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At a Glance
As of 03/31/25

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Style	Value	Core
Market Cap	Small/Mid-Cap	Small-Cap
Volatility	Below Average	Below Average
Status	Open to new investors Invest With Us	Open to new investors Invest With Us
Why invest?	Small/mid-cap value fund (generally market caps up to $15 billion) that invests primarily in dividend-paying companies with strong business fundamentals and attractive prospects. Focuses on quality businesses, both U.S. and foreign, with below-average debt and above-average profitability selling at prices that Royce believes do not fully reflect underlying quality. Average annual total return of 8.8% since inception (5/3/04) through 3/31/25.	One of the first open-end small-cap funds. Multi-discipline approach that offers exposure to strategies that have tended to perform well in different market environments, including High Quality, Emerging Quality, Traditional Value, and Quality Value. Outperformed its benchmark for the 3-, 5-, 10-, 20-, 25-, 30-, 35-, and 40-year periods ended 3/31/25.
Inception Date	05/03/04	N/A
Portfolio Managers	Miles Lewis, Joseph Hintz, Jag Sriram	Andrew Palen, Steven McBoyle, Lauren Romeo, Miles Lewis, Francis Gannon, Jay Kaplan

Portfolio Diagnostics As of 03/31/25

Small-Cap

Total Net Assets	63.4M	1.62B
Holdings	46	272
Average Market Cap	4.54B	3.02B
Active Share	97%	86%
2024 Portfolio Turnover	62%	37%
Weighted Average P/E,	14.6x	15.4x
Weighted Average P/B,	1.9x	1.9x
Weighted Average P/S	-	-

Composition As of 03/31/25

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

Dividend Value

Small-Cap

Financials	31.6	21.7
Industrials	20.9	27.2
Information Technology	12.2	17.2
Consumer Discretionary	12.2	8.8
Materials	10.7	7.0
Health Care	3.6	8.5
Energy	3.5	2.3
Consumer Staples	1.2	0.6
Real Estate	-	1.8
Communication Services	-	1.8
Utilities	-	-
Cash and Cash Equivalents	4.1	3.2

Portfolio Overlap

Dividend Value

Small-Cap

Dividend Value	-	20%
Small-Cap	20%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Small-Cap Total ReturnSmall-CapPremier

PremierSmall-Cap Total ReturnDividend Value

Least Portfolio Overlap - U.S. Equity Funds

Capital Micro-CapSmall-Cap ValueMicro-Cap

Small-Cap Special EquitySmaller-Companies GrowthCapital Micro-Cap

Risk As of 03/31/25

Dividend Value

Small-Cap

Five-Year Up/Down Capture Ratio	↑ ↓	↑ ↓
Beta	N/A	N/A
Standard Deviation	20.61	21.40
Sharpe Ratio	0.30	0.07

Volatility

Performance As of 03/31/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/25

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
Dividend Value205	RDVIX	-4.88	-4.88	3.13	8.97	17.22	8.36	8.82	05/03/04	1.27	1.09
Russell 2500 Index	-	-7.50	-7.50	-3.11	1.78	14.91	7.46	-	-	-	-
Russell 2000 Index	-	-9.48	-9.48	-4.01	0.52	13.27	6.30	-	-	-	-
Small-Cap1	PENNX	-9.30	-9.30	-8.76	3.93	15.30	7.65	13.45	10/31/72	0.94	0.94
Russell 2000 Index	-	-9.48	-9.48	-4.01	0.52	13.27	6.30	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	MAR	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Dividend Value205	RDVIX	-4.88	-4.88	3.13	8.97	17.22	8.36	8.82	05/03/04	1.27	1.09
Russell 2500 Index	-	-6.27	-7.50	-3.11	1.78	14.91	7.46	-	-	-	-
Russell 2000 Index	-	-6.81	-9.48	-4.01	0.52	13.27	6.30	-	-	-	-
Small-Cap1	PENNX	-6.29	-9.30	-8.76	3.93	15.30	7.65	13.45	10/31/72	0.94	0.94
Russell 2000 Index	-	-6.81	-9.48	-4.01	0.52	13.27	6.30	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	APR	QTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Dividend Value205	RDVIX	-3.90	-3.90	2.99	9.33	14.93	7.63	8.59	05/03/04	1.27	1.09
Russell 2500 Index	-	-2.65	-2.65	0.47	2.51	12.52	7.05	-	-	-	-
Russell 2000 Index	-	-2.65	-2.65	0.17	1.55	11.15	5.88	-	-	-	-
Small-Cap1	PENNX	-1.83	-1.83	-5.19	4.87	13.43	7.36	13.19	10/31/72	0.94	0.94
Russell 2000 Index	-	-2.65	-2.65	0.17	1.55	11.15	5.88	-	-	-	-

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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Compare Funds

At a GlanceAs of 03/31/25

Add Another Fund

Portfolio Diagnostics As of 03/31/25

Composition As of 03/31/25

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 03/31/25

Volatility

Performance As of 03/31/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/25

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