Edgar Filing: ROYCE VALUE TRUST INC

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

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

Investment Company Act File Number: 811-04875

Name of Fund: Royce Value Trust, Inc. Fund Address: 745 Fifth Avenue New York, NY 10151

Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LP
745 Fifth Avenue
New York, NY 10151

Registrant’s telephone number, including area code: (212) 508-4500

Date of fiscal year end: 12/31/2017

Date of reporting period: 9/30/2017

Item 1 – Schedule of Investments

SCHEDULE OF INVESTMENTS ROYCE VALUE TRUST SEPTEMBER 30, 2017 (UNAUDITED)
SHARES VALUE COMMON STOCKS – 100.5% Consumer Discretionary – 10.1% Auto Components - 1.1%

Cooper Tire & Rubber

54,200 $ 2,027,080

Gentex Corporation

228,070 4,515,786

LCI Industries

68,516 7,937,578

Sebang Global Battery

28,500 888,331

Standard Motor Products

18,291 882,541 16,251,316 Automobiles - 0.8%

Thor Industries 1,2

87,730 11,046,084 Distributors - 0.9%

Core-Mark Holding Company

220,900 7,099,726

Fenix Parts 3,4

255,000 170,850

LKQ Corporation 4

49,600 1,785,104

Uni-Select

30,200 652,528

Weyco Group

97,992 2,781,013 12,489,221 Diversified Consumer Services - 0.6%

Adtalem Global Education 4

52,054 1,866,136

American Public Education 4

42,400 892,520

Cambium Learning Group 4

70,000 464,100

Collectors Universe

50,000 1,198,500

H&R Block

8,000 211,840

Liberty Tax Cl. A

151,573 2,182,651

Lincoln Educational Services 4

330,600 826,500

Universal Technical Institute 4

504,032 1,748,991 9,391,238 Hotels, Restaurants & Leisure - 0.5%

Biglari Holdings 4

3,000 999,870

Century Casinos 4

222,360 1,825,576

Lindblad Expeditions Holdings 4

207,600 2,221,320

Noodles & Company Cl. A 1,2,4

200,000 880,000

Rank Group

400,000 1,189,919

Zoe’s Kitchen 4

30,000 378,900 7,495,585 Household Durables - 1.9%

AV Homes 4

66,100 1,133,615

Cavco Industries 4

14,700 2,168,985

Ethan Allen Interiors

231,000 7,484,400

Flexsteel Industries

13,900 704,730

Mohawk Industries 1,2,4

12,400 3,069,124

Natuzzi ADR 4

2,096,300 4,297,415

PICO Holdings 4

409,400 6,836,980

Samson Holding

2,500,000 339,239

Skyline Corporation 4

55,400 669,786

Stanley Furniture 5

912,235 1,076,437 27,780,711 Internet & Direct Marketing Retail - 0.3%

CafePress 4

110,000 199,100

FTD Companies 4

298,014 3,886,103 4,085,203 Leisure Products - 1.0%

Character Group

91,500 588,528

MCBC Holdings 4

60,500 1,232,990

Nautilus 4

706,300 11,936,470 13,757,988 Media - 0.5%

E.W. Scripps Company Cl. A 1,2,4

68,660 1,312,093

Entravision Communications Cl. A

108,200 616,740

Global Eagle Entertainment 4

110,000 376,200

Gray Television 4

50,000 785,000

Meredith Corporation

32,800 1,820,400

New Media Investment Group

60,100 888,879

Pico Far East Holdings

2,734,400 1,144,642

T4F Entretenimento

150,000 411,095

Technicolor

120,000 414,138 7,769,187 Multiline Retail - 0.0%

New World Department Store China 4

1,447,500 313,159 Specialty Retail - 1.3%

AutoCanada

78,800 1,503,689

Barnes & Noble

47,000 357,200

Barnes & Noble Education 4

20,000 130,200

Byggmax Group

100,000 841,017

Caleres 2

105,700 3,225,964

Children’s Place

19,600 2,315,740

Container Store Group (The) 2,4

158,200 666,022

Destination Maternity 4

557,967 931,805

Haverty Furniture

23,700 619,755

I.T

827,000 445,705

Monro

111,500 6,249,575

Oriental Watch Holdings

967,900 208,161

Topps Tiles

750,000 758,775

TravelCenters of America LLC 4

162,500 690,625 18,944,233 Textiles, Apparel & Luxury Goods - 1.2%

Crown Crafts

97,741 635,317

Culp

29,400 962,850

Deckers Outdoor 4

6,120 418,669

J.G. Boswell Company 3

3,940 2,698,900

Movado Group

58,361 1,634,108

Wolverine World Wide

325,000 9,376,250

YGM Trading

1,082,600 1,039,416 16,765,510 Total 146,089,435 Consumer Staples – 2.2% Beverages - 0.1%

Compania Cervecerias Unidas ADR 2

72,500 1,952,425 Food & Staples Retailing - 0.0%

Conviviality

70,000 386,456 Food Products - 1.9%

AGT Food and Ingredients

9,000 176,285

Cal-Maine Foods 1,2,4

86,016 3,535,258

Farmer Bros. 4

54,700 1,796,895

Hilton Food Group

75,000 729,630

Industrias Bachoco ADR

43,495 2,892,417

John B. Sanfilippo & Son

17,200 1,157,732

Lancaster Colony

12,900 1,549,548

Sanderson Farms

7,900 1,276,008

Seneca Foods Cl. A 4

159,892 5,516,274

Seneca Foods Cl. B 4

13,840 478,864

SunOpta 1,2,4

187,459 1,630,893

Tootsie Roll Industries 2

155,308 5,901,704 26,641,508 Household Products - 0.0%

Central Garden & Pet 4

10,300 400,052 Personal Products - 0.2%

Inter Parfums

63,930 2,637,113 Total 32,017,554 Energy – 5.0% Energy Equipment & Services - 4.0%

CARBO Ceramics 1,2,4

78,000 673,140

Diamond Offshore Drilling 1,2,4

189,000 2,740,500

Era Group 4

554,693 6,207,015

Forum Energy Technologies 4

144,654 2,299,999

Frank’s International 1,2

108,600 838,392

Helmerich & Payne 1,2

89,000 4,637,790

ION Geophysical 1,2,4

71,880 683,579

Oil States International 4

49,733 1,260,731

Pason Systems

496,380 7,471,061

Pioneer Energy Services 4

164,500 419,475

Precision Drilling 4

93,900 292,968

SEACOR Holdings 4

150,469 6,938,125

SEACOR Marine Holdings 4

638,834 9,991,364

TGS-NOPEC Geophysical

409,470 9,742,553

Trican Well Service 4

944,000 3,449,922 57,646,614 Oil, Gas & Consumable Fuels - 1.0%

Ardmore Shipping 4

61,600 508,200

Dorchester Minerals L.P.

177,172 2,666,438

Dorian LPG 4

184,034 1,255,112

Green Plains

90,000 1,813,500

Hallador Energy

21,000 120,120

Hargreaves Services

57,683 261,258

New Zealand Refining

310,000 570,978

San Juan Basin Royalty Trust

320,352 2,511,560

World Fuel Services

110,800 3,757,228

WPX Energy 4

110,000 1,265,000 14,729,394 Total 72,376,008 Financials – 15.0% Banks - 2.4%

Banca Sistema

200,000 561,639

Bank of N.T. Butterfield & Son

178,416 6,537,162

Blue Hills Bancorp

54,080 1,038,336

Canadian Western Bank

279,500 7,551,148

Farmers & Merchants Bank of Long
Beach 3

1,080 8,451,000

Fauquier Bankshares

160,800 3,191,880

First Citizens BancShares Cl. A

14,676 5,487,210

Webster Financial

40,300 2,117,765 34,936,140 Capital Markets - 7.9%

Affiliated Managers Group

7,000 1,328,810

Ares Management L.P.

366,300 6,831,495

Artisan Partners Asset Management Cl. A

273,100 8,903,060

ASA Gold and Precious Metals

199,821 2,367,879

Ashmore Group

1,354,000 6,154,306

Associated Capital Group Cl. A 1,2

20,200 721,140

Citadel Capital 4

8,549,921 639,428

Cowen Cl. A 4

62,706 1,116,167

Dundee Corporation Cl. A 4

1,079,900 2,769,529

Edmond de Rothschild (Suisse)

153 2,757,113

Federated Investors Cl. B

91,540 2,718,738

Gluskin Sheff + Associates

57,600 867,866

Houlihan Lokey Cl. A

80,800 3,161,704

Jupiter Fund Management

230,000 1,701,263

KKR & Co. L.P.

24,100 489,953

Lazard Cl. A

114,635 5,183,795

Manning & Napier Cl. A

395,692 1,562,983

MarketAxess Holdings

56,600 10,443,266

Medley Management Cl. A 1,2

109,500 673,425

Morningstar

84,600 7,190,154

mutares

39,266 623,034

MVC Capital

324,200 3,245,242

Oaktree Capital Group LLC Cl. A

101,100 4,756,755

Rothschild & Co

216,893 8,203,069

SEI Investments

185,600 11,332,736

Sprott

1,927,000 3,258,642

TMX Group

40,700 2,299,619

U.S. Global Investors Cl. A

520,551 1,108,774

Value Partners Group

5,453,000 4,921,354

Virtu Financial Cl. A 2

101,200 1,639,440

Virtus Investment Partners

1,430 165,951

Westwood Holdings Group

49,073 3,301,141

ZAIS Group Holdings Cl. A 2,4

492,300 1,796,895 114,234,726 Consumer Finance - 0.2%

Bajaj Finance

55,000 1,546,012

Currency Exchange International 4

30,000 629,693 2,175,705 Diversified Financial Services - 0.1%

First Pacific

1,020,000 813,483

Waterloo Investment Holdings 4,6

2,972,000 891,600 1,705,083 Insurance - 2.8%

Alleghany Corporation 4

709 392,793

Atlas Financial Holdings 4

48,900 924,210

E-L Financial

21,500 14,577,439

Erie Indemnity Cl. A

25,000 3,014,250

Independence Holding Company

302,731 7,643,958

MBIA 4

942,400 8,198,880

ProAssurance Corporation

17,139 936,646

RLI Corp.

67,400 3,866,064

WMIH 4

77,742 73,855 39,628,095 Investment Companies - 0.2%

RIT Capital Partners

130,500 3,395,974 Thrifts & Mortgage Finance - 1.4%

BofI Holding 1,2,4

16,300 464,061

Genworth MI Canada

232,395 6,896,884

Timberland Bancorp 5

420,600 13,181,604

Vestin Realty Mortgage II 3,4

53 180,200 20,722,749 Total 216,798,472 Health Care – 5.2% Biotechnology - 1.1%

Keryx Biopharmaceuticals 1,2,4

139,000 986,900

Novavax 1,2,4

550,000 627,000

Sangamo Therapeutics 4

302,815 4,542,225

Zealand Pharma 4

479,007 9,243,494 15,399,619 Health Care Equipment & Supplies - 1.9%

Analogic Corporation

53,735 4,500,306

Atrion Corporation

15,750 10,584,000

Hill-Rom Holdings

5,000 370,000

Integer Holdings 4

42,400 2,168,760

Invacare Corporation

38,900 612,675

Masimo Corporation 4

50,000 4,328,000

Neogen Corporation 4

16,800 1,301,328

Surmodics 4

138,500 4,293,500 28,158,569 Health Care Providers & Services - 0.9%

Aceto Corporation

18,800 211,124

AMN Healthcare Services 4

65,600 2,997,920

Community Health Systems 4

790,000 6,067,200

Landauer

50,000 3,365,000 12,641,244 Health Care Technology - 0.5%

athenahealth 1,2,4

32,500 4,041,700

Medidata Solutions 4

50,000 3,903,000 7,944,700 Life Sciences Tools & Services - 0.7%

Bio-Rad Laboratories Cl. A 4

26,898 5,977,274

Bio-Techne

27,643 3,341,762

Dyadic International 3,4

75,000 109,500 9,428,536 Pharmaceuticals - 0.1%

Intra-Cellular Therapies 4

30,000 473,400

Theravance Biopharma 4

34,291 1,174,124 1,647,524 Total 75,220,192 Industrials – 29.0% Aerospace & Defense - 2.9%

Austal

688,670 839,999

Ducommun 4

117,200 3,756,260

HEICO Corporation

175,422 15,754,650

HEICO Corporation Cl. A

101,010 7,696,962

Hexcel Corporation

4,900 281,358

Magellan Aerospace

182,779 2,622,115

Mercury Systems 4

25,400 1,317,752

Teledyne Technologies 4

20,600 3,279,108

Wesco Aircraft Holdings 4

588,000 5,527,200 41,075,404 Air Freight & Logistics - 1.4%

Expeditors International of Washington

158,900 9,511,754

Forward Air

179,750 10,287,092 19,798,846 Building Products - 0.7%

American Woodmark 4

22,400 2,156,000

Apogee Enterprises 2

50,600 2,441,956

Burnham Holdings Cl. B 3

36,000 540,000

DIRTT Environmental Solutions 4

65,000 285,474

Epwin Group

200,000 210,380

Insteel Industries 2

37,880 989,047

NCI Building Systems 4

65,300 1,018,680

Patrick Industries 4

9,850 828,385

Simpson Manufacturing

45,600 2,236,224 10,706,146 Commercial Services & Supplies - 2.7%

Atento 4

183,300 2,126,280

CECO Environmental

99,028 837,777

CompX International Cl. A

211,100 3,219,275

Copart 4

439,920 15,120,050

Heritage-Crystal Clean 4

143,527 3,121,712

Kimball International Cl. B

286,180 5,657,779

Mobile Mini

105,000 3,617,250

Steelcase Cl. A

177,260 2,729,804

UniFirst Corporation

14,970 2,267,955 38,697,882 Construction & Engineering - 3.2%

Aecon Group

34,500 485,806

Ameresco Cl. A 4

40,000 312,000

Comfort Systems USA

26,600 949,620

EMCOR Group 2

65,800 4,565,204

IES Holdings 4

594,244 10,280,421

Jacobs Engineering Group

164,900 9,608,723

KBR

326,000 5,828,880

Northwest Pipe 4

20,000 380,400

NV5 Global 4

23,500 1,284,275

Sterling Construction 1,2,4

122,300 1,862,629

Valmont Industries 2

63,445 10,030,655 45,588,613 Electrical Equipment - 0.9%

EnerSys

18,600 1,286,562

Global Power Equipment Group 3,4

631,820 1,137,276

Hubbell Cl. B

17,100 1,983,942

Powell Industries

94,500 2,834,055

Preformed Line Products

91,600 6,164,680 13,406,515 Industrial Conglomerates - 0.7%

A. Soriano

2,791,000 382,942

Carlisle Companies

20,100 2,015,829

Raven Industries

251,725 8,155,890 10,554,661 Machinery - 11.0%

Chen Hsong Holdings

1,159,000 335,314

CIRCOR International

102,284 5,567,318

Colfax Corporation 4

77,242 3,216,357

Deutz

115,000 929,003

Donaldson Company

193,559 8,892,101

Exco Technologies

168,800 1,310,897

Franklin Electric

104,600 4,691,310

Graco

89,276 11,042,548

Greenbrier Companies (The)

59,200 2,850,480

Hurco Companies

25,952 1,079,603

Hyster-Yale Materials Handling Cl. A

10,000 764,400

IDEX Corporation

67,400 8,187,078

John Bean Technologies

74,426 7,524,469

Kadant

42,200 4,158,810

Kennametal

160,100 6,458,434

Lincoln Electric Holdings

61,360 5,625,485

Lindsay Corporation 2

80,000 7,352,000

Luxfer Holdings ADR

28,100 349,845

Lydall 2,4

45,780 2,623,194

308,700 8,952,300

Nordson Corporation

24,296 2,879,076

Proto Labs 4

10,000 803,000

RBC Bearings 4

125,600 15,718,840

Sarine Technologies

327,500 282,484

Sun Hydraulics

304,918 16,465,572

Tennant Company

111,900 7,407,780

Titan International

173,100 1,756,965

Wabash National

72,300 1,649,886

Watts Water Technologies Cl. A

61,000 4,221,200

Westinghouse Air Brake Technologies

81,200 6,150,900

Westport Fuel Systems 1,2,4

327,100 1,069,617

Woodward

104,600 8,118,006 158,434,272 Marine - 1.4%

Clarkson

291,000 11,156,178

Kirby Corporation 4

144,500 9,529,775 20,685,953 Professional Services - 1.7%

Franklin Covey 4

40,800 828,240

Heidrick & Struggles International

66,480 1,406,052

ManpowerGroup

112,858 13,296,930

On Assignment 1,2,4

106,700 5,727,656

Quess Corporation 4

15,720 201,433

Robert Half International

29,032 1,461,471

TrueBlue 4

72,520 1,628,074

Volt Information Sciences 4

80,000 252,000 24,801,856 Road & Rail - 1.9%

Genesee & Wyoming Cl. A 4

15,000 1,110,150

Knight-Swift Transportation
Holdings Cl. A 2

122,400 5,085,720

Landstar System

136,160 13,568,344

Patriot Transportation Holding 4

139,100 2,712,450

Saia 1,2,4

54,330 3,403,775

Universal Logistics Holdings

78,916 1,613,832 27,494,271 Trading Companies & Distributors - 0.5%

Central Steel & Wire 3

4,862 2,090,660

Houston Wire & Cable 4

509,200 2,673,300

MSC Industrial Direct Cl. A 2

11,963 904,044

SIG

350,000 834,351 6,502,355 Transportation Infrastructure - 0.0%

Hopewell Highway Infrastructure

1,012,000 625,731 Total 418,372,505 Information Technology – 19.4% Communications Equipment - 0.6%

ADTRAN 2

234,973 5,639,352

Clearfield 1,2,4

55,600 756,160

NetScout Systems 4

41,700 1,348,995

Oclaro 2,4

91,000 785,330 8,529,837 Electronic Equipment, Instruments & Components - 9.9%

Anixter International 1,2,4

70,895 6,026,075

Bel Fuse Cl. B

30,238 943,426

Celestica 4

232,100 2,873,398

Cognex Corporation 2

198,700 21,912,636

Coherent 4

100,534 23,642,581

Dolby Laboratories Cl. A

9,150 526,308

Fabrinet 4

67,500 2,501,550

FARO Technologies 4

161,467 6,176,113

FLIR Systems

409,137 15,919,521

HollySys Automation Technologies

53,882 1,164,390

Horiba

12,000 678,249

IPG Photonics 1,2,4

58,000 10,733,480

LRAD Corporation 4

744,944 1,586,731

Methode Electronics

44,330 1,877,375

National Instruments

261,850 11,042,214

Orbotech 4

27,400 1,156,554

Perceptron 4

357,700 2,822,253

Plexus Corporation 4

150,600 8,445,648

Richardson Electronics

573,732 3,425,180

Rogers Corporation 4

57,066 7,605,756

Systemax

38,520 1,018,084

TTM Technologies 1,2,4

496,400 7,629,668

Vishay Intertechnology

116,900 2,197,720

VSTECS Holdings

979,000 324,595

Wasion Group Holdings

1,500,000 760,408 142,989,913 Internet Software & Services - 2.2%

Actua Corporation 4

63,815 976,369

Care.com 4

209,300 3,325,777

CommerceHub Ser. C 4

50,000 1,067,500

comScore 3,4

211,136 6,017,376

HolidayCheck Group 4

44,900 141,690

IZEA 1,2,4

75,306 534,673

j2 Global

64,220 4,744,574

Leaf Group 4

50,000 345,000

MiX Telematics ADR

57,985 575,211

QuinStreet 4

456,554 3,355,672

Solium Capital 4

182,800 1,508,988

Spark Networks 2,4

363,000 442,860

Stamps.com 4

35,700 7,234,605

Support.com 4

216,766 509,400 30,779,695 IT Services - 0.9%

Acxiom Corporation 4

48,000 1,182,720

Convergys Corporation 2

121,000 3,132,690

CSE Global

1,750,000 438,645

DST Systems 2

20,000 1,097,600

Hackett Group (The)

417,266 6,338,270

Innodata 4

274,314 411,471

Unisys Corporation 4

60,000 510,000 13,111,396 Semiconductors & Semiconductor Equipment - 3.6%

Amtech Systems 4

141,471 1,694,823

Brooks Automation

209,400 6,357,384

Cabot Microelectronics

50,600 4,044,458

Cohu

101,300 2,414,992

CyberOptics Corporation 4

37,600 611,000

Diodes 4

270,850 8,106,540

Intermolecular 4

40,000 40,800

Kulicke & Soffa Industries 4

77,400 1,669,518

MKS Instruments

19,310 1,823,830

Nanometrics 4

66,200 1,906,560

Nova Measuring Instruments 4

49,100 1,380,201

Photronics 4

183,700 1,625,745

Rudolph Technologies 2,4

58,000 1,525,400

Sigma Designs 4

78,900 497,070

Silicon Motion Technology ADR

109,200 5,244,876

Teradyne

130,000 4,847,700

Ultra Clean Holdings 4

42,800 1,310,536

Veeco Instruments 4

17,500 374,500

Versum Materials

123,000 4,774,860

Xperi

82,300 2,082,190 52,332,983 Software - 1.7%

American Software Cl. A

108,690 1,234,718

ANSYS 1,2,4

95,000 11,659,350

BroadSoft 4

25,000 1,257,500

Computer Modelling Group

371,300 2,725,793

Manhattan Associates 4

10,000 415,700

Micro Focus International

23,157 740,695

Model N 4

126,387 1,889,486

Monotype Imaging Holdings

117,700 2,265,725

PSI Software

18,194 369,860

RealNetworks 4

219,879 1,055,419

Rosetta Stone 4

40,000 408,400

SeaChange International 4

247,069 676,969 24,699,615 Technology Hardware, Storage & Peripherals - 0.5%

Diebold Nixdorf

266,600 6,091,810

Intevac 4

168,700 1,425,515 7,517,325 Total 279,960,764 Materials – 8.2% Chemicals - 2.3%

FutureFuel Corporation

48,500 763,390

Hawkins

86,178 3,516,062

Innospec

36,883 2,273,837

Minerals Technologies

117,693 8,315,010

Quaker Chemical

109,669 16,225,529

Westlake Chemical

15,400 1,279,586 32,373,414 Construction Materials - 1.8%

Ash Grove Cement Cl. B 3

50,518 25,663,144 Containers & Packaging - 0.3%

Mayr-Melnhof Karton

34,000 4,878,412 Metals & Mining - 3.6%

Alamos Gold Cl. A

263,300 1,778,897

Ampco-Pittsburgh

36,966 643,209

Ferroglobe

50,000 658,000

Ferroglobe (Warranty Insurance Trust) 4,6

49,300 0

Franco-Nevada Corporation

107,300 8,313,604

Gold Fields ADR

370,000 1,594,700

Haynes International 2

113,900 4,090,149

Hecla Mining

321,300 1,612,926

Lundin Mining

640,000 4,390,623

Major Drilling Group International 4

960,900 5,390,743

Pretium Resources 4

165,000 1,527,349

Reliance Steel & Aluminum

128,720 9,804,603

Royal Gold

16,600 1,428,264

Sandstorm Gold 4

250,000 1,135,000

Synalloy Corporation 4

178,800 2,235,000

Tree Island Steel

30,000 70,206

Worthington Industries

148,000 6,808,000 51,481,273 Paper & Forest Products - 0.2%

Stella-Jones

84,700 3,259,703 Total 117,655,946 Real Estate – 3.0% Equity Real Estate Investment Trusts (REITs) - 0.0%

Irish Residential Properties REIT

200,000 348,661 Real Estate Management & Development - 3.0%

Altus Group

24,200 616,176

FirstService Corporation

135,100 8,890,931

FRP Holdings 4

188,558 8,532,250

Jones Lang LaSalle

15,600 1,926,600

Kennedy-Wilson Holdings

101,300 1,879,115

Marcus & Millichap 4

279,213 7,535,959

Real Estate Investors

500,000 402,000

RMR Group Cl. A 2

27,200 1,396,720

St. Joe Company (The) 4

177,000 3,336,450

Tejon Ranch 4

398,733 8,413,266 42,929,467 Total 43,278,128 Telecommunication Services – 0.6% Diversified Telecommunication Services - 0.1%

China Communications Services

750,182 386,058

HKBN

500,000 522,300 908,358 Wireless Telecommunication Services - 0.5%

Boingo Wireless 4

50,000 1,068,500

Telephone and Data Systems

208,270 5,808,651 6,877,151 Total 7,785,509 Utilities – 0.1% Gas Utilities - 0.1%

Shizuoka Gas

110,000 871,006

Toho Gas

12,000 351,389 1,222,395 Multi-Utilities - 0.0%

Just Energy Group 2

18,520 107,601 Total 1,329,996 Miscellaneous7 – 2.7% Total 38,738,232 TOTAL COMMON STOCKS

(Cost $1,001,952,408)

1,449,622,741 REPURCHASE AGREEMENT – 4.2% Fixed Income Clearing Corporation,

0.12% dated 9/29/17, due 10/2/17,

maturity value $59,840,598 (collateralized

by obligations of various U.S. Government

Agencies, 2.00%-2.125% due 5/15/25-8/15/25,

valued at $61,038,057)

(Cost $59,840,000)

59,840,000 TOTAL INVESTMENTS – 104.7%

(Cost $1,061,792,408)

1,509,462,741 LIABILITIES LESS CASH

AND OTHER ASSETS – (4.7)%

(67,172,343 ) NET ASSETS – 100.0% $ 1,442,290,398
1

At September 30, 2017, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $68,646,380.

All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at September 30, 2017. Total market value of pledged securities at September 30, 2017, was $124,612,726.

These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.

4 Non-income producing. 5 At September 30, 2017, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. 6 Securities for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. 7 Includes securities first acquired in 2017 and less than 1% of net assets.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,063,811,691. At September 30, 2017, net unrealized appreciation for all securities was $445,651,050, consisting of aggregate gross unrealized appreciation of $531,965,902 and aggregate gross unrealized depreciation of $86,314,852. The primary cause of the 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 highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.

Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:

Level 1 – quoted prices in active markets for identical securities. Level 2 –

other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments. Level 3 –

significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2017. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.
Level 1 Level 2 Level 3 Total Common Stocks $1,401,672,235 $47,058,906 $891,600 $1,449,622,741 Cash Equivalents – 59,840,000 – 59,840,000

Certain securities have transferred in and out of Level 1 and Level 2 measurements during the reporting period. The Fund recognizes transfers between levels as of the end of the reporting period. For the nine months ended September 30, 2017, securities valued at $6,188,226 were transferred from Level 1 to Level 2 and securities valued at $85,146,431 were transferred from Level 2 to Level 1 within the fair value hierarchy.

Level 3 Reconciliation:

Realized and Unrealized Balance as of 12/31/16 Sales Gain (Loss) Balance as of 9/30/17 Common Stocks $892,063 $759 $296 $891,600

The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain, material Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information with adjustments (e.g. broker quotes, pricing services, net asset values).

Fair Value at Unobservable Impact to Valuation From 9/30/17 Valuation Technique(s) Input(s) Range Average an Increase in Input 1 Discounted Present Value Common Stocks $891,600 Balance Sheet Analysis Liquidity Discount 30%-40% Decrease
1 This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could result in significantly higher or lower fair value measurements.
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. The remaining contractual maturity of the repurchase agreement held by the Fund at September 30, 2017 is overnight and continuous.

Borrowings:

The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). As of September 30, 2017, the Fund has outstanding borrowings of $70,000,000. During the period ended September 30, 2017, the Fund borrowed an average daily balance of $70,000,000. The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding or as otherwise required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

Transactions in Affiliated Companies:

An “Affiliated Company” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The Fund effected the following transactions in shares of such companies for the nine months ended September 30, 2017:

Change in Net
Unrealized
Appreciation
(Depreciation) Realized
Gain (Loss) Dividend
Income Market Value
9/30/17 Affiliated Company Shares
12/31/16 Market Value
12/31/16 Cost of
Purchases Proceeds
from Sales Shares
9/30/17 Stanley Furniture 912,235 $ 821,194 – $ – $ 255,243 $ – $ – 912,235 $ 1,076,437 Timberland Bancorp 444,200 9,177,172 – 740,758 4,293,060 452,130 182,122 420,600 13,181,604 $ 9,998,366 $ 4,548,303 $ 452,130 $ 182,122 $ 14,258,041

Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s website (www.sec.gov).

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

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

Item 3 – Exhibits
Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.

SIGNATURES

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

Royce Value Trust, Inc.
By:

/s/ Christopher D. Clark Christopher D. Clark President, Royce Value Trust, Inc. Date: November 20, 2017

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/ Christopher D. Clark Christopher D. Clark President, Royce Value Trust, Inc. Date: November 20, 2017 By: /s/ Peter K. Hoglund Peter K. Hoglund Treasurer, Royce Value Trust, Inc. Date: November 20, 2017