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Growth of Hypothetical $10,000 Invested 6/14/2001 As of Quarter-End 9/30/2008 
Calendar Year Total Returns
as of Quarter-End 9/30/2008
Performance Breakdown by Sector
for Quarter Ended 9/30/2008Sector Rank as % of Net Assets Sector Name Gain/Loss*
(in millions)1 Natural Resources -$139.35 2 Industrial Products -$92.57 3 Technology -$0.34 4 Industrial Services $12.09 5 Consumer Services $6.22 6 Financial Intermediaries -$2.01 7 Consumer Products $2.56 8 Health -$2.66 *Represents net realized and unrealized gains and losses during the three-month period ended 9/30/2008. Performance results are estimates based upon unaudited portfolio results.
Top 5 Winners*
for Quarter Ended 9/30/2008Company Gain*
(in millions)Foundry Networks $9.94 Men's Wearhouse (The) $3.87 Buckle (The) $3.08 TrueBlue $2.80 Korn/Ferry International $2.74 *Represents net realized and unrealized gains and losses during the three-month period ended 9/30/2008. Performance results are estimates based upon unaudited portfolio results.
Top 5 Losers*
for Quarter Ended 9/30/2008Company Loss*
(in millions)Schnitzer Steel Industries Cl. A -$27.63 Oil States International -$21.59 Reliance Steel & Aluminum -$20.53 Unit Corporation -$18.05 Gardner Denver -$15.01 *Represents net realized and unrealized gains and losses during the three-month period ended 9/30/2008. Performance results are estimates based upon unaudited portfolio results.
Average Annual Total Returns as of Quarter-End 12/31/08
4Q* YTD* 1YR 3YR 5YR Since Incept RYVFX -27.16% -34.21% -34.21% -7.28% 4.12% 7.46% Russell 2000 -26.12% -33.79% -33.79% -8.29% -0.93% n/a *Not AnnualizedAnnual Operating Expenses: 1.43% Inception Date: 6/14/2001† 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. 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. Shares redeemed within 180 days of purchase may be subject to a 1% redemption fee payable to the Fund. Current performance may be higher or lower than performance quoted.
Annual operating expenses reflect the Fund's total annual operating expenses for the Service Class as of the Fund's most current prospectus and include management fees, 12b-1 distribution and service fees.
Cumulative Performance Since Inception (6/14/2001)
and Since Market Cycle Peak as of Quarter-End 9/30/08
6/14/01 - 9/30/08 RVV 136.4% Russell 2000 50.3% 7/13/07 - 9/30/08 RVV -20.3% Russell 2000 -19.3% Absolute Return Focus: Five Year Return Periods as of Quarter-End 9/30/08
Number of Five-Year Average Annual Return Periods since RVV's Inception
Distribution History
5-Year Distribution History Record Date Payable Date Ordinary Income S/T Gains L/T Gains Total Reinvest Price 12/06/07 12/07/07 $0.1569 $0.2767 $0.4139 0.8475 $10.77 12/04/06 12/05/06 $0.0161 $0.0992 $0.1198 0.2351 $11.27 12/01/05 12/02/05 $— $0.1229 $0.0418 0.1647 $9.63 12/01/04 12/02/04 $— $0.1165 $0.0780 0.1945 $8.16 NAV History
Previous 12 Months Ending 12/31/2008 High $12.07 6/05/08 Low $5.12 11/20/08 Previous Month Ending 12/31/2008 High $7.00 12/31/08 Low $5.12 11/20/08 NAV Search
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Year-End NAVs
Year NAV 2008 $7.00 2007 $10.64 2006 $11.06 2005 $9.67 2004 $8.39 2003 $6.56 2002 $4.35 2001 $5.89
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. As of 12/31/07, the Fund held a limited number of stocks which may involve considerably more risk than a less concentrated portfolio because a decline in the value of these stocks would cause the Fund’s overall value to decline to a greater degree (see "Primary Risks for Fund Investors" in the prospectus). The Fund invests primarily in small- and mid-cap stocks which may involve considerably more risk than investing in larger-cap stocks (see "Primary Risks for Fund Investors" 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. Distributor: Royce Fund Services, Inc.
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Royce & Associates, LLC, 1414 Avenue of the Americas, New York, NY 10019, (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.
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