<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 6.5a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_S000009496Member" xlink:label="CIK0001006387_S000009496Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_S000009496Member" xlink:to="CIK0001006387_S000009496Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_S000009496Member_lbl" xml:lang="en-US">Royce Capital Fund - Micro-Cap Portfolio</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_S000009497Member" xlink:label="CIK0001006387_S000009497Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_S000009497Member" xlink:to="CIK0001006387_S000009497Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_S000009497Member_lbl" xml:lang="en-US">Royce Capital Fund - Small-Cap Portfolio</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_C000025977Member" xlink:label="CIK0001006387_C000025977Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_C000025977Member" xlink:to="CIK0001006387_C000025977Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_C000025977Member_lbl" xml:lang="en-US">Royce Capital Fund - Small-Cap Portfolio - Investment Class</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_C000033016Member" xlink:label="CIK0001006387_C000033016Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_C000033016Member" xlink:to="CIK0001006387_C000033016Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_C000033016Member_lbl" xml:lang="en-US">Royce Capital Fund - Small-Cap Portfolio - Service Class</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_C000025976Member" xlink:label="CIK0001006387_C000025976Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_C000025976Member" xlink:to="CIK0001006387_C000025976Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_C000025976Member_lbl" xml:lang="en-US">Royce Capital Fund - Micro-Cap Portfolio - Investment Class</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_C000033015Member" xlink:label="CIK0001006387_C000033015Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_C000033015Member" xlink:to="CIK0001006387_C000033015Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_C000033015Member_lbl" xml:lang="en-US">Royce Capital Fund - Micro-Cap Portfolio - Service Class</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_MarketRiskMember" xlink:label="CIK0001006387_MarketRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_MarketRiskMember" xlink:to="CIK0001006387_MarketRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_MarketRiskMember_lbl" xml:lang="en-US">Market Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_MicrocapRiskMember" xlink:label="CIK0001006387_MicrocapRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_MicrocapRiskMember" xlink:to="CIK0001006387_MicrocapRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_MicrocapRiskMember_lbl" xml:lang="en-US">Microcap Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_SectorRiskMember" xlink:label="CIK0001006387_SectorRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_SectorRiskMember" xlink:to="CIK0001006387_SectorRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_SectorRiskMember_lbl" xml:lang="en-US">Sector Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_ForeignInvestmentRiskMember" xlink:label="CIK0001006387_ForeignInvestmentRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_ForeignInvestmentRiskMember" xlink:to="CIK0001006387_ForeignInvestmentRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_ForeignInvestmentRiskMember_lbl" xml:lang="en-US">Foreign Investment Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_AllocationAdjustmentRiskMember" xlink:label="CIK0001006387_AllocationAdjustmentRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_AllocationAdjustmentRiskMember" xlink:to="CIK0001006387_AllocationAdjustmentRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_AllocationAdjustmentRiskMember_lbl" xml:lang="en-US">Allocation Adjustment Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_UnderperformanceRiskMember" xlink:label="CIK0001006387_UnderperformanceRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_UnderperformanceRiskMember" xlink:to="CIK0001006387_UnderperformanceRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_UnderperformanceRiskMember_lbl" xml:lang="en-US">Underperformance Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_CybersecurityRiskMember" xlink:label="CIK0001006387_CybersecurityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_CybersecurityRiskMember" xlink:to="CIK0001006387_CybersecurityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_CybersecurityRiskMember_lbl" xml:lang="en-US">Cybersecurity Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_Russell3000IndexMember" xlink:label="CIK0001006387_Russell3000IndexMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_Russell3000IndexMember" xlink:to="CIK0001006387_Russell3000IndexMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_Russell3000IndexMember_lbl" xml:lang="en-US">Russell 3000 Index (Reflects no deductions for fees, expenses, or taxes) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_RussellMicrocapIndexMember" xlink:label="CIK0001006387_RussellMicrocapIndexMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_RussellMicrocapIndexMember" xlink:to="CIK0001006387_RussellMicrocapIndexMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_RussellMicrocapIndexMember_lbl" xml:lang="en-US">Russell Microcap Index (Reflects no deductions for fees, expenses, or taxes) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_Russell2000IndexMember" xlink:label="CIK0001006387_Russell2000IndexMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_Russell2000IndexMember" xlink:to="CIK0001006387_Russell2000IndexMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_Russell2000IndexMember_lbl" xml:lang="en-US">Russell 2000 Index (Reflects no deductions for fees, expenses, or taxes) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_Russell3000IndexOneMember" xlink:label="CIK0001006387_Russell3000IndexOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_Russell3000IndexOneMember" xlink:to="CIK0001006387_Russell3000IndexOneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CIK0001006387_Russell3000IndexOneMember_lbl" xml:lang="en-US">Russell 3000 Index (Reflects no deductions for fees, expenses, or taxes) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_Russell2000ValueIndexMember" xlink:label="CIK0001006387_Russell2000ValueIndexMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_Russell2000ValueIndexMember" xlink:to="CIK0001006387_Russell2000ValueIndexMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_Russell2000ValueIndexMember_lbl" xml:lang="en-US">Russell 2000 Value Index (Reflects no deductions for fees, expenses, or taxes) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="cik0001006387-20260501.xsd#CIK0001006387_Russell2000IndexOneMember" xlink:label="CIK0001006387_Russell2000IndexOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_Russell2000IndexOneMember" xlink:to="CIK0001006387_Russell2000IndexOneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CIK0001006387_Russell2000IndexOneMember_lbl" xml:lang="en-US">Russell 2000 Index (Reflects no deductions for fees, expenses, or taxes) [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_Russell3000IndexOneMember" xlink:to="CIK0001006387_Russell3000IndexOneMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_Russell3000IndexOneMember_2_lbl" xml:lang="en-US">Russell 3000 Index (Reflects no deductions for fees, expenses, or taxes) [Member] [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CIK0001006387_Russell2000IndexOneMember" xlink:to="CIK0001006387_Russell2000IndexOneMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="CIK0001006387_Russell2000IndexOneMember_2_lbl" xml:lang="en-US">Russell 2000 Index (Reflects no deductions for fees, expenses, or taxes) [Member] [Default Label]</link:label>
    </link:labelLink>
</link:linkbase>
