# EDGAR Filing Document

**Accession Number:** 0000912147
**File Stem:** 0001410368-25-025653
**Filing Date:** 2025-11
**Character Count:** 93826
**Document Hash:** b13c68c1be1de12e75bb85aa3187cf2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-025653.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001410368-25-025653

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYCE MICRO-CAP TRUST, INC.
- **CENTRAL INDEX KEY:** 0000912147

**ORGANIZATION NAME:**
- **EIN:** 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:** 251493074

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 2124084587

**MAIL ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| SCHEDULE OF INVESTMENTS |  |  |
| ROYCE MICRO-CAP TRUST |  |  |
| SEPTEMBER 30, 2025 (UNAUDITED) |  |  |
|  | **SHARES** | **VALUE** |
| **COMMON STOCKS – 101.4%** |  |  |
| **Communication Services – 3.5%** |  |  |
| Entertainment - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;IMAX Corporation <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 192945 | $6318949 |
| Interactive Media & Services - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;DHI Group <sup>[3](#d003)</sup> | 535648 | 1489102 |
| &nbsp;&nbsp;&nbsp;QuinStreet <sup>[3](#d003)</sup> | 291730 | 4513063 |
| &nbsp;&nbsp;&nbsp;Vimeo <sup>[3](#d003)</sup> | 550824 | 4268886 |
|  |  | 10271051 |
| Media - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Magnite <sup>[3](#d003)</sup> | 228266 | 4971633 |
| **Total** |  | 21561633 |
| **Consumer Discretionary – 9.7%** |  |  |
| Automobile Components - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Stoneridge <sup>[3](#d003)</sup> | 369672 | 2816901 |
| Diversified Consumer Services - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Legacy Education <sup>[3](#d003)</sup> | 485483 | 4646072 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute <sup>[2](#d002),[3](#d003)</sup> | 194500 | 6330975 |
|  |  | 10977047 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Century Casinos <sup>[3](#d003)</sup> | 322500 | 841725 |
| &nbsp;&nbsp;&nbsp;Denny's Corporation <sup>[3](#d003)</sup> | 481224 | 2516802 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings <sup>[3](#d003)</sup> | 433849 | 5553267 |
|  |  | 8911794 |
| Household Durables - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Legacy Housing <sup>[2](#d002),[3](#d003)</sup> | 184097 | 5064509 |
| &nbsp;&nbsp;&nbsp;LGI Homes <sup>[3](#d003)</sup> | 33068 | 1709946 |
|  |  | 6774455 |
| Leisure Products - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;American Outdoor Brands <sup>[3](#d003)</sup> | 498306 | 4325296 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings <sup>[3](#d003)</sup> | 140085 | 3006224 |
|  |  | 7331520 |
| Specialty Retail - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond <sup>[3](#d003)</sup> | 416623 | 4078739 |
| &nbsp;&nbsp;&nbsp;Citi Trends <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 150648 | 4674607 |
| &nbsp;&nbsp;&nbsp;J.Jill | 61624 | 1056852 |
| &nbsp;&nbsp;&nbsp;OneWater Marine Cl. A <sup>[3](#d003)</sup> | 213125 | 3375900 |
| &nbsp;&nbsp;&nbsp;RealReal <sup>[3](#d003)</sup> | 477716 | 5078121 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival | 77715 | 1615695 |
|  |  | 19879914 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Lakeland Industries | 201078 | 2975954 |
| &nbsp;&nbsp;&nbsp;Vera Bradley <sup>[3](#d003)</sup> | 314969 | 633088 |
|  |  | 3609042 |
| **Total** |  | 60300673 |
| **Consumer Staples – 0.9%** |  |  |
| Food Products - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Seneca Foods Cl. A <sup>[2](#d002),[3](#d003)</sup> | 51096 | 5515302 |
| **Total** |  | 5515302 |

---

---

| | | |
|:---|:---|:---|
| **Energy – 4.9%** | | |
| Energy Equipment & Services - 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group | 147939 | 4140813 |
| &nbsp;&nbsp;&nbsp;NPK International <sup>[3](#d003)</sup> | 671635 | 7596192 |
| &nbsp;&nbsp;&nbsp;Pason Systems | 478586 | 4154142 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services Cl. A | 187189 | 2628133 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions Cl. A | 381368 | 4076824 |
|  |  | 22596104 |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Dorchester Minerals L.P. <sup>[2](#d002)</sup> | 59481 | 1539963 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings | 142581 | 2208580 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian <sup>[2](#d002)</sup> | 83633 | 2267291 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy | 202630 | 2285666 |
|  |  | 8301500 |
| **Total** |  | 30897604 |
| **Financials – 15.4%** |  |  |
| Banks - 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;BayCom Corp. <sup>[2](#d002)</sup> | 134503 | 3866961 |
| &nbsp;&nbsp;&nbsp;Chain Bridge Bancorp Cl. A <sup>[2](#d002),[3](#d003)</sup> | 113584 | 3717604 |
| &nbsp;&nbsp;&nbsp;Citizens Bancshares <sup>[4](#d004)</sup> | 22699 | 1044154 |
| &nbsp;&nbsp;&nbsp;Coastal Financial <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 37911 | 4100833 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings | 29572 | 3017971 |
| &nbsp;&nbsp;&nbsp;First Foundation <sup>[3](#d003)</sup> | 464455 | 2587014 |
| &nbsp;&nbsp;&nbsp;First National Bank Alaska <sup>[4](#d004)</sup> | 5712 | 1536528 |
| &nbsp;&nbsp;&nbsp;HBT Financial <sup>[2](#d002)</sup> | 150862 | 3801722 |
| &nbsp;&nbsp;&nbsp;Hingham Institution for Savings <sup>[2](#d002)</sup> | 13515 | 3564987 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares <sup>[2](#d002)</sup> | 87260 | 3572424 |
| &nbsp;&nbsp;&nbsp;Investar Holding | 110540 | 2565633 |
| &nbsp;&nbsp;&nbsp;Katahdin Bankshares <sup>[4](#d004)</sup> | 24917 | 660301 |
| &nbsp;&nbsp;&nbsp;Midway Investments <sup>[3](#d003),[5](#d005)</sup> | 735647 | 0 |
| &nbsp;&nbsp;&nbsp;Northeast Bank <sup>[2](#d002)</sup> | 41840 | 4190694 |
| &nbsp;&nbsp;&nbsp;United Bancorporation of Alabama <sup>[4](#d004)</sup> | 21055 | 1172342 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp <sup>[2](#d002)</sup> | 34188 | 1670768 |
| &nbsp;&nbsp;&nbsp;Virginia National Bankshares | 26718 | 1036926 |
| &nbsp;&nbsp;&nbsp;West Coast Community Bancorp <sup>[4](#d004)</sup> | 12384 | 525082 |
| &nbsp;&nbsp;&nbsp;Western New England Bancorp | 317810 | 3816898 |
|  |  | 46448842 |
| Capital Markets - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Canaccord Genuity Group | 636067 | 4908644 |
| &nbsp;&nbsp;&nbsp;Oppenheimer Holdings Cl. A <sup>[2](#d002)</sup> | 66210 | 4893581 |
| &nbsp;&nbsp;&nbsp;OTC Markets Group <sup>[4](#d004)</sup> | 63527 | 3367566 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners Cl. A | 140676 | 2999212 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group Cl. A | 224021 | 3528331 |
| &nbsp;&nbsp;&nbsp;Sprott | 88652 | 7368238 |
| &nbsp;&nbsp;&nbsp;Tel Aviv Stock Exchange | 128000 | 2952092 |
| &nbsp;&nbsp;&nbsp;Westaim Corporation (The) <sup>[3](#d003)</sup> | 71333 | 1472586 |
|  |  | 31490250 |
| Consumer Finance - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;EZCORP Cl. A <sup>[3](#d003)</sup> | 358959 | 6834579 |
| Financial Services - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Cass Information Systems <sup>[2](#d002)</sup> | 38643 | 1519829 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Cl. A <sup>[3](#d003)</sup> | 760904 | 3979528 |
|  |  | 5499357 |
| Insurance - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;International General Insurance Holdings <sup>[2](#d002)</sup> | 238738 | 5538722 |
| **Total** |  | 95811750 |

---

---

| | | |
|:---|:---|:---|
| **Health Care – 10.8%** | | |
| Biotechnology - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Absci Corporation <sup>[3](#d003)</sup> | 733990 | 2231330 |
| &nbsp;&nbsp;&nbsp;CareDx <sup>[3](#d003)</sup> | 235251 | 3420549 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals <sup>[3](#d003)</sup> | 418692 | 5024304 |
|  |  | 10676183 |
| Health Care Equipment & Supplies - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings <sup>[3](#d003)</sup> | 233625 | 3396907 |
| &nbsp;&nbsp;&nbsp;Apyx Medical <sup>[3](#d003)</sup> | 382361 | 818253 |
| &nbsp;&nbsp;&nbsp;Artivion <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 136448 | 5777208 |
| &nbsp;&nbsp;&nbsp;Establishment Labs Holdings <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 145389 | 5959495 |
| &nbsp;&nbsp;&nbsp;Inogen <sup>[3](#d003)</sup> | 347645 | 2840260 |
| &nbsp;&nbsp;&nbsp;Profound Medical <sup>[3](#d003)</sup> | 502859 | 2457025 |
|  |  | 21249148 |
| Health Care Providers & Services - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 225544 | 4366532 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Cl. A <sup>[2](#d002),[3](#d003)</sup> | 31567 | 3401028 |
|  |  | 7767560 |
| Health Care Technology - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Simulations Plus <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 209410 | 3155809 |
| Life Sciences Tools & Services - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;BioLife Solutions <sup>[2](#d002),[3](#d003)</sup> | 208723 | 5324524 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences <sup>[3](#d003)</sup> | 1034423 | 3589448 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings Cl. A <sup>[3](#d003)</sup> | 1053532 | 3023637 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories <sup>[2](#d002)</sup> | 28512 | 1910589 |
| &nbsp;&nbsp;&nbsp;Standard BioTools <sup>[3](#d003)</sup> | 1856911 | 2413984 |
|  |  | 16262182 |
| Pharmaceuticals - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics <sup>[3](#d003)</sup> | 856939 | 2270888 |
| &nbsp;&nbsp;&nbsp;Harrow <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 127000 | 6118860 |
|  |  | 8389748 |
| **Total** |  | 67500630 |
| **Industrials – 27.8%** |  |  |
| Aerospace & Defense - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Astronics Corporation <sup>[2](#d002),[3](#d003)</sup> | 149414 | 6814773 |
| &nbsp;&nbsp;&nbsp;CPI Aerostructures <sup>[3](#d003)</sup> | 216300 | 545076 |
| &nbsp;&nbsp;&nbsp;Park Aerospace | 292345 | 5946297 |
|  |  | 13306146 |
| Air Freight & Logistics - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Forward Air <sup>[3](#d003)</sup> | 70023 | 1795390 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics <sup>[3](#d003)</sup> | 493804 | 2913443 |
|  |  | 4708833 |
| Building Products - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Janus International Group <sup>[3](#d003)</sup> | 309495 | 3054715 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products | 144176 | 2050183 |
|  |  | 5104898 |
| Commercial Services & Supplies - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Acme United <sup>[2](#d002)</sup> | 66045 | 2719733 |
| &nbsp;&nbsp;&nbsp;CECO Environmental <sup>[3](#d003)</sup> | 147419 | 7547853 |
| &nbsp;&nbsp;&nbsp;Civeo Corporation | 36500 | 839500 |
| &nbsp;&nbsp;&nbsp;Liquidity Services <sup>[2](#d002),[3](#d003)</sup> | 176216 | 4833605 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group <sup>[3](#d003)</sup> | 232840 | 6393786 |
| &nbsp;&nbsp;&nbsp;VSE Corporation <sup>[2](#d002)</sup> | 28548 | 4745820 |
|  |  | 27080297 |
| Construction & Engineering - 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ameresco Cl. A <sup>[3](#d003)</sup> | 198323 | 6659686 |
| &nbsp;&nbsp;&nbsp;Argan <sup>[2](#d002)</sup> | 26507 | 7158215 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings | 354372 | 2498323 |
| &nbsp;&nbsp;&nbsp;IES Holdings <sup>[2](#d002),[3](#d003)</sup> | 16101 | 6402563 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Limbach Holdings <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 37141.0 | 3607134 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure <sup>[2](#d002),[3](#d003)</sup> | 128468.0 | 6799811 |
|  |  | 33125732 |
| Electrical Equipment - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;American Superconductor <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 87351.0 | 5187776 |
| &nbsp;&nbsp;&nbsp;Hammond Power Solutions Cl. A | 38667.0 | 3430213 |
| &nbsp;&nbsp;&nbsp;LSI Industries | 177470.0 | 4190067 |
| &nbsp;&nbsp;&nbsp;Powell Industries <sup>[2](#d002)</sup> | 9033.0 | 2753349 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products <sup>[2](#d002)</sup> | 18087.0 | 3547765 |
|  |  | 19109170 |
| Ground Transportation - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group Cl. A | 175033.0 | 3791215 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings | 70240.0 | 1646425 |
|  |  | 5437640 |
| Machinery - 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Aebi Schmidt Holding | 273159.0 | 3406293 |
| &nbsp;&nbsp;&nbsp;Energy Recovery <sup>[3](#d003)</sup> | 191036.0 | 2945775 |
| &nbsp;&nbsp;&nbsp;Graham Corporation <sup>[2](#d002),[3](#d003)</sup> | 118891.0 | 6527116 |
| &nbsp;&nbsp;&nbsp;Lindsay Corporation <sup>[2](#d002)</sup> | 43950.0 | 6177612 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings | 419931.0 | 5837041 |
| &nbsp;&nbsp;&nbsp;Perma-Pipe International Holdings <sup>[3](#d003)</sup> | 55796.0 | 1307300 |
| &nbsp;&nbsp;&nbsp;Titan International <sup>[3](#d003)</sup> | 280233.0 | 2118561 |
| &nbsp;&nbsp;&nbsp;Wabash National | 227886.0 | 2249235 |
|  |  | 30568933 |
| Marine Transportation - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Clarkson | 52700.0 | 2601157 |
| Professional Services - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Asure Software <sup>[3](#d003)</sup> | 194651.0 | 1596138 |
| &nbsp;&nbsp;&nbsp;Forrester Research <sup>[3](#d003)</sup> | 58660.0 | 621796 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International <sup>[1](#d001),[2](#d002)</sup> | 33074.0 | 1646093 |
| &nbsp;&nbsp;&nbsp;Kforce | 75031.0 | 2249429 |
| &nbsp;&nbsp;&nbsp;Resources Connection | 387377.0 | 1956254 |
| &nbsp;&nbsp;&nbsp;TrueBlue <sup>[3](#d003)</sup> | 426878.0 | 2616762 |
|  |  | 10686472 |
| Trading Companies & Distributors - 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group | 315573.0 | 2284748 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group <sup>[2](#d002),[3](#d003)</sup> | 151857.0 | 4567859 |
| &nbsp;&nbsp;&nbsp;EVI Industries | 242657.0 | 7670388 |
| &nbsp;&nbsp;&nbsp;Titan Machinery <sup>[3](#d003)</sup> | 170738.0 | 2858154 |
| &nbsp;&nbsp;&nbsp;Transcat <sup>[2](#d002),[3](#d003)</sup> | 59103.0 | 4326340 |
|  |  | 21707489 |
| **Total** |  | 173436767 |
| **Information Technology – 21.5%** |  |  |
| Communications Equipment - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings <sup>[3](#d003)</sup> | 526970.0 | 4942979 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics <sup>[3](#d003)</sup> | 189262.0 | 4907564 |
| &nbsp;&nbsp;&nbsp;Clearfield <sup>[2](#d002),[3](#d003)</sup> | 147135.0 | 5058501 |
| &nbsp;&nbsp;&nbsp;Digi International <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 138000.0 | 5031480 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications <sup>[3](#d003)</sup> | 761590.0 | 2894042 |
|  |  | 22834566 |
| Electronic Equipment, Instruments & Components - 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;Arlo Technologies <sup>[3](#d003)</sup> | 117109.0 | 1984998 |
| &nbsp;&nbsp;&nbsp;Bel Fuse Cl. B <sup>[2](#d002)</sup> | 47576.0 | 6709168 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions <sup>[2](#d002)</sup> | 40804.0 | 5502011 |
| &nbsp;&nbsp;&nbsp;Kraken Robotics <sup>[3](#d003)</sup> | 332211.0 | 1083738 |
| &nbsp;&nbsp;&nbsp;LightPath Technologies Cl. A <sup>[3](#d003)</sup> | 658593.0 | 5222642 |
| &nbsp;&nbsp;&nbsp;Luna Innovations <sup>[3](#d003),[4](#d004)</sup> | 762876.0 | 839164 |
| &nbsp;&nbsp;&nbsp;nLIGHT <sup>[3](#d003)</sup> | 230196.0 | 6820707 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;PAR Technology <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 80471 | 3185042 |
| &nbsp;&nbsp;&nbsp;Powerfleet <sup>[3](#d003)</sup> | 1110217 | 5817537 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics | 607688 | 5949266 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group <sup>[2](#d002),[3](#d003)</sup> | 156848 | 5026978 |
|  |  | 48141251 |
| Semiconductors & Semiconductor Equipment - 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;Alpha and Omega Semiconductor <sup>[3](#d003)</sup> | 93558 | 2615882 |
| &nbsp;&nbsp;&nbsp;Camtek <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 64275 | 6752089 |
| &nbsp;&nbsp;&nbsp;Cohu <sup>[3](#d003)</sup> | 258698 | 5259330 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings <sup>[2](#d002),[3](#d003)</sup> | 334548 | 5861281 |
| &nbsp;&nbsp;&nbsp;inTEST Corporation <sup>[3](#d003)</sup> | 277013 | 2163471 |
| &nbsp;&nbsp;&nbsp;Kopin Corporation <sup>[3](#d003)</sup> | 980000 | 2381400 |
| &nbsp;&nbsp;&nbsp;Nova <sup>[2](#d002),[3](#d003)</sup> | 21033 | 6723409 |
| &nbsp;&nbsp;&nbsp;NVE Corporation <sup>[2](#d002)</sup> | 50516 | 3297179 |
| &nbsp;&nbsp;&nbsp;Onto Innovation <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 27766 | 3587922 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions <sup>[3](#d003)</sup> | 138956 | 3651764 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings <sup>[3](#d003)</sup> | 204239 | 5565513 |
|  |  | 47859240 |
| Software - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Alkami Technology <sup>[1](#d001),[2](#d002),[3](#d003)</sup> | 100156 | 2487875 |
| &nbsp;&nbsp;&nbsp;Computer Modelling Group | 766796 | 3454632 |
| &nbsp;&nbsp;&nbsp;PROS Holdings <sup>[3](#d003)</sup> | 222769 | 5103638 |
| &nbsp;&nbsp;&nbsp;Similarweb <sup>[3](#d003)</sup> | 298275 | 2773957 |
|  |  | 13820102 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;AstroNova <sup>[3](#d003)</sup> | 115860 | 1186406 |
| **Total** |  | 133841565 |
| **Materials – 6.0%** |  |  |
| Chemicals - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies <sup>[3](#d003)</sup> | 115776 | 2379197 |
| &nbsp;&nbsp;&nbsp;5N Plus <sup>[3](#d003)</sup> | 569464 | 6960252 |
| &nbsp;&nbsp;&nbsp;LSB Industries <sup>[3](#d003)</sup> | 175601 | 1383736 |
|  |  | 10723185 |
| Metals & Mining - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alamos Gold Cl. A | 165044 | 5752881 |
| &nbsp;&nbsp;&nbsp;Alphamin Resources | 1267682 | 910887 |
| &nbsp;&nbsp;&nbsp;Altius Minerals | 171100 | 4114908 |
| &nbsp;&nbsp;&nbsp;Ferroglobe | 623310 | 2836060 |
| &nbsp;&nbsp;&nbsp;Major Drilling Group International <sup>[3](#d003)</sup> | 799947 | 6690654 |
| &nbsp;&nbsp;&nbsp;Sandstorm Gold | 507500 | 6353900 |
|  |  | 26659290 |
| **Total** |  | 37382475 |
| **Real Estate – 0.9%** |  |  |
| Real Estate Management & Development - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Altus Group | 73400 | 3134940 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap <sup>[2](#d002)</sup> | 81860 | 2402591 |
| **Total** |  | 5537531 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $470,971,169) |  | 631785930 |
| **INVESTMENT COMPANIES – 1.0%** |  |  |
| **Financials – 1.0%** |  |  |
| Capital Markets - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;ASA Gold and Precious Metals <sup>[2](#d002)</sup> | 136887 | 6269425 |
| &nbsp;&nbsp;&nbsp;(Cost $2,122,105) |  | 6269425 |
| **INVESTMENTS AT VALUE** |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;(Cost $473,093,274) | 638055355 |
| **REPURCHASE AGREEMENT – 0.7%** |  |
| Fixed Income Clearing Corporation, <br> 3.50% dated 9/30/25, due 10/1/25, <br> maturity value $4,620,671 (collateralized <br> by obligations of U.S. Government <br> Agencies, 3.875% due 5/31/27, valued at $4,712,627) |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,620,222) | 4620222 |
| **TOTAL INVESTMENTS – 103.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $477,713,496) | 642675577 |
| **LIABILITIES LESS CASH <br> AND OTHER ASSETS – (3.1)%** | (19502869) |
| **NET ASSETS – 100.0%** | $**623172708** |

---

<sup>1</sup> As of September 30, 2025, a portion of these securities, in the aggregate amount of $18,016,853, were rehypothecated by BNP Paribas Prime Brokerage International, Limited in connection with the Fund's revolving credit agreement.

<sup>2</sup> All or a portion of these securities were pledged as collateral in connection with the Fund's revolving credit agreement as of September 30, 2025. Total market value of pledged securities as of September 30, 2025, was $48,592,670.

<sup>3</sup> Non-income producing.

<sup>4</sup> These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors.

<sup>5</sup> A security for which market quotations are not readily available represents 0.0% of net assets. This security has been valued at its fair value under procedures approved by the Fund's Board of Directors. This security is defined as a Level 3 security due to the use of significant unobservable inputs in the determination of fair value.

**TAX INFORMATION:** The cost of total investments for Federal income tax purposes was $478,820,132. As of September 30, 2025, net unrealized appreciation for all securities was $163,855,445, consisting of aggregate gross unrealized appreciation of $205,883,574 and aggregate gross unrealized depreciation of $42,028,129. The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

**Valuation of Investments:**

Royce Micro-Cap Trust, Inc. (the "Fund"), is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on September 9, 1993. The Fund commenced operations on December 14, 1993. Royce & Associates, LP, the Fund's investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners ("Royce"). Investment transactions are accounted for on the trade date. Portfolio securities held by the Fund are valued as of the close of trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on the valuation date. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.

Portfolio securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as "Level 1" inputs because they represent reliable quoted prices in active markets for identical securities.

If the value of a portfolio security held by the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be "fair valued." The Fund's Board of Directors has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act of 1940 ("Rule 2a-5"). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Fund's Board of Directors and policies and procedures adopted by Royce in its capacity as valuation designee for the Fund. Fair valued securities are reported as either "Level 2" or "Level 3" securities.

As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.

Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Fund on a particular valuation date include:

● Over-the-counter equity securities other than those traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system (collectively referred to herein as "Other OTC Equity Securities") are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities;

● Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and

● The Fund uses an independent pricing service to fair value certain non-U.S. equity securities when U.S. market volatility exceeds a certain threshold set by Royce as valuation designee. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts, and other indications to estimate the fair value of such non-U.S. securities.

Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer's ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas.

A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if:

● an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.'s OTC Link ATS or other alternative trading system, has not traded and there are no bids;

● Royce does not receive at least two bid side quotes for an Other OTC Equity Security;

● the independent pricing services are unable to supply fair value prices; or

● the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time the Fund prices its shares).

The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Fund as of September 30, 2025. Any Level 2 or Level 3 securities held by the Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $622640793 | $9145137 | $0 | $631785930 |
| Investment Companies | 6269425 |  |  | 6269425 |
| Repurchase Agreement |  | 4620222 |  | 4620222 |
| **Repurchase Agreements:** |  |  |  |  |

---

The Fund may enter into repurchase agreements with institutions that the Fund's investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund as of September 30, 2025, is next business day and continuous.

**Borrowings:**

The Fund is party to a revolving credit agreement (the "credit agreement") with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed by the Fund under the credit agreement. The credit agreement has a 179-day rolling term that resets daily. The Fund pledges eligible portfolio securities as collateral and has granted a security interest in such pledged securities to, and in favor of, BNPPI as security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged as collateral is determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value of eligible securities pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the credit agreement. As of September 30, 2025, the market value of eligible securities pledged as collateral exceeded two times the loan balance outstanding.

If the Fund fails to meet certain requirements, or comply with other financial covenants set forth in the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund's entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may also terminate the credit agreement upon sixty (60) calendar days' prior written notice to the Fund in the event the Fund's net asset value per share as of the close of business on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund's net asset value per share as of the close of business on the last business day of the immediately preceding calendar month.

The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

As of September 30, 2025, the Fund had outstanding borrowings of $20,000,000 under the credit agreement. The Fund has the right to reduce the maximum amount it can borrow under the credit agreement upon one (1) business day's prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit agreement, which amount may not exceed $60,000,000. During the nine-month period ended September 30, 2025, the Fund had an average daily loan balance of $12,021,978. As of September 30, 2025, the aggregate value of rehypothecated securities was $18,016,853.

Other information regarding the Fund is available in the Fund's most recent Report to Stockholders. This information is available through Royce Investment Partners (www.royceinvest.com) and on the Securities and Exchange Commission's website (www.sec.gov).

## 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:** ONE MADISON AVENUE

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10010

  - **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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $644077488.21

**Total Liabilities:** $20829210.30

**Net Assets:** $623248277.91

**Cash Not Reported:** $37939.41

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.89%                | 7.25%                | 3.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5638172.12              | $5382452.99                                |
| Month 2  | $3821661.00              | $37378292.36                               |
| Month 3  | $6302880.90              | $15829118.03                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 5N Plus Inc                                  | 5N Plus Inc                                  | CUSIP: 33833X101<br>LEI: 5493005GU1NFX4YB2S73 | Long             | EC               | CORP              | CA        |    569464 | NS      | $6960251.95   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Astronics Corp                               | Astronics Corp                               | CUSIP: 046433108<br>LEI: 549300NNXCF8H4MSMK17 | Long             | EC               | CORP              | US        |    149414 | NS      | $6814772.54   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd/Israel                            | Camtek Ltd/Israel                            | CUSIP: 000000000<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |     64275 | NS      | $6752088.75   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| OneWater Marine Inc                          | OneWater Marine Inc                          | CUSIP: 68280L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    213125 | NS      | $3375900.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Absci Corp                                   | Absci Corp                                   | CUSIP: 00091E109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    733990 | NS      | $2231329.60   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                                     | Nova Ltd                                     | CUSIP: 000000000<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |     21033 | NS      | $6723408.78   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries Inc                           | LSB Industries Inc                           | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |    175601 | NS      | $1383735.88   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoneridge Inc                               | Stoneridge Inc                               | CUSIP: 86183P102<br>LEI: PNBCIH9LE7WI83VJIF08 | Long             | EC               | CORP              | US        |    369672 | NS      | $2816900.64   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                                   | Kforce Inc                                   | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |     75031 | NS      | $2249429.38   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc                        | Alkami Technology Inc                        | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               | CORP              | US        |    100156 | NS      | $2487875.04   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Perma-Pipe International Holdings Inc        | Perma-Pipe International Holdings Inc        | CUSIP: 714167103<br>LEI: 549300QBMR25XXRKXK93 | Long             | EC               | CORP              | US        |     55796 | NS      | $1307300.28   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Vera Bradley Inc                             | Vera Bradley Inc                             | CUSIP: 92335C106<br>LEI: 52990005Q6LEJKXO7M51 | Long             | EC               | CORP              | US        |    314969 | NS      | $633087.69    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Esquire Financial Holdings Inc               | Esquire Financial Holdings Inc               | CUSIP: 29667J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29572 | NS      | $3017970.46   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Western New England Bancorp Inc              | Western New England Bancorp Inc              | CUSIP: 958892101<br>LEI: 549300Y8QE4EI2LP6B42 | Long             | EC               | CORP              | US        |    317810 | NS      | $3816898.10   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc                  | AMN Healthcare Services Inc                  | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |    225544 | NS      | $4366531.84   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc                | Janus International Group Inc                | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    309495 | NS      | $3054715.65   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc                         | Simulations Plus Inc                         | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209410 | NS      | $3155808.70   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Recovery Inc                          | Energy Recovery Inc                          | CUSIP: 29270J100<br>LEI: 549300ZEQL52Z525WJ22 | Long             | EC               | CORP              | US        |    191036 | NS      | $2945775.12   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Preformed Line Products Co                   | Preformed Line Products Co                   | CUSIP: 740444104<br>LEI: 549300EYH53XDJID2098 | Long             | EC               | CORP              | US        |     18087 | NS      | $3547765.05   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Inogen Inc                                   | Inogen Inc                                   | CUSIP: 45780L104<br>LEI: 549300J8WJIVTOJ8IH97 | Long             | EC               | CORP              | US        |    347645 | NS      | $2840259.65   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp                                     | VSE Corp                                     | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |     28548 | NS      | $4745819.52   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferroglobe PLC                               | Ferroglobe PLC                               | CUSIP: 000000000<br>LEI: 2138005GCFJACFTZUD90 | Long             | EC               | CORP              | GB        |    623310 | NS      | $2836060.50   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BioLife Solutions Inc                        | BioLife Solutions Inc                        | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |    208723 | NS      | $5324523.73   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Northeast Bank                               | Northeast Bank                               | CUSIP: 66405S100<br>LEI: 549300F0LV9TSW34E306 | Long             | EC               | CORP              | US        |     41840 | NS      | $4190694.40   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Luxfer Holdings PLC                          | Luxfer Holdings PLC                          | CUSIP: 000000000<br>LEI: 21380045UF5SJYZOXE41 | Long             | EC               | CORP              | GB        |    419931 | NS      | $5837040.90   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc                             | IES Holdings Inc                             | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |     16101 | NS      | $6402562.65   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pason Systems Inc                            | Pason Systems Inc                            | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |    478586 | NS      | $4154141.61   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Climb Global Solutions Inc                   | Climb Global Solutions Inc                   | CUSIP: 946760105<br>LEI: 549300LKM16VX2FG7J68 | Long             | EC               | CORP              | US        |     40804 | NS      | $5502011.36   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Powerfleet Inc NJ                            | Powerfleet Inc NJ                            | CUSIP: 73931J109<br>LEI: 2549007NKEFPYEH4MF81 | Long             | EC               | CORP              | US        |   1110217 | NS      | $5817537.08   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp                 | American Superconductor Corp                 | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |     87351 | NS      | $5187775.89   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Chain Bridge Bancorp Inc                     | Chain Bridge Bancorp Inc                     | CUSIP: 15746L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113584 | NS      | $3717604.32   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Hingham Institution For Savings The          | Hingham Institution For Savings The          | CUSIP: 433323102<br>LEI: 2549009GDCGUR2T6KU55 | Long             | EC               | CORP              | US        |     13515 | NS      | $3564986.70   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesa Laboratories Inc                        | Mesa Laboratories Inc                        | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Long             | EC               | CORP              | US        |     28512 | NS      | $1910589.12   | 0.31%             |  |  |  | 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        |    128000 | NS      | $2952092.26   | 0.47%             |  |  |  | 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        |    224021 | NS      | $3528330.75   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Bancshares Corp/GA                  | Citizens Bancshares Corp/GA                  | CUSIP: 173168105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22699 | NS      | $1044154.00   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Resources Connection Inc                     | Resources Connection Inc                     | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    387377 | NS      | $1956253.85   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Harrow Inc                                   | Harrow Inc                                   | CUSIP: 415858109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    127000 | NS      | $6118860.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Asure Software Inc                           | Asure Software Inc                           | CUSIP: 04649U102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    194651 | NS      | $1596138.20   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| American Outdoor Brands Inc                  | American Outdoor Brands Inc                  | CUSIP: 02875D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    498306 | NS      | $4325296.08   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                     | Cohu Inc                                     | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |    258698 | NS      | $5259330.34   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Hammond Power Solutions Inc                  | Hammond Power Solutions Inc                  | CUSIP: 408549103<br>LEI: 549300OLI26OOKEG5V73 | Long             | EC               | CORP              | CA        |     38667 | NS      | $3430213.28   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Westaim Corp/The                             | Westaim Corp/The                             | CUSIP: 956925101<br>LEI: 549300TSCVMK1W6GSK84 | Long             | EC               | CORP              | US        |     71333 | NS      | $1472585.39   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Education Inc                         | Legacy Education Inc                         | CUSIP: 52474R207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    485483 | NS      | $4646072.31   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| QuinStreet Inc                               | QuinStreet Inc                               | CUSIP: 74874Q100<br>LEI: 549300TP8MFBFPOS4Y78 | Long             | EC               | CORP              | US        |    291730 | NS      | $4513063.10   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearfield Inc                               | Clearfield Inc                               | CUSIP: 18482P103<br>LEI: 529900M4S2OQ1ADPR537 | Long             | EC               | CORP              | US        |    147135 | NS      | $5058501.30   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Investar Holding Corp                        | Investar Holding Corp                        | CUSIP: 46134L105<br>LEI: 54930001EK2YM28LOJ08 | Long             | EC               | CORP              | US        |    110540 | NS      | $2565633.40   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Esperion Therapeutics Inc                    | Esperion Therapeutics Inc                    | CUSIP: 29664W105<br>LEI: 549300OFU56UKEWVUS92 | Long             | EC               | CORP              | US        |    856939 | NS      | $2270888.35   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                                   | Civeo Corp                                   | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | CA        |     36500 | NS      | $839500.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| LightPath Technologies Inc                   | LightPath Technologies Inc                   | CUSIP: 532257805<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    658593 | NS      | $5222642.49   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabash National Corp                         | Wabash National Corp                         | CUSIP: 929566107<br>LEI: 5299004ZAWHQZI5XO485 | Long             | EC               | CORP              | US        |    227886 | NS      | $2249234.82   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                                 | Lindsay Corp                                 | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |     43950 | NS      | $6177612.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| inTEST Corp                                  | inTEST Corp                                  | CUSIP: 461147100<br>LEI: 549300RJJBPHDOAVDU15 | Long             | EC               | CORP              | US        |    277013 | NS      | $2163471.53   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Radiant Logistics Inc                        | Radiant Logistics Inc                        | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |    493804 | NS      | $2913443.60   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                            | Shoe Carnival Inc                            | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77715 | NS      | $1615694.85   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranger Energy Services Inc                   | Ranger Energy Services Inc                   | CUSIP: 75282U104<br>LEI: 549300J7RIVGVAN0RE23 | Long             | EC               | CORP              | US        |    187189 | NS      | $2628133.56   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings Inc                            | PROS Holdings Inc                            | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |    252590 | NS      | $5786836.90   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| DHI Group Inc                                | DHI Group Inc                                | CUSIP: 23331S100<br>LEI: 529900489RAC0CU0AO81 | Long             | EC               | CORP              | US        |    535648 | NS      | $1489101.44   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Distribution Solutions Group Inc             | Distribution Solutions Group Inc             | CUSIP: 520776105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    151857 | NS      | $4567858.56   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| First Foundation Inc                         | First Foundation Inc                         | CUSIP: 32026V104<br>LEI: 254900TQZQ6LBCK77E82 | Long             | EC               | CORP              | US        |    464455 | NS      | $2587014.35   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                                   | EZCORP Inc                                   | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |    358959 | NS      | $6834579.36   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Concrete Pumping Holdings Inc                | Concrete Pumping Holdings Inc                | CUSIP: 206704108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    354372 | NS      | $2498322.60   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorchester Minerals LP                       | Dorchester Minerals LP                       | CUSIP: 25820R105<br>LEI: 529900J537JTEZOMXG05 | Long             | EC               | CORP              | US        |     59481 | NS      | $1539963.09   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Katahdin Bankshares Corp                     | Katahdin Bankshares Corp                     | CUSIP: 485835102<br>LEI: 2549005WP1JNQ49MBE58 | Long             | EC               | CORP              | US        |     24917 | NS      | $660300.50    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| International General Insurance Holdings Ltd | International General Insurance Holdings Ltd | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    238738 | NS      | $5538721.60   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NVE Corp                                     | NVE Corp                                     | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               | CORP              | US        |     50516 | NS      | $3297179.32   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIC Pharmaceuticals Inc                     | ORIC Pharmaceuticals Inc                     | CUSIP: 68622P109<br>LEI: 54930033FJRNEYBW0L25 | Long             | EC               | CORP              | US        |    418692 | NS      | $5024304.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                        | Alphatec Holdings Inc                        | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |    233625 | NS      | $3396907.50   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AstroNova Inc                                | AstroNova Inc                                | CUSIP: 04638F108<br>LEI: 549300D8PFP62QX00223 | Long             | EC               | CORP              | US        |    115860 | NS      | $1186406.40   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                       | Marcus & Millichap Inc                       | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |     81860 | NS      | $2402591.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings Inc              | Establishment Labs Holdings Inc              | CUSIP: 000000000<br>LEI: 549300BCBQ714JNJ7V58 | Long             | EC               | CORP              | VG        |    145389 | NS      | $5959495.11   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha & Omega Semiconductor Ltd              | Alpha & Omega Semiconductor Ltd              | CUSIP: 000000000<br>LEI: 5493001FE7J03YOV2V35 | Long             | EC               | CORP              | BM        |     93558 | NS      | $2615881.68   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| RealReal Inc/The                             | RealReal Inc/The                             | CUSIP: 88339P101<br>LEI: 549300O00VUGT4H1PE90 | Long             | EC               | CORP              | US        |    477716 | NS      | $5078121.08   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Denny's Corp                                 | Denny's Corp                                 | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |    481224 | NS      | $2516801.52   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| First National Bank Alaska                   | First National Bank Alaska                   | CUSIP: 32112J106<br>LEI: 25490089V5DJHFQMOA03 | Long             | EC               | CORP              | US        |      5712 | NS      | $1536528.00   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| TrueBlue Inc                                 | TrueBlue Inc                                 | CUSIP: 89785X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    426878 | NS      | $2616762.14   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Penguin Solutions Inc                        | Penguin Solutions Inc                        | CUSIP: 706915105<br>LEI: 254900DVWIPOY3GJ8E23 | Long             | EC               | CORP              | US        |    138956 | NS      | $3651763.68   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                     | Ultra Clean Holdings Inc                     | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |    204239 | NS      | $5565512.75   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytek Biosciences Inc                        | Cytek Biosciences Inc                        | CUSIP: 23285D109<br>LEI: 549300K2J28BOC6FBO89 | Long             | EC               | CORP              | US        |   1034423 | NS      | $3589447.81   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute Inc            | Universal Technical Institute Inc            | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    194500 | NS      | $6330975.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraken Robotics Inc                          | Kraken Robotics Inc                          | CUSIP: 50077N102<br>LEI: 529900IX6H61N726FS70 | Long             | EC               | CORP              | CA        |    332211 | NS      | $1083737.83   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Profound Medical Corp                        | Profound Medical Corp                        | CUSIP: 74319B502<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    502859 | NS      | $2457024.65   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corp                                    | IMAX Corp                                    | CUSIP: 45245E109<br>LEI: 894500GS1ESLAPZCEI74 | Long             | EC               | CORP              | CA        |    192945 | NS      | $6318948.75   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EVI Industries Inc                           | EVI Industries Inc                           | CUSIP: 26929N102<br>LEI: 549300RU296J63VW0297 | Long             | EC               | CORP              | US        |    242657 | NS      | $7670387.77   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan International Inc                      | Titan International Inc                      | CUSIP: 88830M102<br>LEI: 254900CXRGBE7C4B5A06 | Long             | EC               | CORP              | US        |    280233 | NS      | $2118561.48   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc                  | Applied Optoelectronics Inc                  | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |    189262 | NS      | $4907563.66   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Luna Innovations Inc                         | Luna Innovations Inc                         | CUSIP: 550351100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    762876 | NS      | $839163.60    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Park Aerospace Corp                          | Park Aerospace Corp                          | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               | CORP              | US        |    292345 | NS      | $5946297.30   | 0.95%             |  |  |  | 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        |    228266 | NS      | $4971633.48   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| West Coast Community Bancorp                 | West Coast Community Bancorp                 | CUSIP: 952170108<br>LEI: 5493000MOEKLIEIBR023 | Long             | EC               | CORP              | US        |     12384 | NS      | $525081.60    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NPK International Inc                        | NPK International Inc                        | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |    671635 | NS      | $7596191.85   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc                   | Select Water Solutions Inc                   | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |    381368 | NS      | $4076823.92   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Acme United Corp                             | Acme United Corp                             | CUSIP: 004816104<br>LEI: 549300NVT8NN13WP8M83 | Long             | EC               | CORP              | US        |     66045 | NS      | $2719733.10   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                         | GeneDx Holdings Corp                         | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31567 | NS      | $3401028.58   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Industries Inc                      | Lakeland Industries Inc                      | CUSIP: 511795106<br>LEI: 549300HGP70IM9WKU164 | Long             | EC               | CORP              | US        |    201078 | NS      | $2975954.40   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Kopin Corp                                   | Kopin Corp                                   | CUSIP: 500600101<br>LEI: 52990031GUBB61RXCD89 | Long             | EC               | CORP              | US        |    980000 | NS      | $2381400.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp                   | FIXED INC CLEARING CORP.REPO                 | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   4620222 | PA      | $4620221.67   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Riley Exploration Permian Inc                | Riley Exploration Permian Inc                | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |     83633 | NS      | $2267290.63   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Forward Air Corp                             | Forward Air Corp                             | CUSIP: 34986A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70023 | NS      | $1795389.72   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                                | LGI Homes Inc                                | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |     33068 | NS      | $1709946.28   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                          | ADTRAN Holdings Inc                          | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |    526970 | NS      | $4942978.60   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SandRidge Energy Inc                         | SandRidge Energy Inc                         | CUSIP: 80007P869<br>LEI: W1MKPVGS6I5155L7VV67 | Long             | EC               | CORP              | US        |    202630 | NS      | $2285666.40   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ribbon Communications Inc                    | Ribbon Communications Inc                    | CUSIP: 762544104<br>LEI: 549300L1E8Z8RL7CUL52 | Long             | EC               | CORP              | US        |    761590 | NS      | $2894042.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CPI Aerostructures Inc                       | CPI Aerostructures Inc                       | CUSIP: 125919308<br>LEI: 549300C471OFZGCOHS09 | Long             | EC               | CORP              | US        |    216300 | NS      | $545076.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc                          | Titan Machinery Inc                          | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |    170738 | NS      | $2858154.12   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Corp                                  | Graham Corp                                  | CUSIP: 384556106<br>LEI: 254900EI9P4LTY524J77 | Long             | EC               | CORP              | US        |    121803 | NS      | $6686984.70   | 1.07%             |  |  |  | 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        |    136887 | NS      | $6269424.60   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group International Inc       | Major Drilling Group International Inc       | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |    799947 | NS      | $6690653.93   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Covenant Logistics Group Inc                 | Covenant Logistics Group Inc                 | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    175033 | NS      | $3791214.78   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings Inc            | Lindblad Expeditions Holdings Inc            | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |    433849 | NS      | $5553267.20   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Molding Technologies Inc                | Core Molding Technologies Inc                | CUSIP: 218683100<br>LEI: 549300ZY2MFRXCKVIJ28 | Long             | EC               | CORP              | US        |    115776 | NS      | $2379196.80   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                                 | Bel Fuse Inc                                 | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     47576 | NS      | $6709167.52   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp                      | CECO Environmental Corp                      | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |    147419 | NS      | $7547852.80   | 1.21%             |  |  |  | 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        |    607688 | NS      | $5949265.52   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CareDx Inc                                   | CareDx Inc                                   | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |    235251 | NS      | $3420549.54   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners                    | Perella Weinberg Partners                    | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140676 | NS      | $2999212.32   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Gas Services Group Inc               | Natural Gas Services Group Inc               | CUSIP: 63886Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147939 | NS      | $4140812.61   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HBT Financial Inc                            | HBT Financial Inc                            | CUSIP: 404111106<br>LEI: 549300NTXD4Q6UK5BY66 | Long             | EC               | CORP              | US        |    150862 | NS      | $3801722.40   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| OTC Markets Group Inc                        | OTC Markets Group Inc                        | CUSIP: 67106F108<br>LEI: 254900LQDMW14QIVAH45 | Long             | EC               | CORP              | US        |     63527 | NS      | $3367566.27   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Citi Trends Inc                              | Citi Trends Inc                              | CUSIP: 17306X102<br>LEI: 529900D06Q0FPHV34S87 | Long             | EC               | CORP              | US        |    150648 | NS      | $4674607.44   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Apyx Medical Corp                            | Apyx Medical Corp                            | CUSIP: 03837C106<br>LEI: 5299009QZVYUYO082S45 | Long             | EC               | CORP              | US        |    382361 | NS      | $818252.54    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Altius Minerals Corp                         | Altius Minerals Corp                         | CUSIP: 020936100<br>LEI: 54930083UJGDUCMJMU61 | Long             | EC               | CORP              | CA        |    171100 | NS      | $4114907.67   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Casinos Inc                          | Century Casinos Inc                          | CUSIP: 156492100<br>LEI: 549300H2L4Y24HXY7M50 | Long             | EC               | CORP              | US        |    322500 | NS      | $841725.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| nLight Inc                                   | nLight Inc                                   | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    230196 | NS      | $6820707.48   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc                                 | Transcat Inc                                 | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |     59103 | NS      | $4326339.60   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                        | Arlo Technologies Inc                        | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |    117109 | NS      | $1984997.55   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichor Holdings Ltd                           | Ichor Holdings Ltd                           | CUSIP: 000000000<br>LEI: 529900PS8R2JVLJ2H892 | Long             | EC               | CORP              | KY        |    334548 | NS      | $5861280.96   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| J Jill Inc                                   | J Jill Inc                                   | CUSIP: 46620W201<br>LEI: 529900I19PJIF8MIDL12 | Long             | EC               | CORP              | US        |     61624 | NS      | $1056851.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alta Equipment Group Inc                     | Alta Equipment Group Inc                     | CUSIP: 02128L106<br>LEI: 549300DGOB28CLGS1X27 | Long             | EC               | CORP              | US        |    315573 | NS      | $2284748.52   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Seneca Foods Corp                            | Seneca Foods Corp                            | CUSIP: 817070501<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51096 | NS      | $5515302.24   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Modelling Group Ltd                 | Computer Modelling Group Ltd                 | CUSIP: 205249105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    766796 | NS      | $3454631.69   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Navigator Holdings Ltd                       | Navigator Holdings Ltd                       | CUSIP: 000000000<br>LEI: 213800H7RVOFYARK2W19 | Long             | EC               | CORP              | MH        |    142581 | NS      | $2208579.69   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group Inc             | Montrose Environmental Group Inc             | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |    235749 | NS      | $6473667.54   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KALA BIO Inc                                 | KALA BIO Inc                                 | CUSIP: 483119202<br>LEI: 529900Y7RO0C9P0TX474 | Long             | EC               | CORP              | US        |     32700 | NS      | $50031.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc                        | Powell Industries Inc                        | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |      9033 | NS      | $2753348.73   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp/WA                    | Coastal Financial Corp/WA                    | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     37911 | NS      | $4100832.87   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bed Bath & Beyond Inc                        | Bed Bath & Beyond Inc                        | CUSIP: 690370101<br>LEI: 549300ACR0DL9U7EI710 | Long             | EC               | CORP              | US        |    416623 | NS      | $4078739.17   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc                   | Vishay Precision Group Inc                   | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    156848 | NS      | $5026978.40   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCraft Boat Holdings Inc                | MasterCraft Boat Holdings Inc                | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |    140085 | NS      | $3006224.10   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard BioTools Inc                        | Standard BioTools Inc                        | CUSIP: 34385P108<br>LEI: 549300GX8Y96GSB6YP89 | Long             | EC               | CORP              | US        |   1856911 | NS      | $2413984.30   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries Inc                           | LSI Industries Inc                           | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |    177470 | NS      | $4190066.70   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Bancorp Inc                            | Unity Bancorp Inc                            | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |     34188 | NS      | $1670767.56   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                                 | Clarkson PLC                                 | CUSIP: 000000000<br>LEI: 2138007G6BGTEHI3OT22 | Long             | EC               | CORP              | GB        |     52700 | NS      | $2601156.61   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameresco Inc                                 | Ameresco Inc                                 | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Long             | EC               | CORP              | US        |    198323 | NS      | $6659686.34   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp                | Quanex Building Products Corp                | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |    144176 | NS      | $2050182.72   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc                       | Liquidity Services Inc                       | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |    176216 | NS      | $4833604.88   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Logistics Holdings Inc             | Universal Logistics Holdings Inc             | CUSIP: 91388P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70240 | NS      | $1646425.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc                       | Digi International Inc                       | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |    138000 | NS      | $5031480.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure Inc                      | NWPX Infrastructure Inc                      | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |    128468 | NS      | $6799811.24   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc                 | Cass Information Systems Inc                 | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |     38643 | NS      | $1519829.19   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Vimeo Inc                                    | Vimeo Inc                                    | CUSIP: 92719V100<br>LEI: 25490061AWYWC90UIJ68 | Long             | EC               | CORP              | US        |    550824 | NS      | $4268886.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| United BanCorp of Alabama Inc                | United BanCorp of Alabama Inc                | CUSIP: 90944R100<br>LEI: 549300UHU6PSTTC0K537 | Long             | EC               | CORP              | US        |     21055 | NS      | $1172342.40   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Altus Group Ltd/Canada                       | Altus Group Ltd/Canada                       | CUSIP: 02215R107<br>LEI: 54930041VO1EIY4IV355 | Long             | EC               | CORP              | CA        |     73400 | NS      | $3134940.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeTrust Bancshares Inc                     | HomeTrust Bancshares Inc                     | CUSIP: 437872104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87260 | NS      | $3572424.40   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Virginia National Bankshares Corp            | Virginia National Bankshares Corp            | CUSIP: 928031103<br>LEI: 5493005LXSLNF92BF097 | Long             | EC               | CORP              | US        |     26718 | NS      | $1036925.58   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Limbach Holdings Inc                         | Limbach Holdings Inc                         | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |     37141 | NS      | $3607133.92   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                              | Alamos Gold Inc                              | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |    165044 | NS      | $5752880.97   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                                 | Artivion Inc                                 | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |    136448 | NS      | $5777208.32   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Housing Corp                          | Legacy Housing Corp                          | CUSIP: 52472M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    184097 | NS      | $5064508.47   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Oppenheimer Holdings Inc                     | Oppenheimer Holdings Inc                     | CUSIP: 683797104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66210 | NS      | $4893581.10   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Aebi Schmidt Holding AG                      | Aebi Schmidt Holding AG                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    273159 | NS      | $3406292.73   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Canaccord Genuity Group Inc                  | Canaccord Genuity Group Inc                  | CUSIP: 134801109<br>LEI: 5493002DR5KW4JP7YS87 | Long             | EC               | CORP              | CA        |    636067 | NS      | $4908643.80   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd                           | Sandstorm Gold Ltd                           | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | CA        |    507500 | NS      | $6353900.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Inc                                   | Sprott Inc                                   | CUSIP: 852066208<br>LEI: 254900QHJAD5TP2JNM15 | Long             | EC               | CORP              | CA        |     88652 | NS      | $7368238.01   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc                          | Onto Innovation Inc                          | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     27766 | NS      | $3587922.52   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                                    | Argan Inc                                    | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |     26507 | NS      | $7158215.35   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BayCom Corp                                  | BayCom Corp                                  | CUSIP: 07272M107<br>LEI: 549300UOLS54Q5ONIG33 | Long             | EC               | CORP              | US        |    134503 | NS      | $3866961.25   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles International Inc       | Heidrick & Struggles International Inc       | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |     33074 | NS      | $1646092.98   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Maravai LifeSciences Holdings Inc            | Maravai LifeSciences Holdings Inc            | CUSIP: 56600D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1053532 | NS      | $3023636.84   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR Technology Corp                          | PAR Technology Corp                          | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |     80471 | NS      | $3185042.18   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Forrester Research Inc                       | Forrester Research Inc                       | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               | CORP              | US        |     73208 | NS      | $776004.80    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SimilarWeb Ltd                               | SimilarWeb Ltd                               | CUSIP: 000000000<br>LEI: 254900GWO7PNBAYCPJ12 | Long             | EC               | CORP              | IL        |    298275 | NS      | $2773957.50   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphamin Resources Corp                      | Alphamin Resources Corp                      | CUSIP: 000000000<br>LEI: 529900YI7Z8X5I42E192 | Long             | EC               | CORP              | MU        |   1267682 | NS      | $910887.40    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Repay Holdings Corp                          | Repay Holdings Corp                          | CUSIP: 76029L100<br>LEI: 2549006EJ42T73ZKUI98 | Long             | EC               | CORP              | US        |    760904 | NS      | $3979527.92   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

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

**Signature:** John Schwartz

**Name of Signer:** John Schwartz

**Title:** Associate General Counsel