Royce Value Trust (NYSE: RVT) As Of July 31, 2013

Royce Value Trust, Inc. (NYSE: RVT):
Closing Prices – July 31, 2013





Total Return Performance

Periods ended July 31, 2013  


Month* 6.28 % 4.49 %
Year to Date* 19.48 21.06
One-Year 34.34 35.92
Three-Year Average Annual 15.45 17.63
Five-Year Average Annual 7.25 5.94
10-Year Average Annual 9.33 7.87
*Not Annualized

Portfolio Diagnostics
Wtd. Average Geometric Mkt. Cap: $1624 million
Wtd. Average P/E Ratio: 18.6*
Wtd. Average P/B Ratio: 1.9x
Net Assets: $1275 million
Net Leverage: 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.

Portfolio Composition

Top 10 Positions

% of Net Assets
1. Reliance Steel & Aluminum 1.0 %
2. HEICO Corp. 0.9
3. Tejon Ranch Company 0.9
4. On Assignment 0.9
5. E-L Financial 0.9
6. Federated Investors Inc. Cl. B 0.9
7. Coherent Inc. 0.8
8. Ethan Allen Interiors 0.8
9. Advisory Board (The) 0.8
10. Sapient Corp. 0.8

Top Five Sectors

% of Net Assets
1. Industrials 28 %
2. Information Technology 21
3. Financials 17
4. Consumer Discretionary 14
5. HealthCare 7

Recent Developments

The Board of Directors of Royce Value Trust, Inc. has approved, subject to stockholder approval, the contribution of approximately $100 million of RVT’s assets to a newly formed non-diversified, closed-end investment company. All of such investment company’s common stock would then be distributed to the common stockholders of RVT. There is no assurance that stockholder approval will be obtained.

Royce Value Trust is a closed-end diversified management investment company whose shares of Common Stock (RVT) 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

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