-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 EnnoyJNz5nky42nfmCNxwjInOpBz2LR1jbZuDjCSPAdU0WVfbQx0j81FEHjTB1ib
 evyW4pdfkLBqu1p/GPiMUQ==

<SEC-DOCUMENT>/in/edgar/work/20000608/0000938582-00-000025/0000938582-00-000025.txt : 20000919
<SEC-HEADER>0000938582-00-000025.hdr.sgml : 20000919
ACCESSION NUMBER:		0000938582-00-000025
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20000608

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST INC
		CENTRAL INDEX KEY:			0000804116
		STANDARD INDUSTRIAL CLASSIFICATION:	 [
]		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		SC 13G/A
			SEC ACT:		
			SEC FILE NUMBER:	005-40351
			FILM NUMBER:		651331
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		1414 AVE OF THE AMERICAS 9TH FL
				CITY:			NEW YORK
				STATE:			NY
				ZIP:			10019
				BUSINESS PHONE:		2123557311
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		1414 AVENUE OF THE AMERICAS
					CITY:			NEW YORK
					STATE:			NY
					ZIP:			10019
</MAIL-ADDRESS>
</SUBJECT-COMPANY>

					FILED BY:		

						COMPANY DATA:	
							COMPANY CONFORMED NAME:			YALE UNIVERSITY
							CENTRAL INDEX KEY:			0000938582
							STANDARD INDUSTRIAL CLASSIFICATION:	 [
]							IRS NUMBER:				06646973
							STATE OF INCORPORATION:			CT
							FISCAL YEAR END:			0630
</COMPANY-DATA>

							FILING VALUES:
								FORM TYPE:		SC 13G/A
</FILING-VALUES>

								BUSINESS ADDRESS:	
									STREET 1:		230 PROSPECT STREET
									CITY:			NEW HAVEN
									STATE:			CT
									ZIP:			06511-2107
									BUSINESS PHONE:		2034325761
</BUSINESS-ADDRESS>

									MAIL ADDRESS:	
										STREET 1:		YALE UNIVERSITY INVESTMENT OFFICE
										STREET 2:		230 PROSPECT STREET
										CITY:			NEW HAVEN
										STATE:			CT
										ZIP:			06511-2107
</MAIL-ADDRESS>
</FILED-BY>
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>0001.txt
<TEXT>


SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

Amendment No. 12

ROYCE VALUE TRUST FUND, INC.
(Name of Issuer)

Common Stock, par value $0.01 per share
(Title of Class of Securities)

780910 10 5
(CUSIP Number)

Check the appropriate box to designate the rule purusant to which this Schedule
is filed:
[X]  Rule 13d-1(b)(2)

1)   Name and I.R.S. Identification No. of Reporting Person:

     Yale University
     I.R.S. Number 06-0646973-N

2)   Check the Appropriate Box if a Member of a Group:

     (a)  (Not Applicable)
     (b)  (Not Applicable)

3)   SEC Use Only

4)   Citizenship or Place of Organization:

     Yale University is a Connecticut corporation.

Number of Shares         (5)  Sole Voting Power  - 5,578,090
Beneficially Owned by
Each Reporting           (6)  Shared Voting Power (Not Applicable)
Person With:
                    (7)  Sole Dispositive Power  - 5,578,090

                    (8)  Shared Dispositive Power (Not Applicable)

9)   Aggregate Amount Beneficially Owned by Each Reporting Person: 5,578,090

10)  Check if the Aggregate Amount in Row (9) Excludes Certain Shares:
     (Not  Applicable)

11)  Percent of Class Represented by Amount in Row (9):  15.9%

12)  Type of Reporting Person:  EP



Item 1.

     (a)  Name of Issuer:

          Royce Value Trust Fund, Inc. (the "Company")

     (b)  Address of Issuer's Principal Executive Office:

          1414 Avenue of the Americas
          New York, New York 10019

Item 2.

     (a)  Name of Person Filing:

          Yale University

     (b)  Address of Principal Office:

          Yale University
          Investments Office
          230 Prospect Street
          New Haven, CT 06511-2107
          Attn:  Dean J. Takahashi, Senior Director

     (c)  Citizenship:

          Yale University is a Connecticut corporation.

     (d)  Title of Class of Securities:

          Common Stock

     (e)  CUSIP Number:

          780910 10 5

Item 3.

If this statement is filed pursuant to rules 13d-1(b) or 13d-2(b), check
whether the person filing is a:

 . . . .

(f)  [X]  . . . Endowment Fund; see section 240.13d-1(b)(1)(ii)(F).

 . . . .

Item 4.   Ownership:

     (a)  Amount Beneficially Owned:            5,578,090

     (b)  Percent of Class:   15.9%

     (c)  Number of Shares as to which such person has:

          (i)  sole power to vote or to direct the vote:
               5,578,090

          (ii) shared power to vote or to direct the vote:
               (Not  Applicable)

          (iii)     sole power to dispose or to direct the disposition of:
               5,578,090

          (iv) shared power to dispose or to direct the disposition of:
               (Not Applicable)

Item 5.   Ownership of Five Percent or Less of a Class:

          (Not Applicable)

Item 6.   Ownership of More than Five Percent on Behalf of Another Person:

          (Not Applicable)

Item 7.   Identification and Classification of the Subsidiary Which Acquired
          the Security Being Reported on By the Parent Holding Company:

          (Not Applicable)

Item 8.   Identification and Classification of Members of Group:

          (Not Applicable)

Item 9.   Notice of Dissolution of Group:

          (Not Applicable)

Item 10.  Certification:

     By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not
have the effect of changing or influencing the control of the issuer of
such securities and were not acquired in connection with or as a
participant in any transaction having such purpose or effect.

SIGNATURE

     After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.


Date: June 8, 2000

                         /s/ David F. Swensen
                         Name:     David F. Swensen
                         Title:    Chief Investment Officer

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
