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At a Glance
As of 09/30/24

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Style	Value	Core
Market Cap	Small-Cap	Micro-Cap
Volatility	High	High
Status	Open to new investors Invest With Us	Open to new investors Invest With Us
Why invest?	Small-cap value fund that uses an opportunistic approach to invest in companies are categorized into themes: Turnarounds, Unrecognized Asset Values, Undervalued Growth, and Interrupted Earnings. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index. Identifies a catalyst for future earnings growth in the form of new management, more favorable business cycle, product innovation, and/or margin improvement. Outperformed its benchmark for the 5-, 10-, 15-, 20-, 25-year, and since inception (11/19/96) periods ended 9/30/24.	One of the only variable annuity products dedicated to investing in micro-cap stocks, which Royce defines as companies with market caps no higher than 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. Average annual total return of 9.6% since inception (12/27/96) through 9/30/24.
Inception Date	11/19/96	12/27/96
Portfolio Managers	Jim Harvey, Kavitha Venkatraman, Jim Stoeffel, Brendan Hartman	Jim Stoeffel, Andrew Palen

Portfolio Diagnostics As of 09/30/24

Capital Micro-Cap

Total Net Assets	1.23B	134.4M
Holdings	225	127
Average Market Cap	1.33B	619.7M
Active Share	90%	89%
2023 Portfolio Turnover	35%	24%
Weighted Average P/E,	-	-
Weighted Average P/B,	1.7x	1.7x
Weighted Average P/S	1.0x	-

Composition As of 09/30/24

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

Small-Cap Opportunity

Capital Micro-Cap

Industrials	27.5	25.9
Information Technology	19.5	23.8
Consumer Discretionary	12.0	12.5
Health Care	8.3	9.7
Financials	8.0	12.8
Energy	7.9	3.8
Materials	6.4	3.5
Communication Services	5.1	5.0
Consumer Staples	1.3	0.7
Real Estate	0.4	0.5
Utilities	-	-
Cash and Cash Equivalents	3.6	1.6

Portfolio Overlap

Small-Cap Opportunity

Capital Micro-Cap

Small-Cap Opportunity	-	25%
Capital Micro-Cap	25%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Capital Micro-CapMicro-CapSmall-Cap

Micro-CapSmall-Cap OpportunitySmall-Cap

Least Portfolio Overlap - U.S. Equity Funds

PremierDividend ValueSmall-Cap Special Equity

PremierSmall-Cap Special EquitySmall-Cap Total Return

Risk As of 09/30/24

Small-Cap Opportunity

Capital Micro-Cap

Five-Year Up/Down Capture Ratio	↑ 122 ↓ 106	↑ 99 ↓ 81
Beta	N/A	N/A
Standard Deviation	24.31	23.62
Sharpe Ratio	0.11	0.04

Volatility

Performance As of 09/30/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 09/30/24

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
Small-Cap Opportunity2	RYPNX	2.75	6.42	18.30	3.72	13.94	10.04	11.81	11/19/96	1.23	1.23
Russell 2000 Value Index	-	10.15	9.22	25.88	3.77	9.29	8.22	-	-	-	-
Russell 2000 Index	-	9.27	11.17	26.76	1.84	9.39	8.78	-	-	-	-
Capital Micro-Cap59	RCMCX	5.19	8.29	21.69	2.08	12.13	7.32	9.62	12/27/96	1.18	1.18
Russell Microcap Index	-	8.29	7.38	24.63	-3.74	8.45	7.29	-	-	-	-
Russell 2000 Index	-	9.27	11.17	26.76	1.84	9.39	8.78	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	OCT	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Small-Cap Opportunity2	RYPNX	-3.61	2.58	23.41	1.25	12.66	9.30	11.63	11/19/96	1.23	1.23
Russell 2000 Value Index	-	-1.56	7.51	31.77	1.95	8.42	7.33	-	-	-	-
Russell 2000 Index	-	-1.44	9.56	34.07	-0.05	8.50	7.94	-	-	-	-
Capital Micro-Cap59	RCMCX	-2.82	5.23	27.81	-0.64	10.82	6.52	9.48	12/27/96	1.18	1.18
Russell Microcap Index	-	0.68	8.11	35.24	-4.22	8.05	6.72	-	-	-	-
Russell 2000 Index	-	-1.44	9.56	34.07	-0.05	8.50	7.94	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	NOV	QTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Small-Cap Opportunity2	RYPNX	8.00	4.10	22.90	2.26	13.87	10.14	11.91	11/19/96	1.23	1.23
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	-	-	-	-
Capital Micro-Cap59	RCMCX	7.77	4.73	26.98	0.26	12.09	7.44	9.75	12/27/96	1.18	1.18
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	-	-	-	-

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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Compare Funds

At a GlanceAs of 09/30/24

Add Another Fund

Portfolio Diagnostics As of 09/30/24

Composition As of 09/30/24

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 09/30/24

Volatility

Performance As of 09/30/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 09/30/24

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