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, LLC
745 Fifth Avenue
New York, NY 10151

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

Date of fiscal year end: 12/31/2015

Date of reporting period: 9/30/2015

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS ROYCE VALUE TRUST SEPTEMBER 30, 2015 (UNAUDITED)
SHARES VALUE COMMON STOCKS – 101.7% Consumer Discretionary – 12.2% Auto Components - 1.3%

Drew Industries

91,766 $ 5,011,342

Fuel Systems Solutions 1

19,400 93,702

Gentex Corporation

292,870 4,539,485

Global & Yuasa Battery

28,500 981,635

MRF

800 510,002

Selamat Sempurna

1,816,700 554,687

Standard Motor Products

50,391 1,757,638 13,448,491 Automobiles - 1.2%

Thor Industries 2,3

157,400 8,153,320

Winnebago Industries

211,400 4,048,310 12,201,630 Distributors - 1.0%

Core-Mark Holding Company

115,200 7,539,840

Weyco Group

97,992 2,649,704 10,189,544 Diversified Consumer Services - 1.0%

American Public Education 1

39,400 923,930

Collectors Universe

58,000 874,640

DeVry Education Group

26,054 708,930

Lincoln Educational Services 1

430,600 219,606

Regis Corporation 1,3

233,800 3,062,780

Sotheby’s

138,200 4,419,636

Universal Technical Institute

130,432 457,816 10,667,338 Hotels, Restaurants & Leisure - 0.2%

Century Casinos 1

219,600 1,350,540

Thomas Cook (India)

100,000 309,917

Tropicana Entertainment 1,4

11,100 172,427 1,832,884 Household Durables - 2.5%

Ethan Allen Interiors

320,800 8,472,328

Flexsteel Industries

21,500 671,875

Harman International Industries

28,600 2,745,314

Mohawk Industries 1,3

28,000 5,090,120

Natuzzi ADR 1

2,096,300 4,297,415

NVR 1

1,640 2,501,361

Stanley Furniture 1,5

1,012,235 2,986,093 26,764,506 Internet & Catalog Retail - 0.2%

Blue Nile 1

58,300 1,955,382

Manutan International

4,200 201,635 2,157,017 Leisure Products - 1.0%

LeapFrog Enterprises Cl. A 1

162,000 115,587

Nautilus 1

699,000 10,485,000

Shimano

3,500 493,272 11,093,859 Media - 1.5%

E.W. Scripps Company Cl. A

90,890 1,606,026

Harte-Hanks

166,730 588,557

McClatchy Company (The) Cl. A 1

650,900 631,373

Morningstar

84,600 6,789,996

New Media Investment Group

46,800 723,528

Pico Far East Holdings

3,484,400 805,909

Rentrak Corporation 1

15,400 832,678

T4F Entretenimento 1

143,800 105,189

Technicolor

30,000 207,337

Television Broadcasts

58,400 195,469

Wiley (John) & Sons Cl. A

57,440 2,873,723 15,359,785 Multiline Retail - 0.0%

New World Department Store China

2,691,000 456,897

Parkson Retail Asia

345,800 77,745 534,642 Specialty Retail - 1.0%

Buckle (The) 3

103,445 3,824,362

Destination Maternity

42,200 389,084

Genesco 1

52,005 2,967,925

I.T

1,127,000 289,941

Oriental Watch Holdings

672,113 90,672

Systemax 1

194,000 1,453,060

TravelCenters of America LLC 1

62,500 645,625

West Marine 1

131,100 1,151,058 10,811,727 Textiles, Apparel & Luxury Goods - 1.3%

Asia Brands

56,500 18,123

Crown Crafts

139,141 1,142,348

Culp

29,400 942,858

Fossil Group 1

11,680 652,679

J.G. Boswell Company 4

3,396 2,224,380

Kewal Kiran Clothing

1,482 48,725

Movado Group

128,651 3,323,055

Pacific Textiles Holdings

250,000 340,310

Stella International Holdings

100,000 245,153

Van de Velde

10,000 646,788

Wolverine World Wide 3

148,500 3,213,540

YGM Trading

1,082,600 980,321 13,778,280 Total 128,839,703 Consumer Staples – 2.8% Beverages - 0.3%

Compania Cervecerias Unidas ADR

134,000 2,968,100 Food Products - 2.1%

Alico 3

27,000 1,095,930

Binggrae

14,000 888,569

Cal-Maine Foods

92,516 5,052,299

Farmer Bros. 1

40,000 1,090,000

Industrias Bachoco ADR

35,695 2,180,964

Sanderson Farms 3

7,500 514,275

Seneca Foods Cl. A 1

229,255 6,040,869

Seneca Foods Cl. B 1

13,840 442,880

SunOpta 1

143,559 697,697

Tootsie Roll Industries 3

127,859 4,000,708

Waterloo Investment Holdings 1,6

598,676 227,497 22,231,688 Personal Products - 0.4%

Nu Skin Enterprises Cl. A 3

95,960 3,961,229 Total 29,161,017 Energy – 2.9% Energy Equipment & Services - 2.4%

CARBO Ceramics 2,3

63,000 1,196,370

Ensign Energy Services

134,000 824,384

Gulf Island Fabrication

32,964 347,111

Helmerich & Payne

92,890 4,389,981

ION Geophysical 1

1,078,200 420,498

Oil States International 1

38,433 1,004,254

Pason Systems

374,020 5,257,861

SEACOR Holdings 1

112,469 6,726,771

TGS-NOPEC Geophysical

83,040 1,534,939

Tidewater 3

24,000 315,360

Trican Well Service 1

897,300 457,223

Unit Corporation 1

293,049 3,299,732 25,774,484 Oil, Gas & Consumable Fuels - 0.5%

Green Plains

100,241 1,950,690

Permian Basin Royalty Trust

161,000 983,710

World Fuel Services

41,600 1,489,280

WPX Energy 1

110,000 728,200 5,151,880 Total 30,926,364 Financials – 17.9% Banks - 1.7%

Bank of N.T. Butterfield & Son

1,784,161 3,157,965

BCB Holdings 1

209,426 17,424

Blue Hills Bancorp

104,180 1,442,893

Farmers & Merchants Bank of Long

Beach 4

1,200 7,251,600

Fauquier Bankshares

160,800 2,482,752

First Citizens BancShares Cl. A

17,026 3,847,876 18,200,510 Capital Markets - 8.8%

AllianceBernstein Holding L.P.

102,000 2,713,200

Ares Management L.P.

375,900 6,570,732

Artisan Partners Asset Management Cl. A

145,700 5,133,011

ASA Gold and Precious Metals

324,821 2,540,100

Ashmore Group

1,144,000 4,275,247

Azimut Holding

12,000 258,256

BHF Kleinwort Benson Group 1

293,500 1,751,564

CETIP - Mercados Organizados

485,700 4,030,655

Citadel Capital 1

11,799,921 2,426,226

Cowen Group 1

250,824 1,143,758

Dundee Corporation Cl. A 1

629,800 4,068,097

Eaton Vance 2,3

40,500 1,353,510

Edmond de Rothschild (Suisse)

133 2,497,332

Federated Investors Cl. B

303,310 8,765,659

GAMCO Investors Cl. A

20,200 1,108,980

GCA Savvian

11,513 144,793

Jupiter Fund Management

230,000 1,512,340

Lazard Cl. A

87,825 3,802,823

Medley Management Cl. A

109,500 724,890

mutares

1,266 27,640

MVC Capital

324,200 2,661,682

Newtek Business Services

65,900 1,082,737

Partners Group Holding

1,075 365,238

Rothschild & Co

196,893 5,729,427

SEI Investments

211,665 10,208,603

Sprott

590,000 1,047,808

U.S. Global Investors Cl. A

661,751 1,144,829

Value Partners Group

5,453,000 5,199,918

Virtus Investment Partners

29,330 2,947,665

VZ Holding

1,200 373,375

Westwood Holdings Group

54,573 2,966,043

ZAIS Group Holdings Cl. A 1,2,3

492,300 4,637,466 93,213,604 Consumer Finance - 0.2%

EZCORP Cl. A 1

213,000 1,314,210

Shriram City Union Finance

10,000 257,804 1,572,014 Diversified Financial Services - 1.6%

Bajaj Holdings & Investment

14,100 339,502

Banca Finnat Euramerica

1,060,000 586,444

First Pacific

1,020,000 626,256

MarketAxess Holdings

100,000 9,288,000

PICO Holdings 1

100,400 971,872

Sofina

19,698 2,193,673

TMX Group

91,000 3,195,399 17,201,146 Insurance - 2.2%

Alleghany Corporation 1

2,709 1,268,110

Atlas Financial Holdings 1

9,500 175,750

E-L Financial

16,500 8,469,341

Erie Indemnity Cl. A

25,000 2,073,500

Greenlight Capital Re Cl. A 1

230,561 5,136,899

Independence Holding Company

349,423 4,528,522

ProAssurance Corporation

17,139 841,011

WMI Holdings 1

77,742 200,574 22,693,707 Investment Companies - 0.3%

RIT Capital Partners

149,000 3,383,191 Real Estate Management & Development - 2.1%

AV Homes 1

55,500 750,360

E-House (China) Holdings ADR 2,3

118,765 705,464

Forestar Group 1

102,000 1,341,300

FRP Holdings 1

212,958 6,418,554

Kennedy-Wilson Holdings

101,300 2,245,821

St. Joe Company (The) 1

177,000 3,386,010

Sun Frontier Fudousan

17,600 133,851

Tejon Ranch 1

342,600 7,472,106

Tejon Ranch (Warrants) 1

96,561 15,450 22,468,916 Thrifts & Mortgage Finance - 1.0%

Genworth MI Canada

262,525 5,655,747

Timberland Bancorp 5

444,200 4,828,454

Vestin Realty Mortgage II 1

53,557 170,311 10,654,512 Total 189,387,600 Health Care – 5.5% Biotechnology - 0.7%

ARIAD Pharmaceuticals 1,2,3

140,000 817,600

Cancer Genetics 1

17,400 136,068

Celsion Corporation 1

51,824 86,546

Myriad Genetics 1,3

8,463 317,193

Sangamo BioSciences 1

75,052 423,293

Zealand Pharma 1

259,085 5,709,721 7,490,421 Health Care Equipment & Supplies - 2.5%

Analogic Corporation

53,335 4,375,603

Atrion Corporation 3

17,079 6,403,942

bioMerieux

4,000 432,726

Cerus Corporation 1

198,000 898,920

CONMED Corporation

81,500 3,890,810

Derma Sciences 1

87,142 410,439

DiaSorin

7,000 306,319

IDEXX Laboratories 1,2,3

114,822 8,525,533

Invacare Corporation

38,900 562,883

Trinity Biotech ADR Cl. A

66,100 756,184 26,563,359 Health Care Providers & Services - 0.4%

Aceto Corporation

43,915 1,205,467

Addus HomeCare 1

33,900 1,055,985

Landauer

50,000 1,849,500 4,110,952 Health Care Technology - 0.1%

Medidata Solutions 1

40,000 1,684,400 Life Sciences Tools & Services - 1.2%

Bio-Rad Laboratories Cl. A 1

21,548 2,894,112

Bio-Techne

49,393 4,566,877

PAREXEL International 1

56,600 3,504,672

PerkinElmer

39,000 1,792,440 12,758,101 Pharmaceuticals - 0.6%

Boiron

4,200 405,231

Lannett Company 1

19,650 815,868

Lipocine 1

55,866 660,895

Medicines Company (The) 1

58,000 2,201,680

Santen Pharmaceutical

52,000 700,813

Theravance Biopharma 1

63,291 695,568

Vetoquinol

10,000 437,935 5,917,990 Total 58,525,223 Industrials – 27.6% Aerospace & Defense - 1.8%

Ducommun 1

117,200 2,352,204

FLYHT Aerospace Solutions 1

700,000 99,663

HEICO Corporation

155,938 7,622,250

HEICO Corporation Cl. A

80,808 3,669,491

Hexcel Corporation

47,500 2,130,850

Magellan Aerospace

122,779 1,455,499

Teledyne Technologies 1

20,600 1,860,180 19,190,137 Air Freight & Logistics - 2.3%

Expeditors International of Washington

158,900 7,476,245

Forward Air

209,750 8,702,528

Frontier Services Group 1

1,759,914 317,224

Hub Group Cl. A 1,2,3

149,400 5,439,654

UTi Worldwide 1

635,400 2,916,486 24,852,137 Building Products - 0.9%

American Woodmark 1

117,135 7,598,547

Burnham Holdings Cl. B 4

36,000 624,600

Patrick Industries 1

14,750 582,478

Polypipe Group

103,000 514,008 9,319,633 Commercial Services & Supplies - 2.7%

Atento 1

113,700 1,199,535

Brady Corporation Cl. A

45,900 902,394

CompX International Cl. A

211,100 2,319,989

Copart 1

178,360 5,868,044

dorma+kaba Holding

600 368,848

Heritage-Crystal Clean 1

152,527 1,566,452

InnerWorkings 1

114,000 712,500

Kimball International Cl. B

286,180 2,707,263

Ritchie Bros. Auctioneers

388,254 10,048,014

Societe BIC

1,500 233,173

Steelcase Cl. A

128,030 2,357,032 28,283,244 Construction & Engineering - 2.5%

EMCOR Group 2,3

149,400 6,610,950

Integrated Electrical Services 1

677,482 5,230,161

Jacobs Engineering Group 1,2,3

164,900 6,172,207

KBR

349,192 5,817,539

Northwest Pipe 1

114,500 1,495,370

Sterling Construction 1

326,671 1,342,618 26,668,845 Electrical Equipment - 1.4%

AZZ

43,300 2,108,277

Franklin Electric

209,200 5,696,516

Global Power Equipment Group

158,317 581,023

Powell Industries

94,500 2,844,450

Preformed Line Products

91,600 3,402,940 14,633,206 Industrial Conglomerates - 0.6%

A. Soriano

2,791,000 359,195

Carlisle Companies 2,3

19,835 1,733,182

Raven Industries

226,725 3,842,989 5,935,366 Machinery - 10.0%

Astec Industries

20,000 670,200

Burckhardt Compression Holding

8,400 2,721,142

Chen Hsong Holdings

1,159,000 273,543

China Metal International Holdings

249,000 66,923

CIRCOR International

107,504 4,313,061

CLARCOR

92,500 4,410,400

Columbus McKinnon

95,455 1,733,463

Deutz

115,000 385,530

Donaldson Company

193,559 5,435,137

Federal Signal

139,290 1,909,666

Graco

104,776 7,023,135

Graham Corporation

20,568 363,025

Hurco Companies

25,952 680,980

Hyster-Yale Materials Handling Cl. A

16,505 954,484

IDEX Corporation

67,400 4,805,620

John Bean Technologies

180,016 6,885,612

Kennametal

202,650 5,043,959

Lincoln Electric Holdings

61,360 3,217,105

Lindsay Corporation 2,3

33,000 2,237,070

Lydall 1

66,480 1,894,015

Mincon Group

384,100 302,144

Mueller Water Products Cl. A

33,600 257,376

308,700 5,710,950

Nordson Corporation

24,296 1,529,190

RBC Bearings 1

121,800 7,275,114

Semperit AG Holding

12,940 392,710

Spirax-Sarco Engineering

7,600 322,649

Sun Hydraulics

103,118 2,832,651

Tennant Company

103,900 5,837,102

Valmont Industries 3

67,045 6,361,900

WABCO Holdings 1

43,400 4,549,622

Wabtec Corporation

78,740 6,933,057

Woodward

208,400 8,481,880 105,810,415 Marine - 0.6%

Clarkson

198,700 6,133,609 Professional Services - 3.1%

Acacia Research

103,000 935,240

Advisory Board (The) 1,2,3

150,277 6,843,614

Franklin Covey 1

60,000 963,600

Heidrick & Struggles International

66,480 1,293,036

ICF International 1

38,866 1,181,138

ManpowerGroup

83,858 6,867,132

On Assignment 1,3

334,995 12,361,315

Robert Half International

14,812 757,782

TrueBlue 1

40,740 915,428

Volt Information Sciences 1

52,000 473,200 32,591,485 Road & Rail - 1.0%

Genesee & Wyoming Cl. A 1

20,000 1,181,600

Landstar System

99,400 6,308,918

Saia 1,3

66,930 2,071,483

Trancom

6,647 356,885

Universal Truckload Services

78,916 1,228,722 11,147,608 Trading Companies & Distributors - 0.5%

Kloeckner & Co

31,300 255,834

MISUMI Group

30,000 310,551

MSC Industrial Direct Cl. A 2,3

78,923 4,816,671 5,383,056 Transportation Infrastructure - 0.2%

Hopewell Highway Infrastructure

1,012,000 505,932

Touax

40,040 560,779

Wesco Aircraft Holdings 1

68,400 834,480 1,901,191 Total 291,849,932 Information Technology – 20.3% Communications Equipment - 0.5%

ADTRAN 3

234,973 3,430,606

Alliance Fiber Optic Products

42,900 733,161

Bel Fuse Cl. B

30,238 587,826

Extreme Networks 1

212,000 712,320 5,463,913 Electronic Equipment, Instruments & Components - 9.3%

Agilysys 1

165,125 1,836,190

Anixter International 1,2,3

70,895 4,096,313

Benchmark Electronics 1

156,900 3,414,144

Cognex Corporation 2,3

69,800 2,399,026

Coherent 1

160,596 8,784,601

Dolby Laboratories Cl. A

93,410 3,045,166

DTS 1

225,000 6,007,500

FARO Technologies 1

90,000 3,150,000

FEI Company

82,100 5,996,584

FLIR Systems

262,600 7,350,174

HollySys Automation Technologies

70,982 1,240,765

IPG Photonics 1,2,3

60,950 4,630,372

Kimball Electronics 1

214,635 2,560,596

LRAD Corporation 1

641,944 1,072,046

Mercury Systems 1

38,200 607,762

Methode Electronics

14,600 465,740

National Instruments

261,850 7,276,812

Newport Corporation 1

541,000 7,438,750

PC Connection

16,301 337,920

Perceptron 1

357,700 2,714,943

Plexus Corporation 1

176,100 6,793,938

Richardson Electronics

573,732 3,379,281

Rofin-Sinar Technologies 1

265,981 6,896,887

Rogers Corporation 1

57,066 3,034,770

TTM Technologies 1,2,3

496,400 3,092,572

Vishay Precision Group 1

78,826 913,593 98,536,445 Internet Software & Services - 1.5%

Care.com 1

386,000 1,984,040

j2 Global

30,590 2,167,301

QuinStreet 1

488,232 2,709,688

RealNetworks 1

376,750 1,540,908

Spark Networks 1,2,3

366,300 1,054,944

Stamps.com 1

34,400 2,545,944

Support.com 1

1,599,399 1,791,327

Textura Corporation 1

23,800 614,992

Tomorrow Focus 1

44,900 156,418

United Online 1

116,571 1,165,710 15,731,272 IT Services - 3.0%

Computer Task Group

178,000 1,101,820

Convergys Corporation 3

121,000 2,796,310

eClerx Services

13,500 329,282

Hackett Group (The)

1,039,366 14,291,282

Hexaware Technologies

75,000 283,806

Innodata 1

314,314 732,352

MAXIMUS

107,500 6,402,700

MoneyGram International 1

75,000 601,500

Net 1 UEPS Technologies 1

15,000 251,100

Persistent Systems

35,000 355,818

Prodware

20,100 117,224

Sykes Enterprises 1

120,364 3,069,282

Unisys Corporation 1

94,000 1,118,600 31,451,076 Semiconductors & Semiconductor Equipment - 2.7%

Amtech Systems 1

124,571 535,655

Brooks Automation

116,100 1,359,531

Cascade Microtech 1

61,800 873,852

Diodes 1

270,850 5,788,065

Exar Corporation 1

157,576 937,577

Intermolecular 1

185,448 350,497

Kopin Corporation 1

242,200 760,508

Kulicke & Soffa Industries 1

77,400 710,532

MKS Instruments

185,770 6,228,868

MoSys 1,2,3

337,000 502,130

Nanometrics 1

169,770 2,061,008

Photronics 1

205,600 1,862,736

Teradyne

130,000 2,341,300

Tessera Technologies

37,370 1,211,162

Ultra Clean Holdings 1

50,300 288,722

Veeco Instruments 1,2,3

114,320 2,344,703 28,156,846 Software - 2.4%

American Software Cl. A

88,490 833,576

ANSYS 1,2,3

95,000 8,373,300

Blackbaud

31,400 1,762,168

Computer Modelling Group

313,200 2,659,090

Cyient

30,000 255,541

ePlus 1

12,700 1,004,189

Mentor Graphics

106,563 2,624,647

Model N 1

104,000 1,041,040

Monotype Imaging Holdings

150,080 3,274,746

PSI 1

52,500 704,148

SeaChange International 1

228,369 1,438,725

SimCorp

9,300 468,703

TiVo 1

109,100 944,806

TOTVS

50,000 380,124 25,764,803 Technology Hardware, Storage & Peripherals - 0.9%

Diebold 2,3

266,600 7,936,682

Intevac 1

114,000 524,400

Kortek

99,000 1,196,522

Kortek (Rights) 1,6

20,437 56,037

Silicon Graphics International 1

98,440 386,869 10,100,510 Total 215,204,865 Materials – 7.2%

Chemicals - 1.9%

C. Uyemura & Co.

5,800 282,490

FutureFuel Corporation

51,500 508,820

Hawkins

86,178 3,317,853

Innospec

51,198 2,381,219

Minerals Technologies

98,853 4,760,760

Quaker Chemical

109,669 8,453,287

Umicore

6,000 231,208

Victrex

8,000 215,073 20,150,710 Construction Materials - 1.0%

Ash Grove Cement Cl. B 4

50,518 10,154,118

Mardin Cimento Sanayii

142,075 189,354 10,343,472 Containers & Packaging - 0.8%

Greif Cl. A

106,344 3,393,437

Mayr-Melnhof Karton

32,400 3,739,809

UFP Technologies 1

62,109 1,419,191 8,552,437 Metals & Mining - 3.4%

Ampco-Pittsburgh

56,211 613,262

Central Steel & Wire 4

4,862 3,019,302

Exeter Resource 1

475,000 152,000

Franco-Nevada Corporation

108,000 4,754,160

Gold Fields ADR

865,000 2,300,900

Haynes International

23,000 870,320

Hecla Mining

660,000 1,300,200

IAMGOLD Corporation 1

510,000 831,300

Imdex 1

1,083,541 140,906

Lundin Mining 1

640,000 1,808,018

Major Drilling Group International

406,543 1,355,651

Pan American Silver

130,430 828,230

Pretium Resources 1

246,000 1,489,457

Reliance Steel & Aluminum

172,020 9,290,800

Seabridge Gold 1,2,3

282,000 1,635,600

Synalloy Corporation

178,800 1,637,808

Vista Gold 1

124,000 35,960

Worthington Industries

148,000 3,919,040 35,982,914 Paper & Forest Products - 0.1%

Schweitzer-Mauduit International

9,748 335,136

TFS Corporation

246,700 264,671 599,807 Total 75,629,340 Telecommunication Services – 0.5% Wireless Telecommunication Services - 0.5%

Spok Holdings

18,595 306,074

Telephone and Data Systems

208,270 5,198,419 Total 5,504,493 Utilities – 0.1% Gas Utilities - 0.1%

Shizuoka Gas

110,000 717,079

Toho Gas

60,000 355,095 1,072,174 Multi-Utilities - 0.0%

Just Energy Group 3

20,600 126,896 Total 1,199,070 Miscellaneous 7 – 4.7% Total 49,818,936 TOTAL COMMON STOCKS

(Cost $963,919,815)

1,076,046,543 REPURCHASE AGREEMENT – 3.6%

Fixed Income Clearing Corporation,
0.00% dated 9/30/15, due 10/1/15,
maturity value $37,361,000 (collateralized
by obligations of various U.S. Government
Agencies, 2.00% due 10/31/21, valued at
$38,109,794)
(Cost $37,361,000)

37,361,000 TOTAL INVESTMENTS – 105.3%

(Cost $1,001,280,815)

1,113,407,543 LIABILITIES LESS CASH

AND OTHER ASSETS – (5.3)%

(55,564,554 ) NET ASSETS – 100.0% $ 1,057,842,989
1

Non-income producing.

At September 30, 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $65,978,524.

All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at September 30, 2015. Total market value of pledged securities at September 30, 2015, was $117,230,914.

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

At September 30, 2015, 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.

Securities for which market quotations are not readily available represent 0.0% 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.

Includes securities first acquired in 2015 and less than 1% of net assets.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,002,519,576. At September 30, 2015, net unrealized appreciation for all securities was $110,887,967, consisting of aggregate gross unrealized appreciation of $261,052,107 and aggregate gross unrealized depreciation of $150,164,140. 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, 2015. 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 $970,930,245 $104,832,764 $283,534 $1,076,046,543 Cash Equivalents – 37,361,000 – 37,361,000

For the nine months ended September 30, 2015, certain securities have transferred in and out of Level 1 and Level 2 measurements. The Fund recognizes transfers between levels as of the end of the reporting period. At September 30, 2015, securities valued at $77,745 were transferred from Level 1 to Level 2 and securities valued at $4,153,966 were transferred from Level 2 to Level 1, respectively, within the fair value hierarchy.

Level 3 Reconciliation:

Balance as of 12/31/14 Purchases Sales Realized and
Unrealized
Gain (Loss) Balance as of 9/30/15 Common Stocks $ 270,001 $0 $ 1 $ 13,534 $283,534 Preferred Stocks 1,216,350 724,062 (492,288) –

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.

Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). As of September 30, 2015, the Fund has outstanding borrowings of $70,000,000. During the period ended September 30, 2015, 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, 2015:

Affiliated Company Shares
12/31/14 Market Value
12/31/14 Cost of
Purchases Cost of
Sales Realized
Gain (Loss) Dividend
Income Shares
9/30/15 Market Value
9/30/15 Stanley Furniture 1,012,235 $2,773,524 – – – – 1,012,235 $2,986,093 Timberland Bancorp 444,200 4,708,520 – – – $84,398 444,200 4,828,454 $7,482,044 $84,398 $7,814,547

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, 2015

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, 2015 By: /s/ Peter K. Hoglund Peter K. Hoglund Treasurer, Royce Value Trust, Inc. Date: November 20, 2015