<SEC-DOCUMENT>0001752724-23-051133.txt : 20230308
<SEC-HEADER>0001752724-23-051133.hdr.sgml : 20230308
<ACCEPTANCE-DATETIME>20230308123642
ACCESSION NUMBER:		0001752724-23-051133
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230308
DATE AS OF CHANGE:		20230308
EFFECTIVENESS DATE:		20230308

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:		23715350

	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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          <officeName>State Street Bank and Trust Company</officeName>
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        <relyOnRuleTypes>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Intesa Sanpaolo S.p.A.</custodianName>
            <custodianLei>2W8N8UU78PMDQKZENC08</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
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            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
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          <admin>
            <adminName>Royce &amp; Associates, LP</adminName>
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            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
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            <brokerDealerLei>N/A</brokerDealerLei>
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            <brokerName>Instinet, LLC</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>67876.60000000</grossCommission>
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          <broker>
            <brokerName>Liquidnet, Inc.</brokerName>
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            <brokerCrdNo>000103987</brokerCrdNo>
            <brokerLei>213800HSKBBO1GCVRG79</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>202983.61000000</grossCommission>
          </broker>
          <broker>
            <brokerName>B. Riley Securities, Inc.</brokerName>
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            <brokerCrdNo>000025027</brokerCrdNo>
            <brokerLei>2549005CLOSQO0MJEA57</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>64139.31000000</grossCommission>
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          <broker>
            <brokerName>Wall Street Access Corporation</brokerName>
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            <brokerLei>549300Z0MOT47D6OQV22</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>304676.94000000</grossCommission>
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          <broker>
            <brokerName>Stifel, Nicolaus &amp; Company, Incorporated</brokerName>
            <brokerFileNo>8-1447</brokerFileNo>
            <brokerCrdNo>000000793</brokerCrdNo>
            <brokerLei>5WUVMA08EYG4KEUPW589</brokerLei>
            <brokerStateCountry brokerState="US-MO" brokerCountry="US"/>
            <grossCommission>271274.44000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>88184.59000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>72384.20000000</grossCommission>
          </broker>
          <broker>
            <brokerName>State Street Global Markets, LLC</brokerName>
            <brokerFileNo>8-69862</brokerFileNo>
            <brokerCrdNo>000285852</brokerCrdNo>
            <brokerLei>549300FDEDF5ORXCMQ56</brokerLei>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>64528.99000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Raymond James &amp; Associates, Inc.</brokerName>
            <brokerFileNo>8-10999</brokerFileNo>
            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>U4ONQX15J3RO8XCKE979</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>76799.71000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>2186778.20000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>State Street Bank and Trust Company</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>571474TGEMMWANRLN572</principalLei>
            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>22840342786.81000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>8-35008</principalFileNo>
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          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5000000.00000000</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>Cowen and Company, LLC</principalName>
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            <principalLei>549300WR155U7DVMIW58</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>33250.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>22846697956.81000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1759982663.79461538</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>0.74000000</managementFee>
      <netOperatingExpenses>0.97000000</netOperatingExpenses>
      <marketPricePerShare>13.26000000</marketPricePerShare>
      <netAssetValuePerShare>14.60000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="ROYCE VALUE TRUST, INC." signedDate="2023-03-08" signature="Peter K Hoglund" title="Treasurer"/>
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</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_811-04875_42811790_1222.htm
<TEXT>

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   <TITLE>valuetrust.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Report of Independent Registered Public Accounting
Firm</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">To the Board of Directors
and Stockholders of Royce Value Trust, Inc.:</font></p>

<p style="margin:0in;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" 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;)
as of and for the year ended December 31, 2022, 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. 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;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

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

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

<p style="margin:0in;"><font face="Times New Roman" 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.</font></p>

<p style="margin:0in;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" 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, 2022.</font></p>

<p style="margin:0in;"><font color=black face=Georgia lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">PricewaterhouseCoopers LLP,
PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017 T: (646)
471 3000, www.pwc.com/us</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

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

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">/s/ PricewaterhouseCoopers
LLP</font></p>

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

<p style="margin:0in;"><font color=black face=Georgia lang=EN-US style="font-size:10.0pt;">New York, New York </font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">February 22, 2023</font></p>




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