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Royce Value Trust (NYSE: RVT) As Of July 31, 2012

In release dated Aug. 21, 2012, figure in Portfolio Diagnostics table for Net Assets Applicable to Common Stock should read: $1199 million (sted $1198 million).

The corrected release reads:

ROYCE VALUE TRUST (NYSE: RVT) AS OF JULY 31, 2012

  • 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

Royce Value Trust (NYSE: RVT)

Closing Prices – July 31, 2012

NAV   $ 14.14
MKT $ 12.34

Total Return Performance

   

Periods ended July 31, 2012

NAV

MKT

 
Month* -1.39% - 0.96%
Year to Date* 2.64 3.52
One-Year -8.97 -7.86
Three-Year Average Annual 12.19 13.70
Five-Year Average Annual -1.13 -2.77
10-Year Average Annual 8.02 6.10
 
*Not Annualized

Portfolio Diagnostics

 
 
Wtd. Average Geometric Mkt. Cap: $1325 million
Wtd. Average P/E Ratio: 14.2*
Wtd. Average P/B Ratio: 1.5x

Net Assets Applicable to Common Stock:

$1199 million

Net Leverage: 13.4 %

*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 1.0%
2. Carter’s 0.9
3. Nordson Corp. 0.9
4. Advisory Board (The) 0.9
5. Mohawk Industries 0.8
6. MAXIMUS, Inc. 0.8
7. HEICO Corp. 0.8
8. PAREXEL International 0.7
9. Lazard Ltd. 0.7
10. Cognex Corp. 0.7
 

Top Five Sectors

% of Net Assets

1. Industrials 29%
2. Information Technology 22
3. Financials 21
4. Consumer Discretionary 15
5. Materials 9

Recent Developments

The Board of Directors of Royce Value Trust, Inc. has approved, subject to stockholder and other regulatory approvals, the contribution of approximately $100 million 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. There is no assurance that necessary stockholder and regulatory approvals will be obtained.

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