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.

The quarterly distribution policy, which was suspended by the Board in May 2009 in light of significant capital loss carryforwards, is designed to spread any capital gain distributions more evenly over the year. The policy as resumed allows for quarterly distributions, payable to common stockholders, at a rate of 1.25% (or approximately 5% annually) of the average net asset value (NAV) of the Fund’s Common Stock at the end of the prior four calendar quarters. The distributions may include long-term capital gains, short-term capital gains, net investment income and/or return of capital for federal income tax purposes.

Royce Value Trust, Inc. is a closed-end diversified management investment company whose shares of Common (RVT) and 5.90% Cumulative Preferred Stock (RVT.prb) 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-cap and micro-cap companies.

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