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: 12/31/2013

Date of reporting period: 3/31/2013


Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS            
ROYCE VALUE TRUST            
MARCH 31, 2013 (UNAUDITED)            
    SHARES   VALUE  
COMMON STOCKS – 104.2%            
             
Consumer Discretionary – 13.2%            
Auto Components - 0.4%            

China XD Plastics 1

   109,700   $ 438,800  

Drew Industries

   37,191     1,350,405  

Gentex Corporation 2

   112,200     2,245,122  

Minth Group

   589,400     867,105  
       
 
          4,901,432  
       
 
Automobiles - 0.7%            

Thor Industries 2

   100,200     3,686,358  

Winnebago Industries 1

   222,500     4,592,400  
       
 
          8,278,758  
       
 
Distributors - 0.9%            

Genuine Parts

   5,200     405,600  

LKQ Corporation 1

   368,000     8,007,680  

Weyco Group

   97,992     2,401,784  
       
 
          10,815,064  
       
 
Diversified Consumer Services - 1.2%            

Career Education 1

   28,900     68,493  

MegaStudy

   37,150     2,377,386  

Regis Corporation 2

   233,800     4,252,822  

Sotheby’s 2,3

   161,500     6,041,715  

Universal Technical Institute

   110,432     1,394,756  
       
 
          14,135,172  
       
 
Hotels, Restaurants & Leisure - 0.4%            

Ambassadors Group

   32,100     138,351  

Burger King Worldwide

   35,800     683,780  

CEC Entertainment

   64,100     2,099,275  

Krispy Kreme Doughnuts 1

   15,900     229,596  

Lotto24 1

   74,716     402,254  

Net Holding 1

   142,000     193,854  

Tak Sing Alliance Holdings

   1,628,500     243,356  

Tipp24 1

   16,300     867,317  
       
 
          4,857,783  
       
 
Household Durables - 2.6%            

Desarrolladora Homex ADR 1

   14,100     126,054  

Ekornes

   125,000     2,011,728  

Ethan Allen Interiors

   345,800     11,383,736  

Hanssem

   49,100     951,020  

Harman International Industries 2

   144,900     6,466,887  

Mohawk Industries 1,2,3

   83,900     9,490,768  
       
 
          30,430,193  
       
 
Internet & Catalog Retail - 0.4%            

Manutan International

   45,000     1,838,366  

NutriSystem

   37,100     314,608  

Takkt

   150,000     2,451,540  
       
 
          4,604,514  
       
 
Leisure Equipment & Products - 0.4%            

Arctic Cat 1

   3,100     135,470  

Beneteau 1

   175,000     1,776,645  

Nautilus 1

   101,000     737,300  

Shimano

   32,000     2,610,719  
       
 
          5,260,134  
       
 
Media - 1.0%            

Global Mediacom

   4,044,000     967,564  

Media Chinese International

   2,650,000     1,001,292  

Morningstar 2

   98,900     6,915,088  

Pico Far East Holdings

   4,985,000     1,791,698  

Television Broadcasts

   170,000     1,286,626  
       
 
          11,962,268  
       
 
Multiline Retail - 0.5%            

Dollar Tree 1

   39,100     1,893,613  

New World Department Store China

   7,215,700     4,182,988  
       
 
          6,076,601  
       
 
Specialty Retail - 1.6%            

Advance Auto Parts

   5,500     454,575  

Asahi Company

   12,600     173,872  

Ascena Retail Group 1,2

   118,600     2,200,030  

bebe stores

   22,400     93,408  

Beter Bed Holding

   49,300     903,060  

Bonjour Holdings

   2,292,000     366,127  

Dickson Concepts (International)

   934,300     529,584  

GameStop Corporation Cl. A

   2,200     61,534  

Hour Glass (The)

   400,000     596,606  

Lewis Group

   400,000     2,811,436  

L’Occitane International

   150,000     456,036  

Luk Fook Holdings (International)

   168,500     540,499  

Oriental Watch Holdings

   407,600     132,846  

OSIM International

   1,200,000     1,930,100  

Sa Sa International Holdings

   800,000     770,881  

Stein Mart

   167,800     1,406,164  

Systemax

   194,000     1,920,600  

TravelCenters of America LLC 1

   21,600     207,144  

USS

   12,000     1,376,746  

West Marine 1

   131,100     1,498,473  

Wet Seal (The) Cl. A 1

   75,200     227,104  
       
 
          18,656,825  
       
 
Textiles, Apparel & Luxury Goods - 3.1%            

Anta Sports Products

   1,188,200     1,014,843  

Carter’s 1,2,3

   204,100     11,688,807  

Columbia Sportswear 2

   21,997     1,273,186  

Daphne International Holdings

   1,799,400     2,260,101  

Gildan Activewear

   20,000     798,200  

Grendene

   200,000     2,126,933  

J.G. Boswell Company 4

   2,292     1,934,448  

Makalot Industrial

   345,000     1,292,200  

Pacific Textiles Holdings

   4,420,000     4,760,188  

PVH

   4,600     491,326  

Stella International Holdings

   415,700     1,247,761  

Texwinca Holdings

   1,628,300     1,717,964  

Van de Velde

   37,500     1,646,377  

Wolverine World Wide 2

   107,400     4,765,338  
       
 
          37,017,672  
       
 
Total         156,996,416  
       
 
Consumer Staples – 1.8%            
Food & Staples Retailing - 0.3%            

FamilyMart

   76,000     3,467,573  
       
 
Food Products - 1.5%            

Alico

   27,000     1,248,750  

Amira Nature Foods 1

   116,161     919,995  

Cal-Maine Foods

   32,748     1,393,755  

First Resources

   981,700     1,448,390  

Industrias Bachoco ADR

   3,000     96,330  

Seneca Foods Cl. A 1

   110,000     3,632,200  

Seneca Foods Cl. B 1

   13,251     434,633  

Super Group

   480,000     1,509,252  

Tootsie Roll Industries

   250,521     7,493,075  

Waterloo Investment Holdings 1,5

   598,676     81,899  
       
 
          18,258,279  
       
 
Total         21,725,852  
       
 
Diversified Investment Companies – 0.6%            
Closed-End Funds - 0.6%            

British Empire Securities and General Trust

   174,909     1,322,183  

Central Fund of Canada Cl. A 2,3

   259,800     5,032,326  

RIT Capital Partners

   51,158     942,112  
       
 
Total         7,296,621  
       
 
Energy – 5.5%            
Energy Equipment & Services - 4.4%            

Cal Dive International 1

   456,250     821,250  

CARBO Ceramics 2

   10,300     938,021  

Era Group 1,3

   132,866     2,790,186  

Helmerich & Payne 2,3

   133,400     8,097,380  

ION Geophysical 1

   361,500     2,461,815  

Mitcham Industries 1

   46,800     791,856  

Oil States International 1,2,3

   101,123     8,248,603  

Pason Systems

   115,500     2,014,727  

SEACOR Holdings 2,3

   105,575     7,778,766  

ShawCor

   42,400     1,796,488  

Steel Excel 1,4

   156,880     4,257,723  

Superior Energy Services 1,2

   74,300     1,929,571  

TGS-NOPEC Geophysical

   55,700     2,098,018  

Tidewater

   64,300     3,247,150  

Trican Well Service

   211,600     3,103,647  

Unit Corporation 1

   44,200     2,013,310  
       
 
          52,388,511  
       
 
Oil, Gas & Consumable Fuels - 1.1%            

Africa Oil 1

   74,800     528,685  

Bill Barrett 1,2

   50,000     1,013,500  

Cheniere Energy 1

   54,800     1,534,400  

Cimarex Energy 2

   61,300     4,624,472  

Contango Oil & Gas

   12,300     493,107  

Green Plains Renewable Energy 1

   65,100     744,744  

Lundin Petroleum 1

   24,100     521,457  

Resolute Energy 1,2

   233,334     2,685,674  
       
 
          12,146,039  
       
 
Total         64,534,550  
       
 
Financials – 17.0%            
Capital Markets - 8.8%            

Affiliated Managers Group 1,2,3

   44,000     6,757,080  

AllianceBernstein Holding L.P. 2,3

   329,000     7,205,100  

AP Alternative Assets L.P. 1

   156,000     2,745,600  

Artio Global Investors Cl. A 1

   433,000     1,177,760  

ASA Gold and Precious Metals

   190,501     3,669,049  

Ashmore Group

   756,000     4,020,464  

Aurelius

   5,100     327,853  

Cowen Group 1

   1,274,458     3,593,972  

Dubai Investments

   8,900,000     2,241,356  

Eaton Vance 2

   85,300     3,568,099  

FBR & Co. 1

   144,050     2,726,866  

Federated Investors Cl. B 2

   330,300     7,818,201  

GAMCO Investors Cl. A

   80,575     4,279,338  

GIMV

   35,000     1,749,278  

Jupiter Fund Management

   75,000     373,329  

KKR & Co. L.P.

   415,000     8,017,800  

Lazard Cl. A

   179,800     6,136,574  

MVC Capital

   254,200     3,261,386  

Oppenheimer Holdings Cl. A

   75,000     1,460,250  

Paris Orleans

   226,496     5,167,946  

Partners Group Holding

   10,200     2,517,497  

Reinet Investments 1

   164,948     3,194,839  

Reinet Investments DR 1

   500,000     998,880  

SEI Investments

   298,100     8,600,185  

Sprott

   1,045,600     3,602,501  

Value Partners Group

   4,167,800     2,700,663  

Waddell & Reed Financial Cl. A 2

   139,300     6,098,554  

Westwood Holdings Group

   23,460     1,042,328  
       
 
          105,052,748  
       
 
Commercial Banks - 1.8%            

Bank of N.T. Butterfield & Son

   1,784,161     2,426,459  

BCB Holdings 1

   309,426     94,031  

Farmers & Merchants Bank of Long Beach

   1,200     5,880,000  

Fauquier Bankshares

   160,800     1,944,072  

First Citizens BancShares Cl. A

   45,527     8,317,783  

Mechanics Bank

   200     2,600,000  
       
 
          21,262,345  
       
 
Diversified Financial Services - 1.3%            

Banca Finnat Euramerica

   1,060,000     361,430  

Leucadia National

   57,000     1,563,510  

Moody’s Corporation

   9,900     527,868  

Pargesa Holding

   4,300     291,936  

PICO Holdings 1

   67,500     1,498,500  

RHJ International 1

   622,500     2,952,423  

Sofina

   89,000     8,042,973  
       
 
          15,238,640  
       
 
Insurance - 2.6%            

Alleghany Corporation 1,2

   10,399     4,117,172  

Berkley (W.R.)

   6,000     266,220  

E-L Financial

   18,000     9,146,272  

Erie Indemnity Cl. A 2

   50,000     3,776,500  

Independence Holding Company

   349,423     3,557,126  

Platinum Underwriters Holdings

   91,900     5,128,939  

Primerica

   145,000     4,753,100  
       
 
          30,745,329  
       
 
Real Estate Investment Trusts (REITs) - 0.0%            

Vestin Realty Mortgage II 1

   214,230     257,076  
       
 
Real Estate Management & Development - 2.1%            

CBRE Group Cl. A 1,2

   24,200     611,050  

Consolidated-Tomoka Land

   62,444     2,450,927  

E-House China Holdings ADR

   551,504     2,564,494  

Forestar Group 1,2

   102,000     2,229,720  

Kennedy-Wilson Holdings

   191,000     2,962,410  

Midland Holdings

   3,656,600     1,615,724  

St. Joe Company (The) 1,2,3

   167,000     3,548,750  

Tejon Ranch 1

   279,900     8,335,422  
       
 
          24,318,497  
       
 
Thrifts & Mortgage Finance - 0.4%            

CFS Bancorp

   150,000     1,186,500  

Timberland Bancorp 6

   444,200     3,642,440  
       
 
          4,828,940  
       
 
Total         201,703,575  
       
 
Health Care – 6.5%            
Biotechnology - 0.3%            

Genomic Health 1

   40,000     1,131,200  

Green Cross

   12,000     1,671,760  

Myriad Genetics 1

   47,150     1,197,610  
       
 
          4,000,570  
       
 
Health Care Equipment & Supplies - 2.0%            

Abaxis 2

   15,800     747,656  

Allied Healthcare Products 1

   140,512     372,357  

Analogic Corporation 2

   43,335     3,424,332  

AngioDynamics 1,2

   35,050     400,622  

Atrion Corporation

   15,750     3,023,843  

bioMerieux

   17,000     1,603,198  

Carl Zeiss Meditec

   50,000     1,580,842  

CONMED Corporation

   81,500     2,775,890  

DiaSorin

   50,000     1,749,726  

IDEXX Laboratories 1,2

   40,201     3,714,170  

Kossan Rubber Industries

   647,568     736,134  

Nihon Kohden

   20,100     707,829  

Straumann Holding

   15,000     2,020,963  

Top Glove

   475,000     828,355  

Urologix 1

   142,648     78,456  
       
 
          23,764,373  
       
 
Health Care Providers & Services - 0.7%            

Accretive Health 1

   160,000     1,625,600  

Landauer 2

   75,500     4,256,690  

MWI Veterinary Supply 1,2

   10,000     1,322,600  

Schein (Henry) 1

   6,500     601,575  

VCA Antech 1,2

   35,600     836,244  
       
 
          8,642,709  
       
 
Life Sciences Tools & Services - 2.0%            

Bio-Rad Laboratories Cl. A 1

   20,888     2,631,888  

EPS Corporation

   1,224     1,816,463  

PAREXEL International 1

   312,400     12,342,924  

PerkinElmer 2

   185,800     6,250,312  

Techne Corporation

   10,800     732,780  
       
 
          23,774,367  
       
 
Pharmaceuticals - 1.5%            

Adcock Ingram Holdings

   389,000     2,563,213  

Almirall

   175,000     2,187,158  

Boiron

   55,000     2,850,387  

Hi-Tech Pharmacal

   17,700     586,047  

Kalbe Farma

   4,000,000     510,419  

Recordati

   300,000     2,714,960  

Santen Pharmaceutical

   58,500     2,706,406  

Vetoquinol

   50,000     1,640,769  

Virbac

   6,000     1,382,092  
       
 
          17,141,451  
       
 
Total         77,323,470  
       
 
Industrials – 28.6%            
Aerospace & Defense - 1.8%            

AeroVironment 1

   13,000     235,690  

Alliant Techsystems 2

   7,200     521,496  

Cubic Corporation

   45,454     1,941,795  

Ducommun 1

   117,200     2,319,388  

HEICO Corporation 2,3

   210,351     9,131,337  

HEICO Corporation Cl. A

   64,647     2,218,039  

Hexcel Corporation 1

   47,500     1,377,975  

Moog Cl. A 1

   25,000     1,145,750  

Teledyne Technologies 1

   35,630     2,794,817  
       
 
          21,686,287  
       
 
Air Freight & Logistics - 1.9%            

Air Transport Services Group 1,2

   50,000     291,500  

Expeditors International of Washington

   167,200     5,970,712  

Forward Air

   209,750     7,821,577  

Hub Group Cl. A 1,2,3

   149,400     5,745,924  

UTi Worldwide

   175,000     2,534,000  
       
 
          22,363,713  
       
 
Building Products - 1.2%            

American Woodmark 1

   123,335     4,197,090  

Apogee Enterprises 2

   40,600     1,175,370  

Burnham Holdings Cl. B 4

   36,000     622,800  

Simpson Manufacturing

   275,300     8,426,933  
       
 
          14,422,193  
       
 
Commercial Services & Supplies - 2.3%            

Brink’s Company (The)

   206,320     5,830,603  

CompX International Cl. A

   185,300     2,347,751  

Copart 1

   149,780     5,134,458  

Kaba Holding

   4,000     1,556,937  

Kimball International Cl. B

   286,180     2,592,791  

Moshi Moshi Hotline

   23,900     339,960  

Ritchie Bros. Auctioneers 2,3

   297,800     6,462,260  

Tetra Tech 1

   106,600     3,250,234  
       
 
          27,514,994  
       
 
Construction & Engineering - 2.0%            

EMCOR Group

   199,400     8,452,566  

Integrated Electrical Services 1

   351,960     2,245,505  

Jacobs Engineering Group 1,2

   92,000     5,174,080  

KBR

   180,000     5,774,400  

Northwest Pipe 1

   14,200     397,316  

Raubex Group

   423,700     898,519  
       
 
          22,942,386  
       
 
Electrical Equipment - 3.4%            

AZZ

   50,299     2,424,412  

Belden

   57,800     2,985,370  

Elektrobudowa

   16,392     621,557  

Franklin Electric

   209,200     7,022,844  

Global Power Equipment Group

   97,582     1,719,395  

GrafTech International 1

   688,987     5,291,420  

Graphite India

   250,000     365,686  

Hubbell Cl. B 2

   7,000     679,770  

Powell Industries 1

   95,653     5,028,478  

Preformed Line Products

   91,600     6,409,252  

Regal-Beloit

   100,000     8,156,000  
       
 
          40,704,184  
       
 
Industrial Conglomerates - 0.6%            

Carlisle Companies 2

   10,400     705,016  

Raven Industries 2

   199,000     6,688,390  
       
 
          7,393,406  
       
 
Machinery - 9.2%            

Armstrong Industrial

   1,514,500     366,308  

Astec Industries

   21,700     757,981  

Burckhardt Compression Holding

   14,400     5,388,813  

CB Industrial Product Holding

   189,000     153,202  

Chen Hsong Holdings

   1,523,000     533,660  

CLARCOR 2

   92,500     4,845,150  

Columbus McKinnon 1

   93,900     1,807,575  

Crane Company

   6,700     374,262  

Donaldson Company 2,3

   185,600     6,716,864  

EVA Precision Industrial Holdings

   3,476,000     528,393  

FAG Bearings India

   29,500     797,884  

Gardner Denver

   4,300     322,973  

Graco

   116,376     6,753,299  

Haitian International Holdings

   675,000     1,050,428  

IDEX Corporation

   67,400     3,600,508  

Kennametal 2,3

   209,500     8,178,880  

Lincoln Electric Holdings

   205,985     11,160,267  

NN 1

   197,100     1,864,566  

Nordson Corporation

   74,296     4,899,821  

Pfeiffer Vacuum Technology

   10,000     1,103,033  

PMFG 1

   388,352     2,396,132  

Rational

   5,500     1,652,209  

RBC Bearings 1

   47,000     2,376,320  

Rotork

   30,000     1,323,744  

Sarin Technologies

   1,018,600     1,157,920  

Semperit AG Holding

   70,000     2,700,860  

Spirax-Sarco Engineering

   50,000     2,041,381  

Sun Hydraulics

   8,600     279,586  

Timken Company (The)

   33,400     1,889,772  

Valmont Industries

   47,900     7,533,233  

WABCO Holdings 1

   103,800     7,327,242  

Wabtec Corporation

   85,925     8,773,802  

Woodward 2,3

   220,700     8,775,032  
       
 
          109,431,100  
       
 
Marine - 0.6%            

Clarkson

   28,600     675,745  

Kirby Corporation 1,2,3

   85,100     6,535,680  
       
 
          7,211,425  
       
 
Professional Services - 3.4%            

Advisory Board (The) 1,2,3

   185,000     9,716,200  

CRA International 1

   64,187     1,435,863  

Equifax

   5,600     322,504  

Heidrick & Struggles International

   278,831     4,168,523  

JobStreet Corporation

   723,400     654,132  

ManpowerGroup

   84,400     4,787,168  

Michael Page International

   350,000     2,243,164  

Nihon M&A Center

   67,300     2,963,388  

On Assignment 1

   375,400     9,501,374  

Robert Half International

   63,872     2,397,116  

Towers Watson & Company Cl. A

   20,200     1,400,264  

TrueBlue 1

   43,000     909,020  
       
 
          40,498,716  
       
 
Road & Rail - 1.1%            

Landstar System 2,3

   99,400     5,674,746  

Patriot Transportation Holding 1

   212,958     5,924,492  

Universal Truckload Services 1

   68,916     1,607,810  
       
 
          13,207,048  
       
 
Trading Companies & Distributors - 1.0%            

AerCap Holdings 1,2

   45,000     695,250  

Lawson Products 1

   161,431     2,837,957  

MISUMI Group

   95,000     2,617,836  

MSC Industrial Direct Cl. A 2

   60,348     5,176,651  
       
 
          11,327,694  
       
 
Transportation Infrastructure - 0.1%            

Wesco Aircraft Holdings 1

   68,400     1,006,848  
       
 
Total         339,709,994  
       
 
Information Technology – 20.3%            
Communications Equipment - 1.3%            

AAC Technologies Holdings

   177,600     853,390  

ADTRAN 2

   175,200     3,442,680  

Bel Fuse Cl. A

   36,672     506,073  

Cogo Group 1

   87,715     173,676  

Comba Telecom Systems Holdings 1

   450,000     152,463  

Comtech Telecommunications 2

   30,000     728,400  

EVS Broadcast Equipment

   35,000     2,245,931  

Globecomm Systems 1

   183,700     2,206,237  

Plantronics

   4,300     190,017  

Sonus Networks 1

   1,124,000     2,911,160  

Tellabs

   700,000     1,463,000  

VTech Holdings

   47,050     574,900  
       
 
          15,447,927  
       
 
Computers & Peripherals - 1.0%            

Asustek Computer

   50,000     594,432  

Catcher Technology

   84,600     379,112  

Diebold

   251,600     7,628,512  

Immersion Corporation 1

   44,300     520,082  

STEC 1

   375,500     1,659,710  

Western Digital 2

   18,300     920,124  
       
 
          11,701,972  
       
 
Electronic Equipment, Instruments & Components - 8.6%            

Agilysys 1

   175,125     1,740,743  

Anixter International 2

   61,795     4,320,706  

Benchmark Electronics 1,2

   165,200     2,976,904  

Broadway Industrial Group

   945,600     259,204  

Chroma Ate

   219,982     529,678  

Cognex Corporation

   69,800     2,942,070  

Coherent

   196,000     11,121,040  

Dolby Laboratories Cl. A 2

   152,100     5,104,476  

Domino Printing Sciences

   185,000     1,796,217  

DTS 1

   207,000     3,442,410  

FARO Technologies 1,2

   43,600     1,891,804  

FEI Company 2

   92,400     5,964,420  

FLIR Systems

   262,900     6,838,029  

Hana Microelectronics

   708,100     610,535  

Hollysys Automation Technologies 1

   51,227     624,457  

Inficon Holding

   1,100     324,450  

IPG Photonics 2,3

   72,320     4,802,771  

Maxwell Technologies 1

   53,000     285,670  

Molex 2

   72,600     2,125,728  

National Instruments

   251,850     8,248,088  

Newport Corporation 1

   523,500     8,857,620  

Perceptron

   357,700     2,582,594  

Plexus Corporation 1

   176,100     4,280,991  

Richardson Electronics

   372,332     4,415,858  

Rofin-Sinar Technologies 1

   297,200     8,051,148  

Tech Data 1,2,3

   67,800     3,092,358  

TTM Technologies 1,2

   211,400     1,606,640  

Vaisala Cl. A

   135,820     3,422,825  
       
 
          102,259,434  
       
 
Internet Software & Services - 1.4%            

Akamai Technologies 1

   15,700     554,053  

comScore 1

   130,000     2,181,400  

QuinStreet 1

   102,428     611,495  

RealNetworks 1

   29,350     226,289  

ValueClick 1

   145,000     4,284,750  

VeriSign 1

   23,000     1,087,440  

Vistaprint 1,2,3

   187,000     7,229,420  
       
 
          16,174,847  
       
 
IT Services - 2.7%            

Convergys Corporation

   121,000     2,060,630  

CSE Global

   1,792,100     1,249,782  

eClerx Services

   35,900     397,641  

Fiserv 1

   3,000     263,490  

Hackett Group

   655,000     2,993,350  

ManTech International Cl. A

   35,400     951,198  

MAXIMUS

   94,200     7,533,174  

MoneyGram International 1,2

   164,962     2,985,812  

NeuStar Cl. A 1

   29,287     1,362,724  

Sapient Corporation 1

   706,602     8,613,478  

Sykes Enterprises 1

   99,524     1,588,403  

Unisys Corporation 1

   94,000     2,138,500  
       
 
          32,138,182  
       
 
Office Electronics - 0.1%            

Zebra Technologies Cl. A 1,2

   23,058     1,086,724  
       
 
Semiconductors & Semiconductor Equipment - 3.6%            

Aixtron ADR

   79,858     1,170,718  

Analog Devices 2

   27,300     1,269,177  

ASM Pacific Technology

   15,000     164,927  

ATMI 1

   118,815     2,665,020  

Cabot Microelectronics 1

   35,209     1,223,513  

Diodes 1

   252,450     5,296,401  

Exar Corporation 1

   157,576     1,654,548  

Integrated Silicon Solution 1

   190,700     1,748,719  

International Rectifier 1

   330,000     6,979,500  

Intersil Corporation Cl. A 2

   190,000     1,654,900  

Miraial

   26,170     466,492  

MKS Instruments

   83,800     2,279,360  

Nanometrics 1,2

   150,800     2,176,044  

Power Integrations 2

   49,000     2,127,090  

RDA Microelectronics ADR

   72,000     666,000  

Teradyne 1,2,3

   239,600     3,886,312  

TriQuint Semiconductor 1

   798,100     4,030,405  

Veeco Instruments 1,2

   90,600     3,472,698  
       
 
          42,931,824  
       
 
Software - 1.6%            

ACI Worldwide 1,2,3

   131,150     6,407,989  

ANSYS 1,2,3

   105,600     8,597,952  

Aspen Technology 1

   42,100     1,359,409  

Blackbaud 2

   31,400     930,382  

SimCorp

   6,650     1,783,577  

TeleNav 1

   33,597     216,701  
       
 
          19,296,010  
       
 
Total         241,036,920  
       
 
Materials – 7.7%            
Chemicals - 1.4%            

Cabot Corporation 2

   61,800     2,113,560  

Hawkins

   86,178     3,442,811  

Huchems Fine Chemical

   60,756     1,321,495  

Intrepid Potash 2

   120,366     2,258,066  

KMG Chemicals

   21,574     419,398  

LSB Industries 1

   46,910     1,631,530  

Minerals Technologies 2

   63,360     2,630,074  

Tronox Cl. A

   23,500     465,535  

Valspar Corporation (The)

   2,800     174,300  

Victrex

   70,000     1,765,601  

W.R. Grace & Co. 1,2

   8,700     674,337  
       
 
          16,896,707  
       
 
Construction Materials - 1.1%            

Ash Grove Cement Cl. B 4

   50,518     9,244,794  

Cemex ADR 1,2,3

   87,400     1,067,154  

Eternit

   120,000     529,110  

Mardin Cimento Sanayii

   600,000     1,777,483  
       
 
          12,618,541  
       
 
Containers & Packaging - 0.9%            

Greif Cl. A 2

   90,844     4,871,055  

Mayr-Melnhof Karton

   52,500     5,749,197  
       
 
          10,620,252  
       
 
Metals & Mining - 4.3%            

Allied Nevada Gold 1,2

   16,900     278,174  

AuRico Gold 1

   132,000     830,280  

Central Steel & Wire 4

   6,062     4,243,400  

Endeavour Mining 1

   300,000     442,979  

Fresnillo

   22,500     463,584  

Gabriel Resources 1

   550,000     1,310,233  

Globe Specialty Metals

   45,600     634,752  

Hecla Mining

   300,000     1,185,000  

Hochschild Mining

   400,000     1,664,709  

IAMGOLD Corporation

   210,000     1,512,000  

Kimber Resources 1

   560,000     106,400  

Kinross Gold

   24,600     195,078  

Kirkland Lake Gold 1

   90,000     476,645  

Maharashtra Seamless

   472,300     1,955,244  

Major Drilling Group International

   406,600     3,622,316  

Medusa Mining

   348,000     1,557,978  

Pan American Silver

   243,730     3,992,297  

Pretium Resources 1

   161,000     1,275,120  

Reliance Steel & Aluminum 2,3

   172,120     12,249,780  

Saracen Mineral Holdings 1

   200,600     59,524  

Schnitzer Steel Industries Cl. A 2

   100,000     2,666,000  

Sims Metal Management ADR

   219,167     2,292,487  

Synalloy Corporation

   178,800     2,481,744  

Village Main Reef

   986,600     120,169  

Worthington Industries

   185,000     5,731,300  
       
 
          51,347,193  
       
 
Paper & Forest Products - 0.0%            

Qunxing Paper Holdings 5

   3,296,000     175,276  
       
 
Total         91,657,969  
       
 
Telecommunication Services – 0.6%            
Wireless Telecommunication Services - 0.6%            

Telephone and Data Systems

   338,270     7,127,349  
       
 
Total         7,127,349  
       
 
             
Miscellaneous7 – 2.4%            
Total         28,070,356  
       
 
TOTAL COMMON STOCKS            

(Cost $911,321,362)

         1,237,183,072  
       
 
PREFERRED STOCK – 0.1%            

Seneca Foods Conv. 1,5

            

(Cost $796,468)

   55,000     1,634,490  
       
 
REPURCHASE AGREEMENT – 8.7%            

Fixed Income Clearing Corporation,

            

0.12% dated 3/28/13, due 4/1/13,

            

maturity value $103,389,379 (collateralized

            

by obligations of various U.S. Government

            

Agencies, 0.875% due 2/28/17, valued at

            

$105,460,413)

            

(Cost $103,388,000)

         103,388,000  
       
 
TOTAL INVESTMENTS – 113.0%            

(Cost $1,015,505,830)

         1,342,205,562  
             
LIABILITIES LESS CASH            

AND OTHER ASSETS – (13.0)%

         (154,238,930 )
       
 
NET ASSETS – 100.0%       $ 1,187,966,632  
       
 

1
Non-income producing.
2
All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at March 31, 2013. Total market value of pledged securities at March 31, 2013, was $346,439,104.
3
At March 31, 2013, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $147,502,340.
4
These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
5
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.
6
At March 31, 2013, 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.
7
Includes securities first acquired in 2013 and less than 1% of net assets.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,017,214,357. At March 31, 2013, net unrealized appreciation for all securities was $324,991,205, consisting of aggregate gross unrealized appreciation of $399,515,277 and aggregate gross unrealized depreciation of $74,524,072. 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, 2013. 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     $ 1,216,622,732       $ 20,303,165       $ 257,175       $ 1,237,183,072  
Preferred Stocks       –         –         1,634,490         1,634,490  
Cash Equivalents       –         103,388,000         –         103,388,000  

     For the three months ended March 31, 2013, certain securities have transferred in and out of Level 1 and Level 2 measurements as a result of the fair value pricing procedures for international equities. The Fund recognizes transfers between levels as of the end of the reporting period. At March 31, 2013, securities valued at $222,870,699 were transferred from Level 2 to Level 1 within the fair value hierarchy.

     Level 3 Reconciliation:

            Realized and Unrealized        
    Balance as of 12/31/12   Gain (Loss)   Balance as of 3/31/13
Common Stocks   $ 263,067     $ (5,892 )   $ 257,175  
Preferred Stocks     1,504,800       129,690       1,634,490  

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.

Borrowings:
The Fund has entered into a $150,000,000 revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund will be compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security will not be returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund will receive a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.

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, 2013:

    Shares   Market Value   Cost of   Cost of   Realized   Dividend   Shares   Market Value
Affiliated Company   12/31/12   12/31/12   Purchases   Sales   Gain (Loss)   Income   3/31/13   3/31/13
Timberland Bancorp   444,200   $ 3,082,748     –   –   –   $ 13,326     444,200   $ 3,642,440  
        $ 3,082,748                 $ 13,326         $ 3,642,440  

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 28, 2013

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 28, 2013
 
By:
 
 
/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: May 28, 2013