Royce & Associates, Inc.
New York, June 16, 2006 --
-- Oldest and largest small-cap closed-end fund
-- Average weekly trading volume of approximately 330,000 shares
-- Fund's adviser has more than 30 years of small- and micro-cap
investment experience
Closing Prices - May 31, 2006
NAV $20.38
MKT $20.58
Total Return Performance
Periods ended May 31, 2006 NAV MKT
1 Month* -4.63% -3.15%
Year to Date* 10.21 4.58
One-Year 26.88 17.37
Three-Year Average Annual 22.35 20.81
Five-Year Average Annual 12.37 14.84
10-Year Average Annual 13.64 15.62
*Not Annualized
Portfolio Diagnostics
Median Market Cap: $1,225 million
Wtd. Average P/E Ratio: 21.0x*
Wtd. Average P/B Ratio: 2.2x
Wtd. Average Yield: 0.8%
Net Assets Attributable to Common Stock: $1127 million
Net Leverage: 0%
*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. AllianceBernstein Holding L.P. 2.0%
2. Ritchie Bros. Auctioneers 1.6
3. Sotheby's Holdings Cl. A 1.1
4. Plexus Corporation 1.1
5. Lincoln Electric Holdings 1.1
6. SEACOR Holdings 1.1
7. Ash Grove Cement Company Cl. B 0.9
8. Newport Corporation 0.9
9. Brady Corporation Cl. A 0.8
10. PAREXEL International 0.8
Top Five Industries % of Net Assets
1. Technology 22%
2. Industrial Products 17
3. Industrial Services 14
4. Natural Resources 10
5. Financial Services 8
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Recent Developments
Royce Value Trust, Inc. (RVT) has declared a quarterly distribution of $0.43 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on June 23, 2006 to stockholders of record at the close of business on June 6, 2006 (ex-dividend on June 2, 2006). The price of shares issued for reinvestment on June 13, 2006 was $18.30.
Royce Value Trust, Inc. has 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 is to be paid on June 23, 2006, to stockholders of record at the close of business on June 6, 2006 (ex-dividend June 2, 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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