | 3,669,407 | — |
Information Technology – 1.1%
Communications Equipment – 0.4%
PCTEL4 | 1,044,693 | 4,492,180 | 165,529 | 51,081 | (16,969 | ) | (131,753 | ) | 172,125 | 1,071,612 | 4,457,906 | ||||||||||||||||||||||||
Semiconductors & Semiconductor Equipment – 0.4% | |||||||||||||||||||||||||||||||||||
Amtech Systems4,5 | 663,484 | 5,042,478 | 477,208 | — | — | (53,479 | ) | — | 717,350 | 5,466,207 | |||||||||||||||||||||||||
Technology Hardware, Storage & Peripherals – 0.3% | |||||||||||||||||||||||||||||||||||
Intevac4,5 | 968,302 | 6,264,914 | 1,547,779 | — | — | (3,703,624 | ) | — | 1,321,244 | 4,109,069 | |||||||||||||||||||||||||
15,799,572 | (16,969 | ) | (3,888,856 | ) | 172,125 | 14,033,182 | |||||||||||||||||||||||||||||
26,259,597 | 4,868,003 | 453,371 | 202,816 | 20,516,794 | |||||||||||||||||||||||||||||||
Royce Small-Cap Special Equity Fund | |||||||||||||||||||||||||||||||||||
Consumer Discretionary – 3.7% | |||||||||||||||||||||||||||||||||||
Automobile Components – 3.7% | |||||||||||||||||||||||||||||||||||
Standard Motor Products3 | 1,188,000 | 41,342,400 | 1,173,090 | 14,529,115 | (1,780,124 | ) | 1,866,449 | 852,745 | n/a | n/a | |||||||||||||||||||||||||
41,342,400 | (1,780,124 | ) | 1,866,449 | 852,745 | |||||||||||||||||||||||||||||||
Industrials – 3.0% | |||||||||||||||||||||||||||||||||||
Machinery – 3.0% | |||||||||||||||||||||||||||||||||||
Gencor Industries4,5 | 1,066,000 | 10,766,600 | — | 2,259,411 | (327,983 | ) | 4,679,094 | — | 910,000 | 12,858,300 | |||||||||||||||||||||||||
Hurco Companies4 | 580,000 | 15,155,400 | — | 3,175,319 | (2,413,304 | ) | 212,703 | 232,928 | 436,000 | 9,779,480 | |||||||||||||||||||||||||
25,922,000 | (2,741,287 | ) | 4,891,797 | 232,928 | 22,637,780 | ||||||||||||||||||||||||||||||
Information Technology – 3.5% | |||||||||||||||||||||||||||||||||||
Semiconductors & Semiconductor Equipment – 3.5% | |||||||||||||||||||||||||||||||||||
NVE Corporation4 | 371,500 | 24,054,625 | — | 4,185,657 | 913,378 | 5,954,224 | 1,068,000 | 325,500 | 26,736,570 | ||||||||||||||||||||||||||
24,054,625 | 913,378 | 5,954,224 | 1,068,000 | 26,736,570 | |||||||||||||||||||||||||||||||
91,319,025 | (3,608,033 | ) | 12,712,470 | 2,153,673 | 49,374,350 | ||||||||||||||||||||||||||||||
Royce Small-Cap Total Return Fund | |||||||||||||||||||||||||||||||||||
Financials – 5.1% | |||||||||||||||||||||||||||||||||||
Financial Services – 1.4% | |||||||||||||||||||||||||||||||||||
NewtekOne3 | 471,100 | 7,655,375 | 14,341,030 | 7,701,253 | (678,074 | ) | (448,057 | ) | 418,627 | n/a | n/a | ||||||||||||||||||||||||
Insurance – 3.7% | |||||||||||||||||||||||||||||||||||
International General Insurance Holdings4 | 2,747,997 | 21,983,976 | 3,593,972 | 746,659 | 129,774 | 9,957,542 | 87,503 | 3,095,621 | 34,918,605 | ||||||||||||||||||||||||||
29,639,351 | (548,300 | ) | 9,509,485 | 506,130 | 34,918,605 |
1 | Percentages represent the percentages of the investments in Affiliated Companies of the Fund's net assets. |
2 | This security is defined as a Level 2 security due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors. |
3 | Not an Affiliated Company as of September 30, 2023. |
5 | Non-income producing. |
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).