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000 C000000 0000804116
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE JOHN DENNEEN
TITLE SECRETARY
ROYCE VALUE TRUST, INC.
Item 77(C)
At the 1999 Annual Meeting of Stockholders held on April 28, 1999, the Fund's
stockholders: (i) elected the board of directors, consisting of (a) Charles
M. Royce, (b) John D. Diederich, (c) Donald R. Dwight, (d) Richard M. Galkin,
(e) Stephen L. Isaacs and (f) David L. Meister and (ii) ratified the
selection of Tait, Weller & Baker as independent accountants.
<TABLE>
<CAPTION>
Common Common Common
Stock Stock Stock
and and and Preferred Preferred Preferred
Preferred Preferred Preferred Stock Stock Stock
Stock Stock Stock Voting Voting Voting
Voting Voting Voting As A As A As A
Together Together Together Separate Separate Separate
As A As A As A Class - Class - Class -
Single Single Single Votes Votes Votes
Class - Class - Class - For Against Abstained
Votes Votes Votes
For Against Abstained
--------- --------- ---------- --------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
(i)
(a) 34,067,797.1149 N/A 331,471.9779 N/A N/A N/A
(b) N/A N/A N/A 5,544,897 N/A 49,010
(c) 33,992,459.4673 N/A 406,809.6255 N/A N/A N/A
(d) 33,995,939.9647 N/A 403,329.1281 N/A N/A N/A
(e) 33,970,328.7703 N/A 428,940.3225 N/A N/A N/A
(f) N/A N/A N/A 5,538,931 N/A 54,976
(ii) 34,039,366.9741 135,359.8777 224,540.241 N/A N/A N/A
</TABLE>
[ARTICLE] 6
[RESTATED]
[CIK] 0000804116
[NAME] ROYCE VALUE TRUST
[SERIES]
[NUMBER]
[NAME]
<TABLE>
<S> <C>
[PERIOD-TYPE] 6-MOS
[FISCAL-YEAR-END] DEC-31-1999
[PERIOD-END] JUN-30-1999
[INVESTMENTS-AT-COST] 541724111
[INVESTMENTS-AT-VALUE] 689233405
[RECEIVABLES] 5910616
[ASSETS-OTHER] 534258
[OTHER-ITEMS-ASSETS] 77511
[TOTAL-ASSETS] 695755790
[PAYABLE-FOR-SECURITIES] 6535137
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 977301
[TOTAL-LIABILITIES] 7512438
[SENIOR-EQUITY] 160000000
[PAID-IN-CAPITAL-COMMON] 373317165
[SHARES-COMMON-STOCK] 33891
[SHARES-COMMON-PRIOR] 32880
[ACCUMULATED-NII-CURRENT] 5235630
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 31962814
[OVERDISTRIBUTION-GAINS] 29815442
[ACCUM-APPREC-OR-DEPREC] 147509294
[NET-ASSETS] 528243352
[DIVIDEND-INCOME] 3863741
[INTEREST-INCOME] 2876158
[OTHER-INCOME] 0
[EXPENSES-NET] 3350282
[NET-INVESTMENT-INCOME] 3389617
[REALIZED-GAINS-CURRENT] 25467507
[APPREC-INCREASE-CURRENT] (571055)
[NET-CHANGE-FROM-OPS] 28286069
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 29549220
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 12543408
[NET-CHANGE-IN-ASSETS] 11280257
[ACCUMULATED-NII-PRIOR] 1846013
[ACCUMULATED-GAINS-PRIOR] 6495307
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 3021841
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3536653
[AVERAGE-NET-ASSETS] 484285797
[PER-SHARE-NAV-BEGIN] 15.72
[PER-SHARE-NII] .10
[PER-SHARE-GAIN-APPREC] .71
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] .89
[RETURNS-OF-CAPITAL] (.05)
[PER-SHARE-NAV-END] 15.59
[EXPENSE-RATIO] 1.39
</TABLE>
