-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WAzqTiKeIlUSKM4A0IMGEJKSsnWFWHTBySFuphiatOScdLV7HuDLFBQmmliDIxQl
 XdaWqbRdy4phEagAlXWaDg==

<SEC-DOCUMENT>0000804116-97-000005.txt : 19971224
<SEC-HEADER>0000804116-97-000005.hdr.sgml : 19971224
ACCESSION NUMBER:		0000804116-97-000005
CONFORMED SUBMISSION TYPE:	N-23C-2
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19971222
FILED AS OF DATE:		19971223
SROS:			NYSE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST INC
		CENTRAL INDEX KEY:			0000804116
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-23C-2
		SEC ACT:		
		SEC FILE NUMBER:	817-00781
		FILM NUMBER:		97743029

	BUSINESS ADDRESS:	
		STREET 1:		1414 AVE OF THE AMERICAS 9TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2123557311

	MAIL ADDRESS:	
		STREET 1:		1414 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-23C-2
<SEQUENCE>1
<DESCRIPTION>ROYCE VALUE TRUST NOTICE-INTENTION TO REDEEM NOTES
<TEXT>

ROYCE VALUE TRUST, INC.

                                                     1414 Avenue of the Americas
                                                           New York, N.Y.  10019
                                                                  (212) 355-7311




December 22, 1997



Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Dear Sirs:

      I  am  writing to notify you, pursuant to Rule 23c-2 under the  Investment
Company  Act  of  1940, as amended, that Royce Value Trust, Inc.,  a  closed-end
registered  investment  company, (the "Fund")  intends  to  redeem  all  of  its
outstanding  5 3/4% Investment Company Convertible Notes due June 30,  2004,  on
February  5, 1998 (the "Notes").  The redemption will be conducted in accordance
with  both  Article  3 of the Indenture dated as of June 15,  1994,  as  amended
between  the  Fund and United States Trust Company of New York, as Trustee,  and
paragraph  6(i)  of the Notes.  Should you have any questions  please  call  the
undersigned at (212) 508-4578.

                                   Very truly yours,

                                   /s/ John E. Denneen

                                   John E. Denneen
                                   Secretary

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
