<SEC-DOCUMENT>0001752724-22-060110.txt : 20220314
<SEC-HEADER>0001752724-22-060110.hdr.sgml : 20220314
<ACCEPTANCE-DATETIME>20220314155121
ACCESSION NUMBER:		0001752724-22-060110
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220314
DATE AS OF CHANGE:		20220314
EFFECTIVENESS DATE:		20220314

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:		22736457

	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>
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<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <registrantcountry>US</registrantcountry>
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        <website webpage="www.royceinvest.com"/>
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        <locationBooksRecord>
          <officeName>State Street Bank and Trust Company</officeName>
          <officeAddress1>1 Lincoln Street</officeAddress1>
          <officeCity>Boston</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-MA"/>
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        <chiefComplianceOfficer>
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          <crdNumber>001079308</crdNumber>
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        <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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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <custodianName>Skandinaviska Enskilda Banken AB (Oslo, Oslo, NO, Branch)</custodianName>
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            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <custodianName>UniCredit Bank Austria AG</custodianName>
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            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <custodianName>Standard Chartered Bank (Makati City, Metro Manila, PH, Branch)</custodianName>
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          <admin>
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          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
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            <brokerName>Jefferies LLC</brokerName>
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            <grossCommission>65671.85000000</grossCommission>
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          <broker>
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            <grossCommission>71909.70000000</grossCommission>
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        <aggregateCommission>1539302.60000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>State Street Bank and Trust Company</principalName>
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          <principalTransaction>
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          <principalTransaction>
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          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
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          <principalTransaction>
            <principalName>Barclays Capital Inc.</principalName>
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          <principalTransaction>
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        <principalAggregatePurchase>18963141189.81000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>2102447362.21000000</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>ROYCE VALUE TRUST, INC.</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="RVT"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>1.02000000</managementFee>
      <netOperatingExpenses>1.15000000</netOperatingExpenses>
      <marketPricePerShare>19.59000000</marketPricePerShare>
      <netAssetValuePerShare>20.29000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
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    <signature registrantSignedName="ROYCE VALUE TRUST, INC." signedDate="2022-03-14" signature="Peter K Hoglund" title="Treasurer"/>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_811-04875_90043550_1221.htm
<TEXT>

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   <TITLE>ncenroycevaluetrustfin3582.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="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, 2021, 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,
2021.</font></p>

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


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<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;"><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, 2022</font></p>

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




</DIV>
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