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: 3/31/2016

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
MARCH 31, 2016 (UNAUDITED)

SHARES VALUE COMMON STOCKS – 100.2% Consumer Discretionary – 11.4% Auto Components - 1.4%

Drew Industries

94,616 $ 6,098,948

Gentex Corporation

350,370 5,497,305

Sebang Global Battery

28,500 1,060,401

Selamat Sempurna

1,816,700 657,629

Standard Motor Products

50,391 1,746,048 15,060,331 Automobiles - 0.9%

Thor Industries 1

151,710 9,674,547 Distributors - 1.2%

Core-Mark Holding Company

115,200 9,395,712

Fenix Parts 2

255,000 1,173,000

Weyco Group

97,992 2,608,547 13,177,259 Diversified Consumer Services - 0.8%

American Public Education 2

42,400 874,712

DeVry Education Group

52,054 898,973

Liberty Tax Cl. A

116,573 2,283,665

LifeLock 1,2

142,000 1,713,940

Lincoln Educational Services 2

430,600 1,067,888

Universal Technical Institute

504,032 2,172,378 9,011,556 Hotels, Restaurants & Leisure - 0.2%

Century Casinos 2

155,360 957,018

Lindblad Expeditions Holdings 2

158,300 1,573,502

Thomas Cook (India)

120,000 341,394 2,871,914 Household Durables - 1.8%

Cavco Industries 2

16,200 1,514,052

Ethan Allen Interiors

231,000 7,350,420

Flexsteel Industries

18,500 808,080

Mohawk Industries 1,2

22,400 4,276,160

Natuzzi ADR 2

2,096,300 3,060,598

Samson Holding

2,500,000 299,715

Stanley Furniture 2,3

912,235 2,417,423 19,726,448 Internet & Catalog Retail - 0.1%

Blue Nile

40,300 1,036,113

Manutan International

12,200 650,389 1,686,502 Leisure Products - 1.0%

Black Diamond 2

68,100 307,812

Nautilus 2

522,900 10,102,428

Shimano

3,500 548,581 10,958,821 Media - 0.6%

Harte-Hanks

44,730 113,167

Loral Space & Communications 2

29,419 1,033,489

McClatchy Company (The) Cl. A 2

212,600 223,230

New Media Investment Group

46,800 778,752

Pico Far East Holdings

3,484,400 929,790

Technicolor

80,000 499,766

Wiley (John) & Sons Cl. A

55,980 2,736,862 6,315,056 Multiline Retail - 0.0%

New World Department Store China

1,447,500 190,329

Parkson Retail Asia

345,800 49,003 239,332 Specialty Retail - 2.1%

Buckle (The) 1

118,015 3,997,168

Caleres

24,100 681,789

Container Store Group (The) 2

158,200 928,634

Destination Maternity

390,176 2,668,804

Genesco 2

32,955 2,380,999

Haverty Furniture

26,500 560,740

I.T

1,127,000 271,677

Monro Muffler Brake

126,300 9,026,661

Oriental Watch Holdings

967,900 118,533

TravelCenters of America LLC 2

62,500 423,125

USS

35,000 559,154

West Marine 2

131,100 1,191,699 22,808,983 Textiles, Apparel & Luxury Goods - 1.3%

Crown Crafts

101,941 942,954

Culp

29,400 770,868

Deckers Outdoor 2

50,720 3,038,635

J.G. Boswell Company 4

3,940 2,462,500

Kitex Garments

40,000 263,355

Movado Group

77,861 2,143,513

Pacific Textiles Holdings

350,000 505,327

Stella International Holdings

150,000 351,151

Van de Velde

10,000 695,257

Wolverine World Wide 1

148,500 2,735,370

YGM Trading

1,082,600 671,274 14,580,204 Total 126,110,953 Consumer Staples – 2.1% Beverages - 0.3%

Compania Cervecerias Unidas ADR

134,000 3,008,300 Food Products - 1.7%

Cal-Maine Foods

15,916 826,199

Farmer Bros. 2

40,000 1,114,800

Industrias Bachoco ADR

52,095 2,671,432

John B. Sanfilippo & Son

17,200 1,188,348

KWS Saat

1,200 391,551

Seneca Foods Cl. A 2

196,327 6,820,400

Seneca Foods Cl. B 2

13,840 529,242

SunOpta 2

164,959 735,717

Tootsie Roll Industries 1

108,005 3,773,687

Waterloo Investment Holdings 2,5

598,676 167,629 18,219,005 Personal Products - 0.1%

Inter Parfums

33,430 1,032,987

Interparfums

22,600 589,423 1,622,410 Total 22,849,715 Energy – 4.5% Energy Equipment & Services - 3.4%

CARBO Ceramics 1,2

53,000 752,600

Diamond Offshore Drilling 2

144,000 3,129,120

Era Group 2

381,800 3,581,284

Forum Energy Technologies 2

161,418 2,130,718

Frank’s International

108,600 1,789,728

Helmerich & Payne

90,530 5,315,922

ION Geophysical 2

71,880 580,790

Oil States International 2

43,133 1,359,552

Pason Systems

479,380 6,090,294

SEACOR Holdings 2

170,469 9,282,037

TGS-NOPEC Geophysical

197,870 3,020,168

Trican Well Service 2

897,300 822,165 37,854,378 Oil, Gas & Consumable Fuels - 1.1%

Dorchester Minerals L.P.

177,172 2,017,989

Dorian LPG 2

184,034 1,729,920

Green Plains

110,000 1,755,600

Hargreaves Services

57,683 147,882

San Juan Basin Royalty Trust

350,352 1,804,313

World Fuel Services

66,600 3,235,428

WPX Energy 2

110,000 768,900 11,460,032 Total 49,314,410 Financials – 19.5% Banks - 2.1%

Bank of N.T. Butterfield & Son

1,784,161 3,015,232

Blue Hills Bancorp

104,180 1,424,141

Canadian Western Bank

279,500 5,197,247

Farmers & Merchants Bank of Long
Beach 4

1,200 7,260,000

Fauquier Bankshares

160,800 2,423,256

First Citizens BancShares Cl. A

17,026 4,274,718 23,594,594 Capital Markets - 8.4%

AllianceBernstein Holding L.P.

24,500 574,035

Ares Management L.P.

375,900 5,788,860

Artisan Partners Asset Management Cl. A

188,200 5,804,088

ASA Gold and Precious Metals

311,821 3,193,047

Ashmore Group

1,144,000 4,725,467

Associated Capital Group Cl. A 2

20,200 566,004

Azimut Holding

17,500 403,243

CETIP - Mercados Organizados

430,000 4,801,496

Citadel Capital 2

11,799,921 2,205,854

Cowen Group 2

250,824 955,639

Dundee Corporation Cl. A 2

1,079,900 4,988,951

Edmond de Rothschild (Suisse)

133 2,226,925

Federated Investors Cl. B

328,340 9,472,609

Jupiter Fund Management

230,000 1,352,071

Lazard Cl. A

113,535 4,405,158

Manning & Napier Cl. A

465,492 3,756,520

Medley Management Cl. A

109,500 602,250

mutares

39,266 676,914

MVC Capital

324,200 2,418,532

Newtek Business Services

15,925 199,063

Oaktree Capital Group LLC Cl. A

101,100 4,987,263

Partners Group Holding

1,075 432,102

Rothschild & Co

196,893 4,868,487

SEI Investments

180,600 7,774,830

Sprott

590,000 1,153,879

U.S. Global Investors Cl. A

520,551 900,553

Value Partners Group

5,453,000 5,729,012

Virtus Investment Partners

31,230 2,439,375

VZ Holding

2,000 528,314

Westwood Holdings Group

50,173 2,942,646

ZAIS Group Holdings Cl. A 1,2

492,300 2,392,578 93,265,765 Consumer Finance - 0.1%

Bajaj Finance

9,000 939,379 Diversified Financial Services - 2.5%

Banca Finnat Euramerica

328,524 142,802

First Pacific

1,020,000 762,631

MarketAxess Holdings

90,000 11,234,700

Morningstar

84,600 7,467,642

PICO Holdings 2

409,400 4,188,162

TMX Group

91,000 3,286,160 27,082,097 Insurance - 2.2%

Alleghany Corporation 2

2,709 1,344,206

Atlas Financial Holdings 2

30,000 544,200

eHealth 2

44,795 420,625

E-L Financial

16,500 8,429,452

Erie Indemnity Cl. A

25,000 2,324,750

Greenlight Capital Re Cl. A 2

230,561 5,023,924

Independence Holding Company

314,523 5,007,206

ProAssurance Corporation

17,139 867,233

WMIH 2

77,742 181,916 24,143,512 Investment Companies - 0.3%

RIT Capital Partners

130,500 3,092,603 Real Estate Management & Development - 2.9%

AV Homes 2

66,100 750,896

FirstService Corporation

125,100 5,121,594

Forestar Group 2

102,000 1,330,080

FRP Holdings 2

212,958 7,581,305

Kennedy-Wilson Holdings

101,300 2,218,470

Marcus & Millichap 2

191,480 4,861,677

St. Joe Company (The) 2

177,000 3,035,550

Tejon Ranch 2

360,035 7,405,920

Tejon Ranch (Warrants) 2

96,561 10 32,305,502 Thrifts & Mortgage Finance - 1.0%

Genworth MI Canada

247,495 5,833,164

Timberland Bancorp 3

444,200 5,614,688

Vestin Realty Mortgage II 2

53,557 93,725 11,541,577 Total 215,965,029 Health Care – 5.2% Biotechnology - 1.1%

Abcam

80,000 677,910

ARIAD Pharmaceuticals 1,2,6

140,000 894,600

Keryx Biopharmaceuticals 2

170,000 793,900

Myriad Genetics 1,2

6,373 238,541

Sangamo BioSciences 2

264,315 1,599,106

Zealand Pharma 2

392,207 8,085,507 12,289,564 Health Care Equipment & Supplies - 2.3%

Analogic Corporation

53,335 4,213,998

AngioDynamics 2

55,000 675,950

Atrion Corporation 1

15,750 6,226,920

bioMerieux

4,000 458,119

Cerus Corporation 2

128,000 759,040

DiaSorin

7,000 404,239

IDEXX Laboratories 1,2

114,822 8,992,859

Invacare Corporation

38,900 512,313

Masimo Corporation 2

50,000 2,092,000

Neogen Corporation 2

6,800 342,380

Trinity Biotech ADR Cl. A 2

82,800 965,448 25,643,266 Health Care Providers & Services - 0.3%

Aceto Corporation

59,755 1,407,828

Landauer

50,000 1,653,500 3,061,328 Health Care Technology - 0.1%

Cegedim 2

10,000 290,164

Medidata Solutions 2

40,000 1,548,400 1,838,564 Life Sciences Tools & Services - 1.2%

Bio-Rad Laboratories Cl. A 2

31,198 4,265,391

Bio-Techne

54,743 5,174,308

PAREXEL International 2

56,600 3,550,518 12,990,217 Pharmaceuticals - 0.2%

Theravance Biopharma 2

63,291 1,189,871

Vetoquinol

10,000 414,082

Virbac

3,000 521,442 2,125,395 Total 57,948,334 Industrials – 28.4% Aerospace & Defense - 1.6%

Ducommun 2

117,200 1,787,300

FLYHT Aerospace Solutions 2

1,078,400 137,005

HEICO Corporation

140,338 8,438,524

HEICO Corporation Cl. A

80,808 3,846,461

Magellan Aerospace

132,779 1,666,447

Senior

80,000 262,087

Teledyne Technologies 2

20,600 1,815,684 17,953,508 Air Freight & Logistics - 2.1%

Expeditors International of Washington

158,900 7,755,909

Forward Air

209,750 9,505,870

Hub Group Cl. A 1,2,6

149,400 6,094,026 23,355,805 Building Products - 0.3%

Burnham Holdings Cl. B 4

36,000 594,360

Insteel Industries

53,180 1,625,713

Patrick Industries 2

14,750 669,502

Polypipe Group

148,000 678,507 3,568,082 Commercial Services & Supplies - 3.1%

Atento 2

147,200 1,205,568

CECO Environmental

99,028 614,964

CompX International Cl. A

211,100 2,216,550

Copart 2

178,360 7,271,737

dorma+kaba Holding

600 383,444

Heritage-Crystal Clean 2

152,527 1,516,118

InnerWorkings 2

114,000 906,300

Kimball International Cl. B

286,180 3,248,143

MiX Telematics ADR

1,096 4,329

Nippon Kanzai

45,000 711,715

Ritchie Bros. Auctioneers

372,394 10,084,430

Steelcase Cl. A

225,260 3,360,879

UniFirst Corporation

21,570 2,353,719 33,877,896 Construction & Engineering - 3.4%

EMCOR Group 1

134,400 6,531,840

Integrated Electrical Services 2

677,482 9,938,661

Jacobs Engineering Group 2

164,900 7,181,395

KBR

261,192 4,043,252

Northwest Pipe 2

28,000 258,160

NV5 Holdings 2

23,400 627,822

Sterling Construction 2

204,300 1,052,145

Valmont Industries 1

66,445 8,228,549 37,861,824 Electrical Equipment - 1.0%

Franklin Electric

104,600 3,364,982

Global Power Equipment Group 2

631,820 1,263,640

Powell Industries

94,500 2,817,045

Preformed Line Products

91,600 3,345,232 10,790,899 Industrial Conglomerates - 0.4%

A. Soriano

2,791,000 370,961

Raven Industries

249,700 4,000,194 4,371,155 Machinery - 9.5%

Chen Hsong Holdings

1,159,000 234,569

China Metal International Holdings

554,524 160,123

CIRCOR International

105,984 4,916,598

CLARCOR

92,500 5,345,575

Colfax Corporation 2

77,242 2,208,349

Columbus McKinnon

50,475 795,486

Deutz

115,000 544,371

Donaldson Company

193,559 6,176,468

Federal Signal

173,380 2,299,019

Graco

89,276 7,495,613

Hurco Companies

25,952 856,156

Hyster-Yale Materials Handling Cl. A

20,475 1,363,635

IDEX Corporation

67,400 5,586,112

John Bean Technologies

100,526 5,670,672

Kadant

30,200 1,363,832

Kennametal

160,100 3,600,649

Lincoln Electric Holdings

61,360 3,593,855

Lindsay Corporation 1

80,000 5,728,800

Luxfer Holdings ADR

28,100 298,141

Lydall 2

33,580 1,092,022

308,700 4,223,016

Nordson Corporation

24,296 1,847,468

RBC Bearings 2

121,700 8,915,742

Spirax-Sarco Engineering

7,600 397,324

Sun Hydraulics

103,118 3,422,486

Tennant Company

111,900 5,760,612

Trifast

200,000 364,807

Wabtec Corporation

96,970 7,688,751

Washtec

20,500 852,600

Watts Water Technologies Cl. A

61,000 3,362,930

Woodward

177,100 9,212,742 105,378,523 Marine - 1.2%

Clarkson

198,700 6,335,496

Kirby Corporation 2

107,100 6,457,059 12,792,555 Professional Services - 2.7%

Advisory Board (The) 1,2,6

150,277 4,846,433

Bertrandt

5,000 573,786

Franklin Covey 2

40,800 717,672

Heidrick & Struggles International

66,480 1,575,576

ICF International 2

23,736 815,806

ManpowerGroup

83,858 6,827,718

Meitec Corporation

12,500 437,048

On Assignment 1,2

220,695 8,148,059

Robert Half International

25,232 1,175,307

TrueBlue 2

169,250 4,425,888

Volt Information Sciences 2

65,000 489,450 30,032,743 Road & Rail - 1.7%

Knight Transportation

122,400 3,200,760

Landstar System

126,560 8,177,042

Patriot Transportation Holding 2

70,986 1,435,337

Saia 1,2

175,430 4,938,354

Trancom

4,932 288,790

Universal Truckload Services

78,916 1,299,747 19,340,030 Trading Companies & Distributors - 1.2%

Addtech Cl. B

30,000 413,882

Brammer

180,000 450,480

Central Steel & Wire 4

4,862 1,993,420

Houston Wire & Cable

509,200 3,559,308

Kloeckner & Co 2

31,300 306,051

MISUMI Group

30,000 429,428

MSC Industrial Direct Cl. A 1,6

64,993 4,959,616

OEM International Cl. B

25,925 418,338

Thermador Groupe

4,900 457,208 12,987,731 Transportation Infrastructure - 0.2%

Hopewell Highway Infrastructure

1,012,000 499,650

Touax 2

20,180 205,517

Wesco Aircraft Holdings 2

68,400 984,276 1,689,443 Total 314,000,194 Information Technology – 19.7% Communications Equipment - 0.8%

ADTRAN 1

239,273 4,838,100

Alliance Fiber Optic Products 2

76,700 1,134,393

Bel Fuse Cl. B

30,238 441,475

Clearfield 2

72,800 1,169,896

NetScout Systems 2

28,600 656,942

Oclaro 2

103,000 556,200 8,797,006 Electronic Equipment, Instruments & Components - 9.7%

Agilysys 2

66,271 676,627

Anixter International 1,2

70,895 3,694,338

Cognex Corporation 1,6

214,070 8,338,027

Coherent 2

140,516 12,913,420

Dolby Laboratories Cl. A

55,450 2,409,857

DTS 2

225,000 4,900,500

e2v technologies

125,000 385,992

Fabrinet 2

65,750 2,127,012

FARO Technologies 2

150,367 4,843,321

FEI Company

151,500 13,485,015

FLIR Systems

302,000 9,950,900

HollySys Automation Technologies 2

51,082 1,075,276

Horiba

12,000 447,821

IPG Photonics 1,2

57,970 5,569,758

Kimball Electronics 2

101,000 1,128,170

Lagercrantz Group

50,000 477,320

LEM Holding

400 339,036

LRAD Corporation

751,544 1,247,563

Mercury Systems 2

38,200 775,460

Methode Electronics

72,630 2,123,701

National Instruments

261,850 7,884,304

Perceptron 2

357,700 1,734,845

Plexus Corporation 2

176,100 6,959,472

Richardson Electronics

573,732 2,960,457

Rofin-Sinar Technologies 2

19,781 637,344

Rogers Corporation 2

57,066 3,416,541

Systemax 2

194,000 1,701,380

TTM Technologies 1,2

496,400 3,301,060

Vishay Precision Group 2

83,826 1,174,402

VST Holdings

1,179,658 272,205 106,951,124 Internet Software & Services - 1.8%

Actua Corporation 2

191,726 1,735,120

Care.com 2

395,900 2,434,785

comScore 2

16,100 483,644

IZEA 2

44,670 310,457

j2 Global

73,720 4,539,678

QuinStreet 2

541,332 1,851,356

RealNetworks 2

376,750 1,529,605

Solium Capital 2

164,300 857,712

Spark Networks 1,2,6

282,400 626,928

Stamps.com 2

33,600 3,571,008

Support.com 2

650,300 559,258

Tomorrow Focus 2

44,900 140,502

United Online 2

91,571 1,056,729 19,696,782 IT Services - 1.3%

Convergys Corporation 1

121,000 3,360,170

eClerx Services

18,000 350,636

Hackett Group (The)

570,666 8,628,470

Hexaware Technologies

130,000 527,283

Innodata 2

294,157 664,795

Neurones

15,000 305,526

Persistent Systems

40,000 459,058

Prodware

9,882 68,593

TravelSky Technology

200,000 328,463 14,692,994 Semiconductors & Semiconductor Equipment - 2.7%

Amtech Systems 2

141,471 918,147

Brooks Automation

116,100 1,207,440

Daqo New Energy ADR 2

45,500 846,755

Diodes 2

270,850 5,444,085

Exar Corporation 2

157,576 906,062

Intermolecular 2

144,196 364,816

Kulicke & Soffa Industries 2

77,400 876,168

MKS Instruments

93,410 3,516,886

Nanometrics 2

163,100 2,583,504

Nova Measuring Instruments 2

99,000 1,030,590

Photronics 2

207,700 2,162,157

Sigma Designs 2

55,200 375,360

Silicon Motion Technology ADR

53,100 2,060,811

Teradyne

130,000 2,806,700

Tessera Technologies

140,430 4,353,330

Ultra Clean Holdings 2

50,300 269,608 29,722,419 Software - 2.5%

American Software Cl. A

88,490 796,410

ANSYS 1,2

95,000 8,498,700

AVG Technologies 2

35,670 740,152

Computer Modelling Group

313,200 2,445,311

Fidessa Group

17,500 613,781

Mentor Graphics

202,823 4,123,392

Model N 2

104,000 1,120,080

Monotype Imaging Holdings

207,740 4,969,141

PSI 2

18,194 277,419

SeaChange International 2

247,069 1,363,821

SimCorp

10,000 461,480

Textura Corporation 2

19,000 353,970

TiVo 2

133,200 1,266,732

Trend Micro

10,000 366,076 27,396,465 Technology Hardware, Storage & Peripherals - 0.9%

Diebold 1,6

266,600 7,707,406

Intevac 2

175,600 790,200

Kortek

66,756 650,865

Silicon Graphics International 2

93,600 666,432

Xaar

60,000 420,103 10,235,006 Total 217,491,796 Materials – 7.8% Chemicals - 2.0%

Borregaard

77,500 519,807

Croda International

10,000 436,476

Dyadic International 2,4

75,000 123,750

Elementis

125,000 429,798

FutureFuel Corporation

48,500 571,815

Hawkins

86,178 3,110,164

Hexpol

40,000 444,677

Innospec

36,883 1,599,247

Intrepid Potash 2

336,498 373,513

Minerals Technologies

73,793 4,195,132

Quaker Chemical

109,669 9,306,511

Umicore

12,500 622,289

Victrex

22,000 520,726 22,253,905 Construction Materials - 1.0%

Ash Grove Cement Cl. B 4

50,518 10,962,406 Containers & Packaging - 0.4%

Intertape Polymer Group

26,486 379,522

Mayr-Melnhof Karton

34,000 4,081,647 4,461,169 Metals & Mining - 4.4%

Alamos Gold Cl. A

471,300 2,496,665

Ampco-Pittsburgh

47,836 665,399

Constellium Cl. A 2

100,000 519,000

Exeter Resource 2

396,825 218,254

Franco-Nevada Corporation

127,300 7,813,674

Gold Fields ADR

865,000 3,408,100

Haynes International

113,900 4,157,350

Hecla Mining

660,000 1,834,800

Imdex 2

700,000 115,366

Lundin Mining 2

640,000 2,015,476

Major Drilling Group International 2

406,543 1,972,066

NovaGold Resources 2

50,000 252,000

Pan American Silver

130,430 1,417,774

Pretium Resources 2

246,000 1,320,208

Reliance Steel & Aluminum

148,240 10,256,726

Seabridge Gold 1,2,6

282,000 3,090,720

Synalloy Corporation

178,800 1,416,096

Worthington Industries

148,000 5,274,720 48,244,394 Paper & Forest Products - 0.0%

TFS Corporation 5

251,185 298,446 Total 86,220,320 Telecommunication Services – 0.6% Wireless Telecommunication Services - 0.6%

Telephone and Data Systems

208,270 6,266,844 Total 6,266,844 Utilities – 0.1% Gas Utilities - 0.1%

Shizuoka Gas

110,000 737,927

Toho Gas

60,000 425,963 1,163,890 Multi-Utilities - 0.0%

Just Energy Group 1

18,520 110,194 Total 1,274,084 Miscellaneous7 – 0.9% Total 9,712,595 TOTAL COMMON STOCKS

(Cost $937,779,680)

1,107,154,274 REPURCHASE AGREEMENT – 4.0% Fixed Income Clearing Corporation,

0.03% dated 3/31/16, due 4/1/16,

maturity value $44,586,037 (collateralized

by obligations of various U.S. Government

Agencies, 2.00% due 5/31/21, valued at $45,481,800)

(Cost $44,586,000)

44,586,000 TOTAL INVESTMENTS – 104.2%

(Cost $982,365,680)

1,151,740,274 LIABILITIES LESS CASH

AND OTHER ASSETS – (4.2)%

(46,742,479 ) NET ASSETS – 100.0% $ 1,104,997,795
1

All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at March 31, 2016. Total market value of pledged securities at March 31, 2016, was $110,156,089.

2 Non-income producing. 3

At March 31, 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.

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.

At March 31, 2016, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $31,499,720.

7 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 $985,326,570. At March 31, 2016, net unrealized appreciation for all securities was $166,413,704, consisting of aggregate gross unrealized appreciation of $281,029,497 and aggregate gross unrealized depreciation of $114,615,793. 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 March 31, 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 $1,083,291,763 $23,396,436 $466,075 $1,107,154,274 Cash Equivalents – 44,586,000 – 44,586,000

For the three months ended March 31, 2016, certain securities have transferred in and out of Level 1, Level 2 and Level 3 measurements. The Fund recognizes transfers between levels as of the end of the reporting period. At March 31, 2016, securities valued at $85,043,033 and $298,446 were transferred from Level 2 to Level 1 and Level 3, respectively, within the fair value hierarchy.

Level 3 Reconciliation:

Balance as of 12/31/15 Transfers In Balance as of 3/31/16 Common Stocks $167,629 $298,446 $466,075

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 March 31, 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 March 31, 2016, the Fund has outstanding borrowings of $70,000,000. During the period ended March 31, 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 three months ended March 31, 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 3/31/16 3/31/16 Stanley Furniture 1,012,235 $2,824,136 – $265,000 $10,000 – 912,235 $2,417,423 Timberland Bancorp 444,200 5,512,522 – – – $35,536 444,200 5,614,688 $8,336,658 $10,000 $35,536 $8,032,111

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: May 20, 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: May 20, 2016 By: /s/ Peter K. Hoglund Peter K. Hoglund Treasurer, Royce Value Trust, Inc. Date: May 20, 2016