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Royce Value Trust (NYSE: RVT) As Of March 31, 2011

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 – March 31, 2011
NAV   $17.89
MKT $15.39

Total Return Performance

Periods ended March 31, 2011


Month* 3.12% 2.01%
Year to Date* 8.24 7.14
One-Year 30.27 31.80
Three-Year Average Annual 7.47 5.23
Five-Year Average Annual 4.06 1.18
10-Year Average Annual 9.88 9.51
*Not Annualized

Portfolio Diagnostics
Wtd. Average Geometric Mkt. Cap:  


1489 million
Wtd. Average P/E Ratio: 17.3*
Wtd. Average P/B Ratio: 2.0x
Net Assets Applicable to Common Stock:


1410 million
Net Leverage: 8.7 %

*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.

Portfolio Composition

Top 10 Positions

% of Net Assets
1.   Coherent 1.1%
2. Oil States International 1.0
3. Nordson Corporation 1.0
4. HEICO Corp. 1.0
5. Tejon Ranch 0.9
6. Rofin-Sinar Technologies 0.9
7. Alleghany Corp. 0.8
8. Ritchie Bros. Auctioneers 0.8
9. Reliance Steel & Aluminum 0.8
10. Newport Corp. 0.8

Top Five Sectors

% of Net Assets
1. Industrials 26%
2. Financials 21
3. Information Technology 20
4. Consumer Discretionary 13
5. Materials 11

Recent Developments

The Board of Directors of Royce Value Trust Inc. (“RVT”) (NYSE:RVT) has approved, subject to shareholder and other regulatory approvals, the contribution of a portion of RVT’s assets to a newly formed non-diversified, closed end investment company, Royce Global Value Trust, Inc. (“RGT”). All of RGT’s common stock would then be distributed to the common stockholders of RVT. RGT will seek to have its shares listed on the New York Stock Exchange.

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