Royce Value Trust (NYSE: RVT) as of December 31, 2010

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

• 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

Closing Prices – December 31, 2010
NAV $16.73
MKT $14.54
Total Return Performance
Periods ended December 31, 2010			NAV	MKT
Month*			9.01%	11.23%
Year to Date*			30.27	35.05
One-Year			30.27	35.05
Three-Year Average Annual			0.81	-1.84
Five-Year Average Annual			5.16	0.98
10-Year Average Annual			8.77	8.73
*Not Annualized
Portfolio Diagnostics
Wtd. Average Geometric Mkt. Cap:	$1366	million
Wtd. Average P/E Ratio:	17.9*
Wtd. Average P/B Ratio:	2.0x
Net Assets Applicable to Common Stock:	$1326	million
Net Leverage:	7.8 %

*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.	Rofin-Sinar Technologies	1.0%
2.	Oil States International	0.9
3.	Nordson Corp.	0.8
4.	Coherent	0.8
5.	Sapient Corp.	0.8
6.	Newport Corp.	0.8
7.	E-L Financial	0.8
8.	Alleghany Corp.	0.8
9.	Woodward Governor	0.8
10.	Tejon Ranch	0.8
Top Five Industries		% of Net Assets
1.	Industrial Products	24%
2.	Technology	18
3.	Industrial Services	14
4.	Natural Resources	12
5.	Financial Services	10

Recent Developments

Royce Value Trust, Inc. (NYSE - RVT) declared a distribution of $0.03 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election was paid on December 23, 2010 to stockholders of record at the close of business on December 6, 2010 (ex-dividend on December 2, 2010). The price of shares issued for reinvestment was determined on December 13, 2010.

Royce Value Trust, Inc. declared 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. The dividend was paid on December 23, 2010 to stockholders of record at the close of business on December 6, 2010 (ex-dividend on December 2, 2010).

The Board of Directors of Royce Value Trust (NYSE: RVT) has approved the resumption of a quarterly distribution policy for Common Stockholders, beginning in March 2011, at the annual rate of 5%. As of December 31, 2010, the Fund had fully utilized its capital loss carryforwards for federal income tax purposes, allowing the managed distribution policy to be reinstated.

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.

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.