Form NPORT-P ROYCE CAPITAL FUND For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0001006387
          XXXXXXXX
        
      
      
      
      
        S000009497
        C000025977
        C000033016
      
      
      
    
  
  
    
      ROYCE CAPITAL FUND
      811-07537
      0001006387
      00000000000000000000
      745 FIFTH AVENUE
      NEW YORK
      
      10151
      212-508-4500
      Royce Capital Fund - Small-Cap Portfolio
      S000009497
      254900NQQK01PV4NG288
      2021-12-31
      2021-03-31
      N
    
    
      404756603.15
      1413629.95
      403342973.20
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      
        
      
      
        
          
            UST
          
        
      
      
        
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        OneWater Marine Inc
        N/A
        
        68280L101
        
          
        
        177195.00000000
        NS
        USD
        7080712.20000000
        1.755506521862
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Primoris Services Corp
        549300UF3OLBJ8D5K349
        
        74164F103
        
          
        
        206190.00000000
        NS
        USD
        6831074.70000000
        1.693614406073
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Plexus Corp
        549300W7HCBI5YT25I79
        
        729132100
        
          
        
        21300.00000000
        NS
        USD
        1956192.00000000
        0.484994689378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Donegal Group Inc
        N/A
        
        257701201
        
          
        
        38900.00000000
        NS
        USD
        578054.00000000
        0.143315748236
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kforce Inc
        5493003RDQQDVXY2SK46
        
        493732101
        
          
        
        73135.00000000
        NS
        USD
        3920036.00000000
        0.971886523496
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kulicke & Soffa Industries Inc
        529900H6BEIRBF429744
        
        501242101
        
          
        
        174926.00000000
        NS
        USD
        8590615.86000000
        2.129853854114
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Vectrus Inc
        N/A
        
        92242T101
        
          
        
        116383.00000000
        NS
        USD
        6219507.52000000
        1.541989803530
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evercore Inc
        529900P6KLPT95DW3W58
        
        29977A105
        
          
        
        70700.00000000
        NS
        USD
        9314018.00000000
        2.309205470001
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BioDelivery Sciences International Inc
        529900YQ5QSV2ZNM2W45
        
        09060J106
        
          
        
        717413.00000000
        NS
        USD
        2805084.83000000
        0.695458955872
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Miller Industries Inc/TN
        549300F1O74SPUJ7UU94
        
        600551204
        
          
        
        201240.00000000
        NS
        USD
        9295275.60000000
        2.304558705028
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Catalyst Pharmaceuticals Inc
        5299004O0R5XXLA5H544
        
        14888U101
        
          
        
        1199000.00000000
        NS
        USD
        5527390.00000000
        1.370394519618
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southern Missouri Bancorp Inc
        N/A
        
        843380106
        
          
        
        105654.00000000
        NS
        USD
        4164880.68000000
        1.032590365206
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Resources Connection Inc
        N/A
        
        76122Q105
        
          
        
        141362.00000000
        NS
        USD
        1914041.48000000
        0.474544396996
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Methode Electronics Inc
        529900VM413LGLUS3F07
        
        591520200
        
          
        
        104522.00000000
        NS
        USD
        4387833.56000000
        1.087866617630
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Herman Miller Inc
        U98HXD3PNK7HYU2MU887
        
        600544100
        
          
        
        98803.00000000
        NS
        USD
        4065743.45000000
        1.008011474141
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fixed Income Clearing Corp
        549300H47WTHXPU08X20
        
        000000000
        
          
        
        9771812.18000000
        PA
        USD
        9771812.18000000
        2.422705446551
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
          N
          0.00000000
          2021-04-01
          
            
              9347000.00000000
              USD
              9967294.53404600
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        Vanda Pharmaceuticals Inc
        529900AY8VOOQBKJ0O70
        
        921659108
        
          
        
        71800.00000000
        NS
        USD
        1078436.00000000
        0.267374436064
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SYNNEX Corp
        5493004HI6PFLF46NS53
        
        87162W100
        
          
        
        67742.00000000
        NS
        USD
        7779491.28000000
        1.928753392746
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Supernus Pharmaceuticals Inc
        549300GRM36VBKISYJ58
        
        868459108
        
          
        
        167100.00000000
        NS
        USD
        4374678.00000000
        1.084604986493
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Energy Industries Inc
        549300756XI3QLFT2U27
        
        007973100
        
          
        
        22908.00000000
        NS
        USD
        2500866.36000000
        0.620034691607
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNO Financial Group Inc
        11XPYHB76MPM4Y4P2897
        
        12621E103
        
          
        
        290100.00000000
        NS
        USD
        7046529.00000000
        1.747031550864
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        James River Group Holdings Ltd
        N/A
        
        000000000
        
          
        
        128862.00000000
        NS
        USD
        5878684.44000000
        1.457490233029
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        National Bankshares Inc
        549300Q745S62Q6QNW78
        
        634865109
        
          
        
        138242.00000000
        NS
        USD
        4908973.42000000
        1.217071759315
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kemper Corp
        549300FNI1JKTRY2PV09
        
        488401100
        
          
        
        68200.00000000
        NS
        USD
        5436904.00000000
        1.347960510348
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Landmark Bancorp Inc/Manhattan KS
        N/A
        
        51504L107
        
          
        
        48331.00000000
        NS
        USD
        1276905.02000000
        0.316580455057
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Eagle Outfitters Inc
        5299001Z9HXK01DHW793
        
        02553E106
        
          
        
        96165.00000000
        NS
        USD
        2811864.60000000
        0.697139850408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barrett Business Services Inc
        529900HXB6TMG0SR9Y34
        
        068463108
        
          
        
        74125.00000000
        NS
        USD
        5104247.50000000
        1.265485663356
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MasTec Inc
        549300TMDIT8WREDOF45
        
        576323109
        
          
        
        21200.00000000
        NS
        USD
        1986440.00000000
        0.492494014272
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shoe Carnival Inc
        N/A
        
        824889109
        
          
        
        153608.00000000
        NS
        USD
        9505263.04000000
        2.356620462379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Dominion Freight Line Inc
        5299009TWK32WE417T96
        
        679580100
        
          
        
        6706.00000000
        NS
        USD
        1612189.46000000
        0.399706841849
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IBEX Holdings Ltd
        N/A
        
        000000000
        
          
        
        107318.00000000
        NS
        USD
        2360996.00000000
        0.585356918770
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Rent-A-Center Inc/TX
        529900QUHE15UQNCCJ63
        
        76009N100
        
          
        
        173456.00000000
        NS
        USD
        10001472.96000000
        2.479644774929
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aaron's Co Inc/The
        N/A
        
        00258W108
        
          
        
        328785.00000000
        NS
        USD
        8443198.80000000
        2.093305043351
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comfort Systems USA Inc
        5299009DT1ZA5HTU6R38
        
        199908104
        
          
        
        27071.00000000
        NS
        USD
        2024098.67000000
        0.501830651453
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Houlihan Lokey Inc
        549300S3CNGTQ1QZVY46
        
        441593100
        
          
        
        37315.00000000
        NS
        USD
        2481820.65000000
        0.615312727604
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dorchester Minerals LP
        529900J537JTEZOMXG05
        
        25820R105
        
          
        
        132850.00000000
        NS
        USD
        1814731.00000000
        0.449922552413
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marcus & Millichap Inc
        549300B2HE8ULXNB1N48
        
        566324109
        
          
        
        48225.00000000
        NS
        USD
        1625182.50000000
        0.402928179734
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        La-Z-Boy Inc
        549300WNO1WMN9ZG2519
        
        505336107
        
          
        
        188386.00000000
        NS
        USD
        8002637.28000000
        1.984077525017
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Saia Inc
        549300WNPG4N9GBOYB29
        
        78709Y105
        
          
        
        7700.00000000
        NS
        USD
        1775466.00000000
        0.440187661114
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CSG Systems International Inc
        549300D7FJZUOHHXUA81
        
        126349109
        
          
        
        34740.00000000
        NS
        USD
        1559478.60000000
        0.386638345928
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Robert Half International Inc
        529900VPCUY9H3HLIC08
        
        770323103
        
          
        
        21164.00000000
        NS
        USD
        1652273.48000000
        0.409644791104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MYR Group Inc
        529900G1IMMZHOQ17I54
        
        55405W104
        
          
        
        27241.00000000
        NS
        USD
        1952362.47000000
        0.484045241822
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lincoln Educational Services Corp
        549300BJ55KUY6RG7L98
        
        533535100
        
          
        
        262638.00000000
        NS
        USD
        1683509.58000000
        0.417389093615
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ames National Corp
        N/A
        
        031001100
        
          
        
        89037.00000000
        NS
        USD
        2277566.46000000
        0.564672403223
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sanmina Corp
        X5K24XLM8QYRXF00EB42
        
        801056102
        
          
        
        240993.00000000
        NS
        USD
        9972290.34000000
        2.472409587523
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Selective Insurance Group Inc
        549300R3WGJWLE40R258
        
        816300107
        
          
        
        81300.00000000
        NS
        USD
        5897502.00000000
        1.462155632267
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ePlus Inc
        529900FFY8AAFJ21NE91
        
        294268107
        
          
        
        58696.00000000
        NS
        USD
        5848469.44000000
        1.449999089757
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Timberland Bancorp Inc/WA
        N/A
        
        887098101
        
          
        
        144670.00000000
        NS
        USD
        4023272.70000000
        0.997481787789
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Intertechnology Inc
        5493009O8F3QQJTCQR75
        
        928298108
        
          
        
        254099.00000000
        NS
        USD
        6118703.92000000
        1.516997772753
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PENNANT GROUP INC/THE
        5493007H2OYR6BYLDA64
        
        70805E109
        
          
        
        24157.00000000
        NS
        USD
        1106390.60000000
        0.274305162978
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TrustCo Bank Corp NY
        N/A
        
        898349105
        
          
        
        579785.00000000
        NS
        USD
        4273015.45000000
        1.059399997996
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Schneider National Inc
        529900V6GZ6G6E3BLV72
        
        80689H102
        
          
        
        234800.00000000
        NS
        USD
        5862956.00000000
        1.453590713006
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PC Connection Inc
        5299005WPRNIXDV2KM73
        
        69318J100
        
          
        
        73909.00000000
        NS
        USD
        3428638.51000000
        0.850055346892
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ensign Group Inc/The
        5493003K4HEEA8Q0BC72
        
        29358P101
        
          
        
        40514.00000000
        NS
        USD
        3801833.76000000
        0.942580883419
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        City Holding Co
        N/A
        
        177835105
        
          
        
        66188.00000000
        NS
        USD
        5412854.64000000
        1.341998001615
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Employers Holdings Inc
        N/A
        
        292218104
        
          
        
        142300.00000000
        NS
        USD
        6127438.00000000
        1.519163195378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Werner Enterprises Inc
        549300P6XRGOCHHJST37
        
        950755108
        
          
        
        126739.00000000
        NS
        USD
        5978278.63000000
        1.482182417254
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden National Corp
        549300ZVEDL2L8UW4F28
        
        133034108
        
          
        
        40794.00000000
        NS
        USD
        1952400.84000000
        0.484054754818
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Korn Ferry
        549300FOD20OM0GT5G40
        
        500643200
        
          
        
        56535.00000000
        NS
        USD
        3526087.95000000
        0.874215787627
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chemung Financial Corp
        N/A
        
        164024101
        
          
        
        5764.00000000
        NS
        USD
        241050.48000000
        0.059763153449
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fabrinet
        5493004TETZ6IYF7CV44
        
        000000000
        
          
        
        21080.00000000
        NS
        USD
        1905421.20000000
        0.472407188572
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Insight Enterprises Inc
        529900S8991TYW6YP792
        
        45765U103
        
          
        
        106552.00000000
        NS
        USD
        10167191.84000000
        2.520731118565
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimball Electronics Inc
        549300COBYN2GZCBIU87
        
        49428J109
        
          
        
        275691.00000000
        NS
        USD
        7112827.80000000
        1.763468877012
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Molina Healthcare Inc
        549300NQQCEQ46YHZ591
        
        60855R100
        
          
        
        33900.00000000
        NS
        USD
        7924464.00000000
        1.964696183282
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ArcBest Corp
        5493006S3KBNE8ZS3J23
        
        03937C105
        
          
        
        86049.00000000
        NS
        USD
        6055268.13000000
        1.501270266830
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UFP Industries Inc
        5493007KB485C9OV5572
        
        90278Q108
        
          
        
        54800.00000000
        NS
        USD
        4156032.00000000
        1.030396530036
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Malibu Boats Inc
        N/A
        
        56117J100
        
          
        
        67504.00000000
        NS
        USD
        5378718.72000000
        1.333534752651
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sykes Enterprises Inc
        549300JJ24XHULP7Q562
        
        871237103
        
          
        
        93480.00000000
        NS
        USD
        4120598.40000000
        1.021611549919
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MidWestOne Financial Group Inc
        N/A
        
        598511103
        
          
        
        115417.00000000
        NS
        USD
        3574464.49000000
        0.886209684438
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MKS Instruments Inc
        549300KEQATBHAGVF505
        
        55306N104
        
          
        
        14391.00000000
        NS
        USD
        2668379.22000000
        0.661565813042
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alamo Group Inc
        54930080C93RVZRSDV26
        
        011311107
        
          
        
        12007.00000000
        NS
        USD
        1874893.05000000
        0.464838406660
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Concentrix Corp
        N/A
        
        20602D101
        
          
        
        30400.00000000
        NS
        USD
        4551488.00000000
        1.128441128871
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PulteGroup Inc
        N/A
        
        745867101
        
          
        
        172650.00000000
        NS
        USD
        9053766.00000000
        2.244681722894
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PROG Holdings Inc
        549300DHYTLBOVRXIG52
        
        74319R101
        
          
        
        148570.00000000
        NS
        USD
        6431595.30000000
        1.594572293890
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gentex Corp
        549300S3UD8XV1MN0287
        
        371901109
        
          
        
        69016.00000000
        NS
        USD
        2461800.72000000
        0.610349227226
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MasterCraft Boat Holdings Inc
        549300IXWX41555YJ117
        
        57637H103
        
          
        
        227900.00000000
        NS
        USD
        6059861.00000000
        1.502408967713
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hackett Group Inc/The
        5K016KLIRB6156644289
        
        404609109
        
          
        
        111492.00000000
        NS
        USD
        1827353.88000000
        0.453052117284
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Unity Bancorp Inc
        549300Q90ZRNUR65PL93
        
        913290102
        
          
        
        92266.00000000
        NS
        USD
        2029852.00000000
        0.503257062815
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Moelis & Co
        549300891QNU7VTQUR83
        
        60786M105
        
          
        
        97201.00000000
        NS
        USD
        5334390.88000000
        1.322544641766
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northwest Pipe Co
        54930056VW2CRCZ9RE54
        
        667746101
        
          
        
        155491.00000000
        NS
        USD
        5196509.22000000
        1.288359923261
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Builders FirstSource Inc
        549300W0SKP6L3H7DP63
        
        12008R107
        
          
        
        63230.00000000
        NS
        USD
        2931975.10000000
        0.726918601491
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Village Super Market Inc
        25490069686XCNNEMQ07
        
        927107409
        
          
        
        78949.00000000
        NS
        USD
        1860827.93000000
        0.461351270170
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Saga Communications Inc
        N/A
        
        786598300
        
          
        
        81041.00000000
        NS
        USD
        1770745.85000000
        0.439017403960
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Great Lakes Dredge & Dock Corp
        549300H65E3MZ1CX0P05
        
        390607109
        
          
        
        592113.00000000
        NS
        USD
        8633007.54000000
        2.140363936802
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal Signal Corp
        549300RTXZRPTNP6G884
        
        313855108
        
          
        
        47422.00000000
        NS
        USD
        1816262.60000000
        0.450302278874
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coherus Biosciences Inc
        5493007IL8W5MV932D26
        
        19249H103
        
          
        
        83712.00000000
        NS
        USD
        1223032.32000000
        0.303223906517
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Heritage Insurance Holdings Inc
        9845008CCYDD87F66B45
        
        42727J102
        
          
        
        286174.00000000
        NS
        USD
        3170807.92000000
        0.786131935023
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sciplay Corp
        549300B8E2F1A3EW6869
        
        809087109
        
          
        
        270850.00000000
        NS
        USD
        4382353.00000000
        1.086507833576
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SIGA Technologies Inc
        N/A
        
        826917106
        
          
        
        25400.00000000
        NS
        USD
        165100.00000000
        0.040932905980
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNB Financial Corp/PA
        254900RUYUOKD91VNX69
        
        126128107
        
          
        
        98452.00000000
        NS
        USD
        2422903.72000000
        0.600705573417
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Financial Institutions Inc
        N/A
        
        317585404
        
          
        
        63563.00000000
        NS
        USD
        1925323.27000000
        0.477341468161
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heidrick & Struggles International Inc
        5493006284N2J367VB57
        
        422819102
        
          
        
        170866.00000000
        NS
        USD
        6103333.52000000
        1.513187020856
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
      
    
    
      2021-04-27
      ROYCE CAPITAL FUND
      John Schwartz
      John Schwartz
      Associate General Counsel
    
  
  XXXX

SCHEDULES OF INVESTMENTS
ROYCE CAPITAL FUND - MICRO-CAP PORTFOLIO
MARCH 31, 2021 (UNAUDITED)

 

		SHARES				VALUE
COMMON STOCKS – 94.4%
Communication Services – 3.5%
Entertainment - 2.6%
Chicken Soup For The Soul Entertainment Cl. A 1			57,716			$	1,388,647
Gaia Cl. A 1			123,600				1,469,604
IMAX Corporation 1			22,400				450,240
Motorsport Games Cl. A 1			19,200				446,592
Score Media and Gaming Cl. A 1			47,450				1,271,676
							5,026,759
Interactive Media & Services - 0.9%
QuinStreet 1			81,300				1,650,390
Total							6,677,149
Consumer Discretionary – 12.0%
Auto Components - 2.2%
Modine Manufacturing 1			93,500				1,380,995
Stoneridge 1			56,600				1,800,446
Unique Fabricating 1			177,054				1,053,471
							4,234,912
Hotels, Restaurants & Leisure - 1.9%
Century Casinos 1			192,100				1,972,867
Lindblad Expeditions Holdings 1			87,400				1,651,860
							3,624,727
Household Durables - 0.8%
Legacy Housing 1			83,900				1,487,547
Internet & Direct Marketing Retail - 0.7%
Magnite 1,2			29,800				1,239,978
Leisure Products - 1.0%
MasterCraft Boat Holdings 1			70,217				1,867,070
Specialty Retail - 4.5%
Citi Trends 1			28,886				2,420,069
OneWater Marine Cl. A 1			49,800				1,990,008
Shoe Carnival			44,300				2,741,284
Zumiez 1			31,400				1,347,060
							8,498,421
Textiles, Apparel & Luxury Goods - 0.9%
Vera Bradley 1			158,800				1,603,880
Total							22,556,535
Energy – 2.3%
Energy Equipment & Services - 2.3%
Aspen Aerogels 1			59,900				1,218,366
Natural Gas Services Group 1			153,200				1,446,208
Newpark Resources 1			327,900				1,029,606
Profire Energy 1			612,129				673,342
Total							4,367,522
Financials – 14.8%
Banks - 6.8%
Allegiance Bancshares			37,200				1,508,088
BayCom Corporation 1			75,782				1,365,592
Caribbean Investment Holdings 1			1,751,547				833,065
County Bancorp			54,300				1,301,571
HarborOne Bancorp			117,191				1,578,563
HBT Financial			75,300				1,289,136
HomeTrust Bancshares			56,000				1,363,600
Investar Holding Corporation			77,400				1,590,570
Midway Investments 1,3			1,751,577				0
TriState Capital Holdings 1			85,772				1,977,902
							12,808,087
Capital Markets - 4.7%
B. Riley Financial			41,400				2,334,132
Canaccord Genuity Group			205,700				1,882,351
Silvercrest Asset Management Group Cl. A			90,300				1,298,514
Sprott			50,180				1,906,257
StoneX Group 1			22,400				1,464,512
							8,885,766
Diversified Financial Services - 0.2%
Waterloo Investment Holdings 1,3			1,302,000				325,500
Thrifts & Mortgage Finance - 3.1%
Meridian Bancorp			88,100				1,622,802
PCSB Financial			78,400				1,302,224
Territorial Bancorp			53,100				1,405,026
Western New England Bancorp			185,354				1,562,534
							5,892,586
Total							27,911,939
Health Care – 12.6%
Biotechnology - 2.4%
CareDx 1			15,200				1,034,968
Dynavax Technologies 1			116,500				1,145,195
MeiraGTx Holdings 1			92,800				1,339,104
Zealand Pharma 1			28,458				899,961
							4,419,228
Health Care Equipment & Supplies - 6.6%
Apyx Medical 1			163,100				1,575,546
AtriCure 1			23,100				1,513,512
Chembio Diagnostics 1			107,400				376,974
CryoLife 1			78,489				1,772,282
Cutera 1			45,800				1,376,290
Misonix 1			74,200				1,453,578
OrthoPediatrics Corp. 1			25,600				1,248,000
Profound Medical 1			76,900				1,542,039
Surmodics 1			29,278				1,641,617
							12,499,838
Health Care Providers & Services - 0.9%
Sharps Compliance 1			110,800				1,592,196
Life Sciences Tools & Services - 2.5%
Harvard Bioscience 1			392,468				2,142,875
NeoGenomics 1			23,500				1,133,405
Quanterix Corporation 1			25,700				1,502,679
							4,778,959
Pharmaceuticals - 0.2%
Axsome Therapeutics 1,2			7,700				435,974
Total							23,726,195
Industrials – 21.6%
Aerospace & Defense - 1.0%
Astronics Corporation 1			53,600				966,944
CPI Aerostructures 1			212,231				963,529
							1,930,473
Building Products - 0.6%
Quanex Building Products			44,800				1,175,104
Commercial Services & Supplies - 1.7%
Acme United			44,965				1,773,420
Heritage-Crystal Clean 1			54,934				1,490,359
							3,263,779
Construction & Engineering - 4.2%
Ameresco Cl. A 1			25,800				1,254,654
Construction Partners Cl. A 1			61,800				1,846,584
IES Holdings 1			24,000				1,209,840
Northwest Pipe 1			60,900				2,035,278
NV5 Global 1			15,900				1,535,463
							7,881,819
Electrical Equipment - 0.8%
American Superconductor 1			82,400				1,562,304
Machinery - 5.8%
Alimak Group			80,300				1,287,235
CIRCOR International 1			56,400				1,963,848
Graham Corporation			87,520				1,246,285
Porvair			139,600				1,050,790
Shyft Group (The)			56,400				2,098,080
Wabash National			96,300				1,810,440
Westport Fuel Systems 1			192,500				1,384,075
							10,840,753
Marine - 0.8%
Clarkson			40,300				1,527,832
Professional Services - 4.7%
CRA International			23,306				1,739,560
Forrester Research 1			19,500				828,360
GP Strategies 1			117,608				2,052,260
Heidrick & Struggles International			44,400				1,585,968
Kforce			25,500				1,366,800
Resources Connection			89,254				1,208,499
							8,781,447
Trading Companies & Distributors - 2.0%
Lawson Products 1			36,000				1,866,960
Transcat 1			40,300				1,977,924
							3,844,884
Total							40,808,395
Information Technology – 24.0%
Communications Equipment - 1.8%
Digi International 1			96,000				1,823,040
EMCORE Corporation 1			206,800				1,129,128
Harmonic 1			67,900				532,336
							3,484,504
Electronic Equipment, Instruments & Components - 5.8%
FARO Technologies 1			21,600				1,869,912
LightPath Technologies Cl. A 1			354,800				1,099,880
Luna Innovations 1			179,100				1,885,923
nLIGHT 1			40,100				1,299,240
PAR Technology 1			27,900				1,824,939
PowerFleet 1			166,900				1,371,918
Vishay Precision Group 1			51,700				1,592,877
							10,944,689
IT Services - 1.6%
Cass Information Systems			32,848				1,519,877
Computer Task Group 1			149,000				1,422,950
							2,942,827
Semiconductors & Semiconductor Equipment - 11.9%
Aehr Test Systems 1			322,200				811,944
Axcelis Technologies 1			42,900				1,762,761
AXT 1			163,900				1,911,074
Camtek 1			73,700				2,203,630
Cohu 1			47,800				1,999,952
CyberOptics Corporation 1			50,900				1,321,873
Ichor Holdings 1			39,100				2,103,580
NeoPhotonics Corporation 1			97,600				1,166,320
Nova Measuring Instruments 1			24,200				2,202,442
NVE Corporation			19,100				1,338,910
PDF Solutions 1			75,100				1,335,278
Photronics 1			140,600				1,808,116
Ultra Clean Holdings 1			43,400				2,518,936
							22,484,816
Software - 2.1%
Agilysys 1			42,200				2,023,912
QAD Cl. A			28,900				1,924,162
							3,948,074
Technology Hardware, Storage & Peripherals - 0.8%
AstroNova 1			106,000				1,420,400
Total							45,225,310
Materials – 3.1%
Metals & Mining - 3.1%
Altius Minerals			78,900				942,380
Haynes International			49,870				1,479,643
Major Drilling Group International 1			322,600				1,732,752
Universal Stainless & Alloy Products 1			162,500				1,652,625
Total							5,807,400
Real Estate – 0.5%
Real Estate Management & Development - 0.5%
FRP Holdings 1			19,140				942,071
Total							942,071
TOTAL COMMON STOCKS
(Cost $111,474,572)							178,022,516
REPURCHASE AGREEMENT – 5.8%
Fixed Income Clearing Corporation,
0.00% dated 3/31/21, due 4/1/21, maturity value $10,924,783 (collateralized by obligations of various U.S. Government Agencies, 1.875% due 8/31/24, valued at $11,143,371) (Cost $10,924,783)							10,924,783
TOTAL INVESTMENTS – 100.2%
(Cost $122,399,355)							188,947,299
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%							(390,365	)
NET ASSETS – 100.0%						$	188,556,934

SCHEDULES OF INVESTMENTS
ROYCE CAPITAL FUND - SMALL-CAP PORTFOLIO
MARCH 31, 2021 (UNAUDITED)

 

		SHARES				VALUE
COMMON STOCKS – 97.5%
Communication Services – 1.5%
Entertainment - 1.1%
SciPlay Corporation Cl. A 1			270,850			$	4,382,353
Media - 0.4%
Saga Communications Cl. A 1			81,041				1,770,746
Total							6,153,099
Consumer Discretionary – 17.4%
Auto Components - 0.6%
Gentex Corporation			69,016				2,461,801
Diversified Consumer Services - 0.4%
Lincoln Educational Services 1			274,338				1,758,506
Household Durables - 4.2%
La-Z-Boy			188,386				8,002,637
PulteGroup			172,650				9,053,766
							17,056,403
Leisure Products - 2.9%
Malibu Boats Cl. A 1			67,504				5,378,719
MasterCraft Boat Holdings 1			227,900				6,059,861
							11,438,580
Specialty Retail - 9.3%
Aaron's Company (The)			328,785				8,443,199
American Eagle Outfitters			96,165				2,811,865
OneWater Marine Cl. A 1			177,195				7,080,712
Rent-A-Center			173,456				10,001,473
Shoe Carnival			146,608				9,072,103
							37,409,352
Total							70,124,642
Consumer Staples – 0.5%
Food & Staples Retailing - 0.5%
Village Super Market Cl. A			78,949				1,860,828
Total							1,860,828
Energy – 0.5%
Oil, Gas & Consumable Fuels - 0.5%
Dorchester Minerals L.P.			132,850				1,814,731
Total							1,814,731
Financials – 24.0%
Banks - 6.5%
Ames National			89,037				2,277,566
Camden National			40,794				1,952,401
Chemung Financial			6,523				272,792
City Holding Company			66,188				5,412,855
CNB Financial			98,452				2,422,904
Financial Institutions			63,563				1,925,323
Landmark Bancorp			48,931				1,292,757
MidWestOne Financial Group			115,417				3,574,465
National Bankshares			138,242				4,908,973
Unity Bancorp			89,266				1,963,852
							26,003,888
Capital Markets - 4.2%
Evercore Cl. A			70,700				9,314,018
Houlihan Lokey Cl. A			37,315				2,481,821
Moelis & Company Cl. A			97,201				5,334,391
							17,130,230
Consumer Finance - 1.6%
PROG Holdings 1			148,570				6,431,595
Insurance - 8.6%
CNO Financial Group			290,100				7,046,529
Donegal Group Cl. A			52,200				775,692
Employers Holdings			142,300				6,127,438
Heritage Insurance Holdings			289,874				3,211,804
James River Group Holdings			132,562				6,047,478
Kemper Corporation			68,200				5,436,904
Selective Insurance Group			81,300				5,897,502
							34,543,347
Thrifts & Mortgage Finance - 3.1%
Southern Missouri Bancorp			105,654				4,164,881
Timberland Bancorp			145,670				4,051,083
TrustCo Bank Corp NY			579,785				4,273,015
							12,488,979
Total							96,598,039
Health Care – 7.0%
Biotechnology - 1.9%
Catalyst Pharmaceuticals 1			1,199,000				5,527,390
Coherus BioSciences 1,2			83,712				1,223,032
Vanda Pharmaceuticals 1			71,800				1,078,436
							7,828,858
Health Care Providers & Services - 3.2%
Ensign Group (The)			40,514				3,801,834
Molina Healthcare 1			33,900				7,924,464
Pennant Group 1			24,157				1,106,390
							12,832,688
Pharmaceuticals - 1.9%
BioDelivery Sciences International 1			717,413				2,805,085
SIGA Technologies 1			60,100				390,650
Supernus Pharmaceuticals 1			167,100				4,374,678
							7,570,413
Total							28,231,959
Industrials – 24.8%
Aerospace & Defense - 1.5%
Vectrus 1			115,191				6,155,807
Building Products - 1.7%
Builders FirstSource 1			63,230				2,931,975
UFP Industries			53,600				4,065,024
							6,996,999
Commercial Services & Supplies - 1.0%
Herman Miller			98,803				4,065,744
Construction & Engineering - 6.6%
Comfort Systems USA			26,171				1,956,806
Great Lakes Dredge & Dock 1			592,113				8,633,008
MasTec 1			21,200				1,986,440
MYR Group 1			27,241				1,952,362
Northwest Pipe 1			155,491				5,196,509
Primoris Services			206,190				6,831,075
							26,556,200
Machinery - 3.2%
Alamo Group			12,007				1,874,893
Federal Signal			47,422				1,816,262
Miller Industries			198,640				9,175,182
							12,866,337
Professional Services - 5.5%
Barrett Business Services			74,125				5,104,248
Heidrick & Struggles International			170,866				6,103,334
Kforce			73,135				3,920,036
Korn Ferry			56,535				3,526,088
Resources Connection			141,362				1,914,041
Robert Half International			21,164				1,652,273
							22,220,020
Road & Rail - 5.3%
ArcBest			84,849				5,970,824
Old Dominion Freight Line			6,706				1,612,189
Saia 1			7,700				1,775,466
Schneider National Cl. B			234,800				5,862,956
Werner Enterprises			126,739				5,978,279
							21,199,714
Total							100,060,821
Information Technology – 21.4%
Electronic Equipment, Instruments & Components - 14.5%
ePlus 1			58,696				5,848,469
Fabrinet 1			21,080				1,905,421
Insight Enterprises 1			106,552				10,167,192
Kimball Electronics 1			275,691				7,112,828
Methode Electronics			104,522				4,387,834
PC Connection			73,909				3,428,639
Plexus Corporation 1			21,300				1,956,192
Sanmina Corporation 1			240,993				9,972,290
SYNNEX Corporation			67,742				7,779,491
Vishay Intertechnology			254,099				6,118,704
							58,677,060
IT Services - 3.5%
Concentrix 1			27,400				4,102,328
CSG Systems International			34,740				1,559,479
Hackett Group (The)			111,492				1,827,354
IBEX 1			107,318				2,360,996
Sykes Enterprises 1			93,480				4,120,598
							13,970,755
Semiconductors & Semiconductor Equipment - 3.4%
Advanced Energy Industries			22,908				2,500,866
Kulicke & Soffa Industries			174,926				8,590,616
MKS Instruments			14,391				2,668,379
							13,759,861
Total							86,407,676
Real Estate – 0.4%
Real Estate Management & Development - 0.4%
Marcus & Millichap 1			48,225				1,625,182
Total							1,625,182
TOTAL COMMON STOCKS
(Cost $269,013,585)							392,876,977
REPURCHASE AGREEMENT – 2.4%
Fixed Income Clearing Corporation, 0.00% dated 3/31/21, due 4/1/21, maturity value $9,771,812 (collateralized by obligations of various U.S. Government Agencies, 1.875%-2.375% due 8/15/24-8/31/24, valued at $9,967,295)
(Cost $9,771,812)							9,771,812
TOTAL INVESTMENTS – 99.9%
(Cost $278,785,397)							402,648,789
CASH AND OTHER ASSETS LESS LIABILITIES – 0.1%							280,964
NET ASSETS – 100.0%						$	402,929,753

 

1

Non-income producing.

2

All or a portion of these securities were on loan at March 31, 2021.

3

Securities for which market quotations are not readily available represent 0.2% of net assets for Royce Micro-Cap Portfolio. These securities have been valued at their fair value under procedures approved by the Fund's Board of Trustees. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.

 

Tax Information:

At March 31, 2021, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

 

							Net Unrealized Appreciation				Gross Unrealized
			Tax Basis Cost				(Depreciation)				Appreciation				Depreciation
Micro-Cap Portfolio		$	122,434,661			$	66,512,638			$	72,524,573			$	6,011,935
Small-Cap Portfolio			279,515,050				123,133,739				125,471,460				2,337,721

 

The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

 

Valuation of Investments:

Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Funds value their non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Trust's Board of Trustees, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, a Fund may fair value the security. The Funds use an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by a Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.

 

Various inputs are used in determining the value of each Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:

Level 1 –	quoted prices in active markets for identical securities.
Level 2 –	other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Any Level 2 securities with values based on quoted prices for similar securities would be noted in the Schedules of Investments.
Level 3 –	significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value each Fund’s investments as of March 31, 2021. For a detailed breakout of common stocks by sector classification, please refer to the Schedules of Investments.

 

		Level 1				Level 2				Level 3				Total
Micro-Cap Portfolio
Common Stocks		$	177,697,016			$	–			$	325,500			$	178,022,516
Repurchase Agreement			–				10,924,783				–				10,924,783
Small-Cap Portfolio
Common Stocks			392,876,977				–				–				392,876,977
Repurchase Agreement			–				9,771,812				–				9,771,812

 

Level 3 Reconciliation:

 

		Balance as of 12/31/20				Realized Gain (Loss)				Unrealized  Gain (Loss)				Balance as of 3/31/21
Micro-Cap Portfolio
Common Stocks		$	325,500			$	–			$	–			$	325,500

 

Repurchase Agreements:

The Funds may enter into repurchase agreements with institutions that the Funds’ investment adviser has determined are creditworthy. Each 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 each Fund to dispose of its underlying securities. The remaining contractual maturities of repurchase agreements held by the Funds at March 31, 2021 are overnight and continuous.

 

Securities Lending:

The Funds loan securities through a lending agent, State Street Bank and Trust Company, to qualified institutional investors for the purpose of earning additional income. The lending agent receives and holds collateral from such borrowers to secure their obligations to the Funds. Such loans must be secured at all times by collateral in an amount at least equal to the market value of the loaned securities. The market values of the loaned securities and the collateral fluctuate and are determined at the close of each business day by the lending agent. Borrowers are required to post additional collateral to the lending agent on the next succeeding business day in the event of a collateral shortfall. Counterparty risk is further reduced by loaning securities only to parties that participate in a Global Securities Lending Program organized and monitored by the lending agent and that are deemed by it to satisfy its requirements and by having the lending agent enter into securities lending agreements with such borrowers. The lending agent is not affiliated with Royce.

 

Collateral may be in the form of cash or U.S. Treasuries. Cash collateral is invested in certain money market pooled investment vehicles. The Funds record a liability in their respective Statements of Assets and Liabilities for the return of such cash collateral during periods in which securities are on loan. The Funds bear the risk of loss for any decrease in the market value of the loaned securities or the investments purchased with cash collateral received from the borrowers.

 

Pursuant to the agreement in place between the Funds and the lending agent, if a borrower fails to return loaned securities, and the cash collateral being maintained by the lending agent on behalf of such borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is not the result of investment losses, the lending agent shall, at its option, either replace the loaned securities or pay the amount of the shortfall to the Funds. In the event of the bankruptcy of a borrower, the Funds could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.

 

Loans of securities generally do not have stated maturity dates, and the Funds may recall a security at any time. The Funds’ securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. Pursuant to the agreement in place between the Funds and the lending agent, the Funds are responsible for any shortfall in the event the value of the investments purchased with cash collateral is insufficient to pay the rebate fee to the borrower.

 

The following table presents non-cash collateral and the market value of securities on loan collateralized by non-cash collateral held by the Funds’ custodian at March 31, 2021:

 

		Non-Cash Collateral				Securities on Loan Collateralized by Non-Cash Collateral				Net Amount
Micro-Cap Portfolio		$	1,574,305			$	(1,539,920)			$	34,385
Small-Cap Portfolio			29,042				(28,394)				648

 

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