Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Royce Capital Micro-Cap Inv Release date as of 2024-10-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-10-31 Out of 569 Small Blend Funds Morningstar® Style Box™ What is this? As of 2024-09-30 Total Fund Assets ($ Mil) 129.44 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term growth of capital. Normally, the fund invests at least 80% of its net assets in equity securities of micro-cap companies. Although the fund normally focuses on securities of U.S. companies, it may invest up to 25% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries. It may invest in other investment companies that invest primarily in equity securities.

Morningstar Category: Small Blend Small-blend portfolios favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

Investment Risks Small Cap Funds: Smaller companies typically have higher risk of failure, and are not as well established as larger blue-chip companies. Historically, the smaller company stocks have experienced a greater degree of market volatility than the overall market average.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 88.4 Non-U.S. Stocks 9.9 Bonds 0.0 Cash 1.7 Other 0.0 Data through 2024-09-30 Morningstar Equity Sectors % of Stocks Cyclical 27.37 Basic Materials 2.87 Consumer Cyclical 11.70 Financial Services 12.26 Real Estate 0.54 Sensitive 60.63 Communication Services 4.43 Energy 3.87 Industrials 27.88 Technology 24.45 Defensive 12.01 Consumer Defensive 3.11 Healthcare 8.90 Utilities 0.00 Data through 2024-09-30 Holding Status Total Number of Stock Holdings 126 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 12.37 Turnover % (as of 2023-12-31) 24.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets CareDx Inc --- 1.29 Artivion Inc --- 1.27 Northwest Pipe Co 15.27 1.26 Distribution Solutions Group Inc 1925.00 1.25 Graham Corp 63.68 1.25 QuinStreet Inc --- 1.24 CRA International Inc 29.47 1.23 Shoe Carnival Inc 12.15 1.21 VSE Corp 47.07 1.19 PAR Technology Corp --- 1.18 Data through 2024-09-30

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Equity Securities, Other, Management, Small Cap Show Risk Definitions

Other Information Inception Date: 1996-12-27 Portfolio Manager(s) James P. Stoeffel   (2015-05-01) James Stoeffel joined Royce in 2009 as a Portfolio Manager. Previously he was a Portfolio Manager for a long/short equity private investment vehicle which he co-founded with Messrs. Brown and Hartman (2008-2009), a Portfolio Manager and Investment Policy Committee member at CRM (2001-2008), Director of Research at Palisade Capital Management (1999-2001), Research Analyst and Vice President in Smith Barney's Emerging Growth Stock Research Group (1993-1999) and an Auditor for a number of companies in the financial services industry (1984-1992). Andrew S. Palen   (2024-09-30) Andrew S. Palen Portfolio Manager Employed by Royce since 2015 Assistant Portfolio Manager for: Royce Pennsylvania Mutual Fund Previously a Senior Analyst at Armistice Capital (2013-2015), a Summer Associate at UBS Global Management (2012), and an Associate at Comvest Partners (2008-2011). Investment Advisor(s) Royce & Associates, LP Issuer Royce Investment Partners Subadvisor(s) ---

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