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: 12/31/2010
Date of reporting period: 9/30/2010
Item 1 - Schedule of Investments
SCHEDULE OF INVESTMENTS
ROYCE VALUE TRUST
SEPTEMBER 30, 2010 (UNAUDITED)
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SHARES |
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VALUE |
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COMMON STOCKS – 111.8% |
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Consumer Products – 7.3% |
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Apparel, Shoes and Accessories - 2.4% |
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Anta Sports Products |
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98,200 |
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$ |
228,830 |
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Bosideng International Holdings |
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1,793,500 |
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781,305 |
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Burberry Group |
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65,000 |
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1,061,928 |
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China Dongxiang Group |
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645,000 |
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372,427 |
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Columbia Sportswear |
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54,100 |
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3,161,604 |
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Daphne International Holdings |
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930,400 |
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1,099,618 |
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Hengdeli Holdings |
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185,250 |
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86,192 |
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K-Swiss Cl. A a |
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163,600 |
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2,085,900 |
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Lazare Kaplan International a |
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95,437 |
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85,893 |
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Luk Fook Holdings (International) |
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668,900 |
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1,491,454 |
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Stella International Holdings |
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818,900 |
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1,606,380 |
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Timberland Company (The) Cl. A a |
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17,500 |
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346,675 |
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Van De Velde |
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15,000 |
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715,502 |
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98,794 |
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1,888,941 |
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Warnaco Group (The) a |
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49,500 |
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2,530,935 |
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Weyco Group |
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97,992 |
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2,373,366 |
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Wolverine World Wide |
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100,000 |
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2,901,000 |
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22,817,950 |
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Collectibles - 0.1% |
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Kid Brands a |
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96,600 |
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830,760 |
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Food/Beverage/Tobacco - 1.2% |
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Asian Citrus Holdings |
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292,000 |
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275,221 |
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Binggrae Company |
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22,415 |
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1,116,573 |
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Cal-Maine Foods |
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89,300 |
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2,587,914 |
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Hershey Creamery |
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709 |
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1,223,025 |
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J.M. Smucker Company (The) |
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6,300 |
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381,339 |
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KT&G Corporation |
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15,900 |
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948,213 |
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Ralcorp Holdings a |
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1,800 |
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105,264 |
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Seneca Foods Cl. A a |
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110,000 |
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2,880,900 |
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Seneca Foods Cl. B a |
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13,251 |
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346,911 |
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Thai Beverage |
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786,400 |
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164,444 |
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Tootsie Roll Industries |
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53,560 |
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1,332,573 |
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11,362,377 |
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Health, Beauty and Nutrition - 0.0% |
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Sa Sa International Holdings |
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694,300 |
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553,912 |
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Home Furnishing and Appliances - 2.1% |
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American Woodmark |
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123,335 |
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2,186,730 |
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Ekornes |
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30,000 |
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734,550 |
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Ethan Allen Interiors |
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345,800 |
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6,037,668 |
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Hunter Douglas |
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20,000 |
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804,045 |
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Kimball International Cl. B |
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286,180 |
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1,668,429 |
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Mohawk Industries a |
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128,200 |
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6,833,060 |
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Samson Holding |
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1,100,000 |
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197,065 |
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Universal Electronics a |
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10,000 |
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208,500 |
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Woongjin Coway |
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29,400 |
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1,144,802 |
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19,814,849 |
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Sports and Recreation - 1.4% |
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All American Group a |
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47,700 |
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8,586 |
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Beneteau a |
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36,000 |
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643,890 |
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RC2 Corporation a |
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132,600 |
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2,777,970 |
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Sturm, Ruger & Co. |
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245,600 |
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3,349,984 |
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Thor Industries |
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110,900 |
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3,704,060 |
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Winnebago Industries a |
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247,500 |
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2,578,950 |
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13,063,440 |
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Other Consumer Products - 0.1% |
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Societe BIC |
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9,000 |
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722,536 |
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Total |
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69,165,824 |
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Consumer Services – 4.3% |
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Direct Marketing - 0.3% |
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Manutan International |
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22,751 |
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1,411,197 |
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Takkt |
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125,000 |
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1,629,425 |
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3,040,622 |
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Leisure and Entertainment - 0.1% |
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Kangwon Land |
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20,000 |
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434,992 |
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Online Commerce - 0.3% |
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Systemax |
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224,000 |
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|
2,750,720 |
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Restaurants and Lodgings - 0.4% |
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Ajisen China Holdings |
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600,000 |
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|
938,799 |
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|
3,300 |
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|
25,575 |
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Cafe de Coral Holdings |
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72,000 |
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|
203,226 |
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CEC Entertainment a |
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|
64,100 |
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2,200,553 |
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3,368,153 |
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Retail Stores - 2.4% |
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Abercrombie & Fitch Cl. A |
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3,000 |
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|
117,960 |
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Advance Auto Parts |
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4,500 |
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|
264,060 |
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Aeropostale a |
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|
67,200 |
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1,562,400 |
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American Eagle Outfitters |
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10,300 |
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|
154,088 |
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Bed Bath & Beyond a |
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4,650 |
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|
201,857 |
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CarMax a |
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160,000 |
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4,457,600 |
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Charming Shoppes a |
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|
321,900 |
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|
1,133,088 |
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|
17,821 |
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|
49,186 |
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Dress Barn (The) a |
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68,280 |
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1,621,650 |
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FamilyMart |
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72,300 |
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|
2,592,165 |
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Golden Eagle Retail Group |
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|
192,100 |
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|
543,456 |
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Lewis Group |
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|
225,000 |
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|
2,266,059 |
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New World Department Store China |
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|
435,000 |
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|
447,959 |
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O’Reilly Automotive a |
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|
6,200 |
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|
329,840 |
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|
16,260 |
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|
78,373 |
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Ramayana Lestari Sentosa |
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|
2,075,000 |
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|
202,269 |
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Stein Mart a |
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|
182,800 |
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|
1,614,124 |
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Tiffany & Co. |
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|
90,200 |
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4,238,498 |
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West Marine a |
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|
131,100 |
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1,331,976 |
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23,206,608 |
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Other Consumer Services - 0.8% |
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Anhanguera Educacional Participacoes |
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|
120,000 |
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|
2,128,369 |
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Apollo Group Cl. A a |
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|
4,100 |
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|
210,535 |
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Cambium Learning Group a |
|
|
84,466 |
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|
270,291 |
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ChinaCast Education a |
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|
85,000 |
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|
601,800 |
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ITT Educational Services a |
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|
17,000 |
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|
1,194,590 |
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MegaStudy |
|
|
18,300 |
|
|
2,705,880 |
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Raffles Education a |
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|
2,166,900 |
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|
461,358 |
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15,000 |
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|
66,600 |
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7,639,423 |
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Total |
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40,440,518 |
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Diversified Investment Companies – 0.4% |
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Closed-End Funds - 0.4% |
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Central Fund of Canada Cl. A |
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|
257,000 |
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|
4,268,770 |
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Total |
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4,268,770 |
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Financial Intermediaries – 10.5% |
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Banking - 2.5% |
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Ameriana Bancorp |
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|
40,000 |
|
|
158,000 |
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|
Banca Finnat Euramerica |
|
|
870,000 |
|
|
616,734 |
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Banca Generali |
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|
86,000 |
|
|
1,049,294 |
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|
|
942,504 |
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|
1,319,506 |
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Bank Sarasin & Co. Cl. B |
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|
33,120 |
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|
1,280,781 |
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Banque Privee Edmond de Rothschild |
|
|
23 |
|
|
543,021 |
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BCB Holdings a |
|
|
598,676 |
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|
752,368 |
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Center Bancorp |
|
|
44,868 |
|
|
342,791 |
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Centrue Financial a |
|
|
82,200 |
|
|
136,452 |
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CFS Bancorp |
|
|
75,000 |
|
|
345,000 |
|
|
Chuo Mitsui Trust Holdings |
|
|
118,000 |
|
|
391,543 |
|
|
CNB Financial |
|
|
11,116 |
|
|
152,845 |
|
|
Commercial National Financial |
|
|
54,900 |
|
|
928,908 |
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Farmers & Merchants Bank of Long Beach |
|
|
1,200 |
|
|
4,746,000 |
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|
Fauquier Bankshares |
|
|
160,800 |
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|
2,090,400 |
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Hawthorn Bancshares |
|
|
48,023 |
|
|
483,832 |
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HopFed Bancorp |
|
|
106,590 |
|
|
980,628 |
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Jefferson Bancshares a |
|
|
32,226 |
|
|
111,180 |
|
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Kearny Financial |
|
|
50,862 |
|
|
449,111 |
|
|
Mauritius Commercial Bank |
|
|
40,000 |
|
|
187,459 |
|
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Mechanics Bank |
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|
200 |
|
|
2,440,000 |
|
|
Old Point Financial |
|
|
25,000 |
|
|
293,000 |
|
|
Peapack-Gladstone Financial |
|
|
10,500 |
|
|
123,690 |
|
|
State Bank of Mauritius |
|
|
46,000 |
|
|
129,043 |
|
|
Timberland Bancorp d |
|
|
469,200 |
|
|
1,890,876 |
|
|
Vontobel Holding |
|
|
20,400 |
|
|
664,326 |
|
|
Whitney Holding Corporation |
|
|
41,500 |
|
|
339,055 |
|
|
Wilber Corporation (The) |
|
|
122,685 |
|
|
729,976 |
|
|
Wilmington Trust |
|
|
43,500 |
|
|
390,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,066,449 |
|
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|
|
|
|
|
|
|
|
|
Insurance - 4.3% |
|
|
|
|
|
|
|
|
Alleghany Corporation a |
|
|
28,657 |
|
|
8,683,931 |
|
|
Amil Participacoes |
|
|
75,000 |
|
|
721,188 |
|
|
Argo Group International Holdings |
|
|
64,751 |
|
|
2,249,450 |
|
|
Aspen Insurance Holdings |
|
|
47,000 |
|
|
1,423,160 |
|
|
China Taiping Insurance Holdings a |
|
|
45,000 |
|
|
150,795 |
|
|
CNA Surety a |
|
|
100,600 |
|
|
1,802,752 |
|
|
CoreLogic |
|
|
44,000 |
|
|
843,040 |
|
|
Discovery Holdings |
|
|
255,000 |
|
|
1,431,168 |
|
|
E-L Financial |
|
|
7,400 |
|
|
2,948,780 |
|
|
Enstar Group a |
|
|
20,217 |
|
|
1,467,754 |
|
|
Erie Indemnity Cl. A |
|
|
87,900 |
|
|
4,927,674 |
|
|
Independence Holding |
|
|
317,658 |
|
|
2,229,959 |
|
|
Leucadia National a |
|
|
44,940 |
|
|
1,061,483 |
|
|
Markel Corporation a |
|
|
6,200 |
|
|
2,136,458 |
|
|
Montpelier Re Holdings |
|
|
32,000 |
|
|
554,240 |
|
|
Platinum Underwriters Holdings |
|
|
49,000 |
|
|
2,132,480 |
|
|
ProAssurance Corporation a |
|
|
32,000 |
|
|
1,842,880 |
|
|
RLI |
|
|
80,724 |
|
|
4,570,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,177,785 |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts - 0.1% |
|
|
|
|
|
|
|
|
Gladstone Commercial |
|
|
30,000 |
|
|
514,800 |
|
|
|
|
|
|
|
|
|
|
|
Securities Brokers - 2.9% |
|
|
|
|
|
|
|
|
Close Brothers Group |
|
|
43,000 |
|
|
498,172 |
|
|
Cowen Group Cl. A a |
|
|
708,600 |
|
|
2,331,294 |
|
|
Daewoo Securities |
|
|
5,000 |
|
|
110,283 |
|
|
DundeeWealth |
|
|
33,300 |
|
|
467,022 |
|
|
Egyptian Financial Group-Hermes Holding |
|
|
401,500 |
|
|
2,045,231 |
|
|
FBR Capital Markets a |
|
|
249,600 |
|
|
783,744 |
|
|
GFI Group |
|
|
166,247 |
|
|
771,386 |
|
|
Gleacher & Company a |
|
|
293,000 |
|
|
471,730 |
|
|
HQ |
|
|
40,000 |
|
|
54,894 |
|
|
Interactive Brokers Group Cl. A a |
|
|
100,000 |
|
|
1,721,000 |
|
|
Investcorp Bank GDR a |
|
|
27,000 |
|
|
116,100 |
|
|
KBW |
|
|
70,058 |
|
|
1,793,485 |
|
|
Kim Eng Holdings |
|
|
240,000 |
|
|
323,017 |
|
|
Lazard Cl. A |
|
|
109,300 |
|
|
3,834,244 |
|
|
MF Global Holdings a |
|
|
225,000 |
|
|
1,620,000 |
|
|
Mirae Asset Securities |
|
|
38,850 |
|
|
2,037,474 |
|
|
Mizuho Securities |
|
|
492,300 |
|
|
1,126,369 |
|
|
Oppenheimer Holdings Cl. A |
|
|
75,000 |
|
|
2,096,250 |
|
|
Paris Orleans et Cie |
|
|
183,785 |
|
|
4,587,478 |
|
|
Phatra Securities |
|
|
775,000 |
|
|
702,224 |
|
|
UOB-Kay Hian Holdings |
|
|
190,000 |
|
|
225,382 |
|
|
Woori Investment & Securities |
|
|
11,000 |
|
|
201,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,917,919 |
|
|
|
|
|
|
|
|
|
|
|
Securities Exchanges - 0.1% |
|
|
|
|
|
|
|
|
Hellenic Exchanges |
|
|
100,000 |
|
|
715,707 |
|
|
|
|
|
|
|
|
|
|
|
Other Financial Intermediaries - 0.6% |
|
|
|
|
|
|
|
|
KKR & Co. L.P. |
|
|
131,500 |
|
|
1,393,900 |
|
|
KKR Financial Holdings LLC |
|
|
481,404 |
|
|
4,226,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,620,627 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
100,013,287 |
|
|
|
|
|
|
|
|
|
|
|
Financial Services – 11.2% |
|
|
|
|
|
|
|
|
Diversified Financial Services - 0.4% |
|
|
|
|
|
|
|
|
Encore Capital Group a |
|
|
68,000 |
|
|
1,225,360 |
|
|
Franco-Nevada Corporation |
|
|
10,000 |
|
|
314,608 |
|
|
IOOF Holdings |
|
|
123,592 |
|
|
803,951 |
|
|
Ocwen Financial a |
|
|
123,600 |
|
|
1,253,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,597,223 |
|
|
|
|
|
|
|
|
|
|
|
Information and Processing - 1.7% |
|
|
|
|
|
|
|
|
Altisource Portfolio Solutions a |
|
|
41,199 |
|
|
1,282,937 |
|
|
MoneyGram International a |
|
|
228,500 |
|
|
557,540 |
|
|
Morningstar a |
|
|
109,800 |
|
|
4,892,688 |
|
|
SEI Investments |
|
|
350,400 |
|
|
7,127,136 |
|
|
Total System Services |
|
|
137,500 |
|
|
2,095,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,955,801 |
|
|
|
|
|
|
|
|
|
|
|
Insurance Brokers - 0.9% |
|
|
|
|
|
|
|
|
Brown & Brown |
|
|
276,400 |
|
|
5,580,516 |
|
|
|
|
1,160 |
|
|
2,819 |
|
|
|
Gallagher (Arthur J.) & Co. |
|
|
111,200 |
|
|
2,932,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,515,679 |
|
|
|
|
|
|
|
|
|
|
|
Investment Management - 7.0% |
|
|
|
|
|
|
|
|
A.F.P. Provida ADR |
|
|
22,100 |
|
|
1,390,311 |
|
|
ABG Sundal Collier Holding |
|
|
115,000 |
|
|
129,643 |
|
|
Affiliated Managers Group a |
|
|
42,800 |
|
|
3,338,828 |
|
|
AllianceBernstein Holding L.P. |
|
|
284,600 |
|
|
7,516,286 |
|
|
AP Alternative Assets L.P. |
|
|
233,200 |
|
|
1,688,368 |
|
|
Artio Global Investors Cl. A |
|
|
150,000 |
|
|
2,295,000 |
|
|
Ashmore Group |
|
|
545,500 |
|
|
2,867,273 |
|
|
Azimut Holding |
|
|
72,183 |
|
|
709,489 |
|
|
BKF Capital Group a |
|
|
130,000 |
|
|
136,500 |
|
|
BT Investment Management |
|
|
207,000 |
|
|
488,185 |
|
|
Coronation Fund Managers |
|
|
526,000 |
|
|
1,116,106 |
|
|
Eaton Vance |
|
|
115,300 |
|
|
3,348,312 |
|
|
Equity Trustees |
|
|
34,176 |
|
|
487,564 |
|
|
Evercore Partners Cl. A |
|
|
129,300 |
|
|
3,699,273 |
|
|
F&C Asset Management |
|
|
60,000 |
|
|
61,029 |
|
|
Federated Investors Cl. B |
|
|
204,700 |
|
|
4,658,972 |
|
|
Fiducian Portfolio Services |
|
|
227,000 |
|
|
295,102 |
|
|
GAMCO Investors Cl. A |
|
|
110,575 |
|
|
4,260,455 |
|
|
Gimv |
|
|
22,500 |
|
|
1,157,911 |
|
|
GP Investments BDR a |
|
|
15,604 |
|
|
57,362 |
|
|
Investec |
|
|
118,000 |
|
|
942,587 |
|
|
MVC Capital |
|
|
354,200 |
|
|
4,593,974 |
|
|
MyState |
|
|
152,000 |
|
|
470,130 |
|
|
Onex Corporation |
|
|
50,000 |
|
|
1,404,898 |
|
|
Partners Group Holding |
|
|
15,900 |
|
|
2,634,224 |
|
|
Perpetual |
|
|
13,541 |
|
|
397,746 |
|
|
Platinum Asset Management |
|
|
149,000 |
|
|
714,319 |
|
|
Rathbone Brothers |
|
|
35,400 |
|
|
470,181 |
|
|
Reinet Investments a |
|
|
73,127 |
|
|
1,226,690 |
|
|
RHJ International a |
|
|
102,500 |
|
|
845,386 |
|
|
Schroders |
|
|
41,100 |
|
|
928,430 |
|
|
SHUAA Capital a |
|
|
485,000 |
|
|
143,940 |
|
|
SPARX Group a |
|
|
1,320 |
|
|
113,057 |
|
|
Sprott |
|
|
269,600 |
|
|
1,320,618 |
|
|
Teton Advisors Cl. A a |
|
|
723 |
|
|
5,133 |
|
|
Treasury Group |
|
|
51,500 |
|
|
239,927 |
|
|
Trust Company |
|
|
97,283 |
|
|
546,308 |
|
|
Value Partners Group |
|
|
6,379,800 |
|
|
4,456,655 |
|
|
VZ Holding |
|
|
8,500 |
|
|
827,812 |
|
|
Waddell & Reed Financial Cl. A |
|
|
139,300 |
|
|
3,811,248 |
|
|
Westwood Holdings Group |
|
|
23,460 |
|
|
793,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,588,884 |
|
|
|
|
|
|
|
|
|
|
|
Special Purpose Acquisition Corporation - 0.0% |
|
|
|
|
|
|
|
|
Westway Group a |
|
|
31,500 |
|
|
103,950 |
|
|
|
|
|
|
|
|
|
|
|
Specialty Finance - 0.4% |
|
|
|
|
|
|
|
|
World Acceptance a |
|
|
85,700 |
|
|
3,784,512 |
|
|
|
|
|
|
|
|
|
|
|
Other Financial Services - 0.8% |
|
|
|
|
|
|
|
|
E-House China Holdings ADR b |
|
|
189,500 |
|
|
3,575,865 |
|
|
Hilltop Holdings a |
|
|
290,400 |
|
|
2,782,032 |
|
|
Kennedy-Wilson Holdings a |
|
|
150,000 |
|
|
1,590,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,947,897 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
106,493,946 |
|
|
|
|
|
|
|
|
|
|
|
Health – 6.8% |
|
|
|
|
|
|
|
|
Commercial Services - 0.9% |
|
|
|
|
|
|
|
|
Affymetrix a |
|
|
10,000 |
|
|
45,600 |
|
|
|
|
41,600 |
|
|
628,576 |
|
|
|
OdontoPrev |
|
|
60,000 |
|
|
705,319 |
|
|
PAREXEL International a |
|
|
312,400 |
|
|
7,225,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,605,307 |
|
|
|
|
|
|
|
|
|
|
|
Drugs and Biotech - 1.8% |
|
|
|
|
|
|
|
|
|
|
53,300 |
|
|
128,453 |
|
|
|
Biogen Idec a |
|
|
7,080 |
|
|
397,329 |
|
|
BioMarin Pharmaceutical a |
|
|
9,100 |
|
|
203,385 |
|
|
Boiron |
|
|
32,452 |
|
|
1,077,249 |
|
|
Bukwang Pharmaceutical |
|
|
15,000 |
|
|
165,753 |
|
|
China Shineway Pharmaceutical Group |
|
|
47,400 |
|
|
167,391 |
|
|
Daewoong Pharmaceutical |
|
|
2,884 |
|
|
123,808 |
|
|
Endo Pharmaceuticals Holdings a |
|
|
158,300 |
|
|
5,261,892 |
|
|
Green Cross |
|
|
11,300 |
|
|
1,536,067 |
|
|
|
|
20,000 |
|
|
320,000 |
|
|
|
Pharmaceutical Product Development |
|
|
100,000 |
|
|
2,479,000 |
|
|
Pharmacyclics a |
|
|
158,746 |
|
|
1,279,493 |
|
|
Simcere Pharmaceutical Group ADR a |
|
|
41,300 |
|
|
409,283 |
|
|
Sino Biopharmaceutical |
|
|
2,476,600 |
|
|
999,086 |
|
|
Sinovac Biotech a |
|
|
141,900 |
|
|
550,572 |
|
|
|
|
211,500 |
|
|
88,618 |
|
|
|
3SBio ADR a |
|
|
80,500 |
|
|
1,044,890 |
|
|
Virbac |
|
|
7,500 |
|
|
1,036,343 |
|
|
Warner Chilcott Cl. A |
|
|
4,600 |
|
|
103,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,371,836 |
|
|
|
|
|
|
|
|
|
|
|
Health Services - 1.9% |
|
|
|
|
|
|
|
|
Advisory Board (The) a |
|
|
128,500 |
|
|
5,673,275 |
|
|
Albany Molecular Research a |
|
|
85,000 |
|
|
542,300 |
|
|
Bangkok Chain Hospital |
|
|
1,185,000 |
|
|
251,837 |
|
|
Cross Country Healthcare a |
|
|
30,000 |
|
|
215,700 |
|
|
eResearchTechnology a |
|
|
67,624 |
|
|
505,828 |
|
|
HMS Holdings a |
|
|
50,000 |
|
|
2,947,000 |
|
|
ICON ADR a |
|
|
121,400 |
|
|
2,624,668 |
|
|
On Assignment a |
|
|
375,400 |
|
|
1,970,850 |
|
|
Res-Care a |
|
|
90,460 |
|
|
1,200,404 |
|
|
Sonic Healthcare |
|
|
2,000 |
|
|
21,264 |
|
|
VCA Antech a |
|
|
69,500 |
|
|
1,465,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,418,881 |
|
|
|
|
|
|
|
|
|
|
|
Medical Products and Devices - 2.2% |
|
|
|
|
|
|
|
|
Allied Healthcare Products a |
|
|
180,512 |
|
|
745,515 |
|
|
Atrion Corporation |
|
|
15,750 |
|
|
2,480,782 |
|
|
C.R. Bard |
|
|
1,800 |
|
|
146,574 |
|
|
Carl Zeiss Meditec |
|
|
137,000 |
|
|
2,157,139 |
|
|
CONMED Corporation a |
|
|
81,500 |
|
|
1,826,415 |
|
|
DiaSorin |
|
|
12,000 |
|
|
492,897 |
|
|
Edwards Lifesciences a |
|
|
2,600 |
|
|
174,330 |
|
|
IDEXX Laboratories a |
|
|
55,201 |
|
|
3,407,006 |
|
|
Kinetic Concepts a |
|
|
6,300 |
|
|
230,454 |
|
|
Kossan Rubber Industries |
|
|
200,600 |
|
|
192,997 |
|
|
St. Shine Optical |
|
|
70,900 |
|
|
735,291 |
|
|
Straumann Holding |
|
|
6,000 |
|
|
1,339,032 |
|
|
Techne Corporation |
|
|
71,000 |
|
|
4,382,830 |
|
|
Teleflex |
|
|
3,900 |
|
|
221,442 |
|
|
|
|
445,500 |
|
|
436,590 |
|
|
|
|
|
20,000 |
|
|
94,000 |
|
|
|
Young Innovations |
|
|
62,550 |
|
|
1,789,555 |
|
|
Zoll Medical a |
|
|
400 |
|
|
12,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,865,757 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
64,261,781 |
|
|
|
|
|
|
|
|
|
|
|
Industrial Products – 22.2% |
|
|
|
|
|
|
|
|
Automotive - 1.8% |
|
|
|
|
|
|
|
|
Gentex Corporation |
|
|
50,000 |
|
|
975,500 |
|
|
LKQ Corporation a |
|
|
280,000 |
|
|
5,824,000 |
|
|
Minth Group |
|
|
261,100 |
|
|
522,277 |
|
|
Nokian Renkaat |
|
|
45,000 |
|
|
1,545,312 |
|
|
|
|
524,000 |
|
|
24,651 |
|
|
|
SORL Auto Parts a |
|
|
118,923 |
|
|
1,029,873 |
|
|
Superior Industries International |
|
|
40,000 |
|
|
691,200 |
|
|
Tianneng Power International |
|
|
2,236,000 |
|
|
873,207 |
|
|
WABCO Holdings a |
|
|
103,800 |
|
|
4,353,372 |
|
|
|
|
66,545 |
|
|
566,298 |
|
|
|
Xinyi Glass Holdings |
|
|
400,000 |
|
|
246,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,652,634 |
|
|
|
|
|
|
|
|
|
|
|
Building Systems and Components - 1.6% |
|
|
|
|
|
|
|
|
Armstrong World Industries a |
|
|
133,200 |
|
|
5,529,132 |
|
|
Decker Manufacturing |
|
|
6,022 |
|
|
162,594 |
|
|
NCI Building Systems a |
|
|
2,780 |
|
|
26,493 |
|
|
Preformed Line Products |
|
|
91,600 |
|
|
3,194,092 |
|
|
Simpson Manufacturing |
|
|
258,400 |
|
|
6,661,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,573,863 |
|
|
|
|
|
|
|
|
|
|
|
Construction Materials - 1.1% |
|
|
|
|
|
|
|
|
Ash Grove Cement Cl. B |
|
|
50,518 |
|
|
8,183,916 |
|
|
Duratex |
|
|
156,464 |
|
|
1,696,876 |
|
|
|
|
50,000 |
|
|
659,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,540,292 |
|
|
|
|
|
|
|
|
|
|
|
Industrial Components - 2.3% |
|
|
|
|
|
|
|
|
AMETEK |
|
|
6,300 |
|
|
300,951 |
|
|
Bel Fuse Cl. A |
|
|
36,672 |
|
|
767,545 |
|
|
CLARCOR |
|
|
92,500 |
|
|
3,573,275 |
|
|
Donaldson Company |
|
|
92,800 |
|
|
4,373,664 |
|
|
GrafTech International a |
|
|
309,690 |
|
|
4,840,455 |
|
|
II-VI a |
|
|
13,500 |
|
|
503,955 |
|
|
Mueller Water Products Cl. A |
|
|
72,500 |
|
|
218,950 |
|
|
PerkinElmer |
|
|
185,800 |
|
|
4,299,412 |
|
|
Powell Industries a |
|
|
92,400 |
|
|
2,875,488 |
|
|
Precision Castparts |
|
|
2,300 |
|
|
292,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,046,600 |
|
|
|
|
|
|
|
|
|
|
|
Machinery - 5.1% |
|
|
|
|
|
|
|
|
Astec Industries a |
|
|
25,000 |
|
|
713,250 |
|
|
Baldor Electric |
|
|
62,900 |
|
|
2,541,160 |
|
|
Burckhardt Compression Holding |
|
|
12,000 |
|
|
2,659,747 |
|
|
Burnham Holdings Cl. B |
|
|
36,000 |
|
|
513,000 |
|
|
Columbus McKinnon a |
|
|
95,000 |
|
|
1,576,050 |
|
|
|
|
25,000 |
|
|
325,750 |
|
|
|
Franklin Electric |
|
|
104,600 |
|
|
3,468,536 |
|
|
Hardinge |
|
|
95,503 |
|
|
731,553 |
|
|
|
|
11,535 |
|
|
129,077 |
|
|
|
Jinpan International |
|
|
92,284 |
|
|
930,223 |
|
|
Lincoln Electric Holdings |
|
|
94,180 |
|
|
5,445,487 |
|
|
Nordson Corporation |
|
|
102,100 |
|
|
7,523,749 |
|
|
Rofin-Sinar Technologies a |
|
|
319,700 |
|
|
8,113,986 |
|
|
Spirax-Sarco Engineering |
|
|
40,000 |
|
|
1,131,047 |
|
|
Wabtec Corporation |
|
|
106,725 |
|
|
5,100,388 |
|
|
Wasion Group Holdings |
|
|
119,000 |
|
|
91,257 |
|
|
Williams Controls |
|
|
37,499 |
|
|
341,991 |
|
|
Woodward Governor |
|
|
231,600 |
|
|
7,508,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,844,723 |
|
|
|
|
|
|
|
|
|
|
|
Metal Fabrication and Distribution - 3.8% |
|
|
|
|
|
|
|
|
Central Steel & Wire |
|
|
6,062 |
|
|
3,994,858 |
|
|
Commercial Metals |
|
|
36,600 |
|
|
530,334 |
|
|
CompX International Cl. A |
|
|
185,300 |
|
|
2,451,519 |
|
|
|
|
51,845 |
|
|
450,533 |
|
|
|
Haynes International |
|
|
24,000 |
|
|
838,080 |
|
|
Kennametal |
|
|
155,000 |
|
|
4,794,150 |
|
|
NN a |
|
|
197,100 |
|
|
1,626,075 |
|
|
Nucor Corporation |
|
|
54,350 |
|
|
2,076,170 |
|
|
RBC Bearings a |
|
|
47,000 |
|
|
1,597,060 |
|
|
Reliance Steel & Aluminum |
|
|
152,220 |
|
|
6,321,697 |
|
|
Schnitzer Steel Industries Cl. A |
|
|
100,000 |
|
|
4,828,000 |
|
|
Sims Metal Management ADR |
|
|
246,375 |
|
|
4,188,375 |
|
|
Sung Kwang Bend |
|
|
85,700 |
|
|
1,901,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,598,372 |
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous Manufacturing - 2.8% |
|
|
|
|
|
|
|
|
AZZ |
|
|
35,900 |
|
|
1,537,956 |
|
|
Barnes Group |
|
|
20,000 |
|
|
351,800 |
|
|
Brady Corporation Cl. A |
|
|
94,600 |
|
|
2,759,482 |
|
|
China Automation Group |
|
|
244,800 |
|
|
197,510 |
|
|
Mettler-Toledo International a |
|
|
33,500 |
|
|
4,168,740 |
|
|
PMFG a |
|
|
324,900 |
|
|
5,539,545 |
|
|
Rational |
|
|
6,000 |
|
|
1,271,094 |
|
|
Raven Industries |
|
|
96,200 |
|
|
3,645,018 |
|
|
Semperit AG Holding |
|
|
65,000 |
|
|
2,484,660 |
|
|
Synalloy Corporation |
|
|
198,800 |
|
|
1,699,740 |
|
|
Valmont Industries |
|
|
43,000 |
|
|
3,113,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,768,745 |
|
|
|
|
|
|
|
|
|
|
|
Paper and Packaging - 0.7% |
|
|
|
|
|
|
|
|
Greif Cl. A |
|
|
84,499 |
|
|
4,971,921 |
|
|
Mayr-Melnhof Karton |
|
|
20,000 |
|
|
2,028,517 |
|
|
Taiwan Hon Chuan Enterprise |
|
|
7,205 |
|
|
13,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,014,437 |
|
|
|
|
|
|
|
|
|
|
|
Pumps, Valves and Bearings - 1.4% |
|
|
|
|
|
|
|
|
FAG Bearings India |
|
|
13,300 |
|
|
248,285 |
|
|
Gardner Denver |
|
|
57,500 |
|
|
3,086,600 |
|
|
Graco |
|
|
116,376 |
|
|
3,692,611 |
|
|
IDEX Corporation |
|
|
67,400 |
|
|
2,393,374 |
|
|
Pfeiffer Vacuum Technology |
|
|
30,000 |
|
|
2,838,287 |
|
|
Rotork |
|
|
25,000 |
|
|
675,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,934,644 |
|
|
|
|
|
|
|
|
|
|
|
Specialty Chemicals and Materials - 1.3% |
|
|
|
|
|
|
|
|
Agrium |
|
|
3,700 |
|
|
277,463 |
|
|
Chemspec International ADR |
|
|
35,000 |
|
|
209,650 |
|
|
China BlueChemical |
|
|
158,400 |
|
|
114,326 |
|
|
|
|
39,000 |
|
|
260,130 |
|
|
|
FMC Corporation |
|
|
2,300 |
|
|
157,343 |
|
|
|
|
81,000 |
|
|
622,890 |
|
|
|
Hawkins |
|
|
169,578 |
|
|
6,006,453 |
|
|
Huchems Fine Chemical |
|
|
16,456 |
|
|
319,667 |
|
|
Kingboard Chemical Holdings |
|
|
16,900 |
|
|
85,819 |
|
|
OM Group a |
|
|
90,000 |
|
|
2,710,800 |
|
|
Victrex |
|
|
60,000 |
|
|
1,202,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,967,222 |
|
|
|
|
|
|
|
|
|
|
|
Textiles - 0.2% |
|
|
|
|
|
|
|
|
Pacific Textile Holdings |
|
|
1,670,000 |
|
|
923,372 |
|
|
Texwinca Holdings |
|
|
275,000 |
|
|
313,674 |
|
|
Unifi a |
|
|
121,000 |
|
|
545,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,782,756 |
|
|
|
|
|
|
|
|
|
|
|
Other Industrial Products - 0.1% |
|
|
|
|
|
|
|
|
Cooper Industries |
|
|
7,800 |
|
|
381,654 |
|
|
|
|
50,835 |
|
|
909,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,291,092 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
211,015,380 |
|
|
|
|
|
|
|
|
|
|
|
Industrial Services – 13.1% |
|
|
|
|
|
|
|
|
Advertising and Publishing - 0.4% |
|
|
|
|
|
|
|
|
Lamar Advertising Cl. A a |
|
|
51,000 |
|
|
1,622,820 |
|
|
SinoMedia Holding |
|
|
350,000 |
|
|
106,008 |
|
|
ValueClick a |
|
|
145,000 |
|
|
1,896,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,625,428 |
|
|
|
|
|
|
|
|
|
|
|
Commercial Services - 6.5% |
|
|
|
|
|
|
|
|
Animal Health International a |
|
|
17,000 |
|
|
46,750 |
|
|
Brink’s Company (The) |
|
|
127,200 |
|
|
2,925,600 |
|
|
Cintas Corporation |
|
|
84,500 |
|
|
2,327,975 |
|
|
Convergys Corporation a |
|
|
121,000 |
|
|
1,264,450 |
|
|
Copart a |
|
|
85,600 |
|
|
2,822,232 |
|
|
|
|
289,400 |
|
|
2,031,588 |
|
|
|
CRA International a |
|
|
47,187 |
|
|
851,725 |
|
|
Fidelity National Information Services |
|
|
4,888 |
|
|
132,612 |
|
|
Forrester Research a |
|
|
40,300 |
|
|
1,333,124 |
|
|
FTI Consulting a |
|
|
7,850 |
|
|
272,317 |
|
|
Gartner a |
|
|
173,000 |
|
|
5,093,120 |
|
|
Global Sources a |
|
|
75,226 |
|
|
567,956 |
|
|
Hackett Group a |
|
|
655,000 |
|
|
2,705,150 |
|
|
Landauer |
|
|
75,500 |
|
|
4,728,565 |
|
|
Manpower |
|
|
69,300 |
|
|
3,617,460 |
|
|
MAXIMUS |
|
|
110,900 |
|
|
6,829,222 |
|
|
Michael Page International |
|
|
175,000 |
|
|
1,266,773 |
|
|
|
|
60,800 |
|
|
787,968 |
|
|
|
Pico Far East Holdings |
|
|
6,035,000 |
|
|
1,197,845 |
|
|
Ritchie Bros. Auctioneers |
|
|
337,700 |
|
|
7,014,029 |
|
|
Robert Half International |
|
|
94,000 |
|
|
2,444,000 |
|
|
SATS |
|
|
179,300 |
|
|
388,568 |
|
|
SFN Group a |
|
|
62,800 |
|
|
377,428 |
|
|
Sotheby’s |
|
|
259,400 |
|
|
9,551,108 |
|
|
Sound Global a |
|
|
50,000 |
|
|
32,697 |
|
|
TeleTech Holdings a |
|
|
13,000 |
|
|
192,920 |
|
|
Universal Technical Institute |
|
|
43,100 |
|
|
842,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,645,787 |
|
|
|
|
|
|
|
|
|
|
|
Engineering and Construction - 1.1% |
|
|
|
|
|
|
|
|
Desarrolladora Homex ADR a |
|
|
14,100 |
|
|
456,417 |
|
|
Fluor Corporation |
|
|
10,200 |
|
|
505,206 |
|
|
Integrated Electrical Services a |
|
|
355,400 |
|
|
1,339,858 |
|
|
Jacobs Engineering Group a |
|
|
6,400 |
|
|
247,680 |
|
|
KBR |
|
|
180,000 |
|
|
4,435,200 |
|
|
NVR a |
|
|
5,000 |
|
|
3,237,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,222,011 |
|
|
|
|
|
|
|
|
|
|
|
Food, Tobacco and Agriculture - 0.8% |
|
|
|
|
|
|
|
|
Alico a |
|
|
27,000 |
|
|
627,480 |
|
|
Chaoda Modern Agriculture (Holdings) |
|
|
178,872 |
|
|
148,237 |
|
|
China Green (Holdings) |
|
|
1,603,000 |
|
|
1,551,587 |
|
|
Genting Plantations |
|
|
50,000 |
|
|
125,040 |
|
|
Hanfeng Evergreen a |
|
|
89,700 |
|
|
549,237 |
|
|
|
|
83,927 |
|
|
2,187,977 |
|
|
|
MGP Ingredients b |
|
|
127,400 |
|
|
1,000,090 |
|
|
|
|
76,800 |
|
|
628,224 |
|
|
|
Yuhe International a |
|
|
28,286 |
|
|
195,456 |
|
|
|
|
35,000 |
|
|
570,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,583,478 |
|
|
|
|
|
|
|
|
|
|
|
Industrial Distribution - 0.6% |
|
|
|
|
|
|
|
|
Lawson Products |
|
|
161,431 |
|
|
2,465,051 |
|
|
MSC Industrial Direct Cl. A |
|
|
71,400 |
|
|
3,858,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,323,507 |
|
|
|
|
|
|
|
|
|
|
|
Transportation and Logistics - 3.7% |
|
|
|
|
|
|
|
|
Alexander & Baldwin |
|
|
60,000 |
|
|
2,090,400 |
|
|
C. H. Robinson Worldwide |
|
|
50,000 |
|
|
3,496,000 |
|
|
Forward Air |
|
|
209,750 |
|
|
5,453,500 |
|
|
Frozen Food Express Industries a |
|
|
286,635 |
|
|
793,979 |
|
|
Hub Group Cl. A a |
|
|
164,400 |
|
|
4,810,344 |
|
|
Kirby Corporation a |
|
|
75,000 |
|
|
3,004,500 |
|
|
Landstar System |
|
|
145,400 |
|
|
5,615,348 |
|
|
Patriot Transportation Holding a |
|
|
70,986 |
|
|
4,978,248 |
|
|
Universal Truckload Services a |
|
|
129,476 |
|
|
2,027,594 |
|
|
UTi Worldwide |
|
|
175,000 |
|
|
2,814,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,083,913 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
124,484,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural Resources – 11.0% |
|
|
|
|
|
|
|
|
Energy Services - 5.2% |
|
|
|
|
|
|
|
|
Cal Dive International a |
|
|
50,000 |
|
|
273,500 |
|
|
Calfrac Well Services |
|
|
70,000 |
|
|
1,743,027 |
|
|
CARBO Ceramics |
|
|
49,700 |
|
|
4,025,700 |
|
|
Core Laboratories |
|
|
20,000 |
|
|
1,760,800 |
|
|
Ensco ADR |
|
|
15,000 |
|
|
670,950 |
|
|
Ensign Energy Services |
|
|
225,100 |
|
|
2,763,158 |
|
|
|
|
103,600 |
|
|
2,352,756 |
|
|
|
Frontier Oil a |
|
|
60,000 |
|
|
804,000 |
|
|
Helmerich & Payne |
|
|
57,300 |
|
|
2,318,358 |
|
|
ION Geophysical a |
|
|
361,500 |
|
|
1,858,110 |
|
|
Lufkin Industries |
|
|
62,000 |
|
|
2,721,800 |
|
|
National-Oilwell Varco |
|
|
23,100 |
|
|
1,027,257 |
|
|
Oil States International a |
|
|
165,000 |
|
|
7,680,750 |
|
|
Pason Systems |
|
|
152,300 |
|
|
1,810,311 |
|
|
SEACOR Holdings a |
|
|
101,300 |
|
|
8,626,708 |
|
|
ShawCor Cl. A |
|
|
77,000 |
|
|
2,245,116 |
|
|
TETRA Technologies a |
|
|
68,000 |
|
|
693,600 |
|
|
Tidewater |
|
|
36,000 |
|
|
1,613,160 |
|
|
Trican Well Service |
|
|
99,900 |
|
|
1,593,312 |
|
|
Unit Corporation a |
|
|
46,000 |
|
|
1,715,340 |
|
|
Willbros Group a |
|
|
103,800 |
|
|
951,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,249,559 |
|
|
|
|
|
|
|
|
|
|
|
Oil and Gas - 1.1% |
|
|
|
|
|
|
|
|
Bill Barrett a |
|
|
50,000 |
|
|
1,800,000 |
|
|
|
|
37,000 |
|
|
247,900 |
|
|
|
Cimarex Energy |
|
|
95,490 |
|
|
6,319,528 |
|
|
EQT Corporation |
|
|
6,000 |
|
|
216,360 |
|
|
Questar Corporation |
|
|
10,400 |
|
|
182,312 |
|
|
|
|
156,134 |
|
|
1,726,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,492,942 |
|
|
|
|
|
|
|
|
|
|
|
Precious Metals and Mining - 3.3% |
|
|
|
|
|
|
|
|
Aquarius Platinum |
|
|
400,000 |
|
|
2,140,193 |
|
|
Cliffs Natural Resources |
|
|
36,500 |
|
|
2,333,080 |
|
|
|
|
300,000 |
|
|
807,659 |
|
|
|
Endeavour Mining (Warrants) a |
|
|
75,000 |
|
|
66,333 |
|
|
Etruscan Resources a |
|
|
745,900 |
|
|
375,640 |
|
|
Fresnillo |
|
|
110,000 |
|
|
2,146,163 |
|
|
Gammon Gold a |
|
|
198,300 |
|
|
1,390,083 |
|
|
|
|
528,600 |
|
|
3,340,752 |
|
|
|
Hochschild Mining |
|
|
500,000 |
|
|
3,495,251 |
|
|
IAMGOLD Corporation |
|
|
95,620 |
|
|
1,693,430 |
|
|
|
|
560,000 |
|
|
515,200 |
|
|
|
Kingsgate Consolidated |
|
|
50,000 |
|
|
560,599 |
|
|
Major Drilling Group International |
|
|
188,200 |
|
|
5,417,906 |
|
|
New Gold a |
|
|
270,000 |
|
|
1,817,100 |
|
|
Northam Platinum |
|
|
335,000 |
|
|
2,210,344 |
|
|
Northgate Minerals a |
|
|
160,000 |
|
|
484,800 |
|
|
Pan American Silver |
|
|
41,000 |
|
|
1,213,190 |
|
|
Royal Gold |
|
|
34,400 |
|
|
1,714,496 |
|
|
Zhaojin Mining Industry |
|
|
15,000 |
|
|
46,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,768,424 |
|
|
|
|
|
|
|
|
|
|
|
Real Estate - 1.2% |
|
|
|
|
|
|
|
|
Consolidated-Tomoka Land |
|
|
13,564 |
|
|
386,710 |
|
|
Midland Holdings |
|
|
732,700 |
|
|
679,926 |
|
|
PICO Holdings a |
|
|
106,100 |
|
|
3,168,146 |
|
|
|
|
48,000 |
|
|
1,193,760 |
|
|
|
Tejon Ranch a |
|
|
257,496 |
|
|
5,579,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,008,480 |
|
|
|
|
|
|
|
|
|
|
|
Other Natural Resources - 0.2% |
|
|
|
|
|
|
|
|
China Forestry Holdings |
|
|
3,333,400 |
|
|
1,469,319 |
|
|
Hidili Industry International Development |
|
|
60,000 |
|
|
59,081 |
|
|
Sino-Forest Corporation a |
|
|
11,900 |
|
|
198,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,726,637 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
104,246,042 |
|
|
|
|
|
|
|
|
|
|
|
Technology – 20.1% |
|
|
|
|
|
|
|
|
Aerospace and Defense - 1.7% |
|
|
|
|
|
|
|
|
AerCap Holdings a |
|
|
45,000 |
|
|
532,350 |
|
|
Ducommun |
|
|
117,200 |
|
|
2,552,616 |
|
|
FLIR Systems a |
|
|
75,000 |
|
|
1,927,500 |
|
|
Goodrich Corporation |
|
|
3,800 |
|
|
280,174 |
|
|
HEICO Corporation |
|
|
134,625 |
|
|
6,144,285 |
|
|
HEICO Corporation Cl. A |
|
|
67,875 |
|
|
2,312,501 |
|
|
Hexcel Corporation a |
|
|
47,500 |
|
|
845,025 |
|
|
L-3 Communications Holdings |
|
|
2,800 |
|
|
202,356 |
|
|
Mercury Computer Systems a |
|
|
40,500 |
|
|
487,215 |
|
|
Moog Cl. A a |
|
|
25,000 |
|
|
887,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,171,772 |
|
|
|
|
|
|
|
|
|
|
|
Components and Systems - 4.8% |
|
|
|
|
|
|
|
|
AAC Acoustic Technologies Holdings |
|
|
110,000 |
|
|
241,015 |
|
|
Analogic Corporation |
|
|
40,135 |
|
|
1,801,259 |
|
|
Belden |
|
|
57,800 |
|
|
1,524,764 |
|
|
Benchmark Electronics a |
|
|
165,200 |
|
|
2,709,280 |
|
|
Checkpoint Systems a |
|
|
56,060 |
|
|
1,140,821 |
|
|
China Digital TV Holding Company ADR a |
|
|
5,000 |
|
|
33,850 |
|
|
Diebold |
|
|
151,600 |
|
|
4,713,244 |
|
|
Dionex Corporation a |
|
|
52,900 |
|
|
4,572,676 |
|
|
Electronics for Imaging a |
|
|
8,517 |
|
|
103,226 |
|
|
|
|
84,500 |
|
|
424,190 |
|
|
|
EVS Broadcast Equipment |
|
|
25,000 |
|
|
1,533,657 |
|
|
Hana Microelectronics |
|
|
295,000 |
|
|
247,858 |
|
|
Intermec a |
|
|
23,000 |
|
|
281,980 |
|
|
Newport Corporation a |
|
|
483,500 |
|
|
5,482,890 |
|
|
Otsuka Corporation |
|
|
3,200 |
|
|
212,362 |
|
|
Paragon Technologies |
|
|
122,638 |
|
|
294,804 |
|
|
Perceptron a |
|
|
357,700 |
|
|
1,598,919 |
|
|
Plexus Corporation a |
|
|
215,700 |
|
|
6,330,795 |
|
|
Richardson Electronics |
|
|
520,712 |
|
|
5,467,476 |
|
|
Shin Zu Shing |
|
|
78,222 |
|
|
218,330 |
|
|
Technitrol |
|
|
286,200 |
|
|
1,262,142 |
|
|
Teradata Corporation a |
|
|
30,000 |
|
|
1,156,800 |
|
|
Vaisala Cl. A |
|
|
116,000 |
|
|
3,254,460 |
|
|
VTech Holdings |
|
|
24,050 |
|
|
245,650 |
|
|
Western Digital a |
|
|
8,950 |
|
|
254,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,106,539 |
|
|
|
|
|
|
|
|
|
|
|
Distribution - 1.0% |
|
|
|
|
|
|
|
|
Agilysys a |
|
|
165,125 |
|
|
1,073,312 |
|
|
Anixter International a |
|
|
61,795 |
|
|
3,336,312 |
|
|
Avnet a |
|
|
8,000 |
|
|
216,080 |
|
|
China 3C Group a |
|
|
6,600 |
|
|
1,518 |
|
|
Cogo Group a |
|
|
133,615 |
|
|
825,741 |
|
|
Tech Data a |
|
|
86,500 |
|
|
3,485,950 |
|
|
WPG Holdings |
|
|
53,886 |
|
|
106,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,045,852 |
|
|
|
|
|
|
|
|
|
|
|
Internet Software and Services - 0.3% |
|
|
|
|
|
|
|
|
Internet Capital Group a |
|
|
176,480 |
|
|
1,946,574 |
|
|
NetEase.com ADR a |
|
|
3,500 |
|
|
138,040 |
|
|
Perficient a |
|
|
10,000 |
|
|
91,400 |
|
|
RealNetworks a |
|
|
245,400 |
|
|
800,004 |
|
|
|
|
4,000 |
|
|
230,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,206,498 |
|
|
|
|
|
|
|
|
|
|
|
IT Services - 2.4% |
|
|
|
|
|
|
|
|
|
|
35,000 |
|
|
690,550 |
|
|
|
Black Box |
|
|
43,798 |
|
|
1,404,164 |
|
|
ManTech International Cl. A a |
|
|
35,400 |
|
|
1,401,840 |
|
|
Sapient Corporation |
|
|
756,602 |
|
|
9,056,526 |
|
|
SRA International Cl. A a |
|
|
248,800 |
|
|
4,906,336 |
|
|
Syntel |
|
|
112,379 |
|
|
5,000,865 |
|
|
|
|
84,840 |
|
|
264,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,724,982 |
|
|
|
|
|
|
|
|
|
|
|
Semiconductors and Equipment - 4.2% |
|
|
|
|
|
|
|
|
Aixtron ADR b |
|
|
29,500 |
|
|
878,510 |
|
|
Analog Devices |
|
|
19,104 |
|
|
599,484 |
|
|
ASM Pacific Technology |
|
|
39,000 |
|
|
347,584 |
|
|
BE Semiconductor Industries a |
|
|
58,000 |
|
|
321,900 |
|
|
Brooks Automation a |
|
|
5,152 |
|
|
34,570 |
|
|
Chroma Ate |
|
|
189,006 |
|
|
450,713 |
|
|
Cognex Corporation |
|
|
236,200 |
|
|
6,334,884 |
|
|
Coherent a |
|
|
215,500 |
|
|
8,622,155 |
|
|
Comba Telecom Systems Holdings |
|
|
333,571 |
|
|
376,613 |
|
|
Cymer a |
|
|
115,500 |
|
|
4,282,740 |
|
|
Delta Electronics |
|
|
180,800 |
|
|
755,226 |
|
|
Diodes a |
|
|
252,450 |
|
|
4,314,370 |
|
|
Exar Corporation a |
|
|
157,576 |
|
|
943,880 |
|
|
Himax Technologies ADR |
|
|
80,500 |
|
|
199,640 |
|
|
Image Sensing Systems a |
|
|
8,310 |
|
|
92,490 |
|
|
Integrated Device Technology a |
|
|
567,000 |
|
|
3,316,950 |
|
|
International Rectifier a |
|
|
120,000 |
|
|
2,530,800 |
|
|
Intevac a |
|
|
57,450 |
|
|
575,075 |
|
|
Power Integrations |
|
|
49,000 |
|
|
1,557,710 |
|
|
TTM Technologies a |
|
|
221,400 |
|
|
2,167,506 |
|
|
Vimicro International ADR a |
|
|
240,000 |
|
|
823,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,526,000 |
|
|
|
|
|
|
|
|
|
|
|
Software - 3.3% |
|
|
|
|
|
|
|
|
ACI Worldwide a |
|
|
201,150 |
|
|
4,503,749 |
|
|
Activision Blizzard |
|
|
23,100 |
|
|
249,942 |
|
|
Advent Software a,b |
|
|
100,300 |
|
|
5,234,657 |
|
|
ANSYS a |
|
|
100,000 |
|
|
4,225,000 |
|
|
Aspen Technology a |
|
|
42,100 |
|
|
436,577 |
|
|
Aveva Group |
|
|
55,000 |
|
|
1,264,024 |
|
|
Avid Technology a |
|
|
116,000 |
|
|
1,520,760 |
|
|
Blackbaud |
|
|
41,890 |
|
|
1,007,036 |
|
|
CA |
|
|
8,100 |
|
|
171,072 |
|
|
|
|
55,000 |
|
|
446,600 |
|
|
|
Epicor Software a |
|
|
79,900 |
|
|
695,130 |
|
|
Fair Isaac |
|
|
33,000 |
|
|
813,780 |
|
|
JDA Software Group a |
|
|
49,900 |
|
|
1,265,464 |
|
|
|
|
36,255 |
|
|
23,928 |
|
|
|
National Instruments |
|
|
167,900 |
|
|
5,483,614 |
|
|
Net 1 UEPS Technologies a |
|
|
50,000 |
|
|
578,000 |
|
|
Novell a |
|
|
239,284 |
|
|
1,428,525 |
|
|
Parametric Technology a |
|
|
59,300 |
|
|
1,158,722 |
|
|
|
|
75,000 |
|
|
1,016,250 |
|
|
|
THQ a |
|
|
20,000 |
|
|
80,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,603,230 |
|
|
|
|
|
|
|
|
|
|
|
Telecommunications - 2.4% |
|
|
|
|
|
|
|
|
ADPT Corporation a |
|
|
1,568,800 |
|
|
4,612,272 |
|
|
ADTRAN |
|
|
65,000 |
|
|
2,294,500 |
|
|
Arris Group a |
|
|
140,350 |
|
|
1,371,220 |
|
|
Citic 1616 Holdings |
|
|
8,486,500 |
|
|
3,073,531 |
|
|
Comtech Telecommunications a |
|
|
59,627 |
|
|
1,630,798 |
|
|
Globecomm Systems a |
|
|
233,700 |
|
|
1,956,069 |
|
|
LiveWire Mobile |
|
|
38,000 |
|
|
105,640 |
|
|
NeuStar Cl. A a |
|
|
134,000 |
|
|
3,331,240 |
|
|
Sonus Networks a |
|
|
604,000 |
|
|
2,132,120 |
|
|
Sycamore Networks |
|
|
68,100 |
|
|
2,207,121 |
|
|
Zhone Technologies a |
|
|
224,000 |
|
|
465,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,180,431 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
190,565,304 |
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous e – 4.9% |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
46,662,484 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
|
(Cost $847,678,312) |
|
|
|
|
|
1,061,617,460 |
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS – 0.1% |
|
|
|
|
|
|
|
|
Bank of N.T. Butterfield & Son 0% Conv. a |
|
|
39,800 |
|
|
41,445 |
|
|
|
|
55,000 |
|
|
1,296,405 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCKS |
|
|
|
|
|
|
|
|
(Cost $844,625) |
|
|
|
|
|
1,337,850 |
|
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENT – 9.2% |
|
|
|
|
|
|
|
|
State Street Bank & Trust Company, |
|
|
|
|
|
|
|
|
0.22% dated 9/30/10, due 10/1/10, |
|
|
|
|
|
|
|
|
maturity value $86,991,532 (collateralized |
|
|
|
|
|
|
|
|
by obligations of various U.S. Government |
|
|
|
|
|
|
|
|
Agencies, 0.65%-2.625% due 5/19/11-12/31/14, |
|
|
|
|
|
|
|
|
valued at $86,169,919) |
|
|
|
|
|
|
|
|
(Cost $86,991,000) |
|
|
|
|
|
86,991,000 |
|
|
|
|
|
|
|
|
|
|
|
COLLATERAL RECEIVED FOR SECURITIES LOANED – 2.0% |
|
|
|
|
|
|
|
|
Money Market Funds |
|
|
|
|
|
|
|
|
Federated Government Obligations Fund |
|
|
|
|
|
|
|
|
(7 day yield-0.0614%) |
|
|
|
|
|
|
|
|
(Cost $18,836,056) |
|
|
|
|
|
18,836,056 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS – 123.1% |
|
|
|
|
|
|
|
|
(Cost $954,349,993) |
|
|
|
|
|
1,168,782,366 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND OTHER ASSETS LESS LIABILITIES – 0.1% |
|
|
|
|
|
311,039 |
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCK – (23.2)% |
|
|
|
|
|
(220,000,000 |
) |
|
|
|
|
|
|
|
|
|
|
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS – 100.0% |
|
|
|
|
$ |
949,093,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-income producing. |
|
|
All or a portion of these securities were on loan at September 30, 2010. Total market value of loaned securities at September 30, 2010 was $18,242,402. |
|
|
Securities for which market quotations are not readily available represent 0.3% of net assets. These securities have been valued at their fair value under procedures established by the Fund’s Board of Directors. |
|
|
At September 30, 2010, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. |
|
|
Includes securities first acquired in 2010 and less than 1% of net assets applicable to Common Stockholders. |
|
|
|
|
|
|
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $955,251,230. At September 30, 2010, net unrealized appreciation for all securities was $213,531,136, consisting of aggregate gross unrealized appreciation of $330,551,165 and aggregate gross unrealized depreciation of $117,020,029. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold. |
|
|
|
|
|
Valuation of Investments: |
|
|
|
|
|
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 |
|
|
Level
3 – significant unobservable inputs (including the Fund’s own assumptions in
determining the fair value of |
|
|
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, 2010: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Common stocks |
|
|
$846,195,603 |
|
|
$214,077,700 |
|
|
$1,344,157 |
|
|
$1,061,617,460 |
|
|
|
Preferred stocks |
|
|
– |
|
|
41,445 |
|
|
1,296,405 |
|
|
1,337,850 |
|
|
|
Cash equivalents |
|
|
18,836,056 |
|
|
86,991,000 |
|
|
– |
|
|
105,827,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Balance as of |
|
Purchases |
|
Transfers In |
|
Transfers Out |
|
Sales |
|
Realized and |
|
Balance as of |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks |
|
|
|
$ 215,542 |
|
|
|
$577,918 |
|
|
|
$1,813,056 |
|
|
|
|
$85,893 |
|
|
|
$ 56 |
|
|
|
$(1,176,410 |
) |
|
|
|
$1,344,157 |
|
|
|
|
Preferred stocks |
|
|
|
1,826,055 |
|
|
|
– |
|
|
|
– |
|
|
|
|
– |
|
|
|
482,781 |
|
|
|
(46,869 |
) |
|
|
|
1,296,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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. |
|
|
|
|
|
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 nine months ended September 30, 2010: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated Company |
|
Shares |
|
Market Value |
|
Cost of |
|
Cost of |
|
Realized |
|
Dividend |
|
Shares |
|
Market Value |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timberland Bancorp |
|
|
469,200 |
|
|
$2,083,248 |
|
|
– |
|
|
– |
|
|
– |
|
|
$4,692 |
|
|
469,200 |
|
|
$1,890,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$2,083,248 |
|
|
|
|
|
|
|
|
– |
|
|
$4,692 |
|
|
|
|
|
$1,890,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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/ Charles M. Royce
___________________________
Charles M. Royce
President, Royce Value Trust, Inc.
Date: November 19, 2010
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: November 19, 2010
By:
/s/ John D. Diederich
____________________________
John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: November 19, 2010