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At a Glance
As of 09/30/25

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Style	Value	Value
Market Cap	Small-Cap	Small-Cap
Volatility	Average	Average
Status	Open to new investors Invest With Us	Open to new investors Invest With Us
Why invest?	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. Average annual total return of 9.6% since inception (12/27/96) through 9/30/25.	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. Average annual total return of 8.8% since inception (6/14/01) through 9/30/25.
Inception Date	12/27/96	06/14/01
Portfolio Managers	Jay Kaplan	Jay Kaplan

Portfolio Diagnostics As of 09/30/25

Small-Cap Value

Total Net Assets	273.8M	101.4M
Holdings	86	81
Average Market Cap	2.17B	2.15B
Active Share	94%	94%
2024 Portfolio Turnover	36%	43%
Weighted Average P/E,	11.9x	11.9x
Weighted Average P/B,	1.5x	1.5x
Weighted Average P/S	-	-

Composition As of 09/30/25

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

Capital Small-Cap

Small-Cap Value

Financials	30.3	24.6
Consumer Discretionary	19.9	22.5
Industrials	12.9	14.9
Information Technology	12.6	14.7
Energy	7.4	8.2
Health Care	6.6	7.7
Materials	3.9	4.5
Consumer Staples	1.5	1.7
Cash and Cash Equivalents	4.9	1.3

Portfolio Overlap

Capital Small-Cap

Small-Cap Value

Capital Small-Cap	-	86%
Small-Cap Value	86%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Small-Cap ValueSmall-CapSmall-Cap Total Return

Capital Small-CapSmall-CapSmall-Cap Total Return

Least Portfolio Overlap - U.S. Equity Funds

Micro-CapSMid-Cap Total ReturnSmaller-Companies Growth

Smaller-Companies GrowthSMid-Cap Total ReturnCapital Micro-Cap

Risk As of 09/30/25

Capital Small-Cap

Small-Cap Value

Five-Year Up/Down Capture Ratio	↑ 102 ↓ 97	↑ 102 ↓ 99
Beta	N/A	N/A
Standard Deviation	21.57	21.55
Sharpe Ratio	0.57	0.57

Volatility

Performance As of 09/30/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 09/30/25

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
Capital Small-Cap58	RCPFX	11.86	6.16	4.02	16.19	15.39	7.46	9.56	12/27/96	1.14	1.14
Russell 2000 Value Index	-	12.60	9.04	7.88	13.56	14.59	9.23	-	-	-	-
Russell 2000 Index	-	12.39	10.39	10.76	15.21	11.56	9.77	-	-	-	-
Small-Cap Value188	RVVHX	11.61	6.06	3.96	16.14	15.32	7.67	8.80	06/14/01	1.34	1.24
Russell 2000 Value Index	-	12.60	9.04	7.88	13.56	14.59	9.23	-	-	-	-
Russell 2000 Index	-	12.39	10.39	10.76	15.21	11.56	9.77	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	SEP	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Capital Small-Cap58	RCPFX	-0.79	6.16	4.02	16.19	15.39	7.46	9.56	12/27/96	1.14	1.14
Russell 2000 Value Index	-	2.01	9.04	7.88	13.56	14.59	9.23	-	-	-	-
Russell 2000 Index	-	3.11	10.39	10.76	15.21	11.56	9.77	-	-	-	-
Small-Cap Value188	RVVHX	-0.93	6.06	3.96	16.14	15.32	7.67	8.80	06/14/01	1.34	1.24
Russell 2000 Value Index	-	2.01	9.04	7.88	13.56	14.59	9.23	-	-	-	-
Russell 2000 Index	-	3.11	10.39	10.76	15.21	11.56	9.77	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	OCT	QTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Capital Small-Cap58	RCPFX	-1.90	-1.90	3.58	10.84	14.31	6.88	9.46	12/27/96	1.14	1.14
Russell 2000 Value Index	-	0.08	0.08	7.99	9.19	13.81	8.64	-	-	-	-
Russell 2000 Index	-	1.25	1.25	11.94	11.73	11.37	9.30	-	-	-	-
Small-Cap Value188	RVVHX	-3.47	-3.47	1.95	10.36	13.87	6.91	8.62	06/14/01	1.34	1.24
Russell 2000 Value Index	-	0.08	0.08	7.99	9.19	13.81	8.64	-	-	-	-
Russell 2000 Index	-	1.25	1.25	11.94	11.73	11.37	9.30	-	-	-	-

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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Compare Funds

At a GlanceAs of 09/30/25

Add Another Fund

Portfolio Diagnostics As of 09/30/25

Composition As of 09/30/25

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 09/30/25

Volatility

Performance As of 09/30/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 09/30/25

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