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: 12/31/2013

Date of reporting period: 3/31/2013

Item 1 - Schedule of Investments

SCHEDULES OF INVESTMENTS
ROYCE PENNSYLVANIA MUTUAL FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 97.9%
Consumer Discretionary – 14.4%
Auto Components - 1.1%
China XD Plastics 1,2	244,900	$	979,600
Dorman Products	543,742		20,232,640
Drew Industries	752,188		27,311,946
Gentex Corporation	288,500		5,772,885
Spartan Motors	170,800		906,948
Strattec Security	150,000		4,264,500
Superior Industries International	488,000		9,115,840
			68,584,359
Automobiles - 0.9%
Thor Industries	681,150		25,059,509
Winnebago Industries 2,3	1,494,450		30,845,448
			55,904,957
Distributors - 0.4%
Pool Corporation	261,400		12,547,200
Weyco Group 3	590,500		14,473,155
			27,020,355
Diversified Consumer Services - 0.7%
Capella Education 2	23,726		738,828
Corinthian Colleges 1,2	100,000		210,000
Lincoln Educational Services	54,800		321,128
Sotheby’s	970,808		36,317,927
Universal Technical Institute	753,700		9,519,231
			47,107,114
Hotels, Restaurants & Leisure - 0.1%
Bob Evans Farms	25,000		1,065,500
CEC Entertainment	140,600		4,604,650
			5,670,150
Household Durables - 2.8%
Desarrolladora Homex ADR 1,2	292,400		2,614,056
Ethan Allen Interiors 3	1,573,910		51,813,117
Furniture Brands International 2	1,029,400		1,029,400
Harman International Industries	446,300		19,918,369
Helen of Troy 2	35,000		1,342,600
La-Z-Boy	907,300		17,120,751
Mohawk Industries 2	353,300		39,965,296
Natuzzi ADR 2	2,096,300		4,632,823
NVR 2	36,600		39,532,026
Skullcandy 1,2	68,600		362,208
Skyline Corporation 2	183,400		1,094,898
Stanley Furniture 2,3	912,235		4,050,324
			183,475,868
Internet & Catalog Retail - 0.0%
CafePress 1,2	167,900		1,009,079
Leisure Equipment & Products - 0.1%
Arctic Cat 2	30,536		1,334,423
Callaway Golf	250,000		1,655,000
Leapfrog Enterprises Cl. A 1,2	73,400		628,304
			3,617,727
Media - 1.2%
Acquity Group ADR 2	36,000		228,600
DreamWorks Animation SKG Cl. A 1,2	746,800		14,159,328
Morningstar	520,900		36,421,328
Rentrak Corporation 2	283,265		6,226,165
Saga Communications Cl. A	84,751		3,920,581
Scholastic Corporation	443,000		11,805,950
World Wrestling Entertainment Cl. A	386,631		3,410,085
			76,172,037
Multiline Retail - 0.0%
Tuesday Morning 2	370,000		2,871,200
Specialty Retail - 4.8%
American Eagle Outfitters	1,244,791		23,277,592
America’s Car-Mart 2,3	556,600		26,015,484
Ascena Retail Group 2	2,342,049		43,445,009
Buckle (The)	669,604		31,237,026
Cato Corporation (The) Cl. A	1,362,502		32,890,798
Christopher & Banks 2	135,252		869,670
Destination Maternity	58,900		1,378,260
GameStop Corporation Cl. A	925,200		25,877,844
Guess?	908,814		22,565,852
Jos. A. Bank Clothiers 1,2	669,279		26,704,232
Le Chateau Cl. A 1,2	685,000		2,029,680
Penske Automotive Group	389,200		12,983,712
Pier 1 Imports	1,185,400		27,264,200
Shoe Carnival 3	1,227,698		25,094,147
Stage Stores	24,900		644,412
Stein Mart	842,431		7,059,572
Wet Seal (The) Cl. A 2	204,300		616,986
			309,954,476
Textiles, Apparel & Luxury Goods - 2.3%
Barry (R.G.)	204,344		2,736,166
Columbia Sportswear	351,817		20,363,168
Crocs 2	1,107,520		16,413,446
Crown Crafts	305,600		1,836,656
Deckers Outdoor 2	339,384		18,900,295
G-III Apparel Group 2	618,157		24,794,277
Gildan Activewear	239,000		9,538,490
Maidenform Brands 2	1,009,420		17,695,133
Movado Group	50,000		1,676,000
Steven Madden 2	413,096		17,820,962
True Religion Apparel	382,600		9,989,686
Vera Bradley 2	398,962		9,427,472
			151,191,751
Total			932,579,073
Consumer Staples – 1.7%
Food & Staples Retailing - 0.1%
Village Super Market Cl. A	104,580		3,523,300
Food Products - 0.5%
Calavo Growers	63,477		1,826,868
Cal-Maine Foods	198,921		8,466,078
Darling International 2	20,000		359,200
Farmer Bros. 2	7,500		110,250
Industrias Bachoco ADR	103,886		3,335,780
Sanderson Farms	366,900		20,040,078
			34,138,254
Household Products - 0.1%
Harbinger Group 2	1,009,600		8,339,296
Personal Products - 1.0%
Inter Parfums	1,225,021		29,927,263
Nu Skin Enterprises Cl. A	696,985		30,806,737
Nutraceutical International	312,500		5,421,875
			66,155,875
Total			112,156,725
Energy – 7.4%
Energy Equipment & Services - 6.6%
C&J Energy Services 2	121,977		2,793,273
CARBO Ceramics	211,000		19,215,770
Ensign Energy Services	1,710,100		29,156,796
Exterran Holdings 2	951,700		25,695,900
Helmerich & Payne	943,417		57,265,412
ION Geophysical 1,2	816,700		5,561,727
Lufkin Industries	167,600		11,126,964
Matrix Service 2	1,202,243		17,913,421
Oil States International 2	896,726		73,145,940
Pason Systems	2,263,100		39,476,430
Patterson-UTI Energy	419,800		10,008,032
Rowan Companies 2	14,000		495,040
RPC	1,280,475		19,424,806
SEACOR Holdings	340,536		25,090,692
ShawCor	202,800		8,592,636
Superior Energy Services 2	139,600		3,625,412
Tidewater	82,000		4,141,000
Trican Well Service	1,411,000		20,695,871
Unit Corporation 2	1,052,537		47,943,060
Willbros Group 2	230,800		2,266,456
			423,634,638
Oil, Gas & Consumable Fuels - 0.8%
Cimarex Energy	355,500		26,818,920
Pioneer Southwest Energy Partners L.P.	24,835		606,719
SM Energy	229,100		13,567,302
Sprott Resource	2,830,200		12,704,349
VAALCO Energy 2	208,700		1,584,033
			55,281,323
Total			478,915,961
Financials – 10.3%
Capital Markets - 5.6%
Affiliated Managers Group 2	226,300		34,752,891
AllianceBernstein Holding L.P.	1,807,460		39,583,374
Artio Global Investors Cl. A 2	1,138,500		3,096,720
ASA Gold and Precious Metals	19,000		365,940
Cohen & Steers	857,170		30,918,122
Cowen Group 2	2,152,377		6,069,703
Diamond Hill Investment Group	104,900		8,162,269
Federated Investors Cl. B	2,429,782		57,512,940
Financial Engines	97,000		3,513,340
GAMCO Investors Cl. A	92,200		4,896,742
GFI Group	580,000		1,937,200
INTL FCStone 2	61,217		1,065,788
Janus Capital Group	650,000		6,110,000
Lazard Cl. A	1,020,800		34,839,904
Manning & Napier	677,292		11,202,410
MVC Capital	223,600		2,868,788
Oppenheimer Holdings Cl. A	25,000		486,750
SEI Investments	1,561,000		45,034,850
Sprott	2,637,500		9,087,219
Waddell & Reed Financial Cl. A	712,027		31,172,542
Westwood Holdings Group	359,735		15,983,026
WisdomTree Investments 2	1,141,911		11,875,874
			360,536,392
Commercial Banks - 0.1%
City Holding Company	242,501		9,649,115
Diversified Financial Services - 0.5%
Interactive Brokers Group	788,600		11,758,026
MSCI Cl. A 2	229,500		7,786,935
PICO Holdings 2	487,400		10,820,280
			30,365,241
Insurance - 3.1%
Alleghany Corporation 2	14,200		5,622,064
Allied World Assurance Company Holdings	158,353		14,682,490
Aspen Insurance Holdings	268,339		10,352,519
Baldwin & Lyons Cl. B	306,000		7,279,740
Brown & Brown	755,700		24,212,628
E-L Financial	40,980		20,823,012
Enstar Group 2	120,889		15,025,294
Erie Indemnity Cl. A	309,000		23,338,770
Gallagher (Arthur J.) & Co.	611,100		25,244,541
Greenlight Capital Re Cl. A 2	496,910		12,149,449
ProAssurance Corporation	40,400		1,912,132
Reinsurance Group of America	491,721		29,340,992
RLI Corp.	65,231		4,686,847
Stewart Information Services	116,600		2,969,802
			197,640,280
Real Estate Management & Development - 0.6%
E-House China Holdings ADR	281,300		1,308,045
Forestar Group 2	50,000		1,093,000
Jones Lang LaSalle	301,900		30,011,879
St. Joe Company (The) 2	10,000		212,500
Tejon Ranch 2	111,624		3,324,163
			35,949,587
Thrifts & Mortgage Finance - 0.4%
BofI Holding 2	54,900		1,969,812
Doral Financial 1,2	214,600		151,229
Genworth MI Canada	806,700		19,836,950
TrustCo Bank Corp NY	1,073,151		5,988,182
			27,946,173
Total			662,086,788
Health Care – 7.6%
Biotechnology - 0.4%
Dyax Corporation 2	50,000		218,000
Lexicon Pharmaceuticals 2	1,522,400		3,318,832
Myriad Genetics 2	865,800		21,991,320
			25,528,152
Health Care Equipment & Supplies - 1.9%
Analogic Corporation	332,600		26,282,052
CryoLife	124,427		747,806
Exactech 2	57,000		1,179,330
ICU Medical 2	20,000		1,179,000
IDEXX Laboratories 2	353,500		32,659,865
Invacare Corporation	95,100		1,241,055
Medical Action Industries 2	304,262		1,825,572
Merit Medical Systems 2	534,586		6,554,025
STERIS Corporation	577,600		24,033,936
SurModics 2	346,900		9,453,025
Teleflex	60,000		5,070,600
Thoratec Corporation 2	348,300		13,061,250
Trinity Biotech ADR	83,600		1,411,168
			124,698,684
Health Care Providers & Services - 2.4%
Almost Family	34,147		697,623
Chemed Corporation	278,460		22,271,231
Cross Country Healthcare 2	240,700		1,278,117
HealthSouth Corporation 2	915,000		24,128,550
Hooper Holmes 2	2,392,970		1,100,766
Landauer	442,200		24,931,236
LHC Group 2	8,000		171,920
Magellan Health Services 2	284,022		13,510,927
MEDNAX 2	227,417		20,383,386
Owens & Minor	744,000		24,224,640
Psychemedics Corporation	70,200		837,486
U.S. Physical Therapy 3	694,748		18,653,984
VCA Antech 2	66,350		1,558,561
			153,748,427
Health Care Technology - 0.0%
Computer Programs and Systems	5,000		270,550
Life Sciences Tools & Services - 2.3%
Bio-Rad Laboratories Cl. A 2	97,012		12,223,512
Covance 2	340,000		25,268,800
Furiex Pharmaceuticals 2	43,625		1,635,065
ICON 2	386,400		12,476,856
Mettler-Toledo International 2	168,600		35,948,892
PAREXEL International 2	270,000		10,667,700
PerkinElmer	988,020		33,236,993
Techne Corporation	225,800		15,320,530
			146,778,348
Pharmaceuticals - 0.6%
Hi-Tech Pharmacal 3	1,137,232		37,653,751
Total			488,677,912
Industrials – 25.9%
Aerospace & Defense - 1.6%
AeroVironment 2	49,600		899,248
American Science & Engineering	57,305		3,495,032
Astronics Corporation 2	72,220		2,153,601
Cubic Corporation	351,463		15,014,499
Curtiss-Wright	255,620		8,870,014
HEICO Corporation	875,428		38,002,330
HEICO Corporation Cl. A	151,952		5,213,473
Kratos Defense & Security Solutions 1,2	95,578		480,757
Orbital Sciences 2	100,000		1,669,000
Sparton Corporation 2	87,208		1,168,587
Teledyne Technologies 2	336,066		26,361,017
			103,327,558
Air Freight & Logistics - 1.0%
Forward Air	869,900		32,438,571
Hub Group Cl. A 2	247,500		9,518,850
Pacer International 2	817,040		4,109,711
UTi Worldwide	1,364,900		19,763,752
			65,830,884
Building Products - 2.4%
AAON	1,150,650		31,746,433
American Woodmark 2	645,774		21,975,689
Apogee Enterprises	76,369		2,210,883
Armstrong World Industries 2	346,600		19,371,474
Gibraltar Industries 2	615,120		11,225,940
Insteel Industries	233,708		3,814,115
Owens Corning 2	808,000		31,859,440
Simpson Manufacturing	1,064,000		32,569,040
WaterFurnace Renewable Energy	140,400		2,238,992
			157,012,006
Commercial Services & Supplies - 2.7%
Brink’s Company (The)	1,018,700		28,788,462
Copart 2	1,060,012		36,337,211
Healthcare Services Group	677,275		17,358,558
Heritage-Crystal Clean 1,2	35,000		528,500
Mine Safety Appliances	332,100		16,478,802
Ritchie Bros. Auctioneers	1,726,900		37,473,730
Team 2	462,988		19,014,917
Tetra Tech 2	393,240		11,989,888
TMS International Cl. A 2	204,500		2,699,400
Viad Corporation	203,666		5,633,402
			176,302,870
Construction & Engineering - 1.4%
Ameresco Cl. A 2	173,700		1,285,380
Baker (Michael)	163,100		3,995,950
Chicago Bridge & Iron	23,000		1,428,300
Comfort Systems USA	579,884		8,170,566
EMCOR Group	880,200		37,311,678
KBR	1,030,300		33,052,024
Layne Christensen 2	118,900		2,542,082
MYR Group 2	37,000		908,720
Pike Electric	79,858		1,136,379
Sterling Construction 2	244,671		2,664,467
			92,495,546
Electrical Equipment - 2.8%
AZZ	647,292		31,199,474
Brady Corporation Cl. A	674,700		22,622,691
Encore Wire	353,079		12,364,827
EnerSys 2	68,000		3,099,440
Franklin Electric	1,149,000		38,571,930
Global Power Equipment Group	659,405		11,618,716
GrafTech International 2	2,373,106		18,225,454
Powell Industries 2	369,114		19,404,323
Preformed Line Products 3	311,088		21,766,827
			178,873,682
Industrial Conglomerates - 0.4%
Raven Industries	814,270		27,367,615
Machinery - 7.5%
Alamo Group	338,745		12,956,996
Astec Industries	41,012		1,432,549
Briggs & Stratton	252,600		6,264,480
Chart Industries 2	19,500		1,560,195
CLARCOR	600,400		31,448,952
Columbus McKinnon 2	187,150		3,602,637
Donaldson Company	867,000		31,376,730
Edwards Group ADR 2	150,000		1,207,500
Flow International 2	442,959		1,731,970
Foster (L.B.) Company	126,598		5,607,025
Gardner Denver	8,200		615,902
Gorman-Rupp Company	49,733		1,494,477
Graco	605,449		35,134,205
Graham Corporation	106,248		2,628,576
Hurco Companies 2	30,552		831,931
IDEX Corporation	343,500		18,349,770
Kadant 2	34,500		862,500
Kaydon Corporation	158,400		4,051,872
Kennametal	1,220,851		47,662,023
Lincoln Electric Holdings	909,527		49,278,173
Lindsay Corporation	10,300		908,254
Miller Industries	48,310		775,376
Nordson Corporation	438,200		28,899,290
Proto Labs 2	75,000		3,682,500
RBC Bearings 2	459,400		23,227,264
Standex International	21,700		1,198,274
Sun Hydraulics	641,000		20,838,910
Tennant Company	764,500		37,124,120
Valmont Industries	286,300		45,026,401
WABCO Holdings 2	494,200		34,885,578
Wabtec Corporation	266,861		27,249,177
			481,913,607
Marine - 0.3%
Kirby Corporation 2	213,700		16,412,160
Professional Services - 3.0%
Advisory Board (The) 2	835,800		43,896,216
Barrett Business Services	160,800		8,467,728
Corporate Executive Board	470,800		27,381,728
CRA International 2,3	592,143		13,246,239
Exponent	373,893		20,167,788
GP Strategies 2	91,015		2,171,618
Heidrick & Struggles International	13,632		203,798
Korn/Ferry International 2	50,000		893,000
ManpowerGroup	429,330		24,351,598
On Assignment 2	85,000		2,151,350
Robert Half International	365,500		13,717,215
Towers Watson & Company Cl. A	387,600		26,868,432
TrueBlue 2	310,000		6,553,400
			190,070,110
Road & Rail - 1.0%
Arkansas Best	486,600		5,683,488
Landstar System	593,500		33,882,915
Marten Transport	34,500		694,485
Patriot Transportation Holding 2	254,400		7,077,408
Universal Truckload Services 2	685,784		15,999,341
			63,337,637
Trading Companies & Distributors - 1.5%
Air Lease Cl. A	568,800		16,677,216
Applied Industrial Technologies	966,090		43,474,050
Houston Wire & Cable	22,700		293,965
MFC Industrial	42,600		385,956
MSC Industrial Direct Cl. A	448,900		38,506,642
			99,337,829
Transportation Infrastructure - 0.3%
Wesco Aircraft Holdings 2	1,243,787		18,308,544
Total			1,670,590,048
Information Technology – 20.9%
Communications Equipment - 1.5%
ADTRAN	1,216,215		23,898,625
Black Box	142,502		3,107,969
Cogo Group 1,2	127,841		253,125
Digi International 2	388,644		3,470,591
Finisar Corporation 2	64,000		844,160
Globecomm Systems 2	120,800		1,450,808
Harmonic 2	150,000		868,500
NETGEAR 2	1,235,918		41,415,612
Oplink Communications 2	94,167		1,544,339
Plantronics	420,502		18,581,983
Polycom 2	213,500		2,365,580
			97,801,292
Computers & Peripherals - 1.0%
Diebold	701,000		21,254,320
Lexmark International Cl. A	349,000		9,213,600
Logitech International 1	1,287,100		8,971,087
Rimage Corporation 2	153,000		1,380,060
Stratasys 1,2	289,335		21,474,444
Super Micro Computer 2	95,646		1,079,843
			63,373,354
Electronic Equipment, Instruments & Components - 8.5%
Agilysys 2	10,000		99,400
Anixter International	370,564		25,909,835
AVX Corporation	1,545,821		18,395,270
Badger Meter	273,514		14,638,469
Benchmark Electronics 2	1,009,000		18,182,180
Checkpoint Systems 2	134,700		1,759,182
Cognex Corporation	691,935		29,165,060
Coherent	741,700		42,084,058
Dolby Laboratories Cl. A	1,037,250		34,810,110
DTS 2,3	1,139,567		18,950,999
Electro Rent	77,074		1,428,952
Fabrinet 2	1,477,445		21,585,472
FARO Technologies 2	619,475		26,879,020
FEI Company	17,950		1,158,673
FLIR Systems	831,400		21,624,714
Frequency Electronics	95,400		891,036
Hollysys Automation Technologies 2	215,455		2,626,397
IPG Photonics 1	646,630		42,942,698
Key Tronic 2	367,903		4,216,168
Littelfuse	136,522		9,263,018
LRAD Corporation 1,2	214,944		223,542
Maxwell Technologies 2	53,000		285,670
Mercury Systems 2	130,647		962,868
Molex Cl. A	830,129		20,022,712
MTS Systems	428,374		24,909,948
National Instruments	1,388,700		45,479,925
Newport Corporation 2	1,336,722		22,617,336
Park Electrochemical	70,200		1,778,868
Plexus Corporation 2	788,200		19,161,142
Pulse Electronics 2	2,231,739		903,854
Richardson Electronics	38,551		457,215
Rofin-Sinar Technologies 2	1,092,338		29,591,436
Rogers Corporation 2	20,000		952,400
Tech Data 2	373,200		17,021,652
TTM Technologies 2	300,000		2,280,000
Vishay Intertechnology 2	1,715,509		23,348,078
Zygo Corporation 2	34,900		516,869
			547,124,226
Internet Software & Services - 0.2%
Active Network 2	1,802,700		7,553,313
CoStar Group 2	25,000		2,736,500
KIT digital 1,2,4	600,000		168,000
RealNetworks 2	34,450		265,609
Responsys 2	150,000		1,327,500
Stamps.com 2	55,600		1,388,332
ValueClick 2	40,845		1,206,970
			14,646,224
IT Services - 2.7%
Computer Task Group	224,101		4,793,520
Convergys Corporation	819,358		13,953,667
CoreLogic 2	319,000		8,249,340
Forrester Research	312,400		9,887,460
ManTech International Cl. A	967,670		26,001,293
MAXIMUS	366,600		29,317,002
MoneyGram International 2	1,257,239		22,756,026
Sapient Corporation 2	1,980,000		24,136,200
ServiceSource International 1,2	815,761		5,767,430
Sykes Enterprises 2	187,902		2,998,916
Syntel 2	343,200		23,172,864
			171,033,718
Office Electronics - 0.5%
Zebra Technologies Cl. A 2	659,466		31,080,633
Semiconductors & Semiconductor Equipment - 3.6%
Advanced Energy Industries 2	678,314		12,413,146
Aixtron ADR	379,826		5,568,249
Alpha & Omega Semiconductor 2	163,200		1,449,216
Amtech Systems 2	185,200		668,572
ATMI 2	490,368		10,998,954
AXT 2	148,800		437,472
Cabot Microelectronics 2	453,800		15,769,550
Cirrus Logic 2	375,500		8,542,625
Diodes 2	1,333,700		27,981,026
Exar Corporation 2	824,441		8,656,630
Fairchild Semiconductor International 2	1,205,300		17,042,942
GSI Technology 2	80,529		530,686
Integrated Device Technology 2	300,000		2,241,000
Integrated Silicon Solution 2	618,810		5,674,488
International Rectifier 2	873,600		18,476,640
IXYS Corporation	1,369,164		13,130,283
Kulicke & Soffa Industries 2	165,300		1,910,868
LTX-Credence Corporation 2	182,800		1,104,112
Micrel	1,080,800		11,359,208
MKS Instruments	454,500		12,362,400
Nanometrics 2	305,571		4,409,390
OmniVision Technologies 2	301,700		4,157,426
Photronics 2	315,760		2,109,277
RDA Microelectronics ADR	139,733		1,292,530
Rudolph Technologies 2	89,422		1,053,391
Silicon Motion Technology ADR	94,400		1,104,480
Supertex	334,000		7,418,140
Teradyne 2	1,539,896		24,977,113
TriQuint Semiconductor 2	28,200		142,410
Ultra Clean Holdings 2	303,570		1,973,205
Veeco Instruments 1,2	274,100		10,506,253
			235,461,682
Software - 2.9%
ACI Worldwide 2	427,600		20,892,536
Actuate Corporation 2	243,972		1,463,832
American Software Cl. A	205,484		1,709,627
ANSYS 2	523,200		42,598,944
Blackbaud	689,291		20,423,692
Envivio 1,2	120,098		204,167
FactSet Research Systems	110,900		10,269,340
Fair Isaac	506,900		23,160,261
Manhattan Associates 2	455,000		33,801,950
Monotype Imaging Holdings	666,000		15,817,500
Pervasive Software 2,3	1,461,500		13,401,955
Rovi Corporation 2	50,000		1,070,500
			184,814,304
Total			1,345,335,433
Materials – 9.0%
Chemicals - 3.1%
Balchem Corporation	305,000		13,401,700
Cabot Corporation	478,300		16,357,860
Hawkins	29,617		1,183,199
Innophos Holdings	192,687		10,513,003
Innospec	675,980		29,932,394
Intrepid Potash	736,806		13,822,481
KMG Chemicals	40,989		796,826
LSB Industries 2	208,239		7,242,553
Minerals Technologies	246,232		10,221,090
Olin Corporation	34,800		877,656
OM Group 2	45,100		1,058,948
Quaker Chemical	433,288		25,572,658
Schulman (A.)	269,690		8,511,416
Stepan Company	349,914		22,079,573
Westlake Chemical	373,300		34,903,550
			196,474,907
Construction Materials - 0.1%
Ash Grove Cement 4	50,018		9,153,294
Containers & Packaging - 0.7%
AptarGroup	221,700		12,714,495
Greif Cl. A	536,468		28,765,414
UFP Technologies 2	127,144		2,503,465
			43,983,374
Metals & Mining - 4.8%
Agnico-Eagle Mines	307,700		12,628,008
Allegheny Technologies	284,700		9,027,837
Carpenter Technology	117,500		5,791,575
Commercial Metals	238,700		3,783,395
Compass Minerals International	210,126		16,578,942
Eldorado Gold	1,435,900		13,684,127
Franco-Nevada Corporation	300,000		13,677,000
Geodrill 2	497,300		592,344
Globe Specialty Metals	1,271,803		17,703,498
Haynes International	382,793		21,168,453
Hecla Mining	2,044,100		8,074,195
Hochschild Mining	134,700		560,591
Horsehead Holding Corporation 2	653,100		7,105,728
Kingsrose Mining	100,000		67,154
Major Drilling Group International	1,207,000		10,752,917
Olympic Steel	129,000		3,083,100
Pan American Silver	930,700		15,244,866
Reliance Steel & Aluminum	913,800		65,035,146
Schnitzer Steel Industries Cl. A	358,410		9,555,211
Scorpio Mining 2	364,000		250,824
Seabridge Gold 2	1,135,804		15,674,095
Silver Standard Resources 2	689,000		7,268,950
Sims Metal Management ADR	2,320,247		24,269,784
Steel Dynamics	383,521		6,086,478
Universal Stainless & Alloy Products 2	70,000		2,544,500
Worthington Industries	523,733		16,225,248
			306,433,966
Paper & Forest Products - 0.3%
Stella-Jones	297,600		22,211,972
Total			578,257,513
Telecommunication Services – 0.1%
Diversified Telecommunication Services - 0.1%
Premiere Global Services 2	516,500		5,676,335
Total			5,676,335
Miscellaneous 5 – 0.6%
Total			37,049,013
TOTAL COMMON STOCKS
(Cost $4,556,181,783)			6,311,324,801
REPURCHASE AGREEMENT – 2.2%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $139,688,862 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at
$142,482,563)
(Cost $139,687,000)			139,687,000
	PRINCIPAL
	AMOUNT
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 1.6%
U.S. Treasury Bonds
2.375%-2.75%
due 1/15/25-8/15/42	$1,868,150		1,873,958
U.S. Treasury Notes
0.25%-3.125%
due 7/31/13-2/15/22	3,738,422		3,745,750
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)			96,325,395
TOTAL COLLATERAL RECEIVED FOR
SECURITIES LOANED
(Cost $101,945,103)			101,945,103
TOTAL INVESTMENTS – 101.7%
(Cost $4,797,813,886)			6,552,956,904
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.7)%			(108,777,191	)
NET ASSETS – 100.0%		$	6,444,179,713

SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 88.3%
Consumer Discretionary – 15.2%
Auto Components - 1.1%
Drew Industries	219,178	$	7,958,353
Fuel Systems Solutions 2	130,671		2,152,152
			10,110,505
Diversified Consumer Services - 1.9%
American Public Education 1,2	106,630		3,720,321
Capella Education 2	146,800		4,571,352
Lincoln Educational Services 3	1,559,847		9,140,703
			17,432,376
Household Durables - 1.0%
Cavco Industries 2	154,920		7,369,544
Skullcandy 1,2	446,500		2,357,520
			9,727,064
Internet & Catalog Retail - 0.6%
Manutan International	67,991		2,777,608
Vitacost.com 2	379,400		2,743,062
			5,520,670
Leisure Equipment & Products - 0.5%
Callaway Golf	663,654		4,393,390
Media - 0.3%
Saraiva S/A Livreiros Editores	176,700		2,457,142
Specialty Retail - 7.1%
Buckle (The)	161,275		7,523,479
Cato Corporation (The) Cl. A	243,250		5,872,055
Citi Trends 2	582,983		5,963,916
hhgregg 1,2	729,976		8,066,235
Jos. A. Bank Clothiers 1,2	104,180		4,156,782
Kirkland’s 2	735,557		8,429,483
Padini Holdings	5,763,500		3,536,460
Shoe Carnival	441,114		9,016,370
Stein Mart	1,061,752		8,897,482
Tilly’s Cl. A 2	39,448		501,779
Zumiez 2	187,600		4,296,040
			66,260,081
Textiles, Apparel & Luxury Goods - 2.7%
Calida Holding	105,000		2,997,472
Geox 1	662,000		1,843,127
Maidenform Brands 2	246,600		4,322,898
Perry Ellis International	578,448		10,521,969
True Religion Apparel	137,300		3,584,903
Van de Velde	42,000		1,843,942
			25,114,311
Total			141,015,539
Consumer Staples – 1.2%
Food Products - 1.2%
Asian Citrus Holdings	8,000,000		4,122,357
Legumex Walker 2	647,800		3,060,924
Sipef	46,948		3,802,193
Waterloo Investment Holdings 2,6	2,760,860		377,686
Total			11,363,160
Energy – 8.7%
Energy Equipment & Services - 6.4%
Canadian Energy Services & Technology	527,100		6,434,060
Dawson Geophysical 2	204,333		6,129,990
Geospace Technologies 2	9,116		983,799
Gulf Island Fabrication	290,244		6,112,539
IROC Energy Services	1,084,000		3,233,273
Lamprell 2	1,718,156		3,406,900
Natural Gas Services Group 2	363,697		7,004,804
Tesco Corporation 2	542,600		7,265,414
TGC Industries	897,009		8,880,389
Total Energy Services	675,900		9,448,029
			58,899,197
Oil, Gas & Consumable Fuels - 2.3%
Contango Oil & Gas	61,073		2,448,416
Gran Tierra Energy 2	486,600		2,861,208
Renewable Energy Group 2	306,600		2,357,754
Sprott Resource	1,963,400		8,813,412
Triangle Petroleum 2	733,963		4,844,156
Uranium Resources 1,2	114,647		296,936
			21,621,882
Total			80,521,079
Financials – 6.0%
Capital Markets - 2.5%
FBR & Co. 2	248,334		4,700,963
Gluskin Sheff + Associates	128,150		2,289,632
GMP Capital	550,600		3,555,580
INTL FCStone 2	378,455		6,588,901
U.S. Global Investors Cl. A	381,749		1,401,019
Westwood Holdings Group	99,372		4,415,098
			22,951,193
Commercial Banks - 0.9%
Bancorp (The) 2	231,067		3,200,278
BCB Holdings 2	2,760,860		838,998
Pacific Continental	356,897		3,986,539
			8,025,815
Insurance - 0.7%
American Safety Insurance Holdings 2	184,312		4,600,427
Navigators Group 2	41,364		2,430,135
			7,030,562
Real Estate Management & Development - 1.9%
Brasil Brokers Participacoes	1,179,600		4,202,954
Kennedy-Wilson Holdings	587,181		9,107,177
Midland Holdings	9,766,500		4,315,476
			17,625,607
Total			55,633,177
Health Care – 8.4%
Biotechnology - 1.1%
Burcon NutraScience 2	279,600		794,064
Dyax Corporation 2	1,177,084		5,132,086
Lexicon Pharmaceuticals 2	1,838,871		4,008,739
			9,934,889
Health Care Equipment & Supplies - 3.8%
Cerus Corporation 1,2	1,071,554		4,736,269
CryoLife	587,711		3,532,143
Exactech 2	257,760		5,333,054
Merit Medical Systems 2	290,765		3,564,779
SurModics 2	261,522		7,126,474
Syneron Medical 2	702,374		7,178,262
Trinity Biotech ADR	135,020		2,279,138
ZELTIQ Aesthetics 1,2	472,386		1,804,515
			35,554,634
Health Care Providers & Services - 2.4%
CorVel Corporation 2	134,557		6,659,226
IPC The Hospitalist 2	63,509		2,824,880
PDI 2,3	982,694		5,797,895
U.S. Physical Therapy	279,440		7,502,964
			22,784,965
Life Sciences Tools & Services - 0.1%
EPS Corporation	420		623,296
Pharmaceuticals - 1.0%
Unichem Laboratories	848,618		2,705,116
Vetoquinol	155,065		5,088,517
Zogenix 1,2	928,500		1,671,300
			9,464,933
Total			78,362,717
Industrials – 19.4%
Aerospace & Defense - 0.2%
American Science & Engineering	31,118		1,897,887
Building Products - 1.5%
AAON	128,444		3,543,770
Quanex Building Products	373,400		6,011,740
WaterFurnace Renewable Energy	259,100		4,131,929
			13,687,439
Commercial Services & Supplies - 1.3%
Courier Corporation	236,782		3,412,029
Ennis	474,251		7,146,962
Heritage-Crystal Clean 2	92,576		1,397,898
			11,956,889
Construction & Engineering - 1.5%
Layne Christensen 2	329,360		7,041,717
Severfield-Rowen	2,137,000		1,233,884
Sterling Construction 2	558,175		6,078,526
			14,354,127
Electrical Equipment - 2.9%
Elektrobudowa	45,000		1,706,325
Global Power Equipment Group	576,212		10,152,855
Graphite India	3,623,500		5,300,244
LSI Industries	960,136		6,701,749
Voltamp Transformers	400,000		2,796,688
			26,657,861
Machinery - 6.6%
AIA Engineering	309,087		1,791,681
CB Industrial Product Holding	2,194,100		1,778,521
Foster (L.B.) Company	194,856		8,630,172
FreightCar America	364,309		7,949,223
Gorman-Rupp Company	90,971		2,733,679
Graham Corporation 3	506,187		12,523,066
Kadant 2	275,716		6,892,900
Key Technology 2,3	421,814		5,331,729
RBC Bearings 2	99,569		5,034,209
Semperit AG Holding	215,000		8,295,497
			60,960,677
Professional Services - 2.6%
CRA International 2	340,783		7,623,316
Exponent	85,635		4,619,152
GP Strategies 2	512,182		12,220,662
			24,463,130
Road & Rail - 2.4%
Marten Transport	571,119		11,496,625
Patriot Transportation Holding 2	378,269		10,523,444
			22,020,069
Trading Companies & Distributors - 0.4%
Houston Wire & Cable	297,600		3,853,920
Total			179,851,999
Information Technology – 14.6%
Communications Equipment - 3.2%
Anaren 2	588,707		11,415,029
COM DEV International 2	841,500		3,305,197
Digi International 2	486,008		4,340,051
KVH Industries 2	413,300		5,608,481
Parrot 2	155,600		4,800,906
			29,469,664
Computers & Peripherals - 0.7%
Avid Technology 2	159,343		999,081
Super Micro Computer 2	502,931		5,678,091
			6,677,172
Electronic Equipment, Instruments & Components - 1.2%
Electro Rent	247,000		4,579,380
Fabrinet 2	414,945		6,062,347
Nice	276,000		916,318
			11,558,045
Internet Software & Services - 0.7%
QuinStreet 2	479,900		2,865,003
World Energy Solutions 2,3	733,900		3,221,821
			6,086,824
IT Services - 0.9%
CSE Global	3,066,500		2,138,527
EPAM Systems 2	255,517		5,935,660
			8,074,187
Semiconductors & Semiconductor Equipment - 5.5%
Advanced Energy Industries 2	452,836		8,286,899
ATMI 2	448,300		10,055,369
AXT 2,3	1,808,161		5,315,993
GSI Technology 2	902,937		5,950,355
Integrated Silicon Solution 2	732,000		6,712,440
M/A-COM Technology Solutions Holdings 2	205,906		3,308,909
Mindspeed Technologies 2	600,741		2,000,468
Rudolph Technologies 2	92,565		1,090,416
Sigma Designs 2	1,057,723		5,151,111
Ultra Clean Holdings 2	519,282		3,375,333
			51,247,293
Software - 2.4%
Monotype Imaging Holdings	507,370		12,050,037
TeleNav 2	485,900		3,134,055
VASCO Data Security International 2	900,809		7,602,828
			22,786,920
Total			135,900,105
Materials – 13.5%
Chemicals - 2.5%
C. Uyemura & Co.	87,200		3,251,415
FutureFuel Corporation	319,300		3,879,495
LSB Industries 2	100,300		3,488,434
Quaker Chemical	143,830		8,488,847
Societe Internationale de Plantations d’Heveas	47,237		3,930,957
			23,039,148
Metals & Mining - 10.8%
Alamos Gold	410,900		5,642,619
Allied Nevada Gold 2	91,300		1,502,798
Argonaut Gold 2	246,100		1,996,224
Bear Creek Mining 2	1,024,500		2,813,757
Endeavour Mining 2	1,971,000		2,910,371
Endeavour Silver 1,2	920,500		5,725,510
Foraco International	727,300		1,145,523
Geodrill 2	1,912,300		2,277,780
Gold Standard Ventures 1,2	1,290,000		1,419,000
Goldgroup Mining 2	1,576,500		380,216
Haynes International	115,330		6,377,749
Horsehead Holding Corporation 2	941,771		10,246,469
Imdex	1,170,165		1,492,439
International Tower Hill Mines 2	678,000		1,030,560
Lumina Copper 2	548,900		4,733,340
McEwen Mining 2	1,498,804		4,286,579
NorthIsle Copper and Gold 1,2	735,499		50,682
Olympic Steel	465,959		11,136,420
Pilot Gold 2	2,864,500		4,737,273
Quaterra Resources 2	1,885,000		377,000
Scorpio Mining 2	2,205,400		1,519,693
Silvercorp Metals	830,200		3,262,686
Soltoro 2	1,680,000		595,364
Synalloy Corporation	180,942		2,511,475
Timmins Gold 2	1,681,200		4,841,856
Torex Gold Resources 2	1,593,200		2,728,915
Universal Stainless & Alloy Products 2	298,352		10,845,095
Village Main Reef	7,500,000		913,510
Western Copper and Gold 2	1,471,000		1,250,350
Wildcat Silver 2	1,991,300		1,332,956
			100,084,209
Paper & Forest Products - 0.2%
TFS Corporation 2	3,631,110		2,041,487
Total			125,164,844
Utilities – 0.1%
Independent Power Producers & Energy Traders - 0.1%
Alterra Power 2	3,498,400		1,067,583
Total			1,067,583
Miscellaneous 5 – 1.2%
Total			11,279,794
TOTAL COMMON STOCKS
(Cost $730,998,390)			820,159,997
REPURCHASE AGREEMENT – 11.2%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $103,658,382 (collateralized
by obligations of various U.S. Government
Agencies, due 7/25/13, valued at $105,732,108)
(Cost $103,657,000)			103,657,000
	PRINCIPAL
	AMOUNT
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 1.9%
U.S. Treasury Notes
0.25%-4.50%
due 7/31/13-6/30/17	$1,274,206		1,277,704
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)			16,092,822
TOTAL COLLATERAL RECEIVED FOR
SECURITIES LOANED
(Cost $17,370,526)			17,370,526
TOTAL INVESTMENTS – 101.4%
(Cost $852,025,916)			941,187,523
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.4)%			(12,591,064	)
NET ASSETS – 100.0%		$	928,596,459

SCHEDULES OF INVESTMENTS
ROYCE PREMIER FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 95.4%
Consumer Discretionary – 10.4%
Automobiles - 2.2%
Thor Industries 3	4,166,757	$	153,294,990
Distributors - 1.2%
Pool Corporation	1,811,400		86,947,200
Diversified Consumer Services - 2.2%
Sotheby’s	2,628,594		98,335,702
Strayer Education 2,3	1,068,485		51,693,304
			150,029,006
Media - 1.2%
Morningstar	1,233,206		86,225,764
Specialty Retail - 1.2%
Buckle (The)	1,730,836		80,743,499
Textiles, Apparel & Luxury Goods - 2.4%
Carter’s 2	1,144,800		65,562,696
Columbia Sportswear	1,272,813		73,670,416
Wolverine World Wide	650,000		28,840,500
			168,073,612
Total			725,314,071
Consumer Staples – 5.0%
Food Products - 2.6%
Cal-Maine Foods 3	1,721,686		73,274,956
Sanderson Farms 3	1,880,191		102,696,033
			175,970,989
Personal Products - 2.4%
Nu Skin Enterprises Cl. A 3	3,816,994		168,711,135
Total			344,682,124
Energy – 7.5%
Energy Equipment & Services - 7.5%
Ensign Energy Services	7,128,000		121,530,697
Pason Systems	3,916,300		68,314,057
SEACOR Holdings	504,540		37,174,507
Tidewater	892,800		45,086,400
Trican Well Service 3	8,027,100		117,737,650
Unit Corporation 2,3	2,896,073		131,916,125
Total			521,759,436
Financials – 10.8%
Capital Markets - 4.6%
Affiliated Managers Group 2	475,000		72,945,750
Federated Investors Cl. B	3,939,300		93,243,231
Partners Group Holding	271,613		67,037,739
Stifel Financial 2	2,590,777		89,822,239
			323,048,959
Insurance - 3.8%
Alleghany Corporation 2	464,525		183,914,738
ProAssurance Corporation	1,668,298		78,960,544
			262,875,282
Real Estate Management & Development - 2.4%
Jones Lang LaSalle	1,219,700		121,250,377
St. Joe Company (The) 2	2,188,074		46,496,573
			167,746,950
Total			753,671,191
Health Care – 4.6%
Biotechnology - 2.0%
Myriad Genetics 2,3	5,364,765		136,265,031
Health Care Equipment & Supplies - 1.6%
IDEXX Laboratories 2	1,186,500		109,620,735
Life Sciences Tools & Services - 1.0%
PerkinElmer	2,083,200		70,078,848
Total			315,964,614
Industrials – 25.9%
Air Freight & Logistics - 1.1%
Forward Air	1,090,128		40,650,873
UTi Worldwide	2,459,700		35,616,456
			76,267,329
Building Products - 2.3%
Armstrong World Industries 2	970,170		54,222,801
Simpson Manufacturing 3	3,387,886		103,703,191
			157,925,992
Commercial Services & Supplies - 2.5%
Copart 2	2,334,800		80,036,944
Ritchie Bros. Auctioneers	4,441,250		96,375,125
			176,412,069
Construction & Engineering - 1.5%
EMCOR Group	2,458,145		104,200,767
Electrical Equipment - 1.4%
Brady Corporation Cl. A	1,516,927		50,862,562
GrafTech International 1,2	6,034,076		46,341,704
			97,204,266
Machinery - 11.9%
Gardner Denver	378,918		28,460,531
Kennametal	1,563,500		61,039,040
Lincoln Electric Holdings 3	4,774,994		258,709,175
Rational	189,966		57,066,115
Semperit AG Holding 3	1,894,996		73,115,974
Valmont Industries	813,440		127,929,709
Wabtec Corporation	718,137		73,328,969
Woodward 3	3,806,024		151,327,514
			830,977,027
Marine - 1.1%
Kirby Corporation 2	1,007,335		77,363,328
Professional Services - 1.1%
Towers Watson & Company Cl. A	1,111,811		77,070,738
Road & Rail - 1.3%
Landstar System	1,600,300		91,361,127
Trading Companies & Distributors - 1.7%
Air Lease Cl. A	1,210,357		35,487,667
MSC Industrial Direct Cl. A	952,284		81,686,922
			117,174,589
Total			1,805,957,232
Information Technology – 18.2%
Communications Equipment - 0.9%
ADTRAN 3	3,245,434		63,772,778
Electronic Equipment, Instruments & Components - 6.3%
Anixter International	980,700		68,570,544
Benchmark Electronics 2,3	2,843,900		51,247,078
Cognex Corporation 3	2,602,717		109,704,521
FEI Company	1,133,444		73,163,810
National Instruments	4,147,101		135,817,558
			438,503,511
IT Services - 2.8%
Gartner 2	1,980,820		107,776,416
Jack Henry & Associates	1,836,640		84,871,135
			192,647,551
Office Electronics - 1.6%
Zebra Technologies Cl. A 2	2,423,325		114,211,307
Semiconductors & Semiconductor Equipment - 5.0%
Cabot Microelectronics 2,3	2,086,191		72,495,137
Fairchild Semiconductor International 2,3	6,558,112		92,731,704
MKS Instruments 3	2,971,910		80,835,952
Veeco Instruments 1,2,3	2,658,912		101,916,097
			347,978,890
Software - 1.6%
Fair Isaac 3	1,832,600		83,731,494
SimCorp	100,000		26,820,714
			110,552,208
Total			1,267,666,245
Materials – 12.0%
Chemicals - 3.6%
Cabot Corporation	1,665,800		56,970,360
Westlake Chemical	2,121,985		198,405,597
			255,375,957
Metals & Mining - 8.1%
Allied Nevada Gold 2	2,255,500		37,125,530
Globe Specialty Metals 3	3,882,763		54,048,061
Pan American Silver	5,381,044		88,141,501
Pretium Resources 2	4,672,100		37,003,032
Reliance Steel & Aluminum	2,519,800		179,334,166
Schnitzer Steel Industries Cl. A 3	2,108,038		56,200,293
Seabridge Gold 2,3	3,342,400		46,125,120
Silver Standard Resources 2,3	4,115,069		43,413,978
Sims Metal Management ADR	2,049,304		21,435,720
			562,827,401
Paper & Forest Products - 0.3%
Stella-Jones	264,803		19,764,102
Total			837,967,460
Miscellaneous 5 – 1.0%
Total			70,680,055
TOTAL COMMON STOCKS
(Cost $4,460,776,083)			6,643,662,428
REPURCHASE AGREEMENT – 4.6%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $321,930,292 (collateralized
by obligations of various U.S. Government
Agencies, 0.875%-3.625% due 5/29/13-2/28/17,
valued at $328,369,970)
(Cost $321,926,000)			321,926,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 1.3%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)
(Cost $85,614,258)			85,614,258
TOTAL INVESTMENTS – 101.3%
(Cost $4,868,316,341)			7,051,202,686
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.3)%			(88,202,942	)
NET ASSETS – 100.0%		$	6,962,999,744

SCHEDULES OF INVESTMENTS
ROYCE LOW-PRICED STOCK FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 98.3%
Consumer Discretionary – 8.5%
Auto Components - 0.3%
Gentex Corporation	350,000	$	7,003,500
Automobiles - 1.0%
Thor Industries	728,653		26,807,144
Diversified Consumer Services - 1.1%
Corinthian Colleges 1,2	4,041,854		8,487,893
Universal Technical Institute 3	1,655,679		20,911,226
			29,399,119
Household Durables - 0.1%
Helen of Troy 2	101,996		3,912,567
Internet & Catalog Retail - 0.4%
NutriSystem	1,075,690		9,121,851
Media - 0.4%
Pico Far East Holdings	30,000,000		10,782,539
Specialty Retail - 4.8%
Buckle (The)	604,575		28,203,424
Cato Corporation (The) Cl. A	502,350		12,126,729
Chico’s FAS	781,000		13,120,800
GameStop Corporation Cl. A	850,000		23,774,500
Lewis Group	1,543,747		10,850,366
Luk Fook Holdings (International) 1	4,077,800		13,080,395
Men’s Wearhouse (The)	356,700		11,920,914
Williams-Sonoma	190,405		9,809,665
			122,886,793
Textiles, Apparel & Luxury Goods - 0.4%
Crocs 2	641,300		9,504,066
Total			219,417,579
Consumer Staples – 4.4%
Food Products - 2.5%
Asian Citrus Holdings	30,918,000		15,931,878
Darling International 2	880,970		15,822,221
Industrias Bachoco ADR	980,622		31,487,773
			63,241,872
Personal Products - 1.9%
Nu Skin Enterprises Cl. A	1,129,333		49,916,518
Total			113,158,390
Energy – 13.5%
Energy Equipment & Services - 13.0%
C&J Energy Services 2	1,550,739		35,511,923
Calfrac Well Services	1,556,100		41,803,385
Ensign Energy Services	1,254,100		21,382,105
Lamprell 2	4,278,455		8,483,671
Oil States International 2	257,343		20,991,469
Pason Systems	2,250,700		39,260,130
RPC	733,769		11,131,276
Tesco Corporation 1,2	1,871,152		25,054,725
TGS-NOPEC Geophysical	385,000		14,501,562
Total Energy Services 3	1,766,700		24,695,714
Trican Well Service	3,519,800		51,626,737
Unit Corporation 2	853,400		38,872,370
			333,315,067
Oil, Gas & Consumable Fuels - 0.5%
Sprott Resource	2,980,100		13,377,228
Total			346,692,295
Financials – 10.7%
Capital Markets - 7.2%
Ashmore Group	4,080,363		21,699,673
Federated Investors Cl. B	1,521,900		36,023,373
INTL FCStone 1,2	604,900		10,531,309
Jupiter Fund Management	4,221,349		21,012,682
Sprott	8,302,400		28,605,014
Stifel Financial 1,2	470,663		16,317,886
U.S. Global Investors Cl. A	661,751		2,428,626
Value Partners Group	75,030,500		48,618,484
			185,237,047
Diversified Financial Services - 1.0%
KKR Financial Holdings LLC	1,163,430		12,879,170
PICO Holdings 2	544,770		12,093,894
			24,973,064
Insurance - 0.3%
Argo Group International Holdings	121,897		5,044,098
Aspen Insurance Holdings	103,000		3,973,740
			9,017,838
Real Estate Management & Development - 2.2%
Brasil Brokers Participacoes	2,000,000		7,126,067
E-House China Holdings ADR	2,086,204		9,700,849
Gladstone Land 3	501,200		7,778,624
Kennedy-Wilson Holdings	2,050,830		31,808,373
			56,413,913
Total			275,641,862
Health Care – 6.3%
Biotechnology - 2.1%
Maxygen	640,200		1,542,882
Myriad Genetics 2	1,980,237		50,298,020
Sinovac Biotech 1,2	573,711		2,134,205
			53,975,107
Health Care Equipment & Supplies - 1.0%
Carl Zeiss Meditec	324,993		10,275,255
Nihon Kohden	342,000		12,043,661
Thoratec Corporation 2	100,000		3,750,000
			26,068,916
Health Care Providers & Services - 0.1%
Cross Country Healthcare 2	523,968		2,782,270
Pharmaceuticals - 3.1%
Adcock Ingram Holdings	1,911,000		12,592,029
Medicines Company (The) 2	1,400,140		46,792,679
Recordati	1,388,800		12,568,455
Sino Biopharmaceutical	2,450,000		1,710,649
VIVUS 1,2	500,000		5,500,000
			79,163,812
Total			161,990,105
Industrials – 13.3%
Aerospace & Defense - 1.6%
HEICO Corporation Cl. A	753,627		25,856,942
Orbital Sciences 1,2	852,523		14,228,609
			40,085,551
Building Products - 0.6%
WaterFurnace Renewable Energy 3	970,500		15,476,793
Commercial Services & Supplies - 1.4%
Ennis	865,562		13,044,019
Moshi Moshi Hotline	1,575,600		22,411,732
			35,455,751
Construction & Engineering - 0.7%
Raubex Group	8,840,707		18,748,033
Electrical Equipment - 2.0%
GrafTech International 1,2	5,357,800		41,147,904
Powell Industries 2	214,848		11,294,559
			52,442,463
Machinery - 1.4%
Kennametal	574,500		22,428,480
Lincoln Electric Holdings	251,070		13,602,973
			36,031,453
Professional Services - 3.7%
CBIZ 1,2	547,600		3,493,688
Exponent	105,400		5,685,276
Kforce	698,774		11,438,930
Korn/Ferry International 2	1,420,340		25,367,272
Resources Connection	400,000		5,080,000
TrueBlue 2,3	2,127,691		44,979,388
			96,044,554
Road & Rail - 1.2%
Heartland Express	688,366		9,182,803
Universal Truckload Services 2	287,561		6,708,798
Werner Enterprises	605,093		14,606,945
			30,498,546
Trading Companies & Distributors - 0.7%
Houston Wire & Cable 3	1,389,200		17,990,140
Total			342,773,284
Information Technology – 22.5%
Communications Equipment - 3.5%
ADTRAN	1,173,581		23,060,867
Arris Group 2	738,671		12,682,981
Harmonic 2	1,122,500		6,499,275
KVH Industries 2,3	777,804		10,554,800
NETGEAR 2	724,300		24,271,293
PC-Tel	792,024		5,623,370
Tellabs	2,932,600		6,129,134
			88,821,720
Computers & Peripherals - 0.9%
QLogic Corporation 2	500,000		5,800,000
STEC 1,2	1,462,400		6,463,808
Xyratex	1,177,566		11,657,903
			23,921,711
Electronic Equipment, Instruments & Components - 3.0%
AVX Corporation	1,068,900		12,719,910
GSI Group 2	1,275,000		10,875,750
Littelfuse	163,400		11,086,690
TTM Technologies 2	2,606,735		19,811,186
Vishay Intertechnology 2	1,606,550		21,865,146
			76,358,682
Internet Software & Services - 0.3%
ValueClick 2	302,600		8,941,830
IT Services - 2.8%
Convergys Corporation	2,105,730		35,860,582
Forrester Research	368,300		11,656,695
TeleTech Holdings 1,2	1,151,673		24,426,984
			71,944,261
Semiconductors & Semiconductor Equipment - 12.0%
Advanced Energy Industries 2	651,400		11,920,620
Aixtron ADR 1	868,190		12,727,665
ATMI 2	1,125,000		25,233,750
Brooks Automation	2,522,582		25,679,885
Cirrus Logic 1,2	343,300		7,810,075
Fairchild Semiconductor International 2	3,617,039		51,144,932
International Rectifier 1,2	2,187,753		46,270,976
Lam Research 2	268,800		11,144,448
Micrel	535,744		5,630,669
MKS Instruments	1,301,455		35,399,576
OmniVision Technologies 2	1,820,191		25,082,232
Sigma Designs 2	307,858		1,499,268
Teradyne 2	3,087,975		50,086,955
			309,631,051
Total			579,619,255
Materials – 18.3%
Chemicals - 1.3%
Intrepid Potash	1,209,900		22,697,724
Westlake Chemical	112,500		10,518,750
			33,216,474
Construction Materials - 0.4%
Mardin Cimento Sanayii	3,288,100		9,740,903
Metals & Mining - 15.7%
Alamos Gold	3,168,400		43,509,552
Allied Nevada Gold 2	1,663,878		27,387,432
AuRico Gold 1,2	1,147,500		7,217,775
Castle (A.M.) & Co. 2	165,367		2,893,923
Centamin 2	12,898,400		9,776,806
Endeavour Mining 2	3,625,000		5,352,660
Globe Specialty Metals	3,626,606		50,482,356
Hochschild Mining	5,858,563		24,382,008
Horsehead Holding Corporation 1,2	1,209,335		13,157,565
Kirkland Lake Gold 2	1,521,100		8,055,832
Major Drilling Group International	2,836,800		25,272,473
McEwen Mining 2	6,708,918		19,187,505
Olympic Steel	377,139		9,013,622
Orbit Garant Drilling 2	1,512,500		2,605,577
Pan American Silver	2,563,053		41,982,808
Pretium Resources 1,2	4,335,000		34,333,200
Reliance Steel & Aluminum	180,000		12,810,600
Schnitzer Steel Industries Cl. A	177,100		4,721,486
Seabridge Gold 2	1,111,783		15,342,605
Silver Standard Resources 1,2	1,978,611		20,874,346
Silvercorp Metals	3,231,900		12,701,367
Sims Metal Management ADR	1,210,855		12,665,543
			403,727,041
Paper & Forest Products - 0.9%
Buckeye Technologies	831,300		24,897,435
Total			471,581,853
Utilities – 0.1%
Independent Power Producers & Energy Traders - 0.1%
Alterra Power 2	9,732,900		2,970,123
Total			2,970,123
Miscellaneous 5 – 0.7%
Total			19,283,625
TOTAL COMMON STOCKS
(Cost $2,111,668,114)			2,533,128,371
REPURCHASE AGREEMENT – 1.0%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $24,584,328 (collateralized
by obligations of various U.S. Government
Agencies, 0.75% due 8/15/13-9/5/13, valued at
$25,076,185)
(Cost $24,584,000)			24,584,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 2.1%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)
(Cost $53,857,105)			53,857,105
TOTAL INVESTMENTS – 101.4%
(Cost $2,190,109,219)			2,611,569,476
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.4)%			(34,892,183	)
NET ASSETS – 100.0%		$	2,576,677,293

SCHEDULES OF INVESTMENTS
ROYCE TOTAL RETURN FUND
MARCH 31, 2013 (UNAUDITED)
		SHARES		VALUE
COMMON STOCKS – 94.1%
Consumer Discretionary – 11.3%
Auto Components - 0.4%
Autoliv		29,300	$	2,025,802
Gentex Corporation		619,600		12,398,196
Spartan Motors		47,557		252,528
Standard Motor Products		113,106		3,135,298
Superior Industries International		49,159		918,290
				18,730,114
Automobiles - 0.3%
Thor Industries		407,049		14,975,333
Distributors - 0.1%
Weyco Group		282,000		6,911,820
Diversified Consumer Services - 0.3%
DeVry		84,100		2,670,175
Hillenbrand		243,625		6,158,840
Regis Corporation		231,100		4,203,709
Sotheby’s		2,200		82,302
Strayer Education 2		21,000		1,015,980
Universal Technical Institute		6,700		84,621
				14,215,627
Hotels, Restaurants & Leisure - 0.6%
Abu Dhabi National Hotels		1,200,000		637,081
Ambassadors Group		29,970		129,171
Bob Evans Farms		430,673		18,355,283
Cheesecake Factory		60,600		2,339,766
Churchill Downs		31,400		2,199,256
DineEquity		61,030		4,198,254
				27,858,811
Household Durables - 0.9%
American Greetings Cl. A		112,800		1,816,080
Blyth		5,638		97,876
Ethan Allen Interiors		1,170,250		38,524,630
Harman International Industries		47,900		2,137,777
Leggett & Platt		39,003		1,317,521
				43,893,884
Internet & Catalog Retail - 0.0%
HSN		700		38,402
NutriSystem		23,260		197,245
				235,647
Leisure Equipment & Products - 0.2%
Arctic Cat 2		92,881		4,058,899
Callaway Golf		962,900		6,374,398
Hasbro		12,438		546,526
Polaris Industries		16,700		1,544,583
				12,524,406
Media - 0.5%
Arbitron		43,600		2,043,532
CTC Media		121,800		1,436,022
Harte-Hanks		25,888		201,667
Meredith Corporation		99,320		3,799,983
Morningstar		19,301		1,349,526
Saga Communications Cl. A		88,702		4,103,355
Scholastic Corporation		68,199		1,817,503
Washington Post (The) Cl. B		300		134,100
Wiley (John) & Sons Cl. A		4,900		190,904
World Wrestling Entertainment Cl. A		1,035,067		9,129,291
				24,205,883
Multiline Retail - 0.0%
Dillard’s Cl. A		32,286		2,536,065
Specialty Retail - 5.9%
Aaron’s		23,200		665,376
American Eagle Outfitters		1,797,462		33,612,540
Ascena Retail Group 2		1,699,118		31,518,639
Buckle (The)		818,508		38,183,398
Cato Corporation (The) Cl. A		1,429,208		34,501,081
Chico’s FAS		159,700		2,682,960
Finish Line (The) Cl. A		28,824		564,662
Foot Locker		82,692		2,831,374
GameStop Corporation Cl. A		1,201,957		33,618,737
Guess?		1,326,519		32,937,467
Jos. A. Bank Clothiers 1,2		791,736		31,590,266
Men’s Wearhouse (The)		303,139		10,130,905
PetSmart		1,400		86,940
RadioShack Corporation 1,2		159,981		537,536
Rent-A-Center		71,800		2,652,292
Ross Stores		59,800		3,625,076
Shoe Carnival		255,426		5,220,908
Signet Jewelers		3,400		227,800
Stage Stores		87,678		2,269,107
Systemax		295,961		2,930,014
Tiffany & Co.		407,500		28,337,550
Williams-Sonoma		3,700		190,624
				298,915,252
Textiles, Apparel & Luxury Goods - 2.1%
Barry (R.G.) 3		1,048,496		14,039,361
Columbia Sportswear		54,129		3,132,987
G-III Apparel Group 2		870,413		34,912,265
Jones Group (The)		521,023		6,627,413
Movado Group		4,500		150,840
Steven Madden 2		579,247		24,988,716
True Religion Apparel		79,300		2,070,523
Vera Bradley 2		577,500		13,646,325
Wolverine World Wide		82,917		3,679,027
				103,247,457
Total				568,250,299
Consumer Staples – 4.5%
Beverages - 0.0%
Crimson Wine Group 1,2		43,380		403,434
Food & Staples Retailing - 0.5%
Village Super Market Cl. A 3		731,386		24,640,394
Weis Markets		1,277		51,974
				24,692,368
Food Products - 2.7%
Cal-Maine Foods		27,498		1,170,315
Farmer Bros. 2		542,300		7,971,810
Flowers Foods		600,150		19,768,941
Hershey Creamery 4		882		1,719,900
Hormel Foods		332,766		13,749,891
J.M. Smucker Company (The)		324,000		32,127,840
Lancaster Colony		3,800		292,600
Sanderson Farms		10,700		584,434
Seaboard Corporation		10,476		29,332,695
Tootsie Roll Industries		910,867		27,244,029
				133,962,455
Household Products - 0.0%
WD-40 Company		8,196		448,895
Personal Products - 1.3%
Inter Parfums		1,147,845		28,041,853
Nu Skin Enterprises Cl. A		908,387		40,150,706
				68,192,559
Tobacco - 0.0%
Universal Corporation		19,764		1,107,574
Total				228,807,285
Diversified Investment Companies – 0.4%
Closed-End Funds - 0.4%
British Empire Securities and General Trust		440,000		3,326,075
Central Fund of Canada Cl. A		870,500		16,861,585
RIT Capital Partners		100,000		1,841,573
Total				22,029,233
Energy – 8.1%
Energy Equipment & Services - 3.3%
CARBO Ceramics		283,500		25,818,345
Core Laboratories		100		13,792
Exterran Partners L.P.		629,700		16,542,219
Helmerich & Payne		560,944		34,049,301
Lufkin Industries		53,136		3,527,699
Oceaneering International		11,801		783,704
Oil States International 2		469,383		38,287,571
Patterson-UTI Energy		58,877		1,403,628
Precision Drilling		611,050		5,639,992
RPC		174,900		2,653,233
SEACOR Holdings		361,477		26,633,625
Tidewater		150,000		7,575,000
				162,928,109
Oil, Gas & Consumable Fuels - 4.8%
Alliance Holdings GP L.P.		578,500		30,469,595
Alliance Resource Partners L.P.		278,000		17,708,600
Apco Oil and Gas International 2		600		7,440
Arch Coal		111,518		605,543
Baytex Energy		41,100		1,723,323
Cimarex Energy		346,590		26,146,750
Delek US Holdings		15,203		599,910
Energen Corporation		15,700		816,557
Energy Transfer Equity L.P.		424,500		24,824,760
Energy XXI (Bermuda)		64,400		1,752,968
Hugoton Royalty Trust		558,500		5,210,805
Magellan Midstream Partners L.P.		737,302		39,394,046
Natural Resource Partners L.P.		537,700		12,582,180
NuStar GP Holdings LLC		369,200		11,999,000
Pengrowth Energy		73,457		374,631
Penn Virginia 1,2		633,760		2,560,390
Pioneer Southwest Energy Partners L.P.		94,685		2,313,155
Plains All American Pipeline L.P.		180,000		10,166,400
PVR Partners L.P.		514,500		12,404,595
QEP Resources		2,191		69,761
Sabine Royalty Trust		700		32,648
San Juan Basin Royalty Trust		920		13,920
SM Energy		18,342		1,086,213
Sunoco Logistics Partners L.P.		589,000		38,520,600
W&T Offshore		77,700		1,103,340
				242,487,130
Total				405,415,239
Financials – 27.3%
Capital Markets - 8.0%
A.F.P. Provida ADR		261,700		27,871,050
AGF Management Cl. B		815,600		8,654,986
AllianceBernstein Holding L.P.		1,768,804		38,736,808
AP Alternative Assets L.P. 2		76,000		1,337,600
Apollo Global Management LLC Cl. A		659,500		14,271,580
Apollo Investment		1,161,400		9,709,304
Artio Global Investors Cl. A 2		22,587		61,437
ASA Gold and Precious Metals		295,000		5,681,700
Banca Generali		86,000		1,631,540
Bank Sarasin & Co. Cl. B 2		27,601		783,574
Banque Privee Edmond de Rothschild		205		4,340,567
CI Financial		933,500		25,822,070
Cohen & Steers		385,630		13,909,674
Coronation Fund Managers		1,315,000		6,864,376
Egyptian Financial Group-Hermes
Holding Company 2		860,027		1,264,179
Egyptian Financial Group-Hermes
Holding Company GDR 2		75,000		240,000
Federated Investors Cl. B		1,830,139		43,319,390
GAMCO Investors Cl. A		278,300		14,780,513
Investec		118,000		822,964
Janus Capital Group		558,109		5,246,225
KKR & Co. L.P.		1,315,600		25,417,392
Lazard Cl. A		404,590		13,808,657
MVC Capital		495,000		6,350,850
Oppenheimer Holdings Cl. A		4,567		88,919
Paris Orleans		249,213		5,686,279
Raymond James Financial		597,925		27,564,342
Schroders		131,100		4,199,133
SEI Investments		1,542,446		44,499,567
T. Rowe Price Group		411,100		30,779,057
Teton Advisors Cl. A 4		1,297		22,179
Vontobel Holding		75,400		2,398,694
Waddell & Reed Financial Cl. A		277,200		12,135,816
Westwood Holdings Group		45,895		2,039,115
				400,339,537
Commercial Banks - 3.4%
Ames National		370,291		7,724,270
Banco Latinoamericano de Comercio Exterior Cl. E		110,575		2,735,625
Bank of Hawaii		782,001		39,733,471
BLOM Bank GDR		684,500		5,900,390
BOK Financial		521,582		32,494,559
Canadian Western Bank		783,200		21,857,282
CapitalSource		265,400		2,553,148
City Holding Company		642,558		25,567,383
Farmers & Merchants Bank of Long Beach		479		2,347,100
First Citizens BancShares Cl. A		61,526		11,240,800
First National Bank Alaska		3,110		5,308,397
National Bankshares		125,549		4,385,427
Peapack-Gladstone Financial 3		475,350		7,087,469
Sun Bancorp 2		284,428		969,899
				169,905,220
Consumer Finance - 0.1%
Cash America International		37,900		1,988,613
Nelnet Cl. A		45,600		1,541,280
				3,529,893
Diversified Financial Services - 0.6%
Leucadia National		433,800		11,899,134
NASDAQ OMX Group (The)		31,400		1,014,220
Sofina		195,572		17,673,936
				30,587,290
Insurance - 9.8%
Alleghany Corporation 2		102,139		40,438,873
Allied World Assurance Company Holdings		422,602		39,183,657
American Financial Group		143,300		6,789,554
American National Insurance		145,093		12,604,229
AmTrust Financial Services		39,580		1,371,447
Argo Group International Holdings		10,857		449,263
Aspen Insurance Holdings		633,808		24,452,313
Assurant		61,859		2,784,274
Assured Guaranty		222,192		4,579,377
Baldwin & Lyons Cl. B		107,244		2,551,335
Cincinnati Financial		280,000		13,213,200
Crawford & Company Cl. B		37,349		283,479
E-L Financial		92,288		46,893,951
EMC Insurance Group		101,164		2,663,648
Employers Holdings		13,000		304,850
Erie Indemnity Cl. A		635,400		47,991,762
Everest Re Group		8,700		1,129,782
FBL Financial Group Cl. A		1,000		38,860
Fidelity National Financial		1,097,852		27,698,806
First American Financial		284,661		7,278,782
Gallagher (Arthur J.) & Co.		880,400		36,369,324
HCC Insurance Holdings		270,726		11,378,614
Infinity Property & Casualty		58,062		3,263,084
Kansas City Life Insurance		2,247		87,925
Markel Corporation 1,2		67,900		34,187,650
Meadowbrook Insurance Group		30,746		216,759
Mercury General		196,200		7,441,866
Montpelier Re Holdings		259,907		6,770,577
National Western Life Insurance Cl. A		2,200		387,200
Old Republic International		767,000		9,748,570
PartnerRe		213,030		19,835,223
Platinum Underwriters Holdings		196,406		10,961,419
Primerica		32,200		1,055,516
Protective Life		51,730		1,851,934
Reinsurance Group of America		648,365		38,687,939
RenaissanceRe Holdings		9,809		902,330
RLI Corp.		79,435		5,707,405
StanCorp Financial Group		8,800		376,288
State Auto Financial		343,625		5,985,947
Stewart Information Services		63,800		1,624,986
Symetra Financial		670,952		8,997,466
Torchmark Corporation		44,100		2,637,180
United Fire Group		91,674		2,334,937
White Mountains Insurance Group		3,760		2,132,371
				495,643,952
Real Estate Investment Trusts (REITs) - 4.1%
Annaly Capital Management		450,500		7,158,445
Colony Financial		1,744,149		38,720,108
Cousins Properties		818,085		8,745,329
DCT Industrial Trust		1,121,600		8,299,840
Essex Property Trust		83,000		12,498,140
Lexington Realty Trust		1,711,246		20,192,703
MFA Financial		692,000		6,449,440
National Health Investors		159,570		10,443,856
National Retail Properties		650,000		23,510,500
PS Business Parks		168,500		13,298,020
Rayonier		675,000		40,277,250
W.P. Carey		281,231		18,954,969
				208,548,600
Real Estate Management & Development - 0.3%
Alexander & Baldwin 2		494,700		17,685,525
Thrifts & Mortgage Finance - 1.0%
Genworth MI Canada		1,219,500		29,987,803
Kearny Financial 2		186,379		1,901,066
TrustCo Bank Corp NY		3,138,749		17,514,219
				49,403,088
Total				1,375,643,105
Health Care – 5.9%
Health Care Equipment & Supplies - 2.5%
Analogic Corporation		161,500		12,761,730
Atrion Corporation		800		153,592
Cantel Medical		68,009		2,044,351
Hill-Rom Holdings		511,770		18,024,539
IDEXX Laboratories 2		379,600		35,071,244
Invacare Corporation		127,389		1,662,426
ResMed		31,900		1,478,884
STERIS Corporation		661,508		27,525,348
Teleflex		309,700		26,172,747
				124,894,861
Health Care Providers & Services - 2.8%
Assisted Living Concepts Cl. A 2		2,700		32,103
Chemed Corporation		466,064		37,275,799
Coventry Health Care		4,458		209,660
Ensign Group		18,415		615,061
Landauer		403,171		22,730,781
Magellan Health Services 2		355,366		16,904,761
MEDNAX 2		332,985		29,845,445
Omnicare		71,099		2,895,151
Owens & Minor		935,750		30,468,020
U.S. Physical Therapy		11,428		306,842
				141,283,623
Life Sciences Tools & Services - 0.5%
Nordion 2		71,130		470,169
PerkinElmer		712,600		23,971,864
				24,442,033
Pharmaceuticals - 0.1%
Valeant Pharmaceuticals International 2		55,768		4,183,716
Total				294,804,233
Industrials – 18.7%
Aerospace & Defense - 1.4%
American Science & Engineering		140,429		8,564,765
Cubic Corporation		604,212		25,811,936
HEICO Corporation		371,875		16,143,094
HEICO Corporation Cl. A		390,933		13,412,911
National Presto Industries		66,026		5,315,093
Triumph Group		24,376		1,913,516
				71,161,315
Air Freight & Logistics - 0.8%
Aramex		1,600,000		975,769
C. H. Robinson Worldwide		256,000		15,221,760
Expeditors International of Washington		458,400		16,369,464
UTi Worldwide		492,600		7,132,848
				39,699,841
Building Products - 0.7%
Smith (A.O.) Corporation		497,894		36,630,062
Commercial Services & Supplies - 2.6%
ABM Industries		720,900		16,032,816
Ennis		378,529		5,704,432
G&K Services Cl. A		1,955		88,972
Healthcare Services Group		142,464		3,651,352
HNI Corporation		474,573		16,842,596
Kimball International Cl. B		724,600		6,564,876
McGrath RentCorp		291,300		9,059,430
Mine Safety Appliances		196,000		9,725,520
Progressive Waste Solutions		9,000		190,350
Ritchie Bros. Auctioneers		1,656,320		35,942,144
Rollins		833,625		20,465,494
UniFirst Corporation		32,616		2,951,748
US Ecology		47,505		1,261,258
Viad Corporation		19,840		548,774
				129,029,762
Construction & Engineering - 0.4%
Comfort Systems USA		265,131		3,735,696
EMCOR Group		69,939		2,964,714
Granite Construction		205,075		6,529,588
Great Lakes Dredge & Dock		4,432		29,828
KBR		85,113		2,730,425
URS Corporation		45,800		2,171,378
				18,161,629
Electrical Equipment - 2.7%
Acuity Brands		11,668		809,176
AZZ		606,165		29,217,153
Belden		18,703		966,010
Brady Corporation Cl. A		458,973		15,389,365
Encore Wire		18,075		632,986
Franklin Electric		733,800		24,633,666
Hubbell Cl. B		306,021		29,717,699
LSI Industries		1,104,161		7,707,044
Preformed Line Products		202,671		14,180,890
Regal-Beloit		9,102		742,359
Roper Industries		76,000		9,675,560
				133,671,908
Industrial Conglomerates - 0.2%
Raven Industries		312,402		10,499,831
Machinery - 7.2%
Alamo Group		515,669		19,724,339
American Railcar Industries		119,609		5,590,525
Ampco-Pittsburgh		189,320		3,580,041
Briggs & Stratton		388,230		9,628,104
Crane Company		290,000		16,199,400
Donaldson Company		7,500		271,425
Foster (L.B.) Company		5,900		261,311
FreightCar America		10,539		229,961
Gardner Denver		14,500		1,089,095
Gorman-Rupp Company		576,633		17,327,822
Kaydon Corporation		18,900		483,462
Kennametal		441,655		17,242,211
Lincoln Electric Holdings		498,972		27,034,303
Lindsay Corporation		224,582		19,803,641
Miller Industries		121,298		1,946,833
Mueller (Paul) Company 2,3,4		116,700		2,100,600
Mueller Industries		410,262		21,862,862
Nordson Corporation		634,300		41,832,085
Standex International		52,643		2,906,946
Starrett (L.S.) Company (The) Cl. A 3		529,400		5,849,870
Sun Hydraulics		935,349		30,408,196
Tennant Company		624,198		30,311,055
Timken Company (The)		43,832		2,480,014
Toro Company (The)		656,550		30,227,562
Trinity Industries		645,587		29,264,459
Wabtec Corporation		1,900		194,009
Watts Water Technologies Cl. A		1,200		57,588
Woodward		609,200		24,221,792
				362,129,511
Marine - 0.2%
Euroseas		116,546		134,028
Matson		494,700		12,169,620
				12,303,648
Professional Services - 1.7%
Corporate Executive Board		236,000		13,725,760
Heidrick & Struggles International		125,732		1,879,693
Kelly Services Cl. A		595,000		11,114,600
ManpowerGroup		462,152		26,213,262
Resources Connection		77,822		988,339
Robert Half International		26,300		987,039
Towers Watson & Company Cl. A		465,800		32,289,256
				87,197,949
Road & Rail - 0.1%
Arkansas Best		246,081		2,874,226
Trading Companies & Distributors - 0.7%
Applied Industrial Technologies		760,870		34,239,150
Houston Wire & Cable		59,164		766,174
MFC Industrial		38,959		352,969
Watsco		6,402		538,920
				35,897,213
Transportation Infrastructure - 0.0%
Grupo Aeroportuario del Pacifico ADR		40,000		2,344,400
Total				941,601,295
Information Technology – 6.7%
Communications Equipment - 1.9%
ADTRAN		440,057		8,647,120
Bel Fuse Cl. A		22,350		308,430
Bel Fuse Cl. B		74,000		1,155,140
Black Box		315,153		6,873,487
Comtech Telecommunications		109,300		2,653,804
NETGEAR 2		1,122,609		37,618,628
Plantronics		846,897		37,424,378
Tellabs		741,355		1,549,432
				96,230,419
Computers & Peripherals - 0.0%
Diebold		13,700		415,384
Xyratex		4,803		47,550
				462,934
Electronic Equipment, Instruments & Components - 2.5%
AVX Corporation		1,218,031		14,494,569
Cognex Corporation		418,300		17,631,345
Electro Rent		1,616		29,961
FLIR Systems		133,800		3,480,138
Littelfuse		314,010		21,305,578
Methode Electronics		1,122,573		14,458,740
Molex		4,867		142,506
Molex Cl. A		1,305,655		31,492,399
MTS Systems		117,041		6,805,934
Nam Tai Electronics		1,080,500		14,694,800
Park Electrochemical		119,151		3,019,286
				127,555,256
Internet Software & Services - 0.2%
EarthLink		404,898		2,194,547
IAC/InterActiveCorp		42,400		1,894,432
j2 Global		65,500		2,568,255
United Online		379,062		2,285,744
				8,942,978
IT Services - 1.3%
Amdocs		24,800		899,000
Broadridge Financial Solutions		4,100		101,844
Computer Sciences		1,900		93,537
Convergys Corporation		1,310,716		22,321,494
Forrester Research		79,026		2,501,173
Global Payments		16,246		806,776
Jack Henry & Associates		3,800		175,598
ManTech International Cl. A		945,048		25,393,440
MAXIMUS		75,360		6,026,539
Syntel 2		35,500		2,396,960
Total System Services		224,295		5,558,030
				66,274,391
Semiconductors & Semiconductor Equipment - 0.6%
Brooks Automation		38,490		391,828
Cypress Semiconductor		81		893
Marvell Technology Group		219,900		2,326,542
Micrel		109,260		1,148,323
MKS Instruments		53,783		1,462,898
Teradyne 2		1,382,300		22,420,906
				27,751,390
Software - 0.2%
Ebix		132,945		2,156,368
FactSet Research Systems		15,800		1,463,080
Fair Isaac		180,257		8,235,942
				11,855,390
Total				339,072,758
Materials – 7.3%
Chemicals - 4.0%
Agrium		5,200		507,000
Albemarle Corporation		447,900		28,002,708
American Vanguard		4,400		134,376
Balchem Corporation		1,038,200		45,618,508
Cabot Corporation		781,000		26,710,200
Chase Corporation 3		773,974		14,953,178
FutureFuel Corporation		183,647		2,231,311
H.B. Fuller Company		9,022		352,580
Innophos Holdings		313,452		17,101,941
International Flavors & Fragrances		255,300		19,573,851
Kronos Worldwide		6,100		95,465
Methanex Corporation		310,710		12,624,147
Minerals Technologies		63,034		2,616,541
NewMarket Corporation		8,726		2,271,901
Quaker Chemical		421,029		24,849,132
Stepan Company		15,028		948,267
Tredegar Corporation		2,100		61,824
Westlake Chemical		38,600		3,609,100
				202,262,030
Construction Materials - 0.1%
Ash Grove Cement 4		39,610		7,248,630
Containers & Packaging - 1.3%
AptarGroup		41,300		2,368,555
Bemis Company		464,800		18,759,328
Greif Cl. A		586,801		31,464,270
Myers Industries		14,700		205,212
Sealed Air		13		313
Sonoco Products		359,778		12,588,632
				65,386,310
Metals & Mining - 1.5%
Agnico-Eagle Mines		117,000		4,801,680
Carpenter Technology		284,375		14,016,844
Gold Fields ADR		396,200		3,070,550
IAMGOLD Corporation		446,620		3,215,664
Olympic Steel		39,297		939,198
Reliance Steel & Aluminum		528,813		37,635,621
Sims Metal Management ADR		1,000,000		10,460,000
				74,139,557
Paper & Forest Products - 0.4%
Buckeye Technologies		140,100		4,195,995
Deltic Timber		172,000		11,819,840
Domtar Corporation		7,900		613,198
Schweitzer-Mauduit International		61,400		2,378,022
				19,007,055
Total				368,043,582
Telecommunication Services – 0.7%
Diversified Telecommunication Services - 0.3%
Atlantic Tele-Network		284,303		13,791,539
Wireless Telecommunication Services - 0.4%
Telephone and Data Systems		822,190		17,323,543
USA Mobility		143,566		1,905,121
				19,228,664
Total				33,020,203
Utilities – 2.9%
Electric Utilities - 1.0%
ALLETE		199,147		9,762,186
ITC Holdings		250,000		22,315,000
PNM Resources		638,900		14,879,981
				46,957,167
Gas Utilities - 1.2%
AGL Resources		312,558		13,111,808
National Fuel Gas		61,676		3,783,822
Piedmont Natural Gas		539,500		17,738,760
UGI Corporation		660,076		25,340,318
				59,974,708
Water Utilities - 0.7%
Aqua America		819,766		25,773,443
Consolidated Water		25,827		255,688
SJW		400,400		10,610,600
				36,639,731
Total				143,571,606
Miscellaneous 5 – 0.3%
Total				17,059,086
TOTAL COMMON STOCKS
(Cost $3,098,622,338)				4,737,317,924
		PRINCIPAL
		AMOUNT
CORPORATE BOND – 0.1%
Leucadia National 3.75%
Conv. Senior Note due 4/15/14
(Cost $3,000,000)	$	3,000,000		3,888,750
REPURCHASE AGREEMENT – 5.6%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $280,947,746 (collateralized
by obligations of various U.S. Government
Agencies, 0.28%-0.75% due 7/25/13-8/15/13, valued
at $286,564,230)
(Cost $280,944,000)				280,944,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.6%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)
(Cost $30,798,943)				30,798,943
TOTAL INVESTMENTS – 100.4%
(Cost $3,413,365,281)				5,052,949,617
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.4)%				(22,219,058	)
NET ASSETS – 100.0%			$	5,030,730,559

SCHEDULES OF INVESTMENTS
ROYCE HERITAGE FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 98.3%
Consumer Discretionary – 10.9%
Auto Components - 1.3%
Drew Industries	45,000	$	1,633,950
Gentex Corporation	40,000		800,400
Minth Group	180,000		264,810
Nokian Renkaat	28,000		1,245,446
			3,944,606
Automobiles - 0.5%
Thor Industries	42,940		1,579,762
Distributors - 0.9%
Genuine Parts	6,820		531,960
LKQ Corporation 2	95,800		2,084,608
			2,616,568
Diversified Consumer Services - 0.7%
Sotheby’s	52,900		1,978,989
Household Durables - 3.2%
Ethan Allen Interiors	55,900		1,840,228
Garmin	15,000		495,600
Harman International Industries	46,200		2,061,906
Mohawk Industries 2	19,400		2,194,528
NVR 2	2,580		2,786,684
			9,378,946
Media - 0.1%
IMAX Corporation 1,2	11,600		310,068
Multiline Retail - 0.4%
Dollar Tree 2	22,300		1,079,989
Specialty Retail - 3.1%
Advance Auto Parts	7,261		600,122
Ascena Retail Group 2	40		742
Fielmann	4,700		433,778
GameStop Corporation Cl. A	4,000		111,880
Lewis Group	77,500		544,716
Luk Fook Holdings (International)	85,000		272,655
Moleskine 2,6	300,000		884,477
Signet Jewelers	36,520		2,446,840
Stage Stores	4,700		121,636
Tiffany & Co.	39,500		2,746,830
USS	7,000		803,102
			8,966,778
Textiles, Apparel & Luxury Goods - 0.7%
Daphne International Holdings	130,900		164,415
Stella International Holdings	479,800		1,440,163
Wolverine World Wide	9,900		439,263
			2,043,841
Total			31,899,547
Consumer Staples – 1.1%
Food & Staples Retailing - 0.1%
FamilyMart	6,500		296,569
Food Products - 1.0%
Darling International 2	102,500		1,840,900
First Resources	334,800		493,961
Sanderson Farms	2,200		120,164
Super Group	136,000		427,621
			2,882,646
Total			3,179,215
Diversified Investment Companies – 0.1%
Closed-End Funds - 0.1%
RIT Capital Partners	13,500		248,612
Total			248,612
Energy – 6.1%
Energy Equipment & Services - 6.1%
CARBO Ceramics	17,750		1,616,493
Ensco Cl. A	26,400		1,584,000
Ensign Energy Services	24,800		422,834
Helmerich & Payne	57,470		3,488,429
Oil States International 2	38,000		3,099,660
Pason Systems	72,700		1,268,144
RPC	21,400		324,638
TGS-NOPEC Geophysical	58,400		2,199,717
Tidewater	32,900		1,661,450
Total Energy Services	26,100		364,837
Trican Well Service	125,600		1,842,241
			17,872,443
Oil, Gas & Consumable Fuels - 0.0%
Energen Corporation	1,500		78,015
Total			17,950,458
Financials – 19.5%
Capital Markets - 15.4%
Affiliated Managers Group 2	17,260		2,650,618
AllianceBernstein Holding L.P.	95,441		2,090,158
ARA Asset Management	682,000		1,055,702
Ashmore Group	321,300		1,708,697
Blackstone Group L.P.	75,000		1,483,500
Coronation Fund Managers	200,000		1,044,011
Egyptian Financial Group-Hermes Holding Company 2	248,750		365,645
Federated Investors Cl. B	87,700		2,075,859
Invesco	84,300		2,441,328
Jupiter Fund Management	475,900		2,368,896
KKR & Co. L.P.	203,000		3,921,960
Lazard Cl. A	103,000		3,515,390
SEI Investments	132,200		3,813,970
Sprott	600,000		2,067,234
State Street	31,000		1,831,790
T. Rowe Price Group	26,800		2,006,516
TD AMERITRADE Holding Corporation	125,000		2,577,500
Value Partners Group	3,089,300		2,001,814
VZ Holding	5,500		750,290
Waddell & Reed Financial Cl. A	43,600		1,908,808
WisdomTree Investments 2	328,000		3,411,200
			45,090,886
Diversified Financial Services - 3.0%
Bolsa Mexicana de Valores	801,800		2,296,709
Hellenic Exchanges	77,500		390,420
Leucadia National	24,400		669,292
Moody’s Corporation	51,160		2,727,851
Singapore Exchange	260,000		1,614,060
Warsaw Stock Exchange	100,000		1,203,562
			8,901,894
Insurance - 0.5%
Alleghany Corporation 2	3,090		1,223,393
Berkley (W.R.)	7,700		341,649
			1,565,042
Real Estate Management & Development - 0.6%
E-House China Holdings ADR	53,400		248,310
Jones Lang LaSalle	8,630		857,908
Kennedy-Wilson Holdings	10,987		170,409
Midland Holdings	933,000		412,260
St. Joe Company (The) 2	1,000		21,250
			1,710,137
Total			57,267,959
Health Care – 4.1%
Biotechnology - 0.4%
Myriad Genetics 2	47,258		1,200,353
Health Care Equipment & Supplies - 1.7%
Analogic Corporation	21,840		1,725,797
Atrion Corporation	4,900		940,751
Carl Zeiss Meditec	57,000		1,802,160
Invacare Corporation	15,600		203,580
Kossan Rubber Industries	433,997		493,354
			5,165,642
Health Care Providers & Services - 0.3%
Schein (Henry) 2	8,500		786,675
Life Sciences Tools & Services - 1.0%
Bio-Rad Laboratories Cl. A 2	6,400		806,400
Techne Corporation	12,100		820,985
Waters Corporation 2	13,250		1,244,308
			2,871,693
Pharmaceuticals - 0.7%
Adcock Ingram Holdings	157,500		1,037,805
Hi-Tech Pharmacal	9,700		321,167
Santen Pharmaceutical	16,300		754,092
			2,113,064
Total			12,137,427
Industrials – 23.1%
Aerospace & Defense - 0.6%
AeroVironment 2	9,400		170,422
Astronics Corporation 2	13,550		404,061
HEICO Corporation	27,343		1,186,960
			1,761,443
Air Freight & Logistics - 2.6%
Expeditors International of Washington	81,000		2,892,510
Forward Air	89,800		3,348,642
UTi Worldwide	103,000		1,491,440
			7,732,592
Building Products - 0.4%
AAON	45,850		1,265,001
Commercial Services & Supplies - 1.0%
Cintas Corporation	8,800		388,344
Heritage-Crystal Clean 2	2,000		30,200
Kaba Holding	1,800		700,622
Ritchie Bros. Auctioneers	69,100		1,499,470
Team 2	5,976		245,434
			2,864,070
Construction & Engineering - 4.2%
Chicago Bridge & Iron	2,300		142,830
EMCOR Group	39,400		1,670,166
Fluor Corporation	27,700		1,837,341
Jacobs Engineering Group 2	68,830		3,870,999
KBR	104,500		3,352,360
Layne Christensen 2	13,000		277,940
Quanta Services 2	5,200		148,616
Raubex Group	497,400		1,054,811
			12,355,063
Electrical Equipment - 0.6%
AZZ	4,900		236,180
EnerSys 2	4,000		182,320
Global Power Equipment Group	15,300		269,586
GrafTech International 2	139,100		1,068,288
			1,756,374
Industrial Conglomerates - 0.6%
Raven Industries	50,400		1,693,944
Machinery - 5.4%
Astec Industries	2,800		97,804
Burckhardt Compression Holding	3,200		1,197,514
Chart Industries 2	1,600		128,016
Crane Company	8,840		493,802
Flow International 2	82,815		323,807
Foster (L.B.) Company	33,700		1,492,573
Graco	30,400		1,764,112
Graham Corporation	9,900		244,926
Kaydon Corporation	2,600		66,508
Kennametal	39,760		1,552,230
Lincoln Electric Holdings	30,500		1,652,490
Pfeiffer Vacuum Technology	12,000		1,323,639
Semperit AG Holding	7,000		270,086
Spirax-Sarco Engineering	44,000		1,796,415
Standex International	1,600		88,352
Sun Hydraulics	10,700		347,857
Timken Company (The)	2,500		141,450
Valmont Industries	17,170		2,700,326
Wabtec Corporation	2,200		224,642
			15,906,549
Marine - 0.7%
Clarkson	28,900		682,833
Kirby Corporation 2	18,250		1,401,600
			2,084,433
Professional Services - 5.1%
Advisory Board (The) 2	46,400		2,436,928
Equifax	37,570		2,163,656
ManpowerGroup	66,525		3,773,298
Towers Watson & Company Cl. A	56,650		3,926,978
Verisk Analytics Cl. A 2	43,600		2,687,068
			14,987,928
Road & Rail - 1.9%
Landstar System	58,300		3,328,347
Patriot Transportation Holding 2	79,512		2,212,024
			5,540,371
Total			67,947,768
Information Technology – 18.3%
Communications Equipment - 0.5%
ADTRAN	31,950		627,818
Finisar Corporation 2	4,000		52,760
NETGEAR 2	2,000		67,020
Oplink Communications 2	16,900		277,160
Plantronics	12,300		543,537
			1,568,295
Computers & Peripherals - 0.7%
Logitech International	40,000		278,800
Super Micro Computer 2	18,096		204,304
Western Digital	33,200		1,669,296
			2,152,400
Electronic Equipment, Instruments & Components - 7.7%
Amphenol Corporation Cl. A	16,900		1,261,585
Anixter International	35,900		2,510,128
AVX Corporation	42,663		507,690
Cognex Corporation	3,500		147,525
Coherent	48,000		2,723,520
DTS 2	81,127		1,349,142
FEI Company	31,100		2,007,505
FLIR Systems	113,900		2,962,539
IPG Photonics	25,414		1,687,744
Molex	25,000		732,000
National Instruments	87,050		2,850,887
Rofin-Sinar Technologies 2	55,500		1,503,495
Rogers Corporation 2	5,200		247,624
Trimble Navigation 2	44,200		1,324,232
Vaisala Cl. A	19,500		491,423
Vishay Intertechnology 2	14,300		194,623
			22,501,662
Internet Software & Services - 0.4%
Bankrate 2	54,975		656,401
Stamps.com 2	10,500		262,185
ValueClick 2	7,685		227,092
			1,145,678
IT Services - 2.6%
Computer Task Group	18,600		397,854
CSE Global	587,100		409,434
Fiserv 2	30,440		2,673,545
MAXIMUS	26,100		2,087,217
Sapient Corporation 2	119,800		1,460,362
Total System Services	22,200		550,116
			7,578,528
Office Electronics - 0.5%
Zebra Technologies Cl. A 2	32,870		1,549,163
Semiconductors & Semiconductor Equipment - 3.4%
Aixtron ADR	4,500		65,970
Analog Devices	46,500		2,161,785
Diodes 2	98,300		2,062,334
Fairchild Semiconductor International 2	6,800		96,152
International Rectifier 2	5,000		105,750
Kulicke & Soffa Industries 2	31,700		366,452
Lam Research 2	2,000		82,920
MKS Instruments	7,300		198,560
Photronics 2	59,700		398,796
RDA Microelectronics ADR	26,710		247,068
Silicon Motion Technology ADR	18,000		210,600
Teradyne 2	128,500		2,084,270
Veeco Instruments 1,2	50,000		1,916,500
			9,997,157
Software - 2.5%
Actuate Corporation 2	46,300		277,800
American Software Cl. A	38,940		323,981
ANSYS 2	38,300		3,118,386
FactSet Research Systems	1,400		129,640
MICROS Systems 2	54,400		2,475,744
SimCorp	3,700		992,366
			7,317,917
Total			53,810,800
Materials – 11.0%
Chemicals - 2.4%
Airgas	8,000		793,280
Cabot Corporation	18,000		615,600
Innophos Holdings	5,900		321,904
Innospec	34,528		1,528,900
Intrepid Potash	33,100		620,956
Minerals Technologies	10,400		431,704
OM Group 2	2,900		68,092
Sigma-Aldrich Corporation	9,040		702,227
Tronox Cl. A 1	39,800		788,438
Victrex	40,000		1,008,915
Westlake Chemical	2,000		187,000
			7,067,016
Containers & Packaging - 1.3%
Greif Cl. A	69,800		3,742,676
Metals & Mining - 6.7%
Allegheny Technologies	1,600		50,736
Allied Nevada Gold 2	50,000		823,000
Carpenter Technology	28,400		1,399,836
Compass Minerals International	18,500		1,459,650
Endeavour Mining 2	80,400		118,718
Fresnillo	48,000		988,979
Globe Specialty Metals	91,500		1,273,680
Gold Fields ADR	291,700		2,260,675
Haynes International	5,107		282,417
Hochschild Mining	225,600		938,896
Horsehead Holding Corporation 2	39,500		429,760
Major Drilling Group International	182,000		1,621,401
Pan American Silver	102,600		1,680,588
Randgold Resources ADR	26,700		2,295,666
Reliance Steel & Aluminum	36,080		2,567,814
Seabridge Gold 2	3,100		42,780
Sims Metal Management ADR	137,800		1,441,388
			19,675,984
Paper & Forest Products - 0.6%
Stella-Jones	23,830		1,778,600
Total			32,264,276
Utilities – 0.3%
Gas Utilities - 0.3%
UGI Corporation	20,100		771,639
Total			771,639
Miscellaneous 5 – 3.8%
Total			11,092,644
TOTAL COMMON STOCKS
(Cost $217,254,328)			288,570,345
REPURCHASE AGREEMENT – 2.2%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $6,626,088 (collateralized
by obligations of various U.S. Government
Agencies, due 7/25/13, valued at $6,761,618)
(Cost $6,626,000)			6,626,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.9%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)
(Cost $2,700,204)			2,700,204
TOTAL INVESTMENTS – 101.4%
(Cost $226,580,532)			297,896,549
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.4)%			(4,255,509	)
NET ASSETS – 100.0%		$	293,641,040

SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 91.8%
Consumer Discretionary – 15.3%
Auto Components - 2.3%
Cooper Tire & Rubber	337,793	$	8,667,768
Dana Holding Corporation	511,936		9,127,819
Fuel Systems Solutions 2	420,400		6,923,988
Spartan Motors	487,515		2,588,705
Tower International 2	862,804		12,079,256
Visteon Corporation 2	167,000		9,635,900
			49,023,436
Automobiles - 0.3%
Winnebago Industries 2	332,636		6,865,607
Distributors - 0.4%
VOXX International Cl. A 2	867,194		9,287,648
Hotels, Restaurants & Leisure - 1.8%
Carrols Restaurant Group 2	829,101		4,303,034
Fiesta Restaurant Group 2	115,019		3,056,055
Isle of Capri Casinos 2	1,128,536		7,098,492
Jamba 1,2	2,066,753		5,890,246
Krispy Kreme Doughnuts 2	340,623		4,918,596
Orient-Express Hotels Cl. A 2	989,919		9,760,601
Ruby Tuesday 2	630,000		4,643,100
			39,670,124
Household Durables - 1.9%
Comstock Holding Companies Cl. A 1,2,3	1,273,090		2,240,638
Dixie Group 2,3	829,519		4,645,306
Ethan Allen Interiors	244,700		8,055,524
Furniture Brands International 2	2,024,873		2,024,873
Kid Brands 1,2	1,003,809		1,555,904
La-Z-Boy	650,641		12,277,596
M.D.C. Holdings	115,050		4,216,583
Standard Pacific 1,2	604,100		5,219,424
			40,235,848
Internet & Catalog Retail - 0.7%
dELiA*s 1,2,3	1,608,515		1,592,912
Gaiam Cl. A 2	716,304		3,008,477
1-800-FLOWERS.COM Cl. A 2	633,827		3,150,120
Vitacost.com 2	1,136,622		8,217,777
			15,969,286
Leisure Equipment & Products - 0.8%
Callaway Golf	1,127,126		7,461,574
Steinway Musical Instruments 2	375,703		9,024,386
			16,485,960
Media - 1.5%
Ballantyne Strong 2	363,697		1,538,438
Belo Corporation Ser. A	304,344		2,991,702
Harris Interactive 2	2,240,035		3,763,259
Martha Stewart Living Omnimedia Cl. A 2	1,515,757		4,001,599
McClatchy Company (The) Cl. A 2	1,972,400		5,719,960
Media General Cl. A 2	874,743		5,195,973
New York Times Cl. A 2	958,000		9,388,400
			32,599,331
Multiline Retail - 0.2%
Dillard’s Cl. A	55,300		4,343,815
Specialty Retail - 2.9%
bebe stores	829,821		3,460,354
Brown Shoe	249,459		3,991,344
Coldwater Creek 1,2	787,058		2,487,103
Destination Maternity	189,500		4,434,300
Haverty Furniture	290,926		5,981,439
Hot Topic	249,200		3,458,896
Lithia Motors Cl. A	148,800		7,065,024
MarineMax 2	721,050		9,799,069
Pacific Sunwear of California 1,2	698,000		1,458,820
Penske Automotive Group	248,700		8,296,632
Sears Hometown and Outlet Stores 2	89,060		3,593,571
West Marine 2	865,235		9,889,636
			63,916,188
Textiles, Apparel & Luxury Goods - 2.5%
Delta Apparel 2	143,000		2,355,210
Joe’s Jeans 2	286,200		486,540
Jones Group (The)	1,172,271		14,911,287
Quiksilver 2	1,356,345		8,233,014
Skechers U.S.A. Cl. A 2	512,258		10,834,257
Unifi 2	898,134		17,154,359
			53,974,667
Total			332,371,910
Consumer Staples – 0.6%
Food & Staples Retailing - 0.2%
Pantry (The) 2	224,650		2,801,385
SUPERVALU 2	650,400		3,278,016
			6,079,401
Food Products - 0.1%
Inventure Foods 2	224,232		1,744,525
Household Products - 0.3%
Central Garden & Pet 1,2	711,400		6,132,268
Total			13,956,194
Energy – 5.5%
Energy Equipment & Services - 2.5%
Basic Energy Services 2	516,395		7,059,120
Cal Dive International 2	1,212,431		2,182,376
Hercules Offshore 2	859,700		6,378,974
Key Energy Services 2	833,800		6,737,104
Matrix Service 2	757,887		11,292,516
Newpark Resources 2	804,577		7,466,474
Patterson-UTI Energy	279,000		6,651,360
Willbros Group 2	607,400		5,964,668
			53,732,592
Oil, Gas & Consumable Fuels - 3.0%
Goodrich Petroleum 2	525,600		8,225,640
Matador Resources 2	352,736		3,125,241
PDC Energy 2	241,600		11,976,112
Pengrowth Energy	1,021,600		5,210,160
Penn Virginia 1,2	767,650		3,101,306
REX American Resources 2	140,800		3,114,496
Scorpio Tankers 2	600,026		5,352,232
StealthGas 2	948,245		11,369,458
Stone Energy 2	388,835		8,457,161
Swift Energy 1,2	374,900		5,552,269
			65,484,075
Total			119,216,667
Financials – 12.9%
Capital Markets - 1.9%
Evercore Partners Cl. A	211,500		8,798,400
Harris & Harris Group 2	902,502		3,249,007
Janus Capital Group	438,700		4,123,780
Piper Jaffray 2	368,300		12,632,690
Stifel Financial 2	381,400		13,223,138
			42,027,015
Commercial Banks - 3.3%
BancorpSouth	484,600		7,898,980
BankUnited	291,498		7,468,179
Boston Private Financial Holdings	978,546		9,668,035
Columbia Banking System	307,500		6,758,850
First Bancorp	167,408		2,258,334
FirstMerit Corporation	262,700		4,342,431
Guaranty Bancorp 2	848,484		1,781,816
Old National Bancorp	365,800		5,029,750
State Bank Financial	211,959		3,469,769
Umpqua Holdings	565,800		7,502,508
Valley National Bancorp	452,468		4,633,272
Virginia Commerce Bancorp 2	185,667		2,608,621
Western Alliance Bancorp 2	527,100		7,295,064
			70,715,609
Insurance - 3.3%
Argo Group International Holdings	227,400		9,409,812
Aspen Insurance Holdings	279,400		10,779,252
Fidelity National Financial	383,900		9,685,797
Hilltop Holdings 2	565,224		7,624,872
Kemper Corporation	335,500		10,940,655
Navigators Group 2	189,019		11,104,866
Old Republic International	897,200		11,403,412
			70,948,666
Real Estate Investment Trusts (REITs) - 2.1%
LaSalle Hotel Properties	548,700		13,926,006
Mack-Cali Realty	371,650		10,632,907
PennyMac Mortgage Investment Trust	377,600		9,776,064
RAIT Financial Trust	451,600		3,599,252
Rouse Properties	441,333		7,988,127
			45,922,356
Real Estate Management & Development - 0.0%
Maui Land & Pineapple 2	204,161		820,727
Thrifts & Mortgage Finance - 2.3%
Berkshire Hills Bancorp	152,200		3,887,188
BofI Holding 2	217,138		7,790,911
Brookline Bancorp	293,700		2,684,418
First Financial Holdings	170,300		3,569,488
MGIC Investment 1,2	1,195,085		5,915,671
Radian Group	1,383,900		14,821,569
Tree.com	157,742		2,916,650
Washington Federal	420,400		7,357,000
			48,942,895
Total			279,377,268
Health Care – 3.7%
Health Care Equipment & Supplies - 2.0%
Accuray 1,2	762,800		3,539,392
Alere 2	384,200		9,808,626
AngioDynamics 2	525,603		6,007,642
Exactech 2	311,482		6,444,563
Greatbatch 2	118,500		3,539,595
Invacare Corporation	560,000		7,308,000
Merit Medical Systems 2	545,600		6,689,056
			43,336,874
Health Care Providers & Services - 0.6%
Kindred Healthcare 2	527,400		5,553,522
Select Medical Holdings	674,789		6,073,101
Skilled Healthcare Group Cl. A 2	81,190		533,418
			12,160,041
Life Sciences Tools & Services - 1.1%
Albany Molecular Research 2	1,104,484		11,608,127
Cambrex Corporation 2	1,058,454		13,537,627
			25,145,754
Total			80,642,669
Industrials – 18.8%
Aerospace & Defense - 1.4%
GenCorp 1,2	566,161		7,529,941
Hexcel Corporation 2	362,047		10,502,984
Kratos Defense & Security Solutions 1,2	857,670		4,314,080
Moog Cl. A 2	193,200		8,854,356
			31,201,361
Air Freight & Logistics - 0.2%
XPO Logistics 2	301,000		5,068,840
Airlines - 0.3%
Republic Airways Holdings 2	560,647		6,469,866
Building Products - 3.5%
American Woodmark 2	175,360		5,967,501
Apogee Enterprises	538,141		15,579,182
Builders FirstSource 2	1,097,200		6,429,592
Insteel Industries	383,500		6,258,720
NCI Building Systems 2	960,969		16,692,031
PGT 2	715,808		4,917,601
Quanex Building Products	713,300		11,484,130
Trex Company 2	195,815		9,630,182
			76,958,939
Commercial Services & Supplies - 1.0%
Interface	540,800		10,394,176
TRC Companies 2,3	1,688,765		10,892,534
			21,286,710
Construction & Engineering - 3.0%
Aegion Corporation 2	528,653		12,238,317
Ameresco Cl. A 2	458,399		3,392,153
Furmanite Corporation 2	1,088,330		7,280,928
iShares Dow Jones US Home
Construction Index Fund	82,400		1,968,536
Layne Christensen 2	468,787		10,022,666
MasTec 2	341,695		9,960,409
Northwest Pipe 2	449,135		12,566,797
Pike Electric	489,221		6,961,615
			64,391,421
Electrical Equipment - 0.1%
GrafTech International 2	84,309		647,493
Magnetek 2	157,017		2,193,528
			2,841,021
Machinery - 6.3%
Albany International Cl. A	372,100		10,753,690
Astec Industries 1	291,670		10,188,033
Barnes Group	437,849		12,666,972
CIRCOR International	264,080		11,223,400
Commercial Vehicle Group 2	902,451		7,039,118
Dynamic Materials	254,499		4,428,283
Federal Signal 2	1,372,079		11,168,723
Flow International 2	1,739,672		6,802,117
Hardinge	569,291		7,759,436
Hurco Companies 2	198,595		5,407,742
John Bean Technologies	194,300		4,031,725
Lydall 2	426,100		6,540,635
Meritor 2	1,425,421		6,742,241
Mueller Industries	209,700		11,174,913
Mueller Water Products Cl. A	1,837,229		10,894,768
NN 2	454,089		4,295,682
Trinity Industries	144,350		6,543,385
			137,660,863
Marine - 0.5%
Diana Containerships	305,034		1,625,831
Diana Shipping 2	654,000		6,971,640
Genco Shipping & Trading 1,2	504,500		1,452,960
			10,050,431
Professional Services - 0.5%
CTPartners Executive Search 2,3	351,360		1,317,600
Hill International 2	694,207		2,075,679
Hudson Global 2	635,080		2,502,215
Kelly Services Cl. A	285,400		5,331,272
			11,226,766
Road & Rail - 0.8%
Arkansas Best	425,939		4,974,968
Swift Transportation 2	793,034		11,245,222
			16,220,190
Trading Companies & Distributors - 0.9%
Aceto Corporation	893,260		9,888,388
Kaman Corporation	201,031		7,130,570
SeaCube Container Leasing	64,450		1,479,772
			18,498,730
Transportation Infrastructure - 0.3%
Wesco Aircraft Holdings 1,2	425,200		6,258,944
Total			408,134,082
Information Technology – 22.3%
Communications Equipment - 2.7%
Aviat Networks 2	1,920,984		6,473,716
Ciena Corporation 1,2	630,400		10,092,704
ClearOne 2,3	545,820		4,732,259
Emulex Corporation 2	860,225		5,617,269
Finisar Corporation 1,2	480,855		6,342,477
Harmonic 2	959,653		5,556,391
Oclaro 1,2	1,576,326		1,986,171
Oplink Communications 2	529,329		8,680,996
Symmetricom 2	1,221,904		5,547,444
UTStarcom Holdings 1,2	401,597		1,124,472
Westell Technologies Cl. A 2	1,149,531		2,310,557
			58,464,456
Computers & Peripherals - 1.2%
Avid Technology 2	590,633		3,703,269
Cray 2	480,159		11,144,490
Datalink Corporation 2	535,562		6,469,589
Dot Hill Systems 2	1,738,871		1,912,758
Interphase Corporation 2	298,743		767,770
Intevac 2	428,094		2,020,604
			26,018,480
Electronic Equipment, Instruments & Components - 5.8%
Benchmark Electronics 2	631,700		11,383,234
CTS Corporation	314,603		3,284,455
Echelon Corporation 2	806,086		1,966,850
FEI Company	138,775		8,957,926
Frequency Electronics	223,663		2,089,012
Identive Group 1,2	650,675		962,999
Ingram Micro Cl. A 2	619,000		12,181,920
KEMET Corporation 2	1,350,154		8,438,462
Maxwell Technologies 2	427,461		2,304,015
Mercury Systems 2	574,297		4,232,569
Newport Corporation 2	714,084		12,082,301
Park Electrochemical	366,034		9,275,302
Planar Systems 1,2,3	1,564,792		2,941,809
RadiSys Corporation 2	983,643		4,839,524
Sanmina Corporation 2	1,195,631		13,582,368
SigmaTron International 1,2,3	344,172		1,414,547
TTM Technologies 2	760,900		5,782,840
Viasystems Group 2	303,008		3,951,224
Vishay Intertechnology 2	801,623		10,910,089
Zygo Corporation 2	305,834		4,529,402
			125,110,848
Internet Software & Services - 2.1%
Autobytel 2	295,689		1,283,290
Bankrate 2	214,200		2,557,548
Blucora 2	412,030		6,378,225
EarthLink	1,516,600		8,219,972
Monster Worldwide 1,2	1,187,100		6,018,597
Perficient 2	401,826		4,685,291
QuinStreet 1,2	745,554		4,450,957
Support.com 2	1,130,034		4,723,542
ValueClick 2	195,091		5,764,939
WebMediaBrands 2	232,937		382,017
			44,464,378
IT Services - 1.3%
CIBER 2	1,388,273		6,524,883
Lender Processing Services	421,600		10,733,936
Unisys Corporation 2	481,400		10,951,850
			28,210,669
Semiconductors & Semiconductor Equipment - 8.4%
Advanced Energy Industries 2	565,188		10,342,940
Alpha & Omega Semiconductor 2	981,181		8,712,887
ANADIGICS 2	2,084,614		4,169,228
ATMI 2	569,807		12,780,771
Axcelis Technologies 2	1,095,794		1,369,742
AXT 2	629,230		1,849,936
Brooks Automation	1,083,200		11,026,976
BTU International 2,3	686,756		1,558,936
Cohu	393,626		3,684,339
Cree 1,2	59,900		3,277,129
Exar Corporation 1,2	637,025		6,688,763
Fairchild Semiconductor International 2	850,920		12,032,009
FormFactor 2	867,661		4,078,007
Integrated Silicon Solution 2	290,775		2,666,407
International Rectifier 2	645,802		13,658,712
Kulicke & Soffa Industries 2	747,500		8,641,100
LTX-Credence Corporation 2	1,163,906		7,029,992
MEMC Electronic Materials 2	1,927,034		8,478,950
Mindspeed Technologies 2	873,200		2,907,756
Nanometrics 2	727,571		10,498,850
NeoPhotonics Corporation 2	758,555		3,876,216
Pericom Semiconductor 2,3	1,325,517		9,026,771
Rubicon Technology 1,2	845,980		5,583,468
Rudolph Technologies 2	459,511		5,413,040
SemiLEDs Corporation 1,2	775,940		1,070,797
Spire Corporation 2,3	520,120		358,883
SunPower Corporation 1,2	1,016,353		11,728,714
TriQuint Semiconductor 2	1,204,114		6,080,776
Ultra Clean Holdings 2	347,706		2,260,089
Vitesse Semiconductor 1,2	902,978		1,950,432
			182,802,616
Software - 0.8%
Actuate Corporation 2	729,783		4,378,698
Bottomline Technologies 2	18,491		527,179
Cinedigm Digital Cinema Cl. A 2	1,639,636		2,557,832
Mentor Graphics	442,500		7,987,125
Smith Micro Software 1,2	1,612,703		2,128,768
			17,579,602
Total			482,651,049
Materials – 8.5%
Chemicals - 3.5%
Chemtura Corporation 2	264,850		5,723,408
Cytec Industries	121,400		8,993,312
Ferro Corporation 2	646,511		4,363,949
H.B. Fuller Company	141,200		5,518,096
Material Sciences 2	488,727		5,278,252
OM Group 2	570,000		13,383,600
PolyOne Corporation	448,194		10,940,416
Quaker Chemical	129,700		7,654,894
Zoltek Companies 2	1,107,450		13,234,027
			75,089,954
Construction Materials - 0.6%
Texas Industries 1,2	201,577		12,721,524
Metals & Mining - 4.1%
Carpenter Technology	150,036		7,395,275
Century Aluminum 2	1,129,300		8,740,782
Commercial Metals	859,161		13,617,702
Haynes International	198,544		10,979,483
Kaiser Aluminum	231,200		14,947,080
Molycorp 1,2	1,001,000		5,205,200
RTI International Metals 2	424,600		13,455,574
US Silica Holdings	246,600		5,814,828
Walter Energy	305,800		8,715,300
			88,871,224
Paper & Forest Products - 0.3%
Louisiana-Pacific Corporation 1,2	352,900		7,622,640
Total			184,305,342
Telecommunication Services – 0.3%
Diversified Telecommunication Services - 0.3%
General Communication Cl. A 2	27,022		247,792
Iridium Communications 2	927,546		5,583,827
Total			5,831,619
Miscellaneous 5 – 3.9%
Total			85,326,749
TOTAL COMMON STOCKS
(Cost $1,670,806,689)			1,991,813,549
PREFERRED STOCK – 0.2%
Hovnanian Enterprises 7.25% Conv.
(Cost $3,020,533)	164,400		4,816,920
REPURCHASE AGREEMENT – 8.1%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $175,557,341 (collateralized
by obligations of various U.S. Government
Agencies, due 9/12/13, valued at $179,070,420)
(Cost $175,555,000)			175,555,000
	PRINCIPAL
	AMOUNT
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 3.4%
U.S. Treasury Bonds
2.375%-2.75%
due 1/15/25-8/15/42	$2,650,264		2,658,503
U.S. Treasury Notes
0.250%-3.125%
due 7/31/13-2/15/22	5,318,792		5,329,197
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)			65,582,914
TOTAL COLLATERAL RECEIVED FOR
SECURITIES LOANED
(Cost $73,570,614)			73,570,614
TOTAL INVESTMENTS – 103.5%
(Cost $1,922,952,836)			2,245,756,083
LIABILITIES LESS CASH
AND OTHER ASSETS – (3.5)%			(76,197,694	)
NET ASSETS – 100.0%		$	2,169,558,389

SCHEDULES OF INVESTMENTS
ROYCE SPECIAL EQUITY FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 87.6%
Consumer Discretionary – 23.6%
Auto Components - 2.4%
Dorman Products	1,576,624	$	58,666,179
Standard Motor Products	727,879		20,176,806
			78,842,985
Hotels, Restaurants & Leisure - 0.4%
Bowl America Cl. A 3	342,575		4,426,069
Frisch’s Restaurants 3	505,100		9,061,494
			13,487,563
Household Durables - 0.8%
CSS Industries 3	974,100		25,297,377
Media - 5.9%
Belo Corporation Ser. A	2,830,626		27,825,053
Meredith Corporation 3	2,452,750		93,842,215
Scholastic Corporation 3	2,655,100		70,758,415
			192,425,683
Specialty Retail - 14.1%
American Eagle Outfitters	5,293,100		98,980,970
Bed Bath & Beyond 1,2	1,965,000		126,585,300
Buckle (The)	1,379,774		64,366,457
Children’s Place Retail Stores 2,3	1,555,000		69,695,100
Finish Line (The) Cl. A 3	4,958,900		97,144,851
			456,772,678
Total			766,826,286
Consumer Staples – 5.9%
Food & Staples Retailing - 2.0%
Arden Group Cl. A 3	239,100		24,170,619
Weis Markets	1,024,231		41,686,202
			65,856,821
Food Products - 3.9%
J&J Snack Foods	596,573		45,870,498
Lancaster Colony	1,023,889		78,839,453
			124,709,951
Total			190,566,772
Health Care – 6.1%
Health Care Equipment & Supplies - 2.7%
Atrion Corporation 3	179,553		34,472,380
Hill-Rom Holdings	1,524,400		53,689,368
			88,161,748
Life Sciences Tools & Services - 3.4%
Bio-Rad Laboratories Cl. A 1,2	886,341		111,678,966
Total			199,840,714
Industrials – 20.3%
Aerospace & Defense - 1.6%
National Presto Industries 3	656,500		52,848,250
Commercial Services & Supplies - 4.0%
UniFirst Corporation 3	1,423,353		128,813,447
Electrical Equipment - 7.7%
Brady Corporation Cl. A	1,034,291		34,679,777
EnerSys 2	2,351,740		107,192,309
Hubbell Cl. B	820,600		79,688,466
Regal-Beloit	374,800		30,568,688
			252,129,240
Machinery - 3.8%
Ampco-Pittsburgh 3	987,000		18,664,170
Foster (L.B.) Company 3	994,000		44,024,260
Hurco Companies 2,3	464,959		12,660,834
Kaydon Corporation	304,132		7,779,696
Standex International 3	715,041		39,484,564
			122,613,524
Trading Companies & Distributors - 3.2%
Applied Industrial Technologies 3	2,322,201		104,499,045
Total			660,903,506
Information Technology – 18.3%
Communications Equipment - 2.9%
Plantronics	2,118,205		93,603,479
Electronic Equipment, Instruments & Components - 10.3%
AVX Corporation	6,507,846		77,443,367
Littelfuse 3	1,207,787		81,948,348
Molex Cl. A	5,198,215		125,380,946
Park Electrochemical 3	2,011,012		50,959,044
			335,731,705
IT Services - 0.6%
Computer Services 4	630,429		18,912,870
Semiconductors & Semiconductor Equipment - 4.5%
Entegris 2	3,993,897		39,379,825
Teradyne 2	6,524,500		105,827,390
			145,207,215
Total			593,455,269
Materials – 13.4%
Chemicals - 8.5%
Hawkins 3	1,025,910		40,985,104
Minerals Technologies 3	2,990,000		124,114,900
NewMarket Corporation	37,620		9,794,743
Schulman (A.)	1,080,192		34,090,860
Stepan Company	1,091,820		68,893,842
			277,879,449
Containers & Packaging - 1.0%
Sonoco Products	896,300		31,361,537
Metals & Mining - 0.1%
Central Steel & Wire 4	4,682		3,277,400
Paper & Forest Products - 3.8%
Clearwater Paper 2,3	1,609,207		84,789,117
Schweitzer-Mauduit International	1,030,300		39,903,519
			124,692,636
Total			437,211,022
TOTAL COMMON STOCKS
(Cost $2,145,156,972)			2,848,803,569
REPURCHASE AGREEMENT – 12.7%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $410,988,480 (collateralized
by obligations of various U.S. Government
Agencies, 0.25% due 9/5/13-9/12/13, valued at
$419,205,343)
(Cost $410,983,000)			410,983,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.0%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)
(Cost $96,075)			96,075
TOTAL INVESTMENTS – 100.3%
(Cost $2,556,236,047)			3,259,882,644
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.3)%			(8,614,769	)
NET ASSETS – 100.0%		$	3,251,267,875

SCHEDULES OF INVESTMENTS
ROYCE VALUE FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 94.2%
Consumer Discretionary – 23.6%
Auto Components - 0.4%
Gentex Corporation	269,500	$	5,392,695
Automobiles - 1.9%
Thor Industries	626,540		23,050,406
Specialty Retail - 15.4%
American Eagle Outfitters	1,364,665		25,519,235
Ascena Retail Group 2	1,817,434		33,713,401
Buckle (The)	789,320		36,821,778
GameStop Corporation Cl. A	1,395,426		39,030,065
Guess?	1,064,932		26,442,262
Jos. A. Bank Clothiers 1,2	804,861		32,113,954
			193,640,695
Textiles, Apparel & Luxury Goods - 5.9%
Crocs 2	1,539,742		22,818,976
Deckers Outdoor 2	196,657		10,951,828
Steven Madden 2	612,755		26,434,251
Vera Bradley 2	597,082		14,109,048
			74,314,103
Total			296,397,899
Consumer Staples – 3.4%
Food Products - 0.4%
Hormel Foods	125,288		5,176,900
Personal Products - 3.0%
Nu Skin Enterprises Cl. A	849,966		37,568,497
Total			42,745,397
Energy – 9.6%
Energy Equipment & Services - 9.3%
Helmerich & Payne	576,734		35,007,754
Oil States International 2	463,023		37,768,786
Unit Corporation 2	963,588		43,891,433
			116,667,973
Oil, Gas & Consumable Fuels - 0.3%
Cimarex Energy	54,392		4,103,333
Total			120,771,306
Financials – 10.9%
Capital Markets - 3.6%
Federated Investors Cl. B	1,548,740		36,658,676
Value Partners Group	12,767,000		8,272,798
			44,931,474
Insurance - 5.3%
Allied World Assurance Company Holdings	140,171		12,996,655
Aspen Insurance Holdings	206,597		7,970,512
PartnerRe	82,489		7,680,551
Reinsurance Group of America	638,061		38,073,100
			66,720,818
Thrifts & Mortgage Finance - 2.0%
Genworth MI Canada	1,041,100		25,600,904
Total			137,253,196
Health Care – 6.3%
Health Care Providers & Services - 6.3%
Chemed Corporation	375,683		30,047,127
Magellan Health Services 2	375,825		17,877,995
MEDNAX 2	342,364		30,686,085
Total			78,611,207
Industrials – 9.1%
Aerospace & Defense - 0.6%
Cubic Corporation	171,174		7,312,553
Building Products - 0.8%
Simpson Manufacturing	327,200		10,015,592
Construction & Engineering - 1.8%
Jacobs Engineering Group 2	407,500		22,917,800
Electrical Equipment - 0.9%
GrafTech International 2	1,420,125		10,906,560
Machinery - 3.3%
Kennametal	417,169		16,286,278
Lincoln Electric Holdings	476,066		25,793,256
			42,079,534
Trading Companies & Distributors - 1.7%
Applied Industrial Technologies	472,978		21,284,010
Total			114,516,049
Information Technology – 18.8%
Communications Equipment - 4.6%
NETGEAR 2	1,117,954		37,462,638
Plantronics	454,140		20,068,447
			57,531,085
Electronic Equipment, Instruments & Components - 4.1%
Littelfuse	88,158		5,981,520
Molex Cl. A	842,046		20,310,150
Vishay Intertechnology 2	1,900,689		25,868,377
			52,160,047
IT Services - 3.9%
Convergys Corporation	1,149,098		19,569,139
ManTech International Cl. A	1,078,224		28,971,879
			48,541,018
Office Electronics - 0.3%
Zebra Technologies Cl. A 2	94,560		4,456,613
Semiconductors & Semiconductor Equipment - 5.9%
Cabot Microelectronics 2	138,550		4,814,612
Lam Research 2	103,200		4,278,672
MKS Instruments	894,404		24,327,789
Teradyne 2	2,290,221		37,147,384
Veeco Instruments 1,2	91,308		3,499,836
			74,068,293
Total			236,757,056
Materials – 12.2%
Chemicals - 5.3%
Innophos Holdings	234,495		12,794,047
Innospec	146,705		6,496,097
LSB Industries 2	389,716		13,554,323
Westlake Chemical	367,880		34,396,780
			67,241,247
Metals & Mining - 6.0%
Hochschild Mining	263,570		1,096,918
Major Drilling Group International	2,420,300		21,561,959
Reliance Steel & Aluminum	529,323		37,671,918
Schnitzer Steel Industries Cl. A	553,000		14,742,980
			75,073,775
Paper & Forest Products - 0.9%
Buckeye Technologies	366,690		10,982,366
Total			153,297,388
Miscellaneous 5 – 0.3%
Total			3,940,916
TOTAL COMMON STOCKS
(Cost $1,022,699,480)			1,184,290,414
REPURCHASE AGREEMENT – 5.3%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $66,541,887 (collateralized
by obligations of various U.S. Government
Agencies, 0.28% due 8/13/13, valued at
$67,874,738)
(Cost $66,541,000)			66,541,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.8%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)
(Cost $10,776,749)			10,776,749
TOTAL INVESTMENTS – 100.3%
(Cost $1,100,017,229)			1,261,608,163
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.3)%			(4,034,930	)
NET ASSETS – 100.0%		$	1,257,573,233

SCHEDULES OF INVESTMENTS
ROYCE VALUE PLUS FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 97.3%
Consumer Discretionary – 8.1%
Hotels, Restaurants & Leisure - 1.7%
Buffalo Wild Wings 2	148,900	$	13,033,217
Cosi 1,2,3	6,833,770		4,714,618
Red Robin Gourmet Burgers 2	168,000		7,660,800
			25,408,635
Household Durables - 0.6%
iRobot Corporation 1,2	324,000		8,313,840
Internet & Catalog Retail - 1.0%
HomeAway 1,2	440,500		14,316,250
Specialty Retail - 2.2%
Monro Muffler Brake	200,000		7,942,000
Tractor Supply	144,000		14,994,720
Zumiez 2	392,000		8,976,800
			31,913,520
Textiles, Apparel & Luxury Goods - 2.6%
Carter’s 2	360,200		20,628,654
Gildan Activewear	429,342		17,135,039
			37,763,693
Total			117,715,938
Consumer Staples – 1.5%
Food & Staples Retailing - 0.5%
United Natural Foods 2	140,517		6,913,436
Food Products - 0.7%
Snyder’s-Lance	425,000		10,735,500
Personal Products - 0.3%
Female Health	526,000		3,808,240
Total			21,457,176
Energy – 3.5%
Energy Equipment & Services - 1.9%
Helmerich & Payne	88,000		5,341,600
Pason Systems	619,000		10,797,539
Trican Well Service	383,800		5,629,394
Unit Corporation 2	127,400		5,803,070
			27,571,603
Oil, Gas & Consumable Fuels - 1.6%
EPL Oil & Gas 2	620,160		16,626,490
Sprott Resource	1,515,000		6,800,611
			23,427,101
Total			50,998,704
Financials – 13.3%
Capital Markets - 6.1%
Affiliated Managers Group 2	125,000		19,196,250
Northern Trust	398,000		21,714,880
Oaktree Capital Group LLC	205,600		10,489,712
Partners Group Holding	25,000		6,170,336
Raymond James Financial	488,000		22,496,800
Value Partners Group	12,803,500		8,296,450
			88,364,428
Commercial Banks - 4.7%
Associated Banc-Corp	1,045,000		15,873,550
Columbia Banking System	354,500		7,791,910
Enterprise Financial Services	765,800		10,981,572
Fifth Third Bancorp	1,176,800		19,193,608
Umpqua Holdings	1,132,300		15,014,298
			68,854,938
Diversified Financial Services - 1.1%
PICO Holdings 2	732,222		16,255,328
Thrifts & Mortgage Finance - 1.4%
Berkshire Hills Bancorp	796,700		20,347,718
Total			193,822,412
Health Care – 11.8%
Biotechnology - 4.4%
Actelion	203,000		11,023,544
Celldex Therapeutics 2	300,000		3,474,000
Cubist Pharmaceuticals 2	324,000		15,169,680
Myriad Genetics 2	1,139,000		28,930,600
Rigel Pharmaceuticals 2	795,900		5,404,161
			64,001,985
Health Care Equipment & Supplies - 3.7%
Abaxis	276,000		13,060,320
Cerus Corporation 1,2	2,884,500		12,749,490
Globus Medical 1,2	856,677		12,576,018
Thoratec Corporation 2	393,600		14,760,000
			53,145,828
Health Care Providers & Services - 0.9%
Healthways 2	1,021,000		12,507,250
Life Sciences Tools & Services - 0.3%
Sequenom 1,2	1,256,000		5,212,400
Pharmaceuticals - 2.5%
Medicines Company (The) 2	598,000		19,985,160
UCB	257,000		16,405,896
			36,391,056
Total			171,258,519
Industrials – 18.3%
Aerospace & Defense - 0.2%
AeroVironment 2	122,000		2,211,860
Building Products - 2.6%
Apogee Enterprises	606,298		17,552,327
Quanex Building Products	1,214,533		19,553,981
			37,106,308
Commercial Services & Supplies - 2.1%
Heritage-Crystal Clean 1,2	720,528		10,879,973
UniFirst Corporation	213,400		19,312,700
			30,192,673
Construction & Engineering - 2.1%
MYR Group 2	501,608		12,319,493
Quanta Services 2	612,000		17,490,960
			29,810,453
Electrical Equipment - 1.2%
Acuity Brands	243,095		16,858,638
Industrial Conglomerates - 0.9%
Carlisle Companies	203,900		13,822,381
Machinery - 3.6%
Tennant Company	163,437		7,936,501
Valmont Industries	166,400		26,169,728
Wabtec Corporation	185,232		18,914,039
			53,020,268
Professional Services - 1.1%
Robert Half International	439,800		16,505,694
Road & Rail - 2.2%
Celadon Group	868,800		18,123,168
Knight Transportation	461,100		7,423,710
Werner Enterprises	264,000		6,372,960
			31,919,838
Trading Companies & Distributors - 2.3%
Grainger (W.W.)	74,600		16,783,508
Watsco	205,100		17,265,318
			34,048,826
Total			265,496,939
Information Technology – 27.4%
Communications Equipment - 3.4%
EXFO 2	2,017,500		10,269,075
Infinera Corporation 1,2	1,618,833		11,331,831
NumereX Corporation Cl. A 2,3	926,100		11,844,819
Plantronics	360,000		15,908,400
			49,354,125
Computers & Peripherals - 0.9%
Immersion Corporation 2	1,176,095		13,807,355
Electronic Equipment, Instruments & Components - 6.6%
FARO Technologies 2	321,935		13,968,760
FLIR Systems	244,000		6,346,440
InvenSense 1,2	675,000		7,209,000
IPG Photonics 1	394,732		26,214,152
Littelfuse	172,744		11,720,680
Mercury Systems 2	1,033,749		7,618,730
Rogers Corporation 2	467,314		22,253,493
			95,331,255
Internet Software & Services - 1.3%
Bankrate 2	1,582,227		18,891,790
IT Services - 1.8%
Genpact	1,430,000		26,011,700
Semiconductors & Semiconductor Equipment - 9.1%
Analog Devices	307,000		14,272,430
Cree 2	175,000		9,574,250
International Rectifier 2	796,048		16,836,415
Lattice Semiconductor 2	2,180,700		11,884,815
LSI Corporation 2	3,748,000		25,411,440
Mellanox Technologies 1,2	169,000		9,381,190
Micrel	1,265,901		13,304,620
Teradyne 2	1,070,000		17,355,400
Ultratech 2	357,041		14,113,831
			132,134,391
Software - 4.3%
Informatica Corporation 2	383,000		13,202,010
Manhattan Associates 2	72,000		5,348,880
MICROS Systems 2	322,000		14,654,220
PTC 2	640,000		16,313,600
Splunk 2	315,304		12,621,619
			62,140,329
Total			397,670,945
Materials – 9.0%
Chemicals - 1.2%
Westlake Chemical	185,091		17,306,009
Construction Materials - 1.3%
Eagle Materials	291,000		19,389,330
Metals & Mining - 6.5%
Detour Gold 2	304,000		5,844,485
Globe Specialty Metals	495,300		6,894,576
Hochschild Mining	137,925		574,012
Horsehead Holding Corporation 2	1,441,353		15,681,921
Major Drilling Group International	400,000		3,563,518
McEwen Mining 2	1,785,000		5,105,100
Pretium Resources 2	75,000		595,068
Reliance Steel & Aluminum	311,100		22,140,987
Tahoe Resources 2	313,000		5,506,039
Worthington Industries	902,966		27,973,887
			93,879,593
Total			130,574,932
Miscellaneous 5 – 4.4%
Total			64,249,143
TOTAL COMMON STOCKS
(Cost $1,143,620,006)			1,413,244,708
REPURCHASE AGREEMENT – 3.0%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $43,371,578 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at
$44,240,050)
(Cost $43,371,000)			43,371,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 5.0%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)
(Cost $72,705,844)			72,705,844
TOTAL INVESTMENTS – 105.3%
(Cost $1,259,696,850)			1,529,321,552
LIABILITIES LESS CASH
AND OTHER ASSETS – (5.3)%			(77,035,258	)
NET ASSETS – 100.0%		$	1,452,286,294

SCHEDULES OF INVESTMENTS
ROYCE 100 FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 97.1%
Consumer Discretionary – 10.9%
Auto Components - 1.4%
Drew Industries	78,756	$	2,859,631
Gentex Corporation	80,200		1,604,802
			4,464,433
Distributors - 0.9%
LKQ Corporation 2	136,000		2,959,360
Diversified Consumer Services - 0.7%
Sotheby’s	57,600		2,154,816
Household Durables - 5.2%
Ethan Allen Interiors	108,100		3,558,652
Harman International Industries	99,600		4,445,148
Mohawk Industries 2	40,815		4,616,993
NVR 2	3,800		4,104,418
			16,725,211
Media - 0.7%
Morningstar	30,772		2,151,578
Specialty Retail - 1.2%
Ascena Retail Group 2	202,000		3,747,100
Textiles, Apparel & Luxury Goods - 0.8%
Columbia Sportswear	47,331		2,739,518
Total			34,942,016
Consumer Staples – 2.3%
Food Products - 2.3%
Darling International 2	212,800		3,821,888
Sanderson Farms	62,700		3,424,674
Total			7,246,562
Energy – 9.6%
Energy Equipment & Services - 9.6%
Ensign Energy Services	201,500		3,435,527
Helmerich & Payne	78,325		4,754,328
Oil States International 2	57,500		4,690,275
Pason Systems	270,300		4,714,983
SEACOR Holdings	41,500		3,057,720
ShawCor 1	77,800		3,296,386
Trican Well Service	265,200		3,889,826
Unit Corporation 2	68,200		3,106,510
Total			30,945,555
Financials – 8.8%
Capital Markets - 8.8%
Affiliated Managers Group 2	27,897		4,284,142
AllianceBernstein Holding L.P.	158,069		3,461,711
Federated Investors Cl. B	216,700		5,129,289
KKR & Co. L.P.	145,000		2,801,400
Lazard Cl. A	139,500		4,761,135
SEI Investments	139,900		4,036,115
Waddell & Reed Financial Cl. A	82,400		3,607,472
Total			28,081,264
Health Care – 3.3%
Biotechnology - 0.8%
Myriad Genetics 2	95,500		2,425,700
Life Sciences Tools & Services - 2.5%
Bio-Rad Laboratories Cl. A 2	24,400		3,074,400
PerkinElmer	151,700		5,103,188
			8,177,588
Total			10,603,288
Industrials – 29.5%
Aerospace & Defense - 1.0%
HEICO Corporation Cl. A	95,740		3,284,839
Air Freight & Logistics - 3.4%
Expeditors International of Washington	75,000		2,678,250
Forward Air	129,800		4,840,242
UTi Worldwide	238,900		3,459,272
			10,977,764
Building Products - 0.9%
Simpson Manufacturing	87,500		2,678,375
Commercial Services & Supplies - 0.7%
Heritage-Crystal Clean 2	150,000		2,265,000
Construction & Engineering - 3.7%
EMCOR Group	56,500		2,395,035
Jacobs Engineering Group 2	95,000		5,342,800
KBR	128,000		4,106,240
			11,844,075
Electrical Equipment - 3.8%
AZZ	60,100		2,896,820
Brady Corporation Cl. A	47,100		1,579,263
Global Power Equipment Group	153,000		2,695,860
GrafTech International 2	392,000		3,010,560
Regal-Beloit	25,500		2,079,780
			12,262,283
Industrial Conglomerates - 0.2%
Raven Industries	19,200		645,312
Machinery - 6.3%
Hyster-Yale Materials Handling Cl. A	47,400		2,706,066
Kaydon Corporation	134,500		3,440,510
Kennametal	102,800		4,013,312
Lincoln Electric Holdings	60,000		3,250,800
Valmont Industries	31,500		4,954,005
Wabtec Corporation	16,700		1,705,237
			20,069,930
Professional Services - 6.0%
Advisory Board (The) 2	51,582		2,709,087
CRA International 2	142,313		3,183,542
ManpowerGroup	83,266		4,722,847
Robert Half International	73,100		2,743,443
Towers Watson & Company Cl. A	43,500		3,015,420
Verisk Analytics Cl. A 2	47,500		2,927,425
			19,301,764
Trading Companies & Distributors - 3.5%
Air Lease Cl. A	126,500		3,708,980
Applied Industrial Technologies	104,900		4,720,500
MSC Industrial Direct Cl. A	33,300		2,856,474
			11,285,954
Total			94,615,296
Information Technology – 21.4%
Communications Equipment - 1.0%
ADTRAN	155,800		3,061,470
Computers & Peripherals - 0.6%
Diebold	66,900		2,028,408
Electronic Equipment, Instruments & Components - 11.5%
Coherent	64,000		3,631,360
Dolby Laboratories Cl. A	70,000		2,349,200
DTS 2	150,600		2,504,478
FARO Technologies 2	93,887		4,073,757
FLIR Systems	143,900		3,742,839
IPG Photonics 1	45,086		2,994,161
Littelfuse	45,000		3,053,250
MTS Systems	33,000		1,918,950
National Instruments	188,200		6,163,550
Plexus Corporation 2	113,400		2,756,754
Rofin-Sinar Technologies 2	137,500		3,724,875
			36,913,174
IT Services - 1.2%
Sapient Corporation 2	329,400		4,015,386
Office Electronics - 1.1%
Zebra Technologies Cl. A 2	72,100		3,398,073
Semiconductors & Semiconductor Equipment - 3.7%
Cabot Microelectronics 2	71,800		2,495,050
Diodes 2	125,000		2,622,500
International Rectifier 2	107,000		2,263,050
Nanometrics 2	127,929		1,846,016
Veeco Instruments 1,2	67,100		2,571,943
			11,798,559
Software - 2.3%
ANSYS 2	63,500		5,170,170
Blackbaud	78,900		2,337,807
			7,507,977
Total			68,723,047
Materials – 10.0%
Chemicals - 1.9%
Innospec	79,900		3,537,972
Intrepid Potash	133,900		2,511,964
			6,049,936
Containers & Packaging - 1.5%
Greif Cl. A	90,300		4,841,886
Metals & Mining - 6.6%
Fresnillo	136,500		2,812,410
Major Drilling Group International	340,500		3,033,445
Randgold Resources ADR	26,000		2,235,480
Reliance Steel & Aluminum	85,100		6,056,567
Schnitzer Steel Industries Cl. A	57,600		1,535,616
Sims Metal Management ADR	235,617		2,464,554
Steel Dynamics	185,500		2,943,885
			21,081,957
Total			31,973,779
Miscellaneous 5 – 1.3%
Total			4,100,800
TOTAL COMMON STOCKS
(Cost $228,658,667)			311,231,607
REPURCHASE AGREEMENT – 3.1%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $10,006,133 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at
$10,208,463)
(Cost $10,006,000)			10,006,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.8%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)
(Cost $2,533,947)			2,533,947
TOTAL INVESTMENTS – 101.0%
(Cost $241,198,614)			323,771,554
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.0)%			(3,202,693	)
NET ASSETS – 100.0%		$	320,568,861

SCHEDULES OF INVESTMENTS
ROYCE MICRO-CAP DISCOVERY FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 91.0%
Consumer Discretionary – 9.1%
Auto Components - 1.2%
Standard Motor Products	2,200	$	60,984
Diversified Consumer Services - 1.6%
Capella Education 2	1,400		43,596
Corinthian Colleges 2	17,800		37,380
			80,976
Hotels, Restaurants & Leisure - 0.9%
Ruby Tuesday 2	6,000		44,220
Household Durables - 0.5%
Hooker Furniture	1,500		23,910
Leisure Equipment & Products - 2.5%
Arctic Cat 2	1,100		48,070
Johnson Outdoors Cl. A 2	3,200		76,288
			124,358
Multiline Retail - 0.7%
Fred’s Cl. A	2,500		34,200
Specialty Retail - 1.3%
Stage Stores	900		23,292
Stein Mart	5,100		42,738
			66,030
Textiles, Apparel & Luxury Goods - 0.4%
True Religion Apparel	700		18,277
Total			452,955
Consumer Staples – 4.5%
Food & Staples Retailing - 1.1%
Village Super Market Cl. A	1,700		57,273
Food Products - 2.5%
Calavo Growers	2,200		63,316
John B. Sanfilippo & Son	3,000		59,940
			123,256
Household Products - 0.9%
Oil-Dri Corporation of America	1,700		46,291
Total			226,820
Energy – 6.0%
Energy Equipment & Services - 1.6%
Matrix Service 2	2,300		34,270
Natural Gas Services Group 2	2,400		46,224
			80,494
Oil, Gas & Consumable Fuels - 4.4%
EPL Oil & Gas 2	2,200		58,982
Hallador Energy	3,200		22,080
TransGlobe Energy 2	3,500		29,995
VAALCO Energy 2	7,600		57,684
Warren Resources 2	16,100		51,681
			220,422
Total			300,916
Financials – 5.4%
Consumer Finance - 1.1%
Nicholas Financial	3,700		54,390
Insurance - 4.3%
American Safety Insurance Holdings 2	1,700		42,432
EMC Insurance Group	1,500		39,495
Maiden Holdings	6,100		64,599
National Western Life Insurance Cl. A	200		35,200
Safety Insurance Group	700		34,405
			216,131
Total			270,521
Health Care – 8.5%
Health Care Equipment & Supplies - 2.9%
CryoLife	7,500		45,075
ICU Medical 2	900		53,055
Invacare Corporation	3,500		45,675
			143,805
Health Care Providers & Services - 2.1%
Almost Family	1,900		38,817
National HealthCare	1,500		68,580
			107,397
Pharmaceuticals - 3.5%
Hi-Tech Pharmacal	2,460		81,451
Obagi Medical Products 2	3,200		63,200
SciClone Pharmaceuticals 2	6,700		30,820
			175,471
Total			426,673
Industrials – 15.4%
Aerospace & Defense - 2.4%
AeroVironment 2	1,700		30,821
National Presto Industries	800		64,400
Sparton Corporation 2	2,000		26,800
			122,021
Commercial Services & Supplies - 0.6%
Intersections	3,200		30,112
Construction & Engineering - 3.1%
Baker (Michael)	1,100		26,950
Comfort Systems USA	2,700		38,043
MYR Group 2	3,600		88,416
			153,409
Machinery - 5.9%
Alamo Group	2,300		87,975
Foster (L.B.) Company	750		33,217
Lydall 2	3,500		53,725
Miller Industries	5,020		80,571
Standex International	700		38,654
			294,142
Professional Services - 3.4%
ICF International 2	2,300		62,560
Korn/Ferry International 2	3,000		53,580
TrueBlue 2	2,600		54,964
			171,104
Total			770,788
Information Technology – 24.3%
Communications Equipment - 5.5%
Bel Fuse Cl. B	1,000		15,610
Comtech Telecommunications	1,900		46,132
Globecomm Systems 2	6,900		82,869
Oplink Communications 2	3,400		55,760
TESSCO Technologies	3,400		73,576
			273,947
Computers & Peripherals - 2.6%
QLogic Corporation 2	5,100		59,160
Super Micro Computer 2	3,304		37,302
Xyratex	3,200		31,680
			128,142
Electronic Equipment, Instruments & Components - 2.4%
Daktronics	3,000		31,500
Multi-Fineline Electronix 2	1,650		25,460
PC Connection	4,000		65,400
			122,360
Internet Software & Services - 3.6%
Dice Holdings 2	5,800		58,754
Digital River 2	1,700		24,038
QuinStreet 2	7,500		44,775
United Online	8,500		51,255
			178,822
IT Services - 3.7%
Computer Task Group	3,800		81,282
Sykes Enterprises 2	4,300		68,628
TeleTech Holdings 2	1,600		33,936
			183,846
Semiconductors & Semiconductor Equipment - 2.7%
IXYS Corporation	6,600		63,294
Kulicke & Soffa Industries 2	6,000		69,360
			132,654
Software - 3.8%
Actuate Corporation 2	8,500		51,000
American Software Cl. A	9,800		81,536
ePlus	1,300		60,073
			192,609
Total			1,212,380
Materials – 12.0%
Chemicals - 5.6%
FutureFuel Corporation	6,100		74,115
Innospec	900		39,852
KMG Chemicals	3,200		62,208
Schulman (A.)	2,200		69,432
Stepan Company	500		31,550
			277,157
Metals & Mining - 5.2%
Endeavour Silver 2	3,900		24,258
Haynes International	1,200		66,360
Horsehead Holding Corporation 2	3,912		42,562
Materion Corporation	3,200		91,200
Nevsun Resources	9,700		37,151
			261,531
Paper & Forest Products - 1.2%
Glatfelter	2,600		60,788
Total			599,476
Telecommunication Services – 1.0%
Diversified Telecommunication Services - 1.0%
Premiere Global Services 2	4,300		47,257
Total			47,257
Miscellaneous 5 – 4.8%
Total			239,493
TOTAL COMMON STOCKS
(Cost $4,113,518)			4,547,279
REPURCHASE AGREEMENT – 8.7%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $438,006 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at $451,119)
(Cost $438,000)			438,000
TOTAL INVESTMENTS – 99.7%
(Cost $4,551,518)			4,985,279
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.3%			12,948
NET ASSETS – 100.0%		$	4,998,227

SCHEDULES OF INVESTMENTS
ROYCE FINANCIAL SERVICES FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 86.4%
Capital Markets - 53.0%
Affiliated Managers Group 2	1,500	$	230,355
AllianceBernstein Holding L.P.	14,500		317,550
Apollo Global Management LLC Cl. A	22,000		476,080
Artisan Partners Asset Management 2	15,000		591,750
Ashmore Group	70,000		372,265
Banque Privee Edmond de Rothschild	3		63,521
Blackstone Group L.P.	16,300		322,414
Citadel Capital 2	150,000		70,777
Coronation Fund Managers	62,000		323,644
Cowen Group 2	83,000		234,060
Daewoo Securities 2	3,800		38,765
Diamond Hill Investment Group	2,500		194,525
Egyptian Financial Group-Hermes Holding Company 2	31,875		46,854
Federated Investors Cl. B	11,900		281,673
Financial Engines	6,800		246,296
Invesco	13,800		399,648
Investec	8,500		59,281
IOOF Holdings	11,528		99,620
Jupiter Fund Management	105,000		522,660
KKR & Co. L.P.	18,300		353,556
Lazard Cl. A	11,300		385,669
Manning & Napier	15,800		261,332
MVC Capital	3,800		48,754
Northern Trust	8,400		458,304
Oaktree Capital Group LLC	5,600		285,712
Och-Ziff Capital Management Group LLC Cl. A	15,300		143,055
Oppenheimer Holdings Cl. A	11,500		223,905
Partners Group Holding	1,000		246,814
Raymond James Financial	5,100		235,110
Reinet Investments 2	5,500		106,528
Samsung Securities 2	1,791		85,799
SEI Investments	18,400		530,840
SHUAA Capital 2	580,000		89,850
Sprott	117,500		404,833
State Street	8,500		502,265
Stifel Financial 2	6,073		210,551
T. Rowe Price Group	3,500		262,045
TD AMERITRADE Holding Corporation	15,500		319,610
Tokai Tokyo Financial Holdings	9,400		69,101
U.S. Global Investors Cl. A	51,100		187,537
UOB-Kay Hian Holdings	95,000		130,588
Value Partners Group	430,000		278,633
Vontobel Holding	3,000		95,439
Waddell & Reed Financial Cl. A	5,900		258,302
Westwood Holdings Group	5,300		235,479
WisdomTree Investments 2	46,000		478,400
Total			11,779,749
Closed-End Funds - 0.7%
RIT Capital Partners	8,500		156,534
Total			156,534
Commercial Banks - 2.4%
BLOM Bank GDR	8,000		68,960
BOK Financial	4,100		255,430
First Republic Bank	5,600		216,272
Total			540,662
Consumer Finance - 3.3%
Credit Acceptance 2	848		103,575
Regional Management 2	18,200		367,640
World Acceptance 2	3,000		257,610
Total			728,825
Diversified Financial Services - 7.1%
Bolsas y Mercados Espanoles	4,000		98,241
Hellenic Exchanges	36,000		181,356
Interactive Brokers Group	12,800		190,848
Leucadia National	9,801		268,841
Moody’s Corporation	6,000		319,920
MSCI Cl. A 2	2,800		95,004
RHJ International 2	10,000		47,429
Singapore Exchange	25,000		155,198
Warsaw Stock Exchange	19,000		228,677
Total			1,585,514
Insurance - 7.8%
Brown & Brown	2,600		83,304
E-L Financial	400		203,250
First American Financial	5,000		127,850
Greenlight Capital Re Cl. A 2	9,000		220,050
Marsh & McLennan	7,400		280,978
Platinum Underwriters Holdings	5,500		306,955
RLI Corp.	1,100		79,035
State Auto Financial	11,000		191,620
Willis Group Holdings	6,100		240,889
Total			1,733,931
IT Services - 2.8%
MasterCard Cl. A	700		378,791
Vantiv Cl. A 2	10,000		237,400
Total			616,191
Media - 1.4%
Morningstar	4,600		321,632
Total			321,632
Professional Services - 1.4%
Verisk Analytics Cl. A 2	5,100		314,313
Total			314,313
Real Estate Management & Development - 1.4%
Kennedy-Wilson Holdings	19,676		305,175
Total			305,175
Software - 3.0%
Fair Isaac	7,400		338,106
SimCorp	1,200		321,848
Total			659,954
Trading Companies & Distributors - 2.1%
Air Lease Cl. A	15,700		460,324
Total			460,324
TOTAL COMMON STOCKS
(Cost $15,017,168)			19,202,804
REPURCHASE AGREEMENT – 11.6%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $2,568,034 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at
$2,620,544)
(Cost $2,568,000)			2,568,000
TOTAL INVESTMENTS – 98.0%
(Cost $17,585,168)			21,770,804
CASH AND OTHER ASSETS
LESS LIABILITIES – 2.0%			451,622
NET ASSETS – 100.0%		$	22,222,426

SCHEDULES OF INVESTMENTS
ROYCE DIVIDEND VALUE FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES	VALUE
COMMON STOCKS – 95.4%
Consumer Discretionary – 10.9%
Auto Components - 0.5%
Autoliv	33,300	$	2,302,362
Tianneng Power International	324,000		217,042
Xinyi Glass Holdings	130,000		91,942
			2,611,346
Distributors - 0.1%
Weyco Group	11,600		284,316
Diversified Consumer Services - 0.7%
Benesse Holdings	4,000		169,969
Regis Corporation	127,800		2,324,682
Weight Watchers International	23,500		989,585
			3,484,236
Hotels, Restaurants & Leisure - 0.1%
Abu Dhabi National Hotels	642,000		340,839
Household Durables - 1.4%
Ethan Allen Interiors	49,000		1,613,080
Garmin	45,000		1,486,800
Harman International Industries	54,400		2,427,872
Hunter Douglas	27,600		1,098,520
			6,626,272
Internet & Catalog Retail - 0.2%
PetMed Express	56,000		751,240
Media - 0.4%
Saga Communications Cl. A	6,581		304,437
Value Line	169,000		1,591,980
World Wrestling Entertainment Cl. A	24,531		216,363
			2,112,780
Specialty Retail - 6.2%
American Eagle Outfitters	176,200		3,294,940
Ascena Retail Group 2	206,384		3,828,423
Buckle (The)	107,101		4,996,262
Cato Corporation (The) Cl. A	35,810		864,453
Fielmann	3,200		295,339
GameStop Corporation Cl. A	119,300		3,336,821
Guess?	118,100		2,932,423
Jos. A. Bank Clothiers 2	85,049		3,393,455
Lewis Group	73,000		513,087
Shoe Carnival	30,844		630,451
Signet Jewelers	14,500		971,500
Tiffany & Co.	60,500		4,207,170
USS	7,000		803,102
			30,067,426
Textiles, Apparel & Luxury Goods - 1.3%
Barry (R.G.)	13,075		175,074
Marimekko	22,500		324,180
Pandora	153,600		4,225,294
Stella International Holdings	314,000		942,500
Vera Bradley 2	38,100		900,303
			6,567,351
Total			52,845,806
Consumer Staples – 3.2%
Food & Staples Retailing - 0.6%
FamilyMart	16,850		768,797
Village Super Market Cl. A	63,145		2,127,355
			2,896,152
Food Products - 1.5%
Hormel Foods	119,276		4,928,484
Industrias Bachoco ADR	6,100		195,871
J&J Snack Foods	10,300		791,967
Lancaster Colony	3,000		231,000
Lindt & Spruengli	4		180,512
Super Group	346,000		1,087,919
			7,415,753
Personal Products - 1.1%
Inter Parfums	40,213		982,404
Nu Skin Enterprises Cl. A	95,045		4,200,989
			5,183,393
Total			15,495,298
Energy – 4.7%
Energy Equipment & Services - 4.3%
Ensco Cl. A	81,800		4,908,000
Ensign Energy Services	25,300		431,359
Helmerich & Payne	88,854		5,393,438
Lufkin Industries	7,400		491,286
Oil States International 2	63,300		5,163,381
TGS-NOPEC Geophysical	18,500		696,828
Tidewater	76,500		3,863,250
			20,947,542
Oil, Gas & Consumable Fuels - 0.4%
Cimarex Energy	6,500		490,360
Golar LNG	10,700		395,472
Natural Resource Partners L.P.	37,500		877,500
Pioneer Southwest Energy Partners L.P.	2,413		58,950
			1,822,282
Total			22,769,824
Financials – 27.3%
Capital Markets - 15.7%
AllianceBernstein Holding L.P.	232,600		5,093,940
Apollo Global Management LLC Cl. A	163,800		3,544,632
ARA Asset Management	1,388,200		2,148,864
Ashmore Group	464,250		2,468,916
Close Brothers Group	18,000		287,723
Coronation Fund Managers	760,000		3,967,244
Egyptian Financial Group-Hermes Holding Company 2	132,500		194,766
Federated Investors Cl. B	297,300		7,037,091
Gluskin Sheff + Associates	32,200		575,311
Invesco	148,200		4,291,872
Investec	80,000		557,942
Jupiter Fund Management	550,000		2,737,745
KKR & Co. L.P.	293,200		5,664,624
Lazard Cl. A	134,600		4,593,898
Manning & Napier	307,500		5,086,050
Och-Ziff Capital Management Group LLC Cl. A	108,100		1,010,735
Oppenheimer Holdings Cl. A	121,512		2,365,839
Partners Group Holding	500		123,407
Raymond James Financial	7,800		359,580
SEI Investments	146,600		4,229,410
Sprott	525,000		1,808,830
State Street	71,100		4,201,299
T. Rowe Price Group	42,000		3,144,540
U.S. Global Investors Cl. A	640,900		2,352,103
Value Partners Group	1,225,000		793,779
VZ Holding	8,300		1,132,255
Waddell & Reed Financial Cl. A	67,510		2,955,588
Westwood Holdings Group	78,473		3,486,555
			76,214,538
Commercial Banks - 2.3%
Ames National	28,371		591,819
Bank of Hawaii	78,600		3,993,666
BLOM Bank GDR	63,000		543,060
BOK Financial	30,400		1,893,920
City Holding Company	53,365		2,123,393
First Republic Bank	48,100		1,857,622
			11,003,480
Diversified Financial Services - 2.4%
Bolsa Mexicana de Valores	674,900		1,933,211
Hellenic Exchanges	158,000		795,952
KKR Financial Holdings LLC	228,350		2,527,835
Moody’s Corporation	74,900		3,993,668
Singapore Exchange	140,000		869,110
Warsaw Stock Exchange	135,400		1,629,622
			11,749,398
Insurance - 5.0%
Allied World Assurance Company
Holdings	31,198		2,892,678
Aspen Insurance Holdings	24,924		961,568
Brown & Brown	13,400		429,336
Cincinnati Financial	46,700		2,203,773
Erie Indemnity Cl. A	24,200		1,827,826
HCC Insurance Holdings	14,879		625,364
Marsh & McLennan	85,900		3,261,623
Montpelier Re Holdings	11,797		307,312
PartnerRe	20,906		1,946,558
Reinsurance Group of America	87,319		5,210,325
United Fire Group	11,900		303,093
Willis Group Holdings	110,700		4,371,543
			24,340,999
Real Estate Investment Trusts (REITs) - 0.9%
Cousins Properties	40,010		427,707
DCT Industrial Trust	98,400		728,160
Essex Property Trust	8,000		1,204,640
Lexington Realty Trust	58,706		692,731
National Health Investors	19,300		1,263,185
			4,316,423
Real Estate Management & Development - 0.3%
Kennedy-Wilson Holdings	98,600		1,529,286
Thrifts & Mortgage Finance - 0.7%
Capitol Federal Financial	27,000		325,890
Genworth MI Canada	92,118		2,265,204
TrustCo Bank Corp NY	196,310		1,095,410
			3,686,504
Total			132,840,628
Health Care – 4.1%
Health Care Equipment & Supplies - 0.6%
Atrion Corporation	13,200		2,534,268
Carl Zeiss Meditec	9,500		300,360
			2,834,628
Health Care Providers & Services - 3.0%
Chemed Corporation	51,858		4,147,603
Landauer	53,000		2,988,140
MEDNAX 2	28,500		2,554,455
OdontoPrev	38,400		175,776
Owens & Minor	150,800		4,910,048
			14,776,022
Pharmaceuticals - 0.5%
Adcock Ingram Holdings	48,900		322,214
Hikma Pharmaceuticals	11,000		172,822
Recordati	93,000		841,638
Santen Pharmaceutical	18,100		837,366
			2,174,040
Total			19,784,690
Industrials – 21.2%
Aerospace & Defense - 1.2%
American Science & Engineering	49,545		3,021,750
Cubic Corporation	48,016		2,051,243
HEICO Corporation Cl. A	28,906		991,765
			6,064,758
Air Freight & Logistics - 1.5%
Expeditors International of Washington	104,000		3,713,840
Forward Air	88,000		3,281,520
UTi Worldwide	16,700		241,816
			7,237,176
Building Products - 1.2%
AAON	78,350		2,161,677
Geberit	1,000		246,181
Insteel Industries	72,000		1,175,040
Simpson Manufacturing	57,600		1,763,136
TOTO	74,000		661,901
WaterFurnace Renewable Energy	6,000		95,683
			6,103,618
Commercial Services & Supplies - 1.6%
Brink’s Company (The)	108,500		3,066,210
CompX International Cl. A	25,800		326,886
Kaba Holding	2,100		817,392
Mine Safety Appliances	35,000		1,736,700
Ritchie Bros. Auctioneers	48,900		1,061,130
Societe BIC	6,600		766,411
			7,774,729
Construction & Engineering - 0.6%
KBR	75,000		2,406,000
Raubex Group	260,000		551,369
			2,957,369
Electrical Equipment - 3.2%
AZZ	111,800		5,388,760
Brady Corporation Cl. A	54,300		1,820,679
Franklin Electric	12,000		402,840
Hubbell Cl. B	56,400		5,477,004
Preformed Line Products	13,100		916,607
Regal-Beloit	16,400		1,337,584
			15,343,474
Machinery - 7.8%
Alamo Group	31,382		1,200,361
Burckhardt Compression Holding	3,600		1,347,203
CLARCOR	53,200		2,786,616
Donaldson Company	111,000		4,017,090
Flowserve Corporation	7,900		1,324,909
Foster (L.B.) Company	55,300		2,449,237
Graco	64,000		3,713,920
IDEX Corporation	27,600		1,474,392
John Bean Technologies	97,356		2,020,137
Kennametal	66,514		2,596,707
Lincoln Electric Holdings	51,400		2,784,852
Lindsay Corporation	32,800		2,892,304
Nordson Corporation	15,400		1,015,630
Pfeiffer Vacuum Technology	13,500		1,489,094
Rational	1,000		300,402
Semperit AG Holding	5,000		192,918
Spirax-Sarco Engineering	36,500		1,490,208
Tennant Company	18,400		893,504
Valmont Industries	23,700		3,727,299
			37,716,783
Professional Services - 2.0%
Kelly Services Cl. A	39,200		732,256
ManpowerGroup	100,100		5,677,672
Michael Page International	36,000		230,725
Towers Watson & Company Cl. A	46,100		3,195,652
			9,836,305
Road & Rail - 0.9%
Arkansas Best	49,600		579,328
Landstar System	66,300		3,785,067
			4,364,395
Trading Companies & Distributors - 1.2%
Applied Industrial Technologies	103,506		4,657,770
Houston Wire & Cable	79,700		1,032,115
			5,689,885
Total			103,088,492
Information Technology – 8.2%
Communications Equipment - 0.5%
Plantronics	60,608		2,678,267
Computers & Peripherals - 0.8%
Diebold	23,800		721,616
Western Digital	63,000		3,167,640
			3,889,256
Electronic Equipment, Instruments & Components - 5.5%
Amphenol Corporation Cl. A	47,100		3,516,015
AVX Corporation	142,300		1,693,370
Cognex Corporation	10,000		421,500
Domino Printing Sciences	36,000		349,534
Electro Rent	15,900		294,786
FLIR Systems	142,900		3,716,829
Littelfuse	43,658		2,962,195
Molex	91,000		2,664,480
Molex Cl. A	97,518		2,352,134
MTS Systems	50,293		2,924,538
National Instruments	145,400		4,761,850
Vaisala Cl. A	41,000		1,033,249
			26,690,480
IT Services - 1.0%
Convergys Corporation	87,515		1,490,381
CoreLogic 2	9,300		240,498
Jack Henry & Associates	32,300		1,492,583
ManTech International Cl. A	65,736		1,766,326
			4,989,788
Semiconductors & Semiconductor Equipment - 0.4%
Teradyne 2	111,200		1,803,664
Total			40,051,455
Materials – 12.3%
Chemicals - 3.0%
Balchem Corporation	50,150		2,203,591
Cabot Corporation	46,000		1,573,200
Innophos Holdings	16,750		913,880
International Flavors & Fragrances	27,100		2,077,757
Quaker Chemical	57,600		3,399,552
Stepan Company	60,600		3,823,860
Victrex	7,500		189,172
Westlake Chemical	4,300		402,050
			14,583,062
Containers & Packaging - 1.8%
AptarGroup	71,300		4,089,055
Greif Cl. A	84,800		4,546,976
			8,636,031
Metals & Mining - 7.5%
Allegheny Technologies	13,000		412,230
Carpenter Technology	65,600		3,233,424
Commercial Metals	18,700		296,395
Compass Minerals International	47,000		3,708,300
Fresnillo	81,800		1,685,386
Gold Fields ADR	505,400		3,916,850
Hecla Mining	270,000		1,066,500
Kingsgate Consolidated	33,000		133,652
Major Drilling Group International	88,000		783,974
Pan American Silver	179,500		2,940,210
Randgold Resources ADR	60,200		5,175,996
Reliance Steel & Aluminum	91,606		6,519,599
Schnitzer Steel Industries Cl. A	27,600		735,816
Sims Metal Management ADR	240,000		2,510,400
Steel Dynamics	21,000		333,270
Worthington Industries	103,800		3,215,724
			36,667,726
Total			59,886,819
Telecommunication Services – 0.0%
Diversified Telecommunication Services - 0.0%
Citic Telecom International Holdings	551,000		205,137
Total			205,137
Miscellaneous 5 – 3.5%
Total			16,739,967
TOTAL COMMON STOCKS
(Cost $388,311,930)			463,708,116
REPURCHASE AGREEMENT – 4.3%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $20,597,275 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at
$21,009,969)
(Cost $20,597,000)			20,597,000
TOTAL INVESTMENTS – 99.7%
(Cost $408,908,930)			484,305,116
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.3%			1,647,919
NET ASSETS – 100.0%		$	485,953,035

SCHEDULES OF INVESTMENTS
ROYCE SMID-CAP VALUE FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 88.2%
Consumer Discretionary – 5.5%
Auto Components - 0.2%
Autoliv	370	$	25,582
Automobiles - 1.4%
Thor Industries	4,300		158,197
Household Durables - 0.8%
Garmin	2,600		85,904
Multiline Retail - 1.5%
Dollar Tree 2	3,500		169,505
Specialty Retail - 1.6%
Signet Jewelers	2,720		182,240
Total			621,428
Consumer Staples – 0.8%
Food Products - 0.8%
Sanderson Farms	1,700		92,854
Total			92,854
Energy – 14.1%
Energy Equipment & Services - 12.6%
C&J Energy Services 2	11,400		261,060
Helmerich & Payne	7,000		424,900
Pason Systems	17,800		310,495
Trican Well Service	22,200		325,619
Unit Corporation 2	2,600		118,430
			1,440,504
Oil, Gas & Consumable Fuels - 1.5%
HollyFrontier Corporation	3,300		169,785
Total			1,610,289
Financials – 16.1%
Capital Markets - 11.3%
Affiliated Managers Group 2	900		138,213
Artisan Partners Asset Management 2	5,000		197,250
Ashmore Group	51,600		274,413
Federated Investors Cl. B	6,300		149,121
Partners Group Holding	600		148,088
Sprott	39,700		136,782
Value Partners Group	384,000		248,825
			1,292,692
Diversified Financial Services - 1.9%
Leucadia National	7,900		216,697
Real Estate Management & Development - 2.9%
Jones Lang LaSalle	1,630		162,039
Kennedy-Wilson Holdings	10,500		162,855
			324,894
Total			1,834,283
Health Care – 3.5%
Biotechnology - 2.3%
Myriad Genetics 2	10,400		264,160
Health Care Providers & Services - 1.2%
Schein (Henry) 2	1,500		138,825
Total			402,985
Industrials – 16.4%
Construction & Engineering - 3.6%
Jacobs Engineering Group 2	7,300		410,552
Machinery - 8.6%
Kennametal	4,400		171,776
Lincoln Electric Holdings	1,900		102,942
Semperit AG Holding	7,400		285,519
Valmont Industries	1,925		302,745
Wabtec Corporation	1,200		122,532
			985,514
Marine - 1.5%
Kirby Corporation 2	2,200		168,960
Professional Services - 2.7%
ManpowerGroup	3,300		187,176
Towers Watson & Company Cl. A	1,800		124,776
			311,952
Total			1,876,978
Information Technology – 15.7%
Computers & Peripherals - 5.9%
SanDisk Corporation 2	3,700		203,500
Western Digital	9,400		472,632
			676,132
Electronic Equipment, Instruments & Components - 0.8%
AVX Corporation	7,100		84,490
Semiconductors & Semiconductor Equipment - 8.3%
Analog Devices	8,500		395,165
International Rectifier 2	8,142		172,203
LSI Corporation 2	12,500		84,750
Teradyne 2	18,350		297,637
			949,755
Software - 0.7%
SimCorp	300		80,462
Total			1,790,839
Materials – 16.1%
Chemicals - 2.8%
Westlake Chemical	3,500		327,250
Metals & Mining - 11.3%
Alamos Gold	10,000		137,323
Globe Specialty Metals	22,100		307,632
Hochschild Mining	21,300		88,646
Pan American Silver	14,700		240,786
Pretium Resources 2	11,800		93,456
Reliance Steel & Aluminum	5,900		419,903
			1,287,746
Paper & Forest Products - 2.0%
Stella-Jones	3,025		225,777
Total			1,840,773
TOTAL COMMON STOCKS
(Cost $9,332,844)			10,070,429
REPURCHASE AGREEMENT – 11.3%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $1,291,017 (collateralized
by obligations of various U.S. Government
Agencies, due 7/25/13, valued at $1,319,340)
(Cost $1,291,000)			1,291,000
TOTAL INVESTMENTS – 99.5%
(Cost $10,623,844)			11,361,429
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.5%			54,574
NET ASSETS – 100.0%		$	11,416,003

SCHEDULES OF INVESTMENTS
ROYCE FOCUS VALUE FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 97.8%
Consumer Discretionary – 5.5%
Automobiles - 1.2%
Thor Industries	3,000	$	110,370
Household Durables - 1.0%
Blyth	5,600		97,216
Internet & Catalog Retail - 1.5%
NutriSystem	16,600		140,768
Specialty Retail - 1.8%
Buckle (The)	3,500		163,275
Total			511,629
Consumer Staples – 3.6%
Food Products - 3.6%
Cal-Maine Foods	2,000		85,120
Industrias Bachoco ADR	4,500		144,495
Sanderson Farms	2,000		109,240
Total			338,855
Energy – 15.3%
Energy Equipment & Services - 9.6%
C&J Energy Services 2	6,000		137,400
Helmerich & Payne	4,500		273,150
Pason Systems	13,500		235,487
Trican Well Service	11,000		161,343
Unit Corporation 2	2,000		91,100
			898,480
Oil, Gas & Consumable Fuels - 5.7%
Africa Oil 2	15,000		106,020
Devon Energy	1,900		107,198
Exxon Mobil	3,500		315,385
			528,603
Total			1,427,083
Financials – 20.4%
Capital Markets - 13.5%
Affiliated Managers Group 2	600		92,142
Artisan Partners Asset Management 2	4,000		157,800
Ashmore Group	30,000		159,542
Federated Investors Cl. B	5,000		118,350
Franklin Resources	2,500		377,025
Partners Group Holding	400		98,725
Sprott	25,000		86,135
Value Partners Group	250,000		161,996
			1,251,715
Insurance - 3.9%
Berkshire Hathaway Cl. B 2	3,500		364,700
Real Estate Investment Trusts (REITs) - 1.1%
Rouse Properties	5,800		104,980
Real Estate Management & Development - 1.9%
Kennedy-Wilson Holdings	11,000		170,610
Total			1,892,005
Health Care – 2.3%
Biotechnology - 2.3%
Myriad Genetics 2	8,600		218,440
Total			218,440
Industrials – 5.4%
Construction & Engineering - 2.4%
Jacobs Engineering Group 2	4,000		224,960
Machinery - 1.2%
Lincoln Electric Holdings	2,000		108,360
Road & Rail - 1.8%
Patriot Transportation Holding 2	6,000		166,920
Total			500,240
Information Technology – 25.9%
Computers & Peripherals - 9.6%
Apple	500		221,315
Immersion Corporation 2	11,000		129,140
SanDisk Corporation 2	3,000		165,000
Western Digital	7,500		377,100
			892,555
Semiconductors & Semiconductor Equipment - 9.7%
Analog Devices	7,500		348,675
MKS Instruments	8,000		217,600
Teradyne 2	12,000		194,640
Veeco Instruments 2	3,500		134,155
			895,070
Software - 6.6%
MICROS Systems 2	4,300		195,693
Microsoft Corporation	10,000		286,100
SimCorp	500		134,103
			615,896
Total			2,403,521
Materials – 18.5%
Chemicals - 4.9%
Mosaic Company (The)	5,000		298,050
W.R. Grace & Co. 2	2,000		155,020
			453,070
Metals & Mining - 13.6%
Allied Nevada Gold 2	6,500		106,990
Fresnillo	4,000		82,415
Globe Specialty Metals	6,200		86,304
Major Drilling Group International	12,500		111,360
Newmont Mining	4,500		188,505
Nucor Corporation	3,000		138,450
Pretium Resources 2	12,000		95,040
Reliance Steel & Aluminum	3,500		249,095
Schnitzer Steel Industries Cl. A	4,000		106,640
Seabridge Gold 2	7,500		103,500
			1,268,299
Total			1,721,369
Miscellaneous 5 – 0.9%
Total			82,394
TOTAL COMMON STOCKS
(Cost $7,573,973)			9,095,536
FIXED INCOME – 1.2%
Government Bonds – 1.2%
ProShares UltraShort 20+ Year Treasury 2	1,750		114,993
TOTAL FIXED INCOME
(Cost $185,658)			114,993
REPURCHASE AGREEMENT – 2.0%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $181,002 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at $187,544)
(Cost $181,000)			181,000
TOTAL INVESTMENTS – 101.0%
(Cost $7,940,631)			9,391,529
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.0)%			(95,095	)
NET ASSETS – 100.0%		$	9,296,434

SCHEDULES OF INVESTMENTS
ROYCE PARTNERS FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 91.0%
Consumer Discretionary – 6.8%
Household Durables - 2.1%
Hunter Douglas	600	$	23,881
NVR 2	25		27,002
			50,883
Media - 1.8%
Morningstar	600		41,952
Specialty Retail - 1.4%
Tiffany & Co.	500		34,770
Textiles, Apparel & Luxury Goods - 1.5%
Geox	12,600		35,081
Total			162,686
Energy – 5.3%
Energy Equipment & Services - 5.3%
Ensco Cl. A	900		54,000
Schlumberger	360		26,960
Tidewater	900		45,450
Total			126,410
Financials – 26.5%
Capital Markets - 21.2%
AllianceBernstein Holding L.P.	1,700		37,230
Ashmore Group	8,000		42,545
Bank of New York Mellon (The)	1,700		47,583
Coronation Fund Managers	5,300		27,666
Jupiter Fund Management	7,300		36,337
KKR & Co. L.P.	1,300		25,116
Northern Trust	1,000		54,560
SEI Investments	1,800		51,930
Sprott	10,000		34,454
State Street	935		55,249
Value Partners Group	64,000		41,471
WisdomTree Investments 2	5,040		52,416
			506,557
Diversified Financial Services - 2.3%
Moody’s Corporation	1,040		55,453
Insurance - 1.3%
E-L Financial	60		30,488
Real Estate Management & Development - 1.7%
Jones Lang LaSalle	400		39,764
Total			632,262
Health Care – 2.4%
Biotechnology - 1.2%
Myriad Genetics 2	1,100		27,940
Pharmaceuticals - 1.2%
Adcock Ingram Holdings	4,400		28,993
Total			56,933
Industrials – 24.6%
Air Freight & Logistics - 1.5%
Expeditors International of Washington	1,040		37,138
Commercial Services & Supplies - 0.8%
Ritchie Bros. Auctioneers	900		19,530
Construction & Engineering - 2.2%
Fluor Corporation	800		53,064
Machinery - 6.6%
Foster (L.B.) Company	800		35,432
Graco	720		41,782
Spirax-Sarco Engineering	800		32,662
Valmont Industries	300		47,181
			157,057
Professional Services - 7.3%
Advisory Board (The) 2	500		26,260
ManpowerGroup	700		39,704
Towers Watson & Company Cl. A	700		48,524
Verisk Analytics Cl. A 2	970		59,781
			174,269
Road & Rail - 3.3%
Landstar System	800		45,672
Patriot Transportation Holding 2	1,200		33,384
			79,056
Trading Companies & Distributors - 2.9%
Air Lease Cl. A	1,100		32,252
Applied Industrial Technologies	800		36,000
			68,252
Total			588,366
Information Technology – 15.4%
Electronic Equipment, Instruments & Components - 6.6%
Amphenol Corporation Cl. A	300		22,395
Anixter International	500		34,960
FARO Technologies 2	600		26,034
IPG Photonics	550		36,526
National Instruments	1,200		39,300
			159,215
IT Services - 3.3%
MasterCard Cl. A	100		54,113
Western Union	1,600		24,064
			78,177
Office Electronics - 2.2%
Zebra Technologies Cl. A 2	1,100		51,843
Semiconductors & Semiconductor Equipment - 1.6%
Veeco Instruments 2	1,000		38,330
Software - 1.7%
SimCorp	150		40,231
Total			367,796
Materials – 10.0%
Chemicals - 3.0%
Airgas	400		39,664
Sigma-Aldrich Corporation	400		31,072
			70,736
Containers & Packaging - 3.7%
Greif Cl. A	880		47,185
Mayr-Melnhof Karton	375		41,066
			88,251
Metals & Mining - 3.3%
Gold Fields ADR	3,800		29,450
Reliance Steel & Aluminum	700		49,819
			79,269
Total			238,256
TOTAL COMMON STOCKS
(Cost $1,699,029)			2,172,709
REPURCHASE AGREEMENT – 9.1%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $218,003 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at $223,025)
(Cost $218,000)			218,000
TOTAL INVESTMENTS – 100.1%
(Cost $1,917,029)			2,390,709
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.1)%			(2,763	)
NET ASSETS – 100.0%		$	2,387,946

SCHEDULES OF INVESTMENTS
ROYCE SPECIAL EQUITY MULTI-CAP FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 95.1%
Consumer Discretionary – 24.5%
Distributors - 3.8%
Genuine Parts	65,000	$	5,070,000
Media - 2.1%
Scripps Networks Interactive Cl. A	44,000		2,830,960
Multiline Retail - 3.5%
Nordstrom	83,000		4,584,090
Specialty Retail - 12.4%
Bed Bath & Beyond 2	92,500		5,958,850
Gap (The)	153,450		5,432,130
Staples	368,900		4,954,327
			16,345,307
Textiles, Apparel & Luxury Goods - 2.7%
Coach	70,500		3,524,295
Total			32,354,652
Consumer Staples – 4.5%
Food & Staples Retailing - 2.9%
Walgreen Company	81,000		3,862,080
Food Products - 1.6%
Hormel Foods	50,000		2,066,000
Total			5,928,080
Energy – 3.5%
Oil, Gas & Consumable Fuels - 3.5%
Occidental Petroleum	59,400		4,655,178
Total			4,655,178
Health Care – 15.5%
Health Care Equipment & Supplies - 9.7%
C.R. Bard	40,500		4,081,590
Medtronic	84,100		3,949,336
Stryker Corporation	72,200		4,710,328
			12,741,254
Health Care Providers & Services - 3.3%
Quest Diagnostics	76,500		4,318,425
Pharmaceuticals - 2.5%
Johnson & Johnson	40,700		3,318,271
Total			20,377,950
Industrials – 23.4%
Aerospace & Defense - 2.8%
Raytheon Company	62,600		3,680,254
Construction & Engineering - 0.7%
Jacobs Engineering Group 2	16,400		922,336
Electrical Equipment - 4.4%
Emerson Electric	104,400		5,832,828
Industrial Conglomerates - 3.1%
3M	38,550		4,098,251
Machinery - 12.4%
Cummins	31,400		3,636,434
Dover Corporation	75,550		5,506,084
Illinois Tool Works	52,900		3,223,726
Parker Hannifin	43,550		3,988,309
			16,354,553
Total			30,888,222
Information Technology – 23.7%
Communications Equipment - 3.4%
Cisco Systems	216,200		4,520,742
Electronic Equipment, Instruments & Components - 7.0%
Avnet 2	95,150		3,444,430
Molex Cl. A	240,100		5,791,212
			9,235,642
Semiconductors & Semiconductor Equipment - 9.8%
Analog Devices	108,250		5,032,542
Intel Corporation	182,450		3,986,533
KLA-Tencor	73,500		3,876,390
			12,895,465
Software - 3.5%
Microsoft Corporation	158,850		4,544,698
Total			31,196,547
TOTAL COMMON STOCKS
(Cost $111,776,641)			125,400,629
REPURCHASE AGREEMENT – 5.0%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $6,658,089 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at
$6,792,125)
(Cost $6,658,000)			6,658,000
TOTAL INVESTMENTS – 100.1%
(Cost $118,434,641)			132,058,629
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.1)%			(162,687	)
NET ASSETS – 100.0%		$	131,895,942

SCHEDULES OF INVESTMENTS
ROYCE EUROPEAN SMALLER-COMPANIES FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 94.2%
Austria – 4.2%
Mayr-Melnhof Karton	3,030	$	331,811
Semperit AG Holding	12,200		470,721
Total			802,532
Belgium – 3.7%
EVS Broadcast Equipment	3,850		247,052
GIMV	4,229		211,363
Sipef	3,000		242,962
Total			701,377
Cyprus – 0.7%
Globaltrans Investment GDR	8,550		134,919
Total			134,919
Denmark – 2.8%
H. Lundbeck	17,100		314,870
SimCorp	850		227,976
Total			542,846
Finland – 2.1%
Nokian Renkaat	6,550		291,345
Vaisala Cl. A	4,000		100,805
Total			392,150
France – 16.1%
Altamir Amboise	17,400		203,860
Alten	6,100		241,616
Audika Groupe	20,300		237,837
Beneteau 2	20,200		205,076
bioMerieux	2,400		226,334
Boiron	7,150		370,550
Manutan International	5,050		206,306
Parrot 2	10,000		308,542
Piscines Desjoyaux	18,400		107,788
Societe Internationale de Plantations d’Heveas	3,050		253,814
Stallergenes	5,000		312,003
Vetoquinol	8,200		269,086
Virbac	600		138,209
Total			3,081,021
Germany – 10.2%
Aixtron 2	9,000		130,480
Carl Zeiss Meditec	6,500		205,509
Fuchs Petrolub	1,800		138,440
KWS Saat	600		213,813
Nemetschek	2,550		153,744
Pfeiffer Vacuum Technology	1,100		121,334
PUMA	915		285,600
Rational	765		229,807
SMT Scharf	3,000		97,312
Takkt	23,500		384,074
Total			1,960,113
Greece – 1.0%
JUMBO	28,000		199,558
Total			199,558
Italy – 6.7%
Azimut Holding	17,400		281,479
De’Longhi	12,700		199,912
DiaSorin	7,600		265,958
Geox	66,000		183,756
Recordati	39,500		357,470
Total			1,288,575
Netherlands – 2.7%
ASM International	5,100		169,352
Beter Bed Holding	14,000		256,447
Fugro	1,800		99,631
Total			525,430
Norway – 2.6%
Ekornes	19,950		321,072
TGS-NOPEC Geophysical	4,700		177,032
Total			498,104
Poland – 0.8%
Warsaw Stock Exchange	12,000		144,427
Total			144,427
South Africa – 5.4%
Adcock Ingram Holdings	40,650		267,853
Cashbuild	6,300		85,779
Lewis Group	53,000		372,515
Raubex Group	150,000		318,097
Total			1,044,244
Spain – 1.5%
Almirall	22,800		284,955
Total			284,955
Sweden – 1.5%
Bjoern Borg	12,500		75,769
Lundin Petroleum 2	10,000		216,372
Total			292,141
Switzerland – 13.4%
Bank Sarasin & Co. Cl. B 2	5,480		155,573
Banque Privee Edmond de Rothschild	5		105,867
Burckhardt Compression Holding	600		224,534
Calida Holding	5,000		142,737
Inficon Holding	715		210,892
Logitech International	27,900		188,978
Partners Group Holding	1,100		271,495
Sika	55		133,604
Straumann Holding	2,100		282,935
Sulzer	1,500		256,294
VZ Holding	2,250		306,937
Zehnder Group	6,600		286,443
Total			2,566,289
Turkey – 1.5%
Koza Altin Isletmeleri	4,200		98,193
Mardin Cimento Sanayii	66,500		197,004
Total			295,197
United Kingdom – 17.3%
Ashmore Group	67,500		358,970
Clarkson	14,000		330,784
Diploma	11,500		97,940
Domino Printing Sciences	20,300		197,099
EnQuest 2	145,000		316,380
Hochschild Mining	65,000		270,515
Homeserve	31,000		94,441
Jupiter Fund Management	50,500		251,375
Latchways	14,600		240,142
Michael Page International	20,000		128,181
Photo-Me International	135,000		153,844
Rotork	6,000		264,749
Sepura	70,000		107,425
Severfield-Rowen	300,000		101,423
Spirax-Sarco Engineering	6,600		269,462
Victrex	5,950		150,076
Total			3,332,806
TOTAL COMMON STOCKS
(Cost $17,515,929)			18,086,684
REPURCHASE AGREEMENT – 6.3%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $1,202,016 (collateralized
by obligations of various U.S. Government
Agencies, due 7/25/13, valued at $1,229,385)
(Cost $1,202,000)			1,202,000
TOTAL INVESTMENTS – 100.5%
(Cost $18,717,929)			19,288,684
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.5)%			(100,591	)
NET ASSETS – 100.0%		$	19,188,093

SCHEDULES OF INVESTMENTS
ROYCE GLOBAL VALUE FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 96.0%
Australia – 1.1%
Medusa Mining	700,000	$	3,133,863
Total			3,133,863
Austria – 5.9%
Mayr-Melnhof Karton	75,000		8,213,139
Semperit AG Holding	221,844		8,559,564
Total			16,772,703
Belgium – 2.4%
GIMV	47,950		2,396,510
Sipef	53,800		4,357,119
Total			6,753,629
Brazil – 2.9%
Brasil Brokers Participacoes	1,400,000		4,988,247
Eternit	750,000		3,306,940
Total			8,295,187
Canada – 10.1%
B2Gold Corporation 2	959,410		2,918,322
Major Drilling Group International	464,500		4,138,136
Pan American Silver	300,000		4,914,000
Pason Systems	400,000		6,977,408
Sprott	954,000		3,286,903
Trican Well Service	460,000		6,747,059
Total			28,981,828
China – 2.2%
Daphne International Holdings	2,000,000		2,512,061
E-House China Holdings ADR	800,000		3,720,000
Total			6,232,061
Denmark – 1.5%
SimCorp	16,600		4,452,239
Total			4,452,239
France – 1.3%
Societe Internationale de Plantations d’Heveas	44,900		3,736,477
Total			3,736,477
Germany – 1.9%
Carl Zeiss Meditec	100,000		3,161,685
Pfeiffer Vacuum Technology	20,000		2,206,065
Total			5,367,750
Hong Kong – 3.8%
Asian Citrus Holdings	3,500,000		1,803,531
Luk Fook Holdings (International) 1	1,400,000		4,490,792
Value Partners Group	7,000,000		4,535,881
Total			10,830,204
India – 2.7%
Graphite India	2,650,000		3,876,265
Maharashtra Seamless	900,000		3,725,851
Total			7,602,116
Italy – 2.2%
Recordati	694,990		6,289,567
Total			6,289,567
Japan – 12.5%
EPS Corporation	3,500		5,194,136
FamilyMart	180,000		8,212,673
MISUMI Group	137,000		3,775,195
Moshi Moshi Hotline	300,000		4,267,276
Nihon M&A Center	105,000		4,623,413
Santen Pharmaceutical	100,000		4,626,335
USS	43,000		4,933,340
Total			35,632,368
Mexico – 2.7%
Grupo SIMEC Ser. B 2	575,000		2,732,675
Industrias Bachoco ADR	155,000		4,977,050
Total			7,709,725
Norway – 2.9%
Ekornes	260,000		4,184,394
TGS-NOPEC Geophysical	106,500		4,011,471
Total			8,195,865
South Africa – 4.9%
Adcock Ingram Holdings	600,000		3,953,541
Lewis Group	737,500		5,183,586
Raubex Group	2,350,000		4,983,524
Total			14,120,651
South Korea – 1.6%
MegaStudy	72,500		4,639,583
Total			4,639,583
Sweden – 1.7%
Autoliv	71,400		4,936,596
Total			4,936,596
Switzerland – 2.7%
Burckhardt Compression Holding	9,100		3,405,430
Partners Group Holding	18,000		4,442,642
Total			7,848,072
Turkey – 1.2%
Mardin Cimento Sanayii	1,121,145		3,321,360
Total			3,321,360
United Kingdom – 9.2%
Ashmore Group	1,400,000		7,445,304
Domino Printing Sciences	414,500		4,024,498
Hochschild Mining	950,000		3,953,684
Jupiter Fund Management	1,000,000		4,977,717
Spirax-Sarco Engineering	75,000		3,062,071
Victrex	115,000		2,900,630
Total			26,363,904
United States – 18.6%
ADTRAN	120,000		2,358,000
Allied Nevada Gold 2	189,500		3,119,170
Cubic Corporation	69,500		2,969,040
Dolby Laboratories Cl. A	142,700		4,789,012
Helmerich & Payne	135,500		8,224,850
Kennametal	136,600		5,332,864
Lincoln Electric Holdings	110,800		6,003,144
Myriad Genetics 2	183,000		4,648,200
Teradyne 2	310,000		5,028,200
Veeco Instruments 2	105,000		4,024,650
Western Digital	134,500		6,762,660
Total			53,259,790
TOTAL COMMON STOCKS
(Cost $303,664,837)			274,475,538
REPURCHASE AGREEMENT – 4.1%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $11,621,155 (collateralized
by obligations of various U.S. Government
Agencies, due 7/25/13, valued at $11,854,070)
(Cost $11,621,000)			11,621,000
COLLATERAL RECEIVED FOR SECURITIES
LOANED – 0.7%
Money Market Funds
Federated Government Obligations Fund
(7 day yield-0.0099%)
(Cost $2,106,253)			2,106,253
TOTAL INVESTMENTS – 100.8%
(Cost $317,392,090)			288,202,791
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.8)%			(2,293,952	)
NET ASSETS – 100.0%		$	285,908,839

SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL SMALLER-COMPANIES FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 96.6%
Australia – 1.1%
Medusa Mining	30,000	$	134,308
Regis Resources 2	40,000		173,248
Total			307,556
Austria – 2.3%
Mayr-Melnhof Karton	2,500		273,771
Semperit AG Holding	9,000		347,254
Total			621,025
Belgium – 1.7%
GIMV	3,950		197,418
Sipef	1,600		129,580
Van de Velde	3,000		131,710
Total			458,708
Brazil – 2.8%
Brasil Brokers Participacoes	70,000		249,413
Eternit	40,000		176,370
Fleury	14,000		132,327
Grendene	20,000		212,693
Total			770,803
Canada – 4.3%
B2Gold Corporation 2	45,000		136,880
Ensign Energy Services	8,000		136,398
Gluskin Sheff + Associates	8,000		142,935
Major Drilling Group International	20,000		178,176
ShawCor	2,300		97,451
Sprott	60,000		206,723
Trican Well Service	17,500		256,682
Total			1,155,245
Cayman Islands – 0.9%
Greenlight Capital Re Cl. A 2	10,000		244,500
Total			244,500
China – 2.5%
Anta Sports Products	175,000		149,468
Daphne International Holdings	175,000		219,805
Haitian International Holdings	100,000		155,619
Pacific Online	400,000		150,466
Total			675,358
Cyprus – 0.7%
Globaltrans Investment GDR	12,500		197,250
Total			197,250
Denmark – 1.8%
H. Lundbeck	12,000		220,961
SimCorp	950		254,797
Total			475,758
France – 9.3%
Altamir Amboise	17,500		205,032
Alten	5,100		202,007
Audika Groupe	17,500		205,032
Beneteau 2	17,500		177,665
bioMerieux	1,900		179,181
Boiron	4,400		228,031
Ipsen	4,000		143,080
Manutan International	5,000		204,263
Parrot 2	7,500		231,406
Societe Internationale de Plantations d’Heveas	2,500		208,044
Stallergenes	2,600		162,241
Vetoquinol	7,000		229,708
Virbac	585		134,754
Total			2,510,444
Germany – 5.2%
Carl Zeiss Meditec	8,000		252,935
Fuchs Petrolub	1,500		115,367
KWS Saat	535		190,650
Nemetschek	2,300		138,671
Pfeiffer Vacuum Technology	1,600		176,485
PUMA	615		191,960
Takkt	20,000		326,872
Total			1,392,940
Greece – 0.5%
JUMBO	20,000		142,542
Total			142,542
Hong Kong – 8.1%
Bosideng International Holdings	350,000		108,663
Luk Fook Holdings (International)	50,000		160,386
Media Chinese International	400,000		151,138
Midland Holdings	350,000		154,653
New World Department Store China	375,000		217,390
Pacific Textiles Holdings	221,000		238,009
Pico Far East Holdings	575,000		206,665
Stella International Holdings	60,000		180,095
Television Broadcasts	32,500		245,973
Texwinca Holdings	200,000		211,013
Value Partners Group	225,000		145,796
Xtep International Holdings	400,000		155,104
Total			2,174,885
India – 2.6%
AIA Engineering	30,000		173,901
Graphite India	125,000		182,843
Maharashtra Seamless	45,000		186,292
Unichem Laboratories	50,000		159,384
Total			702,420
Italy – 3.5%
De’Longhi	9,000		141,670
DiaSorin	8,000		279,956
Geox	70,000		194,893
Recordati	35,000		316,745
Total			933,264
Japan – 13.5%
Asahi Company	9,500		131,094
Benesse Holdings	4,100		174,218
BML	8,100		218,214
C. Uyemura & Co.	5,500		205,078
Dr.Ci:Labo	64		195,464
EPS Corporation	160		237,446
FamilyMart	7,000		319,382
Hisamitsu Pharmaceutical	3,400		183,481
Hogy Medical	2,000		107,718
Kakaku.com	7,000		176,087
Mandom Corporation	3,500		124,184
Megane TOP	11,500		159,547
Milbon	3,400		119,732
Miraial	7,500		133,691
MISUMI Group	8,000		220,449
Moshi Moshi Hotline	15,000		213,364
Nomura Research Institute	7,500		193,445
Santen Pharmaceutical	6,500		300,712
USS	2,000		229,458
Total			3,642,764
Luxembourg – 0.4%
Reinet Investments 2	5,000		96,844
Total			96,844
Malaysia – 1.3%
Media Prima	250,000		196,997
Padini Holdings	250,000		153,399
Total			350,396
Mexico – 2.4%
Grupo Herdez	65,000		239,287
Grupo SIMEC Ser. B 2	35,000		166,337
Industrias Bachoco ADR	7,500		240,825
Total			646,449
Netherlands – 0.7%
Beter Bed Holding	10,000		183,176
Total			183,176
Norway – 1.2%
Ekornes	10,000		160,938
TGS-NOPEC Geophysical	4,500		169,499
Total			330,437
Poland – 0.7%
Warsaw Stock Exchange	15,000		180,534
Total			180,534
Singapore – 1.7%
ARA Asset Management	68,090		105,400
Biosensors International Group 2	104,000		109,421
ComfortDelGro Corporation	110,000		169,387
Yoma Strategic Holdings 2	137,000		83,944
Total			468,152
South Africa – 3.5%
Adcock Ingram Holdings	35,000		230,623
ADvTECH	125,000		95,157
AVI	21,500		125,582
Lewis Group	40,000		281,144
Raubex Group	100,000		212,065
Total			944,571
South Korea – 2.7%
Green Cross	1,200		167,176
GS Home Shopping	1,000		175,625
Handsome Co.	6,500		169,423
MegaStudy	3,500		223,980
Total			736,204
Spain – 0.5%
Almirall	10,200		127,480
Total			127,480
Sweden – 1.0%
Lundin Petroleum 2	12,500		270,465
Total			270,465
Switzerland – 8.8%
Bank Sarasin & Co. Cl. B 2	3,000		85,168
Banque Privee Edmond de Rothschild	3		63,521
Burckhardt Compression Holding	600		224,534
Forbo Holding	180		117,560
Kaba Holding	450		175,155
Logitech International	22,000		153,340
Partners Group Holding	1,150		283,835
Sika	68		165,183
Straumann Holding	1,000		134,731
Sulzer	2,200		375,898
Vontobel Holding	4,200		133,614
VZ Holding	2,200		300,116
Zehnder Group	4,000		173,602
Total			2,386,257
Turkey – 1.1%
Koza Altin Isletmeleri	5,500		128,586
Mardin Cimento Sanayii	60,000		177,748
Total			306,334
United Kingdom – 9.8%
Ashmore Group	50,000		265,904
Clinigen Group	80,000		295,381
Consort Medical	11,300		133,581
Domino Printing Sciences	12,000		116,511
EnQuest 2	85,000		185,464
Hikma Pharmaceuticals	7,500		117,833
Hochschild Mining	48,500		201,846
Homeserve	50,000		152,325
Jupiter Fund Management	35,000		174,220
Lancashire Holdings	9,200		113,090
Oxford Instruments	6,800		170,999
Photo-Me International	115,000		131,053
Rotork	3,500		154,437
Severfield-Rowen	333,333		112,693
Spirax-Sarco Engineering	4,000		163,310
Victrex	6,000		151,337
Total			2,639,984
TOTAL COMMON STOCKS
(Cost $23,325,757)			26,072,745
REPURCHASE AGREEMENT – 6.8%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $1,836,024 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at
$1,875,438)
(Cost $1,836,000)			1,836,000
TOTAL INVESTMENTS – 103.4%
(Cost $25,161,757)			27,908,745
LIABILITIES LESS CASH
AND OTHER ASSETS – (3.4)%			(922,726	)
NET ASSETS – 100.0%		$	26,986,019

SCHEDULES OF INVESTMENTS
ROYCE GLOBAL DIVIDEND VALUE FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 93.5%
Australia – 1.5%
Cochlear	300	$	21,255
Imdex	26,800		34,181
Medusa Mining	9,000		40,292
Troy Resources	10,000		22,593
Total			118,321
Austria – 1.7%
Mayr-Melnhof Karton	800		87,607
Semperit AG Holding	1,300		50,159
Total			137,766
Belgium – 2.0%
EVS Broadcast Equipment	800		51,336
GIMV	700		34,985
Sipef	600		48,592
Van de Velde	600		26,342
Total			161,255
Bermuda – 0.9%
Lazard Cl. A	2,160		73,721
Total			73,721
Brazil – 1.8%
Brasil Brokers Participacoes	12,500		44,538
Eternit	10,000		44,093
Grendene	5,000		53,173
Total			141,804
Canada – 5.0%
Canadian Energy Services & Technology	1,200		14,648
Computer Modelling Group	1,900		39,446
E-L Financial	40		20,325
Gluskin Sheff + Associates	1,800		32,160
Major Drilling Group International	7,500		66,816
Pan American Silver	2,200		36,036
Pason Systems	1,500		26,165
ShawCor	450		19,067
Sprott	22,500		77,521
Stella-Jones	400		29,855
Trican Well Service	2,000		29,335
Total			391,374
Chile – 0.5%
Inversiones La Construccion	2,000		38,833
Total			38,833
China – 1.6%
Anta Sports Products	30,000		25,623
Daphne International Holdings	35,000		43,961
E-House China Holdings ADR	7,000		32,550
Pacific Online	60,000		22,570
Total			124,704
Cyprus – 0.6%
Globaltrans Investment GDR	3,000		47,340
Total			47,340
Denmark – 1.6%
H. Lundbeck	2,500		46,034
Pandora	1,300		35,761
SimCorp	175		46,936
Total			128,731
Finland – 1.7%
Marimekko	1,500		21,612
Nokian Renkaat	1,000		44,480
Ponsse	4,500		36,687
Vaisala Cl. A	1,200		30,241
Total			133,020
France – 4.2%
Alten	1,500		59,414
Audika Groupe	3,000		35,148
bioMerieux	300		28,292
Boiron	1,000		51,825
Manutan International	800		32,682
Piscines Desjoyaux	6,000		35,148
Societe Internationale de Plantations d’Heveas	750		62,413
Vetoquinol	800		26,253
Total			331,175
Germany – 3.9%
Carl Zeiss Meditec	1,075		33,988
Fielmann	400		36,917
Fuchs Petrolub	660		50,761
Nemetschek	700		42,204
Pfeiffer Vacuum Technology	430		47,431
Rational	140		42,056
Takkt	3,500		57,203
Total			310,560
Hong Kong – 8.0%
Arts Optical International Holdings	122,000		28,604
Dickson Concepts (International)	65,000		36,844
Goldlion Holdings	60,000		31,304
Le Saunda Holdings	72,000		22,539
Lung Kee (Bermuda) Holdings	76,000		31,624
Media Chinese International	110,000		41,563
Midland Holdings	90,000		39,768
New World Department Store China	65,000		37,681
Pacific Textiles Holdings	50,000		53,848
Pico Far East Holdings	130,000		46,724
Stella International Holdings	10,000		30,016
Television Broadcasts	5,000		37,842
Texwinca Holdings	50,000		52,753
Value Partners Group	50,000		32,399
VTech Holdings	3,000		36,657
Win Hanverky Holdings	276,000		33,066
Xtep International Holdings	105,000		40,715
Total			633,947
India – 0.5%
Graphite India	28,000		40,957
Total			40,957
Indonesia – 0.7%
Selamat Sempurna	200,000		52,483
Total			52,483
Italy – 2.1%
DiaSorin	1,000		34,995
Geox	17,000		47,331
Nice	12,000		39,840
Recordati	5,200		47,059
Total			169,225
Japan – 6.1%
BML	1,000		26,940
Dr.Ci:Labo	12		36,650
EPS Corporation	40		59,362
FamilyMart	1,600		73,002
Hogy Medical	450		24,236
Miraial	1,500		26,738
Moshi Moshi Hotline	4,000		56,897
Nihon M&A Center	1,000		44,033
Santen Pharmaceutical	1,000		46,263
TOTO	2,000		17,889
USS	600		68,837
Total			480,847
Jersey – 1.0%
Randgold Resources ADR	900		77,382
Total			77,382
Lebanon – 0.2%
BLOM Bank GDR	1,600		13,792
Total			13,792
Malaysia – 1.7%
CB Industrial Product Holding	54,000		43,772
Media Prima	65,000		51,219
Padini Holdings	65,000		39,884
Total			134,875
Mexico – 1.7%
Bolsa Mexicana de Valores	21,200		60,726
Grupo Herdez	10,000		36,814
Industrias Bachoco ADR	1,100		35,321
Total			132,861
Netherlands – 0.8%
Beter Bed Holding	2,200		40,299
Hunter Douglas	500		19,900
Total			60,199
Norway – 2.0%
Ekornes	4,200		67,594
Oslo Bors VPS Holding	3,400		30,270
TGS-NOPEC Geophysical	1,500		56,500
Total			154,364
Poland – 0.9%
Warsaw Stock Exchange	6,000		72,214
Total			72,214
Singapore – 3.0%
ARA Asset Management	39,050		60,447
Armstrong Industrial	90,000		21,768
Broadway Industrial Group	90,000		24,671
ComfortDelGro Corporation	30,000		46,197
CSE Global	68,000		47,422
SATS	6,600		16,176
Singapore Exchange	2,900		18,003
Total			234,684
South Africa – 5.0%
Adcock Ingram Holdings	9,800		64,574
ADvTECH	40,000		30,450
AVI	6,400		37,383
Cashbuild	2,400		32,677
Coronation Fund Managers	9,200		48,025
Gold Fields ADR	7,300		56,575
JSE	4,000		31,016
Lewis Group	4,500		31,629
Raubex Group	27,500		58,318
Total			390,647
South Korea – 1.5%
Bukwang Pharmaceutical	1,653		22,434
GS Home Shopping	200		35,125
MegaStudy	910		58,235
Total			115,794
Spain – 0.2%
Bolsas y Mercados Espanoles	600		14,736
Total			14,736
Sweden – 0.4%
Bjoern Borg	5,000		30,307
Total			30,307
Switzerland – 7.2%
Belimo Holding	15		34,605
Burckhardt Compression Holding	170		63,618
Inficon Holding	250		73,738
Kaba Holding	100		38,923
LEM Holding	54		33,505
Partners Group Holding	190		46,895
Sika	23		55,870
Straumann Holding	350		47,156
Sulzer	350		59,802
VZ Holding	500		68,208
Zehnder Group	1,000		43,400
Total			565,720
Thailand – 0.2%
Hana Microelectronics	18,000		15,520
Total			15,520
Turkey – 0.7%
Mardin Cimento Sanayii	19,500		57,768
Total			57,768
United Kingdom – 9.9%
Ashmore Group	9,500		50,522
Clarkson	3,500		82,696
Close Brothers Group	1,200		19,182
De La Rue	2,000		29,660
Diploma	3,500		29,808
Domino Printing Sciences	4,000		38,837
Ensco Cl. A	1,200		72,000
Fidessa Group	1,200		35,464
Hochschild Mining	7,500		31,213
Homeserve	10,000		30,465
Investec	5,000		34,871
Jupiter Fund Management	17,500		87,110
Lancashire Holdings	2,300		28,272
Latchways	1,500		24,672
Michael Page International	3,500		22,432
Photo-Me International	35,000		39,885
Rathbone Brothers	700		15,518
RIT Capital Partners	1,700		31,307
Severfield-Rowen	34,000		11,494
Spirax-Sarco Engineering	1,000		40,828
Victrex	1,000		25,223
Total			781,459
United States – 12.7%
Apollo Global Management LLC Cl. A	3,200		69,248
Cabot Corporation	1,300		44,460
Compass Minerals International	400		31,560
Dynamic Materials	1,800		31,320
Expeditors International of Washington	1,700		60,707
FLIR Systems	1,650		42,916
Gentex Corporation	2,300		46,023
Greif Cl. A	1,100		58,982
Harman International Industries	800		35,704
Hecla Mining	9,000		35,550
Invesco	2,900		83,984
ManpowerGroup	1,200		68,064
National Instruments	2,000		65,500
Schnitzer Steel Industries Cl. A	600		15,996
Sims Metal Management ADR	4,500		47,070
Tidewater	1,800		90,900
WaterFurnace Renewable Energy	3,800		60,600
Western Digital	1,400		70,392
Western Union	2,700		40,608
Total			999,584
TOTAL COMMON STOCKS
(Cost $7,278,512)			7,367,969
REPURCHASE AGREEMENT – 7.3%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $575,008 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at $587,975)
(Cost $575,000)			575,000
TOTAL INVESTMENTS – 100.8%
(Cost $7,853,512)			7,942,969
LIABILITIES LESS CASH
AND OTHER ASSETS – (0.8)%			(63,050	)
NET ASSETS – 100.0%		$	7,879,919

SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL MICRO-CAP FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 96.3%
Australia – 3.7%
Evolution Mining 2	30,000	$	45,758
Imdex	22,500		28,697
Kingsrose Mining	35,000		23,504
TFS Corporation 2	90,000		50,600
Troy Resources	10,000		22,593
Total			171,152
Austria – 1.4%
Semperit AG Holding	1,700		65,592
Total			65,592
Belgium – 1.1%
EVS Broadcast Equipment	800		51,335
Total			51,335
Bermuda – 0.8%
Northern Offshore	20,000		35,441
Total			35,441
Brazil – 2.5%
Brasil Brokers Participacoes	17,500		62,353
Eternit	12,500		55,116
Total			117,469
Canada – 3.4%
Alexco Resource 2	6,500		21,580
Goldgroup Mining 2	41,000		9,889
IROC Energy Services	9,500		28,336
Major Drilling Group International	4,000		35,635
Sprott Resource	5,000		22,444
Total Energy Services	3,000		41,935
Total			159,819
China – 0.6%
Pacific Online	70,000		26,332
Qunxing Paper Holdings 6	41,000		2,180
Total			28,512
Denmark – 1.1%
SimCorp	190		50,959
Total			50,959
Finland – 0.8%
Ponsse	4,500		36,687
Total			36,687
France – 10.8%
Altamir Amboise	4,500		52,722
Audika Groupe	4,500		52,722
Boiron	600		31,095
Foraco International	15,000		23,626
Manutan International	1,400		57,194
Neurones	4,500		51,338
Parrot 2	1,700		52,452
Piscines Desjoyaux	3,500		20,503
Societe Internationale de Plantations d’Heveas	600		49,931
Stallergenes	1,000		62,401
Vetoquinol	1,500		49,223
Total			503,207
Germany – 4.7%
Bertrandt	200		23,330
Deutsche Beteiligungs	1,000		24,118
LPKF Laser & Electronics	1,500		36,042
Mobotix	700		14,325
Nemetschek	300		18,088
SMT Scharf	1,400		45,412
Takkt	3,500		57,203
Total			218,518
Greece – 0.4%
JUMBO	2,500		17,818
Total			17,818
Hong Kong – 10.2%
Arts Optical International Holdings	150,000		35,169
Dickson Concepts (International)	50,000		28,341
Embry Holdings	35,000		18,531
Fairwood Holdings	10,000		21,642
Goldlion Holdings	100,000		52,174
I.T	40,000		16,283
Le Saunda Holdings	84,000		26,296
Lung Kee (Bermuda) Holdings	100,000		41,610
Midland Holdings	110,000		48,605
Oriental Watch Holdings	65,000		21,185
Pico Far East Holdings	150,000		53,913
Tse Sui Luen Jewellery (International)	61,000		32,376
Win Hanverky Holdings	350,000		41,932
YGM Trading	12,000		34,628
Total			472,685
India – 4.3%
FAG Bearings India	1,700		45,980
Graphite India	35,000		51,196
Maharashtra Seamless	12,500		51,748
McLeod Russel India	3,500		22,668
Solar Industries India	1,500		28,399
Total			199,991
Indonesia – 0.6%
Selamat Sempurna	100,000		26,241
Total			26,241
Isle of Man – 0.7%
Geodrill 2	27,500		32,756
Total			32,756
Italy – 2.6%
Geox	11,500		32,018
Interpump Group	2,500		19,548
Nice	10,000		33,200
Piquadro	20,000		36,251
Total			121,017
Japan – 10.6%
Asahi Company	3,500		48,298
BML	2,000		53,880
C. Uyemura & Co.	1,200		44,744
EPS Corporation	40		59,362
Gurunavi	4,500		57,173
Hogy Medical	400		21,544
Mandom Corporation	800		28,385
Megane TOP	2,000		27,747
Milbon	750		26,411
Miraial	2,000		35,651
Moshi Moshi Hotline	1,700		24,181
Nihon M&A Center	1,500		66,049
Total			493,425
Malaysia – 4.0%
CB Industrial Product Holding	55,000		44,582
Coastal Contracts	75,000		48,442
Kossan Rubber Industries	40,000		45,471
Padini Holdings	75,000		46,020
Total			184,515
Mexico – 0.4%
Medica Sur Ser. B	8,500		18,581
Total			18,581
Netherlands – 1.3%
Beter Bed Holding	3,200		58,616
Total			58,616
Norway – 1.0%
Ekornes	3,000		48,281
Total			48,281
Poland – 2.1%
Elektrobudowa	1,500		56,877
Warsaw Stock Exchange	3,500		42,125
Total			99,002
Singapore – 3.0%
Armstrong Industrial	100,000		24,187
CSE Global	85,000		59,278
Hour Glass (The)	20,000		29,830
Yoma Strategic Holdings 2	40,000		24,509
Total			137,804
South Africa – 4.5%
ADvTECH	30,000		22,838
Bell Equipment 2	5,000		11,903
Cashbuild	1,500		20,423
Holdsport	2,800		13,837
Merafe Resources 2	500,000		39,694
MiX Telematics	55,000		22,131
Raubex Group	27,500		58,318
Village Main Reef	160,000		19,488
Total			208,632
South Korea – 2.8%
GS Home Shopping	200		35,125
Handsome Co.	1,400		36,491
MegaStudy	900		57,595
Total			129,211
Spain – 0.6%
Clinica Baviera	5,500		28,060
Total			28,060
Sri Lanka – 0.3%
Distilleries Company of Sri Lanka	12,500		16,469
Total			16,469
Sweden – 0.6%
Bjoern Borg	5,000		30,307
Total			30,307
Switzerland – 3.9%
Calida Holding	1,500		42,821
Inficon Holding	125		36,869
LEM Holding	30		18,614
VZ Holding	300		40,925
Zehnder Group	1,000		43,400
Total			182,629
Taiwan – 1.0%
Makalot Industrial	12,500		46,819
Total			46,819
Turkey – 1.0%
Mardin Cimento Sanayii	15,000		44,437
Total			44,437
United Arab Emirates – 0.7%
Aramex	52,000		31,712
Total			31,712
United Kingdom – 7.2%
Clarkson	2,700		63,794
Clinigen Group	15,000		55,384
Concentric	2,200		23,463
Diploma	3,500		29,808
Immunodiagnostic Systems Holdings	7,500		32,478
Latchways	3,000		49,344
Photo-Me International	22,000		25,071
Sepura	18,000		27,624
Severfield-Rowen	83,333		28,174
Total			335,140
United States – 1.6%
Century Casinos 2	12,000		34,320
WaterFurnace Renewable Energy	2,600		41,463
Total			75,783
TOTAL COMMON STOCKS
(Cost $4,677,636)			4,478,622
REPURCHASE AGREEMENT – 3.6%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $165,002 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at $172,338)
(Cost $165,000)			165,000
TOTAL INVESTMENTS – 99.9%
(Cost $4,842,636)			4,643,622
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.1%			5,184
NET ASSETS – 100.0%		$	4,648,806

SCHEDULES OF INVESTMENTS
ROYCE INTERNATIONAL PREMIER FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 96.4%
Austria – 5.2%
Mayr-Melnhof Karton	1,650	$	180,689
Semperit AG Holding	4,700		181,343
Total			362,032
Belgium – 1.8%
EVS Broadcast Equipment	2,000		128,339
Total			128,339
China – 2.1%
Daphne International Holdings	120,000		150,724
Total			150,724
Finland – 3.1%
Nokian Renkaat	3,500		155,681
Vacon	900		60,567
Total			216,248
France – 8.1%
bioMerieux	1,400		132,028
Stallergenes	3,000		187,202
Vetoquinol	3,205		105,173
Virbac	600		138,209
Total			562,612
Germany – 9.8%
Carl Zeiss Meditec	4,000		126,467
Fielmann	1,200		110,752
Fuchs Petrolub	1,400		107,676
KWS Saat	375		133,633
Pfeiffer Vacuum Technology	800		88,242
Rational	400		120,161
Total			686,931
Hong Kong – 4.5%
Media Chinese International	390,000		147,360
Stella International Holdings	55,000		165,087
Total			312,447
Italy – 4.3%
DiaSorin	4,700		164,474
Recordati	14,700		133,033
Total			297,507
Japan – 12.4%
FamilyMart	4,000		182,504
Kakaku.com	7,000		176,088
M3	50		97,360
MISUMI Group	6,000		165,337
Santen Pharmaceutical	3,000		138,790
USS	900		103,256
Total			863,335
Malaysia – 2.1%
Media Prima	185,000		145,777
Total			145,777
Norway – 2.1%
Ekornes	9,000		144,844
Total			144,844
South Africa – 3.0%
Lewis Group	30,000		210,858
Total			210,858
South Korea – 4.6%
Green Cross	1,100		153,245
MegaStudy	2,600		166,385
Total			319,630
Switzerland – 14.5%
Belimo Holding	60		138,418
Burckhardt Compression Holding	350		130,978
Geberit	330		81,240
Kaba Holding	300		116,770
LEM Holding	120		74,455
Partners Group Holding	700		172,770
Straumann Holding	1,200		161,677
VZ Holding	1,000		136,416
Total			1,012,724
United Kingdom – 18.8%
Abcam	17,500		118,992
Ashmore Group	27,500		146,247
Aveva Group	3,000		103,201
Consort Medical	6,100		72,110
Domino Printing Sciences	18,500		179,622
Lancashire Holdings	4,700		57,774
Latchways	8,500		139,809
Oxford Instruments	4,500		113,161
Rotork	3,000		132,374
Spirax-Sarco Engineering	3,000		122,483
Victrex	5,000		126,114
Total			1,311,887
TOTAL COMMON STOCKS
(Cost $6,191,675)			6,725,895
REPURCHASE AGREEMENT – 5.3%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $370,005 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at $380,156)
(Cost $370,000)			370,000
TOTAL INVESTMENTS – 101.7%
(Cost $6,561,675)			7,095,895
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.7)%			(120,897	)
NET ASSETS – 100.0%		$	6,974,998

SCHEDULES OF INVESTMENTS
ROYCE SELECT FUND I
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 92.2%
Consumer Discretionary – 6.6%
Auto Components - 2.0%
Drew Industries	14,596	$	529,981
Gentex Corporation	24,400		488,244
			1,018,225
Automobiles - 1.2%
Thor Industries	15,700		577,603
Diversified Consumer Services - 0.6%
Sotheby’s	8,592		321,427
Specialty Retail - 1.8%
Ascena Retail Group 2	49,200		912,660
Textiles, Apparel & Luxury Goods - 1.0%
Columbia Sportswear	8,221		475,831
Total			3,305,746
Consumer Staples – 1.1%
Food Products - 1.1%
Cal-Maine Foods	12,978		552,344
Total			552,344
Energy – 13.7%
Energy Equipment & Services - 13.7%
CARBO Ceramics	3,200		291,424
Helmerich & Payne	25,400		1,541,780
Oil States International 2	17,600		1,435,632
Pason Systems	45,400		791,936
ShawCor	16,300		690,631
Superior Energy Services 2	28,600		742,742
Trican Well Service	38,900		570,567
Unit Corporation 2	17,150		781,182
Total			6,845,894
Financials – 7.3%
Capital Markets - 4.7%
Federated Investors Cl. B	35,100		830,817
Lazard Cl. A	24,500		836,185
SEI Investments	22,200		640,470
			2,307,472
Insurance - 2.6%
Alleghany Corporation 2	3,305		1,308,516
Total			3,615,988
Health Care – 3.3%
Health Care Providers & Services - 0.7%
VCA Antech 2	13,810		324,397
Life Sciences Tools & Services - 2.6%
Bio-Rad Laboratories Cl. A 2	8,200		1,033,200
Techne Corporation	4,100		278,185
			1,311,385
Total			1,635,782
Industrials – 22.2%
Aerospace & Defense - 2.0%
Cubic Corporation	12,800		546,816
Teledyne Technologies 2	5,828		457,148
			1,003,964
Building Products - 0.9%
Apogee Enterprises	15,599		451,591
Commercial Services & Supplies - 2.5%
Tetra Tech 2	41,000		1,250,090
Electrical Equipment - 5.6%
AZZ	19,510		940,382
Global Power Equipment Group	40,218		708,641
GrafTech International 2	149,059		1,144,773
			2,793,796
Machinery - 6.6%
Astec Industries	8,334		291,107
Gardner Denver	1,700		127,687
Kennametal	21,100		823,744
Lincoln Electric Holdings	6,750		365,715
Timken Company (The)	9,200		520,536
Valmont Industries	4,900		770,623
Wabtec Corporation	3,784		386,384
			3,285,796
Professional Services - 3.4%
CRA International 2	24,279		543,121
Robert Half International	13,728		515,212
Towers Watson & Company Cl. A	4,000		277,280
TrueBlue 2	16,487		348,535
			1,684,148
Trading Companies & Distributors - 1.2%
MSC Industrial Direct Cl. A	6,852		587,765
Total			11,057,150
Information Technology – 22.2%
Communications Equipment - 1.7%
ADTRAN	42,600		837,090
Electronic Equipment, Instruments & Components - 7.1%
Coherent	4,281		242,904
Dolby Laboratories Cl. A	24,200		812,152
FARO Technologies 2	16,900		733,291
FEI Company	4,252		274,466
IPG Photonics	9,490		630,231
Rofin-Sinar Technologies 2	31,064		841,524
			3,534,568
IT Services - 1.2%
Sykes Enterprises 2	38,700		617,652
Office Electronics - 0.9%
Zebra Technologies Cl. A 2	9,900		466,587
Semiconductors & Semiconductor Equipment - 11.3%
Aixtron ADR	33,607		492,679
ATMI 2	46,500		1,042,995
Cabot Microelectronics 2	15,091		524,412
Integrated Silicon Solution 2	78,000		715,260
MKS Instruments	26,800		728,960
Nanometrics 2	60,500		873,015
Teradyne 2	42,500		689,350
Veeco Instruments 2	14,100		540,453
			5,607,124
Total			11,063,021
Materials – 10.9%
Chemicals - 4.9%
Intrepid Potash	46,658		875,304
KMG Chemicals	9,356		181,881
LSB Industries 2	18,051		627,814
Minerals Technologies	18,840		782,048
			2,467,047
Metals & Mining - 6.0%
Major Drilling Group International	90,400		805,355
Reliance Steel & Aluminum	23,200		1,651,144
Sims Metal Management ADR	49,370		516,410
			2,972,909
Total			5,439,956
Miscellaneous 5 – 4.9%
Total			2,429,002
TOTAL COMMON STOCKS
(Cost $37,169,017)			45,944,883
REPURCHASE AGREEMENT – 8.9%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $4,458,059 (collateralized
by obligations of various U.S. Government
Agencies, due 9/12/13, valued at $4,547,725)
(Cost $4,458,000)			4,458,000
TOTAL INVESTMENTS – 101.1%
(Cost $41,627,017)			50,402,883
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.1)%			(557,819	)
NET ASSETS – 100.0%		$	49,845,064

SCHEDULES OF INVESTMENTS
ROYCE SELECT FUND II
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 91.5%
Consumer Discretionary – 10.6%
Auto Components - 1.7%
Drew Industries 7	701	$	25,453
Minth Group	25,800		37,956
			63,409
Internet & Catalog Retail - 1.1%
CafePress 2	7,200		43,272
Media - 1.2%
IMAX Corporation 2	1,700		45,441
Multiline Retail - 0.5%
New World Department Store China	30,000		17,391
Specialty Retail - 4.3%
Beter Bed Holding	2,700		49,458
Destination Maternity	1,600		37,440
Signet Jewelers 7	900		60,300
Stage Stores	700		18,116
			165,314
Textiles, Apparel & Luxury Goods - 1.8%
Daphne International Holdings	19,000		23,865
Stella International Holdings	8,100		24,313
Texwinca Holdings	20,000		21,101
			69,279
Total			404,106
Consumer Staples – 4.2%
Food & Staples Retailing - 1.1%
FamilyMart	900		41,063
Food Products - 3.1%
Amira Nature Foods 2	6,000		47,520
First Resources	48,500		71,557
			119,077
Total			160,140
Energy – 6.2%
Energy Equipment & Services - 6.2%
Helmerich & Payne 7	1,690		102,583
RPC 7	3,100		47,027
TGS-NOPEC Geophysical	900		33,900
Total Energy Services	3,800		53,118
Total			236,628
Financials – 7.8%
Capital Markets - 5.3%
Ashmore Group	5,700		30,313
Federated Investors Cl. B 7	2,900		68,643
Lazard Cl. A	600		20,478
Sprott	13,100		45,135
Value Partners Group	54,800		35,509
			200,078
Real Estate Management & Development - 2.5%
E-House China Holdings ADR 7	7,700		35,805
Midland Holdings	134,900		59,608
			95,413
Total			295,491
Health Care – 4.8%
Health Care Equipment & Supplies - 3.5%
Analogic Corporation 7	800		63,216
Invacare Corporation	2,700		35,235
Kossan Rubber Industries	32,635		37,098
			135,549
Pharmaceuticals - 1.3%
Hi-Tech Pharmacal	1,461		48,374
Total			183,923
Industrials – 15.3%
Aerospace & Defense - 2.2%
AeroVironment 2	1,400		25,382
Astronics Corporation 2,7	1,930		57,553
			82,935
Building Products - 1.2%
WaterFurnace Renewable Energy	2,800		44,652
Commercial Services & Supplies - 0.9%
Team 2,7	844		34,663
Construction & Engineering - 2.1%
Layne Christensen 2	1,900		40,622
Raubex Group	18,600		39,444
			80,066
Electrical Equipment - 1.0%
Global Power Equipment Group	2,100		37,002
Machinery - 5.1%
Flow International 2	11,992		46,889
Sarin Technologies	54,400		61,840
Semperit AG Holding	1,000		38,584
Sun Hydraulics 7	1,500		48,765
			196,078
Marine - 1.2%
Clarkson	1,900		44,892
Professional Services - 1.6%
Acacia Research-Acacia Technologies 2	2,100		63,357
Total			583,645
Information Technology – 29.6%
Communications Equipment - 3.9%
Oplink Communications 2	2,382		39,065
Plantronics	1,000		44,190
Polycom 2	5,800		64,264
			147,519
Computers & Peripherals - 3.3%
Logitech International	9,800		68,306
Super Micro Computer 2	2,600		29,354
Western Digital	600		30,168
			127,828
Electronic Equipment, Instruments & Components - 3.3%
DTS 2,7	2,113		35,139
Hollysys Automation Technologies 2	3,000		36,570
IPG Photonics	400		26,564
Vishay Intertechnology 2	2,100		28,581
			126,854
Internet Software & Services - 4.3%
Bankrate 2,7	7,874		94,015
Stamps.com 2	1,500		37,455
ValueClick 2,7	1,105		32,653
			164,123
IT Services - 5.2%
Computer Task Group 7	2,700		57,753
CSE Global	87,100		60,742
Total System Services 7	3,200		79,296
			197,791
Semiconductors & Semiconductor Equipment - 7.3%
Kulicke & Soffa Industries 2	4,600		53,176
MKS Instruments	988		26,874
Photronics 2,7	8,640		57,715
RDA Microelectronics ADR	3,800		35,150
Silicon Motion Technology ADR	2,600		30,420
Teradyne 2,7	4,550		73,801
			277,136
Software - 2.3%
Actuate Corporation 2,7	6,700		40,200
American Software Cl. A 7	5,664		47,125
			87,325
Total			1,128,576
Materials – 8.8%
Chemicals - 4.0%
Innophos Holdings	900		49,104
Minerals Technologies	1,500		62,265
Societe Internationale de Plantations d’Heveas	500		41,609
			152,978
Metals & Mining - 4.8%
Haynes International	799		44,185
Hochschild Mining	3,700		15,398
Horsehead Holding Corporation 2	3,800		41,344
Market Vectors Junior Gold Miners ETF 7	3,200		53,568
Pan American Silver	1,700		27,846
			182,341
Total			335,319
Miscellaneous 5 – 4.2%
Total			158,704
TOTAL COMMON STOCKS
(Cost $3,171,024)			3,486,532
REPURCHASE AGREEMENT – 14.4%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $550,007 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at $562,631)
(Cost $550,000)			550,000
TOTAL INVESTMENTS – 105.9%
(Cost $3,721,024)			4,036,532
LIABILITIES LESS CASH
AND OTHER ASSETS – (5.9)%			(223,445	)
NET ASSETS – 100.0%		$	3,813,087
SECURITIES SOLD SHORT
COMMON STOCKS – 11.6%
Diversified Investment Companies – 10.5%
Closed-End Funds - 0.5%
Morgan Stanley China A Share Fund	800	$	18,888
Exchange Traded Funds - 10.0%
Direxion Daily Small Cap Bull 3X Shares	700		62,272
iShares FTSE China 25 Index Fund	1,200		44,280
iShares MSCI Hong Kong Index Fund	1,000		19,840
NEXT FUNDS Nikkei 225 Leveraged Index ETF	1,100		84,368
ProShares Ultra MSCI Japan	500		36,750
ProShares UltraShort MSCI Emerging Markets	1,800		40,482
ProShares UltraShort QQQ	1,000		25,900
VelocityShares Daily Inverse VIX Short Term ETN	2,900		67,599
			381,491
Total			400,379
Financials – 0.8%
Commercial Banks - 0.8%
Direxion Daily Financial Bear 3X Shares	2,800		29,372
Total			29,372
Information Technology – 0.3%
Internet Software & Services - 0.3%
Rackspace Hosting	250		12,620
Total			12,620
FIXED INCOME – 0.8%
Government Bonds – 0.8%
iShares Barclays 20+ Year Treasury Bond Fund	250		29,440
Total			29,440
TOTAL SECURITIES SOLD SHORT
(Proceeds $473,469)		$	471,811

SCHEDULES OF INVESTMENTS
ROYCE GLOBAL SELECT LONG/SHORT FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 89.9%
Australia – 1.2%
Medusa Mining 7	55,000	$	246,232
Total			246,232
Austria – 5.8%
Mayr-Melnhof Karton 7	5,000		547,543
Semperit AG Holding 7	16,000		617,339
Total			1,164,882
Belgium – 1.6%
Sipef	4,000		323,949
Total			323,949
Brazil – 3.4%
Brasil Brokers Participacoes	110,000		391,934
Eternit	65,000		286,601
Total			678,535
China – 2.3%
Daphne International Holdings	200,000		251,206
E-House China Holdings ADR 7	43,314		201,410
Total			452,616
Denmark – 1.6%
SimCorp 7	1,230		329,895
Total			329,895
Finland – 1.8%
Nokian Renkaat 7	8,000		355,842
Total			355,842
France – 1.5%
Societe Internationale de Plantations d’Heveas	3,500		291,262
Total			291,262
Germany – 4.1%
Carl Zeiss Meditec 7	7,000		221,318
Fuchs Petrolub 7	2,000		153,822
KWS Saat 7	800		285,084
Pfeiffer Vacuum Technology 7	1,400		154,424
Total			814,648
Hong Kong – 5.0%
Luk Fook Holdings (International)	90,000		288,694
Media Chinese International	1,050,000		396,738
Value Partners Group	475,000		307,792
Total			993,224
India – 3.9%
Graphite India	200,000		292,549
Maharashtra Seamless	65,000		269,089
McLeod Russel India	35,000		226,679
Total			788,317
Italy – 2.3%
Recordati 7	50,000		452,493
Total			452,493
Japan – 12.5%
EPS Corporation 7	260		385,850
FamilyMart 7	12,000		547,512
MISUMI Group 7	10,000		275,562
Moshi Moshi Hotline 7	20,500		291,597
Nihon M&A Center 7	7,500		330,244
Santen Pharmaceutical 7	7,000		323,843
USS	3,000		344,186
Total			2,498,794
Jersey – 0.9%
Randgold Resources ADR 7	2,000		171,960
Total			171,960
Mexico – 4.8%
Fresnillo 7	15,000		309,056
Grupo SIMEC Ser. B 2	65,000		308,911
Industrias Bachoco ADR 7	10,800		346,788
Total			964,755
Norway – 2.9%
Ekornes	22,500		362,111
TGS-NOPEC Geophysical	6,000		225,998
Total			588,109
South Africa – 5.3%
Adcock Ingram Holdings 7	50,000		329,462
Lewis Group 7	55,000		386,572
Raubex Group	165,000		349,907
Total			1,065,941
South Korea – 1.9%
MegaStudy	6,000		383,966
Total			383,966
Switzerland – 3.2%
Burckhardt Compression Holding 7	800		299,379
Partners Group Holding 7	1,410		348,007
Total			647,386
Turkey – 2.1%
Koza Altin Isletmeleri 7	5,000		116,896
Mardin Cimento Sanayii	100,000		296,247
Total			413,143
United Kingdom – 10.9%
Ashmore Group 7	85,000		452,036
Domino Printing Sciences 7	43,000		417,499
EnQuest 2	160,000		349,109
Hochschild Mining 7	70,000		291,324
Jupiter Fund Management 7	75,000		373,329
Spirax-Sarco Engineering 7	7,000		285,794
Total			2,169,091
United States – 10.9%
Cubic Corporation	4,500		192,240
Dolby Laboratories Cl. A 7	11,000		369,160
GrafTech International 2,7	30,000		230,400
Guess? 7	10,000		248,300
Helmerich & Payne 7	8,500		515,950
Kennametal 7	9,000		351,360
Myriad Genetics 2	10,500		266,700
Total			2,174,110
TOTAL COMMON STOCKS
(Cost $16,645,670)			17,969,150
REPURCHASE AGREEMENT – 26.4%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $5,279,070 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at
$5,388,081)
(Cost $5,279,000)			5,279,000
TOTAL INVESTMENTS – 116.3%
(Cost $21,924,670)			23,248,150
LIABILITIES LESS CASH
AND OTHER ASSETS – (16.3)%			(3,262,950	)
NET ASSETS – 100.0%		$	19,985,200
SECURITIES SOLD SHORT
COMMON STOCKS – 30.5%
Argentina – 0.5%
MercadoLibre	1,000	$	96,560
Total			96,560
Canada – 1.7%
iShares MSCI Canada Index Fund	11,600		330,716
Total			330,716
Cayman Islands – 0.4%
Herbalife	2,000		74,900
Total			74,900
China – 2.0%
iShares FTSE China 25 Index Fund	10,500		387,450
Total			387,450
Finland – 0.8%
Orion Cl. B	6,000		157,591
Total			157,591
Germany – 0.4%
Deutsche Bank	2,000		78,240
Total			78,240
Hong Kong – 0.8%
Focus Media Holding ADR	6,000		160,860
Total			160,860
India – 0.6%
Direxion Daily India Bull 3X Shares	6,500		120,380
Total			120,380
Japan – 4.9%
Fast Retailing	600		190,768
iShares MSCI Japan Index Fund	42,500		459,000
NEXT FUNDS Nikkei 225 Leveraged Index ETF	4,500		345,143
Total			994,911
Switzerland – 0.4%
Compagnie Financiere Richemont Cl. A	1,000		78,479
Total			78,479
United States – 16.1%
Brunswick Corporation	4,000		136,880
Coca-Cola Company (The)	5,000		202,200
Conn’s	3,500		125,650
Delta Air Lines	7,700		127,127
Deluxe Corporation	8,500		351,900
Direxion Daily Energy Bull 3X Shares	5,700		378,195
Haverty Furniture	5,000		102,800
Monster Beverage	5,000		238,700
NCR Corporation	6,000		165,360
ProShares Ultra Basic Materials	6,000		226,680
ProShares Ultra Health Care	3,000		336,990
Simon Property Group	800		126,848
Tempur-Pedic International	1,800		89,334
Terex Corporation	5,000		172,100
Toll Brothers	5,000		171,200
United Rentals	5,000		274,850
Total			3,226,814
Non-Country Specific – 1.9%
Direxion Daily Emerging Markets Bull 3X Shares	4,000		386,280
Total			386,280
TOTAL SECURITIES SOLD SHORT
(Proceeds $5,017,443)		$	6,093,181

SCHEDULES OF INVESTMENTS
ROYCE ENTERPRISE SELECT FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 81.1%
Consumer Discretionary – 12.5%
Automobiles - 1.4%
Thor Industries	540	$	19,867
Distributors - 1.5%
Genuine Parts	280		21,840
Household Durables - 0.4%
Garmin	100		3,304
Mohawk Industries 2	20		2,262
			5,566
Leisure Equipment & Products - 0.6%
Arctic Cat 2	200		8,740
Media - 0.0%
IMAX Corporation 2	30		802
Multiline Retail - 3.9%
Dollar Tree 2	1,150		55,694
Specialty Retail - 3.1%
Advance Auto Parts	400		33,060
Signet Jewelers	160		10,720
			43,780
Textiles, Apparel & Luxury Goods - 1.6%
Wolverine World Wide	500		22,185
Total			178,474
Energy – 2.8%
Energy Equipment & Services - 2.8%
C&J Energy Services 2	100		2,290
CARBO Ceramics	120		10,928
Helmerich & Payne	200		12,140
SEACOR Holdings	200		14,736
Total			40,094
Financials – 16.0%
Capital Markets - 3.7%
Affiliated Managers Group 2	90		13,821
Artisan Partners Asset Management 2	500		19,725
Federated Investors Cl. B	800		18,936
			52,482
Diversified Financial Services - 4.3%
Leucadia National	1,050		28,802
Moody’s Corporation	600		31,992
			60,794
Insurance - 5.0%
Alleghany Corporation 2	146		57,804
Berkley (W.R.)	320		14,199
			72,003
Real Estate Management & Development - 3.0%
Jones Lang LaSalle	350		34,793
Kennedy-Wilson Holdings	513		7,957
			42,750
Total			228,029
Health Care – 5.8%
Biotechnology - 0.9%
Myriad Genetics 2	500		12,700
Health Care Equipment & Supplies - 1.7%
Analogic Corporation	200		15,804
C.R. Bard	80		8,062
			23,866
Health Care Providers & Services - 2.9%
Schein (Henry) 2,7	440		40,722
Life Sciences Tools & Services - 0.3%
Bio-Rad Laboratories Cl. A 2	40		5,040
Total			82,328
Industrials – 19.9%
Air Freight & Logistics - 1.3%
Expeditors International of Washington	520		18,569
Commercial Services & Supplies - 3.0%
Cintas Corporation	500		22,065
UniFirst Corporation	230		20,815
			42,880
Construction & Engineering - 3.0%
Jacobs Engineering Group 2	750		42,180
Machinery - 6.1%
AGCO Corporation	200		10,424
Crane Company	360		20,109
Kennametal	190		7,418
Standex International	50		2,761
Valmont Industries	230		36,172
Wabtec Corporation	100		10,211
			87,095
Marine - 1.5%
Kirby Corporation 2	275		21,120
Professional Services - 5.0%
Equifax	300		17,277
ManpowerGroup	280		15,882
Towers Watson & Company Cl. A	550		38,126
			71,285
Total			283,129
Information Technology – 13.4%
Communications Equipment - 1.0%
Plantronics	310		13,699
Computers & Peripherals - 1.4%
Western Digital	400		20,112
Electronic Equipment, Instruments & Components - 3.9%
AVX Corporation	1,703		20,265
FLIR Systems	900		23,409
Rogers Corporation 2	240		11,429
			55,103
IT Services - 1.2%
Fiserv 2	200		17,566
Semiconductors & Semiconductor Equipment - 2.3%
Analog Devices	620		28,824
Teradyne 2	210		3,406
			32,230
Software - 3.6%
MICROS Systems 2	850		38,684
Rovi Corporation 2	600		12,846
			51,530
Total			190,240
Materials – 5.9%
Chemicals - 2.4%
Cabot Corporation	230		7,866
Innospec	226		10,007
Sigma-Aldrich Corporation	206		16,002
			33,875
Metals & Mining - 3.1%
Globe Specialty Metals	500		6,960
Reliance Steel & Aluminum	530		37,720
			44,680
Paper & Forest Products - 0.4%
Stella-Jones	70		5,225
Total			83,780
Utilities – 4.0%
Gas Utilities - 4.0%
UGI Corporation 7	1,500		57,585
Total			57,585
Miscellaneous 5 – 0.8%
Total			11,430
TOTAL COMMON STOCKS
(Cost $990,794)			1,155,089
REPURCHASE AGREEMENT – 20.0%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $285,004 (collateralized
by obligations of various U.S. Government
Agencies, due 7/25/13, valued at $294,853)
(Cost $285,000)			285,000
TOTAL INVESTMENTS – 101.1%
(Cost $1,275,794)			1,440,089
LIABILITIES LESS CASH
AND OTHER ASSETS – (1.1)%			(16,212	)
NET ASSETS – 100.0%		$	1,423,877

SCHEDULES OF INVESTMENTS
ROYCE OPPORTUNITY SELECT FUND
MARCH 31, 2013 (UNAUDITED)
	SHARES		VALUE
COMMON STOCKS – 100.8%
Consumer Discretionary – 12.2%
Hotels, Restaurants & Leisure - 2.6%
Jamba 2	15,000	$	42,750
Orient-Express Hotels Cl. A 2	8,000		78,880
			121,630
Household Durables - 1.5%
Furniture Brands International 2	18,000		18,000
Hovnanian Enterprises Cl. A 2	9,000		51,930
			69,930
Internet & Catalog Retail - 0.8%
Vitacost.com 2	5,000		36,150
Leisure Equipment & Products - 0.3%
Callaway Golf 7	2,500		16,550
Media - 1.9%
Acquity Group ADR 2	14,500		92,075
Specialty Retail - 1.4%
Zumiez 2	3,000		68,700
Textiles, Apparel & Luxury Goods - 3.7%
Delta Apparel 2,7	2,500		41,175
Jones Group (The)	6,000		76,320
Quiksilver 2	10,000		60,700
			178,195
Total			583,230
Energy – 11.5%
Energy Equipment & Services - 6.7%
Hercules Offshore 2	12,500		92,750
Key Energy Services 2	7,000		56,560
Natural Gas Services Group 2	1,200		23,112
Newpark Resources 2	5,500		51,040
Patterson-UTI Energy	4,000		95,360
			318,822
Oil, Gas & Consumable Fuels - 4.8%
Goodrich Petroleum 2	3,000		46,950
Scorpio Tankers 2	10,000		89,200
StealthGas 2	4,000		47,960
Warren Resources 2	15,000		48,150
			232,260
Total			551,082
Financials – 14.3%
Commercial Banks - 1.9%
FirstMerit Corporation	5,600		92,568
Insurance - 1.3%
Old Republic International	5,000		63,550
Real Estate Investment Trusts (REITs) - 3.1%
LaSalle Hotel Properties 7	4,000		101,520
RAIT Financial Trust	5,500		43,835
			145,355
Real Estate Management & Development - 2.4%
Kennedy-Wilson Holdings	7,500		116,325
Thrifts & Mortgage Finance - 5.6%
BofI Holding 2	2,700		96,876
MGIC Investment 2	15,000		74,250
Radian Group 7	9,000		96,390
			267,516
Total			685,314
Health Care – 1.3%
Health Care Equipment & Supplies - 1.3%
Accuray 2	13,000		60,320
Total			60,320
Industrials – 14.9%
Aerospace & Defense - 1.9%
Kratos Defense & Security Solutions 2	18,000		90,540
Air Freight & Logistics - 1.7%
XPO Logistics 2	4,800		80,832
Building Products - 1.5%
Builders FirstSource 2	8,000		46,880
PGT 2	3,500		24,045
			70,925
Construction & Engineering - 1.5%
Ameresco Cl. A 2,7	6,000		44,400
Northwest Pipe 2,7	1,000		27,980
			72,380
Machinery - 4.8%
Commercial Vehicle Group 2,7	7,500		58,500
Hardinge	1,800		24,534
Meritor 2	12,500		59,125
Mueller Water Products Cl. A	15,000		88,950
			231,109
Road & Rail - 1.3%
Swift Transportation 2,7	4,500		63,810
Trading Companies & Distributors - 2.2%
Air Lease Cl. A	3,500		102,620
Total			712,216
Information Technology – 36.4%
Communications Equipment - 2.6%
NETGEAR 2,7	2,500		83,775
Oclaro 2	6,500		8,190
Westell Technologies Cl. A 2	16,000		32,160
			124,125
Computers & Peripherals - 3.8%
Datalink Corporation 2	5,000		60,400
QLogic Corporation 2	10,500		121,800
			182,200
Electronic Equipment, Instruments & Components - 4.4%
Audience 2	4,500		68,625
KEMET Corporation 2	9,000		56,250
Newport Corporation 2	4,200		71,064
SigmaTron International 2	3,500		14,385
			210,324
IT Services - 1.2%
CIBER 2	12,500		58,750
Semiconductors & Semiconductor Equipment - 21.0%
Alpha & Omega Semiconductor 2,7	6,500		57,720
ATMI 2	3,200		71,776
AXT 2	3,000		8,820
Exar Corporation 2,7	10,500		110,250
Inphi Corporation 2,7	3,600		37,620
Kulicke & Soffa Industries 2	4,000		46,240
MagnaChip Semiconductor 2	5,500		95,205
MEMC Electronic Materials 2	16,500		72,600
Mindspeed Technologies 2	16,500		54,945
NeoPhotonics Corporation 2	11,500		58,765
OmniVision Technologies 2	4,200		57,876
Rubicon Technology 2	13,000		85,800
Rudolph Technologies 2,7	10,000		117,800
SunPower Corporation 2	5,400		62,316
TriQuint Semiconductor 2	12,500		63,125
			1,000,858
Software - 3.4%
Ellie Mae 2	5,500		132,275
Smith Micro Software 2	21,000		27,720
			159,995
Total			1,736,252
Materials – 8.1%
Chemicals - 1.8%
OM Group 2	3,600		84,528
Metals & Mining - 6.3%
Century Aluminum 2	6,000		46,440
Molycorp 2	17,000		88,400
US Silica Holdings	3,400		80,172
Walter Energy	3,000		85,500
			300,512
Total			385,040
Miscellaneous 5 – 2.1%
Total			98,260
TOTAL COMMON STOCKS
(Cost $4,276,769)			4,811,714
REPURCHASE AGREEMENT – 4.2%
Fixed Income Clearing Corporation,
0.12% dated 3/28/13, due 4/1/13,
maturity value $201,003 (collateralized
by obligations of various U.S. Government
Agencies, 0.875% due 2/28/17, valued at $207,819)
(Cost $201,000)			201,000
TOTAL INVESTMENTS – 105.0%
(Cost $4,477,769)			5,012,714
LIABILITIES LESS CASH
AND OTHER ASSETS – (5.0)%			(238,043	)
NET ASSETS – 100.0%		$	4,774,671
SECURITIES SOLD SHORT
COMMON STOCKS – 10.2%
Consumer Discretionary – 6.9%
Hotels, Restaurants & Leisure - 4.2%
AFC Enterprises	500	$	18,165
Bravo Brio Restaurant Group	1,500		23,745
Buffalo Wild Wings	1,000		87,530
DineEquity	1,000		68,790
			198,230
Specialty Retail - 1.8%
Aaron’s	1,000		28,680
Chico’s FAS	1,000		16,800
Rent-A-Center	500		18,470
Sonic Automotive Cl. A	1,000		22,160
			86,110
Textiles, Apparel & Luxury Goods - 0.9%
lululemon athletica	700		43,645
Total			327,985
Consumer Staples – 1.5%
Food & Staples Retailing - 1.5%
Fresh Market	1,700		72,709
Total			72,709
Health Care – 0.7%
Health Care Equipment & Supplies - 0.7%
MAKO Surgical	3,000		33,450
Total			33,450
Information Technology – 1.1%
Internet Software & Services - 0.2%
Stamps.com	500		12,485
Software - 0.9%
FleetMatics Group	1,700		41,225
Total			53,710
TOTAL SECURITIES SOLD SHORT
(Proceeds $486,403)		$	487,854

¹ All or a portion of these securities were on loan at March 31, 2013. Total market value of loaned securities as of March 31, 2013, was as follows:

Fund	Market Value
Royce Pennsylvania Mutual Fund	$99,736,791
Royce Micro-Cap Fund	16,446,564
Royce Premier Fund	84,421,128
Royce Low-Priced Stock Fund	52,423,269
Royce Total Return Fund	29,987,765
Royce Heritage Fund	2,640,322
Royce Opportunity Fund	70,080,391
Royce Special Equity Fund	95,494
Royce Value Fund	10,442,898
Royce Value Plus Fund	70,144,195
Royce 100 Fund	2,493,623
Royce Global Value Fund	1,958,276

2	Non-income producing.
3	At March 31, 2013, 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.
4	These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
5	Includes securities first acquired in 2013 and less than 1% of net assets.
6	Securities for which market quotations are not readily available represent 0.0%, 0.3% and 0.0% of net assets for Royce Micro-Cap Fund, Royce Heritage Fund and Royce International Micro-Cap Fund, respectively. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Trustees. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.
7	All or a portion of these securities have been segregated as collateral for short sales.

Securities of Global/International Funds are categorized by the country of their headquarters, with the exception of exchange-traded funds.

TAX INFORMATION:
At March 31, 2013, net unrealized appreciation (depreciation) based on identified cost for tax purposes was as follows:

			Net Unrealized
			Appreciation			Gross Unrealized
	Tax Basis Cost		(Depreciation)				Appreciation		Depreciation
Royce Pennsylvania Mutual Fund	$	4,808,653,370	$	1,744,303,534		$	2,094,819,595	$	350,516,061
Royce Micro-Cap Fund		852,304,069		88,883,454			201,621,535		112,738,081
Royce Premier Fund		4,868,961,823		2,182,240,863			2,552,129,976		369,889,113
Royce Low-Priced Stock Fund		2,190,301,340		421,268,136			682,480,327		261,212,191
Royce Total Return Fund		3,415,650,625		1,637,298,992			1,829,916,226		192,617,234
Royce Heritage Fund		226,940,516		70,956,033			76,945,386		5,989,353
Royce Opportunity Fund		1,934,082,085		311,673,998			503,031,786		191,357,788
Royce Special Equity Fund		2,556,261,953		703,620,691			738,880,763		35,260,072
Royce Value Fund		1,100,742,428		160,865,735			216,977,488		56,111,753
Royce Value Plus Fund		1,260,013,586		269,307,966			351,964,811		82,656,845
Royce 100 Fund		241,341,647		82,429,907			94,735,358		12,305,451
Royce Micro-Cap Discovery Fund		4,552,323		432,956			631,120		198,164
Royce Financial Services Fund		17,585,168		4,185,636			5,399,290		1,213,654
Royce Dividend Value Fund		408,963,025		75,342,091			89,625,562		14,283,471
Royce SMid-Cap Value Fund		10,637,612		723,817			1,611,124		887,307
Royce Focus Value Fund		7,940,631		1,450,898			2,026,086		575,188
Royce Partners Fund		1,917,029		473,680			504,767		31,087
Royce Special Equity Multi-Cap Fund		118,434,641		13,623,988			14,781,347		1,157,359
Royce European Smaller-Companies Fund		18,729,463		559,221			2,584,604		2,025,383
Royce Global Value Fund		317,689,305		(29,486,514	)		27,964,921		57,451,435
Royce International Smaller-Companies Fund		25,205,489		2,703,256			4,325,851		1,622,595
Royce Global Dividend Value Fund		7,853,515		89,454			913,522		824,068
Royce International Micro-Cap Fund		4,842,636		(199,014	)		476,290		675,304
Royce International Premier Fund		6,562,235		533,660			741,675		208,015
Royce Select Fund I		41,642,937		8,759,946			9,942,874		1,182,928
Royce Select Fund II		3,249,738		314,983			517,329		202,346
Royce Global Select Long/Short Fund		16,911,201		243,768			3,005,195		2,761,427
Royce Enterprise Select Fund		1,276,365		163,724			168,563		4,839
Royce Opportunity Select Fund		3,995,527		529,333			733,816		204,483

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) or 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 in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Trustees, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. 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). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedules of Investments.
Level 3	–	significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).

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, 2013. For a detailed breakout of common stocks by sector classification or country, please refer to the Schedules of Investments.

	Level 1		Level 2		Level 3		Total
Royce Pennsylvania Mutual Fund
Common Stocks	$	6,302,003,507	$	9,321,294	$	–	$	6,311,324,801
Cash Equivalents		101,945,103		139,687,000		–		241,632,103
Royce Micro-Cap Fund
Common Stocks		819,782,311		–		377,686		820,159,997
Cash Equivalents		17,370,526		103,657,000		–		121,027,526
Royce Premier Fund
Common Stocks		6,643,662,428		–		–		6,643,662,428
Cash Equivalents		85,614,258		321,926,000		–		407,540,258
Royce Low-Priced Stock Fund
Common Stocks		2,533,128,371		–		–		2,533,128,371
Cash Equivalents		53,857,105		24,584,000		–		78,441,105
Royce Total Return Fund
Common Stocks		4,726,226,615		11,091,309		–		4,737,317,924
Corporate Bonds		–		3,888,750		–		3,888,750
Cash Equivalents		30,798,943		280,944,000		–		311,742,943
Royce Heritage Fund
Common Stocks		287,685,868		–		884,477		288,570,345
Cash Equivalents		2,700,204		6,626,000		–		9,326,204
Royce Opportunity Fund
Common Stocks		1,991,813,549		–		–		1,991,813,549
Preferred Stocks		4,816,920		–		–		4,816,920
Cash Equivalents		73,570,614		175,555,000		–		249,125,614
Royce Special Equity Fund
Common Stocks		2,826,613,299		22,190,270		–		2,848,803,569
Cash Equivalents		96,075		410,983,000		–		411,079,075
Royce Value Fund
Common Stocks		1,184,290,414		–		–		1,184,290,414
Cash Equivalents		10,776,749		66,541,000		–		77,317,749
Royce Value Plus Fund
Common Stocks		1,413,244,708		–		–		1,413,244,708
Cash Equivalents		72,705,844		43,371,000		–		116,076,844
Royce 100 Fund
Common Stocks		311,231,607		–		–		311,231,607
Cash Equivalents		2,533,947		10,006,000		–		12,539,947
Royce Micro-Cap Discovery Fund
Common Stocks		4,547,279		–		–		4,547,279

Cash Equivalents		–			438,000		–		438,000
Royce Financial Services Fund
Common Stocks		19,202,804			–		–		19,202,804
Cash Equivalents		–			2,568,000		–		2,568,000
Royce Dividend Value Fund
Common Stocks		463,708,116			–		–		463,708,116
Cash Equivalents		–			20,597,000		–		20,597,000
Royce SMid-Cap Value Fund
Common Stocks		10,070,429			–		–		10,070,429
Cash Equivalents		–			1,291,000		–		1,291,000
Royce Focus Value Fund
Common Stocks		9,095,536			–		–		9,095,536
Fixed Income		114,993			–		–		114,993
Cash Equivalents		–			181,000		–		181,000
Royce Partners Fund
Common Stocks		2,172,709			–		–		2,172,709
Cash Equivalents		–			218,000		–		218,000
Royce Special Equity Multi-Cap Fund
Common Stocks		125,400,629			–		–		125,400,629
Cash Equivalents		–			6,658,000		–		6,658,000
Royce European Smaller-Companies Fund
Common Stocks		18,086,684			–		–		18,086,684
Cash Equivalents		–			1,202,000		–		1,202,000
Royce Global Value Fund
Common Stocks		274,475,538			–		–		274,475,538
Cash Equivalents		2,106,253			11,621,000		–		13,727,253
Royce International Smaller-Companies Fund
Common Stocks		26,072,745			–		–		26,072,745
Cash Equivalents		–			1,836,000		–		1,836,000
Royce Global Dividend Value Fund
Common Stocks		7,367,969			–		–		7,367,969
Cash Equivalents		–			575,000		–		575,000
Royce International Micro-Cap Fund
Common Stocks		4,476,442			–		2,180		4,478,622
Cash Equivalents		–			165,000		–		165,000
Royce International Premier Fund
Common Stocks		6,725,895			–		–		6,725,895
Cash Equivalents		–			370,000		–		370,000
Royce Select Fund I
Common Stocks		45,944,883			–		–		45,944,883
Cash Equivalents		–			4,458,000		–		4,458,000
Royce Select Fund II
Common Stocks		3,486,532			–		–		3,486,532
Cash Equivalents		–			550,000		–		550,000
Royce Global Select Long/Short Fund
Common Stocks		17,969,150			–		–		17,969,150
Cash Equivalents		–			5,279,000		–		5,279,000
Royce Enterprise Select Fund
Common Stocks		1,155,089			–		–		1,155,089
Cash Equivalents		–			285,000		–		285,000
Royce Opportunity Select Fund
Common Stocks		4,811,714			–		–		4,811,714
Cash Equivalents		–			201,000		–		201,000
Short positions:
	Level 1			Level 2		Level 3		Total
Royce Select Fund II
Common Stocks	$	(442,371	)	$	–	$	–	$	(442,371	)
Fixed Income		(29,440	)		–		–		(29,440	)
Royce Global Select Long/Short Fund
Common Stocks		(6,093,181	)		–		–		(6,093,181	)
Royce Opportunity Select Fund
Common Stocks		(487,854	)		–		–		(487,854	)

     For the three months ended March 31, 2013, certain securities have transferred in and out of Level 1 and Level 2 measurements as a result of the fair value pricing procedures for international equities. The Funds recognize transfers between levels as of the end of the reporting period. At March 31, 2013, the following Funds had securities transfer from Level 2 to Level 1 within the fair value hierarchy:

Transfers from Level 2			Transfers from Level 2
	to Level 1			to Level 1
Royce Pennsylvania Mutual Fund	$	170,055,806	Royce Focus Value Fund	$	1,432,166
Royce Micro-Cap Fund		147,570,558	Royce Partners Fund		305,108
Royce Premier Fund		588,390,080	Royce European Smaller-Companies Fund		16,562,523
Royce Low-Priced Stock Fund		649,310,865	Royce Global Value Fund		197,017,106
Royce Total Return Fund		108,695,196	Royce International Smaller-Companies Fund		22,538,800
Royce Heritage Fund		45,889,340	Royce Global Dividend Value Fund		4,960,045
Royce Value Fund		30,931,676	Royce International Micro-Cap Fund		4,059,137
Royce Value Plus Fund		75,700,852	Royce International Premier Fund		6,456,203
Royce 100 Fund		17,886,192	Royce Select Fund I		2,167,858
Royce Financial Services Fund		4,175,657	Royce Select Fund II		673,737
Royce Dividend Value Fund		46,582,312	Royce Global Select Long/Short Fund		14,270,045
Royce SMid-Cap Value Fund		2,355,405	Royce Enterprise Select Fund		5,225
Level 3 Reconciliation:

					Realized and
	Balance as of				Unrealized			Balance as of
	12/31/12		Purchases		Gain (Loss)			3/31/13
Royce Micro-Cap Fund
Common Stocks	$	403,638	$	–	$	(25,952	)	$	377,686
Royce Heritage Fund
Common Stocks		–		886,409		(1,932	)		884,477
Royce International Micro-Cap Fund
Common Stocks		2,184		–		(4	)		2,180

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 through a lending agent to qualified institutional investors for the purpose of realizing additional income. Collateral for the Funds on all securities loaned 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 Funds retain 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. The Funds’ securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. The lending agent is not affiliated with Royce.

Transactions in Affiliated Companies:

An “Affiliated Company,” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The following transactions were effected in shares of such companies for the three months ended March 31, 2013:

			Market						Realized							Market
	Shares		Value		Cost of		Cost of		Gain			Dividend		Shares		Value
Affiliated Company	12/31/12		12/31/12		Purchases		Sales		(Loss)			Income		3/31/13		3/31/13
Royce Pennsylvania Mutual Fund
America’s Car-Mart		556,600	$	22,553,432	$	-	$	-	$	-		$	-		556,600	$	26,015,484
CRA International		592,143		11,706,667		-		-		-			-		592,143		13,246,239
DTS		1,167,789		19,502,076		-		862,892		(352,311	)		-		1,139,567		18,950,999
Ethan Allen Interiors		1,573,910		40,465,226		-		-		-			-		1,573,910		51,813,117
Hi-Tech Pharmacal		997,731		34,900,630		5,139,820		-		-			-		1,137,232		37,653,751
Pervasive Software		1,461,500		13,021,965		-		-		-			-		1,461,500		13,401,955
Preformed Line Products		311,088		18,484,849		-		-		-			-		311,088		21,766,827
Shoe Carnival		1,227,698		25,155,532		-		-		-			-		1,227,698		25,094,147
Stanley Furniture		912,235		4,105,058		-		-		-			-		912,235		4,050,324
U.S. Physical Therapy		656,893		18,090,833		1,250,464		168,684		162,983			69,136		694,748		18,653,984
Weyco Group		590,500		13,794,080		-		-		-			-		590,500		14,473,155
Winnebago Industries		1,504,450		25,771,229		-		306,056		(109,536	)		-		1,494,450		30,845,448
				247,551,577						(298,864	)		69,136				275,965,430
Royce Micro-Cap Fund
AXT		1,808,161		5,080,932		-		-		-			-		1,808,161		5,315,993
Graham Corporation		601,249		11,724,355		-		1,644,506		586,265			16,999		506,187		12,523,066
Key Technology		421,814		4,403,738		-		-		-			-		421,814		5,331,729
Lincoln Educational Services		1,520,827		8,501,423		195,692		-		-			109,189		1,559,847		9,140,703
Novatel Wireless 1		2,142,033		2,870,325		-		6,741,889		(3,861,821	)		-
PDI		982,694		7,468,475		-		-		-			-		982,694		5,797,895
World Energy Solutions		733,900		3,192,465		-		-		-			-		733,900		3,221,821
				43,241,713						(3,275,556	)		126,188				41,331,207
Royce Premier Fund
ADTRAN		3,245,434		63,415,780		-		-		-			292,089		3,245,434		63,772,778
Benchmark Electronics		2,843,900		47,265,618		-		-		-			-		2,843,900		51,247,078
Cabot Microelectronics		2,086,191		74,080,642		-		-		-			-		2,086,191		72,495,137
Cal-Maine Foods		1,721,686		69,246,211		-		-		-			342,616		1,721,686		73,274,956
Cognex Corporation		3,052,717		112,401,040		-		14,386,100		3,318,961			-		2,602,717		109,704,521
Fair Isaac		1,832,600		77,024,178		-		-		-			36,652		1,832,600		83,731,494
Fairchild Semiconductor International		6,508,112		93,716,813		1,403,000		869,615		(123,529	)		-		6,558,112		92,731,704
Globe Specialty Metals		3,632,763		49,950,491		3,727,500		-		-			236,423		3,882,763		54,048,061
Lincoln Electric Holdings		5,074,994		247,050,708		-		6,500,816		9,898,192			954,999		4,774,994		258,709,175
MKS Instruments		2,971,910		76,615,840		-		-		-			475,506		2,971,910		80,835,952
Myriad Genetics		5,114,765		139,377,346		6,358,652		-		-			-		5,364,765		136,265,031
Nu Skin Enterprises Cl. A		3,816,994		141,419,628		-		-		-			1,145,098		3,816,994		168,711,135
Sanderson Farms		1,880,191		89,403,082		-		-		-			319,632		1,880,191		102,696,033
Schnitzer Steel Industries Cl. A		2,108,038		63,936,793		-		-		-			395,257		2,108,038		56,200,293
Seabridge Gold		3,342,400		60,062,928		-		-		-			-		3,342,400		46,125,120
Semperit AG Holding		1,894,996		78,103,926		-		-		-			-		1,894,996		73,115,974
Silver Standard Resources		4,115,069		61,273,377		-		-		-			-		4,115,069		43,413,978
Simpson Manufacturing		3,387,886		111,088,782		-		-		-			-		3,387,886		103,703,191
Strayer Education		1,068,485		60,016,803		-		-		-			-		1,068,485		51,693,304
Thor Industries		4,166,757		155,961,714		-		-		-			-		4,166,757		153,294,990
Trican Well Service		8,027,100		105,876,702		-		-		-			-		8,027,100		117,737,650
Unit Corporation		2,896,073		130,468,089		-		-		-			-		2,896,073		131,916,125
Veeco Instruments		2,708,912		79,967,082		-		2,816,005		(883,533	)		-		2,658,912		101,916,097
Woodward		3,906,024		148,936,695		-		2,360,425		1,461,719			304,482		3,806,024		151,327,514
				2,336,660,268						13,671,810			4,502,754				2,378,667,291
Royce Low-Priced Stock Fund
Gladstone Land						7,514,356		-		-			40,036		501,200		7,778,624
Globe Specialty Metals 1		4,026,606		55,365,832		-		8,616,379		(2,594,346	)		232,913
Houston Wire & Cable		1,591,200		19,524,024		-		4,271,405		(2,001,325	)		125,028		1,389,200		17,990,140
KVH Industries		777,804		10,873,700		-		-		-			-		777,804		10,554,800
PC-Tel 1		995,592		7,168,262		-		1,464,626		(27,636	)		31,346
Sigma Designs 1		1,720,358		8,859,844		-		22,659,863		(15,658,766	)		-
Tesco Corporation 1		2,682,105		30,549,176		-		10,396,257		(266,765	)		-
Total Energy Services		1,866,700		28,130,926		-		1,154,431		231,159			77,982		1,766,700		24,695,714
TrueBlue		3,262,691		51,387,383		-		19,195,464		3,508,358			-		2,127,691		44,979,388
Universal Technical Institute		1,655,679		16,623,017		-		-		-			165,568		1,655,679		20,911,226
WaterFurnace Renewable Energy		970,500		14,088,690		-		-		-			197,982		970,500		15,476,793
				242,570,854						(16,809,321	)		870,855				142,386,685
Royce Total Return Fund
Barry (R.G.)		1,048,496		14,857,188		-		-		-			-		1,048,496		14,039,361
Chase Corporation		773,974		14,395,916		-		-		-			-		773,974		14,953,178
Mueller (Paul) Company		116,700		2,520,720		-		-		-			-		116,700		2,100,600
Peapack-Gladstone Financial		475,350		6,692,928		-		-		-			23,768		475,350		7,087,469
Starrett (L.S.) Company (The) Cl. A		529,400		5,135,180		-		-		-			52,940		529,400		5,849,870
Village Super Market Cl. A		726,483		23,872,231		160,871		-		-			182,847		731,386		24,640,394
				67,474,163						-			259,555				68,670,872
Royce Opportunity Fund
BTU International		686,756		1,366,644		-		-		-			-		686,756		1,558,936
ClearOne		556,620		2,248,745		-		50,433		28,728			-		545,820		4,732,259
Comstock Holding Companies Cl. A		1,285,590		1,491,285		-		23,119		(9,003	)		-		1,273,090		2,240,638
CTPartners Executive Search		338,890		1,558,894		55,433		-		-			-		351,360		1,317,600
dELiA*s		1,602,615		1,875,059		7,608		-		-			-		1,608,515		1,592,912
Dixie Group		829,519		2,745,708		-		-		-			-		829,519		4,645,306
MarineMax 1		1,357,850		12,139,179		-		7,566,398		(409,503	)		-
Pericom Semiconductor		1,240,848		9,964,009		607,471		-		-			-		1,325,517		9,026,771
Planar Systems		1,554,792		2,223,352		19,919		-		-			-		1,564,792		2,941,809
SigmaTron International		344,172		1,400,780		-		-		-			-		344,172		1,414,547
Spire Corporation		448,074		224,485		54,553		-		-			-		520,120		358,883
TRC Companies		1,683,765		9,799,512		31,761		-		-			-		1,688,765		10,892,534
				47,037,652						(389,778	)		-				40,722,195
Royce Special Equity Fund
Ampco-Pittsburgh		987,000		19,720,260		-		-		-			177,660		987,000		18,664,170
Applied Industrial Technologies		2,430,400		102,101,104		1,382,963		5,855,959		453,532			564,029		2,322,201		104,499,045
Arden Group Cl. A		232,001		20,873,130		683,748		-		-			59,606		239,100		24,170,619
Atrion Corporation		165,000		32,340,000		2,967,802		224,463		5,429			98,100		179,553		34,472,380
Bowl America Cl. A		342,575		4,282,187		-		-		-			-		342,575		4,426,069
Children’s Place Retail Stores		1,318,056		58,376,700		10,973,146		-		-			-		1,555,000		69,695,100
Clearwater Paper		1,956,000		76,596,960		-		13,317,482		3,618,114			-		1,609,207		84,789,117
CSS Industries		974,100		21,323,049		-		-		-			146,115		974,100		25,297,377
Dorman Products 1		2,306,679		81,518,036		-		5,653,191		21,166,958			-
Finish Line (The) Cl. A		4,462,000		84,465,660		9,064,180		-		-			347,123		4,958,900		97,144,851
Foster (L.B.) Company		928,875		40,350,330		2,854,862		-		-			29,820		994,000		44,024,260
Frisch’s Restaurants		505,100		9,344,350		-		-		-			80,816		505,100		9,061,494
Hawkins		911,020		35,201,813		4,429,443		-		-			348,809		1,025,910		40,985,104
Hurco Companies		435,179		10,009,117		784,659		-		-			-		464,959		12,660,834
Littelfuse		1,375,583		84,887,227		-		10,070,129		787,516			249,932		1,207,787		81,948,348
Meredith Corporation		2,194,450		75,598,802		9,711,150		-		-			941,182		2,452,750		93,842,215
Minerals Technologies		2,851,200		113,819,904		5,759,544		-		-			142,560		2,990,000		124,114,900
National Presto Industries		656,500		45,364,150		-		-		-			-		656,500		52,848,250
Park Electrochemical		2,011,012		51,743,338		-		-		-			5,228,631		2,011,012		50,959,044
Scholastic Corporation		2,400,207		70,950,119		7,271,261		-		-			303,988		2,655,100		70,758,415
Schulman (A.) 1		1,472,577		42,601,652		-		8,919,688		3,313,730			-
Standex International		831,990		42,672,767		-		3,851,702		2,573,353			58,787		715,041		39,484,564
Stepan Company 1		1,252,900		69,586,066		-		6,117,536		3,501,450			177,584
UniFirst Corporation		1,469,012		107,707,960		-		2,801,076		1,007,918			53,496		1,423,353		128,813,447
				1,301,434,681						36,428,000			9,008,238				1,212,659,603
Royce Value Plus Fund
Cerus Corporation 1		2,884,500		9,115,020		-		-		-			-
Cosi		6,833,770		5,316,673		-		-		-			-		6,833,770		4,714,618
Immersion Corporation 1		1,578,109		10,841,609		-		2,509,852		1,663,105			-
NumereX Corporation Cl. A		302,701		3,977,491		7,186,614		-		-			-		926,100		11,844,819
				29,250,793						1,663,105			-				16,559,437
1Not an Affiliated Company at March 31, 2013.

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 28, 2013

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 28, 2013

By:

/s/ John D. Diederich

John D. Diederich

Treasurer, The Royce Fund

Date: May 28, 2013