<SEC-DOCUMENT>0000949377-20-000269.txt : 20200730
<SEC-HEADER>0000949377-20-000269.hdr.sgml : 20200730
<ACCEPTANCE-DATETIME>20200730084443
ACCESSION NUMBER:		0000949377-20-000269
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200730
DATE AS OF CHANGE:		20200730
EFFECTIVENESS DATE:		20200730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST, INC.
		CENTRAL INDEX KEY:			0000804116
		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		201059377

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2123557311

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>rvt-defa14a_730.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on July 30, 2020</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 86%; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Amount Previously Paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 700">Royce Value Trust, Inc. Stockholders Approve</FONT></P>

<P STYLE="text-align: center; margin-top: 2.5pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 700">New Investment Advisory Agreement at Special Meeting</FONT></P>

<P STYLE="text-align: justify; margin-top: 13.9pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 700">NEW YORK</FONT> <FONT STYLE="font-weight: 400">&#8211; July 29, 2020 &#8211; Royce Value Trust, Inc. (NYSE:
RVT) (the &#8220;Fund&#8221;) announced that the</FONT></P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 400">Fund&#8217;s stockholders voted to approve a new investment advisory agreement<SUP>1</SUP> with the
Fund&#8217;s investment manager, Royce Investment Partners (&#8220;Royce&#8221;)<SUP>2</SUP> at today&#8217;s Special Meeting of Stockholders
of the Fund (the &#8220;Special Meeting&#8221;).</FONT></P>

<P STYLE="text-align: left; margin-top: 13.9pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 400">&#8220;We appreciate the strong participation and support of the Fund&#8217;s stockholders throughout this
process,&#8221; said Christopher D. Clark, the Fund&#8217;s President. &#8220;Stockholder approval of the new agreement ensures that Royce
can continue to manage the Fund and execute the strategy that has produced impressive relative performance for stockholders.&#8221;</FONT></P>

<P STYLE="text-align: left; margin-top: 14pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 400">The new agreement will become effective upon completion of Franklin Resources, Inc.&#8217;s acquisition
of Legg Mason Inc., Royce&#8217;s indirect parent company. There will be no increase in the contractual investment advisory fee rate
for the Fund as a result of the implementation of the new agreement. In addition, implementation of the new agreement will not
result in any changes to the Fund&#8217;s portfolio management personnel, investment objective, principal investment strategy, or
investment restrictions.</FONT></P>

<P STYLE="text-align: justify; margin-top: 13.9pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 700">About Royce Value Trust, Inc.</FONT></P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 400">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.</FONT></P>

<P STYLE="text-align: justify; margin-top: 14.15pt; margin-right: 37.8pt; margin-bottom: 0pt; font-size: 9.9pt"><FONT STYLE="font-family: Arial; font-weight: 400">For further information on The Royce Funds</FONT><FONT STYLE="font-family: Calibri; font-weight: 400">&#8480;</FONT><FONT STYLE="font-family: Arial; font-weight: 400">,
please visit our web site at: www.royceinvest.com.</FONT></P>

<P STYLE="text-align: justify; margin-top: 14.4pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 700">Forward Looking Statement</FONT></P>

<P STYLE="text-align: left; margin-top: 14.05pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 400">This release is not an offer to purchase nor a solicitation of an offer to sell shares of the 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 &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;will,&#8221; &#8220;should,&#8221;
&#8220;could,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;project,&#8221; &#8220;estimate,&#8221; &#8220;guidance,&#8221; &#8220;possible,&#8221; &#8220;continue&#8221; and
other similar terms and phrases, although not all forward-looking statements include these words. Such forward-looking statements
are based on the current plans and expectations of the Fund, and are subject to risks and uncertainties that could cause actual
results, performance and events to differ materially from those described in the forward-looking statements. Additionally, past
performance is no guarantee of future results. Additional information concerning such risks and uncertainties are or will be contained
in the Fund&#8217;s filings with the U.S. Securities and Exchange Commission, including the Fund&#8217;s Annual Report to Stockholders
on Form N-CSR, for the year ended December 31, 2019, and subsequent filings with the Commission. These factors should be considered
carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Fund undertakes no responsibility
to update publicly or revise any forward-looking statement</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 400">&#160;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 700">Media Contact</FONT></P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 400">Joele Frank, Wilkinson Brimmer Katcher</FONT></P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 400">Lucas Pers</FONT></P>

<P STYLE="text-align: justify; margin-top: 2pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 400">212-355-4449</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial"><FONT STYLE="font-weight: 400"><sup>1</sup>Due to the &#8220;change of control&#8221; that will result from the pending combination of Legg Mason
Inc. (&#8220;Legg Mason&#8221;) and Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton,
that will cause the Fund&#8217;s current investment advisory agreement to terminate in accordance with its terms as required by applicable
law.</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 9.9pt Arial"><FONT STYLE="font-weight: 400">&#160;</FONT></P>


<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 8pt Arial"><FONT STYLE="font-weight: 400"><sup>2</sup>Royce &amp; Associates, LP is a Delaware limited partnership that primarily conducts its business under
the name Royce Investment</FONT></P>

<P STYLE="text-align: justify; margin-top: 1.2pt; margin-bottom: 0pt; font: 8pt Arial"><FONT STYLE="font-weight: 400">Partners.</FONT></P>



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