0001193479-14-000010.txt : 20140228 0001193479-14-000010.hdr.sgml : 20140228 20140228143501 ACCESSION NUMBER: 0001193479-14-000010 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131231 FILED AS OF DATE: 20140228 DATE AS OF CHANGE: 20140228 EFFECTIVENESS DATE: 20140228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROYCE VALUE TRUST INC CENTRAL INDEX KEY: 0000804116 IRS NUMBER: 133356097 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-04875 FILM NUMBER: 14654113 BUSINESS ADDRESS: STREET 1: 745 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10151 BUSINESS PHONE: 2123557311 MAIL ADDRESS: STREET 1: 745 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10151 NSAR-B 1 answer.fil RVT NSAR PAGE 1 000 B000000 12/31/2013 000 C000000 0000804116 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 ROYCE VALUE TRUST, INC. 001 B000000 811-04875 001 C000000 2125084500 002 A000000 745 FIFTH AVENUE 002 B000000 NEW YORK 002 C000000 NY 002 D010000 10151 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A000001 ROYCE & ASSOCIATES, LLC 008 B000001 A 008 C000001 801-8268 008 D010001 NEW YORK 008 D020001 NY 008 D030001 10019 010 A000001 ROYCE & ASSOCIATES, LLC 010 C010001 NEW YORK 010 C020001 NY 010 C030001 10019 012 A000001 COMPUTERSHARE TRUST COMPANY 012 B000001 84-05925 012 C010001 CANTON 012 C020001 MA 012 C030001 02021 013 A000001 TAIT, WELLER & BAKER 013 B010001 PHILADELPHIA 013 B020001 PA 013 B030001 19103 PAGE 2 013 B040001 2108 014 A000001 CARNES CAPITAL CORPORATION 014 B000001 8-33443 014 A000002 LEGG MASON INVESTOR SERVICES, LLC 014 B000002 8-53089 014 A000003 ROYCE FUND SERVICES, INC. 014 B000003 8-28663 015 A000001 STATE STREET BANK AND TRUST COMPANY 015 B000001 C 015 C010001 QUINCY 015 C020001 MA 015 C030001 02170 015 E010001 X 015 A000002 HSBC BANK MIDDLE EAST LTD 015 B000002 S 015 C010002 DUBAI 015 D010002 UNITED ARAB EMIRATES 015 E040002 X 015 A000003 CITIBANK N.A. 015 B000003 S 015 C010003 BUENOS AIRES 015 D010003 ARGENTINA 015 E040003 X 015 A000004 BANK AUSTRIA CREDITANSTALT AG 015 B000004 S 015 C010004 VIENNA 015 D010004 AUSTRIA 015 E040004 X 015 A000005 HONG KONG AND SHANGHAI BANKING CORP LTD 015 B000005 S 015 C010005 SYDNEY 015 D010005 AUSTRALIA 015 E040005 X 015 A000006 DEUTSCHE BANK AG 015 B000006 S 015 C010006 AMSTERDAM 015 D010006 NETHERLANDS 015 E040006 X 015 A000007 BANK OF BERMUDA 015 B000007 S 015 C010007 HAMILTON 015 D010007 BERMUDA 015 E040007 X 015 A000008 CITIBANK N.A. 015 B000008 S 015 C010008 SAO PAULO 015 D010008 BRAZIL 015 E040008 X 015 A000009 STATE STREET TRUST COMPANY 015 B000009 S 015 C010009 TORONTO PAGE 3 015 D010009 CANADA 015 E040009 X 015 A000010 UBS AG 015 B000010 S 015 C010010 ZURICH 015 D010010 SWITZERLAND 015 E040010 X 015 A000011 BANCO ITAU CHILE 015 B000011 S 015 C010011 SANTIAGO 015 D010011 CHILE 015 E040011 X 015 A000012 CITITRUST COLOMBIA, S.A. 015 B000012 S 015 C010012 BOGOTA DC 015 D010012 COLUMBIA 015 E040012 X 015 A000013 DEUTSCHE BANK AG 015 B000013 S 015 C010013 ESCHBORN 015 D010013 GERMANY 015 E040013 X 015 A000014 SKANDINAVISKA ENSKILDA 015 B000014 S 015 C010014 COPENHAGER 015 D010014 DENMARK 015 E040014 X 015 A000015 HSBC BANK EGYPT 015 B000015 S 015 C010015 CAIRO 015 D010015 EGYPT 015 E040015 X 015 A000016 DEUTSCHE BANK 015 B000016 S 015 C010016 MADRID 015 D010016 SPAIN 015 E040016 X 015 A000017 SEB MERCHANT BANKING 015 B000017 S 015 C010017 HELSINKI 015 D010017 FINLAND 015 E040017 X 015 A000018 STATE STREET BANK & TRUST COMPANY 015 B000018 S 015 C010018 EDINBURGH 015 D010018 SCOTLAND 015 E040018 X 015 A000019 BNP PARIBAS 015 B000019 S 015 C010019 ATHENS 015 D010019 GREECE PAGE 4 015 E040019 X 015 A000020 STANDARD CHARTERED BANK 015 B000020 S 015 C010020 KWUN TONG 015 D010020 HONG KONG 015 E040020 X 015 A000021 DEUTSCHE BANK AG 015 B000021 S 015 C010021 MUMBAI 015 D010021 INDIA 015 E040021 X 015 A000022 DEUTCHE BANK A.G. 015 B000022 S 015 C010022 JAKARTA 015 D010022 INDONESIA 015 E040022 X 015 A000023 UNICREDIT BANK 015 B000023 S 015 C010023 BUDAPEST 015 D010023 HUNGARY 015 E040023 X 015 A000024 BANK HAPOALIM B.M. 015 B000024 S 015 C010024 TEL AVIV 015 D010024 ISRAEL 015 E040024 X 015 A000025 DEUTSCHE BANK SPA 015 B000025 S 015 C010025 MILAN 015 D010025 ITALY 015 E040025 X 015 A000026 HONG KONG SHANGHAI BANKING CORP 015 B000026 S 015 C010026 TOKYO 015 D010026 JAPAN 015 E040026 X 015 A000027 HONGKONG AND SHANGHAI BANKING CORP LTD 015 B000027 S 015 C010027 SEOUL 015 D010027 KOREA 015 E040027 X 015 A000028 HONG KONG AND SHANGHAI BANKING CORP LTD 015 B000028 S 015 C010028 EBENE 015 D010028 MAURITIUS 015 E040028 X 015 A000029 BANCO NACIONAL DE MEXICO S.A. 015 B000029 S 015 C010029 SANTA FE 015 D010029 MEXICO 015 E040029 X PAGE 5 015 A000030 STANDARD CHARTERED BANK 015 B000030 S 015 C010030 KUALA LUMPUR 015 D010030 MALAYSIA 015 E040030 X 015 A000031 SKANDINAVISKA ENSKILDA 015 B000031 S 015 C010031 OSLO 015 D010031 NORWAY 015 E040031 X 015 A000032 HONGKONG AND SHANGHAI BANKING CORP 015 B000032 S 015 C010032 AUCKLAND 015 D010032 NEW ZEALAND 015 E040032 X 015 A000033 BANK HANDLOWY W WARSZAWIE S.A. 015 B000033 S 015 C010033 WARSAW 015 D010033 POLAND 015 E040033 X 015 A000034 HSBC SAUDI ARABIA LTD 015 B000034 S 015 C010034 RIYADH 015 D010034 SAUDI ARABIA 015 E040034 X 015 A000035 SKANDINAVISKA ENSKILDA BANKEN 015 B000035 S 015 C010035 STOCKHOLM 015 D010035 SWEDEN 015 E040035 X 015 A000036 CITIBANK N.A. SINGAPORE 015 B000036 S 015 C010036 SINGAPORE 015 D010036 SINGAPORE 015 E040036 X 015 A000037 STANDARD CHARTERED BANK 015 B000037 S 015 C010037 BANGKOK 015 D010037 THAILAND 015 E040037 X 015 A000038 CITIBANK, A.S. 015 B000038 S 015 C010038 ISTANBUL 015 D010038 TURKEY 015 E040038 X 015 A000039 DEUTCHE BANK AG 015 B000039 S 015 C010039 TAIPEI 015 D010039 TAIWAN 015 E040039 X 015 A000040 STANDARD CORPORATE AND MERCHANT BANK PAGE 6 015 B000040 S 015 C010040 JOHANNESBURG 015 D010040 SOUTH AFRIDA 015 E040040 X 015 A000041 HONGKONG & SHANGHAI BANKING CORP LTD 015 B000041 S 015 C010041 HO CHI MINH CITY 015 D010041 VIETMAN 015 E040041 X 018 000000 Y 019 A000000 Y 019 B000000 35 019 C000000 ROYCEFUNDS 020 A000001 KNIGHT EQUITY MARKETS 020 B000001 22-3660471 020 C000001 78 020 A000002 JONES TRADING INSTITUTION 020 B000002 95-3583143 020 C000002 70 020 A000003 WALL STREET ACCESS 020 B000003 13-3057481 020 C000003 61 020 A000004 BASS TRADING 020 B000004 04-3695739 020 C000004 51 020 A000005 GFI SECURITIES LLC 020 B000005 13-3958207 020 C000005 46 020 A000006 QUOIN CAPITAL LLC 020 B000006 11-3725675 020 C000006 40 020 A000007 O'NEIL SECURITIES 020 B000007 95-2269163 020 C000007 37 020 A000008 JEFFERIES & COMPANY 020 B000008 95-2622900 020 C000008 35 020 A000009 HSBC SECURITIES 020 B000009 13-2650272 020 C000009 31 020 A000010 WUNDERLICH SECURITIES 020 B000010 62-1518255 020 C000010 29 021 000000 1635 022 A000001 STATE STREET BANK & TRUST COMPANY 022 B000001 04-1867445 022 C000001 24654615 022 D000001 0 022 A000002 EARLY BIRD CAPITAL 022 B000002 65-0379410 022 C000002 2923 PAGE 7 022 D000002 0 022 A000003 GOLDMAN SACHS & CO. 022 B000003 13-5108980 022 C000003 1848 022 D000003 0 022 A000004 CITIGROUP GLOBAL MKTS 022 B000004 11-2418191 022 C000004 1150 022 D000004 0 022 A000005 J.P. MORGAN INC. 022 B000005 13-3224016 022 C000005 819 022 D000005 0 022 A000006 CREDIT SUISSE 022 B000006 13-1898818 022 C000006 660 022 D000006 0 022 A000007 DEUTSCHE BANK 022 B000007 13-2730828 022 C000007 479 022 D000007 0 022 A000008 SANDLER, O'NEIL 022 B000008 13-3481277 022 C000008 220 022 D000008 0 022 A000009 FRIEDMAN, BILLINGS, RAMSEY 022 B000009 52-1630477 022 C000009 134 022 D000009 0 022 A000010 CANACCORD GENUITY 022 B000010 20-0779566 022 C000010 42 022 D000010 0 023 C000000 24662890 023 D000000 0 024 000000 N 025 A000001 DELETE 025 D000001 0 025 A000002 DELETE 025 D000002 0 025 A000003 DELETE 025 D000003 0 025 D000004 0 025 D000005 0 025 D000006 0 025 D000007 0 025 D000008 0 026 A000000 N 026 B000000 Y 026 C000000 N 026 D000000 Y PAGE 8 026 E000000 N 026 F000000 N 026 G010000 N 026 G020000 N 027 000000 N 028 A010000 0 028 A020000 0 028 A030000 0 028 A040000 0 028 B010000 0 028 B020000 0 028 B030000 0 028 B040000 0 028 C010000 0 028 C020000 0 028 C030000 0 028 C040000 0 028 D010000 0 028 D020000 0 028 D030000 0 028 D040000 0 028 E010000 0 028 E020000 0 028 E030000 0 028 E040000 0 028 F010000 0 028 F020000 0 028 F030000 0 028 F040000 0 028 G010000 0 028 G020000 0 028 G030000 0 028 G040000 0 028 H000000 0 030 A000000 0 030 B000000 0.00 030 C000000 0.00 031 A000000 0 031 B000000 0 032 000000 0 033 000000 0 035 000000 0 036 B000000 0 038 000000 0 042 A000000 0 042 B000000 0 042 C000000 0 042 D000000 0 042 E000000 0 042 F000000 0 042 G000000 0 PAGE 9 042 H000000 0 043 000000 0 044 000000 0 045 000000 Y 046 000000 N 047 000000 N 048 000000 0.000 048 A010000 0 048 A020000 0.000 048 B010000 0 048 B020000 0.000 048 C010000 0 048 C020000 0.000 048 D010000 0 048 D020000 0.000 048 E010000 0 048 E020000 0.000 048 F010000 0 048 F020000 0.000 048 G010000 0 048 G020000 0.000 048 H010000 0 048 H020000 0.000 048 I010000 0 048 I020000 0.000 048 J010000 0 048 J020000 0.000 048 K010000 0 048 K020000 0.000 049 000000 N 050 000000 N 051 000000 Y 052 000000 N 053 A000000 N 054 A000000 N 054 B000000 N 054 C000000 N 054 D000000 N 054 E000000 N 054 F000000 N 054 G000000 N 054 H000000 Y 054 I000000 N 054 J000000 N 054 K000000 N 054 L000000 N 054 M000000 Y 054 N000000 N 054 O000000 N 055 A000000 N 055 B000000 N PAGE 10 056 000000 Y 057 000000 N 058 A000000 N 059 000000 Y 060 A000000 Y 060 B000000 Y 061 000000 0 062 A000000 N 062 B000000 0.0 062 C000000 0.0 062 D000000 0.0 062 E000000 0.0 062 F000000 0.0 062 G000000 0.0 062 H000000 0.0 062 I000000 0.0 062 J000000 0.0 062 K000000 0.0 062 L000000 0.0 062 M000000 0.0 062 N000000 0.0 062 O000000 0.0 062 P000000 0.0 062 Q000000 0.0 062 R000000 0.0 063 A000000 0 063 B000000 0.0 066 A000000 Y 066 B000000 N 066 C000000 Y 066 D000000 N 066 E000000 N 066 F000000 N 066 G000000 N 067 000000 N 068 A000000 N 068 B000000 N 069 000000 N 070 A010000 Y 070 A020000 Y 070 B010000 Y 070 B020000 N 070 C010000 Y 070 C020000 N 070 D010000 Y 070 D020000 N 070 E010000 N 070 E020000 N 070 F010000 N 070 F020000 N 070 G010000 N PAGE 11 070 G020000 N 070 H010000 N 070 H020000 N 070 I010000 N 070 I020000 N 070 J010000 Y 070 J020000 N 070 K010000 Y 070 K020000 Y 070 L010000 Y 070 L020000 Y 070 M010000 Y 070 M020000 N 070 N010000 Y 070 N020000 Y 070 O010000 Y 070 O020000 Y 070 P010000 Y 070 P020000 Y 070 Q010000 N 070 Q020000 N 070 R010000 N 070 R020000 N 071 A000000 411169 071 B000000 635874 071 C000000 1251890 071 D000000 33 072 A000000 12 072 B000000 48 072 C000000 17784 072 D000000 0 072 E000000 398 072 F000000 6589 072 G000000 0 072 H000000 117 072 I000000 19 072 J000000 280 072 K000000 174 072 L000000 187 072 M000000 145 072 N000000 0 072 O000000 161 072 P000000 1675 072 Q000000 0 072 R000000 63 072 S000000 29 072 T000000 0 072 U000000 0 072 V000000 91 072 W000000 132 072 X000000 9662 PAGE 12 072 Y000000 0 072 Z000000 8568 072AA000000 216260 072BB000000 44824 072CC010000 191178 072CC020000 0 072DD010000 7724 072DD020000 0 072EE000000 148307 073 A010000 0.1084 073 A020000 0.0000 073 B000000 2.0816 073 C000000 0.0000 074 A000000 18 074 B000000 191909 074 C000000 0 074 D000000 0 074 E000000 1578 074 F000000 1218478 074 G000000 0 074 H000000 0 074 I000000 0 074 J000000 7197 074 K000000 0 074 L000000 1626 074 M000000 479 074 N000000 1421285 074 O000000 2358 074 P000000 798 074 Q000000 0 074 R010000 0 074 R020000 0 074 R030000 0 074 R040000 110300 074 S000000 0 074 T000000 1307829 074 U010000 71974 074 U020000 0 074 V010000 18.17 074 V020000 0.00 074 W000000 0.0000 074 X000000 1164 074 Y000000 0 075 A000000 0 075 B000000 1226836 076 000000 16.01 077 A000000 Y 077 B000000 Y 077 C000000 Y 077 D000000 N 077 E000000 N PAGE 13 077 F000000 N 077 G000000 N 077 H000000 N 077 I000000 N 077 J000000 N 077 K000000 N 077 L000000 N 077 M000000 N 077 N000000 N 077 O000000 N 077 P000000 N 078 000000 N 080 A000000 ICI MUTUAL INSURANCE COMPANY 080 C000000 15000 081 A000000 Y 081 B000000 36 082 A000000 Y 082 B000000 75 083 A000000 N 083 B000000 0 084 A000000 N 084 B000000 0 085 A000000 Y 085 B000000 N 086 A010000 1699 086 A020000 26225 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 087 A010000 COMMON STOCK 087 A020000 780910105 087 A030000 RVT 088 A000000 N 088 B000000 N 088 C000000 N 088 D000000 N SIGNATURE DANI ENG TITLE ASSISTANT SECRETARY EX-99.77B ACCT LTTR 2 rvt77b13.htm INTERNAL CONTROL LETTER rvt77b13.htm
 
 
 
[TAIT, WELLER & BAKER LLP LETTERHEAD]

 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



Board of Directors
Royce Value Trust, Inc.
New York, New York


In planning and performing our audits of the financial statements of Royce Value Trust, Inc. (“Fund”) as of and for the year ended December 31, 2013, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.   Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.   In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.   A company’s internal control over financial reporting is a process designed 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.   A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.   Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.   A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.





 
 
 

Board of Directors
Royce Value Trust, Inc.
Page Two





Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).   However, we noted no deficiencies in the Trust’s internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of December 31, 2013.

This report is intended solely for the information and use of management, and the Board of Directors of Royce Value Trust, Inc. and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.



                       /s/ Tait, Weller & Baker LLP

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
February 19, 2014

 
 
 

EX-99.77C VOTES 3 rvt77c13.htm RVT SPECIAL/ANNUAL STOCKHOLDER MEETINGS rvt77c13.htm
ROYCE VALUE TRUST, INC.

At the 2013 Special Meeting of Stockholders held on September 5, 2013, the following votes were cast in favor of, cast against, abstained from voting or were uninstructed on the following proposals:

 
Proposal
 
For
 
Withhold
 
Abstain
 
Uninstructed
1.   To consider and vote upon a proposal to contribute approximately $100 million of Royce Value Trust, Inc.'s ("Value Trust") assets to Royce Global Value Trust, Inc., a newly-organized, diversified, closed-end management investment company, and to distribute to Value Trust common stockholders shares of common stock of Royce Global Value Trust, Inc.
33,980,953
5,055,935
814,781
2,899,147
 
2.  To consider and vote upon a proposal to amend an investment restriction of Value Trust, which currently states that Value Trust may not “[u]nderwrite the securities of other issuers, or invest in restricted securities unless such securities are redeemable shares issued by money market funds registered under the [Investment Company Act of 1940, as amended],” to state that Value Trust may not “[u]nderwrite the securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended, in selling portfolio securities and in connection with mergers, acquisitions, spin-off transactions and other reorganization transactions involving the Fund."
33,852,593
5,016,674
982,403
2,899,147


 
 
At the 2013 Annual Meeting of Stockholders held on September 25, 2013, the Fund's stockholders elected four Directors, consisting of:

 
Votes For
Votes Withheld
W. Whitney George
55,528,349
2,580,304
Arthur S. Mehlman
55,868,110
2,240,543
Patricia W. Chadwick
55,423,639
2,685,014
David L. Meister
55,424,206
2,684,447