<SEC-DOCUMENT>0000949377-20-000233.txt : 20200702
<SEC-HEADER>0000949377-20-000233.hdr.sgml : 20200702
<ACCEPTANCE-DATETIME>20200702162019
ACCESSION NUMBER:		0000949377-20-000233
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200702
DATE AS OF CHANGE:		20200702
EFFECTIVENESS DATE:		20200702

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:		201009606

	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>rvt_defa14a.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on July 2, 2020</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><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><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><B>ROYCE VALUE TRUST, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="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="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif"><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: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 86%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif"><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>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>ANNOUNCEMENT
OF CHANGE OF LOCATION OF<BR>
SPECIAL MEETING OF STOCKHOLDERS OF<BR>
ROYCE VALUE TRUST, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SCHEDULED TO BE
HELD ON JULY&nbsp;14, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white"><B>NEW YORK</B>
&ndash; July 2, 2020 &ndash; Royce Value Trust, Inc. (NYSE: RVT) (the &ldquo;Fund&rdquo;) today announced that, due to the continuing
public health impact of the COVID-19&nbsp;pandemic and to support the health and safety of the Fund&rsquo;s stockholders,&nbsp;the
location of the Special Meeting of Stockholders of the Fund (the &ldquo;Meeting&rdquo;) has been changed. As previously announced,
the Meeting will be held on Tuesday, July&nbsp;14, 2020 at 12:00 p.m. Eastern Time. In light of public health concerns regarding&nbsp;COVID-19,&nbsp;the
Meeting will be held in a virtual meeting format only. The Meeting will be accessible solely by means of remote communication.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described in the Fund&rsquo;s proxy statement,
dated May 11, 2020, (the &ldquo;Proxy Statement&rdquo;), and supplemental proxy materials that were previously distributed, the
Board of Directors of the Fund has fixed the close of business on May 1, 2020 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 at the Meeting (or any postponement or adjournment thereof). The Meeting will be held at the
following website:&nbsp;http://www.meetingcenter.io/244616936. To participate in the Meeting, Fund stockholders must enter the
following password: RVT2020. Stockholders must also enter the control number that appears on the <B><U>WHITE</U></B>&nbsp;proxy
card that they previously received from the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">We encourage
you to access the website prior to the Meeting&rsquo;s start time to allow ample time for you to log into the Meeting webcast and
test your computer system, and, if you plan to vote at the Meeting, to download and print the Meeting ballot that will be posted
to the website. Accordingly, the website will be accessible to stockholders beginning at approximately 10:00 a.m. Eastern Time
on July&nbsp;13, 2020. The Meeting ballot will contain instructions on how to submit your vote during the Meeting, including the
email address to which the completed ballot and any legal proxies should be sent. For questions relating to participation at the
Meeting by remote communication, please call the technical support number at (888)&nbsp;888-0151.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Stockholders who hold
shares through an intermediary, such as a bank or broker, must register in advance to attend the Meeting. To register, stockholders
must submit proof of their proxy power (legal proxy) reflecting their Fund holdings along with their name and email address to
Computershare Fund Services (&ldquo;Computershare&rdquo;). Stockholders may forward an email from their intermediary or send an
image of their legal proxy to&nbsp;<U>shareholdermeetings@computershare.com</U>. Requests for registration must be received no
later than 10:00 a.m. Eastern Time, on July 9, 2020. Stockholders will receive a confirmation email from Computershare of the stockholder&rsquo;s
registration and a control number that will allow the stockholder to vote at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Stockholders
are not required to attend the Meeting to vote on the relevant proposal. Whether or not stockholders plan to attend the Meeting,
the Fund urges stockholders to authorize a proxy to vote their shares in advance of the Meeting by one of the methods described
in the Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The Fund filed
the Proxy Statement with the SEC in connection with the Meeting. Stockholders are advised to read the Proxy Statement in full because
it contains important information. The Proxy Statement is available on the Internet at&nbsp;<U>http://www.ReadOurMaterials.com/rvt</U>.
The <B><U>WHITE</U></B> proxy card included with the proxy materials that were previously distributed to stockholders will not
be updated to reflect the change in location but may continue to be used by stockholders to vote their shares in connection with
the Meeting. The Proxy Statement and other documents filed by the Fund are also available for free on the SEC&rsquo;s website&nbsp;at
<U>http://www.sec.gov</U>.</P>

<P STYLE="font: 10pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt TimesNewRomanPSMT,serif; margin: 0; text-align: justify">If you need assistance voting, please contact the
Fund&rsquo;s proxy solicitor, Innisfree M&amp;A Incorporated, by calling (877) 825-8964 (toll-free in North America). Banks and
brokers may call collect at (212) 750-5833.</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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/107% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>__________</B></P>

<P STYLE="font: 10pt TimesNewRomanPS-BoldMT,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt TimesNewRomanPS-BoldMT,serif; margin: 0; text-align: center"><B>ROYCE VALUE TRUST, INC. (NYSE: RVT)</B></P>

<P STYLE="font: 12pt TimesNewRomanPS-BoldMT,serif; margin: 0; text-align: center"><B>745 FIFTH AVENUE</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><FONT STYLE="font-family: TimesNewRomanPS-BoldMT,serif"><B>NEW
YORK, NEW YORK 10151</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
__________</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center; background-color: white"><B>ADDITIONAL
INFORMATION REGARDING THE<BR>
SPECIAL MEETING OF STOCKHOLDERS<BR>
SCHEDULED TO BE HELD ON JULY 14, 2020</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Notice of Change of Location set forth
below relates to the proxy statement of Royce Value Trust, Inc. (the &ldquo;Fund&rdquo;), dated May 11, 2020 (the &ldquo;Proxy
Statement&rdquo;), furnished to the Fund&rsquo;s stockholders in connection with the solicitation of proxies by the Board of Directors
of the Fund for use at the Special Meeting of Stockholders of the Fund (the &ldquo;Meeting&rdquo;) scheduled to be held on Tuesday,
July&nbsp;14, 2020. This supplement to the Proxy Statement is being filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
to provide notice of a change of location of the Meeting and is being made available to stockholders on or about July 2, 2020.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>THE NOTICE
OF CHANGE OF LOCATION SHOULD BE READ<BR>
IN CONJUNCTION WITH THE PROXY STATEMENT.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>__________</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>NOTICE OF
CHANGE OF LOCATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>OF THE SPECIAL MEETING
OF STOCKHOLDERS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SCHEDULED TO BE
HELD ON JULY&nbsp;14, 2020</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>__________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">To the Stockholders
of Royce Value Trust, Inc.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Due to the
continuing public health impact of the COVID-19&nbsp;pandemic and to support the health and safety of the Fund&rsquo;s stockholders,&nbsp;<B>NOTICE
IS HEREBY GIVEN</B>&nbsp;that the location of the Meeting has been changed. As previously announced, the Meeting is scheduled to
be held on Tuesday, July&nbsp;14, 2020 at 12:00 p.m. Eastern Time. In light of public health concerns regarding&nbsp;COVID-19,&nbsp;the
Meeting will be held in a virtual meeting format only. The Meeting will be accessible solely by means of remote communication.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described in the Proxy Statement and supplemental
proxy materials that were previously distributed, the Board of Directors of the Fund has fixed the close of business on May 1,
2020 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 at the Meeting (or any postponement
or adjournment thereof). The Meeting will be held at the following website:&nbsp; http://www.meetingcenter.io/244616936. To participate
in the Meeting, Fund stockholders must enter the following password: RVT2020. Stockholders must also enter the control number that
appears on the <B><U>WHITE</U></B>&nbsp;proxy card that they previously received from the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">We encourage
you to access the website prior to the Meeting&rsquo;s start time to allow ample time for you to log into the Meeting webcast and
test your computer system, and, if you plan to vote at the Meeting, to download and print the Meeting ballot that will be posted
to the website. Accordingly, the website will be accessible to stockholders beginning at approximately10:00 a.m. Eastern Time on
July&nbsp;13, 2020. The Meeting ballot will contain instructions on how to submit your vote during the Meeting, including the email
address to which the completed ballot and any legal proxies should be sent. For questions relating to participation at the Meeting
by remote communication, please call the technical support number at (888)&nbsp;888-0151.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">Stockholders who hold
shares through an intermediary, such as a bank or broker, must register in advance to attend the Meeting. To register, stockholders
must submit proof of their proxy power (legal proxy) reflecting their Fund holdings along with their name and email address to
Computershare Fund Services (&ldquo;Computershare&rdquo;). Stockholders may forward an email from their intermediary or send an
image of their legal proxy to&nbsp;<U>shareholdermeetings@computershare.com</U>. Requests for registration must be received no
later than10:00 a.m. Eastern Time, on July 9, 2020. Stockholders will receive a confirmation email from Computershare of the stockholder&rsquo;s
registration and a control number that will allow the stockholder to vote at the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Stockholders
are not required to attend the Meeting to vote on the relevant proposal. Whether or not stockholders plan to attend the Meeting,
the Fund urges stockholders to authorize a proxy to vote their shares in advance of the Meeting by one of the methods described
in the Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The Fund filed
the Proxy Statement with the SEC in connection with the Meeting. Stockholders are advised to read the Proxy Statement in full because
it contains important information. The Proxy Statement is available on the Internet at&nbsp;<U>http://www.ReadOurMaterials.com/rvt</U>.
The <B><U>WHITE</U></B> proxy card included with the proxy materials that were previously distributed to stockholders will not
be updated to reflect the change in location but may continue to be used by stockholders to vote their shares in connection with
the Meeting. The Proxy Statement and other documents filed by the Fund are also available for free on the SEC&rsquo;s website&nbsp;at
http://www.sec.gov.</P>

<P STYLE="font: 10pt TimesNewRomanPSMT,serif; margin: 12pt 0 0; text-align: justify; background-color: white">If you need assistance
voting, please contact the Fund&rsquo;s proxy solicitor, Innisfree M&amp;A Incorporated, by calling (877) 825-8964 (toll-free in
North America). Banks and brokers may call collect at (212) 750-5833.</P>

<P STYLE="font: 10pt TimesNewRomanPSMT,serif; margin: 12pt 0 0; text-indent: 4in; text-align: justify; background-color: white">By
Order of the Board of Directors</P>

<P STYLE="font: 10pt TimesNewRomanPSMT,serif; margin: 12pt 0 0; background-color: white">&#9;John E. Denneen<BR>
&#9;Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

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



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

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