Form NPORT-P ROYCE FUND For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0000709364
          XXXXXXXX
        
      
      
      
      
        S000009507
        C000025999
        C000098386
        C000038076
        C000025998
        C000025997
      
      
      
    
  
  
    
      ROYCE FUND
      811-03599
      0000709364
      00000000000000000000
      745 FIFTH AVENUE
      NEW YORK
      
      10151
      212-508-4500
      Royce Pennsylvania Mutual Fund
      S000009507
      25490056EPDKD3CIFH29
      2021-12-31
      2021-03-31
      N
    
    
      2272200686.77
      16589850.85
      2255610835.92
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          
            UST
          
        
      
      
        
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Camtek Ltd/Israel
        N/A
        
        000000000
        
          
        
        145900.00000000
        NS
        USD
        4362410.00000000
        0.193402599886
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Atotech Ltd
        N/A
        
        000000000
        
          
        
        328600.00000000
        NS
        USD
        6654150.00000000
        0.295004346230
        Long
        EC
        CORP
        JE
        
        N
        
        1
        
          N
          N
          
        
      
      
        OneWater Marine Inc
        N/A
        
        68280L101
        
          
        
        394161.00000000
        NS
        USD
        15750673.56000000
        0.698288610303
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GP Strategies Corp
        5493006GWK1B65HI6Q32
        
        36225V104
        
          
        
        152613.00000000
        NS
        USD
        2663096.85000000
        0.118065439640
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EQT Corp
        4NT01YGM4X7ZX86ISY52
        
        26884L109
        
          
        
        237500.00000000
        NS
        USD
        4412750.00000000
        0.195634367849
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Primoris Services Corp
        549300UF3OLBJ8D5K349
        
        74164F103
        
          
        
        165509.00000000
        NS
        USD
        5483313.17000000
        0.243096596393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hyatt Hotels Corp
        T27JQIMTYSH41TCD5186
        
        448579102
        
          
        
        23842.00000000
        NS
        USD
        1971733.40000000
        0.087414609320
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Inter Parfums Inc
        N/A
        
        458334109
        
          
        
        150376.00000000
        NS
        USD
        10666169.68000000
        0.472872780629
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nova Measuring Instruments Ltd
        529900B2DSWE5V3SC292
        
        000000000
        
          
        
        107454.00000000
        NS
        USD
        9779388.54000000
        0.433558324169
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          
        
      
      
        Upwork Inc
        N/A
        
        91688F104
        
          
        
        251660.00000000
        NS
        USD
        11266818.20000000
        0.499501865329
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Skyline Champion Corp
        N/A
        
        830830105
        
          
        
        128600.00000000
        NS
        USD
        5820436.00000000
        0.258042562454
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stoneridge Inc
        PNBCIH9LE7WI83VJIF08
        
        86183P102
        
          
        
        105227.00000000
        NS
        USD
        3347270.87000000
        0.148397534570
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kulicke & Soffa Industries Inc
        529900H6BEIRBF429744
        
        501242101
        
          
        
        503086.00000000
        NS
        USD
        24706553.46000000
        1.095337593992
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Rogers Corp
        PW0CN80KNFR7RUOOKJ84
        
        775133101
        
          
        
        20316.00000000
        NS
        USD
        3823674.36000000
        0.169518353924
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Colliers International Group Inc
        D3O8K13PHLEXXD1DT480
        
        194693107
        
          
        
        38944.00000000
        NS
        USD
        3825858.56000000
        0.169615188004
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Vectrus Inc
        N/A
        
        92242T101
        
          
        
        191139.00000000
        NS
        USD
        10214468.16000000
        0.452847095666
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simulations Plus Inc
        N/A
        
        829214105
        
          
        
        117310.00000000
        NS
        USD
        7418684.40000000
        0.328899129311
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evercore Inc
        529900P6KLPT95DW3W58
        
        29977A105
        
          
        
        48941.00000000
        NS
        USD
        6447487.34000000
        0.285842186840
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jones Lang LaSalle Inc
        6SYKCME112RT8TQUO411
        
        48020Q107
        
          
        
        19828.00000000
        NS
        USD
        3550005.12000000
        0.157385532267
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SI-BONE Inc
        549300J8JGYVJJHV9C31
        
        825704109
        
          
        
        171800.00000000
        NS
        USD
        5464958.00000000
        0.242282840327
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sensata Technologies Holding PLC
        529900MS7KFYCY9MS037
        
        000000000
        
          
        
        7900.00000000
        NS
        USD
        457805.00000000
        0.020296275967
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Preformed Line Products Co
        549300EYH53XDJID2098
        
        740444104
        
          
        
        144775.00000000
        NS
        USD
        9953281.25000000
        0.441267664239
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heritage-Crystal Clean Inc
        N/A
        
        42726M106
        
          
        
        154283.00000000
        NS
        USD
        4185697.79000000
        0.185568260417
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lazard Ltd
        254900RIBCDJSUFG1A11
        
        000000000
        
          
        
        244200.00000000
        NS
        USD
        10625142.00000000
        0.471053864026
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        RBC Bearings Inc
        N/A
        
        75524B104
        
          
        
        50722.00000000
        NS
        USD
        9980567.94000000
        0.442477389320
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Drainage Systems Inc
        6QQTOZ5MF5DHM7K92I60
        
        00790R104
        
          
        
        40200.00000000
        NS
        USD
        4156278.00000000
        0.184263966718
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gibraltar Industries Inc
        N/A
        
        374689107
        
          
        
        79767.00000000
        NS
        USD
        7299478.17000000
        0.323614253565
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERISAFE Inc
        N/A
        
        03071H100
        
          
        
        49680.00000000
        NS
        USD
        3179520.00000000
        0.140960486151
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Instruments Corp
        549300TP4OOPCYWDUP86
        
        636518102
        
          
        
        333216.00000000
        NS
        USD
        14389932.96000000
        0.637961687842
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BioLife Solutions Inc
        549300G2IVCMC2TJDW72
        
        09062W204
        
          
        
        204396.00000000
        NS
        USD
        7358256.00000000
        0.326220103345
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ManpowerGroup Inc
        ERO1WSFOSR0JJ6CRQ987
        
        56418H100
        
          
        
        40085.00000000
        NS
        USD
        3964406.50000000
        0.175757556971
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hill-Rom Holdings Inc
        JLZ01A0E2071OH26RE45
        
        431475102
        
          
        
        35976.00000000
        NS
        USD
        3974628.48000000
        0.176210737096
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BioDelivery Sciences International Inc
        529900YQ5QSV2ZNM2W45
        
        09060J106
        
          
        
        754296.00000000
        NS
        USD
        2949297.36000000
        0.130753821228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMC Materials Inc
        31F6V1MN00ZW3XWB4J69
        
        12571T100
        
          
        
        99378.00000000
        NS
        USD
        17569036.62000000
        0.778903716023
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Miller Industries Inc/TN
        549300F1O74SPUJ7UU94
        
        600551204
        
          
        
        368551.00000000
        NS
        USD
        17023370.69000000
        0.754712223354
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cutera Inc
        529900NPKPEWJWR21Z42
        
        232109108
        
          
        
        69516.00000000
        NS
        USD
        2088955.80000000
        0.092611534167
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Catalyst Pharmaceuticals Inc
        5299004O0R5XXLA5H544
        
        14888U101
        
          
        
        794896.00000000
        NS
        USD
        3664470.56000000
        0.162460230357
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Southern Missouri Bancorp Inc
        N/A
        
        843380106
        
          
        
        57683.00000000
        NS
        USD
        2273863.86000000
        0.100809227540
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pason Systems Inc
        N/A
        
        000000000
        
          
        
        1623749.00000000
        NS
        
        11473614.32000000
        0.508669941520
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        AtriCure Inc
        N/A
        
        04963C209
        
          
        
        33343.00000000
        NS
        USD
        2184633.36000000
        0.096853292474
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sharps Compliance Corp
        N/A
        
        820017101
        
          
        
        87700.00000000
        NS
        USD
        1260249.00000000
        0.055871739039
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Natus Medical Inc
        549300ZW3JLSJGT2D838
        
        639050103
        
          
        
        87800.00000000
        NS
        USD
        2248558.00000000
        0.099687320356
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Harvard Bioscience Inc
        549300VLGB1D47GGC642
        
        416906105
        
          
        
        143300.00000000
        NS
        USD
        782418.00000000
        0.034687632615
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Artisan Partners Asset Management Inc
        549300T1FUI6JF63XU51
        
        04316A108
        
          
        
        119302.00000000
        NS
        USD
        6223985.34000000
        0.275933474023
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Colfax Corp
        635400OP2DYYYMOIYL17
        
        194014106
        
          
        
        383634.00000000
        NS
        USD
        16807005.54000000
        0.745119914852
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Powerfleet Inc
        N/A
        
        73931J109
        
          
        
        98100.00000000
        NS
        USD
        806382.00000000
        0.035750049926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        American Superconductor Corp
        549300S9YT8Z8LOK4452
        
        030111207
        
          
        
        35000.00000000
        NS
        USD
        663600.00000000
        0.029419968614
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Manchester United Plc
        529900GWGZPE83MJOV59
        
        000000000
        
          
        
        306490.00000000
        NS
        USD
        4824152.60000000
        0.213873444974
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nomad Foods Ltd
        5493000ZZ1837DS2SI43
        
        000000000
        
          
        
        154056.00000000
        NS
        USD
        4230377.76000000
        0.187549097239
        Long
        EC
        CORP
        VG
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Mesa Laboratories Inc
        549300ZCG738WLX8ZW79
        
        59064R109
        
          
        
        62045.00000000
        NS
        USD
        15107957.50000000
        0.669794507962
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Silvercrest Asset Management Group Inc
        N/A
        
        828359109
        
          
        
        184878.00000000
        NS
        USD
        2658545.64000000
        0.117863666802
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Methode Electronics Inc
        529900VM413LGLUS3F07
        
        591520200
        
          
        
        95878.00000000
        NS
        USD
        4024958.44000000
        0.178442059946
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trean Insurance Group Inc
        N/A
        
        89457R101
        
          
        
        237600.00000000
        NS
        USD
        3837240.00000000
        0.170119771500
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        KBR Inc
        254900OFQDXZRKRCV808
        
        48242W106
        
          
        
        566361.00000000
        NS
        USD
        21742598.79000000
        0.963933957212
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Financial Corp
        549300B6VEZK3N0A1P55
        
        31847R102
        
          
        
        90803.00000000
        NS
        USD
        5143989.95000000
        0.228053078486
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TMX Group Ltd
        549300N65GFVKSHGJW59
        
        000000000
        
          
        
        62920.00000000
        NS
        
        6538332.78000000
        0.289869718476
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Hub Group Inc
        N/A
        
        443320106
        
          
        
        97118.00000000
        NS
        USD
        6534099.04000000
        0.289682020317
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cirrus Logic Inc
        549300NKSJEM5ZZSSV18
        
        172755100
        
          
        
        178340.00000000
        NS
        USD
        15121448.60000000
        0.670392620889
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tandem Diabetes Care Inc
        549300JEPFOD0K4D3I05
        
        875372203
        
          
        
        68386.00000000
        NS
        USD
        6035064.50000000
        0.267557878508
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Surmodics Inc
        549300H76KXCAAGUS878
        
        868873100
        
          
        
        13900.00000000
        NS
        USD
        779373.00000000
        0.034552635924
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Herman Miller Inc
        U98HXD3PNK7HYU2MU887
        
        600544100
        
          
        
        82200.00000000
        NS
        USD
        3382530.00000000
        0.149960708919
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cohu Inc
        529900FJPORJ3JJ2XS33
        
        192576106
        
          
        
        158118.00000000
        NS
        USD
        6615657.12000000
        0.293297807168
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avid Technology Inc
        549300PQGW3DXKJTQ914
        
        05367P100
        
          
        
        213700.00000000
        NS
        USD
        4511207.00000000
        0.199999349540
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mosaic Co/The
        2YD5STGSJNMUB7H76907
        
        61945C103
        
          
        
        361200.00000000
        NS
        USD
        11417532.00000000
        0.506183594181
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alleghany Corp
        549300DCJE6AYX159479
        
        017175100
        
          
        
        9554.00000000
        NS
        USD
        5983574.66000000
        0.265275133667
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fixed Income Clearing Corp
        549300H47WTHXPU08X20
        
        000000000
        
          
        
        144563796.79000000
        PA
        USD
        144563796.79000000
        6.409075292947
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
          N
          0.00000000
          2021-04-01
          
            
              140493900.00000000
              USD
              147455159.19427200
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        Forward Air Corp
        N/A
        
        349853101
        
          
        
        76869.00000000
        NS
        USD
        6826735.89000000
        0.302655749887
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Applied Industrial Technologies Inc
        549300NU173IJRC6PO38
        
        03820C105
        
          
        
        93965.00000000
        NS
        USD
        8566789.05000000
        0.379799073207
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Balchem Corp
        549300VR70OPMHUI3557
        
        057665200
        
          
        
        75472.00000000
        NS
        USD
        9464943.52000000
        0.419617753615
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SYNNEX Corp
        5493004HI6PFLF46NS53
        
        87162W100
        
          
        
        55000.00000000
        NS
        USD
        6316200.00000000
        0.280021708506
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QuinStreet Inc
        549300TP8MFBFPOS4Y78
        
        74874Q100
        
          
        
        35900.00000000
        NS
        USD
        728770.00000000
        0.032309208148
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Supernus Pharmaceuticals Inc
        549300GRM36VBKISYJ58
        
        868459108
        
          
        
        118567.00000000
        NS
        USD
        3104084.06000000
        0.137616117575
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Air Lease Corp
        5493004NW4M4P8TMMK63
        
        00912X302
        
          
        
        186962.00000000
        NS
        USD
        9161138.00000000
        0.406148873471
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Levi Strauss & Co
        MB0UERO0RDFKU8258G77
        
        52736R102
        
          
        
        183445.00000000
        NS
        USD
        4386169.95000000
        0.194455970868
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Winnebago Industries Inc
        549300B7OYKYJLTE3G11
        
        974637100
        
          
        
        138349.00000000
        NS
        USD
        10612751.79000000
        0.470504557833
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Graphic Packaging Holding Co
        N/A
        
        388689101
        
          
        
        264364.00000000
        NS
        USD
        4800850.24000000
        0.212840360737
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Triumph Bancorp Inc
        5493003RNRMEVYDZ1Q52
        
        89679E300
        
          
        
        195140.00000000
        NS
        USD
        15101884.60000000
        0.669525272689
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Energy Industries Inc
        549300756XI3QLFT2U27
        
        007973100
        
          
        
        24203.00000000
        NS
        USD
        2642241.51000000
        0.117140841315
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WillScot Mobile Mini Holdings Corp
        549300HJ4VIXF476Q166
        
        971378104
        
          
        
        199150.00000000
        NS
        USD
        5526412.50000000
        0.245007357297
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Lincoln Electric Holdings Inc
        BIMGBY40SIN95O01BN93
        
        533900106
        
          
        
        128236.00000000
        NS
        USD
        15765333.84000000
        0.698938557526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MAXIMUS Inc
        549300DQCDS8HJ7QF202
        
        577933104
        
          
        
        42350.00000000
        NS
        USD
        3770844.00000000
        0.167176178618
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GCM Grosvenor Inc
        N/A
        
        36831E108
        
          
        
        935150.00000000
        NS
        USD
        11128285.00000000
        0.493360149844
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        CNO Financial Group Inc
        11XPYHB76MPM4Y4P2897
        
        12621E103
        
          
        
        197231.00000000
        NS
        USD
        4790740.99000000
        0.212392178371
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        James River Group Holdings Ltd
        N/A
        
        000000000
        
          
        
        50000.00000000
        NS
        USD
        2281000.00000000
        0.101125600377
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        National Bankshares Inc
        549300Q745S62Q6QNW78
        
        634865109
        
          
        
        112867.00000000
        NS
        USD
        4007907.17000000
        0.177686110838
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Asbury Automotive Group Inc
        549300JH4DTA7U42GL91
        
        043436104
        
          
        
        86010.00000000
        NS
        USD
        16900965.00000000
        0.749285503104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kemper Corp
        549300FNI1JKTRY2PV09
        
        488401100
        
          
        
        77128.00000000
        NS
        USD
        6148644.16000000
        0.272593306526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tejon Ranch Co
        549300TMNDO77VJ6J111
        
        879080109
        
          
        
        235407.00000000
        NS
        USD
        3940713.18000000
        0.174707139957
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allison Transmission Holdings Inc
        529900RP7DJ882LI9T83
        
        01973R101
        
          
        
        21400.00000000
        NS
        USD
        873762.00000000
        0.038737267355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axos Financial Inc
        529900D8M56422GK9O25
        
        05465C100
        
          
        
        122961.00000000
        NS
        USD
        5780396.61000000
        0.256267460589
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avalara Inc
        549300Q16CMW239SS315
        
        05338G106
        
          
        
        46600.00000000
        NS
        USD
        6217838.00000000
        0.275660938535
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brink's Co/The
        XFP140TFNOQMIVFTVQ13
        
        109696104
        
          
        
        50090.00000000
        NS
        USD
        3968630.70000000
        0.175944832184
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vontier Corp
        N/A
        
        928881101
        
          
        
        240052.00000000
        NS
        USD
        7266374.04000000
        0.322146618746
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kadant Inc
        549300K06LNJYBMPYP15
        
        48282T104
        
          
        
        104502.00000000
        NS
        USD
        19333915.02000000
        0.857147638773
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kennedy-Wilson Holdings Inc
        549300MOI1T78144X610
        
        489398107
        
          
        
        777821.00000000
        NS
        USD
        15719762.41000000
        0.696918198816
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meritor Inc
        5LTG829X630QFHTFBO82
        
        59001K100
        
          
        
        290210.00000000
        NS
        USD
        8537978.20000000
        0.378521776187
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dorman Products Inc
        N/A
        
        258278100
        
          
        
        98847.00000000
        NS
        USD
        10145656.08000000
        0.449796388562
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Hawaiian Inc
        5493002DJSH46F5OLV06
        
        32051X108
        
          
        
        381425.00000000
        NS
        USD
        10439602.25000000
        0.462828165379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lindsay Corp
        549300ZFO0QG5H8TPI61
        
        535555106
        
          
        
        73590.00000000
        NS
        USD
        12261565.80000000
        0.543602894822
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barrett Business Services Inc
        529900HXB6TMG0SR9Y34
        
        068463108
        
          
        
        52149.00000000
        NS
        USD
        3590980.14000000
        0.159202114248
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shoe Carnival Inc
        N/A
        
        824889109
        
          
        
        178618.00000000
        NS
        USD
        11052881.84000000
        0.490017234532
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dolby Laboratories Inc
        549300X04FB2QPCJ5J24
        
        25659T107
        
          
        
        94160.00000000
        NS
        USD
        9295475.20000000
        0.412104563959
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Therapeutics Corp
        5299005C4HZL4UWROC14
        
        91307C102
        
          
        
        23898.00000000
        NS
        USD
        3997418.46000000
        0.177221105535
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lawson Products Inc/DE
        N/A
        
        520776105
        
          
        
        13100.00000000
        NS
        USD
        679366.00000000
        0.030118936705
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ralph Lauren Corp
        HO1QNWM0IXBZ0QSMMO20
        
        751212101
        
          
        
        61517.00000000
        NS
        USD
        7576433.72000000
        0.335892770124
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rent-A-Center Inc/TX
        529900QUHE15UQNCCJ63
        
        76009N100
        
          
        
        286494.00000000
        NS
        USD
        16519244.04000000
        0.732362328507
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NV5 Global Inc
        N/A
        
        62945V109
        
          
        
        11100.00000000
        NS
        USD
        1071927.00000000
        0.047522692431
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Media General Inc
        5493005Q6QE29UIIR333
        
        584CVR997
        
          
        
        102272.00000000
        NS
        USD
        0.00000000
        0.000000
        N/A
        DE
        
        US
        N
        
        3
        
          
            
              N/A
              N/A
            
            
              
                Media General Inc
                Media General Inc
                
                  
                  
                
              
            
            2021-09-01
            
              
            
            XXXX
            0.00000000
          
        
        
          N
          N
          N
        
      
      
        Aaron's Co Inc/The
        N/A
        
        00258W108
        
          
        
        208891.00000000
        NS
        USD
        5364320.88000000
        0.237821205439
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comfort Systems USA Inc
        5299009DT1ZA5HTU6R38
        
        199908104
        
          
        
        57406.00000000
        NS
        USD
        4292246.62000000
        0.190291984399
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arcosa Inc
        549300WFHLTCZV7D6V29
        
        039653100
        
          
        
        276717.00000000
        NS
        USD
        18011509.53000000
        0.798520260816
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Houlihan Lokey Inc
        549300S3CNGTQ1QZVY46
        
        441593100
        
          
        
        177648.00000000
        NS
        USD
        11815368.48000000
        0.523821232450
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Origin Bancorp Inc
        54930055DO2Z4KO3NB45
        
        68621T102
        
          
        
        126328.00000000
        NS
        USD
        5357570.48000000
        0.237521933956
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OrthoPediatrics Corp
        5493000KUTPFGOPAT717
        
        68752L100
        
          
        
        56800.00000000
        NS
        USD
        2769000.00000000
        0.122760538116
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Cactus Inc
        549300J3T8C9F8QFKV08
        
        127203107
        
          
        
        22300.00000000
        NS
        USD
        682826.00000000
        0.030272331961
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NVE Corp
        5299003C1ATTWX8X0112
        
        629445206
        
          
        
        42363.00000000
        NS
        USD
        2969646.30000000
        0.131655968871
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crane Co
        549300X1RO9ID7AUCA83
        
        224399105
        
          
        
        52939.00000000
        NS
        USD
        4971501.49000000
        0.220405994280
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hilton Grand Vacations Inc
        549300O9K6MFD8D07574
        
        43283X105
        
          
        
        177300.00000000
        NS
        USD
        6646977.00000000
        0.294686339245
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AstroNova Inc
        549300D8PFP62QX00223
        
        04638F108
        
          
        
        41500.00000000
        NS
        USD
        556100.00000000
        0.024654075567
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marcus & Millichap Inc
        549300B2HE8ULXNB1N48
        
        566324109
        
          
        
        223359.00000000
        NS
        USD
        7527198.30000000
        0.333709972488
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        La-Z-Boy Inc
        549300WNO1WMN9ZG2519
        
        505336107
        
          
        
        117327.00000000
        NS
        USD
        4984050.96000000
        0.220962361087
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MeiraGTx Holdings plc
        54930007YV6NYIOGFZ57
        
        000000000
        
          
        
        53700.00000000
        NS
        USD
        774891.00000000
        0.034353931434
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          
        
      
      
        Saia Inc
        549300WNPG4N9GBOYB29
        
        78709Y105
        
          
        
        25662.00000000
        NS
        USD
        5917143.96000000
        0.262330002399
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BankUnited Inc
        96OVUWEW5D4YX6PFXD91
        
        06652K103
        
          
        
        134600.00000000
        NS
        USD
        5915670.00000000
        0.262264656021
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hurco Cos Inc
        XSC5XDOTBYOBQPOG2O82
        
        447324104
        
          
        
        87200.00000000
        NS
        USD
        3078160.00000000
        0.136466803181
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meridian Bioscience Inc
        549300ELSRZEFFFRX195
        
        589584101
        
          
        
        290000.00000000
        NS
        USD
        7612500.00000000
        0.337491728571
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Patrick Industries Inc
        549300FZ5ZTCCJ3Z5W14
        
        703343103
        
          
        
        120291.00000000
        NS
        USD
        10224735.00000000
        0.453302264609
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        World Wrestling Entertainment Inc
        549300WZVLSCS3L4L698
        
        98156Q108
        
          
        
        52030.00000000
        NS
        USD
        2823147.80000000
        0.125161120661
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EMCOR Group Inc
        529900X0SQJB2J7YDU43
        
        29084Q100
        
          
        
        25100.00000000
        NS
        USD
        2815216.00000000
        0.124809473122
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Compass Diversified Holdings
        5299001SM1LBYANJRR58
        
        20451Q104
        
          
        
        245113.00000000
        NS
        USD
        5674365.95000000
        0.251566709098
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ultra Clean Holdings Inc
        5493007L6LS7QX18PE75
        
        90385V107
        
          
        
        78971.00000000
        NS
        USD
        4583476.84000000
        0.203203352591
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Profound Medical Corp
        N/A
        
        000000000
        
          
        
        35000.00000000
        NS
        
        701838.15000000
        0.031115214505
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        BOK Financial Corp
        GRI2NT5QHYW751NMR949
        
        05561Q201
        
          
        
        41600.00000000
        NS
        USD
        3715712.00000000
        0.164731962660
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ares Management Corp
        529900JUV61FH7B8VW38
        
        03990B101
        
          
        
        168069.00000000
        NS
        USD
        9416906.07000000
        0.417488066648
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bandwidth Inc
        549300QC70JB7MUGXM66
        
        05988J103
        
          
        
        91435.00000000
        NS
        USD
        11588471.90000000
        0.513762024701
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        IMAX Corp
        5493002KS2T1Q0X7VZ21
        
        45245E109
        
          
        
        138849.00000000
        NS
        USD
        2790864.90000000
        0.123729894162
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Huntsman Corp
        5299000V56320A7RIQ67
        
        447011107
        
          
        
        515500.00000000
        NS
        USD
        14861865.00000000
        0.658884270430
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simpson Manufacturing Co Inc
        529900EJUNNL15LZ8056
        
        829073105
        
          
        
        56462.00000000
        NS
        USD
        5856803.26000000
        0.259654864515
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EVI Industries Inc
        549300RU296J63VW0297
        
        26929N102
        
          
        
        348509.00000000
        NS
        USD
        10026603.93000000
        0.444518343782
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Axis Capital Holdings Ltd
        N/A
        
        000000000
        
          
        
        110976.00000000
        NS
        USD
        5501080.32000000
        0.243884283245
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Sanmina Corp
        X5K24XLM8QYRXF00EB42
        
        801056102
        
          
        
        161260.00000000
        NS
        USD
        6672938.80000000
        0.295837326800
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Luna Innovations Inc
        N/A
        
        550351100
        
          
        
        754599.00000000
        NS
        USD
        7945927.47000000
        0.352273864953
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Selective Insurance Group Inc
        549300R3WGJWLE40R258
        
        816300107
        
          
        
        75100.00000000
        NS
        USD
        5447754.00000000
        0.241520120104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        America's Car-Mart Inc/TX
        N/A
        
        03062T105
        
          
        
        85779.00000000
        NS
        USD
        13070146.23000000
        0.579450409701
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brunswick Corp/DE
        YM4O38W15AX4YLLQKU27
        
        117043109
        
          
        
        153850.00000000
        NS
        USD
        14672674.50000000
        0.650496719839
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eventbrite Inc
        549300N6XBV2B1FAUF55
        
        29975E109
        
          
        
        256500.00000000
        NS
        USD
        5684040.00000000
        0.251995597355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Assured Guaranty Ltd
        549300BBOQUJEPH87M14
        
        000000000
        
          
        
        127441.00000000
        NS
        USD
        5388205.48000000
        0.238880102639
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ePlus Inc
        529900FFY8AAFJ21NE91
        
        294268107
        
          
        
        41621.00000000
        NS
        USD
        4147116.44000000
        0.183857799136
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sun Country Airlines Holdings Inc
        N/A
        
        866683105
        
          
        
        176300.00000000
        NS
        USD
        6043564.00000000
        0.267934694396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Westport Fuel Systems Inc
        549300ZBKJ4TMPXRB502
        
        960908309
        
          
        
        92200.00000000
        NS
        USD
        662918.00000000
        0.029389732902
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Shift4 Payments Inc
        N/A
        
        82452J109
        
          
        
        144400.00000000
        NS
        USD
        11842244.00000000
        0.525012728765
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Deluxe Corp
        KWGNKB8TX9LE5TV29231
        
        248019101
        
          
        
        127972.00000000
        NS
        USD
        5369705.12000000
        0.238059909736
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carlisle Cos Inc
        XR64VGX1ZPX6G7ZN7Z11
        
        142339100
        
          
        
        56375.00000000
        NS
        USD
        9278197.50000000
        0.411338576329
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Timberland Bancorp Inc/WA
        N/A
        
        887098101
        
          
        
        108123.00000000
        NS
        USD
        3006900.63000000
        0.133307598195
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RLI Corp
        529900AMTJE5ECN9PS55
        
        749607107
        
          
        
        62853.00000000
        NS
        USD
        7012509.21000000
        0.310891803600
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kirby Corp
        I7NO6FZO5GUCG585T325
        
        497266106
        
          
        
        54000.00000000
        NS
        USD
        3255120.00000000
        0.144312128145
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Intertechnology Inc
        5493009O8F3QQJTCQR75
        
        928298108
        
          
        
        368078.00000000
        NS
        USD
        8863318.24000000
        0.392945365346
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ESCO Technologies Inc
        5493007JJLP5MEWVDH10
        
        296315104
        
          
        
        77309.00000000
        NS
        USD
        8418177.01000000
        0.373210523550
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Construction Partners Inc
        549300G4ICXJKQN32X70
        
        21044C107
        
          
        
        127191.00000000
        NS
        USD
        3800467.08000000
        0.168489484953
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Diodes Inc
        549300XP2X1ARVH3BX23
        
        254543101
        
          
        
        142364.00000000
        NS
        USD
        11366341.76000000
        0.503914131772
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Citizens BancShares Inc/NC
        549300N3Z00ZHE2XC526
        
        31946M103
        
          
        
        38108.00000000
        NS
        USD
        31849523.16000000
        1.412013218450
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vapotherm Inc
        549300A6KMUMDX27EQ68
        
        922107107
        
          
        
        60300.00000000
        NS
        USD
        1448406.00000000
        0.064213470556
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        TrustCo Bank Corp NY
        N/A
        
        898349105
        
          
        
        435330.00000000
        NS
        USD
        3208382.10000000
        0.142240055283
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        German American Bancorp Inc
        N/A
        
        373865104
        
          
        
        100956.00000000
        NS
        USD
        4666186.32000000
        0.206870185481
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axcelis Technologies Inc
        529900HF9B6NL1QG9F05
        
        054540208
        
          
        
        177676.00000000
        NS
        USD
        7300706.84000000
        0.323668725284
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home BancShares Inc/AR
        N/A
        
        436893200
        
          
        
        288600.00000000
        NS
        USD
        7806630.00000000
        0.346098266406
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Popular Inc
        5493008CARDZMVQ3LO89
        
        000000000
        
          
        
        178543.00000000
        NS
        USD
        12555143.76000000
        0.556618347458
        Long
        EC
        CORP
        PR
        N
        
        1
        
          N
          N
          N
        
      
      
        Schneider National Inc
        529900V6GZ6G6E3BLV72
        
        80689H102
        
          
        
        183900.00000000
        NS
        USD
        4591983.00000000
        0.203580463742
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IPG Photonics Corp
        5493002KZ51CADQ94G15
        
        44980X109
        
          
        
        28631.00000000
        NS
        USD
        6039423.14000000
        0.267751113969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HEICO Corp
        529900O1DTDLCJ7L0I14
        
        422806109
        
          
        
        92864.00000000
        NS
        USD
        11682291.20000000
        0.517921399115
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PC Connection Inc
        5299005WPRNIXDV2KM73
        
        69318J100
        
          
        
        78232.00000000
        NS
        USD
        3629182.48000000
        0.160895772542
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Independent Bank Group Inc
        N/A
        
        45384B106
        
          
        
        119478.00000000
        NS
        USD
        8631090.72000000
        0.382649816295
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        E-L Financial Corp Ltd
        5493008YS2NMV2UCI287
        
        000000000
        
          
        
        21818.00000000
        NS
        
        16059242.46000000
        0.711968669606
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Regis Corp
        5493000Q1S5TJIDIQH89
        
        758932107
        
          
        
        247600.00000000
        NS
        USD
        3109856.00000000
        0.137872010121
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Graham Corp
        N/A
        
        384556106
        
          
        
        72292.00000000
        NS
        USD
        1029438.08000000
        0.045638993376
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Innospec Inc
        213800SQBACNY5IWJO68
        
        45768S105
        
          
        
        153724.00000000
        NS
        USD
        15785917.56000000
        0.699851113880
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Silgan Holdings Inc
        KAF673KJXD92C8KSLU49
        
        827048109
        
          
        
        97363.00000000
        NS
        USD
        4092166.89000000
        0.181421671896
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ChannelAdvisor Corp
        549300KE5CWXBSGWXT83
        
        159179100
        
          
        
        149430.00000000
        NS
        USD
        3519076.50000000
        0.156014346267
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ensign Group Inc/The
        5493003K4HEEA8Q0BC72
        
        29358P101
        
          
        
        39308.00000000
        NS
        USD
        3688662.72000000
        0.163532762888
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        City Holding Co
        N/A
        
        177835105
        
          
        
        50343.00000000
        NS
        USD
        4117050.54000000
        0.182524860868
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        j2 Global Inc
        5493008OJYGLHD7MXA18
        
        48123V102
        
          
        
        56802.00000000
        NS
        USD
        6808287.72000000
        0.301837870770
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quanterix Corp
        N/A
        
        74766Q101
        
          
        
        97379.00000000
        NS
        USD
        5693750.13000000
        0.252426085179
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FRP Holdings Inc
        N/A
        
        30292L107
        
          
        
        163149.00000000
        NS
        USD
        8030193.78000000
        0.356009718171
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cognex Corp
        549300JQTYZCLC43S226
        
        192422103
        
          
        
        94043.00000000
        NS
        USD
        7804628.57000000
        0.346009535231
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Littelfuse Inc
        549300MY7HLQFYTPCX75
        
        537008104
        
          
        
        3575.00000000
        NS
        USD
        945373.00000000
        0.041912061466
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Werner Enterprises Inc
        549300P6XRGOCHHJST37
        
        950755108
        
          
        
        49800.00000000
        NS
        USD
        2349066.00000000
        0.104143230853
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cimarex Energy Co
        11KYOFXPU1C4CQL1CL44
        
        171798101
        
          
        
        69700.00000000
        NS
        USD
        4139483.00000000
        0.183519379055
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CareDx Inc
        549300NQOFKL9NON0U06
        
        14167L103
        
          
        
        162220.00000000
        NS
        USD
        11045559.80000000
        0.489692620025
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FormFactor Inc
        549300YCEEO6SZD1ZR61
        
        346375108
        
          
        
        205566.00000000
        NS
        USD
        9273082.26000000
        0.411111797847
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Korn Ferry
        549300FOD20OM0GT5G40
        
        500643200
        
          
        
        102100.00000000
        NS
        USD
        6367977.00000000
        0.282317184267
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Photronics Inc
        549300OK5JVNIBNY6F63
        
        719405102
        
          
        
        142794.00000000
        NS
        USD
        1836330.84000000
        0.081411687280
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Spectrum Brands Holdings Inc
        549300JM0MJETDD30O20
        
        84790A105
        
          
        
        63306.00000000
        NS
        USD
        5381010.00000000
        0.238561099029
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Middleby Corp/The
        JDFO86U9VQRBKW5KYA35
        
        596278101
        
          
        
        65200.00000000
        NS
        USD
        10806900.00000000
        0.479111902988
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Agilysys Inc
        5299001XWB5V3B5IPN93
        
        00847J105
        
          
        
        102787.00000000
        NS
        USD
        4929664.52000000
        0.218551198703
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fabrinet
        5493004TETZ6IYF7CV44
        
        000000000
        
          
        
        125882.00000000
        NS
        USD
        11378473.98000000
        0.504452000265
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Helios Technologies Inc
        5493000BCJSMIDRNTI78
        
        42328H109
        
          
        
        195939.00000000
        NS
        USD
        14278074.93000000
        0.633002586378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Open Lending Corp
        N/A
        
        68373J104
        
          
        
        312300.00000000
        NS
        USD
        11061666.00000000
        0.490406670505
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insight Enterprises Inc
        529900S8991TYW6YP792
        
        45765U103
        
          
        
        172893.00000000
        NS
        USD
        16497450.06000000
        0.731396116620
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimball Electronics Inc
        549300COBYN2GZCBIU87
        
        49428J109
        
          
        
        332895.00000000
        NS
        USD
        8588691.00000000
        0.380770071823
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Latin America Ltd
        213800YWQHEAX7CAVO83
        
        000000000
        
          
        
        383565.00000000
        NS
        USD
        4978673.70000000
        0.220723966240
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Century Casinos Inc
        549300H2L4Y24HXY7M50
        
        156492100
        
          
        
        512574.00000000
        NS
        USD
        5264134.98000000
        0.233379574888
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        nLight Inc
        N/A
        
        65487K100
        
          
        
        91300.00000000
        NS
        USD
        2958120.00000000
        0.131144963168
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bio-Techne Corp
        54930073RLKQ51TILZ35
        
        09073M104
        
          
        
        43516.00000000
        NS
        USD
        16620065.88000000
        0.736832152751
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avnet Inc
        XJI53DCPL7QABOWK4Z75
        
        053807103
        
          
        
        82997.00000000
        NS
        USD
        3445205.47000000
        0.152739356237
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Transcat Inc
        54930081E40TSSHUOS40
        
        893529107
        
          
        
        79300.00000000
        NS
        USD
        3892044.00000000
        0.172549445942
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Molina Healthcare Inc
        549300NQQCEQ46YHZ591
        
        60855R100
        
          
        
        28800.00000000
        NS
        USD
        6732288.00000000
        0.298468507633
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ArcBest Corp
        5493006S3KBNE8ZS3J23
        
        03937C105
        
          
        
        84747.00000000
        NS
        USD
        5963646.39000000
        0.264391635960
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UFP Industries Inc
        5493007KB485C9OV5572
        
        90278Q108
        
          
        
        164032.00000000
        NS
        USD
        12440186.88000000
        0.551521861922
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ichor Holdings Ltd
        529900PS8R2JVLJ2H892
        
        000000000
        
          
        
        20400.00000000
        NS
        USD
        1097520.00000000
        0.048657329647
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LCI Industries
        549300E1B98YNJ1WIQ04
        
        50189K103
        
          
        
        110552.00000000
        NS
        USD
        14623818.56000000
        0.648330746027
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GrafTech International Ltd
        549300GY32W00XP57351
        
        384313508
        
          
        
        262913.00000000
        NS
        USD
        3215425.99000000
        0.142552338319
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Landstar System Inc
        254900CUQXQRL09MEI52
        
        515098101
        
          
        
        113754.00000000
        NS
        USD
        18776235.24000000
        0.832423525414
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Computer Services Inc
        N/A
        
        20539A105
        
          
        
        143975.00000000
        NS
        USD
        8422537.50000000
        0.373403841029
        Long
        EC
        CORP
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        SmileDirectClub Inc
        254900QFZEGKCURCJS93
        
        83192H106
        
          
        
        671695.00000000
        NS
        USD
        6925175.45000000
        0.307019958395
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Malibu Boats Inc
        N/A
        
        56117J100
        
          
        
        44038.00000000
        NS
        USD
        3508947.84000000
        0.155565303381
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        B Riley Financial Inc
        N/A
        
        05580M108
        
          
        
        51258.00000000
        NS
        USD
        2889926.04000000
        0.128121659728
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LKQ Corp
        DS830JTTZQN6GK0I2E41
        
        501889208
        
          
        
        101823.00000000
        NS
        USD
        4310167.59000000
        0.191086490690
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sykes Enterprises Inc
        549300JJ24XHULP7Q562
        
        871237103
        
          
        
        72800.00000000
        NS
        USD
        3209024.00000000
        0.142268513207
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Morneau Shepell Inc
        N/A
        
        61767W104
        
          
        
        73100.00000000
        NS
        
        1925949.71000000
        0.085384840298
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Unisys Corp
        549300T21W22FIJJOW08
        
        909214306
        
          
        
        125000.00000000
        NS
        USD
        3177500.00000000
        0.140870931696
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MKS Instruments Inc
        549300KEQATBHAGVF505
        
        55306N104
        
          
        
        120353.00000000
        NS
        USD
        22315853.26000000
        0.989348557145
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Concentrix Corp
        N/A
        
        20602D101
        
          
        
        12583.00000000
        NS
        USD
        1883926.76000000
        0.083521799505
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aspen Technology Inc
        529900B0MZWTVFG7CB96
        
        045327103
        
          
        
        8600.00000000
        NS
        USD
        1241238.00000000
        0.055028907479
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ACI Worldwide Inc
        5493003BPVMZUJ6F5C02
        
        004498101
        
          
        
        213837.00000000
        NS
        USD
        8136497.85000000
        0.360722590990
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Seneca Foods Corp
        N/A
        
        817070501
        
          
        
        94033.00000000
        NS
        USD
        4428013.97000000
        0.196311078998
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Misonix Inc
        N/A
        
        604871103
        
          
        
        79908.00000000
        NS
        USD
        1565397.72000000
        0.069400168463
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        PulteGroup Inc
        N/A
        
        745867101
        
          
        
        120400.00000000
        NS
        USD
        6313776.00000000
        0.279914243159
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Capital Bancshares Inc
        549300466Q2SXRX0YM48
        
        88224Q107
        
          
        
        37328.00000000
        NS
        USD
        2647301.76000000
        0.117365181876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PROG Holdings Inc
        549300DHYTLBOVRXIG52
        
        74319R101
        
          
        
        140567.00000000
        NS
        USD
        6085145.43000000
        0.269778160890
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Descartes Systems Group Inc/The
        875500NEPA7JI5EOMN45
        
        249906108
        
          
        
        183647.00000000
        NS
        USD
        11185938.77000000
        0.495916165673
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Brooks Automation Inc
        35ZN6X1ANPH25YN32Y17
        
        114340102
        
          
        
        103408.00000000
        NS
        USD
        8443263.20000000
        0.374322691908
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gentex Corp
        549300S3UD8XV1MN0287
        
        371901109
        
          
        
        294285.00000000
        NS
        USD
        10497145.95000000
        0.465379301377
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CIRCOR International Inc
        5493007701O01N3FQM69
        
        17273K109
        
          
        
        41800.00000000
        NS
        USD
        1455476.00000000
        0.064526911150
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natera Inc
        N/A
        
        632307104
        
          
        
        80300.00000000
        NS
        USD
        8153662.00000000
        0.361483544508
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stella-Jones Inc
        5493007LOVNNLYJ6KZ35
        
        000000000
        
          
        
        433311.00000000
        NS
        
        17577938.08000000
        0.779298352360
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Quaker Chemical Corp
        549300PJQ1R3WCWCPS54
        
        747316107
        
          
        
        73602.00000000
        NS
        USD
        17941959.54000000
        0.795436839293
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federated Government Obligations Fund
        254900VAJ9169N7JRF45
        
        60934N807
        
          
        
        7063418.00000000
        NS
        USD
        7063418.00000000
        0.313148788235
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Vishay Precision Group Inc
        N/A
        
        92835K103
        
          
        
        111915.00000000
        NS
        USD
        3448101.15000000
        0.152867732992
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriState Capital Holdings Inc
        5493003JKSPN0881WX29
        
        89678F100
        
          
        
        128261.00000000
        NS
        USD
        2957698.66000000
        0.131126283528
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Upland Software Inc
        549300NS277POYJ63W89
        
        91544A109
        
          
        
        367615.00000000
        NS
        USD
        17347751.85000000
        0.769093301634
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MasterCraft Boat Holdings Inc
        549300IXWX41555YJ117
        
        57637H103
        
          
        
        456539.00000000
        NS
        USD
        12139372.01000000
        0.538185568923
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Richelieu Hardware Ltd
        5493007VPNETW465DN04
        
        000000000
        
          
        
        342241.00000000
        NS
        
        11247356.81000000
        0.498639066229
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        First Bancshares Inc/The
        5493006DL5RXJODMAF36
        
        318916103
        
          
        
        206125.00000000
        NS
        USD
        7546236.25000000
        0.334553998847
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MSC Industrial Direct Co Inc
        0XVKH0LN6YGOWO2EGO17
        
        553530106
        
          
        
        52685.00000000
        NS
        USD
        4751660.15000000
        0.210659572756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kinsale Capital Group Inc
        529900QTUQHNZ6HOA508
        
        49714P108
        
          
        
        31300.00000000
        NS
        USD
        5158240.00000000
        0.228684838619
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Clarkson PLC
        2138007G6BGTEHI3OT22
        
        000000000
        
          
        
        184624.00000000
        NS
        
        6999368.60000000
        0.310309229257
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Quanex Building Products Corp
        5493000TL30VL5WOAW87
        
        747619104
        
          
        
        30700.00000000
        NS
        USD
        805261.00000000
        0.035700351637
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FARO Technologies Inc
        529900MFEFNOFP3YR823
        
        311642102
        
          
        
        157288.00000000
        NS
        USD
        13616422.16000000
        0.603668946041
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International Money Express Inc
        N/A
        
        46005L101
        
          
        
        666733.00000000
        NS
        USD
        10007662.33000000
        0.443678588993
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Logistics Holdings Inc
        N/A
        
        91388P105
        
          
        
        315775.00000000
        NS
        USD
        8308040.25000000
        0.368327732678
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atrion Corp
        N/A
        
        049904105
        
          
        
        8442.00000000
        NS
        USD
        5413939.02000000
        0.240020970540
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Digi International Inc
        529900KG656HGROI4N27
        
        253798102
        
          
        
        290693.00000000
        NS
        USD
        5520260.07000000
        0.244734596149
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Moelis & Co
        549300891QNU7VTQUR83
        
        60786M105
        
          
        
        70524.00000000
        NS
        USD
        3870357.12000000
        0.171587982215
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Minerals Technologies Inc
        549300D3I1QU67GP6403
        
        603158106
        
          
        
        193984.00000000
        NS
        USD
        14610874.88000000
        0.647756902357
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Haemonetics Corp
        549300ZEL6TXZS6F5F95
        
        405024100
        
          
        
        40969.00000000
        NS
        USD
        4547968.69000000
        0.201629138217
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northwest Pipe Co
        54930056VW2CRCZ9RE54
        
        667746101
        
          
        
        134770.00000000
        NS
        USD
        4504013.40000000
        0.199680429277
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cass Information Systems Inc
        549300G7XPIPR7SJ2F38
        
        14808P109
        
          
        
        72489.00000000
        NS
        USD
        3354066.03000000
        0.148698790437
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UniFirst Corp/MA
        5493003XBTNWBC8UK019
        
        904708104
        
          
        
        32385.00000000
        NS
        USD
        7244848.35000000
        0.321192301199
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HEICO Corp
        529900O1DTDLCJ7L0I14
        
        422806208
        
          
        
        42280.00000000
        NS
        USD
        4803008.00000000
        0.212936022629
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Builders FirstSource Inc
        549300W0SKP6L3H7DP63
        
        12008R107
        
          
        
        185780.00000000
        NS
        USD
        8614618.60000000
        0.381919543159
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Saga Communications Inc
        N/A
        
        786598300
        
          
        
        51695.00000000
        NS
        USD
        1129535.75000000
        0.050076712348
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chicken Soup For The Soul Entertainment Inc
        549300THRJ0EJ1DIID72
        
        16842Q100
        
          
        
        29000.00000000
        NS
        USD
        697740.00000000
        0.030933527578
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthcare Services Group Inc
        529900GVZ1D2FBYMS719
        
        421906108
        
          
        
        265352.00000000
        NS
        USD
        7437816.56000000
        0.329747332365
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Signature Bank/New York NY
        VLP5AP0XK2GM6GKD1007
        
        82669G104
        
          
        
        46026.00000000
        NS
        USD
        10406478.60000000
        0.461359665163
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        New York Times Co/The
        529900J1WEMMIW7BOH57
        
        650111107
        
          
        
        174500.00000000
        NS
        USD
        8833190.00000000
        0.391609663304
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        John Bean Technologies Corp
        5493007CT6ATBZ2L6826
        
        477839104
        
          
        
        112450.00000000
        NS
        USD
        14994083.00000000
        0.664746008541
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Great Lakes Dredge & Dock Corp
        549300H65E3MZ1CX0P05
        
        390607109
        
          
        
        425625.00000000
        NS
        USD
        6205612.50000000
        0.275118934577
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CyberOptics Corp
        52HQVAW3POG1MULTHE15
        
        232517102
        
          
        
        52380.00000000
        NS
        USD
        1360308.60000000
        0.060307770220
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aspen Aerogels Inc
        N/A
        
        04523Y105
        
          
        
        74254.00000000
        NS
        USD
        1510326.36000000
        0.066958640912
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IAMGOLD Corp
        254900E7II30XAB9LA72
        
        450913108
        
          
        
        795894.00000000
        NS
        USD
        2371764.12000000
        0.105149526781
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Glacier Bancorp Inc
        549300SMJAUKZB5D7V74
        
        37637Q105
        
          
        
        58545.00000000
        NS
        USD
        3341748.60000000
        0.148152710865
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alamos Gold Inc
        549300TDOX73YGYXE959
        
        000000000
        
          
        
        1987600.00000000
        NS
        
        15531337.63000000
        0.688564595570
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Tower Semiconductor Ltd
        54930086ZSNXZOUX0C54
        
        000000000
        
          
        
        194400.00000000
        NS
        USD
        5450976.00000000
        0.241662963894
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Encompass Health Corp
        549300FVRPM9DRQZRG64
        
        29261A100
        
          
        
        119160.00000000
        NS
        USD
        9759204.00000000
        0.432663465017
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Legacy Housing Corp
        N/A
        
        52472M101
        
          
        
        192025.00000000
        NS
        USD
        3404603.25000000
        0.150939301930
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Five9 Inc
        254900MXP6EWY0SFFR59
        
        338307101
        
          
        
        42918.00000000
        NS
        USD
        6709370.94000000
        0.297452505244
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Wolverine World Wide Inc
        549300OVC7PK14LQ8D87
        
        978097103
        
          
        
        163155.00000000
        NS
        USD
        6252099.60000000
        0.277179888500
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FirstService Corp
        5493000XUDIV75BCF118
        
        33767E202
        
          
        
        8367.00000000
        NS
        USD
        1239905.73000000
        0.054969842769
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Valmont Industries Inc
        5493009ZGZJJ8F77JN08
        
        920253101
        
          
        
        69025.00000000
        NS
        USD
        16405171.75000000
        0.727305060285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ACE Convergence Acquisition Corp
        N/A
        
        000000000
        
          
        
        293700.00000000
        NS
        USD
        2928189.00000000
        0.129818005542
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          
        
      
      
        Lattice Semiconductor Corp
        549300LRBBPZDQ2II567
        
        518415104
        
          
        
        230271.00000000
        NS
        USD
        10366800.42000000
        0.459600577143
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Morningstar Inc
        529900YGNQPOVAXQ7F29
        
        617700109
        
          
        
        63937.00000000
        NS
        USD
        14388382.48000000
        0.637892949034
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNB Financial Corp/PA
        254900RUYUOKD91VNX69
        
        126128107
        
          
        
        32130.00000000
        NS
        USD
        790719.30000000
        0.035055661526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ProAssurance Corp
        54930015E5J57R675E89
        
        74267C106
        
          
        
        273526.00000000
        NS
        USD
        7319555.76000000
        0.324504371207
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Scientific Games Corp
        529900JXALYBOHXKFM62
        
        80874P109
        
          
        
        196200.00000000
        NS
        USD
        7557624.00000000
        0.335058862089
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CIT Group Inc
        N8O96ZZJQRFYQUJY7K79
        
        125581801
        
          
        
        113630.00000000
        NS
        USD
        5853081.30000000
        0.259489855554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Haynes International Inc
        549300I9MS5UZLRFDO40
        
        420877201
        
          
        
        53614.00000000
        NS
        USD
        1590727.38000000
        0.070523130793
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TopBuild Corp
        5493007YSKHOL4RWII46
        
        89055F103
        
          
        
        17827.00000000
        NS
        USD
        3733508.61000000
        0.165520955589
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Blackbaud Inc
        54930056X3HKFMNG3754
        
        09227Q100
        
          
        
        34116.00000000
        NS
        USD
        2424965.28000000
        0.107508141093
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sprott Inc
        254900QHJAD5TP2JNM15
        
        852066208
        
          
        
        169894.00000000
        NS
        
        6453998.22000000
        0.286130839470
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Reliance Steel & Aluminum Co
        549300E287ZOFT3C5Z56
        
        759509102
        
          
        
        49834.00000000
        NS
        USD
        7589219.86000000
        0.336459629433
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QAD Inc
        N/A
        
        74727D306
        
          
        
        42941.00000000
        NS
        USD
        2859011.78000000
        0.126751110363
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Onto Innovation Inc
        254900RXZVN73CHOO062
        
        683344105
        
          
        
        157520.00000000
        NS
        USD
        10350639.20000000
        0.458884087412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Element Solutions Inc
        549300FLGN6P5CU20J91
        
        28618M106
        
          
        
        954719.00000000
        NS
        USD
        17461810.51000000
        0.774149965584
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heidrick & Struggles International Inc
        5493006284N2J367VB57
        
        422819102
        
          
        
        315319.00000000
        NS
        USD
        11263194.68000000
        0.499341220596
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PAR Technology Corp
        549300HYPTHBJQINVG57
        
        698884103
        
          
        
        214655.00000000
        NS
        USD
        14040583.55000000
        0.622473669943
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RenaissanceRe Holdings Ltd
        EK6GB9U3U58PDI411C94
        
        000000000
        
          
        
        20515.00000000
        NS
        USD
        3287528.75000000
        0.145748934064
        Long
        EC
        CORP
        BM
        N
        
        1
        
          N
          N
          N
        
      
      
        Forrester Research Inc
        549300UUSFXYLJ80Z897
        
        346563109
        
          
        
        272487.00000000
        NS
        USD
        11575247.76000000
        0.513175747148
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEI Investments Co
        5LJTIFADGZ6XH1RVOC11
        
        784117103
        
          
        
        273119.00000000
        NS
        USD
        16641140.67000000
        0.737766480147
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Repay Holdings Corp
        N/A
        
        76029L100
        
          
        
        346100.00000000
        NS
        USD
        8126428.00000000
        0.360276155380
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Encore Wire Corp
        N/A
        
        292562105
        
          
        
        62234.00000000
        NS
        USD
        4177768.42000000
        0.185216720609
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
      
    
    
      2021-04-27
      ROYCE FUND
      John Schwartz
      John Schwartz
      Associate General Counsel
    
  
  XXXX

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

 

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

 

 

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

 

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

 

 

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

 

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

 

 

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

 

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

 

 

 

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

 

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

 

  

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

 

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

 

 

 

SCHEDULES OF INVESTMENTS 

ROYCE PREMIER FUND 

MARCH 31, 2021 (UNAUDITED)

 

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

 

 

SCHEDULES OF INVESTMENTS 

ROYCE SMALL-CAP VALUE FUND 

MARCH 31, 2021 (UNAUDITED)

 

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

 

 

 

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

 

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

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

 

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

 

 

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

 

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

 

ADR – American Depository Receipt

 

1

Non-income producing.

2

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

3

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

4

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

5

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

 

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

 

Tax Information:

At March 31, 2021, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

 

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

 

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

 

Valuation of Investments: 

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

 

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

Level 1 –

quoted prices in active markets for identical securities.

Level 2 –

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

Level 3 –

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

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

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

 

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

Level 3 Reconciliation:

 

Balance as

Realized

Unrealized

Balance as

of 12/31/20

Purchases

Sales

Gain (Loss)

Gain (Loss)

of 3/31/21

Royce Micro-Cap Fund

Common Stocks

$

690,000

$

–

$

–

$

–

$

–

$

690,000

Royce Pennsylvania Mutual Fund

Common Stocks

0

–

–

–

–

0

Royce Total Return Fund

Common Stocks

506,127

–

516,640

(3,567,783

)

3,578,296

0

 

Repurchase Agreements:

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

 

Securities Lending:

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Transactions in Affiliated Companies:

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

 

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

 

1

Non-income producing.

2

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

 

Other information regarding the Fund is available in the Fund’s most recent Prospectus and Report to Shareholders. This information is available through Royce Investment Partners (www.royceinvest.com) and on the Securities and Exchange Commission’s website (www.sec.gov).