N-CSRS 1 e41905_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, 2016
Date of reporting period: January 1, 2016 – June 30, 2016

Item 1. Reports to Shareholders.

|  | JUNE 30, 2016
|  | 2016 Semiannual
|  | Review and Report to Stockholders

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

| A Few Words on Closed-End Funds
| Royce & Associates, LP manages three closed-end funds: Royce Global Value Trust, which invests primarily in companies with headquarters outside of the United States, Royce Micro-Cap Trust, which invests primarily in micro-cap securities; and Royce Value Trust, which invests primarily in small-cap securities. 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 |  | Why Dividend Reinvestment Is Important |
| • | 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. |  | 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 Micro-Cap Trust and Royce Value Trust has authorized a managed distribution policy (“MDP”). Under the MDP, Royce Micro-Cap Trust and Royce Value 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. |
| • | 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, with significant investments 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 Micro-Cap Trust and Royce Value Trust distribute capital gains, if any, 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. |  |  |
This page is not part of the 2016 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 Global Value Trust |  | 6 |
Royce Micro-Cap Trust |  | 8 |
Royce Value Trust |  | 10 |
History Since Inception |  | 12 |
Distribution Reinvestment and Cash Purchase Options |  | 14 |
Schedules of Investments and Other Financial Statements |  |  |
Royce Global Value Trust |  | 15 |
Royce Micro-Cap Trust |  | 27 |
Royce Value Trust |  | 41 |
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 2016 Semiannual Report to Stockholders

Letter to Our Stockholders

A BEAR, A BREXIT, AND A WELCOME START TO 2016

W e were happy to greet 2016 with a spirited “Hello” in the hope that certain emerging trends in the small-cap world would gain a firmer foothold in the new year. We were very pleased, then, to see the market’s pronounced shift toward companies with attractive to reasonable valuations, solid balance sheets, and strong profitability—attributes found in many of our portfolio holdings—arrive in the year’s first half. And though domestic small-caps did modestly well in the first half, an achievement that looks more commendable in the context of the high levels of volatility that all equities faced in the first half of 2016, many active managers, ourselves included, did even better. This was a welcome change. Both the absolute and relative health of domestic equities was in evidence during the first half of 2016. The Nasdaq Composite, which is home to a large number of biotechnology companies that corrected sharply in the first half after leading the market last year, was the only major U.S. index to finish the year-to-date period ended June 30, 2016 in the red. A few non-U.S. indexes remained marginally positive in the first half, but most concluded the semiannual period with at least minor net losses. Among those that fell further behind was one that did notably well in 2015—European small-caps, whose more diminutive size made them most vulnerable to the post-Brexit sell-off. But to participate in these strong first-half results for U.S. equity, investors needed the stomach for a wild ride that started with a steep and speedy initial drop followed by a far smoother, robust recovery. The year began with a more dramatic extension of last year’s decline, and we initially failed to grasp that 2015 would, in the manner of Shakespeare’s best-known stage direction, “Exit, pursued by a bear.” From the June 23, 2015 small-cap peak through its year-to-date low on February 11, 2016 , the Russell 2000 Index fell 25.7%, a truly ursine decline.

This seems to have been a remarkably quiet double-digit correction—a stealth bear market, as it were. Few outside the small-cap world have acknowledged it, never mind analyzed or discussed it. Yet it was the ninth biggest decline since the Russell 2000’s inception at the end of 1978, and the worst for small-caps since 2011. It included many of the signs that typically accompany a bottoming-out process—panic selling in a number of sectors (most notably within the bio-pharma complex), small-caps losing more than large-caps, and greater resilience from value stocks—to us, the most significant development in the down phase. This heightened volatility was triggered by the ongoing implosion of oil prices, struggles for other commodities, anxiety over possible bank defaults, and the devaluation of currency in China. Together, these factors led to a few sessions in which hysteria ruled the equity markets. Like many bear markets (and unlike that of the more closely correlated collapse in 2011), it also solidified a rotation in leadership from small-cap growth to small-cap value. Having invested through many previous small-cap declines (some pre-dating the Russell 2000), we sought to turn the downdraft to our advantage by looking for bargain-priced opportunities amid the volatility and to stay invested for the eventual recovery. Our commitment was rewarded as the Russell 2000 rebounded sharply from its early February low, rising 21.6% by the end of June. During these tumultuous days, a shift in leadership could be seen clearly in the earnings outlook. We first saw evidence for it in October 2015 and noted it again in February 2016. Many companies, including several of our holdings, reported decent earnings while also not revising guidance downward. This was viewed as a positive in that expectations had been so low, particularly for companies in more economically sensitive sectors, that “pretty good” or “not that bad” was in several instances much better news than people were

2 | This page is not part of the 2016 Semiannual Report to Stockholders

LETTER TO OUR STOCKHOLDERS

expecting. The general lack of downward earnings revisions both last fall and in the first half of this year has allowed for some recovery for these companies’ shares. Brexit, of course, tossed an already highly uncertain global economy into even stormier seas. While we see the vote as more of a political event for the United Kingdom and the European Union than an important economic event for the U.S., there’s no question it has made the already tenuous prospects for global growth that much shakier. Still, we do not see it having a lasting or meaningful impact on U.S. small-caps. For the global economy, however, Brexit and other risks look likely to persist. At this writing, there are negative rates for long-term sovereign debt in Germany and Japan, ominous signals from the banks in Italy, and in both the U.K. and eurozone a political and economic situation that it would be an understatement to call “unsettled.” Here at home, we have seen record lows for both 10- and 30-year Treasury yields. These more recent developments can be added to the older—that is, mid-June’s—list of concerns about the pace of growth in China and other important emerging markets, stabilizing but still volatile commodity prices, and the ambiguous state of the U.S. economy, in which housing and autos remain strong but consumer confidence, manufacturing, and the job market have been more mixed. It is a daunting set of challenges, to be sure. Where we differ from some observers, however, is in our belief in the strength and resilience of the economy. This is rooted in our long-established practice of giving more weight to what we are hearing from the management teams we speak to every day than we do to fatalistic headlines and dire—or overly sunny—prognostications. The corporate managers with whom we have been meeting are far more cautious and uncertain than pessimistic. Well aware of the fragility of current conditions, they have also offered some measured optimism in terms of growth picking up, however gradually or in fits and starts. In terms of now widespread recession concerns, we also want to stress

that, over its long history, the stock market has seldom, if ever, offered false positives—that is, shares do not rise when economic growth is about to contract. And in all the tumult of the first half, most U.S. indexes rose, however modestly. The upshot is that, in the midst of heightened global uncertainty, the U.S. economy and markets look far healthier to us than what the rest of the globe has to offer. SIGNS O’ THE TIMES—THE SIGNIFICANT SHIFT Most notable to us as small-cap specialists with a value orientation was how thoroughly style drove results. The Russell 2000 Value Index outpaced the large- and mid-cap indexes year-to-date through the end of June, while the Russell 2000 trailed them, and the Russell 2000 Growth was negative. Value indexes in fact did better up and down the market cap range, from micro- to large-cap, in the first half. Although small-cap leadership began to rotate following June 2015’s small-cap peak, the widening performance gap between small-cap value and growth has been the critical development within small-cap so far in 2016. This could be seen in both bear and bull phases during the first half. The Russell 2000 Value lost far less than its growth counterpart from the end of 2015 through the February 11th small-cap low (-12.9% versus -18.9%); it was then essentially tied with the Russell 2000 Growth from that low through the end of June (+21.8% vs +21.4%). In prior years (2009-2015), value led in many downdrafts but lagged in up markets. This renewed up market strength is a major reason behind our optimism for value stocks. Another reason, related to value’s emergent leadership, has been the relative strength of many stocks in economically sensitive, cyclical sectors. Defensive areas led within small-cap, with Utilities, Consumer Staples, Telecommunication Services, and REITs enjoying strong first halves. Unlike 2015, however, they were joined by strong turns for Materials, Industrials, and certain non-REIT areas in Financials, with the first particularly strong. Along with Information Technology and Energy, these have been areas of collective investment interest for us over the last several years. Yet even with the recent shift in investor preferences, which eventually sparked the turnaround for many of our holdings, expectations for many of these cyclical businesses remain low. In many cases, stocks were so deeply oversold during the winter months that, even after having experienced some recovery, their valuations still look attractive to us. Several looked even cheaper in late June.

Equity Indexes as of June 30, 2016 (%)

|  | YTD1 |  | 1-YR |  | 3-YR |  | 5-YR |  | 10-YR |
Russell 2000 |  | 2.22 |  | -6.73 |  | 7.09 |  | 8.35 |  | 6.20 |
Russell 2000 Value |  | 6.08 |  | -2.58 |  | 6.36 |  | 8.15 |  | 5.15 |
Russell 2000 Growth |  | -1.59 |  | -10.75 |  | 7.74 |  | 8.51 |  | 7.14 |
S&P 500 |  | 3.84 |  | 3.99 |  | 11.66 |  | 12.10 |  | 7.42 |
Russell 1000 |  | 3.74 |  | 2.93 |  | 11.48 |  | 11.88 |  | 7.51 |
Nasdaq Composite |  | -3.29 |  | -2.89 |  | 12.48 |  | 11.79 |  | 8.35 |
Russell Midcap |  | 5.50 |  | 0.56 |  | 10.80 |  | 10.90 |  | 8.07 |
Russell Microcap |  | -1.68 |  | -12.06 |  | 5.95 |  | 8.20 |  | 4.31 |
Russell Global ex-U.S. Small Cap |  | 1.01 |  | -5.77 |  | 4.06 |  | 1.91 |  | 3.82 |
Russell Global ex-U.S. Large Cap |  | -1.16 |  | -9.94 |  | 1.63 |  | 0.36 |  | 2.17 |

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

This page is not part of the 2016 Semiannual Report to Stockholders | 3

LETTER TO OUR STOCKHOLDERS

WHAT A LONG STRANGE TRIP IT’S BEEN
We could use this title to describe the first half of 2016, the entire post-Financial Crisis period, and, perhaps most fitting, the peculiar span from 2011-2015, when QE (quantitative easing) and zero (or near zero) interest rate policies inflated many asset values but also created a barbell-shaped range of small-cap returns, with bouts of leadership from defensive, typically high-yield stocks at one extreme and fast-growing healthcare and/or tech issues at the other. Most companies in the middle spent the period struggling to catch up. This was bad news for active small-cap management, as comparative returns during this otherwise robust five-year period make clear. In what seemed at times like a perverse inversion of the usual patterns of stock market behavior, there were penalties in the form of lower relative returns for those managers who, like us, generally emphasize qualities such as earnings, profitability, low leverage, and steady dividends (as distinct from high yields). We are pleased to say that so far in 2016, things have changed. Investors have been showing greater interest in the attributes that had been out of fashion for too long—steady dividends, profits, and effective capital allocation, to name a few. And as share prices began to rise following the February low, these qualities stayed in demand. We remain confident that an extended period of even slow economic growth should be enough to boost the shares of many companies in sectors such as Industrials, Financials, Information Technology, Materials, and Energy—all of which are home to cyclical businesses with earnings and, in some cases, high ROIC (returns on invested capital). Those that also have reasonable to attractive valuations are the companies that we expect to lead small-cap going forward. Recent data from Furey Research Partners reinforces this point. It showed that at the end of June 2016 small-caps were the cheapest they have been versus large-caps in the last 13 years, that value is cheap relative to growth, and that cyclicals are cheap compared with defensive stocks. In addition, we have seen anomalous markets before—including the large-cap led “Nifty Fifty” of the 1970s, the sudden crash in 1987, and the Tech Bubble in 2000. As challenging as each

of these was, the stock market eventually resumed more historically typical performance patterns. These resumptions often signaled better times for risk-conscious, research-driven small-cap investors as well. So we feel as though there are many reasons to feel good about the long-term potential for both profitable small companies and small-cap value. Not that the equity world is without very real risks. The added layer of Brexit-bred uncertainty to an environment in which interest rates are still historically low could continue to push small-cap investors to safety and/or high yield at one extreme and lead to a fresh run at speculative growth at the other. We see four factors, however, that in our view should prevent a repeat of the pattern that dominated 2011-2015. First is the first-half success for cyclicals, particularly during the recovery phase when many helped to give small-cap value its post-bottom lift. Second, valuations for many defensive stocks look stretched to us, which should enhance the appeal of many of our holdings. Third, credit spreads remain wider than they were a year ago at this time, even with the 10-year Treasury making new lows. As long as the cost of capital remains higher, it should help profitable, lower leverage businesses. Finally, there is reversion to the mean—the middle of 2015 marked a two standard deviation event in terms of a performance edge for the Russell 2000 Growth versus its small-cap value sibling. On balance, then, we see ongoing leadership for small-cap value—and we recently did some research, posted on roycefunds.com, which shows that the kind of sustained advantage growth previously enjoyed is rare. Over the life of the small-cap style indexes, value still owns a compelling relative edge. The Russell 2000 Value beat the Russell 2000 Growth in 65% of monthly rolling three-year periods, 73% of monthly rolling five-year periods, and 83% of monthly rolling 10-year periods ended June 30, 2016 (see roycefunds.com/connection for more details). And this same research showed that when small-cap value beat growth, active management did better as well. So while we still expect returns for stocks to be low, we also think that leadership for value—now in place for more than a year—has ample room to run. We will be tireless in our collective efforts to run with it.

Sincerely,

Charles M. Royce |  | Christopher D. Clark |  | Francis D. Gannon
Chairman, |  | President, Chief Executive Officer, and |  | Co-Chief Investment Officer,
Royce & Associates, LP |  | Co-Chief Investment Officer, Royce & Associates, LP |  | Royce & Associates, LP
August 1, 2016 |  |  |  |

4 | This page is not part of the 2016 Semiannual Report to Stockholders

Performance

NAV Average Annual Total Returns
As of June 30, 2016 (%)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | SINCE |  | INCEPTION
|  |  | YTD1 |  | 1-YR |  | 3-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | 25-YR |  | INCEPTION |  | DATE
Royce Global Value Trust |  | 3.86 |  | -5.05 |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | -1.26 |  | 10/17/13
Royce Micro-Cap Trust |  | 5.39 |  | -6.47 |  | 7.07 |  | 7.90 |  | 5.51 |  | 8.27 |  | 9.73 |  | N/A |  | 10.35 |  | 12/14/93
Royce Value Trust |  | 8.17 |  | -2.24 |  | 6.13 |  | 5.77 |  | 5.05 |  | 7.10 |  | 9.37 |  | 10.49 |  | 10.15 |  | 11/26/86
INDEX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Russell 2000 Index |  | 2.22 |  | -6.73 |  | 7.09 |  | 8.35 |  | 6.20 |  | 6.96 |  | 7.61 |  | 9.52 |  | N/A |  | N/A
Russell Microcap Index |  | -1.68 |  | -12.06 |  | 5.95 |  | 8.20 |  | 4.31 |  | 6.46 |  | N/A |  | N/A |  | N/A |  | N/A
Russell Global Small Cap Index |  | 1.40 |  | -6.37 |  | 5.11 |  | 4.12 |  | 4.51 |  | 7.71 |  | 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, net of the Fund’s investment advisory fee, 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 2016 Semiannual Report to Stockholders | 5

MANAGER’S DISCUSSION
Royce Global Value Trust (RGT)

Chuck Royce
FUND PERFORMANCE Royce Global Value Trust (“RGT”) increased 3.9% on a net asset value (“NAV”) basis and 2.0% on a market price basis for the year-to-date period ended June 30, 2016, outperforming its unleveraged benchmark, the Russell Global Small Cap Index, which was up 1.4% for the same period. The year began on a distinctly bearish note, with small-cap stocks across much of the globe declining into the middle of February before recovery for many began. The Fund outperformed on an NAV basis in the first quarter, up 2.3% (while falling 1.1% on a market price basis) compared to a decline of 0.2% for its benchmark. The second quarter was moving along at a modestly bullish pace until the Brexit vote upended capital markets on a worldwide basis. For many markets outside Europe, however, the disarray proved very temporary, with many global small-caps already rebounding before the end of June. RGT, notwithstanding its much greater weighting in Western Europe—and in the United Kingdom in particular—fell only fractionally behind its benchmark in the period. For the second quarter, the Fund was virtually even with the Russell Global Small Cap, up 1.6% on an NAV basis (and +3.1% based on market price) versus 1.6% for the benchmark. The Fund’s strong first half helped it to outperform the Russell Global Small Cap on an NAV basis for the one-year period ended June 30, 2016.

WHAT WORKED... AND WHAT DIDN’T
Materials and Financials led the list of five of the Fund’s nine equity sectors that made net contributions to first-half results. Health Care, Consumer Discretionary, Energy, and Telecommunication Services detracted, with comparatively modest net losses. The metals & mining group in the Materials sector had by far the biggest net gains of the portfolio’s industry groups. We were overweight in this industry in the first half, holding what we think is an attractive balance of industrial metals companies and businesses involved in precious metals mining. Three of the Fund’s top five contributing holdings hailed from the industry—Pan American Silver, Agnico Eagle Mines, and Major Drilling Group International—and benefited from the rebound in precious metals prices during the first half. Canada’s Major Drilling Group International was also helped by increased revenues and margins in what was a challenging environment for its business in early 2016. Moving from Materials to Financials, Genworth MI Canada is one of that country’s leading residential mortgage insurance providers. Its stock rebounded with consecutive quarters of strong results which were driven by a loss ratio that remains below the low end of its guidance. This has eased investor anxieties about the impact of lower oil prices in resource-rich Alberta, where about 20% of its policies are written. The recovery in oil prices also helped its shares to surge.
Positions that detracted from first-half performance included two holdings in the Health Care sector. Virbac is a French firm that makes vaccines, antibiotics, and other veterinary medications. Its shares suffered mostly from the negative results of a 2014 FDA investigation of its U.S. plant in St. Louis that were released earlier this year. We were confident that the company had dealt effectively with these issues, though we reduced our position in the first half. Consort Medical is a U.K. based business that supplies drug delivery devices and development services to pharmaceutical companies. It continued to execute effectively and profitably in the first half, but its shares were caught up first in the widespread sell-off for biopharma companies and then in the crashing wave of Brexit. On a country level, the largest positive contributions came from Canada, Brazil, and Japan while the U.K. and Hong Kong detracted most. Relative to its benchmark, RGT was helped chiefly by its overweight and savvy stock picking in the previously mentioned metals & mining group, its underweight in biotechnology, and successful stock selection both in thrifts & mortgage services and in a number of industries in Information Technology. Conversely, our underweight in REITs, ineffective stocks picks in pharmaceuticals, and our lack of exposure to Utilities all hurt versus the benchmark.

| Top Contributors to Performance Year-to-Date Through 6/30/16 (%)1 |  |  |
| Pan American Silver |  | 0.61 |
| Genworth MI Canada |  | 0.60 |
| CETIP - Mercados Organizados |  | 0.46 |
| Agnico Eagle Mines |  | 0.42 |
| Major Drilling Group International |  | 0.38 |
| 1 Includes dividends |  |  |

| Top Detractors from Performance Year-to-Date Through 6/30/16 (%)2 |  |  |
| Virbac |  | -0.49 |
| Consort Medical |  | -0.29 |
| Value Partners Group |  | -0.29 |
| Midland Holdings |  | -0.26 |
| Gaztransport Et Technigaz |  | -0.21 |
| 2 Net of dividends |  |  |

CURRENT POSITIONING AND OUTLOOK
While the corporate earnings picture is a phenomenon we continue to watch quite carefully, we are cautiously optimistic about RGT’s near- and long-term prospects, basing our belief primarily on two factors—the growing performance advantage of small-cap value versus growth and the relatively attractive valuation and earnings picture for many cyclical stocks. We continue to believe that an extended period of slow growth should be enough to keep profitable cyclicals climbing, especially after factoring in the ways in which low expectations and—for some industries—oversold conditions depressed the stock prices of so many small-caps that we see as attractive—that is, solidly profitable—businesses. In many cases, it appears that several global markets have just begun to reward steady earnings and high profitability and are only gradually recognizing how low valuations had become for many cyclicals. Going forward, we remain confident that earnings, profitability, and low leverage will matter more and more to investors through what we expect should be a long-running cycle.

6 | 2016 Semiannual Report to Stockholders

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

Performance
Average Annual Total Return (%) Through 6/30/16
|  | JAN-JUN 20161 |  | 1-YR |  | SINCE INCEPTION (10/17/13)
RGT (NAV) |  | 3.86 |  | -5.05 |  | -1.26
1 Not Annualized |  |  |  |  |  |

Market Price Performance History Since Inception (10/17/13)
Cumulative Performance of Investment1

|  | 1-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | SINCE INCEPTION (10/17/13)
RGT |  | -7.3% |  | N/A |  | N/A |  | N/A |  | N/A |  | -12.5%

1 | Reflects the cumulative performance experience of a continuous common stockholder who purchased one share at inception ($8.975 IPO) and reinvested all distributions.
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 BoxTM with the center 75% of fund holdings plotted as the Morningstar Ownership ZoneTM. 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 |  |
SEI Investments |  | 2.1
Kirby Corporation |  | 1.9
VZ Holding |  | 1.6
Clarkson |  | 1.3
Santen Pharmaceutical |  | 1.3
Spirax-Sarco Engineering |  | 1.2
Vetoquinol |  | 1.2
Bajaj Finance |  | 1.1
USS |  | 1.1
Meitec Corporation |  | 1.1

Portfolio Sector Breakdown |  |
% of Net Assets |  |
Industrials |  | 26.4
Financials |  | 20.6
Information Technology |  | 17.7
Health Care |  | 13.0
Consumer Discretionary |  | 10.6
Materials |  | 9.8
Consumer Staples |  | 2.9
Energy |  | 1.4
Telecommunication Services |  | 0.1
Outstanding Line of Credit, Net of Cash and Cash Equivalents |  | -2.5

Calendar Year Total Returns (%) |  |
YEAR |  | RGT
2015 |  | -3.4
2014 |  | -6.2

Portfolio Country Breakdown1,2 |  |
% of Net Assets |  |
United States |  | 26.1
United Kingdom |  | 13.0
Japan |  | 12.2
Canada |  | 7.5
Germany |  | 5.6
France |  | 5.5
Switzerland |  | 4.8
Hong Kong |  | 3.3

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 |  | $95 million
Number of Holdings |  | 271
Turnover Rate |  | 34%
Net Asset Value |  | $9.15
Market Price |  | $7.60
Net Leverage1 |  | 2.5%
Average Market Capitalization2 |  | $1,431 million
Weighted Average P/E Ratio3,4 |  | 18.0x
Weighted Average P/B Ratio3 |  | 2.4x
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 6/30/16).
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, net of the Fund’s investment advisory fee, 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 2016.

2016 Semiannual Report to Stockholders | 7

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

Chuck Royce

FUND PERFORMANCE Royce Micro-Cap Trust (“RMT”) increased 5.4% on a net asset value (“NAV”) basis and 5.8% on a market price basis for the year-to-date period ended June 30, 2016, ahead of both of its unleveraged benchmarks: the small-cap Russell 2000 Index was up 2.2% while the Russell Microcap Index declined 1.7% for the same period. RMT was solid in a first quarter that was challenging for micro-cap stocks, up 0.1% on an NAV basis and down 1.2% based on market price, compared to first-quarter declines of 1.5% for the Russell 2000 and 5.4% for the Russell Microcap. The second quarter was mostly a period of gradual recovery that favored more defensive areas, such as REITs and utilities, while cyclical areas within Materials, Industrials, and Energy also continued to do well. The aftermath of the Brexit vote wound up doing little to impede this low-key bullish phase. Although it had little exposure to defensive stocks, the Fund excelled in the second quarter, advancing 5.3% on an NAV basis and 7.1% on a market price basis, outpacing the Russell 2000 (+3.8%) and the Russell Microcap (+4.0%). On an NAV basis RMT outpaced the Russell Microcap for the one-, three-, 10-, and 15-year periods ended June 30, 2016 while also beating the Russell 2000 for the one-, 15-, 20-year, and since inception (12/14/93) periods. (Returns for the Russell Microcap Index only go back to 2000.) RMT’s average annual NAV total return for the since inception period ended June 30, 2016 was 10.3%.
WHAT WORKED... AND WHAT DIDN’T
Eight of the Fund’s 10 equity sectors were in the black at the end of June, led by Materials, Information Technology, and Financials, with the net losses posted by Health Care and Consumer Discretionary more modest in comparison. RMT’s leading industry group by a wide margin was metals & mining (Materials), where we were significantly overweight relative to the Russell 2000. We hold what we think is an effective balance in this group between industrial metals companies and precious metals and mining companies. It contributed two of the portfolio’s top five net gainers in the first half. Major Drilling Group International performs contract drilling for companies involved in mining and mineral exploration. In a challenging environment for miners early in 2016, the company increased revenues and margins, helping its shares to climb. Exeter Resource mines for gold primarily in Argentina and Chile and benefited mostly from increased gold prices. We were drawn to its large cash reserves and promising mining properties. ASA Gold and Precious Metals, part of the capital markets group in Financials, is a closed-end fund that invests primarily in gold mining companies that was also rewarded by the rebound in precious metals prices. Electronic equipment, instruments & components is another key industry overweight that made a large contribution to first-half results. Its top performer was Newport Corporation, a photonics technology specialist whose shares climbed by more than 50% in February after the company agreed to be acquired by MKS Instruments.
As for those holdings that detracted from performance, we held our position in ZAIS Group Holdings, an investment manager focused on specialized credit strategies—an asset management segment with what we think is ample long-term potential. Its shares fell with a quarterly loss reported in March and were mostly down through the end of June. A falling stock price in the first half and our confidence in its long-term prospects led us to add shares of Fenix Parts, which recycles and resells original equipment manufacturer automotive parts and products. Consecutive quarterly losses drove investors away, but we like its business and the acquisitions it made in 2015, which have not diluted its balance sheet to a worrisome level.
Relative to the Russell 2000, the Fund benefited most from both its overweight and effective stock picking in metals & mining (Materials), the combination of an underweight and stock picking success in biotechnology (Health Care), our larger weighting and savvy stock picks in electronic equipment, instruments & components, and the same mix in the energy equipment & services group. Conversely, first-half results were hampered most by our underweight in REITs (Financials) and lack of exposure to the Utilities sector.

| Top Contributors to Performance Year-to-Date Through 6/30/16 (%)1 |  |  |
Major Drilling Group International |  | 0.74
Newport Corporation |  | 0.50
ASA Gold and Precious Metals |  | 0.48
Care.com |  | 0.41
Exeter Resource |  | 0.37
1 Includes dividends |  |

| Top Detractors from Performance Year-to-Date Through 6/30/16 (%)2 |  |  |
ZAIS Group Holdings Cl. A |  | -0.53
Fenix Parts |  | -0.35
Avalanche Biotechnologies |  | -0.35
Liberty Tax Cl. A |  | -0.33
SeaChange International |  | -0.32
2 Net of dividends |  |

CURRENT POSITIONING AND OUTLOOK
While the corporate earnings picture is a phenomenon we continue to watch quite carefully, we are cautiously optimistic about RMT’s near-and long-term prospects, basing our belief primarily on two factors—the growing performance advantage of both small- and micro-cap value versus growth and the relatively attractive valuation and earnings picture for many cyclical stocks. We continue to believe that an extended period of slow growth should be enough to keep profitable cyclicals climbing, especially after factoring in the ways in which low expectations and—for some industries—oversold conditions depressed the stock prices of so many small-caps that we see as attractive—that is, solidly profitable—businesses. In many cases, it appears that the market has just begun to reward steady earnings and high profitability and is only gradually recognizing how low valuations had become for many cyclicals. Going forward, we remain confident that earnings and low leverage will matter more to investors through what we expect should be a long-running cycle. We have been researching and investing in micro-cap stocks for more than two decades and believe that our experience in this asset class can be a differentiator as the markets continue to normalize.

8 | 2016 Semiannual Report to Stockholders |

PERFORMANCE AND PORTFOLIO REVIEW | SYMBOLS MARKET PRICE RMT NAV XOTCX

Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average Annual Total Return (%) Through 6/30/16 |  |  |  |  |  |  |  |  |  |  |  |
|  | JAN-JUN 20161 |  | 1-YR |  | 3-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | SINCE INCEPTION (12/14/93)
RMT (NAV) |  | 5.39 |  | -6.47 |  | 7.07 |  | 7.90 |  | 5.51 |  | 8.27 |  | 9.73 |  | 10.35
1 Not Annualized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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

|  | 1-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | SINCE INCEPTION (12/14/93)
RMT |  | -7.3% |  | 43.4% |  | 42.9% |  | 230.6% |  | 521.7% |  | 658.5%

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 BoxTM with the center 75% of fund holdings plotted as the Morningstar Ownership ZoneTM. 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 |  |
SurModics |  | 1.8
Seneca Foods Corporation |  | 1.5
Major Drilling Group International |  | 1.4
IES Holdings |  | 1.1
Care.com |  | 1.1
Exactech |  | 1.0
Orbotech |  | 1.0
Atrion Corporation |  | 1.0
Heritage-Crystal Clean |  | 0.9
MVC Capital |  | 0.9

Portfolio Sector Breakdown |  |
% of Net Assets |  |
Information Technology |  | 22.5
Financials |  | 17.7
Industrials |  | 16.0
Health Care |  | 15.6
Consumer Discretionary |  | 15.2
Materials |  | 6.5
Energy |  | 5.2
Consumer Staples |  | 2.3
Utilities |  | 0.1
Telecommunication Services |  | 0.1
Miscellaneous |  | 3.2
Preferred Stock |  | 0.5
Outstanding Line of Credit, Net of Cash and Cash Equivalents |  | -4.9

Calendar Year Total Returns (%) |
YEAR |  | RMT
2015 |  | -11.7
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

Portfolio Diagnostics |  |
Fund Net Assets |  | $321 million
Number of Holdings |  | 348
Turnover Rate |  | 15%
Net Asset Value |  | $8.65
Market Price |  | $7.34
Net Leverage1 |  | 4.9%
Average Market Capitalization2 |  | $329 million
Weighted Average P/B Ratio3 |  | 1.7x
Active Share4 |  | 95%
U.S. Investments (% of Net Assets) |  | 86.1%
Non-U.S. Investments (% of Net Assets) |  | 18.8%

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 | 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, net of the Fund’s investment advisory fee, 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 2016.

|  | 2016 Semiannual Report to Stockholders | 9

MANAGER’S DISCUSSION
Royce Value Trust (RVT)

Chuck Royce
FUND PERFORMANCE Royce Value Trust gained 8.2% on a net asset value (“NAV”) basis and 4.4% on a market price basis for the year-to-date period ended June 30, 2016, compared to respective increases of 2.2% and 6.2% for its unleveraged small-cap benchmarks, the Russell 2000 and S&P SmallCap 600 Indexes, for the same period. We were pleased to see the Fund show its down market resilience early in 2016, as it often has throughout its long history. First-quarter NAV returns for RVT were notable on an absolute and relative basis. The Fund gained 4.4% based on NAV (and advanced 1.7% on a market price basis), outperforming each of its benchmarks: the Russell 2000 declined 1.5% while the S&P SmallCap 600 rose 2.7% for the first quarter. The second quarter was mostly a period of gradual recovery that favored more defensive areas, such as REITs and utilities. Some of the growth stocks that had been hurt in the winter sell-off also rebounded, while cyclical areas within Materials, Industrials, and Energy continued to do well, in sharp contrast to what we experienced in 2015. The wave of volatility that hit the markets in the wake of the Brexit vote wound up doing little to impede this low-key bullish phase. Although it had little exposure to defensive stocks, RVT barely lost ground to the Russell 2000 during the second quarter, gaining 3.6% on an NAV basis and 2.6% based on market price versus 3.8% for the Russell 2000 and 3.5% for the S&P SmallCap 600. The Fund also beat the Russell 2000 on both an NAV and market price basis for the one-, 20-, 25-year, and since inception (11/26/86) periods ended June 30, 2016. RVT’s average annual NAV total return since inception was 10.1%.

WHAT WORKED... AND WHAT DIDN’T
Each of the Fund’s 10 equity sectors finished 2016’s first half with net gains. The resurgent Materials and Industrials sectors led by a sizable margin while a meaningful net contribution also came from Information Technology. Three industry groups from three different sectors dominated performance—metals & mining (Materials), electronic equipment, instruments & components (Information Technology), and machinery (Industrials). Net losses at the industry level were comparatively modest. The leading detractors were professional services (also from Industrials) and capital markets (Financials). Each of these five industry groups is an area of investment focus in the portfolio, and we were overweight in all of them relative to the Russell 2000 at the end of June. Three of RVT’s top four contributing positions came from the electronic equipment, instruments & components group, and two were acquisition targets. The stock price of Newport Corporation climbed by more than 50% in February after the company, which specializes in photonics technology, agreed to be acquired by MKS Instruments, prompting us to begin selling our position. FEI Company produces specialized electron microscopes for protein analysis, which was a complementary business for Thermo Fisher Scientific. The acquisition was announced in May. Long-time holding Coherent manufactures lasers and laser-based technology for scientific, commercial, and industrial customers. In January the company reported record setting quarterly bookings, boosted by orders for its VyperTM Linebeam systems, which helped its stock to soar. From the metals & mining group, Toronto’s Franco-Nevada Corporation owns royalties and streams in gold mining and other commodity and natural resource investments. The company paid down debt, increased its dividend, and offered upward earnings revisions, all as gold prices surged during the first half.
As for those holdings that detracted from performance, we held our position in ZAIS Group Holdings, an investment manager focused on specialized credit strategies—a segment of the capital markets with what we think is considerable long-term potential. Its shares fell with a net quarterly loss reported in March and then were volatile, though mostly down, through the end of June. We added shares of The Advisory Board Company, which provides best practice research and analysis to the health care industry, after its decelerating core healthcare business and warnings of lower revenues sank its shares. We like its niche business and think its long-term prospects remain promising.

| Top Contributors to Performance Year-to-Date Through 6/30/16 (%)1 |  |  |
| Newport Corporation |  | 0.43 |
| Coherent |  | 0.41 |
| Franco-Nevada Corporation |  | 0.38 |
| FEI Company |  | 0.34 |
| Ritchie Bros. Auctioneers |  | 0.33 |
| 1 Includes dividends |  |  |

| Top Detractors from Performance Year-to-Date Through 6/30/16 (%)2 |  |  |
| ZAIS Group Holdings Cl. A |  | -0.31 |
| Advisory Board (The) |  | -0.24 |
| On Assignment |  | -0.20 |
| Zealand Pharma |  | -0.16 |
| Artisan Partners Asset Management Cl. A |  | -0.15 |
| 2 Net of dividends |  |  |

CURRENT POSITIONING AND OUTLOOK
While the corporate earnings picture is a phenomenon we continue to watch quite carefully, we are cautiously optimistic about RVT’s near- and long-term prospects, basing our belief primarily on two factors—the growing performance advantage of small-cap value versus growth and the relatively attractive valuation and earnings picture for many cyclical stocks. We continue to believe that an extended period of slow growth should be enough to keep profitable cyclicals climbing, especially after factoring in the ways in which low expectations and—for some industries—oversold conditions depressed the stock prices of so many small-caps that we see as attractive—that is, solidly profitable—businesses. In many cases, it appears that the market has just begun to reward steady earnings and high profitability and is only gradually recognizing how low valuations had become for many cyclicals. Going forward, we remain confident that earnings, profitability, and low leverage will matter more and more to investors through what we expect should be a long-running cycle.

10 | 2016 Semiannual Report to Stockholders

PERFORMANCE AND PORTFOLIO REVIEW | SYMBOLS MARKET PRICE RVT NAV XRVTX

Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average Annual Total Return (%) Through 6/30/16 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | JAN-JUN 20161 |  | 1-YR |  | 3-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | 25-YR |  | SINCE INCEPTION (11/26/86)
RVT (NAV) |  | 8.17 |  | -2.24 |  | 6.13 |  | 5.77 |  | 5.05 |  | 7.10 |  | 9.37 |  | 10.49 |  | 10.15
1 Not Annualized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Market Price Performance History Since Inception (11/26/86)
Cumulative Performance of Investment through 6/30/161

|  | 1-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | SINCE INCEPTION (11/26/86)
RVT |  | -5.9% |  | 27.8% |  | 40.2% |  | 165.2% |  | 490.3% |  | 1279.8%

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 BoxTM with the center 75% of fund holdings plotted as the Morningstar Ownership ZoneTM. 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 |  |
HEICO Corporation |  | 1.2
Coherent |  | 1.1
MarketAxess Holdings |  | 1.1
Copart |  | 1.1
Ritchie Bros. Auctioneers |  | 1.0
Ash Grove Cement Cl. B |  | 1.0
E-L Financial |  | 1.0
Core-Mark Holding Company |  | 1.0
Reliance Steel & Aluminum |  | 0.9
IDEXX Laboratories |  | 0.9

Portfolio Sector Breakdown |  |
% of Net Assets |  |
Industrials |  | 29.1
Financials |  | 19.8
Information Technology |  | 18.6
Consumer Discretionary |  | 11.6
Materials |  | 7.9
Health Care |  | 5.3
Energy |  | 5.1
Consumer Staples |  | 1.9
Telecommunication Services |  | 0.5
Utilities |  | 0.1
Miscellaneous |  | 2.3
Outstanding Line of Credit, Net of Cash and Cash Equivalents |  | -2.2

Calendar Year Total Returns (%) |
YEAR |  | RVT
2015 |  | -8.1
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

Portfolio Diagnostics |  |
Fund Net Assets |  | $1,131 million
Number of Holdings |  | 428
Turnover Rate |  | 18%
Net Asset Value |  | $14.05
Market Price |  | $11.77
Net Leverage1 |  | 2.3%
Average Market Capitalization2 |  | $1,348 million
Weighted Average P/E Ratio3,4 |  | 19.8x
Weighted Average P/B Ratio3 |  | 2.0x
Active Share5 |  | 90%
U.S. Investments (% of Net Assets) |  | 83.7%
Non-U.S. Investments (% of Net Assets) |  | 18.5%

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 (17% of portfolio holdings as of 6/30/16).
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, net of the Fund’s investment advisory fee, 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.

|  | 2016 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 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 |
12/10/15 |  | Distribution $0.10 |  |  |  |  |  |  |  | 7.230 |  |  |  | 14 |  |  |  | 9,101 |  |  |  | 7,696 |
6/30/16 |  |  |  |  | $ | 8,975 |  |  |  |  |  |  |  | 1,033 |  |  | $ | 9,452 |  |  | $ | 7,851 |
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 |  | Annual distribution total $1.26 |  |  |  |  |  |  |  | 7.974 |  |  |  | 1,256 |  |  |  | 75,987 |  |  |  | 64,222 |
2016 |  | Year-to-date distribution total $0.33 |  |  |  |  |  |  |  | 7.169 |  |  |  | 412 |  |  |  |  |  |  |  |  |
6/30/16 |  |  |  |  | $ | 8,900 |  |  |  |  |  |  |  | 9,258 |  |  | $ | 80,082 |  |  | $ | 67,954 |

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.

12 | 2016 Semiannual Report to Stockholders

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 |  | Annual distribution total $1.24 |  |  |  |  |  |  |  | 12.725 |  |  |  | 1,565 |  |  |  | 231,781 |  |  |  | 201,185 |
2016 |  | Year-to-date distribution total $0.51 |  |  |  |  |  |  |  | 11.736 |  |  |  | 751 |  |  |  |  |  |  |  |  |
6/30/16 |  |  |  |  | $ | 21,922 |  |  |  |  |  |  |  | 17,844 |  |  | $ | 250,708 |  |  | $ | 210,024 |

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.

2016 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 your 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, 2015.

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, 2015. 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 | 2016 Semiannual Report to Stockholders

Royce Global Value Trust |  | June 30, 2016 (unaudited)

Schedule of Investments |  |  |  |  |  |
Common Stocks – 102.5% |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
AUSTRALIA – 1.1% |  |  |  |  |  |
Austal 1 |  | 96,400 |  |  | $ | 86,993
†Cochlear |  | 5,000 |  |  |  | 453,507
Imdex 2 |  | 473,700 |  |  |  | 73,895
†Seeing Machines 2 |  | 1,676,800 |  |  |  | 64,244
TFS Corporation |  | 143,945 |  |  |  | 151,529
Webjet |  | 36,772 |  |  |  | 196,069
Total (Cost $1,095,718) |  |  |  |  |  | 1,026,237
AUSTRIA – 1.3% |  |  |  |  |  |
Mayr-Melnhof Karton |  | 7,530 |  |  |  | 820,538
Semperit AG Holding |  | 11,000 |  |  |  | 365,978
UBM Development |  | 1,800 |  |  |  | 58,990
Total (Cost $1,459,521) |  |  |  |  |  | 1,245,506
BELGIUM – 0.4% |  |  |  |  |  |
†Roularta Media Group |  | 3,400 |  |  |  | 96,367
Van de Velde |  | 4,000 |  |  |  | 266,616
Total (Cost $293,728) |  |  |  |  |  | 362,983
BERMUDA – 1.0% |  |  |  |  |  |
Lazard Cl. A |  | 32,600 |  |  |  | 970,828
Total (Cost $1,010,334) |  |  |  |  |  | 970,828
BRAZIL – 2.1% |  |  |  |  |  |
Brasil Brokers Participacoes 2 |  | 205,000 |  |  |  | 102,745
CETIP - Mercados Organizados |  | 53,000 |  |  |  | 722,495
†OdontoPrev |  | 200,000 |  |  |  | 828,690
T4F Entretenimento |  | 66,300 |  |  |  | 136,220
TOTVS |  | 23,000 |  |  |  | 218,666
Total (Cost $1,929,739) |  |  |  |  |  | 2,008,816
CANADA – 7.5% |  |  |  |  |  |
Agnico Eagle Mines 3 |  | 5,000 |  |  |  | 267,500
Cameco Corporation 3 |  | 24,500 |  |  |  | 268,765
Computer Modelling Group |  | 108,000 |  |  |  | 864,368
Dundee Corporation Cl. A 2 |  | 120,000 |  |  |  | 708,696
E-L Financial |  | 200 |  |  |  | 106,196
Exco Technologies |  | 10,100 |  |  |  | 95,375
Franco-Nevada Corporation 3,4 |  | 10,200 |  |  |  | 775,812
Genworth MI Canada |  | 20,000 |  |  |  | 513,023
Gluskin Sheff + Associates |  | 23,000 |  |  |  | 296,768
goeasy |  | 10,000 |  |  |  | 142,343
Intertape Polymer Group |  | 5,900 |  |  |  | 96,267
Magellan Aerospace |  | 20,900 |  |  |  | 291,349
Major Drilling Group International 2 |  | 110,500 |  |  |  | 668,842
Morneau Shepell |  | 41,500 |  |  |  | 569,844
Pan American Silver 3 |  | 31,800 |  |  |  | 523,110
RDM Corporation |  | 30,400 |  |  |  | 102,357
†Sandstorm Gold 2 |  | 32,800 |  |  |  | 146,288
Solium Capital 2 |  | 28,900 |  |  |  | 132,874
Sprott |  | 280,600 |  |  |  | 558,181
Total (Cost $8,287,816) |  |  |  |  |  | 7,127,958
CHINA – 1.3% |  |  |  |  |  |
Daphne International Holdings 2 |  | 1,383,000 |  |  |  | 214,554
Daqo New Energy ADR 2,3 |  | 5,700 |  |  |  | 128,649
†Haichang Ocean Park Holdings 2 |  | 461,100 |  |  |  | 99,125
TravelSky Technology |  | 345,000 |  |  |  | 667,193
Xtep International Holdings |  | 205,800 |  |  |  | 111,102
Total (Cost $1,871,648) |  |  |  |  |  | 1,220,623
CYPRUS – 0.2% |  |  |  |  |  |
Globaltrans Investment GDR |  | 42,000 |  |  |  | 165,461
Total (Cost $212,014) |  |  |  |  |  | 165,461
DENMARK – 2.7% |  |  |  |  |  |
Chr. Hansen Holding |  | 11,500 |  |  |  | 755,146
Coloplast Cl. B |  | 7,500 |  |  |  | 559,855
Columbus |  | 77,700 |  |  |  | 97,313
SimCorp |  | 14,000 |  |  |  | 686,976
Zealand Pharma 2 |  | 24,000 |  |  |  | 430,307
Total (Cost $2,069,990) |  |  |  |  |  | 2,529,597
FINLAND – 1.0% |  |  |  |  |  |
BasWare 2 |  | 1,600 |  |  |  | 61,442
Nokian Renkaat |  | 6,000 |  |  |  | 214,322
Powerflute |  | 116,300 |  |  |  | 108,900
Vaisala Cl. A |  | 17,500 |  |  |  | 550,658
Total (Cost $1,151,092) |  |  |  |  |  | 935,322
FRANCE – 5.5% |  |  |  |  |  |
†Bigben Interactive 2 |  | 13,600 |  |  |  | 72,394
Cegedim 2 |  | 2,500 |  |  |  | 76,310
Chargeurs |  | 7,700 |  |  |  | 85,163
†Groupe Crit |  | 1,400 |  |  |  | 93,395
HighCo |  | 9,700 |  |  |  | 96,199
†Interparfums |  | 17,600 |  |  |  | 441,857
†Linedata Services |  | 1,600 |  |  |  | 72,792
Manutan International |  | 1,400 |  |  |  | 75,688
Neurones |  | 25,950 |  |  |  | 568,637
Rothschild & Co |  | 33,000 |  |  |  | 789,326
†Synergie |  | 3,100 |  |  |  | 88,566
Thermador Groupe |  | 10,500 |  |  |  | 907,633
Vetoquinol |  | 28,203 |  |  |  | 1,149,842
Virbac 2 |  | 3,600 |  |  |  | 655,031
Total (Cost $5,122,292) |  |  |  |  |  | 5,172,833
GERMANY – 5.6% |  |  |  |  |  |
ADLER Real Estate 2 |  | 9,400 |  |  |  | 119,091
†ADLER Real Estate (Rights) 1,2 |  | 9,400 |  |  |  | 0
Allgeier |  | 3,700 |  |  |  | 67,801
Bertrandt |  | 8,500 |  |  |  | 831,873
†CANCOM |  | 2,400 |  |  |  | 119,244
Carl Zeiss Meditec |  | 17,500 |  |  |  | 707,686
CompuGroup Medical |  | 15,000 |  |  |  | 623,756
Fielmann |  | 7,000 |  |  |  | 511,655
HolidayCheck Group 2 |  | 25,100 |  |  |  | 65,676
KUKA |  | 4,000 |  |  |  | 473,693
KWS Saat |  | 1,900 |  |  |  | 628,224
†MorphoSys 2 |  | 7,000 |  |  |  | 291,961
msg life 2 |  | 25,400 |  |  |  | 68,576
mutares |  | 8,000 |  |  |  | 115,526
†PNE Wind |  | 45,700 |  |  |  | 107,603
STRATEC Biomedical |  | 8,000 |  |  |  | 462,027
VIB Vermoegen |  | 4,200 |  |  |  | 90,542

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 15

Royce Global Value Trust

Schedule of Investments (continued) |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
GERMANY (continued) |  |  |  |  |  |
XING |  | 300 |  |  | $ | 56,989
Total (Cost $4,917,259) |  |  |  |  |  | 5,341,923
GREECE – 0.2% |  |  |  |  |  |
Aegean Marine Petroleum Network |  | 5,000 |  |  |  | 27,500
Hellenic Exchanges - Athens Stock Exchange |  | 28,000 |  |  |  | 133,402
StealthGas 2,3 |  | 17,000 |  |  |  | 64,260
Total (Cost $333,095) |  |  |  |  |  | 225,162
HONG KONG – 3.3% |  |  |  |  |  |
Anxin-China Holdings 1,2 |  | 2,500,000 |  |  |  | 18,690
China Metal International Holdings |  | 430,000 |  |  |  | 138,767
First Pacific |  | 180,000 |  |  |  | 130,373
†HKBN |  | 126,000 |  |  |  | 132,588
I.T |  | 438,500 |  |  |  | 130,448
Le Saunda Holdings |  | 295,460 |  |  |  | 63,042
Luk Fook Holdings (International) |  | 120,100 |  |  |  | 267,351
New World Department Store China |  | 1,559,700 |  |  |  | 203,484
Oriental Watch Holdings |  | 960,000 |  |  |  | 114,396
Pico Far East Holdings |  | 1,053,300 |  |  |  | 297,931
Television Broadcasts |  | 54,000 |  |  |  | 185,446
Texwinca Holdings |  | 302,000 |  |  |  | 224,414
Value Partners Group |  | 1,080,000 |  |  |  | 1,002,060
VST Holdings |  | 366,600 |  |  |  | 104,897
YGM Trading |  | 169,400 |  |  |  | 87,778
Total (Cost $4,506,505) |  |  |  |  |  | 3,101,665
INDIA – 1.6% |  |  |  |  |  |
Bajaj Finance |  | 8,800 |  |  |  | 1,044,716
†CCL Products India |  | 26,000 |  |  |  | 95,630
Kewal Kiran Clothing |  | 6,500 |  |  |  | 175,038
†Manappuram Finance |  | 175,000 |  |  |  | 179,776
Total (Cost $1,071,718) |  |  |  |  |  | 1,495,160
INDONESIA – 0.9% |  |  |  |  |  |
Selamat Sempurna |  | 1,816,700 |  |  |  | 643,109
Supra Boga Lestari 2 |  | 3,945,000 |  |  |  | 176,431
Total (Cost $860,630) |  |  |  |  |  | 819,540
IRELAND – 0.6% |  |  |  |  |  |
Ardmore Shipping 3 |  | 8,300 |  |  |  | 56,191
†Irish Continental Group |  | 15,900 |  |  |  | 74,396
†Irish Residential Properties REIT |  | 70,100 |  |  |  | 86,736
Keywords Studios |  | 75,000 |  |  |  | 271,701
Trinity Biotech ADR Cl. A 2 |  | 10,000 |  |  |  | 113,400
Total (Cost $629,863) |  |  |  |  |  | 602,424
ISRAEL – 0.2% |  |  |  |  |  |
Nova Measuring Instruments 2,3 |  | 18,200 |  |  |  | 199,108
Total (Cost $195,540) |  |  |  |  |  | 199,108
ITALY – 1.4% |  |  |  |  |  |
Azimut Holding |  | 25,000 |  |  |  | 407,419
Banca Sistema |  | 58,200 |  |  |  | 132,206
DiaSorin |  | 11,000 |  |  |  | 674,987
†Gruppo MutuiOnline |  | 9,000 |  |  |  | 78,652
Total (Cost $1,372,778) |  |  |  |  |  | 1,293,264
JAPAN – 12.2% |  |  |  |  |  |
CRE |  | 9,400 |  |  |  | 256,122
FamilyMart |  | 8,200 |  |  |  | 498,099
GCA Savvian |  | 17,400 |  |  |  | 146,971
Horiba |  | 20,000 |  |  |  | 874,490
Leopalace21 Corporation |  | 25,400 |  |  |  | 177,432
Mandom Corporation |  | 2,100 |  |  |  | 96,153
Meitec Corporation |  | 30,000 |  |  |  | 1,013,819
MISUMI Group |  | 47,000 |  |  |  | 841,714
Nihon Kohden |  | 27,500 |  |  |  | 770,553
†Nippon Kanzai |  | 45,000 |  |  |  | 710,536
†Omron Corporation |  | 17,500 |  |  |  | 567,033
Pressance Corporation |  | 2,800 |  |  |  | 105,339
Relo Holdings |  | 5,500 |  |  |  | 963,933
Santen Pharmaceutical |  | 77,000 |  |  |  | 1,200,814
Shimano |  | 6,300 |  |  |  | 954,795
SPARX Group |  | 76,100 |  |  |  | 135,599
Sun Frontier Fudousan |  | 13,200 |  |  |  | 134,095
Takara Leben |  | 13,000 |  |  |  | 99,047
Trancom |  | 2,600 |  |  |  | 171,148
Trend Micro |  | 20,000 |  |  |  | 712,314
USS |  | 62,500 |  |  |  | 1,025,096
Zuiko Corporation |  | 2,100 |  |  |  | 89,503
Total (Cost $9,136,270) |  |  |  |  |  | 11,544,605
MALAYSIA – 0.2% |  |  |  |  |  |
CB Industrial Product Holding |  | 141,000 |  |  |  | 71,417
†Kossan Rubber Industries |  | 53,200 |  |  |  | 90,496
Total (Cost $147,140) |  |  |  |  |  | 161,913
MEXICO – 0.5% |  |  |  |  |  |
Bolsa Mexicana de Valores |  | 250,000 |  |  |  | 385,203
Consorcio ARA |  | 393,300 |  |  |  | 141,336
Total (Cost $600,705) |  |  |  |  |  | 526,539
NETHERLANDS – 0.0% |  |  |  |  |  |
†Constellium Cl. A 2 |  | 8,300 |  |  |  | 38,927
Total (Cost $34,333) |  |  |  |  |  | 38,927
NEW ZEALAND – 0.7% |  |  |  |  |  |
Fisher & Paykel Healthcare |  | 75,000 |  |  |  | 538,349
†New Zealand Refining |  | 43,100 |  |  |  | 74,838
†Summerset Group Holdings |  | 24,200 |  |  |  | 75,827
Total (Cost $558,090) |  |  |  |  |  | 689,014
NORWAY – 1.4% |  |  |  |  |  |
Ekornes |  | 41,459 |  |  |  | 452,132
Kongsberg Automotive 2 |  | 84,300 |  |  |  | 55,194
Medistim |  | 13,000 |  |  |  | 88,464
†Nordic Semiconductor 2 |  | 53,000 |  |  |  | 217,046
†NRC Group 2 |  | 12,200 |  |  |  | 76,874
TGS-NOPEC Geophysical |  | 27,200 |  |  |  | 444,777
Total (Cost $1,657,050) |  |  |  |  |  | 1,334,487
PHILIPPINES – 0.3% |  |  |  |  |  |
†Integrated Micro-Electronics |  | 756,900 |  |  |  | 90,824
Universal Robina |  | 45,000 |  |  |  | 199,122
Total (Cost $221,280) |  |  |  |  |  | 289,946

16 | 2016 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2016 (unaudited)

Schedule of Investments (continued) |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
POLAND – 0.3% |  |  |  |  |  |
Warsaw Stock Exchange |  | 33,000 |  |  | $ | 276,904
Total (Cost $459,764) |  |  |  |  |  | 276,904
SINGAPORE – 1.2% |  |  |  |  |  |
ARA Asset Management |  | 600,000 |  |  |  | 617,970
CSE Global |  | 320,000 |  |  |  | 104,410
XP Power |  | 20,100 |  |  |  | 416,908
Total (Cost $1,040,946) |  |  |  |  |  | 1,139,288
SOUTH AFRICA – 0.6% |  |  |  |  |  |
Coronation Fund Managers |  | 59,000 |  |  |  | 267,782
JSE |  | 15,000 |  |  |  | 187,371
Net 1 UEPS Technologies 2 |  | 10,500 |  |  |  | 104,895
Total (Cost $732,552) |  |  |  |  |  | 560,048
SOUTH KOREA – 0.6% |  |  |  |  |  |
Eugene Technology |  | 6,036 |  |  |  | 86,063
†Hanssem |  | 900 |  |  |  | 124,242
Huvis Corporation |  | 6,400 |  |  |  | 43,522
ISC |  | 2,609 |  |  |  | 60,111
Koh Young Technology |  | 5,000 |  |  |  | 177,802
†Modetour Network |  | 3,400 |  |  |  | 82,374
Total (Cost $580,680) |  |  |  |  |  | 574,114
SPAIN – 0.1% |  |  |  |  |  |
Atento 2,3 |  | 9,400 |  |  |  | 83,754
Total (Cost $127,314) |  |  |  |  |  | 83,754
SWEDEN – 1.1% |  |  |  |  |  |
Addtech Cl. B |  | 27,000 |  |  |  | 338,811
†Bravida Holding |  | 60,000 |  |  |  | 359,981
†Doro 2 |  | 8,000 |  |  |  | 57,993
Dustin Group |  | 23,900 |  |  |  | 158,955
Proact IT Group |  | 7,600 |  |  |  | 97,985
Total (Cost $1,095,899) |  |  |  |  |  | 1,013,725
SWITZERLAND – 4.8% |  |  |  |  |  |
Burckhardt Compression Holding |  | 2,150 |  |  |  | 668,758
dorma+kaba Holding |  | 800 |  |  |  | 558,143
Inficon Holding |  | 1,700 |  |  |  | 577,873
LEM Holding |  | 700 |  |  |  | 630,100
Partners Group Holding |  | 1,600 |  |  |  | 686,073
VZ Holding |  | 4,925 |  |  |  | 1,469,370
Total (Cost $3,932,226) |  |  |  |  |  | 4,590,317
TAIWAN – 1.0% |  |  |  |  |  |
†Chipbond Technology |  | 50,700 |  |  |  | 64,961
†Egis Technology 2 |  | 22,600 |  |  |  | 108,819
Flytech Technology |  | 32,780 |  |  |  | 104,060
Kinik Company |  | 48,500 |  |  |  | 81,059
Lumax International |  | 87,400 |  |  |  | 126,286
†Posiflex Technology |  | 16,200 |  |  |  | 78,112
Shih Her Technologies |  | 85,600 |  |  |  | 82,205
Sporton International |  | 19,800 |  |  |  | 102,187
UDE Corporation |  | 85,500 |  |  |  | 76,676
†United Orthopedic |  | 35,700 |  |  |  | 99,418
Total (Cost $1,127,916) |  |  |  |  |  | 923,783
THAILAND – 0.1% |  |  |  |  |  |
MC Group |  | 204,200 |  |  |  | 78,055
Total (Cost $78,178) |  |  |  |  |  | 78,055
TURKEY – 0.4% |  |  |  |  |  |
Mardin Cimento Sanayii |  | 279,256 |  |  |  | 384,905
Total (Cost $711,046) |  |  |  |  |  | 384,905
UNITED KINGDOM – 13.0% |  |  |  |  |  |
Abcam |  | 40,000 |  |  |  | 411,312
Ashmore Group |  | 169,000 |  |  |  | 684,204
Berendsen |  | 37,500 |  |  |  | 610,933
†BGEO Group |  | 2,200 |  |  |  | 77,845
BrainJuicer Group |  | 9,400 |  |  |  | 43,025
Character Group |  | 11,400 |  |  |  | 72,285
Clarkson |  | 41,300 |  |  |  | 1,223,975
Computacenter |  | 18,700 |  |  |  | 185,409
†Connect Group |  | 68,500 |  |  |  | 135,059
Consort Medical |  | 52,500 |  |  |  | 732,612
Conviviality |  | 60,600 |  |  |  | 147,635
Diploma |  | 40,000 |  |  |  | 445,372
†dotdigital group |  | 206,200 |  |  |  | 111,033
e2v technologies |  | 150,000 |  |  |  | 406,833
Elementis |  | 175,000 |  |  |  | 466,495
†Epwin Group |  | 47,500 |  |  |  | 69,796
Exova Group |  | 175,000 |  |  |  | 421,287
†FDM Group Holdings |  | 60,000 |  |  |  | 360,180
Finsbury Food Group |  | 84,600 |  |  |  | 122,309
†Hilton Food Group |  | 26,000 |  |  |  | 191,189
†Inspired Energy |  | 439,500 |  |  |  | 71,072
ITE Group |  | 325,000 |  |  |  | 619,498
Jupiter Fund Management |  | 36,000 |  |  |  | 177,484
†McBride |  | 50,200 |  |  |  | 104,296
†Micro Focus International |  | 6,900 |  |  |  | 149,253
Norcros |  | 64,360 |  |  |  | 146,788
Pendragon |  | 139,900 |  |  |  | 52,613
Polypipe Group |  | 60,000 |  |  |  | 210,594
†Rank Group |  | 21,100 |  |  |  | 60,797
Real Estate Investors |  | 99,300 |  |  |  | 76,229
Rotork |  | 81,500 |  |  |  | 233,971
Senior |  | 130,000 |  |  |  | 357,098
Severfield |  | 142,700 |  |  |  | 93,834
Spirax-Sarco Engineering |  | 23,500 |  |  |  | 1,173,072
Stallergenes Greer 2 |  | 10,800 |  |  |  | 265,127
†Treatt |  | 30,400 |  |  |  | 66,407
Trifast |  | 71,200 |  |  |  | 130,529
Vertu Motors |  | 66,300 |  |  |  | 37,178
Victrex |  | 30,000 |  |  |  | 605,056
Xaar |  | 115,000 |  |  |  | 641,473
Zeal Network |  | 2,500 |  |  |  | 87,202
Total (Cost $14,726,817) |  |  |  |  |  | 12,278,359
UNITED STATES – 26.1% |  |  |  |  |  |
†Air Lease Cl. A |  | 12,300 |  |  |  | 329,394
Brooks Automation 3 |  | 18,100 |  |  |  | 203,082
Century Casinos 2 |  | 30,000 |  |  |  | 186,900
†CIRCOR International |  | 12,800 |  |  |  | 729,472
†Cognex Corporation |  | 17,100 |  |  |  | 737,010

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 17

Royce Global Value Trust |  | June 30, 2016 (unaudited)

Schedule of Investments (continued) |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
UNITED STATES (continued) |  |  |  |  |  |
†Coherent 2 |  | 5,000 |  |  | $ | 458,900
Commercial Metals |  | 42,000 |  |  |  | 709,800
†Copart 2 |  | 18,600 |  |  |  | 911,586
Diebold 3,4 |  | 28,800 |  |  |  | 715,104
Diodes 2,3 |  | 20,500 |  |  |  | 385,195
EnerSys 3,4 |  | 11,000 |  |  |  | 654,170
Expeditors International of Washington 3 |  | 10,000 |  |  |  | 490,400
†Federated Investors Cl. B |  | 12,500 |  |  |  | 359,750
FLIR Systems 3 |  | 14,100 |  |  |  | 436,395
†Gentex Corporation |  | 24,800 |  |  |  | 383,160
Greif Cl. A 3 |  | 8,700 |  |  |  | 324,249
†IDEXX Laboratories 2 |  | 10,400 |  |  |  | 965,744
Innospec 3 |  | 12,457 |  |  |  | 572,897
†Kadant |  | 7,800 |  |  |  | 401,778
KBR 3 |  | 73,400 |  |  |  | 971,816
Kirby Corporation 2,3,4 |  | 29,400 |  |  |  | 1,834,266
†Lindsay Corporation |  | 13,700 |  |  |  | 929,682
†ManpowerGroup |  | 11,000 |  |  |  | 707,740
†MBIA 2 |  | 80,300 |  |  |  | 548,449
Nanometrics 2,3,4 |  | 44,500 |  |  |  | 925,155
National Instruments 3 |  | 19,000 |  |  |  | 520,600
†Oaktree Capital Group LLC Cl. A |  | 10,400 |  |  |  | 465,504
†Popular |  | 13,100 |  |  |  | 383,830
Quaker Chemical 3 |  | 8,400 |  |  |  | 749,280
†Raven Industries |  | 50,000 |  |  |  | 947,000
Rogers Corporation 2,3 |  | 6,000 |  |  |  | 366,600
Schnitzer Steel Industries Cl. A 3 |  | 19,100 |  |  |  | 336,160
SEACOR Holdings 2 |  | 6,000 |  |  |  | 347,700
SEI Investments 3,4 |  | 40,600 |  |  |  | 1,953,266
Sensient Technologies 3,4 |  | 9,500 |  |  |  | 674,880
Standard Motor Products |  | 11,200 |  |  |  | 445,536
†Stifel Financial 2,3,4 |  | 18,500 |  |  |  | 581,825
Sun Hydraulics 3 |  | 15,139 |  |  |  | 449,477
Tennant Company 3 |  | 11,600 |  |  |  | 624,892
Total (Cost $25,439,098) |  |  |  |  |  | 24,718,644
TOTAL COMMON STOCKS |  |  |  |  |  |
(Cost $100,798,584) |  |  |  |  |  | 97,051,737

REPURCHASE AGREEMENT– 12.6% |  |  |  |  |  |  |
Fixed Income Clearing Corporation, 0.03% dated 6/30/16, due 7/1/16, maturity value $11,941,010 (collateralized by obligations of various U.S. Government Agencies, 0.125% due 4/15/19, valued at $12,181,613)
(Cost $11,941,000) |  |  |  |  | $ | 11,941,000 |
TOTAL INVESTMENTS – 115.1% |  |  |  |  |  |  |
(Cost $112,739,584) |  |  |  |  |  | 108,992,737 |
LIABILITIES LESS CASH AND OTHER ASSETS – (15.1)% |  |  |  |  |  | (14,289,619 | )
NET ASSETS – 100.0% |  |  |  |  | $ | 94,703,118 |

† | New additions in 2016.
1 | 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.
2 | Non-income producing.
3 | All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2016. Total market value of pledged securities at June 30, 2016, was $13,230,600.
4 | At June 30, 2016, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $5,942,261.
| 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, 2016, market value.
| TAX INFORMATION: The cost of total investments for Federal income tax purposes was $113,338,626. At June 30, 2016, net unrealized depreciation for all securities was $4,345,889, consisting of aggregate gross unrealized appreciation of $8,804,582 and aggregate gross unrealized depreciation of $13,150,471. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

18 | 2016 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Global Value Trust |  | June 30, 2016 (unaudited)

Statement of Assets and Liabilities |  |  |  |  |
ASSETS: |  |  |  |  |
Investments at value |  |  | $ | 97,051,737 |
Repurchase agreements (at cost and value) |  |  |  | 11,941,000 |
Cash and foreign currency |  |  |  | 72,680 |
Receivable for investments sold |  |  |  | 519,556 |
Receivable for dividends and interest |  |  |  | 160,480 |
Prepaid expenses and other assets |  |  |  | 31,551 |
Total Assets |  |  |  | 109,777,004 |
LIABILITIES: |  |  |  |  |
Revolving credit agreement |  |  |  | 8,000,000 |
Payable for investments purchased |  |  |  | 6,893,357 |
Payable for investment advisory fee |  |  |  | 97,707 |
Payable for directors’ fees |  |  |  | 8,896 |
Payable for interest expense |  |  |  | 709 |
Accrued expenses |  |  |  | 47,094 |
Deferred capital gains tax |  |  |  | 26,123 |
Total Liabilities |  |  |  | 15,073,886 |
Net Assets |  |  | $ | 94,703,118 |
ANALYSIS OF NET ASSETS: |  |  |  |  |
Paid-in capital - $0.001 par value per share; 10,344,899 shares outstanding (150,000,000 shares authorized) |  |  | $ | 116,929,670 |
Undistributed net investment income (loss) |  |  |  | 367,035 |
Accumulated net realized gain (loss) on investments and foreign currency |  |  |  | (18,815,847 | )
Net unrealized appreciation (depreciation) on investments and foreign currency |  |  |  | (3,777,740 | )
Net Assets (net asset value per share - $9.15) |  |  | $ | 94,703,118 |
Investments at identified cost |  |  | $ | 100,798,584 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 19

Royce Global Value Trust

Statement of Changes in Net Assets |  |  |  |  |  |  |  |
|  | SIX MONTHS ENDED |  |  |  |
|  | 6/30/16 |  |  |  |
|  | (UNAUDITED) |  | YEAR ENDED 12/31/15
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 591,649 |  |  | $ | 985,324 |
Net realized gain (loss) on investments and foreign currency |  |  | (456,191 | ) |  |  | (11,820,601 | )
Net change in unrealized appreciation (depreciation) on investments and foreign currency |  |  | 3,394,100 |  |  |  | 7,399,963 |
Net increase (decrease) in net assets from investment operations |  |  | 3,529,558 |  |  |  | (3,435,314 | )
DISTRIBUTIONS: |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | (1,029,597 | )
Net realized gain on investments and foreign currency |  |  | – |  |  |  | – |
Total distributions |  |  | – |  |  |  | (1,029,597 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | – |  |  |  | 353,733 |
Total capital stock transactions |  |  | – |  |  |  | 353,733 |
Net Increase (Decrease) In Net Assets |  |  | 3,529,558 |  |  |  | (4,111,178 | )
NET ASSETS: |  |  |  |  |  |  |  |
Beginning of period |  |  | 91,173,560 |  |  |  | 95,284,738 |
End of period (including undistributed net investment income (loss) of $367,035 at 6/30/16 and $(224,615) at 12/31/15) |  | $ | 94,703,118 |  |  | $ | 91,173,560 |

20 | 2016 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Global Value Trust |  | Six Months Ended June 30, 2016 (unaudited)

Statement of Operations |  |  |  |
INVESTMENT INCOME: |  |  |  |
INCOME: |  |  |  |
Dividends |  | $ | 1,467,927 |
Foreign withholding tax |  |  | (105,541 | )
Interest |  |  | 483 |
Rehypothecation income |  |  | 530 |
Total income |  |  | 1,363,399 |
EXPENSES: |  |  |  |
Investment advisory fees |  |  | 560,982 |
Interest expense |  |  | 64,058 |
Custody and transfer agent fees |  |  | 49,197 |
Stockholder reports |  |  | 36,912 |
Directors’ fees |  |  | 15,032 |
Professional fees |  |  | 14,980 |
Administrative and office facilities |  |  | 9,740 |
Other expenses |  |  | 20,853 |
Total expenses |  |  | 771,754 |
Compensating balance credits |  |  | (4 | )
Net expenses |  |  | 771,750 |
Net investment income (loss) |  |  | 591,649 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |  |  |  |
NET REALIZED GAIN (LOSS): |  |  |  |
Investments |  |  | (445,682 | )
Foreign currency transactions |  |  | (10,509 | )
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |
Investments and foreign currency translations |  |  | 3,396,809 |
Other assets and liabilities denominated in foreign currency |  |  | (2,709 | )
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 2,937,909 |
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS |  | $ | 3,529,558 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 21

Royce Global Value Trust |  | Six Months Ended June 30, 2016 (unaudited)

Statement of Cash Flows |  |  |  |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
Net increase (decrease) in net assets from investment operations |  | $ | 3,529,558 |
Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities: |  |  |  |
Purchases of long-term investments |  |  | (26,912,783 | )
Proceeds from sales and maturities of long-term investments |  |  | 36,633,021 |
Net purchases, sales and maturities of short-term investments |  |  | (10,238,000 | )
Net (increase) decrease in dividends and interest receivable and other assets |  |  | 11,376 |
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities |  |  | (14,036 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | (3,396,809 | )
Net realized gain (loss) on investments and foreign currency |  |  | 456,191 |
Net cash provided by operating activities |  |  | 68,518 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
Net increase (decrease) in revolving credit agreement |  |  | – |
Distributions |  |  | – |
Reinvestment of distributions |  |  | – |
Net cash used for financing activities |  |  | – |
INCREASE (DECREASE) IN CASH: |  |  | 68,518 |
Cash and foreign currency at beginning of period |  |  | 4,162 |
Cash and foreign currency at end of period |  | $ | 72,680 |

22 | 2016 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 | YEARS ENDED |  |  |
|  | 6/30/2016 |  |  |  |  |  |  |  |  |  | PERIOD ENDED
|  | (UNAUDITED) |  | 12/31/15 |  | 12/31/14 |  | 12/31/131
Net Asset Value, Beginning of Period |  |  | $ | 8.81 |  |  | $ | 9.25 |  |  | $ | 10.05 |  |  | $ | 9.78 |
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  |  | 0.06 |  |  |  | 0.10 |  |  |  | 0.13 |  |  |  | (0.00 | )
Net realized and unrealized gain (loss) on investments and foreign currency |  |  |  | 0.28 |  |  |  | (0.43 | ) |  |  | (0.77 | ) |  |  | 0.27 |
Net increase (decrease) in net assets from investment operations |  |  |  | 0.34 |  |  |  | (0.33 | ) |  |  | (0.64 | ) |  |  | 0.27 |
DISTRIBUTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  | – |  |  |  | (0.10 | ) |  |  | (0.15 | ) |  |  | – |
Net realized gain on investments and foreign currency |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total distributions |  |  |  | – |  |  |  | (0.10 | ) |  |  | (0.15 | ) |  |  | – |
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of reinvestment of distributions by Common Stockholders |  |  |  | – |  |  |  | (0.01 | ) |  |  | (0.01 | ) |  |  | – |
Total capital stock transactions |  |  |  | – |  |  |  | (0.01 | ) |  |  | (0.01 | ) |  |  | – |
Net Asset Value, End of Period |  |  | $ | 9.15 |  |  | $ | 8.81 |  |  | $ | 9.25 |  |  | $ | 10.05 |
Market Value, End of Period |  |  | $ | 7.60 |  |  | $ | 7.45 |  |  | $ | 8.04 |  |  | $ | 8.89 |
TOTAL RETURN:2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Asset Value |  |  |  | 3.86 | %3 |  |  | (3.44 | )% |  |  | (6.23 | )% |  |  | 2.76 | %3
Market Value |  |  |  | 2.01 | %3 |  |  | (6.06 | )% |  |  | (7.86 | )% |  |  | (0.95 | )%3
RATIOS BASED ON AVERAGE NET ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fee expense |  |  |  | 1.25 | %4 |  |  | 1.25 | % |  |  | 1.25 | % |  |  | 1.25 | %4
Other operating expenses |  |  |  | 0.47 | %4 |  |  | 0.43 | % |  |  | 0.24 | % |  |  | 0.37 | %4
Total expenses (net) |  |  |  | 1.72 | %4 |  |  | 1.68 | % |  |  | 1.49 | % |  |  | 1.62 | %4
Expenses excluding interest expense |  |  |  | 1.58 | %4 |  |  | 1.58 | % |  |  | 1.49 | % |  |  | 1.62 | %4
Expenses prior to balance credits |  |  |  | 1.72 | %4 |  |  | 1.68 | % |  |  | 1.49 | % |  |  | 1.62 | %4
Net investment income (loss) |  |  |  | 1.32 | %4 |  |  | 1.03 | % |  |  | 1.30 | % |  |  | (0.13 | )%4
SUPPLEMENTAL DATA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Assets End of Period (in thousands) |  | $ |  | 94,703 |  |  | $ | 91,174 |  |  | $ | 95,285 |  |  | $ | 102,684 |
Portfolio Turnover Rate |  |  |  | 34 | % |  |  | 65 | % |  |  | 43 | % |  |  | 7 | %
REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset coverage |  |  |  | 1284 | % |  |  | 1240 | % |  |  |  |  |  |  |  |
Asset coverage per $1,000 |  |  |  | 12,838 |  |  |  | 12,397 |  |  |  |  |  |  |  |  |

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 |  | 2016 Semiannual Report to Stockholders | 23

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, 2016. For a detailed breakout of common stocks by country, please refer to the Schedule of Investments.

| LEVEL 1 |  | LEVEL 2 |  | LEVEL 3 |  | TOTAL
Common Stocks |  | $ | 36,257,248 |  |  | $ | 60,688,806 |  |  | $ | 105,683 |  |  | $ | 97,051,737
Cash Equivalents |  |  | – |  |  |  | 11,941,000 |  |  |  | – |  |  |  | 11,941,000

Certain securities have transferred in and out of Level 1, Level 2 and Level 3 measurements during the reporting period. The Fund recognizes transfers between levels as of the end of the reporting period. For the six months ended June 30, 2016, securities valued at $1,267,904 were transferred from Level 2 to Level 1 and securities valued at $86,993 were transferred from Level 2 to Level 3 within the fair value hierarchy.

24 | 2016 Semiannual Report to Stockholders

Royce Global Value Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

| BALANCE AS OF 12/31/15 | TRANSFERS IN | REALIZED AND UNREALIZED GAIN (LOSS)1 | BALANCE AS OF 6/30/16
Common Stocks | $18,710 | $86,993 | $(20) | $105,683
1The 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. The remaining contractual maturity of the repurchase agreement held by the Fund at June 30, 2016 is overnight and continuous.
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.
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. Premiums 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 (“Royce”) under an administration agreement and are included in administrative and office facilities and professional fees.

2016 Semiannual Report to Stockholders | 25

Royce Global Value 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 48,927 shares of Common Stock as reinvestment of distributions for the year ended December 31, 2015.
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, 2016, the Fund has outstanding borrowings of $8,000,000. During the six months ended June 30, 2016, the Fund borrowed an average daily balance of $8,000,000 at a weighted average borrowing cost of 1.58%. The maximum amount outstanding during the six months ended June 30, 2016 was $8,000,000. As of June 30, 2016, the aggregate value of rehypothecated securities was $5,942,261. During the six months ended June 30, 2016, the Fund earned $530 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, 2016, the Fund accrued and paid Royce investment advisory fees totaling $560,982.
Purchases and Sales of Investment Securities:
For the six months ended June 30, 2016, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $33,050,975 and $36,523,794, respectively.
Cross trades were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which Royce serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7. Cross trades for the six months ended June 30, 2016, were as follows:

COST OF PURCHASES | COST OF SALES | REALIZED GAIN (LOSS)
$4,860,857 | $183,450 | $131,420

26 | 2016 Semiannual Report to Stockholders

Royce Micro-Cap Trust |  | June 30, 2016 (unaudited)

Schedule of Investments |  |  |  |  |  |
Common Stocks – 104.4% |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
CONSUMER DISCRETIONARY – 15.2% |  |  |  |  |  |
AUTO COMPONENTS - 3.2% |  |  |  |  |  |
Drew Industries 1,2 |  | 32,800 |  |  | $ | 2,782,752
Fox Factory Holding 3 |  | 27,500 |  |  |  | 477,675
Motorcar Parts of America 3 |  | 83,700 |  |  |  | 2,274,966
Sebang Global Battery |  | 50,500 |  |  |  | 1,662,404
Standard Motor Products |  | 74,060 |  |  |  | 2,946,107
Unique Fabricating |  | 3,500 |  |  |  | 46,865
|  |  |  |  |  | 10,190,769
DISTRIBUTORS - 1.1% |  |  |  |  |  |
Fenix Parts 3 |  | 444,200 |  |  |  | 1,745,706
Weyco Group |  | 59,600 |  |  |  | 1,655,688
|  |  |  |  |  | 3,401,394
DIVERSIFIED CONSUMER SERVICES - 2.0% |  |  |  |  |  |
American Public Education 3 |  | 73,200 |  |  |  | 2,056,920
Capella Education |  | 1,300 |  |  |  | 68,432
Collectors Universe |  | 116,100 |  |  |  | 2,292,975
Liberty Tax Cl. A 1 |  | 98,900 |  |  |  | 1,317,348
Lincoln Educational Services 3 |  | 100,000 |  |  |  | 150,000
Universal Technical Institute |  | 270,000 |  |  |  | 610,200
|  |  |  |  |  | 6,495,875
HOTELS, RESTAURANTS & LEISURE - 1.1% |  |  |  |  |  |
Century Casinos 3 |  | 206,200 |  |  |  | 1,284,626
Lindblad Expeditions Holdings 3 |  | 234,000 |  |  |  | 2,253,420
|  |  |  |  |  | 3,538,046
HOUSEHOLD DURABLES - 2.6% |  |  |  |  |  |
Cavco Industries 1,2,3 |  | 19,291 |  |  |  | 1,807,567
Ethan Allen Interiors 1 |  | 50,100 |  |  |  | 1,655,304
Flexsteel Industries 1 |  | 16,500 |  |  |  | 653,730
iRobot Corporation 1,3 |  | 15,000 |  |  |  | 526,200
Lifetime Brands 1,2 |  | 130,794 |  |  |  | 1,908,284
Stanley Furniture 3 |  | 193,468 |  |  |  | 473,997
Universal Electronics 3 |  | 15,100 |  |  |  | 1,091,428
ZAGG 3 |  | 60,000 |  |  |  | 315,000
|  |  |  |  |  | 8,431,510
INTERNET & CATALOG RETAIL - 0.9% |  |  |  |  |  |
Blue Nile 1,2 |  | 37,900 |  |  |  | 1,037,702
FTD Companies 3 |  | 70,700 |  |  |  | 1,764,672
|  |  |  |  |  | 2,802,374
LEISURE PRODUCTS - 1.2% |  |  |  |  |  |
Black Diamond 3 |  | 195,926 |  |  |  | 811,133
Nautilus 3 |  | 111,200 |  |  |  | 1,983,808
Smith & Wesson Holding Corporation 1,3 |  | 43,100 |  |  |  | 1,171,458
Sturm, Ruger & Co. |  | 600 |  |  |  | 38,406
|  |  |  |  |  | 4,004,805
MEDIA - 0.7% |  |  |  |  |  |
McClatchy Company (The) Cl. A 3 |  | 69,313 |  |  |  | 1,013,356
New Media Investment Group |  | 66,200 |  |  |  | 1,196,234
|  |  |  |  |  | 2,209,590
SPECIALTY RETAIL - 1.1% |  |  |  |  |  |
Destination Maternity |  | 228,200 |  |  |  | 1,341,816
Haverty Furniture |  | 32,600 |  |  |  | 587,778
Kirkland’s 3 |  | 7,900 |  |  |  | 115,972
MarineMax 3 |  | 5,400 |  |  |  | 91,638
Shoe Carnival 1 |  | 21,028 |  |  |  | 526,962
Stage Stores 1 |  | 15,000 |  |  |  | 73,200
TravelCenters of America LLC 3 |  | 5,400 |  |  |  | 44,064
West Marine 3 |  | 86,000 |  |  |  | 721,540
|  |  |  |  |  | 3,502,970
TEXTILES, APPAREL & LUXURY GOODS - 1.3% |  |  |  |  |  |
Crown Crafts |  | 104,059 |  |  |  | 984,398
Culp |  | 32,900 |  |  |  | 909,027
J.G. Boswell Company 4 |  | 2,490 |  |  |  | 1,593,127
YGM Trading |  | 1,482,000 |  |  |  | 767,925
|  |  |  |  |  | 4,254,477
Total (Cost $48,519,042) |  |  |  |  |  | 48,831,810
CONSUMER STAPLES – 2.3% |  |  |  |  |  |
BEVERAGES - 0.1% |  |  |  |  |  |
Crimson Wine Group 3,4 |  | 58,124 |  |  |  | 485,917
FOOD PRODUCTS - 2.2% |  |  |  |  |  |
Farmer Bros. 1,2,3 |  | 49,100 |  |  |  | 1,574,146
John B. Sanfilippo & Son |  | 18,000 |  |  |  | 767,340
Landec Corporation 3 |  | 75,610 |  |  |  | 813,564
Seneca Foods Cl. A 3 |  | 42,400 |  |  |  | 1,535,304
Seneca Foods Cl. B 3 |  | 42,500 |  |  |  | 1,532,125
SunOpta 3 |  | 136,881 |  |  |  | 573,531
Waterloo Investment Holdings 3,5 |  | 806,207 |  |  |  | 225,738
|  |  |  |  |  | 7,021,748
Total (Cost $5,044,094) |  |  |  |  |  | 7,507,665
ENERGY – 5.2% |  |  |  |  |  |
ENERGY EQUIPMENT & SERVICES - 1.9% |  |  |  |  |  |
Aspen Aerogels 3 |  | 94,985 |  |  |  | 472,075
Canadian Energy Services & Technology |  | 25,000 |  |  |  | 78,757
CARBO Ceramics 3 |  | 39,000 |  |  |  | 510,900
Dawson Geophysical 3 |  | 73,654 |  |  |  | 600,280
Era Group 3 |  | 227,339 |  |  |  | 2,136,987
Geospace Technologies 1,3 |  | 9,500 |  |  |  | 155,515
Matrix Service 1,3 |  | 25,300 |  |  |  | 417,197
Newpark Resources 3 |  | 11,200 |  |  |  | 64,848
North American Energy Partners |  | 50,000 |  |  |  | 141,000
Pioneer Energy Services 1,3 |  | 57,500 |  |  |  | 264,500
TerraVest Capital |  | 84,000 |  |  |  | 423,267
Tesco Corporation 1,3 |  | 58,000 |  |  |  | 388,020
Unit Corporation 3 |  | 31,000 |  |  |  | 482,360
|  |  |  |  |  | 6,135,706
OIL, GAS & CONSUMABLE FUELS - 3.3% |  |  |  |  |  |
Ardmore Shipping |  | 52,700 |  |  |  | 356,779
Cross Timbers Royalty Trust |  | 67,631 |  |  |  | 1,226,150
Dorchester Minerals L.P. |  | 106,127 |  |  |  | 1,530,351
Dorian LPG 3 |  | 50,000 |  |  |  | 352,500
Hugoton Royalty Trust 3 |  | 287,574 |  |  |  | 678,675
Panhandle Oil & Gas Cl. A |  | 5,000 |  |  |  | 83,350
Permian Basin Royalty Trust |  | 266,333 |  |  |  | 1,952,221
Sabine Royalty Trust |  | 59,548 |  |  |  | 1,989,499
San Juan Basin Royalty Trust |  | 203,407 |  |  |  | 1,478,769
StealthGas 3 |  | 220,085 |  |  |  | 831,921
|  |  |  |  |  | 10,480,215
Total (Cost $19,617,099) |  |  |  |  |  | 16,615,921
FINANCIALS – 17.7% |  |  |  |  |  |
BANKS - 2.0% |  |  |  |  |  |
Bank of N.T. Butterfield & Son |  | 438,100 |  |  |  | 709,722
Blue Hills Bancorp |  | 50,000 |  |  |  | 738,000
Bryn Mawr Bank |  | 25,000 |  |  |  | 730,000
Caribbean Investment Holdings 3 |  | 735,647 |  |  |  | 73,450
Chemung Financial 1 |  | 31,000 |  |  |  | 909,850
Fauquier Bankshares |  | 140,200 |  |  |  | 2,037,106

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 27

Royce Micro-Cap Trust

Schedule of Investments (continued) |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
FINANCIALS (continued) |  |  |  |  |  |
BANKS (continued) |  |  |  |  |  |
Live Oak Bancshares |  | 30,900 |  |  | $ | 435,999
Park Sterling |  | 6,300 |  |  |  | 44,667
Peapack-Gladstone Financial |  | 45,606 |  |  |  | 844,167
|  |  |  |  |  | 6,522,961
CAPITAL MARKETS - 8.0% |  |  |  |  |  |
ASA Gold and Precious Metals |  | 181,150 |  |  |  | 2,677,397
Cowen Group 3 |  | 100,000 |  |  |  | 296,000
Diamond Hill Investment Group 1 |  | 5,579 |  |  |  | 1,051,195
Dundee Corporation Cl. A 3 |  | 435,000 |  |  |  | 2,569,023
EQT Holdings |  | 43,150 |  |  |  | 529,433
Fiera Capital Cl. A |  | 78,000 |  |  |  | 773,993
INTL FCStone 1,3 |  | 41,727 |  |  |  | 1,138,730
JZ Capital Partners |  | 247,999 |  |  |  | 1,341,300
Manning & Napier Cl. A |  | 170,600 |  |  |  | 1,620,700
Medley Management Cl. A |  | 153,400 |  |  |  | 901,992
MVC Capital 1 |  | 372,400 |  |  |  | 2,994,096
OHA Investment |  | 204,620 |  |  |  | 396,963
Queen City Investments 4 |  | 948 |  |  |  | 1,092,096
Silvercrest Asset Management Group Cl. A |  | 213,600 |  |  |  | 2,614,464
Sprott |  | 1,454,933 |  |  |  | 2,894,212
U.S. Global Investors Cl. A |  | 646,254 |  |  |  | 1,098,632
Urbana Corporation |  | 237,600 |  |  |  | 404,598
Westwood Holdings Group 1 |  | 12,400 |  |  |  | 642,320
ZAIS Group Holdings Cl. A 1,2,3 |  | 262,960 |  |  |  | 738,918
|  |  |  |  |  | 25,776,062
CONSUMER FINANCE - 0.5% |  |  |  |  |  |
EZCORP Cl. A 1,2,3 |  | 201,000 |  |  |  | 1,519,560
J.G. Wentworth Company Cl. A 3,4 |  | 135,000 |  |  |  | 32,535
|  |  |  |  |  | 1,552,095
DIVERSIFIED FINANCIAL SERVICES - 1.6% |  |  |  |  |  |
Banca Finnat Euramerica |  | 860,000 |  |  |  | 305,435
GAIN Capital Holdings |  | 25,000 |  |  |  | 158,000
PICO Holdings 1,2,3 |  | 153,700 |  |  |  | 1,454,002
Value Line |  | 164,000 |  |  |  | 2,681,400
Warsaw Stock Exchange |  | 52,900 |  |  |  | 443,886
|  |  |  |  |  | 5,042,723
INSURANCE - 1.3% |  |  |  |  |  |
Hallmark Financial Services 3 |  | 114,000 |  |  |  | 1,321,260
Independence Holding Company |  | 85,080 |  |  |  | 1,528,888
State Auto Financial 1 |  | 61,264 |  |  |  | 1,342,294
|  |  |  |  |  | 4,192,442
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5% |  |  |  |  |  |
BRT Realty Trust 3 |  | 230,331 |  |  |  | 1,646,867
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.8% |  |  |  |  |  |
AV Homes 3 |  | 87,400 |  |  |  | 1,068,028
Forestar Group 1,3 |  | 53,000 |  |  |  | 630,170
FRP Holdings 1,2,3 |  | 71,800 |  |  |  | 2,477,100
Griffin Industrial Realty |  | 47,746 |  |  |  | 1,463,415
Hopefluent Group Holdings |  | 1,400,000 |  |  |  | 372,699
Marcus & Millichap 3 |  | 49,567 |  |  |  | 1,259,497
†RMR Group Cl. A |  | 67,900 |  |  |  | 2,102,863
Tejon Ranch 1,2,3 |  | 115,162 |  |  |  | 2,722,430
Tejon Ranch (Warrants) 3 |  | 13,146 |  |  |  | 1
|  |  |  |  |  | 12,096,203
Total (Cost $62,524,025) |  |  |  |  |  | 56,829,353
HEALTH CARE – 15.6% |  |  |  |  |  |
BIOTECHNOLOGY - 4.2% |  |  |  |  |  |
Abeona Therapeutics 3 |  | 376,321 |  |  |  | 888,118
Adverum Biotechnologies 3 |  | 193,346 |  |  |  | 610,973
Aquinox Pharmaceuticals 1,3 |  | 182,622 |  |  |  | 1,208,958
ARIAD Pharmaceuticals 1,3 |  | 114,102 |  |  |  | 843,214
BioCryst Pharmaceuticals 3 |  | 160,000 |  |  |  | 454,400
Fortress Biotech 3 |  | 147,400 |  |  |  | 396,506
Invitae Corporation 3 |  | 156,412 |  |  |  | 1,155,885
Keryx Biopharmaceuticals 3 |  | 281,725 |  |  |  | 1,865,019
Kindred Biosciences 3 |  | 148,000 |  |  |  | 523,920
Progenics Pharmaceuticals 3 |  | 6,500 |  |  |  | 27,430
Sangamo BioSciences 3 |  | 191,785 |  |  |  | 1,110,435
Stemline Therapeutics 3 |  | 174,179 |  |  |  | 1,179,192
Versartis 3 |  | 39,592 |  |  |  | 437,887
Zealand Pharma 3 |  | 151,000 |  |  |  | 2,707,347
|  |  |  |  |  | 13,409,284
HEALTH CARE EQUIPMENT & SUPPLIES - 7.1% |  |  |  |  |  |
Analogic Corporation |  | 18,200 |  |  |  | 1,445,808
AngioDynamics 1,2,3 |  | 106,061 |  |  |  | 1,524,097
Antares Pharma 3 |  | 406,900 |  |  |  | 427,245
Atrion Corporation 1,2 |  | 7,277 |  |  |  | 3,113,537
Cerus Corporation 1,2,3 |  | 140,000 |  |  |  | 873,600
Derma Sciences 3 |  | 177,100 |  |  |  | 697,774
Exactech 1,2,3 |  | 124,400 |  |  |  | 3,326,456
Inogen 3 |  | 5,400 |  |  |  | 270,594
Invacare Corporation 1 |  | 44,300 |  |  |  | 537,359
STRATEC Biomedical |  | 14,000 |  |  |  | 808,547
SurModics 3 |  | 245,000 |  |  |  | 5,752,600
Syneron Medical 3 |  | 69,200 |  |  |  | 532,148
TearLab Corporation 3 |  | 85,000 |  |  |  | 54,400
Trinity Biotech ADR Cl. A 3 |  | 100,500 |  |  |  | 1,139,670
Utah Medical Products |  | 38,100 |  |  |  | 2,400,300
|  |  |  |  |  | 22,904,135
HEALTH CARE PROVIDERS & SERVICES - 3.3% |  |  |  |  |  |
Aceto Corporation |  | 79,600 |  |  |  | 1,742,444
BioTelemetry 3 |  | 49,700 |  |  |  | 810,110
CorVel Corporation 1,3 |  | 36,000 |  |  |  | 1,554,480
Cross Country Healthcare 3 |  | 165,400 |  |  |  | 2,302,368
Landauer |  | 33,743 |  |  |  | 1,388,862
National Research Cl. A |  | 40,033 |  |  |  | 548,452
PharMerica Corporation 3 |  | 40,000 |  |  |  | 986,400
Psychemedics Corporation |  | 37,500 |  |  |  | 515,250
U.S. Physical Therapy |  | 12,600 |  |  |  | 758,646
|  |  |  |  |  | 10,607,012
HEALTH CARE TECHNOLOGY - 0.1% |  |  |  |  |  |
Connecture 3 |  | 20,000 |  |  |  | 45,200
Vocera Communications 3 |  | 33,100 |  |  |  | 425,335
|  |  |  |  |  | 470,535
PHARMACEUTICALS - 0.9% |  |  |  |  |  |
Agile Therapeutics 1,3 |  | 80,000 |  |  |  | 608,800
Lipocine 3 |  | 90,467 |  |  |  | 275,020
Theravance Biopharma 3 |  | 83,509 |  |  |  | 1,894,819
|  |  |  |  |  | 2,778,639
Total (Cost $41,960,675) |  |  |  |  |  | 50,169,605
INDUSTRIALS – 16.0% |  |  |  |  |  |
AEROSPACE & DEFENSE - 0.7% |  |  |  |  |  |
Astronics Corporation 3 |  | 4,400 |  |  |  | 146,344
CPI Aerostructures 3 |  | 9,500 |  |  |  | 58,425

28 | 2016 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2016 (unaudited) |

Schedule of Investments (continued) |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
INDUSTRIALS (continued) |  |  |  |  |  |
AEROSPACE & DEFENSE (continued) |  |  |  |  |  |
FLYHT Aerospace Solutions 3 |  | 1,916,800 |  |  | $ | 281,893
Innovative Solutions and Support 3 |  | 142,828 |  |  |  | 402,775
Mercury Systems 3 |  | 35,200 |  |  |  | 875,072
SIFCO Industries 3 |  | 45,800 |  |  |  | 452,046
|  |  |  |  |  | 2,216,555
BUILDING PRODUCTS - 1.4% |  |  |  |  |  |
Burnham Holdings Cl. A 4 |  | 117,000 |  |  |  | 1,755,000
DIRTT Environmental Solutions 3 |  | 96,000 |  |  |  | 399,768
Insteel Industries |  | 47,100 |  |  |  | 1,346,589
Patrick Industries 3 |  | 16,900 |  |  |  | 1,018,901
|  |  |  |  |  | 4,520,258
COMMERCIAL SERVICES & SUPPLIES - 2.1% |  |  |  |  |  |
Atento 3 |  | 237,901 |  |  |  | 2,119,698
CompX International Cl. A |  | 107,500 |  |  |  | 1,236,250
Heritage-Crystal Clean 1,2,3 |  | 249,777 |  |  |  | 3,049,777
Team 1,3 |  | 17,500 |  |  |  | 434,525
|  |  |  |  |  | 6,840,250
CONSTRUCTION & ENGINEERING - 2.3% |  |  |  |  |  |
Ameresco Cl. A 3 |  | 275,700 |  |  |  | 1,204,809
IES Holdings 3 |  | 288,504 |  |  |  | 3,583,220
Layne Christensen 1,3 |  | 50,000 |  |  |  | 405,000
Northwest Pipe 3 |  | 108,600 |  |  |  | 1,170,708
NV5 Holdings 3 |  | 31,800 |  |  |  | 904,392
|  |  |  |  |  | 7,268,129
ELECTRICAL EQUIPMENT - 1.2% |  |  |  |  |  |
Encore Wire 1 |  | 3,400 |  |  |  | 126,752
LSI Industries |  | 143,012 |  |  |  | 1,583,143
Orion Energy Systems 3 |  | 170,000 |  |  |  | 197,200
Powell Industries |  | 23,000 |  |  |  | 904,820
Power Solutions International 1,3 |  | 7,100 |  |  |  | 126,735
Preformed Line Products |  | 20,743 |  |  |  | 837,810
|  |  |  |  |  | 3,776,460
INDUSTRIAL CONGLOMERATES - 0.7% |  |  |  |  |  |
Raven Industries 1 |  | 125,259 |  |  |  | 2,372,405
MACHINERY - 5.1% |  |  |  |  |  |
Chart Industries 3 |  | 2,400 |  |  |  | 57,912
CIRCOR International 1 |  | 1,100 |  |  |  | 62,689
Columbus McKinnon |  | 5,300 |  |  |  | 74,995
Eastern Company (The) |  | 39,750 |  |  |  | 659,055
Federal Signal |  | 3,200 |  |  |  | 41,216
Foster (L.B.) Company 1 |  | 99,300 |  |  |  | 1,081,377
Graham Corporation 1 |  | 81,150 |  |  |  | 1,494,783
Hurco Companies |  | 36,866 |  |  |  | 1,025,981
Kadant |  | 57,700 |  |  |  | 2,972,127
Lindsay Corporation |  | 15,000 |  |  |  | 1,017,900
Luxfer Holdings ADR |  | 59,712 |  |  |  | 718,335
Lydall 3 |  | 4,900 |  |  |  | 188,944
NN |  | 103,900 |  |  |  | 1,453,561
Pfeiffer Vacuum Technology |  | 6,000 |  |  |  | 561,774
Sun Hydraulics |  | 91,000 |  |  |  | 2,701,790
Tennant Company 1 |  | 38,500 |  |  |  | 2,073,995
Twin Disc 3 |  | 11,700 |  |  |  | 125,658
|  |  |  |  |  | 16,312,092
MARINE - 0.1% |  |  |  |  |  |
Clarkson |  | 13,000 |  |  |  | 385,271
PROFESSIONAL SERVICES - 1.2% |  |  |  |  |  |
Acacia Research 1,3 |  | 140,000 |  |  |  | 616,000
CBIZ 3 |  | 47,000 |  |  |  | 489,270
Franklin Covey 3 |  | 40,100 |  |  |  | 614,733
Heidrick & Struggles International |  | 46,300 |  |  |  | 781,544
Kforce 1 |  | 4,700 |  |  |  | 79,383
Navigant Consulting 3 |  | 5,100 |  |  |  | 82,365
Resources Connection |  | 20,000 |  |  |  | 295,600
RPX Corporation 3 |  | 100,000 |  |  |  | 917,000
|  |  |  |  |  | 3,875,895
ROAD & RAIL - 0.5% |  |  |  |  |  |
Marten Transport |  | 3,300 |  |  |  | 65,340
Patriot Transportation Holding 1,3 |  | 29,460 |  |  |  | 572,997
Universal Logistics Holdings 1,2 |  | 77,600 |  |  |  | 1,001,040
|  |  |  |  |  | 1,639,377
TRADING COMPANIES & DISTRIBUTORS - 0.5% |  |  |  |  |  |
Central Steel & Wire 4 |  | 788 |  |  |  | 316,776
Houston Wire & Cable |  | 249,918 |  |  |  | 1,312,069
|  |  |  |  |  | 1,628,845
TRANSPORTATION INFRASTRUCTURE - 0.2% |  |  |  |  |  |
Touax 3 |  | 42,197 |  |  |  | 488,001
Total (Cost $49,896,398) |  |  |  |  |  | 51,323,538
INFORMATION TECHNOLOGY – 22.5% |  |  |  |  |  |
COMMUNICATIONS EQUIPMENT - 1.4% |  |  |  |  |  |
ADTRAN |  | 27,500 |  |  |  | 512,875
Applied Optoelectronics 1,3 |  | 8,800 |  |  |  | 98,120
Bel Fuse Cl. A |  | 67,705 |  |  |  | 1,020,314
CalAmp Corporation 3 |  | 6,500 |  |  |  | 96,265
Clearfield 3 |  | 61,300 |  |  |  | 1,096,657
ClearOne |  | 25,000 |  |  |  | 280,000
Harmonic 3 |  | 147,000 |  |  |  | 418,950
KVH Industries 3 |  | 8,900 |  |  |  | 68,530
Oclaro 3 |  | 131,700 |  |  |  | 642,696
PCTEL |  | 34,100 |  |  |  | 160,611
Sandvine Corporation |  | 22,700 |  |  |  | 46,737
|  |  |  |  |  | 4,441,755
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 7.0% |  |  |  |  |  |
Agilysys 1,2,3 |  | 170,587 |  |  |  | 1,786,046
DTS 1,2,3 |  | 73,500 |  |  |  | 1,944,075
ePlus 3 |  | 2,700 |  |  |  | 220,833
Fabrinet 3 |  | 2,200 |  |  |  | 81,664
FARO Technologies 1,2,3 |  | 86,000 |  |  |  | 2,909,380
HollySys Automation Technologies 3 |  | 49,200 |  |  |  | 854,604
Inficon Holding |  | 3,600 |  |  |  | 1,223,730
LRAD Corporation |  | 853,456 |  |  |  | 1,527,686
Mesa Laboratories 1,2 |  | 23,900 |  |  |  | 2,939,700
Novanta 3 |  | 8,600 |  |  |  | 130,290
Orbotech 1,2,3 |  | 127,300 |  |  |  | 3,252,515
PC Connection |  | 43,716 |  |  |  | 1,040,441
Perceptron 3 |  | 8,500 |  |  |  | 39,780
Richardson Electronics |  | 330,900 |  |  |  | 1,743,843
Rogers Corporation 1,3 |  | 1,600 |  |  |  | 97,760
Systemax 1,3 |  | 74,000 |  |  |  | 631,220
Vishay Precision Group 3 |  | 151,000 |  |  |  | 2,026,420
|  |  |  |  |  | 22,449,987
INTERNET SOFTWARE & SERVICES - 4.4% |  |  |  |  |  |
Actua Corporation 3 |  | 110,257 |  |  |  | 995,621
Care.com 1,2,3 |  | 305,254 |  |  |  | 3,565,367
comScore 3 |  | 65,305 |  |  |  | 1,559,483
IZEA 3 |  | 55,170 |  |  |  | 420,395

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 29

Royce Micro-Cap Trust

Schedule of Investments (continued) |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
INFORMATION TECHNOLOGY (continued) |  |  |  |  |  |
INTERNET SOFTWARE & SERVICES (continued) |  |  |  |  |  |
Marchex Cl. B 3 |  | 85,000 |  |  | $ | 270,300
QuinStreet 3 |  | 613,100 |  |  |  | 2,176,505
RealNetworks 3 |  | 244,000 |  |  |  | 1,051,640
Reis |  | 25,000 |  |  |  | 622,500
SciQuest 3 |  | 38,000 |  |  |  | 671,080
Solium Capital 3 |  | 209,400 |  |  |  | 962,759
Stamps.com 3 |  | 11,700 |  |  |  | 1,022,814
Support.com 3 |  | 844,358 |  |  |  | 710,105
|  |  |  |  |  | 14,028,569
IT SERVICES - 1.2% |  |  |  |  |  |
Computer Task Group 1 |  | 200,538 |  |  |  | 996,674
Hackett Group (The) |  | 55,500 |  |  |  | 769,785
Innodata 3 |  | 437,275 |  |  |  | 1,071,324
MoneyGram International 3 |  | 120,003 |  |  |  | 822,020
Sykes Enterprises 3 |  | 2,900 |  |  |  | 83,984
|  |  |  |  |  | 3,743,787
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4% |  |  |  |  |  |
Amtech Systems 1,2,3 |  | 160,284 |  |  |  | 956,896
Applied Micro Circuits 3 |  | 97,917 |  |  |  | 628,627
Brooks Automation |  | 131,200 |  |  |  | 1,472,064
Daqo New Energy ADR 3 |  | 34,900 |  |  |  | 787,693
FormFactor 3 |  | 22,869 |  |  |  | 205,592
GSI Technology 3 |  | 92,481 |  |  |  | 385,646
Intermolecular 3 |  | 240,000 |  |  |  | 355,200
IXYS Corporation |  | 18,800 |  |  |  | 192,700
Kopin Corporation 3 |  | 242,200 |  |  |  | 537,684
Kulicke & Soffa Industries 3 |  | 88,000 |  |  |  | 1,070,960
MoSys 1,3 |  | 684,275 |  |  |  | 277,131
Nanometrics 3 |  | 70,800 |  |  |  | 1,471,932
Nova Measuring Instruments 3 |  | 140,100 |  |  |  | 1,532,694
Photronics 3 |  | 169,100 |  |  |  | 1,506,681
Rudolph Technologies 3 |  | 2,900 |  |  |  | 45,037
Sigma Designs 3 |  | 89,000 |  |  |  | 572,270
Silicon Motion Technology ADR |  | 30,000 |  |  |  | 1,434,000
Ultra Clean Holdings 3 |  | 57,000 |  |  |  | 324,330
Xcerra Corporation 3 |  | 64,200 |  |  |  | 369,150
|  |  |  |  |  | 14,126,287
SOFTWARE - 2.9% |  |  |  |  |  |
American Software Cl. A |  | 120,352 |  |  |  | 1,261,289
BSQUARE Corporation 3 |  | 83,675 |  |  |  | 466,906
Computer Modelling Group |  | 355,500 |  |  |  | 2,845,211
Model N 3 |  | 136,693 |  |  |  | 1,824,852
Monotype Imaging Holdings |  | 15,000 |  |  |  | 369,450
PSI |  | 34,000 |  |  |  | 477,447
Rubicon Project 3 |  | 90,000 |  |  |  | 1,228,500
SeaChange International 3 |  | 284,200 |  |  |  | 906,598
|  |  |  |  |  | 9,380,253
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.2% |  |  |  |  |  |
Intevac 3 |  | 371,300 |  |  |  | 2,108,984
Kortek |  | 135,007 |  |  |  | 1,401,314
Silicon Graphics International 3 |  | 106,400 |  |  |  | 535,192
|  |  |  |  |  | 4,045,490
Total (Cost $72,061,085) |  |  |  |  |  | 72,216,128
MATERIALS – 6.5% |  |  |  |  |  |
CHEMICALS - 1.3% |  |  |  |  |  |
Balchem Corporation |  | 11,775 |  |  |  | 702,379
FutureFuel Corporation |  | 85,262 |  |  |  | 927,651
Quaker Chemical 1 |  | 27,400 |  |  |  | 2,444,080
Trecora Resources 3 |  | 11,600 |  |  |  | 120,988
|  |  |  |  |  | 4,195,098
CONSTRUCTION MATERIALS - 0.7% |  |  |  |  |  |
Ash Grove Cement 4 |  | 8,000 |  |  |  | 1,824,000
Monarch Cement 4 |  | 16,303 |  |  |  | 566,529
|  |  |  |  |  | 2,390,529
CONTAINERS & PACKAGING - 0.3% |  |  |  |  |  |
UFP Technologies 3 |  | 36,445 |  |  |  | 821,470
METALS & MINING - 4.2% |  |  |  |  |  |
Alamos Gold Cl. A |  | 216,044 |  |  |  | 1,857,850
AMG Advanced Metallurgical Group |  | 5,000 |  |  |  | 69,260
Ampco-Pittsburgh |  | 79,002 |  |  |  | 893,513
Comstock Mining 3 |  | 1,875,000 |  |  |  | 654,187
Exeter Resource 3 |  | 1,195,400 |  |  |  | 1,542,066
Haynes International 1 |  | 15,000 |  |  |  | 481,200
Imdex 3 |  | 525,666 |  |  |  | 82,001
MAG Silver 3 |  | 84,050 |  |  |  | 1,059,870
Major Drilling Group International 3 |  | 731,857 |  |  |  | 4,429,832
Olympic Steel |  | 35,000 |  |  |  | 955,850
Pretium Resources 3 |  | 90,000 |  |  |  | 1,007,315
Universal Stainless & Alloy Products 3 |  | 11,600 |  |  |  | 126,440
Victoria Gold 3 |  | 890,000 |  |  |  | 351,329
|  |  |  |  |  | 13,510,713
Total (Cost $15,346,055) |  |  |  |  |  | 20,917,810
TELECOMMUNICATION SERVICES – 0.1% |  |  |  |  |  |
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1% |  |  |  |  |  |
ORBCOMM 3 |  | 18,000 |  |  |  | 179,100
Total (Cost $104,874) |  |  |  |  |  | 179,100
UTILITIES – 0.1% |  |  |  |  |  |
GAS UTILITIES - 0.1% |  |  |  |  |  |
Shizuoka Gas |  | 40,000 |  |  |  | 280,118
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCER - 0.0% |  |  |  |  |  |
Alterra Power 3 |  | 450,000 |  |  |  | 172,414
Total (Cost $467,214) |  |  |  |  |  | 452,532
MISCELLANEOUS6 – 3.2% |  |  |  |  |  |
Total (Cost $10,632,567) |  |  |  |  |  | 10,452,349
TOTAL COMMON STOCKS |  |  |  |  |  |
(Cost $326,173,128) |  |  |  |  |  | 335,495,811
PREFERRED STOCK - 0.5% |  |  |  |  |  |
Seneca Foods Conv. 3,4 |  | 45,409 |  |  |  | 1,597,034
(Cost $578,719) |  |  |  |  |  | 1,597,034

30 | 2016 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2016 (unaudited) |

Schedule of Investments (continued) |  |  |  |  |  |  |
|  |  |  |  |  | VALUE |
REPURCHASE AGREEMENT– 9.4% |  |  |  |  |  |  |
Fixed Income Clearing Corporation, 0.03% dated 6/30/16, due 7/1/16, maturity value $30,243,025 (collateralized by obligations of various U.S. Government Agencies, 0.125%- 1.625% due 4/15/19-4/30/19, valued at $30,850,430)
(Cost $30,243,000) |  |  |  |  | $ | 30,243,000 |
TOTAL INVESTMENTS – 114.3% |  |  |  |  |  |  |
(Cost $356,994,847) |  |  |  |  |  | 367,335,845 |
LIABILITIES LESS CASH AND OTHER ASSETS – (14.3)% |  |  |  |  |  | (46,084,955 | )
NET ASSETS – 100.0% |  |  |  |  | $ | 321,250,890 |

† | New additions in 2016.
1 | All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2016. Total market value of pledged securities at June 30, 2016, was $73,566,469.
2 | At June 30, 2016, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $42,246,439.
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 | 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.
6 | Includes securities first acquired in 2016 and less than 1% of net assets.
| Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2016, market value.
| TAX INFORMATION: The cost of total investments for Federal income tax purposes was $358,701,292. At June 30, 2016, net unrealized appreciation for all securities was $8,634,553, consisting of aggregate gross unrealized appreciation of $67,044,960 and aggregate gross unrealized depreciation of $58,410,407. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 31

Royce Micro-Cap Trust |  | June 30, 2016 (unaudited)

Statement of Assets and Liabilities |  |  |  |  |
ASSETS: |  |  |  |  |
Investments at value |  |  | $ | 337,092,845 |
Repurchase agreements (at cost and value) |  |  |  | 30,243,000 |
Cash and foreign currency |  |  |  | 2,777 |
Receivable for investments sold |  |  |  | 1,275,542 |
Receivable for dividends and interest |  |  |  | 172,796 |
Prepaid expenses and other assets |  |  |  | 30,977 |
Total Assets |  |  |  | 368,817,937 |
LIABILITIES: |  |  |  |  |
Revolving credit agreement |  |  |  | 45,000,000 |
Payable for investments purchased |  |  |  | 2,167,630 |
Payable for investment advisory fee |  |  |  | 283,209 |
Payable for directors’ fees |  |  |  | 27,531 |
Payable for interest expense |  |  |  | 3,990 |
Accrued expenses |  |  |  | 84,687 |
Total Liabilities |  |  |  | 47,567,047 |
Net Assets |  |  | $ | 321,250,890 |
ANALYSIS OF NET ASSETS: |  |  |  |  |
Paid-in capital - $0.001 par value per share; 37,135,645 shares outstanding (150,000,000 shares authorized) |  |  | $ | 312,313,853 |
Undistributed net investment income (loss) |  |  |  | (104,744 | )
Accumulated net realized gain (loss) on investments and foreign currency |  |  |  | 10,768,450 |
Net unrealized appreciation (depreciation) on investments and foreign currency |  |  |  | 10,336,252 |
Quarterly distributions |  |  |  | (12,062,921 | )
Net Assets (net asset value per share - $8.65) |  |  | $ | 321,250,890 |
Investments at identified cost |  |  | $ | 326,751,847 |

32 | 2016 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 |  |  |  |
|  | 6/30/16 (UNAUDITED) |  | YEAR ENDED 12/31/15
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 11,434 |  |  | $ | 917,928 |
Net realized gain (loss) on investments and foreign currency |  |  | 6,215,573 |  |  |  | 21,372,239 |
Net change in unrealized appreciation (depreciation) on investments and foreign currency |  |  | 9,220,486 |  |  |  | (71,062,194 | )
Net increase (decrease) in net assets from investment operations |  |  | 15,447,493 |  |  |  | (48,772,027 | )
DISTRIBUTIONS: |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | (399,672 | )
Net realized gain on investments and foreign currency |  |  | (9,042,411 | )1 |  |  | (43,520,307 | )
Return of capital |  |  | (3,020,510 | )1 |  |  | – |
Total distributions |  |  | (12,062,921 | ) |  |  | (43,919,979 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | 5,459,226 |  |  |  | 17,611,123 |
Total capital stock transactions |  |  | 5,459,226 |  |  |  | 17,611,123 |
Net Increase (Decrease) In Net Assets |  |  | 8,843,798 |  |  |  | (75,080,883 | )
NET ASSETS: |  |  |  |  |  |  |  |
Beginning of period |  |  | 312,407,092 |  |  |  | 387,487,975 |
End of period (including undistributed net investment income (loss) of $(104,744) at 6/30/16 and $(116,177) at 12/31/15) |  | $ | 321,250,890 |  |  | $ | 312,407,092 |

1 | Amounts are subject to change and recharacterization at year end.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 33

Royce Micro-Cap Trust |  | Six Months Ended June 30, 2016 (unaudited)

Statement of Operations |  |  |  |
INVESTMENT INCOME: |  |  |  |
INCOME: |  |  |  |
Dividends |  | $ | 2,264,696 |
Foreign withholding tax |  |  | (53,714 | )
Interest |  |  | 3,588 |
Rehypothecation income |  |  | 32,629 |
Total income |  |  | 2,247,199 |
EXPENSES: |  |  |  |
Investment advisory fees |  |  | 1,615,673 |
Interest expense |  |  | 360,326 |
Stockholder reports |  |  | 69,580 |
Directors’ fees |  |  | 47,261 |
Custody and transfer agent fees |  |  | 42,376 |
Administrative and office facilities |  |  | 34,362 |
Professional fees |  |  | 29,062 |
Other expenses |  |  | 37,153 |
Total expenses |  |  | 2,235,793 |
Compensating balance credits |  |  | (28 | )
Net expenses |  |  | 2,235,765 |
Net investment income (loss) |  |  | 11,434 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |  |  |  |
NET REALIZED GAIN (LOSS): |  |  |  |
Investments |  |  | 6,215,504 |
Foreign currency transactions |  |  | 69 |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |
Investments and foreign currency translations |  |  | 9,222,498 |
Other assets and liabilities denominated in foreign currency |  |  | (2,012 | )
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 15,436,059 |
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS |  | $ | 15,447,493 |

34 | 2016 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Micro-Cap Trust |  | Six Months Ended June 30, 2016 (unaudited)

Statement of Cash Flows |  |  |  |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
Net increase (decrease) in net assets from investment operations |  | $ | 15,447,493 |
Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities: |  |  |  |
Purchases of long-term investments |  |  | (49,673,246 | )
Proceeds from sales and maturities of long-term investments |  |  | 71,586,096 |
Net purchases, sales and maturities of short-term investments |  |  | (15,825,000 | )
Net (increase) decrease in dividends and interest receivable and other assets |  |  | 393,999 |
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities |  |  | 65,077 |
Net change in unrealized appreciation (depreciation) on investments |  |  | (9,222,498 | )
Net realized gain (loss) on investments and foreign currency |  |  | (6,215,573 | )
Net cash provided by operating activities |  |  | 6,556,348 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
Net increase (decrease) in revolving credit agreement |  |  | – |
Distributions |  |  | (12,062,921 | )
Reinvestment of distributions |  |  | 5,459,226 |
Net cash used for financing activities |  |  | (6,603,695 | )
INCREASE (DECREASE) IN CASH: |  |  | (47,347 | )
Cash and foreign currency at beginning of period |  |  | 50,124 |
Cash and foreign currency at end of period |  | $ | 2,777 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 35

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 6/30/16 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | (UNAUDITED) |  | 12/31/15 |  | 12/31/14 |  | 12/31/13 |  | 12/31/12 |  | 12/31/11
Net Asset Value, Beginning of Period |  | $ | 8.59 |  |  | $ | 11.33 |  |  | $ | 14.12 |  |  | $ | 10.93 |  |  | $ | 9.86 |  |  | $ | 11.34 |
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | 0.00 |  |  |  | 0.03 |  |  |  | (0.01 | ) |  |  | 0.01 |  |  |  | 0.15 |  |  |  | 0.04 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 0.42 |  |  |  | (1.42 | ) |  |  | 0.25 |  |  |  | 4.64 |  |  |  | 1.58 |  |  |  | (0.82 | )
Total investment operations |  |  | 0.42 |  |  |  | (1.39 | ) |  |  | 0.24 |  |  |  | 4.65 |  |  |  | 1.73 |  |  |  | (0.78 | )
DISTRIBUTIONS TO PREFERRED STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.02 | ) |  |  | (0.02 | )
Net realized gain on investments and foreign currency |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.09 | ) |  |  | (0.11 | )
Total distributions to Preferred Stockholders |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.11 | ) |  |  | (0.13 | )
Net Increase (Decrease) in Net Assets Applicable to Common Stockholders from Investment Operations |  |  | 0.42 |  |  |  | (1.39 | ) |  |  | 0.24 |  |  |  | 4.65 |  |  |  | 1.62 |  |  |  | (0.91 | )
DISTRIBUTIONS TO COMMON STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | (0.01 | ) |  |  | (0.04 | ) |  |  | (0.03 | ) |  |  | (0.08 | ) |  |  | (0.05 | )
Net realized gain on investments and foreign currency |  |  | (0.25 | )1 |  |  | (1.25 | ) |  |  | (2.86 | ) |  |  | (1.35 | ) |  |  | (0.43 | ) |  |  | (0.24 | )
Return of capital |  |  | (0.08 | )1 |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.24 | )
Total distributions to Common Stockholders |  |  | (0.33 | ) |  |  | (1.26 | ) |  |  | (2.90 | ) |  |  | (1.38 | ) |  |  | (0.51 | ) |  |  | (0.53 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of reinvestment of distributions by Common Stockholders |  |  | (0.03 | ) |  |  | (0.09 | ) |  |  | (0.13 | ) |  |  | (0.08 | ) |  |  | (0.04 | ) |  |  | (0.04 | )
Total capital stock transactions |  |  | (0.03 | ) |  |  | (0.09 | ) |  |  | (0.13 | ) |  |  | (0.08 | ) |  |  | (0.04 | ) |  |  | (0.04 | )
Net Asset Value, End of Period |  | $ | 8.65 |  |  | $ | 8.59 |  |  | $ | 11.33 |  |  | $ | 14.12 |  |  | $ | 10.93 |  |  | $ | 9.86 |
Market Value, End of Period |  | $ | 7.34 |  |  | $ | 7.26 |  |  | $ | 10.08 |  |  | $ | 12.61 |  |  | $ | 9.45 |  |  | $ | 8.77 |
TOTAL RETURN:2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Asset Value |  |  | 5.39 | %3 |  |  | (11.64 | )% |  |  | 3.46 | % |  |  | 44.66 | % |  |  | 17.23 | % |  |  | (7.69 | )%
Market Value |  |  | 5.82 | %3 |  |  | (16.06 | )% |  |  | 3.06 | % |  |  | 49.42 | % |  |  | 13.95 | % |  |  | (4.99 | )%
RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fee expense4 |  |  | 1.07 | %5 |  |  | 0.93 | % |  |  | 0.93 | % |  |  | 0.82 | % |  |  | 1.12 | % |  |  | 0.97 | %
Other operating expenses |  |  | 0.41 | %5 |  |  | 0.35 | % |  |  | 0.25 | % |  |  | 0.29 | % |  |  | 0.18 | % |  |  | 0.15 | %
Total expenses (net)6 |  |  | 1.48 | %5 |  |  | 1.28 | % |  |  | 1.18 | % |  |  | 1.11 | % |  |  | 1.30 | % |  |  | 1.12 | %
Expenses net of fee waivers and excluding interest expense |  |  | 1.24 | %5 |  |  | 1.08 | % |  |  | 1.05 | % |  |  | 0.96 | % |  |  | 1.27 | % |  |  | 1.12 | %
Expenses prior to fee waivers and balance credits |  |  | 1.48 | %5 |  |  | 1.28 | % |  |  | 1.18 | % |  |  | 1.11 | % |  |  | 1.32 | % |  |  | 1.15 | %
Expenses prior to fee waivers |  |  | 1.48 | %5 |  |  | 1.28 | % |  |  | 1.18 | % |  |  | 1.11 | % |  |  | 1.32 | % |  |  | 1.15 | %
Net investment income (loss) |  |  | 0.01 | %5 |  |  | 0.26 | % |  |  | (0.09 | )% |  |  | 0.08 | % |  |  | 1.46 | % |  |  | 0.40 | %
SUPPLEMENTAL DATA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Assets Applicable to Common Stockholders, End of Period (in thousands) |  | $ | 321,251 |  |  | $ | 312,407 |  |  | $ | 387,488 |  |  | $ | 433,121 |  |  | $ | 318,545 |  |  | $ | 279,292 |
Liquidation Value of Preferred Stock, End of Period (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 60,000 |
Portfolio Turnover Rate |  |  | 15 | % |  |  | 39 | % |  |  | 41 | % |  |  | 29 | % |  |  | 28 | % |  |  | 30 | %
PREFERRED STOCK: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,400,000 |
Asset coverage per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 141.37 |
Liquidation preference per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25.00 |
Average month-end market value per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25.41 |
REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset coverage |  |  | 814 | % |  |  | 794 | % |  |  | 746 | % |  |  | 1062 | % |  |  | 808 | % |  |  |  |
Asset coverage per $1,000 |  | $ | 8,139 |  |  | $ | 7,942 |  |  | $ | 7,458 |  |  | $ | 10,625 |  |  | $ | 8,079 |  |  |  |  |

1 | Amounts are subject to change and recharacterization 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% and 0.93% for the years ended December 31, 2012 and 2011, respectively.

36 | 2016 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

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, 2016. 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 |  | $ | 314,464,126 |  |  | $ | 20,805,947 |  |  | $ | 225,738 |  |  | $ | 335,495,811
Preferred Stocks |  |  | – |  |  |  | 1,597,034 |  |  |  | – |  |  |  | 1,597,034
Cash Equivalents |  |  | – |  |  |  | 30,243,000 |  |  |  | – |  |  |  | 30,243,000

Certain securities have transferred in and out of Level 1 and Level 2 measurements during the reporting period. The Fund recognizes transfers between levels as of the end of the reporting period. For the six months ended June 30, 2016, securities valued at $767,925 were transferred from Level 2 to Level 1 and securities valued at $561,968 were transferred from Level 1 to Level 2 within the fair value hierarchy.

2016 Semiannual Report to Stockholders | 37

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

|  | BALANCE AS OF 12/31/15 |  | REALIZED AND UNREALIZED GAIN (LOSS)1 |  | BALANCE AS OF 6/30/16
Common Stocks |  |  | $225,738 |  |  |  | – |  |  |  | $225,738

1The 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.

The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain, material Level 3 investments. The table does not include Level 3 investments with values derived utilizing prices from prior transactions or third party pricing information with adjustments (e.g. broker quotes, pricing services, net asset values).

|  | FAIR VALUE AT 6/30/16 |  | VALUATION TECHNIQUE(S) |  | UNOBSERVABLE INPUT(S) |  | RANGE AVERAGE |  | IMPACT TO VALUATION FROM AN INCREASE IN INPUT1
|  |  |  |  |  |  | Discounted Present Value |  |  |  |  |  |  |  |  |  |  |  |
Common Stocks |  |  | $225,738 |  |  |  | Balance Sheet Analysis |  |  |  | Liquidity Discount |  |  |  | 30%-40% |  |  |  | Decrease

1 | This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could result in significantly higher or lower fair value measurements.

REPURCHASE AGREEMENTS:
The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund at June 30, 2016 is overnight and continuous.
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.

38 | 2016 Semiannual Report to Stockholders

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)

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. Premiums 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 (“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 760,859 and 2,189,322 shares of Common Stock as reinvestment of distributions for the six months ended June 30, 2016 and the year ended December 31, 2015, 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, 2016, the Fund has outstanding borrowings of $45,000,000. During the six months ended June 30, 2016, the Fund borrowed an average daily balance of $45,000,000 at a weighted average borrowing cost of 1.58%. The maximum amount outstanding during the six months ended June 30, 2016 was $45,000,000. As of June 30, 2016, the aggregate value of rehypothecated securities was $42,246,439. During the six months ended June 30, 2016, the Fund earned $32,629 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 through October 31, 2015, 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

2016 Semiannual Report to Stockholders | 39

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)

Investment Advisory Agreement (continued):
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 2016, the Fund’s investment performance ranged from 2% to 6% below the investment performance of the Russell 2000. Accordingly, the net investment advisory fee consisted of a Basic Fee of $1,901,139 and a net downward adjustment of $285,466 for the performance of the Fund relative to that of the Russell 2000. For the six months ended June 30, 2016, the Fund accrued and paid Royce investment advisory fees totaling $1,615,673.
Purchases and Sales of Investment Securities:
For the six months ended June 30, 2016, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $49,539,185 and $68,076,761, respectively.
Cross trades were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which Royce serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7. Cross trades for the six months ended June 30, 2016, were as follows:

COST OF PURCHASES | COST OF SALES | REALIZED GAIN (LOSS)
$5,593,443 | $510,300 | $583,700

40 | 2016 Semiannual Report to Stockholders

Royce Value Trust |  | June 30, 2016 (unaudited)

Schedule of Investments |  |  |  |  |  |
Common Stocks – 102.2% |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
CONSUMER DISCRETIONARY – 11.6% |  |  |  |  |  |
AUTO COMPONENTS - 1.4% |  |  |  |  |  |
Drew Industries |  | 89,916 |  |  | $ | 7,628,473
Gentex Corporation |  | 337,270 |  |  |  | 5,210,822
Sebang Global Battery |  | 28,500 |  |  |  | 938,188
Standard Motor Products |  | 50,391 |  |  |  | 2,004,554
|  |  |  |  |  | 15,782,037
AUTOMOBILES - 0.8% |  |  |  |  |  |
Thor Industries 1 |  | 134,910 |  |  |  | 8,734,074
DISTRIBUTORS - 1.3% |  |  |  |  |  |
Core-Mark Holding Company |  | 230,400 |  |  |  | 10,796,544
Fenix Parts 2 |  | 255,000 |  |  |  | 1,002,150
Weyco Group |  | 97,992 |  |  |  | 2,722,218
|  |  |  |  |  | 14,520,912
DIVERSIFIED CONSUMER SERVICES - 0.8% |  |  |  |  |  |
American Public Education 2 |  | 42,400 |  |  |  | 1,191,440
Collectors Universe |  | 50,000 |  |  |  | 987,500
DeVry Education Group |  | 52,054 |  |  |  | 928,644
Liberty Tax Cl. A |  | 141,573 |  |  |  | 1,885,752
LifeLock 1,2 |  | 142,000 |  |  |  | 2,245,020
Lincoln Educational Services 2 |  | 430,600 |  |  |  | 645,900
Universal Technical Institute |  | 504,032 |  |  |  | 1,139,112
|  |  |  |  |  | 9,023,368
HOTELS, RESTAURANTS & LEISURE - 0.3% |  |  |  |  |  |
Century Casinos 2 |  | 213,660 |  |  |  | 1,331,102
Lindblad Expeditions Holdings 2 |  | 178,300 |  |  |  | 1,717,029
|  |  |  |  |  | 3,048,131
HOUSEHOLD DURABLES - 1.7% |  |  |  |  |  |
Cavco Industries 2 |  | 14,700 |  |  |  | 1,377,390
Ethan Allen Interiors |  | 231,000 |  |  |  | 7,632,240
Flexsteel Industries |  | 18,500 |  |  |  | 732,970
Mohawk Industries 1,2,3 |  | 22,400 |  |  |  | 4,250,624
Natuzzi ADR 2 |  | 2,096,300 |  |  |  | 3,039,635
Samson Holding |  | 2,500,000 |  |  |  | 267,951
Stanley Furniture 2,4 |  | 912,235 |  |  |  | 2,234,976
|  |  |  |  |  | 19,535,786
INTERNET & CATALOG RETAIL - 0.1% |  |  |  |  |  |
Blue Nile |  | 34,200 |  |  |  | 936,396
LEISURE PRODUCTS - 0.8% |  |  |  |  |  |
Black Diamond 2 |  | 68,100 |  |  |  | 281,934
Nautilus 2 |  | 488,700 |  |  |  | 8,718,408
|  |  |  |  |  | 9,000,342
MEDIA - 0.8% |  |  |  |  |  |
E.W. Scripps Company Cl. A 2 |  | 152,460 |  |  |  | 2,414,966
Loral Space & Communications 2 |  | 23,184 |  |  |  | 817,700
New Media Investment Group |  | 60,100 |  |  |  | 1,086,007
Pico Far East Holdings |  | 3,484,400 |  |  |  | 985,580
T4F Entretenimento |  | 200,000 |  |  |  | 410,921
Technicolor |  | 120,000 |  |  |  | 744,473
Wiley (John) & Sons Cl. A |  | 55,980 |  |  |  | 2,921,036
|  |  |  |  |  | 9,380,683
MULTILINE RETAIL - 0.0% |  |  |  |  |  |
New World Department Store China |  | 1,447,500 |  |  |  | 188,846
SPECIALTY RETAIL - 1.9% |  |  |  |  |  |
Barnes & Noble |  | 26,000 |  |  |  | 295,100
Buckle (The) 1 |  | 135,015 |  |  |  | 3,509,040
Caleres |  | 86,300 |  |  |  | 2,089,323
Container Store Group (The) 2 |  | 158,200 |  |  |  | 846,370
Destination Maternity |  | 390,176 |  |  |  | 2,294,235
Genesco 2 |  | 34,155 |  |  |  | 2,196,508
Haverty Furniture |  | 26,500 |  |  |  | 477,795
I.T |  | 1,127,000 |  |  |  | 335,267
Monro Muffler Brake |  | 126,300 |  |  |  | 8,027,628
Oriental Watch Holdings |  | 967,900 |  |  |  | 115,338
TravelCenters of America LLC 2 |  | 62,500 |  |  |  | 510,000
West Marine 2 |  | 131,100 |  |  |  | 1,099,929
|  |  |  |  |  | 21,796,533
TEXTILES, APPAREL & LUXURY GOODS - 1.7% |  |  |  |  |  |
Crown Crafts |  | 94,441 |  |  |  | 893,412
Culp |  | 29,400 |  |  |  | 812,322
Deckers Outdoor 2 |  | 58,620 |  |  |  | 3,371,822
G-III Apparel Group 2 |  | 28,800 |  |  |  | 1,316,736
J.G. Boswell Company 5 |  | 3,940 |  |  |  | 2,520,851
Movado Group |  | 102,661 |  |  |  | 2,225,691
Wolverine World Wide 1 |  | 360,200 |  |  |  | 7,319,264
YGM Trading |  | 1,082,600 |  |  |  | 560,969
|  |  |  |  |  | 19,021,067
Total (Cost $121,740,624) |  |  |  |  |  | 130,968,175
CONSUMER STAPLES – 1.9% |  |  |  |  |  |
BEVERAGES - 0.3% |  |  |  |  |  |
Compania Cervecerias Unidas ADR |  | 134,000 |  |  |  | 3,127,560
FOOD PRODUCTS - 1.5% |  |  |  |  |  |
Cal-Maine Foods |  | 22,016 |  |  |  | 975,749
Farmer Bros. 2 |  | 44,100 |  |  |  | 1,413,846
Industrias Bachoco ADR |  | 54,295 |  |  |  | 2,682,173
John B. Sanfilippo & Son |  | 17,200 |  |  |  | 733,236
Seneca Foods Cl. A 2 |  | 163,905 |  |  |  | 5,935,000
Seneca Foods Cl. B 2 |  | 13,840 |  |  |  | 498,932
SunOpta 2 |  | 129,159 |  |  |  | 541,176
Tootsie Roll Industries 1,3 |  | 108,004 |  |  |  | 4,161,394
Waterloo Investment Holdings 2,6 |  | 598,676 |  |  |  | 167,630
|  |  |  |  |  | 17,109,136
PERSONAL PRODUCTS - 0.1% |  |  |  |  |  |
Inter Parfums |  | 39,830 |  |  |  | 1,137,943
Total (Cost $15,553,238) |  |  |  |  |  | 21,374,639
ENERGY – 5.1% |  |  |  |  |  |
ENERGY EQUIPMENT & SERVICES - 4.0% |  |  |  |  |  |
CARBO Ceramics 1,2,3 |  | 53,000 |  |  |  | 694,300
Diamond Offshore Drilling 2 |  | 144,000 |  |  |  | 3,503,520
Era Group 2 |  | 381,800 |  |  |  | 3,588,920
Forum Energy Technologies 2 |  | 161,418 |  |  |  | 2,794,146
Frank’s International |  | 108,600 |  |  |  | 1,586,646
Helmerich & Payne |  | 105,930 |  |  |  | 7,111,081
ION Geophysical 2 |  | 71,880 |  |  |  | 447,812
Oil States International 2 |  | 31,933 |  |  |  | 1,049,957
Pason Systems |  | 500,580 |  |  |  | 6,920,050
SEACOR Holdings 2 |  | 170,469 |  |  |  | 9,878,678
TGS-NOPEC Geophysical |  | 331,370 |  |  |  | 5,418,592
Trican Well Service 2 |  | 897,300 |  |  |  | 1,715,493
|  |  |  |  |  | 44,709,195
OIL, GAS & CONSUMABLE FUELS - 1.1% |  |  |  |  |  |
Dorchester Minerals L.P. |  | 177,172 |  |  |  | 2,554,820
Dorian LPG 2 |  | 184,034 |  |  |  | 1,297,440
Green Plains |  | 114,000 |  |  |  | 2,248,080
Hargreaves Services |  | 57,683 |  |  |  | 138,441

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 41

Royce Value Trust

Schedule of Investments (continued) |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
ENERGY (continued) |  |  |  |  |  |
OIL, GAS & CONSUMABLE FUELS (continued) |  |  |  |  |  |
San Juan Basin Royalty Trust |  | 350,352 |  |  | $ | 2,547,059
World Fuel Services |  | 66,600 |  |  |  | 3,162,834
WPX Energy 2 |  | 110,000 |  |  |  | 1,024,100
|  |  |  |  |  | 12,972,774
Total (Cost $68,362,912) |  |  |  |  |  | 57,681,969
FINANCIALS – 19.8% |  |  |  |  |  |
BANKS - 2.1% |  |  |  |  |  |
Bank of N.T. Butterfield & Son |  | 1,784,161 |  |  |  | 2,890,341
Blue Hills Bancorp |  | 104,180 |  |  |  | 1,537,697
Canadian Western Bank |  | 279,500 |  |  |  | 5,332,772
Farmers & Merchants Bank of Long Beach 5 |  | 1,200 |  |  |  | 7,380,000
Fauquier Bankshares |  | 160,800 |  |  |  | 2,336,424
First Citizens BancShares Cl. A |  | 17,026 |  |  |  | 4,408,201
|  |  |  |  |  | 23,885,435
CAPITAL MARKETS - 8.2% |  |  |  |  |  |
AllianceBernstein Holding L.P. |  | 24,500 |  |  |  | 570,850
Ares Management L.P. |  | 375,900 |  |  |  | 5,296,431
Artisan Partners Asset Management Cl. A |  | 191,700 |  |  |  | 5,306,256
ASA Gold and Precious Metals |  | 209,821 |  |  |  | 3,101,154
Ashmore Group |  | 1,114,000 |  |  |  | 4,510,078
Associated Capital Group Cl. A |  | 20,200 |  |  |  | 579,336
Azimut Holding |  | 17,500 |  |  |  | 285,193
CETIP - Mercados Organizados |  | 430,000 |  |  |  | 5,861,750
Citadel Capital 2 |  | 11,799,921 |  |  |  | 1,302,251
Cowen Group 2 |  | 250,824 |  |  |  | 742,439
Dundee Corporation Cl. A 2 |  | 1,079,900 |  |  |  | 6,377,675
Edmond de Rothschild (Suisse) |  | 134 |  |  |  | 1,926,636
Federated Investors Cl. B |  | 342,740 |  |  |  | 9,864,057
Jupiter Fund Management |  | 230,000 |  |  |  | 1,133,923
KKR & Co. L.P. |  | 4,100 |  |  |  | 50,594
Lazard Cl. A |  | 143,035 |  |  |  | 4,259,582
Manning & Napier Cl. A |  | 465,492 |  |  |  | 4,422,174
Medley Management Cl. A |  | 109,500 |  |  |  | 643,860
mutares |  | 39,266 |  |  |  | 567,030
MVC Capital |  | 324,200 |  |  |  | 2,606,568
Newtek Business Services |  | 15,925 |  |  |  | 202,566
Oaktree Capital Group LLC Cl. A |  | 101,100 |  |  |  | 4,525,236
Partners Group Holding |  | 1,075 |  |  |  | 460,955
Rothschild & Co |  | 216,893 |  |  |  | 5,187,855
SEI Investments |  | 185,600 |  |  |  | 8,929,216
Sprott |  | 590,000 |  |  |  | 1,173,652
U.S. Global Investors Cl. A |  | 520,551 |  |  |  | 884,937
Value Partners Group |  | 5,453,000 |  |  |  | 5,059,478
Virtus Investment Partners |  | 29,930 |  |  |  | 2,130,417
VZ Holding |  | 2,000 |  |  |  | 596,699
Westwood Holdings Group |  | 50,173 |  |  |  | 2,598,961
ZAIS Group Holdings Cl. A 1,2,3 |  | 492,300 |  |  |  | 1,383,363
|  |  |  |  |  | 92,541,172
CONSUMER FINANCE - 0.1% |  |  |  |  |  |
Bajaj Finance |  | 5,500 |  |  |  | 652,947
DIVERSIFIED FINANCIAL SERVICES - 2.4% |  |  |  |  |  |
First Pacific |  | 1,020,000 |  |  |  | 738,779
MarketAxess Holdings |  | 87,300 |  |  |  | 12,693,420
Morningstar |  | 84,600 |  |  |  | 6,918,588
PICO Holdings 2 |  | 409,400 |  |  |  | 3,872,924
TMX Group |  | 60,700 |  |  |  | 2,525,350
|  |  |  |  |  | 26,749,061
INSURANCE - 2.6% |  |  |  |  |  |
Alleghany Corporation 2 |  | 2,709 |  |  |  | 1,488,812
Atlas Financial Holdings 2 |  | 30,000 |  |  |  | 516,600
eHealth 2 |  | 45,000 |  |  |  | 630,900
E-L Financial |  | 21,500 |  |  |  | 11,416,077
Erie Indemnity Cl. A |  | 25,000 |  |  |  | 2,483,500
Independence Holding Company |  | 314,523 |  |  |  | 5,651,978
MBIA 2 |  | 942,400 |  |  |  | 6,436,592
ProAssurance Corporation |  | 17,139 |  |  |  | 917,794
WMIH 2 |  | 77,742 |  |  |  | 172,587
|  |  |  |  |  | 29,714,840
INVESTMENT COMPANIES - 0.2% |  |  |  |  |  |
RIT Capital Partners |  | 130,500 |  |  |  | 2,861,342
REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.1% |  |  |  |  |  |
AV Homes 2 |  | 66,100 |  |  |  | 807,742
FirstService Corporation |  | 125,100 |  |  |  | 5,733,333
Forestar Group 2 |  | 102,000 |  |  |  | 1,212,780
FRP Holdings 2 |  | 212,958 |  |  |  | 7,347,051
Kennedy-Wilson Holdings |  | 101,300 |  |  |  | 1,920,648
Marcus & Millichap 2 |  | 250,513 |  |  |  | 6,365,535
St. Joe Company (The) 2 |  | 177,000 |  |  |  | 3,136,440
Tejon Ranch 2 |  | 360,035 |  |  |  | 8,511,227
Tejon Ranch (Warrants) 2 |  | 96,561 |  |  |  | 10
|  |  |  |  |  | 35,034,766
THRIFTS & MORTGAGE FINANCE - 1.1% |  |  |  |  |  |
Genworth MI Canada |  | 230,895 |  |  |  | 5,922,722
Timberland Bancorp 4 |  | 444,200 |  |  |  | 6,663,000
Vestin Realty Mortgage II 2 |  | 53,557 |  |  |  | 125,323
|  |  |  |  |  | 12,711,045
Total (Cost $214,773,563) |  |  |  |  |  | 224,150,608
HEALTH CARE – 5.3% |  |  |  |  |  |
BIOTECHNOLOGY - 1.0% |  |  |  |  |  |
ARIAD Pharmaceuticals 1,2,3 |  | 140,000 |  |  |  | 1,034,600
Keryx Biopharmaceuticals 2 |  | 170,000 |  |  |  | 1,125,400
Myriad Genetics 1,2 |  | 10,173 |  |  |  | 311,294
Sangamo BioSciences 2 |  | 264,315 |  |  |  | 1,530,384
Zealand Pharma 2 |  | 390,907 |  |  |  | 7,008,747
|  |  |  |  |  | 11,010,425
HEALTH CARE EQUIPMENT & SUPPLIES - 2.5% |  |  |  |  |  |
Analogic Corporation |  | 54,735 |  |  |  | 4,348,148
AngioDynamics 2 |  | 55,000 |  |  |  | 790,350
Atrion Corporation 1 |  | 15,750 |  |  |  | 6,738,795
Cerus Corporation 2 |  | 108,000 |  |  |  | 673,920
IDEXX Laboratories 1,2,3 |  | 111,422 |  |  |  | 10,346,647
Invacare Corporation |  | 38,900 |  |  |  | 471,857
Kossan Rubber Industries |  | 400,000 |  |  |  | 680,422
Masimo Corporation 2 |  | 50,000 |  |  |  | 2,625,750
Neogen Corporation 2 |  | 6,800 |  |  |  | 382,500
Trinity Biotech ADR Cl. A 2 |  | 82,800 |  |  |  | 938,952
|  |  |  |  |  | 27,997,341
HEALTH CARE PROVIDERS & SERVICES - 0.3% |  |  |  |  |  |
Aceto Corporation |  | 74,455 |  |  |  | 1,629,820
Landauer |  | 50,000 |  |  |  | 2,058,000
|  |  |  |  |  | 3,687,820
HEALTH CARE TECHNOLOGY - 0.2% |  |  |  |  |  |
Cegedim 2 |  | 10,000 |  |  |  | 305,242
Medidata Solutions 2 |  | 40,000 |  |  |  | 1,874,800
|  |  |  |  |  | 2,180,042

42 | 2016 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2016 (unaudited)

Schedule of Investments (continued) |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
HEALTH CARE (continued) |  |  |  |  |  |
LIFE SCIENCES TOOLS & SERVICES - 1.2% |  |  |  |  |  |
Bio-Rad Laboratories Cl. A 2 |  | 38,198 |  |  | $ | 5,463,078
Bio-Techne |  | 45,143 |  |  |  | 5,090,776
PAREXEL International 2 |  | 56,600 |  |  |  | 3,559,008
|  |  |  |  |  | 14,112,862
PHARMACEUTICALS - 0.1% |  |  |  |  |  |
Lipocine 2 |  | 35,000 |  |  |  | 106,400
Theravance Biopharma 2 |  | 54,291 |  |  |  | 1,231,863
|  |  |  |  |  | 1,338,263
Total (Cost $38,542,919) |  |  |  |  |  | 60,326,753
INDUSTRIALS – 29.1% |  |  |  |  |  |
AEROSPACE & DEFENSE - 2.0% |  |  |  |  |  |
†Austal 6 |  | 688,670 |  |  |  | 621,468
Ducommun 2 |  | 117,200 |  |  |  | 2,318,216
HEICO Corporation |  | 140,338 |  |  |  | 9,375,982
HEICO Corporation Cl. A |  | 80,808 |  |  |  | 4,335,349
Magellan Aerospace |  | 182,779 |  |  |  | 2,547,970
Mercury Systems 2 |  | 28,000 |  |  |  | 696,080
Teledyne Technologies 2 |  | 20,600 |  |  |  | 2,040,430
|  |  |  |  |  | 21,935,495
AIR FREIGHT & LOGISTICS - 2.0% |  |  |  |  |  |
Expeditors International of Washington |  | 158,900 |  |  |  | 7,792,456
Forward Air |  | 209,750 |  |  |  | 9,340,167
Hub Group Cl. A 1,2,3 |  | 149,400 |  |  |  | 5,732,478
|  |  |  |  |  | 22,865,101
BUILDING PRODUCTS - 0.4% |  |  |  |  |  |
Apogee Enterprises |  | 31,700 |  |  |  | 1,469,295
Burnham Holdings Cl. B 5 |  | 36,000 |  |  |  | 540,000
Insteel Industries |  | 50,080 |  |  |  | 1,431,787
Patrick Industries 2 |  | 14,750 |  |  |  | 889,278
|  |  |  |  |  | 4,330,360
COMMERCIAL SERVICES & SUPPLIES - 3.5% |  |  |  |  |  |
Atento 2 |  | 230,000 |  |  |  | 2,049,300
CECO Environmental |  | 99,028 |  |  |  | 865,505
CompX International Cl. A |  | 211,100 |  |  |  | 2,427,650
Copart 2 |  | 244,360 |  |  |  | 11,976,084
dorma+kaba Holding |  | 600 |  |  |  | 418,608
Heritage-Crystal Clean 2 |  | 152,527 |  |  |  | 1,862,355
InnerWorkings 2 |  | 114,000 |  |  |  | 942,780
Kimball International Cl. B |  | 286,180 |  |  |  | 3,256,728
Ritchie Bros. Auctioneers |  | 348,194 |  |  |  | 11,761,993
Steelcase Cl. A |  | 206,860 |  |  |  | 2,807,090
UniFirst Corporation |  | 9,870 |  |  |  | 1,142,156
|  |  |  |  |  | 39,510,249
CONSTRUCTION & ENGINEERING - 3.3% |  |  |  |  |  |
EMCOR Group 1,3 |  | 134,400 |  |  |  | 6,620,544
IES Holdings 2 |  | 577,482 |  |  |  | 7,172,327
Jacobs Engineering Group 2 |  | 164,900 |  |  |  | 8,213,669
KBR |  | 325,300 |  |  |  | 4,306,972
Northwest Pipe 2 |  | 28,000 |  |  |  | 301,840
NV5 Holdings 2 |  | 28,200 |  |  |  | 802,008
Sterling Construction 2 |  | 204,300 |  |  |  | 1,003,113
Valmont Industries 1 |  | 62,645 |  |  |  | 8,473,989
|  |  |  |  |  | 36,894,462
ELECTRICAL EQUIPMENT - 0.8% |  |  |  |  |  |
Global Power Equipment Group 2,5 |  | 631,820 |  |  |  | 1,326,822
Powell Industries |  | 94,500 |  |  |  | 3,717,630
Preformed Line Products |  | 91,600 |  |  |  | 3,699,724
|  |  |  |  |  | 8,744,176
INDUSTRIAL CONGLOMERATES - 0.5% |  |  |  |  |  |
A. Soriano |  | 2,791,000 |  |  |  | 355,629
Raven Industries |  | 251,725 |  |  |  | 4,767,672
|  |  |  |  |  | 5,123,301
MACHINERY - 10.0% |  |  |  |  |  |
Chen Hsong Holdings |  | 1,159,000 |  |  |  | 224,088
China Metal International Holdings |  | 554,524 |  |  |  | 178,953
CIRCOR International |  | 87,784 |  |  |  | 5,002,810
CLARCOR |  | 92,500 |  |  |  | 5,626,775
Colfax Corporation 2 |  | 77,242 |  |  |  | 2,043,823
Columbus McKinnon |  | 54,975 |  |  |  | 777,896
Deutz |  | 115,000 |  |  |  | 473,268
Donaldson Company |  | 193,559 |  |  |  | 6,650,687
Exco Technologies |  | 77,800 |  |  |  | 734,672
Federal Signal |  | 187,080 |  |  |  | 2,409,591
Franklin Electric |  | 104,600 |  |  |  | 3,457,030
Graco |  | 89,276 |  |  |  | 7,051,911
Hurco Companies |  | 25,952 |  |  |  | 722,244
Hyster-Yale Materials Handling Cl. A |  | 16,075 |  |  |  | 956,302
IDEX Corporation |  | 67,400 |  |  |  | 5,533,540
John Bean Technologies |  | 85,726 |  |  |  | 5,248,146
Kadant |  | 30,200 |  |  |  | 1,555,602
Kennametal |  | 160,100 |  |  |  | 3,539,811
Lincoln Electric Holdings |  | 61,360 |  |  |  | 3,625,149
Lindsay Corporation 1 |  | 80,000 |  |  |  | 5,428,800
Luxfer Holdings ADR |  | 28,100 |  |  |  | 338,043
Lydall 2 |  | 47,680 |  |  |  | 1,838,541
NN |  | 308,700 |  |  |  | 4,318,713
Nordson Corporation |  | 24,296 |  |  |  | 2,031,389
RBC Bearings 2 |  | 125,200 |  |  |  | 9,077,000
Sun Hydraulics |  | 286,318 |  |  |  | 8,500,782
Tennant Company |  | 111,900 |  |  |  | 6,028,053
Wabtec Corporation |  | 93,070 |  |  |  | 6,536,306
Watts Water Technologies Cl. A |  | 61,000 |  |  |  | 3,553,860
Woodward |  | 171,800 |  |  |  | 9,902,552
|  |  |  |  |  | 113,366,337
MARINE - 1.2% |  |  |  |  |  |
Clarkson |  | 198,700 |  |  |  | 5,888,713
Kirby Corporation 2 |  | 128,000 |  |  |  | 7,985,920
|  |  |  |  |  | 13,874,633
PROFESSIONAL SERVICES - 2.6% |  |  |  |  |  |
Advisory Board (The) 2 |  | 190,277 |  |  |  | 6,733,903
Franklin Covey 2 |  | 40,800 |  |  |  | 625,464
Heidrick & Struggles International |  | 66,480 |  |  |  | 1,122,183
ICF International 2 |  | 16,436 |  |  |  | 672,232
ManpowerGroup |  | 112,858 |  |  |  | 7,261,284
On Assignment 1,2,3 |  | 220,695 |  |  |  | 8,154,680
Robert Half International |  | 32,032 |  |  |  | 1,222,341
TrueBlue 2 |  | 182,250 |  |  |  | 3,448,170
Volt Information Sciences 2 |  | 65,000 |  |  |  | 384,150
|  |  |  |  |  | 29,624,407
ROAD & RAIL - 1.8% |  |  |  |  |  |
Genesee & Wyoming Cl. A 2 |  | 15,000 |  |  |  | 884,250
Knight Transportation |  | 122,400 |  |  |  | 3,253,392
Landstar System |  | 135,660 |  |  |  | 9,314,415
Patriot Transportation Holding 2 |  | 70,986 |  |  |  | 1,380,678

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 43

Royce Value Trust

Schedule of Investments (continued) |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE
INDUSTRIALS (continued) |  |  |  |  |  |
ROAD & RAIL (continued) |  |  |  |  |  |
Saia 1,2 |  | 178,230 |  |  | $ | 4,480,702
Trancom |  | 4,932 |  |  |  | 324,655
Universal Logistics Holdings |  | 78,916 |  |  |  | 1,018,016
|  |  |  |  |  | 20,656,108
TRADING COMPANIES & DISTRIBUTORS - 0.9% |  |  |  |  |  |
Addtech Cl. B |  | 80,000 |  |  |  | 1,003,885
Central Steel & Wire 5 |  | 4,862 |  |  |  | 1,954,524
Houston Wire & Cable |  | 509,200 |  |  |  | 2,673,300
Kloeckner & Co 2 |  | 20,000 |  |  |  | 220,885
MSC Industrial Direct Cl. A 1 |  | 62,293 |  |  |  | 4,395,394
|  |  |  |  |  | 10,247,988
TRANSPORTATION INFRASTRUCTURE - 0.1% |  |  |  |  |  |
Hopewell Highway Infrastructure |  | 1,012,000 |  |  |  | 505,086
Wesco Aircraft Holdings 2 |  | 68,400 |  |  |  | 917,928
|  |  |  |  |  | 1,423,014
Total (Cost $226,549,537) |  |  |  |  |  | 328,595,631
INFORMATION TECHNOLOGY – 18.6% |  |  |  |  |  |
COMMUNICATIONS EQUIPMENT - 0.7% |  |  |  |  |  |
ADTRAN 1,3 |  | 239,273 |  |  |  | 4,462,441
Bel Fuse Cl. B |  | 30,238 |  |  |  | 537,632
Clearfield 2 |  | 55,600 |  |  |  | 994,684
NetScout Systems 2 |  | 51,900 |  |  |  | 1,154,775
Oclaro 2 |  | 87,500 |  |  |  | 427,000
|  |  |  |  |  | 7,576,532
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 8.7% |  |  |  |  |  |
Anixter International 1,2 |  | 70,895 |  |  |  | 3,777,285
Cognex Corporation 1,3 |  | 217,070 |  |  |  | 9,355,717
Coherent 2 |  | 140,516 |  |  |  | 12,896,558
Dolby Laboratories Cl. A |  | 46,350 |  |  |  | 2,217,847
DTS 2 |  | 225,000 |  |  |  | 5,951,250
Fabrinet 2 |  | 28,150 |  |  |  | 1,044,928
FARO Technologies 2 |  | 152,567 |  |  |  | 5,161,342
FEI Company |  | 70,500 |  |  |  | 7,535,040
FLIR Systems |  | 302,000 |  |  |  | 9,346,900
HollySys Automation Technologies 2 |  | 51,082 |  |  |  | 887,294
Horiba |  | 12,000 |  |  |  | 524,694
IPG Photonics 1,2,3 |  | 69,270 |  |  |  | 5,541,600
Lagercrantz Group |  | 50,000 |  |  |  | 472,002
LRAD Corporation |  | 776,544 |  |  |  | 1,390,014
Methode Electronics |  | 55,830 |  |  |  | 1,911,061
National Instruments |  | 261,850 |  |  |  | 7,174,690
Orbotech 2 |  | 38,100 |  |  |  | 973,455
Perceptron 2 |  | 357,700 |  |  |  | 1,674,036
Plexus Corporation 2 |  | 158,500 |  |  |  | 6,847,200
Richardson Electronics |  | 573,732 |  |  |  | 3,023,568
Rofin-Sinar Technologies 2 |  | 10,981 |  |  |  | 350,733
Rogers Corporation 2 |  | 57,066 |  |  |  | 3,486,733
Systemax 2 |  | 194,000 |  |  |  | 1,654,820
TTM Technologies 1,2,3 |  | 496,400 |  |  |  | 3,737,892
Vishay Precision Group 2 |  | 81,826 |  |  |  | 1,098,105
VST Holdings |  | 1,179,658 |  |  |  | 337,543
|  |  |  |  |  | 98,372,307
INTERNET SOFTWARE & SERVICES - 2.2% |  |  |  |  |  |
Actua Corporation 2 |  | 211,726 |  |  |  | 1,911,886
Care.com 2 |  | 312,800 |  |  |  | 3,653,504
comScore 2 |  | 212,236 |  |  |  | 5,068,196
HolidayCheck Group 2 |  | 44,900 |  |  |  | 117,484
IZEA 2 |  | 12,106 |  |  |  | 92,248
j2 Global |  | 82,020 |  |  |  | 5,181,203
QuinStreet 2 |  | 612,532 |  |  |  | 2,174,488
RealNetworks 2 |  | 376,750 |  |  |  | 1,623,792
Solium Capital 2 |  | 189,700 |  |  |  | 872,184
Spark Networks 1,2 |  | 263,000 |  |  |  | 415,540
Stamps.com 2 |  | 35,300 |  |  |  | 3,085,926
Support.com 2 |  | 650,300 |  |  |  | 546,902
United Online 2 |  | 17,000 |  |  |  | 187,000
|  |  |  |  |  | 24,930,353
IT SERVICES - 1.2% |  |  |  |  |  |
Acxiom Corporation 2 |  | 40,000 |  |  |  | 879,600
Convergys Corporation 1 |  | 121,000 |  |  |  | 3,025,000
DST Systems |  | 10,000 |  |  |  | 1,164,300
Hackett Group (The) |  | 513,566 |  |  |  | 7,123,161
Innodata 2 |  | 274,314 |  |  |  | 672,069
MoneyGram International 2 |  | 76,400 |  |  |  | 523,340
|  |  |  |  |  | 13,387,470
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7% |  |  |  |  |  |
Amtech Systems 2 |  | 141,471 |  |  |  | 844,582
Brooks Automation |  | 116,100 |  |  |  | 1,302,642
Cabot Microelectronics |  | 33,400 |  |  |  | 1,414,156
Daqo New Energy ADR 2 |  | 31,700 |  |  |  | 715,469
Diodes 2 |  | 270,850 |  |  |  | 5,089,271
Exar Corporation 2 |  | 157,576 |  |  |  | 1,268,487
Intermolecular 2 |  | 40,000 |  |  |  | 59,200
Kulicke & Soffa Industries 2 |  | 77,400 |  |  |  | 941,958
MKS Instruments |  | 78,810 |  |  |  | 3,393,559
Nanometrics 2 |  | 128,300 |  |  |  | 2,667,357
Nova Measuring Instruments 2 |  | 99,000 |  |  |  | 1,083,060
Photronics 2 |  | 159,900 |  |  |  | 1,424,709
Sigma Designs 2 |  | 78,900 |  |  |  | 507,327
Silicon Motion Technology ADR |  | 49,000 |  |  |  | 2,342,200
Teradyne |  | 130,000 |  |  |  | 2,559,700
Tessera Technologies |  | 163,530 |  |  |  | 5,010,559
Ultra Clean Holdings 2 |  | 50,300 |  |  |  | 286,207
|  |  |  |  |  | 30,910,443
SOFTWARE - 2.4% |  |  |  |  |  |
American Software Cl. A |  | 108,690 |  |  |  | 1,139,071
ANSYS 1,2,3 |  | 95,000 |  |  |  | 8,621,250
AVG Technologies 2 |  | 64,970 |  |  |  | 1,233,780
Computer Modelling Group |  | 316,300 |  |  |  | 2,531,477
Mentor Graphics |  | 198,123 |  |  |  | 4,212,095
Model N 2 |  | 155,387 |  |  |  | 2,074,417
Monotype Imaging Holdings |  | 218,140 |  |  |  | 5,372,788
PSI |  | 18,194 |  |  |  | 255,491
SeaChange International 2 |  | 247,069 |  |  |  | 788,150
SimCorp |  | 10,000 |  |  |  | 490,697
|  |  |  |  |  | 26,719,216
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.7% |  |  |  |  |  |
Diebold 1,3 |  | 266,600 |  |  |  | 6,619,678
Intevac 2 |  | 214,500 |  |  |  | 1,218,360
Silicon Graphics International 2 |  | 93,600 |  |  |  | 470,808
|  |  |  |  |  | 8,308,846
Total (Cost $179,159,293) |  |  |  |  |  | 210,205,167

44 | 2016 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2016 (unaudited)

Schedule of Investments (continued) |  |  |  |  |  |  |
|  | SHARES |  |  |  | VALUE |
MATERIALS – 7.9% |  |  |  |  |  |  |
CHEMICALS - 1.8% |  |  |  |  |  |  |
Dyadic International 2,5 |  | 75,000 |  |  | $ | 118,500 |
FutureFuel Corporation |  | 48,500 |  |  |  | 527,680 |
Hawkins |  | 86,178 |  |  |  | 3,740,987 |
Innospec |  | 36,883 |  |  |  | 1,696,249 |
Intrepid Potash 2 |  | 256,498 |  |  |  | 369,357 |
Minerals Technologies |  | 64,893 |  |  |  | 3,685,922 |
Quaker Chemical |  | 109,669 |  |  |  | 9,782,475 |
|  |  |  |  |  | 19,921,170 |
CONSTRUCTION MATERIALS - 1.0% |  |  |  |  |  |  |
Ash Grove Cement Cl. B 5 |  | 50,518 |  |  |  | 11,518,104 |
CONTAINERS & PACKAGING - 0.3% |  |  |  |  |  |  |
Intertape Polymer Group |  | 17,000 |  |  |  | 277,379 |
Mayr-Melnhof Karton |  | 34,000 |  |  |  | 3,704,951 |
|  |  |  |  |  | 3,982,330 |
METALS & MINING - 4.8% |  |  |  |  |  |  |
Alamos Gold Cl. A |  | 373,300 |  |  |  | 3,210,158 |
Ampco-Pittsburgh |  | 36,966 |  |  |  | 418,086 |
Constellium Cl. A 2 |  | 90,000 |  |  |  | 422,100 |
Exeter Resource 2 |  | 240,000 |  |  |  | 309,600 |
Franco-Nevada Corporation |  | 127,300 |  |  |  | 9,682,438 |
Gold Fields ADR |  | 785,000 |  |  |  | 3,846,500 |
Haynes International |  | 113,900 |  |  |  | 3,653,912 |
Hecla Mining |  | 580,000 |  |  |  | 2,958,000 |
Imdex 2 |  | 700,000 |  |  |  | 109,196 |
Lundin Mining 2 |  | 640,000 |  |  |  | 2,159,836 |
Major Drilling Group International 2 |  | 406,543 |  |  |  | 2,460,750 |
NovaGold Resources 2 |  | 35,000 |  |  |  | 214,200 |
Pretium Resources 2 |  | 186,000 |  |  |  | 2,081,783 |
Reliance Steel & Aluminum |  | 138,140 |  |  |  | 10,622,966 |
Seabridge Gold 1,2 |  | 282,000 |  |  |  | 4,139,760 |
Synalloy Corporation |  | 178,800 |  |  |  | 1,369,608 |
Worthington Industries |  | 148,000 |  |  |  | 6,260,400 |
|  |  |  |  |  | 53,919,293 |
PAPER & FOREST PRODUCTS - 0.0% |  |  |  |  |  |  |
TFS Corporation |  | 303,967 |  |  |  | 319,983 |
Total (Cost $59,517,652) |  |  |  |  |  | 89,660,880 |
TELECOMMUNICATION SERVICES – 0.5% |  |  |  |  |  |  |
WIRELESS TELECOMMUNICATION SERVICES - 0.5% |  |  |  |  |  |  |
Telephone and Data Systems |  | 208,270 |  |  |  | 6,177,288 |
Total (Cost $5,433,816) |  |  |  |  |  | 6,177,288 |
UTILITIES – 0.1% |  |  |  |  |  |  |
GAS UTILITIES - 0.1% |  |  |  |  |  |  |
Shizuoka Gas |  | 110,000 |  |  |  | 770,325 |
Toho Gas |  | 60,000 |  |  |  | 488,155 |
|  |  |  |  |  | 1,258,480 |
MULTI-UTILITIES - 0.0% |  |  |  |  |  |  |
Just Energy Group 1 |  | 18,520 |  |  |  | 112,602 |
Total (Cost $1,218,976) |  |  |  |  |  | 1,371,082 |
MISCELLANEOUS7 – 2.3% |  |  |  |  |  |  |
Total (Cost $25,497,646) |  |  |  |  |  | 25,488,867 |
TOTAL COMMON STOCKS |  |  |  |  |  |  |
(Cost $956,350,176) |  |  |  |  |  | 1,156,001,059 |
REPURCHASE AGREEMENT – 4.4% |  |  |  |  |  |  |
Fixed Income Clearing Corporation, 0.03% dated 6/30/16, due 7/1/16, maturity value $49,836,042 (collateralized by obligations of various U.S. Government Agencies, 1.625% due 4/30/19, valued at $50,834,884)
(Cost $49,836,000) |  |  |  |  |  | 49,836,000 |
TOTAL INVESTMENTS – 106.6% |  |  |  |  |  |  |
(Cost $1,006,186,176) |  |  |  |  |  | 1,205,837,059 |
LIABILITIES LESS CASH AND OTHER ASSETS – (6.6)% |  |  |  |  |  | (74,842,893 | )
NET ASSETS – 100.0% |  |  |  |  | $ | 1,130,994,166 |

† | New additions in 2016.
1 | All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2016. Total market value of pledged securities at June 30, 2016, was $114,976,992.
2 | Non-income producing.
3 | At June 30, 2016, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $68,394,161.
4 | At June 30, 2016, 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.
5 | 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.
6 | 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.
7 | Includes securities first acquired in 2016 and less than 1% of net assets.
| Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2016, market value.
| TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,009,400,057. At June 30, 2016, net unrealized appreciation for all securities was $196,437,002, consisting of aggregate gross unrealized appreciation of $310,967,908 and aggregate gross unrealized depreciation of $114,530,906. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 45

Royce Value Trust |  | June 30, 2016 (unaudited)

Statement of Assets and Liabilities |  |  |  |  |
ASSETS: |  |  |  |  |
Investments at value |  |  |  |  |
Non-Affiliated Companies |  |  | $ | 1,147,103,083 |
Affiliated Companies |  |  |  | 8,897,976 |
Repurchase agreements (at cost and value) |  |  |  | 49,836,000 |
Cash and foreign currency |  |  |  | 99,874 |
Receivable for investments sold |  |  |  | 1,699,658 |
Receivable for dividends and interest |  |  |  | 843,085 |
Prepaid expenses and other assets |  |  |  | 543,791 |
Total Assets |  |  |  | 1,209,023,467 |
LIABILITIES: |  |  |  |  |
Revolving credit agreement |  |  |  | 70,000,000 |
Payable for investments purchased |  |  |  | 7,240,831 |
Payable for investment advisory fee |  |  |  | 484,905 |
Payable for directors’ fees |  |  |  | 52,344 |
Payable for interest expense |  |  |  | 6,207 |
Accrued expenses |  |  |  | 205,458 |
Deferred capital gains tax |  |  |  | 39,556 |
Total Liabilities |  |  |  | 78,029,301 |
Net Assets |  |  | $ | 1,130,994,166 |
ANALYSIS OF NET ASSETS: |  |  |  |  |
Paid-in capital - $0.001 par value per share; 80,478,771 shares outstanding (150,000,000 shares authorized) |  |  | $ | 945,781,653 |
Undistributed net investment income (loss) |  |  |  | 3,174,176 |
Accumulated net realized gain (loss) on investments and foreign currency |  |  |  | 22,947,339 |
Net unrealized appreciation (depreciation) on investments and foreign currency |  |  |  | 199,591,211 |
Quarterly distributions |  |  |  | (40,500,213 | )
Net Assets (net asset value per share - $14.05) |  |  | $ | 1,130,994,166 |
Investments at identified cost |  |  | $ | 956,350,176 |

46 | 2016 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 |  |  |  |
|  | 6/30/16 |  |  |  |
|  | (UNAUDITED) |  | YEAR ENDED 12/31/15
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 4,222,095 |  |  | $ | 9,193,108 |
Net realized gain (loss) on investments and foreign currency |  |  | 17,903,152 |  |  |  | 43,117,817 |
Net change in unrealized appreciation (depreciation) on investments and foreign currency |  |  | 60,589,568 |  |  |  | (157,435,228 | )
Net increase (decrease) in net assets from investment operations |  |  | 82,714,815 |  |  |  | (105,124,303 | )
DISTRIBUTIONS: |  |  |  |  |  |  |  |
Net investment income |  |  | (3,680,264 | )1 |  |  | (12,151,910 | )
Net realized gain on investments and foreign currency |  |  | (24,048,289 | )1 |  |  | (83,306,926 | )
Return of capital |  |  | (12,771,660 | )1 |  |  | – |
Total distributions |  |  | (40,500,213 | ) |  |  | (95,458,836 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | 16,744,818 |  |  |  | 40,663,247 |
Total capital stock transactions |  |  | 16,744,818 |  |  |  | 40,663,247 |
Net Increase (Decrease) In Net Assets |  |  | 58,959,420 |  |  |  | (159,919,892 | )
NET ASSETS: |  |  |  |  |  |  |  |
Beginning of period |  |  | 1,072,034,746 |  |  |  | 1,231,954,638 |
End of period (including undistributed net investment income (loss) of $3,174,176 at 6/30/16 and $(1,047,919) at 12/31/15) |  | $ | 1,130,994,166 |  |  | $ | 1,072,034,746 |

1 | Amounts are subject to change and recharacterization at year end.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 47

Royce Value Trust |  | Six Months Ended June 30, 2016 (unaudited)

Statement of Operations |  |  |  |
INVESTMENT INCOME: |  |  |  |
INCOME: |  |  |  |
Dividends |  |  |  |
Non-Affiliated Companies |  | $ | 8,462,249 |
Affiliated Companies |  |  | 71,072 |
Foreign withholding tax |  |  | (235,489 | )
Interest |  |  | 39,218 |
Rehypothecation income |  |  | 33,779 |
Total income |  |  | 8,370,829 |
EXPENSES: |  |  |  |
Investment advisory fees |  |  | 2,928,026 |
Interest expense |  |  | 560,507 |
Stockholder reports |  |  | 220,583 |
Administrative and office facilities |  |  | 116,965 |
Custody and transfer agent fees |  |  | 94,023 |
Directors’ fees |  |  | 91,623 |
Professional fees |  |  | 59,014 |
Other expenses |  |  | 78,049 |
Total expenses |  |  | 4,148,790 |
Compensating balance credits |  |  | (56 | )
Net expenses |  |  | 4,148,734 |
Net investment income (loss) |  |  | 4,222,095 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |  |  |  |
NET REALIZED GAIN (LOSS): |  |  |  |
Investments in Non-Affiliated Companies |  |  | 17,949,844 |
Investments in Affiliated Companies |  |  | 10,000 |
Foreign currency transactions |  |  | (56,692 | )
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |
Investments and foreign currency translations |  |  | 60,563,510 |
Other assets and liabilities denominated in foreign currency |  |  | 26,058 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 78,492,720 |
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS |  | $ | 82,714,815 |

48 | 2016 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Value Trust |  | Six Months Ended June 30, 2016 (unaudited)

Statement of Cash Flows |  |  |  |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
Net increase (decrease) in net assets from investment operations |  | $ | 82,714,815 |
Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities: |  |  |  |
Purchases of long-term investments |  |  | (195,591,388 | )
Proceeds from sales and maturities of long-term investments |  |  | 253,691,493 |
Net purchases, sales and maturities of short-term investments |  |  | (39,109,000 | )
Net (increase) decrease in dividends and interest receivable and other assets |  |  | 473,408 |
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities |  |  | (71,664 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | (60,563,510 | )
Net realized gain (loss) on investments and foreign currency |  |  | (17,903,152 | )
Net cash provided by operating activities |  |  | 23,641,002 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
Net increase (decrease) in revolving credit agreement |  |  | – |
Distributions |  |  | (40,500,213 | )
Reinvestment of distributions |  |  | 16,744,818 |
Net cash used for financing activities |  |  | (23,755,395 | )
INCREASE (DECREASE) IN CASH: |  |  | (114,393 | )
Cash and foreign currency at beginning of period |  |  | 214,267 |
Cash and foreign currency at end of period |  | $ | 99,874 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2016 Semiannual Report to Stockholders | 49

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 6/30/16 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | (UNAUDITED) |  | 12/31/15 |  | 12/31/14 |  | 12/31/13 |  | 12/31/12 |  | 12/31/11
Net Asset Value, Beginning of Period |  | $ | 13.56 |  |  | $ | 16.24 |  |  | $ | 18.17 |  |  | $ | 15.40 |  |  | $ | 14.18 |  |  | $ | 16.73 |
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | 0.05 |  |  |  | 0.12 |  |  |  | 0.12 |  |  |  | 0.12 |  |  |  | 0.23 |  |  |  | 0.10 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 0.99 |  |  |  | (1.48 | ) |  |  | (0.13 | ) |  |  | 4.89 |  |  |  | 2.02 |  |  |  | (1.62 | )
Total investment operations |  |  | 1.04 |  |  |  | (1.36 | ) |  |  | (0.01 | ) |  |  | 5.01 |  |  |  | 2.25 |  |  |  | (1.52 | )
DISTRIBUTIONS TO PREFERRED STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.04 | ) |  |  | (0.03 | )
Net realized gain on investments and foreign currency |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.13 | ) |  |  | (0.16 | )
Total distributions to Preferred Stockholders |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.17 | ) |  |  | (0.19 | )
Net Increase (Decrease) in Net Assets Applicable to Common Stockholders from |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Operations |  |  | 1.04 |  |  |  | (1.36 | ) |  |  | (0.01 | ) |  |  | 5.01 |  |  |  | 2.08 |  |  |  | (1.71 | )
DISTRIBUTIONS TO COMMON STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.05 | )1 |  |  | (0.16 | ) |  |  | (0.14 | ) |  |  | (0.11 | ) |  |  | (0.17 | ) |  |  | (0.08 | )
Net realized gain on investments and foreign currency |  |  | (0.30 | )1 |  |  | (1.08 | ) |  |  | (1.68 | ) |  |  | (2.08 | ) |  |  | (0.63 | ) |  |  | (0.43 | )
Return of capital |  |  | (0.16 | )1 |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (0.27 | )
Total distributions to Common Stockholders |  |  | (0.51 | ) |  |  | (1.24 | ) |  |  | (1.82 | ) |  |  | (2.19 | ) |  |  | (0.80 | ) |  |  | (0.78 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of reinvestment of distributions by Common Stockholders |  |  | (0.04 | ) |  |  | (0.08 | ) |  |  | (0.10 | ) |  |  | (0.05 | ) |  |  | (0.06 | ) |  |  | (0.06 | )
Total capital stock transactions |  |  | (0.04 | ) |  |  | (0.08 | ) |  |  | (0.10 | ) |  |  | (0.05 | ) |  |  | (0.06 | ) |  |  | (0.06 | )
Net Asset Value, End of Period |  | $ | 14.05 |  |  | $ | 13.56 |  |  | $ | 16.24 |  |  | $ | 18.17 |  |  | $ | 15.40 |  |  | $ | 14.18 |
Market Value, End of Period |  | $ | 11.77 |  |  | $ | 11.77 |  |  | $ | 14.33 |  |  | $ | 16.01 |  |  | $ | 13.42 |  |  | $ | 12.27 |
TOTAL RETURN:2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Asset Value |  |  | 8.17 | %3 |  |  | (8.09 | )% |  |  | 0.78 | % |  |  | 34.14 | % |  |  | 15.41 | % |  |  | (10.06 | )%
Market Value |  |  | 4.39 | %3 |  |  | (9.59 | )% |  |  | 0.93 | % |  |  | 35.63 | % |  |  | 16.22 | % |  |  | (10.46 | )%
RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fee expense4 |  |  | 0.55 | %5 |  |  | 0.50 | % |  |  | 0.46 | % |  |  | 0.54 | % |  |  | 0.56 | % |  |  | 0.86 | %
Other operating expenses |  |  | 0.23 | %5 |  |  | 0.18 | % |  |  | 0.15 | % |  |  | 0.25 | % |  |  | 0.15 | % |  |  | 0.12 | %
Total expenses (net)6 |  |  | 0.78 | %5 |  |  | 0.68 | % |  |  | 0.61 | % |  |  | 0.79 | % |  |  | 0.71 | % |  |  | 0.98 | %
Expenses net of fee waivers and excluding interest expense |  |  | 0.67 | %5 |  |  | 0.61 | % |  |  | 0.55 | % |  |  | 0.65 | % |  |  | 0.68 | % |  |  | 0.98 | %
Expenses prior to fee waivers and balance credits |  |  | 0.78 | %5 |  |  | 0.68 | % |  |  | 0.61 | % |  |  | 0.79 | % |  |  | 0.71 | % |  |  | 0.98 | %
Expenses prior to fee waivers |  |  | 0.78 | %5 |  |  | 0.68 | % |  |  | 0.61 | % |  |  | 0.79 | % |  |  | 0.71 | % |  |  | 0.98 | %
Net investment income (loss) |  |  | 0.79 | %5 |  |  | 0.78 | % |  |  | 0.72 | % |  |  | 0.70 | % |  |  | 1.57 | % |  |  | 0.63 | %
SUPPLEMENTAL DATA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Assets Applicable to Common Stockholders, End of Period (in thousands) |  | $ | 1,130,994 |  |  | $ | 1,072,035 |  |  | $ | 1,231,955 |  |  | $ | 1,307,829 |  |  | $ | 1,082,426 |  |  | $ | 966,640 |
Liquidation Value of Preferred Stock, End of Period (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 220,000 |
Portfolio Turnover Rate |  |  | 18 | % |  |  | 35 | % |  |  | 40 | % |  |  | 33 | % |  |  | 25 | % |  |  | 26 | %
PREFERRED STOCK: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,800,000 |
Asset coverage per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 134.88 |
Liquidation preference per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25.00 |
Average month-end market value per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25.37 |
REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset coverage |  |  | 1716 | % |  |  | 1631 | % |  |  | 1860 | % |  |  | 1289 | % |  |  | 822 | % |  |  |  |
Asset coverage per $1,000 |  | $ | 17,157 |  |  | $ | 16,315 |  |  | $ | 18,599 |  |  | $ | 12,889 |  |  | $ | 8,216 |  |  |  |  |

1 | Amounts are subject to change and recharacterization 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% and 0.82% for the years ended December 31, 2012 and 2011, respectively.

50 | 2016 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

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, 2016. 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 |  | $ | 1,062,843,924 |  |  | $ | 92,368,037 |  |  | $ | 789,098 |  |  | $ | 1,156,001,059 |
Cash Equivalents |  |  | – |  |  |  | 49,836,000 |  |  |  | – |  |  |  | 49,836,000 |

Certain securities have transferred in and out of Level 1 and Level 2 measurements during the reporting period. The Fund recognizes transfers between levels as of the end of the reporting period. For the six months ended June 30, 2016, securities valued at $6,833,639 were transferred from Level 2 to Level 1 and securities valued at $1,326,822 were transferred from Level 1 to Level 2 within the fair value hierarchy.

2016 Semiannual Report to Stockholders | 51

Royce Value Trust
Notes to Financial Statements (unaudited) (continued)
VALUATION OF INVESTMENTS (continued):
Level 3 Reconciliation:

|  |  | REALIZED AND UNREALIZED |
| BALANCE AS OF 12/31/15 | PURCHASES | GAIN (LOSS)1 | BALANCE AS OF 6/30/16
Common Stocks | $167,629 | $741,577 | $(120,108) | $789,098

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. The remaining contractual maturity of the repurchase agreement held by the Fund at June 30, 2016 is overnight and continuous.
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”.
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 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. Premiums 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.

52 | 2016 Semiannual Report to Stockholders

Royce 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 (“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 1,427,009 and 3,183,214 shares of Common Stock as reinvestment of distributions for the six months ended June 30, 2016 and the year ended December 31, 2015, 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, 2016, the Fund has outstanding borrowings of $70,000,000. During the six months ended June 30, 2016, the Fund borrowed an average daily balance of $70,000,000 at a weighted average borrowing cost of 1.58%. The maximum amount outstanding during the six months ended June 30, 2016 was $70,000,000. As of June 30, 2016, the aggregate value of rehypothecated securities was $68,394,161. During the six months ended June 30, 2016, the Fund earned $33,779 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”).
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.

2016 Semiannual Report to Stockholders | 53

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)
Investment Advisory Agreement (continued):
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 2016, the Fund’s investment performance ranged from 40% to 44% below the investment performance of the S&P 600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $5,856,054 and a net downward adjustment of $2,928,028 for the performance of the Fund relative to that of the S&P 600. For the six months ended June 30, 2016, the Fund accrued and paid Royce investment advisory fees totaling $2,928,026.
Purchases and Sales of Investment Securities:
For the six months ended June 30, 2016, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $202,269,911 and $252,180,968, respectively.
Cross trades were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which Royce serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7. Cross trades for the six months ended June 30, 2016, were as follows:

COST OF PURCHASES | COST OF SALES | REALIZED GAIN (LOSS)
$36,770,647 | $13,271,937 | $(3,566,293)

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, 2016:

|  | SHARES |  | MARKET VALUE |  | COST OF |  | COST OF |  | REALIZED |  | DIVIDEND |  | SHARES |  | MARKET VALUE
AFFILIATED COMPANY |  | 12/31/15 |  | 12/31/15 |  | PURCHASES |  | SALES |  | GAIN (LOSS) |  | INCOME |  | 6/30/16 |  | 6/30/16
Stanley Furniture |  |  | 1,012,235 |  |  | $ | 2,824,136 |  |  |  | – |  |  | $ | 265,000 |  |  | $ | 10,000 |  |  |  | – |  |  |  | 912,235 |  |  | $ | 2,234,976
Timberland Bancorp |  |  | 444,200 |  |  |  | 5,512,522 |  |  |  | – |  |  |  | – |  |  |  | – |  |  | $ | 71,072 |  |  |  | 444,200 |  |  |  | 6,663,000
|  |  |  |  |  | $ | 8,336,658 |  |  |  |  |  |  |  |  |  |  | $ | 10,000 |  |  | $ | 71,072 |  |  |  |  |  |  | $ | 8,897,976

54 | 2016 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: 76 | Number of Funds Overseen: 23 | Tenure: Since 1982
Non-Royce Directorships: Director of TICC Capital Corp.
Principal Occupation(s) During Past Five Years: Chairman of the Board of Managers of Royce & Associates, LP (“Royce”), the Trust’s investment adviser; Chief Executive Officer (July 2014–June 2016), President (1972-July 2014) of Royce.

Christopher D. Clark, Trustee1, President
Age: 51 | Number of Funds Overseen: 23 | Tenure: Since 2014
Principal Occupation(s) During Past Five Years: Chief Executive Officer (since July 2016), 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: 67 | Number of Funds Overseen: 23 | 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).

Stephen L. Isaacs, Director
Age: 76 | Number of Funds Overseen: 23 | 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: 74 | Number of Funds Overseen: 46 | 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: 76 | Number of Funds Overseen: 23 | 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: 70 | Number of Funds Overseen: 44 | 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: 58 | Number of Funds Overseen: 23 | 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: 48 | 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: 54 | 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: 50 | Tenure: Since 2015
Principal Occupation(s) During Past Five Years: Chief Financial Officer, Chief Administrative Officer, and Managing Director 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: 49 | Tenure: 1996-2001 and Since 2002
Principal Occupation(s) During Past Five Years: General Counsel, Managing Director, 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: 56 | 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.

2016 Semiannual Report to Stockholders | 55

Board Approval of Investment Advisory Agreements

At meetings held on June 2-3, 2016, the Funds’ respective Boards of Directors, including all of the non-interested directors, approved amended and restated investment advisory agreements (each, an “Investment Advisory Agreement” and collectively, the “Investment Advisory Agreements”) between Royce & Associates, LP (formerly 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”). The Investment Advisory Agreements were amended and restated to reflect R&A’s change in organizational form from a limited liability company to a limited partnership; the amended and restated agreements are substantially identical to the previously existing agreements. 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 investment advisory fee, 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 Investment Advisory Agreements, the non-interested directors received assistance and advice from, and met separately with, their independent counsel. While all three of 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 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 also noted that R&A’s compensation policy arrangements strongly encourage portfolio manager investment in each Fund that they manage. 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. Each Board also noted R&A’s ability to attract and retain qualified and experienced personnel. Lastly, each Board noted that R&A officers, employees, and their families had substantial amounts invested in each Fund. 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”) had less than three full calendar years of performance because its inception date was October 18, 2013. Using Morningstar data, the Sharpe Ratio for each of Royce Value Trust, Inc. (“RVT”) and Royce Micro-Cap Trust, Inc. (“RMT”) 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, 2015. It was noted that RVT’s and RMT’s focus on high quality (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) and cyclical companies had hurt their relative performance during the post-2008 market period that has been marked by historically low interest rates and significant U.S. Federal Reserve market intervention as highly leveraged, non-earning companies and yield-oriented securities (e.g., master limited partnerships, real estate investment trusts, and utilities) have generally outperformed their higher quality and cyclical counterparts during this period. In addition, RVT’s and RMT’s use of leverage through preferred stock (prior to November 15, 2012) and borrowings resulted in higher volatility and worse down market performance. The Sharpe Ratio for RGT placed in the 4th quartile within the Foreign Small/Mid Value category assigned by Morningstar for the 1-year period ended December 31, 2015. 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, 2015 and therefore examined extended performance histories for each Fund using monthly rolling average return periods through March 31, 2016. The Boards also took note of recent financial market trends, including widening high yield credit spreads and more difficult/expensive access to capital for many companies. While the Boards recognized that a quarter does not define a trend, it noted that RVT and RGT outperformed (on an NAV basis) the Russell 2000 Index and the Russell Global Small-Cap Index, respectively, for the 3-month and 1-year periods ended March 31, 2016 while RMT outperformed (on an NAV basis) the Russell 2000 Index for the 3-month period ended March 31, 2016.

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 the periods prior to the U.S. Federal Reserve’s near zero interest

56 | 2016 Semiannual Report to Stockholders

Board Approval of Investment Advisory Agreements (continued)

rate policy and related market interventions. 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 approval of the relevant 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 discussed with R&A its methodology in allocating its costs to each Fund and concluded that its allocations were reasonable. The RVT Board noted that RVT was not profitable to R&A during the year ended December 31, 2015. The Boards of RMT and RGT concluded that R&A’s profits in respect of RMT and RGT, respectively, 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. Each Board noted the importance of the net expense ratio in measuring a fund’s efficiency, particularly in light of the variations in the fund industry as to which entity is responsible for particular types of expenses. 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 quartile within its Morningstar peer group for 2015. 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 of 1.28% placed it in the 3rd quartile when compared against its Morningstar peer group for 2015. The Board further noted that RMT’s net expense ratio was actually 18 basis points lower than the average expense ratio for the 58 non-institutional, non- ETF domestic funds with weighted average market capitalizations of less than $1 billion in the Morningstar peer group. Finally, in the case of RGT, the Board noted that its net expense ratio based on average net assets fell within the 4th quartile of its Morningstar-assigned open-end peer group, 18 basis points above the Morningstar category median. The Board noted, however, that RGT had the second lowest weighted average market capitalization within that category.

The Boards also noted that R&A manages the Funds 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. The Boards noted that the active shares for RVT, RMT, and RGT were 90%, 95%, and 97%, respectively, for the calendar year ended December 31, 2015.

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 Investment Advisory Agreement, concluding that the amended and restated Agreements with substantially identical terms as the previously existing agreements were in the best interest of the stockholders of the respective Funds and that each investment advisory fee rate was reasonable in relation to the services provided.

2016 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, 2016, 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, 2016 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 2000 Value and Growth indexes consist of the respective value and growth stocks within the Russell 2000 as determined by Russell Investments. 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 Global Value Trust, Royce Micro-Cap Trust, and Royce 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, 2016. 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 Global Value Trust, Royce Micro-Cap Trust, and Royce 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 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, 2015, filed with the Securities and Exchange Commission.

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.

58 | 2016 Semiannual Report to Stockholders

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2016 Semiannual Report to Stockholders | 59

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60 | 2016 Semiannual Report to Stockholders

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CHUCK ROYCE IN BARRON’S

Chuck spoke with Ben Levisohn of Barron’s about “an often-overlooked corner of the alternative-investment world: alternative-asset-management companies” and his thoughts on the prospects for active small-cap management, for the paper’s “Alternatives Monthly” pull-out section entitled, “Why Alt Stocks Are a Value Investor’s Dream.”
WHY ARE THE MARKETS PRONE TO BLACK SWANS?
Portfolio Manager Charlie Dreifus discusses how the current climate of slow growth, high valuations, and interventionist monetary policy makes the markets potentially vulnerable to black swan events.
RECENT NEWS
Watch Co-CIO Francis Gannon discuss major transitions in the small-cap space with financial journalist and television host Liz Claman.

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This page is not part of the 2016 Semiannual Report to Stockholders

| About The Royce Funds |  |  | Contact Us |
| Unparalleled Knowledge + Experience Pioneers in small-cap investing, with 40+ years of experience, depth of knowledge, and focus. |  |  | GENERAL INFORMATION General Royce Funds information including an overview of our firm and Funds (800) 221-4268 |
| Independent Thinking The confidence to go against consensus, the insight to uncover opportunities others might miss, and the tenacity to stay the course through market cycles. |  |  | COMPUTERSHARE Speak with a representative about: • Your account, transactions, and forms (800) 426-5523 |
| Specialized Approaches Strategies that use value, core, or growth investment approaches to select micro-cap, small-cap, and mid-cap companies. |  |  | FINANCIAL ADVISORS AND BROKER-DEALERS Speak with your regional Royce contact regarding: • Information about our firm, strategies, and funds • Fund Materials (800) 337-6923 |
| Unwavering Commitment |  |  |  |
| Our team of 17 portfolio managers have significant personal investments in the strategies they manage. |  |  |  |

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 25, 2016

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 25, 2016 |  |  |  |  |  | Date: August 25, 2016 |  |