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 (800) 221-4268 or visit our website at http://www.roycefunds.com/. DATASOURCE: Royce Value Trust CONTACT: John D. Diederich, +1-212-355-7311 for Royce Value Trust Web site: http://www.roycefunds.com/

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