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Form NPORT-P ROYCE FUND For: Mar 31

May 17, 2021 10:05 AM EDT

  
    NPORT-P
    false
    
      
      
        
          0000709364
          XXXXXXXX
        
      
      
      
      
        S000009506
        C000025995
        C000025994
        C000025996
      
      
      
    
  
  
    
      ROYCE FUND
      811-03599
      0000709364
      00000000000000000000
      745 FIFTH AVENUE
      NEW YORK
      
      10151
      212-508-4500
      Royce Micro-Cap Fund
      S000009506
      254900J9PGYOBQ7HBJ73
      2021-12-31
      2021-03-31
      N
    
    
      400465083.35
      1073245.74
      399391837.61
      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
      5593.62000000
      
        
        
        
        
        
        
        
        
        
      
      
        
          
            UST
          
        
      
      
        
          
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Astronics Corp
        549300NNXCF8H4MSMK17
        Astronics Corp
        046433108
        
          
        
        113400.00000000
        NS
        USD
        2045736.00000000
        0.512212771358
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camtek Ltd/Israel
        N/A
        Camtek Ltd/Israel
        000000000
        
          
        
        156100.00000000
        NS
        USD
        4667390.00000000
        1.168624283342
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        OneWater Marine Inc
        N/A
        OneWater Marine Inc
        68280L101
        
          
        
        106500.00000000
        NS
        USD
        4255740.00000000
        1.065555076304
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GP Strategies Corp
        5493006GWK1B65HI6Q32
        GP Strategies Corp
        36225V104
        
          
        
        239418.00000000
        NS
        USD
        4177844.10000000
        1.046051447871
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zumiez Inc
        549300J0PDF58P6HZD25
        Zumiez Inc
        989817101
        
          
        
        66400.00000000
        NS
        USD
        2848560.00000000
        0.713224390625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FERROGLOBE REP + WRNTY INS TRU NON TRANSFERABLE BENE INT UNIT
        N/A
        FERROGLOBE REP + WRNTY INS TRU NON TRANSFERABLE BENE INT UNIT
        000000000
        
          
        
        205763.00000000
        NS
        USD
        0.00000000
        0.000000
        Long
        EC
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        Nova Measuring Instruments Ltd
        529900B2DSWE5V3SC292
        Nova Measuring Instruments Ltd
        000000000
        
          
        
        51300.00000000
        NS
        USD
        4668813.00000000
        1.168980575050
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          
        
      
      
        PCSB Financial Corp
        N/A
        PCSB Financial Corp
        69324R104
        
          
        
        174400.00000000
        NS
        USD
        2896784.00000000
        0.725298748550
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stoneridge Inc
        PNBCIH9LE7WI83VJIF08
        Stoneridge Inc
        86183P102
        
          
        
        119800.00000000
        NS
        USD
        3810838.00000000
        0.954160210885
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kforce Inc
        5493003RDQQDVXY2SK46
        Kforce Inc
        493732101
        
          
        
        55932.00000000
        NS
        USD
        2997955.20000000
        0.750630062431
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vera Bradley Inc
        52990005Q6LEJKXO7M51
        Vera Bradley Inc
        92335C106
        
          
        
        340500.00000000
        NS
        USD
        3439050.00000000
        0.861071678524
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Profire Energy Inc
        5299000Z8I499RSMID74
        Profire Energy Inc
        74316X101
        
          
        
        1389432.00000000
        NS
        USD
        1528375.20000000
        0.382675622302
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western New England Bancorp Inc
        549300Y8QE4EI2LP6B42
        Western New England Bancorp Inc
        958892101
        
          
        
        390300.00000000
        NS
        USD
        3290229.00000000
        0.823809775304
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Score Media and Gaming Inc
        N/A
        Score Media and Gaming Inc
        80919D202
        
          
        
        100060.00000000
        NS
        
        2681643.03000000
        0.671431606125
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Alimak Group AB
        549300LC2ER06GDV6565
        Alimak Group AB
        000000000
        
          
        
        182300.00000000
        NS
        
        2922327.37000000
        0.731694314908
        Long
        EC
        CORP
        SE
        N
        
        1
        
          N
          N
          N
        
      
      
        Heritage-Crystal Clean Inc
        N/A
        Heritage-Crystal Clean Inc
        42726M106
        
          
        
        124474.00000000
        NS
        USD
        3376979.62000000
        0.845530454555
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Stainless & Alloy Products Inc
        5493001OEIZDUGXZDE09
        Universal Stainless & Alloy Products Inc
        913837100
        
          
        
        343900.00000000
        NS
        USD
        3497463.00000000
        0.875697165202
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Motorsport Games Inc
        N/A
        Motorsport Games Inc
        62011B102
        
          
        
        40500.00000000
        NS
        USD
        942030.00000000
        0.235866112246
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cutera Inc
        529900NPKPEWJWR21Z42
        Cutera Inc
        232109108
        
          
        
        97000.00000000
        NS
        USD
        2914850.00000000
        0.729822125920
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IES Holdings Inc
        549300687T8E6LN6EN72
        IES Holdings Inc
        44951W106
        
          
        
        70700.00000000
        NS
        USD
        3563987.00000000
        0.892353489577
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AtriCure Inc
        N/A
        AtriCure Inc
        04963C209
        
          
        
        52400.00000000
        NS
        USD
        3433248.00000000
        0.859618969817
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sharps Compliance Corp
        N/A
        Sharps Compliance Corp
        820017101
        
          
        
        232600.00000000
        NS
        USD
        3342462.00000000
        0.836887909377
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Harmonic Inc
        549300LRGRD8XC9BTL66
        Harmonic Inc
        413160102
        
          
        
        306600.00000000
        NS
        USD
        2403744.00000000
        0.601851057944
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Harvard Bioscience Inc
        549300VLGB1D47GGC642
        Harvard Bioscience Inc
        416906105
        
          
        
        876479.00000000
        NS
        USD
        4785575.34000000
        1.198215609171
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Powerfleet Inc
        N/A
        Powerfleet Inc
        73931J109
        
          
        
        353400.00000000
        NS
        USD
        2904948.00000000
        0.727342856424
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Superconductor Corp
        549300S9YT8Z8LOK4452
        American Superconductor Corp
        030111207
        
          
        
        173700.00000000
        NS
        USD
        3293352.00000000
        0.824591714169
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Silvercrest Asset Management Group Inc
        N/A
        Silvercrest Asset Management Group Inc
        828359109
        
          
        
        204000.00000000
        NS
        USD
        2933520.00000000
        0.734496733221
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Resources Connection Inc
        N/A
        Resources Connection Inc
        76122Q105
        
          
        
        200252.00000000
        NS
        USD
        2711412.08000000
        0.678885201116
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Porvair PLC
        213800ECKHS8LAQO3C45
        Porvair PLC
        000000000
        
          
        
        313000.00000000
        NS
        
        2355998.42000000
        0.589896487143
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Cirrus Logic Inc
        549300NKSJEM5ZZSSV18
        Cirrus Logic Inc
        172755100
        
          
        
        27700.00000000
        NS
        USD
        2348683.00000000
        0.588064847307
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Surmodics Inc
        549300H76KXCAAGUS878
        Surmodics Inc
        868873100
        
          
        
        65822.00000000
        NS
        USD
        3690639.54000000
        0.924064838702
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cohu Inc
        529900FJPORJ3JJ2XS33
        Cohu Inc
        192576106
        
          
        
        100900.00000000
        NS
        USD
        4221656.00000000
        1.057021101197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fixed Income Clearing Corp
        549300H47WTHXPU08X20
        FIXED INC CLEARING CORP.REPO
        000000000
        
          
        
        12194783.31000000
        PA
        USD
        12194783.31000000
        3.053338141053
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
          N
          0.00000000
          2021-04-01
          
            
              11851500.00000000
              USD
              12438723.81072000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        QuinStreet Inc
        549300TP8MFBFPOS4Y78
        QuinStreet Inc
        74874Q100
        
          
        
        172146.00000000
        NS
        USD
        3494563.80000000
        0.874971261533
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Investar Holding Corp
        54930001EK2YM28LOJ08
        Investar Holding Corp
        46134L105
        
          
        
        163500.00000000
        NS
        USD
        3359925.00000000
        0.841260307197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Modine Manufacturing Co
        Z35SZFYJR8GZZRSIUU09
        Modine Manufacturing Co
        607828100
        
          
        
        198100.00000000
        NS
        USD
        2925937.00000000
        0.732598096523
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zealand Pharma A/S
        549300ITBB1ULBL4CZ12
        Zealand Pharma A/S
        000000000
        
          
        
        60200.00000000
        NS
        
        1903774.88000000
        0.476668449558
        Long
        EC
        CORP
        DK
        N
        
        1
        
          N
          N
          N
        
      
      
        LightPath Technologies Inc
        N/A
        LightPath Technologies Inc
        532257805
        
          
        
        789784.00000000
        NS
        USD
        2448330.40000000
        0.613014631107
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wabash National Corp
        5299004ZAWHQZI5XO485
        Wabash National Corp
        929566107
        
          
        
        211900.00000000
        NS
        USD
        3983720.00000000
        0.997446523654
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        StoneX Group Inc
        549300JUF07L8VF02M60
        StoneX Group Inc
        861896108
        
          
        
        50200.00000000
        NS
        USD
        3282076.00000000
        0.821768421618
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Shoe Carnival Inc
        N/A
        Shoe Carnival Inc
        824889109
        
          
        
        93911.00000000
        NS
        USD
        5811212.68000000
        1.455015384083
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EMCORE Corp
        529900B9OHDEWU534K08
        EMCORE Corp
        290846203
        
          
        
        481100.00000000
        NS
        USD
        2626806.00000000
        0.657701473249
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lawson Products Inc/DE
        N/A
        Lawson Products Inc/DE
        520776105
        
          
        
        71900.00000000
        NS
        USD
        3728734.00000000
        0.933602955511
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NV5 Global Inc
        N/A
        NV5 Global Inc
        62945V109
        
          
        
        33500.00000000
        NS
        USD
        3235095.00000000
        0.810005286877
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shyft Group Inc/The
        549300YY0TB51BGRV994
        Shyft Group Inc/The
        825698103
        
          
        
        119500.00000000
        NS
        USD
        4445400.00000000
        1.113042276127
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Power Solutions International Inc
        549300JWGWDXC70SNH31
        Power Solutions International Inc
        73933G202
        
          
        
        99900.00000000
        NS
        USD
        699300.00000000
        0.175091209721
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        CRA International Inc
        N/A
        CRA International Inc
        12618T105
        
          
        
        52483.00000000
        NS
        USD
        3917331.12000000
        0.980824030716
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OrthoPediatrics Corp
        5493000KUTPFGOPAT717
        OrthoPediatrics Corp
        68752L100
        
          
        
        57400.00000000
        NS
        USD
        2798250.00000000
        0.700627738600
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        NVE Corp
        5299003C1ATTWX8X0112
        NVE Corp
        629445206
        
          
        
        40400.00000000
        NS
        USD
        2832040.00000000
        0.709088101786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AstroNova Inc
        549300D8PFP62QX00223
        AstroNova Inc
        04638F108
        
          
        
        224000.00000000
        NS
        USD
        3001600.00000000
        0.751542649935
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MeiraGTx Holdings plc
        54930007YV6NYIOGFZ57
        MeiraGTx Holdings plc
        000000000
        
          
        
        195000.00000000
        NS
        USD
        2813850.00000000
        0.704533677212
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ultra Clean Holdings Inc
        5493007L6LS7QX18PE75
        Ultra Clean Holdings Inc
        90385V107
        
          
        
        92000.00000000
        NS
        USD
        5339680.00000000
        1.336952710889
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Profound Medical Corp
        N/A
        Profound Medical Corp
        000000000
        
          
        
        162900.00000000
        NS
        
        3266555.26000000
        0.817882328178
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        IMAX Corp
        5493002KS2T1Q0X7VZ21
        IMAX Corp
        45245E109
        
          
        
        48700.00000000
        NS
        USD
        978870.00000000
        0.245090136507
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AXT Inc
        549300M2142IVLVIJN37
        AXT Inc
        00246W103
        
          
        
        346500.00000000
        NS
        USD
        4040190.00000000
        1.011585520669
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Luna Innovations Inc
        N/A
        Luna Innovations Inc
        550351100
        
          
        
        379100.00000000
        NS
        USD
        3991923.00000000
        0.999500396374
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Midway Investments Ltd
        N/A
        MIDWAY INVESTMENTS LTD USD 0.001 CLASS A
        000000000
        
          
        
        1858170.00000000
        NS
        
        0.00000000
        0.000000
        Long
        EC
        CORP
        GB
        N
        
        3
        
          N
          N
          N
        
      
      
        Axsome Therapeutics Inc
        549300EXGR0XLRJEIB95
        Axsome Therapeutics Inc
        05464T104
        
          
        
        17400.00000000
        NS
        USD
        985188.00000000
        0.246672041645
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Magnite Inc
        54930018FR2YX1HHSB02
        Magnite Inc
        55955D100
        
          
        
        63000.00000000
        NS
        USD
        2621430.00000000
        0.656355426712
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Westport Fuel Systems Inc
        549300ZBKJ4TMPXRB502
        Westport Fuel Systems Inc
        960908309
        
          
        
        407700.00000000
        NS
        USD
        2931363.00000000
        0.733956662094
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Territorial Bancorp Inc
        5493003VDUGN5KBPTN24
        Territorial Bancorp Inc
        88145X108
        
          
        
        112300.00000000
        NS
        USD
        2971458.00000000
        0.743995675470
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newpark Resources Inc
        54930073OHWDQW4DJN26
        Newpark Resources Inc
        651718504
        
          
        
        691000.00000000
        NS
        USD
        2169740.00000000
        0.543260977235
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Acme United Corp
        549300NVT8NN13WP8M83
        Acme United Corp
        004816104
        
          
        
        72400.00000000
        NS
        USD
        2855456.00000000
        0.714951015796
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Construction Partners Inc
        549300G4ICXJKQN32X70
        Construction Partners Inc
        21044C107
        
          
        
        135500.00000000
        NS
        USD
        4048740.00000000
        1.013726275486
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axcelis Technologies Inc
        529900HF9B6NL1QG9F05
        Axcelis Technologies Inc
        054540208
        
          
        
        95400.00000000
        NS
        USD
        3919986.00000000
        0.981488761377
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HarborOne Bancorp Inc
        N/A
        HarborOne Bancorp Inc
        41165Y100
        
          
        
        261253.00000000
        NS
        USD
        3519077.91000000
        0.881109121072
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CPI Aerostructures Inc
        549300C471OFZGCOHS09
        CPI Aerostructures Inc
        125919308
        
          
        
        466084.00000000
        NS
        USD
        2116021.36000000
        0.529810867608
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Graham Corp
        N/A
        Graham Corp
        384556106
        
          
        
        184788.00000000
        NS
        USD
        2631381.12000000
        0.658846994907
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Major Drilling Group International Inc
        549300O1MNHCX2FUBC21
        Major Drilling Group International Inc
        000000000
        
          
        
        687900.00000000
        NS
        
        3694855.57000000
        0.925120451161
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Lindblad Expeditions Holdings Inc
        549300GSPW24GZE6R597
        Lindblad Expeditions Holdings Inc
        535219109
        
          
        
        186600.00000000
        NS
        USD
        3526740.00000000
        0.883027560378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Quanterix Corp
        N/A
        Quanterix Corp
        74766Q101
        
          
        
        54300.00000000
        NS
        USD
        3174921.00000000
        0.794938879822
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FRP Holdings Inc
        N/A
        FRP Holdings Inc
        30292L107
        
          
        
        38975.00000000
        NS
        USD
        1918349.50000000
        0.480317652829
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chembio Diagnostics Inc
        N/A
        Chembio Diagnostics Inc
        163572209
        
          
        
        240253.00000000
        NS
        USD
        843288.03000000
        0.211143030625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CareDx Inc
        549300NQOFKL9NON0U06
        CareDx Inc
        14167L103
        
          
        
        32200.00000000
        NS
        USD
        2192498.00000000
        0.548959140757
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FormFactor Inc
        549300YCEEO6SZD1ZR61
        FormFactor Inc
        346375108
        
          
        
        70400.00000000
        NS
        USD
        3175744.00000000
        0.795144943122
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natural Gas Services Group Inc
        N/A
        Natural Gas Services Group Inc
        63886Q109
        
          
        
        324287.00000000
        NS
        USD
        3061269.28000000
        0.766482684853
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HBT Financial Inc
        549300NTXD4Q6UK5BY66
        HBT Financial Inc
        404111106
        
          
        
        159300.00000000
        NS
        USD
        2727216.00000000
        0.682842197356
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Photronics Inc
        549300OK5JVNIBNY6F63
        Photronics Inc
        719405102
        
          
        
        305900.00000000
        NS
        USD
        3933874.00000000
        0.984966048264
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citi Trends Inc
        529900D06Q0FPHV34S87
        Citi Trends Inc
        17306X102
        
          
        
        61324.00000000
        NS
        USD
        5137724.72000000
        1.286387010496
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dynavax Technologies Corp
        549300T5URIXWDILX594
        Dynavax Technologies Corp
        268158201
        
          
        
        261300.00000000
        NS
        USD
        2568579.00000000
        0.643122557378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Agilysys Inc
        5299001XWB5V3B5IPN93
        Agilysys Inc
        00847J105
        
          
        
        89400.00000000
        NS
        USD
        4287624.00000000
        1.073538213914
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apyx Medical Corp
        5299009QZVYUYO082S45
        Apyx Medical Corp
        03837C106
        
          
        
        348300.00000000
        NS
        USD
        3364578.00000000
        0.842425328502
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Altius Minerals Corp
        54930083UJGDUCMJMU61
        Altius Minerals Corp
        000000000
        
          
        
        165400.00000000
        NS
        
        1975534.34000000
        0.494635631970
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Unique Fabricating Inc
        549300D4PBRSJ1EPEB72
        Unique Fabricating Inc
        90915J103
        
          
        
        373951.00000000
        NS
        USD
        2225008.45000000
        0.557099129344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Century Casinos Inc
        549300H2L4Y24HXY7M50
        Century Casinos Inc
        156492100
        
          
        
        412100.00000000
        NS
        USD
        4232267.00000000
        1.059677890596
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        nLight Inc
        N/A
        nLight Inc
        65487K100
        
          
        
        84700.00000000
        NS
        USD
        2744280.00000000
        0.687114693285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Transcat Inc
        54930081E40TSSHUOS40
        Transcat Inc
        893529107
        
          
        
        87500.00000000
        NS
        USD
        4294500.00000000
        1.075259831472
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegiance Bancshares Inc
        N/A
        Allegiance Bancshares Inc
        01748H107
        
          
        
        82800.00000000
        NS
        USD
        3356712.00000000
        0.840455834071
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Waterloo Investment Holdings
        213800TZIK14GMV2YL02
        WATERLOO INVESTMENT HOLDINGS COMMON STOCK
        000000000
        
          
        
        2760000.00000000
        NS
        USD
        690000.00000000
        0.172762669394
        Long
        EC
        CORP
        VG
        N
        
        3
        
          N
          N
          N
        
      
      
        Ichor Holdings Ltd
        529900PS8R2JVLJ2H892
        Ichor Holdings Ltd
        000000000
        
          
        
        79800.00000000
        NS
        USD
        4293240.00000000
        1.074944351815
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        B Riley Financial Inc
        N/A
        B Riley Financial Inc
        05580M108
        
          
        
        87300.00000000
        NS
        USD
        4921974.00000000
        1.232367198451
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        County Bancorp Inc
        5493003AOXDNVSR45663
        County Bancorp Inc
        221907108
        
          
        
        114500.00000000
        NS
        USD
        2744565.00000000
        0.687186051779
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NeoGenomics Inc
        N/A
        NeoGenomics Inc
        64049M209
        
          
        
        49700.00000000
        NS
        USD
        2397031.00000000
        0.600170252437
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PDF Solutions Inc
        549300GMSP6MROFBI160
        PDF Solutions Inc
        693282105
        
          
        
        158900.00000000
        NS
        USD
        2825242.00000000
        0.707386013922
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Misonix Inc
        N/A
        Misonix Inc
        604871103
        
          
        
        157200.00000000
        NS
        USD
        3079548.00000000
        0.771059323202
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Computer Task Group Inc
        N/A
        Computer Task Group Inc
        205477102
        
          
        
        314400.00000000
        NS
        USD
        3002520.00000000
        0.751773000161
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CIRCOR International Inc
        5493007701O01N3FQM69
        CIRCOR International Inc
        17273K109
        
          
        
        111400.00000000
        NS
        USD
        3878948.00000000
        0.971213639019
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Caribbean Investment Holdings Ltd
        5493000UN857P963UK78
        Caribbean Investment Holdings Ltd
        000000000
        
          
        
        1858138.00000000
        NS
        
        883761.49000000
        0.221276803073
        Long
        EC
        CORP
        VG
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Precision Group Inc
        N/A
        Vishay Precision Group Inc
        92835K103
        
          
        
        97100.00000000
        NS
        USD
        2991651.00000000
        0.749051612547
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meridian Bancorp Inc
        N/A
        Meridian Bancorp Inc
        58958U103
        
          
        
        197500.00000000
        NS
        USD
        3637950.00000000
        0.910872395833
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriState Capital Holdings Inc
        5493003JKSPN0881WX29
        TriState Capital Holdings Inc
        89678F100
        
          
        
        182757.00000000
        NS
        USD
        4214376.42000000
        1.055198435005
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MasterCraft Boat Holdings Inc
        549300IXWX41555YJ117
        MasterCraft Boat Holdings Inc
        57637H103
        
          
        
        156400.00000000
        NS
        USD
        4158676.00000000
        1.041252125953
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aehr Test Systems
        529900A4GWWZFRU2RE97
        Aehr Test Systems
        00760J108
        
          
        
        699800.00000000
        NS
        USD
        1763496.00000000
        0.441545328155
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Clarkson PLC
        2138007G6BGTEHI3OT22
        Clarkson PLC
        000000000
        
          
        
        89831.00000000
        NS
        
        3405625.93000000
        0.852702937140
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameresco Inc
        529900NZXZGBCBXYY327
        Ameresco Inc
        02361E108
        
          
        
        54500.00000000
        NS
        USD
        2650335.00000000
        0.663592680276
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quanex Building Products Corp
        5493000TL30VL5WOAW87
        Quanex Building Products Corp
        747619104
        
          
        
        94700.00000000
        NS
        USD
        2483981.00000000
        0.621940852588
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FARO Technologies Inc
        529900MFEFNOFP3YR823
        FARO Technologies Inc
        311642102
        
          
        
        41300.00000000
        NS
        USD
        3575341.00000000
        0.895196311821
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Digi International Inc
        529900KG656HGROI4N27
        Digi International Inc
        253798102
        
          
        
        202500.00000000
        NS
        USD
        3845475.00000000
        0.962832646508
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northwest Pipe Co
        54930056VW2CRCZ9RE54
        Northwest Pipe Co
        667746101
        
          
        
        128500.00000000
        NS
        USD
        4294470.00000000
        1.075252320052
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cass Information Systems Inc
        549300G7XPIPR7SJ2F38
        Cass Information Systems Inc
        14808P109
        
          
        
        69516.00000000
        NS
        USD
        3216505.32000000
        0.805350790153
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chicken Soup For The Soul Entertainment Inc
        549300THRJ0EJ1DIID72
        Chicken Soup For The Soul Entertainment Inc
        16842Q100
        
          
        
        125700.00000000
        NS
        USD
        3024342.00000000
        0.757236807366
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NeoPhotonics Corp
        5493001EHDO3GEGZ6930
        NeoPhotonics Corp
        64051T100
        
          
        
        206100.00000000
        NS
        USD
        2462895.00000000
        0.616661325563
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HomeTrust Bancshares Inc
        N/A
        HomeTrust Bancshares Inc
        437872104
        
          
        
        118600.00000000
        NS
        USD
        2887910.00000000
        0.723076870394
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CyberOptics Corp
        52HQVAW3POG1MULTHE15
        CyberOptics Corp
        232517102
        
          
        
        107500.00000000
        NS
        USD
        2791775.00000000
        0.699006523695
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aspen Aerogels Inc
        N/A
        Aspen Aerogels Inc
        04523Y105
        
          
        
        126800.00000000
        NS
        USD
        2579112.00000000
        0.645759817084
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CryoLife Inc
        549300YTKV8DMSMG6K81
        CryoLife Inc
        228903100
        
          
        
        167455.00000000
        NS
        USD
        3781133.90000000
        0.946722878120
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Legacy Housing Corp
        N/A
        Legacy Housing Corp
        52472M101
        
          
        
        177300.00000000
        NS
        USD
        3143529.00000000
        0.787078929507
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gaia Inc
        529900QUX8SBA2D93M92
        Gaia Inc
        36269P104
        
          
        
        268400.00000000
        NS
        USD
        3191276.00000000
        0.799033855848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Canaccord Genuity Group Inc
        5493002DR5KW4JP7YS87
        Canaccord Genuity Group Inc
        000000000
        
          
        
        469900.00000000
        NS
        
        4300031.83000000
        1.076644894831
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Federated Government Obligations Fund
        254900VAJ9169N7JRF45
        Federated Government Obligations Fund
        60934N807
        
          
        
        541690.00000000
        NS
        USD
        541690.00000000
        0.135628710702
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Haynes International Inc
        549300I9MS5UZLRFDO40
        Haynes International Inc
        420877201
        
          
        
        105430.00000000
        NS
        USD
        3128108.10000000
        0.783217834074
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sprott Inc
        254900QHJAD5TP2JNM15
        Sprott Inc
        852066208
        
          
        
        108480.00000000
        NS
        
        4120979.71000000
        1.031813703219
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        QAD Inc
        N/A
        QAD Inc
        74727D306
        
          
        
        61013.00000000
        NS
        USD
        4062245.54000000
        1.017107801779
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BayCom Corp
        549300UOLS54Q5ONIG33
        BayCom Corp
        07272M107
        
          
        
        160500.00000000
        NS
        USD
        2892210.00000000
        0.724153507319
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heidrick & Struggles International Inc
        5493006284N2J367VB57
        Heidrick & Struggles International Inc
        422819102
        
          
        
        99540.00000000
        NS
        USD
        3555568.80000000
        0.890245734934
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PAR Technology Corp
        549300HYPTHBJQINVG57
        PAR Technology Corp
        698884103
        
          
        
        59200.00000000
        NS
        USD
        3872272.00000000
        0.969542097598
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Forrester Research Inc
        549300UUSFXYLJ80Z897
        Forrester Research Inc
        346563109
        
          
        
        43300.00000000
        NS
        USD
        1839384.00000000
        0.460546217220
        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 STOCK1.7%              
               
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

 

1Non-income producing.

2These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
3All or a portion of these securities were on loan at March 31, 2021.

4Securities 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.
5At 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  

 

1Non-income producing.

2At 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).



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