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<PAGE> PAGE 4
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SIGNATURE JOHN DENNEEN
TITLE COMPLIANCE OFFICER
<PAGE>
At the June 26, 1996, Annual Meeting of Stockholders of the
Registrant, the stockholders approved: (i) a new Investment
Advisory Agreement between the Registrant and Quest Advisory
Corp., and (ii) a change in the Registrant's fundamental
investment policy.
The new Investment Advisory Agreement changed, among other
things, the benchmark index, against which the Registrant's
performance is measured, from the S&P 500 Index to the S&P
600 SmallCap Stock Price Index. Additionally, the
performance measurement period has lengthened from three
years to five years.
The change in the fundamental investment policy permits the
Registrant to invest up to 5% of its total assets in
warrants, rights and options.
(i) Votes Casted Votes Casted
For Against Votes Abstained
19,036,178 595,061 370,906
(ii) Votes Casted Votes Casted
For Against Votes Abstained
13,330,499 634,457 537,072
<PAGE>
SIGNATURE PAGE
For period ending 06/30/96
File number 811--4875
This report is signed on behalf of the registrant in the City of
New York and State of New York on the 30th day of August, 1996.
ROYCE VALUE TRUST, INC.
By: /s/ Daniel A. O'Byrne Witness:/s/ John E. Denneen
Daniel A. O'Byrne John E. Denneen
Vice President Secretary
<PAGE>
