Royce Value Trust (NYSE: RVT) as of May 31, 2011
  • 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 – May 31, 2011

NAV $17.85

MKT $15.43
Total Return Performance  
Periods ended May 31, 2011 NAV MKT
Month* -3.09 % -2.65 %
Year to Date* 7.99 7.41
One-Year 34.72 39.00
Three-Year Average Annual 4.57 -0.24
Five-Year Average Annual 4.73 1.52
10-Year Average Annual 8.48

7.98

*Not Annualized

Portfolio Diagnostics

Wtd. Average Geometric Mkt. Cap:   $1500 million
Wtd. Average P/E Ratio: 17.4*
Wtd. Average P/B Ratio: 2.0x
Net Assets Applicable to Common Stock: $1407 million
Net Leverage: 7.3%

*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 1.1
3. HEICO Corp. 1.0
4. Sapient Corp. 0.9
5. Nordson Corp. 0.9
6. Rofin-Sinar Technologies 0.8
7. Alleghany Corp. 0.8
8. Newport Corp. 0.8
9. Ritchie Bros. Auctioneers 0.8
10. MAXIMUS 0.8
Top Five Sectors   % of Net Assets
1. Industrials 26%
2. Financials 20
3. Information Technology 20
4. Consumer Discretionary 12
5. Materials 11

Recent Developments

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, Inc. (NYSE - RVT) has declared a quarterly distribution of $0.19 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 June 23, 2011 to stockholders of record at the close of business on June 6, 2011 (ex-dividend on June 2, 2011). The price of shares issued for reinvestment will be determined on June 13, 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 June 23, 2011 to stockholders of record at the close of business on June 6, 2011 (ex-dividend on June 2, 2011).

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.

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