ROYCE SMALL-CAP TRUST, INC. — Director's Dealing 2004

May 11, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYCE VALUE TRUST INC (RVT)
CIK: 0000804116
Period of Report: 2004-05-10

Reporting Person: MEHLMAN ARTHUR S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-10	Common Stock	P	100	$15.6	Acquired	100	Direct
2004-05-10	Common Stock	P	600	$15.61	Acquired	700	Direct