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At a Glance
As of 12/31/24

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Style	Core	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 core fund that seeks to invest in "premier" small-cap companies, those Royce sees having discernible competitive advantages, high returns on capital, and a sustainable franchise. Small-cap stocks' market caps are less than the largest stock in the Russell 2000® Index. Focuses on leading quality companies, those with low debt, the ability to generate excess cash flow, and attractive prospects that are selling at prices Royce believes do not fully reflect these attributes. Average annual total return of 11.0% since inception (12/31/91) through 12/31/24.	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 8.8% since inception (6/14/01) through 12/31/24.
Inception Date	12/31/91	06/14/01
Portfolio Managers	Lauren Romeo, Steven McBoyle, Andrew Palen	Jay Kaplan

Portfolio Diagnostics As of 12/31/24

Small-Cap Value

Total Net Assets	1.28B	109.1M
Holdings	50	81
Average Market Cap	5.22B	1.91B
Active Share	97%	95%
2024 Portfolio Turnover	12%	43%
Weighted Average P/E,	25.5x	10.9x
Weighted Average P/B,	2.8x	1.6x
Weighted Average P/S	-	-

Composition As of 12/31/24

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

Premier

Small-Cap Value

Industrials	35.1	19.1
Information Technology	12.4	13.6
Consumer Discretionary	11.2	24.6
Materials	10.2	-
Financials	10.1	20.8
Real Estate	8.8	0.8
Health Care	6.7	6.4
Consumer Staples	2.2	1.9
Energy	-	10.3
Utilities	-	-
Communication Services	-	1.7
Cash and Cash Equivalents	3.3	0.9

Portfolio Overlap

Premier

Small-Cap Value

Premier	-	3%
Small-Cap Value	3%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Small-CapDividend ValueSmall-Cap Total Return

Capital Small-CapSmall-CapSmall-Cap Total Return

Least Portfolio Overlap - U.S. Equity Funds

Capital Small-CapMicro-CapSmall-Cap Value

Smaller-Companies GrowthPremierDividend Value

Risk As of 12/31/24

Premier

Small-Cap Value

Five-Year Up/Down Capture Ratio	↑ 91 ↓ 91	↑ 102 ↓ 103
Beta	N/A	N/A
Standard Deviation	21.49	22.89
Sharpe Ratio	0.01	0.17

Volatility

Performance As of 12/31/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 12/31/24

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
Premier8	RYPRX	-3.33	2.97	2.97	2.17	6.71	8.60	10.99	12/31/91	1.19	1.19
Russell 2000 Index	-	0.33	11.54	11.54	1.24	7.40	7.82	-	-	-	-
Small-Cap Value188	RVVHX	-1.98	3.44	3.44	5.66	7.28	5.93	8.82	06/14/01	1.35	1.24
Russell 2000 Value Index	-	-1.06	8.05	8.05	1.94	7.29	7.14	-	-	-	-
Russell 2000 Index	-	0.33	11.54	11.54	1.24	7.40	7.82	-	-	-	-

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
Premier8	RYPRX	-8.12	2.97	2.97	2.17	6.71	8.60	10.99	12/31/91	1.19	1.19
Russell 2000 Index	-	-8.26	11.54	11.54	1.24	7.40	7.82	-	-	-	-
Small-Cap Value188	RVVHX	-7.19	3.44	3.44	5.66	7.28	5.93	8.82	06/14/01	1.35	1.24
Russell 2000 Value Index	-	-8.33	8.05	8.05	1.94	7.29	7.14	-	-	-	-
Russell 2000 Index	-	-8.26	11.54	11.54	1.24	7.40	7.82	-	-	-	-

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
Premier8	RYPRX	2.30	2.30	10.71	4.03	6.43	9.34	11.05	12/31/91	1.19	1.19
Russell 2000 Index	-	2.08	2.08	20.60	3.21	7.44	8.29	-	-	-	-
Small-Cap Value188	RVVHX	2.88	2.88	12.76	7.32	7.86	6.70	8.94	06/14/01	1.35	1.24
Russell 2000 Value Index	-	1.71	1.71	17.09	2.40	7.60	7.61	-	-	-	-
Russell 2000 Index	-	2.08	2.08	20.60	3.21	7.44	8.29	-	-	-	-

Important Disclosure Information for Open-End Funds and Annuity Portfolios

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Compare Funds

At a GlanceAs of 12/31/24

Add Another Fund

Portfolio Diagnostics As of 12/31/24

Composition As of 12/31/24

Morningstar Style Map

Geographic Breakdown

Sector Breakdowns

Portfolio Overlap

Risk As of 12/31/24

Volatility

Performance As of 12/31/24

Cumulative Returns

Cumulative Performance since fund start date of to quarter-end 12/31/24

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