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: 12/31/2012

Date of reporting period: 3/31/2012


Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
MARCH 31, 2012 (UNAUDITED)

    SHARES   VALUE  
COMMON STOCKS – 112.2%            
             
Consumer Discretionary – 13.5%            
Auto Components - 0.5%            

China XD Plastics 1,2

   79,200   $ 431,640  

Drew Industries 2

   54,091     1,477,225  

Gentex Corporation

   50,000     1,225,000  

Minth Group

   1,028,900     1,192,459  

Williams Controls

   37,499     410,989  

Xinyi Glass Holdings

   700,000     428,173  
       
 
          5,165,486  
       
 
Automobiles - 0.4%            

Thor Industries

   74,000     2,335,440  

Winnebago Industries 2

   222,500     2,180,500  
       
 
          4,515,940  
       
 
Distributors - 0.9%            

LKQ Corporation 2

   230,000     7,169,100  

Weyco Group

   97,992     2,322,410  
       
 
          9,491,510  
       
 
Diversified Consumer Services - 1.8%            

Anhanguera Educacional Participacoes

   80,000     964,146  

ChinaCast Education 2

   111,542     472,938  

Corinthian Colleges 1,2

   59,500     246,330  

MegaStudy

   24,150     2,489,493  

Regis Corporation

   233,800     4,308,934  

Sotheby’s

   198,700     7,816,858  

Steiner Leisure 2

   16,542     807,746  

Universal Technical Institute

   168,521     2,222,792  
       
 
          19,329,237  
       
 
Hotels, Restaurants & Leisure - 0.3%            

Benihana

   3,300     43,065  

CEC Entertainment

   64,100     2,430,031  

Tao Heung Holdings

   1,100,000     573,688  
       
 
          3,046,784  
       
 
Household Durables - 2.7%            

Desarrolladora Homex ADR 1,2

   14,100     264,516  

Ekornes

   60,000     1,043,066  

Ethan Allen Interiors

   345,800     8,755,656  

Hanssem

   39,100     764,366  

Harman International Industries

   121,400     5,682,734  

Mohawk Industries 2

   147,200     9,790,272  

NVR 2

   1,000     726,330  

Tupperware Brands

   6,800     431,800  

Universal Electronics 2

   10,000     199,800  

Woongjin Coway

   50,000     1,659,238  
       
 
          29,317,778  
       
 
Internet & Catalog Retail - 0.4%            

Manutan International

   43,900     2,078,504  

Takkt

   144,500     2,235,548  
       
 
          4,314,052  
       
 
Leisure Equipment & Products - 0.3%            

Beneteau

   65,000     788,884  

Shimano

   53,000     3,192,038  
       
 
          3,980,922  
       
 
Media - 1.1%            

Global Sources 1,2

   97,871     602,886  

Lamar Advertising Cl. A 2

   51,000     1,652,910  

Morningstar

   109,800     6,922,890  

Pico Far East Holdings

   13,679,000     3,082,621  

Television Broadcasts

   50,000     336,422  
       
 
          12,597,729  
       
 
Multiline Retail - 0.3%            

New World Department Store China

   4,514,700     2,906,877  
       
 
Specialty Retail - 1.7%            

Ascena Retail Group 2

   68,280     3,026,170  

Dickson Concepts (International)

   434,300     240,484  

Dover Saddlery 1,2

   17,821     78,769  

Esprit Holdings

   608,000     1,221,394  

Hengdeli Holdings

   1,260,250     527,434  

Lewis Group

   200,000     1,986,703  

L’Occitane International

   100,000     237,974  

Luk Fook Holdings (International)

   160,500     486,736  

Men’s Wearhouse (The)

   35,500     1,376,335  

Oriental Watch Holdings

   634,900     269,803  

OSIM International

   1,400,000     1,408,854  

Sa Sa International Holdings

   700,000     405,638  

Stein Mart 2

   167,800     1,107,480  

Systemax 2

   194,000     3,270,840  

USS

   7,500     760,239  

West Marine 2

   131,100     1,570,578  

Williams-Sonoma

   8,400     314,832  
       
 
          18,290,263  
       
 
Textiles, Apparel & Luxury Goods - 3.1%            

Anta Sports Products

   853,200     889,946  

Carter’s 2

   212,400     10,571,148  

China Xiniya Fashion ADR 2

   95,700     172,260  

Columbia Sportswear

   52,197     2,476,748  

Daphne International Holdings

   965,000     1,314,743  

Gildan Activewear

   16,000     440,800  

Grendene

   300,000     1,626,996  

J.G. Boswell Company 3

   2,292     1,719,000  

K-Swiss Cl. A 2

   163,600     670,760  

Lazare Kaplan International 2,3

   95,437     243,364  

Li Ning

   400,000     425,469  

Pacific Textiles Holdings

   4,331,000     2,900,142  

Stella International Holdings

   813,700     1,974,117  

Texwinca Holdings

   727,000     886,568  

Unifi 2

   40,333     389,617  

Van de Velde

   10,000     560,154  

Warnaco Group (The) 2

   55,700     3,252,880  

Wolverine World Wide

   100,000     3,718,000  

Xtep International Holdings

   750,000     339,963  
       
 
          34,572,675  
       
 
Total         147,529,253  
       
 
             
Consumer Staples – 2.2%            
Beverages - 0.1%            

MGP Ingredients

   127,400     685,412  
       
 
Food & Staples Retailing - 0.3%            

FamilyMart

   83,500     3,530,869  
       
 
Food Products - 1.8%            

Alico

   27,000     623,970  

Asian Citrus Holdings

   287,800     196,424  

Binggrae

   23,296     1,163,721  

BW Plantation

   1,620,000     292,323  

Cal-Maine Foods

   28,848     1,103,725  

Cerebos Pacific

   257,000     1,136,725  

First Resources

   1,059,800     1,610,292  

Hershey Creamery 3

   709     1,204,591  

Origin Agritech 1,2

   76,800     191,232  

Seneca Foods Cl. A 2

   110,000     2,897,400  

Seneca Foods Cl. B 2

   13,251     313,651  

Super Group

   1,205,000     1,730,261  

Tootsie Roll Industries

   322,059     7,378,371  

Waterloo Investment Holdings 2,4

   598,676     86,209  

Westway Group

   31,500     182,385  
       
 
          20,111,280  
       
 
Total         24,327,561  
       
 
             
Diversified Investment Companies – 0.5%            
Closed-End Funds - 0.5%            

Central Fund of Canada Cl. A

   226,000     4,958,440  
       
 
Total         4,958,440  
       
 
             
Energy – 5.3%            
Energy Equipment & Services - 4.6%            

Atwood Oceanics 1,2

   19,900     893,311  

Cal Dive International 2

   456,250     1,505,625  

CARBO Ceramics

   28,000     2,952,600  

Ensco ADR

   57,600     3,048,768  

Ensign Energy Services

   225,100     3,364,821  

Heckmann Corporation 1,2

   50,000     215,500  

Helmerich & Payne

   96,500     5,206,175  

ION Geophysical 2

   361,500     2,331,675  

Oceaneering International

   9,900     533,511  

Oil States International 2

   135,723     10,594,537  

Pason Systems

   97,000     1,365,362  

SEACOR Holdings 2

   73,866     7,074,886  

ShawCor Cl. A

   57,000     1,794,376  

TETRA Technologies 2

   68,000     640,560  

TGS-NOPEC Geophysical

   70,000     1,918,785  

Tidewater

   36,000     1,944,720  

Trican Well Service

   169,900     2,495,398  

Unit Corporation 2

   34,000     1,453,840  

Willbros Group 2

   103,800     336,312  
       
 
          49,670,762  
       
 
Oil, Gas & Consumable Fuels - 0.7%            

Bill Barrett 1,2

   50,000     1,300,500  

Cimarex Energy

   61,300     4,626,311  

Resolute Energy 1,2

   141,134     1,606,105  

SM Energy

   7,100     502,467  
       
 
          8,035,383  
       
 
Total         57,706,145  
       
 
             
Financials – 20.6%            

Capital Markets - 10.4%

            

A.F.P. Provida ADR

   22,100     1,745,900  

ABG Sundal Collier Holding

   115,000     99,759  

Affiliated Managers Group 2

   47,600     5,322,156  

AllianceBernstein Holding L.P.

   514,600     8,032,906  

AP Alternative Assets L.P.

   233,200     2,203,740  

Artio Global Investors Cl. A

   235,000     1,120,950  

ASA Gold and Precious Metals

   117,501     3,029,176  

Ashmore Group

   781,000     4,590,848  

Azimut Holding

   72,183     784,123  

Banca Generali

   86,000     1,153,864  

Bank Sarasin & Co. Cl. B 2

   33,120     1,038,325  

Banque Privee Edmond de Rothschild

   23     599,524  

BKF Capital Group 2,3

   130,000     150,800  

BT Investment Management

   207,000     473,870  

Close Brothers Group

   43,000     539,912  

Coronation Fund Managers

   526,000     1,954,243  

Cowen Group Cl. A 2

   1,154,458     3,128,581  

Daewoo Securities

   5,000     58,250  

Dubai Investments

   8,900,000     2,134,740  

Eaton Vance

   85,300     2,437,874  

Egyptian Financial Group-Hermes

            

Holding Company 2

   589,375     1,304,626  

Epoch Holding Corporation

   25,000     597,000  

Equity Trustees

   38,314     488,157  

F&C Asset Management

   60,000     64,204  

FBR & Co. 2

   576,200     1,480,834  

Federated Investors Cl. B

   224,700     5,035,527  

Fiducian Portfolio Services

   227,000     245,719  

GAMCO Investors Cl. A

   80,575     3,997,326  

GFI Group

   166,247     625,089  

GIMV

   22,500     1,147,815  

Gleacher & Company 1,2

   200,000     272,000  

GP Investments BDR 2

   15,604     44,022  

Investec

   118,000     721,557  

IOOF Holdings

   123,592     739,971  

Jupiter Fund Management

   75,000     298,587  

KKR & Co. L.P.

   415,000     6,154,450  

Lazard Cl. A

   308,200     8,802,192  

MVC Capital

   234,200     3,075,046  

Oppenheimer Holdings Cl. A

   75,000     1,301,250  

Paris Orleans

   198,359     4,494,727  

Partners Group Holding

   15,200     2,965,238  

Perpetual

   14,374     378,039  

Platinum Asset Management

   149,000     626,627  

Rathbone Brothers

   35,400     721,935  

Reinet Investments 2

   164,948     3,057,876  

Reinet Investments DR 2

   500,000     909,269  

Schroders

   41,100     1,038,684  

SEI Investments

   334,700     6,924,943  

SHUAA Capital 2

   485,000     113,294  

SPARX Group 2

   1,320     122,001  

Sprott

   269,600     1,675,793  

Teton Advisors Cl. A 3

   723     11,243  

Treasury Group

   51,500     212,318  

Trust Company (The)

   100,584     541,787  

UOB-Kay Hian Holdings

   190,000     255,439  

Value Partners Group

   7,511,700     4,546,360  

Vontobel Holding

   20,400     517,514  

VZ Holding

   12,800     1,460,507  

Waddell & Reed Financial Cl. A

   139,300     4,514,713  

Westwood Holdings Group

   23,460     908,606  

Woori Investment & Securities

   14,911     171,739  
       
 
          113,163,565  
       
 
Commercial Banks - 1.3%            

Ameriana Bancorp

   40,000     189,600  

Bank of N.T. Butterfield & Son 2

   882,304     935,242  

BCB Holdings 2

   598,676     196,304  

BLOM Bank GDR

   70,000     563,500  

Center Bancorp

   24,868     249,426  

Farmers & Merchants Bank of Long

            

Beach

   1,200     5,124,000  

Fauquier Bankshares

   160,800     1,985,880  

Hawthorn Bancshares

   27,458     203,464  

M&T Bank

   16,927     1,470,618  

Mauritius Commercial Bank

   40,000     227,586  

Mechanics Bank

   200     2,260,000  

Old Point Financial

   25,000     278,750  

Peapack-Gladstone Financial

   10,500     141,960  
       
 
          13,826,330  
       
 
Consumer Finance - 0.2%            

World Acceptance 1,2

   42,000     2,572,500  
       
 
Diversified Financial Services - 0.5%            

Banca Finnat Euramerica

   1,060,000     382,129  

Interactive Brokers Group Cl. A

   100,000     1,700,000  

PICO Holdings 2

   106,100     2,488,045  

RHJ International 2

   102,500     605,600  

State Bank of Mauritius

   46,000     130,862  
       
 
          5,306,636  
       
 
Insurance - 5.1%            

Alleghany Corporation 2

   27,919     9,188,143  

Argo Group International Holdings

   64,751     1,934,112  

Brown & Brown

   291,800     6,939,004  

Crawford & Company Cl. B

   1,160     5,684  

Discovery Holdings

   120,000     787,955  

eHealth 2

   32,000     521,920  

E-L Financial

   20,400     7,976,340  

Enstar Group 2

   11,000     1,088,890  

Erie Indemnity Cl. A

   50,000     3,897,000  

Hilltop Holdings 2

   290,400     2,436,456  

Independence Holding

   349,423     3,480,253  

Platinum Underwriters Holdings

   149,000     5,438,500  

Primerica

   170,000     4,285,700  

ProAssurance Corporation

   22,000     1,938,420  

RLI

   80,724     5,783,067  

White Mountains Insurance Group

   1,050     526,806  
       
 
          56,228,250  
       
 
Real Estate Investment Trusts (REITs) - 0.5%            

Colony Financial

   315,178     5,162,615  

Vestin Realty Mortgage II 1,2

   214,230     312,776  
       
 
          5,475,391  
       
 
Real Estate Management & Development - 2.0%            

Altisource Portfolio Solutions 2

   41,199     2,498,307  

Consolidated-Tomoka Land

   63,564     1,891,029  

E-House China Holdings ADR

   456,100     2,645,380  

Forestar Group 2

   120,000     1,846,800  

Kennedy-Wilson Holdings

   150,000     2,025,000  

Midland Holdings

   2,738,800     1,435,432  

St. Joe Company (The) 1,2

   127,000     2,414,270  

Tejon Ranch 2

   237,000     6,787,680  
       
 
          21,543,898  
       
 
Thrifts & Mortgage Finance - 0.6%            

CFS Bancorp

   150,000     817,500  

HopFed Bancorp

   108,721     962,181  

Kearny Financial

   70,862     690,905  

MyState

   152,000     519,582  

Ocwen Financial 2

   123,600     1,931,868  

Timberland Bancorp 2,5

   444,200     2,069,972  
       
 
          6,992,008  
       
 
Total         225,108,578  
       
 
             
Health Care – 7.1%            
Biotechnology - 0.0%            

3SBio ADR 2

   33,200     491,360  
       
 
Health Care Equipment & Supplies - 2.2%            

Allied Healthcare Products 2

   180,512     577,638  

Analogic Corporation

   40,135     2,710,718  

Atrion Corporation

   15,750     3,310,807  

bioMerieux

   13,800     1,087,187  

Carl Zeiss Meditec

   145,000     3,519,633  

CONMED Corporation

   81,500     2,434,405  

DiaSorin

   40,000     1,165,654  

DynaVox Cl. A 2

   55,000     169,400  

IDEXX Laboratories 2

   40,201     3,515,577  

Kossan Rubber Industries

   689,700     754,201  

Nihon Kohden

   45,400     1,215,494  

Straumann Holding

   4,000     680,625  

Top Glove

   375,000     550,841  

Urologix 1,2

   263,900     337,792  

Young Innovations

   62,550     1,934,046  

Zoll Medical 2

   400     37,052  
       
 
          24,001,070  
       
 
Health Care Providers & Services - 0.6%            

Cross Country Healthcare 2

   30,000     150,300  

Landauer

   75,500     4,003,010  

MWI Veterinary Supply 2

   10,000     880,000  

VCA Antech 1,2

   51,900     1,204,599  
       
 
          6,237,909  
       
 
Life Sciences Tools & Services - 3.1%            

Affymetrix 2

   10,000     42,700  

Albany Molecular Research 2

   85,000     229,500  

Bio-Rad Laboratories Cl. A 2

   21,888     2,269,566  

EPS

   512     1,125,200  

Furiex Pharmaceuticals 2

   8,333     196,909  

ICON ADR 2

   220,150     4,671,583  

Luminex Corporation 2

   20,000     467,000  

Mettler-Toledo International 2

   33,500     6,189,125  

PAREXEL International 2

   312,400     8,425,428  

PerkinElmer

   185,800     5,139,228  

Techne Corporation

   71,000     4,977,100  
       
 
          33,733,339  
       
 
Pharmaceuticals - 1.2%            

Adcock Ingram Holdings

   215,000     1,645,223  

Almirall

   140,000     1,219,268  

Boiron

   60,000     2,031,758  

Daewoong Pharmaceutical

   14,843     351,081  

Hikma Pharmaceuticals

   60,000     651,637  

Kalbe Farma

   800,000     310,586  

Recordati

   215,000     1,634,449  

Santen Pharmaceutical

   72,000     3,075,027  

Vetoquinol

   20,000     608,167  

Virbac

   9,000     1,430,793  
       
 
          12,957,989  
       
 
Total         77,421,667  
       
 
             
Industrials – 27.9%            
Aerospace & Defense - 1.8%            

Alliant Techsystems

   8,300     415,996  

Cubic Corporation

   8,600     406,608  

Ducommun 2

   117,200     1,394,680  

HEICO Corporation

   168,281     8,681,617  

HEICO Corporation Cl. A

   51,718     2,076,478  

Hexcel Corporation 2

   47,500     1,140,475  

Moog Cl. A 2

   25,000     1,072,250  

National Presto Industries

   3,000     227,580  

Teledyne Technologies 2

   66,430     4,188,411  
       
 
          19,604,095  
       
 
Air Freight & Logistics - 1.8%            

C.H. Robinson Worldwide

   50,000     3,274,500  

Forward Air

   209,750     7,691,532  

Hub Group Cl. A 1,2

   149,400     5,382,882  

UTi Worldwide

   175,000     3,015,250  
       
 
          19,364,164  
       
 
Building Products - 1.1%            

American Woodmark 2

   123,335     2,220,030  

Apogee Enterprises

   81,100     1,050,245  

Burnham Holdings Cl. B 3

   36,000     552,600  

Simpson Manufacturing

   258,400     8,333,400  
       
 
          12,156,275  
       
 
Commercial Services & Supplies - 2.5%            

Brink’s Company (The)

   206,320     4,924,858  

Cintas Corporation

   15,000     586,800  

CompX International Cl. A

   185,300     2,577,523  

Copart 2

   149,780     3,904,765  

Kimball International Cl. B

   286,180     1,977,504  

Moshi Moshi Hotline

   240,000     2,397,970  

Ritchie Bros. Auctioneers

   337,700     8,023,752  

Tetra Tech 2

   82,100     2,164,156  

TMS International Cl. A 2

   45,500     550,550  
       
 
          27,107,878  
       
 
Construction & Engineering - 1.6%            

EMCOR Group

   199,400     5,527,368  

Integrated Electrical Services 1,2

   266,349     1,025,444  

Jacobs Engineering Group 2

   81,400     3,611,718  

KBR

   175,000     6,221,250  

Raubex Group

   1,045,000     1,770,955  
       
 
          18,156,735  
       
 
Electrical Equipment - 3.2%            

AZZ

   45,500     2,349,620  

Belden

   57,800     2,191,198  

Elektrobudowa

   20,000     720,570  

Franklin Electric

   104,600     5,132,722  

Fushi Copperweld 2

   132,931     1,003,629  

GrafTech International 2

   454,031     5,421,130  

Jinpan International

   121,284     1,058,810  

Powell Industries 2

   92,400     3,164,700  

Preformed Line Products

   91,600     5,999,800  

Regal-Beloit

   116,500     7,636,575  
       
 
          34,678,754  
       
 
Industrial Conglomerates - 0.5%            

Raven Industries

   99,500     6,070,495  
       
 
Machinery - 10.0%            

Armstrong Industrial

   2,776,100     684,612  

Burckhardt Compression Holding

   18,400     5,044,865  

Chen Hsong Holdings

   1,615,000     530,323  

China Automation Group

   594,800     157,785  

CLARCOR

   92,500     4,540,825  

Columbus McKinnon 2

   133,100     2,168,199  

Donaldson Company

   185,600     6,631,488  

EVA Precision Industrial Holdings

   2,776,000     514,766  

FAG Bearings India

   28,000     928,295  

Flowserve Corporation

   9,200     1,062,692  

Gardner Denver

   36,400     2,293,928  

Graco

   116,376     6,174,911  

Hardinge

   26,193     247,786  

IDEX Corporation

   67,400     2,839,562  

Industrea

   1,098,300     1,166,116  

Kennametal

   155,000     6,902,150  

Lincoln Electric Holdings

   211,860     9,601,495  

Lindsay Corporation

   6,400     424,128  

Mueller Water Products Cl. A

   72,500     241,425  

NN 2

   197,100     1,608,336  

Nordson Corporation

   204,200     11,130,942  

Pfeiffer Vacuum Technology

   22,500     2,549,200  

PMFG 1,2

   275,352     4,133,033  

Rational

   8,000     1,870,914  

RBC Bearings 2

   47,000     2,168,110  

Rotork

   12,500     409,672  

Semperit AG Holding

   72,022     3,087,231  

Spirax-Sarco Engineering

   75,000     2,506,018  

Valmont Industries

   49,300     5,788,313  

WABCO Holdings 2

   103,800     6,277,824  

Wabtec Corporation

   87,725     6,611,833  

Woodward

   208,400     8,925,772  
       
 
          109,222,549  
       
 
Marine - 0.5%            

Kirby Corporation 2

   80,000     5,263,200  
       
 
Professional Services - 2.5%            

Advisory Board (The) 2

   115,600     10,244,472  

CRA International 2

   64,187     1,618,796  

eClerx Services

   29,900     428,032  

FTI Consulting 2

   7,850     294,532  

JobStreet Corporation

   600,000     421,087  

ManpowerGroup

   78,600     3,723,282  

Michael Page International

   200,000     1,535,521  

On Assignment 2

   375,400     6,558,238  

Robert Half International

   87,400     2,648,220  
       
 
          27,472,180  
       
 
Road & Rail - 1.5%            

Arkansas Best

   119,500     2,247,795  

Frozen Food Express Industries 2

   286,635     349,695  

Landstar System

   99,400     5,737,368  

Patriot Transportation Holding 2

   212,958     4,959,792  

Tegma Gestao Logistica

   85,000     1,419,732  

Universal Truckload Services

   114,976     1,731,538  
       
 
          16,445,920  
       
 
Trading Companies & Distributors - 0.8%            

AerCap Holdings 2

   45,000     499,950  

Air Lease Cl. A 1,2

   40,700     979,649  

Lawson Products

   161,431     2,439,222  

MSC Industrial Direct Cl. A

   54,948     4,576,070  
       
 
          8,494,891  
       
 
Transportation Infrastructure - 0.1%            

Wesco Aircraft Holdings 2

   68,400     1,108,080  
       
 
Total         305,145,216  
       
 
             
Information Technology – 22.2%            
Communications Equipment - 1.7%            

AAC Technologies Holdings

   241,700     655,174  

ADTRAN

   138,200     4,310,458  

Bel Fuse Cl. A

   36,672     714,004  

Black Box

   43,798     1,117,287  

Cogo Group 1,2

   87,715     241,216  

Comba Telecom Systems Holdings

   1,597,928     884,817  

Comtech Telecommunications

   30,000     977,400  

EVS Broadcast Equipment

   37,298     1,934,060  

Globecomm Systems 2

   183,700     2,659,976  

Sonus Networks 2

   1,124,000     3,259,600  

VTech Holdings

   64,050     821,085  

Zhone Technologies 2

   422,103     489,639  
       
 
          18,064,716  
       
 
Computers & Peripherals - 1.3%            

Advantech

   187,400     650,816  

Asustek Computer

   50,000     471,802  

Catcher Technology

   85,600     604,706  

China Digital TV Holding Co. ADR

   5,000     17,300  

Diebold

   151,600     5,839,632  

Electronics for Imaging 2

   8,517     141,552  

Foxconn Technology

   81,100     335,232  

Intermec 2

   23,000     177,790  

Intevac 2

   57,450     488,325  

SanDisk Corporation 2

   9,600     476,064  

Simplo Technology

   90,800     684,511  

SMART Technologies Cl. A 2

   75,000     222,750  

Steel Excel 2,3

   156,880     4,353,420  
       
 
          14,463,900  
       
 
Electronic Equipment, Instruments & Components - 9.8%            

Agilysys 2

   165,125     1,484,474  

Anixter International 2

   61,795     4,481,991  

Benchmark Electronics 2

   165,200     2,724,148  

China 3C Group 2

   6,600     456  

China High Precision Automation Group 4

   2,720,300     479,916  

Chroma Ate

   319,982     815,282  

Cognex Corporation

   236,200     10,005,432  

Coherent 2

   229,800     13,404,234  

Dolby Laboratories Cl. A 2

   149,000     5,670,940  

FEI Company 2

   111,500     5,475,765  

FLIR Systems

   105,000     2,657,550  

Hana Microelectronics

   1,391,300     987,665  

Hollysys Automation Technologies 2

   65,727     696,706  

Image Sensing Systems 2

   8,310     55,262  

Inficon Holding

   1,100     243,713  

InvenSense 1,2

   20,000     362,000  

IPG Photonics 2

   51,620     2,686,821  

Kingboard Chemical Holdings

   311,900     1,082,435  

Mercury Computer Systems 2

   40,500     536,625  

Molex

   72,600     2,041,512  

National Instruments

   251,850     7,182,762  

Newport Corporation 2

   523,500     9,276,420  

Nice

   8,368     32,365  

Perceptron 2

   357,700     2,088,968  

Plexus Corporation 2

   176,100     6,161,739  

Pulse Electronics 2

   286,200     718,362  

Richardson Electronics

   395,712     4,740,630  

Rofin-Sinar Technologies 2

   306,700     8,087,679  

Tech Data 2

   122,800     6,663,128  

TTM Technologies 2

   211,400     2,428,986  

Vaisala Cl. A

   166,000     3,542,306  
       
 
          106,816,272  
       
 
Internet Software & Services - 0.9%            

Active Network 1,2

   21,500     361,845  

Perficient 2

   10,000     120,100  

RealNetworks

   61,350     609,819  

ValueClick 2

   145,000     2,862,300  

VistaPrint 1,2

   165,000     6,377,250  
       
 
          10,331,314  
       
 
IT Services - 3.5%            

Booz Allen Hamilton Holding

            

Corporation Cl. A

   22,300     379,769  

Convergys Corporation 2

   121,000     1,615,350  

CSE Global

   2,577,400     1,691,543  

Forrester Research

   40,300     1,305,720  

Gartner 2

   101,000     4,306,640  

Hackett Group 2

   655,000     3,910,350  

ManTech International Cl. A

   35,400     1,219,884  

MAXIMUS

   188,400     7,662,228  

MoneyGram International 2

   164,962     2,969,316  

NeuStar Cl. A 2

   84,287     3,139,691  

Sapient Corporation

   706,602     8,797,195  

Total System Services

   28,200     650,574  

Western Union

   7,000     123,200  

Yucheng Technologies 1,2

   57,846     184,529  
       
 
          37,955,989  
       
 
Office Electronics - 0.1%            

Zebra Technologies Cl. A 2

   35,158     1,447,807  
       
 
Semiconductors & Semiconductor Equipment - 3.0%            

Aixtron

   15,500     269,981  

Aixtron ADR

   57,158     990,548  

Analog Devices

   16,004     646,562  

ASM Pacific Technology

   60,000     873,087  

ATMI 2

   39,800     927,340  

BCD Semiconductor Manufacturing ADR 2

   194,400     1,110,024  

BE Semiconductor Industries 3

   58,000     430,360  

Cymer 2

   52,200     2,610,000  

Diodes 2

   252,450     5,851,791  

Entropic Communications 1,2

   95,000     553,850  

Exar Corporation 2

   157,576     1,323,638  

Integrated Silicon Solution 2

   180,200     2,011,032  

International Rectifier 2

   120,000     2,768,400  

Miraial

   50,070     851,136  

Nanometrics 2

   106,000     1,962,060  

OmniVision Technologies 2

   34,600     692,000  

Power Integrations

   49,000     1,818,880  

RDA Microelectronics ADR 2

   82,900     916,459  

Teradyne 2

   251,700     4,251,213  

Veeco Instruments 1,2

   87,000     2,488,200  
       
 
          33,346,561  
       
 
Software - 1.9%            

ACI Worldwide 2

   131,150     5,281,410  

Advent Software 2

   68,500     1,753,600  

ANSYS 2

   105,600     6,866,112  

Aspen Technology 2

   42,100     864,313  

Blackbaud

   31,400     1,043,422  

JDA Software Group 2

   49,900     1,371,252  

Majesco Entertainment 1,2

   36,255     89,550  

Net 1 UEPS Technologies 2

   50,000     452,000  

NetScout Systems 1,2

   27,800     565,452  

SimCorp

   15,000     2,621,203  

THQ 1,2

   20,000     11,200  
       
 
          20,919,514  
       
 
Total         243,346,073  
       
 
             
Materials – 10.9%            
Chemicals - 2.1%            

Agrium

   7,500     647,775  

C. Uyemura & Co.

   18,000     704,603  

Cabot Corporation

   58,000     2,475,440  

Fufeng Group

   2,534,700     1,099,979  

Hanfeng Evergreen 2

   7,700     21,538  

Hawkins

   86,178     3,205,822  

Huabao International Holdings

   200,000     128,774  

Huchems Fine Chemical

   40,056     753,005  

Intrepid Potash 2

   103,266     2,512,462  

KMG Chemicals

   96,285     1,737,944  

LSB Industries 2

   72,000     2,802,240  

Methanex Corporation

   9,500     308,085  

Minerals Technologies

   26,930     1,761,491  

Mosaic Company (The)

   5,900     326,211  

OM Group 2

   90,000     2,475,900  

Stepan Company

   7,500     658,500  

Victrex

   70,000     1,511,528  
       
 
          23,131,297  
       
 
Construction Materials - 0.7%            

Ash Grove Cement Cl. B 3

   50,518     6,718,894  

Mardin Cimento Sanayii

   350,000     1,339,281  
       
 
          8,058,175  
       
 
Containers & Packaging - 1.3%            

Broadway Industrial Group

   1,677,200     593,735  

Greif Cl. A

   119,444     6,679,308  

Mayr-Melnhof Karton

   72,500     7,300,338  
       
 
          14,573,381  
       
 
Metals & Mining - 6.7%            

Allied Nevada Gold 2

   64,000     2,081,920  

Aquarius Platinum

   200,000     454,258  

AuRico Gold 2

   218,300     1,936,321  

Centamin 2

   1,200,000     1,335,406  

Central Steel & Wire 3

   6,062     4,249,462  

Cliffs Natural Resources

   43,500     3,012,810  

Coeur d’Alene Mines 2

   27,400     650,476  

Commercial Metals

   36,600     542,412  

Endeavour Mining 2

   300,000     670,710  

Endeavour Mining (Warrants) 2

   75,000     48,875  

Fresnillo

   47,500     1,214,101  

Globe Specialty Metals

   45,600     678,072  

Golden Star Resources 2

   300,000     558,000  

Hecla Mining

   300,000     1,386,000  

Hidili Industry International

            

Development

   60,000     21,248  

Hochschild Mining

   375,500     2,788,044  

IAMGOLD Corporation

   95,620     1,270,790  

Kimber Resources 2

   560,000     515,200  

Maharashtra Seamless

   305,000     2,334,871  

Major Drilling Group International

   338,100     5,609,860  

Medusa Mining

   468,000     2,443,279  

New Gold 2

   135,000     1,333,800  

Northam Platinum

   460,000     2,046,044  

Nucor Corporation

   166,050     7,131,847  

Pretium Resources 2

   7,000     100,030  

Randgold Resources ADR

   33,000     2,903,340  

Reliance Steel & Aluminum

   156,920     8,862,842  

Royal Gold

   34,400     2,243,568  

Schnitzer Steel Industries Cl. A

   100,000     3,989,500  

Silvercorp Metals

   116,500     802,685  

Sims Metal Management ADR

   232,383     3,548,488  

Synalloy Corporation

   178,800     2,349,432  

Worthington Industries

   185,000     3,548,300  
       
 
          72,661,991  
       
 
Paper & Forest Products - 0.1%            

China Forestry Holdings 4

   3,563,800     270,766  

Duratex

   120,000     756,635  

Qunxing Paper Holdings 4

   3,296,000     175,208  
       
 
          1,202,609  
       
 
Total         119,627,453  
       
 
             
Telecommunication Services – 0.7%            
Diversified Telecommunication Services - 0.0%            

ORBCOMM 2

   28,400     109,340  
       
 
Wireless Telecommunication Services - 0.7%            

Telephone & Data Systems

   303,270     7,020,700  
       
 
Total         7,130,040  
       
 
             
Miscellaneous 6 – 1.3%            
Total         14,650,257  
       
 
             
TOTAL COMMON STOCKS            

(Cost $945,602,090)

         1,226,950,683  
       
 
             
PREFERRED STOCK – 0.1%            

Seneca Foods Conv. 2,4

            

(Cost $796,469)

   55,000     1,303,830  
       
 
             
    PRINCIPAL        
    AMOUNT        
CORPORATE BOND – 0.0%            

GAMCO Investors (Debentures) 0.00%

            

due 12/31/15

            

(Cost $289,840)

   $ 289,800     233,938  
       
 
             
REPURCHASE AGREEMENT – 8.0%            
Fixed Income Clearing Corporation,            

0.01% dated 3/30/12, due 4/2/12,

            

maturity value $87,143,073 (collateralized

            

by obligations of various U.S. Government

            

Agencies, 0.20%-2.00% due 9/14/12, valued at

            

$88,887,494)

            

(Cost $87,143,000)

         87,143,000  
       
 
             
COLLATERAL RECEIVED FOR SECURITIES            

LOANED – 1.9%

            
Money Market Funds            

Federated Government Obligations Fund

            

(7 day yield-0.0098%)

            

(Cost $21,060,584)

         21,060,584  
       
 
             
TOTAL INVESTMENTS – 122.2%            

(Cost $1,054,891,983)

         1,336,692,035  
 
LIABILITIES LESS CASH            

AND OTHER ASSETS – (2.1)%

         (22,425,269 )
 
PREFERRED STOCK – (20.1)%         (220,000,000 )
       
 
NET ASSETS APPLICABLE TO COMMON            
STOCKHOLDERS – 100.0%       $ 1,094,266,766  
       
 

1 All or a portion of these securities were on loan at March 31, 2012. Total market value of loaned securities at March 31, 2012, was $20,444,287.
2

Non-income producing.
3

These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
4

Securities for which market quotations are not readily available represent 0.2% 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.
5

At March 31, 2012, 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 2012 and less than 1% of net assets applicable to Common Stockholders.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,056,375,341. At March 31, 2012, net unrealized appreciation for all securities was $280,316,694, consisting of aggregate gross unrealized appreciation of $387,456,881 and aggregate gross unrealized depreciation of $107,140,187. 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 in accordance with the provisions of the 1940 Act, under procedures approved by the Fund's Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. 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 last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).
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 March 31, 2012. 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   $ 1,206,304,850     $ 19,633,734     $ 1,012,099     $ 1,226,950,683  
    Preferred Stocks     –       –       1,303,830       1,303,830  
    Corporate Bonds     –       233,938       –       233,938  
    Cash Equivalents     21,060,584       87,143,000       –       108,203,584  
    Lavel 3 Reconciliation:
                                  Realized and        
    Balance as of                         Unrealized   Balance as of
    12/31/11   Purchases     Transfers In     Transfers Out     Sales   Gain (Loss)   3/31/12
    Common Stocks   $ 1,701,029     –     –     –     –   $ (688,930 )   $ 1,012,099  
    Preferred Stocks     1,278,090     –     –     –     –     25,740       1,303,830  

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 through a lending agent 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. The Fund’s securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. The lending agent is not affiliated with Royce.

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 three months ended March 31, 2012:

    Shares   Market Value   Cost of   Cost of   Realized     Dividend   Shares   Market Value  
Affiliated Company   12/31/11   12/31/11   Purchases   Sales   Gain (Loss)     Income   3/31/12   3/31/12  
Timberland Bancorp     444,200   $ 1,710,170     –     –     –       –     444,200   $ 2,069,972  
          $ 1,710,170                 –       –         $ 2,069,972  

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: May 29, 2012

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 29, 2012

By:

/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: May 29, 2012