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: 12/31/2008

Date of reporting period: 3/31/2008

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
MARCH 31, 2008 (UNAUDITED)

    SHARES         VALUE  
COMMON STOCKS – 111.6%                
                 
Consumer Products – 6.0%                
Apparel, Shoes and Accessories - 2.1%                

Columbia Sportswear

   34,600       $ 1,523,438  

Delta Apparel a,b,c

   605,560         3,657,582  

Kenneth Cole Productions Cl. A

   35,000         592,900  

K-Swiss Cl. A

   160,000         2,531,200  

Lazare Kaplan International c

   103,600         870,240  

Polo Ralph Lauren Cl. A

   17,500         1,020,075  

Timberland Company Cl. A b,c

   17,500         240,275  

Tod’s

   30,000         1,845,638  

Weyco Group

   307,992         9,138,123  
           
 
              21,419,471  
           
 
Collectibles - 0.6%                

Leapfrog Enterprises Cl. A b,c

   175,000         1,233,750  

RC2 Corporation c

   132,600         2,780,622  

Russ Berrie & Company c

   124,300         1,747,658  
           
 
              5,762,030  
           
 
Food/Beverage/Tobacco - 0.5%                

B&G Foods (Units)

   120,100         2,274,694  

B&G Foods Cl. A

   51,300         564,300  

Hain Celestial Group b,c

   37,800         1,115,100  

Hershey Creamery

   709         1,471,175  
           
 
              5,425,269  
           
 
Health, Beauty and Nutrition - 0.1%                

NutriSystem b,c

   35,000         527,450  
           
 
Home Furnishing and Appliances - 1.8%                

Aaron Rents

   4,500         96,930  

American Woodmark

   77,635         1,596,176  

DTS b,c

   64,100         1,538,400  

Ekornes

   110,000         1,998,657  

Ethan Allen Interiors

   65,800         1,870,694  

Hunter Douglas

   30,000         2,029,370  

Kimball International Cl. B

   286,180         3,067,849  

La-Z-Boy

   68,200         568,788  

Lewis Group

   450,000         2,332,849  

Nice

   200,000         940,721  

Rational

   15,000         2,969,661  

Universal Electronics b,c

   10,000         242,100  
           
 
              19,252,195  
           
 
Household Products/Wares - 0.0%                

Blyth

   14,700         289,884  
           
 
Sports and Recreation - 0.9%                

Beneteau

   105,000         2,821,784  

Coachmen Industries b,c

   47,700         142,146  

Monaco Coach

   166,650         1,579,842  

Sturm, Ruger & Company c

   272,900         2,248,696  

Thor Industries

   26,100         776,997  

Winnebago Industries

   97,500         1,647,750  
           
 
              9,217,215  
           
 
Total             61,893,514  
           
 
                 
Consumer Services – 4.2%                
Direct Marketing - 0.2%                

Takkt

   130,000         2,337,380  
           
 
Leisure and Entertainment - 0.0%                

Shuffle Master b,c

   15,000         80,250  
           
 
Media and Broadcasting - 0.1%                

Cox Radio Cl. A b,c

   23,000         273,240  

Discovery Holding Company Cl. B b,c

   36,600         779,946  
           
 
              1,053,186  
           
 
Online Commerce - 0.1%                

FTD Group

   55,000         738,100  
           
 
Restaurants and Lodgings – 0.8%                

Benihana c

   3,300         36,894  

Benihana Cl. A b,c

   6,600         74,382  

CEC Entertainment c

   116,000         3,350,080  

Morgans Hotel Group b,c

   90,000         1,333,800  

Steak n Shake c

   198,000         1,558,260  

Tim Hortons

   65,000         2,213,250  
           
 
              8,566,666  
           
 
Retail Stores - 3.0%                

America’s Car-Mart b,c

   95,400         1,201,086  

AnnTaylor Stores c

   50,000         1,209,000  

Bulgari

   320,000         3,710,072  

CarMax b,c

   90,000         1,747,800  

Children’s Place Retail Stores c

   13,670         335,735  

Dress Barn (The) b,c

   287,280         3,717,403  

Fielmann

   27,533         1,692,336  

Gander Mountain b,c

   53,300         324,064  

Pier 1 Imports b,c

   1,000,000         6,280,000  

Stein Mart b,c

   182,800         1,027,336  

Tiffany & Co.

   158,700         6,640,008  

Tractor Supply b,c

   21,200         837,824  

Urban Outfitters b,c

   27,000         846,450  

West Marine c

   131,100         913,767  

Wet Seal (The) Cl. A b,c

   162,000         549,180  
           
 
              31,032,061  
           
 
Total             43,807,643  
           
 
                 
Diversified Investment Companies – 0.8%                
Closed-End Funds - 0.8%                

AP Alternative Assets L.P. c

   315,600         3,787,458  

Central Fund of Canada Cl. A

   211,500         2,660,670  

Kohlberg Capital

   179,900         1,867,362  
           
 
Total             8,315,490  
           
 
                 
Financial Intermediaries – 13.3%                
Banking - 6.0%                

Abigail Adams National Bancorp

   160,500         1,861,800  

Ameriana Bancorp

   40,000         349,200  

Banca Finnat Euramerica

   500,000         590,145  

Bank of N.T. Butterfield & Son

   408,375         7,085,306  

Bank Sarasin & Cie Cl. B

   150         652,611  

Banque Privee Edmond de Rothschild

   17         607,650  

BB Holdings c

   289,400         1,507,717  

BOK Financial

   164,227         8,577,576  

Boston Private Financial Holdings

   203,000         2,149,770  

Cadence Financial

   40,300         643,591  

Center Bancorp

   66,811         709,533  

Centrue Financial

   72,200         1,407,900  

CFS Bancorp

   265,000         3,808,050  

CNB Financial

   11,116         157,847  

Commercial National Financial

   54,900         881,145  

Farmers & Merchants Bank of Long Beach

   1,266         8,342,940  

Fauquier Bankshares

   160,800         2,894,400  

Hawthorn Bancshares

   44,400         1,221,000  

Heritage Financial

   20,615         358,701  

HopFed Bancorp

   112,500         1,415,250  

Jefferson Bancshares

   32,226         293,579  

Kearny Financial

   60,862         666,439  

Mechanics Bank

   200         3,500,000  

Nexity Financial c

   109,999         739,193  

Old Point Financial

   25,000         478,250  

Peapack-Gladstone Financial

   10,000         270,400  

Peoples Community Bancorp c

   179,310         715,447  

Timberland Bancorp a

   469,200         5,466,180  

Tompkins Financial

   17,545         863,214  

Vontobel Holding

   15,600         542,214  

W Holding Company

   935,400         1,113,126  

Whitney Holding

   40,500         1,003,995  

Wilber Corporation

   103,900         924,710  

Wilmington Trust

   31,000         964,100  

Yadkin Valley Financial

   3,800         48,070  
           
 
              62,811,049  
           
 
Insurance - 4.2%                

Alleghany Corporation c

   16,644         5,684,049  

Argo Group International Holdings c

   64,751         2,299,955  

Aspen Insurance Holdings

   64,000         1,688,320  

Erie Indemnity Cl. A

   91,500         4,683,885  

First American

   20,000         678,800  

Greenlight Capital Re Cl. A b,c

   80,500         1,497,300  

Independence Holding

   317,658         3,786,483  

IPC Holdings

   27,000         756,000  

Leucadia National

   44,940         2,032,187  

Markel Corporation c

   7,200         3,167,784  

Montpelier Re Holdings

   66,000         1,059,300  

NYMAGIC

   232,200         5,273,262  

Old Republic International

   20,000         258,200  

ProAssurance Corporation c

   33,070         1,780,158  

RLI

   99,724         4,943,319  

Stewart Information Services

   100,000         2,799,000  

Wesco Financial

   4,750         1,919,000  
           
 
              44,307,002  
           
 
Real Estate Investment Trusts - 0.1%                

Gladstone Commercial

   34,700         539,585  
           
 
Securities Brokers - 2.4%                

Broadpoint Securities Group b,c

   200,100         366,183  

Close Brothers Group

   30,000         366,823  

Cowen Group b,c

   32,000         226,880  

Duff & Phelps Cl. A b,c

   5,000         89,950  

DundeeWealth

   33,300         392,547  

E*TRADE Financial b,c

   75,000         289,500  

Egyptian Financial Group-Hermes Holding GDR

   28,000         581,000  

FBR Capital Markets b,c

   290,600         1,961,550  

HQ

   26,000         683,743  

Interactive Brokers Group Cl. A b,c

   29,300         752,131  

Investment Technology Group b,c

   30,400         1,403,872  

KBW b,c

   70,058         1,544,779  

LaBranche & Co b,c

   137,000         595,950  

Lazard Cl. A

   176,700         6,749,940  

MF Global b,c

   25,000         247,750  

Oppenheimer Holdings Cl. A

   30,000         1,300,500  

optionsxpress Holdings

   53,000         1,097,630  

Penson Worldwide b,c

   50,000         461,500  

Phatra Securities

   575,000         651,354  

Piper Jaffray b,c

   105,700         3,589,572  

Shinko Securities

   464,300         1,357,016  
           
 
              24,710,170  
           
 
Other Financial Intermediaries - 0.6%                

KKR Financial

   421,404         5,334,975  

KKR Private Equity Investors LLP

   105,000         1,296,590  
           
 
              6,631,565  
           
 
Total             138,999,371  
           
 
                 
Financial Services – 14.0%                
Diversified Financial Services - 1.1%                

AmeriCredit Corporation b,c

   18,870         190,021  

Centerline Holding Company

   59,600         241,976  

Centerline Holding Company (Rights) c,d

   59,600         0  

Discover Financial Services

   10,000         163,700  

Encore Capital Group b,c

   88,000         598,400  

MarketAxess Holdings c

   67,000         665,980  

MoneyGram International c

   428,500         797,010  

Municipal Mortgage & Equity

   40,300         200,694  

Ocwen Financial b,c

   173,600         770,784  

Portfolio Recovery Associates c

   62,100         2,663,469  

World Acceptance b,c

   143,700         4,576,845  
           
 
              10,868,879  
           
 
Information and Processing - 1.8%                

Broadridge Financial Solutions

   30,000         528,000  

Global Payments

   68,500         2,833,160  

Interactive Data

   134,300         3,823,521  

MSCI Cl. A b,c

   114,203         3,397,539  

Paychex

   30,000         1,027,800  

PRG-Schultz International b,c

   14,420         126,031  

SEI Investments

   291,800         7,204,542  
           
 
              18,940,593  
           
 
Insurance Brokers - 1.2%                

Brown & Brown

   115,000         1,998,700  

Crawford & Company Cl. A c

   289,200         1,301,400  

Crawford & Company Cl. B b,c

   162,300         852,075  

Enstar Group b,c

   7,000         778,890  

Gallagher (Arthur J.) & Co.

   111,200         2,626,544  

Hilb Rogal & Hobbs

   155,050         4,879,423  
           
 
              12,437,032  
           
 
Investment Management - 9.0%                

A.F.P. Provida ADR

   14,600         540,784  

Aberdeen Asset Management

   673,500         1,850,934  

ADDENDA Capital

   136,800         3,521,122  

Affiliated Managers Group b,c

   28,500         2,586,090  

AllianceBernstein Holding L.P.

   333,100         21,111,878  

Anima

   749,900         2,040,954  

Ashmore Group

   80,000         444,394  

Australian Wealth Management

   291,000         455,213  

Azimut Holding

   51,000         530,777  

BKF Capital Group b,c

   227,050         431,395  

Calamos Asset Management Cl. A

   45,000         732,600  

Candover Investments

   21,000         841,743  

CapMan Cl. B

   600,000         2,416,461  

Cockleshell c

   337,644         392,012  

Coronation Fund Managers

   446,000         343,866  

Deutsche Beteiligungs

   95,000         2,412,844  

Eaton Vance

   172,800         5,272,128  

Equity Trustees

   23,000         498,409  

Evercore Partners Cl. A

   276,800         4,913,200  

F&C Asset Management

   210,000         759,746  

Federated Investors Cl. B

   145,700         5,705,612  

Fiducian Portfolio Services

   227,000         488,973  

GAMCO Investors Cl. A

   133,600         6,728,096  

GIMV

   12,200         919,668  

GP Investments BDR

   91,333         2,769,086  

Highbury Financial b,c

   213,160         618,164  

Investcorp Bank GDR c

   22,000         564,300  

JAFCO

   37,300         1,248,746  

MVC Capital

   484,200         7,379,208  

New Star Asset Management Group

   126,500         288,665  

Onex Corporation

   50,000         1,458,912  

Perpetual

   11,100         546,270  

Pzena Investment Management Cl. A

   216,100         2,446,252  

Rathbone Brothers

   28,000         588,932  

RHJ International c

   177,500         2,005,902  

Schroders

   150,000         2,791,887  

SHUAA Capital

   320,000         631,705  

SPARX Group

   7,020         3,445,543  

Tasmanian Perpetual Trustees

   105,000         489,393  

Trust Company

   65,500         497,370  

Value Partners Group

   520,000         392,155  
           
 
              94,101,389  
           
 
Special Purpose Acquisition Corporation - 0.4%                

Alternative Asset Management Acquisition (Units) b,c

   250,000         2,490,000  

Prospect Acquisition (Units) c

   150,000         1,432,500  
           
 
              3,922,500  
           
 
Specialty Finance - 0.5%                

Credit Acceptance b,c

   224,601         3,488,054  

MCG Capital

   138,000         1,254,420  

NGP Capital Resources

   50,000         821,000  
           
 
              5,563,474  
           
 
Total             145,833,867  
           
 
Health – 6.7%                
Commercial Services - 1.1%                

PAREXEL International b,c

   427,100         11,147,310  
           
 
Drugs and Biotech - 1.9%                

Affymetrix b,c

   10,000         174,100  

Biovail Corporation

   41,200         438,780  

Endo Pharmaceuticals Holdings c

   155,000         3,710,700  

Genitope Corporation b,c

   150,000         37,500  

Human Genome Sciences b,c

   90,000         530,100  

K-V Pharmaceutical Cl. A b,c

   51,500         1,285,440  

Medicines Company (The) b,c

   20,000         404,000  

Millennium Pharmaceuticals b,c

   100,000         1,546,000  

Mylan b

   52,200         605,520  

Myriad Genetics b,c

   50,000         2,014,500  

Ore Pharmaceuticals b,c

   589,900         323,265  

Origin Agritech b,c

   32,300         170,544  

Perrigo Company

   162,950         6,148,104  

Pharmacyclics b,c

   383,000         287,250  

PharmaNet Development Group b,c

   10,000         252,300  

QLT c

   114,070         404,948  

Sinovac Biotech b,c

   27,200         99,008  

Sunesis Pharmaceuticals b,c

   582,000         902,100  

VIVUS c

   163,300         984,699  
           
 
              20,318,858  
           
 
Health Services - 1.1%                

Albany Molecular Research c

   85,000         1,031,900  

Cross Country Healthcare c

   30,000         371,100  

Eclipsys Corporation b,c

   20,000         392,200  

Gentiva Health Services c

   30,150         656,064  

HMS Holdings b,c

   50,000         1,427,500  

Lincare Holdings c

   52,562         1,477,518  

MedQuist c

   73,893         665,037  

On Assignment b,c

   375,400         2,383,790  

Paramount Acquisition (Units) c

   280,000         1,792,000  

Res-Care b,c

   65,460         1,122,639  
           
 
              11,319,748  
           
 
Medical Products and Devices - 2.5%                

Allied Healthcare Products c

   190,612         1,177,982  

ArthroCare Corporation b,c

   10,000         333,500  

Atrion Corporation

   15,750         1,574,055  

Bruker BioSciences c

   370,200         5,697,378  

Coloplast Cl. B

   17,000         1,553,839  

CONMED Corporation b,c

   81,500         2,089,660  

Golden Meditech

   474,500         132,078  

IDEXX Laboratories c

   158,000         7,783,080  

Schein (Henry) b,c

   5,000         287,000  

STERIS Corporation

   98,600         2,645,438  

Straumann Holding

   1,000         285,548  

Urologix b,c

   445,500         369,765  

Young Innovations

   62,550         1,083,366  

Zoll Medical b,c

   40,400         1,074,236  
           
 
              26,086,925  
           
 
Personal Care - 0.1%                

Nutraceutical International c

   22,800         296,400  

USANA Health Sciences b,c

   38,900         856,967  
           
 
              1,153,367  
           
 
Total             70,026,208  
           
 
Industrial Products – 19.6%                
Automotive - 2.3%                

Copart c

   153,100         5,934,156  

ElringKlinger

   20,000         2,234,991  

Fuel Systems Solutions b,c

   22,500         299,925  

International Textile Group c

   85,000         140,250  

LKQ Corporation b,c

   375,000         8,426,250  

Quantam Fuel Systems Technologies Worldwide b,c

   15,500         14,725  

SORL Auto Parts b,c

   49,000         248,430  

Superior Industries International

   98,400         2,041,800  

WABCO Holdings

   98,800         4,507,256  
           
 
              23,847,783  
           
 
Building Systems and Components - 1.3%                

Decker Manufacturing

   6,022         210,770  

Heywood Williams Group c

   958,837         466,202  

NCI Building Systems c

   13,900         336,380  

Preformed Line Products

   91,600         4,459,088  

Simpson Manufacturing

   250,800         6,816,744  

Somfy

   5,000         1,255,055  
           
 
              13,544,239  
           
 
Construction Materials - 1.9%                

Ash Grove Cement Cl. B

   50,518         11,214,996  

Duratex

   45,300         787,141  

Pretoria Portland Cement

   400,000         1,975,952  

United Rentals b,c

   232,500         4,380,300  

USG Corporation b,c

   25,000         920,500  
           
 
              19,278,889  
           
 
Industrial Components - 1.5%                

Barnes Group

   20,000         459,000  

CLARCOR

   83,500         2,968,425  

Donaldson Company

   92,800         3,737,984  

GrafTech International b,c

   64,790         1,050,246  

II-VI c

   13,500         512,730  

PerkinElmer

   135,000         3,273,750  

Powell Industries c

   92,400         3,637,788  
           
 
              15,639,923  
           
 
Machinery - 7.1%                

Astec Industries b,c

   20,000         775,200  

Baldor Electric

   62,900         1,761,200  

Bell Equipment

   160,000         910,807  

Burnham Holdings Cl. B

   36,000         522,000  

Coherent c

   243,500         6,791,215  

Diebold

   73,600         2,763,680  

Federal Signal

   58,600         818,056  

Franklin Electric

   104,800         3,581,016  

Graco

   106,825         3,873,474  

Hardinge

   26,193         360,416  

Haulotte Group

   11,000         250,618  

IDEX Corporation

   54,000         1,657,260  

Intermec b,c

   23,000         510,370  

Lincoln Electric Holdings

   177,980         11,477,930  

Manitou BF

   65,000         2,452,853  

Mueller Water Products Cl. A

   72,500         593,050  

Nordson Corporation

   172,200         9,272,970  

OSG Corporation

   20,000         234,497  

Pfeiffer Vacuum Technology

   45,395         4,184,537  

Rofin-Sinar Technologies c

   236,000         10,596,400  

Takatori Corporation

   40,000         170,442  

Vacon

   55,000         2,431,113  

Williams Controls b,c

   37,499         514,861  

Woodward Governor

   289,600         7,738,112  
           
 
              74,242,077  
           
 
Metal Fabrication and Distribution - 1.3%                

Commercial Metals

   36,600         1,096,902  

CompX International Cl. A

   292,300         2,689,160  

Gerdau Ameristeel

   61,100         862,121  

Kaydon Corporation

   76,900         3,376,679  

NN

   197,100         1,917,783  

RBC Bearings b,c

   45,000         1,670,850  

Reliance Steel & Aluminum

   25,920         1,551,571  

Sims Group

   860         23,540  
           
 
              13,188,606  
           
 
Miscellaneous Manufacturing - 2.7%                

Brady Corporation Cl. A

   188,400         6,298,212  

Broadwind Energy b,c

   10,000         105,500  

Matthews International Cl. A

   100,000         4,825,000  

Mettler-Toledo International b,c

   28,700         2,787,344  

Myers Industries

   30,499         400,452  

Peerless Manufacturing c

   191,600         6,209,756  

Raven Industries

   86,200         2,611,860  

Semperit AG Holding

   55,500         2,186,381  

Synalloy Corporation

   198,800         2,417,408  
           
 
              27,841,913  
           
 
Paper and Packaging - 0.4%                

Mayr-Melnhof Karton

   36,000         3,638,855  

Peak International c

   408,400         784,128  
           
 
              4,422,983  
           
 
Specialty Chemicals and Materials - 1.1%                

Aceto Corporation

   119,710         830,787  

American Vanguard

   26,666         443,722  

Cabot Corporation

   161,000         4,508,000  

Hawkins

   206,878         3,144,546  

Migao Corporation c

   12,700         87,970  

New Oriental Energy & Chemical b,c

   1,000         4,720  

Schulman (A.)

   143,100         2,937,843  
           
 
              11,957,588  
           
 
Textiles - 0.0%                

Unifi c

   145,100         419,339  
           
 
Total             204,383,340  
           
 
                 
Industrial Services – 14.5%                
Advertising and Publishing - 0.6%                

Focus Media Holding ADR b,c

   71,900         2,527,285  

Lamar Advertising Cl. A c

   45,000         1,616,850  

MDC Partners Cl. A b,c

   60,000         436,200  

Sun-Times Media Group Cl. A b,c

   180,000         129,600  

ValueClick b,c

   45,000         776,250  

Voyager Learning b,c

   150,000         967,500  
           
 
              6,453,685  
           
 
Commercial Services - 6.0%                

Allied Waste Industries c

   188,800         2,040,928  

Animal Health International b,c

   30,000         328,200  

Canadian Solar b,c

   50,000         1,045,000  

ChinaCast Education b,c

   10,000         45,900  

Convergys Corporation b,c

   121,000         1,822,260  

Corinthian Colleges b,c

   106,500         769,995  

CRA International b,c

   79,287         2,548,284  

Diamond Management & Technology Consultants

   80,400         518,580  

First Advantage Cl. A b,c

   5,000         105,950  

Forrester Research c

   40,300         1,071,174  

Global Sources b,c

   3,900         57,915  

Hewitt Associates Cl. A b,c

   205,720         8,181,485  

Iron Mountain b,c

   210,862         5,575,191  

ITT Educational Services c

   95,000         4,363,350  

Landauer

   117,900         5,935,086  

Learning Tree International b,c

   53,400         748,668  

MAXIMUS

   127,900         4,695,209  

Michael Page International

   178,000         1,067,553  

Monster Worldwide b,c

   24,800         600,408  

MPS Group c

   564,600         6,673,572  

New Horizons Worldwide b,c

   228,600         342,900  

Robert Half International

   65,500         1,685,970  

Sotheby’s

   367,200         10,615,752  

Spherion Corporation b,c

   53,000         324,360  

Steiner Leisure b,c

   2,100         69,300  

Travelcenters of America b,c

   2,500         15,250  

TRC Companies c

   3,600         15,732  

Viad Corporation

   9,025         324,990  

Wright Express b,c

   30,000         921,900  
           
 
              62,510,862  
           
 
Engineering and Construction - 1.2%                

Comstock Homebuilding Cl. A b,c

   15,000         12,750  

Desarrolladora Homex ADR b,c

   9,800         568,890  

Fleetwood Enterprises c

   234,300         1,077,780  

HLS Systems International c

   110,720         852,544  

Integrated Electrical Services b,c

   350,400         5,504,784  

KBR

   140,000         3,882,200  
           
 
              11,898,948  
           
 
Food and Tobacco Processors - 0.4%                

Agria Corporation ADR b,c

   21,900         182,865  

Astral Foods

   80,000         956,753  

HQ Sustainable Maritime Industries b,c

   17,000         198,900  

MGP Ingredients

   127,400         890,526  

Seneca Foods Cl. A c

   80,000         1,680,000  

Seneca Foods Cl. B b,c

   13,251         271,645  

Zhongpin c

   17,500         170,275  
           
 
              4,350,964  
           
 
Industrial Distribution - 2.2%                

Central Steel & Wire

   6,062         4,122,160  

Manutan International

   8,945         777,258  

MSC Industrial Direct Cl. A

   74,300         3,139,175  

Ritchie Bros. Auctioneers

   183,400         15,060,808  
           
 
              23,099,401  
           
 
Printing - 0.1%                

Bowne & Co.

   68,100         1,038,525  
           
 
Transportation and Logistics - 4.0%                

Alexander & Baldwin

   60,000         2,584,800  

Atlas Air Worldwide Holdings b,c

   17,000         935,000  

C. H. Robinson Worldwide

   80,000         4,352,000  

Forward Air

   269,750         9,559,940  

Frozen Food Express Industries

   286,635         2,275,882  

Hub Group Cl. A b,c

   174,400         5,736,016  

Landstar System

   96,200         5,017,792  

Patriot Transportation Holding c

   72,300         5,671,212  

Universal Truckload Services c

   115,100         2,402,137  

UTI Worldwide

   175,000         3,514,000  
           
 
              42,048,779  
           
 
Total             151,401,164  
           
 
                 
Natural Resources – 9.7%                
Energy Services - 4.5%                

Cal Dive International b,c

   50,000         519,000  

Carbo Ceramics

   155,200         6,223,520  

Core Laboratories b,c

   10,000         1,193,000  

Ensign Energy Services

   126,300         2,462,139  

Exterran Holdings b,c

   103,600         6,686,344  

Global Industries b,c

   54,500         876,905  

Helix Energy Solutions Group b,c

   34,226         1,078,119  

Helmerich & Payne

   80,600         3,777,722  

ION Geophysical c

   464,500         6,410,100  

National Fuel Gas

   22,500         1,062,225  

RPC

   25,000         379,750  

SEACOR Holdings b,c

   127,300         10,866,328  

Superior Offshore International b,c

   10,000         33,100  

TETRA Technologies b,c

   68,000         1,077,120  

Willbros Group c

   103,800         3,176,280  

World Fuel Services

   50,000         1,403,500  
           
 
              47,225,152  
           
 
Oil and Gas - 1.5%                

Bill Barrett c

   50,000         2,362,500  

Carrizo Oil & Gas b,c

   41,700         2,471,559  

Cimarex Energy

   115,490         6,321,923  

Edge Petroleum c

   326,900         1,317,407  

Penn Virginia

   32,880         1,449,679  

PetroCorp c,d

   61,400         0  

Storm Cat Energy b,c

   330,800         244,792  

W&T Offshore

   25,000         852,750  
           
 
              15,020,610  
           
 
Precious Metals and Mining - 2.4%                

Centerra Gold c

   30,000         393,395  

Endeavour Mining Capital

   150,000         1,015,636  

Etruscan Resources c

   745,900         1,773,098  

Gammon Gold b,c

   198,300         1,489,233  

Golden Star Resources b,c

   175,000         600,250  

Harry Winston Diamond

   10,000         239,100  

Hecla Mining c

   490,500         5,473,980  

IAMGOLD Corporation

   335,620         2,460,095  

International Coal Group b,c

   189,000         1,200,150  

Kimber Resources b,c

   560,000         896,000  

Kinross Gold

   40,286         890,723  

Metorex c

   1,000,000         2,579,786  

Northam Platinum

   150,000         1,312,354  

Northgate Minerals c

   120,000         382,800  

NovaGold Resources c

   45,000         346,950  

Pan American Silver b,c

   41,000         1,573,170  

Royal Gold

   34,400         1,037,848  

Yamana Gold

   113,525         1,659,736  
           
 
              25,324,304  
           
 
Real Estate - 1.3%                

Alico

   27,000         1,192,050  

Consolidated-Tomoka Land

   13,564         760,262  

PICO Holdings b,c

   75,200         2,273,296  

SARE Holding Cl. B c

   730,000         1,008,292  

Tejon Ranch b,c

   70,000         2,612,400  

The St. Joe Company b,c

   132,100         5,671,053  
           
 
              13,517,353  
           
 
Total             101,087,419  
           
 
                 
Technology – 21.1%                
Aerospace and Defense - 0.9%                

AerCap Holdings b,c

   45,000         791,100  

Astronics Corporation c

   52,400         1,012,368  

Ducommun c

   117,200         3,242,924  

HEICO Corporation

   39,000         1,901,250  

Hexcel Corporation b,c

   47,500         907,725  

Integral Systems c

   39,876         1,165,575  
           
 
              9,020,942  
           
 
Components and Systems - 5.9%                

Analogic Corporation

   40,135         2,670,583  

Belden

   57,800         2,041,496  

Benchmark Electronics c

   208,200         3,737,190  

CheckpointSystems c

   56,060         1,505,211  

China Security & Surveillance Technology b,c

   6,000         106,500  

Dionex Corporation c

   81,000         6,236,190  

Electronics for Imaging b,c

   25,000         373,000  

Energy Conversion Devices b,c

   105,500         3,154,450  

Excel Technology c

   168,500         4,542,760  

Hutchinson Technology b,c

   47,500         755,725  

Imation Corporation

   15,700         357,018  

InFocus Corporation c

   228,100         426,547  

KEMET Corporation c

   95,600         386,224  

Methode Electronics

   50,000         584,500  

Nam Tai Electronics

   23,400         224,640  

Newport Corporation b,c

   592,200         6,614,874  

Perceptron c

   357,700         4,532,059  

Plexus Corporation c

   300,700         8,434,635  

Radiant Systems b,c

   32,500         454,025  

Richardson Electronics

   116,700         493,641  

Technitrol

   261,200         6,041,556  

Teradata Corporation b,c

   35,000         772,100  

TTM Technologies c

   221,400         2,506,248  

Vishay Intertechnology c

   186,000         1,685,160  

Zebra Technologies Cl. A c

   76,525         2,549,813  
           
 
              61,186,145  
           
 
Distribution - 0.8%                

Agilysys

   165,125         1,915,450  

Anixter International c

   61,795         3,957,352  

China 3C Group c

   36,300         49,005  

Tech Data b,c

   86,500         2,837,200  
           
 
              8,759,007  
           
 
Internet Software and Services - 1.1%                

Arbinet-thexchange b

   87,200         365,368  

CDC Corporation Cl. A b,c

   12,000         42,360  

CMGI b,c

   173,500         2,300,610  

CNET Networks b,c

   155,400         1,103,340  

CryptoLogic

   68,500         1,086,410  

CyberSource Corporation b,c

   10,000         146,100  

EarthLink b,c

   55,200         416,760  

j2 Global Communications b,c

   43,420         969,134  

Jupitermedia Corporation b,c

   525,000         1,097,250  

Kongzhong Corporation ADR b,c

   8,300         35,939  

Lionbridge Technologies c

   37,500         125,625  

Perficient b,c

   10,000         79,400  

RealNetworks c

   245,400         1,406,142  

SkyTerra Communications c

   62,200         447,840  

SupportSoft c

   220,000         726,000  

VeriSign b,c

   24,800         824,352  
           
 
              11,172,630  
           
 
IT Services - 2.9%                

Alten c

   71,000         2,098,559  

BearingPoint b,c

   529,100         888,888  

Black Box

   47,000         1,449,950  

CACI International Cl. A b,c

   10,000         455,500  

CIBER c

   10,000         49,000  

Cogent Communications Group b,c

   204,200         3,738,902  

Computer Task Group c

   101,100         416,532  

DST Systems b,c

   5,000         328,700  

Gartner c

   213,000         4,119,420  

Hackett Group c

   655,000         2,561,050  

Metavante Technologies b,c

   20,000         399,800  

Sapient Corporation b,c

   806,602         5,613,950  

Syntel

   152,679         4,068,896  

Total System Services

   25,000         591,500  

TriZetto Group (The) b,c

   215,200         3,591,688  

Yucheng Technologies b,c

   16,400         271,420  
           
 
              30,643,755  
           
 
Semiconductors and Equipment - 3.5%                

Actions Semiconductor ADR c

   61,000         180,560  

BE Semiconductor Industries b,c

   58,000         290,000  

Brooks Automation c

   5,152         50,077  

CEVA c

   31,666         242,245  

Cognex Corporation

   236,200         5,156,246  

Diodes c

   297,450         6,532,002  

Dolby Laboratories Cl. A c

   153,900         5,580,414  

DSP Group b,c

   115,000         1,465,100  

Exar Corporation b,c

   232,576         1,914,101  

Fairchild Semiconductor International c

   51,200         610,304  

Himax Technologies ADR c

   100,000         485,000  

Image Sensing Systems b,c

   8,310         102,213  

International Rectifier b,c

   120,000         2,580,000  

Intevac b,c

   57,450         743,978  

Jazz Technologies (Units) c

   805,000         483,000  

Jinpan International

   6,700         200,196  

Kulicke & Soffa Industries c

   105,800         505,724  

Maxwell Technologies c

   21,500         219,085  

Novellus Systems b,c

   12,000         252,600  

ON Semiconductor b,c

   2,000         11,360  

Power Integrations b,c

   49,000         1,433,740  

Sanmina-SCI Corporation b,c

   200,000         324,000  

Semitool c

   50,000         416,000  

Vaisala Cl. A

   100,000         4,508,238  

Veeco Instruments b,c

   65,000         1,080,950  

Vimicro International ADR b,c

   270,000         742,500  

Virage Logic b,c

   120,000         691,200  
           
 
              36,800,833  
           
 
Software - 4.1%                

ACI Worldwide c

   233,150         4,644,348  

Advent Software b,c

   190,900         8,136,158  

ANSYS b,c

   100,000         3,452,000  

Aspen Technology c

   27,100         345,254  

Avid Technology c

   71,000         1,728,140  

Borland Software c

   280,000         565,600  

China Fire & Security Group c

   16,300         114,263  

Datasul

   150,000         1,495,982  

Epicor Software c

   79,900         894,880  

JDA Software Group b,c

   99,900         1,823,175  

ManTech International Cl. A b,c

   119,400         5,415,984  

MSC.Software b,c

   50,000         649,500  

Net 1 UEPS Technologies b,c

   50,000         1,127,500  

Pegasystems

   25,000         240,750  

PLATO Learning c

   149,642         438,451  

Progress Software b,c

   30,500         912,560  

Renaissance Learning

   15,000         209,850  

SPSS c

   179,600         6,964,888  

Sybase b,c

   82,600         2,172,380  

THQ b,c

   20,000         436,000  

Verint Systems b,c

   40,000         645,200  
           
 
              42,412,863  
           
 
Telecommunications - 1.9%                

Adaptec b,c

   2,584,100         7,597,254  

ADTRAN

   65,000         1,202,500  

Catapult Communications c

   87,100         448,565  

China GrenTech ADR b,c

   8,700         44,544  

China Mobile Media Technology c

   160,200         33,642  

Comtech Group b,c

   20,400         220,116  

Covad Communications Group c

   35,000         33,950  

Foundry Networks c

   298,600         3,457,788  

Globalstar b,c

   50,000         364,500  

Globecomm Systems c

   233,700         2,033,190  

IDT Corporation c

   108,400         362,056  

IDT Corporation Cl. B c

   95,000         367,650  

Level 3 Communications b,c

   401,341         850,843  

NMS Communications b,c

   380,000         570,000  

Sycamore Networks b,c

   191,000         699,060  

Tandberg

   56,000         841,587  

Tollgrade Communications c

   20,000         104,800  

UTStarcom b,c

   50,000         142,000  

Zhone Technologies c

   965,000         945,700  
           
 
              20,319,745  
           
 
Total             220,315,920  
           
 
                 
Utilities – 0.2%                

CH Energy Group

   44,500         1,731,050  

Southern Union

   11,576         269,373  
           
 
Total             2,000,423  
           
 
                 
Miscellaneous e – 1.5%                
Total             15,526,812  
           
 

TOTAL COMMON STOCKS                  

(Cost $919,359,523)

               1,163,591,171  
             
 
                   
PREFERRED STOCKS – 0.4%                  

Duratex

     100,000         1,913,718  

Seneca Foods Conv. c,d

     85,000         1,606,500  
             
 
                   
TOTAL PREFERRED STOCKS                  

(Cost $3,614,915)

               3,520,218  
             
 
                   
      PRINCIPAL            
      AMOUNT            
CORPORATE BOND – 0.0%                  

Dixie Group 7.00%

                  

Conv. Sub. Deb. due 5/15/12
(Cost $300,581)

   $ 352,000         330,880  
             
 
                   
REPURCHASE AGREEMENT – 11.9%                  
State Street Bank & Trust Company,                  

2.10% dated 3/31/08, due 4/1/08,

                  

maturity value $124,345,253 (collateralized

                  

by obligations of various U.S. Government

                  

Agencies, valued at $127,449,906)

                  

(Cost $124,338,000)

               124,338,000  
             
 
                   
COLLATERAL RECEIVED FOR SECURITIES LOANED – 14.3%                  
Fannie Mae-Notes                  

6.11%

                  

due 8/24/27

     42,092         42,336  
Federal Home Loan Bank-Bonds                  

5.25%-5.50%

                  

due 5/7/10-6/25/10

     25,671         26,150  
Federal National Mortgage Association-Bonds                  

5.25%

                  

due 8/1/12

     20,907         21,079  
Freddie Mac-Discount Notes                  

4.625%-6.00%

                  

due 6/4/15-6/5/17

     51,236         52,092  
U.S. Treasury Bonds                  

1.75%-8.875%

                  

due 2/15/19-2/15/36

     810,603         817,061  
U.S. Treasury Notes                  

0.875%-5.00%

                  

due 5/15/08-5/15/15

     142,295         142,773  
U.S. Treasury Strip-Interest                  

due 5/15/20-8/15/21

     9,554         9,554  
U.S. Treasury Strip-Principal                  

due 11/15/27

     3,816         3,816  
Money Market Funds                  

State Street Navigator Securities Lending

                  

Prime Portfolio (7 day yield-3.1825%)

               147,943,652  
             
 

TOTAL COLLATERAL RECEIVED FOR
SECURITIES LOANED

                

(Cost $149,058,513)

             149,058,513  
           
 
                 
TOTAL INVESTMENTS – 138.2%                

(Cost $1,196,671,532)

             1,440,838,782  
                 

LIABILITIES LESS CASH
AND OTHER ASSETS – (17.1)%

             (178,367,867 )
                 
PREFERRED STOCK – (21.1)%             (220,000,000 )
           
 
                 

NET ASSETS APPLICABLE TO COMMON
STOCKHOLDERS – 100.0%

           $ 1,042,470,915  
           
 
     
a  
At March 31, 2008, 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 March 31, 2008:

            Market             Realized               Market
      Shares     Value     Cost of   Cost of   Gain   Dividend   Shares     Value
  Affiliated Company   12/31/07     12/31/07     Purchases   Sales   (Loss)   Income   3/31/08     3/31/08
 
  Delta Apparel   580,760     $4,152,434     $168,149   -   -   $ -   605,560     $3,657,582
  Timberland Bancorp   469,200       5,714,856     -   -   -     51,612   469,200       5,466,180
 
            $9,867,290             -   $ 51,612         $9,123,762
 
b  
All or a portion of these securities were on loan at March 31, 2008. Total market value of loaned securities at March 31, 2008 was $144,966,651.
c   Non-income producing.
d  
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.
e  
Includes securities first acquired in 2008 and less than 1% of net assets applicable to Common Stockholders.
     
   
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,198,243,282. At March 31, 2008, net unrealized appreciation for all securities was $242,595,500, consisting of aggregate gross unrealized appreciation of $370,516,113 and aggregate gross unrealized depreciation of $127,920,613. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
     
    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 Board of Directors. 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. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. 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.
     
    Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels below:
   

Level 1 - quoted prices in active markets for identical securities
   

Level 2 - other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements)
   

Level 3 - significant observable inputs (including the Fund’s own assumptions in determining the fair value of investments)
    The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
     
    The following is a summary of the inputs used to value the Fund’s net assets as of March 31, 2008:

  Level 1   Level 2   Level 3   Total
 
  $1,023,919,022   $415,313,260   $1,606,500   $1,440,838,782
 

    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 its 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: May 27, 2008

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: May 27, 2008

By:

/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: May 27, 2008