Royce Value Trust (NYSE: RVT) As Of June 30, 2011

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 (800) 221-4268 or visit our website at www.roycefunds.com.

Copyright Business Wire 2010

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