Royce Value Trust (NYSE: RVT) as of June 30, 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 – June 30, 2011
NAV	$17.19
MKT	$14.92

Total Return Performance
Periods ended June 30, 2011	NAV	MKT
Month*	-2.41%	-2.01%
Year to Date*	5.39	5.25
One-Year	41.50	45.10
Three-Year Average Annual	6.92	3.70
Five-Year Average Annual	4.33	1.88
10-Year Average Annual	7.78	7.54
*Not Annualized

Portfolio Diagnostics
Wtd. Average Geometric Mkt. Cap:	$1476 million
Wtd. Average P/E Ratio:	16.3*
Wtd. Average P/B Ratio:	1.9x
Net Assets Applicable to Common Stock:	$1371 million
Net Leverage:	9.4%
*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.	Coherent	1.1%
2.	Oil States International	1.1
3.	Sapient Corp.	1.0
4.	HEICO Corp.	1.0
5.	Nordson Corp.	1.0
6.	Rofin-Sinar Technologies	0.9
7.	Alleghany Corp.	0.8
8.	Newport Corp.	0.8
9.	Ritchie Bros. Auctioneers	0.8
10.	Reliance Steel & Aluminum	0.8
Top Five Sectors		% of Net Assets
1.	Industrials	27%
2.	Information Technology	21
3.	Financials	21
4.	Consumer Discretionary	12
5.	Materials	11

Recent Developments

The Board of Directors of Royce Value Trust, Inc. ("RVT") (NYSE:RVT) has approved, subject to shareholder and other regulatory approvals, the contribution of a portion of RVT's assets to a newly formed non-diversified, closed-end investment company, Royce Global Value Trust, Inc. ("RGT"). All of RGT's common stock would then be distributed to the common stockholders of RVT.

RVT would contribute to RGT approximately $100 million of its cash and/or securities and would then distribute all of the shares of RGT common stock pro rata to the common stockholders of RVT. RGT will seek to have its shares listed on the New York Stock Exchange. The transaction is expected to be voted upon at a Special Meeting of RVT's stockholders to be held once RVT has obtained certain regulatory approvals from the SEC.

Royce Value Trust, Inc. (NYSE - RVT) paid a quarterly distribution of $0.19 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 June 23, 2011 to stockholders of record at the close of business on June 6, 2011 (ex-dividend on June 2, 2011). The price of shares issued for reinvestment was determined on June 13, 2011.

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. The dividend was paid on June 23, 2011 to stockholders of record at the close of business on June 6, 2011 (ex-dividend on June 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.