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: 12/31/2018

Date of reporting period: 9/30/2018

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS

ROYCE VALUE TRUST

SEPTEMBER 30, 2018 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 96.4%
Communication Services – 1.8%
Entertainment - 0.1%
Global Eagle Entertainment 1	110,000	$	310,200
Rosetta Stone 1	40,000		795,600
			1,105,800
Interactive Media & Services - 0.3%
QuinStreet 1	180,254		2,446,047
TripAdvisor 1	50,000		2,553,500
			4,999,547
Media - 1.0%
Cable One	3,885		3,432,825
comScore 1	390,836		7,124,940
Gray Television 1	50,000		875,000
Liberty Latin America Cl. C 1	246,300		5,081,169
Pico Far East Holdings	2,612,400		1,027,827
			17,541,761
Wireless Telecommunication Services - 0.4%
Boingo Wireless 1	50,000		1,745,000
Telephone and Data Systems	165,270		5,029,166
			6,774,166
Total			30,421,274
Consumer Discretionary – 9.7%
Auto Components - 1.0%
Dorman Products 1	103,000		7,922,760
Gentex Corporation	62,500		1,341,250
LCI Industries	73,616		6,095,405
Standard Motor Products	13,391		659,105
			16,018,520
Automobiles - 0.5%
Thor Industries	100,430		8,405,991
Distributors - 1.4%
Core-Mark Holding Company	416,100		14,130,756
LKQ Corporation 1	171,200		5,421,904
Weyco Group	97,992		3,447,358
			23,000,018
Diversified Consumer Services - 0.3%
Collectors Universe	71,100		1,052,280
Houghton Mifflin Harcourt 1	100,000		700,000
Liberty Tax Cl. A 2	151,573		1,765,826
Universal Technical Institute 1	504,032		1,340,725
			4,858,831
Hotels, Restaurants & Leisure - 0.2%
Lindblad Expeditions Holdings 1	207,600		3,087,012
Household Durables - 1.0%
Cavco Industries 1	14,700		3,719,100
Ethan Allen Interiors	200,000		4,150,000
HG Holdings 1, 2, 3	912,235		446,995
Natuzzi ADR 1	2,096,300		2,871,931
Purple Innovation 1	225,000		1,305,000
Purple Innovation (Warrants) 1, 4	750,000		142,500
Skyline Champion	70,400		2,011,328
TopBuild Corporation 1	29,300		1,664,826
			16,311,680
Internet & Direct Marketing Retail - 1.0%
Etsy 1	68,100		3,498,978
FTD Companies 1	298,014		783,777
Shutterfly 1	29,400		1,937,166
Stamps.com 1	35,700		8,075,340
zooplus 1	10,700		1,859,759
			16,155,020
Leisure Products - 0.5%
Nautilus 1	574,500		8,014,275
Specialty Retail - 2.8%
America’s Car-Mart 1	120,000		9,384,000
AutoCanada	513,000		5,413,379
Barnes & Noble	67,000		388,600
Camping World Holdings Cl. A	706,913		15,071,385
Container Store Group (The) 1	158,200		1,756,020
Destination Maternity 1	557,967		2,600,126
Monro	139,000		9,674,400
Signet Jewelers	35,000		2,307,550
TravelCenters of America LLC 1	62,500		356,250
			46,951,710
Textiles, Apparel & Luxury Goods - 1.0%
Culp	29,400		711,480
J.G. Boswell Company 2	3,940		2,564,940
Wolverine World Wide	348,900		13,624,545
			16,900,965
Total			159,704,022
Consumer Staples – 1.5%
Beverages - 0.1%
Compania Cervecerias Unidas ADR	64,500		1,799,550
Food Products - 1.2%
Cal-Maine Foods	46,416		2,241,893
Farmer Bros. 1	54,700		1,444,080
Nomad Foods 1	125,000		2,532,500
Seneca Foods Cl. A 1	226,560		7,635,072
Seneca Foods Cl. B 1	13,840		442,880
SunOpta 1	50,000		367,500
Tootsie Roll Industries	165,529		4,841,723
			19,505,648
Personal Products - 0.2%
Inter Parfums	57,630		3,714,254
Total			25,019,452
Energy – 5.9%
Energy Equipment & Services - 4.7%
CARBO Ceramics 1	78,000		565,500
Computer Modelling Group	594,350		3,888,250
Diamond Offshore Drilling 1	214,000		4,280,000
Era Group 1	564,693		6,973,959
Forum Energy Technologies 1	249,431		2,581,611
Frank’s International 1	108,600		942,648
Helmerich & Payne	94,000		6,464,380
ION Geophysical 1	71,880		1,117,734
Oil States International 1	10,000		332,000
Pason Systems	607,680		9,216,468
Patterson-UTI Energy	35,050		599,706
Precision Drilling 1	93,900		324,894
SEACOR Holdings 1	150,469		7,434,673
SEACOR Marine Holdings 1	638,834		14,456,813
TGS-NOPEC Geophysical	377,170		15,371,806
Trican Well Service 1	897,300		1,604,740
Unit Corporation 1	15,000		390,900
			76,546,082
Oil, Gas & Consumable Fuels - 1.2%
Dorchester Minerals L.P.	279,148		5,694,619
Dorian LPG 1	394,936		3,147,640
GeoPark 1	53,200		1,085,280
International Petroleum 1	100,000		654,860
Pryce Corporation	2,738,100		291,395
San Juan Basin Royalty Trust	212,272		1,052,869
World Fuel Services	224,227		6,206,603
WPX Energy 1	110,000		2,213,200
			20,346,466
Total			96,892,548
Financials – 14.9%
Banks - 2.8%
Bank of N.T. Butterfield & Son	228,416		11,845,654
Canadian Western Bank	279,500		7,378,895
Farmers & Merchants Bank of Long Beach 2	1,080		9,180,000
Fauquier Bankshares	160,800		4,069,848
First Citizens BancShares Cl. A	14,676		6,637,661
Metro Bank 1	20,000		775,263
Webster Financial	116,800		6,886,528
			46,773,849
Capital Markets - 7.2%
Ares Management L.P.	577,600		13,400,320
Artisan Partners Asset Management Cl. A	264,900		8,582,760
ASA Gold and Precious Metals	199,821		1,772,412
Ashmore Group	1,354,000		6,423,887
Associated Capital Group Cl. A	20,200		859,510
Bolsa Mexicana de Valores	1,723,106		3,525,581
Cowen 1	62,706		1,022,108
Dundee Corporation Cl. A 1	1,079,900		1,471,470
Edmond de Rothschild (Suisse)	153		2,556,756
GMP Capital	287,100		506,784
Hamilton Lane Cl. A	13,800		611,064
Jupiter Fund Management	230,000		1,215,017
Lazard Cl. A	104,935		5,050,522
Manning & Napier Cl. A	395,692		1,167,291
MarketAxess Holdings	51,600		9,210,084
Morningstar	84,600		10,651,140
MVC Capital	195,688		1,888,389
Oaktree Capital Group LLC Cl. A	279,700		11,579,580
Qalaa Holdings 1	7,749,921		1,336,342
Rothschild & Co	92,293		3,911,224
SEI Investments	148,500		9,073,350
Sprott	1,927,000		4,490,590
TMX Group	40,700		2,731,609
U.S. Global Investors Cl. A	520,551		791,238
Value Partners Group	5,453,000		4,339,636
Virtu Financial Cl. A	407,000		8,323,150
Westwood Holdings Group	38,850		2,010,099
			118,501,913
Diversified Financial Services - 0.1%
First Pacific	1,020,000		502,941
Waterloo Investment Holdings 1, 4	2,972,000		891,600
			1,394,541
Insurance - 3.2%
E-L Financial	22,500		14,201,312
Erie Indemnity Cl. A	25,000		3,188,250
Independence Holding Company	259,223		9,306,106
MBIA 1	942,400		10,074,256
ProAssurance Corporation	163,839		7,692,241
RLI Corp.	57,200		4,494,776
Trupanion 1	87,900		3,140,667
			52,097,608
Investment Companies - 0.6%
Landcadia Holdings Cl. A 1	94,850		1,028,174
RIT Capital Partners	41,000		1,090,164
Social Capital Hedosophia Holdings Cl. A 1	819,918		8,125,387
			10,243,725
Thrifts & Mortgage Finance - 1.0%
Axos Financial 1	16,300		560,557
Genworth MI Canada	225,895		7,448,510
Timberland Bancorp	288,857		9,023,893
Vestin Realty Mortgage II 1, 2	34		40,800
			17,073,760
Total			246,085,396
Health Care – 4.8%
Biotechnology - 0.5%
AMAG Pharmaceuticals 1	33,800		676,000
Sangamo Therapeutics 1	65,815		1,115,564
Zealand Pharma 1	408,857		6,696,626
			8,488,190
Health Care Equipment & Supplies - 2.1%
Atrion Corporation	15,750		10,943,100
DENTSPLY SIRONA	5,000		188,700
Hill-Rom Holdings	5,000		472,000
Integer Holdings 1	42,400		3,517,080
Masimo Corporation 1	50,000		6,227,000
Merit Medical Systems 1	20,000		1,229,000
Neogen Corporation 1	22,400		1,602,272
Surmodics 1	138,500		10,339,025
			34,518,177
Health Care Providers & Services - 0.2%
Community Health Systems 1	790,000		2,733,400
Health Care Technology - 1.0%
athenahealth 1	32,500		4,342,000
Medidata Solutions 1	174,250		12,774,267
			17,116,267
Life Sciences Tools & Services - 0.9%
Bio-Rad Laboratories Cl. A 1	34,198		10,703,632
Bio-Techne	19,843		4,050,155
			14,753,787
Pharmaceuticals - 0.1%
Alimera Sciences 1	199,186		195,202
Theravance Biopharma 1	34,291		1,120,287
			1,315,489
Total			78,925,310
Industrials – 29.1%
Aerospace & Defense - 3.5%
Ducommun 1	117,200		4,786,448
HEICO Corporation	260,346		24,110,643
HEICO Corporation Cl. A	157,827		11,915,938
Hexcel Corporation	51,400		3,446,370
Magellan Aerospace	96,800		1,360,214
Teledyne Technologies 1	5,900		1,455,412
Wesco Aircraft Holdings 1	935,364		10,522,845
			57,597,870
Air Freight & Logistics - 1.4%
Expeditors International of Washington	143,000		10,514,790
Forward Air	170,750		12,242,775
			22,757,565
Building Products - 0.3%
Burnham Holdings Cl. B 2	36,000		533,160
Patrick Industries 1	15,775		933,880
Simpson Manufacturing	59,900		4,340,354
			5,807,394
Commercial Services & Supplies - 2.1%
Atento	188,700		1,415,250
CECO Environmental 1	99,028		780,341
CompX International Cl. A	211,100		2,870,960
Copart 1	125,400		6,461,862
Heritage-Crystal Clean 1	100,106		2,137,263
Kimball International Cl. B	286,180		4,793,515
Mobile Mini	105,000		4,604,250
PICO Holdings	409,400		5,137,970
Ritchie Bros. Auctioneers	54,900		1,983,537
Steelcase Cl. A	40,000		740,000
UniFirst Corporation	22,270		3,867,185
			34,792,133
Construction & Engineering - 3.5%
EMCOR Group	65,800		4,942,238
IES Holdings 1	594,244		11,587,758
Infrastructure and Energy Alternatives 1	550,000		5,775,000
Infrastructure and Energy Alternatives
(Warrants) 1	625,000		1,056,250
Jacobs Engineering Group	169,900		12,997,350
KBR	337,400		7,129,262
Sterling Construction 1	122,300		1,751,336
Valmont Industries	75,345		10,435,283
Williams Industrial Services Group 1, 2	631,820		1,295,231
			56,969,708
Electrical Equipment - 0.7%
AZZ	5,000		252,500
LSI Industries	263,000		1,209,800
nVent Electric	25,000		679,000
Powell Industries	94,500		3,426,570
Preformed Line Products	91,600		6,437,648
			12,005,518
Industrial Conglomerates - 0.7%
Raven Industries	251,725		11,516,419
Machinery - 10.7%
CIRCOR International 1	160,184		7,608,740
Colfax Corporation 1	82,242		2,965,647
Donaldson Company	193,559		11,276,747
Franklin Electric	182,300		8,613,675
Graco	241,028		11,169,238
Hyster-Yale Materials Handling Cl. A	10,000		615,300
IDEX Corporation	53,900		8,120,574
John Bean Technologies	87,826		10,477,642
Kadant	78,100		8,423,085
Kennametal	160,100		6,973,956
Lincoln Electric Holdings	131,360		12,274,278
Lindsay Corporation	110,000		11,026,400
NN	308,700		4,815,720
Nordson Corporation	24,296		3,374,714
Proto Labs 1	10,000		1,617,500
RBC Bearings 1	109,600		16,479,456
Sun Hydraulics	351,118		19,234,244
Tennant Company	111,900		8,498,805
Titan International	173,100		1,284,402
Watts Water Technologies Cl. A	61,000		5,063,000
Westinghouse Air Brake Technologies	73,100		7,666,728
Woodward	104,600		8,457,956
			176,037,807
Marine - 1.7%
Clarkson	371,100		13,059,680
Eagle Bulk Shipping 1	320,478		1,801,086
Kirby Corporation 1	169,900		13,974,275
			28,835,041
Professional Services - 1.2%
ASGN 1	106,700		8,421,831
ManpowerGroup	107,200		9,214,912
Quess Corporation 1	15,720		193,003
TrueBlue 1	56,245		1,465,182
			19,294,928
Road & Rail - 1.7%
Genesee & Wyoming Cl. A 1	15,000		1,364,850
Knight-Swift Transportation Holdings Cl. A	122,400		4,220,352
Landstar System	116,760		14,244,720
Patriot Transportation Holding 1	139,100		2,658,201
Saia 1	40,000		3,058,000
Universal Logistics Holdings	78,916		2,904,109
			28,450,232
Trading Companies & Distributors - 1.6%
Air Lease Cl. A	303,200		13,910,816
Central Steel and Wire (Escrow) 1, 4	4,862		148,243
Houston Wire & Cable 1, 3	877,363		6,755,695
SiteOne Landscape Supply 1	25,000		1,883,500
Watsco	20,400		3,633,240
			26,331,494
Total			480,396,109
Information Technology – 17.2%
Communications Equipment - 0.3%
ADTRAN	214,973		3,794,273
Mitel Networks 1	100,000		1,102,000
			4,896,273
Electronic Equipment, Instruments & Components - 9.3%
Anixter International 1	63,795		4,484,788
Cognex Corporation	350,600		19,570,492
Coherent 1	60,400		10,400,276
eMagin Corporation (Warrants) 1, 4	50,000		0
Fabrinet 1	222,600		10,297,476
FARO Technologies 1	179,437		11,546,771
FLIR Systems	611,637		37,597,326
Horiba	12,000		635,804
IPG Photonics 1	51,100		7,975,177
Littelfuse	23,900		4,729,571
National Instruments	261,850		12,655,211
nLIGHT 1	144,400		3,207,124
Perceptron 1	357,700		3,487,575
Plexus Corporation 1	150,600		8,811,606
Richardson Electronics	573,732		5,031,630
Rogers Corporation 1	32,366		4,768,159
TTM Technologies 1	496,400		7,897,724
			153,096,710
IT Services - 0.7%
Conduent 1	20,000		450,400
Hackett Group (The)	417,266		8,407,910
Innodata 1	8,498		12,492
Unisys Corporation 1	160,000		3,264,000
			12,134,802
Semiconductors & Semiconductor Equipment - 4.2%
Advanced Energy Industries 1	20,000		1,033,000
Brooks Automation	407,700		14,281,731
Cabot Microelectronics	37,600		3,879,192
Cirrus Logic 1	125,000		4,825,000
Cohu	102,250		2,566,475
Diodes 1	270,850		9,016,596
Entegris	241,300		6,985,635
Kulicke & Soffa Industries	66,200		1,578,208
MKS Instruments	56,510		4,529,277
Nova Measuring Instruments 1	39,500		1,039,245
Photronics 1	183,700		1,809,445
Rudolph Technologies 1	84,500		2,066,025
Silicon Motion Technology ADR	25,000		1,342,500
Teradyne	130,000		4,807,400
Universal Display	20,650		2,434,635
Veeco Instruments 1	17,500		179,375
Versum Materials	177,600		6,395,376
Xperi	60,000		891,000
			69,660,115
Software - 2.5%
Alarm.com Holdings 1	10,000		574,000
Altair Engineering Cl. A 1	5,000		217,250
ANSYS 1	81,200		15,158,416
j2 Global	86,520		7,168,182
Manhattan Associates 1	125,000		6,825,000
Monotype Imaging Holdings	117,700		2,377,540
RealNetworks 1	109,950		323,253
Solium Capital 1	187,400		1,640,920
SS&C Technologies Holdings	12,000		681,960
Support.com 1	216,766		628,621
TiVo	106,900		1,330,905
Workiva Cl. A 1	100,000		3,950,000
			40,876,047
Technology Hardware, Storage & Peripherals - 0.2%
Cray 1	112,500		2,418,750
Total			283,082,697
Materials – 7.9%
Chemicals - 3.7%
Chase Corporation	37,500		4,505,625
Hawkins	86,178		3,572,078
Ingevity Corporation 1	18,900		1,925,532
Innospec	60,383		4,634,395
Minerals Technologies	146,493		9,902,927
NewMarket Corporation	11,000		4,460,610
Platform Specialty Products 1	490,000		6,110,300
Quaker Chemical	132,669		26,826,999
			61,938,466
Containers & Packaging - 0.3%
Mayr-Melnhof Karton	34,000		4,271,272
Metals & Mining - 3.4%
Agnico Eagle Mines	15,000		513,000
Alamos Gold Cl. A	803,300		3,687,972
Ferroglobe	50,000		408,500
Ferroglobe (Warranty Insurance Trust) 1, 4	49,300		0
Franco-Nevada Corporation	107,300		6,711,615
Gold Fields ADR	370,000		895,400
Haynes International	113,900		4,043,450
Hecla Mining	321,300		896,427
Lundin Mining	640,000		3,389,153
MAG Silver 1	198,900		1,613,079
Major Drilling Group International 1	842,757		3,164,457
Pretium Resources 1	101,000		767,871
Reliance Steel & Aluminum	193,720		16,522,379
Royal Gold	16,600		1,279,196
Synalloy Corporation	178,800		4,085,580
Tahoe Resources 1	646,000		1,802,340
VanEck Vectors Junior Gold Miners ETF	8,000		218,880
Worthington Industries	148,000		6,417,280
			56,416,579
Paper & Forest Products - 0.5%
Neenah	16,700		1,441,210
Stella-Jones	191,050		6,395,697
			7,836,907
Total			130,463,224
Real Estate – 3.3%
Equity Real Estate Investment Trusts (REITs) - 0.0%
New York REIT	15,000		272,100
Real Estate Management & Development - 3.3%
Altus Group	24,200		573,501
FirstService Corporation	184,600		15,628,236
FRP Holdings 1	188,558		11,709,452
Kennedy-Wilson Holdings	111,300		2,392,950
Marcus & Millichap 1	198,613		6,893,857
RMR Group Cl. A	27,200		2,524,160
St. Joe Company (The) 1	197,000		3,309,600
Tejon Ranch 1	478,479		10,387,779
			53,419,535
Total			53,691,635
Utilities – 0.3%
Gas Utilities - 0.2%
UGI Corporation	69,500		3,855,860
Independent Power & Renewable Electricity Producer - 0.1%
Vistra Energy 1	65,200		1,622,176
Total			5,478,036
TOTAL COMMON STOCKS
(Cost $1,105,294,661)			1,590,159,703
REPURCHASE AGREEMENT – 3.6%
Fixed Income Clearing Corporation,
0.42% dated 9/28/18, due 10/1/18,
maturity value $59,120,069 (collateralized
by obligations of various U.S. Government
Agencies, 3.75% due 11/15/43, valued at $60,305,095)
(Cost $59,118,000)			59,118,000
TOTAL INVESTMENTS – 100.0%
(Cost $1,164,412,661)			1,649,277,703
CASH AND OTHER ASSETS
LESS LIABILITIES – 0.0%			334,780
NET ASSETS – 100.0%		$	1,649,612,483

1	Non-income producing.
2	These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
3	At September 30, 2018, 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	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.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,165,290,871. At September 30, 2018, net unrealized appreciation for all securities was $483,986,832, consisting of aggregate gross unrealized appreciation of $573,680,690 and aggregate gross unrealized depreciation of $89,693,858. The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

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

Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
	Level 1 –	quoted prices in active markets for identical securities.
	Level 2 –	other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments.
	Level 3 –	significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2018. 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	$1,573,150,409	$15,826,951	$1,182,343	$1,590,159,703
Cash Equivalents	–	59,118,000	–	59,118,000

Certain securities have transferred in and out of Level 1 and Level 2 measurements during the reporting period. The Fund recognizes transfers between levels as of the end of the reporting period. For the nine months ended September 30, 2018, securities valued at $2,212,821 were transferred from Level 1 to Level 2 and securities valued at $70,048,321 were transferred from Level 2 to Level 1 within the fair value hierarchy.

Level 3 Reconciliation:
	Balance as of		Realized	Unrealized
	12/31/17	Purchases	Gain (Loss)	Gain (Loss)	Balance as of 9/30/18
Common Stocks	$891,600	$461,843	$–	$(171,100)	$1,182,343

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

					Impact to Valuation
	Fair Value at		Unobservable		From an Increase
	9/30/18	Valuation Technique(s)	Input(s)	Range Average	in Input1
Common Stocks	$1,182,343	Discounted Present Value Balance Sheet Analysis	Liquidity Discount	30%-40%	Decrease

¹ This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could result in significantly higher or lower fair value measurements.

Repurchase Agreements:
The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund at September 30, 2018 is overnight and continuous.

Borrowings:
The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). As of September 30, 2018, the Fund had no outstanding borrowings. During the period ended September 30, 2018, the Fund borrowed an average daily balance of $65,366,300. 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 held the following positions in shares of such companies at September 30, 2018:

										Change in Net
										Unrealized
	Shares	Market Value		Cost of		Proceeds		Realized		Appreciation			Dividend		Shares		Market Value
Affiliated Company	12/31/17	12/31/17		Purchases		from Sales		Gain (Loss)		(Depreciation)			Income		9/30/18		9/30/18
HG Holdings	912,235	$	793,645	$	–	$	–	$	–	$	(346,650	)	$	–		912,235	$	446,995
Houston Wire & Cable	877,363		6,317,014		–		–		–		438,681			–		877,363		6,755,695
		$	7,110,659					$	–	$	92,031		$	–			$	7,202,690

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 26, 2018

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 26, 2018

By:

/s/ Peter K. Hoglund

Peter K. Hoglund

Treasurer, Royce Value Trust, Inc.

Date: November 26, 2018