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: 12/31/2018

Date of reporting period: 3/31/2018

Item 1 - Schedule of Investments

SCHEDULE OF INVESTMENTS

ROYCE VALUE TRUST

MARCH 31, 2018 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 103.6%

Consumer Discretionary – 8.9%
Auto Components - 1.0%
Dorman Products ¹		61,400	$	4,065,294
Gentex Corporation ²		62,500		1,438,750
LCI Industries		73,616		7,667,107
Sebang Global Battery		28,500		862,426
Standard Motor Products		13,391		637,010

				14,670,587

Automobiles - 0.9%
Thor Industries ²		115,130		13,259,522

Distributors - 1.3%
Connect Group		550,000		431,815
Core-Mark Holding Company		383,100		8,144,706
Fenix Parts ^1,3		255,000		97,027
LKQ Corporation ¹		149,300		5,665,935
Uni-Select		30,200		468,817
Weyco Group		97,992		3,292,531

				18,100,831

Diversified Consumer Services - 0.6%
Adtalem Global Education ¹		52,054		2,475,168
American Public Education ¹		32,498		1,397,414
Collectors Universe		50,000		785,500
H&R Block		8,000		203,280
Houghton Mifflin Harcourt ¹		100,000		695,000
Liberty Tax Cl. A		151,573		1,530,887
Lincoln Educational Services ¹		340,000		656,200
Universal Technical Institute ¹		504,032		1,481,854

				9,225,303

Hotels, Restaurants & Leisure - 0.4%
Century Casinos ¹		200,100		1,492,746
Inspired Entertainment ¹		110,000		605,000
Lindblad Expeditions Holdings ¹		207,600		2,132,052
Noodles & Company Cl. A ^1,2		50,000		377,500
Rank Group		400,000		1,159,488
Zoe’s Kitchen ¹		20,000		288,800

				6,055,586

Household Durables - 1.7%
AV Homes ¹		66,100		1,226,155
Cavco Industries ¹		14,700		2,554,125
Ethan Allen Interiors		200,000		4,590,000
Flexsteel Industries		13,900		550,162
HG Holdings ^1,3,4		912,235		529,096
Mohawk Industries ^1,2		12,400		2,879,528
Natuzzi ADR ¹		2,096,300		3,458,895
PICO Holdings		409,400		4,687,630
Purple Innovation ¹		250,000		2,085,000
Purple Innovation (Warrants) ^1,5,6		750,000		450,000
Samson Holding		2,500,000		281,086
Skyline Corporation ¹		55,400		1,218,800

				24,510,477

Internet & Direct Marketing Retail - 0.2%
CafePress ¹		110,000		146,300
FTD Companies ¹		298,014		1,084,771
TripAdvisor ¹		50,000		2,044,500

				3,275,571

Leisure Products - 0.6%
Character Group		56,400		377,826
Clarus Corporation ¹		70,000		472,500
Nautilus ¹		574,500		7,727,025

				8,577,351

Media - 0.4%
Global Eagle Entertainment ¹		110,000		161,700
Gray Television ¹		50,000		635,000
Liberty Latin America Cl. C ^1,2		96,500		1,842,185
New Media Investment Group		60,100		1,030,114
Pico Far East Holdings		2,734,400		1,048,808
T4F Entretenimento		150,000		481,607
Technicolor ¹		120,000		203,310

				5,402,724

Multiline Retail - 0.0%
New World Department Store China ¹		1,447,500		334,695

Specialty Retail - 0.9%
AutoCanada		78,800		1,360,276
Barnes & Noble		67,000		331,650
Barnes & Noble Education ¹		20,000		137,800
Byggmax Group		100,000		498,264
Camping World Holdings Cl. A		25,500		822,375
Container Store Group (The) ^1,2		158,200		860,608
Destination Maternity ¹		557,967		1,445,135
Duty Free International		2,000,000		336,605
Haverty Furniture ²		23,700		477,555
I.T		827,000		385,870
Monro		80,300		4,304,080
Oriental Watch Holdings		967,900		284,200
Sears Hometown and Outlet Stores ¹		230,300		690,900
Signet Jewelers		35,000		1,348,200
TravelCenters of America LLC ¹		62,500		225,000

				13,508,518

Textiles, Apparel & Luxury Goods - 0.9%
Crown Crafts		97,741		571,785
Culp		29,400		898,170
J.G. Boswell Company ³		3,940		2,718,600
Wolverine World Wide		288,600		8,340,540
YGM Trading		1,082,600		823,136

				13,352,231

Total				130,273,396


Consumer Staples – 2.1%
Beverages - 0.1%
Compania Cervecerias Unidas ADR ²		64,500		1,896,945

Food & Staples Retailing - 0.0%
Centric Health ¹		692,400		247,219
Conviviality ^1,5		350,000		49,105

				296,324

Food Products - 1.6%
AGT Food and Ingredients		10,500		136,023
Cal-Maine Foods ^1,2,7		109,016		4,763,999
Farmer Bros. ¹		54,700		1,651,940
Hilton Food Group		70,000		815,370
John B. Sanfilippo & Son		17,200		995,364
Nomad Foods ¹		125,000		1,967,500
Seneca Foods Cl. A ¹		179,892		4,983,009
Seneca Foods Cl. B ¹		13,840		385,444
SunOpta ^1,2		187,459		1,330,959
Tassal Group		150,000		438,757
Tootsie Roll Industries ^2,7		165,529		4,874,836

				22,343,201

Household Products - 0.0%
Central Garden & Pet ¹		10,300		442,900

Personal Products - 0.4%
Inter Parfums		104,330		4,919,159

Total				29,898,529


Energy – 5.9%
Energy Equipment & Services - 4.4%
CARBO Ceramics ^1,2,7		78,000		565,500
Diamond Offshore Drilling ^1,2,7		214,000		3,137,240
Era Group ¹		564,693		5,279,880
Forum Energy Technologies ¹		238,304		2,621,344
Frank’s International ^1,2		108,600		589,698
Helmerich & Payne ^2,7		94,000		6,256,640
ION Geophysical ^1,2		71,880		1,947,948
North American Energy Partners		165,217		875,650
Oil States International ¹		10,000		262,000
Pason Systems		607,680		8,136,361
Pioneer Energy Services ¹		164,500		444,150
Precision Drilling ¹		93,900		260,103
RigNet ¹		31,150		423,640
SEACOR Holdings ¹		150,469		7,688,966
SEACOR Marine Holdings ¹		638,834		12,150,623
TGS-NOPEC Geophysical		463,570		11,309,673
Total Energy Services		21,800		232,662
Trican Well Service ¹		944,000		2,198,160

				64,380,238

Oil, Gas & Consumable Fuels - 1.5%
Ardmore Shipping ¹		75,000		570,000
Berkeley Energia ¹		250,000		162,868
Dorchester Minerals L.P.		279,148		4,494,283
Dorian LPG ¹		394,936		2,958,071
GeoPark ¹		53,200		659,680
Green Plains		200,000		3,360,000
Hallador Energy		21,000		144,270
International Petroleum ¹		100,000		415,211
Leucrotta Exploration ¹		425,500		535,033
New Zealand Refining		310,000		513,737
Pacific Ethanol ¹		115,700		347,100
Pryce Corporation		3,000,000		343,951
San Juan Basin Royalty Trust		320,352		2,530,781
World Fuel Services		110,800		2,720,140
WPX Energy ¹		110,000		1,625,800

				21,380,925

Total				85,761,163


Financials – 14.7%
Banks - 2.5%
Banca Sistema		200,000		552,053
Bank of N.T. Butterfield & Son		178,416		8,007,310
Canadian Western Bank		279,500		7,170,004
Farmers & Merchants Bank of Long Beach ³		1,080		8,532,000
Fauquier Bankshares ²		160,800		3,367,152
First Citizens BancShares Cl. A		14,676		6,064,710
Webster Financial		40,300		2,232,620

				35,925,849

Capital Markets - 7.8%
Ares Management L.P.		366,300		7,838,820
Artisan Partners Asset Management Cl. A		267,100		8,894,430
ASA Gold and Precious Metals		199,821		2,082,135
Ashmore Group		1,354,000		7,241,844
Associated Capital Group Cl. A ²		20,200		756,490
Citadel Capital ¹		7,749,921		1,085,780
Cowen Cl. A ¹		62,706		827,719
Dundee Corporation Cl. A ¹		1,079,900		1,550,677
Edmond de Rothschild (Suisse)		153		2,867,001
Founders Advantage Capital		46,600		77,766
Gluskin Sheff + Associates		57,600		651,848
GMP Capital		287,100		617,275
Hamilton Lane Cl. A		13,800		513,774
Jupiter Fund Management		230,000		1,523,625
KKR & Co. L.P. ²		24,100		489,230
Lazard Cl. A		84,835		4,458,928
Manning & Napier Cl. A		395,692		1,384,922
MarketAxess Holdings		51,600		11,219,904
Medley Management Cl. A ²		109,500		624,150
Morningstar		84,600		8,080,992
mutares		27,000		605,752
MVC Capital		271,183		2,692,847
Oaktree Capital Group LLC Cl. A		101,100		4,003,560
Rothschild & Co		216,893		7,988,703
SEI Investments		185,600		13,903,296
Sprott		1,927,000		4,651,663
TMX Group		40,700		2,361,412
U.S. Global Investors Cl. A ²		520,551		1,316,994
Value Partners Group		5,453,000		5,148,050
Virtu Financial Cl. A ²		101,200		3,339,600
Westwood Holdings Group		49,073		2,772,134
ZAIS Group Holdings Cl. A ^1,2		492,300		1,993,815

				113,565,136

Consumer Finance - 0.1%
Bajaj Finance		55,000		1,510,184
Currency Exchange International ¹		30,000		642,683

				2,152,867

Diversified Financial Services - 0.1%
First Pacific		1,020,000		556,849
Waterloo Investment Holdings ^1,5		2,972,000		891,600

				1,448,449

Insurance - 2.8%
Atlas Financial Holdings ¹		18,900		195,615
eHealth ¹		50,000		715,500
E-L Financial		22,500		14,111,072
Erie Indemnity Cl. A		25,000		2,941,000
Independence Holding Company		259,223		9,241,300
MBIA ^1,2,7		942,400		8,726,624
ProAssurance Corporation		17,139		832,099
RLI Corp.		74,100		4,697,199

				41,460,409

Investment Companies - 0.3%
RIT Capital Partners		62,400		1,664,976
Social Capital Hedosophia Holdings ¹		234,800		2,355,044

				4,020,020

Thrifts & Mortgage Finance - 1.1%
BofI Holding ^1,2,7		16,300		660,639
Genworth MI Canada		220,795		7,026,503
Timberland Bancorp		288,857		8,781,252
Vestin Realty Mortgage II ^1,3		53		111,300

				16,579,694

Total				215,152,424


Health Care – 4.5%
Biotechnology - 0.6%
Keryx Biopharmaceuticals ^1,2		139,000		568,510
Novavax ^1,2		390,000		819,000
Sangamo Therapeutics ^1,2		65,815		1,250,485
Zealand Pharma ¹		408,857		6,317,624

				8,955,619

Health Care Equipment & Supplies - 2.1%
Analogic Corporation		53,735		5,153,186
Atrion Corporation		15,750		9,942,975
DENTSPLY SIRONA		5,000		251,550
Hill-Rom Holdings		5,000		435,000
Integer Holdings ¹		42,400		2,397,720
Invacare Corporation		46,400		807,360
Masimo Corporation ¹		50,000		4,397,500
Neogen Corporation ¹		22,400		1,500,576
Surmodics ¹		138,500		5,269,925

				30,155,792

Health Care Providers & Services - 0.2%
Aceto Corporation		18,800		142,880
Community Health Systems ¹		790,000		3,128,400

				3,271,280

Health Care Technology - 0.5%
athenahealth ^1,2		32,500		4,648,475
Medidata Solutions ¹		50,000		3,140,500

				7,788,975

Life Sciences Tools & Services - 0.9%
Bio-Rad Laboratories Cl. A ¹		34,198		8,552,236
Bio-Techne		31,443		4,749,151

				13,301,387

Pharmaceuticals - 0.2%
Formosa Laboratories		275,000		599,144
Intra-Cellular Therapies ¹		30,000		631,500
Theravance Biopharma ^1,2		34,291		831,557

				2,062,201

Total				65,535,254


Industrials – 31.7%
Aerospace & Defense - 3.4%
Austal		688,670		963,637
Ducommun ¹		117,200		3,560,536
HEICO Corporation		208,277		18,080,526
HEICO Corporation Cl. A		126,262		8,958,289
Hexcel Corporation		51,400		3,319,926
Magellan Aerospace		186,800		2,833,137
Mercury Systems ¹		17,200		831,104
Teledyne Technologies ¹		5,900		1,104,303
Wesco Aircraft Holdings ¹		935,364		9,587,481

				49,238,939

Air Freight & Logistics - 1.3%
Expeditors International of Washington		158,900		10,058,370
Forward Air		170,750		9,025,845

				19,084,215

Building Products - 0.4%
Burnham Holdings Cl. B ³		36,000		543,600
Insteel Industries ²		37,880		1,046,624
Patrick Industries ¹		15,775		975,684
Simpson Manufacturing		59,900		3,449,641

				6,015,549

Commercial Services & Supplies - 3.4%
Atento		483,600		3,772,080
Biffa		540,000		1,516,997
CECO Environmental ¹		99,028		440,675
CompX International Cl. A		211,100		2,913,180
Copart ¹		368,200		18,752,426
Heritage-Crystal Clean ¹		146,527		3,450,711
Horizon North Logistics		500,000		814,996
Interserve ¹		450,000		509,468
Kimball International Cl. B		286,180		4,876,507
Mobile Mini		105,000		4,567,500
Ritchie Bros. Auctioneers		107,100		3,370,437
Steelcase Cl. A		40,000		544,000
UniFirst Corporation		22,270		3,599,945

				49,128,922

Construction & Engineering - 3.2%
EMCOR Group ²		65,800		5,127,794
IES Holdings ¹		594,244		9,002,797
Infrastructure and Energy Alternatives ¹		500,000		4,387,500
Infrastructure and Energy Alternatives (Warrants) ^1,5,6		625,000		460,000
Jacobs Engineering Group		164,900		9,753,835
KBR		326,000		5,277,940
Northwest Pipe ¹		10,000		173,000
NV5 Global ¹		23,500		1,310,125
Sterling Construction ^1,2,7		122,300		1,401,558
Valmont Industries ²		64,445		9,428,303

				46,322,852

Electrical Equipment - 0.9%
AZZ		5,000		218,500
Global Power Equipment Group ^1,3		631,820		1,686,959
LSI Industries		263,000		2,132,930
Powell Industries		94,500		2,536,380
Preformed Line Products		91,600		5,962,244

				12,537,013

Industrial Conglomerates - 0.6%
A. Soriano		2,791,000		356,471
Raven Industries		251,725		8,822,961

				9,179,432

Machinery - 11.3%
Chen Hsong Holdings		1,159,000		340,861
CIRCOR International ¹		158,084		6,743,863
Colfax Corporation ¹		82,242		2,623,520
Deutz		115,000		1,055,477
Donaldson Company		193,559		8,719,833
Exco Technologies		178,500		1,259,413
Franklin Electric		129,300		5,268,975
Graco		267,828		12,245,096
Hurco Companies		25,952		1,191,197
Hyster-Yale Materials Handling Cl. A		10,000		699,300
IDEX Corporation		67,400		9,605,174
John Bean Technologies		98,326		11,150,168
Kadant		78,100		7,380,450
Kennametal		160,100		6,429,616
Lincoln Electric Holdings		99,160		8,919,442
Lindsay Corporation ^2,7		80,000		7,315,200
Luxfer Holdings		28,100		359,680
NN		308,700		7,408,800
Nordson Corporation		24,296		3,312,517
Proto Labs ¹		10,000		1,175,500
RBC Bearings ¹		109,600		13,612,320
Sun Hydraulics		343,918		18,420,248
Tennant Company		111,900		7,575,630
Titan International		173,100		2,182,791
Watts Water Technologies Cl. A		61,000		4,739,700
Westinghouse Air Brake Technologies		81,200		6,609,680
Westport Fuel Systems ^1,2		327,100		716,349
Woodward		104,600		7,495,636

				164,556,436

Marine - 2.0%
Clarkson		371,100		15,735,405
Eagle Bulk Shipping ¹		320,478		1,586,366
Kirby Corporation ¹		157,400		12,111,930

				29,433,701

Professional Services - 2.0%
Franklin Covey ¹		40,800		1,097,520
Heidrick & Struggles International		66,480		2,077,500
IBI Group ¹		73,500		413,610
ManpowerGroup		107,200		12,338,720
On Assignment ^1,2,7		106,700		8,736,596
Quess Corporation ¹		15,720		247,907
Staffline Group		120,810		1,586,864
TrueBlue ¹		56,245		1,456,746
Volt Information Sciences ¹		80,000		244,000
Yumeshin Holdings		50,000		562,338

				28,761,801

Road & Rail - 1.8%
Genesee & Wyoming Cl. A ¹		15,000		1,061,850
Knight-Swift Transportation Holdings Cl. A ²		122,400		5,631,624
Landstar System		116,760		12,802,734
Patriot Transportation Holding ¹		139,100		2,581,696
Saia ^1,2,7		40,000		3,006,000
Universal Logistics Holdings ²		78,916		1,669,073

				26,752,977

Trading Companies & Distributors - 1.4%
Air Lease Cl. A		153,400		6,537,908
Central Steel & Wire ³		4,862		2,285,189
Houston Wire & Cable ^1,4		877,363		6,426,684
SIG		940,000		1,785,918
Watsco		20,400		3,691,788

				20,727,487

Transportation Infrastructure - 0.0%
Hopewell Highway Infrastructure		1,012,000		618,038

Total				462,357,362


Information Technology – 20.9%
Communications Equipment - 0.4%
ADTRAN ²		234,973		3,653,830
Clearfield ^1,2		55,600		717,240
Mitel Networks ¹		100,000		928,000

				5,299,070

Electronic Equipment, Instruments & Components - 10.4%
Anixter International ^1,2,7		63,795		4,832,471
Bel Fuse Cl. B		30,238		571,498
Cognex Corporation ^2,7		350,600		18,227,694
Coherent ¹		80,500		15,085,700
eMagin Corporation ¹		125,000		181,250
eMagin Corporation (Warrants) ^1,5		50,000		0
Fabrinet ¹		282,500		8,864,850
FARO Technologies ¹		139,437		8,143,121
FLIR Systems		611,637		30,587,966
HollySys Automation Technologies		44,682		1,104,539
Horiba		12,000		931,727
IPG Photonics ^1,2,7		56,800		13,255,984
Littelfuse		13,900		2,893,702
LRAD Corporation ¹		744,944		1,713,371
National Instruments		261,850		13,241,755
Perceptron ¹		357,700		3,058,335
Plexus Corporation ¹		150,600		8,995,338
Richardson Electronics		573,732		4,561,169
Rogers Corporation ¹		32,366		3,869,032
Seeing Machines ¹		32,581,784		2,272,265
Systemax		38,520		1,099,746
TTM Technologies ^1,2,7		496,400		7,589,956
Wasion Group Holdings		1,500,000		766,855

				151,848,324

Internet Software & Services - 2.1%
Alarm.com Holdings ¹		10,000		377,400
Care.com ¹		179,300		2,917,211
CommerceHub Ser. C ¹		50,000		1,124,500
comScore ^1,3		211,136		5,046,150
HolidayCheck Group ¹		94,900		318,734
IZEA ^1,2,7		75,306		275,620
j2 Global		90,320		7,128,054
Leaf Group ¹		55,500		391,275
QuinStreet ¹		256,554		3,276,195
Rhythmone ¹		130,000		319,326
Solium Capital ¹		187,400		1,624,759
Spark Networks ADR ¹		36,300		540,866
Stamps.com ¹		35,700		7,177,485
Support.com ¹		216,766		598,274

				31,115,849

IT Services - 1.3%
Acxiom Corporation ¹		48,000		1,090,080
Conduent ¹		20,000		372,800
Convergys Corporation ^2,7		121,000		2,737,020
CSE Global		3,450,000		1,060,605
DST Systems ^2,7		79,000		6,608,350
Hackett Group (The)		417,266		6,701,292
Innodata ¹		224,314		242,259
Unisys Corporation ¹		60,000		645,000

				19,457,406

Semiconductors & Semiconductor Equipment - 4.1%
Advanced Energy Industries ¹		20,000		1,278,000
Amtech Systems ¹		79,271		580,264
Brooks Automation ^2,7		279,000		7,555,320
Cabot Microelectronics		46,500		4,980,615
Cohu		170,350		3,885,683
CyberOptics Corporation ¹		37,600		676,800
Diodes ¹		270,850		8,250,091
Entegris		120,000		4,176,000
Intermolecular ¹		40,000		52,400
Kulicke & Soffa Industries ^1,2		66,200		1,655,662
MKS Instruments		39,110		4,523,072
NeoPhotonics Corporation ^1,2		32,700		223,995
Nova Measuring Instruments ¹		39,500		1,071,635
Photronics ¹		183,700		1,515,525
Rudolph Technologies ^1,2		107,900		2,988,830
Silicon Motion Technology ADR		51,900		2,497,428
Teradyne		130,000		5,942,300
Ultra Clean Holdings ¹		42,800		823,900
Veeco Instruments ¹		17,500		297,500
Versum Materials		123,000		4,628,490
Xperi ²		82,300		1,740,645

				59,344,155

Software - 2.1%
Altair Engineering Cl. A ¹		5,000		156,800
American Software Cl. A		108,690		1,412,970
ANSYS ^1,2		90,200		14,133,438
Computer Modelling Group		371,300		2,677,360
Manhattan Associates ¹		75,000		3,141,000
Monotype Imaging Holdings		117,700		2,642,365
PSI Software		12,194		258,877
RealNetworks ¹		170,879		522,890
Rosetta Stone ¹		40,000		526,000
SeaChange International ¹		247,069		669,557
SS&C Technologies Holdings		12,000		643,680
StatPro Group		400,000		954,211
WANdisco ¹		50,000		590,023
Workiva Cl. A ¹		100,000		2,370,000

				30,699,171

Technology Hardware, Storage & Peripherals - 0.5%
Cray ^1,2		66,800		1,382,760
Diebold Nixdorf		266,600		4,105,640
Intevac ¹		168,700		1,164,030

				6,652,430

Total				304,416,405


Materials – 10.1%
Chemicals - 2.9%
Chase Corporation		27,500		3,202,375
FutureFuel Corporation		48,500		581,515
Hawkins		86,178		3,029,157
Innospec		36,883		2,530,174
Minerals Technologies		101,693		6,808,346
NewMarket Corporation		11,000		4,418,480
Platform Specialty Products ¹		190,000		1,829,700
Quaker Chemical		132,669		19,652,259

				42,052,006

Construction Materials - 1.8%
Ash Grove Cement ³		50,518		26,572,468
China Resources Cement Holdings		800,000		698,088

				27,270,556

Containers & Packaging - 0.5%
Mayr-Melnhof Karton		34,000		5,157,844
RPC Group		220,000		2,393,644

				7,551,488

Metals & Mining - 4.5%
Agnico Eagle Mines		15,000		631,050
Alamos Gold Cl. A		803,300		4,177,522
Ampco-Pittsburgh ¹		36,966		328,997
Corsa Coal ¹		700,000		972,562
Ferroglobe ¹		50,000		536,500
Ferroglobe (Warranty Insurance Trust) ^1,5		49,300		0
Franco-Nevada Corporation		107,300		7,338,247
Gold Fields ADR		370,000		1,487,400
Haynes International ²		113,900		4,226,829
Hecla Mining		321,300		1,179,171
Hudbay Minerals		53,100		377,010
Lundin Mining		640,000		4,197,617
MAG Silver ¹		198,900		1,939,275
Major Drilling Group International ¹		1,042,757		5,390,431
Mongolian Mining ¹		6,000,000		130,627
Pretium Resources ¹		165,000		1,096,286
Reliance Steel & Aluminum		193,720		16,609,553
Royal Gold		16,600		1,425,442
Sandstorm Gold ¹		270,000		1,285,200
Synalloy Corporation		178,800		2,565,780
Tahoe Resources ¹		646,000		3,029,740
VanEck Vectors Junior Gold Miners ETF		8,000		257,200
Worthington Industries		148,000		6,352,160

				65,534,599

Paper & Forest Products - 0.4%
Neenah		16,700		1,309,280
Stella-Jones		120,300		4,249,508

				5,558,788

Total				147,967,437


Real Estate – 3.7%
Equity Real Estate Investment Trusts (REITs) - 0.1%
Irish Residential Properties REIT		250,000		428,729
New York REIT		15,000		322,650

				751,379

Real Estate Management & Development - 3.6%
Altus Group		24,200		612,725
Deutsche EuroShop		14,000		513,284
FirstService Corporation		184,600		13,509,028
FRP Holdings ¹		188,558		10,559,248
Howard Hughes ¹		5,000		695,650
Kennedy-Wilson Holdings		111,300		1,936,620
Marcus & Millichap ¹		221,613		7,991,365
Real Estate Investors		1,000,000		778,949
RMR Group Cl. A ^2,7		27,200		1,902,640
St. Joe Company (The) ¹		197,000		3,713,450
Tejon Ranch ^1,2		478,479		11,057,649

				53,270,608

Total				54,021,987


Telecommunication Services – 0.5%
Diversified Telecommunication Services - 0.1%
China Communications Services		750,182		450,081
HKBN		1,000,000		1,181,308

				1,631,389

Wireless Telecommunication Services - 0.4%
Boingo Wireless ¹		50,000		1,238,500
Telephone and Data Systems		165,270		4,632,518

				5,871,018

Total				7,502,407


Utilities – 0.6%
Gas Utilities - 0.5%
Shizuoka Gas		110,000		994,919
Toho Gas		12,000		375,943
UGI Corporation		131,200		5,827,904

				7,198,766

Independent Power & Renewable Electricity Producer - 0.1%
Dynegy ¹		100,000		1,352,000

Multi-Utilities - 0.0%
Just Energy Group ²		18,520		81,488

Total				8,632,254


TOTAL COMMON STOCKS
(Cost $1,077,918,558)				1,511,518,618


REPURCHASE AGREEMENT – 1.2%
Fixed Income Clearing Corporation,
0.28% dated 3/29/18, due 4/2/18,
maturity value $17,832,555 (collateralized
by obligations of various U.S. Government
Agencies, 2.50% due 8/15/23, valued at $18,188,860)
(Cost $17,832,000)				17,832,000


TOTAL INVESTMENTS – 104.8%
(Cost $1,095,750,558)				1,529,350,618

LIABILITIES LESS CASH
AND OTHER ASSETS – (4.8)%				(70,424,654	)


NET ASSETS – 100.0%			$	1,458,925,964

¹	Non-income producing.
²	All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at March 31, 2018. Total market value of pledged securities at March 31, 2018, was $135,463,218.
³	These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.
⁴	At March 31, 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.
⁵	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.
⁶	Investment in securities not registered under the Securities Act of 1933 and subject to contractual restrictions. At the end of the period, the value of such restricted securities amounted to $910,000 or 0.1% of net assets.
⁷	At March 31, 2018, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $66,551,178.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,096,972,641. At March 31, 2018, net unrealized appreciation for all securities was $432,377,977, consisting of aggregate gross unrealized appreciation of $540,224,462 and aggregate gross unrealized depreciation of $107,846,485. 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, 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	$1,357,001,421	$152,666,492	$1,850,705	$1,511,518,618
Cash Equivalents	–	17,832,000	–	17,832,000

Certain securities have transferred in and out of Level 1, Level 2 and Level 3 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, 2018, securities valued at $1,352,233 were transferred from Level 1 to Level 2, and securities valued at $481,607 and $49,105 were transferred from Level 2 to Level 1 and from Level 2 to Level 3, respectively within the fair value hierarchy.

Level 3 Reconciliation:

Balance as of
12/31/17

Purchases

Transfers In

Realized
Gain (Loss)

Unrealized
Gain (Loss)

Balance as of 3/31/18

Common Stocks

$891,600

$49,105

$–

$910,000

$1,850,705

The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain 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

3/31/18

Valuation Technique(s)

Input(s)

Range Average

in Input¹

Discounted Present Value

Common Stocks

$940,705

Balance Sheet Analysis

Liquidity Discount

30%-40%

Decrease

Warrants to Purchase Common Stock

(Restricted Securities)

910,000

Discounted Present Value

Liquidity Discount

20%

Decrease

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 March 31, 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 March 31, 2018, the Fund has outstanding borrowings of $70,000,000. During the period ended March 31, 2018, 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, 2018:

Change in Net

Unrealized

Shares

Market Value

Cost of

Proceeds

Appreciation

Realized

Dividend

Shares

Market Value

Affiliated Company

12/31/17

Purchases

from Sales

(Depreciation)

Gain (Loss)

Income

3/31/18

HG Holdings

912,235

793,645

–

(264,549

)

–

912,235

529,096

Houston Wire & Cable

877,363

6,317,014

–

109,670

–

877,363

6,426,684

7,110,659

(154,879

)

–

6,955,780

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 29, 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: May 29, 2018

By:

/s/ Peter K. Hoglund

Peter K. Hoglund

Treasurer, Royce Value Trust, Inc.

Date: May 29, 2018