Royce Value Trust (NYSE: RVT) as of January 31, 2005

Royce Value Trust (NYSE: RVT) as of January 31, 2005 


NEW YORK, Feb. 18  /PRNewswire-FirstCall/ -- 

   * Oldest and largest small-cap closed-end fund
   * Average weekly trading volume of approximately 227,000 shares
   * Fund's adviser has more than 30 years of small- and micro-cap
     investment experience

   Closing Prices - January 31, 2005

   NAV  $18.29
   MKT  $19.49

   Total Return Performance
   Periods ended January 31, 2005               NAV       MKT

   1 Month*                                     -3.48%    -4.65%
   One-Year                                     11.81     19.15
   Three-Year Average Annual                    10.90     17.66
   Five-Year Average Annual                     13.71     17.67
   10-Year Average Annual                       14.39     15.90

   *Not Annualized

   Portfolio Diagnostics

   Median Market Cap:                           $1,025 million
   Wtd. Average P/E Ratio:                      21.1x*
   Wtd. Average P/B Ratio:                      2.1x
   Wtd. Average Yield:                          0.9%
   Net Assets Attributable to Common Stock:     $959 million
   Net Leverage:                                14%

   *The Funds' P/E ratio calculations exclude 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.

   Portfolio Composition

   Top 10 Positions                             % of Net Assets
   1.   Apollo Investment                            1.3%
   2.   Ritchie Bros. Auctioneers                    1.0
   3.   Arrow International                          1.0
   4.   Simpson Manufacturing                        1.0
   5.   SEACOR Holdings                              0.9
   6.   Sothebys Holdings Cl. A                      0.9
   7.   Lincoln Electric Holding L.P.                0.9
   8.   Alliance Capital Management Holding L.P.     0.8
   9.   Gabelli Asset Management                     0.8
   10.  Helmerich & Payne                            0.8

   Top Five Industries                          % of Net Assets
   1.  Technology                                    22%
   2.  Industrial Products                           20
   3.  Industrial Services                           15
   4.  Financial Intermediaries                      11
   5.  Natural Resources                             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 (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 [phone] or visit our website at http://www.roycefunds.com/. 

DATASOURCE: Royce Value Trust



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



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

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