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ROYCE VALUE FUND
SUPPLEMENT TO PROSPECTUS DATED APRIL 30, 1996
TEMPORARY BORROWING:
The Fund may borrow money from banks as a temporary measure for extraordinary or
emergency purposes in an amount not exceeding 5% of the Fund's total assets.
SECURITIES LENDING:
The Fund may lend up to 25% of its assets to qualified institutional investors
for the purpose of realizing additional income. Loans of securities of the Fund
will be collateralized by cash or securities issued or guaranteed by the United
States Government or its agencies or instrumentalities. The collateral will
equal at least 100% of the current market value of the loaned securities. The
risks of securities lending include possible delays in receiving additional
collateral or in recovery of loaned securities or loss of rights in the
collateral if the borrower defaults or becomes insolvent.
WARRANTS, RIGHTS AND OPTIONS:
The Fund may invest up to 5% of its total assets in warrants, rights and
options.
GENERAL INFORMATION:
The Royce Fund, established as a Massachusetts business trust in October 1985,
was reorganized as a Delaware business trust in June 1996.
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