<SEC-DOCUMENT>0000949377-15-000283.txt : 20150803
<SEC-HEADER>0000949377-15-000283.hdr.sgml : 20150801
<ACCEPTANCE-DATETIME>20150803153032
ACCESSION NUMBER:		0000949377-15-000283
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150924
FILED AS OF DATE:		20150803
DATE AS OF CHANGE:		20150803
EFFECTIVENESS DATE:		20150803

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		151022242

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e36219_rvt-def14a.htm
<TEXT>
<p align="center"><font face="Times New Roman" size="2"><b>As filed with the Securities and Exchange
 Commission on August 3, 2015</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>UNITED STATES<br>SECURITIES AND EXCHANGE
 COMMISSION<br>Washington, D.C. 20549</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>SCHEDULE 14A<br>(Rule 14a-101)<br>INFORMATION REQUIRED IN PROXY STATEMENT<br>SCHEDULE 14A INFORMATION</b><br>Proxy Statement
 Pursuant to Section 14(a) of<br>the Securities Exchange Act of 1934 (Amendment No.&#160;&#160;&#160;&#160;)</font></p>
<p><font face="Times New Roman" size="2">Filed by the Registrant</font>&#160;&#160;&#160;<font face="Times New Roman" size="2">[X]</font><br><font face="Times New Roman" size="2">Filed by a Party
 other than the Registrant</font>&#160;&#160;&#160;<font face="Times New Roman" size="2">[&#160;&#160;&#160;]</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
Check the appropriate box:</font></td>
</tr>
<tr>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">[&#160;&#160;&#160;]</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Preliminary
 Proxy Statement</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">[&#160;&#160;&#160;]</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"><b>Confidential,
 for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">[X]</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">Definitive
 Proxy Statement</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">[&#160;&#160;&#160;]</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">Definitive
 Additional Materials</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">[&#160;&#160;&#160;]</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">Soliciting
 Material Pursuant to &#167;240.14a-12</font></td>
</tr>
</table>
<BR>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>ROYCE
 VALUE TRUST, INC.</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">(Name of
 Registrant as Specified In Its Charter)</font></td>
</tr>
<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">N/A</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">(Name of
 Person(s) Filing Proxy Statement, if other than the Registrant)</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
Payment of Filing Fee (Check the appropriate box):</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">[X]</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">No fee required.</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">[&#160;&#160;&#160;]</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">Fee computed
 on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">&#160;(1)</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title of each
 class of securities to which transaction applies:</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>
<tr style="font-size:1px;">
<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>
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</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">&#160;(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">Aggregate
 number of securities to which transaction applies:</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>
<tr style="font-size:1px;">
<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>
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</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">&#160;(3)</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">Per unit price
 or other underlying value of transaction computed pursuant to Exchange Act Rule
 0-11 (set forth the amount on which the filing fee is calculated and state how it
 was determined):</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>
<tr style="font-size:1px;">
<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>
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</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">&#160;(4)</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">Proposed maximum
 aggregate value of transaction:</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>
<tr style="font-size:1px;">
<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>
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</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">&#160;(5)</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">Total fee
 paid:</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>
<tr style="font-size:1px;">
<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>
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">[&#160;&#160;&#160;]</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Fee paid previously
 with preliminary materials.</font></td>
</tr>
<tr>
<td valign="top" align="center"><font face="Times New Roman" size="2">[&#160;&#160;&#160;]</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">Check box
 if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and
 identify the filing for which the offsetting fee was paid previously. Identify the previous
 filing by registration statement number, or the Form or Schedule and the date of
 its filing.</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">(1)</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Amount Previously
 Paid:</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>
<tr style="font-size:1px;">
<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>
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</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">(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">Form, Schedule
 or Registration Statement No.:</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>
<tr style="font-size:1px;">
<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>
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</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">(3)</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">Filing Party:</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>
<tr style="font-size:1px;">
<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>
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</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">(4)</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">Date Filed:</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>
<tr style="font-size:1px;">
<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>
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>ROYCE VALUE TRUST, INC.</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>745 Fifth
 Avenue New<br>York, New York 10151</b></font></p>
<p align="center"><hr size="1" noshade color="#000000" width="10%"></p>
<p align="center"><font face="Times New Roman" size="2"><b>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
</b></font></p>
<p align="center"><hr size="1" noshade color="#000000" width="10%"></p>
<p align="center"><font face="Times New Roman" size="2"><b>TO BE HELD ON SEPTEMBER 24, 2015</b></font></p>
<p><font face="Times New Roman" size="2">To the Stockholders of:</font></p>
<p><font face="Times New Roman" size="2">ROYCE VALUE TRUST, INC.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">NOTICE IS
 HEREBY GIVEN that the Annual Meeting of Stockholders (the &#147;Meeting&#148;) of
 ROYCE VALUE TRUST, INC. (the &#147;Fund&#148;) will be held at the offices of the
 Fund, 745 Fifth Avenue, New York, New York 10151 on Thursday, September 24, 2015,
 at 2:00 p.m. (Eastern Time), for the following purposes:</font></p>
<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="2%" valign="bottom" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">To elect three
 Directors to the Fund&#146;s Board of 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>
</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">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">To transact
 such other business as may properly come before the Meeting or any postponement
 or adjournment thereof.</font></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Board
 of Directors of the Fund has set the close of business on July 17, 2015 as the record
 date for determining those stockholders entitled to vote at the Meeting or any postponement
 or adjournment thereof, and only holders of record at the close of business on that
 day will be entitled to vote.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>IMPORTANT</b></font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2"><b>To save the
 Fund the expense of additional proxy solicitation, please mark your instructions
 on the enclosed Proxy, date and sign it and return it in the enclosed envelope (which
 requires no postage if mailed in the United States), even if you expect to be present
 at the Meeting. You may also authorize a proxy to vote your shares via telephone
 or the Internet by following the instructions on the proxy card or Notice of Internet
 Availability of Proxy Materials. Please take advantage of these prompt and efficient
 proxy authorization options.</b> The accompanying Proxy is solicited on behalf of the
 Board of Directors of the Fund, is revocable, and will not affect your right to
 vote in person in the event that you attend the Meeting.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="50%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By order of
 the Board of Directors,</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">John E. Denneen</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"><i>Secretary
</i></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">August 3, 2015</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>IMPORTANT
 NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING
 OF STOCKHOLDERS TO BE HELD ON SEPTEMBER 24, 2015</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>THE NOTICE, PROXY STATEMENT
 AND PROXY CARD FOR THE FUND ARE AVAILABLE AT WWW.PROXYVOTE.COM</b></font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>PROXY STATEMENT</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>ROYCE VALUE TRUST, INC.<br>745 Fifth
 Avenue<br>New York, New York 10151</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>ANNUAL MEETING OF STOCKHOLDERS<br>September
 24, 2015</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>INTRODUCTION</b></font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The enclosed
 Proxy is solicited on behalf of the Board of Directors of the Fund (the &#147;Board&#148;) for use at the Annual Meeting of Stockholders (the &#147;Meeting&#148;) of
 Royce Value Trust, Inc. (the &#147;Fund&#148;), to be held at the offices of the
 Fund, 745 Fifth Avenue, New York, New York 10151, on Thursday, September 24, 2015,
 at 2:00 p.m. (Eastern Time) and at any postponements or adjournments thereof. The
 approximate mailing date of this Proxy Statement is August 10, 2015.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">All properly
 executed Proxies received prior to the Meeting will be voted at the Meeting in accordance
 with the instructions marked thereon or otherwise as provided therein. Unless instructions
 to the contrary are marked, Proxies will be voted &#147;FOR&#148; the election of
 the Director nominees of the Fund.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">You may revoke
 your Proxy at any time before it is exercised by sending written instructions to
 the Secretary of the Fund at the Fund&#146;s address indicated above or by filing
 a new Proxy with a later date, and any stockholder attending the Meeting may vote
 in person, whether or not he or she has previously filed a Proxy.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The cost of
 soliciting proxies will be borne by the Fund, which will reimburse brokerage firms,
 custodians, nominees and fiduciaries for their expenses in forwarding proxy material
 to the beneficial owners of the Fund&#146;s shares of common stock (&#147;Common
 Stock&#148;). Some officers and employees of the Fund and/or Royce &#038; Associates,
 LLC (&#147;R&#038;A&#148; or &#147;Royce&#148;), the Fund&#146;s investment adviser,
 may solicit proxies personally and by telephone, if deemed desirable. Stockholders
 vote at the Meeting by casting ballots (in person or by proxy) which are tabulated
 by one or two persons, appointed by the Board before the Meeting, who serve as Inspectors
 and Judges of Voting at the Meeting and who have executed an Inspectors&#146; and
 Judges&#146; Oath.</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Board
 has set the close of business on July 17, 2015 as the record date (the &#147;Record
 Date&#148;) for determining those stockholders entitled to vote at the Meeting or
 any postponement or adjournment thereof, and only holders of record at the close
 of business on that day will be entitled to vote. Stockholders on the Record Date
 will be entitled to one vote for each outstanding share of Common Stock held (proportional
 voting rights for fractional shares held), with no shares having cumulative voting
 rights.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">As of the
 Record Date, there were 77,251,037 shares of Common Stock outstanding. The following
 persons were known to the Fund to be beneficial owners or owners of record of 5%
 or more of its outstanding shares of Common Stock as of the Record Date:</font></p>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name
 and Address of Owner</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount
 and<br>Nature of Ownership</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Percent
</b></font></td>
</tr>
<tr>
<td width="40%" valign="bottom" align="left"><font face="Times New Roman" size="2">Cede &#038;
 Co.*<br>Depository Trust Company<br>P.O. Box #20<br>Bowling Green Station<br>New York, NY 10028</font></td>
<td width="40%" valign="top" align="left"><font face="Times New Roman" size="2">75,790,112
 shares&#151;<br>Record*</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">98.11%</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
<td width="85%"><font face="Times New Roman" size="1"></font></td>
</tr>
<tr>
<td width="5%" valign="top" align="right"><font face="Times New Roman" size="1">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="justify"><font face="Times New Roman" size="1">Shares held
 by brokerage firms, banks and other financial intermediaries on behalf of beneficial
 owners are registered in the name of Cede &#038; Co.</font></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Board knows of no business
 other than that stated in Proposal 1 of the Notice of Meeting that will be presented
 for consideration at the Meeting. If any other matter is properly presented at the
 Meeting or any postponement or adjournment thereof, it is the intention of the persons
 named on the enclosed Proxy to vote in accordance with their best judgment.</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>PROPOSAL 1: ELECTION OF DIRECTORS</b></font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">At the Meeting,
 three members of the Board will be elected. The Board has nine Directors. The nine
 Directors are currently divided into three classes, each class having a term of
 office of three years. The term of office of one class expires each year. Each of
 Charles M. Royce, G. Peter O&#146;Brien, and David L. Meister currently serves as
 a Class I director and has been nominated by the Board to serve as a Class I director
 for a three-year term to expire at the Fund&#146;s 2018 Annual Meeting of Stockholders
 or until his successor is duly elected and qualified.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The classes of Directors and their respective
 terms are indicated below.</font></p>
<p><font face="Times New Roman" size="2"><u><b>CLASS I DIRECTORS TO SERVE UNTIL 2018
 ANNUAL MEETING OF STOCKHOLDERS</b></u></font></p>
<p><font face="Times New Roman" size="2">Charles M. Royce<br>G. Peter O&#146;Brien
<br>David L. Meister</font></p>
<p><font face="Times New Roman" size="2"><u><b>CLASS III DIRECTORS SERVING UNTIL
 2017 ANNUAL MEETING OF STOCKHOLDERS</b></u></font></p>
<p><font face="Times New Roman" size="2">Richard M. Galkin<br>Stephen L. Isaacs
<br>Christopher D. Clark</font></p>
<p><font face="Times New Roman" size="2"><u><b>CLASS II DIRECTORS SERVING UNTIL 2016
 ANNUAL MEETING OF STOCKHOLDERS</b></u></font></p>
<p><font face="Times New Roman" size="2">Arthur S. Mehlman<br>Patricia W. Chadwick
<br>Michael K. Shields</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Each of the
 three Director nominees has agreed to serve if elected, and the Fund&#146;s management
 has no reason to believe that any of them will be unavailable for service as a Director.
 However, if any of them become unwilling or unable to serve, the persons named in
 the accompanying Proxy will vote for the election of such other persons, if any,
 as the Board may nominate.</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">3</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Interested Persons</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Certain biographical
 and other information concerning Charles M. Royce and Christopher D. Clark, each
 of whom is an &#147;interested person&#148; as defined in the Investment Company
 Act of 1940, as amended (the &#147;Investment Company Act&#148;), of the Fund, including
 their current designated classes, is set forth below. Mr. Royce is one of the three
 Director nominees.</font></div>
<br>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<sup>*</sup> and<br>Principal Occupations<br>During Past Five Years</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Positions
<br>With the<br>Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
<br>of Time<br>Served</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
<br>Term<br>Expires</b></font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios in<br>Fund<br>Complex<br>Overseen</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Other
 Public<br>Company<br>Directorships</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce<sup>**</sup><br>Chief Executive Officer and Member of the Board of Managers of
 Royce &#038; Associates, LLC (&#147;R&#038;A&#148;), investment adviser to the Fund.
 Member of Board of Directors/Trustees of the Fund, Royce Micro-Cap Trust, Inc. (&#147;RMT&#148;), Royce Global Value Trust, Inc. (&#147;RGT&#148;), The Royce Fund
 (&#147;TRF&#148;), and Royce Capital Fund (&#147;RCF&#148;) (the Fund, RMT, RGT,
 TRF, and RCF collectively, &#147;The Royce Funds&#148;).</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">75</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Class I <br>Director</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">2015</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">27</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">TICC Capital
 Corp.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark<sup>**</sup><br>President (since July 2014), Co-Chief Investment Officer (since
 January 2014), Member of the Board of Managers (since June 2015), and Managing Director
 of R&#038;A, having been employed by R&#038;A since May 2007. President and Member
 of Board of Directors/Trustees of The Royce Funds.</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">50</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class III
 Director and President<sup>&#134;</sup></font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2014</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2017</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">27</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table><br>
<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%" valign="top" align="right"><font face="Times New Roman" size="1">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">The address
 of Messrs. Royce and Clark is c/o Royce &#038; Associates, LLC, 745 Fifth Avenue,
 New York, New York 10151.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="1">**</font></td>
<td  ><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#147;Interested
 person,&#148; as defined in the Investment Company Act, of the Fund.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="1">&#134;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">Mr. Clark
 was elected by, and serves at the pleasure of, the Board in his capacity as an officer
 of the Fund.</font></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Messrs. Royce
 and Clark are &#147;interested persons&#148; of the Fund within the meaning of Section
 2(a)(19) of the Investment Company Act due to the positions they hold with R&#038;A
 and their stock ownership in Legg Mason, Inc. (&#147;Legg Mason&#148;). There are
 no family relationships between any of the Fund&#146;s Directors and officers.</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">4</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Non-Interested Directors</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Certain biographical
 and other information concerning the existing Directors, including two of the Director
 nominees, who are not &#147;interested persons,&#148; as defined in the Investment
 Company Act, of the Fund, including their current designated classes, if any, is
 set forth below.</font></div>
<br>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<sup>*</sup> and<br>Principal Occupations<br>During Past Five Years<sup>**</sup>
</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Positions
<br>With the<br>Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
<br>of Time<br>Served</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
<br>Term<br>Expires</b></font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios in<br>Fund<br>Complex<br>Overseen</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Other
 Public<br>Company<br>Directorships</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Patricia W.
 Chadwick<br>Consultant and President of Ravengate Partners LLC (since 2000).</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">66</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Class II <br>Director</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">2010</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">2016</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">27</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Wisconsin
 Energy Corp. and Voya Funds</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Richard M.
 Galkin<br>Private investor. Mr. Galkin&#146;s prior business experience includes having
 served as President of Richard M. Galkin Associates, Inc., telecommunications consultants,
 President of Manhattan Cable Television (a subsidiary of Time Inc.), President of
 Haverhills Inc. (another Time Inc. subsidiary), President of Rhode Island Cable
 Television and Senior Vice President of Satellite Television Corp. (a subsidiary
 of Comsat).</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">77</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class III
 Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2017</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">27</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Stephen L.
 Isaacs<br>Attorney and President of Health Policy Associates, Inc., consultants. Mr.
 Isaacs&#146;s prior business experience includes having served as President of The
 Center for Health and Social Policy (1996 to 2012); and Director of Columbia University
 Development Law and Policy Program and Professor at Columbia University (until August
 1996).</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">75</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class III
 Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2017</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">27</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">5</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<sup>*</sup> and<br>Principal Occupations<br>During Past Five Years<sup>**</sup>
</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Positions
<br>With the<br>Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
<br>of Time<br>Served</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
<br>Term<br>Expires</b></font></td>
<td valign="bottom" align="center" nowrap><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios in Fund<br>Complex Overseen</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Other
 Public<br>Company<br>Directorships</b></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman<br>Director of The League for People with Disabilities, Inc.; Director of University
 of Maryland Foundation (non-profits). Formerly: Director of Municipal Mortgage
&#038; Equity, LLC (from October 2004 to April 2011); Director of University of Maryland
 College Park Foundation (non-profit)(from 1998 to 2005); Partner, KPMG LLP (international
 accounting firm) (from 1972 to 2002); Director of Maryland Business Roundtable for
 Education (from July 1984 to June 2002).</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">73</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Class II<br>
 Director</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">2004</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">2016</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">45 (Director/Trustee
 of all Royce Funds, consisting of 27 portfolios; Director/Trustee of the Legg Mason
 Family of Funds, consisting of 18 portfolios)</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">David L. Meister<br>Consultant.
 Chairman and Chief Executive Officer of The Tennis Channel (from June 2000 to March
 2005). Mr. Meister&#146;s prior business experience includes having served as Chief
 Executive Officer of Seniorlife.com, a consultant to the communications industry,
 President of Financial News Network, Senior Vice President of HBO, President of
 Time-Life Films and Head of Broadcasting for Major League Baseball.</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">75</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class I<br> Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2015</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">27</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien<br>Director, Bridges School (since 2006); Trustee Emeritus of Colgate University
 (since 2005); Board Member of Hill House, Inc. (since 1999). Formerly: Trustee of
 Colgate University (from 1996 to 2005); President of Hill House, Inc. (from 2001
 to 2005); and Managing Director/Equity Capital Markets Group of Merrill Lynch &#038;
 Co. (from 1971 to 1999).</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">70</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class I<br>
 Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2001</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2015</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">45 (Director/Trustee
 of all Royce Funds, consisting of 27 portfolios; Director/Trustee of the Legg Mason
 Family of Funds, consisting of 18 portfolios)</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">TICC Capital
 Corp.</font></td>
</tr>
</table>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">6</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name,
 Address<sup>*</sup> and<br>Principal Occupations<br>During Past Five Years<sup>**</sup></b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Positions
<br>With the<br>Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
<br>of Time<br>Served</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
<br>Term<br>Expires</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios in Fund<br>Complex Overseen</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Other
 Public<br>Company<br>Directorships</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Michael K.
 Shields<br>President and Chief Executive Officer of Piedmont Trust Company, a private
 North Carolina trust company (since May 2012). Mr. Shields&#146;s prior business
 experience includes owning Shields Advisors, an investment consulting firm (from
 April 2010 to June 2012).</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">56</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Class II<br>
 Director</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">April 2015</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">2016</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">27</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table><br>
<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%" valign="top" align="right"><font face="Times New Roman" size="1">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="1">The address
 of each of Ms. Chadwick and Messrs. Galkin, Isaacs, Mehlman, Meister, O&#146;Brien,
 and Shields is c/o Royce &#038; Associates, LLC, 745 Fifth Avenue, New York, New
 York 10151.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="1">**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="1">Each of the
 Independent Directors, including two of the Director nominees, is a director/trustee
 of certain other investment companies for which R&#038;A acts as an investment adviser.
 Each of Ms. Chadwick and Messrs. Galkin, Isaacs, Mehlman, Meister, O&#146;Brien,
 and Shields is a member of the Audit Committee of the Board and the Nominating Committee
 of the Board.</font></div></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Additional
 information about each Director follows (supplementing the information provided
 in the tables above) that describes some of the specific experiences, qualifications,
 attributes or skills that each Director possesses which the Board believes has prepared
 them to be effective Directors.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="9%" valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>Charles M. Royce</i> &#150; In addition to his tenure as a Director/Trustee of The Royce Funds, Mr. Royce serves as the Chief Executive Officer and a Member of the Board of Managers of R&A. Mr. Royce served as the President of R&#038;A from 1972 to June 2014. Mr. Royce has over 40 years of investment and business experience.

</font></div></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 width="8%" valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>Christopher D. Clark</i> &#150; In addition to his tenure as a Director/Trustee of The Royce Funds, Mr. Clark serves as President, Co-Chief Investment Officer, and a Member of the Board of Managers of R&#038;A, having been employed by R&#038;A since 2007. Mr. Clark has over 25 years of investment and business experience, including extensive experience in the financial sector.

</font></div></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 width="8%" valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>Patricia W. Chadwick</i> &#150; In addition to her tenure as a Director/Trustee of The Royce Funds, Ms. Chadwick is designated as an Audit Committee Financial Expert. Ms. Chadwick has over 30 years of investment and business experience, including extensive experience in the financial sector and as a consultant to business and non-profit entities.  In addition, Ms. Chadwick has served on the boards of a variety of public and private companies and non-profit entities, including currently serving on the board of two public companies.</font></div></td>
</tr>
</table>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">7</font></p>
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<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="9%" valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>Richard
 M. Galkin &#150;</i> In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Galkin serves as co-Chairman of the Board&#146;s Nominating Committee.
 Mr. Galkin also served as Chairman of the Board&#146;s Audit Committee for more
 than 15 years, acting as liaison between the Boards and the Fund&#146;s independent
 registered public accountants. Mr. Galkin has over 40 years of business experience,
 including extensive experience in the telecommunications industry.</font></div></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 width="8%" valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>Stephen
 L. Isaacs &#150;</i> In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Isaacs serves as Attorney and President of a private consulting firm.
 Mr. Isaacs has over 40 years of business and academic experience, including extensive
 experience related to public health and philanthropy.</font></div></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 width="8%" valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>Arthur
 S. Mehlman &#150;</i> In addition to his tenure as a Director/Trustee of The Royce
 Funds and of the Legg Mason Family of Funds, Mr. Mehlman serves as the Chairman
 of the Board&#146;s Audit Committee, acting as liaison between the Boards and the
 Fund&#146;s independent registered public accountants, and is designated as an Audit
 Committee Financial Expert. Mr. Mehlman has over 35 years of business experience,
 including as Partner of an international accounting firm and a Director for various
 private companies and non-profit entities.</font></div></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 width="8%" valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>David L.
 Meister</i> &#150; In addition to his tenure as a Director/Trustee of The Royce Funds,
 Mr. Meister has over 40 years of business experience, including extensive experience
 as an executive officer in and consultant to the communications industry.</font></div></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 width="8%" valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>G. Peter
 O&#146;Brien</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds and of the Legg Mason Family of Funds, Mr. O&#146;Brien serves as co-Chairman
 of the Boards&#146; Nominating Committee. Mr. O&#146;Brien has over 35 years of
 business experience, including extensive experience in the financial sector. In
 addition, Mr. O&#146;Brien has served on the boards of public companies and non-profit entities.</font></div></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 width="8%" valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>Michael
 K. Shields</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Shields serves as President and Chief Executive Officer of Piedmont Trust
 Company, a private North Carolina trust company. Mr. Shields has over 30 years of
 investment and business experience, including extensive experience in the financial
 sector.</font></div></td>
</tr>
</table>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">8</font></p>
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<!--page-->
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Board
 believes that each Director&#146;s experience, qualifications, attributes and skills
 should be evaluated on an individual basis and in consideration of the perspective
 such Director brings to the entire Board, with no single Director, or particular
 factor, being indicative of Board effectiveness. However, the Board believes that
 Directors need to have the ability to critically review, evaluate, question and
 discuss information provided to them, and to interact effectively with Fund management,
 service providers and counsel, in order to exercise effective business judgment
 in the performance of their duties; the Board believes that their members satisfy
 this standard. Experience relevant to having this ability may be achieved through
 a Director&#146;s educational background; business, professional training or practice,
 public service or academic positions; experience from service as a board member
 (including the Board) or as an executive of investment funds, public companies or
 significant private or non-profit entities or other organizations; and/or other
 life experiences. The charter for the Board&#146;s Nominating Committee contains
 certain other specific factors considered by the Nominating Committee in identifying
 and selecting Director candidates (as described below).</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">To assist
 them in evaluating matters under federal and state law, the Directors are counseled
 by their own independent legal counsel, who participates in Board meetings and interacts
 with R&#038;A, and also may benefit from information provided by R&#038;A&#146;s
 internal counsel; both Board and R&#038;A&#146;s internal counsel have significant
 experience advising funds and fund board members. The Board and its committees have
 the ability to engage other experts as appropriate. The Board evaluates its performance
 on an annual basis.</font></p>
<div><font face="Times New Roman" size="2"><b>Board Composition and Leadership Structure
</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Investment
 Company Act requires that at least 40% of the Fund&#146;s Directors not be &#147;interested
 persons&#148; (as defined in the Investment Company Act) of the Fund and as such
 are not affiliated with R&#038;A (&#147;Independent Directors&#148;). To rely on
 certain exemptive rules under the Investment Company Act, a majority of the Fund&#146;s Directors must be Independent Directors, and for certain important matters,
 such as the approval of investment advisory agreements or transactions with affiliates,
 the Investment Company Act or the rules thereunder require the approval of a majority
 of the Independent Directors. Currently, more than 75% of the Fund&#146;s Directors
 are Independent Directors. The Board does not have a chairman, but the President,
 an interested person of the Fund, acts as chairman at the Board meetings. The Independent
 Directors have not designated a lead Independent Director, but the Chairman
 of the Audit Committee, Mr. Mehlman, generally acts as chairman of meetings or executive
 sessions of the Independent Directors and, when appropriate, represents the views
 of the Independent Directors to management. The Board has determined that its leadership
 structure is appropriate in light of the services that Royce and its affiliates provide to the Fund and potential
 conflicts of interest that could arise from these relationships.</font></div>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">9</font></p>
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<!--page-->
<div><font face="Times New Roman" size="2"><b>Audit Committee Report</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Board
 has a standing Audit Committee (the &#147;Audit Committee&#148;), which consists
 of the Independent Directors who also are &#147;independent&#148; as defined in
 the listing standards of the New York Stock Exchange. The current members of the
 Audit Committee are Patricia W. Chadwick, Richard M. Galkin, Stephen L. Isaacs,
 Arthur S. Mehlman, David L. Meister, G. Peter O&#146;Brien, and Michael K. Shields.
 Mr. Mehlman serves as Chairman of the Audit Committee. Ms. Chadwick and Mr. Mehlman
 have been designated as Audit Committee Financial Experts, as defined under Securities
 and Exchange Commission (&#147;SEC&#148;) regulations.</font></div>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The principal
 purposes of the Audit Committee are to (i) assist Board oversight of the (a) integrity
 of the Fund&#146;s financial statements; (b) independent accountants&#146; qualifications
 and independence; and (c) performance of the Fund&#146;s independent accountants
 and (ii) prepare, or oversee the preparation of any audit committee report required
 by rules of the SEC to be included in the Fund&#146;s proxy statement for its annual
 meeting of stockholders. The Board has adopted an Audit Committee charter for the
 Fund which is attached to this Proxy Statement as Exhibit A.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Audit
 Committee also has (i) received written disclosures and the letter required by Independence
 Standards Board Standard No. 1 from Tait, Weller &#038; Baker (&#147;TW&#038;B&#148;),
 the Fund&#146;s independent auditors for the fiscal year ended December 31, 2014,
 and (ii) discussed certain matters required to be discussed under the requirements
 of The Public Company Accounting Oversight Board with TW&#038;B. The Audit Committee
 has considered whether the provision of non-audit services by the Fund&#146;s independent
 accountants is compatible with maintaining their independence.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">At its meetings
 held on February 17, 2015 and February 24-25, 2015, the Audit Committee reviewed
 and discussed the audit of the Fund&#146;s financial statements as of December 31,
 2014 and for the fiscal year then ended with Fund management and TW&#038;B. Had
 any material concerns arisen during the course of the audit and the preparation
 of the audited financial statements mailed to stockholders and included in the Fund&#146;s 2014 Annual Report to Stockholders, the Audit Committee would have been notified
 by Fund management or TW&#038;B. The Audit Committee received no such notifications.
 At those meetings, the Audit Committee recommended to the Board that the Fund&#146;s
 audited financial statements be included in the Fund&#146;s 2014 Annual Report to
 Stockholders.</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">10</font></p>
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<!--page-->
<div><font face="Times New Roman" size="2"><b>Nominating Committee</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Board
 has a Nominating Committee (the &#147;Nominating Committee&#148;) composed of the
 seven Independent Directors, namely Ms. Chadwick and Messrs. Galkin, Isaacs, Mehlman,
 Meister, O&#146;Brien, and Shields. Messrs. Galkin and O&#146;Brien serve as co-Chairmen
 of the Nominating Committee. The Board has adopted a Nominating Committee Charter
 which is attached to this Proxy Statement as Exhibit B.</font></div>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Nominating
 Committee is responsible for identifying and recommending to the Board individuals
 believed to be qualified to become Board members in the event that a position is
 vacated or created. The Nominating Committee will consider Director candidates recommended
 by stockholders. In considering potential nominees, the Nominating Committee will
 take into consideration (i) the contribution which the person can make to the Board,
 with consideration given to the person&#146;s business and professional experience,
 education and such other factors as the Committee may consider relevant, including
 but not limited to whether a potential nominee&#146;s personal and professional
 qualities and attributes would provide a beneficial diversity of skills, experience
 and/or perspective to the Board; (ii) the character and integrity of the person;
 (iii) whether or not the person is an &#147;interested person&#148; as defined in
 the Investment Company Act and whether the person is otherwise qualified under applicable
 laws and regulations to serve as a Director or Independent Director of the Fund;
 (iv) whether or not the person has any relationships that might impair his or her
 independence, such as any business, financial or family relationships with Fund
 management, the investment adviser of the Fund, Fund service providers or their
 affiliates; (v) whether or not the person is financially literate pursuant to the
 New York Stock Exchange&#146;s audit committee membership standards; (vi) whether
 or not the person serves on boards of, or is otherwise affiliated with, competing
 financial service organizations or their related investment company complexes; (vii)
 whether or not the person is willing to serve as, and willing and able to commit
 the time necessary for the performance of the duties of, a Director of the Fund;
 and (viii) whether or not the selection and nomination of the person would be in
 the best interest of the Fund in light of the requirements of the Fund&#146;s retirement
 policies. While the Nominating Committee does not have a formal policy regarding
 diversity, as noted above, it may consider the diversity of skills, experience and/or
 perspective a potential nominee will bring to the Board as part of its evaluation
 of the contribution such potential nominee will make to the Board. Such factors
 will be considered in light of the other factors described above and in the context
 of the Board&#146;s existing membership at the time such potential candidate is
 considered.</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">11</font></p>
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<!--page-->
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">To have a
 candidate considered by the Nominating Committee, a stockholder must submit the
 recommendation in writing and must include biographical information and set forth the
 qualifications of the proposed nominee. The stockholder recommendation and information
 described above must be sent to the Fund&#146;s Secretary, John E. Denneen, c/o
 Royce Value Trust, Inc., 745 Fifth Avenue, New York, New York 10151.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Although the
 Board does not have a standing compensation committee, the Independent Directors
 review their compensation annually.</font></p>
<div><font face="Times New Roman" size="2"><b>Board&#146;s Oversight Role in Management
</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Board&#146;s role in management of the Fund is oversight. As is the case with virtually
 all investment companies (as distinguished from operating companies), service providers
 to the Fund, primarily R&#038;A and its affiliates, have responsibility for the
 day-to-day management of the Fund, which includes responsibility for risk management
 (including management of investment performance and investment risk, valuation risk,
 issuer and counterparty credit risk, compliance risk and operational risk). As part
 of its oversight, the Board, acting at its scheduled meetings, or the Chairman of
 the Audit Committee, acting between Board meetings, regularly interacts with and
 receives reports from senior personnel of service providers, including the Fund&#146;s and R&#038;A&#146;s Chief Compliance Officer and portfolio management personnel.
 The Audit Committee (which consists of the seven Independent Directors) meets during
 its scheduled meetings, and between meetings the Chairman of the Audit Committee
 maintains contact with the Fund&#146;s independent registered public accounting
 firm and the Fund&#146;s Treasurer. The Board also receives periodic presentations
 from senior personnel of R&#038;A or its affiliates regarding risk management generally,
 as well as periodic presentations regarding specific operational, compliance or
 investment areas such as business continuity, anti-money laundering, personal trading,
 valuation, investment research and securities lending. The Board also receives reports
 from counsel to R&#038;A and the Board&#146;s own independent legal counsel regarding
 regulatory, compliance and governance matters. The Board&#146;s oversight role does
 not make the Board a guarantor of the Fund&#146;s investments or activities.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Committee and Board of Directors Meetings
</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">During the
 year ended December 31, 2014, the Board held seven meetings, the Audit Committee
 held four meetings, and the Nominating Committee did not hold any meetings. Each
 Director then in office attended 75% or more of the aggregate of the total number
 of meetings of the Board and the total number of meetings of the Audit Committee
 held during that year.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Compensation of Directors</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">For the year
 ended December 31, 2014, each Independent Director received a base fee of $20,000
 per year, plus $1,100 for each in-person meeting of the Board attended. No Director
 received remuneration for services as a Director for the year ended December 31,
 2014 in addition to or in lieu of this standard arrangement. Each Independent Director
 will continue to receive a base fee of $20,000
 per year, plus $1,100 for each in-person meeting of the Board attended for the year
 ending December 31, 2015.</font></div>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">12</font></p>
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<!--page-->
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Set forth
 below is the aggregate compensation paid by the Fund and the total compensation
 paid by The Royce Funds and the Fund Complex to each Independent Director of the
 Fund for the year ended December 31, 2014.</font></p>
<table border="1" cellpadding="3" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Name</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate
<br>Compensation<br>From the<br>Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Pension
 or<br>Retirement<br>Benefits<br>Accrued as<br>Part of<br>Fund<br>Expenses</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Estimated
<br>Annual<br>Benefits<br>upon<br>Retirement</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Total
<br>Compensation<br>From The<br>Royce Funds<br>Paid to<br>Directors</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Total
<br>Compensation<br>From The Fund<br>and Fund<br>Complex Paid<br>to Directors<sup>*</sup></b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Patricia W.
 Chadwick,<br>Director</font></td>
<td width="15%" valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td width="15%" valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td width="15%" valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td width="15%" valign="top" align="center"><font face="Times New Roman" size="2">$279,000</font></td>
<td width="15%" valign="top" align="center"><font face="Times New Roman" size="2">$279,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Richard M.
 Galkin,<br>Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$279,000</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$279,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Stephen L.
 Isaacs,<br>Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$279,000</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$279,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman,<br>Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$279,000</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$440,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">David L. Meister,<br>Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$279,000</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$279,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien,<br>Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$279,000</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$429,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Michael K.
 Shields, Director<sup>**</sup></font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table><br>
<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%" valign="top" align="right"><font face="Times New Roman" size="1">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="1">Represents
 aggregate compensation paid to each director during the calendar year ended December
 31, 2014 from the Fund Complex. As of the date hereof, the Fund Complex includes
 the 27 portfolios of The Royce Funds and the 18 portfolios of the Legg Mason Funds.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="1">**</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="1">Mr. Shields
 became a Director of the Fund in April 2015 and did not receive any compensation
 from the Fund and/or the other funds in the group of registered investment companies
 comprising The Royce Funds for the year ended December 31, 2014.</font></div></td>
</tr>
</table>
<br>
<div><font face="Times New Roman" size="2"><b>Officers of the Fund</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Officers of
 the Fund are elected each year by the Board. The following sets forth information
 concerning the Fund&#146;s officers:</font></div>
<br>
<table border="1" cellpadding="3" cellspacing="0" width="100%"  bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<sup>*</sup> and Principal Occupations<br>During Past Five Years</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Office<sup>**</sup></b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Officer
 of<br>Fund Since</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark,<br>President (since July 2014), Co-Chief Investment Officer (since January
 2014), Member of the Board of Managers (since June 2015), and Managing Director
 of R&#038;A, having been employed by R&#038;A since May 2007.</font></td>
<td width="15%" valign="middle" align="center"><font face="Times New Roman" size="2">50</font></td>
<td width="15%" valign="middle" align="center"><font face="Times New Roman" size="2">President</font></td>
<td width="15%" valign="middle" align="center"><font face="Times New Roman" size="2">2014</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Francis D.
 Gannon,<br>Co-Chief Investment Officer (since January 2014) and Managing Director of
 R&#038;A, having been employed by Royce since September 2006.</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">47</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">Vice President</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">2014</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Peter K. Hoglund,<br>Principal, Chief Financial Officer, and Chief Administrative Officer of R&#038;A,
 having been employed by R&#038;A since December 2014. Prior to joining R&#038;A,
 Mr. Hoglund spent more than 20 years with Munder Capital Management in Birmingham,
 MI, serving as Managing Director and Chief Financial Officer and overseeing all
 financial aspects of the firm.</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">49</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">Treasurer</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">2015</font></td>
</tr>
</table>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">13</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="1" cellpadding="3" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<sup>*</sup> and Principal Occupations<br>During Past Five Years</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Office<sup>**</sup></b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Officer
 of<br>Fund Since</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Daniel A. O'Byrne,<br>Principal
 and Vice President of R&#038;A, having been employed by R&#038;A since October 1986.</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">53</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">Vice President</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">1994</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen,<br>General Counsel, Chief Legal and Compliance Officer, Secretary, and Member of the
 Board of Managers (since June 2015) of R&#038;A; Secretary and Chief Legal Officer
 of The Royce Funds.</font></td>
<td width="15%" valign="middle" align="center"><font face="Times New Roman" size="2">48</font></td>
<td width="15%" valign="middle" align="center"><font face="Times New Roman" size="2">Secretary
 and Chief Legal Officer</font></td>
<td width="15%" valign="middle" align="center"><font face="Times New Roman" size="2">1996 to
 2001 and since 2002</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Lisa Curcio,<br>Chief Compliance Officer of The Royce Funds (since October 2004); and Compliance
 Officer of R&#038;A (since June 2004).</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">55</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">Chief Compliance
 Officer</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">2004</font></td>
</tr>
</table><br>
<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%" valign="top" align="right"><font face="Times New Roman" size="1">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">The address
 of each officer of the Fund is c/o Royce &#038; Associates, LLC, 745 Fifth Avenue,
 New York, New York 10151.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="1">**</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">Each officer
 of the Fund is elected by, and serves at the pleasure of, the Board.</font></td>
</tr>
</table>
<br>
<div><font face="Times New Roman" size="2"><b>Stockholder Communications</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Stockholders
 may send written communications to the Board or to an individual Director by mailing
 such correspondence to the Secretary of the Fund (addressed to 745 Fifth Avenue,
 New York, New York 10151). Such communications must be signed by the stockholder
 and identify the number of shares of Common Stock held by the stockholder. Properly
 submitted stockholder communications will, as appropriate, be forwarded to the entire
 Board or to the individual Director. Any stockholder proposal submitted pursuant
 to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange
 Act&#148;), must continue to meet all the requirements of Rule 14a-8. See &#147;Additional
 Information &#150; Stockholder Proposals&#148; herein.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Director Attendance at Stockholder Meetings
</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Fund has
 no formal policy regarding Director attendance at stockholder meetings. None of
 the Fund&#146;s Independent Directors attended the 2014 Annual Meeting of Stockholders.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Compliance with Section 16(a) of the
 Exchange Act</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Section 16(a)
 of the Exchange Act requires the officers and Directors of the Fund and persons
 who own more than ten percent of a registered class of the Fund&#146;s equity securities,
 to file reports of ownership and changes in ownership on Forms 3, 4 and 5 with the
 SEC and the New York Stock Exchange. Officers, Directors and greater than ten percent
 stockholders are required by SEC regulations to furnish the Fund with copies of
 all Forms 3, 4 and 5 they file.</font></div>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Based solely
 on the Fund&#146;s review of the copies of such forms and amendments thereto, furnished
 to it during or with respect to its most recent fiscal year, and written representations
 from certain reporting persons that they were not required to file Form 5 with respect
 to the most recent fiscal year, the Fund believes that all of its officers, Directors,
 greater than ten percent beneficial owners and other persons subject to Section
 16 of the Exchange Act due to the requirements of Section 30(h) of the Investment
 Company Act (i.e., any investment adviser or affiliated person of the Fund&#146;s
 investment adviser), have complied with all filing requirements applicable to them
 with respect to transactions in the Fund&#146;s shares during the Fund&#146;s most
 recent fiscal year.</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">14</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Stock Ownership</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Information
 relating to each Director&#146;s ownership of shares of Common Stock as of July
 17, 2015 and of shares of The Royce Funds overseen by each Director is set forth
 below:</font></div>
<br>
<table border="1" cellpadding="3" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Name</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate
 Dollar Range of<br>Equity in the Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate
 Dollar Range of<br>Securities in all Royce Funds<br>overseen by each Director
 in<br>the Royce Family of Funds</b></font></td>
</tr>
<tr>
<td colspan="3" valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Interested
 Directors</i>:</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="3"><font face="Times New Roman" size="2"><i>Non-Interested
 Directors</i></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Patricia W.
 Chadwick</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Richard M.
 Galkin</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001&#150;$50,000</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Stephen L.
 Isaacs</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$1&#150;$10,000</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001&#150;$50,000</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">David L. Meister</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001&#150;$50,000</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Michael K.
 Shields<sup>*</sup></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<br>
<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 valign="bottom" align="left"><font face="Times New Roman" size="1">* Mr. Shields
 became a Director of the Fund in April 2015.</font></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Information
 regarding ownership of shares of Common Stock by the Fund&#146;s Directors and officers
 as of the Record Date is set forth below:</font></p>
<table border="1" cellpadding="3" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name and
 Address<sup>*</sup> of Owner</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount
 of Beneficial Ownership of Shares of Common Stock</b></font></td>
</tr>
<tr>
<td colspan="2" valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Interested
 Directors</i>:</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">286,863</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="2"><font face="Times New Roman" size="2"><i>Non-Interested
 Directors</i></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Patricia W.
 Chadwick</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Richard M.
 Galkin</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,418</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Stephen L.
 Isaacs</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">583</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">1,616</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">David L. Meister</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">2,670</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Michael K.
 Shields<sup>**</sup></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="2"><font face="Times New Roman" size="2"><i>Interested
 Officers</i><i><b><i><b><sup>***</sup></b></i></b></i>:</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Francis D.
 Gannon</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Peter K. Hoglund</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">15</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->

<table border="1" cellpadding="3" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name and
 Address<sup>*</sup> of Owner</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount
 of Beneficial Ownership of Shares of Common Stock</b></font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Daniel A.
 O&#146;Byrne</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Lisa Curcio</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<br>
<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="4%" valign="top" align="left"><font face="Times New Roman" size="1">*</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">The address
 of each Director and each officer is c/o Royce &#038; Associates, LLC, 745 Fifth
 Avenue, New York, New York 10151.</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="1">**</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">Mr. Shields
 became a Director of the Fund in April 2015.</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="1">***</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">Does not include shares of Common Stock benefically Owned by Mr. Clark, if any, which
 information is set forth immediately above under &#147;Interested Directors.&#148;</font></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">As of the
 Record Date, all Directors and officers of the Fund as a group (14 persons) beneficially
 owned an aggregate of less than 1% of the Fund&#146;s outstanding shares of Common
 Stock.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">As of July
 17, 2015, no Independent Director or any of his immediate family members directly
 or indirectly owned any securities issued by Legg Mason or any of its affiliates
 (other than registered investment companies).</font></p>
<div><font face="Times New Roman" size="2"><b>Vote Required</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">A quorum consists
 of stockholders representing a majority of the outstanding shares of Common Stock
 entitled to vote, who are present in person or by proxy, and a plurality of all
 of the votes cast at a meeting at which a quorum is present is sufficient to elect
 a Director.</font></div>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2"><b>The Board
 of Directors of the Fund recommends that all stockholders vote FOR all Director
 nominees.</b></font></p>
<div><font face="Times New Roman" size="2"><b>FEES PAID TO INDEPENDENT AUDITORS</b><br><b>Audit Fees</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The aggregate
 fees paid to TW&#038;B in connection with the annual audit of the Fund&#146;s financial
 statements and for services normally provided by TW&#038;B in connection with the
 statutory and regulatory filings of the Fund for the fiscal years ended December
 31, 2013 and December 31, 2014 were $42,500 and $43,500, respectively, including
 out of pocket expenses.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Audit Related Fees</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">No fees were
 paid to TW&#038;B in connection with assurance and related services related to the
 annual audit of the Fund and for review of the Fund&#146;s financial statements,
 other than the Audit Fees described above, for each of the fiscal years ended December
 31, 2013 and December 31, 2014.</font></div>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">16</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Tax Fees</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The aggregate
 fees paid for tax-related services, including preparation of tax returns, tax compliance
 and tax advice, rendered by TW&#038;B to the Fund for the fiscal years ended December
 31, 2013 and December 31, 2014 were $7,100 and $7,200, respectively.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>All Other Fees</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">There were
 no other fees billed for non-audit services rendered by TW&#038;B to the Fund for
 the fiscal years ended December 31, 2013 and December 31, 2014. The aggregate non-audit
 fees billed by TW&#038;B for services rendered to R&#038;A and any entity controlling,
 controlled by, or under common control with R&#038;A that provides ongoing services
 to the Fund for the fiscal years ended December 31, 2013 and December 31, 2014 were
 $7,100 and $7,200, respectively. The Audit Committee has determined that the provision
 of non-audit services is compatible with maintaining the independence of TW&#038;B.</font></div>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">TW&#038;B
 did not provide any other professional services to the Fund or R&#038;A for the
 year ended December 31, 2014. No representatives of TW&#038;B are expected to be
 present at the Meeting.</font></p>

<div><font face="Times New Roman" size="2"><b>Audit Committee&#146;s Pre-Approval Policies
 and Procedures</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Audit
 Committee has adopted policies and procedures with regard to the pre-approval of
 audit and non-audit services. On an annual basis, at the December meeting of the
 Audit Committee, the independent auditors of the Fund will submit a schedule of
 proposed audit, audit-related, tax and other non-audit services to be rendered to
 the Fund and/or R&#038;A and its affiliates for the following year that require
 pre-approval by the Audit Committee. Such schedule will include the maximum fees
 that can be paid for such services without further Audit Committee approval. Any
 subsequent revision to pre-approved services or fees will be considered at the next
 regularly scheduled Audit Committee meeting. Services not presented for pre-approval
 at the December meeting of the Audit Committee will be submitted to the Chief Financial
 Officer of the Fund for a determination that the proposed services fit within the
 independence guidelines and then considered for pre-approval at the next regularly
 scheduled Audit Committee meeting. A proposal to commence an engagement involving
 audit, audit-related or tax services prior to the next regularly scheduled Audit
 Committee meeting shall be made in writing by the Chief Financial Officer to all
 Audit Committee members and include a summary of the engagement, estimated maximum
 cost, the category of services and the rationale for engaging the Fund&#146;s independent
 auditor. Such proposed engagement can be pre-approved by any Audit Committee member
 who is an Independent Director. Pre-approval by the Chairman of the Audit Committee
 is required for a proposed engagement involving non-audit services other than audit-related
 or tax.</font></div><br>
<div align="justify"><font face="Times New Roman" size="2"><b>Change in Independent Auditors</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">At their February 2015 meetings, the Audit Committee recommended to the Board, and the Board approved, replacing TW&#038;B as the Fund&#146;s independent registered public accounting firm with PricewaterhouseCoopers LLP (&#147;PWC&#148;).  As a result, PWC will serve as the Fund&#146;s independent registered public accounting firm for the fiscal year ending December 31, 2015.  The replacement of TW&#038;B with PWC was not the result of any disagreements between TW&#038;B and any of the Audit Committee, the Board, or R&#038;A.  During the two most recent fiscal years, TW&#038;B&#146;s audit reports contained no adverse opinion or disclaimer of opinion; nor were the reports qualified or modified as to uncertainty, audit scope, or accounting principles.  Further, there were no disagreements between the Fund and TW&#038;B during such periods as to accounting principles or practices, financial statement disclosure, or audit scope, which, if not resolved to the satisfaction of TW&#038;B, would have caused it to make reference to the disagreements in connection with its reports. Representatives of PWC are not expected to be present at the Meeting.</font></div>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">17</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>ADDITIONAL INFORMATION</b></font></p>
<div><font face="Times New Roman" size="2"><b>Postponement or Adjournment of Meeting;
 Other Matters</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">In the event
 that sufficient votes in favor of Proposal 1 in the Notice of Annual Meeting of
 Stockholders are not received by the time scheduled for the Meeting, the persons
 named as proxies may propose one or more postponements or adjournments of the Meeting
 to permit further solicitation of proxies for such Proposal. Any such postponement
 or adjournment will require the affirmative vote of a majority of the shares present
 in person or by proxy at the session of the Meeting to be postponed or adjourned,
 as applicable. The persons named as proxies will vote in favor of such postponement
 or adjournment those proxies which they are entitled to vote in favor of the Proposal.
 They will vote against any such postponement or adjournment those proxies required to be
 voted against the Proposal.</font></div>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">While the
 Meeting has been called to transact any business that may properly come before it,
 the Directors know of no business other than the matter stated in the Notice of
 Annual Meeting of Stockholders. However, if any additional matter properly comes
 before the Meeting and on all matters incidental to the conduct of the Meeting,
 it is the intention of the persons named in the enclosed Proxy to vote the Proxy
 in accordance with their judgment on such matters.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Fund expects
 that broker-dealer firms holding shares of the Fund in &#147;street name&#148; for
 the benefit of their customers and clients will request the instructions of such
 customers and clients on how to vote their shares on the Proposal before the Meeting.
 The Fund understands that, under the rules of the New York Stock Exchange, such
 broker-dealers may, without instructions from such customers and clients, grant
 authority to the proxies designated by the Fund to vote on the election of Directors
 if no instructions have been received prior to the date specified in the broker-dealer
 firm&#146;s request for voting instructions. Certain broker-dealer firms may exercise
 discretion over shares held in their name for which no instructions are received
 by voting such shares in the same proportion as they have voted shares for which
 they have received instructions.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The shares
 as to which the Proxies so designated are granted authority by broker-dealer firms
 to vote on the matters to be considered at the Meeting, the shares as to which broker-dealer
 firms have declined to vote (&#147;broker non-votes&#148;) and the shares as to
 which Proxies are returned by record stockholders but which are marked &#147;abstain&#148; on any matter will be included in the Fund&#146;s tabulation of the total
 number of votes present for purposes of determining whether the necessary quorum
 of stockholders exists. However, abstentions and broker non-votes will not be counted
 as votes cast. Therefore, abstentions and broker non-votes will not have an effect
 on the election of Directors.</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">18</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Address of Investment Adviser</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">R&#038;A&#146;s
 principal office is located at 745 Fifth Avenue, New York, New York 10151.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Annual Report Delivery</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Fund&#146;s
 Annual Report to Stockholders for the year ended December 31, 2014 was previously
 mailed to its stockholders and the Semiannual Report to Stockholders for the six
 months ended June 30, 2015 will be mailed to stockholders in late August 2015. Copies
 of the Annual Report are available, and copies of the Semiannual Report will be
 available in late August, upon request, without charge, by writing to the Fund at
 745 Fifth Avenue, New York, New York 10151 or calling toll free at 1-800-221-4268.
 All publicly released material information is always disclosed by the Fund on its
 website at <u>www.roycefunds.com</u>.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Stockholder Proposals</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Proposals
 of stockholders intended to be presented at the Fund&#146;s 2016 Annual Meeting
 of Stockholders must be received by the Fund by April 8, 2016 for inclusion in the
 Fund&#146;s Proxy Statement and form of Proxy for that meeting. The Fund&#146;s
 By-laws generally require advance notice be given to the Fund in the event a stockholder
 desires to nominate a person for election to the Board or to transact any other
 business from the floor at an annual meeting of stockholders. Notice of any such
 nomination or other business intended to be presented at the Fund&#146;s 2016 Annual
 Meeting of Stockholders must be in writing and received at the Fund&#146;s principal
 executive office between April 8, 2016 and May 9, 2016. Written proposals should
 be sent to the Secretary of the Fund, 745 Fifth Avenue, New York, New York 10151.</font></div>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">19</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Proxy Delivery</b></font></div>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">If you and
 another stockholder share the same address, the Fund may only send one proxy statement
 unless you or the other stockholder(s) request otherwise. Call or write the Fund
 if you wish to receive a separate copy of the proxy statement and the Fund will
 promptly mail a copy to you. You may also call or write to the Fund if you wish
 to receive a separate proxy in the future, or if you receive multiple copies now,
 and wish to receive a single copy in the future. For such requests, please call
 1-800-221-4268, or write the Fund at 745 Fifth Avenue, New York, New York 10151.</font></div>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2"><b>PLEASE
 FILL IN, DATE AND SIGN THE ENCLOSED PROXY AND RETURN IT IN THE ACCOMPANYING POSTAGE-PAID
 ENVELOPE.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="50%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By order of
 the Board of Directors,</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">John E. Denneen</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"><i>Secretary</i></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">Dated: August
 3, 2015</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">20</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>EXHIBIT A</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>C<small>HARTER OF
 THE</small> A<small>UDIT</small> C<small>OMMITTEE</small><br><small>OF THE</small> B<small>OARD OF</small> D<small>IRECTORS</small>/T<small>RUSTEES</small><br>F<small>OR THE</small> R<small>OYCE</small> F<small>UNDS</small>
 L<small>ISTED</small> I<small>N</small> A<small>PPENDIX A</small><br>H<small>ERETO</small></b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td  width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>I.</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b><u>Composition
 of the Audit Committee</u></b></font></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Audit
 Committee shall be composed of at least three Directors/Trustees, each of whom:</font></p>
<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="2%" valign="top" align="center"><font face="Times New Roman" size="2">(a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">shall not
 be an &#147;interested person&#148; of the Fund, as defined in Section 2(a)(19)
 of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;);</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><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"><div align="justify"><font face="Times New Roman" size="2">shall not
 accept directly or indirectly any consulting, advisory, or other compensatory fee
 from the Fund (other than fees for serving on the Board of Directors/Trustees or
 any committee thereof); and</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><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"><div align="justify"><font face="Times New Roman" size="2">shall be financially
 literate at the time of his or her appointment to the Audit Committee, as such qualification
 is interpreted by the Board of Directors/Trustees in its business judgment, or shall
 become financially literate within a reasonable period of time after his or her
 appointment to the Audit Committee.</font></div></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">In the event
 Fund shares are or become listed on a national securities exchange or are or become
 quoted on a national market quotation system, the additional qualification requirements
 set forth below also shall apply:</font></p>
<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="2%" valign="top" align="center"><font face="Times New Roman" size="2">(d)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">each Director/Trustee
 who is a member of the Audit Committee shall satisfy the applicable independence
 requirements for any such national securities exchange or national market quotation
 system; and</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(e)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">at least one
 Director/Trustee who is a member of the Audit Committee shall have accounting or
 related financial management expertise as the Board of Directors/Trustees interprets
 such qualification in its business judgment.</font></div></td>
</tr>
</table>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">A-1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Board
 of Directors/Trustees shall determine annually: (i) whether at least one of the
 members of the Audit Committee is an &#147;audit committee financial expert,&#148; as defined
 in rules of the Securities and Exchange Commission and (ii) whether simultaneous
 service on more than three public company audit committees by a member of the Audit
 Committee would not impair the ability of such member to effectively serve on the
 Audit Committee, and, <i>with respect to the closed-end funds only</i>, the Board
 must disclose any determination made under clause (ii) either on or through the
 applicable Funds website or in its annual proxy statement. If the disclosure is
 made on the Fund&#146;s website, the Fund must disclose that fact in its annual
 proxy statement and provide the website address. Multiple boards in the same fund
 complex are considered one board for this determination.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>II.</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2">
<u><b>Purposes of the Audit Committee</b></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 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" colspan="5" align="left"><font face="Times New Roman" size="2">
The Audit Committee shall be responsible for:</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><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">(1)</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
assisting Board oversight of the</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><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" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">integrity
 of the Fund&#146;s financial statements;</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><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" 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">independent
 accountants&#146; qualifications and independence; 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><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" 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">performance
 of the Fund&#146;s independent accountants; 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><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="top" align="center"><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" colspan="3"><div align="justify"><font face="Times New Roman" size="2">preparation,
 or overseeing the preparation of, any audit committee report required by rules of
 the Securities and Exchange Commission to be included in the Fund&#146;s proxy statement
 for its annual meeting of stockholders.</font></div></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><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>III.</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="5" align="left"><font face="Times New Roman" size="2">
<u><b>Responsibilities and Duties of the Audit Committee</b></u></font></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Fund&#146;s
 independent accountants shall report directly to the Audit Committee.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">As may be
 necessary or appropriate to carry out its purposes, or to comply with applicable
 law or the requirements of any securities exchange or market quotation system on
 which Fund shares are or may become listed or quoted, the Audit Committee shall
 have the following responsibilities and duties:</font></p>
<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="2%" valign="top" align="center"><font face="Times New Roman" size="2">(a)</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">the appointment,
 compensation, retention and oversight of the work of the Fund&#146;s independent
 accountants, including the resolution of disagreements between management and the
 independent accountants regarding financial reporting;</font></div></td>
</tr>
</table>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">A-2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<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="2%" valign="top" align="center"><font face="Times New Roman" size="2">(b)</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">to (i) select
 an accounting firm to (1) serve as the Fund&#146;s independent accountants, (2)
 audit the Fund&#146;s financial statements on an annual basis, and (3) provide an
 opinion on an annual basis with respect to the Fund&#146;s financial statements,
 and (ii) recommend that the members of the Board of Directors/Trustees who are not
 &#147;interested persons&#148; of the Fund, as defined in Section 2(a)(19) of the 1940 Act,
 ratify such selection;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><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"><div align="justify"><font face="Times New Roman" size="2">to pre-approve
 (i) all audit and permissible non-audit services to be provided to the Fund by the
 Fund&#146;s independent accountants and (ii) all permissible non-audit services
 to be provided by the Fund&#146;s independent accountants to the Fund&#146;s Investment
 Adviser or any entity controlling, controlled by, or under common control with the
 Investment Adviser (&#147;Adviser Affiliate&#148;) that provides ongoing services
 to the Fund, if the engagement by the Adviser Affiliate relates directly to the
 operations and financial reporting of the Fund;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(d)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">if determined
 to be advisable, to develop policies and procedures for pre-approval of the engagement
 of the Fund&#146;s independent accountants to provide any of the audit or non-audit
 services described in Section III(c) above;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(e)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">to consider
 whether each non-audit service provided by the Fund&#146;s independent accountants
 to the Fund and to the Fund&#146;s Investment Adviser or any Adviser Affiliate that
 provides ongoing services to the Fund is compatible with maintaining the independence
 of such independent accountants;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(f)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">to ensure
 that the Fund&#146;s independent accountants submit on a periodic basis to the Audit
 Committee a formal written statement delineating all relationships between such
 independent accountants and the Fund, consistent with Independence Standards Board
 Standard No. 1, and to actively engage in a dialogue with, and receive and consider
 specific representations from, the Fund&#146;s independent accountants with respect
 to any disclosed relationships or services that may affect the objectivity and independence
 of such independent accountants; to review the arrangements for annual and special
 audits and the scope of such audits with the Fund&#146;s independent accountants;</font></div></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>
</table>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">A-3</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<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 valign="top" width="2%" align="left"><font face="Times New Roman" size="2">(g)</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">to meet to
 review and discuss the Fund&#146;s audited financial statements and, to the extent
 required by applicable law or regulations,
 the Fund&#146;s semi-annual financial statements with Fund management and the Fund&#146;s independent accountants, including the Fund&#146;s disclosure of management&#146;s discussion of Fund performance;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(h)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">to review
 with the Fund&#146;s independent accountants any audit problems or difficulties
 the accountants may have encountered during or relating to the conduct of the audit,
 including any matters required to be discussed pursuant to rules of The Public Company
 Accounting Oversight Board and other relevant regulatory and professional organizations,
 and management&#146;s response;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><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"><div align="justify"><font face="Times New Roman" size="2">to establish
 and administer policies and procedures relating to the hiring by the Fund, its Investment
 Adviser, or any administrator that is an Adviser Affiliate of employees or former
 employees of the Fund&#146;s independent accountants;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(j)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">to consider
 information and comments from the Fund&#146;s independent accountants with respect
 to the Fund&#146;s accounting and financial reporting policies, procedures and internal
 control over financial reporting (including the Fund&#146;s critical accounting
 policies and practices) and management&#146;s responses to any such comments;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(k)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">to request,
 receive and/or review from the Fund&#146;s independent accountants such other materials
 as may be deemed necessary or advisable in the discretion of the Committee in the
 exercise of its duties under this Charter; such materials may (but are not required
 to) include, without limitation, any other material written communications relating
 to the Fund&#146;s financial statements, or internal or disclosure controls, between
 the independent accountants and the Fund, the Investment Adviser, the Fund&#146;s
 sub-adviser(s), if any, or other Fund service providers, such as any management
 letter or schedule of unadjusted differences; at least annually, to obtain and review
 a report by the Fund&#146;s independent accountants describing: (i) such independent
 accountants&#146; internal quality-control procedures; (ii) any material issues
 raised by the most recent internal quality-control review, or peer review, of such
 independent accountants, or by any inquiry or investigation by governmental or professional
 authorities, within the preceding five years, respecting one or more independent
 audits carried out by such firm, and any steps taken to deal with any such issues;
 and (iii) all relationships between the</font></div></td>
</tr>
</table>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">A-4</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2"></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="center"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">Fund&#146;s independent accountants and
 the Fund, the Investment Adviser, Adviser Affiliates and members of
 management of such entities (to assess the independence of the Fund&#146;s independent
 accountants);</font></div></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>
<tr>
<td width="4%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="center"><font face="Times New Roman" size="2">(l)</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">to establish
 procedures for: (i) the receipt, retention, and treatment of complaints received
 by the Fund regarding accounting, internal accounting controls, or auditing matters;
 and (ii) the confidential, anonymous submission of concerns by employees of the
 Fund&#146;s Investment Adviser, manager, administrator, principal underwriter, or
 any other provider of accounting related services for the Fund regarding questionable
 accounting or auditing matters;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(m)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">to address
 reports received from attorneys in accordance with procedures adopted by the Fund&#146;s Investment Adviser relating to the possible violation of federal or state
 law or fiduciary duty;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(n)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">to discuss
 with Fund management and the Fund&#146;s independent accountants policies with respect
 to risk assessment and risk management;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(o)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>with respect
 to closed-end funds only</i>, to discuss with Fund management the Fund&#146;s press
 releases that discuss earnings (if any), as well as financial information or earnings
 guidance provided to analysts and ratings agencies (this may be done generally,
<i>e.g</i>., the type of information to be disclosed and the type of presentation
 to be made); and</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(p)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">to perform
 such other functions and to have such other powers consistent with this Charter,
 the Fund&#146;s Articles of Incorporation or Declaration of Trust, as amended and
 supplemented, the Fund&#146;s By-laws, as amended, and applicable law, as the Audit
 Committee or the Board deems necessary or appropriate.</font></div></td>
</tr>
</table>
<p align="justify" style="text-indent: 60px"><font face="Times New Roman" size="2">The Audit
 Committee may delegate any portion of its authority, including the authority to
 grant preapprovals of audit related services and permitted non-audit services, to
 a subcommittee of one or more members of the Audit Committee pursuant to preapproval
 policies and procedures established by the Audit Committee; provided, however, that
 the Audit Committee may not delegate preapproval of the audit required by the Securities
 Exchange Act of 1934. Any decision of such subcommittee of the Audit Committee to
 grant preapprovals shall be presented to the full Audit Committee at its next regularly
 scheduled meeting.</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">A-5</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify" style="text-indent: 60px"><font face="Times New Roman" size="2">The function of the Audit Committee is oversight;
 it is the responsibility of Fund management to maintain
 appropriate systems for accounting and internal control over financial reporting,
 and the responsibility of the Fund&#146;s independent accountants to plan and carry
 out a proper audit. Specifically, Fund management is responsible for: (1) the preparation,
 presentation and integrity of the Fund&#146;s financial statements; (2) the maintenance
 of appropriate accounting and financial reporting principles and policies; and (3)
 the maintenance of internal control over financial reporting and other procedures
 designed to assure compliance with accounting standards and related laws and regulations.
 The Fund&#146;s independent accountants are responsible for planning and carrying
 out an audit consistent with applicable legal and professional standards and the
 terms of their engagement letter. Nothing in this Charter shall be construed to
 reduce the responsibilities or liabilities of the Fund&#146;s service providers,
 including the Fund&#146;s independent accountants.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">Although the
 Audit Committee is expected to review appropriately the matters that come before
 it, such review of a Fund&#146;s financial statements by the Audit Committee is
 not an audit, nor does the Committee&#146;s review substitute for the responsibilities
 of the Fund&#146;s management for preparing, or the Fund&#146;s independent accountants
 for auditing, the financial statements. Members of the Audit Committee are not employees
 of the Fund and, in serving on the Audit Committee, are not, and do not hold themselves
 out to be, acting as accountants or auditors. As such, it is not the duty or responsibility
 of the Audit Committee or its members to conduct &#147;field work&#148; or other
 types of auditing or accounting reviews or procedures.</font></p>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">In discharging
 their duties, the members of the Audit Committee are entitled to rely on information,
 opinions, reports, or statements, including financial statements and other financial
 data, if prepared or presented by: (1) one or more officers of the Fund whom the
 Board reasonably believes to be reliable and competent in the matters presented;
 (2) legal counsel, public accountants, or other persons as to matters the Board
 reasonably believes are within the person&#146;s professional or expert competence;
 or (3) a committee of the Board.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>IV.</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Meetings
</b></u></font></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Audit
 Committee shall meet on a regular basis but no less frequently than annually. The
 Audit Committee periodically shall meet separately with the Fund&#146;s independent
 accountants, Fund management, and representatives of Fund management responsible
 for the financial and accounting operations of the Fund. The Audit Committee may
 hold special meetings at such times as the Audit Committee believes necessary or
 appropriate. Members of the Audit Committee may participate in a meeting of the
 Audit Committee by means of conference call or similar communications equipment by means of which
 all persons participating in such meeting can hear each other.</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">A-6</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>V.</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Assistance from Fund Management;
 Authority to Engage Advisers; Funding
</b></u></font></td>
</tr>
</table>
<br>
<div align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The appropriate
 officers of the Fund shall provide or arrange to provide such information, data
 and services as the Audit Committee may request. The Audit Committee shall have
 the power and authority to take all action it believes necessary or appropriate
 to discharge its responsibilities, including the power and authority to retain independent
 counsel and other advisers. The Fund shall provide for appropriate funding, as determined
 by the Audit Committee as a committee of the Board, for payment of: (i) compensation
 to the Fund&#146;s independent accountants or any other accounting firm engaged
 for the purpose of preparing or issuing an audit report or performing other audit,
 review, or attest services for the Fund,</font></div>
<div><font face="Times New Roman" size="2">(ii) compensation to any advisers employed
 by the Audit Committee under this Section V, and (iii) ordinary administrative expenses
 of the Audit Committee that are necessary or appropriate in carrying out its responsibilities.</font></div><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>VI.</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Annual Performance Evaluation
</b></u></font></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Audit
 Committee shall perform a review and evaluation, at least annually, of the performance
 of the Audit Committee.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>VII.</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Reporting
</b></u></font></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">The Audit
 Committee shall report regularly to the Board. The Chairman of the Audit Committee
 shall report to the Board on the results of its deliberations, and make such recommendations
 as deemed necessary or appropriate.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>VIII.</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Amendments
</b></u></font></td>
</tr>
</table>
<p align="justify" style="text-indent: 40px"><font face="Times New Roman" size="2">This Charter
 may be amended or modified from time to time by vote of the Board.</font></p>
<p><font face="Times New Roman" size="2"><b>Dated: April 11, 2000, as amended through
 December 12, 2013</b></font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">A-7</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>APPENDIX A</b></font></p>
<p><font face="Times New Roman" size="2">Royce Capital
 Fund<br>Royce Global Value Trust, Inc.<br>Royce Micro-Cap Trust, Inc.<br>Royce
 Value Trust, Inc.<br>The Royce Fund</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">A-8</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>EXHIBIT B</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>C<small>HARTER OF
 THE</small> N<small>OMINATING</small> C<small>OMMITTEE</small><br><small>OF THE</small> B<small>OARD OF</small> D<small>IRECTORS</small>/T<small>RUSTEES FOR</small><br>T<small>HE</small> R<small>OYCE</small>
 F<small>UNDS</small> L<small>ISTED IN</small> A<small>PPENDIX</small> A H<small>ERETO</small></b></font></p>
<p><font face="Times New Roman" size="2"><b>O<small>RGANIZATION</small></b></font></p>
<p align="justify"><font face="Times New Roman" size="2">The Nominating Committee (the &#147;Committee&#148;) of the Board of Directors/Trustees for the registered investment companies
 (each, a &#147;Fund&#148;) listed on Exhibit A attached hereto shall be composed
 solely of Directors/Trustees who are not &#147;interested persons&#148; of the Fund
 as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended
 (the &#147;1940 Act&#148;), and who are &#147;independent&#148; as defined in the
 applicable listing standards of the national securities exchange or national market
 quotation system (each, an &#147;Exchange&#148;) on which a Fund is listed or quoted
 (the &#147;Independent Directors&#148;). The Board of Directors/Trustees of the
 Fund (the &#147;Board&#148;) shall appoint the members of the Committee (which may
 or may not be all of the Independent Directors) and shall designate the Chairman
 of the Committee. The Committee shall have authority to retain its own counsel and
 other advisers the Committee deems appropriate and shall have the sole authority
 to approve the compensation and other terms of their retention.</font></p>
<p><font face="Times New Roman" size="2"><b>R<small>ESPONSIBILITIES</small></b></font></p>
<p align="justify"><font face="Times New Roman" size="2">The Committee shall identify individuals
 qualified to serve as Independent Directors of the Fund and shall recommend its
 nominees for consideration by the full Board.</font></p>
<p><font face="Times New Roman" size="2"><b>I<small>DENTIFICATION AND</small> E<small>VALUATION OF</small> P<small>OTENTIAL</small>
 N<small>OMINEES</small></b></font></p>
<p align="justify"><font face="Times New Roman" size="2">In identifying and evaluating a person as
 a potential nominee to serve as an Independent Director of the Fund, the Committee
 should consider among other factors it may deem relevant:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="center" valign="top"><font face="Times New Roman" size="1">&#149;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">the contribution
 which the person can make to the Board, with consideration being given to the person&#146;s business and professional experience, education and such other factors as
 the Committee may consider relevant, including but not limited to whether a potential
 nominee&#146;s personal and professional qualities and attributes would provide
 a beneficial diversity of skills, experience and/or perspective to the Board;</font></div></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>
</table>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">B-1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="center" valign="top"><font face="Times New Roman" size="1">&#149;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">the character
 and integrity of the person; whether or not the person is an &#147;interested person&#148; as defined in the 1940 Act and whether the person is
 otherwise qualified under applicable laws and regulations to serve as a Director
 or Independent Director of the Fund;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="center" valign="top"><font face="Times New Roman" size="1">&#149;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">whether or
 not the person has any relationships that might impair his independence, such as
 any business, financial or family relationships with Fund management, the investment
 adviser of the Fund, Fund service providers or their affiliates;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="center" valign="top"><font face="Times New Roman" size="1">&#149;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">whether or
 not the person is financially literate pursuant to the applicable Exchange&#146;s
 audit committee membership standards;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="center" valign="top"><font face="Times New Roman" size="1">&#149;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">whether or
 not the person serves on boards of, or is otherwise affiliated with, competing financial
 service organizations or their related investment company complexes;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="center" valign="top"><font face="Times New Roman" size="1">&#149;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">whether or
 not the person is willing to serve as, and willing and able to commit the time necessary
 for the performance of the duties of a Director of the Fund;</font></div></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>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="center" valign="top"><font face="Times New Roman" size="1">&#149;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">whether or
 not the selection and nomination of the person would be in the best interest of
 the Fund in light of the requirements of the Fund&#146;s retirement policies.</font></div></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">While the Committee is solely responsible
 for the selection and nomination of the Fund&#146;s Independent Directors, the Committee
 shall review and consider nominations for the office of Director made by management
 and by Fund stockholders as it deems appropriate. Stockholders who wish to recommend
 a nominee should send nominations to the Secretary of the Fund which include biographical
 information and set forth the qualifications of the proposed nominee.</font></p>
<p><font face="Times New Roman" size="2"><b>Q<small>UORUM</small></b></font></p>
<p align="justify"><font face="Times New Roman" size="2">A majority
 of the members of the Committee shall constitute a quorum for the transaction of
 business, and the act of a majority of the members of the Committee present at any
 meeting at which there is quorum shall be the act of the Committee.</font></p>
<p><font face="Times New Roman" size="2"><b>N<small>OMINATION OF</small> D<small>IRECTORS</small></b></font></p>
<p align="justify"><font face="Times New Roman" size="2">After a determination
 by the Committee that a person should be selected and nominated as an Independent
 Director of the Fund, the Committee shall present its recommendation to the full
 Board for its consideration and, if necessary, to the Independent Directors.</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">B-2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2"><b>M<small>EETINGS</small></b></font></p>
<p align="justify"><font face="Times New Roman" size="2">The Committee may meet either on its own
 or in conjunction with meetings of the Board. Meetings of the Committee may be held
 in person, by video conference or by conference telephone. The Committee may take
 action by unanimous written consent in lieu of a meeting.</font></p>
<p><font face="Times New Roman" size="2">Adopted: February 10, 2004<br>Revised through
 February 16, 2011</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">B-3</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>A<small>PPENDIX</small> A</b></font></p>
<p><font face="Times New Roman" size="2">Royce Capital
 Fund<br>Royce Global Value Trust, Inc.<br>Royce Micro-Cap Trust, Inc.<br>Royce
 Value Trust, Inc.<br>The Royce Fund</font></p>
<p align="center"><FONT size=2 face="Times New Roman,Times,serif">B-4</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="60%" valign="bottom" align="left"><font face="Arial" size="2"><i><b><i>
<b>PROXY TABULATOR</b></i></b></i></font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><i><b><i>
<b>P.O. BOX 9112</b></i></b></i></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote
 by Internet</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><i><b><i>
<b>FARMINGDALE, NY 11735</b></i></b></i></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1) Read the
 Proxy Statement and have the proxy card below at hand.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2) Go to website
<b>www.proxyvote.com</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3) Follow
 the instructions provided on the website.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote
 by Telephone</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1) Read the
 Proxy Statement and have the proxy card below at hand.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2) Call<b>
1-800-690-6903</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3) Follow
 the instructions.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>To vote
 by Mail</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">1) Read the
 Proxy Statement.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">2) Check the
 appropriate boxes on the proxy card below.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">3) Sign and
 date the proxy card.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">4) Return
 the proxy card in the envelope provided.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">TO VOTE, MARK
 BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">KEEP THIS
 PORTION FOR YOUR RECORDS</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="3" style="border-top: 2px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">DETACH AND
 RETURN THIS PORTION ONLY</font></td>
</tr>
</table>
<br>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Arial" size="2"><b>For<br>
All</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Arial" size="2"><b>Withhold
<br>All</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Arial" size="2"><b>For All
<br>Except</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td rowspan="4" valign="bottom" align="left"><font face="Arial" size="2">To withhold
 authority to vote for a specific Director nominee, mark &#147;For All Except&#148;
 and write the nominee&#146;s number on the line below.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">1.</font></td>
<td ><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">PROPOSAL TO
 ELECT THE DIRECTOR NOMINEES OF ROYCE VALUE TRUST, INC.</font></td>
<td ><font face="Arial" size="1">&#160;</font></td>
<td ><font face="Arial" size="1">&#160;</font></td>
<td ><font face="Arial" size="1">&#160;</font></td>
<td ><font face="Arial" size="1">&#160;</font></td>
<td ><font face="Arial" size="1">&#160;</font></td>
<td  valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td ><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">01) Charles
 M. Royce</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">[&#160;&#160;&#160;]</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">[&#160;&#160;&#160;]</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">[&#160;&#160;&#160;]</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="2"><hr size="1" noshade color="black"></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">02) G. Peter
 O&#146;Brien</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="33%" valign="bottom" align="left"><font face="Arial" size="2"> 03) David
 L. Meister</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="4%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="4%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="10%" valign="bottom" align="right"><font face="Arial" size="2">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Arial" size="2">2.</font></td>
<td width="1%" valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">THE PROXIES ARE AUTHORIZED TO VOTE UPON
 SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING.</font></td></tr>
</table>
<p><font face="Arial" size="2">Please Sign, Date and Return the Proxy Card Promptly Using the Enclosed Envelope</font></p>
<div><font face="Arial" size="2">Mark box at right if an address change or comment has&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;[&#160;&#160;&#160;]</font></div>
<div><font face="Arial" size="2">been noted on the reverse side of this card.</font></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Arial" size="2">Please sign exactly as your name(s) appear(s) hereon. When shares are held by joint
 tenants, both should sign. When signing as attorney, executor, administrator, trustee
 or guardian, please give full title as such. If a corporation, please sign in full
 corporate name by president or other authorized officer. If a partnership, please
 sign in partnership name by authorized person.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Signature
 [PLEASE SIGN WITHIN BOX] Date</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Signature
 [Joint Owners]</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">Date</font></td>
</tr>
</table>
<p><hr size="3" noshade color="black"></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Arial" size="2"><b>Important Notice Regarding the Availability
 of Proxy Materials for the Annual Meeting:</b><br>The Proxy Statement is available
 at www.proxyvote.com.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 2px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="right"><font face="Arial" size="2">M77639-P55296</font></td>
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<b><u>PROXY CARD</u></b></font></td>
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<td valign="bottom" align="left"><font face="Arial" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;PROXY</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" colspan="7" align="center"><font face="Arial" size="2">
ROYCE VALUE TRUST, INC.<br>745 Fifth Avenue<br>New York, New York 10151</font></td>
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<td style="text-indent:40px;" valign="bottom" colspan="7" align="left"><font face="Arial" size="2">
This Proxy is Solicited on Behalf of the Board of Directors of Royce Value Trust, Inc.</font></td>
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<td valign="bottom" colspan="8" align="left"><div align="justify"><font face="Arial" size="2">
The undersigned hereby appoints Charles M. Royce and John E. Denneen or either of
 them, acting in absence of the other, as Proxies, each with the power to appoint
 his substitute, and hereby authorizes them to represent and to vote, as designated
 on the reverse, all shares of common stock of Royce Value Trust, Inc. held
 of record by the undersigned on July 17, 2015 at the Annual Meeting of Stockholders
 of Royce Value Trust, Inc. to be held on September 24, 2015, and at any postponement
 or adjournment thereof.</font></div></td>
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This Proxy, when properly executed, will be voted in the manner directed by the undersigned
 stockholder. If no direction is made, this Proxy will be voted FOR Proposal 1. </font></div></td>
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<td style="text-indent:40px;" valign="bottom" colspan="7" align="left"><font face="Arial" size="2">
PLEASE VOTE, DATE AND SIGN ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED
 ENVELOPE.</font></td>
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<td colspan="7" valign="bottom" align="left" style="border-left: 1px solid #000000; border-right: 1px solid #000000;" nowrap><font face="Arial" size="2"><b>Address/Changes/Comments:<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></b></font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td colspan="7" valign="bottom" align="left" style="border-right: 1px solid #000000; border-left: 1px solid #000000;"><font face="Arial" size="2"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td style="border-bottom: 1px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000;"><font face="Arial" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
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<td align="left" style="border-left: 1px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" colspan="7" align="center"><font face="Arial" size="2">
(If you noted any Address Changes/Comments above, please mark corresponding box on
 the reverse side.)</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">&#160;</font></td>
<td style="border-right: 1px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
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<td style="border-bottom: 1px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
<td style="border-bottom: 1px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
<td style="border-bottom: 1px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left" style="border-bottom: 1px solid #000000;"><font face="Arial" size="2">&#160;</font></td>
<td style="border-bottom: 1px solid #000000; border-right: 1px solid #000000;"><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
