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 Avenue |
New York, NY 10151 |
Name and address of agent for service: |
John E. Denneen, Esq. |
Royce & Associates, LLC |
745 Fifth Avenue |
New York, NY 10151 |
Registrants 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
ROYCE VALUE TRUST
MARCH 31, 2014 (UNAUDITED)
SHARES | VALUE | ||||||
COMMON STOCKS 90.9% | |||||||
Consumer Discretionary 10.3% | |||||||
Auto Components - 0.6% | |||||||
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 | |||||
233,800 | 3,203,060 | ||||||
Sothebys 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 | |||||
6,000 | 109,860 | ||||||
552,602 | |||||||
Household Durables - 2.3% | |||||||
DeLonghi |
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 | |||||
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 | |||||
147,400 | 2,547,072 | ||||||
Childrens 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% | |||||||
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 | |||||
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 | |||||
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 | |||||
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 | |||||
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 | |||||
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 | |||||
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 | |||||
Moodys 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 | |||||
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 | |||||
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 | |||||
87,408 | 2,988,479 | ||||||
Rigel Pharmaceuticals 2 |
63,000 | 244,440 | |||||
Synthetic Biologics 2 |
50,000 | 128,500 | |||||
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 | |||||
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 | |||||
67,311 | 8,171,556 | ||||||
85,125 | 259,631 | ||||||
142,648 | 21,397 | ||||||
24,363,515 | |||||||
Health Care Providers & Services - 0.4% | |||||||
16,200 | 448,416 | ||||||
Henry Schein 2 |
4,820 | 575,363 | |||||
Landauer 1 |
75,500 | 3,422,415 | |||||
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 | |||||
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% | |||||||
Brinks 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 | |||||
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% | |||||||
50,100 | 5,072,625 | ||||||
Professional Services - 3.5% | |||||||
Acacia Research |
55,341 | 845,611 | |||||
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 | |||||
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 | |||||
156,900 | 3,553,785 | ||||||
Cognex Corporation 2 |
139,600 | 4,726,856 | |||||
Coherent 2 |
151,216 | 9,881,966 | |||||
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 | |||||
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 | |||||
211,400 | 1,786,330 | ||||||
Vaisala Cl. A |
40,320 | 1,250,010 | |||||
Vishay Precision Group 2 |
27,413 | 476,438 | |||||
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 | |||||
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 | |||||
228,000 | 4,534,920 | ||||||
Tessera Technologies |
44,000 | 1,039,720 | |||||
TriQuint Semiconductor 2 |
110,000 | 1,472,900 | |||||
84,300 | 3,534,699 | ||||||
39,514,655 | |||||||
Software - 1.0% | |||||||
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% | |||||||
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 | 234,724 | |||||
Innospec |
63,211 | 2,859,034 | |||||
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 | |||||
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 | |||||
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% | |||||||
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 CASH |
|||||||
AND OTHER ASSETS (5.4)% |
(70,588,460 | ) | |||||
NET ASSETS 100.0% | $ | 1,300,797,372 | |||||
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 Nasdaqs 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 Funds 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.
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). |
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 | | 186,786,000 |
For 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 | ) | 1,416,600 |
Repurchase Agreements:
The Fund may enter into repurchase agreements with institutions that the Funds 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:
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 companys 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:
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 |
Other information regarding the Fund is available in the Funds most recent Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commissions website (www.sec.gov).
Item 2 - Controls and Procedures
(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 (as
required by Rule 30a-3(b) under the Investment Company Act of 1940 (the Act)), that the Registrants 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 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 control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrants 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.
By:
/s/ Charles M. Royce | |
Charles M. Royce | |
President, Royce Value Trust, Inc. | |
Date: May 27, 2014 |
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 |
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) and internal control over financial
reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(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 control 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 control 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 directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control 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 control over financial reporting.
Date: May 27, 2014
/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) and internal control over financial
reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(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 control 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 control 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 directors (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 control over financial reporting.
Date: May 27, 2014
/s/ John D. Diederich | |
John D. Diederich | |
Treasurer | |
Royce Value Trust, Inc. |