N-Q 1 e89720.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-03599

Name of Fund:	The Royce Fund
Fund Address:	745 Fifth Avenue
	New York, NY 10151

Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
745 Fifth Avenue
New York, NY 10151

Registrant’s telephone number, including area code: (212) 508-4500

Date of fiscal year end: 12/31/2009

Date of reporting period: 3/31/2009

Item 1 – Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
MARCH 31, 2009 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 97.1%

Consumer Products – 7.0%
Apparel, Shoes and Accessories - 2.1%
Carter’s ^a	50,000	$	940,500
Columbia Sportswear	227,388		6,803,449
Fossil ^a	45,875		720,237
Gildan Activewear ^a,b	21,400		173,340
Guess?	114,800		2,419,984
Hanesbrands ^a,b	39,500		378,015
K-Swiss Cl. A ^a	654,450		5,589,003
Movado Group	167,620		1,263,855
Polo Ralph Lauren	16,000		676,000
Skechers U.S.A. Cl. A ^a	33,500		223,445
Steven Madden ^a	455,350		8,551,473
Timberland Company (The) Cl. A ^a	194,587		2,323,369
True Religion Apparel ^a	92,800		1,095,968
Volcom ^a,b	78,250		759,025
Warnaco Group (The) ^a,b	25,300		607,200
Weyco Group ^c	590,500		15,305,760
Wolverine World Wide	594,981		9,269,804

			57,100,427

Consumer Electronics - 0.9%
Dolby Laboratories Cl. A ^a	676,150		23,063,477
Harman International Industries	162,100		2,193,213

			25,256,690

Food/Beverage/Tobacco - 0.6%
Industrias Bachoco ADR	56,300		632,812
J & J Snack Foods	31,566		1,091,868
J.M. Smucker Company (The)	1,500		55,905
Lance	9,267		192,939
National Beverage ^a	15,000		137,550
PepsiAmericas	8,800		151,800
Sanderson Farms	367,332		13,793,316

			16,056,190

Health, Beauty and Nutrition - 1.1%
Inter Parfums	1,140,450		6,648,823
NBTY ^a	593,700		8,359,296
Nu Skin Enterprises Cl. A	919,033		9,640,656
Nutraceutical International ^a,c	737,810		4,943,327
NutriSystem	47,588		679,081
Steiner Leisure ^a	7,705		188,079

			30,459,262

Home Furnishing and Appliances - 1.6%
American Woodmark	669,936		11,764,076
Ethan Allen Interiors	947,903		10,673,388
Furniture Brands International ^a	512,600		753,522
Mohawk Industries ^a,b	396,100		11,831,507
National Presto Industries	9,512		580,327
Natuzzi ADR ^a	2,096,300		2,410,745
Stanley Furniture ^a,c	689,924		5,188,229

			43,201,794

Sports and Recreation - 0.7%
Arctic Cat ^a,b	17,647		67,588
Callaway Golf	26,582		190,859
Polaris Industries	90,126		1,932,301
RC2 Corporation ^a	182,400		961,248
Thor Industries	656,950		10,261,559
Winnebago Industries ^a	1,421,450		7,547,900

			20,961,455

Total			193,035,818

Consumer Services – 6.3%
Leisure and Entertainment - 0.8%
DreamWorks Animation SKG Cl. A ^a	427,000		9,240,280
International Speedway Cl. A	296,996		6,551,732
World Wrestling Entertainment Cl. A	524,254		6,049,891

			21,841,903

Online Commerce - 0.0%
1-800-FLOWERS.COM Cl. A ^a	345,225		714,616

Restaurants and Lodgings - 0.4%
Ark Restaurants ^a	122,800		1,137,128
Bob Evans Farms	7,755		173,867
CEC Entertainment ^a	384,781		9,958,132
DineEquity ^a,b	6,790		80,530

			11,349,657

Retail Stores - 5.1%
Abercrombie & Fitch Cl. A	327,400		7,792,120
American Eagle Outfitters	770,100		9,426,024
America’s Car-Mart ^a	436,600		5,933,394
Ann Taylor Stores ^a	327,600		1,703,520
Big Lots ^a	20,417		424,265
BJ’s Wholesale Club ^a	208,300		6,663,517
Brown Shoe	25,000		93,750
Buckle (The)	404,754		12,923,795
Build-A-Bear Workshop ^a,b	60,900		369,663
CarMax ^a,b	495,000		6,157,800
Cash America International	51,300		803,358
Cato Corporation (The) Cl. A	1,077,950		19,704,926
Charming Shoppes ^a	4,528,700		6,340,180
Children’s Place Retail Stores ^a	12,300		269,247
China Nepstar Chain Drugstore ADR	280,300		1,135,215
Christopher & Banks	1,450		5,930
Dollar Tree ^a	14,500		645,975
Dress Barn (The) ^a	1,650,926		20,289,881
DSW Cl. A ^a,b	84,400		784,076
Family Dollar Stores	116,315		3,881,432
GameStop Corporation Cl. A ^a,b	7,700		215,754
Men’s Wearhouse (The)	153,043		2,317,071
Penske Automotive Group ^a,b	289,200		2,698,236
Pier 1 Imports ^a	2,548,800		1,427,328
Regis Corporation	250,300		3,616,835
Rent-A-Center ^a	21,700		420,329
Ross Stores	21,340		765,679
Tiffany & Co.	827,000		17,830,120
Tuesday Morning ^a	370,000		469,900
Urban Outfitters ^a	200,000		3,274,000

			138,383,320

Total			172,289,496

Financial Intermediaries – 9.9%
Banking - 0.0%
Bankrate ^a,b	25,000		623,750
Northern Trust	6,200		370,884
Wilmington Trust	16,300		157,947

			1,152,581

Insurance - 6.4%
Alleghany Corporation ^a	88,007		23,834,833
American Safety Insurance Holdings ^a	368,340		4,239,593
Amerisafe ^a	120,700		1,849,124
Aspen Insurance Holdings	439,200		9,864,432
Baldwin & Lyons Cl. B	310,427		5,873,279
Berkley (W.R.)	37,100		836,605
CNA Surety ^a	513,295		9,465,160
CRM Holdings ^a	7,000		4,480
E-L Financial	24,850		7,095,692
EMC Insurance Group	142,130		2,994,679
Enstar Group ^a	86,900		4,894,208
Erie Indemnity Cl. A	437,480		14,953,066
Fidelity National Financial Cl. A	529,100		10,322,741
Greenlight Capital Re Cl. A ^a	39,800		635,606
Harleysville Group	177,300		5,639,913
HCC Insurance Holdings	10,900		274,571
Horace Mann Educators	23,439		196,185
Leucadia National ^a	300,000		4,467,000
Markel Corporation ^a	10,800		3,065,904
Marsh & McLennan Companies	12,660		256,365
Max Capital Group	456,800		7,875,232
Meadowbrook Insurance Group	896,204		5,466,844
Montpelier Re Holdings	594,413		7,703,593
Navigators Group ^a	3,770		177,869
PartnerRe	2,100		130,347
ProAssurance Corporation ^a	276,154		12,874,300
Reinsurance Group of America	273,600		8,861,904
RenaissanceRe Holdings	171		8,454
RLI	66,954		3,361,091
State Auto Financial	113,948		2,005,485
Stewart Information Services	116,600		2,273,700
Transatlantic Holdings	217		7,740
Validus Holdings	286,500		6,784,320
Wesco Financial	1,676		462,576
White Mountains Insurance Group	3,000		515,730
Zenith National Insurance	285,713		6,888,540

			176,161,161

Securities Brokers - 2.7%
DundeeWealth	157,500		623,354
E*TRADE Financial ^a,b	300,000		384,000
Evercore Partners Cl. A	166,100		2,566,245
GFI Group	580,000		1,861,800
Interactive Brokers Group Cl. A ^a,b	260,300		4,198,639
Investment Technology Group ^a	25,000		638,000
Jefferies Group ^b	783,300		10,809,540
KBW ^a,b	208,200		4,236,870
Knight Capital Group Cl. A ^a	994,520		14,659,225
Lazard Cl. A	725,600		21,332,640
Stifel Financial ^a	293,799		12,724,435

			74,034,748

Securities Exchanges - 0.5%
MarketAxess Holdings ^a	233,600		1,784,704
Singapore Exchange	122,500		411,218
TMX Group	385,400		10,928,022

			13,123,944

Other Financial Intermediaries - 0.3%
KKR Financial Holdings ^a	1,455,007		1,294,956
NASDAQ OMX Group ^a	358,800		7,025,304

			8,320,260

Total			272,792,694

Financial Services – 8.0%
Diversified Financial Services - 0.0%
FCStone Group ^a	43,789		99,839

Information and Processing - 2.8%
Dun & Bradstreet	55,100		4,242,700
FactSet Research Systems	316,500		15,821,835
Fiserv ^a	9,300		339,078
Global Payments	3,491		116,634
Interactive Data	453,500		11,274,010
MoneyGram International ^a,b	2,405,100		2,838,018
Morningstar ^a	494,800		16,897,420
MSCI Cl. A ^a,b	339,500		5,740,945
SEI Investments	1,515,800		18,507,918
Western Union	17,600		221,232

			75,999,790

Insurance Brokers - 1.2%
Brown & Brown	1,110,960		21,008,254
Gallagher (Arthur J.) & Co.	718,900		12,221,300
National Financial Partners ^a,b	6,900		22,080
Willis Group Holdings	9,800		215,600

			33,467,234

Investment Management - 3.9%
Affiliated Managers Group ^a	217,865		9,087,149
AGF Management Cl. B	846,600		5,532,983
AllianceBernstein Holding L.P.	1,301,550		19,158,816
CI Financial	480,000		5,326,142
Cohen & Steers	704,170		7,858,537
Eaton Vance	185,900		4,247,815
Federated Investors Cl. B	1,188,700		26,460,462
Franklin Resources	2,800		150,836
GAMCO Investors Cl. A	145,200		4,740,780
Pzena Investment Management Cl. A ^a,b	136,200		260,142
Teton Advisors ^a,d	2,167		4,919
Waddell & Reed Financial Cl. A	1,053,100		19,029,517
Westwood Holdings Group	98,400		3,846,456

			105,704,554

Specialty Finance - 0.1%
GATX Corporation	24,800		501,704
Portfolio Recovery Associates ^a	122,285		3,282,129

			3,783,833

Other Financial Services - 0.0%
Heartland Payment Systems	4,800		31,728
IntercontinentalExchange ^a	7,300		543,631

			575,359

Total			219,630,609

Health – 6.0%
Commercial Services - 0.3%
Owens & Minor	270,000		8,945,100
PAREXEL International ^a	58,000		564,340

			9,509,440

Drugs and Biotech - 1.5%
Celera Corporation ^a	446,300		3,405,269
Endo Pharmaceuticals Holdings ^a	734,180		12,980,303
Forest Laboratories ^a	21,400		469,944
Hi-Tech Pharmacal ^a	530,400		3,023,280
ICON ADR ^a	148,600		2,399,890
Lexicon Pharmaceuticals ^a	1,497,400		1,632,166
Life Technologies ^a	6,800		220,864
Obagi Medical Products ^a	946,302		5,091,105
Perrigo Company	400,633		9,947,717
Regeneron Pharmaceuticals ^a	100,000		1,386,000
ViroPharma ^a	50,000		262,500
WuXi PharmaTech Cayman ADR ^a	141,800		642,354

			41,461,392

Health Services - 1.9%
Advisory Board (The) ^a	717,179		11,890,828
Air Methods ^a	43,700		738,967
Covance ^a	19,900		709,037
Cross Country Healthcare ^a	240,700		1,576,585
eResearch Technology ^a	188,044		989,111
Healthcare Services Group	434,850		6,509,705
HealthSouth Corporation ^a	915,000		8,125,200
Hooper Holmes ^a	2,392,970		1,076,836
Lincare Holdings ^a	378,204		8,244,847
On Assignment ^a	85,000		230,350
Pharmaceutical Product Development	110,200		2,613,944
Res-Care ^a	74,600		1,086,176
U.S. Physical Therapy ^a,c	905,675		8,766,934

			52,558,520

Medical Products and Devices - 2.3%
Atrion Corporation	1,500		132,360
CONMED Corporation ^a	80,932		1,166,230
Dentsply International	26,200		703,470
Hill-Rom Holdings	75		742
Home Diagnostics ^a,c	878,647		4,981,929
ICU Medical ^a	26,437		849,156
IDEXX Laboratories ^a,b	509,197		17,608,032
Immucor ^a	13,609		342,266
Palomar Medical Technologies ^a	149,151		1,082,836
Schein (Henry) ^a,b	72,100		2,884,721
STERIS Corporation	542,631		12,632,450
Techne Corporation	152,877		8,363,901
Thoratec Corporation ^a	366,600		9,417,954
Young Innovations	111,350		1,725,925

			61,891,972

Total			165,421,324

Industrial Products – 15.9%
Automotive - 1.9%
ATC Technology ^a	497,959		5,577,141
Copart ^a	728,525		21,608,051
Dorman Products ^a	516,760		4,821,371
Eaton Corporation	8,100		298,566
Gentex Corporation	524,500		5,224,020
Harley-Davidson	50,000		669,500
SORL Auto Parts ^a	38,867		69,961
Strattec Security ^a	150,000		1,251,000
Superior Industries International	443,600		5,256,660
WABCO Holdings	511,097		6,291,604
Wescast Industries Cl. A ^a	46,100		24,132
Wonder Auto Technology ^a,b	60,177		215,434

			51,307,440

Building Systems and Components - 1.9%
AAON	435,378		7,889,049
Apogee Enterprises	24,700		271,206
Armstrong World Industries ^a	668,700		7,362,387
Drew Industries ^a	901,244		7,822,798
NCI Building Systems ^a,b	399,171		886,160
Preformed Line Products	197,086		7,418,317
Quanex Building Products	30,370		230,812
Simpson Manufacturing	1,186,600		21,382,532

			53,263,261

Construction Materials - 0.6%
Ash Grove Cement	50,018		9,253,330
Owens Corning ^a	850,700		7,690,328
United Rentals ^a	37,400		157,454

			17,101,112

Industrial Components - 1.6%
Bel Fuse Cl. A	88,704		1,102,591
BYD Company ^a	87,600		163,105
CLARCOR	471,000		11,864,490
Donaldson Company	200,000		5,368,000
FARO Technologies ^a	12,087		162,449
GrafTech International ^a	555,600		3,422,496
Hubbell Cl. B	12,300		331,608
PerkinElmer	893,970		11,415,997
Powell Industries ^a	317,000		11,193,270

			45,024,006

Machinery - 3.5%
Astec Industries ^a,b	225,300		5,909,619
Briggs & Stratton	252,600		4,167,900
Cascade Corporation	236,000		4,160,680
Columbus McKinnon ^a	65,600		572,032
Franklin Electric	522,400		11,560,712
FreightCar America	9,000		157,770
Intermec ^a,b	7,000		72,800
Lincoln Electric Holdings	499,876		15,841,070
Nordson Corporation	433,332		12,319,629
Regal-Beloit	54,000		1,654,560
Robbins & Myers	397,162		6,024,948
Rofin-Sinar Technologies ^a	1,194,579		19,256,613
Tennant Company	645,700		6,050,209
Wabtec Corporation	254,400		6,711,072
Woodward Governor	153,566		1,716,868

			96,176,482

Metal Fabrication and Distribution - 2.8%
Allegheny Technologies	260,700		5,717,151
Carpenter Technology	314,875		4,446,035
Castle (A.M.) & Co.	30,200		269,384
Commercial Metals	171,800		1,984,290
Encore Wire	29,000		621,470
Foster (L.B.) Company Cl. A ^a	17,000		422,110
Fushi Copperweld ^a,b	124,300		596,640
Gibraltar Industries ^a	321,212		1,516,121
Haynes International ^a	277,608		4,946,974
Kennametal	786,771		12,753,558
Reliance Steel & Aluminum	426,400		11,227,112
Schnitzer Steel Industries Cl. A	441,610		13,862,138
Sims Metal Management ADR	1,029,415		12,270,627
Steel Dynamics	118,605		1,044,910
Trinity Industries	10,000		91,400
Universal Stainless & Alloy Products ^a,c	375,527		3,631,346

			75,401,266

Miscellaneous Manufacturing - 1.0%
AZZ ^a,b	5,400		142,506
Brady Corporation Cl. A	475,700		8,386,591
Crane Company	37,500		633,000
Harsco Corporation	27,200		603,024
HNI Corporation	114,400		1,189,760
Matthews International Cl. A	6,990		201,382
Mettler-Toledo International ^a	171,300		8,792,829
Raven Industries	206,100		4,282,758
Steelcase Cl. A	100,000		501,000
Teleflex	50,000		1,954,500

			26,687,350

Paper and Packaging - 0.4%
AptarGroup	209,132		6,512,370
Greif Cl. A	153,400		5,106,686

			11,619,056

Pumps, Valves and Bearings - 1.6%
Gardner Denver ^a	758,077		16,480,594
Graco	504,800		8,616,936
IDEX Corporation	517,900		11,326,473
Kaydon Corporation	252,731		6,907,138

			43,331,141

Specialty Chemicals and Materials - 0.6%
Balchem Corporation	35,325		887,717
Cabot Corporation	327,000		3,436,770
Cytec Industries	30,000		450,600
Lubrizol Corporation (The)	56,300		1,914,763
Olin Corporation	59,700		851,919
OM Group ^a	86,600		1,673,112
Quaker Chemical	11,671		92,668
Schulman (A.)	9,257		125,432
Sensient Technologies	50,000		1,175,000
Westlake Chemical	353,000		5,164,390

			15,772,371

Other Industrial Products - 0.0%
Herman Miller	26,592		283,471

Total			435,966,956

Industrial Services – 15.4%
Advertising and Publishing - 0.4%
Airmedia Group ADR ^a,b	255,215		1,069,351
Scholastic Corporation	552,825		8,331,073
ValueClick ^a	243,600		2,073,036

			11,473,460

Commercial Services - 9.2%
Acacia Research-Acacia Technologies ^a	106,329		433,822
Administaff	487,793		10,307,066
Barrett Business Services	493,301		4,745,556
Brink’s Company (The)	260,935		6,904,340
Cintas Corporation	67,700		1,673,544
Convergys Corporation ^a	107,300		866,984
Corinthian Colleges ^a	138,600		2,695,770
Corporate Executive Board	591,500		8,576,750
CRA International ^a	444,263		8,387,685
Exponent ^a	313,893		7,950,910
Forrester Research ^a	288,200		5,925,392
FTI Consulting ^a,b	157,000		7,768,360
Gartner ^a	864,200		9,514,842
Grupo Aeroportuario del Centro Norte ADR	50,300		365,178
Heidrick & Struggles International	408,262		7,242,568
Hewitt Associates Cl. A ^a	700,800		20,855,808
ITT Educational Services ^a	2,811		341,312
Jackson Hewitt Tax Service ^a,b	5,500		28,710
Kelly Services Cl. A ^a	10,600		85,330
Kforce ^a	830,300		5,837,009
Korn/Ferry International ^a	964,648		8,739,711
Landauer	156,300		7,921,284
LECG Corporation ^a	1,054,448		2,678,298
Lincoln Educational Services ^a	4,691		85,939
Manpower	451,766		14,244,182
ManTech International Cl. A ^a	235,900		9,884,210
MAXIMUS	255,000		10,164,300
Monster Worldwide ^a	375,200		3,057,880
MPS Group ^a	1,175,100		6,991,845
Resources Connection ^a	404,631		6,101,835
Ritchie Bros. Auctioneers	1,240,300		23,057,177
Robert Half International	299,500		5,340,085
Rollins	130		2,230
Sotheby’s	711,194		6,400,746
TrueBlue ^a	1,068,340		8,813,805
Universal Technical Institute ^a	733,500		8,802,000
Viad Corporation	75,000		1,059,000
Waste Services ^a	311,700		1,334,076
Watson Wyatt Worldwide Cl. A	370,585		18,295,781
Wright Express ^a	20,000		364,400

			253,845,720

Engineering and Construction - 1.6%
Desarrolladora Homex ADR ^a,b	142,400		1,885,376
EMCOR Group ^a	60,000		1,030,200
HLS Systems International ^a,b	194,850		633,262
Integrated Electrical Services ^a	595,156		5,427,823
KBR	1,058,100		14,612,361
NVR ^a	46,724		19,986,191

			43,575,213

Food, Tobacco and Agriculture - 0.4%
Cal-Maine Foods	27,600		617,964
Corn Products International	19,200		407,040
Hormel Foods	18,200		577,122
Intrepid Potash ^a,b	133,303		2,459,440
Origin Agritech ^a	177,400		484,302
Zapata Corporation ^a,c	1,009,600		5,764,816

			10,310,684

Industrial Distribution - 1.3%
Applied Industrial Technologies	469,700		7,923,839
Mine Safety Appliances	350,200		7,011,004
MSC Industrial Direct Cl. A	514,400		15,982,408
Pool Corporation	302,700		4,056,180
Watsco ^b	9,900		336,897

			35,310,328

Printing - 0.0%
Courier Corporation	3,006		45,601

Transportation and Logistics - 2.5%
Arkansas Best	157,800		3,001,356
Atlas Air Worldwide Holdings ^a	38,330		665,026
Forward Air	662,800		10,757,244
Landstar System	604,100		20,219,227
Pacer International ^a	362,272		1,267,952
Patriot Transportation Holding ^a	80,800		5,035,456
Star Bulk Carriers ^a,b	1,120,977		2,488,569
Tidewater	159,300		5,914,809
Universal Truckload Services	526,613		7,551,630
UTI Worldwide	974,000		11,639,300

			68,540,569

Total			423,101,575

Natural Resources – 11.5%
Energy Services - 5.7%
Calfrac Well Services	285,000		1,530,338
CARBO Ceramics	495,900		14,103,396
CE Franklin ^a	146,553		606,730
Ensign Energy Services	2,230,000		19,314,404
Exterran Holdings ^a,b	408,100		6,537,762
Helmerich & Payne	612,864		13,954,913
ION Geophysical ^a	816,700		1,274,052
Lufkin Industries	1,526		57,805
Major Drilling Group International	209,400		2,006,307
Oil States International ^a	1,253,327		16,819,648
Pason Systems	2,040,600		15,408,084
Patterson-UTI Energy	876,166		7,850,447
Pioneer Drilling ^a,b	1,036,302		3,399,071
Rowan Companies ^a	439,600		5,262,012
RPC	598,710		3,969,447
SEACOR Holdings ^a	229,600		13,387,976
ShawCor Cl. A	159,200		2,445,831
Superior Well Services ^a	77,924		399,750
Trican Well Service	1,538,300		7,857,433
Unit Corporation ^a	838,680		17,545,186
Willbros Group ^a	242,000		2,347,400
Yingli Green Energy Holding ADR ^a,b	43,800		263,676

			156,341,668

Oil and Gas - 0.9%
Bill Barrett ^a	5,843		129,948
Cimarex Energy	626,908		11,522,569
Crosstex Energy	299,900		491,836
Frontier Oil	496,407		6,349,046
GMX Resources ^a,b	17,000		110,500
PetroCorp ^a,d	210,800		0
St. Mary Land & Exploration	444,300		5,878,089

			24,481,988

Precious Metals and Mining - 4.0%
Agnico-Eagle Mines	646,500		36,798,780
AMCOL International	21,832		323,987
Eldorado Gold ^a,b	1,989,400		17,904,600
Hecla Mining ^a	2,161,200		4,322,400
International Coal Group ^a,b	1,109,640		1,786,520
Ivanhoe Mines ^a	1,829,700		11,252,655
Pan American Silver ^a	726,000		12,646,920
Randgold Resources ADR	234,500		12,745,075
Red Back Mining ^a	391,700		2,532,007
Silver Standard Resources ^a	679,000		10,945,480
Sino Gold Mining ^a	120,000		442,223

			111,700,647

Real Estate - 0.9%
Jones Lang LaSalle	219,900		5,114,874
PICO Holdings ^a	160,000		4,811,200
St. Joe Company (The) ^a,b	828,100		13,862,394

			23,788,468

Other Natural Resources - 0.0%
First Quantum Minerals	16,000		450,507

Total			316,763,278

Technology – 16.1%
Aerospace and Defense - 1.2%
Alliant Techsystems ^a	6,910		462,832
BE Aerospace ^a	95,400		827,118
Ceradyne ^a	11,233		203,654
Curtiss-Wright	290,310		8,143,196
FLIR Systems ^a	194,738		3,988,234
HEICO Corporation	479,000		11,639,700
HEICO Corporation Cl. A	117,900		2,432,277
Integral Systems ^a	162,548		1,397,913
Teledyne Technologies ^a	135,000		3,601,800

			32,696,724

Components and Systems - 3.8%
AAC Acoustic Technologies Holdings	1,604,300		755,366
Benchmark Electronics ^a	814,200		9,119,040
Celestica ^a	8,600		30,616
Diebold	512,800		10,948,280
Dionex Corporation ^a	294,226		13,902,179
Energy Conversion Devices ^a,b	360,200		4,779,854
Lexmark International ^a	291,000		4,909,170
Logitech International ^a,b	1,110,700		11,417,996
MKS Instruments ^a	498,320		7,310,354
MTS Systems	305,358		6,946,895
Nam Tai Electronics ^a	311,397		1,158,397
Newport Corporation ^a	290,000		1,281,800
Plexus Corporation ^a	966,500		13,357,030
Rimage Corporation ^a,c	623,703		8,326,435
Starent Networks ^a,b	14,100		222,921
Super Micro Computer ^a	1,075,550		5,291,706
Technitrol	1,299,035		2,221,350
Thomas & Betts ^a	34,450		861,939
VTech Holdings	153,300		595,948
Western Digital ^a	67,700		1,309,318
Zebra Technologies Cl. A ^a	32,022		609,058

			105,355,652

Distribution - 0.4%
Agilysys	25,000		107,500
Anixter International ^a	68,630		2,174,198
Arrow Electronics ^a	17,200		327,832
ScanSource ^a	19,700		366,026
Tech Data ^a	321,005		6,991,489

			9,967,045

Internet Software and Services - 0.0%
Akamai Technologies ^a	38,100		739,140

IT Services - 2.6%
Black Box	272,700		6,438,447
Jack Henry & Associates	137,369		2,241,862
Perot Systems Cl. A ^a	1,541,328		19,852,305
Sapient Corporation ^a	1,791,526		8,008,121
SRA International Cl. A ^a	942,475		13,854,383
Sykes Enterprises ^a,b	28,480		473,622
Syntel	575,576		11,845,354
Total System Services	617,200		8,523,532

			71,237,626

Semiconductors and Equipment - 3.4%
Advanced Energy Industries ^a	590,244		4,444,537
Analog Devices	5,000		96,350
Cabot Microelectronics ^a	223,976		5,382,143
Cirrus Logic ^a	590,900		2,221,784
Cognex Corporation	888,835		11,865,947
Coherent ^a	565,256		9,750,666
Cymer ^a	13,900		309,414
Diodes ^a,b	959,700		10,182,417
Entegris ^a	761,600		654,976
Exar Corporation ^a	824,441		5,144,512
Fairchild Semiconductor International ^a	1,253,300		4,674,809
GSI Group ^a	99,120		94,164
International Rectifier ^a	311,000		4,201,610
IPG Photonics ^a	70,800		596,136
IXYS Corporation ^a	266,600		2,148,796
KLA-Tencor	18,000		360,000
Lam Research ^a	104,650		2,382,881
MEMC Electronic Materials ^a	35,200		580,448
Microsemi ^a	50,000		580,000
NVIDIA Corporation ^a	43,200		425,952
OmniVision Technologies ^a	836,986		5,624,546
Sanmina-SCI Corporation ^a	169,700		51,758
Semitool ^a	1,177,902		3,274,568
Sigma Designs ^a	18,900		235,116
Supertex ^a	1,600		36,960
Techwell ^a	20,277		127,948
TTM Technologies ^a	300,000		1,740,000
Varian ^a	242,842		5,765,069
Varian Semiconductor Equipment Associates ^a	279,400		6,051,804
Verigy ^a	406,700		3,355,275

			92,360,586

Software - 2.8%
ACI Worldwide ^a	435,731		8,169,956
Adobe Systems ^a	18,330		392,079
ANSYS ^a,b	460,400		11,556,040
Blackbaud	630,622		7,321,521
Epicor Software ^a	4,584		17,465
Fair Isaac	558,700		7,860,909
Manhattan Associates ^a	150,000		2,598,000
MICROS Systems ^a	17,101		320,644
MSC.Software ^a	160,300		904,092
National Instruments	893,100		16,656,315
NCR Corporation ^a	265,600		2,111,520
Net 1 UEPS Technologies ^a	68,000		1,034,280
Pervasive Software ^a,c	1,461,500		5,699,850
SPSS ^a	287,500		8,173,625
Teradata Corporation ^a	350,800		5,689,976

			78,506,272

Telecommunications - 1.9%
ADC Telecommunications ^a,b	77,900		341,981
ADTRAN	837,069		13,568,889
Catapult Communications ^a	273,000		1,902,810
Cogo Group ^a,b	75,100		501,668
Comtech Telecommunications ^a	565,539		14,008,401
Digi International ^a	388,644		2,980,899
Globecomm Systems ^a	56,270		325,803
Harmonic ^a	96,600		627,900
NETGEAR ^a	1,015,300		12,234,365
Plantronics	69,181		835,015
Premiere Global Services ^a,b	516,500		4,555,530
Tekelec ^a,b	62,600		828,198

			52,711,459

Total			443,574,504

Utilities – 0.0%
EQT Corporation	7,930		248,447
UGI Corporation	18,035		425,806
Wisconsin Energy	6,300		259,371

Total			933,624


Miscellaneous ^e – 1.0%
Total			28,116,858

TOTAL COMMON STOCKS
(Cost $3,862,569,232)			2,671,626,736

REPURCHASE AGREEMENT – 2.8%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $76,697,277 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $78,615,673) (Cost $76,697,000)			76,697,000

COLLATERAL RECEIVED FOR SECURITIES LOANED – 2.3%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.371%)
(Cost $62,861,224)			62,861,224

TOTAL INVESTMENTS – 102.2%
(Cost $4,002,127,456)			2,811,184,960

LIABILITIES LESS CASH AND OTHER ASSETS – (2.2)%			(59,175,169	)

NET ASSETS – 100.0%		$	2,752,009,791


SCHEDULE OF INVESTMENTS
ROYCE MICRO-CAP FUND
MARCH 31, 2009 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 92.4%

Consumer Products – 7.6%
Apparel, Shoes and Accessories - 2.8%
Fuqi International ^a	500,500	$	2,352,350
LaCrosse Footwear ^c	493,669		3,983,909
True Religion Apparel ^a	309,000		3,649,290
Van De Velde	68,000		2,081,463
Volcom ^a,b	288,900		2,802,330

			14,869,342

Food/Beverage/Tobacco - 2.3%
Anglo-Eastern Plantations	334,674		1,347,760
Asian Citrus Holdings	1,176,000		2,475,991
HQ Sustainable Maritime Industries ^a	280,000		2,142,000
Sipef	136,000		4,488,529
Societe Internationale de Plantations d’Heveas	93,000		2,224,230

			12,678,510

Health, Beauty and Nutrition - 0.3%
Nutraceutical International ^a	223,100		1,494,770

Home Furnishing and Appliances - 1.1%
AS Creation Tapeten ^c	157,400		3,063,204
Ekornes	133,300		1,292,715
Lumber Liquidators ^a,b	123,600		1,575,900

			5,931,819

Sports and Recreation - 1.1%
Arctic Cat ^a,b,c	974,200		3,731,186
Piscines Desjoyaux	240,000		924,343
RC2 Corporation ^a	260,000		1,370,200

			6,025,729

Total			41,000,170

Consumer Services – 6.0%
Direct Marketing - 0.4%
Manutan International	57,530		1,982,535

Leisure and Entertainment - 0.3%
Multimedia Games ^a,b	901,900		1,939,085

Online Commerce - 0.6%
CryptoLogic ^c	726,975		3,329,545

Restaurants and Lodgings - 0.5%
City Lodge Hotels	398,000		2,711,557

Retail Stores - 4.2%
A.C. Moore Arts & Crafts ^a	215,700		407,673
Buckle (The)	223,275		7,129,171
Cache ^a,c	775,800		2,234,304
Cato Corporation (The) Cl. A	201,150		3,677,022
Jos. A. Bank Clothiers ^a	161,100		4,480,191
Lewis Group	591,500		2,669,879
Stein Mart ^a,b	632,058		1,826,647

			22,424,887

Total			32,387,609

Financial Intermediaries – 4.5%
Banking - 1.0%
Bancorp (The) ^a	173,567		732,453
BB Holdings ^a	1,363,750		2,769,424
Canadian Western Bank	209,200		1,725,634

			5,227,511

Insurance - 2.5%
American Physicians Service Group	70,000		1,341,900
American Safety Insurance Holdings ^a	266,000		3,061,660
Argo Group International Holdings ^a	103,605		3,121,619
Navigators Group ^a	75,900		3,580,962
United Fire & Casualty	100,000		2,196,000

			13,302,141

Securities Brokers - 1.0%
Sanders Morris Harris Group	948,000		3,697,200
Thomas Weisel Partners Group ^a,b	509,506		1,824,031

			5,521,231

Total			24,050,883

Financial Services – 3.3%
Investment Management - 3.0%
Brait	1,332,500		1,475,614
CapMan Cl. B ^a	1,937,100		2,059,628
Deutsche Beteiligungs	362,100		4,506,302
Endeavour Financial ^b	1,021,000		1,214,705
Sprott Resource ^a	1,256,900		2,691,648
U.S. Global Investors Cl. A	166,000		808,420
Westwood Holdings Group	87,700		3,428,193

			16,184,510

Special Purpose Acquisition Corporation - 0.3%
Cockleshell ^a	1,699,860		1,280,498

Total			17,465,008

Health – 9.7%
Commercial Services - 0.2%
PDI ^a	359,200		1,091,968

Drugs and Biotech - 2.7%
DUSA Pharmaceuticals ^a,b	664,300		850,304
Dyax Corporation ^a	877,484		2,202,485
Fornix Biosciences	188,000		1,936,609
Genoptix ^a	39,400		1,074,832
Lexicon Pharmaceuticals ^a	3,004,591		3,275,004
Maxygen ^a,b	148,800		1,011,840
Orchid Cellmark ^a,b	1,461,322		906,019
ULURU ^a,b,c	3,344,310		601,976
Vetoquinol	123,000		2,124,529
YM Biosciences ^a	1,307,600		509,964

			14,493,562

Health Services - 2.4%
Bio-Imaging Technologies ^a	489,500		1,683,880
Computer Programs and Systems	145,600		4,844,112
CorVel Corporation ^a	117,855		2,383,028
LCA-Vision ^a	519,419		1,511,510
U.S. Physical Therapy ^a	231,840		2,244,211

			12,666,741

Medical Products and Devices - 4.4%
Anika Therapeutics ^a	237,048		1,083,309
Bruker Corporation ^a	358,637		2,209,204
Cerus Corporation ^a,b	592,700		403,036
Cynosure Cl. A ^a	300,900		1,832,481
Exactech ^a	160,900		1,848,741
Merit Medical Systems ^a	75,400		920,634
Neogen Corporation ^a	215,100		4,695,633
NMT Medical ^a	266,200		212,960
SenoRx ^a	582,824		2,016,571
Shamir Optical Industry ^a	221,700		667,317
Solta Medical ^a	485,700		310,848
STRATEC Biomedical Systems	61,000		873,138
Syneron Medical ^a	504,906		2,994,093
Young Innovations	237,940		3,688,070

			23,756,035

Total			52,008,306

Industrial Products – 11.5%
Automotive - 1.2%
ATC Technology ^a	253,500		2,839,200
Landi Renzo	1,290,000		3,842,861

			6,682,061

Building Systems and Components - 2.4%
AAON	301,669		5,466,242
Drew Industries ^a	520,900		4,521,412
LSI Industries	523,850		2,708,305

			12,695,959

Industrial Components - 0.8%
Graham Corporation	278,100		2,494,557
Orion Energy Systems ^a,b	390,200		1,720,782

			4,215,339

Machinery - 2.0%
Burckhardt Compression Holding	31,500		2,932,542
Kadant ^a	251,300		2,894,976
Key Technology ^a,c	337,114		2,966,603
Manitou BF ^a	145,000		934,633
Technotrans ^a	251,600		1,053,137

			10,781,891

Metal Fabrication and Distribution - 2.1%
Castle (A.M.) & Co.	31,500		280,980
Foster (L.B.) Company Cl. A ^a	166,642		4,137,721
Olympic Steel	372,800		5,655,376
Samuel Manu-Tech	386,400		1,225,888

			11,299,965

Miscellaneous Manufacturing - 1.0%
PMFG ^a	157,871		1,244,024
Semperit AG Holding	183,500		3,559,384
Synalloy Corporation	90,700		476,175

			5,279,583

Pumps, Valves and Bearings - 0.8%
Pfeiffer Vacuum Technology	75,500		4,466,165

Specialty Chemicals and Materials - 1.2%
American Vanguard	276,533		3,567,276
Phoscan Chemical ^a	2,968,200		682,723
Victrex	285,001		2,069,792

			6,319,791

Total			61,740,754

Industrial Services – 15.0%
Commercial Services - 6.7%
Barrett Business Services	125,901		1,211,168
Begbies Traynor	1,453,000		2,459,980
Brunel International	193,000		2,433,116
CRA International ^a	109,977		2,076,366
Electro Rent	214,400		2,066,816
Exponent ^a	233,609		5,917,316
Forrester Research ^a	78,800		1,620,128
GP Strategies ^a	660,700		2,352,092
Healthcare Locums	728,000		1,333,735
Heritage-Crystal Clean ^a	118,200		881,772
Intersections ^a	509,555		2,715,928
Kforce ^a	960,600		6,753,018
Lincoln Educational Services ^a	184,319		3,376,724
Willdan Group ^a,b,c	419,600		700,732

			35,898,891

Engineering and Construction - 2.5%
Cavco Industries ^a	265,001		6,254,024
Layne Christensen ^a	107,500		1,727,525
Sterling Construction ^a	298,400		5,323,456

			13,305,005

Food, Tobacco and Agriculture - 0.6%
Zapata Corporation ^a	634,900		3,625,279

Industrial Distribution - 0.3%
Houston Wire & Cable	195,200		1,512,800

Printing - 1.9%
Courier Corporation	266,132		4,037,222
CSS Industries	140,700		2,391,900
Domino Printing Sciences	619,400		1,670,963
Ennis	224,400		1,988,184

			10,088,269

Transportation and Logistics - 3.0%
Euroseas	772,651		2,974,706
Marten Transport ^a	220,850		4,125,478
Patriot Transportation Holding ^a	112,319		6,999,720
Vitran Corporation ^a	385,450		2,027,467

			16,127,371

Total			80,557,615

Natural Resources – 16.9%
Energy Services - 4.4%
Boots & Coots International Well Control ^a,b	2,268,500		2,835,625
Dawson Geophysical ^a	160,960		2,172,960
Gulf Island Fabrication	149,984		1,201,372
Lamprell	2,552,200		2,395,623
OYO Geospace ^a,b	117,997		1,541,041
Pioneer Drilling ^a	256,000		839,680
Savanna Energy Services	134,500		544,059
Superior Well Services ^a	212,000		1,087,560
T-3 Energy Services ^a	208,605		2,457,367
Tesco Corporation ^a	279,800		2,188,036
TGC Industries ^a,c	1,115,613		2,443,192
Total Energy Services Trust	984,300		2,615,328
World Energy Solutions ^a	3,781,000		1,184,561

			23,506,404

Oil and Gas - 1.1%
Approach Resources ^a	423,300		2,624,460
Gran Tierra Energy ^a,b	919,700		2,308,447
Kodiak Oil & Gas ^a,b	1,233,200		443,952
Pearl Exploration and Production ^a	1,050,300		758,069
PetroCorp ^a,d	465,300		0

			6,134,928

Precious Metals and Mining - 10.7%
Alamos Gold ^a	744,900		5,358,695
Alexco Resource ^a	951,200		1,259,918
Allied Nevada Gold ^a	1,249,200		7,307,820
Aquiline Resources ^a	2,114,900		4,529,053
Bear Creek Mining ^a	616,600		806,940
Centamin Egypt ^a	1,597,200		1,368,160
Crosshair Exploration & Mining ^a	1,948,000		233,760
Eldorado Gold ^a	327,000		2,943,000
Endeavour Silver ^a,b	1,031,800		1,599,290
Entree Gold ^a	1,586,700		1,967,508
Fronteer Development Group ^a,b	2,138,400		5,174,928
Gammon Gold ^a	436,786		2,826,005
Great Basin Gold ^a	1,929,400		2,479,083
Greystar Resources ^a	617,000		2,006,425
Horsehead Holding ^a	595,900		3,277,450
Lumina Copper ^a,b	1,715,900		748,529
Midway Gold ^a	1,176,800		522,690
Minco Silver ^a	1,303,100		1,240,260
Quaterra Resources ^a	844,000		435,120
Red Back Mining ^a	489,100		3,161,616
Rusoro Mining ^a	1,188,000		518,242
Silvercorp Metals	1,995,000		4,528,650
US Gold ^a,b	1,309,204		2,670,776
Western Copper ^a	2,430,100		722,785

			57,686,703

Real Estate - 0.7%
Kennedy-Wilson ^a	134,900		3,709,750

Total			91,037,785

Technology – 16.7%
Aerospace and Defense - 0.7%
American Science & Engineering	17,256		962,885
Ducommun	204,800		2,977,792

			3,940,677

Components and Systems - 1.5%
LaCie	527,000		1,322,380
SMART Modular Technologies (WWH) ^a	1,105,000		1,524,900
Super Micro Computer ^a	516,089		2,539,158
Vaisala Cl. A	39,000		1,098,260
Xyratex ^a	744,200		1,637,240

			8,121,938

Distribution - 0.6%
Diploma	2,277,000		3,013,106

IT Services - 0.7%
Neurones	586,000		3,776,659

Semiconductors and Equipment - 8.0%
Advanced Energy Industries ^a	291,200		2,192,736
ATMI ^a	326,800		5,042,524
CEVA ^a	695,000		5,059,600
GSI Group ^a	672,460		638,837
GSI Technology ^a	786,800		1,951,264
Ikanos Communications ^a	486,700		691,114
Rubicon Technology ^a,b	303,330		1,610,682
Rudolph Technologies ^a	322,800		978,084
Semitool ^a	580,000		1,612,400
Sigma Designs ^a,b	345,175		4,293,977
Smartrac ^a	140,000		1,750,550
STEC ^a,b	371,200		2,735,744
Supertex ^a	253,800		5,862,780
TTM Technologies ^a	886,800		5,143,440
Wolfson Microelectronics ^a	2,302,800		3,479,122

			43,042,854

Software - 1.3%
Double-Take Software ^a	456,350		3,084,926
Fundtech ^a	328,900		2,802,228
Phoenix Technologies ^a	605,602		981,075
PLATO Learning ^a	141,416		251,721

			7,119,950

Telecommunications - 3.9%
Anaren ^a	656,200		7,178,828
Atlantic Tele-Network	299,400		5,742,492
Ceragon Networks ^a,b	689,100		2,928,675
Digi International ^a	449,600		3,448,432
KVH Industries ^a	303,100		1,503,376

			20,801,803

Total			89,816,987

Miscellaneous ^e – 1.2%
Total			6,493,011

TOTAL COMMON STOCKS
(Cost $791,096,856)			496,558,128

PREFERRED STOCK – 0.6%
Kennedy-Wilson Conv. ^d,f
(Cost $4,500,000)	4,500		2,946,424

REPURCHASE AGREEMENT – 6.9%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $37,262,135 (collateralized by obligations of various U.S. Government Agencies, 3.375% due 4/15/09-4/17/09, valued at $38,196,006) (Cost $37,262,000)			37,262,000

COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.4%
Money Market Funds
Federated Government Obligations Fund (7 day yield-0.371%)
(Cost $7,539,744)			7,539,744

TOTAL INVESTMENTS – 101.3%
(Cost $840,398,600)			544,306,296

LIABILITIES LESS CASH AND OTHER ASSETS – (1.3)%			(7,013,809	)

NET ASSETS – 100.0%		$	537,292,487

SCHEDULE OF INVESTMENTS
ROYCE PREMIER FUND
MARCH 31, 2009 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 94.7%

Consumer Products – 11.2%
Apparel, Shoes and Accessories - 5.8%
Columbia Sportswear	771,600	$	23,086,272
Fossil ^a,b,c	4,070,790		63,911,403
Polo Ralph Lauren	1,294,200		54,679,950
Timberland Company (The) Cl. A ^a,c	2,893,900		34,553,166

			176,230,791

Food/Beverage/Tobacco - 1.4%
Sanderson Farms ^c	1,142,000		42,882,100

Health, Beauty and Nutrition - 1.4%
Nu Skin Enterprises Cl. A ^c	4,086,500		42,867,385

Home Furnishing and Appliances - 0.6%
Ethan Allen Interiors ^c	1,758,790		19,803,976

Sports and Recreation - 2.0%
Thor Industries ^c	3,979,300		62,156,666

Total			343,940,918

Consumer Services – 0.5%
Retail Stores - 0.5%
Dollar Tree ^a	379,200		16,893,360

Total			16,893,360

Financial Intermediaries – 9.7%
Insurance - 5.4%
Alleghany Corporation ^a	324,929		88,000,565
ProAssurance Corporation ^a,b	1,633,449		76,151,392

			164,151,957

Securities Brokers - 2.3%
Knight Capital Group Cl. A ^a,c	4,667,200		68,794,528

Securities Exchanges - 2.0%
TMX Group	2,208,900		62,633,387

Total			295,579,872

Financial Services – 5.1%
Information and Processing - 2.6%
Interactive Data	2,569,100		63,867,826
Morningstar ^a	448,075		15,301,761

			79,169,587

Investment Management - 2.5%
Affiliated Managers Group ^a	500,000		20,855,000
Federated Investors Cl. B	2,484,600		55,307,196

			76,162,196

Total			155,331,783

Health – 6.1%
Drugs and Biotech - 4.4%
Endo Pharmaceuticals Holdings ^a	3,638,650		64,331,332
Perrigo Company	2,767,900		68,726,957

			133,058,289

Medical Products and Devices - 1.7%
IDEXX Laboratories ^a,b	1,511,500		52,267,670

Total			185,325,959

Industrial Products – 20.2%
Automotive - 1.4%
Copart ^a	1,491,100		44,226,026

Building Systems and Components - 2.0%
Simpson Manufacturing ^c	3,358,986		60,528,928

Industrial Components - 0.4%
PerkinElmer	877,100		11,200,567

Machinery - 5.0%
Lincoln Electric Holdings ^c	2,469,597		78,261,529
Wabtec Corporation	1,183,237		31,213,792
Woodward Governor ^c	3,841,024		42,942,648

			152,417,969

Metal Fabrication and Distribution - 6.8%
Kennametal	1,504,500		24,387,945
Reliance Steel & Aluminum	2,419,800		63,713,334
Schnitzer Steel Industries Cl. A ^c	1,690,600		53,067,934
Sims Metal Management ADR	5,573,195		66,432,485

			207,601,698

Miscellaneous Manufacturing - 1.3%
Matthews International Cl. A	501,600		14,451,096
Rational	327,562		26,124,622

			40,575,718

Pumps, Valves and Bearings - 1.8%
Gardner Denver ^a	2,488,400		54,097,816

Specialty Chemicals and Materials - 1.5%
Westlake Chemical	3,174,500		46,442,935

Total			617,091,657

Industrial Services – 10.1%
Commercial Services - 6.0%
Corinthian Colleges ^a	2,097,465		40,795,694
Gartner ^a	4,548,400		50,077,884
Hewitt Associates Cl. A ^a,b	184,700		5,496,672
Ritchie Bros. Auctioneers	3,914,000		72,761,260
Sotheby’s	1,509,800		13,588,200

			182,719,710

Food, Tobacco and Agriculture - 0.7%
CF Industries Holdings	328,500		23,366,205

Industrial Distribution - 1.6%
MSC Industrial Direct Cl. A	772,184		23,991,757
Pool Corporation	1,811,400		24,272,760

			48,264,517

Transportation and Logistics - 1.8%
Arkansas Best ^c	2,056,902		39,122,276
UTI Worldwide	1,312,800		15,687,960

			54,810,236

Total			309,160,668

Natural Resources – 13.4%
Energy Services - 5.8%
Ensign Energy Services	7,103,000		61,520,273
Pason Systems	3,369,300		25,440,780
Trican Well Service	5,949,100		30,387,218
Unit Corporation ^a,c	2,920,474		61,096,316

			178,444,587

Oil and Gas - 0.6%
Cimarex Energy	1,047,200		19,247,536

Precious Metals and Mining - 5.0%
Pan American Silver ^a,c	5,210,044		90,758,967
Silver Standard Resources ^a,b,c	3,827,399		61,697,672

			152,456,639

Real Estate - 2.0%
Jones Lang LaSalle	859,700		19,996,622
St. Joe Company (The) ^a,b	2,374,550		39,749,967

			59,746,589

Total			409,895,351

Technology – 18.0%
Aerospace and Defense - 1.4%
Ceradyne ^a,c	2,395,700		43,434,041

Components and Systems - 5.3%
Benchmark Electronics ^a	2,240,000		25,088,000
Dionex Corporation ^a,b,c	1,294,500		61,165,125
MKS Instruments ^a,c	2,941,910		43,157,820
Zebra Technologies Cl. A ^a	1,662,600		31,622,652

			161,033,597

IT Services - 2.3%
Jack Henry & Associates	1,423,540		23,232,173
Perot Systems Cl. A ^a	3,770,900		48,569,192

			71,801,365

Semiconductors and Equipment - 4.4%
Cabot Microelectronics ^a,b,c	1,836,200		44,123,886
Cognex Corporation ^c	2,947,717		39,352,022
Varian Semiconductor Equipment Associates ^a	2,304,151		49,907,910

			133,383,818

Software - 2.2%
Fair Isaac	1,610,100		22,654,107
National Instruments	2,400,701		44,773,074

			67,427,181

Telecommunications - 2.4%
ADTRAN	2,923,929		47,396,889
Comtech Telecommunications ^a,b	1,003,250		24,850,502

			72,247,391

Total			549,327,393

Miscellaneous ^e – 0.4%
Total			14,103,360

TOTAL COMMON STOCKS
(Cost $3,462,114,963)			2,896,650,321

REPURCHASE AGREEMENT – 5.2%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $157,983,570 (collateralized by obligations of various U.S. Government Agencies, due 4/17/09, valued at $161,937,325) (Cost $157,983,000)			157,983,000

COLLATERAL RECEIVED FOR SECURITIES LOANED – 1.4%
Money Market Funds Federated Government Obligations Fund (7 day yield-0.371%) (Cost $43,092,984)			43,092,984

TOTAL INVESTMENTS – 101.3%
(Cost $3,663,190,947)			3,097,726,305

LIABILITIES LESS CASH AND OTHER ASSETS – (1.3)%			(40,231,773	)

NET ASSETS – 100.0%		$	3,057,494,532

SCHEDULE OF INVESTMENTS
ROYCE LOW-PRICED STOCK FUND
MARCH 31, 2009 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 94.0%

Consumer Products – 7.6%
Apparel, Shoes and Accessories - 2.5%
Fossil ^a	1,862,550	$	29,242,035
K-Swiss Cl. A ^a	852,000		7,276,080
Timberland Company (The) Cl. A ^a,b	1,730,100		20,657,394

			57,175,509

Food/Beverage/Tobacco - 0.5%
Industrias Bachoco ADR	889,298		9,995,710

Health, Beauty and Nutrition - 2.4%
Nu Skin Enterprises Cl. A ^c	3,621,200		37,986,388
NutriSystem	1,191,816		17,007,214

			54,993,602

Home Furnishing and Appliances - 0.5%
Helen of Troy ^a	638,796		8,783,445
Natuzzi ADR ^a,c	2,982,000		3,429,300

			12,212,745

Sports and Recreation - 1.7%
Beneteau	815,000		6,640,625
Callaway Golf	2,350,066		16,873,474
RC2 Corporation ^a,b	650,062		3,425,826
Winnebago Industries ^a,b,c	1,970,535		10,463,541

			37,403,466

Total			171,781,032

Consumer Services – 4.7%
Leisure and Entertainment - 0.4%
DreamWorks Animation SKG Cl. A ^a,b	260,600		5,639,384
New Frontier Media ^a,b,c	2,001,488		3,302,455

			8,941,839

Retail Stores - 4.3%
American Eagle Outfitters	150,000		1,836,000
AnnTaylor Stores ^a,b	669,700		3,482,440
Buckle (The)	811,675		25,916,783
Cato Corporation (The) Cl. A	697,350		12,747,558
Charming Shoppes ^a,b	5,492,715		7,689,801
Hibbett Sports ^a,b	260,137		4,999,833
Lewis Group	1,543,747		6,968,076
Men’s Wearhouse (The)	1,297,200		19,639,608
Pacific Sunwear of California ^a,b	1,366,800		2,268,888
Tuesday Morning ^a	1,291,300		1,639,951
Williams-Sonoma	940,405		9,479,283

			96,668,221

Total			105,610,060

Financial Intermediaries – 8.5%
Banking - 0.2%
Wilmington Trust	479,500		4,646,355

Insurance - 4.1%
Argo Group International Holdings ^a,b	521,897		15,724,757
Aspen Insurance Holdings	753,000		16,912,380
CNA Surety ^a,b	475,800		8,773,752
Greenlight Capital Re Cl. A ^a,b	623,812		9,962,278
Navigators Group ^a	100,200		4,727,436
NYMAGIC	339,900		4,146,780
Validus Holdings	1,362,790		32,270,867

			92,518,250

Securities Brokers - 2.7%
Ichiyoshi Securities	1,086,000		4,711,324
Jefferies Group ^b	748,200		10,325,160
Knight Capital Group Cl. A ^a,b	2,324,500		34,263,130
Mito Securities ^a	2,493,000		6,057,098
Thomas Weisel Partners Group ^a,b	1,134,500		4,061,510
TradeStation Group ^a	393,600		2,597,760

			62,015,982

Securities Exchanges - 1.1%
MarketAxess Holdings ^a,b	1,390,841		10,626,025
TMX Group	470,500		13,341,034

			23,967,059

Other Financial Intermediaries - 0.4%
KKR Financial Holdings ^a,c	9,036,960		8,042,894

Total			191,190,540

Financial Services – 2.8%
Insurance Brokers - 0.4%
Brown & Brown	500,000		9,455,000

Investment Management - 2.4%
Brait	3,862,000		4,276,787
CapMan Cl. B ^a	2,918,978		3,103,613
Deutsche Beteiligungs	409,995		5,102,351
Federated Investors Cl. B	899,700		20,027,322
Sprott	5,013,800		18,093,901
U.S. Global Investors Cl. A	669,400		3,259,978

			53,863,952

Total			63,318,952

Health – 4.7%
Drugs and Biotech - 2.9%
Cypress Bioscience ^a	968,949		6,889,227
Endo Pharmaceuticals Holdings ^a	1,859,200		32,870,656
Exelixis ^a,b	394,300		1,813,780
Infinity Pharmaceuticals ^a	360,200		2,960,844
Lexicon Pharmaceuticals ^a,b	2,027,300		2,209,757
Maxygen ^a	790,200		5,373,360
ViroPharma ^a	1,588,100		8,337,525
VIVUS ^a	890,250		3,845,880

			64,301,029

Health Services - 1.1%
Cross Country Healthcare ^a,b,c	2,328,100		15,249,055
eResearch Technology ^a,b	1,586,250		8,343,675
MedQuist ^a	750,200		1,913,010

			25,505,740

Medical Products and Devices - 0.7%
Bruker Corporation ^a	876,979		5,402,191
Caliper Life Sciences ^a,c	2,431,229		2,406,917
CONMED Corporation ^a	255,500		3,681,755
Medical Action Industries ^a,b	444,250		3,682,832
Vital Images ^a	114,234		1,287,417

			16,461,112

Total			106,267,881

Industrial Products – 11.5%
Automotive - 1.7%
Copart ^a,b	347,498		10,306,790
Gentex Corporation	1,494,232		14,882,551
Landi Renzo	4,118,000		12,267,364
Spartan Motors	210,000		844,200

			38,300,905

Building Systems and Components - 0.4%
AAON	471,250		8,539,050

Industrial Components - 1.6%
GrafTech International ^a	2,982,400		18,371,584
Littelfuse ^a,b	150,000		1,648,500
Powell Industries ^a,b	446,409		15,762,702

			35,782,786

Machinery - 1.0%
Lincoln Electric Holdings	434,663		13,774,471
Manitou BF ^a	270,211		1,741,711
Woodward Governor	625,700		6,995,326

			22,511,508

Metal Fabrication and Distribution - 5.1%
Allegheny Technologies	137,000		3,004,410
Castle (A.M.) & Co. ^c	2,189,667		19,531,830
Kennametal	1,753,000		28,416,130
Olympic Steel	510,800		7,748,836
Schnitzer Steel Industries Cl. A	539,800		16,944,322
Sims Metal Management ADR	3,310,100		39,456,392

			115,101,920

Miscellaneous Manufacturing - 0.1%
Steelcase Cl. A	649,700		3,254,997

Pumps, Valves and Bearings - 0.7%
Gardner Denver ^a,b	725,618		15,774,935

Specialty Chemicals and Materials - 0.9%
Schulman (A.)	621,190		8,417,124
Symyx Technologies ^a,b	748,123		3,329,147
Victrex	700,000		5,083,682
Westlake Chemical	354,800		5,190,724

			22,020,677

Total			261,286,778


Industrial Services – 10.2%
Advertising and Publishing - 0.4%
ValueClick ^a	1,152,600		9,808,626

Commercial Services - 5.1%
CBIZ ^a	597,600		4,165,272
Corinthian Colleges ^a	173,704		3,378,543
Exponent ^a	250,400		6,342,632
Forrester Research ^a,b	518,300		10,656,248
Heidrick & Struggles International	182,000		3,228,680
Kforce ^a,b	1,453,000		10,214,590
Korn/Ferry International ^a,c	2,651,563		24,023,161
LECG Corporation ^a,b,c	1,722,490		4,375,124
ManTech International Cl. A ^a,b	80,200		3,360,380
MAXIMUS	246,891		9,841,075
Monster Worldwide ^a	399,000		3,251,850
MPS Group ^a	494,700		2,943,465
TrueBlue ^a,c	2,669,100		22,020,075
Universal Technical Institute ^a,b	587,800		7,053,600

			114,854,695

Engineering and Construction - 0.2%
Dycom Industries ^a,b	928,400		5,375,436

Food, Tobacco and Agriculture - 2.4%
Imperial Sugar ^c	963,740		6,929,291
Intrepid Potash ^a,b	1,604,900		29,610,405
Omega Protein ^a,b	396,000		1,045,440
Terra Industries	600,000		16,854,000

			54,439,136

Industrial Distribution - 0.4%
Houston Wire & Cable ^c	1,291,200		10,006,800

Printing - 0.5%
Ennis	1,254,600		11,115,756

Transportation and Logistics - 1.2%
Heartland Express	688,366		10,194,700
Universal Truckload Services	389,961		5,592,041
Werner Enterprises	690,600		10,441,872

			26,228,613

Total			231,829,062

Natural Resources – 23.7%
Energy Services - 7.6%
Calfrac Well Services	1,744,300		9,366,205
Ensign Energy Services	3,414,100		29,570,092
Global Industries ^a,b	1,936,950		7,437,888
Lamprell	5,311,000		4,985,171
Major Drilling Group International	770,800		7,385,203
Oil States International ^a	836,200		11,221,804
Pason Systems	2,225,700		16,805,729
RPC	1,474,964		9,779,011
Tesco Corporation ^a,c	3,077,305		24,064,525
Total Energy Services Trust ^c	1,966,700		5,225,607
Trican Well Service	4,631,500		23,657,091
Unit Corporation ^a,b	1,013,400		21,200,328

			170,698,654

Oil and Gas - 0.5%
Frontier Oil	600,000		7,674,000
St. Mary Land & Exploration	328,000		4,339,440

			12,013,440

Precious Metals and Mining - 15.6%
Agnico-Eagle Mines	745,000		42,405,400
Alamos Gold ^a	5,048,400		36,317,408
Allied Nevada Gold ^a,b	2,228,850		13,038,773
AMCOL International	76,900		1,141,196
Denison Mines ^a,b	3,096,300		2,260,299
Fronteer Development Group ^a,b	4,027,700		9,747,034
Gammon Gold ^a	5,104,400		33,025,468
Hecla Mining ^a,b	8,836,000		17,672,000
Ivanhoe Mines ^a,b	5,909,800		36,345,270
Northam Platinum	2,040,000		5,563,949
NovaGold Resources ^a,b	1,536,000		4,239,360
Pan American Silver ^a,b	2,427,863		42,293,373
Randgold Resources ADR	350,000		19,022,500
Red Back Mining ^a	3,348,200		21,643,266
Seabridge Gold ^a,b	350,000		7,927,500
Silver Standard Resources ^a,b	2,194,800		35,380,176
Silvercorp Metals	6,688,200		15,182,214
Thompson Creek Metals ^a,b	1,978,000		7,852,660
Uranium Resources ^a,b	2,746,500		1,290,855

			352,348,701

Total			535,060,795

Technology – 19.4%
Aerospace and Defense - 1.5%
HEICO Corporation Cl. A	1,221,563		25,200,845
Integral Systems ^a,c	954,294		8,206,928

			33,407,773

Components and Systems - 1.7%
Brocade Communications Systems ^a	3,140,376		10,834,297
Methode Electronics	1,226,000		4,389,080
MKS Instruments ^a	1,419,600		20,825,532
Technitrol	799,600		1,367,316
Trimble Navigation ^a,b	138,000		2,108,640

			39,524,865

Internet Software and Services - 0.6%
iPass ^a,b,c	3,526,917		3,526,917
RealNetworks ^a	2,773,900		6,463,187
United Online	650,000		2,899,000

			12,889,104

IT Services - 2.7%
Jack Henry & Associates	397,100		6,480,672
Perot Systems Cl. A ^a	2,813,611		36,239,309
SRA International Cl. A ^a,b	577,000		8,481,900
Syntel	480,067		9,879,779

			61,081,660

Semiconductors and Equipment - 7.0%
Advanced Energy Industries ^a,b	714,100		5,377,173
Brooks Automation ^a,b	2,096,182		9,663,399
CEVA ^a,c	1,281,400		9,328,592
Cirrus Logic ^a	1,628,400		6,122,784
Cognex Corporation	477,738		6,377,802
Entegris ^a	1,279,300		1,100,198
Exar Corporation ^a	561,700		3,505,008
Fairchild Semiconductor International ^a,b	3,875,800		14,456,734
IPG Photonics ^a,b	468,900		3,948,138
Lam Research ^a,b	443,800		10,105,326
NetList ^a,b,c	1,435,734		272,789
Novellus Systems ^a,b	650,000		10,809,500
OmniVision Technologies ^a	1,767,700		11,878,944
Semitool ^a	1,148,333		3,192,366
Sigma Designs ^a,c	1,356,358		16,873,094
Silicon Motion Technology ADR ^a,b	745,000		2,071,100
Skyworks Solutions ^a	385,000		3,103,100
STEC ^a,b	709,400		5,228,278
Tessera Technologies ^a,b	267,902		3,581,850
Trident Microsystems ^a	1,950,143		2,847,209
TTM Technologies ^a,c	2,350,035		13,630,203
Varian Semiconductor Equipment Associates ^a	499,200		10,812,672
Verigy ^a	660,200		5,446,650

			159,732,909

Software - 1.5%
Avid Technology ^a,b	535,515		4,894,607
DivX ^a,b,c	2,037,507		10,248,660
Epicor Software ^a,b	457,500		1,743,075
MSC.Software ^a,b	2,081,702		11,740,800
SPSS ^a	110,272		3,135,033
THQ ^a,b	462,500		1,406,000

			33,168,175

Telecommunications - 4.4%
ADTRAN	1,866,200		30,251,102
Arris Group ^a,b	2,259,200		16,650,304
Harmonic ^a,b	1,200,000		7,800,000
KVH Industries ^a,c	1,150,200		5,704,992
NETGEAR ^a,b	1,442,800		17,385,740
Novatel Wireless ^a,c	2,894,776		16,268,641
PC-Tel ^a,c	1,295,592		5,571,046

			99,631,825

Total			439,436,311

Miscellaneous ^e – 0.9%
Total			20,427,570

TOTAL COMMON STOCKS
(Cost $3,029,156,163)			2,126,208,981

REPURCHASE AGREEMENT – 5.4%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $120,847,436 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $123,873,033) (Cost $120,847,000)			120,847,000

COLLATERAL RECEIVED FOR SECURITIES LOANED – 2.8%
Money Market Funds
Federated Government Obligations Fund (7 day yield-0.371%)
(Cost $64,026,759)			64,026,759

TOTAL INVESTMENTS – 102.2%
(Cost $3,214,029,922)			2,311,082,740

LIABILITIES LESS CASH AND OTHER ASSETS – (2.2)%			(48,796,958	)

NET ASSETS – 100.0%		$	2,262,285,782

SCHEDULE OF INVESTMENTS
ROYCE TOTAL RETURN FUND
MARCH 31, 2009 (UNAUDITED)
		SHARES	VALUE
COMMON STOCKS – 95.7%

Consumer Products – 6.7%
Apparel, Shoes and Accessories - 2.7%
Cherokee		9,658	$	150,665
Columbia Sportswear		588,630		17,611,810
Guess?		178,400		3,760,672
Jones Apparel Group		483,500		2,040,370
K-Swiss Cl. A ^a		158,675		1,355,084
Liz Claiborne ^a		25,890		63,948
Movado Group		107,029		806,999
Phillips-Van Heusen		123,684		2,805,153
Polo Ralph Lauren		430,000		18,167,500
Weyco Group		351,662		9,115,079
Wolverine World Wide		1,413,315		22,019,448

				77,896,728

Food/Beverage/Tobacco - 2.2%
Flowers Foods		400,000		9,392,000
Hershey Creamery		173		310,535
J & J Snack Foods		379,122		13,113,830
J.M. Smucker Company (The)		324,000		12,075,480
Lancaster Colony		398,000		16,509,040
Mannatech		316,298		1,053,272
Tootsie Roll Industries		448,208		9,735,069

				62,189,226

Health, Beauty and Nutrition - 0.6%
Inter Parfums		1,107,483		6,456,626
Nu Skin Enterprises Cl. A		677,050		7,102,255
NutriSystem		283,027		4,038,795

				17,597,676

Home Furnishing and Appliances - 0.6%
Ethan Allen Interiors		214,060		2,410,316
Furniture Brands International ^a,b		416,800		612,696
Hooker Furniture		20,660		174,370
Kimball International Cl. B		724,600		4,753,376
La-Z-Boy ^a,b		957,300		1,196,625
National Presto Industries		118,365		7,221,449

				16,368,832

Household Products/Wares - 0.0%
American Greetings Cl. A		40,000		202,400
Blyth		20,125		525,866

				728,266

Sports and Recreation - 0.6%
Arctic Cat ^a,b		169,718		650,020
Callaway Golf		1,099,979		7,897,849
Hasbro		87,606		2,196,282
Thor Industries		396,522		6,193,674

				16,937,825

Other Consumer Products - 0.0%
WD-40 Company		39,534		954,351

Total				192,672,904

Consumer Services – 7.5%
Leisure and Entertainment - 1.4%
Ambassadors Group		99,332		806,576
International Speedway Cl. A		823,447		18,165,240
Regal Entertainment Group Cl. A		396,300		5,314,383
Speedway Motorsports		93,989		1,110,950
World Wrestling Entertainment Cl. A		1,176,900		13,581,426

				38,978,575

Online Commerce - 0.3%
Systemax ^a		711,988		9,198,885

Restaurants and Lodgings - 0.5%
Bob Evans Farms		582,900		13,068,618
Brinker International		21,250		320,875
DineEquity ^a,b		61,030		723,816

				14,113,309

Retail Stores - 5.2%
Abercrombie & Fitch Cl. A		599,172		14,260,294
American Eagle Outfitters		2,107,124		25,791,198
bebe Stores		18,900		126,063
Books-A-Million		27		124
Brown Shoe		86,300		323,625
Buckle (The)		610,398		19,490,008
Cato Corporation (The) Cl. A		1,122,680		20,522,590
Christopher & Banks		57,323		234,451
Dress Barn (The) ^a		1,566,185		19,248,414
Family Dollar Stores		469,005		15,650,697
Finish Line (The) Cl. A		72,800		481,936
Foot Locker		103,900		1,088,872
Men’s Wearhouse (The)		225,203		3,409,573
Pep Boys-Manny, Moe & Jack (The)		742,500		3,274,425
RadioShack Corporation		190,222		1,630,203
Ross Stores		205,314		7,366,666
Tiffany & Co.		727,300		15,680,588
Tuesday Morning ^a		21,028		26,706
Village Super Market Cl. A		44,885		1,399,065
Williams-Sonoma		131,500		1,325,520

				151,331,018

Other Consumer Services - 0.1%
Brinks Home Security Holdings ^a		179,700		4,061,220

Total				217,683,007

Diversified Investment Companies – 0.1%
Closed-End Funds - 0.1%
Central Fund of Canada Cl. A		355,000		4,231,600

Total				4,231,600

Financial Intermediaries – 21.5%
Banking - 3.2%
Banco Latinoamericano de Exportaciones Cl. E		298,675		2,798,585
Bancorp Rhode Island ^c		261,300		4,721,691
Bank of Hawaii		192,900		6,361,842
Bank of N.T. Butterfield & Son		491,125		2,701,187
Bank Sarasin & Cie Cl. B		40,000		842,077
BOK Financial		491,382		16,977,248
Canadian Western Bank		783,200		6,460,406
Central Pacific Financial ^a,b		20,000		112,000
Centrue Financial		173,755		929,589
Credicorp		235,800		11,044,872
First Citizens BancShares Cl. A		10,800		1,423,440
First Financial Bancorp		150,000		1,429,500
First National Bank Alaska		3,110		5,022,650
HopFed Bancorp		134,000		1,232,800
Kearny Financial		483,100		5,062,888
NewAlliance Bancshares		200,000		2,348,000
Peapack-Gladstone Financial ^c		441,091		7,952,871
Provident Financial Services		26,000		281,060
Provident New York Bancorp		50,000		427,500
Sun Bancorp ^a,b		270,884		1,405,888
Trustmark Corporation		110,700		2,034,666
Vontobel Holding		55,000		1,018,565
Wilmington Trust		942,100		9,128,949

				91,718,274

Insurance - 14.3%
Alleghany Corporation ^a		101,794		27,568,858
American Financial Group		388,061		6,228,379
American National Insurance		145,093		7,604,324
American Physicians Service Group		54,572		1,046,145
Aspen Insurance Holdings		1,306,434		29,342,508
Assured Guaranty		277,800		1,880,706
Axis Capital Holdings		4,001		90,183
Baldwin & Lyons Cl. B		103,958		1,966,885
Cincinnati Financial		20,000		457,400
Donegal Group Cl. A		706,117		10,853,018
E-L Financial		53,588		15,301,567
EMC Insurance Group		478,155		10,074,726
Employers Holdings		73,300		699,282
Endurance Specialty Holdings		190,317		4,746,506
Erie Indemnity Cl. A		577,700		19,745,786
Fidelity National Financial Cl. A		1,069,700		20,869,847
First American		227,400		6,028,374
Flagstone Reinsurance Holdings		236,971		1,846,004
Harleysville Group		321,188		10,216,990
HCC Insurance Holdings		148		3,728
Horace Mann Educators		18,001		150,668
Infinity Property & Casualty		168,524		5,718,019
IPC Holdings		272,600		7,371,104
Leucadia National ^a		494,800		7,367,572
Markel Corporation ^a,b		68,900		19,559,332
Max Capital Group		908,500		15,662,540
Mercury General		170,000		5,049,000
Montpelier Re Holdings		1,310,410		16,982,914
Odyssey Re Holdings		77,340		2,933,506
Old Republic International		977,000		10,571,140
OneBeacon Insurance Group		727,920		7,031,707
PartnerRe		500,679		31,077,146
Platinum Underwriters Holdings		189,193		5,365,514
Reinsurance Group of America		608,418		19,706,659
RenaissanceRe Holdings		161,100		7,964,784
RLI		165,000		8,283,000
Safety Insurance Group		852		26,480
Selective Insurance Group		662		8,050
State Auto Financial		680,509		11,976,958
Transatlantic Holdings		290,150		10,349,651
United Fire & Casualty		162,535		3,569,269
Validus Holdings		620,100		14,683,968
Wesco Financial		30,623		8,451,948
White Mountains Insurance Group ^b		15,760		2,709,302
Zenith National Insurance		652,298		15,726,905

				414,868,352

Real Estate Investment Trusts - 2.6%
Annaly Capital Management		1,073,900		14,894,993
Capital Trust Cl. A ^b		456,800		502,480
Cousins Properties		223,500		1,439,340

DCT Industrial Trust		836,100		2,650,437
Essex Property Trust		83,000		4,759,220
Lexington Realty Trust		950,600		2,262,428
MFA Financial		986,200		5,798,856
National Health Investors		364,130		9,784,173
National Retail Properties		650,000		10,296,000
PS Business Parks		168,500		6,209,225
Rayonier		529,400		15,998,468
Starhill Global REIT		200,000		59,856
Suntec Real Estate Investment Trust		400,000		165,771

				74,821,247

Securities Brokers - 0.4%
Global Investment House KSCC GDR ^a		20,000		18,800
Investcorp Bank GDR		40,000		100,000
Oppenheimer Holdings Cl. A		22,567		225,219
Raymond James Financial		501,525		9,880,042
Sanders Morris Harris Group		147,811		576,463

				10,800,524

Securities Exchanges - 1.0%
London Stock Exchange Group		465,942		3,783,166
TMX Group		884,600		25,082,844

				28,866,010

Other Financial Intermediaries - 0.0%
KKR Financial Holdings ^a,b		288,878		257,101

Total				621,331,508


Financial Services – 7.9%
Diversified Financial Services - 0.0%
Advanta Corporation Cl. B		151,576		100,040
First Marblehead ^a,b		13,519		17,440

				117,480

Information and Processing - 1.2%
Global Payments		12,286		410,475
Interactive Data		612,900		15,236,694
SEI Investments		1,501,733		18,336,160

				33,983,329

Insurance Brokers - 1.6%
Brown & Brown		1,558,700		29,475,017
Gallagher (Arthur J.) & Co.		978,200		16,629,400

				46,104,417

Investment Management - 4.9%
A.F.P. Provida ADR ^a		389,669		7,111,459
AGF Management Cl. B		815,600		5,330,381
AllianceBernstein Holding L.P.		1,591,500		23,426,880
AP Alternative Assets L.P. ^a		76,000		105,763
Apollo Investment		1,111,400		3,867,672
CI Financial		1,263,500		14,019,960
Cohen & Steers		385,630		4,303,631
Federated Investors Cl. B		1,173,800		26,128,788
GAMCO Investors Cl. A		278,300		9,086,495
Gladstone Capital		80,000		500,800
IGM Financial		363,700		8,772,301
Janus Capital Group		507,400		3,374,210
JZ Capital Partners		50,000		15,567
MVC Capital		425,000		3,574,250
Och-Ziff Capital Management Group Cl. A		285,700		1,734,199
Onex Corporation		339,000		4,162,214
Prospect Capital		300		2,556
Schroders		90,000		1,022,497
T. Rowe Price Group		695,700		20,077,902
Teton Advisors ^a,d		4,155		9,432
Waddell & Reed Financial Cl. A		253,600		4,582,552

				141,209,509

Specialty Finance - 0.2%
Credit Acceptance ^a,b		254,005		5,458,567
GATX Corporation		59,000		1,193,570
Portfolio Recovery Associates ^a		37,580		1,008,647

				7,660,784

Total				229,075,519

Health – 3.4%
Commercial Services - 1.2%
Chemed Corporation		466,428		18,144,049
Owens & Minor		541,300		17,933,269

				36,077,318

Drugs and Biotech - 0.4%
Biovail Corporation		512,219		5,608,798
Endo Pharmaceuticals Holdings ^a,b		25,000		442,000
Life Technologies ^a		128,000		4,157,440
Medicis Pharmaceutical Cl. A		25,710		318,033
Mylan ^a,b		52,396		702,630

				11,228,901

Health Services - 0.3%
Computer Programs and Systems		68,950		2,293,967
Healthcare Services Group		48,188		721,374
LCA-Vision ^a,b		436,066		1,268,952
Omnicare		22,400		548,576
Universal Health Services Cl. B		134,239		5,146,723

				9,979,592

Medical Products and Devices - 1.2%
Atrion Corporation		2,390		210,894
Hill-Rom Holdings		420,711		4,160,832
IDEXX Laboratories ^a,b		379,600		13,126,568
STERIS Corporation		693,583		16,146,612
West Pharmaceutical Services		6,300		206,703
Young Innovations		16,830		260,865

				34,112,474

Personal Care - 0.3%
Alberto-Culver Company		364,100		8,232,301

Total				99,630,586


Industrial Products – 17.9%
Automotive - 0.2%
Gentex Corporation		595,000		5,926,200
Spartan Motors		2,803		11,268
Superior Industries International		76,000		900,600

				6,838,068

Building Systems and Components - 1.1%
Apogee Enterprises		68,958		757,159
Bunka Shutter		60,000		230,096
Lennox International		19,692		521,050
LSI Industries ^c		1,159,992		5,997,159
McGrath RentCorp		291,300		4,590,888
Preformed Line Products		204,410		7,693,992
Simpson Manufacturing		638,828		11,511,681

				31,302,025

Construction Materials - 0.5%
Ameron International		157,300		8,283,418
Ash Grove Cement		39,610		7,327,850
Louisiana-Pacific Corporation ^a,b		78,000		173,940

				15,785,208

Industrial Components - 2.4%
AMETEK		268,350		8,391,305
Bel Fuse Cl. A		83,200		1,034,176
Bel Fuse Cl. B		255,795		3,437,885
Chase Corporation ^c		753,974		7,011,958
CLARCOR		665,100		16,753,869
CTS Corporation		32,600		117,686
Donaldson Company		401,700		10,781,628
Hubbell Cl. B		200,000		5,392,000
Mueller Water Products Cl. A		3,500		11,550
PerkinElmer		702,600		8,972,202
Timken Company (The)		20,446		285,426
Watts Water Technologies Cl. A		321,300		6,284,628

				68,474,313

Machinery - 4.3%
Ampco-Pittsburgh		232,234		3,079,423
Briggs & Stratton		385,640		6,363,060
Cascade Corporation		121,479		2,141,675
Franklin Electric		366,900		8,119,497
FreightCar America		53,228		933,087
Gorman-Rupp Company		461,307		9,133,879
Lincoln Electric Holdings		593,699		18,814,321
Lindsay Corporation		194,900		5,262,300
Manitowoc Company		3,300		10,791
Mueller (Paul) Company ^c		116,700		2,042,250
Nordson Corporation		329,200		9,359,156
Regal-Beloit		108,386		3,320,947
Robbins & Myers		695,743		10,554,421
Roper Industries		214,500		9,105,525
Starrett (L.S.) Company (The) Cl. A ^c		529,400		3,308,750
Sun Hydraulics		690,182		10,083,559
Tennant Company		537,600		5,037,312
Toro Company (The)		329,475		7,966,706
Twin Disc		18,394		127,286
Wabtec Corporation		1,600		42,208
Woodward Governor		877,872		9,814,609

				124,620,762

Metal Fabrication and Distribution - 2.5%
Allegheny Technologies		44,847		983,495
Carpenter Technology		609,799		8,610,362
Castle (A.M.) & Co.		308,601		2,752,721
Commercial Metals		86,438		998,359
Encore Wire		61,700		1,322,231
Gerdau Ameristeel		6,451		19,804
Gibraltar Industries ^a,b		301,684		1,423,948
Insteel Industries		219,133		1,525,166
Kaiser Aluminum		127,417		2,945,881
Kennametal		51,832		840,197
Mueller Industries		525,892		11,406,597
Olympic Steel		112,661		1,709,067
Reliance Steel & Aluminum		678,917		17,875,885
Schnitzer Steel Industries Cl. A		303,300		9,520,587
Sims Metal Management ADR		372,275		4,437,518
Steel Dynamics		146,521		1,290,850
Trinity Industries		637,672		5,828,322

				73,490,990

Miscellaneous Manufacturing - 2.0%
Acuity Brands		163,963		3,695,726
American Railcar Industries		133,418		1,017,979
Brady Corporation Cl. A		571,000		10,066,730
Carlisle Companies		1,700		33,371
Crane Company		288,000		4,861,440
HNI Corporation		471,384		4,902,394
Matthews International Cl. A		357,300		10,293,813
Raven Industries		156,201		3,245,857
Smith (A.O.) Corporation		331,929		8,357,972
Teleflex		309,700		12,106,173
Tredegar Corporation		1,500		24,495

				58,605,950

Paper and Packaging - 1.5%
Albany International Cl. A		342,500		3,099,625
AptarGroup		485,400		15,115,356
Bemis Company		464,800		9,746,856
Greif Cl. A		225,500		7,506,895
Sonoco Products		359,778		7,548,142

				43,016,874

Pumps, Valves and Bearings - 1.0%
CIRCOR International		31,945		719,401
IDEX Corporation		517,594		11,319,781
Kaydon Corporation		631,752		17,265,782

				29,304,964

Specialty Chemicals and Materials - 2.4%
Aceto Corporation		66,968		399,129
Agrium		5,200		186,108
Albemarle Corporation		366,000		7,967,820
Ashland		7,000		72,310
Balchem Corporation		661,000		16,610,930
Cabot Corporation		881,700		9,266,667
Cytec Industries		17,200		258,344
H.B. Fuller Company		121,392		1,578,096
Innospec		127,824		481,897
International Flavors & Fragrances		175,000		5,330,500
Lubrizol Corporation (The)		299,500		10,185,995
Methanex Corporation		562,573		4,393,695
Minerals Technologies		22,535		722,247
NewMarket Corporation		30,388		1,346,188
Olin Corporation		149,133		2,128,128
Park Electrochemical		157,223		2,716,814
Quaker Chemical		405,000		3,215,700
Schulman (A.)		12,200		165,310
Snap-on		52,294		1,312,579
Spartech Corporation ^b		7,246		17,825
Westlake Chemical		6,110		89,389

				68,445,671

Total				519,884,825

Industrial Services – 12.4%
Advertising and Publishing - 0.0%
E.W. Scripps Company Cl. A ^a,b		57,370		77,450
Gannett		4,400		9,680
Journal Communications Cl. A		90,000		67,500
McClatchy Company (The) Cl. A		94,000		46,060
Scholastic Corporation		26,500		399,355

				600,045

Commercial Services - 5.4%
ABM Industries		635,600		10,423,840
Barrett Business Services		498,600		4,796,532
Brink’s Company (The)		17,485		462,653
CDI Corporation		94,171		915,342
Corporate Executive Board		105,800		1,534,100
Heidrick & Struggles International ^c		834,761		14,808,660
Hillenbrand		218,625		3,500,186
Kelly Services Cl. A ^a,b		633,463		5,099,377
Landauer		379,200		19,217,856
Manpower		484,352		15,271,619
MAXIMUS		35,400		1,411,044
Resources Connection ^a		3,700		55,796
Ritchie Bros. Auctioneers		1,464,320		27,221,709
Robert Half International		683,416		12,185,307
Rollins		555,750		9,531,113
UniFirst Corporation		9,310		259,191
Viad Corporation		28,502		402,448
Watson Wyatt Worldwide Cl. A		569,600		28,121,152

				155,217,925

Engineering and Construction - 0.6%
Comfort Systems USA		495,974		5,143,251
Granite Construction		220,440		8,262,091
M.D.C. Holdings		5,580		173,761
Ryland Group (The)		5,976		99,560
Skyline Corporation		223,100		4,241,131

				17,919,794

Food, Tobacco and Agriculture - 1.4%
Cal-Maine Foods		203,349		4,552,984
Corn Products International		101,586		2,153,623
Farmer Bros.		542,300		9,652,940
Hormel Foods		464,333		14,724,000
Seaboard Corporation		9,476		9,570,760
Terra Industries		40,782		1,145,566

				41,799,873

Industrial Distribution - 1.9%
Applied Industrial Technologies		937,876		15,821,968
Doshisha Company		60,000		754,573
Grainger (W.W.)		348,000		24,422,640
Houston Wire & Cable		30,448		235,972
Lawson Products		12,546		152,685
Mine Safety Appliances		196,000		3,923,920
MSC Industrial Direct Cl. A		297,900		9,255,753
Watsco ^b		22,075		751,212

				55,318,723

Printing - 0.4%
Bowne & Co. ^a		132,941		426,741
Courier Corporation		219,274		3,326,386
CSS Industries		47,682		810,594
Ennis		794,985		7,043,567

				11,607,288

Transportation and Logistics - 2.7%
Alexander & Baldwin		494,700		9,414,141
Arkansas Best		304,528		5,792,122
C. H. Robinson Worldwide		256,000		11,676,160
DryShips ^a,b		26,291		133,821
Euroseas		96,446		371,317
Expeditors International of Washington		458,400		12,968,136
Knight Transportation		95,000		1,440,200
Overseas Shipholding Group		7,800		176,826
Pacer International ^a,b		612,900		2,145,150
SkyWest		337,806		4,202,307
Tidewater		603,766		22,417,832
UTI Worldwide		492,600		5,886,570

				76,624,582

Total				359,088,230

Natural Resources – 10.6%
Energy Services - 4.7%
Boardwalk Pipeline Partners L.P.		90,000		2,016,000
CARBO Ceramics		348,906		9,922,887
Energy Transfer Equity L.P.		530,600		11,211,578
Ensign Energy Services		1,136,500		9,843,417
Exterran Partners L.P.		479,700		5,708,430
Helmerich & Payne		937,172		21,339,406
Lufkin Industries		67,072		2,540,687
Major Drilling Group International		281,000		2,692,322
National Fuel Gas		100,528		3,083,194
Nicor		372,892		12,391,201
NuStar GP Holdings		369,200		7,609,212
Patterson-UTI Energy		1,724,560		15,452,058
Precision Drilling Trust ^b		881,450		2,362,286
Rowan Companies ^a,b		917,705		10,984,929
RPC		72,572		481,152
SEACOR Holdings ^a		280,600		16,361,786
Trican Well Service		311,700		1,592,123

				135,592,668

Oil and Gas - 3.3%
Cimarex Energy		748,433		13,756,199
Crosstex Energy		360,200		590,728
Delek US Holdings		80,504		834,021
Energen Corporation		562,681		16,390,897
Enterprise GP Holdings L.P.		285,900		6,467,058
Hiland Holdings GP L.P.		384,400		907,184
Holly Corporation		99,585		2,111,202
Hugoton Royalty Trust		265,600		2,539,136
Magellan Midstream Holdings L.P.		738,500		12,923,750
Penn Virginia		583,760		6,409,685
Penn Virginia GP Holdings L.P.		228,000		2,704,080
Pioneer Southwest Energy Partners L.P.		480,569		7,568,962
Plains All American Pipeline L.P.		281,530		10,349,043
St. Mary Land & Exploration		54,742		724,237
Stone Energy ^a,b		180,450		600,898
Sunoco Logistics Partners L.P.		181,000		9,334,170
W&T Offshore		180,375		1,109,306

				95,320,556

Precious Metals and Mining - 2.0%
Agnico-Eagle Mines		256,100		14,577,212
Alliance Holdings GP L.P.		468,500		7,528,795
Alliance Resource Partners L.P.		241,000		7,013,100
Cliffs Natural Resources		14,400		261,504
Gold Fields ADR		434,700		4,929,498
IAMGOLD Corporation		435,000		3,719,250
Lihir Gold ADR ^a		137,000		3,111,270
Natural Resource Partners L.P.		738,977		16,501,357

				57,641,986

Real Estate - 0.6%
AMREP Corporation ^a		23,992		376,674
Deltic Timber		172,000		6,778,520
St. Joe Company (The) ^a,b		276,300		4,625,262
W.P. Carey & Co.		306,231		6,795,266

				18,575,722

Total				307,130,932

Technology – 4.5%
Aerospace and Defense - 0.3%
American Science & Engineering		2,867		159,979
Cubic Corporation		6,400		162,112
HEICO Corporation		190,400		4,626,720
HEICO Corporation Cl. A		200,159		4,129,280

				9,078,091

Components and Systems - 1.5%
Analogic Corporation		143,800		4,604,476
AVX Corporation		1,144,546		10,392,478
Imation Corporation ^a		234,500		1,793,925
Methode Electronics		1,348,318		4,826,978
MTS Systems		631,544		14,367,626
Nam Tai Electronics ^a,b		2,038,217		7,582,167
OPTEX Company		30,000		252,390
Palm ^a		9,500		81,890
Sato Corporation		30,000		218,872

				44,120,802

Internet Software and Services - 0.1%
United Online		520,006		2,319,227

IT Services - 1.3%
Black Box		528,023		12,466,623
Jack Henry & Associates		705,300		11,510,496
Total System Services		1,034,795		14,290,519

				38,267,638

Semiconductors and Equipment - 0.3%
Cognex Corporation		418,300		5,584,305
Maxim Integrated Products		277,665		3,667,955
Melco Holdings		32,000		370,618
Micrel		5,535		38,966

				9,661,844

Software - 0.2%
Fair Isaac		301,608		4,243,624

Telecommunications - 0.8%
ADTRAN		210,100		3,405,721
Atlantic Tele-Network		496,661		9,525,958
CenturyTel		33,300		936,396
Plantronics		162,944		1,966,734
Shenandoah Telecommunications		34		775
USA Mobility		601,707		5,541,722

				21,377,306

Total				129,068,532

Utilities – 2.9%
ALLETE		388,367		10,365,515
Aqua America		819,766		16,395,320
Black Hills		100		1,789
ITC Holdings		200,000		8,724,000
NV Energy		90,000		845,100
Piedmont Natural Gas		474,500		12,284,805
PNM Resources		638,900		5,277,314
SJW		400,400		10,182,172
Southern Union		102,576		1,561,207
SureWest Communications ^a,b		271,400		2,116,920
UGI Corporation		660,076		15,584,394

Total				83,338,536

Miscellaneous ^e – 0.3%
Total				9,706,877

TOTAL COMMON STOCKS
(Cost $3,541,971,353)				2,772,843,056

PREFERRED STOCKS – 0.6%
LTC Properties 8.00% Series F		123,600		2,491,776
MF Global 9.75% Conv. ^g		50,000		2,634,000
Reinsurance Group of America 5.75% Conv.		94,000		4,089,000
Vornado Realty Trust Ser. F 6.75%		200,000		2,802,000
Vornado Realty Trust Ser. G 6.625%		400,000		5,608,000

TOTAL PREFERRED STOCKS
(Cost $26,074,515)				17,624,776

	PRINCIPAL
	AMOUNT
CORPORATE BONDS – 0.4%
Charming Shoppes 1.125% Conv. Senior Note due 5/1/14	$	20,000,000		5,775,000
Encore Capital Group 3.375% Conv. Senior Note due 9/19/10		1,000,000		767,500
Leucadia National 3.75% Conv. Senior Note due 4/15/14		3,000,000		2,523,750
Mueller Industries 6.00% Sub. Deb. due 11/1/14		1,088,000		813,280

TOTAL CORPORATE BONDS
(Cost $17,335,199)				9,879,530

REPURCHASE AGREEMENT – 3.1%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $89,784,324 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $92,031,032) (Cost $89,784,000)				89,784,000

COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.8%
Money Market Funds
Federated Government Obligations
Fund (7 day yield-0.371%)
(Cost $22,996,447)				22,996,447

TOTAL INVESTMENTS – 100.6%
(Cost $3,698,161,514)				2,913,127,809

LIABILITIES LESS CASH AND OTHER ASSETS – (0.6)%				(15,981,762	)

NET ASSETS – 100.0%			$	2,897,146,047

SCHEDULE OF INVESTMENTS
ROYCE HERITAGE FUND
MARCH 31, 2009 (UNAUDITED)
		SHARES	VALUE
COMMON STOCKS – 96.7%

Consumer Products – 6.3%
Apparel, Shoes and Accessories - 2.2%
Anta Sports Products		586,700	$	386,116
Daphne International Holdings		1,744,000		381,359
Movado Group		60,140		453,456
Stella International Holdings		188,200		198,897
True Religion Apparel ^a		33,200		392,092
Xinyu Hengdeli Holdings		424,500		70,229

				1,882,149

Consumer Electronics - 1.0%
Dolby Laboratories Cl. A ^a		24,600		839,106

Health, Beauty and Nutrition - 0.7%
NBTY ^a		26,700		375,936
NutriSystem		18,200		259,714

				635,650

Home Furnishing and Appliances - 1.5%
Ethan Allen Interiors		30,200		340,052
Hunter Douglas		9,500		222,153
Mohawk Industries ^a,b		23,400		698,958

				1,261,163

Sports and Recreation - 0.9%
Thor Industries		49,200		768,504

Total				5,386,572


Consumer Services – 4.5%
Online Commerce - 0.3%
1-800-FLOWERS.COM Cl. A ^a		123,500		255,645

Retail Stores - 4.2%
American Eagle Outfitters		21,700		265,608
Build-A-Bear Workshop ^a		21,900		132,933
Bulgari		58,000		255,138
Cash America International		17,300		270,918
Charming Shoppes ^a		263,800		369,320
China Nepstar Chain Drugstore ADR ^b		101,200		409,860
Dress Barn (The) ^a		55,800		685,782
DSW Cl. A ^a,b		30,200		280,558
Tiffany & Co.		41,800		901,208

				3,571,325

Total				3,826,970


Financial Intermediaries – 10.3%
Banking - 1.8%
Bank Sarasin & Cie Cl. B		12,000		252,623
Banque Privee Edmond de Rothschild		26		571,079
Northern Trust		12,000		717,840

				1,541,542

Insurance - 1.8%
Berkley (W.R.)		33,300		750,915
E-L Financial		1,200		342,649
Fidelity National Financial Cl. A		12,200		238,022
Greenlight Capital Re Cl. A ^a		13,900		221,983

				1,553,569

Securities Brokers - 5.4%
Egyptian Financial Group-Hermes Holding GDR		22,500		118,125
Evercore Partners Cl. A		52,450		810,352
HQ		41,000		384,113
Jefferies Group		29,000		400,200
Lazard Cl. A		31,500		926,100
Mirae Asset Securities		6,300		326,896
Schwab (Charles)		50,000		775,000
Stifel Financial ^a,b		17,000		736,270
Thomas Weisel Partners Group ^a		42,000		150,360

				4,627,416

Securities Exchanges - 0.2%
Singapore Exchange		41,800		140,318

Other Financial Intermediaries - 1.1%
NASDAQ OMX Group ^a		46,700		914,386

Total				8,777,231

Financial Services – 15.4%
Information and Processing - 4.6%
FactSet Research Systems		5,900		294,941
Interactive Data		14,100		350,526
MasterCard Cl. A		4,500		753,660
Morningstar ^a		20,000		683,000
Paychex		20,000		513,400
SEI Investments		43,600		532,356
Western Union		58,500		735,345

				3,863,228

Insurance Brokers - 0.3%
Gallagher (Arthur J.) & Co.		16,000		272,000

Investment Management - 10.3%
Affiliated Managers Group ^a		16,450		686,129
AllianceBernstein Holding L.P.		47,500		699,200
Ashmore Group		378,000		825,857
Azimut Holding		74,000		395,602
CapMan Cl. B ^a		129,000		137,160
Cohen & Steers		60,800		678,528
Federated Investors Cl. B		25,300		563,178
Invesco		50,100		694,386
Janus Capital Group		48,400		321,860
Partners Group Holding		7,200		432,658
Schroders		50,000		568,054
SHUAA Capital		292,000		72,466
SPARX Group ^a		2,100		159,573
Sprott		115,000		415,014
T. Rowe Price Group		30,700		886,002
Trust Company		48,000		143,571
Value Partners Group ^a		666,000		183,922
Waddell & Reed Financial Cl. A		28,460		514,272
Westwood Holdings Group		8,600		336,174

				8,713,606

Other Financial Services - 0.2%
IntercontinentalExchange ^a,b		2,600		193,622

Total				13,042,456


Health – 5.1%
Drugs and Biotech - 0.9%
Caraco Pharmaceutical Laboratories ^a		44,700		157,344
Endo Pharmaceuticals Holdings ^a		9,900		175,032
ICON ADR ^a		14,100		227,715
WuXi PharmaTech Cayman ADR ^a		51,000		231,030

				791,121

Health Services - 2.2%
Advisory Board (The) ^a		31,600		523,928
Air Methods ^a		15,688		265,284
eResearch Technology ^a		45,300		238,278
Pharmaceutical Product Development		18,500		438,820
Res-Care ^a		25,800		375,648

				1,841,958

Medical Products and Devices - 2.0%
IDEXX Laboratories ^a,b		22,200		767,676
Schein (Henry) ^a		10,000		400,100
Techne Corporation		10,100		552,571

				1,720,347

Total				4,353,426

Industrial Products – 15.4%
Automotive - 2.9%
Copart ^a		29,900		886,834
Gentex Corporation		40,000		398,400
Minth Group		454,100		222,528
Norstar Founders Group ^a,d		533,500		25,124
WABCO Holdings		49,000		603,190
Xinyi Glass Holdings		741,600		328,294

				2,464,370

Building Systems and Components - 1.6%
Armstrong World Industries ^a		15,800		173,958
Drew Industries ^a		68,900		598,052
Simpson Manufacturing		32,000		576,640

				1,348,650

Construction Materials - 0.2%
Owens Corning ^a		17,900		161,816

Industrial Components - 1.0%
GrafTech International ^a		77,100		474,936
PerkinElmer		27,900		356,283

				831,219

Machinery - 2.6%
Franklin Electric		15,600		345,228
Jinpan International ^b		28,094		473,384
Lincoln Electric Holdings		14,000		443,660
Rofin-Sinar Technologies ^a		34,500		556,140
Spirax-Sarco Engineering		16,500		198,311
Tennant Company		17,100		160,227

				2,176,950

Metal Fabrication and Distribution - 4.6%
Allegheny Technologies		21,000		460,530
Carpenter Technology		20,400		288,048
Commercial Metals		24,900		287,595
Foster (L.B.) Company Cl. A ^a		8,600		213,538
Fushi Copperweld ^a		43,846		210,461
Haynes International ^a		13,410		238,966
Kennametal		54,100		876,961
Nucor Corporation		20,000		763,400
Schnitzer Steel Industries Cl. A		7,700		241,703
Sims Metal Management ADR ^b		30,400		362,368

				3,943,570

Miscellaneous Manufacturing - 0.4%
China Automation Group		1,760,000		376,656

Pumps, Valves and Bearings - 0.9%
Gardner Denver ^a		21,100		458,714
Kaydon Corporation		10,500		286,965

				745,679

Specialty Chemicals and Materials - 1.2%
Kingboard Chemical Holdings		263,300		549,172
Migao Corporation ^a		29,600		156,828
OM Group ^a		15,700		303,324

				1,009,324

Total				13,058,234

Industrial Services – 15.6%
Advertising and Publishing - 1.0%
Airmedia Group ADR ^a		89,140		373,497
ValueClick ^a		56,500		480,815

				854,312

Commercial Services - 7.0%
Acacia Research-Acacia Technologies ^a		33,400		136,272
Brink’s Company (The)		24,500		648,270
Cintas Corporation		13,800		341,136
CRA International ^a		16,772		316,655
Forrester Research ^a		14,200		291,952
Global Sources ^a		28,930		112,538
Hewitt Associates Cl. A ^a		13,900		413,664
Manpower		22,500		709,425
MAXIMUS		8,600		342,796
Monster Worldwide ^a		29,200		237,980
MPS Group ^a		48,000		285,600
Ritchie Bros. Auctioneers ^b		47,100		875,589
Sotheby’s		52,900		476,100
Spherion Corporation ^a		36,900		76,752
Universal Technical Institute ^a		15,800		189,600
Waste Services ^a		111,468		477,083

				5,931,412

Engineering and Construction - 2.7%
HLS Systems International ^a		64,530		209,722
Integrated Electrical Services ^a		42,300		385,776
KBR		62,800		867,268
NVR ^a		2,000		855,500

				2,318,266

Food, Tobacco and Agriculture - 1.9%
Cal-Maine Foods		10,000		223,900
Chaoda Modern Agriculture		369,928		220,361
China Green (Holdings)		709,600		417,409
Hanfeng Evergreen ^a		29,500		169,869
Intrepid Potash ^a		22,900		422,505
Origin Agritech ^a		61,400		167,622

				1,621,666

Printing - 0.7%
CSS Industries		18,257		310,369
Multi-Color Corporation		21,300		260,499

				570,868

Transportation and Logistics - 2.3%
Atlas Air Worldwide Holdings ^a		13,808		239,569
Landstar System		24,200		809,974
Universal Truckload Services		28,100		402,954
UTI Worldwide		43,500		519,825

				1,972,322

Total				13,268,846

Natural Resources – 8.1%
Energy Services - 4.7%
CE Franklin ^a		53,000		219,420
Ensign Energy Services		24,800		214,797
Exterran Holdings ^a		15,700		251,514
Helmerich & Payne		27,000		614,790
Oil States International ^a		45,700		613,294
Pason Systems		72,700		548,941
Patterson-UTI Energy		20,900		187,264
Rowan Companies ^a		20,600		246,582
SEACOR Holdings ^a		8,000		466,480
Trican Well Service		30,800		157,322
Unit Corporation ^a		6,700		140,164
Willbros Group ^a		26,400		256,080
Yingli Green Energy Holding ADR ^a,b		14,300		86,086

				4,002,734

Oil and Gas - 0.2%
GMX Resources ^a,b		5,800		37,700
St. Mary Land & Exploration		10,600		140,238

				177,938

Precious Metals and Mining - 3.2%
Agnico-Eagle Mines		14,500		825,340
Pan American Silver ^a		31,500		548,730
Randgold Resources ADR ^b		18,000		978,300
Seabridge Gold ^a		16,000		362,400

				2,714,770

Total				6,895,442

Technology – 13.4%
Aerospace and Defense - 0.8%
BE Aerospace ^a		34,100		295,647
HEICO Corporation		15,400		374,220

				669,867

Components and Systems - 2.2%
AAC Acoustic Technologies Holdings		580,400		273,274
Logitech International ^a,b		86,500		889,220
Vtech Holdings		57,700		224,307
Western Digital ^a		23,900		462,226

				1,849,027

Internet Software and Services - 0.7%
Akamai Technologies ^a		13,700		265,780
AsiaInfo Holdings ^a		17,455		294,117
Marchex Cl. B		20,000		68,800

				628,697

IT Services - 1.8%
Sapient Corporation ^a		99,800		446,106
SRA International Cl. A ^a		45,100		662,970
Syntel		18,800		386,904

				1,495,980

Semiconductors and Equipment - 2.9%
Advanced Energy Industries ^a		11,600		87,348
Analog Devices		15,000		289,050
Cognex Corporation		50,000		667,500
Diodes ^a,b		35,300		374,533
Lam Research ^a		17,900		407,583
MEMC Electronic Materials ^a		12,600		207,774
Varian Semiconductor Equipment Associates ^a		19,800		428,868

				2,462,656

Software - 3.4%
Adobe Systems ^a		20,000		427,800
American Software Cl. A		69,920		368,478
ANSYS ^a		10,000		251,000
Autodesk ^a		23,000		386,630
National Instruments		36,000		671,400
NCR Corporation ^a,b		25,000		198,750
Pegasystems		20,650		383,471
SkillSoft ADR ^a		30,000		200,700

				2,888,229

Telecommunications - 1.6%
ADTRAN		30,400		492,784
Cogo Group ^a,b		27,200		181,696
Comtech Telecommunications ^a		16,800		416,136
Tekelec ^a,b		22,600		298,998

				1,389,614

Total				11,384,070


Miscellaneous ^e – 2.6%
Total				2,174,097

TOTAL COMMON STOCKS
(Cost $109,279,672)				82,167,344

PREFERRED STOCK – 0.4%
Kennedy-Wilson Conv. ^d,f
(Cost $565,000)		565		369,940

REPURCHASE AGREEMENT – 2.6%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $2,218,008 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $2,274,318) (Cost $2,218,000)				2,218,000

	PRINCIPAL
	AMOUNT
COLLATERAL RECEIVED FOR SECURITIES LOANED – 5.1%
U.S. Treasury Bills
due 6/18/09	$	692		692
U.S. Treasury Bonds
7.50%-8.75%
due 5/15/17-11/15/24		29,627		30,194
U.S. Treasury Notes
1.125%-2.75%
due 12/15/11-10/31/13		151,310		152,968
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.371%)				4,172,246

TOTAL COLLATERAL RECEIVED FOR SECURITIES LOANED
(Cost $4,356,100)				4,356,100

TOTAL INVESTMENTS – 104.8%
(Cost $116,418,772)				89,111,384

LIABILITIES LESS CASH AND OTHER ASSETS – (4.8)%				(4,088,315	)

NET ASSETS – 100.0%			$	85,023,069

SCHEDULE OF INVESTMENTS
ROYCE OPPORTUNITY FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 95.1%

Consumer Products – 3.6%
Apparel, Shoes and Accessories - 2.0%
Bernard Chaus ^a	1,006,258	$	140,876
Frederick’s of Hollywood Group ^a	727,972		327,587
Hanesbrands ^a	673,500		6,445,395
Jones Apparel Group	881,271		3,718,964
Liz Claiborne ^a	1,187,800		2,933,866
Quiksilver ^a,b	1,398,900		1,790,592
Tween Brands ^a,b	924,104		1,977,583
Warnaco Group (The) ^a	41,279		990,696

			18,325,559

Consumer Electronics - 0.5%
Harman International Industries	324,338		4,388,293

Food/Beverage/Tobacco - 0.1%
Smart Balance ^a,b	235,500		1,422,420

Home Furnishing and Appliances - 0.4%
Design Within Reach ^a,b,c	804,037		434,180
Furniture Brands International ^a	1,112,500		1,635,375
La-Z-Boy ^a,b	966,600		1,208,250

			3,277,805

Sports and Recreation - 0.3%
Steinway Musical Instruments ^a	250,800		3,002,076

Other Consumer Products - 0.3%
Dorel Industries Cl. B	164,400		2,495,592

Total			32,911,745

Consumer Services – 13.4%
Leisure and Entertainment - 1.3%
Carmike Cinemas ^a	425,759		1,102,716
Cinemark Holdings	699,300		6,566,427
Regal Entertainment Group Cl. A	322,700		4,327,407

			11,996,550

Media and Broadcasting - 0.2%
Ballantyne of Omaha ^a,b	521,300		1,126,008
Cox Radio Cl. A ^a,b	281,000		1,152,100

			2,278,108

Online Commerce - 0.5%
Alloy ^a	411,900		1,729,980
Autobytel ^a,b	880,411		237,711
1-800-FLOWERS.COM Cl. A ^a,b	1,264,036		2,616,555

			4,584,246

Restaurants and Lodgings - 1.5%
California Pizza Kitchen ^a,b	286,843		3,751,907
Cheesecake Factory ^a,b	336,945		3,858,020
Jamba ^a	2,082,267		999,488
Krispy Kreme Doughnuts ^a,b	1,759,900		2,815,840
Rubio’s Restaurants ^a,c	631,500		2,658,615

			14,083,870

Retail Stores - 9.9%
bebe Stores	212,100		1,414,707
Brown Shoe	938,944		3,521,040
Cabela’s ^a,b	635,500		5,789,405
Collective Brands ^a,b	746,000		7,266,040
Conn’s ^a,b	115,150		1,616,706
Cost Plus ^a	1,045,140		992,883
dELiA*s ^a,b,c	1,834,450		3,081,876
Dillard’s Cl. A	1,046,800		5,966,760
Eddie Bauer Holdings ^a	1,222,195		525,544
Fred’s Cl. A	34,541		389,622
Gander Mountain ^a,b	734,968		2,138,757
Genesco ^a	395,290		7,443,311
Group 1 Automotive ^a,b	307,190		4,291,444
Lithia Motors Cl. A ^a,b	840,550		1,891,237
MarineMax ^a,b,c	1,202,800		2,357,488
New York & Company ^a,b	1,092,614		3,878,780
Pacific Sunwear of California ^a	753,900		1,251,474
Penske Automotive Group ^a,b	807,756		7,536,363
Pep Boys-Manny, Moe & Jack (The)	651,150		2,871,572
Rent-A-Center ^a,b	479,300		9,284,041
REX Stores ^a,b,c	687,200		7,366,784
Saks ^a	1,286,050		2,404,914
Sonic Automotive Cl. A ^a,b	373,600		597,760
Talbots ^a,b	704,000		2,471,040
Tuesday Morning ^a	202,809		257,567
West Marine ^a,b	847,463		4,533,927

			91,141,042

Total			124,083,816

Financial Intermediaries – 4.6%
Banking - 1.8%
Boston Private Financial Holdings	685,230		2,405,157
Cascade Financial	326,412		816,030
First BanCorp of Puerto Rico	754,904		3,215,891
First Commonwealth Financial	113,000		1,002,310
Guaranty Bancorp ^a,b	733,301		1,283,277
Old National Bancorp	152,100		1,698,957
Pacific Mercantile Bancorp ^a	132,700		468,431
SPDR KBW Regional Banking ETF	74,600		1,433,812
Superior Bancorp ^a,b	117,300		469,200
Texas Capital Bancshares ^a,b	233,000		2,623,580
Umpqua Holdings	174,200		1,578,252

			16,994,897

Insurance - 2.2%
Ambac Financial Group ^a,b	566,900		442,182
Fidelity National Financial Cl. A	416,800		8,131,768
Hilltop Holdings ^a,b	433,600		4,943,040
MBIA ^a,b	444,800		2,037,184
Meadowbrook Insurance Group	782,600		4,773,860

			20,328,034

Securities Brokers - 0.6%
Evercore Partners Cl. A	357,700		5,526,465

Total			42,849,396

Financial Services – 0.3%
Diversified Financial Services - 0.3%
Advanta Corporation Cl. B	587,047		387,451
CIT Group	854,050		2,434,042

Total			2,821,493


Health – 5.9%
Commercial Services - 0.8%
Greatbatch ^a,b	231,342		4,476,467
PAREXEL International ^a,b	314,345		3,058,577

			7,535,044

Drugs and Biotech - 0.9%
Cambrex Corporation ^a,c	1,508,908		3,440,310
Life Technologies ^a	148,900		4,836,272

			8,276,582

Health Services - 3.0%
Albany Molecular Research ^a,b	267,459		2,522,138
Allion Healthcare ^a	1,003,964		4,618,235
AMICAS ^a	492,290		999,349
Eclipsys Corporation ^a,b	367,000		3,721,380
Kindred Healthcare ^a	180,900		2,704,455
PharMerica Corporation ^a,b	369,109		6,141,974
QuadraMed ^a	424,207		2,562,210
RehabCare Group ^a	237,530		4,142,523

			27,412,264

Medical Products and Devices - 1.2%
AngioDynamics ^a,b	550,469		6,187,272
Del Global Technologies ^a	753,148		225,944
Digirad Corporation ^a	808,802		865,418
HealthTronics ^a,b	732,144		995,716
Home Diagnostics ^a	601,343		3,409,615

			11,683,965

Total			54,907,855


Industrial Products – 22.9%
Automotive - 0.4%
ArvinMeritor ^a,b	912,705		721,037
Cooper Tire & Rubber	615,968		2,488,511
Lear Corporation ^a	700,200		525,150

			3,734,698

Building Systems and Components - 0.2%
NCI Building Systems ^a,b	202,500		449,550
PGT ^a	786,381		1,093,070

			1,542,620

Construction Materials - 1.3%
Building Materials Holding Corporation ^a,b	1,346,919		336,730
Louisiana-Pacific Corporation ^a	1,382,000		3,081,860
Trex Company ^a,b,c	813,500		6,207,005
United Rentals ^a,b	619,040		2,606,158

			12,231,753

Industrial Components - 2.8%
CTS Corporation	883,545		3,189,597
Gerber Scientific ^a,b	1,085,400		2,594,106
GrafTech International ^a	804,960		4,958,554
Hawk Corporation Cl. A ^a	200,700		2,318,085
Mueller Water Products Cl. A	592,075		1,953,848
Planar Systems ^a,b,c	1,223,974		832,302
Timken Company (The)	565,900		7,899,964
Zygo Corporation ^a,b	423,898		1,945,692

			25,692,148

Machinery - 3.6%
Astec Industries ^a,b	306,533		8,040,361
Baldor Electric	363,368		5,265,202
Baldwin Technology Cl. A ^a	439,600		417,620
EnPro Industries ^a	287,900		4,923,090
Flow International ^a	1,523,796		2,468,549
Hardinge	481,540		1,343,497
Hurco Companies ^a,b	187,195		1,989,883
Intermec ^a,b	648,750		6,747,000
Thermadyne Holdings ^a,b,c	738,271		1,565,134

			32,760,336

Metal Fabrication and Distribution - 3.9%
Carpenter Technology	460,381		6,500,580
Commercial Metals	330,890		3,821,780
Haynes International ^a,b	386,154		6,881,264
Insteel Industries	583,931		4,064,160
Ladish Company ^a	414,159		3,006,794
NN ^a,b	753,750		949,725
Northwest Pipe ^a,b	99,420		2,830,487
RTI International Metals ^a,b	350,200		4,097,340
Trinity Industries	456,050		4,168,297

			36,320,427

Miscellaneous Manufacturing - 2.8%
American Technology ^a	190,400		140,896
Barnes Group	541,800		5,791,842
Crane Company	473,100		7,985,928
Flanders Corporation ^a,b	1,188,620		4,802,025
Griffon Corporation ^a,b	992,627		7,444,702

			26,165,393

Paper and Packaging - 1.2%
Albany International Cl. A	492,300		4,455,315
Graphic Packaging Holding Company ^a,b	2,039,700		1,774,539
Temple-Inland	936,400		5,028,468

			11,258,322

Pumps, Valves and Bearings - 0.9%
CIRCOR International	154,400		3,477,088
Gardner Denver ^a	200,400		4,356,696

			7,833,784

Specialty Chemicals and Materials - 5.5%
Aceto Corporation	281,219		1,676,065
Calgon Carbon ^a,b	312,188		4,423,704
Cytec Industries	335,913		5,045,413
Ferro Corporation	1,314,200		1,879,306
H.B. Fuller Company	390,500		5,076,500
Lydall ^a,b	831,400		2,469,258
Material Sciences ^a,c	834,900		450,846
OM Group ^a	273,380		5,281,702
Park Electrochemical	449,400		7,765,632
Penford Corporation	375,812		1,364,198
PolyOne Corporation ^a,b	1,394,650		3,221,641
Quaker Chemical	335,900		2,667,046
Rockwood Holdings ^a,b	608,000		4,827,520
Solutia ^a,b	984,700		1,841,389
Spartech Corporation	1,157,004		2,846,230

			50,836,450

Textiles - 0.3%
Dixie Group ^a,c	659,132		725,045
Interface Cl. A	328,400		981,916
Unifi ^a	1,596,600		1,021,824

			2,728,785

Total			211,104,716


Industrial Services – 7.5%
Advertising and Publishing - 2.0%
Harris Interactive ^a	1,340,419		335,105
McClatchy Company (The) Cl. A ^b	985,900		483,091
MDC Partners Cl. A ^a,b	499,573		1,643,595
Media General Cl. A ^a	935,500		1,796,160
Scholastic Corporation	479,000		7,218,530
ValueClick ^a	822,091		6,995,994

			18,472,475

Commercial Services - 1.7%
Access Integrated Technologies Cl. A ^a	1,314,500		814,990
Furmanite Corporation ^a,b	914,099		2,842,848
Rentrak Corporation ^a	303,300		2,729,700
TRC Companies ^a,c	1,739,147		4,173,953
Volt Information Sciences ^a,b	790,879		5,259,345

			15,820,836

Engineering and Construction - 2.4%
Champion Enterprises ^a	1,439,700		691,056
Great Lakes Dredge & Dock	481,800		1,450,218
Hovnanian Enterprises Cl. A ^a	971,232		1,515,122
iShares Dow Jones US Home Construction Index Fund	283,200		2,475,168
M.D.C. Holdings	267,000		8,314,380
Toll Brothers ^a,b	436,784		7,931,998

			22,377,942

Food, Tobacco and Agriculture - 0.2%
Andersons (The)	142,365		2,013,041

Printing - 0.5%
Bowne & Co. ^a	1,306,604		4,194,199

Transportation and Logistics - 0.7%
AirTran Holdings ^a,b	624,300		2,840,565
YRC Worldwide ^a,b	801,227		3,597,509

			6,438,074

Total			69,316,567


Natural Resources – 3.2%
Energy Services - 1.8%
Allis-Chalmers Energy ^a,b	543,900		1,049,727
Matrix Service ^a	707,100		5,812,362
Newpark Resources ^a,b	1,570,100		3,972,353
Rowan Companies ^a	148,600		1,778,742
StealthGas	829,534		4,222,328

			16,835,512

Oil and Gas - 0.5%
Pengrowth Energy Trust	363,700		2,029,446
Stone Energy ^a,b	406,700		1,354,311
Swift Energy ^a,b	164,700		1,202,310

			4,586,067

Precious Metals and Mining - 0.9%
Century Aluminum ^a,b	821,400		1,733,154
Titanium Metals ^a,b	220,900		1,208,323
Walter Industries	246,800		5,644,316

			8,585,793

Total			30,007,372


Technology – 32.9%
Aerospace and Defense - 2.1%
BE Aerospace ^a,b	459,062		3,980,068
CPI Aerostructures ^a,c	305,100		2,044,170
Ducommun	97,500		1,417,650
GenCorp ^a	883,342		1,872,685
Hexcel Corporation ^a,b	989,400		6,500,358
Kaman Corporation	301,113		3,775,957

			19,590,888

Components and Systems - 5.1%
Analogic Corporation	70,236		2,248,957
Benchmark Electronics ^a	556,350		6,231,120
Cray ^a,b	1,292,068		4,522,238
Data I/O Corporation ^a	284,600		774,112
Dot Hill Systems ^a	2,206,461		1,301,812
Evans & Sutherland Computer ^a,c	806,730		209,750
Hypercom Corporation ^a	1,626,416		1,561,359
InFocus Corporation ^a	1,571,248		941,178
Interlink Electronics ^a,c	892,775		223,194
Interphase Corporation ^a,c	420,100		1,260,300
Keithley Instruments	378,100		1,281,759
KEMET Corporation ^a,b	1,719,400		421,253
Maxwell Technologies ^a	978,111		6,797,871
Mercury Computer Systems ^a	763,111		4,220,004
Merix Corporation ^a,c	1,582,267		443,035
Network Engines ^a	922,046		479,464
Newport Corporation ^a,b	717,487		3,171,292
OSI Systems ^a	155,339		2,370,473
Perceptron ^a	402,813		1,429,986
SCM Microsystems ^a,c	902,420		2,301,171
SigmaTron International ^a,c	312,315		515,320
Vishay Intertechnology ^a	1,307,300		4,549,404

			47,255,052

Distribution - 0.0%
Bell Microproducts ^a,b	555,970		250,186

Internet Software and Services - 2.9%
Blue Coat Systems ^a,b	480,810		5,774,528
EarthLink ^a,b	1,403,700		9,222,309
InfoSpace ^a	937,521		4,875,109
Lionbridge Technologies ^a	998,810		978,834
LookSmart ^a	501,577		511,608
RealNetworks ^a,b	938,415		2,186,507
SupportSoft ^a,b	1,573,600		3,021,312
WebMediaBrands ^a,b	1,255,382		502,153

			27,072,360

Semiconductors and Equipment - 11.5%
Actel Corporation ^a,b	618,763		6,261,882
Advanced Energy Industries ^a	624,256		4,700,648
ANADIGICS ^a	1,290,130		2,670,569
AXT ^a,b	1,440,452		1,224,384
Brooks Automation ^a	771,600		3,557,076
BTU International ^a,b,c	536,654		1,797,791
Cascade Microtech ^a	339,372		1,096,172
Cohu	379,700		2,733,840
Electroglas ^a	876,343		43,817
Fairchild Semiconductor International ^a	953,700		3,557,301
FEI Company ^a,b	350,400		5,406,672
GSI Group ^a	998,476		948,552
Ikanos Communications ^a,c	1,458,921		2,071,668
International Rectifier ^a,b	459,402		6,206,521
Intevac ^a	120,419		627,383
Kulicke & Soffa Industries ^a,b	1,077,600		2,823,312
LeCroy Corporation ^a,c	827,036		2,596,893
MEMC Electronic Materials ^a	303,900		5,011,311
Mentor Graphics ^a,b	775,800		3,444,552
Microsemi ^a	135,700		1,574,120
Nanometrics ^a,b,c	1,495,336		1,794,403
Novellus Systems ^a	376,301		6,257,886
Pericom Semiconductor ^a	817,592		5,976,597
PLX Technology ^a,b	1,078,301		2,339,913
Sanmina-SCI Corporation ^a	2,044,400		623,542
Sigma Designs ^a,b	325,000		4,043,000
Silicon Storage Technology ^a,b	1,183,750		1,953,187
SunPower Corporation Cl. B ^a	100,468		1,989,266
TranSwitch Corporation ^a	925,222		277,567
TriQuint Semiconductor ^a	1,535,800		3,793,426
TTM Technologies ^a	374,700		2,173,260
Ultra Clean Holdings ^a,b	451,500		483,105
Varian ^a,b	247,400		5,873,276
Varian Semiconductor Equipment Associates ^a	22,100		478,686
Veeco Instruments ^a,b	795,400		5,305,318
White Electronic Designs ^a	504,690		2,023,807
Zoran Corporation ^a,b	256,100		2,253,680

			105,994,383

Software - 2.8%
Aspen Technology ^a	653,935		4,446,758
Avid Technology ^a	82,378		752,935
Borland Software ^a,b	1,081,801		497,628
Bottomline Technologies ^a,b,c	1,341,923		8,829,853
Concurrent Computer ^a	315,987		1,143,873
Epicor Software ^a	609,585		2,322,519
Majesco Entertainment ^a	526,748		779,587
MSC.Software ^a	668,600		3,770,904
QAD	420,462		1,063,769
TeleCommunication Systems Cl. A ^a	197,350		1,809,700

			25,417,526

Telecommunications - 8.5%
ADC Telecommunications ^a,b	1,172,045		5,145,278
ClearOne Communications ^a,c	704,862		2,114,586
General Communication Cl. A ^a,b	735,145		4,910,769
Globecomm Systems ^a,b	661,453		3,829,813
Harmonic ^a	746,800		4,854,200
Harris Stratex Networks Cl. A ^a	1,504,703		5,793,107
Loral Space & Communications ^a,b	379,388		8,103,728
MasTec ^a	607,200		7,341,048
Network Equipment Technologies ^a,b,c	1,626,587		5,758,118
Oplink Communications ^a,b	826,867		6,366,876
Optical Cable ^a	307,365		734,602
Powerwave Technologies ^a,b	1,540,750		915,205
Symmetricom ^a,b	1,543,604		5,402,614
Tekelec ^a	757,450		10,021,063
Tollgrade Communications ^a,c	755,134		4,379,777
UTStarcom ^a	2,262,802		1,764,986
Westell Technologies Cl. A ^a	2,396,109		670,910

			78,106,680

Total			303,687,075

Miscellaneous ^e – 0.8%
Total			7,094,018


TOTAL COMMON STOCKS
(Cost $1,880,405,936)			878,784,053

REPURCHASE AGREEMENT – 5.3%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $49,162,178 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $50,394,879) (Cost $49,162,000)			49,162,000

COLLATERAL RECEIVED FOR SECURITIES LOANED – 4.2%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.371%)
(Cost $38,515,672)			38,515,672

TOTAL INVESTMENTS – 104.6%
(Cost $1,968,083,608)			966,461,725

LIABILITIES LESS CASH AND OTHER ASSETS – (4.6)%			(42,739,508	)

NET ASSETS – 100.0%		$	923,722,217

SCHEDULE OF INVESTMENTS
ROYCE SPECIAL EQUITY FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 76.5%

Consumer Products – 13.7%
Apparel, Shoes and Accessories - 1.6%
K-Swiss Cl. A ^a	177,500	$	1,515,850
Movado Group	504,100		3,800,914
Wolverine World Wide	197,400		3,075,492

			8,392,256

Food/Beverage/Tobacco - 4.5%
Lancaster Colony	473,500		19,640,780
National Beverage ^a	439,242		4,027,849

			23,668,629

Home Furnishing and Appliances - 7.0%
Ethan Allen Interiors	65,000		731,900
Hooker Furniture	108,640		916,922
Koss Corporation ^c	209,150		2,580,911
National Presto Industries ^c	482,500		29,437,325
Universal Electronics ^a	205,355		3,716,925

			37,383,983

Sports and Recreation - 0.6%
Hasbro	126,100		3,161,327

Total			72,606,195


Consumer Services – 10.1%
Leisure and Entertainment - 0.5%
Bowl America Cl. A ^c	277,711		2,721,568

Restaurants and Lodgings - 1.4%
Frisch’s Restaurants ^c	356,800		7,225,200

Retail Stores - 8.2%
American Eagle Outfitters	469,800		5,750,352
AnnTaylor Stores ^a	265,000		1,378,000
Arden Group Cl. A	115,286		13,470,016
Barnes & Noble	200,000		4,276,000
Bed Bath & Beyond ^a,b	121,900		3,017,025
Brown Shoe	250,000		937,500
Buckle (The)	137,000		4,374,410
Gymboree Corporation ^a,b	339,700		7,252,595
Tiffany & Co.	136,100		2,934,316

			43,390,214

Total			53,336,982


Financial Services – 0.9%
Information and Processing - 0.9%
Interactive Data	181,600		4,514,576

Total			4,514,576


Health – 8.3%
Commercial Services - 0.3%
Owens & Minor	43,400		1,437,842

Health Services - 0.3%
Psychemedics Corporation ^c	266,827		1,510,241

Medical Products and Devices - 7.7%
Atrion Corporation ^c	102,000		9,000,480
Bio-Rad Laboratories Cl. A ^a,b	261,900		17,259,210
Mesa Laboratories	121,855		1,949,680
Schein (Henry) ^a,b	72,500		2,900,725
STERIS Corporation	302,500		7,042,200
Utah Medical Products	46,125		1,060,875
Zoll Medical ^a,b	121,900		1,750,484

			40,963,654

Total			43,911,737


Industrial Products – 24.3%
Automotive - 1.5%
Dorman Products ^a,b	832,652		7,768,643

Building Systems and Components - 0.5%
Quanex Building Products	369,000		2,804,400

Industrial Components - 2.3%
Hubbell Cl. B	454,600		12,256,016

Machinery - 8.7%
Ampco-Pittsburgh	316,000		4,190,160
Cascade Corporation	200,000		3,526,000
Columbus McKinnon ^a	241,500		2,105,880
Hurco Companies ^a,b	219,800		2,336,474
K-Tron International ^a,b	78,500		4,762,595
Nordson Corporation	145,800		4,145,094
Regal-Beloit	297,000		9,100,080
Rofin-Sinar Technologies ^a	495,000		7,979,400
Sun Hydraulics	145,400		2,124,294
Wabtec Corporation	218,300		5,758,754

			46,028,731

Metal Fabrication and Distribution - 2.4%
Carpenter Technology	318,500		4,497,220
Central Steel & Wire	1,373		837,530
Insteel Industries	551,000		3,834,960
Kennametal	224,600		3,640,766

			12,810,476

Miscellaneous Manufacturing - 2.0%
Carlisle Companies	306,600		6,018,558
Met-Pro Corporation	128,400		1,046,460
Standex International	395,000		3,634,000

			10,699,018

Pumps, Valves and Bearings - 1.2%
IDEX Corporation	109,500		2,394,765
Kaydon Corporation	136,100		3,719,613

			6,114,378

Specialty Chemicals and Materials - 5.7%
Hawkins ^c	547,500		8,447,925
Lubrizol Corporation (The)	201,500		6,853,015
Park Electrochemical	646,500		11,171,520
Schulman (A.)	295,813		4,008,266

			30,480,726

Total			128,962,388


Industrial Services – 11.0%
Advertising and Publishing - 1.3%
Meredith Corporation	406,000		6,755,840

Commercial Services - 3.3%
Cintas Corporation	170,700		4,219,704
MPS Group ^a	474,000		2,820,300
Watson Wyatt Worldwide Cl. A	218,500		10,787,345

			17,827,349

Industrial Distribution - 4.2%
Applied Industrial Technologies	409,000		6,899,830
Lawson Products ^c	490,400		5,968,168
Watsco ^b	274,000		9,324,220

			22,192,218

Printing - 1.6%
CSS Industries ^c	488,000		8,296,000

Transportation and Logistics - 0.6%
Arkansas Best	178,800		3,400,776

Total			58,472,183


Natural Resources – 1.9%
Energy Services - 1.9%
Lufkin Industries	98,400		3,727,392
NATCO Group Cl. A ^a,b	139,400		2,638,842
RPC	387,600		2,569,788
Superior Well Services ^a,b	248,400		1,274,292

Total			10,210,314


Technology – 5.7%
Components and Systems - 4.2%
AVX Corporation	483,500		4,390,180
MKS Instruments ^a	261,700		3,839,139
Rimage Corporation ^a,b	289,500		3,864,825
Thomas & Betts ^a	286,000		7,155,720
Zebra Technologies Cl. A ^a	164,100		3,121,182

			22,371,046

Semiconductors and Equipment - 0.4%
Advanced Energy Industries ^a	300,500		2,262,765

Software - 0.3%
Versant Corporation ^a,b	85,046		1,461,941

Telecommunications - 0.8%
Plantronics	364,300		4,397,101

Total			30,492,853


Miscellaneous ^e – 0.6%
Total			3,268,521


TOTAL COMMON STOCKS
(Cost $450,032,096)			405,775,749


REPURCHASE AGREEMENT – 23.6%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $125,174,452 (collateralized by obligations of various U.S. Government Agencies, due 4/17/09-5/29/09, valued at $128,305,505) (Cost $125,174,000)			125,174,000

COLLATERAL RECEIVED FOR SECURITIES LOANED – 2.2%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.371%)
(Cost $11,733,702)			11,733,702

TOTAL INVESTMENTS – 102.3%
(Cost $586,939,798)			542,683,451

LIABILITIES LESS CASH AND OTHER ASSETS – (2.3)%			(12,102,203	)

NET ASSETS – 100.0%		$	530,581,248

SCHEDULE OF INVESTMENTS
ROYCE VALUE FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 97.5%

Consumer Products – 8.2%
Apparel, Shoes and Accessories - 4.4%
Coach ^b	604,095	$	10,088,386
Fossil ^a	764,904		12,008,993
Polo Ralph Lauren	314,700		13,296,075

			35,393,454

Food/Beverage/Tobacco - 0.8%
Sanderson Farms	172,251		6,468,025

Health, Beauty and Nutrition - 2.0%
NBTY ^a,b	948,750		13,358,400
Nu Skin Enterprises Cl. A	253,600		2,660,264

			16,018,664

Sports and Recreation - 1.0%
Thor Industries	497,100		7,764,702

Total			65,644,845


Consumer Services – 8.2%
Leisure and Entertainment - 1.2%
International Speedway Cl. A	416,100		9,179,166

Retail Stores - 7.0%
Abercrombie & Fitch Cl. A	483,200		11,500,160
American Eagle Outfitters	1,509,900		18,481,176
Buckle (The)	468,033		14,944,294
Dress Barn (The) ^a,b	920,700		11,315,403

			56,241,033

Total			65,420,199


Financial Intermediaries – 10.8%
Insurance - 8.0%
Aspen Insurance Holdings	729,900		16,393,554
Max Capital Group	778,797		13,426,460
PartnerRe	352,350		21,870,365
Validus Holdings	507,900		12,027,072

			63,717,451

Securities Brokers - 2.8%
Knight Capital Group Cl. A ^a	1,503,700		22,164,538

Total			85,881,989


Financial Services – 2.5%
Investment Management - 2.5%
Federated Investors Cl. B	904,506		20,134,304

Total			20,134,304


Health – 1.7%
Drugs and Biotech - 1.7%
Endo Pharmaceuticals Holdings ^a	779,100		13,774,488

Total			13,774,488


Industrial Products – 15.8%
Building Systems and Components - 1.1%
Simpson Manufacturing	492,200		8,869,444

Machinery - 3.1%
Lincoln Electric Holdings	491,500		15,575,635
Rofin-Sinar Technologies ^a	441,944		7,124,137
Woodward Governor	207,504		2,319,895

			25,019,667

Metal Fabrication and Distribution - 6.1%
Carpenter Technology	276,567		3,905,126
Reliance Steel & Aluminum	542,300		14,278,759
Schnitzer Steel Industries Cl. A	473,600		14,866,304
Sims Metal Management ADR	1,322,238		15,761,077

			48,811,266

Paper and Packaging - 1.2%
AptarGroup	298,688		9,301,145

Pumps, Valves and Bearings - 4.3%
Gardner Denver ^a	955,700		20,776,918
IDEX Corporation	390,900		8,548,983
Pfeiffer Vacuum Technology	80,600		4,767,853

			34,093,754

Total			126,095,276

Industrial Services – 11.4%
Commercial Services - 6.8%
Heidrick & Struggles International	658,966		11,690,057
Korn/Ferry International ^a	1,316,100		11,923,866
ManTech International Cl. A ^a	55,088		2,308,187
Resources Connection ^a	700,474		10,563,148
Robert Half International	550,400		9,813,632
TrueBlue ^a	947,537		7,817,180

			54,116,070

Food, Tobacco and Agriculture - 3.3%
CF Industries Holdings	164,300		11,686,659
Hormel Foods	463,044		14,683,125

			26,369,784

Industrial Distribution - 1.3%
Applied Industrial Technologies	322,100		5,433,827
MSC Industrial Direct Cl. A	149,800		4,654,286

			10,088,113

Total			90,573,967

Natural Resources – 23.2%
Energy Services - 11.1%
Ensign Energy Services	1,182,700		10,243,563
Helmerich & Payne	405,400		9,230,958
Major Drilling Group International	1,055,100		10,109,143
Oil States International ^a	1,157,309		15,531,087
Patterson-UTI Energy	778,600		6,976,256
Rowan Companies ^a	674,300		8,071,371
Tesco Corporation ^a	578,700		4,525,434
Trican Well Service	1,136,800		5,806,624
Unit Corporation ^a	845,475		17,687,337

			88,181,773

Oil and Gas - 1.2%
Cimarex Energy	524,700		9,643,986

Precious Metals and Mining - 10.9%
Agnico-Eagle Mines	277,600		15,800,992
Fresnillo	1,234,000		8,090,366
Gammon Gold ^a	697,900		4,515,413
Ivanhoe Mines ^a,b	1,536,600		9,450,090
Pan American Silver ^a	900,430		15,685,491
Randgold Resources ADR	296,300		16,103,905
Red Back Mining ^a	651,200		4,209,454
Silver Standard Resources ^a,b	819,701		13,213,580

			87,069,291

Total			184,895,050


Technology – 14.2%
Aerospace and Defense - 1.0%
Ceradyne ^a	430,000		7,795,900

Components and Systems - 1.4%
MKS Instruments ^a	777,200		11,401,524

IT Services - 1.4%
Total System Services	842,500		11,634,925

Semiconductors and Equipment - 6.4%
Advanced Energy Industries ^a	974,465		7,337,721
Cabot Microelectronics ^a	232,200		5,579,766
Lam Research ^a	468,200		10,660,914
Novellus Systems ^a	598,531		9,953,571
Varian Semiconductor Equipment Associates ^a	524,000		11,349,840
Verigy ^a	724,931		5,980,681

			50,862,493

Telecommunications - 4.0%
Comtech Telecommunications ^a	648,500		16,063,345
NETGEAR ^a	1,307,800		15,758,990

			31,822,335

Total			113,517,177


Miscellaneous ^e – 1.5%
Total			12,066,872


TOTAL COMMON STOCKS
(Cost $1,184,830,999)			778,004,167


REPURCHASE AGREEMENT – 2.4%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $19,110,069 (collateralized by obligations of various U.S. Government Agencies, 3.375% due 4/15/09, valued at $19,588,219) (Cost $19,110,000)			19,110,000

COLLATERAL RECEIVED FOR SECURITIES LOANED – 0.4%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.371%)
(Cost $2,813,224)			2,813,224

TOTAL INVESTMENTS – 100.3%
(Cost $1,206,754,223)			799,927,391

LIABILITIES LESS CASH AND OTHER ASSETS – (0.3)%			(2,197,908	)

NET ASSETS – 100.0%		$	797,729,483

SCHEDULE OF INVESTMENTS
ROYCE VALUE PLUS FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 95.3%

Consumer Products – 4.3%
Apparel, Shoes and Accessories - 1.0%
Gildan Activewear ^a,b	2,268,800	$	18,377,280

Food/Beverage/Tobacco - 2.1%
Heckmann Corporation ^a,b	2,550,000		12,291,000
Heckmann Corporation (Warrants) ^a	2,000,000		1,520,000
Sanderson Farms	665,549		24,991,365

			38,802,365

Health, Beauty and Nutrition - 1.2%
Inter Parfums	1,255,304		7,318,422
NutriSystem	1,108,874		15,823,632

			23,142,054

Total			80,321,699


Consumer Services – 6.7%
Leisure and Entertainment - 1.6%
DreamWorks Animation SKG Cl. A ^a	1,418,200		30,689,848

Online Commerce - 0.9%
Liquidity Services ^a,b,c	1,413,400		9,879,666
LoopNet ^a,b	1,182,000		7,186,560

			17,066,226

Restaurants and Lodgings - 0.9%
Chipotle Mexican Grill Cl. A ^a,b	243,000		16,130,340
Cosi ^a,c	3,997,600		1,359,184

			17,489,524

Retail Stores - 3.3%
A.C. Moore Arts & Crafts ^a,c	1,883,100		3,559,059
Casual Male Retail Group ^a,c	4,081,600		1,999,984
Christopher & Banks ^c	2,153,900		8,809,451
Monro Muffler Brake	563,472		15,399,690
O’Reilly Automotive ^a,b	377,000		13,198,770
Tiffany & Co.	273,000		5,885,880
Tractor Supply ^a,b	346,500		12,494,790

			61,347,624

Total			126,593,222


Financial Intermediaries – 9.8%
Banking - 2.8%
Bancorp (The) ^a,c	842,170		3,553,957
Bankrate ^a,b	382,700		9,548,365
Enterprise Financial Services	524,800		5,122,048
Marshall & Ilsley	1,450,000		8,163,500
Northern Trust	307,000		18,364,740
Synovus Financial	2,300,000		7,475,000
Umpqua Holdings	105,300		954,018

			53,181,628

Insurance - 1.0%
Berkley (W.R.)	507,100		11,435,105
White Mountains Insurance Group	46,000		7,907,860

			19,342,965

Securities Brokers - 4.2%
KBW ^a,b	503,900		10,254,365
Knight Capital Group Cl. A ^a,b	2,426,700		35,769,558
Raymond James Financial	900,000		17,730,000
TradeStation Group ^a,c	2,190,000		14,454,000

			78,207,923

Securities Exchanges - 1.8%
MarketAxess Holdings ^a	730,000		5,577,200
TMX Group	1,021,700		28,970,317

			34,547,517

Total			185,280,033


Financial Services – 3.6%
Information and Processing - 2.0%
Morningstar ^a	822,000		28,071,300
SEI Investments	786,400		9,601,944

			37,673,244

Insurance Brokers - 1.5%
Brown & Brown	1,435,100		27,137,741

Investment Management - 0.1%
U.S. Global Investors Cl. A	500,000		2,435,000

Total			67,245,985


Health – 7.0%
Drugs and Biotech - 4.3%
Affymetrix ^a,b	2,708,000		8,855,160
Cypress Bioscience ^a,c	2,259,200		16,062,912
Dyax Corporation ^a,c	3,488,554		8,756,270
Exelixis ^a,b	1,118,100		5,143,260
Forest Laboratories ^a	659,000		14,471,640
Rigel Pharmaceuticals ^a,b	644,249		3,955,689
Theratechnologies ^a	2,469,600		3,780,400
Watson Pharmaceuticals ^a	658,000		20,470,380

			81,495,711

Health Services - 0.4%
eResearch Technology ^a	1,370,150		7,206,989

Medical Products and Devices - 2.3%
Anika Therapeutics ^a,c	1,042,395		4,763,745
Caliper Life Sciences ^a,b	2,191,700		2,169,783
Cerus Corporation ^a,b,c	2,884,500		1,961,460
HealthTronics ^a,c	3,358,000		4,566,880
Patterson Companies ^a,b	778,300		14,678,738
Shamir Optical Industry ^a,c	1,257,200		3,784,172
Vital Images ^a,c	978,566		11,028,439

			42,953,217

Total			131,655,917


Industrial Products – 9.9%
Automotive - 1.5%
Copart ^a	969,900		28,767,234

Industrial Components - 2.5%
CLARCOR	607,300		15,297,887
FARO Technologies ^a,b,c	1,284,700		17,266,368
Littelfuse ^a,c	1,341,000		14,737,590

			47,301,845

Machinery - 1.3%
Rofin-Sinar Technologies ^a	953,740		15,374,289
Tennant Company ^c	1,052,000		9,857,240

			25,231,529

Metal Fabrication and Distribution - 2.7%
Kennametal	1,208,300		19,586,543
Schnitzer Steel Industries Cl. A	300,930		9,446,192
Sims Metal Management	504,387		5,980,405
Sims Metal Management ADR	1,265,125		15,080,290

			50,093,430

Miscellaneous Manufacturing - 0.1%
Raven Industries	100,000		2,078,000

Pumps, Valves and Bearings - 1.0%
IDEX Corporation	866,400		18,948,168

Specialty Chemicals and Materials - 0.8%
Symyx Technologies ^a,c	3,267,577		14,540,718

Total			186,960,924


Industrial Services – 11.6%
Commercial Services - 4.7%
Cintas Corporation	1,013,700		25,058,664
Monster Worldwide ^a	802,000		6,536,300
MPS Group ^a	1,572,900		9,358,755
Resources Connection ^a	178,900		2,697,812
Ritchie Bros. Auctioneers	1,225,600		22,783,904
Robert Half International	255,800		4,560,914
TrueBlue ^a	1,195,200		9,860,400
UniFirst Corporation	284,400		7,917,696

			88,774,445

Food, Tobacco and Agriculture - 0.9%
Corn Products International	792,200		16,794,640

Industrial Distribution - 3.5%
Grainger (W.W.)	394,600		27,693,028
Houston Wire & Cable ^c	956,300		7,411,325
MSC Industrial Direct Cl. A	571,300		17,750,291
Watsco	386,100		13,138,983

			65,993,627

Transportation and Logistics - 2.5%
Celadon Group ^a,b,c	1,998,700		11,092,785
Heartland Express	855,000		12,662,550
Knight Transportation	250,000		3,790,000
Universal Truckload Services	646,922		9,276,861
Werner Enterprises	607,900		9,191,448

			46,013,644

Total			217,576,356


Natural Resources – 13.0%
Energy Services - 4.2%
Calfrac Well Services	860,200		4,618,936
CARBO Ceramics	225,400		6,410,376
Ensign Energy Services	1,731,700		14,998,544
Pason Systems	1,491,000		11,258,185
Patterson-UTI Energy	797,000		7,141,120
Rowan Companies ^a	264,200		3,162,474
Tesco Corporation ^a	757,700		5,925,214
Trican Well Service	1,553,800		7,936,605
Unit Corporation ^a	815,400		17,058,168

			78,509,622

Oil and Gas - 0.9%
Bill Barrett ^a,b	768,200		17,084,768

Precious Metals and Mining - 7.9%
Agnico-Eagle Mines	326,100		18,561,612
Alamos Gold ^a	2,931,600		21,089,477
Fronteer Development Group ^a	2,556,000		6,185,520
Gabriel Resources ^a	5,952,300		11,330,520
Gammon Gold ^a	3,616,200		23,396,814
Hecla Mining ^a	4,199,900		8,399,800
Ivanhoe Mines ^a	3,490,900		21,469,035
NovaGold Resources ^a,b	3,942,100		10,880,196
Silver Standard Resources ^a,b	1,239,500		19,980,740
Silvercorp Metals	3,739,600		8,488,892

			149,782,606

Total			245,376,996


Technology – 26.5%
Aerospace and Defense - 0.5%
FLIR Systems ^a	417,000		8,540,160

Components and Systems - 4.2%
Brocade Communications Systems ^a	3,895,100		13,438,095
Checkpoint Systems ^a	1,116,800		10,017,696
Daktronics	750,000		4,912,500
Dionex Corporation ^a	350,300		16,551,675
Mercury Computer Systems ^a,c	2,138,749		11,827,282
MKS Instruments ^a	612,900		8,991,243
Trimble Navigation ^a	856,000		13,079,680

			78,818,171

Internet Software and Services - 3.0%
Akamai Technologies ^a,b	1,508,000		29,255,200
IAC/InterActiveCorp ^a	691,800		10,536,114
RADVision ^a,c	1,741,600		8,690,584
RealNetworks ^a	3,542,200		8,253,326

			56,735,224

IT Services - 2.5%
Perot Systems Cl. A ^a	1,347,200		17,351,936
SRA International Cl. A ^a	2,079,300		30,565,710

			47,917,646

Semiconductors and Equipment - 8.6%
Electro Scientific Industries ^a	981,100		5,808,112
Exar Corporation ^a,c	2,271,464		14,173,935
Fairchild Semiconductor International ^a	2,482,800		9,260,844
GSI Group ^a	1,802,000		1,711,900
IPG Photonics ^a,b	2,150,899		18,110,570
NVIDIA Corporation ^a,b	2,340,000		23,072,400
Skyworks Solutions ^a	3,020,700		24,346,842
Supertex ^a,c	890,153		20,562,534
Tessera Technologies ^a	1,533,798		20,506,879
Varian ^a	809,675		19,221,685
Verigy ^a	528,800		4,362,600

			161,138,301

Software - 3.7%
Avid Technology ^a,b,c	1,866,700		17,061,638
DivX ^a,c	1,786,300		8,985,089
Epicor Software ^a	1,007,200		3,837,432
Intermap Technologies ^a	2,308,700		3,387,607
MSC.Software ^a	2,258,000		12,735,120
National Instruments	717,400		13,379,510
Sonic Solutions ^a,b,c	1,488,600		1,786,320
Ulticom ^a	1,881,400		9,407,000

			70,579,716

Telecommunications - 4.0%
ADTRAN	1,115,300		18,079,013
ArrisGroup ^a	3,388,900		24,976,193
Comverse Technology ^a	2,198,400		12,530,880
Digi International ^a,b,c	1,413,800		10,843,846
Extreme Networks ^a,b	3,600,000		5,472,000
ORBCOMM ^a,b,c	2,172,101		3,192,989

			75,094,921

Total			498,824,139


Miscellaneous ^e – 2.9%
Total			54,539,935


TOTAL COMMON STOCKS
(Cost $2,986,822,077)			1,794,375,206


REPURCHASE AGREEMENT – 4.5%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $84,888,307 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $87,013,888) (Cost $84,888,000)			84,888,000

COLLATERAL RECEIVED FOR SECURITIES LOANED – 3.1%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.371%)
(Cost $57,966,479)			57,966,479


TOTAL INVESTMENTS – 102.9%
(Cost $3,129,676,556)			1,937,229,685

LIABILITIES LESS CASH AND OTHER ASSETS – (2.9)%			(54,949,348	)

NET ASSETS – 100.0%		$	1,882,280,337

SCHEDULE OF INVESTMENTS
ROYCE TECHNOLOGY VALUE FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 88.0%

Advertising and Publishing - 1.4%
DG FastChannel ^a	5,000	$	93,850

Total			93,850


Aerospace and Defense - 1.0%
Ceradyne ^a	4,000		72,520

Total			72,520


Components and Systems - 10.4%
Amdocs ^a	6,000		111,120
Brocade Communications Systems ^a	40,100		138,345
Compellent Technologies ^a	7,500		81,450
Data Domain ^a	7,500		94,275
Mercury Computer Systems ^a	10,000		55,300
MKS Instruments ^a	9,000		132,030
Super Micro Computer ^a	20,000		98,400

Total			710,920


Health Services - 1.0%
eResearch Technology ^a	12,500		65,750

Total			65,750


Home Furnishing and Appliances - 1.3%
Universal Electronics ^a	5,000		90,500

Total			90,500


Internet Software and Services - 5.9%
Akamai Technologies ^a	5,000		97,000
Ariba ^a	7,500		65,475
ePresence ^a,d	350,000		0
j2 Global Communications ^a	7,500		164,175
SupportSoft ^a	40,000		76,800

Total			403,450


IT Services - 5.0%
Jack Henry & Associates	10,000		163,200
SRA International Cl. A ^a	5,000		73,500
Total System Services	7,500		103,575

Total			340,275


Leisure and Entertainment - 1.6%
DreamWorks Animation SKG Cl. A ^a	5,000		108,200

Total			108,200


Securities Brokers - 1.7%
Knight Capital Group Cl. A ^a	8,000		117,920

Total			117,920

Semiconductors and Equipment - 31.4%
Advanced Energy Industries ^a	10,000		75,300
Applied Micro Circuits ^a	25,000		121,500
Atheros Communications ^a	4,000		58,640
Brooks Automation ^a	40,000		184,400
Cabot Microelectronics ^a	5,000		120,150
Entegris ^a	20,000		17,200
Entropic Communications ^a	130,000		96,200
Fairchild Semiconductor International ^a	10,000		37,300
Formfactor ^a	5,000		90,100
Lam Research ^a	8,000		182,160
Microsemi ^a	15,000		174,000
Microtune ^a	25,000		45,500
O2Micro International ADR ^a	35,000		119,700
Sigma Designs ^a	4,000		49,760
Skyworks Solutions ^a	5,000		40,300
STEC ^a	20,000		147,400
Techwell ^a	15,000		94,650
Tessera Technologies ^a	10,000		133,700
Trident Microsystems ^a	60,100		87,746
Varian Semiconductor Equipment Associates ^a	6,000		129,960
Verigy ^a	9,000		74,250
Wolfson Microelectronics ^a	50,000		75,541

Total			2,155,457

Software - 11.1%
Avid Technology ^a	4,000		36,560
Avocent Corporation ^a	4,000		48,560
Citrix Systems ^a	3,000		67,920
Commvault Systems ^a	7,500		82,275
DivX ^a	7,500		37,725
Macrovision Solutions ^a	5,000		88,950
MSC.Software ^a	10,000		56,400
OpenTV Cl. A ^a	50,000		75,500
Phase Forward ^a	5,000		63,950
Phoenix Technologies ^a	5,000		8,100
SeaChange International ^a	5,000		28,600
Synopsys ^a	8,000		165,840

Total			760,380

Telecommunications - 13.9%
Acme Packet ^a	12,500		75,875
ADTRAN	2,500		40,525
Arris Group ^a	10,000		73,700
Comtech Telecommunications ^a	3,000		74,310
Digi International ^a	5,000		38,350
F5 Networks ^a	4,000		83,800
Harmonic ^a	25,000		162,500
NETGEAR ^a	10,000		120,500
NeuStar Cl. A ^a	7,000		117,250
Oplink Communications ^a	10,000		77,000
Tekelec ^a	7,000		92,610

Total			956,420

Miscellaneous ^e – 2.3%
Total			159,020

TOTAL COMMON STOCKS
(Cost $8,346,939)			6,034,662

REPURCHASE AGREEMENT – 12.4%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $851,003 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $874,738) (Cost $851,000)			851,000

TOTAL INVESTMENTS – 100.4%
(Cost $9,197,939)			6,885,662

LIABILITIES LESS CASH AND OTHER ASSETS – (0.4)%			(25,480	)

NET ASSETS – 100.0%		$	6,860,182

SCHEDULE OF INVESTMENTS
ROYCE 100 FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 86.4%

Consumer Products – 5.4%
Apparel, Shoes and Accessories - 1.3%
Columbia Sportswear	14,300	$	427,856
Polo Ralph Lauren	9,100		384,475

			812,331

Consumer Electronics - 1.0%
Dolby Laboratories Cl. A ^a	19,100		651,501

Food/Beverage/Tobacco - 1.2%
Sanderson Farms	21,300		799,815

Home Furnishing and Appliances - 1.1%
Mohawk Industries ^a	22,800		681,036

Sports and Recreation - 0.8%
Thor Industries	30,900		482,658

Total			3,427,341


Consumer Services – 2.6%
Retail Stores - 2.6%
Charming Shoppes ^a	170,400		238,560
Dress Barn (The) ^a	49,500		608,355
Tiffany & Co.	38,400		827,904

Total			1,674,819


Financial Intermediaries – 9.4%
Insurance - 2.5%
Berkley (W.R.)	42,000		947,100
Markel Corporation ^a	2,300		652,924

			1,600,024

Securities Brokers - 5.9%
Evercore Partners Cl. A	50,500		780,225
Interactive Brokers Group Cl. A ^a	60,000		967,800
Jefferies Group	34,700		478,860
Lazard Cl. A	38,200		1,123,080
Thomas Weisel Partners Group ^a	111,500		399,170

			3,749,135

Other Financial Intermediaries - 1.0%
NASDAQ OMX Group ^a	33,500		655,930

Total			6,005,089


Financial Services – 14.1%
Information and Processing - 4.4%
Interactive Data	23,800		591,668
Morningstar ^a	27,300		932,295
MSCI Cl. A ^a	43,100		728,821
SEI Investments	48,000		586,080

			2,838,864

Insurance Brokers - 1.1%
Brown & Brown	36,400		688,324

Investment Management - 8.6%
Affiliated Managers Group ^a	11,397		475,369
AllianceBernstein Holding L.P.	50,100		737,472
Cohen & Steers	32,000		357,120
Federated Investors Cl. B	59,100		1,315,566
GAMCO Investors Cl. A	13,300		434,245
Janus Capital Group	71,000		472,150
Teton Advisors ^a,d	198		449
Waddell & Reed Financial Cl. A	55,900		1,010,113
Westwood Holdings Group	17,200		672,348

			5,474,832

Total			9,002,020


Health – 2.7%
Drugs and Biotech - 0.5%
ICON ADR ^a	20,000		323,000

Health Services - 0.8%
Advisory Board (The) ^a	30,900		512,322

Medical Products and Devices - 1.4%
IDEXX Laboratories ^a	26,401		912,947

Total			1,748,269


Industrial Products – 15.5%
Automotive - 2.6%
Copart ^a	43,400		1,287,244
Gentex Corporation	38,200		380,472

			1,667,716

Building Systems and Components - 2.5%
Armstrong World Industries ^a	39,100		430,491
Drew Industries ^a	52,400		454,832
Simpson Manufacturing	40,000		720,800

			1,606,123

Industrial Components - 2.9%
CLARCOR	14,200		357,698
FARO Technologies ^a	22,500		302,400
GrafTech International ^a	100,500		619,080
PerkinElmer	45,100		575,927

			1,855,105

Machinery - 2.4%
Franklin Electric	20,200		447,026
Rofin-Sinar Technologies ^a	40,400		651,248
Wabtec Corporation	16,900		445,822

			1,544,096

Metal Fabrication and Distribution - 3.4%
Allegheny Technologies	19,200		421,056
Kennametal	32,500		526,825
Reliance Steel & Aluminum	20,000		526,600
Sims Metal Management ADR	56,400		672,288

			2,146,769

Pumps, Valves and Bearings - 1.7%
Gardner Denver ^a	28,300		615,242
IDEX Corporation	21,500		470,205

			1,085,447

Total			9,905,256


Industrial Services – 15.1%
Commercial Services - 8.7%
Administaff	21,700		458,521
Brink’s Company (The)	21,400		566,244
Cintas Corporation	15,800		390,576
Convergys Corporation ^a	48,500		391,880
Corinthian Colleges ^a	19,100		371,495
Corporate Executive Board	28,400		411,800
CRA International ^a	27,813		525,109
Hewitt Associates Cl. A ^a	14,900		443,424
Manpower	23,100		728,343
MPS Group ^a	77,000		458,150
Universal Technical Institute ^a	20,100		241,200
Watson Wyatt Worldwide Cl. A	12,400		612,188

			5,598,930

Engineering and Construction - 1.9%
KBR	52,600		726,406
NVR ^a	1,200		513,300

			1,239,706

Food, Tobacco and Agriculture - 0.7%
Intrepid Potash ^a	23,000		424,350

Transportation and Logistics - 3.8%
Arkansas Best	20,900		397,518
Expeditors International of Washington	27,300		772,317
Landstar System	19,300		645,971
UTI Worldwide	49,900		596,305

			2,412,111

Total			9,675,097


Natural Resources – 7.9%
Energy Services - 6.3%
Ensign Energy Services	65,000		562,976
Major Drilling Group International	53,000		507,805
Oil States International ^a	43,900		589,138
Pason Systems	76,000		573,858
SEACOR Holdings ^a	9,500		553,945
Trican Well Service	100,200		511,808
Unit Corporation ^a	33,800		707,096

			4,006,626

Oil and Gas - 0.6%
Cimarex Energy	20,000		367,600

Precious Metals and Mining - 1.0%
Randgold Resources ADR	12,500		679,375

Total			5,053,601


Technology – 10.2%
Aerospace and Defense - 1.0%
HEICO Corporation Cl. A	30,600		631,278

Components and Systems - 2.9%
Diebold	20,600		439,810
Dionex Corporation ^a	12,000		567,000
Energy Conversion Devices ^a	39,800		528,146
Plexus Corporation ^a	23,900		330,298

			1,865,254

IT Services - 1.4%
Sapient Corporation ^a	116,900		522,543
Syntel	19,400		399,252

			921,795

Semiconductors and Equipment - 1.5%
Coherent ^a	19,400		334,650
Lam Research ^a	12,200		277,794
Varian ^a	13,700		325,238

			937,682

Software - 2.2%
Blackbaud	34,100		395,901
Fair Isaac	29,700		417,879
National Instruments	30,900		576,285

			1,390,065

Telecommunications - 1.2%
ADTRAN	47,300		766,733

Total			6,512,807


Miscellaneous ^e – 3.5%
Total			2,238,559


TOTAL COMMON STOCKS
(Cost $70,668,551)			55,242,858


REPURCHASE AGREEMENT – 9.9%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $6,303,023 (collateralized by obligations of various U.S. Government Agencies, 0.95%-6.875% due 3/30/10-9/15/10, valued at $6,462,169) (Cost $6,303,000)			6,303,000

TOTAL INVESTMENTS – 96.3%
(Cost $76,971,551)			61,545,858

CASH AND OTHER ASSETS LESS LIABILITIES – 3.7%			2,378,691

NET ASSETS – 100.0%		$	63,924,549

SCHEDULE OF INVESTMENTS
ROYCE DISCOVERY FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 93.7%

Consumer Products – 3.4%
Food/Beverage/Tobacco - 1.0%
Schiff Nutrition International Cl. A ^a	4,400	$	19,800

Home Furnishing and Appliances - 2.4%
Hooker Furniture	2,100		17,724
National Presto Industries	500		30,505

			48,229

Total			68,029

Consumer Services – 3.3%
Leisure and Entertainment - 1.1%
Monarch Casino & Resort ^a	3,100		15,996
New Frontier Media ^a	3,600		5,940

			21,936

Retail Stores - 2.2%
Jos. A. Bank Clothiers ^a	1,600		44,496

Total			66,432

Financial Intermediaries – 18.5%
Banking - 4.5%
Capitol Bancorp	5,400		22,410
City Bank	7,100		23,430
First Defiance Financial	3,900		23,556
South Financial Group	19,100		21,010

			90,406

Insurance - 14.0%
American Physicians Service Group	1,600		30,672
American Safety Insurance Holdings ^a	2,800		32,228
Amerisafe ^a	800		12,256
Baldwin & Lyons Cl. B	800		15,136
Eastern Insurance Holdings	2,138		16,612
EMC Insurance Group	1,600		33,712
First Mercury Financial ^a	2,500		36,100
Hallmark Financial Services ^a	3,020		20,929
Meadowbrook Insurance Group	9,399		57,334
SeaBright Insurance Holdings ^a	2,800		29,288

			284,267

Total			374,673

Health – 18.4%
Drugs and Biotech - 2.8%
Harvard Bioscience ^a	7,599		22,645
Matrixx Initiatives ^a	1,400		22,960
Theragenics Corporation ^a	9,900		12,078

			57,683

Health Services - 1.5%
Metropolitan Health Networks ^a	17,448		25,649
Psychemedics Corporation	700		3,962

			29,611

Medical Products and Devices - 14.0%
Atrion Corporation	300		26,472
Bovie Medical ^a	2,900		18,995
Cardiac Science ^a	7,800		23,478
Cynosure Cl. A ^a	1,300		7,917
Exactech ^a	1,800		20,682
HealthTronics ^a	4,900		6,664
Kensey Nash ^a	1,367		29,076
Medical Action Industries ^a	3,200		26,528
Merit Medical Systems ^a	2,484		30,330
Neogen Corporation ^a	2,000		43,660
Osteotech ^a	6,300		21,987
Somanetics Corporation ^a	1,700		25,806
Utah Medical Products	113		2,599

			284,194

Personal Care - 0.1%
CCA Industries	577		1,667

Total			373,155

Industrial Products – 14.3%
Automotive - 1.3%
ATC Technology ^a	2,300		25,760
Miller Industries ^a	200		1,300

			27,060

Building Systems and Components - 0.9%
LSI Industries	3,500		18,095

Industrial Components - 3.2%
Bel Fuse Cl. B	1,800		24,192
CTS Corporation	7,100		25,631
Gerber Scientific ^a	6,114		14,612

			64,435

Machinery - 2.4%
Ampco-Pittsburgh	1,700		22,542
Core Molding Technologies ^a	400		560
FreightCar America	700		12,271
Hurco Companies ^a	1,200		12,756

			48,129

Metal Fabrication and Distribution - 4.6%
Foster (L.B.) Company Cl. A ^a	1,300		32,279
North American Galvanizing & Coatings ^a	7,500		22,650
Olympic Steel	1,800		27,306
Universal Stainless & Alloy Products ^a	1,100		10,637

			92,872

Paper and Packaging - 0.6%
Kapstone Paper and Packaging ^a	5,300		13,038

Specialty Chemicals and Materials - 1.3%
Landec Corporation ^a	4,733		26,363

Other Industrial Products - 0.0%
Media Sciences International ^a	700		273

Total			290,265

Industrial Services – 10.0%
Commercial Services - 4.7%
ChinaCast Education ^a	8,300		28,220
CRA International ^a	800		15,104
ICF International ^a	1,400		32,158
Volt Information Sciences ^a	2,900		19,285

			94,767

Industrial Distribution - 2.7%
Houston Wire & Cable	4,000		31,000
Sport Supply Group	4,100		23,452

			54,452

Printing - 2.2%
CSS Industries	1,581		26,877
Ennis	2,100		18,606

			45,483

Transportation and Logistics - 0.4%
Dynamex ^a	600		7,848

Total			202,550

Natural Resources – 4.1%
Energy Services - 1.0%
Bronco Drilling ^a	2,400		12,624
Union Drilling ^a	2,300		8,740

			21,364

Oil and Gas - 2.7%
TransGlobe Energy ^a	8,100		22,518
VAALCO Energy ^a	6,000		31,740

			54,258

Real Estate - 0.4%
China Housing & Land Development ^a	6,200		7,440

Total			83,062

Technology – 18.0%
Aerospace and Defense - 3.4%
Ducommun	1,400		20,356
Dynamics Research ^a	1,700		12,308
Hi-Shear Technology ^a	1,900		11,685
LaBarge ^a	2,900		24,273

			68,622

Components and Systems - 1.3%
Super Micro Computer ^a	5,400		26,568

IT Services - 3.2%
CIBER ^a	8,200		22,386
iGATE Corporation	8,000		25,920
TechTeam Global ^a	3,500		17,080

			65,386

Semiconductors and Equipment - 2.3%
GSI Group ^a	3,600		3,420
GSI Technology ^a	9,600		23,808
Image Sensing Systems ^a	1,537		13,679
Ultra Clean Holdings ^a	4,100		4,387

			45,294

Software - 3.6%
American Software Cl. A	3,700		19,499
Double-Take Software ^a	3,300		22,308
Pervasive Software ^a	1,400		5,460
Versant Corporation ^a	1,500		25,785

			73,052

Telecommunications - 4.2%
Globecomm Systems ^a	4,700		27,213
PC-Tel ^a	1,400		6,020
Soapstone Networks ^a	1,200		4,296
Telestone Technologies ^a	1,100		1,892
USA Mobility	5,022		46,253

			85,674

Total			364,596

Miscellaneous ^e – 3.7%
Total			75,212

TOTAL COMMON STOCKS
(Cost $3,106,211)			1,897,974

REPURCHASE AGREEMENT – 6.3%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $128,000 (collateralized by obligations of various U.S. Government Agencies, due 5/14/09, valued at $134,973) (Cost $128,000)			128,000

TOTAL INVESTMENTS – 100.0%
(Cost $3,234,211)			2,025,974

LIABILITIES LESS CASH AND OTHER ASSETS – (0.0)%			(750	)

NET ASSETS – 100.0%		$	2,025,224

SCHEDULE OF INVESTMENTS
ROYCE FINANCIAL SERVICES FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 88.7%

Banking - 7.7%
Bank of N.T. Butterfield & Son	5,193	$	28,561
Bank Sarasin & Cie Cl. B	3,000		63,156
Banque Privee Edmond de Rothschild	3		65,894
BOK Financial	2,427		83,853
CNB Financial	3,700		35,668
Fauquier Bankshares	2,400		26,400
HopFed Bancorp	3,600		33,120
Julius Baer Holding	2,300		56,423
Kearny Financial	4,000		41,920
Peapack-Gladstone Financial	2,700		48,681
Vontobel Holding	3,000		55,558
Wilber Corporation (The)	6,100		47,031
Wilmington Trust	6,800		65,892

Total			652,157

Commercial Services - 0.3%
Watson Wyatt Worldwide Cl. A	600		29,622

Total			29,622

Diversified Financial Services - 0.6%
FCStone Group ^a	7,800		17,784
World Acceptance ^a	2,000		34,200

Total			51,984

Information and Processing - 9.0%
Fiserv ^a	1,300		47,398
Interactive Data	5,000		124,300
Morningstar ^a	4,600		157,090
MSCI Cl. A ^a	10,600		179,246
Riskmetrics Group ^a	1,800		25,722
SEI Investments	7,400		90,354
Western Union	11,000		138,270

Total			762,380

Insurance - 11.2%
Alleghany Corporation ^a	408		110,499
Argo Group International Holdings ^a	518		15,607
Aspen Insurance Holdings	1,400		31,444
Berkley (W.R.)	6,100		137,555
CNA Surety ^a	4,900		90,356
E-L Financial	150		42,831
Enstar Group ^a	4,000		225,280
Erie Indemnity Cl. A	4,500		153,810
Hilltop Holdings ^a	5,200		59,280
RLI	600		30,120
Validus Holdings	2,300		54,464

Total			951,246

Insurance Brokers - 2.2%
Brown & Brown	2,600		49,166
Gallagher (Arthur J.) & Co.	5,400		91,800
Willis Group Holdings	2,000		44,000

Total			184,966

Investment Management - 36.6%
Affiliated Managers Group ^a	1,400		58,394
AGF Management Cl. B	10,600		69,277
AllianceBernstein Holding L.P.	16,400		241,408
Ameriprise Financial	9,600		196,704
AP Alternative Assets L.P. ^a	2,300		3,201
Ashmore Group	75,000		163,860
Australian Wealth Management	43,000		27,893
Azimut Holding	10,500		56,133
Cohen & Steers	14,000		156,240
Eaton Vance	4,600		105,110
Endeavour Financial	17,900		21,296
Federated Investors Cl. B	11,200		249,312
GAMCO Investors Cl. A	3,300		107,745
IGM Financial	2,600		62,711
Invesco	12,425		172,211
Investec	8,500		35,544
JAFCO	1,400		25,296
Janus Capital Group	16,700		111,055
MVC Capital	3,800		31,958
Och-Ziff Capital Management Group Cl. A	10,000		60,700
Partners Group Holding	850		51,078
RAB Capital	55,000		10,058
RHJ International ^a	2,900		10,352
Schroders	10,500		119,291
SHUAA Capital	76,000		18,861
SPARX Group ^a	145		11,018
Sprott	38,700		139,661
T. Rowe Price Group	6,000		173,160
Teton Advisors ^a,d	49		111
Trust Company	10,300		30,808
U.S. Global Investors Cl. A	19,700		95,939
Value Partners Group ^a	113,000		31,206
VZ Holding	3,100		95,517
Waddell & Reed Financial Cl. A	14,700		265,629
Westwood Holdings Group	2,200		85,998

Total			3,094,735

Real Estate - 1.5%
Jones Lang LaSalle	5,600		130,256

Total			130,256

Securities Brokers - 15.4%
Bolsas y Mercados Espanoles	4,000		92,369
Egyptian Financial Group-Hermes Holding GDR	3,500		18,375
FBR Capital Markets ^a	7,800		25,662
Global Investment House KSCC GDR ^a	3,000		2,820
Greenhill & Co.	900		66,465
HQ	7,200		67,454
Interactive Brokers Group Cl. A ^a	6,300		101,619
Investcorp Bank GDR	20,300		50,750
Jefferies Group	7,900		109,020
KBW ^a	5,500		111,925
Kim Eng Holdings	100,000		87,476
Lazard Cl. A	4,300		126,420
MF Global ^a	9,000		38,070
Mirae Asset Securities	1,081		56,091
Mizuho Investors Securities ^a	17,000		14,433
Samsung Securities	1,600		67,333
Sanders Morris Harris Group	7,500		29,250
Shinko Securities	10,800		21,243
Stifel Financial ^a	2,250		97,448
Thomas Weisel Partners Group ^a	9,600		34,368
Tokai Tokyo Securities	9,400		17,090
UOB-Kay Hian Holdings	95,000		68,715

Total			1,304,396

Securities Exchanges - 2.5%
ASX	2,400		49,077
Hellenic Exchanges	10,500		75,784
Singapore Exchange	25,000		83,922

Total			208,783

Software - 0.8%
Net 1 UEPS Technologies ^a	4,200		63,882

Total			63,882

Specialty Finance - 0.3%
Credit Acceptance ^a	1,066		22,908

Total			22,908

Miscellaneous ^e – 0.6%
Total			50,625


TOTAL COMMON STOCKS
(Cost $11,642,401)			7,507,940


PREFERRED STOCK – 2.3%
Kennedy-Wilson Conv. ^d,f
(Cost $297,000)	297		194,464

REPURCHASE AGREEMENT – 6.3%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $534,002 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $549,725) (Cost $534,000)			534,000

TOTAL INVESTMENTS – 97.3%
(Cost $12,473,401)			8,236,404

CASH AND OTHER ASSETS LESS LIABILITIES – 2.7%			228,804

NET ASSETS – 100.0%		$	8,465,208

SCHEDULE OF INVESTMENTS
ROYCE DIVIDEND VALUE FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 86.4%

Consumer Products – 4.4%
Apparel, Shoes and Accessories - 1.8%
K-Swiss Cl. A ^a	6,600	$	56,364
Polo Ralph Lauren	900		38,025
Wolverine World Wide	2,300		35,834

			130,223

Food/Beverage/Tobacco - 0.7%
Sanderson Farms	1,300		48,815

Home Furnishing and Appliances - 1.9%
American Woodmark	3,700		64,972
Ethan Allen Interiors	3,700		41,662
Leggett & Platt	2,800		36,372

			143,006

Total			322,044

Consumer Services – 7.3%
Leisure and Entertainment - 1.1%
International Speedway Cl. A	1,600		35,296
World Wrestling Entertainment Cl. A	4,100		47,314

			82,610

Retail Stores - 6.2%
Abercrombie & Fitch Cl. A	1,600		38,080
American Eagle Outfitters	4,600		56,304
Buckle (The)	850		27,141
Dress Barn (The) ^a	5,500		67,595
Penske Automotive Group ^a	9,200		85,836
Tiffany & Co.	6,000		129,360
Williams-Sonoma	5,100		51,408

			455,724

Total			538,334


Financial Intermediaries – 14.4%
Banking - 1.8%
Banca Generali	4,200		13,059
Bank of N.T. Butterfield & Son	3,960		21,780
Fauquier Bankshares	4,400		48,400
Peapack-Gladstone Financial	2,100		37,863
Wilmington Trust	1,100		10,659

			131,761

Insurance - 8.4%
Aspen Insurance Holdings	3,100		69,626
Berkley (W.R.)	4,900		110,495
Erie Indemnity Cl. A	1,800		61,524
Fidelity National Financial Cl. A	4,600		89,746
Max Capital Group	3,600		62,064
Montpelier Re Holdings	2,400		31,104
PartnerRe	1,400		86,898
Validus Holdings	1,200		28,416
Zenith National Insurance	3,300		79,563

			619,436

Real Estate Investment Trusts - 2.6%
Annaly Capital Management	6,700		92,929
DCT Industrial Trust	8,900		28,213
Gladstone Commercial	3,800		33,744
Lexington Realty Trust	14,400		34,272

			189,158

Securities Brokers - 1.5%
Jefferies Group	3,000		41,400
Lazard Cl. A	2,300		67,620

			109,020

Other Financial Intermediaries - 0.1%
KKR Financial Holdings ^a	11,016		9,804

Total			1,059,179

Financial Services – 22.2%
Information and Processing - 2.7%
Fiserv ^a	1,400		51,044
Interactive Data	2,200		54,692
SEI Investments	8,000		97,680

			203,416

Insurance Brokers - 2.7%
Brown & Brown	4,600		86,986
Gallagher (Arthur J.) & Co.	4,400		74,800
Willis Group Holdings	1,700		37,400

			199,186

Investment Management - 16.8%
A.F.P. Provida ADR ^a	7,331		133,791
AGF Management Cl. B	7,400		48,363
AllianceBernstein Holding L.P.	7,400		108,928
Ameriprise Financial	5,500		112,695
Apollo Investment	7,300		25,404
BlackRock Kelso Capital	5,200		21,788
CI Financial	2,300		25,521
Cohen & Steers	8,600		95,976
Federated Investors Cl. B	8,000		178,080
Invesco	3,000		41,580
Janus Capital Group	9,100		60,515
Och-Ziff Capital Management Group Cl. A	6,700		40,669
Pzena Investment Management Cl. A ^a	7,800		14,898
Sprott	10,500		37,892
U.S. Global Investors Cl. A	12,500		60,875
Waddell & Reed Financial Cl. A	6,400		115,648
Westwood Holdings Group	2,900		113,361

			1,235,984

Total			1,638,586

Industrial Products – 10.3%
Building Systems and Components - 1.0%
Preformed Line Products	1,900		71,516

Industrial Components - 0.3%
Deswell Industries	11,000		19,250

Machinery - 2.6%
Franklin Electric	3,000		66,390
Lincoln Electric Holdings	1,100		34,859
Robbins & Myers	2,000		30,340
Tennant Company	6,000		56,220
Woodward Governor	200		2,236

			190,045

Metal Fabrication and Distribution - 1.7%
Carpenter Technology	2,500		35,300
Kennametal	2,800		45,388
Schnitzer Steel Industries Cl. A	700		21,973
Sims Metal Management ADR	1,750		20,860

			123,521

Miscellaneous Manufacturing - 0.6%
Raven Industries	2,300		47,794

Paper and Packaging - 0.7%
AptarGroup	1,800		56,052

Pumps, Valves and Bearings - 2.4%
Gardner Denver ^a	2,800		60,872
Graco	2,100		35,847
IDEX Corporation	900		19,683
Kaydon Corporation	2,200		60,126

			176,528

Specialty Chemicals and Materials - 1.0%
Cabot Corporation	3,400		35,734
Schulman (A.)	3,000		40,650

			76,384

Total			761,090

Industrial Services – 9.8%
Commercial Services - 4.8%
Administaff	1,500		31,695
Brink’s Company (The)	3,900		103,194
Corporate Executive Board	3,900		56,550
Heidrick & Struggles International	2,500		44,350
Hewitt Associates Cl. A ^a	2,100		62,496
Robert Half International	3,100		55,273

			353,558

Food, Tobacco and Agriculture - 0.6%
Hormel Foods	1,400		44,394

Industrial Distribution - 0.7%
Applied Industrial Technologies	1,000		16,870
Grainger (W.W.)	500		35,090

			51,960

Transportation and Logistics - 3.7%
Landstar System	2,400		80,328
Pacer International ^a	8,000		28,000
Tidewater	2,400		89,112
UTI Worldwide	6,400		76,480

			273,920

Total			723,832

Natural Resources – 8.1%
Energy Services - 3.5%
Ensign Energy Services	4,600		39,841
Exterran Partners L.P.	5,200		61,880
Helmerich & Payne	4,000		91,080
Oil States International ^a	3,200		42,944
Patterson-UTI Energy	2,900		25,984

			261,729

Oil and Gas - 0.9%
Cimarex Energy	1,200		22,056
Hiland Holdings GP L.P.	1,100		2,596
Plains All American Pipeline L.P.	1,100		40,436

			65,088

Precious Metals and Mining - 2.7%
Randgold Resources ADR	3,600		195,660

Real Estate - 1.0%
Jones Lang LaSalle	2,400		55,824
W.P. Carey & Co.	800		17,752

			73,576

Total			596,053

Technology – 7.0%
Components and Systems - 1.9%
Diebold	6,500		138,775

IT Services - 0.6%
Total System Services	3,300		45,573

Semiconductors and Equipment - 1.0%
Cognex Corporation	3,000		40,050
Maxim Integrated Products	2,200		29,062

			69,112

Software - 2.8%
Blackbaud	3,900		45,279
National Instruments	3,600		67,140
Pegasystems	5,100		94,707

			207,126

Telecommunications - 0.7%
ADTRAN	3,300		53,493

Total			514,079

Utilities – 0.9%
ALLETE	600		16,014
UGI Corporation	2,000		47,220

Total			63,234

Miscellaneous ^e – 2.0%
Total			146,029

TOTAL COMMON STOCKS
(Cost $8,875,666)			6,362,460

PREFERRED STOCK – 2.0%
Kennedy-Wilson Conv. ^d,f
(Cost $230,000)	230		150,595

REPURCHASE AGREEMENT – 8.8%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $644,002 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $664,668) (Cost $644,000)			644,000

TOTAL INVESTMENTS – 97.2%
(Cost $9,749,666)			7,157,055

CASH AND OTHER ASSETS LESS LIABILITIES – 2.8%			204,531

NET ASSETS – 100.0%		$	7,361,586

SCHEDULE OF INVESTMENTS
ROYCE EUROPEAN SMALLER-COMPANIES FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 96.8%

Australia – 1.3%
Centamin Egypt ^a	50,000	$	42,830

Total			42,830

Austria – 5.2%
Mayr-Melnhof Karton	1,500		105,715
Semperit AG Holding	3,700		71,770

Total			177,485

Belgium – 4.7%
EVS Broadcast Equipment	500		16,417
GIMV	1,800		77,965
Sipef	2,000		66,008

Total			160,390

Denmark – 1.6%
Bang & Olufsen Cl. B	400		5,097
H Lundbeck	3,000		51,131

Total			56,228

Egypt – 0.8%
Egyptian Financial Group-Hermes Holding GDR	5,000		26,250

Total			26,250

Finland – 3.8%
CapMan Cl. B ^a	20,000		21,265
Nokian Renkaat	2,200		25,885
Vaisala Cl. A	3,000		84,481

Total			131,631

France – 12.6%
Alten ^a	2,500		36,238
Beneteau	5,500		44,814
Boiron	1,000		26,839
Exel Industries Cl. A	680		17,968
Manitou BF ^a	5,500		35,452
Manutan International	1,000		34,461
Societe BIC	1,100		54,002
Societe Internationale de Plantations d’Heveas	2,500		59,791
Vetoquinol	2,200		38,000
Virbac	1,200		84,891

Total			432,456

Germany – 11.0%
AS Creation Tapeten	1,200		23,353
Deutsche Beteiligungs	3,400		42,313
Fielmann	1,000		61,639
Fuchs Petrolub	1,400		56,172
Pfeiffer Vacuum Technology	1,500		88,732
Rational	800		63,804
Takkt	5,000		43,199

Total			379,212

Hong Kong – 0.6%
Asian Citrus Holdings	10,470		22,044

Total			22,044

Italy – 4.3%
Bulgari	3,000		13,197
Landi Renzo	19,000		56,600
Natuzzi ADR ^a	15,000		17,250
SAES Getters	3,600		32,077
Tod’s	700		29,831

Total			148,955

Jersey – 3.1%
Randgold Resources	2,000		107,403

Total			107,403

Mexico – 1.2%
Fresnillo	6,000		39,337

Total			39,337

Netherlands – 4.6%
Fugro	2,000		63,509
Hunter Douglas	1,900		44,431
Nutreco Holding	910		32,650
Smartrac ^a	1,500		18,756

Total			159,346

Norway – 3.3%
Ekornes	4,000		38,791
Fred Olsen Energy	1,400		38,721
Tandberg	2,500		36,844

Total			114,356

Peru – 1.3%
Hochschild Mining	15,000		45,781

Total			45,781

South Africa – 7.6%
Brait	35,000		38,759
City Lodge Hotels	4,000		27,252
Lewis Group	7,500		33,853
Net 1 UEPS Technologies ^a	1,800		27,378
Northam Platinum	35,000		95,460
Pretoria Portland Cement	11,119		36,942

Total			259,644

Sweden – 1.9%
Lundin Petroleum ^a	12,000		64,652

Total			64,652

Switzerland – 7.6%
Bank Sarasin & Cie Cl. B	2,400		50,525
Banque Privee Edmond de Rothschild	4		87,858
Burckhardt Compression Holding	600		55,858
Partners Group Holding	300		18,027
VZ Holding	1,600		49,299

Total			261,567

United Arab Emirates – 1.6%
Lamprell	50,000		46,933
SHUAA Capital	30,000		7,445

Total			54,378

United Kingdom – 18.7%
Anglo-Eastern Plantations	5,500		22,149
Ashmore Group	34,000		74,283
Begbies Traynor	20,000		33,861
Burberry Group	10,000		40,084
Charter International	7,700		50,420
Diploma	30,000		39,698
Domino Printing Sciences	6,500		17,535
JKX Oil & Gas	20,000		63,239
Michael Page International	17,500		45,994
Rotork	2,000		24,445
Schroders	6,500		73,847
Spirax-Sarco Engineering	6,800		81,728
Ultra Electronics Holdings	2,500		39,093
Victrex	5,000		36,312

Total			642,688

TOTAL COMMON STOCKS
(Cost $6,236,138)			3,326,633

TOTAL INVESTMENTS – 96.8%
(Cost $6,236,138)			3,326,633

CASH AND OTHER ASSETS LESS LIABILITIES – 3.2%			108,915

NET ASSETS – 100.0%		$	3,435,548

SCHEDULE OF INVESTMENTS
ROYCE GLOBAL VALUE FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 96.6%

Australia – 2.9%
Sims Metal Management ADR	63,000	$	750,960

Total			750,960

Austria – 6.0%
Mayr-Melnhof Karton	14,000		986,675
Semperit AG Holding	30,000		581,916

Total			1,568,591

Belgium – 4.5%
GIMV	14,500		628,050
Sipef	17,000		561,066

Total			1,189,116

Canada – 24.0%
Agnico-Eagle Mines	13,500		768,420
Ensign Energy Services	69,000		597,621
Gammon Gold ^a	49,900		322,853
Ivanhoe Mines ^a	95,000		584,250
Major Drilling Group International	34,500		330,552
Pan American Silver ^a	35,500		618,410
Pason Systems	28,000		211,421
Silver Standard Resources ^a	26,700		430,404
Sprott	227,600		821,368
Tesco Corporation ^a	56,820		444,332
TMX Group	25,000		708,875
Trican Well Service	84,500		431,615

Total			6,270,121

Cayman Islands – 2.2%
Endeavour Financial	480,100		571,185

Total			571,185

Denmark – 1.5%
H Lundbeck	22,500		383,482

Total			383,482

Finland – 1.8%
Nokian Renkaat	10,800		127,071
Vaisala Cl. A	12,000		337,926

Total			464,997

France – 4.9%
Alten ^a	18,500		268,163
Beneteau	42,500		346,290
Boiron	8,000		214,709
Manitou BF ^a	14,000		90,240
Societe Internationale de Plantations d’Heveas	15,000		358,747

Total			1,278,149

Germany – 8.8%
Carl Zeiss Meditec	32,000		439,162
Deutsche Beteiligungs	40,200		500,286
Pfeiffer Vacuum Technology	12,000		709,854
Rational	8,000		638,038

Total			2,287,340

Italy – 1.1%
Landi Renzo	96,000		285,980

Total			285,980

Mexico – 3.4%
Fresnillo	77,800		510,073
Industrias Bachoco ADR	35,000		393,400

Total			903,473

South Africa – 3.8%
Brait	150,000		166,110
Lewis Group	60,000		270,824
Northam Platinum	201,000		548,213

Total			985,147

Switzerland – 1.6%
Burckhardt Compression Holding	4,500		418,934

Total			418,934

United Arab Emirates – 0.8%
Lamprell	220,000		206,503

Total			206,503

United Kingdom – 2.5%
Burberry Group	80,000		320,673
Victrex	45,000		326,808

Total			647,481

United States – 26.8%
Ceradyne ^a	15,800		286,454
CF Industries Holdings	7,000		497,910
Fossil ^a	32,500		510,250
Gardner Denver ^a	30,082		653,983
GrafTech International ^a	60,100		370,216
Intrepid Potash ^a	21,800		402,210
Kennametal	25,000		405,250
Knight Capital Group Cl. A ^a	52,000		766,480
Lincoln Electric Holdings	13,100		415,139
MKS Instruments ^a	15,900		233,253
Sanderson Farms	10,000		375,500
Schnitzer Steel Industries Cl. A	17,000		533,630
Sigma Designs ^a	26,200		325,928
Syntel	16,700		343,686
Terra Industries	4,700		132,023
Unit Corporation ^a	35,000		732,200

Total			6,984,112

TOTAL COMMON STOCKS
(Cost $42,339,617)			25,195,571

PREFERRED STOCK – 1.5%
Brazil – 1.5%
Duratex
(Cost $1,149,385)	62,000		400,905

REPURCHASE AGREEMENT – 1.6%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $423,002 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $434,783) (Cost $423,000)			423,000

TOTAL INVESTMENTS – 99.7%
(Cost $43,912,002)			26,019,476

CASH AND OTHER ASSETS LESS LIABILITIES – 0.3%			68,310

NET ASSETS – 100.0%		$	26,087,786

SCHEDULE OF INVESTMENTS
ROYCE SMID-CAP VALUE FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 107.7%

Consumer Products – 3.2%
Apparel, Shoes and Accessories - 1.7%
Polo Ralph Lauren	2,700	$	114,075

Consumer Electronics - 1.5%
Dolby Laboratories Cl. A ^a	3,000		102,330

Total			216,405

Diversified Investment Companies – 2.2%
Exchange Traded Funds - 2.2%
iShares MSCI Australia Index Fund	5,800		77,662
UltraShort 20+ Year Treasury ProShares ^a	1,600		69,824

Total			147,486

Financial Intermediaries – 12.0%
Insurance - 8.3%
Alleghany Corporation ^a	290		78,454
Berkley (W.R.)	4,200		94,710
Enstar Group ^a	1,500		84,480
Erie Indemnity Cl. A	3,100		105,958
Marsh & McLennan Companies	6,700		135,675
PartnerRe	1,000		62,070

			561,347

Securities Brokers - 2.5%
Interactive Brokers Group Cl. A ^a	5,900		95,167
Lazard Cl. A	2,500		73,500

			168,667

Other Financial Intermediaries - 1.2%
NASDAQ OMX Group ^a	4,000		78,320

Total			808,334

Financial Services – 23.3%
Information and Processing - 6.3%
Dun & Bradstreet	2,040		157,080
Morningstar ^a	3,000		102,450
MSCI Cl. A ^a	5,700		96,387
Western Union	5,300		66,621

			422,538

Insurance Brokers - 1.6%
Brown & Brown	1,300		24,583
Willis Group Holdings	3,900		85,800

			110,383

Investment Management - 14.2%
AllianceBernstein Holding L.P.	6,610		97,299
Eaton Vance	6,900		157,665
Federated Investors Cl. B	6,300		140,238
GAMCO Investors Cl. A	2,800		91,420
Invesco	7,300		101,178
T. Rowe Price Group	5,900		170,274
Teton Advisors ^a,d	41		93
Waddell & Reed Financial Cl. A	11,200		202,384

			960,551

Specialty Finance - 1.2%
GATX Corporation	4,000		80,920

Total			1,574,392

Health – 4.1%
Drugs and Biotech - 1.0%
Life Technologies ^a	2,050		66,584

Health Services - 3.1%
Advisory Board (The) ^a	7,500		124,350
Covance ^a	2,500		89,075

			213,425

Total			280,009

Industrial Products – 16.6%
Automotive - 3.1%
Copart ^a	7,000		207,620

Industrial Components - 3.7%
Amphenol Corporation Cl. A	2,800		79,772
BYD Company ^a	42,600		79,318
PerkinElmer	6,980		89,135

			248,225

Machinery - 1.3%
Bucyrus International	600		9,108
Franklin Electric	3,500		77,455

			86,563

Metal Fabrication and Distribution - 5.8%
Reliance Steel & Aluminum	5,050		132,966
Schnitzer Steel Industries Cl. A	3,600		113,004
Sims Metal Management ADR	6,100		72,712
Steel Dynamics	8,200		72,242

			390,924

Miscellaneous Manufacturing - 0.5%
Harsco Corporation	1,700		37,689

Specialty Chemicals and Materials - 2.2%
Airgas	2,370		80,130
Olin Corporation	4,900		69,923

			150,053

Total			1,121,074

Industrial Services – 18.2%
Commercial Services - 7.3%
Administaff	4,600		97,198
Brink’s Company (The)	5,430		143,678
Hewitt Associates Cl. A ^a	2,800		83,328
Manpower	2,595		81,820
Ritchie Bros. Auctioneers	4,800		89,232

			495,256

Engineering and Construction - 0.9%
EMCOR Group ^a	3,500		60,095

Food, Tobacco and Agriculture - 3.6%
Corn Products International	5,900		125,080
Hormel Foods	3,700		117,327

			242,407

Industrial Distribution - 1.7%
Pool Corporation	8,500		113,900

Transportation and Logistics - 4.7%
Bristow Group ^a	4,100		87,863
Expeditors International of Washington	4,500		127,305
Forward Air	2,000		32,460
Landstar System	2,100		70,287

			317,915

Total			1,229,573

Natural Resources – 2.7%
Energy Services - 2.2%
Oil States International ^a	5,400		72,468
Pason Systems	10,400		78,528

			150,996

Real Estate - 0.5%
St. Joe Company (The) ^a	1,800		30,132

Total			181,128

Technology – 18.1%
Aerospace and Defense - 3.4%
Alliant Techsystems ^a	2,110		141,328
HEICO Corporation	3,600		87,480

			228,808

Components and Systems - 7.6%
Diebold	7,400		157,990
Dionex Corporation ^a	2,500		118,125
Logitech International ^a	6,800		69,904
Thomas & Betts ^a	3,100		77,562
Zebra Technologies Cl. A ^a	4,600		87,492

			511,073

Distribution - 1.4%
Anixter International ^a	500		15,840
Arrow Electronics ^a	4,000		76,240

			92,080

IT Services - 2.9%
Sykes Enterprises ^a	8,685		144,431
Syntel	2,500		51,450

			195,881

Software - 2.8%
National Instruments	4,755		88,681
Teradata Corporation ^a	6,300		102,186

			190,867

Total			1,218,709

Utilities – 2.7%
UGI Corporation	5,010		118,286
Wisconsin Energy	1,480		60,932

Total			179,218

Miscellaneous ^e – 4.6%
Total			307,768

TOTAL COMMON STOCKS
(Cost $8,331,349)			7,264,096


REPURCHASE AGREEMENT – 7.2%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $489,002 (collateralized by obligations of various U.S. Government Agencies, 3.375% due 4/15/09, valued at $503,044)
(Cost $489,000)			489,000


TOTAL INVESTMENTS – 114.9%
(Cost $8,820,349)			7,753,096

LIABILITIES LESS CASH AND OTHER ASSETS – (14.9)%			(1,007,454	)

NET ASSETS – 100.0%		$	6,745,642

SCHEDULE OF INVESTMENTS
ROYCE INTERNATIONAL SMALLER-COMPANIES FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 91.8%

Australia – 2.9%
ASX	1,000	$	20,449
Australian Wealth Management	20,000		12,973
Platinum Asset Management	3,700		8,589
Trust Company	3,600		10,768

Total			52,779

Austria – 0.8%
Mayr-Melnhof Karton	110		7,752
Semperit AG Holding	400		7,759

Total			15,511

Belgium – 0.5%
EVS Broadcast Equipment	120		3,940
Sipef	150		4,951

Total			8,891

Bermuda – 2.6%
Lazard Cl. A	1,600		47,040

Total			47,040

British Virgin Islands – 0.3%
UTI Worldwide	500		5,975

Total			5,975

Canada – 15.4%
AGF Management Cl. B	3,675		24,018
Denison Mines ^a	550		401
Dundee Corporation Cl. A ^a	5,400		22,015
DundeeWealth	2,250		8,905
Ensign Energy Services	3,420		29,621
Gildan Activewear ^a	195		1,580
Gluskin Sheff + Associates	800		6,282
Lundin Mining ^a	815		1,280
Major Drilling Group International	2,500		23,953
Onex Corporation	800		9,822
Pan American Silver ^a	2,300		40,066
Pason Systems	895		6,758
Red Back Mining ^a	565		3,652
Ritchie Bros. Auctioneers	1,200		22,308
Silvercorp Metals	815		1,850
Sprott	14,000		50,523
TMX Group	375		10,633
Trican Well Service	800		4,086
Urbana Corporation ^a	12,400		15,343

Total			283,096

Cayman Islands – 3.2%
Endeavour Financial	6,400		7,614
Greenlight Capital Re Cl. A ^a	3,200		51,104

Total			58,718

China – 1.1%
China Boqi Environmental Solutions Technology Holding Company ^a	11		1,919
HLS Systems International ^a	2,900		9,425
Jiangsu Expressway	6,000		4,073
Origin Agritech ^a	2,000		5,460

Total			20,877

Denmark – 0.2%
Bang & Olufsen Cl. B	250		3,186

Total			3,186

Egypt – 0.5%
Egyptian Financial Group-Hermes Holding GDR	1,700		8,925

Total			8,925

Finland – 0.7%
CapMan Cl. B ^a	2,600		2,764
Vacon	250		5,981
Vaisala Cl. A	125		3,520

Total			12,265

France – 4.1%
Alten ^a	300		4,349
Beneteau	480		3,911
Boiron	310		8,320
Bollore	100		10,363
Exel Industries Cl. A	140		3,700
Fimalac	150		5,096
Manitou BF ^a	400		2,578
Manutan International	150		5,169
Societe BIC	200		9,819
Societe Internationale de Plantations d’Heveas	150		3,587
Vetoquinol	375		6,477
Virbac	160		11,319

Total			74,688

Germany – 2.2%
Deutsche Beteiligungs	200		2,489
ElringKlinger	400		3,985
Fuchs Petrolub	100		4,012
Pfeiffer Vacuum Technology	100		5,915
Rational	230		18,344
Takkt	600		5,184

Total			39,929

Greece – 0.4%
Hellenic Exchanges	1,100		7,939

Total			7,939

Hong Kong – 2.5%
Asian Citrus Holdings	900		1,895
Chaoda Modern Agriculture	13,728		8,177
China Everbright International	18,000		3,593
First Shanghai Investments ^a	32,000		2,973
KHD Humboldt Wedag International ^a	170		1,175
Orient Overseas International	2,100		5,231
Sa Sa International Holdings	12,000		3,732
Shenyin Wanguo (H.K.)	10,000		4,027
Shenzhen International Holdings	55,000		2,520
Sinolink Worldwide Holdings	36,000		2,411
Value Partners Group ^a	36,000		9,942

Total			45,676

India – 1.3%
Wipro ADR	3,300		23,463

Total			23,463

Italy – 2.2%
Azimut Holding	1,200		6,415
Bulgari	1,025		4,509
Landi Renzo	4,000		11,916
Natuzzi ADR ^a	5,000		5,750
SAES Getters	450		4,010
Tod’s	200		8,523

Total			41,123

Japan – 14.9%
ABC-MART	400		7,681
Aioi Insurance	2,000		7,734
Alfresa Holdings	200		7,265
Asahi Pretec ^a	400		6,021
Bunka Shutter	1,000		3,835
Circle K Sunkus	600		8,548
Create S D ^a	500		7,728
Daiko Clearing Services	1,400		9,105
Daiseki Company	200		3,403
Disco	100		2,477
en-japan	7		4,914
Fuji Fire & Marine Insurance ^a	3,500		2,699
Glory	200		3,565
Ito En	300		3,663
JAFCO	300		5,420
Japan Logistics Fund	2		12,233
kabu.com Securities	10		10,399
Kenedix ^a	12		1,180
Kintetsu World Express	200		3,686
MISUMI Group	300		3,627
mixi ^a	1		3,800
Mizuho Investors Securities ^a	13,000		11,037
Mochida Pharmaceutical	1,300		12,881
Monex Group	20		4,816
NAMCO BANDAI Holdings	400		3,994
Nifco	200		2,185
Nihon Parkerizing	1,000		8,738
Nissay Dowa General Insurance	2,000		7,636
Nomura Research Institute	450		7,047
Osaka Securities Exchange	4		12,820
Otsuka Corporation	100		3,711
Park24	800		5,452
Plenus Company	400		6,106
Ryohin Keikaku	100		3,905
Shinko Securities	4,700		9,245
So-net M3	1		2,691
SPARX Group ^a	30		2,280
Sundrug	300		4,574
Sysmex Corporation	250		7,970
THK Company	1,100		14,969
Toho Titanium	300		3,698
Tokai Carbon	1,000		4,075
Toyo Tanso	100		3,768
Unicharm PetCare	300		7,608
Yusen Air & Sea Service	300		2,907

Total			273,096

Jersey – 1.8%
Randgold Resources ADR	600		32,610

Total			32,610

Luxembourg – 1.4%
Millicom International Cellular ^a	700		25,928

Total			25,928

Mexico – 3.6%
Bolsa Mexicana de Valores ^a	22,000		12,114
Desarrolladora Homex ADR ^a	2,200		29,128
Fresnillo	2,000		13,113
Grupo Aeroportuario del Centro Norte ADR	700		5,082
Grupo Aeroportuario del Pacifico ADR	300		5,475
Industrias Bachoco ADR	170		1,911

Total			66,823

Netherlands – 1.0%
Hunter Douglas	570		13,329
Nutreco Holding	150		5,382

Total			18,711

Norway – 0.8%
Ekornes	675		6,546
Tandberg	615		9,064

Total			15,610

Peru – 0.3%
Hochschild Mining	1,600		4,883

Total			4,883

Singapore – 2.8%
Kim Eng Holdings	16,000		13,996
Singapore Exchange	8,000		26,855
UOB-Kay Hian Holdings	15,000		10,850

Total			51,701

South Africa – 1.7%
Astral Foods	900		8,726
Brait	2,020		2,237
Lewis Group	1,215		5,484
Net 1 UEPS Technologies ^a	900		13,689
Northam Platinum	600		1,637

Total			31,773

South Korea – 2.4%
GS Holdings	270		5,817
Mirae Asset Securities	399		20,704
Samsung Securities	400		16,833

Total			43,354

Sweden – 0.9%
HQ	1,300		12,179
Lundin Petroleum ^a	700		3,772

Total			15,951

Switzerland – 5.2%
Bank Sarasin & Cie Cl. B	650		13,684
Logitech International ^a	3,000		30,840
Partners Group Holding	300		18,028
Vontobel Holding	600		11,111
VZ Holding	700		21,568

Total			95,231

United Arab Emirates – 1.3%
Lamprell	23,200		21,777
SHUAA Capital	12,000		2,978

Total			24,755

United Kingdom – 7.3%
Ashmore Group	9,500		20,756
Begbies Traynor	3,200		5,418
Burberry Group	2,500		10,021
Diploma	3,160		4,182
Domino Printing Sciences	3,100		8,363
Investec	5,700		23,835
JKX Oil & Gas	1,000		3,162
Michael Page International	4,500		11,827
Schroders	2,000		22,722
Spirax-Sarco Engineering	1,500		18,028
Victrex	660		4,793

Total			133,107

United States – 5.5%
Claymore/AlphaShares China Small Cap Index ETF	4,700		65,424
Invesco	1,100		15,246
PepsiAmericas	1,200		20,700

Total			101,370

TOTAL COMMON STOCKS
(Cost $2,469,146)			1,684,984

PREFERRED STOCK – 0.8%
Brazil – 0.8%
Fertilizantes Fosfatados
(Cost $13,471)	2,500		14,657


REPURCHASE AGREEMENT – 7.1%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $131,000 (collateralized by obligations of various U.S. Government Agencies, due 4/17/09, valued at $134,831) (Cost $131,000)			131,000

TOTAL INVESTMENTS – 99.7%
(Cost $2,613,617)			1,830,641

CASH AND OTHER ASSETS LESS LIABILITIES – 0.3%			6,401

NET ASSETS – 100.0%		$	1,837,042

SCHEDULE OF INVESTMENTS
ROYCE FOCUS VALUE FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 66.4%

Consumer Products – 1.3%
Food/Beverage/Tobacco - 1.3%
Industrias Bachoco ADR	2,000	$	22,480

Total			22,480

Diversified Investment Companies – 1.5%
Exchange Traded Funds - 1.5%
UltraShort 20+ Year Treasury ProShares ^a	600		26,184

Total			26,184

Financial Intermediaries – 9.1%
Insurance - 4.9%
Berkshire Hathaway Cl. B ^a	30		84,600

Securities Brokers - 4.2%
Knight Capital Group Cl. A ^a	5,000		73,700

Total			158,300

Financial Services – 7.4%
Investment Management - 7.4%
Federated Investors Cl. B	2,300		51,198
Franklin Resources	800		43,096
T. Rowe Price Group	1,200		34,632

Total			128,926

Industrial Products – 17.5%
Automotive - 1.7%
Copart ^a	1,000		29,660

Industrial Components - 1.4%
GrafTech International ^a	4,000		24,640

Metal Fabrication and Distribution - 9.2%
Nucor Corporation	1,000		38,170
Reliance Steel & Aluminum	1,500		39,495
Schnitzer Steel Industries Cl. A	1,500		47,085
Sims Metal Management ADR	3,000		35,760

			160,510

Miscellaneous Manufacturing - 1.4%
Rational	300		23,927

Pumps, Valves and Bearings - 1.9%
Gardner Denver ^a	1,500		32,610

Specialty Chemicals and Materials - 1.9%
Mosaic Company (The)	800		33,584

Total			304,931

Industrial Services – 1.6%
Food, Tobacco and Agriculture - 1.6%
CF Industries Holdings	400		28,452

Total			28,452

Natural Resources – 22.0%
Energy Services - 7.7%
Pason Systems	3,000		22,652
Schlumberger	800		32,496
Tesco Corporation ^a	4,000		31,280
Unit Corporation ^a	2,300		48,116

			134,544

Oil and Gas - 1.9%
Exxon Mobil	500		34,050

Precious Metals and Mining - 10.7%
Agnico-Eagle Mines	800		45,536
Fresnillo	5,000		32,781
Ivanhoe Mines ^a	5,000		30,750
Pan American Silver ^a	2,300		40,066
Silver Standard Resources ^a	2,300		37,076

			186,209

Real Estate - 1.7%
PICO Holdings ^a	1,000		30,070

Total			384,873

Technology – 6.0%
Components and Systems - 2.4%
Microsoft Corporation	2,300		42,251

IT Services - 1.8%
Syntel	1,500		30,870

Telecommunications - 1.8%
ADTRAN	2,000		32,420

Total			105,541

TOTAL COMMON STOCKS
(Cost $1,028,590)			1,159,687

TOTAL INVESTMENTS – 66.4%
(Cost $1,028,590)			1,159,687

CASH AND OTHER ASSETS LESS LIABILITIES – 33.6%			587,545

NET ASSETS – 100.0%		$	1,747,232

SCHEDULE OF INVESTMENTS
ROYCE SELECT FUND I
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 96.6%

Consumer Products – 4.9%
Apparel, Shoes and Accessories - 2.8%
Columbia Sportswear	3,700	$	110,704
Polo Ralph Lauren	3,300		139,425
Volcom ^a	21,900		212,430

			462,559

Consumer Electronics - 1.3%
Dolby Laboratories Cl. A ^a	6,400		218,304

Sports and Recreation - 0.8%
Thor Industries	8,500		132,770

Total			813,633

Consumer Services – 1.1%
Retail Stores - 1.1%
Tiffany & Co.	8,300		178,948

Total			178,948

Diversified Investment Companies – 2.7%
Exchange Traded Funds - 2.7%
UltraShort 20+ Year Treasury ProShares ^a	10,500		458,220

Total			458,220

Financial Intermediaries – 14.2%
Banking - 0.5%
Bank of N.T. Butterfield & Son	15,391		84,651

Insurance - 7.6%
Alleghany Corporation ^a	1,122		303,871
Berkley (W.R.)	16,500		372,075
Erie Indemnity Cl. A	6,600		225,588
Markel Corporation ^a	1,300		369,044

			1,270,578

Securities Brokers - 4.2%
Evercore Partners Cl. A	19,500		301,275
Lazard Cl. A	13,500		396,900

			698,175

Securities Exchanges - 1.9%
TMX Group	11,000		311,905

Total			2,365,309

Financial Services – 11.8%
Information and Processing - 3.7%
FactSet Research Systems	3,700		184,963
Morningstar ^a	5,100		174,165
SEI Investments	20,700		252,747

			611,875

Insurance Brokers - 1.9%
Brown & Brown	16,800		317,688

Investment Management - 6.2%
AllianceBernstein Holding L.P.	19,200		282,624
Federated Investors Cl. B	13,000		289,380
T. Rowe Price Group	6,500		187,590
Westwood Holdings Group	7,020		274,412

			1,034,006

Total			1,963,569

Health – 2.4%
Drugs and Biotech - 1.2%
ICON ADR ^a	12,000		193,800

Health Services - 1.2%
eResearch Technology ^a	38,200		200,932

Total			394,732

Industrial Products – 18.8%
Automotive - 3.6%
Copart ^a	14,300		424,138
Gentex Corporation	16,700		166,332

			590,470

Building Systems and Components - 2.3%
Drew Industries ^a	20,100		174,468
Simpson Manufacturing	11,200		201,824

			376,292

Industrial Components - 3.4%
GrafTech International ^a	47,900		295,064
PerkinElmer	21,600		275,832

			570,896

Machinery - 4.0%
Astec Industries ^a	6,500		170,495
Rofin-Sinar Technologies ^a	16,900		272,428
Wabtec Corporation	8,200		216,316

			659,239

Metal Fabrication and Distribution - 2.6%
Kennametal	7,500		121,575
Sims Metal Management ADR	26,540		316,357

			437,932

Pumps, Valves and Bearings - 2.9%
Gardner Denver ^a	12,800		278,272
IDEX Corporation	9,500		207,765

			486,037

Total			3,120,866

Industrial Services – 19.2%
Commercial Services - 10.8%
Brink’s Company (The)	6,400		169,344
Cintas Corporation	6,700		165,624
Corinthian Colleges ^a	7,400		143,930
CRA International ^a	11,800		222,784
MAXIMUS	8,200		326,852
MPS Group ^a	16,500		98,175
Ritchie Bros. Auctioneers	13,400		249,106
Robert Half International	8,500		151,555
Universal Technical Institute ^a	9,600		115,200
Watson Wyatt Worldwide Cl. A	3,010		148,604

			1,791,174

Engineering and Construction - 1.6%
KBR	19,700		272,057

Food, Tobacco and Agriculture - 1.6%
Intrepid Potash ^a	14,800		273,060

Industrial Distribution - 1.5%
MSC Industrial Direct Cl. A	7,900		245,453

Transportation and Logistics - 3.7%
Arkansas Best	6,700		127,434
Landstar System	8,700		291,189
Universal Truckload Services	13,200		189,288

			607,911

Total			3,189,655

Natural Resources – 8.0%
Energy Services - 8.0%
Calfrac Well Services	32,500		174,512
Major Drilling Group International	24,500		234,740
Oil States International ^a	22,100		296,582
Pason Systems	32,000		241,624
ShawCor Cl. A	8,000		122,906
Unit Corporation ^a	12,800		267,776

Total			1,338,140

Technology – 9.4%
Aerospace and Defense - 1.1%
HEICO Corporation Cl. A	8,700		179,481

Components and Systems - 2.0%
Logitech International ^a	18,700		192,236
Plexus Corporation ^a	10,100		139,582

			331,818

IT Services - 1.4%
Total System Services	16,800		232,008

Semiconductors and Equipment - 0.9%
Cabot Microelectronics ^a	6,000		144,180

Software - 1.3%
Teradata Corporation ^a	14,000		227,080

Telecommunications - 2.7%
Comtech Telecommunications ^a	10,400		257,608
Harmonic ^a	29,900		194,350

			451,958

Total			1,566,525

Miscellaneous ^e – 4.1%
Total			686,014

TOTAL COMMON STOCKS
(Cost $17,995,919)			16,075,611

REPURCHASE AGREEMENT – 2.9%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $479,002 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $494,753) (Cost $479,000)			479,000

TOTAL INVESTMENTS – 99.5%
(Cost $18,474,919)			16,554,611

CASH AND OTHER ASSETS LESS LIABILITIES – 0.5%			76,998

NET ASSETS – 100.0%		$	16,631,609

SCHEDULE OF INVESTMENTS
ROYCE SELECT FUND II
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 98.1%

Consumer Products – 9.1%
Apparel, Shoes and Accessories - 5.9%
Anta Sports Products	34,300	$	22,574
Daphne International Holdings	110,600		24,185
Movado Group	3,950		29,783
True Religion Apparel ^a	2,100		24,801
Xinyu Hengdeli Holdings	24,500		4,053

			105,396

Food/Beverage/Tobacco - 0.8%
Thai Beverage PCL	129,500		14,905

Health, Beauty and Nutrition - 2.4%
NBTY ^a	1,800		25,344
NutriSystem	1,200		17,124

			42,468

Total			162,769

Consumer Services – 6.9%
Online Commerce - 0.9%
1-800-FLOWERS.COM Cl. A ^a	8,223		17,022

Retail Stores - 6.0%
American Eagle Outfitters	1,450		17,748
Build-A-Bear Workshop ^a	1,450		8,801
Cash America International	1,200		18,792
China Nepstar Chain Drugstore ADR	6,700		27,135
DSW Cl. A ^a	1,900		17,651
Tiffany & Co.	800		17,248

			107,375

Total			124,397

Diversified Investment Companies – 2.5%
Exchange Traded Funds - 2.5%
Claymore/AlphaShares China Small Cap Index ETF	2,600		36,192
UltraShort 20+ Year Treasury ProShares ^a	200		8,728

Total			44,920

Financial Intermediaries – 4.0%
Insurance - 1.7%
Fidelity National Financial Cl. A	800		15,608
Greenlight Capital Re Cl. A ^a	900		14,373

			29,981

Securities Brokers - 2.3%
Evercore Partners Cl. A	800		12,360
Lazard Cl. A	1,000		29,400

			41,760

Total			71,741

Financial Services – 4.7%
Information and Processing - 2.4%
FactSet Research Systems	400		19,996
Interactive Data	900		22,374

			42,370

Investment Management - 2.3%
AllianceBernstein Holding L.P.	1,200		17,664
Janus Capital Group	1,900		12,635
Value Partners Group ^a	43,000		11,875

			42,174

Total			84,544

Health – 4.4%
Drugs and Biotech - 2.0%
Caraco Pharmaceutical Laboratories ^a	2,700		9,504
Endo Pharmaceuticals Holdings ^a	600		10,608
WuXi PharmaTech Cayman ADR ^a	3,200		14,496

			34,608

Health Services - 2.4%
Air Methods ^a,h	1,105		18,685
Res-Care ^a	1,700		24,752

			43,437

Total			78,045

Industrial Products – 17.4%
Automotive - 4.9%
Copart ^a	800		23,728
Minth Group	28,300		13,868
WABCO Holdings	2,350		28,929
Xinyi Glass Holdings	49,000		21,691

			88,216

Machinery - 1.6%
Jinpan International	1,706		28,746

Metal Fabrication and Distribution - 4.9%
Commercial Metals	1,600		18,480
Foster (L.B.) Company Cl. A ^a	600		14,898
Fushi Copperweld ^a	2,740		13,152
Haynes International ^a	900		16,038
Kennametal	1,600		25,936

			88,504

Miscellaneous Manufacturing - 1.3%
China Automation Group	112,500		24,076

Pumps, Valves and Bearings - 1.1%
Kaydon Corporation	700		19,131

Specialty Chemicals and Materials - 3.6%
Kingboard Chemical Holdings	16,700		34,832
Migao Corporation ^a	1,900		10,067
OM Group ^a	1,000		19,320

			64,219

Total			312,892

Industrial Services – 17.4%
Advertising and Publishing - 2.7%
Airmedia Group ADR ^a	5,635		23,611
ValueClick ^a	2,860		24,338

			47,949

Commercial Services - 3.5%
Acacia Research-Acacia Technologies ^a	2,200		8,976
Global Sources ^a	1,870		7,274
Monster Worldwide ^a	1,900		15,485
Waste Services ^a	7,500		32,100

			63,835

Engineering and Construction - 2.9%
HLS Systems International ^a	4,000		13,000
KBR	2,000		27,620
NVR ^a	25		10,694

			51,314

Food, Tobacco and Agriculture - 4.4%
Cal-Maine Foods	700		15,673
Chaoda Modern Agriculture	24,024		14,311
China Green (Holdings)	47,300		27,823
Hanfeng Evergreen ^a	1,900		10,941
Origin Agritech ^a	3,900		10,647

			79,395

Printing - 2.1%
CSS Industries ^h	1,200		20,400
Multi-Color Corporation	1,400		17,122

			37,522

Transportation and Logistics - 1.8%
Atlas Air Worldwide Holdings ^a	950		16,483
UTI Worldwide	1,300		15,535

			32,018

Total			312,033

Natural Resources – 7.7%
Energy Services - 3.5%
CE Franklin ^a	3,500		14,490
Patterson-UTI Energy	1,300		11,648
Rowan Companies ^a	1,250		14,962
Willbros Group ^a	1,600		15,520
Yingli Green Energy Holding ADR ^a	1,000		6,020

			62,640

Oil and Gas - 0.7%
GMX Resources ^a	400		2,600
St. Mary Land & Exploration	700		9,261

			11,861

Precious Metals and Mining - 3.5%
Market Vectors Gold Miners ETF ^h	1,100		40,568
Seabridge Gold ^a	1,000		22,650

			63,218

Total			137,719

Technology – 19.6%
Aerospace and Defense - 2.9%
BE Aerospace ^a	2,300		19,941
CPI Aerostructures ^a	4,700		31,490

			51,431

Components and Systems - 5.2%
AAC Acoustic Technologies Holdings	36,600		17,233
Logitech International ^a	3,100		31,868
VTech Holdings	3,500		13,606
Western Digital ^a	1,550		29,977

			92,684

Internet Software and Services - 2.1%
Akamai Technologies ^a	900		17,460
AsiaInfo Holdings ^a,h	1,165		19,630

			37,090

Semiconductors and Equipment - 4.9%
Advanced Energy Industries ^a	800		6,024
IPG Photonics ^a	1,700		14,314
Lam Research ^a,h	1,200		27,324
MEMC Electronic Materials ^a	800		13,192
Varian Semiconductor Equipment Associates ^a	1,300		28,158

			89,012

Software - 1.3%
American Software Cl. A	4,480		23,610

Telecommunications - 3.2%
Cogo Group ^a	1,800		12,024
Comtech Telecommunications ^a	1,100		27,247
Tekelec ^a	1,450		19,183

			58,454

Total			352,281

Miscellaneous ^e – 4.4%
Total			79,487

TOTAL COMMON STOCKS
(Cost $2,035,767)			1,760,828

REPURCHASE AGREEMENT – 1.7%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $31,000 (collateralized by obligations of various U.S. Government Agencies, due 5/14/09, valued at $34,993) (Cost $31,000)			31,000


TOTAL INVESTMENTS – 99.8%
(Cost $2,066,767)			1,791,828

CASH AND OTHER ASSETS LESS LIABILITIES – 0.2%			3,639

NET ASSETS – 100.0%		$	1,795,467


SECURITIES SOLD SHORT
COMMON STOCKS – 4.6%
Diversified Investment Companies – 4.4%
Closed-End Funds - 1.6%
Morgan Stanley China A Share Fund	1,000	$	29,630

Exchange Traded Funds - 2.8%
iShares Barclays 20+ Year Treasury Bond Fund	200		21,142
iShares Barclays 7-10 Year Treasury Bond Fund	300		28,977

			50,119

Total			79,749

Industrial Products – 0.2%
Machinery - 0.2%
Ultra Basic Materials ProShares	300		3,594

Total			3,594

TOTAL SECURITIES SOLD SHORT
(Proceeds $83,286)		$	83,343

SCHEDULE OF INVESTMENTS
ROYCE GLOBAL SELECT FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 88.4%

Australia – 3.1%
Sims Metal Management ADR	15,000	$	178,800

Total			178,800

Austria – 4.8%
Mayr-Melnhof Karton	2,700		190,287
Semperit AG Holding	4,500		87,288

Total			277,575

Belgium – 2.0%
Sipef	3,500		115,514

Total			115,514

Canada – 22.8%
Agnico-Eagle Mines	2,600		147,992
Ensign Energy Services	7,600		65,825
Gammon Gold ^a	10,100		65,347
Ivanhoe Mines ^a	19,000		116,850
Major Drilling Group International	5,000		47,906
Pan American Silver ^a	7,000		121,940
Pason Systems	6,500		49,080
Red Back Mining ^a	12,000		77,570
Silver Standard Resources ^a	7,300		117,676
Sprott	40,000		144,353
Tesco Corporation ^a	10,000		78,200
TMX Group	6,500		184,307
Trican Well Service	19,500		99,603

Total			1,316,649

Cayman Islands – 2.1%
Endeavour Financial	100,000		118,972

Total			118,972

Denmark – 1.2%
H Lundbeck	4,000		68,174

Total			68,174

Finland – 1.0%
Vaisala Cl. A	2,000		56,321

Total			56,321

France – 2.0%
Beneteau	7,500		61,110
Boiron	2,000		53,677

Total			114,787

Germany – 5.7%
Carl Zeiss Meditec	5,000		68,619
Pfeiffer Vacuum Technology	2,000		118,309
Rational	1,800		143,559

Total			330,487

Italy – 1.2%
Landi Renzo	23,500		70,006

Total			70,006

Mexico – 3.4%
Fresnillo	17,700		116,045
Industrias Bachoco ADR	7,100		79,804

Total			195,849

South Africa – 3.1%
Lewis Group	12,500		56,422
Northam Platinum	45,000		122,734

Total			179,156

United Arab Emirates – 0.8%
Lamprell	50,000		46,932

Total			46,932

United Kingdom – 0.7%
Burberry Group	10,000		40,084

Total			40,084

United States – 34.5%
ADTRAN	4,700		76,187
CF Industries Holdings	1,700		120,921
Endo Pharmaceuticals Holdings ^a	3,500		61,880
Fossil ^a	4,000		62,800
Gardner Denver ^a	7,000		152,180
GrafTech International ^a	7,500		46,200
Intrepid Potash ^a	5,500		101,475
Kennametal	7,000		113,470
Knight Capital Group Cl. A ^a	11,700		172,458
Lam Research ^a	3,500		79,695
Lincoln Electric Holdings	2,900		91,901
MKS Instruments ^a	7,800		114,426
Nu Skin Enterprises Cl. A	4,000		41,960
Schnitzer Steel Industries Cl. A	3,800		119,282
Syntel	3,800		78,204
Thor Industries	3,700		57,794
UltraShort 20+ Year Treasury ProShares ^a	2,600		113,464
UltraShort Consumer Services ProShares ^a	800		68,536
UltraShort Health Care ProShares ^a	600		36,438
UltraShort Industrials ProShares ^a	1,050		72,723
UltraShort Real Estate ProShares ^a	900		47,457
UltraShort Utilities ProShares	700		32,438
Unit Corporation ^a	6,300		131,796

Total			1,993,685

TOTAL COMMON STOCKS
(Cost $7,112,034)			5,102,991

PREFERRED STOCK – 1.0%
Brazil – 1.0%
Duratex
(Cost $161,649)	9,000		58,196

REPURCHASE AGREEMENT – 10.9%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $629,002 (collateralized by obligations of various U.S. Government Agencies, due 5/29/09, valued at $644,807) (Cost $629,000)			629,000

TOTAL INVESTMENTS – 100.3%
(Cost $7,902,683)			5,790,187

LIABILITIES LESS CASH AND OTHER ASSETS – (0.3)%			(20,067	)

NET ASSETS – 100.0%		$	5,770,120

SCHEDULE OF INVESTMENTS
ROYCE SMID-CAP SELECT FUND
MARCH 31, 2009 (UNAUDITED)

	SHARES	VALUE
COMMON STOCKS – 66.2%

Consumer Products – 3.1%
Apparel, Shoes and Accessories - 1.6%
Gildan Activewear ^a	700	$	5,670
Polo Ralph Lauren	200		8,450

			14,120

Food/Beverage/Tobacco - 1.5%
Lance	200		4,164
Nestle	260		8,710

			12,874

Total			26,994

Consumer Services – 2.0%
Retail Stores - 2.0%
Children’s Place Retail Stores ^a	400		8,756
GameStop Corporation Cl. A ^a	300		8,406

Total			17,162

Diversified Investment Companies – 0.5%
Exchange Traded Funds - 0.5%
UltraShort 20+ Year Treasury ProShares ^a	100		4,364

Total			4,364

Financial Intermediaries – 8.0%
Insurance - 6.9%
Berkley (W.R.)	300		6,765
HCC Insurance Holdings	400		10,076
Marsh & McLennan Companies	400		8,100
Navigators Group ^a	125		5,898
PartnerRe	100		6,207
Wesco Financial	80		22,080

			59,126

Securities Brokers - 1.1%
TD AmeriTrade Holding Corporation ^a	725		10,012

Total			69,138

Financial Services – 6.6%
Information and Processing - 1.5%
Dun & Bradstreet	165		12,705

Insurance Brokers - 0.4%
Brown & Brown	160		3,026

Investment Management - 2.6%
Eaton Vance	500		11,425
Invesco	800		11,088

			22,513

Specialty Finance - 2.1%
GATX Corporation	900		18,207

Total			56,451

Health – 5.2%
Drugs and Biotech - 2.9%
Endo Pharmaceuticals Holdings ^a	100		1,768
Forest Laboratories ^a	700		15,372
Life Technologies ^a	250		8,120

			25,260

Health Services - 1.3%
Covance ^a	300		10,689

Medical Products and Devices - 1.0%
Dentsply International	330		8,860

Total			44,809

Industrial Products – 17.8%
Automotive - 2.9%
Copart ^a	475		14,089
Eaton Corporation	300		11,058

			25,147

Industrial Components - 4.2%
Amphenol Corporation Cl. A	400		11,396
BYD Company ^a	2,900		5,400
Hubbell Cl. B	440		11,862
PerkinElmer	600		7,662

			36,320

Machinery - 1.0%
Rofin-Sinar Technologies ^a	500		8,060

Metal Fabrication and Distribution - 4.3%
Reliance Steel & Aluminum	800		21,064
Schnitzer Steel Industries Cl. A	400		12,556
Sims Metal Management ADR	300		3,576

			37,196

Paper and Packaging - 1.2%
Greif Cl. A	300		9,987

Pumps, Valves and Bearings - 0.5%
Gardner Denver ^a	200		4,348

Specialty Chemicals and Materials - 3.7%
Airgas	325		10,988
Lubrizol Corporation (The)	200		6,802
Olin Corporation	1,000		14,270

			32,060

Total			153,118

Industrial Services – 9.4%
Commercial Services - 3.4%
Brink’s Company (The)	665		17,596
Hewitt Associates Cl. A ^a	400		11,904

			29,500

Food, Tobacco and Agriculture - 3.8%
Corn Products International	700		14,840
Hormel Foods	550		17,440

			32,280

Industrial Distribution - 2.2%
Pool Corporation	1,400		18,760

Total			80,540

Natural Resources – 1.5%
Energy Services - 0.4%
Oil States International ^a	300		4,026

Oil and Gas - 1.1%
St. Mary Land & Exploration	700		9,261

Total			13,287

Technology – 8.0%
Aerospace and Defense - 3.3%
Alliant Techsystems ^a	308		20,630
Cubic Corporation	300		7,599

			28,229

Components and Systems - 0.3%
Thomas & Betts ^a	100		2,502

Distribution - 1.3%
Arrow Electronics ^a	600		11,436

IT Services - 2.5%
Sykes Enterprises ^a	935		15,549
Syntel ^h	300		6,174

			21,723

Software - 0.6%
Adobe Systems ^a	220		4,706

Total			68,596

Utilities – 3.2%
EQT Corporation	300		9,399
UGI Corporation ^h	600		14,166
Wisconsin Energy	100		4,117

Total			27,682

Miscellaneous ^e – 0.9%
Total			8,050

TOTAL COMMON STOCKS
(Cost $590,971)			570,191

REPURCHASE AGREEMENT – 20.7%
State Street Bank & Trust Company, 0.13% dated 3/31/09, due 4/1/09, maturity value $178,001 (collateralized by obligations of various U.S. Government Agencies, due 5/14/09, valued at $184,963) (Cost $178,000)			178,000


TOTAL INVESTMENTS – 86.9%
(Cost $768,971)			748,191

CASH AND OTHER ASSETS LESS LIABILITIES – 13.1%			113,135

NET ASSETS – 100.0%		$	861,326

SECURITIES SOLD SHORT
COMMON STOCKS – 3.0%
Consumer Products – 1.4%
Food/Beverage/Tobacco - 0.6%
Dean Foods	300	$	5,424

Household Products/Wares - 0.8%
Scotts Miracle-Gro Cl. A	200		6,940

Total			12,364

Financial Intermediaries – 0.6%
Real Estate Investment Trusts - 0.6%
Corporate Office Properties Trust	100		2,483
Tanger Factory Outlet Centers	100		3,086

Total			5,569

Industrial Services – 0.6%
Commercial Services - 0.6%
DeVry	100		4,818

Total			4,818

Technology – 0.4%
Telecommunications - 0.4%
Leap Wireless International	100		3,487

Total			3,487

TOTAL SECURITIES SOLD SHORT
(Proceeds $24,544)		$	26,238

^a		Non-income producing.
^b		All or a portion of these securities were on loan at March 31, 2009. Total market value of loaned securities at March 31, 2009 was as follows:

Fund	Market Value

Royce Pennsylvania Mutual Fund	$	61,884,639
Royce Micro-Cap Fund		6,954,175
Royce Premier Fund		42,010,107
Royce Low-Priced Stock Fund		62,999,132
Royce Total Return Fund		22,327,681
Royce Heritage Fund		4,291,654
Royce Opportunity Fund		36,500,863
Royce Special Equity Fund		11,516,732
Royce Value Fund		2,793,260
Royce Value Plus Fund		56,919,437

At March 31, 2009, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. The following transactions were effected in shares of such companies for the period ended March 31, 2009.

			Market						Realized						Market
	Shares		Value		Cost of		Cost of		Gain			Dividend	Shares		Value
Affiliated Company	12/31/08		12/31/08		Purchases		Sales		(Loss)			Income	3/31/09		3/31/09
Royce Pennsylvania Mutual Fund
Home Diagnostics	878,647	$	4,366,876	$	-	$	-	$	-		$	-	878,647	$	4,981,929
Nutraceutical International	737,810		5,673,759		-		-		-			-	737,810		4,943,327
Pervasive Software	1,461,500		6,182,145		-		-		-			-	1,461,500		5,699,850
Rimage Corporation	603,803		8,096,998		240,184		-		-			-	623,703		8,326,435
Stanley Furniture	689,924		5,464,198		-		-		-			-	689,924		5,188,229
U.S. Physical Therapy	905,675		12,072,648		-		-		-			-	905,675		8,766,934
Universal Stainless & Alloy Products	380,527		5,513,836		-		150,853		(78,761	)		-	375,527		3,631,346
Weyco Group	590,500		19,516,025		-		-		-			82,670	590,500		15,305,760
Winnebago Industries*	1,840,300		11,097,009		10,136		7,042,095		(4,902,584	)		-
Zapata Corporation	1,009,600		6,087,888		-		-		-			-	1,009,600		5,764,816
			84,071,382						(4,981,345	)		82,670			62,608,626
Royce Micro-Cap Fund
Arctic Cat	974,200		4,666,418		-		-		-			-	974,200		3,731,186
AS Creation Tapeten	157,400		3,951,574		-		-		-			-	157,400		3,063,204
Cache	779,000		1,573,580		-		5,216		406			-	775,800		2,234,304
CryptoLogic	726,975		1,664,773		-		-		-			-	726,975		3,329,545
Key Technology	208,043		3,929,932		1,906,200		-		-			-	337,114		2,966,603
LaCrosse Footwear	487,269		6,081,117		61,046		-		-			60,909	493,669		3,983,909
PLATO Learning*	1,315,000		1,578,000		-		3,636,661		(1,947,878	)		-
TGC Industries	1,115,613		2,309,319		-		-		-			-	1,115,613		2,443,192
ULURU	3,344,310		936,407		-		-		-			-	3,344,310		601,976
Willdan Group	424,900		807,310		-		55,998		(45,557	)		-	419,600		700,732
			27,498,430						(1,993,029	)		60,909			23,054,651
Royce Premier Fund
Arkansas Best	2,056,902		61,933,319		-		-		-			308,535	2,056,902		39,122,276
Cabot Microelectronics	1,886,200		49,173,234		-		1,666,696		(381,430	)		-	1,836,200		44,123,886
Ceradyne	2,495,700		50,687,667		-		4,200,889		(2,305,075	)		-	2,395,700		43,434,041
Cognex Corporation	2,937,717		43,478,212		134,690		-		-			442,158	2,947,717		39,352,022
Dionex Corporation	1,227,700		55,062,345		2,982,559		-		-			-	1,294,500		61,165,125
Ethan Allen Interiors	1,454,100		20,895,417		4,240,715		-		-			371,872	1,758,790		19,803,976
Fossil	4,170,790		69,652,193		-		3,456,533		(1,770,612	)		-	4,070,790		63,911,403
Knight Capital Group Cl. A	4,667,200		75,375,280		-		-		-			-	4,667,200		68,794,528
Lincoln Electric Holdings	2,469,597		125,776,575		-		-		-			666,791	2,469,597		78,261,529
MKS Instruments	2,941,910		43,510,849		-		-		-			-	2,941,910		43,157,820
Nu Skin Enterprises Cl. A	4,086,500		42,622,195		-		-		-			469,948	4,086,500		42,867,385
Pan American Silver	5,380,744		91,849,300		-		5,255,029		(2,266,813	)		-	5,210,044		90,758,967
Sanderson Farms	1,142,000		39,467,520		-		-		-			159,880	1,142,000		42,882,100
Schnitzer Steel Industries Cl. A	1,715,600		64,592,340		-		2,210,893		(1,330,943	)		29,165	1,690,600		53,067,934
Silver Standard Resources	3,827,399		61,008,740		-		-		-			-	3,827,399		61,697,672
Simpson Manufacturing	3,358,986		93,245,451		-		-		-			335,899	3,358,986		60,528,928
Thor Industries	3,979,300		52,447,174		-		-		-			278,551	3,979,300		62,156,666
Timberland Company (The) Cl. A	2,893,900		33,424,545		-		-		-			-	2,893,900		34,553,166
Unit Corporation	2,920,474		78,035,065		-		-		-			-	2,920,474		61,096,316
Woodward Governor	3,841,024		88,420,373		-		-		-			230,461	3,841,024		42,942,648
			1,240,657,794						(8,054,873	)		3,293,260			1,053,678,388
Royce Low-Priced Stock Fund
Alamos Gold*	5,048,400		35,782,503		-		-		-			-
Caliper Life Sciences	2,431,229		2,358,292		-		-		-			-	2,431,229		2,406,917
Castle (A.M.) & Co.	2,239,667		24,255,593		-		1,250,415		(724,327	)		131,380	2,189,667		19,531,830
CEVA	1,281,400		8,969,800		-		-		-			-	1,281,400		9,328,592
Cross Country Healthcare	2,215,704		19,476,038		885,858		-		-			-	2,328,100		15,249,055
DivX	2,187,507		11,440,661		-		2,431,210		(1,677,091	)		-	2,037,507		10,248,660
Gammon Gold*	7,283,100		39,838,557		-		17,718,247		(1,975,299	)		-
Hecla Mining*	9,086,000		25,440,800		-		2,031,040		(1,400,779	)		-
Houston Wire & Cable	1,291,200		12,021,072		-		-		-			109,752	1,291,200		10,006,800
Imperial Sugar	718,360		10,301,282		1,507,500		53,592		12,017			49,962	963,740		6,929,291
Integral Systems	354,294		4,269,243		6,922,953		-		-			-	954,294		8,206,928
iPass	3,526,917		4,302,839		-		-		-			-	3,526,917		3,526,917
KKR Financial Holdings	9,036,960		14,278,397		-		-		-			-	9,036,960		8,042,894
Korn/Ferry International	2,776,663		31,709,491		-		2,809,652		(1,664,760	)		-	2,651,563		24,023,161
KVH Industries	1,150,200		5,958,036		-		-		-			-	1,150,200		5,704,992
LECG Corporation	1,722,490		11,557,908		-		-		-			-	1,722,490		4,375,124
Natuzzi ADR	3,015,400		7,236,960		-		65,798		(29,242	)		-	2,982,000		3,429,300
NetList	1,620,100		484,410		-		545,723		(515,697	)		-	1,435,734		272,789
New Frontier Media	2,126,488		3,615,030		-		226,250		(60,097	)		-	2,001,488		3,302,455
Novatel Wireless	3,119,300		14,473,552		-		2,271,046		(937,509	)		-	2,894,776		16,268,641
Nu Skin Enterprises Cl. A	3,621,200		37,769,116		-		-		-			416,438	3,621,200		37,986,388
PC-Tel	1,295,592		8,512,039		-		-		-			-	1,295,592		5,571,046
Sigma Designs	1,769,758		16,812,701		-		8,389,877		(2,650,963	)		-	1,356,358		16,873,094
Tesco Corporation	3,077,305		21,971,958		-		-		-			-	3,077,305		24,064,525
Total Energy Services Trust	1,966,700		5,974,180		-		-		-			121,921	1,966,700		5,225,607
TrueBlue	2,769,100		26,500,287		-		2,339,831		(1,442,491	)		-	2,669,100		22,020,075
TTM Technologies	2,350,035		12,243,682		-		-		-			-	2,350,035		13,630,203
Winnebago Industries	2,120,535		12,786,826		-		2,680,500		(1,633,661	)		-	1,970,535		10,463,541
			430,341,253						(14,699,899	)		829,453			286,688,825
Royce Total Return Fund
Bancorp Rhode Island	261,300		5,539,560		-		-		-			44,421	261,300		4,721,691
Chase Corporation	753,974		8,512,366		-		-		-			-	753,974		7,011,958
Heidrick & Struggles International	834,761		17,980,752		-		-		-			108,519	834,761		14,808,660
LSI Industries	1,159,992		7,969,145		-		-		-			58,000	1,159,992		5,997,159
Mueller (Paul) Company	116,700		3,553,515		-		-		-			70,020	116,700		2,042,250
Peapack-Gladstone Financial	441,091		11,750,664		-		-		-			70,575	441,091		7,952,871
Starrett (L.S.) Company (The) Cl. A	529,400		8,523,340		-		-		-			63,528	529,400		3,308,750
			63,829,342						-			415,063			45,843,339
Royce Opportunity Fund
Bottomline Technologies	1,341,923		9,527,653		-		-		-			-	1,341,923		8,829,853
BTU International	497,954		1,991,816		139,228		-		-			-	536,654		1,797,791
Cambrex Corporation	1,334,708		6,166,351		526,790		95,167		6,429			-	1,508,908		3,440,310
ClearOne Communications	699,862		2,750,458		15,550		-		-			-	704,862		2,114,586
Cost Plus*	1,173,665		1,100,898		-		315,754		(222,824	)		-
CPI Aerostructures	305,100		1,678,050		-		-		-			-	305,100		2,044,170
dELiA*s	1,824,450		4,013,790		17,266		-		-			-	1,834,450		3,081,876
Design Within Reach	777,937		528,997		18,917		-		-			-	804,037		434,180
Dixie Group	649,132		993,172		14,374		-		-			-	659,132		725,045
Electroglas*	1,407,727		201,305		-		2,273,299		(2,240,065	)		-
Evans & Sutherland Computer	806,730		484,038		-		-		-			-	806,730		209,750
Ikanos Communications	1,364,221		1,718,919		115,108		-		-			-	1,458,921		2,071,668
Interlink Electronics	892,775		124,989		-		-		-			-	892,775		223,194
Interphase Corporation	392,400		651,384		82,738		-		-			-	420,100		1,260,300
LeCroy Corporation	811,536		2,475,185		24,440		-		-			-	827,036		2,596,893
MarineMax	984,100		3,336,099		417,843		-		-			-	1,202,800		2,357,488
Material Sciences	679,900		1,053,845		106,904		-		-			-	834,900		450,846
Merix Corporation	1,582,267		474,680		-		-		-			-	1,582,267		443,035
Nanometrics	1,495,336		1,734,590		-		-		-			-	1,495,336		1,794,403
Network Equipment Technologies	1,508,893		4,345,612		345,465		-		-			-	1,626,587		5,758,118
Optical Cable*	307,365		829,885		-		-		-			-
Planar Systems	1,105,561		674,392		80,699		-		-			-	1,223,974		832,302
REX Stores	654,000		5,277,780		283,657		112,666		374			-	687,200		7,366,784
Rubio’s Restaurants	631,500		2,254,455		-		-		-			-	631,500		2,658,615
SCM Microsystems	894,420		2,012,445		21,120		-		-			-	902,420		2,301,171
SigmaTron International	310,740		708,487		2,453		-		-			-	312,315		515,320
Thermadyne Holdings	665,771		4,573,847		287,921		-		-			-	738,271		1,565,134
Tollgrade Communications	813,184		3,887,019		-		593,331		(265,622	)		-	755,134		4,379,777
TRC Companies	1,709,647		3,316,715		81,457		-		-			-	1,739,147		4,173,953
Trex Company	708,300		11,658,618		1,432,655		2,120,534		(468,666	)		-	813,500		6,207,005
			80,545,474						(3,190,374	)		-			69,633,567
Royce Special Equity Fund
Atrion Corporation	84,000		8,156,400		1,361,245		-		-			30,240	102,000		9,000,480
Bowl America Cl. A	262,500		2,430,750		146,890		-		-			39,375	277,711		2,721,568
CSS Industries	452,000		8,018,480		491,618		-		-			71,250	488,000		8,296,000
Frisch’s Restaurants	315,600		5,949,060		823,800		-		-			41,496	356,800		7,225,200
Hawkins	547,500		8,371,275		-		-		-			142,350	547,500		8,447,925
Koss Corporation	201,000		1,869,300		91,741		-		-			27,190	209,150		2,580,911
Lawson Products	431,058		9,849,675		934,690		-		-			86,212	490,400		5,968,168
National Presto Industries	475,000		36,575,000		417,322		-		-			2,652,900	482,500		29,437,325
Psychemedics Corporation	156,797		1,012,909		492,815		-		-			32,299	266,827		1,510,241
			82,232,849						-			3,123,312			75,187,818
Royce Value Fund
Major Drilling Group International*	1,195,100		12,101,053		-		5,469,711		(3,781,082	)		-
			12,101,053						(3,781,082	)		-
Royce Value Plus Fund
A.C. Moore Arts & Crafts	1,883,100		2,636,340		-		-		-			-	1,883,100		3,559,059
Anika Therapeutics	1,042,395		3,168,881		-		-		-			-	1,042,395		4,763,745
Avid Technology	1,866,700		20,365,697		-		-		-			-	1,866,700		17,061,638
Bancorp (The)	611,300		2,292,375		727,241		-		-			-	842,170		3,553,957
Casual Male Retail Group	4,081,600		2,122,432		-		-		-			-	4,081,600		1,999,984
Celadon Group	1,998,700		17,048,911		-		-		-			-	1,998,700		11,092,785
Cerus Corporation	2,884,500		2,019,150		-		-		-			-	2,884,500		1,961,460
Christopher & Banks	2,153,900		12,061,840		-		-		-			129,234	2,153,900		8,809,451
Cosi	3,997,600		1,155,306		-		-		-			-	3,997,600		1,359,184
Cypress Bioscience	2,384,200		16,307,928		-		2,116,829		(994,498	)		-	2,259,200		16,062,912
Digi International	1,413,800		11,465,918		-		-		-			-	1,413,800		10,843,846
DivX	1,786,300		9,342,349		-		-		-			-	1,786,300		8,985,089
Dyax Corporation	3,488,554		12,698,337		-		-		-			-	3,488,554		8,756,270
Exar Corporation	2,271,464		15,150,665		-		-		-			-	2,271,464		14,173,935
FARO Technologies	1,284,700		21,660,042		-		-		-			-	1,284,700		17,266,368
HealthTronics	3,358,000		7,555,500		-		-		-			-	3,358,000		4,566,880
Houston Wire & Cable	956,300		8,903,153		-		-		-			81,286	956,300		7,411,325
K-V Pharmaceutical Cl. A*	3,018,323		8,692,770		-		33,060,743		(31,309,396	)		-
Liquidity Services	1,313,400		10,940,622		584,869		-		-			-	1,413,400		9,879,666
Littelfuse	1,216,000		20,185,600		1,555,926		-		-			-	1,341,000		14,737,590
Mercury Computer Systems	2,048,749		12,927,606		559,239		-		-			-	2,138,749		11,827,282
ORBCOMM	2,172,101		4,691,738		-		-		-			-	2,172,101		3,192,989
RADVision	1,741,600		9,387,224		-		-		-			-	1,741,600		8,690,584
Shamir Optical Industry	899,900		2,546,717		1,125,495		-		-			-	1,257,200		3,784,172
Sonic Solutions	1,488,600		2,619,936		-		-		-			-	1,488,600		1,786,320
Supertex	890,153		21,372,574		-		-		-			-	890,153		20,562,534
Symyx Technologies	3,267,577		19,409,408		-		-		-			-	3,267,577		14,540,718
Tennant Company	1,024,000		15,769,600		308,932		-		-			133,120	1,052,000		9,857,240
TradeStation Group	2,190,000		14,125,500		-		-		-			-	2,190,000		14,454,000
Vital Images	1,078,566		15,002,853		-		2,037,563		(1,041,225	)		-	978,566		11,028,439
			323,626,972						(33,345,119	)		343,640			266,569,422

*		Not an Affiliated Company at March 31, 2009.
^d		Securities for which market quotations are not readily available represent 0.0%, 0.6%, 0.0%, 0.5%, 0.0%, 0.0%, 2.3%, 2.0% and 0.0% of net assets for Royce Pennsylvania Mutual Fund, Royce Micro-Cap Fund, Royce Total Return Fund, Royce Heritage Fund, Royce Technology Value Fund, Royce 100 Fund, Royce Financial Services Fund, Royce Dividend Value Fund and Royce SMid-Cap Value Fund. These securities have been valued at their fair value under procedures established by the Fund’s Board of Trustees.
^e		Includes securities first acquired in 2009 and less than 1% of net assets.
^f		This security, and the common stock into which the security is convertible, are not and will not be registered under the Securities Act of 1933 and related rules (“restricted security”). Accordingly, such securities may not be offered, sold, transferred or delivered, directly or indirectly, unless (i) such shares are registered under the Securities Act and any other applicable state securities laws, or (ii) an exemption from registration under the Securities Act and any other applicable state securities laws is available.
^g		These securities are not registered under the Securities Act of 1933 and may be subject to contractual and/or legal restrictions on resale to the general public or to certain institutions. However, these securities can be sold in accordance with Rule 144A under the Securities Act of 1933 and will not be considered to be illiquid so long as Royce believes that an adequate trading market exists for the security. Rule 144A allows qualified institutional buyers to participate in an institutional trading market for securities otherwise subject to restriction on resale to the general public.

		Number	Acquisition			Fair Value at		Percent of Net		Distributions
Fund	Security	of Shares	Dates	Cost		3/31/09		Assets		Received

Royce Micro-Cap Fund	Kennedy-Wilson Conv.	4,500	5/08, 9/08	$	4,500,000	$	2,946,424	0.6	%	$	78,750
Royce Total Return Fund	MF Global 9.75% Conv.	50,000	6/08		4,500,000		2,634,000	0.1	%		-
Royce Heritage Fund	Kennedy-Wilson Conv.	565	9/08		565,000		369,940	0.4	%		9,888
Royce Financial Services Fund	Kennedy-Wilson Conv.	297	5/08, 9/08		297,000		194,464	2.3	%		5,198
Royce Dividend Value Fund	Kennedy-Wilson Conv.	230	5/08		230,000		150,595	2.0	%		4,025

^h All or a portion of these securities have been segregated as collateral for short sales.

TAX INFORMATION:
At March 31, 2009, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

			Net Unrealized			Gross Unrealized
			Appreciation
	Tax Basis Cost		(Depreciation)			Appreciation		Depreciation

Royce Pennsylvania Mutual Fund	$	4,020,060,266	$	(1,208,875,306	)	$	221,059,585	$	1,429,934,891
Royce Micro-Cap Fund		841,644,830		(297,338,534	)		49,709,502		347,048,036
Royce Premier Fund		3,663,298,306		(565,572,001	)		299,233,600		864,805,601
Royce Low-Priced Stock Fund		3,214,659,471		(903,576,731	)		238,275,520		1,141,852,251
Royce Total Return Fund		3,703,222,966		(790,095,157	)		327,510,926		1,117,606,083
Royce Heritage Fund		116,860,379		(27,748,995	)		4,660,609		32,409,604
Royce Opportunity Fund		1,981,002,863		(1,014,541,138	)		19,195,214		1,033,736,352
Royce Special Equity Fund		586,940,473		(44,257,022	)		45,516,206		89,773,228
Royce Value Fund		1,207,241,134		(407,313,743	)		34,282,298		441,596,041
Royce Value Plus Fund		3,136,897,275		(1,199,667,590	)		39,262,077		1,238,929,667
Royce Technology Value Fund		9,257,776		(2,372,114	)		160,183		2,532,297
Royce 100 Fund		77,208,001		(15,662,143	)		1,687,114		17,349,257
Royce Discovery Fund		3,234,482		(1,208,508	)		63,480		1,271,988
Royce Financial Services Fund		12,476,271		(4,239,867	)		220,239		4,460,106
Royce Dividend Value Fund		9,767,686		(2,610,631	)		352,697		2,963,328
Royce European Smaller-Companies Fund		6,259,266		(2,932,633	)		8,846		2,941,479
Royce Global Value Fund		44,147,934		(18,128,458	)		644,855		18,773,313
Royce SMid-Cap Value Fund		9,239,637		(1,486,541	)		240,182		1,726,723
Royce International Smaller-Companies Fund		2,613,617		(782,976	)		29,052		812,028
Royce Focus Value Fund		1,028,590		131,097			137,428		6,331
Royce Select Fund I		18,631,071		(2,076,460	)		1,119,326		3,195,786
Royce Select Fund II		2,001,044		(292,559	)		158,079		450,638
Royce Global Select Fund		7,913,825		(2,123,638	)		265,393		2,389,031
Royce SMid-Cap Select Fund		757,023		(35,070	)		12,835		47,905

The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

Valuation of Investments:
Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price (in the case of long positions) and at the lowest ask price (in the case of short positions). Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Funds value their non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Board of Trustees. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, a Fund may fair value the security. The Funds use an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by a Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.

	Various inputs are used in determining the value of each Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
	Level 1 – quoted prices in active markets for identical securities
	Level 2 – other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements)
	Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
	The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

	The following is a summary of the inputs used to value each Fund’s investments as of March 31, 2009:

	Level 1		Level 2		Level 3			Total

Royce Pennsylvania Mutual Fund	$	2,570,537,236	$	240,642,805	$	4,919	$	2,811,184,960
Royce Micro-Cap Fund		358,631,627		182,728,245		2,946,424		544,306,296
Royce Premier Fund		2,690,544,040		407,182,265		-		3,097,726,305
Royce Low-Priced Stock Fund		1,857,255,311		453,827,429		-		2,311,082,740
Royce Total Return Fund		2,673,432,195		239,686,182		9,432		2,913,127,809
Royce Heritage Fund		70,413,936		18,302,384		395,064		89,111,384
Royce Opportunity Fund		870,384,396		96,077,329		-		966,461,725
Royce Special Equity Fund		404,938,219		137,745,232		-		542,683,451
Royce Value Fund		734,777,163		65,150,228		-		799,927,391
Royce Value Plus Fund		1,650,597,439		286,632,246		-		1,937,229,685
Royce Technology Value Fund		5,959,121		926,541		-		6,885,662
Royce 100 Fund		52,763,333		8,782,076		449		61,545,858
Royce Discovery Fund		1,897,974		128,000		-		2,025,974
Royce Financial Services Fund		5,511,738		2,530,091		194,575		8,236,404
Royce Dividend Value Fund		6,176,003		830,457		150,595		7,157,055
Royce European Smaller-Companies Fund		70,878		3,255,755		-		3,326,633
Royce Global Value Fund		11,297,141		14,722,335		-		26,019,476
Royce SMid-Cap Value Fund		7,106,157		646,846		93		7,753,096
Royce International Smaller-Companies Fund		469,984		1,360,657		-		1,830,641
Royce Focus Value Fund		1,080,327		79,360		-		1,159,687
Royce Select Fund I		14,905,273		1,649,338		-		16,554,611
Royce Select Fund II		1,460,784		331,044		-		1,791,828
Royce Global Select Fund		2,900,294		2,889,893		-		5,790,187
Royce SMid-Cap Select Fund		556,081		192,110		-		748,191

Short positions:
	Level 1			Level 2		Level 3		Total

Royce Select Fund II	$	(83,343	)	$	-	$	-	$	(83,343	)
Royce SMid-Cap Select Fund		(26,238	)		-		-		(26,238	)

Level 3 Reconciliation:

			Change in unrealized
	Balance as of		appreciation					Transfers				Realized			Balance as of
	12/31/08		(depreciation)			Purchases		In		Sales		Gain (Loss)			3/31/09

Royce Pennsylvania Mutual Fund	$	-	$	4,919		$	-	$	-	$	-	$	-		$	4,919
Royce Micro-Cap Fund		3,642,854		(696,430	)		-		-		-		-			2,946,424
Royce Total Return Fund		7,000		2,221,807			-		-		70,000		(2,149,375	)		9,432
Royce Heritage Fund		457,380		(127,926	)		1,634		63,976		-		-			395,064
Royce 100 Fund		-		449			-		-		-		-			449
Royce Financial Services Fund		240,428		(45,853	)		-		-		-		-			194,575
Royce Dividend Value Fund		186,190		(35,595	)		-		-		-		-			150,595
Royce SMid-Cap Value Fund		-		93			-		-		-		-			93

Repurchase Agreements:

The Funds may enter into repurchase agreements with institutions that the Funds’ investment adviser has determined are creditworthy. Each Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of each Fund to dispose of its underlying securities.

Short Sales:

The Funds may sell securities they do not own in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. On ex-dividend date, dividends on short sales are recorded as an expense to the Fund.

Securities Lending:

The Funds loan securities to qualified institutional investors for the purpose of realizing additional income. Collateral on all securities loaned for the Funds is accepted in cash and cash equivalents and invested temporarily by the custodian. The collateral maintained is at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Fund retains the risk of any loss on the securities on loan as well as incurring the potential loss on investments purchased with cash collateral received for securities lending.

Other information regarding the Fund is available in the Fund’s most recent Prospectus and Report to Shareholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s website (www.sec.gov).

Item 2 – Controls and Procedures
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”)), that the Registrant’s disclosure controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Item 3 – Exhibits

Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Royce Fund
By:

/s/ Charles M. Royce
Charles M. Royce
President, The Royce Fund
Date: May 29, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:

/s/ Charles M. Royce
Charles M. Royce
President, The Royce Fund
Date: May 29, 2009

By:

/s/ John D. Diederich
John D. Diederich
Treasurer, The Royce Fund
Date: May 29, 2009