Royce Value Trust (NYSE: RVT) as of December 31, 2011

• Oldest and largest small-cap closed-end fund
• Average weekly trading volume of approximately 341,000 shares
• Fund’s adviser has more than 35 years of small- and micro-cap investment experience

NEW YORK--(BUSINESS WIRE)--Royce Value Trust (NYSE: RVT)

Closing Prices – December 31, 2011
NAV	$14.18
MKT	$12.27

Total Return Performance
Periods ended December 31, 2011	NAV		MKT
Month*	-1.45	%	1.18	%
Year to Date*	-10.06		-10.46
One-Year	-10.06		-10.46
Three-Year Average Annual	19.21		17.86
Five-Year Average Annual	-0.65		-4.91
10-Year Average Annual	6.10		5.59

*Not Annualized

Portfolio Diagnostics
Wtd. Average Geometric Mkt. Cap:	$1310 million
Wtd. Average P/E Ratio:	14.2*
Wtd. Average P/B Ratio:	1.6x
Net Assets Applicable to Common Stock:	$1187 million
Net Leverage:	14.6 %

*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. Coherent	1.3%
2. HEICO Corp.	1.2
3. Oil States International	1.2
4. Alleghany Corp.	1.1
5. Advisory Board (The)	1.0
6. Woodward	1.0
7. Carter’s	1.0
8. Mohawk Industries	0.9
9. Sapient Corp.	0.9
10. Simpson Manufacturing	0.9
Top Five Sectors	% of Net Assets
1. Industrials	29%
2. Information Technology	24
3. Financials	21
4. Consumer Discretionary	13
5. Materials	11

Recent Developments

Royce Value Trust, Inc. (NYSE – RVT paid a distribution of $0.20 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, on December 23, 2011 to stockholders of record at the close of business on December 6, 2011 (ex-dividend on December 2, 2011). The price of shares issued for reinvestment determined on December 13, 2011, was $11.94.

Royce Value Trust, Inc. paid a cash dividend of $0.36875 per share on its Cumulative Preferred Stock, based on an annual rate of 5.90% of the initial liquidation preference of $25.00 per share on December 23, 2011 to stockholders of record at the close of business on December 6, 2011 (ex-dividend on December 2, 2011).

Royce Value Trust (NYSE: RVT) resumed a quarterly distribution policy for Common Stockholders, beginning in March 2011, at the annual rate of 5%.

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 65% 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 lookup services and on broker terminals under the symbol XRVTX. For more information, please call The Royce Funds at [phone] or visit our website at www.roycefunds.com.