<SEC-DOCUMENT>0000949377-21-000018.txt : 20210125
<SEC-HEADER>0000949377-21-000018.hdr.sgml : 20210125
<ACCEPTANCE-DATETIME>20210125162137
ACCESSION NUMBER:		0000949377-21-000018
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210125
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210125
DATE AS OF CHANGE:		20210125

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		21549857

	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>
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<TYPE>8-K
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<FILENAME>rvt_8-k.htm
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center; background-color: white"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Washington, D.C.
20549</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>FORM&nbsp;8-K</B>&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><FONT STYLE="font-size: 14pt"><B>CURRENT
REPORT<BR>
</B></FONT><B><FONT STYLE="font-size: 12pt">Pursuant to Section&nbsp;13 or 15(d) of the</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Securities Exchange
Act of 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>Date of Report
(Date of earliest event reported): January 25, 2021 (January 25, 2021)</B>&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>ROYCE VALUE
TRUST, INC.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Exact name of registrant
as specified in its charter)</B>&nbsp;</P>

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    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maryland</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>811-04875</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>133356097</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or other jurisdiction</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>of incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Commission</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>File Number)</B></P></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. Employer</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Identification No.)</B></P></TD></TR>
<TR>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>745 Fifth Avenue</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>New York, New York</B></P></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10151</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>Registrant&rsquo;s
telephone number, including area code: (212)&nbsp;508-4500</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>(Former name
or former address, if changed since last report)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">Check the appropriate box below
if the Form&nbsp;8-K&nbsp;filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting material pursuant to Rule&nbsp;14a-12&nbsp;under the Exchange Act (17 CFR&nbsp;240.14a-12)</FONT></TD></TR>
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<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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    <TD STYLE="width: 4%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement&nbsp;communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR&nbsp;240.14d-&nbsp;2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement&nbsp;communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR&nbsp;240.13-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; background-color: white"><FONT STYLE="font-size: 10pt">Securities
registered or to be registered pursuant to Section&nbsp;12(b) of the Act.<BR>
</FONT><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

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<TR>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 1pt solid; text-align: center"><B>Title of each
        class</B></P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trading</B></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; border-bottom: black 1pt solid; text-align: center"><B>Symbol(s)</B></P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 1pt solid; text-align: center"><B>Name of each
        exchange on which registered</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common Stock</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RVT</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New York Stock Exchange</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or
Rule&nbsp;12b-2&nbsp;of the Securities Exchange Act of 1934&nbsp;(&sect;240.12b-2&nbsp;of this chapter).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 12pt 0 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging
growth company&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>


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    <TD STYLE="width: 10%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;5.03</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 24.5pt; background-color: white"><I>Amended
and Restated&nbsp;By-Laws</I>. On January 25, 2021, the Board of Directors of Royce Value Trust, Inc., a registered&nbsp;closed-end&nbsp;management
investment company (the &ldquo;<U>Fund</U>&rdquo;), amended and restated in its entirety the Amended and Restated&nbsp;By-Laws&nbsp;of
the Fund (the &ldquo;<U>Amended and Restated&nbsp;By-Laws</U>&rdquo;). The Amended and Restated&nbsp;By-Laws&nbsp;are attached
hereto as Exhibit 3.1 and are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt; background-color: white">On
January 25, 2021, the Fund issued a press release in connection with the adoption of the Amended and Restated&nbsp;By-Laws.</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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    <TD STYLE="width: 10%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item&nbsp;9.01</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial Statements and Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; background-color: white">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Exhibits</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="width: 94%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;3.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated&nbsp;By-Laws</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release, dated &nbsp;January 25, 2021</FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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




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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 24.5pt; background-color: white">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</P>

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

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<TR>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 88%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">ROYCE VALUE TRUST, INC.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; border-bottom: black 0.75pt solid">/s/ Christopher D. Clark</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher D. Clark</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">DATE: January 25, 2021</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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

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<P STYLE="font: 10pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>AMENDED AND RESTATED</B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>BYLAWS</B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>OF</B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>ROYCE VALUE TRUST,
INC.</B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>A Maryland Corporation</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>ARTICLE
I</U></B></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>MEETINGS
OF STOCKHOLDERS</U></B></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;SECTION
1.&#9; <U>Place</U>. All meetings of stockholders of Royce Value Trust, Inc. (the &quot;Corporation&quot;) shall be held in the
United States at the principal executive office of the Corporation or at such other place as shall be set by the Board of Directors
and stated in the notice of the meeting.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&#9;SECTION
2. <U>&#9;Annual Meeting</U>. An annual meeting of the stockholders for the election of directors and the transaction of any business
within the powers of the Corporation shall be held on a date and at the time set by the Board of Directors.</FONT></P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
3. <U>Special Meetings</U>.</FONT></P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">(a)
<U>General</U>. The President or the Board of Directors may call a special meeting of the stockholders. Subject to Section 3(b)
of this Article I, a special meeting of stockholders shall also be called by the Secretary of the Corporation upon the written
request of the stockholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.</FONT></P>

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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times Roman,serif; letter-spacing: -0.15pt">(b)
<U>Stockholder Requested Special Meetings</U>. (1) Any stockholder of record seeking to have stockholders request a special meeting
shall, by sending written notice to the Secretary (the &quot;Record Date Request Notice&quot;) by registered mail, return receipt
requested, request the Board of Directors to fix a record date to determine the stockholders entitled to request a special meeting
(the &quot;Request Record Date&quot;). The Record Date Request Notice shall set forth the purpose of the meeting and the matters
proposed to be acted on at it, shall be signed by one or more stockholders of record as of the date of signature (or their agents
duly authorized in writing), shall bear the date of signature of each such stockholder (or such agent) and shall set forth all
information relating to each such stockholder that must be disclosed in solicitations of proxies for election of directors in an
election contest (even if an election contest is not involved), or is otherwise required, in each case pursuant to Regulation 14A
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">(or any successor provision) </FONT><FONT STYLE="font-family: Times Roman,serif; letter-spacing: -0.15pt">under
the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;). Upon receiving the Record Date Request Notice,
the Board of Directors may fix a Request Record Date. The Request Record Date shall not</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">precede and shall not be more than ten (10)
days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board of
Directors. If the Board of Directors, within ten (10) days after the date on which a valid Record Date Request Notice is received,
fails to adopt a resolution fixing the Request Record Date and make a public announcement of such Request Record Date, the Request
Record Date shall be the close of business on the tenth (10th) day after the first date on which the Record Date Request Notice
is received by the Secretary.</P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&#9;(2)
In order for any stockholder to request a special meeting, one or more written requests for a special meeting signed by stockholders
of record (or their agents duly authorized in writing) as of the Request Record Date entitled to cast not less than a majority
(the &quot;Special Meeting Percentage&quot;) of all of the votes entitled to be cast at such meeting (the &quot;Special Meeting
Request&quot;) shall be delivered to the Secretary. In addition, the Special Meeting Request shall set forth the purpose of the
meeting and the matters proposed to be acted on at it (which shall be limited to the matters set forth in the Record Date Request
Notice received by the Secretary), shall bear the date of signature of each such stockholder (or such agent) signing the Special
Meeting Request, shall set forth the name and address, as they appear in the Corporation&rsquo;s books, of each stockholder signing
such request (or on whose behalf the Special Meeting Request is signed), the class, series and number of all shares of stock of
the Corporation which are owned by each such stockholder, and the nominee holder for, and number of, shares owned beneficially
but not of record, shall be sent to the Secretary by registered mail, return receipt requested, and shall be received by the Secretary
within sixty (60) days after the Request Record Date. Any requesting stockholder may revoke his, her or its request for a special
meeting at any time by written revocation delivered to the Secretary.</FONT></P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&#9;(3)
The Secretary shall inform the requesting stockholders of the reasonably estimated cost of preparing and mailing the notice of
meeting (including the Corporation&rsquo;s proxy materials). The Secretary shall not be required to call a special meeting upon
stockholder request and such meeting shall not be held unless, in addition to the documents required by subsection (2) of this
Section 3(b), the Secretary receives payment of such reasonably estimated cost prior to the mailing of any notice of the meeting.</FONT></P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&#9;(4)
Except as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by
the President or the Board of Directors, whoever has called the meeting. In the case of any special meeting called by the Secretary
upon the request of stockholders (a &quot;Stockholder Requested Meeting&quot;), such meeting shall be held at such place, date
and time as may be designated by the Board of Directors; provided, however, that the date of any Stockholder Requested Meeting
shall be not more than ninety (90) days after the record date for such meeting (the &quot;Meeting Record Date&quot;); and provided
further that if the Board of Directors fails to designate, within ten (10) days after the date that a valid Special Meeting Request
is actually received by the Secretary (the &quot;Delivery Date&quot;), a date and time for a Stockholder Requested Meeting, then
such meeting shall be held at 2:00 p.m. local time on the ninetieth (90th) day after the Meeting Record Date or, if such ninetieth
(90th) day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event
that the Board of Directors fails to designate a place for a Stockholder Requested Meeting within ten (10) days after</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the Delivery Date, then such meeting shall
be held at the principal executive office of the Corporation. In fixing a date for any special meeting, the President or the Board
of Directors may consider such factors as he, she or it deems relevant within the good faith exercise of business judgment, including,
without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for meeting
and any plan of the Board of Directors to call an annual meeting or a special meeting. In the case of any Stockholder Requested
Meeting, if the Board of Directors fails to fix a Meeting Record Date that is a date within thirty (30) days after the Delivery
Date, then the close of business on the thirtieth (30th) day after the Delivery Date shall be the Meeting Record Date.</P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&#9;(5)
If at any time as a result of written revocations of requests for the special meeting, stockholders of record (or their agents
duly authorized in writing) as of the Request Record Date entitled to cast less than the Special Meeting Percentage shall have
delivered and not revoked requests for a special meeting, the Secretary may refrain from mailing the notice of the meeting or,
if the notice of the meeting has been mailed, the Secretary may revoke the notice of the meeting at any time before ten (10) days
before the commencement of the meeting if the Secretary has first sent to all other requesting stockholders written notice of any
revocation of a request for the special meeting and written notice of the Secretary&rsquo;s intention to revoke the notice of the
meeting. Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered
a request for a new special meeting.</FONT></P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&#9;(6)
The Board of Directors or the President may appoint independent inspectors of elections to act as the agent of the Corporation
for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by
the Secretary. For the purpose of permitting the inspectors to perform such review, no such purported request shall be deemed to
have been delivered to the Secretary until the earlier of (i) five (5) Business Days after receipt by the Secretary of such purported
request and (ii) such date as the independent inspectors certify to the Corporation that the valid requests received by the Secretary
represent at least a majority of the issued and outstanding shares of stock that would be entitled to vote at such meeting. Nothing
contained in this subsection (6) shall in any way be construed to suggest or imply that the Corporation or any stockholder shall
not be entitled to contest the validity of any request, whether during or after such five (5) Business Day period, or to take any
other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and
the seeking of injunctive relief in such litigation).</FONT></P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&#9;(7)
For purposes of these Bylaws, &quot;Business Day&quot; shall mean any day other than a Saturday, a Sunday or a day on which banking
institutions in the State of New York are authorized or obligated by law or executive order to close.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">SECTION 4. <U>Notice of Meetings</U>.
Not less than ten nor more than 90 days before each meeting of stockholders, the Secretary shall give to each stockholder entitled
to vote at such meeting and to each stockholder not entitled to vote who is entitled to notice of the meeting notice in writing
or by electronic transmission stating the time and place of the meeting and, in the case of a special meeting or as otherwise may
be required by any statute, the purpose for which the meeting is called, either by mail, by presenting it to such stockholder personally,
by</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">leaving it at the stockholder&rsquo;s residence
or usual place of business or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given
when deposited in the United States mail addressed to the stockholder at the stockholder&rsquo;s address as it appears on the records
of the Corporation, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted
to the stockholder by an electronic transmission to any address or number of the stockholder at which the stockholder receives
electronic transmissions. The Corporation may give a single notice to all stockholders who share an address, which single notice
shall be effective as to any stockholder at such address, unless a stockholder objects to receiving such single notice or revokes
a prior consent to receiving such single notice. Failure to give notice of any meeting to one or more stockholders, or any irregularity
in such notice, shall not affect the validity of any meeting fixed in accordance with this Article II or the validity of any proceedings
at any such meeting.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to Section 12(a) of this Article II, any business of the Corporation may be transacted at an annual meeting of stockholders without
being specifically designated in the notice, except such business as is required by any statute to be stated in such notice. No
business shall be transacted at a special meeting of stockholders except as specifically designated in the notice. The Corporation
may postpone or cancel a meeting of stockholders by making a public announcement (as defined in Section 12(c)(3) of this Article
I) of such postponement or cancellation prior to the meeting. Notice of the date, time and place to which the meeting is postponed
shall be given not less than ten days prior to such date and otherwise in the manner set forth in this Section.</P>

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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.15pt">&#9;SECTION
5. <U>Quorum</U>. The presence in person or by proxy of stockholders of the Corporation entitled to cast at least a majority of
the votes entitled to be cast shall constitute a quorum at each meeting of the stockholders</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">,
except with respect to any such matter that, under applicable statutes or regulatory requirements or the charter of the Corporation,
requires approval by a separate vote of one or more classes of stock, in which case the presence in person or by proxy of the holders
of shares entitled to cast a majority of the votes entitled to be cast by each such class on such a matter shall constitute a quorum<FONT STYLE="letter-spacing: -0.15pt">.</FONT></FONT>
<FONT STYLE="font-family: Times Roman,serif; letter-spacing: -0.15pt">In the absence of a quorum, the chairman of the meeting without
notice other than by announcement at the meeting, may adjourn the meeting from time to time as provided in Section 6 of this Article
I until a quorum shall attend. The stockholders present at any duly organized meeting may continue to do business until adjournment,
notwithstanding the withdrawal of enough stockholders to leave less than a quorum. The lack of presence at any meeting in person
or by proxy of holders of the number of shares of stock of the Corporation of the proportion that may be required by the Maryland
General Corporation Law (the &ldquo;MGCL&rdquo;), the Investment Company Act of 1940, as amended (the &ldquo;Investment Company
Act&rdquo;), or other applicable statute, the Corporation&rsquo;s charter (the &ldquo;Charter&rdquo;) or these Bylaws, for action
upon any given matter shall not prevent action at the meeting on any other matter or matters that may properly come before the
meeting, so long as there are present, in person or by proxy, holders of the number of shares of stock of the Corporation required
for action upon the other matter or matters.</FONT></P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
6. <U>Adjournment</U>. Any meeting of the stockholders may be adjourned from time to time, without notice other than by announcement
at the meeting at which the adjournment is taken. At any adjourned meeting at which a quorum shall be present, any action</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">may be taken that could have been taken at
the meeting originally called. A meeting of the stockholders may not be adjourned to a date more than one hundred twenty (120)
days after the original record date, unless a new record date is set by the Board of Directors and further notice is provided to
the stockholders.</P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
7. <U>Organization and Conduct</U>. Every meeting of stockholders shall be conducted by an individual appointed by the Board of
Directors to be chairman of the meeting or, in the absence of such appointment, by the Chairman of the Board, if any, or, in the
case of a vacancy in the office or absence of the Chairman of the Board, by one of the following officers present at the meeting:
the Vice Chairman of the Board, if any, the President, any Vice President, the Secretary, the Treasurer or, in the absence of such
officers, a chairman chosen by the stockholders by the vote of a majority of the votes cast by stockholders present in person or
by proxy. The Secretary or, in the Secretary&rsquo;s absence, an Assistant Secretary or, in the absence of both the Secretary and
Assistant Secretaries, an individual appointed by the Board of Directors or, in the absence of such appointment, an individual
appointed by the chairman of the meeting shall act as secretary. In the event that the Secretary presides at a meeting of the stockholders,
an Assistant Secretary, or, in the absence of Assistant Secretaries, an individual appointed by the Board of Directors or the chairman
of the meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting
of stockholders shall be determined by the chairman of the meeting. The chairman of the meeting may prescribe such rules, regulations
and procedures and take such action as, in the discretion of such chairman, are appropriate for the proper conduct of the meeting,
including, without limitation, (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance
at the meeting to stockholders of record of the Corporation, their duly authorized proxies or other such individuals as the chairman
of the meeting may determine; (c) limiting participation at the meeting on any matter to stockholders of record of the Corporation
entitled to vote on such matter, their duly authorized proxies or other such individuals as the chairman of the meeting may determine;
(d) limiting the time allotted to questions or comments by participants; (e) maintaining order and security at the meeting; (f)
removing any stockholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth
by the chairman of the meeting; and (g) recessing or adjourning the meeting to a later date and time and place announced at the
meeting. Unless otherwise determined by the chairman of the meeting, meetings of stockholders shall not be required to be held
in accordance with the rules of parliamentary procedure. </FONT></P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
8. <U>Voting; Proxies</U>. A majority of the votes entitled to be cast in the election of directors shall be required to elect
a director. Each share may be voted for as many individuals as there are directors to be elected and for whose election the share
is entitled to be voted. A majority of the votes cast at a meeting of stockholders duly called and at which a quorum is present
shall be sufficient to approve any other matter which may properly come before the meeting, unless a different vote is required
by statute or by the Charter. Unless otherwise provided by statute or in the Charter, each outstanding share, regardless of class,
shall be entitled to one vote on each matter submitted to a vote at a meeting of stockholders.</FONT></P>

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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">Each
stockholder entitled to vote at any meeting of stockholders may authorize another person or persons to act for him by a proxy signed
by the stockholder or his attorney-in-fact or a</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">proxy in such other form as may be permitted
by the MGCL, including electronic transmission from the stockholder or his authorized agent. A stockholder may authorize another
person or persons to act as proxy by telephone or by transmitting, or authorizing the transmission of, a telegram, cablegram, datagram
or other means of electronic transmission to the person or persons authorized to act as proxy or to a proxy solicitation firm,
proxy support service organization or other person authorized by the person or persons who will act as proxy to receive the transmission.
No proxy shall be valid after the expiration of eleven (11) months from the date thereof, unless otherwise provided in the proxy.
Every proxy shall be revocable at the pleasure of the stockholder executing it, except in those cases in which the proxy states
that it is irrevocable and in which an irrevocable proxy is permitted by law.</P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
9. <U>Fixing of Record Date for Determining Stockholders Entitled to Notice and to Vote at Meeting</U>. The Board of Directors
may set a record date for the purpose of determining stockholders entitled to notice of, and to vote at, any meeting of the stockholders.
The record date for a particular meeting shall be not more than ninety (90) nor fewer than ten (10) days before the date of the
meeting. All persons who were holders of record of shares as of the record date of a meeting, and no others, shall be entitled
to vote at such meeting and any adjournment thereof.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
10. <U>Inspectors</U>. The Board of Directors may, in advance of any meeting of stockholders, appoint one (1) or more inspectors
to act at the meeting or at any adjournment of the meeting. If the inspectors shall not be so appointed or if any of them shall
fail to appear or act, the chairman of the meeting may appoint inspectors. Each inspector, before entering upon the discharge of
his duties, shall, if required by the chairman of the meeting, take and sign an oath to execute faithfully the duties of inspector
of the meeting with strict impartiality and according to the best of his ability. The inspectors shall determine the number of
shares outstanding and the voting power of each share, the number of shares represented at the meeting, the existence of a quorum
and the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions
arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result and do those
acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the chairman of the meeting
or any stockholder entitled to vote at the meeting, the inspectors shall make a report in writing of any challenge, request or
matter determined by them and shall execute a certificate of any fact found by them. No director or candidate for the office of
director shall act as inspector of an election of directors. Inspectors need not be stockholders of the Corporation.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
11. <U>Consent of Stockholders in Lieu of Meeting</U>. Except as otherwise provided by statute or the Charter, any action required
to be taken at any annual or special meeting of stockholders, or any action that may be taken at any annual or special meeting
of the stockholders, may be taken without a meeting, without prior notice and without a vote, if the following are filed with the
records of stockholders' meetings: (a) a unanimous written consent that sets forth the action and is signed by each stockholder
entitled to vote on the matter and (b) a written waiver of any right to dissent signed by each stockholder entitled to notice of
the meeting but not entitled to vote at the meeting.</FONT></P>

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


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-indent: 1in; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">SECTION
12. <U>Advance Notice of Stockholder Nominees for Director and Other Stockholder Proposals</U>.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: justify">(a) <U>Annual Meetings of
Stockholders</U>. (1) Nominations of individuals for election to the Board of Directors and the proposal of other business to be
considered by the stockholders may be made at an annual meeting of stockholders (i) pursuant to the Corporation&rsquo;s notice
of meeting, (ii) by or at the direction of the Board of Directors or (iii) by any stockholder of the Corporation who was a stockholder
of record both at the time of giving of notice provided for in this Section 12(a) and at the time of the annual meeting, who is
entitled to vote at the meeting and who has complied with this Section 12(a).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of subsection
(1) of this Section 12(a), the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation
and such other business must otherwise be a proper matter for action by the stockholders. To be timely, a stockholder&rsquo;s notice
shall set forth all information required under this Section 12 and shall be delivered to the Secretary at the principal executive
office of the Corporation not less than ninety (90) days nor more than one hundred twenty (120) days prior to the first anniversary
of the date of mailing of the notice for the preceding year&rsquo;s annual meeting; provided, however, that in the event that the
date of the mailing of the notice for the annual meeting is advanced or delayed by more than thirty (30) days from the first anniversary
of the date of mailing of the notice for the preceding year&rsquo;s annual meeting, notice by the stockholder to be timely must
be so delivered not earlier than the one hundred twentieth (120th) day prior to the date of mailing of the notice for such annual
meeting and not later than the close of business on the later of the ninetieth (90th) day prior to the date of mailing of the notice
for such annual meeting or the tenth (10th) day following the day on which public announcement of the date of mailing of the notice
for such meeting is first made. In no event shall the public announcement of a postponement or adjournment of an annual meeting
commence a new time period for the giving of a stockholder&rsquo;s notice as described above. Such stockholder&rsquo;s notice shall
set forth (i) as to each individual whom the stockholder proposes to nominate for election or reelection as a director, (A) the
name, age, business address and residence address of such individual, (B) the class, series and number of any shares of stock of
the Corporation that are beneficially owned by such individual, (C) whether such stockholder believes any such individual is, or
is not, an &quot;interested person&quot; of the Corporation (as defined in the Investment Company Act) and information regarding
such individual that is sufficient, in the discretion of the Board of Directors or any committee thereof or any authorized officer
of the Corporation, to make such determination and (D) all other information relating to such individual that is required to be
disclosed in solicitations of proxies for election of directors in an election contest (even if an election contest is not involved),
or is otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules
thereunder (including such individual&rsquo;s written consent to being named in the proxy statement as a nominee and to serving
as a director if elected); (ii) as to any other business that the stockholder proposes to bring before the meeting, a description
of the business desired to be brought before the meeting, the reasons for proposing such business at the meeting and any material
interest in such business of such stockholder and any Stockholder Associated Person (as defined below), individually or</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">in the aggregate, including any anticipated
benefit to the stockholder and any Stockholder Associated Person therefrom; (iii) as to the stockholder giving the notice and any
Stockholder Associated Person, the class, series and number of all shares of stock of the Corporation which are owned by such stockholder
and by such Stockholder Associated Person, if any, and the nominee holder for, and number of, shares owned beneficially but not
of record by such stockholder and by any such Stockholder Associated Person and (iv) as to the stockholder giving the notice and
any Stockholder Associated Person covered by clauses (ii) or (iii) of subsection (2) of this Section 12(a), the name and address
of such stockholder, as they appear on the Corporation&rsquo;s stock ledger and current name and address, if different, and of
such Stockholder Associated Person.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in; text-align: justify">(3) Notwithstanding anything
in this Section 12(a) to the contrary, in the event the Board of Directors increases or decreases the maximum or minimum number
of directors in accordance with Article II, Section 2, and there is no public announcement of such action at least one hundred
(100) days prior to the first anniversary of the date of mailing of the notice for the preceding year&rsquo;s annual meeting, a
stockholder&rsquo;s notice required by this Section 12(a) shall also be considered timely, but only with respect to nominees for
any new positions created by such increase, if it shall be delivered to the Secretary at the principal executive office of the
Corporation not later than the close of business on the tenth (10th) day following the day on which such public announcement is
first made by the Corporation.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(4) For purposes of this
Section 12, &quot;Stockholder Associated Person&quot; of any stockholder shall mean (i) any person controlling, directly or indirectly,
or acting in concert with, such stockholder, (ii) any beneficial owner of shares of stock of the Corporation owned of record or
beneficially by such stockholder and (iii) any person controlling, controlled by or under common control with such Stockholder
Associated Person.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: justify">(b) <U>Special Meetings of
Stockholders</U>. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before
the meeting pursuant to the Corporation&rsquo;s notice of meeting. Nominations of individuals for election to the Board of Directors
may be made at a special meeting of stockholders at which directors are to be elected (i) pursuant to the Corporation&rsquo;s notice
of meeting, (ii) by or at the direction of the Board of Directors or (iii) provided that the Board of Directors has determined
that directors shall be elected at such special meeting, by any stockholder of the Corporation who is a stockholder of record both
at the time of giving of notice provided for in this Section 12 and at the time of the special meeting, who is entitled to vote
at the meeting and who complied with the notice procedures set forth in this Section 12. In the event the Corporation calls a special
meeting of stockholders for the purpose of electing one or more individuals to the Board of Directors, any such stockholder may
nominate an individual or individuals (as the case may be) for election as a director as specified in the Corporation&rsquo;s notice
of meeting, if the stockholder&rsquo;s notice required by subsection (2) of Section 12(a) of this Article I shall be delivered
to the Secretary at the principal executive office of the Corporation not earlier than the one hundred twentieth (120th) day prior
to such special meeting and not later than the close of business on the later of the ninetieth (90th) day prior to such special
meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting
and of the nominees</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">proposed by the Board of Directors to be
elected at such meeting. In no event shall the public announcement of a postponement or adjournment of a special meeting commence
a new time period for the giving of a stockholder&rsquo;s notice as described above.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in; text-align: justify">(c) <U>General</U>. (1) Upon
written request by the Secretary or the Board of Directors or any committee thereof, any stockholder proposing a nominee for election
as a director or any proposal for other business at a meeting of stockholders shall provide, within five (5) Business Days of delivery
of such request (or such other period as may be specified in such request), written verification, satisfactory, in the discretion
of the Board of Directors or any committee thereof or any authorized officer of the Corporation, to demonstrate the accuracy of
any information submitted by the stockholder pursuant to this Section 12. If a stockholder fails to provide such written verification
within such period, the information as to which written verification was requested may be deemed not to have been provided in accordance
with this Section 12.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in; text-align: justify">(2) Only such individuals
who are nominated in accordance with this Section 12 shall be eligible for election as directors, and only such business shall
be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with this Section 12. The
chairman of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before
the meeting was made or proposed, as the case may be, in accordance with this Section 12.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in; text-align: justify">(3) For purposes of this
Section 12, (a) the &quot;date of mailing of the notice&quot; shall mean the date of the proxy statement for the solicitation of
proxies for election of directors and (b) &quot;public announcement&quot; shall mean disclosure (i) in a press release reported
by the Dow Jones News Service, Associated Press or comparable news service or (ii) in a document publicly filed by the Corporation
with the Securities and Exchange Commission pursuant to the Exchange Act or the Investment Company Act.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in; text-align: justify">(4) Notwithstanding the
foregoing provisions of this Section 12, a stockholder shall also comply with all applicable requirements of state law, the Exchange
Act and the Investment Company Act and the rules and regulations thereunder with respect to the matters set forth in this Section
12. Nothing in this Section 12 shall be deemed to affect any right of a stockholder to request inclusion of a proposal in, nor
the right of the Corporation to omit a proposal from, the Corporation&rsquo;s proxy statement pursuant to Rule 14a-8 (or any successor
provision) under the Exchange Act.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">SECTION 13. <U>Maryland Control
Share Acquisition Act</U>. Pursuant to a resolution adopted by the Board of Directors in accordance with Section 3-702(c)(4) of
the MGCL, the Corporation is subject to Title 3, Subtitle 7 of the MGCL (the &ldquo;Control Share Act&rdquo;), which shall apply
to any acquisition or proposed acquisition of shares of stock of the Corporation to the extent provided therein, subject to any
limitations under the Investment Company Act and the following sentence. The Control Share Act shall not apply to any control shares
(as defined in the Control Share Act) owned by a stockholder on the date of the Corporation&rsquo;s election to be subject to the
Control Share Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>BOARD OF DIRECTORS</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
1. <U>General Powers</U>. Except as otherwise provided in the Charter, the business and affairs of the Corporation shall be managed
under the direction of the Board of Directors. All powers of the Corporation may be exercised by or under authority of the Board
of Directors except as conferred on or reserved to the stockholders by law, by the Charter or by these Bylaws.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
2. <U>Number, Classification, Election and Term of Directors</U>. The number of directors shall be fixed from time to time by resolution
of the Board of Directors adopted by a majority of the directors then in office; provided, however, that the number of directors
shall in no event be fewer than three (3) nor, subject to the charter of the Corporation, more than eleven (11). Pursuant to the
Corporation's election to be subject to Section 3-803 of the MGCL, the directors, excluding directors elected separately by holders
of preferred stock of the Corporation (the &quot;Preferred Stock Directors&quot;), shall be divided into three classes, as nearly
equal in number as possible, with the term of office of the first class to expire at the first subsequent annual meeting of stockholders,
and the term of office of the second class to expire at the second subsequent annual meeting of stockholders, and the term of office
of the third class to expire at the third subsequent annual meeting of stockholders. At each annual meeting of stockholders, successors
to the class of directors whose term expires at that annual meeting shall be elected for a three year term and the Preferred Stock
Directors, if any, shall be elected for a one year term, and each director elected shall hold office until his successor is elected
and qualifies, until his death or until he shall have resigned or have been removed as provided in these Bylaws, or as otherwise
provided by statute or the Charter. Any vacancy on the Board of Directors may be filled in accordance with Section 5 of this Article
II. No reduction in the number of directors shall have the effect of removing any director from office prior to the expiration
of his term unless the director is specifically removed pursuant to Section 4 of this Article II at the time of the decrease. A
director need not be a stockholder of the Corporation, a citizen of the United States or a resident of the State of Maryland.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
3. <U>Resignation</U>. A director of the Corporation may resign at any time by giving written notice of his resignation to the
Board of Directors or to the President or the Secretary of the Corporation. Any resignation shall take effect immediately upon
its receipt or at such later time specified in the resignation. Unless the resignation states otherwise, acceptance of a resignation
shall not be necessary to make it effective. </FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
4. <U>Removal of Directors</U>. Any director of the Corporation may be removed by the stockholders, with or without cause, by a
vote of a majority of the votes entitled to be cast for the election of directors.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
5. <U>Vacancies</U>. Subject to the provisions of the Investment Company Act, any vacancies in the Board of Directors, whether
arising from death, resignation, removal or any other cause except an increase in the number of directors, shall be filled by a
vote of the majority of the directors then in office even though that majority is less than a quorum, provided that no vacancy
or vacancies shall be filled by action of the remaining directors if, after the filling of the vacancy or vacancies, fewer than
two-thirds of the directors then holding office shall have been elected by the stockholders of the Corporation. A majority of the
entire Board in office at the time of the increase may fill a vacancy that results from an increase in the number of directors.
In the event that at any time a vacancy exists in any office of a director that may not be filled by the remaining directors, a
special meeting of the stockholders shall be held as promptly as possible and in any event within sixty (60) days, for the purpose
of filling the vacancy or vacancies. Pursuant to the Corporation's election to be subject to Section 3-804(c)(3) of the MGCL, any
director elected by the Board of Directors to fill a vacancy shall hold office for the remainder of the full term of the class
of directors in which the vacancy occurred and until a successor is elected and qualifies or until his earlier death, resignation
or removal.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
6. <U>Place of Meetings</U>. Meetings of the Board of Directors may be held at any place that the Board of Directors may from time
to time determine or that is specified in the notice of the meeting.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
7. <U>Regular Meetings</U>. Regular meetings of the Board of Directors may be held without notice at the time and place determined
by the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
8. <U>Special Meetings</U>. Special meetings of the Board of Directors may be called by a majority of the directors of the Corporation
or by the President.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
9. <U>Annual Meeting</U>. The annual meeting of the Board of Directors shall be held as soon as practicable after the meeting of
stockholders at which the directors were elected. No notice of such annual meeting shall be necessary if held immediately after
the adjournment, and at the site, of the meeting of stockholders. If not so held, notice shall be given as hereinafter provided
for special meetings of the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
10. <U>Notice of Special Meetings</U>. Notice of each special meeting of the Board of Directors shall be given by the Secretary
or the President as hereinafter provided. Each notice shall state the time and place of the meeting and shall be delivered to each
director, either personally or by telephone or other standard form of telecommunication, at least twenty-four (24) hours before
the time at which the meeting is to be held, or by first-class mail, postage prepaid, addressed to the director at his residence
or usual place of business, and mailed at least three (3) days before the day on which the meeting is to be held.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
11. <U>Waiver of Notice of Meetings</U>. Notice of any special meeting need not be given to any director who shall, either before
or after the meeting, sign a written waiver of notice that is filed with the records of the meeting or who shall attend the meeting.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
12. <U>Quorum and Voting</U>. A majority of the members of the entire Board of Directors shall be present in person at any meeting
of the Board so as to constitute a quorum for the transaction of business at the meeting, and, except as otherwise expressly required
by statute, the Charter, these Bylaws, the Investment Company Act, or any other applicable statute, the act of a majority of the
directors present at any meeting at which a quorum is present shall be the act of the Board. In the absence of a quorum at any
meeting of the Board, a majority of the directors present may adjourn the meeting to another time and place, and notice of any
adjourned meeting shall be given to the directors who were not present at the time of the adjournment and, unless the time and
place were announced at the meeting at which the adjournment was taken, to the other directors. At any adjourned meeting at which
a quorum is present, any business may be transacted that might have been transacted at the meeting as originally called.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
13. <U>Organization</U>. The President or, in his absence or inability to act, another director chosen by a majority of the directors
present shall act as chairman of the meeting and preside at the meeting. The Secretary (or, in his absence or inability to act,
any person appointed by the chairman) shall act as secretary of the meeting and keep the minutes of the meeting.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
14. <U>Committees</U>. The Board of Directors may designate one (1) or more committees of the Board of Directors, each consisting
of one (1) or more directors. To the extent provided in the resolution and permitted by law, the committee or committees shall
have and may exercise the powers of the Board of Directors in the management of the business and affairs of the Corporation. Any
committee or committees shall have the name or names determined from time to time by resolution adopted by the Board of Directors.
Each committee shall keep regular minutes of its meetings and provide those minutes to the Board of Directors when required. The
members of a committee present at any meeting, whether or not they constitute a quorum, may appoint a director to act in the place
of an absent member.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
15. <U>Written Consent of Directors in Lieu of a Meeting</U>. Subject to the provisions of the Investment Company Act, any action
required or permitted to be taken at any meeting of the Board of Directors or of any committee of the Board may be taken without
a meeting if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings
are filed with the minutes of the proceedings of the Board or committee.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
16. <U>Telephone Conference</U>. Members of the Board of Directors or any committee of the Board may participate in any Board or
committee meeting by means of a conference telephone or similar communications equipment by means of which all persons participating
in the meeting can hear each other at the same time. Participation by such means shall constitute presence in person at the meeting.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
17. <U>Compensation</U>. Each director shall be entitled to receive such compensation, if any, as may from time to time be fixed
by the Board of Directors, including a fee for each meeting of the Board or any committee thereof, regular or special, he attends.
Directors may also be reimbursed by the Corporation for all reasonable expenses incurred in traveling to and from the place of
a Board or committee meeting.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">SECTION 18. &#9; <U>Reliance</U>.
Each director and officer of the Corporation shall, in the performance of his or her duties with respect to the Corporation, be
entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared
or presented by an officer or employee of the Corporation whom the director or officer reasonably believes to be reliable and competent
in the matters presented, by a lawyer, certified public accountant or other person, as to a matter which the director or officer
reasonably believes to be within the person&rsquo;s professional or expert competence, or, with respect to a director, by a committee
of the Board of Directors on which the director does not serve, as to a matter within its designated authority, if the director
reasonably believes the committee to merit confidence.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">SECTION 19. &#9; <U>Ratification</U>.
The Board of Directors or the stockholders may ratify and make binding on the Corporation any action or inaction by the Corporation
or its officers to the extent that the Board of Directors or the stockholders could have originally authorized the matter. Moreover,
any action or inaction questioned in any stockholders&rsquo; derivative proceeding or any other proceeding on the ground of lack
of authority, defective or irregular execution, adverse interest of a director, officer or stockholder, non-disclosure, miscomputation,
the application of improper principles or practices of accounting or otherwise, may be ratified, before or after judgment, by the
Board of Directors or by the stockholders, and if so ratified, shall have the same force and effect as if the questioned action
or inaction had been originally duly authorized, and such ratification shall be binding upon the Corporation and its stockholders
and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">SECTION 20. <U>Emergency
Provisions</U>. Notwithstanding any other provision in the charter or these Bylaws, this Section 20 shall apply during the existence
of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Directors under Article
III of these Bylaws cannot readily be obtained (an &ldquo;Emergency&rdquo;). During any Emergency, unless otherwise provided by
the Board of Directors, (i)&nbsp;a meeting of the Board of Directors or a committee thereof may be called by any director or officer
by any means feasible under the circumstances; (ii)&nbsp;notice of any meeting of the Board of Directors during such an Emergency
may be given less than 24 hours prior to the meeting to as many directors and by such means as may be feasible at the time, including
publication, television or radio; and (iii)&nbsp;the number of directors necessary to constitute a quorum shall be one-third of
the entire Board of Directors.</P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>ARTICLE III</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>OFFICERS, AGENTS
AND EMPLOYEES</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
1. <U>Number and Qualifications</U>. The officers of the Corporation shall be a President, a Secretary and a Treasurer, each of
whom shall be elected by the Board of Directors. The Board of Directors may elect or appoint one (1) or more Vice Presidents and
may also appoint any other officers, agents and employees it deems necessary or proper. Any two (2) or more offices</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">may be held by the same person, except the
office of President and Vice President, but no officer shall execute, acknowledge or verify in more than one capacity any instrument
required by law to be executed, acknowledged or verified in more than one capacity. Officers shall be elected by the Board of Directors
each year at its first meeting held after the annual meeting of stockholders, each to hold office until the meeting of the Board
following the next annual meeting of the stockholders and until his successor shall have been duly elected and shall have qualified,
until his death or until he shall have resigned or have been removed, as provided by these Bylaws. The Board of Directors may from
time to time elect such officers (including one or more Assistant Vice Presidents, one or more Assistant Treasurers and one or
more Assistant Secretaries) and may appoint, or delegate to the President the power to appoint, such agents as may be necessary
or desirable for the business of the Corporation. Such other officers and agents shall have such duties and shall hold their offices
for such terms as may be prescribed by the Board or by the appointing authority.</P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
2. <U>Resignations</U>. Any officer of the Corporation may resign at any time by giving written notice of his resignation to the
Board of Directors, the President or the Secretary. Any resignation shall take effect immediately upon its receipt or at such later
time specified in the resignation. Unless otherwise stated in the resignation, the acceptance of a resignation shall not be necessary
to make it effective.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
3. <U>Removal of Officer, Agent or Employee</U>. Any officer, agent or employee of the Corporation may be removed by the Board
of Directors, with or without cause, at any time if the Board of Directors in its judgment finds that the best interests of the
Corporation will be served thereby, and the Board may delegate the power of removal as to agents and employees not elected or appointed
by the Board of Directors. Removal shall be without prejudice to the person's contract rights, if any, but the appointment of any
person as an officer, agent or employee of the Corporation shall not of itself create contract rights.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
4. <U>Vacancies</U>. A vacancy in any office, whether arising from death, resignation, removal or any other cause, may be filled
for the unexpired portion of the term of the office that shall be vacant, in the manner prescribed in these Bylaws for the regular
election or appointment to the office.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
5. <U>Compensation</U>. The compensation of the officers of the Corporation shall be fixed by the Board of Directors, but this
power may be delegated to any officer with respect to other officers under his control.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
6. <U>Bonds or Other Security</U>. If required by the Board, any officer, agent or employee of the Corporation shall give a bond
or other security for the faithful performance of his duties, in an amount and with any surety or sureties as the Board may require.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
7. <U>President</U>. The President shall be the chief executive officer of the Corporation and shall preside at all meetings of
the stockholders and of the Board of Directors. The President shall, subject to the control of the Board of Directors, have general
charge of the business and affairs of the Corporation and may employ and discharge employees and agents of the Corporation, except
those elected or appointed by the Board, and he may delegate these powers.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
8. <U>Vice President</U>. Each Vice President shall have the powers and perform the duties that the Board of Directors or the President
may from time to time prescribe.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
9. <U>Treasurer</U>. Subject to the provisions of any contract that may be entered into with any custodian pursuant to authority
granted by the Board of Directors, the Treasurer shall have charge of all receipts and disbursements of the Corporation and shall
have or provide for the custody of the Corporation's funds and securities; he shall have full authority to receive and give receipts
for all money due and payable to the Corporation, and to endorse checks, drafts and warrants, in its name and on its behalf, and
to give full discharge for the same; he shall deposit all funds of the Corporation, except those that may be required for current
use, in such banks or other places of deposit as the Board of Directors may from time to time designate; and he shall, in general,
perform all duties incident to the office of Treasurer and such other duties as may from time to time be assigned to him by the
Board of Directors or the President.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
10. <U>Secretary</U>. The Secretary shall:</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: -0.15pt">(a)
Keep or cause to be kept, in one or more books provided for the purpose, the minutes of all meetings of the Board of Directors,
the committees of the Board and the stockholders;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: -0.15pt">(b)
See that all notices are duly given in accordance with the provisions of these Bylaws and as required by law;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: -0.15pt">(c)
Be custodian of the records and the seal of the Corporation and affix and attest the seal to all stock certificates of the Corporation
(unless the seal of the Corporation on such certificates shall be a facsimile, as hereinafter provided) and affix and attest the
seal to all other documents to be executed on behalf of the Corporation under its seal;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: -0.15pt">(d)
See that the books, reports, statements, certificates and other documents and records required by law to be kept and filed are
properly kept and filed; and</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: -0.15pt">(e)
In general, perform all the duties incident to the office of Secretary and such other duties as from time to time may be assigned
to him by the Board of Directors or the President.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
11. <U>Delegation of Duties</U>. In case of the absence of any officer of the Corporation, or for any other reason that the Board
of Directors may deem sufficient, the Board may confer for the time being the powers or duties, or any of them, of such officer
upon any other officer or upon any director.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>ARTICLE IV</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>STOCK</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
1. <U>Stock Certificates</U>. To the extent provided by the Board of Directors, each holder of stock of the Corporation shall be
entitled to have a certificate or certificates representing shares of stock of the Corporation owned by him. Such certificates
shall be in a form approved by the Board, signed by or in the name of the Corporation by the President or a Vice President and
by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer and sealed with the seal of the Corporation.
Any or all of the signatures or the seal on the certificate may be facsimiles. In case any officer, transfer agent or registrar
who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent
or registrar before the certificate is issued, it may nevertheless be issued by the Corporation with the same effect as if the
officer, transfer agent or registrar was still in office at the date of issue.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
2. <U>Stock Ledger</U>. There shall be maintained a stock ledger containing the name and address of each stockholder and the number
of shares of stock of each class the stockholder holds. The stock ledger may be in written form or any other form which can be
converted within a reasonable time into written form for visual inspection. The original or a duplicate of the stock ledger shall
be kept at the principal office of the Corporation, at the office of the transfer agent for such shares or at any other office
or agency specified by the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
3. <U>Transfers of Shares</U>. Transfers of shares of stock of the Corporation shall be made on the stock records of the Corporation
only by the registered holder of the shares, or by his attorney thereunto authorized by power of attorney duly executed and filed
with the Secretary or with a transfer agent or transfer clerk, and on surrender of the certificate or certificates, if issued,
for the shares properly endorsed or accompanied by a duly executed stock transfer power and the payment of all taxes thereon. Except
as otherwise provided by law, the Corporation shall be entitled to recognize the exclusive right of a person in whose name any
share or shares stand on the record of stockholders as the owner of the share or shares for all purposes, including, without limitation,
the rights to receive dividends or other distributions and to vote as the owner, and the Corporation shall not be bound to recognize
any equitable or legal claim to or interest in any such share or shares on the part of any other person.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
4. <U>Regulations</U>. The Board of Directors may authorize the issuance of uncertificated securities if permitted by law. If stock
certificates are issued, the Board of Directors may make any additional rules and regulations, not inconsistent with these Bylaws,
as it may deem expedient concerning the issue, transfer and registration of certificates for shares of stock of the Corporation.
The Board may appoint, or authorize any officer or officers to appoint, one or more transfer agents or one or more transfer clerks
and one or more registrars and may require all certificates for shares of stock to bear the signature or signatures of any of them.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
5. <U>Lost, Destroyed or Mutilated Certificates</U>. The holder of any certificate representing shares of stock of the Corporation
shall immediately notify the Corporation</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">of its loss, destruction or mutilation, and
the Corporation may issue a new certificate of stock in the place of any certificate issued by it that has been alleged to have
been lost or destroyed or that shall have been mutilated. The Board may, in its absolute discretion, require the owner (or his
legal representative) of a lost, destroyed or mutilated certificate to give to the Corporation a bond in a sum, limited or unlimited,
and form and with any surety or sureties, as the Board in its absolute discretion shall determine, to indemnify the Corporation
against any claim that may be made against it on account of the alleged loss or destruction of any such certificate or issuance
of a new certificate. Anything herein to the contrary notwithstanding, the Board of Directors may, in its absolute discretion,
refuse to issue any such new certificate, except pursuant to legal proceedings under the MGCL.</P>

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

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
6. <U>Fixing of Record Date for Dividends, Distributions, etc</U>. The Board may fix, in advance, a date not more than ninety (90)
days preceding the date fixed for the payment of any dividend or the making of any distribution or the allotment of rights to subscribe
for securities of the Corporation, or for the delivery of evidences of rights or evidences of interests arising out of any change,
conversion or exchange of common stock or other securities, as the record date for the determination of the stockholders entitled
to receive any such dividend, distribution, allotment, rights or interests, and in such case only the stockholders of record at
the time so fixed shall be entitled to receive such dividend, distribution, allotment, rights or interests.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
7. <U>Information to Stockholders and Others</U>. Any stockholder of the Corporation or his agent may, during the Corporation's
usual business hours, inspect and copy the Corporation's Bylaws, minutes of the proceedings of its stockholders, annual statements
of its affairs and voting trust agreements on file at its principal office.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>ARTICLE V</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>INDEMNIFICATION
AND INSURANCE</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
1. <U>Indemnification of Directors and Officers</U>. Any person who was or is a party or is threatened to be made a party in any
threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason
of the fact that such person is a current or former director or officer of the Corporation, or is or was serving while a director
or officer of the Corporation at the request of the Corporation as a director, officer, partner, trustee, employee, agent or fiduciary
of another domestic or foreign corporation, partnership, joint venture, trust, enterprise or employee benefit plan shall be indemnified
by the Corporation against judgments, penalties, fines, excise taxes, settlements and reasonable expenses (including attorneys'
fees) actually incurred by such person in connection with such action, suit or proceeding to the fullest extent permissible under
the MGCL and the Investment Company Act, as those statutes are now or hereafter in force, except that such indemnity shall not
protect any such person against any liability to the Corporation or any stockholder thereof to which such person would otherwise
be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct
of his office (&quot;disabling conduct&quot;).</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
2. <U>Advances</U>. Any current or former director or officer of the Corporation claiming indemnification within the scope of this
Article V shall be entitled to advances from the Corporation for payment of the reasonable expenses incurred by him in connection
with proceedings to which he is a party in the manner and to the fullest extent permissible under the MGCL and the Investment Company
Act, as those statutes are now or hereafter in force; provided, however, that the person seeking indemnification shall provide
to the Corporation a written affirmation of his good faith belief that the standard of conduct necessary for indemnification by
the Corporation has been met and a written undertaking to repay any such advance, if it should ultimately be determined that the
standard of conduct has not been met, and provided further that at least one (1) of the following additional conditions is met:
(a) the person seeking indemnification shall provide a security in form and amount acceptable to the Corporation for his undertaking;
(b) the Corporation is insured against losses arising by reason of the advance; or (c) a majority of a quorum of directors of the
Corporation who are neither &quot;interested persons&quot; as defined in Section 2(a)(19) of the Investment Company Act, nor parties
to the proceeding (&quot;disinterested non-party directors&quot;), or independent legal counsel, in a written opinion, shall determine,
based on a review of facts readily-available to the Corporation at the time the advance is proposed to be made, that there is reason
to believe that the person seeking indemnification will ultimately be found to be entitled to indemnification.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
3. <U>Procedure</U>. At the request of any current or former director or officer, or any employee or agent whom the Corporation
proposes to indemnify, the Board of Directors shall determine, or cause to be determined, in a manner consistent with the MGCL
and the Investment Company Act, as those statutes are now or hereafter in force, whether the standards required by this Article
V and Section 2-418 of the MGCL have been met; provided, however, that indemnification shall be made only following: (a) a final
decision on the merits by a court or other body before whom the proceeding was brought that the person to be indemnified was not
liable by reason of disabling conduct or (b) in the absence of such a decision, a reasonable determination, based upon a review
of the facts, that the person to be indemnified was not liable by reason of disabling conduct, by (i) the vote of a majority of
a quorum of disinterested non-party directors or (ii) an independent legal counsel in a written opinion.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
4. <U>Indemnification of Employees and Agents</U>. Employees and agents who are not officers or directors of the Corporation may
be indemnified, and reasonable expenses may be advanced to such employees or agents, in accordance with the procedures set forth
in this Article V to the extent permissible under the MGCL and the Investment Company Act, as those statutes are now or hereafter
in force, and to such further extent, consistent with the foregoing, as may be provided by action of the Board of Directors or
by contract.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
5. <U>Other Rights</U>. The indemnification provided by this Article V shall not be deemed exclusive of any other right, with respect
to indemnification or otherwise, to which those seeking such indemnification may be entitled under any insurance or other agreement,
vote of stockholders or disinterested directors or otherwise, both as to action by a director or officer of the Corporation in
his capacity as such and as to action by such person in another capacity while holding such office or position, and shall continue
as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators
of such a person.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
6. <U>Insurance</U>. The Corporation shall have the power to purchase and maintain insurance on behalf of any person who is or
was a director, officer, employee or agent of the Corporation, or who, while a director, officer, employee or agent of the Corporation,
is or was serving at the request of the Corporation as a director, officer, partner, trustee, employee, agent or fiduciary of another
domestic or foreign corporation, partnership, joint venture, trust, enterprise or employee benefit plan, against any liability
asserted against and incurred by him in any such capacity or arising out of his status as such, whether or not the Corporation
would have the power to indemnify him against such liability.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>ARTICLE VI</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>SEAL</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">The
seal of the Corporation shall be circular in form and shall bear the name of the Corporation, the year of its incorporation, the
words &quot;Corporate Seal&quot; and &quot;Maryland&quot; and any emblem or device approved by the Board of Directors. The seal
may be used by causing it or a facsimile to be impressed or affixed or in any other manner reproduced, or by placing the word &quot;(Seal)&quot;
adjacent to the signature of the authorized officer of the Corporation.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>ARTICLE VII</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>FISCAL YEAR</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
1. <U>Fiscal Year</U>. The Corporation's fiscal year shall be fixed by the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
2. <U>Accountant</U>.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: -0.15pt">(a)
The Corporation shall employ an independent public accountant or a nationally-recognized firm of independent public accountants
as its Accountant to examine the accounts of the Corporation and to certify financial statements of the Corporation. The Accountant's
certificates and reports shall be addressed both to the Board of Directors and to the stockholders. The employment of the Accountant
shall be conditioned upon the right of the Corporation to terminate the employment forthwith without any penalty by vote of a majority
of the outstanding voting securities at any stockholders' meeting called for that purpose.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: -0.15pt">(b)
A majority of the members of the Board of Directors who are not &quot;interested persons&quot; (as such term is defined in the
Investment Company Act) of the Corporation shall select the Accountant at any meeting held within thirty (30) days before or after
the beginning of the fiscal year of the Corporation or before the annual stockholders' meeting in that year. Such selection shall
be submitted for ratification or rejection at the next succeeding annual stockholders' meeting. If such meeting shall reject such
selection, the Accountant shall be selected by majority</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">vote of the Corporation's outstanding voting
securities, either at the meeting at which the rejection occurred or at a subsequent meeting of stockholders called for that purpose.</P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: -0.15pt">(c)
Any vacancy occurring between annual meetings, due to the resignation of the Accountant, may be filled by the vote of a majority
of the members of the Board of Directors who are not &quot;interested persons&quot; of the Corporation, as that term is defined
in the Investment Company Act, at a meeting called for the purpose of voting on such action.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>ARTICLE VIII</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>CUSTODY OF SECURITIES</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
1. <U>Employment of a Custodian</U>. The Corporation shall place and at all times maintain in the Custodian (including any sub-custodian
for the Custodian) all funds, securities and similar investments owned by the Corporation. The Custodian (and any sub-custodian)
shall be an institution conforming to the requirements of Section 17(f) of the Investment Company Act, and the rules of the Securities
and Exchange Commission thereunder. The Custodian shall be appointed from time to time by the Board of Directors, which shall fix
its remuneration.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">Subject
to such rules, regulations and orders as the Securities and Exchange Commission may adopt, the Corporation may direct the Custodian
to deposit all or any part of the securities owned by the Corporation in a system for the central handling of securities established
by a national securities exchange or a national securities association registered with the Securities and Exchange Commission,
or otherwise in accordance with the Investment Company Act, pursuant to which system all securities of any particular class of
any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical
delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Corporation
or the Custodian.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">SECTION
2. <U>Termination of Custodian Agreement</U>. Upon termination of the Custodian Agreement or inability of the Custodian to continue
to serve, the Board of Directors shall promptly appoint a successor Custodian, but in the event that no successor Custodian can
be found who has the required qualifications and is willing to serve, the Board of Directors shall call as promptly as possible
a special meeting of the stockholders to determine whether the Corporation shall function without a Custodian or shall be liquidated.
If so directed by vote of the holders of a majority of the outstanding shares of stock entitled to vote of the Corporation, the
Custodian shall deliver and pay over all property of the Corporation held by it as specified in such vote.</FONT></P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>ARTICLE IX</U></B></FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXCLUSIVE FORUM FOR CERTAIN LITIGATION</U></B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Unless the Corporation consents
in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not
have</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">jurisdiction, the United States District
Court for the District of Maryland, Northern Division, shall be the sole and exclusive forum for (a) any Internal Corporate Claim,
as such term is defined in Section 1-101(p) of the MGCL, or any successor provision thereof, (b) any derivative action or proceeding
brought on behalf of the Corporation, other than actions arising under federal securities laws, (c) any action asserting a claim
of breach of any duty owed by any director or officer or other employee of the Corporation to the Corporation or to the stockholders
of the Corporation, (d) any action asserting a claim against the Corporation or any director or officer or other employee of the
Corporation arising pursuant to any provision of the MGCL or the Charter or these Bylaws, or (e) any other action asserting a claim
against the Corporation or any director or officer or other employee of the Corporation that is governed by the internal affairs
doctrine. None of the foregoing actions, claims or proceedings may be brought in any court sitting outside the State of Maryland
unless the Corporation consents in writing to such court.</P>

<P STYLE="font: 12pt Courier New, Courier, Monospace; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>ARTICLE X</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B><U>AMENDMENTS</U></B></FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: -0.15pt">These
Bylaws may be amended or repealed by the affirmative vote of a majority of the Board of Directors at any regular or special meeting
of the Board of Directors, subject to the requirements of the Investment Company Act.</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Dated: January 25,
2021</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times Roman,serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

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<P STYLE="font: 9pt/125% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-size: 20pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/125% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-size: 20pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt/125% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-size: 20pt"><B>TheRoyceFunds</B></FONT></P>

<P STYLE="font: 9pt/125% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/125% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"> </P>

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    <TD STYLE="width: 50%">&nbsp;For Immediate Release</TD>
    <TD STYLE="text-align: right; width: 50%; vertical-align: top">&nbsp;Page 1</TD></TR>
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<P STYLE="font: 9pt/125% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/125% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: right"><FONT STYLE="font-size: 9pt">&#9;</FONT><FONT STYLE="font-size: 10pt">Contact:
Client Services<BR>
(800) 337-6923</FONT></P>

<P STYLE="font: 10pt/125% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Royce Value <FONT STYLE="letter-spacing: -0.05pt">Trust,
Inc. (NYSE: RVT)</FONT> <FONT STYLE="letter-spacing: -0.2pt"><BR>
</FONT>Royce <FONT STYLE="letter-spacing: -0.05pt">Micro-Cap Trust, Inc. (NYSE: RMT)</FONT> <FONT STYLE="letter-spacing: -0.35pt"><BR>
</FONT>Royce Global <FONT STYLE="letter-spacing: -0.05pt">Value</FONT> Trust, <FONT STYLE="letter-spacing: -0.05pt">Inc. (NYSE:
RGT) </FONT><FONT STYLE="background-color: white">(each, a &ldquo;Fund&rdquo; and collectively, the &ldquo;Funds&rdquo;)<BR>
</FONT><FONT STYLE="letter-spacing: -0.05pt">745 Fifth Avenue</FONT> <FONT STYLE="letter-spacing: -0.2pt"><BR>
</FONT><FONT STYLE="letter-spacing: -0.05pt">New</FONT> York, <FONT STYLE="letter-spacing: -0.05pt">New</FONT> York <FONT STYLE="letter-spacing: -0.05pt">10151</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 10pt/15pt Arial, Helvetica, Sans-Serif; margin: 3.75pt 0; text-align: justify; background-color: white"><FONT STYLE="letter-spacing: -0.05pt">Royce
Closed-End Funds Announce</FONT> Election To Be Subject to Maryland Control Share Acquisition Act</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">January
25, 2021&mdash;The</FONT> Funds announced today that their respective Boards of Directors unanimously adopted resolutions along
with <FONT STYLE="background-color: white">Amended and Restated Bylaws (&ldquo;Bylaws&rdquo;) to cause the Funds to be subject
to the Maryland Control Share Acquisition Act (&ldquo;MSCAA&rdquo;), effective immediately. </FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">The MCSAA
protects the interests of all stockholders of a Maryland corporation by providing that any holder of &ldquo;control shares&rdquo;
acquired in a &ldquo;control share acquisition&rdquo; </FONT>may not exercise voting rights with respect to the &ldquo;control
shares,&rdquo; except to the extent approved by a vote of two-thirds of all the votes entitled to be cast on the matter, <FONT STYLE="background-color: white">excluding
votes otherwise entitled to be cast by the &ldquo;acquiring person&rdquo; (<I>i.e.,</I>&nbsp;the holder or group of holders acting
in concert that acquires, or proposes to acquire, &ldquo;control shares&rdquo;) and </FONT>any officer or employee-director of
such Maryland corporation. <FONT STYLE="background-color: white">Generally, &ldquo;control shares&rdquo; are shares that, when
aggregated with shares already owned by an acquiring person or as to which an acquiring person </FONT>is able to exercise or direct
the exercise of voting power<FONT STYLE="background-color: white">, would entitle the acquiring person to exercise one-tenth or
more but less than one-third, one-third or more but less than a majority, or a majority or more of the total voting power of shares
entitled to vote in the election of directors. </FONT>Voting rights generally must be approved each time an acquiring person crosses
one of the relevant voting power thresholds. Thus, a<FONT STYLE="background-color: white">pplication of the MCSAA does not eliminate
voting rights for shares of a Fund&rsquo;s common stock acquired in a &ldquo;control share acquisition,&rdquo; but rather, entrusts
the Fund's other &quot;non-interested&quot; stockholders with determining whether to approve the authorization of the voting rights
for the acquiring person.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">The application
of the MSCAA to the Funds will be subject to any limitations under the Investment Company Act of 1940.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">The MCSAA
also excludes certain acquisitions of shares of a Fund&rsquo;s common stock from the definition of control share acquisition, including&nbsp;acquisitions
of control shares that occurred prior to&nbsp;January 25, 2021, though such shares are included in assessing whether any subsequent
share acquisition exceeds one of the enumerated thresholds. </FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">An acquiring person may compel the Board of
Directors of a Fund to call a special meeting of stockholders to be held within 50 days of the request to consider voting rights
for the shares, subject to satisfying certain conditions, including an undertaking by the acquiring person to pay the Fund&rsquo;s
expenses of the special meeting (but not including its expenses in opposing approval).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The above description of the MCSAA is only a
high-level summary and does not purport to be complete. Stockholders should refer to the actual provisions of the MCSAA and the
Funds&rsquo; Bylaws for more information, including definitions of key terms, various exclusions and exemptions from the scope
of the MCSAA, and the procedures by which stockholders may approve the reinstatement of voting rights to holders of &ldquo;control
shares.&rdquo; A copy of the Funds&rsquo; Bylaws may be found</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">in the Current Reports on Form 8-K filed today
by the Funds with the Securities and Exchange Commission and available at&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">www.sec.gov&nbsp;and
may be obtained by writing to the Secretary of the Fund at 745 Fifth Avenue, New York, NY 10151.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>About Royce Value Trust, Inc.</B></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>About Royce Micro-Cap
Trust, Inc.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Royce Micro-Cap 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 investment goal is long-term capital growth, which it seeks by investing primarily in equity securities
of micro-cap companies.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="letter-spacing: -0.1pt">About
Royce</FONT> <FONT STYLE="letter-spacing: -0.05pt">Global Value Trust, Inc.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0"><FONT STYLE="font-weight: normal; letter-spacing: -0.05pt">Royce
Global Value Trust,</FONT> <FONT STYLE="font-weight: normal">Inc. <FONT STYLE="letter-spacing: -0.05pt">is</FONT> a <FONT STYLE="letter-spacing: -0.05pt">closed-end
diversified management investment</FONT> company <FONT STYLE="letter-spacing: -0.05pt">whose shares</FONT> <FONT STYLE="letter-spacing: 0.15pt">of
common stock </FONT><FONT STYLE="letter-spacing: -0.05pt">are listed and traded</FONT> on the <FONT STYLE="letter-spacing: -0.05pt">New
York</FONT> <FONT STYLE="letter-spacing: -0.1pt">Stock</FONT> <FONT STYLE="letter-spacing: -0.05pt">Exchange. The Fund invests
in both U.S. and non-U.S. common stocks (generally market caps</FONT> up to <FONT STYLE="letter-spacing: -0.05pt">$10 billion).</FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>Important Disclosure
Information</B></P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt/12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Closed-end funds
are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each
Fund&rsquo;s common stock are also subject to the market risks of investing in the underlying portfolio securities held by the
Fund. <FONT STYLE="background-color: white">An investment in each Fund involves risk, including loss of principal. Investment return
and the value of a Fund&rsquo;s shares of common stock will fluctuate.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">For further
information</FONT> <FONT STYLE="letter-spacing: -0.1pt">on</FONT> <FONT STYLE="letter-spacing: -0.45pt">the </FONT><FONT STYLE="letter-spacing: -0.05pt">Funds,
please</FONT> <FONT STYLE="letter-spacing: -0.1pt">visit</FONT> <FONT STYLE="letter-spacing: -0.05pt">our</FONT> <FONT STYLE="letter-spacing: -0.1pt">web</FONT>
<FONT STYLE="letter-spacing: -0.05pt">site at: www.royceinvest.com.</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Forward Looking Statement</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">This release is not an offer to purchase nor
a solicitation of an offer to sell shares of any Fund. This release 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 each 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 Funds&rsquo; filings with the U.S. Securities and Exchange Commission, including the Funds&rsquo; Annual Reports to Stockholders
on Form N-CSR, for the year ended December 31, 2019, the Funds&rsquo; Semiannual Reports to Stockholders on Form N-CSRS, for the
six-month period ended June 30, 2020, 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 Funds undertake no responsibility
to update publicly or revise any forward-looking statement.</P>

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

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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