UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANYInvestment Company Act File Number: 811-22532
Name of Fund: Royce Global Value Trust, Inc.
Fund Address: 745 Fifth Avenue
New York, NY 10151Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
745 Fifth Avenue
New York, NY 10151Registrant’s telephone number, including area code: (212) 508-4500
Date of fiscal year end: 12/31/2014
Date of reporting period: 9/30/2014
Item 1 - Schedule of Investments
SCHEDULES OF INVESTMENTS ROYCE GLOBAL VALUE TRUST SEPTEMBER 30, 2014 (UNAUDITED) SHARES VALUE COMMON STOCKS – 100.2% Argentina – 0.6%BBVA Banco Frances ADR
44,000 $ 568,480
Total 568,480
Australia – 1.5%ALS
45,300 209,021Collection House
135,000 244,672Imdex 1
1,024,000 627,594Medusa Mining 1
82,600 60,388Programmed Maintenance Services
72,400 174,956TFS Corporation
85,000 139,541
Total 1,456,172
Austria – 2.3%Mayr-Melnhof Karton
12,300 1,306,537Semperit AG Holding
19,300 889,756Zumtobel Group
8,200 153,439
Total 2,349,732
Belgium – 1.5%EVS Broadcast Equipment
1,800 62,794Ion Beam Applications 1
6,000 105,338Picanol Group 1
2,950 98,963RHJ International 1
145,000 714,805Van de Velde
10,936 531,237
Total 1,513,137
Bermuda – 1.7%GP Investments BDR 1
47,500 92,953Lazard Cl. A
29,000 1,470,300Northern Offshore
100,000 167,321
Total 1,730,574
Brazil – 4.5%Brasil Brokers Participacoes
292,500 395,537Brasil Insurance Participacoes e
Administracao
26,100 85,303CETIP - Mercados Organizados
102,000 1,262,629LPS Brasil Consultoria de Imoveis
197,800 881,625MAHLE Metal Leve
25,000 219,589Mills Estruturas e Servicos de Engenharia
10,800 78,979T4F Entretenimento 1
159,700 231,615Totvs
63,000 958,223Valid Solucoes
25,000 391,175
Total 4,504,675
Canada – 7.8%Agnico Eagle Mines
20,000 580,600AirBoss of America
14,000 130,381Alamos Gold
38,000 302,996COM DEV International
27,000 85,584Computer Modelling Group
43,300 450,031Contrans Group Cl. A
15,000 200,768E-L Financial
900 555,293Franco-Nevada Corporation
16,000 782,080HNZ Group
5,700 95,988Magellan Aerospace
41,000 424,296Major Drilling Group International
191,500 1,128,532MTY Food Group
6,800 199,941Pan American Silver
63,700 699,426Ritchie Bros. Auctioneers
50,500 1,130,695Sprott
430,600 1,091,927
Total 7,858,538
China – 2.6%ANTA Sports Products
245,000 496,635Daphne International Holdings
3,078,600 1,558,162Fufeng Group
220,000 108,798Noah Holdings ADR 1,2
16,700 224,114Pacific Online
240,000 129,507Xtep International Holdings
213,000 96,833
Total 2,614,049
Cyprus – 0.4%Globaltrans Investment GDR
42,000 352,800
Total 352,800
Denmark – 0.6%Chr Hansen
15,000 579,786
Total 579,786
Finland – 0.9%Vaisala Cl. A
35,000 923,921
Total 923,921
France – 6.7%Gaztransport Et Technigaz
16,000 946,581Lectra
7,547 77,211Manutan International
12,700 648,527Neurones
6,200 100,314Nexity
18,500 683,118Paris Orleans
36,155 798,919Prodware 1
7,200 65,022Societe Internationale de Plantations
d’Heveas
5,500 243,137Stallergenes
19,700 1,327,211Vetoquinol
27,200 1,238,497Virbac
3,000 631,083
Total 6,759,620
Germany – 2.6%Aixtron ADR 1,2
53,300 806,429Amadeus Fire
2,000 139,845KUKA
9,000 545,183LPKF Laser & Electronics
51,800 910,403Nemetschek
2,300 221,653
Total 2,623,513
Greece – 0.5%Hellenic Exchanges - Athens Stock
Exchange
48,000 366,790StealthGas 1
12,800 116,608
Total 483,398
Hong Kong – 10.2%Anxin-China Holdings
2,500,000 254,351China Metal International Holdings
430,000 156,719Comba Telecom Systems Holdings
471,900 213,316First Pacific
180,000 186,378Giordano International
226,000 122,243Goldlion Holdings
375,000 156,474Great Eagle Holdings
120,000 407,992I.T
500,000 169,353Le Saunda Holdings
268,600 123,839Luen Thai Holdings
475,000 116,841Luk Fook Holdings (International)
120,100 348,784Lung Kee (Bermuda) Holdings
250,000 75,340Midland Holdings 1,2
2,557,300 1,248,211New World Department Store China
3,159,700 1,098,694Oriental Watch Holdings
2,223,000 501,008Pico Far East Holdings
6,584,800 1,484,047Sitoy Group Holdings
543,000 440,562Television Broadcasts
206,000 1,225,677Texwinca Holdings
1,052,000 903,667Value Partners Group
896,700 657,092YGM Trading
169,400 370,877
Total 10,261,465
Indonesia – 1.2%Selamat Sempurna
1,591,800 592,434Sri Rejeki Isman
6,384,900 67,596Supra Boga Lestari 1
13,945,000 520,720
Total 1,180,750
Israel – 0.3%Sarine Technologies
70,000 167,359SodaStream International 1,2
5,000 147,450
Total 314,809
Italy – 0.8%Datalogic
5,800 60,217De’Longhi
37,000 744,922
Total 805,139
Japan – 11.3%Asahi Company
5,000 56,029BML
4,400 138,810C. Uyemura & Co.
4,800 247,276EPS Corporation
80,000 1,033,599FamilyMart
11,800 450,267Freund Corporation
72,200 933,482Fujimori Kogyo
3,300 98,992GCA Savvian
8,300 76,510G-Tekt Corporation
11,000 105,010Itoki Corporation
34,300 209,850Milbon
3,100 102,886Miraial
29,500 485,771MISUMI Group
11,600 350,089Moshi Moshi Hotline
100,000 948,256Nishikawa Rubber
12,700 220,593Nitto Kohki
26,600 516,114Obara Group
3,900 142,950Relo Holdings
20,000 1,380,442Ryobi
36,000 105,038Santen Pharmaceutical
10,000 559,836Shimano
5,600 681,140SPARX Group
45,000 89,036T Hasegawa
7,000 106,843Takata Corporation
17,500 396,991Tokai Corporation/Gifu
12,700 390,235Trancom
25,200 1,131,616YAMADA Consulting Group
6,400 164,267Zuiko Corporation
5,500 279,827
Total 11,401,755
Luxembourg – 0.7%Ternium ADR
30,000 721,500
Total 721,500
Malaysia – 1.4%CB Industrial Product Holding
525,000 784,179Media Chinese International
2,250,000 617,284NTPM Holdings
152,700 33,515
Total 1,434,978
Mexico – 1.9%Bolsa Mexicana de Valores
530,000 1,138,886Fresnillo
65,000 800,848
Total 1,939,734
New Zealand – 0.2%Trade Me
83,000 226,733
Total 226,733
Norway – 1.7%Ekornes
45,000 534,068Oslo Bors VPS Holding
7,600 93,451TGS-NOPEC Geophysical
41,000 1,043,387
Total 1,670,906
Philippines – 1.2%GMA Holdings PDR
775,000 119,848Universal Robina
270,000 1,125,063
Total 1,244,911
Singapore – 3.1%First Resources
110,500 173,238Hour Glass (The)
486,000 735,267Pan-United Corporation
800,000 602,023Parkson Retail Asia
325,100 216,614Silverlake Axis
1,360,000 1,380,575
Total 3,107,717
South Africa – 5.1%Blue Label Telecoms
1,010,400 816,720Cashbuild
30,000 374,935Coronation Fund Managers
59,000 505,404Ellies Holdings 1
215,000 33,752JSE
67,500 589,225Lewis Group
180,000 901,376Metrofile Holdings
400,000 171,944Nampak
200,000 729,078PSG Group
36,500 311,177Raubex Group
375,000 736,855
Total 5,170,466
South Korea – 1.4%Eugene Technology
13,600 188,808Handsome
13,400 413,968Hankuk Carbon
10,000 52,310Huvis Corporation
22,100 255,504Sung Kwang Bend
30,000 518,834
Total 1,429,424
Sri Lanka – 0.1%Distilleries Company of Sri Lanka
65,700 106,792
Total 106,792
Sweden – 0.2%Bufab Holding 1
14,400 113,249Nolato Cl. B
4,400 99,695
Total 212,944
Switzerland – 0.8%Forbo Holding
675 689,706Zehnder Group
2,800 108,369
Total 798,075
Taiwan – 0.1%Makalot Industrial
21,759 110,514
Total 110,514
Turkey – 1.1%Mardin Cimento Sanayii 1
525,000 1,111,550
Total 1,111,550
United Arab Emirates – 0.8%Aramex
880,000 766,686
Total 766,686
United Kingdom – 8.0%Ashmore Group
232,500 1,160,905Clarkson
23,000 876,232Consort Medical
90,000 1,415,264E2V Technologies
305,000 796,066Elementis
134,000 555,033Fenner
50,000 257,439Globo 1
140,000 101,565Jupiter Fund Management
93,600 539,586Kennedy Wilson Europe Real Estate
44,000 778,930Latchways
5,400 89,731Luxfer Holdings ADR
4,500 77,670Polypipe Group
57,000 227,549Rotork
8,900 398,941Spirax-Sarco Engineering
17,100 783,414
Total 8,058,325
United States – 14.4%Artisan Partners Asset Management Cl. A
5,000 260,250Bel Fuse Cl. A
36,672 864,359Brooks Automation
18,100 190,231Cabot Corporation
10,200 517,854Commercial Metals
42,000 716,940Diebold
21,100 745,252Diodes 1
20,500 490,360EnerSys
11,000 645,040Expeditors International of Washington
22,700 921,166Fairchild Semiconductor International 1
49,200 764,076Globe Specialty Metals
50,400 916,776GrafTech International 1
58,600 268,388Greif Cl. A
13,400 587,054Hallador Energy
18,600 220,224Innospec
12,457 447,206KBR
37,000 696,710Nanometrics 1
44,500 671,950Nordson Corporation
10,000 760,700Quaker Chemical
8,400 602,196Rogers Corporation 1
12,000 657,120Schnitzer Steel Industries Cl. A
19,100 459,355Sensient Technologies
12,100 633,435Sun Hydraulics
15,139 569,075Tecumseh Products 1
84,900 365,070Tennant Company
7,700 516,593
Total 14,487,380
TOTAL COMMON STOCKS(Cost $113,684,405)
100,880,948
REPURCHASE AGREEMENT – 0.9% Fixed Income Clearing Corporation,0.00% dated 9/30/14, due 10/1/14,
maturity value $941,000 (collateralized
by obligations of various U.S. Government
Agencies, 1.25% due 10/31/18, valued at $963,938)
(Cost $941,000)
941,000
COLLATERAL RECEIVED FOR SECURITIESLOANED – 1.3%
Money Market FundsFederated Government Obligations Fund
(7 day yield-0.0099%)
(Cost $1,326,816)
1,326,816
TOTAL INVESTMENTS – 102.4%(Cost $115,952,221)
103,148,764 LIABILITIES LESS CASHAND OTHER ASSETS – (2.4)%
(2,429,890 )
NET ASSETS – 100.0% $ 100,718,874
1 Non-income producing. 2All or a portion of these securities were on loan at September 30, 2014. Total market value of loaned securities at September 30, 2014, was $1,210,416.Securities of Global/International Funds are categorized by the country of their headquarters, with the exception of exchange-traded funds.
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $116,584,871. At September 30, 2014, net unrealized depreciation for all securities was $13,436,107, consisting of aggregate gross unrealized appreciation of $5,014,497 and aggregate gross unrealized depreciation of $18,450,604. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
Valuation of Investments:Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.
Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:Level 1 – quoted prices in active markets for identical securities. Level 2 –other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Any Level 2 securities with values based on quoted prices for similar securities would be noted in the Schedule of Investments.Level 3 –significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2014. For a detailed breakout of common stocks by country, please refer to the Schedule of Investments.
Level 1 Level 2 Level 3 Total Common Stocks $ 100,880,948 $ – $ – $ 100,880,948 Cash Equivalents 1,326,816 941,000 – 2,267,816
Repurchase Agreements:The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities.
Securities Lending:The Fund loans securities through a lending agent to qualified institutional investors for the purpose of realizing additional income. Collateral for the Fund on all securities loaned is accepted in cash and cash equivalents and invested temporarily by the custodian. The collateral maintained is at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund retains the risk of any loss on the securities on loan as well as incurring the potential loss on investments purchased with cash collateral received for securities lending. The Fund’s securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. The lending agent is not affiliated with Royce.Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s website (www.sec.gov).
Item 2 - Controls and Procedures
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”)), that the Registrant’s disclosure controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.
Item 3 - Exhibits
Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Royce Global Value Trust, Inc.
/s/ Charles M. Royce Charles M. Royce President, Royce Global Value Trust, Inc. Date: November 24, 2014
By:Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By:
/s/ Charles M. Royce Charles M. Royce President, Royce Global Value Trust, Inc. Date: November 24, 2014By:
/s/ John D. Diederich John D. Diederich Treasurer, Royce Global Value Trust, Inc. Date: November 24, 2014