Royce Value Trust, Inc. Declares Fourth Quarter Dividend on its 5.90% Cumulative Preferred Stock (NYSE - RVT.prb)

Royce Value Trust, Inc. Declares Fourth Quarter Dividend on its
5.90% Cumulative Preferred Stock (NYSE - RVT.prb) 


NEW YORK, Nov. 23  /PRNewswire-FirstCall/ -- Royce Value Trust, Inc. has
declared 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 is to be paid on December 23,
2004, to stockholders of record at the close of business on December 6, 2004
(ex-dividend December 2, 2004).

The Preferred Stock, which trades on the New York Stock Exchange under the
symbol "RVT.prb", is rated 'aaa' by Moody's and has an annual dividend rate of
$1.475 per share.

For Federal income tax purposes, 100% of the 2004 distributions will be taxable
at long-term capital gains rates.  Treatment 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, Inc. is a closed-end diversified management investment
company whose shares of Common (NYSE - RVT) and Preferred Stock 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.

For further information on The Royce Funds(SM), please visit our web site at:
http://www.roycefunds.com/ . 

DATASOURCE: Royce Value Trust, Inc.



CONTACT:  John D. Diederich, [phone], for Royce Value Trust,

Inc.



Web site:  http://www.roycefunds.com/ 

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