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 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: 12/31/2005

Date of reporting period: 9/30/2005

Item 1 - Schedule of Investments
Portfolio of Investments

ROYCE VALUE TRUST
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2005 (UNAUDITED)

COMMON STOCKS - 104.9%
		SHARES		VALUE
Consumer Products - 6.3%
Apparel and Shoes - 1.9%
Columbia Sportswear Company a,d		29,500	$	1,368,800
Jones Apparel Group		81,500		2,322,750
K-Swiss Cl. A		105,000		3,104,850
Polo Ralph Lauren Cl. A		68,200		3,430,460
Tandy Brands Accessories		53,900		622,545
Timberland Company Cl. A a,d		60,000		2,026,800
Tommy Hilfiger a,d		50,000		867,500
Weyco Group		307,992		6,005,844

				19,749,549

Collectibles - 0.8%
Action Performance Companies a,d		321,200		4,015,000
The Boyds Collection a,d		524,200		366,940
Enesco Group a		47,200		76,936
Topps Company (The)		410,500		3,370,205

				7,829,081

Food/Beverage/Tobacco - 0.3%
Cagle’s Cl. A a		10,000		103,900
Hain Celestial Group a,d		37,800		733,320
Hershey Creamery Company		709		1,566,890
Lancaster Colony		16,900		726,700

				3,130,810

Home Furnishing and Appliances - 0.5%
Chromcraft Revington a		10,200		138,516
Ethan Allen Interiors		56,000		1,755,600
Falcon Products a,c		601,100		12,022
La-Z-Boy		88,200		1,163,358
Natuzzi ADR b		215,200		1,771,096

				4,840,592

Publishing - 0.5%
Scholastic Corporation a,d		130,000		4,804,800

Sports and Recreation - 0.5%
Coachmen Industries		47,700		548,073
Monaco Coach		161,050		2,373,877
Nautilus		2,000		44,140
Oakley		94,900		1,645,566
Thor Industries		26,100		887,400
Winnebago Industries		2,000		57,940

				5,556,996

Other Consumer Products - 1.8%
Blyth		20,700		461,403
Burnham Holdings Cl. B		36,000		837,000
Dorel Industries Cl. B a,d		41,000		1,098,390
Fossil a,d		57,800		1,051,382
Lazare Kaplan International a		103,600		1,021,496
Leapfrog Enterprises a,d		175,000		2,584,750
Matthews International Cl. A		166,000		6,273,140
RC2 Corporation a		132,600		4,476,576

				17,804,137

Total				63,715,965

Consumer Services - 4.6%
Direct Marketing - 0.1%
FTD Group a,d		20,000		207,000

Leisure and Entertainment - 0.2%
Gemstar-TV Guide International a		201,100		595,256
Hasbro		50,000		982,500
Shuffle Master a,d		15,000		396,450
Steiner Leisure a		2,100		71,337

				2,045,543

Media and Broadcasting - 0.1%
Cox Radio Cl. A a		23,000		349,600

Restaurants and Lodgings - 0.7%
Benihana Cl. A a		6,600		118,734
CEC Entertainment a,d		121,400		3,855,664
IHOP Corporation		93,400		3,805,116
Jack in the Box a		2,000		59,820
Ryan’s Restaurant Group a,d		7,200		84,024

				7,923,358

Retail Stores - 2.3%
BJ’s Wholesale Club a		24,000		667,200
Big Lots a		255,300		2,805,747
CarMax a,d		103,000		3,220,810
Charlotte Russe Holding a,d		14,000		186,480
Claire’s Stores		89,800		2,166,874
Cost Plus a,d		50,700		920,205
GameStop Corporation Cl. A a		52,300		1,645,881
Hot Topic a,d		111,400		1,711,104
Krispy Kreme Doughnuts a,d		17,000		106,420
Movie Gallery		75,100		780,289
99 Cents Only Stores a,d		75,000		693,750
Pacific Sunwear of California a,d		30,000		643,200
Payless ShoeSource a,d		109,600		1,907,040
Stein Mart		142,800		2,898,840
Urban Outfitters a,d		47,000		1,381,800
West Marine a,d		3,100		45,818
Wet Seal (The) Cl. A a,d		162,000		729,000
Wild Oats Markets a,d		82,000		1,054,520

				23,564,978

Other Consumer Services - 1.2%
Coinstar a		53,000		981,030
Corinthian Colleges a,d		145,800		1,934,766
MoneyGram International		74,900		1,626,079
Sotheby’s Holdings Cl. A a		485,200		8,112,544

				12,654,419

Total				46,744,898

Diversified Investment Companies - 0.1%
Closed-End Mutual Funds - 0.1%
Central Fund of Canada Cl. A		191,500		1,081,975

Total				1,081,975

Financial Intermediaries - 8.6%
Banking - 2.8%
BOK Financial		129,327		6,229,682
Citizens Bancorp		3,500		73,500
Eurobancshares a,d		48,000		715,680
Exchange National Bancshares		20,000		567,000
Farmers & Merchants Bank of Long Beach		1,266		7,197,210
Heritage Financial		12,915		312,543
HopFed Bancorp		25,000		394,500
Jefferson Bancshares		25,000		323,500
Mechanics Bank		200		3,650,000
Mercantile Bankshares		20,000		1,077,600
NBC Capital		30,300		759,924
NetBank		70,000		581,700
Ocwen Financial a,d		27,000		187,380
Old Point Financial		16,900		521,872
Partners Trust Financial Group		130,000		1,497,600
Sun Bancorp a		39,900		841,491
Tompkins Trustco		15,950		689,838
Whitney Holding		40,500		1,095,120
Wilber Corporation		31,700		377,230
Wilmington Trust		31,000		1,129,950
Yadkin Valley Bank & Trust Company		3,800		51,680

				28,275,000

Insurance - 4.8%
Alleghany Corporation a		10,880		3,329,280
Argonaut Group a		99,600		2,690,196
Aspen Insurance Holdings		68,000		2,009,400
Baldwin & Lyons Cl. B		22,200		555,666
Commerce Group		44,500		2,581,890
Erie Indemnity Company Cl. A		139,900		7,379,725
IPC Holdings		27,000		881,550
Leucadia National		43,221		1,862,863
Markel Corporation a,d		4,200		1,388,100
Montpelier Re Holdings		32,000		795,200
NYMAGIC		85,200		2,072,916
Navigators Group a,d		83,200		3,105,024
Ohio Casualty		107,000		2,901,840
Phoenix Companies (The)		81,900		999,180
ProAssurance Corporation a		71,070		3,316,837
PXRE Group		166,551		2,241,776
RLI		99,724		4,613,232
Transatlantic Holdings		5,500		313,500
21st Century Insurance Group		62,000		988,900
U.S.I. Holdings a,d		40,000		519,600
Wesco Financial		7,750		2,651,275
Zenith National Insurance		25,700		1,611,133

				48,809,083

Real Estate Investment Trusts - 0.1%
Gladstone Commercial		30,000		501,000

Securities Brokers - 0.8%
E*TRADE Financial a		236,400		4,160,640
First Albany		294,000		1,911,000
Investment Technology Group a		30,400		899,840
Knight Capital Group Cl. A a,d		229,700		1,908,807

				8,880,287

Other Financial Intermediaries - 0.1%
Archipelago Holdings a,d		17,400		693,390

Total				87,158,760

Financial Services - 9.6%
Information and Processing - 2.1%
Advent Software a,d		146,800		3,954,792
eFunds Corporation a,d		132,875		2,502,036
FactSet Research Systems		35,350		1,245,734
Global Payments		68,500		5,323,820
Interactive Data		134,300		3,041,895
SEI Investments		141,200		5,306,296

				21,374,573

Insurance Brokers - 1.2%
Crawford & Company Cl. A		339,200		2,577,920
Crawford & Company Cl. B		110,300		863,649
Gallagher (Arthur J.) & Company		111,200		3,203,672
Hilb Rogal & Hobbs Company		155,050		5,786,466

				12,431,707

Investment Management - 5.4%
Alliance Capital Management Holding L.P.		353,100		16,895,835
Apollo Investment		567,109		11,228,758
BKF Capital Group		7,500		231,975
Eaton Vance		140,400		3,484,728
Federated Investors Cl. B		101,900		3,386,137
GAMCO Investors Cl. A		168,600		7,730,310
MCG Capital		138,000		2,328,060
MVC Capital		330,900		3,904,620
National Financial Partners		12,000		541,680
Nuveen Investments Cl. A		138,600		5,459,454

				55,191,557

Other Financial Services - 0.9%
CharterMac		59,600		1,221,800
Credit Acceptance a,d		60,000		852,000
International Securities Exchange Cl. A a,d		75,000		1,755,000
MarketAxess Holdings a,d		67,000		911,200
Municipal Mortgage & Equity		40,300		1,006,291
Nasdaq Stock Market a,d		25,000		633,750
PRG-Schultz International a		467,000		1,405,670
Van der Moolen Holding ADR b		21,000		113,820
World Acceptance a,d		21,700		551,397

				8,450,928

Total				97,448,765

Health - 8.7%
Commercial Services - 2.2%
Covance a,d		52,700		2,529,073
Dendrite International a,d		70,000		1,406,300
First Consulting Group a		560,900		3,253,220
ICON ADR a,b		10,100		505,000
IDEXX Laboratories a,d		79,000		5,283,520
PAREXEL International a,d		307,700		6,181,693
TriZetto Group (The) a,d		215,200		3,038,624

				22,197,430

Drugs and Biotech - 3.0%
Abgenix a,d		38,000		481,840
Affymetrix a,d		49,100		2,269,893
Andrx Corporation a,d		24,900		384,207
Antigenics a,d		99,300		538,206
Applera Corporation- Celera Genomics Group a,d		139,200		1,688,496
Cephalon a,d		4,900		227,458
Cerus Corporation a,d		21,700		192,262
Charles River Laboratories International a,d		20,000		872,400
Connetics Corporation a,d		14,300		241,813
DUSA Pharmaceuticals a,d		79,700		844,820
Elan Corporation ADR a,b,d		242,100		2,145,006
Endo Pharmaceuticals Holdings a,d		243,200		6,486,144
Gene Logic a		365,000		1,784,850
Hi-Tech Pharmacal a		32,500		977,600
Human Genome Sciences a		90,000		1,223,100
KV Pharmaceutical Company a,d		36,000		639,720
Lexicon Genetics a,d		463,300		1,843,934
Medicines Company (The) a,d		30,000		690,300
Millennium Pharmaceuticals a,d		100,000		933,000
Par Pharmaceutical Companies a,d		40,000		1,064,800
Perrigo Company		186,750		2,672,393
QLT a,d		1,000		7,670
SFBC International a,d		10,000		443,900
Shire Pharmaceuticals Group ADR b		20,853		771,352
Telik a,d		81,000		1,325,160

				30,750,324

Health Services - 0.9%
Albany Molecular Research a		85,000		1,035,300
Cross Country Healthcare a,d		30,000		556,800
Eclipsys Corporation a		20,000		356,800
Gentiva Health Services a		30,150		546,318
HMS Holdings a		50,000		346,500
Lincare Holdings a,d		34,600		1,420,330
MedQuist a		73,893		905,189
National Home Health Care		20,000		226,400
On Assignment a		497,500		4,253,625
Quovadx a		3,000		9,090

				9,656,352

Medical Products and Devices - 2.4%
Allied Healthcare Products a		197,700		1,053,741
Arrow International		195,728		5,519,530
ArthroCare Corporation a,d		10,000		402,200
Bruker BioSciences a		390,200		1,709,076
CONMED Corporation a		81,500		2,272,220
Datascope		12,000		372,240
Diagnostic Products		25,000		1,318,250
Invacare Corporation		88,000		3,666,960
Novoste Corporation a		66,500		41,230
STERIS Corporation		98,600		2,345,694
Thoratec Corporation a,d		2,000		35,520
Varian Medical Systems a		61,600		2,433,816
Young Innovations		62,550		2,368,143
Zoll Medical a		20,200		530,250

				24,068,870

Personal Care - 0.2%
Helen of Troy a,d		77,000		1,589,280
Inter Parfums		500		9,845
Nutraceutical International a		22,800		324,216

				1,923,341

Total				88,596,317

Industrial Products - 17.5%
Automotive - 0.8%
CLARCOR		44,000		1,263,680
LKQ Corporation a		168,000		5,073,600
Quantam Fuel Systems Technologies Worldwide a,d		15,500		63,550
Superior Industries International		52,000		1,119,040

				7,519,870

Building Systems and Components - 1.4%
Decker Manufacturing		6,022		222,814
Preformed Line Products Company		91,600		4,323,520
Simpson Manufacturing		250,800		9,816,312

				14,362,646

Construction Materials - 1.7%
Ash Grove Cement Company Cl. B		50,518		8,891,168
ElkCorp		23,000		822,710
Florida Rock Industries		25,475		1,632,693
Heywood Williams Group a		958,837		1,978,699
Synalloy Corporation a,c		345,000		3,860,205

				17,185,475

Industrial Components - 1.5%
AMETEK		86,000		3,695,420
Barnes Group		21,000		753,060
Bel Fuse Cl. A		26,200		772,900
C & D Technologies		345,700		3,253,037
Donaldson Company		52,000		1,587,560
Intermagnetics General a,d		4,350		121,539
PerkinElmer		135,000		2,749,950
Powell Industries a		92,400		2,022,636
Woodhead Industries		45,400		623,342

				15,579,444

Machinery - 5.1%
Coherent a		238,500		6,983,280
Federal Signal		58,600		1,001,474
Graco		96,825		3,319,161
Hardinge		402,700		5,914,656
IDEX Corporation		36,000		1,531,800
Lincoln Electric Holdings		203,680		8,024,992
National Instruments		56,400		1,389,696
Nordson Corporation		172,200		6,548,766
PAXAR Corporation a,d		265,100		4,466,935
Rofin-Sinar Technologies a		135,000		5,128,650
T-3 Energy Services a		151,010		2,521,867
UNOVA a		3,000		104,940
Woodward Governor Company		51,600		4,388,580

				51,324,797

Metal Fabrication and Distribution - 2.1%
Cleveland-Cliffs		12,000		1,045,320
Commercial Metals Company		35,000		1,180,900
CompX International Cl. A		292,300		4,793,720
IPSCO		16,500		1,179,585
Kaydon Corporation		208,700		5,929,167
NN		127,100		1,523,929
Novamerican Steel a,d		10,800		403,380
Oregon Steel Mills a		142,400		3,972,960
Schnitzer Steel Industries Cl. A		34,000		1,107,380

				21,136,341

Paper and Packaging - 0.1%
Peak International a		408,400		1,237,452

Pumps, Valves and Bearings - 0.7%
Baldor Electric		62,900		1,594,515
Conbraco Industries a		7,630		1,907,500
Franklin Electric		84,200		3,485,038

				6,987,053

Specialty Chemicals and Materials - 2.0%
Aceto Corporation		290,850		1,678,205
Bairnco Corporation		43,000		459,670
Balchem Corporation		7,500		206,625
CFC International a,d		99,000		1,534,500
Cabot Corporation		56,500		1,865,065
Hawkins		206,878		2,834,229
Lydall a		40,500		361,665
MacDermid		251,831		6,613,082
OM Group a,d		53,100		1,068,903
Schulman (A.)		183,100		3,286,645
Sensient Technologies		17,000		322,150
Spartech Corporation		23,000		449,420

				20,680,159

Textiles - 0.1%
Unifi a		315,100		1,052,434

Other Industrial Products - 2.0%
Brady Corporation Cl. A		228,800		7,079,072
Diebold		85,000		2,929,100
Fiberstars a,d		17,500		181,825
Kimball International Cl. B		437,380		5,287,924
Maxwell Technologies a		21,500		303,580
Myers Industries		30,499		355,008
Peerless Manufacturing a,c		158,600		2,688,270
Steelcase Cl. A		52,000		751,920
Trinity Industries		23,000		931,270

				20,507,969

Total				177,573,640

Industrial Services - 14.3%
Advertising and Publishing - 0.7%
Interpublic Group of Companies a,d		510,000		5,936,400
Lamar Advertising Company Cl. A a,d		24,000		1,088,640
ValueClick a,d		20,000		341,800

				7,366,840

Commercial Services - 5.1%
ABM Industries		134,800		2,805,188
Aaron Rents		4,500		95,175
Allied Waste Industries a		188,800		1,595,360
BB Holdings a		194,900		1,307,974
Brink’s Company (The)		87,278		3,583,635
Central Parking		18,300		273,585
Convergys Corporation a,d		121,000		1,738,770
Copart a		138,100		3,296,447
Digital Theater Systems a,d		38,600		650,024
Hewitt Associates Cl. A a,d		59,000		1,609,520
Hudson Highland Group a,d		61,098		1,525,617
Iron Mountain a		181,175		6,649,123
Kelly Services Cl. A		15,000		459,900
Laureate Education a,d		55,000		2,693,350
Learning Tree International a,d		53,400		704,880
MPS Group a		564,600		6,662,280
Manpower		105,800		4,696,462
Monster Worldwide a,d		64,000		1,965,440
New Horizons Worldwide a		96,600		227,010
RemedyTemp Cl. A a		77,500		644,800
Renaissance Learning		15,000		267,000
Reynolds & Reynolds Company Cl. A		27,000		740,070
Rollins		130,500		2,547,360
Spherion Corporation a		53,000		402,800
TRC Companies a		35,200		549,120
TeleTech Holdings a,d		50,000		501,000
Viad Corporation		9,025		246,834
West Corporation a,d		75,000		2,804,250
Wright Express a,d		30,000		647,700

				51,890,674

Engineering and Construction - 1.6%
Dycom Industries a,d		72,000		1,455,840
EMCOR Group a,d		17,100		1,014,030
Fleetwood Enterprises a		234,300		2,881,890
Foster Wheeler a,d		33,000		1,019,370
Insituform Technologies Cl. A a		174,300		3,013,647
Jacobs Engineering Group a		10,000		674,000
MasTec a,d		103,000		1,122,700
Washington Group International a,d		106,000		5,712,340

				16,893,817

Food and Tobacco Processors - 0.4%
MGP Ingredients		216,400		2,423,680
Seneca Foods Cl. A a		53,900		959,420
Seneca Foods Cl. B a		10,700		187,250
Sunopta a,d		79,000		383,940

				3,954,290

Industrial Distribution - 1.8%
Central Steel & Wire		5,634		3,346,596
Ritchie Bros. Auctioneers		310,400		13,654,496
Strategic Distribution a		115,000		1,293,750

				18,294,842

Printing - 0.1%
Bowne & Co.		68,100		973,149

Transportation and Logistics - 4.0%
AirNet Systems a		219,000		1,040,250
Alexander & Baldwin		60,000		3,194,400
Atlas Air Worldwide Holdings a		43,000		1,365,250
C. H. Robinson Worldwide		40,000		2,564,800
Continental Airlines Cl. B a,d		100,000		966,000
EGL a,d		188,125		5,107,594
Forward Air		234,750		8,648,190
Frozen Food Express Industries a,d		286,635		3,006,801
Hub Group Cl. A a		107,200		3,935,312
Landstar System		11,200		448,336
Pacer International		28,000		738,080
Patriot Transportation Holding a		96,300		6,615,810
UTI Worldwide		35,000		2,719,500

				40,350,323

Other Industrial Services - 0.6%
Landauer		117,900		5,777,100

Total				145,501,035

Natural Resources - 10.0%
Energy Services - 3.7%
Atwood Oceanics a,d		14,700		1,237,887
Carbo Ceramics		148,400		9,792,916
Core Laboratories a		10,000		322,600
ENSCO International		6,443		300,179
Global Industries a		54,500		803,330
Hanover Compressor Company a,d		160,000		2,217,600
Helmerich & Payne		64,300		3,883,077
Input/Output a		669,100		5,339,418
Key Energy Services a		10,000		147,500
Precision Drilling a		26,000		1,279,200
TETRA Technologies a,d		45,000		1,404,884
Tidewater		27,000		1,314,090
Universal Compression Holdings a		105,000		4,175,850
W-H Energy Services a,d		30,000		972,600
Willbros Group a,d		250,200		3,965,670

				37,156,801

Oil and Gas - 3.5%
Bill Barrett a,d		50,000		1,841,000
Cimarex Energy a		201,490		9,133,542
Delta Petroleum a,d		41,000		852,800
Houston Exploration Company (The) a,d		50,000		3,362,500
Penn Virginia		17,300		998,383
Pioneer Drilling Company a,d		51,800		1,011,136
Plains Exploration & Production Company a		76,500		3,275,730
Pogo Producing Company		1,700		100,198
Remington Oil & Gas a		78,500		3,257,750
SEACOR Holdings a		149,500		10,850,710
Stone Energy a		9,000		549,360

				35,233,109

Precious Metals and Mining - 1.9%
Agnico-Eagle Mines		61,000		903,410
Apex Silver Mines a		29,500		463,445
Arizona Star Resource a		30,000		118,710
Bema Gold a		300,000		807,000
Coeur d’Alene Mines a		50,000		211,500
Gammon Lake Resources a		215,000		1,752,250
Glamis Gold a,d		262,000		5,790,200
Golden Star Resources a		135,000		450,900
Hecla Mining Company a		648,000		2,838,240
IAMGOLD Corporation		240,000		1,766,400
Meridian Gold a,d		128,500		2,815,435
Miramar Mining a		245,000		377,300
Pan American Silver a,d		43,000		759,380
Stillwater Mining Company a,d		10,780		98,637

				19,152,807

Real Estate - 0.7%
Alico d		27,000		1,385,100
CB Richard Ellis Group Cl. A a		85,000		4,182,000
Consolidated-Tomoka Land		13,564		922,352
Trammell Crow Company a,d		46,500		1,147,620

				7,637,072

Other Natural Resources - 0.2%
PICO Holdings a		73,200		2,572,248

Total				101,752,037

Technology - 21.9%
Aerospace and Defense - 0.7%
Allied Defense Group (The) a		61,600		1,389,080
Armor Holdings a,d		30,000		1,290,300
Astronics Corporation a		52,400		505,660
Ducommun a		117,200		2,578,400
Herley Industries a		2,000		37,260
Hexcel Corporation a,d		36,800		673,072
Integral Systems		49,800		1,027,872

				7,501,644

Components and Systems - 6.5%
Adaptec a,d		167,000		639,610
American Power Conversion		151,200		3,916,080
Analogic Corporation		33,900		1,708,899
Belden CDT		57,800		1,123,054
Brocade Communications Systems a,d		100,000		408,000
Cambridge Display Technology a,d		29,000		192,850
Celestica a,d		50,000		565,500
Checkpoint Systems a		82,000		1,945,040
Daktronics d		13,000		311,740
Dionex Corporation a		81,000		4,394,250
Electro Scientific Industries a,d		40,000		894,400
Electronics for Imaging a		25,000		573,500
Energy Conversion Devices a,d		164,500		7,382,760
Excel Technology a		168,500		4,328,765
Hutchinson Technology a,d		29,800		778,376
Imation Corporation		15,700		673,059
InFocus Corporation a		79,000		272,550
KEMET Corporation a		171,000		1,432,980
Kronos a,d		38,775		1,730,916
Mercury Computer Systems a,d		10,000		262,500
Methode Electronics		50,000		576,000
Metrologic Instruments a,d		15,000		272,850
Nam Tai Electronics		32,000		813,760
Newport Corporation a,d		152,900		2,129,897
Perceptron a		397,400		2,545,943
Plexus Corporation a,d		325,700		5,566,213
Power-One a,d		10,000		55,400
Radiant Systems a,d		32,500		335,400
REMEC a,d		84,382		104,634
Richardson Electronics		201,000		1,519,560
SafeNet a,d		36,240		1,315,874
Symbol Technologies		99,389		962,086
Synaptics a,d		40,000		752,000
TTM Technologies a		186,400		1,332,760
Technitrol		334,400		5,123,008
Tektronix		109,680		2,767,226
Vishay Intertechnology a,d		293,000		3,501,350
Western Digital a,d		5,000		64,650
Zebra Technologies Cl. A a,d		76,525		2,991,362

				66,264,802

Distribution - 1.7%
Agilysys		165,125		2,780,705
Anixter International a		69,900		2,819,067
Benchmark Electronics a,d		158,800		4,783,056
Solectron Coporation a,d		770,000		3,010,700
Tech Data a,d		104,500		3,836,195

				17,229,723

Internet Software and Services - 1.1%
Arbinet-thexchange a		65,000		468,000
CNET Networks a,d		155,400		2,108,778
CryptoLogic		137,000		2,405,720
CyberSource Corporation a,d		10,000		65,800
eResearch Technology a		112,000		1,589,280
Internet Security Systems a,d		40,000		960,400
Lionbridge Technologies a		37,500		253,125
RSA Security a,d		69,000		876,990
RealNetworks a,d		220,400		1,258,484
S1 Corporation a		20,000		78,200
Satyam Computer Services ADR b		20,000		604,400
SupportSoft a		105,000		529,200

				11,198,377

IT Services - 3.9%
answerthink a		655,000		2,554,500
BearingPoint a,d		649,000		4,925,910
Black Box		47,000		1,972,120
CACI International Cl. A a,d		10,000		606,000
CGI Group Cl. A a		106,700		783,178
CIBER a,d		10,000		74,300
Computer Task Group a		101,100		374,070
Covansys Corporation a		238,900		3,812,844
DiamondCluster International a		80,400		609,432
Forrester Research a		40,300		839,046
Gartner Cl. A a		126,000		1,472,940
Keane a		443,000		5,063,490
MAXIMUS		127,900		4,572,425
Perot Systems Cl. A a,d		165,100		2,336,165
Sapient Corporation a,d		731,700		4,573,125
Syntel		152,679		2,975,714
Unisys Corporation a,d		375,000		2,490,000

				40,035,259

Semiconductors and Equipment - 2.5%
BE Semiconductor Industries a,d		58,000		247,660
Cabot Microelectronics a,d		161,200		4,736,056
CEVA a		31,666		164,030
Cognex Corporation		55,300		1,662,871
Conexant Systems a,d		11,980		21,444
Credence Systems a,d		53,600		427,728
Cymer a,d		14,500		454,140
DSP Group a		115,000		2,950,900
Exar Corporation a,d		181,976		2,551,304
Fairchild Semiconductor International Cl. A a,d		51,200		760,832
Integrated Device Technology a		97,500		1,047,150
International Rectifier a,d		20,000		901,600
Intevac a,d		57,450		592,310
Kulicke & Soffa Industries a,d		105,800		767,050
Lattice Semiconductor a		254,000		1,087,120
MEMC Electronic Materials a,d		49,000		1,116,710
Mentor Graphics a,d		112,200		964,920
Novellus Systems a,d		12,000		300,960
Photronics a,d		8,200		159,080
Sanmina-SCI Corporation a,d		240,300		1,030,887
Semitool a,d		50,000		397,500
Silicon Storage Technology a,d		178,900		962,482
Staktek Holdings a		174,900		633,138
Veeco Instruments a,d		65,000		1,042,600

				24,980,472

Software - 2.7%
Altair Nanotechnologies a,d		69,500		184,870
ANSYS a		20,000		769,800
Aspen Technology a		27,100		169,375
Business Objects ADR a,b,d		20,500		712,580
HPL Technologies a		785,250		196,313
iPass a,d		268,400		1,443,992
JDA Software Group a,d		99,900		1,516,482
MRO Software a,d		46,000		774,640
Macromedia a		51,600		2,098,572
Majesco Entertainment Company a,d		14,300		19,019
ManTech International Cl. A a,d		119,400		3,153,354
Manugistics Group a,d		49,200		96,924
Novell a		80,000		596,000
PLATO Learning a		28,500		216,885
Progress Software a		30,500		968,985
SPSS a		179,600		4,310,400
Sybase a,d		82,600		1,934,492
Transaction Systems Architects Cl. A a		203,150		5,657,728
Verint Systems a,d		40,000		1,637,600
Xyratex a,d		59,000		867,890

				27,325,901

Telecommunications - 2.8%
ADTRAN		65,500		2,063,250
Broadwing Corporation a		1,000		4,990
Captaris a		50,000		188,000
Catapult Communications a,d		75,100		1,377,334
Covad Communications Group a,d		35,000		37,100
Ditech Communications a,d		86,000		579,640
Foundry Networks a,d		373,400		4,742,180
Globecomm Systems a,d		233,700		1,834,545
Harmonic a,d		105,000		611,100
IDT Corporation a		25,000		307,500
IDT Corporation Cl. B a,d		40,000		487,600
ITT Educational Services a		113,000		5,576,550
Level 3 Communications a,d		200,000		464,000
Metro One Telecommunications a,d		25,000		18,005
PECO II a,d		93,600		134,784
Polycom a,d		60,000		970,200
Powerwave Technologies a		45,753		594,328
Scientific-Atlanta		117,300		4,399,923
Time Warner Telecom Cl. A a		179,000		1,396,200
Tollgrade Communications a		20,000		169,200
USA Mobility a,d		81,500		2,198,870

				28,155,299

Total				222,691,477

Utilities - 0.2%
CH Energy Group		44,500		2,112,860
Southern Union a		11,576		298,320

Total				2,411,180

Miscellaeous - 3.1%
Total				30,928,803

TOTAL COMMON STOCKS
(Cost $742,838,136)				1,065,604,852

PREFERRED STOCKS - 0.2%
Aristotle Corporation 11.00% Conv.		4,800		41,376
Seneca Foods Conv. a		100		1,730
Seneca Foods Conv. a,e		85,000		1,361,700

TOTAL PREFERRED STOCKS
(Cost $1,311,958)				1,404,806


	PRINCIPAL
	AMOUNT
CORPORATE BONDS - 0.1%
Athena Neurosciences Finance 7.25% Senior Note due 2/21/08	$	1,000,000		960,000
Dixie Group 7.00% Conv. Sub. Deb. due 5/15/12		445,000		422,750

TOTAL CORPORATE BONDS
(Cost $1,197,434)				1,382,750

U.S. TREASURY OBLIGATIONS - 1.2%
U.S. Treasury Notes
5.625%, due 2/15/06		12,000,000		12,075,468

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $12,158,330)				12,075,468

REPURCHASE AGREEMENT - 7.9%
State Street Bank & Trust Company, 3.30% dated 9/30/05, due 10/3/05, maturity value $80,453,119 (collateralized by obligations of various U.S. Government Agencies, valued at $82,444,307)
(Cost $80,431,000)				80,431,000

COLLATERAL RECEIVED FOR SECURITIES LOANED - 10.2%
U.S. Treasury Bills
due 10/27/05				136,764
U.S. Treasury Bonds
5.25%-9.125% due 5/15/16-5/15/30				183,848
U.S. Treasury Notes
2.25% due 4/30/06				3,074
Money Market Funds
State Street Navigator Securities Lending Prime Portfolio				103,544,529

(Cost $103,868,215)				103,868,215

TOTAL INVESTMENTS - 124.5%
(Cost $941,805,073)				1,264,767,091

LIABILITIES LESS CASH AND OTHER ASSETS - (2.8)%				(28,604,251	)

PREFERRED STOCK - (21.7)%				(220,000,000	)

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%			$	1,016,162,840

a		Non-income producing.

b		American Depository Receipt.

c		At September 30, 2005, 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, 2005:


	Shares		Market Value		Cost of		Cost of		Realized			Dividend		Shares		Market Value
Affiliated Company	12/31/2004		12/31/2004		Purchases		Sales		Gain (Loss)			Income		9/30/2005		9/30/2005

Falcon Products		941,600	$	197,736		-	$	2,316,572	$	(2,298,095	)		-		601,100	$	12,022


Peerless Manufacturing		158,600		2,299,700		-		-		-			-		158,600		2,688,270


Synalloy Corporation		345,000		3,415,500		-		-		-			-		345,000		3,860,205

			$	5,912,936		-			$	(2,298,095	)		-			$	6,560,497

d		A portion of these securities were on loan at September 30, 2005. Total market value of loaned securities at September 30, 2005 was $101,395,855.

e		A security for which market quotations are no longer readily available represents 0.1% of net assets. This security has been valued at its fair value under procedures established by the Fund’s Board of Directors.

INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $943,647,396. At September 30, 2005, net unrealized appreciation for all securities was $321,119,695, consisting of aggregate gross unrealized appreciation of $372,521,760 and aggregate gross unrealized depreciation of $51,402,065. 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:
	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 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 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.

	Repurchase Agreements:
	The Fund entered into repurchase agreements with respect to its portfolio securities solely with State Street Bank and Trust Company (“SSB&T”), the custodian of its assets. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held by SSB&T 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 SSB&T, including possible delays or restrictions upon the ability of the Fund to dispose of the 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.

	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 control over financial reporting 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 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.

The Royce Fund
By: /s/ Charles M. Royce

Charles M. Royce
President, Royce Value Trust, Inc.
Date: November 28, 2005

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 28, 2005

By: /s/ John D. Diederich

John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: November 28, 2005