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

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

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: 12/31/2006

Date of reporting period: 9/30/2006

Item 1 – Schedule of Investments

SCHEDULES OF INVESTMENTS
ROYCE VALUE TRUST
SEPTEMBER 30, 2006 (UNAUDITED)

COMMON STOCKS - 103.0%            
    SHARES   VALUE  
Consumer Products - 4.7%            
Apparel and Shoes - 1.8%            

Kenneth Cole Productions Cl. A

   35,000   $ 852,950  

Columbia Sportswear Company a,c

   34,600     1,931,718  

K-Swiss Cl. A

   105,000     3,156,300  

Oakley a

   94,900     1,618,045  

Polo Ralph Lauren Cl. A

   58,200     3,764,958  

Tandy Brands Accessories

   16,900     179,647  

Timberland Company Cl. A a,c

   60,000     1,726,200  

Weyco Group

   307,992     6,889,781  
       
 
          20,119,599  
       
 
Collectibles - 0.1%            

Enesco Group a,c

   174,800     45,448  
       
 
Food/Beverage/Tobacco - 0.2%            

Hain Celestial Group a,c

   37,800     966,168  

Hershey Creamery Company a

   709     1,418,000  
       
 
          2,384,168  
       
 
Home Furnishing and Appliances - 0.3%            

Aaron Rents

   4,500     103,410  

Ethan Allen Interiors

   35,800     1,240,828  

Jacuzzi Brands a,c

   145,000     1,448,550  

La-Z-Boy c

   68,200     952,072  
       
 
          3,744,860  
       
 
Publishing - 0.4%            

Scholastic Corporation a,c

   130,000     4,049,500  
       
 
             
Sports and Recreation - 0.5%            

Coachmen Industries

   47,700     515,637  

Monaco Coach

   161,050     1,794,097  

Nautilus

   2,000     27,500  

Sturm, Ruger & Company a

   272,900     2,112,246  

Thor Industries

   26,100     1,074,537  
       
 
          5,524,017  
       
 
Other Consumer Products - 1.4%            

Blyth

   14,700     357,651  

Burnham Holdings Cl. B a

   36,000     619,200  

Fossil a,c

   82,800     1,783,512  

Lazare Kaplan International a

   103,600     1,015,280  

Leapfrog Enterprises a,c

   175,000     1,387,750  

Matthews International Cl. A

   166,000     6,110,460  

RC2 Corporation a

   132,600     4,446,078  
       
 
          15,719,931  
       
 
Total         51,587,523  
       
 
Consumer Services - 6.4%            
Direct Marketing - 0.1%            

FTD Group a,c

   55,000     849,750  
       
 
Leisure and Entertainment - 0.1%            

Gemstar-TV Guide International a

   111,100     368,852  

Shuffle Master a,c

   15,000     405,150  

Steiner Leisure a,c

   2,100     88,305  
       
 
          862,307  
       
 
Media and Broadcasting - 0.1%            

Cox Radio Cl. A a

   23,000     353,050  
       
 
Restaurants and Lodgings - 1.2%            

Applebee’s International a

   63,000     1,355,130  

Benihana Cl. A a

   6,600     191,400  

CEC Entertainment a

   121,400     3,825,314  

IHOP Corporation

   93,400     4,329,090  

Ryan’s Restaurant Group a,c

   7,200     114,264  

Steak n Shake Company (The) a

   183,000     3,090,870  
       
 
          12,906,068  
       
 
Retail Stores - 2.3%            

Big Lots a

   255,300     5,057,493  

CarMax a

   84,000     3,503,640  

Children’s Place Retail Stores a

   13,670     875,290  

Claire’s Stores a

   209,800     6,117,768  

Cost Plus a,c

   80,500     963,585  

Fred’s Cl. A a

   50,000     631,000  

Gander Mountain Company a,c

   53,300     370,968  

Hot Topic a,c

   29,000     323,060  

Krispy Kreme Doughnuts a,c

   85,000     688,500  

99 Cents Only Stores a

   95,000     1,123,850  

Stein Mart

   142,800     2,171,988  

Tiffany & Co.

   25,000     830,000  

Urban Outfitters a,c

   27,000     477,630  

West Marine a

   131,100     1,835,400  

Wet Seal (The) Cl. A a,c

   162,000     994,680  
       
 
          25,964,852  
       
 
Other Consumer Services - 2.6%            

Corinthian Colleges a,c

   106,500     1,151,265  

ITT Educational Services a

   104,000     6,895,200  

Laureate Education a,c

   75,000     3,589,500  

MoneyGram International

   74,900     2,176,594  

Sotheby’s a

   485,200     15,642,848  
       
 
          29,455,407  
       
 
Total         70,391,434  
       
 
Diversified Investment Companies - 0.1%            
Closed-End Mutual Funds - 0.1%            

Central Fund of Canada Cl. A a

   111,500     937,715  
       
 
Total         937,715  
       
 
Financial Intermediaries - 9.9%            
Banking - 3.4%            

BOK Financial

   129,327     6,802,600  

Bank of NT Butterfield a

   68,750     3,884,375  

CFS Bancorp

   260,000     3,845,400  

Cadence Financial

   30,300     614,181  

Commercial National Financial

   44,900     864,325  

Exchange National Bancshares

   50,400     1,532,160  

Farmers & Merchants Bank of Long Beach

   1,266     7,785,900  

Heritage Financial

   12,915     336,307  

HopFed Bancorp

   25,000     405,000  

Jefferson Bancshares

   25,000     332,750  

Mechanics Bank a

   200     3,810,000  

NetBank

   70,000     423,500  

Old Point Financial

   20,000     577,600  

Partners Trust Financial Group

   100,000     1,071,000  

Sun Bancorp a,c

   44,100     830,403  

Tompkins Trustco

   17,545     797,420  

Whitney Holding

   40,500     1,448,685  

Wilber Corporation

   31,700     315,732  

Wilmington Trust

   31,000     1,381,050  

Yadkin Valley Financial

   3,800     59,090  
       
 
          37,117,478  
       
 
Insurance - 4.3%            

Alleghany Corporation a

   11,097     3,207,144  

Aspen Insurance Holdings

   64,000     1,653,120  

Commerce Group

   89,000     2,674,450  

Erie Indemnity Company Cl. A

   139,900     7,326,563  

IPC Holdings

   27,000     821,340  

Leucadia National a

   86,442     2,262,187  

Markel Corporation a

   7,200     2,956,752  

Montpelier Re Holdings

   66,000     1,279,740  

NYMAGIC

   85,200     2,700,840  

Navigators Group a,c

   83,200     3,994,432  

Ohio Casualty

   107,000     2,768,090  

ProAssurance Corporation a,c

   38,070     1,876,090  

PXRE Group a

   166,551     686,190  

RLI

   99,724     5,064,982  

Security Capital Assurance a,c

   30,000     718,500  

21st Century Insurance Group

   62,000     926,900  

Wesco Financial

   4,750     2,075,750  

White Mountains Insurance Group

   10,000     4,969,600  
       
 
          47,962,670  
       
 
Real Estate Investment Trusts - 0.4%            

Gladstone Commercial

   34,700     697,470  

Government Properties Trust

   50,000     451,000  

Opteum Cl. A

   347,500     2,797,375  
       
 
          3,945,845  
       
 
Securities Brokers - 0.8%            

Dundee Wealth Management

   79,400     852,427  

First Albany Companies a

   350,100     1,470,420  

Investment Technology Group a

   30,400     1,360,400  

Knight Capital Group Cl. A a

   229,700     4,180,540  

optionsXpress Holdings

   53,000     1,477,640  
       
 
          9,341,427  
       
 
Other Financial Intermediaries - 1.0%            

International Securities Exchange Cl. A

   75,000     3,516,750  

MCG Capital

   138,000     2,253,540  

MVC Capital

   353,900     4,586,544  

MarketAxess Holdings a

   67,000     701,490  
       
 
          11,058,324  
       
 
Total         109,425,744  
       
 
Financial Services - 8.3%            
Information and Processing - 1.9%            

eFunds Corporation a,c

   126,875     3,067,837  

FactSet Research Systems

   35,350     1,716,949  

Global Payments

   137,000     6,029,370  

Interactive Data a

   134,300     2,679,285  

PRG-Schultz International a,c

   14,420     83,636  

SEI Investments Company

   141,200     7,934,028  
       
 
          21,511,105  
       
 
Insurance Brokers - 1.3%            

Crawford & Company Cl. A

   289,200     1,732,308  

Crawford & Company Cl. B

   162,300     1,102,017  

Gallagher (Arthur J.) & Company

   111,200     2,965,704  

Hilb Rogal & Hobbs Company

   155,050     6,612,883  

National Financial Partners

   22,000     902,660  

U.S.I. Holdings a,c

   40,000     542,000  
       
 
          13,857,572  
       
 
Investment Management - 4.5%            

ADDENDA Capital

   150,900     3,206,330  

AllianceBernstein Holding L.P.

   353,100     24,360,369  

BKF Capital Group a

   7,500     29,250  

Eaton Vance

   140,400     4,051,944  

Federated Investors Cl. B

   161,900     5,473,839  

GAMCO Investors Cl. A

   158,600     6,036,316  

Nuveen Investments Cl. A

   138,600     7,100,478  
       
 
          50,258,526  
       
 
Other Financial Services - 0.6%            

AmeriCredit Corporation a,c

   18,870     471,561  

CharterMac

   59,600     1,189,616  

Credit Acceptance a,c

   50,000     1,484,000  

Municipal Mortgage & Equity

   40,300     1,144,923  

Ocwen Financial a,c

   50,000     745,000  

Van der Moolen Holding ADR

   21,362     139,280  

World Acceptance a,c

   21,700     954,366  
       
 
          6,128,746  
       
 
Total         91,755,949  
       
 
Health - 7.9%            
Commercial Services - 1.4%            

First Consulting Group a

   560,900     5,468,775  

PAREXEL International a,c

   313,700     10,380,333  
       
 
          15,849,108  
       
 
Drugs and Biotech - 1.8%            

Affymetrix a,c

   10,000     215,600  

Antigenics a,c

   99,300     153,915  

Cerus Corporation a,c

   21,700     120,435  

DUSA Pharmaceuticals a

   79,700     333,146  

Endo Pharmaceuticals Holdings a

   229,800     7,479,990  

Gene Logic a

   365,000     565,750  

Hi-Tech Pharmacal a,c

   1,650     20,856  

Hollis-Eden Pharmaceuticals a,c

   44,000     232,760  

Human Genome Sciences a,c

   90,000     1,038,600  

K-V Pharmaceutical Company Cl. A a,c

   51,500     1,220,550  

Medicines Company (The) a,c

   20,000     451,200  

Millennium Pharmaceuticals a,c

   100,000     995,000  

Myriad Genetics a,c

   50,000     1,232,500  

Perrigo Company

   186,750     3,169,148  

Pharmanet Development Group a

   10,000     194,300  

QLT a,c

   114,070     866,932  

Telik a

   33,000     587,070  

VIVUS a,c

   163,300     604,210  
       
 
          19,481,962  
       
 
Health Services - 1.9%            

Albany Molecular Research a

   85,000     795,600  

Covance a,c

   52,700     3,498,226  

Cross Country Healthcare a,c

   30,000     510,000  

Eclipsys Corporation a,c

   20,000     358,200  

Gentiva Health Services a

   30,150     495,666  

HMS Holdings a

   50,000     631,000  

HealthSouth Corporation a,c

   1,000,000     4,960,000  

Lincare Holdings a,c

   52,562     1,820,748  

MedQuist a

   73,893     857,159  

National Home Health Care

   20,000     196,000  

On Assignment a,c

   425,400     4,173,174  

Paramount Acquisition (Units) a

   280,000     1,890,000  

Quovadx a

   3,000     7,830  

Res-Care a,c

   65,460     1,315,091  
       
 
          21,508,694  
       
 
Medical Products and Devices - 2.5%            

Allied Healthcare Products a

   197,700     1,035,948  

Arrow International

   195,728     6,226,108  

ArthroCare Corporation a,c

   10,000     468,600  

Bruker BioSciences a

   370,200     2,595,102  

CONMED Corporation a,c

   81,500     1,720,465  

IDEXX Laboratories a

   79,000     7,200,060  

Invacare Corporation

   103,100     2,424,912  

Novoste Corporation a

   16,625     38,238  

STERIS Corporation

   98,600     2,372,316  

Young Innovations

   62,550     2,249,298  

Zoll Medical a

   20,200     724,978  
       
 
          27,056,025  
       
 
Personal Care - 0.3%            

Helen of Troy a,c

   81,600     1,432,896  

Nutraceutical International a

   22,800     311,448  

USANA Health Sciences a,c

   38,900     1,734,551  
       
 
          3,478,895  
       
 
Total         87,374,684  
       
 
Industrial Products - 17.5%            
Automotive - 0.6%            

Fuel Systems Solutions a,c

   22,499     286,187  

LKQ Corporation a,c

   256,000     5,624,320  

Quantam Fuel Systems Technologies Worldwide a,c

   15,500     30,690  

Superior Industries International

   52,000     873,080  
       
 
          6,814,277  
       
 
Building Systems and Components - 0.9%            

Decker Manufacturing a

   6,022     215,286  

Preformed Line Products Company

   91,600     3,244,472  

Simpson Manufacturing

   250,800     6,779,124  
       
 
          10,238,882  
       
 
Construction Materials - 1.8%            

Ash Grove Cement Company Cl. B a

   50,518     10,002,564  

ElkCorp

   2,000     54,300  

Florida Rock Industries

   100,175     3,877,774  

Heywood Williams Group a

   958,837     1,548,428  

Synalloy Corporation a,b

   345,000     4,850,700  
       
 
          20,333,766  
       
 
Industrial Components - 1.3%            

Barnes Group

   4,000     70,240  

Bel Fuse Cl. A

   2,000     54,760  

C & D Technologies c

   345,700     2,454,470  

CLARCOR

   83,500     2,545,915  

Donaldson Company

   92,800     3,424,320  

GrafTech International a

   64,790     378,374  

Intermagnetics General a

   6,525     176,501  

PerkinElmer

   135,000     2,555,550  

Powell Industries a,c

   92,400     2,044,812  

II-VI a

   13,500     336,420  
       
 
          14,041,362  
       
 
Machinery - 5.7%            

Baldor Electric

   62,900     1,939,207  

Coherent a,c

   243,500     8,439,710  

Exco Technologies

   91,000     325,654  

Federal Signal

   58,600     893,650  

Franklin Electric

   84,200     4,474,388  

Graco

   96,825     3,781,985  

Hardinge

   277,793     3,694,647  

IDEX Corporation

   36,000     1,549,800  

Intermec a,c

   3,000     79,080  

Lincoln Electric Holdings

   228,680     12,451,626  

Nordson Corporation

   172,200     6,863,892  

PAXAR Corporation a,c

   267,500     5,344,650  

Rofin-Sinar Technologies a

   128,000     7,778,560  

Williams Controls a

   37,499     475,112  

Woodward Governor Company

   154,800     5,191,992  
       
 
          63,283,953  
       
 
Metal Fabrication and Distribution - 2.3%            

Commercial Metals Company

   36,600     744,078  

CompX International Cl. A

   292,300     4,556,957  

Gerdau Ameristeel

   61,100     557,843  

Harris Steel Group

   100,000     2,576,605  

IPSCO

   14,500     1,256,715  

Kaydon Corporation

   208,700     7,726,074  

NN

   127,100     1,503,593  

Novamerican Steel a

   10,800     360,720  

Oregon Steel Mills a

   107,100     5,233,977  

Reliance Steel & Aluminum

   25,920     833,069  
       
 
          25,349,631  
       
 
Paper and Packaging - 0.1%            

Peak International a,c

   408,400     1,233,368  
       
 
Specialty Chemicals and Materials - 2.1%            

Aceto Corporation

   78,410     552,006  

Balchem Corporation a

   11,250     222,637  

Cabot Corporation

   183,500     6,826,200  

Hawkins

   206,878     2,941,805  

Lydall a,c

   35,500     315,950  

MacDermid

   264,131     8,615,953  

Schulman (A.)

   143,100     3,364,281  

Sensient Technologies

   22,000     430,540  
       
 
          23,269,372  
       
 
Textiles - 0.1%            

Unifi a

   165,100     396,240  
       
 

Other Industrial Products - 2.6%

            

Brady Corporation Cl. A

   293,400     10,315,944  

Diebold

   86,700     3,774,051  

Distributed Energy Systems a

   32,000     103,360  

Kimball International Cl. B

   437,380     8,441,434  

Maxwell Technologies a

   21,500     437,310  

Myers Industries

   30,499     518,483  

Peerless Manufacturing a

   148,600     3,819,020  

Solar Integrated Technologies a

   75,000     40,724  

Waters Corporation a

   25,990     1,176,827  
       
 
          28,627,153  
       
 
Total         193,588,004  
       
 
Industrial Services - 13.4%            
Advertising and Publishing - 0.7%            

Interpublic Group of Companies a,c

   510,000     5,049,000  

Lamar Advertising Company Cl. A a,c

   26,000     1,388,660  

MDC Partners Cl. A a

   60,000     434,400  

ValueClick a,c

   45,000     834,300  
       
 
          7,706,360  
       
 
Commercial Services - 4.4%            

ABM Industries

   134,800     2,528,848  

Allied Waste Industries a

   188,800     2,127,776  

Anacomp Cl. A a

   26,000     169,000  

BB Holdings a

   194,900     571,102  

Bennett Environmental a,c

   20,900     23,408  

Central Parking

   18,300     301,950  

Convergys Corporation a

   121,000     2,498,650  

Copart a,c

   158,100     4,456,839  

First Advantage Cl. A a,c

   5,000     104,300  

Global Imaging Systems a

   100,000     2,207,000  

Hewitt Associates Cl. A a

   164,620     3,993,681  

Iron Mountain a,c

   156,175     6,706,155  

Learning Tree International a,c

   53,400     434,142  

MPS Group a

   564,600     8,531,106  

Manpower

   105,800     6,482,366  

New Horizons Worldwide a

   228,600     205,740  

RHJ International a

   157,500     2,945,840  

Renaissance Learning

   15,000     214,650  

Rollins

   130,500     2,754,855  

Spherion Corporation a,c

   53,000     378,950  

TRC Companies a

   3,600     30,672  

Viad Corporation

   9,025     319,575  

Wright Express a,c

   30,000     721,800  
       
 
          48,708,405  
       
 
Engineering and Construction - 1.1%            

Dycom Industries a,c

   37,400     804,100  

Fleetwood Enterprises a

   234,300     1,576,839  

Insituform Technologies Cl. A a,c

   174,300     4,232,004  

Washington Group International a

   100,000     5,886,000  
       
 
          12,498,943  
       
 
Food and Tobacco Processors - 0.5%            

American Italian Pasta Company Cl. A a

   10,000     77,800  

MGP Ingredients

   127,400     2,709,798  

Performance Food Group a

   10,000     280,900  

Seneca Foods Cl. A a

   69,600     1,886,160  

Seneca Foods Cl. B a

   13,251     357,247  
       
 
          5,311,905  
       
 
Industrial Distribution - 2.1%            

Central Steel & Wire a

   7,162     4,476,250  

MSC Industrial Direct Company Cl. A

   20,000     814,800  

Ritchie Bros. Auctioneers

   310,400     16,640,544  

Strategic Distribution a

   115,000     1,434,050  
       
 
          23,365,644  
       
 
Printing - 0.1%            

Bowne & Co.

   68,100     972,468  
       
 
Transportation and Logistics - 3.9%            

Alexander & Baldwin

   60,000     2,662,200  

Arkansas Best

   1,200     51,636  

Atlas Air Worldwide Holdings a

   17,000     739,840  

C. H. Robinson Worldwide

   80,000     3,566,400  

Continental Airlines Cl. B a,c

   100,000     2,831,000  

EGL a,c

   123,125     4,486,675  

Forward Air

   234,750     7,767,878  

Frozen Food Express Industries a

   286,635     2,175,560  

Grupo Aeroportuario del Sureste ADR

   36,900     1,376,739  

Hub Group Cl. A a

   174,400     3,972,832  

Landstar System

   11,200     478,240  

Patriot Transportation Holding a

   96,300     7,276,428  

Railpower Technologies a

   67,000     106,696  

UTI Worldwide

   105,000     2,936,850  

Universal Truckload Services a

   115,100     2,989,147  
       
 
          43,418,121  
       
 
Other Industrial Services - 0.6%            

Landauer

   117,900     5,983,425  
       
 
Total         147,965,271  
       
 
Natural Resources - 9.3%            
Energy Services - 2.9%            

Atwood Oceanics a,c

   29,400     1,322,118  

Carbo Ceramics

   148,400     5,346,852  

Core Laboratories a

   10,000     638,000  

Environmental Power a,c

   326,000     1,463,740  

Global Industries a,c

   54,500     848,020  

Hanover Compressor Company a,c

   260,000     4,737,200  

Helmerich & Payne

   80,600     1,856,218  

Input/Output a

   544,100     5,402,913  

TETRA Technologies a,c

   68,000     1,642,880  

Universal Compression Holdings a

   105,000     5,612,250  

Willbros Group a,c

   207,600     3,242,712  
       
 
          32,112,903  
       
 
Oil and Gas - 2.4%            

Bill Barrett a,c

   50,000     1,228,000  

Carrizo Oil & Gas a,c

   41,700     1,075,443  

Cimarex Energy

   193,990     6,826,508  

FX Energy a,c

   20,000     102,000  

Falcon Oil & Gas a

   360,000     930,798  

Helix Energy Solutions Group a,c

   34,226     1,143,148  

Particle Drilling Technologies a,c

   61,500     159,285  

Penn Virginia

   16,440     1,042,460  

PetroCorp a,d

   61,400     0  

Pioneer Drilling Company a,c

   1,800     23,112  

SEACOR Holdings a,c

   153,500     12,663,750  

Storm Cat Energy a

   330,800     539,204  

W&T Offshore

   25,000     730,250  
       
 
          26,463,958  
       
 
Precious Metals and Mining - 2.3%            

Agnico-Eagle Mines

   34,000     1,058,420  

Bema Gold a

   248,000     1,098,640  

Cambior a,c

   311,000     1,097,830  

Constellation Copper a

   186,900     267,537  

Entree Gold a

   90,000     89,100  

Etruscan Resources a

   675,900     1,965,265  

Gammon Lake Resources a

   188,300     2,152,269  

Glamis Gold a

   126,300     4,980,009  

Golden Star Resources a

   135,000     368,550  

Hecla Mining Company a,c

   598,000     3,432,520  

IAMGOLD Corporation a

   170,000     1,443,300  

Ivanhoe Mines a,c

   140,000     876,400  

Meridian Gold a,c

   111,000     2,759,460  

Miramar Mining a

   245,000     1,004,500  

Pan American Silver a,c

   41,000     801,140  

QGX a

   30,000     42,138  

Randgold Resources ADR a

   53,000     1,079,080  

Stillwater Mining Company a

   10,780     90,552  

Yamana Gold

   80,000     740,000  
       
 
          25,346,710  
       
 
Real Estate - 1.5%            

Alico

   27,000     1,579,770  

Consolidated-Tomoka Land

   13,564     870,402  

Realogy Corporation a

   300,000     6,804,000  

The St. Joe Company

   98,900     5,426,643  

Trammell Crow Company a,c

   46,500     1,697,715  
       
 
          16,378,530  
       
 
Other Natural Resources - 0.2%            

PICO Holdings a

   55,200     1,796,760  
       
 
Total         102,098,861  
       
 
Technology - 23.0%            
Aerospace and Defense - 0.6%            

Allied Defense Group (The) a

   45,700     751,765  

Armor Holdings a,c

   11,410     654,135  

Astronics Corporation a

   52,400     825,300  

Axsys Technologies a,c

   10,000     170,000  

Ducommun a

   117,200     2,186,952  

Hexcel Corporation a

   47,500     672,125  

Integral Systems

   49,800     1,556,748  
       
 
          6,817,025  
       
 
Components and Systems - 7.5%            

Adaptec a,c

   2,584,100     11,395,881  

American Power Conversion

   151,200     3,320,352  

Analogic Corporation

   40,135     2,059,728  

Belden CDT

   57,800     2,209,694  

Checkpoint Systems a

   56,060     925,551  

Dionex Corporation a

   81,000     4,126,140  

Electronics for Imaging a,c

   25,000     572,000  

Energy Conversion Devices a,c

   105,500     3,907,720  

Excel Technology a

   168,500     4,985,915  

Hutchinson Technology a,c

   47,500     998,925  

Imation Corporation

   15,700     630,355  

InFocus Corporation a

   228,100     652,366  

KEMET Corporation a

   95,600     771,492  

Kronos a,c

   38,775     1,321,840  

Methode Electronics

   50,000     475,500  

Metrologic Instruments a,c

   15,000     272,400  

Newport Corporation a,c

   592,200     9,652,860  

On Track Innovations a,c

   40,000     300,000  

Perceptron a

   397,400     3,409,692  

Plexus Corporation a,c

   325,700     6,253,440  

Power-One a,c

   10,000     72,400  

REMEC a

   143,387     248,060  

Radiant Systems a,c

   32,500     392,600  

Richardson Electronics

   116,700     1,053,801  

SafeNet a,c

   36,240     659,206  

TTM Technologies a,c

   221,400     2,590,380  

Technitrol

   311,200     9,289,320  

Tektronix

   159,680     4,619,542  

UQM Technologies a,c

   50,000     137,000  

Vishay Intertechnology a,c

   186,000     2,611,440  

Zebra Technologies Cl. A a

   76,525     2,735,004  
       
 
          82,650,604  
       
 
Distribution - 1.7%            

Agilysys

   165,125     2,318,355  

Anixter International a

   61,795     3,489,564  

Benchmark Electronics a,c

   208,200     5,596,416  

Solectron Corporation a

   1,170,100     3,814,526  

Tech Data a

   86,500     3,159,845  
       
 
          18,378,706  
       
 
Internet Software and Services - 1.7%            

Arbinet-thexchange a

   87,200     455,184  

CMGI a,c

   1,535,000     1,627,100  

CNET Networks a,c

   155,400     1,488,732  

CryptoLogic

   137,000     3,019,480  

CyberSource Corporation a,c

   10,000     118,300  

EarthLink a,c

   55,200     401,304  

eResearch Technology a,c

   141,000     1,143,510  

Internap Network Services a,c

   144,890     2,205,226  

j2 Global Communications a,c

   43,420     1,179,721  

Jupitermedia Corporation a,c

   420,000     3,637,200  

Lionbridge Technologies a

   37,500     286,125  

RealNetworks a,c

   245,400     2,603,694  

S1 Corporation a

   20,000     92,200  

SupportSoft a

   220,000     961,400  
       
 
          19,219,176  
       
 
IT Services - 4.1%            

answerthink a,c

   655,000     1,761,950  

BearingPoint a,c

   788,800     6,199,968  

Black Box

   47,000     1,829,240  

CACI International Cl. A a,c

   10,000     550,100  

CIBER a,c

   10,000     66,300  

Cogent Communications Group a,c

   226,900     2,629,771  

Computer Task Group a

   101,100     402,378  

Covansys Corporation a

   238,900     4,094,746  

Diamond Management & Technology Consultants a

   80,400     895,656  

Forrester Research a

   40,300     1,060,293  

Gartner a

   126,000     2,216,340  

Keane a

   468,000     6,743,880  

MAXIMUS

   127,900     3,338,190  

Perot Systems Cl. A a,c

   165,100     2,276,729  

Sapient Corporation a,c

   806,602     4,395,981  

Syntel

   152,679     3,458,179  

TriZetto Group (The) a,c

   215,200     3,258,128  
       
 
          45,177,829  
       
 
Semiconductors and Equipment - 2.4%            

BE Semiconductor Industries a

   58,000     321,900  

Brooks Automation a,c

   28,500     371,925  

Cabot Microelectronics a

   131,200     3,781,184  

Catalyst Semiconductor a

   200     676  

CEVA a

   31,666     179,230  

Cognex Corporation

   152,600     3,854,676  

Conexant Systems a,c

   11,980     23,960  

Credence Systems a,c

   53,600     152,760  

DSP Group a,c

   115,000     2,627,750  

DTS a,c

   64,100     1,357,638  

Dolby Laboratories Cl. A a

   83,900     1,665,415  

Exar Corporation a

   181,976     2,418,461  

Fairchild Semiconductor International a

   51,200     957,440  

International Rectifier a,c

   20,000     696,800  

Intevac a,c

   57,450     965,160  

IXYS Corporation a,c

   10,000     83,900  

Kulicke & Soffa Industries a,c

   105,800     935,272  

MEMC Electronic Materials a

   2,000     73,260  

Novellus Systems a,c

   12,000     331,920  

Pericom Semiconductor a,c

   58,000     565,500  

Power Integrations a

   49,000     957,950  

Sanmina-SCI Corporation a

   200,000     748,000  

Semitool a,c

   50,000     517,000  

Staktek Holdings a

   184,700     1,104,506  

Veeco Instruments a

   65,000     1,309,750  
       
 
          26,002,033  
       
 
Software - 3.2%            

Advent Software a,c

   116,800     4,229,328  

ANSYS a,c

   20,000     883,600  

Aspen Technology a

   27,100     295,932  

Avid Technology a,c

   30,000     1,092,600  

BEA Systems a

   65,610     997,272  

Borland Software a

   240,000     1,375,200  

Epicor Software a

   79,900     1,047,489  

iPass a,c

   268,400     1,256,112  

JDA Software Group a,c

   99,900     1,540,458  

MRO Software a,c

   46,000     1,180,820  

ManTech International Cl. A a,c

   119,400     3,941,394  

NAVTEQ Corporation a,c

   20,000     522,200  

PLATO Learning a

   149,642     953,220  

Progress Software a,c

   30,500     793,000  

SPSS a

   179,600     4,477,428  

Sybase a,c

   82,600     2,002,224  

THQ a,c

   20,000     583,400  

Transaction Systems Architects Cl. A a

   203,150     6,972,108  

Verint Systems a,c

   40,000     1,202,000  
       
 
          35,345,785  
       
 
Telecommunications - 1.8%            

ADTRAN

   65,000     1,549,600  

Broadwing Corporation a,c

   1,000     12,620  

Catapult Communications a

   87,100     728,156  

Covad Communications Group a,c

   35,000     52,150  

Foundry Networks a,c

   373,400     4,910,210  

Globecomm Systems a

   233,700     1,995,798  

IDT Corporation a

   58,400     825,776  

IDT Corporation Cl. B a,c

   65,000     937,300  

Level 3 Communications a

   400,000     2,140,000  

PECO II a

   93,600     116,064  

Time Warner Telecom Cl. A a,c

   179,000     3,402,790  

Tollgrade Communications a

   20,000     179,000  

USA Mobility

   97,500     2,226,900  

Vonage Holdings a,c

   100,000     688,000  

Yak Communications a

   20,000     102,400  
       
 
          19,866,764  
       
 
Total         253,457,922  
       
 
Utilities - 0.2%            

CH Energy Group

   44,500     2,290,415  

Southern Union

   11,576     305,722  
       
 
Total         2,596,137  
       
 
Miscellaneous (e) - 2.3%            
Total         25,245,986  
       
 
TOTAL COMMON STOCKS            

(Cost $740,043,186)

         1,136,425,230  
       
 
PREFERRED STOCKS - 0.2%            

Aristotle Corporation 11.00% Conv.

   4,800     37,488  

Seneca Foods Conv. a

   300     7,200  

Seneca Foods Conv. a,d

   85,000     2,073,150  
       
 
             
TOTAL PREFERRED STOCKS            

(Cost $1,316,014)

         2,117,838  
       
 
             
    PRINCIPAL        
    AMOUNT        
CORPORATE BONDS - 0.1%            

Dixie Group 7.00%

            

Conv. Sub. Deb. due 5/15/12 a

   $397,000     373,180  
       
 
TOTAL CORPORATE BONDS            

(Cost $323,682)

         373,180  
       
 
REPURCHASE AGREEMENTS - 17.2%            

State Street Bank & Trust Company, 5.10% dated 9/29/06, due 10/2/06, maturity value $70,082,773 (collateralized by obligations of various U.S. Government Agencies, valued at $71,809,119)

            

(Cost $70,053,000)

         70,053,000  
       
 

Lehman Brothers (Tri-Party), 5.18% dated 9/29/06, due 10/2/06, maturity value $120,051,800 (collateralized by obligations of various U.S. Government Agencies, valued at $122,454,020)

            

(Cost $120,000,000)

         120,000,000  
       
 
TOTAL REPURCHASE AGREEMENTS            

(Cost $190,053,000)

         190,053,000  
       
 
COLLATERAL RECEIVED FOR SECURITIES LOANED - 9.4%            
U.S. Treasury Bonds            

6.00%-7.125% due 8/15/22-2/15/26

   174,522     175,847  
Money Market Funds            

State Street Navigator Securities Lending

            

Prime Portfolio (7 day yield-5.24%)

         104,060,640  
       
 
TOTAL COLLATERAL RECEIVED FOR SECURITIES LOANED            

(Cost $104,236,487)

         104,236,487  
       
 
TOTAL INVESTMENTS - 129.9%            

(Cost $1,035,972,369)

         1,433,205,735  
             
LIABILITIES LESS CASH AND OTHER ASSETS - (10.0)%         (109,880,330 )
             
PREFERRED STOCK - (19.9)%         (220,000,000 )
       
 
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%       $ 1,103,325,405  
       
 

a   Non-income producing.
     
b   At September 30, 2006, 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 period ended September 30, 2006:

    Shares   Market Value   Cost of   Cost of   Realized   Dividend   Shares   Market Value
Affiliated Company   12/31/05   12/31/05   Purchases   Sales   Gain (Loss)   Income   9/30/06   9/30/06
 
 
 
 
 
 
 
 

Peerless Mfg.*

     158,600       $2,775,500       -       $38,275       $206,529       -                  
 

Synalloy Corporation

     345,000       3,610,080       -       -       -           -       345,000         $4,850,700  
              $6,385,580                       $206,529       -               $4,850,700  

*   Not an Affiliated Company at September 30, 2006.
     
c   A portion of these securities were on loan at September 30, 2006. Total market value of loaned securities at September 30, 2006 was $100,809,612.
     
d   Securities for which market quotations are no longer readily available represent 0.2% of net assets. These securities have been valued at their fair value under procedures established by the Fund’s Board of Directors.
     
e   Includes securities first acquired in 2006 and less than 1% of net assets applicable to Common Stockholders.

INCOME TAX INFORMATION:  The cost of total investments for Federal income tax purposes was $1,037,601,783. At September 30, 2006, net unrealized appreciation for all securities was $395,603,952, consisting of aggregate gross unrealized appreciation of $437,969,452 and aggregate gross unrealized depreciation of $42,365,500. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold for book and tax purposes.

Valuation of investments:
Investment transactions are accounted for on the trade date. 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, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing 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 Fund’s Board of Directors. 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. Investments in money market funds are valued at net asset value per share.

Repurchase Agreements:
The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities.

Securities Lending:
The Fund loans securities to qualified institutional investors for the purpose of realizing additional income. Collateral on all securities loaned for the Fund is accepted in cash and cash equivalents and invested temporarily by the custodian. The collateral is equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.

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 (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”), that the Registrant’s disclosure controls and procedures (as defined by Rule 30a-3(c) under the Act) 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 control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Item 3 - Exhibits

          Certifications pursuant to Rule 30a-2(a) under the Act 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 13, 2006

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 13, 2006

By:
 
/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: November 13, 2006