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
Registrants telephone number, including area code: (212) 486-1445
Date of fiscal year end: 12/31/2008
Date of reporting period: 3/31/2008
Item 1 - Schedule of Investments
SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
MARCH 31, 2008 (UNAUDITED)
SHARES | VALUE | |||||||
COMMON STOCKS 111.6% | ||||||||
Consumer Products 6.0% | ||||||||
Apparel, Shoes and Accessories - 2.1% | ||||||||
Columbia Sportswear |
34,600 | $ | 1,523,438 | |||||
605,560 | 3,657,582 | |||||||
Kenneth Cole Productions Cl. A |
35,000 | 592,900 | ||||||
K-Swiss Cl. A |
160,000 | 2,531,200 | ||||||
Lazare Kaplan International c |
103,600 | 870,240 | ||||||
Polo Ralph Lauren Cl. A |
17,500 | 1,020,075 | ||||||
17,500 | 240,275 | |||||||
Tods |
30,000 | 1,845,638 | ||||||
Weyco Group |
307,992 | 9,138,123 | ||||||
21,419,471 | ||||||||
Collectibles - 0.6% | ||||||||
175,000 | 1,233,750 | |||||||
RC2 Corporation c |
132,600 | 2,780,622 | ||||||
Russ Berrie & Company c |
124,300 | 1,747,658 | ||||||
5,762,030 | ||||||||
Food/Beverage/Tobacco - 0.5% | ||||||||
B&G Foods (Units) |
120,100 | 2,274,694 | ||||||
B&G Foods Cl. A |
51,300 | 564,300 | ||||||
37,800 | 1,115,100 | |||||||
Hershey Creamery |
709 | 1,471,175 | ||||||
5,425,269 | ||||||||
Health, Beauty and Nutrition - 0.1% | ||||||||
35,000 | 527,450 | |||||||
Home Furnishing and Appliances - 1.8% | ||||||||
Aaron Rents |
4,500 | 96,930 | ||||||
American Woodmark |
77,635 | 1,596,176 | ||||||
64,100 | 1,538,400 | |||||||
Ekornes |
110,000 | 1,998,657 | ||||||
Ethan Allen Interiors |
65,800 | 1,870,694 | ||||||
Hunter Douglas |
30,000 | 2,029,370 | ||||||
Kimball International Cl. B |
286,180 | 3,067,849 | ||||||
La-Z-Boy |
68,200 | 568,788 | ||||||
Lewis Group |
450,000 | 2,332,849 | ||||||
Nice |
200,000 | 940,721 | ||||||
Rational |
15,000 | 2,969,661 | ||||||
10,000 | 242,100 | |||||||
19,252,195 | ||||||||
Household Products/Wares - 0.0% | ||||||||
Blyth |
14,700 | 289,884 | ||||||
Sports and Recreation - 0.9% | ||||||||
Beneteau |
105,000 | 2,821,784 | ||||||
47,700 | 142,146 | |||||||
Monaco Coach |
166,650 | 1,579,842 | ||||||
Sturm, Ruger & Company c |
272,900 | 2,248,696 | ||||||
Thor Industries |
26,100 | 776,997 | ||||||
Winnebago Industries |
97,500 | 1,647,750 | ||||||
9,217,215 | ||||||||
Total | 61,893,514 | |||||||
Consumer Services 4.2% | ||||||||
Direct Marketing - 0.2% | ||||||||
Takkt |
130,000 | 2,337,380 | ||||||
Leisure and Entertainment - 0.0% | ||||||||
15,000 | 80,250 | |||||||
Media and Broadcasting - 0.1% | ||||||||
23,000 | 273,240 | |||||||
36,600 | 779,946 | |||||||
1,053,186 | ||||||||
Online Commerce - 0.1% | ||||||||
FTD Group |
55,000 | 738,100 | ||||||
Restaurants and Lodgings 0.8% | ||||||||
Benihana c |
3,300 | 36,894 | ||||||
6,600 | 74,382 | |||||||
CEC Entertainment c |
116,000 | 3,350,080 | ||||||
90,000 | 1,333,800 | |||||||
Steak n Shake c |
198,000 | 1,558,260 | ||||||
Tim Hortons |
65,000 | 2,213,250 | ||||||
8,566,666 | ||||||||
Retail Stores - 3.0% | ||||||||
95,400 | 1,201,086 | |||||||
AnnTaylor Stores c |
50,000 | 1,209,000 | ||||||
Bulgari |
320,000 | 3,710,072 | ||||||
90,000 | 1,747,800 | |||||||
Childrens Place Retail Stores c |
13,670 | 335,735 | ||||||
287,280 | 3,717,403 | |||||||
Fielmann |
27,533 | 1,692,336 | ||||||
53,300 | 324,064 | |||||||
1,000,000 | 6,280,000 | |||||||
182,800 | 1,027,336 | |||||||
Tiffany & Co. |
158,700 | 6,640,008 | ||||||
21,200 | 837,824 | |||||||
27,000 | 846,450 | |||||||
West Marine c |
131,100 | 913,767 | ||||||
162,000 | 549,180 | |||||||
31,032,061 | ||||||||
Total | 43,807,643 | |||||||
Diversified Investment Companies 0.8% | ||||||||
Closed-End Funds - 0.8% | ||||||||
AP Alternative Assets L.P. c |
315,600 | 3,787,458 | ||||||
Central Fund of Canada Cl. A |
211,500 | 2,660,670 | ||||||
Kohlberg Capital |
179,900 | 1,867,362 | ||||||
Total | 8,315,490 | |||||||
Financial Intermediaries 13.3% | ||||||||
Banking - 6.0% | ||||||||
Abigail Adams National Bancorp |
160,500 | 1,861,800 | ||||||
Ameriana Bancorp |
40,000 | 349,200 | ||||||
Banca Finnat Euramerica |
500,000 | 590,145 | ||||||
Bank of N.T. Butterfield & Son |
408,375 | 7,085,306 | ||||||
Bank Sarasin & Cie Cl. B |
150 | 652,611 | ||||||
Banque Privee Edmond de Rothschild |
17 | 607,650 | ||||||
BB Holdings c |
289,400 | 1,507,717 | ||||||
BOK Financial |
164,227 | 8,577,576 | ||||||
Boston Private Financial Holdings |
203,000 | 2,149,770 | ||||||
Cadence Financial |
40,300 | 643,591 | ||||||
Center Bancorp |
66,811 | 709,533 | ||||||
Centrue Financial |
72,200 | 1,407,900 | ||||||
CFS Bancorp |
265,000 | 3,808,050 | ||||||
CNB Financial |
11,116 | 157,847 | ||||||
Commercial National Financial |
54,900 | 881,145 | ||||||
Farmers & Merchants Bank of Long Beach |
1,266 | 8,342,940 | ||||||
Fauquier Bankshares |
160,800 | 2,894,400 | ||||||
Hawthorn Bancshares |
44,400 | 1,221,000 | ||||||
Heritage Financial |
20,615 | 358,701 | ||||||
HopFed Bancorp |
112,500 | 1,415,250 | ||||||
Jefferson Bancshares |
32,226 | 293,579 | ||||||
Kearny Financial |
60,862 | 666,439 | ||||||
Mechanics Bank |
200 | 3,500,000 | ||||||
Nexity Financial c |
109,999 | 739,193 | ||||||
Old Point Financial |
25,000 | 478,250 | ||||||
Peapack-Gladstone Financial |
10,000 | 270,400 | ||||||
Peoples Community Bancorp c |
179,310 | 715,447 | ||||||
Timberland Bancorp a |
469,200 | 5,466,180 | ||||||
Tompkins Financial |
17,545 | 863,214 | ||||||
Vontobel Holding |
15,600 | 542,214 | ||||||
W Holding Company |
935,400 | 1,113,126 | ||||||
Whitney Holding |
40,500 | 1,003,995 | ||||||
Wilber Corporation |
103,900 | 924,710 | ||||||
Wilmington Trust |
31,000 | 964,100 | ||||||
Yadkin Valley Financial |
3,800 | 48,070 | ||||||
62,811,049 | ||||||||
Insurance - 4.2% | ||||||||
Alleghany Corporation c |
16,644 | 5,684,049 | ||||||
Argo Group International Holdings c |
64,751 | 2,299,955 | ||||||
Aspen Insurance Holdings |
64,000 | 1,688,320 | ||||||
Erie Indemnity Cl. A |
91,500 | 4,683,885 | ||||||
First American |
20,000 | 678,800 | ||||||
80,500 | 1,497,300 | |||||||
Independence Holding |
317,658 | 3,786,483 | ||||||
IPC Holdings |
27,000 | 756,000 | ||||||
Leucadia National |
44,940 | 2,032,187 | ||||||
Markel Corporation c |
7,200 | 3,167,784 | ||||||
Montpelier Re Holdings |
66,000 | 1,059,300 | ||||||
NYMAGIC |
232,200 | 5,273,262 | ||||||
Old Republic International |
20,000 | 258,200 | ||||||
ProAssurance Corporation c |
33,070 | 1,780,158 | ||||||
RLI |
99,724 | 4,943,319 | ||||||
Stewart Information Services |
100,000 | 2,799,000 | ||||||
Wesco Financial |
4,750 | 1,919,000 | ||||||
44,307,002 | ||||||||
Real Estate Investment Trusts - 0.1% | ||||||||
Gladstone Commercial |
34,700 | 539,585 | ||||||
Securities Brokers - 2.4% | ||||||||
200,100 | 366,183 | |||||||
Close Brothers Group |
30,000 | 366,823 | ||||||
32,000 | 226,880 | |||||||
5,000 | 89,950 | |||||||
DundeeWealth |
33,300 | 392,547 | ||||||
75,000 | 289,500 | |||||||
Egyptian Financial Group-Hermes Holding GDR |
28,000 | 581,000 | ||||||
290,600 | 1,961,550 | |||||||
HQ |
26,000 | 683,743 | ||||||
29,300 | 752,131 | |||||||
30,400 | 1,403,872 | |||||||
70,058 | 1,544,779 | |||||||
137,000 | 595,950 | |||||||
Lazard Cl. A |
176,700 | 6,749,940 | ||||||
25,000 | 247,750 | |||||||
Oppenheimer Holdings Cl. A |
30,000 | 1,300,500 | ||||||
optionsxpress Holdings |
53,000 | 1,097,630 | ||||||
50,000 | 461,500 | |||||||
Phatra Securities |
575,000 | 651,354 | ||||||
105,700 | 3,589,572 | |||||||
Shinko Securities |
464,300 | 1,357,016 | ||||||
24,710,170 | ||||||||
Other Financial Intermediaries - 0.6% | ||||||||
KKR Financial |
421,404 | 5,334,975 | ||||||
KKR Private Equity Investors LLP |
105,000 | 1,296,590 | ||||||
6,631,565 | ||||||||
Total | 138,999,371 | |||||||
Financial Services 14.0% | ||||||||
Diversified Financial Services - 1.1% | ||||||||
18,870 | 190,021 | |||||||
Centerline Holding Company |
59,600 | 241,976 | ||||||
59,600 | 0 | |||||||
Discover Financial Services |
10,000 | 163,700 | ||||||
88,000 | 598,400 | |||||||
MarketAxess Holdings c |
67,000 | 665,980 | ||||||
MoneyGram International c |
428,500 | 797,010 | ||||||
Municipal Mortgage & Equity |
40,300 | 200,694 | ||||||
173,600 | 770,784 | |||||||
Portfolio Recovery Associates c |
62,100 | 2,663,469 | ||||||
143,700 | 4,576,845 | |||||||
10,868,879 | ||||||||
Information and Processing - 1.8% | ||||||||
Broadridge Financial Solutions |
30,000 | 528,000 | ||||||
Global Payments |
68,500 | 2,833,160 | ||||||
Interactive Data |
134,300 | 3,823,521 | ||||||
114,203 | 3,397,539 | |||||||
Paychex |
30,000 | 1,027,800 | ||||||
14,420 | 126,031 | |||||||
SEI Investments |
291,800 | 7,204,542 | ||||||
18,940,593 | ||||||||
Insurance Brokers - 1.2% | ||||||||
Brown & Brown |
115,000 | 1,998,700 | ||||||
Crawford & Company Cl. A c |
289,200 | 1,301,400 | ||||||
162,300 | 852,075 | |||||||
7,000 | 778,890 | |||||||
Gallagher (Arthur J.) & Co. |
111,200 | 2,626,544 | ||||||
Hilb Rogal & Hobbs |
155,050 | 4,879,423 | ||||||
12,437,032 | ||||||||
Investment Management - 9.0% | ||||||||
A.F.P. Provida ADR |
14,600 | 540,784 | ||||||
Aberdeen Asset Management |
673,500 | 1,850,934 | ||||||
ADDENDA Capital |
136,800 | 3,521,122 | ||||||
28,500 | 2,586,090 | |||||||
AllianceBernstein Holding L.P. |
333,100 | 21,111,878 | ||||||
Anima |
749,900 | 2,040,954 | ||||||
Ashmore Group |
80,000 | 444,394 | ||||||
Australian Wealth Management |
291,000 | 455,213 | ||||||
Azimut Holding |
51,000 | 530,777 | ||||||
227,050 | 431,395 | |||||||
Calamos Asset Management Cl. A |
45,000 | 732,600 | ||||||
Candover Investments |
21,000 | 841,743 | ||||||
CapMan Cl. B |
600,000 | 2,416,461 | ||||||
Cockleshell c |
337,644 | 392,012 | ||||||
Coronation Fund Managers |
446,000 | 343,866 | ||||||
Deutsche Beteiligungs |
95,000 | 2,412,844 | ||||||
Eaton Vance |
172,800 | 5,272,128 | ||||||
Equity Trustees |
23,000 | 498,409 | ||||||
Evercore Partners Cl. A |
276,800 | 4,913,200 | ||||||
F&C Asset Management |
210,000 | 759,746 | ||||||
Federated Investors Cl. B |
145,700 | 5,705,612 | ||||||
Fiducian Portfolio Services |
227,000 | 488,973 | ||||||
GAMCO Investors Cl. A |
133,600 | 6,728,096 | ||||||
GIMV |
12,200 | 919,668 | ||||||
GP Investments BDR |
91,333 | 2,769,086 | ||||||
213,160 | 618,164 | |||||||
Investcorp Bank GDR c |
22,000 | 564,300 | ||||||
JAFCO |
37,300 | 1,248,746 | ||||||
MVC Capital |
484,200 | 7,379,208 | ||||||
New Star Asset Management Group |
126,500 | 288,665 | ||||||
Onex Corporation |
50,000 | 1,458,912 | ||||||
Perpetual |
11,100 | 546,270 | ||||||
Pzena Investment Management Cl. A |
216,100 | 2,446,252 | ||||||
Rathbone Brothers |
28,000 | 588,932 | ||||||
RHJ International c |
177,500 | 2,005,902 | ||||||
Schroders |
150,000 | 2,791,887 | ||||||
SHUAA Capital |
320,000 | 631,705 | ||||||
SPARX Group |
7,020 | 3,445,543 | ||||||
Tasmanian Perpetual Trustees |
105,000 | 489,393 | ||||||
Trust Company |
65,500 | 497,370 | ||||||
Value Partners Group |
520,000 | 392,155 | ||||||
94,101,389 | ||||||||
Special Purpose Acquisition Corporation - 0.4% | ||||||||
250,000 | 2,490,000 | |||||||
Prospect Acquisition (Units) c |
150,000 | 1,432,500 | ||||||
3,922,500 | ||||||||
Specialty Finance - 0.5% | ||||||||
224,601 | 3,488,054 | |||||||
MCG Capital |
138,000 | 1,254,420 | ||||||
NGP Capital Resources |
50,000 | 821,000 | ||||||
5,563,474 | ||||||||
Total | 145,833,867 | |||||||
Health 6.7% | ||||||||
Commercial Services - 1.1% | ||||||||
427,100 | 11,147,310 | |||||||
Drugs and Biotech - 1.9% | ||||||||
10,000 | 174,100 | |||||||
Biovail Corporation |
41,200 | 438,780 | ||||||
Endo Pharmaceuticals Holdings c |
155,000 | 3,710,700 | ||||||
150,000 | 37,500 | |||||||
90,000 | 530,100 | |||||||
51,500 | 1,285,440 | |||||||
20,000 | 404,000 | |||||||
100,000 | 1,546,000 | |||||||
Mylan b |
52,200 | 605,520 | ||||||
50,000 | 2,014,500 | |||||||
589,900 | 323,265 | |||||||
32,300 | 170,544 | |||||||
Perrigo Company |
162,950 | 6,148,104 | ||||||
383,000 | 287,250 | |||||||
10,000 | 252,300 | |||||||
QLT c |
114,070 | 404,948 | ||||||
27,200 | 99,008 | |||||||
582,000 | 902,100 | |||||||
VIVUS c |
163,300 | 984,699 | ||||||
20,318,858 | ||||||||
Health Services - 1.1% | ||||||||
Albany Molecular Research c |
85,000 | 1,031,900 | ||||||
Cross Country Healthcare c |
30,000 | 371,100 | ||||||
20,000 | 392,200 | |||||||
Gentiva Health Services c |
30,150 | 656,064 | ||||||
50,000 | 1,427,500 | |||||||
Lincare Holdings c |
52,562 | 1,477,518 | ||||||
MedQuist c |
73,893 | 665,037 | ||||||
375,400 | 2,383,790 | |||||||
Paramount Acquisition (Units) c |
280,000 | 1,792,000 | ||||||
65,460 | 1,122,639 | |||||||
11,319,748 | ||||||||
Medical Products and Devices - 2.5% | ||||||||
Allied Healthcare Products c |
190,612 | 1,177,982 | ||||||
10,000 | 333,500 | |||||||
Atrion Corporation |
15,750 | 1,574,055 | ||||||
Bruker BioSciences c |
370,200 | 5,697,378 | ||||||
Coloplast Cl. B |
17,000 | 1,553,839 | ||||||
81,500 | 2,089,660 | |||||||
Golden Meditech |
474,500 | 132,078 | ||||||
IDEXX Laboratories c |
158,000 | 7,783,080 | ||||||
5,000 | 287,000 | |||||||
STERIS Corporation |
98,600 | 2,645,438 | ||||||
Straumann Holding |
1,000 | 285,548 | ||||||
445,500 | 369,765 | |||||||
Young Innovations |
62,550 | 1,083,366 | ||||||
40,400 | 1,074,236 | |||||||
26,086,925 | ||||||||
Personal Care - 0.1% | ||||||||
Nutraceutical International c |
22,800 | 296,400 | ||||||
38,900 | 856,967 | |||||||
1,153,367 | ||||||||
Total | 70,026,208 | |||||||
Industrial Products 19.6% | ||||||||
Automotive - 2.3% | ||||||||
Copart c |
153,100 | 5,934,156 | ||||||
ElringKlinger |
20,000 | 2,234,991 | ||||||
22,500 | 299,925 | |||||||
International Textile Group c |
85,000 | 140,250 | ||||||
375,000 | 8,426,250 | |||||||
15,500 | 14,725 | |||||||
49,000 | 248,430 | |||||||
Superior Industries International |
98,400 | 2,041,800 | ||||||
WABCO Holdings |
98,800 | 4,507,256 | ||||||
23,847,783 | ||||||||
Building Systems and Components - 1.3% | ||||||||
Decker Manufacturing |
6,022 | 210,770 | ||||||
Heywood Williams Group c |
958,837 | 466,202 | ||||||
NCI Building Systems c |
13,900 | 336,380 | ||||||
Preformed Line Products |
91,600 | 4,459,088 | ||||||
Simpson Manufacturing |
250,800 | 6,816,744 | ||||||
Somfy |
5,000 | 1,255,055 | ||||||
13,544,239 | ||||||||
Construction Materials - 1.9% | ||||||||
Ash Grove Cement Cl. B |
50,518 | 11,214,996 | ||||||
Duratex |
45,300 | 787,141 | ||||||
Pretoria Portland Cement |
400,000 | 1,975,952 | ||||||
232,500 | 4,380,300 | |||||||
25,000 | 920,500 | |||||||
19,278,889 | ||||||||
Industrial Components - 1.5% | ||||||||
Barnes Group |
20,000 | 459,000 | ||||||
CLARCOR |
83,500 | 2,968,425 | ||||||
Donaldson Company |
92,800 | 3,737,984 | ||||||
64,790 | 1,050,246 | |||||||
II-VI c |
13,500 | 512,730 | ||||||
PerkinElmer |
135,000 | 3,273,750 | ||||||
Powell Industries c |
92,400 | 3,637,788 | ||||||
15,639,923 | ||||||||
Machinery - 7.1% | ||||||||
20,000 | 775,200 | |||||||
Baldor Electric |
62,900 | 1,761,200 | ||||||
Bell Equipment |
160,000 | 910,807 | ||||||
Burnham Holdings Cl. B |
36,000 | 522,000 | ||||||
Coherent c |
243,500 | 6,791,215 | ||||||
Diebold |
73,600 | 2,763,680 | ||||||
Federal Signal |
58,600 | 818,056 | ||||||
Franklin Electric |
104,800 | 3,581,016 | ||||||
Graco |
106,825 | 3,873,474 | ||||||
Hardinge |
26,193 | 360,416 | ||||||
Haulotte Group |
11,000 | 250,618 | ||||||
IDEX Corporation |
54,000 | 1,657,260 | ||||||
23,000 | 510,370 | |||||||
Lincoln Electric Holdings |
177,980 | 11,477,930 | ||||||
Manitou BF |
65,000 | 2,452,853 | ||||||
Mueller Water Products Cl. A |
72,500 | 593,050 | ||||||
Nordson Corporation |
172,200 | 9,272,970 | ||||||
OSG Corporation |
20,000 | 234,497 | ||||||
Pfeiffer Vacuum Technology |
45,395 | 4,184,537 | ||||||
Rofin-Sinar Technologies c |
236,000 | 10,596,400 | ||||||
Takatori Corporation |
40,000 | 170,442 | ||||||
Vacon |
55,000 | 2,431,113 | ||||||
37,499 | 514,861 | |||||||
Woodward Governor |
289,600 | 7,738,112 | ||||||
74,242,077 | ||||||||
Metal Fabrication and Distribution - 1.3% | ||||||||
Commercial Metals |
36,600 | 1,096,902 | ||||||
CompX International Cl. A |
292,300 | 2,689,160 | ||||||
Gerdau Ameristeel |
61,100 | 862,121 | ||||||
Kaydon Corporation |
76,900 | 3,376,679 | ||||||
NN |
197,100 | 1,917,783 | ||||||
45,000 | 1,670,850 | |||||||
Reliance Steel & Aluminum |
25,920 | 1,551,571 | ||||||
Sims Group |
860 | 23,540 | ||||||
13,188,606 | ||||||||
Miscellaneous Manufacturing - 2.7% | ||||||||
Brady Corporation Cl. A |
188,400 | 6,298,212 | ||||||
10,000 | 105,500 | |||||||
Matthews International Cl. A |
100,000 | 4,825,000 | ||||||
28,700 | 2,787,344 | |||||||
Myers Industries |
30,499 | 400,452 | ||||||
Peerless Manufacturing c |
191,600 | 6,209,756 | ||||||
Raven Industries |
86,200 | 2,611,860 | ||||||
Semperit AG Holding |
55,500 | 2,186,381 | ||||||
Synalloy Corporation |
198,800 | 2,417,408 | ||||||
27,841,913 | ||||||||
Paper and Packaging - 0.4% | ||||||||
Mayr-Melnhof Karton |
36,000 | 3,638,855 | ||||||
Peak International c |
408,400 | 784,128 | ||||||
4,422,983 | ||||||||
Specialty Chemicals and Materials - 1.1% | ||||||||
Aceto Corporation |
119,710 | 830,787 | ||||||
American Vanguard |
26,666 | 443,722 | ||||||
Cabot Corporation |
161,000 | 4,508,000 | ||||||
Hawkins |
206,878 | 3,144,546 | ||||||
Migao Corporation c |
12,700 | 87,970 | ||||||
1,000 | 4,720 | |||||||
Schulman (A.) |
143,100 | 2,937,843 | ||||||
11,957,588 | ||||||||
Textiles - 0.0% | ||||||||
Unifi c |
145,100 | 419,339 | ||||||
Total | 204,383,340 | |||||||
Industrial Services 14.5% | ||||||||
Advertising and Publishing - 0.6% | ||||||||
71,900 | 2,527,285 | |||||||
Lamar Advertising Cl. A c |
45,000 | 1,616,850 | ||||||
60,000 | 436,200 | |||||||
180,000 | 129,600 | |||||||
45,000 | 776,250 | |||||||
150,000 | 967,500 | |||||||
6,453,685 | ||||||||
Commercial Services - 6.0% | ||||||||
Allied Waste Industries c |
188,800 | 2,040,928 | ||||||
30,000 | 328,200 | |||||||
50,000 | 1,045,000 | |||||||
10,000 | 45,900 | |||||||
121,000 | 1,822,260 | |||||||
106,500 | 769,995 | |||||||
79,287 | 2,548,284 | |||||||
Diamond Management & Technology Consultants |
80,400 | 518,580 | ||||||
5,000 | 105,950 | |||||||
Forrester Research c |
40,300 | 1,071,174 | ||||||
3,900 | 57,915 | |||||||
205,720 | 8,181,485 | |||||||
210,862 | 5,575,191 | |||||||
ITT Educational Services c |
95,000 | 4,363,350 | ||||||
Landauer |
117,900 | 5,935,086 | ||||||
53,400 | 748,668 | |||||||
MAXIMUS |
127,900 | 4,695,209 | ||||||
Michael Page International |
178,000 | 1,067,553 | ||||||
24,800 | 600,408 | |||||||
MPS Group c |
564,600 | 6,673,572 | ||||||
228,600 | 342,900 | |||||||
Robert Half International |
65,500 | 1,685,970 | ||||||
Sothebys |
367,200 | 10,615,752 | ||||||
53,000 | 324,360 | |||||||
2,100 | 69,300 | |||||||
2,500 | 15,250 | |||||||
TRC Companies c |
3,600 | 15,732 | ||||||
Viad Corporation |
9,025 | 324,990 | ||||||
30,000 | 921,900 | |||||||
62,510,862 | ||||||||
Engineering and Construction - 1.2% | ||||||||
15,000 | 12,750 | |||||||
9,800 | 568,890 | |||||||
Fleetwood Enterprises c |
234,300 | 1,077,780 | ||||||
HLS Systems International c |
110,720 | 852,544 | ||||||
350,400 | 5,504,784 | |||||||
KBR |
140,000 | 3,882,200 | ||||||
11,898,948 | ||||||||
Food and Tobacco Processors - 0.4% | ||||||||
21,900 | 182,865 | |||||||
Astral Foods |
80,000 | 956,753 | ||||||
17,000 | 198,900 | |||||||
MGP Ingredients |
127,400 | 890,526 | ||||||
Seneca Foods Cl. A c |
80,000 | 1,680,000 | ||||||
13,251 | 271,645 | |||||||
Zhongpin c |
17,500 | 170,275 | ||||||
4,350,964 | ||||||||
Industrial Distribution - 2.2% | ||||||||
Central Steel & Wire |
6,062 | 4,122,160 | ||||||
Manutan International |
8,945 | 777,258 | ||||||
MSC Industrial Direct Cl. A |
74,300 | 3,139,175 | ||||||
Ritchie Bros. Auctioneers |
183,400 | 15,060,808 | ||||||
23,099,401 | ||||||||
Printing - 0.1% | ||||||||
Bowne & Co. |
68,100 | 1,038,525 | ||||||
Transportation and Logistics - 4.0% | ||||||||
Alexander & Baldwin |
60,000 | 2,584,800 | ||||||
17,000 | 935,000 | |||||||
C. H. Robinson Worldwide |
80,000 | 4,352,000 | ||||||
Forward Air |
269,750 | 9,559,940 | ||||||
Frozen Food Express Industries |
286,635 | 2,275,882 | ||||||
174,400 | 5,736,016 | |||||||
Landstar System |
96,200 | 5,017,792 | ||||||
Patriot Transportation Holding c |
72,300 | 5,671,212 | ||||||
Universal Truckload Services c |
115,100 | 2,402,137 | ||||||
UTI Worldwide |
175,000 | 3,514,000 | ||||||
42,048,779 | ||||||||
Total | 151,401,164 | |||||||
Natural Resources 9.7% | ||||||||
Energy Services - 4.5% | ||||||||
50,000 | 519,000 | |||||||
Carbo Ceramics |
155,200 | 6,223,520 | ||||||
10,000 | 1,193,000 | |||||||
Ensign Energy Services |
126,300 | 2,462,139 | ||||||
103,600 | 6,686,344 | |||||||
54,500 | 876,905 | |||||||
34,226 | 1,078,119 | |||||||
Helmerich & Payne |
80,600 | 3,777,722 | ||||||
ION Geophysical c |
464,500 | 6,410,100 | ||||||
National Fuel Gas |
22,500 | 1,062,225 | ||||||
RPC |
25,000 | 379,750 | ||||||
127,300 | 10,866,328 | |||||||
10,000 | 33,100 | |||||||
68,000 | 1,077,120 | |||||||
Willbros Group c |
103,800 | 3,176,280 | ||||||
World Fuel Services |
50,000 | 1,403,500 | ||||||
47,225,152 | ||||||||
Oil and Gas - 1.5% | ||||||||
Bill Barrett c |
50,000 | 2,362,500 | ||||||
41,700 | 2,471,559 | |||||||
Cimarex Energy |
115,490 | 6,321,923 | ||||||
Edge Petroleum c |
326,900 | 1,317,407 | ||||||
Penn Virginia |
32,880 | 1,449,679 | ||||||
61,400 | 0 | |||||||
330,800 | 244,792 | |||||||
W&T Offshore |
25,000 | 852,750 | ||||||
15,020,610 | ||||||||
Precious Metals and Mining - 2.4% | ||||||||
Centerra Gold c |
30,000 | 393,395 | ||||||
Endeavour Mining Capital |
150,000 | 1,015,636 | ||||||
Etruscan Resources c |
745,900 | 1,773,098 | ||||||
198,300 | 1,489,233 | |||||||
175,000 | 600,250 | |||||||
Harry Winston Diamond |
10,000 | 239,100 | ||||||
Hecla Mining c |
490,500 | 5,473,980 | ||||||
IAMGOLD Corporation |
335,620 | 2,460,095 | ||||||
189,000 | 1,200,150 | |||||||
560,000 | 896,000 | |||||||
Kinross Gold |
40,286 | 890,723 | ||||||
Metorex c |
1,000,000 | 2,579,786 | ||||||
Northam Platinum |
150,000 | 1,312,354 | ||||||
Northgate Minerals c |
120,000 | 382,800 | ||||||
NovaGold Resources c |
45,000 | 346,950 | ||||||
41,000 | 1,573,170 | |||||||
Royal Gold |
34,400 | 1,037,848 | ||||||
Yamana Gold |
113,525 | 1,659,736 | ||||||
25,324,304 | ||||||||
Real Estate - 1.3% | ||||||||
Alico |
27,000 | 1,192,050 | ||||||
Consolidated-Tomoka Land |
13,564 | 760,262 | ||||||
75,200 | 2,273,296 | |||||||
SARE Holding Cl. B c |
730,000 | 1,008,292 | ||||||
70,000 | 2,612,400 | |||||||
132,100 | 5,671,053 | |||||||
13,517,353 | ||||||||
Total | 101,087,419 | |||||||
Technology 21.1% | ||||||||
Aerospace and Defense - 0.9% | ||||||||
45,000 | 791,100 | |||||||
Astronics Corporation c |
52,400 | 1,012,368 | ||||||
Ducommun c |
117,200 | 3,242,924 | ||||||
HEICO Corporation |
39,000 | 1,901,250 | ||||||
47,500 | 907,725 | |||||||
Integral Systems c |
39,876 | 1,165,575 | ||||||
9,020,942 | ||||||||
Components and Systems - 5.9% | ||||||||
Analogic Corporation |
40,135 | 2,670,583 | ||||||
Belden |
57,800 | 2,041,496 | ||||||
Benchmark Electronics c |
208,200 | 3,737,190 | ||||||
CheckpointSystems c |
56,060 | 1,505,211 | ||||||
6,000 | 106,500 | |||||||
Dionex Corporation c |
81,000 | 6,236,190 | ||||||
25,000 | 373,000 | |||||||
105,500 | 3,154,450 | |||||||
Excel Technology c |
168,500 | 4,542,760 | ||||||
47,500 | 755,725 | |||||||
Imation Corporation |
15,700 | 357,018 | ||||||
InFocus Corporation c |
228,100 | 426,547 | ||||||
KEMET Corporation c |
95,600 | 386,224 | ||||||
Methode Electronics |
50,000 | 584,500 | ||||||
Nam Tai Electronics |
23,400 | 224,640 | ||||||
592,200 | 6,614,874 | |||||||
Perceptron c |
357,700 | 4,532,059 | ||||||
Plexus Corporation c |
300,700 | 8,434,635 | ||||||
32,500 | 454,025 | |||||||
Richardson Electronics |
116,700 | 493,641 | ||||||
Technitrol |
261,200 | 6,041,556 | ||||||
35,000 | 772,100 | |||||||
TTM Technologies c |
221,400 | 2,506,248 | ||||||
Vishay Intertechnology c |
186,000 | 1,685,160 | ||||||
Zebra Technologies Cl. A c |
76,525 | 2,549,813 | ||||||
61,186,145 | ||||||||
Distribution - 0.8% | ||||||||
Agilysys |
165,125 | 1,915,450 | ||||||
Anixter International c |
61,795 | 3,957,352 | ||||||
China 3C Group c |
36,300 | 49,005 | ||||||
86,500 | 2,837,200 | |||||||
8,759,007 | ||||||||
Internet Software and Services - 1.1% | ||||||||
Arbinet-thexchange b |
87,200 | 365,368 | ||||||
12,000 | 42,360 | |||||||
173,500 | 2,300,610 | |||||||
155,400 | 1,103,340 | |||||||
CryptoLogic |
68,500 | 1,086,410 | ||||||
10,000 | 146,100 | |||||||
55,200 | 416,760 | |||||||
43,420 | 969,134 | |||||||
525,000 | 1,097,250 | |||||||
8,300 | 35,939 | |||||||
Lionbridge Technologies c |
37,500 | 125,625 | ||||||
10,000 | 79,400 | |||||||
RealNetworks c |
245,400 | 1,406,142 | ||||||
SkyTerra Communications c |
62,200 | 447,840 | ||||||
SupportSoft c |
220,000 | 726,000 | ||||||
24,800 | 824,352 | |||||||
11,172,630 | ||||||||
IT Services - 2.9% | ||||||||
Alten c |
71,000 | 2,098,559 | ||||||
529,100 | 888,888 | |||||||
Black Box |
47,000 | 1,449,950 | ||||||
10,000 | 455,500 | |||||||
CIBER c |
10,000 | 49,000 | ||||||
204,200 | 3,738,902 | |||||||
Computer Task Group c |
101,100 | 416,532 | ||||||
5,000 | 328,700 | |||||||
Gartner c |
213,000 | 4,119,420 | ||||||
Hackett Group c |
655,000 | 2,561,050 | ||||||
20,000 | 399,800 | |||||||
806,602 | 5,613,950 | |||||||
Syntel |
152,679 | 4,068,896 | ||||||
Total System Services |
25,000 | 591,500 | ||||||
215,200 | 3,591,688 | |||||||
16,400 | 271,420 | |||||||
30,643,755 | ||||||||
Semiconductors and Equipment - 3.5% | ||||||||
Actions Semiconductor ADR c |
61,000 | 180,560 | ||||||
58,000 | 290,000 | |||||||
Brooks Automation c |
5,152 | 50,077 | ||||||
CEVA c |
31,666 | 242,245 | ||||||
Cognex Corporation |
236,200 | 5,156,246 | ||||||
Diodes c |
297,450 | 6,532,002 | ||||||
Dolby Laboratories Cl. A c |
153,900 | 5,580,414 | ||||||
115,000 | 1,465,100 | |||||||
232,576 | 1,914,101 | |||||||
Fairchild Semiconductor International c |
51,200 | 610,304 | ||||||
Himax Technologies ADR c |
100,000 | 485,000 | ||||||
8,310 | 102,213 | |||||||
120,000 | 2,580,000 | |||||||
57,450 | 743,978 | |||||||
Jazz Technologies (Units) c |
805,000 | 483,000 | ||||||
Jinpan International |
6,700 | 200,196 | ||||||
Kulicke & Soffa Industries c |
105,800 | 505,724 | ||||||
Maxwell Technologies c |
21,500 | 219,085 | ||||||
12,000 | 252,600 | |||||||
2,000 | 11,360 | |||||||
49,000 | 1,433,740 | |||||||
200,000 | 324,000 | |||||||
Semitool c |
50,000 | 416,000 | ||||||
Vaisala Cl. A |
100,000 | 4,508,238 | ||||||
65,000 | 1,080,950 | |||||||
270,000 | 742,500 | |||||||
120,000 | 691,200 | |||||||
36,800,833 | ||||||||
Software - 4.1% | ||||||||
ACI Worldwide c |
233,150 | 4,644,348 | ||||||
190,900 | 8,136,158 | |||||||
100,000 | 3,452,000 | |||||||
Aspen Technology c |
27,100 | 345,254 | ||||||
Avid Technology c |
71,000 | 1,728,140 | ||||||
Borland Software c |
280,000 | 565,600 | ||||||
China Fire & Security Group c |
16,300 | 114,263 | ||||||
Datasul |
150,000 | 1,495,982 | ||||||
Epicor Software c |
79,900 | 894,880 | ||||||
99,900 | 1,823,175 | |||||||
119,400 | 5,415,984 | |||||||
50,000 | 649,500 | |||||||
50,000 | 1,127,500 | |||||||
Pegasystems |
25,000 | 240,750 | ||||||
PLATO Learning c |
149,642 | 438,451 | ||||||
30,500 | 912,560 | |||||||
Renaissance Learning |
15,000 | 209,850 | ||||||
SPSS c |
179,600 | 6,964,888 | ||||||
82,600 | 2,172,380 | |||||||
20,000 | 436,000 | |||||||
40,000 | 645,200 | |||||||
42,412,863 | ||||||||
Telecommunications - 1.9% | ||||||||
2,584,100 | 7,597,254 | |||||||
ADTRAN |
65,000 | 1,202,500 | ||||||
Catapult Communications c |
87,100 | 448,565 | ||||||
8,700 | 44,544 | |||||||
China Mobile Media Technology c |
160,200 | 33,642 | ||||||
20,400 | 220,116 | |||||||
Covad Communications Group c |
35,000 | 33,950 | ||||||
Foundry Networks c |
298,600 | 3,457,788 | ||||||
50,000 | 364,500 | |||||||
Globecomm Systems c |
233,700 | 2,033,190 | ||||||
IDT Corporation c |
108,400 | 362,056 | ||||||
IDT Corporation Cl. B c |
95,000 | 367,650 | ||||||
401,341 | 850,843 | |||||||
380,000 | 570,000 | |||||||
191,000 | 699,060 | |||||||
Tandberg |
56,000 | 841,587 | ||||||
Tollgrade Communications c |
20,000 | 104,800 | ||||||
50,000 | 142,000 | |||||||
Zhone Technologies c |
965,000 | 945,700 | ||||||
20,319,745 | ||||||||
Total | 220,315,920 | |||||||
Utilities 0.2% | ||||||||
CH Energy Group |
44,500 | 1,731,050 | ||||||
Southern Union |
11,576 | 269,373 | ||||||
Total | 2,000,423 | |||||||
Miscellaneous e 1.5% | ||||||||
Total | 15,526,812 | |||||||
TOTAL COMMON STOCKS | |||||||||
(Cost $919,359,523) |
1,163,591,171 | ||||||||
PREFERRED STOCKS 0.4% | |||||||||
Duratex |
100,000 | 1,913,718 | |||||||
85,000 | 1,606,500 | ||||||||
TOTAL PREFERRED STOCKS | |||||||||
(Cost $3,614,915) |
3,520,218 | ||||||||
PRINCIPAL | |||||||||
AMOUNT | |||||||||
CORPORATE BOND 0.0% | |||||||||
Dixie Group 7.00% |
|||||||||
Conv.
Sub. Deb. due 5/15/12 |
$ | 352,000 | 330,880 | ||||||
REPURCHASE AGREEMENT 11.9% | |||||||||
State Street Bank & Trust Company, | |||||||||
2.10% dated 3/31/08, due 4/1/08, |
|||||||||
maturity value $124,345,253 (collateralized |
|||||||||
by obligations of various U.S. Government |
|||||||||
Agencies, valued at $127,449,906) |
|||||||||
(Cost $124,338,000) |
124,338,000 | ||||||||
COLLATERAL RECEIVED FOR SECURITIES LOANED 14.3% | |||||||||
Fannie Mae-Notes | |||||||||
6.11% |
|||||||||
due 8/24/27 |
42,092 | 42,336 | |||||||
Federal Home Loan Bank-Bonds | |||||||||
5.25%-5.50% |
|||||||||
due 5/7/10-6/25/10 |
25,671 | 26,150 | |||||||
Federal National Mortgage Association-Bonds | |||||||||
5.25% |
|||||||||
due 8/1/12 |
20,907 | 21,079 | |||||||
Freddie Mac-Discount Notes | |||||||||
4.625%-6.00% |
|||||||||
due 6/4/15-6/5/17 |
51,236 | 52,092 | |||||||
U.S. Treasury Bonds | |||||||||
1.75%-8.875% |
|||||||||
due 2/15/19-2/15/36 |
810,603 | 817,061 | |||||||
U.S. Treasury Notes | |||||||||
0.875%-5.00% |
|||||||||
due 5/15/08-5/15/15 |
142,295 | 142,773 | |||||||
U.S. Treasury Strip-Interest | |||||||||
due 5/15/20-8/15/21 |
9,554 | 9,554 | |||||||
U.S. Treasury Strip-Principal | |||||||||
due 11/15/27 |
3,816 | 3,816 | |||||||
Money Market Funds | |||||||||
State Street Navigator Securities Lending |
|||||||||
Prime Portfolio (7 day yield-3.1825%) |
147,943,652 | ||||||||
TOTAL COLLATERAL
RECEIVED FOR |
||||||||
(Cost $149,058,513) |
149,058,513 | |||||||
TOTAL INVESTMENTS 138.2% | ||||||||
(Cost $1,196,671,532) |
1,440,838,782 | |||||||
LIABILITIES LESS CASH |
(178,367,867 | ) | ||||||
PREFERRED STOCK (21.1)% | (220,000,000 | ) | ||||||
NET ASSETS APPLICABLE TO COMMON |
$ | 1,042,470,915 | ||||||
Market | Realized | Market | |||||||||||||||||||
Shares | Value | Cost of | Cost of | Gain | Dividend | Shares | Value | ||||||||||||||
Affiliated Company | 12/31/07 | 12/31/07 | Purchases | Sales | (Loss) | Income | 3/31/08 | 3/31/08 | |||||||||||||
Delta Apparel | 580,760 | $4,152,434 | $168,149 | - | - | $ | - | 605,560 | $3,657,582 | ||||||||||||
Timberland Bancorp | 469,200 | 5,714,856 | - | - | - | 51,612 | 469,200 | 5,466,180 | |||||||||||||
$9,867,290 | - | $ | 51,612 | $9,123,762 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||
$1,023,919,022 | $415,313,260 | $1,606,500 | $1,440,838,782 | |||||||
Repurchase Agreements: | ||
The Fund
may enter into repurchase agreements with institutions that the Funds 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 Funds most recent Prospectus and Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commissions website (www.sec.gov). |
(b) There were no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrants 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 27, 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: May 27, 2008
By:
/s/ John D. Diederich
John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: May 27, 2008