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Royce Low-Priced Stock
Fund Supplement to Prospectus dated May 3, 1999
Effective January 3, 2000, W. Whitney George became a portfolio manager
for Royce Low-Priced Stock Fund. Mr. George joined Royce & Associates, Inc.
in 1991 and has been a Managing Director and Senior Portfolio Manager since
1997.
January 3, 2000
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