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: 12/31/2016

Date of reporting period: 9/30/2016

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS ROYCE VALUE TRUST SEPTEMBER 30, 2016 (UNAUDITED)
SHARES VALUE COMMON STOCKS – 99.7% Consumer Discretionary – 10.9% Auto Components - 1.2%

Cooper Tire & Rubber

19,600 $ 745,192

Drew Industries

60,516 5,931,779

Gentex Corporation

273,170 4,796,865

Sebang Global Battery

28,500 958,946

Standard Motor Products

50,391 2,406,674 14,839,456 Automobiles - 0.9%

Thor Industries 1

127,210 10,774,687 Distributors - 1.0%

Core-Mark Holding Company

245,400 8,785,320

Fenix Parts 2

255,000 1,009,800

Weyco Group

97,992 2,633,045 12,428,165 Diversified Consumer Services - 0.8%

American Public Education 2

42,400 839,944

Collectors Universe

50,000 926,500

DeVry Education Group

52,054 1,200,365

Liberty Tax Cl. A

141,573 1,809,303

LifeLock 2

142,000 2,402,640

Lincoln Educational Services 2

430,600 947,320

Universal Technical Institute

504,032 897,177 9,023,249 Hotels, Restaurants & Leisure - 0.3%

Century Casinos 2

222,360 1,536,507

Lindblad Expeditions Holdings 2

178,300 1,604,700 3,141,207 Household Durables - 1.6%

Cavco Industries 2

14,700 1,456,035

Ethan Allen Interiors

231,000 7,223,370

Flexsteel Industries

18,500 956,820

Mohawk Industries 1,2,3

22,400 4,487,616

Natuzzi ADR 2

2,096,300 3,668,525

Samson Holding

2,500,000 236,827

Stanley Furniture 4

912,235 1,632,900 19,662,093 Internet & Direct Marketing Retail - 0.1%

Blue Nile

34,200 1,177,164 Leisure Products - 1.0%

Black Diamond 2

68,100 350,034

Nautilus 2

488,700 11,103,264 11,453,298 Media - 0.7%

E.W. Scripps Company Cl. A 2

118,060 1,877,154

New Media Investment Group

60,100 931,550

Pico Far East Holdings

3,484,400 1,049,394

T4F Entretenimento

200,000 367,757

Technicolor

120,000 819,056

Wiley (John) & Sons Cl. A

52,180 2,693,010 7,737,921 Multiline Retail - 0.0%

New World Department Store China 2

1,447,500 217,040 Specialty Retail - 1.9%

Barnes & Noble

26,000 293,800

Buckle (The) 1

125,515 3,016,126

Caleres

134,500 3,401,505

Container Store Group (The) 2

158,200 794,164

Destination Maternity

390,176 2,762,446

Genesco 2

43,355 2,361,113

Haverty Furniture

26,500 531,060

I.T

1,127,000 368,959

Monro Muffler Brake

126,300 7,725,771

Oriental Watch Holdings

967,900 151,117

TravelCenters of America LLC 2

62,500 447,500

West Marine 2

131,100 1,084,197 22,937,758 Textiles, Apparel & Luxury Goods - 1.4%

Crown Crafts

94,441 954,799

Culp

29,400 875,238

Deckers Outdoor 2

36,420 2,168,811

J.G. Boswell Company 5

3,940 2,521,600

Movado Group

78,861 1,693,934

Wolverine World Wide 1

360,200 8,295,406

YGM Trading

1,082,600 575,049 17,084,837 Total 130,476,875 Consumer Staples – 1.9% Beverages - 0.2%

Compania Cervecerias Unidas ADR

134,000 2,705,460 Food Products - 1.6%

Cal-Maine Foods

41,916 1,615,443

Farmer Bros. 2

44,100 1,567,755

Industrias Bachoco ADR

60,795 3,049,477

John B. Sanfilippo & Son

17,200 882,876

Sanderson Farms

14,300 1,377,519

Seneca Foods Cl. A 2

157,831 4,457,147

Seneca Foods Cl. B 2

13,840 506,544

SunOpta 2

187,459 1,323,461

Tootsie Roll Industries 1

100,504 3,701,562

Waterloo Investment Holdings 2,6

2,973,544 892,063 19,373,847 Personal Products - 0.1%

Inter Parfums

38,030 1,227,228 Total 23,306,535 Energy – 4.7% Energy Equipment & Services - 3.8%

CARBO Ceramics 1,2,3

53,000 579,820

Diamond Offshore Drilling 2

154,000 2,711,940

Era Group 2

559,771 4,506,157

Forum Energy Technologies 2

161,418 3,205,761

Frank’s International

108,600 1,411,800

Helmerich & Payne

101,230 6,812,779

ION Geophysical 2

71,880 492,378

Oil States International 2

41,433 1,308,040

Pason Systems

508,680 6,509,956

SEACOR Holdings 2

170,469 10,141,201

TGS-NOPEC Geophysical

309,170 5,586,478

Trican Well Service 2

897,300 1,839,809 45,106,119 Oil, Gas & Consumable Fuels - 0.9%

Dorchester Minerals L.P.

177,172 2,730,220

Dorian LPG 2

184,034 1,104,204

Green Plains

30,000 786,000

Hargreaves Services

57,683 142,424

San Juan Basin Royalty Trust

350,352 2,067,077

World Fuel Services

66,600 3,080,916

WPX Energy 2

110,000 1,450,900 11,361,741 Total 56,467,860 Financials – 15.9% Banks - 2.2%

Bank of N.T. Butterfield & Son

178,416 4,417,580

Blue Hills Bancorp

104,180 1,564,784

Canadian Western Bank

279,500 5,379,302

Farmers & Merchants Bank of Long Beach 5

1,200 7,470,000

Fauquier Bankshares

160,800 2,329,992

First Citizens BancShares Cl. A

17,026 5,003,771 26,165,429 Capital Markets - 9.3%

Ares Management L.P.

375,900 6,544,419

Artisan Partners Asset Management Cl. A

214,400 5,831,680

ASA Gold and Precious Metals

199,821 2,955,353

Ashmore Group

1,114,000 5,098,991

Associated Capital Group Cl. A

20,200 716,292

Azimut Holding

17,500 257,633

CETIP - Mercados Organizados

430,000 5,669,603

Citadel Capital 2

11,799,921 1,102,927

Cowen Group 2

250,824 910,491

Dundee Corporation Cl. A 2

1,079,900 5,556,100

Edmond de Rothschild (Suisse)

153 2,128,224

Federated Investors Cl. B

126,440 3,746,417

Jupiter Fund Management

230,000 1,268,178

KKR & Co. L.P.

24,100 343,666

Lazard Cl. A

126,735 4,608,085

Manning & Napier Cl. A

465,492 3,300,338

MarketAxess Holdings

78,600 13,015,374

Medley Management Cl. A

109,500 920,895

Morningstar

84,600 6,706,242

mutares

39,266 592,935

MVC Capital

324,200 2,687,618

Newtek Business Services

15,925 227,090

Oaktree Capital Group LLC Cl. A

101,100 4,286,640

Partners Group Holding

1,075 541,528

Rothschild & Co

216,893 5,371,190

SEI Investments

185,600 8,465,216

Sprott

1,590,000 2,932,886

TMX Group

60,700 2,787,587

U.S. Global Investors Cl. A

520,551 957,814

Value Partners Group

5,453,000 5,614,498

Virtus Investment Partners

28,330 2,772,374

VZ Holding

2,000 560,040

Westwood Holdings Group

50,173 2,664,688

ZAIS Group Holdings Cl. A 1,2,3

492,300 1,132,290 112,275,302 Consumer Finance - 0.1%

Bajaj Finance

55,000 884,425 Diversified Financial Services - 0.5%

First Pacific

1,020,000 730,251

PICO Holdings 2

409,400 4,826,826 5,557,077 Insurance - 2.5%

Alleghany Corporation 2

2,709 1,422,279

Atlas Financial Holdings 2

30,000 473,100

eHealth 2

55,000 616,550

E-L Financial

21,500 11,471,474

Erie Indemnity Cl. A

25,000 2,551,750

Independence Holding Company

314,523 5,403,505

MBIA 2

942,400 7,341,296

ProAssurance Corporation

17,139 899,455

WMIH 2

77,742 181,916 30,361,325 Investment Companies - 0.2%

RIT Capital Partners

130,500 2,951,624 Thrifts & Mortgage Finance - 1.1%

Genworth MI Canada

230,895 5,941,549

Timberland Bancorp 4

444,200 6,996,150

Vestin Realty Mortgage II 2

53,557 136,570 13,074,269 Total 191,269,451 Health Care – 4.4% Biotechnology - 0.9%

ARIAD Pharmaceuticals 1,2,3

119,000 1,629,110

Keryx Biopharmaceuticals 2

160,000 849,600

Sangamo BioSciences 2

344,315 1,594,178

Zealand Pharma 2

462,207 6,894,152 10,967,040 Health Care Equipment & Supplies - 1.6%

Analogic Corporation

54,735 4,849,521

AngioDynamics 2

41,000 719,140

Atrion Corporation 1

15,750 6,718,950

Cerus Corporation 2

108,000 670,680

CryoLife 2

25,000 439,250

Invacare Corporation

38,900 434,513

Kossan Rubber Industries

400,000 665,096

Masimo Corporation 2

50,000 2,974,500

Neogen Corporation 2

6,800 380,392

Trinity Biotech ADR Cl. A 2

82,800 1,094,616 18,946,658 Health Care Providers & Services - 0.4%

Aceto Corporation

132,455 2,515,320

Landauer

50,000 2,224,000 4,739,320 Health Care Technology - 0.2%

Cegedim 2

10,000 275,282

Medidata Solutions 2

40,000 2,230,400 2,505,682 Life Sciences Tools & Services - 1.2%

Bio-Rad Laboratories Cl. A 2

33,598 5,503,688

Bio-Techne

41,143 4,505,159

PAREXEL International 2

56,600 3,930,870 13,939,717 Pharmaceuticals - 0.1%

Lipocine 2

35,000 156,100

Theravance Biopharma 2

44,291 1,605,106 1,761,206 Total 52,859,623 Industrials – 28.7% Aerospace & Defense - 2.6%

Austal

688,670 776,963

Ducommun 2

117,200 2,676,848

HEICO Corporation

140,338 9,711,390

HEICO Corporation Cl. A

80,808 4,889,692

Magellan Aerospace

182,779 2,237,456

Mercury Systems 2

28,000 687,960

Teledyne Technologies 2

20,600 2,223,358

Wesco Aircraft Holdings 2

588,000 7,896,840 31,100,507 Air Freight & Logistics - 1.9%

Expeditors International of Washington

158,900 8,186,528

Forward Air

189,250 8,186,955

Hub Group Cl. A 1,2,3

149,400 6,089,544 22,463,027 Building Products - 0.5%

Apogee Enterprises

45,500 2,033,395

Burnham Holdings Cl. B 5

36,000 608,400

dorma+kaba Holding

600 444,056

Insteel Industries

50,080 1,814,899

Patrick Industries 2

14,750 913,320 5,814,070 Commercial Services & Supplies - 2.3%

Atento 2

230,000 1,950,400

CECO Environmental

99,028 1,117,036

CompX International Cl. A

211,100 2,444,538

Copart 2

219,960 11,781,058

Heritage-Crystal Clean 2

152,527 2,025,558

Kimball International Cl. B

286,180 3,703,169

Ritchie Bros. Auctioneers

26,210 919,185

Steelcase Cl. A

203,960 2,833,004

UniFirst Corporation

7,370 971,808 27,745,756 Construction & Engineering - 3.5%

EMCOR Group 1,3

121,300 7,231,906

IES Holdings 2

577,482 10,273,405

Jacobs Engineering Group 2

164,900 8,528,628

KBR

325,300 4,921,789

Northwest Pipe 2

28,000 330,680

NV5 Global 2

28,200 911,142

Sterling Construction 2

192,300 1,488,402

Valmont Industries 1

63,045 8,483,965 42,169,917 Electrical Equipment - 0.9%

Global Power Equipment Group 2,5

631,820 2,628,371

Powell Industries

94,500 3,784,725

Preformed Line Products

91,600 3,862,772 10,275,868 Industrial Conglomerates - 0.5%

A. Soriano

2,791,000 352,195

Raven Industries

251,725 5,797,227 6,149,422 Machinery - 10.3%

Chen Hsong Holdings

1,159,000 246,551

China Metal International Holdings

554,524 198,184

CIRCOR International

80,884 4,817,451

CLARCOR

92,500 6,012,500

Colfax Corporation 2

77,242 2,427,716

Columbus McKinnon

47,075 839,818

Deutz

115,000 580,257

Donaldson Company

193,559 7,225,557

Exco Technologies

77,800 717,543

Federal Signal

67,680 897,437

Franklin Electric

104,600 4,258,266

Graco

89,276 6,606,424

Greenbrier Companies (The)

34,600 1,221,380

Hurco Companies

25,952 728,473

Hyster-Yale Materials Handling Cl. A

10,000 601,300

IDEX Corporation

67,400 6,306,618

John Bean Technologies

77,526 5,469,459

Kadant

30,200 1,573,722

Kennametal

160,100 4,646,102

Lincoln Electric Holdings

61,360 3,842,363

Lindsay Corporation 1,3

80,000 5,918,400

Luxfer Holdings ADR

28,100 325,679

Lydall 2

42,380 2,166,889

308,700 5,633,775

Nordson Corporation

24,296 2,420,611

RBC Bearings 2

123,200 9,422,336

Sun Hydraulics

286,318 9,239,482

Tennant Company

111,900 7,251,120

Watts Water Technologies Cl. A

61,000 3,955,240

Westinghouse Air Brake Technologies

91,070 7,435,866

Woodward

171,800 10,734,064 123,720,583 Marine - 1.2%

Clarkson

198,700 5,390,934

Kirby Corporation 2

144,500 8,982,120 14,373,054 Professional Services - 2.9%

Advisory Board (The) 2

190,277 8,512,993

Franklin Covey 2

40,800 726,648

Heidrick & Struggles International

66,480 1,233,204

ICF International 2

20,836 923,451

ManpowerGroup

112,858 8,155,119

On Assignment 1,2,3

199,195 7,228,787

Robert Half International

78,032 2,954,292

TrueBlue 2

191,650 4,342,789

Volt Information Sciences 2

65,000 412,750 34,490,033 Road & Rail - 1.6%

Genesee & Wyoming Cl. A 2

15,000 1,034,250

Knight Transportation

122,400 3,511,656

Landstar System

132,960 9,051,917

Patriot Transportation Holding 2

70,986 1,508,452

Saia 1,2,3

112,030 3,356,419

Trancom

4,932 309,925

Universal Logistics Holdings

78,916 1,059,053 19,831,672 Trading Companies & Distributors - 0.5%

Addtech Cl. B

30,000 469,471

Central Steel & Wire 5

4,862 1,993,420

Houston Wire & Cable

509,200 3,151,948

Kloeckner & Co 2

20,000 243,489

MSC Industrial Direct Cl. A 1,3

10,563 775,430 6,633,758 Transportation Infrastructure - 0.0%

Hopewell Highway Infrastructure

1,012,000 619,661 Total 345,387,328 Information Technology – 17.6% Communications Equipment - 0.7%

ADTRAN 1,3

239,273 4,579,685

Bel Fuse Cl. B

30,238 729,945

Clearfield 2

55,600 1,045,280

NetScout Systems 2

61,700 1,804,725

Oclaro 2

87,500 748,125 8,907,760 Electronic Equipment, Instruments & Components - 8.0%

Anixter International 1,2

70,895 4,572,727

Broadway Industrial Group 2

99,300 15,703

Cognex Corporation 1,3

214,870 11,358,028

Coherent 2

126,416 13,974,025

Dolby Laboratories Cl. A

38,250 2,076,593

DTS

90,000 3,828,600

FARO Technologies 2

154,867 5,567,469

FLIR Systems

302,000 9,488,840

HollySys Automation Technologies 2

51,082 1,132,488

Horiba

12,000 589,119

IPG Photonics 1,2,3

74,570 6,140,840

Lagercrantz Group

50,000 492,163

LRAD Corporation

776,544 1,452,137

Methode Electronics

60,830 2,127,225

National Instruments

261,850 7,436,540

Orbotech 2

49,500 1,465,695

Perceptron 2

357,700 2,403,744

Plexus Corporation 2

150,600 7,045,068

Richardson Electronics

573,732 3,889,903

Rofin-Sinar Technologies 2

6,681 214,995

Rogers Corporation 2

57,066 3,485,591

Systemax

162,662 1,288,283

TTM Technologies 1,2,3

496,400 5,683,780

Vishay Precision Group 2

17,839 285,959

VST Holdings

1,179,658 345,609 96,361,124 Internet Software & Services - 2.3%

Actua Corporation 2

291,130 3,770,133

Care.com 2

260,800 2,597,568

comScore 2

212,236 6,507,156

HolidayCheck Group 2

44,900 121,080

IZEA 2

12,106 71,062

j2 Global

83,520 5,563,267

QuinStreet 2

612,532 1,849,847

RealNetworks 2

298,750 1,332,425

Solium Capital 2

215,000 1,202,866

Spark Networks 1,2

263,000 415,540

Stamps.com 2

35,300 3,336,203

Support.com 2

650,300 546,252 27,313,399 IT Services - 1.3%

Acxiom Corporation 2

48,000 1,279,200

Convergys Corporation 1

121,000 3,680,820

DST Systems

10,000 1,179,200

Hackett Group (The)

463,566 7,658,110

Innodata 2

274,314 674,813

MoneyGram International 2

76,400 542,440 15,014,583 Semiconductors & Semiconductor Equipment - 2.7%

Amtech Systems 2

141,471 701,696

Brooks Automation

116,100 1,580,121

Cabot Microelectronics

24,900 1,317,459

Daqo New Energy ADR 2

31,700 672,040

Diodes 2

270,850 5,779,939

Exar Corporation 2

157,576 1,467,033

Intermolecular 2

40,000 39,680

Kulicke & Soffa Industries 2

77,400 1,000,782

MKS Instruments

43,910 2,183,644

Nanometrics 2

121,600 2,716,544

Nova Measuring Instruments 2

99,000 1,170,180

Photronics 2

159,900 1,648,569

Sigma Designs 2

78,900 614,631

Silicon Motion Technology ADR

49,000 2,537,710

Teradyne

130,000 2,805,400

Tessera Technologies

153,530 5,901,693

Ultra Clean Holdings 2

50,300 372,723

Veeco Instruments 2

17,500 343,525 32,853,369 Software - 1.9%

American Software Cl. A

108,690 1,206,459

ANSYS 1,2,3

95,000 8,797,950

Computer Modelling Group

316,300 2,365,108

Mentor Graphics

179,823 4,754,520

Model N 2

155,387 1,726,350

Monotype Imaging Holdings

130,140 2,877,395

PSI

18,194 270,806

SeaChange International 2

247,069 738,736

SimCorp

10,000 582,450 23,319,774 Technology Hardware, Storage & Peripherals - 0.7%

Diebold 1,3

266,600 6,609,014

Intevac 2

214,500 1,265,550 7,874,564 Total 211,644,573 Materials – 7.6% Chemicals - 2.1%

Dyadic International 2,5

75,000 112,500

FutureFuel Corporation

48,500 547,080

Hawkins

86,178 3,734,093

Innospec

36,883 2,242,855

Intrepid Potash 2

256,498 289,843

Minerals Technologies

91,893 6,495,916

Quaker Chemical

109,669 11,617,237 25,039,524 Construction Materials - 1.0%

Ash Grove Cement Cl. B 5

50,518 12,174,838 Containers & Packaging - 0.3%

Mayr-Melnhof Karton

34,000 3,739,181 Metals & Mining - 4.2%

Alamos Gold Cl. A

263,300 2,167,491

Ampco-Pittsburgh

36,966 409,953

Constellium Cl. A 2

90,000 648,000

Exeter Resource 2

240,000 302,400

Ferroglobe

49,300 445,179

Franco-Nevada Corporation

127,300 8,894,451

Gold Fields ADR

370,000 1,794,500

Haynes International

113,900 4,226,829

Hecla Mining

321,300 1,831,410

Imdex 2

700,000 314,349

Lundin Mining 2

640,000 2,531,804

Major Drilling Group International 2

406,543 1,967,718

Pretium Resources 2

165,000 1,694,081

Reliance Steel & Aluminum

137,240 9,885,397

Royal Gold

16,600 1,285,338

Seabridge Gold 2

282,000 3,110,460

Synalloy Corporation

178,800 1,675,356

Worthington Industries

148,000 7,108,440 50,293,156 Paper & Forest Products - 0.0%

TFS Corporation

453,967 519,424 Total 91,766,123 Real Estate – 3.0% Real Estate Management & Development - 3.0%

AV Homes 2

66,100 1,099,904

FirstService Corporation

135,100 6,306,468

Forestar Group 2

102,000 1,194,420

FRP Holdings 2

207,936 6,460,572

Kennedy-Wilson Holdings

101,300 2,284,315

Marcus & Millichap 2

251,313 6,571,835

St. Joe Company (The) 2

177,000 3,253,260

Tejon Ranch 2

360,035 8,756,051 Total 35,926,825 Telecommunication Services – 0.5% Wireless Telecommunication Services - 0.5%

Telephone and Data Systems

208,270 5,660,778 Total 5,660,778 Utilities – 0.1% Gas Utilities - 0.1%

Shizuoka Gas

110,000 867,912

Toho Gas

60,000 561,642 1,429,554 Multi-Utilities - 0.0%

Just Energy Group 1

18,520 93,896 Total 1,523,450 Miscellaneous7 – 4.4% Total 53,466,001 TOTAL COMMON STOCKS

(Cost $958,463,363)

1,199,755,422 REPURCHASE AGREEMENT – 5.7% Fixed Income Clearing Corporation,

0.03% dated 9/30/16, due 10/3/16,

maturity value $67,910,170 (collateralized

by obligations of various U.S. Government

Agencies, 2.125% due 12/31/22, valued at

$69,268,256)

(Cost $67,910,000)

67,910,000 TOTAL INVESTMENTS – 105.4%

(Cost $1,026,373,363)

1,267,665,422 LIABILITIES LESS CASH

AND OTHER ASSETS – (5.4)%

(64,471,879 ) NET ASSETS – 100.0% $ 1,203,193,543
1

All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at September 30, 2016. Total market value of pledged securities at September 30, 2016, was $112,115,713.

2 Non-income producing. 3

At September 30, 2016, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $65,020,180.

At September 30, 2016, 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.

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

A security for which market quotations are not readily available represents 0.1% of net assets. This security has been valued at its fair value under procedures approved by the Fund’s Board of Directors. This security is defined as a Level 3 security due to the use of significant unobservable inputs in the determination of fair value.

Includes securities first acquired in 2016 and less than 1% of net assets.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,028,710,745. At September 30, 2016, net unrealized appreciation for all securities was $238,954,677, consisting of aggregate gross unrealized appreciation of $339,052,580 and aggregate gross unrealized depreciation of $100,097,903. 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 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, 2016. 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 $1,094,601,884 $104,261,475 $892,063 $1,199,755,422 Cash Equivalents – 67,910,000 – 67,910,000

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, 2016, securities valued at $4,756,595 were transferred from Level 1 to Level 2 and securities valued at $6,612,409 were transferred from Level 2 to Level 1 within the fair value hierarchy.

Level 3 Reconciliation:

Unrealized Balance as of 12/31/15 Purchases Gain (Loss) Balance as of 9/30/16 Common Stocks $167,629 $1,187,434 $(463,000) $892,063

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, 2016 is overnight and continuous.

Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). As of September 30, 2016, the Fund has outstanding borrowings of $70,000,000. During the period ended September 30, 2016, 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 and has granted a security interest in the securities pledged to, and in favor of, BNPP 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 necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP 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 BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPP 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, 2016:

Shares Market Value Cost of Cost of Realized Dividend Shares Market Value Affiliated Company 12/31/15 12/31/15 Purchases Sales Gain (Loss) Income 9/30/16 9/30/16 Stanley Furniture 1,012,235 $2,824,136 – $265,000 $10,000 $1,140,294 912,235 $1,632,900 Timberland Bancorp 444,200 5,512,522 – – – 111,050 444,200 6,996,150 $8,336,658 $10,000 $1,251,344 $8,629,050

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 21, 2016

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 21, 2016 By: /s/ Peter K. Hoglund Peter K. Hoglund Treasurer, Royce Value Trust, Inc. Date: November 21, 2016