Royce & Associates, LLC Letterhead] April 25, 2002Royce Fund • May 1st, 2002
Reference is made to the Investment Advisory Agreement dated October 1, 2001 (the "Agreement") by and between The Royce Fund (the "Fund") on behalf of Royce Trust & GiftShares Fund (the "Series") and Royce & Associates, LLC (the "Adviser").
