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: 09/30/25

Download Holdings

#	Ticker	Asset Type	Sector	Industry	Name	Shares/ Principal	Price	% of Assets	Market Value
1		Repurchase Agreement			Fixed Income Clearing Corporation	5465900	$100.00	4.69%	$5,465,900.29
2	LPTH	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	LightPath Technologies Cl. A	194574	$7.93	1.32%	$1,542,971.82
3	NPKI	Common Stock	Energy	Energy Equipment & Services	NPK International	134103	$11.31	1.30%	$1,516,704.93
4	ISTR	Common Stock	Financials	Banks	Investar Holding	64072	$23.21	1.28%	$1,487,111.12
5	ATRO	Common Stock	Industrials	Aerospace & Defense	Astronics Corporation	32428	$45.61	1.27%	$1,479,041.08
6	CECO	Common Stock	Industrials	Commercial Services & Supplies	CECO Environmental	28871	$51.20	1.27%	$1,478,195.20
7	NGS	Common Stock	Energy	Energy Equipment & Services	Natural Gas Services Group	52367	$27.99	1.26%	$1,465,752.33
8	LASR	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	nLIGHT	49067	$29.63	1.25%	$1,453,855.21
9	SII CN	Common Stock	Financials	Capital Markets	Sprott	17447	$83.11	1.24%	$1,450,093.04
10	GHM	Common Stock	Industrials	Machinery	Graham Corporation	26081	$54.90	1.23%	$1,431,846.90
11	MEG	Common Stock	Industrials	Commercial Services & Supplies	Montrose Environmental Group	51284	$27.46	1.21%	$1,408,258.64
12	LINC	Common Stock	Consumer Discretionary	Diversified Consumer Services	Lincoln Educational Services	59657	$23.50	1.20%	$1,401,939.50
13	IESC	Common Stock	Industrials	Construction & Engineering	IES Holdings	3523	$397.65	1.20%	$1,400,920.95
14	BELFB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Bel Fuse Cl. B	9926	$141.02	1.20%	$1,399,764.52
15	WNEB	Common Stock	Financials	Banks	Western New England Bancorp	115100	$12.01	1.19%	$1,382,351.00
16	IMAX	Common Stock	Communication Services	Entertainment	IMAX Corporation	42064	$32.75	1.18%	$1,377,596.00
17	DGII	Common Stock	Information Technology	Communications Equipment	Digi International	37724	$36.46	1.18%	$1,375,417.04
18	KOPN	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Kopin Corporation	563004	$2.43	1.17%	$1,368,099.72
19	NWPX	Common Stock	Industrials	Construction & Engineering	NWPX Infrastructure	25800	$52.93	1.17%	$1,365,594.00
20	HROW	Common Stock	Health Care	Pharmaceuticals	Harrow	28196	$48.18	1.16%	$1,358,483.28
21	NVMI	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Nova	4129	$319.66	1.13%	$1,319,876.14
22	CF CN	Common Stock	Financials	Capital Markets	Canaccord Genuity Group	168158	$7.72	1.11%	$1,297,705.63
23	EZPW	Common Stock	Financials	Consumer Finance	EZCORP Cl. A	67995	$19.04	1.11%	$1,294,624.80
24	AMRC	Common Stock	Industrials	Construction & Engineering	Ameresco Cl. A	38295	$33.58	1.10%	$1,285,946.10
25	LXFR	Common Stock	Industrials	Machinery	Luxfer Holdings	92098	$13.90	1.10%	$1,280,162.20
26	ESTA	Common Stock	Health Care	Health Care Equipment & Supplies	Establishment Labs Holdings	31084	$40.99	1.09%	$1,274,133.16
27	MDI CN	Common Stock	Materials	Metals & Mining	Major Drilling Group International	151208	$8.36	1.08%	$1,264,684.29
28	CLMB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Climb Global Solutions	9366	$134.84	1.08%	$1,262,911.44
29	AORT	Common Stock	Health Care	Health Care Equipment & Supplies	Artivion	29678	$42.34	1.08%	$1,256,566.52
30	PKE	Common Stock	Industrials	Aerospace & Defense	Park Aerospace	61465	$20.34	1.07%	$1,250,198.10
31	ICHR	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Ichor Holdings	70904	$17.52	1.07%	$1,242,238.08
32	STEL	Common Stock	Financials	Banks	Stellar Bancorp	40894	$30.34	1.06%	$1,240,723.96
33	LEGH	Common Stock	Consumer Discretionary	Household Durables	Legacy Housing	44870	$27.51	1.06%	$1,234,373.70
34	LIND	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Lindblad Expeditions Holdings	96207	$12.80	1.06%	$1,231,449.60
35	IGIC	Common Stock	Financials	Insurance	International General Insurance Holdings	52424	$23.20	1.04%	$1,216,236.80
36	CUBI	Common Stock	Financials	Banks	Customers Bancorp	18372	$65.37	1.03%	$1,200,977.64
37	BLFS	Common Stock	Health Care	Life Sciences Tools & Services	BioLife Solutions	46661	$25.51	1.02%	$1,190,322.11
38	AIOT	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Powerfleet	226550	$5.24	1.02%	$1,187,122.00
39	SENEA	Common Stock	Consumer Staples	Food Products	Seneca Foods Cl. A	10958	$107.94	1.01%	$1,182,806.52
40	UCTT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Ultra Clean Holdings	43296	$27.25	1.01%	$1,179,816.00
41	DSGR	Common Stock	Industrials	Trading Companies & Distributors	Distribution Solutions Group	38836	$30.08	1.00%	$1,168,186.88
42	VPG	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Vishay Precision Group	35995	$32.05	0.99%	$1,153,639.75
43	AMSC	Common Stock	Industrials	Electrical Equipment	American Superconductor	19162	$59.39	0.98%	$1,138,031.18
44	ALS CN	Common Stock	Materials	Metals & Mining	Altius Minerals	46639	$24.05	0.96%	$1,121,655.05
45	AAOI	Common Stock	Information Technology	Communications Equipment	Applied Optoelectronics	42762	$25.93	0.95%	$1,108,818.66
46	CTRN	Common Stock	Consumer Discretionary	Specialty Retail	Citi Trends	35713	$31.03	0.95%	$1,108,174.39
47	ACU	Common Stock	Industrials	Commercial Services & Supplies	Acme United	26787	$41.18	0.95%	$1,103,088.66
48	LQDT	Common Stock	Industrials	Commercial Services & Supplies	Liquidity Services	39787	$27.43	0.94%	$1,091,357.41
49	VSEC	Common Stock	Industrials	Commercial Services & Supplies	VSE Corporation	6522	$166.24	0.93%	$1,084,217.28
50	COHU	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Cohu	53165	$20.33	0.93%	$1,080,844.45
51	REAL	Common Stock	Consumer Discretionary	Specialty Retail	RealReal	101330	$10.63	0.92%	$1,077,137.90
52	EVI	Common Stock	Industrials	Trading Companies & Distributors	EVI Industries	34059	$31.61	0.92%	$1,076,604.99
53	CLFD	Common Stock	Information Technology	Communications Equipment	Clearfield	31233	$34.38	0.92%	$1,073,790.54
54	LGCY	Common Stock	Consumer Discretionary	Diversified Consumer Services	Legacy Education	110229	$9.57	0.90%	$1,054,891.53
55	MGNI	Common Stock	Communication Services	Media	Magnite	48119	$21.78	0.90%	$1,048,031.82
56	ADTN	Common Stock	Information Technology	Communications Equipment	ADTRAN Holdings	111309	$9.38	0.90%	$1,044,078.42
57	VNP CN	Common Stock	Materials	Chemicals	5N Plus	85385	$12.22	0.89%	$1,043,614.90
58	RELL	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Richardson Electronics	105895	$9.79	0.89%	$1,036,712.05
59	PRO	Common Stock	Information Technology	Software	PROS Holdings	44763	$22.91	0.88%	$1,025,520.33
60	BCML	Common Stock	Financials	Banks	BayCom Corp.	35564	$28.75	0.88%	$1,022,465.00
61	CAMT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Camtek	9516	$105.05	0.86%	$999,655.80
62	OPY	Common Stock	Financials	Capital Markets	Oppenheimer Holdings Cl. A	13499	$73.91	0.86%	$997,711.09
63	AEBI	Common Stock	Industrials	Machinery	Aebi Schmidt Holding	79166	$12.47	0.85%	$987,200.02
64	ORIC	Common Stock	Health Care	Biotechnology	ORIC Pharmaceuticals	81970	$12.00	0.84%	$983,640.00
65	CKN LN	Common Stock	Industrials	Marine Transportation	Clarkson	19622	$49.36	0.83%	$968,498.96
66	AOUT	Common Stock	Consumer Discretionary	Leisure Products	American Outdoor Brands	111216	$8.68	0.83%	$965,354.88
67	TRNS	Common Stock	Industrials	Trading Companies & Distributors	Transcat	13091	$73.20	0.82%	$958,261.20
68	QNST	Common Stock	Communication Services	Interactive Media & Services	QuinStreet	61742	$15.47	0.82%	$955,148.74
69	NBN	Common Stock	Financials	Banks	Northeast Bank	9451	$100.16	0.81%	$946,612.16
70	VMEO	Common Stock	Communication Services	Interactive Media & Services	Vimeo	120802	$7.75	0.80%	$936,215.50
71	CCB	Common Stock	Financials	Banks	Coastal Financial	8564	$108.17	0.79%	$926,367.88
72	BBBY	Common Stock	Consumer Discretionary	Specialty Retail	Bed Bath & Beyond	94162	$9.79	0.79%	$921,845.98
73	NVEC	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	NVE Corporation	13872	$65.27	0.78%	$905,425.44
74	AMN	Common Stock	Health Care	Health Care Providers & Services	AMN Healthcare Services	46397	$19.36	0.77%	$898,245.92
75	MOD	Common Stock	Consumer Discretionary	Automobile Components	Modine Manufacturing	6161	$142.16	0.75%	$875,847.76
76	ARLO	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Arlo Technologies	51486	$16.95	0.75%	$872,687.70
77	HBT	Common Stock	Financials	Banks	HBT Financial	34289	$25.20	0.74%	$864,082.80
78	PSI CN	Common Stock	Energy	Energy Equipment & Services	Pason Systems	98999	$8.68	0.74%	$859,314.45
79	HTB	Common Stock	Financials	Banks	HomeTrust Bancshares	20528	$40.94	0.72%	$840,416.32
80	PENG	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Penguin Solutions	31428	$26.28	0.71%	$825,927.84
81	BBCP	Common Stock	Industrials	Construction & Engineering	Concrete Pumping Holdings	116501	$7.05	0.70%	$821,332.05
82	LMB	Common Stock	Industrials	Construction & Engineering	Limbach Holdings	8436	$97.12	0.70%	$819,304.32
83	GSM	Common Stock	Materials	Metals & Mining	Ferroglobe	179984	$4.55	0.70%	$818,927.20
84	LNN	Common Stock	Industrials	Machinery	Lindsay Corporation	5739	$140.56	0.69%	$806,673.84
85	CBNA	Common Stock	Financials	Banks	Chain Bridge Bancorp Cl. A	24407	$32.73	0.68%	$798,841.11
86	RNGR	Common Stock	Energy	Energy Equipment & Services	Ranger Energy Services Cl. A	56855	$14.04	0.68%	$798,244.20
87	CVLG	Common Stock	Industrials	Ground Transportation	Covenant Logistics Group Cl. A	36194	$21.66	0.67%	$783,962.04
88	MCFT	Common Stock	Consumer Discretionary	Leisure Products	MasterCraft Boat Holdings	36148	$21.46	0.67%	$775,736.08
89	SAMG	Common Stock	Financials	Capital Markets	Silvercrest Asset Management Group Cl. A	49244	$15.75	0.67%	$775,593.00
90	WTTR	Common Stock	Energy	Energy Equipment & Services	Select Water Solutions Cl. A	71641	$10.69	0.66%	$765,842.29
91	ONEW	Common Stock	Consumer Discretionary	Specialty Retail	OneWater Marine Cl. A	47684	$15.84	0.65%	$755,314.56
92	CDNA	Common Stock	Health Care	Biotechnology	CareDx	51843	$14.54	0.65%	$753,797.22
93	INTT	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	inTEST Corporation	96179	$7.81	0.64%	$751,157.99
94	HIFS	Common Stock	Financials	Banks	Hingham Institution for Savings	2814	$263.78	0.64%	$742,276.92
95	CTKB	Common Stock	Health Care	Life Sciences Tools & Services	Cytek Biosciences	211719	$3.47	0.63%	$734,664.93
96	HPS/A CN	Common Stock	Industrials	Electrical Equipment	Hammond Power Solutions Cl. A	7915	$88.71	0.60%	$702,152.69
97	PAR	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	PAR Technology	17709	$39.58	0.60%	$700,922.22
98	CMT	Common Stock	Materials	Chemicals	Core Molding Technologies	33860	$20.55	0.60%	$695,823.00
99	ESQ	Common Stock	Financials	Banks	Esquire Financial Holdings	6751	$102.06	0.59%	$688,973.31
100	ALOT	Common Stock	Information Technology	Technology Hardware, Storage & Peripherals	AstroNova	66872	$10.24	0.59%	$684,769.28
101	JBI	Common Stock	Industrials	Building Products	Janus International Group	68591	$9.87	0.58%	$676,993.17
102	NX	Common Stock	Industrials	Building Products	Quanex Building Products	46848	$14.22	0.57%	$666,178.56
103	INGN	Common Stock	Health Care	Health Care Equipment & Supplies	Inogen	79015	$8.17	0.55%	$645,552.55
104	SRI	Common Stock	Consumer Discretionary	Automobile Components	Stoneridge	83681	$7.62	0.55%	$637,649.22
105	RPAY	Common Stock	Financials	Financial Services	Repay Holdings Cl. A	121895	$5.23	0.55%	$637,510.85
106	LAKE	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Lakeland Industries	42914	$14.80	0.54%	$635,127.20
107	TITN	Common Stock	Industrials	Trading Companies & Distributors	Titan Machinery	37537	$16.74	0.54%	$628,369.38
108	MRVI	Common Stock	Health Care	Life Sciences Tools & Services	Maravai LifeSciences Holdings Cl. A	218423	$2.87	0.54%	$626,874.01
109	RBBN	Common Stock	Information Technology	Communications Equipment	Ribbon Communications	163510	$3.80	0.53%	$621,338.00
110	SLP	Common Stock	Health Care	Health Care Technology	Simulations Plus	41161	$15.07	0.53%	$620,296.27
111	HOV	Common Stock	Consumer Discretionary	Household Durables	Hovnanian Enterprises Cl. A	4785	$128.49	0.53%	$614,824.65
112	WNC	Common Stock	Industrials	Machinery	Wabash National	59800	$9.87	0.51%	$590,226.00
113	FFWM	Common Stock	Financials	Banks	First Foundation	104154	$5.57	0.50%	$580,137.78
114	TBI	Common Stock	Industrials	Professional Services	TrueBlue	93521	$6.13	0.49%	$573,283.73
115	CASS	Common Stock	Financials	Financial Services	Cass Information Systems	14251	$39.33	0.48%	$560,491.83
116	AOSL	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Alpha and Omega Semiconductor	19688	$27.96	0.47%	$550,476.48
117	MMI	Common Stock	Real Estate	Real Estate Management & Development	Marcus & Millichap	18505	$29.35	0.47%	$543,121.75
118	APYX	Common Stock	Health Care	Health Care Equipment & Supplies	Apyx Medical	250373	$2.14	0.46%	$535,798.22
119	PRN CN	Common Stock	Health Care	Health Care Equipment & Supplies	Profound Medical	106645	$4.89	0.45%	$521,079.26
120	ALTG	Common Stock	Industrials	Trading Companies & Distributors	Alta Equipment Group	71395	$7.24	0.44%	$516,899.80
121	KFRC	Common Stock	Industrials	Professional Services	Kforce	17219	$29.98	0.44%	$516,225.62
122	ERII	Common Stock	Industrials	Machinery	Energy Recovery	33409	$15.42	0.44%	$515,166.78
123	RLGT	Common Stock	Industrials	Air Freight & Logistics	Radiant Logistics	85026	$5.90	0.43%	$501,653.40
124	SMWB	Common Stock	Information Technology	Software	Similarweb	53525	$9.30	0.43%	$497,782.50
125	DENN	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Denny's Corporation	94874	$5.23	0.43%	$496,191.02
126	SD	Common Stock	Energy	Oil, Gas & Consumable Fuels	SandRidge Energy	43872	$11.28	0.42%	$494,876.16
127	ABSI	Common Stock	Health Care	Biotechnology	Absci Corporation	161345	$3.04	0.42%	$490,488.80
128	CNTY	Common Stock	Consumer Discretionary	Hotels, Restaurants & Leisure	Century Casinos	178185	$2.61	0.40%	$465,062.85
129	TWI	Common Stock	Industrials	Machinery	Titan International	61072	$7.56	0.40%	$461,704.32
130	RGP	Common Stock	Industrials	Professional Services	Resources Connection	91095	$5.05	0.39%	$460,029.75
131	FRPH	Common Stock	Real Estate	Real Estate Management & Development	FRP Holdings	18298	$24.36	0.38%	$445,739.28
132	MLAB	Common Stock	Health Care	Life Sciences Tools & Services	Mesa Laboratories	6254	$67.01	0.36%	$419,080.54
133	AEHR	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Aehr Test Systems	13479	$30.11	0.35%	$405,852.69
134	SCVL	Common Stock	Consumer Discretionary	Specialty Retail	Shoe Carnival	19006	$20.79	0.34%	$395,134.74
135	LYTS	Common Stock	Industrials	Electrical Equipment	LSI Industries	16609	$23.61	0.34%	$392,138.49
136	LGIH	Common Stock	Consumer Discretionary	Household Durables	LGI Homes	7510	$51.71	0.33%	$388,342.10
137	LAB	Common Stock	Health Care	Life Sciences Tools & Services	Standard BioTools	295825	$1.30	0.33%	$384,572.50
138	DHX	Common Stock	Communication Services	Interactive Media & Services	DHI Group	135614	$2.78	0.32%	$377,006.92
139	ASUR	Common Stock	Industrials	Professional Services	Asure Software	41984	$8.20	0.30%	$344,268.80
140	CVU	Common Stock	Industrials	Aerospace & Defense	CPI Aerostructures	130704	$2.52	0.28%	$329,374.08
141	PWP	Common Stock	Financials	Capital Markets	Perella Weinberg Partners Cl. A	12295	$21.32	0.22%	$262,129.40
142	VRA	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Vera Bradley	129752	$2.01	0.22%	$260,801.52
143	HSII	Common Stock	Industrials	Professional Services	Heidrick & Struggles International	5066	$49.77	0.22%	$252,134.82
144	LUNA!	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Luna Innovations	197181	$1.10	0.19%	$216,899.10
145	PPIH	Common Stock	Industrials	Machinery	Perma-Pipe International Holdings	7972	$23.43	0.16%	$186,783.96
146	FWRD	Common Stock	Industrials	Air Freight & Logistics	Forward Air	6868	$25.64	0.15%	$176,095.52
147	FORR	Common Stock	Industrials	Professional Services	Forrester Research	12894	$10.60	0.12%	$136,676.40
148	JILL	Common Stock	Consumer Discretionary	Specialty Retail	J.Jill	7691	$17.15	0.11%	$131,900.65
149	WCCB!	Common Stock	Financials	Banks	West Coast Community Bancorp	2766	$42.40	0.10%	$117,278.40
150	ESPR	Common Stock	Health Care	Pharmaceuticals	Esperion Therapeutics	40729	$2.65	0.09%	$107,931.85
151	PNG CN	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Kraken Robotics	27416	$3.26	0.08%	$89,436.40
152	AFM CN	Common Stock	Materials	Metals & Mining	Alphamin Resources	43153	$0.72	0.03%	$31,007.40
153	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: 09/30/25

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