PENNX Fees and Costs — Royce Small-Cap Fund, Investment Class
Data updated: 2026-08-11
The net expense ratio is 0.95%: a 0.76% management fee plus 0.19% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.6M in broker commissions, 0.0928% of average net assets, and portfolio turnover was 43%.
PENNX Fees and Expenses
Annual operating expenses and sales charges of PENNX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.76% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.19% |
| Gross expense ratio | 0.95% |
| Fee waiver | — |
| Net expense ratio | 0.95% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
PENNX Costs Over Time
On $10,000 invested in PENNX, assuming 5% a year before costs, total costs come to $652 over 5 years, cutting the return by 1.09% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.95%) | $100 | $311 | $539 |
| Trading costs (broker commissions) | $10 | $30 | $53 |
| Lost growth on money paid in costs | $0 | $17 | $60 |
| Total costs | $109 | $358 | $652 |
| Value after costs | $10,391 | $11,218 | $12,111 |
| Impact on return, per year | 1.09% | 1.09% | 1.09% |
PENNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0928%
- Total broker commissions: $1.6M
- Bought from dealers (principal trades, not a cost): $13.7B
- Portfolio turnover (prospectus): 43%
- Securities on loan, average value: $16.3M
- Net income from securities lending: $206K (0.012% of average net assets)
PENNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Liquidnet, Inc. | $230K | 22.17% |
| Stifel, Nicolaus & Company, Incorporated | $212K | 20.46% |
| BofA Securities, Inc. | $102K | 9.81% |
| Wall Street Access Corporation | $99K | 9.60% |
| State Street Global Markets, LLC | $88K | 8.47% |
| UBS Securities LLC | $70K | 6.74% |
| Goldman Sachs & Co. LLC | $67K | 6.49% |
| Raymond James & Associates, Inc. | $60K | 5.81% |
| Jefferies LLC | $57K | 5.48% |
| Stephens Inc. | $52K | 4.98% |
PENNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $13.7B | 100.00% |
| UBS Securities LLC | $94K | 0.00% |
| Needham & Company, LLC | $94K | 0.00% |
| GFI Securities LLC | $63K | 0.00% |
Royce Small-Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RPMIX | Institutional Class | 0.91% | none |
| PENNX | Investment Class | 0.95% | none |
| PAHPX | C000226582 | 1.31% | 5.25% |
| RYPFX | Service Class | 1.31% | none |
| RYPCX | Consultant Class | 1.98% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.