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0001006387 cik0001006387:C000033016Member oef:ConsumerStaplesSectorMember 2026-06-30 0001006387 cik0001006387:C000033016Member us-gaap:CashAndCashEquivalentsMember 2026-06-30 iso4217:USD pure cik0001006387:Holdings false N-1A 0001006387 N-CSRS ROYCE CAPITAL FUND Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report Semi Annual Shareholder Report 2026-06-30 Royce Capital Fund—Micro-Cap Portfolio Investment Class RCMCX This <span id="xdx_90E_eoef--ShareholderReportAnnualOrSemiAnnual_dxL_c20260101__20260630__oef--ClassAxis__custom--C000025976Member_zfCpUISyNYv9" title="::XDX::Semi%20Annual%20Shareholder%20Report"><span style="-sec-ix-hidden: xdx2ixbrl0020">semiannual shareholder report</span></span> contains important information about Royce Capital Fund—Micro-Cap Portfolio for the period of January 1, 2026 to June 30, 2026. You can find additional information at <span style="text-decoration: underline"><span id="xdx_908_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000025976Member_zHLfNYZqVbv8">www.royceinvest.com/literature</span></span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000025976Member_zaQsSN9tW3ua">1-800-221-4268</span>. www.royceinvest.com/literature 1-800-221-4268 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000025976Member_dU_zL9tad0iG1Uc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #48757F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>What Were the Fund’s Costs for the Last Six-Months?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #48757F"></p> <p style="margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Based on a hypothetical $10,000 investment</i></span></p> <p style="margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: #BCBEC0 1pt solid; width: 47%; text-align: left; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><b>FUND/CLASS</b></span></td> <td style="border-bottom: #BCBEC0 1pt solid; width: 21%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COSTS OF A</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>$10,000 INVESTMENT</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p></td> <td style="border-bottom: #BCBEC0 1pt solid; width: 32%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><b>COSTS PAID AS A PERCENTAGE<br/> OF A $10,000 INVESTMENT¹</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1.5pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Royce Capital Fund—Micro-Cap Portfolio—Investment Class</span></td> <td style="border-bottom: #C8C8C8 1.5pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$<span id="xdx_901_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000025976Member_zFLiv1vYAGr7">74</span></span></td> <td style="border-bottom: #C8C8C8 1.5pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><span id="xdx_904_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025976Member_fMQ_____zivMh5AMSq1h">1.22%</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">¹Annualized</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td></tr> </table> <p style="margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p> <p style="margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td id="xdx_F0A_zQ1Xivm9fyR9" style="display: none; width: 50%">1</td> <td id="xdx_F1E_zWXQvjO04Qp" style="display: none; width: 50%">Annualized</td></tr> </table> <p style="margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p> 74 0.0122 <p id="xdx_805_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000025976Member_dU_z1OcBqPwOWe2" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #48757F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Key Fund Statistics</span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #48757F"></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As of/through 6/30/26</span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid; width: 59%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Fund Size (Millions)</span></td> <td id="xdx_985_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025976Member_zL8UOvGhxuwf" style="border-bottom: #C8C8C8 1pt solid; width: 41%; padding-right: 0.05pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$141</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #BCBEC0 1pt solid; padding-top: 0.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Number of Holdings</span></td> <td id="xdx_98A_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025976Member_zB1p2tCDVUa9" style="border-bottom: #BCBEC0 1pt solid; padding-top: 0.5pt; padding-right: 0.05pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">156</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1.5pt solid; padding-top: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Portfolio Turnover Rate</span></td> <td id="xdx_98B_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025976Member_zb0DbjYsTAb5" style="border-bottom: #C8C8C8 1.5pt solid; padding-top: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">22%</span></td></tr> </table> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"></p> <p style="margin: 0pt 0"></p> 141000000 156 0.22 <p id="xdx_802_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000025976Member_dU_z0xZpGcIjqhi" style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div style="position: relative; float: left; width: 30%"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td colspan="2" style="border-top: rgb(35,31,32) 1pt solid; padding-top: 2.85pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(35,31,32)"><b>Top 10 Positions</b></span></td> <td style="border-top: rgb(35,31,32) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid; width: 83%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Ultra Clean Holdings</span></td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--LargestHoldingAxis__custom--UltraCleanHoldingsMember_zDYuPjAPg3g4" style="border-bottom: #D1D3D4 1pt solid; width: 16%; padding-left: 10pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">1.7</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid; width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Ichor Holdings</span></td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--LargestHoldingAxis__custom--IchorHoldingsMember_zF3d4N8FX9N" style="border-bottom: #D1D3D4 1pt solid; padding-left: 10pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">1.7</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Graham Corporation</span></td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--LargestHoldingAxis__custom--GrahamCorporationMember_zono8Afk4Lz5" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.5</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">NWPX Infrastructure</span></td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--LargestHoldingAxis__custom--NWPXInfrastructureMember_zjOrL0cIcMlg" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.5</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Cohu</span></td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--LargestHoldingAxis__custom--CohuMember_zZGTnaTvCSHa" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.4</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Lincoln Educational Services</span></td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--LargestHoldingAxis__custom--LincolnEducationalServicesMember_zYOVzYTIXj1b" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.4</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Bel Fuse Cl. B</span></td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--LargestHoldingAxis__custom--BelFuseClBMember_zXd27RTsEco2" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.4</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">EZCORP Cl. A</span></td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--LargestHoldingAxis__custom--EZCORPClAMember_zvdX5rWOFTFd" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.3</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(200,200,200) 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Lindblad Expeditions Holdings </span></td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--LargestHoldingAxis__custom--LindbladExpeditionsHoldingsMember_z7MX4sf8nVJ3" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">1.3</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(200,200,200) 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Digi International </span></td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--LargestHoldingAxis__custom--DigiInternationalMember_zv3baXWFmZJ1" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">1.2</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> </table> </div> 0.017 0.017 0.015 0.015 0.014 0.014 0.014 0.013 0.013 0.012 <div id="xdx_80E_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025976Member_dU_zAj2aeIpJ7we" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div><p style="margin: 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p> <p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><b>Portfolio <span style="color: #231F20">Sector Breakdown</span></b></span></p> <p style="margin: 0pt 0"> </p> <p style="margin: 0pt 0"><img alt="" src="img002_v1.jpg"/></p> <div style="clear: both"></div> <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; text-transform: uppercase"> <th style="display: none; text-transform: uppercase"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; text-transform: uppercase"><b style="display: none; text-transform: uppercase">Portfolio Sector Breakdown</b></span></th> <th style="display: none; text-transform: uppercase"> </th></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; width: 50%; text-transform: uppercase">Industrials</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zL4dunyOqykf" style="display: none; width: 50%; text-transform: uppercase">25.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Information Technology</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zDzgdEeOaj09" style="display: none; text-transform: uppercase">23.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Health Care</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zZpBucl5AK8h" style="display: none; text-transform: uppercase">12.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Consumer Discretionary</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zttibbRhiLck" style="display: none; text-transform: uppercase">11.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Financials</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_z2VrZUr9cF8a" style="display: none; text-transform: uppercase">11.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Materials</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zHxjYVNA8VG7" style="display: none; text-transform: uppercase">4.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Energy</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_z8lCUQJNFeze" style="display: none; text-transform: uppercase">3.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Communication Services</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zgd3Hybld45c" style="display: none; text-transform: uppercase">2.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Real Estate</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zJGs8XJEEBa5" style="display: none; text-transform: uppercase">0.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Cash and Cash Equivalents</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025976Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zWCW8k3DNSMh" style="display: none; text-transform: uppercase">5.1</td></tr> </table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #48757F"> </p> 0.253 0.235 0.124 0.119 0.116 0.041 0.035 0.020 0.006 0.051 1-800-221-4268 www.royceinvest.com Royce Capital Fund—Micro-Cap Portfolio Service Class RCMSX This <span id="xdx_90B_eoef--ShareholderReportAnnualOrSemiAnnual_dxL_c20260101__20260630__oef--ClassAxis__custom--C000033015Member_zTgATf7z5Hj" title="::XDX::Semi%20Annual%20Shareholder%20Report"><span style="-sec-ix-hidden: xdx2ixbrl0064">semiannual shareholder report</span></span> contains important information about Royce Capital Fund—Micro-Cap Portfolio for the period of January 1, 2026 to June 30, 2026. You can find additional information at <span style="text-decoration: underline"><span id="xdx_904_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000033015Member_zzgw4hBThKQ2">www.royceinvest.com/literature</span></span>. You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033015Member_zHjQG6g1mej5">1-800-221-4268</span>. www.royceinvest.com/literature 1-800-221-4268 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000033015Member_dU_zxY2ugC50S3f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #48757F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><b>What Were the Fund’s Costs for the Last Six-Months?</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #48757F"></p> <p style="margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Based on a hypothetical $10,000 investment</i></span></p> <p style="margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="margin: 0pt 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: #BCBEC0 1pt solid; width: 47%; text-align: left; vertical-align: bottom"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><b>FUND/CLASS</b></span></td> <td style="border-bottom: #BCBEC0 1pt solid; width: 21%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COSTS OF A</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>$10,000 INVESTMENT</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></span></p></td> <td style="border-bottom: #BCBEC0 1pt solid; width: 32%; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><b>COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT¹</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1.5pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Royce Capital Fund—Micro-Cap Portfolio—Service Class</span></td> <td style="border-bottom: #C8C8C8 1.5pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$<span id="xdx_90C_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000033015Member_zm3JxxFesQve">90</span></span></td> <td style="border-bottom: #C8C8C8 1.5pt solid; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20"><span id="xdx_902_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000033015Member_fMQ_____zaG8p5osQODg">1.49%</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(35,31,32)">¹Annualized</span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td> <td><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </span></td></tr> </table> <p style="margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td id="xdx_F00_zwLlv3ghUc7" style="display: none; width: 50%">1</td> <td id="xdx_F1A_zFGJXgEJjre5" style="display: none; width: 50%">Annualized</td></tr> </table> <p style="margin: 0pt 0"></p> <p style="margin: 0pt 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</i> </span></p> 90 0.0149 <p id="xdx_805_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000033015Member_dU_zFjTdea7aab1" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #48757F"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Key Fund Statistics</span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #48757F"></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As of/through 6/30/26</span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 65%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid; width: 59%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Fund Size (Millions)</span></td> <td id="xdx_98B_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000033015Member_zdNJp5lhXrH" style="border-bottom: #C8C8C8 1pt solid; width: 41%; padding-right: 0.05pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">$141</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #BCBEC0 1pt solid; padding-top: 0.5pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Number of Holdings</span></td> <td id="xdx_98E_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000033015Member_zmrEl3Lm4c6g" style="border-bottom: #BCBEC0 1pt solid; padding-top: 0.5pt; padding-right: 0.05pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">156</span></td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1.5pt solid; padding-top: 0.75pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Portfolio Turnover Rate</span></td> <td id="xdx_989_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000033015Member_zAticdsGlhA5" style="border-bottom: #C8C8C8 1.5pt solid; padding-top: 0.75pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">22%</span></td></tr> </table> <p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"></p> <p style="margin: 0pt 0"></p> 141000000 156 0.22 <p id="xdx_803_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000033015Member_dU_zJvwJsnFOJ48" style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </span></p> <div style="position: relative; float: left; width: 30%"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td colspan="2" style="border-top: rgb(35,31,32) 1pt solid; padding-top: 2.85pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(35,31,32)"><b>Top 10 Positions</b></span></td> <td style="border-top: rgb(35,31,32) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid; width: 83%"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Ultra Clean Holdings</span></td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--LargestHoldingAxis__custom--UltraCleanHoldingsMember_zJ5nm8K9wDDd" style="border-bottom: #D1D3D4 1pt solid; width: 16%; padding-left: 10pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">1.7</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid; width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Ichor Holdings</span></td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--LargestHoldingAxis__custom--IchorHoldingsMember_zed0x1T8v9oe" style="border-bottom: #D1D3D4 1pt solid; padding-left: 10pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">1.7</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Graham Corporation</span></td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--LargestHoldingAxis__custom--GrahamCorporationMember_zlh0v37QUGml" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.5</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">NWPX Infrastructure</span></td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--LargestHoldingAxis__custom--NWPXInfrastructureMember_zgwbLhegEgFg" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.5</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Cohu</span></td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--LargestHoldingAxis__custom--CohuMember_zi0rtAtfvJ8a" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.4</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Lincoln Educational Services</span></td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--LargestHoldingAxis__custom--LincolnEducationalServicesMember_zIinLKqEUQH5" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.4</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Bel Fuse Cl. B</span></td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--LargestHoldingAxis__custom--BelFuseClBMember_zRQzdJr4EkG2" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.4</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #C8C8C8 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">EZCORP Cl. A</span></td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--LargestHoldingAxis__custom--EZCORPClAMember_zch1ExJJI2ue" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">  1.3</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(200,200,200) 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Lindblad Expeditions Holdings </span></td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--LargestHoldingAxis__custom--LindbladExpeditionsHoldingsMember_zYZ4RJ5n5Uz4" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">1.3</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(200,200,200) 1pt solid"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">Digi International </span></td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--LargestHoldingAxis__custom--DigiInternationalMember_z27sgy4Aj9zc" style="border-bottom: rgb(200,200,200) 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #231F20">1.2</span></td> <td style="border-bottom: rgb(200,200,200) 1pt solid"> </td></tr> </table> </div> 0.017 0.017 0.015 0.015 0.014 0.014 0.014 0.013 0.013 0.012 <div id="xdx_803_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000033015Member_dU_zmrGZZAr8Nle" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div><p style="margin: 0"><span style="font: 10pt Arial, Helvetica, Sans-Serif"></span></p> <p style="margin: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><b>Portfolio <span style="color: #231F20">Sector Breakdown</span></b></span></p> <p style="margin: 0pt 0"> </p> <p style="margin: 0pt 0"><img alt="" src="img004_v1.jpg"/></p> <div style="clear: both"></div><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; text-transform: uppercase"> <th style="display: none; text-transform: uppercase"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; text-transform: uppercase"><b style="display: none; text-transform: uppercase">Portfolio Sector Breakdown</b></span></th> <th style="display: none; text-transform: uppercase"> </th></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; width: 50%; text-transform: uppercase">Industrials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zVFxDz1ijdI3" style="display: none; width: 50%; text-transform: uppercase">25.3</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Information Technology</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zICi297X2Dcb" style="display: none; text-transform: uppercase">23.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Health Care</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zmFDCpbpVTG4" style="display: none; text-transform: uppercase">12.4</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Consumer Discretionary</td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_z8qreFPP1jtl" style="display: none; text-transform: uppercase">11.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Financials</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zRfw5ifcCRA1" style="display: none; text-transform: uppercase">11.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Materials</td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zK3yjSCN4mt6" style="display: none; text-transform: uppercase">4.1</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Energy</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zxeSKDbkDpUe" style="display: none; text-transform: uppercase">3.5</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Communication Services</td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zAE1HTOq8Zef" style="display: none; text-transform: uppercase">2.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Real Estate</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--IndustrySectorAxis__us-gaap--RealEstateSectorMember_zB3uoWK5vv48" style="display: none; text-transform: uppercase">0.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left; text-transform: uppercase"> <td style="display: none; text-transform: uppercase">Cash and Cash Equivalents</td> <td id="xdx_981_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033015Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zJCUXIjH1xsi" style="display: none; text-transform: uppercase">5.1</td></tr> </table> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #48757F"> </p> 0.253 0.235 0.124 0.119 0.116 0.041 0.035 0.020 0.006 0.051 1-800-221-4268 www.royceinvest.com Royce Capital Fund—Small-Cap Portfolio Investment Class RCPFX This <span id="xdx_90D_eoef--ShareholderReportAnnualOrSemiAnnual_dxL_c20260101__20260630__oef--ClassAxis__custom--C000025977Member_zbXMXEohapZ5" title="::XDX::Semi%20Annual%20Shareholder%20Report"><span style="-sec-ix-hidden: xdx2ixbrl0108">semiannual shareholder report</span></span> contains important information about Royce Capital Fund—Small-Cap Portfolio for the period of January 1, 2026 to June 30, 2026. You can find additional information at <span style="text-decoration: underline"><span id="xdx_904_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000025977Member_zNEAIMyZreB2">www.royceinvest.com/literature</span></span>. You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000025977Member_zMj7ZFQ6N7Jl">1-800-221-4268</span>. www.royceinvest.com/literature 1-800-221-4268 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000025977Member_dU_zPGuCM8d8xr2" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: #48757F"><span style="font-size: 12pt"><b>What Were the Fund’s Costs for the Last Six-Months?</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><i>Based on a hypothetical $10,000 investment</i> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 48%"> </td> <td style="width: 21%; padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COSTS OF A</b></span></td> <td style="width: 31%; padding-left: 2pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COSTS PAID AS A PERCENTAGE</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND/CLASS</b></span></td> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>$10,000 INVESTMENT</b></span></td> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>OF A $10,000 INVESTMENT¹</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce Capital Fund—Small-Cap Portfolio—Investment Class</span></td> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$<span id="xdx_904_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000025977Member_z4uDnySWmKT7">67</span></span></td> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 2pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_901_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025977Member_fMQ_____z7XrUZCRtWl2">1.23%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">¹Annualized</span></td> <td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: #48757F"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td id="xdx_F0B_zfi9JuASemu7" style="display: none; width: 50%">1</td> <td id="xdx_F1E_zVpwkT4S2vKe" style="display: none; width: 50%">Annualized</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: #48757F"></p> 67 0.0123 <p id="xdx_805_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000025977Member_dU_zOlwiTjFpG5b" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: #48757F"><span style="font-size: 12pt"><b>Key Fund Statistics</b> </span> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><i>As of/through 6/30/26</i> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; width: 59%; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fund Size (Millions)</span></td> <td id="xdx_989_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000025977Member_z7GgBQWlcLF5" style="border-bottom: #C5C7C8 1pt solid; width: 41%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$187</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Number of Holdings</span></td> <td id="xdx_98E_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000025977Member_zaPVdTc9bjo4" style="border-bottom: #BCBEC0 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio Turnover Rate</span></td> <td id="xdx_98F_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000025977Member_zJvRDoVlUUFd" style="border-bottom: #C5C7C8 2.25pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24%</span></td></tr> </table> 187000000 79 0.24 <p id="xdx_80E_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000025977Member_dU_zad2WhyZD117" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"> </p> <div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 84%; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><b>Top 10 Positions</b></span></td> <td style="vertical-align: bottom; width: 15%"><span style="font-size: 11pt"> </span></td> <td style="width: 1%"><span style="font-size: 11pt"> </span></td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TD SYNNEX</span></td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--LargestHoldingAxis__custom--TDSYNNEXMember_zwyJemSD1fgi" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.7</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">M/I Homes</span></td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--LargestHoldingAxis__custom--MIHomesMember_zgF7AwKSRkh7" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.4</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blue Bird</span></td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--LargestHoldingAxis__custom--BlueBirdMember_zZCcQOZYhna9" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.3</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diebold Nixdorf</span></td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--LargestHoldingAxis__custom--DieboldNixdorfMember_zqlCYgfMdGbi" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.2</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Timberland Bancorp</span></td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--LargestHoldingAxis__custom--TimberlandBancorpMember_z4fci6py85b" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">2.0</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Village Super Market Cl. A</span></td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--LargestHoldingAxis__custom--VillageSuperMarketClAMember_zER26yyDwKQi" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IBEX</span></td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--LargestHoldingAxis__custom--IBEXMember_z3K4ANVMvfai" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interface</span></td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--LargestHoldingAxis__custom--InterfaceMember_zftDhdAoMQFf" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PulteGroup</span></td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--LargestHoldingAxis__custom--PulteGroupMember_zjUilqHGBHGj" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #C5C7C8 2.25pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unity Bancorp</span></td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--LargestHoldingAxis__custom--UnityBancorpMember_zqb9vUUmFRP4" style="border-bottom: #C5C7C8 2.25pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.8</span></td> <td style="border-bottom: #C5C7C8 2.25pt solid"> </td></tr> </table> </div> 0.027 0.024 0.023 0.022 0.020 0.020 0.020 0.020 0.020 0.018 <div id="xdx_80B_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000025977Member_dU_zWhnIMn7Phak" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><span style="font-size: 11pt"><b>Portfolio Sector Breakdown</b> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><img alt="" src="img006_v1.jpg"/> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Portfolio Sector Breakdown</th> <th style="display: none"> </th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Financials</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zybKgnJFxYEg" style="display: none; width: 50%">27.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Consumer Discretionary</td> <td id="xdx_98C_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zVbS5618NF81" style="display: none">22.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Industrials</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zQoZPGKSOfj9" style="display: none">16.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Information Technology</td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zoHOY6dACTc8" style="display: none">14.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Health Care</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zxkFQDxn7wUj" style="display: none">8.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Energy</td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zud5JFS8l8xa" style="display: none">7.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Consumer Staples</td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zPYJL604gLsc" style="display: none">2.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Cash and Cash Equivalents</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000025977Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_zX6gFX8XJlea" style="display: none">0.8</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"></p> <div style="clear: both"></div> 0.276 0.226 0.169 0.142 0.087 0.072 0.020 0.008 1-800-221-4268 www.royceinvest.com Royce Capital Fund—Small-Cap Portfolio Service Class RCSSX This <span id="xdx_902_eoef--ShareholderReportAnnualOrSemiAnnual_dxL_c20260101__20260630__oef--ClassAxis__custom--C000033016Member_zLUo4ya5PVmh" title="::XDX::Semi%20Annual%20Shareholder%20Report"><span style="-sec-ix-hidden: xdx2ixbrl0150">semiannual shareholder report</span></span> contains important information about Royce Capital Fund—Small-Cap Portfolio for the period of January 1, 2026 to June 30, 2026. You can find additional information at <span style="text-decoration: underline"><span id="xdx_90E_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000033016Member_zHfy7MpaUH4">www.royceinvest.com/literature</span></span>. You can also request this information by contacting us at <span id="xdx_90A_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033016Member_z0s8I6Qi6uWg">1-800-221-4268</span>. www.royceinvest.com/literature 1-800-221-4268 <p id="xdx_80F_eoef--ExpensesTextBlock_hoef--ClassAxis__custom--C000033016Member_dU_zwcWbwyFyCog" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: #48757F"><span style="font-size: 12pt"><b>What Were the Fund’s Costs for the Last Six-Months?</b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><i>Based on a hypothetical $10,000 investment</i> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 48%"> </td> <td style="width: 21%; padding-left: 6pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COSTS OF A</b></span></td> <td style="width: 31%; padding-left: 2pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>COSTS PAID AS A PERCENTAGE</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FUND/CLASS</b></span></td> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 9pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>$10,000 INVESTMENT</b></span></td> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>OF A $10,000 INVESTMENT¹</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Royce Capital Fund—Small-Cap Portfolio—Service Class</span></td> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 5pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$<span id="xdx_90B_eoef--ExpensesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000033016Member_zQyPLgxVXbr3">78</span></span></td> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 2pt; text-align: center"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><span id="xdx_90D_eoef--ExpenseRatioPct_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000033016Member_fMQ_____zWisfIn4k0Ka">1.42%</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">¹Annualized</span></td> <td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td id="xdx_F0E_zIPRlgt2hCRl" style="display: none; width: 50%">1</td> <td id="xdx_F19_zlSBih5qEPhe" style="display: none; width: 50%">Annualized</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><span style="font: 10pt Arial, Helvetica, Sans-Serif; color: #231F20"><i>Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.</i></span></p> 78 0.0142 <p id="xdx_805_eoef--AddlFundStatisticsTextBlock_hoef--ClassAxis__custom--C000033016Member_dU_zKjZRwqZ0kWc" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: #48757F"><span style="font-size: 12pt"><b>Key Fund Statistics</b> </span> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><i>As of/through 6/30/26.</i> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 60%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 1pt solid; width: 59%; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fund Size (Millions)</span></td> <td id="xdx_98B_eus-gaap--AssetsNet_iE_pn6n6_c20260101__20260630__oef--ClassAxis__custom--C000033016Member_zfBq44bPh6Qi" style="border-bottom: #C5C7C8 1pt solid; width: 41%; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$187</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #BCBEC0 1pt solid; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Number of Holdings</span></td> <td id="xdx_983_eoef--HoldingsCount_iE_uHoldings_c20260101__20260630__oef--ClassAxis__custom--C000033016Member_zhupiulAzQal" style="border-bottom: #BCBEC0 1pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: #C5C7C8 2.25pt solid; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio Turnover Rate</span></td> <td id="xdx_981_eus-gaap--InvestmentCompanyPortfolioTurnover_pid_dp_uRatio_c20260101__20260630__oef--ClassAxis__custom--C000033016Member_zivXhb35jwGl" style="border-bottom: #C5C7C8 2.25pt solid; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24%</span></td></tr> </table> 187000000 79 0.24 <p id="xdx_80C_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000033016Member_dU_z7qu7RMHy6p" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"> </p> <div style="position: relative; float: left; width: 30%"> <div style="text-align: left; margin-top: 0; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 84%; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><b>Top 10 Positions</b></span></td> <td style="vertical-align: bottom; width: 15%"><span style="font-size: 11pt"> </span></td> <td style="width: 1%"><span style="font-size: 11pt"> </span></td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">TD SYNNEX</span></td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--LargestHoldingAxis__custom--TDSYNNEXMember_zzZLoilWSCfj" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.7</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">M/I Homes</span></td> <td id="xdx_980_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--LargestHoldingAxis__custom--MIHomesMember_z83dPsM0btG7" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.4</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Blue Bird</span></td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--LargestHoldingAxis__custom--BlueBirdMember_zTzSucr5iKd1" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.3</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Diebold Nixdorf</span></td> <td id="xdx_98D_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--LargestHoldingAxis__custom--DieboldNixdorfMember_z90IHAKlyfo9" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.2</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Timberland Bancorp</span></td> <td id="xdx_982_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--LargestHoldingAxis__custom--TimberlandBancorpMember_zK7UXCpWG3Rf" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right">2.0</td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Village Super Market Cl. A</span></td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--LargestHoldingAxis__custom--VillageSuperMarketClAMember_zeFrtUY298E" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IBEX</span></td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--LargestHoldingAxis__custom--IBEXMember_zj9aCzcLLgc5" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interface</span></td> <td id="xdx_989_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--LargestHoldingAxis__custom--InterfaceMember_zvSI4GCKoGka" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PulteGroup</span></td> <td id="xdx_984_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--LargestHoldingAxis__custom--PulteGroupMember_zvH2IqJDs5tj" style="border-bottom: #D1D3D4 1pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.0</span></td> <td style="border-bottom: #D1D3D4 1pt solid"> </td></tr> <tr> <td style="border-bottom: #C5C7C8 2.25pt solid; vertical-align: bottom; padding-left: 1pt"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unity Bancorp</span></td> <td id="xdx_98F_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--LargestHoldingAxis__custom--UnityBancorpMember_zbn2ZFLhbdDi" style="border-bottom: #C5C7C8 2.25pt solid; vertical-align: bottom; padding-right: 5.5pt; text-align: right"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.8</span></td> <td style="border-bottom: #C5C7C8 2.25pt solid"> </td></tr> </table> </div> 0.027 0.024 0.023 0.022 0.020 0.020 0.020 0.020 0.020 0.018 <div id="xdx_805_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000033016Member_dU_zuUDbwMniy5c" style="border-top: Black 1pt solid; font-size: 1pt; width: 100%"> </div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><span style="font-size: 11pt"><b>Portfolio Sector Breakdown</b> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"><img alt="" src="img008_v1.jpg"/> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; visibility: hidden"><b style="display: none; visibility: hidden">Portfolio Sector Breakdown</b></span></th> <th style="display: none"> </th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Financials</td> <td id="xdx_98B_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zroR0uvOaCAi" style="display: none; width: 50%">27.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; visibility: hidden">Consumer Discretionary</span></td> <td id="xdx_98A_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zIW8fBemrag5" style="display: none">22.6</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Industrials</td> <td id="xdx_986_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zeVe84Xngb7c" style="display: none">16.9</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; visibility: hidden">Information Technology</span></td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_z6jmFnoIFrrf" style="display: none">14.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; visibility: hidden">Health Care</span></td> <td id="xdx_985_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_z8HjJbF6cn3f" style="display: none">8.7</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">Energy</td> <td id="xdx_983_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zFXK0O6PDMc8" style="display: none">7.2</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; visibility: hidden">Consumer Staples</span></td> <td id="xdx_98E_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zV0PiUmVnq93" style="display: none">2.0</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none"><span style="display: none; font-family: Arial, Helvetica, Sans-Serif; visibility: hidden">Cash and Cash Equivalents</span></td> <td id="xdx_988_eoef--PctOfNav_iI_pid_dp_uRatio_c20260630__oef--ClassAxis__custom--C000033016Member__oef--IndustrySectorAxis__us-gaap--CashAndCashEquivalentsMember_z7ORqSsCDAC1" style="display: none">0.8</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt"></p> <div style="clear: both"></div> 0.276 0.226 0.169 0.142 0.087 0.072 0.020 0.008 1-800-221-4268 www.royceinvest.com Annualized Annualized Annualized Annualized