UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04875

Name of Fund: Royce Value Trust, Inc.
Fund Address: 1414 Avenue of the Americas
New York, NY 10019

Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
1414 Avenue of the Americas
New York, NY 10019

Registrant’s telephone number, including area code: (212) 486-1445

Date of fiscal year end: 12/31/2007

Date of reporting period: 3/31/2007

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS                
ROYCE VALUE TRUST                
MARCH 31, 2007 (UNAUDITED)                
                 
                 

COMMON STOCKS - 104.0%

                
      SHARES       VALUE  

Consumer Products - 5.2%

                

Apparel and Shoes - 1.8%

                

Kenneth Cole Productions Cl. A

     35,000     $ 898,450  

Columbia Sportswear c

     34,600       2,155,926  

Hugo Boss a

     19,200       1,229,581  

K-Swiss Cl. A

     110,000       2,972,200  

Oakley

     94,900       1,911,286  

Polo Ralph Lauren Cl. A

     38,200       3,367,330  

Tandy Brands Accessories

     16,900       221,897  

Van De Velde

     30,300       1,504,098  

Weyco Group

     307,992       8,001,632  
           
 
              22,262,400  
           
 

Collectibles - 0.3%

                

Russ Berrie & Company a

     230,000       3,243,000  
           
 

Food/Beverage/Tobacco - 0.2%

                

Hain Celestial Group a,c

     37,800       1,136,646  

Hershey Creamery

     709       1,439,270  
           
 
              2,575,916  
           
 

Home Furnishing and Appliances - 0.4%

                

Aaron Rents

     4,500       118,980  

Ekornes a

     44,400       1,062,830  

Ethan Allen Interiors

     40,800       1,441,872  

La-Z-Boy c

     68,200       844,316  

Rational a

     9,100       1,765,693  
           
 
              5,233,691  
           
 

Publishing - 0.5%

                

ProQuest Company a,c

     180,000       1,620,000  

Scholastic Corporation a,c

     130,000       4,043,000  
           
 
              5,663,000  
           
 

Sports and Recreation - 0.8%

                

Beneteau

     9,300       1,118,107  

Coachmen Industries

     47,700       502,281  

Monaco Coach

     166,650       2,654,735  

Nautilus

     2,000       30,860  

Sturm, Ruger & Company a

     272,900       3,670,505  

Thor Industries

     26,100       1,028,079  
           
 
              9,004,567  
           
 

Other Consumer Products - 1.2%

                

Blyth

     14,700       310,317  

Burnham Holdings Cl. B

     36,000       592,200  

Lazare Kaplan International a

     103,600       835,016  

Leapfrog Enterprises a,c

     175,000       1,872,500  

Matthews International Cl. A

     100,000       4,070,000  

RC2 Corporation a

     132,600       5,355,714  

Sally Beauty Holdings a

     194,600       1,788,374  
           
 
              14,824,121  
           
 

Total

             62,806,695  
           
 

Consumer Services - 6.2%

                

Direct Marketing - 0.1%

                

FTD Group a

     55,000       909,150  

Takkt a

     57,900       1,039,526  
           
 
              1,948,676  
           
 

Leisure and Entertainment - 0.1%

                

Shuffle Master a,c

     15,000       273,750  

Steiner Leisure a

     2,100       94,458  
           
 
              368,208  
           
 

Media and Broadcasting - 0.2%

                

Cox Radio Cl. A a,c

     23,000       313,950  

Discovery Holding Company Cl. A a,c

     50,000       956,500  

Discovery Holding Company Cl. B a

     56,100       1,073,754  
           
 
              2,344,204  
           
 

Restaurants and Lodgings - 1.4%

                

Benihana Cl. A a

     6,600       187,044  

CEC Entertainment a

     121,400       5,042,956  

IHOP Corporation

     93,400       5,477,910  

Morgans Hotel Group a,c

     90,000       1,890,900  

Steak n Shake a

     183,000       3,068,910  

Tim Hortons

     50,000       1,521,000  
           
 
              17,188,720  
           
 

Retail Stores - 1.8%

                

America’s Car-Mart a,c

     90,400       1,207,744  

Bulgari a

     71,400       1,031,055  

CarMax a,c

     112,000       2,748,480  

Children’s Place Retail Stores a

     13,670       762,239  

Cost Plus a,c

     80,500       805,000  

Fielmann a

     17,900       1,097,070  

Fred’s Cl. A

     50,000       735,000  

Gander Mountain a,c

     53,300       594,828  

Hot Topic a

     29,000       321,900  

Krispy Kreme Doughnuts a

     85,000       866,150  

99 Cents Only Stores a,c

     95,000       1,399,350  

Stein Mart

     142,800       2,330,496  

Tiffany & Co.

     75,000       3,411,000  

Urban Outfitters a,c

     27,000       715,770  

West Marine a

     131,100       2,387,331  

Wet Seal (The) Cl. A a,c

     162,000       1,061,100  
           
 
              21,474,513  
           
 

Other Consumer Services - 2.6%

                

Corinthian Colleges a,c

     106,500       1,464,375  

ITT Educational Services a

     80,000       6,519,200  

Laureate Education a

     37,500       2,211,375  

MoneyGram International

     74,900       2,079,224  

Renaissance Learning

     15,000       197,550  

Sotheby’s

     436,700       19,424,416  
           
 
              31,896,140  
           
 

Total

             75,220,461  
           
 

Diversified Investment Companies - 0.2%

                

Closed-End Funds - 0.2%

                

Central Fund of Canada Cl. A

     111,500       1,048,100  

Kohlberg Capital a,c

     81,800       1,308,800  
           
 

Total

             2,356,900  
           
 

Financial Intermediaries - 11.5%

                

Banking - 3.4%

                

Ameriana Bancorp

     20,000       227,200  

BOK Financial

     129,327       6,405,566  

Bank of N.T. Butterfield & Son

     118,750       7,006,250  

CFS Bancorp

     260,000       3,897,400  

Cadence Financial

     30,300       606,000  

Commercial National Financial

     48,300       908,040  

Exchange National Bancshares

     44,400       1,607,280  

Farmers & Merchants Bank of Long Beach

     1,266       8,292,300  

Heritage Financial

     12,915       322,875  

HopFed Bancorp

     25,000       397,000  

Jefferson Bancshares

     32,226       411,848  

Mechanics Bank

     200       3,935,000  

NetBank

     70,000       154,700  

Old Point Financial

     20,000       548,000  

Partners Trust Financial Group

     100,000       1,143,000  

Sun Bancorp a,c

     44,100       819,819  

Tompkins Trustco

     17,545       734,434  

W Holding Company

     44,700       223,500  

Whitney Holding

     40,500       1,238,490  

Wilber Corporation

     31,700       309,075  

Wilmington Trust

     31,000       1,307,270  

Yadkin Valley Financial

     3,800       73,872  
           
 
              40,568,919  
           
 

Insurance - 4.0%

                

ACA Capital Holdings a

     50,000       701,000  

Alleghany Corporation a

     11,319       4,228,756  

Aspen Insurance Holdings

     64,000       1,677,440  

Commerce Group

     89,000       2,673,560  

Erie Indemnity Cl. A

     139,900       7,382,523  

IPC Holdings

     27,000       778,950  

Leucadia National

     84,940       2,498,935  

Markel Corporation a

     7,200       3,490,776  

Montpelier Re Holdings

     66,000       1,144,440  

NYMAGIC

     85,200       3,480,420  

Ohio Casualty

     107,000       3,204,650  

PXRE Group a

     166,551       799,445  

ProAssurance Corporation a,c

     38,070       1,947,280  

RLI

     99,724       5,477,839  

Security Capital Assurance

     30,000       846,900  

Wesco Financial

     4,750       2,185,000  

White Mountains Insurance Group

     10,000       5,665,000  
           
 
              48,182,914  
           
 

Real Estate Investment Trusts - 0.9%

                

Capstead Mortgage

     201,100       2,008,989  

Gladstone Commercial

     34,700       695,735  

Government Properties Trust

     50,000       535,000  

KKR Financial

     141,200       3,873,116  

Opteum Cl. A

     897,500       4,038,750  
           
 
              11,151,590  
           
 

Securities Brokers - 1.1%

                

Cowen Group a

     32,000       532,480  

Dundee Wealth Management

     100,000       1,372,889  

Evercore Partners Cl. A a

     19,400       605,086  

First Albany Companies a

     350,100       560,160  

Investment Technology Group a

     30,400       1,191,680  

Knight Capital Group Cl. A a,c

     229,700       3,638,448  

Lazard Cl. A

     31,000       1,555,580  

optionsXpress Holdings

     53,000       1,247,620  

Shinko Securities a

     464,300       2,352,233  
           
 
              13,056,176  
           
 

Other Financial Intermediaries - 2.1%

                

AP Alternative Assets L.P. a

     217,300       4,346,000  

International Securities Exchange Holdings Cl. A

     75,000       3,660,000  

JAFCO a

     37,300       2,063,781  

KKR Private Equity Investors LLP a

     105,000       2,546,250  

MCG Capital

     138,000       2,588,880  

MVC Capital

     377,500       5,907,875  

MarketAxess Holdings a

     67,000       1,121,580  

RHJ International a

     177,500       3,556,701  
           
 
              25,791,067  
           
 

Total

             138,750,666  
           
 

Financial Services - 8.5%

                

Information and Processing - 1.7%

                

eFunds Corporation a

     126,875       3,382,488  

FactSet Research Systems

     35,350       2,221,747  

Global Payments

     68,500       2,333,110  

Interactive Data

     134,300       3,323,925  

PRG-Schultz International a,c

     14,420       206,062  

SEI Investments

     141,200       8,504,476  
           
 
              19,971,808  
           
 

Insurance Brokers - 1.2%

                

Crawford & Company Cl. A

     289,200       1,605,060  

Crawford & Company Cl. B

     162,300       941,340  

Gallagher (Arthur J.) & Co.

     111,200       3,150,296  

Hilb Rogal & Hobbs

     155,050       7,605,202  

National Financial Partners

     22,000       1,032,020  

U.S.I. Holdings a

     40,000       674,000  
           
 
              15,007,918  
           
 

Investment Management - 5.0%

                

ADDENDA Capital

     150,900       3,169,619  

AllianceBernstein Holding L.P.

     333,100       29,479,350  

BKF Capital Group a

     219,050       711,912  

Calamos Asset Management Cl. A

     45,000       1,004,400  

Eaton Vance

     140,400       5,003,856  

Federated Investors Cl. B

     161,900       5,944,968  

GAMCO Investors Cl. A

     158,600       6,872,138  

Nuveen Investments Cl. A

     138,600       6,555,780  

SPARX Group a

     2,300       1,698,065  
           
 
              60,440,088  
           
 

Other Financial Services - 0.6%

                

AmeriCredit Corporation a,c

     18,870       431,368  

CharterMac

     59,600       1,153,260  

Credit Acceptance a,c

     86,601       2,354,681  

Municipal Mortgage & Equity

     40,300       1,148,550  

Ocwen Financial a,c

     50,000       643,500  

Van der Moolen Holding ADR

     21,362       114,287  

World Acceptance a,c

     21,700       866,915  
           
 
              6,712,561  
           
 

Total

             102,132,375  
           
 

Health - 7.4%

                

Commercial Services - 1.4%

                

First Consulting Group a

     560,900       5,104,190  

PAREXEL International a

     313,700       11,283,789  
           
 
              16,387,979  
           
 

Drugs and Biotech - 1.6%

                

Affymetrix a,c

     10,000       300,700  

Antigenics a,c

     99,300       221,439  

Biovail Corporation a

     41,200       900,632  

Cerus Corporation a,c

     21,700       146,475  

DUSA Pharmaceuticals a

     79,700       285,326  

Endo Pharmaceuticals Holdings a,c

     155,000       4,557,000  

Gene Logic a

     365,000       784,750  

Hi-Tech Pharmacal a,c

     1,650       18,397  

Hollis-Eden Pharmaceuticals a,c

     44,000       111,320  

Human Genome Sciences a,c

     90,000       955,800  

K-V Pharmaceutical Cl. A a,c

     51,500       1,273,595  

Medicines Company (The) a,c

     20,000       501,600  

Millennium Pharmaceuticals a,c

     100,000       1,136,000  

Mylan Laboratories

     52,200       1,103,508  

Myriad Genetics a,c

     50,000       1,723,000  

Origin Agritech a

     3,500       31,150  

Perrigo Company

     191,950       3,389,837  

Pharmanet Development Group a,c

     10,000       260,000  

QLT a

     114,070       893,168  

Telik a,c

     100,000       543,000  

VIVUS a,c

     163,300       837,729  
           
 
              19,974,426  
           
 

Health Services - 1.5%

                

Albany Molecular Research a

     85,000       837,250  

Cross Country Healthcare a

     30,000       546,900  

Eclipsys Corporation a,c

     20,000       385,400  

Gentiva Health Services a

     30,150       608,125  

HMS Holdings a,c

     50,000       1,095,000  

HealthSouth Corporation a,c

     200,000       4,202,000  

Lincare Holdings a,c

     52,562       1,926,397  

MedQuist a

     73,893       733,019  

National Home Health Care

     20,000       235,200  

On Assignment a,c

     375,400       4,658,714  

Paramount Acquisition (Units) a

     280,000       1,862,000  

Quovadx a

     3,000       7,650  

Res-Care a

     65,460       1,145,550  
           
 
              18,243,205  
           
 

Medical Products and Devices - 2.7%

                

Allied Healthcare Products a

     210,612       1,263,672  

Arrow International

     195,728       6,294,612  

ArthroCare Corporation a,c

     10,000       360,400  

Atrion Corporation

     15,750       1,446,165  

Bruker BioSciences a

     370,200       3,894,504  

Coloplast Cl. B a

     17,000       1,443,145  

CONMED Corporation a,c

     81,500       2,382,245  

IDEXX Laboratories a

     79,000       6,922,770  

Invacare Corporation

     103,100       1,798,064  

Novoste Corporation a

     16,625       41,563  

STERIS Corporation

     98,600       2,618,816  

Straumann Holding a

     4,100       1,175,863  

Young Innovations

     62,550       1,702,611  

Zoll Medical a

     40,400       1,076,660  
           
 
              32,421,090  
           
 

Personal Care - 0.2%

                

Nutraceutical International a

     22,800       376,200  

USANA Health Sciences a,c

     38,900       1,823,243  
           
 
              2,199,443  
           
 

Total

             89,226,143  
           
 

Industrial Products - 16.5%

                

Automotive - 0.6%

                

ElringKlinger a

     16,900       1,314,141  

Fuel Systems Solutions a

     22,500       416,700  

LKQ Corporation a,c

     200,000       4,372,000  

Quantam Fuel Systems Technologies Worldwide a,c

     15,500       18,910  

Superior Industries International

     52,000       1,083,160  
           
 
              7,204,911  
           
 

Building Systems and Components - 0.9%

                

Decker Manufacturing

     6,022       219,803  

Preformed Line Products

     91,600       3,388,284  

Simpson Manufacturing

     250,800       7,734,672  
           
 
              11,342,759  
           
 

Construction Materials - 2.0%

                

Ash Grove Cement Cl. B

     50,518       11,316,032  

Florida Rock Industries

     75       5,047  

Heywood Williams Group a

     958,837       1,849,110  

Synalloy Corporation b

     345,000       9,632,400  

USG Corporation a,c

     25,000       1,167,000  
           
 
              23,969,589  
           
 

Industrial Components - 1.2%

                

Barnes Group

     4,000       92,040  

C & D Technologies c

     345,700       1,738,871  

CLARCOR

     83,500       2,655,300  

Donaldson Company

     92,800       3,350,080  

GrafTech International a,c

     64,790       588,293  

PerkinElmer

     135,000       3,269,700  

Powell Industries a,c

     92,400       2,956,800  

II-VI a

     13,500       456,975  
           
 
              15,108,059  
           
 

Machinery - 5.0%

                

Baldor Electric

     62,900       2,373,846  

Coherent a,c

     243,500       7,728,690  

Exco Technologies

     91,000       305,041  

Federal Signal

     58,600       909,472  

Franklin Electric

     84,200       3,915,300  

Graco

     101,825       3,987,467  

Hardinge

     62,793       1,642,665  

IDEX Corporation

     36,000       1,831,680  

Intermec a,c

     3,000       67,020  

Lincoln Electric Holdings

     188,680       11,237,781  

Mueller Water Products Cl. A

     50,000       690,500  

Nordson Corporation

     172,200       8,000,412  

PAXAR Corporation a

     67,500       1,937,250  

Pfeiffer Vacuum Technology a

     12,300       1,119,605  

Rofin-Sinar Technologies a

     128,000       7,575,040  

Williams Controls a

     37,499       647,608  

Woodward Governor

     154,800       6,373,116  
           
 
              60,342,493  
           
 

Metal Fabrication and Distribution - 1.8%

                

Commercial Metals

     36,600       1,147,410  

CompX International Cl. A

     292,300       4,714,799  

Gerdau Ameristeel

     61,100       717,925  

IPSCO

     14,500       1,905,300  

Kaydon Corporation

     208,700       8,882,272  

NN

     127,100       1,587,479  

Novamerican Steel a

     10,800       477,576  

RBC Bearings a,c

     25,000       835,750  

Reliance Steel & Aluminum

     25,920       1,254,528  
           
 
              21,523,039  
           
 

Paper and Packaging - 0.2%

                

Mayr-Melnhof Karton a

     5,600       1,249,437  

Peak International a

     408,400       1,127,184  
           
 
              2,376,621  
           
 

Specialty Chemicals and Materials - 1.5%

                

Aceto Corporation

     78,410       619,439  

American Vanguard

     26,666       455,722  

Balchem Corporation

     16,875       298,350  

Cabot Corporation

     163,500       7,803,855  

Fuel-Tech a,c

     10,000       246,500  

Hawkins

     206,878       3,061,794  

Lydall a

     35,500       564,095  

MacDermid

     47,500       1,656,325  

Schulman (A.)

     143,100       3,371,436  

Sensient Technologies

     22,000       567,160  
           
 
              18,644,676  
           
 

Textiles - 0.1%

                

Unifi a,c

     145,100       417,888  
           
 

Other Industrial Products - 3.2%

                

Brady Corporation Cl. A

     293,400       9,154,080  

Diebold

     86,700       4,136,457  

Distributed Energy Systems a

     32,000       43,840  

Kimball International Cl. B

     286,180       5,517,550  

Maxwell Technologies a

     21,500       269,180  

Mettler-Toledo International a

     28,700       2,570,659  

Munters a

     22,450       974,158  

Myers Industries

     30,499       569,721  

Nokian Renkaat a

     47,500       1,300,784  

Peerless Manufacturing a

     148,600       4,704,676  

Raven Industries

     80,100       2,246,805  

Solar Integrated Technologies a

     75,000       210,314  

Somfy

     7,000       2,075,818  

Waters Corporation a

     75,990       4,407,420  
           
 
              38,181,462  
           
 

Total

             199,111,497  
           
 

Industrial Services - 12.5%

                

Advertising and Publishing - 1.0%

                

Focus Media Holding ADR a

     35,000       2,746,100  

Interpublic Group of Companies a,c

     510,000       6,278,100  

Lamar Advertising Cl. A a

     26,000       1,637,220  

MDC Partners Cl. A a

     60,000       463,800  

ValueClick a,c

     45,000       1,175,850  
           
 
              12,301,070  
           
 

Commercial Services - 4.1%

                

Allied Waste Industries a

     188,800       2,376,992  

Anacomp Cl. A a

     26,000       211,900  

BB Holdings a

     289,400       1,238,653  

Canadian Solar a,c

     50,000       487,500  

Convergys Corporation a,c

     121,000       3,074,610  

Copart a

     158,100       4,428,381  

eResearch Technology a,c

     181,000       1,422,660  

First Advantage Cl. A a,c

     5,000       119,850  

Global Imaging Systems a,c

     100,000       1,950,000  

Grupo Aeroportuario del Sureste ADR

     36,900       1,742,418  

Hewitt Associates Cl. A a,c

     164,620       4,811,843  

Iron Mountain a,c

     234,262       6,121,266  

Learning Tree International a,c

     53,400       600,750  

MPS Group a

     564,600       7,989,090  

Manpower

     95,200       7,022,904  

Michael Page International

     116,900       1,231,873  

New Horizons Worldwide a

     228,600       217,170  

OneSource Services a

     25,437       321,611  

Onex Corporation

     50,000       1,388,480  

Sabre Holdings Cl. A

     50,000       1,637,500  

Spherion Corporation a

     53,000       467,460  

TRC Companies a

     3,600       36,324  

Viad Corporation

     9,025       348,365  

Wright Express a,c

     30,000       909,900  
           
 
              50,157,500  
           
 

Engineering and Construction - 1.3%

                

Boskalis Westminster a

     13,400       1,333,579  

Dycom Industries a

     35,500       925,130  

Fleetwood Enterprises a

     234,300       1,853,313  

Insituform Technologies Cl. A a,c

     137,000       2,848,230  

KBR a,c

     100,000       2,035,000  

Washington Group International a

     100,000       6,642,000  
           
 
              15,637,252  
           
 

Food and Tobacco Processors - 0.5%

                

American Italian Pasta Cl. A a

     10,000       105,000  

MGP Ingredients

     127,400       2,595,138  

Performance Food Group a,c

     10,000       308,700  

Seneca Foods Cl. A a

     80,000       2,128,000  

Seneca Foods Cl. B a

     13,251       361,090  
           
 
              5,497,928  
           
 

Industrial Distribution - 1.9%

                

Central Steel & Wire

     6,662       4,097,130  

MSC Industrial Direct Cl. A

     20,000       933,600  

Ritchie Bros. Auctioneers

     310,400       18,164,608  
           
 
              23,195,338  
           
 

Printing - 0.1%

                

Bowne & Co.

     68,100       1,071,213  
           
 

Transportation and Logistics - 3.1%

                

Alexander & Baldwin

     60,000       3,026,400  

Arkansas Best

     1,200       42,660  

Atlas Air Worldwide Holdings a,c

     17,000       896,410  

C. H. Robinson Worldwide

     80,000       3,820,000  

Forward Air

     239,750       7,882,980  

Frozen Food Express Industries

     286,635       2,384,803  

Hub Group Cl. A a,c

     174,400       5,055,856  

Landstar System

     11,200       513,408  

Patriot Transportation Holding a

     94,300       8,450,223  

UTI Worldwide

     105,000       2,580,900  

Universal Truckload Services a

     115,100       2,786,571  
           
 
              37,440,211  
           
 

Other Industrial Services - 0.5%

                

Landauer

     117,900       5,951,592  
           
 

Total

             151,252,104  
           
 

Natural Resources - 10.6%

                

Energy Services - 4.6%

                

Atwood Oceanics a,c

     29,400       1,725,486  

Carbo Ceramics

     158,400       7,373,520  

Core Laboratories a,c

     10,000       838,300  

Ensign Energy Services

     126,300       2,116,851  

Environmental Power a

     326,000       2,282,000  

Global Industries a,c

     54,500       996,805  

Hanover Compressor a,c

     360,000       8,010,000  

Helmerich & Payne

     80,600       2,445,404  

Input/Output a

     494,100       6,808,698  

National Fuel Gas

     47,500       2,054,850  

TETRA Technologies a,c

     68,000       1,680,280  

Universal Compression Holdings a

     221,300       14,977,584  

Willbros Group a,c

     207,600       4,679,304  
           
 
              55,989,082  
           
 

Oil and Gas - 2.5%

                

Bill Barrett a,c

     50,000       1,620,500  

Carrizo Oil & Gas a,c

     41,700       1,457,832  

Cimarex Energy

     193,990       7,181,510  

FX Energy a,c

     20,000       151,600  

Falcon Oil & Gas a

     360,000       1,016,544  

Helix Energy Solutions Group a,c

     34,226       1,276,288  

Particle Drilling Technologies a,c

     61,500       242,925  

Penn Virginia

     16,440       1,206,696  

PetroCorp a,d

     61,400       0  

Pioneer Drilling a,c

     1,800       22,842  

SEACOR Holdings a,c

     148,500       14,612,400  

Storm Cat Energy a,c

     330,800       307,644  

W&T Offshore

     25,000       723,250  
           
 
              29,820,031  
           
 

Precious Metals and Mining - 2.3%

                

Agnico-Eagle Mines

     34,000       1,204,280  

Centerra Gold a

     30,000       274,924  

Constellation Copper a

     186,900       229,881  

Entree Gold a,c

     90,000       144,900  

Etruscan Resources a

     675,900       2,271,539  

Gammon Lake Resources a,c

     178,300       3,150,561  

Golden Star Resources a

     175,000       770,000  

Hecla Mining a,c

     598,000       5,417,880  

IAMGOLD Corporation

     315,620       2,433,430  

International Coal Group a,c

     189,000       992,250  

Ivanhoe Mines a,c

     140,000       1,607,200  

Meridian Gold a

     111,000       2,833,830  

Miramar Mining a

     225,000       1,064,250  

Northgate Minerals a

     80,000       277,600  

Pan American Silver a,c

     41,000       1,213,190  

QGX a

     30,000       72,759  

Randgold Resources ADR a

     53,000       1,267,230  

Royal Gold

     34,400       1,035,440  

Stillwater Mining a,c

     10,780       136,798  

Western Copper a

     22,500       46,189  

Yamana Gold

     80,000       1,148,800  
           
 
              27,592,931  
           
 

Real Estate - 1.0%

                

Alico

     27,000       1,547,910  

Consolidated-Tomoka Land

     13,564       1,023,404  

Realogy Corporation a

     150,000       4,441,500  

The St. Joe Company

     98,900       5,173,459  
           
 
              12,186,273  
           
 

Other Natural Resources - 0.2%

                

PICO Holdings a

     50,200       2,144,042  
           
 

Total

             127,732,359  
           
 

Technology - 24.2%

                

Aerospace and Defense - 0.6%

                

Allied Defense Group (The) a

     45,700       390,735  

Armor Holdings a,c

     11,410       768,235  

Astronics Corporation a

     52,400       922,240  

Axsys Technologies a

     10,000       157,800  

Ducommun a

     117,200       3,015,556  

Hexcel Corporation a,c

     47,500       942,875  

Integral Systems

     49,800       1,203,666  
           
 
              7,401,107  
           
 

Components and Systems - 5.6%

                

Analogic Corporation

     40,135       2,523,689  

Belden CDT

     57,800       3,097,502  

Checkpoint Systems a

     56,060       1,326,380  

Dionex Corporation a

     81,000       5,516,910  

Electronics for Imaging a,c

     25,000       586,250  

Energy Conversion Devices a,c

     105,500       3,686,170  

Excel Technology a

     168,500       4,605,105  

Hutchinson Technology a,c

     47,500       1,109,125  

Imation Corporation

     15,700       633,966  

InFocus Corporation a

     228,100       638,680  

KEMET Corporation a

     95,600       731,340  

Methode Electronics

     50,000       738,500  

Newport Corporation a,c

     592,200       9,694,314  

On Track Innovations a,c

     40,000       282,800  

Perceptron a

     397,400       3,576,600  

Plexus Corporation a,c

     325,700       5,585,755  

Power-One a,c

     10,000       57,200  

Radiant Systems a,c

     32,500       423,475  

REMEC

     143,387       220,816  

Richardson Electronics

     116,700       1,089,978  

SafeNet a

     36,240       1,025,592  

TTM Technologies a,c

     221,400       2,112,156  

Technitrol

     311,200       8,150,328  

Tektronix

     159,680       4,496,589  

UQM Technologies a,c

     50,000       207,500  

Vishay Intertechnology a

     186,000       2,600,280  

Zebra Technologies Cl. A a,c

     76,525       2,954,630  
           
 
              67,671,630  
           
 

Distribution - 1.5%

                

Agilysys

     165,125       3,710,359  

Anixter International a

     61,795       4,074,762  

Benchmark Electronics a

     208,200       4,301,412  

Solectron Corporation a,c

     1,070,100       3,370,815  

Tech Data a

     86,500       3,097,565  
           
 
              18,554,913  
           
 

Internet Software and Services - 1.6%

                

Arbinet-thexchange a

     87,200       551,104  

CMGI a,c

     1,535,000       3,254,200  

CNET Networks a,c

     155,400       1,353,534  

CryptoLogic

    68,500       1,712,500  

CyberSource Corporation a,c

     10,000       125,100  

EarthLink a,c

     55,200       405,720  

Internap Network Services a,c

     144,890       2,282,017  

j2 Global Communications a,c

     43,420       1,203,602  

Jupitermedia Corporation a,c

     500,000       3,310,000  

Lionbridge Technologies a

     37,500       190,875  

NetEase.com ADR a,c

     80,000       1,419,200  

RealNetworks a,c

     245,400       1,926,390  

S1 Corporation a

     5,054       30,324  

SkyTerra Communications a

     2,800       23,520  

SupportSoft a

     220,000       1,240,800  
           
 
              19,028,886  
           
 

IT Services - 4.2%

                

Alten a

     45,800       1,725,331  

answerthink a

     655,000       2,141,850  

BearingPoint a,c

     788,800       6,042,208  

Black Box

     47,000       1,717,380  

CACI International Cl. A a,c

     10,000       468,600  

CIBER a

     10,000       78,700  

Cogent Communications Group a,c

     226,900       5,361,647  

Computer Task Group a

     101,100       455,961  

Covansys Corporation a

     188,900       4,662,052  

Diamond Management & Technology Consultants

     80,400       939,876  

Forrester Research a

     40,300       1,142,908  

Gartner a

     126,000       3,017,700  

MAXIMUS

     127,900       4,409,992  

Perot Systems Cl. A a,c

     165,100       2,950,337  

Sapient Corporation a,c

     806,602       5,533,290  

Syntel

     152,679       5,290,327  

TriZetto Group (The) a,c

     215,200       4,306,152  
           
 
              50,244,311  
           
 

Semiconductors and Equipment - 4.2%

                

Altera Corporation a

     50,000       999,500  

Axcelis Technologies a,c

     135,000       1,031,400  

BE Semiconductor Industries a,c

     58,000       374,100  

Brooks Automation a,c

     28,500       488,775  

Cabot Microelectronics a

     131,200       4,396,512  

Catalyst Semiconductor a,c

     200       726  

CEVA a

     31,666       228,945  

Cognex Corporation

     197,700       4,284,159  

Conexant Systems a

     11,980       19,767  

Credence Systems a,c

     53,600       177,416  

DSP Group a

     115,000       2,185,000  

DTS a,c

     64,100       1,553,143  

Diodes a,c

     167,900       5,851,315  

Dolby Laboratories Cl. A a

     148,900       5,138,539  

Exar Corporation a,c

     231,976       3,071,362  

Fairchild Semiconductor International a,c

     51,200       856,064  

Himax Technologies ADR a

     100,000       536,000  

International Rectifier a

     120,000       4,585,200  

Intevac a,c

     57,450       1,514,956  

IXYS Corporation a,c

     10,000       102,300  

Jazz Technologies (Units) a

     600,000       3,390,000  

Kulicke & Soffa Industries a

     105,800       978,650  

Novellus Systems a,c

     12,000       384,240  

Pericom Semiconductor a

     58,000       567,240  

Power Integrations a,c

     49,000       1,107,890  

Sanmina-SCI Corporation a

     200,000       724,000  

Semitool a,c

     50,000       650,000  

Staktek Holdings a

     184,700       600,275  

Veeco Instruments a,c

     65,000       1,267,500  

Vimicro International ADR a,c

     160,000       1,036,800  

Xilinx

     100,000       2,573,000  
           
 
              50,674,774  
           
 

Software - 3.6%

                

Advent Software a,c

     116,800       4,072,816  

ANSYS a

     50,000       2,538,500  

Aspen Technology a

     27,100       352,300  

Avid Technology a,c

     40,000       1,395,200  

BEA Systems a

     65,610       760,420  

Borland Software a,c

     280,000       1,475,600  

Epicor Software a,c

     79,900       1,111,409  

iPass a,c

     268,400       1,350,052  

JDA Software Group a,c

     99,900       1,501,497  

MSC.Software a

     70,000       962,500  

ManTech International Cl. A a

     119,400       3,989,154  

NAVTEQ Corporation a,c

     70,000       2,415,000  

Net 1 UEPS Technologies a,c

     100,000       2,488,000  

PLATO Learning a

     149,642       628,496  

Progress Software a,c

     30,500       951,600  

SPSS a

     179,600       6,483,560  

Sybase a

     82,600       2,088,128  

THQ a,c

     20,000       683,800  

Transaction Systems Architects Cl. A a

     203,150       6,580,028  

Verint Systems a,c

     40,000       1,286,000  
           
 
              43,114,060  
           
 

Telecommunications - 2.9%

                

Adaptec a,c

     2,584,100       10,000,467  

ADTRAN

     65,000       1,582,750  

Catapult Communications a

     87,100       848,354  

Covad Communications Group a,c

     35,000       44,450  

Foundry Networks a,c

     373,400       5,067,038  

Globalstar a,c

     50,000       530,000  

Globecomm Systems a

     233,700       2,500,590  

Golden Telecom

     40,000       2,215,200  

IDT Corporation a

     78,400       884,352  

IDT Corporation Cl. B a,c

     65,000       737,750  

Level 3 Communications a

     401,341       2,448,181  

Orbcomm a,c

     30,000       382,500  

PECO II a

     93,600       80,496  

Sycamore Networks a

     171,000       639,540  

Tandberg a

     70,500       1,473,027  

Time Warner Telecom Cl. A a,c

     179,000       3,717,830  

Tollgrade Communications a

     20,000       251,200  

USA Mobility

     97,500       1,943,175  

Vonage Holdings a,c

     80,000       276,000  
           
 
              35,622,900  
           
 

Total

             292,312,581  
           
 

Utilities - 0.2%

                

CH Energy Group

     44,500       2,166,705  

Southern Union

     11,576       351,795  
           
 

Total

             2,518,500  
           
 

Miscellaneous e - 1.0%

                

Total

             12,283,960  
           
 
                 

TOTAL COMMON STOCKS

                

(Cost $797,676,223)

             1,255,704,241  
           
 
                 

PREFERRED STOCKS - 0.2%

                

Aristotle Corporation 11.00% Conv.

     4,800       40,704  

Seneca Foods Conv. a

     300       7,080  

Seneca Foods Conv. a,d

     85,000       2,034,900  
           
 

TOTAL PREFERRED STOCKS

                

(Cost $1,316,015)

             2,082,684  
           
 
                 
                 
      PRINCIPAL          
      AMOUNT          

CORPORATE BONDS - 0.1%

                

Dixie Group 7.00%

                

Conv. Sub. Deb. due 5/15/12

     $397,000       379,135  
           
 

TOTAL CORPORATE BONDS

                

(Cost $328,526)

             379,135  
           
 

REPURCHASE AGREEMENTS - 14.3%

                

State Street Bank & Trust Company, 5.10% dated 3/30/07, due 4/2/07, maturity value $62,297,465
(collateralized by obligations of various U.S. Government Agencies, valued at $63,827,819)
(Cost $62,271,000)

             62,271,000  
           
 

Lehman Brothers (Tri-Party), 5.20% dated 3/30/07, due 4/2/07, maturity value $110,047,667
(collateralized by obligations of various U.S. Government Agencies, valued at $112,250,046)
(Cost $110,000,000)

             110,000,000  
           
 

TOTAL REPURCHASE AGREEMENTS

                

(Cost $172,271,000)

             172,271,000  
           
 

COLLATERAL RECEIVED FOR SECURITIES LOANED - 7.4%

                

Money Market Funds

                

State Street Navigator Securities Lending Prime Portfolio (7 day yield-5.25%)

                

(Cost $89,985,861)

             89,985,861  
           
 

TOTAL INVESTMENTS - 126.0%

                

(Cost $1,061,577,625)

             1,520,422,921  

LIABILITIES LESS CASH AND OTHER ASSETS - (7.8)%

             (93,351,114 )

PREFERRED STOCK - (18.2)%

             (220,000,000 )
           
 

NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%

           $ 1,207,071,807  
           
 


a   Non-income producing.
     
b   At March 31, 2007, 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.

        Shares         Market Value       Cost of       Cost of       Realized       Dividend       Shares       Market Value  
Affiliated Company       12/31/06         12/31/06       Purchases       Sales       Gain (Loss)       Income       3/31/07       3/31/07  
     
       
     
     
     
     
     
     
 
Synalloy Corporation       345,000         $6,361,800       -       -       -       $51,750       345,000       $9,632,400  
                  $6,361,800                       -       $51,750               $9,632,400  

c   All or a portion of these securities were on loan at March 31, 2007. Total market value of loaned securities at March 31, 2007 was $87,402,388.
     
d   Securities for which market quotations are no longer readily available represent 0.2% of net assets applicable to common stockholders. These securities have been valued at their fair value under procedures established by the Fund’s Board of Directors.
     
e   Includes securities first acquired in 2007 and less than 1% of net assets applicable to common stockholders.
     
INCOME TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,063,187,218. At March 31, 2007, net unrealized appreciation for all securities was $457,235,703, consisting of aggregate gross unrealized appreciation of $501,074,551 and aggregate gross unrealized depreciation of $43,838,848. The primary difference in 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 (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Fund’s Board of Directors. In addition, if between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Funds use an independent pricing service to provide fair value estimates for relevent 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 deveolped between the movement of prices of non-U.S. equity securities and indicies of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. The Funds will value their non-U.S. securities in U.S. dollars on the basis of foreign currency exchange rates provided to the Funds by their custodian, State Street Bank and Trust Company. Bonds and other fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. Investments in money market funds are valued at net asset value per share.
     
    Repurchase Agreements:
    The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities.
     
    Securities Lending:
    The Fund loans securities to qualified institutional investors for the purpose of realizing additional income. Collateral on all securities loaned for the Fund is accepted in cash and cash equivalents and invested temporarily by the custodian. The collateral is equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.
     
    Other information regarding the Fund is available in the Fund’s most recent Prospectus and Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s website (www.sec.gov).


Item 2 - Controls and Procedures
(a)     The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”)), that the Registrant’s disclosure controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)     There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Item 3 - Exhibits

          Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Royce Value Trust, Inc.

By:

/s/ Charles M. Royce

Charles M. Royce
President, Royce Value Trust, Inc.
Date: May 29, 2007

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, 2007

By:

/s/ John D. Diederich

John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: May 29, 2007