July 17, 1997
To the Shareholders of
The REvest Growth & Income Fund
Dear Shareholders:
It is my sad duty to inform you that my father, Tom Ebright,
passed away on Monday, July 14. Having first been diagnosed with
heart disease this past Spring, he suffered another heart attack in
late June and had taken up quarters at the Hershey Medical Center
to await a heart transplant. His prognosis had been good, and
his death on July 14 came very suddenly and without warning.
Since the time these problems first surfaced, he had continued to
attend to The REvest Growth & Income Fund portfolio and was
working on REvest matters the day he died.
Those of you who knew my father personally, know that meticulous
and diligent planning was part of his nature. My father did not
like to leave things to chance, and succession planning was a
major part of his focus. Since February, I had been serving as
assistant portfolio manager to the Fund, and had been involved in
all investment decisions on behalf of the Fund.
In the days ahead, I will be meeting with the Board of Trustees
for The Royce Fund (of which REvest is one series), who will
determine how best to move forward with the Fund. In the
interim, I have assumed responsibility for all portfolio
activities and anticipate no change in the investment objectives
and strategies of the Fund.
REvest reflects the philosophy and personality of Tom Ebright, a
pioneer and respected practitioner in the field of small business
value investing. As a daughter and colleague, I was privileged
to be a part of his vision for the Fund. I look forward to the
continued pursuit of this vision.
Sincerely yours,
/s/ Jennifer E. Goff
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Jennifer E. Goff
President
Royce, Ebright & Associates, Inc.
This letter is a supplement to the Fund's Prospectus dated
February 18, 1997.
