NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Royce Value Trust, Inc. ("Fund") was incorporated under the laws of the State of Maryland on July 1, 1986 as a
diversified closed-end investment company. The Fund commenced operations on November 26, 1986.
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
income and expenses during the reporting period. Actual results could differ from those estimates.
VALUATION OF INVESTMENTS:
Securities listed on an exchange or on the Nasdaq National Market System are valued on the basis of the last
reported sale prior to the time the valuation is made or, if no sale is reported for such day, at their bid price for
exchange-listed securities and at the average of their bid and asked prices for Nasdaq securities. Quotations are
taken from the market where the security is primarily traded. Other over-the-counter securities for which market
quotations are readily available are valued at their bid price. Securities for which market quotations are not
readily available are valued at their fair value under procedures established and supervised by the Fund's Board
of Directors. Bonds and other fixed income securities may be valued by reference to other securities with
comparable ratings, interest rates and maturities, using established independent pricing services.
INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:
Investment transactions are accounted for on the trade date and dividend income is recorded on the ex-dividend
date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions and
unrealized appreciation and depreciation of investments are determined on the basis of identified cost for