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ROYCE SMALL-CAP TRUST, INC. Director's Dealing 2006

Mar 17, 2006

31714_dirs_2006-03-17_2c9ee3a1-0cd2-4737-916e-191078cf71e0.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ROYCE VALUE TRUST INC (RVT)
CIK: 0000804116
Period of Report: 2006-03-15

Reporting Person: ROYCE CHARLES M (Director, President, President - Investment Adviser)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2006-03-15 Common Stock S 10800 $20.7307 Disposed 149468 Direct
2006-03-16 Common Stock S 19200 $20.7296 Disposed 130268 Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 88536 Indirect

Footnotes

F1: Shares held in a family investment entity of which the reporting person is the sole managing member and in which the reporting person has a substantial pecuniary interest (which may vary from time to time). The reporting person disclaims beneficial ownership of that portion of such 88,536 shares owned by the family investment entity in which he has no pecuniary interest.