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At a Glance
As of 12/31/24

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Style	Core	Value
Market Cap	Small-Cap	Small-Cap
Volatility	Below Average	Above Average
Status	Open to new investors Invest With Us	Open to new investors Invest With Us
Why invest?	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 12/31/24.	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 12/31/24.
Inception Date	N/A	12/27/96
Portfolio Managers	Francis Gannon, Jay Kaplan, Steven McBoyle, Lauren Romeo, Miles Lewis, Andrew Palen	Jay Kaplan

Portfolio Diagnostics As of 12/31/24

Capital Small-Cap

Total Net Assets	1.87B	273.0M
Holdings	285	82
Average Market Cap	3.42B	1.87B
Active Share	87%	95%
2024 Portfolio Turnover	37%	36%
Weighted Average P/E,	16.3x	11.0x
Weighted Average P/B,	2.1x	1.6x
Weighted Average P/S	-	-

Composition As of 12/31/24

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

Capital Small-Cap

Industrials	27.1	19.2
Financials	19.0	21.2
Information Technology	19.0	13.6
Consumer Discretionary	9.0	25.0
Health Care	7.6	6.5
Materials	7.0	-
Communication Services	2.5	2.0
Real Estate	2.4	1.0
Energy	2.4	10.2
Consumer Staples	0.9	1.9
Utilities	-	-
Cash and Cash Equivalents	3.2	-0.5

Portfolio Overlap

Small-Cap

Capital Small-Cap

Small-Cap	-	13%
Capital Small-Cap	13%	-

Greatest Portfolio Overlap - U.S. Equity Funds

PremierSmall-Cap Total ReturnDividend Value

Small-Cap ValueSmall-CapSmall-Cap Total Return

Least Portfolio Overlap - U.S. Equity Funds

Small-Cap Special EquitySmaller-Companies GrowthCapital Small-Cap

Smaller-Companies GrowthPremierDividend Value

Risk As of 12/31/24

Small-Cap

Capital Small-Cap

Five-Year Up/Down Capture Ratio	↑ 102 ↓ 91	↑ 101 ↓ 102
Beta	N/A	N/A
Standard Deviation	21.43	22.87
Sharpe Ratio	0.09	0.17

Volatility

Performance As of 12/31/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 12/31/24

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-Cap1	PENNX	-1.81	7.07	7.07	4.00	9.38	8.83	14.75	10/31/72	0.94	0.94
Russell 2000 Index	-	0.33	11.54	11.54	1.24	7.40	7.82	-	-	-	-
Capital Small-Cap58	RCPFX	-2.01	3.40	3.40	5.74	7.18	5.63	9.60	12/27/96	1.15	1.15
Russell 2000 Value Index	-	-1.06	8.05	8.05	1.94	7.29	7.14	-	-	-	-
Russell 2000 Index	-	0.33	11.54	11.54	1.24	7.40	7.82	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	DEC	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Small-Cap1	PENNX	-7.10	7.07	7.07	4.00	9.38	8.83	14.75	10/31/72	0.94	0.94
Russell 2000 Index	-	-8.26	11.54	11.54	1.24	7.40	7.82	-	-	-	-
Capital Small-Cap58	RCPFX	-7.15	3.40	3.40	5.74	7.18	5.63	9.60	12/27/96	1.15	1.15
Russell 2000 Value Index	-	-8.33	8.05	8.05	1.94	7.29	7.14	-	-	-	-
Russell 2000 Index	-	-8.26	11.54	11.54	1.24	7.40	7.82	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	JAN	QTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Small-Cap1	PENNX	2.66	2.66	15.71	5.76	9.48	9.64	14.67	10/31/72	0.94	0.94
Russell 2000 Index	-	2.08	2.08	20.60	3.21	7.44	8.29	-	-	-	-
Capital Small-Cap58	RCPFX	2.76	2.76	12.47	7.36	7.74	6.36	9.69	12/27/96	1.15	1.15
Russell 2000 Value Index	-	1.71	1.71	17.09	2.40	7.60	7.61	-	-	-	-
Russell 2000 Index	-	2.08	2.08	20.60	3.21	7.44	8.29	-	-	-	-

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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Compare Funds

At a GlanceAs of 12/31/24

Add Another Fund

Portfolio Diagnostics As of 12/31/24

Composition As of 12/31/24

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 12/31/24

Volatility

Performance As of 12/31/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 12/31/24

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