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At a Glance
As of 09/30/26

Small-Cap Special Equity Remove

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Style	Value	Value
Market Cap	Small-Cap	Small-Cap
Volatility	Average	Low
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 not greater than that of 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 9.9% since inception (12/27/96) through 9/30/26.	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).
Inception Date	12/27/96	05/01/98
Portfolio Managers	Jay Kaplan	Charlie Dreifus, Tim Hipskind, Steven McBoyle

Portfolio Diagnostics As of 09/30/26

Small-Cap Special Equity

Total Net Assets	169.9M	464.9M
Holdings	77	35
Average Market Cap	2.23B	1.65B
Active Share	95%	98%
2025 Portfolio Turnover	79%	12%
Weighted Average P/E,	10.7x	13.6x
Weighted Average P/B,	1.5x	1.6x
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

Capital Small-Cap

Small-Cap Special Equity

Financials	27.9	9.3
Consumer Discretionary	25.2	27.2
Industrials	15.4	26.0
Information Technology	11.5	2.9
Energy	8.6	-
Health Care	7.2	0.4
Consumer Staples	3.9	7.1
Real Estate	-	0.0
Utilities	-	-
Materials	-	8.2
Communication Services	-	-
Cash and Cash Equivalents	0.4	18.8

Portfolio Overlap

Capital Small-Cap

Small-Cap Special Equity

Capital Small-Cap	-	2%
Small-Cap Special Equity	2%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Small-Cap ValueSmall-CapSmall-Cap Opportunity

Small-CapSMid-Cap Total ReturnCapital Micro-Cap

Least Portfolio Overlap - U.S. Equity Funds

Small-Cap GrowthSmall-Cap Special EquitySMid-Cap Total Return

Capital Small-CapSmall-Cap ValueSmall-Cap Growth

Risk As of 09/30/26

Capital Small-Cap

Small-Cap Special Equity

Five-Year Up/Down Capture Ratio	↑ 109 ↓ 91	↑ 85 ↓ 69
Beta	N/A	N/A
Standard Deviation	18.61	14.72
Sharpe Ratio	0.61	0.56

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
Capital Small-Cap58	RCPFX	-2.82	17.09	20.15	15.25	10.29	8.84	9.90	12/27/96	1.18	1.18
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 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	-	-	-	-

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
Capital Small-Cap58	RCPFX	-2.99	17.09	20.15	15.25	10.29	8.84	9.90	12/27/96	1.18	1.18
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 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	-	-	-	-

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
Capital Small-Cap58	RCPFX	3.45	3.45	26.70	18.23	10.35	9.70	10.00	12/27/96	1.18	1.18
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 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	-	-	-	-

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Compare Funds

At a GlanceAs of 09/30/26

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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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