N-Q 1 e48177_rvt-nq.htm

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

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

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

Date of fiscal year end: 12/31/2017

Date of reporting period: 3/31/2017

Item 1 - Schedule of Investments


SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
MARCH 31, 2017 (UNAUDITED)

    SHARES   VALUE
                 
COMMON STOCKS 99.4%                
                 
Consumer Discretionary 11.0%                
Auto Components - 1.6%                

Cooper Tire & Rubber

    102,400     $ 4,541,440  

Gentex Corporation

    260,570       5,557,958  

LCI Industries

    63,116       6,298,977  

Motorcar Parts of America 1

    27,100       832,783  

Sebang Global Battery

    28,500       940,400  

Standard Motor Products

    50,391       2,476,214  
               
              20,647,772  
               
Automobiles - 0.7%                

Thor Industries 2

    102,010       9,806,221  
               
Distributors - 0.8%                

Core-Mark Holding Company

    220,900       6,889,871  

Fenix Parts 1

    255,000       395,250  

Uni-Select

    30,200       803,229  

Weyco Group

    97,992       2,751,615  
               
              10,839,965  
               
Diversified Consumer Services - 0.8%                

AcadeMedia 1

    90,000       559,948  

American Public Education 1

    42,400       970,960  

Cambium Learning Group 1

    100,000       490,000  

Collectors Universe

    50,000       1,305,000  

DeVry Education Group 1

    52,054       1,845,314  

H&R Block

    8,000       186,000  

Liberty Tax Cl. A

    151,573       2,159,915  

Lincoln Educational Services 1

    430,600       1,209,986  

Universal Technical Institute 1

    504,032       1,738,911  
               
              10,466,034  
               
Hotels, Restaurants & Leisure - 0.4%                

Biglari Holdings 1

    1,500       647,970  

Century Casinos 1

    222,360       1,681,042  

Lindblad Expeditions Holdings 1

    207,600       1,860,096  

Rank Group

    436,989       1,142,640  
               
              5,331,748  
               
Household Durables - 1.7%                

AV Homes 1

    66,100       1,087,345  

Cavco Industries 1

    14,700       1,711,080  

Ethan Allen Interiors

    231,000       7,080,150  

Flexsteel Industries

    13,900       700,560  

Mohawk Industries 1,2

    22,400       5,140,576  

Natuzzi ADR 1

    2,096,300       5,951,396  

Samson Holding

    2,500,000       186,579  

Stanley Furniture 3

    912,235       711,543  
               
              22,569,229  
               
Internet & Direct Marketing Retail - 0.5%                

CafePress 1

    110,000       332,200  

FTD Companies 1

    298,014       6,002,002  
               
              6,334,202  
               
Leisure Products - 1.0%                

Character Group

    91,500       556,006  

MCBC Holdings

    85,400       1,380,918  

Nautilus 1

    613,700       11,200,025  
               
              13,136,949  
               
Media - 0.4%                

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

    44,460       1,042,142  

Entravision Communications Cl. A

    108,200       670,840  

Global Eagle Entertainment 1

    110,000       350,900  

Gray Television 1

    50,000       725,000  

New Media Investment Group

    60,100       854,021  

Pico Far East Holdings

    3,484,400       1,403,355  

T4F Entretenimento

    150,000       307,130  

Technicolor

    120,000       551,877  
               
              5,905,265  
               
Multiline Retail - 0.0%                

New World Department Store China 1

    1,447,500       232,822  
               
Specialty Retail - 1.7%                

AutoCanada

    78,800       1,329,678  

Barnes & Noble

    52,000       481,000  

Barnes & Noble Education 1

    20,000       191,800  

Buckle (The) 2

    44,715       831,699  

Byggmax Group

    70,000       480,434  

Caleres

    141,100       3,727,862  

Container Store Group (The) 1

    158,200       669,186  

Destination Maternity 1

    557,967       2,376,939  

Genesco 1

    21,755       1,206,315  

Haverty Furniture

    23,700       577,095  

I.T

    827,000       358,617  

Monro Muffler Brake

    161,500       8,414,150  

Oriental Watch Holdings

    967,900       222,935  

TravelCenters of America LLC 1

    62,500       381,250  

West Marine 1

    131,100       1,250,694  
               
              22,499,654  
               
Textiles, Apparel & Luxury Goods - 1.4%                

Crown Crafts

    97,741       806,363  

Culp

    29,400       917,280  

Deckers Outdoor 1

    24,920       1,488,472  

J.G. Boswell Company 5

    3,940       2,734,400  

Movado Group

    86,661       2,162,192  

Wolverine World Wide

    360,200       8,994,194  

YGM Trading

    1,082,600       1,086,570  
               
              18,189,471  
               
Total             145,959,332  
               
                 
Consumer Staples 2.3%                
Beverages - 0.2%                

Compania Cervecerias Unidas ADR

    105,500       2,665,985  
               
Food & Staples Retailing - 0.0%                

Conviviality

    100,000       341,415  
               
Food Products - 1.9%                

AGT Food and Ingredients

    9,000       211,016  

Cal-Maine Foods 1

    78,716       2,896,749  

CCL Products India

    80,000       421,344  

Farmer Bros. 1

    52,300       1,848,805  

Hilton Food Group

    75,000       606,560  

Industrias Bachoco ADR

    53,695       2,903,826  

John B. Sanfilippo & Son

    17,200       1,258,868  

Sanderson Farms

    18,200       1,889,888  

Seneca Foods Cl. A 1

    147,605       5,328,541  

Seneca Foods Cl. B 1

    13,840       519,000  

SunOpta 1,2

    187,459       1,302,840  

Tootsie Roll Industries 2

    146,308       5,464,619  
               
              24,652,056  
               
Household Products - 0.1%                

Central Garden & Pet 1

    10,300       381,821  

McBride

    204,000       506,072  
               
              887,893  
               
Personal Products - 0.1%                

Inter Parfums

    43,530       1,591,022  
               
Total             30,138,371  
               
                 
Energy 5.0%                
Energy Equipment & Services - 3.9%                

CARBO Ceramics 1,2,4

    48,000       625,920  

Diamond Offshore Drilling 1

    189,000       3,158,190  

Era Group 1

    535,771       7,104,324  

Forum Energy Technologies 1

    118,654       2,456,138  

Frank’s International

    108,600       1,147,902  

Helmerich & Payne

    89,000       5,924,730  

ION Geophysical 1

    71,880       348,618  

Oil States International 1

    53,233       1,764,674  

Pason Systems

    521,080       7,527,125  

SEACOR Holdings 1

    150,469       10,410,950  

TGS-NOPEC Geophysical

    411,670       8,726,088  

Trican Well Service 1

    897,300       2,732,688  
               
              51,927,347  
               
Oil, Gas & Consumable Fuels - 1.1%                

Ardmore Shipping

    61,600       495,880  

Dorchester Minerals L.P.

    177,172       3,047,358  

Dorian LPG 1

    184,034       1,937,878  

Hargreaves Services

    57,683       242,289  

New Zealand Refining

    310,000       517,198  

San Juan Basin Royalty Trust

    320,352       2,319,348  

World Fuel Services

    110,800       4,016,500  

WPX Energy 1

    110,000       1,472,900  
               
              14,049,351  
               
Total             65,976,698  
               
                 
Financials 15.4%                
Banks - 2.4%                

Banca Sistema

    200,000       582,473  

Bank of N.T. Butterfield & Son

    178,416       5,693,254  

Blue Hills Bancorp

    65,080       1,161,678  

Canadian Western Bank

    279,500       6,185,423  

Farmers & Merchants Bank of Long

               

Beach 5

    1,080       8,073,000  

Fauquier Bankshares

    160,800       2,918,520  

First Citizens BancShares Cl. A

    14,676       4,921,890  

Webster Financial

    40,300       2,016,612  
               
              31,552,850  
               
Capital Markets - 8.3%                

Ares Management L.P.

    366,300       6,941,385  

Artisan Partners Asset Management Cl. A

    255,900       7,062,840  

ASA Gold and Precious Metals

    199,821       2,409,841  

Ashmore Group

    1,354,000       5,996,870  

Associated Capital Group Cl. A

    20,200       730,230  

Citadel Capital 1

    8,549,921       521,048  

Cowen Group 1

    62,706       937,455  

Dundee Corporation Cl. A 1

    1,079,900       3,305,029  

Edmond de Rothschild (Suisse)

    153       2,443,967  

Federated Investors Cl. B

    173,140       4,560,508  

Gluskin Sheff + Associates

    57,600       761,445  

Houlihan Lokey Cl. A

    104,300       3,593,135  

Jupiter Fund Management

    230,000       1,227,592  

KKR & Co. L.P.

    24,100       439,343  

Lazard Cl. A

    116,835       5,373,242  

Manning & Napier Cl. A

    395,692       2,255,444  

MarketAxess Holdings

    70,800       13,274,292  

Medley Management Cl. A

    109,500       908,850  

Morningstar

    84,600       6,649,560  

mutares

    39,266       578,068  

MVC Capital

    324,200       2,914,558  

Oaktree Capital Group LLC Cl. A

    101,100       4,579,830  

Rothschild & Co

    216,893       6,216,062  

SEI Investments

    185,600       9,361,664  

Sprott

    1,590,000       2,666,240  

TMX Group

    40,700       2,063,080  

U.S. Global Investors Cl. A

    520,551       812,060  

Value Partners Group

    5,453,000       5,192,331  

Virtu Financial Cl. A

    74,200       1,261,400  

Virtus Investment Partners

    11,930       1,263,387  

Westwood Holdings Group

    49,073       2,620,989  

ZAIS Group Holdings Cl. A 1,2,4

    492,300       1,329,210  
               
              110,250,955  
               
Consumer Finance - 0.1%                

Bajaj Finance

    55,000       994,337  

Currency Exchange International 1

    10,000       165,432  
               
              1,159,769  
               
Diversified Financial Services - 0.5%                

First Pacific

    1,020,000       740,243  

PICO Holdings 1

    409,400       5,731,600  

Waterloo Investment Holdings 1,6

    2,973,544       892,063  
               
              7,363,906  
               
Insurance - 2.6%                

Alleghany Corporation 1

    2,109       1,296,318  

Atlas Financial Holdings 1

    48,900       667,485  

eHealth 1

    65,000       782,600  

E-L Financial

    21,500       13,240,967  

Erie Indemnity Cl. A

    25,000       3,067,500  

Independence Holding Company

    314,523       5,850,128  

MBIA 1

    942,400       7,982,128  

ProAssurance Corporation

    17,139       1,032,624  

Trupanion 1

    18,000       255,960  

WMIH 1

    77,742       112,726  
               
              34,288,436  
               
Investment Companies - 0.2%                

RIT Capital Partners

    130,500       3,059,151  
               
Mortgage Real Estate Investment Trusts (REITs) - 0.0%                

Owens Realty Mortgage

    40,492       720,758  
               
Thrifts & Mortgage Finance - 1.3%                

BofI Holding 1

    16,300       425,919  

Genworth MI Canada

    239,895       6,633,033  

Timberland Bancorp 3

    444,200       9,950,080  

Vestin Realty Mortgage II 1,5

    54       107,114  
               
              17,116,146  
               
Total             205,511,971  
               
                 
Health Care 5.1%                
Biotechnology - 0.9%                

Keryx Biopharmaceuticals 1

    139,000       856,240  

Novavax 1

    550,000       704,000  

Sangamo Therapeutics 1

    469,315       2,440,438  

Zealand Pharma 1

    467,707       7,545,176  
               
              11,545,854  
               
Health Care Equipment & Supplies - 1.8%                

Analogic Corporation

    53,735       4,078,486  

Atrion Corporation 2

    15,750       7,374,150  

Cerus Corporation 1

    108,000       480,600  

Hill-Rom Holdings

    5,000       353,000  

Integer Holdings 1

    42,400       1,704,480  

Invacare Corporation

    38,900       462,910  

Masimo Corporation 1

    50,000       4,663,000  

Neogen Corporation 1

    16,800       1,101,240  

Surmodics 1

    138,500       3,330,925  
               
              23,548,791  
               
Health Care Providers & Services - 0.8%                

Aceto Corporation

    18,800       297,228  

AMN Healthcare Services 1

    25,400       1,031,240  

Community Health Systems 1

    790,000       7,007,300  

Landauer

    50,000       2,437,500  
               
              10,773,268  
               
Health Care Technology - 0.2%                

Cegedim 1

    10,000       282,702  

Medidata Solutions 1

    50,000       2,884,500  
               
              3,167,202  
               
Life Sciences Tools & Services - 1.3%                

Bio-Rad Laboratories Cl. A 1

    32,998       6,577,821  

Bio-Techne

    57,043       5,798,421  

Evotec 1

    100,000       976,015  

PAREXEL International 1

    56,600       3,572,026  
               
              16,924,283  
               
Pharmaceuticals - 0.1%                

Intra-Cellular Therapies 1

    30,000       487,500  

Theravance Biopharma 1

    37,291       1,373,055  
               
              1,860,555  
               
Total             67,819,953  
               
                 
Industrials 30.2%                
Aerospace & Defense - 2.7%                

Austal

    688,670       910,228  

Ducommun 1

    117,200       3,374,188  

HEICO Corporation

    140,338       12,237,474  

HEICO Corporation Cl. A

    80,808       6,060,600  

Magellan Aerospace

    182,779       2,687,017  

Mercury Systems 1

    25,400       991,870  

Teledyne Technologies 1

    20,600       2,605,076  

Wesco Aircraft Holdings 1

    588,000       6,703,200  
               
              35,569,653  
               
Air Freight & Logistics - 1.8%                

Expeditors International of Washington

    158,900       8,976,261  

Forward Air

    179,750       8,550,708  

Hub Group Cl. A 1,2

    149,400       6,932,160  
               
              24,459,129  
               
Building Products - 0.7%                

American Woodmark 1

    13,000       1,193,400  

Apogee Enterprises

    51,400       3,063,954  

Burnham Holdings Cl. B 5

    36,000       572,400  

DIRTT Environmental Solutions 1

    65,000       341,655  

Epwin Group

    70,000       90,883  

Insteel Industries

    78,980       2,854,337  

Patrick Industries 1

    9,850       698,365  
               
              8,814,994  
               
Commercial Services & Supplies - 2.7%                

Atento 1

    234,500       2,145,675  

CECO Environmental

    99,028       1,040,784  

CompX International Cl. A

    211,100       3,240,385  

Copart 1

    219,960       13,622,123  

Heritage-Crystal Clean 1

    152,527       2,089,620  

Kimball International Cl. B

    286,180       4,721,970  

Mobile Mini

    105,000       3,202,500  

Steelcase Cl. A

    231,160       3,871,930  

UniFirst Corporation

    10,970       1,551,706  
               
              35,486,693  
               
Construction & Engineering - 3.6%                

Aecon Group

    34,500       445,437  

Ameresco Cl. A 1

    110,000       720,500  

Comfort Systems USA

    60,800       2,228,320  

EMCOR Group 2

    121,300       7,635,835  

IES Holdings 1

    594,244       10,755,816  

Jacobs Engineering Group

    164,900       9,115,672  

KBR

    325,300       4,889,259  

Northwest Pipe 1

    20,000       314,200  

NV5 Global 1

    23,500       883,600  

Sterling Construction 1,2

    122,300       1,131,275  

Valmont Industries 2

    63,545       9,881,248  
               
              48,001,162  
               
Electrical Equipment - 0.8%                

Global Power Equipment Group 1,5

    631,820       2,729,462  

PNE Wind

    200,000       547,695  

Powell Industries

    94,500       3,254,580  

Preformed Line Products

    91,600       4,776,940  
               
              11,308,677  
               
Industrial Conglomerates - 0.6%                

A. Soriano

    2,791,000       339,315  

Raven Industries

    251,725       7,312,611  
               
              7,651,926  
               
Machinery - 10.6%                

Chen Hsong Holdings

    1,159,000       313,183  

China Metal International Holdings

    554,524       174,102  

CIRCOR International

    98,584       5,859,833  

Colfax Corporation 1

    77,242       3,032,521  

Deutz

    115,000       793,630  

Donaldson Company

    193,559       8,810,806  

Exco Technologies

    216,600       1,868,182  

Federal Signal

    21,980       303,544  

Franklin Electric

    104,600       4,503,030  

Graco

    89,276       8,404,442  

Greenbrier Companies (The)

    45,400       1,956,740  

Hurco Companies

    25,952       807,107  

Hyster-Yale Materials Handling Cl. A

    10,000       563,900  

IDEX Corporation

    67,400       6,302,574  

John Bean Technologies

    68,626       6,035,657  

Kadant

    42,200       2,504,570  

Kennametal

    160,100       6,280,723  

Lincoln Electric Holdings

    61,360       5,329,729  

Lindsay Corporation 2

    80,000       7,049,600  

Luxfer Holdings ADR

    28,100       341,696  

Lydall 1

    46,580       2,496,688  

NN

    308,700       7,779,240  

Nordson Corporation

    24,296       2,984,521  

Proto Labs 1

    10,000       511,000  

RBC Bearings 1

    124,700       12,107,123  

Sarine Technologies

    327,500       450,683  

Sun Hydraulics

    286,318       10,338,943  

Supreme Industries Cl. A 2

    80,700       1,634,982  

Tennant Company

    111,900       8,129,535  

Titan International

    173,100       1,789,854  

Watts Water Technologies Cl. A

    61,000       3,803,350  

Westinghouse Air Brake Technologies

    91,070       7,103,460  

Westport Fuel Systems 1

    327,100       314,016  

Woodward

    154,600       10,500,432  
               
              141,179,396  
               
Marine - 1.5%                

Clarkson

    291,000       9,479,445  

Kirby Corporation 1

    144,500       10,194,475  
               
              19,673,920  
               
Professional Services - 2.9%                

Advisory Board (The) 1

    209,377       9,798,844  

Franklin Covey 1

    40,800       824,160  

Heidrick & Struggles International

    66,480       1,751,748  

ICF International 1

    7,636       315,367  

ManpowerGroup

    112,858       11,575,845  

On Assignment1,2

    179,295       8,701,186  

Quess Corporation 1

    45,720       482,301  

Robert Half International

    63,732       3,112,033  

TrueBlue 1

    81,420       2,226,837  

Volt Information Sciences 1

    70,000       483,000  
               
              39,271,321  
               
Road & Rail - 1.7%                

Genesee & Wyoming Cl. A 1

    15,000       1,017,900  

Knight Transportation

    122,400       3,837,240  

Landstar System

    132,460       11,345,199  

Patriot Transportation Holding 1

    139,100       3,164,525  

Saia 1,2,4

    53,230       2,358,089  

Trancom

    4,932       255,172  

Universal Logistics Holdings

    78,916       1,132,445  
               
              23,110,570  
               
Trading Companies & Distributors - 0.6%                

Central Steel & Wire 5

    4,862       2,003,144  

Houston Wire & Cable 1

    509,200       3,437,100  

MSC Industrial Direct Cl. A 2

    10,763       1,106,006  

SIG

    600,000       836,687  
               
              7,382,937  
               
Transportation Infrastructure - 0.0%                

Hopewell Highway Infrastructure

    1,012,000       545,619  
               
Total             402,455,997  
               
                 
Information Technology 18.1%                
Communications Equipment - 0.7%                

ADTRAN 2

    234,973       4,875,690  

Bel Fuse Cl. B

    30,238       772,581  

Clearfield 1

    55,600       914,620  

NetScout Systems 1

    37,500       1,423,125  

Oclaro 1

    87,500       859,250  

Sonus Networks 1

    30,000       197,700  
               
              9,042,966  
               
Electronic Equipment, Instruments & Components - 8.9%                

Anixter International 1,2

    70,895       5,621,973  

Cognex Corporation 2,4

    208,570       17,509,451  

Coherent 1

    111,734       22,976,980  

Dolby Laboratories Cl. A

    27,750       1,454,378  

Fabrinet 1

    39,900       1,676,997  

FARO Technologies 1

    153,567       5,490,020  

FLIR Systems

    317,000       11,500,760  

HollySys Automation Technologies

    53,882       912,222  

Horiba

    12,000       643,492  

Integrated Micro-Electronics

    2,000,000       290,982  

IPG Photonics 1,2

    64,470       7,781,529  

LRAD Corporation

    776,544       1,172,581  

Methode Electronics

    48,330       2,203,848  

National Instruments

    261,850       8,525,836  

Orbotech 1

    54,700       1,764,075  

Perceptron 1

    357,700       2,983,218  

Plexus Corporation 1

    150,600       8,704,680  

Richardson Electronics

    573,732       3,453,867  

Rogers Corporation 1

    57,066       4,900,257  

Systemax

    38,520       427,187  

TTM Technologies 1,2,4

    496,400       8,006,932  

VST Holdings

    979,000       343,907  
               
              118,345,172  
               
Internet Software & Services - 1.9%                

Actua Corporation 1

    63,815       896,601  

Care.com 1

    235,900       2,951,109  

CommerceHub Ser. C 1

    50,000       776,500  

comScore 1,5

    211,136       4,560,538  

HolidayCheck Group 1

    44,900       122,431  

IZEA 1

    105,406       442,705  

j2 Global

    76,620       6,429,184  

Leaf Group 1

    75,000       562,500  

MiX Telematics ADR

    2,641       16,638  

QuinStreet 1

    526,082       2,051,720  

RealNetworks 1

    219,879       1,064,214  

Solium Capital 1

    182,800       1,044,689  

Spark Networks 1,2

    322,175       331,840  

Stamps.com 1

    37,500       4,438,125  

Support.com 1

    216,766       475,802  
               
              26,164,596  
               
IT Services - 1.2%                

Acxiom Corporation 1

    48,000       1,366,560  

Computacenter

    40,000       373,615  

Convergys Corporation 2

    121,000       2,559,150  

DST Systems 2,4

    10,000       1,225,000  

Hackett Group (The)

    417,266       8,132,514  

Innodata 1

    274,314       603,491  

MoneyGram International 1

    43,900       737,959  

Unisys Corporation 1

    40,000       558,000  
               
              15,556,289  
               
Semiconductors & Semiconductor Equipment - 2.9%                

Amtech Systems 1

    141,471       778,090  

Brooks Automation

    131,300       2,941,120  

Cabot Microelectronics

    14,800       1,133,828  

CyberOptics Corporation 1

    36,200       939,390  

Diodes 1

    270,850       6,513,942  

Intermolecular 1

    40,000       37,200  

Kulicke & Soffa Industries 1

    77,400       1,572,768  

MKS Instruments

    23,210       1,595,688  

Nanometrics 1

    71,700       2,183,982  

Nova Measuring Instruments 1

    55,100       1,024,309  

Photronics 1

    159,900       1,710,930  

Rudolph Technologies 1,2

    62,700       1,404,480  

Sigma Designs 1

    78,900       493,125  

Silicon Motion Technology ADR

    70,700       3,305,225  

Teradyne

    130,000       4,043,000  

Ultra Clean Holdings 1

    42,800       722,036  

Veeco Instruments 1

    17,500       522,375  

Versum Materials

    123,000       3,763,800  

Xperi

    124,130       4,214,214  
               
              38,899,502  
               
Software - 1.7%                

American Software Cl. A

    108,690       1,117,334  

ANSYS 1,2,4

    95,000       10,152,650  

BroadSoft 1

    25,000       1,005,000  

Computer Modelling Group

    316,300       2,461,710  

Micro Focus International

    30,000       856,232  

Model N 1

    300,387       3,139,044  

Monotype Imaging Holdings

    117,700       2,365,770  

PSI

    18,194       247,275  

Rosetta Stone 1

    40,000       390,000  

SeaChange International 1

    247,069       612,731  

Tangoe 1,5

    40,000       212,000  
               
              22,559,746  
               
Technology Hardware, Storage & Peripherals - 0.8%                

Diebold Nixdorf

    266,600       8,184,620  

Intevac 1

    178,700       2,233,750  
               
              10,418,370  
               
Total             240,986,641  
               
                 
Materials 7.5%                
Chemicals - 2.3%                

Dyadic International 1,5

    75,000       106,500  

FutureFuel Corporation

    48,500       687,730  

Hawkins

    86,178       4,222,722  

Innospec

    36,883       2,388,174  

Minerals Technologies

    105,293       8,065,444  

Quaker Chemical

    109,669       14,439,021  
               
              29,909,591  
               
Construction Materials - 1.0%                

Ash Grove Cement Cl. B 5

    50,518       13,892,450  
               
Containers & Packaging - 0.3%                

Mayr-Melnhof Karton

    34,000       3,959,001  
               
Metals & Mining - 3.8%                

Alamos Gold Cl. A

    263,300       2,114,557  

Ampco-Pittsburgh

    36,966       519,372  

Constellium Cl. A 1

    90,000       585,000  

Exeter Resource 1

    125,000       216,250  

Ferroglobe

    50,000       516,500  

Ferroglobe (Warranty Insurance Trust)1,6

    49,300       0  

Franco-Nevada Corporation

    117,300       7,684,323  

Gold Fields ADR

    370,000       1,306,100  

Haynes International

    113,900       4,341,868  

Hecla Mining

    321,300       1,699,677  

Lundin Mining

    640,000       3,604,617  

Major Drilling Group International 1

    844,500       4,483,340  

Pretium Resources 1

    165,000       1,769,297  

Reliance Steel & Aluminum

    139,940       11,197,999  

Royal Gold

    16,600       1,162,830  

Sandstorm Gold 1

    125,000       533,750  

Synalloy Corporation 1

    178,800       2,190,300  

Tree Island Steel

    30,000       101,290  

Worthington Industries

    148,000       6,673,320  
               
              50,700,390  
               
Paper & Forest Products - 0.1%                

Quintis

    453,967       360,704  

Stella-Jones

    39,400       1,158,431  
               
              1,519,135  
               
Total             99,980,567  
               
                 
Real Estate 2.9%                
Equity Real Estate Investment Trusts (REITs) - 0.0%                

Irish Residential Properties REIT

    200,000       264,566  
               
Real Estate Management & Development - 2.9%                

Altus Group

    24,200       529,548  

FirstService Corporation

    135,100       8,146,530  

Forestar Group 1

    102,000       1,392,300  

FRP Holdings 1

    178,558       7,142,320  

Kennedy-Wilson Holdings

    101,300       2,248,860  

Marcus & Millichap 1

    256,313       6,300,174  

Real Estate Investors

    500,000       372,738  

RMR Group Cl. A 2

    27,200       1,346,400  

St. Joe Company (The) 1

    177,000       3,017,850  

Tejon Ranch 1

    360,035       7,881,166  
               
              38,377,886  
               
Total             38,642,452  
               
                 
Telecommunication Services 0.5%                
Diversified Telecommunication Services - 0.1%                

China Communications Services

    750,182       491,337  

HKBN

    500,000       559,094  
               
              1,050,431  
               
Wireless Telecommunication Services - 0.4%                

Boingo Wireless 1

    50,000       649,500  

Telephone and Data Systems

    208,270       5,521,238  
               
              6,170,738  
               
Total             7,221,169  
               
                 
Utilities 0.2%                
Gas Utilities - 0.1%                

Shizuoka Gas

    110,000       745,980  

Toho Gas

    60,000       424,145  
               
              1,170,125  
               
Independent Power & Renewable Electricity Producer - 0.1%                

Calpine Corporation 1

    100,000       1,105,000  
               
Multi-Utilities - 0.0%                

Just Energy Group 2,4

    18,520       115,935  
               
Total             2,391,060  
               
                 
Miscellaneous 7 1.2%                
Total             15,404,569  
               
                 
TOTAL COMMON STOCKS                

(Cost $963,700,053)

            1,322,488,780  
               
                 
REPURCHASE AGREEMENT 5.7%                

Fixed Income Clearing Corporation,
0.09% dated 3/31/17, due 4/3/17,
maturity value $75,239,564 (collateralized
by obligations of various U.S. Government
Agencies, 1.625% due 4/30/23, valued at
$76,747,074)
(Cost $75,239,000)

            75,239,000  
               
                 
TOTAL INVESTMENTS 105.1%                

(Cost $1,038,939,053)

            1,397,727,780  
                 
LIABILITIES LESS CASH                

AND OTHER ASSETS (5.1)%

            (67,414,684 )
               
                 
NET ASSETS 100.0%           $ 1,330,313,096  
               

1 Non-income producing.
2 All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at March 31, 2017. Total market value of pledged securities at March 31, 2017, was $111,059,795.
3 At March 31, 2017, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940.
4 At March 31, 2017, a portion of these securities were rehypothecated in connection with the revolving credit agreement in the aggregate amount of $36,521,375.
5 These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
6
Securities for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.
7
Includes securities first acquired in 2017 and less than 1% of net assets.


TAX INFORMATION:
The cost of total investments for Federal income tax purposes was $1,041,046,362. At March 31, 2017, net unrealized appreciation for all securities was $356,681,418, consisting of aggregate gross unrealized appreciation of $442,112,899 and aggregate gross unrealized depreciation of $85,431,481. The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

Valuation of Investments:
Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.

Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
Level 1  –  quoted prices in active markets for identical securities.
Level 2  – 
other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments.
Level 3  – 
significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2017. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

    Level 1   Level 2   Level 3   Total
 
Common Stocks   $1,285,968,405   $35,628,312   $892,063   $1,322,488,780
Cash Equivalents     75,239,000     75,239,000


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 three months ended March 31, 2017, securities valued at $4,772,538 were transferred from Level 1 to Level 2 and securities valued at $79,601,401 were transferred from Level 2 to Level 1 within the fair value hierarchy.


Level 3 Reconciliation:

        Unrealized      
    Balance as of 12/31/16   Gain (Loss)   Balance as of 3/31/17  
 
Common Stocks   $892,063   $0   $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 March 31, 2017 is overnight and continuous.

Borrowings:
The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). As of March 31, 2017, the Fund has outstanding borrowings of $70,000,000. During the period ended March 31, 2017, the Fund borrowed an average daily balance of $70,000,000. The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding or as otherwise required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

Transactions in Affiliated Companies:
An “Affiliated Company” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The Fund effected the following transactions in shares of such companies for the three months ended March 31, 2017:

    Shares    Market Value   Cost of     Proceeds     Realized     Dividend     Shares   Market Value
Affiliated Company   12/31/16     12/31/16     Purchases     from Sales     Gain (Loss)     Income     3/31/17     3/31/17  
 
Stanley Furniture   912,235   $ 821,194               $     912,235   $ 711,543  
Timberland Bancorp   444,200     9,177,172                 48,862     444,200     9,950,080  
        $ 9,998,366                   $ 48,862         $ 10,661,623  

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 26, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:
 
/s/ Christopher D. Clark
 
Christopher D. Clark
President, Royce Value Trust, Inc.
Date: May 26, 2017
 
By:
 
/s/ Peter K. Hoglund
 
Peter K. Hoglund
Treasurer, Royce Value Trust, Inc.
Date: May 26, 2017