SCHEDULE
OF INVESTMENTS
ROYCE GLOBAL VALUE TRUST
SEPTEMBER 30, 2023 (UNAUDITED)
| |
SHARES | | |
VALUE | |
| |
| | |
| |
COMMON STOCKS – 105.1% | |
| | | |
| | |
| |
| | | |
| | |
Australia – 3.7% | |
| | | |
| | |
Cochlear 1 | |
| 4,000 | | |
$ | 655,692 | |
IPH 1 | |
| 253,881 | | |
| 1,207,107 | |
Steadfast Group 1 | |
| 53,300 | | |
| 193,266 | |
Technology One 1 | |
| 40,400 | | |
| 401,849 | |
Total | |
| | | |
| 2,457,914 | |
| |
| | | |
| | |
Bermuda – 1.1% | |
| | | |
| | |
Bank of N.T. Butterfield & Son | |
| 21,000 | | |
| 568,680 | |
James River Group Holdings | |
| 11,300 | | |
| 173,455 | |
Total | |
| | | |
| 742,135 | |
| |
| | | |
| | |
Brazil – 1.3% | |
| | | |
| | |
Odontoprev | |
| 171,600 | | |
| 371,771 | |
TOTVS | |
| 97,885 | | |
| 525,787 | |
Total | |
| | | |
| 897,558 | |
| |
| | | |
| | |
Canada – 14.3% | |
| | | |
| | |
Alamos Gold Cl. A | |
| 94,100 | | |
| 1,061,375 | |
Altus Group | |
| 14,760 | | |
| 510,963 | |
AutoCanada 2 | |
| 38,200 | | |
| 682,861 | |
Canaccord Genuity Group | |
| 84,472 | | |
| 501,266 | |
Centerra Gold | |
| 39,000 | | |
| 190,657 | |
Computer Modelling Group | |
| 101,500 | | |
| 635,192 | |
Descartes Systems Group (The) 2,3 | |
| 8,424 | | |
| 618,153 | |
FirstService Corporation | |
| 1,400 | | |
| 203,756 | |
IMAX Corporation 2 | |
| 21,100 | | |
| 407,652 | |
Major Drilling Group International 2 | |
| 129,300 | | |
| 787,271 | |
Onex Corporation | |
| 13,300 | | |
| 781,696 | |
Pan American Silver 3 | |
| 12,700 | | |
| 183,896 | |
Pason Systems | |
| 71,300 | | |
| 707,620 | |
Sprott | |
| 32,642 | | |
| 994,220 | |
TELUS Corporation | |
| 16,311 | | |
| 266,356 | |
TMX Group | |
| 47,600 | | |
| 1,022,966 | |
Total | |
| | | |
| 9,555,900 | |
| |
| | | |
| | |
Denmark – 0.2% | |
| | | |
| | |
Chr. Hansen Holding 1 | |
| 1,800 | | |
| 110,104 | |
Total | |
| | | |
| 110,104 | |
| |
| | | |
| | |
France – 0.8% | |
| | | |
| | |
ALD 1 | |
| 39,000 | | |
| 301,086 | |
Esker 1 | |
| 1,800 | | |
| 237,572 | |
Total | |
| | | |
| 538,658 | |
| |
| | | |
| | |
Germany – 1.9% | |
| | | |
| | |
Carl Zeiss Meditec 1 | |
| 3,400 | | |
| 297,409 | |
CompuGroup Medical 1 | |
| 3,300 | | |
| 129,354 | |
STRATEC 1 | |
| 3,300 | | |
| 154,353 | |
Vitesco Technologies Group 1,2 | |
| 8,100 | | |
| 657,909 | |
Total | |
| | | |
| 1,239,025 | |
Greece – 0.7% | |
| | |
| |
Sarantis 1 | |
| 64,500 | | |
| 501,258 | |
Total | |
| | | |
| 501,258 | |
| |
| | | |
| | |
Iceland – 0.3% | |
| | | |
| | |
Ossur 1,2 | |
| 51,000 | | |
| 205,945 | |
Total | |
| | | |
| 205,945 | |
| |
| | | |
| | |
India – 3.7% | |
| | | |
| | |
AIA Engineering 1 | |
| 31,600 | | |
| 1,335,792 | |
Dish TV India 1,2 | |
| 3,777,000 | | |
| 831,616 | |
Tarsons Products 1,2 | |
| 49,000 | | |
| 311,702 | |
Total | |
| | | |
| 2,479,110 | |
| |
| | | |
| | |
Indonesia – 0.3% | |
| | | |
| | |
Ace Hardware Indonesia 1 | |
| 4,000,000 | | |
| 194,143 | |
Total | |
| | | |
| 194,143 | |
| |
| | | |
| | |
Israel – 4.5% | |
| | | |
| | |
Cellebrite DI 2 | |
| 46,600 | | |
| 356,490 | |
Global-e Online 2 | |
| 5,200 | | |
| 206,648 | |
Nova 2,3,4 | |
| 5,700 | | |
| 640,908 | |
Phoenix Holdings 1 | |
| 48,500 | | |
| 503,870 | |
Tel Aviv Stock Exchange 1,2 | |
| 222,300 | | |
| 1,276,699 | |
Total | |
| | | |
| 2,984,615 | |
| |
| | | |
| | |
Italy – 1.3% | |
| | | |
| | |
Carel Industries 1 | |
| 35,800 | | |
| 858,119 | |
Total | |
| | | |
| 858,119 | |
| |
| | | |
| | |
Japan – 2.6% | |
| | | |
| | |
As One 1 | |
| 5,600 | | |
| 204,388 | |
Benefit One 1 | |
| 13,700 | | |
| 99,042 | |
Fukui Computer Holdings 1 | |
| 10,800 | | |
| 192,436 | |
NSD 1 | |
| 12,200 | | |
| 230,781 | |
Square Enix Holdings 1 | |
| 6,800 | | |
| 232,981 | |
TechnoPro Holdings 1 | |
| 7,200 | | |
| 156,522 | |
TKC Corporation 1 | |
| 25,500 | | |
| 620,627 | |
Total | |
| | | |
| 1,736,777 | |
| |
| | | |
| | |
Mexico – 0.2% | |
| | | |
| | |
Becle | |
| 63,000 | | |
| 150,455 | |
Total | |
| | | |
| 150,455 | |
| |
| | | |
| | |
Netherlands – 1.0% | |
| | | |
| | |
IMCD 1 | |
| 5,500 | | |
| 695,215 | |
Total | |
| | | |
| 695,215 | |
| |
| | | |
| | |
New Zealand – 0.3% | |
| | | |
| | |
Fisher & Paykel Healthcare 1 | |
| 17,000 | | |
| 219,894 | |
Total | |
| | | |
| 219,894 | |
| |
| | | |
| | |
Norway – 1.9% | |
| | | |
| | |
Protector Forsikring 1 | |
| 70,000 | | |
| 1,137,686 | |
Tomra Systems 1 | |
| 12,000 | | |
| 136,696 | |
Total | |
| | | |
| 1,274,382 | |
| |
| | | |
| | |
Singapore – 0.4% | |
| | | |
| | |
Midas Holdings 2,5 | |
| 400,000 | | |
| 0 | |
XP Power 1 | |
| 8,660 | | |
| 248,953 | |
Total | |
| | | |
| 248,953 | |
| |
| | | |
| | |
South Africa – 2.5% | |
| | | |
| | |
CA Sales Holdings 1 | |
| 147,597 | | |
| 68,966 | |
Curro Holdings 1 | |
| 258,594 | | |
| 137,952 | |
KAL Group 1 | |
| 17,606 | | |
| 32,050 | |
PSG Financial Services 1 | |
| 550,976 | | |
| 381,285 | |
Stadio Holdings 1 | |
| 3,686,928 | | |
| 1,010,085 | |
Transaction Capital 1 | |
| 344,100 | | |
| 76,156 | |
Total | |
| | | |
| 1,706,494 | |
| |
| | | |
| | |
Sweden – 3.5% | |
| | | |
| | |
Biotage 1 | |
| 37,900 | | |
| 372,164 | |
Bravida Holding 1 | |
| 68,900 | | |
| 507,826 | |
Karnov Group 1,2 | |
| 145,381 | | |
| 642,476 | |
OEM International Cl. B 1 | |
| 118,850 | | |
| 800,439 | |
Total | |
| | | |
| 2,322,905 | |
| |
| | | |
| | |
Switzerland – 1.7% | |
| | | |
| | |
Kardex Holding 1 | |
| 2,400 | | |
| 523,165 | |
LEM Holding 1 | |
| 150 | | |
| 334,947 | |
VZ Holding 1 | |
| 2,900 | | |
| 302,579 | |
Total | |
| | | |
| 1,160,691 | |
| |
| | | |
| | |
United Kingdom – 12.3% | |
| | | |
| | |
CentralNic Group 1 | |
| 137,427 | | |
| 222,114 | |
Diploma 1 | |
| 8,200 | | |
| 299,581 | |
DiscoverIE Group 1 | |
| 60,800 | | |
| 500,251 | |
FDM Group Holdings 1 | |
| 46,800 | | |
| 296,941 | |
Genuit Group 1 | |
| 54,600 | | |
| 218,805 | |
Halma 1 | |
| 18,700 | | |
| 439,333 | |
Judges Scientific 1 | |
| 2,600 | | |
| 279,849 | |
Keystone Law Group 1 | |
| 95,940 | | |
| 585,688 | |
Learning Technologies Group 1 | |
| 342,800 | | |
| 268,455 | |
Marlowe 1,2 | |
| 112,600 | | |
| 800,554 | |
Mortgage Advice Bureau Holdings 1 | |
| 36,100 | | |
| 233,907 | |
Restore 1 | |
| 166,254 | | |
| 476,539 | |
RWS Holdings 1 | |
| 45,100 | | |
| 131,313 | |
SThree 1 | |
| 146,600 | | |
| 665,087 | |
Vistry Group 1 | |
| 236,480 | | |
| 2,623,979 | |
YouGov 1 | |
| 18,600 | | |
| 169,996 | |
Total | |
| | | |
| 8,212,392 | |
| |
| | | |
| | |
United States – 44.6% | |
| | | |
| | |
ACV Auctions Cl. A 2 | |
| 39,200 | | |
| 595,056 | |
Air Lease Cl. A 3 | |
| 21,161 | | |
| 833,955 | |
APi Group 2,3 | |
| 63,900 | | |
| 1,656,927 | |
Arcosa | |
| 14,060 | | |
| 1,010,914 | |
Artisan Partners Asset Management Cl. A | |
| 33,200 | | |
| 1,242,344 | |
Blue Owl Capital Cl. A | |
| 55,280 | | |
| 716,429 | |
Chicken Soup for the Soul Entertainment Cl. A 2 | |
| 250,000 | | |
| 86,250 | |
Diodes 2,3 | |
| 7,000 | | |
| 551,880 | |
Element Solutions 3 | |
| 36,400 | | |
| 713,804 | |
Enovis Corporation 2 | |
| 11,966 | | |
| 630,967 | |
ESAB Corporation | |
| 18,666 | | |
| 1,310,726 | |
EVI Industries 2,3 | |
| 79,273 | | |
| 1,967,556 | |
FormFactor 2,3,4 | |
| 20,000 | | |
| 698,800 | |
Forrester Research 2,3 | |
| 7,500 | | |
| 216,750 | |
FTAI Aviation | |
| 21,360 | | |
| 759,348 | |
GCM Grosvenor Cl. A | |
| 119,626 | | |
| 928,298 | |
Griffon Corporation 3,4 | |
| 22,500 | | |
| 892,575 | |
Hagerty Cl. A 2 | |
| 39,300 | | |
| 321,081 | |
Hayward Holdings 2 | |
| 58,500 | | |
| 824,850 | |
Innospec 3,4 | |
| 6,228 | | |
| 636,502 | |
John Bean Technologies | |
| 750 | | |
| 78,855 | |
Kadant 3 | |
| 2,664 | | |
| 600,865 | |
KBR 3 | |
| 18,240 | | |
| 1,075,066 | |
Kennedy-Wilson Holdings | |
| 35,700 | | |
| 526,218 | |
Laureate Education 3 | |
| 50,000 | | |
| 705,000 | |
Lindsay Corporation 3 | |
| 3,519 | | |
| 414,116 | |
MarketWise Cl. A | |
| 123,100 | | |
| 196,960 | |
Mesa Laboratories | |
| 6,614 | | |
| 694,933 | |
Morningstar 3 | |
| 5,358 | | |
| 1,255,058 | |
NewtekOne | |
| 45,300 | | |
| 668,175 | |
nLIGHT 2 | |
| 73,100 | | |
| 760,240 | |
PAR Technology 2,3,4 | |
| 24,241 | | |
| 934,248 | |
Royal Gold | |
| 7,900 | | |
| 840,007 | |
SEI Investments 3 | |
| 24,050 | | |
| 1,448,531 | |
Transcat 2,3 | |
| 16,377 | | |
| 1,604,455 | |
Vontier Corporation 3 | |
| 33,210 | | |
| 1,026,853 | |
Ziff Davis 2 | |
| 5,950 | | |
| 378,955 | |
Total | |
| | | |
| 29,803,547 | |
| |
| | | |
| | |
TOTAL COMMON STOCKS | |
| | | |
| | |
(Cost $59,618,359) | |
| | | |
| 70,296,189 | |
| |
| | | |
| | |
DIVERSIFIED INVESTMENT COMPANIES– 0.6% | |
| | | |
| | |
United States – 0.6% | |
| | | |
| | |
VanEck Junior Gold Miners ETF | |
| 12,500 | | |
| 402,875 | |
(Cost $547,814) | |
| | | |
| 402,875 | |
| |
| | | |
| | |
TOTAL INVESTMENTS – 105.7% | |
| | | |
| | |
(Cost $60,166,173) | |
| | | |
| 70,699,064 | |
| |
| | | |
| | |
LIABILITIES LESS CASH AND OTHER
ASSETS – (5.7)% | |
| | | |
| (3,818,237 | ) |
| |
| | | |
| | |
NET ASSETS – 100.0% | |
| | | |
$ | 66,880,827 | |
| 1 | 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. |
| 3 | All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement
as of September 30, 2023. Total market value of pledged securities as of September 30, 2023, was $8,258,281. |
| 4 | As of September 30, 2023, a portion of these securities, in the aggregate amount of $2,118,056, were rehypothecated by BNP
Paribas Prime Brokerage International, Limited in connection with the Fund’s revolving credit agreement. |
| 5 | 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. |
Securities are categorized by the country of their
headquarters.
TAX INFORMATION: The
cost of total investments for Federal income tax purposes was $60,227,367. As of September 30, 2023, net unrealized appreciation
for all securities was $10,471,697, consisting of aggregate gross unrealized appreciation of $18,296,833 and aggregate gross unrealized
depreciation of $7,825,136. 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 Global Value Trust, Inc. (the “Fund”),
is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on February 14, 2011.
The Fund commenced operations on October 18, 2013. 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.
Equity 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. 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. In the case of restricted
securities, fair value determinations generally start with the inherent or intrinsic worth of the relevant security, without regard
to the restrictive feature, and are reduced for any diminution in value resulting from the restrictive feature. Due to the inherent
uncertainty of such valuations, these fair values may differ significantly from the values that would have been used had an active
market existed.
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, 2023. 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 | |
| $42,353,641 | | |
| $27,942,548 | | |
| $0 | | |
| $70,296,189 | |
Diversified Investment Companies | |
| 402,875 | | |
| – | | |
| – | | |
| 402,875 | |
| |
| | | |
| | | |
| | | |
| | |
Level 3 Reconciliation: | |
| | | |
| | | |
| | | |
| | |
| |
| | |
| | |
| | |
Unrealized Gain (Loss) | |
|
| |
| |
Balance as of | | |
| | |
Realized | | |
Currently Held | |
|
Securities No | |
|
Balance as of | |
| |
12/31/22 | | |
Sales | | |
Gain (Loss) | | |
Securities | |
|
Longer Held | |
|
9/30/23 | |
Common Stocks | |
| $0 | | |
| $– | | |
| $– | | |
|
$0 | |
|
|
$– | |
|
| $0 | |
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 Fund did not hold a repurchase agreement as of September 30, 2023.
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, 2023, the
market value of eligible securities pledged as collateral exceeded two times the loan balance outstanding.
If the Fund fails to meet certain requirements,
or comply with other financial covenants set forth in the credit agreement, the Fund may be required to repay immediately, in part
or in full, the loan balance outstanding under the credit agreement, which may necessitate the sale of portfolio securities at
potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent,
which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings
downgrades may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may also terminate the credit
agreement upon sixty (60) calendar days’ prior written notice to the Fund in the event the Fund’s net asset value per
share as of the close of business on the last business day of any calendar month declines by thirty-five percent (35%) or more
from the Fund’s net asset value per share as of the close of business on the last business day of the immediately preceding
calendar month.
The credit agreement also permits, subject
to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding.
The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right
under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled
security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the
event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by
the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection
with the rehypothecation of portfolio securities.
The maximum amount the Fund may borrow
under the credit agreement is $4,000,000. The Fund has the right to reduce the maximum amount it can borrow under the credit agreement
upon one (1) business day’s prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum
amount the Fund can borrow under the credit agreement, which amount may not exceed $15,000,000.
As of September 30, 2023, the Fund had
outstanding borrowings of $4,000,000. During the nine-month period ended September 30, 2023, the Fund had an average daily loan
balance of $4,000,000. As of September 30, 2023, the aggregate value of rehypothecated securities was $2,118,056.
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).
Royce Global (NYSE:RGT)
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