UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANYInvestment Company Act File Number: 811-04875
Name of Fund: Royce Value Trust, Inc.
Fund Address: 745 Fifth Avenue
New York, NY 10151Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
745 Fifth Avenue
New York, NY 10151Registrant’s telephone number, including area code: (212) 508-4500
Date of fiscal year end: 12/31/2014
Date of reporting period: 9/30/2014
Item 1 - Schedule of Investments
SCHEDULE OF INVESTMENTS
SHARES VALUE COMMON STOCKS – 103.0% Consumer Discretionary – 12.0% Auto Components - 0.6%
ROYCE VALUE TRUST
SEPTEMBER 30, 2014 (UNAUDITED)Drew Industries 17,266 $ 728,453
Fuel Systems Solutions 1 40,000 356,400
Gentex Corporation 118,205 3,164,348
Selamat Sempurna 7,867,600 2,928,155
Standard Motor Products 14,152 487,253
7,664,609
Automobiles - 0.9%Thor Industries 2 117,320 6,041,980
Winnebago Industries 1 211,400 4,602,178
10,644,158
Distributors - 0.3%Core-Mark Holding Company 8,400 445,536
Weyco Group 97,992 2,460,579
2,906,115
Diversified Consumer Services - 1.4%American Public Education 1 33,100 893,369
Benesse Holdings 40,000 1,312,970
Career Education 1 20,000 101,600
Collectors Universe 72,300 1,590,600
Lincoln Educational Services 655,800 1,842,798
MegaStudy 15,000 965,174
Regis Corporation 1,2 233,800 3,731,448
Sotheby’s 138,200 4,936,504
Universal Technical Institute 140,432 1,313,039
16,687,502
Hotels, Restaurants & Leisure - 0.0%Ambassadors Group 1 32,100 118,770
Tropicana Entertainment 1,3 6,000 100,800
219,570
Household Durables - 2.9%De’Longhi 45,000 905,986
Ekornes 80,000 949,453
Ethan Allen Interiors 320,800 7,314,240
Flexsteel Industries 24,800 836,504
Forbo Holding 700 715,251
Garmin 17,562 913,049
Harman International Industries 57,200 5,607,888
Lifetime Brands 54,426 833,262
Mohawk Industries 1,2 52,600 7,091,532
Natuzzi ADR 1 2,096,300 4,255,489
NVR 1 2,600 2,938,052
Stanley Furniture 1,4 1,012,235 2,839,319
35,200,025
Internet & Catalog Retail - 0.3%Blue Nile 1 60,900 1,738,695
Manutan International 20,000 1,021,303
Takkt
35,000 597,233
3,357,231
Leisure Products - 1.0%Beneteau 1 45,000 718,992
LeapFrog Enterprises Cl. A 1 50,000 299,500
Nautilus 1 803,900 9,622,683
Shimano 12,500 1,520,401
Smith & Wesson Holding Corporation 1 39,300 370,992
12,532,568
Media - 1.3%E.W. Scripps Company Cl. A 1 53,300 869,323
Media Chinese International 7,650,000 2,098,765
Morningstar 84,600 5,744,340
Pico Far East Holdings 6,575,000 1,481,838
RLJ Entertainment 1 35,600 137,772
SinoMedia Holding 500,000 304,578
Television Broadcasts 308,400 1,834,946
Wiley (John) & Sons Cl. A 48,200 2,704,502
15,176,064
Multiline Retail - 0.3%Dollar Tree 1 17,150 961,600
New World Department Store China 5,777,200 2,008,853
2,970,453
Specialty Retail - 1.5%Advance Auto Parts 7,500 977,250
Aeropostale 1 10,000 32,900
Ascena Retail Group 1 190,705 2,536,377
Bed Bath & Beyond 1 12,700 836,041
Finish Line (The) Cl. A 36,400 911,092
Genesco 1 42,225 3,156,319
I.T 1,127,000 381,721
Lewis Group 250,000 1,251,911
Oriental Watch Holdings 543,000 122,378
Ross Stores 4,730 357,493
Sears Hometown and Outlet Stores 1 10,400 161,200
Signet Jewelers 8,000 911,280
Stein Mart 167,800 1,938,090
Systemax 1 194,000 2,419,180
Tilly’s Cl. A 1 34,100 256,432
TravelCenters of America LLC 1 62,500 617,500
West Marine 1 131,100 1,179,900
Wet Seal (The) Cl. A 1 63,200 33,212
18,080,276
Textiles, Apparel & Luxury Goods - 1.5%Asia Brands 117,100 124,935
Crown Crafts 247,241 1,841,945
Culp 55,500 1,007,325
Daphne International Holdings 3,912,800 1,980,373
Grendene 200,000 1,389,031
Huvis Corporation 18,600 215,039
J.G. Boswell Company 3 2,292 2,422,644
Movado Group 65,181 2,154,884
Pacific Textiles Holdings 750,000 924,358
Stella International Holdings 350,000 908,260
Van de Velde 22,500 1,092,981
Wolverine World Wide 2 109,600 2,746,576
YGM Trading 771,600 1,689,305
18,497,656
Total 143,936,227
Consumer Staples – 2.0% Beverages - 0.0%Crimson Wine Group 1,3 11,876 109,853
Food & Staples Retailing - 0.1%FamilyMart 35,000 1,335,537
Food Products - 1.7%Alico 49,000 1,866,900
Asian Plantations 1 58,400 205,918
Cal-Maine Foods 20,848 1,862,352
Farmer Bros. 1 43,900 1,270,905
Industrias Bachoco ADR 34,100 2,037,134
Lancaster Colony 33,000 2,814,240
Seaboard Corporation 1 200 534,998
Seneca Foods Cl. A 1 200,393 5,731,240
Seneca Foods Cl. B 1 13,840 412,432
Sipef 5,200 344,813
Tootsie Roll Industries 124,135 3,474,538
Waterloo Investment Holdings 1,5 598,676 227,497
20,782,967
Personal Products - 0.2%Nu Skin Enterprises Cl. A 49,700 2,237,991
Total 24,466,348
Diversified Investment Companies – 0.2% Closed-End Funds - 0.2%RIT Capital Partners 109,500 2,460,371
Total 2,460,371
Energy – 4.7% Energy Equipment & Services - 3.7%Cal Dive International 1 456,250 442,562
CARBO Ceramics 41,000 2,428,430
Ensign Energy Services 89,000 1,168,972
Helmerich & Payne 38,195 3,738,145
ION Geophysical 1 361,500 1,008,585
Oceaneering International 4,000 260,680
Oil States International 1 59,823 3,703,044
Pason Systems 221,200 6,184,001
SEACOR Holdings 1 109,675 8,203,690
Steel Excel 1,3 156,880 4,745,620
TGS-NOPEC Geophysical 138,170 3,516,214
Tidewater 88,300 3,446,349
Trican Well Service 65,200 762,641
Unit Corporation 1 79,400 4,656,810
44,265,743
Oil, Gas & Consumable Fuels - 1.0%Cimarex Energy 61,300 7,756,289
Contango Oil & Gas 1 7,000 232,680
Harvest Natural Resources 1 13,000 47,710
Resolute Energy 1,2,6 273,134 1,712,550
World Fuel Services 12,500 499,000
WPX Energy 1 110,000 2,646,600
12,894,829
Total 57,160,572
Financials – 16.2% Banks - 2.1%Bank of N.T. Butterfield & Son 1,784,161 3,568,322
BCB Holdings 1 209,426 41,590
Farmers & Merchants Bank of Long
Beach 3 1,200 7,140,000
Fauquier Bankshares 160,800 2,572,800
First Citizens BancShares Cl. A 30,527 6,613,064
Mechanics Bank 3 200 4,900,000
24,835,776
Capital Markets - 7.4%Affiliated Managers Group 1 34,700 6,952,492
AllianceBernstein Holding L.P. 142,000 3,693,420
Artisan Partners Asset Management Cl. A 51,300 2,670,165
ASA Gold and Precious Metals 183,601 2,159,148
Ashmore Group 792,500 3,957,065
Aurelius 9,300 332,422
CETIP - Mercados Organizados 430,000 5,322,848
Cowen Group 1 761,158 2,854,343
Dundee Corporation Cl. A 1 182,800 2,769,870
Eaton Vance 2 81,000 3,056,130
Edmond de Rothschild (Suisse) 83 1,321,462
Federated Investors Cl. B 344,890 10,125,970
GAMCO Investors Cl. A 20,200 1,428,948
Jupiter Fund Management 230,000 1,325,906
Lazard Cl. A 105,905 5,369,384
MVC Capital 294,200 3,165,592
Paris Orleans 330,919 7,312,340
Qalaa Holdings 1 8,799,921 5,329,146
RHJ International 1 565,000 2,785,273
SEI Investments 241,600 8,736,256
Sprott 590,000 1,496,138
U.S. Global Investors Cl. A 661,751 2,349,216
Value Partners Group 5,103,000 3,739,424
Westwood Holdings Group 23,460 1,329,947
89,582,905
Consumer Finance - 0.1%EZCORP Cl. A 1 181,000 1,793,710
Diversified Financial Services - 1.2%Banca Finnat Euramerica 1,060,000 629,118
HF2 Financial Management Cl. A 1 292,300 3,039,920
MarketAxess Holdings 100,000 6,186,000
PICO Holdings 1 100,400 2,002,980
Sofina 19,000 2,084,943
13,942,961
Insurance - 2.5%Alleghany Corporation 1 6,499 2,717,557
E-L Financial 16,500 10,180,365
Erie Indemnity Cl. A 50,000 3,790,500
Greenlight Capital Re Cl. A 1 21,061 682,587
Independence Holding Company 349,423 4,643,832
Lancashire Holdings 115,000 1,193,166
Platinum Underwriters Holdings 44,000 2,678,280
Primerica 78,000 3,761,160
29,647,447
Real Estate Investment Trusts (REITs) - 0.2%BRT Realty Trust 1 1,650 12,375
CBS Outdoor Americas 85,000 2,544,900
2,557,275
Real Estate Management & Development - 2.1%Altisource Portfolio Solutions 1 9,000 907,200
Brasil Brokers Participacoes 91,400 123,597
Consolidated-Tomoka Land 59,197 2,904,797
E-House (China) Holdings ADR 105,700 1,006,264
Forestar Group 1 102,000 1,807,440
Hopefluent Group Holdings 850,000 251,776
Jones Lang LaSalle 4,910 620,329
Kennedy-Wilson Holdings 101,300 2,427,148
Midland Holdings 1 2,500,000 1,220,242
St. Joe Company (The) 1,2,6 197,000 3,926,210
Tejon Ranch 1 342,600 9,606,504
Tejon Ranch (Warrants) 1 86,336 173,535
24,975,042
Thrifts & Mortgage Finance - 0.6%Genworth MI Canada 58,915 1,862,218
PennyMac Financial Services Cl. A 1 50,000 732,500
Timberland Bancorp 4 444,200 4,672,984
Vestin Realty Mortgage II 1 53,557 241,007
7,508,709
Total 194,843,825
Health Care – 5.8% Biotechnology - 0.6%ARIAD Pharmaceuticals 1 185,250 1,000,350
ArQule 1 130,000 145,600
Coronado Biosciences 1 170,000 357,000
Genomic Health 1 33,000 934,230
Green Cross 7,500 906,183
Myriad Genetics 1,2,6 85,508 3,298,044
Rigel Pharmaceuticals 1 63,000 122,220
Synthetic Biologics 1 50,000 89,000
ZIOPHARM Oncology 1,2,6 58,000 153,120
7,005,747
Health Care Equipment & Supplies - 2.2%Allied Healthcare Products 1 84,725 169,450
Analogic Corporation 38,135 2,439,115
AngioDynamics 1,2 67,028 919,624
Atrion Corporation 19,054 5,811,660
bioMerieux 8,500 880,024
Cerus Corporation 1 290,000 1,162,900
CONMED Corporation 81,500 3,002,460
DENTSPLY International 21,618 985,781
Derma Sciences 1 25,000 208,250
DiaSorin 32,500 1,219,980
IDEXX Laboratories 1,2,6 66,411 7,825,208
Invacare Corporation 65,000 767,650
Synergetics USA 1,2 278,690 950,333
Urologix 1,3 48,026 4,803
26,347,238
Health Care Providers & Services - 0.4%Bio-Reference Laboratories 1,2 12,000 336,720
Landauer 75,500 2,492,255
MWI Veterinary Supply 1 10,000 1,484,000
4,312,975
Health Care Technology - 0.1%Medidata Solutions 1 40,000 1,771,600
Life Sciences Tools & Services - 1.5%Bio-Rad Laboratories Cl. A 1 20,933 2,373,802
PAREXEL International 1 165,800 10,460,322
PerkinElmer 39,000 1,700,400
Techne Corporation 37,843 3,540,213
18,074,737
Pharmaceuticals - 1.0%Adcock Ingram Holdings 1 28,300 120,948
Biodel 1 20,100 33,567
Boiron 10,500 877,283
Lannett Company 1 41,155 1,879,960
Medicines Company (The) 1 189,283 4,224,797
Recordati 45,000 737,748
Santen Pharmaceutical 20,000 1,119,672
Stallergenes 18,000 1,212,680
Vetoquinol 25,000 1,138,324
Virbac 6,000 1,262,166
12,607,145
Total 70,119,442
Industrials – 28.7% Aerospace & Defense - 2.2%Cubic Corporation 12,354 578,167
Curtiss-Wright 5,550 365,856
Ducommun 1 117,200 3,212,452
HEICO Corporation 262,938 12,279,205
HEICO Corporation Cl. A 80,808 3,256,562
Hexcel Corporation 1 47,500 1,885,750
Magellan Aerospace 120,300 1,244,946
Moog Cl. A 1 25,000 1,710,000
Teledyne Technologies 1 20,600 1,936,606
26,469,544
Air Freight & Logistics - 2.4%Expeditors International of Washington 158,900 6,448,162
Forward Air 209,750 9,403,092
Hub Group Cl. A 1,2 149,400 6,055,182
UTi Worldwide 1 635,400 6,754,302
28,660,738
Building Products - 1.1%American Woodmark 1 117,135 4,317,596
Burnham Holdings Cl. B 3 36,000 658,800
Simpson Manufacturing 275,300 8,024,995
13,001,391
Commercial Services & Supplies - 2.2%Brady Corporation Cl. A 95,900 2,151,996
CompX International Cl. A 211,100 2,174,330
Copart 1 178,360 5,585,344
Heritage-Crystal Clean 1 88,241 1,311,261
Kaba Holding 2,400 1,116,162
Kimball International Cl. B 286,180 4,307,009
Ritchie Bros. Auctioneers 400,384 8,964,598
UniFirst Corporation 2,700 260,793
25,871,493
Construction & Engineering - 2.1%EMCOR Group 149,400 5,970,024
Integrated Electrical Services 1 677,482 5,589,226
Jacobs Engineering Group 1,2,6 81,400 3,973,948
KBR 407,900 7,680,757
Sterling Construction 1 305,671 2,344,497
25,558,452
Electrical Equipment - 2.6%Elektrobudowa 20,000 482,095
EnerSys 44,900 2,632,936
Franklin Electric 209,200 7,267,608
Global Power Equipment Group 211,374 3,149,473
GrafTech International 1 344,838 1,579,358
Powell Industries 108,700 4,441,482
Preformed Line Products 91,600 4,832,816
Regal Beloit 100,000 6,425,000
Vicor 1 78,100 734,140
31,544,908
Industrial Conglomerates - 0.9%Carlisle Companies 2 30,245 2,431,093
Hopewell Holdings 1,040,000 3,643,084
Raven Industries 192,400 4,694,560
10,768,737
Machinery - 9.4%AGCO Corporation 7,800 354,588
Astec Industries 20,000 729,400
Burckhardt Compression Holding 8,400 3,884,571
CB Industrial Product Holding 68,400 102,167
Chen Hsong Holdings 1,159,000 317,929
CIRCOR International 56,372 3,795,527
CLARCOR 92,500 5,834,900
Columbus McKinnon 61,575 1,354,034
Donaldson Company 199,959 8,124,334
Eastern Company (The) 16,000 255,680
Graco 2,6 116,376 8,493,121
Hurco Companies 45,952 1,730,552
Hyster-Yale Materials Handling Cl. A 7,545 540,373
IDEX Corporation 67,400 4,877,738
John Bean Technologies 176,936 4,977,210
Kennametal 197,300 8,150,463
Lincoln Electric Holdings 46,360 3,205,099
Lindsay Corporation 45,000 3,363,750
Mueller Industries 25,800 736,332
Mueller Water Products Cl. A 33,600 278,208
NN 197,100 5,266,512
Nordson Corporation 24,296 1,848,197
PMFG 1 388,352 1,941,760
Rational 2,000 594,897
RBC Bearings 47,000 2,664,900
Rotork 18,000 806,846
Semperit AG Holding 38,740 1,785,966
Spirax-Sarco Engineering 19,500 893,367
Sun Hydraulics 67,118 2,522,966
Tecumseh Products 1 46,700 200,810
Tennant Company 41,900 2,811,071
Timken Company (The) 29,795 1,263,010
Valmont Industries 66,310 8,947,208
WABCO Holdings 1 43,400 3,947,230
Wabtec Corporation 83,050 6,730,372
Woodward 208,400 9,924,008
113,255,096
Marine - 0.1%Kirby Corporation 1,2 10,100 1,190,285
Professional Services - 3.4%Acacia Research 47,300 732,204
Advisory Board (The) 1,2 150,277 7,001,405
CRA International 1 9,738 247,637
Exponent 12,700 900,176
Heidrick & Struggles International 167,811 3,446,838
Huron Consulting Group 1 16 976
ICF International 1 71,256 2,193,972
Insperity 91,000 2,487,940
ManpowerGroup 91,958 6,446,256
On Assignment 1 350,400 9,408,240
Robert Half International 16,942 830,158
RPX Corporation 1 30,500 418,765
Towers Watson & Co. Cl. A 69,200 6,885,400
Volt Information Sciences 1 2,500 22,875
41,022,842
Road & Rail - 1.5%Genesee & Wyoming Cl. A 1 20,000 1,906,200
Landstar System 99,400 7,175,686
Patriot Transportation Holding 1 212,958 7,223,536
Trancom 8,000 359,243
Universal Truckload Services 78,916 1,913,713
18,578,378
Trading Companies & Distributors - 0.7%Aceto Corporation 58,700 1,134,084
Kloeckner & Co 1 31,300 430,717
MISUMI Group 34,500 1,041,213
MSC Industrial Direct Cl. A 2 67,323 5,753,423
8,359,437
Transportation Infrastructure - 0.1%Wesco Aircraft Holdings 1 68,400 1,190,160
Total 345,471,461
Information Technology – 20.0% Communications Equipment - 1.1%ADTRAN 357,973 7,349,186
Bel Fuse Cl. B 28,126 695,837
Comba Telecom Systems Holdings 1,213,900 548,728
Comtech Telecommunications 47,600 1,768,340
Ellies Holdings 1 643,300 100,991
EVS Broadcast Equipment 15,000 523,282
Finisar Corporation 1 109,000 1,812,670
Plantronics 2,111 100,863
UTStarcom Holdings 1 89,600 274,176
13,174,073
Electronic Equipment, Instruments & Components - 8.8%Agilysys 1 165,125 1,936,916
Anixter International 2 61,795 5,242,688
Avnet 16,400 680,600
AVX Corporation 44,600 592,288
Benchmark Electronics 1 254,900 5,661,329
Cognex Corporation 1 139,600 5,621,692
Coherent 1 155,416 9,537,880
Dolby Laboratories Cl. A 1 80,200 3,351,558
Domino Printing Sciences 90,000 891,471
DTS 1 207,000 5,226,750
FEI Company 86,600 6,531,372
FLIR Systems 262,600 8,229,884
GSI Group 1 37,000 425,130
Hollysys Automation Technologies 1 49,482 1,112,850
IPG Photonics 1,2,6 70,730 4,864,809
Maxwell Technologies 1 14,977 130,599
National Instruments 251,850 7,789,721
Newport Corporation 1 536,000 9,497,920
PC Connection 16,301 349,982
Perceptron 357,700 3,501,883
Plexus Corporation 1 176,100 6,503,373
Richardson Electronics 543,732 5,431,883
Rofin-Sinar Technologies 1 252,281 5,817,600
Rogers Corporation 1 57,866 3,168,742
TTM Technologies 1,2 211,400 1,439,634
Vaisala Cl. A 30,320 800,380
Vishay Precision Group 1 74,826 1,117,900
105,456,834
Internet Software & Services - 1.3%Care.com 1 267,900 2,183,385
Conversant 1 137,800 4,719,650
j2 Global 36,000 1,776,960
QuinStreet 1 560,815 2,327,382
RealNetworks 1 278,750 1,937,313
Spark Networks 1 85,200 395,328
Support.com 1 556,899 1,202,902
United Online 1 27,571 301,902
Vistaprint 1,2,6 24,000 1,314,960
16,159,782
IT Services - 3.0%Computer Task Group 75,000 832,500
Convergys Corporation 121,000 2,156,220
eClerx Services 35,000 786,310
Fiserv 1 9,080 586,886
Hackett Group (The) 1,336,596 7,966,112
Innodata 1 274,461 837,106
ManTech International Cl. A 35,400 954,030
MAXIMUS 179,000 7,183,270
Metrofile Holdings 1,661,228 714,095
NeuStar Cl. A 1 29,287 727,196
Sapient Corporation 1 553,102 7,743,428
Sykes Enterprises 1 152,624 3,049,428
Teradata Corporation 1 10,500 440,160
Unisys Corporation 1 94,000 2,200,540
36,177,281
Semiconductors & Semiconductor Equipment - 3.1%Amtech Systems 1 166,000 1,776,200
Brooks Automation 165,600 1,740,456
Cabot Microelectronics 1 18,244 756,214
CEVA 1 38,000 510,720
Cirrus Logic 1 122,000 2,543,700
Diodes 1 242,250 5,794,620
Entropic Communications 1 105,000 279,300
Exar Corporation 1 157,576 1,410,305
Fairchild Semiconductor International 1 174,000 2,702,220
Integrated Silicon Solution 135,900 1,867,266
Kopin Corporation 1 192,200 653,480
Lam Research 8,500 634,950
Microsemi Corporation 1 25,000 635,250
MKS Instruments 137,000 4,573,060
Nanometrics 1 132,000 1,993,200
Photronics 1 115,000 925,750
Silicon Image 1 115,000 579,600
Skyworks Solutions 3,300 191,565
STR Holdings 1 90,000 130,500
Teradyne 228,000 4,420,920
Tessera Technologies 28,225 750,220
Veeco Instruments 1,2 80,500 2,813,475
37,682,971
Software - 1.6%Actuate Corporation 1 441,948 1,723,597
American Software Cl. A 204,990 1,808,012
ANSYS 1,2,6 95,000 7,188,650
Aspen Technology 1 42,100 1,588,012
Blackbaud 31,400 1,233,706
Computer Modelling Group 20,000 207,867
Envivio 1 238,000 437,920
ePlus 1 20,300 1,137,815
Mentor Graphics 21,453 439,679
SeaChange International 1 353,369 2,459,448
SimCorp 18,000 528,374
TeleNav 1 24,197 162,120
18,915,200
Technology Hardware, Storage & Peripherals - 1.1%Avid Technology 1,3 38,000 383,800
BlackBerry 1 8,000 79,520
Diebold 249,100 8,798,212
Intevac 1 188,800 1,259,296
Silicon Graphics International 1 124,200 1,146,366
Western Digital 2 17,690 1,721,591
13,388,785
Total 240,954,926
Materials – 7.7% Chemicals - 2.4%Cabot Corporation 84,609 4,295,599
Fufeng Group 311,300 153,949
Hawkins 86,178 3,098,961
Innospec 94,928 3,407,915
Intrepid Potash 1,2,6 140,000 2,163,000
KMG Chemicals 71,700 1,167,276
Minerals Technologies 64,223 3,963,201
OM Group 33,405 866,860
Quaker Chemical 44,179 3,167,192
Rockwood Holdings 29,000 2,217,050
Sensient Technologies 6,793 355,614
Stepan Company 6,900 306,222
Umicore 60,000 2,624,745
Valspar Corporation (The) 1,200 94,788
Westlake Chemical 8,140 704,843
28,587,215
Construction Materials - 1.0%Ash Grove Cement Cl. B 3 50,518 10,709,816
Mardin Cimento Sanayii 1 491,700 1,041,046
11,750,862
Containers & Packaging - 0.7%Greif Cl. A 112,344 4,921,790
Mayr-Melnhof Karton 38,000 4,036,457
8,958,247
Metals & Mining - 3.4%AuRico Gold 132,000 460,680
Central Steel & Wire 3 4,862 3,743,740
Exeter Resource 1 475,000 285,000
Fresnillo 22,500 277,217
Globe Specialty Metals 20,000 363,800
Gold Fields ADR 615,000 2,398,500
Hecla Mining 960,000 2,380,800
IAMGOLD Corporation 1 510,000 1,407,600
Imdex 1 1,391,766 852,993
Kirkland Lake Gold 1 90,000 397,785
Maharashtra Seamless 150,000 779,631
Major Drilling Group International 341,900 2,014,858
Medusa Mining 1 75,600 55,270
Pan American Silver 225,430 2,475,221
Pretium Resources 1 196,000 1,023,796
Reliance Steel & Aluminum 154,420 10,562,328
Saracen Mineral Holdings 1 237,072 74,724
Schnitzer Steel Industries Cl. A 100,000 2,405,000
Sims Metal Management 16,000 157,039
Synalloy Corporation 178,800 3,111,120
Victoria Gold 1 550,000 61,387
Vista Gold 1 124,000 50,865
Worthington Industries 148,000 5,508,560
40,847,914
Paper & Forest Products - 0.2%Glatfelter 28,400 623,380
Qunxing Paper Holdings 1,5 3,296,000 42,448
Schweitzer-Mauduit International 31,648 1,307,379
1,973,207
Total 92,117,445
Telecommunication Services – 0.7% Wireless Telecommunication Services - 0.7%Spok Holdings 28,300 368,183
Telephone and Data Systems 338,270 8,104,949
Total 8,473,132
Utilities – 0.1% Gas Utilities - 0.1%UGI Corporation 23,250 792,593
Total 792,593
Miscellaneous7 – 4.9% Total 59,208,984
TOTAL COMMON STOCKS(Cost $964,463,285)
1,240,005,326
PREFERRED STOCK – 0.1%Seneca Foods Conv. 1,5
50,000 1,287,000
(Cost $724,063)
1,287,000
REPURCHASE AGREEMENT – 1.0% Fixed Income Clearing Corporation,0.00% dated 9/30/14, due 10/1/14,
maturity value $12,501,000 (collateralized
by obligations of various U.S. Government
Agencies, 1.25% due 10/31/18, valued at
$12,754,781)
(Cost $12,501,000)
12,501,000
TOTAL INVESTMENTS – 104.1%(Cost $977,688,348)
1,253,793,326 LIABILITIES LESS CASHAND OTHER ASSETS – (4.1)%
(49,317,062 )
NET ASSETS – 100.0% $ 1,204,476,264
1Non-income producing.2All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at September 30, 2014. Total market value of pledged securities at September 30, 2014, was $80,555,945.3These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities.4At September 30, 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 1940.5Securities 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.6At September 30, 2014, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $24,456,321.7Includes 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 $979,148,391. At September 30, 2014, net unrealized appreciation for all securities was $274,644,935, consisting of aggregate gross unrealized appreciation of $348,883,982 and aggregate gross unrealized depreciation of $74,239,047. 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 highest 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 September 30, 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 $ 1,204,815,506 $ 34,919,875 $ 269,945 $ 1,240,005,326 Preferred Stocks – – 1,287,000 1,287,000 Cash Equivalents – 12,501,000 – 12,501,000
Level 3 Reconciliation:Realized and Unrealized Balance as of 12/31/13 Sales Gain (Loss) Balance as of 9/30/14 Common Stocks $ 131,709 $ – $ 138,236 $ 269,945 Preferred Stocks 1,578,555 72,406 (219,149 ) 1,287,000Repurchase 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 September 30, 2014, the Fund has outstanding borrowings of $45,000,000 with BNP Paribas Prime Brokerage Inc. (BNPP). During the period ended September 30, 2014, the Fund borrowed an average daily balance of $63,168,498. 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 9/30/14 9/30/14 Stanley Furniture 50,000 $ 192,000 $ 2,549,923 – – $ – 1,012,235 $ 2,839,319 Timberland Bancorp 444,200 4,273,204 – – – 57,746 444,200 4,672,984 $ 4,465,204 $ 57,746 $ 7,512,303
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 nine months ended September 30, 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: November 24, 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: November 24, 2014By:
/s/ John D. Diederich John D. Diederich Treasurer, Royce Value Trust, Inc. Date: November 24, 2014