Royce Value Trust (NYSE: RVT) as of November 30, 2005

NEW YORK, Dec. 21  /PRNewswire-FirstCall/ -- 

  *  Oldest and largest small-cap closed-end fund
  *  Average weekly trading volume of approximately 441,000 shares
  *  Fund's adviser has more than 30 years of small- and micro-cap
     investment experience

  Closing Prices -- November 30, 2005

  NAV   $19.16
  MKT   $20.70

  Total Return Performance
  Periods ended November 30, 2005              NAV            MKT

  1 Month*                                    5.10%          4.33%
  Year to Date*                               7.78           7.95
  One-Year                                   11.17          12.24
  Three-Year Average Annual                  20.19          21.31
  Five-Year Average Annual                   14.38          18.98
  10-Year Average Annual                     13.73          15.82

  *Not Annualized

  Portfolio Diagnostics

  Median Market Cap:                           $1,196 million
  Wtd. Average P/E Ratio:                      20.1*
  Wtd. Average P/B Ratio:                      2.2x
  Wtd. Average Yield:                          0.9%
  Net Assets Attributable to Common Stock:     $986 million
  Net Leverage:                                6%



*The Fund's P/E ratio calculation excludes 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.   Alliance Capital Mgmt. Holdings                       1.9%
  2.   Ritchie Bros. Auctioneers Inc.                        1.2
  3.   Apollo Investment                                     1.0
  4.   SEACOR Holdings                                       1.0
  5.   Simpson Manufacturing                                 1.0
  6.   Sotheby's Holdings Cl. A                              0.9
  7.   Forward Air                                           0.9
  8.   Ash Grove Cement Company Cl. B                        0.9
  9.   Carbo Ceramics                                        0.9
  10.   Brady Corporation Cl. A.                             0.8

  Portfolio Sectors                              % of Net Assets
  1.  Technology                                              22%
  2.  Industrial Products                                     18
  3.  Industrial Services                                     15
  4.  Natural Resources                                       10
  5.  Financial Services                                      10

  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, [phone] for Royce Value Trust



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

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