Royce & Associates, Inc.
New York , October 16, 2006 --
* Oldest and largest small-cap closed-end fund
Closing Prices - September 30, 2006
NAV $19.51
MKT $20.44
Total Return Performance
Periods ended September 30, 2006 NAV MKT
1 Month* 1.68% 1.51%
Year to Date* 10.41 8.71
One-Year 13.37 12.14
Three-Year Average Annual 18.12 19.02
Five-Year Average Annual 15.98 19.54
10-Year Average Annual 13.92 16.07
*Not Annualized
Portfolio Diagnostics
Wtd. Average Market Cap: $1,630 million
Wtd. Average P/E Ratio: 19.6x*
Wtd. Average P/B Ratio: 2.2x
Wtd. Average Yield: 0.9%
Net Assets Attributable to Common Stock: $1,127 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, applicable to common stock.
Portfolio Composition
Top 10 Positions % of Net Assets
AllianceBernstein Holding L.P. 2.2%
Ritchie Bros. Auctioneers 1.5
Sotheby's Holdings Cl. A 1.4
SEACOR Holdings 1.1
Lincoln Electric Holdings 1.1
Adaptec 1.0
PARAXEL International 0.9
Brady Corporation Cl. A 0.9
Ash Grove Cement Company Cl. B 0.9
Newport Corporation 0.9
Top Five Industries % of Net Assets
1. Technology 23%
2. Industrial Products 18
3. Industrial Services 14
4. Financial Intermediaries 11
5. Natural Resources 10
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Recent Developments
Royce Value Trust, Inc. (NYSE - RVT) paid a quarterly distribution of $0.43 per share on its Common Stock on September 25, 2006, to stockholders of record at the close of business on September 6, 2006 (ex-dividend on September 1, 2006). The price of shares issued for reinvestment was $19.52.
Royce Value Trust, Inc. paid a cash dividend of $0.36875 per share on its 5.90% Cumulative Preferred Stock, based on an annual rate of 5.90% of the initial liquidation preference of $25.00 per share, on September 25, 2006, to stockholders of record at the close of business on September 6, 2006 (ex- dividend September 1, 2006).
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 75% of its assets in equity securities primarily of small- and micro-cap companies.
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