NPORT-EX 2 NPORT_5653810466649564.htm

SCHEDULES OF INVESTMENTS

ROYCE CAPITAL FUND - MICRO-CAP PORTFOLIO

SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 95.8%

Communication Services – 2.7%
Entertainment - 1.5%
Chicken Soup For The Soul Entertainment Cl. A ¹		41,916	$	604,848
Gaia Cl. A ¹		112,800		1,108,824
Score Media and Gaming Cl. A ¹		351,100		189,848
				1,903,520
Interactive Media & Services - 1.2%
QuinStreet ¹		99,800		1,580,832
Total				3,484,352

Consumer Discretionary – 11.4%
Auto Components - 1.6%
Modine Manufacturing ¹		62,600		391,250
Stoneridge ¹		62,300		1,144,451
Unique Fabricating ¹		165,814		558,793
				2,094,494
Diversified Consumer Services - 1.1%
Collectors Universe		27,000		1,336,230
Hotels, Restaurants & Leisure - 1.8%
Century Casinos ¹		192,100		1,052,708
GAN ¹		29,700		501,930
Lindblad Expeditions Holdings ¹		87,400		743,774
				2,298,412
Household Durables - 0.3%
Legacy Housing ¹		27,600		377,568
Internet & Direct Marketing Retail - 0.7%
Magnite ^1,2		131,900		916,046
Leisure Products - 1.0%
MasterCraft Boat Holdings ¹		70,217		1,228,095
Specialty Retail - 4.1%
Citi Trends		65,386		1,633,342
OneWater Marine Cl. A ¹		49,800		1,020,402
Shoe Carnival		46,300		1,554,754
Zumiez ¹		36,300		1,009,866
				5,218,364
Textiles, Apparel & Luxury Goods - 0.8%
Vera Bradley ¹		158,800		970,268
Total				14,439,477

Consumer Staples – 0.2%
Beverages - 0.2%
Eastside Distilling ¹		166,700		190,038
Total				190,038

Energy – 2.1%
Energy Equipment & Services - 1.7%
Natural Gas Services Group ¹		147,000		1,242,150
Pason Systems		101,700		404,035
Profire Energy ¹		612,129		452,853
				2,099,038
Oil, Gas & Consumable Fuels - 0.4%
Ardmore Shipping		154,800		551,088
Total				2,650,126

Financials – 14.4%
Banks - 6.0%
Allegiance Bancshares		37,200		869,364
BayCom Corporation ¹		77,882		802,185
Caribbean Investment Holdings		1,751,547		1,231,758
County Bancorp		45,300		851,640
HarborOne Bancorp		117,191		945,731
HomeTrust Bancshares		61,100		829,738
Investar Holding		73,000		935,860
Midway Investments ^1,3		1,751,577		0
TriState Capital Holdings ¹		85,772		1,135,621
				7,601,897
Capital Markets - 5.2%
B. Riley Financial		68,000		1,704,080
Canaccord Genuity Group		205,700		1,048,930
Silvercrest Asset Management Group Cl. A		90,300		944,538
Sprott		50,180		1,712,802
StoneX Group ¹		22,400		1,145,984
				6,556,334
Diversified Financial Services - 0.3%
Waterloo Investment Holdings ^1,3		1,302,000		325,500
Thrifts & Mortgage Finance - 2.9%
Meridian Bancorp		88,100		911,835
PCSB Financial		78,400		946,288
Territorial Bancorp		45,900		928,557
Western New England Bancorp		169,054		951,774
				3,738,454
Total				18,222,185

Health Care – 14.0%
Biotechnology - 3.0%
BioSpecifics Technologies ¹		11,900		628,677
CareDx ¹		20,800		789,152
Dynavax Technologies ¹		116,500		503,280
MeiraGTx Holdings ¹		39,800		526,952
Zealand Pharma ¹		36,058		1,370,107
				3,818,168
Health Care Equipment & Supplies - 7.0%
Apyx Medical ¹		163,100		768,201
AtriCure ¹		23,100		921,690
Chembio Diagnostics ¹		107,400		521,964
CryoLife ¹		78,489		1,449,692
Mesa Laboratories		4,700		1,197,372
Misonix ¹		51,600		605,268
OrthoPediatrics Corporation ^1,2		25,600		1,175,552
Profound Medical ¹		63,200		1,111,594
Surmodics ¹		29,278		1,139,207
				8,890,540
Health Care Providers & Services - 0.5%
Sharps Compliance ^1,2		104,500		655,215
Life Sciences Tools & Services - 3.0%
Harvard Bioscience ¹		380,268		1,144,607
NeoGenomics ¹		35,400		1,305,906
Quanterix Corporation ¹		40,300		1,359,722
				3,810,235
Pharmaceuticals - 0.5%
Axsome Therapeutics ^1,2		7,700		548,625
Total				17,722,783

Industrials – 22.0%
Aerospace & Defense - 0.7%
Astronics Corporation ¹		40,326		311,317
CPI Aerostructures ¹		205,344		550,322
				861,639
Commercial Services & Supplies - 1.4%
Acme United		44,965		1,035,458
Heritage-Crystal Clean ¹		54,934		733,369
				1,768,827
Construction & Engineering - 4.9%
Ameresco Cl. A ¹		49,800		1,663,320
Construction Partners Cl. A ¹		70,600		1,284,920
IES Holdings ¹		24,000		762,480
Northwest Pipe ¹		58,000		1,534,680
NV5 Global ¹		18,200		960,414
				6,205,814
Electrical Equipment - 1.3%
American Superconductor ¹		119,400		1,728,912
Machinery - 6.6%
Alimak Group		80,300		1,088,534
CIRCOR International ¹		56,400		1,542,540
Graham Corporation		74,820		955,451
Luxfer Holdings		59,600		747,980
Porvair		139,600		918,964
Shyft Group		67,700		1,278,176
Wabash National		97,300		1,163,708
Westport Fuel Systems ¹		391,000		637,330
				8,332,683
Marine - 0.9%
Clarkson		40,300		1,168,410
Professional Services - 4.2%
CRA International		23,306		873,276
Forrester Research ¹		19,500		639,405
GP Strategies ¹		117,608		1,133,741
Heidrick & Struggles International		44,400		872,460
Kforce		25,500		820,335
Resources Connection		89,254		1,030,884
				5,370,101
Trading Companies & Distributors - 2.0%
Lawson Products ¹		36,000		1,477,080
Transcat ¹		35,700		1,046,010
				2,523,090
Total				27,959,476

Information Technology – 23.4%
Communications Equipment - 2.0%
Digi International ¹		91,400		1,428,582
EMCORE Corporation ¹		206,800		672,100
Harmonic ¹		67,900		378,882
				2,479,564
Electronic Equipment, Instruments & Components - 7.7%
Fabrinet ¹		9,969		628,346
FARO Technologies ¹		21,600		1,317,168
LightPath Technologies Cl. A ¹		354,800		855,068
Luna Innovations ¹		234,900		1,404,702
nLIGHT ¹		53,300		1,251,484
PAR Technology ¹		42,800		1,733,828
PC Connection		23,500		964,910
PowerFleet ¹		47,800		269,114
Vishay Precision Group ¹		51,700		1,309,044
				9,733,664
IT Services - 0.5%
Cass Information Systems		16,148		649,796
Semiconductors & Semiconductor Equipment - 10.6%
Aehr Test Systems ¹		398,300		553,637
Axcelis Technologies ¹		42,900		943,800
AXT ¹		244,100		1,493,892
Camtek ¹		101,700		1,564,146
Cohu		60,900		1,046,262
CyberOptics Corporation ¹		36,600		1,165,344
Everspin Technologies ^1,2		148,300		840,861
Ichor Holdings ¹		39,100		843,387
Nova Measuring Instruments ¹		25,200		1,313,928
PDF Solutions ¹		64,400		1,204,924
Photronics ¹		133,400		1,328,664
Ultra Clean Holdings ¹		56,800		1,218,928
				13,517,773
Software - 2.1%
Agilysys ¹		54,900		1,326,384
QAD Cl. A		31,900		1,346,180
				2,672,564
Technology Hardware, Storage & Peripherals - 0.5%
AstroNova		85,200		683,304
Total				29,736,665

Materials – 3.7%
Chemicals - 0.5%
Trecora Resources ¹		101,700		624,438
Metals & Mining - 3.2%
Altius Minerals		78,900		574,174
Haynes International		44,170		754,865
Major Drilling Group International ¹		322,600		1,727,414
Seabridge Gold ¹		14,800		277,944
Universal Stainless & Alloy Products ¹		134,000		735,660
				4,070,057
Total				4,694,495

Real Estate – 1.9%
Equity Real Estate Investment Trusts (REITs) - 0.6%
Postal Realty Trust Cl. A		54,700		828,158
Real Estate Management & Development - 1.3%
FRP Holdings ¹		19,140		797,564
Marcus & Millichap ¹		29,900		822,848
				1,620,412
Total				2,448,570

TOTAL COMMON STOCKS
(Cost $112,320,281)				121,548,167

REPURCHASE AGREEMENT – 4.1%
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $5,248,001 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $5,353,071) (Cost $5,248,001)				5,248,001

COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.1%
Money Market Funds Federated Government Obligations Fund (7 day yield-0.01%) (Cost $150,066)				150,066

TOTAL INVESTMENTS – 100.0%
(Cost $117,718,348)				126,946,234

LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)%				(56,758	)

NET ASSETS – 100.0%			$	126,889,476

SCHEDULES OF INVESTMENTS

ROYCE CAPITAL FUND - SMALL-CAP PORTFOLIO

SEPTEMBER 30, 2020 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 94.7%

Communication Services – 1.3%
Entertainment - 0.5%
SciPlay Corporation Cl. A ¹		68,000	$	1,102,960
Media - 0.8%
Saga Communications Cl. A		88,041		1,750,255
Total				2,853,215

Consumer Discretionary – 14.3%
Auto Components - 0.9%
Gentex Corporation		74,516		1,918,787
Hotels, Restaurants & Leisure - 0.5%
Hilton Grand Vacations ¹		51,587		1,082,295
Household Durables - 2.8%
La-Z-Boy		42,786		1,353,321
PulteGroup		107,950		4,997,006
				6,350,327
Leisure Products - 1.9%
Malibu Boats Cl. A ¹		39,616		1,963,369
MasterCraft Boat Holdings ¹		128,300		2,243,967
				4,207,336
Specialty Retail - 8.2%
Aaron’s		59,370		3,363,310
American Eagle Outfitters		178,265		2,640,105
OneWater Marine Cl. A ¹		107,600		2,204,724
Rent-A-Center		178,860		5,346,125
Shoe Carnival		141,136		4,739,347
				18,293,611
Total				31,852,356

Consumer Staples – 0.4%
Food & Staples Retailing - 0.4%
Village Super Market Cl. A		37,540		923,859
Total				923,859

Energy – 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Dorchester Minerals L.P.		34,900		360,517
Total				360,517

Financials – 22.2%
Banks - 5.9%
Ames National		80,967		1,367,533
Camden National		49,794		1,505,024
City Holding Company		25,360		1,460,989
CNB Financial		99,125		1,473,989
Financial Institutions		64,328		990,651
Landmark Bancorp		28,121		600,383
MidWestOne Financial Group		56,892		1,016,660
National Bankshares		99,233		2,513,572
Northrim BanCorp		33,613		856,795
Unity Bancorp		123,274		1,427,513
				13,213,109
Capital Markets - 5.0%
Evercore Cl. A		85,100		5,570,646
Houlihan Lokey Cl. A		38,015		2,244,786
Moelis & Company Cl. A		97,401		3,422,671
				11,238,103
Insurance - 7.1%
CNO Financial Group		215,200		3,451,808
Heritage Insurance Holdings		121,524		1,229,823
James River Group Holdings		67,788		3,018,599
Kemper Corporation		41,800		2,793,494
Reinsurance Group of America		19,036		1,812,037
Selective Insurance Group		67,200		3,460,128
				15,765,889
Thrifts & Mortgage Finance - 4.2%
Genworth MI Canada		130,650		3,388,040
Southern Missouri Bancorp		58,587		1,381,482
Timberland Bancorp		87,777		1,579,986
TrustCo Bank Corp. NY		274,755		1,434,221
WSFS Financial		54,899		1,480,626
				9,264,355
Total				49,481,456

Health Care – 6.1%
Biotechnology - 1.7%
Catalyst Pharmaceuticals ^1,2		769,400		2,285,118
Coherus BioSciences ^1,2		76,712		1,406,898
Vanda Pharmaceuticals ¹		14,700		142,002
				3,834,018
Health Care Providers & Services - 3.4%
Ensign Group (The)		59,014		3,367,339
Molina Healthcare ¹		18,700		3,422,848
Pennant Group ¹		17,857		688,566
				7,478,753
Pharmaceuticals - 1.0%
Supernus Pharmaceuticals ¹		112,000		2,334,080
Total				13,646,851

Industrials – 30.8%
Aerospace & Defense - 2.1%
Magellan Aerospace		200,200		1,025,394
Vectrus ¹		96,507		3,667,266
				4,692,660
Building Products - 0.4%
UFP Industries		18,500		1,045,435
Commercial Services & Supplies - 2.0%
Herman Miller		29,503		889,811
IBEX ¹		145,914		2,244,157
Kimball International Cl. B		122,081		1,286,734
				4,420,702
Construction & Engineering - 9.8%
Comfort Systems USA		63,871		3,289,995
Great Lakes Dredge & Dock ¹		392,913		3,736,603
MasTec ¹		85,500		3,608,100
MYR Group ¹		108,601		4,037,785
Northwest Pipe ¹		131,796		3,487,322
Primoris Services		202,590		3,654,724
				21,814,529
Machinery - 3.8%
Alamo Group		10,207		1,102,662
Federal Signal		35,422		1,036,094
Meritor ¹		47,130		986,902
Miller Industries		173,471		5,303,008
				8,428,666
Professional Services - 6.4%
Barrett Business Services		28,366		1,487,513
Heidrick & Struggles International		191,561		3,764,174
Kforce		63,535		2,043,921
Korn Ferry		127,407		3,694,803
Resources Connection		183,680		2,121,504
Robert Half International		20,764		1,099,246
				14,211,161
Road & Rail - 4.8%
ArcBest		136,589		4,242,454
Old Dominion Freight Line		9,906		1,792,194
Saia ¹		13,800		1,740,732
Werner Enterprises		70,339		2,953,535
				10,728,915
Trading Companies & Distributors - 1.5%
BMC Stock Holdings ¹		79,799		3,417,791
Total				68,759,859

Information Technology – 17.9%
Electronic Equipment, Instruments & Components - 13.5%
ePlus ¹		45,071		3,299,197
Fabrinet ¹		30,102		1,897,329
Insight Enterprises ¹		94,952		5,372,384
Kimball Electronics ¹		170,458		1,970,495
Methode Electronics		34,122		972,477
PC Connection		81,898		3,362,732
Plexus Corporation ¹		27,400		1,935,262
Sanmina Corporation ¹		163,993		4,436,011
SYNNEX Corporation ¹		25,600		3,585,536
Vishay Intertechnology		218,799		3,406,700
				30,238,123
IT Services - 1.2%
CSG Systems International		6,940		284,193
Hackett Group (The)		103,607		1,158,326
Sykes Enterprises ¹		33,936		1,160,951
				2,603,470
Semiconductors & Semiconductor Equipment - 3.2%
Advanced Energy Industries ¹		24,608		1,548,828
Kulicke & Soffa Industries		168,726		3,779,462
MKS Instruments		15,991		1,746,697
				7,074,987
Total				39,916,580

Real Estate – 1.5%
Real Estate Management & Development - 1.5%
Marcus & Millichap ¹		121,319		3,338,699
Total				3,338,699

TOTAL COMMON STOCKS
(Cost $198,325,950)				211,133,392

REPURCHASE AGREEMENT – 5.0%
Fixed Income Clearing Corporation, 0.00% dated 9/30/20, due 10/1/20, maturity value $11,054,025 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 7/15/24, valued at $11,275,109) (Cost $11,054,025)				11,054,025

TOTAL INVESTMENTS – 99.7%
(Cost $209,379,975)				222,187,417

CASH AND OTHER ASSETS LESS LIABILITIES – 0.3%				702,429

NET ASSETS – 100.0%			$	222,889,846

¹	Non-income producing.

²	All or a portion of these securities were on loan at September 30, 2020.

Securities for which market quotations are not readily available represent 0.3% 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 September 30, 2020, 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	$	117,755,217	$	9,191,017	$	29,492,665	$	20,301,648
Small-Cap Portfolio		210,913,537		11,273,880		29,609,969		18,336,089

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 September 30, 2020. 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	$	115,444,894	$	5,777,773	$	325,500	$	121,548,167
Repurchase Agreement		–		5,248,001		–		5,248,001
Money Market Fund/Collateral Received for Securities Loaned		150,066		–		–		150,066
Small-Cap Portfolio
Common Stocks		211,133,392		–		–		211,133,392
Repurchase Agreement		–		11,054,025		–		11,054,025

Level 3 Reconciliation:

		Realized	Unrealized
	Balance as of 12/31/19	Gain (Loss)	Gain (Loss)	Balance as of 9/30/20
Micro-Cap Portfolio
Common Stocks	$390,600	$–	$(65,100)	$325,500

The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information with adjustments (e.g. broker quotes, pricing services, net asset values).

					Impact to Valuation
	Fair Value at	Valuation	Unobservable		From an Increase in
	9/30/20	Technique(s)	Input(s)	Range Average	Input¹
Micro-Cap Portfolio
Common Stocks	$325,500	Discounted Present Value Balance Sheet Analysis	Liquidity Discount	30%-40%	Decrease

This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could result in significantly higher or lower fair value measurements.

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 September 30, 2020 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 cash collateral and the market value of securities on loan collateralized by cash collateral held by the Funds at September 30, 2020:

		Securities on Loan
	Cash Collateral¹	Collateralized by Cash Collateral	Net Amount
Micro-Cap Portfolio	$150,066	$(139,395)	$10,671

¹The remaining contractual maturity of cash collateral is overnight and continuous.

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 September 30, 2020:

		Securities on Loan
		Collateralized by Non-Cash
	Non-Cash Collateral	Collateral	Net Amount
Micro-Cap Portfolio	$2,878,101	$(2,820,797)	$57,304
Small-Cap Portfolio	2,669,245	(2,594,200)	75,045

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).