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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
SIGNATURE SUSAN I. GRANT
TITLE COMPLIANCE OFFICER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> REVEST GROWTH & INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 29553591
<INVESTMENTS-AT-VALUE> 31617905
<RECEIVABLES> 97620
<ASSETS-OTHER> 1723
<OTHER-ITEMS-ASSETS> 128535
<TOTAL-ASSETS> 31845783
<PAYABLE-FOR-SECURITIES> 16562
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59126
<TOTAL-LIABILITIES> 75688
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29738502
<SHARES-COMMON-STOCK> 3010
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (11978)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (23753)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2064314
<NET-ASSETS> 31770095
<DIVIDEND-INCOME> 408700
<INTEREST-INCOME> 68077
<OTHER-INCOME> 0
<EXPENSES-NET> 193798
<NET-INVESTMENT-INCOME> 282979
<REALIZED-GAINS-CURRENT> 9035
<APPREC-INCREASE-CURRENT> 2618173
<NET-CHANGE-FROM-OPS> 2910187
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 875374
<NUMBER-OF-SHARES-REDEEMED> 143436
<SHARES-REINVESTED> 35474
<NET-CHANGE-IN-ASSETS> 10093755
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 144507
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 193798
<AVERAGE-NET-ASSETS> 28690347
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> .88
<PER-SHARE-DIVIDEND> .09
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.55
<EXPENSE-RATIO> 1.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> ROYCE PREMIER FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 250787220
<INVESTMENTS-AT-VALUE> 271272985
<RECEIVABLES> 5169614
<ASSETS-OTHER> 24416
<OTHER-ITEMS-ASSETS> 254471
<TOTAL-ASSETS> 276721486
<PAYABLE-FOR-SECURITIES> 7452642
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1059827
<TOTAL-LIABILITIES> 8512469
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 236393129
<SHARES-COMMON-STOCK> 36592
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1768722
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9524809
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20485765
<NET-ASSETS> 268209017
<DIVIDEND-INCOME> 1796835
<INTEREST-INCOME> 1378064
<OTHER-INCOME> 0
<EXPENSES-NET> 1490619
<NET-INVESTMENT-INCOME> 1684280
<REALIZED-GAINS-CURRENT> 8559499
<APPREC-INCREASE-CURRENT> 19195326
<NET-CHANGE-FROM-OPS> 29439105
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11883854
<NUMBER-OF-SHARES-REDEEMED> 6502195
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 65818904
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1154934
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1503122
<AVERAGE-NET-ASSETS> 233594521
<PER-SHARE-NAV-BEGIN> 6.48
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .80
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.33
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> ROYCE EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 60331475
<INVESTMENTS-AT-VALUE> 63868114
<RECEIVABLES> 1286724
<ASSETS-OTHER> 4358
<OTHER-ITEMS-ASSETS> 789554
<TOTAL-ASSETS> 65948750
<PAYABLE-FOR-SECURITIES> 387716
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106096
<TOTAL-LIABILITIES> 493812
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63598550
<SHARES-COMMON-STOCK> 11710
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 99046
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1791007)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3536639
<NET-ASSETS> 65454938
<DIVIDEND-INCOME> 1069306
<INTEREST-INCOME> 601162
<OTHER-INCOME> 0
<EXPENSES-NET> 465574
<NET-INVESTMENT-INCOME> 1204894
<REALIZED-GAINS-CURRENT> 532438
<APPREC-INCREASE-CURRENT> 5484776
<NET-CHANGE-FROM-OPS> 7222108
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 995526
<NUMBER-OF-SHARES-REDEEMED> 4496413
<SHARES-REINVESTED> 139680
<NET-CHANGE-IN-ASSETS> (11675728)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 345942
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 472115
<AVERAGE-NET-ASSETS> 70083077
<PER-SHARE-NAV-BEGIN> 5.12
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> .46
<PER-SHARE-DIVIDEND> .09
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.59
<EXPENSE-RATIO> 1.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> ROYCE LOW-PRICED STOCK FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 1815912
<INVESTMENTS-AT-VALUE> 1967260
<RECEIVABLES> 55513
<ASSETS-OTHER> 6956
<OTHER-ITEMS-ASSETS> 293373
<TOTAL-ASSETS> 2323102
<PAYABLE-FOR-SECURITIES> 19620
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20102
<TOTAL-LIABILITIES> 39722
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1894363
<SHARES-COMMON-STOCK> 383
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (9519)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 246805
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 151348
<NET-ASSETS> 2283380
<DIVIDEND-INCOME> 9035
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 18554
<NET-INVESTMENT-INCOME> (9519)
<REALIZED-GAINS-CURRENT> 247772
<APPREC-INCREASE-CURRENT> 96658
<NET-CHANGE-FROM-OPS> 334911
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24999
<NUMBER-OF-SHARES-REDEEMED> (12285)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 403530
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15111
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 36184
<AVERAGE-NET-ASSETS> 2031549
<PER-SHARE-NAV-BEGIN> 5.07
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> .92
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.96
<EXPENSE-RATIO> 1.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> ROYCE TOTAL RETURN FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 1862024
<INVESTMENTS-AT-VALUE> 2027588
<RECEIVABLES> 40217
<ASSETS-OTHER> 8922
<OTHER-ITEMS-ASSETS> 105550
<TOTAL-ASSETS> 2182277
<PAYABLE-FOR-SECURITIES> 9810
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16218
<TOTAL-LIABILITIES> 26028
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1876876
<SHARES-COMMON-STOCK> 368
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 18245
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 95196
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 165564
<NET-ASSETS> 2156249
<DIVIDEND-INCOME> 26985
<INTEREST-INCOME> 9077
<OTHER-INCOME> 0
<EXPENSES-NET> 17860
<NET-INVESTMENT-INCOME> 18202
<REALIZED-GAINS-CURRENT> 100412
<APPREC-INCREASE-CURRENT> 142932
<NET-CHANGE-FROM-OPS> 261546
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 49452
<NUMBER-OF-SHARES-REDEEMED> 3985
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 500049
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9606
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 29867
<AVERAGE-NET-ASSETS> 1937036
<PER-SHARE-NAV-BEGIN> 5.12
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .68
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.85
<EXPENSE-RATIO> 1.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> ROYCE MICRO-CAP FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 45714542
<INVESTMENTS-AT-VALUE> 49401847
<RECEIVABLES> 623069
<ASSETS-OTHER> 8444
<OTHER-ITEMS-ASSETS> 647356
<TOTAL-ASSETS> 50680716
<PAYABLE-FOR-SECURITIES> 1763815
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 293812
<TOTAL-LIABILITIES> 2057627
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43981188
<SHARES-COMMON-STOCK> 6734
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (22031)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 969893
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3687305
<NET-ASSETS> 48623089
<DIVIDEND-INCOME> 200547
<INTEREST-INCOME> 123643
<OTHER-INCOME> 0
<EXPENSES-NET> 346221
<NET-INVESTMENT-INCOME> (22031)
<REALIZED-GAINS-CURRENT> 1051508
<APPREC-INCREASE-CURRENT> 3120427
<NET-CHANGE-FROM-OPS> 4149904
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3559545
<NUMBER-OF-SHARES-REDEEMED> 960699
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 21849366
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 254803
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 360268
<AVERAGE-NET-ASSETS> 35107301
<PER-SHARE-NAV-BEGIN> 6.48
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> .74
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.22
<EXPENSE-RATIO> 1.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> ROYCE GLOBAL SERVICES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 1147462
<INVESTMENTS-AT-VALUE> 1239191
<RECEIVABLES> 1581
<ASSETS-OTHER> 6024
<OTHER-ITEMS-ASSETS> 321349
<TOTAL-ASSETS> 1568145
<PAYABLE-FOR-SECURITIES> 47618
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1679
<TOTAL-LIABILITIES> 49297
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1345375
<SHARES-COMMON-STOCK> 1347
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (3461)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 83858
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 91729
<NET-ASSETS> 1518848
<DIVIDEND-INCOME> 7561
<INTEREST-INCOME> 29
<OTHER-INCOME> 0
<EXPENSES-NET> 10800
<NET-INVESTMENT-INCOME> (3210)
<REALIZED-GAINS-CURRENT> 83858
<APPREC-INCREASE-CURRENT> 84963
<NET-CHANGE-FROM-OPS> 165611
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 158173
<NUMBER-OF-SHARES-REDEEMED> 143
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1004356
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8220
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20390
<AVERAGE-NET-ASSETS> 1105091
<PER-SHARE-NAV-BEGIN> 5.06
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .81
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.85
<EXPENSE-RATIO> 1.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> ROYCE VALUE FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 127610854
<INVESTMENTS-AT-VALUE> 169310164
<RECEIVABLES> 566023
<ASSETS-OTHER> 10093
<OTHER-ITEMS-ASSETS> 382844
<TOTAL-ASSETS> 170269124
<PAYABLE-FOR-SECURITIES> 2419873
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 308189
<TOTAL-LIABILITIES> 2728062
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118192117
<SHARES-COMMON-STOCK> 16578
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 585820
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7047237
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41699310
<NET-ASSETS> 167541062
<DIVIDEND-INCOME> 1521181
<INTEREST-INCOME> 430982
<OTHER-INCOME> 0
<EXPENSES-NET> 1443605
<NET-INVESTMENT-INCOME> 508558
<REALIZED-GAINS-CURRENT> 5987206
<APPREC-INCREASE-CURRENT> 10626578
<NET-CHANGE-FROM-OPS> 17122342
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 262755
<NUMBER-OF-SHARES-REDEEMED> 1997356
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 660512
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 708803
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1789695
<AVERAGE-NET-ASSETS> 165868829
<PER-SHARE-NAV-BEGIN> 9.11
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> .97
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.11
<EXPENSE-RATIO> 1.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
EXHIBIT (ITEM 77C)
THE ROYCE FUND
FILE NO. 811-3599
SERIES 5 (ROYCE MICRO-CAP FUND)
At the Special Meeting of Shareholders of Royce Micro-Cap Fund held on
June 28, 1995, shareholders approved a change in its stated investment
objective by eliminating the requirement that the securities in which
Royce Micro-Cap Fund will primarily invest be traded in the over-the-
counter market, as follows:
Votes Votes Cast Votes
Cast For Against Abstained
2,863,722 74,735 90,733
SIGNATURE PAGE
For period ending 06/30/95
File number 811--3599
This report is signed on behalf of the registrant in the City of New York and
State of New York on the 30th day of August, 1995.
THE ROYCE FUND
By: /s/ Charles M. Royce Witness: /s/ Susan I. Grant
Charles M. Royce Susan I. Grant
President Secretary
