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The Royce Funds

Small-cap value investing for more than 35 years

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  1. I Want To . . .
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  2. Royce Capital Fund - Small-Cap Portfolio (RCPFX)

    Investment Class

    1. Open to New Investors

      NAV as of 3/12/2010  $9.20
      Daily NAV change  $0.00 (-0.00%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Jay S. Kaplan

      Top 10 Positions As of Quarter-End 12/31/09
      % of Net Assets (Subject to Change)

      Dress Barn (The) 3.0%
      Steven Madden 2.9%
      NBTY 2.6%
      Comtech Telecommunications 2.4%
      Tidewater 2.2%
      ManTech International Cl. A 2.2%
      Knight Capital Group Cl. A 2.1%
      Aspen Insurance Holdings 2.0%
      Buckle (The) 2.0%
      Unit Corporation 2.0%
      Top 10 as % of Total 23.4%
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    2. Royce Capital Fund—Small-Cap Portfolio (RCS) is available to life insurance company separate accounts established to fund variable annuity and variable life insurance products. RCS uses a disciplined value approach to invest in small-cap companies, those with market caps up to $2.5 billion. We believe that investors in the Fund should have a long-term investment horizon of at least three-years.

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      Average Annual Total Returns
      as of Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RCPFX 3.95% 35.20% 35.20% -1.23% 3.87% 11.47% 11.52%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 5.72%
      Inception Date: 12/27/1996  Annual Operating Expenses: 1.09%

      * Not Annualized.

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. The Fund's total returns do not reflect any deduction for changes or expenses of the variable contracts of retirement plans investing in the Fund. Investment return and principal value will fluctuate, so that shares may be worth more or less than their original cost when redeemed.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.

      1. Fund Statistics
        as of Quarter-End, 12/31/2009

        Ticker Symbol RCPFX
        Fund Net Assets (All Classes) $473 million
        Number of Holdings 86
        Average Market Capitalization* $1.25 billion
        Weighted Average P/E Ratio** 12.5x
        Weighted Average P/B Ratio 1.6x
        Portfolio Turnover 2009 45%
        Minimum Investment none
        Cusip Number 78080T105
        Fund Number 295
        Inception Date 12/27/1996
        Benchmark Index Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (14% of portfolio holdings as of 12/31/2009).

      2. Growth of Hypothetical $10,000

        Invested 12/27/1996

        As of Quarter-End 12/31/2009

        RCPFX vs Russell 2000

    1. Growth of Hypothetical $10,000

      Invested 12/27/1996

      As of Quarter-End 12/31/2009

      RCPFX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 12/31/2009

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 12/31/2009

        Sector Name Gain/Loss*
      (in millions)
      1 Consumer Products $4.88
      2 Natural Resources $3.16
      3 Industrial Products $2.80
      4 Industrial Services $2.64
      5 Consumer Services $2.49
      6 Technology $2.21
      7 Health $2.20
      8 Financial Services $0.25
      9 Financial Intermediaries -$2.52

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 12/31/2009

      Company Gain*
      (in millions)
      Dress Barn (The) $3.21
      Steven Madden $1.70
      Gardner Denver $1.55
      Synaptics $1.42
      ATC Technology $1.35

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 12/31/2009

      Company Loss*
      (in millions)
      Knight Capital Group Cl. A -$3.21
      Buckle (The) -$1.49
      Emergent Biosolutions -$1.21
      Agnico-Eagle Mines -$0.77
      MKS Instruments -$0.46

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2009. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RCPFX 3.95% 35.20% 35.20% -1.23% 3.87% 11.47% 11.52%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 5.72%
      Annual Operating Expenses: 1.09%
      Inception Date: 12/27/1996

      * Not Annualized.

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. The Fund's total returns do not reflect any deduction for changes or expenses of the variable contracts of retirement plans investing in the Fund. Investment return and principal value will fluctuate, so that shares may be worth more or less than their original cost when redeemed.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.


      Small-Cap Market Cycle Performance as of Quarter-End 12/31/09

      RCPFX
      3/09/00 - 7/13/07
      RCS 233.2%
      Russell 2000 54.8%
      7/13/07 - 12/31/09
      RCS -14.8%
      Russell 2000 -24.2%

      View how RCS performed during down markets.

      Absolute Return Focus: Five Year Return Periods as of Quarter-End 12/31/09
      Number of Five-Year Average Annual Return Periods since RCS's Inception

      RCPFX

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/15/08 12/16/08 $0.0589 $0.3089 $0.4483 $0.82 $6.29
      12/11/07 12/12/07 $0.0055 $0.1573 $0.3212 $0.48 $10.00
      12/11/06 12/12/06 $0.0067 $0.1645 $0.3342 $0.51 $10.67
      12/01/05 12/02/05 $0.0000 $0.0422 $0.0600 $0.10 $9.85
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      1. NAV History

        Previous 12 Months Ending 2/28/2010
        High $8.96 1/14/10
        Low $4.69 3/09/09
        Previous Month Ending 2/28/2010
        High $8.85 2/19/10
        Low $4.69 3/09/09

        NAV Search


      2. Year-End NAVs

        Year NAV
        2009 $8.68
        2008 $6.42
        2007 $9.96
        2006 $10.67
        2005 $9.67
        2004 $9.00
        2003 $7.59
        2002 $5.71
        2001 $6.66
        2000 $6.40

  3. Portfolio Manager

    Jay S. Kaplan

    Jay S. Kaplan

    • Portfolio Manager and Principal
    • CFA

    Jay S. Kaplan, CFA, is a Portfolio Manager and Principal for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BS, State University of New York, Binghamton
    • MBA, New York University

    Experience

    • 21 Years of Experience
    • 9 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End, 12/31/2009

      Fund Net Assets (All Classes) $473 million
      Number of Holdings 86
      Average Market Capitalization* $1.25 billion
      Weighted Average P/E Ratio** 12.5x
      Weighted Average P/B Ratio 1.6x
      Portfolio Turnover 2009 45%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (14% of portfolio holdings as of 12/31/2009).

      Market Cap Exposure (In Millions)
      as of Quarter-End 12/31/2009

      Small-Cap Portfolio

    2. Top 10 Positions
      as of Quarter-End 12/31/2009
      as of Month-End 1/31/2010
      % of Net Assets (Subject to Change)

      Dress Barn (The) 3.0%
      Steven Madden 2.9%
      NBTY 2.6%
      Comtech Telecommunications 2.4%
      Tidewater 2.2%
      ManTech International Cl. A 2.2%
      Knight Capital Group Cl. A 2.1%
      Aspen Insurance Holdings 2.0%
      Buckle (The) 2.0%
      Unit Corporation 2.0%
      Top 10 as % of Total 23.4%

      Portfolio Holdings
      as of Quarter-End 12/31/2009

      View the complete list of holdings for Small-Cap Portfolio for the quarter ended 12/31/2009. Not posted sooner than 15 days after the end of the period. Unaudited schedule of portfolio holdings is presented for informational purposes only.

    3. Portfolio Sector Breakdown
      as of Quarter-End 12/31/2009
      as of Month-End 1/31/2010
      % of Net Assets (Subject to Change)

      Financial Intermediaries 14.9%
      Health 12.4%
      Consumer Products 11.6%
      Natural Resources 11.1%
      Industrial Services 10.0%
      Consumer Services 9.7%
      Technology 8.2%
      Industrial Products 7.8%
      Financial Services 2.7%
      Treasuries, Cash & Cash Equivalents 11.7%

      Asset Allocation
      as of Quarter-End, 12/31/2009
      % of Net Assets (Subject to Change)

      Small-Cap Portfolio Asset Allocation

    1. Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 12/31/09

      Quarter Russell 2000 RCS Spread
      3/31/09 -15.0% -12.5% +2.5% 
      12/31/08 -26.1 -24.3 +1.8 
      9/30/08 -1.1 -5.6 -4.5 
      3/31/08 -9.9 -0.3 +9.6 
      12/31/07 -4.6 -5.0 -0.4 
      9/30/07 -3.1 -6.9 -3.8 
      6/30/06 -5.0 -6.3 -1.3 
      3/31/05 -5.3 -0.2 +5.1 
      9/30/04 -2.9 +1.7 +4.6 
      3/31/03 -4.5 -6.8 -2.3 
      9/30/02 -21.4 -23.5 -2.1 
      6/30/02 -8.4 -5.9 +2.5 
      9/30/01 -20.8 -20.4 +0.4 
      3/31/01 -6.5 -5.3 +1.2 
      12/31/00 -6.9 +5.0 +11.9 
      6/30/00 -3.8 +3.3 +7.1 
      9/30/99 -6.3 -6.9 -0.6 
      3/31/99 -5.4 -10.2 -4.8 
      9/30/98 -20.1 -13.2 +6.9 
      6/30/98 -4.7 -0.8 +3.9 
      12/31/97 -3.3 -2.6 +0.7 
      3/31/97 -5.2 +2.0 +7.2 

      Small-Cap Portfolio outperformed the Russell 2000 in 14 out of 22 down quarters.

    2. Performance in Down Markets: Small-Cap Portfolio vs. Russell 2000*

      RCPFX vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 12/31/09 as of Month-End 2/28/10

        4Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RCPFX 3.95% 35.20% 35.20% -1.23% 3.87% 11.47% 11.52%
      Russell 2000 3.87% 27.17% 27.17% -6.07% 0.51% 3.51% 5.72%
      Annual Operating Expenses: 1.09%
      Inception Date: 12/27/1996

      * Not Annualized.

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. The Fund's total returns do not reflect any deduction for changes or expenses of the variable contracts of retirement plans investing in the Fund. Investment return and principal value will fluctuate, so that shares may be worth more or less than their original cost when redeemed.

      Operating expenses reflect the Fund's total annual operating expenses for the Investment Class as of the Fund's most current prospectus and include management fees and other expenses.

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    1. Fees

      Shareholder Fees
      (fees paid directly from your investment)
      Maximum sales charge (load) imposed on purchases none
      Maximum deferred sales charge none
      Maximum sales charge (load) imposed on reinvested dividends none
      Early Redemption Fee
      On purchases held for 180 days or more none
      On purchases held for less than 180 days none

    2. Annual Fund Operating Expenses

      (expenses deducted from Fund assets)
      Management Fees 1.00%
      Distribution (12b-1) Fees none
      Other Expenses 0.09%
      Total Annual Fund Operating Expenses 1.09%

      Fund expenses have been restated to reflect net assets as of 12/31/2008.

    3. Account Minimums

      To Open an Account
      Regular none
      Traditional/Roth IRA/Coverdell ESA none
      Automatic Investment and Direct Deposit Plans none
      401(k)s none
      Subsequent Investments
      All Account Types none


  7. This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money. The Fund invests primarily in small-cap stocks which may involve considerably more risk than investing in larger-cap stocks (see "Primary Risks for Fund Investors" in the prospectus). The Fund may invest up to 25% of its assets in foreign securities that may involve political, economic, currency and other risks not encountered in U.S. investments (see "Investing in International Securities" in the prospectus). The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index.

    8. Close [X]

    Download literature for Small-Cap Portfolio

  8. © Royce & Associates, LLC, 745 Fifth Avenue, New York, NY 10151, (800) 221-4268. All rights reserved. Distributor of The Royce Fund and Royce Capital Fund: Royce Fund Services, Inc., a wholly owned subsidiary of Royce & Associates. The Royce Funds are offered and sold only to persons residing in the United States and are offered by prospectus only. The prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.