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
Registrant’s telephone number, including area code: (212) 508-4500
Date of fiscal year end: 12/31/2015
Date of reporting period: 3/31/2015
Item 1 - Schedule of Investments
| SCHEDULE OF INVESTMENTS |
| ROYCE VALUE TRUST |
| MARCH 31, 2015 (UNAUDITED) |
| SHARES | VALUE | |||||
| COMMON STOCKS – 94.5% | ||||||
| Consumer Discretionary – 12.0% | ||||||
| Auto Components - 1.3% | ||||||
Drew Industries |
94,686 | $ | 5,826,977 | |||
Fuel Systems Solutions 1 |
107,000 | 1,181,280 | ||||
Gentex Corporation |
238,440 | 4,363,452 | ||||
Global & Yuasa Battery |
39,500 | 1,780,229 | ||||
MRF |
600 | 372,243 | ||||
Selamat Sempurna |
4,788,600 | 1,627,971 | ||||
Standard Motor Products |
15,052 | 636,098 | ||||
| 15,788,250 | ||||||
| Automobiles - 1.1% | ||||||
Thor Industries 2 |
148,650 | 9,396,167 | ||||
Winnebago Industries |
211,400 | 4,494,364 | ||||
| 13,890,531 | ||||||
| Distributors - 0.6% | ||||||
Core-Mark Holding Company |
65,200 | 4,193,664 | ||||
Weyco Group |
97,992 | 2,929,961 | ||||
| 7,123,625 | ||||||
| Diversified Consumer Services - 1.3% | ||||||
American Public Education 1 |
36,100 | 1,082,278 | ||||
Benesse Holdings |
18,200 | 573,283 | ||||
Collectors Universe |
50,400 | 1,137,024 | ||||
Lincoln Educational Services 1 |
705,300 | 1,608,084 | ||||
MegaStudy 3 |
7,800 | 427,736 | ||||
| 233,800 | 3,824,968 | |||||
Sotheby’s |
138,200 | 5,840,332 | ||||
Universal Technical Institute |
130,432 | 1,252,147 | ||||
| 15,745,852 | ||||||
| Hotels, Restaurants & Leisure - 0.3% | ||||||
Century Casinos 1 |
194,000 | 1,057,300 | ||||
Monarch Casino & Resort 1 |
28,103 | 537,891 | ||||
MTY Food Group |
46,000 | 1,257,369 | ||||
Thomas Cook (India) |
72,700 | 242,604 | ||||
| 9,500 | 147,250 | |||||
| 3,242,414 | ||||||
| Household Durables - 2.4% | ||||||
Ethan Allen Interiors |
320,800 | 8,866,912 | ||||
Flexsteel Industries |
24,800 | 775,992 | ||||
Harman International Industries |
28,600 | 3,821,818 | ||||
Lifetime Brands |
24,826 | 379,341 | ||||
| 28,000 | 5,201,000 | |||||
Natuzzi ADR 1 |
2,096,300 | 3,563,710 | ||||
NVR 1 |
2,540 | 3,374,797 | ||||
| 1,012,235 | 3,188,540 | |||||
| 29,172,110 | ||||||
| Internet & Catalog Retail - 0.1% | ||||||
Blue Nile 1 |
43,400 | 1,381,856 | ||||
Manutan International |
4,200 | 205,124 | ||||
| 1,586,980 | ||||||
| Leisure Products - 1.0% | ||||||
Beneteau |
20,800 | 294,081 | ||||
LeapFrog Enterprises Cl. A 1 |
348,100 | 758,858 | ||||
Nautilus 1 |
673,000 | 10,276,710 | ||||
Shimano |
5,700 | 848,542 | ||||
Smith & Wesson Holding Corporation 1 |
30,600 | 389,538 | ||||
| 12,567,729 | ||||||
| Media - 1.4% | ||||||
E.W. Scripps Company Cl. A 1 |
53,300 | 1,515,852 | ||||
Harte-Hanks |
161,670 | 1,261,026 | ||||
McClatchy Company (The) Cl. A 1 |
197,100 | 362,664 | ||||
Media Chinese International |
5,365,000 | 983,938 | ||||
Morningstar |
84,600 | 6,337,386 | ||||
Pico Far East Holdings |
5,129,400 | 1,184,983 | ||||
Rentrak Corporation 1 |
14,300 | 794,508 | ||||
RLJ Entertainment 1 |
35,600 | 51,976 | ||||
SinoMedia Holding |
259,500 | 125,350 | ||||
T4F Entretenimento 1 |
141,800 | 97,746 | ||||
Technicolor 1 |
30,000 | 193,727 | ||||
Television Broadcasts |
188,200 | 1,161,448 | ||||
Wiley (John) & Sons Cl. A |
62,440 | 3,817,581 | ||||
| 17,888,185 | ||||||
| Multiline Retail - 0.1% | ||||||
New World Department Store China |
2,934,400 | 729,373 | ||||
Parkson Retail Asia |
345,800 | 151,186 | ||||
| 880,559 | ||||||
| Specialty Retail - 1.2% | ||||||
Aeropostale 1 |
110,000 | 381,700 | ||||
Buckle (The) 2 |
77,695 | 3,969,438 | ||||
Destination Maternity |
33,100 | 498,486 | ||||
Genesco 1 |
46,075 | 3,281,922 | ||||
I.T |
1,127,000 | 377,997 | ||||
Lewis Group |
90,000 | 573,197 | ||||
Oriental Watch Holdings |
543,000 | 85,276 | ||||
Signet Jewelers |
4,200 | 582,918 | ||||
Systemax 1 |
194,000 | 2,370,680 | ||||
TravelCenters of America LLC 1 |
62,500 | 1,090,000 | ||||
West Marine 1 |
131,100 | 1,215,297 | ||||
| 14,426,911 | ||||||
| Textiles, Apparel & Luxury Goods - 1.2% | ||||||
Asia Brands |
80,100 | 56,017 | ||||
Crown Crafts |
142,641 | 1,108,321 | ||||
Culp |
53,600 | 1,433,800 | ||||
Daphne International Holdings |
2,609,200 | 874,612 | ||||
Grendene |
103,800 | 531,757 | ||||
J.G. Boswell Company 5 |
2,292 | 1,661,700 | ||||
Kewal Kiran Clothing |
1,482 | 50,742 | ||||
Movado Group |
75,161 | 2,143,592 | ||||
Pacific Textiles Holdings |
285,500 | 393,724 | ||||
Stella International Holdings |
155,700 | 372,606 | ||||
Van de Velde |
11,700 | 649,210 | ||||
Wolverine World Wide 2 |
123,500 | 4,131,075 | ||||
YGM Trading |
1,082,600 | 1,744,574 | ||||
| 15,151,730 | ||||||
| Total | 147,464,876 | |||||
| Consumer Staples – 2.3% | ||||||
| Beverages - 0.2% | ||||||
Compania Cervecerias Unidas ADR |
134,000 | 2,781,840 | ||||
| 11,876 | 108,071 | |||||
| 2,889,911 | ||||||
| Food & Staples Retailing - 0.1% | ||||||
FamilyMart |
17,000 | 711,789 | ||||
| Food Products - 1.5% | ||||||
Alico |
27,000 | 1,384,020 | ||||
Binggrae |
14,000 | 1,036,900 | ||||
Cal-Maine Foods |
41,156 | 1,607,553 | ||||
Farmer Bros. 1 |
35,300 | 873,675 | ||||
Industrias Bachoco ADR 1 |
36,275 | 1,808,309 | ||||
Seneca Foods Cl. A 1 |
179,255 | 5,343,592 | ||||
Seneca Foods Cl. B 1 |
13,840 | 483,708 | ||||
Sipef |
1,900 | 108,448 | ||||
SunOpta 1 |
103,700 | 1,101,294 | ||||
| 127,859 | 4,336,979 | |||||
| 598,676 | 227,497 | |||||
| 18,311,975 | ||||||
| Personal Products - 0.5% | ||||||
| 104,400 | 6,285,924 | |||||
| Total | 28,199,599 | |||||
| Energy – 3.1% | ||||||
| Energy Equipment & Services - 2.7% | ||||||
| 63,000 | 1,922,130 | |||||
Ensign Energy Services |
134,000 | 1,050,586 | ||||
Gulf Island Fabrication |
32,964 | 489,845 | ||||
Helmerich & Payne |
44,880 | 3,054,982 | ||||
ION Geophysical 1 |
1,078,200 | 2,339,694 | ||||
Oil States International 1 |
45,553 | 1,811,643 | ||||
Pason Systems |
374,380 | 5,899,984 | ||||
SEACOR Holdings 1 |
134,612 | 9,378,418 | ||||
| 103,015 | 2,209,672 | |||||
TGS-NOPEC Geophysical |
90,520 | 2,009,143 | ||||
Tidewater |
24,000 | 459,360 | ||||
Unit Corporation 1 |
110,100 | 3,080,598 | ||||
| 33,706,055 | ||||||
| Oil, Gas & Consumable Fuels - 0.4% | ||||||
Green Plains |
28,000 | 799,400 | ||||
Permian Basin Royalty Trust |
161,000 | 1,302,490 | ||||
World Fuel Services |
16,600 | 954,168 | ||||
WPX Energy 1 |
110,000 | 1,202,300 | ||||
| 4,258,358 | ||||||
| Total | 37,964,413 | |||||
| Financials – 16.1% | ||||||
| Banks - 2.0% | ||||||
Bank of N.T. Butterfield & Son |
1,784,161 | 3,532,639 | ||||
BCB Holdings 1 |
209,426 | 31,066 | ||||
Blue Hills Bancorp 1 |
101,020 | 1,335,484 | ||||
Farmers & Merchants Bank of Long |
||||||
Beach 5 |
1,200 | 7,116,000 | ||||
Fauquier Bankshares |
160,800 | 2,678,928 | ||||
First Citizens BancShares Cl. A |
17,026 | 4,421,482 | ||||
Mechanics Bank 5 |
200 | 5,240,000 | ||||
| 24,355,599 | ||||||
| Capital Markets - 7.3% | ||||||
AllianceBernstein Holding L.P. |
102,000 | 3,148,740 | ||||
Artisan Partners Asset Management Cl. A |
97,830 | 4,447,352 | ||||
ASA Gold and Precious Metals |
324,821 | 3,274,196 | ||||
Ashmore Group |
697,000 | 2,933,326 | ||||
BHF Kleinwort Benson Group 1 |
293,500 | 1,480,695 | ||||
CETIP - Mercados Organizados |
430,000 | 4,291,175 | ||||
Cowen Group 1 |
621,158 | 3,230,021 | ||||
Dundee Corporation Cl. A 1 |
182,800 | 1,692,980 | ||||
Eaton Vance 2 |
40,500 | 1,686,420 | ||||
Edmond de Rothschild (Suisse) |
133 | 1,910,352 | ||||
Federated Investors Cl. B |
300,670 | 10,189,706 | ||||
GAMCO Investors Cl. A |
20,200 | 1,585,902 | ||||
GCA Savvian |
24,000 | 288,027 | ||||
Jupiter Fund Management |
230,000 | 1,393,476 | ||||
Lazard Cl. A |
94,635 | 4,976,855 | ||||
Medley Management Cl. A |
93,800 | 1,030,862 | ||||
mutares |
300 | 27,732 | ||||
MVC Capital |
324,200 | 3,073,416 | ||||
Newtek Business Services |
75,100 | 1,241,403 | ||||
Paris Orleans |
196,893 | 4,174,865 | ||||
Qalaa Holdings 1 |
11,799,921 | 3,928,420 | ||||
RCS Capital Cl. A 1 |
50,100 | 533,064 | ||||
SEI Investments |
227,955 | 10,050,536 | ||||
Sprott |
590,000 | 1,257,747 | ||||
U.S. Global Investors Cl. A |
661,751 | 2,114,294 | ||||
Value Partners Group |
5,934,000 | 5,605,571 | ||||
Virtus Investment Partners |
17,580 | 2,298,937 | ||||
Westwood Holdings Group |
54,573 | 3,290,752 | ||||
ZAIS Group Holdings Cl. A 1 |
492,300 | 4,420,854 | ||||
| 89,577,676 | ||||||
| Consumer Finance - 0.2% | ||||||
EZCORP Cl. A 1 |
213,000 | 1,944,690 | ||||
Shriram City Union Finance |
18,200 | 574,615 | ||||
| 2,519,305 | ||||||
| Diversified Financial Services - 1.3% | ||||||
Bajaj Holdings & Investment |
15,600 | 323,356 | ||||
Banca Finnat Euramerica |
1,060,000 | 624,937 | ||||
First Pacific |
1,020,000 | 1,020,788 | ||||
MarketAxess Holdings |
100,000 | 8,290,000 | ||||
PICO Holdings 1 |
100,400 | 1,627,484 | ||||
Sofina |
19,698 | 2,035,116 | ||||
TMX Group |
42,900 | 1,843,289 | ||||
| 15,764,970 | ||||||
| Insurance - 2.2% | ||||||
Alleghany Corporation 1 |
5,679 | 2,765,673 | ||||
Atlas Financial Holdings 1 |
9,500 | 167,865 | ||||
E-L Financial |
16,500 | 8,598,160 | ||||
Erie Indemnity Cl. A |
25,000 | 2,181,500 | ||||
Greenlight Capital Re Cl. A 1 |
230,561 | 7,331,840 | ||||
Independence Holding Company |
349,423 | 4,748,659 | ||||
Lancashire Holdings |
69,300 | 641,858 | ||||
ProAssurance Corporation |
17,139 | 786,852 | ||||
| 100,000 | 219,000 | |||||
| 27,441,407 | ||||||
| Investment Companies - 0.2% | ||||||
RIT Capital Partners |
121,500 | 2,823,713 | ||||
| Real Estate Management & Development - 2.2% | ||||||
AV Homes 1 |
36,100 | 576,156 | ||||
E-House (China) Holdings ADR 2 |
173,665 | 943,001 | ||||
Forestar Group 1 |
102,000 | 1,608,540 | ||||
FRP Holdings 1 |
212,958 | 7,751,671 | ||||
Griffin Land & Nurseries |
5,162 | 155,067 | ||||
Hopefluent Group Holdings |
680,000 | 199,298 | ||||
Kennedy Wilson Europe Real Estate |
32,450 | 528,834 | ||||
Kennedy-Wilson Holdings |
101,300 | 2,647,982 | ||||
Midland Holdings 1 |
1,297,600 | 570,761 | ||||
| 177,000 | 3,285,120 | |||||
Sun Frontier Fudousan |
17,600 | 162,159 | ||||
Tejon Ranch 1 |
342,600 | 9,061,770 | ||||
Tejon Ranch (Warrants) 1 |
96,561 | 77,249 | ||||
| 27,567,608 | ||||||
| Thrifts & Mortgage Finance - 0.7% | ||||||
Genworth MI Canada |
137,395 | 3,037,432 | ||||
Timberland Bancorp 6 |
444,200 | 4,819,570 | ||||
Vestin Realty Mortgage II 1 |
53,557 | 182,094 | ||||
| 8,039,096 | ||||||
| Total | 198,089,374 | |||||
| Health Care – 5.0% | ||||||
| Biotechnology - 0.5% | ||||||
Aquinox Pharmaceuticals 1 |
65,232 | 559,690 | ||||
| 140,000 | 1,153,600 | |||||
Cancer Genetics 1 |
56,900 | 444,389 | ||||
Celsion Corporation 1 |
97,604 | 260,603 | ||||
Genomic Health 1 |
33,000 | 1,008,150 | ||||
Green Cross |
3,100 | 490,046 | ||||
| 60,283 | 2,134,018 | |||||
Zealand Pharma 1 |
22,100 | 330,756 | ||||
| 6,381,252 | ||||||
| Health Care Equipment & Supplies - 2.3% | ||||||
Allied Healthcare Products 1 |
25,225 | 41,117 | ||||
Analogic Corporation |
38,135 | 3,466,472 | ||||
Atrion Corporation 2 |
17,079 | 5,900,965 | ||||
bioMerieux |
3,400 | 329,433 | ||||
Cerus Corporation 1 |
240,000 | 1,000,800 | ||||
CONMED Corporation |
81,500 | 4,114,935 | ||||
Derma Sciences 1 |
87,142 | 738,093 | ||||
DiaSorin |
15,600 | 685,938 | ||||
| 57,411 | 8,868,851 | |||||
Invacare Corporation |
38,900 | 755,049 | ||||
Meridian Bioscience |
55,400 | 1,057,032 | ||||
| 63,765 | 343,693 | |||||
Trinity Biotech ADR Cl. A |
40,000 | 770,000 | ||||
| 28,072,378 | ||||||
| Health Care Providers & Services - 0.4% | ||||||
Aceto Corporation |
59,805 | 1,315,710 | ||||
Addus HomeCare 1 |
49,000 | 1,127,980 | ||||
| 8,400 | 296,016 | |||||
Landauer |
50,000 | 1,757,000 | ||||
Psychemedics Corporation |
39,600 | 657,360 | ||||
| 5,154,066 | ||||||
| Health Care Technology - 0.1% | ||||||
Medidata Solutions 1 |
40,000 | 1,961,600 | ||||
| Life Sciences Tools & Services - 1.0% | ||||||
Bio-Rad Laboratories Cl. A 1 |
19,878 | 2,687,108 | ||||
Bio-Techne |
33,113 | 3,320,903 | ||||
PAREXEL International 1 |
56,600 | 3,904,834 | ||||
PerkinElmer |
39,000 | 1,994,460 | ||||
| 11,907,305 | ||||||
| Pharmaceuticals - 0.7% | ||||||
Boiron |
4,200 | 451,019 | ||||
Lannett Company 1 |
15,970 | 1,081,329 | ||||
Lipocine 1 |
154,333 | 1,064,898 | ||||
Medicines Company (The) 1 |
85,418 | 2,393,412 | ||||
Repros Therapeutics 1 |
62,000 | 532,580 | ||||
Santen Pharmaceutical |
52,000 | 756,675 | ||||
Stallergenes |
9,300 | 509,983 | ||||
Theravance Biopharma 1 |
63,291 | 1,098,099 | ||||
Vetoquinol |
13,000 | 504,716 | ||||
| 8,392,711 | ||||||
| Total | 61,869,312 | |||||
| Industrials – 28.9% | ||||||
| Aerospace & Defense - 2.1% | ||||||
CPI Aerostructures 1 |
103,406 | 1,261,553 | ||||
Ducommun 1 |
117,200 | 3,035,480 | ||||
HEICO Corporation |
155,938 | 9,523,134 | ||||
HEICO Corporation Cl. A |
80,808 | 4,003,228 | ||||
Hexcel Corporation |
47,500 | 2,442,450 | ||||
Magellan Aerospace |
124,800 | 1,320,374 | ||||
Moog Cl. A 1 |
25,000 | 1,876,250 | ||||
Teledyne Technologies 1 |
20,600 | 2,198,638 | ||||
| 25,661,107 | ||||||
| Air Freight & Logistics - 2.8% | ||||||
Expeditors International of Washington |
158,900 | 7,655,802 | ||||
Forward Air |
209,750 | 11,389,425 | ||||
| 149,400 | 5,869,926 | |||||
UTi Worldwide 1 |
635,400 | 7,815,420 | ||||
XPO Logistics 1 |
50,000 | 2,273,500 | ||||
| 35,004,073 | ||||||
| Building Products - 1.5% | ||||||
American Woodmark 1 |
117,135 | 6,410,799 | ||||
Burnham Holdings Cl. B 5 |
36,000 | 764,640 | ||||
Patrick Industries 1 |
13,700 | 853,099 | ||||
Polypipe Group |
139,100 | 569,836 | ||||
Simpson Manufacturing |
275,300 | 10,287,961 | ||||
| 18,886,335 | ||||||
| Commercial Services & Supplies - 2.4% | ||||||
Atento 1 |
17,800 | 211,642 | ||||
Brady Corporation Cl. A |
45,900 | 1,298,511 | ||||
CompX International Cl. A |
211,100 | 2,406,540 | ||||
Copart 1 |
178,360 | 6,700,985 | ||||
Heritage-Crystal Clean 1 |
102,527 | 1,199,566 | ||||
InnerWorkings 1 |
114,000 | 766,080 | ||||
Kaba Holding |
1,200 | 722,387 | ||||
Kimball International Cl. B |
286,180 | 2,999,166 | ||||
Latchways |
57,100 | 631,100 | ||||
Ritchie Bros. Auctioneers |
458,074 | 11,424,366 | ||||
Societe BIC |
800 | 113,941 | ||||
Steelcase Cl. A |
66,780 | 1,264,813 | ||||
| 29,739,097 | ||||||
| Construction & Engineering - 2.3% | ||||||
| 149,400 | 6,942,618 | |||||
Integrated Electrical Services 1 |
677,482 | 5,961,842 | ||||
| 164,900 | 7,446,884 | |||||
KBR |
438,192 | 6,345,020 | ||||
Sterling Construction 1 |
326,671 | 1,476,553 | ||||
| 28,172,917 | ||||||
| Electrical Equipment - 2.0% | ||||||
Elektrobudowa |
10,400 | 290,020 | ||||
EnerSys |
34,495 | 2,215,959 | ||||
Franklin Electric |
209,200 | 7,978,888 | ||||
Global Power Equipment Group |
231,589 | 3,056,975 | ||||
GrafTech International 1 |
879,065 | 3,419,563 | ||||
Powell Industries |
94,500 | 3,191,265 | ||||
Preformed Line Products |
91,600 | 3,859,108 | ||||
Vicor 1 |
1,170 | 17,784 | ||||
Zumtobel Group |
15,600 | 387,018 | ||||
| 24,416,580 | ||||||
| Industrial Conglomerates - 0.7% | ||||||
A. Soriano |
2,791,000 | 446,010 | ||||
Carlisle Companies 2 |
29,585 | 2,740,458 | ||||
Hopewell Holdings |
390,000 | 1,468,932 | ||||
Raven Industries |
197,125 | 4,033,177 | ||||
| 8,688,577 | ||||||
| Machinery - 9.9% | ||||||
Astec Industries |
20,000 | 857,600 | ||||
Burckhardt Compression Holding |
8,400 | 3,236,749 | ||||
Chen Hsong Holdings |
1,159,000 | 314,215 | ||||
China Metal International Holdings |
249,000 | 77,748 | ||||
CIRCOR International |
79,752 | 4,362,434 | ||||
CLARCOR |
92,500 | 6,110,550 | ||||
Coastal Contracts |
103,800 | 81,082 | ||||
Columbus McKinnon |
85,635 | 2,307,007 | ||||
Deutz |
115,000 | 484,740 | ||||
Donaldson Company |
193,559 | 7,299,110 | ||||
Federal Signal |
28,950 | 457,121 | ||||
Graco |
104,776 | 7,560,636 | ||||
Graham Corporation |
20,568 | 493,015 | ||||
Hurco Companies |
25,952 | 854,599 | ||||
Hyster-Yale Materials Handling Cl. A |
17,435 | 1,277,811 | ||||
IDEX Corporation |
67,400 | 5,110,942 | ||||
John Bean Technologies |
158,946 | 5,677,551 | ||||
Kennametal |
191,590 | 6,454,667 | ||||
Lincoln Electric Holdings |
46,360 | 3,031,480 | ||||
| 45,000 | 3,431,250 | |||||
Lydall 1 |
45,670 | 1,448,652 | ||||
Mincon Group |
384,100 | 296,283 | ||||
Mueller Water Products Cl. A |
33,600 | 330,960 | ||||
NN |
197,100 | 4,943,268 | ||||
Nordson Corporation |
24,296 | 1,903,349 | ||||
Pfeiffer Vacuum Technology |
14,000 | 1,191,662 | ||||
PMFG 1 |
378,352 | 1,759,337 | ||||
Rational |
1,000 | 335,175 | ||||
RBC Bearings |
121,800 | 9,322,572 | ||||
Rotork |
8,800 | 322,307 | ||||
Semperit AG Holding |
14,740 | 691,979 | ||||
Spirax-Sarco Engineering |
7,800 | 394,013 | ||||
Sun Hydraulics |
71,018 | 2,937,305 | ||||
Tecumseh Products 1 |
46,700 | 132,161 | ||||
Tennant Company |
41,900 | 2,739,003 | ||||
Valmont Industries 2 |
69,655 | 8,559,206 | ||||
Wabash National 1 |
45,700 | 644,370 | ||||
WABCO Holdings 1 |
43,400 | 5,332,992 | ||||
Wabtec Corporation |
83,050 | 7,890,581 | ||||
Woodward |
208,400 | 10,630,484 | ||||
| 121,285,966 | ||||||
| Professional Services - 3.6% | ||||||
| 150,277 | 8,006,758 | |||||
Exponent |
1,711 | 152,108 | ||||
Franklin Covey 1 |
53,300 | 1,026,558 | ||||
Heidrick & Struggles International |
88,080 | 2,165,006 | ||||
ICF International 1 |
56,236 | 2,297,241 | ||||
ManpowerGroup |
83,858 | 7,224,367 | ||||
On Assignment 1 |
334,995 | 12,853,758 | ||||
Robert Half International |
20,912 | 1,265,594 | ||||
Towers Watson & Co. Cl. A |
67,410 | 8,910,591 | ||||
Volt Information Sciences 1 |
35,000 | 411,600 | ||||
| 44,313,581 | ||||||
| Road & Rail - 0.9% | ||||||
Genesee & Wyoming Cl. A 1 |
20,000 | 1,928,800 | ||||
Landstar System |
99,400 | 6,590,220 | ||||
Trancom |
8,000 | 350,569 | ||||
Universal Truckload Services |
78,916 | 1,987,105 | ||||
| 10,856,694 | ||||||
| Trading Companies & Distributors - 0.5% | ||||||
Kloeckner & Co 1 |
31,300 | 300,396 | ||||
MISUMI Group |
18,000 | 726,806 | ||||
| 68,663 | 4,957,469 | |||||
| 5,984,671 | ||||||
| Transportation Infrastructure - 0.2% | ||||||
Hopewell Highway Infrastructure |
1,012,000 | 481,679 | ||||
Touax |
40,040 | 663,859 | ||||
Wesco Aircraft Holdings 1 |
68,400 | 1,047,888 | ||||
| 2,193,426 | ||||||
| Total | 355,203,024 | |||||
| Information Technology – 19.0% | ||||||
| Communications Equipment - 0.7% | ||||||
ADTRAN |
345,428 | 6,449,141 | ||||
Alliance Fiber Optic Products |
40,100 | 698,542 | ||||
Bel Fuse Cl. B |
30,238 | 575,429 | ||||
EVS Broadcast Equipment |
7,800 | 290,311 | ||||
Extreme Networks 1 |
212,000 | 669,920 | ||||
| 8,683,343 | ||||||
| Electronic Equipment, Instruments & Components - 9.3% | ||||||
Agilysys 1 |
165,125 | 1,624,830 | ||||
| 70,895 | 5,397,236 | |||||
Benchmark Electronics 1 |
156,900 | 3,770,307 | ||||
Cognex Corporation 1 |
69,800 | 3,461,382 | ||||
Coherent 1 |
161,736 | 10,506,371 | ||||
Dolby Laboratories Cl. A |
82,690 | 3,155,451 | ||||
DTS 1 |
223,600 | 7,618,052 | ||||
FEI Company |
82,100 | 6,267,514 | ||||
FLIR Systems |
262,600 | 8,214,128 | ||||
Hollysys Automation Technologies |
35,582 | 707,014 | ||||
Identiv 1 |
40,200 | 344,916 | ||||
| 59,710 | 5,535,117 | |||||
Kimball Electronics 1 |
214,635 | 3,034,939 | ||||
LRAD Corporation 1 |
548,244 | 1,288,373 | ||||
MTS Systems |
5,200 | 393,380 | ||||
National Instruments |
251,850 | 8,069,274 | ||||
Newport Corporation 1 |
541,000 | 10,311,460 | ||||
Oxford Instruments |
4,200 | 51,945 | ||||
PC Connection |
16,301 | 425,293 | ||||
Perceptron |
357,700 | 4,832,527 | ||||
Plexus Corporation 1 |
176,100 | 7,179,597 | ||||
Richardson Electronics |
573,732 | 5,152,113 | ||||
Rofin-Sinar Technologies 1 |
260,671 | 6,316,058 | ||||
Rogers Corporation 1 |
57,066 | 4,691,396 | ||||
| 496,400 | 4,472,564 | |||||
Vishay Precision Group 1 |
74,826 | 1,191,978 | ||||
| 114,013,215 | ||||||
| Internet Software & Services - 1.3% | ||||||
Care.com 1 |
311,000 | 2,357,380 | ||||
Frontier Services Group 1 |
4,445,714 | 683,061 | ||||
j2 Global |
36,290 | 2,383,527 | ||||
Leju Holdings ADR 1 |
1,950 | 15,522 | ||||
QuinStreet 1 |
488,032 | 2,903,790 | ||||
RealNetworks 1 |
376,750 | 2,535,528 | ||||
| 273,000 | 1,102,920 | |||||
Stamps.com 1 |
6,800 | 457,572 | ||||
Support.com 1 |
1,213,799 | 1,893,527 | ||||
Tomorrow Focus |
44,900 | 241,341 | ||||
United Online 1 |
87,171 | 1,388,634 | ||||
| 15,962,802 | ||||||
| IT Services - 2.3% | ||||||
Computer Task Group |
119,100 | 870,621 | ||||
Convergys Corporation |
121,000 | 2,767,270 | ||||
eClerx Services |
18,200 | 463,168 | ||||
Hackett Group (The) |
1,039,396 | 9,292,200 | ||||
Hexaware Technologies |
51,900 | 258,563 | ||||
Innodata 1 |
314,314 | 829,789 | ||||
MAXIMUS |
107,500 | 7,176,700 | ||||
Metrofile Holdings |
1,690,200 | 635,472 | ||||
MoneyGram International 1 |
75,000 | 648,000 | ||||
Persistent Systems |
36,300 | 416,512 | ||||
Prodware 1 |
20,100 | 135,566 | ||||
Sykes Enterprises 1 |
132,254 | 3,286,512 | ||||
Unisys Corporation 1 |
94,000 | 2,181,740 | ||||
| 28,962,113 | ||||||
| Semiconductors & Semiconductor Equipment - 2.5% | ||||||
Amtech Systems 1 |
105,371 | 1,178,048 | ||||
Brooks Automation |
106,300 | 1,236,269 | ||||
Cascade Microtech 1 |
44,300 | 601,594 | ||||
Diodes 1 |
270,850 | 7,735,476 | ||||
Exar Corporation 1 |
157,576 | 1,583,639 | ||||
Integrated Silicon Solution |
127,285 | 2,277,129 | ||||
Intermolecular 1 |
185,448 | 304,135 | ||||
Kopin Corporation 1 |
242,200 | 852,544 | ||||
MKS Instruments |
162,160 | 5,482,629 | ||||
| 337,000 | 707,700 | |||||
Nanometrics 1 |
140,590 | 2,364,724 | ||||
Photronics 1 |
131,400 | 1,116,900 | ||||
Teradyne |
177,460 | 3,345,121 | ||||
| 67,190 | 2,052,654 | |||||
| 30,838,562 | ||||||
| Software - 1.9% | ||||||
American Software Cl. A |
88,490 | 904,368 | ||||
| 95,000 | 8,378,050 | |||||
Blackbaud |
31,400 | 1,487,732 | ||||
Computer Modelling Group |
20,000 | 200,860 | ||||
Cyient |
51,900 | 415,546 | ||||
Envivio 1 |
262,532 | 464,681 | ||||
ePlus 1 |
15,400 | 1,338,722 | ||||
KPIT Technologies |
129,800 | 391,307 | ||||
Mentor Graphics |
87,633 | 2,105,821 | ||||
Model N 1 |
104,000 | 1,243,840 | ||||
Monotype Imaging Holdings |
96,920 | 3,163,469 | ||||
PSI 1 |
52,500 | 677,513 | ||||
SeaChange International 1 |
228,369 | 1,792,697 | ||||
SimCorp |
9,300 | 305,158 | ||||
| 22,869,764 | ||||||
| Technology Hardware, Storage & Peripherals - 1.0% | ||||||
Avid Technology 1 |
38,000 | 566,200 | ||||
| 10,000 | 89,300 | |||||
| 230,300 | 8,166,438 | |||||
Intevac 1 |
114,000 | 699,960 | ||||
Kortek |
99,000 | 1,198,060 | ||||
Silicon Graphics International 1 |
145,970 | 1,268,480 | ||||
| 11,988,438 | ||||||
| Total | 233,318,237 | |||||
| Materials – 6.5% | ||||||
| Chemicals - 1.6% | ||||||
Chase Corporation |
11,497 | 502,764 | ||||
FutureFuel Corporation |
51,500 | 528,905 | ||||
Hankuk Carbon |
35,100 | 233,257 | ||||
Hawkins |
86,178 | 3,273,902 | ||||
Innospec |
75,068 | 3,482,404 | ||||
KMG Chemicals |
71,700 | 1,916,541 | ||||
Minerals Technologies |
66,793 | 4,882,568 | ||||
Quaker Chemical |
57,779 | 4,948,194 | ||||
Umicore |
3,900 | 162,642 | ||||
| 19,931,177 | ||||||
| Construction Materials - 0.9% | ||||||
Ash Grove Cement Cl. B 5 |
50,518 | 10,154,118 | ||||
Mardin Cimento Sanayii |
255,200 | 473,954 | ||||
| 10,628,072 | ||||||
| Containers & Packaging - 0.7% | ||||||
Greif Cl. A |
112,344 | 4,411,749 | ||||
Mayr-Melnhof Karton |
35,300 | 3,643,087 | ||||
UFP Technologies 1 |
36,009 | 820,285 | ||||
| 8,875,121 | ||||||
| Metals & Mining - 3.2% | ||||||
AuRico Gold |
132,000 | 365,640 | ||||
Central Steel & Wire 5 |
4,862 | 3,379,090 | ||||
Exeter Resource 1 |
475,000 | 244,340 | ||||
Fresnillo |
11,700 | 118,104 | ||||
Geodrill 1 |
397,200 | 172,484 | ||||
Gold Fields ADR |
865,000 | 3,468,650 | ||||
Haynes International |
23,000 | 1,026,030 | ||||
Hecla Mining |
660,000 | 1,966,800 | ||||
IAMGOLD Corporation 1 |
510,000 | 953,700 | ||||
Imdex 1 |
1,591,766 | 436,191 | ||||
Kirkland Lake Gold 1 |
90,000 | 386,562 | ||||
Lundin Mining 1 |
640,000 | 2,582,133 | ||||
Maharashtra Seamless |
77,900 | 245,092 | ||||
Major Drilling Group International |
491,323 | 2,665,026 | ||||
Pan American Silver |
130,430 | 1,143,871 | ||||
Pretium Resources 1 |
246,000 | 1,239,177 | ||||
Reliance Steel & Aluminum |
178,900 | 10,927,212 | ||||
| 282,000 | 1,548,180 | |||||
Synalloy Corporation |
178,800 | 2,603,328 | ||||
Victoria Gold 1 |
550,000 | 62,967 | ||||
Vista Gold 1 |
124,000 | 37,200 | ||||
Worthington Industries |
148,000 | 3,938,280 | ||||
| 39,510,057 | ||||||
| Paper & Forest Products - 0.1% | ||||||
| 3,296,000 | 0 | |||||
Schweitzer-Mauduit International |
26,068 | 1,202,256 | ||||
TFS Corporation |
246,700 | 329,599 | ||||
| 1,531,855 | ||||||
| Total | 80,476,282 | |||||
| Telecommunication Services – 0.5% | ||||||
| Wireless Telecommunication Services - 0.5% | ||||||
Spok Holdings |
30,300 | 580,851 | ||||
Telephone and Data Systems |
208,270 | 5,185,923 | ||||
| Total | 5,766,774 | |||||
| Utilities – 0.1% | ||||||
| Gas Utilities - 0.1% | ||||||
Shizuoka Gas |
110,000 | 729,526 | ||||
Toho Gas |
60,000 | 350,267 | ||||
| 1,079,793 | ||||||
| Multi-Utilities - 0.0% | ||||||
Just Energy Group 2 |
20,600 | 96,614 | ||||
| Total | 1,176,407 | |||||
| Miscellaneous 7 – 1.0% | ||||||
| Total | 12,853,040 | |||||
| TOTAL COMMON STOCKS | ||||||
(Cost $890,645,160) |
1,162,381,338 | |||||
| PREFERRED STOCK – 0.1% | ||||||
| 50,000 | 1,341,450 | |||||
(Cost $724,062) |
1,341,450 | |||||
| REPURCHASE AGREEMENT – 10.3% | ||||||
| Fixed Income Clearing Corporation, | ||||||
0.00% dated 3/31/15, due 4/1/15, |
||||||
(Cost $125,925,000) |
125,925,000 | |||||
| TOTAL INVESTMENTS – 104.9% | ||||||
(Cost $1,017,294,222) |
1,289,647,788 | |||||
| LIABILITIES LESS CASH | ||||||
AND OTHER ASSETS – (4.9)% |
(59,729,139 | ) | ||||
| NET ASSETS – 100.0% | $ | 1,229,918,649 | ||||
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,019,031,617. At March 31, 2015, net unrealized appreciation for all securities was $270,616,171, consisting of aggregate gross unrealized appreciation of $352,378,163 and aggregate gross unrealized depreciation of $81,761,992. 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.
| 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). |
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, 2015. For a detailed breakout of common
stocks by sector classification, please refer to the Schedule of Investments.
| Level 1 | Level 2 | Level 3 | Total | |||||
| Common Stocks | $1,047,441,442 | $114,284,663 | $ 655,233 | $1,162,381,338 | ||||
| Preferred Stocks | – | – | 1,341,450 | 1,341,450 | ||||
| Cash Equivalents | – | 125,925,000 | – | 125,925,000 | ||||
For the three months ended March 31, 2015, certain securities have transferred in and out of Level 1, Level 2 and Level 3 measurements. The Fund recognizes transfers between levels as of the end of the reporting period. At March 31, 2015, securities valued at $1,910,352 were transferred from Level 1 to Level 2 and securities valued at $427,736 and $4,976,695 were transferred from Level 2 to Level 3 and Level 1, respectively, within the fair value hierarchy.
Level 3 Reconciliation:
| Balance as of 12/31/14 | Transfers | Unrealized Gain (Loss) |
Balance as of 3/31/15 | ||
| Common Stocks | $ 270,001 | $427,736 | $(42,504) | $ 655,233 | |
| Preferred Stocks | 1,216,350 | – | 125,100 | 1,341,450 | |
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.
Borrowings:
The Fund has entered into a revolving credit agreement
(the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). As of March
31, 2015, the Fund has outstanding borrowings of $70,000,000. During the period
ended March 31, 2015, the Fund borrowed an average daily balance of $70,000,000.
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 is compensated by BNPP for any fees or losses related to the failed
delivery or, in the event a recalled security is not 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 receives 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 company’s 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, 2015:
| Shares | Market Value | Cost of | Cost of | Realized | Dividend | Shares | Market Value | |||||||||||||||||||||||||
| Affiliated Company | 12/31/14 | 12/31/14 | Purchases | Sales | Gain (Loss) | Income | 3/31/15 | 3/31/15 | ||||||||||||||||||||||||
| Stanley Furniture | 1,012,235 | $2,773,524 | – | – | – | - | 1,012,235 | $3,188,540 | ||||||||||||||||||||||||
| Timberland Bancorp | 444,200 | 4,708,520 | – | – | – | $26,652 | 444,200 | 4,819,570 | ||||||||||||||||||||||||
| $7,482,044 | $26,652 | $8,008,110 | ||||||||||||||||||||||||||||||
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 Value Trust, Inc.
By:
/s/ Christopher D. Clark
Christopher
D. Clark
President, Royce Value Trust, Inc.
Date: May 21, 2015
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/ Christopher D. Clark
Christopher
D. Clark
President, Royce Value Trust, Inc.
Date: May 21, 2015
By:
/s/ Peter K. Hoglund
Peter K.
Hoglund
Treasurer, Royce Value Trust, Inc.
Date: May 21, 2015