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Royce Capital Fund - Small-Cap Portfolio (RCPFX)
Investment Class
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Open to New Investors
NAV as of 7/2/2009 $6.77
Daily NAV change -$0.23 (-3.29%)
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Top 10 Positions As of Quarter-End 3/31/09
% of Net Assets (Subject to Change)Knight Capital Group Cl. A 2.5% Gardner Denver 2.0% Aspen Insurance Holdings 2.0% Buckle (The) 1.9% Federated Investors Cl. B 1.8% Comtech Telecommunications 1.8% NETGEAR 1.7% Unit Corporation 1.7% Steven Madden 1.7% Reinsurance Group of America 1.7% Top 10 as % of Total 19.0% 
Objective and Strategy
Royce Capital Fund - Small-Cap Portfolio is available to life insurance company separate accounts established to fund variable annuity and variable life insurance products. The Fund uses a disciplined value approach to invest in small-cap companies, those with market caps below $2.5 billion.
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Performance
Average Annual Total Returns As of Quarter-End 6/30/09 2Q* YTD* 1YR 3YR RCPFX 22.60% 7.32% -23.31% -5.47% Russell 2000 20.69% 2.64% -25.01% -9.89% 5YR 10YR Since Incept RCPFX 1.66% 9.23% 9.96% Russell 2000 -1.71% 2.38% 4.16% Annual Operating Expenses 1.08% 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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Fund Statistics
Ticker Symbol RCPFX Number of Holdings 97* Minimum Investment none Cusip Number 78080T105 Fund Number 295 Inception Date 12/27/1996 Benchmark Index Russell 2000 * As of Quarter-End .
Growth of Hypothetical $10,000 Invested 12/27/1996 As of Quarter-End 3/31/2009 
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Growth of Hypothetical $10,000 Invested 12/27/1996 As of Quarter-End 3/31/2009
Calendar Year Total Returns
as of Quarter-End 3/31/2009
Performance Breakdown by Sector
for Quarter Ended 3/31/2009Sector Name Gain/Loss*
(in millions)1 Consumer Services $3.47 2 Financial Services $1.42 3 Health -$1.95 4 Consumer Products -$3.42 5 Industrial Services -$5.08 6 Financial Intermediaries -$5.20 7 Technology -$6.46 8 Natural Resources -$8.77 9 Industrial Products -$10.73 *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2009. Performance results are estimates based upon unaudited portfolio results.
Top 5 Winners*
for Quarter Ended 3/31/2009Company Gain*
(in millions)Buckle (The) $1.60 Federated Investors Cl. B $1.12 American Eagle Outfitters $0.94 Cato Corporation (The) Cl. A $0.77 Dress Barn (The) $0.54 *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2009. Performance results are estimates based upon unaudited portfolio results.
Top 5 Losers*
for Quarter Ended 3/31/2009Company Loss*
(in millions)Comtech Telecommunications -$3.11 Oil States International -$1.74 Woodward Governor -$1.59 Entegris -$1.56 Lincoln Electric Holdings -$1.49 *Represents net realized and unrealized gains and losses during the three-month period ended 3/31/2009. Performance results are estimates based upon unaudited portfolio results.
Average Annual Total Returns as of Quarter-End 6/30/09
2Q* YTD* 1YR 3YR 5YR 10YR Since Incept RCPFX 22.60% 7.32% -23.31% -5.47% 1.66% 9.23% 9.96% Russell 2000 20.69% 2.64% -25.01% -9.89% -1.71% 2.38% 4.16% Annual Operating Expenses: 1.08% 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 3/31/09 
3/09/00 - 7/13/07 RCS 233.2% Russell 2000 54.8% 7/13/07 - 9/30/08 RCS -16.8% Russell 2000 -19.3% Absolute Return Focus: Five Year Return Periods as of Quarter-End 3/31/09
Number of Five-Year Average Annual Return Periods since RCS's Inception
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 12/01/04 12/02/04 $0.0000 $0.2784 $0.1952 $0.47 $8.81 NAV History
Previous 12 Months Ending 6/30/2009 High $10.62 8/28/08 Low $4.69 3/09/09 Previous Month Ending 6/30/2009 High $7.28 6/02/09 Low $4.69 3/09/09 -
Year-End NAVs
Year NAV 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 1999 $5.23
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Portfolio Manager
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.
Education
- BS, State University of New York, Binghamton
- MBA, New York University
Experience
- 20 Years of Experience
- 8 Years at Royce
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Portfolio Statistics
as of Quarter-End, 3/31/2009Fund Net Assets (All Classes) $268 million Number of Holdings 97 Average Market Capitalization* $719 million Weighted Average P/E Ratio** 8.8x Weighted Average P/B Ratio 1.1x Weighted Average Portfolio Yield 1.6% Portfolio Turnover 2008 45% *Geometrically calculated
**The Fund's P/E ratio calculation excludes companies with zero or negative earnings (13% of portfolio holdings as of 3/31/2009).Market Cap Exposure (In Millions)
as of Quarter-End 3/31/2009
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Top 10 Positions
as of Quarter-End, 3/31/2009
% of Net Assets (Subject to Change)Knight Capital Group Cl. A 2.5% Gardner Denver 2.0% Aspen Insurance Holdings 2.0% Buckle (The) 1.9% Federated Investors Cl. B 1.8% Comtech Telecommunications 1.8% NETGEAR 1.7% Unit Corporation 1.7% Steven Madden 1.7% Reinsurance Group of America 1.7% Top 10 as % of Total 19.0% View the SEC Form N-Q for Small-Cap Portfolio for the quarter ending 3/31/2009.
Portfolio Sector Breakdown
as of Quarter-End, 3/31/2009
% of Net Assets (Subject to Change)Industrial Products 16.2% Financial Intermediaries 15.9% Natural Resources 13.0% Technology 12.9% Consumer Services 10.7% Industrial Services 10.3% Consumer Products 7.4% Health 4.4% Financial Services 2.6% Treasuries, Cash & Cash Equivalents 6.4% -
Top 10 Positions
as of Month-End, 5/31/2009
% of Net Assets (Subject to Change)Oil States International 2.5% Knight Capital Group Cl. A 2.3% Federated Investors Cl. B 2.2% Unit Corporation 2.2% Steven Madden 2.1% Aspen Insurance Holdings 2.0% NBTY 2.0% Gardner Denver 1.9% Dress Barn (The) 1.8% Buckle (The) 1.6% Top 10 as % of Total 20.6% Portfolio Sector Breakdown
as of Month-End, 5/31/2009
% of Net Assets (Subject to Change)Natural Resources 15.7% Financial Intermediaries 14.0% Industrial Products 13.0% Technology 11.1% Industrial Services 9.5% Consumer Services 9.5% Consumer Products 8.2% Health 5.6% Financial Services 2.9% Treasuries, Cash & Cash Equivalents 10.4% Asset Allocation
as of Quarter-End, 3/31/2009
% of Net Assets (Subject to Change)
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Performance in Down Markets: Small-Cap Portfolio vs. Russell 2000*
* Recent Russell 2000 downturns of 7.5% or more from the index's prior historical high over the past 10 years or since the fund's inception.
Average Annual Total Returns as of Quarter-End 6/30/09
2Q* YTD* 1YR 3YR 5YR 10YR Since Incept RCPFX 22.60% 7.32% -23.31% -5.47% 1.66% 9.23% 9.96% Russell 2000 20.69% 2.64% -25.01% -9.89% -1.71% 2.38% 4.16% Annual Operating Expenses: 1.08% 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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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 -
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.
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Account Minimums
To Open an Account Regular, individual, or joint none Traditional/Roth IRA/Coverdell ESA none Automatic Investment and Direct Deposit Plans none 401(k)s none UGMA/UTMA none Subsequent Investments All Account Types none
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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.
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©
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. View our Policies & Procedures, including, among others, our Sarbanes-Oxley Code of Ethics, Privacy Policy and Proxy Voting Guidelines and Procedures.
