Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Royce Capital Micro-Cap Inv Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 584 Small Blend Funds Morningstar® Style Box™ What is this? As of 2024-03-31 Total Fund Assets ($ Mil) 138.09 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 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 86.3 Non-U.S. Stocks 10.2 Bonds 0.0 Cash 3.5 Other 0.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 28.02 Basic Materials 3.70 Consumer Cyclical 12.55 Financial Services 11.20 Real Estate 0.57 Sensitive 62.43 Communication Services 4.60 Energy 4.02 Industrials 28.68 Technology 25.13 Defensive 9.54 Consumer Defensive 2.53 Healthcare 7.01 Utilities 0.00 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 123 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 13.46 Turnover % (as of 2023-12-31) 24.00 30 Day SEC Yield % --- Top Holdings Sector P/E % of Net Assets QuinStreet Inc --- 1.42 IES Holdings Inc 23.08 1.40 Graham Corp 109.12 1.39 Natural Gas Services Group Inc 107.94 1.38 Quanex Building Products Corp 14.61 1.36 Modine Manufacturing Co 22.40 1.32 CECO Environmental Corp 62.22 1.31 VSE Corp 26.32 1.31 Nova Ltd --- 1.30 Distribution Solutions Group Inc --- 1.27 Data through 2024-03-31

Principal Risks    Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Other, Regulation/Government Intervention, 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). Brendan Hartman   (2013-05-01) Brendan J. Hartman is a Portfolio Manager for Royce & Associates, LP, investment advisor to The Royce Funds. Mr. Hartman serves as Portfolio Manager for Royce Micro-Cap Fund and Royce Capital Fund – Micro-Cap Portfolio (both with James Stoeffel as Lead Portfolio Manager). He also serves as Assistant Portfolio Manager for Royce Low-Priced Stock Fund. He has 23 years of investment industry experience. Prior to joining Royce & Associates, he co-founded and managed a hedge fund for Rebus Partners. Prior to that he was employed by Cramer Rosenthal McGlynn, LLC (2001-2008) and served as Co-Manager for the Mid Cap, Smid Cap, 130/30 Fund, and CRM Partners LP funds. Additionally, he was a Senior Analyst, Equity Research with Donaldson, Lufkin & Jenrette (1997-2000). He began his career with Salomon Brothers (1996-1997) as an Equity Research Analyst. Mr. Hartman holds a bachelor’s degree from Lehigh University and a Master of Business Administration from New York University. Royce & Associates, LP, investment adviser to The Royce Funds, is a small-cap equity specialist offering portfolios with distinctive investment approaches to address specific investment goals. The firm has been managing micro-cap, small-cap and small/mid-cap portfolios for more than 40 years. Investment Advisor(s) Royce & Associates, LP Issuer Royce Investment Partners Subadvisor(s) ---

Show Data Definitions © Copyright 2024 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.