Royce GiftShares Fund
(Consultant Class)
Supplement to Prospectus dated June 15, 1997
In accordance with its investment objective of long-term capital
appreciation, Royce GiftShares Fund will normally invest at least
65% of its assets in a limited number of common stocks and
convertible securities. At least 75% of these securities will
be issued by small (under $1 billion in market capitalization)
and micro-cap (under $300 million) companies. The remainder of
the Fund's assets may be invested in securities of companies
with higher market capitalizations and non-convertible preferred
stocks and debt securities.
September 25, 1997
