Form NPORT-P ROYCE FUND For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0000709364
          XXXXXXXX
        
      
      
      
      
        S000009512
        C000026015
        C000038081
        C000026014
        C000026013
        C000026012
      
      
      
    
  
  
    
      ROYCE FUND
      811-03599
      0000709364
      00000000000000000000
      745 FIFTH AVENUE
      NEW YORK
      
      10151
      212-508-4500
      Royce Opportunity Fund
      S000009512
      254900Z31ISPHE5OH770
      2021-12-31
      2021-03-31
      N
    
    
      2109159197.48
      29037834.94
      2080121362.54
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          
            UST
          
        
      
      
        
          
          
          
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        WESCO International Inc
        529900TXOGREY3WNJ434
        
        95082P105
        
          
        
        146604.00000000
        NS
        USD
        12685644.12000000
        0.609851153324
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Astronics Corp
        549300NNXCF8H4MSMK17
        
        046433108
        
          
        
        265100.00000000
        NS
        USD
        4782404.00000000
        0.229909854594
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KAR Auction Services Inc
        5493004HKD20LBSG7D03
        
        48238T109
        
          
        
        488580.00000000
        NS
        USD
        7328700.00000000
        0.352320789160
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GP Strategies Corp
        5493006GWK1B65HI6Q32
        
        36225V104
        
          
        
        334785.00000000
        NS
        USD
        5841998.25000000
        0.280848913683
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AdvanSix Inc
        5493009TPRODMCAZLF67
        
        00773T101
        
          
        
        258512.00000000
        NS
        USD
        6933291.84000000
        0.333311890587
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        A10 Networks Inc
        549300UQD4IWUML81Q35
        
        002121101
        
          
        
        810426.00000000
        NS
        USD
        7788193.86000000
        0.374410551242
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Primoris Services Corp
        549300UF3OLBJ8D5K349
        
        74164F103
        
          
        
        256680.00000000
        NS
        USD
        8503808.40000000
        0.408813089137
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carpenter Technology Corp
        DX6I6ZD3X5WNNCDJKP85
        
        144285103
        
          
        
        223142.00000000
        NS
        USD
        9182293.30000000
        0.441430652334
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BJ's Restaurants Inc
        5299000EOW66I1OJNQ23
        
        09180C106
        
          
        
        198501.00000000
        NS
        USD
        11528938.08000000
        0.554243530575
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hawaiian Electric Industries Inc
        JJ8FWOCWCV22X7GUPJ23
        
        419870100
        
          
        
        129701.00000000
        NS
        USD
        5762615.43000000
        0.277032654621
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aviat Networks Inc
        549300Z3X8Z4MK52CI65
        
        05366Y201
        
          
        
        124989.00000000
        NS
        USD
        8879218.56000000
        0.426860601496
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zovio Inc
        N/A
        
        98979V102
        
          
        
        361269.00000000
        NS
        USD
        1466752.14000000
        0.070512815569
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PGT Innovations Inc
        549300LRW9WM59C1S579
        
        69336V101
        
          
        
        171643.00000000
        NS
        USD
        4333985.75000000
        0.208352542695
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Skyline Champion Corp
        N/A
        
        830830105
        
          
        
        110100.00000000
        NS
        USD
        4983126.00000000
        0.239559387723
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LSB Industries Inc
        5493001H215A0HG0MI71
        
        502160104
        
          
        
        469956.00000000
        NS
        USD
        2410874.28000000
        0.115900654808
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stoneridge Inc
        PNBCIH9LE7WI83VJIF08
        
        86183P102
        
          
        
        217177.00000000
        NS
        USD
        6908400.37000000
        0.332115255119
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Steelcase Inc
        GIE4CCPBJDI8SMV1OX95
        
        858155203
        
          
        
        383300.00000000
        NS
        USD
        5515687.00000000
        0.265161788121
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evolent Health Inc
        549300CZOCFHQ2BBTR11
        
        30050B101
        
          
        
        224000.00000000
        NS
        USD
        4524800.00000000
        0.217525769480
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Kulicke & Soffa Industries Inc
        529900H6BEIRBF429744
        
        501242101
        
          
        
        185665.00000000
        NS
        USD
        9118008.15000000
        0.438340200442
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Quest Resource Holding Corp
        54930088J62L2GTB0F58
        
        74836W203
        
          
        
        123606.00000000
        NS
        USD
        482063.40000000
        0.023174772812
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Forterra Inc
        549300M8CB93DI1JD480
        
        34960W106
        
          
        
        350665.00000000
        NS
        USD
        8152961.25000000
        0.391946421820
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Horizon Global Corp
        549300D1ZZV3IWN54G85
        
        44052W104
        
          
        
        1143287.00000000
        NS
        USD
        11810154.71000000
        0.567762772051
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Central Garden & Pet Co
        5493004DVZLD37DJ0H83
        
        153527205
        
          
        
        141500.00000000
        NS
        USD
        7342435.00000000
        0.352981087172
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evercore Inc
        529900P6KLPT95DW3W58
        
        29977A105
        
          
        
        68200.00000000
        NS
        USD
        8984668.00000000
        0.431929990326
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PCTEL Inc
        N/A
        
        69325Q105
        
          
        
        592962.00000000
        NS
        USD
        4121085.90000000
        0.198117570167
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amkor Technology Inc
        529900VHLRTKPWZJBM84
        
        031652100
        
          
        
        574240.00000000
        NS
        USD
        13615230.40000000
        0.654540193913
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tanger Factory Outlet Centers Inc
        UKEW8YSXE4Y581KYOL30
        
        875465106
        
          
        
        479500.00000000
        NS
        USD
        7254835.00000000
        0.348769794428
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TimkenSteel Corp
        549300QZTZWHDE9HJL14
        
        887399103
        
          
        
        491300.00000000
        NS
        USD
        5772775.00000000
        0.277521066989
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Surgalign Holdings Inc
        N/A
        
        86882C105
        
          
        
        1371045.00000000
        NS
        USD
        2988878.10000000
        0.143687678701
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        JMP Group LLC
        549300RVM9B0BWD4MH68
        
        46629U107
        
          
        
        149414.00000000
        NS
        USD
        893495.72000000
        0.042954018745
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heritage-Crystal Clean Inc
        N/A
        
        42726M106
        
          
        
        187500.00000000
        NS
        USD
        5086875.00000000
        0.244547029399
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mistras Group Inc
        N/A
        
        60649T107
        
          
        
        263551.00000000
        NS
        USD
        3007116.91000000
        0.144564493406
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Stainless & Alloy Products Inc
        5493001OEIZDUGXZDE09
        
        913837100
        
          
        
        31921.00000000
        NS
        USD
        324636.57000000
        0.015606616798
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gibraltar Industries Inc
        N/A
        
        374689107
        
          
        
        57700.00000000
        NS
        USD
        5280127.00000000
        0.253837448866
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lydall Inc
        549300HATFXXTSIQU854
        
        550819106
        
          
        
        360191.00000000
        NS
        USD
        12152844.34000000
        0.584237273788
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ferroglobe PLC
        2138005GCFJACFTZUD90
        
        000000000
        
          
        
        1345071.00000000
        NS
        USD
        5084368.38000000
        0.244426525853
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        EnPro Industries Inc
        549300Y5CFT2LKCFDN54
        
        29355X107
        
          
        
        109400.00000000
        NS
        USD
        9328538.00000000
        0.448461237310
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ferro Corp
        1YTO5R7OHOPE81ZNYD08
        
        315405100
        
          
        
        562667.00000000
        NS
        USD
        9486565.62000000
        0.456058275773
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pacira BioSciences Inc
        N/A
        
        695127100
        
          
        
        54400.00000000
        NS
        USD
        3812896.00000000
        0.183301612524
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Cutera Inc
        529900NPKPEWJWR21Z42
        
        232109108
        
          
        
        233710.00000000
        NS
        USD
        7022985.50000000
        0.337623834189
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walker & Dunlop Inc
        N/A
        
        93148P102
        
          
        
        146738.00000000
        NS
        USD
        15075862.12000000
        0.724758775689
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JetBlue Airways Corp
        54930070J9H97ZO93T57
        
        477143101
        
          
        
        628300.00000000
        NS
        USD
        12779622.00000000
        0.614369057024
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Orion Group Holdings Inc
        549300KBVXPV9Q3CT222
        
        68628V308
        
          
        
        456975.00000000
        NS
        USD
        2773838.25000000
        0.133349827560
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LiqTech International Inc
        5493001UFZ03YRLEYN28
        
        53632A201
        
          
        
        465155.00000000
        NS
        USD
        3763103.95000000
        0.180907903633
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Luxfer Holdings PLC
        21380045UF5SJYZOXE41
        
        000000000
        
          
        
        180500.00000000
        NS
        USD
        3841040.00000000
        0.184654610503
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Cloudera Inc
        549300PGONC4JOI0RG62
        
        18914U100
        
          
        
        379600.00000000
        NS
        USD
        4619732.00000000
        0.222089541658
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        DZS Inc
        549300JL6GXPZ9SNGD29
        
        268211109
        
          
        
        609404.00000000
        NS
        USD
        9476232.20000000
        0.455561505720
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Noranda Aluminum Holding Corp
        5493002XKIUDJWJUU032
        
        65542W206
        
          
        
        488157.00000000
        NS
        USD
        30753.89000000
        0.001478466139
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Olin Corp
        549300GKK294V7W57P06
        
        680665205
        
          
        
        495810.00000000
        NS
        USD
        18825905.70000000
        0.905038813553
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hub Group Inc
        N/A
        
        443320106
        
          
        
        155500.00000000
        NS
        USD
        10462040.00000000
        0.502953346300
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trecora Resources
        549300YM7091ZVQS2B12
        
        894648104
        
          
        
        485231.00000000
        NS
        USD
        3770244.87000000
        0.181251197064
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cohu Inc
        529900FJPORJ3JJ2XS33
        
        192576106
        
          
        
        236076.00000000
        NS
        USD
        9877419.84000000
        0.474848247697
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avid Technology Inc
        549300PQGW3DXKJTQ914
        
        05367P100
        
          
        
        652054.00000000
        NS
        USD
        13764859.94000000
        0.661733502087
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lithia Motors Inc
        SE8N1EZEHPZQBCBVKD53
        
        536797103
        
          
        
        6500.00000000
        NS
        USD
        2535585.00000000
        0.121896012687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Select Medical Holdings Corp
        N/A
        
        81619Q105
        
          
        
        300300.00000000
        NS
        USD
        10240230.00000000
        0.492290026169
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SecureWorks Corp
        N/A
        
        81374A105
        
          
        
        505862.00000000
        NS
        USD
        6768433.56000000
        0.325386474168
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Frequency Electronics Inc
        549300S56SO2JB5JBE31
        
        358010106
        
          
        
        321193.00000000
        NS
        USD
        3626268.97000000
        0.174329682647
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fixed Income Clearing Corp
        549300H47WTHXPU08X20
        
        000000000
        
          
        
        138261960.93000000
        PA
        USD
        138261960.93000000
        6.646821835489
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
          N
          0.00000000
          2021-04-01
          
            
              132090900.00000000
              USD
              141027211.31406600
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        ADTRAN Inc
        549300XWTHXJVGKWU616
        
        00738A106
        
          
        
        548100.00000000
        NS
        USD
        9142308.00000000
        0.439508394300
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Under Armour Inc
        549300D4549QKWETZ406
        
        904311107
        
          
        
        303500.00000000
        NS
        USD
        6725560.00000000
        0.323325365582
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        InterDigital Inc
        N/A
        
        45867G101
        
          
        
        106500.00000000
        NS
        USD
        6757425.00000000
        0.324857247355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QuinStreet Inc
        549300TP8MFBFPOS4Y78
        
        74874Q100
        
          
        
        328700.00000000
        NS
        USD
        6672610.00000000
        0.320779841030
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Herc Holdings Inc
        549300TP80QLITMSBP82
        
        42704L104
        
          
        
        186219.00000000
        NS
        USD
        18869571.27000000
        0.907137997321
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natural Grocers by Vitamin Cottage Inc
        529900P4OTXDGBUS3O87
        
        63888U108
        
          
        
        365358.00000000
        NS
        USD
        6412032.90000000
        0.308252826756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Air Lease Corp
        5493004NW4M4P8TMMK63
        
        00912X302
        
          
        
        336638.00000000
        NS
        USD
        16495262.00000000
        0.792995173120
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Unifi Inc
        549300MW5LPO0M2LNO04
        
        904677200
        
          
        
        291500.00000000
        NS
        USD
        8033740.00000000
        0.386214965370
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federated Government Obligations Fund
        254900VAJ9169N7JRF45
        
        60934N807
        
          
        
        12776049.50000000
        NS
        USD
        12776049.50000000
        0.614197312237
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Advanced Energy Industries Inc
        549300756XI3QLFT2U27
        
        007973100
        
          
        
        109503.00000000
        NS
        USD
        11954442.51000000
        0.574699280786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Finance Corp
        549300CD2YOVXZVE6R39
        
        369822101
        
          
        
        341482.00000000
        NS
        USD
        4149006.30000000
        0.199459818773
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Modine Manufacturing Co
        Z35SZFYJR8GZZRSIUU09
        
        607828100
        
          
        
        749863.00000000
        NS
        USD
        11075476.51000000
        0.532443765515
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        frontdoor Inc
        5493008RB0JZJI3QGZ06
        
        35905A109
        
          
        
        167999.00000000
        NS
        USD
        9029946.25000000
        0.434106702263
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brighthouse Financial Inc
        5493003T8SZSHOGGAW52
        
        10922N103
        
          
        
        265400.00000000
        NS
        USD
        11743950.00000000
        0.564580039005
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGIC Investment Corp
        254900S8483WM4M98R28
        
        552848103
        
          
        
        515700.00000000
        NS
        USD
        7142445.00000000
        0.343366744297
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carrols Restaurant Group Inc
        529900HZEMNWQSAKFJ98
        
        14574X104
        
          
        
        729692.00000000
        NS
        USD
        4367206.62000000
        0.209949606722
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tri Pointe Homes Inc
        N/A
        
        87265H109
        
          
        
        208506.00000000
        NS
        USD
        4245182.16000000
        0.204083388423
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teekay LNG Partners LP
        549300CP38L0UER0I397
        
        000000000
        
          
        
        236936.00000000
        NS
        USD
        3409509.04000000
        0.163909140178
        Long
        EC
        CORP
        MH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        JELD-WEN Holding Inc
        529900AXX7CT9GZSCS30
        
        47580P103
        
          
        
        198200.00000000
        NS
        USD
        5488158.00000000
        0.263838355724
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGP Ingredients Inc
        2549006OMHFVZ4MS8538
        
        55303J106
        
          
        
        115360.00000000
        NS
        USD
        6823544.00000000
        0.328035859968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tejon Ranch Co
        549300TMNDO77VJ6J111
        
        879080109
        
          
        
        101206.00000000
        NS
        USD
        1694188.44000000
        0.081446615111
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axos Financial Inc
        529900D8M56422GK9O25
        
        05465C100
        
          
        
        95700.00000000
        NS
        USD
        4498857.00000000
        0.216278582635
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US Xpress Enterprises Inc
        549300NXY19K1OZN4915
        
        90338N202
        
          
        
        298500.00000000
        NS
        USD
        3507375.00000000
        0.168613959894
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dorian LPG Ltd
        549300WP1W2WGMC7F395
        
        000000000
        
          
        
        549892.00000000
        NS
        USD
        7220081.96000000
        0.347099072680
        Long
        EC
        CORP
        MH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Marcus Corp/The
        549300NL0OKPNEMP6B79
        
        566330106
        
          
        
        230300.00000000
        NS
        USD
        4603697.00000000
        0.221318673174
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wabash National Corp
        5299004ZAWHQZI5XO485
        
        929566107
        
          
        
        648700.00000000
        NS
        USD
        12195560.00000000
        0.586290791471
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Iridium Communications Inc
        549300U620NVQ4J1CT96
        
        46269C102
        
          
        
        30393.00000000
        NS
        USD
        1253711.25000000
        0.060271062668
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Glatfelter Corp
        549300LDQLQBT38QDY28
        
        377320106
        
          
        
        265345.00000000
        NS
        USD
        4550666.75000000
        0.218769290674
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avaya Holdings Corp
        549300NZS2OZN6Q63A60
        
        05351X101
        
          
        
        522354.00000000
        NS
        USD
        14641582.62000000
        0.703881171727
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meritor Inc
        5LTG829X630QFHTFBO82
        
        59001K100
        
          
        
        277308.00000000
        NS
        USD
        8158401.36000000
        0.392207950311
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Knowles Corp
        5493003EO323TDZQU148
        
        49926D109
        
          
        
        318620.00000000
        NS
        USD
        6665530.40000000
        0.320439495504
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Radiant Logistics Inc
        549300HWCW2HBOG4GN20
        
        75025X100
        
          
        
        452069.00000000
        NS
        USD
        3141879.55000000
        0.151043088474
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Toll Brothers Inc
        529900JB6IS9MSZGVR44
        
        889478103
        
          
        
        134386.00000000
        NS
        USD
        7623717.78000000
        0.366503508751
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ranger Energy Services Inc
        549300J7RIVGVAN0RE23
        
        75282U104
        
          
        
        91611.00000000
        NS
        USD
        502028.28000000
        0.024134566811
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Babcock & Wilcox Enterprises Inc
        5493006H661OZN2C0T54
        
        05614L209
        
          
        
        370095.00000000
        NS
        USD
        3504799.65000000
        0.168490152214
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CTS Corp
        549300YV1HQLBVHOI649
        
        126501105
        
          
        
        203214.00000000
        NS
        USD
        6311826.84000000
        0.303435508796
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neuronetics Inc
        549300T0911ILTTG7P06
        
        64131A105
        
          
        
        359690.00000000
        NS
        USD
        4449365.30000000
        0.213899312805
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Archrock Inc
        549300K3RIHMHDVFTL28
        
        03957W106
        
          
        
        490800.00000000
        NS
        USD
        4657692.00000000
        0.223914435180
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lumber Liquidators Holdings Inc
        N/A
        
        55003T107
        
          
        
        303856.00000000
        NS
        USD
        7632862.72000000
        0.366943143676
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chefs' Warehouse Inc/The
        549300JYEDC8C547E980
        
        163086101
        
          
        
        260600.00000000
        NS
        USD
        7937876.00000000
        0.381606388115
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Shyft Group Inc/The
        549300YY0TB51BGRV994
        
        825698103
        
          
        
        260638.00000000
        NS
        USD
        9695733.60000000
        0.466113841942
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comfort Systems USA Inc
        5299009DT1ZA5HTU6R38
        
        199908104
        
          
        
        139610.00000000
        NS
        USD
        10438639.70000000
        0.501828397514
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Foundation Inc
        549300MLBB1IY0K7IR56
        
        32026V104
        
          
        
        187100.00000000
        NS
        USD
        4389366.00000000
        0.211014899372
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arcosa Inc
        549300WFHLTCZV7D6V29
        
        039653100
        
          
        
        240806.00000000
        NS
        USD
        15674062.54000000
        0.753516733315
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Power Solutions International Inc
        549300JWGWDXC70SNH31
        
        73933G202
        
          
        
        225970.00000000
        NS
        USD
        1581790.00000000
        0.076043159235
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Concrete Pumping Holdings Inc
        N/A
        
        206704108
        
          
        
        456910.00000000
        NS
        USD
        3385703.10000000
        0.162764690607
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Houlihan Lokey Inc
        549300S3CNGTQ1QZVY46
        
        441593100
        
          
        
        88189.00000000
        NS
        USD
        5865450.39000000
        0.281976354631
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Century Communities Inc
        5299002QMB2O7ZL1CA26
        
        156504300
        
          
        
        120000.00000000
        NS
        USD
        7238400.00000000
        0.347979696298
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GoPro Inc
        549300CQJMLT21SZFL16
        
        38268T103
        
          
        
        190800.00000000
        NS
        USD
        2220912.00000000
        0.106768385729
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Synalloy Corp
        549300U2S5125001TS43
        
        871565107
        
          
        
        55114.00000000
        NS
        USD
        487207.76000000
        0.023422083382
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sientra Inc
        5493006T0OLHI64MOG63
        
        82621J105
        
          
        
        929016.00000000
        NS
        USD
        6772526.64000000
        0.325583245379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Accuray Inc
        549300G28LY4TZKZJG51
        
        004397105
        
          
        
        886708.00000000
        NS
        USD
        4389204.60000000
        0.211007140210
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Braemar Hotels & Resorts Inc
        549300JDUUEBN868C776
        
        10482B101
        
          
        
        344253.00000000
        NS
        USD
        2089615.71000000
        0.100456432380
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ruth's Hospitality Group Inc
        529900JQW9JP41OHOD14
        
        783332109
        
          
        
        365925.00000000
        NS
        USD
        9085917.75000000
        0.436797482763
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphatec Holdings Inc
        549300EZE8CQ8K65FS24
        
        02081G201
        
          
        
        289900.00000000
        NS
        USD
        4577521.00000000
        0.220060285060
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ryman Hospitality Properties Inc
        529900GCCWW9SRMPJR11
        
        78377T107
        
          
        
        157371.00000000
        NS
        USD
        12197826.21000000
        0.586399737518
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Vanguard Corp
        529900GWI78WZA5M9783
        
        030371108
        
          
        
        482941.00000000
        NS
        USD
        9856825.81000000
        0.473858207867
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Diversified Healthcare Trust
        N/A
        
        25525P107
        
          
        
        1089000.00000000
        NS
        USD
        5205420.00000000
        0.250245975727
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Six Flags Entertainment Corp
        549300JYTDUAA4JQ3717
        
        83001A102
        
          
        
        229200.00000000
        NS
        USD
        10650924.00000000
        0.512033778019
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US Silica Holdings Inc
        529900HOXGPM9F75C193
        
        90346E103
        
          
        
        310102.00000000
        NS
        USD
        3811153.58000000
        0.183217847219
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hurco Cos Inc
        XSC5XDOTBYOBQPOG2O82
        
        447324104
        
          
        
        65054.00000000
        NS
        USD
        2296406.20000000
        0.110397702814
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Black Hills Corp
        3MGELCRSTNSAMJ962671
        
        092113109
        
          
        
        184900.00000000
        NS
        USD
        12345773.00000000
        0.593512148970
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Resideo Technologies Inc
        5493006TKFPYISY2DS54
        
        76118Y104
        
          
        
        234016.00000000
        NS
        USD
        6610952.00000000
        0.317815687058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bloom Energy Corp
        549300XB5J9BFW5JXV97
        
        093712107
        
          
        
        32400.00000000
        NS
        USD
        876420.00000000
        0.042133118566
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Cavco Industries Inc
        N/A
        
        149568107
        
          
        
        24000.00000000
        NS
        USD
        5414640.00000000
        0.260304042711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insteel Industries Inc
        52990026LKY4MOX3L174
        
        45774W108
        
          
        
        122450.00000000
        NS
        USD
        3776358.00000000
        0.181545080398
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alpha & Omega Semiconductor Ltd
        5493001FE7J03YOV2V35
        
        000000000
        
          
        
        536613.00000000
        NS
        USD
        17547245.10000000
        0.843568332886
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TrueBlue Inc
        N/A
        
        89785X101
        
          
        
        352136.00000000
        NS
        USD
        7754034.72000000
        0.372768380712
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ultra Clean Holdings Inc
        5493007L6LS7QX18PE75
        
        90385V107
        
          
        
        232527.00000000
        NS
        USD
        13495867.08000000
        0.648801907573
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Huntsman Corp
        5299000V56320A7RIQ67
        
        447011107
        
          
        
        438400.00000000
        NS
        USD
        12639072.00000000
        0.607612239728
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Identiv Inc
        5299008KH3C585Z0DS77
        
        45170X205
        
          
        
        332420.00000000
        NS
        USD
        3809533.20000000
        0.183139948880
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        R1 RCM Inc
        549300VKOMJ3EM506212
        
        749397105
        
          
        
        248643.00000000
        NS
        USD
        6136509.24000000
        0.295007269792
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pure Cycle Corp
        N/A
        
        746228303
        
          
        
        150901.00000000
        NS
        USD
        2025091.42000000
        0.097354484044
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hilltop Holdings Inc
        54930010TA543US0PM65
        
        432748101
        
          
        
        436308.00000000
        NS
        USD
        14891192.04000000
        0.715880924458
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        America's Car-Mart Inc/TX
        N/A
        
        03062T105
        
          
        
        64771.00000000
        NS
        USD
        9869157.27000000
        0.474451031931
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tronox Holdings PLC
        549300NRVC84SGJSXV06
        
        000000000
        
          
        
        309700.00000000
        NS
        USD
        5667510.00000000
        0.272460544950
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Alaska Air Group Inc
        529900G48RT4KWLC6C27
        
        011659109
        
          
        
        126200.00000000
        NS
        USD
        8734302.00000000
        0.419893865679
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eventbrite Inc
        549300N6XBV2B1FAUF55
        
        29975E109
        
          
        
        141500.00000000
        NS
        USD
        3135640.00000000
        0.150743127611
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Westport Fuel Systems Inc
        549300ZBKJ4TMPXRB502
        
        960908309
        
          
        
        1152633.00000000
        NS
        USD
        8287431.27000000
        0.398410949440
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegheny Technologies Inc
        ZW1LRE7C3H17O2ZN9B45
        
        01741R102
        
          
        
        630514.00000000
        NS
        USD
        13278624.84000000
        0.638358178475
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HCI Group Inc
        549300CZF7EZJH0MPH74
        
        40416E103
        
          
        
        133276.00000000
        NS
        USD
        10238262.32000000
        0.492195431688
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Diana Shipping Inc
        549300XD7FHNJ0THIV12
        
        000000000
        
          
        
        644545.00000000
        NS
        USD
        1927189.55000000
        0.092647937986
        Long
        EC
        CORP
        MH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Intertechnology Inc
        5493009O8F3QQJTCQR75
        
        928298108
        
          
        
        501309.00000000
        NS
        USD
        12071520.72000000
        0.580327712478
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Construction Partners Inc
        549300G4ICXJKQN32X70
        
        21044C107
        
          
        
        157159.00000000
        NS
        USD
        4695910.92000000
        0.225751776053
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ceragon Networks Ltd
        529900WC6JZN5WQLZ645
        
        000000000
        
          
        
        600916.00000000
        NS
        USD
        2265453.32000000
        0.108909670406
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          
        
      
      
        IntriCon Corp
        549300QOZJC6ZFWND923
        
        46121H109
        
          
        
        481347.00000000
        NS
        USD
        12341737.08000000
        0.593318125675
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Skechers USA Inc
        529900D2R54KZPA4XR56
        
        830566105
        
          
        
        202022.00000000
        NS
        USD
        8426337.62000000
        0.405088749711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimco Realty Corp
        549300EA7I6T15IBYS12
        
        49446R109
        
          
        
        505900.00000000
        NS
        USD
        9485625.00000000
        0.456013056296
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexander & Baldwin Inc
        N/A
        
        014491104
        
          
        
        436500.00000000
        NS
        USD
        7328835.00000000
        0.352327279166
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LGI Homes Inc
        549300W02B4WNV8CV109
        
        50187T106
        
          
        
        79670.00000000
        NS
        USD
        11895527.70000000
        0.571867003253
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Ortho Clinical Diagnostics Holdings PLC
        N/A
        
        000000000
        
          
        
        418300.00000000
        NS
        USD
        8071098.50000000
        0.388010942310
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Infinera Corp
        549300ZOF66WPV3H0H17
        
        45667G103
        
          
        
        1009146.00000000
        NS
        USD
        9718075.98000000
        0.467187932156
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Select Interior Concepts Inc
        N/A
        
        816120307
        
          
        
        40700.00000000
        NS
        USD
        293040.00000000
        0.014087639561
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NMI Holdings Inc
        529900KNNGFXJX1C3Z08
        
        629209305
        
          
        
        374863.00000000
        NS
        USD
        8861761.32000000
        0.426021360079
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Houghton Mifflin Harcourt Co
        N/A
        
        44157R109
        
          
        
        485546.00000000
        NS
        USD
        3699860.52000000
        0.177867531511
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Regis Corp
        5493000Q1S5TJIDIQH89
        
        758932107
        
          
        
        518800.00000000
        NS
        USD
        6516128.00000000
        0.313257106885
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Griffon Corp
        5493000C2SGNC7ZN3242
        
        398433102
        
          
        
        231267.00000000
        NS
        USD
        6283524.39000000
        0.302074893472
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mesa Air Group Inc
        549300EY743RMV1F7P98
        
        590479135
        
          
        
        855546.00000000
        NS
        USD
        11507093.70000000
        0.553193381272
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stewart Information Services Corp
        529900TV1XI0PLKENU10
        
        860372101
        
          
        
        216540.00000000
        NS
        USD
        11266576.20000000
        0.541630714577
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dixie Group Inc/The
        549300MLTT5S33W3Q656
        
        255519100
        
          
        
        392415.00000000
        NS
        USD
        1165472.55000000
        0.056029064985
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Surgery Partners Inc
        549300LC82HG33S19I03
        
        86881A100
        
          
        
        312814.00000000
        NS
        USD
        13845147.64000000
        0.665593262457
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Realogy Holdings Corp
        5493004HBTOTE9DI9P12
        
        75605Y106
        
          
        
        401020.00000000
        NS
        USD
        6067432.60000000
        0.291686471244
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Drive Shack Inc
        549300BOELL93IDPTJ73
        
        262077100
        
          
        
        323100.00000000
        NS
        USD
        1037151.00000000
        0.049860119639
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chuy's Holdings Inc
        N/A
        
        171604101
        
          
        
        238393.00000000
        NS
        USD
        10565577.76000000
        0.507930832799
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Radian Group Inc
        54930005OUP720S5U385
        
        750236101
        
          
        
        320098.00000000
        NS
        USD
        7442278.50000000
        0.357780975380
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Park-Ohio Holdings Corp
        N/A
        
        700666100
        
          
        
        199576.00000000
        NS
        USD
        6284648.24000000
        0.302128921570
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SunOpta Inc
        54930010CP0KEPPRPA40
        
        8676EP108
        
          
        
        229827.00000000
        NS
        USD
        3394544.79000000
        0.163189747056
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        AAR Corp
        MP76T5YQX3YK5VVAQ802
        
        000361105
        
          
        
        274900.00000000
        NS
        USD
        11449585.00000000
        0.550428701237
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ViewRay Inc
        5493006XTUBSKFU3W106
        
        92672L107
        
          
        
        1118970.00000000
        NS
        USD
        4867519.50000000
        0.234001707191
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Macerich Co/The
        529900PSWCB5KI0JYU46
        
        554382101
        
          
        
        545100.00000000
        NS
        USD
        6377670.00000000
        0.306600860644
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        II-VI Inc
        549300O5C25A0MMHHU33
        
        902104108
        
          
        
        121968.00000000
        NS
        USD
        8338952.16000000
        0.400887770789
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FormFactor Inc
        549300YCEEO6SZD1ZR61
        
        346375108
        
          
        
        99213.00000000
        NS
        USD
        4475498.43000000
        0.215155639983
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Korn Ferry
        549300FOD20OM0GT5G40
        
        500643200
        
          
        
        108545.00000000
        NS
        USD
        6769951.65000000
        0.325459455006
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ciena Corp
        W0CZ7N0GH8UIGXDM1H41
        
        171779309
        
          
        
        38473.00000000
        NS
        USD
        2105242.56000000
        0.101207679412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        New Home Co Inc/The
        549300PLCE8TB3TVRQ85
        
        645370107
        
          
        
        401659.00000000
        NS
        USD
        2104693.16000000
        0.101181267492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ducommun Inc
        549300Z71HMWF90S2214
        
        264147109
        
          
        
        123686.00000000
        NS
        USD
        7421160.00000000
        0.356765722118
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CalAmp Corp
        5493007SIGZIX83TOW07
        
        128126109
        
          
        
        769000.00000000
        NS
        USD
        8343650.00000000
        0.401113615304
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trinity Industries Inc
        R1JB4KXN77XFCXOQKV49
        
        896522109
        
          
        
        321524.00000000
        NS
        USD
        9160218.76000000
        0.440369438291
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fabrinet
        5493004TETZ6IYF7CV44
        
        000000000
        
          
        
        34729.00000000
        NS
        USD
        3139154.31000000
        0.150912074965
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Louisiana-Pacific Corp
        549300C7E2UAO5BVRR75
        
        546347105
        
          
        
        174700.00000000
        NS
        USD
        9688862.00000000
        0.465783495832
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sonic Automotive Inc
        549300NTLRGJ2JCBZU03
        
        83545G102
        
          
        
        106200.00000000
        NS
        USD
        5264334.00000000
        0.253078214319
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        J Alexander's Holdings Inc
        5493002L5CGILX8MQ965
        
        46609J106
        
          
        
        237651.00000000
        NS
        USD
        2290955.64000000
        0.110135671949
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Unique Fabricating Inc
        549300D4PBRSJ1EPEB72
        
        90915J103
        
          
        
        94253.00000000
        NS
        USD
        560805.35000000
        0.026960222614
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Castlight Health Inc
        549300K52FAO83JL0L06
        
        14862Q100
        
          
        
        1401652.00000000
        NS
        USD
        2116494.52000000
        0.101748607466
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        TriMas Corp
        75G1WUQ8QK4P5MZOYD78
        
        896215209
        
          
        
        208010.00000000
        NS
        USD
        6306863.20000000
        0.303196886180
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Seacoast Banking Corp of Florida
        549300V6IC06XYQYPG88
        
        811707801
        
          
        
        339650.00000000
        NS
        USD
        12308916.00000000
        0.591740281200
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Veeco Instruments Inc
        5493004201F72ADDZW04
        
        922417100
        
          
        
        332887.00000000
        NS
        USD
        6904076.38000000
        0.331907383113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Century Casinos Inc
        549300H2L4Y24HXY7M50
        
        156492100
        
          
        
        223540.00000000
        NS
        USD
        2295755.80000000
        0.110366435408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Taylor Morrison Home Corp
        5299009UDLLGLKOOJE30
        
        87724P106
        
          
        
        183954.00000000
        NS
        USD
        5667622.74000000
        0.272465964826
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlas Air Worldwide Holdings Inc
        549300R0A2TUVCYZB465
        
        049164205
        
          
        
        250486.00000000
        NS
        USD
        15139373.84000000
        0.727812045616
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Avnet Inc
        XJI53DCPL7QABOWK4Z75
        
        053807103
        
          
        
        297000.00000000
        NS
        USD
        12328470.00000000
        0.592680322505
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chico's FAS Inc
        5299003ESGN5T1MFXY13
        
        168615102
        
          
        
        935100.00000000
        NS
        USD
        3095181.00000000
        0.148798096867
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kirkland's Inc
        N/A
        
        497498105
        
          
        
        338000.00000000
        NS
        USD
        9497800.00000000
        0.456598358684
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ichor Holdings Ltd
        529900PS8R2JVLJ2H892
        
        000000000
        
          
        
        138494.00000000
        NS
        USD
        7450977.20000000
        0.358199157711
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Iteris Inc
        549300HHWPIES6047045
        
        46564T107
        
          
        
        804300.00000000
        NS
        USD
        4962531.00000000
        0.238569301261
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        J Jill Inc
        529900I19PJIF8MIDL12
        
        46620W201
        
          
        
        281405.00000000
        NS
        USD
        2743698.75000000
        0.131900897678
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Hyster-Yale Materials Handling Inc
        N/A
        
        449172105
        
          
        
        68260.00000000
        NS
        USD
        5946811.20000000
        0.285887703818
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Public Education Inc
        N/A
        
        02913V103
        
          
        
        244400.00000000
        NS
        USD
        8707972.00000000
        0.418628074150
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Century Aluminum Co
        549300U5ODNGEYWKSW73
        
        156431108
        
          
        
        501910.00000000
        NS
        USD
        8863730.60000000
        0.426116031478
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SmileDirectClub Inc
        254900QFZEGKCURCJS93
        
        83192H106
        
          
        
        554194.00000000
        NS
        USD
        5713740.14000000
        0.274683018159
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        B Riley Financial Inc
        N/A
        
        05580M108
        
          
        
        268317.00000000
        NS
        USD
        15127712.46000000
        0.727251435057
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Option Care Health Inc
        549300DI3Q5ACSYJRI17
        
        68404L201
        
          
        
        545971.00000000
        NS
        USD
        9685525.54000000
        0.465623098460
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Red Robin Gourmet Burgers Inc
        529900V6NUMBYX34LV46
        
        75689M101
        
          
        
        48100.00000000
        NS
        USD
        1918709.00000000
        0.092240243023
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Cleveland-Cliffs Inc
        549300TM2WLI2BJMDD86
        
        185899101
        
          
        
        738249.00000000
        NS
        USD
        14846187.39000000
        0.713717365599
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        New Relic Inc
        549300AB8FY2HQILL804
        
        64829B100
        
          
        
        92700.00000000
        NS
        USD
        5699196.00000000
        0.273983821455
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invacare Corp
        549300NNUTG7HCZICS76
        
        461203101
        
          
        
        427108.00000000
        NS
        USD
        3425406.16000000
        0.164673380202
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comtech Telecommunications Corp
        529900FTEZ8MGM0Y8F73
        
        205826209
        
          
        
        489917.00000000
        NS
        USD
        12169538.28000000
        0.585039820231
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VIA Optronics AG
        391200MQMJVYVM0L2S18
        
        91823Y109
        
          
        
        195478.00000000
        NS
        USD
        2525575.76000000
        0.121414827302
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Beazer Homes USA Inc
        549300DUPYT2T0F60I45
        
        07556Q881
        
          
        
        275206.00000000
        NS
        USD
        5757309.52000000
        0.276777577677
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pitney Bowes Inc
        549300N2O26NW4ST6W55
        
        724479100
        
          
        
        1151294.00000000
        NS
        USD
        9486662.56000000
        0.456062936078
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MKS Instruments Inc
        549300KEQATBHAGVF505
        
        55306N104
        
          
        
        14900.00000000
        NS
        USD
        2762758.00000000
        0.132817154313
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Owens & Minor Inc
        549300LMT5KQQXCEZ733
        
        690732102
        
          
        
        454107.00000000
        NS
        USD
        17069882.13000000
        0.820619529100
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegiant Travel Co
        549300JM9OZXOHWL2K18
        
        01748X102
        
          
        
        34492.00000000
        NS
        USD
        8418117.52000000
        0.404693575653
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Misonix Inc
        N/A
        
        604871103
        
          
        
        76300.00000000
        NS
        USD
        1494717.00000000
        0.071857201551
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Intevac Inc
        N/A
        
        461148108
        
          
        
        584362.00000000
        NS
        USD
        4178188.30000000
        0.200862717687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Acadia Healthcare Co Inc
        5493005CW985Y9D0NC11
        
        00404A109
        
          
        
        78672.00000000
        NS
        USD
        4495318.08000000
        0.216108452177
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Noodles & Co
        5299003PCPK4UINV4362
        
        65540B105
        
          
        
        707254.00000000
        NS
        USD
        7320078.90000000
        0.351906337381
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Navigator Holdings Ltd
        213800H7RVOFYARK2W19
        
        000000000
        
          
        
        563084.00000000
        NS
        USD
        5011447.60000000
        0.240920923665
        Long
        EC
        CORP
        MH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Spirit AeroSystems Holdings Inc
        N/A
        
        848574109
        
          
        
        219100.00000000
        NS
        USD
        10659215.00000000
        0.512432360532
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intrepid Potash Inc
        549300OZ696E2PRRTO45
        
        46121Y201
        
          
        
        477322.00000000
        NS
        USD
        15541604.32000000
        0.747148921206
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Orthofix Medical Inc
        N/A
        
        68752M108
        
          
        
        261196.00000000
        NS
        USD
        11322846.60000000
        0.544335864431
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Capital Bancshares Inc
        549300466Q2SXRX0YM48
        
        88224Q107
        
          
        
        78400.00000000
        NS
        USD
        5560128.00000000
        0.267298250002
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RadNet Inc
        529900RECG94V2IZJ970
        
        750491102
        
          
        
        126200.00000000
        NS
        USD
        2744850.00000000
        0.131956243007
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ACRES Commercial Realty Corp
        549300RUJWPCMY4JFR46
        
        00489Q102
        
          
        
        349839.00000000
        NS
        USD
        5104151.01000000
        0.245377558344
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Earthstone Energy Inc
        54930081UTV7CK45XG14
        
        27032D304
        
          
        
        835872.00000000
        NS
        USD
        5976484.80000000
        0.287314235968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chatham Lodging Trust
        N/A
        
        16208T102
        
          
        
        269800.00000000
        NS
        USD
        3550568.00000000
        0.170690425277
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CIRCOR International Inc
        5493007701O01N3FQM69
        
        17273K109
        
          
        
        207711.00000000
        NS
        USD
        7232497.02000000
        0.347695915740
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Emergent BioSolutions Inc
        549300YW6TUOX8BE5103
        
        29089Q105
        
          
        
        107026.00000000
        NS
        USD
        9943785.66000000
        0.478038725964
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ooma Inc
        N/A
        
        683416101
        
          
        
        274578.00000000
        NS
        USD
        4352061.30000000
        0.209221508820
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kaleyra Inc
        549300Q16CZ1PDK9BL93
        
        483379103
        
          
        
        511757.00000000
        NS
        USD
        7215773.70000000
        0.346891956880
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        TriState Capital Holdings Inc
        5493003JKSPN0881WX29
        
        89678F100
        
          
        
        309487.00000000
        NS
        USD
        7136770.22000000
        0.343093934254
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ardmore Shipping Corp
        549300J8HD7K6BHD8O28
        
        000000000
        
          
        
        657193.00000000
        NS
        USD
        2983656.22000000
        0.143436641425
        Long
        EC
        CORP
        MH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ethan Allen Interiors Inc
        N/A
        
        297602104
        
          
        
        232600.00000000
        NS
        USD
        6422086.00000000
        0.308736120673
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LSI Industries Inc
        529900HY42OANH6BVT33
        
        50216C108
        
          
        
        402553.00000000
        NS
        USD
        3433777.09000000
        0.165075805279
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        comScore Inc
        N/A
        
        20564W105
        
          
        
        1396262.00000000
        NS
        USD
        5110318.92000000
        0.245674075177
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Ameresco Inc
        529900NZXZGBCBXYY327
        
        02361E108
        
          
        
        157226.00000000
        NS
        USD
        7645900.38000000
        0.367569917683
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kraton Corp
        N/A
        
        50077C106
        
          
        
        359621.00000000
        NS
        USD
        13158532.39000000
        0.632584839854
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tapestry Inc
        549300LJNVY5SW3VTN33
        
        876030107
        
          
        
        93600.00000000
        NS
        USD
        3857256.00000000
        0.185434180402
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Matador Resources Co
        549300CI3Q2UUK5R4G79
        
        576485205
        
          
        
        248583.00000000
        NS
        USD
        5829271.35000000
        0.280237079190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Armada Hoffler Properties Inc
        549300WQRSIV6XZT9313
        
        04208T108
        
          
        
        611034.00000000
        NS
        USD
        7662366.36000000
        0.368361505150
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Commercial Metals Co
        549300OQS2LO07ZJ7N73
        
        201723103
        
          
        
        352000.00000000
        NS
        USD
        10855680.00000000
        0.521877242140
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Digi International Inc
        529900KG656HGROI4N27
        
        253798102
        
          
        
        528602.00000000
        NS
        USD
        10038151.98000000
        0.482575303574
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Daseke Inc
        549300CUSFIOX5Q3VA53
        
        23753F107
        
          
        
        374600.00000000
        NS
        USD
        3180354.00000000
        0.152892713726
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Moelis & Co
        549300891QNU7VTQUR83
        
        60786M105
        
          
        
        206626.00000000
        NS
        USD
        11339634.88000000
        0.545142946186
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US Concrete Inc
        549300J94Q38BL8BMH45
        
        90333L201
        
          
        
        230849.00000000
        NS
        USD
        16925848.68000000
        0.813695248018
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Gencor Industries Inc
        N/A
        
        368678108
        
          
        
        32979.00000000
        NS
        USD
        442248.39000000
        0.021260701320
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northwest Pipe Co
        54930056VW2CRCZ9RE54
        
        667746101
        
          
        
        178122.00000000
        NS
        USD
        5952837.24000000
        0.286177400376
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amtech Systems Inc
        5299008VRUUPETM6HZ85
        
        032332504
        
          
        
        214548.00000000
        NS
        USD
        2535957.36000000
        0.121913913566
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Interface Inc
        549300VXZWQOIDFPU355
        
        458665304
        
          
        
        393467.00000000
        NS
        USD
        4910468.16000000
        0.236066426143
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Builders FirstSource Inc
        549300W0SKP6L3H7DP63
        
        12008R107
        
          
        
        50195.00000000
        NS
        USD
        2327542.15000000
        0.111894536151
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cedar Fair LP
        549300TUVLNQQ6BVKH61
        
        150185106
        
          
        
        152900.00000000
        NS
        USD
        7596072.00000000
        0.365174462259
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Conn's Inc
        529900K9HOACKOJJT953
        
        208242107
        
          
        
        20700.00000000
        NS
        USD
        402615.00000000
        0.019355361050
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Commercial Vehicle Group Inc
        5493006OG8I91X0K7Q22
        
        202608105
        
          
        
        663792.00000000
        NS
        USD
        6405592.80000000
        0.307943224628
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southwestern Energy Co
        EFWMP121W54QV9MGOP87
        
        845467109
        
          
        
        460081.00000000
        NS
        USD
        2139376.65000000
        0.102848645686
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cross Country Healthcare Inc
        54930037L0NBIPZ5S663
        
        227483104
        
          
        
        828420.00000000
        NS
        USD
        10346965.80000000
        0.497421255621
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alcoa Corp
        549300T12EZ1F6PWWU29
        
        013872106
        
          
        
        482493.00000000
        NS
        USD
        15676197.57000000
        0.753619372999
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Great Lakes Dredge & Dock Corp
        549300H65E3MZ1CX0P05
        
        390607109
        
          
        
        47416.00000000
        NS
        USD
        691325.28000000
        0.033234853141
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apogee Enterprises Inc
        549300579S7QW8V4IJ60
        
        037598109
        
          
        
        172800.00000000
        NS
        USD
        7064064.00000000
        0.339598646848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Univar Solutions Inc
        549300VSXHFQVR770L55
        
        91336L107
        
          
        
        34900.00000000
        NS
        USD
        751746.00000000
        0.036139525968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aspen Aerogels Inc
        N/A
        
        04523Y105
        
          
        
        23080.00000000
        NS
        USD
        469447.20000000
        0.022568260124
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Limbach Holdings Inc
        N/A
        
        53263P105
        
          
        
        83600.00000000
        NS
        USD
        882816.00000000
        0.042440600625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Community Health Systems Inc
        N/A
        
        203668108
        
          
        
        1449614.00000000
        NS
        USD
        19598781.28000000
        0.942194125446
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hexcel Corp
        S6Q7LW43WUBUHXY2QP69
        
        428291108
        
          
        
        177900.00000000
        NS
        USD
        9962400.00000000
        0.478933593943
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Installed Building Products Inc
        549300I95Y9P9YM5FI86
        
        45780R101
        
          
        
        22500.00000000
        NS
        USD
        2494800.00000000
        0.119935309781
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Livent Corp
        254900OOLQ2VNMZTJL47
        
        53814L108
        
          
        
        625600.00000000
        NS
        USD
        10835392.00000000
        0.520901914432
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Heritage Insurance Holdings Inc
        9845008CCYDD87F66B45
        
        42727J102
        
          
        
        365591.00000000
        NS
        USD
        4050748.28000000
        0.194736151118
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Triumph Group Inc
        5493007L6S47Q14SL582
        
        896818101
        
          
        
        488316.00000000
        NS
        USD
        8975248.08000000
        0.431477135980
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RA Medical Systems Inc
        549300I57Q6QWPFYIK27
        
        74933X203
        
          
        
        146562.00000000
        NS
        USD
        682978.92000000
        0.032833609245
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        CatchMark Timber Trust Inc
        54930027IT0GQOYYOW30
        
        14912Y202
        
          
        
        310200.00000000
        NS
        USD
        3157836.00000000
        0.151810180735
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Fire Group Inc
        N/A
        
        910340108
        
          
        
        232203.00000000
        NS
        USD
        8080664.40000000
        0.388470814516
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jerash Holdings US Inc
        N/A
        
        47632P101
        
          
        
        55769.00000000
        NS
        USD
        349671.63000000
        0.016810155229
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Reed's Inc
        N/A
        
        758338107
        
          
        
        1928894.00000000
        NS
        USD
        2256805.98000000
        0.108493957162
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Flexion Therapeutics Inc
        549300X8HYW1HZKCDG90
        
        33938J106
        
          
        
        264351.00000000
        NS
        USD
        2365941.45000000
        0.113740548633
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Chesapeake Energy Corp
        X2MT1W32SPAZ9WSKLE78
        
        165167735
        
          
        
        246900.00000000
        NS
        USD
        10712991.00000000
        0.515017594306
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Varex Imaging Corp
        549300CWYWPVCT8E9W67
        
        92214X106
        
          
        
        233946.00000000
        NS
        USD
        4793553.54000000
        0.230445858896
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Manitex International Inc
        549300QZ9TZ4MVXPZQ53
        
        563420108
        
          
        
        431453.00000000
        NS
        USD
        3404164.17000000
        0.163652190266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Baytex Energy Corp
        549300R5LTV2H7I1I079
        
        07317Q105
        
          
        
        1354100.00000000
        NS
        USD
        1394723.00000000
        0.067050078188
        Long
        EC
        CORP
        CA
        N
        
        2
        
          N
          N
          N
        
      
      
        Haynes International Inc
        549300I9MS5UZLRFDO40
        
        420877201
        
          
        
        274065.00000000
        NS
        USD
        8131508.55000000
        0.390915102187
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Woodmark Corp
        5299007PFSDWMA74RB56
        
        030506109
        
          
        
        133200.00000000
        NS
        USD
        13130856.00000000
        0.631254321813
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dana Inc
        KVWHW7YLZPFJM8QYNJ51
        
        235825205
        
          
        
        386653.00000000
        NS
        USD
        9407267.49000000
        0.452246088108
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boise Cascade Co
        549300Z8B8LSRHC7XA55
        
        09739D100
        
          
        
        80300.00000000
        NS
        USD
        4804349.00000000
        0.230964841115
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Republic International Corp
        N/A
        
        680223104
        
          
        
        608100.00000000
        NS
        USD
        13280904.00000000
        0.638467747082
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Olympic Steel Inc
        549300GQ061U6N6KWJ49
        
        68162K106
        
          
        
        119200.00000000
        NS
        USD
        3510440.00000000
        0.168761307066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Onto Innovation Inc
        254900RXZVN73CHOO062
        
        683344105
        
          
        
        178019.00000000
        NS
        USD
        11697628.49000000
        0.562353173264
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heidrick & Struggles International Inc
        5493006284N2J367VB57
        
        422819102
        
          
        
        98835.00000000
        NS
        USD
        3530386.20000000
        0.169720203040
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aegion Corp
        549300AG3DVJURRIT691
        
        00770F104
        
          
        
        74196.00000000
        NS
        USD
        2133135.00000000
        0.102548583867
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Covanta Holding Corp
        40XIFLS8XDQGGHGPGC04
        
        22282E102
        
          
        
        361400.00000000
        NS
        USD
        5009004.00000000
        0.240803449750
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cars.com Inc
        5493002G6J07LNGX4M98
        
        14575E105
        
          
        
        289200.00000000
        NS
        USD
        3748032.00000000
        0.180183332929
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Encore Wire Corp
        N/A
        
        292562105
        
          
        
        57233.00000000
        NS
        USD
        3842051.29000000
        0.184703227378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
      
    
    
      2021-04-27
      ROYCE FUND
      John Schwartz
      John Schwartz
      Associate General Counsel
    
  
  XXXX

SCHEDULES OF INVESTMENTS
ROYCE DIVIDEND VALUE FUND
MARCH 31, 2021 (UNAUDITED)

 

		SHARES			VALUE
COMMON STOCKS – 99.0%
Consumer Discretionary – 8.2%
Auto Components - 1.2%
Gentex Corporation			8,101		$	288,963
Nokian Renkaat			18,000			651,833
						940,796
Household Durables - 1.7%
Hunter Douglas 1			9,000			709,249
PulteGroup			10,900			571,596
						1,280,845
Specialty Retail - 5.3%
American Eagle Outfitters			30,445			890,212
Rent-A-Center			36,466			2,102,630
USS			56,000			1,094,459
						4,087,301
Total						6,308,942
Consumer Staples – 0.2%
Household Products - 0.2%
Spectrum Brands Holdings			1,496			127,160
Total						127,160
Energy – 1.5%
Energy Equipment & Services - 0.7%
TGS-NOPEC Geophysical			32,400			516,126
Oil, Gas & Consumable Fuels - 0.8%
Gaztransport Et Technigaz			7,800			622,000
Total						1,138,126
Financials – 29.7%
Banks - 4.1%
Bank of Georgia Group 1			39,500			599,001
BOK Financial			15,414			1,376,779
Triumph Bancorp 1			15,000			1,160,850
						3,136,630
Capital Markets - 23.9%
Ashmore Group			244,300			1,318,203
AURELIUS Equity Opportunities 1			7,200			227,973
B3-Brasil, Bolsa, Balcao			112,200			1,088,781
Bolsa Mexicana de Valores			444,000			893,887
Carlyle Group			79,420			2,919,479
Coronation Fund Managers			153,700			570,648
Evercore Cl. A			13,500			1,778,490
Federated Hermes Cl. B			21,200			663,560
Houlihan Lokey Cl. A			2,846			189,288
Jupiter Fund Management			225,700			866,863
KKR & Co.			16,338			798,111
Moelis & Company Cl. A			19,359			1,062,422
SEI Investments			37,900			2,309,247
Sprott			58,860			2,235,996
State Street			16,800			1,411,368
						18,334,316
Insurance - 0.6%
Reinsurance Group of America			3,605			454,410
Thrifts & Mortgage Finance - 1.1%
Sagen MI Canada			23,648			817,622
Total						22,742,978
Health Care – 3.4%
Health Care Providers & Services - 0.7%
Ensign Group (The)			5,951			558,442
Pharmaceuticals - 2.7%
Recordati Industria Chimica e Farmaceutica			26,910			1,447,536
Santen Pharmaceutical			41,600			572,199
						2,019,735
Total						2,578,177
Industrials – 36.0%
Aerospace & Defense - 3.8%
HEICO Corporation Cl. A			25,859			2,937,582
Building Products - 1.1%
Geberit			800			509,210
UFP Industries			4,200			318,528
						827,738
Commercial Services & Supplies - 0.8%
Healthcare Services Group			15,700			440,071
Herman Miller			3,976			163,612
						603,683
Construction & Engineering - 0.9%
Comfort Systems USA			8,959			669,865
Electrical Equipment - 2.8%
Hubbell Incorporated			11,462			2,142,133
Machinery - 10.7%
Alamo Group			588			91,816
Graco			26,552			1,901,654
Lincoln Electric Holdings			10,022			1,232,105
Lindsay Corporation			17,400			2,899,188
Spirax-Sarco Engineering			13,478			2,118,207
						8,242,970
Marine - 2.2%
Clarkson			43,740			1,658,248
Professional Services - 9.1%
KBR			100,890			3,873,167
Korn Ferry			10,023			625,134
ManpowerGroup			20,300			2,007,670
Robert Half International			5,994			467,952
						6,973,923
Road & Rail - 0.9%
Old Dominion Freight Line			1,050			252,431
Werner Enterprises			8,643			407,690
						660,121
Trading Companies & Distributors - 3.7%
Applied Industrial Technologies			31,294			2,853,074
Total						27,569,337
Information Technology – 2.0%
Electronic Equipment, Instruments & Components - 1.3%
Vishay Intertechnology			42,497			1,023,328
IT Services - 0.0%
CSG Systems International			400			17,956
Software - 0.7%
SimCorp			4,200			520,096
Total						1,561,380
Materials – 17.5%
Chemicals - 3.0%
Quaker Chemical			9,618			2,344,580
Containers & Packaging - 3.8%
AptarGroup			20,396			2,889,501
Metals & Mining - 10.7%
Franco-Nevada			18,335			2,297,192
Reliance Steel & Aluminum			10,830			1,649,301
Royal Gold			11,600			1,248,392
Worthington Industries			44,460			2,982,821
						8,177,706
Total						13,411,787
Real Estate – 0.5%
Real Estate Management & Development - 0.5%
Relo Group			18,400			389,188
Total						389,188
TOTAL COMMON STOCKS
(Cost $31,763,494)						75,827,075
REPURCHASE AGREEMENT – 1.1%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $860,918 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $878,144)
(Cost $860,918)						860,918
TOTAL INVESTMENTS – 100.1%
(Cost $32,624,412)						76,687,993
LIABILITIES LESS CASH AND OTHER ASSETS – (0.1)%						(70,203	)
NET ASSETS – 100.0%					$	76,617,790

 

 

SCHEDULES OF INVESTMENTS
ROYCE GLOBAL FINANCIAL SERVICES FUND
MARCH 31, 2021 (UNAUDITED)

 

		SHARES			VALUE
COMMON STOCKS – 98.5%
Banks - 16.9%
BOK Financial			10,450		$	933,394
Bryn Mawr Bank			10,000			455,100
Cadence Bancorporation Cl. A			15,887			329,338
Capital City Bank Group			16,988			442,028
First Citizens BancShares Cl. A			1,828			1,527,788
First Republic Bank			2,599			433,383
Popular			22,292			1,567,573
TriState Capital Holdings 1			11,600			267,496
Umpqua Holdings			17,400			305,370
Total						6,261,470
Capital Markets - 53.3%
Ares Management Cl. A			16,651			932,956
Ashmore Group			157,000			847,146
Associated Capital Group Cl. A			7,000			251,020
B3-Brasil, Bolsa, Balcao			61,000			591,939
Bolsa Mexicana de Valores			174,000			350,307
Canaccord Genuity Group			126,350			1,156,223
Carlyle Group			22,300			819,748
Charles Schwab			14,671			956,256
Coronation Fund Managers			61,200			227,220
CRISIL			14,000			351,543
Egyptian Financial Group-Hermes Holding Company 1			153,993			142,456
Hellenic Exchanges - Athens Stock Exchange			50,000			230,142
Intermediate Capital Group			39,111			993,177
IOOF Holdings			55,000			147,049
JSE			51,000			385,817
Jupiter Fund Management			106,900			410,579
KKR & Co.			19,120			934,012
MarketAxess Holdings			1,581			787,212
NZX			580,000			850,651
RF Capital Group 1			108,000			181,332
Rothschild & Co 1			13,900			502,056
SEI Investments			7,950			484,393
Silvercrest Asset Management Group Cl. A			20,800			299,104
Sprott			45,000			1,709,477
StoneX Group 1			9,846			643,731
Tel Aviv Stock Exchange			273,000			1,682,211
U.S. Global Investors Cl. A			183,900			1,283,622
Value Partners Group			772,000			524,326
Virtu Financial Cl. A			23,700			735,885
Warsaw Stock Exchange			9,500			110,099
Westaim Corporation (The) 1			105,000			223,920
Total						19,745,609
Closed-End Funds - 0.8%
Eagle Point Income			19,341			294,757
Total						294,757
Diversified Financial Services - 2.3%
Banco Latinoamericano de Comercio Exterior Cl. E			25,700			388,841
ECN Capital			75,000			467,295
Total						856,136
Health Care Providers & Services - 0.8%
Great Elm Group 1			115,545			281,930
Total						281,930
Insurance - 4.8%
Axis Capital Holdings			11,554			572,732
E-L Financial			1,638			1,205,657
Total						1,778,389
IT Services - 3.0%
Cass Information Systems			4,013			185,681
PayPal Holdings 1			3,851			935,177
Total						1,120,858
Metals & Mining - 3.2%
Franco-Nevada			9,523			1,193,137
Total						1,193,137
Professional Services - 0.8%
Dun & Bradstreet Holdings 1			5,000			119,050
Quess Corp 1			17,756			166,598
Total						285,648
Real Estate Management & Development - 8.9%
Altus Group			26,400			1,269,687
FirstService			8,379			1,241,684
FRP Holdings 1			7,957			391,644
RMR Group (The) Cl. A			10,000			408,100
Total						3,311,115
Software - 2.7%
Benefitfocus 1			10,600			146,386
Bottomline Technologies 1			9,800			443,450
Envestnet 1			6,000			433,380
Total						1,023,216
Thrifts & Mortgage Finance - 1.0%
Provident Bancorp			25,000			360,000
Total						360,000
Transportation Infrastructure - 0.0%
Morgan Group Holding Co. 1,2			156			1,170
Total						1,170
TOTAL COMMON STOCKS
(Cost $20,004,597)						36,513,435
REPURCHASE AGREEMENT – 2.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $876,818 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $894,373)
(Cost $876,818)						876,818
TOTAL INVESTMENTS – 100.9%
(Cost $20,881,415)						37,390,253
LIABILITIES LESS CASH AND OTHER ASSETS – (0.9)%						(324,515	)
NET ASSETS – 100.0%					$	37,065,738

 

 

SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL PREMIER FUND
MARCH 31, 2021 (UNAUDITED)

 

		SHARES			VALUE
COMMON STOCKS – 94.0%
Australia – 12.1%
Bravura Solutions			12,159,429		$	23,551,021
Cochlear			99,800			15,992,178
Hansen Technologies			8,244,355			34,002,660
IPH			7,122,918			35,815,606
IRESS			1,625,250			11,332,331
Technology One			2,363,800			16,769,263
Total						137,463,059
Brazil – 2.0%
OdontoPrev			6,146,300			14,359,366
TOTVS			1,711,200			8,795,185
Total						23,154,551
Canada – 3.1%
Altus Group			324,900			15,625,811
Morneau Shepell			748,100			19,710,027
Total						35,335,838
Denmark – 3.0%
Chr. Hansen Holding 1			222,900			20,254,532
SimCorp			115,200			14,265,495
Total						34,520,027
Germany – 5.4%
Amadeus Fire 1			109,898			16,083,898
Carl Zeiss Meditec			78,600			11,844,387
New Work			67,600			17,559,306
Norma Group			339,400			16,119,583
Total						61,607,174
Iceland – 2.9%
Marel			2,828,670			19,229,602
Ossur 1			2,072,200			14,324,829
Total						33,554,431
India – 1.4%
AIA Engineering 1			567,511			15,834,538
Total						15,834,538
Italy – 3.0%
Carel Industries			837,858			17,057,174
DiaSorin			53,000			8,502,544
GVS 1			583,500			9,182,909
Total						34,742,627
Japan – 17.2%
As One			110,000			13,818,921
Benefit One			545,800			14,487,299
Daifuku			118,100			11,562,014
Fukui Computer Holdings			630,200			22,567,108
Medikit			349,700			10,295,976
Meitec Corporation			575,500			31,757,101
NSD			758,900			12,618,062
OBIC Business Consultants			259,700			13,603,612
TechnoPro Holdings			220,500			18,360,894
TKC Corporation			1,006,600			32,000,289
USS			741,200			14,485,950
Total						195,557,226
Netherlands – 4.7%
IMCD			192,700			26,778,546
Intertrust 1			1,634,791			27,069,726
Total						53,848,272
New Zealand – 1.2%
Fisher & Paykel Healthcare			605,000			13,563,279
Total						13,563,279
Singapore – 1.5%
XP Power			266,516			17,268,681
Total						17,268,681
South Korea – 1.1%
NICE Information Service			541,461			12,128,152
Total						12,128,152
Sweden – 9.3%
Alimak Group			1,220,800			19,569,815
Bravida Holding			1,208,528			16,647,020
Hexpol			1,538,600			17,370,679
Karnov Group			3,545,957			21,194,254
Lagercrantz Group			680,700			6,165,189
Loomis			811,000			24,663,976
Total						105,610,933
Switzerland – 8.5%
dormakaba Holding			42,700			29,162,408
Kardex Holding			83,300			16,992,266
LEM Holding			7,400			14,296,567
Partners Group Holding			14,300			18,261,757
VZ Holding			224,385			18,541,468
Total						97,254,466
United Kingdom – 17.6%
Ashmore Group			2,382,450			12,855,312
AVEVA Group			221,095			10,430,303
Croda International			285,600			24,993,849
Diploma			234,698			8,244,168
DiscoverIE Group			1,200,300			11,086,708
FDM Group Holdings			1,181,638			16,420,372
Learning Technologies Group			6,053,100			12,533,888
Marlowe 1			2,644,206			26,246,162
Restore 1			5,326,839			26,143,130
Spirax-Sarco Engineering			153,700			24,155,539
Victrex			893,545			27,223,673
Total						200,333,104
TOTAL COMMON STOCKS
(Cost $836,075,460)						1,071,776,358
PREFERRED STOCK– 1.7%
Germany – 1.7%
FUCHS PETROLUB			409,100			19,593,054
(Cost $17,754,411)						19,593,054
REPURCHASE AGREEMENT – 4.2%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $47,148,791 (collateralized by obligations of various U.S. Government Agencies, 1.875% due 8/31/24, valued at $48,091,781)
(Cost $47,148,791)						47,148,791
TOTAL INVESTMENTS – 99.9%
(Cost $900,978,662)						1,138,518,203
CASH AND OTHER ASSETS LESS LIABILITIES – 0.1%						1,358,509
NET ASSETS – 100.0%					$	1,139,876,712

 

 

SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP FUND
MARCH 31, 2021 (UNAUDITED)

 

		SHARES			VALUE
COMMON STOCKS – 97.0%
Communication Services – 3.6%
Entertainment - 2.7%
Chicken Soup For The Soul Entertainment Cl. A 1			125,700		$	3,024,342
Gaia Cl. A 1			268,400			3,191,276
IMAX Corporation 1			48,700			978,870
Motorsport Games Cl. A 1			40,500			942,030
Score Media and Gaming Cl. A 1			100,060			2,681,643
						10,818,161
Interactive Media & Services - 0.9%
QuinStreet 1			172,146			3,494,564
Total						14,312,725
Consumer Discretionary – 12.0%
Auto Components - 2.2%
Modine Manufacturing 1			198,100			2,925,937
Stoneridge 1			119,800			3,810,838
Unique Fabricating 1			373,951			2,225,009
						8,961,784
Hotels, Restaurants & Leisure - 1.9%
Century Casinos 1			412,100			4,232,267
Lindblad Expeditions Holdings 1,3			186,600			3,526,740
						7,759,007
Household Durables - 0.8%
Legacy Housing 1			177,300			3,143,529
Internet & Direct Marketing Retail - 0.7%
Magnite 1,3			63,000			2,621,430
Leisure Products - 1.0%
MasterCraft Boat Holdings 1			156,400			4,158,676
Specialty Retail - 4.5%
Citi Trends 1			61,324			5,137,725
OneWater Marine Cl. A 1			106,500			4,255,740
Shoe Carnival			93,911			5,811,212
Zumiez 1			66,400			2,848,560
						18,053,237
Textiles, Apparel & Luxury Goods - 0.9%
Vera Bradley 1			340,500			3,439,050
Total						48,136,713
Energy – 2.3%
Energy Equipment & Services - 2.3%
Aspen Aerogels 1			126,800			2,579,112
Natural Gas Services Group 1			324,287			3,061,269
Newpark Resources 1			691,000			2,169,740
Profire Energy 1			1,389,432			1,528,375
Total						9,338,496
Financials – 14.9%
Banks - 6.6%
Allegiance Bancshares			82,800			3,356,712
BayCom Corporation 1			160,500			2,892,210
Caribbean Investment Holdings 1			1,858,138			883,762
County Bancorp			114,500			2,744,565
HarborOne Bancorp			261,253			3,519,078
HBT Financial			159,300			2,727,216
HomeTrust Bancshares			118,600			2,887,910
Investar Holding Corporation			163,500			3,359,925
Midway Investments 1,4			1,858,170			0
TriState Capital Holdings 1			182,757			4,214,376
						26,585,754
Capital Markets - 4.9%
B. Riley Financial			87,300			4,921,974
Canaccord Genuity Group			469,900			4,300,032
Silvercrest Asset Management Group Cl. A			204,000			2,933,520
Sprott			108,480			4,120,979
StoneX Group 1,3			50,200			3,282,076
						19,558,581
Diversified Financial Services - 0.2%
Waterloo Investment Holdings 1,4			2,760,000			690,000
Thrifts & Mortgage Finance - 3.2%
Meridian Bancorp			197,500			3,637,950
PCSB Financial			174,400			2,896,784
Territorial Bancorp			112,300			2,971,458
Western New England Bancorp			390,300			3,290,229
						12,796,421
Total						59,630,756
Health Care – 12.9%
Biotechnology - 2.4%
CareDx 1			32,200			2,192,498
Dynavax Technologies 1			261,300			2,568,579
MeiraGTx Holdings 1			195,000			2,813,850
Zealand Pharma 1			60,200			1,903,775
						9,478,702
Health Care Equipment & Supplies - 6.8%
Apyx Medical 1			348,300			3,364,578
AtriCure 1			52,400			3,433,248
Chembio Diagnostics 1			240,253			843,288
CryoLife 1			167,455			3,781,134
Cutera 1			97,000			2,914,850
Misonix 1			157,200			3,079,548
OrthoPediatrics Corp. 1,3			57,400			2,798,250
Profound Medical 1			162,900			3,266,555
Surmodics 1			65,822			3,690,640
						27,172,091
Health Care Providers & Services - 0.8%
Sharps Compliance 1			232,600			3,342,462
Life Sciences Tools & Services - 2.6%
Harvard Bioscience 1			876,479			4,785,575
NeoGenomics 1			49,700			2,397,031
Quanterix Corporation 1			54,300			3,174,921
						10,357,527
Pharmaceuticals - 0.3%
Axsome Therapeutics 1,3			17,400			985,188
Total						51,335,970
Industrials – 22.1%
Aerospace & Defense - 1.0%
Astronics Corporation 1			113,400			2,045,736
CPI Aerostructures 1			466,084			2,116,021
						4,161,757
Building Products - 0.6%
Quanex Building Products			94,700			2,483,981
Commercial Services & Supplies - 1.6%
Acme United			72,400			2,855,456
Heritage-Crystal Clean 1			124,474			3,376,980
						6,232,436
Construction & Engineering - 4.5%
Ameresco Cl. A 1			54,500			2,650,335
Construction Partners Cl. A 1			135,500			4,048,740
IES Holdings 1			70,700			3,563,987
Northwest Pipe 1			128,500			4,294,470
NV5 Global 1			33,500			3,235,095
						17,792,627
Electrical Equipment - 1.0%
American Superconductor 1			173,700			3,293,352
Power Solutions International 1,2			99,900			699,300
						3,992,652
Machinery - 5.8%
Alimak Group			182,300			2,922,327
CIRCOR International 1			111,400			3,878,948
Graham Corporation			184,788			2,631,381
Porvair			313,000			2,355,999
Shyft Group (The)			119,500			4,445,400
Wabash National			211,900			3,983,720
Westport Fuel Systems 1			407,700			2,931,363
						23,149,138
Marine - 0.8%
Clarkson			89,831			3,405,626
Professional Services - 4.8%
CRA International			52,483			3,917,331
Forrester Research 1			43,300			1,839,384
GP Strategies 1			239,418			4,177,844
Heidrick & Struggles International			99,540			3,555,569
Kforce			55,932			2,997,955
Resources Connection			200,252			2,711,412
						19,199,495
Trading Companies & Distributors - 2.0%
Lawson Products 1			71,900			3,728,734
Transcat 1			87,500			4,294,500
						8,023,234
Total						88,440,946
Information Technology – 25.6%
Communications Equipment - 2.2%
Digi International 1			202,500			3,845,475
EMCORE Corporation 1			481,100			2,626,806
Harmonic 1			306,600			2,403,744
						8,876,025
Electronic Equipment, Instruments & Components - 5.6%
FARO Technologies 1			41,300			3,575,341
LightPath Technologies Cl. A 1			789,784			2,448,330
Luna Innovations 1			379,100			3,991,923
nLIGHT 1			84,700			2,744,280
PAR Technology 1			59,200			3,872,272
PowerFleet 1			353,400			2,904,948
Vishay Precision Group 1			97,100			2,991,651
						22,528,745
IT Services - 1.6%
Cass Information Systems			69,516			3,216,505
Computer Task Group 1			314,400			3,002,520
						6,219,025
Semiconductors & Semiconductor Equipment - 13.3%
Aehr Test Systems 1,3			699,800			1,763,496
Axcelis Technologies 1			95,400			3,919,986
AXT 1			346,500			4,040,190
Camtek 1			156,100			4,667,390
Cirrus Logic 1			27,700			2,348,683
Cohu 1			100,900			4,221,656
CyberOptics Corporation 1			107,500			2,791,775
FormFactor 1			70,400			3,175,744
Ichor Holdings 1			79,800			4,293,240
NeoPhotonics Corporation 1			206,100			2,462,895
Nova Measuring Instruments 1,3			51,300			4,668,813
NVE Corporation			40,400			2,832,040
PDF Solutions 1			158,900			2,825,242
Photronics 1			305,900			3,933,874
Ultra Clean Holdings 1			92,000			5,339,680
						53,284,704
Software - 2.1%
Agilysys 1			89,400			4,287,624
QAD Cl. A			61,013			4,062,246
						8,349,870
Technology Hardware, Storage & Peripherals - 0.8%
AstroNova 1			224,000			3,001,600
Total						102,259,969
Materials – 3.1%
Metals & Mining - 3.1%
Altius Minerals			165,400			1,975,534
Ferroglobe (Warranty Insurance Trust) 1,4			205,763			0
Haynes International			105,430			3,128,108
Major Drilling Group International 1			687,900			3,694,856
Universal Stainless & Alloy Products 1			343,900			3,497,463
Total						12,295,961
Real Estate – 0.5%
Real Estate Management & Development - 0.5%
FRP Holdings 1			38,975			1,918,350
Total						1,918,350
TOTAL COMMON STOCKS
(Cost $232,813,750)						387,669,886
REPURCHASE AGREEMENT – 3.1%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $12,194,783 (collateralized by obligations of various U.S. Government Agencies, 1.875% due 8/31/24, valued at $12,438,724)
(Cost $12,194,783)						12,194,783
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.1%
Money Market Funds
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.02%)
(Cost $541,690)						541,690
TOTAL INVESTMENTS – 100.2%
(Cost $245,550,223)						400,406,359
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%						(919,833	)
NET ASSETS – 100.0%					$	399,486,526

 

 

 

SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
MARCH 31, 2021 (UNAUDITED)

 

			SHARES			VALUE
COMMON STOCKS – 93.7%
Communication Services – 1.4%
Diversified Telecommunication Services - 0.3%
Iridium Communications 1			30,393		$	1,253,711
Ooma 1			275,278			4,363,157
						5,616,868
Entertainment - 0.2%
Marcus Corporation (The) 1			242,400			4,845,576
Interactive Media & Services - 0.7%
Cars.com 1,3			292,000			3,784,320
Eventbrite Cl. A 1,3			141,500			3,135,640
QuinStreet 1			331,800			6,735,540
						13,655,500
Media - 0.2%
comScore 1,3			1,396,262			5,110,319
Total						29,228,263
Consumer Discretionary – 13.2%
Auto Components - 1.9%
Dana			391,653			9,528,917
Horizon Global 1,3			1,150,087			11,880,399
Modine Manufacturing 1			756,963			11,180,344
Stoneridge 1			217,177			6,908,400
Unique Fabricating 1			94,253			560,805
						40,058,865
Diversified Consumer Services - 1.4%
American Public Education 1			248,700			8,861,181
frontdoor 1			168,999			9,083,696
Houghton Mifflin Harcourt 1,3			485,546			3,699,861
Regis 1			518,800			6,516,128
Select Interior Concepts 1			75,600			544,320
Zovio 1			366,569			1,488,270
						30,193,456
Hotels, Restaurants & Leisure - 3.3%
BJ's Restaurants 1			198,501			11,528,938
Carrols Restaurant Group 1			729,692			4,367,206
Cedar Fair LP 1			152,900			7,596,072
Century Casinos 1			223,540			2,295,756
Chuy's Holdings 1,3			237,193			10,512,394
Drive Shack 1			335,300			1,076,313
J. Alexander's Holdings 1			240,291			2,316,405
Noodles & Company Cl. A 1			707,254			7,320,079
Red Robin Gourmet Burgers 1,3			48,100			1,918,709
Ruth's Hospitality Group 1			365,925			9,085,918
Six Flags Entertainment 1			229,200			10,650,924
						68,668,714
Household Durables - 3.2%
Beazer Homes USA 1			275,206			5,757,309
Cavco Industries 1			24,000			5,414,640
Century Communities 1			120,000			7,238,400
Dixie Group (The) 1			397,715			1,181,214
Ethan Allen Interiors			235,100			6,491,111
GoPro Cl. A 1,3			190,800			2,220,912
Installed Building Products			22,500			2,494,800
LGI Homes 1,3			79,670			11,895,528
New Home Company (The) 1			401,659			2,104,693
Skyline Champion 1			110,100			4,983,126
Taylor Morrison Home 1			183,954			5,667,623
Toll Brothers			138,686			7,867,657
Tri Pointe Homes 1			208,506			4,245,182
						67,562,195
Specialty Retail - 2.0%
America's Car-Mart 1			64,771			9,869,157
Chico's FAS 1			948,500			3,139,535
Conn's 1			46,300			900,535
J.Jill 1,3			282,834			2,757,632
Kirkland's 1			341,000			9,582,100
Lithia Motors Cl. A			6,500			2,535,585
Lumber Liquidators Holdings 1			303,856			7,632,863
Sonic Automotive Cl. A			106,200			5,264,334
						41,681,741
Textiles, Apparel & Luxury Goods - 1.4%
Jerash Holdings (US)			55,769			349,672
Skechers U.S.A. Cl. A 1			216,022			9,010,277
Tapestry 1			93,600			3,857,256
Under Armour Cl. A 1			303,500			6,725,560
Unifi 1			297,200			8,190,832
						28,133,597
Total						276,298,568
Consumer Staples – 1.7%
Beverages - 0.5%
MGP Ingredients			122,460			7,243,509
Reed's 1			1,928,894			2,256,806
						9,500,315
Food & Staples Retailing - 0.7%
Chefs' Warehouse (The) 1,3			266,500			8,117,590
Natural Grocers by Vitamin Cottage			365,358			6,412,033
						14,529,623
Food Products - 0.2%
SunOpta 1			226,527			3,345,804
Household Products - 0.3%
Central Garden & Pet Cl. A 1			141,500			7,342,435
Total						34,718,177
Energy – 2.6%
Energy Equipment & Services - 0.4%
Archrock			490,800			4,657,692
Aspen Aerogels 1			8,406			170,978
Ranger Energy Services Cl. A 1			88,411			484,492
U.S. Silica Holdings 1			315,302			3,875,062
						9,188,224
Oil, Gas & Consumable Fuels - 2.2%
Ardmore Shipping 1			662,993			3,009,988
Baytex Energy 1,2			1,354,100			1,394,723
Chesapeake Energy 1			248,500			10,782,415
Dorian LPG 1			549,892			7,220,082
Earthstone Energy Cl. A 1			842,072			6,020,815
Matador Resources			248,583			5,829,271
Navigator Holdings 1			563,084			5,011,448
Southwestern Energy 1			460,081			2,139,377
Teekay LNG Partners L.P.			236,936			3,409,509
						44,817,628
Total						54,005,852
Financials – 9.4%
Banks - 2.2%
First Foundation			189,800			4,452,708
Hilltop Holdings			436,308			14,891,192
Seacoast Banking Corporation of Florida 1			342,150			12,399,516
Texas Capital Bancshares 1			94,700			6,716,124
TriState Capital Holdings 1			313,787			7,235,928
						45,695,468
Capital Markets - 2.0%
B. Riley Financial			268,317			15,127,713
Evercore Cl. A			68,200			8,984,668
Houlihan Lokey Cl. A			88,189			5,865,450
JMP Group LLC 1			153,314			916,818
Moelis & Company Cl. A			206,626			11,339,635
						42,234,284
Insurance - 2.8%
Brighthouse Financial 1			265,400			11,743,950
HCI Group			134,276			10,315,082
Heritage Insurance Holdings			365,591			4,050,748
Old Republic International			613,100			13,390,104
Stewart Information Services			216,540			11,266,576
United Fire Group			237,003			8,247,705
						59,014,165
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
ACRES Commercial Realty 1			352,839			5,147,921
Thrifts & Mortgage Finance - 2.1%
Axos Financial 1			100,700			4,733,907
MGIC Investment			515,700			7,142,445
NMI Holdings Cl. A 1			378,063			8,937,409
Radian Group			320,098			7,442,279
Walker & Dunlop			146,738			15,075,862
						43,331,902
Total						195,423,740
Health Care – 9.6%
Biotechnology - 0.6%
Emergent BioSolutions 1			107,026			9,943,786
Flexion Therapeutics 1,3			264,351			2,365,941
						12,309,727
Health Care Equipment & Supplies - 4.0%
Accuray 1,3			886,708			4,389,205
Alphatec Holdings 1			286,700			4,526,993
Cutera 1			236,810			7,116,140
IntriCon Corporation 1,5			481,347			12,341,737
Invacare Corporation 1			427,108			3,425,406
Misonix 1,3			76,300			1,494,717
Neuronetics 1			364,990			4,514,926
Ortho Clinical Diagnostics Holdings 1			425,600			8,211,952
Orthofix Medical 1			263,996			11,444,227
Ra Medical Systems 1,3			146,562			682,979
Sientra 1			929,016			6,772,527
SmileDirectClub Cl. A 1,3			566,194			5,837,460
Surgalign Holdings 1,3			1,371,045			2,988,878
Varex Imaging 1,3			233,946			4,793,554
ViewRay 1			1,113,870			4,845,334
						83,386,035
Health Care Providers & Services - 4.5%
Acadia Healthcare 1,3			78,672			4,495,318
Community Health Systems 1			1,449,614			19,598,781
Cross Country Healthcare 1			828,420			10,346,966
Option Care Health 1			545,971			9,685,526
Owens & Minor			454,107			17,069,882
R1 RCM 1			248,643			6,136,509
RadNet 1			129,200			2,810,100
Select Medical Holdings 1			305,300			10,410,730
Surgery Partners 1			312,814			13,845,148
						94,398,960
Health Care Technology - 0.3%
Castlight Health Cl. B 1,3			1,408,652			2,127,064
Evolent Health Cl. A 1,3			224,000			4,524,800
						6,651,864
Pharmaceuticals - 0.2%
Pacira BioSciences 1,3			54,400			3,812,896
Total						200,559,482
Industrials – 24.0%
Aerospace & Defense - 2.6%
AAR Corporation 1			274,900			11,449,585
Astronics Corporation 1			270,200			4,874,408
Ducommun 1			126,286			7,577,160
Hexcel Corporation 1			180,400			10,102,400
Spirit AeroSystems Holdings Cl. A			224,100			10,902,465
Triumph Group 1			490,616			9,017,522
						53,923,540
Air Freight & Logistics - 1.4%
Atlas Air Worldwide Holdings 1,3			250,486			15,139,374
Hub Group Cl. A 1			155,500			10,462,040
Radiant Logistics 1			452,069			3,141,879
						28,743,293
Airlines - 2.0%
Alaska Air Group 1			124,900			8,644,329
Allegiant Travel 1			33,392			8,149,651
JetBlue Airways 1			626,600			12,745,044
Mesa Air Group 1			870,446			11,707,499
						41,246,523
Building Products - 2.6%
American Woodmark 1			133,200			13,130,856
Apogee Enterprises			175,400			7,170,352
Builders FirstSource 1			50,195			2,327,542
Gibraltar Industries 1			57,700			5,280,127
Griffon Corporation			231,267			6,283,524
Insteel Industries			122,450			3,776,358
JELD-WEN Holding 1			198,200			5,488,158
PGT Innovations 1			171,643			4,333,986
Resideo Technologies 1			234,016			6,610,952
						54,401,855
Commercial Services & Supplies - 1.8%
Covanta Holding Corporation			367,400			5,092,164
Heritage-Crystal Clean 1			190,200			5,160,126
Interface			393,467			4,910,468
KAR Auction Services 1			494,080			7,411,200
Pitney Bowes			1,157,994			9,541,871
Quest Resource Holding Corporation 1			126,006			491,423
Steelcase Cl. A			386,300			5,558,857
						38,166,109
Construction & Engineering - 3.0%
Aegion Corporation 1			74,196			2,133,135
Ameresco Cl. A 1			157,226			7,645,900
Arcosa			240,806			15,674,063
Comfort Systems USA			142,110			10,625,565
Concrete Pumping Holdings 1,3			461,710			3,421,271
Construction Partners Cl. A 1			157,159			4,695,911
Great Lakes Dredge & Dock 1			47,416			691,325
Limbach Holdings 1,3			88,400			933,504
Northwest Pipe 1			176,322			5,892,681
Orion Group Holdings 1			462,475			2,807,223
Primoris Services			262,280			8,689,337
						63,209,915
Electrical Equipment - 0.6%
Babcock & Wilcox Enterprises 1			374,895			3,550,256
Encore Wire			57,233			3,842,051
LSI Industries			402,553			3,433,777
Power Solutions International 1,2			225,970			1,581,790
						12,407,874
Machinery - 5.5%
CIRCOR International 1			210,411			7,326,511
Commercial Vehicle Group 1			663,792			6,405,593
EnPro Industries			111,400			9,499,078
Gencor Industries 1			32,979			442,249
Hurco Companies			65,054			2,296,406
Hyster-Yale Materials Handling Cl. A			68,260			5,946,811
LiqTech International 1			465,355			3,764,722
Luxfer Holdings			180,500			3,841,040
Lydall 1			360,191			12,152,844
Manitex International 1			433,553			3,420,733
Meritor 1			277,308			8,158,401
Park-Ohio Holdings			202,176			6,366,522
Shyft Group (The)			260,638			9,695,734
TriMas Corporation 1			213,110			6,461,495
Trinity Industries			321,524			9,160,219
Wabash National			657,900			12,368,520
Westport Fuel Systems 1			1,143,933			8,224,878
						115,531,756
Marine - 0.1%
Diana Shipping 1			650,445			1,944,831
Professional Services - 1.3%
GP Strategies 1			334,785			5,841,998
Heidrick & Struggles International			98,835			3,530,386
Korn Ferry			108,545			6,769,952
Mistras Group 1			266,651			3,042,488
TrueBlue 1			356,236			7,844,317
						27,029,141
Road & Rail - 0.3%
Daseke 1			379,900			3,225,351
U.S. Xpress Enterprises Cl. A 1			307,100			3,608,425
						6,833,776
Trading Companies & Distributors - 2.8%
Air Lease Cl. A			336,638			16,495,262
Boise Cascade			80,300			4,804,349
General Finance 1			345,082			4,192,747
Herc Holdings 1			186,219			18,869,571
Univar Solutions 1			46,700			1,005,918
WESCO International 1			146,604			12,685,644
						58,053,491
Total						501,492,104
Information Technology – 15.5%
Communications Equipment - 3.7%
ADTRAN			548,100			9,142,308
Aviat Networks 1			123,389			8,765,555
CalAmp Corporation 1			775,400			8,413,090
Ceragon Networks 1,3			600,916			2,265,453
Ciena Corporation 1			38,473			2,105,243
Comtech Telecommunications			493,117			12,249,026
Digi International 1			539,002			10,235,648
DZS 1			615,104			9,564,867
Infinera Corporation 1,3			1,019,146			9,814,376
PCTEL			592,962			4,121,086
						76,676,652
Electronic Equipment, Instruments & Components - 3.1%
Avnet			302,000			12,536,020
CTS Corporation			203,214			6,311,827
Fabrinet 1			34,729			3,139,154
Frequency Electronics 1			321,193			3,626,269
Identiv 1			332,420			3,809,533
II-VI 1			126,968			8,680,802
Iteris 1,3			806,600			4,976,722
Knowles 1			318,620			6,665,530
VIA optronics ADR 1			195,578			2,526,868
Vishay Intertechnology			501,309			12,071,521
						64,344,246
Semiconductors & Semiconductor Equipment - 5.3%
Advanced Energy Industries			109,503			11,954,443
Alpha & Omega Semiconductor 1			536,613			17,547,245
Amkor Technology			574,240			13,615,230
Amtech Systems 1			214,548			2,535,957
Cohu 1			236,076			9,877,420
FormFactor 1			99,213			4,475,499
Ichor Holdings 1			138,494			7,450,977
Kulicke & Soffa Industries			185,665			9,118,008
MKS Instruments			14,900			2,762,758
Onto Innovation 1			178,019			11,697,629
Ultra Clean Holdings 1			232,527			13,495,867
Veeco Instruments 1,3			332,887			6,904,076
						111,435,109
Software - 2.6%
A10 Networks 1			810,426			7,788,194
Avaya Holdings 1			527,354			14,781,733
Cloudera 1,3			375,200			4,566,184
InterDigital			106,500			6,757,425
Kaleyra 1,3			517,857			7,301,784
New Relic 1			92,700			5,699,196
SecureWorks Corp. Cl. A 1,3			509,162			6,812,587
						53,707,103
Technology Hardware, Storage & Peripherals - 0.8%
Avid Technology 1			647,654			13,671,976
Intevac 1			584,362			4,178,188
						17,850,164
Total						324,013,274
Materials – 11.8%
Chemicals - 5.3%
AdvanSix 1			262,512			7,040,572
American Vanguard			487,241			9,944,589
Ferro Corporation 1			568,867			9,591,098
Huntsman Corporation			438,400			12,639,072
Intrepid Potash 1,3			481,522			15,678,356
Kraton Corporation 1			364,921			13,352,459
Livent Corporation 1,3			637,500			11,041,500
LSB Industries 1			469,956			2,410,874
Olin Corporation			495,810			18,825,906
Trecora Resources 1			485,231			3,770,245
Tronox Holdings			315,000			5,764,500
						110,059,171
Construction Materials - 1.2%
Forterra 1			350,665			8,152,961
U.S. Concrete 1,3			229,849			16,852,529
						25,005,490
Metals & Mining - 4.6%
Alcoa Corporation 1			482,493			15,676,198
Allegheny Technologies 1			630,514			13,278,625
Carpenter Technology			228,342			9,396,273
Century Aluminum 1			498,610			8,805,453
Cleveland-Cliffs 1			727,949			14,639,054
Commercial Metals			361,000			11,133,240
Ferroglobe 1			1,345,071			5,084,368
Haynes International			275,665			8,178,980
Noranda Aluminum Holding Corporation 1,2			488,157			30,754
Olympic Steel			119,200			3,510,440
Synalloy Corporation 1			52,914			467,760
TimkenSteel Corporation 1			503,800			5,919,650
Universal Stainless & Alloy Products 1			31,921			324,637
						96,445,432
Paper & Forest Products - 0.7%
Glatfelter			270,345			4,636,416
Louisiana-Pacific			174,700			9,688,862
						14,325,278
Total						245,835,371
Real Estate – 3.5%
Equity Real Estate Investment Trusts (REITs) - 3.1%
Alexander & Baldwin			439,600			7,380,884
Armada Hoffler Properties			617,134			7,738,860
Braemar Hotels & Resorts 1			344,253			2,089,616
CatchMark Timber Trust Cl. A			310,200			3,157,836
Chatham Lodging Trust 1			269,800			3,550,568
Diversified Healthcare Trust			1,102,600			5,270,428
Kimco Realty			510,900			9,579,375
Macerich Company			545,100			6,377,670
Ryman Hospitality Properties 1			157,371			12,197,826
Tanger Factory Outlet Centers			485,900			7,351,667
						64,694,730
Real Estate Management & Development - 0.4%
Realogy Holdings 1			401,020			6,067,433
Tejon Ranch 1			101,206			1,694,188
						7,761,621
Total						72,456,351
Utilities – 1.0%
Electric Utilities - 0.3%
Hawaiian Electric Industries			129,701			5,762,616
Multi-Utilities - 0.6%
Black Hills			184,900			12,345,773
Water Utilities - 0.1%
Pure Cycle 1			150,901			2,025,091
Total						20,133,480
TOTAL COMMON STOCKS
(Cost $1,319,820,435)						1,954,164,662
REPURCHASE AGREEMENT – 6.6%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $138,261,961 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $141,027,211) (Cost $138,261,961)						138,261,961
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.6%
Money Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.02%) (Cost $12,776,050)						12,776,050
TOTAL INVESTMENTS – 100.9%
(Cost $1,470,858,446)						2,105,202,673
LIABILITIES LESS CASH AND OTHER ASSETS – (0.9)%						(19,495,425	)
NET ASSETS – 100.0%					$	2,085,707,248

 

  

SCHEDULES OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
MARCH 31, 2021 (UNAUDITED)

 

			SHARES			VALUE
COMMON STOCKS – 93.7%
Communication Services – 2.0%
Diversified Telecommunication Services - 0.7%
Bandwidth Cl. A 1,3			91,435		$	11,588,472
Liberty Latin America Cl. C 1			383,565			4,978,674
						16,567,146
Entertainment - 0.5%
Chicken Soup For The Soul
Entertainment Cl. A 1			29,000			697,740
IMAX Corporation 1			171,000			3,437,100
Manchester United Cl. A			306,490			4,824,152
World Wrestling Entertainment Cl. A			52,030			2,823,148
						11,782,140
Interactive Media & Services - 0.3%
Eventbrite Cl. A 1,3			256,500			5,684,040
QuinStreet 1			35,900			728,770
						6,412,810
Media - 0.5%
Media General (Rights) 1,4			102,272			0
New York Times Cl. A			174,500			8,833,190
Saga Communications Cl. A 1			51,695			1,129,536
						9,962,726
Total						44,724,822
Consumer Discretionary – 10.6%
Auto Components - 2.2%
Dorman Products 1			98,847			10,145,656
Gentex Corporation			294,285			10,497,146
LCI Industries			110,552			14,623,818
Patrick Industries			120,291			10,224,735
Stoneridge 1			105,227			3,347,271
						48,838,626
Automobiles - 0.5%
Winnebago Industries			138,349			10,612,752
Distributors - 0.2%
LKQ Corporation 1			101,823			4,310,168
Diversified Consumer Services - 0.1%
Regis 1			247,600			3,109,856
Hotels, Restaurants & Leisure - 0.9%
Century Casinos 1			512,574			5,264,135
Hilton Grand Vacations 1			177,300			6,646,977
Hyatt Hotels Cl. A 1			23,842			1,971,733
Scientific Games 1			197,700			7,615,404
						21,498,249
Household Durables - 1.1%
La-Z-Boy			117,327			4,984,051
Legacy Housing 1,3			192,025			3,404,603
PulteGroup			120,400			6,313,776
Skyline Champion 1			128,600			5,820,436
TopBuild Corp. 1			18,827			3,942,939
						24,465,805
Leisure Products - 1.3%
Brunswick Corporation			153,850			14,672,674
Malibu Boats Cl. A 1			44,038			3,508,948
MasterCraft Boat Holdings 1,3			456,539			12,139,372
						30,320,994
Specialty Retail - 3.5%
Aaron's Company (The)			208,891			5,364,321
America's Car-Mart 1			85,779			13,070,146
Asbury Automotive Group 1			86,010			16,900,965
OneWater Marine Cl. A 1			394,161			15,750,674
Rent-A-Center			286,494			16,519,244
Shoe Carnival			172,918			10,700,166
						78,305,516
Textiles, Apparel & Luxury Goods - 0.8%
Levi Strauss & Co. Cl. A			183,445			4,386,170
Ralph Lauren Cl. A 1			61,517			7,576,434
Wolverine World Wide			163,155			6,252,099
						18,214,703
Total						239,676,669
Consumer Staples – 1.1%
Food Products - 0.4%
Nomad Foods 1			154,056			4,230,378
Seneca Foods Cl. A 1			94,033			4,428,014
						8,658,392
Household Products - 0.2%
Spectrum Brands Holdings			63,306			5,381,010
Personal Products - 0.5%
Inter Parfums			150,376			10,666,169
Total						24,705,571
Energy – 1.0%
Energy Equipment & Services - 0.6%
Aspen Aerogels 1			100,400			2,042,136
Cactus Cl. A			22,300			682,826
Pason Systems			1,623,749			11,473,614
						14,198,576
Oil, Gas & Consumable Fuels - 0.4%
Cimarex Energy			69,700			4,139,483
EQT Corporation 1			237,500			4,412,750
						8,552,233
Total						22,750,809
Financials – 17.0%
Banks - 6.5%
BankUnited			134,600			5,915,670
BOK Financial			41,600			3,715,712
CIT Group			113,630			5,853,081
City Holding Company			50,343			4,117,051
CNB Financial			32,130			790,719
First Bancshares (The)			206,125			7,546,236
First Citizens BancShares Cl. A			38,108			31,849,523
First Hawaiian			381,425			10,439,602
German American Bancorp			100,956			4,666,186
Glacier Bancorp			58,545			3,341,749
Home BancShares			288,600			7,806,630
Independent Bank Group			119,478			8,631,091
National Bankshares			112,867			4,007,907
Origin Bancorp			126,328			5,357,570
Popular			178,543			12,555,144
Signature Bank			46,026			10,406,479
Texas Capital Bancshares 1			37,328			2,647,302
TriState Capital Holdings 1			128,261			2,957,699
Triumph Bancorp 1			195,140			15,101,885
						147,707,236
Capital Markets - 5.3%
Ares Management Cl. A			168,069			9,416,906
Artisan Partners Asset Management Cl. A			119,302			6,223,985
B. Riley Financial			51,258			2,889,926
Evercore Cl. A			48,941			6,447,487
GCM Grosvenor Cl. A 3			942,450			11,215,155
Houlihan Lokey Cl. A			177,648			11,815,369
Lazard Cl. A			244,200			10,625,142
Moelis & Company Cl. A			70,524			3,870,357
Morningstar			63,937			14,388,382
Open Lending 1			312,300			11,061,666
SEI Investments			273,119			16,641,141
Silvercrest Asset Management Group Cl. A			184,878			2,658,546
Sprott			169,894			6,453,998
TMX Group			62,920			6,538,333
						120,246,393
Consumer Finance - 0.3%
PROG Holdings 1			140,567			6,085,145
Diversified Financial Services - 0.3%
Compass Diversified Holdings			245,113			5,674,366
Insurance - 3.9%
Alleghany Corporation 1			9,554			5,983,575
AMERISAFE			49,680			3,179,520
Assured Guaranty			127,441			5,388,206
Axis Capital Holdings			110,976			5,501,080
CNO Financial Group			197,231			4,790,741
E-L Financial			21,818			16,059,242
Employers Holdings			18,000			775,080
First American Financial			90,803			5,143,990
James River Group Holdings			50,000			2,281,000
Kemper Corporation			77,128			6,148,644
Kinsale Capital Group			31,800			5,240,640
ProAssurance Corporation			273,526			7,319,556
RenaissanceRe Holdings			20,515			3,287,529
RLI Corp.			62,853			7,012,509
Selective Insurance Group			75,100			5,447,754
Trean Insurance Group 1,3			237,600			3,837,240
						87,396,306
Investment Companies - 0.1%
ACE Convergence Acquisition Cl. A 1,3			293,700			2,928,189
Thrifts & Mortgage Finance - 0.6%
Axos Financial 1			122,961			5,780,396
Southern Missouri Bancorp			57,683			2,273,864
Timberland Bancorp			108,123			3,006,901
TrustCo Bank Corp NY			435,330			3,208,382
						14,269,543
Total						384,307,178
Health Care – 7.3%
Biotechnology - 1.2%
CareDx 1			162,220			11,045,560
Catalyst Pharmaceuticals 1,3			794,896			3,664,471
MeiraGTx Holdings 1,3			53,700			774,891
Natera 1			80,300			8,153,662
United Therapeutics 1			23,898			3,997,418
						27,636,002
Health Care Equipment & Supplies - 3.5%
AtriCure 1			33,343			2,184,633
Atrion Corporation			8,442			5,413,939
BioLife Solutions 1			195,096			7,023,456
Cutera 1			72,500			2,178,625
Haemonetics Corporation 1			40,969			4,547,969
Hill-Rom Holdings			35,976			3,974,628
Meridian Bioscience 1			290,000			7,612,500
Mesa Laboratories			62,845			15,302,758
Misonix 1,3			158,600			3,106,974
Natus Medical 1			87,800			2,248,558
OrthoPediatrics Corp. 1,3			56,800			2,769,000
Profound Medical 1			35,000			701,838
SI-BONE 1			171,800			5,464,958
SmileDirectClub Cl. A 1,3			676,695			6,976,725
Surmodics 1			13,900			779,373
Tandem Diabetes Care 1			68,386			6,035,065
Vapotherm 1,3			42,800			1,028,056
						77,349,055
Health Care Providers & Services - 1.0%
Encompass Health			119,160			9,759,204
Ensign Group (The)			39,308			3,688,663
Molina Healthcare 1			28,800			6,732,288
Sharps Compliance 1,3			87,700			1,260,249
						21,440,404
Health Care Technology - 0.3%
Simulations Plus			117,310			7,418,684
Life Sciences Tools & Services - 1.0%
Bio-Techne			43,516			16,620,066
Harvard Bioscience 1			143,300			782,418
Quanterix Corporation 1			97,379			5,693,750
						23,096,234
Pharmaceuticals - 0.3%
BioDelivery Sciences International 1			954,296			3,731,298
Supernus Pharmaceuticals 1,3			118,567			3,104,084
						6,835,382
Total						163,775,761
Industrials – 24.2%
Aerospace & Defense - 1.0%
HEICO Corporation			92,864			11,682,291
Vectrus 1			191,139			10,214,468
						21,896,759
Air Freight & Logistics - 0.6%
Forward Air			76,869			6,826,736
Hub Group Cl. A 1			97,118			6,534,099
						13,360,835
Airlines - 0.3%
Sun Country Airlines Holdings 1			180,100			6,173,828
Building Products - 1.7%
Advanced Drainage Systems			40,200			4,156,278
Builders FirstSource 1			185,780			8,614,619
Gibraltar Industries 1			79,767			7,299,478
Quanex Building Products			30,700			805,261
Simpson Manufacturing			56,462			5,856,803
UFP Industries			164,032			12,440,187
						39,172,626
Commercial Services & Supplies - 1.4%
Brink's Company (The)			50,090			3,968,631
Deluxe Corporation			127,972			5,369,705
Healthcare Services Group			265,352			7,437,816
Heritage-Crystal Clean 1			154,283			4,185,698
Herman Miller			82,200			3,382,530
UniFirst Corporation			32,385			7,244,848
						31,589,228
Construction & Engineering - 3.0%
Arcosa			276,717			18,011,510
Comfort Systems USA			57,406			4,292,247
Construction Partners Cl. A 1			127,191			3,800,467
EMCOR Group			25,100			2,815,216
Great Lakes Dredge & Dock 1			425,625			6,205,612
Northwest Pipe 1			134,770			4,504,013
NV5 Global 1			11,100			1,071,927
Primoris Services			165,509			5,483,313
Valmont Industries			69,025			16,405,172
WillScot Mobile Mini Holdings Corp. 1,3			199,150			5,526,412
						68,115,889
Electrical Equipment - 0.8%
American Superconductor 1			35,000			663,600
Encore Wire			62,234			4,177,769
GrafTech International			262,913			3,215,426
Preformed Line Products			144,775			9,953,281
Sensata Technologies Holding 1			7,900			457,805
						18,467,881
Industrial Conglomerates - 0.4%
Carlisle Companies			56,375			9,278,197
Machinery - 7.1%
Allison Transmission Holdings			21,400			873,762
CIRCOR International 1			62,960			2,192,267
Colfax 1			383,634			16,807,006
Crane Company			52,939			4,971,501
ESCO Technologies			77,309			8,418,177
Graham Corporation			72,292			1,029,438
Helios Technologies			195,939			14,278,075
Hurco Companies			87,200			3,078,160
John Bean Technologies			112,450			14,994,083
Kadant			104,502			19,333,915
Lincoln Electric Holdings			128,236			15,765,334
Lindsay Corporation			73,590			12,261,566
Meritor 1			290,210			8,537,978
Middleby Corporation (The) 1			65,200			10,806,900
Miller Industries			367,451			16,972,562
RBC Bearings 1			50,722			9,980,568
Westport Fuel Systems 1			92,200			662,918
						160,964,210
Marine - 0.5%
Clarkson			184,624			6,999,369
Kirby Corporation 1			54,000			3,255,120
						10,254,489
Professional Services - 3.2%
Barrett Business Services			52,149			3,590,980
Forrester Research 1			272,487			11,575,248
GP Strategies 1			168,413			2,938,807
Heidrick & Struggles International			315,319			11,263,195
KBR			523,961			20,114,863
Korn Ferry			102,100			6,367,977
ManpowerGroup			40,085			3,964,406
Morneau Shepell			73,100			1,925,950
Upwork 1			251,660			11,266,818
						73,008,244
Road & Rail - 2.0%
ArcBest			84,747			5,963,647
Landstar System			113,754			18,776,235
Saia 1			25,662			5,917,144
Schneider National Cl. B			183,900			4,591,983
Universal Logistics Holdings			315,775			8,308,040
Werner Enterprises			49,800			2,349,066
						45,906,115
Trading Companies & Distributors - 2.2%
Air Lease Cl. A			186,962			9,161,138
Applied Industrial Technologies			93,965			8,566,789
EVI Industries 1,3			348,509			10,026,604
Lawson Products 1			13,100			679,366
MSC Industrial Direct Cl. A			52,685			4,751,660
Richelieu Hardware			342,241			11,247,357
Transcat 1			79,300			3,892,044
						48,324,958
Total						546,513,259
Information Technology – 21.3%
Communications Equipment - 0.2%
Digi International 1			290,693			5,520,260
Electronic Equipment, Instruments & Components - 7.4%
Avnet			82,997			3,445,206
Cognex Corporation			94,043			7,804,629
Dolby Laboratories Cl. A			94,160			9,295,475
ePlus 1			41,621			4,147,116
Fabrinet 1			125,882			11,378,474
FARO Technologies 1			157,288			13,616,422
Insight Enterprises 1			172,893			16,497,450
IPG Photonics 1			28,631			6,039,423
Kimball Electronics 1			332,895			8,588,691
Littelfuse			3,575			945,373
Luna Innovations 1,3			754,599			7,945,928
Methode Electronics			95,878			4,024,958
National Instruments			333,216			14,389,933
nLIGHT 1			91,300			2,958,120
PAR Technology 1			214,655			14,040,584
PC Connection			78,232			3,629,183
PowerFleet 1,3			98,100			806,382
Rogers Corporation 1			20,316			3,823,674
Sanmina Corporation 1			161,260			6,672,939
SYNNEX Corporation			55,000			6,316,200
Vishay Intertechnology			368,078			8,863,318
Vishay Precision Group 1			111,915			3,448,101
Vontier Corporation 1			240,052			7,266,374
						165,943,953
IT Services - 2.4%
Cass Information Systems			72,489			3,354,066
Computer Services 2			143,975			8,422,538
Concentrix 1			12,583			1,883,927
International Money Express 1			666,733			10,007,662
MAXIMUS			42,350			3,770,844
Repay Holdings Cl. A 1,3			346,100			8,126,428
Shift4 Payments Cl. A 1,3			144,400			11,842,244
Sykes Enterprises 1			72,800			3,209,024
Unisys Corporation 1			125,000			3,177,500
						53,794,233
Semiconductors & Semiconductor Equipment - 7.9%
Advanced Energy Industries			24,203			2,642,241
Axcelis Technologies 1			177,676			7,300,707
Brooks Automation			103,408			8,443,263
Camtek 1			147,300			4,404,270
Cirrus Logic 1			178,340			15,121,449
CMC Materials			99,378			17,569,037
Cohu 1			158,118			6,615,657
CyberOptics Corporation 1			92,380			2,399,109
Diodes 1			142,364			11,366,342
FormFactor 1			206,466			9,313,681
Ichor Holdings 1			20,400			1,097,520
Kulicke & Soffa Industries			503,086			24,706,553
Lattice Semiconductor 1			230,271			10,366,800
MKS Instruments			120,353			22,315,853
Nova Measuring Instruments 1,3			107,454			9,779,389
NVE Corporation			42,363			2,969,646
Onto Innovation 1,3			157,520			10,350,639
Photronics 1			142,794			1,836,331
Tower Semiconductor 1			196,600			5,512,664
Ultra Clean Holdings 1			78,971			4,583,477
						178,694,628
Software - 3.2%
ACI Worldwide 1			213,837			8,136,498
Agilysys 1			102,787			4,929,664
Aspen Technology 1			8,600			1,241,238
Avalara 1			46,600			6,217,838
Blackbaud 1			34,116			2,424,965
ChannelAdvisor Corporation 1			149,430			3,519,076
Descartes Systems Group (The) 1			183,647			11,185,939
Five9 1,3			42,918			6,709,371
j2 Global 1			56,802			6,808,288
QAD Cl. A			42,941			2,859,012
Upland Software 1			367,615			17,347,752
						71,379,641
Technology Hardware, Storage & Peripherals - 0.2%
AstroNova 1			41,500			556,100
Avid Technology 1			213,700			4,511,207
						5,067,307
Total						480,400,022
Materials – 7.2%
Chemicals - 4.8%
Atotech 1,3			328,600			6,654,150
Balchem Corporation			75,472			9,464,943
Element Solutions			954,719			17,461,810
Huntsman Corporation			515,500			14,861,865
Innospec			153,724			15,785,918
Minerals Technologies			193,984			14,610,875
Mosaic Company (The)			361,200			11,417,532
Quaker Chemical			73,602			17,941,960
						108,199,053
Containers & Packaging - 0.4%
Graphic Packaging Holding Company			264,364			4,800,850
Silgan Holdings			97,363			4,092,167
						8,893,017
Metals & Mining - 1.2%
Alamos Gold Cl. A			2,037,600			15,922,044
Haynes International			80,600			2,391,402
IAMGOLD Corporation 1			795,894			2,371,764
Reliance Steel & Aluminum			49,834			7,589,220
						28,274,430
Paper & Forest Products - 0.8%
Stella-Jones			433,311			17,577,938
Total						162,944,438
Real Estate – 2.0%
Real Estate Management & Development - 2.0%
Colliers International Group			38,944			3,825,859
FirstService			8,367			1,239,906
FRP Holdings 1			163,149			8,030,194
Jones Lang LaSalle 1			19,828			3,550,005
Kennedy-Wilson Holdings			777,821			15,719,762
Marcus & Millichap 1			223,359			7,527,198
Tejon Ranch 1			235,407			3,940,713
Total						43,833,637
TOTAL COMMON STOCKS
(Cost $1,281,781,787)						2,113,632,166
REPURCHASE AGREEMENT – 6.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $144,563,797 (collateralized by obligations of various U.S. Government Agencies, 1.875% due 8/31/24, valued at $147,455,159) (Cost $144,563,797)						144,563,797
COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.3%
Money Market Funds
Federated Government Obligations Fund - Institutional Shares (7 day yield-0.02%) (Cost $7,063,418)						7,063,418
TOTAL INVESTMENTS – 100.4%
(Cost $1,433,409,002)						2,265,259,381
LIABILITIES LESS CASH AND OTHER ASSETS – (0.4)%						(10,138,904	)
NET ASSETS – 100.0%					$	2,255,120,477

 

 

 

SCHEDULES OF INVESTMENTS 

ROYCE PREMIER FUND 

MARCH 31, 2021 (UNAUDITED)

 

		SHARES				VALUE
COMMON STOCKS – 96.0%
Consumer Discretionary – 7.8%
Auto Components - 2.6%
Dorman Products 1			215,725			$	22,142,014
LCI Industries			193,647				25,615,625
							47,757,639
Distributors - 1.4%
Pool Corporation			74,715				25,794,607
Leisure Products - 1.4%
Brunswick Corporation			266,400				25,406,568
Textiles, Apparel & Luxury Goods - 2.4%
Ralph Lauren Cl. A 1			365,103				44,966,085
Total							143,924,899
Consumer Staples – 1.5%
Personal Products - 1.5%
Inter Parfums			390,641				27,708,166
Total							27,708,166
Financials – 13.1%
Capital Markets - 11.5%
Ares Management Cl. A			517,370				28,988,241
Ashmore Group			5,917,301				31,928,793
GCM Grosvenor Cl. A			2,140,615				25,473,319
Lazard Cl. A			518,583				22,563,546
Morningstar			201,486				45,342,409
SEI Investments			595,300				36,271,629
TMX Group			204,783				21,280,029
							211,847,966
Insurance - 1.6%
Alleghany Corporation 1			47,504				29,751,280
Total							241,599,246
Health Care – 5.8%
Health Care Equipment & Supplies - 3.7%
Haemonetics Corporation 1			338,962				37,628,172
Mesa Laboratories			124,595				30,338,882
							67,967,054
Life Sciences Tools & Services - 2.1%
Bio-Techne			102,521				39,155,846
Total							107,122,900
Industrials – 34.7%
Air Freight & Logistics - 1.8%
Forward Air			379,158				33,673,022
Building Products - 1.4%
Simpson Manufacturing			245,995				25,517,061
Commercial Services & Supplies - 1.1%
Ritchie Bros. Auctioneers			346,946				20,313,688
Construction & Engineering - 4.3%
Arcosa			489,123				31,837,016
Valmont Industries			199,084				47,316,295
							79,153,311
Machinery - 18.7%
Colfax 1			1,053,570				46,156,902
ESCO Technologies			237,273				25,836,657
Helios Technologies			369,905				26,954,977
John Bean Technologies			375,963				50,130,906
Kadant			216,181				39,995,647
Lincoln Electric Holdings			405,199				49,815,165
Lindsay Corporation			284,843				47,460,541
RBC Bearings 1			113,770				22,386,523
Woodward			299,257				36,099,372
							344,836,690
Marine - 1.9%
Kirby Corporation 1			587,376				35,407,025
Professional Services - 1.8%
Forrester Research 1			769,896				32,705,182
Road & Rail - 1.8%
Landstar System			200,585				33,108,560
Trading Companies & Distributors - 1.9%
Air Lease Cl. A			688,405				33,731,845
Total							638,446,384
Information Technology – 21.5%
Electronic Equipment, Instruments & Components - 9.0%
Cognex Corporation			377,691				31,344,576
Coherent 1			2,633				665,859
FARO Technologies 1			401,548				34,762,010
IPG Photonics 1			103,909				21,918,565
National Instruments			873,865				37,737,860
Rogers Corporation 1			205,866				38,746,040
							165,174,910
IT Services - 2.3%
Computer Services 2			561,400				32,841,900
Jack Henry & Associates			69,107				10,484,914
							43,326,814
Semiconductors & Semiconductor Equipment - 6.8%
Cirrus Logic 1			297,024				25,184,665
CMC Materials			238,848				42,225,938
MKS Instruments			308,834				57,264,000
							124,674,603
Software - 3.4%
Fair Isaac 1			45,541				22,135,203
Manhattan Associates 1			346,071				40,621,814
							62,757,017
Total							395,933,344
Materials – 9.4%
Chemicals - 4.5%
Innospec			387,553				39,797,818
Quaker Chemical			176,802				43,099,023
							82,896,841
Metals & Mining - 2.3%
Reliance Steel & Aluminum			278,255				42,375,454
Paper & Forest Products - 2.6%
Stella-Jones			1,184,391				48,046,672
Total							173,318,967
Real Estate – 2.2%
Real Estate Management & Development - 2.2%
Kennedy-Wilson Holdings			1,977,469				39,964,649
Total							39,964,649
TOTAL COMMON STOCKS (Cost $854,411,575)							1,768,018,555
REPURCHASE AGREEMENT – 2.6%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $46,742,536 (collateralized by obligations of various U.S. Government Agencies, 1.875% due 8/31/24, valued at $47,677,419)
(Cost $46,742,536)							46,742,536
TOTAL INVESTMENTS – 98.6% (Cost $901,154,111)							1,814,761,091
CASH AND OTHER ASSETS LESS LIABILITIES – 1.4%							26,672,974
NET ASSETS – 100.0%						$	1,841,434,065

 

 

SCHEDULES OF INVESTMENTS 

ROYCE SMALL-CAP VALUE FUND 

MARCH 31, 2021 (UNAUDITED)

 

		SHARES				VALUE
COMMON STOCKS – 96.5%
Communication Services – 1.6%
Entertainment - 1.1%
SciPlay Corporation Cl. A 1			94,702			$	1,532,279
Media - 0.5%
Saga Communications Cl. A 1			33,786				738,224
Total							2,270,503
Consumer Discretionary – 17.2%
Auto Components - 0.6%
Gentex Corporation			24,240				864,641
Diversified Consumer Services - 0.4%
Lincoln Educational Services 1			96,384				617,821
Household Durables - 4.2%
La-Z-Boy			66,102				2,808,013
PulteGroup			59,800				3,135,912
							5,943,925
Leisure Products - 2.8%
Malibu Boats Cl. A 1			23,238				1,851,604
MasterCraft Boat Holdings 1			80,067				2,128,981
							3,980,585
Specialty Retail - 9.2%
Aaron’s Company (The)			113,499				2,914,654
American Eagle Outfitters			33,761				987,172
OneWater Marine Cl. A 1			61,320				2,450,347
Rent-A-Center			60,724				3,501,346
Shoe Carnival			51,587				3,192,204
							13,045,723
Total							24,452,695
Consumer Staples – 0.5%
Food & Staples Retailing - 0.5%
Village Super Market Cl. A			27,662				651,993
Total							651,993
Energy – 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Dorchester Minerals L.P.			46,334				632,922
Total							632,922
Financials – 23.7%
Banks - 6.4%
Ames National			30,293				774,895
Camden National			14,276				683,249
Chemung Financial			2,100				87,822
City Holding Company			23,229				1,899,668
CNB Financial			33,981				836,272
Financial Institutions			22,162				671,287
Landmark Bancorp			17,071				451,016
MidWestOne Financial Group			40,467				1,253,263
National Bankshares			47,663				1,692,513
Unity Bancorp			31,361				689,942
							9,039,927
Capital Markets - 4.1%
Evercore Cl. A			24,244				3,193,905
Houlihan Lokey Cl. A			12,895				857,646
Moelis & Company Cl. A			33,619				1,845,011
							5,896,562
Consumer Finance - 1.6%
PROG Holdings 1			52,100				2,255,409
Insurance - 8.5%
CNO Financial Group			100,429				2,439,420
Donegal Group Cl. A			18,594				276,307
Employers Holdings			49,895				2,148,479
Heritage Insurance Holdings			101,687				1,126,692
James River Group Holdings			46,527				2,122,562
Kemper Corporation			23,600				1,881,392
Selective Insurance Group			28,200				2,045,628
							12,040,480
Thrifts & Mortgage Finance - 3.1%
Southern Missouri Bancorp			36,986				1,457,988
Timberland Bancorp			51,119				1,421,620
TrustCo Bank Corp NY			202,955				1,495,778
							4,375,386
Total							33,607,764
Health Care – 6.9%
Biotechnology - 1.9%
Catalyst Pharmaceuticals 1,3			414,582				1,911,223
Coherus BioSciences 1,3			28,887				422,039
Vanda Pharmaceuticals 1			24,638				370,063
							2,703,325
Health Care Providers & Services - 3.1%
Ensign Group (The)			14,221				1,334,499
Molina Healthcare 1			11,714				2,738,265
Pennant Group 1			8,413				385,315
							4,458,079
Pharmaceuticals - 1.9%
BioDelivery Sciences International 1			251,100				981,801
SIGA Technologies 1			21,172				137,618
Supernus Pharmaceuticals 1			58,261				1,525,273
							2,644,692
Total							9,806,096
Industrials – 24.6%
Aerospace & Defense - 1.5%
Vectrus 1			40,478				2,163,144
Building Products - 1.7%
Builders FirstSource 1			22,241				1,031,315
UFP Industries			18,800				1,425,792
							2,457,107
Commercial Services & Supplies - 1.0%
Herman Miller			34,720				1,428,728
Construction & Engineering - 6.5%
Comfort Systems USA			9,238				690,725
Great Lakes Dredge & Dock 1			207,604				3,026,866
MasTec 1			7,412				694,505
MYR Group 1			9,540				683,732
Northwest Pipe 1			54,172				1,810,428
Primoris Services			71,699				2,375,388
							9,281,644
Machinery - 3.2%
Alamo Group			4,163				650,053
Federal Signal			16,410				628,503
Miller Industries			69,706				3,219,720
							4,498,276
Professional Services - 5.5%
Barrett Business Services			25,649				1,766,190
Heidrick & Struggles International			60,026				2,144,129
Kforce			25,429				1,362,994
Korn Ferry			19,464				1,213,970
Resources Connection			49,153				665,532
Robert Half International			7,416				578,967
							7,731,782
Road & Rail - 5.2%
ArcBest			29,830				2,099,137
Old Dominion Freight Line			2,346				564,002
Saia 1			2,753				634,787
Schneider National Cl. B			81,551				2,036,328
Werner Enterprises			44,084				2,079,442
							7,413,696
Total							34,974,377
Information Technology – 21.2%
Electronic Equipment, Instruments & Components - 14.4%
ePlus 1			20,310				2,023,688
Fabrinet 1			7,254				655,689
Insight Enterprises 1			36,823				3,513,651
Kimball Electronics 1			96,367				2,486,269
Methode Electronics			36,789				1,544,402
PC Connection			25,428				1,179,605
Plexus Corporation 1			7,453				684,484
Sanmina Corporation 1			83,541				3,456,927
SYNNEX Corporation			23,366				2,683,351
Vishay Intertechnology			89,004				2,143,216
							20,371,282
IT Services - 3.4%
Concentrix 1			9,600				1,437,312
CSG Systems International			12,000				538,680
Hackett Group (The)			38,772				635,473
IBEX 1			37,698				829,356
Sykes Enterprises 1			32,404				1,428,368
							4,869,189
Semiconductors & Semiconductor Equipment - 3.4%
Advanced Energy Industries			7,965				869,539
Kulicke & Soffa Industries			60,458				2,969,092
MKS Instruments			5,080				941,934
							4,780,565
Total							30,021,036
Real Estate – 0.4%
Real Estate Management & Development - 0.4%
Marcus & Millichap 1			16,589				559,049
Total							559,049
TOTAL COMMON STOCKS (Cost $90,028,852)							136,976,435
REPURCHASE AGREEMENT – 3.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $4,833,243 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $4,929,993)
(Cost $4,833,243)							4,833,243
TOTAL INVESTMENTS – 99.9% (Cost $94,862,095)							141,809,678
CASH AND OTHER ASSETS LESS LIABILITIES – 0.1%							148,884
NET ASSETS – 100.0%						$	141,958,562

 

 

 

SCHEDULES OF INVESTMENTS
ROYCE SMALLER-COMPANIES GROWTH FUND
MARCH 31, 2021 (UNAUDITED)

 

		SHARES				VALUE
COMMON STOCKS – 95.0%
Communication Services – 6.3%
Entertainment - 2.8%
CuriosityStream Cl. A 1,3			117,700			$	1,594,835
LiveXLive Media 1,3			200,000				868,000
Motorsport Games Cl. A 1			62,200				1,446,772
Score Media and Gaming Cl. A 1			30,200				809,370
Sea Cl. A ADR 1,3			23,000				5,134,290
							9,853,267
Interactive Media & Services - 3.5%
Enthusiast Gaming Holdings 1			1,669,800				12,410,227
Total							22,263,494
Consumer Discretionary – 9.4%
Diversified Consumer Services - 0.6%
Aspen Group 1			364,000				2,184,000
Hotels, Restaurants & Leisure - 3.6%
DraftKings Cl. A 1,3			12,000				735,960
NEOGAMES 1			149,000				5,329,730
Papa John's International			22,000				1,950,080
Rush Street Interactive Cl. A 1,3			145,000				2,369,300
Texas Roadhouse 1			23,000				2,206,620
							12,591,690
Household Durables - 2.0%
Lovesac Company (The) 1,3			69,666				3,943,096
Purple Innovation 1,3			94,000				2,975,100
							6,918,196
Internet & Direct Marketing Retail - 0.5%
CarParts.com 1,3			128,000				1,827,840
Leisure Products - 0.4%
Callaway Golf 1			58,000				1,551,500
Specialty Retail - 2.3%
Leslie's 1			115,500				2,828,595
Lithia Motors Cl. A			13,000				5,071,170
							7,899,765
Total							32,972,991
Consumer Staples – 1.5%
Food & Staples Retailing - 0.5%
MedAvail Holdings 1,3			116,740				1,634,360
Food Products - 0.3%
Freshpet 1			8,000				1,270,480
Household Products - 0.7%
Central Garden & Pet Cl. A 1			45,000				2,335,050
Total							5,239,890
Energy – 0.2%
Energy Equipment & Services - 0.2%
Montauk Renewables 1			75,000				906,000
Total							906,000
Financials – 6.7%
Banks - 3.4%
Enterprise Financial Services			48,500				2,397,840
Primis Financial			4,000				58,160
Seacoast Banking Corporation of Florida 1			82,000				2,971,680
TriState Capital Holdings 1			124,057				2,860,754
Triumph Bancorp 1			48,000				3,714,720
							12,003,154
Capital Markets - 1.0%
MarketAxess Holdings			3,000				1,493,760
PJT Partners Cl. A			28,000				1,894,200
							3,387,960
Insurance - 0.5%
Metromile 1,3			150,000				1,543,500
Investment Companies - 1.4%
dMY Technology Group II Cl. A 1,3			157,000				2,309,470
Rodgers Silicon Valley Acquisition 1,3			75,000				998,250
Trident Acquisitions 1,3			146,000				1,743,240
							5,050,960
Thrifts & Mortgage Finance - 0.4%
Meridian Bancorp			81,000				1,492,020
Total							23,477,594
Health Care – 28.4%
Biotechnology - 8.1%
Avid Bioservices 1			231,000				4,211,130
BiomX 1			359,000				2,556,080
CareDx 1			50,000				3,404,500
Centogene 1,3			200,000				2,426,000
Krystal Biotech 1			22,000				1,694,880
MeiraGTx Holdings 1			128,000				1,847,040
Oxford Biomedica 1			224,000				2,939,835
Passage Bio 1,3			84,000				1,468,320
PureTech Health 1			802,227				4,418,268
Synlogic 1			484,041				1,732,867
uniQure 1			54,000				1,819,260
							28,518,180
Health Care Equipment & Supplies - 9.3%
Alphatec Holdings 1			304,000				4,800,160
Axonics Modulation Technologies 1			47,000				2,814,830
CryoPort 1			23,198				1,206,528
CytoSorbents 1			137,000				1,189,160
InMode 1			87,000				6,296,190
Itamar Medical ADR 1,3			63,000				1,508,850
Neuronetics 1			243,500				3,012,095
Profound Medical 1			92,000				1,844,832
SI-BONE 1			82,000				2,608,420
STAAR Surgical 1,3			54,000				5,692,140
West Pharmaceutical Services			6,000				1,690,680
							32,663,885
Health Care Providers & Services - 6.9%
Addus HomeCare 1			25,000				2,614,750
Joint Corp. (The) 1,3			92,000				4,450,040
ModivCare 1,3			32,000				4,739,840
Pennant Group 1			39,000				1,786,200
PetIQ Cl. A 1,3			54,000				1,904,040
Progyny 1			52,000				2,314,520
Sharps Compliance 1,3			284,000				4,081,080
Vivos Therapeutics 1			348,000				2,310,720
							24,201,190
Health Care Technology - 2.2%
CareCloud 1,3			240,000				1,994,400
Phreesia 1			25,720				1,340,012
Schrodinger 1,3			56,100				4,279,869
							7,614,281
Life Sciences Tools & Services - 1.3%
Harvard Bioscience 1			213,600				1,166,256
Medpace Holdings 1,3			15,000				2,460,750
Quanterix Corporation 1			17,600				1,029,072
							4,656,078
Pharmaceuticals - 0.6%
Aerie Pharmaceuticals 1,3			110,000				1,965,700
Total							99,619,314
Industrials – 11.5%
Aerospace & Defense - 1.8%
AeroVironment 1			31,000				3,597,860
Kratos Defense & Security Solutions 1			101,000				2,755,280
							6,353,140
Construction & Engineering - 0.4%
Ameresco Cl. A 1			29,000				1,410,270
Electrical Equipment - 2.4%
American Superconductor 1			205,349				3,893,417
Beam Global 1,3			13,000				563,680
EnerSys			29,000				2,633,200
Eos Energy Enterprises 1,3			74,000				1,459,280
							8,549,577
Machinery - 2.4%
Agrify 1			115,000				1,435,200
ATS Automation Tooling Systems 1			193,000				4,065,179
Chart Industries 1			20,000				2,847,000
							8,347,379
Professional Services - 2.2%
ASGN 1,3			26,000				2,481,440
Atlas Technical Consultants Cl. A 1			256,000				2,613,760
GP Strategies 1			143,282				2,500,271
							7,595,471
Trading Companies & Distributors - 2.3%
Lawson Products 1			157,000				8,142,020
Total							40,397,857
Information Technology – 29.0%
Communications Equipment - 0.5%
Genasys 1			254,000				1,699,260
Electronic Equipment, Instruments & Components - 3.7%
Iteris 1			1,287,474				7,943,714
nLIGHT 1			91,000				2,948,400
Rogers Corporation 1			12,000				2,258,520
							13,150,634
IT Services - 5.0%
Unisys Corporation 1			492,900				12,529,518
USA Technologies 1			428,996				5,027,833
							17,557,351
Semiconductors & Semiconductor Equipment - 13.2%
Advanced Energy Industries			46,000				5,021,820
Ambarella 1			50,000				5,019,500
AXT 1			216,400				2,523,224
Canadian Solar 1,3			68,000				3,374,840
CEVA 1,3			39,000				2,189,850
CyberOptics Corporation 1			104,000				2,700,880
Impinj 1,3			46,000				2,616,020
Lattice Semiconductor 1			51,000				2,296,020
MagnaChip Semiconductor 1			453,461				11,291,179
Onto Innovation 1			57,000				3,745,470
PDF Solutions 1			75,000				1,333,500
Silicon Laboratories 1			29,000				4,091,030
							46,203,333
Software - 6.6%
Agilysys 1			99,000				4,748,040
Blue Prism Group 1			121,000				2,118,493
Cloudera 1,3			294,000				3,577,980
Coupa Software 1,3			5,000				1,272,400
Descartes Systems Group (The) 1			65,033				3,961,160
LivePerson 1,3			43,000				2,267,820
Paylocity Holding Corporation 1			9,786				1,759,817
RingCentral Cl. A 1			4,000				1,191,520
Telos 1			37,500				1,422,000
Veritone 1			40,000				959,200
							23,278,430
Total							101,889,008
Materials – 0.8%
Chemicals - 0.3%
NanoXplore 1			462,000				1,183,767
Metals & Mining - 0.5%
ioneer 1			6,000,000				1,549,482
Total							2,733,249
Real Estate – 1.2%
Equity Real Estate Investment Trusts (REITs) - 1.2%
Community Healthcare Trust			28,000				1,291,360
Postal Realty Trust Cl. A			170,000				2,920,600
Total							4,211,960
TOTAL COMMON STOCKS (Cost $205,378,864)							333,711,357
REPURCHASE AGREEMENT – 5.5%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $19,266,141 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $19,651,537)
(Cost $19,266,141)							19,266,141
COLLATERAL RECEIVED FOR SECURITIES LOANED – 3.4%
Money Market Funds Federated Government Obligations Fund - Institutional Shares (7 day yield-0.02%)
(Cost $11,954,095)							11,954,095
TOTAL INVESTMENTS – 103.9% (Cost $236,599,100)							364,931,593
LIABILITIES LESS CASH AND OTHER ASSETS – (3.9)%							(13,816,807	)
NET ASSETS – 100.0%						$	351,114,786

SCHEDULES OF INVESTMENTS
ROYCE SPECIAL EQUITY FUND
MARCH 31, 2021 (UNAUDITED)

 

		SHARES				VALUE
COMMON STOCKS – 84.0%
Communication Services – 0.3%
Media - 0.3%
Meredith Corporation 1			125,000			$	3,722,500
Total							3,722,500
Consumer Discretionary – 22.1%
Auto Components - 7.9%
Cooper Tire & Rubber			450,000				25,191,000
Gentex Corporation			560,000				19,975,200
Standard Motor Products			980,000				40,748,400
							85,914,600
Automobiles - 2.1%
Winnebago Industries			305,000				23,396,550
Hotels, Restaurants & Leisure - 0.3%
Bowl America Cl. A 1,5			347,000				3,640,030
Household Durables - 6.2%
Flexsteel Industries 5			767,500				26,747,375
Hooker Furniture 5			1,130,000				41,199,800
							67,947,175
Leisure Products - 5.6%
Johnson Outdoors Cl. A			425,200				60,697,300
Total							241,595,655
Consumer Staples – 7.7%
Food & Staples Retailing - 3.3%
Ingles Markets Cl. A			580,000				35,757,000
Food Products - 4.4%
John B. Sanfilippo & Son			539,500				48,754,615
Total							84,511,615
Financials – 2.0%
Capital Markets - 2.0%
Diamond Hill Investment Group			138,000				21,529,380
Total							21,529,380
Health Care – 1.9%
Biotechnology - 1.9%
United Therapeutics 1			124,500				20,825,115
Total							20,825,115
Industrials – 26.1%
Aerospace & Defense - 3.7%
National Presto Industries 5			399,000				40,725,930
Building Products - 2.4%
Insteel Industries			152,000				4,687,680
UFP Industries			290,000				21,993,600
							26,681,280
Commercial Services & Supplies - 1.9%
Ennis			950,000				20,282,500
Construction & Engineering - 2.4%
Argan			214,000				11,416,900
MYR Group 1			211,300				15,143,871
							26,560,771
Electrical Equipment - 4.2%
Encore Wire			218,100				14,641,053
Hubbell Incorporated			164,000				30,649,960
							45,291,013
Machinery - 7.6%
Gencor Industries 1,5			1,065,000				14,281,650
Hurco Companies 5			580,000				20,474,000
Miller Industries 5			639,200				29,524,648
Mueller Industries			465,000				19,227,750
							83,508,048
Professional Services - 1.2%
Resources Connection			940,000				12,727,600
Trading Companies & Distributors - 2.7%
MSC Industrial Direct Cl. A			325,000				29,311,750
Total							285,088,892
Information Technology – 16.2%
Electronic Equipment, Instruments & Components - 2.7%
Vishay Intertechnology			1,032,000				24,850,560
Vishay Precision Group 1			146,000				4,498,260
							29,348,820
IT Services - 6.3%
Computer Services 2			900,000				52,650,000
International Money Express 1			1,075,000				16,135,750
							68,785,750
Semiconductors & Semiconductor Equipment - 7.2%
Axcelis Technologies 1			578,000				23,750,020
Kulicke & Soffa Industries			848,500				41,669,835
NVE Corporation			202,300				14,181,230
							79,601,085
Total							177,735,655
Materials – 5.5%
Chemicals - 4.4%
Huntsman Corporation			1,667,000				48,059,610
Construction Materials - 1.1%
United States Lime & Minerals			88,500				11,833,335
Total							59,892,945
Real Estate – 2.2%
Real Estate Management & Development - 2.2%
Marcus & Millichap 1			702,000				23,657,400
Total							23,657,400
TOTAL COMMON STOCKS (Cost $604,587,215)							918,559,157
REPURCHASE AGREEMENT – 15.8%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $172,878,137 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $176,335,769)
(Cost $172,878,137)							172,878,137
TOTAL INVESTMENTS – 99.8% (Cost $777,465,352)							1,091,437,294
CASH AND OTHER ASSETS LESS LIABILITIES – 0.2%							2,489,558
NET ASSETS – 100.0%						$	1,093,926,852

 

 

SCHEDULES OF INVESTMENTS
ROYCE TOTAL RETURN FUND
MARCH 31, 2021 (UNAUDITED)

 

		SHARES				VALUE
COMMON STOCKS – 98.4%
Communication Services – 2.1%
Diversified Telecommunication Services - 0.8%
ATN International			267,693			$	13,149,080
Entertainment - 1.3%
World Wrestling Entertainment Cl. A			363,351				19,715,426
Total							32,864,506
Consumer Discretionary – 7.1%
Auto Components - 1.6%
Gentex Corporation			394,084				14,056,976
LCI Industries			76,885				10,170,348
							24,227,324
Hotels, Restaurants & Leisure - 1.0%
Denny's Corporation 1,3			620,800				11,242,688
Hyatt Hotels Cl. A 1			48,853				4,040,143
							15,282,831
Household Durables - 0.8%
Leggett & Platt			291,140				13,290,541
Specialty Retail - 0.4%
Shoe Carnival			97,104				6,008,796
Textiles, Apparel & Luxury Goods - 3.3%
Levi Strauss & Co. Cl. A			1,073,831				25,675,299
Ralph Lauren Cl. A 1			199,636				24,587,170
							50,262,469
Total							109,071,961
Consumer Staples – 3.1%
Food Products - 0.6%
Flowers Foods			319,597				7,606,408
Hershey Creamery 2			398				1,277,584
							8,883,992
Household Products - 2.5%
Reynolds Consumer Products			582,065				17,333,896
Spectrum Brands Holdings			259,026				22,017,210
							39,351,106
Total							48,235,098
Diversified Investment Companies – 0.1%
Closed-End Funds - 0.1%
Eagle Point Income			66,068				1,006,876
Total							1,006,876
Energy – 2.1%
Energy Equipment & Services - 2.1%
Cactus Cl. A			361,400				11,066,068
Computer Modelling Group			1,435,056				6,566,063
Pason Systems			901,376				6,369,236
TGS-NOPEC Geophysical			502,068				7,997,845
Total							31,999,212
Financials – 39.9%
Banks - 20.3%
Bank of N.T. Butterfield & Son			514,512				19,664,649
BankUnited			513,872				22,584,674
BOK Financial			239,095				21,355,965
Eastern Bankshares			285,953				5,516,033
First Bancshares (The)			15,900				582,099
First Citizens BancShares Cl. A			29,603				24,741,299
First Hawaiian			801,875				21,947,319
German American Bancorp			154,959				7,162,205
HBT Financial			405,244				6,937,777
Home BancShares			1,169,522				31,635,570
Independent Bank Group			384,791				27,797,302
OceanFirst Financial			439,370				10,518,518
Origin Bancorp			152,400				6,463,284
Prosperity Bancshares			52,459				3,928,655
Signature Bank			92,113				20,826,749
South State			80,299				6,304,275
TowneBank			282,400				8,584,960
Triumph Bancorp 1			402,162				31,123,317
UMB Financial			137,611				12,705,624
Valley National Bancorp			1,539,423				21,151,672
							311,531,946
Capital Markets - 5.8%
Ares Management Cl. A			220,633				12,362,067
Artisan Partners Asset Management Cl. A			369,269				19,264,764
Ashmore Group			1,619,222				8,737,058
Lazard Cl. A			274,987				11,964,684
Moelis & Company Cl. A			266,705				14,636,770
Sprott			338,231				12,848,849
TMX Group			94,504				9,820,385
							89,634,577
Diversified Financial Services - 2.4%
Compass Diversified Holdings			1,001,193				23,177,618
Equitable Holdings			448,854				14,641,617
							37,819,235
Insurance - 11.4%
AMERISAFE			184,656				11,817,984
Assured Guaranty			332,800				14,070,784
Axis Capital Holdings			466,484				23,123,612
Erie Indemnity Cl. A			21,443				4,736,973
First American Financial			430,560				24,391,224
Hanover Insurance Group			75,631				9,791,189
James River Group Holdings			516,177				23,547,995
Old Republic International			814,800				17,795,232
ProAssurance Corporation			727,934				19,479,514
RenaissanceRe Holdings			91,000				14,582,750
Stewart Information Services			220,700				11,483,021
							174,820,278
Total							613,806,036
Health Care – 1.4%
Health Care Equipment & Supplies - 0.6%
Hill-Rom Holdings			83,749				9,252,589
Health Care Providers & Services - 0.8%
Patterson Companies			361,442				11,548,072
Total							20,800,661
Industrials – 21.6%
Building Products - 2.5%
Fortune Brands Home & Security			168,192				16,116,158
UFP Industries			292,716				22,199,581
							38,315,739
Commercial Services & Supplies - 2.9%
Deluxe Corporation			555,531				23,310,081
Healthcare Services Group			782,509				21,933,727
							45,243,808
Electrical Equipment - 2.8%
GrafTech International			998,200				12,207,986
Hubbell Incorporated			68,534				12,808,319
nVent Electric			633,500				17,680,985
							42,697,290
Industrial Conglomerates - 1.8%
Carlisle Companies			167,267				27,528,803
Machinery - 5.3%
Crane Company			272,986				25,636,115
Gorman-Rupp Company (The)			49,010				1,622,721
Lincoln Electric Holdings			110,944				13,639,456
Lindsay Corporation			62,857				10,473,233
Mueller Industries			351,565				14,537,213
Timken Company (The)			194,611				15,796,575
							81,705,313
Marine - 0.7%
Clarkson			275,293				10,436,764
Professional Services - 1.2%
KBR			495,859				19,036,027
Road & Rail - 0.6%
Werner Enterprises			206,137				9,723,482
Trading Companies & Distributors - 3.8%
Lawson Products 1			37,700				1,955,122
McGrath RentCorp			119,108				9,606,060
MSC Industrial Direct Cl. A			275,680				24,863,580
Systemax			224,033				9,212,237
Watsco			46,068				12,012,231
							57,649,230
Total							332,336,456
Information Technology – 7.7%
Electronic Equipment, Instruments & Components - 4.5%
Avnet			524,030				21,752,486
Methode Electronics			93,758				3,935,961
National Instruments			189,185				8,169,954
PC Connection			228,544				10,602,156
Vontier Corporation 1			809,300				24,497,511
							68,958,068
IT Services - 1.3%
EVERTEC			470,500				17,512,010
Hackett Group (The)			155,832				2,554,086
							20,066,096
Semiconductors & Semiconductor Equipment - 1.9%
Kulicke & Soffa Industries			413,253				20,294,855
MKS Instruments			50,701				9,400,979
							29,695,834
Total							118,719,998
Materials – 10.5%
Chemicals - 6.3%
Albemarle Corporation			41,251				6,027,184
Chase Corporation			99,556				11,587,323
Element Solutions			1,319,002				24,124,546
Innospec			202,327				20,776,960
Minerals Technologies			365,997				27,566,894
Quaker Chemical			25,573				6,233,930
							96,316,837
Containers & Packaging - 3.5%
AptarGroup			53,387				7,563,336
Graphic Packaging Holding Company			1,294,434				23,506,921
Silgan Holdings			558,254				23,463,416
							54,533,673
Metals & Mining - 0.7%
Ferroglobe (Warranty Insurance Trust) 1,4			569,803				0
Gold Fields ADR			1,057,201				10,032,838
							10,032,838
Total							160,883,348
Real Estate – 2.4%
Equity Real Estate Investment Trusts (REITs) - 0.9%
Equity Commonwealth			518,300				14,408,740
Real Estate Management & Development - 1.5%
Kennedy-Wilson Holdings			1,123,505				22,706,036
Total							37,114,776
Utilities – 0.4%
Electric Utilities - 0.4%
ALLETE			87,024				5,847,143
Total							5,847,143
TOTAL COMMON STOCKS
(Cost $998,004,126)							1,512,686,071
PREFERRED STOCK – 0.1%
Chicken Soup For The Soul Entertainment 9.75% Ser. A			74,883				1,994,883
(Cost $1,884,655)							1,994,883
REPURCHASE AGREEMENT – 1.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $21,426,059 (collateralized by obligations of various U.S. Government Agencies, 2.375% due 8/15/24, valued at $21,854,638) (Cost $21,426,059)							21,426,059
TOTAL INVESTMENTS – 99.9%
(Cost $1,021,314,840)							1,536,107,013
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.1%							1,390,150
NET ASSETS – 100.0%						$	1,537,497,163

 

ADR – American Depository Receipt

 

1

Non-income producing.

2

These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.

3

All or a portion of these securities were on loan at March 31, 2021.

4

Securities for which market quotations are not readily available represent 0.2%, 0.0% and 0.0% of net assets for Royce Micro-Cap Fund, Royce Pennsylvania Mutual Fund and Royce Total Return Fund. These securities have been valued at their fair value under procedures approved by the Fund's Board of Trustees. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.

5

At March 31, 2021, the Fund owned 5% or more of the Company's outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.

 

Securities of Royce International Premier Fund are categorized by the country of their headquarters.

 

Tax Information:

At March 31, 2021, 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		$	32,685,945			$	44,002,048			$	44,370,728			$	368,680
Royce Global Financial Services Fund			20,881,423				16,508,830				17,747,348				1,238,518
Royce International Premier Fund			901,077,929				237,440,274				258,458,789				21,018,515
Royce Micro-Cap Fund			245,652,569				154,753,790				161,957,083				7,203,293
Royce Opportunity Fund			1,472,493,006				632,709,667				646,345,029				13,635,362
Royce Pennsylvania Mutual Fund			1,435,102,962				830,156,419				843,896,844				13,740,425
Royce Premier Fund			901,447,958				913,313,133				913,313,133				–
Royce Small-Cap Value Fund			94,899,994				46,909,684				47,969,877				1,060,193
Royce Smaller-Companies Growth Fund			236,816,766				128,114,827				133,599,067				5,484,240
Royce Special Equity Fund			777,492,601				313,944,693				316,965,743				3,021,050
Royce Total Return Fund			1,021,431,560				514,675,453				517,814,914				3,139,461

 

The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

 

Valuation of Investments: 

Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Funds value their non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Trust's Board of Trustees, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, a Fund may fair value the security. The Funds use an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by a Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.

 

Various inputs are used in determining the value of each Fund’s investments, as noted above. These inputs are summarized in the three broad levels below: 

Level 1 –

quoted prices in active markets for identical securities.

Level 2 –

other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedules of Investments.

Level 3 –

significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value each Fund’s investments as of March 31, 2021. For a detailed breakout of common stocks by sector classification or country, please refer to the Schedules of Investments.

 

		Level 1				Level 2				Level 3				Total
Royce Dividend Value Fund
Common Stocks		$	75,827,075			$	–			$	–			$	75,827,075
Repurchase Agreement			–				860,918				–				860,918
Royce Global Financial Services Fund
Common Stocks			36,512,265				1,170				–				36,513,435
Repurchase Agreement			–				876,818				–				876,818
Royce International Premier Fund
Common Stocks			1,071,776,358				–				–				1,071,776,358
Preferred Stocks			19,593,054				–				–				19,593,054
Repurchase Agreement			–				47,148,791				–				47,148,791
Royce Micro-Cap Fund
Common Stocks			386,280,586				699,300				690,000				387,669,886
Repurchase Agreement			–				12,194,783				–				12,194,783
Money Market Fund/Collateral Received for Securities Loaned			541,690				–				–				541,690
Royce Opportunity Fund
Common Stocks			1,951,157,395				3,007,267				–				1,954,164,662
Repurchase Agreement			–				138,261,961				–				138,261,961
Money Market Fund/Collateral Received for Securities Loaned			12,776,050				–				–				12,776,050
Royce Pennsylvania Mutual Fund
Common Stocks			2,105,209,628				8,422,538				0				2,113,632,166
Repurchase Agreement			–				144,563,797				–				144,563,797
Money Market Fund/Collateral Received for Securities Loaned			7,063,418				–				–				7,063,418
Royce Premier Fund
Common Stocks			1,735,176,655				32,841,900				–				1,768,018,555
Repurchase Agreement			–				46,742,536				–				46,742,536
Royce Small-Cap Value Fund
Common Stocks			136,976,435				–				–				136,976,435
Repurchase Agreement			–				4,833,243				–				4,833,243
Royce Smaller-Companies Growth Fund
Common Stocks			333,711,357				–				–				333,711,357
Repurchase Agreement			–				19,266,141				–				19,266,141
Money Market Fund/Collateral Received for Securities Loaned			11,954,095				–				–				11,954,095
Royce Special Equity Fund
Common Stocks			865,909,157				52,650,000				–				918,559,157
Repurchase Agreement			–				172,878,137				–				172,878,137
Royce Total Return Fund
Common Stocks			1,511,408,487				1,277,584				0				1,512,686,071
Preferred Stocks			1,994,883				–				–				1,994,883
Repurchase Agreement			–				21,426,059				–				21,426,059

Level 3 Reconciliation:

 

Balance as

Realized

Unrealized

Balance as

of 12/31/20

Purchases

Sales

Gain (Loss)

Gain (Loss)

of 3/31/21

Royce Micro-Cap Fund

Common Stocks

$

690,000

$

–

$

–

$

–

$

–

$

690,000

Royce Pennsylvania Mutual Fund

Common Stocks

0

–

–

–

–

0

Royce Total Return Fund

Common Stocks

506,127

–

516,640

(3,567,783

)

3,578,296

0

 

Repurchase Agreements:

The Funds may enter into repurchase agreements with institutions that the Funds’ investment adviser has determined are creditworthy. Each Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of each Fund to dispose of its underlying securities. The remaining contractual maturities of repurchase agreements held by the Funds at March 31, 2021 are overnight and continuous.

 

Securities Lending:

The Funds loan securities through a lending agent, State Street Bank and Trust Company, to qualified institutional investors for the purpose of earning additional income. The lending agent receives and holds collateral from such borrowers to secure their obligations to the Funds. Such loans must be secured at all times by collateral in an amount at least equal to the market value of the loaned securities. The market values of the loaned securities and the collateral fluctuate and are determined at the close of each business day by the lending agent. Borrowers are required to post additional collateral to the lending agent on the next succeeding business day in the event of a collateral shortfall. Counterparty risk is further reduced by loaning securities only to parties that participate in a Global Securities Lending Program organized and monitored by the lending agent and that are deemed by it to satisfy its requirements and by having the lending agent enter into securities lending agreements with such borrowers. The lending agent is not affiliated with Royce.

 

Collateral may be in the form of cash or U.S. Treasuries. Cash collateral is invested in certain money market pooled investment vehicles. The Funds record a liability in their respective Statements of Assets and Liabilities for the return of such cash collateral during periods in which securities are on loan. The Funds bear the risk of loss for any decrease in the market value of the loaned securities or the investments purchased with cash collateral received from the borrowers.

 

Pursuant to the agreement in place between the Funds and the lending agent, if a borrower fails to return loaned securities, and the cash collateral being maintained by the lending agent on behalf of such borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is not the result of investment losses, the lending agent shall, at its option, either replace the loaned securities or pay the amount of the shortfall to the Funds. In the event of the bankruptcy of a borrower, the Funds could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.

 

Loans of securities generally do not have stated maturity dates, and the Funds may recall a security at any time. The Funds’ securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. Pursuant to the agreement in place between the Funds and the lending agent, the Funds are responsible for any shortfall in the event the value of the investments purchased with cash collateral is insufficient to pay the rebate fee to the borrower.

 

The following table presents cash collateral and the market value of securities on loan collateralized by cash collateral held by the Funds at March 31, 2021:

 

						Securities on Loan
		Cash Collateral1				Collateralized by Cash Collateral				Net Amount
Royce Micro-Cap Fund		$	541,690			$	(547,590)			$	(5,900)
Royce Opportunity Fund			12,776,050				(12,210,275)				565,775
Royce Pennsylvania Mutual Fund			7,063,418				(7,096,515)				(33,097)
Royce Smaller-Companies Growth Fund			11,954,095				(11,905,314)				48,781

 

¹ The remaining contractual maturity of cash collateral is overnight and continuous.

 

The following table presents non-cash collateral and the market value of securities on loan collateralized by non-cash collateral held by the Funds’ custodian at March 31, 2021:

 

						Securities on Loan
		Non-Cash Collateral				Collateralized by Non-Cash Collateral				Net Amount
Royce Micro-Cap Fund		$	9,931,533			$	(9,631,045)			$	300,488
Royce Opportunity Fund			44,882,417				(42,913,514)				1,968,903
Royce Pennsylvania Mutual Fund			27,846,439				(26,364,431)				1,482,008
Royce Small-Cap Value Fund			732,381				(700,054)				32,327
Royce Smaller-Companies Growth Fund			30,248,933				(29,317,663)				931,270
Royce Total Return Fund			99,470				(95,461)				4,009

 

Transactions in Affiliated Companies:

An “Affiliated Company,” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company's outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the three months ended March 31, 2021:

 

																						Change in Net
						Market												Realized				Unrealized												Market
		Shares				Value				Costs of				Proceeds				Gain				Appreciation				Dividend				Shares				Value
Affiliated Company		12/31/20				12/31/20				Purchases				from Sales				(Loss)				(Depreciation)				Income				3/31/21				3/31/21
Royce Opportunity Fund
Health Care – 0.6%
Health Care Equipment & Supplies – 0.6%
IntriCon Corporation1,2			395,910			$	7,165,971			$	2,079,560			$	–			$	–			$	3,096,206			$	–				481,347			$	12,341,737
						$	7,165,971											$	–			$	3,096,206			$	–							$	12,341,737
Royce Special Equity Fund
Consumer Discretionary – 6.5%
Hotels, Restaurants & Leisure – 0.3%
Bowl America Cl. A1,2			347,000				3,270,475				–				–				–				369,555				–				347,000				3,640,030
Household Durables – 6.2%
Flexsteel Industries2			767,500				26,839,475				–				–				–				(92,100	)			115,125				767,500				26,747,375
Hooker Furniture2			1,130,000				36,442,500				–				–				–				4,757,300				203,400				1,130,000				41,199,800
							63,281,975												–				4,665,200				318,525								67,947,175
							66,552,450												–				5,034,755				318,525								71,587,205
Industrials – 9.6%
Aerospace & Defense – 3.7%
National Presto Industries2			393,100				34,761,833				571,910				–				–				5,392,187				2,462,613				399,000				40,725,930
Machinery – 5.9%
Gencor Industries1,2			1,065,000				13,099,500				–				–				–				1,182,150				–				1,065,000				14,281,650
Hurco Companies2			580,000				17,400,000				–				–				–				3,074,000				156,600				580,000				20,474,000
Miller Industries2			575,500				21,880,510				2,627,854				–				–				5,016,284				111,384				639,200				29,524,648
							52,380,010												–				9,272,434				267,984								64,280,298
							87,141,843												–				14,664,621				2,730,597								105,006,228
						$	153,694,293											$	–			$	19,699,376			$	3,049,122							$	176,593,433

 

1

Non-income producing.

2

At March 31, 2021, the Fund owned 5% or more of the Company's outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.

 

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).