Royce Value Trust (NYSE: RVT) as of September 30, 2006

* Oldest and largest small-cap closed-end fund




NEW YORK, Oct. 16  /PRNewswire-FirstCall/ -- 

  Closing Prices - September 30, 2006

  NAV   $19.51
  MKT   $20.44

  Total Return Performance
  Periods ended September 30, 2006             NAV               MKT

  1 Month*                                    1.68%             1.51%
  Year to Date*                              10.41              8.71
  One-Year                                   13.37             12.14
  Three-Year Average Annual                  18.12             19.02
  Five-Year Average Annual                   15.98             19.54
  10-Year Average Annual                     13.92             16.07

  *Not Annualized

  Portfolio Diagnostics

  Wtd. Average Market Cap:                        $1,630 million
  Wtd. Average P/E Ratio:                          19.6x*
  Wtd. Average P/B Ratio:                          2.2x
  Wtd. Average Yield:                              0.9%
  Net Assets Attributable to Common Stock:        $1,127 million
  Net Leverage:                                    2%



*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
  AllianceBernstein Holding L.P.                       2.2%
  Ritchie Bros. Auctioneers                            1.5
  Sotheby's Holdings Cl. A                             1.4
  SEACOR Holdings                                      1.1
  Lincoln Electric Holdings                            1.1
  Adaptec                                              1.0
  PARAXEL International                                0.9
  Brady Corporation Cl. A                              0.9
  Ash Grove Cement Company Cl. B                       0.9
  Newport Corporation                                  0.9

  Top Five Industries                           % of Net Assets
    1.  Technology                                      23%
    2.  Industrial Products                             18
    3.  Industrial Services                             14
    4.  Financial Intermediaries                        11
    5.  Natural Resources                               10

  Recent Developments



Royce Value Trust, Inc. (NYSE - RVT) paid a quarterly distribution of $0.43 per share on its Common Stock on September 25, 2006, to stockholders of record at the close of business on September 6, 2006 (ex-dividend on September 1, 2006). The price of shares issued for reinvestment was $19.52.

Royce Value Trust, Inc. paid 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, on September 25, 2006, to stockholders of record at the close of business on September 6, 2006 (ex- dividend September 1, 2006).

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]



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

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