RVT Royce Small Cap Trust Inc

 

SCHEDULE OF INVESTMENTS

ROYCE VALUE TRUST

SEPTEMBER 30, 2023 (UNAUDITED)

 

		SHARES				VALUE
COMMON STOCKS – 98.7%
Communication Services – 2.0%
Diversified Telecommunication Services - 0.2%
Cogent Communications Holdings 1			28,315			$	1,752,699
Liberty Latin America Cl. C 1,2,3			83,228				679,140
							2,431,839
Entertainment - 0.0%
IMAX Corporation 3			37,950				733,194
Interactive Media & Services - 1.5%
Cars.com 3			182,200				3,071,892
QuinStreet 1,2,3			203,754				1,827,674
Shutterstock			19,826				754,379
Yelp 3			42,925				1,785,251
Ziff Davis 1,2,3			277,177				17,653,403
							25,092,599
Media - 0.3%
AMC Networks Cl. A 3			37,495				441,691
John Wiley & Sons Cl. A			19,184				713,069
Magnite 3			31,550				237,887
Scholastic Corporation			1,594				60,795
TechTarget 1,3			44,518				1,351,567
Thryv Holdings 3			69,985				1,313,618
							4,118,627
Wireless Telecommunication Services - 0.0%
Gogo 3			47,177				562,822
Total							32,939,081
Consumer Discretionary – 10.1%
Automobile Components - 2.5%
Atmus Filtration Technologies 3			57,800				1,205,130
Dorman Products 1,2,3			106,624				8,077,834
Fox Factory Holding Corporation 3			49,615				4,915,854
Gentex Corporation 1			225,162				7,326,771
LCI Industries 1,2			136,435				16,020,198
Patrick Industries 1,2			8,181				614,066
Vitesco Technologies Group 3,4			42,509				3,452,725
							41,612,578
Automobiles - 0.1%
Winnebago Industries			20,741				1,233,052
Broadline Retail - 0.1%
Savers Value Village 3			80,719				1,507,024
Distributors - 0.1%
LKQ Corporation 1			39,900				1,975,449
Pool Corporation			975				347,198
							2,322,647
Diversified Consumer Services - 0.5%
frontdoor 3			2,485				76,016
Perdoceo Education			99,335				1,698,629
Stride 3			37,382				1,683,311
Universal Technical Institute 3			639,032				5,355,088
							8,813,044
Hotels, Restaurants & Leisure - 0.5%
Bloomin’ Brands 1,2			68,620				1,687,366
Century Casinos 3			142,462				730,830

Denny’s Corporation 3			161,666				1,369,311
Golden Entertainment			10,243				350,106
Hilton Grand Vacations 3			15,000				610,500
Lindblad Expeditions Holdings 3			373,700				2,690,640
Monarch Casino & Resort			18,303				1,136,616
							8,575,369
Household Durables - 1.0%
Cavco Industries 1,3			16,225				4,310,334
Ethan Allen Interiors 1			57,564				1,721,164
Helen of Troy 3			17,735				2,067,192
Installed Building Products			17,732				2,214,549
La-Z-Boy			39,655				1,224,546
M.D.C. Holdings			19,496				803,820
Skyline Champion 3			62,291				3,969,183
TopBuild Corp. 3			294				73,970
Tri Pointe Homes 3			23,323				637,884
							17,022,642
Leisure Products - 0.6%
Brunswick Corporation 1,2			85,220				6,732,380
Sturm, Ruger & Company			9,194				479,191
Vista Outdoor 3			23,504				778,453
YETI Holdings 3			54,967				2,650,509
							10,640,533
Specialty Retail - 3.6%
Academy Sports and Outdoors 1,2			80,085				3,785,618
American Eagle Outfitters			52,549				872,839
America’s Car-Mart 1,2,3			87,700				7,979,823
Asbury Automotive Group 3			29,761				6,847,113
AutoCanada 3			625,600				11,183,190
Barnes & Noble Education 3			50,000				54,500
CarMax 3			8,500				601,205
Chico’s FAS 3			185,193				1,385,244
Five Below 1,2,3			9,337				1,502,323
Floor & Decor Holdings Cl. A 3			2,738				247,789
Group 1 Automotive			550				147,790
Haverty Furniture			32,056				922,572
MarineMax 3			2,007				65,870
Murphy USA			9,882				3,376,976
ODP Corporation (The) 3			14,640				675,636
1-800-FLOWERS.COM Cl. A 3			76,000				532,000
OneWater Marine Cl. A 3			124,320				3,185,078
PetMed Express			50,371				516,303
Signet Jewelers			96,148				6,904,388
Valvoline 3			224,758				7,246,198
Williams-Sonoma			3,900				606,060
Zumiez 3			19,643				349,645
							58,988,160
Textiles, Apparel & Luxury Goods - 1.1%
Carter’s			26,682				1,845,060
G-III Apparel Group 3			26,802				667,906
Kontoor Brands			1,975				86,722
Movado Group			94,766				2,591,850
Ralph Lauren Cl. A			50,400				5,850,936
Steven Madden			181,150				5,755,136
Wolverine World Wide 1			112,470				906,508
							17,704,118
Total							168,419,167

 

Consumer Staples – 2.6%
Beverages - 0.4%
Celsius Holdings 3			2,500				429,000
Coca-Cola Consolidated 1			8,000				5,090,560
National Beverage 3			30,581				1,437,919
							6,957,479
Consumer Staples Distribution & Retail - 0.1%
PriceSmart			22,962				1,709,062
Food Products - 1.4%
Cal-Maine Foods			21,791				1,055,120
CubicFarm Systems 3			950,000				24,480
Freshpet 1,3			25,000				1,647,000
J G Boswell Company 4			3,940				2,600,400
John B. Sanfilippo & Son			13,312				1,315,226
Nomad Foods 1,3			323,600				4,925,192
Seneca Foods Cl. A 3			205,297				11,051,137
							22,618,555
Household Products - 0.0%
Spectrum Brands Holdings			9,523				746,127
Personal Care Products - 0.6%
Inter Parfums 1			54,243				7,287,005
Medifast			6,735				504,115
Nu Skin Enterprises Cl. A			13,864				294,055
USANA Health Sciences 3			19,921				1,167,570
							9,252,745
Tobacco - 0.1%
Vector Group			164,246				1,747,577
Total							43,031,545
Energy – 2.6%
Energy Equipment & Services - 1.1%
Bristow Group 1,3			219,464				6,182,301
Core Laboratories			99,484				2,388,611
Pason Systems			900,028				8,932,359
Patterson-UTI Energy			23,275				322,126
U.S. Silica Holdings 3			38,019				533,787
							18,359,184
Oil, Gas & Consumable Fuels - 1.5%
Civitas Resources			24,708				1,998,136
CONSOL Energy 1			18,827				1,975,141
CVR Energy			27,207				925,854
Dorchester Minerals L.P. 1			279,148				8,109,249
Magnolia Oil & Gas Cl. A 1			68,698				1,573,871
Northern Oil and Gas			39,199				1,576,976
Range Resources			47,745				1,547,415
REX American Resources 3			23,090				940,225
Sitio Royalties Cl. A			60,655				1,468,458
SM Energy			22,242				881,895
World Kinect 1			183,796				4,122,544
							25,119,764
Total							43,478,948
Financials – 18.6%
Banks - 5.1%
Ameris Bancorp 1			38,364				1,472,794
Atlantic Union Bankshares			10,000				287,800
Axos Financial 3			13,785				521,900
Banc of California			41,013				507,741
Bancorp (The) 3			25,000				862,500

Bank of N.T. Butterfield & Son 1			241,503				6,539,901
BankUnited 1			390,977				8,875,178
Brookline Bancorp			4,646				42,325
Central Pacific Financial			50,310				839,171
Customers Bancorp 3			58,751				2,023,972
Dime Community Bancshares			74,603				1,489,076
Eagle Bancorp			24,774				531,402
Farmers & Merchants Bank of Long Beach 4			416				2,008,240
First Bancorp			19,000				534,660
First BanCorp (Puerto Rico)			43,960				591,702
First Bancshares (The)			97,112				2,619,111
First Citizens BancShares Cl. A			10,109				13,951,431
Fulton Financial			58,137				704,039
Hanmi Financial			172,337				2,797,029
HBT Financial			40,400				736,896
Hingham Institution for Savings			13,011				2,429,804
Home BancShares			197,617				4,138,100
HomeStreet			72,619				565,702
Hope Bancorp			147,228				1,302,968
Independent Bank Group			111,830				4,422,876
OFG Bancorp			39,357				1,175,200
Origin Bancorp			73,207				2,113,486
Preferred Bank			18,649				1,160,900
Territorial Bancorp			17				155
TowneBank			21,058				482,860
Triumph Financial 3			35,708				2,313,521
Valley National Bancorp			221,668				1,897,478
Veritex Holdings			46,634				837,080
Virginia National Bankshares			96,671				2,933,965
WaFd			47,600				1,219,512
Webster Financial 1,2			134,200				5,409,602
Western Alliance Bancorp 1,2			85,609				3,935,446
							84,275,523
Capital Markets - 5.6%
Ares Management Cl. A 1			43,500				4,474,845
Artisan Partners Asset Management Cl. A 1,2			247,298				9,253,891
Avantax 3			16,448				420,740
B. Riley Financial			39,200				1,606,808
Barings BDC			191,594				1,707,103
Blue Owl Capital Cl. A			55,900				724,464
Bolsa Mexicana de Valores			1,723,106				3,226,220
BrightSphere Investment Group			45,653				885,212
Donnelley Financial Solutions 1,2,3			53,447				3,007,997
GCM Grosvenor Cl. A			767,911				5,958,989
Houlihan Lokey Cl. A 1			72,400				7,755,488
Lazard Cl. A 1,2			90,811				2,816,049
MarketWise Cl. A			500,000				800,000
Moelis & Company Cl. A			21,000				947,730
Morningstar 1			18,161				4,254,033
Onex Corporation			153,900				9,045,343
P10 Cl. A			20,000				233,000
SEI Investments 1			284,052				17,108,452
Sprott			230,880				7,032,215
Tel Aviv Stock Exchange 3,4			221,179				1,270,261
TMX Group			336,150				7,224,162
Tradeweb Markets Cl. A			47,981				3,848,076
							93,601,078
Consumer Finance - 0.6%
Bread Financial Holdings			85,023				2,907,787

Encore Capital Group 1,2,3			35,105				1,676,615
Enova International 3			67,631				3,440,389
PRA Group 3			104,469				2,006,849
							10,031,640
Financial Services - 1.6%
Banco Latinoamericano de Comercio Exterior Cl. E			73,446				1,557,055
Compass Diversified Holdings			137,336				2,577,797
ECN Capital			888,800				1,505,054
EVERTEC			41,285				1,534,976
Mr. Cooper Group 1,2,3			19,050				1,020,318
NewtekOne			336,358				4,961,281
NMI Holdings Cl. A 3			144,469				3,913,665
Radian Group			63,581				1,596,519
Repay Holdings Cl. A 3			638,403				4,845,479
Shift4 Payments Cl. A 3			50,000				2,768,500
Waterloo Investment Holdings 3,5			2,972,000				832,160
							27,112,804
Insurance - 5.7%
Ambac Financial Group 3			24,314				293,227
American Equity Investment Life Holding Company 1,3			45,605				2,446,252
Assured Guaranty			227,941				13,794,989
Axis Capital Holdings			56,362				3,177,126
E-L Financial			21,650				14,202,209
Erie Indemnity Cl. A			22,600				6,639,654
First American Financial			41,672				2,354,051
Genworth Financial Cl. A 3			458,061				2,684,237
Hagerty Cl. A 3			435,700				3,559,669
International General Insurance Holdings			632,619				7,135,942
James River Group Holdings			109,500				1,680,825
ProAssurance Corporation 1,2			198,675				3,752,971
RenaissanceRe Holdings			48,326				9,564,682
RLI Corp. 1			47,193				6,413,057
Safety Insurance Group			40,945				2,792,040
Skyward Specialty Insurance Group 3			5,000				136,800
Stewart Information Services 1			36,135				1,582,713
White Mountains Insurance Group			8,380				12,533,882
							94,744,326
Total							309,765,371
Health Care – 9.9%
Biotechnology - 1.0%
Avid Bioservices 3			178,000				1,680,320
Catalyst Pharmaceuticals 3			222,407				2,599,938
Coherus BioSciences 3			106,700				399,058
Dynavax Technologies 3			148,827				2,198,175
Eagle Pharmaceuticals 1,3			46,586				734,661
Ironwood Pharmaceuticals Cl. A 3			274,624				2,644,629
PureTech Health 3,4			175,100				386,267
REGENXBIO 3			149,664				2,463,469
United Therapeutics 3			10,000				2,258,700
Vanda Pharmaceuticals 3			5,100				22,032
Vir Biotechnology 3			102,900				964,173
							16,351,422
Health Care Equipment & Supplies - 3.6%
Atrion Corporation			1,882				777,586
Bioventus Cl. A 3			50,000				165,000
Cutera 3			15,650				94,213
Embecta Corp.			104,843				1,577,887
Enovis Corporation 3			373,788				19,709,841

Haemonetics Corporation 3			166,727				14,935,405
Integer Holdings Corporation 1,2,3			75,700				5,937,151
Lantheus Holdings 3			78,800				5,475,024
QuidelOrtho Corporation 3			10,000				730,400
Surmodics 1,2,3			161,000				5,166,490
TransMedics Group 3			55,500				3,038,625
UFP Technologies 3			9,302				1,501,808
Zynex 3			40,622				324,976
							59,434,406
Health Care Providers & Services - 1.7%
Addus HomeCare 3			16,402				1,397,286
AMN Healthcare Services 3			40,973				3,490,080
Community Health Systems 3			197,636				573,144
CorVel Corporation 3			2,869				564,189
Cross Country Healthcare 3			127,100				3,150,809
Fulgent Genetics 3			26,851				717,996
NeoGenomics 3			41,750				513,525
Pediatrix Medical Group 3			72,295				918,870
Premier Cl. A			51,254				1,101,961
Privia Health Group 3			309,400				7,116,200
Select Medical Holdings			95,900				2,423,393
U.S. Physical Therapy			62,300				5,714,779
							27,682,232
Health Care Technology - 0.3%
Doximity Cl. A 3			30,095				638,616
Simulations Plus 1,2			74,558				3,109,069
Veradigm 3			128,731				1,691,525
							5,439,210
Life Sciences Tools & Services - 2.2%
Azenta 1,2,3			219,100				10,996,629
BioLife Solutions 3			88,877				1,227,392
Bio-Rad Laboratories Cl. A 3			16,245				5,823,020
Bio-Techne 1			124,547				8,477,914
Harvard Bioscience 3			102,050				438,815
Mesa Laboratories 1,2			44,600				4,686,122
Stevanato Group			176,429				5,243,470
							36,893,362
Pharmaceuticals - 1.1%
Cara Therapeutics 3			202,300				339,864
Collegium Pharmaceutical 3			17,381				388,465
Corcept Therapeutics 3			284,829				7,760,166
Harmony Biosciences Holdings 1,3			136,416				4,470,352
Innoviva 3			108,269				1,406,414
Ligand Pharmaceuticals 3			11,481				687,942
Pacira BioSciences 3			2,158				66,207
Prestige Consumer Healthcare 3			56,300				3,219,797
Supernus Pharmaceuticals 3			15,522				427,942
							18,767,149
Total							164,567,781
Industrials – 26.5%
Aerospace & Defense - 1.6%
AeroVironment 3			2,650				295,555
Ducommun 1,3			32,334				1,406,852
HEICO Corporation 1			31,030				5,024,688
HEICO Corporation Cl. A 1			36,533				4,720,794
Leonardo DRS 3			344,154				5,747,372
Magellan Aerospace			893,092				4,984,088
National Presto Industries			6,396				463,454

Woodward 1			28,500				3,541,410
							26,184,213
Air Freight & Logistics - 0.4%
Forward Air 1			63,360				4,355,366
GXO Logistics 3			7,000				410,550
Hub Group Cl. A 3			21,151				1,661,200
							6,427,116
Building Products - 1.8%
Advanced Drainage Systems			37,491				4,267,601
American Woodmark 3			15,374				1,162,428
AZZ 1,2			20,000				911,600
Carlisle Companies			13,700				3,551,862
CSW Industrials			44,000				7,710,560
PGT Innovations 3			20,486				568,486
Quanex Building Products			39,648				1,116,884
Simpson Manufacturing 1			22,600				3,385,706
UFP Industries			73,095				7,484,928
							30,160,055
Commercial Services & Supplies - 2.2%
ACV Auctions Cl. A 3			115,800				1,757,844
Brady Corporation Cl. A 1			266,918				14,659,137
CompX International Cl. A 1			183,197				3,405,632
Driven Brands Holdings 3			67,631				851,474
GFL Environmental 1			83,595				2,654,977
Healthcare Services Group 3			299,589				3,124,713
Heritage-Crystal Clean 1,3			100,106				4,539,807
HNI Corporation			9,705				336,084
Montrose Environmental Group 3			49,641				1,452,496
RB Global 1			58,413				3,650,813
							36,432,977
Construction & Engineering - 4.7%
Ameresco Cl. A 1,2,3			25,000				964,000
APi Group 1,3			546,800				14,178,524
Arcosa 1			180,450				12,974,355
Comfort Systems USA 1			12,256				2,088,545
EMCOR Group			39,503				8,311,036
IES Holdings 1,2,3			268,939				17,715,012
MasTec 3			78,980				5,684,191
MYR Group 3			8,253				1,112,174
Northwest Pipe 3			36,049				1,087,598
Valmont Industries 1			36,302				8,720,104
WillScot Mobile Mini Holdings Corp. 3			141,770				5,896,214
							78,731,753
Electrical Equipment - 2.6%
Allient			23,000				711,160
Atkore 3			41,016				6,119,177
Encore Wire			44,959				8,203,219
GrafTech International			48,796				186,889
LSI Industries			496,657				7,886,913
Powell Industries			64,393				5,338,180
Preformed Line Products			58,600				9,527,188
Vertiv Holdings Cl. A			147,417				5,483,912
							43,456,638
Ground Transportation - 1.1%
ArcBest Corporation			19,538				1,986,038
Hertz Global Holdings 3			5,000				61,250
Knight-Swift Transportation Holdings			67,391				3,379,658
Landstar System 1			65,833				11,648,491
RXO 3			55,433				1,093,693
							18,169,130

Machinery - 6.6%
ATS Corporation 3			15,150				645,820
Chart Industries 3			27,797				4,701,029
Douglas Dynamics			95,688				2,887,864
EnPro Industries			56,488				6,845,781
ESAB Corporation 1			156,756				11,007,406
ESCO Technologies 1			104,967				10,962,753
Helios Technologies 1			44,900				2,491,052
Hillman Solutions 3			200,000				1,650,000
John Bean Technologies 1,2			127,806				13,437,523
Kadant 1			62,070				13,999,889
Lincoln Electric Holdings 1			24,000				4,362,960
Lindsay Corporation 1			70,900				8,343,512
Miller Industries			81,473				3,194,556
Mueller Industries 1			28,209				2,120,188
RBC Bearings 3			25,282				5,919,275
Standex International			497				72,408
Tennant Company 1			80,500				5,969,075
Titan International 3			78,169				1,049,810
Wabash National			22,701				479,445
Watts Water Technologies Cl. A 1			55,000				9,505,100
							109,645,446
Marine Transportation - 0.3%
Kirby Corporation 3			61,454				5,088,391
Passenger Airlines - 0.1%
Sun Country Airlines Holdings 3			88,126				1,307,790
Professional Services - 2.3%
CBIZ 1,3			43,170				2,240,523
Dun & Bradstreet Holdings			277,907				2,776,291
ExlService Holdings 3			1,580				44,303
Exponent 1			41,400				3,543,840
Forrester Research 1,2,3			281,425				8,133,183
FTI Consulting 3			1,210				215,876
Heidrick & Struggles International			17,490				437,600
Jacobs Solutions 1			33,500				4,572,750
KBR 1			145,632				8,583,550
Korn Ferry 1			160,990				7,637,366
Resources Connection			58,708				875,336
TrueBlue 3			26,363				386,745
							39,447,363
Trading Companies & Distributors - 2.8%
Air Lease Cl. A 1			289,473				11,408,131
Applied Industrial Technologies			34,927				5,400,064
Boise Cascade 1			19,608				2,020,408
Core & Main Cl. A 1,3			2,532				73,048
Distribution Solutions Group 3			47,456				1,233,856
FTAI Aviation			230,018				8,177,140
GMS 3			11,085				709,107
Hudson Technologies 3			115,180				1,531,894
MSC Industrial Direct Cl. A			14,383				1,411,691
Richelieu Hardware			7,800				228,444
SiteOne Landscape Supply 1,2,3			25,000				4,086,250
Transcat 3			93,647				9,174,597
Veritiv			4,884				824,908
							46,279,538
Total							441,330,410

 

Information Technology – 15.4%
Communications Equipment - 0.5%
Calix 1,3			27,116				1,242,997
Digi International 3			38,250				1,032,750
Extreme Networks 3			40,911				990,455
Harmonic 3			251,885				2,425,653
NetScout Systems 3			106,253				2,977,209
							8,669,064
Electronic Equipment, Instruments & Components - 6.5%
Badger Meter			501				72,079
Cognex Corporation 1,2			153,200				6,501,808
Coherent 1,3			87,766				2,864,682
Crane NXT			152,860				8,494,430
CTS Corporation			17,532				731,786
Fabrinet 1,2,3			111,111				18,513,315
FARO Technologies 1,2,3			228,848				3,485,355
Insight Enterprises 3			4,707				684,868
IPG Photonics 3			73,976				7,511,523
Kimball Electronics 3			115,766				3,169,673
Littelfuse 1			20,900				5,168,988
Luna Innovations 3			86,450				506,597
Methode Electronics			18,843				430,563
Mirion Technologies Cl. A 3			225,000				1,680,750
NAPCO Security Technologies			6,000				133,500
PAR Technology 1,2,3			369,239				14,230,471
PC Connection			21,259				1,134,805
Richardson Electronics			394,763				4,314,760
Rogers Corporation 3			65,442				8,603,660
Sanmina Corporation 3			23,505				1,275,851
Teledyne Technologies 3			10,020				4,093,972
TTM Technologies 1,2,3			365,912				4,712,947
Vishay Precision Group 3			86,537				2,905,912
Vontier Corporation			206,311				6,379,136
							107,601,431
IT Services - 1.2%
Computer Task Group 3			36,031				372,200
Hackett Group (The) 1			429,740				10,137,567
Kyndryl Holdings 3			401,802				6,067,210
Unisys Corporation 1,2,3			256,698				885,608
Wix.com 3			19,497				1,789,825
							19,252,410
Semiconductors & Semiconductor Equipment - 5.0%
Axcelis Technologies 3			28,919				4,715,243
AXT 3			106,100				254,640
Camtek 3			26,300				1,637,438
Cirrus Logic 1,3			82,550				6,105,398
Cohu 1,3			35,638				1,227,373
Diodes 1,2,3			76,492				6,030,629
FormFactor 3			348,835				12,188,295
Impinj 1,2,3			65,945				3,628,953
indie Semiconductor Cl. A 3			61,000				384,300
Kulicke & Soffa Industries 1			69,864				3,397,486
MaxLinear 3			130,780				2,909,855
MKS Instruments			154,429				13,364,286
Onto Innovation 1,2,3			99,156				12,644,373
Photronics 3			252,571				5,104,460
Power Integrations			1,882				143,616
Rambus 3			111,443				6,217,405
Semtech Corporation 3			12,424				319,918
SiTime Corporation 3			4,689				535,718
SMART Global Holdings 3			3,349				81,548
Ultra Clean Holdings 3			68,070				2,019,637
							82,910,571
Software - 2.1%
Adeia 1,2			60,834				649,707
Agilysys 3			37,500				2,481,000
Alkami Technology 3			79,541				1,449,237
AppLovin Corporation Cl. A 3			43,252				1,728,350
Asana Cl. A 3			50,000				915,500
BlackLine 3			23,894				1,325,400
Consensus Cloud Solutions 1,2,3			22,315				561,892
Descartes Systems Group (The) 3			5,000				366,900
E2open Parent Holdings Cl. A 3			100,000				454,000
InterDigital 1			14,728				1,181,775
JFrog 3			200,000				5,072,000
Matterport Cl. A 3			150,000				325,500
Progress Software			76,358				4,014,903
PROS Holdings 3			80,116				2,773,616
Q2 Holdings 3			23,553				760,055
Sapiens International			171,842				4,885,468
Sprout Social Cl. A 3			10,000				498,800
Teradata Corporation 3			82,497				3,714,015
Upland Software 3			100,000				462,000
Workiva Cl. A 3			20,711				2,098,853
							35,718,971
Technology Hardware, Storage & Peripherals - 0.1%
Avid Technology 1,3			64,650				1,737,146
Total							255,889,593
Materials – 7.8%
Chemicals - 3.5%
AdvanSix 1			40,479				1,258,087
American Vanguard 1			165,294				1,806,663
Aspen Aerogels 3			47,200				405,920
Chase Corporation 1			49,829				6,339,744
Element Solutions 1			618,107				12,121,078
FutureFuel Corporation			67,144				481,423
Hawkins 1			89,940				5,292,969
Ingevity Corporation 3			35,839				1,706,295
Innospec 1,2			116,511				11,907,424
NewMarket Corporation			8,000				3,640,320
Quaker Houghton			83,254				13,320,640
Scotts Miracle-Gro Cl. A			7,029				363,259
							58,643,822
Containers & Packaging - 0.3%
Graphic Packaging Holding Company			106,331				2,369,054
Silgan Holdings			58,579				2,525,341
							4,894,395
Metals & Mining - 3.2%
Alamos Gold Cl. A			1,976,000				22,287,738
AMG Critical Materials 4			14,000				420,503
Gold Fields ADR			536,500				5,826,390
Haynes International 1,2			102,500				4,768,300
Hecla Mining			321,300				1,256,283
IAMGOLD Corporation 3			500,000				1,075,000
Major Drilling Group International 3			1,496,691				9,112,928
Materion Corporation			25,000				2,547,750
Newcrest Mining			33,909				535,254

Olympic Steel			27,263				1,532,453
Reliance Steel & Aluminum 1			6,600				1,730,718
Ryerson Holding Corporation			39,374				1,145,390
TimkenSteel Corporation 3			50,693				1,101,052
							53,339,759
Paper & Forest Products - 0.8%
Clearwater Paper 3			25,762				933,872
Glatfelter Corporation 3			210,400				420,800
Louisiana-Pacific			77,491				4,282,928
Mercer International			102,682				881,012
Stella-Jones			83,600				4,020,432
Sylvamo Corporation 1			41,019				1,802,375
							12,341,419
Total							129,219,395
Real Estate – 3.1%
Diversified REITs - 0.0%
New York REIT 3,5			15,000				166,950
Real Estate Management & Development - 3.1%
Anywhere Real Estate 3			13,358				85,892
Colliers International Group			59,771				5,693,188
DigitalBridge Group Cl. A			4,271				75,084
Douglas Elliman			20,488				46,303
FirstService Corporation			91,672				13,341,943
FRP Holdings 1,3			76,558				4,131,835
Kennedy-Wilson Holdings 1			728,244				10,734,317
Marcus & Millichap 1			299,177				8,777,853
St. Joe Company (The) 1,2			78,800				4,281,204
Tejon Ranch 1,2,3			313,818				5,090,128
							52,257,747
Total							52,424,697
Utilities – 0.1%
Electric Utilities - 0.1%
Otter Tail			15,695				1,191,564
Gas Utilities - 0.0%
Chesapeake Utilities			3,499				342,027
Water Utilities - 0.0%
American States Water			679				53,424
Total							1,587,015
TOTAL COMMON STOCKS
(Cost $1,393,838,856)							1,642,653,003
DIVERSIFIED INVESTMENT COMPANIES – 1.0%
Diversified Investment Companies – 0.1%
Closed-End Funds - 0.1%
Eagle Point Credit			42,054				426,848
Total							426,848
Financials – 0.3%
Investment Companies - 0.3%
iShares S&P Small-Cap 600 Growth ETF			17,700				1,941,336
ProShares Ultra SmallCap600			25,000				486,245
SPDR S&P 600 Small Cap Value ETF			38,900				2,815,193
Total							5,242,774

 

Materials – 0.6%
Metals & Mining - 0.6%
VanEck Junior Gold Miners ETF			319,426				10,295,100
Total							10,295,100
TOTAL DIVERSIFIED INVESTMENT COMPANIES
(Cost $17,275,188)							15,964,722
REPURCHASE AGREEMENT – 2.5%
Fixed Income Clearing Corporation, 3.15% dated 9/29/23, due 10/2/23, maturity value $41,222,764 (collateralized by obligations of U.S. Government Agencies, 0.75% due 5/31/26, valued at $42,036,194)
(Cost $41,211,946)							41,211,946
TOTAL INVESTMENTS – 102.2%
(Cost $1,452,325,990)							1,699,829,671
LIABILITIES LESS CASH AND OTHER ASSETS – (2.2)%							(36,402,639	)
NET ASSETS – 100.0%						$	1,663,427,032

ADR – American Depository Receipt 

1

All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement as of September 30, 2023. Total market value of pledged securities as of September 30, 2023, was $72,257,361.

2

As of September 30, 2023, a portion of these securities, in the aggregate amount of $32,440,363, were rehypothecated by BNP Paribas Prime Brokerage International, Limited in connection with the Fund’s revolving credit agreement.

3

Non-income producing.

4

These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities and/or due to the application of fair value factors.

5

Securities for which market quotations are not readily available represent 0.1% 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.

 

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,456,676,731. As of September 30, 2023, net unrealized appreciation for all securities was $243,152,940, consisting of aggregate gross unrealized appreciation of $394,181,009 and aggregate gross unrealized depreciation of $151,028,069. The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

 

Valuation of Investments:

 

Royce Value Trust, Inc. (the “Fund”), is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on July 1, 1986. The Fund commenced operations on November 26, 1986. Royce & Associates, LP, the Fund’s investment adviser, is a majority-owned subsidiary of Franklin Resources, Inc. and primarily conducts business using the name Royce Investment Partners (“Royce”). Investment transactions are accounted for on the trade date. Portfolio securities held by the Fund 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. Investments in money market funds are valued at net asset value per share. Values for non-U.S. dollar denominated equity securities are converted to U.S. dollars daily based upon prevailing foreign currency exchange rates as quoted by a major bank.

 

Equity securities that are listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, are valued: (i) on the basis of their last reported sales prices or official closing prices, as applicable, on a valuation date; or (ii) at their highest reported bid prices in the event such equity securities did not trade on a valuation date. Such inputs are generally referred to as “Level 1” inputs because they represent reliable quoted prices in active markets for identical securities.

 

If the value of a portfolio security held by the Fund cannot be determined solely by reference to Level 1 inputs, such portfolio security will be “fair valued.” The Fund’s Board of Directors has designated Royce as valuation designee to perform fair value determinations for such portfolio securities in accordance with Rule 2a-5 under the Investment Company Act of 1940 (“Rule 2a-5”). Pursuant to Rule 2a-5, fair values are determined in accordance with policies and procedures approved by the Fund’s Board of Directors and policies and procedures adopted by Royce in its capacity as valuation designee for the Fund. Fair valued securities are reported as either “Level 2” or “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, no assurance can be given that a fair value assigned to a particular portfolio security will be the amount which the Fund might be able to receive upon its current sale. When a fair value pricing methodology is used, the fair value prices used by the Fund for such securities will likely differ from the quoted or published prices for the same securities.

 

Level 2 inputs are other significant observable inputs (e.g., dealer bid side quotes and quoted prices for securities with comparable characteristics). Examples of situations in which Level 2 inputs are used to fair value portfolio securities held by the Fund on a particular valuation date include: 

●

Over-the-counter equity securities other than those traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system (collectively referred to herein as “Other OTC Equity Securities”) are fair valued at their highest bid price when Royce receives at least two bid side quotes from dealers who make markets in such securities;

●

Certain bonds and other fixed income securities may be fair valued by reference to other securities with comparable ratings, interest rates, and maturities in accordance with valuation methodologies maintained by certain independent pricing services; and

●

The Fund uses an independent pricing service to fair value certain non-U.S. equity securities when 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 such non-U.S. securities.

 

Level 3 inputs are significant unobservable inputs. Examples of Level 3 inputs include (without limitation) the last trade price for a security before trading was suspended or terminated; discounts to last trade price for lack of marketability or otherwise; market price information regarding other securities; information received from the issuer and/or published documents, including SEC filings and financial statements; and other publicly available information. Pursuant to the above-referenced policies and procedures, Royce may use various techniques in making fair value determinations based upon Level 3 inputs, which techniques may include (without limitation): (i) workout valuation methods (e.g., earnings multiples, discounted cash flows, liquidation values, derivations of book value, firm or probable offers from qualified buyers for the issuer’s ongoing business, etc.); (ii) discount or premium from market, or compilation of other observable market information, for other similar freely traded securities; (iii) conversion from the readily available market price of a security into which an affected security is convertible or exchangeable; and (iv) pricing models or other formulas. In the case of restricted securities, fair value determinations generally start with the inherent or intrinsic worth of the relevant security, without regard to the restrictive feature, and are reduced for any diminution in value resulting from the restrictive feature. Due to the inherent uncertainty of such valuations, these fair values may differ significantly from the values that would have been used had an active market existed.

 

A security that is valued by reference to Level 1 or Level 2 inputs may drop to Level 3 on a particular valuation date for several reasons, including if: 

●

an equity security that is listed on an exchange or Nasdaq, or traded on OTC Market Group Inc.’s OTC Link ATS or other alternative trading system, has not traded and there are no bids;

●

Royce does not receive at least two bid side quotes for an Other OTC Equity Security;

●

the independent pricing services are unable to supply fair value prices; or

●

the Level 1 or Level 2 inputs become otherwise unreliable for any reason (e.g., a significant event occurs after the close of trading for a security but prior to the time the Fund prices its shares).

 

The table below shows the aggregate value of the various Level 1, Level 2, and Level 3 securities held by the Fund as of September 30, 2023. Any Level 2 or Level 3 securities held by the Fund are noted in its Schedule of Investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with owning those securities.

 

		Level 1				Level 2				Level 3				Total
Common Stocks			$1,631,515,497				$10,138,396				$999,110			$	1,642,653,003
Diversified Investment Companies			15,964,722				–				–				15,964,722
Repurchase Agreement			–				41,211,946				–				41,211,946

 

Level 3 Reconciliation:

Unrealized Gain (Loss)

Balance as of 12/31/22

Sales

Realized Gain (Loss)

Currently Held Securities

Securities No Longer Held

Balance as of 9/30/23

Common Stocks

$999,110

$–

$–

$0

$–

$999,110

 

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. The remaining contractual maturity of the repurchase agreement held by the Fund as of September 30, 2023, is next business day and continuous.

 

Borrowings:

 

The Fund is party to a revolving credit agreement (the “credit agreement”) with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the then-current maximum amount that may be borrowed by the Fund under the credit agreement. The credit agreement has a 179-day rolling term that resets daily. The Fund pledges eligible portfolio securities as collateral and has granted a security interest in such pledged securities to, and in favor of, BNPPI as security for the loan balance outstanding. The amount of eligible portfolio securities required to be pledged as collateral is determined by BNPPI in accordance with the credit agreement. In determining collateral requirements, the value of eligible securities pledged as collateral is subject to discount by BNPPI based upon a variety of factors set forth in the credit agreement. As of September 30, 2023, the market value of eligible securities pledged as collateral exceeded two times the loan balance outstanding.

 

If the Fund fails to meet certain requirements, or comply with other financial covenants set forth in the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement, which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may also terminate the credit agreement upon sixty (60) calendar days’ prior written notice to the Fund in the event the Fund’s net asset value per share as of the close of business on the last business day of any calendar month declines by thirty-five percent (35%) or more from the Fund’s net asset value per share as of the close of business on the last business day of the immediately preceding calendar month.

 

The credit agreement also permits, subject to certain conditions, BNPPI 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 BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.

 

The Fund and BNPPI have agreed that the current maximum amount the Fund may borrow under the credit agreement is $70,000,000. The Fund has the right to further reduce the maximum amount it can borrow under the credit agreement upon one (1) business day’s prior written notice to BNPPI. In addition, the Fund and BNPPI may agree to increase the maximum amount the Fund can borrow under the credit agreement, which amount may not exceed $150,000,000.

 

As of September 30, 2023, the Fund had outstanding borrowings of $35,000,000. During the nine-month period ended September 30, 2023, the Fund had an average daily loan balance of $35,000,000. As of September 30, 2023, the aggregate value of rehypothecated securities was $32,440,363.

 

Other information regarding the Fund is available in the Fund’s most recent Report to Stockholders. This information is available through Royce Investment Partners (www.royceinvest.com) and on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

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