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At a Glance
As of 06/30/25

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Style	Core	Core
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 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 9.5% since inception (12/27/96) through 6/30/25.	Small-cap core fund that seeks to invest in "premier" small-cap companies, those Royce sees having discernible competitive advantages, high returns on capital, and a sustainable franchise. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index. Focuses on leading quality companies, those with low debt, the ability to generate excess cash flow, and attractive prospects that are selling at prices Royce believes do not fully reflect these attributes. Average annual total return of 10.8% since inception (12/31/91) through 6/30/25.
Inception Date	12/27/96	12/31/91
Portfolio Managers	Jim Stoeffel, Andrew Palen	Steven McBoyle, Lauren Romeo, Andrew Palen

Portfolio Diagnostics As of 06/30/25

Premier

Total Net Assets	125.1M	1.05B
Holdings	153	52
Average Market Cap	640.6M	5.72B
Active Share	87%	97%
2024 Portfolio Turnover	19%	12%
Weighted Average P/E,	-	26.3x
Weighted Average P/B,	1.7x	2.8x
Weighted Average P/S	-	-

Composition As of 06/30/25

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 Micro-Cap

Premier

Industrials	25.9	34.9
Information Technology	21.6	12.8
Financials	17.1	12.7
Consumer Discretionary	11.1	11.3
Health Care	9.3	6.8
Communication Services	4.2	-
Energy	4.1	-
Materials	3.0	11.1
Consumer Staples	1.0	2.1
Real Estate	1.0	7.0
Utilities	-	-
Cash and Cash Equivalents	1.7	1.4

Portfolio Overlap

Capital Micro-Cap

Premier

Capital Micro-Cap	-	3%
Premier	3%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Micro-CapSmall-Cap OpportunitySmall-Cap

Small-CapSMid-Cap Total ReturnSmall-Cap Total Return

Least Portfolio Overlap - U.S. Equity Funds

SMid-Cap Total ReturnPremierSmall-Cap Special Equity

Micro-CapSmaller-Companies GrowthCapital Micro-Cap

Risk As of 06/30/25

Capital Micro-Cap

Premier

Five-Year Up/Down Capture Ratio	↑ 100 ↓ 75	↑ 92 ↓ 89
Beta	N/A	N/A
Standard Deviation	24.37	21.09
Sharpe Ratio	0.41	0.31

Volatility

Performance As of 06/30/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 06/30/25

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 Micro-Cap59	RCMCX	15.32	-1.95	8.27	12.61	13.27	7.19	9.47	12/27/96	1.18	1.18
Russell Microcap Index	-	15.51	-1.10	13.40	8.61	9.30	6.03	-	-	-	-
Russell 2000 Index	-	8.50	-1.79	7.68	10.00	10.04	7.12	-	-	-	-
Premier8	RYPRX	6.70	-0.55	1.34	9.49	9.67	8.36	10.80	12/31/91	1.19	1.19
Russell 2000 Index	-	8.50	-1.79	7.68	10.00	10.04	7.12	-	-	-	-

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
Capital Micro-Cap59	RCMCX	8.64	-1.95	8.27	12.61	13.27	7.19	9.47	12/27/96	1.18	1.18
Russell Microcap Index	-	7.50	-1.10	13.40	8.61	9.30	6.03	-	-	-	-
Russell 2000 Index	-	5.44	-1.79	7.68	10.00	10.04	7.12	-	-	-	-
Premier8	RYPRX	4.13	-0.55	1.34	9.49	9.67	8.36	10.80	12/31/91	1.19	1.19
Russell 2000 Index	-	5.44	-1.79	7.68	10.00	10.04	7.12	-	-	-	-

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
Capital Micro-Cap59	RCMCX	2.41	2.41	3.12	9.59	13.09	8.06	9.53	12/27/96	1.18	1.18
Russell Microcap Index	-	2.63	2.63	4.75	6.14	9.27	6.72	-	-	-	-
Russell 2000 Index	-	2.68	2.68	0.89	7.36	9.80	7.59	-	-	-	-
Premier8	RYPRX	3.42	3.42	-2.01	7.44	9.32	8.90	10.88	12/31/91	1.19	1.19
Russell 2000 Index	-	2.68	2.68	0.89	7.36	9.80	7.59	-	-	-	-

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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Compare Funds

At a GlanceAs of 06/30/25

Add Another Fund

Portfolio Diagnostics As of 06/30/25

Composition As of 06/30/25

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 06/30/25

Volatility

Performance As of 06/30/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 06/30/25

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