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 AvenueNew York, NY 10151Name and address of agent for service:
John E. Denneen, Esq.
Royce & Associates, LP
745 Fifth Avenue
New York, NY 10151Registrant’s telephone number, including area code: (212) 508-4500
Date of fiscal year end: 12/31/2016
Date of reporting period: 3/31/2016
Item 1 - Schedule of Investments
SCHEDULES OF INVESTMENTS
SHARES VALUE COMMON STOCKS – 107.9% Australia – 1.6%
ROYCE GLOBAL VALUE TRUST
MARCH 31, 2016 (UNAUDITED)ALS
10,785 $ 32,986Austal
78,100 93,693Cochlear
5,000 392,090Genworth Mortgage Insurance Australia
215,900 412,090Imdex 1
473,700 78,070Platinum Asset Management
37,000 180,101TFS Corporation 2
143,945 171,029Webjet
31,700 153,817 Total 1,513,876 Austria – 2.3%Mayr-Melnhof Karton
13,500 1,620,654Semperit AG Holding
11,000 425,575UBM Development
2,200 81,084 Total 2,127,313 Belgium – 0.4%Roularta Media Group 1
3,400 89,951Van de Velde
3,436 238,890 Total 328,841 Brazil – 2.4%Brasil Brokers Participacoes 1
205,000 116,307CETIP - Mercados Organizados
98,000 1,094,294OdontoPrev
200,000 634,100T4F Entretenimento 1
114,700 202,882TOTVS
23,000 173,988 Total 2,221,571 Canada – 10.0%Agnico Eagle Mines 3
20,000 723,200AirBoss of America
7,600 90,000Altus Group
13,000 207,900Cameco Corporation 3
24,500 314,580Cogeco Communications
1,500 79,992Computer Modelling Group
108,000 843,211Dream Global Real Estate Investment
Trust
12,300 82,489Dundee Corporation Cl. A 1
120,000 554,379Enghouse Systems
2,500 101,232Exco Technologies
5,800 66,988Franco-Nevada Corporation 3
10,200 626,076Genworth MI Canada
75,000 1,767,661Gluskin Sheff + Associates
23,000 326,206goeasy
8,300 123,853Intertape Polymer Group
8,400 120,365Magellan Aerospace
22,900 287,407Major Drilling Group International 1
110,500 536,016Morguard Real Estate Investment Trust
7,700 85,967Morneau Shepell
15,000 198,999Pan American Silver 3
63,700 692,419RDM Corporation
30,400 99,246Solium Capital 1
28,900 150,870Sprott
280,600 548,777TMX Group
14,000 505,563Total Energy Services
5,200 48,046Uni-Select
2,500 107,700 Total 9,289,142 China – 1.8%China Lilang
122,700 75,132Chinasoft International 1
194,900 71,856Daphne International Holdings 1
1,383,000 183,631Daqo New Energy ADR 1,3
5,700 106,077Noah Holdings ADR Cl. A 1,3
16,700 415,496Pacific Online
593,100 168,969TravelSky Technology
345,000 566,598Xtep International Holdings
205,800 111,690 Total 1,699,449 Cyprus – 0.2%Globaltrans Investment GDR 1
42,000 181,650 Total 181,650 Denmark – 3.0%Chr. Hansen Holding
11,500 771,993Coloplast Cl. B
7,500 568,298Columbus
77,700 91,363SimCorp
14,000 646,072Zealand Pharma 1
32,400 667,939 Total 2,745,665 Finland – 1.4%BasWare 1
1,600 69,730Nokian Renkaat
18,000 635,358Powerflute
70,300 82,542Vaisala Cl. A
17,500 479,113 Total 1,266,743 France – 7.6%aufeminin 1
2,100 61,890Cegedim 1
2,500 72,541Chargeurs
7,700 77,367Gaztransport Et Technigaz
9,000 294,534HighCo
9,700 98,124Interparfums
16,000 417,291Lectra
6,100 88,708Manutan International
8,100 431,816Neurones
25,950 528,560Nexity
16,500 859,817Prodware
3,800 26,376Rothschild & Co
33,000 815,977Thermador Groupe
7,800 727,801Vetoquinol
33,500 1,387,174Virbac
6,600 1,147,174 Total 7,035,150 Germany – 6.1%ADLER Real Estate 1
11,400 148,660Allgeier SE
4,300 78,777Balda
27,200 80,472Bertrandt
10,000 1,147,572Carl Zeiss Meditec
17,500 540,446CompuGroup Medical
15,000 634,095Fielmann
7,000 531,285KUKA
8,000 837,767KWS Saat
1,900 619,956Leifheit
1,400 82,775LPKF Laser & Electronics 1
15,500 117,201msg life 1
27,700 65,876mutares
8,000 137,913PNE Wind
37,500 77,662STRATEC Biomedical
8,000 387,933Tomorrow Focus 1
29,000 90,748VIB Vermoegen
4,700 92,469Aegean Marine Petroleum Network
5,000 37,850Hellenic Exchanges - Athens Stock
Exchange
28,000 158,350Sarantis
7,244 69,983StealthGas 1,3
17,000 60,010 Total 326,193 Hong Kong – 4.2%Anxin-China Holdings 1,2
2,500,000 18,692China Metal International Holdings
430,000 124,166First Pacific
180,000 134,582I.T
438,500 105,706Le Saunda Holdings
295,460 61,321Luk Fook Holdings (International)
120,100 272,794Midland Holdings 1
1,400,000 436,747New World Department Store China
1,559,700 205,082Oriental Watch Holdings
2,223,000 272,239Pico Far East Holdings
1,053,300 281,066Samson Holding
589,100 70,625Television Broadcasts
81,000 292,368Texwinca Holdings
302,000 294,317Value Partners Group
1,080,000 1,134,666VST Holdings
366,600 84,593YGM Trading
169,400 105,038 Total 3,894,002 India – 1.8%Bajaj Finance
11,000 1,148,130Kewal Kiran Clothing
6,500 176,677Manappuram Finance
175,000 92,227Persistent Systems
7,600 87,221Videocon d2h ADR 1
27,400 201,664 Total 1,705,919 Indonesia – 0.1%Supra Boga Lestari 1
3,945,000 118,112 Total 118,112 Ireland – 0.6%Ardmore Shipping 3
18,500 156,325Irish Continental Group
15,900 98,605Keywords Studios
75,000 228,902Trinity Biotech ADR Cl. A 1
10,000 116,600 Total 600,432 Israel – 0.2%Nova Measuring Instruments 1,3,4
18,200 189,462 Total 189,462 Italy – 2.1%Azimut Holding
25,000 576,061De’Longhi
25,000 568,950DiaSorin
14,000 808,478 Total 1,953,489 Japan – 14.0%CRE
9,400 207,469Daifuku
4,400 74,164Eiken Chemical
4,000 83,735FamilyMart
8,200 426,230GCA Savvian
14,900 156,752Horiba
20,000 746,368Leopalace21 Corporation
29,400 177,636Meitec Corporation
33,700 1,178,280MISUMI Group
81,800 1,170,908Nihon Kohden
28,000 696,113Omron Corporation
12,500 372,073Poletowin Pitcrew Holdings
11,300 95,484Pressance Corporation
2,800 107,228Relo Holdings
9,800 1,313,981Santen Pharmaceutical
102,000 1,534,373Shimano
9,100 1,426,309SPARX Group
76,100 154,168Sun Frontier Fudousan
14,700 148,378Takara Leben
13,000 76,929Tenpos Busters
3,900 66,672Trancom
17,600 1,030,557Trend Micro
20,000 732,152USS
65,000 1,038,429Zuiko Corporation
2,100 71,371 Total 13,085,759 Malaysia – 0.4%CB Industrial Product Holding
141,000 82,038Kossan Rubber Industries
53,200 82,496Media Prima
199,500 74,656Scientex
28,400 94,339 Total 333,529 Mexico – 0.9%Bolsa Mexicana de Valores
250,000 428,601Consorcio ARA SAB de CV
393,300 147,284Fresnillo
15,000 205,204Grupo SIMEC Ser. B 1
33,100 90,427 Total 871,516 Netherlands – 0.0%Constellium Cl. A 1
5,500 28,545 Total 28,545 New Zealand – 0.9%Fisher & Paykel Healthcare
75,000 508,032New Zealand Refining
35,000 74,995Trade Me Group
83,000 253,859 Total 836,886 Norway – 1.3%Ekornes
45,000 498,961Kongsberg Automotive 1
134,500 117,031Medistim
13,000 75,411Nordic Semiconductor 1
53,000 295,145TGS-NOPEC Geophysical
15,000 228,951 Total 1,215,499 Philippines – 0.2%Universal Robina
45,000 211,880 Total 211,880 Poland – 0.4%Warsaw Stock Exchange
33,000 346,698 Total 346,698 Singapore – 1.4%ARA Asset Management
900,000 781,244Asian Pay Television Trust
202,600 84,175XP Power
20,100 461,898 Total 1,327,317 South Africa – 1.5%Cashbuild
17,500 384,049Coronation Fund Managers
59,000 293,327JSE
15,000 151,384Net 1 UEPS Technologies 1
10,500 96,600PSG Group
36,500 495,690 Total 1,421,050 South Korea – 0.6%Eugene Technology
12,336 151,557Huvis Corporation
6,400 49,752ISC
2,609 58,403Koh Young Technology
5,000 178,384Samjin Pharmaceutical
3,300 73,872 Total 511,968 Spain – 0.1%Atento 1,3
14,100 115,479 Total 115,479 Sweden – 1.3%Addtech Cl. B
27,000 372,494Bravida Holding 1
60,000 441,598Doro 1
8,000 73,168Dustin Group
21,200 154,073OEM International Cl. B
6,763 109,131Proact IT Group
4,700 72,947 Total 1,223,411 Switzerland – 7.0%Belimo Holding
200 542,250Burckhardt Compression Holding
2,150 737,312Burkhalter Holding
4,500 598,097dorma+kaba Holding
800 511,258Forbo Holding
675 817,820Inficon Holding
1,700 561,333LEM Holding
1,000 847,590Partners Group Holding
1,600 643,128VZ Holding
4,925 1,300,972 Total 6,559,760 Taiwan – 0.9%Chipbond Technology
40,600 65,598Flytech Technology
32,780 112,546Kinik Company
48,500 79,869Lumax International
87,400 125,462Shih Her Technologies
85,600 96,281Sporton International
19,800 101,203Taiwan Paiho
47,200 141,377UDE Corporation
85,500 86,871 Total 809,207 Turkey – 0.5%Mardin Cimento Sanayii
300,000 483,356 Total 483,356 United Arab Emirates – 0.7%Aramex
750,000 692,213 Total 692,213 United Kingdom – 16.1%Ashmore Group
169,000 698,080Avon Rubber
6,600 76,261Berendsen
40,000 691,123BGEO Group
2,700 78,643BrainJuicer Group
9,400 43,000Character Group
11,400 79,001Clarkson
45,600 1,453,944Communisis
113,200 77,227Computacenter
9,000 108,581Connect Group
50,000 114,182Consort Medical
92,500 1,428,170Conviviality
24,000 81,005Diploma
40,000 426,853dotdigital group
178,100 113,190e2v technologies
150,000 463,190Elementis
175,000 601,717Exova Group
175,000 401,521FDM Group Holdings
60,000 498,091Fidessa Group
20,000 701,464Finsbury Food Group
84,600 139,733Inspired Energy
337,600 66,065ITE Group
325,000 686,168Jupiter Fund Management
108,000 634,885Micro Focus International
4,400 99,216Norcros
56,860 135,564Pendragon
206,800 108,411Polypipe Group
117,000 536,387Real Estate Investors
99,300 88,424Rotork
89,000 233,666Senior
130,000 425,891Spirax-Sarco Engineering
28,989 1,515,530Stallergenes Greer 1
10,800 341,643Trifast
71,200 129,871Vertu Motors
66,300 60,705Victrex
30,000 710,082Xaar
115,000 805,197Zeal Network
2,500 118,057 Total 14,970,738 United States – 13.5%Brooks Automation 3
18,100 188,240Century Casinos 1
22,400 137,984Commercial Metals 3
42,000 712,740Diebold 3
28,800 832,608Diodes 1,3
20,500 412,050EnerSys 3
11,000 612,920Expeditors International of Washington 3
10,000 488,100FLIR Systems 3
14,100 464,595Greif Cl. A 3
8,700 284,925Hallador Energy 3
18,600 85,002Innospec 3
12,457 540,136KBR 3
59,200 916,416Kirby Corporation 1,3
11,100 669,219Nanometrics 1,3
44,500 704,880National Instruments 3
19,000 572,090Oaktree Capital Group LLC Cl. A
5,700 281,181Quaker Chemical 3
8,400 712,824Rogers Corporation 1,3
6,000 359,220Schnitzer Steel Industries Cl. A 3
19,100 352,204SEACOR Holdings 1,3
6,000 326,700SEI Investments 3
15,000 645,750Sensient Technologies 3
9,500 602,870Stifel Financial 1,3
18,500 547,600Sun Hydraulics 3
15,139 502,463Tennant Company 3
11,600 597,168 Total 12,549,885 TOTAL COMMON STOCKS(Cost $104,400,051)
100,518,324 REPURCHASE AGREEMENT – 1.6%Fixed Income Clearing Corporation,
1,530,000 TOTAL INVESTMENTS – 109.5%
0.03% dated 3/31/16, due 4/1/16,
maturity value $1,530,001 (collateralized
by obligations of various U.S. Government
Agencies, 3.125% due 5/15/21, valued at $1,564,502)
(Cost $1,530,000)(Cost $105,930,051)
102,048,324 LIABILITIES LESS CASHAND OTHER ASSETS – (9.5)%
(8,844,911 ) NET ASSETS – 100.0% $ 93,203,413
1 Non-income producing. 2Securities for which market quotations are not readily available represent 0.2% 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.3All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at March 31, 2016. Total market value of pledged securities at March 31, 2016, was $14,526,733.4At March 31, 2016, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $94,731.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 $106,663,415. At March 31, 2016, net unrealized depreciation for all securities was $4,615,091, consisting of aggregate gross unrealized appreciation of $8,850,606 and aggregate gross unrealized depreciation of $13,465,697. 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 March 31, 2016. 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 $100,328,603 $ – $189,721 $100,518,324 Cash Equivalents – 1,530,000 – 1,530,000For the three months ended March 31, 2016, certain securities have transferred in and out of Level 1, Level 2 and Level 3 measurements. The Fund recognizes transfers between levels as of the end of the reporting period. At March 31, 2016, securities valued at $71,473,485 and $171,029 were transferred from Level 2 to Level 1 and Level 3, respectively, within the fair value hierarchy.
Level 3 Reconciliation:
Unrealized Balance as of 12/31/15 Transfers In Gain (Loss) Balance as of 3/31/16 Common Stocks $18,710 $171,029 $(18) $189,721Repurchase 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. The remaining contractual maturity of the repurchase agreement held by the Fund at March 31, 2016 is overnight and continuous.Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). As of March 31, 2016, the Fund has outstanding borrowings of $8,000,000. During the period ended March 31, 2016, the Fund borrowed an average daily balance of $8,000,000. The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.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.
By: /s/ Christopher D. Clark Christopher D. Clark President, Royce Global Value Trust, Inc. Date: May 20, 2016Pursuant 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: May 20, 2016 By: /s/ Peter K. Hoglund Peter K. Hoglund Treasurer, Royce Global Value Trust, Inc. Date: May 20, 2016