SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP TRUST
MARCH 31, 2022 (UNAUDITED)
| SHARES | VALUE | |||||||
| COMMON STOCKS – 99.2% | ||||||||
| Communication Services – 2.9% | ||||||||
| Diversified Telecommunication Services - 0.4% | ||||||||
| IDT Corporation Cl. B 1 | 11,900 | $ | 405,671 | |||||
| Radius Global Infrastructure Cl. A 1 | 121,892 | 1,740,618 | ||||||
| 2,146,289 | ||||||||
| Entertainment - 1.2% | ||||||||
| Chicken Soup for the Soul Entertainment Cl. A 1 | 210,930 | 1,685,331 | ||||||
| Cinedigm Cl. A 1 | 200,000 | 162,720 | ||||||
| Gaia Cl. A 1,2,3 | 100,000 | 492,000 | ||||||
| IMAX Corporation 1 | 222,600 | 4,213,818 | ||||||
| Motorsport Games Cl. A 1 | 12,003 | 15,844 | ||||||
| 6,569,713 | ||||||||
| Interactive Media & Services - 0.6% | ||||||||
| Eventbrite Cl. A 1 | 62,800 | 927,556 | ||||||
| QuinStreet 1 | 200,900 | 2,330,440 | ||||||
| 3,257,996 | ||||||||
| Media - 0.7% | ||||||||
| comScore 1 | 297,195 | 864,837 | ||||||
| Magnite 1 | 206,900 | 2,733,149 | ||||||
| 3,597,986 | ||||||||
| Total | 15,571,984 | |||||||
| Consumer Discretionary – 9.0% | ||||||||
| Auto Components - 1.5% | ||||||||
| Motorcar Parts of America 1 | 54,800 | 977,084 | ||||||
| Patrick Industries | 17,250 | 1,040,175 | ||||||
| Sebang Global Battery 4 | 50,500 | 2,836,360 | ||||||
| Standard Motor Products 3 | 47,460 | 2,047,424 | ||||||
| Stoneridge 1,3 | 57,600 | 1,195,776 | ||||||
| XPEL 1 | 1,500 | 78,915 | ||||||
| 8,175,734 | ||||||||
| Distributors - 0.2% | ||||||||
| Uni-Select 1 | 40,000 | 975,883 | ||||||
| Diversified Consumer Services - 1.0% | ||||||||
| Aspen Group 1 | 141,520 | 229,262 | ||||||
| Park Lawn | 50,000 | 1,383,034 | ||||||
| Universal Technical Institute 1 | 445,000 | 3,938,250 | ||||||
| 5,550,546 | ||||||||
| Hotels, Restaurants & Leisure - 1.9% | ||||||||
| Century Casinos 1 | 335,500 | 4,009,225 | ||||||
| Dine Brands Global | 5,050 | 393,648 | ||||||
| GAN 1 | 44,700 | 215,454 | ||||||
| Inspired Entertainment 1 | 50,000 | 615,000 | ||||||
| Lindblad Expeditions Holdings 1 | 320,968 | 4,840,197 | ||||||
| 10,073,524 | ||||||||
| Household Durables - 1.2% | ||||||||
| Cavco Industries 1,3 | 8,600 | 2,071,310 | ||||||
| Legacy Housing 1 | 144,900 | 3,109,554 | ||||||
| Lifetime Brands 3 | 119,294 | 1,531,735 | ||||||
| 6,712,599 | ||||||||
| Internet & Direct Marketing Retail - 0.1% | ||||||||
| CarParts.com 1 | 50,000 | 335,000 | ||||||
| Leisure Products - 0.7% | ||||||||
| Clarus Corporation | 140,603 | 3,202,936 | ||||||
| MasterCraft Boat Holdings 1 | 14,800 | 364,228 | ||||||
| 3,567,164 | ||||||||
| Specialty Retail - 2.3% | ||||||||
| ARKO | 72,400 | 658,840 | ||||||
| AutoCanada 1 | 330,000 | 9,563,573 | ||||||
| Barnes & Noble Education 1 | 80,000 | 286,400 | ||||||
| Destination XL Group 1 | 75,000 | 366,000 | ||||||
| Lazydays Holdings 1 | 30,000 | 605,400 | ||||||
| Shoe Carnival 3 | 36,432 | 1,062,357 | ||||||
| 12,542,570 | ||||||||
| Textiles, Apparel & Luxury Goods - 0.1% | ||||||||
| YGM Trading | 2,564,600 | 589,315 | ||||||
| Total | 48,522,335 | |||||||
| Consumer Staples – 2.7% | ||||||||
| Beverages - 0.4% | ||||||||
| MGP Ingredients | 20,000 | 1,711,800 | ||||||
| Primo Water | 26,791 | 381,772 | ||||||
| 2,093,572 | ||||||||
| Food Products - 2.0% | ||||||||
| CubicFarm Systems 1 | 400,000 | 380,754 | ||||||
| J G Boswell Company 4 | 2,490 | 2,577,150 | ||||||
| John B. Sanfilippo & Son 2,3 | 7,900 | 659,176 | ||||||
| Landec Corporation 1,2,3 | 75,610 | 875,564 | ||||||
| Seneca Foods Cl. A 1 | 81,087 | 4,179,224 | ||||||
| Seneca Foods Cl. B 1 | 40,400 | 2,059,996 | ||||||
| SunOpta 1 | 50,000 | 251,000 | ||||||
| 10,982,864 | ||||||||
| Personal Products - 0.1% | ||||||||
| e.l.f. Beauty 1,2,3 | 30,500 | 787,815 | ||||||
| Tobacco - 0.2% | ||||||||
| Turning Point Brands | 24,800 | 843,448 | ||||||
| Total | 14,707,699 | |||||||
| Energy – 8.2% | ||||||||
| Energy Equipment & Services - 4.1% | ||||||||
| Bristow Group 1,2,3 | 177,900 | 6,596,532 | ||||||
| Computer Modelling Group | 594,875 | 2,550,518 | ||||||
| North American Construction Group | 50,000 | 722,000 | ||||||
| Pason Systems | 485,500 | 5,945,690 | ||||||
| SEACOR Marine Holdings 1,3 | 216,957 | 1,750,843 | ||||||
| TerraVest Industries | 237,800 | 4,783,962 | ||||||
| 22,349,545 | ||||||||
| Oil, Gas & Consumable Fuels - 4.1% | ||||||||
| Ardmore Shipping 1 | 90,500 | 407,250 | ||||||
| Brigham Minerals Cl. A | 198,000 | 5,058,900 | ||||||
| Dorchester Minerals L.P. | 153,963 | 3,995,340 | ||||||
| Dorian LPG | 163,138 | 2,363,870 | ||||||
| GeoPark | 69,218 | 1,034,117 | ||||||
| Imperial Petroleum 1 | 28,708 | 41,626 | ||||||
| Kimbell Royalty Partners L.P. | 50,300 | 817,878 | ||||||
| Navigator Holdings 1 | 175,000 | 2,136,750 | ||||||
| Northern Oil and Gas | 34,200 | 964,098 | ||||||
| Sabine Royalty Trust 3 | 66,148 | 3,820,047 | ||||||
| Spartan Delta 1 | 118,100 | 925,793 | ||||||
| StealthGas 1 | 229,664 | 551,194 | ||||||
| 22,116,863 | ||||||||
| Total | 44,466,408 | |||||||
| Financials – 12.6% | ||||||||
| Banks - 1.3% | ||||||||
| Chemung Financial | 31,000 | 1,447,390 | ||||||
| HBT Financial | 46,300 | 841,734 | ||||||
| Live Oak Bancshares 2,3 | 30,900 | 1,572,501 | ||||||
| Midway Investments 1,5 | 735,647 | 0 | ||||||
| Virginia National Bankshares | 89,910 | 3,101,895 | ||||||
| 6,963,520 | ||||||||
| Capital Markets - 9.1% | ||||||||
| ASA Gold and Precious Metals | 171,150 | 3,835,472 | ||||||
| Barings BDC | 215,300 | 2,226,202 | ||||||
| Bolsa Mexicana de Valores | 1,068,000 | 2,268,090 | ||||||
| Donnelley Financial Solutions 1,3 | 50,000 | 1,663,000 | ||||||
| Fiera Capital Cl. A | 78,000 | 651,378 | ||||||
| GCM Grosvenor Cl. A | 380,800 | 3,697,568 | ||||||
| Manning & Napier Cl. A | 136,600 | 1,244,426 | ||||||
| Newtek Business Services | 121,372 | 3,240,632 | ||||||
| P10 Cl. A 1 | 37,549 | 455,094 | ||||||
| Silvercrest Asset Management Group Cl. A | 224,100 | 4,582,845 | ||||||
| Sprott | 191,453 | 9,599,067 | ||||||
| StoneX Group 1,2,3 | 64,127 | 4,760,147 | ||||||
| Tel Aviv Stock Exchange 4 | 343,000 | 1,755,878 | ||||||
| U.S. Global Investors Cl. A | 439,454 | 2,285,161 | ||||||
| Urbana Corporation | 237,600 | 741,223 | ||||||
| Value Line 2,3 | 67,074 | 4,493,958 | ||||||
| VNV Global 1,4 | 100,000 | 530,909 | ||||||
| Warsaw Stock Exchange 4 | 52,900 | 513,270 | ||||||
| Westaim Corporation (The) 1 | 500,000 | 943,887 | ||||||
| 49,488,207 | ||||||||
| Consumer Finance - 0.2% | ||||||||
| EZCORP Cl. A 1,2,3 | 201,000 | 1,214,040 | ||||||
| Diversified Financial Services - 0.6% | ||||||||
| ECN Capital | 556,000 | 2,966,460 | ||||||
| Waterloo Investment Holdings 1,5 | 806,000 | 225,680 | ||||||
| 3,192,140 | ||||||||
| Insurance - 1.2% | ||||||||
| Hallmark Financial Services 1,3 | 114,000 | 413,820 | ||||||
| Trean Insurance Group 1 | 394,065 | 1,848,165 | ||||||
| Trupanion 1,3 | 45,070 | 4,016,638 | ||||||
| 6,278,623 | ||||||||
| Thrifts & Mortgage Finance - 0.2% | ||||||||
| WSFS Financial | 22,500 | 1,048,950 | ||||||
| Total | 68,185,480 | |||||||
| Health Care – 13.5% | ||||||||
| Biotechnology - 1.6% | ||||||||
| Arcturus Therapeutics Holdings 1,2,3 | 79,836 | 2,152,379 | ||||||
| Avid Bioservices 1 | 46,200 | 941,094 | ||||||
| CareDx 1 | 18,900 | 699,111 | ||||||
| Catalyst Pharmaceuticals 1 | 92,500 | 766,825 | ||||||
| Larimar Therapeutics 1 | 28,064 | 113,659 | ||||||
| MeiraGTx Holdings 1 | 114,400 | 1,584,440 | ||||||
| Neoleukin Therapeutics 1 | 145,397 | 273,346 | ||||||
| Zealand Pharma 1,4 | 153,015 | 2,337,583 | ||||||
| 8,868,437 | ||||||||
| Health Care Equipment & Supplies - 7.0% | ||||||||
| Apyx Medical 1 | 35,800 | 233,774 | ||||||
| Artivion 1 | 15,200 | 324,976 | ||||||
| AtriCure 1,3 | 15,000 | 985,050 | ||||||
| Atrion Corporation 3 | 4,689 | 3,343,257 | ||||||
| Bioventus Cl. A 1 | 220,855 | 3,114,056 | ||||||
| Chembio Diagnostics 1 | 135,800 | 111,356 | ||||||
| Cutera 1 | 58,300 | 4,022,700 | ||||||
| Mesa Laboratories 3 | 54,680 | 13,936,838 | ||||||
| OraSure Technologies 1,3 | 50,000 | 339,000 | ||||||
| OrthoPediatrics Corp. 1 | 6,500 | 350,935 | ||||||
| Profound Medical 1 | 85,800 | 772,107 | ||||||
| Semler Scientific 1,3 | 22,400 | 1,110,144 | ||||||
| Surmodics 1,3 | 85,300 | 3,866,649 | ||||||
| UFP Technologies 1,3 | 36,445 | 2,411,566 | ||||||
| Utah Medical Products | 31,350 | 2,817,111 | ||||||
| 37,739,519 | ||||||||
| Health Care Providers & Services - 2.0% | ||||||||
| Cross Country Healthcare 1 | 130,800 | 2,834,436 | ||||||
| Great Elm Group 1 | 682,245 | 1,234,863 | ||||||
| Hims & Hers Health Cl. A 1,3 | 200,000 | 1,066,000 | ||||||
| Joint Corp. (The) 1 | 65,484 | 2,317,479 | ||||||
| National Research 3 | 46,668 | 1,850,386 | ||||||
| PetIQ Cl. A 1,2,3 | 25,000 | 610,000 | ||||||
| Sharps Compliance 1 | 153,500 | 905,650 | ||||||
| 10,818,814 | ||||||||
| Health Care Technology - 0.9% | ||||||||
| Simulations Plus 2,3 | 85,570 | 4,362,359 | ||||||
| Tabula Rasa HealthCare 1,2,3 | 38,400 | 221,184 | ||||||
| 4,583,543 | ||||||||
| Life Sciences Tools & Services - 1.7% | ||||||||
| Azenta 1,2,3 | 34,000 | 2,817,920 | ||||||
| Codexis 1 | 19,300 | 397,966 | ||||||
| Harvard Bioscience 1 | 317,400 | 1,971,054 | ||||||
| MaxCyte 1 | 129,495 | 905,170 | ||||||
| Quanterix Corporation 1 | 111,700 | 3,260,523 | ||||||
| 9,352,633 | ||||||||
| Pharmaceuticals - 0.3% | ||||||||
| Knight Therapeutics 1 | 187,000 | 780,818 | ||||||
| Theravance Biopharma 1,2,3 | 59,009 | 564,126 | ||||||
| 1,344,944 | ||||||||
| Total | 72,707,890 | |||||||
| Industrials – 18.7% | ||||||||
| Aerospace & Defense - 0.9% | ||||||||
| Astronics Corporation 1 | 56,929 | 736,092 | ||||||
| Cadre Holdings | 40,000 | 982,400 | ||||||
| CPI Aerostructures 1 | 189,700 | 559,615 | ||||||
| Innovative Solutions and Support 1 | 78,828 | 635,353 | ||||||
| Park Aerospace | 25,000 | 326,250 | ||||||
| SIFCO Industries 1 | 45,800 | 227,095 | ||||||
| Triumph Group 1 | 10,000 | 252,800 | ||||||
| Virgin Galactic Holdings 1,2,3 | 102,850 | 1,016,158 | ||||||
| 4,735,763 | ||||||||
| Air Freight & Logistics - 0.1% | ||||||||
| Atlas Air Worldwide Holdings 1 | 10,000 | 863,700 | ||||||
| Building Products - 1.1% | ||||||||
| Burnham Holdings Cl. A 4 | 117,000 | 1,621,620 | ||||||
| CSW Industrials 3 | 20,000 | 2,351,800 | ||||||
| Insteel Industries 3 | 44,200 | 1,634,958 | ||||||
| Quanex Building Products | 9,900 | 207,801 | ||||||
| 5,816,179 | ||||||||
| Commercial Services & Supplies - 1.5% | ||||||||
| Acme United 3 | 25,000 | 843,750 | ||||||
| Atento 1 | 21,742 | 601,166 | ||||||
| Civeo Corporation 1 | 37,499 | 885,164 | ||||||
| Heritage-Crystal Clean 1,3 | 123,001 | 3,642,060 | ||||||
| Team 1 | 93,300 | 206,193 | ||||||
| Vidler Water Resouces 1,2,3 | 121,200 | 1,871,328 | ||||||
| 8,049,661 | ||||||||
| Construction & Engineering - 3.3% | ||||||||
| Ameresco Cl. A 1 | 59,500 | 4,730,250 | ||||||
| Construction Partners Cl. A 1 | 84,900 | 2,222,682 | ||||||
| Granite Construction | 13,500 | 442,800 | ||||||
| IES Holdings 1,2,3 | 87,300 | 3,509,460 | ||||||
| Infrastructure and Energy Alternatives 1 | 275,100 | 3,259,935 | ||||||
| Matrix Service 1,3 | 8,200 | 67,404 | ||||||
| Northwest Pipe 1,3 | 65,100 | 1,656,795 | ||||||
| NV5 Global 1 | 13,400 | 1,786,220 | ||||||
| 17,675,546 | ||||||||
| Electrical Equipment - 0.8% | ||||||||
| American Superconductor 1 | 104,225 | 793,152 | ||||||
| Encore Wire 3 | 3,307 | 377,230 | ||||||
| LSI Industries | 415,740 | 2,494,440 | ||||||
| Powell Industries 3 | 21,400 | 415,588 | ||||||
| Power Solutions International 1,4 | 21,100 | 66,043 | ||||||
| 4,146,453 | ||||||||
| Machinery - 4.2% | ||||||||
| CIRCOR International 1,3 | 240,421 | 6,400,007 | ||||||
| Graham Corporation 1,2,3 | 149,850 | 1,155,344 | ||||||
| H2O Innovation 1 | 437,300 | 839,515 | ||||||
| Hurco Companies 3 | 36,866 | 1,162,016 | ||||||
| L. B. Foster Company 1,3 | 95,300 | 1,464,761 | ||||||
| Lindsay Corporation 3 | 41,600 | 6,531,616 | ||||||
| Luxfer Holdings 3 | 31,700 | 532,560 | ||||||
| NN 1 | 90,600 | 260,928 | ||||||
| Shyft Group (The) | 17,200 | 621,092 | ||||||
| Titan International 1 | 212,200 | 3,125,706 | ||||||
| Wabash National | 6,400 | 94,976 | ||||||
| Westport Fuel Systems 1 | 412,500 | 651,750 | ||||||
| 22,840,271 | ||||||||
| Marine - 1.6% | ||||||||
| Algoma Central | 40,000 | 553,533 | ||||||
| Clarkson 4 | 58,600 | 2,828,947 | ||||||
| Eagle Bulk Shipping 2,3 | 81,428 | 5,546,061 | ||||||
| 8,928,541 | ||||||||
| Professional Services - 1.6% | ||||||||
| Acacia Research 1,2,3 | 190,000 | 856,900 | ||||||
| Barrett Business Services | 2,600 | 201,422 | ||||||
| Forrester Research 1 | 81,900 | 4,620,798 | ||||||
| Franklin Covey 1,3 | 40,100 | 1,813,322 | ||||||
| Resources Connection | 59,300 | 1,016,402 | ||||||
| Spire Global Cl. A 1 | 50,000 | 105,000 | ||||||
| 8,613,844 | ||||||||
| Road & Rail - 0.4% | ||||||||
| Patriot Transportation Holding | 55,764 | 444,997 | ||||||
| Universal Logistics Holdings 3 | 75,200 | 1,515,280 | ||||||
| 1,960,277 | ||||||||
| Trading Companies & Distributors - 3.2% | ||||||||
| BlueLinx Holdings 1 | 5,300 | 380,964 | ||||||
| EVI Industries 1,2,3 | 267,409 | 4,971,133 | ||||||
| Lawson Products 1 | 36,500 | 1,406,710 | ||||||
| Transcat 1,2,3 | 133,574 | 10,838,195 | ||||||
| 17,597,002 | ||||||||
| Total | 101,227,237 | |||||||
| Information Technology – 21.1% | ||||||||
| Communications Equipment - 1.3% | ||||||||
| Clearfield 1 | 59,400 | 3,874,068 | ||||||
| Digi International 1 | 71,600 | 1,540,832 | ||||||
| Genasys 1 | 86,392 | 237,578 | ||||||
| Ituran Location and Control | 50,000 | 1,151,000 | ||||||
| 6,803,478 | ||||||||
| Electronic Equipment, Instruments & Components - 6.2% | ||||||||
| Bel Fuse Cl. A | 67,705 | 1,421,805 | ||||||
| Fabrinet 1 | 2,200 | 231,286 | ||||||
| FARO Technologies 1,3 | 65,200 | 3,385,184 | ||||||
| HollySys Automation Technologies | 51,900 | 828,843 | ||||||
| Luna Innovations 1 | 394,778 | 3,043,738 | ||||||
| nLIGHT 1,3 | 383,014 | 6,641,463 | ||||||
| Novanta 1 | 3,400 | 483,786 | ||||||
| PAR Technology 1 | 268,924 | 10,848,394 | ||||||
| PC Connection 3 | 14,000 | 733,460 | ||||||
| PowerFleet 1 | 230,500 | 684,585 | ||||||
| Richardson Electronics | 316,900 | 3,942,236 | ||||||
| Vishay Precision Group 1 | 41,800 | 1,343,870 | ||||||
| 33,588,650 | ||||||||
| IT Services - 0.6% | ||||||||
| BigCommerce Holdings 1 | 16,200 | 354,942 | ||||||
| Cantaloupe 1,2,3 | 90,500 | 612,685 | ||||||
| Computer Task Group 1 | 84,800 | 828,496 | ||||||
| EVO Payments Cl. A 1 | 8,600 | 198,574 | ||||||
| Hackett Group (The) 3 | 27,700 | 638,762 | ||||||
| International Money Express 1 | 20,000 | 412,200 | ||||||
| Liberated Syndication 1,5 | 66,000 | 219,780 | ||||||
| 3,265,439 | ||||||||
| Semiconductors & Semiconductor Equipment - 8.9% | ||||||||
| Aehr Test Systems 1 | 38,800 | 394,208 | ||||||
| Alpha & Omega Semiconductor 1,3 | 17,900 | 978,235 | ||||||
| Amtech Systems 1,2,3 | 92,184 | 927,371 | ||||||
| Axcelis Technologies 1 | 5,400 | 407,862 | ||||||
| AXT 1 | 100,000 | 702,000 | ||||||
| Camtek 1 | 53,000 | 1,614,380 | ||||||
| Cohu 1 | 62,290 | 1,843,784 | ||||||
| CyberOptics Corporation 1 | 64,900 | 2,633,642 | ||||||
| FormFactor 1 | 22,869 | 961,184 | ||||||
| Ichor Holdings 1 | 25,700 | 915,434 | ||||||
| Kulicke & Soffa Industries 3 | 77,200 | 4,324,744 | ||||||
| Magnachip Semiconductor 1 | 39,900 | 674,709 | ||||||
| Nova 1,2,3 | 45,300 | 4,932,264 | ||||||
| NVE Corporation | 14,400 | 784,368 | ||||||
| Onto Innovation 1 | 127,550 | 11,082,820 | ||||||
| PDF Solutions 1 | 225,200 | 6,276,324 | ||||||
| Photronics 1 | 281,400 | 4,775,358 | ||||||
| Sequans Communications ADR 1 | 31,800 | 96,672 | ||||||
| Ultra Clean Holdings 1,3 | 65,000 | 2,755,350 | ||||||
| Veeco Instruments 1 | 32,600 | 886,394 | ||||||
| 47,967,103 | ||||||||
| Software - 2.9% | ||||||||
| Agilysys 1,2,3 | 113,700 | 4,534,356 | ||||||
| American Software Cl. A 2,3 | 80,252 | 1,672,452 | ||||||
| AudioEye 1 | 50,000 | 340,500 | ||||||
| ChannelAdvisor Corporation 1 | 109,425 | 1,813,172 | ||||||
| Digital Turbine 1 | 62,800 | 2,751,268 | ||||||
| Mitek Systems 1 | 76,300 | 1,119,321 | ||||||
| Model N 1 | 25,000 | 672,500 | ||||||
| OneSpan 1 | 5,600 | 80,864 | ||||||
| Optiva 1 | 28,000 | 492,741 | ||||||
| RealNetworks 1 | 100,171 | 58,099 | ||||||
| Upland Software 1 | 110,556 | 1,946,891 | ||||||
| WM Technology Cl. A. 1 | 51,000 | 398,820 | ||||||
| 15,880,984 | ||||||||
| Technology Hardware, Storage & Peripherals - 1.2% | ||||||||
| AstroNova 1 | 114,600 | 1,738,482 | ||||||
| Avid Technology 1,3 | 36,100 | 1,258,807 | ||||||
| Intevac 1 | 539,400 | 2,885,790 | ||||||
| TransAct Technologies 1 | 40,900 | 288,754 | ||||||
| 6,171,833 | ||||||||
| Total | 113,677,487 | |||||||
| Materials – 7.8% | ||||||||
| Chemicals - 1.7% | ||||||||
| Aspen Aerogels 1 | 153,485 | 5,292,163 | ||||||
| LSB Industries 1 | 176,540 | 3,855,633 | ||||||
| Rayonier Advanced Materials 1 | 50,000 | 328,500 | ||||||
| 9,476,296 | ||||||||
| Construction Materials - 0.2% | ||||||||
| Monarch Cement 4 | 8,150 | 1,075,800 | ||||||
| Metals & Mining - 5.8% | ||||||||
| Alamos Gold Cl. A | 261,044 | 2,192,506 | ||||||
| Altius Minerals | 113,000 | 2,178,379 | ||||||
| Ampco-Pittsburgh 1 | 79,002 | 498,503 | ||||||
| Haynes International 3 | 84,400 | 3,595,440 | ||||||
| Imdex 4 | 569,466 | 1,149,147 | ||||||
| MAG Silver 1 | 154,050 | 2,490,988 | ||||||
| Major Drilling Group International 1 | 1,070,484 | 10,420,982 | ||||||
| Newcrest Mining | 26,859 | 540,768 | ||||||
| Olympic Steel | 35,000 | 1,346,100 | ||||||
| Sandstorm Gold | 810,000 | 6,544,800 | ||||||
| Universal Stainless & Alloy Products 1,3 | 33,620 | 291,822 | ||||||
| 31,249,435 | ||||||||
| Paper & Forest Products - 0.1% | ||||||||
| GreenFirst Forest Products 1 | 226,800 | 361,022 | ||||||
| Total | 42,162,553 | |||||||
| Real Estate – 2.4% | ||||||||
| Equity Real Estate Investment Trusts (REITs) - 0.4% | ||||||||
| Postal Realty Trust Cl. A | 114,000 | 1,917,480 | ||||||
| Real Estate Management & Development - 2.0% | ||||||||
| Altus Group | 87,000 | 3,514,378 | ||||||
| Dundee Corporation Cl. A 1 | 413,200 | 485,865 | ||||||
| Marcus & Millichap 3 | 4,900 | 258,132 | ||||||
| Real Matters 1 | 229,500 | 976,635 | ||||||
| RMR Group (The) Cl. A 3 | 88,200 | 2,743,020 | ||||||
| Tejon Ranch 1,3 | 154,994 | 2,830,190 | ||||||
| 10,808,220 | ||||||||
| Total | 12,725,700 | |||||||
| Utilities – 0.3% | ||||||||
| Water Utilities - 0.3% | ||||||||
| Global Water Resources | 106,000 | 1,763,840 | ||||||
| Total | 1,763,840 | |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $377,483,468) | 535,718,613 | |||||||
| PREFERRED STOCK – 0.0% | ||||||||
| Energy – 0.0% | ||||||||
| Oil, Gas & Consumable Fuels - 0.0% | ||||||||
| Imperial Petroleum 8.75% Series A | 4,784 | 100,464 | ||||||
| (Cost $71,808) | 100,464 | |||||||
| REPURCHASE AGREEMENT – 4.9% | ||||||||
Fixed Income Clearing Corporation, 0.00% dated 3/31/22, due 4/1/22, maturity value $26,648,887 (collateralized by obligations of various U.S. Government Agencies, 4.25% due 11/15/40, valued at $27,181,965) | ||||||||
| (Cost $26,648,887) | 26,648,887 | |||||||
| TOTAL INVESTMENTS – 104.1% | ||||||||
| (Cost $404,204,163) | 562,467,964 | |||||||
| LIABILITIES LESS CASH | ||||||||
| AND OTHER ASSETS – (4.1)% | (22,321,504 | ) | ||||||
| NET ASSETS – 100.0% | $ | 540,146,460 | ||||||
ADR – American Depository Receipt
| 1 | 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. |
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $404,550,024. At March 31, 2022, net unrealized appreciation for all securities was $157,917,940, consisting of aggregate gross unrealized appreciation of $213,815,730 and aggregate gross unrealized depreciation of $55,897,790. 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 Investment Company Act of 1940 (“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/or 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 March 31, 2022. 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 | $ | 517,980,448 | $ | 17,292,705 | $ | 445,460 | $ | 535,718,613 | ||||||||
| Preferred Stock | 100,464 | – | – | 100,464 | ||||||||||||
| Repurchase Agreement | – | 26,648,887 | – | 26,648,887 | ||||||||||||
Level 3 Reconciliation:
| Balance
as of 12/31/21 | Purchases | Sales | Realized Gain (Loss) | Unrealized Gain (Loss) | Balance
as of 3/31/22 | |||||||||||||||||||
| Common Stocks | $ | 313,992 | $ | – | $ | 129,279 | $ | (5,085 | ) | $ | 265,832 | $ | 445,460 | |||||||||||
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, 2022 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 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 March 31, 2022, 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 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 March 31, 2022, the Fund has outstanding borrowings of $22,000,000. During the three months ended March 31, 2022, the Fund borrowed an average daily balance of $22,000,000. As of March 31, 2022, the aggregate value of rehypothecated securities was $19,756,763.
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).