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: 9/30/2012


Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
SEPTEMBER 30, 2012 (UNAUDITED)


    SHARES   VALUE  
COMMON STOCKS – 107.4%            
             
Consumer Discretionary – 14.0%            
Auto Components - 0.5%            

China XD Plastics 1,2

   109,700   $ 415,763  

Drew Industries 2

   46,591     1,407,514  

Gentex Corporation

   110,200     1,874,502  

Minth Group

   917,300     967,690  

Williams Controls

   37,499     393,739  
       
 
          5,059,208  
       
 
Automobiles - 0.5%            

Thor Industries

   77,500     2,814,800  

Winnebago Industries 2

   222,500     2,810,175  
       
 
          5,624,975  
       
 
Distributors - 0.9%            

LKQ Corporation 2

   368,000     6,808,000  

Weyco Group

   97,992     2,386,105  
       
 
          9,194,105  
       
 
Diversified Consumer Services - 1.6%            

Anhanguera Educacional Participacoes

   80,000     1,329,880  

Career Education 2

   28,900     108,953  

MegaStudy

   39,150     2,606,654  

Regis Corporation

   233,800     4,297,244  

Sotheby’s

   206,500     6,504,750  

Universal Technical Institute

   153,521     2,103,238  
       
 
          16,950,719  
       
 
Hotels, Restaurants & Leisure - 0.2%            

CEC Entertainment

   64,100     1,930,692  

Lotto24 2

   6,800     31,283  
       
 
          1,961,975  
       
 
Household Durables - 2.8%            

Desarrolladora Homex ADR 2

   14,100     192,324  

Ekornes

   125,000     1,767,355  

Ethan Allen Interiors

   345,800     7,579,936  

Hanssem

   39,100     650,831  

Harman International Industries

   121,400     5,603,824  

Mohawk Industries 2

   144,200     11,538,884  

Woongjin Coway

   50,000     1,383,359  
       
 
          28,716,513  
       
 
Internet & Catalog Retail - 0.4%            

Manutan International

   53,900     2,143,727  

Takkt

   170,000     2,075,355  
       
 
          4,219,082  
       
 
Leisure Equipment & Products - 0.5%            

Beneteau

   180,000     1,966,126  

Shimano

   38,000     2,765,761  

Smith & Wesson Holding Corporation 1,2

   32,800     361,128  
       
 
          5,093,015  
       
 
Media - 1.1%            

Global Sources 2

   42,060     275,914  

Morningstar

   109,800     6,877,872  

Pico Far East Holdings

   12,679,000     3,008,668  

Television Broadcasts

   135,000     998,478  
       
 
          11,160,932  
       
 
Multiline Retail - 0.4%            

New World Department Store China

   7,149,200     3,973,801  
       
 
Specialty Retail - 1.7%            

Aeropostale 2

   31,400     424,842  

Ascena Retail Group 2

   70,500     1,512,225  

Christopher & Banks 1,2

   82,200     288,522  

Dickson Concepts (International)

   517,300     277,528  

Dover Saddlery 1,2

   17,821     66,473  

GameStop Corporation Cl. A

   20,300     426,300  

Genesco 2

   6,100     407,053  

Guess?

   11,900     302,498  

Hengdeli Holdings 1

   1,112,250     321,308  

Lewis Group

   300,000     2,577,556  

L’Occitane International

   100,000     264,378  

Luk Fook Holdings (International) 1

   353,600     1,176,531  

Men’s Wearhouse (The)

   50,800     1,749,044  

Oriental Watch Holdings

   884,900     294,432  

OSIM International

   1,400,000     1,597,132  

Sa Sa International Holdings

   700,000     478,460  

Stein Mart 2

   167,800     1,427,978  

Systemax 2

   194,000     2,291,140  

USS

   10,000     1,057,150  

West Marine 2

   131,100     1,393,593  
       
 
          18,334,143  
       
 
Textiles, Apparel & Luxury Goods - 3.4%            

Anta Sports Products 1

   1,713,200     1,316,818  

Carter’s 2

   190,100     10,234,984  

Columbia Sportswear

   31,197     1,684,638  

Daphne International Holdings

   766,500     764,123  

Grendene

   250,000     1,695,647  

J.G. Boswell Company 3

   2,292     1,991,748  

K-Swiss Cl. A 1,2

   163,600     561,148  

Li Ning 1,2

   1,035,000     551,267  

Pacific Textiles Holdings

   5,621,000     3,624,557  

Stella International Holdings

   633,700     1,554,410  

Texwinca Holdings

   1,783,000     1,147,422  

Van de Velde

   19,000     865,545  

Warnaco Group (The) 2

   81,500     4,229,850  

Wolverine World Wide

   100,000     4,437,000  

Xtep International Holdings 1

   750,000     270,826  
       
 
          34,929,983  
       
 
Total         145,218,451  
       
 
Consumer Staples – 2.5%            
Beverages - 0.0%            

MGP Ingredients

   127,400     486,668  
       
 
Food & Staples Retailing - 0.4%            

FamilyMart

   76,000     3,739,621  
       
 
Food Products - 2.1%            

Alico

   27,000     843,210  

Asian Citrus Holdings

   937,800     483,773  

Binggrae

   13,796     1,309,560  

Cal-Maine Foods

   34,848     1,566,069  

First Resources

   358,400     616,219  

Industrias Bachoco ADR

   5,000     120,000  

Origin Agritech 1,2

   76,800     109,056  

Seneca Foods Cl. A 2

   110,000     3,284,600  

Seneca Foods Cl. B 2

   13,251     373,811  

Super Group

   790,000     1,409,795  

Tootsie Roll Industries

   322,058     8,689,125  

Waterloo Investment Holdings 2,4

   598,676     86,987  

Westway Group

   405,000     2,506,950  
       
 
          21,399,155  
       
 
Total         25,625,444  
       
 
Diversified Investment Companies – 0.5%            
Closed-End Funds - 0.5%            

Central Fund of Canada Cl. A

   226,000     5,381,060  
       
 
Total         5,381,060  
       
 
Energy – 5.1%            
Energy Equipment & Services - 4.3%            

Cal Dive International 1,2

   456,250     698,062  

CARBO Ceramics

   8,000     503,360  

Ensign Energy Services

   225,100     3,457,441  

Heckmann Corporation 1,2

   50,000     210,000  

Helmerich & Payne

   128,100     6,098,841  

ION Geophysical 2

   361,500     2,508,810  

Oil States International 2

   95,723     7,606,150  

Pason Systems

   97,800     1,632,487  

SEACOR Holdings 2

   88,866     7,407,870  

ShawCor Cl. A

   54,300     2,357,363  

Steel Excel 2,3

   156,880     3,961,220  

TETRA Technologies 2

   68,000     411,400  

TGS-NOPEC Geophysical

   40,000     1,304,962  

Tidewater

   36,000     1,747,080  

Trican Well Service

   263,000     3,421,595  

Unit Corporation 2

   34,000     1,411,000  
       
 
          44,737,641  
       
 
Oil, Gas & Consumable Fuels - 0.8%            

Africa Oil 1,2

   73,000     719,530  

Bill Barrett 1,2

   50,000     1,238,500  

Cimarex Energy

   61,300     3,589,115  

Green Plains Renewable Energy 1,2

   82,000     480,520  

Plains Exploration & Production Company 2

   13,500     505,845  

Resolute Energy 1,2

   181,134     1,606,659  
       
 
          8,140,169  
       
 
Total         52,877,810  
       
 
Financials – 18.6%            
Capital Markets - 9.5%            

Affiliated Managers Group 2

   47,600     5,854,800  

AllianceBernstein Holding L.P.

   514,600     7,929,986  

AP Alternative Assets L.P. 2

   233,200     2,973,300  

Artio Global Investors Cl. A

   433,000     1,290,340  

ASA Gold and Precious Metals

   117,501     2,961,025  

Ashmore Group

   831,000     4,569,163  

Cowen Group 2

   1,254,458     3,387,037  

Dubai Investments

   8,900,000     1,928,778  

Eaton Vance

   85,300     2,470,288  

Egyptian Financial Group-Hermes Holding Company 2

   51,625     101,950  

Epoch Holding Corporation

   25,000     577,500  

FBR & Co. 2

   576,200     1,780,458  

Federated Investors Cl. B

   224,700     4,649,043  

GAMCO Investors Cl. A

   80,575     4,008,606  

GFI Group

   166,247     528,665  

GIMV

   35,000     1,661,891  

Gleacher & Company 1,2

   200,000     146,000  

Jupiter Fund Management

   75,000     295,145  

KKR & Co. L.P.

   415,000     6,270,650  

Lazard Cl. A

   315,400     9,219,142  

MVC Capital

   254,200     3,253,760  

Oppenheimer Holdings Cl. A

   75,000     1,196,250  

Paris Orleans

   218,359     4,688,862  

Partners Group Holding

   12,200     2,538,586  

Reinet Investments 2

   164,948     3,073,512  

Reinet Investments DR 2

   500,000     940,166  

SEI Investments

   318,900     6,840,405  

Sprott

   370,600     1,786,842  

Value Partners Group

   8,412,800     4,111,982  

VZ Holding

   12,800     1,471,217  

Waddell & Reed Financial Cl. A

   139,300     4,564,861  

Westwood Holdings Group

   23,460     915,175  
       
 
          97,985,385  
       
 
Commercial Banks - 1.7%            

Bank of N.T. Butterfield & Son 2

   882,304     1,076,411  

BCB Holdings 2

   598,676     142,594  

Farmers & Merchants Bank of Long Beach

   1,200     5,316,000  

Fauquier Bankshares

   160,800     2,043,768  

First Citizens BancShares Cl. A

   39,274     6,397,735  

Mechanics Bank

   200     2,225,600  
       
 
          17,202,108  
       
 
Diversified Financial Services - 1.2%            

Banca Finnat Euramerica

   1,060,000     359,608  

PICO Holdings 2

   67,500     1,540,350  

RHJ International 2

   622,500     3,103,781  

Sofina

   89,000     7,309,350  
       
 
          12,313,089  
       
 
Insurance - 3.2%            

Alleghany Corporation 2

   8,299     2,862,657  

Argo Group International Holdings

   64,751     2,097,285  

E-L Financial

   20,400     8,611,535  

Erie Indemnity Cl. A

   50,000     3,213,500  

Independence Holding

   349,423     3,518,690  

Platinum Underwriters Holdings

   149,000     6,089,630  

Primerica

   170,000     4,868,800  

ProAssurance Corporation

   22,000     1,989,680  
       
 
          33,251,777  
       
 
Real Estate Investment Trusts (REITs) - 0.0%            

Vestin Realty Mortgage II 2

   214,230     321,345  
       
 
Real Estate Management & Development - 2.6%            

Altisource Portfolio Solutions 2

   21,199     1,828,414  

Consolidated-Tomoka Land

   63,564     2,090,620  

E-House China Holdings ADR

   677,500     2,899,700  

Forestar Group 2

   222,000     3,698,520  

Kennedy-Wilson Holdings

   191,000     2,668,270  

Midland Holdings

   3,171,500     1,885,545  

St. Joe Company (The) 1,2

   167,000     3,256,500  

Tejon Ranch 2

   279,400     8,393,176  
       
 
          26,720,745  
       
 
Thrifts & Mortgage Finance - 0.4%            

CFS Bancorp

   150,000     819,000  

Kearny Financial

   70,862     690,196  

Timberland Bancorp 2,5

   444,200     2,660,758  
       
 
          4,169,954  
       
 
Total         191,964,403  
       
 
Health Care – 7.0%            
Biotechnology - 0.1%            

Green Cross

   5,000     762,534  

3SBio ADR 1,2

   33,200     431,268  
       
 
          1,193,802  
       
 
Health Care Equipment & Supplies - 2.3%            

Allied Healthcare Products 1,2

   140,512     368,142  

Analogic Corporation

   40,135     3,137,353  

Atrion Corporation

   15,750     3,488,625  

bioMerieux

   13,800     1,280,904  

Carl Zeiss Meditec

   80,000     2,047,341  

CONMED Corporation

   81,500     2,322,750  

DiaSorin

   50,000     1,741,242  

DynaVox Cl. A 1,2

   55,000     29,040  

IDEXX Laboratories 1,2

   40,201     3,993,969  

Kossan Rubber Industries

   473,968     471,409  

Nihon Kohden

   25,100     871,296  

Straumann Holding

   10,000     1,330,144  

Top Glove

   375,000     601,178  

Urologix 1,2

   142,648     111,265  

Young Innovations

   66,447     2,598,078  
       
 
          24,392,736  
       
 
Health Care Providers & Services - 0.8%            

Accretive Health 1,2

   160,000     1,785,600  

Landauer

   75,500     4,508,860  

MWI Veterinary Supply 2

   10,000     1,066,800  

VCA Antech 2

   67,700     1,335,721  
       
 
          8,696,981  
       
 
Life Sciences Tools & Services - 2.4%            

Bio-Rad Laboratories Cl. A 2

   21,388     2,282,527  

EPS

   612     1,752,717  

Furiex Pharmaceuticals 2

   8,333     158,994  

ICON ADR 2

   199,363     4,858,476  

Luminex Corporation 2

   20,000     388,800  

PAREXEL International 1,2

   312,400     9,609,424  

PerkinElmer

   185,800     5,475,526  
       
 
          24,526,464  
       
 
Pharmaceuticals - 1.4%            

Adcock Ingram Holdings

   215,000     1,534,164  

Almirall

   200,000     1,557,480  

Boiron

   55,000     1,675,062  

Daewoong Pharmaceutical

   12,843     439,107  

Kalbe Farma

   800,000     392,894  

Recordati

   300,000     2,131,898  

Santen Pharmaceutical

   76,000     3,496,156  

Vetoquinol

   50,000     1,538,205  

Virbac

   7,500     1,299,185  
       
 
          14,064,151  
       
 
Total         72,874,134  
       
 
Industrials – 26.9%            
Aerospace & Defense - 1.8%            

AeroVironment 2

   8,000     187,760  

Alliant Techsystems

   9,800     491,078  

Cubic Corporation

   11,800     590,708  

Ducommun 2

   117,200     1,593,920  

HEICO Corporation

   210,351     8,138,480  

HEICO Corporation Cl. A

   64,647     1,972,380  

Hexcel Corporation 2

   47,500     1,140,950  

Moog Cl. A 2

   25,000     946,750  

National Presto Industries

   3,000     218,640  

Teledyne Technologies 2

   49,030     3,108,012  
       
 
          18,388,678  
       
 
Air Freight & Logistics - 1.3%            

Forward Air

   209,750     6,378,497  

Hub Group Cl. A 2

   149,400     4,434,192  

UTi Worldwide

   175,000     2,357,250  
       
 
          13,169,939  
       
 
Building Products - 1.2%            

American Woodmark 2

   123,335     2,463,000  

Apogee Enterprises

   78,400     1,538,208  

Burnham Holdings Cl. B 3

   36,000     531,000  

Simpson Manufacturing

   275,300     7,879,086  
       
 
          12,411,294  
       
 
Commercial Services & Supplies - 2.5%            

Brink’s Company (The)

   206,320     5,300,361  

CompX International Cl. A

   185,300     2,812,854  

Copart 2

   149,780     4,153,399  

Kimball International Cl. B

   286,180     3,497,120  

Moshi Moshi Hotline

   23,900     349,741  

Ritchie Bros. Auctioneers

   297,800     5,726,694  

Sykes Enterprises 2

   56,349     757,331  

Tetra Tech 2

   97,700     2,565,602  

TMS International Cl. A 2

   45,500     450,450  
       
 
          25,613,552  
       
 
Construction & Engineering - 1.7%            

EMCOR Group

   199,400     5,690,876  

Integrated Electrical Services 2

   266,349     1,211,888  

Jacobs Engineering Group 2

   81,400     3,291,002  

KBR

   180,000     5,367,600  

Raubex Group

   1,033,800     1,875,571  
       
 
          17,436,937  
       
 
Electrical Equipment - 3.1%            

AZZ

   62,200     2,362,356  

Belden

   57,800     2,131,664  

Elektrobudowa

   16,392     547,995  

Franklin Electric

   104,600     6,327,254  

Fushi Copperweld 2

   50,031     454,782  

GrafTech International 2

   529,487     4,760,088  

Jinpan International

   96,284     467,940  

Powell Industries 2

   92,400     3,573,108  

Preformed Line Products

   91,600     4,974,796  

Regal-Beloit

   100,000     7,048,000  
       
 
          32,647,983  
       
 
Industrial Conglomerates - 0.6%            

Raven Industries

   199,000     5,856,570  
       
 
Machinery - 9.6%            

Armstrong Industrial

   1,514,500     357,892  

Astec Industries 2

   37,000     1,169,570  

Burckhardt Compression Holding

   14,400     4,275,598  

Chen Hsong Holdings

   1,615,000     433,219  

China Automation Group

   844,800     172,140  

CLARCOR

   92,500     4,128,275  

Columbus McKinnon 2

   110,800     1,674,188  

Donaldson Company

   185,600     6,442,176  

EVA Precision Industrial Holdings

   4,392,000     373,833  

FAG Bearings India

   29,500     1,006,647  

Gardner Denver

   10,700     646,387  

Graco

   116,376     5,851,385  

IDEX Corporation

   67,400     2,815,298  

Industrea

   431,025     556,642  

Kennametal

   211,100     7,827,588  

Lincoln Electric Holdings

   218,360     8,526,958  

NN 2

   197,100     1,673,379  

Nordson Corporation

   169,996     9,965,166  

Pfeiffer Vacuum Technology

   18,500     1,975,809  

PMFG 1,2

   388,352     3,141,768  

Rational

   7,000     1,754,543  

RBC Bearings 2

   47,000     2,260,700  

Rotork

   12,500     456,786  

Sauer-Danfoss

   7,600     305,596  

Semperit AG Holding

   84,000     3,281,503  

Spirax-Sarco Engineering

   65,000     2,194,754  

Sun Hydraulics

   8,600     228,502  

Valmont Industries

   44,500     5,851,750  

WABCO Holdings 2

   103,800     5,986,146  

Wabtec Corporation

   87,725     7,043,440  

Woodward

   208,400     7,081,432  
       
 
          99,459,070  
       
 
Marine - 0.4%            

Kirby Corporation 2

   80,000     4,422,400  
       
 
Professional Services - 2.8%            

Advisory Board (The) 2

   231,200     11,058,296  

CRA International 2

   64,187     1,109,151  

eClerx Services

   35,900     524,258  

FTI Consulting 2

   7,850     209,438  

JobStreet Corporation

   723,400     544,355  

ManpowerGroup

   78,600     2,892,480  

Michael Page International

   325,000     1,867,273  

On Assignment 2

   375,400     7,477,968  

Robert Half International

   126,400     3,366,032  
       
 
          29,049,251  
       
 
Road & Rail - 1.2%            

Frozen Food Express Industries 2

   286,635     564,671  

Landstar System

   99,400     4,699,632  

Patriot Transportation Holding 2

   212,958     5,937,269  

Universal Truckload Services

   55,000     878,350  
       
 
          12,079,922  
       
 
Trading Companies & Distributors - 0.6%            

AerCap Holdings 1,2

   45,000     562,500  

Air Lease Cl. A 1,2

   40,700     830,280  

Lawson Products

   161,431     1,117,103  

MSC Industrial Direct Cl. A

   59,548     4,017,108  
       
 
          6,526,991  
       
 
Transportation Infrastructure - 0.1%            

Wesco Aircraft Holdings 1,2

   68,400     934,344  
       
 
Total         277,996,931  
       
 
Information Technology – 19.6%            
Communications Equipment - 1.7%            

AAC Technologies Holdings

   212,600     766,331  

Acme Packet 1,2

   90,000     1,539,000  

ADTRAN

   197,800     3,417,984  

Bel Fuse Cl. A

   36,672     641,027  

Cogo Group 1,2

   87,715     181,570  

Comba Telecom Systems Holdings 1

   2,273,728     759,468  

Comtech Telecommunications

   30,000     829,200  

EVS Broadcast Equipment

   35,000     1,932,651  

Globecomm Systems 2

   183,700     2,048,255  

Sonus Networks 2

   1,124,000     2,113,120  

Tellabs

   650,000     2,301,000  

VTech Holdings 1

   64,050     784,719  
       
 
          17,314,325  
       
 
Computers & Peripherals - 1.1%            

Asustek Computer

   50,000     543,265  

Catcher Technology

   85,600     402,982  

China Digital TV Holding Co. ADR 2

   5,000     14,150  

Diebold

   151,600     5,110,436  

Foxconn Technology

   85,155     331,167  

Intermec 2

   23,000     142,830  

Intevac 2

   57,450     351,019  

NCR Corporation 2

   19,000     442,890  

Simplo Technology

   91,630     548,589  

SMART Technologies Cl. A 1,2

   75,000     122,250  

STEC 2

   345,500     2,332,125  

Western Digital

   22,700     879,171  
       
 
          11,220,874  
       
 
Electronic Equipment, Instruments & Components - 8.5%            

Agilysys 2

   165,125     1,420,075  

Anixter International

   61,795     3,550,741  

Benchmark Electronics 2

   165,200     2,522,604  

Broadway Industrial Group

   945,600     281,245  

Chroma Ate

   269,982     568,267  

Cognex Corporation

   236,200     8,167,796  

Coherent 2

   214,500     9,836,970  

Dolby Laboratories Cl. A 2

   143,200     4,689,800  

FEI Company

   93,200     4,986,200  

FLIR Systems

   118,500     2,367,037  

Hana Microelectronics

   1,391,300     944,710  

Hollysys Automation Technologies 2

   83,227     812,296  

Inficon Holding

   1,100     232,515  

IPG Photonics 1,2

   63,320     3,628,236  

Kingboard Chemical Holdings

   311,900     745,756  

Molex

   72,600     1,907,928  

National Instruments

   251,850     6,339,064  

Newport Corporation 2

   523,500     5,789,910  

Perceptron 1,2

   357,700     2,235,625  

Plexus Corporation 2

   176,100     5,334,069  

Pulse Electronics 1,2

   286,200     234,684  

Richardson Electronics

   395,712     4,697,101  

Rofin-Sinar Technologies 2

   284,000     5,603,320  

Tech Data 2

   122,800     5,562,840  

TTM Technologies 2

   211,400     1,993,502  

Vaisala Cl. A

   161,680     3,313,881  
       
 
          87,766,172  
       
 
Internet Software & Services - 0.9%            

Active Network 1,2

   21,500     269,395  

Perficient 1,2

   10,000     120,700  

RealNetworks 2

   61,350     510,432  

ValueClick 2

   145,000     2,492,550  

VistaPrint 1,2

   187,000     6,386,050  
       
 
          9,779,127  
       
 
IT Services - 2.5%            

Convergys Corporation

   121,000     1,896,070  

CSE Global

   1,792,100     1,270,475  

Forrester Research

   40,300     1,159,431  

Hackett Group 2

   655,000     2,737,900  

ManTech International Cl. A

   35,400     849,600  

MAXIMUS

   94,200     5,625,624  

MoneyGram International 2

   164,962     2,464,532  

NeuStar Cl. A 2

   44,287     1,772,809  

Sapient Corporation 2

   706,602     7,532,377  
       
 
          25,308,818  
       
 
Office Electronics - 0.1%            

Zebra Technologies Cl. A 2

   23,058     865,597  
       
 
Semiconductors & Semiconductor Equipment - 2.9%            

Aixtron ADR

   88,258     1,166,771  

Analog Devices

   11,200     438,928  

ASM Pacific Technology 1

   90,000     1,064,347  

ATMI 2

   85,515     1,588,014  

BCD Semiconductor Manufacturing ADR 2

   195,500     701,845  

BE Semiconductor Industries 3

   58,000     399,040  

Cabot Microelectronics

   29,309     1,029,918  

Cymer 2

   8,700     444,222  

Diodes 2

   252,450     4,294,174  

Exar Corporation 2

   157,576     1,260,608  

Integrated Silicon Solution 2

   180,200     1,668,652  

International Rectifier 1,2

   120,000     2,002,800  

Miraial

   26,170     442,985  

Nanometrics 2

   151,700     2,094,977  

Power Integrations

   49,000     1,491,070  

RDA Microelectronics ADR

   88,200     936,684  

Teradyne 2

   287,200     4,083,984  

TriQuint Semiconductor 2

   540,000     2,727,000  

Veeco Instruments 1,2

   88,000     2,641,760  
       
 
          30,477,779  
       
 
Software - 1.9%            

ACI Worldwide 2

   131,150     5,542,399  

ANSYS 2

   105,600     7,751,040  

Aspen Technology 2

   42,100     1,088,285  

Blackbaud

   31,400     751,088  

JDA Software Group 2

   49,900     1,585,822  

Majesco Entertainment 1,2

   36,255     45,681  

SimCorp

   12,000     2,562,786  

VirnetX Holding 2

   17,700     450,111  
       
 
          19,777,212  
       
 
Total         202,509,904  
       
 
Materials – 9.1%            
Chemicals - 2.2%            

Agrium

   7,500     775,950  

C. Uyemura & Co.

   18,000     636,596  

Cabot Corporation

   67,200     2,457,504  

CF Industries Holdings

   3,500     777,840  

Fufeng Group

   386,100     127,969  

Hawkins

   86,178     3,580,696  

Huchems Fine Chemical

   40,056     967,680  

Intrepid Potash 2

   131,766     2,830,334  

KMG Chemicals

   43,874     811,669  

LSB Industries 2

   69,349     3,042,341  

Minerals Technologies

   28,930     2,052,005  

Mosaic Company (The)

   16,000     921,760  

OM Group 2

   90,000     1,668,600  

Stepan Company

   7,500     720,900  

Victrex

   85,000     1,814,550  
       
 
          23,186,394  
       
 
Construction Materials - 0.8%            

Ash Grove Cement Cl. B 3

   50,518     6,996,743  

Mardin Cimento Sanayii

   391,900     1,107,721  
       
 
          8,104,464  
       
 
Containers & Packaging - 1.0%            

Greif Cl. A

   104,744     4,627,590  

Mayr-Melnhof Karton

   65,000     6,085,032  
       
 
          10,712,622  
       
 
Metals & Mining - 5.0%            

Allied Nevada Gold 1,2

   55,400     2,163,924  

AuRico Gold 2

   258,300     1,802,934  

Centamin 2

   1,165,000     1,718,289  

Central Steel & Wire 3

   6,062     4,364,640  

Endeavour Mining 2

   300,000     677,449  

Franco-Nevada Corporation

   8,200     483,226  

Fresnillo

   39,100     1,169,959  

Globe Specialty Metals

   45,600     694,032  

Hecla Mining

   300,000     1,965,000  

Hochschild Mining

   300,000     2,354,377  

Kimber Resources 2

   560,000     389,200  

Kinross Gold

   26,700     272,607  

Maharashtra Seamless

   330,000     2,127,216  

Major Drilling Group International

   374,600     3,825,637  

Medusa Mining

   300,000     1,885,812  

Pretium Resources 2

   39,000     508,170  

Randgold Resources ADR

   33,000     4,059,000  

Reliance Steel & Aluminum

   160,720     8,413,692  

Schnitzer Steel Industries Cl. A

   100,000     2,815,000  

Silvercorp Metals

   116,500     754,920  

Sims Metal Management ADR

   231,783     2,294,652  

Stillwater Mining 1,2

   63,700     751,023  

Synalloy Corporation

   178,800     2,467,440  

Worthington Industries

   185,000     4,007,100  
       
 
          51,965,299  
       
 
Paper & Forest Products - 0.1%            

China Forestry Holdings 4

   3,563,800     268,869  

Qunxing Paper Holdings 4

   3,296,000     175,468  
       
 
          444,337  
       
 
Total         94,413,116  
       
 
Telecommunication Services – 0.8%            
Wireless Telecommunication Services - 0.8%            

Telephone and Data Systems

   338,270     8,663,095  
       
 
Total         8,663,095  
       
 
Miscellaneous 6 – 3.3%            
Total         34,531,188  
       
 
TOTAL COMMON STOCKS            

(Cost $909,114,403)

         1,112,055,536  
       
 
PREFERRED STOCK – 0.2%            

Seneca Foods Conv. 2,4

            

(Cost $796,469)

   55,000     1,478,070  
       
 
REPURCHASE AGREEMENT – 13.8%            
Fixed Income Clearing Corporation,            

0.12% dated 9/28/12, due 10/1/12,

            

maturity value $142,554,426 (collateralized

            

by obligations of various U.S. Government

            

Agencies, 0.375% due 11/15/14, valued at

            

$145,408,244)

            

(Cost $142,553,000)

         142,553,000  
       
 
COLLATERAL RECEIVED FOR SECURITIES            

LOANED – 2.9%

            
Money Market Funds            

Federated Government Obligations Fund

            

(7 day yield-0.0161%)

            

(Cost $30,138,660)

         30,138,660  
       
 
TOTAL INVESTMENTS – 124.3%            

(Cost $1,082,602,532)

         1,286,225,266  
             
LIABILITIES LESS CASH            

AND OTHER ASSETS – (3.0)%

         (31,123,370 )
             
PREFERRED STOCK – (21.3)%         (220,000,000 )
       
 
NET ASSETS APPLICABLE TO COMMON            
STOCKHOLDERS – 100.0%       $ 1,035,101,896  
       
 
1
All or a portion of these securities were on loan at September 30, 2012. Total market value of loaned securities at September 30, 2012, was $28,836,198.
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 September 30, 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 $1,083,802,317. At September 30, 2012, net unrealized appreciation for all securities was $202,422,949, consisting of aggregate gross unrealized appreciation of $309,446,311 and aggregate gross unrealized depreciation of $107,023,362. 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 September 30, 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   $ 1,093,279,821     $ 18,244,391     $ 531,324     $ 1,112,055,536  
Preferred Stocks     –       –       1,478,070       1,478,070  
Cash Equivalents     30,138,660       142,553,000       –       172,691,660  
                                 
    Level 3 Reconciliation:
                                  Realized and        
    Balance as of                         Unrealized   Balance as of
    12/31/11   Purchases     Transfers In     Transfers Out   Sales   Gain (Loss)   9/30/12
Common Stocks   $ 1,701,029     –     –     –   $ 456,781   $ (712,924 )   $ 531,324  
Preferred Stocks     1,278,090     –     –     –     –     199,980       1,478,070  

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 nine months ended September 30, 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   9/30/12   9/30/12  
Timberland Bancorp     444,200     $1,710,170     –     –     –       –     444,200     $2,660,758  
            $1,710,170                 –       –           $2,660,758  

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 20, 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: November 20, 2012

By:

/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: November 20, 2012