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At a Glance
As of 03/31/25

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Style	Core	Core
Market Cap	Small-Cap	Micro-Cap
Volatility	Below Average	High
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 3/31/25.	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 9.0% since inception (12/27/96) through 3/31/25.
Inception Date	N/A	12/27/96
Portfolio Managers	Andrew Palen, Steven McBoyle, Lauren Romeo, Miles Lewis, Francis Gannon, Jay Kaplan	Jim Stoeffel, Andrew Palen

Portfolio Diagnostics As of 03/31/25

Capital Micro-Cap

Total Net Assets	1.62B	108.8M
Holdings	272	146
Average Market Cap	3.02B	542.5M
Active Share	86%	89%
2024 Portfolio Turnover	37%	19%
Weighted Average P/E,	15.4x	-
Weighted Average P/B,	1.9x	1.5x
Weighted Average P/S	-	-

Composition As of 03/31/25

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

Small-Cap

Capital Micro-Cap

Industrials	27.2	24.5
Financials	21.7	17.2
Information Technology	17.2	21.6
Consumer Discretionary	8.8	11.2
Health Care	8.5	10.7
Materials	7.0	2.9
Energy	2.3	3.7
Real Estate	1.8	0.8
Communication Services	1.8	4.2
Consumer Staples	0.6	1.1
Utilities	-	-
Cash and Cash Equivalents	3.2	2.1

Portfolio Overlap

Small-Cap

Capital Micro-Cap

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

Greatest Portfolio Overlap - U.S. Equity Funds

PremierSmall-Cap Total ReturnDividend Value

Micro-CapSmall-Cap OpportunitySmall-Cap

Least Portfolio Overlap - U.S. Equity Funds

Small-Cap Special EquitySmaller-Companies GrowthCapital Micro-Cap

Dividend ValuePremierSmall-Cap Special Equity

Risk As of 03/31/25

Small-Cap

Capital Micro-Cap

Five-Year Up/Down Capture Ratio	↑ ↓	↑ ↓
Beta	N/A	N/A
Standard Deviation	21.40	24.94
Sharpe Ratio	0.07	-0.04

Volatility

Performance As of 03/31/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/25

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
Small-Cap1	PENNX	-9.30	-9.30	-8.76	3.93	15.30	7.65	13.45	10/31/72	0.94	0.94
Russell 2000 Index	-	-9.48	-9.48	-4.01	0.52	13.27	6.30	-	-	-	-
Capital Micro-Cap59	RCMCX	-14.97	-14.97	-7.58	0.54	16.04	5.58	9.00	12/27/96	1.18	1.18
Russell Microcap Index	-	-14.39	-14.39	-7.01	-3.49	12.01	4.80	-	-	-	-
Russell 2000 Index	-	-9.48	-9.48	-4.01	0.52	13.27	6.30	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	MAR	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Small-Cap1	PENNX	-6.29	-9.30	-8.76	3.93	15.30	7.65	13.45	10/31/72	0.94	0.94
Russell 2000 Index	-	-6.81	-9.48	-4.01	0.52	13.27	6.30	-	-	-	-
Capital Micro-Cap59	RCMCX	-9.89	-14.97	-7.58	0.54	16.04	5.58	9.00	12/27/96	1.18	1.18
Russell Microcap Index	-	-9.56	-14.39	-7.01	-3.49	12.01	4.80	-	-	-	-
Russell 2000 Index	-	-6.81	-9.48	-4.01	0.52	13.27	6.30	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	APR	QTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Small-Cap1	PENNX	-1.83	-1.83	-5.19	4.87	13.43	7.36	13.19	10/31/72	0.94	0.94
Russell 2000 Index	-	-2.65	-2.65	0.17	1.55	11.15	5.88	-	-	-	-
Capital Micro-Cap59	RCMCX	-1.57	-1.57	-2.31	2.36	13.44	5.18	8.92	12/27/96	1.18	1.18
Russell Microcap Index	-	-0.74	-0.74	0.41	-1.58	10.14	4.45	-	-	-	-
Russell 2000 Index	-	-2.65	-2.65	0.17	1.55	11.15	5.88	-	-	-	-

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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Compare Funds

At a GlanceAs of 03/31/25

Add Another Fund

Portfolio Diagnostics As of 03/31/25

Composition As of 03/31/25

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 03/31/25

Volatility

Performance As of 03/31/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 03/31/25

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