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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
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072CC021100 0
072DD011100 0
072DD021100 0
072EE001100 0
073 A011100 0.0000
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 501
074 B001100 0
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 213
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 0
074 M001100 20
074 N001100 734
074 O001100 212
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 20
074 S001100 0
074 T001100 502
074 U011100 100
074 U021100 0
074 V011100 5.01
074 V021100 0.00
074 W001100 0.0000
074 X001100 2
074 Y001100 0
075 A001100 0
<PAGE> PAGE 43
075 B001100 502
076 001100 0.00
SIGNATURE SUSAN I. GRANT
TITLE COMPLIANCE OFFICER
Coopers Coopers & Lybrand L.L.P.
&Lybrand a professional services firm
Report of Independent Accountants
To the Board of Trustees of The Royce Fund and Shareholders of
Royce Equity Income Fund:
We have audited the accompanying statement of assets and
liabilities of Royce Equity Income Fund, including the schedule
of investments as of December 31, 1995, the related statement of
operations for the year then ended, the statement of changes in
net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the
period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995 by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant tests made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Royce Equity Income Fund as
of December 31, 1995, the results of its operations for the year
then ended, the changes in its net assets for each of the two
years in the period then ended, and the financial highlights for
each of the five years in the period then ended, in conformity
with generally accepted accounting principles.
COOPERS & LYBRAND
L.L.P.
Boston Massachusetts
February 7, 1996
<PAGE>
Coopers Coopers & Lybrand L.L.P.
&Lybrand a professional services firm
Report of Independent Accountants
To the Board of Trustees of The Royce Fund and Shareholders of
Royce GiftShares Fund:
We have audited the accompanying statement of assets and
liabilities of Royce GiftShares Fund, including the schedule of
investments as of December 31, 1995, and the related statements
of operations and changes in net assets, and the financial
highlights for the period from December 27, 1995 (commencement of
operations) to December 31, 1995. T'hese financial statements
and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the arnounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995, by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Royce GiftShares Fund as of December 31,
1995, the results of its operations and changes in its net
assets, and the financial highlights for the period from December
27, 1995 (commencement of operations) to December 31, 1995, in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND
L.L.P.
Boston, Massachusetts
February 7, 1996
<PAGE>
Coopers Coopers & Lybrand L.L.P
& Lybrand a professional services firm
Report of Independent Accountants
To the Board of Trustees of The Royce Fund and Shareholders of
The REvest Growth & Income Fund:
We have audited the accompanying statement of assets and
liabilities of The REvest Growth & income Fund, including the
schedule of investments as of December 31, 1995, the related
statement of operations for the year then ended, the statement of
changes in net assets and the financial highlights for the year
then ended and for the period from August 1, 1994 (commencement
of operations) to December 31, 1994. These financial statements
and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on our
financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the au(ht to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995, by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of The REvest Growth & Income Fund as of
December 31, 1995, the results of its operations for the year
then ended and the changes m its net assets and the financial
highlights for the year then ended and for the period from August
1, 1994 (commencement of operations) to December 31, 1994, in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND
L.L.P.
Boston, Massachusetts
February 7, 1996
<PAGE>
Coopers Coopers & Lybrand L.L.P
&Lybrand a professional services firm
Report of Independent Accountants
To the Board of Trustees of the The Royce Fund and Shareholders
of Royce Global Services Fund:
We have audited the accompanying statement of assets and
liabilities of Royce Global Services Fund, including the schedule
of investments as of December 31, 1995, and the related statement
of operations for the year then ended, the statement of changes
in net assets and the financial highlights for the year then
ended and the period from December 15, 1994 (commencement of
operations) to December 31, 1994. These financial statements and
financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995 by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as auditing the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Royce Global Services Fund as
of December 31, 1995, the results of its operations for the year
then ended, and the changes in its net assets and the financial
highlights for the year then ended and for the period from
December 15, 1994 (commencement of operations) to December 31,
1994, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND
L.L.P.
Boston, Massachusetts
February 7, 1996
<PAGE>
Coopers Coopers & Lybrand L.L.P.
&Lybrand a professional services firm
Report of Independent Accountants
To the Board of Trustees of The Royce Fund and Shareholders of
Royce Low-Pnced Stock Fund:
We have audited the accompanying statement of assets and
liabilities of Royce Low-Pnced Stock Fund, including the schedule
of investments as of December 31, 1995, the related statement of
operations for the year then ended, the statement of changes in
net assets for each of the two years in the period then ended,
and the financial highlights for each of the two years in the
period then ended for the period from December 15, 1993
(commencment of operations) to December 31, 1993. These
financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is
to express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995 by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Royce Low-Priced Stock Fund as of Deceinber
31, 1995, the results of its operations for the year then ended,
the changes in its net assets for each of the two years in the
Period then ended and the financial highlights for each of the
two years in the period then ended and for the period from
December 15, 1993 (commencement of operations) to December 31,
1993, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND
L.L.P.
Boston, Massachusetts
February 7, 1996
<PAGE>
Coopers Coopers & Lybrand L-L-P
& Lybrand a professional services firm
Report of Independent Accountants
To the Board of Trustees of The Royce Fund and Shareholders of
Royce Micro-Cap Fund:
We have audited the accompanying statement of assets and
liabilities of Royce Micro-Cap- Fund, including the schedule of
investments as of December 31, 1995, the related statement of
operations for the year then ended, the statement of changes in
net assets for each of the two years m the period then ended and
the financial highlights for each of the four years in the period
then ended. These financial statements and financial highlights
are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits .
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995 by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material , the financial
position of Royce Micro-Cap Fund as of December 31, 1995, the
results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended,
and the financial highlights for each of the four years in the
period then ended, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND
L.L.P.
Boston, Massachusetts
February 7, 1996
<PAGE>
Coopers Coopers & Lybrand L.L.P
& Lybrand a professional services firm
Report of Independent Accountants
To the Board of Trustees of The Royce Fund and
Shareholders of Royce Premier Fund:
We have audited the accompanying statement of assets and
liabilities of Royce Premier Fund, including the schedule of
investments as of December 31, 1995, the related statement of
operations for the year then ended, the statement of changes in
net assets for each of the two years in the period then ended,
and the financial highlights for each of the four years in the
period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995 by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Royce Premier Fund as of
December 31, 1995, the results of its operations for the year
then ended the changes m its net assets for each of the two years
m the period then ended, and the financial highlights for each of
the four years m the period then ended, m conformity with
generally accepted accounting principles.
COOPERS & LYBRAND
L.L.P.
Boston, Massachusetts
February 7, 1996
<PAGE>
Coopers Coopers & Lybrand L.L.P.
& Lybrand a professional services firm
Report of Independent Accountants
To the Board of Trustees of The Royce Fund and Shareholders of
Royce Total Return Fund:
We have audited the accompanying statement of assets and
liabilities of Royce Total Return Fund, including the schedule of
investments as of December 31, 1995, the related statement of
operations for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended,
and the financial highlights for each of the two years in the
period then ended and for the period from December 15, 1993
(commencement of operations) to December 31, 1993. These
financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is
to express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995, by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Royce Total Return Fund as of December 31,
1995, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the two
years in the period then ended and from December 15, 1993
(commencement of operations) to December 31, 1993, in conformity
with generally accepted accounting principles.
COOPERS & LYBRAND
L.L.P.
Boston, Massachusetts
February 7, 1996
<PAGE>
Coopers Coopers & Lybrand L.L.P.
& Lybrand a professional services firm
Report of Independent Accountants
To the Board of Trustees of the The Royce Fund and Shareholders
of Royce Value Fund:
We have audited the accompanying statement of assets and
liabilities of Royce Value Fund, including the schedule of
investments as of December 31, 1995, the related statement of
operations for the year then ended, the statement of changes in
net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the
period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995 by correspondence with
the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial Elements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Royce Value Fund as of December 31, 1995,
the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the five
years in the period then ended, in conformity with generally
accepted accounting principles.
COOPERS & LYBRAND
L.L.P.
Boston, Massachusetts
February 7, 1996
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
of The Royce Fund:
In planning and performing our audits of the financial
statements and financial highlights of The Royce Fund
(consisting of Royce Equity Income Fund, Royce GiftShares Fund,
Royce Global Services Fund, Royce Low-Priced Fund, Royce
Micro-Cap Fund, Royce Premier Fund, The REvest Growth & Income
Fund, Royce Total Return Fund and Royce Value Fund) for the year
ended December 31, 1995, we considered the Funds' internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance
with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
<PAGE>
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights
being audited may occur and not be detected within a timely
period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses, as defined above, as of December 31, 1995.
This report is intended solely for the information and use of
management of The Royce Fund and the Securities and Exchange
Commission.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
February 7, 1996
<PAGE>
SIGNATURE PAGE
For period ending 12/31/95
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 lst day of March, 1996.
THE ROYCE FUND
By: Charles M. Royce Witness: Susan I. Grant
Charles M. Royce Susan I. Grant
President Secretary
