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At a Glance
As of 03/31/26

Small-Cap Special Equity Remove

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Style	Value	Value
Market Cap	Small-Cap	Small-Cap
Volatility	Above Average	Low
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 8.6% since inception (6/14/01) through 3/31/26.	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 8.3% since inception (5/1/98) through 3/31/26.
Inception Date	06/14/01	05/01/98
Portfolio Managers	Jay Kaplan	Charlie Dreifus, Tim Hipskind, Steven McBoyle

Portfolio Diagnostics As of 03/31/26

Small-Cap Special Equity

Total Net Assets	99.3M	428.0M
Holdings	79	31
Average Market Cap	2.01B	1.31B
Active Share	95%	98%
2025 Portfolio Turnover	51%	12%
Weighted Average P/E,	10.9x	12.9x
Weighted Average P/B,	1.5x	1.5x
Weighted Average P/S	-	-

Composition As of 03/31/26

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 Value

Small-Cap Special Equity

Financials	26.5	9.9
Consumer Discretionary	23.7	24.8
Industrials	16.6	19.2
Information Technology	12.5	8.4
Health Care	9.9	0.4
Energy	7.8	-
Real Estate	-	0.3
Materials	-	7.3
Consumer Staples	2.0	8.6
Cash and Cash Equivalents	1.0	21.2

Portfolio Overlap

Small-Cap Value

Small-Cap Special Equity

Small-Cap Value	-	2%
Small-Cap Special Equity	2%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Capital Small-CapSmall-CapSmall-Cap Opportunity

SMid-Cap Total ReturnSmall-Cap Total ReturnSmall-Cap Opportunity

Least Portfolio Overlap - U.S. Equity Funds

Small-Cap Special EquitySmaller-Companies GrowthSMid-Cap Total Return

Capital Small-CapSmall-Cap ValueMicro-Cap

Risk As of 03/31/26

Small-Cap Value

Small-Cap Special Equity

Five-Year Up/Down Capture Ratio	↑ 106 ↓ 100	↑ 78 ↓ 75
Beta	N/A	N/A
Standard Deviation	19.39	14.47
Sharpe Ratio	0.43	0.18

Volatility

Performance As of 03/31/26

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/26

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 Value9	RYVFX	3.91	3.91	24.25	11.91	6.63	7.13	8.62	06/14/01	1.62	1.49
Russell 2000 Value Index	-	4.96	4.96	28.09	13.80	5.79	9.61	-	-	-	-
Russell 2000 Index	-	0.89	0.89	25.72	13.05	3.77	9.88	-	-	-	-
Small-Cap Special Equity3	RYSEX	4.13	4.13	18.19	6.56	4.86	7.77	8.30	05/01/98	1.25	1.24
Russell 2000 Value Index	-	4.96	4.96	28.09	13.80	5.79	9.61	-	-	-	-
Russell 2000 Index	-	0.89	0.89	25.72	13.05	3.77	9.88	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	APR	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Small-Cap Value9	RYVFX	9.30	13.57	41.01	17.02	7.74	8.40	8.98	06/14/01	1.62	1.49
Russell 2000 Value Index	-	9.66	15.09	46.34	18.34	7.33	10.39	-	-	-	-
Russell 2000 Index	-	12.21	13.21	44.41	18.19	5.75	10.98	-	-	-	-
Small-Cap Special Equity3	RYSEX	6.71	11.12	31.33	10.00	5.61	8.45	8.52	05/01/98	1.25	1.24
Russell 2000 Value Index	-	9.66	15.09	46.34	18.34	7.33	10.39	-	-	-	-
Russell 2000 Index	-	12.21	13.21	44.41	18.19	5.75	10.98	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	MAY	QTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Small-Cap Value9	RYVFX	0.09	9.40	40.16	16.97	7.76	8.41	8.98	06/14/01	1.62	1.49
Russell 2000 Value Index	-	0.15	9.82	45.77	18.52	7.36	10.41	-	-	-	-
Russell 2000 Index	-	0.46	12.73	44.22	18.36	5.84	11.03	-	-	-	-
Small-Cap Special Equity3	RYSEX	0.19	6.91	30.80	9.98	5.65	8.47	8.53	05/01/98	1.25	1.24
Russell 2000 Value Index	-	0.15	9.82	45.77	18.52	7.36	10.41	-	-	-	-
Russell 2000 Index	-	0.46	12.73	44.22	18.36	5.84	11.03	-	-	-	-

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Compare Funds

At a GlanceAs of 03/31/26

Add Another Fund

Portfolio Diagnostics As of 03/31/26

Composition As of 03/31/26

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 03/31/26

Volatility

Performance As of 03/31/26

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/26

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