Fund Facts  

Inception Date: Jan 3, 2002
CUSIP: 780905642
Ticker Symbol: RYTFX
Morningstar Category:Small Value
As of Dec 31, 2021
Fund Net Assets ($millions) $1,518

Documents for Fund or Underlying Fund(s)  



The investment seeks long-term growth of capital and current income.

Principal Investment Strategies  

Normally, the fund invests at least 65% of its net assets in equity securities. At least 90% of these securities will produce dividend or interest income to the fund and at least 65% will be issued by small-cap companies at the time of investment. Although the fund normally focuses on securities of U.S. companies, it may invest up to 25% of its net assets (measured at the time of investment) in securities of companies headquartered in foreign countries.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.


Performance & Expenses

Standard Performance As of Dec 31, 2021
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Royce Total Return Servicea6.79%25.54%25.54%16.95%9.59%10.86%8.90%
Russell 2000 Value Indexa,b4.36%28.27%28.27%17.99%9.07%12.03%N/A
Morningstar Small Valuea,c5.86%31.57%31.57%18.37%8.87%11.43%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, participants or plan sponsors in a MissionSquare Retirement administered account can log in at, or institutions can go to

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Fund Expensesa,d
Gross Expenses1.56%
Net Expenses1.50%


a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2021 All rights reserved. This information: (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 information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

c. The Morningstar category average return represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.

d. Differences between the net and gross expense ratios of a fund are typically due to fee waivers, expense reimbursements, and/or expense limits.


Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Dec 16, 2021Dec 16, 2021$2.843100000
Sep 15, 2021Sep 15, 2021$0.030000000
Jun 16, 2021Jun 16, 2021$0.010000000
Mar 17, 2021Mar 17, 2021$0.030000000
Dec 10, 2020Dec 10, 2020$1.880000000
Sep 3, 2020Sep 3, 2020$0.040000000
Jun 4, 2020Jun 4, 2020$0.040000000
Mar 5, 2020Mar 5, 2020$0.030000000
Dec 12, 2019Dec 12, 2019$0.921000000
Sep 5, 2019Sep 5, 2019$0.010000000
Jun 6, 2019Jun 6, 2019$0.035000000
Mar 7, 2019Mar 7, 2019$0.025000000
Dec 13, 2018Dec 13, 2018$2.153700000
Sep 6, 2018Sep 6, 2018$0.035000000
Jun 7, 2018Jun 7, 2018$0.035000000
Mar 8, 2018Mar 8, 2018$0.025000000
Dec 14, 2017Dec 14, 2017$1.824300000
Sep 7, 2017Sep 7, 2017$0.015000000

Morningstar Information

Morningstar RatingTM   As of Dec 31, 2021
Period Stars Category Size
Overall 4 Stars418
3-Year 4 Stars418
5-Year 4 Stars392
10-Year 4 Stars300

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. 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 for a managed product 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 returns, 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 returns. 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.

Morningstar Stylebox As of Dec 31, 2021
Equity Stylebox
Small Value
Allocation of Assets As of Sep 30, 2021
Type of Asset Percent
Fixed Income1%

Due to rounding, percentages shown may not add up to 100%.



Allocation of Assets As of Sep 30, 2021
Asset ClassPercent
Domestic Stock92.4%
Foreign Stock6.1%
Domestic Bond0.0%
Foreign Bond0.0%

Due to rounding, percentages shown may not add up to 100%.


Equity Sector As of Sep 30, 2021
Financial Services38.6%
Consumer Cyclical13.8%
Basic Materials6.5%
Communication Services3.1%
Real Estate2.6%
Consumer Defensive2.2%

Exposure reflects equity securities only and will sum to the equity exposure of the fund.

Top Ten Holdings As of Sep 30, 2021
Holding NamePercent
Vontier Corp Ordinary Shares2.3%
Spectrum Brands Holdings Inc2.2%
James River Group Holdings Ltd2.0%
Independent Bank Group Inc1.8%
Trean Insurance Group Inc Ordinary Shares1.8%
Axis Capital Holdings Ltd1.7%
Compass Diversified Holdings1.7%
Element Solutions Inc1.7%
Bank of N.T Butterfield & Son Ltd1.7%
The Timken Co1.7%


Portfolio Statistics As of Dec 31, 2021
Standard Deviation21.8818.81



Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, or log in at

The source for this information is Morningstar, Inc. Copyright © 2021 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. Morningstar, Inc. is a global investment research firm that is not affiliated with MissionSquare Retirement or its affiliates. MissionSquare Retirement does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.