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

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


NEW YORK, April 27  /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 - March 31, 2004

   NAV    $17.88
   MKT    $17.80

  Total Return Performance
  Periods ended March 31, 2004            NAV              MKT

   1 Month*                              0.81%           -0.63%
   Year to Date*                         7.03             5.43
   One-Year                             61.46            58.10
   Three-Year Average Annual            14.45            18.82
   Five-Year Average Annual             16.94            20.68
   10-Year Average Annual               13.54            14.48

  *Not Annualized

  Portfolio Diagnostics

   Median Market Cap:                           $972 million
   Wtd. Average P/E Ratio:                        21.1x*
   Wtd. Average P/B Ratio:                         2.1x
   Wtd. Average Yield:                             0.7%
   Net Assets Applicable to Common Stock:       $903 million
   Net Leverage:                                     6%

  *Excludes 16% of portfolio holdings with zero or negative earnings as of
   3/31/04.



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.  Arrow International                     0.7%
  2.  Simpson Manufacturing                   0.7
  3.  Ritchie Bros. Auctioneers               0.7
  4.  Erie Indemnity Company Cl. A            0.6
  5.  MacDermid                               0.6
  6.  White Mountains Insurance Group         0.6
  7.  MGP Ingredients                         0.5
  8.  Keane                                   0.5
  9.  MPS Group                               0.5
  10. Lincoln Electric Holdings               0.5

  Top Five Industries                    % of Net Assets

  1.  Technology                             21.4%
  2.  Industrial Products                    17.5
  3.  Industrial Services                    14.9
  4.  Health                                 11.1
  5.  Financial Intermediaries               11.0

  Recent Developments


Royce Value Trust, Inc. (NYSE - RVT) declared a quarterly distribution of $0.33
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 March 23, 2004 to stockholders of record at the close of business
on March 8, 2004 (ex-dividend on March 4, 2004).  The price of shares issued
for reinvestment was determined on March 15, 2004.

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 was paid on
March 23, 2004, to stockholders of record at the close of business on March 8,
2004 (ex-dividend March 4, 2004).

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, [phone], for Royce Value Trust



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

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