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:   745 Fifth Avenue
    New York, NY 10151

Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
745 Fifth Avenue
New York, NY 10151

Registrant’s telephone number, including area code: (212) 508-4500

Date of fiscal year end: 12/31/2011

Date of reporting period: 9/30/2011


Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
SEPTEMBER 30, 2011 (UNAUDITED)

    SHARES   VALUE  
COMMON STOCKS – 116.8%            
             
Consumer Discretionary – 12.1%            
Auto Components - 0.4%            

China XD Plastics 1

   69,500   $ 313,445  

Gentex Corporation

   50,000     1,202,500  

Hirotako Holdings 1

   715,000     129,666  

Minth Group

   1,459,300     1,299,915  

Norstar Founders Group 1,2

   524,000     24,560  

SORL Auto Parts 1,3

   74,492     242,844  

Williams Controls

   37,499     411,364  
       
 
          3,624,294  
       
 
Automobiles - 0.3%            

Thor Industries

   50,000     1,107,500  

Winnebago Industries 1

   222,500     1,539,700  
       
 
          2,647,200  
       
 
Distributors - 0.9%            

LKQ Corporation 1

   230,000     5,556,800  

Weyco Group

   97,992     2,185,222  
       
 
          7,742,022  
       
 
Diversified Consumer Services - 1.5%            

Anhanguera Educacional Participacoes

   80,000     1,029,650  

ChinaCast Education 1

   155,300     573,057  

Corinthian Colleges 1,3

   59,500     92,820  

MegaStudy

   26,600     2,670,550  

Regis Corporation

   233,800     3,294,242  

Sotheby’s

   149,500     4,121,715  

Steiner Leisure 1

   6,342     258,563  

Universal Technical Institute 1

   35,089     476,860  
       
 
          12,517,457  
       
 
Hotels, Restaurants & Leisure - 0.3%            

Abu Dhabi National Hotels 2

   130,000     88,485  

Ajisen China Holdings

   300,000     343,455  

Benihana 1

   3,300     28,149  

CEC Entertainment

   64,100     1,824,927  
       
 
          2,285,016  
       
 
Household Durables - 2.0%            

Desarrolladora Homex ADR 1

   14,100     190,350  

Ekornes

   55,000     962,305  

Ethan Allen Interiors

   345,800     4,706,338  

Hanssem

   39,100     638,845  

Harman International Industries

   55,450     1,584,761  

Hunter Douglas

   10,000     399,186  

Mohawk Industries 1,3

   150,200     6,445,082  

NVR 1

   500     301,990  

Universal Electronics 1

   10,000     163,900  

Woongjin Coway

   50,000     1,581,969  
       
 
          16,974,726  
       
 
Internet & Catalog Retail - 0.4%            

Manutan International

   27,500     1,549,790  

Takkt

   135,000     1,624,649  
       
 
          3,174,439  
       
 
Leisure Equipment & Products - 0.8%            

Beneteau

   65,000     922,030  

Sturm, Ruger & Co.

   220,600     5,731,188  
       
 
          6,653,218  
       
 
Media - 1.0%            

Global Sources 1

   27,621     186,994  

Lamar Advertising Cl. A 1

   51,000     868,530  

Morningstar

   109,800     6,197,112  

Pico Far East Holdings

   6,785,000     1,041,545  
       
 
          8,294,181  
       
 
Multiline Retail - 0.0%            

New World Department Store China

   954,700     527,932  
       
 
Specialty Retail - 1.6%            

Ascena Retail Group 1,3

   68,280     1,848,340  

Charming Shoppes 1

   475,900     1,237,340  

Dickson Concepts (International)

   434,300     205,589  

Dover Saddlery 1,3

   17,821     58,453  

GameStop Corporation Cl. A 1,3

   24,400     563,640  

Genesco 1

   8,100     417,393  

Hengdeli Holdings

   1,485,250     502,523  

Jos. A. Bank Clothiers 1,3

   31,000     1,445,530  

Lewis Group

   200,000     1,728,274  

Luk Fook Holdings (International)

   107,600     307,982  

Sa Sa International Holdings

   600,000     354,383  

Stein Mart

   167,800     1,048,750  

Systemax 1

   224,000     2,849,280  

West Marine 1

   131,100     1,009,470  
       
 
          13,576,947  
       
 
Textiles, Apparel & Luxury Goods - 2.9%            

Anta Sports Products

   453,200     515,658  

Burberry Group

   50,000     905,075  

Carter’s 1

   236,000     7,207,440  

China Xiniya Fashion ADR 1,3

   45,700     81,803  

Columbia Sportswear

   36,697     1,702,741  

Daphne International Holdings

   1,725,800     1,503,043  

Grendene

   250,000     1,030,448  

J.G. Boswell Company 4

   2,292     1,547,100  

K-Swiss Cl. A 1

   163,600     695,300  

Lazare Kaplan International 1,4

   95,437     238,592  

Pacific Textiles Holdings

   2,570,000     1,304,732  

Stella International Holdings

   681,800     1,511,321  

Texwinca Holdings

   301,000     309,134  

Unifi 1

   40,333     329,521  

Van De Velde

   15,000     675,908  

Warnaco Group (The) 1

   50,200     2,313,718  

Wolverine World Wide

   100,000     3,325,000  
       
 
          25,196,534  
       
 
Total         103,213,966  
       
 
Consumer Staples – 2.6%            
Beverages - 0.1%            

Heckmann Corporation 1,3

   50,000     264,500  

MGP Ingredients

   127,400     645,918  
       
 
          910,418  
       
 
Food & Staples Retailing - 0.5%            

FamilyMart

   113,000     4,316,239  
       
 
Food Products - 2.0%            

Alico

   27,000     530,280  

Asian Citrus Holdings

   555,800     257,357  

Binggrae

   23,296     925,961  

BW Plantation

   875,100     104,862  

Cal-Maine Foods

   43,900     1,379,777  

First Resources

   1,506,700     1,396,978  

Grupo Herdez

   300,000     529,980  

Hershey Creamery 4

   709     1,220,189  

Origin Agritech 1,3

   76,800     178,944  

Seneca Foods Cl. A 1,3

   110,000     2,178,000  

Seneca Foods Cl. B 1

   13,251     255,744  

Super Group

   735,000     876,066  

Tootsie Roll Industries

   278,566     6,719,012  

Westway Group

   31,500     133,875  
       
 
          16,687,025  
       
 
Total         21,913,682  
       
 
Diversified Investment Companies – 0.5%            

Closed-End Funds - 0.5%

            

Central Fund of Canada Cl. A

   206,000     4,262,140  
       
 
Total         4,262,140  
       
 
Energy – 5.4%            
Energy Equipment & Services - 4.6%            

Atwood Oceanics 1

   15,300     525,708  

Cal Dive International 1

   456,250     871,437  

CARBO Ceramics

   44,700     4,583,091  

Ensco ADR

   37,600     1,520,168  

Ensign Energy Services

   225,100     2,953,645  

Helmerich & Payne

   103,500     4,202,100  

ION Geophysical 1

   361,500     1,709,895  

Oil States International 1

   159,223     8,107,635  

Pason Systems

   107,000     1,360,092  

SEACOR Holdings

   63,866     5,122,692  

ShawCor Cl. A

   82,500     1,915,474  

SinoTech Energy ADR 1,2,3

   152,600     180,068  

TETRA Technologies 1,3

   68,000     524,960  

TGS-NOPEC Geophysical

   80,000     1,487,070  

Tidewater

   36,000     1,513,800  

Trican Well Service

   99,900     1,416,656  

Unit Corporation 1

   34,000     1,255,280  

Willbros Group 1

   103,800     432,846  
       
 
          39,682,617  
       
 
Oil, Gas & Consumable Fuels - 0.8%            

Bill Barrett 1,3

   50,000     1,812,000  

Cimarex Energy

   50,000     2,785,000  

Continental Resources 1

   4,100     198,317  

Resolute Energy 1,3

   141,134     1,603,282  
       
 
          6,398,599  
       
 
Total         46,081,216  
       
 
Financials – 22.2%            
Capital Markets - 10.7%            

A.F.P. Provida ADR

   22,100     1,261,689  

ABG Sundal Collier Holding

   115,000     79,572  

Affiliated Managers Group 1

   47,600     3,715,180  

AllianceBernstein Holding L.P.

   514,600     7,024,290  

AP Alternative Assets L.P.

   233,200     2,375,600  

Artio Global Investors Cl. A

   235,000     1,870,600  

Ashmore Group

   777,500     3,898,605  

Azimut Holding

   72,183     497,717  

Banca Generali

   86,000     814,443  

Bank Sarasin & Co. Cl. B

   33,120     1,011,648  

Banque Privee Edmond de Rothschild

   23     619,246  

BKF Capital Group 1,4

   130,000     169,000  

BT Investment Management

   207,000     391,534  

Citadel Capital (Rights) 1,2

   117,438     0  

Close Brothers Group

   43,000     439,129  

Coronation Fund Managers

   526,000     1,287,194  

Cowen Group Cl. A 1

   708,600     1,920,306  

Daewoo Securities

   5,000     43,278  

Daewoo Securities (Rights) 1,2

   2,807     5,290  

Eaton Vance

   85,300     1,899,631  

Egyptian Financial Group-Hermes Holding 1

   626,500     1,774,375  

Epoch Holding Corporation

   25,000     339,250  

Equity Trustees

   36,709     408,096  

F&C Asset Management

   60,000     60,872  

FBR & Co. 1

   249,600     594,048  

Federated Investors Cl. B

   324,000     5,679,720  

Fiducian Portfolio Services

   227,000     263,601  

GAMCO Investors Cl. A

   90,575     3,567,749  

GFI Group

   166,247     668,313  

GIMV

   22,500     1,101,620  

Gleacher & Company 1

   200,000     238,000  

GP Investments BDR 1

   15,604     37,345  

HQ 1

   40,000     23,604  

Investec

   118,000     636,377  

IOOF Holdings

   123,592     638,490  

Jupiter Fund Management

   75,000     227,599  

KKR & Co. L.P.

   415,000     4,316,000  

Lazard Cl. A

   299,300     6,315,230  

MF Global Holdings 1

   759,000     3,134,670  

MVC Capital

   234,200     2,452,074  

Oppenheimer Holdings Cl. A

   75,000     1,203,000  

Paris Orleans et Cie

   183,785     4,445,485  

Partners Group Holding

   12,200     2,007,294  

Perpetual

   14,085     276,847  

Phatra Capital

   775,000     679,565  

Platinum Asset Management

   149,000     543,490  

Rathbone Brothers

   35,400     571,401  

Reinet Investments 1

   161,001     2,515,490  

Schroders

   41,100     815,474  

SEI Investments

   327,900     5,043,102  

SHUAA Capital 1

   485,000     97,812  

SPARX Group 1

   1,320     115,681  

Sprott

   269,600     1,672,297  

Teton Advisors Cl. A 4

   723     11,893  

Treasury Group

   51,500     158,255  

Trust Company (The)

   97,283     493,526  

UOB-Kay Hian Holdings

   190,000     220,628  

Value Partners Group

   7,791,800     2,924,991  

Vontobel Holding

   20,400     513,370  

VZ Holding

   8,500     851,372  

Waddell & Reed Financial Cl. A

   139,300     3,483,893  

Westwood Holdings Group

   23,460     810,543  

Woori Investment & Securities

   11,000     101,427  
       
 
          91,357,821  
       
 
Commercial Banks - 1.7%            

Ameriana Bancorp

   40,000     150,000  

Bank of N.T. Butterfield & Son 1,2

   939,504     1,296,516  

BCB Holdings 1

   598,676     490,127  

Center Bancorp

   44,868     432,976  

Commercial National Financial

   54,900     1,124,901  

Farmers & Merchants Bank of Long Beach

   1,200     4,800,000  

Fauquier Bankshares

   160,800     1,862,064  

Hawthorn Bancshares

   39,943     288,788  

M&T Bank

   16,927     1,183,197  

Mauritius Commercial Bank

   40,000     233,104  

Mechanics Bank

   200     2,308,000  

Old Point Financial

   25,000     265,000  

Peapack-Gladstone Financial

   10,500     105,840  
       
 
          14,540,513  
       
 
Consumer Finance - 0.3%            

World Acceptance 1,3

   42,000     2,349,900  
       
 
Diversified Financial Services - 0.6%            

Banca Finnat Euramerica

   1,060,000     509,894  

Hellenic Exchanges

   169,613     662,877  

Interactive Brokers Group Cl. A

   100,000     1,393,000  

PICO Holdings 1

   106,100     2,176,111  

RHJ International 1

   102,500     529,534  

State Bank of Mauritius

   46,000     138,000  
       
 
          5,409,416  
       
 
Insurance - 6.0%            

Alleghany Corporation 1

   35,019     10,102,981  

Argo Group International Holdings

   64,751     1,836,986  

Brown & Brown

   309,300     5,505,540  

Crawford & Company Cl. B

   1,160     6,218  

Discovery Holdings

   240,000     1,175,204  

eHealth 1,3

   32,000     437,120  

E-L Financial

   19,900     7,621,592  

Enstar Group 1

   20,217     1,925,265  

Erie Indemnity Cl. A

   50,000     3,559,000  

Gallagher (Arthur J.) & Co.

   111,200     2,924,560  

Hilltop Holdings 1

   290,400     2,093,784  

Independence Holding

   317,658     2,303,020  

Markel Corporation 1

   1,700     607,121  

Platinum Underwriters Holdings

   119,000     3,659,250  

ProAssurance Corporation

   22,000     1,584,440  

RLI

   80,724     5,132,432  

Validus Holdings

   16,300     406,196  

White Mountains Insurance Group

   1,050     426,037  
       
 
          51,306,746  
       
 
Real Estate Investment Trusts (REITs) - 0.4%            

Colony Financial

   275,461     3,558,956  
       
 
Real Estate Management & Development - 1.8%            

Altisource Portfolio Solutions 1

   41,199     1,458,033  

Consolidated-Tomoka Land

   53,564     1,406,591  

E-House China Holdings ADR

   376,100     2,177,619  

Forestar Group 1

   180,000     1,963,800  

IFM Investments ADR 1

   64,952     74,695  

Kennedy-Wilson Holdings

   150,000     1,590,000  

Midland Holdings

   927,800     377,827  

Soho China

   750,000     466,003  

St. Joe Company (The) 1,3

   127,000     1,903,730  

Tejon Ranch 1

   160,000     3,819,200  
       
 
          15,237,498  
       
 
Thrifts & Mortgage Finance - 0.7%            

CFS Bancorp

   75,000     325,500  

HopFed Bancorp

   108,722     622,976  

Kearny Financial

   70,862     626,420  

MyState

   152,000     521,165  

Ocwen Financial 1

   123,600     1,632,756  

Timberland Bancorp 1,5

   463,171     1,871,211  
       
 
          5,600,028  
       
 
Total         189,360,878  
       
 
Health Care – 8.5%            
Biotechnology - 0.2%            

Pharmacyclics 1,3

   98,746     1,168,165  

3SBio ADR 1

   26,100     311,373  
       
 
          1,479,538  
       
 
Health Care Equipment & Supplies - 2.4%            

Allied Healthcare Products 1

   180,512     702,192  

Analogic Corporation

   40,135     1,822,530  

Atrion Corporation

   15,750     3,266,393  

bioMerieux

   13,800     1,202,921  

Carl Zeiss Meditec

   163,700     2,890,950  

Cochlear

   7,500     333,264  

CONMED Corporation 1

   81,500     1,875,315  

DiaSorin

   20,000     737,884  

DynaVox Cl. A 1

   55,000     198,000  

IDEXX Laboratories 1

   40,201     2,772,663  

Kossan Rubber Industries

   350,600     292,684  

Nihon Kohden

   43,100     1,158,983  

Straumann Holding

   6,500     1,016,244  

Top Glove

   360,000     459,868  

Urologix 1,3

   365,500     361,845  

Young Innovations

   62,550     1,782,675  

Zoll Medical 1

   400     15,096  
       
 
          20,889,507  
       
 
Health Care Providers & Services - 0.7%            

Cross Country Healthcare 1

   30,000     125,400  

Landauer

   75,500     3,740,270  

MWI Veterinary Supply 1

   10,000     688,200  

VCA Antech 1,3

   92,500     1,478,150  
       
 
          6,032,020  
       
 
Life Sciences Tools & Services - 3.5%            

Affymetrix 1,3

   10,000     49,000  

Albany Molecular Research 1

   85,000     239,700  

Bio-Rad Laboratories Cl. A 1,3

   16,388     1,487,539  

EPS

   583     1,325,651  

Furiex Pharmaceuticals 1

   8,333     118,578  

ICON ADR 1

   266,650     4,287,732  

Luminex Corporation 1,3

   20,000     443,400  

Mettler-Toledo International 1,3

   33,500     4,688,660  

PAREXEL International 1,3

   312,400     5,913,732  

PerkinElmer

   185,800     3,569,218  

Pharmaceutical Product Development

   100,000     2,566,000  

Techne Corporation

   71,000     4,828,710  
       
 
          29,517,920  
       
 
Pharmaceuticals - 1.7%            

Adcock Ingram Holdings

   180,000     1,338,591  

Almirall

   107,000     754,814  

Boiron

   50,000     1,363,344  

Bukwang Pharmaceutical

   35,300     453,206  

Daewoong Pharmaceutical

   17,070     458,594  

Endo Pharmaceuticals Holdings 1

   144,400     4,041,756  

Hikma Pharmaceuticals

   60,000     531,083  

Kalbe Farma

   800,000     288,938  

Recordati

   190,000     1,651,904  

Santen Pharmaceutical

   51,000     2,131,405  

Virbac

   9,000     1,458,753  
       
 
          14,472,388  
       
 
Total         72,391,373  
       
 
Industrials – 27.4%            
Aerospace & Defense - 2.0%            

AerCap Holdings 1

   45,000     446,400  

Ducommun

   117,200     1,755,656  

HEICO Corporation

   168,281     8,286,156  

HEICO Corporation Cl. A

   51,718     1,740,828  

Hexcel Corporation 1

   47,500     1,052,600  

Moog Cl. A 1

   25,000     815,500  

National Presto Industries

   3,000     260,730  

Teledyne Technologies 1,3

   60,930     2,977,040  
       
 
          17,334,910  
       
 
Air Freight & Logistics - 1.8%            

C. H. Robinson Worldwide

   50,000     3,423,500  

Forward Air

   209,750     5,338,137  

Hub Group Cl. A 1,3

   164,400     4,647,588  

UTi Worldwide

   175,000     2,282,000  
       
 
          15,691,225  
       
 
Airlines - 0.0%            

Spirit Airlines 1

   11,200     140,000  
       
 
Building Products - 1.2%            

American Woodmark

   123,335     1,493,587  

Burnham Holdings Cl. B 4

   36,000     500,400  

NCI Building Systems 1

   2,780     21,017  

Simpson Manufacturing

   258,400     6,441,912  

Sung Kwang Bend

   125,700     1,581,099  
       
 
          10,038,015  
       
 
Commercial Services & Supplies - 2.8%            

Brink’s Company (The)

   206,320     4,809,319  

Cintas Corporation

   36,000     1,013,040  

CompX International Cl. A

   185,300     2,353,310  

Copart 1

   92,986     3,637,612  

Kimball International Cl. B

   286,180     1,390,835  

Moshi Moshi Hotline

   235,700     2,299,918  

Ritchie Bros. Auctioneers

   337,700     6,818,163  

US Ecology

   93,900     1,452,633  
       
 
          23,774,830  
       
 
Construction & Engineering - 1.4%            

EMCOR Group 1

   199,400     4,053,802  

Jacobs Engineering Group 1

   81,400     2,628,406  

KBR

   175,000     4,135,250  

Raubex Group

   550,000     891,462  
       
 
          11,708,920  
       
 
Electrical Equipment - 4.1%            

AZZ

   41,500     1,608,955  

Belden

   57,800     1,490,662  

Brady Corporation Cl. A

   94,600     2,500,278  

Franklin Electric

   104,600     3,794,888  

Fushi Copperweld 1

   166,545     824,398  

GrafTech International 1

   369,090     4,687,443  

Jinpan International

   144,284     1,145,615  

Powell Industries 1

   92,400     2,861,628  

Preformed Line Products

   91,600     4,195,280  

Regal-Beloit

   122,500     5,559,050  

Woodward

   231,600     6,345,840  
       
 
          35,014,037  
       
 
Industrial Conglomerates - 0.5%            

Raven Industries

   96,200     4,636,840  
       
 
Machinery - 8.5%            

Armstrong Industrial

   2,533,200     439,410  

Burckhardt Compression Holding

   11,000     2,172,791  

China Automation Group

   594,800     149,666  

CLARCOR

   92,500     3,827,650  

Columbus McKinnon 1,3

   133,100     1,458,776  

Donaldson Company

   92,800     5,085,440  

FAG Bearings India

   28,000     668,222  

Flowserve Corporation

   3,200     236,800  

Gardner Denver

   25,900     1,645,945  

Graco

   116,376     3,973,077  

Hardinge

   26,193     215,830  

IDEX Corporation

   67,400     2,100,184  

Industrea

   504,300     582,228  

Kennametal

   155,000     5,074,700  

Lincoln Electric Holdings

   202,460     5,873,365  

Lindsay Corporation

   3,400     182,920  

Mueller Water Products Cl. A

   72,500     179,800  

NN 1

   197,100     995,355  

Nordson Corporation

   204,200     8,114,908  

Pfeiffer Vacuum Technology

   31,000     2,700,152  

PMFG 1,3

   314,900     4,965,973  

Rational

   8,000     1,783,186  

RBC Bearings 1,3

   47,000     1,597,530  

Rotork

   25,000     601,772  

Semperit AG Holding

   70,000     2,781,971  

Spirax-Sarco Engineering

   40,000     1,112,317  

Valmont Industries

   50,300     3,920,382  

WABCO Holdings 1

   103,800     3,929,868  

Wabtec Corporation

   112,825     5,965,058  
       
 
          72,335,276  
       
 
Marine - 0.5%            

Kirby Corporation 1

   86,600     4,558,624  
       
 
Professional Services - 2.2%            

Advisory Board (The) 1

   128,500     8,292,105  

CRA International 1

   64,187     1,284,382  

FTI Consulting 1,3

   7,850     288,958  

JobStreet Corporation

   50,000     36,756  

ManpowerGroup

   78,600     2,642,532  

Michael Page International

   135,000     767,969  

On Assignment 1

   375,400     2,654,078  

Robert Half International

   134,400     2,851,968  
       
 
          18,818,748  
       
 
Road & Rail - 1.6%            

Arkansas Best

   100,500     1,623,075  

Frozen Food Express Industries 1

   286,635     570,404  

Landstar System

   129,900     5,138,844  

Patriot Transportation Holding 1

   212,958     4,303,881  

Universal Truckload Services

   129,476     1,683,188  
       
 
          13,319,392  
       
 
Trading Companies & Distributors - 0.8%            

Air Lease Cl. A 1,3

   40,700     781,440  

Lawson Products

   161,431     2,182,547  

MSC Industrial Direct Cl. A

   69,448     3,921,034  
       
 
          6,885,021  
       
 
Total         234,255,838  
       
 
Information Technology – 22.5%            
Communications Equipment - 2.5%            

AAC Technologies Holdings

   430,700     924,703  

ADTRAN

   103,000     2,725,380  

Arris Group 1

   140,350     1,445,605  

Bel Fuse Cl. A

   36,672     613,522  

Black Box

   43,798     935,087  

Cogo Group 1,3

   107,515     229,007  

Comba Telecom Systems Holdings

   933,428     685,299  

Comtech Telecommunications

   30,000     842,700  

Emulex Corporation 1

   579,000     3,705,600  

EVS Broadcast Equipment

   27,500     1,428,444  

Globecomm Systems 1

   233,700     3,157,287  

Sonus Networks 1

   1,124,000     2,439,080  

Sycamore Networks

   48,100     868,205  

Vtech Holdings

   54,050     496,193  

Zhone Technologies 1

   422,103     502,303  
       
 
          20,998,415  
       
 
Computers & Peripherals - 1.2%            

ADPT Corporation 1,4

   1,568,800     4,173,008  

Avid Technology 1

   66,000     510,840  

China Digital TV Holding Co. ADR

   5,000     19,500  

Diebold

   151,600     4,170,516  

Electronics for Imaging 1

   8,517     114,724  

Intermec 1

   23,000     149,960  

Intevac 1

   57,450     401,575  

SanDisk Corporation 1,3

   9,600     387,360  

SMART Technologies Cl. A 1

   75,000     315,000  
       
 
          10,242,483  
       
 

Electronic Equipment, Instruments & Components - 9.8%

            

Agilysys 1

   165,125     1,177,341  

Anixter International

   61,795     2,931,555  

Benchmark Electronics 1

   165,200     2,149,252  

China 3C Group 1

   6,600     627  

China High Precision Automation Group

   2,127,800     807,285  

Chroma Ate

   369,982     751,420  

Cognex Corporation

   236,200     6,403,382  

Coherent 1,3

   235,900     10,134,264  

Dolby Laboratories Cl. A 1

   156,200     4,286,128  

FEI Company 1

   130,900     3,921,764  

FLIR Systems

   105,000     2,630,250  

Hana Microelectronics

   685,000     367,594  

Hollysys Automation Technologies 1

   75,727     442,245  

Image Sensing Systems 1

   8,310     54,015  

IPG Photonics 1,3

   35,000     1,520,400  

Kingboard Chemical Holdings

   146,900     395,224  

Mercury Computer Systems 1

   40,500     465,750  

Molex

   72,600     1,478,862  

National Instruments

   251,850     5,757,291  

Newport Corporation 1

   523,500     5,659,035  

Nice

   8,368     28,563  

Perceptron 1

   357,700     1,942,311  

Plexus Corporation 1

   195,700     4,426,734  

Pulse Electronics

   286,200     818,532  

Richardson Electronics

   495,712     6,746,640  

Rofin-Sinar Technologies 1

   317,600     6,097,920  

Tech Data 1

   136,500     5,900,895  

TTM Technologies 1

   211,400     2,010,414  

Vaisala Cl. A

   175,081     4,015,864  
       
 
          83,321,557  
       
 
Internet Software & Services - 1.0%            

Active Network 1,3

   21,500     317,125  

Perficient 1

   10,000     73,200  

RealNetworks

   61,350     517,181  

ValueClick 1

   145,000     2,256,200  

VistaPrint 1

   195,400     5,281,662  
       
 
          8,445,368  
       
 
IT Services - 4.1%            

Camelot Information Systems ADS 1,3

   85,300     228,604  

Convergys Corporation 1

   121,000     1,134,980  

CoreLogic 1

   394,000     4,203,980  

Forrester Research

   40,300     1,310,153  

Gartner 1

   121,000     4,219,270  

Hackett Group 1

   655,000     2,443,150  

ManTech International Cl. A

   35,400     1,110,852  

MAXIMUS

   188,400     6,575,160  

MoneyGram International 1

   646,900     1,507,277  

NeuStar Cl. A 1

   119,000     2,991,660  

Sapient Corporation

   756,602     7,671,944  

Total System Services

   88,700     1,501,691  

Western Union

   7,000     107,030  

Yucheng Technologies 1

   160,646     456,235  
       
 
          35,461,986  
       
 
Office Electronics - 0.0%            

Zebra Technologies Cl. A 1

   8,600     266,084  
       
 
Semiconductors & Semiconductor Equipment - 2.0%            

Aixtron ADR

   72,000     1,045,440  

Analog Devices

   16,004     500,125  

ASM Pacific Technology

   127,200     1,242,716  

BE Semiconductor Industries 4

   58,000     345,680  

Cymer 1

   111,000     4,126,980  

Diodes 1,3

   252,450     4,523,904  

Exar Corporation 1

   157,576     899,759  

Himax Technologies ADR

   221,900     246,309  

International Rectifier 1

   120,000     2,234,400  

Power Integrations

   49,000     1,499,890  

Trina Solar ADR 1,3

   19,000     115,520  
       
 
          16,780,723  
       
 
Software - 1.9%            

ACI Worldwide 1

   181,150     4,988,871  

Advent Software 1,3

   68,500     1,428,225  

ANSYS 1

   95,600     4,688,224  

Aspen Technology 1

   42,100     642,867  

Blackbaud

   41,890     932,890  

JDA Software Group 1

   49,900     1,169,656  

Majesco Entertainment 1,3

   36,255     72,510  

Net 1 UEPS Technologies 1,3

   50,000     325,000  

NetScout Systems 1

   92,500     1,056,350  

SimCorp

   8,000     1,143,718  

THQ 1,3

   20,000     34,600  
       
 
          16,482,911  
       
 
Total         191,999,527  
       
 
Materials – 10.3%            
Chemicals - 1.7%            

Agrium

   5,600     373,296  

Cabot Corporation

   58,000     1,437,240  

CF Industries Holdings

   4,500     555,255  

Fufeng Group

   3,029,100     1,171,146  

Hanfeng Evergreen 1

   7,700     15,431  

Hawkins

   156,178     4,972,708  

Huchems Fine Chemical

   40,056     772,354  

Intrepid Potash 1

   72,227     1,796,285  

OM Group 1

   90,000     2,337,300  

Victrex

   45,000     760,247  
       
 
          14,191,262  
       
 
Construction Materials - 1.0%            

Ash Grove Cement Cl. B 4

   50,518     7,123,038  

Mardin Cimento Sanayii

   325,000     1,084,141  

Texas Industries

   6,300     199,962  
       
 
          8,407,141  
       
 
Containers & Packaging - 1.0%            

Broadway Industrial Group

   1,588,200     385,763  

Greif Cl. A

   119,444     5,122,953  

Mayr-Melnhof Karton

   30,000     2,700,036  
       
 
          8,208,752  
       
 
Metals & Mining - 6.4%            

Allegheny Technologies

   3,500     129,465  

Aquarius Platinum

   350,000     959,679  

AuRico Gold 1

   218,300     2,052,020  

Centamin Egypt 1

   700,000     1,062,124  

Central Steel & Wire 4

   6,062     3,837,246  

Cliffs Natural Resources

   26,000     1,330,420  

Commercial Metals

   36,600     348,066  

Endeavour Mining 1,3

   300,000     572,574  

Endeavour Mining (Warrants) 1

   75,000     39,365  

Fresnillo

   40,000     984,276  

Hecla Mining 1

   300,000     1,608,000  

Hidili Industry International Development

   60,000     17,104  

Hochschild Mining

   375,500     2,383,273  

IAMGOLD Corporation

   95,620     1,891,364  

Kimber Resources 1,3

   560,000     739,200  

Maharashtra Seamless

   265,000     1,899,455  

Major Drilling Group International

   399,000     3,937,074  

Medusa Mining

   600,000     3,921,924  

New Gold 1

   135,000     1,383,750  

Northam Platinum

   360,000     1,465,468  

Nucor Corporation

   166,050     5,253,822  

Orbit Garant Drilling 1

   36,100     172,249  

Reliance Steel & Aluminum

   160,420     5,455,884  

Royal Gold

   34,400     2,203,664  

Schnitzer Steel Industries Cl. A

   100,000     3,680,000  

Sims Metal Management ADR

   258,483     3,060,439  

Synalloy Corporation 1

   198,800     2,186,800  

Worthington Industries

   185,000     2,584,450  
       
 
          55,159,155  
       
 
Paper & Forest Products - 0.2%            

China Forestry Holdings 1,2

   3,563,800     675,014  

Duratex

   225,000     1,030,315  

Qunxing Paper Holdings 2

   3,296,000     435,946  
       
 
          2,141,275  
       
 
Total         88,107,585  
       
 
Telecommunication Services – 0.5%            
Wireless Telecommunication Services - 0.5%            

Telephone & Data Systems

   210,000     4,462,500  
       
 
Total         4,462,500  
       
 
Miscellaneous 6 – 4.8%            
Total         41,505,683  
       
 
TOTAL COMMON STOCKS            

(Cost $937,493,876)

         997,554,388  
       
 
PREFERRED STOCKS – 0.1%            

Bank of N.T. Butterfield & Son 0.00% Conv. 2

   39,800     40,853  

Seneca Foods Conv. 1,2

   55,000     980,100  
       
 
TOTAL PREFERRED STOCKS            

(Cost $844,625)

         1,020,953  
       
 
     PRINCIPAL        
    AMOUNT          
CORPORATE BOND – 0.0%            

GAMCO Investors (Debentures) 0.00%
due 12/31/15

            

(Cost $289,840)

   $289,800     196,861  
       
 
REPURCHASE AGREEMENT – 9.0%            
Fixed Income Clearing Corporation,            

0.01% dated 9/30/11, due 10/3/11,

            

maturity value $77,025,064 (collateralized

            

by obligations of various U.S. Government

            

Agencies, 0.22%-1.75% due 8/22/12-8/24/12, valued

            

at $78,954,223)

            

(Cost $77,025,000)

         77,025,000  
       
 

COLLATERAL RECEIVED FOR SECURITIES
LOANED – 1.6%

            
Money Market Funds            

Federated Government Obligations Fund

            

(7 day yield-0.0105%)

            

(Cost $13,208,296)

         13,208,296  
       
 
TOTAL INVESTMENTS – 127.5%            

(Cost $1,028,861,637)

         1,089,005,498  
           

LIABILITIES LESS CASH
AND OTHER ASSETS – (1.7)%

         (15,023,711 )
           
PREFERRED STOCK – (25.8)%         (220,000,000 )
       
 

NET ASSETS APPLICABLE TO COMMON
STOCKHOLDERS – 100.0%

       $ 853,981,787  
       
 

1  Non-income producing.
2 Securities for which market quotations are not readily available represent 0.4% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.
3 All or a portion of these securities were on loan at September 30, 2011. Total market value of loaned securities at September 30, 2011, was $12,075,549.
4 These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
5 At September 30, 2011, 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.
6 Includes securities first acquired in 2011 and less than 1% of net assets applicable to Common Stockholders.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,030,176,080. At September 30, 2011, net unrealized appreciation for all securities was $58,829,418, consisting of aggregate gross unrealized appreciation of $240,292,683 and aggregate gross unrealized depreciation of $181,463,265. 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, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value under procedures approved by the Fund’s 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. 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, as noted above. 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). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments.
  Level 3  – 

significant unobservable 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 investments as of September 30, 2011. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

    Level 1   Level 2   Level 3   Total
Common stocks   $ 793,914,238   $ 200,934,271   $ 2,705,879   $ 997,554,388
Preferred stocks     –     –     1,020,953     1,020,953
Corporate bonds     –     196,861     –     196,861
Cash equivalents     13,208,296     77,025,000     –     90,233,296
Level 3 Reconciliation:                        

                                                      Realized and          
    Balance as of                                           Unrealized   Balance as of
    12/31/10   Purchases   Transfers In   Transfers Out   Sales   Gain (Loss)   9/30/11
Common stocks     $ 1,925,934       $ 2,019,475       $ 2,458,414       $ 1,251,677       $ 70,623       $ (2,375,644 )     $ 2,705,879  
Preferred stocks       1,372,514         –         –         –         –         (351,561 )       1,020,953  
Corporate bonds       197,064         –         –         197,064         –         –         –  

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 for the Fund on all securities loaned is accepted in cash and cash equivalents and invested temporarily by the custodian. The collateral maintained is 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. The Fund retains the risk of any loss on the securities on loan as well as incurring the potential loss on investments purchased with cash collateral received for securities lending.

 

Transactions in Affiliated Companies:

An “Affiliated Company” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The Fund effected the following transactions in shares of such companies for the nine months ended September 30, 2011:

    Shares     Market Value   Cost of   Cost of   Realized   Dividend   Shares   Market Value
Affiliated Company   12/31/10     12/31/10   Purchases   Sales   Gain (Loss)   Income   9/30/11   9/30/11
Timberland Bancorp   469,200       $1,731,348     –     $ 73,735       $ (50,493 )   –   463,171     $ 1,871,211  
            $1,731,348                     $ (50,493 )   –         $ 1,871,211  

Other information regarding the Fund is available in the Fund’s most recent 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 16, 2011

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 16, 2011

By:

/s/John D. Diederich
John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: November 16, 2011