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: 3/31/2006

Item 1 - Schedule of Investments
Portfolio of Investments

ROYCE VALUE TRUST

            

SCHEDULE OF INVESTMENTS

            

MARCH 31, 2006 (UNAUDITED)

            
             

COMMON STOCKS - 99.7%

            
    SHARES     VALUE  

Consumer Products - 4.7%

            

Apparel and Shoes - 2.0%

            

Kenneth Cole Productions Cl. A

   35,000   $ 969,500  

Columbia Sportswear Company a,c

   34,600     1,845,218  

Jones Apparel Group

   81,500     2,882,655  

K-Swiss Cl. A

   105,000     3,164,700  

Oakley a

   94,900     1,615,198  

Polo Ralph Lauren Cl. A

   58,200     3,527,502  

Tandy Brands Accessories

   16,900     174,070  

Timberland Company Cl. A a,c

   60,000     2,053,800  

Weyco Group

   307,992     6,929,820  
       
 
          23,162,463  
       
 

Collectibles - 0.1%

            

Enesco Group a,c

   174,800     354,844  
       
 

Food/Beverage/Tobacco - 0.2%

            

Hain Celestial Group a,c

   37,800     989,982  

Hershey Creamery Company a

   709     1,418,000  
       
 
          2,407,982  
       
 

Home Furnishing and Appliances - 0.3%

            

Ethan Allen Interiors

   35,800     1,504,316  

Jacuzzi Brands a,c

   145,000     1,425,350  

La-Z-Boy

   68,200     1,159,400  
       
 
          4,089,066  
       
 

Publishing - 0.3%

            

Scholastic Corporation a,c

   130,000     3,478,800  
       
 

Sports and Recreation - 0.4%

            

Coachmen Industries

   47,700     542,826  

Monaco Coach

   161,050     2,158,070  

Nautilus

   2,000     29,900  

Thor Industries

   26,100     1,392,696  
       
 
          4,123,492  
       
 

Other Consumer Products - 1.4%

            

Blyth a

   14,700     308,994  

Burnham Holdings Cl. B a

   36,000     752,400  

Fossil a,c

   82,800     1,538,424  

Lazare Kaplan International a

   103,600     808,080  

Leapfrog Enterprises a,c

   175,000     1,858,500  

Matthews International Cl. A

   166,000     6,351,160  

RC2 Corporation a

   132,600     5,278,806  
       
 
          16,896,364  
       
 

Total

         54,513,011  
       
 
             

Consumer Services - 5.7%

            

Direct Marketing - 0.1%

            

FTD Group a,c

   55,000     532,950  
       
 

Leisure and Entertainment - 0.2%

            

Gemstar-TV Guide International a

   201,100     621,399  

Shuffle Master a,c

   45,000     1,608,300  

Steiner Leisure a

   2,100     85,050  
       
 
          2,314,749  
       
 

Media and Broadcasting - 0.1%

            

Cox Radio Cl. A a,c

   23,000     308,660  
       
 

Restaurants and Lodgings - 0.9%

            

Benihana Cl. A a,c

   6,600     204,072  

CEC Entertainment a

   121,400     4,081,468  

IHOP Corporation

   93,400     4,477,596  

Ryan’s Restaurant Group a,c

   7,200     104,400  

Steak n Shake Company (The) a

   80,000     1,688,000  
       
 
          10,555,536  
       
 

Retail Stores - 2.0%

            

Big Lots a

   255,300     3,563,988  

CarMax a,c

   77,000     2,516,360  

Children’s Place Retail Stores a,c

   25,300     1,464,870  

Claire’s Stores a

   189,800     6,891,638  

Cost Plus a,c

   66,600     1,138,860  

Fred’s Cl. A a

   50,000     663,000  

Gander Mountain Company a,c

   53,300     502,086  

Hot Topic a,c

   44,100     639,450  

Krispy Kreme Doughnuts a,c

   85,000     763,300  

99 Cents Only Stores a,c

   95,000     1,288,200  

Stein Mart

   142,800     2,487,576  

Urban Outfitters a,c

   27,000     662,580  

West Marine a

   31,100     466,811  

Wet Seal (The) Cl. A a,c

   162,000     1,077,300  
       
 
          24,126,019  
       
 

Other Consumer Services - 2.4%

            

Corinthian Colleges a,c

   106,500     1,533,600  

ITT Educational Services a

   106,000     6,789,300  

Laureate Education a,c

   75,000     4,003,500  

MoneyGram International

   74,900     2,300,928  

Sotheby’s Holdings Cl. A a,c

   485,200     14,090,208  
       
 
          28,717,536  
       
 

Total

         66,555,450  
       
 

Diversified Investment Companies - 0.1%

            

Closed-End Mutual Funds - 0.1%

            

Central Fund of Canada Cl. A a

   171,500     1,363,425  
       
 

Total

         1,363,425  
       
 

Financial Intermediaries - 7.8%

            

Banking - 3.1%

            

BOK Financial

   129,327     6,149,499  

Bank of NT Butterfield a

   62,500     3,500,000  

CFS Bancorp

   260,000     3,894,800  

Commercial National Financial

   44,900     889,020  

Exchange National Bancshares

   50,400     1,495,872  

Farmers & Merchants Bank of Long Beach

   1,266     7,184,550  

Heritage Financial

   12,915     374,535  

HopFed Bancorp

   25,000     399,500  

Jefferson Bancshares

   25,000     337,250  

Mechanics Bank

   200     3,800,000  

NBC Capital

   30,300     694,779  

NetBank

   70,000     506,800  

Old Point Financial

   20,000     577,800  

Partners Trust Financial Group

   100,000     1,192,000  

Sun Bancorp a,c

   42,000     819,000  

Tompkins Trustco

   15,950     767,993  

Whitney Holding

   40,500     1,436,130  

Wilber Corporation

   31,700     323,340  

Wilmington Trust

   31,000     1,343,850  

Yadkin Valley Bank & Trust Company

   3,800     55,026  
       
 
          35,741,744  
       
 

Insurance - 3.6%

            

Alleghany Corporation a

   11,097     3,212,755  

Aspen Insurance Holdings

   64,000     1,578,240  

Commerce Group

   44,500     2,351,380  

Erie Indemnity Company Cl. A

   139,900     7,364,336  

IPC Holdings

   27,000     757,350  

Leucadia National a

   43,221     2,578,565  

Markel Corporation a

   4,200     1,418,256  

Montpelier Re Holdings

   66,000     1,075,800  

NYMAGIC

   85,200     2,541,516  

Navigators Group a,c

   83,200     4,126,720  

Ohio Casualty

   107,000     3,391,900  

ProAssurance Corporation a,c

   38,070     1,979,640  

PXRE Group a,c

   166,551     544,622  

RLI

   99,724     5,714,185  

21st Century Insurance Group

   62,000     979,600  

Wesco Financial

   4,750     1,895,250  
       
 
          41,510,115  
       
 

Real Estate Investment Trusts - 0.3%

            

Bimini Mortgage Management Cl. A

   347,500     2,974,600  

Gladstone Commercial

   30,000     607,500  

Government Properties Trust

   50,000     477,000  
       
 
          4,059,100  
       
 

Securities Brokers - 0.7%

            

First Albany a,c

   350,100     1,971,063  

Investment Technology Group a,c

   30,400     1,513,920  

Knight Capital Group Cl. A a,c

   229,700     3,199,721  

optionsXpress Holdings

   53,000     1,541,240  
       
 
          8,225,944  
       
 

Other Financial Intermediaries - 0.1%

            

MarketAxess Holdings a

   67,000     806,010  

Nasdaq Stock Market a,c

   25,000     1,001,000  
       
 
          1,807,010  
       
 

Total

         91,343,913  
       
 

Financial Services - 8.6%

            

Information and Processing - 2.1%

            

Advent Software a,c

   116,800     3,319,456  

eFunds Corporation a,c

   126,875     3,278,450  

FactSet Research Systems

   35,350     1,567,772  

Global Payments

   137,000     7,262,370  

Interactive Data a

   134,300     3,156,050  

SEI Investments Company a

   141,200     5,722,836  
       
 
          24,306,934  
       
 

Insurance Brokers - 1.1%

            

Crawford & Company Cl. A

   289,200     1,680,252  

Crawford & Company Cl. B

   162,300     973,800  

Gallagher (Arthur J.) & Company

   111,200     3,092,472  

Hilb Rogal & Hobbs Company

   155,050     6,391,161  

U.S.I. Holdings a,c

   40,000     645,200  
       
 
          12,782,885  
       
 

Investment Management - 4.7%

            

ADDENDA Capital

   81,000     2,000,985  

AllianceBernstein Holding L.P.

   353,100     23,392,875  

BKF Capital Group a

   7,500     97,500  

Dundee Wealth Management

   50,000     494,070  

Eaton Vance

   140,400     3,844,152  

Federated Investors Cl. B

   121,900     4,760,195  

GAMCO Investors Cl. A

   158,600     6,336,070  

MCG Capital

   138,000     1,947,180  

MVC Capital a

   353,900     4,317,580  

National Financial Partners

   22,000     1,243,440  

Nuveen Investments Cl. A

   138,600     6,673,590  
       
 
          55,107,637  
       
 

Other Financial Services - 0.7%

            

AmeriCredit Corporation a,c

   33,000     1,014,090  

CharterMac

   59,600     1,209,880  

Credit Acceptance a,c

   50,000     1,175,000  

International Securities Exchange Cl. A c

   75,000     3,123,750  

Municipal Mortgage & Equity

   40,300     1,067,950  

PRG-Schultz International a

   247,000     150,621  

Van der Moolen Holding ADR a

   21,000     190,890  

World Acceptance a,c

   21,700     594,580  
       
 
          8,526,761  
       
 

Total

         100,724,217  
       
 

Health - 7.0%

            

Commercial Services - 1.1%

            

First Consulting Group a

   560,900     4,145,051  

PAREXEL International a,c

   313,700     8,294,228  
       
 
          12,439,279  
       
 

Drugs and Biotech - 1.9%

            

Affymetrix a,c

   5,000     164,650  

Antigenics a,c

   99,300     272,082  

Cerus Corporation a,c

   21,700     185,752  

Connetics Corporation a,c

   14,300     242,099  

DUSA Pharmaceuticals a,c

   79,700     562,682  

Endo Pharmaceuticals Holdings a,c

   229,800     7,539,738  

FX Energy a,c

   20,000     104,600  

Gene Logic a,c

   365,000     1,675,350  

Hi-Tech Pharmacal a,c

   1,650     46,530  

Hollis-Eden Pharmaceuticals a

   44,000     271,040  

Human Genome Sciences a,c

   90,000     978,300  

K-V Pharmaceutical Company Cl. A a,c

   51,500     1,242,180  

Martek Biosciences a,c

   12,500     410,375  

Medicines Company (The) a,c

   20,000     411,400  

Millennium Pharmaceuticals a,c

   100,000     1,011,000  

Myriad Genetics a,c

   50,000     1,304,500  

Perrigo Company

   186,750     3,045,892  

QLT a,c

   122,060     938,641  

SFBC International a,c

   10,000     243,800  

Telik a

   33,000     638,880  

VIVUS a,c

   163,300     543,789  
       
 
          21,833,280  
       
 

Health Services - 1.3%

            

Albany Molecular Research a

   85,000     863,600  

Covance a,c

   52,700     3,096,125  

Cross Country Healthcare a,c

   30,000     580,800  

Eclipsys Corporation a

   20,000     472,200  

Gentiva Health Services a

   30,150     549,032  

HMS Holdings a

   50,000     437,500  

Lincare Holdings a,c

   42,712     1,664,060  

MedQuist a

   73,893     982,038  

National Home Health Care

   20,000     214,200  

On Assignment a

   425,400     4,670,892  

Paramount Acquisition a

   280,000     2,259,600  

Quovadx a,c

   3,000     9,570  
       
 
          15,799,617  
       
 

Medical Products and Devices - 2.4%

            

Allied Healthcare Products a,c

   197,700     1,190,154  

Arrow International

   195,728     6,394,434  

ArthroCare Corporation a,c

   10,000     478,200  

Bruker BioSciences a

   370,200     1,999,080  

CONMED Corporation a,c

   81,500     1,560,725  

Diagnostic Products

   25,000     1,190,750  

IDEXX Laboratories a,c

   79,000     6,822,440  

Invacare Corporation

   103,100     3,202,286  

Novoste Corporation a,c

   16,625     48,876  

STERIS Corporation

   98,600     2,433,448  

Young Innovations

   62,550     2,284,326  

Zoll Medical a

   20,200     532,068  
       
 
          28,136,787  
       
 

Personal Care - 0.3%

            

Helen of Troy a,c

   81,600     1,729,920  

Inter Parfums

   500     9,965  

Nutraceutical International a

   22,800     343,596  

USANA Health Sciences a,c

   38,900     1,622,908  
       
 
          3,706,389  
       
 

Total

         81,915,352  
       
 

Industrial Products - 17.5%

            

Automotive - 0.6%

            

IMPCO Technologies a,c

   45,000     293,400  

LKQ Corporation a,c

   256,000     5,327,360  

Quantam Fuel Systems Technologies Worldwide a,c

   15,500     55,490  

Superior Industries International

   52,000     1,006,720  
       
 
          6,682,970  
       
 

Building Systems and Components - 1.2%

            

Decker Manufacturing a

   6,022     225,825  

Preformed Line Products Company

   91,600     3,107,072  

Simpson Manufacturing

   250,800     10,859,640  
       
 
          14,192,537  
       
 

Construction Materials - 1.6%

            

Ash Grove Cement Company Cl. B a

   50,518     8,992,204  

ElkCorp

   33,650     1,135,687  

Florida Rock Industries

   25,475     1,432,205  

Heywood Williams Group a

   958,837     1,711,694  

Synalloy Corporation a,b

   345,000     5,171,550  
       
 
          18,443,340  
       
 

Industrial Components - 1.7%

            

AMETEK

   64,500     2,899,920  

Barnes Group

   2,000     81,000  

Bel Fuse Cl. A

   2,000     56,380  

C & D Technologies a

   345,700     3,194,268  

CLARCOR

   83,500     2,972,600  

Donaldson Company

   92,800     3,135,712  

GrafTech International a,c

   143,400     874,740  

Intermagnetics General a

   6,525     163,451  

PerkinElmer

   135,000     3,168,450  

Powell Industries a

   92,400     2,012,472  

II-VI a

   13,500     244,215  

Woodhead Industries

   45,400     753,640  
       
 
          19,556,848  
       
 

Machinery - 5.6%

            

Baldor Electric

   62,900     2,130,423  

Coherent a,c

   243,500     8,549,285  

Exco Technologies

   91,000     311,684  

Federal Signal

   58,600     1,084,100  

Franklin Electric

   84,200     4,601,530  

Graco

   96,825     4,398,760  

Hardinge

   274,500     4,416,705  

IDEX Corporation

   36,000     1,878,120  

Lincoln Electric Holdings

   203,680     10,996,683  

Nordson Corporation

   172,200     8,585,892  

PAXAR Corporation a,c

   267,500     5,234,975  

Rofin-Sinar Technologies a,c

   128,000     6,928,640  

T-3 Energy Services a

   51,010     808,509  

UNOVA a

   3,000     91,530  

Williams Controls a,c

   37,500     496,875  

Woodward Governor Company

   154,800     5,147,100  
       
 
          65,660,811  
       
 

Metal Fabrication and Distribution - 2.5%

            

Commercial Metals Company

   20,000     1,069,800  

CompX International Cl. A

   292,300     4,720,645  

Earle M Jorgensen Company a

   50,000     757,500  

Gerdau Ameristeel

   100,000     930,000  

Harris Steel Group

   100,000     2,354,754  

IPSCO

   14,500     1,509,305  

Kaydon Corporation

   208,700     8,423,132  

NN a

   127,100     1,640,861  

Novamerican Steel a

   10,800     496,260  

Oregon Steel Mills a

   107,100     5,480,307  

Reliance Steel & Aluminum

   8,500     798,320  

Schnitzer Steel Industries Cl. A

   34,000     1,456,900  
       
 
          29,637,784  
       
 

Paper and Packaging - 0.1%

            

Peak International a,c

   408,400     1,127,184  
       
 

Pumps, Valves and Bearings - 0.2%

            

Conbraco Industries a

   7,630     2,395,820  
       
 

Specialty Chemicals and Materials - 1.8%

            

Aceto Corporation a

   18,050     133,028  

Bairnco Corporation

   43,000     459,670  

Balchem Corporation a

   11,250     259,537  

CFC International a

   99,000     1,641,668  

Cabot Corporation

   56,500     1,920,435  

Hawkins

   206,878     2,910,773  

Lydall a,c

   35,500     342,575  

MacDermid

   264,131     8,491,812  

Schulman (A.)

   183,100     4,531,725  

Sensient Technologies

   22,000     397,100  
       
 
          21,088,323  
       
 

Textiles - 0.1%

            

Unifi a,c

   165,100     551,434  
       
 

Other Industrial Products - 2.1%

            

Brady Corporation Cl. A

   228,800     8,570,848  

Diebold

   85,000     3,493,500  

Distributed Energy Systems a

   32,000     227,200  

Kimball International Cl. B

   437,380     6,578,195  

Maxwell Technologies a

   21,500     419,465  

Myers Industries

   30,499     487,679  

Peerless Manufacturing a,b

   158,600     3,092,700  

Solar Integrated Technologies a

   75,000     475,613  

Waters Corporation a,c

   23,200     1,001,080  
       
 
          24,346,280  
       
 

Total

         203,683,331  
       
 

Industrial Services - 13.7%

            

Advertising and Publishing - 0.7%

            

Interpublic Group of Companies a,c

   510,000     4,875,600  

Lamar Advertising Company Cl. A a,c

   24,000     1,262,880  

MDC Partners Cl. A a

   60,000     511,800  

ValueClick a,c

   65,600     1,109,952  
       
 
          7,760,232  
       
 

Commercial Services - 4.8%

            

ABM Industries

   134,800     2,584,116  

Aaron Rents

   4,500     122,265  

Alliance Data Systems a,c

   39,100     1,828,707  

Allied Waste Industries a

   188,800     2,310,912  

Anacomp Cl. A a

   26,000     269,100  

BB Holdings a

   194,900     896,540  

Bennett Environmental a

   20,900     93,214  

Central Parking

   18,300     292,800  

Convergys Corporation a,c

   121,000     2,203,410  

Copart a,c

   158,100     4,339,845  

Dolby Laboratories Cl. A a

   83,900     1,753,510  

First Advantage Cl. A a,c

   5,000     120,900  

Global Imaging Systems a,c

   50,000     1,899,000  

Hewitt Associates Cl. A a

   135,500     4,029,770  

Iron Mountain a,c

   181,175     7,381,070  

Learning Tree International a,c

   53,400     647,208  

MPS Group a

   564,600     8,638,380  

Manpower a

   105,800     6,049,644  

New Horizons Worldwide a

   228,600     137,160  

RHJ International a

   157,500     3,729,527  

RemedyTemp Cl. A a

   160,700     1,968,575  

Renaissance Learning

   15,000     270,000  

Rollins

   130,500     2,641,320  

Spherion Corporation a,c

   53,000     551,200  

TRC Companies a

   3,600     48,708  

Viad Corporation

   9,025     309,377  

Wright Express a,c

   30,000     841,500  
       
 
          55,957,758  
       
 

Engineering and Construction - 1.2%

            

Dycom Industries a,c

   47,700     1,013,625  

Fleetwood Enterprises a

   234,300     2,617,131  

Insituform Technologies Cl. A a,c

   174,300     4,636,380  

Washington Group International a

   100,000     5,739,000  
       
 
          14,006,136  
       
 

Food and Tobacco Processors - 0.5%

            

American Italian Pasta Company Cl. A a

   10,000     62,600  

MGP Ingredients a

   216,400     3,505,680  

Performance Food Group a,c

   10,000     311,900  

Seneca Foods Cl. A a

   68,600     1,347,990  

Seneca Foods Cl. B a

   10,900     214,185  
       
 
          5,442,355  
       
 

Industrial Distribution - 1.9%

            

Aviall a,c

   44,400     1,690,752  

Central Steel & Wire a

   5,584     3,422,992  

MSC Industrial Direct Company

   20,000     1,080,400  

Ritchie Bros. Auctioneers

   310,400     15,364,800  

Strategic Distribution a

   115,000     1,036,150  
       
 
          22,595,094  
       
 

Printing - 0.1%

            

Bowne & Co.

   68,100     1,135,227  
       
 

Transportation and Logistics - 4.0%

            

Alexander & Baldwin

   60,000     2,860,800  

Arkansas Best

   1,200     46,944  

Atlas Air Worldwide Holdings a,c

   17,000     790,500  

C. H. Robinson Worldwide

   80,000     3,927,200  

Continental Airlines Cl. B a,c

   100,000     2,690,000  

EGL a,c

   123,125     5,540,625  

Forward Air

   234,750     8,753,828  

Frozen Food Express Industries a,c

   286,635     2,995,336  

Grupo Aeroportuario del Sureste a

   36,900     1,231,722  

Hub Group Cl. A a,c

   87,200     3,974,576  

Landstar System

   11,200     494,144  

Patriot Transportation Holding a

   96,300     6,550,326  

Railpower Technologies a

   67,000     258,167  

UTI Worldwide a

   105,000     3,318,000  

Universal Truckload Services a

   115,100     2,883,255  
       
 
          46,315,423  
       
 

Other Industrial Services - 0.5%

            

Landauer

   117,900     5,920,938  
       
 

Total

         159,133,163  
       
 
             

Natural Resources - 9.5%

            

Energy Services - 3.2%

            

Atwood Oceanics a,c

   14,700     1,484,847  

Carbo Ceramics

   148,400     8,445,444  

Core Laboratories a

   10,000     475,500  

Environmental Power a

   326,000     2,308,080  

Global Industries a,c

   54,500     789,705  

Hanover Compressor Company a,c

   160,000     2,979,200  

Helmerich & Payne

   60,300     4,210,146  

Input/Output a

   544,100     5,283,211  

TETRA Technologies a,c

   34,000     1,599,360  

Universal Compression Holdings a

   105,000     5,320,350  

Veritas DGC a,c

   5,000     226,950  

Willbros Group a,c

   207,600     4,222,584  
       
 
          37,345,377  
       
 

Oil and Gas - 3.2%

            

Alon USA Energy

   59,100     1,455,042  

Bill Barrett a,c

   50,000     1,629,500  

Carrizo Oil & Gas a,c

   41,700     1,083,783  

Cimarex Energy

   193,990     8,392,007  

Falcon Oil & Gas a

   360,000     856,959  

Hornbeck Offshore Services a,c

   33,000     1,190,310  

Houston Exploration Company (The) a,c

   50,000     2,635,000  

Particle Drilling Technologies a,c

   61,500     329,640  

Penn Virginia

   18,700     1,327,700  

PetroCorp a,d

   61,400     0  

Pioneer Drilling Company a

   1,800     29,574  

Pogo Producing Company

   1,700     85,425  

Remington Oil & Gas a

   78,500     3,392,770  

SEACOR Holdings a,c

   153,500     12,157,200  

Tesoro Corporation

   21,000     1,435,140  

W &T Offshore

   25,000     1,007,750  
       
 
          37,007,800  
       
 

Precious Metals and Mining - 2.7%

            

Agnico-Eagle Mines

   34,000     1,035,300  

Bema Gold a,c

   300,000     1,329,000  

Cambior a

   341,000     1,115,070  

Constellation Copper a

   186,900     376,088  

Entree Gold a,c

   90,000     211,500  

Etruscan Resources a

   675,900     1,099,636  

Gammon Lake Resources a

   196,300     3,553,030  

Glamis Gold a

   227,000     7,418,360  

Golden Star Resources a

   135,000     430,650  

Hecla Mining Company a,c

   598,000     3,952,780  

IAMGOLD Corporation a

   170,000     1,467,100  

Ivanhoe Mines a,c

   140,000     1,348,200  

Meridian Gold a,c

   111,000     3,291,150  

Miramar Mining a,c

   245,000     830,550  

Pan American Silver a,c

   41,000     1,041,400  

QGX a

   30,000     115,597  

Randgold Resources a

   53,000     963,010  

Stillwater Mining Company a,c

   10,780     177,439  

Western Silver a,c

   22,500     528,075  

Yamana Gold a,c

   80,000     740,800  
       
 
          31,024,735  
       
 

Real Estate - 0.3%

            

Alico

   27,000     1,226,880  

Consolidated-Tomoka Land

   13,564     842,731  

Trammell Crow Company a,c

   46,500     1,658,190  
       
 
          3,727,801  
       
 

Other Natural Resources - 0.1%

            

PICO Holdings a

   55,200     1,815,528  
       
 

Total

         110,921,241  
       
 

Technology - 22.8%

            

Aerospace and Defense - 0.7%

            

Allied Defense Group (The) a

   45,700     1,003,115  

Armor Holdings a,c

   19,000     1,107,510  

Astronics Corporation a

   52,400     706,876  

Axsys Technologies a

   10,000     170,500  

Ducommun a

   117,200     2,601,840  

Herley Industries a,c

   2,000     41,760  

Hexcel Corporation a,c

   47,500     1,043,575  

Integral Systems

   49,800     1,344,102  
       
 
          8,019,278  
       
 

Components and Systems - 7.6%

            

Adaptec a,c

   167,000     923,510  

American Power Conversion

   151,200     3,494,232  

Analogic Corporation

   57,655     3,816,761  

Belden CDT

   57,800     1,573,894  

Checkpoint Systems a

   53,300     1,432,704  

Dionex Corporation a

   81,000     4,979,880  

Electronics for Imaging a,c

   25,000     699,250  

Energy Conversion Devices a,c

   115,500     5,680,290  

Excel Technology a

   168,500     4,965,695  

Hutchinson Technology a,c

   44,500     1,342,565  

Imation Corporation

   15,700     673,687  

InFocus Corporation a

   255,300     1,212,675  

KEMET Corporation a

   95,600     905,332  

Kronos a,c

   38,775     1,449,797  

Methode Electronics

   50,000     544,500  

Metrologic Instruments a,c

   15,000     346,950  

Newport Corporation a,c

   592,200     11,168,892  

On Track Innovations a,c

   40,000     502,000  

Perceptron a

   397,400     3,381,874  

Plexus Corporation a,c

   325,700     12,236,549  

Power-One a,c

   10,000     72,000  

REMEC a

   143,387     189,271  

Radiant Systems a,c

   32,500     439,400  

Richardson Electronics

   161,000     1,513,400  

SafeNet a,c

   36,240     959,635  

Symbol Technologies

   99,389     1,051,536  

TTM Technologies a,c

   221,400     3,208,086  

Technitrol

   311,200     7,462,576  

Tektronix

   159,680     5,702,173  

UQM Technologies a,c

   50,000     224,500  

Vishay Intertechnology a,c

   186,000     2,648,640  

Zebra Technologies Cl. A a

   76,525     3,422,198  
       
 
          88,224,452  
       
 

Distribution - 1.7%

            

Agilysys

   165,125     2,486,782  

Anixter International a

   71,885     3,434,665  

Benchmark Electronics a

   138,800     5,322,980  

Brightpoint a,c

   18,090     561,875  

Solectron Coporation a

   1,170,100     4,680,400  

Tech Data a,c

   86,500     3,192,715  
       
 
          19,679,417  
       
 

Internet Software and Services - 1.3%

            

Arbinet-thexchange a,c

   87,200     641,792  

CMG Information Services a,c

   1,105,000     1,635,400  

CNET Networks a,c

   155,400     2,208,234  

CryptoLogic

   137,000     3,533,230  

CyberSource Corporation a,c

   10,000     111,600  

EarthLink a,c

   55,200     527,160  

eResearch Technology a,c

   72,000     1,036,080  

Internap Network Services a

   1,448,900     1,361,966  

Internet Security Systems a,c

   40,000     959,200  

Lionbridge Technologies a

   37,500     296,625  

RSA Security a,c

   14,000     251,160  

RealNetworks a,c

   245,400     2,024,550  

S1 Corporation a,c

   20,000     100,800  

SupportSoft a,c

   220,000     974,600  
       
 
          15,662,397  
       
 

IT Services - 4.4%

            

answerthink a,c

   655,000     4,211,650  

BearingPoint a,c

   788,800     6,696,912  

Black Box

   47,000     2,258,350  

CACI International Cl. A a,c

   10,000     657,500  

CIBER a,c

   10,000     63,800  

Cogent Communications Group a,c

   226,900     2,212,275  

Computer Task Group a

   101,100     429,675  

Covansys Corporation a

   238,900     4,106,691  

DiamondCluster International a,c

   80,400     860,280  

Forrester Research a

   40,300     899,496  

Gartner Cl. A a

   126,000     1,757,700  

Keane a

   468,000     7,371,000  

MAXIMUS

   127,900     4,601,842  

Perot Systems Cl. A a

   165,100     2,568,956  

Sapient Corporation a,c

   731,602     5,582,123  

Syntel

   152,679     2,888,687  

TriZetto Group (The) a,c

   215,200     3,785,368  
       
 
          50,952,305  
       
 

Semiconductors and Equipment - 2.3%

            

BE Semiconductor Industries a

   58,000     352,640  

Brooks Automation a,c

   43,500     619,440  

Cabot Microelectronics a

   131,200     4,867,520  

Catalyst Semiconductor a

   200     980  

CEVA a

   31,666     209,946  

Cognex Corporation

   55,300     1,639,092  

Conexant Systems a,c

   11,980     41,331  

Credence Systems a,c

   53,600     393,424  

DSP Group a,c

   115,000     3,336,150  

DTS a,c

   64,100     1,260,206  

Exar Corporation a,c

   181,976     2,598,617  

Fairchild Semiconductor International Cl. A a,c

   51,200     976,384  

International Rectifier a,c

   20,000     828,600  

Intevac a,c

   57,450     1,653,411  

Kulicke & Soffa Industries a,c

   105,800     1,009,332  

MEMC Electronic Materials a,c

   20,300     749,476  

Novellus Systems a,c

   44,300     1,063,200  

Pericom Semiconductor a,c

   58,000     571,880  

Power Integrations a,c

   49,000     1,214,220  

Sanmina-SCI Corporation a,c

   100,000     410,000  

Semitool a,c

   50,000     568,500  

Staktek Holdings a

   184,700     1,145,140  

Veeco Instruments a,c

   65,000     1,517,750  
       
 
          27,027,239  
       
 

Software - 2.7%

            

ANSYS a,c

   20,000     1,083,000  

Aspen Technology a

   27,100     342,815  

BEA Systems a,c

   100,000     1,313,000  

Borland Software a,c

   230,000     1,242,000  

iPass a,c

   268,400     2,149,884  

JDA Software Group a,c

   99,900     1,442,556  

MRO Software a

   46,000     734,160  

ManTech International Cl. A a,c

   119,400     3,966,468  

Manugistics Group a,c

   49,200     106,272  

NAVTEQ Corporation a,c

   20,000     1,013,000  

NetIQ Corporation a,c

   60,000     669,000  

PLATO Learning a,c

   149,642     1,420,103  

Progress Software a

   30,500     887,245  

SPSS a

   179,600     5,686,136  

Sybase a,c

   82,600     1,744,512  

THQ a,c

   20,000     517,800  

Transaction Systems Architects Cl. A a,c

   203,150     6,340,312  

Verint Systems a,c

   40,000     1,414,800  
       
 
          32,073,063  
       
 

Telecommunications - 2.1%

            

ADTRAN

   65,000     1,701,700  

Broadwing Corporation a,c

   1,000     14,740  

Catapult Communications a,c

   87,100     1,158,430  

Covad Communications Group a,c

   35,000     67,550  

Foundry Networks a,c

   373,400     6,780,944  

Globecomm Systems a,c

   233,700     1,729,380  

IDT Corporation a,c

   25,000     273,750  

IDT Corporation Cl. B a,c

   65,000     719,550  

Level 3 Communications a,c

   400,000     2,072,000  

PECO II a,c

   93,600     200,304  

Time Warner Telecom Cl. A a,c

   179,000     3,213,050  

Tollgrade Communications a

   20,000     297,600  

USA Mobility a,c

   84,500     2,406,560  

West Corporation a,c

   75,000     3,349,500  

Yak Communications a

   20,000     78,400  
       
 
          24,063,458  
       
 

Total

         265,701,609  
       
 

Utilities - 0.2%

            

CH Energy Group

   44,500     2,136,000  

Southern Union

   11,576     287,432  
       
 

Total

         2,423,432  
       
 

Miscellaneous e - 2.1%

            

Total

         24,213,154  
       
 

TOTAL COMMON STOCKS

            

(Cost $705,747,863)

         1,162,491,298  
       
 

PREFERRED STOCKS - 0.1%

            

Aristotle Corporation 11.00% Conv. a

   4,800     37,584  

Seneca Foods Conv. a

   100     1,865  

Seneca Foods Conv. a,d

   85,000     1,503,225  
       
 

TOTAL PREFERRED STOCKS

            

(Cost $1,311,958)

         1,542,674  
       
 
             
  PRINCIPAL        
  AMOUNT        

CORPORATE BONDS - 0.1%

            

Dixie Group 7.00%

            

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

 $ 445,000     431,650  
       
 

TOTAL CORPORATE BONDS

            

(Cost $357,753)

         431,650  
       
 
             

REPURCHASE AGREEMENTS - 19.0%

            

State Street Bank & Trust Company, 4.60% dated 3/31/06, due 4/3/06, maturity value $107,432,167 (collateralized by
obligations of various U.S. Government Agencies, valued at $110,076,638)
(Cost $107,391,000)

         107,391,000  
       
 

Lehman Brothers (Tri-Party), 4.73% dated 3/31/06, due 4/3/06, maturity value $115,045,329 (collateralized by
obligations of various U.S. Government Agencies, valued at $117,303,891)
(Cost $115,000,000)

         115,000,000  
       
 

TOTAL REPURCHASE AGREEMENTS

            

(Cost $222,391,000)

         222,391,000  
       
 

COLLATERAL RECEIVED FOR SECURITIES LOANED - 10.0%

            

U.S. Treasury Bonds

            

5.25%-8.875% due 8/15/17-5/15/30

 $ 167,974     169,563  

Money Market Funds

            

State Street Navigator Securities Lending Prime Portfolio (7 day yield-4.6423%)

         116,201,035  
       
 
             

TOTAL COLLATERAL RECEIVED FOR SECURITIES LOANED

            

(Cost $116,370,598)

         116,370,598  
       
 
             

TOTAL INVESTMENTS - 128.9%

            

(Cost $1,046,179,172)

         1,503,227,220  
             

LIABILITIES LESS CASH AND OTHER ASSETS - (10.0)%

         (117,372,612 )
             

PREFERRED STOCK - (18.9)%

         (220,000,000 )
       
 
             

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%

       $ 1,165,854,608  
       
 
             
a   Non-income producing.
     
b   At March 31, 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 March 31, 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   3/31/06   3/31/06
 
 
 
 
 
 
 
 
Peerless Manufacturing     158,600       $2,775,500      

-

      

-

      

-

      

-

       158,600       $3,092,700  
                                                                 
Synalloy Corporation     345,000       3,610,080      

-

      

-

      

-

      

-

       345,000       5,171,550  
              $6,385,580      

-

      

-

      

-

      

-

               $8,264,250  

c   A portion of these securities were on loan at March 31, 2006. Total market value of loaned securities at March 31, 2006 was $113,764,372.
     
d   Securities for which market quotations are no longer readily available represent 0.1% 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 $1,048,131,218. At March 31, 2006, net unrealized appreciation for all securities was $455,096,002, consisting of aggregate gross unrealized appreciation of $479,921,483 and aggregate gross unrealized depreciation of $24,825,481. 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 is 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: May 16, 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: May 16, 2006

By: /s/ John D. Diederich

John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: May 16, 2006