<SEC-DOCUMENT>0001752724-21-050196.txt : 20210312
<SEC-HEADER>0001752724-21-050196.hdr.sgml : 20210312
<ACCEPTANCE-DATETIME>20210312164631
ACCESSION NUMBER:		0001752724-21-050196
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210312
DATE AS OF CHANGE:		20210312
EFFECTIVENESS DATE:		20210312

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:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		21738152

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <investmentCompFileNo>811-04875</investmentCompFileNo>
      <registrantCik>0000804116</registrantCik>
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      <registrantstreet1>745 FIFTH AVENUE</registrantstreet1>
      <registrantcity>NEW YORK</registrantcity>
      <registrantzipCode>10151</registrantzipCode>
      <registrantstate>US-NY</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>212-508-4500</registrantphoneNumber>
      <websites>
        <website webpage="www.royceinvest.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>State Street Bank and Trust Company</officeName>
          <officeAddress1>1 Lincoln Street</officeAddress1>
          <officeCity>Boston</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-MA"/>
          <officeRecordsZipCode>02111</officeRecordsZipCode>
          <officePhone>617-786-3000</officePhone>
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        <chiefComplianceOfficer>
          <ccoName>Lisa Curcio</ccoName>
          <crdNumber>001079308</crdNumber>
          <ccoStreet1>745 Fifth Avenue</ccoStreet1>
          <ccoCity>New York</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-NY"/>
          <ccoZipCode>10151</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
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      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y">
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      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
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      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
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          <publicAccountantName>PricewaterhouseCoopers LLP</publicAccountantName>
          <pcaobNumber>238</pcaobNumber>
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        <mgmtInvLei>254900NJE1W1YYKNVM16</mgmtInvLei>
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        <numAddedClass>0</numAddedClass>
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        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 17e-1 (17 CFR 270.17e-1)</relyOnRuleType>
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            <investmentAdviserFileNo>801-8268</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107689</investmentAdviserCrdNo>
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            <transferAgentName>Computershare Inc.</transferAgentName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <custodianName>State Street Bank International GmbH</custodianName>
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            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Jung-gu, Seoul, KR, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd. (Minato ku, Tokyo, JP, Branch)</custodianName>
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            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>2
<FILENAME>NCEN_9586023355042415.htm
<TEXT>
<html>

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<title>HX(d)(1)</title>



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<p style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INVESTMENT ADVISORY AGREEMENT</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BETWEEN</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ROYCE VALUE TRUST,
INC.</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AND</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:24.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ROYCE &amp; ASSOCIATES, LP</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Investment Advisory Agreement
made this 31<sup>st</sup> day of July 2020, by and between ROYCE VALUE TRUST,
INC., a Maryland corporation (the &#8220;Fund&#8221;), and ROYCE &amp; ASSOCIATES, LP, a
Delaware limited partnership (formerly Royce &amp; Associates, Inc. and Royce
&amp; Associates, LLC) (the &#8220;Adviser&#8221;).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Fund and the Adviser hereby
agree as follows:</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Duties of the Adviser</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Adviser shall, during the term and
subject to the provisions of this Agreement, (a) determine the composition of
the portfolio of the Fund, the nature and timing of the changes therein and the
manner of implementing such changes, and (b) provide the Fund with such
investment advisory, research and related services as the Fund may, from time
to time, reasonably require for the investment of its assets. The Adviser shall
perform such duties in accordance with the applicable provisions of the Fund&#8217;s
Articles of Incorporation, By-Laws and stated investment objectives, policies
and restrictions and any directions it may receive from the Fund&#8217;s Board of
Directors.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Expenses Payable by the Fund</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; Except as otherwise provided in
Paragraphs 1 and 3 hereof, the Fund shall be responsible for determining the net
asset value of its shares and for all of its other operations and shall pay all
administrative and other costs and expenses attributable to its operations and
transactions, including, without limitation, registrar, transfer agent and
custodian fees; legal, administrative and clerical services; rent for its
office space and facilities; auditing; preparation, printing and distribution
of its proxy statements, stockholders&#8217; reports and notices; supplies and
postage; Federal and state registration fees; FINRA and securities exchange
listing fees and expenses; Federal, state and local taxes; non&#8209;affiliated
directors&#8217; fees; interest on its borrowings; brokerage commissions; and the
cost of issue, sale and repurchase of its shares.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Expenses Payable by the Adviser</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Adviser shall pay all expenses
which it may incur in performing its duties under Paragraph 1 hereof and shall
reimburse the Fund for any space leased by the Fund and occupied by the
Adviser.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Compensation of the Adviser</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Fund agrees to pay to the Adviser, and the Adviser agrees to accept,
as compensation for the services provided by the Adviser hereunder, a fee
comprised of a basic fee (the &#8220;Basic Fee&#8221;) and an adjustment to the Basic Fee
based on the investment performance of the Fund in relation to the investment
record of the Standard &amp; Poor&#8217;s </font></h2>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<a name="page_2"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">SmallCap 600 Stock
Price Index (as the same may be constituted from time to time, the &#8220;Index&#8221;).&#160;
Such fee shall be calculated and payable as follows:</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For each
month, the Basic Fee shall be a monthly fee equal to 1/12 of 1% (1% on an
annualized basis) of the average of the net assets of the Fund at the end of
each month included in the applicable performance period. (The net assets of
the Fund shall be computed by subtracting the amount of any indebtedness and
other liabilities of the Fund from the value of the total assets of the Fund,
and the liquidation preference of and any redemption premium for any Preferred
Stock of the Fund that may be issued and outstanding shall not be treated as an
indebtedness or other liability of the Fund for this purpose.) The performance
period for each such month shall be a rolling sixty (60) month period ending
with the most recent calendar month.</font></h3>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Basic Fee rate for each such month shall be increased at the rate of
1/12 of .05% for each percentage point in excess of two (2), rounded to the
nearer point (the higher point if exactly one&#8209;half a point), that the
investment performance of the Fund for the performance period then ended
exceeds the percentage change in the investment record of the Index for such performance
period (subject to a maximum of twelve (12) percentage points). If, however,
the investment performance of the Fund for such performance period shall be
exceeded by the percentage change in the investment record of the Index for such
performance period, then such Basic Fee rate shall be decreased by 1/12 of .05%
for each percentage point in excess of two (2), rounded to the nearer point
(the higher point if exactly one&#8209;half a point), that the percentage change
in the investment record of the Index exceeds the investment performance of the
Fund for such performance period (subject to a maximum of twelve (12)
percentage points).</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The maximum increase or decrease in the Basic Fee for any month may not
exceed .50%, and the Fund shall pay such Basic Fee, as so adjusted, to the
Adviser at the end of each performance period.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding the provisions of subparagraph (a) above to the
contrary, the Adviser shall not be entitled to receive any monthly fee in respect
of any performance period consisting of a rolling thirty&#8209;six (36) month
period ending with the most recent calendar month for which the investment
performance of the Fund shall be negative on an absolute basis (i.e., the
investment performance of the Fund, rounded to the nearer whole point, is less
than zero).</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The investment performance of the Fund for any period shall be expressed
as a percentage of the Fund&#8217;s net asset value per share of Common Stock at the
beginning of such period and shall mean and be the sum of: (i) the change in
the Fund&#8217;s net asset value per share of Common Stock during such period; (ii)
the value of the Fund&#8217;s cash distributions per share of Common Stock
accumulated to the end of such period; and (iii) the value of capital gains
taxes per share of Common Stock paid or payable on undistributed realized long&#8209;term
capital gains accumulated to the end of such period. For this purpose, the
value of distributions per share of Common Stock of realized capital gains, of
dividends per share of Common Stock paid from investment income and the capital
gains taxes per share of Common Stock paid or payable on undistributed realized
</font></h2>
<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<a name="page_3"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">long&#8209;term capital gains shall be treated as
reinvested in shares of Common Stock of the Fund at the net asset value per share
of Common Stock in effect at the close of business on the record date for the
payment of such distributions and dividends and the date on which provision is
made for such taxes, after giving effect to such distributions, dividends and
taxes. Notwithstanding any provisions of this subparagraph (c) or of the other
subparagraphs of Paragraph 4 hereof to the contrary, the investment performance
of the Fund for any period shall not include, and there shall be excluded from
the change in the Fund&#8217;s net asset value per share of Common Stock during such
period and the value of the Fund&#8217;s cash distributions per share of Common Stock
accumulated to the end of such period shall be adjusted for, any increase or
decrease in the investment performance of the Fund for such period computed as
set forth in the preceding two sentences and resulting from the Fund&#8217;s capital
stock transactions.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(d)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The investment record of the Index for any period, expressed as a
percentage of the Index level at the beginning of such period, shall mean and
be the sum of (i) the change in the level of the Index during such period and
(ii) the value, computed consistently with the Index, of cash distributions
made by companies whose securities comprise the Index accumulated to the end of
such period. For this purpose, cash distributions on the securities which
comprise the Index shall be treated as reinvested in the Index at the end of
each calendar month following the payment of the dividend.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(e)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Any calculation of the investment performance of the Fund and the investment
record of the Index shall be in accordance with any then applicable rules of
the Securities and Exchange Commission.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(f)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In the event of any termination of this Agreement, the fee provided for
in this Paragraph 4 shall be calculated on the basis of a period ending on the
last day on which this Agreement is in effect, subject to a </font><i><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">pro rata</font></i><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">
adjustment based on the number of days elapsed in the current period as a
percentage of the total number of days in such period.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Excess Brokerage Commissions</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The Adviser is hereby authorized,
to the fullest extent now or hereafter permitted by law, to cause the Fund to
pay a member of a national securities exchange, broker or dealer an amount of
commission for effecting a securities transaction in excess of the amount of
commission another member of such exchange, broker or dealer would have charged
for effecting that transaction, if the Adviser determines in good faith that
such amount of commission is reasonable in relation to the value of the brokerage
and/or research services provided by such member, broker or dealer, viewed in
terms of either that particular transaction or its overall responsibilities
with respect to the Fund and its other accounts.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Limitations on the Employment of the Adviser</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; The services of
the Adviser to the Fund shall not be deemed exclusive, and the Adviser may
engage in any other business or render similar or different services to others
so long as its services to the Fund hereunder are not impaired thereby, and
nothing in this Agreement shall limit or restrict the right of any director,
officer or employee of the Adviser to engage in any other business or to devote
his time and attention in part to any other business, whether of a similar or
dissimilar nature. So long as this </font></h1>
<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<a name="page_4"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Agreement or any
extension, renewal or amendment remains in effect, the Adviser shall be the
only investment adviser for the Fund, subject to the Adviser&#8217;s right to enter
into sub&#8209;advisory agreements. The Adviser assumes no responsibility under
this Agreement other than to render the services called for hereunder, and
shall not be responsible for any action of or directed by the Board of
Directors of the Fund, or any committee thereof, unless such action has been
caused by the Adviser&#8217;s gross negligence, willful malfeasance, bad faith or
reckless disregard of its obligations and duties under this Agreement.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Responsibility of Dual Directors, Officers and/or Employees</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. If
any person who is a director, officer or employee of the Adviser is or becomes
a director, officer and/or employee of the Fund and acts as such in any
business of the Fund pursuant to this Agreement, then such director, officer
and/or employee of the Adviser shall be deemed to be acting in such capacity
solely for the Fund, and not as a director, officer or employee of the Adviser
or under the control or direction of the Adviser, although paid by the Adviser.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Protection of the Adviser</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Adviser shall not be liable to the
Fund for any action taken or omitted to be taken by the Adviser in connection
with the performance of any of its duties or obligations under this Agreement
or otherwise as an investment adviser of the Fund, and the Fund shall indemnify
the Adviser and hold it harmless from and against all damages, liabilities,
costs and expenses (including reasonable attorneys&#8217; fees and amounts reasonably
paid in settlement) incurred by the Adviser in or by reason of any pending,
threatened or completed action, suit, investigation or other proceeding
(including an action or suit by or in the right of the Fund or its security holders)
arising out of or otherwise based upon any action actually or allegedly taken
or omitted to be taken by the Adviser in connection with the performance of any
of its duties or obligations under this Agreement or otherwise as an investment
adviser of the Fund. Notwithstanding the preceding sentence of this Paragraph 8
to the contrary, nothing contained herein shall protect or be deemed to protect
the Adviser against or entitle or be deemed to entitle the Adviser to indemnification
in respect of, any liability to the Fund or its security holders to which the
Adviser would otherwise be subject by reason of willful misfeasance, bad faith
or gross negligence in the performance of its duties or by reason of its reckless
disregard of its duties and obligations under this Agreement.</font></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Determinations of whether and
the extent to which the Adviser is entitled to indemnification hereunder shall
be made by reasonable and fair means, including (a) a final decision on the
merits by a court or other body before whom the action, suit or other
proceeding was brought that the Adviser was not liable by reason of willful
misfeasance, bad faith, gross negligence or reckless disregard of its duties,
or (b) in the absence of such a decision, a reasonable determination, based
upon a review of the facts, that the Adviser was not liable by reason of such
misconduct by (i) the vote of a majority of a quorum of the directors of the
Fund who are neither &#8220;interested persons&#8221; of the Fund (as defined in Section
2(a)(19) of the Investment Company Act of 1940) nor parties to the action, suit
or other proceeding, or (ii) an independent legal counsel in a written opinion.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">9.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Effectiveness, Duration and Termination of Agreement</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; This
Agreement shall become effective as of the date above written and shall replace
and supersede in all respects the Investment Advisory Agreement (other than the
provisions of Paragraph 8 thereof, which shall remain in full force and
effect), dated as of June 30, 1996, by and between the Fund and the </font></h1>
<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<a name="page_5"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Adviser, the Investment Advisory Agreement (other than the
provisions of Paragraph 8 thereof, which shall remain in full force and
effect), dated as of October 1, 2001 and as amended and supplemented to date,
by and between the Fund and the Adviser, and the Amended and Restated Investment
Advisory Agreement (other than the provisions of Paragraph 8 thereof, which
shall remain in full force and effect), dated as of July 1, 2016, by and
between the Fund and the Adviser.&#160; This Agreement shall remain in effect until
June 30, 2022, and thereafter shall continue automatically for successive
annual periods, </font><i><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">provided that</font></i><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;"> such continuance is specifically approved at
least annually by (a) the vote of the Fund&#8217;s directors, including a majority of
such directors who are not parties to this Agreement or &#8220;interested persons&#8221;
(as such term is defined in Section 2(a)(19) of the Investment Company Act of
1940) of any such party, cast in person at a meeting called for the purpose of
voting on such approval, or (b) the vote of a majority of the outstanding
voting securities of the Fund and the vote of the Fund&#8217;s directors, including a
majority of such directors who are not parties to this Agreement or &#8220;interested
persons&#8221; (as so defined) of any such party. This Agreement may be terminated at
any time, without the payment of any penalty, on 60 days&#8217; written notice by the
vote of a majority of the outstanding voting securities of the Fund or by the
vote of a majority of the Fund&#8217;s directors or by the Adviser, and will
automatically terminate in the event of its &#8220;assignment&#8221; (as such term is
defined for purposes of Section 15(a)(4) of the Investment Company Act of
1940); </font><i><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">provided, however</font></i><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">, that the provisions of Paragraph 8 of this
Agreement shall remain in full force and effect, and the Adviser shall remain
entitled to the benefits thereof, notwithstanding any such termination.&#160; </font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Fund may, so long as this Agreement remains
in effect, use &#8220;Royce&#8221; as part of its name.&#160; The Adviser may, upon termination
of this Agreement, require the Fund to refrain from using the name &#8220;Royce&#8221; in
any form or combination in its name or in its business, and the Fund shall, as
soon as practicable following its receipt of any such request from the Adviser,
so refrain from using such name.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Any notice under this Agreement shall be given
in writing, addressed and delivered or mailed, postage prepaid, to the other
party at its principal office.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed on the date above written.</font></h1>

<p style="margin:0in;margin-bottom:24.0pt;margin-left:218.15pt;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ROYCE VALUE TRUST, INC.</font></b></p>

<p style="margin:0in;margin-bottom:24.0pt;margin-left:218.15pt;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Christopher D. Clark</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:218.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:218.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By: ____________________________________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name:&#160; Christopher D. Clark</font></p>

<p style="margin:0in;margin-bottom:24.0pt;margin-left:3.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title:&#160;&#160;&#160; President</font></p>

<p style="margin:0in;margin-bottom:24.0pt;margin-left:218.15pt;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ROYCE &amp; ASSOCIATES, LP</font></b></p>


<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<a name="page_6"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:24.0pt;margin-left:218.15pt;margin-right:0in;margin-top:0in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Christopher D. Clark</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:218.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:218.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By: ____________________________________</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name:&#160; Christopher D. Clark</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:3.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title:&#160;&#160; &#160;Chief Executive Officer</font></p>




<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


</DIV>
</DIV></body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>3
<FILENAME>NCEN_9513281036924466.htm
<TEXT>
<html>

<head>
<meta content="text/html; charset=utf-8" />


<title>Illustrative Report of Independent Registered Public Accounting Firm on
Internal Control Required by Form N-CEN for a Registered Investment Company
(01/19)</title>


</head>

<body><a name="page_1"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face=georgia style="font-size:10.0pt;">Report
of Independent Registered Public Accounting Firm</font></b></h2>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black face=georgia lang=EN-US style="font-size:10.0pt;">To</font><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;"> </font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">the</font><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;"> </font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">Board of Directors and</font><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;">
</font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">Stockholders of Royce Value Trust, Inc.:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">In
planning and performing our audit of the financial statements of Royce Value
Trust, Inc. (the &#8220;Fund&#8221;)</font><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;"> </font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">as of and for
the year</font><b><font face=georgia lang=EN-US style="font-size:10.0pt;"> </font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">ended December 31, 2020, in accordance with the standards of
the Public Company Accounting Oversight Board (United States) (PCAOB), we
considered the Fund&#8217;s internal control over financial reporting, including
controls over safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal
control over financial reporting. &#160;Accordingly, we do not express an opinion on
the effectiveness of the Fund's internal control over financial reporting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">The
management of the Fund is responsible for establishing and maintaining effective
internal control over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of controls. A company&#8217;s internal control over
financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles. A company&#8217;s internal control over financial
reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with</font><font face=georgia lang=EN-US style="font-size:12.0pt;"> </font><font face=georgia lang=EN-US style="font-size:10.0pt;">generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a company&#8217;s assets that could have a
material effect on the financial statements.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">A
deficiency in internal control over financial reporting exists when the design
or operation of a control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of the company&#8217;s annual
or interim financial statements will not be prevented or detected on a timely
basis.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">Our
consideration of the Fund&#8217;s internal control over financial reporting was for
the limited purpose described in the first paragraph and would not necessarily
disclose all deficiencies in internal control over financial reporting that
might be material weaknesses under standards established by the PCAOB. However,
we noted no deficiencies in the Fund&#8217;s internal control over financial reporting
and its operation, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 2020.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><i><font face=Georgia lang=EN-GB style="font-size:9.0pt;line-height:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face=Georgia lang=EN-GB style="font-size:9.0pt;line-height:10.0pt;">PricewaterhouseCoopers LLP,
PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face=Georgia lang=EN-GB style="font-size:9.0pt;line-height:10.0pt;">T: (646) 471 3000, F: (813) 286 6000,
www.pwc.com/us</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">This report is intended solely for the information
and use of the Board of Directors of Royce Value Trust, Inc.</font><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;"> </font></b><font face=georgia lang=EN-US style="font-size:10.0pt;">and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these specified
parties.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=red face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">/s/PricewaterhouseCoopers
LLP</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">New
York, New York</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">February
22, 2021</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>




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