Edgar Filing: ROYCE VALUE TRUST INC

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04875

Name of Fund: Royce Value Trust, Inc.
Fund Address: 1414 Avenue of the Americas
New York, NY 10019

Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
1414 Avenue of the Americas
New York, NY 10019

Registrant’s telephone number, including area code: (212) 486-1445

Date of fiscal year end: 12/31/2004

Date of reporting period: 9/30/2004

Item 1 - Schedule of Investments
Portfolio of Investments

Royce Value Trust, Inc.
September 30, 2004

ROYCE VALUE TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2004 (UNAUDITED)

COMMON STOCKS - 119.1%
		SHARES		VALUE

Consumer Products - 8.4%
Apparel and Shoes - 3.3%
Jones Apparel Group		81,500	$	2,917,700
K-Swiss Cl. A		240,700		4,633,475
Steven Madden a		74,000		1,306,100
Oshkosh B’Gosh Cl. A		104,300		2,106,860
Polo Ralph Lauren Cl. A		150,000		5,455,500
Timberland Company Cl. A a		30,000		1,704,000
Tommy Hilfiger a		226,000		2,230,620
Warnaco Group (The) a		42,000		933,660
Weyco Group		153,996		5,697,852
Wolverine World Wide		84,600		2,131,920

				29,117,687

Collectibles - 0.2%
Action Performance Companies		50,000		506,500
The Boyds Collection a		276,500		658,070
Department 56 a		15,000		244,500
Enesco Group a		47,200		323,320

				1,732,390

Food/Beverage/Tobacco - 0.4%
Aaron Rents		4,500		97,920
Hain Celestial Group a		37,800		668,304
Hershey Creamery Company		709		1,772,500
Lancaster Colony		16,900		712,589

				3,251,313

Home Furnishing and Appliances - 0.7%
Bassett Furniture Industries		102,975		1,944,168
Ethan Allen Interiors		15,000		521,250
Falcon Products a,c		791,600		1,527,788
La-Z-Boy		68,200		1,035,276
Natuzzi ADR b		67,200		725,760
Select Comfort a,d		45,000		819,000

				6,573,242

Publishing - 0.6%
Journal Communications Cl. A		100,200		1,757,508
Scholastic Corporation a		130,000		4,015,700

				5,773,208

Sports and Recreation - 1.3%
Callaway Golf Company		275,800		2,915,206
Coachmen Industries		47,700		752,706
Monaco Coach		141,050		3,053,733
Oakley		331,600		3,946,040
Thor Industries		43,100		1,140,857

				11,808,542

Other Consumer Products - 1.9%
Blyth		14,700		454,230
Burnham Corporation Cl. B		36,000		918,000
Dorel Industries Cl. B a		39,500		1,112,320
Fossil a		22,500		696,150
Lazare Kaplan International a		103,600		797,720
Leapfrog Enterprises a,d		30,000		607,500
Matthews International Cl. A		186,000		6,301,680
RC2 Corporation a		180,400		5,935,160

				16,822,760

Total				75,079,142

Consumer Services - 7.1%
Direct Marketing - 0.2%
Sportsman’s Guide (The) a,d		97,500		1,972,425

Leisure and Entertainment - 0.5%
Carmike Cinemas		21,000		739,410
Gemstar-TV Guide International a		201,100		1,136,215
Hasbro		50,000		940,000
Multimedia Games a,d		10,000		155,000
Steiner Leisure a		47,500		1,049,750

				4,020,375

Restaurants and Lodgings - 1.6%
Benihana Cl. A a		56,900		761,322
CEC Entertainment a		45,000		1,653,750
Four Seasons Hotels		35,000		2,243,500
IHOP Corporation		161,700		6,178,557
Jack in the Box a		14,000		444,220
Mandarin Oriental International ADR a,b		638,000		385,990
Prime Hospitality a		106,100		1,291,237
Ryan’s Restaurant Group a		60,900		903,756
Steak n Shake Company (The) a		45,500		777,140

				14,639,472

Retail Stores - 3.3%
BJ’s Wholesale Club a		40,000		1,093,600
Big Lots a		232,200		2,839,806
CarMax a,d		111,000		2,392,050
Charming Shoppes a		584,400		4,160,928
Children’s Place Retail Stores a		18,000		430,380
Christopher & Banks		10,000		160,100
Claire’s Stores		183,400		4,592,336
GameStop Corporation Cl. A a		13,000		240,630
Krispy Kreme Doughnuts a,d		57,100		722,886
Linens ’n Things a		37,000		857,290
Neiman Marcus Group (The ) Cl. A		20,000		1,150,000
Payless ShoeSource a,d		209,600		2,123,248
Stein Mart a		192,800		2,934,416
Urban Outfitters a		165,200		5,682,880
Wet Seal (The) Cl. A a,d		25,000		41,500

				29,422,050

Other Consumer Services 1.5%
Coinstar a.d		34,000		792,200
ITT Educational Services a		128,000		4,614,400
Sotheby’s Holdings Cl. A a		510,200		8,020,344

				13,426,944

Total				63,481,266

Financial Intermediaries - 12.9%
Banking - 3.3%
BOK Financial a		129,327		5,769,277
Bankrate a,d		77,000		865,480
Farmers & Merchants Bank of Long Beach		1,266		7,184,550
First National Bank Alaska		2,130		4,686,000
Mechanics Bank		200		3,820,000
Mercantile Bankshares		20,000		959,200
NetBank		70,000		700,700
Oriental Financial Group		49,225		1,332,029
Partners Trust Financial Group		130,000		1,346,800
Sun Bancorp a,d		38,000		833,340
Whitney Holding		27,000		1,134,000
Wilmington Trust		31,000		1,122,510

				29,753,886

Insurance - 8.4%
Alleghany Corporation a		11,700		3,192,930
Argonaut Group a,d		197,000		3,677,990
Aspen Insurance Holdings		58,000		1,334,580
Baldwin & Lyons Cl. B		22,200		560,328
Commerce Group		49,500		2,395,800
Erie Indemnity Company Cl. A		169,900		8,668,298
HCC Insurance Holdings		17,000		512,550
Leucadia National		51,500		2,917,475
Markel Corporation a		4,200		1,295,280
Montpelier Re Holdings		74,000		2,714,320
NYMAGIC		85,200		1,865,028
Navigators Group a		83,200		2,432,768
Ohio Casualty a		187,000		3,913,910
PICO Holdings a		218,200		4,152,346
PMA Capital Cl. A a		171,700		1,296,335
Philadelphia Consolidated Holding a		35,000		1,929,200
Phoenix Companies (The)		81,900		853,398
PXRE Group		176,551		4,133,059
ProAssurance Corporation a		186,070		6,516,171
RLI		99,724		3,744,636
Reinsurance Group of America		30,000		1,236,000
21st Century Insurance Group		62,000		827,700
Wesco Financial		7,750		2,724,125
White Mountains Insurance Group		14,100		7,416,600
Zenith National Insurance		96,900		4,099,839

				74,410,666

Real Estate Investment Trusts - 0.2%
Public Storage		25,000		1,238,750
Sun Communities		20,400		799,476

				2,038,226

Securities Brokers - 0.8%
E*TRADE Financial a		485,700		5,546,694
Knight Trading Group a		129,700		1,197,131

				6,743,825

Other Financial Intermediaries - 0.2%
Chicago Mercantile Exchange Holdings		10,000		1,613,000

Total				114,559,603

Financial Services - 8.6%
Information and Processing - 3.1%
Advent Software a		151,100		2,543,013
CCC Information Services Group a,d		26,214		463,726
eFunds Corporation a		224,275		4,169,272
FactSet Research Systems		93,500		4,506,700
Fair Isaac		59,000		1,722,800
Global Payments		68,500		3,668,175
Interactive Data a		134,300		2,527,526
Moody’s Corporation		30,000		2,197,500
National Processing a		20,000		530,400
SEI Investments		162,200		5,462,896

				27,792,008

Insurance Brokers - 1.4%
Crawford & Company Cl. B		60,300		404,010
Crawford & Company Cl. A		289,100		1,879,150
Gallagher (Arthur J.) & Company		121,200		4,015,356
Hilb Rogal & Hobbs Company		155,050		5,615,911

				11,914,427

Investment Management - 3.5%
Alliance Capital Management Holding L.P.		135,000		4,792,500
Apollo Investment		771,800		10,920,970
BKF Capital Group		35,700		1,046,010
BlackRock Cl. A		25,000		1,837,250
Eaton Vance		70,200		2,835,378
Federated Investors Cl. B		51,500		1,464,660
Gabelli Asset Management Cl. A		93,100		3,989,335
Nuveen Investments Cl. A		138,600		4,102,560

				30,988,663

Other Financial Services 0.6%
CharterMac		59,600		1,310,604
Municipal Mortgage & Equity		47,300		1,192,906
PRG-Schultz International a		467,000		2,680,580
Van der Moolen Holding ADR a,b		41,000		270,600

				5,454,690

Total				76,149,788

Health - 11.4%
Commercial Services - 2.9%
Covance a		122,700		4,904,319
First Consulting Group a		520,900		2,469,066
Gene Logic a		340,100		1,265,172
IDEXX Laboratories a,d		94,300		4,784,782
PAREXEL International a,d		277,700		5,442,920
Pharmaceutical Product Development a,d		67,600		2,433,600
Sybron Dental Specialties a,d		26,500		786,785
TriZetto Group (The) a		215,200		1,254,616
Young Innovations		62,550		2,064,150

				25,405,410

Drugs and Biotech - 3.6%
Abgenix a		38,000		374,680
Affymetrix a,d		90,800		2,788,468
Antigenics a,d		38,500		232,155
Applera Corporation- Celera Genomics Group a		199,200		2,328,648
Biogen Idec a		28,100		1,718,877
Biopure Corporation Cl. A a,d		18,200		7,280
Celgene Corporation a		40,000		2,329,200
Cephalon a,d		4,900		234,710
Cerus Corporation a,d		21,700		52,297
Chiron Corporation a		21,800		963,560
Corgentech a,d		10,000		170,700
DUSA Pharmaceuticals a,d		79,700		914,956
Endo Pharmaceuticals Holdings a		318,200		5,842,152
Genzyme Corporation a,d		28,000		1,523,480
Hi-Tech Pharmacal a,d		79,000		1,257,680
Human Genome Sciences a,d		90,000		981,900
Invitrogen Corporation a		40,000		2,199,600
Lexicon Genetics a,d		463,300		3,053,147
Matrixx Initiatives a,d		40,000		416,000
Millennium Pharmaceuticals a		50,000		685,500
Perrigo Company		171,750		3,529,463
Shire Pharmaceuticals Group ADR b		20,853		597,438

				32,201,891

Health Services - 0.9%
Accredo Health a		8,705		205,177
Albany Molecular Research a		85,000		816,000
Gentiva Health Services a		30,150		493,556
Health Management Associates Cl. A		27,400		559,782
Lincare Holdings a		34,600		1,027,966
Manor Care		58,300		1,746,668
MedQuist a		73,893		964,304
On Assignment a		425,200		1,887,888
Quovadx a		3,000		5,730

				7,707,071

Medical Products and Devices - 3.0%
Allied Healthcare Products a		62,000		428,420
Arrow International		302,602		9,047,800
CONMED Corporation a		81,500		2,143,450
Datascope		12,000		447,600
Diagnostic Products		25,000		1,021,750
Haemonetics a		77,900		2,558,236
Invacare Corporation		88,000		4,048,000
Novoste a		66,500		109,060
STERIS Corporation a		200,100		4,390,194
Thoratec Corporation a		2,000		19,240
Varian Medical Systems a		61,600		2,129,512
Zoll Medical a		20,200		674,478

				27,017,740

Personal Care 1.0%
Ocular Sciences a		152,500		7,315,425
Regis		37,200		1,496,184

				8,811,609

Total				101,143,721

Industrial Products - 18.7%
Automotive - 0.5%
Adesa a		105,900		1,739,937
CLARCOR		22,000		1,048,740
IMPCO Technologies a,d		15,500		75,950
LKQ Corporation a		88,000		1,607,760
Quantam Fuel Systems Technologies Worldwide a		15,500		84,475

				4,556,862

Building Systems and Components - 1.8%
Decker Manufacturing		6,022		207,759
Preformed Line Products Company		91,600		2,764,488
Simpson Manufacturing		180,400		11,401,280
Teleflex		29,000		1,232,500

				15,606,027

Construction Materials - 2.1%
Ash Grove Cement Company Cl. B		50,518		6,668,376
ElkCorp		43,000		1,193,680
Florida Rock Industries		123,000		6,025,770
Heywood Williams Group a		738,837		1,149,882
Synalloy Corporation a,c		345,000		3,450,000

				18,487,708

Industrial Components - 1.9%
AMETEK		86,000		2,607,520
Bel Fuse Cl. A		26,200		734,910
C & D Technologies		50,000		951,000
Donaldson Company		52,000		1,476,280
Intermagnetics General a,d		48,350		1,119,303
Penn Engineering & Manufacturing		251,600		4,684,792
Penn Engineering & Manufacturing Cl. A		77,600		1,198,920
PerkinElmer		135,000		2,324,700
Powell Industries a		57,400		967,190
Woodhead Industries		45,400		626,520

				16,691,135

Machinery - 5.1%
Coherent a		228,500		5,927,290
Federal Signal		58,600		1,088,788
Global Power Equipment Group a		40,000		296,400
Graco		96,825		3,243,638
IDEX Corporation		36,000		1,222,560
Lincoln Electric Holdings		265,880		8,337,997
National Instruments		71,400		2,161,278
Nordson Corporation		172,200		5,911,626
Pason Systems		79,000		1,939,956
PAXAR Corporation a		333,100		7,554,708
T-3 Energy Services a,d		346,710		2,080,260
UNOVA a,d		40,000		562,000
Woodward Governor Company		73,600		4,967,264

				45,293,765

Metal Fabrication and Distribution - 2.2%
Commercial Metals Company		5,000		198,600
CompX International Cl. A a		482,200		7,715,200
Kaydon Corporation		208,700		6,004,299
NN		127,100		1,455,295
Oregon Steel Mills a		247,900		4,122,577

				19,495,971

Paper and Packaging - 0.3%
Glatfelter (P. H.) Company		25,000		309,750
Mod-Pac Corporation a		10,000		113,000
Peak International a		408,400		2,123,680

				2,546,430

Pumps, Valves and Bearings - 0.5%
Baldor Electric		62,900		1,488,214
Conbraco Industries		7,630		1,159,760
Franklin Electric		47,200		1,869,120

				4,517,094

Specialty Chemicals and Materials - 1.6%
Aceto		35,000		504,000
Albemarle Corporation		34,000		1,193,060
Arch Chemicals		38,200		1,090,610
Balchem Corporation		31,200		929,760
CFC International a		123,500		864,500
Cabot Corporation		56,500		2,179,205
Hawkins		56,878		679,692
Lydall a		15,000		139,500
MacDermid		226,631		6,563,234
Material Sciences a		29,000		391,210

				14,534,771

Textiles - 0.1%
Culp a		60,000		441,000
Unifi a		315,100		718,428

				1,159,428

Other Industrial Products - 2.6%
Albany International Cl. A		45,500		1,356,355
Brady Corporation Cl. A		139,400		6,798,538
Diebold		100,000		4,670,000
Kimball International Cl. B		417,380		5,793,234
Maxwell Technologies a		21,500		221,665
Myers Industries		30,499		333,964
Peerless Manufacturing a,c		158,600		2,267,980
Quixote Corporation		4,300		82,904
Steelcase Cl. A		50,000		700,000
Trinity Industries		20,000		623,400

				22,848,040

Total				165,737,231

Industrial Services - 15.2%
Advertising and Publishing - 0.2%
Interpublic Group of Companies a		180,000		1,906,200

Commercial Services - 5.9%
ABM Industries		134,800		2,716,220
Administaff a		32,000		374,400
Allied Waste Industries a		188,800		1,670,880
Carlisle Holdings a,d		194,900		1,239,564
Central Parking		83,800		1,107,836
Collectors Universe a,d		10,000		145,800
Convergys Corporation a		121,000		1,625,030
Copart a		138,100		2,614,233
Harsco Corporation		22,000		987,800
Hewitt Associates Cl. A a,d		59,000		1,561,140
Hudson Highland Group a		50,549		1,475,525
iGATE Corporation a		168,000		618,240
Iron Mountain a		206,175		6,979,024
Learning Tree International a,d		53,400		752,940
MPS Group a		648,500		5,453,885
Manpower		55,800		2,482,542
Metro One Telecommunications a,d		25,000		40,250
MoneyGram International		217,100		3,708,068
Monster Worldwide a		79,000		1,946,560
Nam Tai Electronics		30,000		640,500
New Horizons Worldwide a		198,000		849,420
Pemstar a		351,900		640,458
Portfolio Recovery Associates a,d		5,000		146,950
RemedyTemp Cl. A a		62,500		652,500
Renaissance Learning		15,000		325,050
Reynolds & Reynolds Company Cl. A		52,000		1,282,840
Rollins		87,000		2,113,230
SOURCECORP a		35,000		774,900
Spherion Corporation a		3,000		23,460
TRC Companies a		43,000		807,110
Viad Corporation		78,525		1,863,398
Watson Wyatt & Company Holdings		81,000		2,130,300
West Corporation a		75,000		2,184,750

				51,934,803


Engineering and Construction - 2.0%
Champion Enterprises a		120,000		1,234,800
Chicago Bridge & Iron Company		35,000		1,049,650
EMCOR Group a		48,100		1,809,522
Fleetwood Enterprises a		234,300		3,556,674
Insituform Technologies Cl. A a,d		214,200		3,999,114
Integrated Electrical Services a		31,500		151,515
Jacobs Engineering Group a		47,000		1,799,630
McDermott International a		71,000		837,800
Washington Group International a,d		100,000		3,462,000

				17,900,705


Food and Tobacco Processors - 0.8%
Farmer Bros.		150,000		4,009,500
MGP Ingredients		286,400		2,841,088
Seneca Foods Cl. B a		6,500		118,625

				6,969,213


Industrial Distribution - 1.5%
Central Steel & Wire		3,799		2,013,470
Ritchie Bros. Auctioneers		310,400		9,513,760
Strategic Distribution a		115,000		1,725,000

				13,252,230


Printing - 0.4%
Bowne & Co.		68,100		884,619
R.R. Donnelley & Sons		44,541		1,395,024
Ennis		62,700		1,343,034

				3,622,677


Transportation and Logistics - 3.8%
AirNet Systems a,d		219,000		941,700
Alexander & Baldwin		60,000		2,036,400
FLYi a		108,000		422,280
Brink’s Company (The)		122,278		3,689,127
C. H. Robinson Worldwide		40,000		1,855,600
Continental Airlines Cl. B a,d		100,000		852,000
EGL a		173,125		5,238,763
General Maritime a,d		7,000		243,810
Forward Air a		166,500		6,663,330
Frozen Food Express Industries a		306,635		2,327,360
Hawaiian Holdings a,d		30,000		184,800
Hub Group Cl. A a		77,000		2,868,250
Landstar System a		5,600		328,608
Patriot Transportation Holding a		101,300		3,328,718
UTI Worldwide		45,000		2,646,450

				33,627,196


Other Industrial Services - 0.6%
Landauer		117,900		5,533,047
Team a		4,700		72,662

				5,605,709

Total				134,818,733


Natural Resources - 10.0%
Energy Services - 4.3%
Atwood Oceanics a		19,700		936,538
Carbo Ceramics		105,600		7,617,984
Core Laboratories a		10,000		245,900
ENSCO International		6,443		210,493
Global Industries a		119,500		738,510
Hanover Compressor Company a		160,000		2,152,000
Helmerich & Payne		172,400		4,946,156
Input/Output a		669,100		6,898,421
Key Energy Services a		10,000		110,500
Lufkin Industries		15,000		558,300
Precision Drilling a		29,500		1,696,250
TETRA Technologies a,d		61,000		1,894,050
Tidewater		32,600		1,061,130
Universal Compression Holdings a		115,000		3,918,050
Veritas DGC a		38,700		881,586
Willbros Group a		289,600		4,317,936

				38,183,804


Oil and Gas - 3.3%
Chesapeake Energy		75,000		1,187,250
Cimarex Energy a		115,041		4,019,533
Delta Petroleum a,d		39,000		508,560
Denbury Resources a		174,100		4,422,140
EOG Resources		5,000		329,250
Houston Exploration Company (The) a		57,000		3,382,950
Husky Energy		75,000		1,825,133
Penn Virginia		33,000		1,306,470
Plains Exploration & Production Company a		76,500		1,825,290
Remington Oil & Gas a		78,500		2,060,625
SEACOR Holdings a		159,500		7,456,625
Toreador Resources a,d		100,300		956,862

				29,280,688


Precious Metals and Mining - 1.3%
AngloGold Ashanti ADR b		49,900		1,941,110
Aurizon Mines a		62,000		68,820
Bema Gold a,d		270,000		861,300
Glamis Gold a		155,000		2,903,150
Gold Fields ADR b		57,800		788,970
Hecla Mining Company a,d		198,000		1,473,120
MK Resources Company a		431,700		1,187,175
Meridian Gold a		147,000		2,457,840
Miramar Mining a		110,000		139,700
Stillwater Mining Company a		10,780		167,090

				11,988,275


Real Estate 1.1%
Alico		52,000		2,215,200
CB Richard Ellis Group Cl.A a		75,000		1,732,500
Consolidated-Tomoka Land		13,564		471,756
Trammell Crow Company a		315,900		4,965,948

				9,385,404

Total				88,838,171


Technology - 21.7%
Aerospace and Defense - 1.0%
Armor Holdings a		23,000		957,030
Curtiss-Wright		86,600		4,956,118
Ducommun a		117,200		2,619,420
Herley Industries a		2,000		37,380

				8,569,948


Components and Systems - 6.2%
Advanced Digital Information a		46,000		400,200
American Power Conversion		151,200		2,629,368
Analogic Corporation		21,000		875,490
Belden CDT		57,800		1,260,040
Checkpoint Systems a		103,000		1,603,710
Dionex Corporation a		81,000		4,430,700
Excel Technology a		168,500		4,350,670
Hutchinson Technology a,d		47,500		1,269,675
Imation Corporation		15,700		558,763
InFocus Corporation a		79,000		723,640
KEMET Corporation a		110,000		889,900
Kronos a		38,775		1,717,345
Methode Electronics Cl. A		50,000		639,500
Metrologic Instruments a,d		25,000		396,250
Neoware Systems a,d		28,000		232,400
Newport Corporation a,d		191,900		2,201,093
Perceptron a		397,400		2,658,606
Plexus Corporation a		399,700		4,412,688
Radiant Systems a		32,500		130,650
REMEC a,d		189,200		891,132
Symbol Technologies		259,600		3,281,344
TTM Technologies a		192,600		1,712,214
Technitrol a		348,900		6,803,550
Tektronix		65,000		2,161,250
Vishay Intertechnology a		231,000		2,979,900
Zebra Technologies Cl. A a		96,525		5,888,990

				55,099,068


Distribution - 1.6%
Agilysys		185,125		3,200,811
Anixter International a		41,900		1,470,271
Arrow Electronics a		114,700		2,589,926
Avnet a		52,355		896,318
Benchmark Electronics a		36,000		1,072,800
Insight Enterprises a		64,000		1,077,760
Tech Data a		96,500		3,720,075

				14,027,961


Internet Software and Services - 0.8%
CNET Networks a		155,400		1,421,910
CryptoLogic		202,000		3,128,980
CyberSource Corporation a		10,000		48,300
DoubleClick a		181,700		1,073,847
Intraware a,d		130,000		153,400
RealNetworks a		85,400		397,964
S1 Corporation a,d		20,000		159,600
Satyam Computer Services ADR b		20,000		462,400
Vastera a		15,000		26,550

				6,872,951


IT Services - 5.4%
answerthink a		655,000		3,504,250
BearingPoint a		524,000		4,684,560
Black Box		47,000		1,736,650
CACI International Cl. A a		10,000		527,800
CIBER a		109,000		819,680
Computer Task Group a		101,100		314,421
Covansys Corporation a		251,600		2,903,464
DiamondCluster International a		80,400		980,880
Forrester Research a		79,300		1,208,532
Gartner Cl. A a		316,000		3,694,040
CGI Group Cl. A a,d		106,700		717,024
Keane a		480,000		7,372,800
MAXIMUS a		160,300		4,618,243
Perot Systems Cl. A a		165,100		2,651,506
QRS Corporation a		57,500		397,900
Sapient Corporation a		819,400		6,252,022
Syntel		148,500		2,454,705
Unisys Corporation a		325,000		3,354,000

				48,192,477


Semiconductors and Equipment - 3.5%
Artisan Components a		15,000		436,650
BE Semiconductor Industries a		58,000		292,320
Cabot Microelectronics a,d		167,900		6,086,375
CEVA a,d		31,666		250,161
Cognex Corporation		118,400		3,102,080
Credence Systems a		70,600		508,320
Cymer a		14,500		415,570
DSP Group a		115,000		2,420,750
DuPont Photomasks a		35,000		596,400
Electroglas a,d		281,700		839,466
Exar Corporation a		207,400		2,936,784
Fairchild Semiconductor International Cl. A a		51,200		725,504
Helix Technology		36,900		501,656
Integrated Circuit Systems a		75,000		1,612,500
Intevac a,d		216,050		1,356,794
Kulicke & Soffa Industries a,d		105,800		597,770
Lattice Semiconductor a		254,000		1,247,140
Mentor Graphics a		225,700		2,474,801
National Semiconductor a		76,400		1,183,436
Novellus Systems a		12,000		319,080
Omnivision Technologies a,d		11,000		155,650
Qlogic Corporation a		37,500		1,110,375
Semitool a		50,000		379,500
Silicon Storage Technology a		15,000		95,550
Veeco Instruments a		65,000		1,363,050

				31,007,682

Software - 2.1%
ANSYS a,d		10,000		497,300
Aspen Technology a		27,100		189,429
Autodesk		81,000		3,939,030
Business Objects ADR a,b,d		20,500		477,855
Integral Systems		59,800		1,166,698
JDA Software Group a		74,900		810,418
MRO Software a		46,000		460,000
Macromedia a		51,600		1,036,128
ManTech International Cl. A a		135,000		2,527,200
Manugistics Group a		49,200		117,096
Novell a		85,000		536,350
Progress Software a		30,500		606,950
SPSS a		117,500		1,566,275
Sybase a		82,600		1,139,054
Synopsys a		5,000		79,150
Transaction Systems Architects Cl. A a		213,150		3,961,393
Verisity a,d		5,000		34,750

				19,145,076

Telecommunications - 1.1%
Andrew Corporation a		30,000		367,200
Corvis Corporation a		10,000		8,000
Catapult Communications a		75,100		1,414,884
Covad Communications Group a,d		35,000		58,800
Globecomm Systems a,d		233,700		1,549,431
IDT Corporation a		25,000		364,500
IDT Corporation Cl. B a		40,000		601,200
Inet Technologies a		65,000		817,700
Level 3 Communications a,d		280,400		726,236
PECO II a		93,600		62,712
Scientific-Atlanta		117,300		3,040,416
Time Warner Telecom Cl. A a,d		179,000		859,200

				9,870,279

Total				192,785,442

Utilities - 0.2%
CH Energy Group		44,500		2,038,100
Southern Union a		11,025		226,013

Total				2,264,113

Miscellaneous - 4.9%
Total				43,626,730

TOTAL COMMON STOCKS
(Cost $745,192,680)				1,058,483,940

PREFERRED STOCK - 0.1%
Aristotle Corporation 11.00% Conv.		4,800		38,112

TOTAL PREFERRED STOCK
(Cost $31,005)				38,112

		PRINCIPAL AMOUNT
CORPORATE BONDS - 0.2%
Dixie Group 7.00%
Conv. Sub. Deb. due 5/15/12	$	490,000		460,600
Richardson Electronics 7.25%
Conv. Sub. Deb. due 12/15/06		1,319,000		1,319,000

TOTAL CORPORATE BONDS
(Cost $1,576,256)				1,779,600

U.S TREASURY OBLIGATIONS - 2.9%
U. S. Treasury Notes
5.625%, due 2/15/06		25,000,000		26,108,400


TOTAL U.S. TREASURY OBLIGATIONS
(Cost $26,204,762)				26,108,400

REPURCHASE AGREEMENT - 2.7%
State Street Bank & Trust Company,
1.30% dated 9/30/04, due 10/1/04,
maturity value $23,652,854
(collateralized by Federal National Mortgage Association
5.25% due at 1/15/06, valued at $24,127,426)
(Cost $23,652,000)				23,652,000

COLLATERAL RECEIVED FOR SECURITIES LOANED - 2.5%
U.S. Treasury Bonds
5.50%-7.25% due 8/15/22-8/15/28				7,326
U.S. Treasury Notes
1.875% due 1/31/06				152,370
Money Market Funds
State Street Navigator Securities Lending
Prime Portfolio				22,028,311

Total (Cost $22,188,007)				22,188,007

TOTAL INVESTMENTS - 127.5%
(Cost $818,844,710)				1,132,250,059

LIABILITIES LESS CASH
AND OTHER ASSETS - (2.7)%				(23,849,302	)

PREFERRED STOCK - (24.8)%				(220,000,000	)

NET ASSETS APPLICABLE TO
COMMON STOCKHOLDERS - 100.0%			$	888,400,757

a	Non-income producing.

b	American Depository Receipt.

c	At September 30, 2004, the Fund owned 5% or more of the Company's outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. The Fund effected the following transactions in shares of such companies during the nine months ended September 30, 2004:


	Shares	Market Value			Realized		Shares	Market Value
Affiliated Company	12/31/2003	12/31/2003	Purchases	Sales	Gain (Loss)	Dividend Income	9/30/2004	9/30/2004
CompX International*	482,200	3,086,080	-	-		-

Falcon Products	761,600	3,351,040	109,500	-		-	791,600	1,527,788

MGP Ingredients*	417,322	6,572,822	-	2,682,904	5,043,390	-

Peerless Mfg.	158,600	2,045,940	-	-		-	158,600	2,267,980

Richardson Electronics*
7.25% Conv. Due 12/15/06	1,319,000	1,213,480	-	-			-

Synalloy Corporation	345,000	2,387,400	-	-		-	345,000	3,450,000

		18,656,762			5,043,390	-		7,245,768

*Not an affilated issuer at September 30, 2004.

d	A portion of these securities were on loan at September 30, 2004. Total market value of loaned securities at September 30, 2004 was $21,729,071.

INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $820,875,723. At September 30, 2004, net unrealized appreciation for all securities was $311,374,336, consisting of aggregate gross unrealized appreciation of $370,240,622 and aggregate gross unrealized depreciation of $58,866,286. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold and amortization of discount for book and tax purposes.

	Valuation of investments: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange or Nasdaq are valued at their last reported sales price taken from the primary market in which each security trades or, if no sale is reported for such day, at their bid price. Other over-the-counter securities for which market quotations are readily available are valued at their bid price. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Board of Trustees. Bonds and other fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services.

	Other information regarding the Fund is available in the Fund's most recent Prospectus and Report to Shareholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission's website (www.sec.gov).

Item 2 - Controls and Procedures

(a)		The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)		There were no changes in the Registrant’s internal controls over financial reporting during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting.

Item 3 - Exhibits

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Royce Value Trust, Inc.
By: /s/ Charles M. Royce

Charles M. Royce
President, Royce Value Trust, Inc.
Date: November 29, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Charles M. Royce

Charles M. Royce
President, Royce Value Trust, Inc.
Date: November 29, 2004

By: /s/ John D. Diederich

John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: November 29, 2004