<PAGE>
<PAGE>
SCHEDULES OF INVESTMENTS
DECEMBER 31, 1996
The Schedules of Investments are integral to and should be read in conjunction
with the accompanying Statements of Assets and Liabilities, Statements of
Operations, Statements of Changes in Net Assets, Financial Highlights, and Notes
to Financial Statements, included in the Annual Report.
- --------------------------------------------------------------------------------
ROYCE LOW-PRICED STOCK FUND
- --------------------------------------------------------------------------------
COMMON STOCKS - 93.4%
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
CONSUMER PRODUCTS - 18.5%
Aldila, Inc.*............................ 94,500 $ 457,734
A.T. Cross Company Cl. A................. 15,000 174,375
Fedders Corporation Cl. A................ 46,000 230,000
Gibson Greetings, Inc.*.................. 8,500 166,813
J & J Snack Foods Corp.*................. 20,900 282,150
Jean-Philippe Fragrances, Inc.*.......... 26,700 173,550
Johnson Worldwide Associates, Inc.
Cl. A*................................. 28,100 372,325
Lifetime Hoan Corporation*............... 26,700 313,725
Lund International Holdings, Inc.*....... 9,600 117,600
Mity-Lite, Inc.*......................... 7,200 90,000
Oakley, Inc.*............................ 10,000 108,750
Pentech International, Inc.*............. 86,700 102,956
The Sirena Apparel Group, Inc.*.......... 42,000 108,937
The Topps Company, Inc.*................. 60,100 240,400
------------
2,939,315
------------
CONSUMER SERVICES - 9.2%
Bertucci's, Inc.*........................ 30,000 161,250
Buffets, Inc.*........................... 45,000 410,625
MovieFone, Inc. Cl. A*................... 12,300 53,813
PCA International, Inc. ................. 10,600 172,250
Sagebrush, Inc.*......................... 39,800 308,450
Shoney's, Inc.*.......................... 50,450 353,150
------------
1,459,538
------------
FINANCIAL INTERMEDIARIES - 1.1%
Intercargo Corporation................... 11,500 98,469
Piper Jaffray Companies Inc. ............ 5,400 84,375
------------
182,844
------------
FINANCIAL SERVICES - 5.7%
Phoenix Duff & Phelps Corporation........ 62,900 448,162
U.S. Global Investors Inc. Cl. A*........ 16,000 38,000
Willis Corroon Group plc`DD'............. 36,000 414,000
------------
900,162
------------
HEALTH - 2.4%
Hauser, Inc.*............................ 20,000 117,500
Nitinol Medical Technologies*............ 21,200 265,000
------------
382,500
------------
INDUSTRIAL PRODUCTS - 8.8%
BHA Group, Inc. ......................... 4,010 64,661
Blessings Corporation.................... 4,400 40,975
CFC International, Inc.*................. 7,600 85,500
<CAPTION>
Shares Value
<S> <C> <C>
DeVlieg-Bullard, Inc.*................... 75,000 $ 208,594
C. H. Heist Corp.*....................... 14,000 108,500
Lilly Industries, Inc. Cl. A............. 6,900 125,925
Mestek, Inc.*............................ 12,100 199,650
Myers Industries, Inc. .................. 10,000 168,750
Oregon Steel Mills, Inc. ................ 6,300 105,525
Synalloy Corporation..................... 8,000 126,000
Todd Shipyards Corporation*.............. 26,400 171,600
------------
1,405,680
------------
INDUSTRIAL SERVICES - 12.8%
AirNet Systems, Inc.*.................... 15,000 221,250
Arnold Industries, Inc. ................. 18,500 293,687
Ecology and Environment, Inc. Cl. A...... 3,800 29,688
Frozen Food Express Industries, Inc. .... 26,800 241,200
Insituform Technologies, Inc.* Cl. A..... 25,000 184,375
Open Plan Systems, Inc.*................. 18,000 157,500
Rush Enterprises, Inc.*.................. 25,000 300,000
Rykoff-Sexton, Inc. ..................... 23,000 365,125
Standard Commercial Corporation*......... 12,000 243,000
------------
2,035,825
------------
NATURAL RESOURCES - 2.5%
Battle Mountain Gold Company............. 10,000 68,750
MK Gold Company*......................... 143,200 214,800
Pegasus Gold Inc.*....................... 10,000 75,625
Royal Oaks Mines Inc.*................... 10,000 32,500
------------
391,675
------------
RETAIL - 17.4%
J. Baker, Inc. .......................... 30,500 162,031
The Bombay Company, Inc.*................ 80,000 370,000
Catherines Stores Corporation*........... 32,800 180,400
Cato Corporation Cl. A................... 60,000 300,000
Charming Shoppes, Inc.*.................. 55,000 278,437
Chico's FAS, Inc.*....................... 61,500 261,375
Deb Shops Inc. .......................... 50,100 212,925
The Dress Barn, Inc.*.................... 7,500 112,500
InterTAN Inc.*........................... 42,000 204,750
Lechters, Inc.*.......................... 70,200 355,387
Sotheby's Holdings, Inc. Cl. A........... 11,200 208,600
Suzy Shier Ltd. ......................... 22,000 127,618
------------
2,774,023
------------
</TABLE>
<PAGE>
<PAGE>
SCHEDULES OF INVESTMENTS
DECEMBER 31, 1996
- --------------------------------------------------------------------------------
ROYCE LOW-PRICED STOCK FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
TECHNOLOGY - 10.1%
ILC Technology, Inc.*.................... 27,000 $ 351,000
Kentech Information Systems, Inc. ....... 28,700 161,438
MacNeal-Schwendler Corporation........... 24,500 192,938
Newport Corporation...................... 23,000 204,125
Scitex Corporation Limited............... 29,000 275,500
Technical Communications Corporation*.... 16,500 218,625
Woodhead Industries, Inc. ............... 15,000 206,250
------------
1,609,876
------------
MISCELLANEOUS - 4.9%............................... 778,669
------------
Total Common Stocks
(Cost $14,959,751)............................... 14,860,107
------------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
REPURCHASE AGREEMENT - 10.7%
State Street Bank and Trust Company, 4.90% dated
12/31/96, due 1/02/97, maturity value $1,700,463,
(collateralized by U.S. Treasury Bonds, 9.25% due
2/15/16 valued at $1,739,306)
(Cost $1,700,000)................................. $ 1,700,000
-----------
TOTAL INVESTMENTS - 104.1 % (COST $16,659,751)...... 16,560,107
LIABILITIES LESS OTHER ASSETS - (4.1%).............. (655,204)
-----------
NET ASSETS - 100.0%................................. $15,904,903
-----------
-----------
</TABLE>
* Non-income producing.
`DD' American Depository Receipt
INCOME TAX INFORMATION - The cost of total investments for federal income tax
purposes was $16,684,620. At December 31, 1996, net unrealized depreciation for
all securities amounted to $124,513, consisting of aggregate gross unrealized
appreciation of $1,118,566 and aggregate gross unrealized depreciation of
$1,243,079. The Fund designates $138,309 as a capital gain for the purpose of
the dividend paid deduction.
- --------------------------------------------------------------------------------
ROYCE TOTAL RETURN FUND
- --------------------------------------------------------------------------------
COMMON STOCKS - 81.4%
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
CONSUMER PRODUCTS - 11.1%
Bassett Furniture Industries,
Incorporated........................... 2,000 $ 49,000
A.T. Cross Company Cl. A................. 10,000 116,250
Garan Incorporated....................... 7,000 135,625
Juno Lighting, Inc. ..................... 5,000 80,000
Skyline Corporation...................... 3,000 74,250
Sturm, Ruger & Company, Inc. ............ 8,000 155,000
Weyco Group, Inc. ....................... 2,000 80,500
------------
690,625
------------
FINANCIAL INTERMEDIARIES - 12.6%
The Commerce Group, Inc.................. 8,000 202,000
PXRE Corporation......................... 5,000 123,750
Pennsylvania Manufacturers Corporation
Cl. A.................................. 12,000 189,000
Trenwick Group Inc....................... 2,000 93,500
Zenith National Insurance Corp........... 6,500 177,937
------------
786,187
------------
FINANCIAL SERVICES - 12.5%
E.W. Blanch Holdings, Inc................ 10,000 201,250
Arthur J. Gallagher & Co................. 6,000 186,000
Phoenix Duff & Phelps Corporation........ 22,700 161,738
<CAPTION>
Shares Value
<S> <C> <C>
Willis Corroon Group plc`DD'............. 20,000 $ 230,000
------------
778,988
------------
INDUSTRIAL PRODUCTS - 18.1%
American Filtrona Corporation............ 4,000 169,500
Blessings Corporation.................... 12,000 111,750
Fab Industries, Inc. .................... 4,000 110,000
International Aluminum Corporation....... 2,000 51,000
Lilly Industries, Inc. Cl. A............. 5,800 105,850
Paul Mueller Company..................... 2,500 93,750
Oregon Steel Mills, Inc. ................ 5,000 83,750
The Standard Register Company............ 8,300 269,750
Woodward Governor Company................ 1,000 132,000
------------
1,127,350
------------
INDUSTRIAL SERVICES - 15.2%
Arnold Industries, Inc................... 10,000 158,750
Bowne & Co., Inc......................... 2,600 64,025
DIMON Incorporated....................... 10,000 231,250
Ennis Business Forms, Inc................ 15,000 168,750
New England Business Service, Inc. ...... 15,000 322,500
------------
945,275
------------
</TABLE>
<PAGE>
<PAGE>
SCHEDULES OF INVESTMENTS
DECEMBER 31, 1996
- --------------------------------------------------------------------------------
ROYCE TOTAL RETURN FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
NATURAL RESOURCES - 1.8%
CalMat Co................................ 5,000 $ 93,750
Florida Rock Industries, Inc. ........... 500 16,375
------------
110,125
------------
RETAIL - 4.2%
Stanhome Inc. ........................... 10,000 265,000
------------
TECHNOLOGY - 5.9%
BGS Systems, Inc......................... 8,000 219,000
Scitex Corporation Limited............... 8,500 80,750
Woodhead Industries, Inc. ............... 5,000 68,750
------------
368,500
------------
Total Common Stocks
(Cost $4,693,766)................................ 5,072,050
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
<S> <C> <C>
CORPORATE BONDS - 4.9%
AnnTaylor Stores Corporation 8.75% Sub.
Deb. due 6/15/00....................... $ 150,000 146,625
International Semi-Tech Corp. 0% Sr. Note
due 8/15/03............................ 100,000 65,000
<CAPTION>
Principal
Amount Value
<S> <C> <C>
Standard Commercial Corp. 7.25% Conv.
Sub. Deb. due 3/31/07.................. $ 100,000 $ 90,875
------------
Total Corporate Bonds
(Cost $256,031).................................. 302,500
------------
REPURCHASE AGREEMENT - 17.6%
State Street Bank & Trust Company, 4.90% dated
12/31/96, due 1/02/97, maturity value $1,100,299,
(collateralized by U. S. Treasury Bonds, 10.625%
due 8/15/15 valued at $1,122,757)
(Cost $1,100,000)................................ 1,100,000
------------
TOTAL INVESTMENTS - 103.9%
(COST $6,049,797)................................ 6,474,550
LIABILITIES LESS OTHER ASSETS - (3.9)%............. (241,013)
------------
NET ASSETS - 100.0%................................ $ 6,233,537
------------
------------
</TABLE>
`DD' American Depository Receipt.
INCOME TAX INFORMATION - The cost of total investments for federal income tax
purposes was $6,049,797. At December 31, 1996, net unrealized appreciation for
all securities amounted to $424,753, consisting of aggregate gross unrealized
appreciation of $528,819 and aggregate gross unrealized depreciation of
$104,066. The Fund designates $178,521 as a capital gain for the purpose of the
dividend paid deduction.
- --------------------------------------------------------------------------------
ROYCE GLOBAL SERVICES FUND
- --------------------------------------------------------------------------------
COMMON STOCKS - 96.0%
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
CONSUMER PRODUCTS - 7.7%
Coca-Cola FEMSA, S.A. de C.V. ADS.......... 1,000 $ 28,875
Panamerican Beverages Inc. Cl. A........... 1,000 46,875
Semi-Tech Corp.*........................... 5,000 18,437
South African Breweries ADR................ 1,005 25,376
Velcro Industries N.V...................... 500 31,250
----------
150,813
----------
CONSUMER SERVICES - 0.7%
Grupo Televisa, S.A. de C.V. GDS*.......... 500 12,812
----------
FINANCIAL INTERMEDIARIES - 19.7%
BHI Corporation............................ 2,000 39,875
Banca Quadrum, S.A. Institucion de Banca
Multiple*................................ 1,000 3,750
Barclays PLC............................... 300 20,625
<CAPTION>
Shares Value
<S> <C> <C>
Grupo Financiero Ser Fin S.A.*............. 2,000 $ 8,250
Leucadia National Corporation.............. 1,300 34,775
Oriental Bank and Trust.................... 750 15,656
PXRE Corporation........................... 3,500 86,625
Pennsylvania Manufacturers Corporation Cl.
A........................................ 5,000 78,750
Piper Jaffray Companies Inc. .............. 900 14,063
Zenith National Insurance Corp. ........... 3,000 82,125
----------
384,494
----------
FINANCIAL SERVICES - 13.6%
American Express Company................... 300 16,950
E.W. Blanch Holdings, Inc. ................ 3,000 60,375
C.I. Fund Management Inc. ................. 1,000 11,492
Invesco plc................................ 300 13,312
Phoenix Duff & Phelps Corporation.......... 4,000 28,500
</TABLE>
<PAGE>
<PAGE>
SCHEDULES OF INVESTMENTS
DECEMBER 31, 1996
- --------------------------------------------------------------------------------
ROYCE GLOBAL SERVICES FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
FINANCIAL SERVICES - (continued)
The Pioneer Group, Inc. ................... 1,500 $ 35,625
U.S. Global Investors Inc. Cl. A*.......... 5,000 11,875
Willis Corroon Group plc ADR............... 7,500 86,250
----------
264,379
----------
HEALTH - 4.8%
Haemonetics Corp.*......................... 5,000 94,375
----------
INDUSTRIAL PRODUCTS - 2.6%
Concordia Paper (Holdings) Limited*........ 1,000 4,750
Simpson Manufacturing Co., Inc.*........... 2,000 46,000
----------
50,750
----------
INDUSTRIAL SERVICES - 19.7%
Bowne & Co., Inc. ......................... 1,500 36,937
Cordiant, Inc. PLC (United Kingdom ADR
Tem)*.................................... 4,000 20,000
DIMON Incorporated......................... 2,000 46,250
FCA International Ltd.*.................... 7,000 10,981
The Failure Group, Inc.*................... 5,000 30,625
The Harper Group........................... 2,700 64,125
Sevenson Environmental Services Inc. ...... 4,000 73,000
Standard Commercial Corporation*........... 3,030 61,358
Telefonica De Argentina SA ADS............. 1,000 25,875
Vallen Corporation*........................ 900 14,962
----------
384,113
----------
NATURAL RESOURCES - 0.8%
MK Gold Company*........................... 10,000 15,000
----------
<CAPTION>
Shares Value
<S> <C> <C>
RETAIL - 10.6%
Amway Asia Pacific Ltd. ................... 500 $ 21,188
Amway Japan Limited........................ 1,000 16,625
Sotheby's Holdings, Inc. Cl. A............. 800 14,900
Stanhome Inc. ............................. 1,500 39,750
Suzy Shier Ltd. ........................... 9,700 56,268
The Talbots, Inc. ......................... 2,000 57,250
----------
205,981
----------
TECHNOLOGY - 6.8%
Marshall Industries*....................... 2,800 85,750
Nam Tai Electronics, Inc. ................. 3,500 27,125
Scitex Corporation Limited................. 2,000 19,000
----------
131,875
----------
UTILITIES - 4.5%
Telecomunicacoes Brasileiras S.A. --
Telebras ADR............................. 500 38,250
Telefonos de Mexico, S.A. de C.V., Cl. L
ADS...................................... 1,500 49,500
----------
87,750
----------
MISCELLANEOUS - 4.5%................................. 88,390
----------
Total Common Stocks
(Cost $1,701,034).................................. 1,870,732
----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
<S> <C> <C>
CORPORATE BOND - 3.4%
International Semi-Tech Corp. 0% Sr. Note
due 8/15/03
(Cost $58,875)........................... $ 100,000 65,000
----------
TOTAL INVESTMENTS - 99.4%
(COST $1,759,909)................................. 1,935,732
OTHER ASSETS LESS LIABILITIES - 0.6%................. 12,153
----------
NET ASSETS - 100.0%.................................. $1,947,885
----------
----------
</TABLE>
* Non-income producing.
The abbreviations ADR, ADS, and GDS refer to American Depository Receipt,
American Depository Share and Global Depository Share, respectively.
INCOME TAX INFORMATION - The cost of total investments for federal income tax
purposes was $1,759,909. At December 31, 1996, net unrealized appreciation for
all securities was $175,823, consisting of aggregate gross unrealized
appreciation of $300,397 and aggregate gross unrealized depreciation of
$124,574. The Fund designates $42,034 as a capital gain for the purpose of the
dividend paid deduction.
<PAGE>
<PAGE>
SCHEDULES OF INVESTMENTS
DECEMBER 31, 1996
- --------------------------------------------------------------------------------
ROYCE EQUITY INCOME FUND
- --------------------------------------------------------------------------------
COMMON STOCKS - 80.6%
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
CONSUMER PRODUCTS - 15.3%
Bassett Furniture Industries,
Incorporated............................ 20,000 $ 490,000
Burnham Corporation Cl. A................. 8,300 244,850
A.T. Cross Company Cl. A.................. 42,800 497,550
Flexsteel Industries, Inc. ............... 52,000 676,000
Garan Incorporated........................ 48,500 939,687
Juno Lighting, Inc. ...................... 33,300 532,800
La-Z-Boy Inc. ............................ 16,900 498,550
National Presto Industries, Inc. ......... 13,300 497,088
Skyline Corporation....................... 18,700 462,825
Sturm, Ruger & Company, Inc. ............. 35,000 678,125
-----------
5,517,475
-----------
FINANCIAL INTERMEDIARIES - 7.4%
Argonaut Group, Inc. ..................... 20,700 636,525
The Commerce Group, Inc. ................. 39,600 999,900
Zenith National Insurance Corp. .......... 37,400 1,023,825
-----------
2,660,250
-----------
FINANCIAL SERVICES - 9.5%
E.W. Blanch Holdings, Inc. ............... 16,100 324,012
Crawford & Company Cl. A.................. 28,200 609,825
Arthur J. Gallagher & Co. ................ 24,000 744,000
The John Nuveen Company Cl. A............. 5,000 132,500
Phoenix Duff & Phelps Corporation......... 71,800 511,575
The Pioneer Group, Inc. .................. 10,000 237,500
Willis Corroon Group plc`DD'.............. 74,100 852,150
-----------
3,411,562
-----------
INDUSTRIAL PRODUCTS - 22.9%
Central Steel & Wire Company.............. 1,162 668,150
Curtiss-Wright Corporation................ 6,800 342,550
Delta Woodside Industries, Inc. .......... 60,000 382,500
Fab Industries, Inc. ..................... 10,000 275,000
P. H. Glatfelter Company.................. 34,400 619,200
International Aluminum Corporation........ 26,500 675,750
Kimball International, Inc. Cl. B......... 9,100 376,513
Lawter International, Inc. ............... 36,100 455,762
Lilly Industries, Inc. Cl. A.............. 43,400 792,050
Minuteman International, Inc. ............ 30,000 270,000
Paul Mueller Company...................... 15,000 562,500
Oregon Steel Mills, Inc. ................. 25,000 418,750
Oshkosh Truck Corporation Cl. B........... 24,900 264,562
The Standard Register Company............. 37,400 1,215,500
Woodward Governor Company................. 7,100 937,200
-----------
8,255,987
-----------
INDUSTRIAL SERVICES - 11.5%
Arnold Industries, Inc. .................. 35,300 560,388
Bowne & Co., Inc. ........................ 20,200 497,425
DIMON Incorporated........................ 23,400 541,125
<CAPTION>
Shares Value
<S> <C> <C>
Ecology and Environment, Inc. Cl. A....... 28,000 $ 218,750
Ennis Business Forms, Inc. ............... 61,900 696,375
Lufkin Industries, Inc. .................. 12,800 320,000
New England Business Service, Inc. ....... 55,700 1,197,550
REFAC Technology Development
Corporation............................. 20,700 121,613
-----------
4,153,226
-----------
NATURAL RESOURCES - 4.7%
CalMat Co................................. 30,400 570,000
Florida Rock Industries, Inc. ............ 20,400 668,100
The Newhall Land and Farming Company...... 26,600 448,875
-----------
1,686,975
-----------
RETAIL - 5.8%
Blair Corporation......................... 16,700 321,475
Family Dollar Stores, Inc. ............... 40,600 827,225
Stanhome Inc. ............................ 35,800 948,700
-----------
2,097,400
-----------
TECHNOLOGY - 3.5%
Helix Technology Corporation.............. 11,500 333,500
Landauer Inc. ............................ 13,400 328,300
Scitex Corporation Limited................ 60,900 578,550
-----------
1,240,350
-----------
Total Common Stocks
Cost ($ 25,827,978)..................... 29,023,225
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
<S> <C> <C>
CORPORATE BONDS - 12.7%
AnnTaylor Stores Corporation 8.75% Sub.
Deb. due 6/15/00........................ $ 364,000 355,810
J. Baker, Inc. 7.00% Conv. Sub. Deb. due
6/01/02................................. 611,000 497,965
Charming Shoppes, Inc. 7.50% Conv. Sub.
Note due 7/15/06........................ 500,000 492,500
California Community Bancshares Corp. Var.
Rate Conv. Deb. due 4/30/03............. 290,000 304,500
Dixie Yarns, Inc. 7.00% Conv. Sub. Deb.
due 5/15/12............................. 601,000 477,795
Fieldcrest Cannon, Inc. 6.00% Conv. Sub.
Deb. due 3/15/12........................ 281,000 213,560
Figgie International Inc. 9.875% Sr. Note
due 10/01/99............................ 400,000 416,000
RLI Corp. 6.00% Conv. Sub. Deb. due
7/15/03................................. 340,000 441,150
Richardson Electronics, Ltd. 7.25% Conv.
Sub. Deb. due 12/15/06.................. 855,000 726,750
Shoney's, Inc. 0% Conv. Sub. Deb. due
4/11/04................................. 620,000 254,975
</TABLE>
<PAGE>
<PAGE>
SCHEDULES OF INVESTMENTS
DECEMBER 31, 1996
- --------------------------------------------------------------------------------
ROYCE EQUITY INCOME FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
<S> <C> <C>
Standard Commercial Corp. 7.25% Conv. Sub.
Deb. due 3/31/07........................ $ 400,000 $ 363,500
-----------
Total Corporate Bonds
Cost ($4,053,054)....................... 4,544,505
-----------
REPURCHASE AGREEMENT - 6.1%
State Street Bank and Trust Company, 4.90% dated
12/31/96, due 1/02/97, maturity value $2,200,599
(collateralized by U.S. Treasury Notes, 7.25% due
8/15/04, valued at $2,245,688)
Cost ($2,200,000)................................. 2,200,000
-----------
</TABLE>
<TABLE>
<CAPTION>
Value
<S> <C>
TOTAL INVESTMENTS - 99.4%
(COST $32,081,032)............................... $35,767,730
OTHER ASSETS LESS LIABILITIES - 0.6%................ 228,711
-----------
NET ASSETS - 100.0%................................. $35,996,441
-----------
-----------
</TABLE>
`DD' American Depository Receipt.
INCOME TAX INFORMATION - The cost of total investments for federal income tax
purposes was $32,320,577. At December 31, 1996, net unrealized appreciation for
all securities amounted to $3,447,153, consisting of aggregate gross unrealized
appreciation of $4,752,446 and aggregate gross unrealized depreciation of
$1,305,293. The fund designates $3,241,423 as a capital gain for the purpose of
the dividend paid deduction.
STATEMENT OF DIFFERENCES
The double dagger symbol shall be expressed as....................'DD'
