Royce Closed-End Funds Announce Record Date and Meeting Date for Special Meetings of Stockholders—Royce
article 04-21-2020

Royce Closed-End Funds Announce Record Date and Meeting Date for Special Meetings of Stockholders

Royce Value Trust, Inc., Royce Micro-Cap Trust, Inc. and Royce Global Value Trust, Inc.
745 Fifth Avenue, New York, New York 10151
Contact: Royce Client Services, (800) 337-6923

April 21, 2020— The Board of Directors of each Fund listed above has set May 1, 2020 as the record date for determining those stockholders entitled to vote at the special meeting of stockholders of each Fund to be held on July 14, 2020 or at any adjournment thereof.

As was previously announced, Franklin Resources, Inc. (“Franklin Resources”) and Legg Mason, Inc. (“Legg Mason”) have entered into a definitive agreement for Franklin Resources to acquire Legg Mason. Royce Investment Partners (“Royce”), the investment advisor for each Fund, is currently a majority-owned indirect subsidiary of Legg Mason. Upon completion of this transaction, Royce would become a majority-owned indirect subsidiary of Franklin Resources. The transaction is subject to approval by Legg Mason’s shareholders and the satisfaction of certain customary closing conditions, including the receipt of all applicable regulatory approvals. Subject to the satisfaction of such conditions and the receipt of such approvals, the transaction is expected to be consummated later this year.

Under the Investment Company Act of 1940, consummation of the transaction will result in the automatic termination of each Fund’s investment advisory agreement with Royce. Therefore, the stockholders of each Fund will be asked to consider a new investment advisory agreement with Royce at the relevant special meeting.

Each Fund intends to file a definitive proxy statement with the Securities and Exchange Commission (the “SEC”) in connection with the proposal to approve its new investment advisory agreement. Stockholders are advised to read the proxy statement for each Fund in which they own shares when it becomes available because it will contain important information relating to the proposal. Such proxy statements and other related documents filed with the SEC will be available for free on the SEC website. In addition, copies of each Fund’s proxy statement will be delivered to each stockholder of record as of the record date listed above.

Each of Royce Value Trust, Royce Micro-Cap Trust, and Royce Global Value Trust is a closed-end diversified management investment company whose shares of Common Stock (RVT, RMT, and RGT, respectively) are listed and traded on the New York Stock Exchange. Each Fund’s primary investment goal is long-term capital growth. RVT seeks this goal by investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies. RMT seeks this goal by investing primarily in equity securities of companies that, at the time of investment, have market capitalization of $1 billion or less. Under normal market circumstances, RGT invests primarily in equity securities of U.S. and non-U.S. small- and mid-cap companies (generally market caps up to $10 billion) using a core approach.

Daily net asset values (NAVs) for all three of Royce’s closed-end funds are available at and elsewhere online through most ticker symbol lookup services and on broker terminals under the symbols XRVTX, XOTCX, and XRGTX. For more information, please call The Royce Funds at (800) 221-4268. An investor in any of the three Funds should consider its respective investment goals, risks, fees, and expenses carefully before investing.

Important Disclosure Information

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's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund.



Sign Up