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At a Glance
As of 12/31/25

Small-Cap Special Equity Remove

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Style	Value	Value
Market Cap	Small-Cap	Small-Cap
Volatility	Low	Above Average
Status	Open to new investors Invest With Us	Open to new investors Invest With Us
Why invest?	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 8.2% since inception (5/1/98) through 12/31/25.	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 8.7% since inception (6/14/01) through 12/31/25.
Inception Date	05/01/98	06/14/01
Portfolio Managers	Charlie Dreifus, Tim Hipskind, Steven McBoyle	Jay Kaplan

Portfolio Diagnostics As of 12/31/25

Small-Cap Value

Total Net Assets	431.8M	97.8M
Holdings	32	79
Average Market Cap	1.50B	1.99B
Active Share	98%	95%
2025 Portfolio Turnover	12%	51%
Weighted Average P/E,	13.0x	11.3x
Weighted Average P/B,	1.5x	1.5x
Weighted Average P/S	-	-

Composition As of 12/31/25

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 Special Equity

Small-Cap Value

Consumer Discretionary	23.3	22.4
Industrials	20.6	14.3
Financials	10.6	28.3
Consumer Staples	10.0	1.7
Information Technology	8.0	13.7
Materials	7.4	1.4
Communication Services	4.9	-
Real Estate	1.0	-
Health Care	0.4	11.1
Energy	-	6.7
Utilities	-	-
Cash and Cash Equivalents	13.9	0.3

Portfolio Overlap

Small-Cap Special Equity

Small-Cap Value

Small-Cap Special Equity	-	1%
Small-Cap Value	1%	-

Greatest Portfolio Overlap - U.S. Equity Funds

SMid-Cap Total ReturnSmall-Cap Total ReturnSmaller-Companies Growth

Capital Small-CapSmall-CapSmall-Cap Opportunity

Least Portfolio Overlap - U.S. Equity Funds

Small-Cap ValueCapital Small-CapMicro-Cap

Smaller-Companies GrowthSmall-Cap Special EquitySMid-Cap Total Return

Risk As of 12/31/25

Small-Cap Special Equity

Small-Cap Value

Five-Year Up/Down Capture Ratio	↑ 75 ↓ 75	↑ 106 ↓ 99
Beta	N/A	N/A
Standard Deviation	14.24	19.85
Sharpe Ratio	0.16	0.42

Volatility

Performance As of 12/31/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 12/31/25

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-Cap Special Equity3	RYSEX	1.34	3.34	3.34	6.31	6.63	7.93	8.22	05/01/98	1.22	1.22
Russell 2000 Value Index	-	3.26	12.59	12.59	11.73	8.88	9.27	-	-	-	-
Russell 2000 Index	-	2.19	12.81	12.81	13.73	6.09	9.62	-	-	-	-
Small-Cap Value188	RVVHX	0.91	7.03	7.03	11.88	10.16	7.94	8.75	06/14/01	1.34	1.24
Russell 2000 Value Index	-	3.26	12.59	12.59	11.73	8.88	9.27	-	-	-	-
Russell 2000 Index	-	2.19	12.81	12.81	13.73	6.09	9.62	-	-	-	-

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-Cap Special Equity3	RYSEX	1.34	3.34	3.34	6.31	6.63	7.93	8.22	05/01/98	1.22	1.22
Russell 2000 Value Index	-	0.18	12.59	12.59	11.73	8.88	9.27	-	-	-	-
Russell 2000 Index	-	-0.58	12.81	12.81	13.73	6.09	9.62	-	-	-	-
Small-Cap Value188	RVVHX	0.44	7.03	7.03	11.88	10.16	7.94	8.75	06/14/01	1.34	1.24
Russell 2000 Value Index	-	0.18	12.59	12.59	11.73	8.88	9.27	-	-	-	-
Russell 2000 Index	-	-0.58	12.81	12.81	13.73	6.09	9.62	-	-	-	-

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-Cap Special Equity3	RYSEX	6.63	6.63	11.66	7.15	7.84	8.97	8.44	05/01/98	1.22	1.22
Russell 2000	-	N/A	N/A	N/A	N/A	N/A	N/A	-	-	-	-
Russell 2000 Value	-	N/A	N/A	N/A	N/A	N/A	N/A	-	-	-	-
Small-Cap Value188	RVVHX	5.21	5.21	10.19	11.29	10.79	8.80	8.94	06/14/01	1.34	1.24
Russell 2000	-	N/A	N/A	N/A	N/A	N/A	N/A	-	-	-	-
Russell 2000 Value	-	N/A	N/A	N/A	N/A	N/A	N/A	-	-	-	-

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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Compare Funds

At a GlanceAs of 12/31/25

Add Another Fund

Portfolio Diagnostics As of 12/31/25

Composition As of 12/31/25

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 12/31/25

Volatility

Performance As of 12/31/25

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 12/31/25

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