UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANYInvestment Company Act File Number: 811-22532
Name of Fund: Royce Global Value Trust, Inc. Fund Address: 745 Fifth Avenue New York, NY 10151Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LLC
745 Fifth Avenue
New York, NY 10151Registrant’s telephone number, including area code: (212) 508-4500
Date of fiscal year end: 12/31/2015
Date of reporting period: 9/30/2015
Item 1 - Schedule of Investments
SCHEDULES OF INVESTMENTS ROYCE GLOBAL VALUE TRUST SEPTEMBER 30, 2015 (UNAUDITED)
SHARES VALUE COMMON STOCKS – 105.1% Australia – 1.0%ALS
45,300 $ 146,787Collection House
140,658 224,382Imdex 1
473,700 61,601Medusa Mining 1
82,600 22,200Platinum Asset Management
37,000 177,264Programmed Maintenance Services
27,400 51,170TFS Corporation
85,000 91,192Webjet
31,300 92,742 Total 867,338 Austria – 1.9%Mayr-Melnhof Karton
11,698 1,350,256Semperit AG Holding
11,000 333,834 Total 1,684,090 Belgium – 0.7%BHF Kleinwort Benson Group 1
55,000 328,232Picanol Group
900 46,306Van de Velde
3,436 222,236 Total 596,774 Bermuda – 1.3%Lazard Cl. A 2
12,500 541,250Signet Jewelers 2
4,200 571,746 Total 1,112,996 Brazil – 2.9%Brasil Brokers Participacoes
205,000 90,491CETIP - Mercados Organizados
168,000 1,394,173MAHLE Metal Leve
50,000 290,453T4F Entretenimento 1
112,200 82,073TOTVS
98,000 745,042 Total 2,602,232 Canada – 8.5%Absolute Software
13,300 79,332Agnico Eagle Mines 2
20,000 506,400AirBoss of America
7,600 115,609Alamos Gold Cl. A
38,000 140,667Altus Group
11,000 168,812AuRico Metals 1
16,708 8,263Cameco Corporation 2
24,500 298,165Canyon Services Group
10,900 37,572COM DEV International
27,000 88,617Computer Modelling Group
82,300 698,733Dundee Corporation Cl. A 1
61,000 394,020E-L Financial
200 102,659FLYHT Aerospace Solutions 1
140,000 19,933Franco-Nevada Corporation 2
10,200 449,004Genworth MI Canada
75,000 1,615,774goeasy
8,300 96,652HNZ Group Cl. B
5,700 70,390Horizon North Logistics
41,100 73,299Magellan Aerospace
37,400 443,363Major Drilling Group International
110,500 368,471MTY Food Group
6,500 155,036Pan American Silver 2
63,700 404,495Solium Capital 1
15,000 78,569Sprott
280,600 498,330TMX Group
14,000 491,600Total Energy Services
5,200 56,929 Total 7,460,694 China – 2.1%Daphne International Holdings 1
1,383,000 315,390Daqo New Energy ADR 1,2
6,400 102,336E-House (China) Holdings ADR
48,600 288,684Noah Holdings ADR 1,2
16,700 392,283Pacific Online
402,700 131,052TravelSky Technology
345,000 440,085Xtep International Holdings
347,100 173,701 Total 1,843,531 Cyprus – 0.5%Globaltrans Investment GDR 1
112,000 451,161 Total 451,161 Denmark – 2.4%Chr Hansen
11,500 644,007Coloplast Cl. B
4,500 319,250SimCorp
8,000 403,186Zealand Pharma 1
32,400 714,032 Total 2,080,475 Finland – 2.0%BasWare
4,000 174,956Nokian Renkaat
27,000 875,260Vaisala Cl. A
27,500 729,334 Total 1,779,550 France – 8.5%aufeminin 1
2,100 56,791Gaztransport Et Technigaz
16,000 831,421Lectra
8,700 96,437Manutan International
21,700 1,041,780Neurones
28,450 524,535Nexity
18,500 797,567Prodware
10,800 62,986Rothschild & Co
37,000 1,076,670Tarkett
22,500 525,470Thermador Groupe
4,900 424,463Vetoquinol
24,700 1,081,700Virbac
5,500 950,276 Total 7,470,096 Germany – 4.8%Adler Modemaerkte
5,700 63,686ADLER Real Estate 1
14,000 191,638Bertrandt
5,062 527,208Carl Zeiss Meditec
17,500 488,820CompuGroup Medical
10,000 330,323Deutz
11,100 37,212Fielmann
5,000 341,976GFT Technologies
5,300 129,020KUKA
9,000 689,074KWS Saat
1,200 399,325LPKF Laser & Electronics
15,500 144,485mutares
3,400 74,231SQS Software Quality Systems
17,000 138,883STRATEC Biomedical
8,000 465,230Tomorrow Focus 1
39,600 137,955Aegean Marine Petroleum Network
5,000 33,700Hellenic Exchanges - Athens Stock
Exchange
28,000 155,511StealthGas 1,2
17,000 76,330 Total 265,541 Hong Kong – 6.0%Anxin-China Holdings 1,3
2,500,000 49,677China Metal International Holdings
430,000 115,570First Pacific
180,000 110,516Great Eagle Holdings
250,000 742,788I.T
500,000 128,634Le Saunda Holdings
295,460 76,282Luen Thai Holdings
475,000 74,428Luk Fook Holdings (International)
120,100 301,901Midland Holdings 1
1,400,000 579,821New World Department Store China
4,646,600 788,934Oriental Watch Holdings
2,223,000 299,894Pico Far East Holdings
1,053,300 243,618Television Broadcasts
81,000 271,113Texwinca Holdings
302,000 272,798Tse Sui Luen Jewellery (International)
215,000 56,589Value Partners Group
1,080,000 1,029,876YGM Trading
169,400 153,396 Total 5,295,835 India – 1.6%Bajaj Finance
6,000 472,540Kewal Kiran Clothing
6,300 207,132Motherson Sumi Systems
120,000 425,966Videocon d2h ADR 1
27,400 264,410 Total 1,370,048 Indonesia – 0.1%Supra Boga Lestari 1
3,945,000 78,427 Total 78,427 Ireland – 0.5%Ardmore Shipping 2
12,000 144,960Keywords Studios
75,000 230,917Trinity Biotech ADR Cl. A
8,500 97,240 Total 473,117 Israel – 0.4%Fox Wizel
2,506 45,440Nova Measuring Instruments 1,2
9,200 88,504Sarine Technologies
80,300 96,066SuperCom 1
10,400 83,200 Total 313,210 Italy – 2.6%Azimut Holding
20,000 430,426De’Longhi
49,500 1,217,388DiaSorin
8,500 371,958Recordati
10,000 230,961 Total 2,250,733 Japan – 13.1%C. Uyemura & Co.
7,300 355,548EPS Holdings
75,700 740,853FamilyMart
8,200 375,289Freund Corporation
12,200 116,092Fujimori Kogyo
2,000 49,381GCA Savvian
5,900 74,201Horiba
15,000 548,874Itoki Corporation
34,300 218,189Leopalace21 Corporation 1
56,200 263,400Meitec Corporation
13,200 462,465Milbon
3,100 103,121MISUMI Group
81,800 846,771Namura Shipbuilding
9,600 70,442Nishikawa Rubber
8,200 120,138Nitto Kohki
9,100 175,181Obara Group
3,900 153,587Pressance Corporation
4,400 172,748Relo Holdings
14,000 1,379,574Santen Pharmaceutical
50,000 673,858Shimano
9,100 1,282,507SPARX Group
54,200 132,588Sun Frontier Fudousan
10,200 77,573T Hasegawa
7,000 91,428Tokai Corporation
2,500 69,069TOTO
20,750 649,489Trancom
21,600 1,159,728Trend Micro
13,000 460,431USS
35,000 585,129Zuiko Corporation
4,400 163,200 Total 11,570,854 Malaysia – 0.3%Asia Brands
48,500 15,557CB Industrial Product Holding
300,000 127,607Media Prima
199,500 54,422NTPM Holdings
242,300 39,577 Total 237,163 Mexico – 0.6%Bolsa Mexicana de Valores
250,000 392,194Fresnillo
15,000 134,468 Total 526,662 New Zealand – 0.2%Trade Me Group
83,000 195,910 Total 195,910 Norway – 2.1%Borregaard
21,500 129,648Ekornes
45,000 505,180Kongsberg Automotive 1
156,900 78,245Oslo Bors VPS Holding
8,500 86,865TGS-NOPEC Geophysical
57,500 1,062,850 Total 1,862,788 Philippines – 1.0%Asian Terminals
375,000 90,180Universal Robina
195,000 802,615 Total 892,795 Poland – 0.5%Warsaw Stock Exchange
41,500 416,855 Total 416,855 Singapore – 0.4%Asian Pay Television Trust
150,000 82,766Hour Glass (The)
27,200 12,999Parkson Retail Asia
274,300 61,670Silverlake Axis
552,000 223,527 Total 380,962 South Africa – 2.0%Cashbuild
17,500 385,796Coronation Fund Managers
59,000 278,664JSE
15,000 139,866Lewis Group
50,000 224,019Metrofile Holdings
314,100 108,877Net 1 UEPS Technologies 1
3,000 50,220PSG Group
36,500 586,391 Total 1,773,833 South Korea – 0.3%Eugene Technology
12,036 121,952Handsome
2,200 72,911Hankuk Carbon
10,000 48,764Huvis Corporation
3,900 28,473 Total 272,100 Spain – 0.3%Atento 1,2
21,500 226,825 Total 226,825 Sweden – 0.2%Nolato Cl. B
4,400 110,588Recipharm Cl. B
3,300 60,426 Total 171,014 Switzerland – 6.4%Belimo Holding
175 368,365Burckhardt Compression Holding
800 259,156Burkhalter Holding
2,650 272,571dorma+kaba Holding
550 338,111Forbo Holding
1,125 1,267,499Inficon Holding
1,700 475,265LEM Holding
600 429,526Partners Group Holding
1,200 407,708Straumann Holding
1,000 287,949VZ Holding
4,850 1,509,057 Total 5,615,207 Taiwan – 1.0%Flytech Technology
37,680 108,062Hota Industrial Manufacturing
41,200 132,657Kinik Company
48,500 71,859Lumax International
87,400 115,577Makalot Industrial
18,587 153,129Shih Her Technologies
67,800 74,284Taiwan Paiho
81,200 222,774 Total 878,342 Turkey – 0.4%Mardin Cimento Sanayii
300,000 399,832 Total 399,832 United Arab Emirates – 0.7%Aramex
750,000 644,519 Total 644,519 United Kingdom – 13.9%Abcam
45,000 396,311Ashmore Group
279,000 1,042,652Berendsen
20,000 304,104BrainJuicer Group
9,400 51,407Brammer
14,000 54,904Character Group
11,400 87,258Clarkson
50,300 1,552,695Consort Medical
92,500 1,310,111Diploma
30,000 302,302e2v technologies
125,000 429,332Elementis
120,000 405,672Fidessa Group
20,000 543,740Hargreaves Services
11,000 57,171ITE Group
200,000 427,039Jupiter Fund Management
108,000 710,142Luxfer Holdings ADR 2
4,500 48,555Mattioli Woods
8,900 82,150Norcros
54,360 152,268Pendragon
144,600 90,974Polypipe Group
117,000 583,874Rotork
89,000 222,340Senior
130,000 495,263Spirax-Sarco Engineering
26,489 1,124,560Stallergenes Greer
15,700 771,724Synthomer
40,000 206,243Trifast
82,700 135,897Victrex
12,500 336,051Xaar
40,000 339,256 Total 12,263,995 United States – 13.6%Brooks Automation 2
18,100 211,951Century Casinos 1
6,200 38,130Commercial Metals 2,4
42,000 569,100Diebold 2,4
28,800 857,376Diodes 1,2,4
20,500 438,085EnerSys 2
11,000 589,380Expeditors International of Washington 2,4
10,000 470,500Fairchild Semiconductor International 1,2,4
24,600 345,384Forward Air
20,200 838,098Hallador Energy 2,4
18,600 129,270Innospec 2,4
12,457 579,375KBR 2,4
59,200 986,272MSC Industrial Direct Cl. A 2
7,200 439,416Nanometrics 1,2,4
44,500 540,230Quaker Chemical 2
8,400 647,472Rogers Corporation 1,2,4
6,000 319,080Schnitzer Steel Industries Cl. A 2
19,100 258,614SEACOR Holdings 1,2,4
6,000 358,860SEI Investments 2,4
18,000 868,140Sensient Technologies 2,4
12,100 741,730Sun Hydraulics 2
15,139 415,868Tennant Company 2
6,200 348,316Valmont Industries
7,000 664,230Wiley (John) & Sons Cl. A
7,000 350,210 Total 12,005,087 TOTAL COMMON STOCKS(Cost $106,108,943)
92,576,880 REPURCHASE AGREEMENT – 4.3% Fixed Income Clearing Corporation,0.00% dated 9/30/15, due 10/1/15,
maturity value $3,786,000 (collateralized
by obligations of various U.S. Government
Agencies, 2.00% due 10/31/21, valued at $3,863,831)
(Cost $3,786,000)
3,786,000 TOTAL INVESTMENTS – 109.4%(Cost $109,894,943)
96,362,880 LIABILITIES LESS CASHAND OTHER ASSETS – (9.4)%
(8,246,698 ) NET ASSETS – 100.0% $ 88,116,182
1 Non-income producing. 2All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at September 30, 2015. Total market value of pledged securities at September 30, 2015, was $13,429,718.3A security for which market quotations are not readily available represents 0.1% of net assets. This security has been valued at its fair value under procedures approved by the Fund’s Board of Directors. This security is defined as a Level 3 security due to the use of significant unobservable inputs in the determination of fair value.4At September 30, 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $7,042,882.Securities of Global/International Funds are categorized by the country of their headquarters, with the exception of exchange-traded funds.
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $111,504,520. At September 30, 2015, net unrealized depreciation for all securities was $15,141,640, consisting of aggregate gross unrealized appreciation of $5,226,096 and aggregate gross unrealized depreciation of $20,367,736. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
Valuation of Investments:
Investment transactions are accounted for on the trade date. Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:Level 1 –quoted prices in active markets for identical securities.Level 2 –other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Any Level 2 securities with values based on quoted prices for similar securities would be noted in the Schedule of Investments.Level 3 –significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2015. For a detailed breakout of common stocks by country, please refer to the Schedule of Investments.
Level 1 Level 2 Level 3 Total Common Stocks $26,434,777 $66,092,426 $49,677 $92,576,880 Cash Equivalents – 3,786,000 – 3,786,000For the nine months ended September 30, 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 September 30, 2015, securities valued at $61,670 were transferred from Level 1 to Level 2 and securities valued at $2,617,789 and $49,677 were transferred from Level 2 to Level 1 and Level 3, respectively, within the fair value hierarchy.
Balance as of 12/31/14 Transfers In Balance as of 9/30/15 Common Stocks $ – $49,677 $49,677
Level 3 Reconciliation: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 September 30, 2015, the Fund has outstanding borrowings of $8,000,000. During the period ended September 30, 2015, the Fund borrowed an average daily balance of $7,589,744. 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.Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange Commission’s website (www.sec.gov).
Item 2 - Controls and Procedures
(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report (as required by Rule 30a-3(b) under the Investment Company Act of 1940 (the “Act”)), that the Registrant’s disclosure controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.
Item 3 - Exhibits
Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Royce Global Value Trust, Inc.
/s/ Christopher D. Clark Christopher D. Clark President, Royce Global Value Trust, Inc. Date: November 20, 2015
By:Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Christopher D. Clark Christopher D. Clark President, Royce Global Value Trust, Inc. Date: November 20, 2015 By: /s/ Peter K. Hoglund Peter K. Hoglund Treasurer, Royce Global Value Trust, Inc. Date: November 20, 2015