<SEC-DOCUMENT>0000949377-20-000209.txt : 20200626
<SEC-HEADER>0000949377-20-000209.hdr.sgml : 20200626
<ACCEPTANCE-DATETIME>20200626154352
ACCESSION NUMBER:		0000949377-20-000209
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200626
DATE AS OF CHANGE:		20200626
EFFECTIVENESS DATE:		20200626

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		20993873

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>g500007_rvt.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on June 26, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14a-101)</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B><BR>
<B>SCHEDULE 14A INFORMATION</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proxy Statement Pursuant to Section 14(a)
of&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the Securities Exchange Act of 1934 (Amendment
No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding: 0.25pt; width: 95%"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.5pt 0.25pt 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding: 0.5pt 0.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; padding: 0.5pt 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ROYCE VALUE TRUST, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 95%; padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">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 STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">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>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Leading Independent Proxy Advisory Firm
ISS Recommends Royce Value Trust Stockholders Vote to Approve New Investment Advisory Agreement </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NEW YORK</B> &ndash; June 26, 2020 &ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif">Royce
Value Trust, Inc. </FONT>(NYSE: RVT) <FONT STYLE="font-family: Times New Roman, Times, Serif">(</FONT>the &ldquo;Fund&rdquo;) today
announced that Institutional Shareholder Services (&ldquo;ISS&rdquo;) recommends that stockholders vote <B>&ldquo;FOR&rdquo;</B>
in order to approve the new investment advisory agreement with Royce Investment Partners (&ldquo;Royce&rdquo;), the Fund&rsquo;s
investment manager<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In recommending that stockholders vote &ldquo;FOR&rdquo; the
agreement, ISS stated in its June 24, 2020 report that<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&ldquo;The most significant aspect of the proposal
for shareholders in this context is that the advisory fee rate will not increase. The investment objective remains the same, and
the fund will be managed by the same personnel. As such, there would be no material impact to investors in connection with the
approval of this proposal.&rdquo; </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;We are pleased that ISS recognizes that approval of the
new investment advisory agreement with Royce is in the best interest of all the Fund&rsquo;s stockholders,&rdquo; said Christopher
D. Clark, President of Royce Value Trust, Inc. &ldquo;Royce has developed a differentiated investment strategy that has delivered
superior returns relative to the Fund&rsquo;s benchmark<SUP>3</SUP> index and its peers as evidenced by its impressive performance
record. Voting &rsquo;FOR&rsquo; the new investment advisory agreement ensures the Fund continues to operate and execute the strategy
that has delivered excellent relative performance for stockholders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its role as the Fund&rsquo;s investment manager, Royce has
developed and implemented the investment strategy that has enabled the Fund to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Consistently outperform the Fund&rsquo;s benchmark<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
over key timeframes, including over the past 1-, 3-, 5-, 20-, 25-, and 30-year periods ended 3/31/20, as well as since the Fund&rsquo;s
inception (11/26/86)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Outperform the benchmark<SUP>3</SUP> in the previous full market cycle period and from the 8/31/18 index peak through 3/31/20<SUP>4</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Outperform the comparable open-end Morningstar category average (US Fund Small Blend)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>
over key timeframes, including year-to-date and over the past 1-, 3-, 5-, 10-, and 15-year periods through 3/31/20<SUP>4</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To follow the recommendation by ISS and the unanimous recommendation
by the Board of Directors of Royce Value Trust, Inc., stockholders should vote on the <B>WHITE</B> proxy card <B>&ldquo;FOR&rdquo;
</B>the approval of the new investment advisory agreement with Royce to ensure that the Fund&rsquo;s operations can continue uninterrupted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1
</SUP></FONT>Royce &amp; Associates, LP is a Delaware limited partnership that primarily conducts its business under the name
Royce Investment Partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2
</SUP></FONT>Permission to use quotations neither sought nor obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3
</SUP></FONT>Fund benchmark is the Russell 2000 Index, an unmanaged, capitalization-weighted index of domestic small-cap stocks.
It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4
</SUP></FONT>Returns calculated on a net asset value (&ldquo;NAV&rdquo;) basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT>
For the Morningstar Small Blend Category: &copy; 2020 Morningstar. All Rights Reserved. The information regarding the category
in this piece: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is
not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages
or losses arising from any use of this information. Small-blend portfolios favor U.S. firms at the smaller end of the market-capitalization
range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations
and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are
defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Special Meeting of Stockholders to consider the new investment
advisory agreement is scheduled to be held on July 14, 2020. All stockholders of record as of the close of business on May 1, 2020
are entitled to vote their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each vote is important, regardless of the number of shares owned.
Failure to vote has the same effect as voting against the new agreement. If stockholders do not approve the new investment advisory
agreement, the Fund may be forced to seek approval to liquidate. Liquidation could result in serious negative implications for
long-term stockholders such as a meaningful loss of stockholder value during a period of continued significant market volatility
as well as negative tax consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stockholders can vote by internet, telephone
or by signing, dating and mailing the <B>WHITE</B> proxy card</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">provided in the Fund&rsquo;s proxy materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stockholders who have questions about how
to vote or need additional assistance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">may contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Innisfree M&amp;A Incorporated</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stockholders Call Toll Free: (877) 825-8964</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Banks and Brokers Call: (212) 750-5833</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Royce Value Trust, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Royce Value Trust, Inc. is a closed-end diversified management
investment company whose shares of Common Stock are listed and traded on the New York Stock Exchange. The Fund's primary investment
goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities primarily
of small- and micro-cap companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For further information on The Royce Funds<FONT STYLE="font-family: Times New Roman, Times, Serif">&#8480;</FONT>,
please visit our web site at: www.royceinvest.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward Looking Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter is not an offer to purchase nor a solicitation of
an offer to sell shares of the Fund. This letter may contain statements regarding plans and expectations for the future that constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact are forward-looking and can sometimes be identified by the use of words such as &ldquo;plan,&rdquo;
&ldquo;expect,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo;
&ldquo;project,&rdquo; &ldquo;estimate,&rdquo; &ldquo;guidance,&rdquo; &ldquo;possible,&rdquo; &ldquo;continue&rdquo; and other
similar terms and phrases, although not all forward-looking statements include these words. Such forward-looking statements are
based on the current plans and expectations of the Fund, and are subject to risks and uncertainties that could cause actual results,
performance and events to differ materially from those described in the forward-looking statements. Additionally, past performance
is no guarantee of future results. Additional information concerning such risks and uncertainties are or will be contained in the
Fund&rsquo;s filings with the U.S. Securities and Exchange Commission, including the Fund&rsquo;s Annual Report to Stockholders
on Form N-CSR, for the year ended December 31, 2019, and subsequent filings with the Commission. These factors should be considered
carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Fund undertakes no responsibility
to update publicly or revise any forward-looking statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Media Contact</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joele Frank, Wilkinson Brimmer Katcher</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lucas Pers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">212-355-4449</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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