<DOCUMENT>
<TYPE>EX-99.L
<SEQUENCE>7
<FILENAME>rvt_63005-exl.txt
<DESCRIPTION>OPINION AND CONSENT OF VENABLE LLP
<TEXT>









                                   EXHIBIT (l)

                       OPINION AND CONSENT OF VENABLE LLP




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                                                                     Exhibit (l)
                           [LETTERHEAD OF VENABLE LLP]





                                 October 1, 2003

Royce Value Trust, Inc.
1414 Avenue of the Americas
New York, New York  10019

                  Re:   Registration Statement on Form N-2:
                        1933 Act File No.:  333-107578
                        1940 Act File No.:  811-04875
                        -----------------------------------

Ladies and Gentlemen:

                  We have served as special Maryland counsel to Royce Value
Trust, Inc., a Maryland corporation registered under the Investment Company Act
of 1940, as amended (the "1940 Act"), as a closed-end management investment
company (the "Company"), in connection with certain matters of Maryland law
arising out of the registration of 8,800,000 shares (the "Preferred Shares") of
a new series of Cumulative Preferred Stock, $.001 par value per share, of the
Company to be issued in an underwritten public offering, covered by the
above-referenced Registration Statement (the "Registration Statement"), filed by
the Company with the Securities and Exchange Commission (the "Commission") under
the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act.
Unless otherwise defined herein, capitalized terms used herein shall have the
meanings assigned to them in the Registration Statement.

                  In connection with our representation of the Company, and as a
basis for the opinion hereinafter set forth, we have examined originals, or
copies certified or otherwise identified to our satisfaction, of the following
documents (hereinafter collectively referred to as the "Documents"):

                  1. The Registration Statement, and all amendments thereto
relating to the Preferred Shares, substantially in the form transmitted to the
Commission under the 1933 Act and the 1940 Act;


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Royce Value Trust, Inc
October 1, 2003
Page 2


                  2. The charter of the Company (the "Charter"), certified as of
a recent date by the State Department of Assessments and Taxation of Maryland
(the "SDAT");

                  3. The form of Articles Supplementary relating to the
Preferred Shares, substantially in the form to be filed by the Company with the
SDAT (the "Articles Supplementary"), certified as of the date hereof by an
officer of the Company;

                  4. The Bylaws of the Company (the "Bylaws"), certified as of
the date hereof by an officer of the Company;

                  5. A certificate of the SDAT as to the good standing of the
Company, dated as of a recent date;

                  6. Resolutions adopted by the Board of Directors of the
Company (the "Resolutions") relating to the classification and designation of
the Preferred Shares and the authorization of the sale and issuance of the
Preferred Shares, certified as of the date hereof by an officer of the Company;

                  7. A certificate executed by an officer of the Company, dated
as of the date hereof; and

                  8. Such other documents and matters as we have deemed
necessary or appropriate to express the opinion set forth below, subject to the
assumptions, limitations and qualifications stated herein.

                  In expressing the opinion set forth below, we have assumed the
following:

                  1. Each individual executing any of the Documents, whether on
behalf of such individual or any other person, is legally competent to do so.

                  2. Each individual executing any of the Documents on behalf of
a party (other than the Company) is duly authorized to do so.

                  3. Each of the parties (other than the Company) executing any
of the Documents has duly and validly executed and delivered each of the
Documents to which such party is a signatory, and such party's obligations set
forth therein are legal, valid and binding.

                  4. All Documents submitted to us as originals are authentic.
The form and content of all Documents submitted to us as unexecuted drafts do
not differ in any respect relevant to this opinion from the form and content of
such Documents as executed and delivered.


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Royce Value Trust, Inc
October 1, 2003
Page 3


All Documents submitted to us as certified or photostatic copies conform to the
original documents. All signatures on all such Documents are genuine. All public
records reviewed or relied upon by us or on our behalf are true and complete.
All representations, warranties, statements and information contained in the
Documents are true and complete. There has been no oral or written modification
of or amendment to any of the Documents, and there has been no waiver of any
provision of any of the Documents, by action or omission of the parties or
otherwise.

                  5. Prior to the issuance of the Preferred Shares, a pricing
committee of the Board of Directors will determine certain terms of issuance of
such Preferred Shares, and the Articles Supplementary will be filed with, and
accepted for record by, the SDAT (the "Corporate Proceedings").

                  Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:

                  1. The Company is a corporation duly incorporated and existing
under and by virtue of the laws of the State of Maryland and is in good standing
with the SDAT.

                  2. The issuance of the Preferred Shares has been duly
authorized and (assuming that, upon any issuance of the Preferred Shares, the
total number of Preferred Shares issued and outstanding will not exceed the
total number of Preferred Shares that the Company is then authorized to issue
under the Charter), when and if delivered against payment therefor in accordance
with the Resolutions and the Corporate Proceedings, the Preferred Shares will be
validly issued, fully paid and nonassessable.

                  The foregoing opinion is limited to the substantive laws of
the State of Maryland and we do not express any opinion herein concerning any
other law. We express no opinion as to compliance with federal or state
securities laws, including the securities laws of the State of Maryland, or the
1940 Act.

                  The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the
matters expressly stated. We assume no obligation to supplement this opinion if
any applicable law changes after the date hereof or if we become aware of any
fact that might change the opinion expressed herein after the date hereof.

                  This opinion is being furnished to you solely for submission
to the Commission as an exhibit to the Registration Statement and, accordingly,
may not be relied upon by, quoted in any manner to, or delivered to any other
person or entity without, in each instance, our prior


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Royce Value Trust, Inc
October 1, 2003
Page 4


written consent. We hereby consent to the filing of this opinion as an exhibit
to the Registration Statement. In giving this consent, we do not admit that we
are within the category of persons whose consent is required by Section 7 of the
1933 Act.

                                                      Very truly yours,

                                                      /s/ Venable LLP


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