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: 12/31/2008

Date of reporting period: 9/30/2008

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS            
ROYCE VALUE TRUST            
SEPTEMBER 30, 2008 (UNAUDITED)            
             
    SHARES   VALUE  
COMMON STOCKS – 117.5%            
             
Consumer Products – 6.8%            
Apparel, Shoes and Accessories - 2.4%            

Columbia Sportswear

   34,600   $ 1,451,816  

Delta Apparel a,b,c

   605,560     5,056,426  

K-Swiss Cl. A

   160,000     2,784,000  

Lazare Kaplan International c

   103,600     797,720  

Timberland Company (The) Cl. A c

   17,500     303,975  

Tod’s

   30,000     1,499,276  

Weyco Group

   307,992     10,308,492  
       
          22,201,705  
       
Collectibles - 0.6%            

Leapfrog Enterprises Cl. A b,c

   175,000     1,848,000  

Russ Berrie & Company b,c

   417,000     3,198,390  
       
          5,046,390  
       
Consumer Electronics - 0.8%            

Dolby Laboratories Cl. A c

   153,900     5,415,741  

DTS  b,c

   64,100     1,783,903  
       
          7,199,644  
       
Food/Beverage/Tobacco - 0.5%            

B&G Foods (Units)

   120,100     1,609,340  

B&G Foods Cl. A

   51,300     366,795  

Hershey Creamery

   709     1,134,400  

Seneca Foods Cl. A c

   80,000     1,519,200  

Seneca Foods Cl. B b,c

   13,251     264,490  
       
          4,894,225  
       
Health, Beauty and Nutrition - 0.0%            

Nutraceutical International c

   22,800     251,940  
       
Home Furnishing and Appliances - 1.4%            

Aaron Rents

   4,500     121,815  

American Woodmark

   123,335     2,768,871  

Ekornes

   100,000     1,348,254  

Ethan Allen Interiors

   65,800     1,843,716  

Kimball International Cl. B

   286,180     3,090,744  

La-Z-Boy

   68,200     635,624  

Mohawk Industries b,c

   42,200     2,843,858  

Universal Electronics b,c

   10,000     249,800  
       
          12,902,682  
       
Sports and Recreation - 1.1%            

Beneteau

   85,000     1,243,262  

Coachmen Industries b,c

   47,700     78,705  

RC2 Corporation c

   132,600     2,652,000  

Sturm, Ruger & Company c

   272,900     1,893,926  

Thor Industries

   110,900     2,752,538  

Winnebago Industries

   97,500     1,259,700  
       
          9,880,131  
       
Total         62,376,717  
       
Consumer Services – 3.9%            
Direct Marketing - 0.3%            

Manutan International

   13,000     781,304  

Takkt

   130,000     1,788,069  
       
          2,569,373  
       
Leisure and Entertainment - 0.0%            

Shuffle Master b,c

   15,000     76,350  
       
Media and Broadcasting - 0.1%            

Cox Radio Cl. A b,c

   23,000     242,880  

Discovery Communications Cl. B b,c

   18,300     366,183  

Discovery Communications Cl. C b,c

   18,300     259,128  
       
          868,191  
       
Online Commerce - 0.0%            

CryptoLogic

   200     1,096  
       
Restaurants and Lodgings - 0.8%            

Benihana b,c

   3,300     15,147  

CEC Entertainment b,c

   116,000     3,851,200  

Steak n Shake c

   198,000     1,718,640  

Tim Hortons

   65,000     1,925,950  
       
          7,510,937  
       
Retail Stores - 2.7%            

AnnTaylor Stores c

   50,000     1,032,000  

Bulgari

   250,000     2,224,854  

CarMax b,c

   160,000     2,240,000  

Charming Shoppes b,c

   22,800     111,492  

Children’s Place Retail Stores c

   13,670     455,895  

Dress Barn (The) c

   287,280     4,392,511  

Fielmann

   15,000     1,047,705  

Gander Mountain c

   53,300     174,291  

Lewis Group

   450,000     2,204,544  

Pier 1 Imports c

   626,200     2,586,206  

Stein Mart b,c

   182,800     714,748  

Tiffany & Co.

   158,700     5,637,024  

Urban Outfitters b,c

   27,000     860,490  

West Marine c

   131,100     781,356  

Wet Seal (The) Cl. A b,c

   162,000     588,060  
       
          25,051,176  
       
Total         36,077,123  
       
Diversified Investment Companies – 0.5%            
Closed-End Funds - 0.5%            

Central Fund of Canada Cl. A

   211,500     2,288,430  

KKR Private Equity Investors LLP c

   105,000     1,005,823  

Kohlberg Capital

   209,884     1,802,904  
       
Total         5,097,157  
       
Financial Intermediaries – 15.4%            
Banking - 5.5%            

Abigail Adams National Bancorp

   160,500     1,083,375  

Ameriana Bancorp

   40,000     344,800  

Banca Finnat Euramerica

   570,000     547,566  

Bank of N.T. Butterfield & Son

   450,175     5,627,188  

Bank Sarasin & Cie Cl. B

   19,860     759,359  

Banque Privee Edmond de Rothschild

   19     585,101  

BB Holdings c

   289,400     1,104,902  

BOK Financial

   139,227     6,739,979  

Boston Private Financial Holdings

   203,000     1,774,220  

Cadence Financial

   40,300     373,581  

Center Bancorp

   66,811     677,464  

Centrue Financial

   82,200     1,147,512  

CFS Bancorp

   265,000     2,451,250  

CNB Financial

   11,116     121,831  

Commercial National Financial

   54,900     790,560  

Farmers & Merchants Bank of Long Beach

   1,200     5,340,000  

Fauquier Bankshares

   160,800     2,379,840  

Hawthorn Bancshares

   44,400     1,082,028  

Heritage Financial

   20,615     257,069  

HopFed Bancorp

   112,500     1,264,500  

Jefferson Bancshares

   32,226     301,313  

Kearny Financial

   60,862     744,951  

Mechanics Bank (The)

   200     2,910,000  

Nexity Financial c

   109,999     177,098  

Old Point Financial

   25,000     500,000  

Peapack-Gladstone Financial

   10,000     335,000  

Peoples Community Bancorp b,c

   179,310     268,965  

Timberland Bancorp a

   469,200     3,753,600  

Tompkins Financial

   9,645     487,072  

Vontobel Holding

   17,400     552,274  

W Holding Company

   935,400     505,116  

Whitney Holding

   41,500     1,006,375  

Wilber Corporation (The)

   103,900     820,810  

Wilmington Trust

   143,500     4,137,105  

Yadkin Valley Financial

   3,800     64,448  
       
          51,016,252  
       
Insurance - 5.9%            

Alleghany Corporation c

   16,644     6,075,060  

Argo Group International Holdings b,c

   64,751     2,386,074  

Aspen Insurance Holdings

   64,000     1,760,000  

Berkley (W.R.)

   3,000     70,650  

CNA Surety b,c

   130,600     2,181,020  

Enstar Group b,c

   5,000     486,800  

Erie Indemnity Cl. A

   114,500     4,839,915  

First American

   20,000     590,000  

Greenlight Capital Re Cl. A b,c

   131,100     3,013,989  

Hilltop Holdings b,c

   340,000     3,508,800  

Independence Holding

   317,658     3,668,950  

IPC Holdings

   27,000     815,670  

LandAmerica Financial Group

   10,000     242,500  

Leucadia National

   34,940     1,587,674  

Markel Corporation c

   14,000     4,921,000  

Montpelier Re Holdings

   66,000     1,089,660  

NYMAGIC

   232,200     5,863,050  

Old Republic International

   20,000     255,000  

ProAssurance Corporation c

   8,070     451,920  

RLI

   99,724     6,191,863  

Stewart Information Services

   100,000     2,975,000  

Wesco Financial

   3,750     1,338,750  
       
          54,313,345  
       
Real Estate Investment Trusts - 0.0%            

Gladstone Commercial

   34,700     525,358  
       
Securities Brokers - 3.5%            

Broadpoint Securities Group b,c

   200,100     580,290  

Close Brothers Group

   33,000     331,711  

Cowen Group c

   32,000     273,600  

DundeeWealth

   33,300     325,725  

E*TRADE Financial b,c

   75,000     210,000  

Egyptian Financial Group-Hermes Holding GDR

   47,900     550,850  

Evercore Partners Cl. A

   308,500     5,546,830  

HQ

   39,000     457,164  

Interactive Brokers Group Cl. A c

   26,850     595,264  

Investcorp Bank GDR

   22,000     445,500  

Investment Technology Group c

   30,400     925,072  

Jefferies Group b

   30,000     672,000  

KBW b,c

   70,058     2,307,711  

LaBranche & Co b,c

   137,000     616,500  

Lazard Cl. A

   203,900     8,718,764  

MF Global b,c

   145,500     631,470  

Oppenheimer Holdings Cl. A

   30,000     745,500  

optionsXpress Holdings

   53,000     1,029,260  

Penson Worldwide b,c

   50,000     693,500  

Phatra Securities

   575,000     392,362  

Piper Jaffray b,c

   105,700     4,571,525  

Shinko Securities

   482,300     1,360,469  
       
          31,981,067  
       
Securities Exchanges - 0.1%            

MarketAxess Holdings c

   67,000     540,690  
       
Other Financial Intermediaries - 0.4%            

KKR Financial Holdings

   481,404     3,061,729  

Nasdaq OMX Group b,c

   30,000     917,100  
       
          3,978,829  
       
Total         142,355,541  
       
Financial Services – 12.9%            
Diversified Financial Services - 0.9%            

AmeriCredit Corporation b,c

   18,870     191,153  

Centerline Holding Company

   59,600     118,604  

Discover Financial Services

   10,000     138,200  

Encore Capital Group b,c

   88,000     1,205,600  

Municipal Mortgage & Equity b

   40,300     26,195  

Ocwen Financial b,c

   173,600     1,397,480  

World Acceptance b,c

   133,700     4,813,200  
       
          7,890,432  
       
Information and Processing - 1.7%            

Broadridge Financial Solutions

   30,000     461,700  

Global Payments

   58,500     2,624,310  

Interactive Data

   134,300     3,387,046  

MoneyGram International c

   428,500     608,470  

MSCI Cl. A b,c

   30,000     720,000  

Paychex

   30,000     990,900  

PRG-Schultz International b,c

   14,420     129,203  

SEI Investments

   286,800     6,366,960  
       
          15,288,589  
       
Insurance Brokers - 1.4%            

Brown & Brown

   208,700     4,512,094  

Crawford & Company Cl. A c

   289,200     2,909,352  

Crawford & Company Cl. B b,c

   162,300     2,466,960  

Gallagher (Arthur J.) & Co.

   111,200     2,853,392  
       
          12,741,798  
       
Investment Management - 7.7%            

A.F.P. Provida ADR

   19,100     469,669  

Affiliated Managers Group b,c

   56,300     4,664,455  

AllianceBernstein Holding L.P.

   333,100     12,328,031  

Anima

   391,050     802,033  

AP Alternative Assets L.P.

   315,600     3,007,173  

Ashmore Group

   90,000     315,805  

Australian Wealth Management

   435,000     431,315  

Azimut Holding

   61,700     428,757  

BKF Capital Group

   227,050     249,755  

Calamos Asset Management Cl. A

   45,000     806,400  

Candover Investments

   10,500     368,277  

CapMan Cl. B

   632,000     1,653,349  

Coronation Fund Managers

   526,000     370,302  

Deutsche Beteiligungs

   103,605     1,915,343  

Eaton Vance

   172,800     6,087,744  

Endeavour Financial

   150,000     871,036  

Equity Trustees

   27,477     432,252  

F&C Asset Management

   210,000     286,516  

Federated Investors Cl. B

   145,700     4,203,445  

Fiducian Portfolio Services

   227,000     376,712  

GAMCO Investors Cl. A

   133,600     7,922,480  

GIMV

   27,000     1,267,661  

GP Investments BDR c

   15,000     89,075  

JAFCO

   37,300     1,406,575  

MVC Capital

   484,200     7,384,050  

New Star Asset Management Group

   126,500     150,948  

Onex Corporation

   50,000     1,290,580  

Perpetual

   12,700     488,881  

Pzena Investment Management Cl. A

   238,700     2,262,876  

Rathbone Brothers

   30,400     518,022  

RHJ International c

   177,500     1,607,337  

Schroders

   157,890     2,909,552  

SHUAA Capital

   440,000     499,517  

SPARX Group

   7,220     1,665,894  

Tasmanian Perpetual Trustees

   140,000     442,540  

Trust Company

   89,500     513,918  

Value Partners Group

   540,000     324,765  
       
          70,813,040  
       
Special Purpose Acquisition Corporation - 0.4%            

Alternative Asset Management Acquisition (Units) c

   250,000     2,250,000  

Cockleshell c

   337,644     321,150  

Prospect Acquisition (Units) c

   150,000     1,350,000  
       
          3,921,150  
       
Specialty Finance - 0.8%            

Credit Acceptance b,c

   214,601     3,648,217  

MCG Capital b

   157,715     413,214  

NGP Capital Resources

   50,000     728,500  

Portfolio Recovery Associates c

   62,100     3,019,923  
       
          7,809,854  
       
Total         118,464,863  
       
Health – 7.4%            
Commercial Services - 1.2%            

PAREXEL International b,c

   384,400     11,016,904  
       
Drugs and Biotech - 1.7%            

Affymetrix b,c

   10,000     77,400  

American Oriental Bioengineering b,c

   17,600     114,224  

Biovail Corporation

   41,200     402,524  

BMP Sunstone b,c

   5,000     34,700  

Endo Pharmaceuticals Holdings b,c

   191,800     3,836,000  

Human Genome Sciences b,c

   90,000     571,500  

K-V Pharmaceutical Cl. A b,c

   51,500     1,169,565  

Medicines Company (The) b,c

   20,000     464,400  

Mylan b,c

   52,200     596,124  

Myriad Genetics b,c

   50,000     3,244,000  

Ore Pharmaceuticals b,c

   117,980     92,025  

Perrigo Company

   82,950     3,190,257  

Pharmacyclics b,c

   383,000     773,660  

QLT c

   114,070     371,868  

Sinovac Biotech b,c

   53,200     133,000  

Sunesis Pharmaceuticals b,c

   582,000     552,900  

Tongjitang Chinese Medicines ADR b,c

   31,700     78,299  
       
          15,702,446  
       
Health Services - 1.4%            

Advisory Board (The) b,c

   70,000     2,111,200  

Albany Molecular Research c

   85,000     1,537,650  

Chem Rx (Units) c

   280,000     588,000  

Cross Country Healthcare c

   30,000     488,700  

Gentiva Health Services c

   30,150     812,241  

HMS Holdings b,c

   50,000     1,198,000  

Lincare Holdings b,c

   52,562     1,581,591  

MedQuist

   73,893     353,947  

On Assignment b,c

   375,400     2,958,152  

PharmaNet Development Group b,c

   10,000     72,200  

Res-Care b,c

   65,460     1,187,444  

WellCare Health Plans b,c

   5,000     180,000  
       
          13,069,125  
       
Medical Products and Devices - 3.1%            

Allied Healthcare Products c

   180,512     1,030,723  

ArthroCare Corporation b,c

   10,000     277,200  

Atrion Corporation

   15,750     1,622,722  

Bruker Corporation c

   370,200     4,934,766  

Coloplast Cl. B

   17,000     1,258,541  

CONMED Corporation b,c

   81,500     2,608,000  

Golden Meditech c

   200,000     46,712  

IDEXX Laboratories b,c

   164,600     9,020,080  

STERIS Corporation

   98,600     3,705,388  

Straumann Holding

   1,500     411,773  

Urologix b,c

   445,500     543,510  

Young Innovations

   62,550     1,262,259  

Zoll Medical b,c

   40,400     1,321,888  
       
          28,043,562  
       
Total         67,832,037  
       
Industrial Products – 20.5%            
Automotive - 2.2%            

China Automotive Systems b,c

   18,900     79,191  

Copart c

   153,100     5,817,800  

ElringKlinger

   45,000     855,278  

Fuel Systems Solutions b,c

   22,500     775,125  

International Textile Group c

   85,000     25,500  

LKQ Corporation b,c

   375,000     6,363,750  

SORL Auto Parts b,c

   63,400     224,436  

Superior Industries International

   98,400     1,885,344  

WABCO Holdings

   98,800     3,511,352  

Wonder Auto Technology b,c

   38,300     245,503  
       
          19,783,279  
       
Building Systems and Components - 1.5%            

Decker Manufacturing

   6,022     210,770  

Heywood Williams Group c

   958,837     102,524  

NCI Building Systems b,c

   13,900     441,325  

Preformed Line Products

   91,600     5,343,944  

Simpson Manufacturing

   293,400     7,948,206  
       
          14,046,769  
       
Construction Materials - 1.9%            

Ash Grove Cement Cl. B

   50,518     11,871,730  

Owens Corning b,c

   25,000     597,750  

Pretoria Portland Cement

   350,000     1,338,088  

United Rentals b,c

   144,943     2,208,931  

USG Corporation b,c

   50,000     1,280,000  
       
          17,296,499  
       
Industrial Components - 1.9%            

CLARCOR

   113,500     4,307,325  

Donaldson Company

   92,800     3,889,248  

GrafTech International b,c

   64,790     978,977  

II-VI c

   13,500     521,910  

Mueller Water Products Cl. A

   72,500     651,050  

PerkinElmer

   135,800     3,390,926  

Powell Industries c

   92,400     3,770,844  
       
          17,510,280  
       
Machinery - 5.3%            

Astec Industries b,c

   20,000     616,600  

Baldor Electric

   62,900     1,812,149  

Bell Equipment

   300,000     919,223  

Burnham Holdings Cl. A

   117,964     1,238,622  

Burnham Holdings Cl. B

   36,000     378,000  

Franklin Electric

   104,600     4,659,930  

Hardinge

   26,193     332,651  

Intermec c

   23,000     451,720  

Lincoln Electric Holdings

   177,980     11,445,894  

Manitou BF

   65,000     1,606,853  

Nordson Corporation

   162,200     7,965,642  

OSG Corporation

   20,000     169,385  

Rofin-Sinar Technologies c

   236,000     7,223,960  

Takatori Corporation

   40,000     162,597  

Williams Controls c

   37,499     482,987  

Woodward Governor

   274,600     9,685,142  
       
          49,151,355  
       
Metal Fabrication and Distribution - 1.3%            

Central Steel & Wire

   6,062     3,879,680  

Commercial Metals

   36,600     618,174  

CompX International Cl. A

   292,300     1,610,573  

Fushi Copperweld b,c

   16,500     159,885  

Gerdau Ameristeel

   61,100     601,224  

NN

   197,100     2,532,735  

RBC Bearings b,c

   45,000     1,516,050  

Reliance Steel & Aluminum

   25,920     984,182  
       
          11,902,503  
       
Miscellaneous Manufacturing - 3.0%            

Barnes Group

   20,000     404,400  

Brady Corporation Cl. A

   168,400     5,941,152  

Matthews International Cl. A

   50,000     2,537,000  

Mettler-Toledo International b,c

   28,700     2,812,600  

PMFG b,c

   383,200     5,552,568  

Rational

   13,500     2,130,467  

Raven Industries

   86,200     3,391,970  

Semperit AG Holding

   55,000     1,628,387  

Somfy

   3,000     572,404  

Synalloy Corporation

   198,800     2,693,740  
       
          27,664,688  
       
Paper and Packaging - 0.3%            

Mayr-Melnhof Karton

   39,000     2,961,262  
       
Pumps, Valves and Bearings - 1.2%            

Graco

   143,625     5,114,486  

IDEX Corporation

   54,000     1,675,080  

Kaydon Corporation

   46,900     2,113,314  

Pfeiffer Vacuum Technology

   30,595     2,449,977  
       
          11,352,857  
       
Specialty Chemicals and Materials - 1.6%            

Aceto Corporation

   119,710     1,148,019  

American Vanguard

   26,666     402,123  

Cabot Corporation

   201,000     6,387,780  

Hawkins

   206,878     3,624,503  

Migao Corporation c

   18,800     95,038  

New Oriental Energy & Chemical b,c

   1,000     2,460  

Schulman (A.)

   150,100     2,968,978  
       
          14,628,901  
       
Textiles - 0.1%            

Unifi c

   127,422     616,722  
       
Other Industrial Products - 0.2%            

Harbin Electric b,c

   12,700     150,495  

Vacon

   40,000     1,521,057  
       
          1,671,552  
       
Total         188,586,667  
       
Industrial Services – 16.7%            
Advertising and Publishing - 0.7%            

Focus Media Holding ADR b,c

   79,700     2,272,247  

Lamar Advertising Cl. A c

   51,000     1,575,390  

MDC Partners Cl. A c

   60,000     403,200  

Sun-Times Media Group Cl. A b,c

   180,000     30,600  

ValueClick c

   145,000     1,483,350  

Voyager Learning b,c

   150,000     540,000  
       
          6,304,787  
       
Commercial Services - 9.5%            

Animal Health International b,c

   30,000     247,200  

Canadian Solar b,c

   50,000     976,500  

ChinaCast Education b,c

   48,200     120,500  

Convergys Corporation b,c

   121,000     1,788,380  

Corinthian Colleges c

   106,500     1,597,500  

CRA International b,c

   79,287     2,178,807  

Diamond Management & Technology Consultants

   80,400     377,076  

Forrester Research c

   40,300     1,181,596  

Gartner c

   213,000     4,830,840  

Global Sources b,c

   4,400     44,308  

Hackett Group b,c

   655,000     3,563,200  

Hewitt Associates Cl. A c

   205,720     7,496,437  

Iron Mountain b,c

   200,862     4,903,041  

ITT Educational Services c

   80,000     6,472,800  

Landauer

   117,900     8,577,225  

Learning Tree International b,c

   53,400     664,830  

Manpower

   12,600     543,816  

ManTech International Cl. A b,c

   119,400     7,079,226  

MAXIMUS

   127,900     4,711,836  

Michael Page International

   260,000     1,082,695  

Monster Worldwide b,c

   24,800     369,768  

MPS Group c

   564,600     5,691,168  

New Horizons Worldwide c

   228,600     262,890  

Ritchie Bros. Auctioneers

   550,200     12,852,672  

Robert Half International

   65,500     1,621,125  

Sotheby’s

   371,600     7,454,296  

Spherion Corporation b,c

   53,000     258,110  

TRC Companies c

   3,600     11,196  

Wright Express b,c

   30,000     895,500  
       
          87,854,538  
       
Engineering and Construction - 1.1%            

Boskalis Westminster

   7,000     331,308  

Desarrolladora Homex ADR b,c

   14,100     623,502  

Fleetwood Enterprises c

   234,300     238,986  

HLS Systems International b,c

   104,520     444,210  

Integrated Electrical Services b,c

   355,400     6,240,824  

KBR

   140,000     2,137,800  
       
          10,016,630  
       
Food, Tobacco and Agriculture - 0.4%            

Agria Corporation ADR b,c

   25,000     85,000  

Alico

   27,000     1,280,610  

Astral Foods

   80,000     937,801  

MGP Ingredients

   127,400     361,816  

Origin Agritech b,c

   107,600     575,660  

Zhongpin b,c

   9,400     99,922  
       
          3,340,809  
       
Industrial Distribution - 0.8%            

Chindex International b,c

   3,100     33,666  

Lawson Products

   161,431     4,463,567  

MSC Industrial Direct Cl. A

   74,300     3,423,001  
       
          7,920,234  
       
Printing - 0.1%            

Bowne & Co.

   68,100     786,555  
       
Transportation and Logistics - 4.1%            

Alexander & Baldwin

   60,000     2,641,800  

C. H. Robinson Worldwide

   80,000     4,076,800  

Forward Air

   269,750     7,345,293  

Frozen Food Express Industries

   286,635     1,550,695  

Hub Group Cl. A b,c

   174,400     6,566,160  

Landstar System

   96,200     4,238,572  

Patriot Transportation Holding b,c

   71,784     5,670,936  

Universal Truckload Services c

   115,100     2,803,836  

UTI Worldwide

   175,000     2,978,500  
       
          37,872,592  
       
Total         154,096,145  
       
Natural Resources – 8.6%            
Energy Services - 4.3%            

Cal Dive International b,c

   50,000     530,000  

CARBO Ceramics

   135,200     6,977,672  

Core Laboratories

   10,000     1,013,200  

Ensign Energy Services

   126,300     1,979,501  

Exterran Holdings b,c

   103,600     3,311,056  

Global Industries b,c

   54,500     378,230  

Helix Energy Solutions Group b,c

   34,226     831,007  

Helmerich & Payne

   53,700     2,319,303  

ION Geophysical b,c

   464,500     6,591,255  

RPC

   25,000     351,500  

SEACOR Holdings b,c

   127,300     10,050,335  

TETRA Technologies b,c

   68,000     941,800  

Willbros Group c

   103,800     2,750,700  

World Fuel Services

   60,000     1,381,800  

Yingli Green Energy Holding ADR b,c

   5,000     55,100  
       
          39,462,459  
       
Oil and Gas - 1.2%            

Bill Barrett c

   50,000     1,605,500  

Carrizo Oil & Gas b,c

   41,700     1,512,459  

Cimarex Energy

   115,490     5,648,616  

Edge Petroleum b,c

   326,900     585,151  

Penn Virginia

   22,880     1,222,707  

PetroCorp c,d

   61,400     0  

Storm Cat Energy b,c

   330,800     99,240  

W&T Offshore

   25,000     682,250  
       
          11,355,923  
       
Precious Metals and Mining - 1.9%            

Centerra Gold c

   30,000     109,937  

Etruscan Resources c

   745,900     490,609  

Gammon Gold c

   198,300     1,467,420  

Golden Star Resources b,c

   350,000     532,000  

Harry Winston Diamond

   10,000     133,000  

Hecla Mining c

   528,600     2,473,848  

IAMGOLD Corporation

   335,620     1,886,184  

Kimber Resources b,c

   560,000     537,600  

Kinross Gold

   40,286     649,410  

Metorex c

   1,000,000     1,585,906  

New Gold b,c

   445,000     2,202,750  

Northam Platinum

   330,000     1,808,696  

Northgate Minerals c

   140,000     184,800  

NovaGold Resources b,c

   70,000     455,700  

Pan American Silver c

   41,000     911,430  

Royal Gold

   34,400     1,237,024  

Yamana Gold

   113,525     945,663  
       
          17,611,977  
       
Real Estate - 1.2%            

Consolidated-Tomoka Land

   13,564     585,829  

PICO Holdings b,c

   75,200     2,700,432  

SARE Holding Cl. B c

   730,000     293,028  

St. Joe Company (The) b,c

   131,100     5,124,699  

Tejon Ranch b,c

   65,000     2,414,750  
       
          11,118,738  
       
Total         79,549,097  
       
Technology – 20.3%            
Aerospace and Defense - 1.4%            

AerCap Holdings b,c

   45,000     477,450  

Astronics Corporation c

   52,400     1,181,620  

Computer Task Group c

   101,100     657,150  

Ducommun

   117,200     2,798,736  

HEICO Corporation

   133,700     4,388,034  

HEICO Corporation Cl. A

   38,600     1,083,116  

Hexcel Corporation b,c

   47,500     650,275  

Integral Systems c

   79,752     1,656,449  
       
          12,892,830  
       
Components and Systems - 5.4%            

Analogic Corporation

   40,135     1,997,118  

Belden

   57,800     1,837,462  

Benchmark Electronics b,c

   208,200     2,931,456  

Checkpoint Systems c

   56,060     1,055,049  

China Security & Surveillance Technology b,c

   6,000     83,280  

Diebold

   73,600     2,436,896  

Dionex Corporation c

   81,000     5,147,550  

Electronics for Imaging b,c

   25,000     348,250  

Energy Conversion Devices b,c

   84,500     4,922,125  

Hutchinson Technology b,c

   97,500     1,129,050  

KEMET Corporation c

   95,600     130,016  

Lexmark International Cl. A b,c

   4,000     130,280  

Methode Electronics

   50,000     447,000  

Nam Tai Electronics

   23,400     191,178  

Newport Corporation b,c

   592,200     6,383,916  

Perceptron c

   357,700     1,953,042  

Plexus Corporation c

   300,700     6,224,490  

Richardson Electronics

   520,712     3,228,415  

Technitrol

   261,200     3,863,148  

Vaisala Cl. A

   73,900     2,486,480  

Vishay Intertechnology c

   186,000     1,231,320  

Zebra Technologies Cl. A c

   76,525     2,131,221  
       
          50,288,742  
       
Distribution - 0.9%            

Agilysys

   165,125     1,666,111  

Anixter International c

   61,795     3,677,421  

China 3C Group c

   71,600     97,376  

Tech Data b,c

   86,500     2,582,025  
       
          8,022,933  
       
Internet Software and Services - 1.0%            

CyberSource Corporation b,c

   10,000     161,100  

DealerTrack Holdings b,c

   45,300     762,852  

EarthLink b,c

   55,200     469,200  

j2 Global Communications b,c

   43,420     1,013,857  

Jupitermedia Corporation b,c

   525,000     609,000  

KongZhong Corporation ADR b,c

   8,300     30,793  

Lionbridge Technologies c

   37,500     91,500  

ModusLink Global Solutions b,c

   173,500     1,667,335  

Perficient b,c

   10,000     66,400  

RealNetworks b,c

   245,400     1,246,632  

SkyTerra Communications c

   62,200     233,250  

SupportSoft c

   220,000     660,000  

VeriSign b,c

   73,100     1,906,448  
       
          8,918,367  
       
IT Services - 2.1%            

Alten c

   40,000     1,159,217  

BearingPoint b,c

   529,100     275,132  

Black Box

   67,300     2,323,869  

DST Systems b,c

   5,000     279,950  

Metavante Technologies b,c

   20,000     385,200  

Sapient Corporation c

   806,602     5,993,053  

SRA International Cl. A c

   213,300     4,826,979  

Syntel

   152,679     3,740,635  

Total System Services

   25,000     410,000  

Yucheng Technologies b,c

   15,400     156,310  
       
          19,550,345  
       
Semiconductors and Equipment - 3.6%            

Actions Semiconductor ADR c

   54,700     134,562  

BE Semiconductor Industries b,c

   58,000     223,300  

Brooks Automation c

   5,152     43,071  

CEVA c

   31,666     262,828  

Cognex Corporation

   236,200     4,761,792  

Coherent b,c

   243,500     8,656,425  

Diodes c

   297,450     5,487,952  

DSP Group b,c

   164,500     1,258,425  

Exar Corporation c

   232,576     1,781,532  

Fairchild Semiconductor International c

   51,200     455,168  

Himax Technologies ADR

   100,000     289,000  

Image Sensing Systems b,c

   8,310     91,826  

International Rectifier b,c

   120,000     2,282,400  

Intevac b,c

   57,450     611,268  

Jinpan International

   6,800     160,276  

Kulicke & Soffa Industries c

   105,800     477,158  

Novellus Systems b,c

   12,000     235,680  

Power Integrations b,c

   49,000     1,180,900  

Sanmina-SCI Corporation b,c

   200,000     280,000  

Semitool c

   50,000     409,000  

Tower Semiconductor (Warrants) c,d

   1,610,000     16,100  

TTM Technologies b,c

   221,400     2,196,288  

Varian c

   2,000     85,800  

Veeco Instruments b,c

   65,000     962,650  

Vimicro International ADR b,c

   270,000     650,700  

Virage Logic b,c

   120,000     708,000  
       
          33,702,101  
       
Software - 3.7%            

ACI Worldwide c

   233,150     4,084,788  

Advent Software b,c

   170,700     6,013,761  

ANSYS b,c

   100,000     3,787,000  

Aspen Technology b,c

   42,100     547,300  

Avid Technology b,c

   106,000     2,550,360  

Borland Software b,c

   280,000     428,400  

China Fire & Security Group c

   16,300     171,313  

Epicor Software b,c

   79,900     630,411  

JDA Software Group b,c

   99,900     1,519,479  

MSC.Software b,c

   50,000     535,000  

National Instruments

   82,900     2,491,145  

Net 1 UEPS Technologies b,c

   50,000     1,116,500  

Pegasystems

   44,200     570,622  

PLATO Learning c

   149,642     424,983  

Radiant Systems b,c

   32,500     282,425  

Renaissance Learning

   15,000     194,850  

SPSS c

   179,600     5,273,056  

Sybase b,c

   57,600     1,763,712  

Teradata Corporation b,c

   35,000     682,500  

THQ b,c

   20,000     240,800  

Verint Systems b,c

   40,000     650,000  
       
          33,958,405  
       
Telecommunications - 2.2%            

Adaptec b,c

   2,584,100     8,475,848  

ADTRAN

   65,000     1,266,850  

Catapult Communications c

   87,100     418,951  

China GrenTech ADR b,c

   15,900     28,461  

China Mobile Media Technology c

   160,200     5,607  

Cogent Communications Group b,c

   204,200     1,576,424  

Cogo Group b,c

   17,700     93,279  

Foundry Networks c

   98,600     1,795,506  

Globalstar b,c

   50,000     85,000  

Globecomm Systems c

   233,700     2,042,538  

IDT Corporation c

   108,400     56,368  

IDT Corporation Cl. B c

   245,000     181,275  

Level 3 Communications b,c

   401,341     1,083,621  

NMS Communications b,c

   380,000     186,200  

Sonus Networks b,c

   200,000     576,000  

Sycamore Networks b,c

   221,000     713,830  

Tandberg

   70,000     943,725  

Tollgrade Communications c

   20,000     84,000  

UTStarcom c

   23,700     79,869  

Zhone Technologies b,c

   1,120,000     212,800  
       
          19,906,152  
       
Total         187,239,875  
       
Utilities – 0.2%            

CH Energy Group

   44,500     1,938,865  

Southern Union

   11,576     239,044  
       
Total         2,177,909  
       
Miscellaneous e – 4.3%            
Total         39,589,048  
       
TOTAL COMMON STOCKS            

(Cost $955,949,723)

         1,083,442,179  
       
PREFERRED STOCKS – 0.3%            

Duratex

   130,000     1,537,128  

Seneca Foods Conv. c,d

   85,000     1,452,735  
       
TOTAL PREFERRED STOCKS            

(Cost $4,182,756)

         2,989,863  
       
REPURCHASE AGREEMENT – 4.4%            

State Street Bank & Trust Company,
0.20% dated 9/30/08, due 10/1/08,
maturity value $40,122,223 (collateralized
by obligations of various U.S. Government
Agencies, valued at $41,126,181)
(Cost $40,122,000)

         40,122,000  
       
  PRINCIPAL        
  AMOUNT        
COLLATERAL RECEIVED FOR SECURITIES LOANED – 13.3%            
Federal Home Loan Bank-Bonds            

4.75% due 4/24/09

 $ 4,368     4,459  
U.S. Treasury Notes            

1.875%-4.875%

            

due 5/15/09-7/15/13

   626,785     633,312  
Money Market Funds            

State Street Navigator Securities Lending

            

Prime Portfolio (7 day yield-2.7654%)

         121,732,487  
       
             
TOTAL COLLATERAL RECEIVED FOR SECURITIES LOANED            

(Cost $122,370,258)

         122,370,258  
       
TOTAL INVESTMENTS – 135.5%            

(Cost $1,122,624,737)

         1,248,924,300  
             
LIABILITIES LESS CASH AND OTHER ASSETS – (11.6)%         (107,259,570 )
             
PREFERRED STOCK – (23.9)%         (220,000,000 )
       
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS – 100.0%       $ 921,664,730  
       

a At September 30, 2008, 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.

The Fund effected the following transactions in shares of such companies during the period ended September 30, 2008:

    Shares   Market Value   Cost of   Cost of   Realized   Dividend   Shares   Market Value
Affiliated Company   12/31/07   12/31/07   Purchases   Sales   Gain (Loss)   Income   9/30/08   9/30/08
Delta Apparel   580,760     $4,152,434     $168,149   -   -     -   605,560     $5,056,426
Timberland Bancorp   469,200      5,714,856     -   -   -     $154,836   469,200      3,753,600
          $9,867,290             -     $154,836         $8,810,026

b All or a portion of these securities were on loan at September 30, 2008. Total market value of loaned securities at September 30, 2008 was $121,461,275.
c Non-income producing.
d 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 established by the Fund’s Board of Directors.
e Includes securities first acquired in 2008 and less than 1% of net assets applicable to Common Stockholders.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,124,727,877. At September 30, 2008, net unrealized appreciation for all securities was $124,196,423, consisting of aggregate gross unrealized appreciation of $309,941,051 and aggregate gross unrealized depreciation of $185,744,628. 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. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Board of Directors. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. 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.

Various inputs are used in determining the value of the Fund’s investments. 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)
      Level 3 – significant observable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2008:

  Level 1   Level 2   Level 3   Total  
  $959,920,643   $287,534,822   $1,468,835   $1,248,924,300  
Level 3 Reconciliation:              
Change in unrealized appreciation
Balance as of 12/31/07     (depreciation)       Balance as of 9/30/08
$1,816,875     $(348,040)       $1,468,835

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: November 21, 2008

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 21, 2008

By:

/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: November 21, 2008