Royce Capital Fund - Small-Cap Portfolio

As of 11/13/2025

NAV ¹

$9.99

Overall Morningstar Rating

As of 10/31/2025

Rating Category: Small Value

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 09/30/2025

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

Historical Morningstar Ratings

As of 10/31/2025

Years	3
Ratings
Number of Funds In Category	53

Years	5
Ratings
Number of Funds In Category	51

Years	10
Ratings
Number of Funds In Category	51

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

See the risks and other important information.

Overview

Fund Description

Small-cap value fund that focuses on companies with above-average profitability and low leverage that are selling at attractive valuations due to what Royce believes are temporary factors. Small-cap stocks' market caps are less than the largest stock in the Russell 2000^® Index.
Takes a contrarian value approach, looking for stocks with solid fundamentals in industries where pessimism runs high
Pursues opportunities when expectations are low and focuses on industries where Royce sees the greatest number of compelling bargains

Meet Your Manager

Royce Investment Partners

Royce Investment Partners specializes in small-cap investing, managing both U.S. and international portfolios for individual investors, financial advisors, and institutions. The firm is generally regarded as a pioneer in small-cap investing. Focusing on this distinctive asset class for more than 45 years has given Royce an unparalleled domain knowledge of the small-company investment universe.

Fund Information

Asset Class

Equity

Total Net Assets

As of 10/31/2025 (Updated Monthly)

$170.05 Million

Fund Inception Date

05/04/2007

Share Class Inception Date

12/27/1996

Benchmark

Russell 2000 Value Index

Investment Style

Value

Lipper Classification

Small-Cap Core Funds

Morningstar Category

Small Value

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio

1.19%

Net Expense Ratio

^2, 3

1.08%

12b-1 Fee

0.00%

Identifiers

Ticker

RCPFX

Fund Number

295

CUSIP Code

78080T105

Bloomberg Code

RCPFX US

Portfolio Managers

Jay Kaplan, CFA®

New York, United States

Managed Fund Since 2003

Portfolio

Assets

As of 09/30/2025 Updated Monthly

Total Net Assets

$273.75 Million

Portfolio Allocations

Asset Allocation

As of 09/30/2025 % of Total Updated Quarterly

		Fund
	U.S. Investments	98.47%
	Non-U.S. Investments	1.53%

Portfolio Holdings

 Holdings  As of 09/30/2025   Updated Quarterly

Security Name

iShares Russell 2000 Value ETF

Weight (%)

4.75

Market Value ($)

13,002,254

Quantity

73,538

Security Name

Fixed Income Clearing Corporation

Weight (%)

3.81

Market Value ($)

10,443,285

Quantity

10,443,285

Security Name

Vanguard Small-Cap Value ETF

Weight (%)

3.14

Market Value ($)

8,602,817

Quantity

41,219

Security Name

IBEX

Weight (%)

1.81

Market Value ($)

4,948,343

Quantity

122,121

Security Name

Buckle (The)

Weight (%)

1.75

Market Value ($)

4,798,916

Quantity

81,809

Security Name

PulteGroup

Weight (%)

1.74

Market Value ($)

4,765,268

Quantity

36,065

Security Name

TD SYNNEX

Weight (%)

1.73

Market Value ($)

4,736,796

Quantity

28,927

Security Name

Visteon Corporation

Weight (%)

1.72

Market Value ($)

4,696,474

Quantity

39,183

Security Name

M/I Homes

Weight (%)

1.65

Market Value ($)

4,517,794

Quantity

31,278

Security Name

Diebold Nixdorf

Weight (%)

1.59

Market Value ($)

4,366,160

Quantity

76,559

Tax

Distributions

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

Tax Information

Federal ID Number 13-3890607

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Record Date	Ordinary Dividends	Qualified Dividends	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Dec 11	0.1274	0.1274	0.396	—	—	—	—	—	—

Record Date

Dec 11

Ordinary Dividends

0.1274

Qualified Dividends

0.1274

Capital Gain Distributions

0.396

Unrecaptured Section 1250 Gain

—

Non-Taxable Return Of Capital

—

Section 199a Dividends

—

Foreign Tax Paid

—

Exempt Interest Dividends

—

Interest on Tax Reclaim Refunds

—

Supplemental Tax Information

Foreign Source Income

—

Foreign Source Qualified Dividends

—

Direct U.S. Government Obligations

—

Specified Private Activity Bond Interest

—

Dividends Received Deduction

100.00%

Section 163(j)

—

Indiana Resident Taxable Income

—

Utah Resident Taxable Income

—

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Documents

Fund Literature

PDF Format

Factsheet - Royce Capital Fund?Small-Cap Portfolio - Class Investment, Service

Regulatory Documents

 PDF Format 
 Annual Report - Royce Capital Fund - Small-Cap Portfolio Investment Class 
 Mailed hardcopies unavailable. 
 PDF Format 
 Semi-Annual Report - Royce Capital Fund - Small-Cap Portfolio Investment Class 
 Mailed hardcopies unavailable. 
 PDF Format 
 Summary Prospectus - Royce Capital Fund - Small-Cap Portfolio (Investment and Service Classes) 

View Proxy Voting Records and Proxy Voting Policies

Risks

What Are the Risks?

The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investments in securities of larger-cap companies. The Fund may invest a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than more broadly diversified portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. The Fund may invest up to 25% of its net assets in foreign securities (measured at the time of investment), which may involve political, economic, currency, and other risks not encountered in U.S. investments. These and other risks are discussed in the fund’s prospectus.

Important Information

Past performance is no guarantee of future results. These portfolios are available as investment options under a variable annuity or variable life contract. Shares of the portfolios are offered only to insurance company separate accounts that fund certain variable annuity or life contracts. These portfolios may not be available in all states and may only be offered in certain variable products. Please refer to the prospectuses. Variable annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Withdrawals made prior to age 59 1/2 are subject to a 10% IRS penalty charge and/or surrender charges. Investments in a variable annuity are subject to market risks, including loss of principal. Guarantees are based on the claims-paying ability of the insurer.

VARIABLE ANNUITIES ARE SOLD BY PROSPECTUS ONLY. AN INVESTOR SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO CAREFULLY BEFORE INVESTING. THE PROSPECTUSES CONTAIN THIS AND OTHER IMPORTANT INFORMATION ABOUT THE INSURANCE CONTRACT AND THE UNDERLYING PORTFOLIO. FOR A FREE PROSPECTUS ON THE UNDERLYING PORTFOLIO, PLEASE CLICK ON THE PROSPECTUS LINK. AN INVESTOR SHOULD READ THE PROSPECTUSES CAREFULLY BEFORE INVESTING.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe.
Source: FTSE.

Franklin Distributors, LLC. Member FINRA/SIPC. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the fund are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) 530-2432 for more information.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.

			Large	Size
			Medium
			Small
Value	Blend	Growth
Style

Royce Capital Fund - Small-Cap Portfolio

NAV 1

Overall Morningstar Rating

Morningstar Style Box

Historical Morningstar Ratings

Overview

Fund Description

Meet Your Manager

Royce Investment Partners

Fund Information

Sales Charges, Expenses & Fees

Identifiers

Portfolio Managers

Jay Kaplan, CFA®

Portfolio

Assets

Portfolio Allocations

Asset Allocation

Portfolio Holdings

Holdings

Tax

Distributions

Tax Information

Tax Information

Federal ID Number 13-3890607

Distributions per Share ($)

Supplemental Tax Information

Documents

Fund Literature

Regulatory Documents

Risks

What Are the Risks?

Important Information

Footnotes

NAV ¹