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At a Glance
As of 09/30/26

Small-Cap Special Equity Remove

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Style	Value	Growth
Market Cap	Small-Cap	Small-Cap
Volatility	Low	High
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 not greater than that of 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. Averaged a 8.6% return over all 221 10-year monthly rolling return periods ended 9/30/26 from inception (5/1/98).	Small-cap growth fund that invests primarily in companies with above average revenue and/or earnings growth selling at prices that Royce believes do not fully reflect their prospects. Small-cap stocks market caps are not greater than that of the largest stock in the Russell 2000® Index. Seeks companies that look poised for multi-year periods of robust growth driven by sustainable competitive advantages and/or benefiting from secular growth themes that create favorable conditions for the business. Average annual total return of 11.6% since inception (6/14/01) through 9/30/26.
Inception Date	05/01/98	06/14/01
Portfolio Managers	Charlie Dreifus, Tim Hipskind, Steven McBoyle	Chip Skinner

Portfolio Diagnostics As of 09/30/26

Small-Cap Growth

Total Net Assets	464.9M	228.6M
Holdings	35	80
Average Market Cap	1.65B	2.52B
Active Share	98%	92%
2025 Portfolio Turnover	12%	75%
Weighted Average P/E,	13.6x	-
Weighted Average P/B,	1.6x	3.6x
Weighted Average P/S	-	-

Composition As of 09/30/26

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 Special Equity

Small-Cap Growth

Consumer Discretionary	27.2	3.1
Industrials	26.0	14.2
Financials	9.3	7.6
Materials	8.2	4.9
Consumer Staples	7.1	3.0
Information Technology	2.9	16.6
Health Care	0.4	34.2
Real Estate	0.0	-
Energy	-	7.2
Utilities	-	0.6
Communication Services	-	5.1
Cash and Cash Equivalents	18.8	3.4

Portfolio Overlap

Small-Cap Special Equity

Small-Cap Growth

Small-Cap Special Equity	-	3%
Small-Cap Growth	3%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Small-CapSMid-Cap Total ReturnCapital Micro-Cap

Micro-CapCapital Micro-CapSmall-Cap Opportunity

Least Portfolio Overlap - U.S. Equity Funds

Capital Small-CapSmall-Cap ValueSmall-Cap Growth

Capital Small-CapSmall-Cap ValueSmall-Cap Special Equity

Risk As of 09/30/26

Small-Cap Special Equity

Small-Cap Growth

Five-Year Up/Down Capture Ratio	↑ 85 ↓ 69	↑ 115 ↓ 106
Beta	N/A	N/A
Standard Deviation	14.72	20.44
Sharpe Ratio	0.56	1.06

Volatility

Performance As of 09/30/26

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 09/30/26

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 Special Equity3	RYSEX	0.47	22.31	23.95	12.36	8.35	8.64	8.76	05/01/98	1.25	1.24
Russell 2000 Value Index	-	-4.91	16.96	20.77	17.93	7.80	9.40	-	-	-	-
Russell 2000 Index	-	-7.23	13.71	16.20	17.72	6.34	9.84	-	-	-	-
Small-Cap Growth189	RVPHX	-2.74	22.56	30.48	26.99	6.51	12.59	11.56	06/14/01	1.28	1.02
Russell 2000 Growth Index	-	-9.39	10.71	12.05	17.55	4.72	9.90	-	-	-	-
Russell 2000 Index	-	-7.23	13.71	16.20	17.72	6.34	9.84	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	SEP	YTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Small-Cap Special Equity3	RYSEX	-4.24	22.31	23.95	12.36	8.35	8.64	8.76	05/01/98	1.25	1.24
Russell 2000 Value Index	-	-5.20	16.96	20.77	17.93	7.80	9.40	-	-	-	-
Russell 2000 Index	-	-5.25	13.71	16.20	17.72	6.34	9.84	-	-	-	-
Small-Cap Growth189	RVPHX	-1.97	22.56	30.48	26.99	6.51	12.59	11.56	06/14/01	1.28	1.02
Russell 2000 Growth Index	-	-5.31	10.71	12.05	17.55	4.72	9.90	-	-	-	-
Russell 2000 Index	-	-5.25	13.71	16.20	17.72	6.34	9.84	-	-	-	-

Show Indexes		Average Annual Total Returns (%) ^,								Annual Operating Expenses (%)
FUND NAME	TICKER	OCT	QTD	1 YR	3 YR	5 YR	10 YR	SINCE INCEPT.	DATE	GROSS	NET
Small-Cap Special Equity3	RYSEX	0.70	0.70	26.53	13.84	7.57	8.93	8.76	05/01/98	1.25	1.24
Russell 2000 Value Index	-	2.51	2.51	23.70	21.68	7.53	10.08	-	-	-	-
Russell 2000 Index	-	0.58	0.58	15.43	21.13	5.58	10.47	-	-	-	-
Small-Cap Growth189	RVPHX	-2.31	-2.31	22.64	30.14	4.69	12.88	11.41	06/14/01	1.28	1.02
Russell 2000 Growth Index	-	-1.30	-1.30	8.09	20.64	3.49	10.49	-	-	-	-
Russell 2000 Index	-	0.58	0.58	15.43	21.13	5.58	10.47	-	-	-	-

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Compare Funds

At a GlanceAs of 09/30/26

Add Another Fund

Portfolio Diagnostics As of 09/30/26

Composition As of 09/30/26

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 09/30/26

Volatility

Performance As of 09/30/26

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 09/30/26

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