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UNITED STATES FORM N-Q Investment Company Act file number: 811-04875 Name of Fund: Royce Value Trust, Inc. Name and address of agent for service:
Registrants telephone number, including
area code: (212) 486-1445 Date of fiscal year end: 12/31/2004 Date of reporting period: 9/30/2004 Item 1 - Schedule of Investments Royce Value Trust, Inc. Jones
Apparel Group K-Swiss
Cl. A Steven
Madden a Oshkosh
BGosh Cl. A Polo
Ralph Lauren Cl. A Timberland
Company Cl. A a Tommy
Hilfiger a Warnaco
Group (The) a Weyco
Group Wolverine
World Wide Action
Performance Companies The
Boyds Collection a Department
56 a Enesco
Group a Aaron
Rents Hain
Celestial Group a Hershey
Creamery Company Lancaster
Colony Bassett
Furniture Industries Ethan
Allen Interiors La-Z-Boy Natuzzi
ADR b Journal
Communications Cl. A Scholastic
Corporation a Callaway
Golf Company Coachmen
Industries Monaco
Coach Oakley Thor
Industries Blyth Burnham
Corporation Cl. B Dorel
Industries Cl. B a Fossil
a Lazare
Kaplan International a Matthews
International Cl. A RC2
Corporation a Carmike
Cinemas Gemstar-TV
Guide International a Hasbro Steiner
Leisure a Benihana
Cl. A a CEC
Entertainment a Four
Seasons Hotels IHOP
Corporation Jack
in the Box a Prime
Hospitality a Ryans Restaurant Group a Steak
n Shake Company (The) a BJs Wholesale Club a Big
Lots a Charming
Shoppes a Childrens Place Retail Stores a Christopher
& Banks Claires Stores GameStop
Corporation Cl. A a Linens
n Things a Neiman
Marcus Group (The ) Cl. A Stein
Mart a Urban
Outfitters a Coinstar
a.d ITT
Educational Services a Sothebys Holdings Cl. A a BOK
Financial a Farmers
& Merchants Bank of Long Beach First
National Bank Alaska Mechanics
Bank Mercantile
Bankshares NetBank Oriental
Financial Group Partners
Trust Financial Group Whitney
Holding Wilmington
Trust Alleghany
Corporation a Aspen
Insurance Holdings Baldwin
& Lyons Cl. B Commerce
Group Erie
Indemnity Company Cl. A HCC
Insurance Holdings Leucadia
National Markel
Corporation a Montpelier
Re Holdings NYMAGIC Navigators
Group a Ohio
Casualty a PICO
Holdings a PMA
Capital Cl. A a Philadelphia
Consolidated Holding a Phoenix
Companies (The) PXRE
Group ProAssurance
Corporation a RLI Reinsurance
Group of America 21st
Century Insurance Group Wesco
Financial White
Mountains Insurance Group Zenith
National Insurance Public
Storage Sun
Communities E*TRADE
Financial a Knight
Trading Group a Chicago
Mercantile Exchange Holdings Advent
Software a eFunds
Corporation a FactSet
Research Systems Fair
Isaac Global
Payments Interactive
Data a Moodys Corporation National
Processing a SEI
Investments Crawford
& Company Cl. B Crawford
& Company Cl. A Gallagher
(Arthur J.) & Company Hilb
Rogal & Hobbs Company Alliance
Capital Management Holding L.P. Apollo
Investment BKF
Capital Group BlackRock
Cl. A Eaton
Vance Federated
Investors Cl. B Gabelli
Asset Management Cl. A Nuveen
Investments Cl. A CharterMac Municipal
Mortgage & Equity PRG-Schultz
International a Covance
a First
Consulting Group a Gene
Logic a TriZetto
Group (The) a Young
Innovations Abgenix
a Applera
Corporation- Celera Genomics Group a Biogen
Idec a Celgene
Corporation a Chiron
Corporation a Endo
Pharmaceuticals Holdings a Invitrogen
Corporation a Millennium
Pharmaceuticals a Perrigo
Company Shire
Pharmaceuticals Group ADR b Accredo
Health a Albany
Molecular Research a Gentiva
Health Services a Health
Management Associates Cl. A Lincare
Holdings a Manor
Care MedQuist
a On
Assignment a Quovadx
a Allied
Healthcare Products a Arrow
International CONMED
Corporation a Datascope Diagnostic
Products Haemonetics
a Invacare
Corporation Novoste
a STERIS
Corporation a Thoratec
Corporation a Varian
Medical Systems a Zoll
Medical a Ocular
Sciences a Regis Adesa
a CLARCOR LKQ
Corporation a Quantam
Fuel Systems Technologies Worldwide a Decker
Manufacturing Preformed
Line Products Company Simpson
Manufacturing Teleflex Ash
Grove Cement Company Cl. B ElkCorp Florida
Rock Industries Heywood
Williams Group a AMETEK Bel
Fuse Cl. A C
& D Technologies Donaldson
Company Penn
Engineering & Manufacturing Penn
Engineering & Manufacturing Cl. A PerkinElmer Powell
Industries a Woodhead
Industries Coherent
a Federal
Signal Global
Power Equipment Group a Graco IDEX
Corporation Lincoln
Electric Holdings National
Instruments Nordson
Corporation Pason
Systems PAXAR
Corporation a Woodward
Governor Company Commercial
Metals Company CompX
International Cl. A a Kaydon
Corporation NN Oregon
Steel Mills a Glatfelter
(P. H.) Company Mod-Pac
Corporation a Peak
International a Baldor
Electric Conbraco
Industries Franklin
Electric Aceto Albemarle
Corporation Arch
Chemicals Balchem
Corporation CFC
International a Cabot
Corporation Hawkins Lydall
a MacDermid Material
Sciences a Culp
a Unifi
a Albany
International Cl. A Brady
Corporation Cl. A Diebold Kimball
International Cl. B Maxwell
Technologies a Myers
Industries Quixote
Corporation Steelcase
Cl. A Trinity
Industries Interpublic
Group of Companies a ABM
Industries Administaff
a Allied
Waste Industries a Central
Parking Convergys
Corporation a Copart
a Harsco
Corporation Hudson
Highland Group a iGATE
Corporation a Iron
Mountain a MPS
Group a Manpower MoneyGram
International Monster
Worldwide a Nam
Tai Electronics New
Horizons Worldwide a Pemstar
a RemedyTemp
Cl. A a Renaissance
Learning Reynolds
& Reynolds Company Cl. A Rollins SOURCECORP
a Spherion
Corporation a TRC
Companies a Viad
Corporation Watson
Wyatt & Company Holdings West
Corporation a Champion
Enterprises a Chicago
Bridge & Iron Company EMCOR
Group a Fleetwood
Enterprises a Integrated
Electrical Services a Jacobs
Engineering Group a McDermott
International a Farmer
Bros. MGP
Ingredients Seneca
Foods Cl. B a Central
Steel & Wire Ritchie
Bros. Auctioneers
Strategic Distribution a Bowne
& Co. R.R.
Donnelley & Sons Ennis Alexander
& Baldwin FLYi
a Brinks Company (The) C.
H. Robinson Worldwide EGL
a Forward
Air a Frozen
Food Express Industries a Hub
Group Cl. A a Landstar
System a Patriot
Transportation Holding a UTI
Worldwide Landauer Team
a Atwood
Oceanics a Carbo
Ceramics Core
Laboratories a ENSCO
International Global
Industries a Hanover
Compressor Company a Helmerich
& Payne Input/Output
a Key
Energy Services a Lufkin
Industries Precision
Drilling a Tidewater Universal
Compression Holdings a Veritas
DGC a Willbros
Group a Chesapeake
Energy Cimarex
Energy a Denbury
Resources a EOG
Resources Houston
Exploration Company (The) a Husky
Energy Penn
Virginia Plains
Exploration & Production Company a Remington
Oil & Gas a SEACOR
Holdings a AngloGold
Ashanti ADR b Aurizon
Mines a Glamis
Gold a Gold
Fields ADR b MK
Resources Company a Meridian
Gold a Miramar
Mining a Stillwater
Mining Company a Alico CB
Richard Ellis Group Cl.A a Consolidated-Tomoka
Land Trammell
Crow Company a Armor
Holdings a Curtiss-Wright Ducommun
a Herley
Industries a Advanced
Digital Information a American
Power Conversion Analogic
Corporation Belden
CDT Checkpoint
Systems a Dionex
Corporation a Excel
Technology a Imation
Corporation InFocus
Corporation a KEMET
Corporation a Kronos
a Methode
Electronics Cl. A Perceptron
a Plexus
Corporation a Radiant
Systems a Symbol
Technologies TTM
Technologies a Technitrol
a Tektronix Vishay
Intertechnology a Zebra
Technologies Cl. A a Agilysys Anixter
International a Arrow
Electronics a Avnet
a Benchmark
Electronics a Insight
Enterprises a Tech
Data a CNET
Networks a CryptoLogic CyberSource
Corporation a DoubleClick
a RealNetworks
a Satyam
Computer Services ADR b Vastera
a answerthink
a BearingPoint
a Black
Box CACI
International Cl. A a CIBER
a Computer
Task Group a Covansys
Corporation a DiamondCluster
International a Forrester
Research a Gartner
Cl. A a Keane
a MAXIMUS
a Perot
Systems Cl. A a QRS
Corporation a Sapient
Corporation a Syntel Unisys
Corporation a Artisan
Components a BE
Semiconductor Industries a Cognex
Corporation Credence
Systems a Cymer
a DSP
Group a DuPont
Photomasks a Exar
Corporation a Fairchild
Semiconductor International Cl. A a Helix
Technology Integrated
Circuit Systems a Lattice
Semiconductor a Mentor
Graphics a National
Semiconductor a Novellus
Systems a Qlogic
Corporation a Semitool
a Silicon
Storage Technology a Veeco
Instruments a Aspen
Technology a Autodesk Business
Objects ADR a,b,d Integral
Systems JDA
Software Group a MRO
Software a Macromedia
a ManTech
International Cl. A a Manugistics
Group a Novell
a Progress
Software a SPSS
a Sybase
a Synopsys
a Transaction
Systems Architects Cl. A a Andrew
Corporation a Corvis
Corporation a Catapult
Communications a IDT
Corporation a IDT
Corporation Cl. B a Inet
Technologies a PECO
II a Scientific-Atlanta CH
Energy Group Southern
Union a (Cost $745,192,680) Aristotle
Corporation 11.00% Conv. (Cost $31,005) Conv.
Sub. Deb. due 5/15/12 Conv.
Sub. Deb. due 12/15/06 (Cost $1,576,256) 5.625%,
due 2/15/06 (Cost $26,204,762) 1.30%
dated 9/30/04, due 10/1/04, maturity
value $23,652,854 (collateralized
by Federal National Mortgage Association 5.25%
due at 1/15/06, valued at $24,127,426) (Cost $23,652,000) 5.50%-7.25%
due 8/15/22-8/15/28 1.875%
due 1/31/06 State
Street Navigator Securities Lending Prime
Portfolio (Cost $818,844,710)
AND OTHER ASSETS - (2.7)%
COMMON STOCKHOLDERS - 100.0% Item 2 - Controls and Procedures Item 3 - Exhibits Certifications
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 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.
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Fund
Address: 1414 Avenue of the Americas
New York, NY 10019
John E. Denneen, Esq.
Royce & Associates, LLC
1414 Avenue of the Americas
New York, NY 10019
Portfolio of Investments
September
30, 2004
ROYCE VALUE
TRUST
SCHEDULE OF
INVESTMENTS
SEPTEMBER
30, 2004 (UNAUDITED)
COMMON
STOCKS - 119.1%
SHARES
VALUE
Consumer
Products - 8.4%
Apparel and
Shoes - 3.3%
81,500
$
2,917,700
240,700
4,633,475
74,000
1,306,100
104,300
2,106,860
150,000
5,455,500
30,000
1,704,000
226,000
2,230,620
42,000
933,660
153,996
5,697,852
84,600
2,131,920
29,117,687
Collectibles
- 0.2%
50,000
506,500
276,500
658,070
15,000
244,500
47,200
323,320
1,732,390
Food/Beverage/Tobacco
- 0.4%
4,500
97,920
37,800
668,304
709
1,772,500
16,900
712,589
3,251,313
Home Furnishing
and Appliances - 0.7%
102,975
1,944,168
15,000
521,250
791,600
1,527,788
68,200
1,035,276
67,200
725,760
45,000
819,000
6,573,242
Publishing
- 0.6%
100,200
1,757,508
130,000
4,015,700
5,773,208
Sports and
Recreation - 1.3%
275,800
2,915,206
47,700
752,706
141,050
3,053,733
331,600
3,946,040
43,100
1,140,857
11,808,542
Other Consumer
Products - 1.9%
14,700
454,230
36,000
918,000
39,500
1,112,320
22,500
696,150
103,600
797,720
30,000
607,500
186,000
6,301,680
180,400
5,935,160
16,822,760
Total
75,079,142
Consumer
Services - 7.1%
Direct Marketing
- 0.2%
97,500
1,972,425
Leisure and
Entertainment - 0.5%
21,000
739,410
201,100
1,136,215
50,000
940,000
10,000
155,000
47,500
1,049,750
4,020,375
Restaurants
and Lodgings - 1.6%
56,900
761,322
45,000
1,653,750
35,000
2,243,500
161,700
6,178,557
14,000
444,220
638,000
385,990
106,100
1,291,237
60,900
903,756
45,500
777,140
14,639,472
Retail Stores
- 3.3%
40,000
1,093,600
232,200
2,839,806
111,000
2,392,050
584,400
4,160,928
18,000
430,380
10,000
160,100
183,400
4,592,336
13,000
240,630
57,100
722,886
37,000
857,290
20,000
1,150,000
209,600
2,123,248
192,800
2,934,416
165,200
5,682,880
25,000
41,500
29,422,050
Other Consumer
Services 1.5%
34,000
792,200
128,000
4,614,400
510,200
8,020,344
13,426,944
Total
63,481,266
Financial
Intermediaries - 12.9%
Banking - 3.3%
129,327
5,769,277
77,000
865,480
1,266
7,184,550
2,130
4,686,000
200
3,820,000
20,000
959,200
70,000
700,700
49,225
1,332,029
130,000
1,346,800
38,000
833,340
27,000
1,134,000
31,000
1,122,510
29,753,886
Insurance
- 8.4%
11,700
3,192,930
197,000
3,677,990
58,000
1,334,580
22,200
560,328
49,500
2,395,800
169,900
8,668,298
17,000
512,550
51,500
2,917,475
4,200
1,295,280
74,000
2,714,320
85,200
1,865,028
83,200
2,432,768
187,000
3,913,910
218,200
4,152,346
171,700
1,296,335
35,000
1,929,200
81,900
853,398
176,551
4,133,059
186,070
6,516,171
99,724
3,744,636
30,000
1,236,000
62,000
827,700
7,750
2,724,125
14,100
7,416,600
96,900
4,099,839
74,410,666
Real Estate
Investment Trusts - 0.2%
25,000
1,238,750
20,400
799,476
2,038,226
Securities
Brokers - 0.8%
485,700
5,546,694
129,700
1,197,131
6,743,825
Other Financial
Intermediaries - 0.2%
10,000
1,613,000
Total
114,559,603
Financial
Services - 8.6%
Information
and Processing - 3.1%
151,100
2,543,013
26,214
463,726
224,275
4,169,272
93,500
4,506,700
59,000
1,722,800
68,500
3,668,175
134,300
2,527,526
30,000
2,197,500
20,000
530,400
162,200
5,462,896
27,792,008
Insurance
Brokers - 1.4%
60,300
404,010
289,100
1,879,150
121,200
4,015,356
155,050
5,615,911
11,914,427
Investment
Management - 3.5%
135,000
4,792,500
771,800
10,920,970
35,700
1,046,010
25,000
1,837,250
70,200
2,835,378
51,500
1,464,660
93,100
3,989,335
138,600
4,102,560
30,988,663
Other Financial
Services 0.6%
59,600
1,310,604
47,300
1,192,906
467,000
2,680,580
41,000
270,600
5,454,690
Total
76,149,788
Health
- 11.4%
Commercial
Services - 2.9%
122,700
4,904,319
520,900
2,469,066
340,100
1,265,172
94,300
4,784,782
277,700
5,442,920
67,600
2,433,600
26,500
786,785
215,200
1,254,616
62,550
2,064,150
25,405,410
Drugs and
Biotech - 3.6%
38,000
374,680
90,800
2,788,468
38,500
232,155
199,200
2,328,648
28,100
1,718,877
18,200
7,280
40,000
2,329,200
4,900
234,710
21,700
52,297
21,800
963,560
10,000
170,700
79,700
914,956
318,200
5,842,152
28,000
1,523,480
79,000
1,257,680
90,000
981,900
40,000
2,199,600
463,300
3,053,147
40,000
416,000
50,000
685,500
171,750
3,529,463
20,853
597,438
32,201,891
Health Services
- 0.9%
8,705
205,177
85,000
816,000
30,150
493,556
27,400
559,782
34,600
1,027,966
58,300
1,746,668
73,893
964,304
425,200
1,887,888
3,000
5,730
7,707,071
Medical Products
and Devices - 3.0%
62,000
428,420
302,602
9,047,800
81,500
2,143,450
12,000
447,600
25,000
1,021,750
77,900
2,558,236
88,000
4,048,000
66,500
109,060
200,100
4,390,194
2,000
19,240
61,600
2,129,512
20,200
674,478
27,017,740
Personal Care
1.0%
152,500
7,315,425
37,200
1,496,184
8,811,609
Total
101,143,721
Industrial
Products - 18.7%
Automotive
- 0.5%
105,900
1,739,937
22,000
1,048,740
15,500
75,950
88,000
1,607,760
15,500
84,475
4,556,862
Building Systems
and Components - 1.8%
6,022
207,759
91,600
2,764,488
180,400
11,401,280
29,000
1,232,500
15,606,027
Construction
Materials - 2.1%
50,518
6,668,376
43,000
1,193,680
123,000
6,025,770
738,837
1,149,882
345,000
3,450,000
18,487,708
Industrial
Components - 1.9%
86,000
2,607,520
26,200
734,910
50,000
951,000
52,000
1,476,280
48,350
1,119,303
251,600
4,684,792
77,600
1,198,920
135,000
2,324,700
57,400
967,190
45,400
626,520
16,691,135
Machinery
- 5.1%
228,500
5,927,290
58,600
1,088,788
40,000
296,400
96,825
3,243,638
36,000
1,222,560
265,880
8,337,997
71,400
2,161,278
172,200
5,911,626
79,000
1,939,956
333,100
7,554,708
346,710
2,080,260
40,000
562,000
73,600
4,967,264
45,293,765
Metal Fabrication
and Distribution - 2.2%
5,000
198,600
482,200
7,715,200
208,700
6,004,299
127,100
1,455,295
247,900
4,122,577
19,495,971
Paper and
Packaging - 0.3%
25,000
309,750
10,000
113,000
408,400
2,123,680
2,546,430
Pumps, Valves
and Bearings - 0.5%
62,900
1,488,214
7,630
1,159,760
47,200
1,869,120
4,517,094
Specialty
Chemicals and Materials - 1.6%
35,000
504,000
34,000
1,193,060
38,200
1,090,610
31,200
929,760
123,500
864,500
56,500
2,179,205
56,878
679,692
15,000
139,500
226,631
6,563,234
29,000
391,210
14,534,771
Textiles - 0.1%
60,000
441,000
315,100
718,428
1,159,428
Other Industrial
Products - 2.6%
45,500
1,356,355
139,400
6,798,538
100,000
4,670,000
417,380
5,793,234
21,500
221,665
30,499
333,964
158,600
2,267,980
4,300
82,904
50,000
700,000
20,000
623,400
22,848,040
Total
165,737,231
Industrial
Services - 15.2%
Advertising
and Publishing - 0.2%
180,000
1,906,200
Commercial
Services - 5.9%
134,800
2,716,220
32,000
374,400
188,800
1,670,880
194,900
1,239,564
83,800
1,107,836
10,000
145,800
121,000
1,625,030
138,100
2,614,233
22,000
987,800
59,000
1,561,140
50,549
1,475,525
168,000
618,240
206,175
6,979,024
53,400
752,940
648,500
5,453,885
55,800
2,482,542
25,000
40,250
217,100
3,708,068
79,000
1,946,560
30,000
640,500
198,000
849,420
351,900
640,458
5,000
146,950
62,500
652,500
15,000
325,050
52,000
1,282,840
87,000
2,113,230
35,000
774,900
3,000
23,460
43,000
807,110
78,525
1,863,398
81,000
2,130,300
75,000
2,184,750
51,934,803
Engineering
and Construction - 2.0%
120,000
1,234,800
35,000
1,049,650
48,100
1,809,522
234,300
3,556,674
214,200
3,999,114
31,500
151,515
47,000
1,799,630
71,000
837,800
100,000
3,462,000
17,900,705
Food and Tobacco
Processors - 0.8%
150,000
4,009,500
286,400
2,841,088
6,500
118,625
6,969,213
Industrial
Distribution - 1.5%
3,799
2,013,470
310,400
9,513,760
115,000
1,725,000
13,252,230
Printing - 0.4%
68,100
884,619
44,541
1,395,024
62,700
1,343,034
3,622,677
Transportation
and Logistics - 3.8%
219,000
941,700
60,000
2,036,400
108,000
422,280
122,278
3,689,127
40,000
1,855,600
100,000
852,000
173,125
5,238,763
7,000
243,810
166,500
6,663,330
306,635
2,327,360
30,000
184,800
77,000
2,868,250
5,600
328,608
101,300
3,328,718
45,000
2,646,450
33,627,196
Other Industrial
Services - 0.6%
117,900
5,533,047
4,700
72,662
5,605,709
Total
134,818,733
Natural
Resources - 10.0%
Energy
Services - 4.3%
19,700
936,538
105,600
7,617,984
10,000
245,900
6,443
210,493
119,500
738,510
160,000
2,152,000
172,400
4,946,156
669,100
6,898,421
10,000
110,500
15,000
558,300
29,500
1,696,250
61,000
1,894,050
32,600
1,061,130
115,000
3,918,050
38,700
881,586
289,600
4,317,936
38,183,804
Oil and Gas
- 3.3%
75,000
1,187,250
115,041
4,019,533
39,000
508,560
174,100
4,422,140
5,000
329,250
57,000
3,382,950
75,000
1,825,133
33,000
1,306,470
76,500
1,825,290
78,500
2,060,625
159,500
7,456,625
100,300
956,862
29,280,688
Precious Metals
and Mining - 1.3%
49,900
1,941,110
62,000
68,820
270,000
861,300
155,000
2,903,150
57,800
788,970
198,000
1,473,120
431,700
1,187,175
147,000
2,457,840
110,000
139,700
10,780
167,090
11,988,275
Real Estate
1.1%
52,000
2,215,200
75,000
1,732,500
13,564
471,756
315,900
4,965,948
9,385,404
Total
88,838,171
Technology
- 21.7%
Aerospace
and Defense - 1.0%
23,000
957,030
86,600
4,956,118
117,200
2,619,420
2,000
37,380
8,569,948
Components
and Systems - 6.2%
46,000
400,200
151,200
2,629,368
21,000
875,490
57,800
1,260,040
103,000
1,603,710
81,000
4,430,700
168,500
4,350,670
47,500
1,269,675
15,700
558,763
79,000
723,640
110,000
889,900
38,775
1,717,345
50,000
639,500
25,000
396,250
28,000
232,400
191,900
2,201,093
397,400
2,658,606
399,700
4,412,688
32,500
130,650
189,200
891,132
259,600
3,281,344
192,600
1,712,214
348,900
6,803,550
65,000
2,161,250
231,000
2,979,900
96,525
5,888,990
55,099,068
Distribution
- 1.6%
185,125
3,200,811
41,900
1,470,271
114,700
2,589,926
52,355
896,318
36,000
1,072,800
64,000
1,077,760
96,500
3,720,075
14,027,961
Internet Software
and Services - 0.8%
155,400
1,421,910
202,000
3,128,980
10,000
48,300
181,700
1,073,847
130,000
153,400
85,400
397,964
20,000
159,600
20,000
462,400
15,000
26,550
6,872,951
IT Services
- 5.4%
655,000
3,504,250
524,000
4,684,560
47,000
1,736,650
10,000
527,800
109,000
819,680
101,100
314,421
251,600
2,903,464
80,400
980,880
79,300
1,208,532
316,000
3,694,040
106,700
717,024
480,000
7,372,800
160,300
4,618,243
165,100
2,651,506
57,500
397,900
819,400
6,252,022
148,500
2,454,705
325,000
3,354,000
48,192,477
Semiconductors
and Equipment - 3.5%
15,000
436,650
58,000
292,320
167,900
6,086,375
31,666
250,161
118,400
3,102,080
70,600
508,320
14,500
415,570
115,000
2,420,750
35,000
596,400
281,700
839,466
207,400
2,936,784
51,200
725,504
36,900
501,656
75,000
1,612,500
216,050
1,356,794
105,800
597,770
254,000
1,247,140
225,700
2,474,801
76,400
1,183,436
12,000
319,080
11,000
155,650
37,500
1,110,375
50,000
379,500
15,000
95,550
65,000
1,363,050
31,007,682
Software - 2.1%
10,000
497,300
27,100
189,429
81,000
3,939,030
20,500
477,855
59,800
1,166,698
74,900
810,418
46,000
460,000
51,600
1,036,128
135,000
2,527,200
49,200
117,096
85,000
536,350
30,500
606,950
117,500
1,566,275
82,600
1,139,054
5,000
79,150
213,150
3,961,393
5,000
34,750
19,145,076
Telecommunications
- 1.1%
30,000
367,200
10,000
8,000
75,100
1,414,884
35,000
58,800
233,700
1,549,431
25,000
364,500
40,000
601,200
65,000
817,700
280,400
726,236
93,600
62,712
117,300
3,040,416
179,000
859,200
9,870,279
Total
192,785,442
Utilities
- 0.2%
44,500
2,038,100
11,025
226,013
Total
2,264,113
Miscellaneous
- 4.9%
Total
43,626,730
TOTAL COMMON
STOCKS
1,058,483,940
PREFERRED
STOCK - 0.1%
4,800
38,112
TOTAL PREFERRED
STOCK
38,112
PRINCIPAL
AMOUNT
CORPORATE
BONDS - 0.2%
Dixie Group
7.00%
$
490,000
460,600
Richardson
Electronics 7.25%
1,319,000
1,319,000
TOTAL CORPORATE
BONDS
1,779,600
U.S TREASURY
OBLIGATIONS - 2.9%
U. S. Treasury
Notes
25,000,000
26,108,400
TOTAL U.S.
TREASURY OBLIGATIONS
26,108,400
REPURCHASE
AGREEMENT - 2.7%
State Street
Bank & Trust Company,
23,652,000
COLLATERAL
RECEIVED FOR SECURITIES LOANED - 2.5%
U.S. Treasury
Bonds
7,326
U.S. Treasury
Notes
152,370
Money Market
Funds
22,028,311
Total
(Cost $22,188,007)
22,188,007
TOTAL INVESTMENTS
- 127.5%
1,132,250,059
LIABILITIES
LESS CASH
(23,849,302
)
PREFERRED
STOCK - (24.8)%
(220,000,000
)
NET ASSETS
APPLICABLE TO
$
888,400,757
Shares
Market Value
Realized
Shares
Market Value
Affiliated Company
12/31/2003
12/31/2003
Purchases
Sales
Gain (Loss)
Dividend Income
9/30/2004
9/30/2004
CompX International*
482,200
3,086,080
-
-
-
Falcon Products
761,600
3,351,040
109,500
-
-
791,600
1,527,788
MGP Ingredients*
417,322
6,572,822
-
2,682,904
5,043,390
-
Peerless Mfg.
158,600
2,045,940
-
-
-
158,600
2,267,980
Richardson
Electronics*
7.25%
Conv. Due 12/15/06
1,319,000
1,213,480
-
-
-
Synalloy Corporation
345,000
2,387,400
-
-
-
345,000
3,450,000
18,656,762
5,043,390
-
7,245,768
*Not an affilated
issuer at September 30, 2004.
(a)
The Registrants principal executive and principal financial officers have concluded, based
on their evaluation of the Registrants disclosure controls and procedures
as of a date within 90 days of the filing date of this report, that the Registrants disclosure controls and procedures 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 Registrants 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 Registrants internal controls over financial reporting during
the Registrants last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the internal controls over financial reporting.
By: /s/ Charles M.
Royce
Charles M. Royce
President, Royce Value
Trust, Inc.
Date: November 29, 2004
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 29, 2004
By: /s/ John D. Diederich
John D. Diederich
Treasurer, Royce Value
Trust, Inc.
Date: November 29, 2004
Certification Filed as Exhibit 3 to Form N-Q
CERTIFICATION
I, Charles M. Royce, certify that:
1. I have reviewed this report on Form N-Q of Royce Value Trust, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the Registrant as of the fiscal quarter for which the report is filed;
4. The Registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) [omitted];
(c) Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrants internal controls over financial reporting that occurred during the Registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants internal controls over financial reporting; and
5. The Registrants other certifying officer(s) and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of trustees (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal controls over financial reporting.
Date: November 29, 2004
/s/ Charles M. Royce
Charles M. Royce
President
Royce
Value Trust, Inc.
CERTIFICATION
I, John D. Diederich, certify that:
1. I have reviewed this report on Form N-Q of Royce Value Trust, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the Registrant as of the fiscal quarter for which the report is filed;
4. The Registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) [omitted];
(c) Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrants internal controls over financial reporting that occurred during the Registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants internal controls over financial reporting; and
5. The Registrants other certifying officer(s) and I have disclosed to the Registrants auditors and the audit committee of the Registrants board of trustees (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal controls over financial reporting.
Date: November 29, 2004
/s/ John D. Diederich
John D. Diederich
Treasurer
Royce
Value Trust, Inc.