N-CSRS 1 e35787_rvt.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04875

Name of Registrant: Royce Value Trust, Inc.

Address of Registrant: 745 Fifth Avenue
New York, NY 10151

Name and address of agent for service: |  | John E. Denneen, Esq.
|  | 745 Fifth Avenue
|  | New York, NY 10151

Registrant’s telephone number, including area code: (212) 508-4500
Date of fiscal year end: December 31, 2015
Date of reporting period: January 1, 2015 – June 30, 2015

Item 1. Reports to Shareholders.

|  | JUNE 30, 2015
|  | 2015 Semiannual
|  | Review and Report to Stockholders

|  | Royce Value Trust
|  | Royce Micro-Cap Trust
|  | Royce Global Value Trust |
|  | roycefunds.com |

A Few Words on Closed-End Funds
Royce & Associates, LLC manages three closed-end funds: Royce Value Trust, which invests primarily in small-cap securities; Royce Micro-Cap Trust, which invests primarily in micro-cap securities; and Royce Global Value Trust, which invests in both U.S. and non-U.S. small-cap stocks. A closed-end fund is an investment company whose shares are listed and traded on a stock exchange. Like all investment companies, including open-end mutual funds, the assets of a closed-end fund are professionally managed in accordance with the investment objectives and policies approved by the fund’s Board of Directors. A closed-end fund raises cash for investment by issuing a fixed number of shares through initial and other public offerings that may include shelf offerings and periodic rights offerings. Proceeds from the offerings are invested in an actively managed portfolio of securities. Investors wanting to buy or sell shares of a publicly traded closed-end fund after the offerings must do so on a stock exchange, as with any publicly traded stock. Shares of closed-end funds frequently trade at a discount to their net asset value. This is in contrast to open-end mutual funds, which sell and redeem their shares at net asset value on a continuous basis.

A Closed-End Fund Can Offer Several Distinct Advantages
• |  | A closed-end fund does not issue redeemable securities or offer its securities on a continuous basis, so it does not need to liquidate securities or hold uninvested assets to meet investor demands for cash redemptions.
• |  | In a closed-end fund, not having to meet investor redemption requests or invest at inopportune times can be effective for value managers who attempt to buy stocks when prices are depressed and sell securities when prices are high.
• |  | A closed-end fund may invest in less liquid portfolio securities because it is not subject to potential stockholder redemption demands. This is potentially beneficial for Royce-managed closed-end funds, which invest primarily in small- and micro-cap securities.
• |  | The fixed capital structure allows permanent leverage to be employed as a means to enhance capital appreciation potential.
• |  | Royce Value Trust and Royce Micro-Cap Trust distribute capital gains on a quarterly basis. Each of these Funds has adopted a quarterly distribution policy for its common stock.
We believe that the closed-end fund structure can be an appropriate investment for a long-term investor who understands the benefits of a more stable pool of capital.

Why Dividend Reinvestment Is Important
A very important component of an investor’s total return comes from the reinvestment of distributions. By reinvesting distributions, our investors can maintain an undiluted investment in a Fund. To get a fair idea of the impact of reinvested distributions, please see the charts on pages 12 and 13. For additional information on the Funds’ Distribution Reinvestment and Cash Purchase Options and the benefits for stockholders, please see page 14 or visit our website at www.roycefunds.com.
Managed Distribution Policy
The Board of Directors of each of Royce Value Trust and Royce Micro-Cap Trust has authorized a managed distribution policy (“MDP”). Under the MDP, Royce Value Trust and Royce Micro-Cap Trust pay quarterly distributions at an annual rate of 7% of the average of the prior four quarter-end net asset values, with the fourth quarter being the greater of these annualized rates or the distribution required by IRS regulations. With each distribution, the Fund will issue a notice to its stockholders and an accompanying press release that provides detailed information regarding the amount and composition of the distribution (including whether any portion of the distribution represents a return of capital) and other information required by a Fund’s MDP. You should not draw any conclusions about a Fund’s investment performance from the amount of distributions or from the terms of a Fund’s MDP. A Fund’s Board of Directors may amend or terminate the MDP at any time without prior notice to stockholders; however, at this time there are no reasonably foreseeable circumstances that might cause the termination of any of the MDPs.

This page is not part of the 2015 Semiannual Report to Stockholders

Table of Contents |  |  |
Semiannual Review |  |  |
Letter to Our Stockholders |  | 2 |
Performance |  | 5 |
Semiannual Report to Stockholders |  |  |
Managers’ Discussions of Fund Performance |  |  |
Royce Value Trust |  | 6 |
Royce Micro-Cap Trust |  | 8 |
Royce Global Value Trust |  | 10 |
History Since Inception |  | 12 |
Distribution Reinvestment and Cash Purchase Options |  | 14 |
Schedules of Investments and Other Financial Statements |  |  |
Royce Value Trust |  | 15 |
Royce Micro-Cap Trust |  | 30 |
Royce Global Value Trust |  | 43 |
Directors and Officers |  | 55 |
Board Approval of Investment Advisory Agreements |  | 56 |
Notes to Performance and Other Important Information | 58 |

This page is not part of the 2015 Semiannual Report to Stockholders

Letter to Our Stockholders

“THE TIME IS OUT OF JOINT”

Anyone reestablishing contact with the wider world at the end of June would no doubt be pleased by the numbers that guide the financial and economic parts of our lives. The economy, following a first-quarter stumble in which GDP is estimated to have grown by 0.6%, appears once again to be growing at a faster clip. One could argue that its pace could be livelier, but healthy employment numbers, improving wages, and robust housing and auto markets would seem to promise a quickening in the coming months. Inflation is, for now, not a matter of great concern. Interest rates remain low—and will remain that way on an absolute basis, even with an increase (or two) in short-term rates likely before the end of 2015. And a Fed-led increase in short rates may cause long-term rates to back up as well, which would be bad news for the bond markets, though perhaps not for stocks. One could find positive developments in the equity markets through the first half of the year—or so it would seem. Returns for each of the major domestic indexes were in the black through the end of June, while a welcome recovery finally arrived for many non-U.S. stocks in the year’s first six months. Three- and five-year average annualized returns for the small-cap Russell 2000 Index, the Nasdaq Composite, and the large-cap Russell 1000 and S&P 500 Indexes all topped 17%, well above the rolling three- and five-year historical averages for each index. It would appear that we are living through good times for the economy and possibly great ones for equities.

Why, then, have we purloined a line from Hamlet to introduce our own take on stocks in the first half, one in which the titular protagonist warns of a troubling dislocation in the world around him? Some of the reasons are clear enough: Positive results for the first half notwithstanding, global equities were rocked by the highly publicized Greek default late in June. On the second-to-last trading day of the first half, many stocks gave away most, if not all, of their second-quarter gains. Markets in China faced arguably even more significant problems, considering how much larger and more important that nation’s economy is to the world compared to that of Greece. Chinese stocks plummeted 30% in the three weeks leading up to our Independence Day, making what seemed like a typical correction in June far more worrisome. A cut in interest rates and more relaxed rules for margin trading—both hastily put in place late in June—did little to stem the tide of selling. Closer to home, there is the matter of how thoroughly disjointed results were for domestic equities. Large-cap returns, for example, were paltry—as can be seen from the table on page 3—brought even lower by the Greek drama that ushered out the month of June. Performance for small-caps and the Nasdaq looked appreciably better, but in each case looks are almost assuredly deceiving. Health Care was by far the dominant sector in every market cap range, from micro to large, that Russell Investments tracks. Yet the rule in the first half seemed to be the smaller—and more growth-driven—the company, the loftier the results, especially if it was involved in biotech, the industry that has reigned supreme within the Russell 2000 over much of the last two years. This has had the

2 | This page is not part of the 2015 Semiannual Report to Stockholders

LETTER TO OUR STOCKHOLDERS

effect of creating decidedly narrow market leadership within the small-cap space. Outside of biotech, strong first-half performances were mostly limited to a handful of other Health Care industries, software companies, and a few outliers such as construction materials and tobacco. The small-cap market has thus moved from the tightly correlated markets of 2011-2013 into a new phase of wide divergence and constricted leadership. From our perspective, then, the market is indeed out of joint. “MORE THINGS IN HEAVEN AND EARTH…” We have actually been arguing that the market has been disjointed for some time now. Fed policies designed to keep the economy and capital markets above water, which included multiple rounds of QE and keeping interest rates at or near zero, had other, unintended consequences that had an outsized effect on the small-cap market. For example, it became both easy and affordable for businesses to add debt, essentially eroding the risk differential between lower- and higher-quality businesses. Lower-quality and more highly levered companies then began a historically atypical period of outperformance in which our funds mostly did not participate. The Fed’s zero-interest-rate policy (“ZIRP”) also stoked an intense hunger for yield, which drove up values for bond-proxy equities such as REITs and Utilities, regardless of their underlying quality or profitability, that have only recently begun to correct. These actions also boosted stock correlations and reduced volatility, making it harder to find the kind of mispriced opportunities that have always been our stock in trade. |  | Finally, there were significant runs for high-growth, non-earning, and more speculative businesses, many with negative EBIT. This continues into the present day with the recent contraction of small-cap leadership, which represents more of a bet on long-duration assets than current profitability. In each of these cases, our more qualitative, risk-conscious approaches have in general kept us away from these areas. While we are confident that this trend will fade and that speculative bubbles will burst, we also understand the frustrations that have built over the last few years as active managers such as ourselves have continued to lag our respective benchmarks.
| So do these challenges mean that something is rotten in the state of small-cap, if only in some of its actively managed precincts? That is the question, more or less, that we have been wrestling with of late. To be sure, we ran the gamut in the first half from disappointment to optimism to frustration as investor preferences moved around. They first showed favor to long-duration assets, then looked, if only briefly, toward consistently profitable and/or conservatively capitalized companies before shifting back again. However, we have seen enough signs, both economically and in the market, which suggest that stocks are slowly moving back to what we would call their historical norm—lower overall returns, higher volatility, and long-term advantages for companies with consistent profits and high returns on invested capital. Most notably, there was a positive directional trend dating from the first-half low for the 10-year Treasury on January 30

Equity Indexes As of June 30, 2015 (%)
• |  | Greek Drama Creates Underwhelming Results—The Greek default late in June eroded gains—giving equities second-quarter results that more closely hugged the flat line. The tech-oriented Nasdaq Composite was the leader, up 1.8%, followed by the small-cap Russell 2000 Index, which finished the quarter with a gain of 0.4%. The large-cap S&P 500 and Russell 1000 Indexes rose 0.3% and 0.1%, respectively.
• |  | Long-Term Returns in Excess—Both large-cap and small-cap indexes’ three- and five-year average annual total returns for the periods ended 6/30/15 were above 17%, well in excess of each index’s historical average.
• |  | Healthy and Informed—Health Care and Information Technology were the best performing sectors in the Russell 2000 year-to-date through 6/30/15—the former led by a wide margin—while Utilities and Materials were the worst performers in the year’s first half.

|  | YTD1 |  | 1-YR |  | 3-YR |  | 5-YR |  | 10-YR |
Russell 2000 |  | 4.75 |  | 6.49 |  | 17.81 |  | 17.08 |  | 8.40 |
S&P Small Cap 600 |  | 4.15 |  | 6.70 |  | 18.81 |  | 18.44 |  | 9.28 |
S&P 500 |  | 1.23 |  | 7.42 |  | 17.31 |  | 17.34 |  | 7.89 |
Russell 1000 |  | 1.71 |  | 7.37 |  | 17.73 |  | 17.58 |  | 8.13 |
Nasdaq Composite |  | 5.30 |  | 13.13 |  | 19.33 |  | 18.78 |  | 9.26 |
Russell Midcap |  | 2.35 |  | 6.63 |  | 19.26 |  | 18.23 |  | 9.40 |
Russell Microcap |  | 6.03 |  | 8.21 |  | 19.25 |  | 17.48 |  | 7.07 |
Russell Global ex-U.S. Small Cap |  | 7.74 |  | -3.46 |  | 11.35 |  | 8.99 |  | 7.07 |
Russell Global ex-U.S. Large Cap |  | 4.23 |  | -5.02 |  | 9.96 |  | 8.13 |  | 5.80 |

1Not annualized
For details on The Royce Funds’ performance in the period, please turn to the Managers’ Discussions that begin on page 6.

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LETTER TO OUR STOCKHOLDERS

through the end of the first half. During this period, which included the bearish month of April, we were pleased with the way many of our portfolios either outperformed their benchmarks or began to narrow the gap. This was very clear during the growth scare engendered by (at the time) negative first-quarter GDP numbers, which led many companies to begin revising their earnings expectations downward. Of course, when it became clear that much of what put a drag on first-quarter numbers was temporary, including such factors as the awful winter weather, the West Coast port strike, and the plunge in oil prices, things began to pick up again fairly quickly, at least for the more speculative areas within Health Care and a few other narrow equity locales. “THE READINESS IS ALL” Yet this period also offered a potential preview of how the landscape for stocks will look when short-term interest rates begin to rise—which is likely to be later this year. We see higher rates breeding more uncertainty, be it about inflation, the cost of capital, or a number of other issues. This in turn typically leads to more mispricing in the short run, which creates precisely the opportunities that we crave as risk-conscious bargain hunters. To us, high rates are synonymous with higher risk. A higher-risk environment also tends to benefit quality companies (by which we mean conservatively capitalized, profitable businesses with high returns on invested capital and effective, shareholder-friendly management). So we have no worries about rising rates or greater volatility in the markets. In fact, we welcome both. We see quality differentiating itself when risk premiums rise because quality businesses are better businesses—as profitable, financially sound enterprises, they are purpose-built and run to survive periods of higher risk and/or greater uncertainty, which helps to explain why the market of the last several years has seen many of these companies disadvantaged in the easy-money, |  | ZIRP environment. In a phase in which few if any of the traditional penalties were paid for larding leverage onto corporate balance sheets, there were also scant advantages that have historically accrued to higher-quality, more conservatively capitalized companies. We feel confident that this era is over. Our expectation is for lower returns for stocks as a whole, but relatively better returns for both high-quality companies and more cyclical, less defensive sectors. We suspect that in a few years market observers will look back at 2015—and perhaps the longer span covering 2013-2015—as a hinge period in which the gradual sun-setting of interventionist Fed policies, coupled with the steady growth of the economy, restored the capital markets to something closer to more familiar historical patterns of performance and volatility. This is why we have been patiently holding so many companies in cyclical sectors, such as Industrials, Materials, and, more recently, Energy—they boast many attractive characteristics that the market has not yet fully recognized, a phenomenon we expect will change as the economy heats up. In our estimation their profitability, growth prospects, and reasonable to attractive valuations make them coiled springs. Until then, we wait. To be sure, it has been a cycle of, at times, seemingly endless challenges for our active and risk-conscious approaches. Our collective patience has been sorely tested as we have waited (and waited) for many of our highest-confidence holdings to turn around. Of course, transitions are never easy, and the turn we have been anticipating has taken longer, after a few false starts, than any of us initially anticipated. Change, however, can take time—and we are often aware that a dramatic turn has occurred only in retrospect. We are content, then, to continue investing in the same way that we have for more than four decades—with a close eye on risk as we look for the intersection of attractive valuation and organic growth potential.

Sincerely,

Charles M. Royce |  | Christopher D. Clark |  | Francis D. Gannon
Chief Executive Officer, |  | President and Co-Chief Investment Officer, |  | Co-Chief Investment Officer,
Royce & Associates, LLC |  | Royce & Associates, LLC |  | Royce & Associates, LLC
July 31, 2015 |  |  |  |

4 | This page is not part of the 2015 Semiannual Report to Stockholders

Performance |  |

NAV Average Annual Total Returns |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of June 30, 2015 (%) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | YTD1 |  | 1-YR |  | 3-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | 25-YR |  | SINCE INCEPTION |  | INCEPTION DATE
Royce Value Trust |  | 1.69 |  | -0.49 |  | 15.08 |  | 13.90 |  | 7.34 |  | 8.87 |  | 10.26 |  | 10.77 |  | 10.61 |  | 11/26/86
Royce Micro-Cap Trust |  | -0.52 |  | -0.05 |  | 17.94 |  | 16.05 |  | 8.25 |  | 10.15 |  | 11.16 |  | n.a. |  | 11.20 |  | 12/14/93
Royce Global Value Trust |  | 5.62 |  | -6.18 |  | n.a. |  | n.a. |  | n.a. |  | n.a. |  | n.a. |  | n.a. |  | 1.04 |  | 10/17/13
INDEX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Russell 2000 Index |  | 4.75 |  | 6.49 |  | 17.81 |  | 17.08 |  | 8.40 |  | 7.50 |  | 9.15 |  | 9.89 |  | n.a. |  | n.a.
Russell Microcap Index |  | 6.03 |  | 8.21 |  | 19.25 |  | 17.48 |  | 7.07 |  | 7.79 |  | n.a. |  | n.a. |  | n.a. |  | n.a.
Russell Global Small Cap Index |  | 6.37 |  | 0.34 |  | 13.69 |  | 11.77 |  | 7.36 |  | 7.30 |  | n.a. |  | n.a. |  | n.a. |  | n.a.
1 Not annualized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Important Performance and Risk Information All performance information in this Review and Report reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when sold. Current performance may be higher or lower than performance quoted. Current month-end performance may be obtained at www.roycefunds.com. The Funds are closed-end registered investment companies whose respective shares of common stock may trade at a discount to the net asset value. Shares of each Fund’s common stock are also subject to the market risk of investing in the underlying portfolio securities held by each Fund. Certain immaterial adjustments were made to the net assets of Royce Micro-Cap Trust at 12/31/12, as well as 12/31/14, for financial reporting purposes, and as a result the net asset value originally calculated on that date and the total return based on that net asset value differs from the adjusted net asset value and total return reported in the Financial Highlights. All indexes referenced are unmanaged and capitalization-weighted. Each index’s returns include net reinvested dividends and/or interest income. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The Russell 2000 Index is an index of domestic small-cap stocks that measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The Russell Microcap Index includes 1,000 of the smallest securities in the small-cap Russell 2000 Index, along with the next smallest eligible securities as determined by Russell. The Russell Global Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Index returns include net reinvested dividends and/or interest income. Royce Value, Micro-Cap and Global Value Trust shares of common stock trade on the NYSE. Royce Fund Services, Inc (“RFS”) is a member of FINRA and has filed this Review and Report with FINRA on behalf of each Fund. RFS is not an underwriter or distributor of any of the Funds.

This page is not part of the 2015 Semiannual Report to Stockholders | 5

|  | MANAGER’S DISCUSSION
Royce Value Trust (RVT) |  |

Chuck Royce

FUND PERFORMANCE
Royce Value Trust (NYSE: RVT) gained 1.7% on an NAV (net asset value) basis and 0.3% on a market price basis for the year-to-date period ended June 30, 2015, lagging each of its unleveraged small-cap benchmarks. For the same period, the Russell 2000 Index rose 4.8% while the S&P SmallCap 600 climbed 4.2%. Equities got off to a slow start in 2015 but soon righted themselves, with a bearish January giving way to solid first-quarter gains that were driven mostly by a strong rebound in February. RVT was up 1.0% on an NAV basis and 2.0% on a market price basis during the first quarter, trailing the Russell 2000, which gained 4.3%, and the S&P SmallCap 600, which advanced 4.0%. A similar pattern could be seen in the second quarter, as small-cap share prices stumbled through a downturn in April (when RVT lost less than both small-cap indexes on an NAV and market price basis) before rallying in May. June wound up being a volatile month, though this was not fully felt until its second-to-last day when the Greek default sent global stock prices into a tailspin. On an NAV basis, the Fund felt the brunt less than its benchmarks, which helped to make the second quarter a relatively strong one. RVT was up 0.7% based on NAV but fell 1.7% based on market price, while the Russell 2000 was up 0.4% and the S&P Small Cap 600 rose 0.2%. This was not enough, however, to overcome the portfolio’s first-quarter disadvantage. On an NAV and market price basis, the Fund outperformed the Russell 2000 for the 15-, 20-, 25-year, and since inception (11/26/86) periods ended June 30, 2015 while trailing the S&P SmallCap 600. RVT’s average annual NAV total return for the since inception period was 10.6%. WHAT WORKED… AND WHAT DIDN’T On a relative basis versus the Russell 2000, two sectors made a significant negative impact for the semiannual period. Health Care was the clear leader within the small-cap market as a whole, driven by highly impressive results for biotech stocks. The Fund was significantly underweight this sector and had very limited exposure to biotech companies, which hurt relative performance. RVT was slightly overweight in Information Technology during the first half but was also meaningfully underweight in software companies, which dominated overall small-cap returns in a fashion similar to what biotech did in Health Care. RVT’s first-half results were also affected by net losses in the Energy and Materials sectors. In the former, the energy equipment & services group had a sizable negative impact while the metals & mining group in Materials detracted most out of all the Fund’s industry groups. Net losses at the position level were relatively modest. ADTRAN manufactures telecommunications networking equipment and internetworking products. We began reducing our position in the first half, primarily due to our frustration with waiting several quarters for revenues from a telecom equipment deal with AT&T to produce revenue. ADTRAN then announced that this project had been effectively scrapped because AT&T was rethinking its capital spending plans. Absent this business, which we thought would be a key revenue driver going forward, ADTRAN’s outlook looked far less attractive relative to other opportunities. We chose to hold our shares of Anixter International as its stock slipped. The company provides security systems and solutions, makes enterprise cabling, and also distributes electrical and electronic wire. Its stock was hurt when the company reduced its organic growth outlook for the year in two of its core distribution businesses—the enterprise cabling and security solutions line and its electronic wire and cable segment. Still, we like its prospects for recovery. We also held shares of another detractor, Qalaa Holdings (formerly Citadel Capital), a leading investment company in Africa and the Middle East. Its stock suffered from fears that lower oil prices would result in a reduction in Egyptian investment by the oil-producing countries of the Persian Gulf.
Turning to those areas that contributed to first-half returns, Industrials topped all of RVT’s 10 equity sectors and was positive relative to the Russell 2000. Top-contributing positions included The Hackett Group, which offers business consulting and technology implementation services. The firm’s shares moved higher in mid-May following the announcement of sterling results for its fiscal first quarter. Value Partners Group is a Hong Kong-based asset manager. Its stock rose sharply into May before correcting with the decline in Chinese stocks. We were pleased to see growth in its assets under management and improved performance and management fees, all of which helped its earnings. Nautilus, like The Hackett Group a top-10 holding at the end of June, makes branded health and fitness products such as Schwinn, Bowflex, and Nautilus itself. Its stock grew stronger after the firm reported double-digit earnings growth for its fiscal first quarter.

Top Contributors to Performance Year-to-Date Through 6/30/15 (%)1 |  |
Hackett Group (The) |  | 0.37
Value Partners Group |  | 0.34
Nautilus |  | 0.33
Insperity |  | 0.18
On Assignment |  | 0.17
1 Includes dividends |  |

Top Detractors from Performance Year-to-Date Through 6/30/15 (%)2 |  |
ADTRAN |  | -0.14
Anixter International |  | -0.13
Citadel Capital |  | -0.13
Preformed Line Products |  | -0.12
Ethan Allen Interiors |  | -0.11
2 Net of dividends |  |

CURRENT POSITIONING AND OUTLOOK
At the end of June, RVT remained overweight in Industrials, Materials, and Information Technology—substantially so in the first two of the three sectors. Our focus remains on companies that look poised for profit margin expansion as their revenue growth normalizes in concert with a faster-moving U.S. economy.

6 | 2015 Semiannual Report to Stockholders

PERFORMANCE AND PORTFOLIO REVIEW |  | SYMBOLS MARKET PRICE RVT NAV XRVTX

Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average Annual Total Return (%) Through 6/30/15
|  | JAN-JUN 2015** |  | 1-YR |  | 3-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | 25-YR |  | SINCE INCEPTION (11/26/86)
RVT (NAV) |  | 1.69 |  | -0.49 |  | 15.08 |  | 13.90 |  | 7.34 |  | 8.87 |  | 10.26 |  | 10.77 |  | 10.61
*Not Annualized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Market Price Performance History Since Inception (11/26/86)
Cumulative Performance of Investment through 6/30/151

1 | Reflects the cumulative performance of an investment made by a stockholder who purchased one share at inception ($10.00 IPO), reinvested all distributions and fully participated in primary subscriptions of the Fund’s rights offerings.
2 | Reflects the actual month-end market price movement of one share as it has traded on the NYSE.

The Morningstar Style Map is the Morningstar Style Box TM with the center 75% of fund holdings plotted as the Morningstar Ownership Zone TM. The Morningstar Style Box is designed to reveal a fund’s investment strategy. The Morningstar Ownership Zone provides detail about a portfolio’s investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the shape and location of a fund’s ownership zone may vary. See page 58 for additional information.

Top 10 Positions |  |
% of Net Assets |  |
Nautilus |  | 1.2
Hackett Group (The) |  | 1.1
Ritchie Bros. Auctioneers |  | 1.1
HEICO Corporation |  | 1.1
On Assignment |  | 1.1
Woodward |  | 0.9
SEI Investments |  | 0.9
Forward Air |  | 0.9
Newport Corporation |  | 0.8
Reliance Steel & Aluminum |  | 0.8

Portfolio Sector Breakdown |  |
% of Net Assets |  |
Industrials |  | 28.4
Information Technology |  | 19.7
Financials |  | 17.1
Consumer Discretionary |  | 12.4
Materials |  | 7.3
Health Care |  | 5.0
Energy |  | 2.8
Consumer Staples |  | 2.5
Telecommunication Services |  | 0.5
Utilities |  | 0.1
Miscellaneous |  | 3.0
Cash and Cash Equivalents, Net of Outstanding Line of Credit |  | 1.2

Calendar Year Total Returns (%) |  |
YEAR |  | RVT (NAV)
2014 |  | 0.8
2013 |  | 34.1
2012 |  | 15.4
2011 |  | -10.1
2010 |  | 30.3
2009 |  | 44.6
2008 |  | -45.6
2007 |  | 5.0
2006 |  | 19.5
2005 |  | 8.4
2004 |  | 21.4
2003 |  | 40.8
2002 |  | -15.6
2001 |  | 15.2
2000 |  | 16.6

Portfolio Diagnostics |  |
Fund Net Assets |  | $1,224 million
Number of Holdings |  | 503
Turnover Rate |  | 17%
Net Asset Value |  | $15.85
Market Price |  | $13.79
Average Market Capitalization1 |  | $1,344 million
Weighted Average P/E Ratio2,3 |  | 20.4x
Weighted Average P/B Ratio2 |  | 2.6x
Holdings ≥ 75% of Total Investments |  | 159
Active Share4 |  | 90%
U.S. Investments (% of Net Assets) |  | 81.8%
Non-U.S. Investments (% of Net Assets) |  | 17.0%

1 | Geometric Average. This weighted calculation uses each portfolio holding’s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio’s center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median. |
2 | Harmonic Average. This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio’s share in the earnings or book value, as the case may be, of its underlying stocks. |
3 | The Fund’s P/E ratio calculation excludes companies with zero or negative earnings (12% of portfolio holdings as of 6/30/15). |
4 | Active Share is the sum of the absolute values of the different weightings of each holding in the Fund versus each holding in the benchmark, divided by two. |

Important Performance and Risk Information
All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small- and micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 6, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s year-to date performance for 2015.

2015 Semiannual Report to Stockholders | 7

|  | MANAGER’S DISCUSSION
Royce Micro-Cap Trust (RMT) |  |

Chuck Royce

FUND PERFORMANCE
For the year-to-date period ended June 30, 2015, Royce Micro-Cap Trust (NYSE: RMT) was down 0.5% on an NAV (net asset value) basis and fell 4.2% on a market price basis, trailing both of its unleveraged benchmarks. The small-cap Russell 2000 Index gained 4.8% while the Russell Microcap Index increased 6.0% for the same period. The Fund got off to a difficult start, losing more than each benchmark during the bearish January and underperforming for the first quarter as a whole—RMT lost 0.8% on an NAV basis and was down 0.6% on a market price basis compared to a gain of 4.3% for the Russell 2000 and an increase of 3.1% for the Russell Microcap in the opening quarter of 2015. The second quarter was similarly underwhelming. RMT was up 0.3% on an NAV basis but slipped 3.6% based on market price versus respective second-quarter gains of 0.4% and 2.8% for the small-cap and micro-cap indexes. Long-term results offered more encouragement. The Fund outperformed the Russell 2000 on an NAV basis for the three-, 15-, 20-year, and since inception (12/14/93) periods ended June 30, 2015 while also beating the Russell Microcap for the 10- and 15-year periods ended June 30, 2015. (Returns for the Russell Microcap only go back to 2000.) RMT’s average annual NAV total return since inception was 11.2%.
WHAT WORKED... AND WHAT DIDN’T
When comparing the Fund’s results for the semiannual period to those of its benchmarks, three sectors stand out as problem areas—Consumer Discretionary, Health Care, and Information Technology. Only the first of these sectors, however, posted a net loss in the portfolio, mostly due to dismal results for five industries: the diversified consumer services, media, specialty retail, household durables, and textile, apparel & luxury goods groups. Health Care cut both ways in the first half. It led all of the portfolio’s 10 equity sectors by a good-sized margin, yet its performance paled before that area’s results within the Russell 2000 and Microcap indexes. Much of this can be traced to the Fund being significantly underweight the sector as a whole as well as having very little exposure to biotech stocks, which dominated first-half results for both of RMT’s benchmarks. Most biotech companies, however, lack the fundamental attributes we seek in our holdings. While Information Technology showed a net gain in the Fund for the first half, it also came up short versus that same sector’s results in the small-cap and micro-cap indexes. Two industry groups—Internet software & services and software—fared poorly versus the indexes. As was the case with Consumer Discretionary, we were overweight Information Technology at the end of June and believed that many holdings in both sectors can continue to rebound in concert with a more robustly recovering economy.
The Industrials sector posted respectable net gains on both an absolute and relative basis, keyed by a terrific performance from the Fund’s top contributor, Frontier Services Group. The Hong Kong-based company provides logistical services in Africa and benefited from a large capital gain on a portfolio investment and investor perception that its enhanced liquidity position will help fund FSG’s plan to expand its logistics network. Two of RMT’s top-10 holdings also made solid contributions. Shares of Ohio-based investment management firm Diamond Hill Investment Group climbed over much of the last few years, boosted most recently by strong earnings and growing revenues. Nautilus offers branded health and fitness products such as Schwinn, Bowflex, and Nautilus itself. Its stock gained strength after the firm reported double-digit earnings growth for its fiscal first quarter, part of a multi-year turnaround that kicked off when new management came on board four years ago. New products and operational discipline helped to improve profitability. As for those positions that detracted from results, we added shares of LeapFrog Enterprises early in the year when its stock was falling. The company makes technology-based educational platforms with curriculum interactive software content and standalone products. Around the same time the firm reported a fiscal third-quarter loss (caused primarily by poor sales and late product shipments), a class action suit was announced. We like its solid brand and think its business has value. EZCORP owns and operates pawn shops. Its stock fell sharply in the first quarter as the firm revised earnings downward before it declined further on news in April that it would delay its fiscal second-quarter earnings release because of an ongoing review of a loan portfolio. We reduced our position in March. Value Line produces investment-related periodical publications and also provides investment advisory services to mutual funds, institutions, and individuals. While the company remained solidly profitable and pays a dividend, its shares trended downward through much of the first half. We were happy to hold shares at the end of June.

Top Contributors to Performance Year-to-Date Through 6/30/15 (%)1 |  |
Frontier Services Group |  | 0.97
Diamond Hill Investment Group |  | 0.39
Nautilus |  | 0.27
Smith & Wesson Holding Corporation |  | 0.24
GTT Communications |  | 0.22
1 Includes dividends |  |

Top Detractors from Performance Year-to-Date Through 6/30/15 (%)2 |  |
LeapFrog Enterprises Cl. A |  | -0.32
EZCORP Cl. A |  | -0.24
Value Line |  | -0.22
Qumu Corporation |  | -0.20
Graham Corporation |  | -0.20
2 Net of dividends |  |

CURRENT POSITIONING AND OUTLOOK
The Fund had a significant overweight in Industrials and was also overweight in Consumer Discretionary, Information Technology, and Materials at the end of the semiannual period. We continue to believe that economic growth will accelerate, which should help portfolio holdings in these more cyclical sectors.

8 | 2015 Semiannual Report to Stockholders

PERFORMANCE AND PORTFOLIO REVIEW |  | SYMBOLS MARKET PRICE RMT NAV XOTCX

Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average Annual Total Return (%) Through 6/30/15 |  |
|  | JAN-JUN 2015* |  | 1-YR |  | 3-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | SINCE INCEPTION (12/14/93)
RMT (NAV) |  | -0.52 |  | -0.05 |  | 17.94 |  | 16.05 |  | 8.25 |  | 10.15 |  | 11.16 |  | 11.20
*Not Annualized |  |  |  |  |  |  |  |  |  |  |  |  |

Market Price Performance History Since Inception (12/14/93)
Cumulative Performance of Investment1

1 | Reflects the cumulative performance experience of a continuous common stockholder who purchased one share at inception ($7.50 IPO), reinvested all distributions and fully participated in the primary subscription of the Fund’s 1994 rights offering.
2 | Reflects the actual month-end market price movement of one share as it has traded on NYSE and, prior to 12/1/03, on the Nasdaq.

The Morningstar Style Map is the Morningstar Style Box TM with the center 75% of fund holdings plotted as the Morningstar Ownership Zone TM. The Morningstar Style Box is designed to reveal a fund’s investment strategy. The Morningstar Ownership Zone provides detail about a portfolio’s investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the shape and location of a fund’s ownership zone may vary. See page 58 for additional information.

Top 10 Positions |  |
% of Net Assets |  |
Diamond Hill Investment Group |  | 1.2
Integrated Electrical Services |  | 1.1
Atrion Corporation |  | 1.1
MVC Capital |  | 1.1
Seneca Foods |  | 1.0
Nautilus |  | 1.0
Newport Corporation |  | 1.0
NN |  | 1.0
Heritage-Crystal Clean |  | 0.9
Mesa Laboratories |  | 0.9

Portfolio Sector Breakdown |  |
% of Net Assets |  |
Information Technology |  | 22.6
Industrials |  | 20.7
Financials |  | 19.8
Consumer Discretionary |  | 16.6
Health Care |  | 10.7
Materials |  | 6.4
Consumer Staples |  | 2.8
Energy |  | 1.7
Utilities |  | 0.3
Telecommunication Services |  | 0.1
Miscellaneous |  | 4.2
Preferred Stock |  | 0.3
Outstanding Line of Credit, Net of Cash and Cash Equivalents |  | -6.2

Calendar Year Total Returns (%) |  |
YEAR |  | RVT (NAV)
2014 |  | 3.5
2013 |  | 44.5
2012 |  | 17.3
2011 |  | -7.7
2010 |  | 28.5
2009 |  | 46.5
2008 |  | -45.5
2007 |  | 0.6
2006 |  | 22.5
2005 |  | 6.8
2004 |  | 18.7
2003 |  | 55.5
2002 |  | -13.8
2001 |  | 23.4
2000 |  | 10.9

Portfolio Diagnostics |  |
Fund Net Assets |  | $376 million
Number of Holdings |  | 358
Turnover Rate |  | 17%
Net Asset Value |  | $10.77
Market Price |  | $9.22
Net Leverage1 |  | 6%
Average Market Capitalization2 |  | $349 million
Weighted Average P/E Ratio3,4 |  | 19.6x
Weighted Average P/B Ratio3 |  | 2.1x
Holdings ≥ 75% of Total Investments |  | 155
Active Share5 |  | 95%
U.S. Investments (% of Net Assets) |  | 90.8%
Non-U.S. Investments (% of Net Assets) |  | 15.4%

1 | Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets.
2 | Geometric Average. This weighted calculation uses each portfolio holding’s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio’s center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.
3 | Harmonic Average. This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio’s share in the earnings or book value, as the case may be, of its underlying stocks.
4 | The Fund’s P/E ratio calculation excludes companies with zero or negative earnings (25% of portfolio holdings as of 6/30/15).
5 | Active Share is the sum of the absolute values of the different weightings of each holding in the Fund versus each holding in the benchmark, divided by two.

Important Performance and Risk Information

All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. Certain immaterial adjustments were made to the net assets of Royce Micro-Cap Trust at 12/31/12 and 12/31/14 for financial reporting purposes, and as a result the net asset value originally calculated on that date and the total return based on that net asset value differs from the adjusted net asset value and total return reported in the Financial Highlights. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund normally invests in micro-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 8, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s year-to-date performance for 2015.

2015 Semiannual Report to Stockholders | 9

|  | MANAGER’S DISCUSSION
Royce Global Value Trust (RGT) |  |

Chuck Royce

FUND PERFORMANCE
Royce Global Value Trust gained 5.6% on an NAV (net asset value) basis and 3.4% on a market price basis for the year-to-date period ended June 30, 2015, lagging its benchmark, the Russell Global Small Cap Index, which advanced 6.4% for the same period. For most U.S. stocks, 2015 started on a discouraging note while non-U.S. equities had more mixed results. We were disappointed to see the Fund shed more value than the benchmark in January, lag in the bullish February, in which results were driven largely by U.S. and European equities, and fall back into the red in March. In the first quarter, Global Value Trust was up 0.6% on an NAV basis and 0.1% on a market price basis versus 3.9% for the index. The Fund’s fortunes shifted in the opening month of the second quarter, when it held a generous lead over the global small-cap index on an NAV basis (+5.7% versus +2.3%). Unfortunately, this advantage did not last, and the Fund fell behind during May, when returns were lower though positive, and June, which turned decidedly bearish late in the month thanks to the Greek default and the quickening pace of decline for Chinese stocks. Global Value Trust, however, hung on to its relative edge thanks to its terrific April. For the second quarter, the Fund rose 4.9% on an NAV basis and 3.2% on a market price basis, outpacing the benchmark, which advanced 2.4% for the same period. While the Fund’s initial results have been underwhelming on both an absolute and relative basis, we remain confident that our disciplined, bottom-up approach can be successful.
WHAT WORKED... AND WHAT DIDN’T
Of the Fund’s eight equity sectors, Financials and Industrials—followed by Consumer Discretionary—led performance in the semiannual period. We were pleased that the first of these groups also achieved better results than the sector did within the portfolio’s benchmark while the second had a modestly negative impact relative to the benchmark. Three other sectors—Information Technology, Materials, and Health Care—had a more pronounced adverse effect on relative results. The first two were the largest detractors on an absolute basis as well. The Fund’s two biggest net losses at the position level came from Information Technology and are based in Germany. Aixtron engineers and manufactures metal organic chemical vapor deposition (MOVD) systems used to produce compound semiconductor layer structures for use in LED, laser, solar cell, and other applications. Its stock has been mostly trending downward over the last couple of years and began to fall more steadily late in 2014 and into 2015 as growth in revenues and earnings remained poor. We sold our position in mid-March. LPKF Laser & Electronics develops specialized mechanical engineering products for electronics production, the automotive industry, and in the manufacture of solar cells. After a disappointing 2014, its shares rallied briefly in February only to begin falling again in March after a disappointing first-quarter report led to a wave of selling. We reduced our position in the first half.
At the country level, holdings in the U.S. and Brazil had the largest negative impact on results in the first half. Net losses were somewhat mitigated, however, by holdings in Japan, the U.K., and Hong Kong. The advantage for the third of those nations was largely due to a position in the capital markets industry. Also a top-10 position at the end of June, Value Partners Group is a Hong Kong-based asset manager with a value orientation similar to our own. Its shares benefited from the meteoric rise in the Hong Kong and Shanghai markets in early May before cooling off with the bear market for Chinese stocks in June. We were pleased to see growth in its assets under management and improved performance and management fees, all of which helped its earnings. We trimmed our position before the correction. London-based Clarkson was the Fund’s biggest position at the end of June and second-largest contributor to performance in the first six months of 2015. An investment holding company whose subsidiaries provide integrated shipping services worldwide, its stock began to rise in February and did well through the remainder of 2015’s first half. Strong results for fiscal 2014, which were well ahead of market expectations, and a double-digit growth outlook helped drive performance. The company’s entrance into the FTSE 250 index on the London Stock Exchange in mid-April, a move which mandates that U.K. index funds invest in the stock, also played a part.

Top Contributors to Performance Year-to-Date Through 6/30/15 (%)1 |  |
Value Partners Group |  | 0.80
Clarkson |  | 0.64
Relo Holdings |  | 0.49
Pico Far East Holdings |  | 0.41
Trancom |  | 0.31
1 Includes dividends |  |

Top Detractors from Performance Year-to-Date Through 6/30/15 (%)2 |  |
Aixtron ADR |  | -0.22
LPKF Laser & Electronics |  | -0.20
New World Department Store China |  | -0.19
Daphne International Holdings |  | -0.19
RHJ International |  | -0.19
2 Net of dividends |  |

CURRENT POSITIONING AND OUTLOOK
As the global economy continues to recover, we continue to look for opportunities in several sectors and regions. At the end of the semiannual period Global Value Trust had substantial overweights in Industrials and Materials while also having greater exposure than its benchmark to Consumer Discretionary and Financials. At the country level the portfolio had far less exposure to the U.S. while having significantly greater exposure to the U.K., Canada, France, Hong Kong, Switzerland, Germany, and Brazil.

10 | 2015 Semiannual Report to Stockholders

PERFORMANCE AND PORTFOLIO REVIEW |  | SYMBOLS MARKET PRICE RGT NAV XRGTX

Performance |  |  |  |  |  |
Average Annual Total Return (%) Through 6/30/15 |  |  |  |
|  | JAN-JUN 2015* |  | 1-YR |  | SINCE INCEPTION (10/17/13)
RGT (NAV) |  | 5.62 |  | -6.18 |  | 1.04
*Not Annualized |  |  |  |  |  |

The Morningstar Style Map is the Morningstar Style Box TM with the center 75% of fund holdings plotted as the Morningstar Ownership Zone TM. The Morningstar Style Box is designed to reveal a fund’s investment strategy. The Morningstar Ownership Zone provides detail about a portfolio’s investment style by showing the range of stock sizes and styles. The Ownership Zone is derived by plotting each stock in the portfolio within the proprietary Morningstar Style Box. Over time, the shape and location of a fund’s ownership zone may vary. See page 58 for additional information.

Top 10 Positions |  |
% of Net Assets |  |
Clarkson |  | 2.0
Genworth MI Canada |  | 2.0
Value Partners Group |  | 1.6
CETIP - Mercados Organizados |  | 1.5
Relo Holdings |  | 1.4
Consort Medical |  | 1.3
TGS-NOPEC Geophysical |  | 1.3
New World Department Store China |  | 1.2
Shimano |  | 1.2
Ashmore Group |  | 1.2

Portfolio Sector Breakdown |  |
% of Net Assets |  |
Industrials |  | 25.9
Financials |  | 23.0
Consumer Discretionary |  | 17.1
Information Technology |  | 13.5
Materials |  | 11.6
Health Care |  | 9.3
Energy |  | 3.5
Consumer Staples |  | 1.9
Outstanding Line of Credit, Net of Cash and Cash Equivalents |  | -5.8

Calendar Year Total Returns (%) |  |
YEAR |  | RGT (NAV)
2014 |  | -6.2

Portfolio Country Breakdown1,2 |  |
% of Net Assets |  |
United States |  | 14.8
United Kingdom |  | 13.4
Japan |  | 11.9
Canada |  | 10.1
France |  | 8.7
Hong Kong |  | 7.4
Switzerland |  | 5.3
Germany |  | 4.1
Brazil |  | 3.6

1 | Represents countries that are 3% or more of net assets.
2 | Securities are categorized by the country of their headquarters.

Portfolio Diagnostics |  |
Fund Net Assets |  | $101 million
Number of Holdings |  | 269
Turnover Rate |  | 34%
Net Asset Value |  | $9.77
Market Price |  | $8.31
Net Leverage1 |  | 6%
Average Market Capitalization2 |  | $1,330 million
Weighted Average P/E Ratio3,4 |  | 18.6x
Weighted Average P/B Ratio3 |  | 2.7x
Holdings ≥ 75% of Total Investments |  | 111
Active Share5 |  | 98%

1 | Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets.
2 | Geometric Average. This weighted calculation uses each portfolio holding’s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio’s center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.
3 | Harmonic Average. This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio’s share in the earnings or book value, as the case may be, of its underlying stocks.
4 | The Fund’s P/E ratio calculation excludes companies with zero or negative earnings (6% of portfolio holdings as of 6/30/15).
5 | Active Share is the sum of the absolute values of the different weightings of each holding in the Fund versus each holding in the benchmark, divided by two.

Important Performance and Risk Information All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small- and micro-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 10, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s year-to-date performance for 2015.

2015 Semiannual Report to Stockholders | 11

History Since Inception

The following table details the share accumulations by an initial investor in the Funds who reinvested all distributions and participated fully in primary subscriptions for each of the rights offerings. Full participation in distribution reinvestments and rights offerings can maximize the returns available to a long-term investor. This table should be read in conjunction with the Performance and Portfolio Reviews of the Funds.

HISTORY |  | AMOUNT INVESTED |  | PURCHASE PRICE1 |  | SHARES |  | NAV VALUE2 |  | MARKET VALUE2 |
Royce Value Trust
11/26/86 |  | Initial Purchase |  | $ | 10,000 |  | $ | 10.000 |  |  | 1,000 |  | $ | 9,280 |  | $ | 10,000 |
10/15/87 |  | Distribution $0.30 |  |  |  |  |  | 7.000 |  |  | 42 |  |  |  |  |  |  |
12/31/87 |  | Distribution $0.22 |  |  |  |  |  | 7.125 |  |  | 32 |  |  | 8,578 |  |  | 7,250 |
12/27/88 |  | Distribution $0.51 |  |  |  |  |  | 8.625 |  |  | 63 |  |  | 10,529 |  |  | 9,238 |
9/22/89 |  | Rights Offering |  |  | 405 |  |  | 9.000 |  |  | 45 |  |  |  |  |  |  |
12/29/89 |  | Distribution $0.52 |  |  |  |  |  | 9.125 |  |  | 67 |  |  | 12,942 |  |  | 11,866 |
9/24/90 |  | Rights Offering |  |  | 457 |  |  | 7.375 |  |  | 62 |  |  |  |  |  |  |
12/31/90 |  | Distribution $0.32 |  |  |  |  |  | 8.000 |  |  | 52 |  |  | 11,713 |  |  | 11,074 |
9/23/91 |  | Rights Offering |  |  | 638 |  |  | 9.375 |  |  | 68 |  |  |  |  |  |  |
12/31/91 |  | Distribution $0.61 |  |  |  |  |  | 10.625 |  |  | 82 |  |  | 17,919 |  |  | 15,697 |
9/25/92 |  | Rights Offering |  |  | 825 |  |  | 11.000 |  |  | 75 |  |  |  |  |  |  |
12/31/92 |  | Distribution $0.90 |  |  |  |  |  | 12.500 |  |  | 114 |  |  | 21,999 |  |  | 20,874 |
9/27/93 |  | Rights Offering |  |  | 1,469 |  |  | 13.000 |  |  | 113 |  |  |  |  |  |  |
12/31/93 |  | Distribution $1.15 |  |  |  |  |  | 13.000 |  |  | 160 |  |  | 26,603 |  |  | 25,428 |
10/28/94 |  | Rights Offering |  |  | 1,103 |  |  | 11.250 |  |  | 98 |  |  |  |  |  |  |
12/19/94 |  | Distribution $1.05 |  |  |  |  |  | 11.375 |  |  | 191 |  |  | 27,939 |  |  | 24,905 |
11/3/95 |  | Rights Offering |  |  | 1,425 |  |  | 12.500 |  |  | 114 |  |  |  |  |  |  |
12/7/95 |  | Distribution $1.29 |  |  |  |  |  | 12.125 |  |  | 253 |  |  | 35,676 |  |  | 31,243 |
12/6/96 |  | Distribution $1.15 |  |  |  |  |  | 12.250 |  |  | 247 |  |  | 41,213 |  |  | 36,335 |
1997 |  | Annual distribution total $1.21 |  |  |  |  |  | 15.374 |  |  | 230 |  |  | 52,556 |  |  | 46,814 |
1998 |  | Annual distribution total $1.54 |  |  |  |  |  | 14.311 |  |  | 347 |  |  | 54,313 |  |  | 47,506 |
1999 |  | Annual distribution total $1.37 |  |  |  |  |  | 12.616 |  |  | 391 |  |  | 60,653 |  |  | 50,239 |
2000 |  | Annual distribution total $1.48 |  |  |  |  |  | 13.972 |  |  | 424 |  |  | 70,711 |  |  | 61,648 |
2001 |  | Annual distribution total $1.49 |  |  |  |  |  | 15.072 |  |  | 437 |  |  | 81,478 |  |  | 73,994 |
2002 |  | Annual distribution total $1.51 |  |  |  |  |  | 14.903 |  |  | 494 |  |  | 68,770 |  |  | 68,927 |
1/28/03 |  | Rights Offering |  |  | 5,600 |  |  | 10.770 |  |  | 520 |  |  |  |  |  |  |
2003 |  | Annual distribution total $1.30 |  |  |  |  |  | 14.582 |  |  | 516 |  |  | 106,216 |  |  | 107,339 |
2004 |  | Annual distribution total $1.55 |  |  |  |  |  | 17.604 |  |  | 568 |  |  | 128,955 |  |  | 139,094 |
2005 |  | Annual distribution total $1.61 |  |  |  |  |  | 18.739 |  |  | 604 |  |  | 139,808 |  |  | 148,773 |
2006 |  | Annual distribution total $1.78 |  |  |  |  |  | 19.696 |  |  | 693 |  |  | 167,063 |  |  | 179,945 |
2007 |  | Annual distribution total $1.85 |  |  |  |  |  | 19.687 |  |  | 787 |  |  | 175,469 |  |  | 165,158 |
2008 |  | Annual distribution total $1.723 |  |  |  |  |  | 12.307 |  |  | 1,294 |  |  | 95,415 |  |  | 85,435 |
3/11/09 |  | Distribution $0.323 |  |  |  |  |  | 6.071 |  |  | 537 |  |  | 137,966 |  |  | 115,669 |
12/2/10 |  | Distribution $0.03 |  |  |  |  |  | 13.850 |  |  | 23 |  |  | 179,730 |  |  | 156,203 |
2011 |  | Annual distribution total $0.783 |  |  |  |  |  | 13.043 |  |  | 656 |  |  | 161,638 |  |  | 139,866 |
2012 |  | Annual distribution total $0.80 |  |  |  |  |  | 13.063 |  |  | 714 |  |  | 186,540 |  |  | 162,556 |
2013 |  | Annual distribution total $2.194 |  |  |  |  |  | 16.647 |  |  | 1,658 |  |  | 250,219 |  |  | 220,474 |
2014 |  | Annual distribution total $1.82 |  |  |  |  |  | 14.840 |  |  | 1,757 |  |  | 252,175 |  |  | 222,516 |
2015 |  | Year-to-Date distribution total $0.59 |  |  |  |  |  | 14.196 |  |  | 652 |  |  |  |  |  |  |
6/30/15 |  |  |  | $ | 21,922 |  |  |  |  |  | 16,180 |  | $ | 256,453 |  | $ | 223,122 |

1 | The purchase price used for annual distribution totals is a weighted average of the distribution reinvestment prices for the year.
2 | Values are stated as of December 31 of the year indicated, after reinvestment of distributions, other than for initial purchase.
3 | Includes a return of capital.
4 | Includes Royce Global Value Trust spin-off of $1.40 per share.

12 | 2015 Semiannual Report to Stockholders

HISTORY |  |  | AMOUNT INVESTED |  |  | PURCHASE PRICE1 |  |  | SHARES |  |  | NAV VALUE2 |  |  | MARKET VALUE2 |
Royce Micro-Cap Trust
12/14/93 |  | Initial Purchase |  | $ | 7,500 |  | $ | 7.500 |  |  | 1,000 |  | $ | 7,250 |  | $ | 7,500 |
10/28/94 |  | Rights Offering |  |  | 1,400 |  |  | 7.000 |  |  | 200 |  |  |  |  |  |  |
12/19/94 |  | Distribution $0.05 |  |  |  |  |  | 6.750 |  |  | 9 |  |  | 9,163 |  |  | 8,462 |
12/7/95 |  | Distribution $0.36 |  |  |  |  |  | 7.500 |  |  | 58 |  |  | 11,264 |  |  | 10,136 |
12/6/96 |  | Distribution $0.80 |  |  |  |  |  | 7.625 |  |  | 133 |  |  | 13,132 |  |  | 11,550 |
12/5/97 |  | Distribution $1.00 |  |  |  |  |  | 10.000 |  |  | 140 |  |  | 16,694 |  |  | 15,593 |
12/7/98 |  | Distribution $0.29 |  |  |  |  |  | 8.625 |  |  | 52 |  |  | 16,016 |  |  | 14,129 |
12/6/99 |  | Distribution $0.27 |  |  |  |  |  | 8.781 |  |  | 49 |  |  | 18,051 |  |  | 14,769 |
12/6/00 |  | Distribution $1.72 |  |  |  |  |  | 8.469 |  |  | 333 |  |  | 20,016 |  |  | 17,026 |
12/6/01 |  | Distribution $0.57 |  |  |  |  |  | 9.880 |  |  | 114 |  |  | 24,701 |  |  | 21,924 |
2002 |  | Annual distribution total $0.80 |  |  |  |  |  | 9.518 |  |  | 180 |  |  | 21,297 |  |  | 19,142 |
2003 |  | Annual distribution total $0.92 |  |  |  |  |  | 10.004 |  |  | 217 |  |  | 33,125 |  |  | 31,311 |
2004 |  | Annual distribution total $1.33 |  |  |  |  |  | 13.350 |  |  | 257 |  |  | 39,320 |  |  | 41,788 |
2005 |  | Annual distribution total $1.85 |  |  |  |  |  | 13.848 |  |  | 383 |  |  | 41,969 |  |  | 45,500 |
2006 |  | Annual distribution total $1.55 |  |  |  |  |  | 14.246 |  |  | 354 |  |  | 51,385 |  |  | 57,647 |
2007 |  | Annual distribution total $1.35 |  |  |  |  |  | 13.584 |  |  | 357 |  |  | 51,709 |  |  | 45,802 |
2008 |  | Annual distribution total $1.193 |  |  |  |  |  | 8.237 |  |  | 578 |  |  | 28,205 |  |  | 24,807 |
3/11/09 |  | Distribution $0.223 |  |  |  |  |  | 4.260 |  |  | 228 |  |  | 41,314 |  |  | 34,212 |
12/2/10 |  | Distribution $0.08 |  |  |  |  |  | 9.400 |  |  | 40 |  |  | 53,094 |  |  | 45,884 |
2011 |  | Annual distribution total $0.533 |  |  |  |  |  | 8.773 |  |  | 289 |  |  | 49,014 |  |  | 43,596 |
2012 |  | Annual distribution total $0.51 |  |  |  |  |  | 9.084 |  |  | 285 |  |  | 57,501 |  |  | 49,669 |
2013 |  | Annual distribution total $1.38 |  |  |  |  |  | 11.864 |  |  | 630 |  |  | 83,110 |  |  | 74,222 |
2014 |  | Annual distribution total $2.90 |  |  |  |  |  | 10.513 |  |  | 1,704 |  |  | 86,071 |  |  | 76,507 |
2015 |  | Year-to-Date distribution total $0.45 |  |  |  |  |  | 9.597 |  |  | 360 |  |  |  |  |  |  |
6/30/15 |  |  |  | $ | 8,900 |  |  |  |  |  | 7,950 |  | $ | 85,622 |  | $ | 73,299 |
Royce Global Value Trust
10/17/13 |  | Initial Purchase |  | $ | 8,975 |  | $ | 8.975 |  |  | 1,000 |  | $ | 9,780 |  | $ | 8,975 |
12/11/14 |  | Distribution $0.15 |  |  |  |  |  | 7.970 |  |  | 19 |  |  | 9,426 |  |  | 8,193 |
6/30/15 |  |  |  | $ | 8,975 |  |  |  |  |  | 1,019 |  | $ | 9,956 |  | $ | 8,468 |

1 | The purchase price used for annual distribution totals is a weighted average of the distribution reinvestment prices for the year.
2 | Values are stated as of December 31 of the year indicated, after reinvestment of distributions, other than for initial purchase.
3 | Includes a return of capital.

2015 Semiannual Report to Stockholders | 13

Distribution Reinvestment and Cash Purchase Options

Why should I reinvest my distributions? By reinvesting distributions, a stockholder can maintain an undiluted investment in the Fund. The regular reinvestment of distributions has a significant impact on stockholder returns. In contrast, the stockholder who takes distributions in cash is penalized when shares are issued below net asset value to other stockholders. How does the reinvestment of distributions from the Royce closed-end funds work? The Funds automatically issue shares in payment of distributions unless you indicate otherwise. The shares are generally issued at the lower of the market price or net asset value on the valuation date. How does this apply to registered stockholders? If your shares are registered directly with a Fund, your distributions are automatically reinvested unless you have otherwise instructed the Funds’ transfer agent, Computershare, in writing, in which case you will receive your distribution in cash. A registered stockholder also may have the option to receive the distribution in the form of a stock certificate. What if my shares are held by a brokerage firm or a bank? If your shares are held by a brokerage firm, bank, or other intermediary as the stockholder of record, you should contact your brokerage firm or bank to be certain that it is automatically reinvesting distributions on your behalf. If they are unable to reinvest distributions on behalf, you should have your shares registered in your name in order to participate. What other features are available for registered stockholders? The Distribution Reinvestment and Cash Purchase Plans also allow registered stockholders to make optional cash purchases of shares of a Fund’s common stock directly through Computershare on a monthly basis, and to deposit certificates representing your RVT and RMT shares with Computershare for safekeeping. (RGT does not issue shares in certificated form). Plan participants are subject to a $0.75 service fee for each voluntary cash purchase under the Plans. The Funds’ investment adviser absorbed all commissions on optional cash purchases under the Plans through December 31, 2014.

How do the Plans work for registered stockholders? Computershare maintains the accounts for registered stockholders in the Plans and sends written confirmation of all transactions in the account. Shares in the account of each participant will be held by Computershare in non-certificated form in the name of the participant, and each participant will be able to vote those shares at a stockholder meeting or by proxy. A participant may also send stock certificates for RVT and RMT held by them to Computershare to be held in non-certificated form. RGT does not issue shares in certificated form. There is no service fee charged to participants for reinvesting distributions. If a participant elects to sell shares from a Plan account, Computershare will deduct a $2.50 service fee from the sale transaction. The Funds’ investment adviser absorbed all commissions on optional sales under the Plans through December 31, 2014. If a nominee is the registered owner of your shares, the nominee will maintain the accounts on your behalf. How can I get more information on the Plans? You can call an Investor Services Representative at (800) 221-4268 or you can request a copy of the Plan for your Fund from Computershare. All correspondence (including notifications) should be directed to: [Name of Fund] Distribution Reinvestment and Cash Purchase Plan, c/o Computershare, PO Box 43078, Providence, RI 02940-3078, telephone (800) 426-5523 (from 9:00 A.M. to 5:00 P.M.).

14 | 2015 Semiannual Report to Stockholders

Royce Value Trust | June 30, 2015 (unaudited)

Schedule of Investments
Common Stocks – 98.8%
|  | SHARES |  | VALUE
CONSUMER DISCRETIONARY – 12.4% |  |  |
AUTO COMPONENTS - 1.2% |  |  |
Drew Industries |  | 93,736 |  | $ | 5,438,563
Fuel Systems Solutions 1 |  | 107,000 |  |  | 800,360
Gentex Corporation |  | 223,050 |  |  | 3,662,481
Global & Yuasa Battery |  | 28,500 |  |  | 977,296
Motorcar Parts of America 1 |  | 7,990 |  |  | 240,419
MRF |  | 800 |  |  | 429,585
Selamat Sempurna |  | 1,816,700 |  |  | 628,845
Standard Motor Products |  | 50,391 |  |  | 1,769,732
Superior Industries International |  | 21,600 |  |  | 395,496
|  |  |  |  | 14,342,777
AUTOMOBILES - 1.1% |  |  |
Thor Industries 2 |  | 153,460 |  |  | 8,636,729
Winnebago Industries |  | 211,400 |  |  | 4,986,926
|  |  |  |  | 13,623,655
DISTRIBUTORS - 0.8% |  |  |
Core-Mark Holding Company |  | 115,200 |  |  | 6,825,600
Weyco Group |  | 97,992 |  |  | 2,922,121
|  |  |  |  | 9,747,721
DIVERSIFIED CONSUMER SERVICES - 1.2% |  |  |
American Public Education 1 |  | 36,100 |  |  | 928,492
Collectors Universe |  | 50,400 |  |  | 1,004,976
Lincoln Educational Services 1 |  | 712,300 |  |  | 1,438,846
Regis Corporation 1, 2, 3 |  | 233,800 |  |  | 3,684,688
Sotheby’s |  | 138,200 |  |  | 6,252,168
Universal Technical Institute |  | 130,432 |  |  | 1,121,715
|  |  |  |  | 14,430,885
HOTELS, RESTAURANTS & LEISURE - 0.3% |  |  |
Biglari Holdings 1 |  | 700 |  |  | 289,625
Century Casinos 1 |  | 209,600 |  |  | 1,320,480
Monarch Casino & Resort 1 |  | 28,103 |  |  | 577,798
MTY Food Group |  | 48,400 |  |  | 1,283,433
Thomas Cook (India) |  | 100,000 |  |  | 350,581
Tropicana Entertainment 1, 4 |  | 10,000 |  |  | 157,600
|  |  |  |  | 3,979,517
HOUSEHOLD DURABLES - 2.4% |  |  |
Ethan Allen Interiors |  | 320,800 |  |  | 8,449,872
Flexsteel Industries |  | 23,700 |  |  | 1,021,233
Forbo Holding |  | 110 |  |  | 130,831
Harman International Industries |  | 28,600 |  |  | 3,401,684
Lifetime Brands |  | 53,726 |  |  | 793,533
Mohawk Industries 1, 2 |  | 28,000 |  |  | 5,345,200
Natuzzi ADR 1 |  | 2,096,300 |  |  | 4,402,230
NVR 1 |  | 2,340 |  |  | 3,135,600
Stanley Furniture 1, 5 |  | 1,012,235 |  |  | 3,006,338
|  |  |  |  | 29,686,521
INTERNET & CATALOG RETAIL - 0.2% |  |  |
Blue Nile 1 |  | 67,100 |  |  | 2,039,169
Manutan International |  | 4,200 |  |  | 199,609
|  |  |  |  | 2,238,778
LEISURE PRODUCTS - 1.3% |  |  |
Beneteau |  | 20,800 |  |  | 354,326
LeapFrog Enterprises Cl. A 1 |  | 348,100 |  |  | 487,340
Nautilus 1 |  | 667,100 |  |  | 14,349,321
Shimano |  | 3,500 |  |  | 477,591
Smith & Wesson Holding Corporation 1 |  | 30,600 |  |  | 507,654
|  |  |  |  | 16,176,232
MEDIA - 1.4% |  |  |
E.W. Scripps Company Cl. A |  | 76,640 |  |  | 1,751,224
Harte-Hanks |  | 166,730 |  |  | 993,711
McClatchy Company (The) Cl. A 1 |  | 334,200 |  |  | 360,936
Morningstar |  | 84,600 |  |  | 6,729,930
Pico Far East Holdings |  | 3,484,400 |  |  | 1,114,785
Rentrak Corporation 1 |  | 17,400 |  |  | 1,214,520
RLJ Entertainment 1 |  | 35,600 |  |  | 14,026
T4F Entretenimento 1 |  | 143,800 |  |  | 168,817
Technicolor |  | 30,000 |  |  | 195,656
Television Broadcasts |  | 173,400 |  |  | 1,027,889
Wiley (John) & Sons Cl. A |  | 62,440 |  |  | 3,394,863
|  |  |  |  | 16,966,357
MULTILINE RETAIL - 0.1% |  |  |
New World Department Store China |  | 2,947,500 |  |  | 790,913
Parkson Retail Asia |  | 345,800 |  |  | 121,955
|  |  |  |  | 912,868
SPECIALTY RETAIL - 1.2% |  |  |
Aeropostale 1 |  | 110,000 |  |  | 178,200
Buckle (The) 2 |  | 110,965 |  |  | 5,078,868
Destination Maternity |  | 42,200 |  |  | 492,052
Genesco 1 |  | 62,935 |  |  | 4,155,598
I.T |  | 1,127,000 |  |  | 424,539
Lewis Group |  | 75,000 |  |  | 607,780
Oriental Watch Holdings |  | 543,000 |  |  | 92,467
Signet Jewelers |  | 1,900 |  |  | 243,656
Systemax 1 |  | 194,000 |  |  | 1,676,160
TravelCenters of America LLC 1 |  | 62,500 |  |  | 928,125
West Marine 1 |  | 131,100 |  |  | 1,263,804
|  |  |  |  | 15,141,249
TEXTILES, APPAREL & LUXURY GOODS - 1.2% |  |  |
Asia Brands |  | 59,900 |  |  | 28,418
Crown Crafts |  | 139,141 |  |  | 1,113,128
Culp |  | 48,400 |  |  | 1,500,400
Daphne International Holdings |  | 662,800 |  |  | 165,880
Grendene |  | 100,000 |  |  | 538,098
J.G. Boswell Company 4 |  | 2,492 |  |  | 1,756,860
Kewal Kiran Clothing |  | 1,482 |  |  | 49,361
Movado Group |  | 122,651 |  |  | 3,331,201
Pacific Textiles Holdings |  | 285,500 |  |  | 456,709
Stella International Holdings |  | 155,700 |  |  | 371,597
Van de Velde |  | 11,700 |  |  | 672,144
Wolverine World Wide 2 |  | 123,500 |  |  | 3,517,280
YGM Trading |  | 1,082,600 |  |  | 1,399,417
|  |  |  |  | 14,900,493
Total (Cost $124,747,109) |  |  |  |  | 152,147,053
CONSUMER STAPLES – 2.5% |  |  |
BEVERAGES - 0.2% |  |  |
Compania Cervecerias Unidas ADR |  | 134,000 |  |  | 2,838,120
Crimson Wine Group 1, 4 |  | 11,876 |  |  | 111,041
|  |  |  |  | 2,949,161
FOOD PRODUCTS - 1.9% |  |  |
Alico |  | 27,000 |  |  | 1,224,720
Binggrae |  | 14,000 |  |  | 1,060,559
Cal-Maine Foods |  | 78,436 |  |  | 4,094,359
Farmer Bros. 1 |  | 57,300 |  |  | 1,346,550
Industrias Bachoco ADR |  | 36,045 |  |  | 1,950,395
Sanderson Farms |  | 7,500 |  |  | 563,700
Seneca Foods Cl. A 1 |  | 229,255 |  |  | 6,366,411

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS | 2015 Semiannual Report to Stockholders | 15

Royce Value Trust

Schedule of Investments (continued)
|  | SHARES |  | VALUE
CONSUMER STAPLES (continued) |  |  |
FOOD PRODUCTS (continued) |  |  |
Seneca Foods Cl. B 1 |  | 13,840 |  | $ | 411,878
SunOpta 1 |  | 116,100 |  |  | 1,245,753
Tootsie Roll Industries 2 |  | 127,859 |  |  | 4,131,124
Waterloo Investment Holdings 1, 6 |  | 598,676 |  |  | 227,497
|  |  |  |  | 22,622,946
PERSONAL PRODUCTS - 0.4% |  |  |
Nu Skin Enterprises Cl. A 2, 3 |  | 99,460 |  |  | 4,687,550
Total (Cost $26,210,495) |  |  |  |  | 30,259,657
ENERGY – 2.8% |  |  |
ENERGY EQUIPMENT & SERVICES - 2.5% |  |  |
CARBO Ceramics 2, 3 |  | 63,000 |  |  | 2,622,690
Ensign Energy Services |  | 134,000 |  |  | 1,313,178
Gulf Island Fabrication |  | 32,964 |  |  | 368,208
Helmerich & Payne |  | 42,780 |  |  | 3,012,568
ION Geophysical 1 |  | 1,078,200 |  |  | 1,153,674
Oil States International 1 |  | 30,733 |  |  | 1,144,190
Pason Systems |  | 351,560 |  |  | 6,290,925
SEACOR Holdings 1 |  | 131,042 |  |  | 9,296,119
TGS-NOPEC Geophysical |  | 78,060 |  |  | 1,822,955
Tidewater 2 |  | 24,000 |  |  | 545,520
Unit Corporation 1 |  | 112,330 |  |  | 3,046,390
|  |  |  |  | 30,616,417
OIL, GAS & CONSUMABLE FUELS - 0.3% |  |  |
Green Plains |  | 28,000 |  |  | 771,400
Permian Basin Royalty Trust |  | 161,000 |  |  | 1,297,660
World Fuel Services |  | 16,600 |  |  | 795,970
WPX Energy 1 |  | 110,000 |  |  | 1,350,800
|  |  |  |  | 4,215,830
Total (Cost $44,917,420) |  |  |  |  | 34,832,247
FINANCIALS – 17.1% |  |  |
BANKS - 1.5% |  |  |
Bank of N.T. Butterfield & Son |  | 1,784,161 |  |  | 2,908,183
BCB Holdings 1 |  | 209,426 |  |  | 27,970
Blue Hills Bancorp 1 |  | 104,180 |  |  | 1,458,520
Farmers & Merchants Bank of Long Beach 4 |  | 1,200 |  |  | 7,176,000
Fauquier Bankshares |  | 160,800 |  |  | 2,555,112
First Citizens BancShares Cl. A |  | 17,026 |  |  | 4,478,519
|  |  |  |  | 18,604,304
CAPITAL MARKETS - 8.5% |  |  |
AllianceBernstein Holding L.P. |  | 102,000 |  |  | 3,012,060
Ares Management L.P. |  | 101,600 |  |  | 1,879,600
Artisan Partners Asset Management Cl. A |  | 134,210 |  |  | 6,235,396
ASA Gold and Precious Metals |  | 324,821 |  |  | 3,154,012
Ashmore Group |  | 649,800 |  |  | 2,952,727
Azimut Holding |  | 8,000 |  |  | 234,029
BHF Kleinwort Benson Group 1 |  | 293,500 |  |  | 1,436,445
CETIP - Mercados Organizados |  | 485,700 |  |  | 5,323,938
Citadel Capital 1 |  | 11,799,921 |  |  | 3,077,548
†Citadel Capital (Rights) 1, 6 |  | 2,507,483 |  |  | 0
Cowen Group 1 |  | 421,158 |  |  | 2,695,411
Dundee Corporation Cl. A 1 |  | 329,800 |  |  | 3,311,202
Eaton Vance 2, 3 |  | 40,500 |  |  | 1,584,765
Edmond de Rothschild (Suisse) |  | 133 |  |  | 2,745,494
Federated Investors Cl. B |  | 299,420 |  |  | 10,027,576
GAMCO Investors Cl. A |  | 20,200 |  |  | 1,387,942
GCA Savvian |  | 24,000 |  |  | 298,076
Jupiter Fund Management |  | 230,000 |  |  | 1,610,704
Lazard Cl. A |  | 79,695 |  |  | 4,482,047
Medley Management Cl. A |  | 152,200 |  |  | 1,802,048
mutares |  | 330 |  |  | 37,894
MVC Capital |  | 324,200 |  |  | 3,306,840
Newtek Business Services |  | 89,800 |  |  | 1,591,256
Paris Orleans |  | 196,893 |  |  | 6,289,947
Partners Group Holding |  | 1,075 |  |  | 321,367
RCS Capital Cl. A 1 |  | 66,100 |  |  | 506,326
SEI Investments |  | 226,135 |  |  | 11,087,399
Sprott |  | 590,000 |  |  | 1,166,773
U.S. Global Investors Cl. A |  | 661,751 |  |  | 1,839,668
Value Partners Group |  | 5,428,000 |  |  | 8,571,024
Virtus Investment Partners |  | 26,240 |  |  | 3,470,240
VZ Holding |  | 1,300 |  |  | 312,851
Westwood Holdings Group |  | 54,573 |  |  | 3,250,914
ZAIS Group Holdings Cl. A 1 |  | 492,300 |  |  | 5,366,070
|  |  |  |  | 104,369,589
CONSUMER FINANCE - 0.2% |  |  |
EZCORP Cl. A 1 |  | 213,000 |  |  | 1,582,590
Shriram City Union Finance |  | 12,500 |  |  | 350,188
|  |  |  |  | 1,932,778
DIVERSIFIED FINANCIAL SERVICES - 1.5% |  |  |
Bajaj Holdings & Investment |  | 15,600 |  |  | 356,928
Banca Finnat Euramerica |  | 1,060,000 |  |  | 575,508
First Pacific |  | 1,020,000 |  |  | 859,260
MarketAxess Holdings |  | 100,000 |  |  | 9,277,000
PICO Holdings 1 |  | 100,400 |  |  | 1,477,888
Sofina |  | 19,698 |  |  | 2,198,227
TMX Group |  | 91,000 |  |  | 3,872,418
|  |  |  |  | 18,617,229
INSURANCE - 2.1% |  |  |
Alleghany Corporation 1 |  | 4,179 |  |  | 1,958,948
Atlas Financial Holdings 1 |  | 9,500 |  |  | 188,385
E-L Financial |  | 16,500 |  |  | 8,661,575
Erie Indemnity Cl. A |  | 25,000 |  |  | 2,051,750
Greenlight Capital Re Cl. A 1 |  | 230,561 |  |  | 6,725,465
Independence Holding Company |  | 349,423 |  |  | 4,608,889
Lancashire Holdings |  | 50,000 |  |  | 484,338
MBIA 1 |  | 19,400 |  |  | 116,594
ProAssurance Corporation |  | 17,139 |  |  | 791,993
†WMIH 1, 4 |  | 77,742 |  |  | 202,129
|  |  |  |  | 25,790,066
INVESTMENT COMPANIES - 0.3% |  |  |
RIT Capital Partners |  | 149,000 |  |  | 3,621,778
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.1% |  |  |
AV Homes 1 |  | 55,500 |  |  | 797,535
E-House (China) Holdings ADR 2, 3 |  | 108,765 |  |  | 730,901
Forestar Group 1 |  | 102,000 |  |  | 1,342,320
FRP Holdings 1 |  | 212,958 |  |  | 6,906,228
Hopefluent Group Holdings |  | 680,000 |  |  | 230,715
Kennedy Wilson Europe Real Estate |  | 24,000 |  |  | 428,386
Kennedy-Wilson Holdings |  | 101,300 |  |  | 2,490,967
Midland Holdings 1 |  | 700,000 |  |  | 316,969
St. Joe Company (The) 1, 2 |  | 177,000 |  |  | 2,748,810
Sun Frontier Fudousan |  | 17,600 |  |  | 142,658
Tejon Ranch 1 |  | 342,600 |  |  | 8,808,246

16 | 2015 Semiannual Report to Stockholders | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2015 (unaudited)

Schedule of Investments (continued)
|  | SHARES |  | VALUE
FINANCIALS (continued) |  |  |
REAL ESTATE MANAGEMENT & DEVELOPMENT (continued) |  |  |
Tejon Ranch (Warrants) 1 |  | 96,561 |  | $ | 43,452
|  |  |  |  | 24,987,187
THRIFTS & MORTGAGE FINANCE - 0.9% |  |  |
Genworth MI Canada |  | 251,903 |  |  | 6,615,227
Timberland Bancorp 5 |  | 444,200 |  |  | 4,450,884
Vestin Realty Mortgage II 1 |  | 53,557 |  |  | 208,337
|  |  |  |  | 11,274,448
Total (Cost $189,071,119) |  |  |  |  | 209,197,379
HEALTH CARE – 5.0% |  |  |
BIOTECHNOLOGY - 0.5% |  |  |
Aquinox Pharmaceuticals 1 |  | 65,232 |  |  | 452,710
ARIAD Pharmaceuticals 1, 2 |  | 140,000 |  |  | 1,157,800
Cancer Genetics 1 |  | 56,900 |  |  | 669,144
Celsion Corporation 1 |  | 97,604 |  |  | 229,370
Genomic Health 1 |  | 33,000 |  |  | 917,070
Green Cross |  | 3,100 |  |  | 712,851
Myriad Genetics 1, 2, 3 |  | 18,993 |  |  | 645,572
Zealand Pharma 1 |  | 102,000 |  |  | 1,684,275
|  |  |  |  | 6,468,792
HEALTH CARE EQUIPMENT & SUPPLIES - 2.2% |  |  |
Analogic Corporation |  | 38,135 |  |  | 3,008,851
Atrion Corporation 2, 3 |  | 17,079 |  |  | 6,700,262
bioMerieux |  | 4,000 |  |  | 425,694
Cerus Corporation 1 |  | 198,000 |  |  | 1,027,620
CONMED Corporation |  | 81,500 |  |  | 4,749,005
Derma Sciences 1 |  | 87,142 |  |  | 623,937
DiaSorin |  | 7,000 |  |  | 319,572
IDEXX Laboratories 1, 2, 3 |  | 114,822 |  |  | 7,364,683
Invacare Corporation |  | 38,900 |  |  | 841,407
Meridian Bioscience |  | 39,600 |  |  | 738,144
Synergetics USA 1, 2 |  | 53,665 |  |  | 252,226
Trinity Biotech ADR Cl. A |  | 66,100 |  |  | 1,193,766
|  |  |  |  | 27,245,167
HEALTH CARE PROVIDERS & SERVICES - 0.4% |  |  |
Aceto Corporation |  | 39,015 |  |  | 960,939
Addus HomeCare 1 |  | 49,000 |  |  | 1,365,140
Landauer |  | 50,000 |  |  | 1,782,000
Psychemedics Corporation |  | 39,600 |  |  | 587,268
|  |  |  |  | 4,695,347
HEALTH CARE TECHNOLOGY - 0.2% |  |  |
Medidata Solutions 1 |  | 40,000 |  |  | 2,172,800
LIFE SCIENCES TOOLS & SERVICES - 1.1% |  |  |
Bio-Rad Laboratories Cl. A 1 |  | 23,828 |  |  | 3,588,735
Bio-Techne |  | 39,993 |  |  | 3,938,111
PAREXEL International 1 |  | 56,600 |  |  | 3,639,946
PerkinElmer |  | 39,000 |  |  | 2,052,960
|  |  |  |  | 13,219,752
PHARMACEUTICALS - 0.6% |  |  |
Boiron |  | 4,200 |  |  | 412,048
Lannett Company 1 |  | 21,140 |  |  | 1,256,562
Lipocine 1 |  | 144,333 |  |  | 1,238,377
Medicines Company (The) 1 |  | 58,000 |  |  | 1,659,380
Repros Therapeutics 1 |  | 62,000 |  |  | 443,300
Santen Pharmaceutical |  | 52,000 |  |  | 736,332
Stallergenes |  | 8,000 |  |  | 488,304
Theravance Biopharma 1 |  | 63,291 |  |  | 824,049
Vetoquinol |  | 10,400 |  |  | 431,313
|  |  |  |  | 7,489,665
Total (Cost $37,598,792) |  |  |  |  | 61,291,523
INDUSTRIALS – 28.4% |  |  |
AEROSPACE & DEFENSE - 2.0% |  |  |
Ducommun 1 |  | 117,200 |  |  | 3,008,524
HEICO Corporation |  | 155,938 |  |  | 9,091,186
HEICO Corporation Cl. A |  | 80,808 |  |  | 4,102,622
Hexcel Corporation |  | 47,500 |  |  | 2,362,650
Magellan Aerospace |  | 124,800 |  |  | 1,704,634
Moog Cl. A 1 |  | 25,000 |  |  | 1,767,000
Teledyne Technologies 1 |  | 20,600 |  |  | 2,173,506
|  |  |  |  | 24,210,122
AIR FREIGHT & LOGISTICS - 2.6% |  |  |
Expeditors International of Washington |  | 158,900 |  |  | 7,326,085
Forward Air |  | 209,750 |  |  | 10,961,535
Frontier Services Group 1 |  | 2,301,714 |  |  | 968,011
Hub Group Cl. A 1, 2, 3 |  | 149,400 |  |  | 6,026,796
UTi Worldwide 1 |  | 635,400 |  |  | 6,347,646
|  |  |  |  | 31,630,073
BUILDING PRODUCTS - 0.7% |  |  |
American Woodmark 1 |  | 117,135 |  |  | 6,424,855
Burnham Holdings Cl. B 4 |  | 36,000 |  |  | 665,280
Patrick Industries 1 |  | 18,450 |  |  | 702,022
Polypipe Group |  | 121,000 |  |  | 516,179
|  |  |  |  | 8,308,336
COMMERCIAL SERVICES & SUPPLIES - 2.8% |  |  |
Atento 1 |  | 76,600 |  |  | 1,101,508
Brady Corporation Cl. A |  | 45,900 |  |  | 1,135,566
CompX International Cl. A |  | 211,100 |  |  | 2,406,540
Copart 1 |  | 178,360 |  |  | 6,328,213
Heritage-Crystal Clean 1 |  | 102,527 |  |  | 1,507,147
InnerWorkings 1 |  | 114,000 |  |  | 760,380
Intersections 1 |  | 178,500 |  |  | 547,995
Kaba Holding |  | 600 |  |  | 357,131
Kimball International Cl. B |  | 286,180 |  |  | 3,479,949
Latchways |  | 35,000 |  |  | 431,701
Ritchie Bros. Auctioneers |  | 484,494 |  |  | 13,527,072
Societe BIC |  | 1,500 |  |  | 239,135
Steelcase Cl. A |  | 109,950 |  |  | 2,079,155
|  |  |  |  | 33,901,492
CONSTRUCTION & ENGINEERING - 2.4% |  |  |
EMCOR Group 2, 3 |  | 149,400 |  |  | 7,136,838
Integrated Electrical Services 1 |  | 677,482 |  |  | 4,810,122
Jacobs Engineering Group 1, 2, 3 |  | 164,900 |  |  | 6,698,238
KBR |  | 421,192 |  |  | 8,204,820
Northwest Pipe 1 |  | 38,000 |  |  | 774,060
Sterling Construction 1 |  | 326,671 |  |  | 1,306,684
|  |  |  |  | 28,930,762
ELECTRICAL EQUIPMENT - 1.2% |  |  |
EnerSys |  | 5,100 |  |  | 358,479
Franklin Electric |  | 209,200 |  |  | 6,763,436
Global Power Equipment Group |  | 159,519 |  |  | 1,237,868
Powell Industries |  | 94,500 |  |  | 3,323,565
Preformed Line Products |  | 91,600 |  |  | 3,455,152
|  |  |  |  | 15,138,500

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS | 2015 Semiannual Report to Stockholders | 17

Royce Value Trust

Schedule of Investments (continued)
|  | SHARES |  | VALUE
INDUSTRIALS (continued) |  |  |
INDUSTRIAL CONGLOMERATES - 0.5% |  |  |
A. Soriano |  | 2,791,000 |  | $ | 427,099
Carlisle Companies 2, 3 |  | 21,595 |  |  | 2,162,092
Raven Industries |  | 197,125 |  |  | 4,007,551
|  |  |  |  | 6,596,742
MACHINERY - 10.5% |  |  |
Astec Industries |  | 20,000 |  |  | 836,400
Burckhardt Compression Holding |  | 8,400 |  |  | 3,182,737
Chen Hsong Holdings |  | 1,159,000 |  |  | 343,893
China Metal International Holdings |  | 249,000 |  |  | 80,628
CIRCOR International |  | 89,962 |  |  | 4,905,628
CLARCOR |  | 92,500 |  |  | 5,757,200
Columbus McKinnon |  | 104,885 |  |  | 2,622,125
Deutz |  | 115,000 |  |  | 658,988
Donaldson Company |  | 193,559 |  |  | 6,929,412
Federal Signal |  | 98,640 |  |  | 1,470,722
Graco |  | 104,776 |  |  | 7,442,239
Graham Corporation |  | 20,568 |  |  | 421,438
Hurco Companies |  | 25,952 |  |  | 898,458
Hyster-Yale Materials Handling Cl. A |  | 15,485 |  |  | 1,072,801
IDEX Corporation |  | 67,400 |  |  | 5,296,292
John Bean Technologies |  | 175,536 |  |  | 6,598,398
Kennametal |  | 198,160 |  |  | 6,761,219
Lincoln Electric Holdings |  | 46,360 |  |  | 2,822,860
Lindsay Corporation 2, 3 |  | 36,000 |  |  | 3,164,760
Lydall 1 |  | 65,220 |  |  | 1,927,903
Mincon Group |  | 384,100 |  |  | 297,232
Mueller Water Products Cl. A |  | 33,600 |  |  | 305,760
NN |  | 308,700 |  |  | 7,878,024
Nordson Corporation |  | 24,296 |  |  | 1,892,416
Pfeiffer Vacuum Technology |  | 14,000 |  |  | 1,247,383
PMFG 1 |  | 378,352 |  |  | 2,432,803
Rational |  | 1,000 |  |  | 367,287
RBC Bearings 1 |  | 121,800 |  |  | 8,740,368
Rotork |  | 100,000 |  |  | 365,473
Semperit AG Holding |  | 12,940 |  |  | 533,768
Spirax-Sarco Engineering |  | 7,600 |  |  | 405,175
Sun Hydraulics |  | 71,018 |  |  | 2,706,496
Tecumseh Products 1 |  | 46,700 |  |  | 115,349
Tennant Company |  | 78,900 |  |  | 5,155,326
Valmont Industries 2 |  | 67,235 |  |  | 7,992,225
Wabash National 1 |  | 40,400 |  |  | 506,616
WABCO Holdings 1 |  | 43,400 |  |  | 5,369,448
Wabtec Corporation |  | 82,840 |  |  | 7,806,842
Woodward |  | 208,400 |  |  | 11,459,916
|  |  |  |  | 128,772,008
MARINE - 0.6% |  |  |
Clarkson |  | 164,671 |  |  | 7,081,694
PROFESSIONAL SERVICES - 3.6% |  |  |
Acacia Research |  | 61,100 |  |  | 535,847
Advisory Board (The) 1, 2, 3 |  | 150,277 |  |  | 8,215,644
Franklin Covey 1 |  | 69,700 |  |  | 1,414,213
Heidrick & Struggles International |  | 88,080 |  |  | 2,297,126
ICF International 1 |  | 30,546 |  |  | 1,064,833
ManpowerGroup |  | 83,858 |  |  | 7,495,228
On Assignment 1 |  | 334,995 |  |  | 13,158,604
Robert Half International |  | 14,812 |  |  | 822,066
Towers Watson & Co. Cl. A |  | 65,300 |  |  | 8,214,740
Volt Information Sciences 1 |  | 49,000 |  |  | 475,790
|  |  |  |  | 43,694,091
ROAD & RAIL - 0.8% |  |  |
Genesee & Wyoming Cl. A 1 |  | 20,000 |  |  | 1,523,600
Landstar System |  | 99,400 |  |  | 6,646,878
Trancom |  | 8,000 |  |  | 437,309
Universal Truckload Services |  | 78,916 |  |  | 1,732,995
|  |  |  |  | 10,340,782
TRADING COMPANIES & DISTRIBUTORS - 0.5% |  |  |
Kloeckner & Co |  | 31,300 |  |  | 282,473
MISUMI Group |  | 27,000 |  |  | 383,429
MSC Industrial Direct Cl. A 2 |  | 84,023 |  |  | 5,862,285
|  |  |  |  | 6,528,187
TRANSPORTATION INFRASTRUCTURE - 0.2% |  |  |
Hopewell Highway Infrastructure |  | 1,012,000 |  |  | 497,413
Touax |  | 40,040 |  |  | 662,883
Wesco Aircraft Holdings 1 |  | 68,400 |  |  | 1,036,260
|  |  |  |  | 2,196,556
Total (Cost $214,361,387) |  |  |  |  | 347,329,345
INFORMATION TECHNOLOGY – 19.7% |  |  |
COMMUNICATIONS EQUIPMENT - 0.5% |  |  |
ADTRAN |  | 234,973 |  |  | 3,818,311
Alliance Fiber Optic Products |  | 42,900 |  |  | 795,795
Bel Fuse Cl. B |  | 30,238 |  |  | 620,484
EVS Broadcast Equipment |  | 7,800 |  |  | 226,092
Extreme Networks 1 |  | 212,000 |  |  | 570,280
|  |  |  |  | 6,030,962
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 9.4% |  |  |
Agilysys 1 |  | 165,125 |  |  | 1,515,847
Anixter International 1, 2 |  | 70,895 |  |  | 4,618,809
Benchmark Electronics 1 |  | 156,900 |  |  | 3,417,282
Cognex Corporation |  | 69,800 |  |  | 3,357,380
Coherent 1 |  | 156,006 |  |  | 9,903,261
Dolby Laboratories Cl. A |  | 93,410 |  |  | 3,706,509
DTS 1 |  | 245,000 |  |  | 7,470,050
FARO Technologies 1 |  | 90,000 |  |  | 4,203,000
FEI Company |  | 82,100 |  |  | 6,808,553
FLIR Systems |  | 262,600 |  |  | 8,093,332
HollySys Automation Technologies |  | 35,582 |  |  | 855,035
IPG Photonics 1, 2, 3 |  | 58,760 |  |  | 5,004,883
Kimball Electronics 1 |  | 214,635 |  |  | 3,131,525
LRAD Corporation 1 |  | 548,244 |  |  | 1,091,005
Mercury Systems 1 |  | 38,200 |  |  | 559,248
MTS Systems |  | 5,200 |  |  | 358,540
National Instruments |  | 251,850 |  |  | 7,419,501
Newport Corporation 1 |  | 541,000 |  |  | 10,257,360
Oxford Instruments |  | 4,200 |  |  | 64,046
PC Connection |  | 16,301 |  |  | 403,287
Perceptron 1 |  | 357,700 |  |  | 3,777,312
Plexus Corporation 1 |  | 176,100 |  |  | 7,727,268
Richardson Electronics |  | 573,732 |  |  | 4,635,755
Rofin-Sinar Technologies 1 |  | 257,501 |  |  | 7,107,028
Rogers Corporation 1 |  | 57,066 |  |  | 3,774,345
TTM Technologies 1, 2, 3 |  | 496,400 |  |  | 4,959,036
Vishay Precision Group 1 |  | 74,826 |  |  | 1,126,880
|  |  |  |  | 115,346,077

18 | 2015 Semiannual Report to Stockholders | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2015 (unaudited)

Schedule of Investments (continued)
|  | SHARES |  | VALUE
INFORMATION TECHNOLOGY (continued) |  |  |
INTERNET SOFTWARE & SERVICES - 1.4% |  |  |
Care.com 1 |  | 369,400 |  | $ | 2,186,848
j2 Global |  | 32,870 |  |  | 2,233,188
QuinStreet 1 |  | 463,732 |  |  | 2,991,071
RealNetworks 1 |  | 376,750 |  |  | 2,038,217
Spark Networks 1, 2 |  | 346,700 |  |  | 1,064,369
Stamps.com 1 |  | 34,400 |  |  | 2,530,808
Support.com 1 |  | 1,599,399 |  |  | 2,255,153
Tomorrow Focus 1 |  | 44,900 |  |  | 217,496
United Online 1 |  | 102,371 |  |  | 1,604,154
|  |  |  |  | 17,121,304
IT SERVICES - 2.7% |  |  |
Computer Task Group |  | 155,300 |  |  | 1,198,916
Convergys Corporation |  | 121,000 |  |  | 3,084,290
eClerx Services |  | 13,500 |  |  | 317,572
Hackett Group (The) |  | 1,039,366 |  |  | 13,958,685
Hexaware Technologies |  | 75,000 |  |  | 300,330
Innodata 1 |  | 314,314 |  |  | 826,646
MAXIMUS |  | 107,500 |  |  | 7,065,975
MoneyGram International 1 |  | 75,000 |  |  | 689,250
Persistent Systems |  | 35,000 |  |  | 329,362
Prodware 1 |  | 20,100 |  |  | 137,588
Sykes Enterprises 1 |  | 142,734 |  |  | 3,461,299
Unisys Corporation 1 |  | 94,000 |  |  | 1,879,060
|  |  |  |  | 33,248,973
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5% |  |  |
Amtech Systems 1 |  | 105,371 |  |  | 1,094,805
Brooks Automation |  | 101,900 |  |  | 1,166,755
Cascade Microtech 1 |  | 44,300 |  |  | 674,467
Diodes 1 |  | 270,850 |  |  | 6,530,193
Exar Corporation 1 |  | 157,576 |  |  | 1,541,093
Integrated Silicon Solution |  | 14,715 |  |  | 325,790
Intermolecular 1 |  | 185,448 |  |  | 365,333
Kopin Corporation 1 |  | 242,200 |  |  | 835,590
Kulicke & Soffa Industries 1 |  | 63,800 |  |  | 747,098
MKS Instruments |  | 187,490 |  |  | 7,113,371
MoSys 1, 2, 3 |  | 337,000 |  |  | 640,300
Nanometrics 1 |  | 145,440 |  |  | 2,344,493
Photronics 1 |  | 131,400 |  |  | 1,249,614
Teradyne |  | 130,000 |  |  | 2,507,700
Ultra Clean Holdings 1 |  | 113,000 |  |  | 703,990
Veeco Instruments 1, 2, 3 |  | 91,760 |  |  | 2,637,182
|  |  |  |  | 30,477,774
SOFTWARE - 2.1% |  |  |
American Software Cl. A |  | 88,490 |  |  | 840,655
ANSYS 1, 2, 3 |  | 95,000 |  |  | 8,667,800
AVEVA Group |  | 11,200 |  |  | 318,172
Blackbaud |  | 31,400 |  |  | 1,788,230
Computer Modelling Group |  | 192,000 |  |  | 1,946,133
Cyient |  | 39,000 |  |  | 349,732
Envivio 1 |  | 262,532 |  |  | 498,811
ePlus 1 |  | 12,700 |  |  | 973,455
Mentor Graphics |  | 92,083 |  |  | 2,433,754
Model N 1 |  | 104,000 |  |  | 1,238,640
Monotype Imaging Holdings |  | 137,320 |  |  | 3,310,785
PSI 1 |  | 52,500 |  |  | 605,781
SeaChange International 1 |  | 228,369 |  |  | 1,600,867
SimCorp |  | 9,300 |  |  | 370,366
Totvs |  | 50,000 |  |  | 627,191
|  |  |  |  | 25,570,372
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.1% |  |  |
Avid Technology 1 |  | 37,700 |  |  | 502,918
BlackBerry 1, 2 |  | 10,000 |  |  | 81,800
Diebold 2, 3 |  | 266,600 |  |  | 9,331,000
Intevac 1 |  | 114,000 |  |  | 666,900
Kortek |  | 99,000 |  |  | 1,366,802
Silicon Graphics International 1 |  | 141,410 |  |  | 914,923
|  |  |  |  | 12,864,343
Total (Cost $184,727,597) |  |  |  |  | 240,659,805
MATERIALS – 7.3% |  |  |
CHEMICALS - 2.1% |  |  |
C. Uyemura & Co. |  | 5,800 |  |  | 311,836
Chase Corporation |  | 11,497 |  |  | 457,006
FutureFuel Corporation |  | 51,500 |  |  | 662,805
Hawkins |  | 86,178 |  |  | 3,480,729
Innospec |  | 57,178 |  |  | 2,575,297
KMG Chemicals |  | 44,000 |  |  | 1,119,360
Minerals Technologies |  | 94,843 |  |  | 6,461,654
Quaker Chemical |  | 109,669 |  |  | 9,742,994
Umicore |  | 6,000 |  |  | 284,487
Victrex |  | 8,000 |  |  | 242,601
|  |  |  |  | 25,338,769
CONSTRUCTION MATERIALS - 0.9% |  |  |
Ash Grove Cement Cl. B 4 |  | 50,518 |  |  | 10,154,118
Mardin Cimento Sanayii |  | 255,200 |  |  | 402,782
|  |  |  |  | 10,556,900
CONTAINERS & PACKAGING - 0.7% |  |  |
Greif Cl. A |  | 106,344 |  |  | 3,812,433
Mayr-Melnhof Karton |  | 32,000 |  |  | 3,615,680
UFP Technologies 1 |  | 59,609 |  |  | 1,247,020
|  |  |  |  | 8,675,133
METALS & MINING - 3.5% |  |  |
AuRico Gold |  | 132,000 |  |  | 374,880
Central Steel & Wire 4 |  | 4,862 |  |  | 3,014,440
Exeter Resource 1 |  | 475,000 |  |  | 229,188
Franco-Nevada Corporation |  | 118,000 |  |  | 5,622,700
Fresnillo |  | 20,000 |  |  | 218,089
Gold Fields ADR |  | 865,000 |  |  | 2,793,950
Haynes International |  | 23,000 |  |  | 1,134,360
Hecla Mining |  | 660,000 |  |  | 1,735,800
IAMGOLD Corporation 1 |  | 510,000 |  |  | 1,020,000
Imdex 1 |  | 741,766 |  |  | 171,693
Kirkland Lake Gold 1 |  | 90,000 |  |  | 405,685
Lundin Mining 1 |  | 640,000 |  |  | 2,628,663
Major Drilling Group International |  | 491,323 |  |  | 2,458,582
Pan American Silver |  | 130,430 |  |  | 1,120,394
Pretium Resources 1 |  | 246,000 |  |  | 1,331,433
Reliance Steel & Aluminum |  | 168,130 |  |  | 10,168,502
Seabridge Gold 1, 2 |  | 282,000 |  |  | 1,723,020
Synalloy Corporation |  | 178,800 |  |  | 2,449,560
Victoria Gold 1 |  | 550,000 |  |  | 61,649
Vista Gold 1 |  | 124,000 |  |  | 40,920
Worthington Industries |  | 148,000 |  |  | 4,448,880
|  |  |  |  | 43,152,388

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS | 2015 Semiannual Report to Stockholders | 19

Royce Value Trust | June 30, 2015 (unaudited)

Schedule of Investments (continued)
|  | SHARES |  | VALUE
MATERIALS (continued) |  |  |
PAPER & FOREST PRODUCTS - 0.1% |  |  |
Schweitzer-Mauduit International |  | 22,198 |  | $ | 885,256
TFS Corporation |  | 246,700 |  |  | 305,498
|  |  |  |  | 1,190,754
Total (Cost $80,095,702) |  |  |  |  | 88,913,944
TELECOMMUNICATION SERVICES – 0.5% |  |  |
WIRELESS TELECOMMUNICATION SERVICES - 0.5% |  |  |
Spok Holdings |  | 18,595 |  |  | 313,140
Telephone and Data Systems |  | 208,270 |  |  | 6,123,138
Total (Cost $5,721,184) |  |  |  |  | 6,436,278
UTILITIES – 0.1% |  |  |
GAS UTILITIES - 0.1% |  |  |
Shizuoka Gas |  | 110,000 |  |  | 768,476
Toho Gas |  | 60,000 |  |  | 355,436
|  |  |  |  | 1,123,912
MULTI-UTILITIES - 0.0% |  |  |
Just Energy Group 2 |  | 20,600 |  |  | 107,326
Total (Cost $1,234,656) |  |  |  |  | 1,231,238
MISCELLANEOUS 7 – 3.0% |  |  |
Total (Cost $34,748,812) |  |  |  |  | 37,321,928
TOTAL COMMON STOCKS |  |  |
(Cost $943,434,273) |  |  |  |  | 1,209,620,397

REPURCHASE AGREEMENT – 7.3% |  |  |
Fixed Income Clearing Corporation, 0.00% dated 6/30/15, due 7/1/15, maturity value $89,420,000 (collateralized by obligations of various U.S. Government Agencies, 2.125% due 1/31/21, valued at $91,208,579)
(Cost $89,420,000) |  |  |  |  | 89,420,000
TOTAL INVESTMENTS – 106.1% |  |  |
(Cost $1,032,854,273) |  |  |  |  | 1,299,040,397
LIABILITIES LESS CASH AND OTHER ASSETS – (6.1)% |  |  | (74,840,748)
NET ASSETS – 100.0% |  |  |  | $ | 1,224,199,649

† | New additions in 2015.
1 | Non-income producing.
2 | All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2015. Total market value of pledged securities at June 30, 2015, was $110,779,080.
3 | At June 30, 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $65,665,298.
4 | These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities. See Notes to Financial Statements.
5 | At June 30, 2015, 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. See Notes to Financial Statements.
6 | Securities for which market quotations are not readily available represent 0.0% 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. See Notes to Financial Statements.
7 | Includes securities first acquired in 2015 and less than 1% of net assets.
| Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2015, market value.
| TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,033,991,063. At June 30, 2015, net unrealized appreciation for all securities was $265,049,334, consisting of aggregate gross unrealized appreciation of $347,502,881 and aggregate gross unrealized depreciation of $82,453,547. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

20 | 2015 Semiannual Report to Stockholders | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Value Trust | June 30, 2015 (unaudited)

Statement of Assets and Liabilities
ASSETS: |  |  |  |
Investments at value |  |  |  |
Non-Affiliated Companies (cost $935,250,548) |  | $ | 1,202,163,175 |
Affiliated Companies (cost $8,183,725) |  |  | 7,457,222 |
Total investments at value |  |  | 1,209,620,397 |
Repurchase agreements (at cost and value) |  |  | 89,420,000 |
Cash and foreign currency |  |  | 7,975 |
Receivable for investments sold |  |  | 2,214,780 |
Receivable for dividends and interest |  |  | 931,282 |
Prepaid expenses and other assets |  |  | 548,484 |
Total Assets |  |  | 1,302,742,918 |
LIABILITIES: |  |  |  |
Revolving credit agreement |  |  | 70,000,000 |
Payable for investments purchased |  |  | 7,733,832 |
Payable for investment advisory fee |  |  | 491,871 |
Payable for directors’ fees |  |  | 46,197 |
Payable for interest expense |  |  | 4,801 |
Accrued expenses |  |  | 209,864 |
Deferred capital gains tax |  |  | 56,704 |
Total Liabilities |  |  | 78,543,269 |
Net Assets |  | $ | 1,224,199,649 |
ANALYSIS OF NET ASSETS: |  |  |  |
Paid-in capital - $0.001 par value per share; 77,251,036 shares outstanding (150,000,000 shares authorized) |  | $ | 907,619,001 |
Undistributed net investment income (loss) |  |  | 7,493,931 |
Accumulated net realized gain (loss) on investments and foreign currency |  |  | 87,943,951 |
Net unrealized appreciation (depreciation) on investments and foreign currency |  |  | 266,107,071 |
Quarterly distributions |  |  | (44,964,305 | )
Net Assets (net asset value per share - $15.85) |  | $ | 1,224,199,649 |
Investments at identified cost |  | $ | 943,434,273 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS | 2015 Semiannual Report to Stockholders | 21

Royce Value Trust | Six Months Ended June 30, 2015 (unaudited)

Statement of Operations
INVESTMENT INCOME: |  |  |  |
INCOME: |  |  |  |
Dividends |  |  |  |
Non-Affiliated Companies |  | $ | 9,042,544 |
Affiliated Companies |  |  | 53,304 |
Foreign withholding tax |  |  | (227,460 | )
Interest |  |  | 44,437 |
Rehypothecation income |  |  | 265,265 |
Securities lending |  |  | 668 |
Total income |  |  | 9,178,758 |
EXPENSES: |  |  |  |
Investment advisory fees |  |  | 2,927,659 |
Interest expense |  |  | 429,480 |
Stockholder reports |  |  | 211,103 |
Custody and transfer agent fees |  |  | 131,224 |
Administrative and office facilities |  |  | 84,173 |
Directors’ fees |  |  | 79,029 |
Professional fees |  |  | 41,766 |
Other expenses |  |  | 66,709 |
Total expenses |  |  | 3,971,143 |
Compensating balance credits |  |  | (13 | )
Net expenses |  |  | 3,971,130 |
Net investment income (loss) |  |  | 5,207,628 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
NET REALIZED GAIN (LOSS): |  |  |  |
Investments |  |  | 42,709,081 |
Foreign currency transactions |  |  | (17,114 | )
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |
Investments and foreign currency translations |  |  | (30,510,696 | )
Other assets and liabilities denominated in foreign currency |  |  | 180,895 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 12,362,166 |
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS |  | $ | 17,569,794 |

22 | 2015 Semiannual Report to Stockholders | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Value Trust

Statement of Changes in Net Assets
|  |  | SIX MONTHS ENDED 6/30/15 (UNAUDITED) |  |  |  | YEAR ENDED 12/31/14 |
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 5,207,628 |  |  | $ | 9,123,977 |
Net realized gain (loss) on investments and foreign currency |  |  | 42,691,967 |  |  |  | 130,855,526 |
Net change in unrealized appreciation (depreciation) on investments and foreign currency |  |  | (30,329,801 | ) |  |  | (140,388,974 | )
Net increase (decrease) in net assets from investment operations |  |  | 17,569,794 |  |  |  | (409,471 | )
DISTRIBUTIONS: |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | (10,008,114 | )
Net realized gain on investments and foreign currency |  |  | – |  |  |  | (123,263,927 | )
Quarterly distributions 1 |  |  | (44,964,305 | ) |  |  | – |
Total distributions |  |  | (44,964,305 | ) |  |  | (133,272,041 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | 19,639,522 |  |  |  | 57,806,861 |
Total capital stock transactions |  |  | 19,639,522 |  |  |  | 57,806,861 |
Net Increase (Decrease) In Net Assets |  |  | (7,754,989 | ) |  |  | (75,874,651 | )
NET ASSETS: |  |  |  |  |  |  |  |
Beginning of period |  |  | 1,231,954,638 |  |  |  | 1,307,829,289 |
End of period (including undistributed net investment income (loss) of $7,493,931 at 6/30/15 and $2,286,303 at 12/31/14) |  | $ | 1,224,199,649 |  |  | $ | 1,231,954,638 |

1 | To be allocated to net investment income, net realized gains and/or return of capital at year end.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS | 2015 Semiannual Report to Stockholders | 23

Royce Value Trust | Six Months Ended June 30, 2015 (unaudited)

Statement of Cash Flows
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
Net increase (decrease) in net assets from investment operations |  | $ | 17,569,794 |
Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities: |  |  |  |
Purchases of long-term investments |  |  | (202,375,047 | )
Proceeds from sales and maturities of long-term investments |  |  | 282,196,062 |
Net purchases, sales and maturities of short-term investments |  |  | (59,865,000 | )
Net (increase) decrease in dividends and interest receivable and other assets |  |  | 58,603 |
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities |  |  | (196,204 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | 30,510,696 |
Net realized gain on investments and foreign currency |  |  | (42,691,967 | )
Net cash provided by operating activities |  |  | 25,206,937 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
Distributions |  |  | (44,964,305 | )
Reinvestment of distributions |  |  | 19,639,522 |
Net cash used for financing activities |  |  | (25,324,783 | )
INCREASE (DECREASE) IN CASH: |  |  | (117,846 | )
Cash and foreign currency at beginning of period |  |  | 125,821 |
Cash and foreign currency at end of period |  | $ | 7,975 |

24 | 2015 Semiannual Report to Stockholders | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Value Trust
Financial Highlights

This table is presented to show selected data for a share of Common Stock outstanding throughout each period, and to assist stockholders in evaluating the Fund’s performance for the periods presented.

|  | SIX MONTHS |  | YEARS ENDED
|  | ENDED 6/30/15 (UNAUDITED) |  | 12/31/14 |  | 12/31/13 |  | 12/31/12 |  | 12/31/11 |  | 12/31/10
Net Asset Value, Beginning of Period |  | $ | 16.24 |  |  | $ | 18.17 |  |  | $ | 15.40 |  |  | $ | 14.18 |  |  | $ | 16.73 |  |  | $ | 12.87 |
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | 0.07 |  |  |  | 0.12 |  |  |  | 0.12 |  |  |  | 0.23 |  |  |  | 0.10 |  |  |  | 0.24 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 0.17 |  |  |  | (0.13 | ) |  |  | 4.89 |  |  |  | 2.02 |  |  |  | (1.62 | ) |  |  | 3.85 |
Total investment operations |  |  | 0.24 |  |  |  | (0.01 | ) |  |  | 5.01 |  |  |  | 2.25 |  |  |  | (1.52 | ) |  |  | 4.09 |
DISTRIBUTIONS TO PREFERRED STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.04 | ) |  |  | (0.03 | ) |  |  | (0.20 | )
Net realized gain on investments and foreign currency |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.13 | ) |  |  | (0.16 | ) |  |  | – |
Total distributions to Preferred Stockholders |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.17 | ) |  |  | (0.19 | ) |  |  | (0.20 | )
Net Increase (Decrease) in Net Assets Applicable to Common Stockholders from |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Operations |  |  | 0.24 |  |  |  | (0.01 | ) |  |  | 5.01 |  |  |  | 2.08 |  |  |  | (1.71 | ) |  |  | 3.89 |
DISTRIBUTIONS TO COMMON STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | (0.14 | ) |  |  | (0.11 | ) |  |  | (0.17 | ) |  |  | (0.08 | ) |  |  | (0.03 | )
Net realized gain on investments and foreign currency |  |  | – |  |  |  | (1.68 | ) |  |  | (2.08 | ) |  |  | (0.63 | ) |  |  | (0.43 | ) |  |  | – |
Return of capital |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.27 | ) |  |  | – |
Quarterly distributions 1 |  |  | (0.59 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total distributions to Common Stockholders |  |  | (0.59 | ) |  |  | (1.82 | ) |  |  | (2.19 | ) |  |  | (0.80 | ) |  |  | (0.78 | ) |  |  | (0.03 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of reinvestment of distributions by Common Stockholders |  |  | (0.04 | ) |  |  | (0.10 | ) |  |  | (0.05 | ) |  |  | (0.06 | ) |  |  | (0.06 | ) |  |  | (0.00 | )
Total capital stock transactions |  |  | (0.04 | ) |  |  | (0.10 | ) |  |  | (0.05 | ) |  |  | (0.06 | ) |  |  | (0.06 | ) |  |  | (0.00 | )
Net Asset Value, End of Period |  | $ | 15.85 |  |  | $ | 16.24 |  |  | $ | 18.17 |  |  | $ | 15.40 |  |  | $ | 14.18 |  |  | $ | 16.73 |
Market Value, End of Period |  | $ | 13.79 |  |  | $ | 14.33 |  |  | $ | 16.01 |  |  | $ | 13.42 |  |  | $ | 12.27 |  |  | $ | 14.54 |
TOTAL RETURN: 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Asset Value |  |  | 1.69 | % 3 |  |  | 0.78 | % |  |  | 34.14 | % |  |  | 15.41 | % |  |  | (10.06 | )% |  |  | 30.27 | %
Market Value |  |  | 0.27 | % 3 |  |  | 0.93 | % |  |  | 35.63 | % |  |  | 16.22 | % |  |  | (10.46 | )% |  |  | 35.05 | %
RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fee expense 4 |  |  | 0.48 | % 5 |  |  | 0.46 | % |  |  | 0.54 | % |  |  | 0.56 | % |  |  | 0.86 | % |  |  | 0.11 | %
Other operating expenses |  |  | 0.17 | % 5 |  |  | 0.15 | % |  |  | 0.25 | % |  |  | 0.15 | % |  |  | 0.12 | % |  |  | 0.12 | %
Total expenses (net) 6 |  |  | 0.65 | % 5 |  |  | 0.61 | % |  |  | 0.79 | % |  |  | 0.71 | % |  |  | 0.98 | % |  |  | 0.23 | %
Expenses net of fee waivers and excluding interest expense |  |  | 0.58 | % 5 |  |  | 0.55 | % |  |  | 0.65 | % |  |  | 0.68 | % |  |  | 0.98 | % |  |  | 0.23 | %
Expenses prior to fee waivers and balance credits |  |  | 0.65 | % 5 |  |  | 0.61 | % |  |  | 0.79 | % |  |  | 0.71 | % |  |  | 0.98 | % |  |  | 0.23 | %
Expenses prior to fee waivers |  |  | 0.65 | % 5 |  |  | 0.61 | % |  |  | 0.79 | % |  |  | 0.71 | % |  |  | 0.98 | % |  |  | 0.23 | %
Net investment income (loss) |  |  | 0.85 | % 5 |  |  | 0.72 | % |  |  | 0.70 | % |  |  | 1.57 | % |  |  | 0.63 | % |  |  | 1.69 | %
SUPPLEMENTAL DATA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Assets Applicable to Common Stockholders, End of Period (in thousands) |  | $ | 1,224,200 |  |  | $ | 1,231,955 |  |  | $ | 1,307,829 |  |  | $ | 1,082,426 |  |  | $ | 966,640 |  |  | $ | 1,105,879 |
Liquidation Value of Preferred Stock, End of Period (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 220,000 |  |  | $ | 220,000 |
Portfolio Turnover Rate |  |  | 17 | % |  |  | 40 | % |  |  | 33 | % |  |  | 25 | % |  |  | 26 | % |  |  | 30 | %
PREFERRED STOCK: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,800,000 |  |  |  | 8,800,000 |
Asset coverage per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 134.88 |  |  | $ | 150.67 |
Liquidation preference per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25.00 |  |  | $ | 25.00 |
Average month-end market value per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25.37 |  |  | $ | 25.06 |
REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset coverage |  |  | 1849 | % |  |  | 1860 | % |  |  | 1289 | % |  |  | 822 | % |  |  |  |  |  |  |  |
Asset coverage per $1,000 |  | $ | 18,489 |  |  | $ | 18,599 |  |  | $ | 12,889 |  |  | $ | 8,216 |  |  |  |  |  |  |  |  |

1 | To be allocated to net investment income, net realized gains and/or return of capital at year end.
2 | The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund’s net asset value is used on the purchase and sale dates instead of market value.
3 | Not annualized
4 | The investment advisory fee is calculated based on average net assets over a rolling 60-month basis, while the above ratios of investment advisory fee expenses are based on the average net assets applicable to Common Stockholders over a 12-month basis.
5 | Annualized
6 | Expense ratios based on total average net assets including liquidation value of Preferred Stock were 0.60%, 0.82% and 0.18% for the years ended December 31, 2012, 2011 and 2010, respectively.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS | 2015 Semiannual Report to Stockholders | 25

Royce Value Trust

Notes to Financial Statements (unaudited)

Summary of Significant Accounting Policies:
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.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies”.
VALUATION OF INVESTMENTS:
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. 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 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 June 30, 2015. 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 | $1,186,155,432 | $23,237,468 | $227,497 | $1,209,620,397
Cash Equivalents | – | 89,420,000 | – | 89,420,000

For the six months ended June 30, 2015, certain securities have transferred in and out of Level 1 and Level 2 measurements. The Fund recognizes transfers between levels as of the end of the reporting period. At June 30, 2015, securities valued at $79,743,661 were transferred from Level 2 to Level 1 within the fair value hierarchy.

26 | 2015 Semiannual Report to Stockholders

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

| BALANCE AS OF 12/31/14 | PURCHASES | SALES | REALIZED AND UNREALIZED GAIN (LOSS) 1 | BALANCE AS OF 6/30/15
Common Stocks | $ 270,001 | $ 0 | $ 1 | $ (42,503) | $227,497
Preferred Stocks | 1,216,350 | – | 724,062 | (492,288) | –

1 | The net change in unrealized appreciation (depreciation) is included in the accompanying Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. Net realized gain (loss) from investments and foreign currency transactions is included in the accompanying Statement of Operations.

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.
FOREIGN CURRENCY:
Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates.
SECURITIES LENDING:
The Fund loans securities through a lending agent 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. The Fund’s securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. The lending agent is not affiliated with Royce.
TAXES:
As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes information regarding income taxes under the caption “Tax Information”.
CAPITAL GAINS TAXES:
The Fund is subject to a tax imposed on short-term capital gains on securities of issuers domiciled in certain countries. The Fund records an estimated deferred tax liability for these securities that have been held for less than one year. This amount, if any, is reported as deferred capital gains tax in the accompanying Statement of Assets and Liabilities, assuming those positions were disposed of at the end of the period, and accounted for as a reduction in the market value of the security.
DISTRIBUTIONS:
The Fund pays quarterly distributions on the Fund’s Common Stock at the annual rate of 7% of the rolling average of the prior four calendar quarter-end NAVs of the Fund’s Common Stock, with the fourth quarter distribution being the greater of 1.75% of the rolling average or the distribution required by IRS regulations. Prior to November 15, 2012, distributions to Preferred Stockholders were accrued daily and paid quarterly. Distributions to Common Stockholders are recorded on ex-dividend date. Distributable capital gains and/or net investment income were first allocated to Preferred Stockholder distributions, with any excess allocable to Common Stockholders. If capital gains and/or net investment income were allocated to both Preferred and Common Stockholders, the tax character of such allocations was proportional. To the extent that distributions are not paid from long-term capital gains, net investment income or net short-term capital gains, they will represent a return of capital. Distributions are determined in accordance with income tax regulations that may

2015 Semiannual Report to Stockholders | 27

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

DISTRIBUTIONS (continued):
differ from accounting principles generally accepted in the United States of America. Permanent book and tax differences relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment income may include temporary book and tax basis differences, which will reverse in a subsequent period. Any taxable income or gain remaining undistributed at fiscal year end is distributed in the following year.
INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:
Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premium and discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.
EXPENSES:
The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund’s operations, while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to the Funds are allocated by Royce & Associates, LLC (“Royce”) under an administration agreement and are included in administrative and office facilities and professional fees. The Fund has adopted a deferred fee agreement that allows the Directors to defer the receipt of all or a portion of directors’ fees otherwise payable. The deferred fees are invested in certain Royce Funds until distributed in accordance with the agreement.
COMPENSATING BALANCE CREDITS:
The Fund has an arrangement with its custodian bank, whereby a portion of the custodian’s fee is paid indirectly by credits earned on the Fund’s cash on deposit with the bank. This deposit arrangement is an alternative to purchasing overnight investments. Conversely, the Fund pays interest to the custodian on any cash overdrafts, to the extent they are not offset by credits earned on positive cash balances.
Capital Stock:
The Fund issued 1,382,488 and 3,894,284 shares of Common Stock as reinvestment of distributions for the six months ended June 30, 2015 and the year ended December 31, 2014, respectively.
Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). 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.
As of June 30, 2015, the Fund has outstanding borrowings of $70,000,000. During the six months ended June 30, 2015, the Fund borrowed an average daily balance of $70,000,000 at a weighted average borrowing cost of 1.22%. The maximum amount outstanding during the six months ended June 30, 2015 was $70,000,000. As of June 30, 2015, the aggregate value of rehypothecated securities was $65,665,298. During the six months ended June 30, 2015, the Fund earned $265,265 in fees from rehypothecated securities.
Investment Advisory Agreement:
As compensation for its services under the Investment Advisory Agreement, Royce receives a fee comprised of a Basic Fee (“Basic Fee”) and an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the S&P SmallCap 600 Index (“S&P 600").

28 | 2015 Semiannual Report to Stockholders

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

Investment Advisory Agreement (continued):
The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund’s month-end net assets applicable to Common Stockholders, plus the liquidation value of outstanding Preferred Stock, for the rolling 60-month period ending with such month (the "performance period"). The Basic Fee for each month is increased or decreased at the rate of 1/12 of .05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the percentage change in the investment record of the S&P 600 for the performance period by more than two percentage points. The performance period for each such month is a rolling 60-month period ending with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage change in the investment record of the S&P 600 by 12 or more percentage points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage change in the investment record of the S&P 600 exceeds the investment performance of the Fund by 12 or more percentage points for the performance period.
Notwithstanding the foregoing, Royce is not entitled to receive any fee for any month when the investment performance of the Fund for the rolling 36-month period ending with such month is negative. In the event that the Fund’s investment performance for such a performance period is less than zero, Royce will not be required to refund to the Fund any fee earned in respect of any prior performance period.
For the six rolling 60-month periods ended June 2015, the Fund’s investment performance ranged from 37% to 45% below the investment performance of the S&P 600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $5,855,318 and a net downward adjustment of $2,927,659 for the performance of the Fund relative to that of the S&P 600. For the six months ended June 30, 2015, the Fund accrued and paid Royce investment advisory fees totaling $2,927,659.
Purchases and Sales of Investment Securities:
For the six months ended June 30, 2015, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $207,153,233 and $277,887,228, respectively.
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 six months ended June 30, 2015:

AFFILIATED COMPANY | SHARES 12/31/14 | MARKET VALUE 12/31/14 | COST OF PURCHASES | COST OF SALES | REALIZED GAIN (LOSS) | DIVIDEND INCOME | SHARES 6/30/15 | MARKET VALUE 6/30/15
Stanley Furniture | 1,012,235 | $2,773,524 | – | – | – | – | 1,012,235 | $3,006,338
Timberland Bancorp | 444,200 | 4,708,520 | – | – | – | $53,304 | 444,200 | 4,450,884
|  | $7,482,044 |  |  |  | $53,304 |  | $7,457,222

2015 Semiannual Report to Stockholders | 29

Royce Micro-Cap Trust

Schedule of Investments
Common Stocks – 105.9%
|  | SHARES |  | VALUE
CONSUMER DISCRETIONARY – 16.6% |  |  |
AUTO COMPONENTS - 2.6% |  |  |
Drew Industries 1, 2 |  | 55,400 |  | $ | 3,214,308
Fuel Systems Solutions 3 |  | 152,000 |  |  | 1,136,960
Global & Yuasa Battery |  | 50,500 |  |  | 1,731,700
Motorcar Parts of America 3 |  | 50,000 |  |  | 1,504,500
Standard Motor Products |  | 61,853 |  |  | 2,172,278
|  |  |  |  | 9,759,746
DISTRIBUTORS - 0.7% |  |  |
Core-Mark Holding Company |  | 16,800 |  |  | 995,400
Weyco Group |  | 59,600 |  |  | 1,777,272
|  |  |  |  | 2,772,672
DIVERSIFIED CONSUMER SERVICES - 1.9% |  |  |
American Public Education 3 |  | 68,300 |  |  | 1,756,676
Capella Education |  | 1,300 |  |  | 69,771
Collectors Universe |  | 83,100 |  |  | 1,657,014
Liberty Tax Cl. A |  | 108,264 |  |  | 2,679,534
Lincoln Educational Services 3 |  | 425,800 |  |  | 860,116
|  |  |  |  | 7,023,111
HOTELS, RESTAURANTS & LEISURE - 0.6% |  |  |
Monarch Casino & Resort 3 |  | 31,997 |  |  | 657,858
MTY Food Group |  | 55,300 |  |  | 1,466,402
Nathan’s Famous |  | 2,100 |  |  | 77,826
|  |  |  |  | 2,202,086
HOUSEHOLD DURABLES - 3.1% |  |  |
Cavco Industries 3 |  | 18,691 |  |  | 1,410,049
Ethan Allen Interiors 1 |  | 69,700 |  |  | 1,835,898
Flexsteel Industries 1, 2 |  | 53,900 |  |  | 2,322,551
iRobot Corporation 1, 2, 3 |  | 15,000 |  |  | 478,200
Lifetime Brands |  | 192,094 |  |  | 2,837,228
Skyline Corporation 3 |  | 183,400 |  |  | 539,196
Stanley Furniture 3 |  | 93,468 |  |  | 277,600
Universal Electronics 3 |  | 37,900 |  |  | 1,888,936
|  |  |  |  | 11,589,658
INTERNET & CATALOG RETAIL - 1.0% |  |  |
Blue Nile 3 |  | 76,500 |  |  | 2,324,835
FTD Companies 3 |  | 48,700 |  |  | 1,372,853
|  |  |  |  | 3,697,688
LEISURE PRODUCTS - 1.7% |  |  |
Arctic Cat |  | 11,500 |  |  | 381,915
LeapFrog Enterprises Cl. A 1, 3 |  | 446,000 |  |  | 624,400
Nautilus 3 |  | 177,700 |  |  | 3,822,327
Smith & Wesson Holding Corporation 1, 2, 3 |  | 92,600 |  |  | 1,536,234
Sturm, Ruger & Co. |  | 1,100 |  |  | 63,195
|  |  |  |  | 6,428,071
MEDIA - 1.1% |  |  |
Rentrak Corporation 3 |  | 34,500 |  |  | 2,408,100
Sizmek 3 |  | 5,800 |  |  | 41,180
Value Line |  | 169,000 |  |  | 1,754,220
|  |  |  |  | 4,203,500
SPECIALTY RETAIL - 1.8% |  |  |
Aeropostale 3 |  | 165,000 |  |  | 267,300
America’s Car-Mart 1, 2, 3 |  | 18,100 |  |  | 892,692
Destination Maternity |  | 190,600 |  |  | 2,222,396
Kirkland’s |  | 7,900 |  |  | 220,173
Le Chateau Cl. A 3 |  | 685,000 |  |  | 318,094
Lewis Group |  | 57,000 |  |  | 461,913
Shoe Carnival 1 |  | 31,628 |  |  | 912,784
Stage Stores 1 |  | 27,800 |  |  | 487,334
Systemax 1, 2, 3 |  | 44,000 |  |  | 380,160
West Marine 3 |  | 86,000 |  |  | 829,040
|  |  |  |  | 6,991,886
TEXTILES, APPAREL & LUXURY GOODS - 2.1% |  |  |
Crown Crafts |  | 159,359 |  |  | 1,274,872
Culp |  | 55,100 |  |  | 1,708,100
J.G. Boswell Company 4 |  | 2,490 |  |  | 1,755,450
Movado Group 1 |  | 44,374 |  |  | 1,205,198
YGM Trading |  | 1,422,000 |  |  | 1,838,141
|  |  |  |  | 7,781,761
Total (Cost $56,674,496) |  |  |  |  | 62,450,179
CONSUMER STAPLES – 2.8% |  |  |
BEVERAGES - 0.1% |  |  |
Crimson Wine Group 3, 4 |  | 58,124 |  |  | 543,459
FOOD PRODUCTS - 2.7% |  |  |
Binggrae |  | 18,078 |  |  | 1,369,484
Farmer Bros. 1, 3 |  | 67,400 |  |  | 1,583,900
John B. Sanfilippo & Son |  | 26,900 |  |  | 1,396,110
Landec Corporation 3 |  | 75,610 |  |  | 1,091,052
Limoneira Company |  | 6,400 |  |  | 142,272
Seneca Foods Cl. A 3 |  | 51,400 |  |  | 1,427,378
Seneca Foods Cl. B 3 |  | 42,500 |  |  | 1,264,800
SunOpta 3 |  | 138,700 |  |  | 1,488,251
Waterloo Investment Holdings 3, 5 |  | 806,207 |  |  | 306,359
|  |  |  |  | 10,069,606
Total (Cost $7,527,262) |  |  |  |  | 10,613,065
ENERGY – 1.7% |  |  |
ENERGY EQUIPMENT & SERVICES - 0.9% |  |  |
Canadian Energy Services & Technology |  | 25,000 |  |  | 144,115
Dawson Geophysical 3 |  | 93,654 |  |  | 440,174
Geospace Technologies 1, 2, 3 |  | 9,500 |  |  | 218,975
Gulf Island Fabrication |  | 103,216 |  |  | 1,152,923
Matrix Service 1, 2, 3 |  | 25,300 |  |  | 462,484
North American Energy Partners |  | 50,000 |  |  | 121,500
Pioneer Energy Services 1, 3 |  | 57,500 |  |  | 364,550
Tesco Corporation 1 |  | 58,000 |  |  | 632,200
|  |  |  |  | 3,536,921
OIL, GAS & CONSUMABLE FUELS - 0.8% |  |  |
Ardmore Shipping |  | 10,600 |  |  | 128,366
Permian Basin Royalty Trust |  | 266,333 |  |  | 2,146,644
Resolute Energy 1, 2, 3 |  | 102,100 |  |  | 98,680
StealthGas 3 |  | 74,500 |  |  | 502,875
|  |  |  |  | 2,876,565
Total (Cost $9,118,156) |  |  |  |  | 6,413,486
FINANCIALS – 19.8% |  |  |
BANKS - 2.0% |  |  |
Bank of N.T. Butterfield & Son |  | 438,100 |  |  | 714,103
BCB Holdings 3 |  | 566,936 |  |  | 75,718
Blue Hills Bancorp 3 |  | 50,000 |  |  | 700,000
Bryn Mawr Bank |  | 25,000 |  |  | 754,000
Chemung Financial 1 |  | 31,000 |  |  | 820,880
Fauquier Bankshares 1, 2 |  | 140,200 |  |  | 2,227,778
First Bancorp (The) |  | 40,200 |  |  | 781,488
Peapack-Gladstone Financial |  | 53,606 |  |  | 1,191,125
|  |  |  |  | 7,265,092
CAPITAL MARKETS - 11.1% |  |  |
ASA Gold and Precious Metals |  | 206,150 |  |  | 2,001,716

30 | 2015 Semiannual Report to Stockholders | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2015 (unaudited)

Schedule of Investments (continued)

|  | SHARES |  |  | VALUE
FINANCIALS (continued) |  |  |  |  |
CAPITAL MARKETS (continued) |  |  |  |  |
BHF Kleinwort Benson Group 3 |  | 230,000 |  | $ | 1,125,664
Cowen Group 3 |  | 245,900 |  |  | 1,573,760
Diamond Hill Investment Group 1,2 |  | 23,354 |  |  | 4,662,860
Dundee Corporation Cl. A 3 |  | 120,000 |  |  | 1,204,804
Equity Trustees |  | 43,150 |  |  | 678,832
FBR & Co. 3 |  | 51,684 |  |  | 1,195,968
Fiera Capital Cl. A |  | 78,000 |  |  | 773,755
†Fifth Street Asset Management Cl. A |  | 211,603 |  |  | 2,175,279
INTL FCStone 1,2,3 |  | 41,727 |  |  | 1,387,005
JZ Capital Partners |  | 253,999 |  |  | 1,789,945
Medley Management Cl. A |  | 210,800 |  |  | 2,495,872
MVC Capital 1,2 |  | 387,400 |  |  | 3,951,480
Newtek Business Services |  | 86,600 |  |  | 1,534,552
OHA Investment |  | 230,820 |  |  | 1,313,366
Queen City Investments 4 |  | 948 |  |  | 1,090,200
Silvercrest Asset Management Group Cl. A |  | 228,600 |  |  | 3,214,116
Sprott |  | 984,300 |  |  | 1,946,534
U.S. Global Investors Cl. A |  | 676,254 |  |  | 1,879,986
Urbana Corporation |  | 237,600 |  |  | 410,901
Westwood Holdings Group 1 |  | 34,700 |  |  | 2,067,079
ZAIS Group Holdings Cl. A 3 |  | 292,160 |  |  | 3,184,544
|  |  |  |  | 41,658,218
CONSUMER FINANCE - 1.0% |  |  |  |  |
EZCORP Cl. A 1,2,3 |  | 201,000 |  |  | 1,493,430
J.G. Wentworth Company Cl. A 3 |  | 160,000 |  |  | 1,472,000
Regional Management 3 |  | 51,400 |  |  | 918,004
|  |  |  |  | 3,883,434
DIVERSIFIED FINANCIAL SERVICES - 0.6% |  |  |  |  |
Banca Finnat Euramerica |  | 1,310,000 |  |  | 711,241
GAIN Capital Holdings |  | 25,000 |  |  | 239,000
PICO Holdings 1,3 |  | 45,700 |  |  | 672,704
Warsaw Stock Exchange |  | 52,900 |  |  | 666,033
|  |  |  |  | 2,288,978
INSURANCE - 2.1% |  |  |  |  |
Hallmark Financial Services 3 |  | 114,000 |  |  | 1,297,320
Independence Holding Company |  | 105,380 |  |  | 1,389,962
National Western Life Insurance Cl. A 1 |  | 7,033 |  |  | 1,684,333
State Auto Financial 1,2 |  | 97,264 |  |  | 2,329,473
United Fire Group 1 |  | 38,603 |  |  | 1,264,635
|  |  |  |  | 7,965,723
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.4% |  |  |  |  |
BRT Realty Trust 3 |  | 230,331 |  |  | 1,619,227
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.6% |  |  |  |  |
AV Homes 3 |  | 75,300 |  |  | 1,082,061
Forestar Group 1,2,3 |  | 53,000 |  |  | 697,480
FRP Holdings 1,2,3 |  | 88,381 |  |  | 2,866,196
Griffin Industrial Realty |  | 47,746 |  |  | 1,529,782
Hopefluent Group Holdings |  | 1,400,000 |  |  | 475,002
Marcus & Millichap 3 |  | 2,700 |  |  | 124,578
Tejon Ranch 1,2,3 |  | 112,162 |  |  | 2,883,685
Tejon Ranch (Warrants) 3 |  | 13,146 |  |  | 5,915
|  |  |  |  | 9,664,699
Total (Cost $67,746,119) |  |  |  |  | 74,345,371
HEALTH CARE – 10.7% |  |  |  |  |
BIOTECHNOLOGY - 1.2% |  |  |  |  |
Aquinox Pharmaceuticals 3 |  | 47,622 |  |  | 330,497
ARIAD Pharmaceuticals 1,3 |  | 114,102 |  |  | 943,624
Celsion Corporation 3 |  | 115,555 |  |  | 271,554
ChemoCentryx 3 |  | 70,000 |  |  | 576,100
Fortress Biotech 3 |  | 147,400 |  |  | 495,264
Zealand Pharma 3 |  | 104,000 |  |  | 1,717,300
|  |  |  |  | 4,334,339
HEALTH CARE EQUIPMENT & SUPPLIES - 4.5% |  |  |  |  |
Allied Healthcare Products 3 |  | 45,172 |  |  | 66,403
AngioDynamics 1,2,3 |  | 42,163 |  |  | 691,473
Atrion Corporation |  | 10,294 |  |  | 4,038,439
Cerus Corporation 1,2,3 |  | 140,000 |  |  | 726,600
Cynosure Cl. A 3 |  | 1,500 |  |  | 57,870
Derma Sciences 3 |  | 74,958 |  |  | 536,699
Exactech 1,2,3 |  | 137,200 |  |  | 2,857,876
Inogen 3 |  | 5,400 |  |  | 240,840
Invacare Corporation 1 |  | 44,300 |  |  | 958,209
Meridian Bioscience |  | 45,400 |  |  | 846,256
STRATEC Biomedical |  | 14,000 |  |  | 771,108
Symmetry Surgical 3 |  | 2,975 |  |  | 25,942
Synergetics USA 1,3 |  | 61,735 |  |  | 290,155
Syneron Medical 3 |  | 69,200 |  |  | 734,904
TearLab Corporation 3 |  | 100,000 |  |  | 202,000
Trinity Biotech ADR Cl. A |  | 81,600 |  |  | 1,473,696
Utah Medical Products |  | 38,100 |  |  | 2,271,903
|  |  |  |  | 16,790,373
HEALTH CARE PROVIDERS & SERVICES - 3.4% |  |  |  |  |
Aceto Corporation |  | 72,219 |  |  | 1,778,754
Addus HomeCare 3 |  | 66,900 |  |  | 1,863,834
CorVel Corporation 1,3 |  | 40,000 |  |  | 1,280,800
Cross Country Healthcare 3 |  | 240,700 |  |  | 3,052,076
Landauer |  | 32,343 |  |  | 1,152,704
National Research Cl. A |  | 40,033 |  |  | 568,869
PharMerica Corporation 1,2,3 |  | 40,000 |  |  | 1,332,000
Psychemedics Corporation |  | 83,200 |  |  | 1,233,856
U.S. Physical Therapy |  | 12,600 |  |  | 689,976
|  |  |  |  | 12,952,869
HEALTH CARE TECHNOLOGY - 0.6% |  |  |  |  |
Computer Programs and Systems |  | 24,000 |  |  | 1,282,080
HealthStream 3 |  | 24,227 |  |  | 736,985
Vocera Communications 3 |  | 33,100 |  |  | 378,995
|  |  |  |  | 2,398,060
PHARMACEUTICALS - 1.0% |  |  |  |  |
Agile Therapeutics 1,3 |  | 80,000 |  |  | 687,200
Lipocine 3 |  | 122,800 |  |  | 1,053,624
Repros Therapeutics 3 |  | 129,000 |  |  | 922,350
Theravance Biopharma 3 |  | 83,509 |  |  | 1,087,287
|  |  |  |  | 3,750,461
Total (Cost $30,310,628) |  |  |  |  | 40,226,102
INDUSTRIALS – 20.7% |  |  |  |  |
AEROSPACE & DEFENSE - 1.6% |  |  |  |  |
Breeze-Eastern Corporation 3 |  | 24,233 |  |  | 278,680
CPI Aerostructures 3 |  | 90,700 |  |  | 907,907
Ducommun 1,2,3 |  | 75,700 |  |  | 1,943,219
FLYHT Aerospace Solutions 3 |  | 800,200 |  |  | 150,558
Innovative Solutions and Support 3 |  | 142,828 |  |  | 471,332
Kratos Defense & Security Solutions 3 |  | 72,324 |  |  | 455,641
SIFCO Industries |  | 45,800 |  |  | 682,420

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2015 Semiannual Report to Stockholders | 31

Royce Micro-Cap Trust
Schedule of Investments (continued)

|  | SHARES |  |  | VALUE
INDUSTRIALS (continued) |  |  |  |  |
AEROSPACE & DEFENSE (continued) |  |  |  |  |
Sparton Corporation 1,2,3 |  | 35,700 |  | $ | 975,324
|  |  |  |  | 5,865,081
AIR FREIGHT & LOGISTICS - 0.7% |  |  |  |  |
Frontier Services Group 3 |  | 6,137,286 |  |  | 2,581,103
BUILDING PRODUCTS - 1.7% |  |  |  |  |
AAON 1,2 |  | 30,300 |  |  | 682,356
Apogee Enterprises |  | 31,900 |  |  | 1,679,216
Burnham Holdings Cl. A 4 |  | 117,000 |  |  | 2,162,160
Insteel Industries |  | 60,500 |  |  | 1,131,350
Patrick Industries 3 |  | 21,150 |  |  | 804,758
|  |  |  |  | 6,459,840
COMMERCIAL SERVICES & SUPPLIES - 1.6% |  |  |  |  |
CompX International Cl. A |  | 107,500 |  |  | 1,225,500
Heritage-Crystal Clean 3 |  | 235,077 |  |  | 3,455,632
Horizon North Logistics |  | 22,300 |  |  | 68,739
Intersections 1,2,3 |  | 203,700 |  |  | 625,359
Team 1,2,3 |  | 17,500 |  |  | 704,375
|  |  |  |  | 6,079,605
CONSTRUCTION & ENGINEERING - 3.2% |  |  |  |  |
Ameresco Cl. A 3 |  | 295,700 |  |  | 2,262,105
Integrated Electrical Services 3 |  | 570,682 |  |  | 4,051,842
Layne Christensen 1,2,3 |  | 50,000 |  |  | 447,500
MYR Group 1,2,3 |  | 107,100 |  |  | 3,315,816
Northwest Pipe 3 |  | 32,000 |  |  | 651,840
Orbit Garant Drilling 3 |  | 1,512,500 |  |  | 1,235,188
|  |  |  |  | 11,964,291
ELECTRICAL EQUIPMENT - 1.0% |  |  |  |  |
Encore Wire 1 |  | 15,000 |  |  | 664,350
Global Power Equipment Group |  | 55,649 |  |  | 431,836
LSI Industries |  | 99,012 |  |  | 924,772
Orion Energy Systems 3 |  | 100,000 |  |  | 251,000
Powell Industries |  | 28,400 |  |  | 998,828
Preformed Line Products |  | 17,243 |  |  | 650,406
|  |  |  |  | 3,921,192
INDUSTRIAL CONGLOMERATES - 0.6% |  |  |  |  |
Raven Industries 1 |  | 103,400 |  |  | 2,102,122
MACHINERY - 5.2% |  |  |  |  |
ARC Group Worldwide 1,2,3 |  | 39,250 |  |  | 208,025
CIRCOR International 1 |  | 1,100 |  |  | 59,983
Columbus McKinnon |  | 39,850 |  |  | 996,250
Douglas Dynamics |  | 50,000 |  |  | 1,074,000
Eastern Company (The) |  | 39,750 |  |  | 736,170
Foster (L.B.) Company 1 |  | 46,400 |  |  | 1,605,904
Graham Corporation 1 |  | 111,948 |  |  | 2,293,815
Hurco Companies |  | 57,266 |  |  | 1,982,549
Kadant |  | 21,200 |  |  | 1,000,640
Luxfer Holdings ADR |  | 27,812 |  |  | 361,556
NN |  | 141,600 |  |  | 3,613,632
Pfeiffer Vacuum Technology |  | 21,000 |  |  | 1,871,074
Sun Hydraulics |  | 8,200 |  |  | 312,502
Tecumseh Products 3 |  | 265,000 |  |  | 654,550
Tennant Company 1,2 |  | 33,500 |  |  | 2,188,890
Twin Disc |  | 7,000 |  |  | 130,480
Wabash National 3 |  | 46,100 |  |  | 578,094
|  |  |  |  | 19,668,114
MARINE - 0.4% |  |  |  |  |
Clarkson |  | 32,700 |  |  | 1,406,267
PROFESSIONAL SERVICES - 2.7% |  |  |  |  |
Acacia Research 1 |  | 69,700 |  |  | 611,269
CBIZ 3 |  | 47,000 |  |  | 453,080
Franklin Covey 3 |  | 78,700 |  |  | 1,596,823
Heidrick & Struggles International |  | 98,268 |  |  | 2,562,830
ICF International 3 |  | 15,700 |  |  | 547,302
Kforce 1 |  | 66,600 |  |  | 1,523,142
Mistras Group 3 |  | 4,100 |  |  | 77,818
Navigant Consulting 3 |  | 5,100 |  |  | 75,837
Resources Connection |  | 60,160 |  |  | 967,974
RPX Corporation 3 |  | 104,900 |  |  | 1,772,810
|  |  |  |  | 10,188,885
ROAD & RAIL - 1.0% |  |  |  |  |
Marten Transport |  | 3,300 |  |  | 71,610
†Patriot Transportation Holding 1,2,3 |  | 29,460 |  |  | 726,189
Universal Truckload Services 1 |  | 134,200 |  |  | 2,947,032
|  |  |  |  | 3,744,831
TRADING COMPANIES & DISTRIBUTORS - 0.8% |  |  |  |  |
DXP Enterprises 3 |  | 1,600 |  |  | 74,400
Houston Wire & Cable |  | 162,075 |  |  | 1,607,784
Lawson Products 3 |  | 47,769 |  |  | 1,121,616
MFC Industrial 3 |  | 70,000 |  |  | 283,500
|  |  |  |  | 3,087,300
TRANSPORTATION INFRASTRUCTURE - 0.2% |  |  |  |  |
Touax |  | 53,197 |  |  | 880,704
Total (Cost $60,432,284) |  |  |  |  | 77,949,335
INFORMATION TECHNOLOGY – 22.6% |  |  |  |  |
COMMUNICATIONS EQUIPMENT - 1.2% |  |  |  |  |
Alliance Fiber Optic Products |  | 48,900 |  |  | 907,095
Applied Optoelectronics 1,2,3 |  | 7,500 |  |  | 130,200
Bel Fuse Cl. A |  | 67,705 |  |  | 1,398,785
CalAmp Corporation 3 |  | 5,500 |  |  | 100,430
Ceragon Networks 3 |  | 29,700 |  |  | 34,155
ClearOne |  | 25,000 |  |  | 322,625
Extreme Networks 3 |  | 320,000 |  |  | 860,800
KVH Industries 3 |  | 8,900 |  |  | 119,705
Oclaro 3 |  | 27,900 |  |  | 63,054
PCTEL |  | 44,100 |  |  | 316,638
Sandvine Corporation 3 |  | 22,700 |  |  | 65,247
|  |  |  |  | 4,318,734
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 8.4% |  |  |  |  |
Agilysys 3 |  | 170,587 |  |  | 1,565,989
Deswell Industries |  | 544,371 |  |  | 979,868
DTS 3 |  | 96,300 |  |  | 2,936,187
†FARO Technologies 3 |  | 60,000 |  |  | 2,802,000
Inficon Holding |  | 3,600 |  |  | 1,230,226
LRAD Corporation 3 |  | 401,756 |  |  | 799,494
Mercury Systems 3 |  | 47,500 |  |  | 695,400
Mesa Laboratories 1,2 |  | 38,489 |  |  | 3,421,672
Newport Corporation 1,2,3 |  | 200,023 |  |  | 3,792,436
Orbotech 1,2,3 |  | 127,800 |  |  | 2,658,240
PC Connection |  | 43,716 |  |  | 1,081,534
Richardson Electronics |  | 330,900 |  |  | 2,673,672
Rofin-Sinar Technologies 3 |  | 71,100 |  |  | 1,962,360
Rogers Corporation 1,3 |  | 14,700 |  |  | 972,258
TTM Technologies 1,2,3 |  | 179,400 |  |  | 1,792,206
Vishay Precision Group 3 |  | 154,000 |  |  | 2,319,240
|  |  |  |  | 31,682,782

32 | 2015 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2015 (unaudited)

Schedule of Investments (continued)

|  | SHARES |  |  |  | VALUE
INFORMATION TECHNOLOGY (continued) |  |  |  |  |  |
INTERNET SOFTWARE & SERVICES - 3.6% |  |  |  |  |  |
Care.com 1,2,3 |  | 372,254 |  |  | $ | 2,203,744
LivePerson 3 |  | 3,700 |  |  |  | 36,297
Marchex Cl. B |  | 95,000 |  |  |  | 470,250
QuinStreet 3 |  | 306,900 |  |  |  | 1,979,505
Qumu Corporation 3 |  | 161,800 |  |  |  | 1,333,232
RealNetworks 3 |  | 244,000 |  |  |  | 1,320,040
Reis |  | 25,000 |  |  |  | 554,500
Stamps.com 3 |  | 10,800 |  |  |  | 794,556
Support.com 3 |  | 1,357,663 |  |  |  | 1,914,305
Textura Corporation 1,2,3 |  | 50,000 |  |  |  | 1,391,500
United Online 3 |  | 97,400 |  |  |  | 1,526,258
|  |  |  |  |  | 13,524,187
IT SERVICES - 1.9% |  |  |  |  |  |
Cass Information Systems 1 |  | 29,150 |  |  |  | 1,638,813
Computer Task Group 1 |  | 256,233 |  |  |  | 1,978,119
Hackett Group (The) |  | 170,000 |  |  |  | 2,283,100
Innodata 3 |  | 437,275 |  |  |  | 1,150,033
Sykes Enterprises 3 |  | 6,300 |  |  |  | 152,775
|  |  |  |  |  | 7,202,840
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.3% |  |  |  |  |  |
Amtech Systems 3 |  | 120,700 |  |  |  | 1,254,073
Brooks Automation |  | 116,300 |  |  |  | 1,331,635
Cascade Microtech 3 |  | 86,200 |  |  |  | 1,312,395
Exar Corporation 3 |  | 180,208 |  |  |  | 1,762,434
Intermolecular 3 |  | 260,000 |  |  |  | 512,200
IXYS Corporation |  | 18,800 |  |  |  | 287,640
Kulicke & Soffa Industries 3 |  | 72,300 |  |  |  | 846,633
MoSys 1,2,3 |  | 402,275 |  |  |  | 764,322
Nanometrics 3 |  | 50,800 |  |  |  | 818,896
Nova Measuring Instruments 3 |  | 71,800 |  |  |  | 897,500
Photronics 3 |  | 162,700 |  |  |  | 1,547,277
Rubicon Technology 1,2,3 |  | 76,899 |  |  |  | 186,865
Ultra Clean Holdings 3 |  | 128,300 |  |  |  | 799,309
Xcerra Corporation 3 |  | 26,200 |  |  |  | 198,334
|  |  |  |  |  | 12,519,513
SOFTWARE - 3.0% |  |  |  |  |  |
American Software Cl. A |  | 122,752 |  |  |  | 1,166,144
BSQUARE Corporation 3 |  | 98,675 |  |  |  | 669,017
†Computer Modelling Group |  | 276,500 |  |  |  | 2,802,634
Envivio 3 |  | 489,376 |  |  |  | 929,814
ePlus 3 |  | 24,899 |  |  |  | 1,908,508
Gigamon 3 |  | 3,600 |  |  |  | 118,764
Model N 3 |  | 65,000 |  |  |  | 774,150
PSI 3 |  | 34,000 |  |  |  | 392,316
Rubicon Project 3 |  | 60,500 |  |  |  | 905,080
SeaChange International 3 |  | 204,000 |  |  |  | 1,430,040
|  |  |  |  |  | 11,096,467
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.2% |  |  |  |  |  |
Avid Technology 3 |  | 49,500 |  |  |  | 660,330
Intevac 3 |  | 251,700 |  |  |  | 1,472,445
Kortek |  | 135,007 |  |  |  | 1,863,918
TransAct Technologies |  | 78,600 |  |  |  | 525,048
|  |  |  |  |  | 4,521,741
Total (Cost $80,654,554) |  |  |  |  |  | 84,866,264
MATERIALS – 6.4% |  |  |  |  |  |
CHEMICALS - 2.1% |  |  |  |  |  |
Balchem Corporation 1,2 |  | 11,775 |  |  |  | 656,103

Chase Corporation |  | 13,503 |  |  | 536,744
FutureFuel Corporation |  | 109,700 |  |  | 1,411,839
Hawkins 1 |  | 29,314 |  |  | 1,183,993
KMG Chemicals |  | 49,900 |  |  | 1,269,456
Quaker Chemical 1,2 |  | 30,400 |  |  | 2,700,736
|  |  |  |  | 7,758,871
CONSTRUCTION MATERIALS - 0.5% |  |  |  |  |
Ash Grove Cement 4 |  | 8,000 |  |  | 1,608,000
Monarch Cement 4 |  | 16,303 |  |  | 497,241
|  |  |  |  | 2,105,241
CONTAINERS & PACKAGING - 0.4% |  |  |  |  |
UFP Technologies 3 |  | 68,036 |  |  | 1,423,313
METALS & MINING - 3.4% |  |  |  |  |
AuRico Gold |  | 91,250 |  |  | 259,150
Central Steel & Wire 4 |  | 788 |  |  | 488,560
Comstock Mining 3 |  | 615,000 |  |  | 359,775
Exeter Resource 3 |  | 246,500 |  |  | 118,936
Haynes International 1 |  | 51,401 |  |  | 2,535,097
Hecla Mining |  | 44,518 |  |  | 117,082
Horsehead Holding Corporation 1,2,3 |  | 11,900 |  |  | 139,468
Imdex 3 |  | 633,900 |  |  | 146,726
MAG Silver 3 |  | 96,050 |  |  | 752,072
Major Drilling Group International |  | 460,857 |  |  | 2,306,130
Materion Corporation |  | 50,000 |  |  | 1,762,500
Midway Gold 3,5 |  | 275,000 |  |  | 2,750
Olympic Steel |  | 100,000 |  |  | 1,744,000
Pretium Resources 3 |  | 90,000 |  |  | 487,110
Universal Stainless & Alloy Products 3 |  | 73,800 |  |  | 1,450,170
|  |  |  |  | 12,669,526
Total (Cost $23,496,105) |  |  |  |  | 23,956,951
TELECOMMUNICATION SERVICES – 0.1% |  |  |  |  |
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1% |  |  |  |  |
ORBCOMM 3 |  | 38,000 |  |  | 256,500
Total (Cost $237,587) |  |  |  |  | 256,500
UTILITIES – 0.3% |  |  |  |  |
GAS UTILITIES - 0.1% |  |  |  |  |
Shizuoka Gas |  | 40,000 |  |  | 279,446
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCER - 0.0% |  |  |  |  |
Alterra Power 3 |  | 450,000 |  |  | 151,321
WATER UTILITIES - 0.2% |  |  |  |  |
GWR Global Water Resources |  | 106,000 |  |  | 606,806
Total (Cost $936,784) |  |  |  |  | 1,037,573
MISCELLANEOUS6 – 4.2% |  |  |  |  |
Total (Cost $15,669,416) |  |  |  |  | 15,627,997
TOTAL COMMON STOCKS |  |  |  |  |
(Cost $352,803,391) |  |  |  |  | 397,742,823
PREFERRED STOCK - 0.3% |  |  |  |  |
Seneca Foods Conv. 3,4 |  | 45,409 |  |  | 1,208,787
(Cost $578,719) |  |  |  |  | 1,208,787

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2015 Semiannual Report to Stockholders | 33

Royce Micro-Cap Trust |  |  | June 30, 2015 (unaudited)
Schedule of Investments (continued) |  |

|  | VALUE
REPURCHASE AGREEMENT– 9.5% |  |  |
Fixed Income Clearing Corporation, 0.00% dated 6/30/15, due 7/1/15, maturity value $35,460,000 (collateralized by obligations of various U.S. Government Agencies, 2.125% due 1/31/21, valued at $36,170,243) |  |  |
(Cost $35,460,000) |  | $ | 35,460,000
TOTAL INVESTMENTS – 115.7% |  |  |
(Cost $388,842,110) |  |  | 434,411,610
LIABILITIES LESS CASH AND OTHER ASSETS – (15.7)% |  |  | (58,846,984)
NET ASSETS – 100.0% |  | $ | 375,564,626

† | New additions in 2015.
1 | All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2015. Total market value of pledged securities at June 30, 2015, was $91,521,219.
2 | At June 30, 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $57,832,231.
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. See Notes to Financial Statements.
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. See Notes to Financial Statements.
6 | Includes securities first acquired in 2015 and less than 1% of net assets.
| Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2015, market value.
| TAX INFORMATION: The cost of total investments for Federal income tax purposes was $389,802,264. At June 30, 2015, net unrealized appreciation for all securities was $44,609,346, consisting of aggregate gross unrealized appreciation of $91,413,136 and aggregate gross unrealized depreciation of $46,803,790. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

34 | 2015 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Micro-Cap Trust |  | June 30, 2015 (unaudited)
Statement of Assets and Liabilities |  |

ASSETS: |  |  |  |
Total investments at value |  | $ | 398,951,610 |
Repurchase agreements (at cost and value) |  |  | 35,460,000 |
Cash and foreign currency |  |  | 3,466 |
Receivable for investments sold |  |  | 4,431,491 |
Receivable for dividends and interest |  |  | 328,651 |
Prepaid expenses and other assets |  |  | 37,662 |
Total Assets |  |  | 439,212,880 |
LIABILITIES: |  |  |  |
Revolving credit agreement |  |  | 60,000,000 |
Payable for investments purchased |  |  | 3,215,986 |
Payable for investment advisory fee |  |  | 321,697 |
Payable for directors’ fees |  |  | 24,227 |
Payable for interest expense |  |  | 4,116 |
Accrued expenses |  |  | 82,228 |
Total Liabilities |  |  | 63,648,254 |
Net Assets |  | $ | 375,564,626 |
ANALYSIS OF NET ASSETS: |  |  |  |
Paid-in capital - $0.001 par value per share; 34,872,042 shares outstanding (150,000,000 shares authorized) |  | $ | 296,277,254 |
Undistributed net investment income (loss) |  |  | (1,858,384 | )
Accumulated net realized gain (loss) on investments and foreign currency |  |  | 51,037,376 |
Net unrealized appreciation (depreciation) on investments and foreign currency |  |  | 45,569,041 |
Quarterly distributions |  |  | (15,460,661 | )
Net Assets (net asset value per share - $10.77) |  | $ | 375,564,626 |
Investments at identified cost |  | $ | 353,382,110 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2015 Semiannual Report to Stockholders | 35

Royce Micro-Cap Trust | Six Months Ended June 30, 2015 (unaudited)
Statement of Operations |

INVESTMENT INCOME: |  |  |  |
INCOME: |  |  |  |
Dividends |  | $ | 2,367,224 |
Foreign withholding tax |  |  | (39,792 | )
Rehypothecation income |  |  | 115,684 |
Total income |  |  | 2,443,116 |
EXPENSES: |  |  |  |
Investment advisory fees |  |  | 1,922,807 |
Interest expense |  |  | 368,126 |
Stockholder reports |  |  | 72,049 |
Custody and transfer agent fees |  |  | 47,750 |
Directors’ fees |  |  | 41,194 |
Administrative and office facilities |  |  | 27,113 |
Professional fees |  |  | 26,537 |
Other expenses |  |  | 32,538 |
Total expenses |  |  | 2,538,114 |
Net investment income (loss) |  |  | (94,998 | )
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |  |  |  |
NET REALIZED GAIN (LOSS): |  |  |  |
Investments |  |  | 23,665,285 |
Foreign currency transactions |  |  | (13,397 | )
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |
Investments and foreign currency translations |  |  | (26,614,570 | )
Other assets and liabilities denominated in foreign currency |  |  | 5,651 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | (2,957,031 | )
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS |  | $ | (3,052,029 | )

36 | 2015 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Micro-Cap Trust |  |
Statement of Changes in Net Assets |  |

|  | SIX MONTHS ENDED 6/30/15 (UNAUDITED) |  | YEAR ENDED 12/31/14
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | (94,998 | ) |  | $ | (382,932 | )
Net realized gain (loss) on investments and foreign currency |  |  | 23,651,888 |  |  |  | 94,504,058 |
Net change in unrealized appreciation (depreciation) on investments and foreign currency |  |  | (26,608,919 | ) |  |  | (85,903,074 | )
Net increase (decrease) in net assets from investment operations |  |  | (3,052,029 | ) |  |  | 8,218,052 |
DISTRIBUTIONS: |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | (1,343,094 | )
Net realized gain on investments and foreign currency |  |  | – |  |  |  | (89,530,419 | )
Quarterly distributions1 |  |  | (15,460,661 | ) |  |  | – |
Total distributions |  |  | (15,460,661 | ) |  |  | (90,873,513 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | 6,589,341 |  |  |  | 37,022,256 |
Total capital stock transactions |  |  | 6,589,341 |  |  |  | 37,022,256 |
Net Increase (Decrease) In Net Assets |  |  | (11,923,349 | ) |  |  | (45,633,205 | )
NET ASSETS: |  |  |  |  |  |  |  |
Beginning of period |  |  | 387,487,975 |  |  |  | 433,121,180 |
End of period (including undistributed net investment income (loss) of $(1,858,384) at 6/30/15 and $(1,763,387) at 12/31/14) |  | $ | 375,564,626 |  |  | $ | 387,487,975 |

1 | To be allocated to net investment income, net realized gains and/or return of capital at year end.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2015 Semiannual Report to Stockholders | 37

Royce Micro-Cap Trust | Six Months Ended June 30, 2015 (unaudited)
Statement of Cash Flows |

CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
Net increase (decrease) in net assets from investment operations |  | $ | (3,052,029 | )
Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities: |  |  |  |
Purchases of long-term investments |  |  | (65,222,690 | )
Proceeds from sales and maturities of long-term investments |  |  | 107,042,282 |
Net purchases, sales and maturities of short-term investments |  |  | (32,804,000 | )
Net (increase) decrease in dividends and interest receivable and other assets |  |  | (542 | )
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities |  |  | (51,103 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | 26,614,570 |
Net realized gain on investments and foreign currency |  |  | (23,651,888 | )
Net cash provided by operating activities |  |  | 8,874,600 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
Distributions |  |  | (15,460,661 | )
Reinvestment of distributions |  |  | 6,589,341 |
Net cash used for financing activities |  |  | (8,871,320 | )
INCREASE (DECREASE) IN CASH: |  |  | 3,280 |
Cash and foreign currency at beginning of period |  |  | 186 |
Cash and foreign currency at end of period |  | $ | 3,466 |

38 | 2015 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Micro-Cap Trust |  |

Financial Highlights
This table is presented to show selected data for a share of Common Stock outstanding throughout each period, and to assist stockholders in evaluating the Fund’s performance for the periods presented.

|  | SIX MONTHS |  | YEARS ENDED
|  | ENDED 6/30/15 (UNAUDITED) |  | 12/31/14 |  | 12/31/13 |  | 12/31/12 |  | 12/31/11 |  | 12/31/10
Net Asset Value, Beginning of Period |  | $ | 11.33 |  |  | $ | 14.12 |  |  | $ | 10.93 |  |  | $ | 9.86 |  |  | $ | 11.34 |  |  | $ | 8.90 |
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | (0.00 | ) |  |  | (0.01 | ) |  |  | 0.01 |  |  |  | 0.15 |  |  |  | 0.04 |  |  |  | 0.08 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | (0.08 | ) |  |  | 0.25 |  |  |  | 4.64 |  |  |  | 1.58 |  |  |  | (0.82 | ) |  |  | 2.58 |
Total investment operations |  |  | (0.08 | ) |  |  | 0.24 |  |  |  | 4.65 |  |  |  | 1.73 |  |  |  | (0.78 | ) |  |  | 2.66 |
DISTRIBUTIONS TO PREFERRED STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.02 | ) |  |  | (0.02 | ) |  |  | (0.10 | )
Net realized gain on investments and foreign currency |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.09 | ) |  |  | (0.11 | ) |  |  | (0.03 | )
Total distributions to Preferred Stockholders |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (0.11 | ) |  |  | (0.13 | ) |  |  | (0.13 | )
Net Increase (Decrease) in Net Assets Applicable to Common Stockholders from Investment Operations |  |  | (0.08 | ) |  |  | 0.24 |  |  |  | 4.65 |  |  |  | 1.62 |  |  |  | (0.91 | ) |  |  | 2.53 |
DISTRIBUTIONS TO COMMON STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | (0.04 | ) |  |  | (0.03 | ) |  |  | (0.08 | ) |  |  | (0.05 | ) |  |  | (0.06 | )
Net realized gain on investments and foreign currency |  |  | – |  |  |  | (2.86 | ) |  |  | (1.35 | ) |  |  | (0.43 | ) |  |  | (0.24 | ) |  |  | (0.02 | )
Return of capital |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.24 | ) |  |  | – |
Quarterly distributions1 |  |  | (0.45 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total distributions to Common Stockholders |  |  | (0.45 | ) |  |  | (2.90 | ) |  |  | (1.38 | ) |  |  | (0.51 | ) |  |  | (0.53 | ) |  |  | (0.08 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of reinvestment of distributions by Common Stockholders |  |  | (0.03 | ) |  |  | (0.13 | ) |  |  | (0.08 | ) |  |  | (0.04 | ) |  |  | (0.04 | ) |  |  | (0.01 | )
Total capital stock transactions |  |  | (0.03 | ) |  |  | (0.13 | ) |  |  | (0.08 | ) |  |  | (0.04 | ) |  |  | (0.04 | ) |  |  | (0.01 | )
Net Asset Value, End of Period |  | $ | 10.77 |  |  | $ | 11.33 |  |  | $ | 14.12 |  |  | $ | 10.93 |  |  | $ | 9.86 |  |  | $ | 11.34 |
Market Value, End of Period |  | $ | 9.22 |  |  | $ | 10.08 |  |  | $ | 12.61 |  |  | $ | 9.45 |  |  | $ | 8.77 |  |  | $ | 9.80 |
TOTAL RETURN:2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Asset Value |  |  | (0.43 | )%3 |  |  | 3.46 | % |  |  | 44.66 | % |  |  | 17.23 | % |  |  | (7.69 | )% |  |  | 28.50 | %
Market Value |  |  | (4.19 | )%3 |  |  | 3.06 | % |  |  | 49.42 | % |  |  | 13.95 | % |  |  | (4.99 | )% |  |  | 34.10 | %
RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fee expense4 |  |  | 1.02 | %5 |  |  | 0.93 | % |  |  | 0.82 | % |  |  | 1.12 | % |  |  | 0.97 | % |  |  | 0.97 | %
Other operating expenses |  |  | 0.33 | %5 |  |  | 0.25 | % |  |  | 0.29 | % |  |  | 0.18 | % |  |  | 0.15 | % |  |  | 0.15 | %
Total expenses (net)6 |  |  | 1.35 | %5 |  |  | 1.18 | % |  |  | 1.11 | % |  |  | 1.30 | % |  |  | 1.12 | % |  |  | 1.12 | %
Expenses net of fee waivers and excluding interest expense |  |  | 1.16 | %5 |  |  | 1.05 | % |  |  | 0.96 | % |  |  | 1.27 | % |  |  | 1.12 | % |  |  | 1.12 | %
Expenses prior to fee waivers and balance credits |  |  | 1.35 | %5 |  |  | 1.18 | % |  |  | 1.11 | % |  |  | 1.32 | % |  |  | 1.15 | % |  |  | 1.17 | %
Expenses prior to fee waivers |  |  | 1.35 | %5 |  |  | 1.18 | % |  |  | 1.11 | % |  |  | 1.32 | % |  |  | 1.15 | % |  |  | 1.17 | %
Net investment income (loss) |  |  | (0.05 | )%5 |  |  | (0.09 | )% |  |  | 0.08 | % |  |  | 1.46 | % |  |  | 0.40 | % |  |  | 0.84 | %
SUPPLEMENTAL DATA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Assets Applicable to Common Stockholders, End of Period (in thousands) |  | $ | 375,565 |  |  | $ | 387,488 |  |  | $ | 433,121 |  |  | $ | 318,545 |  |  | $ | 279,292 |  |  | $ | 311,279 |
Liquidation Value of Preferred Stock, End of Period (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 60,000 |  |  | $ | 60,000 |
Portfolio Turnover Rate |  |  | 17 | % |  |  | 41 | % |  |  | 29 | % |  |  | 28 | % |  |  | 30 | % |  |  | 27 | %
PREFERRED STOCK: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,400,000 |  |  |  | 2,400,000 |
Asset coverage per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 141.37 |  |  | $ | 154.70 |
Liquidation preference per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25.00 |  |  | $ | 25.00 |
Average month-end market value per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25.41 |  |  | $ | 25.11 |
REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset coverage |  |  | 726 | % |  |  | 746 | % |  |  | 1062 | % |  |  | 808 | % |  |  |  |  |  |  |  |
Asset coverage per $1,000 |  | $ | 7,259 |  |  | $ | 7,458 |  |  | $ | 10,625 |  |  | $ | 8,079 |  |  |  |  |  |  |  |  |

1 | To be allocated to net investment income, net realized gains and/or return of capital at year end.
2 | The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund’s net asset value is used on the purchase and sale dates instead of market value.
3 | Not annualized
4 | The investment advisory fee is calculated based on average net assets over a rolling 36-month basis, while the above ratios of investment advisory fee expenses are based on the average net assets applicable to Common Stockholders over a 12-month basis.
5 | Annualized
6 | Expense ratios based on total average net assets including liquidation value of Preferred Stock were 1.10%, 0.93% and 0.91% for the years ended December 31, 2012, 2011 and 2010, respectively.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2015 Semiannual Report to Stockholders | 39

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited)

Summary of Significant Accounting Policies
Royce Micro-Cap Trust, Inc. (the “Fund”), is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on September 9, 1993. The Fund commenced operations on December 14, 1993.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies”.
VALUATION OF INVESTMENTS:
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. 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 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 June 30, 2015. 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 |  |  | $389,288,643 |  |  | $ 8,145,071 |  |  | $309,109 |  |  | $397,742,823 |
Preferred Stocks |  |  | – |  |  | 1,208,787 |  |  | – |  |  | 1,208,787 |
Cash Equivalents |  |  | – |  |  | 35,460,000 |  |  | – |  |  | 35,460,000 |
For the six months ended June 30, 2015, certain securities have transferred in and out of Level 1, Level 2 and Level 3 measurements. The Fund recognizes transfers between levels as of the end of the reporting period. At June 30, 2015, securities valued at $22,618,659 were transferred from Level 2 to Level 1 and securities valued at $2,750 were transferred from Level 1 to Level 3 within the fair value hierarchy.

40 | 2015 Semiannual Report to Stockholders

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

|  |  | BALANCE AS OF 12/31/14 |  |  | TRANSFERS IN |  |  | SALES |  |  | REALIZED AND UNREALIZED GAIN (LOSS)1 |  |  | BALANCE AS OF 6/30/15
Common Stocks |  |  | $325,702 |  |  | $2,750 |  |  | $1 |  |  | $(19,342) |  |  | $309,109

1 | The net change in unrealized appreciation (depreciation) is included in the accompanying Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. Net realized gain (loss) from investments and foreign currency transactions is included in the accompanying Statement of Operations.

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.
FOREIGN CURRENCY:
Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates.
TAXES:
As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes information regarding income taxes under the caption “Tax Information”.
DISTRIBUTIONS:
The Fund pays quarterly distributions on the Fund’s Common Stock at the annual rate of 7% of the rolling average of the prior four calendar quarter-end NAVs of the Fund’s Common Stock, with the fourth quarter distribution being the greater of 1.75% of the rolling average or the distribution required by IRS regulations. Prior to November 15, 2012, distributions to Preferred Stockholders were accrued daily and paid quarterly. Distributions to Common Stockholders are recorded on ex-dividend date. Distributable capital gains and/or net investment income were first allocated to Preferred Stockholder distributions, with any excess allocable to Common Stockholders. If capital gains and/or net investment income were allocated to both Preferred and Common Stockholders, the tax character of such allocations was proportional. To the extent that distributions are not paid from long-term capital gains, net investment income or net short-term capital gains, they will represent a return of capital. Distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. Permanent book and tax differences relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment income may include temporary book and tax basis differences, which will reverse in a subsequent period. Any taxable income or gain remaining undistributed at fiscal year end is distributed in the following year.
INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:
Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premium and discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.
EXPENSES:
The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund’s operations, while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to the Funds are allocated by Royce & Associates, LLC (“Royce”) under an administration agreement and are included in administrative and office facilities and professional fees. The Fund has adopted a deferred fee agreement that allows the Directors to defer the receipt of all or a portion of directors’ fees otherwise payable. The deferred fees are invested in certain Royce Funds until distributed in accordance with the agreement.

2015 Semiannual Report to Stockholders | 41

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)

COMPENSATING BALANCE CREDITS:
The Fund has an arrangement with its custodian bank, whereby a portion of the custodian’s fee is paid indirectly by credits earned on the Fund’s cash on deposit with the bank. This deposit arrangement is an alternative to purchasing overnight investments. Conversely, the Fund pays interest to the custodian on any cash overdrafts, to the extent they are not offset by credits earned on positive cash balances.
Capital Stock:
The Fund issued 686,578 and 3,505,620 shares of Common Stock as reinvestment of distributions for the six months ended June 30, 2015 and year ended December 31, 2014, respectively.
Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). 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.
As of June 30, 2015, the Fund has outstanding borrowings of $60,000,000. During the six months ended June 30, 2015, the Fund borrowed an average daily balance of $60,000,000 at a weighted average borrowing cost of 1.22%. The maximum amount outstanding during the six months ended June 30, 2015 was $60,000,000. As of June 30, 2015, the aggregate value of rehypothecated securities was $57,832,231. During the six months ended June 30, 2015, the Fund earned $115,684 in fees from rehypothecated securities.
Investment Advisory Agreement:
As compensation for its services under the Investment Advisory Agreement, Royce receives a fee comprised of a Basic Fee (“Basic Fee”) and an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the Russell 2000.
The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund’s month-end net assets applicable to Common Stockholders, plus the liquidation value of outstanding Preferred Stock, for the rolling 36-month period ending with such month (the “performance period”). The Basic Fee for each month is increased or decreased at the rate of 1/12 of .05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the percentage change in the investment record of the Russell 2000 for the performance period by more than two percentage points. The performance period for each such month is a rolling 36-month period ending with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage change in the investment record of the Russell 2000 by 12 or more percentage points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage change in the investment record of the Russell 2000 exceeds the investment performance of the Fund by 12 or more percentage points for the performance period.
For the six rolling 36-month periods ended June 2015, the Fund’s investment performance ranged from 1% to 2% below the investment performance of the Russell 2000. Accordingly, the net investment advisory fee consisted of a Basic Fee of $1,922,807 and no adjustment for the performance of the Fund relative to that of the Russell 2000. For the six months ended June 30, 2015, the Fund accrued and paid Royce investment advisory fees totaling $1,922,807.
Purchases and Sales of Investment Securities:
For the six months ended June 30, 2015, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $67,772,993 and $90,086,737, respectively.

42 | 2015 Semiannual Report to Stockholders

Royce Global Value Trust |  | June 30, 2015 (unaudited)

Schedule of Investments |  |  |  |  |  |  |  |
Common Stocks – 105.8% |  |  |  |  |  |  |  |
|  |  | SHARES |  |  |  | VALUE |
AUSTRALIA – 1.1% |  |  |  |  |  |  |  |
ALS |  |  | 45,300 |  |  | $ | 204,465 |
Collection House |  |  | 140,658 |  |  |  | 242,010 |
Imdex 1 |  |  | 473,700 |  |  |  | 109,645 |
Medusa Mining 1 |  |  | 82,600 |  |  |  | 53,215 |
†Platinum Asset Management |  |  | 37,000 |  |  |  | 213,534 |
Programmed Maintenance Services |  |  | 27,400 |  |  |  | 60,884 |
TFS Corporation |  |  | 85,000 |  |  |  | 105,259 |
Webjet |  |  | 31,300 |  |  |  | 72,207 |
Total (Cost $1,299,400) |  |  |  |  |  |  | 1,061,219 |
AUSTRIA – 1.7% |  |  |  |  |  |  |  |
Mayr-Melnhof Karton |  |  | 10,800 |  |  |  | 1,220,292 |
Semperit AG Holding |  |  | 11,000 |  |  |  | 453,744 |
Total (Cost $1,731,546) |  |  |  |  |  |  | 1,674,036 |
BELGIUM – 0.5% |  |  |  |  |  |  |  |
BHF Kleinwort Benson Group 1 |  |  | 55,000 |  |  |  | 269,180 |
Ion Beam Applications |  |  | 600 |  |  |  | 16,335 |
Picanol Group |  |  | 900 |  |  |  | 51,573 |
Van de Velde |  |  | 3,436 |  |  |  | 197,392 |
Total (Cost $477,806) |  |  |  |  |  |  | 534,480 |
BERMUDA – 1.0% |  |  |  |  |  |  |  |
Lazard Cl. A 2 |  |  | 12,500 |  |  |  | 703,000 |
†Signet Jewelers |  |  | 2,300 |  |  |  | 294,952 |
Total (Cost $824,194) |  |  |  |  |  |  | 997,952 |
BRAZIL – 3.6% |  |  |  |  |  |  |  |
Brasil Brokers Participacoes |  |  | 225,400 |  |  |  | 155,868 |
CETIP - Mercados Organizados |  |  | 140,000 |  |  |  | 1,534,592 |
MAHLE Metal Leve |  |  | 50,000 |  |  |  | 344,151 |
Mills Estruturas e Servicos de Engenharia 1 |  |  | 26,500 |  |  |  | 57,533 |
T4F Entretenimento 1 |  |  | 112,200 |  |  |  | 131,720 |
Totvs |  |  | 73,000 |  |  |  | 915,699 |
Valid Solucoes |  |  | 30,000 |  |  |  | 462,192 |
Total (Cost $4,273,296) |  |  |  |  |  |  | 3,601,755 |
CANADA – 10.1% |  |  |  |  |  |  |  |
†Absolute Software |  |  | 10,500 |  |  |  | 75,576 |
Agnico Eagle Mines 2 |  |  | 20,000 |  |  |  | 567,400 |
AirBoss of America |  |  | 10,300 |  |  |  | 183,899 |
Alamos Gold |  |  | 38,000 |  |  |  | 215,100 |
†Altus Group |  |  | 11,000 |  |  |  | 156,765 |
†Cameco Corporation |  |  | 24,500 |  |  |  | 349,860 |
Canyon Services Group |  |  | 10,900 |  |  |  | 50,704 |
COM DEV International |  |  | 27,000 |  |  |  | 124,732 |
Computer Modelling Group |  |  | 57,300 |  |  |  | 580,799 |
†Dundee Corporation Cl. A 1 |  |  | 55,900 |  |  |  | 561,238 |
†easyhome |  |  | 8,300 |  |  |  | 129,584 |
E-L Financial |  |  | 200 |  |  |  | 104,989 |
FLYHT Aerospace Solutions 1 |  |  | 140,000 |  |  |  | 26,341 |
Franco-Nevada Corporation 2, 3 |  |  | 22,700 |  |  |  | 1,081,655 |
†Genworth MI Canada |  |  | 75,000 |  |  |  | 1,969,576 |
†HNZ Group Cl. B |  |  | 5,700 |  |  |  | 85,386 |
Horizon North Logistics |  |  | 41,100 |  |  |  | 126,689 |
Magellan Aerospace |  |  | 41,900 |  |  |  | 572,309 |
Major Drilling Group International |  |  | 110,500 |  |  |  | 552,942 |
MTY Food Group |  |  | 8,800 |  |  |  | 233,351 |
Pan American Silver 2 |  |  | 63,700 |  |  |  | 547,183 |
Ritchie Bros. Auctioneers 2 |  |  | 24,300 |  |  |  | 678,456 |
Sprott |  |  | 280,600 |  |  |  | 554,910 |
†TMX Group |  |  | 14,000 |  |  |  | 595,757 |
Total Energy Services |  |  | 5,200 |  |  |  | 63,491 |
Total (Cost $11,776,509) |  |  |  |  |  |  | 10,188,692 |
CHILE – 0.5% |  |  |  |  |  |  |  |
†Inversiones La Construccion |  |  | 40,000 |  |  |  | 448,007 |
Total (Cost $465,957) |  |  |  |  |  |  | 448,007 |
CHINA – 1.5% |  |  |  |  |  |  |  |
Daphne International Holdings |  |  | 1,696,500 |  |  |  | 424,587 |
Daqo New Energy ADR 1, 2 |  |  | 1,800 |  |  |  | 42,390 |
†E-House (China) Holdings ADR |  |  | 33,600 |  |  |  | 225,792 |
Hopefluent Group Holdings |  |  | 280,000 |  |  |  | 95,001 |
Noah Holdings ADR 1, 2 |  |  | 16,700 |  |  |  | 504,841 |
Pacific Online |  |  | 402,700 |  |  |  | 177,672 |
Xtep International Holdings |  |  | 213,000 |  |  |  | 77,489 |
Total (Cost $2,280,677) |  |  |  |  |  |  | 1,547,772 |
CYPRUS – 0.5% |  |  |  |  |  |  |  |
Globaltrans Investment GDR 1 |  |  | 112,000 |  |  |  | 532,000 |
Total (Cost $834,068) |  |  |  |  |  |  | 532,000 |
DENMARK – 1.6% |  |  |  |  |  |  |  |
Chr Hansen |  |  | 10,000 |  |  |  | 487,903 |
†Coloplast Cl. B |  |  | 4,500 |  |  |  | 295,275 |
SimCorp |  |  | 8,000 |  |  |  | 318,594 |
Zealand Pharma 1 |  |  | 30,200 |  |  |  | 498,678 |
Total (Cost $1,496,431) |  |  |  |  |  |  | 1,600,450 |
FINLAND – 1.7% |  |  |  |  |  |  |  |
BasWare |  |  | 3,900 |  |  |  | 173,916 |
Nokian Renkaat |  |  | 27,000 |  |  |  | 846,137 |
Vaisala Cl. A |  |  | 27,500 |  |  |  | 720,472 |
Total (Cost $1,981,889) |  |  |  |  |  |  | 1,740,525 |
FRANCE – 8.7% |  |  |  |  |  |  |  |
aufeminin 1 |  |  | 2,100 |  |  |  | 57,172 |
Gaztransport Et Technigaz |  |  | 16,000 |  |  |  | 1,012,105 |
Lectra |  |  | 8,700 |  |  |  | 124,150 |
Manutan International |  |  | 21,700 |  |  |  | 1,031,315 |
Neurones |  |  | 28,450 |  |  |  | 473,225 |
Nexity |  |  | 18,500 |  |  |  | 725,990 |
Paris Orleans |  |  | 37,000 |  |  |  | 1,182,002 |
Prodware 1 |  |  | 10,800 |  |  |  | 73,928 |
Societe Internationale de Plantations d’Heveas 1 |  |  | 1,531 |  |  |  | 58,101 |
Stallergenes |  |  | 17,300 |  |  |  | 1,055,958 |
†Tarkett |  |  | 22,500 |  |  |  | 485,377 |
†Thermador Groupe |  |  | 4,900 |  |  |  | 409,762 |
Vetoquinol |  |  | 24,139 |  |  |  | 1,001,102 |
Virbac |  |  | 4,820 |  |  |  | 1,031,726 |
Total (Cost $8,897,151) |  |  |  |  |  |  | 8,721,913 |
GERMANY – 4.1% |  |  |  |  |  |  |  |
†Adler Modemaerkte |  |  | 5,700 |  |  |  | 65,135 |
†ADLER Real Estate 1 |  |  | 10,900 |  |  |  | 156,273 |
Amadeus Fire |  |  | 600 |  |  |  | 53,513 |
†Bertrandt |  |  | 5,000 |  |  |  | 656,368 |
†Carl Zeiss Meditec |  |  | 17,500 |  |  |  | 446,191 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2015 Semiannual Report to Stockholders | 43

Royce Global Value Trust

Schedule of Investments (continued) |  |  |  |  |  |  |  |
|  |  | SHARES |  |  |  | VALUE |
GERMANY (continued) |  |  |  |  |  |  |  |
†CompuGroup Medical |  |  | 10,000 |  |  | $ | 349,896 |
†Deutz |  |  | 11,100 |  |  |  | 63,607 |
†Fielmann |  |  | 3,500 |  |  |  | 237,903 |
GFT Technologies |  |  | 5,800 |  |  |  | 119,688 |
KUKA |  |  | 9,000 |  |  |  | 749,714 |
†KWS Saat |  |  | 1,000 |  |  |  | 332,783 |
LPKF Laser & Electronics |  |  | 15,500 |  |  |  | 133,057 |
mutares |  |  | 800 |  |  |  | 91,864 |
†SQS Software Quality Systems |  |  | 15,200 |  |  |  | 147,477 |
†STRATEC Biomedical |  |  | 5,500 |  |  |  | 302,935 |
Tomorrow Focus 1 |  |  | 39,600 |  |  |  | 191,823 |
XING |  |  | 406 |  |  |  | 66,604 |
Total (Cost $3,817,992) |  |  |  |  |  |  | 4,164,831 |
GREECE – 0.3% |  |  |  |  |  |  |  |
Hellenic Exchanges - Athens Stock Exchange |  |  | 28,000 |  |  |  | 144,841 |
StealthGas 1, 2 |  |  | 17,000 |  |  |  | 114,750 |
Total (Cost $286,362) |  |  |  |  |  |  | 259,591 |
HONG KONG – 7.4% |  |  |  |  |  |  |  |
Anxin-China Holdings 1, 4 |  |  | 2,500,000 |  |  |  | 80,629 |
China Metal International Holdings |  |  | 430,000 |  |  |  | 139,237 |
First Pacific |  |  | 180,000 |  |  |  | 151,634 |
Great Eagle Holdings |  |  | 203,125 |  |  |  | 759,929 |
I.T |  |  | 500,000 |  |  |  | 188,349 |
Le Saunda Holdings |  |  | 268,600 |  |  |  | 129,595 |
Luen Thai Holdings |  |  | 475,000 |  |  |  | 103,560 |
Luk Fook Holdings (International) |  |  | 120,100 |  |  |  | 354,030 |
Midland Holdings 1 |  |  | 1,400,000 |  |  |  | 633,938 |
New World Department Store China |  |  | 4,659,700 |  |  |  | 1,250,353 |
Oriental Watch Holdings |  |  | 2,223,000 |  |  |  | 378,551 |
Pico Far East Holdings |  |  | 1,053,300 |  |  |  | 336,989 |
†Stella International Holdings |  |  | 100,000 |  |  |  | 238,662 |
Television Broadcasts |  |  | 81,000 |  |  |  | 480,156 |
Texwinca Holdings |  |  | 302,000 |  |  |  | 320,640 |
Tse Sui Luen Jewellery (International) |  |  | 215,000 |  |  |  | 83,209 |
Value Partners Group |  |  | 1,015,000 |  |  |  | 1,602,725 |
YGM Trading |  |  | 169,400 |  |  |  | 218,974 |
Total (Cost $8,667,949) |  |  |  |  |  |  | 7,451,160 |
INDIA – 1.0% |  |  |  |  |  |  |  |
†Bajaj Finance |  |  | 6,000 |  |  |  | 513,317 |
†Kewal Kiran Clothing |  |  | 6,300 |  |  |  | 209,835 |
†Motherson Sumi Systems |  |  | 35,500 |  |  |  | 288,660 |
Total (Cost $947,168) |  |  |  |  |  |  | 1,011,812 |
INDONESIA – 0.3% |  |  |  |  |  |  |  |
Selamat Sempurna |  |  | 593,300 |  |  |  | 205,369 |
Supra Boga Lestari 1 |  |  | 3,945,000 |  |  |  | 106,521 |
Total (Cost $366,447) |  |  |  |  |  |  | 311,890 |
IRELAND – 0.2% |  |  |  |  |  |  |  |
†Keywords Studios |  |  | 75,000 |  |  |  | 197,977 |
Total (Cost $176,944) |  |  |  |  |  |  | 197,977 |
ISRAEL – 0.3% |  |  |  |  |  |  |  |
Fox Wizel |  |  | 2,900 |  |  |  | 58,477 |
†Nova Measuring Instruments 1 |  |  | 7,200 |  |  |  | 90,000 |
Sarine Technologies |  |  | 80,300 |  |  |  | 135,935 |
Total (Cost $267,954) |  |  |  |  |  |  | 284,412 |
ITALY – 2.1% |  |  |  |  |  |  |  |
†Azimut Holding |  |  | 13,000 |  |  |  | 380,298 |
De’Longhi |  |  | 49,500 |  |  |  | 1,134,605 |
†DiaSorin |  |  | 8,500 |  |  |  | 388,051 |
†Recordati |  |  | 10,000 |  |  |  | 209,703 |
Total (Cost $1,768,082) |  |  |  |  |  |  | 2,112,657 |
JAPAN – 11.9% |  |  |  |  |  |  |  |
C. Uyemura & Co. |  |  | 7,300 |  |  |  | 392,483 |
EPS Holdings |  |  | 74,000 |  |  |  | 897,904 |
FamilyMart |  |  | 8,200 |  |  |  | 377,219 |
Freund Corporation |  |  | 42,200 |  |  |  | 509,979 |
Fujimori Kogyo |  |  | 2,000 |  |  |  | 60,465 |
GCA Savvian |  |  | 8,300 |  |  |  | 103,084 |
†Horiba |  |  | 8,500 |  |  |  | 345,876 |
Itoki Corporation |  |  | 34,300 |  |  |  | 195,904 |
†Leopalace21 Corporation 1 |  |  | 20,600 |  |  |  | 126,409 |
†Meitec Corporation |  |  | 9,500 |  |  |  | 353,965 |
Milbon |  |  | 3,100 |  |  |  | 98,660 |
MISUMI Group |  |  | 64,800 |  |  |  | 920,230 |
Namura Shipbuilding |  |  | 9,600 |  |  |  | 82,363 |
Nishikawa Rubber |  |  | 8,200 |  |  |  | 132,663 |
Nitto Kohki |  |  | 9,100 |  |  |  | 206,113 |
Obara Group |  |  | 3,900 |  |  |  | 209,683 |
†Pressance Corporation |  |  | 4,400 |  |  |  | 147,583 |
Relo Holdings |  |  | 14,000 |  |  |  | 1,384,157 |
Santen Pharmaceutical |  |  | 50,000 |  |  |  | 708,012 |
Shimano |  |  | 9,100 |  |  |  | 1,241,737 |
SPARX Group |  |  | 66,400 |  |  |  | 139,435 |
†Square Enix Holdings |  |  | 16,500 |  |  |  | 365,229 |
Sun Frontier Fudousan |  |  | 10,200 |  |  |  | 82,677 |
T Hasegawa |  |  | 7,000 |  |  |  | 101,524 |
Tokai Corporation |  |  | 4,400 |  |  |  | 159,448 |
†TOTO |  |  | 19,000 |  |  |  | 342,477 |
Trancom |  |  | 22,000 |  |  |  | 1,202,598 |
†Trend Micro |  |  | 11,500 |  |  |  | 393,717 |
†USS |  |  | 18,500 |  |  |  | 334,069 |
YAMADA Consulting Group |  |  | 6,400 |  |  |  | 213,621 |
Zuiko Corporation |  |  | 4,400 |  |  |  | 151,718 |
Total (Cost $9,974,254) |  |  |  |  |  |  | 11,981,002 |
MALAYSIA – 0.7% |  |  |  |  |  |  |  |
Asia Brands |  |  | 71,600 |  |  |  | 33,969 |
CB Industrial Product Holding |  |  | 1,000,000 |  |  |  | 530,082 |
Media Prima |  |  | 199,500 |  |  |  | 77,199 |
NTPM Holdings |  |  | 242,300 |  |  |  | 43,348 |
Total (Cost $698,050) |  |  |  |  |  |  | 684,598 |
MEXICO – 1.0% |  |  |  |  |  |  |  |
Bolsa Mexicana de Valores |  |  | 250,000 |  |  |  | 432,639 |
Fresnillo |  |  | 55,000 |  |  |  | 599,746 |
Total (Cost $1,245,701) |  |  |  |  |  |  | 1,032,385 |
NEW ZEALAND – 0.2% |  |  |  |  |  |  |  |
Trade Me Group |  |  | 83,000 |  |  |  | 193,397 |
Total (Cost $280,441) |  |  |  |  |  |  | 193,397 |
NORWAY – 2.1% |  |  |  |  |  |  |  |
Borregaard |  |  | 16,300 |  |  |  | 115,383 |
Ekornes |  |  | 45,000 |  |  |  | 545,249 |

44 | 2015 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2015 (unaudited)

Schedule of Investments (continued) |  |  |  |  |  |  |  |
|  |  | SHARES |  |  |  | VALUE |
NORWAY (continued) |  |  |  |  |  |  |  |
†Kongsberg Automotive 1 |  |  | 143,000 |  |  | $ | 99,401 |
Oslo Bors VPS Holding |  |  | 8,500 |  |  |  | 98,655 |
TGS-NOPEC Geophysical |  |  | 55,000 |  |  |  | 1,284,429 |
Total (Cost $2,619,835) |  |  |  |  |  |  | 2,143,117 |
PHILIPPINES – 0.9% |  |  |  |  |  |  |  |
Asian Terminals |  |  | 375,000 |  |  |  | 106,454 |
Universal Robina |  |  | 195,000 |  |  |  | 838,988 |
Total (Cost $659,732) |  |  |  |  |  |  | 945,442 |
POLAND – 0.4% |  |  |  |  |  |  |  |
†Warsaw Stock Exchange |  |  | 33,000 |  |  |  | 415,484 |
Total (Cost $459,764) |  |  |  |  |  |  | 415,484 |
SINGAPORE – 1.2% |  |  |  |  |  |  |  |
†Asian Pay Television Trust |  |  | 150,000 |  |  |  | 94,666 |
Hour Glass (The) |  |  | 858,000 |  |  |  | 535,115 |
Parkson Retail Asia |  |  | 274,300 |  |  |  | 96,739 |
†Riverstone Holdings |  |  | 76,400 |  |  |  | 95,865 |
Silverlake Axis |  |  | 552,000 |  |  |  | 401,648 |
Total (Cost $1,046,101) |  |  |  |  |  |  | 1,224,033 |
SOUTH AFRICA – 2.5% |  |  |  |  |  |  |  |
Blue Label Telecoms |  |  | 390,000 |  |  |  | 259,337 |
Cashbuild |  |  | 17,500 |  |  |  | 432,969 |
Coronation Fund Managers |  |  | 59,000 |  |  |  | 399,654 |
JSE |  |  | 15,000 |  |  |  | 158,421 |
Lewis Group |  |  | 60,000 |  |  |  | 486,224 |
Metrofile Holdings |  |  | 314,100 |  |  |  | 117,213 |
PSG Group |  |  | 36,500 |  |  |  | 614,884 |
Total (Cost $1,981,754) |  |  |  |  |  |  | 2,468,702 |
SOUTH KOREA – 0.3% |  |  |  |  |  |  |  |
Eugene Technology |  |  | 12,036 |  |  |  | 172,644 |
Handsome |  |  | 2,200 |  |  |  | 70,411 |
Hankuk Carbon |  |  | 10,000 |  |  |  | 62,307 |
Huvis Corporation |  |  | 3,900 |  |  |  | 37,935 |
Total (Cost $373,452) |  |  |  |  |  |  | 343,297 |
SPAIN – 0.3% |  |  |  |  |  |  |  |
Atento 1, 2 |  |  | 18,000 |  |  |  | 258,840 |
Total (Cost $261,557) |  |  |  |  |  |  | 258,840 |
SRI LANKA – 0.1% |  |  |  |  |  |  |  |
Distilleries Company of Sri Lanka |  |  | 46,100 |  |  |  | 93,027 |
Total (Cost $76,313) |  |  |  |  |  |  | 93,027 |
SWEDEN – 0.5% |  |  |  |  |  |  |  |
Bufab Holding |  |  | 55,000 |  |  |  | 326,423 |
Nolato Cl. B |  |  | 4,400 |  |  |  | 100,581 |
Recipharm Cl. B |  |  | 3,300 |  |  |  | 61,702 |
Total (Cost $496,573) |  |  |  |  |  |  | 488,706 |
SWITZERLAND – 5.3% |  |  |  |  |  |  |  |
†Belimo Holding |  |  | 175 |  |  |  | 417,402 |
†Burckhardt Compression Holding |  |  | 600 |  |  |  | 227,338 |
†Burkhalter Holding |  |  | 2,650 |  |  |  | 308,947 |
Forbo Holding |  |  | 975 |  |  |  | 1,159,634 |
†Geberit |  |  | 800 |  |  |  | 266,710 |
†Inficon Holding |  |  | 1,250 |  |  |  | 427,162 |
†Kaba Holding |  |  | 550 |  |  |  | 327,370 |
†LEM Holding |  |  | 500 |  |  |  | 384,245 |
†Partners Group Holding |  |  | 1,200 |  |  |  | 358,736 |
†Straumann Holding |  |  | 1,000 |  |  |  | 274,346 |
†VZ Holding |  |  | 4,700 |  |  |  | 1,131,077 |
Total (Cost $4,979,066) |  |  |  |  |  |  | 5,282,967 |
TAIWAN – 0.8% |  |  |  |  |  |  |  |
†Flytech Technology |  |  | 35,900 |  |  |  | 143,114 |
Kinik Company |  |  | 48,500 |  |  |  | 92,427 |
Lumax International |  |  | 74,200 |  |  |  | 132,025 |
Makalot Industrial |  |  | 17,959 |  |  |  | 154,535 |
Shih Her Technologies |  |  | 67,800 |  |  |  | 90,094 |
Taiwan Paiho |  |  | 55,800 |  |  |  | 157,339 |
Total (Cost $692,309) |  |  |  |  |  |  | 769,534 |
TURKEY – 0.5% |  |  |  |  |  |  |  |
Mardin Cimento Sanayii |  |  | 300,000 |  |  |  | 473,490 |
Total (Cost $752,323) |  |  |  |  |  |  | 473,490 |
UNITED ARAB EMIRATES – 0.7% |  |  |  |  |  |  |  |
Aramex |  |  | 750,000 |  |  |  | 710,610 |
Total (Cost $652,528) |  |  |  |  |  |  | 710,610 |
UNITED KINGDOM – 13.4% |  |  |  |  |  |  |  |
†Abcam |  |  | 45,000 |  |  |  | 366,258 |
Ashmore Group |  |  | 269,000 |  |  |  | 1,222,351 |
†AVEVA Group |  |  | 16,200 |  |  |  | 460,213 |
Brammer |  |  | 14,000 |  |  |  | 67,917 |
†Character Group |  |  | 11,400 |  |  |  | 85,173 |
Clarkson |  |  | 47,800 |  |  |  | 2,055,644 |
Consort Medical |  |  | 92,500 |  |  |  | 1,322,600 |
e2v technologies |  |  | 125,000 |  |  |  | 492,980 |
Elementis |  |  | 110,000 |  |  |  | 443,501 |
Fenner |  |  | 75,000 |  |  |  | 244,231 |
†Fidessa Group |  |  | 12,500 |  |  |  | 446,824 |
Hargreaves Services |  |  | 11,000 |  |  |  | 59,024 |
HellermannTyton Group |  |  | 55,000 |  |  |  | 297,108 |
†ITE Group |  |  | 200,000 |  |  |  | 537,367 |
Jupiter Fund Management |  |  | 108,000 |  |  |  | 756,330 |
Kennedy Wilson Europe Real Estate |  |  | 25,000 |  |  |  | 446,235 |
Latchways |  |  | 29,000 |  |  |  | 357,695 |
Luxfer Holdings ADR 2 |  |  | 4,500 |  |  |  | 58,500 |
Mattioli Woods |  |  | 10,600 |  |  |  | 85,774 |
Norcros |  |  | 543,600 |  |  |  | 164,420 |
Pendragon |  |  | 144,600 |  |  |  | 86,337 |
†Polypipe Group |  |  | 95,700 |  |  |  | 408,251 |
Rotork |  |  | 214,000 |  |  |  | 782,112 |
Senior |  |  | 80,000 |  |  |  | 360,759 |
Spirax-Sarco Engineering |  |  | 21,989 |  |  |  | 1,172,289 |
†Synthomer |  |  | 40,000 |  |  |  | 195,841 |
Trifast |  |  | 82,700 |  |  |  | 159,829 |
†Victrex |  |  | 12,500 |  |  |  | 379,064 |
Total (Cost $13,150,143) |  |  |  |  |  |  | 13,514,627 |
UNITED STATES – 14.8% |  |  |  |  |  |  |  |
Bel Fuse Cl. A 2 |  |  | 26,672 |  |  |  | 551,044 |
Brooks Automation 2 |  |  | 18,100 |  |  |  | 207,245 |
†Century Casinos 1 |  |  | 6,200 |  |  |  | 39,060 |
Commercial Metals 2 |  |  | 42,000 |  |  |  | 675,360 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2015 Semiannual Report to Stockholders | 45

Royce Global Value Trust |  | June 30, 2015 (unaudited)

Schedule of Investments (continued) |  |  |  |  |  |  |  |
|  |  | SHARES |  |  |  | VALUE |
UNITED STATES (continued) |  |  |  |  |  |  |  |
Diebold 2, 3 |  |  | 28,800 |  |  | $ | 1,008,000 |
Diodes 1, 2, 3 |  |  | 20,500 |  |  |  | 494,255 |
EnerSys 2 |  |  | 11,000 |  |  |  | 773,190 |
Expeditors International of Washington 2, 3 |  |  | 19,300 |  |  |  | 889,827 |
Fairchild Semiconductor International 1, 2, 3 |  |  | 24,600 |  |  |  | 427,548 |
Greif Cl. A 2 |  |  | 13,400 |  |  |  | 480,390 |
Hallador Energy 2, 3 |  |  | 18,600 |  |  |  | 155,124 |
Innospec 2 |  |  | 12,457 |  |  |  | 561,063 |
†INTL FCStone 1 |  |  | 21,800 |  |  |  | 724,632 |
KBR 2, 3 |  |  | 59,200 |  |  |  | 1,153,216 |
†MSC Industrial Direct Cl. A |  |  | 7,200 |  |  |  | 502,344 |
Nanometrics 1, 2, 3 |  |  | 44,500 |  |  |  | 717,340 |
†National Instruments |  |  | 17,900 |  |  |  | 527,334 |
Quaker Chemical 2, 3 |  |  | 8,400 |  |  |  | 746,256 |
Rogers Corporation 1, 2 |  |  | 6,000 |  |  |  | 396,840 |
Schnitzer Steel Industries Cl. A 2 |  |  | 19,100 |  |  |  | 333,677 |
SEACOR Holdings 1, 2, 3 |  |  | 6,000 |  |  |  | 425,640 |
Sensient Technologies 2, 3 |  |  | 12,100 |  |  |  | 826,914 |
Sun Hydraulics 2 |  |  | 15,139 |  |  |  | 576,947 |
Tecumseh Products 1, 2 |  |  | 84,900 |  |  |  | 209,703 |
Tennant Company 2 |  |  | 6,200 |  |  |  | 405,108 |
Valmont Industries |  |  | 6,200 |  |  |  | 736,994 |
†Wiley (John) & Sons Cl. A |  |  | 7,000 |  |  |  | 380,590 |
Total (Cost $15,961,671) |  |  |  |  |  |  | 14,925,641 |
TOTAL COMMON STOCKS |  |  |  |  |  |  |  |
(Cost $108,999,389) |  |  |  |  |  |  | 106,392,030 |
REPURCHASE AGREEMENT– 3.2% |  |  |  |  |  |  |  |
Fixed Income Clearing Corporation, 0.00% dated 6/30/15, due 7/1/15, maturity value $3,261,000 (collateralized by obligations of various U.S. Government Agencies, 1.875% due 6/30/20, valued at $3,327,950)
(Cost $3,261,000) |  |  |  |  |  |  | 3,261,000 |
TOTAL INVESTMENTS – 109.0% |  |  |  |  |  |  |  |
(Cost $112,260,389) |  |  |  |  |  |  | 109,653,030 |
LIABILITIES LESS CASH AND OTHER ASSETS – (9.0)% |  |  |  |  |  |  | (9,067,913 | )
NET ASSETS – 100.0% |  |  |  |  |  | $ | 100,585,117 |

† | New additions in 2015.
1 | Non-income producing.
2 | All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2015. Total market value of pledged securities at June 30, 2015, was $15,622,944.
3 | At June 30, 2015, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $6,502,726.
4 | A security for which market quotations are not readily available represents 0.1% of net assets. This security has been valued at its fair value under procedures approved by the Fund’s Board of Directors. This security is defined as a Level 3 security due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.
| Securities of Global/International Funds are categorized by the country of their headquarters, with the exception of exchange-traded funds.
| Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2015, market value.
| TAX INFORMATION: The cost of total investments for Federal income tax purposes was $113,433,246. At June 30, 2015, net unrealized depreciation for all securities was $3,780,216, consisting of aggregate gross unrealized appreciation of $8,709,780 and aggregate gross unrealized depreciation of $12,489,996. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

46 | 2015 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Global Value Trust |  | June 30, 2015 (unaudited)

Statement of Assets and Liabilities |  |  |  |
ASSETS: |  |  |  |
Total investments at value |  | $ | 106,392,030 |
Repurchase agreements (at cost and value) |  |  | 3,261,000 |
Receivable for investments sold |  |  | 812,885 |
Receivable for dividends and interest |  |  | 179,011 |
Prepaid expenses and other assets |  |  | 37,663 |
Total Assets |  |  | 110,682,589 |
LIABILITIES: |  |  |  |
Revolving credit agreement |  |  | 8,000,000 |
Payable to custodian for cash and foreign currency overdrawn |  |  | 286,748 |
Payable for investments purchased |  |  | 1,653,109 |
Payable for investment advisory fee |  |  | 105,219 |
Payable for directors’ fees |  |  | 7,870 |
Payable for interest expense |  |  | 548 |
Accrued expenses |  |  | 40,810 |
Deferred capital gains tax |  |  | 3,168 |
Total Liabilities |  |  | 10,097,472 |
Net Assets |  | $ | 100,585,117 |
ANALYSIS OF NET ASSETS: |  |  |  |
Paid-in capital - $0.001 par value per share; 10,295,973 shares outstanding (150,000,000 shares authorized) |  | $ | 116,575,937 |
Undistributed net investment income (loss) |  |  | 595,867 |
Accumulated net realized gain (loss) on investments and foreign currency |  |  | (13,978,721 | )
Net unrealized appreciation (depreciation) on investments and foreign currency |  |  | (2,607,966 | )
Net Assets (net asset value per share - $9.77) |  | $ | 100,585,117 |
Investments at identified cost |  | $ | 108,999,389 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2015 Semiannual Report to Stockholders | 47

Royce Global Value Trust |  | Six Months Ended June 30, 2015 (unaudited)

Statement of Operations |  |  |  |
INVESTMENT INCOME: |  |  |  |
INCOME: |  |  |  |
Dividends |  | $ | 1,761,171 |
Foreign withholding tax |  |  | (160,705 | )
Rehypothecation income |  |  | 1,050 |
Securities lending |  |  | 247 |
Total income |  |  | 1,601,763 |
EXPENSES: |  |  |  |
Investment advisory fees |  |  | 609,914 |
Custody and transfer agent fees |  |  | 55,214 |
Interest expense |  |  | 45,330 |
Stockholder reports |  |  | 42,756 |
Professional fees |  |  | 15,091 |
Directors’ fees |  |  | 13,050 |
Administrative and office facilities |  |  | 6,752 |
Other expenses |  |  | 18,487 |
Total expenses |  |  | 806,594 |
Net investment income (loss) |  |  | 795,169 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |  |  |  |
NET REALIZED GAIN (LOSS): |  |  |  |
Investments |  |  | (7,445,330 | )
Foreign currency transactions |  |  | (13,297 | )
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |
Investments and foreign currency translations |  |  | 11,962,130 |
Other assets and liabilities denominated in foreign currency |  |  | 1,707 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 4,505,210 |
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS |  | $ | 5,300,379 |

48 | 2015 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Global Value Trust

Statement of Changes in Net Assets |  |  |  |  |  |  |  |
|  |  | SIX MONTHS ENDED |  |  |  |
|  |  | 6/30/15 |  |  |  |
|  |  | (UNAUDITED) |  |  | YEAR ENDED 12/31/14 |
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 795,169 |  |  | $ | 1,335,060 |
Net realized gain (loss) on investments and foreign currency |  |  | (7,458,627 | ) |  |  | (6,230,541 | )
Net change in unrealized appreciation (depreciation) on investments and foreign currency |  |  | 11,963,837 |  |  |  | (1,573,933 | )
Net increase (decrease) in net assets from investment operations |  |  | 5,300,379 |  |  |  | (6,469,414 | )
DISTRIBUTIONS: |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | (1,533,038 | )
Net realized gain on investments and foreign currency |  |  | – |  |  |  | – |
Total distributions |  |  | – |  |  |  | (1,533,038 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | – |  |  |  | 603,492 |
Total capital stock transactions |  |  | – |  |  |  | 603,492 |
Net Increase (Decrease) In Net Assets |  |  | 5,300,379 |  |  |  | (7,398,960 | )
NET ASSETS: |  |  |  |  |  |  |  |
Beginning of period |  |  | 95,284,738 |  |  |  | 102,683,698 |
End of period (including undistributed net investment income (loss) of $595,867 at 6/30/15 and $(199,302) at 12/31/14) |  | $ | 100,585,117 |  |  | $ | 95,284,738 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2015 Semiannual Report to Stockholders | 49

Royce Global Value Trust |  | Six Months Ended June 30, 2015 (unaudited)

Statement of Cash Flows |  |  |  |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
Net increase (decrease) in net assets from investment operations |  | $ | 5,300,379 |
Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash used for operating activities: |  |  |  |
Purchases of long-term investments |  |  | (39,557,494 | )
Proceeds from sales and maturities of long-term investments |  |  | 34,123,323 |
Net purchases, sales and maturities of short-term investments |  |  | (3,261,000 | )
Net (increase) decrease in dividends and interest receivable and other assets |  |  | (60,830 | )
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities |  |  | (12,118 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | (11,962,130 | )
Net realized gain on investments and foreign currency |  |  | 7,458,627 |
Net cash used for operating activities |  |  | (7,971,243 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
Net increase (decrease) in revolving credit agreement |  |  | 8,000,000 |
Net cash provided by financing activities |  |  | 8,000,000 |
INCREASE (DECREASE) IN CASH: |  |  | 28,757 |
Cash and foreign currency at beginning of period |  |  | (315,505 | )
Cash and foreign currency at end of period |  | $ | (286,748 | )

50 | 2015 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Global Value Trust

Financial Highlights

This table is presented to show selected data for a share outstanding throughout each period, and to assist stockholders in evaluating the Fund’s performance for the periods presented.

|  |  | SIX MONTHS ENDED |  |  |  |  |  |  |  |
|  |  | 6/30/2015 |  |  | YEAR ENDED |  |  | PERIOD ENDED
|  |  | (UNAUDITED) |  |  | 12/31/2014 |  |  | 12/31/20131
Net Asset Value, Beginning of Period |  | $ | 9.25 |  |  | $ | 10.05 |  |  | $ | 9.78 |
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | 0.08 |  |  |  | 0.13 |  |  |  | (0.00 | )
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 0.44 |  |  |  | (0.77 | ) |  |  | 0.27 |
Net increase (decrease) in net assets from investment operations |  |  | 0.52 |  |  |  | (0.64 | ) |  |  | 0.27 |
DISTRIBUTIONS: |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | (0.15 | ) |  |  | – |
Net realized gain on investments and foreign currency |  |  | – |  |  |  | – |  |  |  | – |
Total distributions |  |  | – |  |  |  | (0.15 | ) |  |  | – |
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |  |  |  |  |
Effect of reinvestment of distributions by Common Stockholders |  |  | – |  |  |  | (0.01 | ) |  |  | – |
Total capital stock transactions |  |  | – |  |  |  | (0.01 | ) |  |  | – |
Net Asset Value, End of Period |  | $ | 9.77 |  |  | $ | 9.25 |  |  | $ | 10.05 |
Market Value, End of Period |  | $ | 8.31 |  |  | $ | 8.04 |  |  | $ | 8.89 |
TOTAL RETURN: 2 |  |  |  |  |  |  |  |  |  |  |  |
Net Asset Value |  |  | 5.62 | %3 |  |  | (6.23 | )% |  |  | 2.76 | %3
Market Value |  |  | 3.36 | %3 |  |  | (7.86 | )% |  |  | (0.95 | )%3
RATIOS BASED ON AVERAGE NET ASSETS: |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fee expense |  |  | 1.25 | %4 |  |  | 1.25 | % |  |  | 1.25 | %4
Other operating expenses |  |  | 0.40 | %4 |  |  | 0.24 | % |  |  | 0.37 | %4
Total expenses (net) |  |  | 1.65 | %4 |  |  | 1.49 | % |  |  | 1.62 | %4
Expenses excluding interest expense |  |  | 1.56 | %4 |  |  | 1.49 | % |  |  | 1.62 | %4
Expenses prior to balance credits |  |  | 1.65 | %4 |  |  | 1.49 | % |  |  | 1.62 | %4
Net investment income (loss) |  |  | 1.63 | %4 |  |  | 1.30 | % |  |  | (0.13 | )%4
SUPPLEMENTAL DATA: |  |  |  |  |  |  |  |  |  |  |  |
Net Assets End of Period (in thousands) |  | $ | 100,585 |  | $ | 95,285 |  | $ | 102,684
Portfolio Turnover Rate |  |  | 34 | % |  |  | 43 | % |  |  | 7 | %
REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |  |  |  |  |  |  |
Asset coverage |  |  | 1357 | % |  |  |  |  |  |  |  |
Asset coverage per $1,000 |  |  | 13,573 |  |  |  |  |  |  |  |  |

1 | The Fund commenced operations on October 18, 2013.
2 | The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund’s net asset value is used on the purchase and sale dates instead of market value.
3 | Not annualized
4 | Annualized

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2015 Semiannual Report to Stockholders | 51

Royce Global Value Trust

Notes to Financial Statements (unaudited)

Summary of Significant Accounting Policies
Royce Global Value Trust, Inc. (the “Fund”), is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on February 14, 2011. The Fund commenced operations on October 18, 2013.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies”.
VALUATION OF INVESTMENTS:
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 June 30, 2015. For a detailed breakout of common stocks by country, please refer to the Schedule of Investments.

|  |  | LEVEL 1 |  |  | LEVEL 2 |  |  | LEVEL 3 |  | TOTAL
Common Stocks |  |  | $106,311,401 |  |  | $ – |  |  | $80,629 |  | $106,392,030
Cash Equivalents |  |  | – |  |  | 3,261,000 |  |  | – |  | 3,261,000

For the six months ended June 30, 2015, certain securities have transferred in and out of Level 1, Level 2 and Level 3 measurements. The Fund recognizes transfers between levels as of the end of the reporting period. At June 30, 2015, securities valued at $58,121,457 were transferred from Level 2 to Level 1 and securities valued at $80,629 were transferred from Level 2 to Level 3 within the fair value hierarchy.

52 | 2015 Semiannual Report to Stockholders

Royce Global Value Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

|  |  |  |  |  |  |  |  | UNREALIZED |  |  |
|  |  | BALANCE AS OF 12/31/14 |  |  | TRANSFERS IN |  |  | GAIN (LOSS)1 |  |  | BALANCE AS OF 6/30/15
Common Stocks |  |  | $ – |  |  | $ 80,629 |  |  | $ – |  |  | $ 80,629

1 | The net change in unrealized appreciation (depreciation) is included in the accompanying Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. Net realized gain (loss) from investments and foreign currency transactions is included in the accompanying Statement of Operations.

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.
FOREIGN CURRENCY:
Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates.
SECURITIES LENDING:
The Fund loans securities through a lending agent 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. The Fund’s securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain securities, less any rebates paid to borrowers and lending agent fees associated with the loan. The lending agent is not affiliated with Royce.
DISTRIBUTIONS AND TAXES:
As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes information regarding income taxes under the caption “Tax Information”.
The Fund pays any dividends and capital gain distributions annually in December. Because federal income tax regulations differ from generally accepted accounting principles, income and capital gain distributions determined in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes differ from those reflected in the accompanying financial statements.
CAPITAL GAINS TAXES:
The Fund is subject to a tax imposed on short-term capital gains on securities of issuers domiciled in certain countries. The Fund records an estimated deferred tax liability for these securities that have been held for less than one year. This amount, if any, is reported as deferred capital gains tax in the accompanying Statement of Assets and Liabilities, assuming those positions were disposed of at the end of the period, and accounted for as a reduction in the market value of the security.
INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:
Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premium and discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.

2015 Semiannual Report to Stockholders | 53

Royce Global Value Trust

Notes to Financial Statements (unaudited) (continued)

EXPENSES:
The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund’s operations, while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to the Funds are allocated by Royce & Associates, LLC (“Royce”) under an administration agreement and are included in administrative and office facilities and professional fees.
COMPENSATING BALANCE CREDITS:
The Fund has an arrangement with its custodian bank, whereby a portion of the custodian’s fee is paid indirectly by credits earned on the Fund’s cash on deposit with the bank. This deposit arrangement is an alternative to purchasing overnight investments. Conversely, the Fund pays interest to the custodian on any cash overdrafts, to the extent they are not offset by credits earned on positive cash balances.
Capital Stock:
The Fund issued 75,721 shares of Common Stock as reinvestment of distributions for the year ended December 31, 2014.
Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). 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.
As of June 30, 2015, the Fund has outstanding borrowings of $8,000,000. During the six months ended June 30, 2015, the Fund borrowed an average daily balance of $7,381,215 at a weighted average borrowing cost of 1.22%. The maximum amount outstanding during the six months ended June 30, 2015 was $8,000,000. As of June 30, 2015, the aggregate value of rehypothecated securities was $6,502,726. During the six months ended June 30, 2015, the Fund earned $1,050 in fees from rehypothecated securities.
Investment Advisory Agreement:
The Investment Advisory Agreement between Royce and the Fund provides for fees to be paid at an annual rate of 1.25% of the Fund’s average daily net assets. For the six months ended June 30, 2015, the Fund accrued and paid Royce investment advisory fees totaling $609,914.
Purchases and Sales of Investment Securities:
For the six months ended June 30, 2015, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $41,210,604 and $34,808,867, respectively.

54 | 2015 Semiannual Report to Stockholders

Directors and Officers

All Directors and Officers may be reached c/o The Royce Funds, 745 Fifth Avenue, New York, NY 10151

Charles M. Royce, Director1
Age: 75 | Number of Funds Overseen: 27 | Tenure: Since 1982
Non-Royce Directorships: Director of TICC Capital Corp.
Principal Occupation(s) During Past Five Years: Chief Executive Officer and a Member of the Board of Managers of Royce & Associates, LLC (“Royce”), the Trust’s investment adviser.
Christopher D. Clark, Trustee1, President
Age: 50 | Number of Funds Overseen: 27 | Tenure: Since 2014
Principal Occupation(s) During Past Five Years: President (since July 2014), Co-Chief Investment Officer (since January 2014), Managing Director and, since June 2015, a Member of the Board of Managers of Royce having been employed by Royce since May 2007.
Patricia W. Chadwick, Director
Age: 66 | Number of Funds Overseen: 27 | Tenure: Since 2009
Non-Royce Directorships: Trustee of ING Mutual Funds and Director of Wisconsin Energy Corp.
Principal Occupation(s) During Past 5 Years: Consultant and President of Ravengate Partners LLC (since 2000).
Richard M. Galkin, Director
Age: 77 | Number of Funds Overseen: 27 | Tenure: Since 1982
Non-Royce Directorships: None
Principal Occupation(s) During Past Five Years: Private investor. Mr. Galkin’s prior business experience includes having served as President of Richard M. Galkin Associates, Inc., telecommunications consultants, President of Manhattan Cable Television (a subsidiary of Time, Inc.), President of Haverhills Inc. (another Time, Inc. subsidiary), President of Rhode Island Cable Television, and Senior Vice President of Satellite Television Corp. (a subsidiary of Comsat).
Stephen L. Isaacs, Director
Age: 75 | Number of Funds Overseen: 27 | Tenure: Since 1989
Non-Royce Directorships: None
Principal Occupation(s) During Past Five Years: Attorney and President of Health Policy Associates, Inc., consultants. Mr. Isaacs’s prior business experience includes having served as President of the Center for Health and Social Policy (from 1996 to 2012); Director of Columbia University Development Law and Policy Program and Professor at Columbia University (until August 1996).
Arthur S. Mehlman, Director
Age: 73 | Number of Funds Overseen: 45 | Tenure: Since 2004
Non-Royce Directorships: Director/Trustee of registered investment companies constituting the 18 Legg Mason Funds.
Principal Occupation(s) During Past Five Years: Director of The League for People with Disabilities, Inc.; Director of University of Maryland Foundation (non-profits). Formerly: Director of Municipal Mortgage & Equity, LLC (from October 2004 to April 1, 2011); Director of University of Maryland College Park Foundation (non-profit) (from 1998 to 2005); Partner, KPMG LLP (international accounting firm) (from 1972 to 2002); Director of Maryland Business Roundtable for Education (from July 1984 to June 2002).
David L. Meister, Director
Age: 75 | Number of Funds Overseen: 27 | Tenure: Since 1982
Non-Royce Directorships: None
Principal Occupation(s) During Past Five Years: Consultant. Chairman and Chief Executive Officer of The Tennis Channel (from June 2000 to March 2005). Mr. Meister’s prior business experience includes having served as Chief Executive Officer of Seniorlife.com, a consultant to the communications industry, President of Financial News Network, Senior Vice President of HBO, President of Time-Life Films, and Head of Broadcasting for Major League Baseball.
G. Peter O’Brien, Director
Age: 69 | Number of Funds Overseen: 45 | Tenure: Since 2001
Non-Royce Directorships: Director/Trustee of registered investment companies constituting the 18 Legg Mason Funds; Director of TICC Capital Corp.
Principal Occupation(s) During Past Five Years: Trustee Emeritus of Colgate University (since 2005); Board Member of Hill House, Inc. (since 1999); Formerly: Trustee of Colgate University (from 1996 to 2005), President of Hill House, Inc. (from 2001 to 2005) and Managing Director/Equity Capital Markets Group of Merrill Lynch & Co. (from 1971 to 1999).
Michael K. Shields, Director
Age: 57 | Number of Funds Overseen: 27 | Tenure: Since 2015
Principal Occupation(s) During Past Five Years: President and Chief Executive Officer of Piedmont Trust Company, a private North Carolina trust company (since May 2012). Mr. Shields’s prior business experience includes owning Shields Advisors, an investment consulting firm (from April 2010 to June 2012).
Francis D. Gannon, Vice President
Age: 47 | Tenure: Since 2014
Principal Occupation(s) During Past Five Years: Co-Chief Investment Officer (since January 2014) and Managing Director of Royce, having been employed by Royce since September 2006.
Daniel A. O’Byrne, Vice President
Age: 53 | Tenure: Since 1994
Principal Occupation(s) During Past Five Years: Principal and Vice President of Royce, having been employed by Royce since October 1986.
Peter K. Hoglund, Treasurer
Age: 49 | Tenure: Since 2015
Principal Occupation(s) During Past Five Years: Principal, Chief Financial Officer, and Chief Administrative Officer of Royce, having been employed by Royce since December 2014. Prior to joining Royce, Mr. Hoglund spent more than 20 years with Munder Capital Management in Birmingham, MI, serving as Managing Director and Chief Financial Officer and overseeing all financial aspects of the firm. He began his career at Munder as a portfolio manager.
John E. Denneen, Secretary and Chief Legal Officer
Age: 48 | Tenure: 1996-2001 and Since 2002
Principal Occupation(s) During Past Five Years: General Counsel and, since June 2015, a Member of the Board of Managers of Royce; Chief Legal and Compliance Officer and Secretary of Royce; Secretary and Chief Legal Officer of The Royce Funds.
Lisa Curcio, Chief Compliance Officer
Age: 55 | Tenure: Since 2004
Principal Occupation(s) During Past Five Years: Chief Compliance Officer of The Royce Funds (since October 2004) and Compliance Officer of Royce (since June 2004).

1 Interested Director.
Director will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal.

2015 Semiannual Report to Stockholders | 55

Board Approval of Investment Advisory Agreements

At meetings held on June 3-4, 2015, the Funds’ respective Boards of Directors, including all of the non-interested directors, approved the continuance of the Investment Advisory Agreements between Royce & Associates, LLC (“R&A”) and each of Royce Value Trust, Inc., Royce Micro-Cap Trust, Inc., and Royce Global Value Trust, Inc. (each, a “Fund” and collectively, the “Funds”). In reaching these decisions, each Board reviewed the materials provided by R&A, which included, among other things, information prepared internally by R&A and independently by Morningstar Associates, LLC (“Morningstar”) containing detailed expense ratio and investment performance comparisons for the Funds with other funds in their respective “peer groups”, information regarding the past performance of the Funds and other registered investment companies managed by R&A and a memorandum outlining the legal duties of each Board prepared by independent counsel to the non-interested directors. R&A also provided the directors with an analysis of its profitability with respect to providing investment advisory services to each of the Funds. In addition, each Board took into account information furnished throughout the year at regular Board meetings, including reports on investment performance, stockholder services, regulatory compliance, brokerage commissions and research, and brokerage and execution products and services provided to the Funds. Each Board also considered other matters it deemed important to the approval process, such as allocation of Fund brokerage commissions, “soft dollar” research services R&A receives and other direct and indirect benefits to R&A and its affiliates, from their relationship with the relevant Fund. The directors also met throughout the year with investment advisory personnel from R&A. Each Board, in its deliberations, recognized that, for many of the Funds’ stockholders, the decision to purchase Fund shares included a decision to select R&A as the investment adviser and that there was a strong association in the minds of Fund stockholders between R&A and each Fund. In considering factors relating to the approval of the continuance of the Investment Advisory Agreements, the non-interested directors received assistance and advice from, and met separately with, their independent counsel. While the Investment Advisory Agreements were considered at the same Board meetings, the Boards dealt with each agreement separately. Among other factors, the directors considered the following:
The nature, extent and quality of services provided by R&A: Each Board considered the following factors to be of fundamental importance to its consideration of whether to approve the continuance of the relevant Fund’s Investment Advisory Agreement: (i) R&A’s more than 40 years of value investing experience and track record; (ii) the history of long-tenured R&A portfolio managers managing the Funds; (iii) R&A’s focus on mid-cap, small-cap and micro-cap value investing; (iv) the consistency of R&A’s approach to managing the Funds and open-end mutual funds over more than 40 years; (v) the integrity and high ethical standards adhered to at R&A; (vi) R&A’s specialized experience in the area of trading small- and micro-cap securities; (vii) R&A’s historical ability to attract and retain portfolio management talent and (viii) R&A’s focus on stockholder interests as exemplified by expansive stockholder reporting and communications. Each Board reviewed the services that R&A provides to each Fund, including, but not limited to, managing each Fund’s investments in accordance with the stated policies of each Fund. Each Board considered the fact that R&A provided certain administrative services to the Funds at cost pursuant to the Administration Agreement between the Funds and R&A. Each Board determined that the services to be provided to each Fund by R&A would be the same as those that it previously provided to the relevant Fund. The Boards also took into consideration the histories, reputations and backgrounds of R&A’s portfolio managers for the Funds, finding that these would likely have an impact on the continued success of the Funds. Lastly, each Board noted R&A’s ability to attract and retain qualified and experienced personnel. The directors concluded that the investment advisory services provided by R&A to each Fund compared favorably to services provided by R&A to other R&A client accounts, including other funds, in both nature and quality, and that the scope of services provided by R&A would continue to be suitable for the Funds.

Investment performance of the Funds and R&A: In light of R&A’s risk-averse approach to investing, each Board believes that risk-adjusted performance continues to be the most appropriate measure of each Fund’s investment performance. One measure of risk-adjusted performance the Boards use in their review of the Funds’ performance is the Sharpe Ratio. The Sharpe Ratio is a risk-adjusted measure of performance developed by Nobel Laureate William Sharpe. It is calculated by dividing a fund’s annualized excess returns by its annualized standard deviation to determine reward per unit of risk. The higher the Sharpe Ratio, the better a fund’s historical risk-adjusted performance. The Boards attach primary importance to risk-adjusted performance over relatively long periods of time, typically 3 to 10 years. It was noted, however, that Royce Global Value Trust, Inc. (“RGT”) only commenced operations in October 2013. Using Morningstar data, the Sharpe Ratio for Royce Value Trust, Inc. (“RVT”) placed in the 4th quartile within the Small Blend category assigned by Morningstar for the 3-year, 5-year, and 10-year periods ended December 31, 2014 while the Sharpe Ratio for Royce Micro-Cap Trust, Inc. (“RMT”) placed in the 3rd quartile within the same Morningstar category for those same periods. It was noted that each of RVT and RMT focuses on high quality companies (e.g., those with solid balance sheets, low leverage, the ability to generate and effectively allocate free cash flow, and strong returns on invested capital), which hurt their relative performance during the recent market period that has been marked by historically low interest rates and U.S. Federal Reserve market intervention. In addition, the past use of leverage by each of RVT and RMT through preferred stock created higher volatility and worse down market performance. The Sharpe Ratio for RGT placed in the third quartile within the Foreign Small/Mid Value category assigned by Morningstar for the 1-year period ended December 31, 2014. The Board noted the inherent limitations of a one-year Sharpe Ratio in evaluating RGT’s investment performance.

In addition to each Fund’s risk–adjusted performance, each Board also reviewed and considered each Fund’s absolute total returns, down market performance, and long-term performance records for periods of 10 years and longer for RVT and RMT. Each Board also considered it important to look beyond the current snapshot of performance as of December 31, 2014 and therefore examined extended performance histories for each Fund using monthly rolling average return periods through March 31, 2015.

Each Board noted that R&A manages a number of funds that invest in micro-cap, small-cap, and mid-cap issuers, many of which had outperformed their benchmark indexes and their competitors during preceding periods. Although each Board recognized that past performance is not necessarily an indicator of future results, it found that R&A had the necessary qualifications, experience and track record in managing micro-cap, small-cap, and mid-cap securities to manage the relevant Fund. The directors determined that R&A continued to be an appropriate investment adviser for the Funds and concluded that each Fund’s performance supported the renewal of its Investment Advisory Agreement.

Cost of the services provided and profits realized by R&A from its relationship with the Funds: Each Board considered the cost of the services provided by R&A and profits realized by R&A from its relationship with each Fund. As part of the analysis, each Board

56 | 2015 Semiannual Report to Stockholders

Board Approval of Investment Advisory Agreements (continued)

discussed with R&A its methodology in allocating its costs to each Fund and concluded that its allocations were reasonable. Each Board concluded that R&A’s profits were reasonable in relation to the nature and quality of services provided.
The extent to which economies of scale would be realized as the Funds grow and whether fee levels would reflect such economies of scale: Each Board considered whether there have been economies of scale in respect of the management of each Fund, whether each Fund has appropriately benefited from any economies of scale and whether there is potential for realization of any further economies of scale. Each Board noted the time and effort involved in managing portfolios of micro-, small- and mid-cap stocks and that they did not involve the same efficiencies as do portfolios of large-cap stocks. Each Board concluded that the current fee structure for each Fund was reasonable, that stockholders sufficiently participated in economies of scale and that no changes were currently necessary.
Comparison of services to be rendered and fees to be paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients: Each Board reviewed the investment advisory fee paid by each Fund and compared both the services to be rendered and the fees to be paid under the Investment Advisory Agreements to other contracts of R&A and to contracts of other investment advisers to registered investment companies investing in small- and micro-cap stocks, as provided by Morningstar. In the case of RVT, its Board noted that it had a 1.00% basic fee that is subject to adjustment up or down (up to 0.50% in either direction) based on its performance versus the S&P 600 SmallCap Index over a rolling period of 60 months. The fee is charged on average net assets over that rolling period. As a result, in a rising market, the fee will be smaller than a fee calculated on the current year’s average net assets, and vice versa. The Board determined that the performance adjustment feature continued to serve as an appropriate incentive to R&A to manage RVT for the benefit of its long-term common stockholders. The Board also noted that the fee arrangement, which also includes a provision for no fee in periods where RVT’s trailing three-year performance is negative, requires R&A to measure RVT’s performance monthly against the S&P 600, an unmanaged index. Instead of receiving a set fee regardless of its performance, R&A is penalized for poor performance. The Board noted that RVT’s net expense ratio placed it in the 1st percentile within its Morningstar peer group for 2014. In the case of RMT, the Board noted that it also had a 1.00% basic fee subject to adjustment up or down based on its performance versus the Russell 2000 Index over a rolling 36 month period. The fee is charged on average net assets over that rolling period. As a result, in a rising market, the fee will be smaller than a fee calculated on the current year’s average net assets, and vice versa. The Board determined that the performance adjustment feature continued to serve as an incentive to R&A to manage RMT for the benefit of its long-term common stockholders. The Board noted that RMT’s net expense ratio placed it in the 1st quartile when compared against its Morningstar peer group for 2014. Finally, in the case of RGT, the Board noted that its net expense ratio based on average net assets fell within the 75th percentile of its Morningstar-assigned open-end peer group, 15 basis points above the Morningstar peer group median.
Each Board also noted that R&A manages the relevant Fund in an active fashion. The industry accepted metric for measuring how actively an equity portfolio is managed is called “active share.” In particular, active share measures how much the holdings of an equity portfolio differ from the holdings of its appropriate passive benchmark index. At the extremes, a portfolio with no holdings in common with the benchmark would have 100% active share, while a portfolio that is identical to the benchmark would have 0% active share. R&A presented a chart to the Boards which demonstrated that funds with high active share scores had higher expense ratios than funds with lower active share scores due to the resources required for the active management of those funds.
Each Board also considered fees charged by R&A to institutional and other clients and noted that, given the greater levels of services that R&A provides to registered investment companies such as the Funds as compared to other accounts, the base investment advisory fee for RVT and RMT and the advisory fee for RGT compared favorably to the investment advisory fees charged to those other accounts.
It was noted that no single factor was cited as determinative to the decision of the directors. Rather, after weighing all of the considerations and conclusions discussed above, each entire Board, including all of the non-interested directors, approved the continuation of the existing Investment Advisory Agreement, concluding that a contract continuation on the existing terms was in the best interest of the stockholders of each Fund and that each investment advisory fee rate was reasonable in relation to the services provided.

2015 Semiannual Report to Stockholders | 57

Notes to Performance and Other Important Information

The thoughts expressed in this Review and Report concerning recent market movements and future prospects for small company stocks are solely the opinion of Royce at June 30, 2015, and, of course, historical market trends are not necessarily indicative of future market movements. Statements regarding the future prospects for particular securities held in the Funds’ portfolios and Royce’s investment intentions with respect to those securities reflect Royce’s opinions as of June 30, 2015 and are subject to change at any time without notice. There can be no assurance that securities mentioned in this Review and Report will be included in any Royce-managed portfolio in the future. Investments in securities of micro-cap, small-cap and/or mid-cap companies may involve considerably more risk than investments in securities of larger-cap companies. All publicly released material information is always disclosed by the Funds on the website at www.roycefunds.com.
Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI.
All indexes referred to are unmanaged and capitalization weighted. Each index’s returns include net reinvested dividends and/or interest income. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The Russell 2000 Index is an index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The Russell Microcap Index includes 1,000 of the smallest securities in the Russell 2000 Index along with the next smallest eligible securities as determined by Russell. The Russell 1000 Index is an index of domestic large-cap stocks. It measures the performance of the 1,000 largest publicly traded companies in the Russell 3000 Index. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. It includes approximately 800 of the smallest securities in the Russell 1000 Index. The Russell Global Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. The Russell Global ex-U.S. Large Cap Index is an index of global large-cap stocks, excluding the United States. The Russell Global ex-U.S. Small Cap Index is an index of global small-cap stocks, excluding the United States. The S&P 500 and SmallCap 600 are indexes of U.S. large- and small-cap stocks, respectively, selected by Standard & Poor’s based on market size, liquidity, and industry grouping, among other factors. The Nasdaq Composite is an index of the more than 3,000 common equities listed on the Nasdaq stock exchange. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Returns for the market indexes used in this report were based on information supplied to Royce by Russell Investments.
The Price-Earnings, or P/E, Ratio is calculated by dividing a company’s share price by its trailing 12-month earnings-per share (EPS). The Price-to-Book, or P/B, Ratio is calculated by dividing a company’s share price by its book value per share. The Morningstar Style Map uses proprietary scores of a stock’s value and growth characteristics to determine its placement in one of the five categories listed on the horizontal axis. These characteristics are then compared to those of other stocks within the same market capitalization band. Each is scored from zero to 100 for both value and growth attributes. The value score is subtracted from the growth score to determine the overall style score. For the vertical, market cap axis, Morningstar subdivides into size groups. Giant-cap stocks are defined as those that account for the top 40% of the capitalization of each style zone; large-cap stocks represent the next 30%; mid-cap stocks the next 20%; small-cap stocks the next 7%; micro-cap stocks the smallest 3%. The Royce Funds is a service mark of The Royce Funds. Distributor: Royce Fund Services, Inc.

Forward-Looking Statements
This material contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve risks and uncertainties, including, among others, statements as to:

• | the Funds’ future operating results
• | the prospects of the Funds’ portfolio companies
• | the impact of investments that the Funds have made or may make
• | the dependence of the Funds’ future success on the general economy and its impact on the companies and industries in which the Funds invest, and
• | the ability of the Funds’ portfolio companies to achieve their objectives.

This Review and Report uses words such as “anticipates,” “believes,” “expects,” “future,” “intends,” and similar expressions to identify forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements for any reason.
The Royce Funds have based the forward-looking statements included in this Review and Report on information available to us on the date of the report, and we assume no obligation to update any such forward-looking statements. Although The Royce Funds undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make through future stockholder communications or reports.

Authorized Share Transactions
Royce Value Trust, Royce Micro-Cap Trust, and Royce Global Value Trust may each repurchase up to 5% of the issued and outstanding shares of its respective common stock during the year ending December 31, 2015. Any such repurchases would take place at then prevailing prices in the open market or in other transactions. Common stock repurchases would be effected at a price per share that is less than the share’s then current net asset value.
Royce Value Trust, Royce Micro-Cap Trust, and Royce Global Value Trust are also authorized to offer their common stockholders an opportunity to subscribe for additional shares of their common stock through rights offerings at a price per share that may be less than the share’s then current net asset value. The timing and terms of any such offerings are within each Board’s discretion.

Annual Certifications
As required, the Funds have submitted to the New York Stock Exchange (“NYSE”) for Royce Value Trust, Royce Micro-Cap Trust, and Royce Global Value Trust the annual certification of the Funds’ Chief Executive Officer that he is not aware of any violation of the NYSE’s listing standards. The Funds also have included the certification of the Funds’ Chief Executive Officer and Chief Financial Officer required by section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to the Funds’ form N-CSR for the period ended December 31, 2014, filed with the Securities and Exchange Commission.

58 | 2015 Semiannual Report to Stockholders

Notes to Performance and Other Important Information (continued)

Proxy Voting
A copy of the policies and procedures that The Royce Funds use to determine how to vote proxies relating to portfolio securities and information regarding how each of The Royce Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, on The Royce Funds’ website at www.roycefunds.com, by calling (800) 221-4268 (toll-free) and on the website of the Securities and Exchange Commission (“SEC”), at www.sec.gov.
Form N-Q Filing
The Funds file their complete schedules of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Royce Funds’ holdings are also on the Funds’ website approximately 15 to 20 days after each calendar quarter end and remain available until the next quarter’s holdings are posted. The Funds’ Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. To find out more about this public service, call the SEC at (800) 732-0330. The Funds’ complete schedules of investments are updated quarterly, and are available at www.roycefunds.com.

2015 Semiannual Report to Stockholders | 59

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| About The Royce Funds |  |  | Contact Us |
| Wealth of Experience With approximately $27 billion in total assets under management, Royce & Associates is committed to the same investment principles that have served us well for more than 40 years. Chuck Royce, our Chief Executive Officer, enjoys one of the longest tenures of any active mutual fund manager. Royce’s investment staff also includes 23 portfolio managers and analysts and eight traders. |  |  | GENERAL INFORMATION General Royce Funds information including an overview of our firm and Funds (800) 221-4268 |
| Multiple Funds, Common Focus Our goal is to offer both individual and institutional investors the best available micro-cap, small-cap, and/or mid-cap portfolios. We have chosen to concentrate on smaller-company investing by providing investors with a range of funds that take full advantage of this large and diverse sector. |  |  | COMPUTERSHARE Transfer Agent and Registrar Speak with a representative about: • Your account, transactions, and forms (800) 426-5523 |
| Consistent Discipline Our approach emphasizes paying close attention to risk and maintaining the same discipline, regardless of market movements and trends. The price we pay for a security must be below our appraisal of its current worth. This requires a thorough analysis of the financial and business dynamics of an enterprise, as though we were purchasing the entire company. |  |  | FINANCIAL ADVISORS AND BROKER-DEALERS Speak with your regional Royce contact regarding: • Information about our firm, strategies, and Funds • Fund Materials (800) 337-6923 |
| Co-Ownership of Funds It is important that our employees and Stockholders share a common financial goal. Our officers, employees, and their families currently have more than $127 million invested in The Royce Funds and are often among the largest individual Stockholders. |  |  |  |
|  |  |  | roycefunds.com |

Item 2. Code(s) of Ethics. Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert. Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services. Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants. Not applicable to this semi-annual report.

Item 6. Investments.
(a) See Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable to this semi-annual report.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to this semi-annual report.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not Applicable

Item 10. Submission of Matters to a Vote of Security Holders. Not Applicable.

Item 11. Controls and Procedures.

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control over Financial Reporting. There were no significant changes in Registrant’s internal control over financial reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses during the second fiscal quarter of the period covered by this report.

Item 12. Exhibits. Attached hereto.
(a)(1) Not applicable to this semi-annual report.

(a)(2) Separate certifications by the Registrant’s Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not Applicable

(b) Separate certifications by the Registrant’s Principal Executive Officer and Principal Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940.

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/ Christopher D. Clark
| Christopher D. Clark
| President
Date: August 28, 2015

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.

ROYCE VALUE TRUST, INC. |  | ROYCE VALUE TRUST, INC.
BY: | /s/ Christopher D. Clark |  | BY: | /s/ Peter K. Hoglund
| Christopher D. Clark |  |  | Peter K. Hoglund
| President |  |  | Chief Financial Officer
Date: August 28, 2015 |  | Date: August 28, 2015