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  2. Royce Capital Fund - Micro-Cap Portfolio (RCMCX)

    Investment Class

     

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    1. Open to New Investors

      NAV as of 5/16/2012  $10.33
      Daily NAV change  -$0.16 (-1.53%)

    1. Management Team

      Portfolio Manager

      Jenifer L. Taylor

      Assistant Portfolio Managers

      W. Whitney George
      David A. Nadel

      Top 10 Positions
      as of Quarter-End 3/31/2012
      as of Month-End 4/30/2012
      % of Net Assets (Subject to Change)

      GP Strategies 1.4%
      Universal Stainless & Alloy Products 1.2%
      Marten Transport 1.2%
      Global Power Equipment Group 1.1%
      Rudolph Technologies 1.1%
      Drew Industries 1.1%
      VASCO Data Security International 1.1%
      Anaren 1.1%
      Lumina Copper 1.0%
      Graham Corporation 1.0%
      Top 10 as % of Total 11.3%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Literature & Research

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    2. Royce Capital Fund—Micro-Cap Portfolio (RCM) is available to life insurance company separate accounts established to fund variable annuity and variable life insurance products. RCM invests primarily in companies with market capitalizations up to $750 million. Royce generally focuses on micro-cap companies that it believes are trading significantly below its estimate of their current worth, an assessment based chiefly on balance sheet quality and cash flow levels. 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 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      RCMCX 11.91% 11.91% -8.33% 29.73% 2.70% 8.01% 12.74% 12.38% 12/27/1996 
      Annual Operating Expenses: 1.37%

      * Not Annualized

      1. Fund Statistics
        as of Quarter-End 3/31/2012

        Fund Net Assets (All Classes) $654 million
        Ticker Symbol RCMCX
        Number of Holdings 219
        Average Market Capitalization* $377 million
        Weighted Average P/E Ratio** 14.7x
        Weighted Average P/B Ratio 1.6x
        U.S. Investments
        (% of Net Assets)        		 62.2%
        Non-U.S. Investments
        (% of Net Assets)        		 31.7%
        Portfolio Turnover 2011 35%
        Minimum Investment none
        Cusip Number 78080T303
        Fund Number 296
        Fund Inception Date 12/27/1996
        Benchmark Index Russell Microcap
          Russell 2000

        * Geometrically calculated
        ** The Fund's P/E ratio calculation excludes companies with zero or negative earnings (16% of portfolio holdings as of 3/31/2012).

      2. Value of $10,000 Invested on 12/27/96
        As of Quarter-End 3/31/2012

        RCMCX vs Russell 2000

    1. Value of $10,000 Invested on 12/27/96
      As of Quarter-End 3/31/2012

      RCMCX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 3/31/2012

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 3/31/2012

        Sector Name Gain/Loss*
      (in millions)
      1 Information Technology $15.84
      2 Industrials $12.59
      3 Consumer Discretionary $11.21
      4 Materials $8.47
      5 Health Care $7.74
      6 Energy $6.24
      7 Consumer Staples $5.21
      8 Financials $2.88
      9 Utilities $0.22
      10 Telecommunication Services $0.10

      *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 3/31/2012

      Company Gain*
      (in millions)
      VASCO Data Security International $2.75
      GP Strategies $2.07
      AXT $2.04
      Arctic Cat $1.98
      Imdex $1.66

      *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 3/31/2012

      Company Loss*
      (in millions)
      Richmont Mines -$1.29
      ChinaCast Education -$0.96
      Lumina Royalty -$0.85
      CorVel Corporation -$0.74
      Scorpio Mining -$0.67

      *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2012. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      RCMCX 11.91% 11.91% -8.33% 29.73% 2.70% 8.01% 12.74% 12.38% 12/27/1996
      Annual Operating Expenses: 1.37%

      * Not Annualized


      Small-Cap Market Cycle Performance as of Quarter-End 3/31/12

      RCMCX

      View how RCM performed during down markets.

      Absolute Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 3/31/12
      Number of Five-Year Average Annual Return Periods Over the Last 10 Years

      RCMCX

      Relative Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 3/31/12
      RCM Spread vs. Over the Last 10 Years

      RCMCX

      Distribution History

      5-Year Distribution History
      Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price
      12/14/11 12/15/11 $0.2873 $— $— $0.29 $10.10
      12/15/10 12/16/10 $0.2010 $— $— $0.20 $11.93
      12/15/08 12/16/08 $0.3043 $0.1634 $1.1118 $1.58 $5.91
      12/11/07 12/12/07 $0.2227 $0.3649 $0.9041 $1.49 $13.37
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      1. NAV History

        Previous 12 Months Ending 4/30/2012
        High $13.36 5/1/11
        Low $9.31 10/3/11
        Previous Month Ending 4/30/2012
        High $11.80 4/2/12
        Low $11.03 4/10/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $10.41
        2010 $12.18
        2009 $9.52
        2008 $6.03
        2007 $13.47
        2006 $14.40
        2005 $12.57
        2004 $11.50
        2003 $10.90
        2002 $7.60

  3. Portfolio Manager

    Jenifer L. Taylor

    Jenifer L. Taylor

    • Portfolio Manager

    Jenifer L. Taylor is a Portfolio Manager for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Boston University

    Experience

    • 24 Years of Experience
    • 12 Years at Royce

    Assistant Portfolio Managers

    W. Whitney George

    W. Whitney George

    • Co-Chief Investment Officer, Portfolio Manager and Managing Director

    W. Whitney George is a Co-Chief Investment Officer, Portfolio Manager and a Managing Director of Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Trinity College,

    Experience

    • 31 Years of Experience
    • 20 Years at Royce
    David A. Nadel

    David A. Nadel

    • Portfolio Manager and Director of International Research

    David A. Nadel is a Portfolio Manager and Director of International Research for Royce & Associates, LLC, investment adviser to The Royce Funds.

    View Full Bio

    Education

    • BA, Williams College,
    • MA, Harvard University,
    • MBA, Harvard Business School,

    Experience

    • 19 Years of Experience
    • 5 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 3/31/2012

      Fund Net Assets (All Classes) $654 million
      Number of Holdings 219
      Average Market Capitalization* $377 million
      Weighted Average P/E Ratio** 14.7x
      Weighted Average P/B Ratio 1.6x
      Portfolio Turnover 2011 35%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (16% of portfolio holdings as of 3/31/2012).

      Market Cap Exposure (In Millions)
      as of Quarter-End 3/31/2012

      Micro-Cap Portfolio

      Companies by Market Capitalization
      as of Quarter-End 3/31/2012

      Companies by Market Capitalization
      Source: Compustat; U.S. Companies

    2. Top 10 Positions
      as of Quarter-End 3/31/2012
      % of Net Assets (Subject to Change)

      GP Strategies 1.4%
      Universal Stainless & Alloy Products 1.2%
      Marten Transport 1.2%
      Global Power Equipment Group 1.1%
      Rudolph Technologies 1.1%
      Drew Industries 1.1%
      VASCO Data Security International 1.1%
      Anaren 1.1%
      Lumina Copper 1.0%
      Graham Corporation 1.0%
      Top 10 as % of Total 11.3%

      Portfolio Holdings
      as of Quarter-End 3/31/2012

      View the complete list of holdings for Royce Capital Fund - Micro-Cap Portfolio as of 3/31/2012. 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 3/31/2012
      as of Month-End 4/30/2012
      % of Net Assets (Subject to Change)

      Industrials 19.8%
      Materials 15.9%
      Information Technology 14.4%
      Consumer Discretionary 13.5%
      Energy 9.5%
      Health Care 9.4%
      Financials 6.5%
      Consumer Staples 3.4%
      Telecommunication Services 1.3%
      Utilities 0.2%
      Cash & Cash Equivalents 6.1%

      Asset Allocation
      as of 3/31/2012
      % of Net Assets (Subject to Change)

      Micro-Cap Portfolio Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Risk/Return Comparison
      Five-Year Period Ended 3/31/2012

        Average Annual Total Return Standard Deviation Return Efficiency*
      RCM 2.70 24.54 0.11
      Russell Microcap -1.16 25.64 -0.05

      *Return Efficiency is the average annual total return divided by the annualized standard deviation over a designated time period. Please read the prospectus for a more complete discussion of risk.

      Over the last five years, Micro-Cap Portfolio outperformed the on both an absolute and risk adjusted basis.

      Down Quarters
      Performance Comparison 15 Years Ended 3/31/12

      Quarter RCM Spread
      9/30/11 -22.7% -22.1% +0.6% 
      6/30/11 -3.5 -4.2 -0.7 
      6/30/10 -8.9 -6.4 +2.5 
      12/31/09 -0.5 +7.0 +7.5 
      3/31/09 -15.2 -7.5 +7.7 
      12/31/08 -28.1 -29.6 -1.5 
      9/30/08 -0.8 -13.3 -12.5 
      6/30/08 -3.5 +0.9 +4.4 
      3/31/08 -12.4 -7.9 +4.5 
      12/31/07 -7.5 -3.6 +3.9 
      9/30/07 -4.6 -1.3 +3.3 
      9/30/06 -0.7 -2.1 -1.4 
      6/30/06 -6.8 -3.4 +3.4 
      3/31/05 -7.4 -3.9 +3.5 
      9/30/04 -5.6 -2.8 +2.8 
      6/30/04 -1.8 -1.7 +0.1 
      3/31/03 -2.5 -7.4 -4.9 
      9/30/02 -22.4 -22.1 +0.3 
      6/30/02 -3.5 -4.1 -0.6 
      9/30/01 -20.4 -16.0 +4.4 
      3/31/01 -0.1 +4.1 +4.2 
      12/31/00 -12.6 -1.0 +11.6 
      9/30/00 -0.5 +12.6 +13.1 

      Micro-Cap Portfolio outperformed the in 17 out of 23 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      as of Quarter-End 3/31/2012

      RCM vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 3/31/12 as of Month-End 4/30/12

        1Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      RCMCX 11.91% 11.91% -8.33% 29.73% 2.70% 8.01% 12.74% 12.38% 12/27/1996 
      Annual Operating Expenses: 1.37%

      * Not Annualized

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    1. Shareholder Fees

      (fees paid directly from your investment)
      Maximum sales charge (load) imposed on purchases 0.00%
      Maximum deferred sales charge 0.00%
      Maximum sales charge (load) imposed on reinvested dividends 0.00%
      Redemption fee (as a percentage of amount redeemed on shares held for less than 180 days) 0.00%

    2. Annual Fund Operating Expenses

      (expenses that you pay each year as a percentage of the value of your investment)
      Management fees 1.25%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.07%
      Acquired fund fees and expenses 0.02%
      Total annual Fund operating expenses 1.34%
      Fee waivers and/or expense reimbursements 0.00%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.34%
      Total annual Fund operating expenses may differ from the expense ratio in the Fund's Financial Highlights because they include only the Fund's direct operating expenses and do not include acquired fund fees and expenses, which reflect the estimated amount of the fees and expenses incurred indirectly by the Fund through its investments in mutual funds, hedge funds, private equity funds and other investment companies.

    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


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    Download literature for Royce Capital Fund - Micro-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.