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: 03/31/25

Download Holdings

#	Ticker	Asset Type	Sector	Industry	Name	Shares/ Principal	Price	% of Assets	Market Value
1		Repurchase Agreement			Fixed Income Clearing Corporation	2307357	$100.00	2.12%	$2,307,356.81
2	IMAX	Common Stock	Communication Services	Entertainment	IMAX Corporation	54117	$26.35	1.31%	$1,425,982.95
3	SII CN	Common Stock	Financials	Capital Markets	Sprott	29880	$44.80	1.23%	$1,338,635.63
4	AOUT	Common Stock	Consumer Discretionary	Leisure Products	American Outdoor Brands	106650	$12.16	1.19%	$1,296,864.00
5	BLFS	Common Stock	Health Care	Life Sciences Tools & Services	BioLife Solutions	56776	$22.84	1.19%	$1,296,763.84
6	NGS	Common Stock	Energy	Energy Equipment & Services	Natural Gas Services Group	57797	$21.97	1.17%	$1,269,800.09
7	BELFB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Bel Fuse Cl. B	16876	$74.86	1.16%	$1,263,337.36
8	NPKI	Common Stock	Energy	Energy Equipment & Services	NPK International	216300	$5.81	1.15%	$1,256,703.00
9	LINC	Common Stock	Consumer Discretionary	Diversified Consumer Services	Lincoln Educational Services	79109	$15.87	1.15%	$1,255,459.83
10	SENEA	Common Stock	Consumer Staples	Food Products	Seneca Foods Cl. A	14040	$89.04	1.15%	$1,250,121.60
11	HBT	Common Stock	Financials	Banks	HBT Financial	55637	$22.41	1.15%	$1,246,825.17
12	CECO	Common Stock	Industrials	Commercial Services & Supplies	CECO Environmental	54530	$22.80	1.14%	$1,243,284.00
13	ACU	Common Stock	Industrials	Commercial Services & Supplies	Acme United	30934	$39.61	1.13%	$1,225,295.74
14	ATRO	Common Stock	Industrials	Aerospace & Defense	Astronics Corporation	50549	$24.17	1.12%	$1,221,769.33
15	LEGH	Common Stock	Consumer Discretionary	Household Durables	Legacy Housing	47845	$25.22	1.11%	$1,206,650.90
16	BCML	Common Stock	Financials	Banks	BayCom Corp.	47825	$25.17	1.11%	$1,203,755.25
17	CTRN	Common Stock	Consumer Discretionary	Specialty Retail	Citi Trends	54017	$22.14	1.10%	$1,195,666.30
18	LQDT	Common Stock	Industrials	Commercial Services & Supplies	Liquidity Services	38555	$31.01	1.10%	$1,195,590.55
19	TRNS	Common Stock	Industrials	Trading Companies & Distributors	Transcat	16024	$74.45	1.10%	$1,192,986.80
20	PAR	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	PAR Technology	19284	$61.34	1.09%	$1,182,880.56
21	VSEC	Common Stock	Industrials	Commercial Services & Supplies	VSE Corporation	9821	$119.99	1.08%	$1,178,421.79
22	DGII	Common Stock	Information Technology	Communications Equipment	Digi International	42127	$27.83	1.08%	$1,172,394.41
23	MDI CN	Common Stock	Materials	Metals & Mining	Major Drilling Group International	209587	$5.57	1.07%	$1,168,053.74
24	FARO	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	FARO Technologies	42438	$27.30	1.06%	$1,158,557.40
25	STEL	Common Stock	Financials	Banks	Stellar Bancorp	41845	$27.66	1.06%	$1,157,432.70
26	SNEX	Common Stock	Financials	Capital Markets	StoneX Group	15115	$76.38	1.06%	$1,154,483.70
27	NWPX	Common Stock	Industrials	Construction & Engineering	Northwest Pipe	27863	$41.30	1.06%	$1,150,741.90
28	WNEB	Common Stock	Financials	Banks	Western New England Bancorp	122907	$9.30	1.05%	$1,143,035.10
29	HTB	Common Stock	Financials	Banks	HomeTrust Bancshares	33303	$34.28	1.05%	$1,141,626.84
30	AIOT	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Powerfleet	207789	$5.49	1.05%	$1,140,761.61
31	SAMG	Common Stock	Financials	Capital Markets	Silvercrest Asset Management Group Cl. A	69677	$16.36	1.05%	$1,139,915.72
32	ISTR	Common Stock	Financials	Banks	Investar Holding	64072	$17.61	1.04%	$1,128,307.92
33	MLAB	Common Stock	Health Care	Life Sciences Tools & Services	Mesa Laboratories	9480	$118.66	1.03%	$1,124,896.80
34	QNST	Common Stock	Communication Services	Interactive Media & Services	QuinStreet	62041	$17.84	1.02%	$1,106,811.44
35	HONE	Common Stock	Financials	Banks	HarborOne Bancorp	105096	$10.37	1.00%	$1,089,845.52
36	DSGR	Common Stock	Industrials	Trading Companies & Distributors	Distribution Solutions Group	38836	$28.00	1.00%	$1,087,408.00
37	LIND	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Lindblad Expeditions Holdings	115257	$9.27	0.98%	$1,068,432.39
38	ARLO	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Arlo Technologies	107063	$9.87	0.97%	$1,056,711.81
39	PLAB	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Photronics	50684	$20.76	0.97%	$1,052,199.84
40	EZPW	Common Stock	Financials	Consumer Finance	EZCORP Cl. A	71448	$14.72	0.97%	$1,051,714.56
41	LXFR	Common Stock	Industrials	Machinery	Luxfer Holdings	87289	$11.86	0.95%	$1,035,247.54
42	CKN LN	Common Stock	Industrials	Marine Transportation	Clarkson	23411	$44.00	0.95%	$1,030,193.87
43	GHM	Common Stock	Industrials	Machinery	Graham Corporation	34503	$28.82	0.91%	$994,376.46
44	AORT	Common Stock	Health Care	Health Care Equipment & Supplies	Artivion	40051	$24.58	0.90%	$984,453.58
45	CF CN	Common Stock	Financials	Capital Markets	Canaccord Genuity Group	168158	$5.84	0.90%	$982,737.76
46	NVMI	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Nova	5308	$184.33	0.90%	$978,423.64
47	CUBI	Common Stock	Financials	Banks	Customers Bancorp	19372	$50.20	0.89%	$972,474.40
48	ESTA	Common Stock	Health Care	Health Care Equipment & Supplies	Establishment Labs Holdings	23737	$40.81	0.89%	$968,588.29
49	ICHR	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Ichor Holdings	42528	$22.61	0.88%	$961,558.08
50	NVEC	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	NVE Corporation	14973	$63.74	0.88%	$954,379.02
51	CASS	Common Stock	Financials	Financial Services	Cass Information Systems	21977	$43.25	0.87%	$950,505.25
52	CLFD	Common Stock	Information Technology	Communications Equipment	Clearfield	31652	$29.72	0.86%	$940,697.44
53	LASR	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	nLIGHT	121036	$7.77	0.86%	$940,449.72
54	CDNA	Common Stock	Health Care	Biotechnology	CareDx	52351	$17.75	0.85%	$929,230.25
55	PKE	Common Stock	Industrials	Aerospace & Defense	Park Aerospace	68039	$13.45	0.84%	$915,124.55
56	NX	Common Stock	Industrials	Building Products	Quanex Building Products	46848	$18.59	0.80%	$870,904.32
57	VPG	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Vishay Precision Group	35912	$24.09	0.79%	$865,120.08
58	RELL	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Richardson Electronics	77409	$11.16	0.79%	$863,884.44
59	MGNI	Common Stock	Communication Services	Media	Magnite	75709	$11.41	0.79%	$863,839.69
60	AMSC	Common Stock	Industrials	Electrical Equipment	American Superconductor	47237	$18.14	0.79%	$856,879.18
61	LGCY	Common Stock	Consumer Discretionary	Diversified Consumer Services	Legacy Education	117111	$7.17	0.77%	$839,685.87
62	RNGR	Common Stock	Energy	Energy Equipment & Services	Ranger Energy Services Cl. A	59049	$14.19	0.77%	$837,905.31
63	CVLG	Common Stock	Industrials	Ground Transportation	Covenant Logistics Group Cl. A	37546	$22.20	0.77%	$833,521.20
64	CLMB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Climb Global Solutions	7506	$110.76	0.76%	$831,364.56
65	DVAX	Common Stock	Health Care	Biotechnology	Dynavax Technologies	62911	$12.97	0.75%	$815,955.67
66	ALS CN	Common Stock	Materials	Metals & Mining	Altius Minerals	46639	$17.21	0.74%	$802,461.10
67	KFRC	Common Stock	Industrials	Professional Services	Kforce	16309	$48.89	0.73%	$797,347.01
68	NVEE	Common Stock	Industrials	Professional Services	NV5 Global	41200	$19.27	0.73%	$793,924.00
69	SLP	Common Stock	Health Care	Health Care Technology	Simulations Plus	32335	$24.52	0.73%	$792,854.20
70	HROW	Common Stock	Health Care	Pharmaceuticals	Harrow	29460	$26.60	0.72%	$783,636.00
71	IESC	Common Stock	Industrials	Construction & Engineering	IES Holdings	4641	$165.11	0.70%	$766,275.51
72	HLIT	Common Stock	Information Technology	Communications Equipment	Harmonic	78873	$9.59	0.69%	$756,392.07
73	ONEW	Common Stock	Consumer Discretionary	Specialty Retail	OneWater Marine Cl. A	44959	$16.18	0.67%	$727,436.62
74	LPTH	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	LightPath Technologies Cl. A	351068	$2.01	0.65%	$705,646.68
75	UCTT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Ultra Clean Holdings	32418	$21.41	0.64%	$694,069.38
76	INTT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	inTEST Corporation	96179	$6.99	0.62%	$672,291.21
77	GSM	Common Stock	Materials	Metals & Mining	Ferroglobe	179984	$3.71	0.61%	$667,740.64
78	FRPH	Common Stock	Real Estate	Real Estate Management & Development	FRP Holdings	23298	$28.57	0.61%	$665,623.86
79	SHYF	Common Stock	Industrials	Machinery	Shyft Group (The)	81905	$8.09	0.61%	$662,611.45
80	AMN	Common Stock	Health Care	Health Care Providers & Services	AMN Healthcare Services	27056	$24.46	0.61%	$661,789.76
81	WNC	Common Stock	Industrials	Machinery	Wabash National	59800	$11.05	0.61%	$660,790.00
82	PRV LN	Common Stock	Industrials	Machinery	Porvair	74425	$8.83	0.60%	$657,120.59
83	IGIC	Common Stock	Financials	Insurance	International General Insurance Holdings	24647	$26.31	0.60%	$648,462.57
84	VMEO	Common Stock	Communication Services	Interactive Media & Services	Vimeo	123142	$5.26	0.60%	$647,726.92
85	OPY	Common Stock	Financials	Capital Markets	Oppenheimer Holdings Cl. A	10724	$59.63	0.59%	$639,472.12
86	NBN	Common Stock	Financials	Banks	Northeast Bank	6968	$91.54	0.59%	$637,850.72
87	BBCP	Common Stock	Industrials	Construction & Engineering	Concrete Pumping Holdings	116501	$5.46	0.58%	$636,095.46
88	ALOT	Common Stock	Information Technology	Technology Hardware, Storage & Peripherals	AstroNova	68596	$9.19	0.58%	$630,397.24
89	MCFT	Common Stock	Consumer Discretionary	Leisure Products	MasterCraft Boat Holdings	36148	$17.22	0.57%	$622,468.56
90	RGP	Common Stock	Industrials	Professional Services	Resources Connection	94854	$6.54	0.57%	$620,345.16
91	PRO	Common Stock	Information Technology	Software	PROS Holdings	32014	$19.03	0.56%	$609,226.42
92	HOV	Common Stock	Consumer Discretionary	Household Durables	Hovnanian Enterprises Cl. A	5785	$104.71	0.56%	$605,747.35
93	AAOI	Common Stock	Information Technology	Communications Equipment	Applied Optoelectronics	38710	$15.35	0.55%	$594,198.50
94	KOPN	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Kopin Corporation	631183	$0.93	0.54%	$588,388.79
95	SCVL	Common Stock	Consumer Discretionary	Specialty Retail	Shoe Carnival	26549	$21.99	0.54%	$583,812.51
96	PRN CN	Common Stock	Health Care	Health Care Equipment & Supplies	Profound Medical	100368	$5.71	0.53%	$572,614.77
97	MEG	Common Stock	Industrials	Commercial Services & Supplies	Montrose Environmental Group	39881	$14.26	0.52%	$568,703.06
98	CAMT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Camtek	9516	$58.63	0.51%	$557,923.08
99	MOD	Common Stock	Consumer Discretionary	Automobile Components	Modine Manufacturing	7161	$76.75	0.50%	$549,606.75
100	RPAY	Common Stock	Financials	Financial Services	Repay Holdings Cl. A	96214	$5.57	0.49%	$535,911.98
101	LMB	Common Stock	Industrials	Construction & Engineering	Limbach Holdings	7195	$74.47	0.49%	$535,811.65
102	COHU	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Cohu	36100	$14.71	0.49%	$531,031.00
103	ADTN	Common Stock	Information Technology	Communications Equipment	ADTRAN Holdings	60360	$8.72	0.48%	$526,339.20
104	MGTX	Common Stock	Health Care	Biotechnology	MeiraGTx Holdings	76086	$6.78	0.47%	$515,863.08
105	CMT	Common Stock	Materials	Chemicals	Core Molding Technologies	33860	$15.20	0.47%	$514,672.00
106	SD	Common Stock	Energy	Oil, Gas & Consumable Fuels	SandRidge Energy	43872	$11.42	0.46%	$501,018.24
107	CVU	Common Stock	Industrials	Aerospace & Defense	CPI Aerostructures	138579	$3.47	0.44%	$480,869.13
108	LAKE	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Lakeland Industries	23546	$20.31	0.44%	$478,219.26
109	SPRY	Common Stock	Health Care	Biotechnology	ARS Pharmaceuticals	37971	$12.58	0.44%	$477,675.18
110	FORR	Common Stock	Industrials	Professional Services	Forrester Research	48475	$9.24	0.41%	$447,909.00
111	BYON	Common Stock	Consumer Discretionary	Specialty Retail	Beyond	77057	$5.80	0.41%	$446,930.60
112	TBI	Common Stock	Industrials	Professional Services	TrueBlue	81990	$5.31	0.40%	$435,366.90
113	TITN	Common Stock	Industrials	Trading Companies & Distributors	Titan Machinery	25163	$17.04	0.39%	$428,777.52
114	TWI	Common Stock	Industrials	Machinery	Titan International	49557	$8.39	0.38%	$415,783.23
115	AEHR	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Aehr Test Systems	52109	$7.29	0.35%	$379,874.61
116	THRY	Common Stock	Communication Services	Media	Thryv Holdings	29225	$12.81	0.34%	$374,372.25
117	RLGT	Common Stock	Industrials	Air Freight & Logistics	Radiant Logistics	60183	$6.15	0.34%	$370,125.45
118	MRVI	Common Stock	Health Care	Life Sciences Tools & Services	Maravai LifeSciences Holdings Cl. A	164439	$2.21	0.33%	$363,410.19
119	SRI	Common Stock	Consumer Discretionary	Automobile Components	Stoneridge	77970	$4.59	0.33%	$357,882.30
120	APYX	Common Stock	Health Care	Health Care Equipment & Supplies	Apyx Medical	260373	$1.37	0.33%	$356,711.01
121	ASUR	Common Stock	Industrials	Professional Services	Asure Software	36737	$9.55	0.32%	$350,838.35
122	ASYS	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Amtech Systems	72567	$4.83	0.32%	$350,498.61
123	EVI	Common Stock	Industrials	Trading Companies & Distributors	EVI Industries	20877	$16.78	0.32%	$350,316.06
124	PENG	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Penguin Solutions	18326	$17.37	0.29%	$318,322.62
125	CNTY	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Century Casinos	178185	$1.69	0.28%	$301,132.65
126	VRA	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Vera Bradley	129752	$2.25	0.27%	$291,942.00
127	INGN	Common Stock	Health Care	Health Care Equipment & Supplies	Inogen	40146	$7.13	0.26%	$286,240.98
128	FFWM	Common Stock	Financials	Banks	First Foundation	53426	$5.19	0.25%	$277,280.94
129	NEWT	Common Stock	Financials	Financial Services	NewtekOne	22317	$11.96	0.25%	$266,911.32
130	ALTG	Common Stock	Industrials	Trading Companies & Distributors	Alta Equipment Group	51302	$4.69	0.22%	$240,606.38
131	REAL	Common Stock	Consumer Discretionary	Specialty Retail	RealReal	43332	$5.39	0.21%	$233,559.48
132	ABSI	Common Stock	Health Care	Biotechnology	Absci Corporation	90864	$2.51	0.21%	$228,068.64
133	MMI	Common Stock	Real Estate	Real Estate Management & Development	Marcus & Millichap	5900	$34.45	0.19%	$203,255.00
134	DHX	Common Stock	Communication Services	Interactive Media & Services	DHI Group	145614	$1.39	0.19%	$202,403.46
135	MXCT	Common Stock	Health Care	Life Sciences Tools & Services	MaxCyte	68543	$2.73	0.17%	$187,122.39
136	HBIO	Common Stock	Health Care	Life Sciences Tools & Services	Harvard Bioscience	278722	$0.57	0.14%	$157,756.65
137	LAB	Common Stock	Health Care	Life Sciences Tools & Services	Standard BioTools	133640	$1.08	0.13%	$144,331.20
138	LUNA!	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Luna Innovations	197181	$0.68	0.12%	$134,083.08
139	WTTR	Common Stock	Energy	Energy Equipment & Services	Select Water Solutions Cl. A	11884	$10.50	0.11%	$124,782.00
140	AMRC	Common Stock	Industrials	Construction & Engineering	Ameresco Cl. A	10240	$12.08	0.11%	$123,699.20
141	JBI	Common Stock	Industrials	Building Products	Janus International Group	16695	$7.20	0.11%	$120,204.00
142	CVGI	Common Stock	Industrials	Machinery	Commercial Vehicle Group	98370	$1.15	0.10%	$113,125.50
143	DENN	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Denny's Corporation	29432	$3.67	0.10%	$108,015.44
144	TTEC	Common Stock	Industrials	Professional Services	TTEC Holdings	24173	$3.29	0.07%	$79,529.17
145	RBBN	Common Stock	Information Technology	Communications Equipment	Ribbon Communications	18523	$3.92	0.07%	$72,610.16
146	AFM CN	Common Stock	Materials	Metals & Mining	Alphamin Resources	43153	$0.34	0.01%	$14,693.70
147	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: 03/31/25

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