19

At a Glance

Why invest in Value Trust?

  • The first small-cap closed-end fund, managed since its inception in 1986 by the same portfolio manager—a recognized pioneer of small-cap investing
  • Core approach that combines multiple investment themes and offers wide exposure to small-cap stocks (generally market caps up to $3 billion) by investing in companies with high returns on invested capital or those with strong fundamentals and/or prospects trading at what Royce believes are attractive valuations
  • Average annual total return of 10.1% since inception (11/26/86) through 6/30/16

As of 06/30/16

  • Small-Cap
    Core Approach
    $1.35B
    Avg. Market Cap
  • Active Share
    90%
  • Lead Manager
    Tenure
    29+
    Years on Fund
  • Domestic
    35%
    2015 Annual
    Turnover Rate
  • Daily Price 14.68+$0.07 (+0.48%) MKT $12.59+$-0.11 (+0.01%)
    $1.13B
    Net Assets

Portfolio Management

"Our task is to scour the large and diverse universe of small-cap companies for businesses that look mispriced and underappreciated, with the only caveat being that they must also have a discernible margin of safety. We are looking for stocks trading at a discount to our estimate of their worth as businesses."
Chuck Royce

Performance

Average Annual Total Returns (%)

Outperformed Russell 2000 for the Year To Date, 1-Year, 15-Year, 20-Year and since inception (11/26/86) periods as of 06/30/16.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
RVT 2.62 4.39-5.873.705.023.446.699.269.22 11/26/86
XRVTX 3.57 8.17-2.246.135.775.057.109.3710.15 11/26/86
Russell 2000 3.79 2.22-6.737.098.356.206.967.619.03 N/A
AUG YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
RVT 0.24 13.0914.415.959.683.637.439.769.45 11/26/86
XRVTX 1.15 14.8612.936.909.905.787.859.8110.31 11/26/86
Russell 2000 1.77 10.238.598.5312.857.048.138.219.26 N/A
SEP YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
RVT 0.67 13.8417.293.8912.203.548.849.639.45 11/26/86
XRVTX 0.31 15.2217.964.7912.235.589.169.6910.30 11/26/86
Russell 2000 N/A N/AN/AN/AN/AN/AN/AN/AN/A N/A

Important Performance and Expense Information

All performance information reflects past performance, is presented on a total return basis, net of the Fund's investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the recent month-end may be obtained at www.roycefunds.com. The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold.

The Fund invests primarily in securities of small-cap and micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency, and other risks not encountered in U.S. investments.

Rolling Returns

On a monthly basis, the Fund outperformed the Russell 2000 in 60% of all 10-Year periods; 67% of all 5-Year periods; and 59% of all 1-Year periods.

For 96% of the periods, 10-year average annual total returns were greater than 5%; For 59% of the periods, 10-year average annual total returns were greater than 10%.

Relative Returns: Monthly Rolling Average Annual Return Periods 20 Years Through 06/30/16

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
72/121
60 8.6 7.0
5-year
122/181
67 9.2 7.4
1-year
135/229
59 11.6 9.7

Absolute Returns: 10-Year Monthly Rolling Return PeriodsNumber of 10-Year Average Annual Return Periods Since the Fund’s Inception

Return Range Periods % in Range
> 10% 140 59
> 5% and ≤ 10% 86 36
> 0% and ≤ 5% 10 4
≤ 0% 0 0

The Fund averaged a 10.9% return over all 236 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 from the 6/23/15 index peak through current (6/30/16).
Peak-Peak - 07/13/07 - 04/29/11
Value Trust6.2%
Russell 20006.6%

Peak-Peak - 04/29/11 - 06/23/15
Value Trust31.3%
Russell 200058.5%

Peak-Current - 06/23/15 - 06/30/16
Value Trust-4.6%
Russell 2000-9.7%

Royce defines market cycles as those that have retreated at least 15% from a previous market peak and have rebounded to establish a new peak above the previous one. 

Royce defines market cycles as those that have retreated at least 15% from a previous market peak and have rebounded to establish a new peak above the previous one. 

Calendar Year Total Returns (%)

 

Growth of Investment

Value of $10,000 invested between 11/26/86 and 06/30/16

Value Trust$174,688.97
Russell 2000$129,273.15

Portfolio Impactas of 06/30/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Materials
7.49
15.06
1.05
Industrials
27.32
2.22
0.68
Information Technology
17.74
2.57
0.50
Energy
4.56
10.48
0.45
Financials
18.60
2.13
0.42
Health Care
5.54
7.29
0.41
Consumer Staples
1.89
2.18
0.04
Utilities
0.11
8.27
0.01
Telecommunication Services
0.54
-2.25
-0.01
Consumer Discretionary
10.91
-0.66
-0.09
Cash
5.31
0.06
0.00
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials0.92
Commercial Services & SuppliesIndustrials0.47
Electronic Equipment, Instruments & ComponentsInformation Technology0.40
Energy Equipment & ServicesEnergy0.33
Health Care Equipment & SuppliesHealth Care0.28

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.26
Professional ServicesIndustrials-0.22
Trading Companies & DistributorsIndustrials-0.12
Diversified Consumer ServicesConsumer Discretionary-0.10
Technology Hardware, Storage & PeripheralsInformation Technology-0.09

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
FEI CompanyElectronic Equipment, Instruments & ComponentsInformation Technology0.22
Ritchie Bros. AuctioneersCommercial Services & SuppliesIndustrials0.22
CopartCommercial Services & SuppliesIndustrials0.17
Care.comInternet Software & ServicesInformation Technology0.17
Drew IndustriesAuto ComponentsConsumer Discretionary0.16

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Integrated Electrical ServicesConstruction & EngineeringIndustrials-0.12
ManpowerGroupProfessional ServicesIndustrials-0.11
TrueBlueProfessional ServicesIndustrials-0.10
Zealand PharmaBiotechnologyHealth Care-0.10
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.09
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Materials
7.49
31.65
2.23
Industrials
27.54
7.16
2.07
Information Technology
18.72
8.33
1.62
Financials
18.70
4.16
0.76
Energy
4.54
11.31
0.52
Consumer Staples
2.19
12.25
0.30
Consumer Discretionary
11.56
1.80
0.19
Health Care
5.32
3.11
0.14
Telecommunication Services
0.52
13.09
0.07
Utilities
0.11
12.39
0.01
Cash
3.32
0.13
0.00
Unclassified
0.00
0.00
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials2.00
Electronic Equipment, Instruments & ComponentsInformation Technology1.92
MachineryIndustrials1.01
Commercial Services & SuppliesIndustrials0.64
Diversified Financial ServicesFinancials0.42

Top Detractors

INDUSTRYSECTORGAIN (%)
Professional ServicesIndustrials-0.76
Capital MarketsFinancials-0.35
IT ServicesInformation Technology-0.23
Diversified Consumer ServicesConsumer Discretionary-0.22
Specialty RetailConsumer Discretionary-0.22

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Newport CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.43
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology0.41
Franco-Nevada CorporationMetals & MiningMaterials0.38
FEI CompanyElectronic Equipment, Instruments & ComponentsInformation Technology0.34
Ritchie Bros. AuctioneersCommercial Services & SuppliesIndustrials0.33

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.31
Advisory Board (The)Professional ServicesIndustrials-0.24
On AssignmentProfessional ServicesIndustrials-0.20
Zealand PharmaBiotechnologyHealth Care-0.16
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-0.15
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Materials
7.14
19.26
1.56
Information Technology
19.24
0.34
0.22
Consumer Staples
2.38
5.81
0.16
Health Care
5.28
4.17
0.13
Utilities
0.11
14.99
0.02
Telecommunication Services
0.51
1.87
0.02
Energy
4.00
-25.24
-0.71
Industrials
27.50
-2.84
-0.73
Consumer Discretionary
11.86
-8.03
-1.14
Financials
18.17
-7.70
-1.43
Cash
3.81
0.17
0.01
Unclassified
0.00
-10.09
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Metals & MiningMaterials1.62
Electronic Equipment, Instruments & ComponentsInformation Technology0.69
Construction & EngineeringIndustrials0.42
Diversified Financial ServicesFinancials0.38
Commercial Services & SuppliesIndustrials0.36

Top Detractors

INDUSTRYSECTORGAIN (%)
Capital MarketsFinancials-2.17
Professional ServicesIndustrials-0.77
Specialty RetailConsumer Discretionary-0.56
Energy Equipment & ServicesEnergy-0.56
Diversified Consumer ServicesConsumer Discretionary-0.51

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
MarketAxess HoldingsDiversified Financial ServicesFinancials0.45
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology0.44
Integrated Electrical ServicesConstruction & EngineeringIndustrials0.37
Franco-Nevada CorporationMetals & MiningMaterials0.37
Core-Mark Holding CompanyDistributorsConsumer Discretionary0.34

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.38
NNMachineryIndustrials-0.34
Advisory Board (The)Professional ServicesIndustrials-0.32
Value Partners GroupCapital MarketsFinancials-0.30
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-0.26
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
19.04
30.78
5.73
Industrials
27.42
18.04
4.83
Health Care
5.67
66.31
3.14
Financials
16.62
14.40
2.17
Materials
6.83
20.03
1.44
Consumer Discretionary
11.41
10.13
1.23
Consumer Staples
2.06
26.21
0.61
Telecommunication Services
0.62
43.16
0.22
Utilities
0.10
63.53
0.04
Energy
4.12
-42.35
-1.44
Cash
6.10
0.22
0.01
Unclassified
0.01
26.22
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology2.63
MachineryIndustrials1.80
IT ServicesInformation Technology1.65
Metals & MiningMaterials1.17
Semiconductors & Semiconductor EquipmentInformation Technology1.15

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-1.41
Specialty RetailConsumer Discretionary-0.50
Diversified Consumer ServicesConsumer Discretionary-0.40
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.34
Electrical EquipmentIndustrials-0.31

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Hackett Group (The)IT ServicesInformation Technology0.85
MarketAxess HoldingsDiversified Financial ServicesFinancials0.69
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology0.57
HEICO CorporationAerospace & DefenseIndustrials0.53
Sapient CorporationIT ServicesInformation Technology0.53

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Citadel CapitalCapital MarketsFinancials-0.46
Unit CorporationEnergy Equipment & ServicesEnergy-0.40
KBRConstruction & EngineeringIndustrials-0.38
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.35
Global Power Equipment GroupElectrical EquipmentIndustrials-0.35
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
25.84
38.37
10.65
Information Technology
18.82
40.71
8.04
Consumer Discretionary
11.10
49.56
5.82
Financials
17.28
33.81
5.20
Health Care
5.83
112.23
5.02
Consumer Staples
2.05
59.46
1.25
Telecommunication Services
0.59
26.50
0.26
Utilities
0.06
91.90
0.05
Materials
7.20
-4.94
-1.15
Energy
4.40
-50.29
-2.57
Cash
6.81
0.34
0.02
Unclassified
0.03
51.25
0.11

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials4.18
Electronic Equipment, Instruments & ComponentsInformation Technology3.02
Professional ServicesIndustrials2.33
Household DurablesConsumer Discretionary2.17
InsuranceFinancials1.87

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-2.05
Metals & MiningMaterials-1.04
Diversified Consumer ServicesConsumer Discretionary-0.91
Electrical EquipmentIndustrials-0.58
Oil, Gas & Consumable FuelsEnergy-0.52

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Mohawk IndustriesHousehold DurablesConsumer Discretionary1.07
PAREXEL InternationalLife Sciences Tools & ServicesHealth Care0.99
Carter'sTextiles, Apparel & Luxury GoodsConsumer Discretionary0.97
On AssignmentProfessional ServicesIndustrials0.97
Hackett Group (The)IT ServicesInformation Technology0.86

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
MF Global HoldingsCapital MarketsFinancials-0.74
GrafTech InternationalElectrical EquipmentIndustrials-0.55
CARBO CeramicsEnergy Equipment & ServicesEnergy-0.50
Unit CorporationEnergy Equipment & ServicesEnergy-0.48
Citadel CapitalCapital MarketsFinancials-0.48

Market Price Performance History

Risk

Down Market Performance Comparisonas of 06/30/16

The Fund outperformed the Russell 2000 during nine out of 11 downturns of 10% or more from the index’s prior historical high over the last 20 years.

Market Downturns (%)

DownMarketImg

Russell 2000 Down Quarters

QUARTER ENDRUSSELL 2000 (%)VALUE TRUST (%)SPREAD (%)
03/31/16-1.5+4.4+5.9
09/30/15-11.9-12.4-0.5
09/30/14-7.4-7.5-0.1
06/30/12-3.5-8.6-5.1
09/30/11-21.9-25.2-3.3
06/30/11-1.6-2.6-1.0
06/30/10-9.9-10.4-0.5
03/31/09-15.0-13.5+1.5
12/31/08-26.1-32.9-6.8
09/30/08-1.1-8.3-7.2
03/31/08-9.9-10.7-0.8
12/31/07-4.6-2.6+2.0
09/30/07-3.1-1.8+1.3
06/30/06-5.0-3.9+1.1
03/31/05-5.3-3.5+1.8
09/30/04-2.9-2.1+0.8
03/31/03-4.5-6.7-2.2
09/30/02-21.4-22.0-0.6
06/30/02-8.4-9.2-0.8
09/30/01-20.8-17.9+2.9

Long Term Risk Measurementas of 06/30/16

Over the past 3 years, the Fund produced lower volatility than the Russell 2000 Index.
From the Fund's inception, the Fund outperformed the Russell 2000 Index with lower volatility.

Go to Relative Risk Spectrum Tool

Morningstar Statistical Measures as of 06/30/16

Sharpe RatioStandard Deviation
Value Trust0.2921.84
Russell 20000.3619.83
Category MedianN/AN/A

Sharpe Ratio Standard Deviation
Value Trust
Russell 2000
Category Median
Best Quartile Breakpoint

Composition

Morningstar Style Map™as of 06/30/16

mstar-XRVTX

The Morningstar Style Map is the Morningstar Style Box™ with the center 75% of fund holdings plotted as the Morningstar Ownership Zone™. The Morningstar Style Box is designed to reveal a fund's investment strategy. The Morningstar Ownership Zone provides detail about a portfolio's investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. The shaded area represents the center 75% of the Fund's assets while the plot point in the middle represents the weighted average of its holdings. Over time, the shape and location of a fund's ownership zone may vary.

Portfolio Diagnosticsas of 06/30/16

  XRVTX Russell 2000
Average Market Cap
1.35B
1.37B
Net Leverage
2.3%
-
Market Price
$11.77
-
Net Asset Value
$14.05
-
90%
-
2015 Portfolio Turnover
35%
-
Weighted Average P/E,
19.8x
19.6x
Weighted Average P/B
2.0x
2.0x
U.S. Investments (% of Net Assets)
83.8%
-
Non-U.S. Investments (% of Net Assets)
18.5%
-

Portfolio Allocation

  • Total
    Holdings
    428


SECTORS
XRVTX (%) RUSSELL
2000 (%)
Industrials
29.3
13.8
Financials
20.1
25.8
Information Technology
18.8
17.3
Consumer Discretionary
11.9
13.5
Materials
7.9
4.6
Health Care
6.3
13.6
Energy
5.2
3.0
Consumer Staples
2.1
3.1
Telecommunication Services
0.6
0.9
Utilities
0.1
4.3
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-2.3
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
HEICO Corporation
1.2
Coherent
1.1
MarketAxess Holdings
1.1
Copart
1.1
Ritchie Bros. Auctioneers
1.0
Ash Grove Cement Cl. B
1.0
E-L Financial
1.0
Core-Mark Holding Company
1.0
Reliance Steel & Aluminum
0.9
IDEXX Laboratories
0.9
Woodward
0.9
SEACOR Holdings
0.9
Federated Investors Cl. B
0.9
Quaker Chemical
0.9
Franco-Nevada Corporation
0.9
Cognex Corporation
0.8
FLIR Systems
0.8
Forward Air
0.8
Landstar System
0.8
RBC Bearings
0.8
Top 20 as % of Net Assets
18.8

SECTORS
XRVTX (%) RUSSELL
2000 (%)
Industrials
29.1
-
Financials
20.0
-
Information Technology
18.0
-
Consumer Discretionary
12.0
-
Materials
7.8
-
Health Care
6.4
-
Energy
4.6
-
Consumer Staples
2.1
-
Telecommunication Services
0.6
-
Utilities
0.1
-
Outstanding Line of Credit, Net of Cash and Cash Equivalents
-0.7
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
Coherent
1.3
HEICO Corporation
1.2
MarketAxess Holdings
1.2
Copart
1.0
Ash Grove Cement Cl. B
1.0
Ritchie Bros. Auctioneers
1.0
Core-Mark Holding Company
1.0
Federated Investors Cl. B
0.9
E-L Financial
0.9
Reliance Steel & Aluminum
0.9
Quaker Chemical
0.9
IDEXX Laboratories
0.9
Thor Industries
0.9
Woodward
0.8
FLIR Systems
0.8
Franco-Nevada Corporation
0.8
Forward Air
0.8
Cognex Corporation
0.8
SEACOR Holdings
0.8
Tejon Ranch Company
0.8
Top 20 as % of Net Assets
18.7

Portfolio Holdings

View the complete list of holdings for this fund as of 06/30/16. Unaudited schedule of portfolio holdings is presented for informational purposes only.

Geographical Breakdown

Distributions

NAV & Distributions


Start DateEnd Date
to

Learn more about distributions

Distributions

RECORD
DATE
EX-DATE PAYABLE
DATE
INCOME ($) SHORT
TERM
GAINS ($)
LONG
TERM
GAINS ($)
RETURN OF
CAPITAL ($)
TOTAL ($) REINVEST
PRICE ($)
09/13/16 09/09/16 09/26/16 EST 0.0264 EST 0.0040 EST 0.1941 EST 0.0154 0.2400 12.32
06/13/16 06/09/16 06/27/16 EST 0.0275 EST 0.0042 EST 0.2022 EST 0.0161 0.2500 11.93
03/14/16 03/10/16 03/24/16 EST 0.0286 EST 0.0043 EST 0.2103 EST 0.0167 0.2600 11.55
12/14/15 12/10/15 12/28/15 0.0471 0.0163 0.3066 0.0000 0.3700 11.54
09/14/15 09/10/15 09/25/15 0.0357 0.0123 0.2320 0.0000 0.2800 11.86
06/15/15 06/11/15 06/26/15 0.0369 0.0128 0.2403 0.0000 0.2900 14.07
03/13/15 03/11/15 03/25/15 0.0382 0.0132 0.2486 0.0000 0.3000 14.34
12/15/14 12/11/14 12/26/14 0.0661 0.1304 0.6835 0.0000 0.8800 14.26
09/15/14 09/11/14 09/26/14 0.0240 0.0474 0.2485 0.0000 0.3200 14.88
06/16/14 06/12/14 06/27/14 0.0233 0.0459 0.2408 0.0000 0.3100 15.95
03/13/14 03/11/14 03/25/14 0.0233 0.0459 0.2408 0.0000 0.3100 15.61
12/13/13 12/11/13 12/27/13 0.0104 0.0327 0.1669 0.0000 0.2100 15.74
10/10/13 10/17/13 10/17/13 0.0693 0.2183 1.1124 - 1.4000 -
09/16/13 09/12/13 09/27/13 0.0099 0.0312 0.1589 0.0000 0.2000 16.12
06/14/13 06/12/13 06/27/13 0.0094 0.0296 0.1510 0.0000 0.1900 15.05
03/06/13 03/04/13 03/25/13 0.0094 0.0296 0.1510 0.0000 0.1900 14.81
12/06/12 12/04/12 12/24/12 0.0498 0.0255 0.1647 0.0000 0.2400 12.98
09/06/12 09/04/12 09/24/12 0.0373 0.0191 0.1235 0.0000 0.1800 13.18
06/06/12 06/04/12 06/25/12 0.0394 0.0202 0.1304 0.0000 0.1900 12.18
03/06/12 03/02/12 03/23/12 0.0394 0.0202 0.1304 0.0000 0.1900 14.09
12/06/11 12/02/11 12/23/11 0.0202 0.0039 0.1057 0.0702 0.2000 11.94
09/06/11 09/01/11 09/23/11 0.0213 0.0041 0.1110 0.0737 0.2100 12.03
06/06/11 06/02/11 06/23/11 0.0192 0.0037 0.1004 0.0667 0.1900 14.21
03/07/11 03/03/11 03/23/11 0.0182 0.0035 0.0951 0.0632 0.1800 14.77
12/06/10 12/02/10 12/23/10 0.0300 - - - 0.0300 13.85
03/06/09 03/04/09 03/23/09 0.0000 0.0000 0.0000 0.3200 0.3200 6.07

NAV History for

Fees & Expenses

Annual Fund Operating Expenses (%)

(expenses that you pay each year as a percentage of the value of your investment)

Management fees 0.46
Other expenses 0.15
Total annual Fund operating expenses 0.61

Important Disclosure Information

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefuly before investing or sending money. The Fund is a closed-end registered investment company whose shares of common stock may trade at a discount to their net asset value. Shares of the Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund.

Sector weightings are determined using the Global Industry Classification Standard ("GICS"). GICS was developed by, and is the exclusive property of, Standard & Poor's Financial Services LLC ("S&P") and MSCI Inc. ("MSCI"). GICS is the trademark of S&P and MSCI. "Global Industry Classification Standard (GICS)" and "GICS Direct" are service marks of S&P and MSCI.

The Price-Earnings, or P/E, Ratio is calculated by dividing a company's share price by its trailing 12-month earnings-per-share (EPS). The Fund's P/E ratio calculation excludes companies with zero or negative earnings. The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share. Standard deviation is a statistical measure within which a fund's total returns have varied over time. The greater the standard deviation, the greater a fund's volatility. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell© is a trademark of Russell Investment Group. The Russell 2000 is an unmanaged, capitalization-weighted index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index.

Managed by Chuck Royce since 1986, assistant portfolio managers Chris Flynn, Lauren Romeo, and David Nadel since 2009

11/26/1986 12:00:00 AM

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