Form N-CSR ROYCE CAPITAL FUND For: Dec 31

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT 

OF 

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act File Number: 811-07537

 

Name of Registrant: Royce Capital Fund

 

Address of Registrant: One Madison Avenue 

New York, NY 10010

 

Name and address of agent for service: John E. Denneen, Esq.

  One Madison Avenue

  New York, NY 10010  

 

Registrant's telephone number, including area code: (212) 508-4500 

Date of fiscal year end: December 31 

Date of reporting period: January 1, 2025 – December 31, 2025

 

 

Item 1. Reports to Shareholders.

 

	The Royce Funds	December 31, 2025
	Royce Capital Fund—Micro-Cap Portfolio Investment Class—RCMCX

 

Annual Shareholder Report

This annual shareholder report contains important information about Royce Capital Fund—Micro-Cap Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www. royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

 

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

 

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Capital Fund—Micro-Cap Portfolio—Investment Class	$130	1.22%

 

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

 

•

Royce Capital Fund - Micro-Cap Portfolio advanced 13.89% for the year, lagging its benchmark, the Russell Microcap Index, which was up 22.98% for the same period.

 

•

The Fund’s disadvantage versus its benchmark was primarily attributable to sector allocation.

 

Top Contributors to Performance

 

The sectors making the largest positive contributions were Industrials, Financials, and Information Technology.

 

At the industry level, electronic equipment, instruments & components (Information Technology), banks (Financials), and aerospace & defense (Industrials) contributed most.

 

The Fund’s top contributor was nLIGHT.

 

Stock selection within Financials contributed most to relative results versus the Russell Microcap Index.

 

Top Detractors from Performance

 

The sectors making the largest detractions were Consumer Discretionary, Real Estate, and Health Care.

 

At the industry level, professional services (Industrials), life sciences tools & services (Health Care), and software (Information Technology) were the largest detractors.

 

The Fund’s top detractor was American Outdoor Brands.

 

Stock selection within Health Care detracted most from relative results versus the Russell Microcap Index.

 

 

ROYCE CAPITAL FUND—MICRO-CAP PORTFOLIO—INVESTMENT CLASS (RCMCX)

Annual Shareholder Report—December 31, 2025

 

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

 

Cumulative Performance: Value of $10,000

Invested from 12/31/15 through 12/31/25 ($)

 

Investment_Value_Date	Royce Capital Fund—Micro-Cap Portfolio—Investment Class	Russell 3000 Index	Russell Microcap Index	Russell 2000 Index
31-12-15	10000	10000	10000	10000
31-01-16	9261	9436	8965	9121
29-02-16	9325	9433	8831	9120
31-03-16	9968	10097	9457	9848
30-04-16	10161	10159	9763	10003
31-05-16	10107	10341	9890	10228
30-06-16	10011	10362	9832	10222
31-07-16	10567	10774	10346	10832
31-08-16	10685	10801	10626	11023
30-09-16	10824	10818	10938	11146
31-10-16	10450	10584	10314	10616
30-11-16	11531	11058	11512	11800
31-12-16	11971	11274	12037	12131
31-01-17	11788	11486	11855	12179
28-02-17	11788	11913	11979	12414
31-03-17	11874	11921	12083	12430
30-04-17	11950	12047	12207	12566
31-05-17	11712	12171	11927	12311
30-06-17	12176	12280	12546	12736
31-07-17	12143	12512	12476	12831
31-08-17	11896	12536	12372	12668
30-09-17	12758	12842	13380	13458
31-10-17	12618	13122	13359	13573
30-11-17	12704	13521	13686	13964
31-12-17	12592	13656	13622	13908
31-01-18	12713	14375	13956	14271
28-02-18	12301	13846	13514	13718
31-03-18	12616	13568	13714	13896
30-04-18	12640	13619	13886	14016
31-05-18	13671	14004	14888	14867
30-06-18	13890	14095	15081	14973
31-07-18	13987	14563	15071	15234
31-08-18	14630	15074	15719	15891
30-09-18	14266	15099	15207	15509
31-10-18	12822	13988	13549	13824
30-11-18	12762	14268	13462	14044
31-12-18	11453	12940	11840	12376
31-01-19	12538	14051	13082	13768
28-02-19	13138	14545	13798	14484
31-03-19	12564	14757	13391	14181
30-04-19	12998	15346	13646	14662
31-05-19	11989	14353	12721	13522
30-06-19	12679	15361	13515	14478
31-07-19	12577	15590	13331	14561
31-08-19	11862	15272	12492	13842
30-09-19	12398	15540	12777	14130
31-10-19	12781	15874	13105	14502
30-11-19	13177	16478	13713	15099
31-12-19	13692	16954	14496	15535
31-01-20	13271	16935	13820	15037
29-02-20	12203	15549	12875	13771
31-03-20	9325	13410	9859	10779
30-04-20	11080	15187	11360	12259
31-05-20	11515	15999	12113	13057
30-06-20	12133	16364	12870	13519
31-07-20	12400	17294	13007	13893
31-08-20	12962	18546	13782	14676
30-09-20	12498	17871	13345	14185
31-10-20	12751	17485	13517	14482
30-11-20	15588	19613	16280	17152
31-12-20	16950	20495	17534	18636
31-01-21	17690	20404	20026	19573
28-02-21	19839	21042	21233	20793
31-03-21	19938	21796	21722	21002
30-04-21	20579	22919	21780	21443
31-05-21	20949	23024	22136	21487
30-06-21	21219	23592	22622	21904
31-07-21	21063	23991	21374	21113
31-08-21	21290	24675	22141	21585
30-09-21	20664	23568	21495	20949
31-10-21	21774	25161	21971	21840
30-11-21	21290	24778	20819	20930
31-12-21	22031	25754	20924	21397
31-01-22	19704	24239	18879	19337
28-02-22	19644	23628	19072	19544
31-03-22	19301	24395	19335	19787
30-04-22	17273	22206	17330	17826
31-05-22	17377	22176	17262	17853
30-06-22	15841	20321	15669	16385
31-07-22	17601	22227	17230	18095
31-08-22	17109	21397	17258	17725
30-09-22	15274	19413	15594	16026
31-10-22	16885	21005	17073	17790
30-11-22	17780	22102	17058	18206
31-12-22	17088	20808	16330	17024
31-01-23	18815	22241	17939	18684
28-02-23	18726	21721	17418	18368
31-03-23	17487	22302	15869	17491
30-04-23	16624	22539	15458	17176
31-05-23	17000	22627	15676	17017
30-06-23	18660	24172	16709	18401
31-07-23	19612	25039	17601	19526
31-08-23	19125	24555	16431	18549
30-09-23	18062	23386	15383	17457
31-10-23	16712	22766	14272	16267
30-11-23	18107	24888	15624	17739
31-12-23	20298	26209	17854	19906
31-01-24	19501	26499	17162	19132
29-02-24	20674	27933	18230	20214
31-03-24	21228	28835	18690	20938
30-04-24	19700	27566	17239	19464
31-05-24	21294	28868	18112	20440
30-06-24	20896	29762	17704	20251
31-07-24	22866	30315	19806	22309
31-08-24	22312	30975	19262	21976
30-09-24	21980	31616	19171	22129
31-10-24	21361	31384	19303	21810
30-11-24	24238	33471	21549	24202
31-12-24	23073	32448	20301	22203
31-01-25	23144	33473	20328	22785
28-02-25	21771	32831	19218	21567
31-03-25	19618	30916	17380	20099
30-04-25	19145	30709	17300	19634
31-05-25	20825	32655	18676	20683
30-06-25	22623	34314	20077	21807
31-07-25	23167	35070	20494	22185
31-08-25	24800	35881	22391	23770
30-09-25	25581	37120	23497	24510
31-10-25	26149	37915	24557	24953
30-11-25	25842	38019	24819	25193
31-12-25	26278	38012	24966	25047

 

Average Annual Total Returns

Through 12/31/25 (%)	1-YR	5-YR	10-YR
Investment Class	13.89	9.17	10.14
Russell 3000 Index	17.15	13.15	14.29
Russell Microcap Index	22.98	7.32	9.58
Russell 2000 Index	12.81	6.09	9.62

Visit www.royceinvest.com/funds for more recent performance information

 

Key Fund Statistics

As of/through 12/31/25

 

Net Assets (Millions)	$96
Number of Holdings	154
2025 Portfolio Turnover Rate	42%
Advisory Fees Paid in 2025 (Millions)	$1.2

 

 

ROYCE CAPITAL FUND—MICRO-CAP PORTFOLIO—INVESTMENT CLASS (RCMCX)

Annual Shareholder Report—December 31, 2025

 

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/25 (%)

 

Top 10 Positions
Establishment Labs Holdings	1.3
Natural Gas Services Group	1.3
LightPath Technologies Cl. A	1.3
Investar Holding	1.2
nLIGHT	1.2
NWPX Infrastructure	1.2
Bel Fuse Cl. B	1.2
RealReal	1.2
Digi International	1.1
Graham Corporation	1.1

Portfolio Sector Breakdown

 

 

Portfolio Sector Breakdown
Industrials	24.7
Information Technology	21.0
Financials	15.3
Health Care	12.8
Consumer Discretionary	10.6
Energy	4.6
Materials	4.2
Communication Services	2.3
Consumer Staples	0.8
Real Estate	0.4
Cash and Cash Equivalents	3.3

 

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

 

•   Prospectus •   Financial Information

•   Fund Holdings •   Proxy Voting Information

 

Householding

We will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to www.royceinvest.com for more details.

 

 

 

 

 

 

 

 

 

 

 

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. The Fund’s total returns do not reflect any deduction for charges or expenses of the variable contracts investing in the Fund. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell Microcap Index includes 1,000 of the smallest securities in the small-cap Russell 2000 Index, along with the next smallest eligible securities as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

 

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED       RCM-IC-ATSR-1225

 

 

	The Royce Funds	December 31, 2025
	Royce Capital Fund—Micro-Cap Portfolio Service Class—RCMSX

 

Annual Shareholder Report

This annual shareholder report contains important information about Royce Capital Fund—Micro-Cap Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www. royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

 You can find additional information about the Fund at www. royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

 

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Capital Fund—Micro-Cap Portfolio—Service Class	$162	1.52%

 

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

 

•

Royce Capital Fund - Micro-Cap Portfolio advanced 13.58% for the year, lagging its benchmark, the Russell Microcap Index, which was up 22.98% for the same period.

 

•

The Fund’s disadvantage versus its benchmark was primarily attributable to sector allocation.

 

Top Contributors to Performance

 

The sectors making the largest positive contributions were Industrials, Financials, and Information Technology.

 

At the industry level, electronic equipment, instruments & components (Information Technology), banks (Financials), and aerospace & defense (Industrials) contributed most.

 

The Fund’s top contributor was nLIGHT.

 

Stock selection within Financials contributed most to relative results versus the Russell Microcap Index.

 

Top Detractors from Performance

 

The sectors making the largest detractions were Consumer Discretionary, Real Estate, and Health Care.

 

At the industry level, professional services (Industrials), life sciences tools & services (Health Care), and software (Information Technology) were the largest detractors.

 

The Fund’s top detractor was American Outdoor Brands.

 

Stock selection within Health Care detracted most from relative results versus the Russell Microcap Index.

 

 

ROYCE CAPITAL FUND—MICRO-CAP PORTFOLIO—SERVICE CLASS (RCMSX)

Annual Shareholder Report—December 31, 2025

 

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

 

Cumulative Performance: Value of $10,000

Invested from 12/31/15 through 12/31/25 ($)

 

 

Investment_Value_Date	Royce Capital Fund—Micro-Cap Portfolio—Service Class	Russell 3000 Index	Russell Microcap Index	Russell 2000 Index
31-12-2015	10000	10000	10000	10000
31-01-2016	9250	9436	8965	9121
29-02-2016	9315	9433	8831	9120
31-03-2016	9957	10097	9457	9848
30-04-2016	10152	10159	9763	10003
31-05-2016	10087	10341	9890	10228
30-06-2016	9989	10362	9832	10222
31-07-2016	10554	10774	10346	10832
31-08-2016	10663	10801	10626	11023
30-09-2016	10804	10818	10938	11146
31-10-2016	10424	10584	10314	10616
30-11-2016	11500	11058	11512	11800
31-12-2016	11937	11274	12037	12131
31-01-2017	11752	11486	11855	12179
28-02-2017	11763	11913	11979	12414
31-03-2017	11839	11921	12083	12430
30-04-2017	11905	12047	12207	12566
31-05-2017	11675	12171	11927	12311
30-06-2017	12134	12280	12546	12736
31-07-2017	12101	12512	12476	12831
31-08-2017	11850	12536	12372	12668
30-09-2017	12702	12842	13380	13458
31-10-2017	12571	13122	13359	13573
30-11-2017	12647	13521	13686	13964
31-12-2017	12536	13656	13622	13908
31-01-2018	12647	14375	13956	14271
28-02-2018	12242	13846	13514	13718
31-03-2018	12549	13568	13714	13896
30-04-2018	12573	13619	13886	14016
31-05-2018	13592	14004	14888	14867
30-06-2018	13801	14095	15081	14973
31-07-2018	13899	14563	15071	15234
31-08-2018	14538	15074	15719	15891
30-09-2018	14169	15099	15207	15509
31-10-2018	12733	13988	13549	13824
30-11-2018	12671	14268	13462	14044
31-12-2018	11372	12940	11840	12376
31-01-2019	12445	14051	13082	13768
28-02-2019	13039	14545	13798	14484
31-03-2019	12458	14757	13391	14181
30-04-2019	12897	15346	13646	14662
31-05-2019	11889	14353	12721	13522
30-06-2019	12574	15361	13515	14478
31-07-2019	12458	15590	13331	14561
31-08-2019	11760	15272	12492	13842
30-09-2019	12277	15540	12777	14130
31-10-2019	12665	15874	13105	14502
30-11-2019	13052	16478	13713	15099
31-12-2019	13560	16954	14496	15535
31-01-2020	13133	16935	13820	15037
29-02-2020	12082	15549	12875	13771
31-03-2020	9225	13410	9859	10779
30-04-2020	10959	15187	11360	12259
31-05-2020	11385	15999	12113	13057
30-06-2020	11996	16364	12870	13519
31-07-2020	12252	17294	13007	13893
31-08-2020	12807	18546	13782	14676
30-09-2020	12352	17871	13345	14185
31-10-2020	12608	17485	13517	14482
30-11-2020	15393	19613	16280	17152
31-12-2020	16754	20495	17534	18636
31-01-2021	17474	20404	20026	19573
28-02-2021	19577	21042	21233	20793
31-03-2021	19692	21796	21722	21002
30-04-2021	20312	22919	21780	21443
31-05-2021	20672	23024	22136	21487
30-06-2021	20931	23592	22622	21904
31-07-2021	20787	23991	21374	21113
31-08-2021	20989	24675	22141	21585
30-09-2021	20370	23568	21495	20949
31-10-2021	21464	25161	21971	21840
30-11-2021	20975	24778	20819	20930
31-12-2021	21700	25754	20924	21397
31-01-2022	19420	24239	18879	19337
28-02-2022	19344	23628	19072	19544
31-03-2022	19012	24395	19335	19787
30-04-2022	17003	22206	17330	17826
31-05-2022	17109	22176	17262	17853
30-06-2022	15584	20321	15669	16385
31-07-2022	17321	22227	17230	18095
31-08-2022	16837	21397	17258	17725
30-09-2022	15025	19413	15594	16026
31-10-2022	16596	21005	17073	17790
30-11-2022	17487	22102	17058	18206
31-12-2022	16785	20808	16330	17024
31-01-2023	18488	22241	17939	18684
28-02-2023	18398	21721	17418	18368
31-03-2023	17188	22302	15869	17491
30-04-2023	16314	22539	15458	17176
31-05-2023	16673	22627	15676	17017
30-06-2023	18309	24172	16709	18401
31-07-2023	19250	25039	17601	19526
31-08-2023	18757	24555	16431	18549
30-09-2023	17704	23386	15383	17457
31-10-2023	16404	22766	14272	16267
30-11-2023	17771	24888	15624	17739
31-12-2023	19900	26209	17854	19906
31-01-2024	19093	26499	17162	19132
29-02-2024	20258	27933	18230	20214
31-03-2024	20796	28835	18690	20938
30-04-2024	19295	27566	17239	19464
31-05-2024	20863	28868	18112	20440
30-06-2024	20460	29762	17704	20251
31-07-2024	22387	30315	19806	22309
31-08-2024	21827	30975	19262	21976
30-09-2024	21491	31616	19171	22129
31-10-2024	20908	31384	19303	21810
30-11-2024	23709	33471	21549	24202
31-12-2024	22543	32448	20301	22203
31-01-2025	22614	33473	20328	22785
28-02-2025	21273	32831	19218	21567
31-03-2025	19165	30916	17380	20099
30-04-2025	18686	30709	17300	19634
31-05-2025	20339	32655	18676	20683
30-06-2025	22087	34314	20077	21807
31-07-2025	22614	35070	20494	22185
31-08-2025	24195	35881	22391	23770
30-09-2025	24962	37120	23497	24510
31-10-2025	25489	37915	24557	24953
30-11-2025	25178	38019	24819	25193
31-12-2025	25603	38012	24966	25047

 

Average Annual Total Returns

Through 12/31/25 (%)	1-YR	5-YR	10-YR
Service Class	13.58	8.85	9.86
Russell 3000 Index	17.15	13.15	14.29
Russell Microcap Index	22.98	7.32	9.58
Russell 2000 Index	12.81	6.09	9.62
Visit www.royceinvest.com/funds for more recent performance information

 

Key Fund Statistics

As of/through 12/31/25

 

Net Assets (Millions)	$96
Number of Holdings	154
2025 Portfolio Turnover Rate	42%
Advisory Fees Paid in 2025 (Millions)	$1.2

 

 

ROYCE CAPITAL FUND—MICRO-CAP PORTFOLIO—SERVICE CLASS (RCMSX)

Annual Shareholder Report—December 31, 2025

 

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/25 (%)

 

Top 10 Positions
Establishment Labs Holdings	1.3
Natural Gas Services Group	1.3
LightPath Technologies Cl. A	1.3
Investar Holding	1.2
nLIGHT	1.2
NWPX Infrastructure	1.2
Bel Fuse Cl. B	1.2
RealReal	1.2
Digi International	1.1
Graham Corporation	1.1

 

Portfolio Sector Breakdown
Industrials	24.7
Information Technology	21.0
Financials	15.3
Health Care	12.8
Consumer Discretionary	10.6
Energy	4.6
Materials	4.2
Communication Services	2.3
Consumer Staples	0.8
Real Estate	0.4
Cash and Cash Equivalents	3.3

 

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

 

•   Prospectus •   Financial Information

•   Fund Holdings •   Proxy Voting Information

 

Householding

We will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to www.royceinvest.com for more details.

 

 

 

 

 

 

 

 

 

 

 

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. The Fund’s total returns do not reflect any deduction for charges or expenses of the variable contracts investing in the Fund. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell Microcap Index includes 1,000 of the smallest securities in the small-cap Russell 2000 Index, along with the next smallest eligible securities as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

 

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED       RCM-SC-ATSR-1225

 

 

	The Royce Funds	December 31, 2025
	Royce Capital Fund—Small-Cap Portfolio Investment Class—RCPFX

 

Annual Shareholder Report

This annual shareholder report contains important information about Royce Capital Fund—Small-Cap Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

 You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

 

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Capital Fund—Small-Cap Portfolio—Investment Class	$123	1.18%

 

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

 

•

Royce Capital Fund—Small-Cap Portfolio advanced 8.93% for the year, lagging its benchmark, the Russell 2000 Value Index, which was up 12.59% for the same period.

 

•

The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

 

Top Contributors to Performance

 

The sectors making the largest positive contributions were Information Technology, Financials, and Industrials.

 

At the industry level, electronic equipment, instruments & components (Information Technology), banks (Financials), and commercial services & supplies (Industrials) contributed most.

 

The Fund’s top contributor was Sanmina Corporation.

 

Stock selection within Information Technology contributed most to relative results versus the Russell 2000 Value Index.

 

Top Detractors from Performance

 

The sectors making the largest detractions were Energy, Consumer Discretionary, and Real Estate.

 

At the industry level, oil, gas & consumable fuels (Energy), specialty retail (Consumer Discretionary), and ground transportation (Industrials) were the largest detractors.

 

The Fund’s top detractor was SM Energy.

 

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

 

 

ROYCE CAPITAL FUND—SMALL-CAP PORTFOLIO—INVESTMENT CLASS (RCPFX)

Annual Shareholder Report—December 31, 2025

 

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

 

Cumulative Performance: Value of $10,000

Invested from 12/31/15 through 12/31/25 ($)

 

Investment_Value_Date	Royce Capital Fund—Small-Cap Portfolio—Investment Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2015	10000	10000	10000	10000
31-01-2016	9775	9436	9328	9121
29-02-2016	10154	9433	9392	9120
31-03-2016	10913	10097	10170	9848
30-04-2016	10593	10159	10386	10003
31-05-2016	10261	10341	10576	10228
30-06-2016	10297	10362	10608	10222
31-07-2016	10830	10774	11181	10832
31-08-2016	10902	10801	11458	11023
30-09-2016	10724	10818	11549	11146
31-10-2016	10273	10584	11169	10616
30-11-2016	11613	11058	12652	11800
31-12-2016	12096	11274	13174	12131
31-01-2017	11823	11486	13080	12179
28-02-2017	11880	11913	13269	12414
31-03-2017	11923	11921	13157	12430
30-04-2017	11779	12047	13209	12566
31-05-2017	11262	12171	12797	12311
30-06-2017	11592	12280	13245	12736
31-07-2017	11405	12512	13329	12831
31-08-2017	11218	12536	13001	12668
30-09-2017	12182	12842	13922	13458
31-10-2017	12211	13122	13940	13573
30-11-2017	12829	13521	14344	13964
31-12-2017	12746	13656	14207	13908
31-01-2018	12790	14375	14382	14271
28-02-2018	12354	13846	13663	13718
31-03-2018	12674	13568	13832	13896
30-04-2018	12616	13619	14071	14016
31-05-2018	13516	14004	14890	14867
30-06-2018	13646	14095	14980	14973
31-07-2018	14009	14563	15245	15234
31-08-2018	14503	15074	15608	15891
30-09-2018	13733	15099	15221	15509
31-10-2018	12703	13988	13858	13824
30-11-2018	13080	14268	14081	14044
31-12-2018	11683	12940	12379	12376
31-01-2019	12945	14051	13733	13768
28-02-2019	13554	14545	14267	14484
31-03-2019	12782	14757	13856	14181
30-04-2019	13450	15346	14380	14662
31-05-2019	11698	14353	13205	13522
30-06-2019	12678	15361	14046	14478
31-07-2019	12871	15590	14069	14561
31-08-2019	12217	15272	13284	13842
30-09-2019	12945	15540	13966	14130
31-10-2019	13153	15874	14304	14502
30-11-2019	13509	16478	14639	15099
31-12-2019	13864	16954	15151	15535
31-01-2020	12967	16935	14334	15037
29-02-2020	11274	15549	12941	13771
31-03-2020	8413	13410	9748	10779
30-04-2020	9310	15187	10951	12259
31-05-2020	9649	15999	11265	13057
30-06-2020	9920	16364	11591	13519
31-07-2020	9937	17294	11830	13893
31-08-2020	10597	18546	12468	14676
30-09-2020	10174	17871	11887	14185
31-10-2020	10461	17485	12313	14482
30-11-2020	12120	19613	14690	17152
31-12-2020	12872	20495	15853	18636
31-01-2021	13168	20404	16688	19573
28-02-2021	14557	21042	18255	20793
31-03-2021	15565	21796	19209	21002
30-04-2021	16173	22919	19598	21443
31-05-2021	16364	23024	20208	21487
30-06-2021	15895	23592	20085	21904
31-07-2021	15652	23991	19366	21113
31-08-2021	15964	24675	19885	21585
30-09-2021	15322	23568	19486	20949
31-10-2021	15808	25161	20229	21840
30-11-2021	15634	24778	19538	20930
31-12-2021	16582	25754	20335	21397
31-01-2022	15436	24239	19150	19337
28-02-2022	15295	23628	19467	19544
31-03-2022	15066	24395	19847	19787
30-04-2022	14220	22206	18307	17826
31-05-2022	14661	22176	18658	17853
30-06-2022	13428	20321	16815	16385
31-07-2022	14943	22227	18443	18095
31-08-2022	14626	21397	17860	17725
30-09-2022	13269	19413	16040	16026
31-10-2022	14996	21005	18059	17790
30-11-2022	16124	22102	18611	18206
31-12-2022	15057	20808	17390	17024
31-01-2023	16336	22241	19050	18684
28-02-2023	16210	21721	18610	18368
31-03-2023	15543	22302	17276	17491
30-04-2023	14859	22539	16845	17176
31-05-2023	14769	22627	16514	17017
30-06-2023	16282	24172	17825	18401
31-07-2023	17164	25039	19171	19526
31-08-2023	16930	24555	18248	18549
30-09-2023	16336	23386	17298	17457
31-10-2023	15777	22766	16266	16267
30-11-2023	16876	24888	17730	17739
31-12-2023	18961	26209	19937	19906
31-01-2024	18190	26499	19031	19132
29-02-2024	18763	27933	19654	20214
31-03-2024	19672	28835	20515	20938
30-04-2024	18407	27566	19208	19464
31-05-2024	19158	28868	20107	20440
30-06-2024	18447	29762	19768	20251
31-07-2024	20760	30315	22177	22309
31-08-2024	20028	30975	21761	21976
30-09-2024	20009	31616	21774	22129
31-10-2024	19475	31384	21434	21810
30-11-2024	21116	33471	23501	24202
31-12-2024	19606	32448	21543	22203
31-01-2025	19898	33473	21985	22785
28-02-2025	18461	32831	21144	21567
31-03-2025	17525	30916	19875	20099
30-04-2025	16900	30709	19077	19634
31-05-2025	17650	32655	19878	20683
30-06-2025	18607	34314	20862	21807
31-07-2025	18857	35070	21230	22185
31-08-2025	20980	35881	23028	23770
30-09-2025	20813	37120	23491	24510
31-10-2025	20501	37915	23550	24953
30-11-2025	21292	38019	24212	25193
31-12-2025	21357	38012	24256	25047

  

Average Annual Total Returns

Through 12/31/25 (%)	1-YR	5-YR	10-YR
Investment Class	8.93	10.66	7.88
Russell 3000 Index	17.15	13.15	14.29
Russell 2000 Value Index	12.59	8.88	9.27
Russell 2000 Index	12.81	6.09	9.62
Visit www.royceinvest.com/funds for more recent performance information

 

Key Fund Statistics

As of/through 12/31/25

 

Net Assets (Millions)	$174
Number of Holdings	80
2025 Portfolio Turnover Rate	79%
Advisory Fees Paid in 2025 (Millions)	$2.2

 

 

ROYCE CAPITAL FUND—SMALL-CAP PORTFOLIO—INVESTMENT CLASS (RCPFX)

Annual Shareholder Report—December 31, 2025

 

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/25 (%)

 

Top 10 Positions
Diebold Nixdorf	2.0
Lear Corporation	2.0
IBEX	2.0
Catalyst Pharmaceuticals	1.9
TD SYNNEX	1.8
Timberland Bancorp	1.8
Unity Bancorp	1.8
M/I Homes	1.8
Buckle (The)	1.8
PulteGroup	1.8

 

Portfolio Sector Breakdown
Financials	27.9
Consumer Discretionary	22.3
Industrials	14.0
Information Technology	13.5
Health Care	10.9
Energy	7.3
Consumer Staples	1.7
Materials	1.4
Cash and Cash Equivalents	1.0

 

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

 

•   Prospectus •   Financial Information

•   Fund Holdings •   Proxy Voting Information

 

Householding

We will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to www.royceinvest.com for more details.

 

 

 

 

 

 

 

 

 

 

 

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. The Fund’s total returns do not reflect any deduction for charges or expenses of the variable contracts investing in the Fund. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

 

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED       RCS-IC-ATSR-1225

 

 

	The Royce Funds	December 31, 2025
	Royce Capital Fund—Small-Cap Portfolio Service Class—RCSSX

 

Annual Shareholder Report

This annual shareholder report contains important information about Royce Capital Fund—Small-Cap Portfolio for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268.

You can find additional information about the Fund at www.royceinvest.com/literature. You can also request this information by contacting us at 1-800-221-4268. 

What Were the Fund’s Costs for the Last Year?

Based on a hypothetical $10,000 investment

 

	COSTS OF A	COSTS PAID AS A PERCENTAGE
FUND/CLASS	$10,000 INVESTMENT	OF A $10,000 INVESTMENT
Royce Capital Fund—Small-Cap Portfolio—Service Class	$150	1.44%

 

How Did the Fund Perform Last Year? What Affected the Fund’s Performance?

 

•

Royce Capital Fund—Small-Cap Portfolio advanced 8.73% for the year, lagging its benchmark, the Russell 2000 Value Index, which was up 12.59% for the same period.

 

•

The Fund’s disadvantage versus its benchmark was primarily attributable to stock selection.

 

Top Contributors to Performance

 

The sectors making the largest positive contributions were Information Technology, Financials, and Industrials.

 

At the industry level, electronic equipment, instruments & components (Information Technology), banks (Financials), and commercial services & supplies (Industrials) contributed most.

 

The Fund’s top contributor was Sanmina Corporation.

 

Stock selection within Information Technology contributed most to relative results versus the Russell 2000 Value Index.

 

Top Detractors from Performance

 

The sectors making the largest detractions were Energy, Consumer Discretionary, and Real Estate.

 

At the industry level, oil, gas & consumable fuels (Energy), specialty retail (Consumer Discretionary), and ground transportation (Industrials) were the largest detractors.

 

The Fund’s top detractor was SM Energy.

 

Stock selection within Consumer Discretionary detracted most from relative results versus the Russell 2000 Value Index.

 

 

ROYCE CAPITAL FUND—SMALL-CAP PORTFOLIO—SERVICE CLASS (RCSSX)

Annual Shareholder Report—December 31, 2025

 

How Did the Fund Perform Over the Past 10 Years?

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

 

Cumulative Performance: Value of $10,000

Invested from 12/31/15 through 12/31/25 ($)

 

 

 

Investment_Value_Date	Royce Capital Fund—Small-Cap Portfolio—Service Class	Russell 3000 Index	Russell 2000 Value Index	Russell 2000 Index
31-12-2015	10000	10000	10000	10000
31-01-2016	9782	9436	9328	9121
29-02-2016	10145	9433	9392	9120
31-03-2016	10907	10097	10170	9848
30-04-2016	10593	10159	10386	10003
31-05-2016	10242	10341	10576	10228
30-06-2016	10278	10362	10608	10222
31-07-2016	10822	10774	11181	10832
31-08-2016	10883	10801	11458	11023
30-09-2016	10701	10818	11549	11146
31-10-2016	10254	10584	11169	10616
30-11-2016	11584	11058	12652	11800
31-12-2016	12053	11274	13174	12131
31-01-2017	11789	11486	13080	12179
28-02-2017	11848	11913	13269	12414
31-03-2017	11877	11921	13157	12430
30-04-2017	11745	12047	13209	12566
31-05-2017	11230	12171	12797	12311
30-06-2017	11554	12280	13245	12736
31-07-2017	11363	12512	13329	12831
31-08-2017	11172	12536	13001	12668
30-09-2017	12127	12842	13922	13458
31-10-2017	12156	13122	13940	13573
30-11-2017	12774	13521	14344	13964
31-12-2017	12668	13656	14207	13908
31-01-2018	12727	14375	14382	14271
28-02-2018	12298	13846	13663	13718
31-03-2018	12609	13568	13832	13896
30-04-2018	12535	13619	14071	14016
31-05-2018	13439	14004	14890	14867
30-06-2018	13557	14095	14980	14973
31-07-2018	13913	14563	15245	15234
31-08-2018	14402	15074	15608	15891
30-09-2018	13646	15099	15221	15509
31-10-2018	12609	13988	13858	13824
30-11-2018	12979	14268	14081	14044
31-12-2018	11592	12940	12379	12376
31-01-2019	12843	14051	13733	13768
28-02-2019	13446	14545	14267	14484
31-03-2019	12677	14757	13856	14181
30-04-2019	13340	15346	14380	14662
31-05-2019	11592	14353	13205	13522
30-06-2019	12571	15361	14046	14478
31-07-2019	12752	15590	14069	14561
31-08-2019	12104	15272	13284	13842
30-09-2019	12828	15540	13966	14130
31-10-2019	13024	15874	14304	14502
30-11-2019	13385	16478	14639	15099
31-12-2019	13729	16954	15151	15535
31-01-2020	12821	16935	14334	15037
29-02-2020	11141	15549	12941	13771
31-03-2020	8313	13410	9748	10779
30-04-2020	9204	15187	10951	12259
31-05-2020	9547	15999	11265	13057
30-06-2020	9804	16364	11591	13519
31-07-2020	9821	17294	11830	13893
31-08-2020	10472	18546	12468	14676
30-09-2020	10061	17871	11887	14185
31-10-2020	10335	17485	12313	14482
30-11-2020	11981	19613	14690	17152
31-12-2020	12723	20495	15853	18636
31-01-2021	13004	20404	16688	19573
28-02-2021	14373	21042	18255	20793
31-03-2021	15373	21796	19209	21002
30-04-2021	15952	22919	19598	21443
31-05-2021	16145	23024	20208	21487
30-06-2021	15671	23592	20085	21904
31-07-2021	15443	23991	19366	21113
31-08-2021	15742	24675	19885	21585
30-09-2021	15092	23568	19486	20949
31-10-2021	15584	25161	20229	21840
30-11-2021	15408	24778	19538	20930
31-12-2021	16342	25754	20335	21397
31-01-2022	15188	24239	19150	19337
28-02-2022	15063	23628	19467	19544
31-03-2022	14832	24395	19847	19787
30-04-2022	13997	22206	18307	17826
31-05-2022	14424	22176	18658	17853
30-06-2022	13198	20321	16815	16385
31-07-2022	14708	22227	18443	18095
31-08-2022	14388	21397	17860	17725
30-09-2022	13056	19413	16040	16026
31-10-2022	14744	21005	18059	17790
30-11-2022	15845	22102	18611	18206
31-12-2022	14804	20808	17390	17024
31-01-2023	16052	22241	19050	18684
28-02-2023	15926	21721	18610	18368
31-03-2023	15274	22302	17276	17491
30-04-2023	14587	22539	16845	17176
31-05-2023	14496	22627	16514	17017
30-06-2023	15980	24172	17825	18401
31-07-2023	16849	25039	19171	19526
31-08-2023	16613	24555	18248	18549
30-09-2023	16016	23386	17298	17457
31-10-2023	15473	22766	16266	16267
30-11-2023	16559	24888	17730	17739
31-12-2023	18583	26209	19937	19906
31-01-2024	17829	26499	19031	19132
29-02-2024	18385	27933	19654	20214
31-03-2024	19277	28835	20515	20938
30-04-2024	18028	27566	19208	19464
31-05-2024	18762	28868	20107	20440
30-06-2024	18067	29762	19768	20251
31-07-2024	20328	30315	22177	22309
31-08-2024	19595	30975	21761	21976
30-09-2024	19595	31616	21774	22129
31-10-2024	19059	31384	21434	21810
30-11-2024	20666	33471	23501	24202
31-12-2024	19189	32448	21543	22203
31-01-2025	19460	33473	21985	22785
28-02-2025	18064	32831	21144	21567
31-03-2025	17126	30916	19875	20099
30-04-2025	16501	30709	19077	19634
31-05-2025	17251	32655	19878	20683
30-06-2025	18189	34314	20862	21807
31-07-2025	18418	35070	21230	22185
31-08-2025	20481	35881	23028	23770
30-09-2025	20314	37120	23491	24510
31-10-2025	20022	37915	23550	24953
30-11-2025	20772	38019	24212	25193
31-12-2025	20863	38012	24256	25047

 

Average Annual Total Returns

Through 12/31/25 (%)	1-YR	5-YR	10-YR
Service Class	8.73	10.40	7.63
Russell 3000 Index	17.15	13.15	14.29
Russell 2000 Value Index	12.59	8.88	9.27
Russell 2000 Index	12.81	6.09	9.62
Visit www.royceinvest.com/funds for more recent performance information

 

Key Fund Statistics

As of/through 12/31/25

 

Net Assets (Millions)	$174
Number of Holdings	80
2025 Portfolio Turnover Rate	79%
Advisory Fees Paid in 2025 (Millions)	$2.2

 

 

ROYCE CAPITAL FUND—SMALL-CAP PORTFOLIO—SERVICE CLASS (RCSSX)

Annual Shareholder Report—December 31, 2025

 

What Did the Fund Invest In?

Representing percentage of total net assets of the Fund as of 12/31/25 (%)

 

Top 10 Positions
Diebold Nixdorf	2.0
Lear Corporation	2.0
IBEX	2.0
Catalyst Pharmaceuticals	1.9
TD SYNNEX	1.8
Timberland Bancorp	1.8
Unity Bancorp	1.8
M/I Homes	1.8
Buckle (The)	1.8
PulteGroup	1.8

 

Sector Breakdown
Financials	27.9
Consumer Discretionary	22.3
Industrials	14.0
Information Technology	13.5
Health Care	10.9
Energy	7.3
Consumer Staples	1.7
Materials	1.4
Cash and Cash Equivalents	1.0

 

Where Can I Find Additional Information About the Fund?

Additional information is available at www.royceinvest.com/literature, including its:

 

•   Prospectus •   Financial Information

•   Fund Holdings •   Proxy Voting Information

 

Householding

We will deliver a single copy of prospectuses, proxies, financial reports, and other communications to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-221-4268. Please allow 30 days for your request to be processed. Shareholders may also elect to receive these reports electronically. Please go to www.royceinvest.com for more details.

 

 

 

 

 

 

 

 

 

 

 

Important Performance and Other Information

All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions, and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current month-end performance may be higher or lower than performance quoted and may be obtained at www.royceinvest.com. The Fund’s total returns do not reflect any deduction for charges or expenses of the variable contracts investing in the Fund. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The Russell 3000 Index is an unmanaged, capitalization-weighted index of domestic stocks. It measures the performance of the largest 3,000 publicly traded U.S. companies. The Russell 2000 Value Index consists of the respective value stocks within the Russell 2000 Index as determined by Russell Investments. The Russell 2000 Index is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI. Distributor: Royce Fund Services, LLC.

 

NOT FDIC INSURED • MAY LOSE VALUE • NOT BANK GUARANTEED       RCS-SC-ATSR-1225

 

Item 2. Code(s) of Ethics.

 

As of the end of the period covered by this report, the Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the Registrant did not: (i) amend any provision of its code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions or (ii) grant any waiver, including an implicit waiver, from a provision of such code of ethics to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

 

Item 3. Audit Committee Financial Expert.

 

(a)(1)

The Board of Trustees of the Registrant has determined that it has an audit committee financial expert serving on its Audit Committee.

 

(a)(2)

Patricia W. Chadwick and Julia W. Poston were designated by the Board of Trustees as the Registrant’s Audit Committee Financial Experts, effective April 8, 2010, and July 13, 2023, respectively. Ms. Chadwick and Ms. Poston are “independent” as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the “1940 Act”).

 

Item 4. Principal Accountant Fees and Services.

 

(a)

Audit Fees:

Year ended December 31, 2025 – $53,460 

Year ended December 31, 2024 - $51,902

 

(b)

Audit-Related Fees:

Year ended December 31, 2025 - $0 

Year ended December 31, 2024 - $0

 

(c)

Tax Fees:

Year ended December 31, 2025 - $22,373 – Preparation of tax returns and excise tax review 

Year ended December 31, 2024 - $21,721 – Preparation of tax returns and excise tax review

 

(d)

All Other Fees:

Year ended December 31, 2025 - $0 

Year ended December 31, 2024 - $0

 

(e)(1)

Annual Pre-Approval: On an annual basis, the Registrant’s independent auditor submits to the Audit Committee a schedule of proposed audit, audit-related, tax and other non-audit services to be rendered to the Registrant and/or its investment adviser and its affiliates for the following year that require pre-approval by the Audit Committee. This schedule provides a description of each type of service that is expected to require pre-approval and the maximum fees that can be paid for each such service without further Audit Committee approval. The Audit Committee then reviews and determines whether to approve the types of scheduled services and the projected fees associated with them. Any subsequent revision to already pre-approved services or fees are presented for consideration at the next regularly scheduled Audit Committee meeting, as needed.

 

If subsequent to the annual pre-approval of services and fees by the Audit Committee, the Registrant and/or its investment adviser and its affiliates determines that it would like to engage the Registrant’s independent auditor to perform a service not already pre-approved, the request is to be submitted to the Registrant’s Chief Financial Officer, and if he or she determines that the service fits within the independence guidelines (i.e., it is not a prohibited service), he or she will then arrange for a discussion of the proposed service and fee to be included on the agenda for the next regularly scheduled Audit Committee meeting so that pre-approval can be considered.

 

 

Interim Pre-Approval: If, in the judgment of the Registrant's Chief Financial Officer, a proposed engagement needs to commence before the next regularly scheduled Audit Committee meeting, he or she shall submit a written summary of the proposed engagement to all members of the Audit Committee, outlining the services, the estimated maximum cost, the category of the services (e.g., audit, audit-related, tax or other) and the rationale for engaging the Registrant’s independent auditor to perform the services. To the extent the proposed engagement involves audit, audit-related or tax services, any individual member of the Audit Committee who is an independent Board member is authorized to pre-approve the engagement. To the extent the proposed engagement involves non-audit services other than audit-related or tax, only the Chairman of the Audit Committee is authorized to pre-approve the engagement. The Registrant’s Chief Financial Officer will arrange for this interim review and coordinate with the appropriate member(s) of the Audit Committee. The Registrant’s independent auditor may not commence the engagement under consideration until the Registrant’s Chief Financial Officer has informed the auditor in writing that the required pre-approval has been obtained from an individual member of the Audit Committee who is an independent Board member or the Chairman of the Audit Committee, as applicable. Each member of the Audit Committee who pre-approves any engagements in between regularly scheduled Audit Committee meetings is to report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regularly scheduled meeting.

 

(e)(2)

Not Applicable

 

(f)

Not Applicable

 

(g)

Non-Audit Fees:

Year ended December 31, 2025 - $22,373 

Year ended December 31, 2024 - $21,721

 

(h)

No such services were rendered during 2025 or 2024.

 

(i)

Not Applicable

 

(j)

Not Applicable

 

Item 5. Audit Committee of Listed Registrants. Not Applicable.

 

Item 6. Investments.

 

(a)

Please see the Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

 

(b)

Not Applicable.

 

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. 

 

	Royce Capital Fund

  

Financial Statements and Other Important Information   Annual—December 31, 2025           Royce Capital Fund—Micro-Cap Portfolio   Royce Capital Fund—Small-Cap Portfolio

 

 

Schedules of Investments

December 31, 2025

 

Royce Capital Fund - Micro-Cap Portfolio

Common Stocks – 96.7%

 

		SHARES				VALUE
COMMUNICATION SERVICES – 2.3%
ENTERTAINMENT - 1.0%
IMAX Corporation 1			25,265			$	933,794
INTERACTIVE MEDIA & SERVICES - 0.8%
DHI Group 1			77,148				119,579
QuinStreet 1			45,987				660,833
							780,412
MEDIA - 0.5%
Magnite 1			31,720				514,816
Total (Cost $839,717)							2,229,022
CONSUMER DISCRETIONARY – 10.6%
AUTOMOBILE COMPONENTS - 0.4%
Stoneridge 1			68,997				399,493
DIVERSIFIED CONSUMER SERVICES - 1.9%
Legacy Education 1			81,917				834,734
Lincoln Educational Services 1			41,816				1,009,857
							1,844,591
HOTELS, RESTAURANTS & LEISURE - 1.7%
Century Casinos 1			149,217				198,459
†First Watch Restaurant Group 1			12,299				185,469
Lindblad Expeditions Holdings 1			67,135				968,087
†Target Hospitality 1			32,256				258,370
							1,610,385
HOUSEHOLD DURABLES - 1.4%
Hovnanian Enterprises Cl. A 1			3,492				340,610
Legacy Housing 1			33,004				644,238
LGI Homes 1			8,065				346,472
							1,331,320
LEISURE PRODUCTS - 1.2%
American Outdoor Brands 1			77,862				601,873
MasterCraft Boat Holdings 1			28,122				531,787
							1,133,660
SPECIALTY RETAIL - 3.6%
Bed Bath & Beyond 1			69,197				377,816
Citi Trends 1			23,579				979,943
†J.Jill			17,917				245,821
OneWater Marine Cl. A 1			45,262				489,735
RealReal 1			70,145				1,106,888
Shoe Carnival			13,939				235,290
							3,435,493
TEXTILES, APPAREL & LUXURY GOODS - 0.4%
Lakeland Industries			39,067				345,352
Total (Cost $9,012,681)							10,100,294
CONSUMER STAPLES – 0.8%
FOOD PRODUCTS - 0.8%
Seneca Foods Cl. A 1			6,736				745,204
Total (Cost $358,196)							745,204
ENERGY – 4.6%
ENERGY EQUIPMENT & SERVICES - 4.1%
Natural Gas Services Group			35,835				1,205,848
NPK International 1			80,760				962,659
Pason Systems			72,779				635,765
Ranger Energy Services Cl. A			40,707				569,084
†Select Water Solutions Cl. A			52,727				554,688
							3,928,044
OIL, GAS & CONSUMABLE FUELS - 0.5%
SandRidge Energy			32,732				472,323
Total (Cost $2,283,078)							4,400,367
FINANCIALS – 15.3%
BANKS - 9.7%
BayCom Corp.			23,355				686,637
†Chain Bridge Bancorp Cl. A 1			18,375				636,510
†Coastal Financial 1			6,263				717,677
Customers Bancorp 1			13,361				976,956
†Esquire Financial Holdings			5,313				542,298
HBT Financial			22,393				578,859
†Hingham Institution for Savings			2,160				613,354
HomeTrust Bancshares			13,887				596,308
Investar Holding			43,694				1,167,504
Midway Investments 1,2			1,751,577				0
†Northeast Bank			7,192				747,464
Stellar Bancorp			29,252				905,057
†West Coast Community Bancorp 3			1,557				68,119
Western New England Bancorp			82,532				1,041,554
							9,278,297
CAPITAL MARKETS - 3.3%
Canaccord Genuity Group			94,613				762,391
Oppenheimer Holdings Cl. A			9,987				721,960
†Perella Weinberg Partners Cl. A			10,231				176,996
Silvercrest Asset Management Group Cl. A			33,030				501,726
Sprott			9,877				967,443
							3,130,516
CONSUMER FINANCE - 1.1%
EZCORP Cl. A 1			52,910				1,027,512
FINANCIAL SERVICES - 0.3%
Cass Information Systems			498				20,677
Repay Holdings Cl. A 1			82,835				302,348
							323,025
INSURANCE - 0.9%
†International General Insurance Holdings			34,160				857,074
Total (Cost $9,955,148)							14,616,424
HEALTH CARE – 12.8%
BIOTECHNOLOGY - 1.4%
†Absci Corporation 1,4			67,653				236,109
CareDx 1			33,491				630,970
†ORIC Pharmaceuticals 1			60,648				496,101
							1,363,180
HEALTH CARE EQUIPMENT & SUPPLIES - 4.7%
†AngioDynamics 1			16,734				214,865
Apyx Medical 1			215,125				752,938
Artivion 1			20,208				921,687
†Delcath Systems 1			14,274				144,167
Establishment Labs Holdings 1			17,645				1,285,968
Inogen 1			57,517				386,514
Profound Medical 1			97,087				761,813
							4,467,952
HEALTH CARE PROVIDERS & SERVICES - 0.9%
AMN Healthcare Services 1			38,350				604,396
Cross Country Healthcare 1			35,430				286,983
							891,379
HEALTH CARE TECHNOLOGY - 0.8%
†Simulations Plus 1			37,472				683,114

 

See Notes to Financial Statements

1

 

Schedules of Investments

December 31, 2025

 

Royce Capital Fund - Micro-Cap Portfolio (continued)

 

		SHARES				VALUE
HEALTH CARE (continued)
HEALTH CARE TECHNOLOGY (continued)
†SOPHiA GENETICS 1			15,288			$	71,395
							754,509
LIFE SCIENCES TOOLS & SERVICES - 3.4%
†Alpha Teknova 1,4			27,206				103,383
BioLife Solutions 1			32,301				781,038
†Cytek Biosciences 1			155,183				783,674
†Maravai LifeSciences Holdings Cl. A 1			162,808				529,126
Mesa Laboratories			9,226				724,241
†Standard BioTools 1			242,065				309,843
							3,231,305
PHARMACEUTICALS - 1.6%
†Esperion Therapeutics 1			157,777				583,775
Harrow 1,4			19,709				965,741
							1,549,516
Total (Cost $10,527,524)							12,257,841
INDUSTRIALS – 24.7%
AEROSPACE & DEFENSE - 2.4%
Astronics Corporation 1			18,109				982,232
CPI Aerostructures 1			95,135				376,735
Park Aerospace			45,224				965,080
							2,324,047
AIR FREIGHT & LOGISTICS - 1.0%
†Forward Air 1,4			20,058				501,450
Radiant Logistics 1			67,655				428,256
							929,706
BUILDING PRODUCTS - 1.0%
†Janus International Group 1			58,303				381,302
Quanex Building Products			39,766				611,601
							992,903
COMMERCIAL SERVICES & SUPPLIES - 4.4%
Acme United			19,360				780,402
CECO Environmental 1			16,648				996,383
Liquidity Services 1			29,489				893,811
Montrose Environmental Group 1			32,080				796,546
VSE Corporation			4,327				747,576
							4,214,718
CONSTRUCTION & ENGINEERING - 4.4%
Ameresco Cl. A 1			24,276				711,044
Bowman Consulting Group 1			5,965				196,964
Concrete Pumping Holdings			85,878				576,241
IES Holdings 1			2,084				810,718
†Limbach Holdings 1			10,560				822,096
NWPX Infrastructure 1			18,126				1,132,694
							4,249,757
ELECTRICAL EQUIPMENT - 1.7%
American Superconductor 1			12,925				371,981
†Hammond Power Solutions Cl. A			5,859				680,772
LSI Industries			29,228				535,457
							1,588,210
GROUND TRANSPORTATION - 0.7%
Covenant Logistics Group Cl. A			29,188				643,303
MACHINERY - 4.3%
†Aebi Schmidt Holding			33,071				418,348
Energy Recovery 1			30,636				413,280
Graham Corporation 1			16,613				1,067,053
Lindsay Corporation			4,137				487,628
Luxfer Holdings			69,016				933,787
†Perma-Pipe International Holdings 1			13,731				416,873
†Titan International 1			45,961				359,875
Westport Fuel Systems 1,4			21,083				33,100
							4,129,944
MARINE TRANSPORTATION - 0.5%
Clarkson 3			8,966				461,098
PROFESSIONAL SERVICES - 1.3%
Asure Software 1			18,231				171,736
Kforce			11,377				351,777
†Mistras Group 1			13,525				171,091
Resources Connection			41,750				210,420
TrueBlue 1			72,560				330,148
							1,235,172
TRADING COMPANIES & DISTRIBUTORS - 3.0%
Alta Equipment Group			55,386				254,776
Distribution Solutions Group 1			24,623				674,424
EVI Industries			26,763				659,440
Titan Machinery 1			34,569				519,918
Transcat 1			12,810				726,711
							2,835,269
Total (Cost $17,694,020)							23,604,127
INFORMATION TECHNOLOGY – 21.0%
COMMUNICATIONS EQUIPMENT - 4.3%
ADTRAN Holdings 1			89,925				781,448
Applied Optoelectronics 1,4			28,807				1,004,212
Clearfield 1			23,086				672,957
Digi International 1			24,735				1,070,778
NETGEAR 1			7,562				185,496
Ribbon Communications 1			134,633				387,743
							4,102,634
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 8.6%
Arlo Technologies 1			38,221				534,712
Bel Fuse Cl. B			6,553				1,111,585
Climb Global Solutions			6,902				709,457
†Kraken Robotics 1			36,423				169,835
LightPath Technologies Cl. A 1			111,233				1,201,316
Luna Innovations 1,3			39,687				43,656
nLIGHT 1			30,278				1,135,728
PAR Technology 1			13,238				480,275
Powerfleet 1			171,629				913,066
Richardson Electronics			84,658				921,079
SmartRent Cl. A 1			50,505				102,020
Vishay Precision Group 1			24,288				935,088
							8,257,817
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.3%
Aehr Test Systems 1,4			10,156				205,050
†Alpha and Omega Semiconductor 1			15,231				301,726
Camtek 1			6,715				714,107
Cohu 1			43,081				1,002,495
Ichor Holdings 1			54,705				1,008,213
inTEST Corporation 1			70,260				524,842
Kopin Corporation 1			374,717				876,838
Nova 1			2,562				841,335
NVE Corporation			2,966				175,973
†Penguin Solutions 1			18,948				370,623
Ultra Clean Holdings 1			35,644				902,862
							6,924,064

 

See Notes to Financial Statements

2

 

Schedules of Investments

December 31, 2025

 

Royce Capital Fund - Micro-Cap Portfolio (continued)

 

		SHARES				VALUE
INFORMATION TECHNOLOGY (continued)
SOFTWARE - 0.4%
†Similarweb 1			49,501			$	370,762
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.4%
AstroNova 1			44,164				382,019
Total (Cost $11,667,083)							20,037,296
MATERIALS – 4.2%
CHEMICALS - 1.5%
Core Molding Technologies 1			25,538				512,037
†5N Plus 1			70,883				915,119
							1,427,156
METALS & MINING - 2.7%
†Alphamin Resources			43,153				37,414
Altius Minerals			31,762				945,073
Ferroglobe			130,217				604,207
Major Drilling Group International 1			102,097				959,565
							2,546,259
Total (Cost $2,227,578)							3,973,415
REAL ESTATE – 0.4%
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.4%
Marcus & Millichap			13,482				367,924
Total (Cost $419,764)							367,924
TOTAL COMMON STOCKS
(Cost $64,984,789)							92,331,914
WARRANTS – 0.0%
CONSUMER DISCRETIONARY – 0.0%
SPECIALTY RETAIL - 0.0%
†Bed Bath & Beyond (Warrants) 1			3,769				2,488
Total (Cost $0)							2,488

 

COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.6%
Money Market Funds 
Federated Hermes Government Obligations Fund - Institutional Shares (7 day yield-3.63%) 

(Cost $578,080)			578,080				578,080
INVESTMENTS AT VALUE
(Cost $65,562,869)							92,912,482

 

REPURCHASE AGREEMENT– 3.4%

Fixed Income Clearing Corporation, 3.00% dated 12/31/25, due 1/2/26, maturity value
$3,260,132 (collateralized by obligations of U.S. Government Agencies, 2.75%
due 4/30/27, valued at $3,324,956)

(Cost $3,259,589)			3,259,589
TOTAL INVESTMENTS – 100.7%
(Cost $68,822,458)			96,172,071
LIABILITIES LESS CASH AND OTHER ASSETS – (0.7)%			(659,978)
NET ASSETS – 100.0%		$	95,512,093

 

Royce Capital Fund - Small-Cap Portfolio

Common Stocks – 99.0%

 

		SHARES				VALUE
CONSUMER DISCRETIONARY – 22.3%
AUTOMOBILE COMPONENTS - 5.0%
Gentex Corporation			113,861			$	2,649,546
Lear Corporation			29,640				3,396,744
Visteon Corporation			28,541				2,714,249
							8,760,539
DIVERSIFIED CONSUMER SERVICES - 1.9%
frontdoor 1			33,006				1,904,116
†Stride 1			22,100				1,434,953
							3,339,069
HOTELS, RESTAURANTS & LEISURE - 0.8%
†Boyd Gaming			16,556				1,411,233
HOUSEHOLD DURABLES - 6.6%
Ethan Allen Interiors			47,857				1,093,054
M/I Homes 1			24,443				3,127,482
Meritage Homes			25,347				1,667,833
PulteGroup			26,270				3,080,420
†Taylor Morrison Home 1			43,245				2,545,833
							11,514,622
SPECIALTY RETAIL - 7.3%
Academy Sports & Outdoors			42,439				2,120,253
Buckle (The)			58,401				3,119,781
J.Jill			156,960				2,153,491
Shoe Carnival			116,449				1,965,659
Signet Jewelers			27,189				2,253,424
Williams-Sonoma			5,594				999,033
							12,611,641
TEXTILES, APPAREL & LUXURY GOODS - 0.7%
Kontoor Brands			21,010				1,283,501
Total (Cost $32,513,719)							38,920,605
CONSUMER STAPLES – 1.7%
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%
Village Super Market Cl. A			82,096				2,905,788
Total (Cost $1,821,277)							2,905,788
ENERGY – 7.3%
OIL, GAS & CONSUMABLE FUELS - 7.3%
Chord Energy			26,269				2,435,136
Civitas Resources			65,311				1,769,275
Matador Resources			66,868				2,837,878
Riley Exploration Permian			35,357				933,425
SM Energy			101,120				1,890,944
Teekay Tankers Cl. A			52,665				2,813,364
Total (Cost $15,787,681)							12,680,022
FINANCIALS – 27.9%
BANKS - 20.9%
†Beacon Financial			82,490				2,175,261
Burke & Herbert Financial Services			38,324				2,387,969
†Business First Bancshares			86,195				2,253,137
Citizens Community Bancorp			31,104				554,273
†Civista Bancshares			117,655				2,614,294
CNB Financial			76,202				1,994,206
Dime Community Bancshares			26,946				810,805
†First Bank			175,356				2,886,360
†FS Bancorp			62,724				2,582,347
Heritage Financial			86,150				2,037,448
Mid Penn Bancorp			71,034				2,203,475
OceanFirst Financial			99,443				1,785,002

 

See Notes to Financial Statements

3

 

Schedules of Investments

December 31, 2025

 

Royce Capital Fund - Small-Cap Portfolio (continued)

 

		SHARES				VALUE
FINANCIALS (continued)
BANKS (continued)
Princeton Bancorp			39,144			$	1,357,905
Timberland Bancorp			87,925				3,147,715
TrustCo Bank Corp NY			24,894				1,028,869
Unity Bancorp			60,590				3,133,715
Univest Financial			49,610				1,624,231
†WesBanco			27,486				913,635
Western New England Bancorp			66,887				844,114
							36,334,761
CAPITAL MARKETS - 1.4%
Evercore Cl. A			7,059				2,401,824
FINANCIAL SERVICES - 1.6%
†Enact Holdings			72,534				2,875,248
INSURANCE - 4.0%
Donegal Group Cl. A			107,921				2,156,262
Tiptree			143,448				2,620,795
United Fire Group			60,507				2,199,429
							6,976,486
Total (Cost $35,148,893)							48,588,319

 

HEALTH CARE – 10.9%

BIOTECHNOLOGY - 2.8%

Catalyst Pharmaceuticals 1			143,707				3,354,121
†Entrada Therapeutics 1			157,249				1,616,520
							4,970,641
HEALTH CARE PROVIDERS & SERVICES - 1.6%
Molina Healthcare 1			15,998				2,776,293
PHARMACEUTICALS - 6.5%
Amphastar Pharmaceuticals 1			86,561				2,318,104
Collegium Pharmaceutical 1			53,861				2,493,764
†CorMedix 1			155,067				1,803,429
†Harmony Biosciences Holdings 1			52,628				1,969,340
†Innoviva 1			90,717				1,813,433
SIGA Technologies			148,950				910,084
							11,308,154
Total (Cost $15,047,547)							19,055,088
INDUSTRIALS – 14.0%
BUILDING PRODUCTS - 0.4%
UFP Industries			8,085				736,139
COMMERCIAL SERVICES & SUPPLIES - 1.8%
†Interface			109,575				3,059,334
CONSTRUCTION & ENGINEERING - 0.9%
Sterling Infrastructure 1,4			4,929				1,509,408
GROUND TRANSPORTATION - 1.0%
ArcBest Corporation			24,541				1,820,697
MACHINERY - 3.2%
Allison Transmission Holdings			30,874				3,022,565
Blue Bird 1			53,537				2,516,239
							5,538,804
MARINE TRANSPORTATION - 1.7%
Genco Shipping & Trading			164,837				3,037,946
PROFESSIONAL SERVICES - 5.0%
Barrett Business Services			35,905				1,300,120
IBEX 1			88,955				3,396,302
Korn Ferry			39,441				2,603,895
MAXIMUS			15,430				1,331,917
							8,632,234
Total (Cost $14,923,723)							24,334,562

 

INFORMATION TECHNOLOGY – 13.5%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 9.1%
Bel Fuse Cl. B			10,025				1,700,541
ePlus			23,593				2,069,106
Flex 1			43,002				2,598,181
Jabil			8,933				2,036,902
PC Connection			36,363				2,100,327
Sanmina Corporation 1			14,858				2,229,740
TD SYNNEX			21,070				3,165,346
							15,900,143
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.2%
Amkor Technology			50,249				1,983,831
SOFTWARE - 1.2%
Adeia			118,763				2,048,662
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.0%
Diebold Nixdorf 1			52,144				3,540,056
Total (Cost $9,733,587)							23,472,692
MATERIALS – 1.4%
METALS & MINING - 1.4%
†Worthington Steel			69,240				2,397,089
Total (Cost $2,016,909)							2,397,089

 

TOTAL COMMON STOCKS
(Cost $126,993,336)			172,354,165
INVESTMENTS AT VALUE
(Cost $126,993,336)			172,354,165
REPURCHASE AGREEMENT– 1.2%
Fixed Income Clearing Corporation, 3.00% dated 12/31/25, due 1/2/26, maturity value $2,040,287 (collateralized by obligations of U.S. Government Agencies, 2.75%
due 4/30/27, valued at $2,080,937)
(Cost $2,039,947)			2,039,947
TOTAL INVESTMENTS – 100.2%
(Cost $129,033,283)			174,394,112
LIABILITIES LESS CASH AND OTHER ASSETS – (0.2)%			(311,843	)
NET ASSETS – 100.0%		$	174,082,269

 

See Notes to Financial Statements

4

 

Schedules of Investments

December 31, 2025

 

^† New additions in 2025.

¹ Non-income producing.

² A security for which market quotations are not readily available represents 0.0% of net assets for Micro-Cap Portfolio. This security has been valued at its fair value under procedures approved by the Fund’s Board of Trustees. This security is defined as a Level 3 security due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements. 

³ These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors. See Notes to Financial Statements.

⁴ All or a portion of these securities were on loan as of December 31, 2025.

 

Bold indicates a Fund’s 20 largest equity holdings in terms of December 31, 2025, market value.

 

See Notes to Financial Statements

5

 

Statements of Assets and Liabilities

December 31, 2025

 

		Micro-Cap Portfolio				Small-Cap Portfolio
ASSETS:
Investments at value (including collateral on loaned securities)1		$	92,912,482			$	172,354,165
Repurchase agreements (at cost and value)			3,259,589				2,039,947
Foreign currency2			5,859				–
Receivable for investments sold			119,450				–
Receivable for capital shares sold			3,940				1,516
Receivable for dividends and interest			23,522				110,074
Receivable for securities lending income			588				184
Prepaid expenses and other assets			642				1,261
Total Assets			96,326,072				174,507,147
LIABILITIES:
Payable for collateral on loaned securities			578,080				–
Payable for investments purchased			23,562				26,448
Payable for capital shares redeemed			35,407				105,447
Payable for investment advisory fees			81,853				150,666
Payable for trustees’ fees			10,354				19,322
Accrued expenses			84,723				122,995
Total Liabilities			813,979				424,878
Net Assets		$	95,512,093			$	174,082,269
ANALYSIS OF NET ASSETS:
Paid-in capital		$	42,337,476			$	91,427,186
Total distributable earnings (loss)			53,174,617				82,655,083
Net Assets		$	95,512,093			$	174,082,269
Investment Class		$	75,833,568			$	34,014,214
Service Class			19,678,525				140,068,055
SHARES OUTSTANDING (unlimited number of $.001 par value):
Investment Class			7,975,852				3,609,711
Service Class			2,150,460				15,228,084
NET ASSET VALUES (Net Assets ÷ Shares Outstanding):
(offering and redemption price per share)
Investment Class		$	9.51			$	9.42
Service Class			9.15				9.20
Investments at identified cost		$	65,562,869			$	126,993,336
Market value of loaned securities3			2,179,634				135,995

 

¹ See Notes to Financial Statements for information on non-cash collateral on loaned securities.

² The cost of foreign currency was $5,871 for Micro-Cap Portfolio for the year ended December 31, 2025.

³ Market value of loaned securities backed by non-cash collateral is as of prior business day.

 

See Notes to Financial Statements

6

 

Statements of Operations

Year Ended December 31, 2025

 

		Micro-Cap Portfolio				Small-Cap Portfolio
INVESTMENT INCOME:
INCOME:
Dividends		$	964,797			$	4,698,065
Foreign withholding tax			(15,253	)			–
Interest			138,666				204,940
Securities lending			24,996				1,229
Total income			1,113,206				4,904,234
EXPENSES:
Investment advisory fees			1,187,614				2,200,920
Distribution fees			42,450				289,836
Administrative and office facilities			92,090				158,914
Custody			42,839				56,869
Trustees’ fees			38,867				71,760
Audit			38,128				38,307
Shareholder reports			20,598				19,965
Shareholder servicing			18,536				17,830
Legal			7,394				14,097
Other expenses			13,290				24,798
Total expenses			1,501,806				2,893,296
Compensating balance credits			(208	)			(186	)
Net expenses			1,501,598				2,893,110
Net investment income (loss)			(388,392	)			2,011,124
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: NET REALIZED GAIN (LOSS):
Investments			26,313,736				36,229,854
Foreign currency transactions			(1,191	)			—
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):
Investments			(10,982,666	)			(25,078,916	)
Other assets and liabilities denominated in foreign currency			(1	)			—
Net realized and unrealized gain (loss) on investments and foreign currency			15,329,878				11,150,938
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS		$	14,941,486			$	13,162,062

 

See Notes to Financial Statements

7

 

Statements of Changes in Net Assets

 

			Micro-Cap Portfolio								Small-Cap Portfolio
			Year Ended 12/31/25				Year Ended 12/31/24				Year Ended 12/31/25				Year Ended 12/31/24
INVESTMENT OPERATIONS:
Net investment income (loss)			$	(388,392	)		$	(572,966	)		$	2,011,124			$	3,395,190
Net realized gain (loss) on investments and foreign currency				26,312,545				14,363,659				36,229,854				16,086,716
Net change in unrealized appreciation (depreciation) on investments and foreign currency				(10,982,667	)			3,273,128				(25,078,916	)			(10,018,707	)
Net increase (decrease) in net assets from investment operations				14,941,486				17,063,821				13,162,062				9,463,199
DISTRIBUTIONS:
Total distributable earnings
Investment Class				(11,323,991	)			(7,882,834	)			(2,804,063	)			(6,999,795	)
Service Class				(2,965,302	)			(1,343,819	)			(12,012,473	)			(7,487,386	)
Total distributions				(14,289,293	)			(9,226,653	)			(14,816,536	)			(14,487,181	)
CAPITAL SHARE TRANSACTIONS:
Value of shares sold
Investment Class				8,615,993				6,625,394				11,086,435				8,501,926
Service Class				7,142,197				721,181				66,186,919				4,116,794
Distributions reinvested
Investment Class				11,323,991				7,882,834				2,804,063				6,999,795
Service Class				2,965,302				1,343,819				12,012,473				7,487,386
Value of shares redeemed
Investment Class				(62,844,654	)			(20,555,018	)			(113,123,286	)			(27,985,937	)
Service Class				(9,091,727	)			(4,069,665	)			(76,234,221	)			(33,411,352	)
Net increase (decrease) in net assets from capital share transactions				(41,888,898	)			(8,051,455	)			(97,267,617	)			(34,291,388	)
Net Increase (Decrease) in Net Assets				(41,236,705	)			(214,287	)			(98,922,091	)			(39,315,370	)
NET ASSETS:
Beginning of year				136,748,798				136,963,085				273,004,360				312,319,730
End of year			$	95,512,093			$	136,748,798			$	174,082,269			$	273,004,360

 

 

Financial Highlights

 

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented. Per share amounts have been determined on the basis of the weighted average number of shares outstanding during the period.

 

																																										Ratio of Expenses to Average Net Assets
		Net Asset Value, Beginning of Period				Net Investment Income (Loss)				Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency				Total from Investment Operations				Distributions from Net Investment Income				Distributions from Net Realized Gain on Investments and Foreign Currency				Total Distributions				Net Asset Value, End of Period				Total Return				Net Assets, End of Period (in thousands)				Prior to Fee Waivers, Expense Reimbursements and Balance Credits				Prior to Fee Waivers and Expense Reimbursements				Net of Fee Waivers and Expense Reimbursements				Ratio of Net Investment Income (Loss) to Average Net Assets				Portfolio Turnover Rate
Micro-Cap Portfolio–Investment Class
2025		$	9.75			$	(0.03	)		$	1.44			$	1.41			$	–			$	(1.65	)		$	(1.65	)		$	9.51				13.89	%		$	75,834				1.22	%			1.22	%			1.22	%			(0.28	)%			42	%
2024			9.17				(0.04	)			1.32				1.28				–				(0.70	)			(0.70	)			9.75				13.67				117,132				1.18				1.18				1.18				(0.39	)			19
2023			7.72				(0.03	)			1.48				1.45				–				–				–				9.17				18.78				116,468				1.18				1.18				1.15				(0.33	)			24
2022			14.77				(0.05	)			(3.28	)			(3.33	)			–				(3.72	)			(3.72	)			7.72				(22.43	)			109,600				1.31				1.31				1.21				(0.46	)			12
2021			11.91				(0.08	)			3.61				3.53				–				(0.67	)			(0.67	)			14.77				29.98				157,042				1.37				1.37				1.33				(0.56	)			25
Micro-Cap Portfolio–Service Class
2025		$	9.41			$	(0.06	)		$	1.39			$	1.33			$	–			$	(1.59	)		$	(1.59	)		$	9.15				13.58	%		$	19,678				1.52	%			1.52	%			1.52	%			(0.59	)%			42	%
2024			8.88				(0.06	)			1.26				1.20				–				(0.67	)			(0.67	)			9.41				13.28				19,617				1.45				1.45				1.45				(0.66	)			19
2023			7.49				(0.05	)			1.44				1.39				–				–				–				8.88				18.56				20,495				1.46				1.46				1.42				(0.61	)			24
2022			14.37				(0.08	)			(3.18	)			(3.26	)			–				(3.62	)			(3.62	)			7.49				(22.65	)			13,269				1.61				1.61				1.47				(0.74	)			12
2021			11.63				(0.11	)			3.50				3.39				–				(0.65	)			(0.65	)			14.37				29.52				29,231				1.64				1.64				1.58				(0.81	)			25
Small-Cap Portfolio–Investment Class
2025		$	9.42			$	0.10			$	0.78			$	0.88			$	(0.18	)		$	(0.70	)		$	(0.88	)		$	9.42				8.93	%		$	34,014				1.18	%			1.18	%			1.18	%			1.07	%			79	%
2024			9.59				0.12				0.23				0.35				(0.12	)			(0.40	)			(0.52	)			9.42				3.40				131,641				1.14				1.14				1.14				1.28				36
2023			8.36				0.11				2.04				2.15				(0.08	)			(0.84	)			(0.92	)			9.59				25.93				146,549				1.15				1.15				1.13				1.26				69
2022			9.41				0.08				(0.94	)			(0.86	)			(0.04	)			(0.15	)			(0.19	)			8.36				(9.20	)			139,807				1.15				1.15				1.08				0.96				88
2021			7.41				0.03				2.10				2.13				(0.13	)			–				(0.13	)			9.41				28.82				172,388				1.11				1.11				1.08				0.37				51
Small-Cap Portfolio–Service Class
2025		$	9.21			$	0.07			$	0.77			$	0.84			$	(0.17	)		$	(0.68	)		$	(0.85	)		$	9.20				8.73	%		$	140,068				1.44	%			1.44	%			1.44	%			0.77	%			79	%
2024			9.37				0.10				0.23				0.33				(0.10	)			(0.39	)			(0.49	)			9.21				3.26				141,363				1.38				1.38				1.37				1.05				36
2023			8.18				0.08				1.99				2.07				(0.06	)			(0.82	)			(0.88	)			9.37				25.53				165,771				1.39				1.39				1.37				0.96				69
2022			9.20				0.06				(0.92	)			(0.86	)			(0.01	)			(0.15	)			(0.16	)			8.18				(9.41	)			159,279				1.40				1.40				1.33				0.68				88
2021			7.25				0.01				2.05				2.06				(0.11	)			–				(0.11	)			9.20				28.45				209,252				1.35				1.35				1.33				0.10				51

 

 

Notes to Financial Statements

 

Summary of Significant Accounting Policies:

Royce Capital Fund – Micro-Cap Portfolio and Royce Capital Fund – Small-Cap Portfolio (each, a “Fund,” and together, the “Funds”) are the two series of Royce Capital Fund (the “Trust”), an open-end management investment company organized as a Delaware statutory trust. Shares of the Funds are offered to life insurance companies for allocation to certain separate accounts established for the purpose of funding qualified and non-qualified variable annuity contracts and variable life insurance contracts. Micro-Cap Portfolio and Small-Cap Portfolio commenced operations on December 27, 1996.

Classes of shares have equal rights as to earnings and assets, except that each class may bear different fees and expenses for distribution, shareholder servicing and shareholder reports, and receive different transfer agent balance credits and expense reimbursements. Investment income, realized and unrealized capital gains or losses on investments and foreign currency, and expenses other than those attributable to a specific class are allocated to each class of shares based on its relative net assets.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Each Fund is an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies.”

Royce & Associates, LP, the Funds’ investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners (“Royce”).

 

VALUATION OF INVESTMENTS:

Portfolio securities held by the Funds are valued as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on the valuation date. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.

Portfolio securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as “Level 1” inputs because they represent reliable quoted prices in active markets for identical securities. 

If the value of a portfolio security held by a Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be “fair valued.” The Trust’s Board of Trustees has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the 1940 Act (“Rule 2a-5”). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Trust's Board of Trustees and policies and procedures adopted by Royce in its capacity as valuation designee for the Trust. Fair valued securities are reported as either “Level 2” or “Level 3” securities.

As a general principle, the fair value of a security is the amount which a Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.

Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Funds on a particular valuation date include:

●

Over-the-counter equity securities other than those traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system (collectively referred to herein as “Other OTC Equity Securities”) are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities;

●

Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and

●

The Funds use an independent pricing service to fair value certain non-U.S. equity securities when U.S. market volatility exceeds a certain threshold set by Royce as valuation designee. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts, and other indications to estimate the fair value of such non-U.S. securities.

 

 

Notes to Financial Statements (continued)

 

VALUATION OF INVESTMENTS (continued):

Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer’s ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas.

A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if: 

●

an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, has not traded and there are no bids;

●

Royce does not receive at least two bid side quotes for an Other OTC Equity Security;

●

the independent pricing services are unable to supply fair value prices; or

●

the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time a Fund prices its shares).

The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Funds as of December 31, 2025. Any Level 2 or Level 3 securities held by a Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

 

			LEVEL 1				LEVEL 2				LEVEL 3				TOTAL
Micro-Cap Portfolio
Common Stocks			$	91,759,041			$	572,873			$	0			$	92,331,914
Warrants				2,488				-				-				2,488
Money Market Fund/Collateral Received for Securities Loaned				578,080				-				-				578,080
Repurchase Agreement				-				3,259,589				-				3,259,589
Small-Cap Portfolio
Common Stocks				172,354,165				-				-				172,354,165
Repurchase Agreement				-				2,039,947				-				2,039,947

 

REPURCHASE AGREEMENTS:

The Funds may enter into repurchase agreements with institutions that the Funds’ investment adviser has determined are creditworthy. Each Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of each Fund to dispose of its underlying securities. The remaining contractual maturities of repurchase agreements held by the Funds as of December 31, 2025, are next business day and continuous.

 

FOREIGN CURRENCY:

Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates. 

The Funds do not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

 

 

Notes to Financial Statements (continued)

 

SECURITIES LENDING:

The Funds loan securities through a lending agent, State Street Bank and Trust Company, to qualified institutional investors for the purpose of earning additional income. The lending agent receives and holds collateral from such borrowers to secure their obligations to the Funds. Such loans must be secured at all times by collateral in an amount at least equal to the market value of the loaned securities. The market values of the loaned securities and the collateral fluctuate and are determined at the close of each business day by the lending agent. Borrowers are required to post additional collateral to the lending agent on the next succeeding business day in the event of a collateral shortfall. Counterparty risk is further reduced by loaning securities only to parties that participate in a Global Securities Lending Program organized and monitored by the lending agent and that are deemed by it to satisfy its requirements and by having the lending agent enter into securities lending agreements with such borrowers. The lending agent is not affiliated with Royce.

Collateral may be in the form of cash or U.S. Treasuries. Cash collateral is invested in certain money market pooled investment vehicles. The Funds record a liability in their respective Statements of Assets and Liabilities for the return of such cash collateral during periods in which securities are on loan. The Funds bear the risk of loss for any decrease in the market value of the loaned securities or the investments purchased with cash collateral received from the borrowers.

Pursuant to the agreement in place between the Funds and the lending agent, if a borrower fails to return loaned securities, and the cash collateral being maintained by the lending agent on behalf of such borrower is insufficient to cover the value of loaned securities and provided such collateral insufficiency is not the result of investment losses, the lending agent shall, at its option, either replace the loaned securities or pay the amount of the shortfall to the Funds. In the event of the bankruptcy of a borrower, the Funds could experience delay in recovering the loaned securities or only recover cash or a security of equivalent value.

Loans of securities generally do not have stated maturity dates, and the Funds may recall a security at any time. The Funds’ securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. Pursuant to the agreement in place between the Funds and the lending agent, the Funds are responsible for any shortfall in the event the value of the investments purchased with cash collateral is insufficient to pay the rebate fee to the borrower.

The following table presents cash collateral and the market value of securities on loan collateralized by cash collateral held by the Funds as of December 31, 2025:

 

		CASH COLLATERAL1		SECURITIES ON LOAN COLLATERALIZED BY CASH COLLATERAL		NET AMOUNT
Micro-Cap Portfolio		$578,080		$(548,507)		$29,573

1

Absent an event of default, assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities. The contractual maturity of cash collateral is overnight and continuous.

 

The following table presents non-cash collateral and the market value of securities on loan collateralized by non-cash collateral held by the Funds’ custodian as of December 31, 2025:

 

		NON-CASH COLLATERAL		SECURITIES ON LOAN COLLATERALIZED BY NON-CASH COLLATERAL		NET AMOUNT
Micro-Cap Portfolio		$1,665,855		$(1,631,127)		$34,728
Small-Cap Portfolio		138,769		(135,995)		2,774

 

DISTRIBUTIONS AND TAXES:

As qualified regulated investment companies under Subchapter M of the Internal Revenue Code, the Funds are not subject to income taxes to the extent that each Fund distributes substantially all of its taxable income for its fiscal year.

The Funds pay any dividends and capital gain distributions annually in December. Dividends from net investment income and distributions from capital gains are determined at a class level. Because federal income tax regulations differ from generally accepted accounting principles, income and capital gain distributions determined in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes differ from those reflected in the accompanying financial statements.

 

INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:

Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date except for certain dividends from securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by the Funds. Non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.

 

CASH INCLUDING FOREIGN CURRENCIES:

Cash, including foreign currencies, consists of deposits maintained at State Street Bank and Trust Company, the Funds' Custodian (in such capacity, the "Custodian"), and through the Custodian's global sub-custodian network. Accordingly, each Fund’s risk for the possible insolvency loss of a cash deposit lies with the Custodian or the relevant sub-custodian bank. Fund cash deposits maintained at the Custodian or through a particular sub-custodian bank may be significant, and may, at times, exceed U.S. or other applicable insurance limits.

 

 

Notes to Financial Statements (continued)

 

EXPENSES:

The Funds incur direct and indirect expenses. Expenses directly attributable to a Fund are charged to the Fund, while expenses applicable to more than one of the “Royce Funds” are allocated equitably among the relevant Royce Funds. (The “Royce Funds” comprise the Funds and the other 13 U.S. registered investment companies for which Royce serves as investment manager.) All of the Royce Funds reimburse Royce in its capacity as administrator under administration agreements for costs and expenses paid or incurred in providing certain administrative services, including, without limitation, those relating to certain personnel, rent, technology, and supplies; amounts reimbursed to Royce by the Funds are included in administrative and office facilities and legal expenses.

 

COMPENSATING BALANCE CREDITS:

The Funds have an arrangement with their transfer agent, whereby a portion of the transfer agent’s fee is paid indirectly by credits earned on a Fund’s cash on deposit with the transfer agent.

 

LINE OF CREDIT:

The Funds, along with certain other Royce Funds, participate in a $65 million line of credit (“Credit Agreement”) with State Street Bank and Trust Company to be used for short-term working capital purposes, to include the funding of shareholder redemptions and trade settlements. This revolving Credit Agreement expires on October 2, 2026. Pursuant to the Credit Agreement, each participating Fund is liable for a portion of the commitment fee for the credit facility (i.e., 0.25% of any unused portion of the line of credit) and for principal and interest payments related to borrowings made by that Fund. Borrowings under the Credit Agreement bear interest at a variable rate equal to the Applicable Rate plus the Applicable Margin. The term Applicable Rate means, for any day, a rate equal to the sum of (a) 0.10%, plus (b) the higher of (i) the Federal Funds Effective Rate for such day, or (ii) the Overnight Bank Funding Rate for such day; provided that if the Applicable Rate as so determined shall be less than 0.0%, such Applicable Rate shall be deemed to be 0.0% for all purposes of the Credit Agreement. The term Applicable Margin means 1.25%. The Funds did not utilize the line of credit during the year ended December 31, 2025.

 

INDEMNIFICATION PROVISIONS:

Reference is made to Delaware law and the Trust’s Certificate of Trust, Trust Instrument, and By-laws, as amended and supplemented, each of which provides for the indemnification by the Trust of the Trust’s officers and trustees under the circumstances and to the extent set forth therein. Reference is also made to the investment advisory agreement between the Trust, on behalf of each Fund, and Royce which provides for the indemnification by the relevant Fund of Royce under the circumstances and to the extent set forth therein. Additionally, in the normal course of business, the Trust, on behalf of both Funds, enters into contracts with service providers that contain general indemnification provisions in favor of such service providers and other covered persons. The amount of any potential Fund liability under these indemnification arrangements, if any, currently cannot be determined with any degree of specificity. The Trust is not currently in possession of any information that would cause it to believe that any Fund is reasonably likely to be subject to any material adverse impact from the operation of these indemnification arrangements. No assurance can be given, however, that any Fund will not incur any liability from the operation of these indemnification arrangements. Any future liability to a Fund that may arise from the operation of such arrangements will be disclosed to the extent required by relevant accounting guidance and applicable laws, rules, and regulations.

 

Capital Share Transactions (in shares):

 

		SHARES SOLD								SHARES ISSUED FOR REINVESTMENT OF DISTRIBUTIONS								SHARES REDEEMED								NET INCREASE (DECREASE) IN SHARES OUTSTANDING
		Year Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		12/31/25				12/31/24				12/31/25				12/31/24				12/31/25				12/31/24				12/31/25				12/31/24
Micro-Cap Portfolio
Investment Class			991,463				685,432				1,151,983				779,707				(6,186,653	)			(2,143,748	)			(4,043,207	)			(678,609	)
Service Class			770,153				76,423				313,457				137,546				(1,017,631	)			(437,252	)			65,979				(223,283	)
Small-Cap Portfolio
Investment Class			1,237,294				882,513				285,256				704,914				(11,887,790	)			(2,893,899	)			(10,365,240	)			(1,306,472	)
Service Class			7,204,134				438,364				1,251,299				771,895				(8,584,075	)			(3,536,967	)			(128,642	)			(2,326,708	)

 

Investment Adviser and Distributor:

 

INVESTMENT ADVISER:

Under the Trust’s investment advisory agreement with Royce, Royce is entitled to receive investment advisory fees in respect of each Fund that are computed daily and payable monthly.

 

ANNUAL CONTRACTUAL ADVISORY FEE AS A PERCENTAGE OF AVERAGE NET ASSETS

COMMITTED NET ANNUAL OPERATING EXPENSE RATIO CAP

YEAR ENDED DECEMBER 31, 2025

Investment Class

Service Class

Net advisory fees

Advisory fees waived

Micro-Cap Portfolio

1.00%

N/A

N/A

$

1,187,614

$

--

Small-Cap Portfolio

1.00%

N/A

N/A

2,200,920

--

 

Notes to Financial Statements (continued)

 

DISTRIBUTOR:

Royce Fund Services, LLC (“RFS”), the distributor of the Trust’s shares, is a wholly owned subsidiary of Royce. RFS is entitled to receive distribution fees from the sale of each Fund’s Service Class shares that are computed daily and payable monthly, at an annual rate of 0.25% of the average net assets of each Class. For the year ended December 31, 2025, Micro-Cap Portfolio-Service Class recorded distribution fees of $42,450 and Small-Cap Portfolio-Service Class recorded distribution fees of $289,836.

 

Purchases and Sales of Investment Securities:

For the year ended December 31, 2025, the costs of purchases and the proceeds from sales of investment securities, other than short- term securities and collateral received for securities loaned, were as follows:

 

		PURCHASES				SALES
Micro-Cap Portfolio		$	48,370,524			$	105,125,487
Small-Cap Portfolio			170,192,051				283,467,868

 

Class Specific Expenses:

Class specific expenses were as follows for the year ended December 31, 2025:

 

			DISTRIBUTION FEES				SHAREHOLDER REPORTS				SHAREHOLDER SERVICING				COMPENSATING BALANCE CREDITS				TOTAL				CLASS LEVEL EXPENSES REIMBURSED BY INVESTMENT ADVISER
Micro-Cap Portfolio -- Investment Class			$	-			$	17,288			$	10,729			$	(158	)		$	27,859			$	-
Micro-Cap Portfolio -- Service Class				42,450				3,310				7,807				(50	)			53,517				-
				42,450				20,598				18,536				(208	)							-
Small-Cap Portfolio -- Investment Class				-				17,419				9,517				(131	)			26,805				-
Small-Cap Portfolio -- Service Class				289,836				2,546				8,313				(55	)			300,640				-
				289,836				19,965				17,830				(186	)							-

 

Tax Information:

As of December 31, 2025, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

 

		TAX BASIS COST				NET UNREALIZED APPRECIATION (DEPRECIATION)				GROSS UNREALIZED
										Appreciation			(Depreciation)
Micro-Cap Portfolio		$68,940,633				$27,231,438				$34,666,056			$7,434,618
Small-Cap Portfolio		129,695,315				44,698,797				51,589,682			6,890,885

 

The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

 

Distributions during the years ended December 31, 2025 and 2024, were characterized as follows for tax purposes:

 

			ORDINARY INCOME										LONG-TERM CAPITAL GAINS
			2025					2024					2025					2024
Micro-Cap Portfolio			$	–				$	–				$	14,289,293				$	9,226,653
Small-Cap Portfolio				2,982,926					3,292,336					11,833,610					11,194,845

 

The tax basis components of distributable earnings as of December 31, 2025, were as follows:

 

			UNDISTRIBUTED ORDINARY INCOME					UNDISTRIBUTED LONG-TERM CAPITAL GAINS OR (CAPITAL LOSS CARRYFORWARD)					NET UNREALIZED APPRECIATION (DEPRECIATION)1					TOTAL DISTRIBUTABLE EARNINGS					CAPITAL LOSS CARRYFORWARD UTILIZED
Micro-Cap Portfolio			$	23,550				$	25,919,642				$	27,231,425				$	53,174,617				$	–
Small-Cap Portfolio				3,461,347					34,494,947					44,698,789					82,655,083					–

1

Includes timing differences on foreign currency, recognition of losses on securities sold and investments in publicly traded partnerships.

 

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (2022 – 2025) and has concluded that as of December 31, 2025, no provision for income tax is required in the Funds’ financial statements.

 

Notes to Financial Statements (continued)

 

Segment Reporting: 

Each Fund operates as a single operating segment, which is a segregated investment portfolio. Royce serves as investment manager for each Fund. The Management Committee of Royce functions as the Chief Operating Decision Maker ("CODM") for each Fund for purposes of Segment Reporting (Topic 280), evaluating its results and performance based upon its specific investment strategy and other relevant facts and circumstances. The CODM uses these measures to assess Fund performance and allocate resources effectively, subject to compliance with applicable legal and regulatory requirements and oversight from its Board of Trustees. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statements of Assets and Liabilities and the Statements of Operations, along with the related notes to the financial statements. The Schedules of Investments provides details of the Funds' investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial Highlights.

 

Subsequent Events:

Subsequent events have been evaluated through the date the financial statements were issued and it has been determined that no events have occurred that require disclosure.

 

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of Royce Capital Fund and Shareholders of Royce Capital Fund – Micro-Cap Portfolio and Royce Capital Fund – Small-Cap Portfolio:

 

Opinions on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Royce Capital Fund – Micro-Cap Portfolio and Royce Capital Fund – Small-Cap Portfolio (constituting Royce Capital Fund, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinions

 

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

 

/s/PricewaterhouseCoopers LLP

New York, New York

February 13, 2026

 

We have served as the auditor of one or more investment companies in the Franklin Templeton Group of Funds since 1948.

 

Federal Tax Information (unaudited)

 

In January 2026, taxable shareholders that opted out of e-delivery were mailed a Form 1099-DIV reporting the federal tax status of all distributions paid during the calendar year 2025. Shareholders who elected e-delivery have received electronic notification of the form being available for download via their Online Account Access.

 

2025 Supplemental Tax Information:

 

			% QDI					% U.S. GOVT INCOME			% INCOME QUALIFYING FOR DRD					LONG-TERM CAPITAL GAIN DISTRIBUTION MAXIMUM ALLOWABLE (OOO’s)
Micro-Cap Portfolio				0.00	%			N/A				0.00	%			$	14,289
Small-Cap Portfolio				100.00	%			N/A				100.00	%				11,834

 

Definitions:

% QDI: Qualified Dividend Income; % of net investment income and/or short-term capital gains distributions that qualify for treatment at long-term capital gain rates.

% U.S. Govt Income: % of investment income paid from U.S. Government obligations. 

% Income Qualifying for DRD: % of investment income eligible for the corporate dividend received deduction.

 

Trustees and Officers

 

All Trustees and Officers may be reached c/o The Royce Funds, One Madison Avenue, New York, NY 10010

 

Christopher D. Clark, Trustee¹, President

Age: 60 | Number of Funds Overseen: 15 | Tenure: Since 2014 Principal Occupation(s) During Past Five Years: Chief Executive Officer (since July 2016), President (since July 2014), Co-Chief Investment Officer (since January 2014), Managing Director of Royce, a Member of the Board of Managers of Royce, having been employed by Royce since May 2007.

 

 

Patricia W. Chadwick, Trustee

Age: 77 | Number of Funds Overseen: 15 | Tenure: Since 2009 Non-Royce Directorships: Director of Voya Mutual Funds Principal Occupation(s) During Past 5 Years: Consultant and President, Ravengate Partners LLC (since 2000). Formerly Director, Wisconsin Energy Corp. (until 2022).

 

Christopher C. Grisanti, Trustee 

Age: 64 | Number of Funds Overseen: 15 | Tenure: Since 2017

Non-Royce Directorships: None 

Principal Occupation(s) During Past Five Years: Chief Equity Strategist and Senior Portfolio Manager, MAI Capital Management LLC (investment advisory firm) (since May 2020). Formerly Co-Founder and Chief Executive Officer, Grisanti Capital Management LLC (investment advisory firm) (from 1999 to 2020); Director of Research and Portfolio Manager, Spears Benzak, Salomon & Farrell (from 1994 to 1999); and Senior Associate, Simpson, Thacher & Bartlett (law firm) (from 1988 to 1994).

 

Cecile B. Harper, Trustee

Age: 62 | Number of Funds Overseen: 15 | Tenure: Since 2020 Non-Royce Directorships: Director of Alarm.com Holdings, Inc. (since May 2024)

Principal Occupation(s) During Past Five Years: Chief Financial Officer and Chief Operating Officer, College Foundation at the University of Virginia (since October 2019). Formerly Board Member, Pyramid Peak Foundation (January 2012 to 2022); Board Member, Regional One Health Foundation (from June 2013 to September 2019); and Principal, Southeastern Asset Management (from December 1993 to September 2019).

 

G. Peter O’Brien, Trustee²

Age: 80 | Number of Funds Overseen: 63 | Tenure: Since 2001 Non-Royce Directorships: Director/Trustee of registered investment companies constituting the 48 Legg Mason Funds.

Principal Occupation(s) During Past Five Years: Trustee Emeritus, Colgate University (since 2005); and Emeritus Board Member, Hill House, Inc. (since 2019). Formerly Director, TICC Capital Corp. (from 2003-2017); Trustee, Colgate University (from 1996 to 2005); President, Hill House, Inc. (from 2001 to 2005); Board Member, Hill House, Inc. (from 1999 to 2019); Director, Bridges School (from 2006 to 2018); and Managing Director/ Equity Capital Markets Group, Merrill Lynch & Co. (from 1971 to 1999).

 

Julia W. Poston, Trustee

Age: 65 | Number of Funds Overseen: 15 | Tenure: Since 2023 Non-Royce Directorships: AuguStar Variable Insurance Products Fund, Inc. and The James Advantage Funds

Principal Occupation(s) During Past Five Years: Director, Member of Nominating/Governance Committee, and Chair of Audit Committee, Merus Corporation (formerly Al. Neyer Corporation) (since 2020); Director, Member of Governance Committee, and Chair of Audit Committee, Master Fluid Solutions (since 2021); Trustee and Chair of Finance/Audit Committee, Cincinnati Museum Center (non-profit) (since 2015); and Director and Founder, Cincinnati Women’s Executive Forum (non-profit) (since 2010).

Formerly Senior Client Partner (2002-2020) and Assurance Practice Group Leader for Ohio Valley Region (2014-2019), Ernst & Young, LLP (international accounting and services firm); and Audit Partner, Arthur Andersen LLP (international accounting and services firm) (1982-2002).

 

Michael K. Shields, Trustee

Age: 67 | Number of Funds Overseen: 15 | Tenure: Since 2015

Non-Royce Directorships: None

Principal Occupation(s) During Past Five Years: Chief Investment Officer, National Christian Foundation (since April 2024); Chairman, UNC Charlotte Investment Fund Board (since February 2016); and Chairman, Halftime Carolinas Board (since February 2011). Formerly President and Chief Executive Officer, Piedmont Trust Company (privately owned North Carolina trust company) (from February 2012 to December 2023); Owner, Shields Advisors (investment consulting firm) (from April 2010 to June 2012); President and Chief Executive Officer, Eastover Capital Management (2005-2007); President and Chief Executive Officer, Campbell, Cowperthwait & Co. (investment subsidiary of U.S. Trust Corporation) (1997-2002); and equity portfolio manager and co- manager of Quality Growth Team, Scudder, Stevens & Clark (1992-1997).

 

 

Francis D. Gannon, Vice President

Age: 58 | Tenure: Since 2014

Principal Occupation(s) During Past Five Years: Co-Chief Investment Officer (since January 2014) and Managing Director of Royce, having been employed by Royce since September 2006.

 

Daniel A. O’Byrne, Vice President

Age: 63 | Tenure: Since 1994

Principal Occupation(s) During Past Five Years: Principal and Vice President of Royce, having been employed by Royce since October 1986.

 

Peter K. Hoglund, Treasurer

Age: 59 | Tenure: Since 2015

Principal Occupation(s) During Past Five Years: Chief Financial Officer, Chief Administrative Officer, and Managing Director of Royce, having been employed by Royce since December 2014. Prior to joining Royce, Mr. Hoglund spent more than 20 years with Munder Capital Management in Birmingham, MI, serving as Managing Director and Chief Financial Officer and overseeing all financial aspects of the firm. He began his career at Munder as a portfolio manager.

 

John E. Denneen, Secretary and Chief Legal Officer

Age: 58 | Tenure: 1996-2001 and Since 2002

Principal Occupation(s) During Past Five Years: General Counsel, Managing Director, and, since June 2015, a Member of the Board of Managers of Royce. Chief Legal and Compliance Officer and Secretary of Royce.

 

John P. Schwartz, Chief Compliance Officer

Age: 54 | Tenure: Since 2022

Principal Occupation(s) During Past Five Years: Chief Compliance Officer of The Royce Funds (since May 2022) and Associate General Counsel and Compliance Officer of Royce (since March 2013).

 

1

Interested Trustee.

2

Retired as Trustee effective as of the close of business on December 31, 2025.

Trustees will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal. The Statement of Additional Information, which contains additional information about the Trust’s trustees and officers, is available and can be obtained without charge at www.royceinvest.com or by calling (800) 221-4268.

 

 

Changes In and Disagreements with Accountants for the Period Covered by this Report

 

Not applicable.

 

Results of Meeting(s) of Shareholders for the Period Covered by this Report

 

Not applicable.

 

Remuneration Paid to Directors, Officers and Others for the Period Covered by this Report

 

Refer to the financial statements included herein.

 

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies. This information is disclosed as part of the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies. This information is disclosed as part of the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. This information is disclosed as part of the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. Not Applicable.

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not Applicable.

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies. Not Applicable.

 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not Applicable.

 

Item 15. Submission of Matters to a Vote of Security Holders. Not Applicable.

 

Item 16. Controls and Procedures.

 

(a)

Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

(b)

Internal Control over Financial Reporting. There were no changes in Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not Applicable.

 

Item 18. Recovery of Erroneously Awarded Compensation. Not Applicable.

 

Item 19. Exhibits. Attached hereto.

 

(a)(1)

The Royce Funds Code of Ethics.

 

(a)(2)

Not Applicable.

 

(a)(3)

Separate certifications by the Registrant’s Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

(a)(4)

Not Applicable.

 

(a)(5)

Not Applicable.

 

(b)

Separate certifications by the Registrant’s Principal Executive Officer and Principal Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940.

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

ROYCE CAPITAL FUND

 

BY:

/s/ Christopher D. Clark

Christopher D. Clark 

Principal Executive Officer

 

Date: February 27, 2026

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

ROYCE CAPITAL FUND			ROYCE CAPITAL FUND
BY:	/s/ Christopher D. Clark		BY:	/s/ Peter K. Hoglund
Christopher D. Clark			Peter K. Hoglund
Principal Executive Officer			Principal Financial Officer
Date: February 27, 2026			Date: February 27, 2026

 

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