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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 7/28/2010  $8.99
      Daily NAV change  -$0.12 (-0.01%)

      2. Recent News on this Fund


    1. Management Team

      Portfolio Manager

      Jay S. Kaplan

      Top 10 Positions As of Quarter-End 6/30/10
      % of Net Assets (Subject to Change)

      Steven Madden 2.9%
      Dress Barn (The) 2.9%
      Jos. A. Bank Clothiers 2.5%
      ManTech International Cl. A 2.4%
      Allied World Assurance Company Holdings 2.3%
      Federated Investors Cl. B 2.2%
      Buckle (The) 2.2%
      MAXIMUS 2.1%
      NBTY 2.1%
      Comtech Telecommunications 1.9%
      Top 10 as % of Total 23.3%

      Literature & Research

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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 6/30/10

        2Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RCPFX -5.76% -0.12% 25.83% -4.53% 2.99% 9.98% 11.06%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.35%
      Inception Date: 12/27/1996  Annual Operating Expenses: 1.07%

      * Not Annualized.

      Important Performance and Expense Information

      All performance information reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance quoted.

      The Fund's total returns do not reflect any deduction for charges or expenses of the variable contracts or retirement plans investing in the Fund. 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 6/30/2010

        Ticker Symbol RCPFX
        Fund Net Assets (All Classes) $523 million
        Number of Holdings 86
        Average Market Capitalization* $1.19 billion
        Weighted Average P/E Ratio** 10.6x
        Weighted Average P/B Ratio 1.5x
        Portfolio Turnover 2009 46%
        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 (2% of portfolio holdings as of 6/30/2010).

      2. Growth of Hypothetical $10,000 Invested 12/27/1996 As of Quarter-End 6/30/2010

        RCPFX vs Russell 2000

    1. Growth of Hypothetical $10,000 Invested 12/27/1996 As of Quarter-End 6/30/2010

      RCPFX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 6/30/2010

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 6/30/2010

        Sector Name Gain/Loss*
      (in millions)
      1 Industrial Services -$0.34
      2 Industrial Products -$1.71
      3 Technology -$2.18
      4 Health -$3.07
      5 Financial Services -$3.16
      6 Consumer Services -$4.27
      7 Consumer Products -$5.45
      8 Natural Resources -$5.78
      9 Financial Intermediaries -$6.15

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 6/30/2010

      Company Gain*
      (in millions)
      American Italian Pasta Cl. A $2.90
      Red Back Mining $1.15
      Cimarex Energy $0.82
      FTI Consulting $0.62
      GrafTech International $0.51

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 6/30/2010

      Company Loss*
      (in millions)
      NBTY -$3.79
      Federated Investors Cl. B -$2.84
      Rowan Companies -$2.03
      Tidewater -$1.91
      Atwood Oceanics -$1.69

      *Represents net realized and unrealized gains and losses during the three-month period ended 6/30/2010. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 6/30/10

        2Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RCPFX -5.76% -0.12% 25.83% -4.53% 2.99% 9.98% 11.06%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.35%
      Annual Operating Expenses: 1.07%
      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, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance quoted.

      The Fund's total returns do not reflect any deduction for charges or expenses of the variable contracts or retirement plans investing in the Fund. 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 6/30/10

      RCPFX

      View how RCS performed during down markets.

      Absolute Return Focus: Five Year Return Periods as of Quarter-End 6/30/10
      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 $—
      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 6/30/2010
        High $9.79 4/23/10
        Low $6.60 7/08/09
        Previous Month Ending 6/30/2010
        High $9.22 6/18/10
        Low $8.65 6/07/10

        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 6/30/2010

      Fund Net Assets (All Classes) $523 million
      Number of Holdings 86
      Average Market Capitalization* $1.19 billion
      Weighted Average P/E Ratio** 10.6x
      Weighted Average P/B Ratio 1.5x
      Portfolio Turnover 2009 46%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (2% of portfolio holdings as of 6/30/2010).

      Market Cap Exposure (In Millions)
      as of Quarter-End 6/30/2010

      Small-Cap Portfolio

    2. Top 10 Positions
      as of Quarter-End 6/30/2010
      % of Net Assets (Subject to Change)

      Steven Madden 2.9%
      Dress Barn (The) 2.9%
      Jos. A. Bank Clothiers 2.5%
      ManTech International Cl. A 2.4%
      Allied World Assurance Company Holdings 2.3%
      Federated Investors Cl. B 2.2%
      Buckle (The) 2.2%
      MAXIMUS 2.1%
      NBTY 2.1%
      Comtech Telecommunications 1.9%
      Top 10 as % of Total 23.3%

      Portfolio Holdings
      as of Quarter-End 06/30/2010

      View the complete list of holdings for Small-Cap Portfolio for the quarter ended 06/30/2010. 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 6/30/2010
      % of Net Assets (Subject to Change)

      Financial Intermediaries 15.7%
      Consumer Products 13.0%
      Natural Resources 12.9%
      Consumer Services 11.3%
      Health 11.2%
      Technology 9.4%
      Industrial Products 6.6%
      Industrial Services 6.2%
      Financial Services 3.9%
      Treasuries, Cash & Cash Equivalents 9.8%

      Asset Allocation
      as of Quarter-End 6/30/2010
      % of Net Assets (Subject to Change)

      Small-Cap Portfolio Asset Allocation

    1. Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 6/30/10

      Quarter Russell 2000 RCS Spread
      6/30/10 -9.9% -5.8% +4.1% 
      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 15 out of 23 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      Small-Cap Portfolio vs. Russell 2000

      RCS vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 6/30/10

        2Q* YTD* 1YR 3YR 5YR 10YR Since Incept
      RCPFX -5.76% -0.12% 25.83% -4.53% 2.99% 9.98% 11.06%
      Russell 2000 -9.92% -1.95% 21.48% -8.60% 0.37% 3.00% 5.35%
      Annual Operating Expenses: 1.07%
      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, reflects the reinvestment of distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current performance may be higher or lower than performance quoted.

      The Fund's total returns do not reflect any deduction for charges or expenses of the variable contracts or retirement plans investing in the Fund. 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. 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 1.00%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.07%
      Total annual Fund operating expenses 1.07%
      Fee waivers and/or expense reimbursements 0.00%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.07%

    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 securities of small-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies (Please see "Primary Risks for Fund Investors" in the prospectus). The Fund may invest up to 25% of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments (Please see "Investing in Foreign 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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    Download literature for Royce Capital Fund - 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.