Royce Value Trust (NYSE: RVT) As Of August 31, 2011

Royce Value Trust, Inc. (NYSE: RVT)

Closing Prices – August 31, 2011
 

NAV   $15.07

MKT   $13.01
 

Total Return Performance

Periods ended August 31, 2011
             

NAV
   

MKT
 
Month* -8.89% -8.87%
Year to Date* -7.61 -8.22
One-Year 22.75 26.17
Three-Year Average Annual 1.10 -2.95
Five-Year Average Annual 1.81 -2.09
10-Year Average Annual 6.84 6.32
 

*Not Annualized
 

Portfolio Diagnostics
 
Wtd. Average Geometric Mkt. Cap:  

$

1302 million
Wtd. Average P/E Ratio: 14.3*
Wtd. Average P/B Ratio: 1.6x
Net Assets Applicable to Common Stock:

$

1229 million
Net Leverage: 12.2 %
 

*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, Inc. 1.0 %
2. Alleghany Corp. 1.0
3. Oil States International, Inc. 1.0
4. HEICO Corp. 0.9
5. Nordson Corp. 0.9
6.

Alliance Bernstein Holding, L.P.
0.9
7. E-L Financial Corp. Ltd. 0.8
8. Sapient Corp. 0.8
9. The Advisory Board Company 0.8

10. 
Ritchie Bros. Auctioneers, Inc. 0.8
 

Top Five Sectors

% of Net Assets
1. Industrials 35 %
2. Financials 28
3. Information Technology 27
4. Consumer Discretionary 16
5. Materials 15
 

Recent Developments

Royce Value Trust, Inc. (NYSE: RVT) has declared a quarterly distribution of $0.21 per share on its Common Stock. The price of shares issued for reinvestment will be determined on September 13, 2011. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on September 23, 2011 to stockholders of record at the close of business on September 6, 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 September 23, 2011 to stockholders of record at the close of business on September 6, 2011 (ex-dividend on September 1, 2011).

The Board of Directors of Royce Value Trust, Inc. ("RVT") (NYSE:RVT) has approved, subject to shareholder and other regulatory approvals, the contribution of a portion 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.

RVT would contribute to RGT approximately $100 million of its cash and/or securities and would then distribute all of the shares of RGT common stock pro rata to the common stockholders of RVT. RGT will seek to have its shares listed on the New York Stock Exchange. The transaction is expected to be voted upon at a Special Meeting of RVT's stockholders to be held once RVT has obtained certain regulatory approvals from the SEC.

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 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.

Copyright Business Wire 2010

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