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 10.3% since inception (11/26/86) through 9/30/16

As of 09/30/16

  • Small-Cap
    Core Approach
    $1.36B
    Avg. Market Cap
  • Active Share
    89%
  • Lead Manager
    Tenure
    30+
    Years on Fund
  • Domestic
    35%
    2015 Annual
    Turnover Rate
  • Daily Price 16.17-$0.26 (+0.35%) MKT $13.74-$0.15 (+0.01%)
    $1.20B
    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 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, 20-Year and since inception (11/26/86) periods as of 09/30/16.
QTR YTD 1YR 3YR 5YR 10YR 15YR 20YR SINCE INCEPT. DATE
RVT 9.66 14.4820.924.3613.143.608.669.669.47 11/26/86
XRVTX 7.61 16.4020.135.1913.765.749.059.7510.33 11/26/86
Russell 2000 9.05 11.4615.476.7115.827.079.268.069.27 N/A
NOV YTD 1YR 3YR 5YR 10YR 15YR 20YR 30YR SINCE INCEPT. DATE
RVT 10.80 19.6318.054.5911.733.117.799.799.58 11/26/86
XRVTX 10.63 23.3817.225.4611.765.628.519.8610.48 11/26/86
Russell 2000 11.15 18.0012.086.4513.986.818.728.249.42 N/A
DEC YTD 1YR 3YR 5YR 10YR 15YR 20YR 30YR SINCE INCEPT. DATE
RVT 5.90 26.6829.106.9012.443.728.009.899.78 11/26/86
XRVTX 4.88 29.4128.087.3512.806.068.559.9510.65 11/26/86
Russell 2000 5.01 23.9123.018.6114.847.248.768.409.59 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 57% of all 10-Year periods; 66% 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 09/30/16

periods beating
the index(%)
fund
avg(%)
index
avg(%)
10-year
69/121
57 8.3 6.9
5-year
119/181
66 9.1 7.4
1-year
136/229
59 11.4 9.4

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% 89 37
> 0% and ≤ 5% 10 4
≤ 0% 0 0

The Fund averaged a 10.9% return over all 239 10-year monthly rolling return periods.

Market Cycle Performance

The Fund outperformed the Russell 2000 from the 6/23/15 index peak through current (9/30/16).
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 - 09/30/16
Value Trust2.6%
Russell 2000-1.5%

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 09/30/16

Value Trust$187,978.96
Russell 2000$140,967.04

Portfolio Impactas of 09/30/16

SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
27.35
9.92
2.69
Information Technology
17.37
13.27
2.23
Financials
15.93
6.33
1.03
Consumer Discretionary
11.15
4.99
0.63
Health Care
5.53
9.05
0.54
Materials
7.29
5.00
0.40
Real Estate
2.99
2.18
0.08
Utilities
0.11
10.87
0.01
Telecommunication Services
0.58
-4.94
-0.03
Energy
4.44
-0.50
-0.04
Consumer Staples
1.97
-2.22
-0.04
Cash
5.29
0.07
0.00
Unclassified
0.00
-0.88
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology1.26
MachineryIndustrials1.09
Construction & EngineeringIndustrials0.52
Capital MarketsFinancials0.43
BanksFinancials0.40

Top Detractors

INDUSTRYSECTORGAIN (%)
DistributorsConsumer Discretionary-0.21
Energy Equipment & ServicesEnergy-0.08
MarineIndustrials-0.04
Food ProductsConsumer Staples-0.04
BeveragesConsumer Staples-0.03

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Bank of N.T. Butterfield & SonBanksFinancials0.34
DTSElectronic Equipment, Instruments & ComponentsInformation Technology0.30
Integrated Electrical ServicesConstruction & EngineeringIndustrials0.26
Thor IndustriesAutomobilesConsumer Discretionary0.22
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology0.21

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Core-Mark Holding CompanyDistributorsConsumer Discretionary-0.20
Zealand PharmaBiotechnologyHealth Care-0.10
Seneca Foods Cl. AFood ProductsConsumer Staples-0.10
Manning & Napier Cl. ACapital MarketsFinancials-0.09
Seabridge GoldMetals & MiningMaterials-0.08
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
27.47
17.79
4.91
Information Technology
18.27
22.70
3.97
Materials
7.42
38.23
2.80
Financials
15.95
10.10
1.58
Consumer Discretionary
11.42
6.88
0.83
Health Care
5.39
12.45
0.70
Energy
4.50
10.76
0.52
Real Estate
2.82
9.95
0.34
Consumer Staples
2.11
8.99
0.26
Telecommunication Services
0.54
7.50
0.05
Utilities
0.11
24.60
0.03
Cash
3.98
0.21
0.01
Unclassified
0.00
-0.88
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology3.32
Metals & MiningMaterials2.20
MachineryIndustrials2.18
Commercial Services & SuppliesIndustrials0.91
Construction & EngineeringIndustrials0.84

Top Detractors

INDUSTRYSECTORGAIN (%)
Professional ServicesIndustrials-0.52
Specialty RetailConsumer Discretionary-0.24
Diversified Consumer ServicesConsumer Discretionary-0.23
BiotechnologyHealth Care-0.20
DistributorsConsumer Discretionary-0.13

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology0.65
MarketAxess HoldingsCapital MarketsFinancials0.47
Newport CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.46
Ritchie Bros. AuctioneersCommercial Services & SuppliesIndustrials0.40
Integrated Electrical ServicesConstruction & EngineeringIndustrials0.40

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.35
Zealand PharmaBiotechnologyHealth Care-0.27
On AssignmentProfessional ServicesIndustrials-0.23
SEI InvestmentsCapital MarketsFinancials-0.17
Artisan Partners Asset Management Cl. ACapital MarketsFinancials-0.16
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
27.51
23.73
6.46
Information Technology
18.80
30.16
5.30
Materials
7.32
42.63
3.03
Financials
16.00
10.21
1.60
Consumer Discretionary
11.60
10.76
1.27
Health Care
5.34
15.69
0.87
Energy
4.39
7.60
0.34
Real Estate
2.61
8.69
0.32
Consumer Staples
2.21
6.89
0.23
Telecommunication Services
0.53
12.62
0.08
Utilities
0.11
31.28
0.03
Cash
3.58
0.23
0.01
Unclassified
0.00
1.13
0.00

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology3.67
MachineryIndustrials2.66
Metals & MiningMaterials2.38
Construction & EngineeringIndustrials1.33
Commercial Services & SuppliesIndustrials0.93

Top Detractors

INDUSTRYSECTORGAIN (%)
Specialty RetailConsumer Discretionary-0.36
Professional ServicesIndustrials-0.17
BiotechnologyHealth Care-0.12
Diversified Consumer ServicesConsumer Discretionary-0.12
Technology Hardware, Storage & PeripheralsInformation Technology-0.09

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology0.80
MarketAxess HoldingsCapital MarketsFinancials0.65
Integrated Electrical ServicesConstruction & EngineeringIndustrials0.62
Newport CorporationElectronic Equipment, Instruments & ComponentsInformation Technology0.57
Thor IndustriesAutomobilesConsumer Discretionary0.45

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.36
Zealand PharmaBiotechnologyHealth Care-0.27
Era GroupEnergy Equipment & ServicesEnergy-0.19
Intrepid PotashChemicalsMaterials-0.15
Container Store Group (The)Specialty RetailConsumer Discretionary-0.13
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Information Technology
18.87
33.97
5.96
Industrials
27.55
15.35
4.18
Health Care
5.58
63.05
3.07
Financials
14.33
13.96
1.60
Materials
6.96
20.06
1.59
Consumer Discretionary
11.34
4.90
0.55
Consumer Staples
2.08
20.04
0.55
Real Estate
2.45
0.25
0.14
Telecommunication Services
0.61
12.66
0.07
Utilities
0.10
79.88
0.06
Energy
4.10
-48.13
-2.17
Cash
6.00
0.29
0.01
Unclassified
0.01
18.31
0.01

Top Contributors

INDUSTRYSECTORGAIN (%)
Electronic Equipment, Instruments & ComponentsInformation Technology2.95
MachineryIndustrials1.75
IT ServicesInformation Technology1.53
Health Care Equipment & SuppliesHealth Care1.21
Semiconductors & Semiconductor EquipmentInformation Technology1.21

Top Detractors

INDUSTRYSECTORGAIN (%)
Energy Equipment & ServicesEnergy-1.92
Specialty RetailConsumer Discretionary-0.66
Diversified Consumer ServicesConsumer Discretionary-0.62
Electrical EquipmentIndustrials-0.52
Textiles, Apparel & Luxury GoodsConsumer Discretionary-0.30

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Hackett Group (The)IT ServicesInformation Technology0.92
MarketAxess HoldingsCapital MarketsFinancials0.90
Integrated Electrical ServicesConstruction & EngineeringIndustrials0.76
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology0.72
NautilusLeisure ProductsConsumer Discretionary0.71

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Citadel CapitalCapital MarketsFinancials-0.51
Unit CorporationEnergy Equipment & ServicesEnergy-0.45
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.40
KBRConstruction & EngineeringIndustrials-0.36
Dundee Corporation Cl. ACapital MarketsFinancials-0.31
SECTOR NAMEAVERAGE WEIGHT (%)TOTAL RETURN (%)CONTRIBUTION TO RETURN (%)
Industrials
26.07
95.54
22.75
Information Technology
18.81
112.17
18.86
Financials
14.94
79.58
11.76
Consumer Discretionary
11.19
96.88
10.26
Health Care
5.77
181.42
7.90
Materials
7.14
30.10
2.89
Consumer Staples
2.04
86.42
1.94
Real Estate
2.31
66.42
1.82
Energy
4.36
-24.08
0.73
Telecommunication Services
0.61
75.89
0.44
Utilities
0.07
112.75
0.07
Cash
6.65
0.41
0.03
Unclassified
0.03
55.23
0.12

Top Contributors

INDUSTRYSECTORGAIN (%)
MachineryIndustrials8.91
Electronic Equipment, Instruments & ComponentsInformation Technology8.34
Capital MarketsFinancials5.79
IT ServicesInformation Technology3.58
Household DurablesConsumer Discretionary3.22

Top Detractors

INDUSTRYSECTORGAIN (%)
Diversified Consumer ServicesConsumer Discretionary-0.29
Multiline RetailConsumer Discretionary-0.10
Investment CompaniesFinancials-0.08
Oil, Gas & Consumable FuelsEnergy-0.07
Personal ProductsConsumer Staples-0.06

Top Contributors

COMPANYINDUSTRYSECTORGAIN (%)
Mohawk IndustriesHousehold DurablesConsumer Discretionary1.44
CoherentElectronic Equipment, Instruments & ComponentsInformation Technology1.26
PAREXEL InternationalLife Sciences Tools & ServicesHealth Care1.25
On AssignmentProfessional ServicesIndustrials1.18
Hackett Group (The)IT ServicesInformation Technology1.12

Top Detractors

COMPANYINDUSTRYSECTORGAIN (%)
Citadel CapitalCapital MarketsFinancials-0.51
MF Global HoldingsCapital MarketsFinancials-0.44
ZAIS Group Holdings Cl. ACapital MarketsFinancials-0.40
Unit CorporationEnergy Equipment & ServicesEnergy-0.40
MoneyGram InternationalIT ServicesInformation Technology-0.33

Market Price Performance History

Risk

Down Market Performance Comparisonas of 09/30/16

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

Long Term Risk Measurementas of 09/30/16

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 09/30/16

Sharpe RatioStandard Deviation
Value Trust0.3321.85
Russell 20000.4019.85
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 09/30/16

  XRVTX Russell 2000
Average Market Cap
1.36B
1.50B
Market Price
$12.66
-
Net Asset Value
$14.83
-
89%
-
2015 Portfolio Turnover
35%
-
Weighted Average P/E,
19.6x
20.6x
Weighted Average P/B
2.0x
2.1x
U.S. Investments (% of Net Assets)
82.7%
-
Non-U.S. Investments (% of Net Assets)
17.1%
-

Portfolio Allocation

  • Total
    Holdings
    444


SECTORS
XRVTX (%) RUSSELL
2000 (%)
Industrials
29.5
14.1
Information Technology
18.3
18.1
Financials
16.2
17.4
Consumer Discretionary
11.9
12.6
Materials
7.6
4.7
Health Care
5.5
14.2
Energy
4.8
3.2
Real Estate
3.1
8.2
Consumer Staples
2.1
3.0
Telecommunication Services
0.6
0.7
Utilities
0.1
3.8
Cash and Cash Equivalents, Net of Outstanding Line of Credit
0.2
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
HEICO Corporation
1.2
Coherent
1.2
MarketAxess Holdings
1.1
Ash Grove Cement Cl. B
1.0
Copart
1.0
Quaker Chemical
1.0
E-L Financial
1.0
Cognex Corporation
0.9
Nautilus
0.9
Thor Industries
0.9
Woodward
0.9
IES Holdings
0.9
SEACOR Holdings
0.8
Reliance Steel & Aluminum
0.8
FLIR Systems
0.8
RBC Bearings
0.8
Sun Hydraulics
0.8
Landstar System
0.8
Kirby Corporation
0.7
Franco-Nevada Corporation
0.7
Top 20 as % of Net Assets
18.2

SECTORS
XRVTX (%) RUSSELL
2000 (%)
Industrials
29.4
-
Information Technology
18.0
-
Financials
16.2
-
Consumer Discretionary
11.4
-
Materials
7.8
-
Health Care
5.1
-
Energy
4.4
-
Real Estate
2.9
-
Consumer Staples
2.3
-
Telecommunication Services
0.6
-
Utilities
0.1
-
Cash and Cash Equivalents, Net of Outstanding Line of Credit
1.8
-
POSITIONS% OF NET ASSETS
(SUBJECT TO CHANGE)
HEICO Corporation
1.2
Ash Grove Cement Cl. B
1.1
Quaker Chemical
1.0
Coherent
1.0
Copart
1.0
E-L Financial
1.0
Cognex Corporation
1.0
MarketAxess Holdings
0.9
FLIR Systems
0.9
Reliance Steel & Aluminum
0.8
Thor Industries
0.8
Landstar System
0.8
Woodward
0.8
RBC Bearings
0.8
ANSYS
0.8
Core-Mark Holding Company
0.8
ManpowerGroup
0.8
Nautilus
0.7
Kirby Corporation
0.7
Jacobs Engineering Group
0.7
Top 20 as % of Net Assets
17.6

Portfolio Holdings

View the complete list of holdings for this fund as of 09/30/16. 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 ($) REINVEST
PRICE ($)
12/13/16 12/09/16 12/27/16 EST 0.0356 EST 0.0048 EST 0.2295 EST 0.0000 0.2700 -
09/13/16 09/09/16 09/26/16 EST 0.0317 EST 0.0043 EST 0.2040 EST 0.0000 0.2400 12.32
06/13/16 06/09/16 06/27/16 EST 0.0330 EST 0.0045 EST 0.2125 EST 0.0000 0.2500 11.93
03/14/16 03/10/16 03/24/16 EST 0.0343 EST 0.0046 EST 0.2210 EST 0.0000 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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