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  2. Royce Capital Fund - Small-Cap Portfolio (RCPFX)

    Investment Class

     

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    1. Open to New Investors

      NAV as of 2/3/2012  $11.02
      Daily NAV change  +$0.21 (+1.94%)

    1. Management Team

      Portfolio Manager

      Jay S. Kaplan

      Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Allied World Assurance Company Holdings 3.0%
      Jos. A. Bank Clothiers 2.9%
      Buckle (The) 2.9%
      Ascena Retail Group 2.9%
      Unit Corporation 2.7%
      MEDNAX 2.5%
      ManTech International Cl. A 2.5%
      Steven Madden 2.3%
      Atwood Oceanics 2.1%
      Applied Industrial Technologies 2.1%
      Top 10 as % of Total 25.9%

      Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      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 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      RCPFX 10.46% -3.28% -3.28% 16.37% 2.35% 7.91% 10.97% 11.04% 12/27/1996 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 6.31% N/A
      Annual Operating Expenses: 1.06%

      * Not Annualized

      1. Fund Statistics
        as of Quarter-End 12/31/2011

        Fund Net Assets (All Classes) $731 million
        Ticker Symbol RCPFX
        Number of Holdings 78
        Average Market Capitalization* $1.09 billion
        Weighted Average P/E Ratio** 12.6x
        Weighted Average P/B Ratio 1.5x
        U.S. Investments
        (% of Net Assets)        		 81.4%
        Non-U.S. Investments
        (% of Net Assets)        		 10.5%
        Portfolio Turnover as of 6/30/2011 19%
        Minimum Investment none
        Cusip Number 78080T105
        Fund Number 295
        Fund 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 (4% of portfolio holdings as of 12/31/2011).

      2. Value of $10,000 Invested on 12/27/96
        As of Quarter-End 12/31/2011

        RCPFX vs Russell 2000

    1. Value of $10,000 Invested on 12/27/96
      As of Quarter-End 12/31/2011

      RCPFX vs Russell 2000

      Calendar Year Total Returns
      as of Quarter-End 12/31/2011

      Calendar Year Total Returns

      Performance Breakdown by Sector
      for Quarter Ended 12/31/2011

        Sector Name Gain/Loss*
      (in millions)
      1 Financials $16.78
      2 Information Technology $15.08
      3 Consumer Discretionary $12.90
      4 Energy $8.23
      5 Industrials $6.10
      6 Consumer Staples $3.49
      7 Health Care $2.93
      8 Materials $1.85

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Winners*
      for Quarter Ended 12/31/2011

      Company Gain*
      (in millions)
      Unit Corporation $3.47
      Allied World Assurance Company Holdings $3.39
      Applied Industrial Technologies $3.21
      MKS Instruments $3.20
      American Eagle Outfitters $2.94

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

      Top 5 Losers*
      for Quarter Ended 12/31/2011

      Company Loss*
      (in millions)
      Maidenform Brands -$2.89
      Fabrinet -$2.28
      Federated Investors Cl. B -$1.51
      LHC Group -$1.42
      Chemed Corporation -$0.74

      *Represents net realized and unrealized gains and losses during the three-month period ended 12/31/2011. Performance results are estimates based upon unaudited portfolio results.

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    2. Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      RCPFX 10.46% -3.28% -3.28% 16.37% 2.35% 7.91% 10.97% 11.04% 12/27/1996
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 6.31% N/A
      Annual Operating Expenses: 1.06%

      * Not Annualized


      Small-Cap Market Cycle Performance as of Quarter-End 12/31/11

      RCPFX

      View how RCS performed during down markets.

      Absolute Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      Number of Five-Year Average Annual Return Periods since RCS's Inception

      RCPFX

      Relative Return Focus: Five Year Monthly Rolling Return Periods 
      as of Quarter-End 12/31/11
      RCS Spread vs. Russell 2000 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
      12/14/11 12/15/11 $0.0359 $— $— $0.04 $9.79
      12/15/10 12/16/10 $0.0113 $— $— $0.01 $10.48
      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
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      1. NAV History

        Previous 12 Months Ending 1/31/2012
        High $11.39 4/6/11
        Low $8.80 10/3/11
        Previous Month Ending 1/31/2012
        High $10.70 1/25/12
        Low $10.07 1/1/12

        NAV Search


      2. Year-End NAVs

        Year NAV
        2011 $10.07
        2010 $10.45
        2009 $8.68
        2008 $6.42
        2007 $9.96
        2006 $10.67
        2005 $9.67
        2004 $9.00
        2003 $7.59
        2002 $5.71

  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

    • 23 Years of Experience
    • 11 Years at Royce

    1. Portfolio Statistics
      as of Quarter-End 12/31/2011

      Fund Net Assets (All Classes) $731 million
      Number of Holdings 78
      Average Market Capitalization* $1.09 billion
      Weighted Average P/E Ratio** 12.6x
      Weighted Average P/B Ratio 1.5x
      Portfolio Turnover as of 6/30/2011 19%

      *Geometrically calculated
      **The Fund's P/E ratio calculation excludes companies with zero or negative earnings (4% of portfolio holdings as of 12/31/2011).

      Market Cap Exposure (In Millions)
      as of Quarter-End 12/31/2011

      Small-Cap Portfolio

    2. Top 10 Positions
      as of Quarter-End 12/31/2011
      % of Net Assets (Subject to Change)

      Allied World Assurance Company Holdings 3.0%
      Jos. A. Bank Clothiers 2.9%
      Buckle (The) 2.9%
      Ascena Retail Group 2.9%
      Unit Corporation 2.7%
      MEDNAX 2.5%
      ManTech International Cl. A 2.5%
      Steven Madden 2.3%
      Atwood Oceanics 2.1%
      Applied Industrial Technologies 2.1%
      Top 10 as % of Total 25.9%

      Portfolio Holdings
      as of Quarter-End 12/31/2011

      View the complete list of holdings for Royce Capital Fund - Small-Cap Portfolio as of 12/31/2011. 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 12/31/2011
      % of Net Assets (Subject to Change)

      Consumer Discretionary 24.5%
      Information Technology 19.6%
      Financials 16.8%
      Health Care 10.3%
      Energy 7.5%
      Consumer Staples 5.6%
      Industrials 5.3%
      Materials 2.4%
      Treasuries, Cash & Cash Equivalents 8.1%

      Asset Allocation
      as of 12/31/2011
      % of Net Assets (Subject to Change)

      Small-Cap Portfolio Asset Allocation

    1. Relative Risk Spectrum

      Risk Assessment

      go View the complete spectrum

      Risk/Return Comparison
      Five-Year Period Ended 12/31/2011

        Average Annual Total Return Standard Deviation Return Efficiency*
      RCS 2.35 21.46 0.11
      Russell 2000 0.15 24.47 0.01

      *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, Small-Cap Portfolio outperformed the Russell 2000 on both an absolute and risk adjusted basis.

      Russell 2000 Down Quarters
      Performance Comparison 15 Years Ended 12/31/11

      Quarter Russell 2000 RCS Spread
      9/30/11 -21.9% -16.8% +5.1% 
      6/30/11 -1.6 -2.2 -0.6 
      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 16 out of 25 down quarters.

    2. Down Market Performance Comparison (In Percentages):
      as of Quarter-End 12/31/2011

      RCS vs Russell 2000

      Average Annual Total Returns
      as of Quarter-End 12/31/11 as of Month-End 1/31/12

        4Q* YTD* 1YR 3YR 5YR 10YR 15YR Since Inception  Inception Date
      RCPFX 10.46% -3.28% -3.28% 16.37% 2.35% 7.91% 10.97% 11.04% 12/27/1996 
      Russell 2000 15.47% -4.18% -4.18% 15.63% 0.15% 5.62% 6.25% 6.31% N/A
      Annual Operating Expenses: 1.06%

      * 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 1.00%
      Distribution (12b-1) fees 0.00%
      Other expenses 0.06%
      Total annual Fund operating expenses 1.06%
      Fee waivers and/or expense reimbursements 0.00%
      Total annual Fund operating expenses after fee waivers and/or expense reimbursements 1.06%

    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 - 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.