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
 

NAV
 

MKT
 
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.

Royce Value Trust, Inc. (NYSE - RVT) paid a quarterly distribution of $0.09 per share on its Common Stock 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 as determined on March 14, 2011 was $14.77.

Royce Value Trust, Inc. paid a cash dividend of $0.375 per share on its Cumulative Preferred Stock on March 23, 2011 to stockholders of record at the close of business on March 7, 2011 (ex-dividend March 3, 2011).

Royce Value Trust (NYSE: RVT) resumed a quarterly distribution policy for Common Stockholders, beginning in March 2011, at the annual rate of 5%.

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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