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: 12/31/2011
Date of reporting period: 3/31/2011
Item 1 - Schedule of Investments
SCHEDULE OF
INVESTMENTS
ROYCE VALUE TRUST
MARCH 31, 2011 (UNAUDITED)
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SHARES |
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VALUE |
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COMMON STOCKS – 108.5% |
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Consumer Discretionary – 12.4% |
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Auto Components - 0.7% |
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Autoliv |
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14,800 |
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$ |
1,098,604 |
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89,500 |
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466,295 |
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Gentex Corporation |
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50,000 |
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1,512,500 |
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Hirotako Holdings |
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286,000 |
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171,860 |
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Minth Group |
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1,136,000 |
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1,898,554 |
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Nokian Renkaat |
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20,000 |
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851,170 |
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524,000 |
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24,588 |
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SORL Auto Parts b |
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107,092 |
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648,978 |
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Superior Industries International |
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40,000 |
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1,025,600 |
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Williams Controls |
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37,499 |
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414,739 |
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8,112,888 |
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Automobiles - 0.4% |
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Thor Industries |
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50,000 |
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1,668,500 |
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Winnebago Industries b |
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222,500 |
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2,974,825 |
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4,643,325 |
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Distributors - 0.7% |
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LKQ Corporation b |
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230,000 |
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5,543,000 |
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Weyco Group |
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97,992 |
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2,396,884 |
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7,939,884 |
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Diversified Consumer Services - 2.1% |
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Anhanguera Educacional Participacoes |
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100,000 |
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2,448,780 |
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Benesse Holdings |
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29,800 |
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1,219,872 |
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Cambium Learning Group b |
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54,466 |
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185,184 |
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179,800 |
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1,130,942 |
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59,500 |
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262,990 |
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ITT Educational Services b |
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26,000 |
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1,875,900 |
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MegaStudy |
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23,000 |
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3,541,365 |
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Regis Corporation |
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233,800 |
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4,147,612 |
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Sotheby’s |
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172,500 |
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9,073,500 |
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Universal Technical Institute |
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47,600 |
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925,820 |
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24,811,965 |
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Hotels, Restaurants & Leisure - 0.4% |
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Abu Dhabi National Hotels c |
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130,000 |
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99,108 |
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Ajisen China Holdings |
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600,000 |
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1,157,028 |
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Benihana b |
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3,300 |
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28,017 |
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Cafe de Coral Holdings |
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72,000 |
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169,019 |
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CEC Entertainment |
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64,100 |
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2,418,493 |
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Fairwood Holdings |
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35,000 |
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49,945 |
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Kangwon Land |
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25,000 |
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580,018 |
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REXLot Holdings |
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7,176,800 |
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793,470 |
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5,295,098 |
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Household Durables - 1.8% |
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47,700 |
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0 |
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Allan International Holdings |
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350,000 |
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159,284 |
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Desarrolladora Homex ADR b |
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14,100 |
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384,225 |
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Ekornes |
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30,000 |
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802,857 |
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Ethan Allen Interiors |
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345,800 |
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7,573,020 |
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Hanssem |
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49,100 |
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619,932 |
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Harman International Industries |
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22,950 |
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1,074,519 |
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Hunter Douglas |
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10,000 |
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509,696 |
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Mohawk Industries b |
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128,200 |
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7,839,430 |
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NVR b |
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500 |
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378,000 |
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Samson Holding |
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1,100,000 |
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220,607 |
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Universal Electronics b |
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10,000 |
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295,600 |
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Woongjin Coway |
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49,400 |
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1,704,535 |
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21,561,705 |
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Internet & Catalog Retail - 0.3% |
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Manutan International |
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27,500 |
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1,979,828 |
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Takkt |
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130,000 |
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2,072,654 |
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4,052,482 |
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Leisure Equipment & Products - 0.8% |
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Beneteau |
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36,000 |
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759,420 |
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RC2 Corporation b |
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132,600 |
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3,726,060 |
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Sturm, Ruger & Co. |
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220,600 |
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5,067,182 |
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9,552,662 |
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Media - 0.8% |
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34,421 |
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400,316 |
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Lamar Advertising Cl. A b |
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51,000 |
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1,883,940 |
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Morningstar |
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109,800 |
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6,410,124 |
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Pico Far East Holdings |
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6,785,000 |
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1,299,683 |
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9,994,063 |
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Multiline Retail - 0.2% |
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New World Department Store China |
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2,053,000 |
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1,435,784 |
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Ramayana Lestari Sentosa |
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5,075,000 |
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442,952 |
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1,878,736 |
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Specialty Retail - 1.6% |
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Aeropostale b |
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25,200 |
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612,864 |
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Ascena Retail Group b |
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68,280 |
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2,212,955 |
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CarMax b |
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63,000 |
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2,022,300 |
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Charming Shoppes b |
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475,900 |
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2,027,334 |
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Dickson Concepts (International) |
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953,500 |
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708,516 |
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17,821 |
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76,096 |
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Fast Retailing |
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2,800 |
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350,421 |
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Hengdeli Holdings |
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385,250 |
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203,061 |
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Jos. A. Bank Clothiers b |
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30,000 |
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1,526,400 |
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Lewis Group |
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200,000 |
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2,202,513 |
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Luk Fook Holdings (International) |
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195,200 |
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578,432 |
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Stein Mart |
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167,800 |
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1,696,458 |
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Systemax b |
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224,000 |
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3,028,480 |
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West Marine b |
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131,100 |
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1,367,373 |
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18,613,203 |
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Textiles, Apparel & Luxury Goods - 2.6% |
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Anta Sports Products |
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198,200 |
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307,802 |
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Burberry Group |
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50,000 |
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941,665 |
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Carter’s b |
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236,000 |
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6,756,680 |
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China Dongxiang Group |
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1,145,000 |
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362,111 |
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Columbia Sportswear |
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38,600 |
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2,293,612 |
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Daphne International Holdings |
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1,613,900 |
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1,219,987 |
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Grendene |
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250,000 |
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1,470,003 |
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J.G. Boswell Company d |
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2,292 |
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1,856,520 |
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K-Swiss Cl. A b |
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163,600 |
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1,843,772 |
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95,437 |
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125,977 |
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Pacific Textiles Holdings |
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2,170,000 |
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1,255,375 |
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Stella International Holdings |
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763,500 |
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1,703,963 |
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Texwinca Holdings |
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401,000 |
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425,304 |
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Unifi b |
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40,333 |
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|
685,661 |
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Van De Velde |
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15,000 |
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|
845,856 |
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Volcom |
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|
101,494 |
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|
1,880,684 |
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Warnaco Group (The) b |
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67,000 |
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3,831,730 |
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Wolverine World Wide |
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100,000 |
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|
3,728,000 |
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31,534,702 |
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Total |
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147,990,713 |
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Consumer Staples – 2.0% |
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Beverages - 0.1% |
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MGP Ingredients |
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127,400 |
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1,110,928 |
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Thai Beverage |
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786,400 |
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180,925 |
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1,291,853 |
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Food & Staples Retailing - 0.4% |
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FamilyMart |
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105,900 |
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3,978,571 |
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75,000 |
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|
198,000 |
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4,176,571 |
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Food Products - 1.5% |
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Alico |
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27,000 |
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722,790 |
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Asian Citrus Holdings |
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|
587,800 |
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649,874 |
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Binggrae |
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22,415 |
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1,324,119 |
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BW Plantation |
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1,838,400 |
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247,020 |
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Cal-Maine Foods |
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|
49,900 |
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1,472,050 |
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Chaoda Modern Agriculture (Holdings) |
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|
178,872 |
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|
111,298 |
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China Green (Holdings) |
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|
2,272,000 |
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|
1,746,670 |
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First Resources |
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|
896,700 |
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939,027 |
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Grupo Herdez |
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|
300,000 |
|
|
605,324 |
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Hershey Creamery d |
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|
709 |
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1,230,115 |
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|
76,800 |
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|
591,360 |
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|
110,000 |
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|
3,285,700 |
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|
13,251 |
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|
393,422 |
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Super Group |
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|
735,000 |
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|
752,202 |
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Tootsie Roll Industries |
|
|
108,567 |
|
|
3,078,955 |
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Westway Group b |
|
|
31,500 |
|
|
140,175 |
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Yuhe International b |
|
|
60,886 |
|
|
405,501 |
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17,695,602 |
|
|
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Total |
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23,164,026 |
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Diversified Investment Companies – 0.5% |
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Closed-End Funds - 0.5% |
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Central Fund of Canada Cl. A |
|
|
257,000 |
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|
5,749,090 |
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|
|
|
|
|
|
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Total |
|
|
|
|
|
5,749,090 |
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Energy – 7.0% |
|
|
|
|
|
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|
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Energy Equipment & Services - 6.1% |
|
|
|
|
|
|
|
|
Atwood Oceanics b |
|
|
15,300 |
|
|
710,379 |
|
|
Cal Dive International b |
|
|
456,250 |
|
|
3,184,625 |
|
|
Calfrac Well Services |
|
|
45,000 |
|
|
1,450,490 |
|
|
CARBO Ceramics |
|
|
44,700 |
|
|
6,308,064 |
|
|
Ensco ADR |
|
|
40,600 |
|
|
2,348,304 |
|
|
Ensign Energy Services |
|
|
225,100 |
|
|
4,239,635 |
|
|
Exterran Holdings b |
|
|
103,600 |
|
|
2,458,428 |
|
|
Helmerich & Payne |
|
|
98,200 |
|
|
6,745,358 |
|
|
ION Geophysical b |
|
|
361,500 |
|
|
4,587,435 |
|
|
Lufkin Industries |
|
|
62,000 |
|
|
5,795,140 |
|
|
National-Oilwell Varco |
|
|
7,100 |
|
|
562,817 |
|
|
Oil States International b |
|
|
156,500 |
|
|
11,915,910 |
|
|
Pason Systems |
|
|
141,800 |
|
|
2,303,610 |
|
|
SEACOR Holdings |
|
|
37,300 |
|
|
3,448,758 |
|
|
ShawCor Cl. A |
|
|
80,500 |
|
|
3,027,365 |
|
|
SinoTech Energy ADR b |
|
|
100,000 |
|
|
798,000 |
|
|
TETRA Technologies b |
|
|
68,000 |
|
|
1,047,200 |
|
|
TGS-NOPEC Geophysical |
|
|
105,000 |
|
|
2,817,594 |
|
|
Tidewater |
|
|
36,000 |
|
|
2,154,600 |
|
|
Trican Well Service |
|
|
99,900 |
|
|
2,255,607 |
|
|
Unit Corporation b |
|
|
43,000 |
|
|
2,663,850 |
|
|
Willbros Group b |
|
|
103,800 |
|
|
1,133,496 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
71,956,665 |
|
|
|
|
|
|
|
|
||
|
Oil, Gas & Consumable Fuels - 0.9% |
|
|
|
|
|
|
|
|
Bill Barrett b |
|
|
50,000 |
|
|
1,995,500 |
|
|
Chesapeake Energy |
|
|
11,900 |
|
|
398,888 |
|
|
Cimarex Energy |
|
|
50,000 |
|
|
5,762,000 |
|
|
HRT Participacoes em Petroleo b |
|
|
200 |
|
|
208,373 |
|
|
|
|
141,134 |
|
|
2,560,170 |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
10,924,931 |
|
|
|
|
|
|
|
|
||
|
Total |
|
|
|
|
|
82,881,596 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Financials – 20.6% |
|
|
|
|
|
|
|
|
Capital Markets - 10.2% |
|
|
|
|
|
|
|
|
A.F.P. Provida ADR |
|
|
22,100 |
|
|
1,664,130 |
|
|
ABG Sundal Collier Holding |
|
|
115,000 |
|
|
158,040 |
|
|
Affiliated Managers Group b |
|
|
47,600 |
|
|
5,206,012 |
|
|
AllianceBernstein Holding L.P. |
|
|
264,600 |
|
|
5,768,280 |
|
|
AP Alternative Assets L.P. |
|
|
233,200 |
|
|
2,856,700 |
|
|
Artio Global Investors Cl. A |
|
|
235,000 |
|
|
3,797,600 |
|
|
Ashmore Group |
|
|
582,500 |
|
|
3,096,754 |
|
|
Azimut Holding |
|
|
72,183 |
|
|
807,129 |
|
|
Banca Generali |
|
|
86,000 |
|
|
1,308,982 |
|
|
Bank Sarasin & Co. Cl. B |
|
|
33,120 |
|
|
1,442,352 |
|
|
Banque Privee Edmond de Rothschild |
|
|
23 |
|
|
701,143 |
|
|
|
|
130,000 |
|
|
139,100 |
|
|
|
BT Investment Management |
|
|
207,000 |
|
|
586,662 |
|
|
Close Brothers Group |
|
|
43,000 |
|
|
582,886 |
|
|
Coronation Fund Managers |
|
|
526,000 |
|
|
1,384,006 |
|
|
Cowen Group Cl. A b |
|
|
708,600 |
|
|
2,841,486 |
|
|
Daewoo Securities |
|
|
5,000 |
|
|
102,101 |
|
|
Eaton Vance |
|
|
85,300 |
|
|
2,750,072 |
|
|
Egyptian Financial Group-Hermes |
|
|
599,500 |
|
|
2,209,081 |
|
|
Epoch Holding Corporation |
|
|
25,000 |
|
|
394,500 |
|
|
Equity Trustees |
|
|
35,572 |
|
|
578,032 |
|
|
Evercore Partners Cl. A |
|
|
15,300 |
|
|
524,637 |
|
|
F&C Asset Management |
|
|
60,000 |
|
|
72,959 |
|
|
FBR Capital Markets b |
|
|
249,600 |
|
|
893,568 |
|
|
Federated Investors Cl. B |
|
|
249,700 |
|
|
6,679,475 |
|
|
Fiducian Portfolio Services |
|
|
227,000 |
|
|
340,456 |
|
|
GAMCO Investors Cl. A |
|
|
90,575 |
|
|
4,199,057 |
|
|
GFI Group |
|
|
166,247 |
|
|
834,560 |
|
|
GIMV |
|
|
22,500 |
|
|
1,355,197 |
|
|
Gleacher & Company b |
|
|
293,000 |
|
|
509,820 |
|
|
GP Investments BDR b |
|
|
15,604 |
|
|
60,690 |
|
|
HQ b |
|
|
40,000 |
|
|
24,208 |
|
|
Investec |
|
|
118,000 |
|
|
904,265 |
|
|
IOOF Holdings |
|
|
123,592 |
|
|
926,821 |
|
|
KKR & Co. L.P. |
|
|
415,000 |
|
|
6,810,150 |
|
|
Lazard Cl. A |
|
|
109,300 |
|
|
4,544,694 |
|
|
MF Global Holdings b |
|
|
689,000 |
|
|
5,704,920 |
|
|
Mizuho Securities |
|
|
492,300 |
|
|
1,307,986 |
|
|
MVC Capital |
|
|
214,200 |
|
|
2,938,824 |
|
|
Oppenheimer Holdings Cl. A |
|
|
75,000 |
|
|
2,513,250 |
|
|
Paris Orleans et Cie |
|
|
183,785 |
|
|
5,105,016 |
|
|
Partners Group Holding |
|
|
16,200 |
|
|
3,097,137 |
|
|
Perpetual |
|
|
13,541 |
|
|
407,438 |
|
|
Phatra Capital b |
|
|
775,000 |
|
|
768,722 |
|
|
Platinum Asset Management |
|
|
149,000 |
|
|
741,308 |
|
|
Rathbone Brothers |
|
|
35,400 |
|
|
690,550 |
|
|
Reinet Investments b |
|
|
133,127 |
|
|
2,349,854 |
|
|
Schroders |
|
|
41,100 |
|
|
1,144,590 |
|
|
SEI Investments |
|
|
334,200 |
|
|
7,980,696 |
|
|
SHUAA Capital b |
|
|
485,000 |
|
|
146,580 |
|
|
SPARX Group b |
|
|
1,320 |
|
|
140,760 |
|
|
Sprott |
|
|
269,600 |
|
|
2,522,199 |
|
|
Teton Advisors Cl. A d |
|
|
723 |
|
|
9,399 |
|
|
Treasury Group |
|
|
51,500 |
|
|
245,037 |
|
|
Trust Company (The) |
|
|
97,283 |
|
|
620,854 |
|
|
UOB-Kay Hian Holdings |
|
|
190,000 |
|
|
265,292 |
|
|
Value Partners Group |
|
|
7,162,800 |
|
|
6,768,174 |
|
|
Vontobel Holding |
|
|
20,400 |
|
|
788,459 |
|
|
VZ Holding |
|
|
8,500 |
|
|
1,230,811 |
|
|
Waddell & Reed Financial Cl. A |
|
|
139,300 |
|
|
5,656,973 |
|
|
Westwood Holdings Group |
|
|
23,460 |
|
|
944,265 |
|
|
Woori Investment & Securities |
|
|
11,000 |
|
|
201,559 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
121,346,258 |
|
|
|
|
|
|
|
|
||
|
Commercial Banks - 1.4% |
|
|
|
|
|
|
|
|
Ameriana Bancorp |
|
|
40,000 |
|
|
184,000 |
|
|
|
|
942,504 |
|
|
1,187,555 |
|
|
|
BCB Holdings b |
|
|
598,676 |
|
|
734,703 |
|
|
Center Bancorp |
|
|
44,868 |
|
|
430,284 |
|
|
CNB Financial |
|
|
11,116 |
|
|
161,293 |
|
|
Commercial National Financial |
|
|
54,900 |
|
|
1,035,414 |
|
|
Farmers & Merchants Bank of Long |
|
|
1,200 |
|
|
5,040,000 |
|
|
Fauquier Bankshares |
|
|
160,800 |
|
|
2,227,080 |
|
|
Hawthorn Bancshares |
|
|
48,023 |
|
|
432,687 |
|
|
M&T Bank |
|
|
3,100 |
|
|
274,257 |
|
|
Mauritius Commercial Bank |
|
|
40,000 |
|
|
238,028 |
|
|
Mechanics Bank |
|
|
200 |
|
|
2,385,000 |
|
|
Old Point Financial |
|
|
25,000 |
|
|
288,000 |
|
|
Peapack-Gladstone Financial |
|
|
10,500 |
|
|
139,230 |
|
|
Sumitomo Mitsui Trust Holdings |
|
|
118,000 |
|
|
418,490 |
|
|
Wilmington Trust |
|
|
279,500 |
|
|
1,263,340 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
16,439,361 |
|
|
|
|
|
|
|
|
||
|
Consumer Finance - 0.2% |
|
|
|
|
|
|
|
|
World Acceptance b |
|
|
42,000 |
|
|
2,738,400 |
|
|
|
|
|
|
|
|
||
|
Diversified Financial Services - 1.5% |
|
|
|
|
|
|
|
|
Banca Finnat Euramerica |
|
|
870,000 |
|
|
585,658 |
|
|
Hellenic Exchanges |
|
|
115,000 |
|
|
1,010,463 |
|
|
Interactive Brokers Group Cl. A |
|
|
100,000 |
|
|
1,589,000 |
|
|
Investment AB Kinnevik Cl. B |
|
|
10,700 |
|
|
249,365 |
|
|
KKR Financial Holdings LLC |
|
|
481,404 |
|
|
4,712,945 |
|
|
Leucadia National |
|
|
44,940 |
|
|
1,687,048 |
|
|
PICO Holdings b |
|
|
106,100 |
|
|
3,189,366 |
|
|
RHJ International b |
|
|
102,500 |
|
|
827,999 |
|
|
State Bank of Mauritius |
|
|
46,000 |
|
|
152,253 |
|
|
TMX Group |
|
|
94,300 |
|
|
3,775,891 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
17,779,988 |
|
|
|
|
|
|
|
|
||
|
Insurance - 4.9% |
|
|
|
|
|
|
|
|
Alleghany Corporation b |
|
|
29,230 |
|
|
9,674,592 |
|
|
Argo Group International Holdings |
|
|
64,751 |
|
|
2,139,373 |
|
|
Aspen Insurance Holdings |
|
|
47,000 |
|
|
1,295,320 |
|
|
Brown & Brown |
|
|
286,900 |
|
|
7,402,020 |
|
|
China Taiping Insurance Holdings b |
|
|
125,000 |
|
|
367,999 |
|
|
Crawford & Company Cl. B |
|
|
1,160 |
|
|
5,521 |
|
|
Discovery Holdings |
|
|
255,000 |
|
|
1,436,519 |
|
|
|
|
32,000 |
|
|
425,600 |
|
|
|
E-L Financial |
|
|
17,900 |
|
|
8,991,542 |
|
|
Enstar Group b |
|
|
20,217 |
|
|
2,019,274 |
|
|
Erie Indemnity Cl. A |
|
|
50,000 |
|
|
3,555,500 |
|
|
First American Financial |
|
|
44,000 |
|
|
726,000 |
|
|
Gallagher (Arthur J.) & Co. |
|
|
111,200 |
|
|
3,381,592 |
|
|
Hilltop Holdings b |
|
|
290,400 |
|
|
2,915,616 |
|
|
Independence Holding |
|
|
317,658 |
|
|
2,534,911 |
|
|
Markel Corporation b |
|
|
4,200 |
|
|
1,740,690 |
|
|
Montpelier Re Holdings |
|
|
32,000 |
|
|
565,440 |
|
|
Platinum Underwriters Holdings |
|
|
49,000 |
|
|
1,866,410 |
|
|
ProAssurance Corporation b |
|
|
22,000 |
|
|
1,394,140 |
|
|
RLI |
|
|
80,724 |
|
|
4,653,739 |
|
|
Validus Holdings |
|
|
16,300 |
|
|
543,279 |
|
|
White Mountains Insurance Group |
|
|
1,050 |
|
|
382,410 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
58,017,487 |
|
|
|
|
|
|
|
|
||
|
Real Estate Management & Development - 1.8% |
|
|
|
|
|
|
|
|
Altisource Portfolio Solutions b |
|
|
61,699 |
|
|
1,892,925 |
|
|
Consolidated-Tomoka Land |
|
|
13,564 |
|
|
439,474 |
|
|
E-House China Holdings ADR |
|
|
294,400 |
|
|
3,459,200 |
|
|
Forestar Group b |
|
|
48,000 |
|
|
912,960 |
|
|
Hopefluent Group Holdings |
|
|
713,600 |
|
|
433,928 |
|
|
IFM Investments ADR b |
|
|
190,452 |
|
|
676,105 |
|
|
Kennedy-Wilson Holdings b |
|
|
150,000 |
|
|
1,629,000 |
|
|
Midland Holdings |
|
|
732,700 |
|
|
569,879 |
|
|
Soho China |
|
|
750,000 |
|
|
645,043 |
|
|
Tejon Ranch b |
|
|
307,496 |
|
|
11,297,403 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
21,955,917 |
|
|
|
|
|
|
|
|
||
|
Thrifts & Mortgage Finance - 0.6% |
|
|
|
|
|
|
|
|
CFS Bancorp |
|
|
75,000 |
|
|
421,500 |
|
|
HopFed Bancorp |
|
|
106,590 |
|
|
980,628 |
|
|
Jefferson Bancshares b |
|
|
12,226 |
|
|
43,280 |
|
|
Kearny Financial |
|
|
50,862 |
|
|
510,146 |
|
|
MyState |
|
|
152,000 |
|
|
589,579 |
|
|
Ocwen Financial b |
|
|
123,600 |
|
|
1,362,072 |
|
|
|
|
469,200 |
|
|
2,632,212 |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
6,539,417 |
|
|
|
|
|
|
|
|
||
|
Total |
|
|
|
|
|
244,816,828 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Health Care – 8.2% |
|
|
|
|
|
|
|
|
Biotechnology - 0.2% |
|
|
|
|
|
|
|
|
Pharmacyclics b |
|
|
158,746 |
|
|
935,014 |
|
|
Sino Biopharmaceutical |
|
|
926,600 |
|
|
345,455 |
|
|
Sinovac Biotech b |
|
|
102,100 |
|
|
462,513 |
|
|
|
|
35,249 |
|
|
68,383 |
|
|
|
3SBio ADR b |
|
|
43,600 |
|
|
753,844 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
2,565,209 |
|
|
|
|
|
|
|
|
||
|
Health Care Equipment & Supplies - 2.0% |
|
|
|
|
|
|
|
|
Allied Healthcare Products b |
|
|
180,512 |
|
|
787,032 |
|
|
Analogic Corporation |
|
|
40,135 |
|
|
2,269,634 |
|
|
Atrion Corporation |
|
|
15,750 |
|
|
2,747,902 |
|
|
bioMerieux |
|
|
8,800 |
|
|
923,005 |
|
|
Carl Zeiss Meditec |
|
|
163,700 |
|
|
3,456,734 |
|
|
Cochlear |
|
|
7,500 |
|
|
643,805 |
|
|
CONMED Corporation b |
|
|
81,500 |
|
|
2,141,820 |
|
|
DiaSorin |
|
|
15,000 |
|
|
660,061 |
|
|
DynaVox Cl. A b |
|
|
55,000 |
|
|
303,600 |
|
|
Hogy Medical |
|
|
21,800 |
|
|
933,013 |
|
|
IDEXX Laboratories b |
|
|
40,201 |
|
|
3,104,321 |
|
|
Kinetic Concepts b |
|
|
6,300 |
|
|
342,846 |
|
|
Kossan Rubber Industries |
|
|
200,600 |
|
|
225,189 |
|
|
Nihon Kohden |
|
|
43,100 |
|
|
938,376 |
|
|
Straumann Holding |
|
|
6,000 |
|
|
1,542,950 |
|
|
Top Glove |
|
|
260,000 |
|
|
461,841 |
|
|
Urologix b |
|
|
445,500 |
|
|
280,665 |
|
|
Young Innovations |
|
|
62,550 |
|
|
1,964,070 |
|
|
Zoll Medical b |
|
|
400 |
|
|
17,924 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
23,744,788 |
|
|
|
|
|
|
|
|
||
|
Health Care Providers & Services - 0.7% |
|
|
|
|
|
|
|
|
Animal Health International b |
|
|
17,000 |
|
|
71,400 |
|
|
Bangkok Chain Hospital |
|
|
785,000 |
|
|
184,278 |
|
|
Cross Country Healthcare b |
|
|
30,000 |
|
|
234,900 |
|
|
Landauer |
|
|
75,500 |
|
|
4,644,760 |
|
|
MWI Veterinary Supply b |
|
|
10,000 |
|
|
806,800 |
|
|
OdontoPrev |
|
|
60,000 |
|
|
980,492 |
|
|
VCA Antech b |
|
|
74,500 |
|
|
1,875,910 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
8,798,540 |
|
|
|
|
|
|
|
|
||
|
Life Sciences Tools & Services - 3.5% |
|
|
|
|
|
|
|
|
Affymetrix b |
|
|
10,000 |
|
|
52,100 |
|
|
Albany Molecular Research b |
|
|
85,000 |
|
|
362,100 |
|
|
Dionex Corporation b |
|
|
52,900 |
|
|
6,244,845 |
|
|
EPS |
|
|
583 |
|
|
1,364,632 |
|
|
eResearchTechnology b |
|
|
67,624 |
|
|
457,815 |
|
|
Furiex Pharmaceuticals b |
|
|
8,333 |
|
|
140,661 |
|
|
|
|
282,000 |
|
|
6,088,380 |
|
|
|
Luminex Corporation b |
|
|
20,000 |
|
|
375,200 |
|
|
Mettler-Toledo International b |
|
|
33,500 |
|
|
5,762,000 |
|
|
|
|
312,400 |
|
|
7,778,760 |
|
|
|
PerkinElmer |
|
|
185,800 |
|
|
4,880,966 |
|
|
Pharmaceutical Product Development |
|
|
100,000 |
|
|
2,771,000 |
|
|
Techne Corporation |
|
|
71,000 |
|
|
5,083,600 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
41,362,059 |
|
|
|
|
|
|
|
|
||
|
Pharmaceuticals - 1.8% |
|
|
|
|
|
|
|
|
Adcock Ingram Holdings |
|
|
180,000 |
|
|
1,478,049 |
|
|
Almirall |
|
|
100,000 |
|
|
1,116,753 |
|
|
Boiron |
|
|
50,000 |
|
|
2,111,627 |
|
|
Bukwang Pharmaceutical |
|
|
55,300 |
|
|
650,321 |
|
|
China Animal Healthcare |
|
|
2,140,000 |
|
|
517,810 |
|
|
Daewoong Pharmaceutical |
|
|
17,070 |
|
|
692,479 |
|
|
Endo Pharmaceuticals Holdings b |
|
|
144,400 |
|
|
5,510,304 |
|
|
Hikma Pharmaceuticals |
|
|
60,000 |
|
|
710,339 |
|
|
Kalbe Farma |
|
|
600,000 |
|
|
234,281 |
|
|
Questcor Pharmaceuticals b |
|
|
133,400 |
|
|
1,922,294 |
|
|
Recordati |
|
|
190,000 |
|
|
1,910,456 |
|
|
Santen Pharmaceutical |
|
|
57,000 |
|
|
2,271,640 |
|
|
Tsumura & Co. |
|
|
20,100 |
|
|
630,693 |
|
|
Virbac |
|
|
7,500 |
|
|
1,250,289 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
21,007,335 |
|
|
|
|
|
|
|
|
||
|
Total |
|
|
|
|
|
97,477,931 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Industrials – 26.1% |
|
|
|
|
|
|
|
|
Aerospace & Defense - 1.5% |
|
|
|
|
|
|
|
|
AerCap Holdings b |
|
|
45,000 |
|
|
565,650 |
|
|
Ducommun |
|
|
117,200 |
|
|
2,801,080 |
|
|
HEICO Corporation |
|
|
134,625 |
|
|
8,416,755 |
|
|
HEICO Corporation Cl. A |
|
|
72,875 |
|
|
3,277,918 |
|
|
Hexcel Corporation b |
|
|
47,500 |
|
|
935,275 |
|
|
Moog Cl. A b |
|
|
25,000 |
|
|
1,147,750 |
|
|
Teledyne Technologies b |
|
|
10,330 |
|
|
534,164 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
17,678,592 |
|
|
|
|
|
|
|
|
||
|
Air Freight & Logistics - 1.7% |
|
|
|
|
|
|
|
|
C. H. Robinson Worldwide |
|
|
50,000 |
|
|
3,706,500 |
|
|
Forward Air |
|
|
209,750 |
|
|
6,424,642 |
|
|
Hub Group Cl. A b |
|
|
164,400 |
|
|
5,949,636 |
|
|
UTi Worldwide |
|
|
175,000 |
|
|
3,542,000 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
19,622,778 |
|
|
|
|
|
|
|
|
||
|
Building Products - 1.1% |
|
|
|
|
|
|
|
|
American Woodmark |
|
|
123,335 |
|
|
2,575,235 |
|
|
Burnham Holdings Cl. B d |
|
|
36,000 |
|
|
540,000 |
|
|
NCI Building Systems b |
|
|
2,780 |
|
|
35,223 |
|
|
Simpson Manufacturing |
|
|
258,400 |
|
|
7,612,464 |
|
|
Sung Kwang Bend |
|
|
105,700 |
|
|
1,589,908 |
|
|
|
|
50,000 |
|
|
833,000 |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
13,185,830 |
|
|
|
|
|
|
|
|
||
|
Commercial Services & Supplies - 2.8% |
|
|
|
|
|
|
|
|
Brink’s Company (The) |
|
|
206,320 |
|
|
6,831,255 |
|
|
Cintas Corporation |
|
|
87,800 |
|
|
2,657,706 |
|
|
CompX International Cl. A |
|
|
185,300 |
|
|
2,920,328 |
|
|
Copart b |
|
|
110,386 |
|
|
4,783,025 |
|
|
Kimball International Cl. B |
|
|
286,180 |
|
|
2,003,260 |
|
|
Moshi Moshi Hotline |
|
|
135,000 |
|
|
2,520,498 |
|
|
Ritchie Bros. Auctioneers |
|
|
337,700 |
|
|
9,506,255 |
|
|
Societe BIC |
|
|
9,000 |
|
|
799,981 |
|
|
US Ecology |
|
|
101,000 |
|
|
1,760,430 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
33,782,738 |
|
|
|
|
|
|
|
|
||
|
Construction & Engineering - 1.6% |
|
|
|
|
|
|
|
|
EMCOR Group b |
|
|
199,400 |
|
|
6,175,418 |
|
|
Integrated Electrical Services b |
|
|
355,400 |
|
|
1,222,576 |
|
|
Jacobs Engineering Group b |
|
|
81,400 |
|
|
4,186,402 |
|
|
KBR |
|
|
175,000 |
|
|
6,609,750 |
|
|
Raubex Group |
|
|
525,000 |
|
|
1,416,297 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
19,610,443 |
|
|
|
|
|
|
|
|
||
|
Electrical Equipment - 4.3% |
|
|
|
|
|
|
|
|
AZZ |
|
|
47,500 |
|
|
2,166,000 |
|
|
Belden |
|
|
57,800 |
|
|
2,170,390 |
|
|
Brady Corporation Cl. A |
|
|
94,600 |
|
|
3,376,274 |
|
|
Dynapack International Technology |
|
|
22,000 |
|
|
69,352 |
|
|
Franklin Electric |
|
|
104,600 |
|
|
4,832,520 |
|
|
|
|
244,445 |
|
|
1,960,449 |
|
|
|
GrafTech International b |
|
|
384,690 |
|
|
7,936,155 |
|
|
Jinpan International |
|
|
169,684 |
|
|
1,988,696 |
|
|
Powell Industries b |
|
|
92,400 |
|
|
3,644,256 |
|
|
Preformed Line Products |
|
|
91,600 |
|
|
6,335,972 |
|
|
Regal-Beloit |
|
|
116,500 |
|
|
8,601,195 |
|
|
Woodward |
|
|
231,600 |
|
|
8,004,096 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
51,085,355 |
|
|
|
|
|
|
|
|
||
|
Industrial Conglomerates - 0.5% |
|
|
|
|
|
|
|
|
Raven Industries |
|
|
96,200 |
|
|
5,908,604 |
|
|
|
|
|
|
|
|
||
|
Machinery - 8.1% |
|
|
|
|
|
|
|
|
Armstrong Industrial |
|
|
2,442,700 |
|
|
775,153 |
|
|
Burckhardt Compression Holding |
|
|
12,000 |
|
|
3,778,987 |
|
|
China Automation Group |
|
|
244,800 |
|
|
190,086 |
|
|
CLARCOR |
|
|
92,500 |
|
|
4,156,025 |
|
|
Columbus McKinnon b |
|
|
95,000 |
|
|
1,753,700 |
|
|
Decker Manufacturing d |
|
|
6,022 |
|
|
186,682 |
|
|
Donaldson Company |
|
|
92,800 |
|
|
5,687,712 |
|
|
FAG Bearings India |
|
|
38,300 |
|
|
718,850 |
|
|
Gardner Denver |
|
|
38,600 |
|
|
3,011,958 |
|
|
Graco |
|
|
116,376 |
|
|
5,293,944 |
|
|
Hardinge |
|
|
26,193 |
|
|
358,844 |
|
|
IDEX Corporation |
|
|
67,400 |
|
|
2,942,010 |
|
|
Industrea |
|
|
379,500 |
|
|
549,550 |
|
|
Kennametal |
|
|
155,000 |
|
|
6,045,000 |
|
|
Lincoln Electric Holdings |
|
|
94,180 |
|
|
7,150,145 |
|
|
Mueller Water Products Cl. A |
|
|
72,500 |
|
|
324,800 |
|
|
NN b |
|
|
197,100 |
|
|
3,599,046 |
|
|
Nordson Corporation |
|
|
102,100 |
|
|
11,747,626 |
|
|
Pfeiffer Vacuum Technology |
|
|
24,300 |
|
|
3,408,668 |
|
|
PMFG b |
|
|
314,900 |
|
|
6,719,966 |
|
|
Rational |
|
|
6,000 |
|
|
1,428,537 |
|
|
RBC Bearings b |
|
|
47,000 |
|
|
1,796,810 |
|
|
Rotork |
|
|
25,000 |
|
|
700,233 |
|
|
Semperit AG Holding |
|
|
66,700 |
|
|
3,879,869 |
|
|
Shin Zu Shing |
|
|
78,222 |
|
|
206,950 |
|
|
Spirax-Sarco Engineering |
|
|
40,000 |
|
|
1,244,217 |
|
|
Valmont Industries |
|
|
44,500 |
|
|
4,644,465 |
|
|
WABCO Holdings b |
|
|
103,800 |
|
|
6,398,232 |
|
|
Wabtec Corporation |
|
|
108,225 |
|
|
7,340,902 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
96,038,967 |
|
|
|
|
|
|
|
|
||
|
Marine - 0.5% |
|
|
|
|
|
|
|
|
Kirby Corporation b |
|
|
111,000 |
|
|
6,359,190 |
|
|
|
|
|
|
|
|
||
|
Professional Services - 1.9% |
|
|
|
|
|
|
|
|
Advisory Board (The) b |
|
|
128,500 |
|
|
6,617,750 |
|
|
CRA International b |
|
|
57,187 |
|
|
1,648,701 |
|
|
|
|
7,850 |
|
|
300,891 |
|
|
|
JobStreet Corporation |
|
|
50,000 |
|
|
43,417 |
|
|
Manpower |
|
|
69,300 |
|
|
4,357,584 |
|
|
Michael Page International |
|
|
125,000 |
|
|
1,030,698 |
|
|
On Assignment b |
|
|
375,400 |
|
|
3,551,284 |
|
|
Robert Half International |
|
|
92,600 |
|
|
2,833,560 |
|
|
SFN Group b |
|
|
162,800 |
|
|
2,293,852 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
22,677,737 |
|
|
|
|
|
|
|
|
||
|
Road & Rail - 1.4% |
|
|
|
|
|
|
|
|
Frozen Food Express Industries b |
|
|
286,635 |
|
|
991,757 |
|
|
Hertz Global Holdings b |
|
|
39,300 |
|
|
614,259 |
|
|
Landstar System |
|
|
156,900 |
|
|
7,167,192 |
|
|
Patriot Transportation Holding b |
|
|
212,958 |
|
|
5,696,627 |
|
|
Universal Truckload Services b |
|
|
129,476 |
|
|
2,233,461 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
16,703,296 |
|
|
|
|
|
|
|
|
||
|
Trading Companies & Distributors - 0.7% |
|
|
|
|
|
|
|
|
Lawson Products |
|
|
161,431 |
|
|
3,719,370 |
|
|
MSC Industrial Direct Cl. A |
|
|
62,500 |
|
|
4,279,375 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
7,998,745 |
|
|
|
|
|
|
|
|
||
|
Total |
|
|
|
|
|
310,652,275 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Information Technology – 19.6% |
|
|
|
|
|
|
|
|
Communications Equipment - 1.7% |
|
|
|
|
|
|
|
|
AAC Acoustic Technologies Holdings |
|
|
134,700 |
|
|
363,654 |
|
|
ADTRAN |
|
|
65,000 |
|
|
2,759,900 |
|
|
Arris Group b |
|
|
140,350 |
|
|
1,788,059 |
|
|
Bel Fuse Cl. A |
|
|
36,672 |
|
|
879,761 |
|
|
Black Box |
|
|
43,798 |
|
|
1,539,500 |
|
|
Cogo Group b |
|
|
173,615 |
|
|
1,401,073 |
|
|
Comba Telecom Systems Holdings |
|
|
443,571 |
|
|
521,778 |
|
|
Comtech Telecommunications |
|
|
30,000 |
|
|
815,400 |
|
|
Emulex Corporation b |
|
|
60,000 |
|
|
640,200 |
|
|
EVS Broadcast Equipment |
|
|
27,500 |
|
|
1,749,887 |
|
|
Globecomm Systems b |
|
|
233,700 |
|
|
2,881,521 |
|
|
Sonus Networks b |
|
|
604,000 |
|
|
2,271,040 |
|
|
Sycamore Networks |
|
|
48,100 |
|
|
1,175,083 |
|
|
VTech Holdings |
|
|
49,050 |
|
|
556,172 |
|
|
Zhone Technologies b |
|
|
224,000 |
|
|
515,200 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
19,858,228 |
|
|
|
|
|
|
|
|
||
|
Computers & Peripherals - 1.2% |
|
|
|
|
|
|
|
|
|
|
1,568,800 |
|
|
4,549,520 |
|
|
|
Avid Technology b |
|
|
66,000 |
|
|
1,471,800 |
|
|
China Digital TV Holding Company ADR |
|
|
5,000 |
|
|
35,700 |
|
|
Diebold |
|
|
151,600 |
|
|
5,375,736 |
|
|
Electronics for Imaging b |
|
|
8,517 |
|
|
125,285 |
|
|
Intermec b |
|
|
23,000 |
|
|
248,170 |
|
|
Intevac b |
|
|
57,450 |
|
|
714,103 |
|
|
|
|
75,000 |
|
|
765,750 |
|
|
|
Wacom |
|
|
575 |
|
|
703,024 |
|
|
Xyratex b |
|
|
12,000 |
|
|
134,160 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
14,123,248 |
|
|
|
|
|
|
|
|
||
|
Electronic Equipment, Instruments & Components - 8.4% |
|
|
|
|
|
|
|
|
Agilysys b |
|
|
165,125 |
|
|
947,817 |
|
|
Anixter International |
|
|
61,795 |
|
|
4,318,853 |
|
|
Avnet b |
|
|
13,000 |
|
|
443,170 |
|
|
Benchmark Electronics b |
|
|
165,200 |
|
|
3,133,844 |
|
|
China 3C Group b |
|
|
6,600 |
|
|
990 |
|
|
China High Precision Automation Group |
|
|
1,328,100 |
|
|
962,967 |
|
|
Chroma Ate |
|
|
139,406 |
|
|
450,362 |
|
|
Cognex Corporation |
|
|
236,200 |
|
|
6,672,650 |
|
|
Coherent b |
|
|
226,500 |
|
|
13,161,915 |
|
|
Dolby Laboratories Cl. A b |
|
|
15,500 |
|
|
762,755 |
|
|
FLIR Systems |
|
|
105,000 |
|
|
3,634,050 |
|
|
Hana Microelectronics |
|
|
685,000 |
|
|
543,561 |
|
|
|
|
27,927 |
|
|
371,429 |
|
|
|
Image Sensing Systems b |
|
|
8,310 |
|
|
114,096 |
|
|
Kingboard Chemical Holdings |
|
|
16,900 |
|
|
88,970 |
|
|
Mercury Computer Systems b |
|
|
40,500 |
|
|
856,980 |
|
|
Molex |
|
|
57,600 |
|
|
1,446,912 |
|
|
National Instruments |
|
|
251,850 |
|
|
8,253,125 |
|
|
Newport Corporation b |
|
|
523,500 |
|
|
9,334,005 |
|
|
Perceptron b |
|
|
357,700 |
|
|
2,285,703 |
|
|
Plexus Corporation b |
|
|
195,700 |
|
|
6,861,242 |
|
|
Pulse Electronics |
|
|
286,200 |
|
|
1,731,510 |
|
|
Richardson Electronics |
|
|
495,712 |
|
|
6,533,484 |
|
|
Rofin-Sinar Technologies b |
|
|
271,600 |
|
|
10,728,200 |
|
|
Tech Data b |
|
|
136,500 |
|
|
6,942,390 |
|
|
TTM Technologies b |
|
|
211,400 |
|
|
3,839,024 |
|
|
Vaisala Cl. A |
|
|
186,000 |
|
|
6,068,051 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
100,488,055 |
|
|
|
|
|
|
|
|
||
|
Internet Software & Services - 0.4% |
|
|
|
|
|
|
|
|
Monster Worldwide b |
|
|
36,800 |
|
|
585,120 |
|
|
NetEase.com ADR b |
|
|
19,300 |
|
|
955,543 |
|
|
Perficient b |
|
|
10,000 |
|
|
120,100 |
|
|
RealNetworks b |
|
|
245,400 |
|
|
912,888 |
|
|
|
|
4,000 |
|
|
357,440 |
|
|
|
ValueClick b |
|
|
145,000 |
|
|
2,096,700 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
5,027,791 |
|
|
|
|
|
|
|
|
||
|
IT Services - 3.8% |
|
|
|
|
|
|
|
|
Convergys Corporation b |
|
|
121,000 |
|
|
1,737,560 |
|
|
CoreLogic b |
|
|
44,000 |
|
|
814,000 |
|
|
Forrester Research |
|
|
40,300 |
|
|
1,543,087 |
|
|
Gartner b |
|
|
121,000 |
|
|
5,042,070 |
|
|
Hackett Group b |
|
|
655,000 |
|
|
2,515,200 |
|
|
ManTech International Cl. A b |
|
|
35,400 |
|
|
1,500,960 |
|
|
MAXIMUS |
|
|
111,600 |
|
|
9,058,572 |
|
|
MoneyGram International b |
|
|
646,900 |
|
|
2,218,867 |
|
|
NeuStar Cl. A b |
|
|
119,000 |
|
|
3,044,020 |
|
|
Otsuka Corporation |
|
|
6,200 |
|
|
398,774 |
|
|
Sapient Corporation b |
|
|
756,602 |
|
|
8,663,093 |
|
|
SRA International Cl. A b |
|
|
188,800 |
|
|
5,354,368 |
|
|
Total System Services |
|
|
171,500 |
|
|
3,090,430 |
|
|
Yucheng Technologies b |
|
|
167,846 |
|
|
673,062 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
45,654,063 |
|
|
|
|
|
|
|
|
||
|
Semiconductors & Semiconductor Equipment - 2.5% |
|
|
|
|
|
|
|
|
Aixtron ADR |
|
|
32,500 |
|
|
1,426,100 |
|
|
Analog Devices |
|
|
16,004 |
|
|
630,237 |
|
|
ASM Pacific Technology |
|
|
75,000 |
|
|
940,085 |
|
|
|
|
58,000 |
|
|
519,100 |
|
|
|
Cymer b |
|
|
98,500 |
|
|
5,573,130 |
|
|
Diodes b |
|
|
252,450 |
|
|
8,598,447 |
|
|
|
|
84,500 |
|
|
190,970 |
|
|
|
Exar Corporation b |
|
|
157,576 |
|
|
948,608 |
|
|
Himax Technologies ADR |
|
|
352,500 |
|
|
835,425 |
|
|
Integrated Device Technology b |
|
|
217,000 |
|
|
1,599,290 |
|
|
International Rectifier b |
|
|
120,000 |
|
|
3,967,200 |
|
|
LSI Corporation b |
|
|
190,000 |
|
|
1,292,000 |
|
|
Power Integrations |
|
|
49,000 |
|
|
1,878,170 |
|
|
Vimicro International ADR b |
|
|
240,000 |
|
|
720,000 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
29,118,762 |
|
|
|
|
|
|
|
|
||
|
Software - 1.6% |
|
|
|
|
|
|
|
|
ACI Worldwide b |
|
|
181,150 |
|
|
5,941,720 |
|
|
Advent Software b |
|
|
68,500 |
|
|
1,963,895 |
|
|
ANSYS b |
|
|
95,000 |
|
|
5,148,050 |
|
|
Aspen Technology b |
|
|
42,100 |
|
|
631,079 |
|
|
Aveva Group |
|
|
20,000 |
|
|
518,156 |
|
|
Blackbaud |
|
|
41,890 |
|
|
1,141,083 |
|
|
Epicor Software b |
|
|
79,900 |
|
|
884,493 |
|
|
JDA Software Group b |
|
|
49,900 |
|
|
1,509,974 |
|
|
|
|
38,000 |
|
|
104,500 |
|
|
|
|
|
36,255 |
|
|
114,566 |
|
|
|
Net 1 UEPS Technologies b |
|
|
50,000 |
|
|
430,000 |
|
|
SimCorp |
|
|
6,000 |
|
|
961,378 |
|
|
THQ b |
|
|
20,000 |
|
|
91,200 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
19,440,094 |
|
|
|
|
|
|
|
|
||
|
Total |
|
|
|
|
|
233,710,241 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Materials – 10.4% |
|
|
|
|
|
|
|
|
Chemicals - 1.7% |
|
|
|
|
|
|
|
|
Agrium |
|
|
5,600 |
|
|
516,656 |
|
|
Cabot Corporation |
|
|
58,000 |
|
|
2,684,820 |
|
|
CF Industries Holdings |
|
|
4,500 |
|
|
615,555 |
|
|
Cytec Industries |
|
|
14,000 |
|
|
761,180 |
|
|
Fufeng Group |
|
|
2,094,200 |
|
|
1,434,983 |
|
|
Hanfeng Evergreen b |
|
|
7,700 |
|
|
39,711 |
|
|
Hawkins |
|
|
156,178 |
|
|
6,415,793 |
|
|
Huchems Fine Chemical |
|
|
30,056 |
|
|
687,730 |
|
|
Intrepid Potash b |
|
|
73,227 |
|
|
2,549,764 |
|
|
OM Group b |
|
|
90,000 |
|
|
3,288,600 |
|
|
Victrex |
|
|
45,000 |
|
|
974,551 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
19,969,343 |
|
|
|
|
|
|
|
|
||
|
Construction Materials - 0.8% |
|
|
|
|
|
|
|
|
Ash Grove Cement Cl. B d |
|
|
50,518 |
|
|
8,487,024 |
|
|
Mardin Cimento Sanayii |
|
|
325,000 |
|
|
1,667,044 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
10,154,068 |
|
|
|
|
|
|
|
|
||
|
Containers & Packaging - 0.8% |
|
|
|
|
|
|
|
|
Broadway Industrial Group |
|
|
728,700 |
|
|
554,980 |
|
|
Greif Cl. A |
|
|
90,844 |
|
|
5,942,106 |
|
|
Mayr-Melnhof Karton |
|
|
22,600 |
|
|
2,640,126 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
9,137,212 |
|
|
|
|
|
|
|
|
||
|
Metals & Mining - 6.9% |
|
|
|
|
|
|
|
|
Allegheny Technologies |
|
|
3,500 |
|
|
237,020 |
|
|
Aquarius Platinum |
|
|
350,000 |
|
|
1,940,439 |
|
|
Centamin Egypt b |
|
|
600,000 |
|
|
1,299,639 |
|
|
Central Steel & Wire d |
|
|
6,062 |
|
|
3,909,990 |
|
|
China Metal Recycling (Holdings) |
|
|
450,500 |
|
|
539,774 |
|
|
Cliffs Natural Resources |
|
|
18,700 |
|
|
1,837,836 |
|
|
Commercial Metals |
|
|
36,600 |
|
|
632,082 |
|
|
|
|
300,000 |
|
|
804,539 |
|
|
|
Endeavour Mining (Warrants) b |
|
|
75,000 |
|
|
69,624 |
|
|
Franco-Nevada Corporation |
|
|
10,000 |
|
|
367,097 |
|
|
Fresnillo |
|
|
105,000 |
|
|
2,599,043 |
|
|
Gammon Gold b |
|
|
218,300 |
|
|
2,281,235 |
|
|
Haynes International |
|
|
29,000 |
|
|
1,608,050 |
|
|
|
|
300,000 |
|
|
2,724,000 |
|
|
|
Hidili Industry International |
|
|
60,000 |
|
|
53,223 |
|
|
Hochschild Mining |
|
|
375,500 |
|
|
3,882,318 |
|
|
IAMGOLD Corporation |
|
|
95,620 |
|
|
2,105,552 |
|
|
|
|
560,000 |
|
|
940,800 |
|
|
|
Maharashtra Seamless |
|
|
240,000 |
|
|
1,748,268 |
|
|
Major Drilling Group International |
|
|
410,100 |
|
|
6,966,835 |
|
|
Medusa Mining |
|
|
600,000 |
|
|
4,344,269 |
|
|
New Gold b |
|
|
135,000 |
|
|
1,580,850 |
|
|
Northam Platinum |
|
|
345,000 |
|
|
2,243,903 |
|
|
Northgate Minerals b |
|
|
160,000 |
|
|
432,000 |
|
|
Nucor Corporation |
|
|
129,350 |
|
|
5,952,687 |
|
|
Orbit Garant Drilling b |
|
|
36,100 |
|
|
199,211 |
|
|
Ossen Innovation ADR b |
|
|
110,000 |
|
|
383,900 |
|
|
Pan American Silver |
|
|
10,000 |
|
|
371,300 |
|
|
Real Gold Mining |
|
|
300,000 |
|
|
425,786 |
|
|
Reliance Steel & Aluminum |
|
|
162,920 |
|
|
9,413,518 |
|
|
Royal Gold |
|
|
34,400 |
|
|
1,802,560 |
|
|
Schnitzer Steel Industries Cl. A |
|
|
100,000 |
|
|
6,501,000 |
|
|
Silvercorp Metals |
|
|
15,000 |
|
|
218,550 |
|
|
Sims Metal Management ADR |
|
|
276,475 |
|
|
5,018,021 |
|
|
Synalloy Corporation |
|
|
198,800 |
|
|
2,558,556 |
|
|
Worthington Industries |
|
|
185,000 |
|
|
3,870,200 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
81,863,675 |
|
|
|
|
|
|
|
|
||
|
Paper & Forest Products - 0.2% |
|
|
|
|
|
|
|
|
China Forestry Holdings c |
|
|
3,563,800 |
|
|
743,360 |
|
|
Duratex |
|
|
100,000 |
|
|
1,056,565 |
|
|
QX Paper c |
|
|
3,296,000 |
|
|
923,730 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
2,723,655 |
|
|
|
|
|
|
|
|
||
|
Total |
|
|
|
|
|
123,847,953 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Telecommunication Services – 0.0% |
|
|
|
|
|
|
|
|
Diversified Telecommunication Services - 0.0% |
|
|
|
|
|
|
|
|
Citic Telecom International Holdings |
|
|
853,600 |
|
|
274,344 |
|
|
|
|
|
|
|
|
||
|
Total |
|
|
|
|
|
274,344 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Miscellaneous f – 1.7% |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
20,046,106 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
|
(Cost $899,198,523) |
|
|
|
|
|
1,290,611,103 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS – 0.1% |
|
|
|
|
|
|
|
|
Bank of N.T. Butterfield & Son 0% |
|
|
|
|
|
|
|
|
|
|
39,800 |
|
|
37,300 |
|
|
|
|
|
55,000 |
|
|
1,478,565 |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCKS |
|
|
|
|
|
|
|
|
(Cost $844,626) |
|
|
|
|
|
1,515,865 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
PRINCIPAL |
|
|
|
|
|
|
CORPORATE BOND – 0.0% |
|
|
|
|
|
|
|
|
GAMCO Investors (Debentures) 0.00% |
|
|
|
|
|
|
|
|
due 12/31/15 |
|
|
|
|
|
|
|
|
(Cost $289,840) |
|
$ |
289,800 |
|
|
189,790 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENT – 10.0% |
|
|
|
|
|
|
|
|
State Street Bank & Trust Company, |
|
|
|
|
|
118,681,000 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
COLLATERAL RECEIVED FOR SECURITIES |
|
|
|
|
|
|
|
|
Money Market Funds |
|
|
|
|
|
7,682,926 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS – 119.2% |
|
|
|
|
|
|
|
|
(Cost $1,026,696,915) |
|
|
|
|
|
1,418,680,684 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES LESS CASH |
|
|
|
|
|
(8,817,399 |
) |
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCK – (18.5)% |
|
|
|
|
|
(220,000,000 |
) |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
NET ASSETS APPLICABLE TO COMMON |
|
|
|
|
$ |
1,189,863,285 |
|
|
|
|
|
|
|
|
||
|
|
|
|
All or a portion of these securities were on loan at March 31, 2011. Total market value of loaned securities at March 31, 2011 was $7,365,239. |
|
|
Non-income producing. |
|
|
Securities for which market quotations are not readily available represent 0.4% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. |
|
|
These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities. |
|
|
At March 31, 2011, 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 2011 and less than 1% of net assets applicable to Common Stockholders. |
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,027,567,352. At March 31, 2011, net unrealized appreciation for all securities was $391,113,332, consisting of aggregate gross unrealized appreciation of $477,857,493 and aggregate gross unrealized depreciation of $86,744,161. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
Valuation of Investments:
Investment transactions are accounted for on the trade date. Securities
are valued as of the close of trading on the New York Stock Exchange (NYSE)
(generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade
on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are
valued at their last reported sales price or Nasdaq official closing price
taken from the primary market in which each security trades or, if no sale is
reported for such day, at their bid price. Other over-the-counter securities
for which market quotations are readily available are valued at their highest
bid price, except in the case of some bonds and other fixed income securities
which may be valued by reference to other securities with comparable ratings,
interest rates and maturities, using established independent pricing services.
The Fund values its non-U.S. dollar denominated securities in U.S. dollars
daily at the prevailing foreign currency exchange rates as quoted by a major
bank. Securities for which market quotations are not readily available are
valued at their fair value under procedures approved by the Fund’s Board of
Directors. 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. 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 the Fund’s own assumptions in determining the fair value of investments). |
|
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, 2011. 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 |
|
|
$1,023,009,827 |
|
|
$264,622,935 |
|
|
$2,978,341 |
|
|
$1,290,611,103 |
|
|
Preferred stocks |
|
|
– |
|
|
– |
|
|
1,515,865 |
|
|
1,515,865 |
|
|
Corporate bonds |
|
|
– |
|
|
189,790 |
|
|
– |
|
|
189,790 |
|
|
Cash equivalents |
|
|
7,682,926 |
|
|
118,681,000 |
|
|
– |
|
|
126,363,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of |
|
|
Purchases |
|
|
Transfers In |
|
|
Transfers Out |
|
|
Sales |
|
|
Realized and |
|
|
Balance as of |
|
|
Common stocks |
|
|
$1,925,934 |
|
|
$1,777,190 |
|
|
$1,741,414 |
|
|
$1,251,677 |
|
|
$66,625 |
|
|
$(1,147,895 |
) |
|
$2,978,341 |
|
|
Preferred stocks |
|
|
1,372,514 |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
143,351 |
|
|
1,515,865 |
|
|
Corporate bonds |
|
|
197,064 |
|
|
– |
|
|
– |
|
|
197,064 |
|
|
– |
|
|
– |
|
|
– |
|
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 three months ended
March 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated Company |
|
|
Shares |
|
|
Market Value |
|
|
Cost of |
|
|
Cost of |
|
|
Realized |
|
|
Dividend |
|
|
Shares |
|
|
Market Value |
|
|
Timberland Bancorp |
|
|
469,200 |
|
|
$1,731,348 |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
469,200 |
|
|
$2,632,212 |
|
|
|
|
|
|
|
|
$1,731,348 |
|
|
|
|
|
|
|
|
– |
|
|
– |
|
|
|
|
|
$2,632,212 |
|
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: May 24, 2011
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: May 24, 2011
By:
/s/John D. Diederich
John D. Diederich
Treasurer, Royce Value Trust, Inc.
Date: May 24, 2011