Royce Value Trust, Inc. (NYSE - RVT) has declared a distribution of $0.20 per share on its Common Stock. The distribution, optionally payable in additional shares of Common Stock, or in cash by specific stockholder election, is to be paid on December 23, 2011 to stockholders of record at the close of business on December 6, 2011 (ex-dividend on December 2, 2011). The price of shares issued for reinvestment will be determined on December 13, 2011. The Fund has a policy of paying quarterly distributions on its Common Stock. Distributions are being made at the annual rate of 5% of the rolling average of the prior four calendar quarter-end NAVs, with the fourth quarter distribution being the greater of 1.25% of the rolling average or the minimum distribution required by IRS regulations. Total distributions to Common Stockholders declared in 2011 were $0.78 per share. For Federal income tax purposes, approximately 36% of the 2011 distributions will be characterized as long-term capital gains,10% as qualified dividend income and 54% as return of capital. Final characterization will be determined at year-end and reported on 1099s. Royce Value Trust, Inc. is a closed-end diversified management investment company whose shares of Common Stock and Preferred Stock (NYSE - RVT.prb) are listed and traded on the New York Stock Exchange. The Fund’s primary investment goal is long-term capital growth, which it seeks by normally investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies.. For further information on The Royce Funds sm, please visit our web site at: www.roycefunds.com.