Royce Value Trust (NYSE: RVT):
- Oldest and largest small-cap closed-end fund
- Average weekly trading volume of approximately 341,000 shares
- Fund’s adviser has more than 35 years of small- and micro-cap investment experience
|Closing Prices – January 31, 2011|
|Total Return Performance|
|Periods ended January 31, 2011||NAV||MKT|
|Year to Date*||0.48||-0.96|
|Three-Year Average Annual||4.33||1.19|
|Five-Year Average Annual||3.49||0.15|
|10-Year Average Annual||8.07||7.40|
|Wtd. Average Geometric Mkt. Cap:||$||1372 million|
|Wtd. Average P/E Ratio:||17.9*|
|Wtd. Average P/B Ratio:||2.0x|
|Net Assets Applicable to Common Stock:||$||1331 million|
*The Fund’s P/E ratio calculation excludes companies with zero or negative earnings.
Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets, applicable to common stock.
|Top 10 Positions||% of Net Assets|
|2. Rofin-Sinar Technologies||1.0|
|3. Oil States International||1.0|
|4. Nordson Corporation||0.8|
|5. Newport Corp.||0.8|
|6. Sapient Corp.||0.8|
|7. Alleghany Corp.||0.8|
|8. E-L Financial||0.8|
|9. Graftech International||0.8|
|10. Reliance Steel & Aluminum||0.8|
|Top Five Industries||% of Net Assets|
|1. Industrial Products||24||%|
|3. Industrial Services||14|
|4. Natural Resources||12|
|5. Financial Services||10|
Recent DevelopmentsThe Board of Directors of Royce Value Trust (NYSE: RVT) has approved the resumption of a quarterly distribution policy for Common Stockholders, beginning in March 2011, at the annual rate of 5%. As of December 31, 2010, the Fund had fully utilized its capital loss carryforwards for federal income tax purposes, allowing the managed distribution policy to be reinstated.
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