Equity

RPRCX Royce Premier Fund

Overview

See the risks and other important information.

Fund Facts

Fund description

Small-cap core fund which 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.

Benchmark: Russell 2000 Index
Fund Inception Date: 05/04/2007
Dividend Frequency, if any: No
Portfolio Turnover: 12%

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio³: 2.34%
Net Expense Ratio^3,4: 2.34%
Maximum Initial Charge: N/A
CDSC⁵: 1.00%
12b-1 Fee: 1.00%

Identifiers

Ticker: RPRCX
Fund Number: 313
CUSIP Code: 780905550

Average Annual Total Returns As of 10/31/2025

View performance section for additional info As of 10/31/2025

Consultant Class

With Sales Charge (POP)

Without Sales Charge (NAV)

2.95%1 Year
8.57%3 Years
8.52%5 Years
8.45%10 Years
10.06%Since Inception
12/31/1991

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 09/30/2025 % of Total (Updated Quarterly)

Top Sectors
Industrials36.76%
Information Technology14.44%
Consumer Discretionary12.09%
Financials10.72%
Materials9.99%

Additional Fund Info

Share Class Inception Date: 06/02/2003
Investment Style: Small Cap
Lipper Classification: Small-Cap Growth Funds
Morningstar Category⁶: Small Blend

Manager and Commentary

About the Team

Royce Investment

Royce Investment Partners specializes in small-cap investing, managing both U.S. and international portfolios for individual investors, financial advisors, and institutions. The firm is generally regarded as a pioneer in small-cap investing. Focusing on this distinctive asset class for more than 45 years has given Royce an unparalleled domain knowledge of the small-company investment universe.

Managed Fund Since 2006

Managed Fund Since 2014

Latest Insights

October 14, 2025

The Royce Roundtable: Risks and opportunities in AI—and elsewhere

October 6, 2025

US small-caps are (finally!) on top

September 12, 2025

US small-caps undiscovered connection: Value-led periods and active management

September 8, 2025

The stealth summer for US small-caps

Performance

Average Annual Total Returns

As of 10/31/2025

Month End

Quarter End

As of

Consultant Class - With Sales Charge (POP) (%)

Month End

As of 10/31/2025

Consultant Class - Without Sales Charge (NAV) (%)

Month End

As of 10/31/2025

Russell 2000 Index (%)

Month End

As of 10/31/2025

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 2 out of 5 stars
As of 10/31/2025

3 Years: 3 Years: 2 out of 5 stars
569 Funds in category

5 Years: 5 Years: 1 out of 5 stars
551 Funds in category

10 Years: 10 Years: 3 out of 5 stars
409 Funds in category

Rating Category: Small Blend

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 10/31/2025

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. 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 losses arising from any use of this information.

Portfolio

Assets

As of09/30/2025 (Updated Quarterly)

Total Net Assets: $1.07 Billion

Positions

As of 09/30/2025 (Updated Quarterly)

Number of Holdings

Fund: 52
Benchmark: 1,972

Portfolio Statistics

As of 09/30/2025 (Updated Quarterly)

Price to Book

Fund: 3.17x
Benchmark: 3.02x

Weighted Average Market Capitalization

Fund: $6.29 Billion
Benchmark: —

Price to Earnings (12-Month Trailing)

Fund: 28.28x
Benchmark: 11.28x

Asset Allocation

As of 09/30/2025 % of Total (Updated Quarterly)

Asset Allocation
Holdings	Fund
U.S. Investments	87.69%
Non-U.S. Investments	12.31%

Holdings
As of 09/30/2025 (Updated Quarterly)

Fixed Income Clearing Corporation

MKS Instruments Inc

FirstService Corporation

Arcosa

John Bean Technologies Corp.

Colliers International Group Inc

Cirrus Logic Inc.

STELLA JONES INC COMMON STOCK

Quaker Chemical

Esco Technologies

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 13-6981562

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Dec 11	—	—	0.767	—	—	—	—	—	—

Dec 11

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: 100.00%
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 11/26/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/26/2025

Share Prices

As of 11/26/2025

NAV ¹(Net Asset Value): $8.51
NAV Change ¹: $0.02
NAV Change (%) ¹: 0.24%
POP ⁷(Public Offering Price): $8.51

52-Week Range

Highest NAV: $9.68
Lowest NAV: $6.59

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Royce Premier Fund	Download Document
Checkbox	Factsheet - Royce Premier Fund - Class Consultant	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Royce Premier Fund Consultant ClassMailed hardcopies unavailable.	Download Document
Checkbox	Semi-Annual Report - Royce Premier Fund Consultant ClassMailed hardcopies unavailable.	Download Document
Checkbox	Summary Prospectus - Royce Premier Fund (Consultant Class)	Download Document

Risks

The Fund invests primarily in small-cap stocks, which may involve considerably more risk than investing in larger-cap stocks. The Fund generally invests a significant portion of its assets in a limited number of stocks, which may involve considerably more risk than a more broadly diversified portfolio because a decline in the value of any one of these stocks would cause the Fund's overall value to decline to a greater degree. The Fund may invest up to 25% of its net assets in foreign securities, which may involve political, economic, currency, and other risks not encountered in U.S. investments. These and other risks are discussed in the fund’s prospectus.

Important Information

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe.
Source: FTSE.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Royce & Associates, LP primarily conducts its business under the name Royce Investment Partners.

Distributed by Royce Fund Services, LLC. Member FINRA, SIPC.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
A 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 12 months.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
©2025 Morningstar, Inc. All rights reserved. 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 losses arising from any use of this information.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

RPRCX Royce Premier Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Consultant Class

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 6

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 13-6981562

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ⁶