RSEIX Fees and Costs — Royce Small-Cap Special Equity Fund, Institutional Class
Data updated: 2026-08-11
The net expense ratio is 1.18%: a 1.00% management fee plus 0.18% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $213K in broker commissions, 0.0421% of average net assets, and portfolio turnover was 12%.
RSEIX Fees and Expenses
Annual operating expenses and sales charges of RSEIX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.18% |
| Gross expense ratio | 1.18% |
| Fee waiver | — |
| Net expense ratio | 1.18% |
| 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 |
RSEIX Costs Over Time
On $10,000 invested in RSEIX, assuming 5% a year before costs, total costs come to $761 over 5 years, cutting the return by 1.28% 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 1.18%) | $124 | $386 | $667 |
| Trading costs (broker commissions) | $4 | $14 | $24 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $128 | $419 | $761 |
| Value after costs | $10,372 | $11,157 | $12,002 |
| Impact on return, per year | 1.28% | 1.28% | 1.28% |
RSEIX 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): 0.0421%
- Total broker commissions: $213K
- Bought from dealers (principal trades, not a cost): $24.0B
- Portfolio turnover (prospectus): 12%
- Securities lending: none during the year
RSEIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wall Street Access Corporation | $171K | 80.47% |
| BNY Capital Markets, LLC | $20K | 9.21% |
| Tradition Securities and Derivatives LLC | $7K | 3.24% |
| CJS Securities, Inc. | $4K | 2.00% |
| Stifel, Nicolaus & Company, Incorporated | $4K | 1.91% |
| UBS Securities LLC | $3K | 1.23% |
| Nomura Securities International, Inc. | $2K | 1.09% |
| Wells Fargo Securities, LLC | $739 | 0.35% |
| O'Neil Securities, Incorporated | $560 | 0.26% |
| Liquidnet, Inc. | $525 | 0.25% |
RSEIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $24.0B | 100.00% |
Royce Small-Cap Special Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RSEIX | Institutional Class | 1.18% | none |
| RYSEX | Investment Class | 1.24% | none |
| PAHQX | C000226583 | 1.49% | 5.25% |
| RSEFX | Service Class | 1.49% | none |
| RSQCX | Consultant Class | 2.24% | 1.00% |
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.