Equity

RYPFX Royce Small-Cap Fund

Multi-dimensional disciplined approach. The Fund combines multiple investment approaches (High Quality, Traditional Value, Special Situations)that have historically tended to perform well in different market environments.
Broad access to small-cap equities. A focus on stocks with above-average profitability, below-average leverage and attractive valuations.
A recognized pioneer of small-cap investing. One of the first open-end small-cap funds, managed for more than 40 years by the same portfolio manager - a recognized pioneer of small-cap investing. Flagship offering, one of the first open-end small-cap funds, whose history under Royce Investment Partners management dates back to November 1972.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks long-term growth of capital by investing primarily in equity securities of small-cap companies that it believes are trading below its estimate of their current worth. Small-cap companies are those that have a market capitalization not greater than that of the largest company in the Russell 2000® Index at the time of its most recent reconstitution.

Benchmark: Russell 2000 Index
Fund Inception Date: 05/04/2007
Dividend Frequency, if any: No
Portfolio Turnover: 37%

Sales Charges, Expenses & Fees

As of 05/01/2025

Gross Expense Ratio⁴: 1.24%
Net Expense Ratio^4,5: 1.24%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.25%

Identifiers

Ticker: RYPFX
Fund Number: 362
CUSIP Code: 780905386

Average Annual Total Returns As of 11/30/2025

View performance section for additional info As of 11/30/2025

Service Class

With Sales Charge (POP)

Without Sales Charge (NAV)

0.74%1 Year
11.45%3 Years
9.56%5 Years
10.11%10 Years
—Since Inception
10/31/1972

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
Industrials28.40%
Financials19.81%
Information Technology16.59%
Consumer Discretionary10.05%
Health Care8.27%

Additional Fund Info

Share Class Inception Date: 11/08/2005
Investment Style: Small Cap
Lipper Classification: Small-Cap Core Funds
Morningstar Category³: 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.

Commentary Highlights

June 30, 2025

Markets: Many small-cap stocks are just emerging from a two-year earnings recession, which should help boost performance for an asset class that’s lagged large-cap for several years and currently faces low expectations.
Contributors: Three of the Fund’s top five contributors in 2Q25 are longer-term holdings in which we have high conviction.
Detractors: We remain confident in the long-term prospects for rebounds in the Fund’s top detracting industries.
Outlook: We remain cautiously optimistic for the advantages of active, risk-conscious, small-cap investing for the long run.

For complete information, please see the full commentary:

Managed Fund Since 2006

Managed Fund Since 2019

Managed Fund Since 2003

Managed Fund Since 2021

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

Calendar Year Returns

As of 11/30/2025

Month End

Quarter End

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

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

Russell 2000 Index (%)

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: 4 out of 5 stars
As of 11/30/2025

3 Years: 3 Years: 4 out of 5 stars
582 Funds in category

5 Years: 5 Years: 3 out of 5 stars
564 Funds in category

10 Years: 10 Years: 4 out of 5 stars
424 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 11/30/2025

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: $1.80 Billion

Positions

As of 09/30/2025 (Updated Quarterly)

Number of Holdings

Fund: 267
Benchmark: 1,972

Portfolio Statistics

As of 09/30/2025 (Updated Quarterly)

Weighted Average Market Capitalization

Fund: $3.67 Billion
Benchmark: —

Price to Earnings (12-Month Trailing)

Fund: 17.90x
Benchmark: 11.28x

Price to Book

Fund: 2.22x
Benchmark: 3.02x

Sector Allocation

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

Sector Allocation
Sector	% of Total	Benchmark
Industrials	28.40%	17.71%
Financials	19.81%	18.00%
Information Technology	16.59%	15.50%
Consumer Discretionary	10.05%	9.90%
Health Care	8.27%	15.97%
Materials	7.58%	4.24%
Energy	2.07%	4.83%
Real Estate	1.34%	5.80%
Consumer Staples	0.89%	1.99%
Communication Services	0.80%	2.78%
Utilities	—	3.27%
Cash & Cash Equivalents	4.19%	—

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

Fixed Income Clearing Corporation

Arcosa

Element Solutions

Assured Guaranty Ltd

E-L Financial

Cirrus Logic Inc.

SEI Investments Co

Dorman Products

Vontier Corporation

ESAB Corporation

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 13-6106015

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	0.0631	0.057812	0.7426	—	—	—	—	—	—

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: 85.49%
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 12/10/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 12/10/2025

Share Prices

As of 12/10/2025

NAV ¹(Net Asset Value): $10.00
NAV Change ¹: $0.21
NAV Change (%) ¹: 2.15%
POP ⁶(Public Offering Price): $10.00

52-Week Range

Highest NAV: $10.34
Lowest NAV: $7.16

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download
Checkbox	Factsheet - Royce Small-Cap Fund - Class Consultant	Download Document
Checkbox	Factsheet - Royce Small-Cap Fund - Class Investment, Institutional, Service	Download Document
Checkbox	Product Commentary - Royce Small-Cap Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Royce Small-Cap Fund Service ClassMailed hardcopies unavailable.	Download Document
Checkbox	Semi-Annual Report - Royce Small-Cap Fund Service ClassMailed hardcopies unavailable.	Download Document
Checkbox	Summary Prospectus - Royce Small-Cap Fund (Investment, Service and Institutional 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’s broadly diversified portfolio does not ensure a profit or guarantee against loss. The Fund may invest up to 25% of its net assets in foreign securities that 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.

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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.
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.
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.
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.

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