Important Disclosure Information

Portfolio holdings are subject to change without notice. There can be no assurance that securities held as of the date shown below will be included in any Royce-managed portfolio in the future.

Unlike the Fund's regulatory filings, the portfolio data may not conform to Securities and Exchange Commission (SEC) presentation requirements. Therefore, it may differ from the schedule
of investments in the Fund's annual and semiannual reports to shareholders, which are available at royceinvest.com/literature and are also filed with the SEC on Form N-CSR.
This presentation may also differ from the schedule of investments provided in the first and third quarter SEC Form N-PORT Exhibit F filings.

See "Notes to Financial Statements" in the Fund's most recent annual or semiannual report to shareholders for information about how the Fund values its portfolio securities.

Investors should carefully consider the investment goals, risks, fees, and expenses of the Funds before investing. Please read the prospectus carefully before investing.

For additional information, you may view Exhibit F to Form N-PORT (Quarterly Fund Holdings report) filed by each Fund at http://www.sec.gov.

Royce Capital Fund - Micro-Cap Portfolio

Holdings as of: 06/30/25

Download Holdings

#	Ticker	Asset Type	Sector	Industry	Name	Shares/ Principal	Price	% of Assets	Market Value
1		Repurchase Agreement			Fixed Income Clearing Corporation	2874683	$100.00	2.30%	$2,874,682.86
2	MGNI	Common Stock	Communication Services	Media	Magnite	70863	$24.12	1.37%	$1,709,215.56
3	BELFB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Bel Fuse Cl. B	16876	$97.69	1.32%	$1,648,616.44
4	SII CN	Common Stock	Financials	Capital Markets	Sprott	22823	$69.12	1.26%	$1,577,623.64
5	AMSC	Common Stock	Industrials	Electrical Equipment	American Superconductor	42306	$36.69	1.24%	$1,552,207.14
6	GHM	Common Stock	Industrials	Machinery	Graham Corporation	30786	$49.51	1.22%	$1,524,214.86
7	NGS	Common Stock	Energy	Energy Equipment & Services	Natural Gas Services Group	57098	$25.81	1.18%	$1,473,699.38
8	DGII	Common Stock	Information Technology	Communications Equipment	Digi International	42127	$34.86	1.17%	$1,468,547.22
9	CECO	Common Stock	Industrials	Commercial Services & Supplies	CECO Environmental	50104	$28.31	1.13%	$1,418,444.24
10	LINC	Common Stock	Consumer Discretionary	Diversified Consumer Services	Lincoln Educational Services	61273	$23.05	1.13%	$1,412,342.65
11	NPKI	Common Stock	Energy	Energy Equipment & Services	NPK International	164619	$8.51	1.12%	$1,400,907.69
12	CLFD	Common Stock	Information Technology	Communications Equipment	Clearfield	31652	$43.41	1.10%	$1,374,013.32
13	HBT	Common Stock	Financials	Banks	HBT Financial	54321	$25.21	1.09%	$1,369,432.41
14	NVMI	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Nova	4942	$275.20	1.09%	$1,360,038.40
15	PAR	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	PAR Technology	19284	$69.37	1.07%	$1,337,731.08
16	ESTA	Common Stock	Health Care	Health Care Equipment & Supplies	Establishment Labs Holdings	31084	$42.71	1.06%	$1,327,597.64
17	BCML	Common Stock	Financials	Banks	BayCom Corp.	47825	$27.71	1.06%	$1,325,230.75
18	LGCY	Common Stock	Consumer Discretionary	Diversified Consumer Services	Legacy Education	117111	$11.18	1.05%	$1,309,300.98
19	LMB	Common Stock	Industrials	Construction & Engineering	Limbach Holdings	9305	$140.10	1.04%	$1,303,630.50
20	ICHR	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Ichor Holdings	66278	$19.64	1.04%	$1,301,699.92
21	LASR	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	nLIGHT	66070	$19.68	1.04%	$1,300,257.60
22	IESC	Common Stock	Industrials	Construction & Engineering	IES Holdings	4351	$296.23	1.03%	$1,288,896.73
23	CF CN	Common Stock	Financials	Capital Markets	Canaccord Genuity Group	168158	$7.61	1.02%	$1,279,322.11
24	CTRN	Common Stock	Consumer Discretionary	Specialty Retail	Citi Trends	37713	$33.39	1.01%	$1,259,237.07
25	ACU	Common Stock	Industrials	Commercial Services & Supplies	Acme United	30301	$41.45	1.00%	$1,255,976.45
26	LIND	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Lindblad Expeditions Holdings	107057	$11.67	1.00%	$1,249,355.19
27	HTB	Common Stock	Financials	Banks	HomeTrust Bancshares	33303	$37.41	1.00%	$1,245,865.23
28	AORT	Common Stock	Health Care	Health Care Equipment & Supplies	Artivion	40051	$31.10	1.00%	$1,245,586.10
29	SENEA	Common Stock	Consumer Staples	Food Products	Seneca Foods Cl. A	12260	$101.43	0.99%	$1,243,531.80
30	ISTR	Common Stock	Financials	Banks	Investar Holding	64072	$19.32	0.99%	$1,237,871.04
31	NWPX	Common Stock	Industrials	Construction & Engineering	NWPX Infrastructure	30042	$41.01	0.98%	$1,232,022.42
32	IMAX	Common Stock	Communication Services	Entertainment	IMAX Corporation	43564	$27.96	0.97%	$1,218,049.44
33	ATRO	Common Stock	Industrials	Aerospace & Defense	Astronics Corporation	35455	$33.48	0.95%	$1,187,033.40
34	MDI CN	Common Stock	Materials	Metals & Mining	Major Drilling Group International	181672	$6.51	0.95%	$1,182,018.67
35	STEL	Common Stock	Financials	Banks	Stellar Bancorp	41845	$27.98	0.94%	$1,170,823.10
36	IGIC	Common Stock	Financials	Insurance	International General Insurance Holdings	47970	$24.02	0.92%	$1,152,239.40
37	MEG	Common Stock	Industrials	Commercial Services & Supplies	Montrose Environmental Group	52411	$21.89	0.92%	$1,147,276.79
38	CUBI	Common Stock	Financials	Banks	Customers Bancorp	19372	$58.74	0.91%	$1,137,911.28
39	WNEB	Common Stock	Financials	Banks	Western New England Bancorp	122907	$9.23	0.91%	$1,134,431.61
40	TRNS	Common Stock	Industrials	Trading Companies & Distributors	Transcat	13091	$85.96	0.90%	$1,125,302.36
41	AOUT	Common Stock	Consumer Discretionary	Leisure Products	American Outdoor Brands	106650	$10.45	0.89%	$1,114,492.50
42	AAOI	Common Stock	Information Technology	Communications Equipment	Applied Optoelectronics	42762	$25.69	0.88%	$1,098,555.78
43	SAMG	Common Stock	Financials	Capital Markets	Silvercrest Asset Management Group Cl. A	68786	$15.86	0.87%	$1,090,945.96
44	LXFR	Common Stock	Industrials	Machinery	Luxfer Holdings	89357	$12.18	0.87%	$1,088,368.26
45	LPTH	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	LightPath Technologies Cl. A	351068	$3.08	0.86%	$1,081,289.44
46	DSGR	Common Stock	Industrials	Trading Companies & Distributors	Distribution Solutions Group	38836	$27.47	0.85%	$1,066,824.92
47	CDNA	Common Stock	Health Care	Biotechnology	CareDx	54016	$19.54	0.84%	$1,055,472.64
48	SHYF@	Common Stock	Industrials	Machinery	Shyft Group (The)	81905	$12.54	0.82%	$1,027,088.70
49	NVEC	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	NVE Corporation	13872	$73.61	0.82%	$1,021,117.92
50	LEGH	Common Stock	Consumer Discretionary	Household Durables	Legacy Housing	44870	$22.66	0.81%	$1,016,754.20
51	VPG	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Vishay Precision Group	35912	$28.10	0.81%	$1,009,127.20
52	PKE	Common Stock	Industrials	Aerospace & Defense	Park Aerospace	68039	$14.77	0.80%	$1,004,936.03
53	QNST	Common Stock	Communication Services	Interactive Media & Services	QuinStreet	61742	$16.10	0.79%	$994,046.20
54	ARLO	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Arlo Technologies	57831	$16.96	0.78%	$980,813.76
55	EZPW	Common Stock	Financials	Consumer Finance	EZCORP Cl. A	70093	$13.88	0.78%	$972,890.84
56	BLFS	Common Stock	Health Care	Life Sciences Tools & Services	BioLife Solutions	44866	$21.54	0.77%	$966,413.64
57	KOPN	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Kopin Corporation	631183	$1.53	0.77%	$965,709.99
58	LQDT	Common Stock	Industrials	Commercial Services & Supplies	Liquidity Services	39787	$23.59	0.75%	$938,575.33
59	ALS CN	Common Stock	Materials	Metals & Mining	Altius Minerals	46639	$20.11	0.75%	$937,746.15
60	AIOT	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Powerfleet	210754	$4.31	0.73%	$908,349.74
61	RELL	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Richardson Electronics	94037	$9.65	0.73%	$907,457.05
62	CVLG	Common Stock	Industrials	Ground Transportation	Covenant Logistics Group Cl. A	37546	$24.11	0.72%	$905,234.06
63	HROW	Common Stock	Health Care	Pharmaceuticals	Harrow	29460	$30.54	0.72%	$899,708.40
64	NX	Common Stock	Industrials	Building Products	Quanex Building Products	46848	$18.90	0.71%	$885,427.20
65	CASS	Common Stock	Financials	Financial Services	Cass Information Systems	20294	$43.45	0.70%	$881,774.30
66	AMN	Common Stock	Health Care	Health Care Providers & Services	AMN Healthcare Services	42590	$20.67	0.70%	$880,335.30
67	CKN LN	Common Stock	Industrials	Marine Transportation	Clarkson	19622	$44.82	0.70%	$879,399.41
68	ADTN	Common Stock	Information Technology	Communications Equipment	ADTRAN Holdings	96108	$8.97	0.69%	$862,088.76
69	COHU	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Cohu	44588	$19.24	0.69%	$857,873.12
70	VSEC	Common Stock	Industrials	Commercial Services & Supplies	VSE Corporation	6522	$130.98	0.68%	$854,251.56
71	NBN	Common Stock	Financials	Banks	Northeast Bank	9451	$88.99	0.67%	$841,044.49
72	CCB	Common Stock	Financials	Banks	Coastal Financial	8564	$96.87	0.66%	$829,594.68
73	LNN	Common Stock	Industrials	Machinery	Lindsay Corporation	5739	$144.25	0.66%	$827,850.75
74	UCTT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Ultra Clean Holdings	36439	$22.57	0.66%	$822,428.23
75	OPY	Common Stock	Financials	Capital Markets	Oppenheimer Holdings Cl. A	12236	$65.77	0.64%	$804,761.72
76	CAMT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Camtek	9516	$84.56	0.64%	$804,672.96
77	CLMB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Climb Global Solutions	7506	$106.91	0.64%	$802,466.46
78	ALOT	Common Stock	Information Technology	Technology Hardware, Storage & Peripherals	AstroNova	68596	$11.59	0.64%	$795,027.64
79	SNEX	Common Stock	Financials	Capital Markets	StoneX Group	8658	$91.14	0.63%	$789,090.12
80	HLIT	Common Stock	Information Technology	Communications Equipment	Harmonic	78873	$9.47	0.60%	$746,927.31
81	PRV LN	Common Stock	Industrials	Machinery	Porvair	74425	$9.91	0.59%	$737,591.25
82	PSI CN	Common Stock	Energy	Energy Equipment & Services	Pason Systems	79729	$9.02	0.57%	$718,980.81
83	BBCP	Common Stock	Industrials	Construction & Engineering	Concrete Pumping Holdings	116501	$6.15	0.57%	$716,481.15
84	MLAB	Common Stock	Health Care	Life Sciences Tools & Services	Mesa Laboratories	7517	$94.22	0.57%	$708,251.74
85	MOD	Common Stock	Consumer Discretionary	Automobile Components	Modine Manufacturing	7161	$98.50	0.56%	$705,358.50
86	INTT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	inTEST Corporation	96179	$7.28	0.56%	$700,183.12
87	HPS/A CN	Common Stock	Industrials	Electrical Equipment	Hammond Power Solutions Cl. A	7467	$92.11	0.55%	$687,781.02
88	RNGR	Common Stock	Energy	Energy Equipment & Services	Ranger Energy Services Cl. A	56855	$11.94	0.54%	$678,848.70
89	MCFT	Common Stock	Consumer Discretionary	Leisure Products	MasterCraft Boat Holdings	36148	$18.58	0.54%	$671,629.84
90	KFRC	Common Stock	Industrials	Professional Services	Kforce	16309	$41.13	0.54%	$670,789.17
91	GSM	Common Stock	Materials	Metals & Mining	Ferroglobe	179984	$3.67	0.53%	$660,541.28
92	VMEO	Common Stock	Communication Services	Interactive Media & Services	Vimeo	158300	$4.04	0.51%	$639,532.00
93	AMRC	Common Stock	Industrials	Construction & Engineering	Ameresco Cl. A	41942	$15.19	0.51%	$637,098.98
94	WNC	Common Stock	Industrials	Machinery	Wabash National	59800	$10.63	0.51%	$635,674.00
95	BYON	Common Stock	Consumer Discretionary	Specialty Retail	Beyond	91811	$6.88	0.51%	$631,659.68
96	FRPH	Common Stock	Real Estate	Real Estate Management & Development	FRP Holdings	23298	$26.89	0.50%	$626,483.22
97	TITN	Common Stock	Industrials	Trading Companies & Distributors	Titan Machinery	31324	$19.81	0.50%	$620,528.44
98	PRO	Common Stock	Information Technology	Software	PROS Holdings	39591	$15.66	0.50%	$619,995.06
99	ONEW	Common Stock	Consumer Discretionary	Specialty Retail	OneWater Marine Cl. A	45684	$13.39	0.49%	$611,708.76
100	EVI	Common Stock	Industrials	Trading Companies & Distributors	EVI Industries	28003	$21.83	0.49%	$611,305.49
101	HOV	Common Stock	Consumer Discretionary	Household Durables	Hovnanian Enterprises Cl. A	5785	$104.55	0.48%	$604,821.75
102	SLP	Common Stock	Health Care	Health Care Technology	Simulations Plus	34298	$17.45	0.48%	$598,500.10
103	TWI	Common Stock	Industrials	Machinery	Titan International	58270	$10.27	0.48%	$598,432.90
104	PRN CN	Common Stock	Health Care	Health Care Equipment & Supplies	Profound Medical	100368	$5.95	0.48%	$597,011.79
105	APYX	Common Stock	Health Care	Health Care Equipment & Supplies	Apyx Medical	260373	$2.25	0.47%	$585,839.25
106	CTKB	Common Stock	Health Care	Life Sciences Tools & Services	Cytek Biosciences	168863	$3.40	0.46%	$574,134.20
107	PENG	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Penguin Solutions	28735	$19.81	0.46%	$569,240.35
108	MMI	Common Stock	Real Estate	Real Estate Management & Development	Marcus & Millichap	18505	$30.71	0.45%	$568,288.55
109	RPAY	Common Stock	Financials	Financial Services	Repay Holdings Cl. A	117819	$4.82	0.45%	$567,887.58
110	TBI	Common Stock	Industrials	Professional Services	TrueBlue	86898	$6.48	0.45%	$563,099.04
111	CMT	Common Stock	Materials	Chemicals	Core Molding Technologies	33860	$16.59	0.45%	$561,737.40
112	JBI	Common Stock	Industrials	Building Products	Janus International Group	68591	$8.14	0.45%	$558,330.74
113	SRI	Common Stock	Consumer Discretionary	Automobile Components	Stoneridge	77970	$7.04	0.44%	$548,908.80
114	LAKE	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Lakeland Industries	37026	$13.61	0.40%	$503,923.86
115	SCVL	Common Stock	Consumer Discretionary	Specialty Retail	Shoe Carnival	26549	$18.71	0.40%	$496,731.79
116	RGP	Common Stock	Industrials	Professional Services	Resources Connection	91095	$5.37	0.39%	$489,180.15
117	CVU	Common Stock	Industrials	Aerospace & Defense	CPI Aerostructures	138579	$3.50	0.39%	$485,026.50
118	HIFS	Common Stock	Financials	Banks	Hingham Institution for Savings	1938	$248.35	0.38%	$481,302.30
119	SD	Common Stock	Energy	Oil, Gas & Consumable Fuels	SandRidge Energy	43872	$10.82	0.38%	$474,695.04
120	ABSI	Common Stock	Health Care	Biotechnology	Absci Corporation	183874	$2.57	0.38%	$472,556.18
121	INGN	Common Stock	Health Care	Health Care Equipment & Supplies	Inogen	64697	$7.03	0.36%	$454,819.91
122	ESQ	Common Stock	Financials	Banks	Esquire Financial Holdings	4727	$94.66	0.36%	$447,457.82
123	AEHR	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Aehr Test Systems	34283	$12.93	0.35%	$443,279.19
124	REAL	Common Stock	Consumer Discretionary	Specialty Retail	RealReal	92102	$4.79	0.35%	$441,168.58
125	VNP CN	Common Stock	Materials	Chemicals	5N Plus	66319	$6.57	0.35%	$435,389.65
126	AOSL	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Alpha and Omega Semiconductor	16936	$25.66	0.35%	$434,577.76
127	DHX	Common Stock	Communication Services	Interactive Media & Services	DHI Group	145614	$2.97	0.35%	$432,473.58
128	RLGT	Common Stock	Industrials	Air Freight & Logistics	Radiant Logistics	69378	$6.08	0.34%	$421,818.24
129	FORR	Common Stock	Industrials	Professional Services	Forrester Research	42501	$9.90	0.34%	$420,759.90
130	ALTG	Common Stock	Industrials	Trading Companies & Distributors	Alta Equipment Group	64822	$6.32	0.33%	$409,675.04
131	WTTR	Common Stock	Energy	Energy Equipment & Services	Select Water Solutions Cl. A	46674	$8.64	0.32%	$403,263.36
132	MRVI	Common Stock	Health Care	Life Sciences Tools & Services	Maravai LifeSciences Holdings Cl. A	164439	$2.41	0.32%	$396,297.99
133	CNTY	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Century Casinos	178185	$2.12	0.30%	$376,861.28
134	ASUR	Common Stock	Industrials	Professional Services	Asure Software	37971	$9.76	0.30%	$370,596.96
135	RBBN	Common Stock	Information Technology	Communications Equipment	Ribbon Communications	92048	$4.01	0.30%	$369,112.48
136	CBNA	Common Stock	Financials	Banks	Chain Bridge Bancorp Cl. A	13556	$25.77	0.28%	$349,338.12
137	LGIH	Common Stock	Consumer Discretionary	Household Durables	LGI Homes	6459	$51.52	0.27%	$332,767.68
138	FFWM	Common Stock	Financials	Banks	First Foundation	65175	$5.10	0.27%	$332,392.50
139	LAB	Common Stock	Health Care	Life Sciences Tools & Services	Standard BioTools	254479	$1.20	0.24%	$305,374.80
140	TVTX	Common Stock	Health Care	Biotechnology	Travere Therapeutics	19589	$14.80	0.23%	$289,917.20
141	DENN	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Denny's Corporation	70493	$4.10	0.23%	$289,021.30
142	THRY	Common Stock	Communication Services	Media	Thryv Holdings	23758	$12.16	0.23%	$288,897.28
143	VRA	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Vera Bradley	129752	$2.21	0.23%	$286,751.92
144	PWP	Common Stock	Financials	Capital Markets	Perella Weinberg Partners Cl. A	12295	$19.42	0.19%	$238,768.90
145	PLAB	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Photronics	10500	$18.83	0.16%	$197,715.00
146	LUNA!	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Luna Innovations	197181	$0.89	0.14%	$174,505.19
147	RDW	Common Stock	Industrials	Aerospace & Defense	Redwire	10476	$16.30	0.14%	$170,758.80
148	ORIC	Common Stock	Health Care	Biotechnology	ORIC Pharmaceuticals	14510	$10.15	0.12%	$147,276.50
149	MXCT	Common Stock	Health Care	Life Sciences Tools & Services	MaxCyte	54299	$2.18	0.09%	$118,371.82
150	SLQT	Common Stock	Financials	Insurance	SelectQuote	48137	$2.38	0.09%	$114,566.06
151	TTEC	Common Stock	Industrials	Professional Services	TTEC Holdings	22763	$4.81	0.09%	$109,490.03
152	AFM CN	Common Stock	Materials	Metals & Mining	Alphamin Resources	43153	$0.63	0.02%	$27,252.86
153	SPRY	Common Stock	Health Care	Biotechnology	ARS Pharmaceuticals	1527	$17.45	0.02%	$26,646.15
154	1515759D LN	Common Stock	Financials	Banks	Midway Investments	1751577	$0.00	0.00%	$0.00

Important Disclosure Information

Royce Capital Fund - Micro-Cap Portfolio

Holdings as of: 06/30/25

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