 Royce Value Trust Announces Performance Data &
Portfolio Composition as of March 31, 2008
Royce & Associates, Inc.
New York, April 16, 2008 -- 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 - March 31, 2008
NAV $ 17.11
MKT $ 15.68
Total Return Performance
| Periods ended March 31, 2008 |
NAV |
MKT |
| 1 Month* |
-0.16% |
-2.07% |
| Year to Date* |
-10.68 |
-13.03 |
| One-Year |
-9.19 |
-21.31 |
| Three-Year Average Annual |
8.00 |
2.88 |
| Five-Year Average Annual |
17.36 |
14.95 |
| 10-Year Average Annual |
9.31 |
9.18 |
*Not Annualized
Portfolio Diagnostics
| Wtd. Average Market Cap: |
$1,035 million |
| Wtd. Average P/E Ratio: |
15.8* |
| Wtd. Average P/B Ratio: |
1.8x |
| Wtd. Average Portfolio Yield: |
1.4% |
| Net Assets Attributable to Common Stock: |
$1,262 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. Alliance Bernstein |
2.0% |
| 2. Ritchie Bros. |
1.4 |
| 3. Lincoln Electric |
1.1 |
| 4. Ash Grove Cement Cl.B |
1.1 |
| 5. PAREXEL |
1.1 |
| 6. SEACOR Holdings |
1.0 |
| 7. Sotheby's |
1.0 |
| 8. Rofin-Sinar Technologies |
1.0 |
| 9. Forward Air |
0.9 |
| 10. Nordson Corp. |
0.9 |
| Top Five Industries |
% of Net Assets |
| 1. Technology |
21% |
| 2. Industrial Products |
20 |
| 3. Industrial Services |
15 |
| 4. Financial Services |
15 |
| 5. Financial Intermediaries |
14 |
Recent Developments
Royce Value Trust, Inc. (NYSE: RVT) paid a quarterly distribution of $0.47 per share on its Common Stock, 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. 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 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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