Royce Value Trust (NYSE: RVT):

Closing Prices – July 31, 2011
 
NAV   $16.54
MKT $14.26
 

Total Return Performance

Periods ended July 31, 2011
     

NAV
 

MKT
 
Month* -3.78% -4.42%
Year to Date* 1.41 0.60
One-Year 25.85 25.95
Three-Year Average Annual 5.09 2.14
Five-Year Average Annual 4.17 0.91
10-Year Average Annual 7.64 7.06
 

*Not Annualized

Portfolio Diagnostics
 
Wtd. Average Geometric Mkt. Cap: $1397 million
Wtd. Average P/E Ratio: 15.2*
Wtd. Average P/B Ratio: 1.8x
Net Assets Applicable to Common Stock: $1327 million
Net Leverage:

8.5%
 

*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. Oil States International 1.3 %
2. Coherent 1.2
3. HEICO Corp.(Combined Holdings) 1.2
4. Sapient Corp. 1.2
5. Nordson Corp. 1.2
6. Ritchie Bros. Auctioneers 1.0
7. Rofin-Sinar Technologies 1.0
8. Alleghany Corp. 1.0
9. E-L Financial Corp. Ltd. 1.0
10. Newport Corp. 0.9
 

Top Five Sectors

% of Net Assets
1. Industrials 33 %
2. Financials 26
3. Information Technology 26
4. Consumer Discretionary 15
5. Materials 13
 

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 (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.

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