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At a Glance
As of 09/30/26

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Style	Value	Value
Market Cap	Small-Cap	Small-Cap
Volatility	Above Average	High
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 8.9% since inception (6/14/01) through 9/30/26.	Small-cap value fund that uses an opportunistic approach to invest in companies are categorized into themes: Turnarounds, Unrecognized Asset Values, Undervalued Growth, and Interrupted Earnings. Small-cap stocks' market caps are not greater than that of the largest stock in the Russell 2000® Index Identifies a catalyst for future earnings growth in the form of new management, more favorable business cycle, product innovation, and/or margin improvement. Outperformed the Russell 2000 Value Index for the 1-, 3-, 5-, 10-, 15-, 20-, 25-year and since inception (11/19/96) periods ended 9/30/26.
Inception Date	06/14/01	11/19/96
Portfolio Managers	Jay Kaplan	Kavitha Venkatraman, Jim Harvey, Brendan Hartman, Jim Stoeffel

Portfolio Diagnostics As of 09/30/26

Small-Cap Opportunity

Total Net Assets	105.9M	1.25B
Holdings	77	206
Average Market Cap	2.25B	1.81B
Active Share	95%	92%
2025 Portfolio Turnover	51%	51%
Weighted Average P/E,	10.7x	20.7x
Weighted Average P/B,	1.5x	2.0x
Weighted Average P/S	-	1.2x

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 Value

Small-Cap Opportunity

Financials	27.6	10.8
Consumer Discretionary	25.2	9.3
Industrials	15.2	28.6
Information Technology	11.8	17.3
Energy	8.4	8.6
Health Care	7.1	12.8
Consumer Staples	3.8	0.3
Real Estate	-	-
Utilities	-	-
Materials	-	6.4
Communication Services	-	3.7
Cash and Cash Equivalents	0.9	2.2

Portfolio Overlap

Small-Cap Value

Small-Cap Opportunity

Small-Cap Value	-	6%
Small-Cap Opportunity	6%	-

Greatest Portfolio Overlap - U.S. Equity Funds

Capital Small-CapSmall-CapSmall-Cap Opportunity

Micro-CapCapital Micro-CapSmall-Cap

Least Portfolio Overlap - U.S. Equity Funds

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

Small-Cap Special EquityPremierCapital Small-Cap

Risk As of 09/30/26

Small-Cap Value

Small-Cap Opportunity

Five-Year Up/Down Capture Ratio	↑ 107 ↓ 94	↑ 117 ↓ 115
Beta	N/A	N/A
Standard Deviation	18.71	22.63
Sharpe Ratio	0.56	0.65

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 Value9	RYVFX	-2.82	16.86	17.83	14.28	9.57	8.56	8.95	06/14/01	1.62	1.49
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 Opportunity2	RYPNX	-10.45	19.92	22.02	18.04	9.18	12.95	12.21	11/19/96	1.24	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
Small-Cap Value9	RYVFX	-2.90	16.86	17.83	14.28	9.57	8.56	8.95	06/14/01	1.62	1.49
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 Opportunity2	RYPNX	-3.84	19.92	22.02	18.04	9.18	12.95	12.21	11/19/96	1.24	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
Small-Cap Value9	RYVFX	3.25	3.25	26.07	17.12	9.57	9.36	9.06	06/14/01	1.62	1.49
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 Opportunity2	RYPNX	-0.37	-0.37	19.81	21.42	8.33	13.50	12.16	11/19/96	1.24	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

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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