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: 09/30/25

Download Holdings

#	Ticker	Asset Type	Sector	Industry	Name	Shares/ Principal	Price	% of Assets	Market Value
1	IWN	Investment Company	Financials	Investment Companies	iShares Russell 2000 Value ETF	73538	$176.81	9.97%	$13,002,253.78
2		Repurchase Agreement			Fixed Income Clearing Corporation	10443285	$100.00	8.01%	$10,443,284.53
3	VBR	Investment Company	Financials	Investment Companies	Vanguard Small-Cap Value ETF	41219	$208.71	6.60%	$8,602,817.49
4	IBEX	Common Stock	Industrials	Professional Services	IBEX	122121	$40.52	3.79%	$4,948,342.92
5	BKE	Common Stock	Consumer Discretionary	Specialty Retail	Buckle (The)	81809	$58.66	3.68%	$4,798,915.94
6	PHM	Common Stock	Consumer Discretionary	Household Durables	PulteGroup	36065	$132.13	3.65%	$4,765,268.45
7	SNX	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	TD SYNNEX	28927	$163.75	3.63%	$4,736,796.25
8	VC	Common Stock	Consumer Discretionary	Automobile Components	Visteon Corporation	39183	$119.86	3.60%	$4,696,474.38
9	MHO	Common Stock	Consumer Discretionary	Household Durables	M/I Homes	31278	$144.44	3.46%	$4,517,794.32
10	DBD	Common Stock	Information Technology	Technology Hardware, Storage & Peripherals	Diebold Nixdorf	76559	$57.03	3.35%	$4,366,159.77
11	TNK	Common Stock	Energy	Oil, Gas & Consumable Fuels	Teekay Tankers Cl. A	82801	$50.55	3.21%	$4,185,590.55
12	UNTY	Common Stock	Financials	Banks	Unity Bancorp	84935	$48.87	3.18%	$4,150,773.45
13	VLGEA	Common Stock	Consumer Staples	Consumer Staples Distribution & Retail	Village Super Market Cl. A	110528	$37.36	3.17%	$4,129,326.08
14	EVR	Common Stock	Financials	Capital Markets	Evercore Cl. A	12174	$337.32	3.15%	$4,106,533.68
15	LEA	Common Stock	Consumer Discretionary	Automobile Components	Lear Corporation	40692	$100.61	3.14%	$4,094,022.12
16	CPRX	Common Stock	Health Care	Biotechnology	Catalyst Pharmaceuticals	207075	$19.70	3.13%	$4,079,377.50
17	GNK	Common Stock	Industrials	Marine Transportation	Genco Shipping & Trading	226305	$17.80	3.09%	$4,028,229.00
18	FLEX	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Flex	68364	$57.97	3.04%	$3,963,061.08
19	TSBK	Common Stock	Financials	Banks	Timberland Bancorp	117553	$33.28	3.00%	$3,912,163.84
20	TILE	Common Stock	Industrials	Commercial Services & Supplies	Interface	134500	$28.94	2.98%	$3,892,430.00
21	SANM	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Sanmina Corporation	33283	$115.11	2.94%	$3,831,206.13
22	FRBA	Common Stock	Financials	Banks	First Bank	229971	$16.29	2.87%	$3,746,227.59
23	ALSN	Common Stock	Industrials	Machinery	Allison Transmission Holdings	42386	$84.88	2.76%	$3,597,723.68
24	CHRD	Common Stock	Energy	Oil, Gas & Consumable Fuels	Chord Energy	36063	$99.37	2.75%	$3,583,580.31
25	ACT	Common Stock	Financials	Financial Services	Enact Holdings	93465	$38.34	2.75%	$3,583,448.10
26	SIG	Common Stock	Consumer Discretionary	Specialty Retail	Signet Jewelers	37327	$95.92	2.75%	$3,580,405.84
27	MTH	Common Stock	Consumer Discretionary	Household Durables	Meritage Homes	49378	$72.43	2.74%	$3,576,448.54
28	PLUS	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	ePlus	50165	$71.01	2.73%	$3,562,216.65
29	MTDR	Common Stock	Energy	Oil, Gas & Consumable Fuels	Matador Resources	78678	$44.93	2.71%	$3,535,002.54
30	KFY	Common Stock	Industrials	Professional Services	Korn Ferry	50435	$69.98	2.71%	$3,529,441.30
31	SM	Common Stock	Energy	Oil, Gas & Consumable Fuels	SM Energy	138822	$24.97	2.66%	$3,466,385.34
32	IJS	Investment Company	Financials	Investment Companies	iShares S&P Small-Cap 600 Value ETF	30702	$110.59	2.60%	$3,395,334.18
33	TPH	Common Stock	Consumer Discretionary	Household Durables	Tri Pointe Homes	99775	$33.97	2.60%	$3,389,356.75
34	TIPT	Common Stock	Financials	Insurance	Tiptree	175176	$19.17	2.57%	$3,358,123.92
35	ADEA	Common Stock	Information Technology	Software	Adeia	199353	$16.80	2.57%	$3,349,130.40
36	MOH	Common Stock	Health Care	Health Care Providers & Services	Molina Healthcare	17470	$191.36	2.56%	$3,343,059.20
37	AMKR	Common Stock	Information Technology	Semiconductors & Semiconductor Equipment	Amkor Technology	115964	$28.40	2.52%	$3,293,377.60
38	BHRB	Common Stock	Financials	Banks	Burke & Herbert Financial Services	53354	$61.69	2.52%	$3,291,408.26
39	JILL	Common Stock	Consumer Discretionary	Specialty Retail	J.Jill	186747	$17.15	2.46%	$3,202,711.05
40	NEU	Common Stock	Materials	Chemicals	NewMarket Corporation	3847	$828.21	2.44%	$3,186,123.87
41	JBL	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Jabil	14466	$217.17	2.41%	$3,141,581.22
42	COLL	Common Stock	Health Care	Pharmaceuticals	Collegium Pharmaceutical	88066	$34.99	2.36%	$3,081,429.34
43	HFWA	Common Stock	Financials	Banks	Heritage Financial	127307	$24.19	2.36%	$3,079,556.33
44	BLBD	Common Stock	Industrials	Machinery	Blue Bird	53224	$57.55	2.35%	$3,063,041.20
45	ETD	Common Stock	Consumer Discretionary	Household Durables	Ethan Allen Interiors	102463	$29.46	2.31%	$3,018,559.98
46	CCNE	Common Stock	Financials	Banks	CNB Financial	122847	$24.20	2.28%	$2,972,897.40
47	STRL	Common Stock	Industrials	Construction & Engineering	Sterling Infrastructure	8748	$339.68	2.28%	$2,971,520.64
48	CIVI	Common Stock	Energy	Oil, Gas & Consumable Fuels	Civitas Resources	89663	$32.50	2.23%	$2,914,047.50
49	FSBW	Common Stock	Financials	Banks	FS Bancorp	72437	$39.92	2.22%	$2,891,685.04
50	WS	Common Stock	Materials	Metals & Mining	Worthington Steel	95057	$30.39	2.21%	$2,888,782.23
51	ASO	Common Stock	Consumer Discretionary	Specialty Retail	Academy Sports & Outdoors	56722	$50.02	2.18%	$2,837,234.44
52	CBT	Common Stock	Materials	Chemicals	Cabot Corporation	37230	$76.05	2.17%	$2,831,341.50
53	AMPH	Common Stock	Health Care	Pharmaceuticals	Amphastar Pharmaceuticals	104779	$26.65	2.14%	$2,792,360.35
54	OCFC	Common Stock	Financials	Banks	OceanFirst Financial	158464	$17.57	2.13%	$2,784,212.48
55	ARCB	Common Stock	Industrials	Ground Transportation	ArcBest Corporation	38594	$69.87	2.07%	$2,696,562.78
56	SLYV	Investment Company	Financials	Investment Companies	SPDR S&P 600 Small Cap Value ETF	27887	$88.65	1.90%	$2,472,182.55
57	FTDR	Common Stock	Consumer Discretionary	Diversified Consumer Services	frontdoor	36584	$67.29	1.89%	$2,461,737.36
58	BBSI	Common Stock	Industrials	Professional Services	Barrett Business Services	54579	$44.32	1.85%	$2,418,941.28
59	KTB	Common Stock	Consumer Discretionary	Textiles, Apparel & Luxury Goods	Kontoor Brands	30121	$79.77	1.84%	$2,402,752.17
60	MPB	Common Stock	Financials	Banks	Mid Penn Bancorp	83175	$28.64	1.83%	$2,382,132.00
61	BELFB	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	Bel Fuse Cl. B	16612	$141.02	1.80%	$2,342,624.24
62	UVSP	Common Stock	Financials	Banks	Univest Financial	77489	$30.02	1.78%	$2,326,219.78
63	SCVL	Common Stock	Consumer Discretionary	Specialty Retail	Shoe Carnival	108384	$20.79	1.73%	$2,253,303.36
64	GNTX	Common Stock	Consumer Discretionary	Automobile Components	Gentex Corporation	73253	$28.30	1.59%	$2,073,059.90
65	TRST	Common Stock	Financials	Banks	TrustCo Bank Corp NY	56235	$36.30	1.57%	$2,041,330.50
66	SIGA	Common Stock	Health Care	Pharmaceuticals	SIGA Technologies	215723	$9.15	1.51%	$1,973,865.45
67	REPX	Common Stock	Energy	Oil, Gas & Consumable Fuels	Riley Exploration Permian	71823	$27.11	1.49%	$1,947,121.53
68	CNXN	Common Stock	Information Technology	Electronic Equipment, Instruments & Components	PC Connection	30794	$61.99	1.46%	$1,908,920.06
69	BPRN	Common Stock	Financials	Banks	Princeton Bancorp	57059	$31.84	1.39%	$1,816,758.56
70	SLVM	Common Stock	Materials	Paper & Forest Products	Sylvamo Corporation	41055	$44.22	1.39%	$1,815,452.10
71	WSM	Common Stock	Consumer Discretionary	Specialty Retail	Williams-Sonoma	9166	$195.45	1.37%	$1,791,494.70
72	WSBC	Common Stock	Financials	Banks	WesBanco	53437	$31.93	1.31%	$1,706,243.41
73	WNEB	Common Stock	Financials	Banks	Western New England Bancorp	139188	$12.01	1.28%	$1,671,647.88
74	DCOM	Common Stock	Financials	Banks	Dime Community Bancshares	56017	$29.83	1.28%	$1,670,987.11
75	MBC	Common Stock	Industrials	Building Products	MasterBrand	123546	$13.17	1.25%	$1,627,100.82
76	CRMD	Common Stock	Health Care	Pharmaceuticals	CorMedix	129775	$11.63	1.16%	$1,509,283.25
77	BCC	Common Stock	Industrials	Trading Companies & Distributors	Boise Cascade	19085	$77.32	1.13%	$1,475,652.20
78	TRDA	Common Stock	Health Care	Biotechnology	Entrada Therapeutics	242657	$5.80	1.08%	$1,407,410.60
79	CIVB	Common Stock	Financials	Banks	Civista Bancshares	68355	$20.31	1.06%	$1,388,290.05
80	UFCS	Common Stock	Financials	Insurance	United Fire Group	43757	$30.42	1.02%	$1,331,087.94
81	UFPI	Common Stock	Industrials	Building Products	UFP Industries	11829	$93.49	0.85%	$1,105,893.21
82	TMHC	Common Stock	Consumer Discretionary	Household Durables	Taylor Morrison Home	15193	$66.01	0.77%	$1,002,889.93
83	CZWI	Common Stock	Financials	Banks	Citizens Community Bancorp	61150	$16.07	0.75%	$982,680.50
84	CRGY	Common Stock	Energy	Oil, Gas & Consumable Fuels	Crescent Energy Cl. A	60997	$8.92	0.42%	$544,093.24
85	BFST	Common Stock	Financials	Banks	Business First Bancshares	7299	$23.61	0.13%	$172,329.39
86	DGICA	Common Stock	Financials	Insurance	Donegal Group Cl. A	1459	$19.39	0.02%	$28,290.01
87	LNKB	Common Stock	Financials	Banks	LINKBANCORP	153	$7.13	0.00%	$1,090.89

Important Disclosure Information

Royce Capital Fund - Small-Cap Portfolio

Holdings as of: 09/30/25

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