Purchasing Royce Closed-End Funds

As an existing Royce Closed-End Fund stockholder or prospective investor, you can purchase shares of common stock:

1) Through a full-service or discount broker.

2) Online through DirectInvesting.com, without having to maintain a brokerage account.

Purchases of Royce Closed-End Funds made by customers of DirectInvesting.com are effected through its affiliated broker-dealer, Temper of the Times Communications, Inc., which is registered with the Securities and Exchange Commission and is a member of the National Association of Securities Dealers, Inc. Fund shares purchased through DirectInvesting.com are directly registered with the Fund through its transfer agent, Computershare, and can be sold only through Computershare and only at the times allowed by the Fund's Distribution Reinvestment and Cash Purchase Plan,  which may delay execution of your sell order.

Neither DirectInvesting.com nor Temper of the Times Communications, Inc. are affiliated with or recommended by The Royce Funds or Royce & Associates, Inc. (collectively, "Royce"), and Royce assumes no liability or other responsibility for your investing through DirectInvesting.com.

Overview of the Drip Plan

The following is just a short overview of the DRIP program. For complete details, please read the official document for each fund: Royce Micro-Cap Trust DRIP Document, Royce Small-Cap Trust DRIP Document, and Royce Global Trust DRIP Document.

Registered Common Stockholders of Royce Closed-End Funds automatically participate in the Funds' Distribution Reinvestment and Cash Purchase Plans (DRIP), which allow participants to reinvest their dividend and capital gains distributions and to make optional cash purchases of shares directly through Computershare, the Funds' Plan Agent, on a monthly basis. The Plans also allow stockholders to deposit certificates representing your shares with Computershare for safekeeping.  Certificated shares will not be issued for Royce Global Trust.

Computershare maintains the accounts for registered stockholders who participate in the plan and sends written confirmation of all transactions in an account. Computershare will also hold shares in each participant's account in non-certificated form in the participant's name; each participant will be able to vote these shares at a stockholder meeting or by proxy. A participant may also send other stock certificates that they hold to Computershare to be held in non-certificated form.  If a nominee is the registered owner of your shares, the nominee will maintain the accounts on your behalf.

There is no service fee charged to participants for reinvesting distributions. Plan participants are subject to a service fee of $0.75 and $2.50 for each voluntary cash purchase and sale, respectively. Although the Plans permit the assessment of per share fees of $0.05 and $0.15 in connection with voluntary purchases and sales, respectively, Royce is absorbing such per share fees through December 31, 2015. No assurance can be given that Royce will continue to absorb such per share fees after that date. Per share fees include any brokerage commissions Computershare is required to pay. 

Basic Questions About DRIP

1) Why should I reinvest my distributions?

By reinvesting distributions, a stockholder can maintain an undiluted investment in the relevant Fund. The regular reinvestment of distributions has a significant impact on stockholder returns. In contrast, the stockholder who takes distributions in cash is penalized when shares are issued below NAV to other stockholders.

2) How does the reinvestment of distributions from the Royce Closed-End Funds work?

The Funds automatically issue shares in payment of distributions unless you indicate the otherwise. The shares generally are issued at the lower of the market price or net asset value on the valuation date.

3) How does this apply to registered stockholders?

If your shares are registered directly with a Fund, your distributions are automatically reinvested unless you have otherwise instructed the Funds' transfer agent, Computershare, in writing. A registered stockholder also has the option to receive the distribution in the form of a stock certificate with respect to Royce Micro-Cap Trust and Royce Small-Cap Trust or in cash for all Funds if Computershare is properly notified.

4) What if my shares are held by a brokerage firm or a bank?

If your shares are held by a brokerage firm, bank or other intermediary as the stockholder of record, you should contact your brokerage firm or bank to be certain that it is automatically reinvesting distributions on your behalf. If they are unable to reinvest distributions on your behalf, you should have your shares registered in your name in order to participate.

5) How can I get more information on the Plans?

You can call Investor Services at (800) 221-4268 or you can request a copy of the Plan for your Fund from Computershare.

All correspondence (including notifications) should be directed to: [Name of Fund] Distribution Reinvestment and Cash Purchase Plan, c/o Computershare, P.O. Box 43078, Providence, RI, 02940-3078, telephone (800) 426-5523 (from 9:00 am to 5:00 pm).