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 - Small-Cap Portfolio

Holdings as of: 12/31/25

Download Holdings

#	Ticker	Asset Type	Sector	Industry	Name	Shares/ Principal	Price	% of Assets	Market Value
1	DBD	Common Stock	Information Technology	Technology Hardware, Storage & Peripherals	Diebold Nixdorf	52144	$67.89	2.03%	$3,540,056.16
2	LEA	Common Stock	Consumer Discretionary	Automobile Components	Lear Corporation	29640	$114.60	1.95%	$3,396,744.00
3	IBEX	Common Stock	Industrials	Professional Services	IBEX	88955	$38.18	1.95%	$3,396,301.90
4	CPRX	Common Stock	Health Care	Biotechnology	Catalyst Pharmaceuticals	143707	$23.34	1.93%	$3,354,121.38
5	SNX	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	TD SYNNEX	21070	$150.23	1.82%	$3,165,346.10
6	TSBK	Common Stock	Financials	Banks	Timberland Bancorp	87925	$35.80	1.81%	$3,147,715.00
7	UNTY	Common Stock	Financials	Banks	Unity Bancorp	60590	$51.72	1.80%	$3,133,714.80
8	MHO	Common Stock	Consumer Discretionary	Household Durables	M/I Homes	24443	$127.95	1.80%	$3,127,481.85
9	BKE	Common Stock	Consumer Discretionary	Specialty Retail	Buckle (The)	58401	$53.42	1.79%	$3,119,781.42
10	PHM	Common Stock	Consumer Discretionary	Household Durables	PulteGroup	26270	$117.26	1.77%	$3,080,420.20
11	TILE	Common Stock	Industrials	Commercial Services & Supplies	Interface	109575	$27.92	1.76%	$3,059,334.00
12	GNK	Common Stock	Industrials	Marine Transportation	Genco Shipping & Trading	164837	$18.43	1.75%	$3,037,945.91
13	ALSN	Common Stock	Industrials	Machinery	Allison Transmission Holdings	30874	$97.90	1.74%	$3,022,564.60
14	VLGEA	Common Stock	Consumer Staples	Consumer Staples Distribution & Retail	Village Super Market Cl. A	82096	$35.40	1.67%	$2,905,787.92
15	FRBA	Common Stock	Financials	Banks	First Bank	175356	$16.46	1.66%	$2,886,359.76
16	ACT	Common Stock	Financials	Financial Services	Enact Holdings	72534	$39.64	1.65%	$2,875,247.76
17	MTDR	Common Stock	Energy	Oil, Gas & Consumable Fuels	Matador Resources	66868	$42.44	1.63%	$2,837,877.92
18	TNK	Common Stock	Energy	Oil, Gas & Consumable Fuels	Teekay Tankers Cl. A	52665	$53.42	1.62%	$2,813,364.30
19	MOH	Common Stock	Health Care	Health Care Providers & Services	Molina Healthcare	15998	$173.54	1.59%	$2,776,292.92
20	VC	Common Stock	Consumer Discretionary	Automobile Components	Visteon Corporation	28541	$95.10	1.56%	$2,714,249.10
21	GNTX	Common Stock	Consumer Discretionary	Automobile Components	Gentex Corporation	113861	$23.27	1.52%	$2,649,545.47
22	TIPT	Common Stock	Financials	Insurance	Tiptree	143448	$18.27	1.51%	$2,620,794.96
23	CIVB	Common Stock	Financials	Banks	Civista Bancshares	117655	$22.22	1.50%	$2,614,294.10
24	KFY	Common Stock	Industrials	Professional Services	Korn Ferry	39441	$66.02	1.50%	$2,603,894.82
25	FLEX	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Flex	43002	$60.42	1.49%	$2,598,180.84
26	FSBW	Common Stock	Financials	Banks	FS Bancorp	62724	$41.17	1.48%	$2,582,347.08
27	TMHC	Common Stock	Consumer Discretionary	Household Durables	Taylor Morrison Home	43245	$58.87	1.46%	$2,545,833.15
28	BLBD	Common Stock	Industrials	Machinery	Blue Bird	53537	$47.00	1.45%	$2,516,239.00
29	COLL	Common Stock	Health Care	Pharmaceuticals	Collegium Pharmaceutical	53861	$46.30	1.43%	$2,493,764.30
30	CHRD	Common Stock	Energy	Oil, Gas & Consumable Fuels	Chord Energy	26269	$92.70	1.40%	$2,435,136.30
31	EVR	Common Stock	Financials	Capital Markets	Evercore Cl. A	7059	$340.25	1.38%	$2,401,824.75
32	WS	Common Stock	Materials	Metals & Mining	Worthington Steel	69240	$34.62	1.38%	$2,397,088.80
33	BHRB	Common Stock	Financials	Banks	Burke & Herbert Financial Services	38324	$62.31	1.37%	$2,387,968.44
34	AMPH	Common Stock	Health Care	Pharmaceuticals	Amphastar Pharmaceuticals	86561	$26.78	1.33%	$2,318,103.58
35	SIG	Common Stock	Consumer Discretionary	Specialty Retail	Signet Jewelers	27189	$82.88	1.29%	$2,253,424.32
36	BFST	Common Stock	Financials	Banks	Business First Bancshares	86195	$26.14	1.29%	$2,253,137.30
37	SANM	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Sanmina Corporation	14858	$150.07	1.28%	$2,229,740.06
38	MPB	Common Stock	Financials	Banks	Mid Penn Bancorp	71034	$31.02	1.27%	$2,203,474.68
39	UFCS	Common Stock	Financials	Insurance	United Fire Group	60507	$36.35	1.26%	$2,199,429.45
40	BBT	Common Stock	Financials	Banks	Beacon Financial	82490	$26.37	1.25%	$2,175,261.30
41	DGICA	Common Stock	Financials	Insurance	Donegal Group Cl. A	107921	$19.98	1.24%	$2,156,261.58
42	JILL	Common Stock	Consumer Discretionary	Specialty Retail	J.Jill	156960	$13.72	1.24%	$2,153,491.20
43	ASO	Common Stock	Consumer Discretionary	Specialty Retail	Academy Sports & Outdoors	42439	$49.96	1.22%	$2,120,252.44
44	CNXN	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	PC Connection	36363	$57.76	1.21%	$2,100,326.88
45	PLUS	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	ePlus	23593	$87.70	1.19%	$2,069,106.10
46	ADEA	Common Stock	Information Technology	Software	Adeia	118763	$17.25	1.18%	$2,048,661.75
47		Repurchase Agreement			Fixed Income Clearing Corporation	2039947	$100.00	1.17%	$2,039,946.84
48	HFWA	Common Stock	Financials	Banks	Heritage Financial	86150	$23.65	1.17%	$2,037,447.50
49	JBL	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Jabil	8933	$228.02	1.17%	$2,036,902.66
50	CCNE	Common Stock	Financials	Banks	CNB Financial	76202	$26.17	1.15%	$1,994,206.34
51	AMKR	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Amkor Technology	50249	$39.48	1.14%	$1,983,830.52
52	HRMY	Common Stock	Health Care	Pharmaceuticals	Harmony Biosciences Holdings	52628	$37.42	1.13%	$1,969,339.76
53	SCVL	Common Stock	Consumer Discretionary	Specialty Retail	Shoe Carnival	116449	$16.88	1.13%	$1,965,659.12
54	FTDR	Common Stock	Consumer Discretionary	Diversified Consumer Services	frontdoor	33006	$57.69	1.09%	$1,904,116.14
55	SM	Common Stock	Energy	Oil, Gas & Consumable Fuels	SM Energy	101120	$18.70	1.09%	$1,890,944.00
56	ARCB	Common Stock	Industrials	Ground Transportation	ArcBest Corporation	24541	$74.19	1.05%	$1,820,696.79
57	INVA	Common Stock	Health Care	Pharmaceuticals	Innoviva	90717	$19.99	1.04%	$1,813,432.83
58	CRMD	Common Stock	Health Care	Pharmaceuticals	CorMedix	155067	$11.63	1.04%	$1,803,429.21
59	OCFC	Common Stock	Financials	Banks	OceanFirst Financial	99443	$17.95	1.03%	$1,785,001.85
60	CIVI	Common Stock	Energy	Oil, Gas & Consumable Fuels	Civitas Resources	65311	$27.09	1.02%	$1,769,274.99
61	BELFB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Bel Fuse Cl. B	10025	$169.63	0.98%	$1,700,540.75
62	MTH	Common Stock	Consumer Discretionary	Household Durables	Meritage Homes	25347	$65.80	0.96%	$1,667,832.60
63	UVSP	Common Stock	Financials	Banks	Univest Financial	49610	$32.74	0.93%	$1,624,231.40
64	TRDA	Common Stock	Health Care	Biotechnology	Entrada Therapeutics	157249	$10.28	0.93%	$1,616,519.72
65	STRL	Common Stock	Industrials	Construction & Engineering	Sterling Infrastructure	4929	$306.23	0.87%	$1,509,407.67
66	LRN	Common Stock	Consumer Discretionary	Diversified Consumer Services	Stride	22100	$64.93	0.82%	$1,434,953.00
67	BYD	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Boyd Gaming	16556	$85.24	0.81%	$1,411,233.44
68	BPRN	Common Stock	Financials	Banks	Princeton Bancorp	39144	$34.69	0.78%	$1,357,905.36
69	MMS	Common Stock	Industrials	Professional Services	MAXIMUS	15430	$86.32	0.77%	$1,331,917.60
70	BBSI	Common Stock	Industrials	Professional Services	Barrett Business Services	35905	$36.21	0.75%	$1,300,120.05
71	KTB	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Kontoor Brands	21010	$61.09	0.74%	$1,283,500.90
72	ETD	Common Stock	Consumer Discretionary	Household Durables	Ethan Allen Interiors	47857	$22.84	0.63%	$1,093,053.88
73	TRST	Common Stock	Financials	Banks	TrustCo Bank Corp NY	24894	$41.33	0.59%	$1,028,869.02
74	WSM	Common Stock	Consumer Discretionary	Specialty Retail	Williams-Sonoma	5594	$178.59	0.57%	$999,032.46
75	REPX	Common Stock	Energy	Oil, Gas & Consumable Fuels	Riley Exploration Permian	35357	$26.40	0.54%	$933,424.80
76	WSBC	Common Stock	Financials	Banks	WesBanco	27486	$33.24	0.52%	$913,634.64
77	SIGA	Common Stock	Health Care	Pharmaceuticals	SIGA Technologies	148950	$6.11	0.52%	$910,084.50
78	WNEB	Common Stock	Financials	Banks	Western New England Bancorp	66887	$12.62	0.48%	$844,113.94
79	DCOM	Common Stock	Financials	Banks	Dime Community Bancshares	26946	$30.09	0.47%	$810,805.14
80	UFPI	Common Stock	Industrials	Building Products	UFP Industries	8085	$91.05	0.42%	$736,139.25
81	CZWI	Common Stock	Financials	Banks	Citizens Community Bancorp	31104	$17.82	0.32%	$554,273.28

Important Disclosure Information

Royce Capital Fund - Small-Cap Portfolio

Holdings as of: 12/31/25

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