RYOTX Fees and Costs — Royce Micro-Cap Fund, Investment Class
Data updated: 2026-08-11
The net expense ratio is 1.24%: a 1.00% management fee plus 0.26% other expenses, less a 0.02% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $626K in broker commissions, 0.2165% of average net assets, and portfolio turnover was 38%.
RYOTX Fees and Expenses
Annual operating expenses and sales charges of RYOTX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.26% |
| Gross expense ratio | 1.26% |
| Fee waiver | −0.02% |
| Net expense ratio | 1.24% |
| 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 |
RYOTX Costs Over Time
On $10,000 invested in RYOTX, assuming 5% a year before costs, total costs come to $903 over 5 years, cutting the return by 1.53% 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 1.24%) | $130 | $404 | $698 |
| Trading costs (broker commissions) | $23 | $71 | $122 |
| Lost growth on money paid in costs | $0 | $24 | $83 |
| Total costs | $153 | $498 | $903 |
| Value after costs | $10,347 | $11,078 | $11,860 |
| Impact on return, per year | 1.53% | 1.53% | 1.53% |
RYOTX 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): 0.2165%
- Total broker commissions: $626K
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 38%
- Securities on loan, average value: $7.8M
- Net income from securities lending: $61K (0.021% of average net assets)
RYOTX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Stifel, Nicolaus & Company, Incorporated | $59K | 17.93% |
| Wall Street Access Corporation | $51K | 15.57% |
| Liquidnet, Inc. | $47K | 14.28% |
| BofA Securities, Inc. | $31K | 9.44% |
| Robert W. Baird & Co. Incorporated | $31K | 9.36% |
| UBS Securities LLC | $27K | 8.09% |
| William Blair & Company, L.L.C. | $26K | 8.00% |
| Nomura Securities International, Inc. | $20K | 5.97% |
| Raymond James & Associates, Inc. | $19K | 5.81% |
| Oppenheimer & Co. Inc. | $18K | 5.55% |
RYOTX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $1.3B | 99.94% |
| BofA Securities, Inc. | $659K | 0.05% |
| Morgan Stanley & Co. LLC | $87K | 0.01% |
| GFI Securities LLC | $76K | 0.01% |
| Goldman Sachs & Co. LLC | $35K | 0.00% |
Royce Micro-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 |
|---|---|---|---|
| RYOTX | Investment Class | 1.24% | none |
| RMCFX | Service Class | 1.49% | none |
| RYMCX | Consultant Class | 2.24% | 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.