Royce Value Trust (NYSE: RVT) as of December 31, 2006.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Royce Value Trust, Inc. * Oldest and largest small-cap closed-end fund Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. * Average weekly trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. of approximately 320,000 shares * Fund's adviser has more than 30 years of small- and micro-cap investment experience Closing Prices - December 31, 2006 NAV $20.62 MKT $22.21 Total Return Performance Periods ended December 31, 2006 NAV MKT 1 Month* 0.89% 1.53% Year to Date 19.50 20.96 One-Year 19.50 20.96 Three-Year Average Annual 16.30 18.80 Five-Year Average Annual 13.32 17.26 10-Year Average Annual 13.96 16.27 *Not Annualized Portfolio Diagnostics Wtd. Average Market Cap: $2,007 million Wtd. Average P/E Ratio: 20.2x* Wtd. Average P/B Ratio: 2.3x Wtd. Average Yield: 0.0% Net Assets Attributable to Common Stock: $1,400 million Net Leverage: 8% * The Fund's P/E ratio P/E ratio Current stock price divided by trailing annual earnings per share or expected annual earnings per share. Assume XYZ Co. sells for $25.50 per share and has earned $2.55 per share this year; $25.50 = 10 times $2.55. XYZ stock sells for ten times earnings. 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 Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. , applicable to common stock. Portfolio Composition Top 10 Positions % of Net Assets 1. Alliance Bernstein Holding L.P. 2.3% 2. Ritchie Bros. Auctioneers 1.4 3. Sotheby's 1.3 4. SEACOR Holdings 1.3 5. Lincoln Electric Holdings 1.2 6. Newport Corporation 1.1 7. Universal Compression Holdings 1.0 8. Adaptec 1.0 9. Brady Corporation Cl. A 0.9 10. Ash Grove Cement Company Cl. B 0.9 Top Five Industries % of Net Assets 1. Technology 25% 2. Industrial Products 19 3. Industrial Services 14 4. Financial Intermediaries 12 5. Natural Resources 11 Recent Developments Royce Value Trust, Inc. (NYSE NYSE See: New York Stock Exchange - RVT RVT Royce Value Trust RVT Registered Veterinary Technician RVT Registered Vascular Technologist (American Registry of Diagnostic Medical Sonographers) RVT RV Trader (recreational vehicles) ) paid a distribution of $0.50 per share on its Common Stock, on December 26, 2006, to stockholders of record at the close of business on December 6, 2006 (ex-dividend on December 4, 2006). The price of shares issued for reinvestment was $20.81. Royce Value Trust, Inc. paid a cash dividend of $0.36875 per share on its 5.90% Cumulative Preferred Stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. , based on an annual rate of 5.90% of the initial liquidation preference of $25.00 per share, on December 26, 2006, to stockholders of record at the close of business on December 6, 2006 (ex-dividend December 4, 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 New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . 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. Daily net asset values (NAVs) for Royce Value Trust are now available on our website and online through most ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors 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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