Portfolio Composition as of February 29, 2008
Royce & Associates, Inc.
New York, March 31 -- Royce Value Trust (RVT)
-- Oldest and largest small-cap closed-end fund
-- Average weekly trading volume of approximately 341,000 shares
-- Fund's adviser has more than 30 years of small- and micro-cap investment experience
Closing Prices - February 29, 2008
NAV $ 17.66
MKT $ 16.50
Total Return Performance
| Periods ended February 29, 2008 |
NAV |
MKT |
| 1 Month* |
-1.29% |
-1.79% |
| Year to Date* |
-10.54 |
-11.19 |
| One-Year |
-8.21 |
-21.63 |
| Three-Year Average Annual |
7.35 |
2.42 |
| Five-Year Average Annual |
17.38 |
14.59 |
| 10-Year Average Annual |
9.87 |
10.31 |
*Not Annualized
Portfolio Diagnostics
| Wtd. Average Market Cap: |
$1,070 million |
| Wtd. Average P/E Ratio: |
16.3* |
| Wtd. Average P/B Ratio: |
1.9x |
| Wtd. Average Portfolio Yield: |
1.3% |
| Net Assets Attributable to Common Stock: |
$1,280 million |
| Net Leverage: |
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. PAREXEL |
2.4% |
| 2. Alliance Bernstein |
1.9 |
| 3. Ritchie Bros. |
1.4 |
| 4. SEACOR |
1.3 |
| 5. Sotheby's |
1.2 |
| 6. Ash Grove Cement |
1.1 |
| 7. Lincoln Electric Holdings |
1.1 |
| 8. Advent Software |
0.9 |
| 9. Rofin-Sinar Technologies |
0.9 |
| 10. Nordson Corp. |
0.8 |
| Top Five Industries |
% of Net Assets |
| 1. Technology |
21% |
| 2. Industrial Products |
19 |
| 3. Industrial Services |
14 |
| 4. Financial Services |
14 |
| 5. Financial Intermediaries |
12 |
Recent Developments
Royce Value Trust, Inc. (NYSE - RVT) declared a quarterly distribution of $0.47 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock was paid on March 24, 2008 to stockholders of record at the close of business on March 6, 2008 (ex-dividend on March 4, 2008). The price of shares issued for reinvestment on March 13, 2008 was $15.39.
Royce Value Trust, Inc. declared 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. The dividend was paid on March 24, 2008 to stockholders of record at the close of business on March 6, 2008 (ex-dividend on March 4, 2008).
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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