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At a Glance
As of 06/30/26

Small-Cap Special Equity Remove

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Style	Core	Value
Market Cap	Micro-Cap	Small-Cap
Volatility	High	Low
Status	Open to new investors Invest With Us	Open to new investors Invest With Us
Why invest?	One of the oldest open-end funds dedicated to investing in micro-cap stocks, which Royce defines as companies with market caps no higher than that of the largest company in the Russell Microcap® Index. Core approach that combines 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. Outperformed its benchmark for the 1-, 3-, 5-, 10-, 20-, and 25-year periods ended 6/30/26.	Small-cap value fund that looks for conservatively managed companies with transparent accounting that have a viable niche or franchise whose stock can be bought below its economic value. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index. Seeks companies with superior balance sheets, sustainable returns on invested capital, and strong levels of free cash flow from operations, among other attributes. Average annual total return of 8.8% since inception (5/1/98) through 6/30/26.
Inception Date	12/31/91	05/01/98
Portfolio Managers	Jim Stoeffel, Andrew Palen	Charlie Dreifus, Tim Hipskind, Steven McBoyle

Portfolio Diagnostics As of 06/30/26

Small-Cap Special Equity

Total Net Assets	428.1M	478.8M
Holdings	156	30
Average Market Cap	1.01B	1.56B
Active Share	88%	98%
2025 Portfolio Turnover	38%	12%
Weighted Average P/E,	-	13.7x
Weighted Average P/B,	2.4x	1.5x
Weighted Average P/S	-	-

Composition As of 06/30/26

Morningstar Style Map

The Morningstar Style Map is the Morningstar Style Box™ with the center 75% of fund holdings plotted as the Morningstar Ownership Zone™. The Morningstar Style Box is designed to reveal a fund's investment strategy. The Morningstar Ownership Zone provides detail about a portfolio's investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. The shaded area represents the center 75% of the Fund's assets while the plot point in the middle represents the weighted average of its holdings. Over time, the shape and location of a fund's ownership zone may vary.

Geographic Breakdown

Sector Breakdowns

Micro-Cap

Small-Cap Special Equity

Industrials	25.9	20.7
Information Technology	23.9	3.0
Health Care	12.5	0.4
Consumer Discretionary	12.0	27.4
Financials	12.0	9.2
Materials	4.2	7.6
Energy	3.5	-
Communication Services	2.1	-
Consumer Staples	-	6.2
Real Estate	0.6	0.0
Cash and Cash Equivalents	3.4	25.5

Portfolio Overlap

Micro-Cap

Small-Cap Special Equity

Micro-Cap	-	3%
Small-Cap Special Equity	3%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Capital Micro-CapSmall-Cap OpportunitySmall-Cap

Smaller-Companies GrowthSmall-Cap OpportunityPremier

Least Portfolio Overlap - U.S. Equity Funds

Capital Small-CapSmall-Cap ValueSmall-Cap Special Equity

Capital Small-CapSmall-Cap ValueMicro-Cap

Risk As of 06/30/26

Micro-Cap

Small-Cap Special Equity

Five-Year Up/Down Capture Ratio	↑ 107 ↓ 74	↑ 85 ↓ 75
Beta	N/A	N/A
Standard Deviation	22.86	14.60
Sharpe Ratio	0.95	0.45

Volatility

Performance As of 06/30/26

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 06/30/26

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	QTR	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Micro-Cap13	RYOTX	33.14	45.43	67.21	26.77	12.54	14.73	11.67	12/31/91	1.26	1.24
Russell Microcap Index	-	25.63	27.50	58.55	23.97	7.07	12.47	-	-	-	-
Russell 2000 Index	-	21.49	22.57	40.78	18.60	6.98	11.62	-	-	-	-
Small-Cap Special Equity3	RYSEX	16.91	21.74	34.00	10.69	8.01	9.20	8.82	05/01/98	1.25	1.24
Russell 2000 Value Index	-	17.19	22.99	43.01	18.73	8.23	10.89	-	-	-	-
Russell 2000 Index	-	21.49	22.57	40.78	18.60	6.98	11.62	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	JUN	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Micro-Cap13	RYOTX	8.07	45.43	67.21	26.77	12.54	14.73	11.67	12/31/91	1.26	1.24
Russell Microcap Index	-	4.86	27.50	58.55	23.97	7.07	12.47	-	-	-	-
Russell 2000 Index	-	3.74	22.57	40.78	18.60	6.98	11.62	-	-	-	-
Small-Cap Special Equity3	RYSEX	2.83	21.74	34.00	10.69	8.01	9.20	8.82	05/01/98	1.25	1.24
Russell 2000 Value Index	-	3.97	22.99	43.01	18.73	8.23	10.89	-	-	-	-
Russell 2000 Index	-	3.74	22.57	40.78	18.60	6.98	11.62	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	JUL	QTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Micro-Cap13	RYOTX	-4.42	-4.42	56.69	24.12	12.68	13.75	11.51	12/31/91	1.26	1.24
Russell 2000	-	N/A	N/A	N/A	N/A	N/A	N/A	-	-	-	-
Russell Microcap	-	N/A	N/A	N/A	N/A	N/A	N/A	-	-	-	-
Small-Cap Special Equity3	RYSEX	4.74	4.74	36.07	12.30	9.77	9.28	8.99	05/01/98	1.25	1.24
Russell 2000	-	N/A	N/A	N/A	N/A	N/A	N/A	-	-	-	-
Russell 2000 Value	-	N/A	N/A	N/A	N/A	N/A	N/A	-	-	-	-

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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Compare Funds

At a GlanceAs of 06/30/26

Add Another Fund

Portfolio Diagnostics As of 06/30/26

Composition As of 06/30/26

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 06/30/26

Volatility

Performance As of 06/30/26

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 06/30/26

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