Royce Value Trust and Royce Focus Trust Celebrate Anniversaries

When Royce Value Trust was launched on November 26th, 1986, it was the first closed-end fund to target the small-cap space. Ten years later, Royce & Associates, assumed management responsibility of a go-anywhere fund called the All Seasons Global Fund, what would come to be known as Royce Focus Trust.

As we celebrate the anniversaries of these two Royce closed-end funds, let us highlight a few distinct advantages closed-end funds offer that open-end funds do not.

• Since a closed-end fund does not issue redeemable securities or offer its securities on a continuous basis, it does not need to liquidate securities or hold uninvested assets to meet investor demands for cash redemptions, as an open-end fund must.
• In a closed-end fund, not having to meet investor redemption requests or invest at inopportune times is ideal for value managers who attempt to buy stocks when prices are depressed and sell securities when prices are high.
• Unlike Royce's open-end funds, our closed-end funds are able to distribute capital gains on a quarterly basis. The Funds resumed the quarterly distribution policies for their common stock, at 5% annual rate, in March 2011.

Royce Value Trust (RVT), our oldest closed-end fund offering, is a diversified portfolio of small- and micro-cap stocks managed by Chuck Royce and assisted by Chris Flynn, Lauren Romeo and David Nadel. RVT's average annual NAV total return for the since inception (11/26/86) period ended 9/30/11 was 9.7%.

Royce Focus Trust (FUND), incepted on November 1, 1996, is a limited portfolio of mostly small-cap stocks managed by Whitney George. The Fund's average annual NAV total return for the since inception (11/1/96) period ended 9/30/11 was 9.5%.

As of September 30, 2011 the market prices of both RVT and FUND were trading at approximately a 12% discount to their respective net asset values.