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At a Glance
As of 09/30/24

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Style	Value	Core
Market Cap	Small-Cap	Small-Cap
Volatility	Above Average	Below 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 9.0% since inception (6/14/01) through 9/30/24.	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 9/30/24.
Inception Date	06/14/01	N/A
Portfolio Managers	Jay Kaplan	Francis Gannon, Jay Kaplan, Steven McBoyle, Lauren Romeo, Miles Lewis, Andrew Palen

Portfolio Diagnostics As of 09/30/24

Small-Cap

Total Net Assets	116.2M	1.97B
Holdings	86	286
Average Market Cap	1.88B	3.59B
Active Share	94%	88%
2023 Portfolio Turnover	48%	40%
Weighted Average P/E,	12.3x	17.6x
Weighted Average P/B,	1.6x	2.2x
Weighted Average P/S	-	-

Composition As of 09/30/24

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 Value

Small-Cap

Consumer Discretionary	23.2	8.6
Financials	21.2	18.0
Industrials	19.1	27.1
Information Technology	15.0	18.8
Energy	9.3	1.8
Health Care	6.3	8.4
Consumer Staples	2.5	1.4
Communication Services	1.8	2.5
Real Estate	1.2	2.5
Utilities	-	-
Materials	-	7.2
Cash and Cash Equivalents	0.5	3.7

Portfolio Overlap

Small-Cap Value

Small-Cap

Small-Cap Value	-	13%
Small-Cap	13%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Capital Small-CapSmall-CapSmall-Cap Opportunity

PremierSmall-Cap Total ReturnSmall-Cap Opportunity

Least Portfolio Overlap - U.S. Equity Funds

Smaller-Companies GrowthPremierDividend Value

Small-Cap Special EquitySmaller-Companies GrowthMicro-Cap

Risk As of 09/30/24

Small-Cap Value

Small-Cap

Five-Year Up/Down Capture Ratio	↑ 100 ↓ 102	↑ 103 ↓ 91
Beta	N/A	N/A
Standard Deviation	22.14	20.66
Sharpe Ratio	0.33	0.24

Volatility

Performance As of 09/30/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 09/30/24

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-Cap Value188	RVVHX	8.69	5.53	22.44	9.21	9.12	6.41	9.02	06/14/01	1.35	1.24
Russell 2000 Value Index	-	10.15	9.22	25.88	3.77	9.29	8.22	-	-	-	-
Russell 2000 Index	-	9.27	11.17	26.76	1.84	9.39	8.78	-	-	-	-
Small-Cap1	PENNX	4.38	9.04	23.07	7.02	11.64	9.60	14.69	10/31/72	0.94	0.94
Russell 2000 Index	-	9.27	11.17	26.76	1.84	9.39	8.78	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER		YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER		QTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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At a GlanceAs of 09/30/24

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Portfolio Diagnostics As of 09/30/24

Composition As of 09/30/24

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 09/30/24

Volatility

Performance As of 09/30/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 09/30/24

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