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<PAGE> PAGE 12
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<PAGE> PAGE 20
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 59
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SIGNATURE JOHN E. DENNEEN
TITLE SECRETARY
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of
The Royce Fund:
In planning and performing our audits of the financial statements and
financial highlights (hereafter referred to as "financial statements") of The
Royce Fund (consisting of Royce Premier Fund, Royce Micro Cap Fund,
Pennsylvania Mutual Fund, PMF II, Royce GiftShares Fund, Royce Total Return
Fund, Royce Low-Priced Stock Fund, Royce Financial Services Fund, Royce
Special Equity Fund, and Royce Select Fund)(the "Fund") for the year ended
December 31, 1998, we considered their internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, misstatements due to
errors or fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the risk that
it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that misstatements due to errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls over safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management
and the Trustees of the Fund and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
February 10, 1999
The Royce Funds
Form N-SAR for period ending 12/31/98
Item 77(C)
At a Special Meeting of Shareholders of the Registrant held on September 21,
1998, the Shareholders approved the Agreement and Plan of Reorganization by
and between The Royce Fund, with respect to The REvest Growth & Income Fund,
and the Winter Harbor Fund, with respect to the REvest Value Fund as follows:
Votes Cast for Votes Cast Against Votes Abstained
1,514,173 450 4,006
L:\COMMON\DANI\NSAR1298.doc
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