Royce Value Trust (NYSE: RVT) as of January 31, 2004

Royce Value Trust (NYSE: RVT) as of January 31, 2004 


NEW YORK, Feb. 17  /PRNewswire-FirstCall/ -- 

   -- Oldest and largest small-cap closed-end fund
   -- Average weekly trading volume of approximately 537,000 shares
   -- Fund's adviser has more than 25 years of small- and micro-cap
      investment experience

   Closing Prices - January 31, 2004

   NAV  $17.85
   MKT  $17.85

   Total Return Performance
   Periods ended January 31, 2004          NAV                 MKT

   1 Month*           4.82%               3.72%
   One-Year                                52.54               52.06
   Three-Year Average Annual               10.24               13.67
   Five-Year Average Annual                13.80               16.93
   10-Year Average Annual                  13.01               13.40

   *Not Annualized

   Portfolio Diagnostics

   Median Market Cap:                           $936 million
   Wtd. Average P/E Ratio:                      23.0x*
   Wtd. Average P/B Ratio:                      2.1x
   Wtd. Average Yield:                          0.7%
   Net Assets Attributable to Common Stock:     $891 million
   Net Leverage:                                4%

  * Excludes 22% of portfolio holdings with zero or negative earnings as of

    1/31/04.



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.   Simpson Manufacturing                      1.0%
     2.   Ritchie Bros. Auctioneers                  0.9
     3.   MacDermid                                  0.9
     4.   MGP Ingredients                            0.9
     5.   Arrow International                        0.8
     6.   Erie Indemnity Company Cl. A               0.8
     7.   Sotheby's Holdings Cl. A                   0.8
     8.   Keane                                      0.8
     9.   Coherent     0.8
    10.   Kimball International Cl. B                0.7

   Top Five Industries                          % of Net Assets
     1.  Technology                                  23%
     2.  Industrial Products            17
     3.  Industrial Services                         14
     4.  Health                                      11
     5.  Financial Intermediaries                    11

  Recent Developments


Royce Value Trust is a closed-end diversified management investment company
whose shares of Common (RVT) and 5.90% Cumulative Preferred Stock are listed and
traded on the New York Stock Exchange (RVTprb).  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 [phone] or visit our website at http://www.roycefunds.com/ . 

DATASOURCE: Royce Value Trust, Inc.



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



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

Copyright