SCHEDULE
OF INVESTMENTS
ROYCE
SMALL-CAP TRUST
SEPTEMBER
30, 2024 (UNAUDITED)
| | |
SHARES | | |
VALUE | |
| COMMON STOCKS – 98.4% | |
| | | |
| | |
| | |
| | | |
| | |
| Communication Services – 2.5% | |
| | | |
| | |
| Diversified Telecommunication Services - 0.2% | |
| | | |
| | |
| Cogent Communications Holdings 1 | |
| 18,181 | | |
$ | 1,380,301 | |
| IDT Corporation Cl. B | |
| 62,622 | | |
| 2,390,282 | |
| Liberty
Latin America Cl. C 1,2,3 | |
| 83,228 | | |
| 789,834 | |
| | |
| | | |
| 4,560,417 | |
| Entertainment - 0.3% | |
| | | |
| | |
| IMAX Corporation 3 | |
| 262,660 | | |
| 5,387,156 | |
| Interactive Media & Services - 1.6% | |
| | | |
| | |
| Cars.com 3 | |
| 182,200 | | |
| 3,053,672 | |
| QuinStreet 1,3 | |
| 203,754 | | |
| 3,897,814 | |
| Reddit Cl. A 3 | |
| 40,000 | | |
| 2,636,800 | |
| Shutterstock | |
| 83,950 | | |
| 2,969,312 | |
| TripAdvisor 3 | |
| 57,090 | | |
| 827,234 | |
| Yelp 3 | |
| 44,076 | | |
| 1,546,186 | |
| Ziff Davis 1,3 | |
| 359,944 | | |
| 17,514,875 | |
| | |
| | | |
| 32,445,893 | |
| Media - 0.4% | |
| | | |
| | |
| AMC Networks Cl. A 3 | |
| 129,951 | | |
| 1,129,274 | |
| John Wiley & Sons Cl. A | |
| 32,953 | | |
| 1,589,982 | |
| Scholastic Corporation | |
| 42,194 | | |
| 1,350,630 | |
| TechTarget 1,2,3 | |
| 30,000 | | |
| 733,500 | |
| Thryv Holdings 3 | |
| 133,046 | | |
| 2,292,383 | |
| | |
| | | |
| 7,095,769 | |
| Wireless Telecommunication Services - 0.0% | |
| | | |
| | |
| Gogo 3 | |
| 123,910 | | |
| 889,674 | |
| Total | |
| | | |
| 50,378,909 | |
| | |
| | | |
| | |
| Consumer Discretionary – 8.7% | |
| | | |
| | |
| Automobile Components - 1.8% | |
| | | |
| | |
| Dorman
Products 1,2,3 | |
| 128,067 | | |
| 14,486,939 | |
| Gentex Corporation 1 | |
| 66,445 | | |
| 1,972,752 | |
| LCI Industries 1 | |
| 83,706 | | |
| 10,089,921 | |
| Modine Manufacturing 3 | |
| 35,528 | | |
| 4,717,763 | |
| Patrick Industries 1 | |
| 31 | | |
| 4,414 | |
| PHINIA | |
| 15,109 | | |
| 695,467 | |
| Standard Motor Products | |
| 40,437 | | |
| 1,342,509 | |
| Visteon Corporation 3 | |
| 24,480 | | |
| 2,331,475 | |
| | |
| | | |
| 35,641,240 | |
| Broadline Retail - 0.2% | |
| | | |
| | |
| Ollie’s Bargain Outlet Holdings 3 | |
| 40,386 | | |
| 3,925,519 | |
| Diversified Consumer Services - 0.8% | |
| | | |
| | |
| Adtalem Global Education 3 | |
| 5,768 | | |
| 435,369 | |
| Bright Horizons Family Solutions 3 | |
| 4,000 | | |
| 560,520 | |
| Perdoceo Education | |
| 78,696 | | |
| 1,750,199 | |
| Stride 3 | |
| 26,578 | | |
| 2,267,369 | |
| Universal Technical Institute 3 | |
| 639,032 | | |
| 10,390,660 | |
| | |
| | | |
| 15,404,117 | |
| Hotels, Restaurants & Leisure - 0.3% | |
| | | |
| | |
| Bloomin’ Brands 1 | |
| 2,891 | | |
| 47,788 | |
| DraftKings Cl. A 3 | |
| 8,000 | | |
| 313,600 | |
| Kura Sushi USA Cl. A 3 | |
| 4,000 | | |
| 322,240 | |
| Lindblad Expeditions Holdings 3 | |
| 373,700 | | |
| 3,456,725 | |
| Monarch Casino & Resort | |
| 16,999 | | |
| 1,347,511 | |
| | |
| | | |
| 5,487,864 | |
| Household Durables - 1.1% | |
| | | |
| | |
| Cavco
Industries 1,2,3 | |
| 15,793 | | |
| 6,763,194 | |
| Champion Homes 3 | |
| 29,355 | | |
| 2,784,322 | |
| Ethan Allen Interiors 1 | |
| 13,459 | | |
| 429,208 | |
| Installed Building Products | |
| 13,696 | | |
| 3,372,914 | |
| M/I Homes 3 | |
| 30,246 | | |
| 5,182,955 | |
| Meritage Homes | |
| 7,562 | | |
| 1,550,739 | |
| Tri Pointe Homes 3 | |
| 35,532 | | |
| 1,609,955 | |
| Worthington Enterprises | |
| 35,681 | | |
| 1,478,977 | |
| | |
| | | |
| 23,172,264 | |
| Leisure Products - 0.4% | |
| | | |
| | |
| Brunswick Corporation 1 | |
| 48,749 | | |
| 4,086,141 | |
| Vista Outdoor 3 | |
| 13,132 | | |
| 514,512 | |
| YETI Holdings 3 | |
| 90,078 | | |
| 3,695,900 | |
| | |
| | | |
| 8,296,553 | |
| Specialty Retail - 3.4% | |
| | | |
| | |
| Abercrombie & Fitch Cl. A 3 | |
| 7,457 | | |
| 1,043,234 | |
| Academy Sports & Outdoors | |
| 190,100 | | |
| 11,094,236 | |
| Advance Auto Parts | |
| 178,950 | | |
| 6,977,261 | |
| American Eagle Outfitters | |
| 29,343 | | |
| 656,990 | |
| America’s
Car-Mart 1,2,3 | |
| 87,700 | | |
| 3,676,384 | |
| Asbury Automotive Group 3 | |
| 15,500 | | |
| 3,698,145 | |
| AutoCanada 3 | |
| 625,600 | | |
| 7,442,718 | |
| Guess? | |
| 49,808 | | |
| 1,002,635 | |
| Monro | |
| 41,756 | | |
| 1,205,078 | |
| Murphy USA | |
| 15,803 | | |
| 7,788,825 | |
| ODP Corporation (The) 3 | |
| 32,067 | | |
| 953,993 | |
| 1-800-FLOWERS.COM Cl. A 3 | |
| 76,000 | | |
| 602,680 | |
| OneWater Marine Cl. A 3 | |
| 209,873 | | |
| 5,018,063 | |
| Signet Jewelers | |
| 94,382 | | |
| 9,734,560 | |
| Valvoline 3 | |
| 204,548 | | |
| 8,560,334 | |
| | |
| | | |
| 69,455,136 | |
| Textiles, Apparel & Luxury Goods - 0.7% | |
| | | |
| | |
| Carter’s | |
| 32,352 | | |
| 2,102,233 | |
| G-III Apparel Group 3 | |
| 33,186 | | |
| 1,012,837 | |
| Kontoor Brands | |
| 16,895 | | |
| 1,381,673 | |
| Movado Group | |
| 91,275 | | |
| 1,697,715 | |
| Ralph Lauren Cl. A | |
| 14,350 | | |
| 2,782,034 | |
| Steven Madden | |
| 112,321 | | |
| 5,502,606 | |
| | |
| | | |
| 14,479,098 | |
| Total | |
| | | |
| 175,861,791 | |
| | |
| | | |
| | |
| Consumer Staples – 2.0% | |
| | | |
| | |
| Beverages - 0.1% | |
| | | |
| | |
| Celsius Holdings 3 | |
| 1,000 | | |
| 31,360 | |
| Primo Water | |
| 88,896 | | |
| 2,244,624 | |
| | |
| | | |
| 2,275,984 | |
| Consumer Staples Distribution & Retail - 0.1% | |
| | | |
| | |
| PriceSmart | |
| 24,094 | | |
| 2,211,347 | |
| Food Products - 1.2% | |
| | | |
| | |
| Cal-Maine Foods | |
| 7,633 | | |
| 571,254 | |
| Freshpet 1,3 | |
| 3,500 | | |
| 478,695 | |
| John B. Sanfilippo & Son | |
| 17,763 | | |
| 1,675,228 | |
| Nomad Foods 1 | |
| 486,865 | | |
| 9,279,647 | |
| Seneca Foods Cl. A 3 | |
| 183,460 | | |
| 11,435,062 | |
| WK Kellogg | |
| 71,987 | | |
| 1,231,697 | |
| | |
| | | |
| 24,671,583 | |
| Household Products - 0.1% | |
| | | |
| | |
| Central Garden & Pet 3 | |
| 28,350 | | |
| 1,033,924 | |
| Central Garden & Pet Cl. A 3 | |
| 3,379 | | |
| 106,101 | |
| WD-40 Company | |
| 1,799 | | |
| 463,926 | |
| | |
| | | |
| 1,603,951 | |
| Personal Care Products - 0.5% | |
| | | |
| | |
| Inter Parfums 1 | |
| 67,092 | | |
| 8,687,072 | |
| USANA Health Sciences 3 | |
| 30,892 | | |
| 1,171,425 | |
| | |
| | | |
| 9,858,497 | |
| Tobacco - 0.0% | |
| | | |
| | |
| Universal Corporation | |
| 11,105 | | |
| 589,787 | |
| Total | |
| | | |
| 41,211,149 | |
| | |
| | | |
| | |
| Energy – 2.0% | |
| | | |
| | |
| Energy Equipment & Services - 1.1% | |
| | | |
| | |
| Bristow Group 1,3 | |
| 219,464 | | |
| 7,613,206 | |
| Cactus Cl. A | |
| 10,960 | | |
| 653,983 | |
| Core Laboratories 1 | |
| 108,413 | | |
| 2,008,893 | |
| Helmerich & Payne | |
| 31,688 | | |
| 963,949 | |
| Liberty Energy Cl. A | |
| 47,855 | | |
| 913,552 | |
| Pason Systems | |
| 901,197 | | |
| 8,882,366 | |
| RPC | |
| 248,385 | | |
| 1,579,729 | |
| Tidewater 3 | |
| 2,750 | | |
| 197,422 | |
| | |
| | | |
| 22,813,100 | |
| Oil, Gas & Consumable Fuels - 0.9% | |
| | | |
| | |
| California Resources | |
| 21,286 | | |
| 1,116,877 | |
| CONSOL Energy 1 | |
| 8,628 | | |
| 902,920 | |
| Crescent Energy Cl. A | |
| 92,678 | | |
| 1,014,824 | |
| CVR Energy | |
| 93,631 | | |
| 2,156,322 | |
| Dorchester Minerals L.P. 1 | |
| 279,148 | | |
| 8,416,312 | |
| Matador Resources | |
| 19,580 | | |
| 967,644 | |
| Northern Oil & Gas | |
| 26,470 | | |
| 937,303 | |
| Par Pacific Holdings 3 | |
| 11,457 | | |
| 201,643 | |
| REX American Resources 3 | |
| 30,990 | | |
| 1,434,527 | |
| | |
| | | |
| 17,148,372 | |
| Total | |
| | | |
| 39,961,472 | |
| | |
| | | |
| | |
| Financials – 19.6% | |
| | | |
| | |
| Banks - 4.0% | |
| | | |
| | |
| Atlantic Union Bankshares | |
| 36,000 | | |
| 1,356,120 | |
| Axos Financial 3 | |
| 22,919 | | |
| 1,441,147 | |
| Banc of California | |
| 230,698 | | |
| 3,398,181 | |
| Bank of N.T. Butterfield & Son 1 | |
| 226,503 | | |
| 8,353,431 | |
| BankUnited 1 | |
| 262,336 | | |
| 9,559,524 | |
| Cathay General Bancorp | |
| 44,805 | | |
| 1,924,375 | |
| Central Pacific Financial | |
| 26,738 | | |
| 789,038 | |
| Customers Bancorp 3 | |
| 23,423 | | |
| 1,087,998 | |
| Dime Community Bancshares | |
| 19,002 | | |
| 547,258 | |
| Eagle Bancorp | |
| 59,998 | | |
| 1,354,755 | |
| First Bancorp | |
| 14,000 | | |
| 582,260 | |
| First Citizens BancShares Cl. A | |
| 5,087 | | |
| 9,364,913 | |
| First Commonwealth Financial | |
| 39,517 | | |
| 677,717 | |
| First Financial Bancorp | |
| 80,853 | | |
| 2,039,921 | |
| Fulton Financial | |
| 39,362 | | |
| 713,633 | |
| Hanmi Financial | |
| 184,712 | | |
| 3,435,643 | |
| HBT Financial | |
| 20,000 | | |
| 437,600 | |
| Hingham Institution for Savings | |
| 14,999 | | |
| 3,649,407 | |
| Home BancShares | |
| 152,117 | | |
| 4,120,849 | |
| Hope Bancorp | |
| 49,189 | | |
| 617,814 | |
| OceanFirst Financial | |
| 40,266 | | |
| 748,545 | |
| OFG Bancorp | |
| 2,076 | | |
| 93,254 | |
| Origin Bancorp | |
| 231,986 | | |
| 7,460,670 | |
| Pathward Financial | |
| 12,614 | | |
| 832,650 | |
| Preferred Bank | |
| 21,970 | | |
| 1,763,092 | |
| Provident Financial Services | |
| 41,284 | | |
| 766,231 | |
| S&T Bancorp | |
| 41,545 | | |
| 1,743,644 | |
| Seacoast Banking Corporation of Florida | |
| 15,500 | | |
| 413,075 | |
| TowneBank | |
| 20,000 | | |
| 661,200 | |
| TrustCo Bank Corp NY | |
| 15,835 | | |
| 523,663 | |
| Veritex Holdings | |
| 31,816 | | |
| 837,397 | |
| WaFd | |
| 32,663 | | |
| 1,138,306 | |
| Westamerica Bancorporation | |
| 19,170 | | |
| 947,381 | |
| Western Alliance Bancorp 1 | |
| 71,738 | | |
| 6,204,620 | |
| WSFS Financial | |
| 29,681 | | |
| 1,513,434 | |
| | |
| | | |
| 81,098,746 | |
| Capital Markets - 6.8% | |
| | | |
| | |
| Ares Management Cl. A 1 | |
| 34,800 | | |
| 5,423,232 | |
| Artisan Partners Asset Management Cl. A 1 | |
| 244,515 | | |
| 10,592,390 | |
| Bolsa Mexicana de Valores | |
| 1,723,106 | | |
| 2,788,999 | |
| BrightSphere Investment Group | |
| 45,916 | | |
| 1,166,266 | |
| Brookfield Asset Management Cl. A | |
| 7,378 | | |
| 348,906 | |
| Cohen & Steers | |
| 8,369 | | |
| 803,006 | |
| Donnelley
Financial Solutions 1,2,3 | |
| 35,500 | | |
| 2,336,965 | |
| Evercore Cl. A | |
| 26,511 | | |
| 6,716,297 | |
| GCM Grosvenor Cl. A | |
| 801,494 | | |
| 9,072,912 | |
| Houlihan Lokey Cl. A 1 | |
| 32,953 | | |
| 5,207,233 | |
| Lazard 1 | |
| 104,915 | | |
| 5,285,618 | |
| Marex Group | |
| 256,417 | | |
| 6,056,569 | |
| MarketWise Cl. A | |
| 500,000 | | |
| 334,150 | |
| Morningstar 1 | |
| 15,516 | | |
| 4,951,466 | |
| Onex Corporation | |
| 171,437 | | |
| 12,008,005 | |
| Perella Weinberg Partners Cl. A | |
| 196,149 | | |
| 3,787,637 | |
| SEI Investments 1 | |
| 324,994 | | |
| 22,486,335 | |
| Silvercrest Asset Management Group Cl. A | |
| 27,000 | | |
| 465,480 | |
| Sprott | |
| 264,413 | | |
| 11,458,646 | |
| Tel Aviv Stock Exchange 4 | |
| 221,179 | | |
| 2,092,386 | |
| TMX Group | |
| 478,421 | | |
| 14,995,206 | |
| Tradeweb Markets Cl. A | |
| 53,197 | | |
| 6,578,873 | |
| Virtu Financial Cl. A | |
| 65,000 | | |
| 1,979,900 | |
| | |
| | | |
| 136,936,477 | |
| Consumer Finance - 1.1% | |
| | | |
| | |
| Bread Financial Holdings 1 | |
| 113,616 | | |
| 5,405,849 | |
| Encore
Capital Group 1,2,3 | |
| 25,000 | | |
| 1,181,750 | |
| Enova International 3 | |
| 61,604 | | |
| 5,161,799 | |
| FirstCash Holdings | |
| 47,183 | | |
| 5,416,609 | |
| PRA Group 3 | |
| 98,876 | | |
| 2,210,867 | |
| PROG Holdings | |
| 37,270 | | |
| 1,807,222 | |
| World Acceptance 3 | |
| 4,624 | | |
| 545,540 | |
| | |
| | | |
| 21,729,636 | |
| Financial Services - 1.6% | |
| | | |
| | |
| Banco Latinoamericano de Comercio Exterior Cl. E | |
| 73,446 | | |
| 2,386,261 | |
| Burford Capital | |
| 175,000 | | |
| 2,320,500 | |
| Compass
Diversified Holdings 1,2 | |
| 99,872 | | |
| 2,210,167 | |
| ECN Capital | |
| 888,800 | | |
| 1,445,791 | |
| EVERTEC | |
| 9,593 | | |
| 325,107 | |
| Jackson Financial | |
| 9,318 | | |
| 850,081 | |
| Merchants Bancorp | |
| 58,992 | | |
| 2,652,280 | |
| NCR Atleos 3 | |
| 21,973 | | |
| 626,890 | |
| NewtekOne | |
| 314,894 | | |
| 3,923,579 | |
| NMI Holdings 3 | |
| 133,007 | | |
| 5,478,558 | |
| Payoneer Global 3 | |
| 209,925 | | |
| 1,580,735 | |
| Radian Group | |
| 83,689 | | |
| 2,903,171 | |
| Repay Holdings Cl. A 3 | |
| 146,697 | | |
| 1,197,048 | |
| Shift4 Payments Cl. A 3 | |
| 50,000 | | |
| 4,430,000 | |
| WEX 3 | |
| 5,470 | | |
| 1,147,223 | |
| | |
| | | |
| 33,477,391 | |
| Insurance - 6.1% | |
| | | |
| | |
| Abacus Life 3 | |
| 40,000 | | |
| 404,800 | |
| Ambac Financial Group 3 | |
| 36,919 | | |
| 413,862 | |
| Assured Guaranty | |
| 323,561 | | |
| 25,729,571 | |
| Axis Capital Holdings | |
| 45,304 | | |
| 3,606,652 | |
| Berkley (W.R.) | |
| 110,054 | | |
| 6,243,363 | |
| E-L Financial | |
| 21,650 | | |
| 19,209,583 | |
| Employers Holdings | |
| 34,393 | | |
| 1,649,832 | |
| Erie Indemnity Cl. A | |
| 22,600 | | |
| 12,199,932 | |
| First American Financial | |
| 20,000 | | |
| 1,320,200 | |
| Genworth Financial 3 | |
| 233,645 | | |
| 1,600,468 | |
| Hagerty Cl. A 3 | |
| 485,700 | | |
| 4,939,569 | |
| HCI Group | |
| 5,371 | | |
| 575,019 | |
| International General Insurance Holdings | |
| 566,599 | | |
| 10,765,381 | |
| Lincoln National | |
| 37,296 | | |
| 1,175,197 | |
| ProAssurance
Corporation 1,2,3 | |
| 298,675 | | |
| 4,492,072 | |
| RenaissanceRe Holdings | |
| 29,646 | | |
| 8,075,570 | |
| RLI Corp. 1 | |
| 37,118 | | |
| 5,752,548 | |
| SiriusPoint 3 | |
| 132,883 | | |
| 1,905,542 | |
| Skyward Specialty Insurance Group 3 | |
| 19,596 | | |
| 798,145 | |
| White Mountains Insurance Group | |
| 7,074 | | |
| 11,998,919 | |
| | |
| | | |
| 122,856,225 | |
| Total | |
| | | |
| 396,098,475 | |
| | |
| | | |
| | |
| Health Care – 10.7% | |
| | | |
| | |
| Biotechnology - 1.5% | |
| | | |
| | |
| Alkermes 3 | |
| 52,628 | | |
| 1,473,058 | |
| Alvotech 3 | |
| 19,000 | | |
| 226,100 | |
| ARS Pharmaceuticals 3 | |
| 63,500 | | |
| 920,750 | |
| Avid Bioservices 3 | |
| 246,500 | | |
| 2,805,170 | |
| BridgeBio Pharma 3 | |
| 65,201 | | |
| 1,660,018 | |
| Catalyst Pharmaceuticals 3 | |
| 502,207 | | |
| 9,983,875 | |
| Dynavax Technologies 3 | |
| 99,453 | | |
| 1,107,906 | |
| Halozyme Therapeutics 3 | |
| 27,950 | | |
| 1,599,858 | |
| Insmed 3 | |
| 50,735 | | |
| 3,703,655 | |
| Ironwood Pharmaceuticals Cl. A 3 | |
| 650,242 | | |
| 2,678,997 | |
| PureTech Health 3,4 | |
| 120,000 | | |
| 235,905 | |
| United Therapeutics 3 | |
| 10,000 | | |
| 3,583,500 | |
| Viking Therapeutics 3 | |
| 7,093 | | |
| 449,058 | |
| | |
| | | |
| 30,427,850 | |
| Health Care Equipment & Supplies - 4.2% | |
| | | |
| | |
| Alphatec Holdings 3 | |
| 419,219 | | |
| 2,330,858 | |
| Embecta Corp. | |
| 62,659 | | |
| 883,492 | |
| Enovis Corporation 3 | |
| 572,942 | | |
| 24,665,153 | |
| Envista Holdings 3 | |
| 80,706 | | |
| 1,594,751 | |
| Haemonetics Corporation 3 | |
| 263,752 | | |
| 21,200,386 | |
| Integer
Holdings 1,2,3 | |
| 45,700 | | |
| 5,941,000 | |
| Omnicell 3 | |
| 14,958 | | |
| 652,169 | |
| OraSure Technologies 3 | |
| 71,524 | | |
| 305,407 | |
| QuidelOrtho Corporation 3 | |
| 37,679 | | |
| 1,718,162 | |
| RxSight 3 | |
| 25,215 | | |
| 1,246,377 | |
| TransMedics Group 3 | |
| 150,000 | | |
| 23,550,000 | |
| Varex Imaging 3 | |
| 37,500 | | |
| 447,000 | |
| | |
| | | |
| 84,534,755 | |
| Health Care Providers & Services - 1.1% | |
| | | |
| | |
| Addus HomeCare 1,3 | |
| 7,784 | | |
| 1,035,505 | |
| AMN
Healthcare Services 1,2,3 | |
| 20,474 | | |
| 867,893 | |
| Astrana Health 3 | |
| 11,940 | | |
| 691,804 | |
| CorVel Corporation 3 | |
| 960 | | |
| 313,814 | |
| Cross Country Healthcare 3 | |
| 127,100 | | |
| 1,708,224 | |
| Hims & Hers Health Cl. A 3 | |
| 38,000 | | |
| 699,960 | |
| Owens & Minor 3 | |
| 73,829 | | |
| 1,158,377 | |
| PACS Group 3 | |
| 17,648 | | |
| 705,391 | |
| Pediatrix Medical Group 3 | |
| 183,828 | | |
| 2,130,567 | |
| Premier Cl. A | |
| 21,293 | | |
| 425,860 | |
| Select Medical Holdings | |
| 95,900 | | |
| 3,344,033 | |
| Surgery Partners 3 | |
| 272,205 | | |
| 8,775,889 | |
| | |
| | | |
| 21,857,317 | |
| Health Care Technology - 0.3% | |
| | | |
| | |
| Evolent Health Cl. A 3 | |
| 20,000 | | |
| 565,600 | |
| Simulations Plus 1 | |
| 74,858 | | |
| 2,396,953 | |
| Veradigm 3,5 | |
| 232,501 | | |
| 2,255,260 | |
| | |
| | | |
| 5,217,813 | |
| Life Sciences Tools & Services - 2.4% | |
| | | |
| | |
| Azenta 1,2,3 | |
| 295,120 | | |
| 14,295,613 | |
| BioLife Solutions 3 | |
| 142,252 | | |
| 3,561,990 | |
| Bio-Techne 1 | |
| 130,411 | | |
| 10,423,751 | |
| Maravai LifeSciences Holdings Cl. A 3 | |
| 476,346 | | |
| 3,958,435 | |
| Mesa Laboratories 1 | |
| 102,093 | | |
| 13,257,797 | |
| Stevanato Group | |
| 172,899 | | |
| 3,457,980 | |
| | |
| | | |
| 48,955,566 | |
| Pharmaceuticals - 1.2% | |
| | | |
| | |
| Amphastar Pharmaceuticals 3 | |
| 6,630 | | |
| 321,754 | |
| Axsome Therapeutics 3 | |
| 5,000 | | |
| 449,350 | |
| Collegium Pharmaceutical 3 | |
| 40,441 | | |
| 1,562,640 | |
| Corcept Therapeutics 3 | |
| 280,800 | | |
| 12,995,424 | |
| Harmony
Biosciences Holdings 1,2,3 | |
| 75,070 | | |
| 3,002,800 | |
| Innoviva 3 | |
| 49,627 | | |
| 958,298 | |
| Intra-Cellular Therapies 3 | |
| 10,000 | | |
| 731,700 | |
| Ligand Pharmaceuticals 3 | |
| 4,659 | | |
| 466,319 | |
| Prestige Consumer Healthcare 3 | |
| 56,300 | | |
| 4,059,230 | |
| | |
| | | |
| 24,547,515 | |
| Total | |
| | | |
| 215,540,816 | |
| | |
| | | |
| | |
| Industrials – 25.3% | |
| | | |
| | |
| Aerospace & Defense - 1.6% | |
| | | |
| | |
| AeroVironment 3 | |
| 2,000 | | |
| 401,000 | |
| HEICO
Corporation 1,2 | |
| 31,030 | | |
| 8,113,724 | |
| HEICO Corporation Cl. A 1 | |
| 36,533 | | |
| 7,443,964 | |
| Leonardo DRS 3 | |
| 371,340 | | |
| 10,479,215 | |
| Magellan Aerospace | |
| 943,092 | | |
| 6,478,114 | |
| National Presto Industries | |
| 6,844 | | |
| 514,258 | |
| | |
| | | |
| 33,430,275 | |
| Air Freight & Logistics - 0.3% | |
| | | |
| | |
| Forward Air 1,3 | |
| 81,064 | | |
| 2,869,666 | |
| Hub Group Cl. A | |
| 50,596 | | |
| 2,299,588 | |
| | |
| | | |
| 5,169,254 | |
| Building Products - 2.0% | |
| | | |
| | |
| American Woodmark 3 | |
| 13,078 | | |
| 1,222,139 | |
| Apogee Enterprises | |
| 22,197 | | |
| 1,554,123 | |
| AZZ 1 | |
| 20,000 | | |
| 1,652,200 | |
| Carlisle Companies | |
| 9,400 | | |
| 4,227,650 | |
| CSW Industrials | |
| 45,000 | | |
| 16,487,550 | |
| Gibraltar Industries 3 | |
| 22,028 | | |
| 1,540,418 | |
| Insteel Industries | |
| 13,432 | | |
| 417,601 | |
| Janus International Group 3 | |
| 271,838 | | |
| 2,748,282 | |
| MasterBrand 3 | |
| 89,549 | | |
| 1,660,238 | |
| Quanex Building Products | |
| 16,702 | | |
| 463,481 | |
| Resideo Technologies 3 | |
| 20,988 | | |
| 422,698 | |
| Simpson Manufacturing 1 | |
| 14,900 | | |
| 2,849,923 | |
| UFP Industries | |
| 33,241 | | |
| 4,361,552 | |
| | |
| | | |
| 39,607,855 | |
| Commercial Services & Supplies - 2.1% | |
| | | |
| | |
| ACV Auctions Cl. A 3 | |
| 128,800 | | |
| 2,618,504 | |
| Brady Corporation Cl. A 1 | |
| 269,610 | | |
| 20,660,214 | |
| CompX International Cl. A 1 | |
| 183,197 | | |
| 5,351,185 | |
| Healthcare Services Group 3 | |
| 350,541 | | |
| 3,915,543 | |
| Liquidity Services 3 | |
| 16,780 | | |
| 382,584 | |
| Montrose Environmental Group 3 | |
| 78,167 | | |
| 2,055,792 | |
| RB Global 1 | |
| 40,437 | | |
| 3,254,774 | |
| UniFirst Corporation | |
| 10,100 | | |
| 2,006,365 | |
| Vestis Corporation | |
| 129,942 | | |
| 1,936,136 | |
| VSE Corporation | |
| 7,500 | | |
| 620,475 | |
| | |
| | | |
| 42,801,572 | |
| Construction & Engineering - 5.0% | |
| | | |
| | |
| APi
Group 1,2,3 | |
| 492,120 | | |
| 16,249,803 | |
| Arcosa 1 | |
| 201,429 | | |
| 19,087,412 | |
| Badger Infrastructure Solutions | |
| 15,127 | | |
| 411,268 | |
| Bowman Consulting Group 3 | |
| 6,705 | | |
| 161,457 | |
| Comfort Systems USA 1 | |
| 2,838 | | |
| 1,107,813 | |
| EMCOR Group | |
| 2,095 | | |
| 901,960 | |
| IES
Holdings 1,2,3 | |
| 193,468 | | |
| 38,620,082 | |
| Limbach Holdings 3 | |
| 54,936 | | |
| 4,161,951 | |
| MasTec 3 | |
| 78,980 | | |
| 9,722,438 | |
| Valmont Industries 1 | |
| 31,492 | | |
| 9,131,106 | |
| WillScot Holdings 3 | |
| 50,000 | | |
| 1,880,000 | |
| | |
| | | |
| 101,435,290 | |
| Electrical Equipment - 2.0% | |
| | | |
| | |
| Atkore | |
| 66,287 | | |
| 5,617,160 | |
| LSI Industries | |
| 496,657 | | |
| 8,021,011 | |
| Nextracker Cl. A 3 | |
| 25,831 | | |
| 968,146 | |
| nVent Electric | |
| 53,554 | | |
| 3,762,704 | |
| Powell Industries | |
| 62,377 | | |
| 13,847,070 | |
| Preformed Line Products | |
| 32,816 | | |
| 4,203,073 | |
| Vertiv Holdings Cl. A | |
| 48,194 | | |
| 4,794,821 | |
| | |
| | | |
| 41,213,985 | |
| Ground Transportation - 0.4% | |
| | | |
| | |
| ArcBest Corporation | |
| 681 | | |
| 73,855 | |
| Hertz Global Holdings 3 | |
| 220,614 | | |
| 728,026 | |
| Landstar System 1 | |
| 39,397 | | |
| 7,440,911 | |
| | |
| | | |
| 8,242,792 | |
| Machinery - 5.2% | |
| | | |
| | |
| Atmus Filtration Technologies | |
| 225,784 | | |
| 8,473,674 | |
| ATS Corporation 3 | |
| 12,000 | | |
| 348,168 | |
| Enpro | |
| 37,994 | | |
| 6,161,867 | |
| ESAB Corporation 1 | |
| 145,947 | | |
| 15,515,626 | |
| ESCO Technologies 1 | |
| 60,334 | | |
| 7,781,879 | |
| Helios Technologies 1 | |
| 44,900 | | |
| 2,141,730 | |
| John Bean Technologies 1 | |
| 168,146 | | |
| 16,564,062 | |
| Kadant 1 | |
| 30,651 | | |
| 10,360,038 | |
| Lincoln Electric Holdings 1 | |
| 5,225 | | |
| 1,003,305 | |
| Lindsay Corporation 1 | |
| 63,313 | | |
| 7,891,332 | |
| Miller Industries | |
| 55,372 | | |
| 3,377,692 | |
| Mueller Industries 1 | |
| 28,657 | | |
| 2,123,484 | |
| RBC Bearings 3 | |
| 5,200 | | |
| 1,556,776 | |
| Standex International | |
| 5,650 | | |
| 1,032,707 | |
| Tennant Company 1 | |
| 80,500 | | |
| 7,731,220 | |
| Timken Company (The) | |
| 17,072 | | |
| 1,438,999 | |
| Titan International 3 | |
| 87,873 | | |
| 714,407 | |
| Wabash National | |
| 64,415 | | |
| 1,236,124 | |
| Watts Water Technologies Cl. A 1 | |
| 46,400 | | |
| 9,613,616 | |
| | |
| | | |
| 105,066,706 | |
| Marine Transportation - 0.5% | |
| | | |
| | |
| Kirby Corporation 3 | |
| 70,349 | | |
| 8,612,828 | |
| Matson | |
| 4,777 | | |
| 681,296 | |
| | |
| | | |
| 9,294,124 | |
| Passenger Airlines - 0.1% | |
| | | |
| | |
| SkyWest 3 | |
| 13,677 | | |
| 1,162,819 | |
| Professional Services - 2.2% | |
| | | |
| | |
| Amentum Holdings 3 | |
| 22,500 | | |
| 725,625 | |
| CBIZ 1,3 | |
| 104,465 | | |
| 7,029,450 | |
| CSG Systems International | |
| 7,045 | | |
| 342,739 | |
| Dun & Bradstreet Holdings | |
| 356,363 | | |
| 4,101,738 | |
| Exponent | |
| 18,935 | | |
| 2,182,827 | |
| Forrester
Research 1,2,3 | |
| 367,728 | | |
| 6,622,781 | |
| Heidrick & Struggles International | |
| 12,944 | | |
| 503,004 | |
| Jacobs Solutions 1 | |
| 22,500 | | |
| 2,945,250 | |
| KBR 1 | |
| 139,154 | | |
| 9,063,100 | |
| Korn Ferry 1 | |
| 111,976 | | |
| 8,425,074 | |
| Paylocity Holding 3 | |
| 3,000 | | |
| 494,910 | |
| Resources Connection | |
| 80,720 | | |
| 782,984 | |
| Robert Half | |
| 11,685 | | |
| 787,686 | |
| Verra Mobility Cl. A 3 | |
| 48,078 | | |
| 1,337,049 | |
| | |
| | | |
| 45,344,217 | |
| Trading Companies & Distributors - 3.9% | |
| | | |
| | |
| Air Lease Cl. A 1 | |
| 456,365 | | |
| 20,668,771 | |
| Applied Industrial Technologies | |
| 30,658 | | |
| 6,840,719 | |
| Boise Cascade 1 | |
| 12,328 | | |
| 1,738,001 | |
| Distribution Solutions Group 3 | |
| 96,456 | | |
| 3,714,520 | |
| DNOW 3 | |
| 44,987 | | |
| 581,682 | |
| FTAI Aviation | |
| 134,581 | | |
| 17,885,815 | |
| GMS 3 | |
| 6,826 | | |
| 618,231 | |
| MSC Industrial Direct Cl. A | |
| 30,476 | | |
| 2,622,765 | |
| Teqnion 3,4 | |
| 191,300 | | |
| 3,616,899 | |
| Transcat 3 | |
| 149,849 | | |
| 18,097,264 | |
| WESCO International | |
| 18,450 | | |
| 3,099,231 | |
| | |
| | | |
| 79,483,898 | |
| Total | |
| | | |
| 512,252,787 | |
| | |
| | | |
| | |
| Information Technology – 16.4% | |
| | | |
| | |
| Communications Equipment - 0.7% | |
| | | |
| | |
| Ciena Corporation 3 | |
| 63,205 | | |
| 3,892,796 | |
| Digi International 3 | |
| 54,973 | | |
| 1,513,407 | |
| Extreme Networks 3 | |
| 105,229 | | |
| 1,581,592 | |
| Harmonic 3 | |
| 337,031 | | |
| 4,910,541 | |
| NetScout Systems 3 | |
| 66,785 | | |
| 1,452,574 | |
| | |
| | | |
| 13,350,910 | |
| Electronic Equipment, Instruments & Components - 7.4% | |
| | | |
| | |
| Badger Meter | |
| 2,699 | | |
| 589,489 | |
| Bel Fuse Cl. B | |
| 34,676 | | |
| 2,722,413 | |
| Benchmark Electronics | |
| 24,534 | | |
| 1,087,347 | |
| Cognex Corporation 1 | |
| 347,683 | | |
| 14,081,161 | |
| Coherent Corp. 1,3 | |
| 110,820 | | |
| 9,853,006 | |
| Crane NXT | |
| 145,166 | | |
| 8,143,813 | |
| CTS Corporation | |
| 25,889 | | |
| 1,252,510 | |
| ePlus 3 | |
| 16,390 | | |
| 1,611,793 | |
| Fabrinet 1,2,3 | |
| 58,093 | | |
| 13,735,509 | |
| FARO
Technologies 1,2,3 | |
| 228,848 | | |
| 4,380,151 | |
| Insight Enterprises 3 | |
| 12,048 | | |
| 2,595,019 | |
| IPG Photonics 3 | |
| 51,100 | | |
| 3,797,752 | |
| Kimball Electronics 1,3 | |
| 37,454 | | |
| 693,273 | |
| Littelfuse 1 | |
| 34,070 | | |
| 9,037,067 | |
| Luna Innovations 3 | |
| 657,869 | | |
| 1,545,992 | |
| Methode Electronics | |
| 2,572 | | |
| 30,761 | |
| Mirion Technologies Cl. A 3 | |
| 267,000 | | |
| 2,955,690 | |
| NAPCO Security Technologies | |
| 168,430 | | |
| 6,814,678 | |
| PAR Technology 1,2,3 | |
| 385,239 | | |
| 20,063,247 | |
| PC Connection | |
| 27,284 | | |
| 2,058,032 | |
| Richardson Electronics | |
| 433,407 | | |
| 5,348,242 | |
| Rogers Corporation 3 | |
| 120,795 | | |
| 13,651,043 | |
| Sanmina Corporation 3 | |
| 56,639 | | |
| 3,876,939 | |
| ScanSource 3 | |
| 20,505 | | |
| 984,855 | |
| Teledyne Technologies 3 | |
| 9,660 | | |
| 4,227,796 | |
| TTM
Technologies 1,2,3 | |
| 341,192 | | |
| 6,226,754 | |
| Vishay Intertechnology | |
| 29,900 | | |
| 565,409 | |
| Vishay Precision Group 3 | |
| 76,353 | | |
| 1,977,543 | |
| Vontier Corporation | |
| 172,365 | | |
| 5,815,595 | |
| | |
| | | |
| 149,722,879 | |
| IT Services - 0.9% | |
| | | |
| | |
| DXC Technology 3 | |
| 81,329 | | |
| 1,687,577 | |
| Hackett Group (The) 1 | |
| 392,058 | | |
| 10,299,364 | |
| Kyndryl Holdings 3 | |
| 289,529 | | |
| 6,653,376 | |
| | |
| | | |
| 18,640,317 | |
| Semiconductors & Semiconductor Equipment - 5.6% | |
| | | |
| | |
| Allegro MicroSystems 3 | |
| 3,821 | | |
| 89,029 | |
| Axcelis Technologies 3 | |
| 52,394 | | |
| 5,493,511 | |
| Camtek | |
| 50,480 | | |
| 4,030,828 | |
| Cirrus Logic 1,3 | |
| 78,775 | | |
| 9,784,643 | |
| Cohu 1,2,3 | |
| 124,992 | | |
| 3,212,294 | |
| Diodes 1,2,3 | |
| 82,585 | | |
| 5,292,873 | |
| FormFactor 3 | |
| 176,754 | | |
| 8,130,684 | |
| Impinj 1,2,3 | |
| 138,411 | | |
| 29,968,750 | |
| Kulicke & Soffa Industries 1 | |
| 107,092 | | |
| 4,833,062 | |
| MaxLinear 3 | |
| 17,037 | | |
| 246,696 | |
| MKS Instruments | |
| 80,991 | | |
| 8,804,532 | |
| Nova 3 | |
| 20,340 | | |
| 4,237,635 | |
| Onto
Innovation 1,2,3 | |
| 57,596 | | |
| 11,954,626 | |
| PDF Solutions 3 | |
| 12,000 | | |
| 380,160 | |
| Photronics 3 | |
| 240,517 | | |
| 5,955,201 | |
| Rambus 3 | |
| 2,239 | | |
| 94,530 | |
| Semtech Corporation 3 | |
| 10,500 | | |
| 479,430 | |
| Silicon Laboratories 3 | |
| 4,000 | | |
| 462,280 | |
| Silicon Motion Technology ADR | |
| 7,792 | | |
| 473,286 | |
| SiTime Corporation 3 | |
| 4,611 | | |
| 790,833 | |
| SMART Global Holdings 3 | |
| 13,670 | | |
| 286,386 | |
| Synaptics 3 | |
| 4,007 | | |
| 310,863 | |
| Ultra Clean Holdings 3 | |
| 185,283 | | |
| 7,398,350 | |
| | |
| | | |
| 112,710,482 | |
| Software - 1.8% | |
| | | |
| | |
| Adeia 1 | |
| 134,193 | | |
| 1,598,239 | |
| Agilysys 1,3 | |
| 69,787 | | |
| 7,604,689 | |
| Alkami Technology 1,3 | |
| 30,292 | | |
| 955,410 | |
| Computer Modelling Group | |
| 614,611 | | |
| 5,167,013 | |
| Consensus
Cloud Solutions 1,2,3 | |
| 62,282 | | |
| 1,466,741 | |
| Coveo Solutions 3 | |
| 114,000 | | |
| 517,550 | |
| CyberArk Software 3 | |
| 1,900 | | |
| 554,059 | |
| Descartes Systems Group (The) 3 | |
| 8,500 | | |
| 875,160 | |
| InterDigital 1 | |
| 11,303 | | |
| 1,600,844 | |
| JFrog 3 | |
| 217,500 | | |
| 6,316,200 | |
| NCR Voyix 3 | |
| 34,618 | | |
| 469,766 | |
| NextNav 3 | |
| 69,000 | | |
| 516,810 | |
| Progress Software | |
| 56,019 | | |
| 3,774,000 | |
| PROS Holdings 3 | |
| 46,664 | | |
| 864,217 | |
| Sapiens International | |
| 96,655 | | |
| 3,602,332 | |
| | |
| | | |
| 35,883,030 | |
| Technology Hardware, Storage & Peripherals - 0.0% | |
| | | |
| | |
| Xerox Holdings | |
| 36,854 | | |
| 382,545 | |
| Total | |
| | | |
| 330,690,163 | |
| | |
| | | |
| | |
| Materials – 7.5% | |
| | | |
| | |
| Chemicals - 3.7% | |
| | | |
| | |
| AdvanSix 1 | |
| 12,914 | | |
| 392,327 | |
| Aspen Aerogels 3 | |
| 118,727 | | |
| 3,287,551 | |
| Bioceres Crop Solutions 3 | |
| 24,147 | | |
| 190,037 | |
| Element Solutions 1 | |
| 554,565 | | |
| 15,061,985 | |
| Hawkins 1 | |
| 113,424 | | |
| 14,458,157 | |
| Ingevity Corporation 3 | |
| 193,886 | | |
| 7,561,554 | |
| Innospec 1 | |
| 132,056 | | |
| 14,934,213 | |
| NewMarket Corporation | |
| 8,000 | | |
| 4,415,120 | |
| Quaker Houghton | |
| 88,752 | | |
| 14,953,825 | |
| | |
| | | |
| 75,254,769 | |
| Construction Materials - 0.0% | |
| | | |
| | |
| Knife River 3 | |
| 6,300 | | |
| 563,157 | |
| Containers & Packaging - 0.1% | |
| | | |
| | |
| Silgan Holdings | |
| 52,391 | | |
| 2,750,527 | |
| Metals & Mining - 3.1% | |
| | | |
| | |
| Alamos Gold Cl. A | |
| 1,445,406 | | |
| 28,802,316 | |
| Arch Resources | |
| 10,384 | | |
| 1,434,653 | |
| Gold Fields ADR | |
| 536,500 | | |
| 8,235,275 | |
| Haynes International 1 | |
| 102,500 | | |
| 6,102,850 | |
| IAMGOLD Corporation 3 | |
| 500,000 | | |
| 2,615,000 | |
| Major Drilling Group International 3 | |
| 1,496,691 | | |
| 9,262,674 | |
| Materion Corporation | |
| 25,000 | | |
| 2,796,500 | |
| Metallus 3 | |
| 31,690 | | |
| 469,963 | |
| Olympic Steel | |
| 32,440 | | |
| 1,265,160 | |
| Warrior Met Coal | |
| 7,505 | | |
| 479,569 | |
| | |
| | | |
| 61,463,960 | |
| Paper & Forest Products - 0.6% | |
| | | |
| | |
| Clearwater Paper 3 | |
| 22,278 | | |
| 635,814 | |
| Louisiana-Pacific | |
| 43,708 | | |
| 4,696,862 | |
| Stella-Jones | |
| 49,375 | | |
| 3,241,529 | |
| Sylvamo Corporation 1 | |
| 35,577 | | |
| 3,054,286 | |
| | |
| | | |
| 11,628,491 | |
| Total | |
| | | |
| 151,660,904 | |
| | |
| | | |
| | |
| Real Estate – 3.5% | |
| | | |
| | |
| Diversified REITs - 0.0% | |
| | | |
| | |
| New York REIT 3,5 | |
| 15,000 | | |
| 163,200 | |
| Real Estate Management & Development - 3.5% | |
| | | |
| | |
| Colliers International Group | |
| 66,011 | | |
| 10,021,130 | |
| FirstService Corporation | |
| 94,535 | | |
| 17,248,856 | |
| FRP Holdings 1,3 | |
| 108,661 | | |
| 3,244,617 | |
| Kennedy-Wilson Holdings 1 | |
| 1,392,483 | | |
| 15,386,937 | |
| Marcus & Millichap 1 | |
| 369,112 | | |
| 14,627,909 | |
| St. Joe Company (The) 1 | |
| 78,800 | | |
| 4,594,828 | |
| Tejon
Ranch 1,2,3 | |
| 313,818 | | |
| 5,507,506 | |
| | |
| | | |
| 70,631,783 | |
| Total | |
| | | |
| 70,794,983 | |
| | |
| | | |
| | |
| Utilities – 0.2% | |
| | | |
| | |
| Electric Utilities - 0.2% | |
| | | |
| | |
| MGE Energy | |
| 11,668 | | |
| 1,067,038 | |
| Otter Tail | |
| 25,804 | | |
| 2,016,841 | |
| | |
| | | |
| 3,083,879 | |
| Gas Utilities - 0.0% | |
| | | |
| | |
| Chesapeake Utilities | |
| 4,708 | | |
| 584,593 | |
| Total | |
| | | |
| 3,668,472 | |
| | |
| | | |
| | |
| TOTAL COMMON STOCKS | |
| | | |
| | |
| (Cost $1,419,467,156) | |
| | | |
| 1,988,119,921 | |
| | |
| | | |
| | |
| INVESTMENT COMPANIES – 0.9% | |
| | | |
| | |
| Diversified Investment Companies – 0.0% | |
| | | |
| | |
| Closed-End Funds - 0.0% | |
| | | |
| | |
| Eagle Point Credit | |
| 54 | | |
| 532 | |
| Total | |
| | | |
| 532 | |
| | |
| | | |
| | |
| Materials – 0.9% | |
| | | |
| | |
| Metals & Mining - 0.9% | |
| | | |
| | |
| VanEck Junior Gold Miners ETF | |
| 393,758 | | |
| 19,219,328 | |
| Total | |
| | | |
| 19,219,328 | |
| | |
| | | |
| | |
| TOTAL INVESTMENT COMPANIES | |
| | | |
| | |
| (Cost $13,874,194) | |
| | | |
| 19,219,860 | |
| | |
| | | |
| | |
| REPURCHASE AGREEMENT – 2.2% | |
| | | |
| | |
Fixed Income Clearing Corporation,
4.25% dated 9/30/24, due 10/1/24,
maturity
value $44,079,183 (collateralized
by obligations of various U.S. Government
Agencies, 0.625%-4.625% due
08/15/30-08/15/41, valued at $44,955,585)
(Cost $44,073,980) | |
| | | |
| 44,073,980 | |
| | |
| | | |
| | |
| TOTAL INVESTMENTS – 101.5% | |
| | | |
| | |
| (Cost $1,477,415,330) | |
| | | |
| 2,051,413,761 | |
| | |
| | | |
| | |
LIABILITIES LESS CASH
AND OTHER
ASSETS – (1.5)% | |
| | | |
| (31,052,433 | ) |
| | |
| | | |
| | |
| NET ASSETS – 100.0% | |
| | | |
$ | 2,020,361,328 | |
ADR
– American Depository Receipt
1
All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit
agreement as of September 30, 2024. Total market value of pledged securities as of September 30, 2024, was
$76,726,931.
2
As of September 30, 2024, a portion of these securities, in the aggregate amount of $33,321,224, were rehypothecated by
BNP Paribas Prime Brokerage International, Limited in connection with the Fund’s revolving
credit agreement.
3
Non-income producing.
4
These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar
securities and/or due to the application of fair value factors.
5
Securities for which market quotations are not readily available represent 0.1% of net assets. These securities have
been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are
defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair
value.
TAX
INFORMATION: The cost of total investments for Federal income tax purposes was $1,482,364,716. As of September 30, 2024, net
unrealized appreciation for all securities was $569,049,045, consisting of aggregate gross unrealized appreciation of $682,169,802
and aggregate gross unrealized depreciation of $113,120,757. The primary cause of the difference between book and tax basis cost
is the timing of the recognition of losses on securities sold.
Valuation
of Investments:
Royce
Small-Cap Trust, Inc. (formerly Royce Value Trust, Inc.) (the “Fund”), is a diversified closed-end investment company
that was incorporated under the laws of the State of Maryland on July 1, 1986. The Fund commenced operations on November 26, 1986.
Royce & Associates, LP, the Fund’s investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and
primarily conducts business using the name Royce Investment Partners (“Royce”). Investment transactions are accounted
for on the trade date. Portfolio securities held by the Fund are valued as of the close of trading on the New York Stock Exchange
(“NYSE”) (generally 4:00 p.m. Eastern time) on the valuation date. Investments in money market funds are valued at
net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based
upon prevailing foreign currency exchange rates as quoted by a major bank.
Portfolio
securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative
trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on
a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation
date. Such inputs are generally referred to as “Level 1” inputs because they represent reliable quoted prices in active
markets for identical securities.
If
the value of a portfolio security held by the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio
security will be “fair valued.” The Fund’s Board of Directors has designated Royce as valuation designee to
perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act
of 1940 (“Rule 2a-5”). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures
approved by the Fund’s Board of Directors and policies and procedures adopted by Royce in its capacity as valuation designee for
the Fund. Fair valued securities are reported as either “Level 2” or “Level 3” securities.
As
a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security
upon its current sale. However, in light of the judgment involved in fair valuations, no assurance can be given that a fair value
assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale.
When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from
the quoted or published prices for the same securities.
Level
2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable
characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Fund
on a particular valuation date include:
| ● | Over-the-counter
equity securities other than those traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system (collectively
referred to herein as “Other OTC Equity Securities”) are fair valued at their highest bid price when Royce receives
at least two bid side quotes from dealers who make markets in such securities; |
| ● | Certain
bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest
rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and |
| ● | The
Fund uses an independent pricing service to fair value certain non-U.S. equity securities when U.S. market volatility exceeds
a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S.
equity securities and indices of U.S.-traded securities, futures contracts, and other indications to estimate the fair value of
such non-U.S. securities. |
Level
3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for
a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market
price information regarding other securities; information received from the issuer and/or published documents, including SEC filings
and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures,
Royce may use various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without
limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of
book value, firm or probable offers from qualified buyers for the issuer’s ongoing business, etc.); (ii) discount or premium
from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion
from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv)
pricing models or other formulas. In the case of restricted securities, fair value determinations generally start with the inherent
or intrinsic worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in
value resulting from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ
significantly from the values that would have been used had an active market existed.
A
security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several
reasons, including if:
| ● | an
equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative
trading system, has not traded and there are no bids; |
| ● | Royce
does not receive at least two bid side quotes for an Other OTC Equity Security; |
| ● | the
independent pricing services are unable to supply fair value prices; or |
| ● | the
Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading
for a security but prior to the time the Fund prices its shares). |
The
table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Fund as of September
30, 2024. Any Level 2 or Level 3 securities held by the Fund are noted in its Schedule of Investments. The inputs or methodology
used for valuing securities are not necessarily an indication of the risk associated with owning those securities.
| | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
| Common Stocks | |
| $1,979,756,270 | | |
| $ 5,945,191 | | |
| $2,418,460 | | |
| $1,988,119,921 | |
| Investment Companies | |
| 19,219,860 | | |
| – | | |
| – | | |
| 19,219,860 | |
| Repurchase Agreement | |
| – | | |
| 44,073,980 | | |
| – | | |
| 44,073,980 | |
Level 3 Reconciliation:
| | |
| | |
| | |
| | |
| | |
Net Change in
Unrealized Gain (Loss) |
|
|
| |
| | |
| Balance
as of
12/31/23 | | |
| Sales | | |
| Transfers
In1 | | |
| Realized
Gain
(Loss) | | |
Currently Held
Securities | |
|
Securities No
Longer Held | |
| Balance
as of
9/30/24 | |
| Common Stocks | |
| $995,360 | | |
| $1,040,200 | | |
| $2,255,260 | | |
| $(308,284) | | |
$0 | |
|
$516,324 | |
| $2,418,460 | |
1
Transfers into Level 3 represents a security for which there were no longer readily available market quotations at September
30, 2024.
Repurchase
Agreements:
The
Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy.
The 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 the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the
Fund as of September 30, 2024, is next business day and continuous.
Borrowings:
The
Fund is party to a revolving credit agreement (the “credit agreement”) with BNP Paribas Prime Brokerage International,
Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that
may be borrowed by the Fund under the credit agreement. The credit agreement has a 179-day rolling term that resets daily. The
Fund pledges eligible portfolio securities as collateral and has granted a security interest in such pledged securities to, and
in favor of, BNPPI as security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged
as collateral is determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value
of eligible securities pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the
credit agreement. As of September 30, 2024, the market value of eligible securities pledged as collateral exceeded two times the
loan balance outstanding.
If
the Fund fails to meet certain requirements, or comply with other financial covenants set forth in the credit agreement, the Fund
may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, which may necessitate
the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings
downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable.
The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI
may also terminate the credit agreement upon sixty (60) calendar days’ prior written notice to the Fund in the event the
Fund’s net asset value per share as of the close of business on the last business day of any calendar month declines by
thirty-five percent (35%) or more from the Fund’s net asset value per share as of the close of business on the last business
day of the immediately preceding calendar month.
The
credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund
up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on
rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from
BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any
fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice
to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives
a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.
The
Fund and BNPPI have agreed that the current maximum amount the Fund may borrow under the credit agreement is $70,000,000. The
Fund has the right to further reduce the maximum amount it can borrow under the credit agreement upon one (1) business day’s
prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under
the credit agreement, which amount may not exceed $150,000,000.
As
of September 30, 2024, the Fund had outstanding borrowings of $35,000,000. During the nine-month period ended September 30, 2024,
the Fund had an average daily loan balance of $35,000,000. As of September 30, 2024, the aggregate value of rehypothecated securities
was $33,321,224.
Other
information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available
through Royce Investment Partners (www.royceinvest.com) and on the Securities and Exchange Commission’s website (www.sec.gov).
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