PAGE  1
000 A000000 06/30/2004
000 C000000 0000804116
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 ROYCE VALUE TRUST, INC.
001 B000000 811-4875
001 C000000 2123557311
002 A000000 1414 AVENUE OF THE AMERICAS
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10019
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 ROYCE & ASSOCIATES, LLC
008 B000001 A
008 C000001 801-8268
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10019
011 A000001 DELETE
012 A000001 STATE STREET BANK AND TRUST COMPANY
012 B000001 84-00896
012 C010001 N. QUINCY
012 C020001 MA
012 C030001 02171
013 A000001 TAIT, WELLER & BAKER
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
013 B040001 2108
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
      PAGE  2
015 C010001 QUINCY
015 C020001 MA
015 C030001 02170
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   21
019 C000000 ROYCEFUNDS
020 A000001 ROTH CAPITAL PARTNERS
020 B000001 33-0947643
020 C000001     38
020 A000002 OPPENHEIMER & CO.
020 B000002 13-5657518
020 C000002     31
020 A000003 WHITECAP TRADING
020 B000003 51-0438644
020 C000003     24
020 A000004 B RILEY & CO.
020 B000004 95-4592938
020 C000004     17
020 A000005 KNIGHT EQUITY MARKETS
020 B000005 22-3660471
020 C000005     17
020 A000006 MILLER TABAK HIRSCH
020 B000006 13-3086847
020 C000006     17
020 A000007 CHARLES SCHWAB & CO.
020 B000007 94-1727783
020 C000007     16
020 A000008 SPROTT SECURITIES LTD.
020 B000008 13-3645131
020 C000008     16
020 A000009 LEHMAN BROS.
020 B000009 13-2518466
020 C000009     15
020 A000010 MKM PARTNERS
020 B000010 13-4172253
020 C000010     14
021  000000      495
022 A000001 STATE STREET BANK & TRUST COMPANY
022 B000001 04-1867445
022 C000001  17334319
022 D000001         0
022 A000002 MORGAN STANLEY & CO.
022 B000002 13-2655998
022 C000002      1750
022 D000002         0
022 A000003 CS FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003      1425
022 D000003         0
      PAGE  3
022 A000004 CITIGROUP GLOBAL MARKET
022 B000004 11-2418191
022 C000004       480
022 D000004         0
022 A000005 MCDONALD & COMPANY
022 B000005 34-1391952
022 C000005       360
022 D000005         0
022 A000006 BOENNING & SCATTERGOOD
022 B000006 23-1720062
022 C000006       237
022 D000006         0
022 C000007         0
022 D000007         0
022 C000008         0
022 D000008         0
022 C000009         0
022 D000009         0
022 C000010         0
022 D000010         0
023 C000000   17338571
023 D000000          0
024  000000 Y
025 A000001 KNIGHT EQUITY MARKETS
025 B000001 22-3660471
025 C000001 E
025 D000001     976
025 D000002       0
025 D000003       0
025 D000004       0
025 D000005       0
025 D000006       0
025 D000007       0
025 D000008       0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
027  000000 N
028 A010000         0
028 A020000         0
028 A030000         0
028 A040000         0
028 B010000         0
028 B020000         0
028 B030000         0
028 B040000         0
      PAGE  4
028 C010000         0
028 C020000         0
028 C030000         0
028 C040000         0
028 D010000         0
028 D020000         0
028 D030000         0
028 D040000         0
028 E010000         0
028 E020000         0
028 E030000         0
028 E040000         0
028 F010000         0
028 F020000         0
028 F030000         0
028 F040000         0
028 G010000         0
028 G020000         0
028 G030000         0
028 G040000         0
028 H000000         0
030 A000000      0
030 B000000  0.00
030 C000000  0.00
031 A000000      0
031 B000000      0
032  000000      0
033  000000      0
035  000000      0
036 B000000      0
038  000000      0
042 A000000   0
042 B000000   0
042 C000000   0
042 D000000   0
042 E000000   0
042 F000000   0
042 G000000   0
042 H000000   0
043  000000      0
044  000000      0
045  000000 Y
046  000000 N
047  000000 N
048  000000  0.000
048 A010000        0
048 A020000 0.000
048 B010000        0
048 B020000 0.000
048 C010000        0
048 C020000 0.000
      PAGE  5
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000        0
048 K020000 0.000
049  000000 N
050  000000 N
051  000000 Y
052  000000 N
053 A000000 N
054 A000000 N
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056  000000 Y
057  000000 N
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000        0
062 A000000 N
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
      PAGE  6
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
063 A000000   0
063 B000000  0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
      PAGE  7
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000    132416
071 B000000     90576
071 C000000    971957
071 D000000    9
072 A000000  6
072 B000000      580
072 C000000     3209
072 D000000        0
072 E000000       60
072 F000000     6072
072 G000000        0
072 H000000       45
072 I000000       19
072 J000000      102
072 K000000       69
072 L000000       94
072 M000000       60
072 N000000        0
072 O000000        1
072 P000000        0
072 Q000000        0
072 R000000       19
072 S000000       12
072 T000000        0
072 U000000        0
072 V000000       40
072 W000000       61
072 X000000     6594
072 Y000000        0
072 Z000000    -2745
072AA000000    32559
072BB000000     6053
072CC010000    63304
072CC020000        0
072DD010000        0
072DD020000        0
072EE000000    41154
073 A010000   0.0000
073 A020000   0.0000
073 B000000   0.6900
073 C000000   0.1300
      PAGE  8
074 A000000        0
074 B000000    95308
074 C000000    17051
074 D000000    27989
074 E000000       39
074 F000000  1012863
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000     2068
074 K000000        0
074 L000000      950
074 M000000        0
074 N000000  1156268
074 O000000     1254
074 P000000     1036
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000    17571
074 S000000   220000
074 T000000   916407
074 U010000    51110
074 U020000        0
074 V010000    17.93
074 V020000     0.00
074 W000000   0.0000
074 X000000     1910
074 Y000000        0
075 A000000        0
075 B000000   889742
076  000000    17.61
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
      PAGE  9
077 Q030000 N
078  000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 C000000    12000
081 A000000 Y
081 B000000  20
082 A000000 Y
082 B000000       50
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 Y
085 B000000 N
086 A010000   1153
086 A020000  34664
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
087 A010000 COMMON STOCK
087 A020000 780910105
087 A030000 RVT
087 B010000 CUMULATIVE PREFERRED STOCK
087 B020000 780910402
087 B030000 RVT.PRB
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 Y
SIGNATURE   DANI ENG
TITLE       ASSISTANT SECRETARY