Royce Value Trust (NYSE: RVT) As Of February 28, 2011

Royce Value Trust, Inc. (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 – February 28, 2011
 
NAV $17.56
MKT $15.27

Total Return Performance

Periods ended February 28, 2011
    NAV     MKT
 
Month* 4.46% 6.04%
Year to Date* 4.96 5.02
One-Year 36.21 41.30
Three-Year Average Annual 6.32 3.81
Five-Year Average Annual 4.45 0.80
10-Year Average Annual 8.87 8.14
 
*Not Annualized

Portfolio Diagnostics
 
Wtd. Average Geometric Mkt. Cap:  

$

1450 million
Wtd. Average P/E Ratio: 17.9*
Wtd. Average P/B Ratio: 2.0x
Net Assets Applicable to Common Stock:

$

1381 million
Net Leverage: 7.1%

*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 1.2%
2. Oil States International 1.0
3. Nordson Corporation 1.0
4. Rofin-Sinar Tecnologies 0.9
5. HEICO Corp. 0.9
6. Alleghany Corp. 0.8
7. Reliance Steel & Aluminum 0.8
8. Sapient Corp. 0.8
9. E-L Financial 0.8
10. Newport Corp. 0.7
 
Top Five Industries % of Net Assets
1. Industrial Products 23%
2. Technology 19
3. Industrial Services 13
4. Natural Resources 12
5. Financial Services 10

Recent Developments

Royce Value Trust, Inc. (NYSE: RVT) has declared a quarterly distribution of $0.18 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on March 23, 2011 to stockholders of record at the close of business on March 7, 2011 (ex-dividend on March 3, 2011). The price of shares issued for reinvestment will be determined on March 14, 2011.

Royce Value Trust, Inc. has declared a cash dividend of $0.36875 per share on its Cumulative Preferred Stock, based on an annual rate of 5.90% of the initial liquidation preference of $25.00 per share. The dividend is to be paid on March 23, 2011 to stockholders of record at the close of business on March 7, 2011 (ex-dividend on March 3, 2011).

The 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.

Royce Value Trust is a closed-end diversified management investment company whose shares of Common (RVT) and 5.90% Cumulative Preferred Stock (RVTprb) are listed and traded on the New York Stock Exchange. Its primary investment goal is long-term capital growth, which it seeks by investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies.

Daily net asset values (NAVs) for Royce Value Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XRVTX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at www.roycefunds.com.

Copyright Business Wire 2010

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