0001006387 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009497Member 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000025977Member 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000033016Member 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000025976Member 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000033015Member 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member CIK0001006387:MarketRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member oef:RiskLoseMoneyMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member CIK0001006387:MicrocapRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member CIK0001006387:SectorRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member CIK0001006387:ForeignInvestmentRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member CIK0001006387:AllocationAdjustmentRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member CIK0001006387:UnderperformanceRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member oef:RiskNotInsuredMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member CIK0001006387:CybersecurityRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000025976Member 2016-01-01 2016-12-31 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000025976Member 2017-01-01 2017-12-31 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000025976Member 2018-01-01 2018-12-31 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000025976Member 2019-01-01 2019-12-31 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000025976Member 2020-01-01 2020-12-31 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000025976Member 2021-01-01 2021-12-31 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000025976Member 2022-01-01 2022-12-31 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000025976Member 2023-01-01 2023-12-31 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000025976Member 2024-01-01 2024-12-31 0001006387 CIK0001006387:S000009496Member CIK0001006387:C000025976Member 2025-01-01 2025-12-31 0001006387 CIK0001006387:S000009497Member CIK0001006387:MarketRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009497Member oef:RiskLoseMoneyMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009497Member CIK0001006387:MicrocapRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009497Member CIK0001006387:SectorRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:C000025976Member 2025-01-01 2025-12-31 0001006387 CIK0001006387:C000025976Member 2021-01-01 2025-12-31 0001006387 CIK0001006387:C000025976Member 2016-01-01 2025-12-31 0001006387 CIK0001006387:C000033015Member 2025-01-01 2025-12-31 0001006387 CIK0001006387:C000033015Member 2021-01-01 2025-12-31 0001006387 CIK0001006387:C000033015Member 2016-01-01 2025-12-31 0001006387 CIK0001006387:Russell3000IndexMember 2025-01-01 2025-12-31 0001006387 CIK0001006387:Russell3000IndexMember 2021-01-01 2025-12-31 0001006387 CIK0001006387:Russell3000IndexMember 2016-01-01 2025-12-31 0001006387 CIK0001006387:RussellMicrocapIndexMember 2025-01-01 2025-12-31 0001006387 CIK0001006387:RussellMicrocapIndexMember 2021-01-01 2025-12-31 0001006387 CIK0001006387:RussellMicrocapIndexMember 2016-01-01 2025-12-31 0001006387 CIK0001006387:Russell2000IndexMember 2025-01-01 2025-12-31 0001006387 CIK0001006387:Russell2000IndexMember 2021-01-01 2025-12-31 0001006387 CIK0001006387:Russell2000IndexMember 2016-01-01 2025-12-31 0001006387 CIK0001006387:S000009497Member CIK0001006387:ForeignInvestmentRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009497Member CIK0001006387:AllocationAdjustmentRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009497Member CIK0001006387:UnderperformanceRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009497Member oef:RiskNotInsuredMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009497Member CIK0001006387:CybersecurityRiskMember 2026-05-01 2026-05-01 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000025977Member 2016-01-01 2016-12-31 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000025977Member 2017-01-01 2017-12-31 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000025977Member 2018-01-01 2018-12-31 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000025977Member 2019-01-01 2019-12-31 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000025977Member 2020-01-01 2020-12-31 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000025977Member 2021-01-01 2021-12-31 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000025977Member 2022-01-01 2022-12-31 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000025977Member 2023-01-01 2023-12-31 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000025977Member 2024-01-01 2024-12-31 0001006387 CIK0001006387:S000009497Member CIK0001006387:C000025977Member 2025-01-01 2025-12-31 0001006387 CIK0001006387:C000025977Member 2025-01-01 2025-12-31 0001006387 CIK0001006387:C000025977Member 2021-01-01 2025-12-31 0001006387 CIK0001006387:C000025977Member 2016-01-01 2025-12-31 0001006387 CIK0001006387:C000033016Member 2025-01-01 2025-12-31 0001006387 CIK0001006387:C000033016Member 2021-01-01 2025-12-31 0001006387 CIK0001006387:C000033016Member 2016-01-01 2025-12-31 0001006387 CIK0001006387:Russell3000IndexOneMember 2025-01-01 2025-12-31 0001006387 CIK0001006387:Russell3000IndexOneMember 2021-01-01 2025-12-31 0001006387 CIK0001006387:Russell3000IndexOneMember 2016-01-01 2025-12-31 0001006387 CIK0001006387:Russell2000ValueIndexMember 2025-01-01 2025-12-31 0001006387 CIK0001006387:Russell2000ValueIndexMember 2021-01-01 2025-12-31 0001006387 CIK0001006387:Russell2000ValueIndexMember 2016-01-01 2025-12-31 0001006387 CIK0001006387:Russell2000IndexOneMember 2025-01-01 2025-12-31 0001006387 CIK0001006387:Russell2000IndexOneMember 2021-01-01 2025-12-31 0001006387 CIK0001006387:Russell2000IndexOneMember 2016-01-01 2025-12-31 iso4217:USD pure false 0001006387 485BPOS N-1A ROYCE CAPITAL FUND 2026-05-01 2026-05-01 Royce Micro-Cap Portfolio Investment Goal Royce Micro-Cap Portfolio’s investment goal is long-term growth of capital. Fees and Expenses of the Fund The following table presents the fees and expenses that you may pay if you buy and hold shares of the Fund. The table does not include variable contract or other potential charges. Because variable contract or other potential charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your variable contract prospectus for more information about variable contract charges. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zz3aBsN09Cx9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zivfatpJOAh6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td id="xdx_981_eoef--ShareholderFeesCaption_c20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member_zyJ7CwZAK9ye" style="font: 10pt Times New Roman, Times, Serif">Shareholder Fees (fees paid directly from your investment)</td> <td id="xdx_493_20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_z8Us7UaRuM4g" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td id="xdx_496_20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000033015Member_zyz93lI78Cr" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 56%"> </td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 29%; text-align: center">INVESTMENT CLASS</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center">SERVICE CLASS</td></tr> <tr id="xdx_40A_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zyNBxhFSWsIh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif">Maximum sales charge (load) imposed on purchases</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--MaximumDeferredSalesChargeOverOther_dpn_ze73ln0YS795" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif">Maximum deferred sales charge</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> <tr id="xdx_40B_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zZYMIjVGtkQ5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 2pt solid; font: 10pt Times New Roman, Times, Serif">Maximum sales charge (load) imposed on reinvested dividends</td> <td style="border-bottom: rgb(179,179,179) 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td> <td style="border-bottom: rgb(179,179,179) 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zhw2L8RvFoLi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zDERCaPZUBZa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" id="xdx_984_eoef--OperatingExpensesCaption_c20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member_zJVdMOy8UBE1" style="font: 10pt Times New Roman, Times, Serif">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 56%">Management fees</td> <td id="xdx_989_eoef--ManagementFeesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_zy1Ml6Knhmq1" style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 29%">1.00%</td> <td id="xdx_982_eoef--ManagementFeesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000033015Member_zkhGs1mjZ7yd" style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%">1.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif">Distribution and/or service (12b-1) fees</td> <td id="xdx_98A_eoef--DistributionAndService12b1FeesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_zGYKDWejmHhi" style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td> <td id="xdx_988_eoef--DistributionAndService12b1FeesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000033015Member_zLcEInwHkOPe" style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.25%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif">Other expenses</td> <td id="xdx_980_eoef--OtherExpensesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_zBg8x07GjCHg" style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.22%</td> <td id="xdx_98C_eoef--OtherExpensesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000033015Member_zFMVs50psrd1" style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.27%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 2pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Total annual Fund operating expenses</td> <td id="xdx_98A_eoef--ExpensesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_znlIYEVE1kh8" style="border-bottom: rgb(179,179,179) 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.22%</td> <td id="xdx_986_eoef--ExpensesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000033015Member_zEQOeAzGQqQh" style="border-bottom: rgb(179,179,179) 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.52%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0000 0.0025 0.0022 0.0027 0.0122 0.0152 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s total operating expenses remain the same. Although your actual costs may be higher or lower, based on the assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zB6uF6EQklPe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zkSL8S7jtcf9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(243,243,244)"> <td style="border-bottom: rgb(179,179,179) 1pt solid; border-left: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_zFK5jl4c7f39" style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">INVESTMENT CLASS</td> <td colspan="2" id="xdx_496_20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000033015Member_zTZjVFLGz3ig" style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">SERVICE CLASS</td> <td style="border-right: rgb(179,179,179) 1pt solid; border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td></tr> <tr id="xdx_405_eoef--ExpenseExampleYear01_zMTrROSe2hAb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(243,243,244)"> <td style="border-bottom: rgb(179,179,179) 1pt solid; border-left: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; width: 68%">1 Year</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt; width: 10%">$124</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; width: 5%"> </td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt; width: 10%">$155</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; width: 5%"> </td> <td style="border-right: rgb(179,179,179) 1pt solid; border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt; width: 1%"> </td></tr> <tr id="xdx_406_eoef--ExpenseExampleYear03_z9r4Szp6oZgb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(243,243,244)"> <td style="border-bottom: rgb(179,179,179) 1pt solid; border-left: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">3 Years</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$387</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$480</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-right: rgb(179,179,179) 1pt solid; border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_eoef--ExpenseExampleYear05_zDPFBHcmO5If" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(243,243,244)"> <td style="border-bottom: rgb(179,179,179) 1pt solid; border-left: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">5 Years</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$670</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$829</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-right: rgb(179,179,179) 1pt solid; border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td></tr> <tr id="xdx_406_eoef--ExpenseExampleYear10_zSEXHoFMrpai" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(243,243,244)"> <td style="border-bottom: rgb(179,179,179) 1pt solid; border-left: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">10 Years</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$1,477</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-bottom: rgb(179,179,179) 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 1pt; padding-bottom: 1pt">$1,813</td> <td style="border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td> <td style="border-right: rgb(179,179,179) 1pt solid; border-bottom: rgb(179,179,179) 1pt solid; padding-top: 1pt; padding-bottom: 1pt"> </td></tr> </table> 124 155 387 480 670 829 1477 1813 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 42% of the average value of its portfolio. 0.42 Principal Investment Strategy Royce Investment Partners (“Royce”), the Fund’s investment adviser, invests the Fund’s assets primarily in equity securities of micro-cap companies. Micro-cap companies are those that have a market capitalization not greater than that of the largest company in the Russell Microcap® Index at the time of its most recent reconstitution. Royce uses multiple investment themes and offers wide exposure to micro-cap stocks by investing in companies with strong fundamentals and/or prospects selling at prices that Royce believes do not fully reflect these attributes. Royce considers companies with strong balance sheets, attractive growth prospects, and/or the potential for improvement in cash flow levels and internal rates of return, among other factors. <p id="xdx_980_eoef--StrategyPortfolioConcentration_c20260501__20260501__dei--LegalEntityAxis__custom--S000009496Member_zJBlZ94YK8g8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 9pt">The Fund invests at least 80% of its net assets in equity securities of micro-cap companies, under normal circumstances. Although the Fund generally focuses on securities of U.S. companies, it may invest up to 25% of its net assets (measured at the time of investment) in equity securities of companies headquartered in foreign countries. The Fund may invest in other investment companies that invest primarily in equity securities. The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what Royce deems to be more promising opportunities, and/or manage cash levels in the Fund’s portfolio. The Fund invests at least 80% of its net assets in equity securities of micro-cap companies, under normal circumstances. Although the Fund generally focuses on securities of U.S. companies, it may invest up to 25% of its net assets (measured at the time of investment) in equity securities of companies headquartered in foreign countries. The Fund may invest in other investment companies that invest primarily in equity securities. The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what Royce deems to be more promising opportunities, and/or manage cash levels in the Fund’s portfolio. As with any mutual fund that invests primarily in common stocks, Royce Micro-Cap Portfolio is subject to market risk—the possibility that common stock prices will decline over short and/or extended periods of time due to overall market, financial, economic, and political conditions or events; changes in investor sentiment; governmental or central bank actions and/or market interventions; banking instability; trade disputes, tariffs, trade barriers, and economic sanctions and corresponding countermeasures; major cybersecurity events; acts of terrorism; armed conflicts; pandemics or epidemics; natural disasters; and other events or factors that may or may not be directly related to the issuer of a security held by the Fund. Economies and financial markets throughout the world are increasingly interconnected, and events or changes in one country or region could have significant adverse effects on global economies, markets, industries, and individual companies in ways that cannot necessarily be foreseen. As a result, the value of your investment in the Fund will fluctuate, sometimes sharply and unpredictably, and you could lose money over short and/or long periods of time. As a result, the value of your investment in the Fund will fluctuate, sometimes sharply and unpredictably, and you could lose money over short and/or long periods of time. The prices of micro-cap securities are generally more volatile than those of larger-cap securities. In addition, because micro-cap securities tend to have significantly lower trading volumes than larger-cap securities, the Fund may have difficulty selling holdings or may only be able to sell holdings at prices substantially lower than what Royce believes they are worth. Therefore, the Fund may involve considerably more risk of loss and its returns may differ significantly from funds investing in larger-cap companies or other asset classes. A significant portion of the Fund’s assets may, from time to time, be invested in companies from a single sector or a limited number of sectors. Such an investment approach may involve considerably more risk to investors than one that is more broadly diversified across economic sectors because it may be more susceptible to corporate, economic, political, regulatory, or market events that adversely affect the relevant sector(s). As of December 31, 2025, the Fund invested a significant portion of its assets in companies from the Information Technology and Industrials sectors. Information Technology sector companies can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions. In addition, companies from the Industrials sector can be significantly affected by general economic trends, commodity prices, legislation, government regulation and spending, import and export controls, worldwide competition, changes in consumer sentiment and spending, and liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. Investment in foreign securities involves risks that may not be encountered in U.S. investments, including adverse political, social, economic, environmental, public health, and/or other developments that are unique to a particular region or country. Prices of foreign securities in particular countries or regions may, at times, move in a different direction and/or be more volatile than those of U.S. securities. Because the Fund does not intend to hedge its foreign currency exposure, the U.S. dollar value of the Fund’s investments may be harmed by declines in the value of foreign currencies in relation to the U.S. dollar. Allocation adjustment programs–used by certain participating insurance companies to help manage the volatility of the relevant variable contract investment options and to preserve variable contract value–may result in transfers of assets among the relevant investment options, including the Fund. These programs may result in large-scale asset flows into and out of the Fund, which could adversely affect the Fund, including its risk profile, expenses, and performance. For example, these asset flows may adversely affect performance by requiring the Fund to purchase or sell securities at inopportune times, by otherwise limiting Royce’s ability to fully implement the Fund’s investment strategies, or by requiring the Fund to hold a larger portion of its assets in cash or highly liquid securities than it otherwise would hold. Such asset flows may also result in higher portfolio turnover rates, increased payments of brokerage commissions, lower asset levels, and higher operating expense ratios for the Fund. The Fund’s portfolio turnover rate for the fiscal year ended December 31, 2025, was 42% of the average value of its portfolio. Royce’s estimate of a company’s current worth may prove to be inaccurate, or this estimate may not be recognized by other investors, which could lead to portfolio losses or underperformance relative to similar funds and/or the Fund’s benchmark indexes. Securities in the Fund’s portfolio may not increase as much as the market as a whole, or perform negatively, and some securities may continue to be undervalued for long periods of time or may never reach what Royce believes are their full market values. Investments in the Fund are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. This Prospectus is not a contract. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, Fund or investor data, or proprietary information. Such incidents may also cause the Fund, Royce, and/or their service providers to suffer data breaches, data corruption, or loss of operational functionality. In addition, cybersecurity incidents may also prevent Fund investors from purchasing, redeeming, or exchanging shares, as well as from receiving distributions. The Fund and Royce have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or Royce. Cybersecurity incidents may result in significant financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers are affected by cybersecurity incidents. Performance The following performance information provides an indication of the risks of investing in the Fund. Past performance does not indicate how the Fund will perform in the future. The Calendar Year Total Returns chart shows performance year-by-year over the last ten years (Investment Class used for illustrative purposes—returns differ by Class). The Average Annual Total Returns table shows how the Fund’s average annual total returns for various periods compare with those of the Russell 3000 Index, a broad-based measure of U.S. equity market performance, and the Russell Microcap Index and the Russell 2000 Index, indexes that reflect the performance of the particular market segment in which the Fund primarily invests. The Classes have substantially similar returns because they invest in the same portfolio of securities, differing only to the extent that the Service Class has higher expenses than the Investment Class. If Service Class’s expenses had been reflected, returns for that Class would have been lower. The following performance information provides an indication of the risks of investing in the Fund. Past performance does not indicate how the Fund will perform in the future. The Average Annual Total Returns table shows how the Fund’s average annual total returns for various periods compare with those of the Russell 3000 Index, a broad-based measure of U.S. equity market performance, and the Russell Microcap Index and the Russell 2000 Index, indexes that reflect the performance of the particular market segment in which the Fund primarily invests. Calendar Year Total Returns Investment Class (%) <img alt="" src="img003.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Year</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_983_eoef--AnnlRtrPct_pid_dp_c20160101__20161231__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_z6v2HEkWVeW6" style="display: none; width: 50%">19.7%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_980_eoef--AnnlRtrPct_pid_dp_c20170101__20171231__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_zPX55ePQoUsk" style="display: none">5.2%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_98D_eoef--AnnlRtrPct_pid_dp_c20180101__20181231__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_zvUsitDGQ0hj" style="display: none">-9.0%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98B_eoef--AnnlRtrPct_pid_dp_c20190101__20191231__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_z4jhcMypcixe" style="display: none">19.6%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_98B_eoef--AnnlRtrPct_pid_dp_c20200101__20201231__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_zytMCWBlPNZ1" style="display: none">23.8%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_pid_dp_c20210101__20211231__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_z6gYgpx2bYA" style="display: none">30.0%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98A_eoef--AnnlRtrPct_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_zFFWUUjxvxK5" style="display: none">-22.4%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_zh9jDNc6ss3g" style="display: none">18.8%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_pid_dp_c20240101__20241231__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_zJ4g0XjPLjwc" style="display: none">13.7%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000009496Member__oef--ClassAxis__custom--C000025976Member_zwb83SYHznTk" style="display: none">13.9%</td></tr> </table> 0.197 0.052 -0.090 0.196 0.238 0.300 -0.224 0.188 0.137 0.139 During the period shown in the bar chart, the highest return for a calendar quarter was 35.62% (quarter ended 12/31/20) and the lowest return for a calendar quarter was -31.90% (quarter ended 3/31/20). highest return 0.3562 2020-12-31 lowest return -0.3190 2020-03-31 <p id="xdx_A88_eoef--PerformanceTableNarrativeTextBlock_zWjlNtQothCe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1pt; text-align: justify; text-indent: 9pt">The Fund’s total returns do not reflect any deduction for charges or expenses of the variable contracts investing in the Fund. If these costs and expenses were reflected, the returns shown would be lower. Current month-end performance information for all share classes may be obtained at www.royceinvest.com or by calling SS&C GIDS Shareholder Services at (800) 841-1180. The Fund’s total returns do not reflect any deduction for charges or expenses of the variable contracts investing in the Fund. If these costs and expenses were reflected, the returns shown would be lower. www.royceinvest.com (800) 841-1180 Average Annual Total Returns As of 12/31/25 (%) <div id="xdx_A81_eoef--PerformanceTableTextBlock_zByLWyfLOeyc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z4D1BdQi1xml" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: #BFBFBF 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 67%; padding-top: 1pt; padding-bottom: 1pt"> </td> <td id="xdx_49B_20250101__20251231_ztspNYxFfa7c" style="border-bottom: #BFBFBF 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center; padding-top: 1pt; padding-bottom: 1pt">1 YEAR</td> <td id="xdx_493_20210101__20251231_zshDUPPNEtN8" style="border-bottom: #BFBFBF 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center; padding-top: 1pt; padding-bottom: 1pt">5 YEAR</td> <td id="xdx_49D_20160101__20251231_z4mzdrQiBsff" style="border-bottom: #BFBFBF 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center; padding-top: 1pt; padding-bottom: 1pt">10 YEAR</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">Investment Class</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000025976Member_zhW58hnXIAH9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; padding-top: 1pt; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">13.89</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">9.17</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">10.14</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">Service Class</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000033015Member_zSr6RdRV8TE2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; padding-top: 1pt; padding-bottom: 1pt">Return Before Taxes</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">13.58</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">8.85</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">9.86</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">Russell 3000 Index</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_z58mdvMUwzf4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0in; padding-top: 1pt; padding-bottom: 1pt">(Reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">17.15</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">13.15</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">14.29</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">Russell Microcap Index</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--RussellMicrocapIndexMember_z0Z2O9pMfWOh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0in; padding-top: 1pt; padding-bottom: 1pt">(Reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">22.98</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">7.32</td> <td style="border-bottom: #B3B3B3 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">9.58</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt">Russell 2000 Index</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell2000IndexMember_zy0aJIBsCUp1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 2pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0in; padding-top: 1pt; padding-bottom: 1pt">(Reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: rgb(179,179,179) 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">12.81</td> <td style="border-bottom: rgb(179,179,179) 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">6.09</td> <td style="border-bottom: rgb(179,179,179) 2pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-top: 1pt; padding-bottom: 1pt">9.62</td></tr> </table> 0.1389 0.0917 0.1014 0.1358 0.0885 0.0986 0.1715 0.1315 0.1429 0.2298 0.0732 0.0958 0.1281 0.0609 0.0962 Royce Small-Cap Portfolio Investment Goal Royce Small-Cap Portfolio’s investment goal is long-term growth of capital. Fees and Expenses of the Fund The following table presents the fees and expenses that you may pay if you buy and hold shares of the Fund. The table does not include variable contract or other potential charges. Because variable contract or other potential charges are not included, the total fees and expenses that you will incur will be higher than the fees and expenses set forth in the table. See your variable contract prospectus for more information about variable contract charges. Shareholder Fees (fees paid directly from your investment) <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zz2wZLflyBMa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 1pt solid; width: 56%"> </td> <td id="xdx_492_20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zNm45vOrNXT5" style="border-bottom: rgb(179,179,179) 1pt solid; width: 29%; padding-left: 65.05pt; text-align: center">INVESTMENT CLASS</td> <td id="xdx_493_20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000033016Member_zZT68goIv677" style="border-bottom: rgb(179,179,179) 1pt solid; width: 15%; padding-right: 1.05pt; text-align: center">SERVICE CLASS</td></tr> <tr id="xdx_405_eoef--MaximumSalesChargeImposedOnPurchasesOverOfferingPrice_dpn_zBnTPfta1Gfc" style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt">Maximum sales charge (load) imposed on purchases</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 67.05pt; text-align: center">0.00%</td> <td style="border-bottom: #B3B3B3 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40A_eoef--MaximumDeferredSalesChargeOverOther_dpn_zmTd9qQb0spk" style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt">Maximum deferred sales charge</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 67.05pt; text-align: center">0.00%</td> <td style="border-bottom: #B3B3B3 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther_dpn_zhKNrAgbdHP4" style="vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 2pt solid; padding-left: 1pt">Maximum sales charge (load) imposed on reinvested dividends</td> <td style="border-bottom: rgb(179,179,179) 2pt solid; padding-left: 67.05pt; text-align: center">0.00%</td> <td style="border-bottom: rgb(179,179,179) 2pt solid; text-align: center">0.00%</td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td></tr> </table> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_z4QzTQDkMHg6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zJjZBIuLspul" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" id="xdx_984_eoef--OperatingExpensesCaption_c20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member_zRiDxh5ga4y5" style="padding-left: 1pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt; width: 56%">Management fees</td> <td id="xdx_989_eoef--ManagementFeesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zbvYzUZQrvH" style="border-bottom: #B3B3B3 1pt solid; padding-left: 67.05pt; text-align: center; width: 29%">1.00%</td> <td id="xdx_982_eoef--ManagementFeesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000033016Member_ztudFCvlNhj2" style="border-bottom: #B3B3B3 1pt solid; text-align: center; width: 15%">1.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt">Distribution and/or service (12b-1) fees</td> <td id="xdx_98A_eoef--DistributionAndService12b1FeesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zp34Mvnqxuwc" style="border-bottom: #B3B3B3 1pt solid; padding-left: 67.05pt; text-align: center">0.00%</td> <td id="xdx_988_eoef--DistributionAndService12b1FeesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000033016Member_zaxYtIddInn" style="border-bottom: #B3B3B3 1pt solid; text-align: center">0.25%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt">Other expenses</td> <td id="xdx_980_eoef--OtherExpensesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zEcfFXoxiFM9" style="border-bottom: #B3B3B3 1pt solid; padding-left: 67.05pt; text-align: center">0.18%</td> <td id="xdx_98C_eoef--OtherExpensesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000033016Member_zWDBWd8ea1oe" style="border-bottom: #B3B3B3 1pt solid; text-align: center">0.19%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 2pt solid; padding-left: 13pt">Total annual Fund operating expenses</td> <td id="xdx_98A_eoef--ExpensesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zNzmCfEE25z4" style="border-bottom: rgb(179,179,179) 2pt solid; padding-left: 67.05pt; text-align: center">1.18%</td> <td id="xdx_986_eoef--ExpensesOverAssets_dpo_c20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000033016Member_zlsBWbDIdyVa" style="border-bottom: rgb(179,179,179) 2pt solid; text-align: center">1.44%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0000 0.0025 0.0018 0.0019 0.0118 0.0144 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s total operating expenses remain the same. Although your actual costs may be higher or lower, based on the assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zqwb38YSJTi8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zOJcTShdMDG4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 1pt solid; border-left: rgb(179,179,179) 1pt solid; width: 70%; background-color: rgb(243,243,244)"> </td> <td id="xdx_493_20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zaraXWRC0blf" style="border-bottom: #B3B3B3 1pt solid; width: 15%; text-align: center; background-color: rgb(243,243,244)">INVESTMENT CLASS</td> <td id="xdx_496_20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000033016Member_zjpnsv75FHra" style="border-right: rgb(179,179,179) 1pt solid; border-bottom: #B3B3B3 1pt solid; width: 15%; text-align: center; background-color: rgb(243,243,244)">SERVICE CLASS</td></tr> <tr id="xdx_405_eoef--ExpenseExampleYear01_zo5frKTPKMW7" style="vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 1pt solid; border-left: rgb(179,179,179) 1pt solid; padding-left: 6pt; background-color: rgb(243,243,244)">1 Year</td> <td style="border-bottom: #B3B3B3 1pt solid; text-align: center; background-color: rgb(243,243,244)">$120</td> <td style="border-right: rgb(179,179,179) 1pt solid; border-bottom: #B3B3B3 1pt solid; text-align: center; background-color: rgb(243,243,244)">$147</td></tr> <tr id="xdx_406_eoef--ExpenseExampleYear03_zvphFuW9Om83" style="vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 1pt solid; border-left: rgb(179,179,179) 1pt solid; padding-left: 6pt; background-color: rgb(243,243,244)">3 Years</td> <td style="border-bottom: #B3B3B3 1pt solid; text-align: center; background-color: rgb(243,243,244)">$375</td> <td style="border-right: rgb(179,179,179) 1pt solid; border-bottom: #B3B3B3 1pt solid; text-align: center; background-color: rgb(243,243,244)">$456</td></tr> <tr id="xdx_40A_eoef--ExpenseExampleYear05_z85GyBnN8rRf" style="vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 1pt solid; border-left: rgb(179,179,179) 1pt solid; padding-left: 6pt; background-color: rgb(243,243,244)">5 Years</td> <td style="border-bottom: #B3B3B3 1pt solid; text-align: center; background-color: rgb(243,243,244)">$649</td> <td style="border-right: rgb(179,179,179) 1pt solid; border-bottom: #B3B3B3 1pt solid; text-align: center; background-color: rgb(243,243,244)">$787</td></tr> <tr id="xdx_406_eoef--ExpenseExampleYear10_zjsdETes7Fkk" style="vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 1pt solid; border-left: rgb(179,179,179) 1pt solid; padding-left: 6pt; background-color: rgb(243,243,244)">10 Years</td> <td style="border-bottom: #B3B3B3 1pt solid; text-align: center; padding-right: 9pt; background-color: rgb(243,243,244)">$1,432</td> <td style="border-right: rgb(179,179,179) 1pt solid; border-bottom: #B3B3B3 1pt solid; text-align: center; padding-right: 9pt; background-color: rgb(243,243,244)">$1,724</td></tr> </table> 120 147 375 456 649 787 1432 1724 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 79% of the average value of its portfolio. 0.79 Principal Investment Strategy Royce Investment Partners (“Royce”), the Fund’s investment adviser, invests the Fund’s assets primarily in equity securities of small-cap companies that Royce believes are trading below its estimate of their current worth. Small-cap companies are those that have a market capitalization not greater than that of the largest company in the Russell 2000® Index at the time of its most recent reconstitution. The Fund generally invests in such companies that Royce believes also possess financial strength, a strong business model, and the ability to generate and effectively allocate excess free cash flow. <p id="xdx_980_eoef--StrategyPortfolioConcentration_c20260501__20260501__dei--LegalEntityAxis__custom--S000009497Member_zMNXsz1wXLN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 9pt">The Fund invests at least 80% of its net assets in equity securities of small-cap companies, under normal circumstances. Although the Fund generally focuses on securities of U.S. companies, it may invest up to 25% of its net assets (measured at the time of investment) in equity securities of companies headquartered in foreign countries. The Fund may invest in other investment companies that invest primarily in equity securities. The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what Royce deems to be more promising opportunities, and/or manage cash levels in the Fund’s portfolio. The Fund invests at least 80% of its net assets in equity securities of small-cap companies, under normal circumstances. Although the Fund generally focuses on securities of U.S. companies, it may invest up to 25% of its net assets (measured at the time of investment) in equity securities of companies headquartered in foreign countries. The Fund may invest in other investment companies that invest primarily in equity securities. The Fund may sell securities to, among other things, secure gains, limit losses, redeploy assets into what Royce deems to be more promising opportunities, and/or manage cash levels in the Fund’s portfolio. As with any mutual fund that invests primarily in common stocks, Royce Small-Cap Portfolio is subject to market risk—the possibility that common stock prices will decline over short and/or extended periods of time due to overall market, financial, economic, and political conditions or events; changes in investor sentiment; governmental or central bank actions and/or market interventions; banking instability; trade disputes, tariffs, trade barriers, and economic sanctions and corresponding countermeasures; major cybersecurity events; acts of terrorism; armed conflicts; pandemics or epidemics; natural disasters; and other events or factors that may or may not be directly related to the issuer of a security held by the Fund. Economies and financial markets throughout the world are increasingly interconnected, and events or changes in one country or region could have significant adverse effects on global economies, markets, industries, and individual companies in ways that cannot necessarily be foreseen. As a result, the value of your investment in the Fund will fluctuate, sometimes sharply and unpredictably, and you could lose money over short and/or long periods of time. As a result, the value of your investment in the Fund will fluctuate, sometimes sharply and unpredictably, and you could lose money over short and/or long periods of time. The prices of small-cap securities are generally more volatile than those of larger-cap securities. In addition, because small-cap securities tend to have significantly lower trading volumes than larger-cap securities, the Fund may have difficulty selling holdings or may only be able to sell holdings at prices substantially lower than what Royce believes they are worth. Therefore, the Fund may involve considerably more risk of loss and its returns may differ significantly from funds investing in larger-cap companies or other asset classes. <p id="xdx_84D_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000009497Member__oef--RiskAxis__custom--SectorRiskMember_dU_zBp1FhK7SXLf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 9pt">As of December 31, 2025, the Fund invested a significant portion of its assets in a limited number of issuers. Such a portfolio may involve considerably more risk to investors than one that invests in a larger number of issuers because such a portfolio may be more susceptible to any single corporate, economic, political, regulatory, or market event. A significant portion of the Fund’s assets also may, from time to time, be invested in companies from a single sector or a limited number of sectors. Such an investment approach may involve considerably more risk to investors than one that is more broadly diversified across economic sectors because it may be more susceptible to corporate, economic, political, regulatory, or market events that adversely affect the relevant sector(s). As of December 31, 2025, the Fund invested a significant portion of its assets in companies from the Consumer Discretionary and Financials sectors. Consumer Discretionary companies can be significantly affected by the performance of the overall economy, particularly the level of consumer inflation, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes. Companies in the Financials sector are subject to extensive government regulation, can be significantly affected by changes in interest rates, the availability and cost of capital, the rate of corporate and consumer debt defaults, and price competition. They can also be subject to relatively rapid change due to government interventions in capital, credit, and currency markets. Investment in foreign securities involves risks that may not be encountered in U.S. investments, including adverse political, social, economic, environmental, public health, and/or other developments that are unique to a particular region or country. Prices of foreign securities in particular countries or regions may, at times, move in a different direction and/or be more volatile than those of U.S. securities. Because the Fund does not intend to hedge its foreign currency exposure, the U.S. dollar value of the Fund’s investments may be harmed by declines in the value of foreign currencies in relation to the U.S. dollar. Allocation adjustment programs–used by certain participating insurance companies to help manage the volatility of the relevant variable contract investment options and to preserve variable contract value–may result in transfers of assets among the relevant investment options, including the Fund. These programs may result in large-scale asset flows into and out of the Fund, which could adversely affect the Fund, including its risk profile, expenses, and performance. For example, these asset flows may adversely affect performance by requiring the Fund to purchase or sell securities at inopportune times, by otherwise limiting Royce’s ability to fully implement the Fund’s investment strategies, or by requiring the Fund to hold a larger portion of its assets in cash or highly liquid securities than it otherwise would hold. Such asset flows may also result in higher portfolio turnover rates, increased payments of brokerage commissions, lower asset levels, and higher operating expense ratios for the Fund. The Fund’s portfolio turnover rate for the fiscal year ended December 31, 2025, was 79% of the average value of its portfolio. <p id="xdx_846_eoef--RiskTextBlock_hdei--LegalEntityAxis__custom--S000009497Member__oef--RiskAxis__custom--UnderperformanceRiskMember_dU_z0ekYpTT72X5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 9pt">Royce’s estimate of a company’s current worth may prove to be inaccurate, or this estimate may not be recognized by other investors, which could lead to portfolio losses or underperformance relative to similar funds and/or the Fund’s benchmark indexes. Additionally, “value” stocks may remain undervalued for long periods (particularly during times of low or declining interest rates), undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Securities in the Fund’s portfolio may not increase as much as the market as a whole, or perform negatively, and some securities may continue to be undervalued for long periods of time or may never reach what Royce believes are their full market values. Investments in the Fund are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. This Prospectus is not a contract. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, Fund or investor data, or proprietary information. Such incidents may also cause the Fund, Royce, and/or their service providers to suffer data breaches, data corruption, or loss of operational functionality. In addition, cybersecurity incidents may also prevent Fund investors from purchasing, redeeming, or exchanging shares, as well as from receiving distributions. The Fund and Royce have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or Royce. Cybersecurity incidents may result in significant financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent any future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers are affected by cybersecurity incidents. Performance The following performance information provides an indication of the risks of investing in the Fund. Past performance does not indicate how the Fund will perform in the future. The Calendar Year Total Returns chart shows performance year-by-year over the last ten years (Investment Class used for illustrative purposes—returns differ by Class). The Average Annual Total Returns table shows how the Fund’s average annual total returns for various periods compare with those of the Russell 3000 Index, a broad-based measure of U.S. equity market performance, and the Russell 2000 Value Index and the Russell 2000 Index, indexes that reflect the performance of the particular market segment in which the Fund primarily invests. Each Class has substantially similar returns because they invest in the same portfolio of securities, differing only to the extent that the Service Class has higher expenses than the Investment Class. If Service Class’s expenses had been reflected, returns for that Class would have been lower. The following performance information provides an indication of the risks of investing in the Fund. Past performance does not indicate how the Fund will perform in the future. The Average Annual Total Returns table shows how the Fund’s average annual total returns for various periods compare with those of the Russell 3000 Index, a broad-based measure of U.S. equity market performance, and the Russell 2000 Value Index and the Russell 2000 Index, indexes that reflect the performance of the particular market segment in which the Fund primarily invests. Calendar Year Total Returns Investment Class (%) <img alt="" src="img004.jpg"/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_986_eoef--AnnlRtrPct_pid_dp_c20160101__20161231__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_z0t4kETVAvBb" style="display: none; width: 50%">21.0%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_988_eoef--AnnlRtrPct_pid_dp_c20170101__20171231__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zV7aRAeSqdXk" style="display: none">5.4%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_98F_eoef--AnnlRtrPct_pid_dp_c20180101__20181231__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_ztKch59GXAnh" style="display: none">-8.3%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_988_eoef--AnnlRtrPct_pid_dp_c20190101__20191231__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zCp8Rub5Ne82" style="display: none">18.7%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_pid_dp_c20200101__20201231__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zxaKTwrDC0tk" style="display: none">-7.2%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_pid_dp_c20210101__20211231__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zyAabgsY5W1k" style="display: none">28.8%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_pid_dp_c20220101__20221231__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zK8BqxuPe8t9" style="display: none">-9.2%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_pid_dp_c20230101__20231231__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zFz9wnA2aYK6" style="display: none">25.9%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_pid_dp_c20240101__20241231__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_z9vPmJ9P9MUl" style="display: none">3.4%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_pid_dp_c20250101__20251231__dei--LegalEntityAxis__custom--S000009497Member__oef--ClassAxis__custom--C000025977Member_zNwpK1S9HfAi" style="display: none">8.9%</td></tr> </table> 0.210 0.054 -0.083 0.187 -0.072 0.288 -0.092 0.259 0.034 0.089 During the period shown in the bar chart, the highest return for a calendar quarter was 26.53% (quarter ended 12/31/20) and the lowest return for a calendar quarter was -39.32% (quarter ended 3/31/20). highest return 0.2653 2020-12-31 lowest return -0.3932 2020-03-31 The Fund’s total returns do not reflect any deduction for charges or expenses of the variable contracts investing in the Fund. If these costs and expenses were reflected, the returns shown would be lower. Current month-end performance information for all share classes may be obtained at www.royceinvest.com or by calling SS&C GIDS Shareholder Services at (800) 841-1180. The Fund’s total returns do not reflect any deduction for charges or expenses of the variable contracts investing in the Fund. If these costs and expenses were reflected, the returns shown would be lower. www.royceinvest.com (800) 841-1180 Average Annual Total Returns As of 12/31/25 (%) <div id="xdx_A88_eoef--PerformanceTableTextBlock_z7ogK8V596F2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zhMeKrecbRY1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; width: 67%"> </td> <td id="xdx_49B_20250101__20251231_zF5RNhVWd6ji" style="border-bottom: #B3B3B3 1pt solid; width: 10%; padding-right: 0.05pt; text-align: right">1 YEAR</td> <td id="xdx_493_20210101__20251231_zeYt6Cq3eJq7" style="border-bottom: #B3B3B3 1pt solid; width: 11%; text-align: right">5 YEAR</td> <td id="xdx_49D_20160101__20251231_z47IIS8gOIDi" style="border-bottom: #B3B3B3 1pt solid; width: 12%; padding-right: 1.05pt; text-align: right">10 YEAR</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1pt">Investment Class</td> <td> </td> <td> </td> <td> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000025977Member_zRLoTo7BXgJk" style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 5pt">Return Before Taxes</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 1.05pt; text-align: right">8.93</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 1.05pt; text-align: right">10.66</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 4.05pt; text-align: right">7.88</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1pt">Service Class</td> <td> </td> <td> </td> <td> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000033016Member_zXdPwh8vzaDd" style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 5pt">Return Before Taxes</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 1.05pt; text-align: right">8.73</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 1.05pt; text-align: right">10.40</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 4.05pt; text-align: right">7.63</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1pt">Russell 3000 Index</td> <td> </td> <td> </td> <td> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexOneMember_z3dTiWRj0XAd" style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt">(Reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 1.05pt; text-align: right">17.15</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 1.05pt; text-align: right">13.15</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 4.05pt; text-align: right">14.29</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1pt">Russell 2000 Value Index</td> <td> </td> <td> </td> <td> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell2000ValueIndexMember_zhzbFVINi2l8" style="vertical-align: bottom"> <td style="border-bottom: #B3B3B3 1pt solid; padding-left: 1pt">(Reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 1.05pt; text-align: right">12.59</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 1.05pt; text-align: right">8.88</td> <td style="border-bottom: #B3B3B3 1pt solid; padding-right: 4.05pt; text-align: right">9.27</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1pt">Russell 2000 Index</td> <td> </td> <td> </td> <td> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell2000IndexOneMember_zn3gqC4bKr0j" style="vertical-align: bottom"> <td style="border-bottom: rgb(179,179,179) 2pt solid; padding-left: 1pt">(Reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: rgb(179,179,179) 2pt solid; padding-right: 1.05pt; text-align: right">12.81</td> <td style="border-bottom: rgb(179,179,179) 2pt solid; padding-right: 1.05pt; text-align: right">6.09</td> <td style="border-bottom: rgb(179,179,179) 2pt solid; padding-right: 4.05pt; text-align: right">9.62</td></tr> </table> 0.0893 0.1066 0.0788 0.0873 0.1040 0.0763 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 0.1281 0.0609 0.0962