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Form NPORT-P ROYCE CAPITAL FUND For: Mar 31

May 16, 2022 6:19 PM EDT

  
    NPORT-P
    false
    
      
      
        
          0001006387
          XXXXXXXX
        
      
      
      
      
        S000009497
        C000025977
        C000033016
      
      
      
    
  
  
    
      ROYCE CAPITAL FUND
      811-07537
      0001006387
      254900HPH7VXNTMGMC75
      745 FIFTH AVENUE
      NEW YORK
      
      10151
      212-508-4500
      Royce Capital Fund - Small-Cap Portfolio
      S000009497
      254900NQQK01PV4NG288
      2022-12-31
      2022-03-31
      N
    
    
      260072925.30
      2085211.62
      257987713.68
      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
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Entravision Communications Corp
        549300SKHY2ALCLKV539
        Entravision Communications Corp
        29382R107
        
          
        
        317542.00000000
        NS
        USD
        2035444.22000000
        0.788969440042
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OneWater Marine Inc
        N/A
        OneWater Marine Inc
        68280L101
        
          
        
        65633.00000000
        NS
        USD
        2261056.85000000
        0.876420360391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jabil Inc
        5493000CGCQY2OQU7669
        Jabil Inc
        466313103
        
          
        
        81000.00000000
        NS
        USD
        5000130.00000000
        1.938127180041
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Primoris Services Corp
        549300UF3OLBJ8D5K349
        Primoris Services Corp
        74164F103
        
          
        
        142890.00000000
        NS
        USD
        3403639.80000000
        1.319303059610
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aviat Networks Inc
        549300Z3X8Z4MK52CI65
        Aviat Networks Inc
        05366Y201
        
          
        
        90214.00000000
        NS
        USD
        2775884.78000000
        1.075975572791
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kforce Inc
        5493003RDQQDVXY2SK46
        Kforce Inc
        493732101
        
          
        
        9914.00000000
        NS
        USD
        733338.58000000
        0.284253296228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meritage Homes Corp
        52990044W9UMFJO2FB97
        Meritage Homes Corp
        59001A102
        
          
        
        25100.00000000
        NS
        USD
        1988673.00000000
        0.770840196857
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kulicke & Soffa Industries Inc
        529900H6BEIRBF429744
        Kulicke & Soffa Industries Inc
        501242101
        
          
        
        107113.00000000
        NS
        USD
        6000470.26000000
        2.325874428052
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Western New England Bancorp Inc
        549300Y8QE4EI2LP6B42
        Western New England Bancorp Inc
        958892101
        
          
        
        153242.00000000
        NS
        USD
        1369983.48000000
        0.531026637066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vectrus Inc
        N/A
        Vectrus Inc
        92242T101
        
          
        
        84463.00000000
        NS
        USD
        3028843.18000000
        1.174026133568
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evercore Inc
        529900P6KLPT95DW3W58
        Evercore Inc
        29977A105
        
          
        
        48100.00000000
        NS
        USD
        5354492.00000000
        2.075483333536
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amkor Technology Inc
        529900VHLRTKPWZJBM84
        Amkor Technology Inc
        031652100
        
          
        
        205784.00000000
        NS
        USD
        4469628.48000000
        1.732496643442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Whiting Petroleum Corp
        52990028CHK9KUB1B293
        Whiting Petroleum Corp
        966387508
        
          
        
        33800.00000000
        NS
        USD
        2755038.00000000
        1.067895040698
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Haverty Furniture Cos Inc
        529900CVFMMIRXZVPD70
        Haverty Furniture Cos Inc
        419596101
        
          
        
        113145.00000000
        NS
        USD
        3102435.90000000
        1.202551802078
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of Princeton/The
        549300EMC7T53UNNNA58
        Bank of Princeton/The
        064520109
        
          
        
        47271.00000000
        NS
        USD
        1363768.35000000
        0.528617557226
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Miller Industries Inc/TN
        549300F1O74SPUJ7UU94
        Miller Industries Inc/TN
        600551204
        
          
        
        93724.00000000
        NS
        USD
        2639267.84000000
        1.023020748683
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Catalyst Pharmaceuticals Inc
        5299004O0R5XXLA5H544
        Catalyst Pharmaceuticals Inc
        14888U101
        
          
        
        658294.00000000
        NS
        USD
        5457257.26000000
        2.115316726582
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southern Missouri Bancorp Inc
        N/A
        Southern Missouri Bancorp Inc
        843380106
        
          
        
        4912.00000000
        NS
        USD
        245354.40000000
        0.095103133595
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Resources Connection Inc
        N/A
        Resources Connection Inc
        76122Q105
        
          
        
        240802.00000000
        NS
        USD
        4127346.28000000
        1.599822805949
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SilverBow Resources Inc
        5493007QR70AVQSNF619
        SilverBow Resources Inc
        82836G102
        
          
        
        23900.00000000
        NS
        USD
        764800.00000000
        0.296448225805
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cohu Inc
        529900FJPORJ3JJ2XS33
        Cohu Inc
        192576106
        
          
        
        111260.00000000
        NS
        USD
        3293296.00000000
        1.276532108069
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Container Store Group Inc/The
        529900L7KB2N9KXCDI76
        Container Store Group Inc/The
        210751103
        
          
        
        256708.00000000
        NS
        USD
        2097304.36000000
        0.812947380355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vanda Pharmaceuticals Inc
        529900AY8VOOQBKJ0O70
        Vanda Pharmaceuticals Inc
        921659108
        
          
        
        124977.00000000
        NS
        USD
        1413489.87000000
        0.547890382002
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TD SYNNEX Corp
        5493004HI6PFLF46NS53
        TD SYNNEX Corp
        87162W100
        
          
        
        45542.00000000
        NS
        USD
        4700389.82000000
        1.821943282861
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Collegium Pharmaceutical Inc
        54930049FXZMTLW8D496
        Collegium Pharmaceutical Inc
        19459J104
        
          
        
        131530.00000000
        NS
        USD
        2677950.80000000
        1.038014858072
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tiptree Inc
        N/A
        Tiptree Inc
        88822Q103
        
          
        
        264844.00000000
        NS
        USD
        3403245.40000000
        1.319150184113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNO Financial Group Inc
        11XPYHB76MPM4Y4P2897
        CNO Financial Group Inc
        12621E103
        
          
        
        192400.00000000
        NS
        USD
        4827316.00000000
        1.871141819562
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        James River Group Holdings Ltd
        N/A
        James River Group Holdings Ltd
        000000000
        
          
        
        118684.00000000
        NS
        USD
        2936242.16000000
        1.138132556049
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        National Bankshares Inc
        549300Q745S62Q6QNW78
        National Bankshares Inc
        634865109
        
          
        
        105156.00000000
        NS
        USD
        3910751.64000000
        1.515867397022
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TrustCo Bank Corp NY
        N/A
        TrustCo Bank Corp NY
        898349204
        
          
        
        87677.00000000
        NS
        USD
        2799526.61000000
        1.085139509190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Civitas Resources Inc
        IIVIHPH28S64K95M2381
        Civitas Resources Inc
        17888H103
        
          
        
        47300.00000000
        NS
        USD
        2824283.00000000
        1.094735466163
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Landmark Bancorp Inc/Manhattan KS
        N/A
        Landmark Bancorp Inc/Manhattan KS
        51504L107
        
          
        
        45769.00000000
        NS
        USD
        1205097.77000000
        0.467114403554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Eagle Outfitters Inc
        5299001Z9HXK01DHW793
        American Eagle Outfitters Inc
        02553E106
        
          
        
        199153.00000000
        NS
        USD
        3345770.40000000
        1.296871991411
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barrett Business Services Inc
        529900HXB6TMG0SR9Y34
        Barrett Business Services Inc
        068463108
        
          
        
        26148.00000000
        NS
        USD
        2025685.56000000
        0.785186833553
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shoe Carnival Inc
        N/A
        Shoe Carnival Inc
        824889109
        
          
        
        139725.00000000
        NS
        USD
        4074381.00000000
        1.579292649980
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ironwood Pharmaceuticals Inc
        549300PC8MR6QHH6P296
        Ironwood Pharmaceuticals Inc
        46333X108
        
          
        
        292411.00000000
        NS
        USD
        3678530.38000000
        1.425854870190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IBEX Holdings Ltd
        N/A
        IBEX Holdings Ltd
        000000000
        
          
        
        126051.00000000
        NS
        USD
        2009252.94000000
        0.778817297668
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Mastech Digital Inc
        549300GD5HFB0F451006
        Mastech Digital Inc
        57633B100
        
          
        
        51921.00000000
        NS
        USD
        960019.29000000
        0.372118220788
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aaron's Co Inc/The
        N/A
        Aaron's Co Inc/The
        00258W108
        
          
        
        231549.00000000
        NS
        USD
        4649503.92000000
        1.802219126515
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Houlihan Lokey Inc
        549300S3CNGTQ1QZVY46
        Houlihan Lokey Inc
        441593100
        
          
        
        14642.00000000
        NS
        USD
        1285567.60000000
        0.498305745518
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fixed Income Clearing Corp
        549300H47WTHXPU08X20
        FIXED INC CLEARING CORP.REPO
        000000000
        
          
        
        9521406.47000000
        PA
        USD
        9521406.47000000
        3.690643377618
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
          N
          0.00000000
          2022-04-01
          
            
              8447300.00000000
              USD
              9711942.10000000
              USD
              UST
            
          
        
        
          N
          N
          N
        
      
      
        Dorchester Minerals LP
        529900J537JTEZOMXG05
        Dorchester Minerals LP
        25820R105
        
          
        
        111505.00000000
        NS
        USD
        2893554.75000000
        1.121586260339
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marcus & Millichap Inc
        549300B2HE8ULXNB1N48
        Marcus & Millichap Inc
        566324109
        
          
        
        28025.00000000
        NS
        USD
        1476357.00000000
        0.572258647104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        La-Z-Boy Inc
        549300WNO1WMN9ZG2519
        La-Z-Boy Inc
        505336107
        
          
        
        133250.00000000
        NS
        USD
        3513802.50000000
        1.362003814010
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RMR Group Inc/The
        549300JP4L34E48UJM16
        RMR Group Inc/The
        74967R106
        
          
        
        28112.00000000
        NS
        USD
        874283.20000000
        0.338885595569
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lincoln Educational Services Corp
        549300BJ55KUY6RG7L98
        Lincoln Educational Services Corp
        533535100
        
          
        
        561990.00000000
        NS
        USD
        4018228.50000000
        1.557527078589
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ames National Corp
        N/A
        Ames National Corp
        031001100
        
          
        
        62737.00000000
        NS
        USD
        1559641.82000000
        0.604541122425
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sanmina Corp
        X5K24XLM8QYRXF00EB42
        Sanmina Corp
        801056102
        
          
        
        157243.00000000
        NS
        USD
        6355762.06000000
        2.463590986307
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ePlus Inc
        529900FFY8AAFJ21NE91
        ePlus Inc
        294268107
        
          
        
        68388.00000000
        NS
        USD
        3833831.28000000
        1.486051884143
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heartland Express Inc
        5299005V45FZIQGLOG39
        Heartland Express Inc
        422347104
        
          
        
        91911.00000000
        NS
        USD
        1293187.77000000
        0.501259440441
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Timberland Bancorp Inc/WA
        N/A
        Timberland Bancorp Inc/WA
        887098101
        
          
        
        111870.00000000
        NS
        USD
        3021608.70000000
        1.171221938013
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Intertechnology Inc
        5493009O8F3QQJTCQR75
        Vishay Intertechnology Inc
        928298108
        
          
        
        262461.00000000
        NS
        USD
        5144235.60000000
        1.993984723776
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Schneider National Inc
        529900V6GZ6G6E3BLV72
        Schneider National Inc
        80689H102
        
          
        
        194600.00000000
        NS
        USD
        4962300.00000000
        1.923463691048
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PC Connection Inc
        5299005WPRNIXDV2KM73
        PC Connection Inc
        69318J100
        
          
        
        28854.00000000
        NS
        USD
        1511661.06000000
        0.585943042960
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ensign Group Inc/The
        5493003K4HEEA8Q0BC72
        Ensign Group Inc/The
        29358P101
        
          
        
        3987.00000000
        NS
        USD
        358869.87000000
        0.139103473138
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        City Holding Co
        N/A
        City Holding Co
        177835105
        
          
        
        15886.00000000
        NS
        USD
        1250228.20000000
        0.484607651335
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Employers Holdings Inc
        N/A
        Employers Holdings Inc
        292218104
        
          
        
        92377.00000000
        NS
        USD
        3789304.54000000
        1.468792635877
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Werner Enterprises Inc
        549300P6XRGOCHHJST37
        Werner Enterprises Inc
        950755108
        
          
        
        53750.00000000
        NS
        USD
        2203750.00000000
        0.854207345212
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sterling Construction Co Inc
        549300RZIK6K1215XU51
        Sterling Construction Co Inc
        859241101
        
          
        
        161149.00000000
        NS
        USD
        4318793.20000000
        1.674030572384
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Flex Ltd
        549300EAQH74YHD07T53
        Flex Ltd
        000000000
        
          
        
        264000.00000000
        NS
        USD
        4897200.00000000
        1.898229931241
        Long
        EC
        CORP
        SG
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden National Corp
        549300ZVEDL2L8UW4F28
        Camden National Corp
        133034108
        
          
        
        31194.00000000
        NS
        USD
        1467365.76000000
        0.568773504392
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Korn Ferry
        549300FOD20OM0GT5G40
        Korn Ferry
        500643200
        
          
        
        42435.00000000
        NS
        USD
        2755728.90000000
        1.068162844149
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chemung Financial Corp
        N/A
        Chemung Financial Corp
        164024101
        
          
        
        33124.00000000
        NS
        USD
        1546559.56000000
        0.599470237531
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insight Enterprises Inc
        529900S8991TYW6YP792
        Insight Enterprises Inc
        45765U103
        
          
        
        12154.00000000
        NS
        USD
        1304367.28000000
        0.505592790212
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimball Electronics Inc
        549300COBYN2GZCBIU87
        Kimball Electronics Inc
        49428J109
        
          
        
        193316.00000000
        NS
        USD
        3864386.84000000
        1.497895688471
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xperi Holding Corp
        N/A
        Xperi Holding Corp
        98390M103
        
          
        
        158100.00000000
        NS
        USD
        2738292.00000000
        1.061404033913
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lazydays Holdings Inc
        5493006PPWVM3TDVJH23
        Lazydays Holdings Inc
        52110H100
        
          
        
        208668.00000000
        NS
        USD
        4210920.24000000
        1.632217356374
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oasis Petroleum Inc
        529900FA4V2YNIKZ0M71
        Oasis Petroleum Inc
        674215207
        
          
        
        16395.00000000
        NS
        USD
        2398588.50000000
        0.929729740143
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Molina Healthcare Inc
        549300NQQCEQ46YHZ591
        Molina Healthcare Inc
        60855R100
        
          
        
        11400.00000000
        NS
        USD
        3802926.00000000
        1.474072522971
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ArcBest Corp
        5493006S3KBNE8ZS3J23
        ArcBest Corp
        03937C105
        
          
        
        59949.00000000
        NS
        USD
        4825894.50000000
        1.870590824331
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UFP Industries Inc
        5493007KB485C9OV5572
        UFP Industries Inc
        90278Q108
        
          
        
        28800.00000000
        NS
        USD
        2222208.00000000
        0.861361949490
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citizens Community Bancorp Inc/WI
        549300VKLJAF4WABEF16
        Citizens Community Bancorp Inc/WI
        174903104
        
          
        
        112452.00000000
        NS
        USD
        1699149.72000000
        0.658616527028
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Malibu Boats Inc
        N/A
        Malibu Boats Inc
        56117J100
        
          
        
        39118.00000000
        NS
        USD
        2269235.18000000
        0.879590406702
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MidWestOne Financial Group Inc
        N/A
        MidWestOne Financial Group Inc
        598511103
        
          
        
        39239.00000000
        NS
        USD
        1298810.90000000
        0.503439051989
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MKS Instruments Inc
        549300KEQATBHAGVF505
        MKS Instruments Inc
        55306N104
        
          
        
        3191.00000000
        NS
        USD
        478650.00000000
        0.185532091111
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Computer Task Group Inc
        N/A
        Computer Task Group Inc
        205477102
        
          
        
        17700.00000000
        NS
        USD
        172929.00000000
        0.067029936245
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PulteGroup Inc
        N/A
        PulteGroup Inc
        745867101
        
          
        
        105650.00000000
        NS
        USD
        4426735.00000000
        1.715870471836
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PROG Holdings Inc
        549300DHYTLBOVRXIG52
        PROG Holdings Inc
        74319R101
        
          
        
        34230.00000000
        NS
        USD
        984797.10000000
        0.381722480482
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MasterCraft Boat Holdings Inc
        549300IXWX41555YJ117
        MasterCraft Boat Holdings Inc
        57637H103
        
          
        
        103569.00000000
        NS
        USD
        2548833.09000000
        0.987966850685
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Unity Bancorp Inc
        549300Q90ZRNUR65PL93
        Unity Bancorp Inc
        913290102
        
          
        
        94008.00000000
        NS
        USD
        2630343.84000000
        1.019561669228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quanex Building Products Corp
        5493000TL30VL5WOAW87
        Quanex Building Products Corp
        747619104
        
          
        
        127223.00000000
        NS
        USD
        2670410.77000000
        1.035092226644
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Moelis & Co
        549300891QNU7VTQUR83
        Moelis & Co
        60786M105
        
          
        
        65001.00000000
        NS
        USD
        3051796.95000000
        1.182923367345
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northwest Pipe Co
        54930056VW2CRCZ9RE54
        Northwest Pipe Co
        667746101
        
          
        
        58007.00000000
        NS
        USD
        1476278.15000000
        0.572228083633
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Builders FirstSource Inc
        549300W0SKP6L3H7DP63
        Builders FirstSource Inc
        12008R107
        
          
        
        19130.00000000
        NS
        USD
        1234650.20000000
        0.478569379288
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Village Super Market Inc
        25490069686XCNNEMQ07
        Village Super Market Inc
        927107409
        
          
        
        76286.00000000
        NS
        USD
        1869007.00000000
        0.724455817426
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Saga Communications Inc
        N/A
        Saga Communications Inc
        786598300
        
          
        
        62692.00000000
        NS
        USD
        1432512.20000000
        0.555263729255
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cross Country Healthcare Inc
        54930037L0NBIPZ5S663
        Cross Country Healthcare Inc
        227483104
        
          
        
        85348.00000000
        NS
        USD
        1849491.16000000
        0.716891178117
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heritage Insurance Holdings Inc
        9845008CCYDD87F66B45
        Heritage Insurance Holdings Inc
        42727J102
        
          
        
        104993.00000000
        NS
        USD
        749650.02000000
        0.290575860883
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sciplay Corp
        549300B8E2F1A3EW6869
        Sciplay Corp
        809087109
        
          
        
        147300.00000000
        NS
        USD
        1903116.00000000
        0.737676989672
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mid Penn Bancorp Inc
        N/A
        Mid Penn Bancorp Inc
        59540G107
        
          
        
        18760.00000000
        NS
        USD
        502955.60000000
        0.194953314956
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SIGA Technologies Inc
        N/A
        SIGA Technologies Inc
        826917106
        
          
        
        300306.00000000
        NS
        USD
        2129169.54000000
        0.825298813508
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNB Financial Corp/PA
        254900RUYUOKD91VNX69
        CNB Financial Corp/PA
        126128107
        
          
        
        69552.00000000
        NS
        USD
        1830608.64000000
        0.709572023367
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Financial Institutions Inc
        N/A
        Financial Institutions Inc
        317585404
        
          
        
        49863.00000000
        NS
        USD
        1502372.19000000
        0.582342534289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M/I Homes Inc
        5299005M71FH9CCSFB69
        M/I Homes Inc
        55305B101
        
          
        
        52124.00000000
        NS
        USD
        2311699.40000000
        0.896050190540
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heidrick & Struggles International Inc
        5493006284N2J367VB57
        Heidrick & Struggles International Inc
        422819102
        
          
        
        90769.00000000
        NS
        USD
        3592637.02000000
        1.392561284703
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
      
    
    
      2022-04-26
      ROYCE CAPITAL FUND
      John Schwartz
      John Schwartz
      Associate General Counsel
    
  
  XXXX



 

SCHEDULES OF INVESTMENTS 

ROYCE CAPITAL FUND - MICRO-CAP PORTFOLIO 

MARCH 31, 2022 (UNAUDITED)

 

   SHARES   VALUE 
         
COMMON STOCKS – 96.8%          
           
Communication Services – 4.1%          
Entertainment - 1.9%          
Chicken Soup for the Soul Entertainment Cl. A 1   87,816   $701,650 
Gaia Cl. A 1   144,990    713,350 
IMAX Corporation 1   69,500    1,315,635 
         2,730,635 
Interactive Media & Services - 1.1%          
Enthusiast Gaming Holdings 1   265,100    640,405 
QuinStreet 1   87,600    1,016,160 
         1,656,565 
Media - 1.1%          
Magnite 1   29,800    393,658 
Thryv Holdings 1   41,000    1,152,920 
         1,546,578 
Total        5,933,778 
           
Consumer Discretionary – 10.7%          
Auto Components - 1.8%          
Modine Manufacturing 1   122,400    1,102,824 
Stoneridge 1   62,800    1,303,728 
Unique Fabricating 1   154,494    293,539 
         2,700,091 
Hotels, Restaurants & Leisure - 2.1%          
Century Casinos 1   141,300    1,688,535 
Lindblad Expeditions Holdings 1   88,100    1,328,548 
         3,017,083 
Household Durables - 0.7%          
Legacy Housing 1   50,400    1,081,584 
Leisure Products - 0.8%          
MasterCraft Boat Holdings 1   46,417    1,142,322 
Specialty Retail - 3.8%          
Barnes & Noble Education 1   133,900    479,362 
Chico’s FAS 1   200,200    960,960 
Citi Trends 1   26,986    826,446 
JOANN   40,300    459,823 
OneWater Marine Cl. A   23,900    823,355 
Shoe Carnival   41,600    1,213,056 
Zumiez 1   22,400    855,904 
         5,618,906 
Textiles, Apparel & Luxury Goods - 1.5%          
Fossil Group 1   87,200    840,608 
Vera Bradley 1   170,800    1,310,036 
         2,150,644 
Total        15,710,630 
           
Energy – 2.5%          
Energy Equipment & Services - 2.5%          
Natural Gas Services Group 1   132,316    1,575,883 
Newpark Resources 1   360,600    1,319,796 
Profire Energy 1   612,129    795,768 
Total        3,691,447 
           
Financials – 14.2%          
Banks - 6.4%          
Allegiance Bancshares   30,207    1,349,649 
BayCom Corporation   70,082    1,525,685 
Caribbean Investment Holdings 1,2   1,751,547    609,743 
HarborOne Bancorp   104,791    1,469,170 
HBT Financial   80,394    1,461,563 
HomeTrust Bancshares   51,400    1,517,842 
Investar Holding Corporation   74,410    1,420,487 
Midway Investments 1,2   1,751,577    0 
         9,354,139 
Capital Markets - 5.0%          
B. Riley Financial   21,100    1,476,156 
Canaccord Genuity Group   141,982    1,402,614 
Silvercrest Asset Management Group Cl. A   75,484    1,543,648 
Sprott   32,080    1,608,426 
StoneX Group 1   17,400    1,291,602 
         7,322,446 
Thrifts & Mortgage Finance - 2.8%          
PCSB Financial   71,800    1,372,098 
Territorial Bancorp   50,308    1,207,392 
Western New England Bancorp   175,148    1,565,823 
         4,145,313 
Total        20,821,898 
           
Health Care – 11.7%          
Biotechnology - 1.8%          
CareDx 1   15,200    562,248 
Dynavax Technologies 1   82,600    895,384 
MeiraGTx Holdings 1   83,100    1,150,935 
         2,608,567 
Health Care Equipment & Supplies - 6.8%          
Apyx Medical 1   120,700    788,171 
Artivion 1   60,989    1,303,945 
AtriCure 1   17,500    1,149,225 
Bioventus Cl. A 1   122,247    1,723,682 
Cutera 1   26,300    1,814,700 
IntriCon Corporation 1   59    1,408 
OrthoPediatrics Corp. 1   22,100    1,193,179 
Profound Medical 1   83,400    750,510 
Surmodics 1   25,878    1,173,050 
         9,897,870 
Health Care Providers & Services - 0.6%          
Sharps Compliance 1   163,943    967,264 
Life Sciences Tools & Services - 2.5%          
Harvard Bioscience 1   270,668    1,680,848 
Inotiv 1,3   37,169    973,084 
NeoGenomics 1   19,500    236,925 
Quanterix Corporation 1   25,100    732,669 
         3,623,526 
Total        17,097,227 

 

Industrials – 23.9%        
Aerospace & Defense - 2.3%          
Astronics Corporation 1   103,100    1,333,083 
Cadre Holdings   56,905    1,397,587 
CPI Aerostructures 1   212,231    626,081 
         3,356,751 
Building Products - 0.8%          
Quanex Building Products   56,400    1,183,836 
Commercial Services & Supplies - 2.6%          
Acme United   29,379    991,541 
Heritage-Crystal Clean 1   50,334    1,490,390 
VSE Corporation   29,000    1,336,610 
         3,818,541 
Construction & Engineering - 4.7%          
Ameresco Cl. A 1   11,400    906,300 
Concrete Pumping Holdings 1   110,400    739,680 
Construction Partners Cl. A 1   53,400    1,398,012 
IES Holdings 1   22,800    916,560 
Northwest Pipe 1   59,500    1,514,275 
NV5 Global 1   10,700    1,426,310 
         6,901,137 
Electrical Equipment - 0.5%          
American Superconductor 1   102,700    781,547 
Machinery - 5.4%          
Alimak Group 4   80,500    901,677 
CIRCOR International 1   34,100    907,742 
Commercial Vehicle Group 1   42,990    363,265 
Graham Corporation 1   99,120    764,215 
Luxfer Holdings   67,700    1,137,360 
Porvair 4   129,000    1,063,181 
Shyft Group (The)   36,600    1,321,626 
Wabash National   84,100    1,248,044 
Westport Fuel Systems 1   94,500    149,310 
         7,856,420 
Marine - 1.1%          
Clarkson 4   32,000    1,544,818 
Professional Services - 4.6%          
CRA International   13,796    1,162,451 
Forrester Research 1   24,500    1,382,290 
Heidrick & Struggles International   33,200    1,314,056 
Kforce   19,800    1,464,606 
Resources Connection   81,454    1,396,122 
         6,719,525 
Trading Companies & Distributors - 1.9%          
Lawson Products 1   29,187    1,124,867 
Transcat 1   19,845    1,610,223 
         2,735,090 
Total        34,897,665 
           
Information Technology – 23.8%          
Communications Equipment - 3.7%          
Clearfield 1   12,800    834,816 
Comtech Telecommunications   44,863    703,900 
Digi International 1   77,800    1,674,256 
EMCORE Corporation 1   188,100    695,970 
Genasys 1   226,100    621,775 
Harmonic 1   90,400    839,816 
         5,370,533 
Electronic Equipment, Instruments & Components - 5.5%          
Arlo Technologies 1   79,000    699,940 
FARO Technologies 1   18,400    955,328 
LightPath Technologies Cl. A 1   368,300    725,551 
Luna Innovations 1   192,600    1,484,946 
nLIGHT 1   48,000    832,320 
PAR Technology 1   22,800    919,752 
PowerFleet 1   239,500    711,315 
VIA optronics ADR 1   54,388    435,104 
Vishay Precision Group 1   40,200    1,292,430 
         8,056,686 
IT Services - 1.6%          
Cass Information Systems   26,048    961,432 
Computer Task Group 1   134,920    1,318,168 
         2,279,600 
Semiconductors & Semiconductor Equipment - 10.7%          
Aehr Test Systems 1   78,200    794,512 
Amtech Systems 1   59,987    603,469 
Axcelis Technologies 1   20,000    1,510,600 
AXT 1   189,100    1,327,482 
Camtek 1   39,752    1,210,846 
Cohu 1   39,400    1,166,240 
CyberOptics Corporation 1   32,937    1,336,584 
Ichor Holdings 1   31,600    1,125,592 
Nova 1,3   11,300    1,230,344 
NVE Corporation   18,100    985,907 
PDF Solutions 1   45,200    1,259,724 
Photronics 1   95,900    1,627,423 
Ultra Clean Holdings 1   33,600    1,424,304 
         15,603,027 
Software - 1.1%          
Agilysys 1   28,900    1,152,532 
GTY Technology Holdings 1   155,933    503,664 
         1,656,196 
Technology Hardware, Storage & Peripherals - 1.2%          
AstroNova 1   90,862    1,378,377 
Intevac 1   73,781    394,728 
         1,773,105 
Total        34,739,147 
           
Materials – 5.4%          
Chemicals - 0.9%          
Aspen Aerogels 1   38,017    1,310,826 
Metals & Mining - 4.5%          
Altius Minerals   56,500    1,089,190 
Ferroglobe 1   75,900    584,430 
Haynes International   38,070    1,621,782 
Major Drilling Group International 1   210,500    2,049,182 
Universal Stainless & Alloy Products 1   140,247    1,217,344 
         6,561,928 
Total        7,872,754 

 

Real Estate – 0.5%        
Real Estate Management & Development - 0.5%        
FRP Holdings 1   12,240    707,472 
Total        707,472 
           
TOTAL COMMON STOCKS          
(Cost $106,035,089)        141,472,018 
           
REPURCHASE AGREEMENT – 3.2%          

Fixed Income Clearing Corporation,

0.00% dated 3/31/22, due 4/1/22,

maturity value $4,727,977 (collateralized

by obligations of various U.S. Government

Agencies, 2.375% due 3/31/29, valued at $4,822,605)

          
(Cost $4,727,977)        4,727,977 
           
TOTAL INVESTMENTS – 100.0%          
(Cost $110,763,066)        146,199,995 
          
LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)%        (55,330)
           
NET ASSETS – 100.0%       $146,144,665 

 

 

 

 

SCHEDULES OF INVESTMENTS 

ROYCE CAPITAL FUND - SMALL-CAP PORTFOLIO 

MARCH 31, 2022 (UNAUDITED)

 

   SHARES   VALUE 
         
COMMON STOCKS – 97.1%          
           
Communication Services – 2.1%          
Entertainment - 0.7%          
SciPlay Corporation Cl. A 1   147,300   $1,903,116 
Media - 1.4%          
Entravision Communications Cl. A   317,542    2,035,445 
Saga Communications Cl. A   62,692    1,432,512 
         3,467,957 
Total        5,371,073 
           
Consumer Discretionary – 17.4%          
Diversified Consumer Services - 1.6%          
Lincoln Educational Services 1   561,990    4,018,228 
Household Durables - 4.7%          
La-Z-Boy   133,250    3,513,803 
M/I Homes 1   52,124    2,311,699 
Meritage Homes 1   25,100    1,988,673 
PulteGroup   105,650    4,426,735 
         12,240,910 
Leisure Products - 1.9%          
Malibu Boats Cl. A 1   39,118    2,269,235 
MasterCraft Boat Holdings 1   103,569    2,548,833 
         4,818,068 
Specialty Retail - 9.2%          
Aaron’s Company (The)   231,549    4,649,504 
American Eagle Outfitters   199,153    3,345,771 
Container Store Group (The) 1   256,708    2,097,304 
Haverty Furniture   113,145    3,102,436 
Lazydays Holdings 1   208,668    4,210,920 
OneWater Marine Cl. A   65,633    2,261,057 
Shoe Carnival   139,725    4,074,381 
         23,741,373 
Total        44,818,579 
           
Consumer Staples – 0.7%          
Food & Staples Retailing - 0.7%          
Village Super Market Cl. A   76,286    1,869,007 
Total        1,869,007 
           
Energy – 4.5%          
Oil, Gas & Consumable Fuels - 4.5%          
Civitas Resources   47,300    2,824,283 
Dorchester Minerals L.P.   111,505    2,893,555 
Oasis Petroleum   16,395    2,398,588 
SilverBow Resources 1   27,900    892,800 
Whiting Petroleum   33,800    2,755,038 
Total        11,764,264 

 

Financials – 21.6%        
Banks - 8.4%        
Ames National   62,737    1,559,642 
Bank of Princeton   47,271    1,363,768 
Camden National   31,194    1,467,366 
Chemung Financial   33,124    1,546,559 
Citizens Community Bancorp   112,452    1,699,150 
City Holding Company   15,886    1,250,228 
CNB Financial   69,552    1,830,609 
Financial Institutions   49,863    1,502,372 
Landmark Bancorp   45,769    1,205,098 
Mid Penn Bancorp   19,660    527,084 
MidWestOne Financial Group   38,539    1,275,641 
National Bankshares   105,156    3,910,752 
Unity Bancorp   94,008    2,630,344 
         21,768,613 
Capital Markets - 3.8%          
Evercore Cl. A   48,100    5,354,492 
Houlihan Lokey Cl. A   14,642    1,285,568 
Moelis & Company Cl. A   65,001    3,051,797 
         9,691,857 
Consumer Finance - 0.4%          
PROG Holdings 1   34,230    984,797 
Insurance - 6.1%          
CNO Financial Group   192,400    4,827,316 
Employers Holdings   92,377    3,789,305 
Heritage Insurance Holdings   108,393    773,926 
James River Group Holdings   118,684    2,936,242 
Tiptree   264,844    3,403,245 
         15,730,034 
Thrifts & Mortgage Finance - 2.9%          
Southern Missouri Bancorp   4,912    245,354 
Timberland Bancorp   111,870    3,021,609 
TrustCo Bank Corp NY   87,677    2,799,527 
Western New England Bancorp   153,242    1,369,983 
         7,436,473 
Total        55,611,774 
           
Health Care – 8.3%          
Biotechnology - 4.1%          
Catalyst Pharmaceuticals 1   658,294    5,457,257 
Ironwood Pharmaceuticals Cl. A 1   292,411    3,678,531 
Vanda Pharmaceuticals 1   124,977    1,413,490 
         10,549,278 
Health Care Providers & Services - 2.3%          
Cross Country Healthcare 1   85,348    1,849,491 
Ensign Group (The)   3,987    358,870 
Molina Healthcare 1   11,400    3,802,926 
         6,011,287 
Pharmaceuticals - 1.9%          
Collegium Pharmaceutical 1   129,430    2,635,195 
SIGA Technologies 1   300,306    2,129,169 
         4,764,364 
Total        21,324,929 

 

Industrials – 18.8%    
Aerospace & Defense - 1.2%          
Vectrus 1   84,463    3,028,843 
Building Products - 2.4%          
Builders FirstSource 1   19,130    1,234,650 
Quanex Building Products   127,223    2,670,411 
UFP Industries   28,800    2,222,208 
         6,127,269 
Construction & Engineering - 3.6%          
Northwest Pipe 1   58,007    1,476,278 
Primoris Services   142,890    3,403,640 
Sterling Construction 1   161,149    4,318,793 
         9,198,711 
Machinery - 1.0%          
Miller Industries   93,724    2,639,268 
Professional Services - 5.5%          
Barrett Business Services   26,148    2,025,685 
Heidrick & Struggles International   90,769    3,592,637 
Kforce   9,914    733,339 
Korn Ferry   42,435    2,755,729 
Mastech Digital 1   52,571    972,038 
Resources Connection   240,802    4,127,346 
         14,206,774 
Road & Rail - 5.1%          
ArcBest   59,949    4,825,895 
Heartland Express   91,911    1,293,188 
Schneider National Cl. B   194,600    4,962,300 
Werner Enterprises   53,750    2,203,750 
         13,285,133 
Total        48,485,998 
           
Information Technology – 22.7%          
Communications Equipment - 1.1%          
Aviat Networks 1   90,214    2,775,885 
Electronic Equipment, Instruments & Components - 14.2%
ePlus 1   68,388    3,833,831 
Flex 1   264,000    4,897,200 
Insight Enterprises 1   12,154    1,304,367 
Jabil   81,000    5,000,130 
Kimball Electronics 1   193,216    3,862,388 
PC Connection   28,854    1,511,661 
Sanmina Corporation 1   157,243    6,355,762 
TD SYNNEX   45,542    4,700,390 
Vishay Intertechnology   262,461    5,144,236 
         36,609,965 
IT Services - 0.9%          
Computer Task Group 1   23,500    229,595 
IBEX 1   126,051    2,009,253 
         2,238,848 
Semiconductors & Semiconductor Equipment - 5.5%          
Amkor Technology   205,784    4,469,628 
Cohu 1   111,260    3,293,296 
Kulicke & Soffa Industries   107,113    6,000,470 
MKS Instruments   3,191    478,650 
         14,242,044 
Software - 1.0%        
Xperi Holding Corporation   158,100    2,738,292 
Total        58,605,034 
           
Real Estate – 1.0%          
Real Estate Management & Development - 1.0%          
Marcus & Millichap   28,025    1,476,357 
RMR Group (The) Cl. A   33,612    1,045,333 
Total        2,521,690 
           
TOTAL COMMON STOCKS          
(Cost $205,732,419)        250,372,348 
           
REPURCHASE AGREEMENT – 3.7%          

Fixed Income Clearing Corporation,

0.00% dated 3/31/22, due 4/1/22,

maturity value $9,521,406 (collateralized

by obligations of various U.S. Government

Agencies, 0.125% due 10/15/24, valued at $9,711,942)

          
(Cost $9,521,406)        9,521,406 
           
TOTAL INVESTMENTS – 100.8%          
(Cost $215,253,825)        259,893,754 
           
LIABILITIES LESS CASH AND OTHER ASSETS – (0.8)%        (2,109,689)
           
NET ASSETS – 100.0%       $257,784,065 

 

ADR - American Depository Receipt 

1Non-income producing.

2Securities for which market quotations are not readily available represent 0.4% 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.

3All or a portion of these securities were on loan at March 31, 2022.

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

 

Tax Information:

 

At March 31, 2022, 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  $110,785,116   $35,414,879   $49,947,687   $14,532,808 
Small-Cap Portfolio   215,946,304    43,947,450    52,254,174    8,306,724 

 

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 Investment Company Act of 1940 (“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. Level 2 securities with values based on quoted prices for similar securities and/or foreign securities that were fair valued are 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, 2022. 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  $137,352,600   $3,509,675   $609,743   $141,472,018 
Repurchase Agreement       4,727,977        4,727,977 
Small-Cap Portfolio                    
Common Stocks   250,372,348            250,372,348 
Repurchase Agreement       9,521,406        9,521,406 

 

Level 3 Reconciliation:

 

           Realized   Unrealized     
   Balance as of 12/31/21   Sales   Gain (Loss)   Gain (Loss)   Balance as of 3/31/22 
Micro-Cap Portfolio                         
Common Stocks  $628,264   $455,700   $(421,996)  $859,175   $609,743 

 

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, 2022 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, 2022:

 

       Securities on Loan    
       Collateralized by Non-Cash    
   Non-Cash Collateral   Collateral  Net Amount 
Micro-Cap Portfolio  $2,166,747 $ (2,112,261)  $54,486 

 

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).

 



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