SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP TRUST
MARCH 31, 2019 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 101.8%
Communication Services – 4.1%
Diversified Telecommunication Services - 0.2%
ORBCOMM 1	87,100	$	590,538
Entertainment - 1.0%
Chicken Soup For The Soul Entertainment	311,027		3,844,294
Interactive Media & Services - 1.6%
Care.com 1,2,3	186,787		3,690,911
QuinStreet 1	196,400		2,629,796
			6,320,707
Media - 1.3%
comScore 1	214,195		4,337,449
New Media Investment Group	66,200		695,100
			5,032,549
Total			15,788,088
Consumer Discretionary – 11.6%
Auto Components - 2.0%
Fox Factory Holding 1	5,300		370,417
Motorcar Parts of America 1	54,800		1,034,076
Sebang Global Battery	50,500		2,055,414
Standard Motor Products	50,860		2,497,226
Stoneridge 1,3	53,700		1,549,782
Unique Fabricating	12,200		54,778
			7,561,693
Distributors - 0.5%
Uni-Select	33,800		350,558
Weyco Group 3	54,300		1,681,128
			2,031,686
Diversified Consumer Services - 1.3%
Aspen Group 1	141,520		754,301
Collectors Universe 3	108,200		1,895,664
Liberty Tax Cl. A 4	142,900		1,413,281
Universal Technical Institute 1	270,000		920,700
			4,983,946
Hotels, Restaurants & Leisure - 2.2%
Century Casinos 1	222,500		2,015,850
Inspired Entertainment 1	50,000		333,250
Lindblad Expeditions Holdings 1	254,000		3,873,500
Red Lion Hotels 1	251,900		2,035,352
			8,257,952
Household Durables - 0.7%
Cavco Industries 1,2,3	8,600		1,010,758
Flexsteel Industries 3	16,100		373,359
Lifetime Brands 2,3	119,294		1,127,328
Universal Electronics 1	6,100		226,615
ZAGG 1	9,900		89,793
			2,827,853
Internet & Direct Marketing Retail - 1.0%
FTD Companies 1	67,200		34,272
Gaia Cl. A 1,3	100,000		915,000
Leaf Group 1	64,500		517,290
Real Matters 1	255,000		1,032,327
Stamps.com 1	11,700		952,497
Yatra Online 1	105,000		515,550
			3,966,936
Leisure Products - 0.8%
Clarus Corporation	174,926		2,240,802
MasterCraft Boat Holdings 1	8,200		185,074
Nautilus 1	121,000		672,760
			3,098,636
Specialty Retail - 1.7%
AutoCanada	400,601		3,198,573
Barnes & Noble Education 1	80,000		336,000
Destination Maternity 1	212,000		462,160
Destination XL Group 1	50,000		122,500
Haverty Furniture 3	38,400		840,192
Lazydays Holdings 1	30,000		142,800
MarineMax 1	8,800		168,608
Sears Hometown and Outlet Stores 1,3	244,700		538,340
Shoe Carnival 3	17,016		579,054
Stage Stores 1,3	15,000		15,450
			6,403,677
Textiles, Apparel & Luxury Goods - 1.4%
Crown Crafts	112,159		578,741
Culp 3	32,900		632,667
J.G. Boswell Company 4	2,490		1,665,810
YGM Trading	2,564,600		2,303,254
			5,180,472
Total			44,312,851
Consumer Staples – 2.2%
Beverages - 0.3%
Crimson Wine Group 1,4	58,124		478,361
Primo Water 1	40,400		624,584
			1,102,945
Food Products - 1.8%
Farmer Bros. 1,2,3	62,600		1,252,626
John B. Sanfilippo & Son 2,3	17,800		1,279,286
Landec Corporation 1,2,3	75,610		928,491
RiceBran Technologies 1	50,000		186,000
Seneca Foods Cl. A 1,2,3	81,087		1,994,740
Seneca Foods Cl. B 1	40,400		980,508
SunOpta 1	149,481		517,204
			7,138,855
Household Products - 0.1%
Central Garden & Pet 1	12,000		306,720
Total			8,548,520
Energy – 8.1%
Energy Equipment & Services - 4.5%
Aspen Aerogels 1	94,985		242,212
CARBO Ceramics 1,3	169,038		591,633
CES Energy Solutions	25,000		51,072
Computer Modelling Group	526,800		2,424,380
Dawson Geophysical 1	77,336		226,594
Era Group 1,2,3	383,700		4,427,898
Forum Energy Technologies 1	50,000		255,500
Geospace Technologies 1,3	9,500		122,930
Hornbeck Offshore Services 1,2,3	460,000		570,400
Independence Contract Drilling 1	134,400		372,288
Mammoth Energy Services	8,000		133,200
Matrix Service 1,2,3	28,700		561,946
Nabors Industries	34,000		116,960
Newpark Resources 1	68,200		624,712
North American Construction Group	50,000		582,000
Pioneer Energy Services 1,3	105,600		186,912
Profire Energy 1	175,000		313,250
SEACOR Marine Holdings 1,3	216,957		2,887,697
TerraVest Industries	209,000		2,033,150
Total Energy Services	42,800		310,347
			17,035,081
Oil, Gas & Consumable Fuels - 3.6%
Ardmore Shipping 1	161,300		993,608
Cross Timbers Royalty Trust	67,631		773,699
Dorchester Minerals L.P.	153,963		2,811,364
Dorian LPG 1	163,138		1,047,346
GeoPark 1	86,971		1,503,729
Leucrotta Exploration 1	314,800		212,010
Navigator Holdings 1	100,000		1,100,000
Panhandle Oil and Gas Cl. A	5,500		86,350
Permian Basin Royalty Trust	176,333		1,327,788
Ring Energy 1	50,000		293,500
Sabine Royalty Trust 3	59,548		2,771,959
StealthGas 1	229,664		803,824
Teekay Offshore Partners L.P.	56,000		67,200
			13,792,377
Total			30,827,458
Financials – 13.3%
Banks - 1.8%
Bank of N.T. Butterfield & Son	39,410		1,414,031
Bryn Mawr Bank	25,000		903,250
Caribbean Investment Holdings 1	735,635		143,719
Chemung Financial	31,000		1,454,830
Fauquier Bankshares 3	133,200		2,601,396
Live Oak Bancshares 3	30,900		451,449
Midway Investments 1,5	735,647		0
			6,968,675
Capital Markets - 8.1%
ASA Gold and Precious Metals	171,150		1,754,287
Ashford 1	10,000		555,300
B. Riley Financial	25,100		418,919
Bolsa Mexicana de Valores	1,068,000		2,217,406
Canaccord Genuity Group	203,300		888,444
Donnelley Financial Solutions 1	50,000		744,000
Fiera Capital Cl. A	78,000		731,350
GAIN Capital Holdings 3	25,000		157,000
GMP Capital	292,800		479,838
Great Elm Capital Group 1	566,700		2,408,475
Hamilton Lane Cl. A 3	20,300		884,674
INTL FCStone 1,2,3	60,527		2,346,027
JZ Capital Partners 1	50,000		280,027
Manning & Napier Cl. A	136,600		286,860
MVC Capital	219,900		1,994,493
OHA Investment	59,761		71,713
Pzena Investment Management Cl. A	6,100		49,349
Queen City Investments 4	850		918,009
Silvercrest Asset Management Group Cl. A	203,300		2,897,025
Sprott	1,764,533		4,000,849
U.S. Global Investors Cl. A 3	439,454		479,005
Urbana Corporation	237,600		426,715
Value Line 2,3	131,974		3,258,438
Vostok New Ventures SDR	100,000		602,325
Warsaw Stock Exchange	52,900		537,350
Westaim Corporation 1	500,000		961,574
Westwood Holdings Group 3	12,400		437,348
			30,786,800
Consumer Finance - 0.5%
Currency Exchange International 1	7,000		126,187
EZCORP Cl. A 1,2,3	201,000		1,873,320
			1,999,507
Diversified Financial Services - 0.1%
Waterloo Investment Holdings 1,5	806,000		241,800
Insurance - 1.1%
Hallmark Financial Services 1,3	114,000		1,185,600
Health Insurance Innovations Cl. A 1	13,000		348,660
Trupanion 1,2,3	82,300		2,694,502
			4,228,762
Investment Companies - 1.7%
GS Acquisition Holdings Cl. A 1	200,000		2,004,000
Social Capital Hedosophia Holdings Cl. A 1,3	438,850		4,471,881
			6,475,881
Total			50,701,425
Health Care – 12.5%
Biotechnology - 2.7%
Abeona Therapeutics 1,2,3	142,221		1,046,746
AMAG Pharmaceuticals 1	17,800		229,264
Aquinox Pharmaceuticals 1,3	145,397		391,845
Arcturus Therapeutics 1	106,436		726,958
CareDx 1,2,3	56,000		1,765,120
Idera Pharmaceuticals 1	58,061		148,055
Mirati Therapeutics 1	20,000		1,466,000
Theratechnologies 1	10,000		57,096
Zafgen 1,2,3	336,781		922,780
Zealand Pharma 1	184,200		3,288,001
Zealand Pharma ADR 1	10,000		170,200
			10,212,065
Health Care Equipment & Supplies - 4.6%
AtriCure 1,3	15,000		401,850
Atrion Corporation 3	6,169		5,420,577
Chembio Diagnostics 1	185,500		1,029,525
CryoLife 1	4,600		134,182
GenMark Diagnostics 1	31,100		220,499
LeMaitre Vascular	5,000		155,000
OraSure Technologies 1,3	50,000		557,500
OrthoPediatrics Corporation 1	33,300		1,472,859
STRATEC	14,000		945,411
Surmodics 1,3	94,500		4,108,860
TearLab Corporation 1,4	8,500		808
Utah Medical Products	33,000		2,912,250
ViewRay 1	35,900		265,301
			17,624,622
Health Care Providers & Services - 1.9%
AAC Holdings 1	89,400		164,496
BioTelemetry 1	17,279		1,082,011
CRH Medical 1	133,000		351,323
Cross Country Healthcare 1	150,800		1,060,124
National Research 3	89,529		3,455,819
PetIQ Cl. A 1,3	25,000		785,250
Psychemedics Corporation 3	37,500		526,125
			7,425,148
Health Care Technology - 1.1%
Simulations Plus 3	50,000		1,055,500
Tabula Rasa HealthCare 1,2,3	38,400		2,166,528
Vocera Communications 1	33,100		1,046,953
			4,268,981
Life Sciences Tools & Services - 1.5%
NeoGenomics 1	125,000		2,557,500
Quanterix Corporation 1	119,600		3,089,268
			5,646,768
Pharmaceuticals - 0.7%
Agile Therapeutics 1,3	80,000		120,800
Correvio Pharma 1	83,200		262,912
Knight Therapeutics 1	187,000		1,027,111
Theravance Biopharma 1,3	59,009		1,337,734
			2,748,557
Total			47,926,141
Industrials – 20.7%
Aerospace & Defense - 0.4%
Astronics Corporation 1	6,429		210,357
CPI Aerostructures 1	171,800		1,116,700
Innovative Solutions and Support 1	78,828		237,272
SIFCO Industries 1	45,800		126,408
			1,690,737
Building Products - 1.4%
Burnham Holdings Cl. A 4	117,000		1,719,900
CSW Industrials 1	20,000		1,145,800
DIRTT Environmental Solutions 1	96,000		610,619
Insteel Industries 3	44,200		924,664
Patrick Industries 1	17,250		781,770
			5,182,753
Commercial Services & Supplies - 2.9%
Acme United	25,000		400,000
Atento 1	207,801		750,161
Civeo Corporation 1	150,000		315,000
CompX International Cl. A	78,200		1,144,066
Heritage-Crystal Clean 1,2,3	185,277		5,085,854
Hudson Technologies 1	50,000		96,500
Interface	26,300		402,916
PICO Holdings 1,2,3	121,200		1,199,880
Team 1,3	93,300		1,632,750
			11,027,127
Construction & Engineering - 2.9%
Ameresco Cl. A 1	251,400		4,067,652
Construction Partners Cl. A 1	39,900		509,523
Granite Construction	13,500		582,525
IES Holdings 1,3	166,800		2,964,036
Infrastructure and Energy Alternatives 1	275,100		1,441,524
Northwest Pipe 1,3	61,500		1,476,000
			11,041,260
Electrical Equipment - 0.6%
American Superconductor 1	22,625		290,958
Encore Wire 3	3,307		189,227
LSI Industries	415,740		1,093,396
Powell Industries 3	21,400		568,170
Power Solutions International 1,2,3,4	21,100		148,333
Revolution Lighting Technologies 1,2,3	81,200		18,757
			2,308,841
Industrial Conglomerates - 0.8%
Raven Industries 3	83,600		3,207,732
Machinery - 7.5%
CIRCOR International 1,2,3	170,200		5,548,520
Exco Technologies	85,400		605,184
Global Brass and Copper Holdings	5,000		172,200
Graham Corporation 2,3	75,150		1,475,194
Hurco Companies 3	36,866		1,486,806
Kadant 3	48,800		4,292,448
Kornit Digital 1	53,900		1,282,820
L.B. Foster Company 1,3	95,300		1,793,546
Lindsay Corporation 3	32,600		3,155,354
Luxfer Holdings 3	69,512		1,736,410
Lydall 1	24,800		581,808
NN	90,600		678,594
Spartan Motors	28,000		247,240
Sun Hydraulics 3	74,000		3,441,740
Titan International	212,200		1,266,834
Twin Disc 1	4,300		71,595
Wabash National	6,400		86,720
Westport Fuel Systems 1	488,700		757,485
			28,680,498
Marine - 1.7%
Algoma Central	40,000		374,453
Clarkson	109,900		3,399,556
Eagle Bulk Shipping 1	570,000		2,650,500
			6,424,509
Professional Services - 0.6%
Acacia Research 1,3	190,000		619,400
Franklin Covey 1,3	40,100		1,014,530
GP Strategies 1	29,400		357,210
InnerWorkings 1	25,000		90,500
Kforce 3	2,800		98,336
Resources Connection	11,200		185,248
			2,365,224
Road & Rail - 0.7%
Marten Transport	2,500		44,575
Patriot Transportation Holding 1,3	55,764		1,048,363
Universal Logistics Holdings 3	75,200		1,479,936
			2,572,874
Trading Companies & Distributors - 1.2%
EVI Industries 2,3	69,300		2,642,409
Houston Wire & Cable 1	331,418		2,097,876
			4,740,285
Total			79,241,840
Information Technology – 20.2%
Communications Equipment - 0.9%
Clearfield 1	85,200		1,252,440
Digi International 1	38,900		492,863
Ituran Location and Control	50,000		1,707,500
PCTEL	34,100		170,841
			3,623,644
Electronic Equipment, Instruments & Components - 8.2%
Bel Fuse Cl. A	67,705		1,450,918
ePlus 1	2,100		185,934
Fabrinet 1	2,200		115,192
FARO Technologies 1,3	82,800		3,635,748
Firan Technology Group 1	25,000		58,929
HollySys Automation Technologies	51,900		1,086,786
Inficon Holding	3,220		1,793,111
LightPath Technologies Cl. A 1	100,000		150,000
Mesa Laboratories 2,3	52,000		11,986,000
nLIGHT 1,2,3	227,800		5,075,384
Novanta 1	3,400		288,082
PAR Technology 1,2,3	60,268		1,474,155
PC Connection 3	43,716		1,603,066
Perceptron 1	8,500		63,750
Richardson Electronics	316,900		2,148,582
Vishay Precision Group 1	10,000		342,100
			31,457,737
IT Services - 0.2%
Carbonite 1	3,000		74,430
Computer Task Group 1	84,800		364,640
Hackett Group (The) 3	27,700		437,660
			876,730
Semiconductors & Semiconductor Equipment - 6.3%
Adesto Technologies 1	222,100		1,343,705
Alpha & Omega Semiconductor 1	17,900		206,029
Amtech Systems 1,3	92,184		491,341
AXT 1	100,000		445,000
Brooks Automation 3	87,700		2,572,241
Camtek	65,800		586,936
Cohu	34,290		505,777
CyberOptics Corporation 1	48,600		831,060
Everspin Technologies 1	5,900		45,194
FormFactor 1	22,869		367,962
Ichor Holdings 1	21,600		487,728
KLA-Tencor	11,950		1,426,950
Kulicke & Soffa Industries 3	77,200		1,706,892
Nanometrics 1,3	64,600		1,994,848
NeoPhotonics Corporation 1,3	82,200		517,038
Nova Measuring Instruments 1,3	77,200		1,943,896
PDF Solutions 1	189,700		2,342,795
Photronics 1	229,900		2,172,555
Rudolph Technologies 1	69,200		1,577,760
Silicon Motion Technology ADR	36,100		1,431,004
Ultra Clean Holdings 1,3	82,700		855,945
Veeco Instruments 1,3	17,500		189,700
			24,042,356
Software - 3.4%
Agilysys 1	90,000		1,905,300
Amber Road 1	62,800		544,476
American Software Cl. A	120,352		1,438,206
Attunity 1	4,400		103,180
Digital Turbine 1	100,000		350,000
Model N 1	50,000		877,000
Monotype Imaging Holdings	15,000		298,350
OneSpan 1	5,600		107,632
Optiva 1	3,000		94,287
QAD Cl. A	23,687		1,020,199
RealNetworks 1	100,171		311,532
Rubicon Project (The) 1	75,000		456,000
SeaChange International 1	50,000		66,500
SharpSpring 1	50,000		801,000
Solium Capital 1	222,500		3,176,788
Support.com 1	105,600		238,656
Upland Software 1	25,000		1,059,000
			12,848,106
Technology Hardware, Storage & Peripherals - 1.2%
AstroNova	6,600		134,574
Cray 1,3	19,700		513,185
Intevac 1	547,800		3,358,014
TransAct Technologies	28,600		261,404
USA Technologies 1	90,500		375,575
			4,642,752
Total			77,491,325
Materials – 6.4%
Chemicals - 1.9%
Balchem Corporation	8,575		795,760
LSB Industries 1	135,800		847,392
OMNOVA Solutions 1	25,000		175,500
Quaker Chemical 3	19,400		3,886,402
Rayonier Advanced Materials	50,000		678,000
Trecora Resources 1	89,600		814,464
			7,197,518
Construction Materials - 0.3%
Monarch Cement 4	16,303		1,027,089
Containers & Packaging - 0.3%
UFP Technologies 1	36,445		1,363,043
Metals & Mining - 3.9%
Alamos Gold Cl. A	261,044		1,324,412
Ampco-Pittsburgh 1	79,002		260,707
Haynes International 3	34,800		1,142,484
Imdex	650,666		494,346
Impala Platinum Holdings 1	500,000		2,113,835
MAG Silver 1	154,050		1,642,173
Major Drilling Group International 1	921,657		3,096,674
Olympic Steel	35,000		555,450
Pretium Resources 1	80,000		683,653
Sandstorm Gold 1	510,000		2,794,800
Universal Stainless & Alloy Products 1,3	25,820		427,837
Victoria Gold 1	890,000		286,377
			14,822,748
Total			24,410,398
Real Estate – 2.1%
Real Estate Management & Development - 2.1%
Altus Group	87,000		1,697,228
Dundee Corporation Cl. A 1	413,200		355,580
Marcus & Millichap 1,3	4,900		199,577
RMR Group (The) Cl. A	49,900		3,042,902
Tejon Ranch 1,3	154,994		2,727,894
Total			8,023,181
Utilities – 0.6%
Independent Power & Renewable Electricity Producer - 0.1%
Innergex Renewable Energy	15,573		164,080
Water Utilities - 0.5%
AquaVenture Holdings 1	50,000		967,500
Global Water Resources	106,000		1,039,860
			2,007,360
Total			2,171,440
TOTAL COMMON STOCKS
(Cost $351,602,280)			389,442,667
PREFERRED STOCK – 0.5%
Communication Services – 0.5%
Entertainment - 0.5%
Chicken Soup For The Soul Entertainment
9.75 % Ser. A 3	80,000		2,024,000
(Cost $2,000,000)			2,024,000
WARRANTS – 0.0%
Consumer Discretionary – 0.0%
Hotels, Restaurants & Leisure - 0.0%
Lindblad Expeditions Holdings (Warrants) 1	18,100		82,717
Total			82,717
Industrials – 0.0%
Construction & Engineering - 0.0%
Infrastructure and Energy Alternatives
(Warrants) 1	100,000		44,920
Total			44,920
Information Technology – 0.0%
Electronic Equipment, Instruments & Components - 0.0%
eMagin Corporation (Warrants) 1,5	50,000		0
Total			0
TOTAL WARRANTS
(Cost $152,029)			127,637
REPURCHASE AGREEMENT – 3.3%
Fixed Income Clearing Corporation,
0.50% dated 3/29/19, due 4/1/19,
maturity value $12,760,532 (collateralized
by obligations of various U.S. Government
Agencies, 1.875% due 7/31/22, valued at $13,015,674)
(Cost $12,760,000)			12,760,000
TOTAL INVESTMENTS – 105.6%
(Cost $366,514,309)			404,354,304
LIABILITIES LESS CASH
AND OTHER ASSETS – (5.6)%			(21,508,177	)
NET ASSETS – 100.0%		$	382,846,127

   ADR – American Depository Receipt

1	Non-income producing.
2	At March 31, 2019, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $19,778,161.
3	All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at March 31, 2019. Total market value of pledged securities at March 31, 2019, was $48,970,326.
4	These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
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 $367,500,820. At March 31, 2019, net unrealized appreciation for all securities was $36,853,484, consisting of aggregate gross unrealized appreciation of $102,483,515 and aggregate gross unrealized depreciation of $65,630,031. 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 Fund values its 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 Fund’s Board of Directors, 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, the Fund may fair value the security. The Fund uses 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 the 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 the 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 Schedule 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 the Fund’s investments as of March 31, 2019. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

		Level 1		Level 2		Level 3		Total
Common Stocks	$	381,829,277	$	7,371,590	$	241,800	$	389,442,667
Preferred Stocks		2,024,000		–		–		2,024,000
Warrants		127,637		–		0		127,637
Repurchase Agreement		–		12,760,000		–		12,760,000

Level 3 Reconciliation:
	Balance as of		Realized	Unrealized	Balance as of
	12/31/18	Purchases	Gain (Loss)	Gain (Loss)	3/31/19
Common Stocks	$241,800	$–	$–	$–	$241,800
Warrants	0	–	–	–	0

The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information with adjustments (e.g. broker quotes, pricing services, net asset values).

	Fair Value at		Unobservable		Impact to Valuation From
	3/31/19	Valuation Technique(s)	Input(s)	Range Average	an Increase in Input1
		Discounted Present Value
Common Stocks	$241,800	Balance Sheet Analysis	Liquidity Discount	30%-40%	Decrease

¹ This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could result in significantly higher or lower fair value measurements.

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 at March 31, 2019 is overnight and continuous.

Borrowings:
The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). As of March 31, 2019, the Fund has outstanding borrowings of $22,000,000. During the period ended March 31, 2019, the Fund borrowed an average daily balance of $22,000,000. The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 179-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding or as otherwise required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under 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. 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.

Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s website (www.sec.gov).