<PAGE> PAGE 1
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007 C010600 6
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007 C010700 7
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007 C020900 REVEST GROWTH & INCOME FUND
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007 C021000 ROYCE GLOBAL SERVICES FUND
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007 C021100 ROYCE GIFTSHARES FUND
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<PAGE> PAGE 2
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007 C021200 PENNSYLVANIA MUTUAL FUND
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012 C03AA01 64141
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013 B01AA01 BOSTON
013 B02AA01 MA
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015 C02AA01 MA
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015 B00AA02 S
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015 D01AA02 FINLAND
015 E04AA02 X
015 A00AA03 DRESDNER BANK
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015 C01AA03 FRANKFURT
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<PAGE> PAGE 3
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015 D01AA07 AUSTRALIA
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<PAGE> PAGE 4
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015 D01AA17 ITALY
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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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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072 P001000 0
072 Q001000 0
072 R001000 6
072 S001000 0
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 2
072 X001000 15
072 Y001000 0
072 Z001000 -1
072AA001000 45
072BB001000 0
072CC011000 91
072CC021000 0
072DD011000 0
<PAGE> PAGE 41
072DD021000 0
072EE001000 0
073 A011000 0.0000
073 A021000 0.0000
073 B001000 0.0000
073 C001000 0.0000
074 A001000 14
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 1964
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 69
074 K001000 0
074 L001000 4
074 M001000 11
074 N001000 2062
074 O001000 66
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 7
074 S001000 0
074 T001000 1989
074 U011000 325
074 U021000 0
074 V011000 6.12
074 V021000 0.00
074 W001000 0.0000
074 X001000 71
074 Y001000 0
075 A001000 0
075 B001000 1872
076 001000 0.00
008 A001101 QUEST ADVISORY CORP.
008 B001101 A
008 C001101 801-8268
008 D011101 NEW YORK
008 D021101 NY
008 D031101 10019
028 A011100 0
028 A021100 0
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028 B021100 0
<PAGE> PAGE 42
028 B031100 0
028 B041100 0
028 C011100 0
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028 C031100 0
028 C041100 0
028 D011100 0
028 D021100 0
028 D031100 0
028 D041100 0
028 E011100 0
028 E021100 0
028 E031100 0
028 E041100 0
028 F011100 25
028 F021100 0
028 F031100 0
028 F041100 0
028 G011100 26
028 G021100 0
028 G031100 0
028 G041100 0
028 H001100 0
037 001100 Y
038 001100 0
039 001100 N
040 001100 N
041 001100 N
045 001100 Y
046 001100 N
047 001100 Y
048 001100 1.250
048 A011100 0
048 A021100 0.000
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
<PAGE> PAGE 43
048 J021100 0.000
048 K011100 0
048 K021100 0.000
049 001100 N
050 001100 N
051 001100 N
052 001100 N
053 A001100 N
066 A001100 Y
066 B001100 N
066 C001100 Y
066 D001100 N
066 E001100 N
066 F001100 N
066 G001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 N
070 K021100 N
070 L011100 Y
070 L021100 Y
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
<PAGE> PAGE 44
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 327
071 B001100 65
071 C001100 361
071 D001100 18
072 A001100 6
072 B001100 0
072 C001100 3
072 D001100 0
072 E001100 0
072 F001100 0
072 G001100 0
072 H001100 0
072 I001100 3
072 J001100 3
072 K001100 0
072 L001100 0
072 M001100 0
072 N001100 3
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 3
072 S001100 0
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 3
072 X001100 15
072 Y001100 10
072 Z001100 -2
072AA001100 37
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072CC011100 39
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 74
074 B001100 0
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 515
<PAGE> PAGE 45
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 0
074 M001100 17
074 N001100 606
074 O001100 0
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 5
074 S001100 0
074 T001100 601
074 U011100 105
074 U021100 0
074 V011100 5.75
074 V021100 0.00
074 W001100 0.0000
074 X001100 2
074 Y001100 0
075 A001100 0
075 B001100 542
076 001100 0.00
008 A001201 QUEST ADVISORY CORP.
008 B001201 A
008 C001201 801-8268
008 D011201 NEW YORK
008 D021201 NY
008 D031201 10019
028 A011200 7751
028 A021200 0
028 A031200 0
028 A041200 33394
028 B011200 3103
028 B021200 0
028 B031200 0
028 B041200 24885
028 C011200 4018
028 C021200 0
028 C031200 0
028 C041200 17255
028 D011200 2295
028 D021200 0
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<PAGE> PAGE 46
028 E031200 0
028 E041200 20879
028 F011200 1866
028 F021200 0
028 F031200 0
028 F041200 26056
028 G011200 21146
028 G021200 0
028 G031200 0
028 G041200 145349
028 H001200 0
037 001200 Y
038 001200 0
039 001200 N
040 001200 N
041 001200 N
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.000
048 A011200 50000
048 A021200 1.000
048 B011200 50000
048 B021200 0.875
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 100000
048 K021200 0.750
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 N
066 A001200 Y
066 B001200 N
066 C001200 Y
066 D001200 N
<PAGE> PAGE 47
066 E001200 N
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 N
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 N
070 J021200 N
070 K011200 Y
070 K021200 N
070 L011200 Y
070 L021200 Y
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 Y
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 88690
071 B001200 207833
071 C001200 564594
071 D001200 16
072 A001200 6
072 B001200 588
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<PAGE> PAGE 48
072 E001200 0
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072 I001200 134
072 J001200 73
072 K001200 88
072 L001200 55
072 M001200 46
072 N001200 26
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072 X001200 2863
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072AA001200 62650
072BB001200 0
072CC011200 0
072CC021200 34092
072DD011200 0
072DD021200 0
072EE001200 0
073 A011200 0.0000
073 A021200 0.0000
073 B001200 0.0000
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074 A001200 78
074 B001200 22700
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074 F001200 515424
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074 M001200 108
074 N001200 542797
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<PAGE> PAGE 49
074 R021200 0
074 R031200 0
074 R041200 1255
074 S001200 0
074 T001200 537338
074 U011200 65972
074 U021200 0
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076 001200 0.00
SIGNATURE DANIEL A. O'BYRNE
TITLE VICE PRESIDENT
<PAGE>
SIGNATURE PAGE
For period ending 06/30/96
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, 1996.
THE ROYCE FUND
By: Witness:
/s/ Daniel A. O'Byrne /s/ John E. Deneen
Daniel A. O'Byrne John E. Denneen
Vice President Secretary
<PAGE>
At a Regular Meeting of the Board of Trustees (the "Board") of the Registrant
held on April 18, 1996, the Board approved an Agreement and Plan of Merger
(the "Plan") by and among The Royce Fund, a Massachusetts business trust
("TRF"), Pennsylvania Mutual Fund ("PMF") and the Registrant, effectuating:
(i) the conversion of TRF into a Delaware business trust and the subsequent
merger of TRF with and into the Registrant, with the Registrant being the
surviving entity, and (ii) the merger of PMF with and into a separate series
of the Registrant, with such series surviving the merger .
At the June 26, 1996 Special Meeting of Shareholders of the Registrant, the
Shareholders approved: (i) Royce Value Fund to borrow money temporarily for
certain purposes, (ii) Royce Value, Premier and Micro-Cap Fund to permit loans
of portfolio securities, (iii) all funds, except The REvest Growth & Income
Fund, to permit investment of up to 5% of total assets in warrants, rights and
options, and (iv) the conversion of the Registrant from a Massachusetts
business trust to a Delaware business trust together with a merger of
Pennsylvania Mutual Fund, a Delaware business trust, with and into the
Registrant.
1. Royce Value Fund
Votes Casted Votes Casted
For Against Votes Abstained
(i) 5,903,917 502,672 356,935
(ii) 5,752,637 636,062 374,825
(iii) 5,941,231 504,895 317,398
(iv) 6,293,028 180,090 290,406
2. Royce Premier Fund
Votes Casted Votes Casted
For Against Votes Abstained
(ii) 16,930,523 1,387,430 1,516,025
(iii) 17,220,106 1,185,854 1,428,018
(iv) 17,969,686 422,388 1,441,904
3. Royce Equity and Income Fund
Votes Casted Votes Casted
For Against Votes Abstained
(iii) 2,728,997 152,759 256,454
(iv) 2,830,204 80,402 227,603
4. Royce Low-Priced Stock Fund
Votes Casted Votes Casted
For Against Votes Abstained
(iii) 1,145,409 23,228 15,751
(iv) 1,168,543 487 15,358
<PAGE>
5.Royce Micro-Cap Fund
Votes Casted Votes Casted
For Against Votes Abstained
(ii) 6,831,449 546,569 1,192,073
(iii) 6,992,054 442,710 1,135,327
(iv) 7,298,405 161,005 1,110,681
6. Royce Total Return Fund
Votes Casted Votes Casted
For Against Votes Abstained
(iii) 477,085 4,300 413
(iv) 481,385 - 0 - 413
7. Royce Global Services Fund
Votes Casted Votes Casted
For Against Votes Abstained
(iii) 256,115 - 0 - - 0 -
(iv) 256,115 - 0 - - 0 -
8. The REvest Growth & Income Fund
Votes Casted Votes Casted
For Against Votes Abstained
(iv) 1,174,994 718 34,782
9. Royce GiftShares Fund
Votes Casted Votes Casted
For Against Votes Abstained
(ii) - 0 - - 0 - - 0 -
(iii) - 0 - - 0 - - 0 -
(iv) - 0 - - 0 - - 0 -
<PAGE>
AGREEMENT AND PLAN OF MERGER
Agreement and plan of merger (this 'Plan') dated as of April
16, 1996 by and among THE ROYCE FUND, a Massachusetts business
trust ('TRF'), PENNSYLVANIA MUTUAL FUND, a Delaware business
trust ('PMF'), and THE ROYCE FUND, a Delaware business trust (the
'New Trust'). The principal business address of all parties is
1414 Avenue of the Americas, New York, New York 10019. 1.
Purpose and Terms of the Mergers. This Plan is intended (i) to
effect the merger of TRF with and into the New Trust, with the
New Trust being the surviving entity, and (ii) to effect the
merger of PMF with and into a separate series of the New Trust,
with such series surviving the merger. In order to effect the
mergers, the New Trust has established separate series, each of
which has the same name, investment objectives, policies and
restrictions as a corresponding series of TRF and PMF (the 'New
Fund' or collectively, the 'New Funds'). Upon and in connection
with the consummation of the mergers, the assets and liabilities
of each series of TRF shall automatically be reallocated to its
respective New Fund counterpart, and those of PMF shall
automatically be reallocated to its New Fund counterpart. The
then outstanding shares of beneficial interest of each series of
TRF and of PMF shall automatically be converted into and become
identical shares of beneficial interest of its respective New
Fund counterpart, and shall have the same designations, relative
rights and preferences as the shares of each series of TRF and of
PMF prior to the mergers.
2. Consummation of the Mergers.
a. The mergers contemplated by Section 1 shall be consummated at
the Effective Time according to the terms and subject to the
conditions stated in this Plan. Upon and in connection with the
consummation of the mergers, the assets and liabilities of TRF
and of each series of TRF and of PMF shall automatically be
transferred to and assumed by, respectively, the New Trust and
each New Fund counterpart, and each of TRF and PMF shall
thereupon cease to exist.
b. Following consummation of the mergers, the names of the New
Trust and of each New Fund will continue unchanged; the
Certificate of Trust, Trust Instrument and Bylaws of the New
Trust will continue in full force and effect; the trustees and
officers of the New Trust shall continue in their respective
positions; and the New Trust will continue to have its principal
place of business in New York, New York.
c. The trustees and/or officers of the New Trust shall take all
such actions as may be necessary or appropriate to consummate the
mergers and the other matters and transactions contemplated by
this Plan, so that TRF's and PMF's investment company and related
operations may continue without interruption.
3. Effective Time of Mergers.
a. The mergers have been approved by the Boards of Trustees of
TRF, PMF and the New Trust. In the case of TRF, the merger is
subject to approval by the shareholders of TRF at a special
meeting of shareholders being called for this and other purposes.
b. If approved by the shareholders of TRF, the mergers shall be
consummated at the Effective Time upon and by the filing of a
Certificate of Merger covering the mergers of TRF and PMF with
and into the New Trust in the State of Delaware, as provided by
Section 3815 of the Delaware Business Trust Act. A Certificate of
Cancellation will be filed on behalf of PMF pursuant to the
Delaware Business Trust Act, and a Certificate of Termination
will be filed in the Commonwealth of Massachusetts on behalf of
TRF as provided by Massachusetts law.
c. The 'Effective Time' shall be the close of business on June
28, 1996 or on such later date as may be established by the
parties.
A-1
<PAGE>
4. Representations and Warranties.
a. TRF represents and warrants with respect to itself and, where
applicable, with respect to each of its series, and PMF
represents and warrants with respect to itself, as follows:
i. TRF is a business trust duly organized, and has it legal
existence as such, under the laws of the Commonwealth of
Massachusetts;
ii. PMF is a business trust duly organized, validly existing and
in good standing under the laws of the State of Delaware;
iii. TRF and PMF are each duly registered with the Securities
and Exchange Commission ('the SEC') as a diversified open-end
management investment company under the Investment Company Act of
1940 ('1940 Act'), and such registration is in full force and
effect;
iv. TRF has created several series, each of which is treated as
a separate entity taxable as a corporation for Federal income tax
purposes. Each series offers and sells redeemable shares of
beneficial interest to investors as part of its ordinary business
operations;
v. All liabilities incurred by TRF's series and by PMF have been
incurred in the course of their respective businesses;
vi. Each series of TRF and PMF has qualified for treatment as a
regulated investment company ('RIC') under Subchapter M of the
Internal Revenue Code of 1986, as amended (the 'Code'), for each
past year since it commenced operations, and will continue to
meet all the requirements for such qualification for its current
taxable year;
vii. Each series of TRF and PMF, respectively, satisfies the
diversification test of Section 368(a)(1)(F)(ii) of the Code;
viii. Neither TRF nor PMF are under the jurisdiction of a
court in a proceeding under Title 11 of the United States Code or
similar case within the meaning of Section 368(a)(3)(A) of the
Code;
ix. To the best of TRF's knowledge, each of its series is in
compliance with its stated investment objective, policies and
restrictions, and will continue to be in compliance through the
Effective Time;
x. To the best of PMF's knowledge, it is in compliance with its
stated investment objective, policies and restrictions, and will
continue to be in compliance through the Effective Time; and
xi. Neither TRF nor PMF have outstanding warrants, options,
convertible securities or other types of rights pursuant to which
any person could acquire shares of TRF or PMF, and neither TRF
nor PMF have any plan or intention to issue additional shares
prior to the Effective Time, except for shares issued in the
ordinary course of its business as an open-end management
investment company.
b. The New Trust represents and warrants as follows:
i. The New Trust is a business trust duly organized, validly
existing and in good standing under the laws of the State of
Delaware; its Certificate of Trust is on file with the Secretary
of State of Delaware; and copies of its Certificates of Trust and
Trust Instrument are available with the New Trust's records;
ii. The New Trust, as successor to the registrations of TRF and
PMF, will, at the Effective Time, become and thereafter be duly
registered with the SEC as a diversified open-end management
investment company under the 1940 Act;
iii. The New Trust has created New Fund counterparts for each
series of TRF and for PMF. Each such New Fund will be treated as
a separate entity taxable as a corporation for Federal income tax
purposes. From and after the Effective Time, each such New Fund
will offer and sell redeemable shares of beneficial interest to
investors as part of its ordinary business operations;
A-2
<PAGE>
iv. Each such New Fund will meet all the requirements necessary
to qualify as a RIC under Subchapter M of the Code for its
current tax year;
v. No New Fund will issue shares or otherwise commence
operations until after the Effective Time;
vi. The New Trust does not have any plan or intention to issue
additional shares following the Effective Time, except for shares
issued in the ordinary course of business; nor does the New Trust
have any plan or intention to redeem or otherwise reacquire any
shares issued to shareholders of TRF or PMF prior to the
Effective Time, other than through redemptions arising in the
ordinary course of business;
vii. The New Trust will actively continue TRF's and PMF's
historic businesses in substantially the same manner that TRF and
PMF conducted them before the Effective Time. The New Trust has
no plan or intention to sell or otherwise dispose of any of the
assets which it will acquire upon the mergers except for
dispositions to be made in the ordinary course of its business
and dispositions necessary to maintain the New Funds' status as
RICs under Subchapter M of the Code; and
viii. There is no plan or intention for the New Trust or any
New Fund to be dissolved following the Effective Time; however,
neither the New Trust nor any New Fund shall be precluded from
merging with any other entity or series subsequent to the
Effective Time.
c. TRF, PMF and the New Trust each represents and warrants as to
itself and, where applicable, as to each of its series, as
follows:
i. The respective net asset values of the shares to which the
New Funds will succeed as issuers will be equal to the respective
net asset values of the shares of the corresponding series of TRF
and of PMF immediately prior to the Effective Time;
ii. Its management is (a) unaware of any plan or intention of
TRF or of PMF to redeem or otherwise dispose of any portion of
its shares, (b) does not anticipate dispositions at the time of
or soon after the Effective Time to exceed the usual rate and
frequency of redemptions of its shares and (c) expects that the
percentage of its shares that will be redeemed as a result of the
mergers or at the Effective Time will be de minimus;
iii. Immediately following the Effective Time, the shareholders
of each series of TRF and PMF's shareholders will collectively
own all of the New Trust's shares, and will own such shares
solely by reason of their beneficial ownership of shares of the
series of TRF and of PMF immediately prior to the Effective Time;
iv. Immediately following the Effective Time, each New Fund will
hold the same assets and be subject to the same liabilities that
each series of TRF and PMF held or was subject to immediately
prior to the Effective Time, plus any liabilities or expenses
incurred in connection with the mergers. The total amount of the
liabilities and expenses to be incurred in connection with the
mergers that will be assumed by the New Trust and the New Funds
will be less than 1% of the net assets of TRF and its series and
PMF immediately prior to the Effective Time; and
v. There is no inter-company indebtedness between or among TRF,
PMF and the New Trust that was issued or acquired, or will be
settled, at a discount.
5. Covenants of TRF, PMF and the New Trust.
a. TRF covenants to call a special meeting of its shareholders
to consider and act on this Plan, to prepare a proxy statement in
compliance with the Securities Exchange Act of 1934 and the 1940
Act in connection with the special meeting of its shareholders
and to take all other action necessary to obtain shareholder
approval of the transactions contemplated by this Plan;
A-3
<PAGE>
b. TRF and PMF severally covenant that they will assist the New
Trust in obtaining such information as the New Trust reasonably
requests concerning the beneficial ownership of their shares;
c. Each of TRF and PMF will share the costs and expenses of this
Plan and of the transactions contemplated by it in proportion to
its respective net assets; and
d. Each party will, from time to time, as and when requested by
the other party or parties, execute and deliver or cause to be
delivered all such assignments, certificates and other
instruments, and will take or cause to be taken such further
actions, as the other party or parties may deem necessary or
desirable in order to consummate the transactions contemplated by
this Plan.
6. Termination. This Plan may be terminated at any time prior
to the Effective Time by mutual consent of the parties. In
addition, any party may terminate this Plan by written notice to
the other parties in either of the following events:
a. if the shareholders of TRF do not approve this Plan; or
b. if any other event occurs which, in the judgment of such
party, makes consummation of the mergers inadvisable.
7. Amendment. This Plan may be amended, modified or
supplemented at any time, notwithstanding approval of this Plan
by TRF's shareholders, in such manner as may be mutually agreed
on in writing by the parties; provided, however, that following
the special meeting of TRF's shareholders, no such amendment may
have a material adverse effect on the interests of the
shareholders of any of its series.
8. Miscellaneous.
a. This Plan will be governed by and construed in accordance
with the laws of the State of Delaware applicable to contracts
made and to be performed wholly within that State; provided that
in the case of any conflict between the 1940 Act and the laws of
Delaware, the 1940 Act will govern;
b. Nothing expressed or implied in this Plan is intended or will
be construed to confer on or give anyone other than the parties
and their respective successors and assigns any rights or
remedies under or by reason of this Plan;
c. The parties recognize that each is a business trust, that
this Plan is executed by their officers on their behalfs solely
in their capacities as such, and not individually, and that their
obligations under this instrument are not binding on or
enforceable against any of their respective trustees, officers or
shareholders, but are binding on and enforceable against only
their respective assets and property; and
d. A copy of this Plan will be furnished by the New Trust, on
request and without cost, to any beneficial owner of shares of
PMF or any series of TRF.
A-4
<PAGE>
IN WITNESS WHEREOF, each of the parties has caused this Plan to
be executed by its duly authorized officer.
ATTEST: THE ROYCE FUND
a Massachusetts business trust
........................ By:
Assistant Secretary
........................
President
ATTEST: PENNSYLVANIA MUTUAL FUND
a Delaware business trust
........................ By:
Assistant Secretary
........................
President
ATTEST: THE ROYCE FUND
a Delaware business trust
........................ By:
Assistant Secretary
........................
President
A-5
[ARTICLE] 6
[CIK] 0000709364
[NAME] ROYCE VALUE FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 106829440
[INVESTMENTS-AT-VALUE] 146885200
[RECEIVABLES] 2109934
[ASSETS-OTHER] 20077
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 149015211
[PAYABLE-FOR-SECURITIES] 165488
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 448458
[TOTAL-LIABILITIES] 613946
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 89578098
[SHARES-COMMON-STOCK] 13889
[SHARES-COMMON-PRIOR] 16649
[ACCUMULATED-NII-CURRENT] 148891
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 18604627
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 40055760
[NET-ASSETS] 148401265
[DIVIDEND-INCOME] 1415661
[INTEREST-INCOME] 122697
[OTHER-INCOME] 0
[EXPENSES-NET] 1451938
[NET-INVESTMENT-INCOME] 86420
[REALIZED-GAINS-CURRENT] 16199292
[APPREC-INCREASE-CURRENT] (5848687)
[NET-CHANGE-FROM-OPS] 10437025
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1733455
[NUMBER-OF-SHARES-REDEEMED] 30528360
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (18357880)
[ACCUMULATED-NII-PRIOR] 62471
[ACCUMULATED-GAINS-PRIOR] 2405335
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 687240
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1686397
[AVERAGE-NET-ASSETS] 159198851
[PER-SHARE-NAV-BEGIN] 10.02
[PER-SHARE-NII] .01
[PER-SHARE-GAIN-APPREC] .66
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 10.69
[EXPENSE-RATIO] 1.83
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000709364
[NAME] ROYCE TOTAL RETURN
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 3394084
[INVESTMENTS-AT-VALUE] 3499050
[RECEIVABLES] 29319
[ASSETS-OTHER] 234363
[OTHER-ITEMS-ASSETS] 4425
[TOTAL-ASSETS] 3767157
[PAYABLE-FOR-SECURITIES] 116219
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 8739
[TOTAL-LIABILITIES] 124958
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 2992074
[SHARES-COMMON-STOCK] 554
[SHARES-COMMON-PRIOR] 443
[ACCUMULATED-NII-CURRENT] 35771
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 508834
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 104966
[NET-ASSETS] 3642199
[DIVIDEND-INCOME] 38816
[INTEREST-INCOME] 21021
[OTHER-INCOME] 0
[EXPENSES-NET] 24247
[NET-INVESTMENT-INCOME] 35590
[REALIZED-GAINS-CURRENT] 513316
[APPREC-INCREASE-CURRENT] (136100)
[NET-CHANGE-FROM-OPS] 412806
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 697206
[NUMBER-OF-SHARES-REDEEMED] 15487
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 1094525
[ACCUMULATED-NII-PRIOR] 181
[ACCUMULATED-GAINS-PRIOR] (4482)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 15159
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 31006
[AVERAGE-NET-ASSETS] 3048083
[PER-SHARE-NAV-BEGIN] 5.76
[PER-SHARE-NII] .06
[PER-SHARE-GAIN-APPREC] .76
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 6.58
[EXPENSE-RATIO] 1.60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000709364
[NAME] ROYCE EQUITY INCOME FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 34154419
[INVESTMENTS-AT-VALUE] 36992632
[RECEIVABLES] 500719
[ASSETS-OTHER] 16989
[OTHER-ITEMS-ASSETS] 2465
[TOTAL-ASSETS] 37512805
[PAYABLE-FOR-SECURITIES] 485391
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 31857
[TOTAL-LIABILITIES] 517248
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 31588457
[SHARES-COMMON-STOCK] 6111
[SHARES-COMMON-PRIOR] 9859
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 23509
[ACCUMULATED-NET-GAINS] 2586285
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 2838213
[NET-ASSETS] 36995557
[DIVIDEND-INCOME] 519099
[INTEREST-INCOME] 366137
[OTHER-INCOME] 0
[EXPENSES-NET] 256934
[NET-INVESTMENT-INCOME] 628302
[REALIZED-GAINS-CURRENT] 2518316
[APPREC-INCREASE-CURRENT] (264206)
[NET-CHANGE-FROM-OPS] 2882412
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 651811
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 3828674
[NUMBER-OF-SHARES-REDEEMED] 25761656
[SHARES-REINVESTED] 520756
[NET-CHANGE-IN-ASSETS] (19181625)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 67969
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 204689
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 282630
[AVERAGE-NET-ASSETS] 42091976
[PER-SHARE-NAV-BEGIN] 5.70
[PER-SHARE-NII] .10
[PER-SHARE-GAIN-APPREC] .35
[PER-SHARE-DIVIDEND] .10
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 6.05
[EXPENSE-RATIO] 1.23
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000709364
[NAME] ROYCE PREMIER FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 255407059
[INVESTMENTS-AT-VALUE] 283987042
[RECEIVABLES] 3475892
[ASSETS-OTHER] 26180
[OTHER-ITEMS-ASSETS] 42669
[TOTAL-ASSETS] 287531783
[PAYABLE-FOR-SECURITIES] 1303995
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 642887
[TOTAL-LIABILITIES] 1946882
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 240877304
[SHARES-COMMON-STOCK] 37312
[SHARES-COMMON-PRIOR] 42426
[ACCUMULATED-NII-CURRENT] 2164974
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 13925328
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 28579983
[NET-ASSETS] 285584901
[DIVIDEND-INCOME] 2562570
[INTEREST-INCOME] 1091772
[OTHER-INCOME] 0
[EXPENSES-NET] 1793139
[NET-INVESTMENT-INCOME] 1861203
[REALIZED-GAINS-CURRENT] 13189787
[APPREC-INCREASE-CURRENT] 6300002
[NET-CHANGE-FROM-OPS] 21350992
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 46954993
[NUMBER-OF-SHARES-REDEEMED] 84960534
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (16654549)
[ACCUMULATED-NII-PRIOR] 303771
[ACCUMULATED-GAINS-PRIOR] 735541
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1469363
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1793139
[AVERAGE-NET-ASSETS] 295554130
[PER-SHARE-NAV-BEGIN] 7.12
[PER-SHARE-NII] .05
[PER-SHARE-GAIN-APPREC] .48
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 7.65
[EXPENSE-RATIO] 1.22
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000709364
[NAME] ROYCE LOW-PRICED STOCK FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 13863212
[INVESTMENTS-AT-VALUE] 14075446
[RECEIVABLES] 403896
[ASSETS-OTHER] 63077
[OTHER-ITEMS-ASSETS] 7747
[TOTAL-ASSETS] 14550166
[PAYABLE-FOR-SECURITIES] 579761
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 37604
[TOTAL-LIABILITIES] 617365
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 12489756
[SHARES-COMMON-STOCK] 2038
[SHARES-COMMON-PRIOR] 750
[ACCUMULATED-NII-CURRENT] (19185)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 1247958
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 212234
[NET-ASSETS] 13932801
[DIVIDEND-INCOME] 26395
[INTEREST-INCOME] 34189
[OTHER-INCOME] 0
[EXPENSES-NET] 79769
[NET-INVESTMENT-INCOME] (19185)
[REALIZED-GAINS-CURRENT] 1104468
[APPREC-INCREASE-CURRENT] 190434
[NET-CHANGE-FROM-OPS] 1275717
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 9057312
[NUMBER-OF-SHARES-REDEEMED] 615281
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 9717748
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 143490
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 62986
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 111545
[AVERAGE-NET-ASSETS] 8489220
[PER-SHARE-NAV-BEGIN] 5.62
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] 1.22
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 6.84
[EXPENSE-RATIO] 1.89
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000709364
[NAME] REVEST GROWTH & INCOME FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 34495575
[INVESTMENTS-AT-VALUE] 37602513
[RECEIVABLES] 103961
[ASSETS-OTHER] 63633
[OTHER-ITEMS-ASSETS] 6160
[TOTAL-ASSETS] 37776267
[PAYABLE-FOR-SECURITIES] 321394
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 50192
[TOTAL-LIABILITIES] 371586
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 32000874
[SHARES-COMMON-STOCK] 3212
[SHARES-COMMON-PRIOR] 3336
[ACCUMULATED-NII-CURRENT] 26976
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 2266681
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 3106938
[NET-ASSETS] 37404681
[DIVIDEND-INCOME] 441223
[INTEREST-INCOME] 134423
[OTHER-INCOME] 0
[EXPENSES-NET] 227915
[NET-INVESTMENT-INCOME] 347731
[REALIZED-GAINS-CURRENT] 2260095
[APPREC-INCREASE-CURRENT] 580928
[NET-CHANGE-FROM-OPS] 3188754
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 314698
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 2257668
[NUMBER-OF-SHARES-REDEEMED] 3829427
[SHARES-REINVESTED] 298503
[NET-CHANGE-IN-ASSETS] 1600800
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 6586
[OVERDISTRIB-NII-PRIOR] 6056
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 178858
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 227915
[AVERAGE-NET-ASSETS] 36209832
[PER-SHARE-NAV-BEGIN] 10.73
[PER-SHARE-NII] .11
[PER-SHARE-GAIN-APPREC] .91
[PER-SHARE-DIVIDEND] .10
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 11.65
[EXPENSE-RATIO] 1.27
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000709364
[NAME] ROYCE MICRO-CAP FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 121326085
[INVESTMENTS-AT-VALUE] 132879114
[RECEIVABLES] 4338226
[ASSETS-OTHER] 121640
[OTHER-ITEMS-ASSETS] 20213
[TOTAL-ASSETS] 137359193
[PAYABLE-FOR-SECURITIES] 1267336
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 262276
[TOTAL-LIABILITIES] 1529612
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 116447531
[SHARES-COMMON-STOCK] 16252
[SHARES-COMMON-PRIOR] 12971
[ACCUMULATED-NII-CURRENT] 17599
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 7795170
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 11553029
[NET-ASSETS] 135829581
[DIVIDEND-INCOME] 602870
[INTEREST-INCOME] 402229
[OTHER-INCOME] 0
[EXPENSES-NET] 1043239
[NET-INVESTMENT-INCOME] (38140)
[REALIZED-GAINS-CURRENT] 7653072
[APPREC-INCREASE-CURRENT] 4736729
[NET-CHANGE-FROM-OPS] 12351661
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 43845940
[NUMBER-OF-SHARES-REDEEMED] 18097255
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 38100346
[ACCUMULATED-NII-PRIOR] 55739
[ACCUMULATED-GAINS-PRIOR] 142098
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 875288
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1083275
[AVERAGE-NET-ASSETS] 117642722
[PER-SHARE-NAV-BEGIN] 7.53
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] .83
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 8.36
[EXPENSE-RATIO] 1.78
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000709364
[NAME] ROYCE GLOBAL SERVICES FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 1786863
[INVESTMENTS-AT-VALUE] 1964062
[RECEIVABLES] 72429
[ASSETS-OTHER] 13986
[OTHER-ITEMS-ASSETS] 11856
[TOTAL-ASSETS] 2062333
[PAYABLE-FOR-SECURITIES] 66168
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 7409
[TOTAL-LIABILITIES] 73577
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 1724973
[SHARES-COMMON-STOCK] 325
[SHARES-COMMON-PRIOR] 286
[ACCUMULATED-NII-CURRENT] (960)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 87219
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 177199
[NET-ASSETS] 1988756
[DIVIDEND-INCOME] 1356456
[INTEREST-INCOME] 135
[OTHER-INCOME] 0
[EXPENSES-NET] 14659
[NET-INVESTMENT-INCOME] (960)
[REALIZED-GAINS-CURRENT] 45192
[APPREC-INCREASE-CURRENT] 91061
[NET-CHANGE-FROM-OPS] 135293
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 238837
[NUMBER-OF-SHARES-REDEEMED] 12031
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 362099
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 42027
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 13965
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 30951
[AVERAGE-NET-ASSETS] 1872228
[PER-SHARE-NAV-BEGIN] 5.68
[PER-SHARE-NII] 0
[PER-SHARE-GAIN-APPREC] .44
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 6.12
[EXPENSE-RATIO] 1.57
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000709364
[NAME] ROYCE GIFTSHARES FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 474856
[INVESTMENTS-AT-VALUE] 514575
[RECEIVABLES] 824
[ASSETS-OTHER] 74481
[OTHER-ITEMS-ASSETS] 15843
[TOTAL-ASSETS] 605723
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 5155
[TOTAL-LIABILITIES] 5155
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 526041
[SHARES-COMMON-STOCK] 104
[SHARES-COMMON-PRIOR] 100
[ACCUMULATED-NII-CURRENT] (2113)
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 36917
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 39719
[NET-ASSETS] 600568
[DIVIDEND-INCOME] 3082
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] 5195
[NET-INVESTMENT-INCOME] (2113)
[REALIZED-GAINS-CURRENT] 36917
[APPREC-INCREASE-CURRENT] 38880
[NET-CHANGE-FROM-OPS] 73684
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 25070
[NUMBER-OF-SHARES-REDEEMED] 255
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 98729
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 839
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3368
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 18967
[AVERAGE-NET-ASSETS] 541834
[PER-SHARE-NAV-BEGIN] 5.01
[PER-SHARE-NII] (.02)
[PER-SHARE-GAIN-APPREC] .76
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 5.75
[EXPENSE-RATIO] 1.93
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[CIK] 0000709364
[NAME] PENNSYLVANIA MUTUAL FUND
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1996
[PERIOD-END] JUN-30-1996
[INVESTMENTS-AT-COST] 375361003
[INVESTMENTS-AT-VALUE] 538485543
[RECEIVABLES] 4125889
[ASSETS-OTHER] 78476
[OTHER-ITEMS-ASSETS] 108327
[TOTAL-ASSETS] 542798235
[PAYABLE-FOR-SECURITIES] 3941163
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1516351
[TOTAL-LIABILITIES] 5457514
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 288355212
[SHARES-COMMON-STOCK] 65972
[SHARES-COMMON-PRIOR] 81702
[ACCUMULATED-NII-CURRENT] 2868444
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 82926553
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 163124540
[NET-ASSETS] 537340721
[DIVIDEND-INCOME] 5140358
[INTEREST-INCOME] 588345
[OTHER-INCOME] 0
[EXPENSES-NET] 2862940
[NET-INVESTMENT-INCOME] 2865763
[REALIZED-GAINS-CURRENT] 62650050
[APPREC-INCREASE-CURRENT] (34091348)
[NET-CHANGE-FROM-OPS] 31424465
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 21146448
[NUMBER-OF-SHARES-REDEEMED] 145348803
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] (92777890)
[ACCUMULATED-NII-PRIOR] 2681
[ACCUMULATED-GAINS-PRIOR] 20276503
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2270843
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2961014
[AVERAGE-NET-ASSETS] 584462359
[PER-SHARE-NAV-BEGIN] 7.71
[PER-SHARE-NII] .04
[PER-SHARE-GAIN-APPREC] .40
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 8.15
[EXPENSE-RATIO] .99
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
