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<SEC-DOCUMENT>0000804116-06-000001.txt : 20060228
<SEC-HEADER>0000804116-06-000001.hdr.sgml : 20060228
<ACCEPTANCE-DATETIME>20060228161949
ACCESSION NUMBER:		0000804116-06-000001
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060228
DATE AS OF CHANGE:		20060228
EFFECTIVENESS DATE:		20060228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST INC
		CENTRAL INDEX KEY:			0000804116
		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		06651201

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

	MAIL ADDRESS:	
		STREET 1:		1414 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
000 B000000 12/31/2005
000 C000000 0000804116
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000 E000000 NF
000 F000000 Y
000 G000000 N
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000 I000000 6.1
000 J000000 A
001 A000000 ROYCE VALUE TRUST, INC.
001 B000000 811-4875
001 C000000 2123557311
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014 B000001 8-15939
<PAGE>      PAGE  2
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014 B000002 8-45259
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 QUINCY
015 C020001 MA
015 C030001 02170
015 E010001 X
015 A000002 WESTPAC BANKING CORPORATION
015 B000002 S
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015 B000003 S
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<PAGE>      PAGE  3
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020 A000010 LIQUIDNET
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022 B000003 95-4610548
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022 A000004 NATEXIS BLEICHROEDER
022 B000004 13-4197937
022 C000004      1950
022 D000004         0
022 A000005 EARLYBIRDCAPITAL
022 B000005 65-0379410
022 C000005      1680
022 D000005         0
022 A000006 J.P. MORGAN
022 B000006 13-3224016
022 C000006       925
022 D000006         0
022 A000007 BOENNING & SCATTERGOOD
022 B000007 23-1720062
022 C000007       583
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022 A000008 HUNTLEIGH SECURITIES
022 B000008 43-1106957
022 C000008       528
022 D000008         0
<PAGE>      PAGE  4
022 A000009 HILL, THOMPSON, MADID
022 B000009 13-5142120
022 C000009         0
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022 B000010 94-1658752
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<PAGE>      PAGE  5
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<PAGE>      PAGE  8
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SIGNATURE   DANI ENG
TITLE       ASSISTANT SECRETARY

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>rvt77b05.htm
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY>

<I><P ALIGN="CENTER">TAIT, WELLER &amp; BAKER LLP<FONT SIZE=3><BR>
Certified Public Accountants</P>
</I>
<P>&nbsp;</P>
</FONT><B><P ALIGN="CENTER">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>
</B><FONT SIZE=3><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P>Board of Directors<BR>
Royce Value Trust, Inc.<BR>
New York, New York</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">In planning and performing our audits of the financial statements of Royce Value Trust, Inc. ("Fund") for the year ended December 31, 2005, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting.   Accordingly, we express no such opinion.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.   In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.   A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.   Such internal control includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.   Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.   A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the company's ability to initiate, authorize, record, process or report financial data reliably in accordance with accounting principles generally accepted in the United States of America such that there is more than a remote likelihood that a misstatement of the company's annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P><HR></P>
<P ALIGN="JUSTIFY"></P>
<B><P>Board of Directors<BR>
Royce Value Trust, Inc.<BR>
Page Two</P>
</B>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).   However, we noted no deficiencies in the Trust's internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of December 31, 2005.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">This report is intended solely for the information and use of management, and the Board of Directors of Royce Value Trust, Inc. and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><P ALIGN="RIGHT">&#9;/s/ <B>TAIT, WELLER &amp; BAKER LLP</P>
</B><FONT SIZE=3><P ALIGN="JUSTIFY"></P>
<B><P>Philadelphia, Pennsylvania<BR>
January 20, 2006</P></B></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>rvt77c05.htm
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY>

<B><FONT SIZE=2><P ALIGN="RIGHT">Exhibit 77C</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">ROYCE VALUE TRUST, INC.</P>
</B></FONT><FONT SIZE=2>
<P>At the 2005 Annual Meeting of Stockholders held on September 29, 2005, the Fund's stockholders elected four Directors, consisting of:</P>
</FONT><FONT SIZE=1></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=541>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><U><FONT SIZE=1><P ALIGN="CENTER">Votes For</B></U></FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<B><U><FONT SIZE=1><P ALIGN="CENTER">Votes Abstained</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">*Donald R. Dwight</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">55,341,521</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">524,245</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">*Stephen L. Isaacs</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">55,442,757</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">423,009</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">**William L. Koke</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">7,494,598</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">67,784</FONT></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">**David L. Meister</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">7,482,620</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">79,762</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=1>
<P>&nbsp;</P>
</FONT><FONT SIZE=1><P>&nbsp;*Common Stock and Preferred Stock Voting Together As A Single Class<BR>
**Preferred Stock Voting As A Separate Class </P>
<B><P ALIGN="CENTER"></P></B></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>4
<FILENAME>rvt77d05b.htm
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY>

<B><P ALIGN="RIGHT">Exhibit 77D</P>
</B><U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Royce Value Trust, Inc.</P>
</U><FONT SIZE=2>
</FONT><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September 20-21, 2005, The Board of Directors of Royce Value Trust, Inc. (the "Fund") voted to amend the Fund's non-fundamental investment policies to permit the Fund to enter into repurchase agreements through the Fixed Income Clearing Corporation as a "Sponsored Member" in the Fixed Income Clearing Corporation.</P></BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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