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At a Glance
As of 09/30/24

Small-Cap Special Equity Remove

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Style	Value	Core
Market Cap	Small-Cap	Micro-Cap
Volatility	Low	High
Status	Open to new investors Invest With Us	Open to new investors Invest With Us
Why invest?	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 8.5% since inception (5/1/98) through 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	05/01/98	12/27/96
Portfolio Managers	Charlie Dreifus, Steven McBoyle, Tim Hipskind	Jim Stoeffel, Andrew Palen

Portfolio Diagnostics As of 09/30/24

Capital Micro-Cap

Total Net Assets	711.1M	134.4M
Holdings	32	127
Average Market Cap	1.44B	619.7M
Active Share	98%	89%
2023 Portfolio Turnover	14%	24%
Weighted Average P/E,	13.6x	-
Weighted Average P/B,	1.7x	1.7x
Weighted Average P/S	-	-

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 Special Equity

Capital Micro-Cap

Industrials	22.0	25.9
Consumer Discretionary	13.8	12.5
Materials	9.6	3.5
Consumer Staples	8.6	0.7
Information Technology	8.0	23.8
Financials	5.1	12.8
Communication Services	4.2	5.0
Real Estate	3.6	0.5
Energy	0.8	3.8
Health Care	-	9.7
Utilities	-	-
Cash and Cash Equivalents	24.3	1.6

Portfolio Overlap

Small-Cap Special Equity

Capital Micro-Cap

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

Greatest Portfolio Overlap - U.S. Equity Funds

Small-CapDividend ValueSmall-Cap Total Return

Micro-CapSmall-Cap OpportunitySmall-Cap

Least Portfolio Overlap - U.S. Equity Funds

Micro-CapCapital Micro-CapSmaller-Companies Growth

PremierSmall-Cap Special EquitySmall-Cap Total Return

Risk As of 09/30/24

Small-Cap Special Equity

Capital Micro-Cap

Five-Year Up/Down Capture Ratio	↑ 76 ↓ 66	↑ 99 ↓ 81
Beta	N/A	N/A
Standard Deviation	16.12	23.62
Sharpe Ratio	0.19	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 Special Equity3	RYSEX	4.82	3.34	12.57	5.82	9.12	7.07	8.50	05/01/98	1.22	1.22
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 Special Equity3	RYSEX	-1.82	1.47	13.91	3.67	8.06	6.14	8.40	05/01/98	1.22	1.22
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 Special Equity3	RYSEX	3.58	1.70	13.39	3.45	8.91	6.52	8.52	05/01/98	1.22	1.22
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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