SCHEDULE OF INVESTMENTS

ROYCE VALUE TRUST

MARCH 31, 2023 (UNAUDITED)

	SHARES		VALUE
COMMON STOCKS – 97.7%
Communication Services – 2.3%
Diversified Telecommunication Services - 0.1%
Cogent Communications Holdings 1		27,181	$	1,731,974
Frontier Communications Parent 2		7,500		170,775
Liberty Latin America Cl. C 1,2		73,228		604,863
				2,507,612
Entertainment - 0.0%
IMAX Corporation 2		37,950		727,881
Interactive Media & Services - 1.8%
Cars.com 2		135,448		2,614,146
QuinStreet 1,2		203,754		3,233,576
Shutterstock		26,886		1,951,924
Yelp 2		46,578		1,429,945
Ziff Davis 1,2		200,907		15,680,791
ZipRecruiter Cl. A 2		101,350		1,615,519
ZoomInfo Technologies 2		127,675		3,154,849
				29,680,750
Media - 0.4%
Magnite 2		31,550		292,153
Scholastic Corporation		25,642		877,469
TechTarget 1,2		66,200		2,391,144
Thryv Holdings 2		112,943		2,604,466
				6,165,232
Wireless Telecommunication Services - 0.0%
Gogo 2		17,746		257,317
Total				39,338,792
Consumer Discretionary – 10.6%
Automobile Components - 2.0%
Dorman Products 1,2,3		98,920		8,532,839
Fox Factory Holding Corporation 2		22,400		2,718,688
Gentex Corporation 1		202,070		5,664,022
LCI Industries 1		123,375		13,555,212
Patrick Industries 1		47,231		3,249,965
				33,720,726
Automobiles - 0.1%
Winnebago Industries		24,061		1,388,320
Distributors - 0.2%
LKQ Corporation 1		67,000		3,802,920
Diversified Consumer Services - 0.5%
frontdoor 2		20,273		565,211
Perdoceo Education 2		77,367		1,039,039
Stride 2		29,216		1,146,728
Universal Technical Institute 2		639,032		4,716,056
				7,467,034
Hotels, Restaurants & Leisure - 0.6%
Bloomin' Brands 1		52,714		1,352,114
Century Casinos 2		104,781		768,045
Denny's Corporation 2		119,498		1,333,598
Golden Entertainment 2		31,765		1,382,095
Hilton Grand Vacations 2		15,000		666,450
Lindblad Expeditions Holdings 2		373,700		3,572,572
Monarch Casino & Resort		15,455		1,145,988
				10,220,862
Household Durables - 0.7%
Cavco Industries 1,2,3		18,413		5,850,547
Ethan Allen Interiors 1,3		63,441		1,742,090
Helen of Troy 2		4,705		447,775
Installed Building Products		18,147		2,069,302
Skyline Champion 2		15,020		1,129,954
				11,239,668
Leisure Products - 0.6%
Brunswick Corporation 1,3		100,320		8,226,240
Sturm, Ruger & Company		13,038		748,903
Topgolf Callaway Brands 2		25,000		540,500
Vista Outdoor 2		22,928		635,335
YETI Holdings 2		7,898		315,920
				10,466,898
Specialty Retail - 4.6%
Academy Sports and Outdoors 1		167,467		10,927,222
America's Car-Mart 1,2		87,700		6,946,717
Asbury Automotive Group 2		40,014		8,402,940
AutoCanada 2		625,600		9,202,314
Barnes & Noble Education 2		50,000		76,000
Camping World Holdings Cl. A 1		279,113		5,825,088
CarMax 2		7,900		507,812
Chico's FAS 2		746		4,103
Children's Place (The) 2		8,635		347,559
Five Below 2		26,020		5,359,339
Floor & Decor Holdings Cl. A 2		14,410		1,415,350
Franchise Group Cl. A		127,062		3,462,440
Group 1 Automotive		8,816		1,996,119
Haverty Furniture		33,978		1,084,238
JOANN 2		23,750		37,763
MarineMax 2		28,155		809,456
Murphy USA		41,456		10,697,721
1-800-FLOWERS.COM Cl. A 2		76,000		874,000
OneWater Marine Cl. A 2		14,519		406,096
PetMed Express		51,133		830,400
Signet Jewelers		95,636		7,438,568
Sleep Number 2		8,717		265,084
Zumiez 2		57,664		1,063,324
				77,979,653
Textiles, Apparel & Luxury Goods - 1.3%
Canada Goose Holdings 2		10,000		192,500
Carter's		4,500		323,640
G-III Apparel Group 2		21,865		340,001
Kontoor Brands		32,832		1,588,741
Levi Strauss & Co. Cl. A		7,219		131,602
Movado Group		34,357		988,451
Oxford Industries		4,105		433,447
Ralph Lauren Cl. A		115,817		13,512,369
Steven Madden		116,144		4,181,184
Wolverine World Wide 1		33,165		565,463
				22,257,398
Total				178,543,479
Consumer Staples – 2.1%
Beverages - 0.3%
Celsius Holdings 2		4,500		418,230
Coca-Cola Consolidated 1,3		6,030		3,226,532
National Beverage 2		37,844		1,995,136
				5,639,898
Consumer Staples Distribution & Retail - 0.0%
PriceSmart		10,203		729,311
Food Products - 1.2%
Cal-Maine Foods		12,671		771,537
CubicFarm Systems 2		950,000		21,088
Freshpet 1,2,3		33,000		2,184,270
J G Boswell Company 4		3,940		2,671,320
John B. Sanfilippo & Son		4,500		436,140
Nomad Foods 1,2		193,600		3,628,064
Seneca Foods Cl. A 2		183,460		9,589,454
				19,301,873
Household Products - 0.0%
Spectrum Brands Holdings		1,333		88,271
Personal Care Products - 0.5%
Inter Parfums 1		46,385		6,597,802
Nu Skin Enterprises Cl. A		19,559		768,864
USANA Health Sciences 2		22,034		1,385,939
				8,752,605
Tobacco - 0.1%
Vector Group		144,310		1,733,163
Total				36,245,121
Energy – 2.4%
Energy Equipment & Services - 0.5%
Bristow Group 1,2		168,564		3,775,833
Core Laboratories		11,261		248,305
Helix Energy Solutions Group 2		101,624		786,570
Pason Systems		328,474		2,948,124
				7,758,832
Oil, Gas & Consumable Fuels - 1.9%
Antero Resources 1,2		29,980		692,238
Civitas Resources		16,509		1,128,225
CONSOL Energy		8,092		471,521
Dorchester Minerals L.P. 1		279,148		8,455,393
Dorian LPG		335,736		6,694,576
Magnolia Oil & Gas Cl. A 1,3		123,320		2,698,242
Northern Oil and Gas		85,380		2,591,283
Range Resources		41,070		1,087,123
REX American Resources 2		37,973		1,085,648
Sitio Royalties Cl. A		111,910		2,529,166
SM Energy		53,658		1,511,009
Vital Energy 2		687		31,286
World Fuel Services 1		156,506		3,998,728
				32,974,438
Total				40,733,270
Financials – 15.2%
Banks - 4.1%
Ameris Bancorp 1		47,418		1,734,550
Atlantic Union Bankshares		10,000		350,500
Axos Financial 2		14,848		548,188
Bank of N.T. Butterfield & Son 1		308,107		8,318,889
BankUnited 1		215,444		4,864,726
Brookline Bancorp		44,248		464,604
Central Pacific Financial		69,291		1,240,309
Customers Bancorp 2		52,120		965,262
Dime Community Bancshares		52,924		1,202,433
Eagle Bancorp		1,704		57,033
Farmers & Merchants Bank of Long Beach 4		416		2,485,600
First Bancorp		19,000		674,880
First BanCorp (Puerto Rico)		61,300		700,046
First Bancshares (The)		13,592		351,081
First Citizens BancShares Cl. A		17,400		16,931,940
First Hawaiian 1,3		259,700		5,357,611
Hanmi Financial		154,368		2,866,614
HBT Financial		40,400		796,688
Hilltop Holdings		17,715		525,604
Home BancShares		34,925		758,222
HomeStreet		50,340		905,617
Independent Bank Group		23,778		1,102,110
New York Community Bancorp		161,447		1,459,481
Origin Bancorp		11,888		382,199
Pacific Premier Bancorp		17,657		424,121
Preferred Bank		6,988		383,012
Territorial Bancorp		17		328
Timberland Bancorp		69,179		1,869,217
TowneBank		21,058		561,196
Triumph Financial 2		39,708		2,305,447
Veritex Holdings		14,000		255,640
Virginia National Bankshares		96,671		3,476,289
Webster Financial 1,3		134,200		5,290,164
				69,609,601
Capital Markets - 6.0%
Ares Management Cl. A 1		144,100		12,023,704
Artisan Partners Asset Management Cl. A 1		181,330		5,798,933
B. Riley Financial		39,200		1,112,888
Barings BDC		191,594		1,521,256
Blue Owl Capital Cl. A		55,900		619,372
Bolsa Mexicana de Valores		1,723,106		3,684,310
BrightSphere Investment Group		39,710		936,362
Donnelley Financial Solutions 1,2		63,851		2,608,952
GCM Grosvenor Cl. A		767,911		5,997,385
Houlihan Lokey Cl. A 1		40,900		3,578,341
Lazard Cl. A 1		57,475		1,902,997
MarketWise Cl. A 2		500,000		925,000
Moelis & Company Cl. A		21,000		807,240
Morningstar 1		4,142		840,950
NewtekOne		341,937		4,376,794
Onex Corporation		85,000		3,973,585
P10 Cl. A		20,000		202,200
Piper Sandler		816		113,106
SEI Investments 1		308,900		17,777,195
Silvercrest Asset Management Group Cl. A		1,980		35,996
Sprott		230,880		8,437,413
Tel Aviv Stock Exchange 2,4		471,179		2,061,707
TMX Group		86,015		8,687,420
Tradeweb Markets Cl. A		161,025		12,724,195
				100,747,301
Consumer Finance - 0.6%
Bread Financial Holdings		68,603		2,080,043
Encore Capital Group 1,2		55,717		2,810,923
Enova International 2		89,324		3,968,665
PROG Holdings 2		24,220		576,194
				9,435,825
Financial Services - 0.9%
Banco Latinoamericano de Comercio Exterior Cl. E		73,446		1,276,492
Compass Diversified Holdings		23,136		441,435
ECN Capital		888,800		1,841,391
EVERTEC		42,544		1,435,860
Mr. Cooper Group 1,2,3		44,518		1,823,902
NMI Holdings Cl. A 2		153,132		3,419,438
Repay Holdings Cl. A 2		183,339		1,204,537
Shift4 Payments Cl. A 2		50,000		3,790,000
Waterloo Investment Holdings 2,5		2,972,000		832,160
				16,065,215
Insurance - 3.6%
Ambac Financial Group 2		32,818		508,023
American Equity Investment Life Holding Company 1		66,108		2,412,281
AMERISAFE		3,177		155,514
Assured Guaranty		145,800		7,329,366
Axis Capital Holdings		8,613		469,581
E-L Financial		21,650		14,545,628
Erie Indemnity Cl. A		22,600		5,235,516
First American Financial		23,208		1,291,757
Genworth Financial Cl. A 2		203,968		1,023,919
Hagerty Cl. A 2		410,700		3,589,518
International General Insurance Holdings		203,219		1,684,686
James River Group Holdings		117,379		2,423,876
ProAssurance Corporation 1		215,702		3,986,173
RenaissanceRe Holdings		22,294		4,466,380
RLI Corp. 1,3		37,340		4,962,859
Safety Insurance Group		35,945		2,678,621
Stewart Information Services 1,3		51,049		2,059,827
Trean Insurance Group 2		85		520
White Mountains Insurance Group		960		1,322,391
				60,146,436
Total				256,004,378
Health Care – 9.7%
Biotechnology - 1.1%
Avid Bioservices 2		178,000		3,339,280
Catalyst Pharmaceuticals 2		16,800		278,544
Coherus BioSciences 2		106,700		729,828
Dynavax Technologies 2		151,158		1,482,860
Eagle Pharmaceuticals 1,2		45,564		1,292,651
Ironwood Pharmaceuticals Cl. A 2		330,409		3,475,903
PureTech Health 2,4		175,100		479,296
REGENXBIO 2		179,779		3,399,621
United Therapeutics 2		10,000		2,239,600
Vanda Pharmaceuticals 2		5,100		34,629
Vir Biotechnology 2		45,735		1,064,253
				17,816,465
Health Care Equipment & Supplies - 3.7%
Atrion Corporation		1,882		1,181,727
Bioventus Cl. A 2		50,000		53,500
Cutera 2		21,550		509,011
Embecta Corp.		93,475		2,628,517
Enovis Corporation 2		258,060		13,803,629
Haemonetics Corporation 2		117,947		9,760,114
Integer Holdings Corporation 1,2		75,700		5,866,750
Lantheus Holdings 2		74,800		6,175,488
Mesa Laboratories 1,3		39,600		6,919,308
Neogen Corporation 2		6,654		123,232
QuidelOrtho Corporation 2		64,050		5,706,214
STAAR Surgical 2		4,250		271,788
Surmodics 1,2,3		161,000		3,667,580
TransMedics Group 2		60,500		4,581,665
UFP Technologies 2		2,590		336,286
Zynex 2		66,036		792,432
				62,377,241
Health Care Providers & Services - 1.1%
Addus HomeCare 2		15,814		1,688,303
AMN Healthcare Services 2		79,783		6,618,798
Community Health Systems 2		197,636		968,416
CorVel Corporation 2		1,462		278,189
Fulgent Genetics 2		43,169		1,347,736
NeoGenomics 2		41,750		726,868
Select Medical Holdings		95,900		2,479,015
U.S. Physical Therapy		41,374		4,050,928
				18,158,253
Health Care Technology - 0.9%
Certara 2		211,385		5,096,492
Doximity Cl. A 2		174,040		5,635,415
Simulations Plus 1,3		91,698		4,029,210
Veradigm 2		84,710		1,105,466
				15,866,583
Life Sciences Tools & Services - 2.0%
Azenta 1,2,3		285,280		12,729,194
Bio-Techne 1		163,587		12,136,520
Harvard Bioscience 2		102,050		428,610
Repligen Corporation 2		3,984		670,746
Stevanato Group		293,036		7,589,632
				33,554,702
Pharmaceuticals - 0.9%
Cara Therapeutics 2		202,300		993,293
Corcept Therapeutics 2		303,073		6,564,561
Harmony Biosciences Holdings 2		104,779		3,421,034
Innoviva 2		110,206		1,239,818
Prestige Consumer Healthcare 2		56,300		3,526,069
				15,744,775
Total				163,518,019
Industrials – 26.2%
Aerospace & Defense - 1.6%
Aerojet Rocketdyne Holdings 2		32,365		1,817,942
AeroVironment 2		2,650		242,899
Ducommun 1,2		32,334		1,768,993
HEICO Corporation 1,3		31,030		5,307,371
HEICO Corporation Cl. A 1,3		36,533		4,964,835
Leonardo DRS 2		298,690		3,874,009
Magellan Aerospace		893,092		4,956,115
National Presto Industries		5,652		407,453
Park Aerospace		24,922		335,201
Woodward 1,3		28,500		2,775,045
				26,449,863
Air Freight & Logistics - 1.0%
Forward Air 1		150,900		16,260,984
Hub Group Cl. A 2		8,372		702,746
				16,963,730
Building Products - 2.3%
AAON		4,200		406,098
Advanced Drainage Systems		146,923		12,372,386
Apogee Enterprises		9,383		405,815
AZZ 1		20,000		824,800
Builders FirstSource 1,2,3		24,275		2,155,134
Carlisle Companies		3,300		746,031
CSW Industrials		42,500		5,904,525
Insteel Industries 1		12,604		350,643
PGT Innovations 2		47,480		1,192,223
Quanex Building Products		44,968		968,161
Simpson Manufacturing 1		40,500		4,440,420
UFP Industries		111,478		8,859,157
				38,625,393
Commercial Services & Supplies - 2.9%
ACV Auctions Cl. A 2		80,800		1,043,128
Brady Corporation Cl. A 1		232,034		12,467,187
CompX International Cl. A 1		183,197		3,312,202
Driven Brands Holdings 2		399,427		12,106,632
GFL Environmental 1		237,290		8,172,268
Healthcare Services Group 2		26,254		364,143
Heritage-Crystal Clean 1,2,3		111,416		3,967,524
Kimball International Cl. B		74,600		925,040
Liquidity Services 2		12,621		166,218
Ritchie Bros. Auctioneers 1		108,549		6,110,223
VSE Corporation		8,500		381,650
				49,016,215
Construction & Engineering - 4.8%
APi Group 1,2		526,800		11,842,464
Arcosa 1		194,587		12,280,386
Comfort Systems USA 1		15,644		2,283,398
EMCOR Group		57,150		9,292,018
IES Holdings 1,2,3		316,399		13,633,633
MasTec 2		28,980		2,736,871
MYR Group 2		11,277		1,421,015
Northwest Pipe 2		8,049		251,370
Valmont Industries 1		58,261		18,601,572
WillScot Mobile Mini Holdings Corp. 2		191,620		8,983,146
				81,325,873
Electrical Equipment - 1.3%
Atkore 2		5,700		800,736
Encore Wire		20,808		3,856,347
GrafTech International		6,826		33,174
LSI Industries		496,657		6,918,432
Powell Industries		58,881		2,507,742
Preformed Line Products		58,600		7,503,144
				21,619,575
Ground Transportation - 0.9%
ArcBest Corporation		16,583		1,532,601
Hertz Global Holdings 2		5,000		81,450
Landstar System 1		76,282		13,674,311
				15,288,362
Machinery - 6.9%
Albany International Cl. A		4,820		430,715
Allison Transmission Holdings		3,367		152,323
ATS Corporation 2		15,150		634,361
Chart Industries 2		49,125		6,160,275
CIRCOR International 2		332,601		10,350,543
Crane Holdings 2		1,200		46,680
Crane NXT		928		105,328
Douglas Dynamics		12,047		384,179
EnPro Industries		2,200		228,558
ESAB Corporation 1		162,710		9,611,280
ESCO Technologies 1		62,450		5,960,852
Helios Technologies 1		44,900		2,936,460
Hillenbrand 1,3		12,178		578,820
Hillman Solutions 2		190,000		1,599,800
Hurco Companies		1,900		48,108
John Bean Technologies 1		116,861		12,771,739
Kadant 1		56,680		11,818,914
Lincoln Electric Holdings 1		48,100		8,133,710
Lindsay Corporation 1		70,900		10,715,117
Miller Industries		22,960		811,636
Mueller Industries 1		28,800		2,116,224
RBC Bearings 2		43,375		10,094,664
Standex International		53,599		6,562,661
Tennant Company 1		80,500		5,516,665
Watts Water Technologies Cl. A 1		55,000		9,257,600
				117,027,212
Marine Transportation - 0.5%
Kirby Corporation 2		125,065		8,717,031
Matson		6,133		365,956
				9,082,987
Passenger Airlines - 0.1%
Sun Country Airlines Holdings 2		88,126		1,806,583
Professional Services - 2.5%
CBIZ 2		4,100		202,909
CSG Systems International 1		7,354		394,910
Dun & Bradstreet Holdings		189,170		2,220,856
ExlService Holdings 2		2,840		459,597
Exponent 1		41,400		4,127,166
First Advantage 2		111,910		1,562,264
Forrester Research 1,2,3		334,632		10,825,345
FTI Consulting 2		14,315		2,825,065
Jacobs Solutions 1		33,500		3,936,585
KBR 1		182,040		10,021,302
Korn Ferry 1		96,545		4,995,238
				41,571,237
Trading Companies & Distributors - 1.4%
Air Lease Cl. A 1,3		149,677		5,892,783
Applied Industrial Technologies		20,800		2,956,304
Boise Cascade 1		15,319		968,927
Distribution Solutions Group 2		17,853		811,597
FTAI Aviation		84,915		2,374,223
GMS 2		22,435		1,298,762
Hudson Technologies 2		54,487		475,672
MSC Industrial Direct Cl. A		2,014		169,176
Richelieu Hardware		6,500		179,586
SiteOne Landscape Supply 1,2		25,000		3,421,750
Transcat 2		33,350		2,981,157
Veritiv		9,550		1,290,587
Xometry Cl. A 2		8,000		119,760
				22,940,284
Total				441,717,314
Information Technology – 15.9%
Communications Equipment - 1.7%
Calix 1,2		189,180		10,138,156
Clearfield 2		4,000		186,320
Digi International 2		38,250		1,288,260
Extreme Networks 2		48,094		919,557
Harmonic 2		912,030		13,306,518
NetScout Systems 2		102,860		2,946,939
				28,785,750
Electronic Equipment, Instruments & Components - 5.1%
Badger Meter		8,588		1,046,190
Cognex Corporation 1,3		171,900		8,517,645
Coherent 1,2		15,928		606,538
CTS Corporation		11,402		563,943
Fabrinet 1,2		129,883		15,424,905
FARO Technologies 1,2		246,597		6,068,752
IPG Photonics 2		51,100		6,301,141
Kimball Electronics 2		31,515		759,512
Littelfuse 1,3		23,600		6,326,924
Luna Innovations 2		86,450		621,576
Mirion Technologies Cl. A 2		225,000		1,921,500
Napco Security Technologies 2		22,000		826,760
PAR Technology 1,2		315,239		10,705,517
PC Connection		14,141		635,779
Richardson Electronics		394,763		8,811,110
Rogers Corporation 2		35,500		5,801,765
Sanmina Corporation 2		37,181		2,267,669
Teledyne Technologies 2		2,500		1,118,400
TTM Technologies 1,2		294,590		3,974,019
Vishay Precision Group 2		18,050		753,768
Vontier Corporation		103,722		2,835,760
				85,889,173
IT Services - 0.5%
Computer Task Group 2		69,810		506,122
Hackett Group (The) 1		306,320		5,660,794
Kyndryl Holdings 2		29,317		432,719
Unisys Corporation 1,2,3		256,698		995,988
				7,595,623
Semiconductors & Semiconductor Equipment - 5.7%
Alpha and Omega Semiconductor 2		8,856		238,669
Ambarella 2		3,100		240,002
Axcelis Technologies 2		49,427		6,586,148
AXT 2		106,100		422,278
Camtek 2		26,300		745,605
Cirrus Logic 1,2,3		59,500		6,508,110
Cohu 2		14,510		557,039
Diodes 1,2		69,650		6,460,734
FormFactor 2		282,762		9,005,970
Impinj 1,2,3		40,945		5,548,866
indie Semiconductor Cl. A 2		21,000		221,550
Kulicke & Soffa Industries 1		40,573		2,137,791
MaxLinear 2		315,921		11,123,578
MKS Instruments		201,299		17,839,117
Onto Innovation 1,2		91,250		8,019,050
Photronics 2		259,775		4,307,070
Rambus 2		134,197		6,878,938
Semtech Corporation 2		17,396		419,940
SiTime Corporation 2		46,258		6,579,275
SMART Global Holdings 2		48,856		842,278
Ultra Clean Holdings 2		68,070		2,257,201
				96,939,209
Software - 2.6%
Adeia 1		133,738		1,184,919
Agilysys 2		37,500		3,094,125
Alkami Technology 2		767,660		9,718,576
Consensus Cloud Solutions 1,2,3		48,566		1,655,615
Cvent Holding Corp. 2		100,000		836,000
Descartes Systems Group (The) 2		6,000		483,660
E2open Parent Holdings Cl. A 2		100,000		582,000
InterDigital		20,456		1,491,242
JFrog 2		100,000		1,970,000
Matterport Cl. A 2		150,000		409,500
nCino 2		198,862		4,927,800
Paycor HCM 2		245,860		6,520,207
Progress Software		81,259		4,668,329
Sapiens International		75,215		1,633,670
Sprout Social Cl. A 2		8,000		487,040
Teradata Corporation 2		21,962		884,629
Upland Software 2		100,000		430,000
Workiva Cl. A 2		28,470		2,915,613
Xperi 2		1,763		19,270
				43,912,195
Technology Hardware, Storage & Peripherals - 0.3%
Avid Technology 1,2		159,806		5,110,596
Total				268,232,546
Materials – 9.2%
Chemicals - 4.5%
AdvanSix 1		38,993		1,492,262
American Vanguard 1		169,525		3,709,207
Aspen Aerogels 2		47,200		351,640
Chase Corporation 1,3		49,829		5,218,591
Element Solutions 1		449,490		8,679,652
FutureFuel Corporation		86,490		638,297
Hawkins 1		89,940		3,937,573
Innospec 1		125,382		12,872,970
Minerals Technologies 1		224,436		13,560,423
NewMarket Corporation		8,000		2,919,840
Quaker Houghton		110,121		21,798,452
				75,178,907
Containers & Packaging - 0.0%
Graphic Packaging Holding Company		9,795		249,674
Silgan Holdings		4,901		263,037
				512,711
Metals & Mining - 3.9%
Alamos Gold Cl. A		1,976,000		24,124,306
Gold Fields ADR		536,500		7,146,180
Haynes International 1		102,500		5,134,225
Hecla Mining		321,300		2,033,829
IAMGOLD Corporation 2		500,000		1,355,000
Major Drilling Group International 2		1,496,691		11,771,976
Materion Corporation		25,000		2,900,000
Newcrest Mining		33,909		603,161
Olympic Steel		12,012		627,147
Reliance Steel & Aluminum 1		18,300		4,698,342
TimkenSteel Corporation 2		81,962		1,503,183
Warrior Met Coal		14,896		546,832
Worthington Industries 1		64,300		4,156,995
				66,601,176
Paper & Forest Products - 0.8%
Clearwater Paper 2		16,164		540,201
Glatfelter Corporation 2		210,400		671,176
Louisiana-Pacific		79,060		4,285,843
Mercer International		98,931		967,050
Stella-Jones		132,650		5,083,199
Sylvamo Corporation 1		40,315		1,864,972
				13,412,441
Total				155,705,235
Real Estate – 4.0%
Diversified REITs - 0.0%
New York REIT 2,5		15,000		166,950
Real Estate Management & Development - 4.0%
Anywhere Real Estate 2		149,204		787,797
Colliers International Group		77,200		8,148,460
Cushman & Wakefield 2		25,000		263,500
DigitalBridge Group Cl. A		642,317		7,701,381
Douglas Elliman		184,083		572,498
FirstService Corporation		105,355		14,854,001
FRP Holdings 1,2		76,558		4,431,177
Kennedy-Wilson Holdings 1		689,018		11,430,809
Marcus & Millichap 1		300,214		9,639,871
St. Joe Company (The) 1		78,800		3,278,868
Tejon Ranch 1,2		313,818		5,733,455
				66,841,817
Total				67,008,767
Utilities – 0.1%
Gas Utilities - 0.0%
Chesapeake Utilities		4,951		633,679
Water Utilities - 0.1%
American States Water		10,725		953,345
Total				1,587,024
TOTAL COMMON STOCKS
(Cost $1,335,487,727)				1,648,633,945
DIVERSIFIED INVESTMENT COMPANIES – 1.3%
Diversified Investment Companies – 0.0%
Closed-End Funds - 0.0%
Eagle Point Credit		42,054		469,743
Total				469,743
Financials – 0.3%
Investment Companies - 0.3%
iShares S&P Small-Cap 600 Growth ETF		17,700		1,945,938
ProShares Ultra SmallCap600		25,000		530,000
SPDR S&P 600 Small Cap Value ETF		38,900		2,963,402
Total				5,439,340
Materials – 1.0%
Metals & Mining - 1.0%
VanEck Junior Gold Miners ETF		400,400		15,815,800
Total				15,815,800
TOTAL DIVERSIFIED INVESTMENT COMPANIES
(Cost $19,944,451)				21,724,883
WARRANTS – 0.0%
Health Care – 0.0%
Health Care Providers & Services - 0.0%
Cano Health (Warrants) 2		49,999		8,000
(Cost $237,495)				8,000

REPURCHASE AGREEMENT – 2.6%
Fixed Income Clearing Corporation, 1.44% dated 3/31/23, due 4/3/23, maturity value $43,362,754 (collateralized by obligations of U.S. Government Agencies, 1.25% due 6/30/28, valued at $44,224,781)
(Cost $43,357,551)		43,357,551
TOTAL INVESTMENTS – 101.6%
(Cost $1,399,027,224)		1,713,724,379
LIABILITIES LESS CASH AND OTHER ASSETS – (1.6)%		(26,308,476	)
NET ASSETS – 100.0%	$	1,687,415,903

	ADR – American Depository Receipt
	SPDR – Standard & Poor’s Depository Receipt
1	All or a portion of these securities were pledged as collateral in connection with the Fund's revolving credit agreement as of March 31, 2023. Total market value of pledged securities as of March 31, 2023, was $75,621,577.

² Non-income producing.

³ As of March 31, 2023, a portion of these securities, in the aggregate amount of $32,816,003, were rehypothecated by BNP Paribas Prime Brokerage International, Limited in connection with the Fund's revolving credit agreement.

⁴ These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors.

⁵ Securities for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their fair value under procedures approved by the Fund's Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value.

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,401,855,525. As of March 31, 2023, net unrealized appreciation for all securities was $311,868,854, consisting of aggregate gross unrealized appreciation of $435,312,957 and aggregate gross unrealized depreciation of $123,444,103. The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

Valuation of Investments:

Royce Value Trust, Inc. (the "Fund"), is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on July 1, 1986. The Fund commenced operations on November 26, 1986. Royce & Associates, LP, the Fund’s investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners (“Royce”). Investment transactions are accounted for on the trade date. Portfolio securities held by the Fund are valued as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on the valuation date. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.

Equity securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as “Level 1” inputs because they represent reliable quoted prices in active markets for identical securities.

If the value of a portfolio security held by the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be “fair valued.” The Fund’s Board of Directors has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act of 1940 (“Rule 2a-5”). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Fund's Board of Directors and policies and procedures adopted by Royce in its capacity as valuation designee for the Fund. Fair valued securities are reported as either “Level 2” or “Level 3” securities.

As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.

Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Fund on a particular valuation date include:

● Over-the-counter equity securities other than those traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system (collectively referred to herein as “Other OTC Equity Securities”) are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities;

● Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and

● The Fund uses an independent pricing service to fair value certain non-U.S. equity securities when U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts, and other indications to estimate the fair value of such non-U.S. securities.

Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer’s ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas. In the case of restricted securities, fair value determinations generally start with the inherent or intrinsic worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in value resulting from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ significantly from the values that would have been used had an active market existed.

A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if:

● an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, has not traded and there are no bids;

● Royce does not receive at least two bid side quotes for an Other OTC Equity Security;

● the independent pricing services are unable to supply fair value prices; or

● the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time the Fund prices its shares).

The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Fund as of March 31, 2023. Any Level 2 or Level 3 securities held by the Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

	Level 1		Level 2		Level 3		Total
Common Stocks		$1,639,936,912		$7,697,923		$999,110		$1,648,633,945
Diversified Investment Companies		21,724,883		–		–		21,724,883
Warrants		8,000		–		–		8,000
Repurchase Agreement		–		43,357,551		–		43,357,551

Unrealized Gain (Loss)

Balance as of

Realized

Currently Held

Securities No

Balance as of

12/31/22

Sales

Gain (Loss)

Securities

Longer Held

3/31/23

Common Stocks

$999,110

$ –

$ –

$0

$ –

$999,110

Repurchase Agreements:

The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund as of March 31, 2023, is next business day and continuous.

Borrowings:

The Fund is party to a revolving credit agreement (the “credit agreement”) with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed by the Fund under the credit agreement. The credit agreement has a 179-day rolling term that resets daily. The Fund pledges eligible portfolio securities as collateral and has granted a security interest in such pledged securities to, and in favor of, BNPPI as security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged as collateral is determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value of eligible securities pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the credit agreement. As of March 31, 2023, the market value of eligible securities pledged as collateral exceeded two times the loan balance outstanding.

If the Fund fails to meet certain requirements, or comply with other financial covenants set forth in the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may also terminate the credit agreement upon sixty (60) calendar days’ prior written notice to the Fund in the event the Fund’s net asset value per share as of the close of business on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund’s net asset value per share as of the close of business on the last business day of the immediately preceding calendar month.

The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

The Fund and BNPPI have agreed that the current maximum amount the Fund may borrow under the credit agreement is $70,000,000. The Fund has the right to further reduce the maximum amount it can borrow under the credit agreement upon one (1) business day’s prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit agreement, which amount may not exceed $150,000,000.

As of March 31, 2023, the Fund had outstanding borrowings of $35,000,000. During the three-month period ended March 31, 2023, the Fund had an average daily loan balance of $35,000,000. As of March 31, 2023, the aggregate value of rehypothecated securities was $32,816,003.

Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through Royce Investment Partners (www.royceinvest.com) and on the Securities and Exchange Commission’s website (www.sec.gov).