SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP TRUST
SEPTEMBER 30, 2021 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 101.0%
Communication Services – 4.3%
Diversified Telecommunication Services - 0.6%
Ooma 1		61,500	$	1,144,515
Radius Global Infrastructure Cl. A 1		133,092		2,173,392
				3,317,907
Entertainment - 1.7%
Chicken Soup For The Soul Entertainment Cl. A 1		210,930		4,823,969
Gaia Cl. A 1,2,3		100,000		948,000
IMAX Corporation 1		219,500		4,166,110
Motorsport Games Cl. A 1		8,800		125,488
				10,063,567
Interactive Media & Services - 0.8%
QuinStreet 1		200,900		3,527,804
Taboola.com 1		112,000		947,520
				4,475,324
Media - 1.2%
comScore 1		297,195		1,159,061
Magnite 1		206,900		5,793,200
				6,952,261
Total				24,809,059
Consumer Discretionary – 10.3%
Auto Components - 1.6%
Motorcar Parts of America 1		54,800		1,068,600
Patrick Industries		17,250		1,436,925
Sebang Global Battery 4		50,500		3,613,286
Standard Motor Products		47,460		2,074,477
Stoneridge 1,3		57,600		1,174,464
				9,367,752
Distributors - 0.1%
Uni-Select 1		40,000		560,240
Diversified Consumer Services - 0.9%
Aspen Group 1		141,520		788,266
Park Lawn		50,000		1,441,655
Universal Technical Institute 1		445,000		3,008,200
				5,238,121
Hotels, Restaurants & Leisure - 1.8%
Century Casinos 1		321,500		4,330,605
GAN 1		44,700		664,689
Inspired Entertainment 1		50,000		585,000
Lindblad Expeditions Holdings 1		320,968		4,682,923
				10,263,217
Household Durables - 1.2%
Cavco Industries 1,3		8,600		2,035,964
Legacy Housing 1		144,900		2,603,853
Lifetime Brands 3		119,294		2,169,958
				6,809,775
Internet & Direct Marketing Retail - 0.3%
CarParts.com 1		50,000		780,500
1stdibs.com 1		74,200		920,080
				1,700,580
Leisure Products - 0.8%
Clarus Corporation		140,603		3,603,655
MasterCraft Boat Holdings 1		46,000		1,153,680
				4,757,335
Specialty Retail - 3.5%
ARKO 1		74,700		754,470
AutoCanada 1		440,000		16,115,269
Barnes & Noble Education 1		80,000		799,200
Lazydays Holdings 1		30,000		640,200
Shoe Carnival 3		36,432		1,181,126
Tile Shop Holdings 1		102,100		783,107
				20,273,372
Textiles, Apparel & Luxury Goods - 0.1%
YGM Trading		2,564,600		655,592
Total				59,625,984
Consumer Staples – 2.1%
Beverages - 0.3%
MGP Ingredients		20,000		1,302,000
Primo Water		26,791		421,155
				1,723,155
Food Products - 1.8%
CubicFarm Systems 1		400,000		416,864
J G Boswell Company 4		2,490		2,488,755
John B. Sanfilippo & Son 3		7,900		645,588
Landec Corporation 1,3		75,610		697,124
Seneca Foods Cl. A 1		81,087		3,910,015
Seneca Foods Cl. B 1		40,400		2,001,820
SunOpta 1		50,000		446,500
				10,606,666
Total				12,329,821
Energy – 6.8%
Energy Equipment & Services - 4.0%
Aspen Aerogels 1		171,685		7,899,227
Bristow Group 1,3		177,900		5,662,557
Computer Modelling Group		594,875		2,226,202
North American Construction Group		50,000		736,000
Pason Systems		202,500		1,378,138
SEACOR Marine Holdings 1,3		216,957		1,004,511
TerraVest Industries		237,800		4,560,368
				23,467,003
Oil, Gas & Consumable Fuels - 2.8%
Ardmore Shipping 1		90,500		375,575
Brigham Minerals Cl. A		220,000		4,215,200
Dorchester Minerals L.P.		153,963		2,951,471
Dorian LPG		163,138		2,024,542
GeoPark		69,218		883,222
Navigator Holdings 1		175,000		1,557,500
Sabine Royalty Trust 3		82,648		3,539,814
StealthGas 1		229,664		615,499
				16,162,823
Total				39,629,826
Financials – 11.8%
Banks - 1.6%
Bryn Mawr Bank		25,000		1,148,750
Chemung Financial		31,000		1,404,300
HBT Financial		46,300		719,965
Live Oak Bancshares 3		30,900		1,966,167
Midway Investments 1,5		735,647		0
TriState Capital Holdings 1		42,800		905,220
Virginia National Bankshares		89,910		3,249,347
				9,393,749
Capital Markets - 7.7%
ASA Gold and Precious Metals		171,150		3,233,023
B. Riley Financial		23,200		1,369,728
Barings BDC		215,300		2,372,606
Bolsa Mexicana de Valores		1,068,000		2,045,816
Canaccord Genuity Group		203,300		2,235,883
Donnelley Financial Solutions 1		50,000		1,731,000
Fiera Capital Cl. A		78,000		644,150
GCM Grosvenor Cl. A		380,800		4,386,816
Manning & Napier Cl. A		136,600		1,247,158
Silvercrest Asset Management Group Cl. A		224,100		3,491,478
Sprott		191,453		7,039,291
StoneX Group 1,2,3		69,327		4,568,649
Tel Aviv Stock Exchange 4		343,000		1,815,943
U.S. Global Investors Cl. A 3		439,454		2,500,493
Urbana Corporation		237,600		656,561
Value Line 3		74,574		2,554,905
VNV Global 1,4		100,000		1,193,048
Warsaw Stock Exchange 4		52,900		551,991
Westaim Corporation (The) 1		500,000		1,065,846
				44,704,385
Consumer Finance - 0.3%
EZCORP Cl. A 1,2,3		201,000		1,521,570
Diversified Financial Services - 0.8%
ECN Capital		556,000		4,582,852
Waterloo Investment Holdings 1,5		806,000		0
				4,582,852
Insurance - 1.4%
Hallmark Financial Services 1,3		114,000		416,100
Trean Insurance Group 1		379,065		3,923,323
Trupanion 1,3		50,070		3,888,937
				8,228,360
Total				68,430,916
Health Care – 16.0%
Biotechnology - 3.1%
Arcturus Therapeutics Holdings 1,2,3		79,836		3,814,564
Avid Bioservices 1		19,600		422,772
CareDx 1		18,900		1,197,693
Catalyst Pharmaceuticals 1		304,400		1,613,320
DermTech 1		54,700		1,756,417
Larimar Therapeutics 1,3		28,064		323,578
MaxCyte 1		130,000		1,587,300
MeiraGTx Holdings 1		114,400		1,507,792
Neoleukin Therapeutics 1,3		145,397		1,051,220
Zealand Pharma 1,4		153,015		4,394,443
				17,669,099
Health Care Equipment & Supplies - 7.5%
Apyx Medical 1		35,800		495,830
AtriCure 1,3		15,000		1,043,250
Atrion Corporation 3		4,689		3,270,578
BioLife Solutions 1		33,700		1,426,184
Chembio Diagnostics 1		135,800		339,500
ClearPoint Neuro 1		102,400		1,817,600
CryoLife 1		15,200		338,808
Cutera 1		58,300		2,716,780
Mesa Laboratories 3		53,200		16,085,552
Misonix 1		95,500		2,416,150
OraSure Technologies 1,3		50,000		565,500
OrthoPediatrics Corp. 1		6,500		425,815
Profound Medical 1		85,800		1,252,520
Repro Med Systems 1		218,900		623,865
Semler Scientific 1		22,400		2,820,160
Surmodics 1,2,3		85,300		4,742,680
Utah Medical Products		31,350		2,910,534
				43,291,306
Health Care Providers & Services - 2.7%
Cross Country Healthcare 1		130,800		2,778,192
Great Elm Group 1		566,700		1,286,409
Hims & Hers Health Cl. A 1,2,3		200,000		1,508,000
Joint Corp. (The) 1		65,484		6,418,742
National Research 3		46,668		1,967,989
PetIQ Cl. A 1,3		25,000		624,250
Sharps Compliance 1		153,500		1,269,445
				15,853,027
Health Care Technology - 1.2%
OptimizeRx Corporation 1		11,450		979,547
Simulations Plus 3		85,570		3,380,015
Tabula Rasa HealthCare 1,3		38,400		1,006,464
Vocera Communications 1		33,100		1,514,656
				6,880,682
Life Sciences Tools & Services - 1.3%
Harvard Bioscience 1		317,400		2,215,452
Quanterix Corporation 1		111,700		5,561,543
				7,776,995
Pharmaceuticals - 0.2%
Knight Therapeutics 1		187,000		789,870
Theravance Biopharma 1,3		59,009		436,667
				1,226,537
Total				92,697,646
Industrials – 18.7%
Aerospace & Defense - 0.9%
Astronics Corporation 1		56,929		800,422
CPI Aerostructures 1		189,700		521,675
Innovative Solutions and Support		78,828		563,620
SIFCO Industries 1		45,800		393,880
Triumph Group 1		10,000		186,300
Virgin Galactic Holdings 1,3		102,850		2,602,105
				5,068,002
Air Freight & Logistics - 0.3%
Atlas Air Worldwide Holdings 1		10,000		816,800
Echo Global Logistics 1		20,000		954,200
				1,771,000
Building Products - 1.0%
Burnham Holdings Cl. A 4		117,000		1,608,750
CSW Industrials 3		20,000		2,554,000
Insteel Industries 3		44,200		1,681,810
Quanex Building Products		9,900		211,959
				6,056,519
Commercial Services & Supplies - 1.3%
Acme United		25,000		818,500
Atento 1		21,742		613,342
Civeo Corporation 1		37,499		843,353
Heritage-Crystal Clean 1,2,3		123,001		3,564,569
Team 1,3		93,300		280,833
Vidler Water Resouces 1,3		121,200		1,379,256
				7,499,853
Construction & Engineering - 3.4%
Ameresco Cl. A 1		94,400		5,515,792
Construction Partners Cl. A 1		84,900		2,833,113
Granite Construction		13,500		533,925
IES Holdings 1,2,3		109,100		4,984,779
Infrastructure and Energy Alternatives 1		275,100		3,144,393
Matrix Service 1,3		8,200		85,772
Northwest Pipe 1,3		59,400		1,407,780
NV5 Global 1		13,400		1,320,838
				19,826,392
Electrical Equipment - 1.0%
American Superconductor 1		104,225		1,519,600
Encore Wire 3		3,307		313,603
LSI Industries		415,740		3,221,985
Powell Industries 3		21,400		525,798
Power Solutions International 1,3,4		21,100		84,400
				5,665,386
Machinery - 4.1%
CIRCOR International 1,2,3		220,421		7,276,097
Graham Corporation 3		149,850		1,858,140
H2O Innovation 1		437,300		825,160
Hurco Companies 3		36,866		1,189,297
L. B. Foster Company 1,3		95,300		1,476,197
Lindsay Corporation 3		41,600		6,314,464
Luxfer Holdings 3		31,700		622,271
NN 1		90,600		475,650
Shyft Group (The)		17,200		653,772
Titan International 1		212,200		1,519,352
Wabash National		6,400		96,832
Westport Fuel Systems 1		412,500		1,357,125
				23,664,357
Marine - 1.7%
Algoma Central		40,000		532,133
Clarkson 4		100,400		5,084,039
Eagle Bulk Shipping 1,3		81,428		4,105,600
				9,721,772
Professional Services - 1.2%
Acacia Research 1,3		190,000		1,290,100
Barrett Business Services		2,600		198,276
Forrester Research 1		62,300		3,068,898
Franklin Covey 1,3		40,100		1,635,679
Resources Connection		59,300		935,754
				7,128,707
Road & Rail - 0.4%
HyreCar 1		42,900		364,650
Patriot Transportation Holding 3		55,764		661,919
Universal Logistics Holdings 3		75,200		1,510,016
				2,536,585
Trading Companies & Distributors - 3.4%
BlueLinx Holdings 1		31,950		1,561,716
EVI Industries 1,3		217,709		5,921,685
Lawson Products 1		36,500		1,825,365
Transcat 1		162,607		10,484,899
				19,793,665
Total				108,732,238
Information Technology – 23.0%
Communications Equipment - 1.2%
Clearfield 1		85,200		3,761,580
Digi International 1		71,600		1,505,032
Genasys 1		48,192		249,635
Ituran Location and Control		50,000		1,269,500
				6,785,747
Electronic Equipment, Instruments & Components - 7.5%
Bel Fuse Cl. A		67,705		972,921
Fabrinet 1		2,200		225,522
FARO Technologies 1,3		65,200		4,290,812
HollySys Automation Technologies		51,900		1,073,811
Luna Innovations 1		513,878		4,881,841
nLIGHT 1,2,3		306,100		8,628,959
Novanta 1		3,400		525,300
PAR Technology 1,3		268,924		16,541,515
PC Connection 2,3		14,000		616,420
PowerFleet 1		230,500		1,544,350
Richardson Electronics		316,900		3,070,761
Vishay Precision Group 1		41,800		1,453,386
				43,825,598
IT Services - 0.7%
Cantaloupe 1,3		90,500		975,590
Computer Task Group 1		84,800		676,704
Cyxtera Technologies Cl. A 1		75,300		696,525
Hackett Group (The) 3		27,700		543,474
International Money Express 1		20,000		334,000
Liberated Syndication 1,5		98,000		291,060
Paya Holdings 1		39,100		425,017
				3,942,370
Semiconductors & Semiconductor Equipment - 8.2%
Alpha & Omega Semiconductor 1		17,900		561,523
Amtech Systems 1,2,3		92,184		1,053,663
Axcelis Technologies 1		5,400		253,962
AXT 1		100,000		833,000
Brooks Automation 3		37,800		3,868,830
Camtek 1		100,200		4,059,102
Cohu 1		38,990		1,245,341
CyberOptics Corporation 1		64,900		2,309,142
FormFactor 1		22,869		853,700
Ichor Holdings 1		25,700		1,056,013
Kulicke & Soffa Industries 3		77,200		4,499,216
Nova 1,3		59,500		6,086,255
NVE Corporation		14,400		921,168
Onto Innovation 1,2,3		127,550		9,215,487
PDF Solutions 1		189,500		4,366,080
Photronics 1		240,800		3,282,104
Sequans Communications ADR 1		31,800		139,602
Ultra Clean Holdings 1,3		72,200		3,075,720
				47,679,908
Software - 4.2%
Agilysys 1,3		96,100		5,031,796
American Software Cl. A 3		80,252		1,905,985
AudioEye 1		50,000		551,500
Digital Turbine 1		89,700		6,166,875
Kaltura 1		32,900		338,541
LiveVox Holdings Cl. A 1		189,129		1,233,121
Mitek Systems 1		69,700		1,289,450
Model N 1		25,000		837,500
ON24 1		29,400		586,236
OneSpan 1		5,600		105,168
Optiva 1		28,000		442,128
RealNetworks 1		100,171		159,272
Upland Software 1		164,400		5,497,536
				24,145,108
Technology Hardware, Storage & Peripherals - 1.2%
AstroNova 1		114,600		1,724,730
Avid Technology 1		68,700		1,986,804
Intevac 1		539,400		2,578,332
TransAct Technologies 1		40,900		568,510
				6,858,376
Total				133,237,107
Materials – 5.2%
Chemicals - 0.3%
LSB Industries 1		135,800		1,386,518
Rayonier Advanced Materials 1		50,000		375,000
				1,761,518
Construction Materials - 0.1%
Monarch Cement 4		8,150		872,050
Containers & Packaging - 0.4%
UFP Technologies 1,2,3		36,445		2,244,647
Metals & Mining - 4.4%
Alamos Gold Cl. A		261,044		1,877,555
Altius Minerals		113,000		1,389,081
Ampco-Pittsburgh 1		79,002		371,310
Haynes International 3		84,400		3,143,900
Imdex 4		569,466		946,182
MAG Silver 1		154,050		2,495,610
Major Drilling Group International 1		1,263,684		8,430,546
Olympic Steel		35,000		852,600
Pretium Resources 1		80,000		773,725
Sandstorm Gold 1		810,000		4,665,600
Universal Stainless & Alloy Products 1,3		33,620		348,303
				25,294,412
Total				30,172,627
Real Estate – 2.4%
Equity Real Estate Investment Trusts (REITs) - 0.3%
Postal Realty Trust Cl. A		114,000		2,124,960
Real Estate Management & Development - 2.1%
Altus Group		87,000		4,244,908
Dundee Corporation Cl. A 1		413,200		489,342
Marcus & Millichap 1,3		4,900		199,038
Real Matters 1		229,500		1,819,185
RMR Group (The) Cl. A 3		75,400		2,522,130
Tejon Ranch 1,3		154,994		2,752,693
				12,027,296
Total				14,152,256
Utilities – 0.4%
Water Utilities - 0.4%
Global Water Resources		106,000		1,984,320
Total				1,984,320

TOTAL COMMON STOCKS
(Cost $377,903,551)		585,801,800
REPURCHASE AGREEMENT – 2.9%
Fixed Income Clearing Corporation, 0.00% dated 9/30/21, due 10/1/21, maturity value $16,930,231 (collateralized by obligations of various U.S. Government Agencies, 1.25% due 9/30/28, valued at $17,268,900) (Cost $16,930,231)		16,930,231
TOTAL INVESTMENTS – 103.9%
(Cost $394,833,782)		602,732,031
LIABILITIES LESS CASH AND OTHER ASSETS – (3.9)%		(22,462,156	)
NET ASSETS – 100.0%	$	580,269,875

ADR – American Depository Receipt 

¹ Non-income producing.

² At September 30, 2021, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $19,664,176.

³ All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at September 30, 2021. Total market value of pledged securities at September 30, 2021, was $65,375,335.

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 $395,189,219. At September 30, 2021, net unrealized appreciation for all securities was $207,542,812, consisting of aggregate gross unrealized appreciation of $248,345,227 and aggregate gross unrealized depreciation of $40,802,415. 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 and foreign securities that were fair valued 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 September 30, 2021. 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	$562,857,853	$22,652,887	$291,060	$585,801,800
Repurchase Agreement	–	16,930,231	–	16,930,231

Level 3 Reconciliation:

Balance as of 12/31/20

Corporate Actions

Purchases

Sales

Realized Gain (Loss)

Unrealized Gain (Loss)

Balance as of 9/30/21

Common Stocks

$201,500

$–

$ 452,157

$1

$(1,017,324)

$654,728

$291,060

Warrants

5,000

0

–

–

–

(5,000)

–

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 September 30, 2021 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). 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 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 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 current maximum amount the Fund may borrow under the credit agreement is $22,000,000. The Fund has the right to 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 $60,000,000.

As of September 30, 2021, the Fund has outstanding borrowings of $22,000,000. During the nine months ended September 30, 2021, the Fund borrowed an average daily balance of $22,000,000. As of September 30, 2021, the aggregate value of rehypothecated securities was $19,664,176.

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).