UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act File Number: 811-04875 Name of Fund: Royce Value Trust, Inc. Fund Address: 745 Fifth AvenueNew York, NY 10151
Name and address of agent for service: John E. Denneen, Esq. Royce & Associates, LLC 745 Fifth Avenue New York, NY 10151 Registrant’s telephone number, including area code: (212) 508-4500 Date of fiscal year end: 12/31/2014 Date of reporting period: 3/31/2014
Item 1 – Schedule of Investments
SCHEDULE OF INVESTMENTS
SHARES VALUE COMMON STOCKS – 90.9% Consumer Discretionary – 10.3% Auto Components - 0.6%
ROYCE VALUE TRUST
MARCH 31, 2014 (UNAUDITED)Drew Industries 16,191 $ 877,552
Gentex Corporation 1 79,200 2,497,176
Lear Corporation 7,100 594,412
Selamat Sempurna 8,267,600 2,935,551
Standard Motor Products 38,152 1,364,697
8,269,388
Automobiles - 1.0%Thor Industries 1 112,100 6,844,826
Winnebago Industries 2 211,400 5,790,246
12,635,072
Distributors - 0.9%Core-Mark Holding Company 7,800 566,280
Genuine Parts 7,700 668,745
LKQ Corporation 2 297,200 7,831,220
Weyco Group 97,992 2,647,744
11,713,989
Diversified Consumer Services - 1.0%Benesse Holdings 40,000 1,526,460
Career Education 2 22,000 164,120
MegaStudy 15,000 1,005,452
Regis Corporation 1,2,3 233,800 3,203,060
Sotheby’s 1 118,700 5,169,385
Universal Technical Institute 125,432 1,624,344
12,692,821
Hotels, Restaurants & Leisure - 0.0%Ambassadors Group 2 32,100 127,116
Carrianna Group Holdings 570,200 109,533
EIH 170,800 206,093
Tropicana Entertainment 2,4 6,000 109,860
552,602
Household Durables - 2.3%De’Longhi 45,000 1,013,474
Ekornes 85,000 1,348,175
Ethan Allen Interiors 320,800 8,164,360
Forbo Holding 1,200 1,261,057
Garmin 5,562 307,356
Harman International Industries 66,800 7,107,520
Mohawk Industries 1,2 53,400 7,261,332
NVR 2 2,900 3,326,300
Stanley Furniture 2 50,000 137,000
29,926,574
Internet & Catalog Retail - 0.2%Manutan International 20,000 1,424,695
Takkt 35,000 771,991
2,196,686
Leisure Products - 0.4%Beneteau 2 52,500 846,759
Nautilus 2 292,300 2,814,849
Shimano 13,400 1,345,353
5,006,961
Media - 1.3%Asian Pay Television Trust 230,000 135,413
E.W. Scripps Company Cl. A 2 65,200 1,155,344
Media Chinese International 6,650,000 1,854,563
Morningstar 84,600 6,685,092
Pico Far East Holdings 8,475,000 2,419,055
RLJ Entertainment 2 15,072 67,221
Television Broadcasts 268,300 1,613,959
Wiley (John) & Sons Cl. A 56,400 3,250,896
17,181,543
Multiline Retail - 0.2%Dollar Tree 2 4,150 216,547
New World Department Store China 4,715,700 2,274,919
Sears Holdings 2 20,000 955,200
3,446,666
Specialty Retail - 1.5%Advance Auto Parts 6,700 847,550
Aeropostale 2 10,000 50,200
American Eagle Outfitters 25,300 309,672
Ascena Retail Group 1,2 147,400 2,547,072
Children’s Place Retail Stores 13,500 672,435
Finish Line (The) Cl. A 27,600 747,684
GameStop Corporation Cl. A 14,600 600,060
Genesco 2 35,900 2,677,063
Hour Glass (The) 75,000 99,691
I.T 557,000 146,494
Lewis Group 250,000 1,374,836
Oriental Watch Holdings 543,000 135,149
Ross Stores 4,730 338,431
Sears Hometown and Outlet Stores 2 10,400 245,960
Signet Jewelers 12,500 1,323,250
Stein Mart 167,800 2,350,878
Systemax 2 194,000 2,892,540
TravelCenters of America LLC 2 36,600 298,290
West Marine 2 131,100 1,490,607
Wet Seal (The) Cl. A 2 63,200 83,424
19,231,286
Textiles, Apparel & Luxury Goods - 0.9%Asia Brands 117,100 143,847
Daphne International Holdings 3,000,000 1,224,931
Grendene 200,000 1,368,004
Handsome 5,700 141,582
Huvis Corporation 19,700 193,741
J.G. Boswell Company 4 2,292 2,100,618
Pacific Textiles Holdings 750,000 984,363
Stella International Holdings 500,000 1,195,523
Texwinca Holdings 26,300 28,391
Van de Velde 22,500 1,208,880
Wolverine World Wide 1 95,000 2,712,250
11,302,130
Total 134,155,718
Consumer Staples – 1.3% Beverages - 0.0%Crimson Wine Group 2,4 11,876 104,984
Food & Staples Retailing - 0.1%FamilyMart 32,500 1,426,589
Food Products - 1.2%Alico 27,000 1,017,900
Asian Plantations 2 50,000 193,713
Cal-Maine Foods 33,448 2,099,865
Industrias Bachoco ADR 39,700 1,732,905
McLeod Russel India 103,800 530,319
Seneca Foods Cl. A 2 163,474 5,146,161
Seneca Foods Cl. B 2 13,751 441,132
Sipef 5,200 430,810
Tootsie Roll Industries 124,136 3,716,620
Waterloo Investment Holdings 2,5 598,676 227,497
15,536,922
Total 17,068,495
Diversified Investment Companies – 0.0% Closed-End Funds - 0.0%Central Fund of Canada Cl. A 1 13,800 189,888
RIT Capital Partners 13,500 301,347
Total 491,235
Energy – 5.1% Energy Equipment & Services - 3.9%Cal Dive International 2 456,250 775,625
Era Group 1,2,3 13,100 383,961
Helmerich & Payne 112,600 12,111,256
ION Geophysical 2 361,500 1,521,915
Jindal Drilling & Industries 24,000 74,883
Key Energy Services 2 39,000 360,360
Oil States International 2 45,023 4,439,268
Pason Systems 115,500 2,921,194
SEACOR Holdings 2 90,075 7,784,281
Spectrum 20,500 130,002
Steel Excel 2,4 156,880 5,020,160
Superior Energy Services 1 22,100 679,796
TGS-NOPEC Geophysical 134,000 4,392,373
Tidewater 88,300 4,293,146
Trican Well Service 65,200 825,100
Unit Corporation 2 74,900 4,896,962
50,610,282
Oil, Gas & Consumable Fuels - 1.2%Cheniere Energy 2 13,200 730,620
Cimarex Energy 61,300 7,301,443
Contango Oil & Gas 2 8,700 415,338
Diamondback Energy 2 6,500 437,515
Hallador Energy 38,000 324,900
Harvest Natural Resources 2 13,000 48,880
Midstates Petroleum 2 23,000 123,280
PBF Energy Cl. A 10,000 258,000
Resolute Energy 1,2 222,134 1,599,365
Saratoga Resources 2 225,000 303,750
World Fuel Services 7,000 308,700
WPX Energy 2 240,000 4,327,200
16,178,991
Total 66,789,273
Financials – 13.3% Banks - 1.9%Bank of N.T. Butterfield & Son 1,784,161 3,532,639
Farmers & Merchants Bank of Long Beach 4 1,200 6,900,000
Fauquier Bankshares 160,800 2,458,632
Fidelity Southern 33,232 464,251
First Citizens BancShares Cl. A 36,527 8,793,875
Mechanics Bank 4 200 2,700,000
24,849,397
Capital Markets - 5.4%Affiliated Managers Group 2 34,700 6,941,735
AllianceBernstein Holding L.P. 1,3 142,000 3,545,740
Artisan Partners Asset Management Cl. A 45,900 2,949,075
ASA Gold and Precious Metals 188,601 2,523,481
Ashmore Group 681,000 3,779,948
Aurelius 9,300 354,340
Cowen Group 2 801,158 3,533,107
Eaton Vance 1 81,000 3,090,960
Federated Investors Cl. B 1,3 389,700 11,901,438
GAMCO Investors Cl. A 28,900 2,244,085
Gleacher & Company 2 5,000 56,950
Jupiter Fund Management 75,000 501,998
Lazard Cl. A 114,800 5,405,932
MVC Capital 254,200 3,444,410
Paris Orleans 33,513 831,634
RHJ International 2 520,000 2,617,273
SEI Investments 233,500 7,847,935
Sprott 590,000 1,926,640
U.S. Global Investors Cl. A 661,751 2,124,221
Value Partners Group 5,003,000 3,012,185
Westwood Holdings Group 23,460 1,470,707
70,103,794
Consumer Finance - 0.0%EZCORP Cl. A 2 51,060 550,937
Diversified Financial Services - 1.1%Banca Finnat Euramerica 560,000 412,631
HF2 Financial Management Cl. A 2 292,300 2,998,998
MarketAxess Holdings 100,000 5,922,000
Moody’s Corporation 1,480 117,394
Pargesa Holding 4,300 372,276
PICO Holdings 2 100,400 2,609,396
Sofina 19,000 2,320,049
14,752,744
Insurance - 2.5%Alleghany Corporation 2 6,499 2,647,563
eHealth 2 10,200 518,160
E-L Financial 16,500 10,820,895
Erie Indemnity Cl. A 1 50,000 3,488,000
Fidelity National Financial 11,700 367,848
Independence Holding Company 349,423 4,689,257
Lancashire Holdings 100,000 1,141,166
MBIA 2 44,800 626,752
Platinum Underwriters Holdings 56,900 3,419,690
Primerica 78,000 3,674,580
Validus Holdings 14,100 531,711
31,925,622
Real Estate Investment Trusts (REITs) - 0.1%BRT Realty Trust 2 1,650 11,765
Eurobank Properties Real Estate Investment 68,060 852,644
864,409
Real Estate Management & Development - 1.8%Brasil Brokers Participacoes 69,500 156,214
Consolidated-Tomoka Land 60,564 2,439,518
Forestar Group 1,2 102,000 1,815,600
Jones Lang LaSalle 4,210 498,885
Kennedy-Wilson Holdings 98,200 2,210,482
Midland Holdings 2 3,019,700 1,608,840
St. Joe Company (The) 1,2 167,000 3,214,750
Tejon Ranch 2 342,600 11,590,158
Tejon Ranch (Warrants) 2 50,605 184,708
23,719,155
Thrifts & Mortgage Finance - 0.5%PennyMac Financial Services Cl. A 2 50,000 832,000
Timberland Bancorp 6 444,200 4,752,940
Vestin Realty Mortgage II 2 53,557 289,208
5,874,148
Total 172,640,206
Health Care – 5.4% Biotechnology - 0.7%Achillion Pharmaceuticals 2 50,000 164,500
Amicus Therapeutics 2 102,300 211,761
ARIAD Pharmaceuticals 2 185,250 1,493,115
ArQule 2 40,000 82,000
Coronado Biosciences 2 85,000 168,300
Cubist Pharmaceuticals 2 6,200 453,530
Genomic Health 2 33,000 869,220
Green Cross 7,500 886,555
Idenix Pharmaceuticals 2 254,208 1,532,874
Myriad Genetics 1,2,3 87,408 2,988,479
Rigel Pharmaceuticals 2 63,000 244,440
Synthetic Biologics 2 50,000 128,500
ZIOPHARM Oncology 1,2,3 58,000 265,640
9,488,914
Health Care Equipment & Supplies - 1.9%Allied Healthcare Products 2 140,225 318,311
Analogic Corporation 1 38,135 3,131,265
AngioDynamics 1,2 52,123 820,937
Atrion Corporation 16,235 4,970,183
bioMerieux 8,500 932,374
CONMED Corporation 81,500 3,541,175
DENTSPLY International 26,318 1,211,681
Derma Sciences 2 10,000 126,800
DiaSorin 20,000 858,205
IDEXX Laboratories 1,2,3 67,311 8,171,556
Synergetics USA 1,2 85,125 259,631
Urologix 2,4 142,648 21,397
24,363,515
Health Care Providers & Services - 0.4%Bio-Reference Laboratories 1,2,3 16,200 448,416
Henry Schein 2 4,820 575,363
Landauer 1 75,500 3,422,415
MWI Veterinary Supply 1,2 10,000 1,556,200
6,002,394
Health Care Technology - 0.2%Medidata Solutions 2 40,000 2,173,600
Life Sciences Tools & Services - 1.3%Bio-Rad Laboratories Cl. A 2 19,688 2,522,427
EPS Corporation 25,000 272,022
PAREXEL International 2 165,800 8,968,122
PerkinElmer 1 39,000 1,757,340
Techne Corporation 37,843 3,230,657
16,750,568
Pharmaceuticals - 0.9%Adcock Ingram Holdings 28,300 158,432
Biodel 2 20,100 54,873
Boiron 15,500 1,259,720
Jazz Pharmaceuticals 2 4,400 610,192
Medicines Company (The) 2 127,600 3,626,392
Recordati 70,000 1,225,953
Samjin Pharmaceutical 11,800 198,573
Santen Pharmaceutical 23,000 1,018,696
Stallergenes 18,000 1,462,114
Vetoquinol 25,000 1,304,779
Virbac 5,000 1,116,634
12,036,358
Total 70,815,349
Industrials – 28.1% Aerospace & Defense - 2.5%Alliant Techsystems 1 1,800 255,870
B/E Aerospace 2 11,000 954,690
Cubic Corporation 26,454 1,351,006
Curtiss-Wright 7,250 460,665
Ducommun 2 117,200 2,937,032
HEICO Corporation 262,938 15,818,350
HEICO Corporation Cl. A 80,808 3,507,875
Hexcel Corporation 2 47,500 2,068,150
Magellan Aerospace 114,600 910,166
Moog Cl. A 2 25,000 1,637,750
Orbital Sciences 2 26,300 733,770
Teledyne Technologies 2 20,600 2,004,998
32,640,322
Air Freight & Logistics - 2.0%Expeditors International of Washington 157,000 6,221,910
Forward Air 209,750 9,671,572
Hub Group Cl. A 1,2 149,400 5,974,506
UTi Worldwide 335,400 3,551,886
25,419,874
Airlines - 0.0%GOL Linhas Aereas Inteligentes ADR 2 36,400 176,904
Building Products - 1.1%American Woodmark 2 117,135 3,942,764
Burnham Holdings Cl. B 4 36,000 675,000
Simpson Manufacturing 275,300 9,726,349
14,344,113
Commercial Services & Supplies - 2.5%Brink’s Company (The) 206,320 5,890,436
CompX International Cl. A 211,100 2,159,553
Copart 2 178,360 6,490,520
Heritage-Crystal Clean 2 59,200 1,073,296
Kaba Holding 2,500 1,194,941
Kimball International Cl. B 286,180 5,182,720
Metalico 2 60,000 97,800
Moshi Moshi Hotline 11,700 107,380
Ritchie Bros. Auctioneers 400,384 9,661,266
Tetra Tech 2 25,100 742,709
UniFirst Corporation 2,700 296,838
32,897,459
Construction & Engineering - 1.5%EMCOR Group 149,400 6,990,426
Integrated Electrical Services 2 351,960 2,185,672
Jacobs Engineering Group 1,2,3 84,820 5,386,070
KBR 193,393 5,159,725
19,721,893
Electrical Equipment - 3.2%EnerSys 46,600 3,228,914
Franklin Electric 209,200 8,895,184
Global Power Equipment Group 217,484 4,325,756
GrafTech International 2 327,938 3,581,083
Graphite India 261,700 388,534
Hubbell Cl. B 1 7,000 839,090
Powell Industries 92,400 5,987,520
Preformed Line Products 91,600 6,279,180
Regal-Beloit 100,000 7,271,000
Vicor 2 38,950 397,290
41,193,551
Industrial Conglomerates - 0.7%Carlisle Companies 1 29,100 2,308,794
Raven Industries 192,400 6,301,100
8,609,894
Machinery - 8.9%AGCO Corporation 12,900 711,564
Astec Industries 21,300 935,283
Burckhardt Compression Holding 8,400 4,373,621
CB Industrial Product Holding 116,200 158,159
Chen Hsong Holdings 1,159,000 348,156
CIRCOR International 57,000 4,179,810
CLARCOR 1 92,500 5,304,875
Columbus McKinnon 2 86,800 2,325,372
Donaldson Company 199,959 8,478,262
Graco 116,376 8,697,942
IDEX Corporation 67,400 4,912,786
John Bean Technologies 70,900 2,190,810
Kennametal 202,100 8,953,030
Lincoln Electric Holdings 46,360 3,338,384
Middleby Corporation 2 19,500 5,152,095
NN 197,100 3,882,870
Nordson Corporation 24,296 1,712,625
Pfeiffer Vacuum Technology 5,000 610,770
PMFG 2 388,352 2,318,462
Rational 2,000 712,239
RBC Bearings 2 47,000 2,993,900
Rotork 30,000 1,327,680
Sarine Technologies 316,400 625,124
Semperit AG Holding 24,000 1,290,990
Spirax-Sarco Engineering 19,000 917,813
Sun Hydraulics 14,500 627,995
Timken Company (The) 42,800 2,515,784
Valmont Industries 33,700 5,015,908
WABCO Holdings 2 95,100 10,038,756
Wabtec Corporation 155,850 12,078,375
Woodward 208,400 8,654,852
115,384,292
Marine - 0.4%Kirby Corporation 1,2 50,100 5,072,625
Professional Services - 3.5%Acacia Research 55,341 845,611
Advisory Board (The) 1,2,3 150,277 9,655,297
CRA International 2 32,138 706,072
Heidrick & Struggles International 225,431 4,524,400
Huron Consulting Group 2 3,816 241,858
ICF International 2 57,921 2,305,835
ManpowerGroup 82,158 6,476,515
On Assignment 2 350,400 13,521,936
Robert Half International 49,072 2,058,570
RPX Corporation 2 25,000 407,000
Towers Watson & Co. Cl. A 34,100 3,889,105
TrueBlue 2 20,500 599,830
45,232,029
Road & Rail - 1.2%Landstar System 1 99,400 5,886,468
Patriot Transportation Holding 2 212,958 7,677,136
Trancom 4,200 163,529
Universal Truckload Services 68,916 1,991,672
15,718,805
Trading Companies & Distributors - 0.5%Aceto Corporation 31,100 624,799
Kloeckner &Co 2 12,500 184,639
MISUMI Group 25,000 691,379
MSC Industrial Direct Cl. A 1,3 63,748 5,515,477
7,016,294
Transportation Infrastructure - 0.1%Wesco Aircraft Holdings 2 68,400 1,505,484
Total 364,933,539
Information Technology – 17.9% Communications Equipment - 0.7%ADTRAN 1 258,473 6,309,326
Bel Fuse Cl. B 14,063 307,980
Comba Telecom Systems Holdings 2 450,000 119,038
Comtech Telecommunications 1 30,000 955,800
Ellies Holdings 2 415,300 168,520
EVS Broadcast Equipment 20,000 1,298,323
Plantronics 4,811 213,849
Sonus Networks 2 74,000 249,380
9,622,216
Electronic Equipment, Instruments & Components - 8.4%Agilysys 2 165,125 2,212,675
Anixter International 1 61,795 6,273,428
Anxin-China Holdings 516,000 79,830
Avnet 16,400 763,092
AVX Corporation 57,300 755,214
Benchmark Electronics 1,2 156,900 3,553,785
Cognex Corporation 2 139,600 4,726,856
Coherent 2 151,216 9,881,966
Dolby Laboratories Cl. A 1,2 77,500 3,448,750
Domino Printing Sciences 80,000 1,052,186
DTS 2 207,000 4,090,320
FEI Company 88,900 9,158,478
FLIR Systems 271,200 9,763,200
Hollysys Automation Technologies 2 49,482 1,065,842
IPG Photonics 1,2 76,720 5,453,258
Maxwell Technologies 2 55,977 723,223
National Instruments 251,850 7,225,576
Newport Corporation 2 523,500 10,825,980
Perceptron 357,700 4,338,901
Plexus Corporation 2 176,100 7,056,327
Richardson Electronics 469,832 5,055,392
Rofin-Sinar Technologies 2 237,781 5,697,233
Rogers Corporation 2 20,634 1,287,974
TTM Technologies 1,2 211,400 1,786,330
Vaisala Cl. A 40,320 1,250,010
Vishay Precision Group 2 27,413 476,438
Zebra Technologies Cl. A 1,2 16,758 1,163,173
109,165,437
Internet Software & Services - 0.9%comScore 2 52,884 1,734,066
Conversant 2 137,800 3,879,070
j2 Global 16,600 830,830
QuinStreet 2 290,628 1,929,770
RealNetworks 2 152,350 1,154,813
Spark Networks 2 25,000 130,750
Support.com 2 111,100 283,305
Trulia 2 10,000 332,000
Vistaprint 1,2,3 24,000 1,181,280
11,455,884
IT Services - 2.8%Convergys Corporation 121,000 2,651,110
DST Systems 8,600 815,194
eClerx Services 31,400 559,789
Euronet Worldwide 2 15,000 623,850
Fiserv 2 9,080 514,745
Hackett Group (The) 655,000 3,916,900
Innodata 2 89,973 261,822
ManTech International Cl. A 35,400 1,041,114
MAXIMUS 179,000 8,029,940
Metrofile Holdings 1,661,228 777,688
NeuStar Cl. A 2 43,087 1,400,758
Sapient Corporation 2 553,102 9,435,920
Sykes Enterprises 2 125,524 2,494,162
Teradata Corporation 2 6,400 314,816
Unisys Corporation 2 94,000 2,863,240
Xchanging 39,700 109,823
35,810,871
Semiconductors & Semiconductor Equipment - 3.0%Aixtron ADR 2 8,758 142,755
ATMI 2 16,145 549,092
Brooks Automation 100,000 1,093,000
Cabot Microelectronics 2 23,309 1,025,596
CEVA 2 19,044 334,413
Diodes 2 234,750 6,131,670
Entegris 2 102,000 1,235,220
Entropic Communications 2 42,000 171,780
Exar Corporation 2 157,576 1,883,033
Fairchild Semiconductor International 2 10,900 150,311
Integrated Silicon Solution 2 155,600 2,419,580
International Rectifier 2 95,000 2,603,000
Kopin Corporation 2 81,100 306,558
Microsemi Corporation 2 25,000 625,750
Miraial 48,900 689,386
MKS Instruments 106,000 3,168,340
Nanometrics 2 113,700 2,043,189
Power Integrations 1 49,000 3,223,220
Regent Manner International Holdings 750,000 126,711
Skyworks Solutions 23,100 866,712
STR Holdings 2 90,000 143,100
Teradyne 1,2 228,000 4,534,920
Tessera Technologies 44,000 1,039,720
TriQuint Semiconductor 2 110,000 1,472,900
Veeco Instruments 1,2 84,300 3,534,699
39,514,655
Software - 1.0%ANSYS 1,2 95,000 7,316,900
Aspen Technology 2 42,100 1,783,356
Aware 2 12,800 74,112
Blackbaud 1 31,400 982,820
Computer Modelling Group 10,000 263,772
Envivio 2 109,517 338,408
Mentor Graphics 11,753 258,801
MICROS Systems 2 22,700 1,201,511
Nexon 15,300 128,694
SeaChange International 2 12,600 131,544
SimCorp 18,000 730,769
TeleNav 2 43,597 259,838
13,470,525
Technology Hardware, Storage & Peripherals - 1.1%BlackBerry 2 8,000 64,640
Diebold 253,200 10,100,148
Intevac 2 20,000 194,000
Silicon Graphics International 2 96,500 1,185,020
Western Digital 1 23,530 2,160,525
13,704,333
Total 232,743,921
Materials – 7.0% Chemicals - 1.9%Cabot Corporation 1,3 86,683 5,119,498
Fufeng Group 300,000 113,537
GSE Holding 2 31,400 9,106
Hawkins 86,178 3,166,180
Huchems Fine Chemical
11,600 234,724Innospec 63,211 2,859,034
Intrepid Potash 1,2 140,000 2,164,400
Minerals Technologies 1 67,323 4,346,373
OM Group 41,600 1,381,952
Rockwood Holdings 40,100 2,983,440
Sensient Technologies 11,993 676,525
Valspar Corporation (The) 1,200 86,544
W.R. Grace & Co. 1,2 9,400 932,198
Westlake Chemical 9,540 631,357
24,704,868
Construction Materials - 0.8%Ash Grove Cement Cl. B 4 50,518 9,699,961
Mardin Cimento Sanayii 491,700 1,001,557
10,701,518
Containers & Packaging - 0.8%Greif Cl. A 112,344 5,896,937
Mayr-Melnhof Karton 38,000 4,754,958
10,651,895
Metals & Mining - 3.3%AuRico Gold 132,000 574,200
Central Steel & Wire 4 4,862 3,617,328
Eldorado Gold 18,000 100,440
Exeter Resource 2 150,000 90,750
Franco-Nevada Corporation 1,400 64,204
Fresnillo 22,500 316,777
Globe Specialty Metals 20,000 416,400
Grupo SIMEC Ser. B 2 87,500 333,968
Hecla Mining 960,000 2,947,200
IAMGOLD Corporation 2 510,000 1,795,200
Imdex 2 1,391,766 854,937
Kinross Gold 2 24,600 101,844
Kirkland Lake Gold 2 90,000 274,355
Maharashtra Seamless 471,300 1,521,716
Major Drilling Group International 135,000 1,045,319
Medusa Mining 2 75,600 145,912
Pan American Silver 236,030 3,037,706
Pretium Resources 2 196,000 1,138,236
Randgold Resources ADR 15,000 1,125,000
Reliance Steel & Aluminum 158,020 11,165,693
Richmont Mines 2 50,800 71,628
Saracen Mineral Holdings 2 237,072 72,982
Schnitzer Steel Industries Cl. A 1,3 100,000 2,885,000
Sims Metal Management 2 16,000 145,829
Synalloy Corporation 178,800 2,567,568
Vale Indonesia 875,600 218,637
Victoria Gold 2 550,000 67,164
Village Main Reef 2 986,600 40,312
Vista Gold 2 124,000 63,240
Walter Energy 63,300 478,548
Worthington Industries 148,000 5,661,000
42,939,093
Paper & Forest Products - 0.2%Glatfelter 15,500 421,910
Qunxing Paper Holdings 5 3,296,000 42,494
Schweitzer-Mauduit International 27,600 1,175,484
1,639,888
Total 90,637,262
Telecommunication Services – 0.7% Wireless Telecommunication Services - 0.7%Telephone and Data Systems 338,270 8,866,057
USA Mobility 20,500 372,485
Total 9,238,542
Utilities – 0.1% Electric Utilities - 0.0%Tenaga Nasional 40,000 146,431
Gas Utilities - 0.1%UGI Corporation 20,500 935,005
Total 1,081,436
Miscellaneous 7 – 1.7% Total 22,588,256
TOTAL COMMON STOCKS(Cost $776,428,527) 1,183,183,232
PREFERRED STOCK – 0.1%Seneca Foods Conv. 2,5 50,000 1,416,600
(Cost $724,062) 1,416,600
REPURCHASE AGREEMENT – 14.4%Fixed Income Clearing Corporation,
0.00% dated 3/31/14, due 4/1/14,
maturity value $186,786,000 (collateralized
by obligations of various U.S. Government
Agencies, 0.25%-0.50% due 8/31/15-9/28/15, valued
at $190,524,238)
(Cost $186,786,000) 186,786,000
TOTAL INVESTMENTS – 105.4%(Cost $963,938,589) 1,371,385,832
LIABILITIES LESS CASHAND OTHER ASSETS – (5.4)%
(70,588,460 )
NET ASSETS – 100.0% $ 1,300,797,372
1 All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at March 31, 2014. Total market value of pledged securities at March 31, 2014, was $167,410,676. 2 Non-income producing. 3 At March 31, 2014, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $46,652,695. 4 These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities. 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. 6 At March 31, 2014, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. 7 Includes securities first acquired in 2014 and less than 1% of net assets.TAX INFORMATION:
The cost of total investments for Federal income tax purposes was $965,138,886. At March 31, 2014, net unrealized appreciation for all securities was $406,246,946, consisting of aggregate gross unrealized appreciation of $443,467,646 and aggregate gross unrealized depreciation of $37,220,700. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.Valuation of Investments:
Investment transactions are accounted for on the trade date. Securities 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. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as 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, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the 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 relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:Level 1 – quoted prices in active markets for identical securities. Level 2 – other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments. Level 3 – significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2014. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.
Level 1 Level 2 Level 3 Total Common Stocks $ 1,054,802,933 $ 128,110,308 $ 269,991 $ 1,183,183,232 Preferred Stocks – – 1,416,600 1,416,600 Cash Equivalents – 186,786,000 – 186,786,000For the three months ended March 31, 2014, certain securities have transferred in and out of Level 1 and Level 2 measurements as a result of the fair value pricing procedures for international equities. The Fund recognizes transfers between levels as of the end of the reporting period. At March 31, 2014, securities valued at $93,967,966 were transferred from Level 1 to Level 2 within the fair value hierarchy.
Level 3 Reconciliation:
Realized and Unrealized Balance as of 12/31/13 Sales Gain (Loss) Balance as of 3/31/14 Common Stocks $ 131,709 $ – $ 138,282 $ 269,991 Preferred Stocks 1,578,555 72,406 (89,549 ) 1,416,600Repurchase 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.Borrowings:
As of March 31, 2014, the Fund has outstanding borrowings of $70,000,000. During the period ended March 31, 2014, the Fund borrowed an average daily balance of $76,222,222. The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP 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 BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund will be compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security will not be returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund will receive a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.Transactions in Affiliated Companies:
Shares Market Value Cost of Cost of Realized Dividend Shares Market Value Affiliated Company 12/31/13 12/31/13 Purchases Sales Gain (Loss) Income 3/31/14 3/31/14 Timberland Bancorp 444,200 $4,273,204 – – – $17,768 444,200 $4,752,940 $4,273,204 $17,768 $4,752,940
An “Affiliated Company” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The Fund effected the following transactions in shares of such companies for the three months ended March 31, 2014:Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s website (www.sec.gov).
Item 2 - Controls and Procedures
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”)), that the Registrant’s disclosure controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.
Item 3 - Exhibits
Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Royce Value Trust, Inc.
/s/ Charles M. Royce Charles M. Royce President, Royce Value Trust, Inc. Date: May 27, 2014
By:Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Charles M. Royce Charles M. Royce President, Royce Value Trust, Inc. Date: May 27, 2014 By: /s/ John D. Diederich John D. Diederich Treasurer, Royce Value Trust, Inc. Date: May 27, 2014