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: 811-22532 Name of Fund: Royce Global Value Trust, Inc. Fund Address: 745 Fifth AvenueNew York, NY 10151
Name and address of agent for service: John E. Denneen, Esq. Royce & Associates, LLC 745 Fifth Avenue New York, NY 10151 Registrant’s 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
SCHEDULES OF INVESTMENTS ROYCE GLOBAL VALUE TRUST MARCH 31, 2014 (UNAUDITED) SHARES VALUE
COMMON STOCKS – 99.2%
Argentina – 0.7%
BBVA Banco Frances ADR 1
87,700 $ 734,049
Total
734,049
Australia – 1.0%
Collection House
135,000 229,161Imdex 1
940,000 577,425Programmed Maintenance Services
55,000 147,993TFS Corporation
85,000 131,078
Total
1,085,657
Austria – 2.9%
Mayr-Melnhof Karton
13,300 1,664,235Semperit AG Holding
26,000 1,398,573
Total
3,062,808
Belgium – 2.3%
EVS Broadcast Equipment
1,800 116,849RHJ International 1
145,000 729,817Umicore
14,000 714,728Van de Velde
15,936 856,209
Total
2,417,603
Bermuda – 1.5%
Lazard Cl. A
30,600 1,440,954Northern Offshore
100,000 145,763
Total
1,586,717
Brazil – 3.6%
Brasil Brokers Participacoes
292,500 657,448Brasil Insurance Participacoes e
Administracao
17,000 85,487CETIP - Mercados Organizados
85,000 1,030,189LPS Brasil Consultoria de Imoveis
175,000 994,932Totvs
63,000 988,453
Total
3,756,509
Canada – 6.9%
Agnico Eagle Mines
20,000 605,000AirBoss of America
17,000 121,483Alamos Gold
38,000 343,392Contrans Group Cl. A
15,000 170,285E-L Financial
900 590,231Franco-Nevada Corporation
16,000 733,760Magellan Aerospace
41,000 325,626Major Drilling Group International
196,500 1,521,520Ritchie Bros. Auctioneers
55,500 1,339,215Sprott
455,600 1,487,758
Total
7,238,270
China – 2.5%
ANTA Sports Products
245,000 409,686China XD Plastics 1
110,000 575,300Daphne International Holdings
3,500,000 1,429,086Pacific Online
240,000 148,830
Total
2,562,902
Cyprus – 0.5%
Globaltrans Investment GDR
42,000 484,335
Total
484,335
Denmark – 1.3%
Chr Hansen
16,500 654,613SimCorp
16,000 649,573
Total
1,304,186
Egypt – 0.1%
Citadel Capital 1
190,000 122,986
Total
122,986
Finland – 0.9%
Vaisala Cl. A
30,500 945,568
Total
945,568
France – 7.8%
Gaztransport Et Technigaz 1
22,300 1,443,607Manutan International
14,200 1,011,533Neurones
6,200 128,945Nexity
23,000 987,125Paris Orleans
36,155 897,196Stallergenes
19,700 1,600,202Vetoquinol
27,200 1,419,600Virbac
3,000 669,980
Total
8,158,188
Germany – 2.0%
Aixtron ADR 1
43,300 705,790LPKF Laser & Electronics
46,800 1,097,287Nemetschek
2,300 190,125RIB Software
8,500 132,513
Total
2,125,715
Greece – 0.6%
Hellenic Exchanges - Athens Stock
Exchange
48,000 600,320
Total
600,320
Hong Kong – 9.9%
Comba Telecom Systems Holdings 1
280,000 74,068Giordano International
226,000 146,244Goldlion Holdings
375,000 174,066I.T
500,000 131,503Le Saunda Holdings
234,000 111,924Luk Fook Holdings (International)
120,100 379,596Lung Kee (Bermuda) Holdings
250,000 89,077Midland Holdings 1
3,069,000 1,635,106New World Department Store China
3,006,700 1,450,474Oriental Watch Holdings
2,223,000 553,289Pico Far East Holdings
4,128,600 1,178,444Regent Manner International Holdings
5,811,000 981,756Sitoy Group Holdings
170,000 96,906Television Broadcasts
229,000 1,377,550Texwinca Holdings
902,000 973,699Value Partners Group
1,546,700 931,230
Total
10,284,932
Indonesia – 1.9%
Selamat Sempurna
3,500,800 1,243,018Supra Boga Lestari
11,445,000 702,078
Total
1,945,096
Israel – 0.1%
Sarine Technologies
70,000 138,302
Total
138,302
Italy – 1.4%
Datalogic
5,800 73,742De’Longhi
59,500 1,340,038
Total
1,413,780
Japan – 10.3%
BML
4,400 164,937C. Uyemura & Co.
4,800 237,384EPS Corporation
89,100 969,487FamilyMart
24,700 1,084,208Freund Corporation
62,200 708,326Miraial
44,770 631,162MISUMI Group
24,100 666,490Moshi Moshi Hotline
100,000 917,777Nishikawa Rubber
8,200 138,659Nitto Kohki
9,100 167,709Obara Group
5,100 190,594Relo Holdings
21,000 1,143,492Ryobi
20,000 60,876Santen Pharmaceutical
20,000 885,823Shimano
13,600 1,365,433Tokai Corporation/Gifu
4,400 125,699Trancom
25,200 981,171Zuiko Corporation
5,100 306,842
Total
10,746,069
Malaysia – 2.0%
CB Industrial Product Holding
550,000 748,602Media Chinese International
2,250,000 627,484Silverlake Axis
1,000,000 695,398
Total
2,071,484
Mexico – 1.7%
Bolsa Mexicana de Valores
430,000 849,098Fresnillo
65,000 915,133
Total
1,764,231
New Zealand – 0.3%
Trade Me
83,000 294,175
Total
294,175
Norway – 2.0%
Ekornes
45,000 713,740TGS-NOPEC Geophysical
41,500 1,360,324
Total
2,074,064
Philippines – 0.9%
GMA Holdings PDR
775,000 134,790Universal Robina
270,000 855,573
Total
990,363
Singapore – 1.3%
Hour Glass (The)
400,000 531,683Pan-United Corporation
800,000 668,248Parkson Retail Asia
83,000 62,024Sheng Siong Group
200,000 94,571
Total
1,356,526
South Africa – 5.5%
Blue Label Telecoms
1,010,400 834,766Coronation Fund Managers
110,000 1,032,175Ellies Holdings 1
215,000 87,243JSE
70,000 632,692Lewis Group
223,000 1,226,354Metrofile Holdings
400,000 187,256Nampak
175,000 596,237Raubex Group
525,300 1,105,946
Total
5,702,669
South Korea – 0.6%
Eugene Technology
11,100 227,530Handsome
3,400 84,452Huvis Corporation
22,100 217,344Samjin Pharmaceutical
4,600 77,410
Total
606,736
Sweden – 0.1%
Nolato Cl. B
4,400 111,038
Total
111,038
Switzerland – 1.2%
Forbo Holding
1,150 1,208,513
Total
1,208,513
Taiwan – 0.2%
Makalot Industrial
20,000 111,240Silicon Motion Technology ADR
7,500 125,850
Total
237,090
Thailand – 0.1%
MC Group
275,000 136,428
Total
136,428
Turkey – 1.3%
Mardin Cimento Sanayii
650,000 1,324,002
Total
1,324,002
United Arab Emirates – 0.3%
Aramex
329,375 295,868
Total
295,868
United Kingdom – 7.5%
Ashmore Group
262,500 1,457,028Clarkson
23,000 940,334Consort Medical
88,900 1,387,673E2V Technologies
305,000 793,569Elementis
159,000 760,740Kennedy Wilson Europe Real Estate 1
44,000 762,888Latchways
7,700 132,464Luxfer Holdings ADR
4,500 88,110Rotork
8,900 393,878Severfield-Rowen 1
112,000 105,568Spirax-Sarco Engineering
21,350 1,031,332
Total
7,853,584
United States – 16.0%
Ampco-Pittsburgh
8,300 156,621Bel Fuse Cl. A
36,672 708,870Brooks Automation
18,100 197,833Cabot Corporation
10,200 602,412Commercial Metals
42,000 792,960Computer Task Group
8,500 144,415Core-Mark Holding Company
1,500 108,900Crown Crafts
15,000 119,400Destination Maternity
4,000 109,600Diebold
27,200 1,085,008Diodes 1
30,000 783,600EnerSys
11,000 762,190Expeditors International of Washington
15,900 630,117Fairchild Semiconductor International 1
49,200 678,468GrafTech International 1
58,600 639,912Greif Cl. A
14,000 734,860Hallador Energy
18,600 159,030International Rectifier 1
25,000 685,000KBR
20,000 533,600Lincoln Educational Services
36,600 137,982MKS Instruments
14,000 418,460Nanometrics 1
44,500 799,665Rogers Corporation 1
12,000 749,040Schnitzer Steel Industries Cl. A
19,100 551,035Sensient Technologies
12,100 682,561Standard Motor Products
4,300 153,811Sun Hydraulics
15,139 655,670Techne Corporation
8,100 691,497UTi Worldwide
74,600 790,014Valmont Industries
5,300 788,852WaterFurnace Renewable Energy
32,700 604,307
Total
16,655,690
TOTAL COMMON STOCKS
(Cost $112,195,995)
103,396,453
REPURCHASE AGREEMENT – 1.2%
Fixed Income Clearing Corporation,0.00% dated 3/31/14, due 4/1/14,
maturity value $1,207,000 (collateralized
by obligations of various U.S. Government
Agencies, 0.375% due 6/30/15, valued at
$1,234,613)
(Cost $1,207,000)
1,207,000
TOTAL INVESTMENTS – 100.4%
(Cost $113,402,995)
104,603,453
LIABILITIES LESS CASHAND OTHER ASSETS – (0.4)%
(416,242 )
NET ASSETS – 100.0%
$ 104,187,211
1Non-income producing.
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 $113,993,162. At March 31, 2014, net unrealized depreciation for all securities was $9,389,709, consisting of aggregate gross unrealized appreciation of $4,953,245 and aggregate gross unrealized depreciation of $14,342,954. 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 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 March 31, 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 $ 34,438,139 $ 68,958,314 $ – $ 103,396,453 Cash Equivalents – 1,207,000 – 1,207,000For 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 $58,538,629 were transferred from Level 1 to Level 2 within the fair value hierarchy.
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.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: May 27, 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: May 27, 2014 By: /s/ John D. Diederich John D. Diederich Treasurer, Royce Global Value Trust, Inc. Date: May 27, 2014