<SEC-DOCUMENT>0000949377-20-000147.txt : 20220203
<SEC-HEADER>0000949377-20-000147.hdr.sgml : 20220203
<ACCEPTANCE-DATETIME>20200514140739
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000949377-20-000147
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST, INC.
		CENTRAL INDEX KEY:			0000804116
		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2123557311

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC
		DATE OF NAME CHANGE:	19920703
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<P STYLE="font: 11pt/15.55pt Times New Roman, Times, Serif; margin: 9.95pt 5.35pt 0 0; text-align: left"><FONT STYLE="font-size: 16pt"><B>The
Royce Funds</B></FONT></p>
<P STYLE="text-align: right"><FONT STYLE="font-size: 12pt;margin: 0 5.4pt 0 0">745 <FONT STYLE="letter-spacing: -0.05pt">Fifth Avenue</FONT></FONT></P>

<P STYLE="font: 12pt/10.95pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: right"><FONT STYLE="letter-spacing: -0.05pt">New
York, NY </FONT>10151</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 5.55pt 0 0; text-align: right"><FONT STYLE="letter-spacing: -0.05pt">212-508-4500</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.35pt 5.55pt 0 0; text-align: right"><FONT STYLE="letter-spacing: -0.05pt">800-221-4268</FONT></P>

<P STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin: 0.35pt 5.55pt 0 4.25in; text-align: right"><FONT STYLE="letter-spacing: -0.05pt">e-mail:</FONT>
<FONT STYLE="letter-spacing: -0.1pt">funds@royceinvest.com website: www.royceinvest.com</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 7.9pt 0 0 244.45pt"><FONT STYLE="letter-spacing: -0.05pt">May 14, 2020</FONT></P>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>VIA
EDGAR CORRESPONDENCE</B></FONT></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 0 0.5pt 0 5pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 0 0.5pt 0 5pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Securities</FONT>
and <FONT STYLE="letter-spacing: -0.05pt">Exchange </FONT>Commission</P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 0 0.5pt 0 5pt; text-align: justify">Division of <FONT STYLE="letter-spacing: -0.05pt">Investment
Management</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.25pt 340.2pt 0 5pt">100 F <FONT STYLE="letter-spacing: -0.05pt">Street,</FONT>
N.E. <FONT STYLE="letter-spacing: -0.05pt">Washington,</FONT> D.C. 20549</P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 0 0.5pt 0 5pt; text-align: justify">Atten: Ms. Cindy <FONT STYLE="letter-spacing: -0.05pt">Chang</FONT></P>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin: 0 9.5pt 0 81pt; text-align: justify; text-indent: -21.05pt"><FONT STYLE="letter-spacing: -0.05pt">Re:
Annual Report</FONT> to <FONT STYLE="letter-spacing: -0.05pt">Stockholders</FONT> for the <FONT STYLE="letter-spacing: -0.15pt">year</FONT>
<FONT STYLE="letter-spacing: -0.05pt">ended December</FONT> 31, 2019 for <FONT STYLE="letter-spacing: -0.05pt">each</FONT> of <FONT STYLE="letter-spacing: -0.15pt">Royce
Micro-Cap Trust, Inc.</FONT> <FONT STYLE="letter-spacing: -0.05pt">(File</FONT> No. <FONT STYLE="letter-spacing: -0.05pt">811-08030),</FONT>
<FONT STYLE="letter-spacing: -0.15pt">Royce Value Trust,</FONT> <FONT STYLE="letter-spacing: -0.2pt">Inc.</FONT> <FONT STYLE="letter-spacing: -0.25pt"><BR>
</FONT><FONT STYLE="letter-spacing: -0.1pt"><U>(File</U></FONT><U> No. <FONT STYLE="letter-spacing: -0.05pt">811-04875),</FONT>
<FONT STYLE="letter-spacing: -0.15pt">and Royce Global Value Trust, Inc.</FONT> <FONT STYLE="letter-spacing: -0.05pt">(File</FONT>
No. <FONT STYLE="letter-spacing: -0.05pt">811-22532)</FONT></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Dear
Ms. Chang:</FONT></P>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin: 0 5.55pt 0 5pt; text-align: justify; text-indent: 35.9pt"><FONT STYLE="letter-spacing: -0.05pt">At</FONT>
<FONT STYLE="letter-spacing: -0.15pt">your</FONT> <FONT STYLE="letter-spacing: -0.05pt">request,</FONT> <FONT STYLE="letter-spacing: -0.1pt">and
as</FONT> <FONT STYLE="letter-spacing: -0.05pt">we discussed over</FONT> the <FONT STYLE="letter-spacing: -0.05pt">telephone,</FONT>
in <FONT STYLE="letter-spacing: -0.1pt">connection</FONT> with the <FONT STYLE="letter-spacing: -0.05pt">staff&#8217;s comments</FONT>
<FONT STYLE="letter-spacing: -0.1pt">relating</FONT> to <FONT STYLE="letter-spacing: -0.1pt">each</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">above-referenced</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Annual</FONT> <FONT STYLE="letter-spacing: -0.05pt">Reports</FONT> to <FONT STYLE="letter-spacing: -0.05pt">Stockholders,
set forth below are</FONT> the <FONT STYLE="letter-spacing: -0.1pt">staff&#8217;s comments</FONT> <FONT STYLE="letter-spacing: -0.05pt">and</FONT>
the <FONT STYLE="letter-spacing: -0.1pt">Funds&#8217; responses.</FONT></P>

<P STYLE="font: 12.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 340.2pt 0 5pt"><FONT STYLE="letter-spacing: -0.15pt"><U>Royce Micro-Cap Trust, Inc. <br>Royce Value Trust, Inc.</FONT></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B><U>Royce Global Value Trust, Inc,</FONT></U></B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/101% Times New Roman, Times, Serif; margin: 3.45pt 5.6pt 0 5pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Comment:</FONT>
<FONT STYLE="letter-spacing: -0.05pt">Please</FONT> <FONT STYLE="letter-spacing: -0.1pt">amend</FONT> <FONT STYLE="letter-spacing: -0.05pt">each</FONT>
<FONT STYLE="letter-spacing: -0.1pt">Funds&#8217; Form N-CEN</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.1pt">attach
each Funds&#8217;</FONT> <FONT STYLE="letter-spacing: -0.05pt">internal</FONT> <FONT STYLE="letter-spacing: -0.1pt">control report
from</FONT> the <FONT STYLE="letter-spacing: -0.1pt">Funds&#8217; Independent </FONT><FONT STYLE="letter-spacing: -0.05pt">Accountants
for</FONT> the <FONT STYLE="letter-spacing: -0.05pt">year ended December 31, 2019.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin: 0 5.5pt 0 41pt"><FONT STYLE="letter-spacing: -0.1pt">Response:
</FONT><FONT STYLE="letter-spacing: 0.25pt">On</FONT> <FONT STYLE="letter-spacing: 0.45pt">April 17, 2020, </FONT><FONT STYLE="letter-spacing: 0.35pt">each</FONT>
<FONT STYLE="letter-spacing: 0.5pt">Fund</FONT> <FONT STYLE="letter-spacing: 0.45pt">filed a </FONT><FONT STYLE="letter-spacing: 0.4pt">Form</FONT>
<FONT STYLE="letter-spacing: 0.45pt">N-CEN/A</FONT> <FONT STYLE="letter-spacing: 0.35pt">for</FONT> <FONT STYLE="letter-spacing: 0.4pt">the
year </FONT><FONT STYLE="letter-spacing: 0.45pt">ended </FONT><FONT STYLE="letter-spacing: 0.5pt">December</FONT> <FONT STYLE="letter-spacing: 0.6pt">31,</FONT>
<FONT STYLE="letter-spacing: 0.45pt">2019</FONT> <FONT STYLE="letter-spacing: 0.35pt">per</FONT> <FONT STYLE="letter-spacing: 0.4pt">your
above</FONT> <FONT STYLE="letter-spacing: 0.45pt">request.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin: 0 5.4pt 0 5pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Comment:</FONT>
<FONT STYLE="letter-spacing: -0.05pt">Please</FONT> include disclosure in the <FONT STYLE="letter-spacing: -0.05pt">Notes</FONT>
to the <FONT STYLE="letter-spacing: -0.1pt">Financial</FONT> <FONT STYLE="letter-spacing: -0.05pt">Statements</FONT> <FONT STYLE="letter-spacing: -0.1pt">contained</FONT>
in the <FONT STYLE="letter-spacing: -0.05pt">Funds&#8217; Annual</FONT> <FONT STYLE="letter-spacing: -0.1pt">Reports</FONT> to
<FONT STYLE="letter-spacing: -0.05pt">Stockholders</FONT> that <FONT STYLE="letter-spacing: -0.1pt">sets</FONT> <FONT STYLE="letter-spacing: -0.05pt">forth
disclosure</FONT> <FONT STYLE="letter-spacing: -0.1pt">regarding</FONT> <FONT STYLE="letter-spacing: -0.05pt">the maximum</FONT>
<FONT STYLE="letter-spacing: -0.1pt">amount</FONT> of <FONT STYLE="letter-spacing: -0.1pt">borrowing permitted</FONT> <FONT STYLE="letter-spacing: -0.05pt">under</FONT>
<FONT STYLE="letter-spacing: -0.1pt">each Funds&#8217; revolving credit agreement and</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
<FONT STYLE="letter-spacing: -0.1pt">conditions</FONT> <FONT STYLE="letter-spacing: -0.05pt">under</FONT> <FONT STYLE="letter-spacing: -0.1pt">which</FONT>
<FONT STYLE="letter-spacing: -0.05pt">such line</FONT> of <FONT STYLE="letter-spacing: -0.1pt">credit </FONT>may <FONT STYLE="letter-spacing: -0.1pt">be</FONT>
<FONT STYLE="letter-spacing: -0.05pt">withdrawn from each Fund (See Reg-SX</FONT> <FONT STYLE="letter-spacing: -0.1pt">210.5-02.19b).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin: 0 5.5pt 0 41pt"><FONT STYLE="letter-spacing: -0.1pt">Response:</FONT>
<FONT STYLE="letter-spacing: -0.05pt">We</FONT> will expand the disclosure <FONT STYLE="letter-spacing: -0.05pt">regarding borrowings</FONT>
per the <FONT STYLE="letter-spacing: -0.05pt">above request</FONT> in <FONT STYLE="letter-spacing: -0.05pt">future N-CSR</FONT>
filings.</P>


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<P STYLE="font: 12pt/102% Times New Roman, Times, Serif; margin: 2.9pt 5.5pt 0 23pt; text-indent: 35.85pt"><FONT STYLE="letter-spacing: -0.05pt">Please</FONT>
<FONT STYLE="letter-spacing: -0.1pt">direct any further</FONT> <FONT STYLE="letter-spacing: -0.05pt">communication</FONT> <FONT STYLE="letter-spacing: -0.1pt">relating</FONT>
to this filing to John <FONT STYLE="letter-spacing: -0.1pt">E.</FONT> <FONT STYLE="letter-spacing: -0.05pt">Denneen at</FONT> (212)
<FONT STYLE="letter-spacing: -0.05pt">508-4578.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 8.3pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Very
truly</FONT> <FONT STYLE="letter-spacing: -0.1pt">yours,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">/s/ Peter K. Hoglund</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">/s/ John E. Denneen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 55%"><FONT STYLE="letter-spacing: -0.05pt">Peter</FONT> <FONT STYLE="letter-spacing: -0.1pt">K. Hoglund</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 36%"><FONT STYLE="letter-spacing: -0.05pt">John</FONT> <FONT STYLE="letter-spacing: -0.1pt">E.</FONT> <FONT STYLE="letter-spacing: -0.05pt">Denneen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="letter-spacing: -0.05pt">Treasurer</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="letter-spacing: -0.05pt">Secretary</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

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    <TD STYLE="width: 25pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 15pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.05pt">cc:</FONT></TD>
    <TD STYLE="padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 11.5pt; letter-spacing: -0.05pt">Christopher D. Clark <BR>Mary Macchia<BR>
Frank P. Bruno, Esq.</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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