N-CSRS 1 e63706-ncsr.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, 2019

Date of reporting period: January 1, 2019 – June 30, 2019

Item 1. Reports to Shareholders.

|  | JUNE 30, 2019
|  | 2019 Semiannual
|  | Review and Report to Stockholders

|  | Royce Global Value Trust |
|  | Royce Micro-Cap Trust |
|  | Royce Value Trust |
|  | Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on the Funds’ website (www.roycefunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary or, if you are a direct investor with the Funds, by calling 1-800-841-1180. Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-800-841-1180 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with our fund complex if you invest directly with the Funds. |
|  | 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 55 and 56. For additional information on the Funds’ Distribution Reinvestment and Cash Purchase Options and the benefits for stockholders, please see page 57 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 2019 Semiannual Report to Stockholders |  |

Table of Contents |  |  |
Semiannual Review |  |  |
Letter to Our Shareholders |  | 2 |
Performance |  | 7 |
Semiannual Report to Stockholders |  |  |
Royce Global Value Trust |  |  |
Managers’ Discussion of Fund Performance |  | 8 |
Schedule of Investments |  | 10 |
Other Financial Statements |  | 13 |
Royce Micro-Cap Trust |  |  |
Managers’ Discussion of Fund Performance |  | 22 |
Schedule of Investments |  | 24 |
Other Financial Statements |  | 29 |
Royce Value Trust |  |  |
Manager’s Discussion of Fund Performance |  | 38 |
Schedule of Investments |  | 40 |
Other Financial Statements |  | 46 |
History Since Inception |  | 55 |
Distribution Reinvestment and Cash Purchase Options |  | 57 |
Directors and Officers |  | 58 |
Board Approval of Investment Advisory Agreement |  | 59 |
Notes to Performance and Other Important Information |  | 61 |

This page is not part of the 2019 Semiannual Report to Stockholders

Letter to Our Stockholders

A SMOOTH ASCENT AMID HIGH ANXIETY

T he first six months of 2019 offered equity investors almost everything they could have hoped for following the high anxiety of a recession scare and the bearish fourth quarter of 2018, when the small-cap Russell 2000 Index fell 20.2%. Stocks immediately showed great resilience, and then some, by roaring back in the first half of the year. A highly welcome double-digit rebound in the first quarter was followed by a seesawing second quarter that saw more motion than progress. This was an understandable pause that gave the market time to digest the prior advance. The upshot was a solid advance rise in the year’s first six months, a period that saw low trading volumes and little volatility, which was mostly confined to a small decline in May. During the first half, the Russell 2000 advanced 17.0%

Equity Indexes Total Returns Year-to-Date through 6/30/19 |

while its large-cap sibling, the Russell 1000 Index, was even better, up 18.8%. In fact, performance in the first half generally trended higher the further up the market capitalization scale you traveled. Some questioned the substance of this rally, observing that the same risks that fueled last year’s decline were still with us. The list is long and, by now, familiar. Most of the anxiety continues to circulate around the issue of global growth—or the widely rumored imminent lack of it—and its probable negative impact on corporate profits. There wasn’t much in the way of fresh answers to these concerns at the end of June beyond the admittedly consequential Fed pivot to a more dovish stance (as well as subsequent and similar actions promised from the European Central Bank). Yet, while the Fed’s words and actions went some way to reassuring investors that it was prepared to give the markets a dose of stimulus, the effect on economic growth was pretty much nil. Moreover, the increasing tensions around trade and tariffs remain an issue at this writing. With no resolution forthcoming, many companies were lowering expectations and/or offering a more muted outlook, with predictably negative effects on the stocks of many economically sensitive businesses.

For details on The Royce Funds’ performance in the period, please turn to the Managers’ Discussions that begin on page 8. Past performance is no guarantee of future results.

2 | This page is not part of the 2019 Semiannual Report to Stockholders

LETTER TO OUR STOCKHOLDERS

It’s not surprising, then, that equity investors showed a marked preference for safety in the form of large-cap stocks, or chose to bet on better times further down the road by vacuuming up shares of growth issues regardless of capitalization size. Some additional context is also important: large-caps, growth stocks, and defensive areas (that is, bond proxies) have historically done better in low or declining interest rate environments, an atmosphere that has characterized much of the decade following the Financial Crisis, with its record-low interest rates (and the ‘easy money’ that came with them). With rates still near historic lows, these same stocks have led the market over the last two-plus years. All of this notwithstanding, we believe that the long-term case for small-cap stocks is strong, as we will explain through the course of this letter.
PESSIMISTS, OPTIMISTS—AND US
By periodically inverting the otherwise mostly flat yield curve, the bond market maintained its saturnine insistence that the economy was slowing and potentially, perhaps inevitably, moving toward recession. To be sure, many observers point to the inverted yield curve as iron-clad proof that the current slackening momentum in the pace of growth in the U.S., along with the advanced age of the expansion, is a prelude to a recession. More optimistic voices argue that large-cap stocks spent much of the first half making new all-time highs, that the labor market continues to strengthen, and that the economy continues to expand in spite of a raft of dismal headlines. Our own cautiously constructive view is rooted not so much in the macro factors that dominate the headlines but in our own research into companies, their industry dynamics, and our conversations with management teams. We do, however, agree with those who think the U.S. economy is not heading toward recession; we see periodic slowdowns and accelerations in the pace of growth as historically typical. As for the yield curve, the market appears to have figured out before the Fed that persistently low inflation exerts a powerful flattening effect on the curve. To make our case, we have taken up arms—or at least data points—against this sea of troubles to argue for the long-term appeal of fundamentally sound small-cap cyclicals. We see good reasons for investors to be optimistic about the prospects for small-cap stocks, specifically those cyclical areas that populate our portfolios.

THE CASE FOR SMALL-CAP LEADERSHIP
Our first argument is in favor of small-cap returning to market leadership. We make it on the grounds of reversion to the mean, one of our longest-held investment principles. Looking at first-half performance, the resilience of small-cap stocks seemed both apropos and encouraging to us given that we continue to see solid fundamentals for many companies, attractively joined with historically average, or below average, valuation levels. However, small-caps lagged large-caps not only in the first half but also for the one-year period ended June 30, 2019, when the Russell 2000 fell 3.3% versus a gain of 10.0% for the large-cap index. This performance divergence has created a historical oddity that can be seen in the spread between small- and large-cap returns. It rarely happens over the course of a 12-month period that small-caps are in the red while large-caps are in the black. In fact, it’s happened less than 7% of the time over the past 20 years—in 16 out of 229 monthly rolling 12-month periods. What are the implications of this peculiar divergence in performance? In 93% of the following 12-month periods—only 13 of the 14 currently have subsequent periods to measure—small-caps bounced back to outpace large-caps. It’s true that small-caps have historically tended to lag their large-cap siblings when yields are falling—and have often done the same when economic growth is slowing. The resumption of small-cap leadership, then, is contingent on these conditions changing. When rates rise (or simply normalize) and/or the economy reaccelerates, and history strongly suggests that both should, we would expect small-cap to recapture leadership.

What Happened After 12-Month Periods When Large-Caps Rose and Small-Caps Fell? 16 out of 229 Trailing 1-Year Periods from 6/30/99 to 6/30/19

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While no one thinks that stocks are currently bargain priced, it’s also true that the vast and diverse universe of small-cap stocks contains a considerable number of attractive risk/reward opportunities based on the combination of reasonable to attractive valuations (again measured by median EV/EBIT) and profitability.

Small-Cap’s Relative Valuation Is Significantly Below Its Long-Term Average Russell 2000 vs. Russell 1000 Median LTM EV/EBIT1 (ex. Negative EBIT Companies) from 12/31/01 to 6/30/19

Source: FactSet

One additional observation on relative performance: From December 31, 1978 through June 30, 2019, the five-year monthly rolling average return was 10.6% for the Russell 2000 and 11.7% for the Russell 1000, while the five-year average annual total returns for the small- and large-cap indexes for the period ended June 30, 2019 were 7.1% and 10.5%, respectively. With small-caps well below their long-term average, we expect performance to improve to a greater degree than for large-caps, which finished June much closer to their long-term average. Our confidence in mean reversion is further grounded in the relative valuation spread between the Russell 2000 and the Russell 1000 at the end of June, which was significantly below its long-term average based on each index’s median last 12-months’ EV/EBIT (enterprise value over earnings before interest and taxes). In fact, small-caps have lagged large-caps for such an extended period of time that they finished June at their cheapest relative to large-caps since 2001.

So while no one thinks that stocks are currently bargain priced, it’s also true that the vast and diverse universe of small-cap stocks contains a considerable number of attractive risk/reward opportunities based on the combination of reasonable to attractive valuations (again measured by median EV/EBIT) and profitability.
THE VALUATION SITUATION When looking for investment candidates, we typically survey the small-cap market for what looks to us like excess pessimism—which is precisely what we’ve been seeing in certain cyclical areas over the last couple of years. Our practice is to then investigate how much of that negative sentiment is already reflected in the current stock price of a given company. So it was significant that at the end of June, cyclical stocks were selling at a greater discount to the Russell 2000 than they had during the fall of 2008—in the teeth of the Financial Crisis. To us, that is the very definition of excess pessimism.

Small-Cap Cyclical Discount Russell 2000 Relative Median EV/EBIT1 (Ex Negative EBIT) Cyclical/Russell 2000

Source: FactSet

We suspect that these relatively inexpensive valuations are in large part the result of investors placing undue emphasis on daily macro headlines when trying to understand or anticipate small-cap market movements. (The frequently missed distinction between slower economic growth and a recession is an example of the trouble this can lead to.)

1 | Enterprise Value/Earnings before interest and taxes.
2 | Based on the relation between each sector’s average return on equity (ROE) for the five years ended 6/30/19 (excluding companies with negative ROE) and median EV/EBIT (excluding companies with negative earnings).
Cyclical are defined as follows: Communication Services, Consumer Discretionary, Energy, Financials, Industrials, Information Technology, and Materials.

4 | This page is not part of the 2019 Semiannual Report to Stockholders

LETTER TO OUR STOCKHOLDERS

We think that investors often fail to fully appreciate the “reaction function,” the response of businesses, central banks, and governments to slowdowns. While we are by no means macro forecasters, it would not surprise us if the global economy grew a little faster over the next year. If history is any guide, this reacceleration could boost small-cap stocks, which have done well on both an absolute and relative basis, especially versus large-caps, when the ISM Manufacturing Index (a common proxy for economic conditions) is on the rise. As unlikely as it currently seems, additional growth could come from a U.S.-China trade deal that addresses tariffs and stokes even modest growth in China, which would likely spur increased activity in Europe as well. Moreover, we expect profitable companies in select cyclical areas to do better regardless of which route the global economy takes in the short term. For example, and in spite of reports of revisions, earnings prospects for the second half of 2019 look solid for many of our small-cap cyclical holdings, especially given the relatively weaker third and fourth quarters of 2018 with which 2019’s two second-half quarters will be compared. We often seek to identify opportunities at the intersection of quality and value—that is, companies with average or better profitability and lower-than-average valuations. There were three cyclical sectors that had higher-than-average profitability and lower-than-average valuations at the end of June—Industrials, Consumer Discretionary, and Materials.2 The relative attractiveness of these and other cyclical areas dovetails nicely with our bottom-up approaches, where the search for fundamentally sound, well-managed companies with solid growth potential has more recently led us overwhelmingly to cyclical businesses. SMALL-CAP STOCKS AND THE URGE TO MERGE The appeal of small-cap stocks can also be seen in recent merger & acquisition (M&Amp;A) activity. The number of small-cap M&Amp;A deals in the U.S. hit a 10-year high in June, with 503 transactions announced for the trailing four quarters through the end of that month, according to Bloomberg data. This is the largest number of deals in the asset class since before the Financial Crisis. We anticipate that this trend will continue for a variety of reasons. CEO’s are under relentless

pressure to grow profits. If they believe organic growth opportunities are limited, then inorganic paths such as acquisitions begin to make sense. Along similar lines, the CEO of a small-cap company might look more favorably on a buyout offer at a significant stock price premium if he or she sees limited opportunities for their own organic growth. However paradoxical, we can see how a further deceleration in economic growth could lead to an acceleration in M&Amp;Amp;A deals. With their attractive relative valuations, many small-cap companies should continue to be attractive takeover targets. We also think that many better-managed small-cap businesses will continue to be active as acquirers. We meet with many management teams that run companies with strong balance sheets and are eager to find ways to grow. With interest rates so low, many acquisitions are likely to be accretive, which increases their attraction to a potential buyer. THE NEXT LEG OF THE JOURNEY Disagreements about the condition of the market and state of the economy have created opportunities for active managers and other discerning stock pickers because there’s so little consensus about what constitutes value or quality. Somewhat counterintuitively, this has made us generally quite comfortable with what we’re holding in each of our strategies. Of course, our overall cyclical tilt would not immunize any of our portfolios from a recession. However, the market has provided opportunities to build portfolios that we think are not only inexpensive, but that we think should also provide healthy returns going forward in our most valuation-sensitive strategies. We also expect that many of our high-quality holdings (specifically those in Industrials and Information Technology) could outperform cyclicals in general in the event of a recession thanks to their status as market leaders in global niches as opposed to being one of many players in a highly fragmented commodity business. Across all of our strategies, we’ve been adding or holding positions in areas such as technology, industrials, and many other areas that we think should do well under present or improved conditions. Equally important, many of these holdings already have valuations that seem

This page is not part of the 2019 Semiannual Report to Stockholders | 5

LETTER TO OUR STOCKHOLDERS

We also see four favorable factors in the current market environment—low inflation, modest valuations, moderate growth, and increased access to capital—that we think support solid-to-strong small-cap performance in the intermediate term regardless of what happens next.

to reflect a high probability of an imminent recession. Any economic news that shows improvement—or simply the absence of worsening conditions—may lift these stocks. In framing this promising picture of the long-term possibilities for small-cap cyclicals, we also recognize that the lengthy list of current risks is creating an even higher level of uncertainty than usual. However, having done this for as long as we have—four decades and counting—we are also highly aware that the markets seldom do what’s most expected. Given today’s widespread concerns about slowing growth, increasing trade tensions, and the extended economic cycle, the most surprising outcome—as we’ve suggested—might be a rally catalyzed by improved growth. When looking forward, we believe it’s appropriate to be humble about our own forecasts and respectful of those that differ from ours. With what seems like ever increasing tariff and trade tensions, there is a plausible negative scenario of slowing Chinese growth that tips languishing European economies into recession and pushes global

yields even lower. This would in all likelihood lead to greater instability in global financial markets as well as breeding heightened risk aversion. While we think this outcome is less likely than others, we also believe that investors should remain mindful of the reaction function we mentioned earlier. Additionally, environments that feature increased uncertainty, turbulence, and market volatility often provide opportunities for companies with leading market positions and strong balance sheets to solidify or expand market share. Volatile environments have also been historically favorable for active small-cap managers. We also see four favorable factors in the current market environment—low inflation, modest valuations, moderate growth, and increased access to capital—that we think support solid-to-strong small-cap performance in the intermediate term regardless of current anxieties. These four factors paint an attractive picture in our view, one that small-cap investors might be at risk of missing if they pay more attention to the macro picture than to company fundamentals, where we think the real action is.

Sincerely,

Charles M. Royce |  | Christopher D. Clark |  | Francis D. Gannon
Chairman, |  | Chief Executive Officer, and |  | Co-Chief Investment Officer,
Royce & Associates, LP |  | Co-Chief Investment Officer, |  | Royce & Associates, LP
|  | Royce & Associates, LP |  |
July 31, 2019 |  |  |  |

6 | This page is not part of the 2019 Semiannual Report to Stockholders

Performance

NAV Average Annual Total Returns As of June 30, 2019 (%) |  |  |  |  |  |  |  |  |  |  |  |  |

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | SINCE |  | INCEPTION
|  | YTD1 |  | 1-YR |  | 3-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | 25-YR |  | 30-YR |  | INCEPTION |  | DATE
Royce Global Value Trust |  | 19.19 |  | 0.88 |  | 11.93 |  | 4.55 |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 5.47 |  | 10/17/13
Royce Micro-Cap Trust |  | 13.93 |  | -6.63 |  | 11.10 |  | 5.09 |  | 12.61 |  | 7.74 |  | 9.98 |  | 10.62 |  | N/A |  | 10.43 |  | 12/14/93
Royce Value Trust |  | 19.55 |  | -0.49 |  | 12.69 |  | 6.84 |  | 12.90 |  | 7.80 |  | 9.13 |  | 10.23 |  | 10.33 |  | 10.38 |  | 11/26/86
INDEX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MSCI ACWI Small Cap Index |  | 15.01 |  | -2.96 |  | 9.99 |  | 5.17 |  | 11.48 |  | 8.44 |  | 7.97 |  | 7.60 |  | N/A |  | N/A |  | N/A
Russell Microcap Index |  | 14.15 |  | -10.39 |  | 11.19 |  | 5.52 |  | 12.54 |  | 6.28 |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
Russell 2000 Index |  | 16.98 |  | -3.31 |  | 12.30 |  | 7.06 |  | 13.45 |  | 8.15 |  | 7.77 |  | 9.26 |  | 9.29 |  | 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 Value Trust at 6/30/18 and Royce Micro-Cap Trust at 6/30/19, for financial reporting purposes, and as a result 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. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. 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 MSCI ACWI 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, LLC (“RFS”) is a member of FINRA and files certain material with FINRA on behalf of each Fund. RFS is not an underwriter or distributor of any of the Funds.

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MANAGERS’ DISCUSSION
Royce Global Value Trust (RGT)

Chuck Royce David Nadel

FUND PERFORMANCE
Royce Global Value Trust advanced 19.2% on an NAV (net asset value) basis and 18.8% based on market price for the year-to-date period ended June 30, 2019, outperforming its benchmark, the MSCI ACWI Small Cap Index, which gained 15.0% for the same period. The Fund also outpaced its benchmark on an NAV and market price basis for the one- and three-year periods ended June 30,2019.
WHAT WORKED... AND WHAT DIDN’T
Nine of the fund’s 11 equity sectors finished the first half in the black. The portfolio’s two biggest sectors at the end of June, Industrials and Information Technology, were by far its top positive contributors, followed by Financials. Communication Services was the only sector to detract from results, while Utilities essentially landed flat. Based on country of headquarters, the U.S., Canada, and the U.K. contributed most while comparatively minor detractions came from China, Belgium, and Bermuda.

At the industry level, machinery (Industrials) and capital markets (Financials) were the top positive performers. Machinery company CIRCOR International, which makes valves for fluid control systems, went from being a top detractor for 2018 to the top-contributing position for 2019’s first half. Its shares rose sharply after the company received a takeover offer from a larger industrial company in May. Before the end of June, this company raised its equity offer, and we continue to evaluate the situation. Brazil-based TOTVS provides enterprise resource planning and supply chain management software solutions. It benefited from Brazil’s economic and market recoveries, and analysts showed more confidence in its growth opportunities in FinTech. In addition, TOTVS recently completed a follow-on equity raise that strengthened its seemingly fortress-like balance sheet, providing the company with more-than-ample capital for strategic acquisitions. Kardex is a Swiss intralogistics company that manufactures automated storage and materials handling systems. Its stock began to climb in early March following the report of strong full-year earnings, which helped its shares to recover from a steep price decline in 2018’s fourth quarter.
Conversely, banks (Financials) and media (Communication Services) detracted most at the industry level, though their impacts were comparably low. The stock of U.K.-based Metro Bank fell earlier in the year after the discovery in the first quarter of a historic accounting error relating to how the bank calculated loan risk. We exited our position in June. Virtu Financial, a market maker and liquidity provider, suffered through a difficult market environment for its business model, which tends to do best when equity trading volumes are rising and volatility levels are moderate to high. This was precisely the opposite of what happened in the first half, which featured both low trading volumes and (aside from May) little volatility. We expect these market conditions to normalize, which should support growing profits for Virtu, the portfolio’s third-largest holding at the end of June. Agricultural equipment supplier Lindsay Corporation faced several challenges, including lower farming incomes that have crimped capital spending and led to ongoing weakness in its core market, excess rainfall and flooding in the Midwest, and tariff and trade war woes. In early July, however, Lindsay noted an uptick in domestic irrigation sales, while recent improvement in key crop prices, such as corn, have improved agricultural sentiment. Additionally, the outlook for international irrigation demand remains favorable. Relative to the MSCI ACWI Small Cap Index, both our savvy stock selection and sector allocation drove outperformance, with the former making the larger contribution. Industrials was the biggest source of our relative advantage, mostly because of positive stock picking in machinery and trading companies & distributors. Both our larger exposure and, to a lesser degree, stock selection helped in Information Technology, where we saw strong results in electronic equipment instruments & components as well as software. Our stock selection in Energy also fueled relative results. Materials detracted most from relative performance in the first half, driven by ineffective stock picks in the metals & mining and containers & packaging groups. Financials also hampered relative performance, as we saw poor results from stock selection in capital markets as well as from the media group in the Communication Services sector.

Top Contributors to Performance |  |
Year-to-Date Through 6/30/19 (%)1 |  |
CIRCOR International |  | 0.65
TOTVS |  | 0.62
Kardex |  | 0.54
KBR |  | 0.53
Ashmore Group |  | 0.52
1 Includes dividends |  |

Top Detractors from Performance |  |
Year-to-Date Through 6/30/19 (%)2 |  |
Metro Bank |  | -0.28
Virtu Financial Cl. A |  | -0.19
Lindsay Corporation |  | -0.16
TravelSky Technology |  | -0.13
EnerSys |  | -0.13
2 Net of dividends |  |

CURRENT POSITIONING AND OUTLOOK
We believe that small-cap stocks should benefit as the Fed and other central banks seem set to resume their accommodative positions, which will likely include increasing financial market liquidity. At the end of June, it appeared to us that much recent macroeconomic pessimism was fully reflected in valuations—and markets are very good at surprising most investors. With widespread concerns about slowing growth, increasing trade tensions, and the extended economic cycle, the most surprising outcome might be a rally. We see four favorable factors in the current market environment—low inflation, modest valuations, moderate growth, and increasing liquidity—that together paint an attractive picture for global small-cap investors. With so much attention on negative macro issues, we think investors may be missing this positive picture, especially with regard to profitable cyclical businesses.

8 | 2019 Semiannual Report to Stockholders

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

Performance Average Annual Total Return (%) Through 6/30/19
|  | JAN-JUN 20191 |  | 1-YR |  | 3-YR |  | 5-YR |  | SINCE INCEPTION (10/17/13)
RGT (NAV) |  | 19.19 |  | 0.88 |  | 11.93 |  | 4.55 |  | 5.47
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 |  | 0.9% |  | 19.7% |  | N/A |  | N/A |  | N/A |  | 25.5%

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 Box™ with the center 75% of fund holdings plotted as the Morningstar Ownership Zone™. 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 61 for additional information.

Top 10 Positions |  |
% of Net Assets |  |
FLIR Systems |  | 2.4
Kirby Corporation |  | 2.0
Virtu Financial Cl. A |  | 1.2
TGS-NOPEC Geophysical |  | 1.2
KBR |  | 1.2
Computer Modelling Group |  | 1.2
Kardex |  | 1.2
SEI Investments |  | 1.2
Altus Group |  | 1.2
Ashmore Group |  | 1.1

Portfolio Sector Breakdown |  |
% of Net Assets |  |
Industrials |  | 30.2
Information Technology |  | 21.4
Financials |  | 15.8
Materials |  | 8.2
Health Care |  | 7.4
Energy |  | 4.8
Real Estate |  | 2.9
Consumer Discretionary |  | 2.9
Consumer Staples |  | 2.1
Communication Services |  | 0.1
Preferred Stock |  | 0.6
Cash and Cash Equivalents, Net of Outstanding Line of Credit |  | 3.6

Calendar Year Total Returns (%) |  |
YEAR |  | RGT
2018 |  | -16.1
2017 |  | 31.1
2016 |  | 11.1
2015 |  | -3.4
2014 |  | -6.2

Portfolio Sector Breakdown1,2 |  |
% of Net Assets |  |
United States |  | 27.0
Canada |  | 9.8
Japan |  | 9.1
United Kingdom |  | 9.0
Switzerland |  | 6.0
Germany |  | 4.8
Sweden |  | 4.3
Australia |  | 4.2
France |  | 3.0

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 |  | $130 million |
Number of Holdings |  | 181 |
Turnover Rate |  | 27% |
Net Asset Value |  | $12.42 |
Market Price |  | $10.55 |
Average Market Capitalization1 |  | $2,034 million |
Weighted Average P/E Ratio2,3 |  | 22.0x |
Weighted Average P/B Ratio2 |  | 2.8x |
Active Share4 |  | 98% |

1 | Geometric Average. This weighted calculation uses each portfolio holding’s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio’s center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median.
2 | Harmonic Average. This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio’s share in the earnings or book value, as the case may be, of its underlying stocks.
3 | The fund’s P/E ratio calculation excludes companies with zero or negative earnings (5% of portfolio holdings as of 6/30/19).
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. 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 mid-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 above, 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 2019.

2019 Semiannual Report to Stockholders | 9

Royce Global Value Trust
Schedule of Investments
Common Stocks – 95.8%

|  | SHARES |  |  |  | VALUE |
AUSTRALIA – 4.2% |  |  |  |  |  |  |
ALS |  | 55,000 |  |  | $ | 283,418 |
Bravura Solutions |  | 350,000 |  |  |  | 1,194,187 |
Cochlear |  | 6,500 |  |  |  | 943,878 |
Hansen Technologies |  | 470,000 |  |  |  | 1,296,757 |
IPH |  | 235,000 |  |  |  | 1,230,764 |
Technology One |  | 100,000 |  |  |  | 553,215 |
Total (Cost $4,002,075) |  |  |  |  |  | 5,502,219 |
AUSTRIA – 0.9% |  |  |  |  |  |  |
Mayr-Melnhof Karton |  | 5,500 |  |  |  | 691,698 |
†Rhi Magnesita |  | 8,300 |  |  |  | 509,742 |
Total (Cost $1,120,030) |  |  |  |  |  | 1,201,440 |
BRAZIL – 2.5% |  |  |  |  |  |  |
B3-Brasil, Bolsa, Balcao |  | 32,847 |  |  |  | 320,434 |
†Estacio Participacoes |  | 54,900 |  |  |  | 414,615 |
OdontoPrev |  | 220,000 |  |  |  | 1,046,160 |
Tegma Gestao Logistica |  | 30,000 |  |  |  | 224,612 |
TOTVS |  | 114,171 |  |  |  | 1,307,334 |
Total (Cost $2,295,327) |  |  |  |  |  | 3,313,155 |
CANADA – 9.8% |  |  |  |  |  |  |
Agnico Eagle Mines 1 |  | 10,000 |  |  |  | 512,400 |
Altus Group |  | 62,400 |  |  |  | 1,528,134 |
Computer Modelling Group |  | 283,000 |  |  |  | 1,573,243 |
E-L Financial |  | 1,300 |  |  |  | 739,567 |
†EnWave 2 |  | 94,400 |  |  |  | 171,564 |
FirstService Corporation |  | 10,300 |  |  |  | 987,976 |
Franco-Nevada 1 |  | 12,700 |  |  |  | 1,077,976 |
Genworth MI Canada |  | 13,000 |  |  |  | 411,378 |
Major Drilling Group International 2 |  | 209,600 |  |  |  | 677,032 |
Morneau Shepell |  | 35,000 |  |  |  | 790,310 |
Pan American Silver 1 |  | 31,800 |  |  |  | 410,538 |
Parex Resources 2 |  | 26,700 |  |  |  | 428,366 |
†Pason Systems |  | 45,000 |  |  |  | 652,209 |
Questor Technology 2 |  | 24,400 |  |  |  | 91,205 |
Sprott |  | 520,600 |  |  |  | 1,339,714 |
Stella-Jones |  | 37,000 |  |  |  | 1,335,283 |
Total (Cost $12,885,492) |  |  |  |  |  | 12,726,895 |
CHINA – 0.9% |  |  |  |  |  |  |
A-Living Services |  | 203,700 |  |  |  | 344,207 |
†Minth Group |  | 90,800 |  |  |  | 244,676 |
TravelSky Technology |  | 300,000 |  |  |  | 602,942 |
Total (Cost $1,067,403) |  |  |  |  |  | 1,191,825 |
DENMARK – 0.4% |  |  |  |  |  |  |
SimCorp |  | 6,000 |  |  |  | 580,426 |
Total (Cost $386,884) |  |  |  |  |  | 580,426 |
FRANCE – 3.0% |  |  |  |  |  |  |
†Esker |  | 1,000 |  |  |  | 96,312 |
Gaztransport Et Technigaz |  | 6,500 |  |  |  | 651,530 |
Interparfums |  | 17,600 |  |  |  | 843,546 |
Lectra |  | 12,500 |  |  |  | 320,520 |
Neurones |  | 32,500 |  |  |  | 809,331 |
Robertet |  | 500 |  |  |  | 363,304 |
Thermador Groupe |  | 13,500 |  |  |  | 878,069 |
Total (Cost $2,756,097) |  |  |  |  |  | 3,962,612 |
GERMANY – 4.2% |  |  |  |  |  |  |
Amadeus Fire |  | 6,000 |  |  |  | 817,348 |
AURELIUS Equity Opportunities |  | 10,800 |  |  |  | 512,841 |
Carl Zeiss Meditec |  | 6,500 |  |  |  | 641,182 |
CompuGroup Medical |  | 10,000 |  |  |  | 807,341 |
MorphoSys 2 |  | 6,000 |  |  |  | 576,169 |
Norma Group |  | 21,800 |  |  |  | 903,303 |
PATRIZIA |  | 25,300 |  |  |  | 523,589 |
STRATEC |  | 10,000 |  |  |  | 647,010 |
Total (Cost $4,024,824) |  |  |  |  |  | 5,428,783 |
GREECE – 0.3% |  |  |  |  |  |  |
Sarantis |  | 32,300 |  |  |  | 326,515 |
Total (Cost $282,957) |  |  |  |  |  | 326,515 |
HONG KONG – 0.6% |  |  |  |  |  |  |
Value Partners Group |  | 1,111,200 |  |  |  | 741,113 |
Total (Cost $887,512) |  |  |  |  |  | 741,113 |
INDIA – 2.5% |  |  |  |  |  |  |
AIA Engineering 2 |  | 30,000 |  |  |  | 780,558 |
Bajaj Finance |  | 20,000 |  |  |  | 1,067,777 |
Cyient |  | 75,000 |  |  |  | 587,918 |
†Muthoot Finance |  | 50,000 |  |  |  | 467,205 |
SH Kelkar & Company |  | 200,000 |  |  |  | 376,662 |
Total (Cost $3,397,450) |  |  |  |  |  | 3,280,120 |
INDONESIA – 0.5% |  |  |  |  |  |  |
Selamat Sempurna |  | 5,500,000 |  |  |  | 593,700 |
Total (Cost $513,090) |  |  |  |  |  | 593,700 |
IRELAND – 0.1% |  |  |  |  |  |  |
†Dalata Hotel Group |  | 33,100 |  |  |  | 177,087 |
Total (Cost $215,377) |  |  |  |  |  | 177,087 |
ISRAEL – 0.4% |  |  |  |  |  |  |
Nova Measuring Instruments 1,2 |  | 19,800 |  |  |  | 506,682 |
Total (Cost $491,579) |  |  |  |  |  | 506,682 |
ITALY – 1.5% |  |  |  |  |  |  |
†Avio |  | 18,300 |  |  |  | 302,146 |
†Carel Industries |  | 60,000 |  |  |  | 730,018 |
DiaSorin |  | 8,000 |  |  |  | 928,783 |
Total (Cost $1,369,262) |  |  |  |  |  | 1,960,947 |
JAPAN – 9.1% |  |  |  |  |  |  |
As One |  | 10,000 |  |  |  | 830,126 |
Benefit One |  | 47,500 |  |  |  | 818,578 |
Cosel |  | 90,000 |  |  |  | 959,143 |
Daifuku |  | 17,500 |  |  |  | 982,006 |
eGuarantee |  | 7,600 |  |  |  | 91,145 |
EPS Holdings |  | 40,000 |  |  |  | 620,322 |
Fujitec |  | 50,000 |  |  |  | 652,970 |
†Harmonic Drive Systems |  | 9,500 |  |  |  | 366,113 |
Meitec Corporation |  | 20,000 |  |  |  | 1,025,831 |
Morningstar Japan KK |  | 100,000 |  |  |  | 308,863 |
NSD |  | 35,000 |  |  |  | 1,011,223 |
†Pigeon |  | 13,100 |  |  |  | 526,722 |
†Prestige International |  | 35,500 |  |  |  | 526,828 |
Relo Group |  | 30,000 |  |  |  | 754,904 |
†SCSK |  | 8,300 |  |  |  | 408,014 |
TKC Corporation |  | 23,000 |  |  |  | 1,017,577 |

10 | 2019 Semiannual Report to Stockholders | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2019 (unaudited)

Schedule of Investments (continued)

|  | SHARES |  |  |  | VALUE |
JAPAN (continued) |  |  |  |  |  |  |
USS |  | 30,000 |  |  | $ | 590,734 |
†UT Group |  | 17,100 |  |  |  | 414,752 |
Total (Cost $10,063,532) |  |  |  |  |  | 11,905,851 |
MEXICO – 0.6% |  |  |  |  |  |  |
Becle |  | 200,000 |  |  |  | 309,684 |
Bolsa Mexicana de Valores |  | 250,000 |  |  |  | 471,768 |
Total (Cost $789,517) |  |  |  |  |  | 781,452 |
NETHERLANDS – 2.0% |  |  |  |  |  |  |
†Brunel International |  | 27,900 |  |  |  | 408,619 |
IMCD |  | 11,000 |  |  |  | 1,008,153 |
Intertrust |  | 55,000 |  |  |  | 1,136,361 |
Total (Cost $2,267,213) |  |  |  |  |  | 2,553,133 |
NEW ZEALAND – 0.6% |  |  |  |  |  |  |
Fisher & Paykel Healthcare |  | 70,654 |  |  |  | 733,815 |
Total (Cost $382,216) |  |  |  |  |  | 733,815 |
NORWAY – 1.6% |  |  |  |  |  |  |
NRC Group 2 |  | 69,400 |  |  |  | 520,676 |
TGS-NOPEC Geophysical |  | 57,500 |  |  |  | 1,612,342 |
Total (Cost $1,650,916) |  |  |  |  |  | 2,133,018 |
POLAND – 0.4% |  |  |  |  |  |  |
†KRUK |  | 11,700 |  |  |  | 573,460 |
Total (Cost $516,151) |  |  |  |  |  | 573,460 |
RUSSIA – 0.3% |  |  |  |  |  |  |
Globaltrans Investment GDR |  | 42,000 |  |  |  | 390,600 |
Total (Cost $413,086) |  |  |  |  |  | 390,600 |
SINGAPORE – 0.7% |  |  |  |  |  |  |
Midas Holdings 2,3 |  | 400,000 |  |  |  | 0 |
XP Power |  | 30,000 |  |  |  | 841,976 |
Total (Cost $817,261) |  |  |  |  |  | 841,976 |
SOUTH AFRICA – 1.2% |  |  |  |  |  |  |
Coronation Fund Managers |  | 70,800 |  |  |  | 224,690 |
Hudaco Industries |  | 65,000 |  |  |  | 559,319 |
PSG Group |  | 25,000 |  |  |  | 424,228 |
Transaction Capital |  | 246,800 |  |  |  | 349,918 |
Total (Cost $1,872,157) |  |  |  |  |  | 1,558,155 |
SOUTH KOREA – 0.3% |  |  |  |  |  |  |
Koh Young Technology |  | 6,100 |  |  |  | 439,016 |
Total (Cost $501,576) |  |  |  |  |  | 439,016 |
SPAIN – 0.3% |  |  |  |  |  |  |
Applus Services |  | 30,000 |  |  |  | 407,650 |
Total (Cost $361,708) |  |  |  |  |  | 407,650 |
SWEDEN – 4.3% |  |  |  |  |  |  |
Addtech Cl. B |  | 12,500 |  |  |  | 379,598 |
Bravida Holding |  | 87,500 |  |  |  | 775,483 |
Bufab |  | 33,900 |  |  |  | 389,154 |
Dometic Group |  | 55,000 |  |  |  | 550,702 |
Hexpol |  | 110,000 |  |  |  | 896,119 |
Lagercrantz Group |  | 60,000 |  |  |  | 856,760 |
Loomis Cl. B |  | 12,500 |  |  |  | 429,672 |
†Mycronic |  | 40,600 |  |  |  | 493,173 |
OEM International Cl. B |  | 16,500 |  |  |  | 442,433 |
Scandi Standard |  | 55,500 |  |  |  | 382,505 |
Total (Cost $4,817,384) |  |  |  |  |  | 5,595,599 |
SWITZERLAND – 6.0% |  |  |  |  |  |  |
Burkhalter Holding |  | 10,000 |  |  |  | 788,773 |
†Coltene Holding |  | 3,000 |  |  |  | 272,280 |
dormakaba Holding |  | 600 |  |  |  | 434,849 |
Forbo Holding |  | 200 |  |  |  | 353,206 |
Inficon Holding |  | 1,400 |  |  |  | 854,026 |
Kardex |  | 9,000 |  |  |  | 1,570,990 |
LEM Holding |  | 600 |  |  |  | 843,270 |
Partners Group Holding |  | 1,350 |  |  |  | 1,060,695 |
†VAT Group |  | 5,400 |  |  |  | 665,181 |
VZ Holding |  | 3,600 |  |  |  | 986,478 |
Total (Cost $6,403,586) |  |  |  |  |  | 7,829,748 |
THAILAND – 0.1% |  |  |  |  |  |  |
Krungthai Card |  | 64,200 |  |  |  | 90,541 |
Total (Cost $93,180) |  |  |  |  |  | 90,541 |
UKRAINE – 0.2% |  |  |  |  |  |  |
MHP GDR |  | 30,000 |  |  |  | 303,000 |
Total (Cost $411,612) |  |  |  |  |  | 303,000 |
UNITED KINGDOM – 9.0% |  |  |  |  |  |  |
Abcam |  | 40,000 |  |  |  | 748,762 |
Advanced Medical Solutions Group |  | 70,000 |  |  |  | 266,689 |
Ashmore Group |  | 228,300 |  |  |  | 1,477,191 |
Clarkson |  | 15,600 |  |  |  | 497,261 |
Computacenter |  | 30,000 |  |  |  | 507,472 |
Consort Medical |  | 57,500 |  |  |  | 620,688 |
Croda International |  | 11,226 |  |  |  | 729,930 |
Diploma |  | 35,000 |  |  |  | 680,947 |
DiscoverIE Group |  | 65,000 |  |  |  | 346,696 |
FDM Group Holdings |  | 75,500 |  |  |  | 892,654 |
Ferroglobe (Warranty Insurance Trust) 2,3 |  | 41,100 |  |  |  | 0 |
†Johnson Service Group |  | 150,000 |  |  |  | 283,834 |
Jupiter Fund Management |  | 36,000 |  |  |  | 193,159 |
†Keystone Law Group |  | 13,400 |  |  |  | 88,490 |
†Marlowe 2 |  | 50,000 |  |  |  | 284,469 |
†Mortgage Advice Bureau Holdings |  | 26,300 |  |  |  | 198,728 |
†Next Fifteen Communications Group |  | 21,858 |  |  |  | 176,544 |
Polypipe Group |  | 125,000 |  |  |  | 705,457 |
Porvair |  | 50,000 |  |  |  | 369,555 |
Restore |  | 50,000 |  |  |  | 253,990 |
Rotork |  | 90,000 |  |  |  | 361,859 |
†RWS Holdings |  | 11,500 |  |  |  | 94,637 |
Spirax-Sarco Engineering |  | 9,000 |  |  |  | 1,049,804 |
Victrex |  | 25,500 |  |  |  | 700,783 |
WANdisco 2 |  | 26,800 |  |  |  | 153,156 |
Total (Cost $9,784,998) |  |  |  |  |  | 11,682,755 |
UNITED STATES – 27.0% |  |  |  |  |  |  |
Air Lease Cl. A 1 |  | 27,060 |  |  |  | 1,118,660 |
†Boku 2 |  | 94,800 |  |  |  | 137,246 |
Brooks Automation 1 |  | 21,700 |  |  |  | 840,875 |
Burford Capital |  | 22,300 |  |  |  | 438,958 |
†Cabot Microelectronics |  | 10,300 |  |  |  | 1,133,824 |
CIRCOR International 1,2 |  | 21,400 |  |  |  | 984,400 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS | 2019 Semiannual Report to Stockholders | 11

Royce Global Value Trust | June 30, 2019 (unaudited)

Schedule of Investments (continued)

|  | SHARES |  |  |  | VALUE |
UNITED STATES (continued) |  |  |  |  |  |  |
Cognex Corporation 1 |  | 10,748 |  |  | $ | 515,689 |
Coherent 1,2,4 |  | 3,600 |  |  |  | 490,932 |
†Colfax Corporation 2 |  | 42,900 |  |  |  | 1,202,487 |
Diodes 1,2 |  | 20,500 |  |  |  | 745,585 |
FLIR Systems 1,4 |  | 56,700 |  |  |  | 3,067,470 |
Helios Technologies 1 |  | 15,139 |  |  |  | 702,601 |
Innospec 1 |  | 12,457 |  |  |  | 1,136,577 |
Kadant 1 |  | 7,800 |  |  |  | 708,318 |
KBR 1,4 |  | 64,600 |  |  |  | 1,611,124 |
Kirby Corporation 1,2,4 |  | 32,900 |  |  |  | 2,599,100 |
KKR & Co. Cl. A 1 |  | 50,000 |  |  |  | 1,263,500 |
Lazard Cl. A |  | 27,400 |  |  |  | 942,286 |
Lindsay Corporation 1 |  | 13,700 |  |  |  | 1,126,277 |
Littelfuse |  | 4,000 |  |  |  | 707,640 |
ManpowerGroup 1 |  | 8,800 |  |  |  | 850,080 |
Morningstar |  | 7,200 |  |  |  | 1,041,408 |
Nanometrics 1,2,4 |  | 32,000 |  |  |  | 1,110,720 |
National Instruments 1 |  | 15,200 |  |  |  | 638,248 |
Popular 1 |  | 13,100 |  |  |  | 710,544 |
Quaker Chemical 1,4 |  | 6,069 |  |  |  | 1,231,279 |
Raven Industries |  | 40,000 |  |  |  | 1,435,200 |
†Rudolph Technologies 2 |  | 15,600 |  |  |  | 431,028 |
SEACOR Holdings 1,2 |  | 20,200 |  |  |  | 959,702 |
SEACOR Marine Holdings 2 |  | 20,309 |  |  |  | 303,822 |
SEI Investments 1 |  | 27,600 |  |  |  | 1,548,360 |
Standard Motor Products |  | 11,200 |  |  |  | 507,808 |
Tennant Company 1 |  | 11,600 |  |  |  | 709,920 |
Virtu Financial Cl. A 1 |  | 74,300 |  |  |  | 1,618,254 |
†Webster Financial |  | 12,500 |  |  |  | 597,125 |
Total (Cost $26,643,542) |  |  |  |  |  | 35,167,047 |
URUGUAY – 0.3% |  |  |  |  |  |  |
Arcos Dorados Holdings Cl. A 1 |  | 46,800 |  |  |  | 340,704 |
Total (Cost $351,426) |  |  |  |  |  | 340,704 |
TOTAL COMMON STOCKS |  |  |  |  |  |  |
(Cost $103,836,420) |  |  |  |  |  | 124,821,039 |
PREFERRED STOCK – 0.6% |  |  |  |  |  |  |
GERMANY – 0.6% |  |  |  |  |  |  |
FUCHS PETROLUB |  | 18,500 |  |  |  | 727,437 |
(Cost $802,646) |  |  |  |  |  | 727,437 |
REPURCHASE AGREEMENT – 9.7% |  |  |  |  |  |  |
Fixed Income Clearing Corporation, 0.50% dated 6/28/19, due 7/1/19, maturity value $12,592,525 (collateralized by obligations of various U.S. Government Agencies, 1.75% due 5/31/22, valued at $12,845,674) |
(Cost $12,592,000) |  |  |  |  |  | 12,592,000 |
TOTAL INVESTMENTS – 106.1% |  |  |  |  |  |  |
(Cost $117,231,066) |  |  |  |  |  | 138,140,476 |
LIABILITIES LESS CASH AND OTHER ASSETS – (6.1)% |  |  |  |  |  | (7,926,453 | )
NET ASSETS – 100.0% |  |  |  |  | $ | 130,214,023 |

| GDR – Global Depository Receipt
† | New additions in 2019.
1 | All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at June 30, 2019. Total market value of pledged securities at June 30, 2019, was $18,544,768.
2 | Non-income producing.
3 | Securities for which market quotations are not readily available represent 0.0% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.
4 | At June 30, 2019, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $6,455,767.
| 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, 2019, market value.
| TAX INFORMATION: The cost of total investments for Federal income tax purposes was $117,287,970. At June 30, 2019, net unrealized appreciation for all securities was $20,852,506 consisting of aggregate gross unrealized appreciation of $26,390,273 and aggregate gross unrealized depreciation of $5,537,767. The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

12 | 2019 Semiannual Report to Stockholders | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Global Value Trust | June 30, 2019 (unaudited)

Statement of Assets and Liabilities

ASSETS: |  |  |  |
Investments at value |  | $ | 125,548,476 |
Repurchase agreements (at cost and value) |  |  | 12,592,000 |
Cash |  |  | 130 |
Foreign currency (cost $21,244) |  |  | 21,276 |
Receivable for investments sold |  |  | 172,454 |
Receivable for dividends and interest |  |  | 302,031 |
Prepaid expenses and other assets |  |  | 40,017 |
Total Assets |  |  | 138,676,384 |
LIABILITIES: |  |  |  |
Revolving credit agreement |  |  | 8,000,000 |
Payable for investments purchased |  |  | 276,420 |
Payable for investment advisory fee |  |  | 104,211 |
Payable for directors’ fees |  |  | 9,199 |
Payable for interest expense |  |  | 22,333 |
Accrued expenses |  |  | 50,198 |
Total Liabilities |  |  | 8,462,361 |
Net Assets |  | $ | 130,214,023 |
ANALYSIS OF NET ASSETS: |  |  |  |
Paid-in capital - $0.001 par value per share; 10,482,026 shares outstanding (150,000,000 shares authorized) |  | $ | 118,153,404 |
Total distributable earnings (loss) |  |  | 12,060,619 |
Net Assets (net asset value per share - $12.42) |  | $ | 130,214,023 |
Investments at identified cost |  | $ | 104,639,066 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS | 2019 Semiannual Report to Stockholders | 13

Royce Global Value Trust
Statement of Changes in Net Assets

|  | SIX MONTHS ENDED |  |  |  |
|  | 6/30/19 |  |  |  |
|  | (UNAUDITED) |  | YEAR ENDED 12/31/18
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 609,232 |  |  | $ | 386,440 |
Net realized gain (loss) on investments and foreign currency |  |  | 1,298,056 |  |  |  | 4,457,193 |
Net change in unrealized appreciation (depreciation) on investments and foreign currency |  |  | 19,053,104 |  |  |  | (25,870,375 | )
Net increase (decrease) in net assets from investment operations |  |  | 20,960,392 |  |  |  | (21,026,742 | )
DISTRIBUTIONS: |  |  |  |  |  |  |  |
Total distributable earnings |  |  | – |  |  |  | (418,468 | )
Total distributions |  |  | – |  |  |  | (418,468 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | – |  |  |  | 172,659 |
Total capital stock transactions |  |  | – |  |  |  | 172,659 |
Net Increase (Decrease) In Net Assets |  |  | 20,960,392 |  |  |  | (21,272,551 | )
NET ASSETS: |  |  |  |  |  |  |  |
Beginning of period |  |  | 109,253,631 |  |  |  | 130,526,182 |
End of period |  | $ | 130,214,023 |  |  | $ | 109,253,631 |

14 | 2019 Semiannual Report to Stockholders | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Global Value Trust | Six Months Ended June 30, 2019 (unaudited)
Statement of Operations |

INVESTMENT INCOME: |  |  |  |
INCOME: |  |  |  |
Dividends |  | $ | 1,666,017 |
Foreign withholding tax |  |  | (147,760 | )
Interest |  |  | 9,950 |
Rehypothecation income |  |  | 7,080 |
Total income |  |  | 1,535,287 |
EXPENSES: |  |  |  |
Investment advisory fees |  |  | 611,910 |
Interest expense |  |  | 142,672 |
Custody and transfer agent fees |  |  | 52,791 |
Professional fees |  |  | 29,839 |
Administrative and office facilities |  |  | 29,790 |
Stockholder reports |  |  | 28,588 |
Directors’ fees |  |  | 15,838 |
Other expenses |  |  | 14,697 |
Total expenses |  |  | 926,125 |
Compensating balance credits |  |  | (70 | )
Net expenses |  |  | 926,055 |
Net investment income (loss) |  |  | 609,232 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |  |  |  |
NET REALIZED GAIN (LOSS): |  |  |  |
Investments |  |  | 1,356,444 |
Foreign currency transactions |  |  | (58,388 | )
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |
Investments |  |  | 19,048,577 |
Other assets and liabilities denominated in foreign currency |  |  | 4,527 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 20,351,160 |
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS |  | $ | 20,960,392 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS | 2019 Semiannual Report to Stockholders | 15

Royce Global Value Trust | Six Months Ended June 30, 2019 (unaudited)
Statement of Cash Flows |

CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |
Net increase (decrease) in net assets from investment operations |  | $ | 20,960,392 |
Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities: |  |  |  |
Purchases of long-term investments |  |  | (34,582,081 | )
Proceeds from sales and maturities of long-term investments |  |  | 46,031,443 |
Net purchases, sales and maturities of short-term investments |  |  | (11,950,000 | )
Net (increase) decrease in dividends and interest receivable and other assets |  |  | (46,388 | )
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities |  |  | (3,273 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | (19,048,577 | )
Net realized gain (loss) on investments |  |  | (1,356,444 | )
Net cash provided by operating activities |  |  | 5,072 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
Distributions |  |  | – |
Reinvestment of distributions |  |  | – |
Net cash used for financing activities |  |  | – |
INCREASE (DECREASE) IN CASH: |  |  | 5,072 |
Cash and foreign currency at beginning of period |  |  | 16,334 |
Cash and foreign currency at end of period |  | $ | 21,406 |

Supplemental disclosure of cash flow information:
For the six months ended June 30, 2019, the Fund paid $123,670 in interest expense.

16 | 2019 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
|  | 6/30/19 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | (UNAUDITED) |  | 12/31/18 |  |  | 12/31/17 |  |  | 12/31/16 |  |  | 12/31/15 |  |  | 12/31/14 |
Net Asset Value, Beginning of Period |  | $ | 10.42 |  |  | $ | 12.48 |  |  | $ | 9.62 |  |  | $ | 8.81 |  |  | $ | 9.25 |  |  | $ | 10.05 |
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | 0.06 |  |  |  | 0.04 |  |  |  | 0.02 |  |  |  | 0.06 |  |  |  | 0.10 |  |  |  | 0.13 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 1.94 |  |  |  | (2.06 | ) |  |  | 2.96 |  |  |  | 0.90 |  |  |  | (0.43 | ) |  |  | (0.77 | )
Net increase (decrease) in net assets from investment operations |  |  | 2.00 |  |  |  | (2.02 | ) |  |  | 2.98 |  |  |  | 0.96 |  |  |  | (0.33 | ) |  |  | (0.64 | )
DISTRIBUTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | – |  |  |  | (0.04 | ) |  |  | (0.11 | ) |  |  | (0.14 | ) |  |  | (0.10 | ) |  |  | (0.15 | )
Net realized gain on investments and foreign currency |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total distributions |  |  | – |  |  |  | (0.04 | ) |  |  | (0.11 | ) |  |  | (0.14 | ) |  |  | (0.10 | ) |  |  | (0.15 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of reinvestment of distributions by Common Stockholders |  |  | – |  |  |  | (0.00 | ) |  |  | (0.01 | ) |  |  | (0.01 | ) |  |  | (0.01 | ) |  |  | (0.01 | )
Total capital stock transactions |  |  | – |  |  |  | (0.00 | ) |  |  | (0.01 | ) |  |  | (0.01 | ) |  |  | (0.01 | ) |  |  | (0.01 | )
Net Asset Value, End of Period |  | $ | 12.42 |  |  | $ | 10.42 |  |  | $ | 12.48 |  |  | $ | 9.62 |  |  | $ | 8.81 |  |  | $ | 9.25 |
Market Value, End of Period |  | $ | 10.55 |  |  | $ | 8.88 |  |  | $ | 10.81 |  |  | $ | 8.04 |  |  | $ | 7.45 |  |  | $ | 8.04 |
TOTAL RETURN:1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Asset Value |  |  | 19.19 | %2 |  |  | (16.11 | )% |  |  | 31.07 | % |  |  | 11.12 | % |  |  | (3.44 | )% |  |  | (6.23 | )%
Market Value |  |  | 18.84 | %2 |  |  | (17.50 | )% |  |  | 35.96 | % |  |  | 9.77 | % |  |  | (6.06 | )% |  |  | (7.86 | )%
RATIOS BASED ON AVERAGE NET ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fee expense |  |  | 1.00 | %3 |  |  | 1.25 | % |  |  | 1.25 | % |  |  | 1.25 | % |  |  | 1.25 | % |  |  | 1.25 | %
Other operating expenses |  |  | 0.51 | %3 |  |  | 0.49 | % |  |  | 0.42 | % |  |  | 0.46 | % |  |  | 0.43 | % |  |  | 0.24 | %
Total expenses (net) |  |  | 1.51 | %3 |  |  | 1.74 | % |  |  | 1.67 | % |  |  | 1.71 | % |  |  | 1.68 | % |  |  | 1.49 | %
Expenses excluding interest expense |  |  | 1.28 | %3 |  |  | 1.53 | % |  |  | 1.52 | % |  |  | 1.57 | % |  |  | 1.58 | % |  |  | 1.49 | %
Expenses prior to balance credits |  |  | 1.51 | %3 |  |  | 1.74 | % |  |  | 1.67 | % |  |  | 1.71 | % |  |  | 1.68 | % |  |  | 1.49 | %
Net investment income (loss) |  |  | 1.00 | %3 |  |  | 0.30 | % |  |  | 0.21 | % |  |  | 0.69 | % |  |  | 1.03 | % |  |  | 1.30 | %
SUPPLEMENTAL DATA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Assets, End of Period (in thousands) |  | $ | 130,214 |  |  | $ | 109,254 |  |  | $ | 130,526 |  |  | $ | 100,228 |  |  | $ | 91,174 |  |  | $ | 95,285 |
Portfolio Turnover Rate |  |  | 27 | % |  |  | 57 | % |  |  | 34 | % |  |  | 59 | % |  |  | 65 | % |  |  | 43 | %
REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset coverage |  |  | 1728 | % |  |  | 1466 | % |  |  | 1732 | % |  |  | 1353 | % |  |  | 1240 | % |  |  |  |
Asset coverage per $1,000 |  |  | 17,277 |  |  |  | 14,657 |  |  |  | 17,316 |  |  |  | 13,528 |  |  |  | 12,397 |  |  |  |  |

1 | 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.
2 | Not annualized
3 | Annualized

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS | 2019 Semiannual Report to Stockholders | 17

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, 2019. 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 |  | $ | 124,821,039 |  |  | $ | – |  |  | $ | 0 |  |  | $ | 124,821,039
Preferred Stocks |  |  | 727,437 |  |  |  | – |  |  |  | – |  |  |  | 727,437
Repurchase Agreement |  |  | – |  |  |  | 12,592,000 |  |  |  | – |  |  |  | 12,592,000

Level 3 Reconciliation:

|  |  | BALANCE AS OF 12/31/18 |  |  |  | PURCHASES |  |  |  | SALES |  |  |  | REALIZED GAIN (LOSS) |  |  | UNREALIZED GAIN (LOSS)1 |  | BALANCE AS OF 6/30/19
Common Stocks |  |  | $ 42,261 |  |  |  | $ – |  |  |  | $ – |  |  |  | $ – |  |  |  | $ (42,261) |  |  |  | $ 0

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.

18 | 2019 Semiannual Report to Stockholders

Royce Global Value Trust

Notes to Financial Statements (unaudited) (continued)

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, 2019 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, other than investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates.
The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
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 gains in 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.

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 20,315 shares of Common Stock as reinvestment of distributions for the year ended December 31, 2018.

2019 Semiannual Report to Stockholders | 19

Royce Global Value Trust

Notes to Financial Statements (unaudited) (continued)

Borrowings:
The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 179-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 or as otherwise required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI 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 which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.
As of June 30, 2019, the Fund has outstanding borrowings of $8,000,000. During the six months ended June 30, 2019, the Fund borrowed an average daily balance of $8,000,000 at a weighted average borrowing cost of 3.55%. The maximum amount outstanding during the six months ended June 30, 2019, was $8,000,000. As of June 30, 2019, the aggregate value of rehypothecated securities was $6,455,767. During the six months ended June 30, 2019, the Fund earned $7,080 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 1.00% of the Fund’s average daily net assets. For the six months ended June 30, 2019, the Fund expensed Royce investment advisory fees totaling $611,910.
Purchases and Sales of Investment Securities:
For the six months ended June 30, 2019, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $34,572,078 and $44,422,586, 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. The Fund’s Chief Compliance Officer reviews such transactions each quarter for compliance with the requirements and restrictions set forth by Rule 17a-7, and reports the results of her review to the Board of Directors. Cross trades for the six months ended June 30, 2019, were as follows:

COSTS OF PURCHASES |  | PROCEEDS FROM SALES |  |  | REALIZED GAIN (LOSS)
| $ – |  |  |  | $699,687 |  |  |  |  | $55,743 |

Subsequent Events:
Subsequent events have been evaluated through the date the financial statements were issued.

20 | 2019 Semiannual Report to Stockholders

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2019 Semiannual Report to Stockholders | 21

|  | MANAGERS’ DISCUSSION
Royce Micro-Cap Trust (RMT) |  |

Chuck Royce Brendan Hartmann, Chris Flynn, Jim Stoeffel

FUND PERFORMANCE For the year-to-date period ended June 30, 2019, Royce Micro-Cap Trust advanced 13.9% on an NAV (net asset value basis) and 15.5% based on market price compared to respective gains of 14.1% and 17.0% for RMT’s unleveraged benchmarks, the Russell Microcap and Russell 2000 Indexes, for the same period. The Fund also outpaced the Russell Microcap on an NAV and market price basis for the one-, 10-, and 15-year periods ended June 30, 2019 (while beating the micro-cap index on a market price basis for the three-year period as well). As results for both the Fund and its two benchmarks show, first-half results trended lower the further down the capitalization range you traveled.
WHAT WORKED... AND WHAT DIDN’T
Nine of RMT’s 11 equity sectors contributed to first-half results, with only Communication Services and Consumer Staples, two of its lowest weightings, detracting. Its largest—Industrials—made the biggest contribution to performance and led by a substantial margin, followed by Information Technology, Health Care, and Financials. The portfolio’s seven top-contributing industry groups came from six different sectors, with machinery (Industrials) having the largest positive impact, followed by semiconductors & semiconductor equipment (Information Technology) and capital markets (Financials). We were very pleased to see strong results from these and many other cyclical areas in the first half. Detractors had a much lower comparative effect. The largest negative impacts came from media, interactive media & services, and entertainment (all in Communication Services). The Fund’s top contributor came from the machinery group as the stock of CIRCOR International, which makes precision valves, rose sharply after it received a takeover offer from a larger industrial company in May. Before the end of June, this company raised its equity offer, and we continue to evaluate the situation. Solium Capital, which provides cloud-based services for global equity administration, financial reporting, and compliance, first saw its stock rise in February on news that Morgan Stanley would acquire it before it then reported robust revenues and earnings for the fourth quarter and full year ended December 31, 2018. We began to sell our stake on news of the acquisition. Quanterix Corporation, a medical technology provider that offers ultra-high sensitivity immunoassay platforms used in testing protein biomarkers. Its shares benefited as the company’s leading edge technology drove significant growth in critical life sciences research applications in areas such as neurology, oncology, and cardiology, among others. It was a top-20 position at the end of June. The biggest detractor at the position level was comScore, a technology and data analytics company that measures consumer media consumption across platforms, including websites, TV, and movies. The firm has faced accounting issues, which led to a major shakeup in upper management that was followed by a second. A long-term turnaround candidate, we are hopeful that its very strong niche in cross-platform media consumption measurement can lead it to recover. We added shares in April. Infrastructure and Energy Alternatives is a diversified infrastructure construction company with specialized energy and heavy civil expertise. The firm built and diversified its services with an acquisition in October 2018, but also fell well short of expectations for the fourth quarter and full year because weather-related events caused problems for six of the firm’s nine major wind projects that were being built. Thinking that the company could rebound, we held our shares at the end of June. Child-care referral specialist Care.com saw its shares begin to fall in March when an investigation revealed that several day-care centers listed by the company were not actually licensed. The fallout led to the firm’s CFO resigning in June. After adding shares in January, we held our position to see how the company would go about rebuilding trust with its customers. The Fund’s first-half relative underperformance versus the Russell 2000 came mostly from stock selection, though sector allocation also played a role. In addition, micro-cap stocks lagged small-caps in general during the first half. Communication Services was by far the biggest source of underperformance, almost entirely due to ineffective stock picking in the media group. Poor stock selection in Consumer Discretionary also hurt, as nine of its 11 industry groups detracted from first-half results. Conversely, effective stock selection in the insurance group helped to drive outperformance in Financials, where our lower exposure was a positive, while in Energy, stock picks in the sector’s oil, gas & consumable fuels group boosted relative returns.

| Top Contributors to Performance Year-to-Date Through 6/30/19 (%)1 |  |
CIRCOR International |  | 1.03
Solium Capital Inc. |  | 0.51
Quanterix Corporation |  | 0.49
National Research |  | 0.45
Zealand Pharma |  | 0.43
1 Includes dividends |  |

| Top Detractors from Performance Year-to-Date Through 6/30/19 (%)2 |  |
comScore |  | -0.65
Infrastructure and Energy Alternatives |  | -0.41
Care.com |  | -0.38
Zafgen |  | -0.33
Stamps.com |  | -0.30
2 Net of dividends |  |

CURRENT POSITIONING AND OUTLOOK
Markets are very good at surprising most investors. Today, with widespread concerns about slowing growth, increasing trade tensions, and the extended economic cycle, the most surprising outcome might be a rally. We see four favorable factors in the current market environment—low inflation, modest valuations, moderate growth, and increasing liquidity. When taken together, we see these factors as painting an attractive picture for small-cap investors. With so much attention on negative macro issues, we think investors may be missing this positive picture, especially with regard to profitable cyclical businesses.

22 | 2019 Semiannual Report to Stockholders |

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

Performance
Average Annual Total Return (%) Through 6/30/19
|  | JAN-JUN 20191 |  | 1-YR |  | 3-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | 25-YR |  | SINCE INCEPTION (12/14/93)
RMT (NAV) |  | 13.93 |  | -6.63 |  | 11.10 |  | 5.09 |  | 12.61 |  | 7.74 |  | 9.98 |  | 10.62 |  | 10.43
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 |  | -10.1% |  | 25.6% |  | 247.1% |  | 179.3% |  | 621.0% |  | 981.2%

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

The Morningstar Style Map is the Morningstar Style Box™ with the center 75% of fund holdings plotted as the Morningstar Ownership Zone™. 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 61 for additional information.

Top 10 Positions |  |
% of Net Assets |  |
Mesa Laboratories |  | 3.3
PAR Technology |  | 1.4
Atrion Corporation |  | 1.4
National Research |  | 1.3
Surmodics |  | 1.3
Heritage-Crystal Clean |  | 1.3
Lindblad Expeditions Holdings |  | 1.2
Social Capital Hedosophia Holdings Cl. A |  | 1.2
Sprott |  | 1.2
Kadant |  | 1.2

Portfolio Sector Breakdown |  |
% of Net Assets |  |
Industrials |  | 20.8
Information Technology |  | 17.7
Health Care |  | 16.0
Financials |  | 13.9
Consumer Discretionary |  | 11.6
Energy |  | 8.1
Materials |  | 6.6
Communication Services |  | 2.9
Real Estate |  | 2.4
Consumer Staples |  | 2.1
Utilities |  | 0.6
Preferred Stock |  | 0.5
Outstanding Line of Credit, Net of Cash and Cash Equivalents |  | -3.2

Calendar Year Total Returns (%) |  |
YEAR |  | RMT
2018 |  | -11.6
2017 |  | 17.7
2016 |  | 22.0
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

Portfolio Diagnostics |  |
Fund Net Assets |  | $385 million
Number of Holdings |  | 329
Turnover Rate |  | 6%
Net Asset Value |  | $9.32
Market Price |  | $8.22
Net Leverage1 |  | 3.2%
Average Market Capitalization2 |  | $481 million
Weighted Average P/B Ratio3 |  | 1.9x
Active Share4 |  | 95%
U.S. Investments (% of Net Assets) |  | 81.9%
Non-U.S. Investments (% of Net Assets) |  | 21.3%

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 12/31/14 and 6/30/19 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 above, 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 2019.

2019 Semiannual Report to Stockholders | 23

Royce Micro-Cap Trust

Schedule of Investments
Common Stocks – 102.7%
|  | SHARES |  | VALUE
COMMUNICATION SERVICES – 2.9%
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2%
ORBCOMM 1 |  |  | 87,100 |  |  | $ | 631,475 |
ENTERTAINMENT - 0.8%
Chicken Soup For The Soul |  |  |  |  |  |  |  |
Entertainment Cl. A |  |  | 314,500 |  |  |  | 2,358,750 |
Gaia Cl. A 1,2 |  |  | 100,000 |  |  |  | 758,000 |
|  |  |  |  |  |  | 3,116,750 |
INTERACTIVE MEDIA & SERVICES - 1.3%
Care.com 1,2 |  |  | 186,787 |  |  |  | 2,050,922 |
QuinStreet 1 |  |  | 196,400 |  |  |  | 3,112,940 |
|  |  |  |  |  |  | 5,163,862 |
MEDIA - 0.6%
comScore 1 |  |  | 297,195 |  |  |  | 1,533,526 |
New Media Investment Group |  |  | 66,200 |  |  |  | 624,928 |
|  |  |  |  |  |  | 2,158,454 |
Total (Cost $12,958,686) |  |  |  |  |  |  | 11,070,541 |
CONSUMER DISCRETIONARY – 11.6%
AUTO COMPONENTS - 2.0%
Fox Factory Holding 1 |  |  | 5,300 |  |  |  | 437,303 |
Motorcar Parts of America 1 |  |  | 54,800 |  |  |  | 1,173,268 |
Sebang Global Battery |  |  | 50,500 |  |  |  | 1,869,723 |
Standard Motor Products |  |  | 50,860 |  |  |  | 2,305,992 |
Stoneridge 1,2 |  |  | 57,000 |  |  |  | 1,798,350 |
Unique Fabricating 1 |  |  | 12,200 |  |  |  | 33,062 |
|  |  |  |  |  |  | 7,617,698 |
DISTRIBUTORS - 0.3%
Uni-Select |  |  | 16,300 |  |  |  | 154,592 |
Weyco Group 2 |  |  | 36,300 |  |  |  | 969,573 |
|  |  |  |  |  |  | 1,124,165 |
DIVERSIFIED CONSUMER SERVICES - 1.3%
Aspen Group 1 |  |  | 141,520 |  |  |  | 537,776 |
Collectors Universe 2 |  |  | 108,200 |  |  |  | 2,308,988 |
Liberty Tax Cl. A3 |  |  | 142,900 |  |  |  | 1,293,245 |
Universal Technical Institute 1 |  |  | 270,000 |  |  |  | 926,100 |
|  |  |  |  |  |  | 5,066,109 |
HOTELS, RESTAURANTS & LEISURE - 2.6%
Century Casinos 1 |  |  | 222,500 |  |  |  | 2,158,250 |
Inspired Entertainment 1 |  |  | 50,000 |  |  |  | 422,000 |
Lindblad Expeditions Holdings 1 |  |  | 254,000 |  |  |  | 4,559,300 |
Red Lion Hotels 1 |  |  | 375,071 |  |  |  | 2,666,755 |
|  |  |  |  |  |  | 9,806,305 |
HOUSEHOLD DURABLES - 0.8%
Cavco Industries 1,2 |  |  | 8,600 |  |  |  | 1,354,844 |
Flexsteel Industries 2 |  |  | 16,100 |  |  |  | 274,666 |
Lifetime Brands 2 |  |  | 119,294 |  |  |  | 1,128,521 |
Universal Electronics 1 |  |  | 6,100 |  |  |  | 250,222 |
ZAGG 1 |  |  | 9,900 |  |  |  | 68,904 |
|  |  |  |  |  |  | 3,077,157 |
INTERNET & DIRECT MARKETING RETAIL - 1.1%
FTD Companies 1,3 |  |  | 67,200 |  |  |  | 2,352 |
Leaf Group 1 |  |  | 64,500 |  |  |  | 477,945 |
Real Matters 1 |  |  | 255,000 |  |  |  | 1,333,855 |
Rubicon Project (The) 1 |  |  | 240,000 |  |  |  | 1,526,400 |
Stamps.com 1 |  |  | 11,700 |  |  |  | 529,659 |
Yatra Online 1 |  |  | 105,000 |  |  |  | 392,700 |
|  |  |  |  |  |  | 4,262,911 |
LEISURE PRODUCTS - 0.7% |  |  |  |  |  |  |  |
Clarus Corporation |  |  | 174,926 |  |  |  | 2,525,931 |
MasterCraft Boat Holdings 1 |  |  | 8,200 |  |  |  | 160,638 |
|  |  |  |  |  |  | 2,686,569 |
SPECIALTY RETAIL - 1.5%
AutoCanada |  |  | 440,000 |  |  |  | 3,857,203 |
Barnes & Noble Education 1 |  |  | 80,000 |  |  |  | 268,800 |
Destination Maternity 1 |  |  | 212,000 |  |  |  | 279,840 |
Destination XL Group 1 |  |  | 50,000 |  |  |  | 88,000 |
Haverty Furniture 2 |  |  | 37,300 |  |  |  | 635,219 |
Lazydays Holdings 1 |  |  | 30,000 |  |  |  | 150,000 |
MarineMax 1 |  |  | 8,800 |  |  |  | 144,672 |
Shoe Carnival 2 |  |  | 17,016 |  |  |  | 469,642 |
Stage Stores 1,2 |  |  | 15,000 |  |  |  | 11,550 |
|  |  |  |  |  |  | 5,904,926 |
TEXTILES, APPAREL & LUXURY GOODS - 1.3%
Crown Crafts |  |  | 112,159 |  |  |  | 527,147 |
Culp 2 |  |  | 32,900 |  |  |  | 625,100 |
J.G. Boswell Company 3 |  |  | 2,490 |  |  |  | 1,491,510 |
YGM Trading |  |  | 2,564,600 |  |  |  | 2,413,023 |
|  |  |  |  |  |  | 5,056,780 |
Total (Cost $51,417,853) |  |  |  |  |  |  | 44,602,620 |
CONSUMER STAPLES – 2.1%
BEVERAGES - 0.2%
Crimson Wine Group 1,3 |  |  | 58,124 |  |  |  | 464,992 |
Primo Water 1 |  |  | 40,400 |  |  |  | 496,920 |
|  |  |  |  |  |  | 961,912 |
FOOD PRODUCTS - 1.8%
Farmer Bros. 1,2,4 |  |  | 62,600 |  |  |  | 1,024,762 |
John B. Sanfilippo & Son 2,4 |  |  | 17,800 |  |  |  | 1,418,482 |
Landec Corporation 1,2,4 |  |  | 75,610 |  |  |  | 708,466 |
RiceBran Technologies 1 |  |  | 50,000 |  |  |  | 145,500 |
Seneca Foods Cl. A 1,2 |  |  | 81,087 |  |  |  | 2,256,651 |
Seneca Foods Cl. B 1 |  |  | 40,400 |  |  |  | 1,100,496 |
SunOpta 1 |  |  | 50,000 |  |  |  | 164,500 |
|  |  |  |  |  |  | 6,818,857 |
HOUSEHOLD PRODUCTS - 0.1%
Central Garden & Pet 1 |  |  | 12,000 |  |  |  | 323,400 |
Total (Cost $6,337,700) |  |  |  |  |  |  | 8,104,169 |
ENERGY – 8.1%
ENERGY EQUIPMENT & SERVICES - 4.3%
Aspen Aerogels 1 |  |  | 94,985 |  |  |  | 677,243 |
CARBO Ceramics 1,2,4 |  |  | 169,038 |  |  |  | 228,201 |
CES Energy Solutions |  |  | 25,000 |  |  |  | 46,199 |
Computer Modelling Group |  |  | 639,775 |  |  |  | 3,556,613 |
Dawson Geophysical 1 |  |  | 77,336 |  |  |  | 193,340 |
Era Group 1,2 |  |  | 383,700 |  |  |  | 3,200,058 |
Forum Energy Technologies 1 |  |  | 50,000 |  |  |  | 171,000 |
Geospace Technologies 1,2 |  |  | 9,500 |  |  |  | 143,545 |
Hornbeck Offshore Services 1,2 |  |  | 460,000 |  |  |  | 575,000 |
Independence Contract Drilling 1 |  |  | 134,400 |  |  |  | 212,352 |
Mammoth Energy Services |  |  | 8,000 |  |  |  | 55,040 |
Matrix Service 1,2,4 |  |  | 28,700 |  |  |  | 581,462 |
Nabors Industries |  |  | 34,000 |  |  |  | 98,600 |
Newpark Resources 1 |  |  | 68,200 |  |  |  | 506,044 |
North American Construction Group |  |  | 50,000 |  |  |  | 540,000 |
Pioneer Energy Services 1,2 |  |  | 57,500 |  |  |  | 14,542 |
Profire Energy 1 |  |  | 175,000 |  |  |  | 264,250 |

24 | 2019 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2019 (unaudited)

Schedule of Investments (continued)
|  | SHARES |  | VALUE
ENERGY (continued)
ENERGY EQUIPMENT & SERVICES (continued)
SEACOR Marine Holdings 1,2 |  |  | 216,957 |  |  | $ | 3,245,677 |
TerraVest Industries |  |  | 209,000 |  |  |  | 2,124,233 |
Total Energy Services |  |  | 42,800 |  |  |  | 269,961 |
|  |  |  |  |  |  | 16,703,360 |
OIL, GAS & CONSUMABLE FUELS - 3.8%
Ardmore Shipping 1 |  |  | 161,300 |  |  |  | 1,314,595 |
Cross Timbers Royalty Trust |  |  | 67,631 |  |  |  | 855,532 |
Dorchester Minerals L.P. |  |  | 153,963 |  |  |  | 2,819,063 |
Dorian LPG 1 |  |  | 163,138 |  |  |  | 1,471,505 |
GeoPark 1 |  |  | 86,971 |  |  |  | 1,612,442 |
Leucrotta Exploration 1 |  |  | 214,800 |  |  |  | 142,703 |
Navigator Holdings 1 |  |  | 100,000 |  |  |  | 936,000 |
Panhandle Oil and Gas Cl. A |  |  | 5,500 |  |  |  | 71,720 |
Permian Basin Royalty Trust |  |  | 176,333 |  |  |  | 1,073,868 |
Ring Energy 1 |  |  | 50,000 |  |  |  | 162,500 |
Sabine Royalty Trust 2 |  |  | 59,548 |  |  |  | 2,868,427 |
StealthGas 1 |  |  | 229,664 |  |  |  | 790,044 |
Teekay Offshore Partners L.P. 2 |  |  | 405,877 |  |  |  | 511,405 |
|  |  |  |  |  |  | 14,629,804 |
Total (Cost $37,022,848) |  |  |  |  |  |  | 31,333,164 |
FINANCIALS – 13.9%
BANKS - 1.9%
Bank of N.T. Butterfield & Son |  |  | 39,410 |  |  |  | 1,338,364 |
Bryn Mawr Bank |  |  | 25,000 |  |  |  | 933,000 |
Caribbean Investment Holdings 1 |  |  | 735,635 |  |  |  | 149,475 |
Chemung Financial |  |  | 31,000 |  |  |  | 1,498,540 |
Fauquier Bankshares 2 |  |  | 133,200 |  |  |  | 2,838,492 |
Live Oak Bancshares 2 |  |  | 30,900 |  |  |  | 529,935 |
Midway Investments1,5 |  |  | 735,647 |  |  |  | 0 |
|  |  |  |  |  |  | 7,287,806 |
CAPITAL MARKETS - 8.4%
ASA Gold and Precious Metals |  |  | 171,150 |  |  |  | 1,957,956 |
Ashford 1 |  |  | 10,000 |  |  |  | 317,900 |
B. Riley Financial |  |  | 30,600 |  |  |  | 638,316 |
Bolsa Mexicana de Valores |  |  | 1,068,000 |  |  |  | 2,015,394 |
Canaccord Genuity Group |  |  | 203,300 |  |  |  | 931,465 |
Donnelley Financial Solutions 1 |  |  | 50,000 |  |  |  | 667,000 |
Fiera Capital Cl. A |  |  | 78,000 |  |  |  | 671,864 |
GAIN Capital Holdings 2 |  |  | 25,000 |  |  |  | 103,250 |
GMP Capital |  |  | 292,800 |  |  |  | 507,545 |
Great Elm Capital Group 1 |  |  | 566,700 |  |  |  | 2,436,810 |
Hamilton Lane Cl. A 2 |  |  | 20,300 |  |  |  | 1,158,318 |
INTL FCStone 1,2,4 |  |  | 68,327 |  |  |  | 2,705,066 |
JZ Capital Partners 1 |  |  | 50,000 |  |  |  | 308,598 |
Manning & Napier Cl. A |  |  | 136,600 |  |  |  | 239,050 |
MVC Capital |  |  | 219,900 |  |  |  | 2,025,279 |
OHA Investment |  |  | 59,761 |  |  |  | 67,530 |
Pzena Investment Management Cl. A |  |  | 6,100 |  |  |  | 52,399 |
Queen City Investments 3 |  |  | 604 |  |  |  | 643,260 |
Silvercrest Asset Management Group Cl. A |  |  | 203,300 |  |  |  | 2,852,299 |
Sprott |  |  | 1,764,533 |  |  |  | 4,540,855 |
U.S. Global Investors Cl. A 2 |  |  | 439,454 |  |  |  | 795,412 |
Urbana Corporation |  |  | 237,600 |  |  |  | 435,447 |
Value Line 2 |  |  | 131,974 |  |  |  | 3,630,605 |
Vostok New Ventures SDR |  |  | 100,000 |  |  |  | 613,817 |
Warsaw Stock Exchange |  |  | 52,900 |  |  |  | 608,534 |
Westaim Corporation 1 |  |  | 500,000 |  |  |  | 1,011,798 |
Westwood Holdings Group 2 |  |  | 12,400 |  |  |  | 436,480 |
|  |  |  |  |  |  | 32,372,247 |
CONSUMER FINANCE - 0.5%
Currency Exchange International 1 |  |  | 7,000 |  |  |  | 117,651 |
EZCORP Cl. A 1,2,4 |  |  | 201,000 |  |  |  | 1,903,470 |
|  |  |  |  |  |  | 2,021,121 |
DIVERSIFIED FINANCIAL SERVICES - 0.1%
Waterloo Investment Holdings 1,5 |  |  | 806,000 |  |  |  | 241,800 |
INSURANCE - 1.3%
Hallmark Financial Services 1,2 |  |  | 114,000 |  |  |  | 1,622,220 |
Health Insurance Innovations Cl. A 1,2,4 |  |  | 16,100 |  |  |  | 417,312 |
Trupanion 1,2,4 |  |  | 82,300 |  |  |  | 2,973,499 |
|  |  |  |  |  |  | 5,013,031 |
INVESTMENT COMPANIES - 1.7%
GS Acquisition Holdings Cl. A 1 |  |  | 200,000 |  |  |  | 2,020,000 |
Social Capital Hedosophia Holdings Cl. A 1,2 |  |  | 438,850 |  |  |  | 4,577,205 |
|  |  |  |  |  |  | 6,597,205 |
Total (Cost $50,498,104) |  |  |  |  |  |  | 53,533,210 |
HEALTH CARE – 16.0%
BIOTECHNOLOGY - 1.8%
Abeona Therapeutics 1,2 |  |  | 142,221 |  |  |  | 679,816 |
AMAG Pharmaceuticals 1 |  |  | 5,000 |  |  |  | 49,950 |
Aquinox Pharmaceuticals 1,2 |  |  | 145,397 |  |  |  | 343,137 |
Arcturus Therapeutics Holdings 1 |  |  | 106,436 |  |  |  | 1,004,756 |
Idera Pharmaceuticals 1 |  |  | 58,061 |  |  |  | 155,023 |
Theratechnologies 1 |  |  | 10,000 |  |  |  | 53,912 |
Zafgen 1,2 |  |  | 336,781 |  |  |  | 400,769 |
Zealand Pharma 1 |  |  | 184,200 |  |  |  | 4,004,378 |
Zealand Pharma ADR 1 |  |  | 10,000 |  |  |  | 215,500 |
|  |  |  |  |  |  | 6,907,241 |
HEALTH CARE EQUIPMENT & SUPPLIES - 8.0%
†Apyx Medical 1 |  |  | 11,700 |  |  |  | 78,624 |
AtriCure 1,2,4 |  |  | 15,000 |  |  |  | 447,600 |
Atrion Corporation 2 |  |  | 6,169 |  |  |  | 5,260,553 |
Chembio Diagnostics 1 |  |  | 185,500 |  |  |  | 1,129,695 |
CryoLife 1 |  |  | 4,600 |  |  |  | 137,678 |
GenMark Diagnostics 1 |  |  | 31,100 |  |  |  | 201,839 |
LeMaitre Vascular |  |  | 5,000 |  |  |  | 139,900 |
Mesa Laboratories 2 |  |  | 52,000 |  |  |  | 12,705,680 |
OraSure Technologies 1,2 |  |  | 50,000 |  |  |  | 464,000 |
†Semler Scientific 1,3 |  |  | 22,400 |  |  |  | 946,400 |
STRATEC |  |  | 14,000 |  |  |  | 905,814 |
Surmodics 1,2 |  |  | 117,000 |  |  |  | 5,050,890 |
TearLab Corporation 1,3 |  |  | 8,500 |  |  |  | 442 |
Utah Medical Products |  |  | 33,000 |  |  |  | 3,158,100 |
†ViewRay 1 |  |  | 35,900 |  |  |  | 316,279 |
|  |  |  |  |  |  | 30,943,494 |
HEALTH CARE PROVIDERS & SERVICES - 2.4%
AAC Holdings 1 |  |  | 89,400 |  |  |  | 76,884 |
BioTelemetry 1 |  |  | 17,279 |  |  |  | 831,984 |
CRH Medical 1 |  |  | 133,000 |  |  |  | 400,153 |
Cross Country Healthcare 1 |  |  | 150,800 |  |  |  | 1,414,504 |
National Research 2 |  |  | 89,529 |  |  |  | 5,155,975 |
PetIQ Cl. A 1,2,4 |  |  | 25,000 |  |  |  | 824,000 |
Psychemedics Corporation 2 |  |  | 37,500 |  |  |  | 378,375 |
|  |  |  |  |  |  | 9,081,875 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2019 Semiannual Report to Stockholders | 25

Royce Micro-Cap Trust

Schedule of Investments (continued)
|  | SHARES |  | VALUE
HEALTH CARE (continued)
HEALTH CARE TECHNOLOGY - 1.4%
Simulations Plus 2 |  |  | 80,670 |  |  | $ | 2,303,935 |
Tabula Rasa HealthCare 1,2 |  |  | 38,400 |  |  |  | 1,917,312 |
Vocera Communications 1 |  |  | 33,100 |  |  |  | 1,056,552 |
|  |  |  |  |  |  | 5,277,799 |
LIFE SCIENCES TOOLS & SERVICES - 1.8%
†Harvard Bioscience 1 |  |  | 28,300 |  |  |  | 56,600 |
NeoGenomics 1 |  |  | 125,000 |  |  |  | 2,742,500 |
Quanterix Corporation 1 |  |  | 119,600 |  |  |  | 4,041,284 |
|  |  |  |  |  |  | 6,840,384 |
PHARMACEUTICALS - 0.6%
Agile Therapeutics 1,2 |  |  | 80,000 |  |  |  | 116,800 |
Correvio Pharma 1 |  |  | 101,100 |  |  |  | 218,376 |
Knight Therapeutics 1 |  |  | 187,000 |  |  |  | 1,102,394 |
Theravance Biopharma 1,2,4 |  |  | 59,009 |  |  |  | 963,617 |
|  |  |  |  |  |  | 2,401,187 |
Total (Cost $37,665,575) |  |  |  |  |  |  | 61,451,980 |
INDUSTRIALS – 20.8%
AEROSPACE & DEFENSE - 0.6%
Astronics Corporation 1 |  |  | 6,429 |  |  |  | 258,574 |
CPI Aerostructures 1 |  |  | 171,800 |  |  |  | 1,444,838 |
Innovative Solutions and Support 1 |  |  | 78,828 |  |  |  | 402,023 |
SIFCO Industries 1 |  |  | 45,800 |  |  |  | 132,362 |
|  |  |  |  |  |  | 2,237,797 |
BUILDING PRODUCTS - 1.4%
Burnham Holdings Cl. A 3 |  |  | 117,000 |  |  |  | 1,678,950 |
CSW Industrials |  |  | 20,000 |  |  |  | 1,363,000 |
DIRTT Environmental Solutions 1 |  |  | 96,000 |  |  |  | 546,142 |
Insteel Industries 2 |  |  | 44,200 |  |  |  | 920,244 |
Patrick Industries 1 |  |  | 17,250 |  |  |  | 848,527 |
|  |  |  |  |  |  | 5,356,863 |
COMMERCIAL SERVICES & SUPPLIES - 2.7%
Acme United |  |  | 25,000 |  |  |  | 564,500 |
Atento 1 |  |  | 109,300 |  |  |  | 272,157 |
Civeo Corporation 1 |  |  | 150,000 |  |  |  | 258,000 |
CompX International Cl. A |  |  | 78,200 |  |  |  | 1,321,580 |
Heritage-Crystal Clean 1,2,4 |  |  | 185,277 |  |  |  | 4,874,638 |
Hudson Technologies 1 |  |  | 50,000 |  |  |  | 42,990 |
Interface |  |  | 26,300 |  |  |  | 403,179 |
PICO Holdings 1,2,4 |  |  | 121,200 |  |  |  | 1,408,344 |
Team 1,2 |  |  | 93,300 |  |  |  | 1,429,356 |
|  |  |  |  |  |  | 10,574,744 |
CONSTRUCTION & ENGINEERING - 2.6%
Ameresco Cl. A 1 |  |  | 251,400 |  |  |  | 3,703,122 |
Construction Partners Cl. A 1 |  |  | 39,900 |  |  |  | 599,298 |
Granite Construction |  |  | 13,500 |  |  |  | 650,430 |
IES Holdings 1,2 |  |  | 166,800 |  |  |  | 3,144,180 |
Infrastructure and Energy Alternatives 1 |  |  | 275,100 |  |  |  | 561,204 |
Northwest Pipe 1,2 |  |  | 61,500 |  |  |  | 1,585,470 |
|  |  |  |  |  |  | 10,243,704 |
ELECTRICAL EQUIPMENT - 0.8%
American Superconductor 1 |  |  | 22,625 |  |  |  | 209,960 |
Encore Wire 2 |  |  | 3,307 |  |  |  | 193,724 |
LSI Industries |  |  | 415,740 |  |  |  | 1,517,451 |
Powell Industries 2 |  |  | 21,400 |  |  |  | 813,200 |
Power Solutions International 1,2,3,4 |  |  | 21,100 |  |  |  | 204,670 |
Revolution Lighting Technologies 1,2,4 |  |  | 81,200 |  |  |  | 19,894 |
|  |  |  |  |  |  | 2,958,899 |
INDUSTRIAL CONGLOMERATES - 0.8%
Raven Industries 2 |  |  | 83,600 |  |  |  | 2,999,568 |
MACHINERY - 7.2%
CIRCOR International 1,2 |  |  | 70,200 |  |  |  | 3,229,200 |
Exco Technologies |  |  | 85,400 |  |  |  | 505,403 |
Graham Corporation 2 |  |  | 75,150 |  |  |  | 1,518,782 |
Helios Technologies 2 |  |  | 74,000 |  |  |  | 3,434,340 |
Hurco Companies 2 |  |  | 36,866 |  |  |  | 1,310,955 |
Kadant 2 |  |  | 48,800 |  |  |  | 4,431,528 |
Kornit Digital 1 |  |  | 55,400 |  |  |  | 1,753,964 |
L.B. Foster Company 1,2 |  |  | 95,300 |  |  |  | 2,605,502 |
Lindsay Corporation 2 |  |  | 32,600 |  |  |  | 2,680,046 |
Luxfer Holdings 2 |  |  | 72,612 |  |  |  | 1,780,446 |
Lydall 1 |  |  | 31,700 |  |  |  | 640,340 |
NN |  |  | 90,600 |  |  |  | 884,256 |
Spartan Motors |  |  | 31,100 |  |  |  | 340,856 |
Titan International |  |  | 212,200 |  |  |  | 1,037,658 |
Twin Disc 1 |  |  | 4,300 |  |  |  | 64,930 |
Wabash National |  |  | 6,400 |  |  |  | 104,128 |
Westport Fuel Systems 1 |  |  | 491,100 |  |  |  | 1,330,881 |
|  |  |  |  |  |  | 27,653,215 |
MARINE - 1.8%
Algoma Central |  |  | 40,000 |  |  |  | 406,246 |
Clarkson |  |  | 109,900 |  |  |  | 3,503,143 |
Eagle Bulk Shipping 1 |  |  | 570,000 |  |  |  | 2,986,800 |
|  |  |  |  |  |  | 6,896,189 |
PROFESSIONAL SERVICES - 0.8%
Acacia Research 1,2 |  |  | 190,000 |  |  |  | 562,400 |
Franklin Covey 1,2 |  |  | 40,100 |  |  |  | 1,363,400 |
GP Strategies 1 |  |  | 29,400 |  |  |  | 443,352 |
InnerWorkings 1 |  |  | 25,000 |  |  |  | 95,500 |
Kforce 2 |  |  | 2,800 |  |  |  | 98,252 |
Resources Connection |  |  | 37,200 |  |  |  | 595,572 |
|  |  |  |  |  |  | 3,158,476 |
ROAD & RAIL - 0.7%
Marten Transport |  |  | 2,500 |  |  |  | 45,375 |
Patriot Transportation Holding 1,2 |  |  | 55,764 |  |  |  | 946,315 |
Universal Logistics Holdings 2 |  |  | 75,200 |  |  |  | 1,689,744 |
|  |  |  |  |  |  | 2,681,434 |
TRADING COMPANIES & DISTRIBUTORS - 1.4%
EVI Industries 2,4 |  |  | 69,300 |  |  |  | 2,652,111 |
Houston Wire & Cable 1 |  |  | 331,418 |  |  |  | 1,736,630 |
†Transcat 1 |  |  | 42,500 |  |  |  | 1,087,575 |
|  |  |  |  |  |  | 5,476,316 |
Total (Cost $68,260,695) |  |  |  |  |  |  | 80,237,205 |
INFORMATION TECHNOLOGY – 17.7%
COMMUNICATIONS EQUIPMENT - 0.9%
Clearfield 1 |  |  | 85,200 |  |  |  | 1,128,900 |
Digi International 1 |  |  | 38,900 |  |  |  | 493,252 |
†Ituran Location and Control |  |  | 50,000 |  |  |  | 1,504,500 |
PCTEL |  |  | 34,100 |  |  |  | 151,063 |
|  |  |  |  |  |  | 3,277,715 |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 5.9%
Bel Fuse Cl. A |  |  | 67,705 |  |  |  | 995,263 |
ePlus 1 |  |  | 2,100 |  |  |  | 144,774 |
Fabrinet 1 |  |  | 2,200 |  |  |  | 109,274 |
FARO Technologies 1,2,4 |  |  | 82,800 |  |  |  | 4,353,624 |
Firan Technology Group 1 |  |  | 25,000 |  |  |  | 61,281 |

26 | 2019 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2019 (unaudited)

Schedule of Investments (continued)
|  | SHARES |  | VALUE
INFORMATION TECHNOLOGY (continued)
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS (continued)
HollySys Automation Technologies |  |  | 51,900 |  |  | $ | 986,100 |
Inficon Holding |  |  | 3,220 |  |  |  | 1,964,259 |
LightPath Technologies Cl. A 1 |  |  | 100,000 |  |  |  | 91,000 |
†Luna Innovations 1 |  |  | 2,371 |  |  |  | 10,669 |
nLIGHT 1,2,4 |  |  | 227,800 |  |  |  | 4,373,760 |
Novanta 1 |  |  | 3,400 |  |  |  | 320,620 |
PAR Technology 1,2 |  |  | 197,268 |  |  |  | 5,562,958 |
PC Connection 2 |  |  | 43,716 |  |  |  | 1,529,186 |
Perceptron 1 |  |  | 19,000 |  |  |  | 84,550 |
Richardson Electronics |  |  | 316,900 |  |  |  | 1,774,640 |
Vishay Precision Group 1 |  |  | 10,000 |  |  |  | 406,300 |
|  |  |  |  |  |  | 22,768,258 |
IT SERVICES - 0.4%
†Carbonite 1 |  |  | 3,000 |  |  |  | 78,120 |
Computer Task Group 1 |  |  | 84,800 |  |  |  | 340,048 |
Hackett Group (The) 2 |  |  | 27,700 |  |  |  | 465,083 |
USA Technologies 1 |  |  | 90,500 |  |  |  | 672,415 |
|  |  |  |  |  |  | 1,555,666 |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.3%
Adesto Technologies 1 |  |  | 223,900 |  |  |  | 1,824,785 |
Alpha & Omega Semiconductor 1 |  |  | 17,900 |  |  |  | 167,186 |
Amtech Systems 1,2 |  |  | 92,184 |  |  |  | 507,012 |
AXT 1 |  |  | 100,000 |  |  |  | 396,000 |
Brooks Automation 2 |  |  | 87,700 |  |  |  | 3,398,375 |
Camtek |  |  | 83,700 |  |  |  | 707,265 |
Cohu |  |  | 34,290 |  |  |  | 529,095 |
CyberOptics Corporation 1 |  |  | 48,600 |  |  |  | 788,778 |
Everspin Technologies 1 |  |  | 5,900 |  |  |  | 38,468 |
FormFactor 1 |  |  | 22,869 |  |  |  | 358,357 |
†Ichor Holdings 1 |  |  | 24,900 |  |  |  | 588,636 |
†KLA-Tencor |  |  | 11,950 |  |  |  | 1,412,490 |
Kulicke & Soffa Industries 2 |  |  | 77,200 |  |  |  | 1,740,860 |
Nanometrics 1,2 |  |  | 97,500 |  |  |  | 3,384,225 |
NeoPhotonics Corporation 1,2 |  |  | 98,600 |  |  |  | 412,148 |
Nova Measuring Instruments 1,2 |  |  | 97,600 |  |  |  | 2,497,584 |
PDF Solutions 1 |  |  | 189,700 |  |  |  | 2,488,864 |
Photronics 1 |  |  | 229,900 |  |  |  | 1,885,180 |
Rudolph Technologies 1 |  |  | 69,200 |  |  |  | 1,911,996 |
Silicon Motion Technology ADR |  |  | 36,100 |  |  |  | 1,602,118 |
Ultra Clean Holdings 1,2 |  |  | 82,700 |  |  |  | 1,151,184 |
Veeco Instruments 1,2 |  |  | 17,500 |  |  |  | 213,850 |
|  |  |  |  |  |  | 28,004,456 |
SOFTWARE - 2.2%
Agilysys 1 |  |  | 90,000 |  |  |  | 1,932,300 |
American Software Cl. A |  |  | 120,352 |  |  |  | 1,582,629 |
†Digital Turbine 1 |  |  | 100,000 |  |  |  | 500,000 |
Model N 1 |  |  | 50,000 |  |  |  | 975,000 |
Monotype Imaging Holdings |  |  | 15,000 |  |  |  | 252,600 |
OneSpan 1 |  |  | 5,600 |  |  |  | 79,352 |
Optiva 1 |  |  | 3,000 |  |  |  | 91,795 |
QAD Cl. A |  |  | 23,687 |  |  |  | 952,454 |
RealNetworks 1 |  |  | 100,171 |  |  |  | 190,325 |
SeaChange International 1 |  |  | 50,000 |  |  |  | 71,500 |
SharpSpring 1 |  |  | 50,000 |  |  |  | 649,500 |
Support.com 1 |  |  | 105,600 |  |  |  | 171,072 |
†Upland Software 1 |  |  | 25,000 |  |  |  | 1,138,250 |
|  |  |  |  |  |  | 8,586,777 |
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.0%
AstroNova |  |  | 6,600 |  |  |  | 170,544 |
Cray 1,2 |  |  | 19,700 |  |  |  | 685,954 |
Intevac 1 |  |  | 547,800 |  |  |  | 2,651,352 |
TransAct Technologies |  |  | 28,600 |  |  |  | 322,036 |
|  |  |  |  |  |  | 3,829,886 |
Total (Cost $57,901,442) |  |  |  |  |  |  | 68,022,758 |
MATERIALS – 6.6%
CHEMICALS - 1.7%
Balchem Corporation |  |  | 8,575 |  |  |  | 857,243 |
LSB Industries 1 |  |  | 135,800 |  |  |  | 529,620 |
OMNOVA Solutions 1 |  |  | 25,000 |  |  |  | 155,750 |
Quaker Chemical 2,4 |  |  | 19,400 |  |  |  | 3,935,872 |
Rayonier Advanced Materials |  |  | 50,000 |  |  |  | 324,500 |
Trecora Resources 1 |  |  | 89,600 |  |  |  | 857,472 |
|  |  |  |  |  |  | 6,660,457 |
CONSTRUCTION MATERIALS - 0.3%
Monarch Cement 3 |  |  | 16,303 |  |  |  | 1,002,634 |
CONTAINERS & PACKAGING - 0.4%
UFP Technologies 1 |  |  | 36,445 |  |  |  | 1,516,476 |
METALS & MINING - 4.2%
Alamos Gold Cl. A |  |  | 261,044 |  |  |  | 1,574,776 |
Ampco-Pittsburgh 1 |  |  | 79,002 |  |  |  | 318,378 |
Haynes International 2 |  |  | 34,800 |  |  |  | 1,106,988 |
Imdex |  |  | 650,666 |  |  |  | 596,124 |
Impala Platinum Holdings 1 |  |  | 500,000 |  |  |  | 2,476,038 |
MAG Silver 1 |  |  | 154,050 |  |  |  | 1,623,687 |
Major Drilling Group International 1 |  |  | 1,075,484 |  |  |  | 3,473,940 |
Olympic Steel |  |  | 35,000 |  |  |  | 477,750 |
Pretium Resources 1 |  |  | 80,000 |  |  |  | 799,664 |
Sandstorm Gold 1 |  |  | 510,000 |  |  |  | 2,825,400 |
Universal Stainless & Alloy Products 1,2 |  |  | 33,620 |  |  |  | 537,920 |
Victoria Gold 1 |  |  | 890,000 |  |  |  | 268,451 |
|  |  |  |  |  |  | 16,079,116 |
Total (Cost $21,812,738) |  |  |  |  |  |  | 25,258,683 |
REAL ESTATE – 2.4%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5%
†Postal Realty Trust Cl. A |  |  | 114,000 |  |  |  | 1,795,500 |
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.9%
Altus Group |  |  | 87,000 |  |  |  | 2,130,572 |
Dundee Corporation Cl. A 1 |  |  | 413,200 |  |  |  | 315,528 |
Marcus & Millichap 1,2 |  |  | 4,900 |  |  |  | 151,165 |
RMR Group (The) Cl. A |  |  | 49,900 |  |  |  | 2,344,302 |
Tejon Ranch 1,2 |  |  | 154,994 |  |  |  | 2,571,350 |
|  |  |  |  |  |  | 7,512,917 |
Total (Cost $12,178,430) |  |  |  |  |  |  | 9,308,417 |
UTILITIES – 0.6%
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCER - 0.0%
Innergex Renewable Energy |  |  | 15,573 |  |  |  | 165,773 |
WATER UTILITIES - 0.6%
AquaVenture Holdings 1 |  |  | 50,000 |  |  |  | 998,500 |
Global Water Resources |  |  | 106,000 |  |  |  | 1,106,640 |
|  |  |  |  |  |  | 2,105,140 |
Total (Cost $1,514,639) |  |  |  |  |  |  | 2,270,913 |
TOTAL COMMON STOCKS |  |  |  |  |  |  |  |
(Cost $357,568,710) |  |  |  |  |  |  | 395,193,660 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2019 Semiannual Report to Stockholders | 27

Royce Micro-Cap Trust |  | June 30, 2019 (unaudited)

Schedule of Investments (continued)
|  | SHARES |  | VALUE
PREFERRED STOCK – 0.5%
COMMUNICATION SERVICES – 0.5%
ENTERTAINMENT - 0.5%
Chicken Soup For The Soul Entertainment |  |  |  |  |  |  |  |
9.75 % Ser. A |  |  | 80,000 |  |  | $ | 1,992,000 |
(Cost $2,000,000) |  |  |  |  |  |  | 1,992,000 |
WARRANTS – 0.0%
CONSUMER DISCRETIONARY – 0.0%
HOTELS, RESTAURANTS & LEISURE - 0.0%
Lindblad Expeditions Holdings (Warrants) 1 |  |  | 18,100 |  |  |  | 126,881 |
Total (Cost $45,644) |  |  |  |  |  |  | 126,881 |
INDUSTRIALS – 0.0%
CONSTRUCTION & ENGINEERING - 0.0%
Infrastructure and Energy Alternatives |  |  |  |  |  |  |  |
(Warrants) 1 |  |  | 100,000 |  |  |  | 3,450 |
Total (Cost $106,385) |  |  |  |  |  |  | 3,450 |
INFORMATION TECHNOLOGY – 0.0%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.0%
eMagin Corporation (Warrants) 1,5 |  |  | 50,000 |  |  |  | 0 |
Total (Cost $0) |  |  |  |  |  |  | 0 |
TOTAL WARRANTS |  |  |  |  |  |  |  |
(Cost $152,029) |  |  |  |  |  |  | 130,331 |
REPURCHASE AGREEMENT – 2.6%
Fixed Income Clearing Corporation, 0.50% dated 6/28/19, due 7/1/19, maturity value $9,760,407 (collateralized by obligations of various U.S. Government Agencies, 1.75% due 5/31/22, valued at $9,956,023)
(Cost $9,760,000) |  |  |  |  |  |  | 9,760,000 |
TOTAL INVESTMENTS – 105.8%
(Cost $369,480,739) |  |  |  |  |  |  | 407,075,991 |
LIABILITIES LESS CASH AND OTHER ASSETS – (5.8)% |  |  |  |  |  |  | (22,156,521 | )
NET ASSETS – 100.0% |  |  |  |  |  | $ | 384,919,470 |

| ADR – American Depository Receipt
† | New additions in 2019.
1 | Non-income producing.
2 | All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at June 30, 2019. Total market value of pledged securities at June 30, 2019, was $50,733,071.
3 | 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.
4 | At June 30, 2019, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $16,771,853.
5 | Securities for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.
| Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2019, market value.
| TAX INFORMATION: The cost of total investments for Federal income tax purposes was $370,220,138. At June 30, 2019, net unrealized appreciation for all securities was $36,855,853 consisting of aggregate gross unrealized appreciation of $107,114,100 and aggregate gross unrealized depreciation of $70,258,247. The primary cause of the difference between book and tax basis cost is the timing of the recognition of losses on securities sold.

28 | 2019 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Micro-Cap Trust |  | June 30, 2019 (unaudited)

Statement of Assets and Liabilities
ASSETS:
Investments at value |  | $ | 397,315,991 |
Repurchase agreements (at cost and value) |  |  | 9,760,000 |
Cash and foreign currency |  |  | 5,268 |
Receivable for dividends and interest |  |  | 211,237 |
Prepaid expenses and other assets |  |  | 47,356 |
Total Assets |  |  | 407,339,852 |
LIABILITIES:
Revolving credit agreement |  |  | 22,000,000 |
Payable for investments purchased |  |  | 10,476 |
Payable for investment advisory fee |  |  | 241,920 |
Payable for directors’ fees |  |  | 28,271 |
Payable for interest expense |  |  | 61,416 |
Accrued expenses |  |  | 78,299 |
Total Liabilities |  |  | 22,420,382 |
Net Assets |  | $ | 384,919,470 |
ANALYSIS OF NET ASSETS:
Paid-in capital - $0.001 par value per share; 41,274,050 shares outstanding (150,000,000 shares authorized) |  | $ | 347,958,170 |
Total distributable earnings (loss) |  |  | 51,202,387 |
Quarterly distributions |  |  | (14,241,087 | )
Net Assets (net asset value per share - $9.33) |  | $ | 384,919,470 |
Investments at identified cost |  | $ | 359,720,739 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2019 Semiannual Report to Stockholders | 29

Royce Micro-Cap Trust

Statement of Changes in Net Assets
|  | SIX MONTHS ENDED |  |  |  |
|  | 6/30/19 |  |  |  |
|  | (UNAUDITED) |  | YEAR ENDED 12/31/18
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 322,872 |  |  | $ | 429,883 |
Net realized gain (loss) on investments and foreign currency |  |  | 11,712,625 |  |  |  | 30,311,057 |
Net change in unrealized appreciation (depreciation) on investments and foreign currency |  |  | 35,216,988 |  |  |  | (77,891,540 | )
Net increase (decrease) in net assets from investment operations |  |  | 47,252,485 |  |  |  | (47,150,600 | )
DISTRIBUTIONS: |  |  |  |  |  |  |  |
Total distributable earnings |  |  | (14,241,087 | ) |  |  | (29,685,741 | )
Total distributions |  |  | (14,241,087 | ) |  |  | (29,685,741 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | 6,408,927 |  |  |  | 12,430,570 |
Total capital stock transactions |  |  | 6,408,927 |  |  |  | 12,430,570 |
Net Increase (Decrease) In Net Assets |  |  | 39,420,325 |  |  |  | (64,405,771 | )
NET ASSETS: |  |  |  |  |  |  |  |
Beginning of period |  |  | 345,499,145 |  |  |  | 409,904,916 |
End of period |  | $ | 384,919,470 |  |  | $ | 345,499,145 |

30 | 2019 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Micro-Cap Trust |  | Six Months Ended June 30, 2019 (unaudited)

Statement of Operations
INVESTMENT INCOME:
INCOME:
Dividends |  | $ | 2,601,241 |
Foreign withholding tax |  |  | (93,056 | )
Interest |  |  | 31,562 |
Rehypothecation income |  |  | 41,258 |
Total income |  |  | 2,581,005 |
EXPENSES:
Investment advisory fees |  |  | 1,561,643 |
Interest expense |  |  | 392,065 |
Administrative and office facilities |  |  | 81,623 |
Stockholder reports |  |  | 70,163 |
Directors’ fees |  |  | 49,777 |
Custody and transfer agent fees |  |  | 43,924 |
Professional fees |  |  | 30,789 |
Other expenses |  |  | 28,226 |
Total expenses |  |  | 2,258,210 |
Compensating balance credits |  |  | (77 | )
Net expenses |  |  | 2,258,133 |
Net investment income (loss) |  |  | 322,872 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
NET REALIZED GAIN (LOSS):
Investments |  |  | 11,713,751 |
Foreign currency transactions |  |  | (1,126 | )
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |
Investments |  |  | 35,216,238 |
Other assets and liabilities denominated in foreign currency |  |  | 750 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 46,929,613 |
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS |  | $ | 47,252,485 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2019 Semiannual Report to Stockholders | 31

Royce Micro-Cap Trust |  | Six Months Ended June 30, 2019 (unaudited)

Statement of Cash Flows
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase (decrease) in net assets from investment operations |  | $ | 47,252,485 |
Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities:
Purchases of long-term investments |  |  | (32,176,082 | )
Proceeds from sales and maturities of long-term investments |  |  | 31,805,307 |
Net purchases, sales and maturities of short-term investments |  |  | 7,790,000 |
Net (increase) decrease in dividends and interest receivable and other assets |  |  | 130,060 |
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities |  |  | (34,778 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | (35,216,238 | )
Net realized gain (loss) on investments |  |  | (11,713,751 | )
Net cash provided by operating activities |  |  | 7,837,003 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |
Distributions |  |  | (14,241,087 | )
Reinvestment of distributions |  |  | 6,408,927 |
Net cash used for financing activities |  |  | (7,832,160 | )
INCREASE (DECREASE) IN CASH: |  |  | 4,843 |
Cash and foreign currency at beginning of period |  |  | 425 |
Cash and foreign currency at end of period |  | $ | 5,268 |
Supplemental disclosure of cash flow information:
For the six months ended June 30, 2019, the Fund paid $339,808 in interest expense.

32 | 2019 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Micro-Cap Trust

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

|  | SIX MONTHS ENDED 6/30/19 (UNAUDITED) | YEARS ENDED
|  |  |  | 12/31/18 |  |  | 12/31/17 |  |  | 12/31/16 |  |  | 12/31/15 |  |  | 12/31/14 |
Net Asset Value, Beginning of Period |  | $ | 8.53 |  |  | $ | 10.48 |  |  | $ | 9.63 |  |  | $ | 8.59 |  |  | $ | 11.33 |  |  | $ | 14.12 |
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.06 |  |  |  | 0.03 |  |  |  | 0.03 |  |  |  | (0.01 | )
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 1.16 |  |  |  | (1.18 | ) |  |  | 1.52 |  |  |  | 1.70 |  |  |  | (1.42 | ) |  |  | 0.25 |
Net increase (decrease) in net assets from investment operations |  |  | 1.17 |  |  |  | (1.17 | ) |  |  | 1.58 |  |  |  | 1.73 |  |  |  | (1.39 | ) |  |  | 0.24 |
DISTRIBUTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.01 | )1 |  |  | (0.00 | ) |  |  | (0.06 | ) |  |  | (0.08 | ) |  |  | (0.01 | ) |  |  | (0.04 | )
Net realized gain on investments and foreign currency |  |  | (0.26 | )1 |  |  | (0.75 | ) |  |  | (0.63 | ) |  |  | (0.56 | ) |  |  | (1.25 | ) |  |  | (2.86 | )
Return of capital |  |  | (0.08 | )1 |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Total distributions |  |  | (0.35 | ) |  |  | (0.75 | ) |  |  | (0.69 | ) |  |  | (0.64 | ) |  |  | (1.26 | ) |  |  | (2.90 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of reinvestment of distributions by Common Stockholders |  |  | (0.02 | ) |  |  | (0.03 | ) |  |  | (0.04 | ) |  |  | (0.05 | ) |  |  | (0.09 | ) |  |  | (0.13 | )
Total capital stock transactions |  |  | (0.02 | ) |  |  | (0.03 | ) |  |  | (0.04 | ) |  |  | (0.05 | ) |  |  | (0.09 | ) |  |  | (0.13 | )
Net Asset Value, End of Period |  | $ | 9.33 |  |  | $ | 8.53 |  |  | $ | 10.48 |  |  | $ | 9.63 |  |  | $ | 8.59 |  |  | $ | 11.33 |
Market Value, End of Period |  | $ | 8.22 |  |  | $ | 7.42 |  |  | $ | 9.44 |  |  | $ | 8.16 |  |  | $ | 7.26 |  |  | $ | 10.08 |
TOTAL RETURN:2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Asset Value |  |  | 14.05 | %3 |  |  | (11.62 | )% |  |  | 17.67 | % |  |  | 21.98 | % |  |  | (11.64 | )% |  |  | 3.46 | %
Market Value |  |  | 15.51 | %3 |  |  | (14.65 | )% |  |  | 25.09 | % |  |  | 22.30 | % |  |  | (16.06 | )% |  |  | 3.06 | %
RATIOS BASED ON AVERAGE NET ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fee expense4 |  |  | 083 | %5 |  |  | 0.92 | %6 |  |  | 0.49 | % |  |  | 0.87 | % |  |  | 0.93 | % |  |  | 0.93 | %
Other operating expenses |  |  | 0.37 | %5 |  |  | 0.43 | % |  |  | 0.40 | % |  |  | 0.39 | % |  |  | 0.35 | % |  |  | 0.25 | %
Total expenses (net) |  |  | 1.20 | %5 |  |  | 1.35 | % |  |  | 0.89 | % |  |  | 1.26 | % |  |  | 1.28 | % |  |  | 1.18 | %
Expenses excluding interest expense |  |  | 0.99 | %5 |  |  | 1.05 | % |  |  | 0.62 | % |  |  | 1.02 | % |  |  | 1.08 | % |  |  | 1.05 | %
Expenses prior to balance credits |  |  | 120 | %5 |  |  | 1.35 | % |  |  | 0.89 | % |  |  | 1.26 | % |  |  | 1.28 | % |  |  | 1.18 | %
Net investment income (loss) |  |  | 017 | %5 |  |  | 0.10 | % |  |  | 0.56 | % |  |  | 0.32 | % |  |  | 0.26 | % |  |  | (0.09 | )%
SUPPLEMENTAL DATA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Assets, End of Period (in thousands) |  | $ | 384,919 |  |  | $ | 345,499 |  |  | $ | 409,905 |  |  | $ | 363,701 |  |  | $ | 312,407 |  |  | $ | 387,488 |
Portfolio Turnover Rate |  |  | 6 | % |  |  | 21 | % |  |  | 15 | % |  |  | 26 | % |  |  | 39 | % |  |  | 41 | %
REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset coverage |  |  | 1850 | % |  |  | 1670 | % |  |  | 1011 | % |  |  | 908 | % |  |  | 794 | % |  |  | 746 | %
Asset coverage per $1,000 |  | $ | 18,496 |  |  | $ | 16,705 |  |  | $ | 10,109 |  |  | $ | 9,082 |  |  | $ | 7,942 |  |  | $ | 7,458 |

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 over a 6-month basis for the six months ended 6/30/19, and 12-month basis for the years shown.
5 | Annualized
6 | Includes the impact of the adjustment of prior period’s performance fees of 0.06%.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2019 Semiannual Report to Stockholders | 33

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, 2019. 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 |  |  | $387,223,405 |  |  |  | $7,728,455 |  |  |  | $241,800 |  |  |  | $395,193,660 |
Preferred Stocks |  |  | 1,992,000 |  |  |  | – |  |  |  | – |  |  |  | 1,992,000 |
Warrants |  |  | 130,331 |  |  |  | – |  |  |  | 0 |  |  |  | 130,331 |
Repurchase Agreement |  |  | – |  |  |  | 9,760,000 |  |  |  | – |  |  |  | 9,760,000 |

Certain securities have transferred in and out of Level 1 and Level 2 measurements during the reporting period. This is generally due to whether fair value factors have been applied. The Fund recognizes transfers between levels as of the end of the reporting period. For the six months ended June 30, 2019, securities valued at $2,352 were transferred from Level 1 to Level 2 within the fair value hierarchy.

34 | 2019 Semiannual Report to Stockholders

Royce Micro-Cap Trust

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

|  | BALANCE AS OF 12/31/18 |  | PURCHASES |  | REALIZED GAIN (LOSS) |  | UNREALIZED GAIN (LOSS)1 |  | BALANCE AS OF 6/30/19
Common Stocks |  | $241,800 |  | $ – |  | $ – |  | $ – |  | $241,800
Warrants |  | 0 |  | – |  | – |  | – |  | 0

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.

The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain 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 |  |  |  |  |  |  |  | IMPACT TO VALUATION FROM
|  |  | 6/30/19 |  | VALUATION TECHNIQUE(S) |  | UNOBSERVABLE INPUT(S) |  | RANGE AVERAGE |  | AN INCREASE IN INPUT1
|  |  |  |  | Discounted Present Value |  |  |  |  |  |
Common Stocks |  |  | $241,800 |  | 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, 2019 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, other than investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates.
The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
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. Distributions to Common Stockholders are recorded on ex-dividend date. To the extent that distributions in any year 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.

2019 Semiannual Report to Stockholders | 35

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 773,971 and 1,383,439 shares of Common Stock as reinvestment of distributions for the six months ended June 30, 2019 and the year ended December 31, 2018, respectively.
Borrowings:
The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 179-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 or as otherwise required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI 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 which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.
As of June 30, 2019, the Fund has outstanding borrowings of $22,000,000. During the six months ended June 30, 2019, the Fund borrowed an average daily balance of $22,000,000 at a weighted average borrowing cost of 3.55%. The maximum amount outstanding during the six months ended June 30, 2019 was $22,000,000. As of June 30, 2019, the aggregate value of rehypothecated securities was $16,771,853. During the six months ended June 30, 2019, the Fund earned $41,258 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 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

36 | 2019 Semiannual Report to Stockholders

Royce Micro-Cap Trust
Notes to Financial Statements (unaudited) (continued)

Investment Advisory Agreement (continued):
percentage change in the investment record of the Russell 2000 for the performance period by more than two percentage points. The performance period for each such month is a rolling 36-month period ending with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage change in the investment record of the Russell 2000 by 12 or more percentage points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage change in the investment record of the Russell 2000 exceeds the investment performance of the Fund by 12 or more percentage points for the performance period.
For the six rolling 36-month periods ended June 2019, the Fund’s investment performance ranged from 4% below to 10% below the investment performance of the Russell 2000. Accordingly, the net investment advisory fee consisted of a Basic Fee of $1,913,202 and a net downward adjustment of $351,559 for the performance of the Fund relative to that of the Russell 2000. For the six months ended June 30, 2019, the Fund expensed Royce investment advisory fees totaling $1,561,643.
Purchases and Sales of Investment Securities:
For the six months ended June 30, 2019, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $30,800,970 and $23,538,510, 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. The Fund’s Chief Compliance Officer reviews such transactions each quarter for compliance with the requirements and restrictions set forth by Rule 17a-7, and reports the results of her review to the Board of Directors. Cross trades for the six months ended June 30, 2019, were as follows:

COSTS OF PURCHASES |  |  | PROCEEDS FROM SALES |  |  | REALIZED GAIN (LOSS)
$2,967,744 |  |  | $ – |  |  | $ –

Subsequent Events:
Subsequent events have been evaluated through the date the financial statements were issued.

2019 Semiannual Report to Stockholders | 37

MANAGER’S DISCUSSION
Royce Value Trust (RVT)

Chuck Royce

FUND PERFORMANCE
For the year-to-date period ended June 30, 2019, Royce Value Trust advanced 19.6% on an NAV (net asset value basis) and 22.9% based on market price compared to respective gains of 17.0% and 13.7% for RVT’s unleveraged small-cap benchmarks, the Russell 2000 and S&P 600 SmallCap Indexes for the same period. The Fund also outpaced the Russell 2000 on an NAV basis for the one-, three-, 20-, 25-, 30-year, and since inception (11/26/86) periods ended June 30, 2019.
WHAT WORKED... AND WHAT DIDN’T
Ten of RVT’s 11 equity sectors contributed to first-half results, with only Communication Services, one of its lowest weightings, detracting. Its four largest—Industrials, Information Technology, Financials, and Materials—made the biggest positive contributions to performance. The portfolio’s seven top-contributing industry groups came from five different sectors, with machinery (Industrials) making the biggest positive impact, followed by capital markets (Financials) and aerospace & defense (also from Industrials). Detractors had a much lower comparative effect, and only seven of the portfolio’s 62 industry groups negatively impacted results. The largest detractions came from media (Communication Services), leisure products, and Internet & direct marketing retail (both from Consumer Discretionary). The Fund’s top contributor came from the aerospace & defense group. HEICO Corporation manufactures replacement aerospace parts. Its shares reached higher altitudes in June, after the company reported strong organic sales and expanding margins, boosted by strength in its flight support and electronics segments. These developments led HEICO to raise guidance for the rest of the year. Shares of machinery company CIRCOR International, which makes precision valves, rose sharply after receiving a takeover offer from a larger industrial company in May. Before the end of June, this company raised its equity offer, and we continue to evaluate the situation. From the tech sector’s electronic equipment, instruments & components group, FLIR Systems has a global business manufacturing thermal imaging and infrared camera systems. In late April, the company announced increased bookings, strong year-over-year margin expansion, and double-digit earnings growth. It also expects revenues to remain robust through the end of 2019. We were very pleased to see strong results from these and many other cyclical holdings in the first half. The biggest detractor at the position level was comScore, a technology and data analytics company that measures consumer media consumption across platforms, including websites, TV, and movies. The firm has faced accounting issues, which led to a major shakeup in upper management that was followed by a second. A long-term turnaround candidate, we are hopeful that its very strong niche in cross-platform media consumption measurement can lead it to recover. After a series of successful new product offerings, health and fitness company Nautilus suffered through two consecutive failed product launches which led to the departure of its CEO. We began to exit our position not long afterward as we expect that it will take at least a year for its new product pipeline to be rebuilt. Equally important, our confidence in management’s ability to effectively navigate the rapidly changing fitness markets was shaken. Shares of Stamps.com were hit hard after a series of negative developments: the firm announced the end of its exclusive relationship with the U.S. Postal Service in February, lowered its sales and earnings targets, and revised guidance downward. Then in May, Stamps.com reported fiscal first-quarter results that provided an even more negative outlook, all of which sent its shares into freefall through much of the first half. We added to our position as its shares looked undeniably cheap, and we think it can eventually turn its business around by finding new avenues and continuing to be a primary source for online postage and shipping solutions. The Fund’s first-half relative outperformance was driven more by stock selection, though sector allocation also contributed. Industrials was by far the biggest source of strength, due to our overweight and even more so by our savvy stock selection, especially in the aforementioned aerospace & defense group. Stock picking drove outperformance in Financials, where our lower exposure also helped. Conversely, Consumer Discretionary, where six of 11 industries had a negative impact, detracted most, led by leisure products and Internet & direct marketing retail. Weak stock selection in the media industry within Communication Services also hindered relative performance, as did the Fund’s cash holdings.

Top Contributors to Performance |  |  |
Year-to-Date Through 6/30/19 (%)1 |  |  |
HEICO Corporation |  | 0.99 |
CIRCOR International |  | 0.65 |
FLIR Systems |  | 0.48 |
HEICO Corporation Cl. A |  | 0.43 |
Ares Management Cl. A |  | 0.41 |
1 Includes dividends |  |  |

Top Detractors from Performance |  |  |
Year-to-Date Through 6/30/19 (%)2 |  |  |
comScore |  | -0.44 |
Nautilus |  | -0.34 |
Stamps.com |  | -0.26 |
Infrastructure and Energy Alternatives |  | -0.24 |
Richardson Electronics |  | -0.12 |
2 Net of dividends |  |  |

CURRENT POSITIONING AND OUTLOOK
Markets are very good at surprising most investors. Today, with widespread concerns about slowing growth, increasing trade tensions, and the extended economic cycle, the most surprising outcome might be a rally. We see four favorable factors in the current market environment—low inflation, modest valuations, moderate growth, and increasing liquidity. When taken together, we see these factors as painting an attractive picture for small-cap investors. With so much attention on negative macro issues, we think investors may be missing this positive picture, especially with regard to profitable cyclical businesses.

38 | 2019 Semiannual Report to Stockholders

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

Performance
Average Annual Total Return (%) Through 6/30/19
|  | JAN-JUN 20191 |  | 1-YR |  | 3-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | 25-YR |  | 30-YR |  | SINCE INCEPTION (11/26/86)
RVT (NAV) |  | 19.55 |  | -0.49 |  | 12.69 |  | 6.84 |  | 12.90 |  | 7.80 |  | 9.13 |  | 10.23 |  | 10.33 |  | 10.38
1 Not Annualized |  |  |  |  |  |  |  |  |  |  |  |

Market Price Performance History Since Inception (11/26/86)
Cumulative Performance of Investment through 6/30/191

|  | 1-YR |  | 5-YR |  | 10-YR |  | 15-YR |  | 20-YR |  | SINCE INCEPTION (11/26/86)
RVT |  | -3.4% |  | 38.5% |  | 252.1% |  | 177.7% |  | 500.1% |  | 1985.1%

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 61 for additional information.

Top 10 Positions |  |
% of Net Assets |  |
HEICO Corporation |  | 3.2
FLIR Systems |  | 2.3
Quaker Chemical |  | 1.7
Kirby Corporation |  | 1.3
Minerals Technologies |  | 1.3
Air Lease Cl. A |  | 1.3
FirstService Corporation |  | 1.2
Brooks Automation |  | 1.2
Ares Management Cl. A |  | 1.2
Reliance Steel & Aluminum |  | 1.1

Portfolio Sector Breakdown |  |
% of Net Assets |  |
Industrials |  | 27.2
Information Technology |  | 18.6
Financials |  | 17.1
Materials |  | 12.4
Consumer Discretionary |  | 7.5
Energy |  | 6.5
Health Care |  | 5.3
Real Estate |  | 4.3
Consumer Staples |  | 1.7
Communication Services |  | 1.4
Utilities |  | 0.2
Outstanding Line of Credit, Net of Cash and Cash Equivalents |  | -2.2

Calendar Year Total Returns (%) |  |
YEAR |  | RVT
2018 |  | -14.4
2017 |  | 19.4
2016 |  | 26.8
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

Portfolio Diagnostics |  |
Fund Net Assets |  | $1,523 million
Number of Holdings |  | 423
Turnover Rate |  | 15%
Net Asset Value |  | $15.76
Market Price |  | $13.92
Net Leverage1 |  | 2.2%
Average Market Capitalization2 |  | $1,949 million
Weighted Average P/E Ratio3,4 |  | 20.4x
Weighted Average P/B Ratio3 |  | 2.1x
Active Share5 |  | 88%
U.S. Investments (% of Net Assets) |  | 86.4%
Non-U.S. Investments (% of Net Assets) |  | 15.8%

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 | The Fund’s P/E ratio calculation excludes companies with zero or negative earnings (12% of portfolio holdings as of 6/30/19).
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. Certain immaterial adjustments were made to the net assets of Royce Value Trust at 12/31/16 and 6/30/18 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 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 above, 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 2019.

2019 Semiannual Report to Stockholders | 39

Royce Value Trust

Schedule of Investments |  |  |  |  |  |  |
Common Stocks – 102.2% |  |  |  |  |  |  |
|  | SHARES |  |  | VALUE |
COMMUNICATION SERVICES – 1.4% |  |  |  |  |  |  |
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.2% |  |  |  |  |  |  |
†Bandwidth Cl. A 1 |  | 42,400 |  |  | $ | 3,180,848 |
Cogent Communications Holdings |  | 4,973 |  |  |  | 295,197 |
Vonage Holdings 1 |  | 33,094 |  |  |  | 374,955 |
|  |  |  |  |  | 3,851,000 |
ENTERTAINMENT - 0.0% |  |  |  |  |  |  |
Global Eagle Entertainment 1 |  | 110,000 |  |  |  | 71,500 |
INTERACTIVE MEDIA & SERVICES - 0.2% |  |  |  |  |  |  |
QuinStreet 1, 2, 3 |  | 180,254 |  |  |  | 2,857,026 |
MEDIA - 0.9% |  |  |  |  |  |  |
comScore 1,2,3 |  | 808,910 |  |  |  | 4,173,975 |
†Gannett Company |  | 43,817 |  |  |  | 357,547 |
Gray Television 1,2,3 |  | 50,000 |  |  |  | 819,500 |
Liberty Latin America Cl. C 1,2,3 |  | 246,300 |  |  |  | 4,233,897 |
Meredith Corporation 2,3 |  | 42,800 |  |  |  | 2,356,568 |
New Media Investment Group |  | 65,059 |  |  |  | 614,157 |
Pico Far East Holdings |  | 2,612,400 |  |  |  | 886,217 |
|  |  |  |  |  | 13,441,861 |
WIRELESS TELECOMMUNICATION SERVICES - 0.1% |  |  |  |  |  |  |
Boingo Wireless 1,2,3 |  | 50,000 |  |  |  | 898,500 |
Total (Cost $31,171,994) |  |  |  |  |  | 21,119,887 |
CONSUMER DISCRETIONARY – 7.5% |  |  |  |  |  |  |
AUTO COMPONENTS - 1.3% |  |  |  |  |  |  |
†Cooper-Standard Holdings 1 |  | 6,332 |  |  |  | 290,132 |
Dorman Products 1,2 |  | 59,900 |  |  |  | 5,219,686 |
†Garrett Motion 1 |  | 14,953 |  |  |  | 229,529 |
Gentex Corporation |  | 80,950 |  |  |  | 1,992,179 |
LCI Industries 2 |  | 132,486 |  |  |  | 11,923,740 |
Standard Motor Products 2 |  | 6,945 |  |  |  | 314,886 |
†Stoneridge 1 |  | 2,800 |  |  |  | 88,340 |
Superior Industries International |  | 53,313 |  |  |  | 184,463 |
†Visteon Corporation 1 |  | 1,060 |  |  |  | 62,095 |
|  |  |  |  |  | 20,305,050 |
AUTOMOBILES - 0.4% |  |  |  |  |  |  |
Thor Industries 2 |  | 95,930 |  |  |  | 5,607,109 |
DISTRIBUTORS - 0.5% |  |  |  |  |  |  |
Core-Mark Holding 2,3 |  | 23,758 |  |  |  | 943,668 |
LKQ Corporation 1,2 |  | 134,100 |  |  |  | 3,568,401 |
Weyco Group 2 |  | 97,992 |  |  |  | 2,617,366 |
|  |  |  |  |  | 7,129,435 |
DIVERSIFIED CONSUMER SERVICES - 0.3% |  |  |  |  |  |  |
American Public Education 1 |  | 13,764 |  |  |  | 407,139 |
Collectors Universe 2,3 |  | 71,100 |  |  |  | 1,517,274 |
Liberty Tax Cl. A 4 |  | 151,573 |  |  |  | 1,371,736 |
Universal Technical Institute 1 |  | 504,032 |  |  |  | 1,728,830 |
|  |  |  |  |  | 5,024,979 |
HOTELS, RESTAURANTS & LEISURE - 0.4% |  |  |  |  |  |  |
Century Casinos 1 |  | 215,850 |  |  |  | 2,093,745 |
Lindblad Expeditions Holdings 1,2,3 |  | 207,600 |  |  |  | 3,726,420 |
†Red Robin Gourmet Burgers 1 |  | 16,135 |  |  |  | 493,247 |
Ruth’s Hospitality Group |  | 18,824 |  |  |  | 427,493 |
|  |  |  |  |  | 6,740,905 |
HOUSEHOLD DURABLES - 0.8% |  |  |  |  |  |  |
Cavco Industries 1,2,3 |  | 14,700 |  |  |  | 2,315,838 |
Ethan Allen Interiors 2 |  | 178,979 |  |  |  | 3,769,298 |
La-Z-Boy |  | 11,943 |  |  |  | 366,172 |
†LGI Homes 1 |  | 13,500 |  |  |  | 964,305 |
Meritage Homes 1 |  | 5,587 |  |  |  | 286,837 |
Natuzzi ADR |  | 419,260 |  |  |  | 1,014,609 |
Purple Innovation 1 |  | 220,000 |  |  |  | 1,485,000 |
Skyline Champion 1,2,3 |  | 70,400 |  |  |  | 1,927,552 |
|  |  |  |  |  | 12,129,611 |
INTERNET & DIRECT MARKETING RETAIL - 0.5% |  |  |  |  |  |  |
Etsy 1,2 |  | 56,700 |  |  |  | 3,479,679 |
†Shutterstock |  | 14,084 |  |  |  | 551,952 |
Stamps.com 1 |  | 49,692 |  |  |  | 2,249,557 |
Waitr Holdings 1,2,3 |  | 207,650 |  |  |  | 1,306,118 |
|  |  |  |  |  | 7,587,306 |
LEISURE PRODUCTS - 0.2% |  |  |  |  |  |  |
Brunswick Corporation |  | 13,500 |  |  |  | 619,515 |
Johnson Outdoors Cl. A |  | 1,170 |  |  |  | 87,247 |
MasterCraft Boat Holdings 1 |  | 11,460 |  |  |  | 224,502 |
Nautilus 1,2 |  | 574,500 |  |  |  | 1,269,645 |
Sturm, Ruger & Co. |  | 10,459 |  |  |  | 569,806 |
|  |  |  |  |  | 2,770,715 |
SPECIALTY RETAIL - 2.6% |  |  |  |  |  |  |
Abercrombie & Fitch Cl. A |  | 35,419 |  |  |  | 568,121 |
America’s Car-Mart 1,2 |  | 120,000 |  |  |  | 10,329,600 |
AutoCanada |  | 1,088,000 |  |  |  | 9,537,811 |
Barnes & Noble |  | 47,000 |  |  |  | 314,430 |
Buckle (The) |  | 42,702 |  |  |  | 739,172 |
Caleres |  | 20,847 |  |  |  | 415,272 |
Camping World Holdings Cl. A 2,3 |  | 556,813 |  |  |  | 6,915,617 |
CarMax 1 |  | 2,700 |  |  |  | 234,441 |
Cato Corporation (The) Cl. A |  | 41,262 |  |  |  | 508,348 |
†Chico’s FAS |  | 161,229 |  |  |  | 543,342 |
Children’s Place |  | 47,350 |  |  |  | 4,516,243 |
Container Store Group (The) 1 |  | 158,200 |  |  |  | 1,158,024 |
Destination Maternity 1 |  | 557,967 |  |  |  | 736,516 |
Hibbett Sports 1 |  | 16,495 |  |  |  | 300,209 |
Monro 2 |  | 14,739 |  |  |  | 1,257,237 |
†Shoe Carnival |  | 6,602 |  |  |  | 182,215 |
Signet Jewelers 2 |  | 35,000 |  |  |  | 625,800 |
Vitamin Shoppe 1 |  | 86,798 |  |  |  | 341,984 |
|  |  |  |  |  | 39,224,382 |
TEXTILES, APPAREL & LUXURY GOODS - 0.5% |  |  |  |  |  |  |
Crocs 1 |  | 8,936 |  |  |  | 176,486 |
Culp 2 |  | 29,400 |  |  |  | 558,600 |
G-III Apparel Group 1 |  | 5,500 |  |  |  | 161,810 |
J.G. Boswell Company 4 |  | 3,940 |  |  |  | 2,360,060 |
Movado Group |  | 25,074 |  |  |  | 676,998 |
Steven Madden |  | 19,849 |  |  |  | 673,873 |
Vera Bradley 1 |  | 40,090 |  |  |  | 481,080 |
Wolverine World Wide 2 |  | 87,820 |  |  |  | 2,418,563 |
|  |  |  |  |  | 7,507,470 |
Total (Cost $130,256,047) |  |  |  |  |  | 114,026,962 |
CONSUMER STAPLES – 1.7% |  |  |  |  |  |  |
BEVERAGES - 0.1% |  |  |  |  |  |  |
Compania Cervecerias Unidas ADR 2 |  | 64,500 |  |  |  | 1,822,125 |
FOOD & STAPLES RETAILING - 0.0% |  |  |  |  |  |  |
†SpartanNash Company |  | 23,083 |  |  |  | 269,379 |
FOOD PRODUCTS - 1.3% |  |  |  |  |  |  |
Cal-Maine Foods 2 |  | 55,137 |  |  |  | 2,300,316 |
Farmer Bros. 1,2,3 |  | 54,700 |  |  |  | 895,439 |
Industrias Bachoco ADR Cl. B |  | 2,820 |  |  |  | 142,889 |

40 | 2019 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2019 (unaudited)

Schedule of Investments (continued) |  |  |  |  |  |  |
|  | SHARES |  |  | VALUE |
CONSUMER STAPLES (continued) |  |  |  |  |  |  |
FOOD PRODUCTS (continued) |  |  |  |  |  |  |
John B. Sanfilippo & Son |  | 3,309 |  |  | $ | 263,694 |
Nomad Foods 1,2 |  | 143,600 |  |  |  | 3,067,296 |
Seneca Foods Cl. A 1,2 |  | 226,560 |  |  |  | 6,305,165 |
Seneca Foods Cl. B 1 |  | 13,840 |  |  |  | 377,001 |
Tootsie Roll Industries 2 |  | 174,844 |  |  |  | 6,456,989 |
|  |  |  |  |  | 19,808,789 |
HOUSEHOLD PRODUCTS - 0.0% |  |  |  |  |  |  |
†WD-40 Company |  | 3,130 |  |  |  | 497,795 |
PERSONAL PRODUCTS - 0.3% |  |  |  |  |  |  |
Inter Parfums 2 |  | 59,945 |  |  |  | 3,985,743 |
Total (Cost $19,392,658) |  |  |  |  |  | 26,383,831 |
ENERGY – 6.5% |  |  |  |  |  |  |
ENERGY EQUIPMENT & SERVICES - 4.9% |  |  |  |  |  |  |
CARBO Ceramics 1 |  | 78,000 |  |  |  | 105,300 |
Computer Modelling Group |  | 1,333,624 |  |  |  | 7,413,831 |
Diamond Offshore Drilling 1,2,3 |  | 214,000 |  |  |  | 1,898,180 |
Era Group 1 |  | 721,216 |  |  |  | 6,014,941 |
Forum Energy Technologies 1 |  | 249,431 |  |  |  | 853,054 |
Helmerich & Payne 2 |  | 94,000 |  |  |  | 4,758,280 |
ION Geophysical 1 |  | 71,880 |  |  |  | 578,634 |
Matrix Service 1 |  | 23,727 |  |  |  | 480,709 |
Oil States International 1,2 |  | 213,915 |  |  |  | 3,914,645 |
Pason Systems |  | 922,080 |  |  |  | 13,364,193 |
†ProPetro Holding 1 |  | 26,749 |  |  |  | 553,704 |
SEACOR Holdings 1,2 |  | 261,469 |  |  |  | 12,422,392 |
SEACOR Marine Holdings 1,2 |  | 638,834 |  |  |  | 9,556,957 |
TGS-NOPEC Geophysical |  | 423,230 |  |  |  | 11,867,676 |
Trican Well Service 1 |  | 897,300 |  |  |  | 801,681 |
|  |  |  |  |  | 74,584,177 |
OIL, GAS & CONSUMABLE FUELS - 1.6% |  |  |  |  |  |  |
†Bonanza Creek Energy 1 |  | 21,535 |  |  |  | 449,651 |
Cimarex Energy |  | 50,000 |  |  |  | 2,966,500 |
†CONSOL Energy 1 |  | 27,163 |  |  |  | 722,807 |
Dorchester Minerals L.P. 2 |  | 279,148 |  |  |  | 5,111,200 |
Dorian LPG 1 |  | 394,936 |  |  |  | 3,562,322 |
GeoPark 1,2,3 |  | 53,200 |  |  |  | 986,328 |
REX American Resources 1 |  | 5,781 |  |  |  | 421,435 |
San Juan Basin Royalty Trust |  | 212,272 |  |  |  | 813,002 |
Unit Corporation 1 |  | 15,000 |  |  |  | 133,350 |
World Fuel Services 2 |  | 224,227 |  |  |  | 8,063,203 |
WPX Energy 1,2 |  | 110,000 |  |  |  | 1,266,100 |
|  |  |  |  |  | 24,495,898 |
Total (Cost $111,957,719) |  |  |  |  |  | 99,080,075 |
FINANCIALS – 17.1% |  |  |  |  |  |  |
BANKS - 3.2% |  |  |  |  |  |  |
Bank of N.T. Butterfield & Son 2 |  | 228,416 |  |  |  | 7,757,007 |
Canadian Western Bank |  | 279,500 |  |  |  | 6,375,217 |
†Customers Bancorp 1 |  | 25,398 |  |  |  | 533,358 |
†Eagle Bancorp |  | 4,404 |  |  |  | 238,388 |
Farmers & Merchants Bank of Long Beach 4 |  | 1,080 |  |  |  | 8,964,000 |
Fauquier Bankshares 2 |  | 160,800 |  |  |  | 3,426,648 |
First Citizens BancShares Cl. A |  | 14,676 |  |  |  | 6,608,162 |
†First Commonwealth Financial |  | 19,915 |  |  |  | 268,255 |
†Franklin Financial Network |  | 7,887 |  |  |  | 219,732 |
†Great Western Bancorp |  | 21,680 |  |  |  | 774,410 |
†Hanmi Financial |  | 15,376 |  |  |  | 342,424 |
†LegacyTexas Financial Group |  | 7,176 |  |  |  | 292,135 |
†Preferred Bank |  | 10,756 |  |  |  | 508,221 |
†Simmons First National Cl. A |  | 16,529 |  |  |  | 384,465 |
Webster Financial 2 |  | 243,100 |  |  |  | 11,612,887 |
|  |  |  |  |  | 48,305,309 |
CAPITAL MARKETS - 7.6% |  |  |  |  |  |  |
Ares Management Cl. A 2 |  | 671,400 |  |  |  | 17,570,538 |
Artisan Partners Asset Management Cl. A 2 |  | 121,830 |  |  |  | 3,352,762 |
ASA Gold and Precious Metals |  | 249,821 |  |  |  | 2,857,952 |
Ashmore Group |  | 609,300 |  |  |  | 3,942,410 |
Associated Capital Group Cl. A 2 |  | 20,200 |  |  |  | 755,480 |
Bolsa Mexicana de Valores |  | 1,723,106 |  |  |  | 3,251,626 |
Cowen Cl. A 1,2,3 |  | 62,706 |  |  |  | 1,077,916 |
Focus Financial Partners Cl. A 1,2,3 |  | 50,000 |  |  |  | 1,365,500 |
Houlihan Lokey Cl. A 2 |  | 64,730 |  |  |  | 2,882,427 |
Jupiter Fund Management |  | 230,000 |  |  |  | 1,234,073 |
Lazard Cl. A 2 |  | 111,665 |  |  |  | 3,840,159 |
Manning & Napier Cl. A |  | 395,692 |  |  |  | 692,461 |
MarketAxess Holdings |  | 45,220 |  |  |  | 14,534,612 |
Morningstar 2 |  | 84,600 |  |  |  | 12,236,544 |
MVC Capital |  | 195,688 |  |  |  | 1,802,287 |
Qalaa Holdings 1 |  | 7,749,921 |  |  |  | 1,763,983 |
Rothschild & Co |  | 58,293 |  |  |  | 1,889,122 |
SEI Investments 2 |  | 151,700 |  |  |  | 8,510,370 |
Sprott |  | 2,564,800 |  |  |  | 6,600,264 |
TMX Group |  | 40,700 |  |  |  | 2,831,331 |
†Tradeweb Markets Cl. A |  | 118,850 |  |  |  | 5,206,819 |
U.S. Global Investors Cl. A |  | 520,551 |  |  |  | 942,197 |
Value Partners Group |  | 5,453,000 |  |  |  | 3,636,869 |
Virtu Financial Cl. A 2 |  | 536,200 |  |  |  | 11,678,436 |
Waddell & Reed Financial Cl. A |  | 47,701 |  |  |  | 795,176 |
Westwood Holdings Group 2 |  | 38,850 |  |  |  | 1,367,520 |
WisdomTree Investments |  | 22,900 |  |  |  | 141,293 |
|  |  |  |  |  | 116,760,127 |
DIVERSIFIED FINANCIAL SERVICES - 0.1% |  |  |  |  |  |  |
First Pacific |  | 1,020,000 |  |  |  | 413,918 |
Waterloo Investment Holdings 1,5 |  | 2,972,000 |  |  |  | 891,600 |
|  |  |  |  |  | 1,305,518 |
INSURANCE - 4.1% |  |  |  |  |  |  |
†Ambac Financial Group 1 |  | 31,766 |  |  |  | 535,257 |
American Equity Investment Life Holding |  | 34,310 |  |  |  | 931,860 |
eHealth 1 |  | 20,700 |  |  |  | 1,782,270 |
E-L Financial |  | 22,500 |  |  |  | 12,800,198 |
†Employers Holdings |  | 15,474 |  |  |  | 654,086 |
Erie Indemnity Cl. A |  | 23,750 |  |  |  | 6,039,150 |
†FBL Financial Group Cl. A |  | 2,490 |  |  |  | 158,862 |
Independence Holding Company 2 |  | 221,623 |  |  |  | 8,581,243 |
MBIA 1 |  | 942,400 |  |  |  | 8,773,744 |
ProAssurance Corporation 2 |  | 385,157 |  |  |  | 13,908,019 |
RLI Corp. 2 |  | 51,970 |  |  |  | 4,454,349 |
Trupanion 1,2,3 |  | 95,500 |  |  |  | 3,450,415 |
†Universal Insurance Holdings |  | 19,746 |  |  |  | 550,913 |
|  |  |  |  |  | 62,620,366 |
INVESTMENT COMPANIES - 0.6% |  |  |  |  |  |  |
RIT Capital Partners |  | 36,900 |  |  |  | 977,054 |
Social Capital Hedosophia Holdings Cl. A 1 |  | 819,918 |  |  |  | 8,551,745 |
|  |  |  |  |  | 9,528,799 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2019 Semiannual Report to Stockholders | 41

Royce Value Trust

Schedule of Investments (continued) |  |  |  |  |  |  |
|  | SHARES |  |  | VALUE |
FINANCIALS (continued) |  |  |  |  |  |  |
THRIFTS & MORTGAGE FINANCE - 1.5% |  |  |  |  |  |  |
Axos Financial 1,2,3 |  | 196,110 |  |  | $ | 5,343,998 |
Dime Community Bancshares |  | 16,509 |  |  |  | 313,506 |
†Flagstar Bancorp |  | 7,332 |  |  |  | 242,983 |
Genworth MI Canada |  | 221,115 |  |  |  | 6,997,064 |
†HomeStreet 1 |  | 10,661 |  |  |  | 315,992 |
†Meta Financial Group |  | 23,668 |  |  |  | 663,887 |
NMI Holdings Cl. A 1 |  | 7,853 |  |  |  | 222,947 |
Timberland Bancorp 2 |  | 288,857 |  |  |  | 8,631,047 |
Vestin Realty Mortgage II 1,4 |  | 34 |  |  |  | 34,000 |
|  |  |  |  |  | 22,765,424 |
Total (Cost $208,006,498) |  |  |  |  |  | 261,285,543 |
HEALTH CARE – 5.3% |  |  |  |  |  |  |
BIOTECHNOLOGY - 0.8% |  |  |  |  |  |  |
†Acorda Therapeutics 1 |  | 20,290 |  |  |  | 155,624 |
AMAG Pharmaceuticals 1,2 |  | 40,058 |  |  |  | 400,179 |
†Anika Therapeutics 1 |  | 10,763 |  |  |  | 437,193 |
Eagle Pharmaceuticals 1 |  | 10,835 |  |  |  | 603,293 |
†Emergent BioSolutions 1 |  | 5,634 |  |  |  | 272,179 |
†Pfenex 1 |  | 16,850 |  |  |  | 113,569 |
Sangamo Therapeutics 1,2 |  | 65,815 |  |  |  | 708,828 |
Zealand Pharma 1 |  | 408,857 |  |  |  | 8,888,263 |
|  |  |  |  |  | 11,579,128 |
HEALTH CARE EQUIPMENT & SUPPLIES - 3.0% |  |  |  |  |  |  |
AtriCure 1 |  | 91,800 |  |  |  | 2,739,312 |
Atrion Corporation |  | 15,750 |  |  |  | 13,430,655 |
CryoLife 1 |  | 89,500 |  |  |  | 2,678,735 |
Integer Holdings 1,2 |  | 42,400 |  |  |  | 3,558,208 |
Lantheus Holdings 1 |  | 2,970 |  |  |  | 84,051 |
Masimo Corporation 1,2,3 |  | 50,000 |  |  |  | 7,441,000 |
Merit Medical Systems 1,2 |  | 47,400 |  |  |  | 2,823,144 |
†Mesa Laboratories |  | 16,300 |  |  |  | 3,982,742 |
Neogen Corporation 1,2,3 |  | 22,400 |  |  |  | 1,391,264 |
†OraSure Technologies 1 |  | 17,917 |  |  |  | 166,270 |
Surmodics 1,2 |  | 161,000 |  |  |  | 6,950,370 |
|  |  |  |  |  | 45,245,751 |
HEALTH CARE PROVIDERS & SERVICES - 0.2% |  |  |  |  |  |  |
AMN Healthcare Services 1 |  | 7,112 |  |  |  | 385,826 |
Community Health Systems 1 |  | 790,000 |  |  |  | 2,109,300 |
CorVel Corporation 1 |  | 3,878 |  |  |  | 337,425 |
†Ensign Group (The) |  | 4,611 |  |  |  | 262,458 |
†Tivity Health 1 |  | 24,203 |  |  |  | 397,897 |
†U.S. Physical Therapy |  | 2,624 |  |  |  | 321,624 |
|  |  |  |  |  | 3,814,530 |
HEALTH CARE TECHNOLOGY - 0.1% |  |  |  |  |  |  |
†Simulations Plus |  | 67,060 |  |  |  | 1,915,233 |
LIFE SCIENCES TOOLS & SERVICES - 1.0% |  |  |  |  |  |  |
Bio-Rad Laboratories Cl. A 1 |  | 34,498 |  |  |  | 10,783,730 |
Bio-Techne 2,3 |  | 19,463 |  |  |  | 4,057,841 |
|  |  |  |  |  | 14,841,571 |
PHARMACEUTICALS - 0.2% |  |  |  |  |  |  |
Alimera Sciences 1 |  | 566,875 |  |  |  | 504,519 |
†Corcept Therapeutics 1 |  | 36,843 |  |  |  | 410,799 |
Innoviva 1 |  | 32,504 |  |  |  | 473,258 |
Lannett Company 1 |  | 73,899 |  |  |  | 447,828 |
†Supernus Pharmaceuticals 1 |  | 14,220 |  |  |  | 470,540 |
Theravance Biopharma 1,2,3 |  | 34,291 |  |  |  | 559,972 |
|  |  |  |  |  | 2,866,916 |
Total (Cost $50,248,355) |  |  |  |  |  | 80,263,129 |
INDUSTRIALS – 27.2% |  |  |  |  |  |  |
AEROSPACE & DEFENSE - 4.6% |  |  |  |  |  |  |
Aerojet Rocketdyne Holdings 1 |  | 16,800 |  |  |  | 752,136 |
Ducommun 1,2,3 |  | 105,500 |  |  |  | 4,754,885 |
HEICO Corporation 2 |  | 247,346 |  |  |  | 33,097,368 |
HEICO Corporation Cl. A 2 |  | 145,400 |  |  |  | 15,029,998 |
Hexcel Corporation 2 |  | 61,300 |  |  |  | 4,957,944 |
Magellan Aerospace |  | 96,800 |  |  |  | 1,204,872 |
National Presto Industries |  | 5,335 |  |  |  | 497,702 |
Wesco Aircraft Holdings 1 |  | 935,364 |  |  |  | 10,382,541 |
|  |  |  |  |  | 70,677,446 |
AIR FREIGHT & LOGISTICS - 0.7% |  |  |  |  |  |  |
†Echo Global Logistics 1 |  | 10,315 |  |  |  | 215,274 |
Forward Air 2 |  | 180,532 |  |  |  | 10,678,468 |
|  |  |  |  |  | 10,893,742 |
BUILDING PRODUCTS - 0.7% |  |  |  |  |  |  |
Apogee Enterprises |  | 20,142 |  |  |  | 874,968 |
Burnham Holdings Cl. B 4 |  | 36,000 |  |  |  | 516,600 |
†Gibraltar Industries 1 |  | 7,700 |  |  |  | 310,772 |
Insteel Industries |  | 13,233 |  |  |  | 275,511 |
Patrick Industries 1,2 |  | 50,714 |  |  |  | 2,494,622 |
†Quanex Building Products |  | 19,267 |  |  |  | 363,954 |
Simpson Manufacturing 2 |  | 79,212 |  |  |  | 5,264,429 |
†Trex Company 1 |  | 2,970 |  |  |  | 212,949 |
|  |  |  |  |  | 10,313,805 |
COMMERCIAL SERVICES & SUPPLIES - 1.8% |  |  |  |  |  |  |
CompX International Cl. A 2 |  | 211,100 |  |  |  | 3,567,590 |
Heritage-Crystal Clean 1,2,3 |  | 100,106 |  |  |  | 2,633,789 |
Kimball International Cl. B 2 |  | 251,080 |  |  |  | 4,376,324 |
†LSC Communications |  | 48,294 |  |  |  | 177,239 |
Mobile Mini 2 |  | 105,000 |  |  |  | 3,195,150 |
PICO Holdings 1 |  | 409,400 |  |  |  | 4,757,228 |
Ritchie Bros. Auctioneers 2 |  | 62,900 |  |  |  | 2,089,538 |
Steelcase Cl. A |  | 5,710 |  |  |  | 97,641 |
Tetra Tech |  | 11,965 |  |  |  | 939,851 |
UniFirst Corporation |  | 27,470 |  |  |  | 5,180,018 |
|  |  |  |  |  | 27,014,368 |
CONSTRUCTION & ENGINEERING - 2.3% |  |  |  |  |  |  |
Arcosa 2 |  | 95,080 |  |  |  | 3,577,860 |
Comfort Systems USA |  | 13,603 |  |  |  | 693,617 |
IES Holdings 1,2,3 |  | 594,244 |  |  |  | 11,201,499 |
Infrastructure and Energy Alternatives 1 |  | 600,000 |  |  |  | 1,224,000 |
Jacobs Engineering Group 2 |  | 83,500 |  |  |  | 7,046,565 |
MYR Group 1 |  | 8,524 |  |  |  | 318,371 |
Sterling Construction 1,2,3 |  | 131,690 |  |  |  | 1,767,280 |
Valmont Industries 2 |  | 55,375 |  |  |  | 7,022,104 |
Williams Industrial Services Group 1,4 |  | 631,820 |  |  |  | 1,440,550 |
|  |  |  |  |  | 34,291,846 |
ELECTRICAL EQUIPMENT - 0.8% |  |  |  |  |  |  |
†Encore Wire |  | 3,994 |  |  |  | 233,968 |
EnerSys |  | 2,200 |  |  |  | 150,700 |
LSI Industries |  | 814,857 |  |  |  | 2,974,228 |
Powell Industries 2 |  | 94,500 |  |  |  | 3,591,000 |
Preformed Line Products 2 |  | 91,600 |  |  |  | 5,085,632 |

42 | 2019 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

June 30, 2019 (unaudited)

Schedule of Investments (continued) |  |  |  |  |  |  |
|  | SHARES |  |  | VALUE |
INDUSTRIALS (continued) |  |  |  |  |  |  |
ELECTRICAL EQUIPMENT (continued) |  |  |  |  |  |  |
Sensata Technologies Holding 1 |  | 3,400 |  |  | $ | 166,600 |
|  |  |  |  |  | 12,202,128 |
INDUSTRIAL CONGLOMERATES - 0.6% |  |  |  |  |  |  |
Carlisle Companies |  | 700 |  |  |  | 98,287 |
Raven Industries 2 |  | 271,725 |  |  |  | 9,749,493 |
|  |  |  |  |  | 9,847,780 |
MACHINERY - 8.9% |  |  |  |  |  |  |
CIRCOR International 1,2 |  | 135,827 |  |  |  | 6,248,042 |
Colfax Corporation 1,2 |  | 398,042 |  |  |  | 11,157,117 |
Franklin Electric 2 |  | 225,600 |  |  |  | 10,716,000 |
Greenbrier Companies (The) |  | 1,280 |  |  |  | 38,912 |
Helios Technologies 2 |  | 265,548 |  |  |  | 12,324,083 |
Hillenbrand |  | 18,142 |  |  |  | 717,879 |
John Bean Technologies 2,3 |  | 103,736 |  |  |  | 12,565,542 |
Kadant 2 |  | 120,569 |  |  |  | 10,948,871 |
Kennametal |  | 38,050 |  |  |  | 1,407,469 |
Lincoln Electric Holdings 2 |  | 136,160 |  |  |  | 11,208,691 |
Lindsay Corporation 2 |  | 110,000 |  |  |  | 9,043,100 |
†Meritor 1 |  | 14,940 |  |  |  | 362,295 |
Mueller Industries |  | 10,671 |  |  |  | 312,340 |
NN |  | 308,700 |  |  |  | 3,012,912 |
Nordson Corporation 2 |  | 23,096 |  |  |  | 3,263,696 |
Proto Labs 1 |  | 10,000 |  |  |  | 1,160,200 |
RBC Bearings 1 |  | 93,950 |  |  |  | 15,671,800 |
Standex International |  | 4,002 |  |  |  | 292,706 |
Tennant Company 2 |  | 111,900 |  |  |  | 6,848,280 |
Titan International |  | 173,100 |  |  |  | 846,459 |
Wabash National |  | 51,193 |  |  |  | 832,910 |
Watts Water Technologies Cl. A 2 |  | 61,000 |  |  |  | 5,683,980 |
Woodward 2,3 |  | 99,400 |  |  |  | 11,248,104 |
|  |  |  |  |  | 135,911,388 |
MARINE - 2.4% |  |  |  |  |  |  |
Clarkson |  | 471,100 |  |  |  | 15,016,655 |
Eagle Bulk Shipping 1 |  | 320,478 |  |  |  | 1,679,305 |
Kirby Corporation 1,2,3 |  | 250,500 |  |  |  | 19,789,500 |
|  |  |  |  |  | 36,485,460 |
PROFESSIONAL SERVICES - 1.1% |  |  |  |  |  |  |
Exponent 2 |  | 100,000 |  |  |  | 5,854,000 |
FTI Consulting 1 |  | 5,549 |  |  |  | 465,228 |
Heidrick & Struggles International |  | 21,822 |  |  |  | 654,005 |
Korn Ferry |  | 6,275 |  |  |  | 251,439 |
ManpowerGroup 2 |  | 75,000 |  |  |  | 7,245,000 |
†Navigant Consulting |  | 14,139 |  |  |  | 327,884 |
TrueBlue 1,2,3 |  | 67,103 |  |  |  | 1,480,292 |
†WageWorks 1 |  | 3,969 |  |  |  | 201,586 |
|  |  |  |  |  | 16,479,434 |
ROAD & RAIL - 1.3% |  |  |  |  |  |  |
ArcBest |  | 10,690 |  |  |  | 300,496 |
Landstar System 2 |  | 119,370 |  |  |  | 12,890,766 |
Patriot Transportation Holding 1,2 |  | 139,100 |  |  |  | 2,360,527 |
Saia 1,2,3 |  | 41,670 |  |  |  | 2,694,799 |
Universal Logistics Holdings 2 |  | 78,916 |  |  |  | 1,773,243 |
|  |  |  |  |  | 20,019,831 |
TRADING COMPANIES & DISTRIBUTORS - 2.0% |  |  |  |  |  |  |
Air Lease Cl. A 2 |  | 472,100 |  |  |  | 19,516,614 |
Houston Wire & Cable 1,6 |  | 877,363 |  |  |  | 4,597,382 |
†Richelieu Hardware |  | 74,500 |  |  |  | 1,255,557 |
SiteOne Landscape Supply 1,2 |  | 25,000 |  |  |  | 1,732,500 |
Watsco 2,3 |  | 18,300 |  |  |  | 2,992,599 |
|  |  |  |  |  | 30,094,652 |
Total (Cost $277,418,692) |  |  |  |  |  | 414,231,880 |
INFORMATION TECHNOLOGY – 18.6% |  |  |  |  |  |  |
COMMUNICATIONS EQUIPMENT - 0.2% |  |  |  |  |  |  |
ADTRAN 2,3 |  | 214,973 |  |  |  | 3,278,338 |
CalAmp Corporation 1 |  | 14,009 |  |  |  | 163,625 |
NetScout Systems 1 |  | 3,860 |  |  |  | 98,006 |
|  |  |  |  |  | 3,539,969 |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 8.9% |  |  |  |  |  |  |
Anixter International 1,2 |  | 63,795 |  |  |  | 3,809,199 |
Cognex Corporation 2 |  | 340,100 |  |  |  | 16,317,998 |
Coherent 1 |  | 84,690 |  |  |  | 11,549,175 |
†Control4 Corporation 1 |  | 7,456 |  |  |  | 177,080 |
Fabrinet 1,2,3 |  | 175,658 |  |  |  | 8,724,933 |
FARO Technologies 1,2 |  | 180,577 |  |  |  | 9,494,739 |
FLIR Systems 2 |  | 654,037 |  |  |  | 35,383,402 |
Insight Enterprises 1 |  | 20,195 |  |  |  | 1,175,349 |
IPG Photonics 1 |  | 51,100 |  |  |  | 7,882,175 |
Kimball Electronics 1 |  | 14,030 |  |  |  | 227,847 |
Littelfuse |  | 33,820 |  |  |  | 5,983,096 |
Methode Electronics |  | 15,623 |  |  |  | 446,349 |
National Instruments 2 |  | 235,650 |  |  |  | 9,894,944 |
nLIGHT 1,2 |  | 287,950 |  |  |  | 5,528,640 |
†PAR Technology 1 |  | 100,000 |  |  |  | 2,820,000 |
Perceptron 1 |  | 357,700 |  |  |  | 1,591,765 |
Richardson Electronics6 |  | 711,475 |  |  |  | 3,984,260 |
Rogers Corporation 1,2,3 |  | 32,366 |  |  |  | 5,585,724 |
TTM Technologies 1,2 |  | 496,400 |  |  |  | 5,063,280 |
Vishay Intertechnology |  | 6,440 |  |  |  | 106,389 |
Vishay Precision Group 1 |  | 6,290 |  |  |  | 255,563 |
|  |  |  |  |  | 136,001,907 |
IT SERVICES - 1.3% |  |  |  |  |  |  |
†Computer Services 4 |  | 3,513 |  |  |  | 129,630 |
CSG Systems International |  | 14,474 |  |  |  | 706,765 |
†EVERTEC |  | 8,170 |  |  |  | 267,159 |
Hackett Group (The) 2 |  | 417,266 |  |  |  | 7,005,896 |
KBR 2 |  | 337,400 |  |  |  | 8,414,756 |
NIC |  | 20,909 |  |  |  | 335,380 |
Perficient 1 |  | 10,471 |  |  |  | 359,365 |
TTEC Holdings |  | 10,364 |  |  |  | 482,859 |
Unisys Corporation 1,2 |  | 160,000 |  |  |  | 1,555,200 |
†WEX 1 |  | 800 |  |  |  | 166,480 |
|  |  |  |  |  | 19,423,490 |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.8% |  |  |  |  |  |  |
Advanced Energy Industries 1,2 |  | 52,161 |  |  |  | 2,935,099 |
Brooks Automation 2 |  | 456,904 |  |  |  | 17,705,030 |
Cabot Microelectronics 2 |  | 92,051 |  |  |  | 10,132,974 |
Cirrus Logic 1,2 |  | 295,000 |  |  |  | 12,891,500 |
Cohu |  | 21,214 |  |  |  | 327,332 |
Diodes 1,2,3 |  | 264,276 |  |  |  | 9,611,718 |
Entegris 2,3 |  | 254,300 |  |  |  | 9,490,476 |
†Ichor Holdings 1 |  | 20,775 |  |  |  | 491,121 |
Kulicke & Soffa Industries 2 |  | 30,149 |  |  |  | 679,860 |
MKS Instruments 2 |  | 193,539 |  |  |  | 15,074,753 |
Nanometrics 1 |  | 17,812 |  |  |  | 618,254 |
Nova Measuring Instruments 1,2,3 |  | 44,140 |  |  |  | 1,129,543 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2019 Semiannual Report to Stockholders | 43

Royce Value Trust

Schedule of Investments (continued) |  |  |  |  |  |  |
|  | SHARES |  |  | VALUE |
INFORMATION TECHNOLOGY (continued) |  |  |  |  |  |  |
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued) |  |  |  |  |  |  |
Photronics 1 |  | 183,700 |  |  | $ | 1,506,340 |
†Rambus 1 |  | 55,293 |  |  |  | 665,728 |
Rudolph Technologies 1 |  | 45,964 |  |  |  | 1,269,985 |
Silicon Motion Technology ADR 2,3 |  | 26,270 |  |  |  | 1,165,863 |
†SMART Global Holdings 1 |  | 9,693 |  |  |  | 222,842 |
†SolarEdge Technologies 1 |  | 12,423 |  |  |  | 775,941 |
Xperi Corporation 2,3 |  | 89,056 |  |  |  | 1,833,663 |
|  |  |  |  |  | 88,528,022 |
SOFTWARE - 2.4% |  |  |  |  |  |  |
Altair Engineering Cl. A 1 |  | 72,000 |  |  |  | 2,908,080 |
Descartes Systems Group (The) 1,2,3 |  | 119,600 |  |  |  | 4,419,220 |
†Ebix |  | 5,964 |  |  |  | 299,512 |
j2 Global 1,2 |  | 54,850 |  |  |  | 4,875,616 |
Manhattan Associates 1,2,3 |  | 125,000 |  |  |  | 8,666,250 |
Monotype Imaging Holdings 2 |  | 117,700 |  |  |  | 1,982,068 |
Progress Software |  | 7,648 |  |  |  | 333,606 |
RealNetworks 1 |  | 109,950 |  |  |  | 208,905 |
Support.com 1 |  | 216,766 |  |  |  | 351,161 |
TiVo |  | 42,966 |  |  |  | 316,659 |
†Upland Software 1 |  | 118,900 |  |  |  | 5,413,517 |
Workiva Cl. A 1,2,3 |  | 100,000 |  |  |  | 5,809,000 |
|  |  |  |  |  | 35,583,594 |
Total (Cost $207,926,692) |  |  |  |  |  | 283,076,982 |
MATERIALS – 12.4% |  |  |  |  |  |  |
CHEMICALS - 5.8% |  |  |  |  |  |  |
Chase Corporation 2,3 |  | 79,059 |  |  |  | 8,509,911 |
Element Solutions 1,2 |  | 530,000 |  |  |  | 5,480,200 |
FutureFuel Corporation |  | 549,395 |  |  |  | 6,422,427 |
Hawkins 2 |  | 92,706 |  |  |  | 4,024,367 |
Ingevity Corporation 1,2,3 |  | 30,400 |  |  |  | 3,197,168 |
Innospec 2 |  | 114,183 |  |  |  | 10,418,057 |
Minerals Technologies 2 |  | 365,922 |  |  |  | 19,580,486 |
NewMarket Corporation |  | 8,000 |  |  |  | 3,207,520 |
Quaker Chemical |  | 127,169 |  |  |  | 25,800,047 |
Stepan Company |  | 4,468 |  |  |  | 410,654 |
†Tredegar Corporation |  | 31,985 |  |  |  | 531,591 |
Westlake Chemical |  | 21,500 |  |  |  | 1,493,390 |
|  |  |  |  |  | 89,075,818 |
CONSTRUCTION MATERIALS - 0.3% |  |  |  |  |  |  |
Imerys |  | 90,000 |  |  |  | 4,771,045 |
CONTAINERS & PACKAGING - 0.0% |  |  |  |  |  |  |
Myers Industries |  | 11,763 |  |  |  | 226,673 |
METALS & MINING - 5.2% |  |  |  |  |  |  |
Alamos Gold Cl. A |  | 1,981,300 |  |  |  | 11,952,403 |
Ferroglobe (Warranty Insurance Trust) 1,5 |  | 49,300 |  |  |  | 0 |
Franco-Nevada 2 |  | 116,200 |  |  |  | 9,863,056 |
Gold Fields ADR |  | 370,000 |  |  |  | 2,001,700 |
Haynes International 2 |  | 113,900 |  |  |  | 3,623,159 |
Hecla Mining |  | 321,300 |  |  |  | 578,340 |
IAMGOLD Corporation 1 |  | 600,000 |  |  |  | 2,028,000 |
Lundin Mining |  | 640,000 |  |  |  | 3,523,653 |
MAG Silver 1 |  | 198,900 |  |  |  | 2,096,406 |
Major Drilling Group International 1 |  | 2,217,291 |  |  |  | 7,162,110 |
Materion Corporation |  | 6,055 |  |  |  | 410,589 |
Pan American Silver |  | 124,627 |  |  |  | 1,608,935 |
Pretium Resources 1 |  | 101,000 |  |  |  | 1,009,576 |
Reliance Steel & Aluminum 2 |  | 174,000 |  |  |  | 16,463,880 |
Royal Gold 2 |  | 16,600 |  |  |  | 1,701,334 |
†SunCoke Energy 1 |  | 28,465 |  |  |  | 252,769 |
Synalloy Corporation 2,3 |  | 178,800 |  |  |  | 2,792,856 |
VanEck Vectors Junior Gold Miners ETF |  | 183,000 |  |  |  | 6,397,680 |
Worthington Industries 2 |  | 133,200 |  |  |  | 5,362,632 |
|  |  |  |  |  | 78,829,078 |
PAPER & FOREST PRODUCTS - 1.1% |  |  |  |  |  |  |
†Boise Cascade |  | 26,844 |  |  |  | 754,585 |
Mercer International |  | 17,997 |  |  |  | 278,414 |
Neenah 2,3 |  | 16,700 |  |  |  | 1,128,085 |
Schweitzer-Mauduit International |  | 20,225 |  |  |  | 671,065 |
Stella-Jones |  | 380,848 |  |  |  | 13,744,322 |
|  |  |  |  |  | 16,576,471 |
Total (Cost $155,339,795) |  |  |  |  |  | 189,479,085 |
REAL ESTATE – 4.3% |  |  |  |  |  |  |
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% |  |  |  |  |  |  |
New York REIT 1,5 |  | 15,000 |  |  |  | 196,500 |
REAL ESTATE MANAGEMENT & DEVELOPMENT - 4.3% |  |  |  |  |  |  |
†Colliers International Group |  | 13,300 |  |  |  | 952,546 |
Dundee Corporation Cl. A 1 |  | 1,079,900 |  |  |  | 824,635 |
FirstService Corporation |  | 184,600 |  |  |  | 17,706,832 |
FRP Holdings 1,2 |  | 161,258 |  |  |  | 8,993,359 |
†HFF Cl. A |  | 5,811 |  |  |  | 264,284 |
Jones Lang LaSalle |  | 1,500 |  |  |  | 211,035 |
Kennedy-Wilson Holdings 2 |  | 648,720 |  |  |  | 13,344,170 |
Marcus & Millichap 1,2 |  | 199,304 |  |  |  | 6,148,528 |
RMR Group (The) Cl. A 2 |  | 80,100 |  |  |  | 3,763,098 |
St. Joe Company (The) 1,2 |  | 197,000 |  |  |  | 3,404,160 |
Tejon Ranch 1,2 |  | 557,136 |  |  |  | 9,242,886 |
|  |  |  |  |  | 64,855,533 |
Total (Cost $56,921,573) |  |  |  |  |  | 65,052,033 |
UTILITIES – 0.2% |  |  |  |  |  |  |
GAS UTILITIES - 0.2% |  |  |  |  |  |  |
UGI Corporation 2 |  | 39,100 |  |  |  | 2,088,331 |
MULTI-UTILITIES - 0.0% |  |  |  |  |  |  |
†Avista Corporation |  | 11,016 |  |  |  | 491,314 |
WATER UTILITIES - 0.0% |  |  |  |  |  |  |
†American States Water |  | 3,358 |  |  |  | 252,656 |
Total (Cost $2,389,620) |  |  |  |  |  | 2,832,301 |
TOTAL COMMON STOCKS |  |  |  |  |  |  |
(Cost $1,251,029,643) |  |  |  |  |  | 1,556,831,708 |
WARRANTS – 0.0% |  |  |  |  |  |  |
INDUSTRIALS – 0.0% |  |  |  |  |  |  |
CONSTRUCTION & ENGINEERING - 0.0% |  |  |  |  |  |  |
Infrastructure and Energy Alternatives |  |  |  |  |  |  |
(Warrants) 1 |  | 625,000 |  |  |  | 21,563 |
Total (Cost $470,283) |  |  |  |  |  | 21,563 |
INFORMATION TECHNOLOGY – 0.0% |  |  |  |  |  |  |
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.0% |  |  |  |  |  |  |
eMagin Corporation (Warrants) 1,5 |  | 50,000 |  |  |  | 0 |
Total (Cost $0) |  |  |  |  |  | 0 |
TOTAL WARRANTS |  |  |  |  |  |  |
(Cost $470,283) |  |  |  |  |  | 21,563 |

44 | 2019 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Value Trust |  | June 30, 2019 (unaudited)

Schedule of Investments (continued) |  |  |  |  |  |  |
|  |  |  |  | VALUE |
REPURCHASE AGREEMENT – 3.5% |  |  |  |  |  |  |
Fixed Income Clearing Corporation, 0.50% dated 6/28/19, due 7/1/19, maturity value $53,296,221 (collateralized by obligations of various U.S. Government Agencies, 0.125%- 1.875% due 4/15/22-4/30/22, valued at $54,361,913) |
(Cost $53,294,000) |  |  |  |  | $ | 53,294,000 |
TOTAL INVESTMENTS – 105.7% |  |  |  |  |  |  |
(Cost $1,304,793,926) |  |  |  |  |  | 1,610,147,271 |
LIABILITIES LESS CASH AND OTHER ASSETS – (5.7)% |  |  |  |  |  | (87,106,424 | )
NET ASSETS – 100.0% |  |  |  |  | $ | 1,523,040,847 |

| ADR – American Depository Receipt
† | New additions in 2019.
1 | Non-income producing.
2 | All or a portion of these securities were pledged as collateral in connection with the Fund’s revolving credit agreement at June 30, 2019. Total market value of pledged securities at June 30, 2019, was $154,562,408.
3 | At June 30, 2019, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $64,950,728.
4 | These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities. See Notes to Financial Statements.
5 | Securities for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.
6 | At June 30, 2019, 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.
| Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2019, market value.
| TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,305,985,902. At June 30, 2019, net unrealized appreciation for all securities was $304,161,369 consisting of aggregate gross unrealized appreciation of $446,008,738 and aggregate gross unrealized depreciation of $141,847,369. The primary cause of the 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 |  | 2019 Semiannual Report to Stockholders | 45

Royce Value Trust |  | June 30, 2019 (unaudited)

Statement of Assets and Liabilities

ASSETS: |  |  |  |  |
Investments at value |  |  |  |  |
Non-Affiliated Companies |  |  | $ | 1,548,271,629 |
Affiliated Companies |  |  |  | 8,581,642 |
Repurchase agreements (at cost and value) |  |  |  | 53,294,000 |
Cash and foreign currency |  |  |  | 204,999 |
Receivable for investments sold |  |  |  | 3,883,486 |
Receivable for dividends and interest |  |  |  | 1,198,992 |
Prepaid expenses and other assets |  |  |  | 700,457 |
Total Assets |  |  |  | 1,616,135,205 |
LIABILITIES: |  |  |  |  |
Revolving credit agreement |  |  |  | 70,000,000 |
Payable for investments purchased |  |  |  | 22,125,703 |
Payable for investment advisory fee |  |  |  | 549,682 |
Payable for directors’ fees |  |  |  | 54,781 |
Payable for interest expense |  |  |  | 195,414 |
Accrued expenses |  |  |  | 168,778 |
Total Liabilities |  |  |  | 93,094,358 |
Net Assets |  |  | $ | 1,523,040,847 |
ANALYSIS OF NET ASSETS: |  |  |  |  |
Paid-in capital - $0.001 par value per share; 96,667,726 shares outstanding (150,000,000 shares authorized) |  |  | $ | 1,184,765,625 |
Total distributable earnings (loss) |  |  |  | 392,666,076 |
Quarterly distributions |  |  |  | (54,390,854 | )
Net Assets (net asset value per share -$15.76) |  |  | $ | 1,523,040,847 |
Investments at identified cost |  |  | $ | 1,251,499,926 |

46 | 2019 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 |  |  |  |
|  |  | 6/30/19 |  |  |  |
|  |  | (UNAUDITED) |  | YEAR ENDED 12/31/18
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | $ | 6,009,652 |  |  | $ | 16,192,591 |
Net realized gain (loss) on investments and foreign currency |  |  |  | 63,658,124 |  |  |  | 111,658,737 |
Net change in unrealized appreciation (depreciation) on investments and foreign currency |  |  |  | 180,663,843 |  |  |  | (347,149,860 | )
Net increase (decrease) in net assets from investment operations |  |  |  | 250,331,619 |  |  |  | (219,298,532 | )
DISTRIBUTIONS: |  |  |  |  |  |  |  |  |
Total distributable earnings |  |  |  | (54,390,854 | ) |  |  | (112,695,474 | )
Total distributions |  |  |  | (54,390,854 | ) |  |  | (112,695,474 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |  |
Net proceeds from rights offering |  |  |  | – |  |  |  | 108,466,176 |
Reinvestment of distributions |  |  |  | 22,993,197 |  |  |  | 47,185,262 |
Total capital stock transactions |  |  |  | 22,993,197 |  |  |  | 155,651,438 |
Net Increase (Decrease) In Net Assets |  |  |  | 218,933,962 |  |  |  | (176,342,568 | )
NET ASSETS: |  |  |  |  |  |  |  |  |
Beginning of period |  |  |  | 1,304,106,885 |  |  |  | 1,480,449,453 |
End of period |  |  | $ | 1,523,040,847 |  |  | $ | 1,304,106,885 |

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2019 Semiannual Report to Stockholders | 47

Royce Value Trust |  | Six Months Ended June 30, 2019 (unaudited)

Statement of Operations |  |  |  |  |
INVESTMENT INCOME: |  |  |  |  |
INCOME: |  |  |  |  |
Dividends |  |  |  |  |
Non-Affiliated Companies |  |  | $ | 11,389,543 |
Affiliated Companies |  |  |  | 68,848 |
Foreign withholding tax |  |  |  | (383,442 | )
Interest |  |  |  | 138,232 |
Rehypothecation income |  |  |  | 156,197 |
Total income |  |  |  | 11,369,378 |
EXPENSES: |  |  |  |  |
Investment advisory fees |  |  |  | 3,277,037 |
Interest expense |  |  |  | 1,245,764 |
Administrative and office facilities |  |  |  | 287,813 |
Stockholder reports |  |  |  | 213,594 |
Custody and transfer agent fees |  |  |  | 100,298 |
Directors’ fees |  |  |  | 99,144 |
Professional fees |  |  |  | 55,799 |
Other expenses |  |  |  | 80,277 |
Total expenses |  |  |  | 5,359,726 |
Net investment income (loss) |  |  |  | 6,009,652 |
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY: |  |  |  |  |
NET REALIZED GAIN (LOSS): |  |  |  |  |
Investments in Non-Affiliated Companies |  |  |  | 65,699,292 |
Investments in Affiliated Companies |  |  |  | (2,022,091 | )
Foreign currency transactions |  |  |  | (19,077 | )
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION): |  |  |  |  |
Investments in Non-Affiliated Companies |  |  |  | 180,132,237 |
Investments in Affiliated Companies |  |  |  | 528,578 |
Other assets and liabilities denominated in foreign currency |  |  |  | 3,028 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  |  | 244,321,967 |
NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS |  |  | $ | 250,331,619 |

48 | 2019 Semiannual Report to Stockholders |  | THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS

Royce Value Trust |  | Six Months Ended June 30, 2019 (unaudited)

Statement of Cash Flows |  |  |  |  |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |
Net increase (decrease) in net assets from investment operations |  |  | $ | 250,331,619 |
Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities: |  |  |  |  |
Purchases of long-term investments |  |  |  | (210,355,761 | )
Proceeds from sales and maturities of long-term investments |  |  |  | 278,527,370 |
Net purchases, sales and maturities of short-term investments |  |  |  | (53,294,000 | )
Net (increase) decrease in dividends and interest receivable and other assets |  |  |  | 97,370 |
Net increase (decrease) in interest expense payable, accrued expenses and other liabilities |  |  |  | 126,238 |
Net change in unrealized appreciation (depreciation) on investments |  |  |  | (180,660,815 | )
Net realized gain (loss) on investments |  |  |  | (63,677,201 | )
Net cash provided by operating activities |  |  |  | 21,094,820 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
Increase in revolving credit agreement |  |  |  | 25,000,000 |
Distributions |  |  |  | (54,390,854 | )
Decrease in payable to custodian for cash and foreign currency overdrawn |  |  |  | (14,492,164 | )
Reinvestment of distributions |  |  |  | 22,993,197 |
Net cash used for financing activities |  |  |  | (20,889,821 | )
INCREASE (DECREASE) IN CASH: |  |  |  | 204,999 |
Cash and foreign currency at beginning of period |  |  |  | – |
Cash and foreign currency at end of period |  |  | $ | 204,999 |

Supplemental disclosure of cash flow information:
For the six months ended June 30, 2019, the Fund paid $1,069,085 in interest expense.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS |  | 2019 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 6/30/19 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | (UNAUDITED) |  | 12/31/18 |  | 12/31/17 |  | 12/31/16 |  | 12/31/15 |  | 12/31/14
Net Asset Value, Beginning of Period |  | $ | 13.73 |  |  | $ | 17.50 |  |  | $ | 15.85 |  |  | $ | 13.56 |  |  | $ | 16.24 |  |  | $ | 18.17 |
INVESTMENT OPERATIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  |  | 0.06 |  |  |  | 0.18 |  |  |  | 0.13 |  |  |  | 0.12 |  |  |  | 0.12 |  |  |  | 0.12 |
Net realized and unrealized gain (loss) on investments and foreign currency |  |  | 2.57 |  |  |  | (2.46 | ) |  |  | 2.74 |  |  |  | 3.27 |  |  |  | (1.48 | ) |  |  | (0.13 | )
Net increase (decrease) in net assets from investment operations |  |  | 2.63 |  |  |  | (2.28 | ) |  |  | 2.87 |  |  |  | 3.39 |  |  |  | (1.36 | ) |  |  | (0.01 | )
DISTRIBUTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.04 | )1 |  |  | (0.19 | ) |  |  | (0.13 | ) |  |  | (0.13 | ) |  |  | (0.16 | ) |  |  | (0.14 | )
Net realized gain on investments and foreign currency |  |  | (0.53 | )1 |  |  | (1.07 | ) |  |  | (1.03 | ) |  |  | (0.89 | ) |  |  | (1.08 | ) |  |  | (1.68 | )
Total distributions |  |  | (0.57 | ) |  |  | (1.26 | ) |  |  | (1.16 | ) |  |  | (1.02 | ) |  |  | (1.24 | ) |  |  | (1.82 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of reinvestment of distributions by Common Stockholders |  |  | (0.03 | ) |  |  | (0.06 | ) |  |  | (0.06 | ) |  |  | (0.08 | ) |  |  | (0.08 | ) |  |  | (0.10 | )
Effect of rights offering |  |  |  |  |  |  | (0.17 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital stock transactions |  |  | (0.03 | ) |  |  | (0.23 | ) |  |  | (0.06 | ) |  |  | (0.08 | ) |  |  | (0.08 | ) |  |  | (0.10 | )
Net Asset Value, End of Period |  | $ | 15.76 |  |  | $ | 13.73 |  |  | $ | 17.50 |  |  | $ | 15.85 |  |  | $ | 13.56 |  |  | $ | 16.24 |
Market Value, End of Period |  | $ | 13.92 |  |  | $ | 11.80 |  |  | $ | 16.17 |  |  | $ | 13.39 |  |  | $ | 11.77 |  |  | $ | 14.33 |
TOTAL RETURN:2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Asset Value |  |  | 19.55 | %3 |  |  | (14.45 | )% |  |  | 19.31 | % |  |  | 26.87 | % |  |  | (8.09 | )% |  |  | 0.78 | %
Market Value |  |  | 22.86 | %3 |  |  | (20.43 | )% |  |  | 30.49 | % |  |  | 23.48 | % |  |  | (9.59 | )% |  |  | 0.93 | %
RATIOS BASED ON AVERAGE NET ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fee expense4 |  |  | 0.45 | %5 |  |  | 0.42 | % |  |  | 0.43 | % |  |  | 0.51 | % |  |  | 0.50 | % |  |  | 0.46 | %
Other operating expenses |  |  | 0.28 | %5 |  |  | 0.21 | % |  |  | 0.22 | % |  |  | 0.22 | % |  |  | 0.18 | % |  |  | 0.15 | %
Total expenses (net) |  |  | 0.73 | %5 |  |  | 0.63 | % |  |  | 0.65 | % |  |  | 0.73 | % |  |  | 0.68 | % |  |  | 0.61 | %
Expenses excluding interest expense |  |  | 0.56 | %5 |  |  | 0.52 | % |  |  | 0.54 | % |  |  | 0.62 | % |  |  | 0.61 | % |  |  | 0.55 | %
Expenses prior to balance credits |  |  | 0.73 | %5 |  |  | 0.63 | % |  |  | 0.65 | % |  |  | 0.73 | % |  |  | 0.68 | % |  |  | 0.61 | %
Net investment income (loss) |  |  | 0.82 | %5 |  |  | 1.06 | % |  |  | 0.80 | % |  |  | 0.85 | % |  |  | 0.78 | % |  |  | 0.72 | %
SUPPLEMENTAL DATA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Assets, End of Period (in thousands) |  | $ | 1,523,041 |  |  | $ | 1,304,107 |  |  | $ | 1,480,449 |  |  | $ | 1,296,012 |  |  | $ | 1,072,035 |  |  | $ | 1,231,955 |
Portfolio Turnover Rate |  |  | 15 | % |  |  | 28 | % |  |  | 19 | % |  |  | 28 | % |  |  | 35 | % |  |  | 40 | %
REVOLVING CREDIT AGREEMENT: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asset coverage |  |  | 2276 | % |  |  | 2998 | % |  |  | 2215 | % |  |  | 1951 | % |  |  | 1631 | % |  |  | 1860 | %
Asset coverage per $1,000 |  | $ | 22,758 |  |  | $ | 29,980 |  |  | $ | 22,149 |  |  | $ | 19,514 |  |  | $ | 16,315 |  |  | $ | 18,599 |

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 over a 6-month basis for the six months ended 6/30/19, and 12-month basis for the years shown.
5 | Annualized

50 | 2019 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, 2019. 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 |  |  |  | $1,540,927,034 |  |  |  | $14,816,574 |  |  |  | $1,088,100 |  |  |  | $1,556,831,708 |
Warrants |  |  |  | 21,563 |  |  |  | – |  |  |  | 0 |  |  |  | 21,563 |
Repurchase Agreement |  |  |  | – |  |  |  | 53,294,000 |  |  |  | – |  |  |  | 53,294,000 |

2019 Semiannual Report to Stockholders | 51

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

|  |  |  | BALANCE AS OF 12/31/18 |  |  |  | SALES |  |  |  | REALIZED GAIN (LOSS) |  |  |  | UNREALIZED GAIN (LOSS)1 |  |  |  | BALANCE AS OF 6/30/19
Common Stocks |  |  |  | $1,100,250 |  |  |  | $ 12,150 |  |  |  | $ 0 |  |  |  | $ – |  |  |  | $1,088,100
Warrants |  |  |  | 0 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 0

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.

The following table summarizes the valuation techniques used and unobservable inputs approved by the Valuation Committee to determine the fair value of certain 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | IMPACT TO VALUATION FROM
|  | 6/30/2019 |  |  |  | VALUATION TECHNIQUE(S) |  |  |  | UNOBSERVABLE INPUT(S) |  |  |  | RANGE AVERAGE |  |  |  | AN INCREASE IN INPUT1
|  |  |  |  |  | Discounted Present Value |  |  |  |  |  |  |  |  |  |  |  |
Waterloo Investment Holdings |  | $891,600 |  |  |  | Balance Sheet Analysis |  |  |  | Liquidity Discount |  |  |  | 30%-40% |  |  |  | Decrease
|  |  |  |  |  | Guidance from Options Clearing Authorities |  |  |  |  |  |  |  |  |  |  |  |
New York REIT |  | 196,500 |  |  |  | Balance Sheet Analysis |  |  |  | Liquidity Discount |  |  |  | 20%-30% |  |  |  | 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, 2019 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, other than investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates.
The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.
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 gains in 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

52 | 2019 Semiannual Report to Stockholders

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

DISTRIBUTIONS (continued):
average or the distribution required by IRS regulations. Distributions to Common Stockholders are recorded on ex-dividend date. To the extent that distributions in any year 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.
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 1,657,702 and 3,301,756 shares of Common Stock as reinvestment of distributions for the six months ended June 30, 2019 and the year ended December 31, 2018, respectively.
On July 5, 2018, the Fund completed a rights offering of Common Stock to its stockholders at the rate of one common share for each 10 rights held by stockholders of record on May 30, 2018. The rights offering resulted in the issuance of 7,120,544 common shares at a price of $15.33, and proceeds of $109,157,940 to the Fund prior to the deduction of expenses of $691,764. The net asset value per share of the Fund’s Common Stock was reduced by approximately $0.17 per share as a result of the issuance.
Borrowings:
The Fund is party to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage International, Limited (BNPPI). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 179-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 or as otherwise required by applicable regulatory standards and has granted a security interest in the securities pledged to, and in favor of, BNPPI 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 which may necessitate the sale of portfolio securities at potentially inopportune times. BNPPI may terminate the credit agreement upon certain ratings downgrades of its corporate parent, which would result in the Fund’s entire loan balance becoming immediately due and payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPPI to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPPI on demand. If BNPPI fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPPI for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may reduce the loan balance outstanding by the value of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPPI in connection with the rehypothecation of portfolio securities.
As of June 30, 2019, the Fund has outstanding borrowings of $70,000,000. During the six months ended June 30, 2019, the Fund borrowed an average daily balance of $69,861,878 at a weighted average borrowing cost of 3.55%. The maximum amount outstanding during the six months ended June 30, 2019 was $70,000,000. As of June 30, 2019, the aggregate value of rehypothecated securities was $64,950,728. During the six months ended June 30, 2019, the Fund earned $156,197 in fees from rehypothecated securities.

2019 Semiannual Report to Stockholders | 53

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

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 for the rolling 60-month period ending with such month (the “performance period”). The Basic Fee for each month is increased or decreased at the rate of 1/12 of .05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the percentage change in the investment record of the S&P 600 for the performance period by more than two percentage points. The performance period for each such month is a rolling 60-month period ending with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage change in the investment record of the S&P 600 by 12 or more percentage points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage change in the investment record of the S&P 600 exceeds the investment performance of the Fund by 12 or more percentage points for the performance period.
Notwithstanding the foregoing, Royce is not entitled to receive any fee for any month when the investment performance of the Fund for the rolling 36-month period ending with such month is negative. In the event that the Fund’s investment performance for such a performance period is less than zero, Royce will not be required to refund to the Fund any fee earned in respect of any prior performance period.
For the six rolling 60-month periods ended June 2019, the Fund’s investment performance ranged from 13% to 21% below the investment performance of the S&P 600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $6,554,072 and a net downward adjustment of $3,277,035 for the performance of the Fund relative to that of the S&P 600. For the six months ended June 30, 2019, the Fund expensed Royce investment advisory fees totaling $3,277,037.
Purchases and Sales of Investment Securities:
For the six months ended June 30, 2019, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $229,508,474 and $276,574,442, 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. The Fund’s Chief Compliance Officer reviews such transactions each quarter for compliance with the requirements and restrictions set forth by Rule 17a-7, and reports the results of her review to the Board of Directors. Cross trades for the six months ended June 30, 2019, were as follows:

COSTS OF PURCHASES |  |  |  | PROCEEDS FROM SALES |  |  |  | REALIZED GAIN (LOSS) |
$20,443,210 |  |  |  | $385,459 |  |  |  | $54,372 |

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 held the following positions in shares of such companies at June 30, 2019:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | CHANGE IN NET |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | UNREALIZED |  |  |  |  |  |  |  |  |  |  |  |
|  | SHARES |  | MARKET VALUE |  | COSTS OF |  | PROCEEDS |  | REALIZED |  | APPRECIATION |  | DIVIDEND |  | SHARES |  | MARKET VALUE
AFFILIATED COMPANY |  | 12/31/18 |  | 12/31/18 |  | PURCHASES |  | FROM SALES |  | GAIN (LOSS) |  | (DEPRECIATION) |  | INCOME |  | 6/30/19 |  | 6/30/19
HG Holdings1 |  |  | 912,235 |  |  | $ | 392,261 |  |  | $ | – |  |  | $ | 464,067 |  |  | $ | (2,022,091 | ) |  | $ | 2,093,897 |  |  | $ | – |  |  |  |  |  |  |  |  |
Houston Wire & Cable |  |  | 877,363 |  |  |  | 4,439,457 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 157,925 |  |  |  | – |  |  |  | 877,363 |  |  |  | 4,597,382 |
Richardson Electronics |  |  | 573,732 |  |  |  | 4,985,731 |  |  |  | 721,773 |  |  |  | – |  |  |  | – |  |  |  | (1,723,244 | ) |  |  | 68,848 |  |  |  | 711,475 |  |  |  | 3,984,260 |
|  |  |  |  |  | $ | 9,817,449 |  |  |  |  |  |  |  |  |  |  | $ | (2,022,091) |  |  | $ | 528,578 |  |  | $ | 68,848 |  |  |  |  |  |  | $ | 8,581,642 |

1Not an Affiliated Company at June 30, 2019.

Subsequent Events:
Subsequent events have been evaluated through the date the financial statements were issued.

54 | 2019 Semiannual Report to Stockholders

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 |
12/9/16 |  | Distribution $0.14 |  |  |  |  |  |  | 7.940 |  |  |  | 18 |  |  |  | 10,111 |  |  |  | 8,446 |
12/12/17 |  | Distribution $0.11 |  |  |  |  |  |  | 10.610 |  |  |  | 11 |  |  |  | 13,254 |  |  |  | 11,484 |
12/12/18 |  | Distribution $0.04 |  |  |  |  |  |  | 8.500 |  |  |  | 5 |  |  |  | 11,118 |  |  |  | 9,475 |
6/30/19 |  |  |  | $ | 8,975 |  |  |  |  |  |  |  | 1,067 |  |  | $ | 13,252 |  |  | $ | 11,260 |
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 |  | Annual distribution total $0.64 |  |  |  |  |  |  | 7.513 |  |  |  | 779 |  |  |  | 92,689 |  |  |  | 78,540 |
2017 |  | Annual distribution total $0.69 |  |  |  |  |  |  | 8.746 |  |  |  | 783 |  |  |  | 109,076 |  |  |  | 98,254 |
2018 |  | Annual distribution total $0.75 |  |  |  |  |  |  | 8.993 |  |  |  | 893 |  |  |  | 96,398 |  |  |  | 83,853 |
2019 |  | Year-to-Date distribution total $0.35 |  |  |  |  |  |  | 8.274 |  |  |  | 483 |  |  |  |  |  |  |  |  |
6/30/19 |  |  |  | $ | 8,900 |  |  |  |  |  |  |  | 11,784 |  |  | $ | 109,827 |  |  | $ | 96,864 |

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.

2019 Semiannual Report to Stockholders | 55

History Since Inception (continued)

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 |  | Annual distribution total $1.02 |  |  |  |  |  |  | 12.334 |  |  |  | 1,460 |  |  |  | 293,880 |  |  |  | 248,425 |
2017 |  | Annual distribution total $1.16 |  |  |  |  |  |  | 14.841 |  |  |  | 1,495 |  |  |  | 350,840 |  |  |  | 324,176 |
2018 |  | Distribution through 6/30/18 $0.59 |  |  |  |  |  |  | 15.962 |  |  |  | 748 |  |  |  |  |  |  |  |  |
2018 |  | Rights Offering |  |  | 31,289 |  |  |  | 15.330 |  |  |  | 2,041 |  |  |  |  |  |  |  |  |
2018 |  | Distribution after 6/30/18 $0.67 |  |  |  |  |  |  | 12.706 |  |  |  | 1,168 |  |  |  | 329,589 |  |  |  | 283,259 |
2019 |  | Year-to-Date distribution total $0.57 |  |  |  |  |  |  | 13.878 |  |  |  | 996 |  |  |  |  |  |  |  |  |
6/30/19 |  |  |  | $ | 53,211 |  |  |  |  |  |  |  | 25,001 |  |  | $ | 394,016 |  |  | $ | 348,014 |

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.

56 | 2019 Semiannual Report to Stockholders

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 June 30, 2019.

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 June 30, 2019. 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.).

2019 Semiannual Report to Stockholders | 57

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: 79 | Number of Funds Overseen: 16 | Tenure: Since 1982
Non-Royce Directorships: Director of Oxford Square Capital Corp.
Principal Occupation(s) During Past Five Years: A member of the Board of Managers of Royce & Associates, LP (“Royce”), the Trust’s investment adviser; Chief Executive Officer (1972-June 2016), President (1972-June 2014) of Royce.

Christopher D. Clark, Director1, President
Age: 54 | Number of Funds Overseen: 16 | 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 of Royce, a Member of the Board of Managers of Royce, having been employed by Royce since May 2007.

Patricia W. Chadwick, Director
Age: 70 | Number of Funds Overseen: 16 | Tenure: Since 2009
Non-Royce Directorships: Trustee of Voya Mutual Funds and Director of Wisconsin Energy Corp.
Principal Occupation(s) During Past 5 Years: Consultant and President of Ravengate Partners LLC (since 2000).

Christopher C. Grisanti, Director
Age: 57 | Number of Funds Overseen: 16 | Tenure: Since 2017
Non-Royce Directorships: None
Principal Occupation(s) During Past Five Years: Co-Founder and Chief Executive Officer of Grisanti Capital Management LLC, an investment advisory firm (since 1999). Mr. Grisanti’s prior business experience includes serving as Director of Research and Portfolio Manager at Spears Benzak, Salomon & Farrell (from 1994 to 1999) and a senior associate at the law firm of Simpson, Thacher & Bartlett (from 1988 to 1994).

Stephen L. Isaacs, Director
Age: 79 | Number of Funds Overseen: 16 | 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: 76 | Number of Funds Overseen: 36 | Tenure: Since 2004
Non-Royce Directorships: Director/Trustee of registered investment companies constituting the 20 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: 79 | Number of Funds Overseen: 16 | 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: 73 | Number of Funds Overseen: 36 | Tenure: Since 2001
Non-Royce Directorships: Director/Trustee of registered investment companies constituting the 20 Legg Mason Funds.
Principal Occupation(s) During Past Five Years: Trustee Emeritus of Colgate University (since 2005); Board Member of Hill House, Inc. (since 1999); Formerly Director of TICC Capital Corp (from 2003-2017): 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: 61 | Number of Funds Overseen: 16 | 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: 51 | 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: 57 | 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: 53 | 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: 52 | 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.

Lisa Curcio, Chief Compliance Officer
Age: 59 | 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.

58 | 2019 Semiannual Report to Stockholders

Board Approval of Investment Advisory Agreements

At meetings held on June 4-5, 2019, the Funds’ respective Boards of Directors, including all of the non-interested directors, approved the continuation of investment advisory agreements (each, an “Investment Advisory Agreement” and collectively, the “Investment Advisory Agreements”) between Royce & Associates, LP (“R&A”) and each of Royce Value Trust, Inc., Royce Micro-Cap Trust, Inc., and Royce Global Value Trust, Inc. (each, a “Fund” and collectively, the “Funds”). In reaching these decisions, each Board reviewed the materials provided by R&A, which included, among other things, information prepared internally by R&A and independently by Broadridge Financial Solutions, Inc. (“Broadridge”) using the database and methodology of 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 other 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 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 also noted R&A’s efforts to provide enhanced analytical tools to its investment staff along with the ongoing meetings conducted by R&A’s Co-Chief Investment Officers with portfolio managers experiencing performance challenges in an attempt to address such challenges. Each Board, in its deliberations, recognized that, for many of the Funds’ stockholders, the decision to purchase Fund shares included a decision to select R&A as the investment adviser and that there was a strong association in the minds of Fund stockholders between R&A and each Fund. In considering factors relating to the approval of the continuance of the Investment Advisory Agreements, the non-interested directors received assistance and advice from, and met separately with, their independent counsel. While 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 continuance of 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. The Boards 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. Lastly, each Board noted R&A’s ability to attract and retain qualified and experienced personnel. The directors concluded that the investment advisory services provided by R&A to each Fund compared favorably to services provided by R&A to other R&A client accounts, including other funds, in both nature and quality, and that the scope of services provided by R&A would continue to be suitable for the Funds.
Investment performance of the Funds and R&A:
Although the registered investment companies managed by R&A currently span a wider risk spectrum than they have historically, R&A generally emphasizes a risk-averse approach to investing. In light of that approach, 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 ten full calendar years of performance because its inception date was October 18, 2013.
The Boards noted that 2018 proved to be a turbulent year for financial markets in general and for the small-cap equity market in particular. For much of 2018, the small-cap market experienced positive returns and low volatility, with the Russell 2000 Index reaching an all-time high on August 31, 2018. Small-cap markets then experienced declines along with increased volatility from September through mid-December. Those declines accelerated from mid-December through the end of 2018. Overall, the Russell 2000 Index declined 11.01% in 2018. Within the small-cap market, the Boards noted that value stocks beat growth stocks, dividend payers outperformed non-dividend payers, earners held up better than non-earners, and defensive stocks outpaced cyclical stocks in 2018. It was noted that Royce Value Trust, Inc. (“RVT”) ranked within the 4th Sharpe Ratio quartile and the 1st Sharpe Ratio quartile in its Morningstar category for the 1-year period and the 3-year period, respectively, ended December 31, 2018. It was further noted that Royce Micro-Cap Trust, Inc. (“RMT”) ranked within the 3rd Sharpe Ratio quartile and the 1st Sharpe Ratio quartile in its Morningstar category for the 1-year period and the 3-year period, respectively, ended December 31, 2018. The Boards noted that the last few years have been marked by increased return dispersion, declining correlation, and a steepening yield curve. While not dispositive, the directors noted that such improved relative risk-adjusted performance for RVT and RGT during the more historically customary market environment that has recently prevailed was also not insignificant.
The RVT Board noted that RVT ranked within the 3rd Sharpe Ratio quartile and the 4th Sharpe Ratio quartile in its Morningstar category for the 5-year period and the 10-year period, respectively, ended December 31, 2018. The RMT Board further noted that RMT ranked within the 4th Sharpe Ratio quartile and the 3rd Sharpe Ratio quartile in its Morningstar category for the 5-year period and the 10-year period, respectively, ended December 31, 2018. This post-2008 market period was marked by historically low interest rates and significant U.S. Federal Reserve market intervention. During this period, highly leveraged, non-earning companies and yield-oriented securities (e.g., master limited partnerships, real estate investment trusts, and utilities) generally outperformed the higher quality companies (e.g., those with solid balance sheets, low leverage, the ability to generate and effectively allocate free cash flow, and strong returns on invested capital) and cyclical companies generally favored by RVT and RMT. The directors also noted, however, that the relative performance for RVT and RMT during the more historically customary market cycle preceding the 2008 financial crisis was quite strong. In addition, the use of leverage by RVT and RMT through preferred stock (prior to

2019 Semiannual Report to Stockholders | 59

Board Approval of Investment Advisory Agreements

November 15, 2012) and borrowings resulted in higher volatility and worse down market performance.
The RGT Board noted that RGT had less than ten full calendar years of performance because its inception date was October 18, 2013 and that RGT had been subject to the same market forces as RVT and RMT during RGT’s years of operation. Using data provided by Broadridge, the Sharpe Ratio for RGT placed in the 3rd, 2nd, and 3rd quartiles within the Morningstar World Small/Mid Stock category for the 1-year, 3-year, and 5-year periods, respectively, ended December 31, 2018.
In addition to each Fund’s risk–adjusted performance, the Boards also reviewed and considered the absolute total returns and down market performance for each Fund and the long-term performance records of each of RVT and RMT for periods of 10 years and longer. The Boards further 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 rate policy and related market interventions and more recently as noted above. 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. Each Board determined that R&A continued to be an appropriate investment adviser for the relevant Fund and concluded that the relevant Fund’s performance supported the approval of the continuance of its Investment Advisory Agreement.
Cost of the services provided and profits realized by R&A from its relationship with the Funds:
Each Board considered the cost of the services provided by R&A and profits realized by R&A from its relationship with each Fund. As part of the analysis, each Board discussed with R&A its methodology in allocating its costs to each Fund and concluded that R&A’s allocations were reasonable. The directors concluded that R&A’s profits during the year ended December 31, 2018 in respect of the Funds 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. The directors noted that, as closed-end funds, the Funds generally would not be expected to have significant inflows of capital that might produce increasing economies of scale. 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. The Boards noted that the effective investment advisory fee rate for RVT and RMT was lower than the median of its Broadridge-assigned peers while the effective investment advisory fee rate for RGT was higher than the median of its Broadridge-assigned peers. Each Board further noted the importance of the net expense ratio in measuring a Fund’s efficiency, particularly in light of the variations in the mutual 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 of 0.63% placed it in the 1st quartile within its Broadridge-assigned peer group for 2018. 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 1.35% placed it in the 4th quartile within its Broadridge-assigned peer group for 2018. The directors further noted that RMT’s net expense ratio was only 7 basis points higher than the median of its Broadridge-assigned peer group and 6 basis points lower than the average expense ratio for the 35 non-institutional, non-ETF domestic funds with weighted average market capitalizations of less than $1 billion within the Morningstar database. Finally, in the case of RGT, the Board noted that its net expense ratio of 1.74% placed it in the 4th quartile within its Broadridge-assigned peer group for 2018, 24 basis points above its Broadridge-assigned peer group median. The directors also noted that: (i) a reduced contractual investment advisory fee rate for RGT went into effect on January 1, 2019 and (ii) had such reduced contractual investment advisory fee rate gone into effect on January 1, 2018, RGT’s pro-forma net expense ratio of 1.49% would have been 1 basis point lower than that of its Broadridge-assigned peer group median.
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 several analyses to the Boards which demonstrated that mutual funds with high active share scores had higher expense ratios than mutual 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 91%, 94%, and 97%, respectively, for the calendar year ended December 31, 2018.
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.
No single factor was cited as determinative to the decision of the directors. Rather, after weighing all of the considerations and conclusions discussed above, each entire Board, including all of the non-interested directors, approved the continuation of the relevant Investment Advisory Agreement, concluding that the continuation of such agreements was in the best interest of the stockholders of the respective Funds and that each Fund’s investment advisory fee rate was reasonable in relation to the services provided.

60 | 2019 Semiannual Report to Stockholders

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, 2019, 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, 2019 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. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. 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 S&P 600 is an index of U.S. small-cap stocks selected by Standard & Poor’s based on market size, liquidity, and industry grouping, among other factors. 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. For the Morningstar Small Blend Category: © 2019 Morningstar. All Rights Reserved. The information regarding the category in this piece is: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 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, LLC.

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, 2019. 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, 2016, 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.
Disclosure of Portfolio Holdings
The Funds’ complete portfolio holdings are also available on Exhibit F to Form N-PORT, which filings are made with the SEC within 60 days of the end of the first and third fiscal quarters. The Funds’ Form N-PORT filings are available on the SEC’s website at http://www.sec.gov.

2019 Semiannual Report to Stockholders | 61

| About The Royce Funds |  |  | Contact Us |
| Unparalleled Knowledge + Experience Pioneers in small-cap investing, with 45+ years of experience, depth of knowledge, and focus. 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. Specialized Approaches US, international, and global investment strategies that pursue approaches with different risk profiles. Unwavering Commitment Our team of 18 portfolio managers have significant personal investments in the strategies they manage. |  |  | GENERAL INFORMATION General Royce Funds information including an overview of our firm and Funds (800) 221-4268 COMPUTERSHARE Transfer Agent and Registrar Speak with a representative about: • Your account, transactions, and forms (800) 426-5523 FINANCIAL ADVISORS AND BROKER-DEALERS Speak with your regional Royce contact regarding: • Information about our firm, strategies, and Funds • Fund Materials (800) 337-6923 |

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 period covered by this report.

Item 12. Exhibits. Attached hereto.

(a)(1) Not applicable to this semi-annual report.

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

(a)(3) Not Applicable

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

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ROYCE VALUE TRUST, INC.

BY: /s/ Christopher D. Clark

Christopher D. Clark

President

Date: August 28, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

ROYCE VALUE TRUST, INC. | ROYCE VALUE TRUST, INC.
BY: /s/ Christopher D. Clark | BY: /s/ Peter K. Hoglund
Christopher D. Clark | Peter K. Hoglund
President | Chief Financial Officer
Date: August 28, 2019 | Date: August 28, 2019