On July 29, 2020, Royce Value Trust, Inc. announced that the Company’s stockholders voted to approve a new investment advisory agreement with the Company’s investment manager, Royce Investment Partners at the special meeting of stockholders of the Company. The Company stated that the new agreement will become effective upon completion of Franklin Resources, Inc.’s acquisition of Legg Mason Inc., Royce’s indirect parent company. The Company added that there will be no increase in the contractual investment advisory fee rate for the Company as a result of the implementation of the new agreement.