<DOCUMENT>
<TYPE>EX-99.A9
<SEQUENCE>9
<FILENAME>efc2-1398_exhibita9.txt
<TEXT>
                                                                Exhibit (a)(9)



                            ROYCE VALUE TRUST, INC.

                            ARTICLES SUPPLEMENTARY


      Royce Value Trust, Inc., a Maryland corporation (the "Corporation"),
hereby certifies to the State Department of Assessments and Taxation of
Maryland (the "SDAT"), that:

      FIRST: Under a power contained in Title 3, Subtitle 8 of the Maryland
General Corporation Law (the "MGCL"), the Corporation, by resolutions of its
Board of Directors (the "Board of Directors") duly adopted at a meeting duly
called and held, elected to become subject to Section 3-803 and Section
3-804(c)(3) of the MGCL.

      SECOND: The resolutions referred to above provide that, notwithstanding
any provision in the charter or Bylaws of the Corporation to the contrary, the
Corporation elects to be subject to (1) Section 3-803 of the MGCL, except with
respect to directors elected separately by holders of preferred stock of the
Corporation, the repeal of which may be effected only by the means authorized
by Section 3-802(b)(3) of the MGCL, and (2) Section 3-804(c)(3) of the MGCL,
the repeal of which may be effected only by the means authorized by Section
3-802(b)(3) of the MGCL.

      THIRD: The election to become subject to Section 3-803 and Section
3-804(c)(3) of the MGCL has been approved by the Board of Directors in the
manner and by the vote required by law.

      FOURTH: The undersigned President of the Corporation acknowledges these
Articles Supplementary to be the corporate act of the Corporation and, as to
all matters or facts required to be verified under oath, the undersigned
President acknowledges that, to the best of his knowledge, information and
belief, these matters and facts are true in all material respects and that
this statement is made under the penalties for perjury.





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      IN WITNESS WHEREOF, the Corporation has caused these Articles
Supplementary to be executed under seal in its name and on its behalf by its
President and attested by its Secretary on this ____ day of January, 2002.

ATTEST:                                     ROYCE VALUE TRUST, INC.


-----------------------------------         -----------------------------(SEAL)
John E. Denneen                             Charles M. Royce
Secretary                                   President



                                       2

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