Bulldog Investors Solicits Proxies from the Shareholders of Royce Value Trust
April 07, 2020 at 11:28 am
Share
On April 7, 2020, Bulldog Investors, LLC announced that it has filed a preliminary proxy statement soliciting proxies and urged the shareholders to vote against the new management agreement. Bulldog Investors stated that the Board of Directors of each of Royce Value Trust Inc, Inc. has determined to present a proposal to approve a new management agreement with Legg Mason Partners Fund Advisor, LLC and, depending on the Fund, one or more sub-advisory agreements with a sub-advisor.
Royce Small-Cap Trust, Inc. (the Fund), formerly Royce Value Trust, Inc., is a diversified, closed-end investment company. The investment objective of the Fund is long-term growth of capital. The Fund primarily invests in small-cap securities. Under normally circumstances, the Fund invests approximately 80% of its assets in the equity securities of small-cap companies. The Fund may also invest up to 25% of its assets in securities of issuers headquartered outside the United States. The Fund invests in various sectors, which include industrials, financials, information technology, health care, consumer discretionary, materials, real estate, communication services, energy, consumer staples and utilities. The Fundâs investment advisor is Royce & Associates, LP. Royce & Associates, LP primarily conducts business using the name Royce Investment Partners.