# EDGAR Filing Document

**Accession Number:** 0000912147
**File Stem:** 0001752724-23-030755
**Filing Date:** 2023-2
**Character Count:** 94530
**Document Hash:** 0321bbcf00ebb3d49d14749a07968787
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-030755.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001752724-23-030755

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYCE MICRO-CAP TRUST, INC.
- **CENTRAL INDEX KEY:** 0000912147
- **IRS NUMBER:** 133739778
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08030
- **FILM NUMBER:** 23646663

**BUSINESS ADDRESS:**
- **STREET 1:** 745 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10151
- **BUSINESS PHONE:** 2124084587

**MAIL ADDRESS:**
- **STREET 1:** 745 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10151

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYCE MICRO-CAP TRUST, INC /MD/
- **DATE OF NAME CHANGE:** 20090324

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYCE MICRO CAP TRUST INC /MD/
- **DATE OF NAME CHANGE:** 20010430

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYCE OTC MICRO CAP FUND INC
- **DATE OF NAME CHANGE:** 19930917

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ROYCE MICRO-CAP TRUST, INC.

- **b. Investment Company Act file number:** 811-08030

- **c. CIK number of Registrant:** 0000912147

- **d. LEI of Registrant:** 254900D3WFIV4SD8EF19

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 745 FIFTH AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10151

  - **Telephone number:** 212-508-4500

**Item A.2. Information about the Series.**

- **a. Name of Series:** ROYCE MICRO-CAP TRUST, INC.

- **c. LEI of Series:** 254900D3WFIV4SD8EF19

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $492486342.55

**Total Liabilities:** $26484635.39

**Net Assets:** $466001707.16

**Cash Not Reported:** $28063.81

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 8.88%                | 5.91%                | -2.92%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13253799.93             | $24693300.73                               |
| Month 2  | $3730726.24              | $23137116.37                               |
| Month 3  | $-20359807.81            | $5554786.10                                |

### Schedule of Portfolio Investments

| Name                                        | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| M&F Bancorp Inc/NC                          | M&F Bancorp Inc/NC                          | CUSIP: 552507105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3000 | NS      | $63150.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Astronics Corp                              | Astronics Corp                              | CUSIP: 046433108<br>LEI: 549300NNXCF8H4MSMK17 | Long             | EC               | CORP              | US        |     56929 | NS      | $586368.70    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd/Israel                           | Camtek Ltd/Israel                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     93558 | NS      | $2054533.68   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| North American Construction Group Ltd       | North American Construction Group Ltd       | CUSIP: 656811106<br>LEI: 549300DQ6060LO4XGI15 | Long             | EC               | CORP              | CA        |     50000 | NS      | $668500.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                                 | Urbana Corp                                 | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |    237600 | NS      | $747545.05    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                    | Nova Ltd                                    | CUSIP: 000000000<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |     35000 | NS      | $2858800.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc                          | Aviat Networks Inc                          | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     27249 | NS      | $849896.31    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries Inc                          | LSB Industries Inc                          | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |    213740 | NS      | $2842742.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoneridge Inc                              | Stoneridge Inc                              | CUSIP: 86183P102<br>LEI: PNBCIH9LE7WI83VJIF08 | Long             | EC               | CORP              | US        |     57600 | NS      | $1241856.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MAG Silver Corp                             | MAG Silver Corp                             | CUSIP: 55903Q104<br>LEI: 254900LGL904N7F3EL14 | Long             | EC               | CORP              | CA        |    154050 | NS      | $2407801.50   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc                       | Alkami Technology Inc                       | CUSIP: 01644J108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60090 | NS      | $876713.10    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphawave IP Group PLC                      | Alphawave IP Group PLC                      | CUSIP: 000000000<br>LEI: 213800ZXTO21EU4VMH37 | Long             | EC               | CORP              | GB        |    431575 | NS      | $532187.69    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc              | Kulicke & Soffa Industries Inc              | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |     71100 | NS      | $3146886.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Opsens Inc                                  | Opsens Inc                                  | CUSIP: 683823108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     96100 | NS      | $133432.79    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Patriot Transportation Holding Inc          | Patriot Transportation Holding Inc          | CUSIP: 70338W105<br>LEI: 549300CONREOD6V7PO98 | Long             | EC               | CORP              | US        |     44749 | NS      | $318165.39    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorcar Parts of America Inc               | Motorcar Parts of America Inc               | CUSIP: 620071100<br>LEI: 549300AG4610OSV3H429 | Long             | EC               | CORP              | US        |     54800 | NS      | $649928.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Seneca Foods Corp                           | Seneca Foods Corp                           | CUSIP: 817070105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40400 | NS      | $2444200.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                  | FIXED INC CLEARING CORP.REPO                | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  20592581 | PA      | $20592580.96  | 4.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Simulations Plus Inc                        | Simulations Plus Inc                        | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86670 | NS      | $3169521.90   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares Inc                     | Live Oak Bancshares Inc                     | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49745 | NS      | $1502299.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WideOpenWest Inc                            | WideOpenWest Inc                            | CUSIP: 96758W101<br>LEI: 549300RM6J2BWWOFU889 | Long             | EC               | CORP              | US        |     42500 | NS      | $387175.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage-Crystal Clean Inc                  | Heritage-Crystal Clean Inc                  | CUSIP: 42726M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131201 | NS      | $4261408.48   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Stainless & Alloy Products Inc    | Universal Stainless & Alloy Products Inc    | CUSIP: 913837100<br>LEI: 5493001OEIZDUGXZDE09 | Long             | EC               | CORP              | US        |     33620 | NS      | $241055.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Caribou Biosciences Inc                     | Caribou Biosciences Inc                     | CUSIP: 142038108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10600 | NS      | $66568.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries Inc                    | Gibraltar Industries Inc                    | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9359 | NS      | $429390.92    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                                | Bel Fuse Inc                                | CUSIP: 077347201<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     18805 | NS      | $626018.45    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cutera Inc                                  | Cutera Inc                                  | CUSIP: 232109108<br>LEI: 529900NPKPEWJWR21Z42 | Long             | EC               | CORP              | US        |     57500 | NS      | $2542650.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Hollysys Automation Technologies Ltd        | Hollysys Automation Technologies Ltd        | CUSIP: 000000000<br>LEI: 2549008FKCB1PSUOZ583 | Long             | EC               | CORP              | VG        |     51900 | NS      | $852717.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc                | Catalyst Pharmaceuticals Inc                | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |     51800 | NS      | $963480.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Luxfer Holdings PLC                         | Luxfer Holdings PLC                         | CUSIP: 000000000<br>LEI: 21380045UF5SJYZOXE41 | Long             | EC               | CORP              | GB        |     31700 | NS      | $434924.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc                        | UFP Technologies Inc                        | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |     27445 | NS      | $3235491.05   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc                            | IES Holdings Inc                            | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |     51204 | NS      | $1821326.28   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Pason Systems Inc                           | Pason Systems Inc                           | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |    366500 | NS      | $4314630.72   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| AtriCure Inc                                | AtriCure Inc                                | CUSIP: 04963C209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $665700.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                                | Harmonic Inc                                | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |    126900 | NS      | $1662390.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Harvard Bioscience Inc                      | Harvard Bioscience Inc                      | CUSIP: 416906105<br>LEI: 549300VLGB1D47GGC642 | Long             | EC               | CORP              | US        |    317400 | NS      | $879198.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Powerfleet Inc                              | Powerfleet Inc                              | CUSIP: 73931J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    230500 | NS      | $620045.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Atento SA                                   | Atento SA                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |     11715 | NS      | $49554.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp                | American Superconductor Corp                | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |    104225 | NS      | $383548.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Imdex Ltd                                   | Imdex Ltd                                   | CUSIP: 000000000<br>LEI: 529900H31NX5KRKXB865 | Long             | EC               | CORP              | AU        |    569466 | NS      | $856863.42    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesa Laboratories Inc                       | Mesa Laboratories Inc                       | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Long             | EC               | CORP              | US        |     59579 | NS      | $9902625.59   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Tel Aviv Stock Exchange Ltd                 | Tel Aviv Stock Exchange Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    343000 | NS      | $2049159.34   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercrest Asset Management Group Inc      | Silvercrest Asset Management Group Inc      | CUSIP: 828359109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    243108 | NS      | $4563137.16   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Bancshares Corp/GA                 | Citizens Bancshares Corp/GA                 | CUSIP: 173168105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2200 | NS      | $60500.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Theravance Biopharma Inc                    | Theravance Biopharma Inc                    | CUSIP: 000000000<br>LEI: 5493007VTSXP4Z6MIW52 | Long             | EC               | CORP              | KY        |     59009 | NS      | $662080.98    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc                    | Resources Connection Inc                    | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59300 | NS      | $1089934.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Warsaw Stock Exchange                       | Warsaw Stock Exchange                       | CUSIP: 000000000<br>LEI: 25940039ZHD3Z37GKR71 | Long             | EC               | CORP              | PL        |     49284 | NS      | $399549.84    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                         | WSFS Financial Corp                         | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     22500 | NS      | $1020150.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Trean Insurance Group Inc                   | Trean Insurance Group Inc                   | CUSIP: 89457R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    394065 | NS      | $2364390.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Therapeutics Inc                    | Century Therapeutics Inc                    | CUSIP: 15673T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11430 | NS      | $58635.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enfusion Inc                                | Enfusion Inc                                | CUSIP: 292812104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39100 | NS      | $378097.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Model N Inc                                 | Model N Inc                                 | CUSIP: 607525102<br>LEI: 549300WCIL3W0EYSBN94 | Long             | EC               | CORP              | US        |     25000 | NS      | $1014000.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Hallmark Financial Services Inc             | Hallmark Financial Services Inc             | CUSIP: 40624Q203<br>LEI: 549300QVZIZ17RUE4C20 | Long             | EC               | CORP              | US        |      2884 | NS      | $1684.83      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Geopark Ltd                                 | Geopark Ltd                                 | CUSIP: 000000000<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | EC               | CORP              | BM        |     69218 | NS      | $1069418.10   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Surmodics Inc                               | Surmodics Inc                               | CUSIP: 868873100<br>LEI: 549300H76KXCAAGUS878 | Long             | EC               | CORP              | US        |     85300 | NS      | $2910436.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MeridianLink Inc                            | MeridianLink Inc                            | CUSIP: 58985J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29000 | NS      | $398170.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                    | Cohu Inc                                    | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     38990 | NS      | $1249629.50   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Avid Technology Inc                         | Avid Technology Inc                         | CUSIP: 05367P100<br>LEI: 549300PQGW3DXKJTQ914 | Long             | EC               | CORP              | US        |    120375 | NS      | $3200771.25   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Genasys Inc                                 | Genasys Inc                                 | CUSIP: 36872P103<br>LEI: 549300W0ZVKXG9NQ7D23 | Long             | EC               | CORP              | US        |     86392 | NS      | $319650.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc                    | Travere Therapeutics Inc                    | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3000 | NS      | $63090.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Franchise Group Inc                         | Franchise Group Inc                         | CUSIP: 35180X105<br>LEI: 549300MWCHSL8BSOMV77 | Long             | EC               | CORP              | US        |    194300 | NS      | $4628226.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc                    | Granite Construction Inc                    | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     13500 | NS      | $473445.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| QuinStreet Inc                              | QuinStreet Inc                              | CUSIP: 74874Q100<br>LEI: 549300TP8MFBFPOS4Y78 | Long             | EC               | CORP              | US        |    200900 | NS      | $2882915.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group Inc                           | Bristow Group Inc                           | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |    177900 | NS      | $4826427.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberated Syndication Inc                   | Liberated Syndication Inc                   | CUSIP: 53013F100<br>LEI: 549300QG1488DA0B5A29 | Long             | EC               | CORP              | US        |     56000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Clearfield Inc                              | Clearfield Inc                              | CUSIP: 18482P103<br>LEI: 529900M4S2OQ1ADPR537 | Long             | EC               | CORP              | US        |     58207 | NS      | $5479606.98   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Value Line Inc                              | Value Line Inc                              | CUSIP: 920437100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29470 | NS      | $1499433.60   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Agios Pharmaceuticals Inc                   | Agios Pharmaceuticals Inc                   | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |      2300 | NS      | $64584.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Commonwealth Financial Corp           | First Commonwealth Financial Corp           | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |     11800 | NS      | $164846.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Zealand Pharma A/S                          | Zealand Pharma A/S                          | CUSIP: 000000000<br>LEI: 549300ITBB1ULBL4CZ12 | Long             | EC               | CORP              | DK        |    153015 | NS      | $4436175.07   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifecore Biomedical Inc                     | Lifecore Biomedical Inc                     | CUSIP: 514766104<br>LEI: 549300EHBZ5OM9ND9O43 | Long             | EC               | CORP              | US        |     75610 | NS      | $489952.80    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ituran Location and Control Ltd             | Ituran Location and Control Ltd             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     50000 | NS      | $1056500.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ampco-Pittsburgh Corp                       | Ampco-Pittsburgh Corp                       | CUSIP: 032037103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35646 | NS      | $89471.46     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc                           | GCM Grosvenor Inc                           | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    329900 | NS      | $2510539.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                                  | Civeo Corp                                  | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | CA        |     37499 | NS      | $1166218.90   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcturus Therapeutics Holdings Inc          | Arcturus Therapeutics Holdings Inc          | CUSIP: 03969T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79836 | NS      | $1354018.56   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                              | Tejon Ranch Co                              | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |    154994 | NS      | $2920086.96   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                              | Dorian LPG Ltd                              | CUSIP: 000000000<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | MH        |    208338 | NS      | $3948005.10   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group Inc            | First Watch Restaurant Group Inc            | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37500 | NS      | $507375.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                            | StoneX Group Inc                            | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     60027 | NS      | $5720573.10   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Enghouse Systems Ltd                        | Enghouse Systems Ltd                        | CUSIP: 292949104<br>LEI: 549300LKRHABBMOTY018 | Long             | EC               | CORP              | CA        |     22900 | NS      | $608355.24    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                                | Lindsay Corp                                | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |     41600 | NS      | $6774560.00   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| inTEST Corp                                 | inTEST Corp                                 | CUSIP: 461147100<br>LEI: 549300RJJBPHDOAVDU15 | Long             | EC               | CORP              | US        |     10500 | NS      | $108150.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                                  | MasTec Inc                                  | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |     13287 | NS      | $1133779.71   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                           | Shoe Carnival Inc                           | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36432 | NS      | $871089.12    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings Inc                           | PROS Holdings Inc                           | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |     45000 | NS      | $1091700.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Matters Inc                            | Real Matters Inc                            | CUSIP: 75601Y100<br>LEI: 54930038CQZBR1KZYE22 | Long             | EC               | CORP              | CA        |    229500 | NS      | $708500.74    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O Innovation Inc                          | H2O Innovation Inc                          | CUSIP: 443300306<br>LEI: 254900RHUMVCQOB7LB46 | Long             | EC               | CORP              | CA        |    437300 | NS      | $830030.28    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| National Research Corp                      | National Research Corp                      | CUSIP: 637372202<br>LEI: 549300FQIORB6GZCYT15 | Long             | EC               | CORP              | US        |     46668 | NS      | $1740716.40   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Distribution Solutions Group Inc            | Distribution Solutions Group Inc            | CUSIP: 520776105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79000 | NS      | $2911940.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspired Entertainment Inc                  | Inspired Entertainment Inc                  | CUSIP: 45782N108<br>LEI: 549300ZUGYK6NBIU6D69 | Long             | EC               | CORP              | US        |     50000 | NS      | $633500.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoCanada Inc                              | AutoCanada Inc                              | CUSIP: 05277B209<br>LEI: 549300BPCHUK5M1WZS45 | Long             | EC               | CORP              | CA        |    297000 | NS      | $5113050.22   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Destination XL Group Inc                    | Destination XL Group Inc                    | CUSIP: 25065K104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75000 | NS      | $506250.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc                              | NV5 Global Inc                              | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11400 | NS      | $1508448.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Shyft Group Inc/The                         | Shyft Group Inc/The                         | CUSIP: 825698103<br>LEI: 549300YY0TB51BGRV994 | Long             | EC               | CORP              | US        |     29700 | NS      | $738342.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastech Digital Inc                         | Mastech Digital Inc                         | CUSIP: 57633B100<br>LEI: 549300GD5HFB0F451006 | Long             | EC               | CORP              | US        |     38535 | NS      | $424270.35    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SIFCO Industries Inc                        | SIFCO Industries Inc                        | CUSIP: 826546103<br>LEI: 549300DGPYFSWVYAMD66 | Long             | EC               | CORP              | US        |     25337 | NS      | $54720.32     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                                  | EZCORP Inc                                  | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |    201000 | NS      | $1638150.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellebrite DI Ltd                           | Cellebrite DI Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    355712 | NS      | $1550904.32   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Solutions International Inc           | Power Solutions International Inc           | CUSIP: 73933G202<br>LEI: 549300JWGWDXC70SNH31 | Long             | EC               | CORP              | US        |     21100 | NS      | $52750.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| OrthoPediatrics Corp                        | OrthoPediatrics Corp                        | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |      6500 | NS      | $258245.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorchester Minerals LP                      | Dorchester Minerals LP                      | CUSIP: 25820R105<br>LEI: 529900J537JTEZOMXG05 | Long             | EC               | CORP              | US        |    153963 | NS      | $4608112.59   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| NVE Corp                                    | NVE Corp                                    | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               | CORP              | US        |     14400 | NS      | $932400.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AstroNova Inc                               | AstroNova Inc                               | CUSIP: 04638F108<br>LEI: 549300D8PFP62QX00223 | Long             | EC               | CORP              | US        |    115860 | NS      | $1485325.20   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp                  | Standex International Corp                  | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      7100 | NS      | $727111.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| YGM Trading Ltd                             | YGM Trading Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   2564600 | NS      | $374564.44    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MeiraGTx Holdings plc                       | MeiraGTx Holdings plc                       | CUSIP: 000000000<br>LEI: 54930007YV6NYIOGFZ57 | Long             | EC               | CORP              | KY        |    114400 | NS      | $745888.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hurco Cos Inc                               | Hurco Cos Inc                               | CUSIP: 447324104<br>LEI: XSC5XDOTBYOBQPOG2O82 | Long             | EC               | CORP              | US        |     63366 | NS      | $1655753.58   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimbell Royalty Partners LP                 | Kimbell Royalty Partners LP                 | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |     55700 | NS      | $930190.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Solutions and Support Inc        | Innovative Solutions and Support Inc        | CUSIP: 45769N105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78828 | NS      | $647966.16    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc                        | Cavco Industries Inc                        | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8600 | NS      | $1945750.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc                      | Insteel Industries Inc                      | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     49700 | NS      | $1367744.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha & Omega Semiconductor Ltd             | Alpha & Omega Semiconductor Ltd             | CUSIP: 000000000<br>LEI: 5493001FE7J03YOV2V35 | Long             | EC               | CORP              | BM        |     17900 | NS      | $511403.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc                      | Patrick Industries Inc                      | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     17250 | NS      | $1045350.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| American Software Inc/GA                    | American Software Inc/GA                    | CUSIP: 029683109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111152 | NS      | $1631711.36   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                    | Ultra Clean Holdings Inc                    | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |     65000 | NS      | $2154750.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                             | Bancorp Inc/The                             | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19500 | NS      | $553410.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute Inc           | Universal Technical Institute Inc           | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    445000 | NS      | $2990400.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Optiva Inc                                  | Optiva Inc                                  | CUSIP: 68403N307<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     28000 | NS      | $341211.23    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Profound Medical Corp                       | Profound Medical Corp                       | CUSIP: 74319B502<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    144592 | NS      | $1546301.45   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Water Resources Inc                  | Global Water Resources Inc                  | CUSIP: 379463102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106000 | NS      | $1407680.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corp                                   | IMAX Corp                                   | CUSIP: 45245E109<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | EC               | CORP              | CA        |    271900 | NS      | $3986054.00   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| SomaLogic Inc                               | SomaLogic Inc                               | CUSIP: 83444K105<br>LEI: 549300D3W3Q8CN30YO25 | Long             | EC               | CORP              | US        |     25800 | NS      | $64758.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                           | RMR Group Inc/The                           | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |    108200 | NS      | $3056650.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Harbor Bankshares Corp                      | Harbor Bankshares Corp                      | CUSIP: 411465107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3400 | NS      | $50150.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EVI Industries Inc                          | EVI Industries Inc                          | CUSIP: 26929N102<br>LEI: 549300RU296J63VW0297 | Long             | EC               | CORP              | US        |    297409 | NS      | $7099152.83   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan International Inc                     | Titan International Inc                     | CUSIP: 88830M102<br>LEI: 254900CXRGBE7C4B5A06 | Long             | EC               | CORP              | US        |    212200 | NS      | $3250904.00   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| AXT Inc                                     | AXT Inc                                     | CUSIP: 00246W103<br>LEI: 549300M2142IVLVIJN37 | Long             | EC               | CORP              | US        |    223500 | NS      | $978930.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Luna Innovations Inc                        | Luna Innovations Inc                        | CUSIP: 550351100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    428678 | NS      | $3768079.62   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Aerospace Corp                         | Park Aerospace Corp                         | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               | CORP              | US        |     63772 | NS      | $855182.52    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                       | BlueLinx Holdings Inc                       | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |     12405 | NS      | $882119.55    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Midway Investments Ltd                      | MIDWAY INVESTMENTS LTD                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    735647 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Magnite Inc                                 | Magnite Inc                                 | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |    167200 | NS      | $1770648.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Uni-Select Inc                              | Uni-Select Inc                              | CUSIP: 90457D100<br>LEI: 549300GQ1WI8PKN1NQ40 | Long             | EC               | CORP              | CA        |     40000 | NS      | $1265583.46   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Westport Fuel Systems Inc                   | Westport Fuel Systems Inc                   | CUSIP: 960908309<br>LEI: 549300ZBKJ4TMPXRB502 | Long             | EC               | CORP              | CA        |     91752 | NS      | $71089.45     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                            | Acme United Corp                            | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |     25000 | NS      | $547500.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc                   | Construction Partners Inc                   | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |     84900 | NS      | $2265981.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc                      | Hims & Hers Health Inc                      | CUSIP: 433000106<br>LEI: 549300ZQ4ZUYSAAX6P59 | Long             | EC               | CORP              | US        |    200000 | NS      | $1282000.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CubicFarm Systems Corp                      | CubicFarm Systems Corp                      | CUSIP: 22968P108<br>LEI: 984500394B703EGF0751 | Long             | EC               | CORP              | CA        |    400000 | NS      | $23633.68     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc                    | Axcelis Technologies Inc                    | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      5400 | NS      | $428544.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Covey Co                           | Franklin Covey Co                           | CUSIP: 353469109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51200 | NS      | $2394624.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                         | ADTRAN Holdings Inc                         | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |     32400 | NS      | $608796.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Utah Medical Products Inc                   | Utah Medical Products Inc                   | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               | CORP              | US        |     23875 | NS      | $2400153.75   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc                           | PC Connection Inc                           | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |     14000 | NS      | $656600.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CPI Aerostructures Inc                      | CPI Aerostructures Inc                      | CUSIP: 125919308<br>LEI: 549300C471OFZGCOHS09 | Long             | EC               | CORP              | US        |    189700 | NS      | $607040.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Algoma Central Corp                         | Algoma Central Corp                         | CUSIP: 015644107<br>LEI: 5493002QOPYX7P96FG25 | Long             | EC               | CORP              | CA        |     40000 | NS      | $538257.02    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Corp                                 | Graham Corp                                 | CUSIP: 384556106<br>LEI: 254900EI9P4LTY524J77 | Long             | EC               | CORP              | US        |    149850 | NS      | $1441557.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Corp                                 | Dundee Corp                                 | CUSIP: 264901109<br>LEI: 549300LX18ZNW1LEMU13 | Long             | EC               | CORP              | CA        |    191500 | NS      | $200834.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil and Gas Inc                    | Northern Oil and Gas Inc                    | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     34200 | NS      | $1054044.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPERIAL PETROLEUM INC                      | Imperial Petroleum Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | MH        |      4784 | NS      | $92857.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ASA Gold and Precious Metals Ltd            | ASA Gold and Precious Metals Ltd            | CUSIP: 000000000<br>LEI: 254900VOUR4617HGCL14 | Long             | EC               | RF                | BM        |    171150 | NS      | $2449156.50   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Matrix Service Co                           | Matrix Service Co                           | CUSIP: 576853105<br>LEI: 529900VYBKSX6HD2YW58 | Long             | EC               | CORP              | US        |     40425 | NS      | $251443.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Everbridge Inc                              | Everbridge Inc                              | CUSIP: 29978A104<br>LEI: 549300WCY0UMR64ATW81 | Long             | EC               | CORP              | US        |     13300 | NS      | $393414.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group International Inc      | Major Drilling Group International Inc      | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |   1131184 | NS      | $8788815.13   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifetime Brands Inc                         | Lifetime Brands Inc                         | CUSIP: 53222Q103<br>LEI: 549300GS38DC0OHLYK32 | Long             | EC               | CORP              | US        |    119294 | NS      | $905441.46    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings Inc           | Lindblad Expeditions Holdings Inc           | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |    482868 | NS      | $3718083.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Lawn Corp                              | Park Lawn Corp                              | CUSIP: 700563208<br>LEI: 549300GTA10BQTRS3J10 | Long             | EC               | CORP              | CA        |     50000 | NS      | $954579.03    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanterix Corp                              | Quanterix Corp                              | CUSIP: 74766Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    195500 | NS      | $2707675.00   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Rite Aid Corp                               | Rite Aid Corp                               | CUSIP: 767754872<br>LEI: 529900W353T1JY1DKT44 | Long             | EC               | CORP              | US        |    200000 | NS      | $668000.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BankFirst Capital Corp                      | BankFirst Capital Corp                      | CUSIP: 066440108<br>LEI: 549300D9924G1L4MH246 | Long             | EC               | CORP              | US        |      1155 | NS      | $46200.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BAY Community Bancorp                       | BAY Community Bancorp                       | CUSIP: 072205107<br>LEI: 549300RJ7JWZVKZXRE75 | Long             | EC               | CORP              | US        |      6600 | NS      | $59136.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sitio Royalties Corp                        | Sitio Royalties Corp                        | CUSIP: 82983N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     63674 | NS      | $1836994.90   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Water Corp                            | Primo Water Corp                            | CUSIP: 74167P108<br>LEI: 5493005TMUI9D3MY9I37 | Long             | EC               | CORP              | CA        |     26791 | NS      | $416332.14    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Barings BDC Inc                             | Barings BDC Inc                             | CUSIP: 06759L103<br>LEI: 549300GSF4KFZP6ONG49 | Long             | EC               | CORP              | US        |    215300 | NS      | $1754695.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Richardson Electronics Ltd/United States    | Richardson Electronics Ltd/United States    | CUSIP: 763165107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    280100 | NS      | $5974533.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                                  | CareDx Inc                                  | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |     18900 | NS      | $215649.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Global Inc                            | Spire Global Inc                            | CUSIP: 848560108<br>LEI: 549300EZFBLFFHJ5MF06 | Long             | EC               | CORP              | US        |     50000 | NS      | $48000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Acacia Research Corp                        | Acacia Research Corp                        | CUSIP: 003881307<br>LEI: 529900BCN7BE6ESPDZ72 | Long             | EC               | CORP              | US        |    422500 | NS      | $1778725.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                              | FormFactor Inc                              | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |     22869 | NS      | $508377.87    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| L B Foster Co                               | L B Foster Co                               | CUSIP: 350060109<br>LEI: 549300AUUJGJ2T2L2179 | Long             | EC               | CORP              | US        |     95300 | NS      | $922504.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HBT Financial Inc                           | HBT Financial Inc                           | CUSIP: 404111106<br>LEI: 549300NTXD4Q6UK5BY66 | Long             | EC               | CORP              | US        |     54690 | NS      | $1070283.30   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemung Financial Corp                      | Chemung Financial Corp                      | CUSIP: 164024101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31000 | NS      | $1421970.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                              | Photronics Inc                              | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |    280400 | NS      | $4719132.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                                | Agilysys Inc                                | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |     84500 | NS      | $6687330.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                    | Fabrinet                                    | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |      2200 | NS      | $282084.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Altius Minerals Corp                        | Altius Minerals Corp                        | CUSIP: 020936100<br>LEI: 54930083UJGDUCMJMU61 | Long             | EC               | CORP              | CA        |    171100 | NS      | $2806596.01   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| OP Bancorp                                  | OP Bancorp                                  | CUSIP: 67109R109<br>LEI: 549300LTYZMS0Q13U522 | Long             | EC               | CORP              | US        |     14500 | NS      | $161820.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Casinos Inc                         | Century Casinos Inc                         | CUSIP: 156492100<br>LEI: 549300H2L4Y24HXY7M50 | Long             | EC               | CORP              | US        |    222500 | NS      | $1564175.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| StealthGas Inc                              | StealthGas Inc                              | CUSIP: 000000000<br>LEI: 549300JCJUO3WBVVKJ89 | Long             | EC               | CORP              | MH        |    229664 | NS      | $615499.52    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                                  | nLight Inc                                  | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    550914 | NS      | $5586267.96   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                                | Transcat Inc                                | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |    159652 | NS      | $11314537.24  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Newtek Business Services Corp               | Newtek Business Services Corp               | CUSIP: 652526203<br>LEI: 549300YLU78IA8GKJ688 | Long             | EC               | CORP              | US        |    179272 | NS      | $2913170.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| WATERLOO INVESTMENT HOLDINGS                | WATERLOO INVESTMENT HOLDINGS                | CUSIP: 000000000<br>LEI: 213800TZIK14GMV2YL02 | Long             | EC               | CORP              | VG        |    806000 | NS      | $225680.00    | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Ichor Holdings Ltd                          | Ichor Holdings Ltd                          | CUSIP: 000000000<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | KY        |     32000 | NS      | $858240.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV Auctions Inc                            | ACV Auctions Inc                            | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68600 | NS      | $563206.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapid Micro Biosystems Inc                  | Rapid Micro Biosystems Inc                  | CUSIP: 75340L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7009 | NS      | $7920.17      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| B Riley Financial Inc                       | B Riley Financial Inc                       | CUSIP: 05580M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81100 | NS      | $2773620.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Viant Technology Inc                        | Viant Technology Inc                        | CUSIP: 92557A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15600 | NS      | $62712.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Elm Group Inc                         | Great Elm Group Inc                         | CUSIP: 39037G109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    682245 | NS      | $1378134.90   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PCB Bancorp                                 | PCB Bancorp                                 | CUSIP: 69320M109<br>LEI: 549300E5CI0LZ8Q25890 | Long             | EC               | CORP              | US        |      3400 | NS      | $60146.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                                  | Tennant Co                                  | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |     19200 | NS      | $1182144.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Seneca Foods Corp                           | Seneca Foods Corp                           | CUSIP: 817070501<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55687 | NS      | $3394122.65   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PDF Solutions Inc                           | PDF Solutions Inc                           | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |    155500 | NS      | $4434860.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Modelling Group Ltd                | Computer Modelling Group Ltd                | CUSIP: 205249105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    594875 | NS      | $2561389.40   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Intevac Inc                                 | Intevac Inc                                 | CUSIP: 461148108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    539400 | NS      | $3489918.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Task Group Inc                     | Computer Task Group Inc                     | CUSIP: 205477102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84800 | NS      | $641088.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bolsa Mexicana de Valores SAB de CV         | Bolsa Mexicana de Valores SAB de CV         | CUSIP: 000000000<br>LEI: 894500CS2D6RLGW61A19 | Long             | EC               | CORP              | MX        |   1068000 | NS      | $2067874.68   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Navigator Holdings Ltd                      | Navigator Holdings Ltd                      | CUSIP: 000000000<br>LEI: 213800H7RVOFYARK2W19 | Long             | EC               | CORP              | MH        |    175000 | NS      | $2093000.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Cement Co/The                       | Monarch Cement Co/The                       | CUSIP: 609031307<br>LEI: 549300ZMPJCNSENB3O72 | Long             | EC               | CORP              | US        |      8150 | NS      | $855750.00    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Powell Industries Inc                       | Powell Industries Inc                       | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |     21400 | NS      | $752852.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Spartan Delta Corp                          | Spartan Delta Corp                          | CUSIP: 000000000<br>LEI: 894500P97DX8Q6G1OU04 | Long             | EC               | CORP              | CA        |     79300 | NS      | $875579.76    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Azenta Inc                                  | Azenta Inc                                  | CUSIP: 114340102<br>LEI: 35ZN6X1ANPH25YN32Y17 | Long             | EC               | CORP              | US        |     15700 | NS      | $914054.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| John B Sanfilippo & Son Inc                 | John B Sanfilippo & Son Inc                 | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |     16000 | NS      | $1301120.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CIRCOR International Inc                    | CIRCOR International Inc                    | CUSIP: 17273K109<br>LEI: 5493007701O01N3FQM69 | Long             | EC               | CORP              | US        |    339321 | NS      | $8130131.16   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| LICT Corp                                   | LICT Corp                                   | CUSIP: 50187G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         7 | NS      | $135800.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Vishay Precision Group Inc                  | Vishay Precision Group Inc                  | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41800 | NS      | $1615570.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint Corp/The                              | Joint Corp/The                              | CUSIP: 47973J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127484 | NS      | $1782226.32   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Upland Software Inc                         | Upland Software Inc                         | CUSIP: 91544A109<br>LEI: 549300NS277POYJ63W89 | Long             | EC               | CORP              | US        |     94100 | NS      | $670933.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCraft Boat Holdings Inc               | MasterCraft Boat Holdings Inc               | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |     14800 | NS      | $382876.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Aehr Test Systems                           | Aehr Test Systems                           | CUSIP: 00760J108<br>LEI: 529900A4GWWZFRU2RE97 | Long             | EC               | CORP              | US        |     32800 | NS      | $659280.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc/The                       | Hackett Group Inc/The                       | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |     27700 | NS      | $564249.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Duck Creek Technologies Inc                 | Duck Creek Technologies Inc                 | CUSIP: 264120106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27400 | NS      | $330170.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp                       | Ardmore Shipping Corp                       | CUSIP: 000000000<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | MH        |     90500 | NS      | $1304105.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Harbor Diversified Inc                      | Harbor Diversified Inc                      | CUSIP: 41150R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147500 | NS      | $314175.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| LSI Industries Inc                          | LSI Industries Inc                          | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |    315740 | NS      | $3864657.60   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                                | Clarkson PLC                                | CUSIP: 000000000<br>LEI: 2138007G6BGTEHI3OT22 | Long             | EC               | CORP              | GB        |     58600 | NS      | $2291818.79   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ECN Capital Corp                            | ECN Capital Corp                            | CUSIP: 26829L107<br>LEI: 549300E2G773NN59KY61 | Long             | EC               | CORP              | CA        |   1006200 | NS      | $2065905.47   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| US Global Investors Inc                     | US Global Investors Inc                     | CUSIP: 902952100<br>LEI: 529900IRM26R91LI8531 | Long             | EC               | CORP              | US        |    439454 | NS      | $1270022.06   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameresco Inc                                | Ameresco Inc                                | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Long             | EC               | CORP              | US        |      8500 | NS      | $485690.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp               | Quanex Building Products Corp               | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |      9900 | NS      | $234432.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| FARO Technologies Inc                       | FARO Technologies Inc                       | CUSIP: 311642102<br>LEI: 529900MFEFNOFP3YR823 | Long             | EC               | CORP              | US        |    104800 | NS      | $3082168.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express Inc             | International Money Express Inc             | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83300 | NS      | $2030021.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Logistics Holdings Inc            | Universal Logistics Holdings Inc            | CUSIP: 91388P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125240 | NS      | $4188025.60   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Atrion Corp                                 | Atrion Corp                                 | CUSIP: 049904105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5489 | NS      | $3070821.05   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc                      | Digi International Inc                      | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     70000 | NS      | $2558500.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc           | Donnelley Financial Solutions Inc           | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     74000 | NS      | $2860100.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Pipe Co                           | Northwest Pipe Co                           | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     65100 | NS      | $2193870.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TerraVest Industries Inc                    | TerraVest Industries Inc                    | CUSIP: 88105G103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    214000 | NS      | $4360605.61   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Amtech Systems Inc                          | Amtech Systems Inc                          | CUSIP: 032332504<br>LEI: 5299008VRUUPETM6HZ85 | Long             | EC               | CORP              | US        |     92184 | NS      | $700598.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Westaim Corp/The                            | Westaim Corp/The                            | CUSIP: 956909303<br>LEI: 549300TSCVMK1W6GSK84 | Long             | EC               | CORP              | CA        |    500000 | NS      | $971196.45    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicken Soup For The Soul Entertainment Inc | Chicken Soup For The Soul Entertainment Inc | CUSIP: 16842Q100<br>LEI: 549300THRJ0EJ1DIID72 | Long             | EC               | CORP              | US        |    339969 | NS      | $1740641.28   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarus Corp                                 | Clarus Corp                                 | CUSIP: 18270P109<br>LEI: 549300PKSLI6PT0ULL72 | Long             | EC               | CORP              | US        |    233626 | NS      | $1831627.84   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc                     | Postal Realty Trust Inc                     | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |    114000 | NS      | $1656420.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| United BanCorp of Alabama Inc               | United BanCorp of Alabama Inc               | CUSIP: 90944R100<br>LEI: 549300UHU6PSTTC0K537 | Long             | EC               | CORP              | US        |      1700 | NS      | $60010.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Altus Group Ltd/Canada                      | Altus Group Ltd/Canada                      | CUSIP: 02215R107<br>LEI: 54930041VO1EIY4IV355 | Long             | EC               | CORP              | CA        |    106700 | NS      | $4258543.57   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc                | Cross Country Healthcare Inc                | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |     58900 | NS      | $1564973.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Virginia National Bankshares Corp           | Virginia National Bankshares Corp           | CUSIP: 928031103<br>LEI: 5493005LXSLNF92BF097 | Long             | EC               | CORP              | US        |     89910 | NS      | $3296100.60   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc                          | Aspen Aerogels Inc                          | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170585 | NS      | $2011197.15   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc                       | Semler Scientific Inc                       | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |     22400 | NS      | $739200.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SEACOR Marine Holdings Inc                  | SEACOR Marine Holdings Inc                  | CUSIP: 78413P101<br>LEI: 5493003LNKFW1W43N030 | Long             | EC               | CORP              | US        |    216957 | NS      | $1987326.12   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabine Royalty Trust                        | Sabine Royalty Trust                        | CUSIP: 785688102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52948 | NS      | $4524406.60   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                             | Alamos Gold Inc                             | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    261044 | NS      | $2639359.20   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TransAct Technologies Inc                   | TransAct Technologies Inc                   | CUSIP: 892918103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21729 | NS      | $135154.38    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                              | elf Beauty Inc                              | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     13900 | NS      | $768670.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Advanced Materials Inc             | Rayonier Advanced Materials Inc             | CUSIP: 75508B104<br>LEI: 54930053QJ7OUGZG4F72 | Long             | EC               | CORP              | US        |     50000 | NS      | $480000.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                                | Artivion Inc                                | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |     26800 | NS      | $324816.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bulk Shipping Inc                     | Eagle Bulk Shipping Inc                     | CUSIP: 000000000<br>LEI: 549300EC4INNZBWR8W37 | Long             | EC               | CORP              | MH        |     99928 | NS      | $4990404.32   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RADCOM Ltd                                  | RADCOM Ltd                                  | CUSIP: 000000000<br>LEI: 529900YOUOKNMG7QW685 | Long             | EC               | CORP              | IL        |     25600 | NS      | $280064.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Housing Corp                         | Legacy Housing Corp                         | CUSIP: 52472M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    162038 | NS      | $3072240.48   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sebang Global Battery Co Ltd                | Sebang Global Battery Co Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     50500 | NS      | $1691320.68   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Desktop Metal Inc                           | Desktop Metal Inc                           | CUSIP: 25058X105<br>LEI: 254900C3ZY0EFO5PGJ27 | Long             | EC               | CORP              | US        |     65600 | NS      | $89216.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaia Inc                                    | Gaia Inc                                    | CUSIP: 36269P104<br>LEI: 529900QUX8SBA2D93M92 | Long             | EC               | CORP              | US        |     20402 | NS      | $48556.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sciplay Corp                                | Sciplay Corp                                | CUSIP: 809087109<br>LEI: 549300B8E2F1A3EW6869 | Long             | EC               | CORP              | US        |     39961 | NS      | $642572.88    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc                 | Standard Motor Products Inc                 | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |     75005 | NS      | $2610174.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| XPEL Inc                                    | XPEL Inc                                    | CUSIP: 98379L100<br>LEI: 549300KWSE3IGXLJNW66 | Long             | EC               | CORP              | US        |      5100 | NS      | $306306.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| J G Boswell Co                              | J G Boswell Co                              | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               | CORP              | US        |      2490 | NS      | $2141400.00   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Digital Turbine Inc                         | Digital Turbine Inc                         | CUSIP: 25400W102<br>LEI: 549300D0WZR1VI2QGB24 | Long             | EC               | CORP              | US        |    231500 | NS      | $3528060.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd                          | Sandstorm Gold Ltd                          | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |    810000 | NS      | $4260600.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Haynes International Inc                    | Haynes International Inc                    | CUSIP: 420877201<br>LEI: 549300I9MS5UZLRFDO40 | Long             | EC               | CORP              | US        |     84400 | NS      | $3856236.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| 4D Molecular Therapeutics Inc               | 4D Molecular Therapeutics Inc               | CUSIP: 35104E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5300 | NS      | $117713.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxCyte Inc                                 | MaxCyte Inc                                 | CUSIP: 57777K106<br>LEI: 54930053YHXULRFCU991 | Long             | EC               | CORP              | US        |     50125 | NS      | $273682.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Inc                                  | Sprott Inc                                  | CUSIP: 852066208<br>LEI: 254900QHJAD5TP2JNM15 | Long             | EC               | CORP              | CA        |    212453 | NS      | $7067121.95   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympic Steel Inc                           | Olympic Steel Inc                           | CUSIP: 68162K106<br>LEI: 549300GQ061U6N6KWJ49 | Long             | EC               | CORP              | US        |     62100 | NS      | $2085318.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiera Capital Corp                          | Fiera Capital Corp                          | CUSIP: 31660A103<br>LEI: 549300KJAKQN5OEO4N05 | Long             | EC               | CORP              | CA        |     78000 | NS      | $500029.54    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc                         | Onto Innovation Inc                         | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     49750 | NS      | $3387477.50   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Burnham Holdings Inc                        | Burnham Holdings Inc                        | CUSIP: 122295108<br>LEI: 549300VHOKZIOWQUFV59 | Long             | EC               | CORP              | US        |    117000 | NS      | $1462500.00   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| PAR Technology Corp                         | PAR Technology Corp                         | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |    296724 | NS      | $7735594.68   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight Therapeutics Inc                     | Knight Therapeutics Inc                     | CUSIP: 499053106<br>LEI: 549300LNW93V3HRS7610 | Long             | EC               | CORP              | CA        |    187000 | NS      | $715406.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc                      | Forrester Research Inc                      | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |     82100 | NS      | $2935896.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc                         | CSW Industrials Inc                         | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |      6700 | NS      | $776731.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcrest Mining Ltd                         | Newcrest Mining Ltd                         | CUSIP: 000000000<br>LEI: 5299006MN50OZJUJI655 | Long             | EC               | CORP              | AU        |     26859 | NS      | $375708.61    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-18

**Name of Applicant:** ROYCE MICRO-CAP TRUST, INC.

**Signature:** John Schwartz

**Name of Signer:** John Schwartz

**Title:** Associate General Counsel