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: 12/31/2007

Date of reporting period: 9/30/2007

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
SEPTEMBER 30, 2007 (UNAUDITED)

COMMON STOCKS - 105.5%
	SHARES		VALUE
Consumer Products - 5.3%
Apparel and Shoes - 1.4%
Kenneth Cole Productions Cl. A		35,000	$	677,950
Columbia Sportswear		34,600		1,913,726
K-Swiss Cl. A		110,000		2,520,100
Quiksilver ^a,b		8,700		124,410
Skechers U.S.A. Cl. A ^a,b		5,500		121,550
Tandy Brands Accessories		16,900		176,436
Van De Velde		50,000		2,584,534
Weyco Group		307,992		9,674,029

				17,792,735

Collectibles - 0.2%
Russ Berrie & Company ^a		124,300		2,088,240

Food/Beverage/Tobacco - 0.2%
Hain Celestial Group ^a,b		37,800		1,214,514
Hershey Creamery		709		1,488,900

				2,703,414

Home Furnishing and Appliances - 1.1%
Aaron Rents		4,500		100,350
DTS ^a,b		64,100		1,946,717
Ekornes		110,000		2,346,395
Ethan Allen Interiors		50,800		1,660,652
Kimball International Cl. B		286,180		3,256,728
La-Z-Boy ^b		68,200		503,316
Rational		14,900		2,866,598
Universal Electronics ^a,b		10,000		325,000

				13,005,756

Publishing - 0.5%
Scholastic Corporation ^a,b		130,000		4,531,800
Voyager Learning ^a,b		150,000		1,213,500

				5,745,300

Sports and Recreation - 0.9%
Beneteau		90,000		2,550,026
Coachmen Industries		47,700		319,590
Monaco Coach		166,650		2,338,100
Sturm, Ruger & Company ^a,b		272,900		4,887,639
Thor Industries		26,100		1,174,239

				11,269,594

Other Consumer Products - 1.0%
Blyth		14,700		300,615
Lazare Kaplan International ^a		103,600		767,676
Leapfrog Enterprises Cl. A ^a,b		175,000		1,443,750
Matthews International Cl. A		100,000		4,380,000
RC2 Corporation ^a		132,600		3,671,694
Sally Beauty Holdings ^a,b		194,600		1,644,370

				12,208,105

Total				64,813,144

Consumer Services - 5.7%
Direct Marketing - 0.2%
FTD Group		55,000		818,400
Takkt		104,500		1,773,240

				2,591,640

Leisure and Entertainment - 0.1%
Shuffle Master ^a,b		15,000		224,250

Media and Broadcasting - 0.1%
Cox Radio Cl. A ^a,b		23,000		300,150
Discovery Holding Company Cl. B ^a,b		40,600		1,185,520

				1,485,670

Restaurants and Lodgings - 0.8%
Benihana Cl. A ^a,b		6,600		114,246
CEC Entertainment ^a,b		133,100		3,576,397
Jamba ^a,b		8,700		61,161
Krispy Kreme Doughnuts ^a,b		26,400		105,600
Morgans Hotel Group ^a,b		90,000		1,957,500
Steak n Shake ^a		198,000		2,971,980
Tim Hortons		50,000		1,742,500

				10,529,384

Retail Stores - 1.7%
America’s Car-Mart ^a,b		90,400		1,022,424
Bulgari		275,000		4,329,183
CarMax ^a,b		50,000		1,016,500
Children’s Place Retail Stores ^a		13,670		331,908
Cost Plus ^a,b		80,500		323,610
DSW Cl. A ^a,b		5,000		125,850
Fielmann		20,000		1,333,833
Fred’s Cl. A		50,000		526,500
Gander Mountain ^a,b		53,300		288,353
Gymboree Corporation ^a,b		5,000		176,200
Hot Topic ^a,b		29,000		216,340
99 Cents Only Stores ^a,b		95,000		975,650
Stein Mart		142,800		1,086,708
Tiffany & Co.		125,000		6,543,750
Urban Outfitters ^a,b		27,000		588,600
West Marine ^a		131,100		1,514,205
Wet Seal (The) Cl. A ^a,b		162,000		626,940

				21,026,554

Other Consumer Services - 2.8%
Corinthian Colleges ^a,b		106,500		1,694,415
ITT Educational Services ^a		80,000		9,735,200
MoneyGram International		186,400		4,210,776
Renaissance Learning		15,000		181,350
Sotheby’s Cl. A		382,200		18,265,338
Steiner Leisure ^a,b		2,100		91,140
Travelcenters of America ^a		2,500		81,500

				34,259,719

Total				70,117,217

Diversified Investment Companies - 0.1%
Closed-End Funds - 0.1%
Central Fund of Canada Cl. A		131,500		1,292,645

Total				1,292,645

Financial Intermediaries - 11.8%
Banking - 3.3%
Ameriana Bancorp		20,000		185,200
BOK Financial		159,427		8,196,142
Bank of N.T. Butterfield & Son		356,250		7,125,000
CFS Bancorp		265,000		3,736,500
Cadence Financial		30,300		533,280
Commercial National Financial		54,900		906,399
Farmers & Merchants Bank of Long Beach		1,266		7,975,800
Hawthorn Bancshares		44,400		1,376,400
Heritage Financial		12,915		284,776
HopFed Bancorp		25,000		375,250
Jefferson Bancshares		32,226		338,695
Mechanics Bank		200		3,820,000
Old Point Financial		20,000		495,000
Partners Trust Financial Group		50,000		608,500
Sun Bancorp ^a,b		46,305		810,338
Tompkins Financial		17,545		696,537
W Holding Company		44,700		100,128
Whitney Holding		40,500		1,068,390
Wilber Corporation		31,700		303,369
Wilmington Trust		31,000		1,205,900
Yadkin Valley Financial		3,800		60,876

				40,202,480

Insurance - 3.6%
Alleghany Corporation ^a		13,318		5,407,108
Argo Group International Holdings ^a		16,655		724,659
Aspen Insurance Holdings		64,000		1,786,240
Erie Indemnity Cl. A		139,900		8,552,087
Greenlight Capital Re Cl. A ^a,b		57,300		1,162,044
IPC Holdings		27,000		778,950
Leucadia National		84,940		4,095,807
Markel Corporation ^a		7,200		3,484,800
Montpelier Re Holdings		66,000		1,168,200
NYMAGIC		85,200		2,369,412
ProAssurance Corporation ^a,b		38,070		2,050,831
RLI		99,724		5,656,345
Security Capital Assurance		30,000		685,200
Stewart Information Services		3,000		102,810
Wesco Financial		4,750		1,890,500
White Mountains Insurance Group		9,000		4,677,750
Zenith National Insurance		2,000		89,780

				44,682,523

Real Estate Investment Trusts - 0.2%
Bimini Capital Management Cl. A		897,500		1,184,700
Capstead Mortgage		91,100		936,508
Gladstone Commercial		34,700		648,890

				2,770,098

Securities Brokers - 2.2%
Cowen Group ^a,b		32,000		442,240
DundeeWealth		33,300		593,585
Evercore Partners Cl. A		276,800		7,277,072
First Albany Companies ^a,b		350,100		595,170
Interactive Brokers Group Cl. A ^a,b		79,400		2,085,044
Investment Technology Group ^a,b		30,400		1,306,592
KBW ^a,b		50,000		1,439,000
Knight Capital Group Cl. A ^a,b		229,700		2,747,212
Lazard Cl. A		144,000		6,105,600
optionsXpress Holdings		53,000		1,385,420
Piper Jaffray ^a,b		10,000		536,000
Shinko Securities		464,300		2,150,417

				26,663,352

Other Financial Intermediaries - 2.5%
AP Alternative Assets L.P.		237,600		4,039,200
JAFCO		37,300		1,383,346
KKR Financial		401,404		6,763,657
KKR Private Equity Investors LLP		105,000		2,047,500
Kohlberg Capital		81,800		1,231,908
MCG Capital		138,000		1,985,820
MVC Capital		447,200		8,286,616
MarketAxess Holdings ^a		67,000		1,005,000
NGP Capital Resources		50,000		811,500
RHJ International ^a		177,500		3,227,102

				30,781,649

Total				145,100,102

Financial Services - 9.2%
Information and Processing - 1.4%
FactSet Research Systems		35,350		2,423,243
Global Payments		68,500		3,029,070
Interactive Data		134,300		3,787,260
PRG-Schultz International ^a,b		14,420		195,824
SEI Investments		282,400		7,703,872

				17,139,269

Insurance Brokers - 1.5%
Brown & Brown		115,000		3,024,500
Crawford & Company Cl. A ^a		289,200		1,596,384
Crawford & Company Cl. B ^a		162,300		1,032,228
eHealth ^a,b		25,000		692,500
Enstar Group ^a,b		7,000		887,250
Gallagher (Arthur J.) & Co.		111,200		3,221,464
Hilb Rogal & Hobbs		155,050		6,718,317
National Financial Partners		22,000		1,165,560

				18,338,203

Investment Management - 5.5%
ADDENDA Capital		150,900		3,052,438
Affiliated Managers Group ^a,b		15,600		1,989,156
AllianceBernstein Holding L.P.		333,100		29,336,117
BKF Capital Group ^a		227,050		533,568
Calamos Asset Management Cl. A		45,000		1,270,350
Eaton Vance		140,400		5,610,384
Federated Investors Cl. B		161,900		6,427,430
GAMCO Investors Cl. A		158,600		8,691,280
Nuveen Investments Cl. A		138,600		8,584,884
Onex Corporation		50,000		1,837,330
SPARX Group		2,300		956,122

				68,289,059

Other Financial Services - 0.8%
AmeriCredit Corporation ^a,b		18,870		331,735
Centerline Holding Company		59,600		914,860
Credit Acceptance ^a,b		116,601		2,693,483
Deutsche Beteiligungs		90,000		3,150,636
Encore Capital Group ^a,b		20,100		237,180
FCStone Group ^a,b		4,050		130,694
Municipal Mortgage & Equity		40,300		915,213
Ocwen Financial ^a,b		50,000		471,500
World Acceptance ^a,b		21,700		717,836

				9,563,137

Total				113,329,668

Health - 7.0%
Commercial Services - 1.5%
First Consulting Group ^a,b		560,900		5,777,270
PAREXEL International ^a,b		313,700		12,946,399

				18,723,669

Drugs and Biotech - 1.7%
Affymetrix ^a,b		10,000		253,700
Antigenics ^a,b		99,300		235,341
Biovail Corporation		41,200		715,644
Endo Pharmaceuticals Holdings ^a,b		155,000		4,806,550
Gene Logic ^a,b		365,000		434,350
Genitope Corporation ^a,b		100,000		448,000
Human Genome Sciences ^a,b		90,000		926,100
K-V Pharmaceutical Cl. A ^a,b		51,500		1,472,900
Medicines Company (The) ^a,b		20,000		356,200
Millennium Pharmaceuticals ^a,b		100,000		1,015,000
Mylan Laboratories ^b		52,200		833,112
Myriad Genetics ^a,b		50,000		2,607,500
Origin Agritech ^a		28,600		217,074
Perrigo Company		191,950		4,098,133
Pharmanet Development Group ^a,b		10,000		290,300
QLT ^a,b		114,070		649,058
Sunesis Pharmaceuticals ^a,b		300,000		690,000
VIVUS ^a,b		163,300		809,968

				20,858,930

Health Services - 1.4%
Albany Molecular Research ^a		85,000		1,283,500
Cross Country Healthcare ^a		30,000		524,100
Eclipsys Corporation ^a,b		20,000		466,400
Gentiva Health Services ^a		30,150		579,182
HMS Holdings ^a,b		50,000		1,230,500
HealthSouth Corporation ^a,b		200,000		3,502,000
Lincare Holdings ^a,b		52,562		1,926,397
MedQuist ^a		73,893		850,508
National Home Health Care		20,000		247,000
On Assignment ^a,b		375,400		3,506,236
Paramount Acquisition (Units) ^a		280,000		1,960,000
Res-Care ^a,b		65,460		1,495,106

				17,570,929

Medical Products and Devices - 2.2%
Allied Healthcare Products ^a		210,612		1,423,737
ArthroCare Corporation ^a,b		10,000		558,900
Atrion Corporation		15,750		1,968,750
Bruker BioSciences ^a		370,200		3,257,760
Coloplast Cl. B		17,000		1,616,136
CONMED Corporation ^a,b		81,500		2,281,185
IDEXX Laboratories ^a,b		79,000		8,657,610
Invacare Corporation		103,100		2,410,478
STERIS Corporation		98,600		2,694,738
Young Innovations		62,550		1,789,556
Zoll Medical ^a,b		40,400		1,047,168

				27,706,018

Personal Care - 0.2%
Nutraceutical International ^a,b		22,800		346,788
USANA Health Sciences ^a,b		38,900		1,701,875

				2,048,663

Total				86,908,209

Industrial Products - 16.8%
Automotive - 0.9%
ElringKlinger		25,500		2,890,757
Fuel Systems Solutions ^a,b		22,500		401,850
LKQ Corporation ^a,b		200,000		6,962,000
Quantam Fuel Systems Technologies Worldwide ^a,b		15,500		17,050
SORL Auto Parts ^a,b		20,300		157,528
Superior Industries International		52,000		1,127,880

				11,557,065

Building Systems and Components - 1.1%
Decker Manufacturing		6,022		216,792
Preformed Line Products		91,600		4,765,032
Simpson Manufacturing		250,800		7,987,980

				12,969,804

Construction Materials - 1.5%
Ash Grove Cement Cl. B		50,518		11,770,694
Heywood Williams Group ^a		958,837		1,490,952
Synalloy Corporation		198,800		4,194,680
USG Corporation ^a,b		25,000		938,750

				18,395,076

Industrial Components - 1.5%
Barnes Group		20,000		638,400
C&D Technologies ^a,b		345,700		1,721,586
CLARCOR		83,500		2,856,535
Donaldson Company		92,800		3,875,328
GrafTech International ^a,b		64,790		1,155,854
PerkinElmer		135,000		3,943,350
Powell Industries ^a,b		92,400		3,501,036
II-VI ^a		13,500		466,155

				18,158,244

Machinery - 5.6%
A.S.V. ^a,b		14,800		207,644
Baldor Electric		62,900		2,512,855
Burnham Holdings Cl. B		36,000		536,400
Coherent ^a,b		243,500		7,811,480
Exco Technologies		91,000		457,447
Federal Signal		58,600		900,096
Franklin Electric		84,200		3,461,462
Graco		106,825		4,177,926
Hardinge		26,193		912,302
IDEX Corporation		54,000		1,965,060
Intermec ^a,b		23,000		600,760
Lincoln Electric Holdings		188,680		14,643,455
Mueller Water Products Cl. A		72,500		898,275
Nordson Corporation		172,200		8,646,162
Pfeiffer Vacuum Technology		34,995		3,175,707
Rofin-Sinar Technologies ^a,b		128,000		8,986,880
Williams Controls ^a,b		37,499		676,107
Woodward Governor		144,800		9,035,520

				69,605,538

Metal Fabrication and Distribution - 1.8%
Commercial Metals		36,600		1,158,390
CompX International Cl. A		292,300		5,723,234
Gerdau Ameristeel		61,100		730,145
Kaydon Corporation		177,400		9,223,026
Metal Management		3,500		189,700
NN		197,100		1,933,551
Novamerican Steel ^a		10,800		546,696
RBC Bearings ^a,b		35,000		1,342,250
Reliance Steel & Aluminum		25,920		1,465,517

				22,312,509

Paper and Packaging - 0.3%
Mayr-Melnhof Karton		25,000		2,762,778
Peak International ^a,b		408,400		1,110,848

				3,873,626

Specialty Chemicals and Materials - 1.2%
Aceto Corporation		78,410		705,690
American Vanguard		26,666		520,520
Balchem Corporation		16,875		344,419
Cabot Corporation		181,500		6,448,695
Calgon Carbon ^a,b		6,400		89,344
Fuel Tech ^a,b		10,000		220,900
Hawkins		206,878		2,979,043
Lydall ^a		35,500		329,440
Schulman (A.)		143,100		2,823,363
Sensient Technologies		22,000		635,140
Spartech Corporation		5,000		85,300

				15,181,854

Textiles - 0.1%
Unifi ^a		145,100		399,025

Other Industrial Products - 2.8%
Brady Corporation Cl. A		238,400		8,553,792
Diebold		73,600		3,342,912
Distributed Energy Systems ^a		32,000		26,880
Maxwell Technologies ^a,b		21,500		250,045
Mettler-Toledo International ^a,b		28,700		2,927,400
Myers Industries		30,499		604,490
Peerless Manufacturing ^a		297,200		7,132,800
Raven Industries		86,200		3,452,310
Solar Integrated Technologies ^a		75,000		115,087
Somfy		9,900		3,105,718
Waters Corporation ^a,b		75,990		5,085,251

				34,596,685

Total				207,049,426

Industrial Services - 12.2%
Advertising and Publishing - 1.0%
Focus Media Holding ADR ^a,b		71,900		4,171,638
Interpublic Group of Companies ^a,b		510,000		5,293,800
Lamar Advertising Cl. A		31,000		1,518,070
MDC Partners Cl. A ^a		60,000		651,600
ValueClick ^a,b		45,000		1,010,700

				12,645,808

Commercial Services - 3.6%
Allied Waste Industries ^a		188,800		2,407,200
Anacomp Cl. A ^a		26,000		182,000
Animal Health International ^a,b		25,000		278,250
BB Holdings ^a		289,400		1,228,632
Canadian Solar ^a,b		50,000		472,000
Convergys Corporation ^a,b		121,000		2,100,560
Copart ^a		158,100		5,437,059
Diamond Management & Technology Consultants		80,400		739,680
First Advantage Cl. A ^a,b		5,000		88,350
Forrester Research ^a		40,300		949,871
Headwaters ^a,b		7,700		114,576
Hewitt Associates Cl. A ^a		208,720		7,315,636
Iron Mountain ^a,b		234,262		7,140,306
Learning Tree International ^a,b		53,400		948,384
MPS Group ^a		564,600		6,295,290
MAXIMUS		127,900		5,573,882
New Horizons Worldwide ^a		228,600		377,190
OneSource Services ^a		28,137		374,194
Portfolio Recovery Associates		3,500		185,745
Spherion Corporation ^a,b		53,000		437,780
TRC Companies ^a		3,600		38,016
TeleTech Holdings ^a,b		5,400		129,114
Viad Corporation		9,025		324,900
Wright Express ^a,b		30,000		1,094,700

				44,233,315

Engineering and Construction - 1.6%
Boskalis Westminster		49,200		2,480,742
Dycom Industries ^a,b		35,500		1,087,365
Fleetwood Enterprises ^a		234,300		2,003,265
Insituform Technologies Cl. A ^a,b		137,000		2,086,510
Integrated Electrical Services ^a,b		305,400		7,821,294
KBR ^a,b		115,000		4,458,550

				19,937,726

Food and Tobacco Processors - 0.4%
MGP Ingredients		127,400		1,308,398
Performance Food Group ^a,b		10,000		301,300
Seneca Foods Cl. A ^a,b		80,000		2,175,200
Seneca Foods Cl. B ^a		13,251		355,789

				4,140,687

Industrial Distribution - 2.0%
Central Steel & Wire		6,062		3,849,370
MSC Industrial Direct Cl. A		20,000		1,011,800
Ritchie Bros. Auctioneers		310,400		20,207,040

				25,068,210

Printing - 0.1%
Bowne & Co.		68,100		1,134,546

Transportation and Logistics - 3.0%
Alexander & Baldwin		60,000		3,007,800
American Commercial Lines ^a,b		2,000		47,460
Atlas Air Worldwide Holdings ^a,b		17,000		877,710
C. H. Robinson Worldwide		80,000		4,343,200
Forward Air		254,750		7,586,455
Frozen Food Express Industries		286,635		1,929,054
Hub Group Cl. A ^a,b		174,400		5,237,232
Landstar System		26,200		1,099,614
Patriot Transportation Holding ^a		80,300		7,896,702
UTI Worldwide		109,600		2,518,608
Universal Truckload Services ^a		115,100		2,527,596

				37,071,431

Other Industrial Services - 0.5%
Landauer		117,900		6,008,184

Total				150,239,907

Natural Resources - 9.6%
Energy Services - 5.0%
Atwood Oceanics ^a,b		29,400		2,250,864
Cal Dive International ^a,b		40,000		600,000
Carbo Ceramics		155,200		7,873,296
Core Laboratories ^a,b		10,000		1,273,900
Ensign Energy Services		126,300		2,384,672
Environmental Power ^a,b		326,000		1,727,800
Exterran Holdings ^a,b		157,500		12,653,550
Global Industries ^a		54,500		1,403,920
Helix Energy Solutions Group ^a,b		34,226		1,453,236
Helmerich & Payne		80,600		2,646,098
ION Geophysical ^a,b		464,500		6,424,035
National Fuel Gas		47,500		2,223,475
Particle Drilling Technologies ^a,b		61,500		202,950
SEACOR Holdings ^a,b		147,000		13,979,700
Superior Offshore International ^a,b		20,000		225,000
TETRA Technologies ^a,b		68,000		1,437,520
Willbros Group ^a,b		103,800		3,529,200

				62,289,216

Oil and Gas - 1.1%
Bill Barrett ^a,b		50,000		1,970,500
Carrizo Oil & Gas ^a,b		41,700		1,870,662
Cimarex Energy		193,990		7,226,128
Falcon Oil & Gas ^a		360,000		209,923
Penn Virginia		32,880		1,446,062
PetroCorp ^a,c		61,400		0
Storm Cat Energy ^a,b		330,800		248,100
W &T Offshore		25,000		609,500

				13,580,875

Precious Metals and Mining - 2.4%
Agnico-Eagle Mines		34,000		1,693,200
Centerra Gold ^a		30,000		271,452
Constellation Copper ^a		186,900		122,138
Etruscan Resources ^a		675,900		2,072,583
Gammon Gold ^a,b		178,300		2,111,072
Golden Star Resources ^a,b		175,000		708,750
Hecla Mining ^a,b		598,000		5,352,100
IAMGOLD Corporation		335,620		2,909,825
International Coal Group ^a,b		189,000		839,160
Ivanhoe Mines ^a,b		140,000		1,827,000
Kinross Gold ^a,b		110,286		1,652,084
Meridian Gold ^a		91,000		3,012,100
Miramar Mining ^a,b		445,000		2,109,300
Northgate Minerals ^a		100,000		284,000
Pan American Silver ^a,b		41,000		1,184,900
Randgold Resources ADR		53,000		1,761,720
Royal Gold		34,400		1,126,600
Yamana Gold ^b		80,000		942,400

				29,980,384

Real Estate - 0.9%
Alico		27,000		1,170,180
Consolidated-Tomoka Land		13,564		911,636
Tejon Ranch Company ^a,b		69,000		2,856,600
The St. Joe Company		180,100		6,053,161

				10,991,577

Other Natural Resources - 0.2%
PICO Holdings ^a		50,200		2,085,810

Total				118,927,862

Technology - 22.8%
Aerospace and Defense - 0.7%
Aerovironment ^a,b		2,400		55,224
Allied Defense Group (The) ^a,b		45,700		359,659
Astronics Corporation ^a		52,400		2,283,068
Axsys Technologies ^a,b		10,000		309,600
Ducommun ^a		117,200		3,785,560
Hexcel Corporation ^a,b		47,500		1,078,725
Integral Systems		39,876		856,935

				8,728,771

Components and Systems - 6.4%
Analogic Corporation		40,135		2,559,008
Belden		57,800		2,711,398
Benchmark Electronics ^a,b		208,200		4,969,734
Checkpoint Systems ^a		56,060		1,479,423
Dionex Corporation ^a		81,000		6,436,260
Electronics for Imaging ^a,b		25,000		671,500
Energy Conversion Devices ^a,b		105,500		2,396,960
Excel Technology ^a		168,500		4,204,075
Hutchinson Technology ^a,b		47,500		1,168,500
Imation Corporation		15,700		385,121
InFocus Corporation ^a		228,100		387,770
KEMET Corporation ^a		95,600		702,660
Methode Electronics		50,000		752,500
Nam Tai Electronics		5,200		65,416
Newport Corporation ^a,b		592,200		9,019,206
On Track Innovations ^a,b		40,000		191,600
Perceptron ^a		397,400		5,722,560
Plexus Corporation ^a,b		325,700		8,924,180
Radiant Systems ^a,b		32,500		514,475
Richardson Electronics		116,700		799,395
Solectron Corporation ^a,b		1,070,100		4,173,390
TTM Technologies ^a,b		221,400		2,561,598
Technitrol		311,200		8,386,840
Tektronix		159,680		4,429,523
Vishay Intertechnology ^a,b		186,000		2,423,580
Zebra Technologies Cl. A ^a,b		76,525		2,792,397

				78,829,069

Distribution - 0.9%
Agilysys		165,125		2,790,612
Anixter International ^a		61,795		5,094,998
Tech Data ^a,b		86,500		3,470,380

				11,355,990

Internet Software and Services - 1.4%
Arbinet-thexchange ^a,b		87,200		523,200
CMGI ^a,b		1,535,000		2,087,600
CNET Networks ^a,b		155,400		1,157,730
CryptoLogic		68,500		1,370,000
CyberSource Corporation ^a,b		10,000		116,900
EarthLink ^a,b		55,200		437,184
Internap Network Services ^a,b		144,890		2,053,091
iPass ^a,b		268,400		1,127,280
j2 Global Communications ^a,b		43,420		1,421,137
Jupitermedia Corporation ^a,b		525,000		3,323,250
Kongzhong Corporation ADR ^a,b		8,300		55,776
Lionbridge Technologies ^a		37,500		149,625
Perficient ^a,b		10,000		218,700
RealNetworks ^a,b		256,900		1,741,782
Stamps.com ^a		12,400		148,428
SupportSoft ^a		220,000		1,284,800
Websense ^a,b		20,000		394,600

				17,611,083

IT Services - 3.0%
Alten ^a		62,000		2,316,313
answerthink ^a		655,000		2,154,950
BearingPoint ^a,b		829,100		3,357,855
Black Box		47,000		2,009,720
CACI International Cl. A ^a,b		10,000		510,900
CIBER ^a,b		10,000		78,100
Cogent Communications Group ^a,b		204,200		4,766,028
Computer Task Group ^a,b		101,100		439,785
Gartner ^a		126,000		3,081,960
Perot Systems Cl. A ^a,b		165,100		2,791,841
Sapient Corporation ^a,b		806,602		5,412,299
Syntel		152,679		6,348,393
TriZetto Group (The) ^a,b		219,800		3,848,698

				37,116,842

Semiconductors and Equipment - 4.0%
Actions Semiconductor ADR ^a,b		24,300		134,136
Advanced Energy Industries ^a,b		6,300		95,130
Applied Micro Circuits ^a,b		55,100		174,116
Axcelis Technologies ^a,b		135,000		689,850
BE Semiconductor Industries ^a,b		58,000		371,200
Brooks Automation ^a,b		15,152		215,764
Cabot Microelectronics ^a		131,200		5,608,800
CEVA ^a		31,666		284,677
Cognex Corporation		197,700		3,511,152
DSP Group ^a,b		115,000		1,820,450
Diodes ^a		297,450		9,548,145
Dolby Laboratories Cl. A ^a		173,900		6,055,198
Exar Corporation ^a,b		232,576		3,037,443
Fairchild Semiconductor International ^a,b		51,200		956,416
Himax Technologies ADR ^a		100,000		406,000
Image Sensing Systems ^a,b		7,310		92,837
International Rectifier ^a,b		120,000		3,958,800
Intevac ^a		57,450		873,240
Jazz Technologies (Units) ^a		600,000		2,280,000
Kulicke & Soffa Industries ^a,b		105,800		897,184
Micrel		7,600		82,080
Novellus Systems ^a,b		12,000		327,120
ON Semiconducter ^a,b		15,300		192,168
Pericom Semiconductor ^a,b		58,000		679,760
Power Integrations ^a,b		49,000		1,455,790
Sanmina-SCI Corporation ^a,b		200,000		424,000
Semitool ^a,b		50,000		485,000
Staktek Holdings ^a		184,700		635,368
Tessera Technologies ^a,b		12,500		468,750
TriQuint Semiconductor ^a,b		35,200		172,832
Veeco Instruments ^a,b		65,000		1,259,700
Vimicro International ADR ^a,b		160,000		849,600
Virage Logic ^a,b		100,000		742,000

				48,784,706

Software - 3.7%
ACI Worldwide ^a,b		238,150		5,322,653
Advent Software ^a,b		116,800		5,486,096
ANSYS ^a,b		100,000		3,417,000
Aspen Technology ^a		27,100		388,072
Avid Technology ^a,b		68,000		1,841,440
BEA Systems ^a		65,610		910,011
Borland Software ^a,b		280,000		1,218,000
Epicor Software ^a,b		79,900		1,100,223
JDA Software Group ^a,b		99,900		2,063,934
MSC.Software ^a,b		50,000		681,000
ManTech International Cl. A ^a,b		119,400		4,296,012
NAVTEQ Corporation ^a,b		70,000		5,457,900
Net 1 UEPS Technologies ^a,b		50,000		1,358,500
PLATO Learning ^a,b		149,642		565,647
Progress Software ^a,b		30,500		924,150
SPSS ^a		179,600		7,388,744
Sybase ^a,b		82,600		1,910,538
THQ ^a,b		20,000		499,600
Verint Systems ^a,b		40,000		1,036,000

				45,865,520

Telecommunications - 2.7%
Adaptec ^a,b		2,584,100		9,871,262
ADTRAN		65,000		1,496,950
Arris Group ^a		5,900		72,865
Catapult Communications ^a,b		87,100		665,444
Comtech Group ^a,b		8,500		154,785
Covad Communications Group ^a,b		35,000		23,450
Foundry Networks ^a,b		373,400		6,635,318
Globalstar ^a,b		50,000		366,500
Globecomm Systems ^a		233,700		3,098,862
Golden Telecom ^a		40,000		3,219,600
IDT Corporation		108,400		857,444
IDT Corporation Cl. B		95,000		795,150
Level 3 Communications ^a,b		401,341		1,866,236
NMS Communications ^a,b		380,000		467,400
Sycamore Networks ^a,b		171,000		695,970
Tandberg		35,000		842,337
Tekelec ^a,b		8,200		99,220
Tollgrade Communications ^a		20,000		202,400
Zhone Technologies ^a,b		850,000		1,011,500

				32,442,693

Total				280,734,674

Utilities - 0.2%
CH Energy Group		44,500		2,127,100
Southern Union		11,576		360,129

Total				2,487,229

Miscellaneous ^d - 4.8%
Total				59,678,111

TOTAL COMMON STOCKS
(Cost $855,900,115)				1,300,678,194

PREFERRED STOCKS - 0.3%
Duratex		48,400		1,444,343
Seneca Foods Conv. ^a,c		85,000		2,080,035

TOTAL PREFERRED STOCKS
(Cost $2,516,175)				3,524,378


	PRINCIPAL
	AMOUNT
CORPORATE BONDS - 0.1%
Dixie Group 7.00%
Conv. Sub. Deb. due 5/15/12		$352,000		330,880

TOTAL CORPORATE BONDS
(Cost $295,794)				330,880

REPURCHASE AGREEMENTS - 12.1%
State Street Bank & Trust Company, 4.75% dated 9/28/07, due 10/1/07, maturity value $34,617,697 (collateralized by obligations of various U.S. Government Agencies, valued at $37,620,000)
(Cost $34,604,000)				34,604,000

Lehman Brothers (Tri-Party), 4.55% dated 9/28/07, due 10/1/07, maturity value $115,043,604 (collateralized by obligations of various U.S. Government Agencies, valued at $117,347,146)
(Cost $115,000,000)				115,000,000

TOTAL REPURCHASE AGREEMENTS
(Cost $149,604,000)				149,604,000

COLLATERAL RECEIVED FOR SECURITIES LOANED - 11.5%
Federal Home Loan Bank
4.36% due 9/10/09		12,410		12,437
U.S. Treasury Bonds
2.375% due 1/15/27		9,892		9,940
Money Market Funds
State Street Navigator Securities Lending Prime Portfolio (7 day yield-5.23%)				141,650,588

TOTAL COLLATERAL RECEIVED FOR SECURITIES LOANED
(Cost $141,672,965)				141,672,965

TOTAL INVESTMENTS - 129.5%
(Cost $1,149,989,049)				1,595,810,417

LIABILITIES LESS CASH AND OTHER ASSETS - (11.6)%				(143,012,460	)

PREFERRED STOCK - (17.9)%				(220,000,000	)

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%			$	1,232,797,957

a		Non-income producing.

b		All or a portion of these securities were on loan at September 30, 2007. Total market value of loaned securities at September 30, 2007 was $137,019,800.

c		Securities for which market quotations are no longer readily available represent 0.2% of net assets. These securities have been valued at their fair value under procedures established by the Fund’s Board of Directors.

d		Includes securities first acquired in 2007 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 $1,151,144,043. At September 30, 2007, net unrealized appreciation for all securities was $444,666,374, consisting of aggregate gross unrealized appreciation of $508,197,502 and aggregate gross unrealized depreciation of $63,531,128. The primary difference in book and tax basis cost is the timing of the recognition of losses on securities sold.

At September 30, 2007, 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, 2007:

Market Value

Cost of

Realized

Dividend

Market Value

Affiliated Company

12/31/2006

Purchases

Sales

Gain (Loss)

Income

9/30/2007

Synalloy Corporation*

345,000

6,361,800

$761,702

$5,317,318

51,750

6,361,800

$5,317,318

51,750

Not an Affiliated Company at September 30, 2007.

		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 (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, 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 highest 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. The Fund values its non-U.S. securities in U.S. dollars on the basis of foreign currency exchange rates provided to the Fund by its custodian, State Street Bank and Trust Company. In addition, if between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. 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 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 cash equivalents and 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 Stockholders. 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: November 15, 2007

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 15, 2007

By:

/s/John D. Diederich
John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: November 15, 2007