N@N

Royce Value Trust (NYSE: RVT) As of December 31, 2008

^{Published on 2009-01-15 12:43:48, Last Modified on 2009-01-15 12:44:53 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Royce Value Trust (NYSE: RVT)

• Oldest and largest small-cap closed-end fund
• Average weekly trading volume of approximately 341,000 shares
• Fund's adviser has more than 30 years of small- and micro-cap investment experience

*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.

Recent Developments

Royce Value Trust, Inc. (NYSE - RVT) paid a quarterly distribution of $0.38 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 December 23, 2008 to stockholders of record at the close of business on December 8, 2008 (ex-dividend on December 4, 2008). The price of shares issued for reinvestment was $7.19. Total distributions to Common Stockholders declared in 2008 were $1.72 per share. For Federal income tax purposes, approximately 70% of the 2008 distributions will be taxable at long-term capital gains rates (including qualified dividend income), 1% will be reported as ordinary income and 29% will be reported as a return of capital.

Royce Value Trust, Inc. paid a cash dividend of $0.36875 per share on its 5.90% 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 December 23, 2008 to stockholders of record at the close of business on December 8, 2008 (ex-dividend on December 4, 2008). For Federal income tax purposes, approximately 99% of the 2008 distributions will be taxable at long-term capital gains rates (including qualified dividend income) and 1% will be taxable as ordinary income. Treatment of a portion of the dividends as long-term capital gains has the effect of providing individual preferred stockholders with a higher ordinary income tax-equivalent yield.

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 75% 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 ].