<SEC-DOCUMENT>0000949377-13-000071.txt : 20130306
<SEC-HEADER>0000949377-13-000071.hdr.sgml : 20130306
<ACCEPTANCE-DATETIME>20130306163151
ACCESSION NUMBER:		0000949377-13-000071
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130306
DATE AS OF CHANGE:		20130306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST INC
		CENTRAL INDEX KEY:			0000804116
		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14034-02
		FILM NUMBER:		13669942

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2123557311

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE FOCUS TRUST INC
		CENTRAL INDEX KEY:			0000825202
		IRS NUMBER:				592876580
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14034
		FILM NUMBER:		13669943

	BUSINESS ADDRESS:	
		STREET 1:		C/O ROYCE & ASSOCIATES, LLC
		STREET 2:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2125084578

	MAIL ADDRESS:	
		STREET 1:		C/O ROYCE & ASSOCIATES, LLC
		STREET 2:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE GLOBAL TRUST INC
		DATE OF NAME CHANGE:	19961203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALL SEASONS GLOBAL FUND INC
		DATE OF NAME CHANGE:	19950803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAS ALL SEASON FUND INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE & ASSOCIATES LLC
		CENTRAL INDEX KEY:			0000906304
		IRS NUMBER:				522343049
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14034-01
		FILM NUMBER:		13669941

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		212-508-4500

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE & ASSOCIATES INC /NY
		DATE OF NAME CHANGE:	19990329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QUEST ADVISORY CORP/NY
		DATE OF NAME CHANGE:	19970805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE MICRO-CAP TRUST, INC /MD/
		CENTRAL INDEX KEY:			0000912147
		IRS NUMBER:				133739778
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-14034-03
		FILM NUMBER:		13669940

	BUSINESS ADDRESS:	
		STREET 1:		ROYCE MICRO-CAP TRUST, INC.
		STREET 2:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2124084587

	MAIL ADDRESS:	
		STREET 1:		ROYCE MICRO-CAP TRUST, INC.
		STREET 2:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE MICRO CAP TRUST INC /MD/
		DATE OF NAME CHANGE:	20010430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE OTC MICRO CAP FUND INC
		DATE OF NAME CHANGE:	19930917
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP/A
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<FILENAME>e23133.htm
<TEXT>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="center"><font face="Times New Roman" size="2">BEFORE THE</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
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<td valign="bottom" align="center"><font face="Times New Roman" size="2">SECURITIES
 AND EXCHANGE COMMISSION</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
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<td valign="bottom" align="center"><font face="Times New Roman" size="2">WASHINGTON,
 D.C. 20549</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Royce Focus
 Trust, Inc.</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Royce Value
 Trust, Inc.</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Royce Micro-Cap
 Trust, Inc.</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Royce &#038;
 Associates, LLC</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="center"><font face="Times New Roman" size="2">First Amended
 and Restated Application for an Order</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Pursuant
 to Section 6(c) of the Investment Company Act of 1940</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">For Exemption
 from Section 19(b) under the Investment Company Act of 1940</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">and Rule
 19b-1 thereunder</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
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<td valign="bottom" align="center"><font face="Times New Roman" size="2">File No.
 812-14034</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="center"><font face="Times New Roman" size="2">Please send
 all communications to:</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Frank P.
 Bruno, Esq.</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Sidley Austin
 LLP</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">787 Seventh
 Avenue</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">New York,
 New York 10019-6018</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="center"><font face="Times New Roman" size="2">Page 1 of
 33 sequentially numbered pages (including exhibits)</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">As filed
 with the Securities and Exchange Commission on March 6, 2013</font></td>
</tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
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<p align="center"><font face="Times New Roman" size="2">BEFORE THE
<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
<td align="left"><font face="Times New Roman">&#160;</font></td>
<td align="left"><font face="Times New Roman">&#160;</font></td>
<td align="left"><font face="Times New Roman">&#160;</font></td>
</tr>

<tr>
<td width="45%" valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the Matter of:</font></td>
<td width="2%" valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">ROYCE FOCUS
 TRUST, INC.</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">ROYCE VALUE
 TRUST, INC.</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">First Amended
 and Restated Application for</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">ROYCE MICRO-CAP
 TRUST, INC.</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">an Order pursuant
 to Section 6(c) of the</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">ROYCE &#038;
 ASSOCIATES, LLC</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Investment
 Company Act of 1940 granting an</font></td>
</tr>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">exemption
 from Section 19(b) under the</font></td>
</tr>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Investment
 Company Act of 1940 and Rule</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">745 Fifth
 Avenue</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">19b-1 thereunder.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">New York,
 NY 10151</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">File No. (812-14034)</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
<td align="left"><font face="Times New Roman">&#160;</font></td>
<td align="left"><font face="Times New Roman">&#160;</font></td>
<td align="left"><font face="Times New Roman">&#160;</font></td>
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</table>
<p align="center"><font face="Times New Roman" size="2"><b>PRELIMINARY STATEMENT</b></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;Royce Focus
 Trust, Inc. (&#147;RFT&#148;), Royce Micro-Cap Trust, Inc. (&#147;RMT&#148;), Royce
 Value Trust, Inc. (&#147;RVT&#148;), and Royce &#038; Associates, LLC (&#147;R&#038;A&#148;, and together with RFT, RMT and RVT, the &#147;Applicants&#148;) hereby submit
 this first amended and restated application for an order (the &#147;Order&#148;)
 of the Securities and Exchange Commission (the &#147;Commission&#148;) pursuant
 to Section 6(c) of the Investment Company Act of 1940 (the &#147;Act&#148;) providing
 each of RFT, RMT, RVT, and each other registered closed-end investment company advised
 or to be advised in the future by R&#038;A or by an entity controlling, controlled
 by or under common control (within the meaning of Section 2(a)(9) of the Act) with
 R&#038;A (including any successor in interest<sup>1</sup>) (each such entity, including
 R&#038;A, the &#147;Adviser&#148;), that in the future seeks to rely on the Order
 (such investment companies, together with RFT, RMT and RVT, are collectively referred
 to as the</font></p>
<div align="left"><hr size="1" color="#000000" width="20%"></div>
<div align="left"><font face="Times New Roman" size="1"><sup>1</sup> A successor in interest is
 limited to entities that result from a reorganization into another jurisdiction
 or a change in the type of business organization.</font></div>
<p align="right"><font face="Times New Roman" size="2">Page 2 of 33</font></p>
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<p><font face="Times New Roman" size="2">&#147;Funds&#148; and each separately as
 a &#147;Fund&#148;), an exemption from the provisions of Section 19(b) of the Act
 and Rule 19b-1 thereunder, as more fully set forth below (the &#147;Application&#148;).<sup>2</sup></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In a prior
 application, the Applicants requested an order pursuant to Section 6(c) of the Act
 granting an exemption from Section 19(b) under the Act and Rule 19b-1 thereunder
 permitting the Funds to institute dividend payment policies (&#147;specified periodic
 payments&#148;) with respect to their preferred stock and to implement distribution
 policies (&#147;periodic pay-out policies&#148;) with respect to their common stock
 (File No. 812-10456) (the &#147;Prior Application&#148;).<sup>3</sup> A notice
 of filing of the Prior Application was issued on May 16, 1997 in Act Release No.
 22665, and an order permitting implementation of these policies was issued on June
 11, 1997 in Act Release No. 22704 (the &#147;Prior Order&#148;). When the requested
 Order is issued, it will supersede the Prior Order and Applicants may rely solely
 on the Order.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>STATEMENT OF FACTS</b></font></p>
<p><font face="Times New Roman" size="2"><b>I.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>The Applicants</b></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;RFT&#146;s
 investment goal is long-term capital growth, which it seeks to achieve by generally
 investing more than 65% of its assets in common stocks, convertible preferred stocks,
 convertible debentures and other equity securities. RFT may also invest up to 25%
 of its assets in non-convertible fixed income securities. R&#038;A uses a value
 approach to invest the Fund&#146;s assets in a limited number (generally less than
 100) of domestic and foreign companies. While the Fund is not restricted as to stock
 market capitalization, a significant portion of the Fund&#146;s assets are generally
 invested in small-cap companies (companies with stock market</font></p>
<div align="left"><hr size="1" color="#000000" width="20%"></div>
<div align="left"><font face="Times New Roman" size="1"><sup>2</sup> All existing registered closed-end
 investment companies that currently intend to rely on the Order have been named
 as Applicants. Any Fund that may rely on the Order in the future will comply with
 the terms and conditions of the Application.<br><sup>3</sup> RFT and R&#038;A were
 applicants in the Prior Applications under their former names Royce Global Trust,
 Inc. and Quest Advisory Corp., respectively.</font></div>
<p align="right"><font face="Times New Roman" size="2">Page 3 of 33</font></p>
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<p><font face="Times New Roman" size="2">capitalizations between $750
 million and $2.5 billion) and micro-cap companies (companies with stock market capitalizations
 below $750 million). RFT&#146;s common stock, par value $.001 per share, is listed
 and traded on the NASDAQ Global Select Market. On December 31, 2012, RFT&#146;s
 total net assets were $163,588,144, and 21,364,100 shares of its common stock were
 issued and outstanding.<sup>4</sup></P>
<p><font face="Times New Roman" size="2"> RMT&#146;s investment goal is to seek long-term
 capital growth by generally investing at least 80% of its total assets in equity
 securities of companies with market capitalizations of $750 million or less (&#147;micro-cap
 companies&#148;). RMT&#146;s common stock, par value $.001 per share is listed and
 traded on the New York Stock Exchange. On December 31, 2012, RMT&#146;s total net
 assets were $318,544,960, and 29,137,296 shares of its common stock were issued
 and outstanding.<sup>5</sup></P>
<p><font face="Times New Roman" size="2">RVT&#146;s investment goal is long-term capital growth.
 R&#038;A normally invests at least 65% of RVT&#146;s assets in the equity securities
 of small- and micro-cap companies, generally with stock market capitalizations from
 $100 million to $2.5 billion, that R&#038;A believes are trading significantly below
 its estimate of their current worth. No more than 25% of RVT&#146;s assets may be
 invested in the securities of issuers headquartered outside the United States. RVT&#146;s common stock, par value $.001 per share is listed and traded on the New York
 Stock Exchange. On December 31, 2012, RVT&#146;s total net assets were $1,082,426,496,
 and 70,275,231 shares of its common stock were issued and outstanding.<sup>6</sup></font></p>
<div align="left"><hr size="1" color="#000000" width="20%"></div>
<div align="left"><font face="Times New Roman" size="1"><sup>4</sup> RFT redeemed all of its outstanding
 preferred stock on November 15, 2012, and currently has no preferred stock outstanding.
<br><sup>5</sup> RMT redeemed all of its outstanding preferred stock on November
 15, 2012, and currently has no preferred stock outstanding. <br><sup>6</sup> RVT
 redeemed all of its outstanding preferred stock on November 15, 2012, and currently
 has no preferred stock outstanding.</font></div>
<p align="right"><font face="Times New Roman" size="2">Page 4 of 33</font></p>
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<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each of RFT,
 RMT and RVT is organized as a Maryland corporation, and each is, and each Fund that
 relies in the future on the Order will be, registered under the Act as a closed-end
 investment company. </p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;R&#038;A, a Delaware limited liability company, is an investment
 advisory firm whose predecessor was organized in February 1967. R&#038;A is a registered
 investment adviser under the Investment Advisers Act of 1940 (the &#147;Advisers
 Act&#148;), and as of December 31, 2012, provided investment advisory services to
 five management investment companies with 34 portfolios, including RFT, RMT and
 RVT, and manages other institutional accounts. R&#038;A became the investment adviser
 of each of RFT, RMT and RVT in November 1996, December 1993 and November 1986, respectively.
 As of December 31, 2012, R&#038;A had an aggregate of approximately $35 billion
 in assets under management, including approximately $33 billion in registered investment
 companies.</p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each Adviser to a Fund will be registered under the Advisers Act.</font></p>
<p><font face="Times New Roman" size="2"><b>II.</b>&#160;&#160;&#160;&#160;&#160;&#160;<b>Relief Requested</b></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Section 19(b)
 of the Act provides that it shall be unlawful in contravention of such rules, regulations,
 or orders as the Commission may prescribe as necessary or appropriate in the public
 interest or for the protection of investors for any registered investment company
 to distribute long-term capital gains, as defined in the Internal Revenue Code of
 1986, as amended (the &#147;Code&#148;), more often than once every twelve months.
 Rule 19b-1 under the Act provides that no registered investment company which is
 a &#147;regulated investment company&#148; as defined in Section 851 of the Code
 may make more than (i) one &#147;capital gain dividend,&#148; as defined in Section
 852(b)(3)(C) of the Code, in any one taxable year of the company, (ii) one additional
 capital gain</font></p>
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<p><font face="Times New Roman" size="2">distribution made in whole
 or in part to avoid payment of excise tax under Section 4982 of the Code plus (iii)
 one supplemental capital gain dividend pursuant to Section 855 of the Code (provided
 that it does not exceed 10% of the total amount distributed for the taxable year).</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Applicants believe that Rule
 19b-1 should be interpreted to permit a Fund to pay an unlimited number of distributions
 on its common and preferred stock (if any) so long as it makes the designation necessary
 under the Code and Rule 19b-1 to characterize those distributions as &#147;capital
 gain dividends&#148; restricted by Rule 19b-1 only as often as is permitted by Rule
 19b-1, even if the Code would then require retroactively spreading the capital gain
 resulting from that designation over more than the permissible number of distributions.
 However, to maintain certainty for the current distribution policies of RFT, RMT
 and RVT, and to obtain certainty for the distribution policies that may be adopted
 by other Funds in the future (each, a &#147;Distribution Policy&#148;), in the absence
 of such an interpretation, Applicants hereby request an order pursuant to Section
 6(c) of the Act granting an exemption from Section 19(b) of the Act and Rule 19b-1
 thereunder. The Order would permit each Fund to make periodic capital gain dividends
 (as defined in Section 852(b)(3)(C) of the Code) that include long-term capital
 gains as frequently as 12 times in any one taxable year in respect of its common
 stock and as often as specified by, or determined in accordance with the terms of,
 any preferred stock issued by the Fund.</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant to the Prior Order,
 RFT, RMT and RVT have each established Distribution Policies with respect to their
 common stock. Each of RFT, RMT and RVT has a periodic payout policy of paying quarterly
 distributions on the Fund&#146;s common stock. Distributions are currently being
 made at the annual rate of 5% of the rolling average of the prior four calendar
 quarter-end NAVs of the applicable Fund&#146;s common stock, with the fourth quarter
 distribution being the greater of 1.25% of the rolling average or the distribution
 required by Internal Revenue</font></p>
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<p><font face="Times New Roman" size="2">Service regulations. Each Fund currently
 has no outstanding preferred stock. Prior to the redemption by each of RFT, RMT
 and RVT of all outstanding preferred stock on November 15, 2012, pursuant to the
 Prior Order, RFT, RMT and RVT had each established Distribution Policies with respect
 to their preferred stock.</font></p>
<p><font face="Times New Roman" size="2"><b>III.&#160;&#160;&#160;&#160;&#160;REPRESENTATIONS OF APPLICANTS.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Prior to a
 Fund&#146;s implementing a Distribution Policy in reliance on the Order, the board
 of directors (the &#147;Board&#148;) of each Fund seeking to rely on the Order,
 including a majority of the directors who are not interested persons of the Fund,
 as defined in Section 2(a)(19) of the Act (the &#147;Independent Directors&#148;),
 will request, and the Adviser will provide, such information as is reasonably necessary
 to make an informed determination of whether the Board should adopt a proposed Distribution
 Policy , or, in the case of RFT, RMT and RVT, re-approve an existing Distribution
 Policy. In particular, the Board and the Independent Directors will review information
 regarding (i) the purpose and terms of the Distribution Policy; (ii) the likely
 effects of the policy on such Fund&#146;s long-term total return (in relation to
 market price and net asset value per share of common stock (&#147;NAV&#148;)); (iii)
 the expected relationship between the Fund&#146;s distribution rate on its common
 stock under the policy and the Fund&#146;s total return (in relation to NAV); (iv)
 whether the rate of distribution is anticipated to exceed the Fund&#146;s expected
 total return in relation to its NAV; and (v) any foreseeable material effects of
 the policy on the Fund&#146;s long-term total return (in relation to market price
 and NAV). The Independent Directors will also consider what conflicts of interest
 the Adviser and the affiliated persons of the Adviser and the Fund might have with
 respect to the adoption or implementation of the Distribution Policy. Following
 this review, the Board, including the Independent</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 7 of 33</font></p>
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<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Directors,
 of each Fund will, before adopting or implementing any Distribution Policy, make
 a determination that the Distribution Policy is consistent with the Fund&#146;s
 investment objectives and in the best interests of the holders of the Fund&#146;s
 common stock. The Distribution Policy will be consistent with a Fund&#146;s policies
 and procedures and will be described in the Fund&#146;s registration statement.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Prior to implementation
 of a Distribution Policy for any Fund, pursuant to the Order requested by this Application,
 the Board of such Fund shall have adopted, policies and procedures (&#147;Section
 19 Compliance Policies&#148;) pursuant to Rule 38a-1 under the Act that:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;are reasonably
 designed to ensure that all notices required to be sent to the Fund&#146;s stockholders
 pursuant to Section 19(a) of the Act, Rule 19a-1 thereunder and condition 4 below
 (each a &#147;19(a) Notice&#148;) include the disclosure required by Rule 19a-1
 and by condition 2(a) below, and that all other written communications by the Fund
 or its agents regarding distributions under the Distribution Policy include the
 disclosure required by condition 3(a) below; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;require
 the Fund to keep records that demonstrate its compliance with all of the conditions
 of the Order and that are necessary for the Fund to form the basis for, or demonstrate
 the calculation of, the amounts disclosed in its 19(a) Notices.</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The records
 of the actions of the Board of each Fund will summarize the basis for the Board&#146;s approval of the Distribution Policy, including its consideration of the factors
 described above. These records will be maintained for a period of at least six years
 from the date of the</font></p>
<p align="right"><font face="Times New Roman" size="2">Page 8 of 33</font></p>
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<p><font face="Times New Roman" size="2">applicable meeting, the first
 two years in an easily accessible place, or for such longer period as may otherwise
 be required by law.</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Generally, the purpose of
 a Distribution Policy will be to permit a Fund to distribute over the course of
 each year, through periodic distributions in relatively equal amounts (plus any
 required special distributions), an amount closely approximating the total taxable
 income of the Fund during the year and, if determined by the Board, all or a portion
 of returns of capital paid by portfolio companies to such Fund during the year.
 Under the Distribution Policy of a Fund, such Fund would distribute periodically
 (as frequently as 12 times in any taxable year) to its respective common stockholders
 a fixed percentage of the market price of such Fund&#146;s shares of common stock
 at a particular point in time or a fixed percentage of NAV at a particular time
 or a fixed amount per share of common stock, any of which may be adjusted from time
 to time. It is anticipated that under a Distribution Policy, the minimum annual
 distribution rate with respect to such Fund&#146;s shares of common stock would
 be independent of the Fund&#146;s performance during any particular period but would
 be expected to correlate with the Fund&#146;s performance over time. Except for
 extraordinary distributions and potential increases or decreases in the final dividend
 periods in light of a Fund&#146;s performance for the entire calendar year and to
 enable the Fund to comply with the distribution requirements of Subchapter M of
 the Code for the calendar year, each distribution on the Fund&#146;s common stock
 would be at the stated rate then in effect. The Board will periodically review the
 amount of potential distributions in light of the investment experience of the Fund,
 and may modify or terminate a Distribution Policy at any time.</font></p>
<p><font face="Times New Roman" size="2"><b>IV.&#160;&#160;&#160;&#160;&#160;JUSTIFICATION FOR THE REQUESTED RELIEF
</b></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Section 6(c)
 of the Act provides that the Commission may exempt any person, security or transaction
 from any provision of the Act or of any rule or regulation thereunder, if and to
 the</font></p>
<p align="right"><font face="Times New Roman" size="2">Page 9 of 33</font></p>
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<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
extent that the exemption is necessary or appropriate in the public interest and
 consistent with the protection of investors and the purposes fairly intended by
 the policy and provisions of the Act. For the reasons set forth below, Applicants
 submit that the requested exemption from Section 19(b) of the Act and Rule 19b-1
 thereunder would be consistent with the standards set forth in Section 6(c) of the
 Act and in the best interests of the Funds and their respective stockholders.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="4%" valign="bottom" align="left"><font face="Times New Roman" size="2">A.</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>Receipt
 of the Order would serve stockholder interests</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Applicants believe that closed-end fund investors may prefer an investment vehicle
 that provides regular current income through fixed distribution policies that would
 be available through a Distribution Policy. Allowing a Distribution Policy to operate
 in the manner described in this Application would help fill current investor demand
 and foster competition in the registered fund market.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;An exemption from Rule 19b-1 would benefit stockholders in another way. Common stock
 of closed-end funds often trade in the marketplace at a discount to their NAV. Applicants
 believe that this discount may be reduced if the Funds are permitted to pay relatively
 frequent dividends on their common stock at a consistent rate, whether or not those
 dividends contain an element of long-term capital gains. Any reduction in the discount
 at which Fund shares of common stock trade in the market would benefit the holders
 of the Fund&#146;s common stock along with the Fund.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">B.</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>Each Fund&#146;s stockholders would receive information sufficient to clearly inform them
 of the nature of the distributions they are receiving.</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;One of the concerns leading to the enactment of Section 19(b) and adoption of Rule
 19b-1 was that stockholders might be unable to distinguish between frequent distributions
 of capital</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 10 of 33</font></p>
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<p><font face="Times New Roman" size="2">gains and dividends from
 investment income.<sup>7</sup> However, Rule 19a-1 under the Act effectively addresses
 this concern by requiring that distributions (or the confirmation of the reinvestment
 thereof) estimated to be sourced in part from capital gains or capital be accompanied
 by a separate statement showing the sources of the distribution (e.g., estimated
 net income, net short-term capital gains, net long-term capital gains and/or return
 of capital). The same information will be included in each Fund&#146;s annual report
 to stockholders and on its Internal Revenue Service (&#147;IRS&#148;) Form 1099-DIV,
 which will be sent to each common and preferred stockholder who received distributions
 during a particular year (including stockholders who have sold shares during the
 year).</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In addition, each of the
 Funds will make the additional disclosures required by the conditions set forth
 in Part V below, and each of them will adopt compliance policies and procedures
 in accordance with Rule 38a-1 under the Act to ensure that all required notices
 and disclosures are sent to stockholders.</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The information required
 by Section 19(a), Rule 19a-1, the Distribution Policy, the Section 19 Compliance
 Policies, and the conditions listed below will help to ensure that each Fund&#146;s
 stockholders are provided sufficient information to understand that their periodic
 distributions are not tied to the Fund&#146;s net investment income (which for this
 purpose is the Fund&#146;s taxable income other than from capital gains) and realized
 capital gains to date, and may not represent yield or investment return. Accordingly,
 subjecting the Funds to Section 19(b) and Rule 19b-1 would afford stockholders no
 extra protection. In addition, the Funds will undertake to request intermediaries,
 or their agent(s), to forward 19(a) Notices to their customers and to</font></p>
<div align="left"><hr size="1" color="#000000" width="20%"></div>
<div align="left"><font face="Times New Roman" size="1"><sup>7</sup> See Securities and Exchange
 Commission 1966 Report to Congress on Investment Company Growth (H.R. Rep. No. 2337,
 89th Cong. 2d Sess. 190-95 (1966) (the &#147;Report&#148;)); S. Rep. No. 91-184,
 91st Cong., 1st Sess. 29 (1969); H.R. Rep. No. 91-1382, 91st Cong., 2d Sess. 29
 (1970).</font></div>
<p align="right"><font face="Times New Roman" size="2">Page 11 of 33</font></p>
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<p><font face="Times New Roman" size="2">reimburse them for the costs of forwarding.
 Such forwarding may occur in any manner permitted by statute, rule or order or
 by the staff of the Commission.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="center"><font face="Times New Roman" size="2">C.</font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>Under certain
 circumstances, Rule 19b-1 gives rise to improper influence on portfolio management
 decisions, with no offsetting benefit to stockholders.</u></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rule 19b-1,
 when applied to a Distribution Policy, actually gives rise to one of the concerns
 that Rule 19b-1 was intended to avoid: inappropriate influence on portfolio management
 decisions. Funds that pay long-term capital gains distributions only once per year
 in accordance with Rule 19b-1 impose no pressure on management to realize capital
 gains at any time when purely investment considerations do not dictate doing so.
 In the absence of an exemption from Rule 19b-1, the adoption of a periodic distribution
 plan imposes pressure on management (i) not to realize any net long-term capital
 gains until the point in the year that the fund can pay all of its remaining distributions
 in accordance with Rule 19b-1 and (ii) not to realize any long-term capital gains
 during any particular year in excess of the amount of the aggregate pay-out for
 the year (since as a practical matter excess gains must be distributed and accordingly
 would not be available to satisfy pay-out requirements in following years), notwithstanding
 that purely investment considerations might favor realization of long-term gains
 at different times or in different amounts.</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No purpose
 is served by the distortion in the normal operation of a periodic distribution plan
 required in order to comply with Rule 19b-1. There is no reason or logic in requiring
 any Fund that adopts a periodic distribution plan either to retain (and pay taxes
 on) long-term capital gains (with the resulting additional tax return complexities
 for the Fund&#146;s stockholders) or to avoid designating its distributions of long-term
 gains as capital gains dividends for tax purposes (thereby avoiding a Rule 19b-1
 problem but providing distributions taxable at ordinary income</font></p>
<p align="right"><font face="Times New Roman" size="2">Page 12 of 33</font></p>
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<p><font face="Times New Roman" size="2">rates rather than the much
 lower long-term capital gains rates). The desirability of avoiding these anomalous
 results creates pressure to limit the realization of long-term capital gains that
 otherwise would be taken for purely investment considerations.</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Order requested by Applicants
 would minimize these anomalous effects of Rule 19b-1 by enabling the Funds to realize
 long-term capital gains as often as investment considerations dictate without fear
 of violating Rule 19b-1.</font></p>
<p><font face="Times New Roman" size="2">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Other concerns leading
 to adoption of Rule 19b-1 are not applicable.</u></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Another concern
 that led to the enactment of Section 19(b) of the Act and adoption of Rule 19b-1
 was that frequent capital gains distributions could facilitate improper fund share
 sales practices, including, in particular, the practice of urging an investor to
 purchase shares of a fund on the basis of an upcoming capital gains dividend (&#147;selling
 the dividend&#148;), where the dividend would result in an immediate corresponding
 reduction in NAV and would be in effect a taxable return of the investor&#146;s
 capital. Applicants submit that this concern should not apply to closed-end investment
 companies, such as the Funds, that do not continuously distribute shares. Furthermore,
 if the underlying concern extends to secondary market purchases of shares of closed-end
 funds that are subject to a large upcoming capital gains dividend, adoption of a
 periodic distribution plan actually helps minimize the concern by avoiding, through
 periodic distributions, any buildup of large end-of-the-year distributions.</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Applicants
 also submit that the &#147;selling the dividend&#148; concern is not applicable
 to preferred stock, which entitles a holder to no more than a specified periodic
 dividend and, like a debt security, is initially sold at a price based upon its
 liquidation preference, credit quality, dividend rate and frequency of payment.
 Investors buy preferred stock for the purpose of</font></p>
<p align="right"><font face="Times New Roman" size="2">Page 13 of 33</font></p>
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<p><font face="Times New Roman" size="2">receiving specific payments at the frequency
 bargained for, and any application of Rule 19b-1 to preferred stock would be contrary
 to the expectation of investors. In addition, current tax laws discourage the selling
 of dividends, by treating any loss realized by a stockholder on the sale of regulated
 investment company stock held for six months or less as a capital loss, to the extent
 of any long-term capital gains paid to such stockholder on such shares.</p>
<p><font face="Times New Roman" size="2">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Further limitations of Rule 19b-1.</u></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subparagraphs
 (a) and (f) of Rule 19b-1 limit the number of capital gains dividends, as defined
 in Section 852(b)(3)(C) of the Code, that a fund may make with respect to any one
 taxable year to one, plus a supplemental distribution made pursuant to Section 855
 of the Code not exceeding 10% of the total amount distributed for the year, plus
 one additional capital gain dividend made in whole or in part to avoid the excise
 tax under Section 4982 of the Code.</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Applicants
 assert that by limiting the number of capital gain dividends that a Fund may make
 with respect to any one year, Rule 19b-1 may prevent the normal and efficient operation
 of a periodic distribution plan whenever that Fund&#146;s realized net long-term
 capital gains in any year exceed the total of the periodic distributions that may
 include such capital gains under the Rule. Rule 19b-1 thus may force the fixed regular
 periodic distributions to be funded with returns of capital<sup>8</sup> (to the
 extent net investment income and realized short term capital gains are insufficient
 to fund the distribution), even though realized net long-term capital gains otherwise
 would be available. To distribute all of a Fund&#146;s long-term capital gains within
 the limits in Rule 19b-1, a Fund may be required to make total distributions in
 excess of the annual amount called for by its</font></p>
<div align="left"><hr size="1" color="#000000" width="20%"></div>
<div align="left"><font face="Times New Roman" size="1"><sup>8</sup>&#160;&#160;These would be returns of
 capital for financial accounting purposes and not for tax accounting purposes.</font></div>
<p align="right"><font face="Times New Roman" size="2">Page 14 of 33</font></p>
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<p><font face="Times New Roman" size="2">periodic distribution plan
 or to retain and pay taxes on the excess amount. Applicants believe that the application
 of Rule 19b-1 to a Fund&#146;s periodic distribution plan may create pressure to
 limit the realization of long-term capital gains based on considerations unrelated
 to investment goals.</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revenue Ruling 89-81<sup>9</sup> under the Code requires that a fund that seeks to qualify as a regulated
 investment company under the Code and that has both common stock and preferred stock
 outstanding designate the types of income, e.g., investment income and capital gains,
 in the same proportion as the total distributions distributed to each class for
 the tax year. To satisfy the proportionate designation requirements of Revenue Ruling
 89-81, whenever a fund has realized a long-term capital gain with respect to a given
 tax year, the fund must designate the required proportionate share of such capital
 gain to be included in common and preferred stock dividends. Although Rule 19b-1
 allows a fund some flexibility with respect to the frequency of capital gains distributions,
 a fund might use all of the exceptions available under Rule 19b-1 for a tax year
 and still need to distribute additional capital gains allocated to the preferred
 stock to comply with Revenue Ruling 89-81.</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The potential abuses addressed
 by Section 19(b) and Rule 19b-1 do not arise with respect to preferred stock issued
 by a closed end fund. Such distributions generally are either fixed or are determined
 in periodic auctions or remarketings or are periodically reset by reference to short
 term interest rates rather than by reference to performance of the issuer, and Revenue
 Ruling 89-81 determines the proportion of such distributions that are comprised
 of the long-term capital gains. Applicants also submit that the &#147;selling the
 dividend&#148; concern is not applicable to preferred stock, which entitles a holder
 to no more than a periodic dividend at a fixed rate or the</font></p>
<div align="left"><hr size="1" color="#000000" width="20%"></div>
<div align="left"><font face="Times New Roman" size="1"><sup>9</sup>&#160;&#160;1989-1 C.B. 226.</font></div>
<p align="right"><font face="Times New Roman" size="2">Page 15 of 33</font></p>
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<p><font face="Times New Roman" size="2">rate determined by the market,
 and, like a debt security, is priced based upon its liquidation value, dividend
 rate, credit quality, and frequency of payment. Investors buy preferred stock for
 the purpose of receiving payments at the frequency bargained for and do not expect
 the liquidation value of their shares to change.</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The proposed Order will assist
 the Funds in avoiding these Rule 19b-1 problems.</font></p>
<p><font face="Times New Roman" size="2">F.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>General</u></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
 relief requested is that the Commission permit the Funds to make periodic distributions
 in respect of their common stock as frequently as twelve times in any one taxable
 year and in respect of their preferred stock as specified by or determined in accordance
 with the terms thereof. Granting this relief would provide the Funds with flexibility
 in meeting investor interest in receiving more frequent distributions. Implementation
 of the relief would actually ameliorate the concerns that gave rise to Section 19(b)
 and Rule 19b-1 and help avoid the &#147;selling of dividends&#148; problem, which
 Section 19(b) and Rule 19b-1 are not effective in preventing.</p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The potential issues
 under Rule 19b-1 are basically not relevant to distributions on preferred stock.
 Not only are such distributions fixed or determined by the market rather than by
 reference to the performance of the issuer but also the long-term capital gain component
 is mandated by the IRS to be the same proportion as the proportion of long-term
 gain dividends bears to the total distributions in respect of the common stock and
 consequently the long-term gain component cannot even be known until the end of
 the fund&#146;s fiscal year. In these circumstances it would be very difficult for
 any of the potential abuses reflected in Rule 19b-1&#146;s restrictions to occur.</font></p>
<p align="right"><font face="Times New Roman" size="2">Page 16 of 33</font></p>
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<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In summary,
 Rule 19b-1, in the circumstances referred to above, is likely to distort the effective
 and proper functioning of a Fund&#146;s Distribution Policy and gives rise to the
 very pressures on portfolio management decisions that Rule 19b-1 was intended to
 avoid. These distortions forced by Rule 19b-1 serve no purpose and are not in the
 best interests of stockholders.</font></p>
<p><font face="Times New Roman" size="2"><b>V.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>APPLICANT&#146;S CONDITIONS
</b></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Applicants
 agree that, with respect to each Fund seeking to rely on the Order, the Order will
 be subject to each of the following conditions:</font></p>
<p><font face="Times New Roman" size="2">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compliance
 Review and Reporting</u></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund&#146;s
 chief compliance officer will: (a) report to the Fund&#146;s Board, no less frequently
 than once every three months or at the next regularly scheduled quarterly Board
 meeting, whether (i) the Fund and its Adviser have complied with the conditions
 of the Order and (ii) a material compliance matter (as defined in Rule 38a-1(e)(2)
 under the Act) has occurred with respect to such conditions; and (b) review the
 adequacy of the policies and procedures adopted by the Board no less frequently
 than annually..</p>
<p><font face="Times New Roman" size="2">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Disclosures to Fund Stockholders</u></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
Each 19(a) Notice disseminated to the holders of the Fund&#146;s common stock, in
 addition to the information required by Section 19(a) and Rule 19a-1:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(i)</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Will provide, in a tabular or graphical format:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(1)&#160;&#160;&#160;&#160;&#160;&#160;the amount
 of the distribution, on a per share of common stock basis, together with the amounts
 of such distribution amount,</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 17 of 33</font></p>
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<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">on a per share
 of common stock basis and as a percentage of such distribution amount, from estimated:
 (A) net investment income; (B) net realized short-term capital gains; (C) net realized
 long-term capital gains; and (D) return of capital or other capital source;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(2)&#160;&#160;&#160;&#160;&#160;&#160;the fiscal
 year-to-date cumulative amount of distributions, on a per share of common stock
 basis, together with the amounts of such cumulative amount, on a per share of common
 stock basis and as a percentage of such cumulative amount of distributions, from
 estimated: (A) net investment income; (B) net realized short-term capital gains;
 (C) net realized long-term capital gains; and (D) return of capital or other capital
 source;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(3)&#160;&#160;&#160;&#160;&#160;&#160;the average
 annual total return in relation to the change in NAV for the 5-year period (or,
 if the Fund&#146;s history of operations is less than five years, the time period
 commencing immediately following the Fund&#146;s first public offering) ending on
 the last day of the month ended immediately prior to the most recent distribution
 record date compared to the current fiscal period&#146;s annualized distribution
 rate expressed as a percentage of NAV as of the last day of the month prior to the
 most recent distribution record date; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(4)&#160;&#160;&#160;&#160;&#160;&#160;the cumulative
 total return in relation to the change in NAV from the last completed fiscal year
 to the last day of the month</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 18 of 33</font></p>
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<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">prior to the
 most recent distribution record date compared to the fiscal year-to-date cumulative
 distribution rate expressed as a percentage of NAV as of the last day of the month
 prior to the most recent distribution record date.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Such disclosure shall be made in a type size at least as large and as prominent as
 the estimate of the sources of the current distribution; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(ii)</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Will include the following disclosure:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#147;You
 should not draw any conclusions about the Fund&#146;s investment performance from
 the amount of this distribution or from the terms of the Fund&#146;s Distribution
 Policy.&#148;;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#147;The
 Fund estimates that it has distributed more than its income and net realized capital
 gains; therefore, a portion of your distribution may be a return of capital. A return
 of capital may occur, for example, when some or all of the money that you invested
 in the Fund is paid back to you. A return of capital distribution does not necessarily
 reflect the Fund&#146;s investment performance and should not be confused with &#145;yield&#146; or &#145;income&#146;&#148;;<sup>10</sup> and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#147;The
 amounts and sources of distributions reported in this 19(a) Notice are only estimates
 and are not being provided for tax</font></td>
</tr>
</table>
<BR>
<div align="left"><hr size="1" color="#000000" width="20%"></div>
<div align="left"><font face="Times New Roman" size="1"><sup>10</sup> The disclosure in this condition
 2(a)(ii)(2) will be included only if the current distribution or the fiscal year-to-date
 cumulative distributions are estimated to include a return of capital.</font></DIV>
<p align="right"><font face="Times New Roman" size="2">Page 19 of 33</font></p>
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<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">reporting
 purposes. The actual amounts and sources of the amounts for tax reporting purposes
 will depend upon the Fund&#146;s investment experience during the remainder of its
 fiscal year and may be subject to changes based on tax regulations. The Fund will
 send you a Form 1099-DIV for the calendar year that will tell you how to report
 these distributions for federal income tax purposes.&#148;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Such disclosure shall be made in a type size at least as large as and as prominent
 as any other information in the 19(a) Notice and placed on the same page in close
 proximity to the amount and the sources of the distribution.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
On the inside front cover of each report to stockholders under Rule 30e-1 under the
 Act, the Fund will:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(i)</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
describe the terms of the Distribution Policy (including the fixed amount or fixed
 percentage of the distributions and the frequency of the distributions);</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(ii)</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
include the disclosure required by condition 2(a)(ii)(1) above;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(iii)</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
state, if applicable, that the Distribution Policy provides that the Board may amend
 or terminate the Distribution Policy at any time without prior notice to Fund stockholders;
 and</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 20 of 33</font></p>
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<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" valign="top" align="left"><font face="Times New Roman" size="2">(iv)</font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">describe any
 reasonably foreseeable circumstances that might cause the Fund to terminate the
 Distribution Policy and any reasonably foreseeable consequences of such termination.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
Each report provided to stockholders of a Fund under Rule 30e-1 under the Act and
 each prospectus filed with the Commission on Form N-2 under the Act, will provide
 the Fund&#146;s total return in relation to changes in NAV in the financial highlights
 table and in any discussion about the Fund&#146;s total return.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">3.</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2"><u>Disclosure to Stockholders, Prospective Stockholders and Third Parties</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
The Fund will include the information contained in the relevant 19(a) Notice, including
 the disclosure required by condition 2(a)(ii) above, in any written communication
 (other than a communication on Form 1099) about the Distribution Policy or distributions
 under the Distribution Policy by the Fund, or agents that the Fund has authorized
 to make such communication on the Fund&#146;s behalf, to any Fund common stockholder,
 prospective common stockholder or third-party information provider;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
The Fund will issue, contemporaneously with the issuance of any 19(a) Notice, a press
 release containing the information in the 19(a) Notice and will file with the Commission
 the information contained in such 19(a) Notice, including the disclosure required
 by condition 2(a)(ii) above, as an exhibit to its next filed Form N-CSR; and</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 21 of 33</font></p>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
The Fund will post prominently a statement on its (or the Adviser&#146;s) website
 containing the information in each 19(a) Notice, including the disclosure required
 by condition 2(a)(ii) above, and will maintain such information on such website
 for at least 24 months.</font></td>
</tr>
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">4.</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2"><u>Delivery of 19(a) Notices to Beneficial Owners</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2">
If a broker, dealer, bank or other person (&#147;financial intermediary&#148;) holds
 common stock issued by the Fund in nominee name, or otherwise, on behalf of a beneficial
 owner, the Fund: (a) will request that the financial intermediary, or its agent,
 forward the 19(a) Notice to all beneficial owners of the Fund&#146;s stock held
 through such financial intermediary; (b) will provide, in a timely manner, to the
 financial intermediary, or its agent, enough copies of the 19(a) Notice assembled
 in the form and at the place that the financial intermediary, or its agent, reasonably
 requests to facilitate the financial intermediary&#146;s sending of the 19(a) Notice
 to each beneficial owner of the Fund&#146;s stock; and (c) upon the request of any
 financial intermediary, or its agent, that receives copies of the 19(a) Notice,
 will pay the financial intermediary, or its agent, the reasonable expenses of sending
 the 19(a) Notice to such beneficial owners.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">5.</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2"><u>Additional Board Determinations for Funds Whose Common Stock Trades at a Premium</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">If:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
The Fund&#146;s common stock has traded on the stock exchange that they primarily
 trade on at the time in question at an average premium to NAV equal to or greater
 than 10%, as determined on the basis of the average of the discount or premium to</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 22 of 33</font></p>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
NAV of the Fund&#146;s shares of common stock as of the close of each trading day
 over a 12-week rolling period (each such 12-week rolling period ending on the last
 trading day of each week); and</font></td>
</tr>
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
The Fund&#146;s annualized distribution rate for such 12-week rolling period, expressed
 as a percentage of NAV as of the ending date of such 12-week rolling period, is
 greater than the Fund&#146;s average annual total return in relation to the change
 in NAV over the 2-year period ending on the last day of such 12-week rolling period;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">then:</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>

<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(i)</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
At the earlier of the next regularly scheduled meeting or within four months of the
 last day of such 12-week rolling period, the Board, including a majority of its
 Independent Directors:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(1)&#160;&#160;&#160;&#160;&#160;&#160;will request
 and evaluate, and the Fund&#146;s Adviser will furnish, such information as may
 be reasonably necessary to make an informed determination of whether the Distribution
 Policy should be continued or continued after amendment;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(2)&#160;&#160;&#160;&#160;&#160;&#160;will determine
 whether continuation, or continuation after amendment, of the Distribution Policy
 is consistent with the Fund&#146;s investment objective(s) and policies and is in
 the best interests of the Fund and its stockholders, after considering the</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 23 of 33</font></p>
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<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="4" align="left"><font face="Times New Roman" size="2">
information in condition 5(b)(i)(1) above; including, without limitation:</font></td>
</tr>
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(A)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">whether the
 Distribution Policy is accomplishing its purpose(s);</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(B)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">the reasonably
 foreseeable material effects of the Distribution Policy on the Fund&#146;s long-term
 total return in relation to the market price and NAV of the Fund&#146;s common stock;
 and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(C)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">the Fund&#146;s
 current distribution rate, as described in condition 5(b) above, compared with the
 Fund&#146;s average annual taxable income or total return over the 2-year period,
 as described in condition 5(b), or such longer period as the Board deems appropriate;
 and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="4" align="left"><font face="Times New Roman" size="2">
(3)&#160;&#160;&#160;&#160;&#160;&#160;based upon that determination, will approve or disapprove the continuation, or
 continuation after amendment, of the Distribution Policy; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(ii)</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2">
The Board will record the information considered by it, including its consideration
 of the factors listed in condition 5(b)(i)(2) above, and the basis for its approval
 or disapproval of the continuation, or continuation after amendment, of the Distribution
 Policy in its meeting minutes, which</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 24 of 33</font></p>
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<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">must be made
 and preserved for a period of not less than six years from the date of such meeting,
 the first two years in an easily accessible place.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">6.</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2">
<u>Public Offerings</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2">
The Fund will not make a public offering of the Fund&#146;s common stock other than:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
a rights offering below NAV to holders of the Fund&#146;s common stock;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
an offering in connection with a dividend reinvestment plan, merger, consolidation,
 acquisition, spin off or reorganization of the Fund; or</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
an offering other than an offering described in conditions 6(a) and 6(b) above, provided
 that, with respect to such other offering:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(i)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">the Fund&#146;s
 annualized distribution rate for the six months ending on the last day of the month
 ended immediately prior to the most recent distribution record date<sup>11</sup>, expressed as a percentage of NAV as of such date, is no more than 1 percentage
 point greater than the Fund&#146;s average annual total return for the 5-year period
 ending on such date<sup>12</sup>; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">(ii)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">the transmittal
 letter accompanying any registration statement filed with the Commission in connection
 with such offering discloses that the Fund has received an order under Section 19(b)
 to permit it to make periodic distributions of long-term capital gains with respect
 to its shares of</font></td>
</tr>
</table>
<br>
<div align="left"><hr size="1" color="#000000" width="20%"></div>
<div align="left"><font face="Times New Roman" size="1"><sup>11</sup> If the Fund has been in operation
 fewer than six months, the measured period will begin immediately following the
 Fund&#146;s first public offering.<br><sup>12</sup> If the Fund has been in operation
 fewer than five years, the measured period will begin immediately following the
 Fund&#146;s first public offering.</font></div>
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<tr>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="13%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">common stock
 as frequently as twelve times each year, and as frequently as distributions are
 specified by or determined in accordance with the terms of any outstanding shares
 of preferred stock as such Fund may issue.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendments to Rule 19b-1</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The requested Order will expire on the effective date of any amendment to Rule 19b-1
 that provides relief permitting certain closed-end investment companies to make
 periodic distributions of long-term capital gains with respect to their outstanding
 common stock as frequently as twelve times each year.</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>VI.</b></font></td>
<td width="3%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>APPLICABLE
 PRECEDENT</b></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Commission
 has recently granted relief substantially the same as that sought here to <u>In
 the Matter of The Chile Fund, Inc., et al.</u>, Investment Company Act Release Nos.
 29167 (March 2, 2010) (notice) and 29195 (March 30, 2010) (order); <u>In the Matter
 of Lazard Global Total Return and Income Fund, Inc., et al.</u>, Investment Company
 Act Release Nos. 29331 (June 24, 2010) (notice) and 29344 (July 21, 2010) (order);
<u>In the Matter of Federated Enhanced Treasury Income Fund, et al.</u>, Investment
 Company Act Release Nos. 29341 (July 14, 2010) (notice) and 29379 (August 10, 2010)
 (order); <u>In the Matter of Stone Harbor Emerging Markets Income Fund, et al.</u>, Investment Company Act Release Nos. 29791 (September 16, 2011) (notice) and 298834
 (October 12, 2011) (order); <u>In the Matter of Invesco Total Property Market Income
 Fund, et al.</u>, Investment Company Act Release Nos. 30055 (April 26, 2012) (notice)
 and 30069 (May 22, 2012) (order); and <u>In the Matter of Prudential Short Duration
 High Yield Fund, Inc. et al.</u>, Investment Company Act Release Nos. 30195 (September
 5, 2012) (notice) and 30226 (October 2, 2012) (order).</font></p>
<p align="right"><font face="Times New Roman" size="2">Page 26 of 33</font></p>
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<p><font face="Times New Roman" size="2"><b>VII.&#160;&#160;&#160;&#160;PROCEDURAL COMPLIANCE</b></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At a meeting
 duly held on September 12-13, 2012, the Board of Directors of each of RFT, RVT and
 RMT adopted the following resolutions authorizing the execution and filing of this
 Application:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="7%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;RESOLVED,
 that [Royce Focus Trust, Inc.] [Royce Micro-Cap Trust, Inc.] [Royce Value Trust,
 Inc.] (the &#147;Fund&#148;) apply to the Securities and Exchange Commission, pursuant
 to Section 6(c) of the Investment Company Act of 1940 (the &#147;Act&#148;), for
 an exemption from Section 19(b) of the Act and Rule 19b-1 thereunder permitting
 the Fund to make periodic capital gains distributions on any class of capital stock
 of the Fund in any one taxable year, and any other sections of the Act and the Rules
 thereunder, and make such amendments to such application as the officers of and
 counsel to the Fund deem necessary and appropriate; and it was further</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;RESOLVED,
 that the President, any Vice President, Treasurer or Secretary of the Fund be and
 each of them hereby is authorized, acting singly, to execute and cause to be filed
 the application and any amendments thereto hereinabove authorized in such form as
 the officer executing the same may approve, his execution thereof to be conclusive
 evidence of such approval.</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pursuant to
 Rule 0-2(c) under the Act, each Applicant hereby states that the person signing
 and filings this Application on its behalf is fully authorized to do so, that under
 the provisions of the Articles of Incorporation of such Applicant responsibility
 for the management of the affairs of such Applicant is vested in its Board of Directors,
 and that such Applicant has</font></p>
<p align="right"><font face="Times New Roman" size="2">Page 27 of 33</font></p>
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<p><font face="Times New Roman" size="2">complied with all requirements for the execution
 and filing of this Application in its name and on its behalf.</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The verifications
 required by Rule 0-2(d) are attached to this Application as Exhibits A, B, C and
 D. Pursuant to Rule 0-2(f) under the Act, the Applicants further state that:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
The address of each of the Applicants is:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">745 Fifth
 Avenue</font></td>
</tr>
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">New York,
 NY 10151</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Any questions regarding this Application should be directed to Applicants&#146; counsel:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Frank P. Bruno,
 Esq.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Sidley Austin
 LLP</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">787 Seventh
 Avenue</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">New York,
 NY 10019</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><b>VIII.&#160;&#160;CONCLUSION</b></font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On the basis
 of the foregoing, Applicants respectfully request that the Commission enter an Order
 pursuant to Section 6(c) of the Act exempting the Funds from the provisions of Section
 19(b) of the Act and Rule 19b-1 thereunder to permit each Fund to make distributions
 on its common stock consisting in whole or in part of capital gain dividends as
 frequently as twelve times in any one taxable year so long as it complies with the
 conditions of the Order and maintains in effect a Distribution Policy with respect
 to its common stock as described in this Application. In addition, the Applicants
 request that the Order permit each Fund to make distributions on its preferred stock
 (if any) that it has issued or may issue in the future consisting in whole or in
 part of capital gain dividends as frequently as specified by or determined in accordance
 with the terms thereof.</font></p>
<p align="right"><font face="Times New Roman" size="2">Page 28 of 33</font></p>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">Dated: March 6, 2013</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
ROYCE FOCUS TRUST, INC.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
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<p><font face="Times New Roman" size="2">The undersigned, being duly sworn, deposes
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<p><font face="Times New Roman" size="2">The undersigned, being duly sworn, deposes
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
