Royce Value Trust (NYSE:RVT) As Of September 30, 2013

Royce Value Trust, Inc. (NYSE:RVT):
 

Closing Prices – September 30, 2013
 
NAV   $18.43
MKT $16.11
 
 

Total Return Performance

Periods ended September 30, 2013
       

NAV
   

MKT
 
Month* 6.38% 5.91%
Year to Date* 24.26 24.65
One-Year 31.07 30.35
Three-Year Average Annual 14.59 15.90
Five-Year Average Annual 10.27 9.48
10-Year Average Annual 9.49 7.77
 

*Not Annualized
 
 

Portfolio Diagnostics
 
Wtd. Average Geometric Mkt. Cap:         $1694 million
Wtd. Average P/E Ratio: 19.2*
Wtd. Average P/B Ratio: 1.9x
Net Assets: $1318 million
Net Leverage:

2.5%
 

*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. HEICO Corp. 1.1%
2. Reliance Steel & Aluminum 0.9
3. On Assignment 0.9
4. LKQ Corp. 0.9
5. E-L Financial Corp. 0.9
6. Tejon Ranch Co. 0.8
7. FLIR Systems 0.8
8. Federated Investors 0.8
9. Wabtec Corp. 0.8
10. Coherent 0.8
 

Top Five Sectors

% of Net Assets
1. Industrials 29%
2. Information Technology 21
3. Financials 16
4. Consumer Discretionary 14
5. Materials 7
 

Recent DevelopmentsThe spin-off of Royce Global Value Trust, Inc. (“Global Trust”), a newly organized, diversified, closed-end fund, was recently approved by the stockholders of Royce Value Trust, Inc. (“Value Trust”).

Value Trust recently announced that the distribution of Global Trust common stock to Value Trust stockholders is expected to be at a ratio of one (1) share of Global Trust common stock for every seven (7) shares of Value Trust common stock owned. Only whole shares of Global Trust common stock will be issued in connection with the spin-off; Value Trust stockholders will receive cash in lieu of fractional shares of Global Trust common stock. The fractional shares of Global Trust common stock that otherwise would have been issued in the spin-off will be aggregated and sold in the open market and Value Trust stockholders will receive a cash payment equal to their pro rata share of such total sales proceeds. The initial net asset value for each share of Global Trust common stock (“NAV”) is expected to be $9.79 per share. Such NAV is preliminary and subject to change.

The distribution will be made on October 17, 2013 to Value Trust stockholders of record as of the official close of business on October 10, 2013.

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 www.roycefunds.com.

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