<SEC-DOCUMENT>0000949377-16-000724.txt : 20160729
<SEC-HEADER>0000949377-16-000724.hdr.sgml : 20160729
<ACCEPTANCE-DATETIME>20160729105111
ACCESSION NUMBER:		0000949377-16-000724
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160919
FILED AS OF DATE:		20160729
DATE AS OF CHANGE:		20160729
EFFECTIVENESS DATE:		20160729

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:		161792520

	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>e42543_rvt-def14a.htm
<TEXT>
<p align="center"><font face="Times New Roman" size="2"><b>As filed with the Securities and Exchange Commission on July 29, 2016</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;&#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;]</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;]</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;]</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;]</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;]</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;]</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;]</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;]</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<br>New York, New York
 10151</b></font></p>
<p><hr size="1" noshade color="#000000" width="12%"></p>
<p align="center"><font face="Times New Roman" size="2"><b>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</b></font></p>
<p><hr size="1" noshade color="#000000" width="12%"></p>
<p align="center"><font face="Times New Roman" size="2"><b>TO BE HELD ON SEPTEMBER 19, 2016</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 style="text-indent:40px;" align="justify"><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 Monday, September 19, 2016, at 11:00 a.m. (Eastern Time), for the
 following purposes:</font></p>
<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="bottom" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td width="1%" 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 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><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">2.</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">To transact
 such other business as may properly come before the Meeting or any postponement
 or adjournment thereof.</font></td>
</tr>
</table>
<p style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">The Board of Directors of the Fund has set
 the close of business on July 15, 2016 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 style="text-indent:40px;" align="justify"><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="70%" align="left"><div align="justify"><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">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"><div align="justify"><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"><div align="justify"><font face="Times New Roman" size="2"><i>Secretary
</i></font></td>
</tr>
</table>
<p style="text-indent:40px;"><font face="Times New Roman" size="2">July 29, 2016</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>IMPORTANT NOTICE REGARDING THE AVAILABILITY<br>OF PROXY MATERIALS FOR THE ANNUAL MEETING OF<br>STOCKHOLDERS TO BE HELD ON SEPTEMBER 19, 2016</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>THE NOTICE, PROXY STATEMENT AND PROXY
 CARD<br>FOR THE FUND ARE AVAILABLE AT<br>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
 19, 2016</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>INTRODUCTION</b></font></p>
<p style="text-indent:40px;" align="justify"><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 Monday, September 19, 2016, 11:00 a.m. (Eastern Time) and
 at any postponements or adjournments thereof. The approximate mailing date of this
 Proxy Statement is August 5, 2016.</font></p>
<p style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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, LP (formerly 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 face="Times New Roman" size="2">1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">The Board has set the close of business
 on July 15, 2016 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 style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">As of the Record Date, there were 80,478,756
 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"><div align="justify"><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</b><br><b>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="top" align="left"><div align="justify"><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"><div align="justify"><font face="Times New Roman" size="2">79,068,798
 shares &#151;<br>Record*</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2">98.25%</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr style="font-size:1px;">
<td colspan="2" valign="bottom" style="border-bottom: 1px solid #000000;">&#160;</td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="8%"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="1">*</font></td>
<td colspan="2" valign="top" align="left"><div 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 style="text-indent:40px;" align="justify"><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 face="Times New Roman" size="2">2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div align="center"><font face="Times New Roman" size="2"><b>PROPOSAL 1: ELECTION OF DIRECTORS</b></font></div>
<div style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">At the Meeting, three members of the Board
 will be elected. The Board has eight Directors. The eight 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 Patricia W. Chadwick, Arthur
 S. Mehlman, and Michael K. Shields currently serves as a Class II director and has
 been nominated by the Board to serve as a Class II director for a three-year term
 to expire at the Fund&#146;s 2019 Annual Meeting of Stockholders or until his or
 her successor is duly elected and qualified.</font></div>
<p style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">The classes of Directors and their respective
 terms are indicated below.</font></p>
<div align="justify"><font face="Times New Roman" size="2"><b><u>CLASS II DIRECTORS TO SERVE UNTIL 2019
 ANNUAL MEETING OF STOCKHOLDERS</u></b></font></div>
<div align="justify"><font face="Times New Roman" size="2">Patricia W. Chadwick<br>Arthur S. Mehlman
<br>Michael K. Shields</font></div>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b><u>CLASS I DIRECTORS SERVING UNTIL 2018
 ANNUAL MEETING OF STOCKHOLDERS</u></b></font></div>
<div align="justify"><font face="Times New Roman" size="2">Charles M. Royce<br>G. Peter O&#146;Brien
<br>David L. Meister</font></div>
<br>
<div align="justify"><font face="Times New Roman" size="2"><b><u>CLASS III DIRECTORS SERVING UNTIL 2017
 ANNUAL MEETING OF STOCKHOLDERS</u></b></font></div>
<div align="justify"><font face="Times New Roman" size="2">Stephen L. Isaacs<br>Christopher D. Clark</font></div>
<p style="text-indent:40px;" align="justify"><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 becomes 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 face="Times New Roman" size="2">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>
<br>
<div style="text-indent:40px;" align="justify"><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.</font></div>
<br>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><b>Name, Address*
 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 nowrap valign="bottom" align="center"><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">Charles M.
 Royce**<br>Chief Executive Officer (until June 2016), President (until June 2014),
 and Member of the Board of Managers of Royce &#038; Associates, LP (&#147;R&#038;A&#148; or &#147;Royce&#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">76</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Class I 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">2018</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">23</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">TICC<br>Capital Corp.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark**<br>Chief Executive Officer (since July 2016), President (since July
 2014), Co-Chief Investment Officer (since January 2014), Managing Director, and
 Member of the Board of Managers (since June 2015) 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">51</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">23</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="3%" valign="bottom" 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 Messrs. Royce and Clark is c/o Royce &#038; Associates, LP, 745 Fifth Avenue,
 New York, New York 10151.</font></td>
</tr>
<tr>
<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"><div align="justify"><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 valign="bottom" align="right"><font face="Times New Roman" size="1"><sup>&#134;</sup></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">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 style="text-indent:40px;" align="justify"><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;), the ultimate corporate parent of R&#038;A. There are no family relationships between any of the Fund&#146;s Directors
 and officers.</font></p>
<p align="center"><font face="Times New Roman" size="2">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>
<br>
<div style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">Certain biographical
 and other information concerning the existing Directors, including all three 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>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><b>Name, Address*
 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
 With the Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
 of Time Served</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
 Term Expires</b></font></td>
<td valign="bottom" align="center"><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 Company 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">67</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Class II 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">23</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Wisconsin<br>Energy Corp.<br>and Voya Funds</font></td>
</tr>
<tr>
<td valign="top" 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">76</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">23</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">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 valign="top" align="center"><font face="Times New Roman" size="2">74</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class II
 Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2004</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2016</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">44 (Director/Trustee
 of all Royce Funds, consisting of 23 portfolios; Director/Trustee of the Legg Mason
 Family of Funds, consisting of 21 portfolios)</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">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"><div align="justify"><font face="Times New Roman" size="2"><b>Name, Address*
 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
 With the<br>Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
 of Time<br>Served</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
 Term<br>Expires</b></font></td>
<td valign="bottom" align="center"><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">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 width="10%" valign="top" align="center"><font face="Times New Roman" size="2">76</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">Class I 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">2018</font></td>
<td width="10%" valign="top" align="center"><font face="Times New Roman" size="2">23</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">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">71</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class I
 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">2018</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">44 (Director/Trustee
 of all Royce Funds, consisting of 23 portfolios; Director/Trustee of the Legg Mason
 Family of Funds, consisting of 21 portfolios)</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">TICC<br>Capital
 Corp.</font></td>
</tr>
<tr>
<td valign="top" 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 valign="top" align="center"><font face="Times New Roman" size="2">57</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class II
 Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">April 2015</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2016</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">23</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="3%" 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="top" align="left"><div align="justify"><font face="Times New Roman" size="1">The address
 of each of Ms. Chadwick and Messrs. Isaacs, Mehlman, Meister, O&#146;Brien, and
 Shields is c/o Royce &#038; Associates, LP, 745 Fifth Avenue, New York, New York
 10151.</font></td>
</tr>
<tr>
<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="top" align="left"><div align="justify"><font face="Times New Roman" size="1">Each of the
 Independent Directors, including all three 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. 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></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">6</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p style="text-indent:50px;" align="justify"><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 valign="top" align="right"><font face="Times New Roman" size="2"><i>&#149;
</i></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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 a Member of the Board of Managers of R&#038;A. Mr. Royce served
 as the President of R&#038;A from 1972 to June 2014 and as Chief Executive Officer
 of R&#038;A from 1972 to June 2016. Mr. Royce has over 40 years of investment and
 business experience.</font></td>
</tr>
<tr>
<td width="5%" align="left"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2"><i>&#149;
</i></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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 Chief Executive Officer, 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></td>
</tr>


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


<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2"><i>&#149;
</i></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></td>
</tr>



<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2"><i>&#149;
</i></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>Stephen L. Isaacs</i> &#150; 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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2"><i>&#149;
</i></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>Arthur S. Mehlman</i> &#150; 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 Board 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></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">7</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="5%" valign="top" align="right"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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 Chairman
 of the Board&#146;s 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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></td>
</tr>
</table>
<p style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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>
<p align="center"><font face="Times New Roman" size="2">8</font></p>
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<!--page-->
<div><font face="Times New Roman" size="2"><b>Board Composition and Leadership Structure</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><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, 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>
<br>
<div><font face="Times New Roman" size="2"><b>Audit Committee Report</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><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, 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 style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">At its February 2015 meetings, the Audit
 Committee recommended to the Board, and the Board approved, replacing Tait, Weller
 &#038; Baker (&#147;TW&#038;B&#148;) as the Fund&#146;s independent registered public
 accounting firm with PricewaterhouseCoopers LLP (&#147;PWC&#148;). As a result,
 PWC served as the Fund&#146;s independent registered public accounting firm for
 the fiscal year ended December 31, 2015. TW&#038;B served as the Fund&#146;s independent
 registered public accounting firm for the fiscal year ended December 31, 2014.</font></p>
<p align="center"><font face="Times New Roman" size="2">9</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p style="text-indent:40px;" align="justify"><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 PWC, the Fund&#146;s independent auditors for the fiscal year ended December
 31, 2015, and (ii) discussed certain matters required to be discussed under the
 requirements of The Public Company Accounting Oversight Board with PWC. 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 style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">At its meetings held on February 17, 2016
 and February 24-25, 2016, the Audit Committee reviewed and discussed the audit of
 the Fund&#146;s financial statements as of December 31, 2015 and for the fiscal
 year then ended with Fund management and PWC. 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 2015 Annual Report to Stockholders,
 the Audit Committee would have been notified by Fund management or PWC. 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 2015 Annual Report to Stockholders.</font></p>
<div><font face="Times New Roman" size="2"><b>Nominating Committee</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">The Board has a Nominating Committee (the
 &#147;Nominating Committee&#148;) composed of the six Independent Directors, namely
 Ms. Chadwick and Messrs. Isaacs, Mehlman, Meister, O&#146;Brien, and Shields. Mr.
 O&#146;Brien serves as the Chairman 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 style="text-indent:40px;" align="justify"><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</font></p>
<p align="center"><font face="Times New Roman" size="2">10</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">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 style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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>
<br>
<div style="text-indent:40px;" align="justify"><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 six 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,</font></div>
<p align="center"><font face="Times New Roman" size="2">11</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">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></p>
<div><font face="Times New Roman" size="2"><b>Committee and Board of Directors Meetings</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">During the year ended December 31, 2015, the Board held six meetings, the
 Audit Committee held four meetings, and the Nominating Committee held two 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
 and the Nominating Committee held during that year.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Compensation of Directors</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">For
 the year ended December 31, 2015, 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, 2015 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, 2016.</font></div>
<p style="text-indent:40px;" align="justify"><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,
 2015.</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<br>Fund and<br>Fund Complex<br>Paid to<br>Directors*</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Patricia
 W. Chadwick,<br>Director</font></p></td>
<td width="15%" valign="middle" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td width="15%" valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td width="15%" valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td width="15%" valign="middle" align="center"><font face="Times New Roman" size="2">$271,940</font></td>
<td width="15%" valign="middle" align="center"><font face="Times New Roman" size="2">$271,940</font></td>
</tr>
<tr>
<td valign="middle" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Stephen
 L. Isaacs,<br>Director</font></p></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$271,940</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$271,940</font></td>
</tr>
<tr>
<td valign="middle" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Arthur
 S. Mehlman,<br>Director</font></p></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$271,940</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$441,940</font></td>
</tr>
<tr>
<td valign="middle" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">David
 L. Meister,<br>Director</font></p></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$271,940</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$271,940</font></td>
</tr>
<tr>
<td valign="middle" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">G.
 Peter O&#146;Brien,<br>Director</font></p></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$271,940</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$430,690</font></td>
</tr>
<tr>
<td valign="middle" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Michael
 K. Shields,<br>Director**</font></p></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$18,246</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$191,977</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$191,977</font></td>
</tr>
<tr>
<td valign="middle" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Richard
 Galkin,<br>Director***</font></p></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$271,940</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">$271,940</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="top" align="right"><font face="Times New Roman" size="1">*</font></td>
<td width="2%" align="left"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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, 2015 from the Fund Complex. As of the date hereof, the Fund Complex includes
 the 23 portfolios of The Royce Funds and the 21 portfolios of the Legg Mason Funds.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="1">**</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="1">Mr. Shields
 became a Director of the Fund in April 2015.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="1">***</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="1">Mr. Galkin
 retired as a Director of the Fund in February 2016.</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">12</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Officers of the Fund</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><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>
<table border="1" cellpadding="4" cellspacing="0" width="100%"  bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2"><b>Name, Address*
 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**
</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"><div align="justify"><font face="Times New Roman" size="2">Christopher D. Clark,<br>Chief Executive Officer (since July 2016), President (since July 2014),
 Co-Chief Investment Officer (since January 2014), and Member of the Board of Managers
 (since June 2015) 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">51</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"><div align="justify"><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">48</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"><div align="justify"><font face="Times New Roman" size="2">Peter K. Hoglund,<br>Chief Financial Officer, Chief Administrative Officer, and Managing Director 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">50</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>
<tr>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">Daniel A.
 O&#146;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">54</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"><div align="justify"><font face="Times New Roman" size="2">John E. Denneen,<br>General Counsel, Managing Director, Chief Legal and Compliance Officer, Secretary,
 and, since 2015, Member of the Board of Managers of R&#038;A; Secretary and Chief
 Legal Officer of The Royce Funds.</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">Secretary
 and Chief Legal Officer</font></td>
<td valign="middle" align="center"><font face="Times New Roman" size="2">1996 to<br>2001 and since 2002</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify"><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">56</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 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="top" align="left"><div align="justify"><font face="Times New Roman" size="1">The address
 of each officer of the Fund is c/o Royce &#038; Associates, LP, 745 Fifth Avenue,
 New York, New York 10151.</font></td>
</tr>
<tr>
<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="top" align="left"><div align="justify"><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>
<br>
<div style="text-indent:40px;" align="justify"><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>
<br>
<div style="text-indent:40px;" align="justify"><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 2015 Annual
 Meeting of Stockholders.</font></div>
<p align="center"><font face="Times New Roman" size="2">13</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Compliance with Section 16(a) of the
 Exchange Act</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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>
<div><font face="Times New Roman" size="2"><b>Stock Ownership</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">Information relating
 to each Director&#146;s ownership of shares of Common Stock as of July 15, 2016
 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<br>Funds overseen by each<br>Director in the Royce<br>Family of Funds</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><div align="justify"><font face="Times New Roman" size="2"><br><i>Interested Directors:</i></font></td>
</tr>
<tr>
<td width="15%" valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">Charles M. Royce</font></td>
<td width="15%" valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
<td width="15%" valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify"><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" colspan="477" align="left"><div align="justify"><font face="Times New Roman" size="2"><br><i>Non-Interested Directors:</i></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify"><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"><div align="justify"><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"><div align="justify"><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-$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"><div align="justify"><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"><div align="justify"><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-$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"><div align="justify"><font face="Times New Roman" size="2">Michael K.
 Shields</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>
<p align="center"><font face="Times New Roman" size="2">14</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p style="text-indent:40px;" align="justify"><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"><div align="justify"><font face="Times New Roman" size="2"><b>Name and
 Address*<br>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 <br>
Common Stock</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><div align="justify"><font face="Times New Roman" size="2"><br>
<i>Interested Directors:</i></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">Charles M.
 Royce</font></td>
<td style="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2">&#160;236,863</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify"><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" colspan="2" align="left"><div align="justify"><font face="Times New Roman" size="2"><br>
<i>Non-Interested Directors:</i></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify"><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"><div align="justify"><font face="Times New Roman" size="2">Stephen L.
 Isaacs</font></td>
<td style="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2">&#160;583</FONT></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">Arthur S.
 Mehlman</font></td>
<td style="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2">&#160;3,074</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify"><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"><div align="justify"><font face="Times New Roman" size="2">G. Peter O&#146;Brien</font></td>
<td style="vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2">&#160;2,670</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">Michael K.
 Shields</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><div align="justify"><font face="Times New Roman" size="2"><br>
<i>Interested Officers**</i></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify"><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"><div align="justify"><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>
<tr>
<td valign="bottom" align="left"><div align="justify"><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"><div align="justify"><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"><div align="justify"><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 valign="top" align="left"><div align="justify"><font face="Times New Roman" size="1">*&#160;&#160;&#160;&#160;The address
 of each Director and each officer is c/o Royce &#038; Associates, LP, 745 Fifth
 Avenue, New York, New York 10151.</font></td>
</tr>
<tr>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="1">  </font></td>
</tr>
<tr>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="1">**&#160;&#160;Does not
 include shares of Common Stock beneficially owned by Mr. Clark, if any, which information
 is set forth immediately above under &#147;Interested Directors.&#148;</font></td>
</tr>
</table>
<p style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">As of the Record
Date, all Directors and officers of the Fund as a group (13 persons) beneficially owned an aggregate of less than 1% of the Fund&#146;s
outstanding shares of Common Stock.</font></p>
<p style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">As of July 15, 2016, 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>
<br>
<div style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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>
<p align="center"><font face="Times New Roman" size="2">15</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>FEES PAID TO INDEPENDENT AUDITORS</b></font></p>
<div><font face="Times New Roman" size="2"><b>Audit Fees</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">The aggregate fees paid to PWC in connection
 with the annual audit of the Fund&#146;s financial statements and for services normally
 provided by PWC in connection with the statutory and regulatory filings of the Fund
 for the fiscal year ended December 31, 2015 were $43,500. 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 year ended December 31, 2014 were
 $43,500.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Audit Related Fees</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">No fees were
 paid to PWC 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 the fiscal year ended December 31, 2015.
 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 the fiscal year ended
 December 31, 2014.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Tax Fees</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><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 PWC to the Fund for the fiscal year ended December 31, 2015
 were $7,200. 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 year ended December 31, 2014 were $7,200.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>All Other Fees</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">There were no other
 fees billed for non-audit services rendered by PWC to the Fund for the fiscal year
 ended December 31, 2015. There were no other fees billed for non-audit services
 rendered by TW&#038;B to the Fund for the fiscal year ended December 31, 2014. The
 aggregate non-audit fees billed by PWC 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 year ended December 31, 2015 were $7,200.
 The Audit Committee has determined that the provision of non-audit services is compatible
 with maintaining the independence of PWC. 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 year ended December 31, 2014 were $7,200.</font></div>
<p style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">PWC did not provide any other professional
 services to the Fund or R&#038;A for the year ended December 31, 2015. No representatives
 of PWC are expected to be present at the Meeting.</font></p>
<p align="center"><font face="Times New Roman" size="2">16</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Audit Committee&#146;s Pre-Approval Policies
 and Procedures</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><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 preapproval 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>
<p align="center"><font face="Times New Roman" size="2">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>
<br>
<div style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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 face="Times New Roman" size="2">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>
<br>
<div style="text-indent:40px;" align="justify"><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>
<br>
<div style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">The Fund&#146;s Annual Report to Stockholders for the year ended December 31, 2015 was previously
 mailed to its stockholders and the Semiannual Report to Stockholders for the six
 months ended June 30, 2016 will be mailed to stockholders in late August 2016. 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>
<br>
<div style="text-indent:40px;" align="justify"><font face="Times New Roman" size="2">Proposals
 of stockholders intended to be presented at the Fund&#146;s 2017 Annual Meeting
 of Stockholders must be received by the Fund by March 31, 2017 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 2017 Annual
 Meeting of Stockholders must be in writing and received at the Fund&#146;s principal
 executive office between April 7, 2017 and May 8, 2017. Written proposals should
 be sent to the Secretary of the Fund, 745 Fifth Avenue, New York, New York 10151.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Proxy Delivery</b></font></div>
<br>
<div style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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="70%" align="left"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><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="top" align="left"><div align="justify"><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="top" align="left"><div align="justify"><font face="Times New Roman" size="2"><i>Secretary
</i></font></td>
</tr>
</table>
<div><font face="Times New Roman" size="2">Dated: July 29, 2016</font></div>
<p align="center"><font face="Times New Roman" size="2">19</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>E<small>XHIBIT</small> 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<br>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</small>  A H<small>ERETO</small></b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><div align="justify"><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="top" align="left"><div align="justify"><font face="Times New Roman" size="2"><u><b>Composition
 of the Audit Committee</b></u></font></td>
</tr>
</table>
<p style="text-indent:50px;" align="justify"><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"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><div align="justify"><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="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></td>
</tr>
</table>
<p style="text-indent:50px;" align="justify"><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"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2">(d)</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(e)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></td>
</tr>
</table>
<p style="text-indent:50px;" align="justify"><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</font></p>
<p align="center"><font face="Times New Roman" size="2">A-1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">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="top" align="left"><div align="justify"><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="top" align="left"><div align="justify"><font face="Times New Roman" size="2"><u><b>Purposes
 of the Audit Committee</b></u></font></td>
</tr>
</table>
<br>
<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" colspan="5" align="left"><div align="justify"><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><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"><div align="justify"><font face="Times New Roman" size="2">(1)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="left"><div align="justify"><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><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="4%" align="left"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><div align="justify"><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="top" align="left"><div align="justify"><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><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><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><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><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><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">(2)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" colspan="3" align="left"><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></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2"><b>III.</b></font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2"><u><b>Responsibilities
 and Duties of the Audit Committee</b></u></font></td>
</tr>
</table>
<p style="text-indent:50px;" align="justify"><font face="Times New Roman" size="2">The Fund&#146;s independent accountants
 shall report directly to the Audit Committee.</font></p>
<p style="text-indent:50px;" align="justify"><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"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><div align="justify"><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="top" 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></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">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"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><div align="justify"><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="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(d)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(e)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(f)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(g)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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,</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">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"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2">including
 the Fund&#146;s disclosure of management&#146;s discussion of Fund performance;</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>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2">(h)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(i)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(j)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(k)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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 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></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">A-4</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"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="top" align="left"><div align="justify"><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="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(m)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(n)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(o)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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="left"><div align="justify"><font face="Times New Roman" size="2">(p)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></td>
</tr>
</table>
<p style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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,</font></p>
<p align="center"><font face="Times New Roman" size="2">A-5</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">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 style="text-indent:40px;" align="justify"><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 style="text-indent:40px;" align="justify"><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>
<p align="justify"><font face="Times New Roman" size="2"><b>IV.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Meetings</u></b></font></p>
<p style="text-indent:40px;" align="justify"><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 face="Times New Roman" size="2">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="top" align="left"><div align="justify"><font face="Times New Roman" size="2"><b>V.</b></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2"><u><b>Assistance
 from Fund Management; Authority to Engage Advisers; Funding</b></u></font></td>
</tr>
</table>
<p style="text-indent:40px;" align="justify"><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, (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></p>
<p align="justify"><font face="Times New Roman" size="2"><b>VI.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Annual Performance Evaluation</u>
</b></font></p>
<p style="text-indent:42px;" align="justify"><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>
<p align="justify"><font face="Times New Roman" size="2"><b>VII.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Reporting</u></b></font></p>
<p style="text-indent:42px;" align="justify"><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>
<p align="justify"><font face="Times New Roman" size="2"><b>VIII.&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendments</u></b></font></p>
<p style="text-indent:42px;" align="justify"><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 align="justify"><font face="Times New Roman" size="2"><b>Dated:&#160;&#160;April 11, 2000, as amended through
 December 12, 2013</b></font></p>
<p align="center"><font face="Times New Roman" size="2">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 align="justify"><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 face="Times New Roman" size="2">A-8</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>E<small>XHIBIT</small> 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 align="justify"><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 align="justify"><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 align="justify"><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="4%" valign="top" align="right"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">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="4%" align="left"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><div align="justify"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2">person is
 otherwise qualified under applicable laws and regulations to serve as a Director
 or Independent Director of the Fund;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" 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></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 align="justify"><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 align="justify"><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 face="Times New Roman" size="2">B-2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><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 align="justify"><font face="Times New Roman" size="2">Adopted: February 10, 2004<br>Revised through
 February 16, 2011</font></p>
<p align="center"><font face="Times New Roman" size="2">B-3</font></p>
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<p align="center"><font face="Times New Roman" size="2"><b>A<small>PPENDIX</small> A</b></font></p>
<p align="justify"><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 face="Times New Roman" size="2">B-4</font></p>
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<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) Patricia W. Chadwick</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">[&#160;&#160;]</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">[&#160;&#160;]</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">[&#160;&#160;]</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial"></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) Arthur S. Mehlman</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  style="border-bottom: 1px solid #000000;"><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) Michael K. Shields</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</font><font face="Times New Roman" 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;]</font></div>
<br>
<div><font face="Arial" size="2">been noted on the reverse side of this card.</font></p>
<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>



<p><hr size="3" noshade color="black"></p>


<p align="right"><font face="Arial" size="1">M77639-P55296</font></p>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; border-top: black 1pt solid; text-decoration: underline; line-height: 115%; text-align: center"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>PROXY CARD</U></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;PROXY</FONT></TD>
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    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PROXY</FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ROYCE VALUE TRUST, INC.</FONT></TD>
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<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">745 Fifth Avenue</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New York, New York 10151</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Proxy is Solicited on Behalf of the Board of Directors of Royce Value Trust, Inc.</FONT></TD>
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<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The undersigned hereby appoints Christopher D. Clark 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 15, 2016 at the Annual Meeting of Stockholders of Royce Value Trust, Inc. to be held on September 19, 2016, and at any postponement or adjournment thereof.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PLEASE VOTE, DATE AND SIGN ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%; border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 20%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 2%; border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Address Changes/Comments:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
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<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 12pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(If you noted any Address Changes/Comments above, please mark corresponding box on the reverse side.)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; line-height: 115%">&nbsp;</TD></TR>
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
