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: 811-22532

Name of Registrant: Royce Global Value Trust, Inc.

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

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

Registrant’s telephone number, including area code: (212) 508-4500
Date of fiscal year end: December 31, 2016
Date of reporting period: January 1, 2016 – June 30, 2016

Item 1.  Reports to Shareholders.


                  JUNE 30, 2016                       2016 Semiannual     Review and Report to Stockholders                                               Royce Global Value Trust             Royce Micro-Cap Trust             Royce Value Trust                                                                                                                             roycefunds.com                        
                                      A Few Words on Closed-End Funds              
Royce & Associates, LP manages three closed-end funds: Royce Global Value Trust, which invests primarily in companies with headquarters outside of the United States, Royce Micro-Cap Trust, which invests primarily in micro-cap securities; and Royce Value Trust, which invests primarily in small-cap securities. A closed-end fund is an investment company whose shares are listed and traded on a stock exchange. Like all investment companies, including open-end mutual funds, the assets of a closed-end fund are professionally managed in accordance with the investment objectives and policies approved by the fund’s Board of Directors. A closed-end fund raises cash for investment by issuing a fixed number of shares through initial and other public offerings that may include shelf offerings and periodic rights offerings. Proceeds from the offerings are invested in an actively managed portfolio of securities. Investors wanting to buy or sell shares of a publicly traded closed-end fund after the offerings must do so on a stock exchange, as with any publicly traded stock. Shares of closed-end funds frequently trade at a discount to their net asset value. This is in contrast to open-end mutual funds, which sell and redeem their shares at net asset value on a continuous basis.
                                       
A Closed-End Fund Can Offer Several Distinct Advantages
 
Why Dividend Reinvestment Is Important
               
A closed-end fund does not issue redeemable securities or offer its securities on a continuous basis, so it does not need to liquidate securities or hold uninvested assets to meet investor demands for cash redemptions.
 
A very important component of an investor’s total return comes from the reinvestment of distributions. By reinvesting distributions, our investors can maintain an undiluted investment in a Fund. To get a fair idea of the impact of reinvested distributions, please see the charts on pages 12 and 13. For additional information on the Funds’ Distribution Reinvestment and Cash Purchase Options and the benefits for stockholders, please see page 14 or visit our website at www.roycefunds.com.

Managed Distribution Policy

The Board of Directors of each of Royce Micro-Cap Trust and Royce Value Trust has authorized a managed distribution policy (“MDP”). Under the MDP, Royce Micro-Cap Trust and Royce Value Trust pay quarterly distributions at an annual rate of 7% of the average of the prior four quarter-end net asset values, with the fourth quarter being the greater of these annualized rates or the distribution required by IRS regulations. With each distribution, the Fund will issue a notice to its stockholders and an accompanying press release that provides detailed information regarding the amount and composition of the distribution (including whether any portion of the distribution represents a return of capital) and other information required by a Fund’s MDP. You should not draw any conclusions about a Fund’s investment performance from the amount of distributions or from the terms of a Fund’s MDP. A Fund’s Board of Directors may amend or terminate the MDP at any time without prior notice to stockholders; however, at this time there are no reasonably foreseeable circumstances that might cause the termination of any of the MDPs.
   
In a closed-end fund, not having to meet investor redemption requests or invest at inopportune times can be effective for value managers who attempt to buy stocks when prices are depressed and sell securities when prices are high.
     
A closed-end fund may invest in less liquid portfolio securities because it is not subject to potential stockholder redemption demands. This is potentially beneficial for Royce-managed closed-end funds, with significant investments in small- and micro-cap securities.
     
The fixed capital structure allows permanent leverage to be employed as a means to enhance capital appreciation potential.
     

Royce Micro-Cap Trust and Royce Value Trust distribute capital gains, if any, on a quarterly basis. Each of these Funds has adopted a quarterly distribution policy for its common stock.
                 
We believe that the closed-end fund structure can be an appropriate investment for a long-term investor who understands the benefits of a more stable pool of capital.
                                                                              This page is not part of the 2016 Semiannual Report to Stockholders                        
Table of Contents                       Semiannual Review               Letter to Our Stockholders   2           Performance   5                   Semiannual Report to Stockholders               Managers’ Discussions of Fund Performance              

Royce Global Value Trust

  6          

Royce Micro-Cap Trust

  8          

Royce Value Trust

  10           History Since Inception   12           Distribution Reinvestment and Cash Purchase Options   14           Schedules of Investments and Other Financial Statements              

Royce Global Value Trust

  15          

Royce Micro-Cap Trust

  27          

Royce Value Trust

  41           Directors and Officers   55           Board Approval of Investment Advisory Agreements   56           Notes to Performance and Other Important Information   58  



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

Letter to Our Stockholders

A BEAR, A BREXIT, AND A WELCOME START TO 2016
We were happy to greet 2016 with a spirited “Hello” in the hope that certain emerging trends in the small-cap world would gain a firmer foothold in the new year. We were very pleased, then, to see the market’s pronounced shift toward companies with attractive to reasonable valuations, solid balance sheets, and strong profitability—attributes found in many of our portfolio holdings—arrive in the year’s first half. And though domestic small-caps did modestly well in the first half, an achievement that looks more commendable in the context of the high levels of volatility that all equities faced in the first half of 2016, many active managers, ourselves included, did even better. This was a welcome change.
     Both the absolute and relative health of domestic equities was in evidence during the first half of 2016. The Nasdaq Composite, which is home to a large number of biotechnology companies that corrected sharply in the first half after leading the market last year, was the only major U.S. index to finish the year-to-date period ended June 30, 2016 in the red. A few non-U.S. indexes remained marginally positive in the first half, but most concluded the semiannual period with at least minor net losses. Among those that fell further behind was one that did notably well in 2015—European small-caps, whose more diminutive size made them most vulnerable to the post-Brexit sell-off. But to participate in these strong first-half results for U.S. equity, investors needed the stomach for a wild ride that started with a steep and speedy initial drop followed by a far smoother, robust recovery. The year began with a more dramatic extension of last year’s decline, and we initially failed to grasp that 2015 would, in the manner of Shakespeare’s best-known stage direction, “Exit, pursued by a bear.” From the June 23, 2015 small-cap peak through its year-to-date low on February 11, 2016 , the Russell 2000 Index fell 25.7%, a truly ursine decline.
     This seems to have been a remarkably quiet double-digit correction—a stealth bear market, as it were. Few outside the small-cap world have acknowledged it, never mind analyzed or discussed it. Yet it was the ninth biggest decline since the Russell 2000’s inception at the end of 1978, and the worst for small-caps since 2011. It included many of the signs that typically accompany a bottoming-out process—panic selling in a number of sectors (most notably within the bio-pharma complex), small-caps losing more than large-caps, and greater resilience from value stocks—to us, the most significant development in the down phase. This heightened volatility was triggered by the ongoing implosion of oil prices, struggles for other commodities, anxiety over possible bank defaults, and the devaluation of currency in China. Together, these factors led to a few sessions in which hysteria ruled the equity markets. Like many bear markets (and unlike that of the more closely correlated collapse in 2011), it also solidified a rotation in leadership from small-cap growth to small-cap value.
     Having invested through many previous small-cap declines (some pre-dating the Russell 2000), we sought to turn the downdraft to our advantage by looking for bargain-priced opportunities amid the volatility and to stay invested for the eventual recovery. Our commitment was rewarded as the Russell 2000 rebounded sharply from its early February low, rising 21.6% by the end of June. During these tumultuous days, a shift in leadership could be seen clearly in the earnings outlook. We first saw evidence for it in October 2015 and noted it again in February 2016. Many companies, including several of our holdings, reported decent earnings while also not revising guidance downward. This was viewed as a positive in that expectations had been so low, particularly for companies in more economically sensitive sectors, that “pretty good” or “not that bad” was in several instances much better news than people were


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LETTER TO OUR STOCKHOLDERS    

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

SIGNS O’ THE TIMES—THE SIGNIFICANT SHIFT
Most notable to us as small-cap specialists with a value orientation was how thoroughly style drove results. The Russell 2000 Value Index outpaced the large- and mid-cap indexes year-to-date through the end of June, while the Russell 2000 trailed them, and the Russell 2000 Growth was negative. Value indexes in fact did better up and down the market cap range, from micro- to large-cap, in the first half. Although small-cap leadership began to rotate following June 2015’s small-cap peak, the widening performance gap between small-cap value and growth has been the critical development within small-cap so far in 2016. This could be seen in both bear and bull phases during the first half. The Russell 2000 Value lost far less than its growth counterpart from the end of 2015 through the February 11th small-cap low (-12.9% versus -18.9%); it was then essentially tied with the Russell 2000 Growth from that low through the end of June (+21.8% vs +21.4%). In prior years (2009-2015), value led in many downdrafts but lagged in up markets. This renewed up market strength is a major reason behind our optimism for value stocks.
     Another reason, related to value’s emergent leadership, has been the relative strength of many stocks in economically sensitive, cyclical sectors. Defensive areas led within small-cap, with Utilities, Consumer Staples, Telecommunication Services, and REITs enjoying strong first halves. Unlike 2015, however, they were joined by strong turns for Materials, Industrials, and certain non-REIT areas in Financials, with the first particularly strong. Along with Information Technology and Energy, these have been areas of collective investment interest for us over the last several years. Yet even with the recent shift in investor preferences, which eventually sparked the turnaround for many of our holdings, expectations for many of these cyclical businesses remain low. In many cases, stocks were so deeply oversold during the winter months that, even after having experienced some recovery, their valuations still look attractive to us. Several looked even cheaper in late June.



Equity Indexes as of June 30, 2016 (%)
    YTD1    1-YR    3-YR    5-YR   10-YR      Russell 2000   2.22   -6.73   7.09   8.35   6.20     Russell 2000 Value   6.08   -2.58   6.36   8.15   5.15     Russell 2000 Growth   -1.59   -10.75   7.74   8.51   7.14     S&P 500   3.84   3.99   11.66   12.10   7.42     Russell 1000   3.74   2.93   11.48   11.88   7.51     Nasdaq Composite   -3.29   -2.89   12.48   11.79   8.35     Russell Midcap   5.50   0.56   10.80   10.90   8.07     Russell Microcap   -1.68   -12.06   5.95   8.20   4.31     Russell Global ex-U.S. Small Cap   1.01   -5.77   4.06   1.91   3.82     Russell Global ex-U.S. Large Cap   -1.16   -9.94   1.63   0.36   2.17       1 Not annualized. For details on The Royce Funds’ performance in the period, please turn to the Managers’ Discussions that begin on page 6.
This page is not part of the 2016 Semiannual Report to Stockholders | 3
       

    LETTER TO OUR STOCKHOLDERS

WHAT A LONG STRANGE TRIP IT’S BEEN We could use this title to describe the first half of 2016, the entire post-Financial Crisis period, and, perhaps most fitting, the peculiar span from 2011-2015, when QE (quantitative easing) and zero (or near zero) interest rate policies inflated many asset values but also created a barbell-shaped range of small-cap returns, with bouts of leadership from defensive, typically high-yield stocks at one extreme and fast-growing healthcare and/or tech issues at the other. Most companies in the middle spent the period struggling to catch up. This was bad news for active small-cap management, as comparative returns during this otherwise robust five-year period make clear. In what seemed at times like a perverse inversion of the usual patterns of stock market behavior, there were penalties in the form of lower relative returns for those managers who, like us, generally emphasize qualities such as earnings, profitability, low leverage, and steady dividends (as distinct from high yields).
     We are pleased to say that so far in 2016, things have changed. Investors have been showing greater interest in the attributes that had been out of fashion for too long—steady dividends, profits, and effective capital allocation, to name a few. And as share prices began to rise following the February low, these qualities stayed in demand. We remain confident that an extended period of even slow economic growth should be enough to boost the shares of many companies in sectors such as Industrials, Financials, Information Technology, Materials, and Energy—all of which are home to cyclical businesses with earnings and, in some cases, high ROIC (returns on invested capital). Those that also have reasonable to attractive valuations are the companies that we expect to lead small-cap going forward. Recent data from Furey Research Partners reinforces this point. It showed that at the end of June 2016 small-caps were the cheapest they have been versus large-caps in the last 13 years, that value is cheap relative to growth, and that cyclicals are cheap compared with defensive stocks. In addition, we have seen anomalous markets before—including the large-cap led “Nifty Fifty” of the 1970s, the sudden crash in 1987, and the Tech Bubble in 2000. As challenging as each
of these was, the stock market eventually resumed more historically typical performance patterns. These resumptions often signaled better times for risk-conscious, research-driven small-cap investors as well. So we feel as though there are many reasons to feel good about the long-term potential for both profitable small companies and small-cap value.
     Not that the equity world is without very real risks. The added layer of Brexit-bred uncertainty to an environment in which interest rates are still historically low could continue to push small-cap investors to safety and/or high yield at one extreme and lead to a fresh run at speculative growth at the other. We see four factors, however, that in our view should prevent a repeat of the pattern that dominated 2011-2015. First is the first-half success for cyclicals, particularly during the recovery phase when many helped to give small-cap value its post-bottom lift. Second, valuations for many defensive stocks look stretched to us, which should enhance the appeal of many of our holdings. Third, credit spreads remain wider than they were a year ago at this time, even with the 10-year Treasury making new lows. As long as the cost of capital remains higher, it should help profitable, lower leverage businesses. Finally, there is reversion to the mean—the middle of 2015 marked a two standard deviation event in terms of a performance edge for the Russell 2000 Growth versus its small-cap value sibling.
     On balance, then, we see ongoing leadership for small-cap value—and we recently did some research, posted on roycefunds.com, which shows that the kind of sustained advantage growth previously enjoyed is rare. Over the life of the small-cap style indexes, value still owns a compelling relative edge. The Russell 2000 Value beat the Russell 2000 Growth in 65% of monthly rolling three-year periods, 73% of monthly rolling five-year periods, and 83% of monthly rolling 10-year periods ended June 30, 2016 (see roycefunds.com/connection for more details). And this same research showed that when small-cap value beat growth, active management did better as well. So while we still expect returns for stocks to be low, we also think that leadership for value—now in place for more than a year—has ample room to run. We will be tireless in our collective efforts to run with it.

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

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

Performance

    NAV Average Annual Total Returns As of June 30, 2016 (%)                                       SINCE   INCEPTION       YTD1   1-YR   3-YR   5-YR   10-YR   15-YR   20-YR   25-YR   INCEPTION   DATE   Royce Global Value Trust   3.86   -5.05   N/A   N/A   N/A   N/A   N/A   N/A   -1.26   10/17/13   Royce Micro-Cap Trust   5.39   -6.47   7.07   7.90   5.51   8.27   9.73   N/A   10.35   12/14/93   Royce Value Trust   8.17   -2.24   6.13   5.77   5.05   7.10   9.37   10.49   10.15   11/26/86  
INDEX
                                          Russell 2000 Index   2.22   -6.73   7.09   8.35   6.20   6.96   7.61   9.52   N/A   N/A   Russell Microcap Index   -1.68   -12.06   5.95   8.20   4.31   6.46   N/A   N/A   N/A   N/A   Russell Global Small Cap Index   1.40   -6.37   5.11   4.12   4.51   7.71   N/A   N/A   N/A   N/A  
1 Not Annualized

Important Performance and Risk Information

All performance information in this Review and Report reflects past performance, is presented on a total return basis, net of the Fund’s investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when sold. Current performance may be higher or lower than performance quoted. Current month-end performance may be obtained at www.roycefunds.com. The Funds are closed-end registered investment companies whose respective shares of common stock may trade at a discount to the net asset value. Shares of each Fund’s common stock are also subject to the market risk of investing in the underlying portfolio securities held by each Fund. Certain immaterial adjustments were made to the net assets of Royce Micro-Cap Trust at 12/31/12, as well as 12/31/14, for financial reporting purposes, and as a result the net asset value originally calculated on that date and the total return based on that net asset value differs from the adjusted net asset value and total return reported in the Financial Highlights. All indexes referenced are unmanaged and capitalization-weighted. Each index’s returns include net reinvested dividends and/or interest income. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The Russell 2000 Index is an index of domestic small-cap stocks that measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The Russell Microcap Index includes 1,000 of the smallest securities in the small-cap Russell 2000 Index, along with the next smallest eligible securities as determined by Russell. The Russell Global Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Index returns include net reinvested dividends and/or interest income. Royce Value, Micro-Cap and Global Value Trust shares of common stock trade on the NYSE. Royce Fund Services, Inc (“RFS”) is a member of FINRA and has filed this Review and Report with FINRA on behalf of each Fund. RFS is not an underwriter or distributor of any of the Funds.

This page is not part of the 2016 Semiannual Report to Stockholders  |  5


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

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

            Top Contributors to Performance
Year-to-Date Through 6/30/16 (%)1
                  Pan American Silver   0.61           Genworth MI Canada   0.60           CETIP - Mercados Organizados   0.46           Agnico Eagle Mines   0.42           Major Drilling Group International   0.38           1 Includes dividends                
            Top Detractors from Performance
Year-to-Date Through 6/30/16 (%)2
                  Virbac   -0.49           Consort Medical   -0.29           Value Partners Group   -0.29           Midland Holdings   -0.26           Gaztransport Et Technigaz   -0.21           2 Net of dividends                
CURRENT POSITIONING AND OUTLOOK While the corporate earnings picture is a phenomenon we continue to watch quite carefully, we are cautiously optimistic about RGT’s near- and long-term prospects, basing our belief primarily on two factors—the growing performance advantage of small-cap value versus growth and the relatively attractive valuation and earnings picture for many cyclical stocks. We continue to believe that an extended period of slow growth should be enough to keep profitable cyclicals climbing, especially after factoring in the ways in which low expectations and—for some industries—oversold conditions depressed the stock prices of so many small-caps that we see as attractive—that is, solidly profitable—businesses. In many cases, it appears that several global markets have just begun to reward steady earnings and high profitability and are only gradually recognizing how low valuations had become for many cyclicals. Going forward, we remain confident that earnings, profitability, and low leverage will matter more and more to investors through what we expect should be a long-running cycle.
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PERFORMANCE AND PORTFOLIO REVIEW   SYMBOLS  MARKET PRICE RGT NAV XRGTX
  Performance Average Annual Total Return (%) Through 6/30/16     JAN-JUN 20161   1-YR   SINCE INCEPTION (10/17/13)   RGT (NAV)   3.86   -5.05   -1.26   1 Not Annualized            
Market Price Performance History Since Inception (10/17/13)
Cumulative Performance of Investment1

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

1 Reflects the cumulative performance experience of a continuous common stockholder who purchased one share at inception ($8.975 IPO) and reinvested all distributions. 2 Reflects the actual month-end market price movement of one share as it has traded on NYSE and, prior to 12/1/03, on the Nasdaq.  

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


Top 10 Positions     % of Net Assets           SEI Investments   2.1   Kirby Corporation   1.9   VZ Holding   1.6   Clarkson   1.3   Santen Pharmaceutical   1.3   Spirax-Sarco Engineering   1.2   Vetoquinol   1.2   Bajaj Finance   1.1   USS   1.1   Meitec Corporation   1.1  

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

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

Portfolio Country Breakdown1,2     % of Net Assets             United States   26.1   United Kingdom   13.0   Japan   12.2   Canada   7.5   Germany   5.6   France   5.5   Switzerland   4.8   Hong Kong   3.3   1 Represents countries that are 3% or more of net assets. 2 Securities are categorized by the country of their headquarters.

Portfolio Diagnostics           Fund Net Assets   $95 million   Number of Holdings   271   Turnover Rate   34%   Net Asset Value   $9.15   Market Price   $7.60   Net Leverage1   2.5%   Average Market Capitalization2   $1,431 million   Weighted Average P/E Ratio3,4   18.0x   Weighted Average P/B Ratio3   2.4x   Active Share5   98%  
Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets.
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.
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.
The Fund’s P/E ratio calculation excludes companies with zero or negative earnings (6% of portfolio holdings as of 6/30/16).
Active Share is the sum of the absolute values of the different weightings of each holding in the Fund versus each holding in the benchmark, divided by two.

Important Performance and Risk Information

All performance information reflects past performance, is presented on a total return basis, net of the Fund’s investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small- and micro-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 10, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s year-to-date performance for 2016.

2016 Semiannual Report to Stockholders  |  7
 
    MANAGER’S DISCUSSION Royce Micro-Cap Trust (RMT)    
Chuck Royce
FUND PERFORMANCE
Royce Micro-Cap Trust (“RMT”) increased 5.4% on a net asset value (“NAV”) basis and 5.8% on a market price basis for the year-to-date period ended June 30, 2016, ahead of both of its unleveraged benchmarks: the small-cap Russell 2000 Index was up 2.2% while the Russell Microcap Index declined 1.7% for the same period. RMT was solid in a first quarter that was challenging for micro-cap stocks, up 0.1% on an NAV basis and down 1.2% based on market price, compared to first-quarter declines of 1.5% for the Russell 2000 and 5.4% for the Russell Microcap.
      The second quarter was mostly a period of gradual recovery that favored more defensive areas, such as REITs and utilities, while cyclical areas within Materials, Industrials, and Energy also continued to do well. The aftermath of the Brexit vote wound up doing little to impede this low-key bullish phase. Although it had little exposure to defensive stocks, the Fund excelled in the second quarter, advancing 5.3% on an NAV basis and 7.1% on a market price basis, outpacing the Russell 2000 (+3.8%) and the Russell Microcap (+4.0%). On an NAV basis RMT outpaced the Russell Microcap for the one-, three-, 10-, and 15-year periods ended June 30, 2016 while also beating the Russell 2000 for the one-, 15-, 20-year, and since inception (12/14/93) periods. (Returns for the Russell Microcap Index only go back to 2000.) RMT’s average annual NAV total return for the since inception period ended June 30, 2016 was 10.3%.
  WHAT WORKED... AND WHAT DIDN’T Eight of the Fund’s 10 equity sectors were in the black at the end of June, led by Materials, Information Technology, and Financials, with the net losses posted by Health Care and Consumer Discretionary more modest in comparison. RMT’s leading industry group by a wide margin was metals & mining (Materials), where we were significantly overweight relative to the Russell 2000. We hold what we think is an effective balance in this group between industrial metals companies and precious metals and mining companies. It contributed two of the portfolio’s top five net gainers in the first half. Major Drilling Group International performs contract drilling for companies involved in mining and mineral exploration. In a challenging environment for miners early in 2016, the company increased revenues and margins, helping its shares to climb. Exeter Resource mines for gold primarily in Argentina and Chile and benefited mostly from increased gold prices. We were drawn to its large cash reserves and promising mining properties. ASA Gold and Precious Metals, part of the capital markets group in Financials, is a closed-end fund that invests primarily in gold mining companies that was also rewarded by the rebound in precious metals prices. Electronic equipment, instruments & components is another key industry overweight that made a large contribution to first-half results. Its top performer was Newport Corporation, a photonics technology specialist whose shares climbed by more than 50% in February after the company agreed to be acquired by MKS Instruments.
As for those holdings that detracted from performance, we held our position in ZAIS Group Holdings, an investment manager focused on specialized credit strategies—an asset management segment with what we think is ample long-term potential. Its shares fell with a quarterly loss reported in March and were mostly down through the end of June. A falling stock price in the first half and our confidence in its long-term prospects led us to add shares of Fenix Parts, which recycles and resells original equipment manufacturer automotive parts and products. Consecutive quarterly losses drove investors away, but we like its business and the acquisitions it made in 2015, which have not diluted its balance sheet to a worrisome level.
Relative to the Russell 2000, the Fund benefited most from both its overweight and effective stock picking in metals & mining (Materials), the combination of an underweight and stock picking success in biotechnology (Health Care), our larger weighting and savvy stock picks in electronic equipment, instruments & components, and the same mix in the energy equipment & services group. Conversely, first-half results were hampered most by our underweight in REITs (Financials) and lack of exposure to the Utilities sector.

  Top Contributors to Performance
Year-to-Date Through 6/30/16 (%)1             Major Drilling Group International   0.74   Newport Corporation   0.50   ASA Gold and Precious Metals   0.48   Care.com   0.41   Exeter Resource   0.37   1 Includes dividends    
  Top Detractors from Performance
Year-to-Date Through 6/30/16 (%)2             ZAIS Group Holdings Cl. A   -0.53   Fenix Parts   -0.35   Avalanche Biotechnologies   -0.35   Liberty Tax Cl. A   -0.33   SeaChange International   -0.32   2 Net of dividends    
CURRENT POSITIONING AND OUTLOOK While the corporate earnings picture is a phenomenon we continue to watch quite carefully, we are cautiously optimistic about RMT’s near-and long-term prospects, basing our belief primarily on two factors—the growing performance advantage of both small- and micro-cap value versus growth and the relatively attractive valuation and earnings picture for many cyclical stocks. We continue to believe that an extended period of slow growth should be enough to keep profitable cyclicals climbing, especially after factoring in the ways in which low expectations and—for some industries—oversold conditions depressed the stock prices of so many small-caps that we see as attractive—that is, solidly profitable—businesses. In many cases, it appears that the market has just begun to reward steady earnings and high profitability and is only gradually recognizing how low valuations had become for many cyclicals. Going forward, we remain confident that earnings and low leverage will matter more to investors through what we expect should be a long-running cycle. We have been researching and investing in micro-cap stocks for more than two decades and believe that our experience in this asset class can be a differentiator as the markets continue to normalize.
8  |  2016 Semiannual Report to Stockholders  
 
PERFORMANCE AND PORTFOLIO REVIEW SYMBOLS    MARKET PRICE RMT NAV XOTCX

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

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

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

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

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


Top 10 Positions     % of Net Assets           SurModics   1.8   Seneca Foods Corporation   1.5   Major Drilling Group International   1.4   IES Holdings   1.1   Care.com   1.1   Exactech   1.0   Orbotech   1.0   Atrion Corporation   1.0   Heritage-Crystal Clean   0.9   MVC Capital   0.9  

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

Calendar Year Total Returns (%)         YEAR   RMT   2015   -11.7   2014   3.5   2013   44.5   2012   17.3   2011   -7.7   2010   28.5   2009   46.5   2008   -45.5   2007   0.6   2006   22.5   2005   6.8   2004   18.7   2003   55.5   2002   -13.8   2001   23.4  

Portfolio Diagnostics           Fund Net Assets   $321 million   Number of Holdings   348   Turnover Rate   15%   Net Asset Value   $8.65   Market Price   $7.34   Net Leverage1   4.9%   Average Market Capitalization2   $329 million   Weighted Average P/B Ratio3   1.7x   Active Share4   95%   U.S. Investments (% of Net Assets)   86.1%   Non-U.S. Investments (% of Net Assets)   18.8%     1 Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets. 2 Geometric Average. This weighted calculation uses each portfolio holding’s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio’s center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median. 3 Harmonic Average. This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio’s share in the earnings or book value, as the case may be, of its underlying stocks. 4 Active Share is the sum of the absolute values of the different weightings of each holding in the Fund versus each holding in the benchmark, divided by two.
Important Performance and Risk Information

All performance information reflects past performance, is presented on a total return basis, net of the Fund’s investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. Certain immaterial adjustments were made to the net assets of Royce Micro-Cap Trust at 12/31/12 and 12/31/14 for financial reporting purposes, and as a result the net asset value originally calculated on that date and the total return based on that net asset value differs from the adjusted net asset value and total return reported in the Financial Highlights. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund normally invests in micro-cap companies, which may involve considerably more risk than investments in securities of larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 8, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s year-to-date performance for 2016.

    2016 Semiannual Report to Stockholders |  9
  MANAGER’S DISCUSSION Royce Value Trust (RVT)
Chuck Royce   FUND PERFORMANCE
Royce Value Trust gained 8.2% on a net asset value (“NAV”) basis and 4.4% on a market price basis for the year-to-date period ended June 30, 2016, compared to respective increases of 2.2% and 6.2% for its unleveraged small-cap benchmarks, the Russell 2000 and S&P SmallCap 600 Indexes, for the same period. We were pleased to see the Fund show its down market resilience early in 2016, as it often has throughout its long history. First-quarter NAV returns for RVT were notable on an absolute and relative basis. The Fund gained 4.4% based on NAV (and advanced 1.7% on a market price basis), outperforming each of its benchmarks: the Russell 2000 declined 1.5% while the S&P SmallCap 600 rose 2.7% for the first quarter.
     The second quarter was mostly a period of gradual recovery that favored more defensive areas, such as REITs and utilities. Some of the growth stocks that had been hurt in the winter sell-off also rebounded, while cyclical areas within Materials, Industrials, and Energy continued to do well, in sharp contrast to what we experienced in 2015. The wave of volatility that hit the markets in the wake of the Brexit vote wound up doing little to impede this low-key bullish phase. Although it had little exposure to defensive stocks, RVT barely lost ground to the Russell 2000 during the second quarter, gaining 3.6% on an NAV basis and 2.6% based on market price versus 3.8% for the Russell 2000 and 3.5% for the S&P SmallCap 600. The Fund also beat the Russell 2000 on both an NAV and market price basis for the one-, 20-, 25-year, and since inception (11/26/86) periods ended June 30, 2016. RVT’s average annual NAV total return since inception was 10.1%.

WHAT WORKED... AND WHAT DIDN’T Each of the Fund’s 10 equity sectors finished 2016’s first half with net gains. The resurgent Materials and Industrials sectors led by a sizable margin while a meaningful net contribution also came from Information Technology. Three industry groups from three different sectors dominated performance—metals & mining (Materials), electronic equipment, instruments & components (Information Technology), and machinery (Industrials). Net losses at the industry level were comparatively modest. The leading detractors were professional services (also from Industrials) and capital markets (Financials). Each of these five industry groups is an area of investment focus in the portfolio, and we were overweight in all of them relative to the Russell 2000 at the end of June.
     Three of RVT’s top four contributing positions came from the electronic equipment, instruments & components group, and two were acquisition targets. The stock price of Newport Corporation climbed by more than 50% in February after the company, which specializes in photonics technology, agreed to be acquired by MKS Instruments, prompting us to begin selling our position. FEI Company produces specialized electron microscopes for protein analysis, which was a complementary business for Thermo Fisher Scientific. The acquisition was announced in May. Long-time holding Coherent manufactures lasers and laser-based technology for scientific, commercial, and industrial customers. In January the company reported record setting quarterly bookings, boosted by orders for its VyperTM Linebeam systems, which helped its stock to soar. From the metals & mining group, Toronto’s Franco-Nevada Corporation owns royalties and streams in gold mining and other commodity and natural resource investments. The company paid down debt, increased its dividend, and offered upward earnings revisions, all as gold prices surged during the first half.
     As for those holdings that detracted from performance, we held our position in ZAIS Group Holdings, an investment manager focused on specialized credit strategies—a segment of the capital markets with what we think is considerable long-term potential. Its shares fell with a net quarterly loss reported in March and then were volatile, though mostly down, through the end of June. We added shares of The Advisory Board Company, which provides best practice research and analysis to the health care industry, after its decelerating core healthcare business and warnings of lower revenues sank its shares. We like its niche business and think its long-term prospects remain promising.
            Top Contributors to Performance
Year-to-Date Through 6/30/16 (%)1
                  Newport Corporation   0.43           Coherent   0.41           Franco-Nevada Corporation   0.38           FEI Company   0.34           Ritchie Bros. Auctioneers   0.33           1 Includes dividends                
            Top Detractors from Performance
Year-to-Date Through 6/30/16 (%)2
                  ZAIS Group Holdings Cl. A   -0.31           Advisory Board (The)   -0.24           On Assignment   -0.20           Zealand Pharma   -0.16           Artisan Partners Asset Management Cl. A   -0.15           2 Net of dividends                
CURRENT POSITIONING AND OUTLOOK While the corporate earnings picture is a phenomenon we continue to watch quite carefully, we are cautiously optimistic about RVT’s near- and long-term prospects, basing our belief primarily on two factors—the growing performance advantage of small-cap value versus growth and the relatively attractive valuation and earnings picture for many cyclical stocks. We continue to believe that an extended period of slow growth should be enough to keep profitable cyclicals climbing, especially after factoring in the ways in which low expectations and—for some industries—oversold conditions depressed the stock prices of so many small-caps that we see as attractive—that is, solidly profitable—businesses. In many cases, it appears that the market has just begun to reward steady earnings and high profitability and is only gradually recognizing how low valuations had become for many cyclicals. Going forward, we remain confident that earnings, profitability, and low leverage will matter more and more to investors through what we expect should be a long-running cycle.
10  |  2016 Semiannual Report to Stockholders
 
PERFORMANCE AND PORTFOLIO REVIEW SYMBOLS    MARKET PRICE RVT NAV XRVTX

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

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

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

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

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


Top 10 Positions     % of Net Assets           HEICO Corporation   1.2   Coherent   1.1   MarketAxess Holdings   1.1   Copart   1.1   Ritchie Bros. Auctioneers   1.0   Ash Grove Cement Cl. B   1.0   E-L Financial   1.0   Core-Mark Holding Company   1.0   Reliance Steel & Aluminum   0.9   IDEXX Laboratories   0.9  

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

Calendar Year Total Returns (%)         YEAR   RVT   2015   -8.1   2014   0.8   2013   34.1   2012   15.4   2011   -10.1   2010   30.3   2009   44.6   2008   -45.6   2007   5.0   2006   19.5   2005   8.4   2004   21.4   2003   40.8   2002   -15.6   2001   15.2  

Portfolio Diagnostics           Fund Net Assets   $1,131 million   Number of Holdings   428   Turnover Rate   18%   Net Asset Value   $14.05   Market Price   $11.77   Net Leverage1   2.3%   Average Market Capitalization2   $1,348 million   Weighted Average P/E Ratio3,4   19.8x   Weighted Average P/B Ratio3   2.0x   Active Share5   90%   U.S. Investments (% of Net Assets)   83.7%   Non-U.S. Investments (% of Net Assets)   18.5%     1 Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets. 2 Geometric Average. This weighted calculation uses each portfolio holding’s market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio’s center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median. 3 Harmonic Average. This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio’s share in the earnings or book value, as the case may be, of its underlying stocks. 4 The Fund’s P/E ratio calculation excludes companies with zero or negative earnings (17% of portfolio holdings as of 6/30/16). 5 Active Share is the sum of the absolute values of the different weightings of each holding in the Fund versus each holding in the benchmark, divided by two.
Important Performance and Risk Information
All performance information reflects past performance, is presented on a total return basis, net of the Fund’s investment advisory fee, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the Fund’s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small- and micro-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund’s broadly diversified portfolio does not ensure a profit or guarantee against loss. Regarding the “Top Contributors” and “Top Detractors” tables shown on page 6, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund’s year-to date performance for 2015.

    2016 Semiannual Report to Stockholders |  11

History Since Inception

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

HISTORY         AMOUNT INVESTED   PURCHASE PRICE1   SHARES   NAV VALUE2   MARKET VALUE2   Royce Global Value Trust 10/17/13   Initial Purchase     $ 8,975     $ 8.975       1,000     $ 9,780     $ 8,975     12/11/14   Distribution $0.15               7.970       19       9,426       8,193     12/10/15   Distribution $0.10               7.230       14       9,101       7,696     6/30/16         $ 8,975               1,033     $ 9,452     $ 7,851       Royce Micro-Cap Trust 12/14/93   Initial Purchase     $ 7,500     $ 7.500       1,000     $ 7,250     $ 7,500     10/28/94   Rights Offering       1,400       7.000       200                     12/19/94   Distribution $0.05               6.750       9       9,163       8,462     12/7/95   Distribution $0.36               7.500       58       11,264       10,136     12/6/96   Distribution $0.80               7.625       133       13,132       11,550     12/5/97   Distribution $1.00               10.000       140       16,694       15,593     12/7/98   Distribution $0.29               8.625       52       16,016       14,129     12/6/99   Distribution $0.27               8.781       49       18,051       14,769     12/6/00   Distribution $1.72               8.469       333       20,016       17,026     12/6/01   Distribution $0.57               9.880       114       24,701       21,924     2002   Annual distribution total $0.80               9.518       180       21,297       19,142     2003   Annual distribution total $0.92               10.004       217       33,125       31,311     2004   Annual distribution total $1.33               13.350       257       39,320       41,788     2005   Annual distribution total $1.85               13.848       383       41,969       45,500     2006   Annual distribution total $1.55               14.246       354       51,385       57,647     2007   Annual distribution total $1.35               13.584       357       51,709       45,802     2008   Annual distribution total $1.193               8.237       578       28,205       24,807     3/11/09   Distribution $0.223               4.260       228       41,314       34,212     12/2/10   Distribution $0.08               9.400       40       53,094       45,884     2011   Annual distribution total $0.533               8.773       289       49,014       43,596     2012   Annual distribution total $0.51               9.084       285       57,501       49,669     2013   Annual distribution total $1.38               11.864       630       83,110       74,222     2014   Annual distribution total $2.90               10.513       1,704       86,071       76,507     2015   Annual distribution total $1.26               7.974       1,256       75,987       64,222     2016   Year-to-date distribution total $0.33               7.169       412                     6/30/16         $ 8,900               9,258     $ 80,082     $ 67,954    
1 The purchase price used for annual distribution totals is a weighted average of the distribution reinvestment prices for the year. 2 Values are stated as of December 31 of the year indicated, after reinvestment of distributions, other than for initial purchase. 3 Includes a return of capital.
12  |  2016 Semiannual Report to Stockholders
HISTORY         AMOUNT INVESTED   PURCHASE PRICE1   SHARES   NAV VALUE2   MARKET VALUE2   Royce Value Trust 11/26/86   Initial Purchase     $ 10,000     $ 10.000       1,000     $ 9,280     $ 10,000     10/15/87   Distribution $0.30               7.000       42                     12/31/87   Distribution $0.22               7.125       32       8,578       7,250     12/27/88   Distribution $0.51               8.625       63       10,529       9,238     9/22/89   Rights Offering       405       9.000       45                     12/29/89   Distribution $0.52               9.125       67       12,942       11,866     9/24/90   Rights Offering       457       7.375       62                     12/31/90   Distribution $0.32               8.000       52       11,713       11,074     9/23/91   Rights Offering       638       9.375       68                     12/31/91   Distribution $0.61               10.625       82       17,919       15,697     9/25/92   Rights Offering       825       11.000       75                     12/31/92   Distribution $0.90               12.500       114       21,999       20,874     9/27/93   Rights Offering       1,469       13.000       113                     12/31/93   Distribution $1.15               13.000       160       26,603       25,428     10/28/94   Rights Offering       1,103       11.250       98                     12/19/94   Distribution $1.05               11.375       191       27,939       24,905     11/3/95   Rights Offering       1,425       12.500       114                     12/7/95   Distribution $1.29               12.125       253       35,676       31,243     12/6/96   Distribution $1.15               12.250       247       41,213       36,335     1997   Annual distribution total $1.21               15.374       230       52,556       46,814     1998   Annual distribution total $1.54               14.311       347       54,313       47,506     1999   Annual distribution total $1.37               12.616       391       60,653       50,239     2000   Annual distribution total $1.48               13.972       424       70,711       61,648     2001   Annual distribution total $1.49               15.072       437       81,478       73,994     2002   Annual distribution total $1.51               14.903       494       68,770       68,927     1/28/03   Rights Offering       5,600       10.770       520                     2003   Annual distribution total $1.30               14.582       516       106,216       107,339     2004   Annual distribution total $1.55               17.604       568       128,955       139,094     2005   Annual distribution total $1.61               18.739       604       139,808       148,773     2006   Annual distribution total $1.78               19.696       693       167,063       179,945     2007   Annual distribution total $1.85               19.687       787       175,469       165,158     2008   Annual distribution total $1.723               12.307       1,294       95,415       85,435     3/11/09   Distribution $0.323               6.071       537       137,966       115,669     12/2/10   Distribution $0.03               13.850       23       179,730       156,203     2011   Annual distribution total $0.783               13.043       656       161,638       139,866     2012   Annual distribution total $0.80               13.063       714       186,540       162,556     2013   Annual distribution total $2.194               16.647       1,658       250,219       220,474     2014   Annual distribution total $1.82               14.840       1,757       252,175       222,516     2015   Annual distribution total $1.24               12.725       1,565       231,781       201,185     2016   Year-to-date distribution total $0.51               11.736       751                     6/30/16         $ 21,922               17,844     $ 250,708     $ 210,024    
1 The purchase price used for annual distribution totals is a weighted average of the distribution reinvestment prices for the year. 2 Values are stated as of December 31 of the year indicated, after reinvestment of distributions, other than for initial purchase. 3 Includes a return of capital. 4 Includes Royce Global Value Trust spin-off of $1.40 per share.
2016 Semiannual Report to Stockholders  |  13

Distribution Reinvestment and Cash Purchase Options

Why should I reinvest my distributions? By reinvesting distributions, a stockholder can maintain an undiluted investment in the Fund. The regular reinvestment of distributions has a significant impact on stockholder returns. In contrast, the stockholder who takes distributions in cash is penalized when shares are issued below net asset value to other stockholders.   How does the reinvestment of distributions from the Royce closed-end funds work? The Funds automatically issue shares in payment of distributions unless you indicate otherwise. The shares are generally issued at the lower of the market price or net asset value on the valuation date.   How does this apply to registered stockholders? If your shares are registered directly with a Fund, your distributions are automatically reinvested unless you have otherwise instructed the Funds’ transfer agent, Computershare, in writing, in which case you will receive your distribution in cash. A registered stockholder also may have the option to receive the distribution in the form of a stock certificate.   What if my shares are held by a brokerage firm or a bank? If your shares are held by a brokerage firm, bank, or other intermediary as the stockholder of record, you should contact your brokerage firm or bank to be certain that it is automatically reinvesting distributions on your behalf. If they are unable to reinvest distributions on your behalf, you should have your shares registered in your name in order to participate.   What other features are available for registered stockholders? The Distribution Reinvestment and Cash Purchase Plans also allow registered stockholders to make optional cash purchases of shares of a Fund’s common stock directly through Computershare on a monthly basis, and to deposit certificates representing your RVT and RMT shares with Computershare for safekeeping. (RGT does not issue shares in certificated form). Plan participants are subject to a $0.75 service fee for each voluntary cash purchase under the Plans. The Funds’ investment adviser absorbed all commissions on optional cash purchases under the Plans through December 31, 2015.
How do the Plans work for registered stockholders? Computershare maintains the accounts for registered stockholders in the Plans and sends written confirmation of all transactions in the account. Shares in the account of each participant will be held by Computershare in non-certificated form in the name of the participant, and each participant will be able to vote those shares at a stockholder meeting or by proxy. A participant may also send stock certificates for RVT and RMT held by them to Computershare to be held in non-certificated form. RGT does not issue shares in certificated form. There is no service fee charged to participants for reinvesting distributions. If a participant elects to sell shares from a Plan account, Computershare will deduct a $2.50 service fee from the sale transaction. The Funds’ investment adviser absorbed all commissions on optional sales under the Plans through December 31, 2015. If a nominee is the registered owner of your shares, the nominee will maintain the accounts on your behalf.   How can I get more information on the Plans? You can call an Investor Services Representative at (800) 221-4268 or you can request a copy of the Plan for your Fund from Computershare. All correspondence (including notifications) should be directed to: [Name of Fund] Distribution Reinvestment and Cash Purchase Plan, c/o Computershare, PO Box 43078, Providence, RI 02940-3078, telephone (800) 426-5523 (from 9:00 A.M. to 5:00 P.M.).
14  |  2016 Semiannual Report to Stockholders
Royce Global Value Trust   June 30, 2016 (unaudited)
  Schedule of Investments             Common Stocks – 102.5%                 SHARES       VALUE                 AUSTRALIA – 1.1%            

Austal 1

  96,400     $ 86,993

†Cochlear

  5,000       453,507

Imdex 2

  473,700       73,895

†Seeing Machines 2

  1,676,800       64,244

TFS Corporation

  143,945       151,529

Webjet

  36,772       196,069   Total (Cost $1,095,718)           1,026,237                 AUSTRIA – 1.3%            

Mayr-Melnhof Karton

  7,530       820,538

Semperit AG Holding

  11,000       365,978

UBM Development

  1,800       58,990   Total (Cost $1,459,521)           1,245,506                 BELGIUM – 0.4%            

†Roularta Media Group

  3,400       96,367

Van de Velde

  4,000       266,616   Total (Cost $293,728)           362,983                 BERMUDA – 1.0%            

Lazard Cl. A

  32,600       970,828   Total (Cost $1,010,334)           970,828                 BRAZIL – 2.1%            

Brasil Brokers Participacoes 2

  205,000       102,745

CETIP - Mercados Organizados

  53,000       722,495

†OdontoPrev

  200,000       828,690

T4F Entretenimento

  66,300       136,220

TOTVS

  23,000       218,666   Total (Cost $1,929,739)           2,008,816                 CANADA – 7.5%            

Agnico Eagle Mines 3

  5,000       267,500

Cameco Corporation 3

  24,500       268,765

Computer Modelling Group

  108,000       864,368

Dundee Corporation Cl. A 2

  120,000       708,696

E-L Financial

  200       106,196

Exco Technologies

  10,100       95,375

Franco-Nevada Corporation 3,4

  10,200       775,812

Genworth MI Canada

  20,000       513,023

Gluskin Sheff + Associates

  23,000       296,768

goeasy

  10,000       142,343

Intertape Polymer Group

  5,900       96,267

Magellan Aerospace

  20,900       291,349

Major Drilling Group International 2

  110,500       668,842

Morneau Shepell

  41,500       569,844

Pan American Silver 3

  31,800       523,110

RDM Corporation

  30,400       102,357

†Sandstorm Gold 2

  32,800       146,288

Solium Capital 2

  28,900       132,874

Sprott

  280,600       558,181   Total (Cost $8,287,816)           7,127,958                 CHINA – 1.3%            

Daphne International Holdings 2

  1,383,000       214,554

Daqo New Energy ADR 2,3

  5,700       128,649

†Haichang Ocean Park Holdings 2

  461,100       99,125

TravelSky Technology

  345,000       667,193

Xtep International Holdings

  205,800       111,102   Total (Cost $1,871,648)           1,220,623                 CYPRUS – 0.2%            

Globaltrans Investment GDR

  42,000       165,461   Total (Cost $212,014)           165,461                 DENMARK – 2.7%            

Chr. Hansen Holding

  11,500       755,146

Coloplast Cl. B

  7,500       559,855

Columbus

  77,700       97,313

SimCorp

  14,000       686,976

Zealand Pharma 2

  24,000       430,307   Total (Cost $2,069,990)           2,529,597                 FINLAND – 1.0%            

BasWare 2

  1,600       61,442

Nokian Renkaat

  6,000       214,322

Powerflute

  116,300       108,900

Vaisala Cl. A

  17,500       550,658   Total (Cost $1,151,092)           935,322                 FRANCE – 5.5%            

†Bigben Interactive 2

  13,600       72,394

Cegedim 2

  2,500       76,310

Chargeurs

  7,700       85,163

†Groupe Crit

  1,400       93,395

HighCo

  9,700       96,199

†Interparfums

  17,600       441,857

†Linedata Services

  1,600       72,792

Manutan International

  1,400       75,688

Neurones

  25,950       568,637

Rothschild & Co

  33,000       789,326

†Synergie

  3,100       88,566

Thermador Groupe

  10,500       907,633

Vetoquinol

  28,203       1,149,842

Virbac 2

  3,600       655,031   Total (Cost $5,122,292)           5,172,833                 GERMANY – 5.6%            

ADLER Real Estate 2

  9,400       119,091

†ADLER Real Estate (Rights) 1,2

  9,400       0

Allgeier

  3,700       67,801

Bertrandt

  8,500       831,873

†CANCOM

  2,400       119,244

Carl Zeiss Meditec

  17,500       707,686

CompuGroup Medical

  15,000       623,756

Fielmann

  7,000       511,655

HolidayCheck Group 2

  25,100       65,676

KUKA

  4,000       473,693

KWS Saat

  1,900       628,224

†MorphoSys 2

  7,000       291,961

msg life 2

  25,400       68,576

mutares

  8,000       115,526

†PNE Wind

  45,700       107,603

STRATEC Biomedical

  8,000       462,027

VIB Vermoegen

  4,200       90,542
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 15

Royce Global Value Trust

  Schedule of Investments (continued)                 SHARES       VALUE                 GERMANY (continued)            

XING

  300     $ 56,989   Total (Cost $4,917,259)           5,341,923                 GREECE – 0.2%            

Aegean Marine Petroleum Network

  5,000       27,500

Hellenic Exchanges - Athens Stock Exchange

  28,000       133,402

StealthGas 2,3

  17,000       64,260   Total (Cost $333,095)           225,162                 HONG KONG – 3.3%            

Anxin-China Holdings 1,2

  2,500,000       18,690

China Metal International Holdings

  430,000       138,767

First Pacific

  180,000       130,373

†HKBN

  126,000       132,588

I.T

  438,500       130,448

Le Saunda Holdings

  295,460       63,042

Luk Fook Holdings (International)

  120,100       267,351

New World Department Store China

  1,559,700       203,484

Oriental Watch Holdings

  960,000       114,396

Pico Far East Holdings

  1,053,300       297,931

Television Broadcasts

  54,000       185,446

Texwinca Holdings

  302,000       224,414

Value Partners Group

  1,080,000       1,002,060

VST Holdings

  366,600       104,897

YGM Trading

  169,400       87,778   Total (Cost $4,506,505)           3,101,665                 INDIA – 1.6%            

Bajaj Finance

  8,800       1,044,716

†CCL Products India

  26,000       95,630

Kewal Kiran Clothing

  6,500       175,038

†Manappuram Finance

  175,000       179,776   Total (Cost $1,071,718)           1,495,160                 INDONESIA – 0.9%            

Selamat Sempurna

  1,816,700       643,109

Supra Boga Lestari 2

  3,945,000       176,431   Total (Cost $860,630)           819,540                 IRELAND – 0.6%            

Ardmore Shipping 3

  8,300       56,191

†Irish Continental Group

  15,900       74,396

†Irish Residential Properties REIT

  70,100       86,736

Keywords Studios

  75,000       271,701

Trinity Biotech ADR Cl. A 2

  10,000       113,400   Total (Cost $629,863)           602,424                 ISRAEL – 0.2%            

Nova Measuring Instruments 2,3

  18,200       199,108   Total (Cost $195,540)           199,108                 ITALY – 1.4%            

Azimut Holding

  25,000       407,419

Banca Sistema

  58,200       132,206

DiaSorin

  11,000       674,987

†Gruppo MutuiOnline

  9,000       78,652   Total (Cost $1,372,778)           1,293,264                 JAPAN – 12.2%            

CRE

  9,400       256,122

FamilyMart

  8,200       498,099

GCA Savvian

  17,400       146,971

Horiba

  20,000       874,490

Leopalace21 Corporation

  25,400       177,432

Mandom Corporation

  2,100       96,153

Meitec Corporation

  30,000       1,013,819

MISUMI Group

  47,000       841,714

Nihon Kohden

  27,500       770,553

†Nippon Kanzai

  45,000       710,536

†Omron Corporation

  17,500       567,033

Pressance Corporation

  2,800       105,339

Relo Holdings

  5,500       963,933

Santen Pharmaceutical

  77,000       1,200,814

Shimano

  6,300       954,795

SPARX Group

  76,100       135,599

Sun Frontier Fudousan

  13,200       134,095

Takara Leben

  13,000       99,047

Trancom

  2,600       171,148

Trend Micro

  20,000       712,314

USS

  62,500       1,025,096

Zuiko Corporation

  2,100       89,503   Total (Cost $9,136,270)           11,544,605                 MALAYSIA – 0.2%            

CB Industrial Product Holding

  141,000       71,417

†Kossan Rubber Industries

  53,200       90,496   Total (Cost $147,140)           161,913                 MEXICO – 0.5%            

Bolsa Mexicana de Valores

  250,000       385,203

Consorcio ARA

  393,300       141,336   Total (Cost $600,705)           526,539                 NETHERLANDS – 0.0%            

†Constellium Cl. A 2

  8,300       38,927   Total (Cost $34,333)           38,927                 NEW ZEALAND – 0.7%            

Fisher & Paykel Healthcare

  75,000       538,349

†New Zealand Refining

  43,100       74,838

†Summerset Group Holdings

  24,200       75,827   Total (Cost $558,090)           689,014                 NORWAY – 1.4%            

Ekornes

  41,459       452,132

Kongsberg Automotive 2

  84,300       55,194

Medistim

  13,000       88,464

†Nordic Semiconductor 2

  53,000       217,046

†NRC Group 2

  12,200       76,874

TGS-NOPEC Geophysical

  27,200       444,777   Total (Cost $1,657,050)           1,334,487                 PHILIPPINES – 0.3%            

†Integrated Micro-Electronics

  756,900       90,824

Universal Robina

  45,000       199,122   Total (Cost $221,280)           289,946  
16 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
June 30, 2016 (unaudited)
  Schedule of Investments (continued)                 SHARES       VALUE                 POLAND – 0.3%            

Warsaw Stock Exchange

  33,000     $ 276,904   Total (Cost $459,764)           276,904                 SINGAPORE – 1.2%            

ARA Asset Management

  600,000       617,970

CSE Global

  320,000       104,410

XP Power

  20,100       416,908   Total (Cost $1,040,946)           1,139,288                 SOUTH AFRICA – 0.6%            

Coronation Fund Managers

  59,000       267,782

JSE

  15,000       187,371

Net 1 UEPS Technologies 2

  10,500       104,895   Total (Cost $732,552)           560,048                 SOUTH KOREA – 0.6%            

Eugene Technology

  6,036       86,063

†Hanssem

  900       124,242

Huvis Corporation

  6,400       43,522

ISC

  2,609       60,111

Koh Young Technology

  5,000       177,802

†Modetour Network

  3,400       82,374   Total (Cost $580,680)           574,114                 SPAIN – 0.1%            

Atento 2,3

  9,400       83,754   Total (Cost $127,314)           83,754                 SWEDEN – 1.1%            

Addtech Cl. B

  27,000       338,811

†Bravida Holding

  60,000       359,981

†Doro 2

  8,000       57,993

Dustin Group

  23,900       158,955

Proact IT Group

  7,600       97,985   Total (Cost $1,095,899)           1,013,725                 SWITZERLAND – 4.8%            

Burckhardt Compression Holding

  2,150       668,758

dorma+kaba Holding

  800       558,143

Inficon Holding

  1,700       577,873

LEM Holding

  700       630,100

Partners Group Holding

  1,600       686,073

VZ Holding

  4,925       1,469,370   Total (Cost $3,932,226)           4,590,317                 TAIWAN – 1.0%            

†Chipbond Technology

  50,700       64,961

†Egis Technology 2

  22,600       108,819

Flytech Technology

  32,780       104,060

Kinik Company

  48,500       81,059

Lumax International

  87,400       126,286

†Posiflex Technology

  16,200       78,112

Shih Her Technologies

  85,600       82,205

Sporton International

  19,800       102,187

UDE Corporation

  85,500       76,676

†United Orthopedic

  35,700       99,418   Total (Cost $1,127,916)           923,783                 THAILAND – 0.1%            

MC Group

  204,200       78,055   Total (Cost $78,178)           78,055                 TURKEY – 0.4%            

Mardin Cimento Sanayii

  279,256       384,905   Total (Cost $711,046)           384,905     UNITED KINGDOM – 13.0%            

Abcam

  40,000       411,312

Ashmore Group

  169,000       684,204

Berendsen

  37,500       610,933

†BGEO Group

  2,200       77,845

BrainJuicer Group

  9,400       43,025

Character Group

  11,400       72,285

Clarkson

  41,300       1,223,975

Computacenter

  18,700       185,409

†Connect Group

  68,500       135,059

Consort Medical

  52,500       732,612

Conviviality

  60,600       147,635

Diploma

  40,000       445,372

†dotdigital group

  206,200       111,033

e2v technologies

  150,000       406,833

Elementis

  175,000       466,495

†Epwin Group

  47,500       69,796

Exova Group

  175,000       421,287

†FDM Group Holdings

  60,000       360,180

Finsbury Food Group

  84,600       122,309

†Hilton Food Group

  26,000       191,189

†Inspired Energy

  439,500       71,072

ITE Group

  325,000       619,498

Jupiter Fund Management

  36,000       177,484

†McBride

  50,200       104,296

†Micro Focus International

  6,900       149,253

Norcros

  64,360       146,788

Pendragon

  139,900       52,613

Polypipe Group

  60,000       210,594

†Rank Group

  21,100       60,797

Real Estate Investors

  99,300       76,229

Rotork

  81,500       233,971

Senior

  130,000       357,098

Severfield

  142,700       93,834

Spirax-Sarco Engineering

  23,500       1,173,072

Stallergenes Greer 2

  10,800       265,127

†Treatt

  30,400       66,407

Trifast

  71,200       130,529

Vertu Motors

  66,300       37,178

Victrex

  30,000       605,056

Xaar

  115,000       641,473

Zeal Network

  2,500       87,202   Total (Cost $14,726,817)           12,278,359                 UNITED STATES – 26.1%            

†Air Lease Cl. A

  12,300       329,394

Brooks Automation 3

  18,100       203,082

Century Casinos 2

  30,000       186,900

†CIRCOR International

  12,800       729,472

†Cognex Corporation

  17,100       737,010
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 17
Royce Global Value Trust   June 30, 2016 (unaudited)
  Schedule of Investments (continued)                 SHARES       VALUE                 UNITED STATES (continued)            

†Coherent 2

  5,000     $ 458,900

Commercial Metals

  42,000       709,800

†Copart 2

  18,600       911,586

Diebold 3,4

  28,800       715,104

Diodes 2,3

  20,500       385,195

EnerSys 3,4

  11,000       654,170

Expeditors International of Washington 3

  10,000       490,400

†Federated Investors Cl. B

  12,500       359,750

FLIR Systems 3

  14,100       436,395

†Gentex Corporation

  24,800       383,160

Greif Cl. A 3

  8,700       324,249

†IDEXX Laboratories 2

  10,400       965,744

Innospec 3

  12,457       572,897

†Kadant

  7,800       401,778

KBR 3

  73,400       971,816

Kirby Corporation 2,3,4

  29,400       1,834,266

†Lindsay Corporation

  13,700       929,682

†ManpowerGroup

  11,000       707,740

†MBIA 2

  80,300       548,449

Nanometrics 2,3,4

  44,500       925,155

National Instruments 3

  19,000       520,600

†Oaktree Capital Group LLC Cl. A

  10,400       465,504

†Popular

  13,100       383,830

Quaker Chemical 3

  8,400       749,280

†Raven Industries

  50,000       947,000

Rogers Corporation 2,3

  6,000       366,600

Schnitzer Steel Industries Cl. A 3

  19,100       336,160

SEACOR Holdings 2

  6,000       347,700

SEI Investments 3,4

  40,600       1,953,266

Sensient Technologies 3,4

  9,500       674,880

Standard Motor Products

  11,200       445,536

†Stifel Financial 2,3,4

  18,500       581,825

Sun Hydraulics 3

  15,139       449,477

Tennant Company 3

  11,600       624,892   Total (Cost $25,439,098)           24,718,644                 TOTAL COMMON STOCKS               (Cost $100,798,584)           97,051,737  
REPURCHASE AGREEMENT 12.6%               Fixed Income Clearing Corporation, 0.03% dated 6/30/16, due 7/1/16, maturity value
$11,941,010 (collateralized by obligations of various U.S. Government Agencies, 0.125%
due 4/15/19, valued at $12,181,613)
  (Cost $11,941,000)         $ 11,941,000                     TOTAL INVESTMENTS 115.1%                 (Cost $112,739,584)           108,992,737                     LIABILITIES LESS CASH AND OTHER ASSETS (15.1)%           (14,289,619 )                                 NET ASSETS 100.0%         $ 94,703,118    
  New additions in 2016. 1
Securities for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.
2 Non-income producing.
3 All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2016. Total market value of pledged securities at June 30, 2016, was $13,230,600.
4
At June 30, 2016, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $5,942,261.
     
Securities of Global/International Funds are categorized by the country of their headquarters, with the exception of exchange-traded funds.
     
Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2016, market value.
     
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $113,338,626. At June 30, 2016, net unrealized depreciation for all securities was $4,345,889, consisting of aggregate gross unrealized appreciation of $8,804,582 and aggregate gross unrealized depreciation of $13,150,471. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
 
18 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Global Value Trust   June 30, 2016 (unaudited)
  Statement of Assets and Liabilities                       ASSETS:           Investments at value     $ 97,051,737     Repurchase agreements (at cost and value)       11,941,000     Cash and foreign currency       72,680     Receivable for investments sold       519,556     Receivable for dividends and interest       160,480     Prepaid expenses and other assets       31,551     Total Assets       109,777,004     LIABILITIES:           Revolving credit agreement       8,000,000     Payable for investments purchased       6,893,357     Payable for investment advisory fee       97,707     Payable for directors’ fees       8,896     Payable for interest expense       709     Accrued expenses       47,094     Deferred capital gains tax       26,123     Total Liabilities       15,073,886     Net Assets     $ 94,703,118     ANALYSIS OF NET ASSETS:           Paid-in capital - $0.001 par value per share; 10,344,899 shares outstanding (150,000,000 shares authorized)     $ 116,929,670     Undistributed net investment income (loss)       367,035     Accumulated net realized gain (loss) on investments and foreign currency       (18,815,847 )   Net unrealized appreciation (depreciation) on investments and foreign currency       (3,777,740 )   Net Assets (net asset value per share - $9.15)     $ 94,703,118     Investments at identified cost     $ 100,798,584    
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 19
Royce Global Value Trust
  Statement of Changes in Net Assets                                       SIX MONTHS ENDED             6/30/16             (UNAUDITED)   YEAR ENDED 12/31/15                     INVESTMENT OPERATIONS:                 Net investment income (loss)   $ 591,649     $ 985,324     Net realized gain (loss) on investments and foreign currency     (456,191 )     (11,820,601 )   Net change in unrealized appreciation (depreciation) on investments and foreign currency     3,394,100       7,399,963     Net increase (decrease) in net assets from investment operations     3,529,558       (3,435,314 )   DISTRIBUTIONS:                 Net investment income           (1,029,597 )   Net realized gain on investments and foreign currency               Total distributions           (1,029,597 )   CAPITAL STOCK TRANSACTIONS:                 Reinvestment of distributions           353,733     Total capital stock transactions           353,733     Net Increase (Decrease) In Net Assets     3,529,558       (4,111,178 )   NET ASSETS:                   Beginning of period     91,173,560       95,284,738     End of period (including undistributed net investment income (loss) of $367,035 at 6/30/16 and $(224,615) at 12/31/15)   $ 94,703,118     $ 91,173,560    
20 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Global Value Trust   Six Months Ended June 30, 2016 (unaudited)
  Statement of Operations                   INVESTMENT INCOME:         INCOME:         Dividends   $ 1,467,927     Foreign withholding tax     (105,541 )   Interest     483     Rehypothecation income     530     Total income     1,363,399     EXPENSES:           Investment advisory fees     560,982     Interest expense     64,058     Custody and transfer agent fees     49,197     Stockholder reports     36,912     Directors’ fees     15,032     Professional fees     14,980     Administrative and office facilities     9,740     Other expenses     20,853     Total expenses     771,754     Compensating balance credits     (4 )   Net expenses     771,750     Net investment income (loss)     591,649     REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:         NET REALIZED GAIN (LOSS):           Investments     (445,682 )   Foreign currency transactions     (10,509 )   NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):           Investments and foreign currency translations     3,396,809     Other assets and liabilities denominated in foreign currency     (2,709 )   Net realized and unrealized gain (loss) on investments and foreign currency     2,937,909     NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS   $ 3,529,558    
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 21
Royce Global Value Trust   Six Months Ended June 30, 2016 (unaudited)
  Statement of Cash Flows                   CASH FLOWS FROM OPERATING ACTIVITIES:         Net increase (decrease) in net assets from investment operations   $ 3,529,558     Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities:          

Purchases of long-term investments

    (26,912,783 )  

Proceeds from sales and maturities of long-term investments

    36,633,021    

Net purchases, sales and maturities of short-term investments

    (10,238,000 )  

Net (increase) decrease in dividends and interest receivable and other assets

    11,376    

Net increase (decrease) in interest expense payable, accrued expenses and other liabilities

    (14,036 )  

Net change in unrealized appreciation (depreciation) on investments

    (3,396,809 )  

Net realized gain (loss) on investments and foreign currency

    456,191     Net cash provided by operating activities     68,518     CASH FLOWS FROM FINANCING ACTIVITIES:         Net increase (decrease) in revolving credit agreement         Distributions         Reinvestment of distributions         Net cash used for financing activities         INCREASE (DECREASE) IN CASH:     68,518     Cash and foreign currency at beginning of period     4,162     Cash and foreign currency at end of period   $ 72,680    
22 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Global Value Trust     Financial Highlights This table is presented to show selected data for a share outstanding throughout each period, and to assist stockholders in evaluating the Fund’s performance for the periods presented.
    SIX MONTHS ENDED YEARS ENDED                               6/30/2016                   PERIOD ENDED     (UNAUDITED)   12/31/15   12/31/14   12/31/131   Net Asset Value, Beginning of Period     $ 8.81     $ 9.25     $ 10.05     $ 9.78     INVESTMENT OPERATIONS:                                   Net investment income (loss)       0.06       0.10       0.13       (0.00 )   Net realized and unrealized gain (loss) on investments and foreign currency       0.28       (0.43 )     (0.77 )     0.27     Net increase (decrease) in net assets from investment operations       0.34       (0.33 )     (0.64 )     0.27     DISTRIBUTIONS:                                   Net investment income             (0.10 )     (0.15 )         Net realized gain on investments and foreign currency                             Total distributions             (0.10 )     (0.15 )         CAPITAL STOCK TRANSACTIONS:                                   Effect of reinvestment of distributions by Common Stockholders             (0.01 )     (0.01 )         Total capital stock transactions             (0.01 )     (0.01 )         Net Asset Value, End of Period     $ 9.15     $ 8.81     $ 9.25     $ 10.05     Market Value, End of Period     $ 7.60     $ 7.45     $ 8.04     $ 8.89     TOTAL RETURN:2                                   Net Asset Value       3.86 %3     (3.44 )%     (6.23 )%     2.76 %3 Market Value       2.01 %3     (6.06 )%     (7.86 )%     (0.95 )%3   RATIOS BASED ON AVERAGE NET ASSETS:                                   Investment advisory fee expense       1.25 %4     1.25 %     1.25 %     1.25 %4   Other operating expenses       0.47 %4     0.43 %     0.24 %     0.37 %4   Total expenses (net)       1.72 %4     1.68 %     1.49 %     1.62 %4   Expenses excluding interest expense       1.58 %4     1.58 %     1.49 %     1.62 %4   Expenses prior to balance credits       1.72 %4     1.68 %     1.49 %     1.62 %4   Net investment income (loss)       1.32 %4     1.03 %     1.30 %     (0.13 )%4   SUPPLEMENTAL DATA:                                   Net Assets End of Period (in thousands)   $   94,703     $ 91,174     $ 95,285     $ 102,684     Portfolio Turnover Rate       34 %     65 %     43 %     7 %   REVOLVING CREDIT AGREEMENT:                                   Asset coverage       1284 %     1240 %                   Asset coverage per $1,000       12,838       12,397                     1 The Fund commenced operations on October 18, 2013. 2 The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund’s net asset value is used on the purchase and sale dates instead of market value.
3 Not annualized 4 Annualized
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 23
Royce Global Value Trust   Notes to Financial Statements (unaudited)
Summary of Significant Accounting Policies

Royce Global Value Trust, Inc. (the “Fund”), is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on February 14, 2011. The Fund commenced operations on October 18, 2013.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies”.

  VALUATION OF INVESTMENTS:

Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.

Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:

    Level 1
quoted prices in active markets for identical securities.
    Level 2
other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Any Level 2 securities with values based on quoted prices for similar securities would be noted in the Schedule of Investments.
    Level 3
significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2016. For a detailed breakout of common stocks by country, please refer to the Schedule of Investments.


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

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

24 | 2016 Semiannual Report to Stockholders


Royce Global Value Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

  BALANCE AS OF 12/31/15 TRANSFERS IN REALIZED AND UNREALIZED
GAIN (LOSS)1
BALANCE AS OF 6/30/16   Common Stocks $18,710 $86,993 $(20) $105,683  
1The net change in unrealized appreciation (depreciation) is included in the accompanying Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. Net realized gain (loss) from investments and foreign currency transactions is included in the accompanying Statement of Operations.

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

FOREIGN CURRENCY:
Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates.

DISTRIBUTIONS AND TAXES:
As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes information regarding income taxes under the caption “Tax Information”.
The Fund pays any dividends and capital gain distributions annually in December. Because federal income tax regulations differ from generally accepted accounting principles, income and capital gain distributions determined in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes differ from those reflected in the accompanying financial statements.

CAPITAL GAINS TAXES:
The Fund is subject to a tax imposed on short-term capital gains on securities of issuers domiciled in certain countries. The Fund records an estimated deferred tax liability for these securities that have been held for less than one year. This amount, if any, is reported as deferred capital gains tax in the accompanying Statement of Assets and Liabilities, assuming those positions were disposed of at the end of the period, and accounted for as a reduction in the market value of the security.

INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:
Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.

EXPENSES:
The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund’s operations, while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to the Funds are allocated by Royce & Associates (“Royce”) under an administration agreement and are included in administrative and office facilities and professional fees.

2016 Semiannual Report to Stockholders | 25


Royce Global Value Trust

Notes to Financial Statements (unaudited) (continued)

COMPENSATING BALANCE CREDITS:
The Fund has an arrangement with its custodian bank, whereby a portion of the custodian’s fee is paid indirectly by credits earned on the Fund’s cash on deposit with the bank. This deposit arrangement is an alternative to purchasing overnight investments. Conversely, the Fund pays interest to the custodian on any cash overdrafts, to the extent they are not offset by credits earned on positive cash balances.

Capital Stock:
The Fund issued 48,927 shares of Common Stock as reinvestment of distributions for the year ended December 31, 2015.

Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.
As of June 30, 2016, the Fund has outstanding borrowings of $8,000,000. During the six months ended June 30, 2016, the Fund borrowed an average daily balance of $8,000,000 at a weighted average borrowing cost of 1.58%. The maximum amount outstanding during the six months ended June 30, 2016 was $8,000,000. As of June 30, 2016, the aggregate value of rehypothecated securities was $5,942,261. During the six months ended June 30, 2016, the Fund earned $530 in fees from rehypothecated securities.

Investment Advisory Agreement:
The Investment Advisory Agreement between Royce and the Fund provides for fees to be paid at an annual rate of 1.25% of the Fund’s average daily net assets. For the six months ended June 30, 2016, the Fund accrued and paid Royce investment advisory fees totaling $560,982.

Purchases and Sales of Investment Securities:
For the six months ended June 30, 2016, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $33,050,975 and $36,523,794, respectively.
Cross trades were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which Royce serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7. Cross trades for the six months ended June 30, 2016, were as follows:

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

26 | 2016 Semiannual Report to Stockholders


Royce Micro-Cap Trust   June 30, 2016 (unaudited)
  Schedule of Investments             Common Stocks – 104.4%                 SHARES       VALUE                 CONSUMER DISCRETIONARY 15.2%             AUTO COMPONENTS - 3.2%            

Drew Industries 1,2

  32,800     $ 2,782,752

Fox Factory Holding 3

  27,500       477,675

Motorcar Parts of America 3

  83,700       2,274,966

Sebang Global Battery

  50,500       1,662,404

Standard Motor Products

  74,060       2,946,107

Unique Fabricating

  3,500       46,865                         10,190,769                           DISTRIBUTORS - 1.1%            

Fenix Parts 3

  444,200       1,745,706

Weyco Group

  59,600       1,655,688                         3,401,394                           DIVERSIFIED CONSUMER SERVICES - 2.0%            

American Public Education 3

  73,200       2,056,920

Capella Education

  1,300       68,432

Collectors Universe

  116,100       2,292,975

Liberty Tax Cl. A 1

  98,900       1,317,348

Lincoln Educational Services 3

  100,000       150,000

Universal Technical Institute

  270,000       610,200                         6,495,875                           HOTELS, RESTAURANTS & LEISURE - 1.1%            

Century Casinos 3

  206,200       1,284,626

Lindblad Expeditions Holdings 3

  234,000       2,253,420                         3,538,046                           HOUSEHOLD DURABLES - 2.6%            

Cavco Industries 1,2,3

  19,291       1,807,567

Ethan Allen Interiors 1

  50,100       1,655,304

Flexsteel Industries 1

  16,500       653,730

iRobot Corporation 1,3

  15,000       526,200

Lifetime Brands 1,2

  130,794       1,908,284

Stanley Furniture 3

  193,468       473,997

Universal Electronics 3

  15,100       1,091,428

ZAGG 3

  60,000       315,000                         8,431,510                           INTERNET & CATALOG RETAIL - 0.9%            

Blue Nile 1,2

  37,900       1,037,702

FTD Companies 3

  70,700       1,764,672                         2,802,374                           LEISURE PRODUCTS - 1.2%            

Black Diamond 3

  195,926       811,133

Nautilus 3

  111,200       1,983,808

Smith & Wesson Holding Corporation 1,3

  43,100       1,171,458

Sturm, Ruger & Co.

  600       38,406                         4,004,805                           MEDIA - 0.7%            

McClatchy Company (The) Cl. A 3

  69,313       1,013,356

New Media Investment Group

  66,200       1,196,234                         2,209,590                           SPECIALTY RETAIL - 1.1%            

Destination Maternity

  228,200       1,341,816

Haverty Furniture

  32,600       587,778

Kirkland’s 3

  7,900       115,972

MarineMax 3

  5,400       91,638

Shoe Carnival 1

  21,028       526,962

Stage Stores 1

  15,000       73,200

TravelCenters of America LLC 3

  5,400       44,064

West Marine 3

  86,000       721,540                         3,502,970                           TEXTILES, APPAREL & LUXURY GOODS - 1.3%            

Crown Crafts

  104,059       984,398

Culp

  32,900       909,027

J.G. Boswell Company 4

  2,490       1,593,127

YGM Trading

  1,482,000       767,925                         4,254,477   Total (Cost $48,519,042)           48,831,810                 CONSUMER STAPLES 2.3%             BEVERAGES - 0.1%            

Crimson Wine Group 3,4

  58,124       485,917                           FOOD PRODUCTS - 2.2%            

Farmer Bros. 1,2,3

  49,100       1,574,146

John B. Sanfilippo & Son

  18,000       767,340

Landec Corporation 3

  75,610       813,564

Seneca Foods Cl. A 3

  42,400       1,535,304

Seneca Foods Cl. B 3

  42,500       1,532,125

SunOpta 3

  136,881       573,531

Waterloo Investment Holdings 3,5

  806,207       225,738                         7,021,748   Total (Cost $5,044,094)           7,507,665                 ENERGY 5.2%             ENERGY EQUIPMENT & SERVICES - 1.9%            

Aspen Aerogels 3

  94,985       472,075

Canadian Energy Services & Technology

  25,000       78,757

CARBO Ceramics 3

  39,000       510,900

Dawson Geophysical 3

  73,654       600,280

Era Group 3

  227,339       2,136,987

Geospace Technologies 1,3

  9,500       155,515

Matrix Service 1,3

  25,300       417,197

Newpark Resources 3

  11,200       64,848

North American Energy Partners

  50,000       141,000

Pioneer Energy Services 1,3

  57,500       264,500

TerraVest Capital

  84,000       423,267

Tesco Corporation 1,3

  58,000       388,020

Unit Corporation 3

  31,000       482,360                         6,135,706                           OIL, GAS & CONSUMABLE FUELS - 3.3%            

Ardmore Shipping

  52,700       356,779

Cross Timbers Royalty Trust

  67,631       1,226,150

Dorchester Minerals L.P.

  106,127       1,530,351

Dorian LPG 3

  50,000       352,500

Hugoton Royalty Trust 3

  287,574       678,675

Panhandle Oil & Gas Cl. A

  5,000       83,350

Permian Basin Royalty Trust

  266,333       1,952,221

Sabine Royalty Trust

  59,548       1,989,499

San Juan Basin Royalty Trust

  203,407       1,478,769

StealthGas 3

  220,085       831,921                         10,480,215   Total (Cost $19,617,099)           16,615,921                 FINANCIALS 17.7%             BANKS - 2.0%            

Bank of N.T. Butterfield & Son

  438,100       709,722

Blue Hills Bancorp

  50,000       738,000

Bryn Mawr Bank

  25,000       730,000

Caribbean Investment Holdings 3

  735,647       73,450

Chemung Financial 1

  31,000       909,850

Fauquier Bankshares

  140,200       2,037,106
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 27
Royce Micro-Cap Trust
  Schedule of Investments (continued)                               SHARES       VALUE                 FINANCIALS (continued)             BANKS (continued)            

Live Oak Bancshares

  30,900     $ 435,999

Park Sterling

  6,300       44,667

Peapack-Gladstone Financial

  45,606       844,167                         6,522,961                           CAPITAL MARKETS - 8.0%            

ASA Gold and Precious Metals

  181,150       2,677,397

Cowen Group 3

  100,000       296,000

Diamond Hill Investment Group 1

  5,579       1,051,195

Dundee Corporation Cl. A 3

  435,000       2,569,023

EQT Holdings

  43,150       529,433

Fiera Capital Cl. A

  78,000       773,993

INTL FCStone 1,3

  41,727       1,138,730

JZ Capital Partners

  247,999       1,341,300

Manning & Napier Cl. A

  170,600       1,620,700

Medley Management Cl. A

  153,400       901,992

MVC Capital 1

  372,400       2,994,096

OHA Investment

  204,620       396,963

Queen City Investments 4

  948       1,092,096

Silvercrest Asset Management Group Cl. A

  213,600       2,614,464

Sprott

  1,454,933       2,894,212

U.S. Global Investors Cl. A

  646,254       1,098,632

Urbana Corporation

  237,600       404,598

Westwood Holdings Group 1

  12,400       642,320

ZAIS Group Holdings Cl. A 1,2,3

  262,960       738,918                         25,776,062                           CONSUMER FINANCE - 0.5%            

EZCORP Cl. A 1,2,3

  201,000       1,519,560

J.G. Wentworth Company Cl. A 3,4

  135,000       32,535                         1,552,095                           DIVERSIFIED FINANCIAL SERVICES - 1.6%            

Banca Finnat Euramerica

  860,000       305,435

GAIN Capital Holdings

  25,000       158,000

PICO Holdings 1,2,3

  153,700       1,454,002

Value Line

  164,000       2,681,400

Warsaw Stock Exchange

  52,900       443,886                         5,042,723                           INSURANCE - 1.3%            

Hallmark Financial Services 3

  114,000       1,321,260

Independence Holding Company

  85,080       1,528,888

State Auto Financial 1

  61,264       1,342,294                         4,192,442                           REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5%            

BRT Realty Trust 3

  230,331       1,646,867                           REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.8%            

AV Homes 3

  87,400       1,068,028

Forestar Group 1,3

  53,000       630,170

FRP Holdings 1,2,3

  71,800       2,477,100

Griffin Industrial Realty

  47,746       1,463,415

Hopefluent Group Holdings

  1,400,000       372,699

Marcus & Millichap 3

  49,567       1,259,497

†RMR Group Cl. A

  67,900       2,102,863

Tejon Ranch 1,2,3

  115,162       2,722,430

Tejon Ranch (Warrants) 3

  13,146       1                         12,096,203   Total (Cost $62,524,025)           56,829,353                 HEALTH CARE 15.6%             BIOTECHNOLOGY - 4.2%            

Abeona Therapeutics 3

  376,321       888,118

Adverum Biotechnologies 3

  193,346       610,973

Aquinox Pharmaceuticals 1,3

  182,622       1,208,958

ARIAD Pharmaceuticals 1,3

  114,102       843,214

BioCryst Pharmaceuticals 3

  160,000       454,400

Fortress Biotech 3

  147,400       396,506

Invitae Corporation 3

  156,412       1,155,885

Keryx Biopharmaceuticals 3

  281,725       1,865,019

Kindred Biosciences 3

  148,000       523,920

Progenics Pharmaceuticals 3

  6,500       27,430

Sangamo BioSciences 3

  191,785       1,110,435

Stemline Therapeutics 3

  174,179       1,179,192

Versartis 3

  39,592       437,887

Zealand Pharma 3

  151,000       2,707,347                         13,409,284                           HEALTH CARE EQUIPMENT & SUPPLIES - 7.1%            

Analogic Corporation

  18,200       1,445,808

AngioDynamics 1,2,3

  106,061       1,524,097

Antares Pharma 3

  406,900       427,245

Atrion Corporation 1,2

  7,277       3,113,537

Cerus Corporation 1,2,3

  140,000       873,600

Derma Sciences 3

  177,100       697,774

Exactech 1,2,3

  124,400       3,326,456

Inogen 3

  5,400       270,594

Invacare Corporation 1

  44,300       537,359

STRATEC Biomedical

  14,000       808,547

SurModics 3

  245,000       5,752,600

Syneron Medical 3

  69,200       532,148

TearLab Corporation 3

  85,000       54,400

Trinity Biotech ADR Cl. A 3

  100,500       1,139,670

Utah Medical Products

  38,100       2,400,300                         22,904,135                           HEALTH CARE PROVIDERS & SERVICES - 3.3%            

Aceto Corporation

  79,600       1,742,444

BioTelemetry 3

  49,700       810,110

CorVel Corporation 1,3

  36,000       1,554,480

Cross Country Healthcare 3

  165,400       2,302,368

Landauer

  33,743       1,388,862

National Research Cl. A

  40,033       548,452

PharMerica Corporation 3

  40,000       986,400

Psychemedics Corporation

  37,500       515,250

U.S. Physical Therapy

  12,600       758,646                         10,607,012                           HEALTH CARE TECHNOLOGY - 0.1%            

Connecture 3

  20,000       45,200

Vocera Communications 3

  33,100       425,335                         470,535                           PHARMACEUTICALS - 0.9%            

Agile Therapeutics 1,3

  80,000       608,800

Lipocine 3

  90,467       275,020

Theravance Biopharma 3

  83,509       1,894,819                         2,778,639   Total (Cost $41,960,675)           50,169,605                 INDUSTRIALS 16.0%             AEROSPACE & DEFENSE - 0.7%            

Astronics Corporation 3

  4,400       146,344

CPI Aerostructures 3

  9,500       58,425
28 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
June 30, 2016 (unaudited)  
  Schedule of Investments (continued)                               SHARES       VALUE                 INDUSTRIALS (continued)             AEROSPACE & DEFENSE (continued)            

FLYHT Aerospace Solutions 3

  1,916,800     $ 281,893

Innovative Solutions and Support 3

  142,828       402,775

Mercury Systems 3

  35,200       875,072

SIFCO Industries 3

  45,800       452,046                         2,216,555                           BUILDING PRODUCTS - 1.4%            

Burnham Holdings Cl. A 4

  117,000       1,755,000

DIRTT Environmental Solutions 3

  96,000       399,768

Insteel Industries

  47,100       1,346,589

Patrick Industries 3

  16,900       1,018,901                         4,520,258                           COMMERCIAL SERVICES & SUPPLIES - 2.1%            

Atento 3

  237,901       2,119,698

CompX International Cl. A

  107,500       1,236,250

Heritage-Crystal Clean 1,2,3

  249,777       3,049,777

Team 1,3

  17,500       434,525                         6,840,250                           CONSTRUCTION & ENGINEERING - 2.3%            

Ameresco Cl. A 3

  275,700       1,204,809

IES Holdings 3

  288,504       3,583,220

Layne Christensen 1,3

  50,000       405,000

Northwest Pipe 3

  108,600       1,170,708

NV5 Holdings 3

  31,800       904,392                         7,268,129                           ELECTRICAL EQUIPMENT - 1.2%            

Encore Wire 1

  3,400       126,752

LSI Industries

  143,012       1,583,143

Orion Energy Systems 3

  170,000       197,200

Powell Industries

  23,000       904,820

Power Solutions International 1,3

  7,100       126,735

Preformed Line Products

  20,743       837,810                         3,776,460                           INDUSTRIAL CONGLOMERATES - 0.7%            

Raven Industries 1

  125,259       2,372,405                           MACHINERY - 5.1%            

Chart Industries 3

  2,400       57,912

CIRCOR International 1

  1,100       62,689

Columbus McKinnon

  5,300       74,995

Eastern Company (The)

  39,750       659,055

Federal Signal

  3,200       41,216

Foster (L.B.) Company 1

  99,300       1,081,377

Graham Corporation 1

  81,150       1,494,783

Hurco Companies

  36,866       1,025,981

Kadant

  57,700       2,972,127

Lindsay Corporation

  15,000       1,017,900

Luxfer Holdings ADR

  59,712       718,335

Lydall 3

  4,900       188,944

NN

  103,900       1,453,561

Pfeiffer Vacuum Technology

  6,000       561,774

Sun Hydraulics

  91,000       2,701,790

Tennant Company 1

  38,500       2,073,995

Twin Disc 3

  11,700       125,658                         16,312,092                           MARINE - 0.1%            

Clarkson

  13,000       385,271             PROFESSIONAL SERVICES - 1.2%            

Acacia Research 1,3

  140,000       616,000

CBIZ 3

  47,000       489,270

Franklin Covey 3

  40,100       614,733

Heidrick & Struggles International

  46,300       781,544

Kforce 1

  4,700       79,383

Navigant Consulting 3

  5,100       82,365

Resources Connection

  20,000       295,600

RPX Corporation 3

  100,000       917,000                         3,875,895                           ROAD & RAIL - 0.5%            

Marten Transport

  3,300       65,340

Patriot Transportation Holding 1,3

  29,460       572,997

Universal Logistics Holdings 1,2

  77,600       1,001,040                         1,639,377                           TRADING COMPANIES & DISTRIBUTORS - 0.5%            

Central Steel & Wire 4

  788       316,776

Houston Wire & Cable

  249,918       1,312,069                         1,628,845                           TRANSPORTATION INFRASTRUCTURE - 0.2%            

Touax 3

  42,197       488,001   Total (Cost $49,896,398)           51,323,538                 INFORMATION TECHNOLOGY 22.5%             COMMUNICATIONS EQUIPMENT - 1.4%            

ADTRAN

  27,500       512,875

Applied Optoelectronics 1,3

  8,800       98,120

Bel Fuse Cl. A

  67,705       1,020,314

CalAmp Corporation 3

  6,500       96,265

Clearfield 3

  61,300       1,096,657

ClearOne

  25,000       280,000

Harmonic 3

  147,000       418,950

KVH Industries 3

  8,900       68,530

Oclaro 3

  131,700       642,696

PCTEL

  34,100       160,611

Sandvine Corporation

  22,700       46,737                         4,441,755                           ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 7.0%            

Agilysys 1,2,3

  170,587       1,786,046

DTS 1,2,3

  73,500       1,944,075

ePlus 3

  2,700       220,833

Fabrinet 3

  2,200       81,664

FARO Technologies 1,2,3

  86,000       2,909,380

HollySys Automation Technologies 3

  49,200       854,604

Inficon Holding

  3,600       1,223,730

LRAD Corporation

  853,456       1,527,686

Mesa Laboratories 1,2

  23,900       2,939,700

Novanta 3

  8,600       130,290

Orbotech 1,2,3

  127,300       3,252,515

PC Connection

  43,716       1,040,441

Perceptron 3

  8,500       39,780

Richardson Electronics

  330,900       1,743,843

Rogers Corporation 1,3

  1,600       97,760

Systemax 1,3

  74,000       631,220

Vishay Precision Group 3

  151,000       2,026,420                         22,449,987                           INTERNET SOFTWARE & SERVICES - 4.4%            

Actua Corporation 3

  110,257       995,621

Care.com 1,2,3

  305,254       3,565,367

comScore 3

  65,305       1,559,483

IZEA 3

  55,170       420,395
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 29
Royce Micro-Cap Trust
  Schedule of Investments (continued)                               SHARES       VALUE                 INFORMATION TECHNOLOGY (continued)             INTERNET SOFTWARE & SERVICES (continued)            

Marchex Cl. B 3

  85,000     $ 270,300

QuinStreet 3

  613,100       2,176,505

RealNetworks 3

  244,000       1,051,640

Reis

  25,000       622,500

SciQuest 3

  38,000       671,080

Solium Capital 3

  209,400       962,759

Stamps.com 3

  11,700       1,022,814

Support.com 3

  844,358       710,105                         14,028,569                           IT SERVICES - 1.2%            

Computer Task Group 1

  200,538       996,674

Hackett Group (The)

  55,500       769,785

Innodata 3

  437,275       1,071,324

MoneyGram International 3

  120,003       822,020

Sykes Enterprises 3

  2,900       83,984                         3,743,787                           SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%            

Amtech Systems 1,2,3

  160,284       956,896

Applied Micro Circuits 3

  97,917       628,627

Brooks Automation

  131,200       1,472,064

Daqo New Energy ADR 3

  34,900       787,693

FormFactor 3

  22,869       205,592

GSI Technology 3

  92,481       385,646

Intermolecular 3

  240,000       355,200

IXYS Corporation

  18,800       192,700

Kopin Corporation 3

  242,200       537,684

Kulicke & Soffa Industries 3

  88,000       1,070,960

MoSys 1,3

  684,275       277,131

Nanometrics 3

  70,800       1,471,932

Nova Measuring Instruments 3

  140,100       1,532,694

Photronics 3

  169,100       1,506,681

Rudolph Technologies 3

  2,900       45,037

Sigma Designs 3

  89,000       572,270

Silicon Motion Technology ADR

  30,000       1,434,000

Ultra Clean Holdings 3

  57,000       324,330

Xcerra Corporation 3

  64,200       369,150                         14,126,287                           SOFTWARE - 2.9%            

American Software Cl. A

  120,352       1,261,289

BSQUARE Corporation 3

  83,675       466,906

Computer Modelling Group

  355,500       2,845,211

Model N 3

  136,693       1,824,852

Monotype Imaging Holdings

  15,000       369,450

PSI

  34,000       477,447

Rubicon Project 3

  90,000       1,228,500

SeaChange International 3

  284,200       906,598                         9,380,253                           TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.2%            

Intevac 3

  371,300       2,108,984

Kortek

  135,007       1,401,314

Silicon Graphics International 3

  106,400       535,192                         4,045,490   Total (Cost $72,061,085)           72,216,128                 MATERIALS 6.5%             CHEMICALS - 1.3%            

Balchem Corporation

  11,775       702,379

FutureFuel Corporation

  85,262       927,651

Quaker Chemical 1

  27,400       2,444,080

Trecora Resources 3

  11,600       120,988                         4,195,098             CONSTRUCTION MATERIALS - 0.7%            

Ash Grove Cement 4

  8,000       1,824,000

Monarch Cement 4

  16,303       566,529                         2,390,529             CONTAINERS & PACKAGING - 0.3%            

UFP Technologies 3

  36,445       821,470             METALS & MINING - 4.2%            

Alamos Gold Cl. A

  216,044       1,857,850

AMG Advanced Metallurgical Group

  5,000       69,260

Ampco-Pittsburgh

  79,002       893,513

Comstock Mining 3

  1,875,000       654,187

Exeter Resource 3

  1,195,400       1,542,066

Haynes International 1

  15,000       481,200

Imdex 3

  525,666       82,001

MAG Silver 3

  84,050       1,059,870

Major Drilling Group International 3

  731,857       4,429,832

Olympic Steel

  35,000       955,850

Pretium Resources 3

  90,000       1,007,315

Universal Stainless & Alloy Products 3

  11,600       126,440

Victoria Gold 3

  890,000       351,329                         13,510,713   Total (Cost $15,346,055)           20,917,810                 TELECOMMUNICATION SERVICES 0.1%             DIVERSIFIED TELECOMMUNICATION SERVICES - 0.1%            

ORBCOMM 3

  18,000       179,100   Total (Cost $104,874)           179,100     UTILITIES 0.1%             GAS UTILITIES - 0.1%            

Shizuoka Gas

  40,000       280,118             INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCER - 0.0%            

Alterra Power 3

  450,000       172,414   Total (Cost $467,214)           452,532                 MISCELLANEOUS6 3.2%               Total (Cost $10,632,567)           10,452,349                 TOTAL COMMON STOCKS               (Cost $326,173,128)           335,495,811                 PREFERRED STOCK - 0.5%            

Seneca Foods Conv. 3,4

  45,409       1,597,034   (Cost $578,719)           1,597,034  
30 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
June 30, 2016 (unaudited)  
  Schedule of Investments (continued)                                           VALUE                     REPURCHASE AGREEMENT 9.4%               Fixed Income Clearing Corporation, 0.03% dated 6/30/16, due 7/1/16, maturity value
$30,243,025 (collateralized by obligations of various U.S. Government Agencies, 0.125%-
1.625% due 4/15/19-4/30/19, valued at $30,850,430)
  (Cost $30,243,000)         $ 30,243,000                     TOTAL INVESTMENTS 114.3%                 (Cost $356,994,847)           367,335,845                     LIABILITIES LESS CASH AND OTHER ASSETS (14.3)%           (46,084,955 )                                 NET ASSETS 100.0%         $ 321,250,890    
  New additions in 2016. 1
All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2016. Total market value of pledged securities at June 30, 2016, was $73,566,469.
2
At June 30, 2016, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $42,246,439.
3 Non-income producing. 4
These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities. See Notes to Financial Statements.
5
A security for which market quotations are not readily available represents 0.1% of net assets. This security has been valued at its fair value under procedures approved by the Fund’s Board of Directors. This security is defined as a Level 3 security due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.
6
Includes securities first acquired in 2016 and less than 1% of net assets.
     
Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2016, market value.
     
TAX INFORMATION: The cost of total investments for Federal income tax purposes was $358,701,292. At June 30, 2016, net unrealized appreciation for all securities was $8,634,553, consisting of aggregate gross unrealized appreciation of $67,044,960 and aggregate gross unrealized depreciation of $58,410,407. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 31
Royce Micro-Cap Trust   June 30, 2016 (unaudited)
  Statement of Assets and Liabilities                       ASSETS:           Investments at value     $ 337,092,845     Repurchase agreements (at cost and value)       30,243,000     Cash and foreign currency       2,777     Receivable for investments sold       1,275,542     Receivable for dividends and interest       172,796     Prepaid expenses and other assets       30,977     Total Assets       368,817,937     LIABILITIES:           Revolving credit agreement       45,000,000     Payable for investments purchased       2,167,630     Payable for investment advisory fee       283,209     Payable for directors’ fees       27,531     Payable for interest expense       3,990     Accrued expenses       84,687     Total Liabilities       47,567,047     Net Assets     $ 321,250,890     ANALYSIS OF NET ASSETS:           Paid-in capital - $0.001 par value per share; 37,135,645 shares outstanding (150,000,000 shares authorized)     $ 312,313,853     Undistributed net investment income (loss)       (104,744 )   Accumulated net realized gain (loss) on investments and foreign currency       10,768,450     Net unrealized appreciation (depreciation) on investments and foreign currency       10,336,252     Quarterly distributions       (12,062,921 )   Net Assets (net asset value per share - $8.65)     $ 321,250,890     Investments at identified cost     $ 326,751,847    
32 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Micro-Cap Trust
  Statement of Changes in Net Assets                                       SIX MONTHS ENDED             6/30/16
(UNAUDITED)
  YEAR ENDED 12/31/15                     INVESTMENT OPERATIONS:                 Net investment income (loss)   $ 11,434     $ 917,928     Net realized gain (loss) on investments and foreign currency     6,215,573       21,372,239     Net change in unrealized appreciation (depreciation) on investments and foreign currency     9,220,486       (71,062,194 )   Net increase (decrease) in net assets from investment operations     15,447,493       (48,772,027 )   DISTRIBUTIONS:                 Net investment income           (399,672 )   Net realized gain on investments and foreign currency     (9,042,411 )1     (43,520,307 )   Return of capital     (3,020,510 )1         Total distributions     (12,062,921 )     (43,919,979 )   CAPITAL STOCK TRANSACTIONS:                 Reinvestment of distributions     5,459,226       17,611,123     Total capital stock transactions     5,459,226       17,611,123     Net Increase (Decrease) In Net Assets     8,843,798       (75,080,883 )   NET ASSETS:                   Beginning of period     312,407,092       387,487,975     End of period (including undistributed net investment income (loss) of $(104,744) at 6/30/16 and $(116,177) at 12/31/15)   $ 321,250,890     $ 312,407,092    
1 Amounts are subject to change and recharacterization at year end.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 33
Royce Micro-Cap Trust   Six Months Ended June 30, 2016 (unaudited)
  Statement of Operations                   INVESTMENT INCOME:         INCOME:         Dividends   $ 2,264,696     Foreign withholding tax     (53,714 )   Interest     3,588     Rehypothecation income     32,629     Total income     2,247,199     EXPENSES:           Investment advisory fees     1,615,673     Interest expense     360,326     Stockholder reports     69,580     Directors’ fees     47,261     Custody and transfer agent fees     42,376     Administrative and office facilities     34,362     Professional fees     29,062     Other expenses     37,153     Total expenses     2,235,793     Compensating balance credits     (28 )   Net expenses     2,235,765     Net investment income (loss)     11,434     REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:         NET REALIZED GAIN (LOSS):           Investments     6,215,504     Foreign currency transactions     69     NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):           Investments and foreign currency translations     9,222,498     Other assets and liabilities denominated in foreign currency     (2,012 )   Net realized and unrealized gain (loss) on investments and foreign currency     15,436,059     NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS   $ 15,447,493    
34 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Micro-Cap Trust   Six Months Ended June 30, 2016 (unaudited)
  Statement of Cash Flows                   CASH FLOWS FROM OPERATING ACTIVITIES:         Net increase (decrease) in net assets from investment operations   $ 15,447,493     Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities:          

Purchases of long-term investments

    (49,673,246 )  

Proceeds from sales and maturities of long-term investments

    71,586,096    

Net purchases, sales and maturities of short-term investments

    (15,825,000 )  

Net (increase) decrease in dividends and interest receivable and other assets

    393,999    

Net increase (decrease) in interest expense payable, accrued expenses and other liabilities

    65,077    

Net change in unrealized appreciation (depreciation) on investments

    (9,222,498 )  

Net realized gain (loss) on investments and foreign currency

    (6,215,573 )  

Net cash provided by operating activities

    6,556,348     CASH FLOWS FROM FINANCING ACTIVITIES:         Net increase (decrease) in revolving credit agreement         Distributions     (12,062,921 )   Reinvestment of distributions     5,459,226     Net cash used for financing activities     (6,603,695 )   INCREASE (DECREASE) IN CASH:     (47,347 )   Cash and foreign currency at beginning of period     50,124     Cash and foreign currency at end of period   $ 2,777    
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 35
Royce Micro-Cap Trust

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

    SIX MONTHS   YEARS ENDED                   ENDED 6/30/16                                             (UNAUDITED)   12/31/15      12/31/14      12/31/13      12/31/12      12/31/11      Net Asset Value, Beginning of Period   $ 8.59     $ 11.33     $ 14.12     $ 10.93     $ 9.86     $ 11.34     INVESTMENT OPERATIONS:                                                 Net investment income (loss)     0.00       0.03       (0.01 )     0.01       0.15       0.04    

Net realized and unrealized gain (loss) on
investments and foreign currency

    0.42       (1.42 )     0.25       4.64       1.58       (0.82 )   Total investment operations     0.42       (1.39 )     0.24       4.65       1.73       (0.78 )   DISTRIBUTIONS TO PREFERRED
  STOCKHOLDERS:
                                                Net investment income     –            –            –            –            (0.02 )     (0.02 )   Net realized gain on investments and foreign currency     –            –            –            –            (0.09 )     (0.11 )   Total distributions to Preferred Stockholders     –            –            –            –            (0.11 )     (0.13 )  

Net Increase (Decrease) in Net Assets Applicable to
Common Stockholders from Investment Operations

    0.42       (1.39 )     0.24       4.65       1.62       (0.91 )   DISTRIBUTIONS TO COMMON
  STOCKHOLDERS:
                                                Net investment income     –            (0.01 )     (0.04 )     (0.03 )     (0.08 )     (0.05 )   Net realized gain on investments and foreign currency     (0.25 )1     (1.25 )     (2.86 )     (1.35 )     (0.43 )     (0.24 )   Return of capital     (0.08 )1     –            –            –            –            (0.24 )   Total distributions to Common Stockholders     (0.33 )     (1.26 )     (2.90 )     (1.38 )     (0.51 )     (0.53 )   CAPITAL STOCK TRANSACTIONS:                                                 Effect of reinvestment of distributions by Common Stockholders     (0.03 )     (0.09 )     (0.13 )     (0.08 )     (0.04 )     (0.04 )   Total capital stock transactions     (0.03 )     (0.09 )     (0.13 )     (0.08 )     (0.04 )     (0.04 )   Net Asset Value, End of Period   $ 8.65     $ 8.59     $ 11.33     $ 14.12     $ 10.93     $ 9.86     Market Value, End of Period   $ 7.34     $ 7.26     $ 10.08     $ 12.61     $ 9.45     $ 8.77     TOTAL RETURN:2                                                 Net Asset Value     5.39 %3     (11.64 )%     3.46 %     44.66 %     17.23 %     (7.69 )% Market Value     5.82 %3     (16.06 )%     3.06 %     49.42 %     13.95 %     (4.99 )%  

RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO
COMMON STOCKHOLDERS:

                                                Investment advisory fee expense4     1.07 %5     0.93 %     0.93 %     0.82 %     1.12 %     0.97 %   Other operating expenses     0.41 %5     0.35 %     0.25 %     0.29 %     0.18 %     0.15 %   Total expenses (net)6     1.48 %5     1.28 %     1.18 %     1.11 %     1.30 %     1.12 %   Expenses net of fee waivers and excluding interest expense     1.24 %5     1.08 %     1.05 %     0.96 %     1.27 %     1.12 %   Expenses prior to fee waivers and balance credits     1.48 %5     1.28 %     1.18 %     1.11 %     1.32 %     1.15 %   Expenses prior to fee waivers     1.48 %5     1.28 %     1.18 %     1.11 %     1.32 %     1.15 %   Net investment income (loss)     0.01 %5     0.26 %     (0.09 )%     0.08 %     1.46 %     0.40 %   SUPPLEMENTAL DATA:                                                

Net Assets Applicable to Common
Stockholders, End of Period (in thousands)

  $ 321,251     $ 312,407     $ 387,488     $ 433,121     $ 318,545     $ 279,292    

Liquidation Value of Preferred Stock, End of
Period (in thousands)

                                          $ 60,000     Portfolio Turnover Rate     15 %     39 %     41 %     29 %     28 %     30 %   PREFERRED STOCK:                                                 Total shares outstanding                                             2,400,000     Asset coverage per share                                           $ 141.37     Liquidation preference per share                                           $ 25.00     Average month-end market value per share                                           $ 25.41     REVOLVING CREDIT AGREEMENT:                                                 Asset coverage     814 %     794 %     746 %     1062 %     808 %           Asset coverage per $1,000   $ 8,139     $ 7,942     $ 7,458     $ 10,625     $ 8,079            
1
Amounts are subject to change and recharacterization at year end.
2
The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund’s net asset value is used on the purchase and sale dates instead of market value.
3 Not annualized 4
The investment advisory fee is calculated based on average net assets over a rolling 36-month basis, while the above ratios of investment advisory fee expenses are based on the average net assets applicable to Common Stockholders over a 12-month basis.
5 Annualized 6
Expense ratios based on total average net assets including liquidation value of Preferred Stock were 1.10% and 0.93% for the years ended December 31, 2012 and 2011, respectively.

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

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited)

Summary of Significant Accounting Policies
Royce Micro-Cap Trust, Inc. (the “Fund”), is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on September 9, 1993. The Fund commenced operations on December 14, 1993.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies”.

VALUATION OF INVESTMENTS:
Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.
Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:

    Level 1
quoted prices in active markets for identical securities.
    Level 2
other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments.
    Level 3
significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2016. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

  LEVEL 1   LEVEL 2   LEVEL 3   TOTAL   Common Stocks   $ 314,464,126     $ 20,805,947     $ 225,738     $ 335,495,811   Preferred Stocks           1,597,034             1,597,034   Cash Equivalents           30,243,000             30,243,000  

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

2016 Semiannual Report to Stockholders | 37
Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)

VALUATION OF INVESTMENTS (continued):

Level 3 Reconciliation:

    BALANCE AS OF 12/31/15   REALIZED AND UNREALIZED
GAIN (LOSS)1
  BALANCE AS OF 6/30/16   Common Stocks     $225,738             $225,738  
1The net change in unrealized appreciation (depreciation) is included in the accompanying Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. Net realized gain (loss) from investments and foreign currency transactions is included in the accompanying Statement of Operations.

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

                                  FAIR VALUE AT
6/30/16
  VALUATION TECHNIQUE(S)   UNOBSERVABLE INPUT(S)   RANGE AVERAGE   IMPACT TO VALUATION FROM
AN INCREASE IN INPUT1
                Discounted Present Value                         Common Stocks     $225,738       Balance Sheet Analysis       Liquidity Discount       30%-40%       Decrease   1
This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could result in significantly higher or lower fair value measurements.

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

FOREIGN CURRENCY:
Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates.

TAXES:
As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes information regarding income taxes under the caption “Tax Information”.

DISTRIBUTIONS:
The Fund pays quarterly distributions on the Fund’s Common Stock at the annual rate of 7% of the rolling average of the prior four calendar quarter-end NAVs of the Fund’s Common Stock, with the fourth quarter distribution being the greater of 1.75% of the rolling average or the distribution required by IRS regulations. Prior to November 15, 2012, distributions to Preferred Stockholders were accrued daily and paid quarterly. Distributions to Common Stockholders are recorded on ex-dividend date. Distributable capital gains and/or net investment income were first allocated to Preferred Stockholder distributions, with any excess allocable to Common Stockholders. If capital gains and/or net investment income were allocated to both Preferred and Common Stockholders, the tax character of such allocations was proportional. To the extent that distributions are not paid from long-term capital gains, net investment income or net short-term capital gains, they will represent a return of capital. Distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. Permanent book and tax differences relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment income may include temporary book and tax basis differences, which will reverse in a subsequent period. Any taxable income or gain remaining undistributed at fiscal year end is distributed in the following year.

38 | 2016 Semiannual Report to Stockholders

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)

INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:
Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.

EXPENSES:
The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund’s operations, while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to the Funds are allocated by Royce & Associates (“Royce”) under an administration agreement and are included in administrative and office facilities and professional fees. The Fund has adopted a deferred fee agreement that allows the Directors to defer the receipt of all or a portion of directors’ fees otherwise payable. The deferred fees are invested in certain Royce Funds until distributed in accordance with the agreement.

COMPENSATING BALANCE CREDITS:
The Fund has an arrangement with its custodian bank, whereby a portion of the custodian’s fee is paid indirectly by credits earned on the Fund’s cash on deposit with the bank. This deposit arrangement is an alternative to purchasing overnight investments. Conversely, the Fund pays interest to the custodian on any cash overdrafts, to the extent they are not offset by credits earned on positive cash balances.

Capital Stock:
The Fund issued 760,859 and 2,189,322 shares of Common Stock as reinvestment of distributions for the six months ended June 30, 2016 and the year ended December 31, 2015, respectively.

Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.
As of June 30, 2016, the Fund has outstanding borrowings of $45,000,000. During the six months ended June 30, 2016, the Fund borrowed an average daily balance of $45,000,000 at a weighted average borrowing cost of 1.58%. The maximum amount outstanding during the six months ended June 30, 2016 was $45,000,000. As of June 30, 2016, the aggregate value of rehypothecated securities was $42,246,439. During the six months ended June 30, 2016, the Fund earned $32,629 in fees from rehypothecated securities.

Investment Advisory Agreement:
As compensation for its services under the Investment Advisory Agreement, Royce receives a fee comprised of a Basic Fee (“Basic Fee”) and an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the Russell 2000.
The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund’s month-end net assets applicable to Common Stockholders, plus the liquidation value of outstanding Preferred Stock through October 31, 2015, for the rolling 36-month period ending with such month (the “performance period”). The Basic Fee for each month is increased or decreased at the rate of 1/12 of .05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the percentage change in the investment record of the Russell 2000 for the performance period by more than two percentage points. The performance period for each such month is a rolling 36-month period ending with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for performance is 1/12

2016 Semiannual Report to Stockholders | 39

Royce Micro-Cap Trust

Notes to Financial Statements (unaudited) (continued)

Investment Advisory Agreement (continued):
of 1.5% and is payable if the investment performance of the Fund exceeds the percentage change in the investment record of the Russell 2000 by 12 or more percentage points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage change in the investment record of the Russell 2000 exceeds the investment performance of the Fund by 12 or more percentage points for the performance period.
For the six rolling 36-month periods ended June 2016, the Fund’s investment performance ranged from 2% to 6% below the investment performance of the Russell 2000. Accordingly, the net investment advisory fee consisted of a Basic Fee of $1,901,139 and a net downward adjustment of $285,466 for the performance of the Fund relative to that of the Russell 2000. For the six months ended June 30, 2016, the Fund accrued and paid Royce investment advisory fees totaling $1,615,673.

Purchases and Sales of Investment Securities:
For the six months ended June 30, 2016, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $49,539,185 and $68,076,761, respectively.
Cross trades were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which Royce serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7. Cross trades for the six months ended June 30, 2016, were as follows:

COST OF PURCHASES COST OF SALES REALIZED GAIN (LOSS)   $5,593,443 $510,300 $583,700  
40 | 2016 Semiannual Report to Stockholders
Royce Value Trust   June 30, 2016 (unaudited)
  Schedule of Investments             Common Stocks – 102.2%                 SHARES       VALUE                 CONSUMER DISCRETIONARY 11.6%             AUTO COMPONENTS - 1.4%            

Drew Industries

  89,916     $ 7,628,473

Gentex Corporation

  337,270       5,210,822

Sebang Global Battery

  28,500       938,188

Standard Motor Products

  50,391       2,004,554                         15,782,037                           AUTOMOBILES - 0.8%            

Thor Industries 1

  134,910       8,734,074             DISTRIBUTORS - 1.3%             Core-Mark Holding Company   230,400       10,796,544

Fenix Parts 2

  255,000       1,002,150

Weyco Group

  97,992       2,722,218                         14,520,912                           DIVERSIFIED CONSUMER SERVICES - 0.8%            

American Public Education 2

  42,400       1,191,440

Collectors Universe

  50,000       987,500

DeVry Education Group

  52,054       928,644

Liberty Tax Cl. A

  141,573       1,885,752

LifeLock 1,2

  142,000       2,245,020

Lincoln Educational Services 2

  430,600       645,900

Universal Technical Institute

  504,032       1,139,112                         9,023,368                           HOTELS, RESTAURANTS & LEISURE - 0.3%            

Century Casinos 2

  213,660       1,331,102

Lindblad Expeditions Holdings 2

  178,300       1,717,029                         3,048,131                           HOUSEHOLD DURABLES - 1.7%            

Cavco Industries 2

  14,700       1,377,390

Ethan Allen Interiors

  231,000       7,632,240

Flexsteel Industries

  18,500       732,970

Mohawk Industries 1,2,3

  22,400       4,250,624

Natuzzi ADR 2

  2,096,300       3,039,635

Samson Holding

  2,500,000       267,951

Stanley Furniture 2,4

  912,235       2,234,976                         19,535,786                           INTERNET & CATALOG RETAIL - 0.1%            

Blue Nile

  34,200       936,396             LEISURE PRODUCTS - 0.8%            

Black Diamond 2

  68,100       281,934

Nautilus 2

  488,700       8,718,408                         9,000,342                           MEDIA - 0.8%            

E.W. Scripps Company Cl. A 2

  152,460       2,414,966

Loral Space & Communications 2

  23,184       817,700

New Media Investment Group

  60,100       1,086,007

Pico Far East Holdings

  3,484,400       985,580

T4F Entretenimento

  200,000       410,921

Technicolor

  120,000       744,473

Wiley (John) & Sons Cl. A

  55,980       2,921,036                         9,380,683                           MULTILINE RETAIL - 0.0%            

New World Department Store China

  1,447,500       188,846             SPECIALTY RETAIL - 1.9%            

Barnes & Noble

  26,000       295,100

Buckle (The) 1

  135,015       3,509,040

Caleres

  86,300       2,089,323

Container Store Group (The) 2

  158,200       846,370

Destination Maternity

  390,176       2,294,235

Genesco 2

  34,155       2,196,508

Haverty Furniture

  26,500       477,795

I.T

  1,127,000       335,267

Monro Muffler Brake

  126,300       8,027,628

Oriental Watch Holdings

  967,900       115,338

TravelCenters of America LLC 2

  62,500       510,000

West Marine 2

  131,100       1,099,929                         21,796,533                           TEXTILES, APPAREL & LUXURY GOODS - 1.7%            

Crown Crafts

  94,441       893,412

Culp

  29,400       812,322

Deckers Outdoor 2

  58,620       3,371,822

G-III Apparel Group 2

  28,800       1,316,736

J.G. Boswell Company 5

  3,940       2,520,851

Movado Group

  102,661       2,225,691

Wolverine World Wide 1

  360,200       7,319,264

YGM Trading

  1,082,600       560,969                         19,021,067   Total (Cost $121,740,624)           130,968,175                 CONSUMER STAPLES 1.9%             BEVERAGES - 0.3%            

Compania Cervecerias Unidas ADR

  134,000       3,127,560            

FOOD PRODUCTS - 1.5%

           

Cal-Maine Foods

  22,016       975,749

Farmer Bros. 2

  44,100       1,413,846

Industrias Bachoco ADR

  54,295       2,682,173

John B. Sanfilippo & Son

  17,200       733,236

Seneca Foods Cl. A 2

  163,905       5,935,000

Seneca Foods Cl. B 2

  13,840       498,932

SunOpta 2

  129,159       541,176

Tootsie Roll Industries 1,3

  108,004       4,161,394

Waterloo Investment Holdings 2,6

  598,676       167,630                         17,109,136                           PERSONAL PRODUCTS - 0.1%            

Inter Parfums

  39,830       1,137,943   Total (Cost $15,553,238)           21,374,639                 ENERGY 5.1%             ENERGY EQUIPMENT & SERVICES - 4.0%            

CARBO Ceramics 1,2,3

  53,000       694,300

Diamond Offshore Drilling 2

  144,000       3,503,520

Era Group 2

  381,800       3,588,920

Forum Energy Technologies 2

  161,418       2,794,146

Frank’s International

  108,600       1,586,646

Helmerich & Payne

  105,930       7,111,081

ION Geophysical 2

  71,880       447,812

Oil States International 2

  31,933       1,049,957

Pason Systems

  500,580       6,920,050

SEACOR Holdings 2

  170,469       9,878,678

TGS-NOPEC Geophysical

  331,370       5,418,592

Trican Well Service 2

  897,300       1,715,493                         44,709,195                           OIL, GAS & CONSUMABLE FUELS - 1.1%            

Dorchester Minerals L.P.

  177,172       2,554,820

Dorian LPG 2

  184,034       1,297,440

Green Plains

  114,000       2,248,080

Hargreaves Services

  57,683       138,441
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 41
Royce Value Trust
  Schedule of Investments (continued)                               SHARES       VALUE                 ENERGY (continued)             OIL, GAS & CONSUMABLE FUELS (continued)            

San Juan Basin Royalty Trust

  350,352     $ 2,547,059

World Fuel Services

  66,600       3,162,834

WPX Energy 2

  110,000       1,024,100                         12,972,774   Total (Cost $68,362,912)           57,681,969                 FINANCIALS 19.8%             BANKS - 2.1%            

Bank of N.T. Butterfield & Son

  1,784,161       2,890,341

Blue Hills Bancorp

  104,180       1,537,697

Canadian Western Bank

  279,500       5,332,772

Farmers & Merchants Bank of Long Beach 5

  1,200       7,380,000

Fauquier Bankshares

  160,800       2,336,424

First Citizens BancShares Cl. A

  17,026       4,408,201                         23,885,435                           CAPITAL MARKETS - 8.2%            

AllianceBernstein Holding L.P.

  24,500       570,850

Ares Management L.P.

  375,900       5,296,431

Artisan Partners Asset Management Cl. A

  191,700       5,306,256

ASA Gold and Precious Metals

  209,821       3,101,154

Ashmore Group

  1,114,000       4,510,078

Associated Capital Group Cl. A

  20,200       579,336

Azimut Holding

  17,500       285,193

CETIP - Mercados Organizados

  430,000       5,861,750

Citadel Capital 2

  11,799,921       1,302,251

Cowen Group 2

  250,824       742,439

Dundee Corporation Cl. A 2

  1,079,900       6,377,675

Edmond de Rothschild (Suisse)

  134       1,926,636

Federated Investors Cl. B

  342,740       9,864,057

Jupiter Fund Management

  230,000       1,133,923

KKR & Co. L.P.

  4,100       50,594

Lazard Cl. A

  143,035       4,259,582

Manning & Napier Cl. A

  465,492       4,422,174

Medley Management Cl. A

  109,500       643,860

mutares

  39,266       567,030

MVC Capital

  324,200       2,606,568

Newtek Business Services

  15,925       202,566

Oaktree Capital Group LLC Cl. A

  101,100       4,525,236

Partners Group Holding

  1,075       460,955

Rothschild & Co

  216,893       5,187,855

SEI Investments

  185,600       8,929,216

Sprott

  590,000       1,173,652

U.S. Global Investors Cl. A

  520,551       884,937

Value Partners Group

  5,453,000       5,059,478

Virtus Investment Partners

  29,930       2,130,417

VZ Holding

  2,000       596,699

Westwood Holdings Group

  50,173       2,598,961

ZAIS Group Holdings Cl. A 1,2,3

  492,300       1,383,363                         92,541,172                           CONSUMER FINANCE - 0.1%            

Bajaj Finance

  5,500       652,947                           DIVERSIFIED FINANCIAL SERVICES - 2.4%            

First Pacific

  1,020,000       738,779

MarketAxess Holdings

  87,300       12,693,420

Morningstar

  84,600       6,918,588

PICO Holdings 2

  409,400       3,872,924

TMX Group

  60,700       2,525,350                         26,749,061                           INSURANCE - 2.6%            

Alleghany Corporation 2

  2,709       1,488,812

Atlas Financial Holdings 2

  30,000       516,600

eHealth 2

  45,000       630,900

E-L Financial

  21,500       11,416,077

Erie Indemnity Cl. A

  25,000       2,483,500

Independence Holding Company

  314,523       5,651,978

MBIA 2

  942,400       6,436,592

ProAssurance Corporation

  17,139       917,794

WMIH 2

  77,742       172,587                         29,714,840                           INVESTMENT COMPANIES - 0.2%            

RIT Capital Partners

  130,500       2,861,342             REAL ESTATE MANAGEMENT & DEVELOPMENT - 3.1%            

AV Homes 2

  66,100       807,742

FirstService Corporation

  125,100       5,733,333

Forestar Group 2

  102,000       1,212,780

FRP Holdings 2

  212,958       7,347,051

Kennedy-Wilson Holdings

  101,300       1,920,648

Marcus & Millichap 2

  250,513       6,365,535

St. Joe Company (The) 2

  177,000       3,136,440

Tejon Ranch 2

  360,035       8,511,227

Tejon Ranch (Warrants) 2

  96,561       10                         35,034,766                           THRIFTS & MORTGAGE FINANCE - 1.1%            

Genworth MI Canada

  230,895       5,922,722

Timberland Bancorp 4

  444,200       6,663,000

Vestin Realty Mortgage II 2

  53,557       125,323                         12,711,045   Total (Cost $214,773,563)           224,150,608                 HEALTH CARE 5.3%             BIOTECHNOLOGY - 1.0%            

ARIAD Pharmaceuticals 1,2,3

  140,000       1,034,600

Keryx Biopharmaceuticals 2

  170,000       1,125,400

Myriad Genetics 1,2

  10,173       311,294

Sangamo BioSciences 2

  264,315       1,530,384

Zealand Pharma 2

  390,907       7,008,747                         11,010,425                           HEALTH CARE EQUIPMENT & SUPPLIES - 2.5%            

Analogic Corporation

  54,735       4,348,148

AngioDynamics 2

  55,000       790,350

Atrion Corporation 1

  15,750       6,738,795

Cerus Corporation 2

  108,000       673,920

IDEXX Laboratories 1,2,3

  111,422       10,346,647

Invacare Corporation

  38,900       471,857

Kossan Rubber Industries

  400,000       680,422

Masimo Corporation 2

  50,000       2,625,750

Neogen Corporation 2

  6,800       382,500

Trinity Biotech ADR Cl. A 2

  82,800       938,952                         27,997,341                           HEALTH CARE PROVIDERS & SERVICES - 0.3%            

Aceto Corporation

  74,455       1,629,820

Landauer

  50,000       2,058,000                         3,687,820                           HEALTH CARE TECHNOLOGY - 0.2%            

Cegedim 2

  10,000       305,242

Medidata Solutions 2

  40,000       1,874,800                         2,180,042            
42 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
June 30, 2016 (unaudited)
  Schedule of Investments (continued)                               SHARES       VALUE                 HEALTH CARE (continued)             LIFE SCIENCES TOOLS & SERVICES - 1.2%            

Bio-Rad Laboratories Cl. A 2

  38,198     $ 5,463,078

Bio-Techne

  45,143       5,090,776

PAREXEL International 2

  56,600       3,559,008                         14,112,862                           PHARMACEUTICALS - 0.1%            

Lipocine 2

  35,000       106,400

Theravance Biopharma 2

  54,291       1,231,863                         1,338,263   Total (Cost $38,542,919)           60,326,753                 INDUSTRIALS 29.1%             AEROSPACE & DEFENSE - 2.0%            

†Austal 6

  688,670       621,468

Ducommun 2

  117,200       2,318,216

HEICO Corporation

  140,338       9,375,982

HEICO Corporation Cl. A

  80,808       4,335,349

Magellan Aerospace

  182,779       2,547,970

Mercury Systems 2

  28,000       696,080

Teledyne Technologies 2

  20,600       2,040,430                         21,935,495                           AIR FREIGHT & LOGISTICS - 2.0%            

Expeditors International of Washington

  158,900       7,792,456

Forward Air

  209,750       9,340,167

Hub Group Cl. A 1,2,3

  149,400       5,732,478                         22,865,101                           BUILDING PRODUCTS - 0.4%            

Apogee Enterprises

  31,700       1,469,295

Burnham Holdings Cl. B 5

  36,000       540,000

Insteel Industries

  50,080       1,431,787

Patrick Industries 2

  14,750       889,278                         4,330,360                           COMMERCIAL SERVICES & SUPPLIES - 3.5%            

Atento 2

  230,000       2,049,300

CECO Environmental

  99,028       865,505

CompX International Cl. A

  211,100       2,427,650

Copart 2

  244,360       11,976,084

dorma+kaba Holding

  600       418,608

Heritage-Crystal Clean 2

  152,527       1,862,355

InnerWorkings 2

  114,000       942,780

Kimball International Cl. B

  286,180       3,256,728

Ritchie Bros. Auctioneers

  348,194       11,761,993

Steelcase Cl. A

  206,860       2,807,090

UniFirst Corporation

  9,870       1,142,156                         39,510,249                           CONSTRUCTION & ENGINEERING - 3.3%            

EMCOR Group 1,3

  134,400       6,620,544

IES Holdings 2

  577,482       7,172,327

Jacobs Engineering Group 2

  164,900       8,213,669

KBR

  325,300       4,306,972

Northwest Pipe 2

  28,000       301,840

NV5 Holdings 2

  28,200       802,008

Sterling Construction 2

  204,300       1,003,113

Valmont Industries 1

  62,645       8,473,989                         36,894,462                           ELECTRICAL EQUIPMENT - 0.8%            

Global Power Equipment Group 2,5

  631,820       1,326,822

Powell Industries

  94,500       3,717,630

Preformed Line Products

  91,600       3,699,724                         8,744,176                           INDUSTRIAL CONGLOMERATES - 0.5%            

A. Soriano

  2,791,000       355,629

Raven Industries

  251,725       4,767,672                         5,123,301                           MACHINERY - 10.0%            

Chen Hsong Holdings

  1,159,000       224,088

China Metal International Holdings

  554,524       178,953

CIRCOR International

  87,784       5,002,810

CLARCOR

  92,500       5,626,775

Colfax Corporation 2

  77,242       2,043,823

Columbus McKinnon

  54,975       777,896

Deutz

  115,000       473,268

Donaldson Company

  193,559       6,650,687

Exco Technologies

  77,800       734,672

Federal Signal

  187,080       2,409,591

Franklin Electric

  104,600       3,457,030

Graco

  89,276       7,051,911

Hurco Companies

  25,952       722,244

Hyster-Yale Materials Handling Cl. A

  16,075       956,302

IDEX Corporation

  67,400       5,533,540

John Bean Technologies

  85,726       5,248,146

Kadant

  30,200       1,555,602

Kennametal

  160,100       3,539,811

Lincoln Electric Holdings

  61,360       3,625,149

Lindsay Corporation 1

  80,000       5,428,800

Luxfer Holdings ADR

  28,100       338,043

Lydall 2

  47,680       1,838,541

NN

  308,700       4,318,713

Nordson Corporation

  24,296       2,031,389

RBC Bearings 2

  125,200       9,077,000

Sun Hydraulics

  286,318       8,500,782

Tennant Company

  111,900       6,028,053

Wabtec Corporation

  93,070       6,536,306

Watts Water Technologies Cl. A

  61,000       3,553,860

Woodward

  171,800       9,902,552                         113,366,337                           MARINE - 1.2%            

Clarkson

  198,700       5,888,713

Kirby Corporation 2

  128,000       7,985,920                         13,874,633                           PROFESSIONAL SERVICES - 2.6%            

Advisory Board (The) 2

  190,277       6,733,903

Franklin Covey 2

  40,800       625,464

Heidrick & Struggles International

  66,480       1,122,183

ICF International 2

  16,436       672,232

ManpowerGroup

  112,858       7,261,284

On Assignment 1,2,3

  220,695       8,154,680

Robert Half International

  32,032       1,222,341

TrueBlue 2

  182,250       3,448,170

Volt Information Sciences 2

  65,000       384,150                         29,624,407                           ROAD & RAIL - 1.8%            

Genesee & Wyoming Cl. A 2

  15,000       884,250

Knight Transportation

  122,400       3,253,392

Landstar System

  135,660       9,314,415

Patriot Transportation Holding 2

  70,986       1,380,678
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 43
Royce Value Trust
  Schedule of Investments (continued)                               SHARES       VALUE                 INDUSTRIALS (continued)             ROAD & RAIL (continued)            

Saia 1,2

  178,230     $ 4,480,702

Trancom

  4,932       324,655

Universal Logistics Holdings

  78,916       1,018,016                         20,656,108                           TRADING COMPANIES & DISTRIBUTORS - 0.9%            

Addtech Cl. B

  80,000       1,003,885

Central Steel & Wire 5

  4,862       1,954,524

Houston Wire & Cable

  509,200       2,673,300

Kloeckner & Co 2

  20,000       220,885

MSC Industrial Direct Cl. A 1

  62,293       4,395,394                         10,247,988                           TRANSPORTATION INFRASTRUCTURE - 0.1%            

Hopewell Highway Infrastructure

  1,012,000       505,086

Wesco Aircraft Holdings 2

  68,400       917,928                         1,423,014   Total (Cost $226,549,537)           328,595,631                 INFORMATION TECHNOLOGY 18.6%             COMMUNICATIONS EQUIPMENT - 0.7%            

ADTRAN 1,3

  239,273       4,462,441

Bel Fuse Cl. B

  30,238       537,632

Clearfield 2

  55,600       994,684

NetScout Systems 2

  51,900       1,154,775

Oclaro 2

  87,500       427,000                         7,576,532                           ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 8.7%            

Anixter International 1,2

  70,895       3,777,285

Cognex Corporation 1,3

  217,070       9,355,717

Coherent 2

  140,516       12,896,558

Dolby Laboratories Cl. A

  46,350       2,217,847

DTS 2

  225,000       5,951,250

Fabrinet 2

  28,150       1,044,928

FARO Technologies 2

  152,567       5,161,342

FEI Company

  70,500       7,535,040

FLIR Systems

  302,000       9,346,900

HollySys Automation Technologies 2

  51,082       887,294

Horiba

  12,000       524,694

IPG Photonics 1,2,3

  69,270       5,541,600

Lagercrantz Group

  50,000       472,002

LRAD Corporation

  776,544       1,390,014

Methode Electronics

  55,830       1,911,061

National Instruments

  261,850       7,174,690

Orbotech 2

  38,100       973,455

Perceptron 2

  357,700       1,674,036

Plexus Corporation 2

  158,500       6,847,200

Richardson Electronics

  573,732       3,023,568

Rofin-Sinar Technologies 2

  10,981       350,733

Rogers Corporation 2

  57,066       3,486,733

Systemax 2

  194,000       1,654,820

TTM Technologies 1,2,3

  496,400       3,737,892

Vishay Precision Group 2

  81,826       1,098,105

VST Holdings

  1,179,658       337,543                         98,372,307                           INTERNET SOFTWARE & SERVICES - 2.2%            

Actua Corporation 2

  211,726       1,911,886

Care.com 2

  312,800       3,653,504

comScore 2

  212,236       5,068,196

HolidayCheck Group 2

  44,900       117,484

IZEA 2

  12,106       92,248

j2 Global

  82,020       5,181,203

QuinStreet 2

  612,532       2,174,488

RealNetworks 2

  376,750       1,623,792

Solium Capital 2

  189,700       872,184

Spark Networks 1,2

  263,000       415,540

Stamps.com 2

  35,300       3,085,926

Support.com 2

  650,300       546,902

United Online 2

  17,000       187,000                         24,930,353                           IT SERVICES - 1.2%            

Acxiom Corporation 2

  40,000       879,600

Convergys Corporation 1

  121,000       3,025,000

DST Systems

  10,000       1,164,300

Hackett Group (The)

  513,566       7,123,161

Innodata 2

  274,314       672,069

MoneyGram International 2

  76,400       523,340                         13,387,470                           SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%            

Amtech Systems 2

  141,471       844,582

Brooks Automation

  116,100       1,302,642

Cabot Microelectronics

  33,400       1,414,156

Daqo New Energy ADR 2

  31,700       715,469

Diodes 2

  270,850       5,089,271

Exar Corporation 2

  157,576       1,268,487

Intermolecular 2

  40,000       59,200

Kulicke & Soffa Industries 2

  77,400       941,958

MKS Instruments

  78,810       3,393,559

Nanometrics 2

  128,300       2,667,357

Nova Measuring Instruments 2

  99,000       1,083,060

Photronics 2

  159,900       1,424,709

Sigma Designs 2

  78,900       507,327

Silicon Motion Technology ADR

  49,000       2,342,200

Teradyne

  130,000       2,559,700

Tessera Technologies

  163,530       5,010,559

Ultra Clean Holdings 2

  50,300       286,207                         30,910,443                           SOFTWARE - 2.4%            

American Software Cl. A

  108,690       1,139,071

ANSYS 1,2,3

  95,000       8,621,250

AVG Technologies 2

  64,970       1,233,780

Computer Modelling Group

  316,300       2,531,477

Mentor Graphics

  198,123       4,212,095

Model N 2

  155,387       2,074,417

Monotype Imaging Holdings

  218,140       5,372,788

PSI

  18,194       255,491

SeaChange International 2

  247,069       788,150

SimCorp

  10,000       490,697                         26,719,216                           TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.7%            

Diebold 1,3

  266,600       6,619,678

Intevac 2

  214,500       1,218,360

Silicon Graphics International 2

  93,600       470,808                         8,308,846   Total (Cost $179,159,293)           210,205,167  
44 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
June 30, 2016 (unaudited)
  Schedule of Investments (continued)                                   SHARES       VALUE                     MATERIALS 7.9%               CHEMICALS - 1.8%              

Dyadic International 2,5

  75,000     $ 118,500  

FutureFuel Corporation

  48,500       527,680  

Hawkins

  86,178       3,740,987  

Innospec

  36,883       1,696,249  

Intrepid Potash 2

  256,498       369,357  

Minerals Technologies

  64,893       3,685,922  

Quaker Chemical

  109,669       9,782,475                           19,921,170                               CONSTRUCTION MATERIALS - 1.0%              

Ash Grove Cement Cl. B 5

  50,518       11,518,104                               CONTAINERS & PACKAGING - 0.3%              

Intertape Polymer Group

  17,000       277,379  

Mayr-Melnhof Karton

  34,000       3,704,951                           3,982,330                               METALS & MINING - 4.8%              

Alamos Gold Cl. A

  373,300       3,210,158  

Ampco-Pittsburgh

  36,966       418,086  

Constellium Cl. A 2

  90,000       422,100  

Exeter Resource 2

  240,000       309,600  

Franco-Nevada Corporation

  127,300       9,682,438  

Gold Fields ADR

  785,000       3,846,500  

Haynes International

  113,900       3,653,912  

Hecla Mining

  580,000       2,958,000  

Imdex 2

  700,000       109,196  

Lundin Mining 2

  640,000       2,159,836  

Major Drilling Group International 2

  406,543       2,460,750  

NovaGold Resources 2

  35,000       214,200  

Pretium Resources 2

  186,000       2,081,783  

Reliance Steel & Aluminum

  138,140       10,622,966  

Seabridge Gold 1,2

  282,000       4,139,760  

Synalloy Corporation

  178,800       1,369,608  

Worthington Industries

  148,000       6,260,400                           53,919,293                               PAPER & FOREST PRODUCTS - 0.0%              

TFS Corporation

  303,967       319,983     Total (Cost $59,517,652)           89,660,880                     TELECOMMUNICATION SERVICES 0.5%               WIRELESS TELECOMMUNICATION SERVICES - 0.5%              

Telephone and Data Systems

  208,270       6,177,288     Total (Cost $5,433,816)           6,177,288                     UTILITIES 0.1%               GAS UTILITIES - 0.1%              

Shizuoka Gas

  110,000       770,325  

Toho Gas

  60,000       488,155                             1,258,480                                 MULTI-UTILITIES - 0.0%              

Just Energy Group 1

  18,520       112,602     Total (Cost $1,218,976)           1,371,082                     MISCELLANEOUS7 2.3%                 Total (Cost $25,497,646)           25,488,867                     TOTAL COMMON STOCKS                 (Cost $956,350,176)           1,156,001,059                     REPURCHASE AGREEMENT 4.4%               Fixed Income Clearing Corporation, 0.03% dated 6/30/16, due 7/1/16, maturity value
$49,836,042 (collateralized by obligations of various U.S. Government Agencies, 1.625%
due 4/30/19, valued at $50,834,884)
  (Cost $49,836,000)           49,836,000                     TOTAL INVESTMENTS 106.6%                 (Cost $1,006,186,176)           1,205,837,059                     LIABILITIES LESS CASH AND OTHER ASSETS (6.6)%           (74,842,893 )   NET ASSETS 100.0%         $ 1,130,994,166    
  New additions in 2016. 1
All or a portion of these securities were pledged as collateral in connection with the revolving credit agreement at June 30, 2016. Total market value of pledged securities at June 30, 2016, was $114,976,992.
2 Non-income producing. 3
At June 30, 2016, a portion of these securities were rehypothecated in connection with the Fund’s revolving credit agreement in the aggregate amount of $68,394,161.
4
At June 30, 2016, the Fund owned 5% or more of the Company’s outstanding voting securities thereby making the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. See Notes to Financial Statements.
5
These securities are defined as Level 2 securities due to fair value being based on quoted prices for similar securities. See Notes to Financial Statements.
6
Securities for which market quotations are not readily available represent 0.1% of net assets. These securities have been valued at their fair value under procedures approved by the Fund’s Board of Directors. These securities are defined as Level 3 securities due to the use of significant unobservable inputs in the determination of fair value. See Notes to Financial Statements.
7
Includes securities first acquired in 2016 and less than 1% of net assets.
     
Bold indicates the Fund’s 20 largest equity holdings in terms of June 30, 2016, market value.
 

TAX INFORMATION: The cost of total investments for Federal income tax purposes was $1,009,400,057. At June 30, 2016, net unrealized appreciation for all securities was $196,437,002, consisting of aggregate gross unrealized appreciation of $310,967,908 and aggregate gross unrealized depreciation of $114,530,906. The primary difference between book and tax basis cost is the timing of the recognition of losses on securities sold.
 
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 45
Royce Value Trust   June 30, 2016 (unaudited)
  Statement of Assets and Liabilities                       ASSETS:           Investments at value            

Non-Affiliated Companies

    $ 1,147,103,083    

Affiliated Companies

      8,897,976     Repurchase agreements (at cost and value)       49,836,000     Cash and foreign currency       99,874     Receivable for investments sold       1,699,658     Receivable for dividends and interest       843,085     Prepaid expenses and other assets       543,791     Total Assets       1,209,023,467     LIABILITIES:           Revolving credit agreement       70,000,000     Payable for investments purchased       7,240,831     Payable for investment advisory fee       484,905     Payable for directors’ fees       52,344     Payable for interest expense       6,207     Accrued expenses       205,458     Deferred capital gains tax       39,556     Total Liabilities       78,029,301     Net Assets     $ 1,130,994,166     ANALYSIS OF NET ASSETS:           Paid-in capital - $0.001 par value per share; 80,478,771 shares outstanding (150,000,000 shares authorized)     $ 945,781,653     Undistributed net investment income (loss)       3,174,176     Accumulated net realized gain (loss) on investments and foreign currency       22,947,339     Net unrealized appreciation (depreciation) on investments and foreign currency       199,591,211     Quarterly distributions       (40,500,213 )   Net Assets (net asset value per share - $14.05)     $ 1,130,994,166     Investments at identified cost     $ 956,350,176    
46 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Value Trust
  Statement of Changes in Net Assets                                       SIX MONTHS ENDED             6/30/16             (UNAUDITED)   YEAR ENDED 12/31/15                     INVESTMENT OPERATIONS:                 Net investment income (loss)   $ 4,222,095     $ 9,193,108     Net realized gain (loss) on investments and foreign currency     17,903,152       43,117,817     Net change in unrealized appreciation (depreciation) on investments and foreign currency     60,589,568       (157,435,228 )   Net increase (decrease) in net assets from investment operations     82,714,815       (105,124,303 )   DISTRIBUTIONS:                 Net investment income     (3,680,264 )1     (12,151,910 )   Net realized gain on investments and foreign currency     (24,048,289 )1     (83,306,926 )   Return of capital     (12,771,660 )1         Total distributions     (40,500,213 )     (95,458,836 )   CAPITAL STOCK TRANSACTIONS:                 Reinvestment of distributions     16,744,818       40,663,247     Total capital stock transactions     16,744,818       40,663,247     Net Increase (Decrease) In Net Assets     58,959,420       (159,919,892 )   NET ASSETS:                   Beginning of period     1,072,034,746       1,231,954,638     End of period (including undistributed net investment income (loss) of $3,174,176 at 6/30/16 and $(1,047,919) at 12/31/15)   $ 1,130,994,166     $ 1,072,034,746    
1
Amounts are subject to change and recharacterization at year end.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 47
Royce Value Trust   Six Months Ended June 30, 2016 (unaudited)
  Statement of Operations                   INVESTMENT INCOME:         INCOME:         Dividends          

Non-Affiliated Companies

  $ 8,462,249    

Affiliated Companies

    71,072     Foreign withholding tax     (235,489 )   Interest     39,218     Rehypothecation income     33,779     Total income     8,370,829     EXPENSES:           Investment advisory fees     2,928,026     Interest expense     560,507     Stockholder reports     220,583     Administrative and office facilities     116,965     Custody and transfer agent fees     94,023     Directors’ fees     91,623     Professional fees     59,014     Other expenses     78,049     Total expenses     4,148,790     Compensating balance credits     (56 )   Net expenses     4,148,734     Net investment income (loss)     4,222,095     REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:         NET REALIZED GAIN (LOSS):           Investments in Non-Affiliated Companies     17,949,844     Investments in Affiliated Companies     10,000     Foreign currency transactions     (56,692 )   NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION):           Investments and foreign currency translations     60,563,510     Other assets and liabilities denominated in foreign currency     26,058     Net realized and unrealized gain (loss) on investments and foreign currency     78,492,720     NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS   $ 82,714,815    
48 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Value Trust   Six Months Ended June 30, 2016 (unaudited)
  Statement of Cash Flows                   CASH FLOWS FROM OPERATING ACTIVITIES:         Net increase (decrease) in net assets from investment operations   $ 82,714,815     Adjustments to reconcile net increase (decrease) in net assets from investment operations to net cash provided by operating activities:          

Purchases of long-term investments

    (195,591,388 )  

Proceeds from sales and maturities of long-term investments

    253,691,493    

Net purchases, sales and maturities of short-term investments

    (39,109,000 )  

Net (increase) decrease in dividends and interest receivable and other assets

    473,408    

Net increase (decrease) in interest expense payable, accrued expenses and other liabilities

    (71,664 )  

Net change in unrealized appreciation (depreciation) on investments

    (60,563,510 )  

Net realized gain (loss) on investments and foreign currency

    (17,903,152 )   Net cash provided by operating activities     23,641,002     CASH FLOWS FROM FINANCING ACTIVITIES:         Net increase (decrease) in revolving credit agreement         Distributions     (40,500,213 )   Reinvestment of distributions     16,744,818     Net cash used for financing activities     (23,755,395 )   INCREASE (DECREASE) IN CASH:     (114,393 )   Cash and foreign currency at beginning of period     214,267     Cash and foreign currency at end of period   $ 99,874    
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS   2016 Semiannual Report to Stockholders | 49
Royce Value Trust
  Financial Highlights This table is presented to show selected data for a share of Common Stock outstanding throughout each period, and to assist stockholders in evaluating the Fund’s performance for the periods presented.
    SIX MONTHS   YEARS ENDED                   ENDED 6/30/16                                             (UNAUDITED)   12/31/15   12/31/14   12/31/13   12/31/12   12/31/11   Net Asset Value, Beginning of Period   $ 13.56     $ 16.24     $ 18.17     $ 15.40     $ 14.18     $ 16.73     INVESTMENT OPERATIONS:                                                 Net investment income (loss)     0.05       0.12       0.12       0.12       0.23       0.10     Net realized and unrealized gain (loss) on investments and foreign currency     0.99       (1.48 )     (0.13 )     4.89       2.02       (1.62 )   Total investment operations     1.04       (1.36 )     (0.01 )     5.01       2.25       (1.52 )   DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:                                                 Net investment income                             (0.04 )     (0.03 )   Net realized gain on investments and foreign currency                             (0.13 )     (0.16 )   Total distributions to Preferred Stockholders                             (0.17 )     (0.19 )   Net Increase (Decrease) in Net Assets Applicable to Common Stockholders from                                              

Investment Operations

    1.04       (1.36 )     (0.01 )     5.01       2.08       (1.71 )   DISTRIBUTIONS TO COMMON STOCKHOLDERS:                                                 Net investment income     (0.05 )1     (0.16 )     (0.14 )     (0.11 )     (0.17 )     (0.08 )   Net realized gain on investments and foreign currency     (0.30 )1     (1.08 )     (1.68 )     (2.08 )     (0.63 )     (0.43 )   Return of capital     (0.16 )1                             (0.27 )   Total distributions to Common Stockholders     (0.51 )     (1.24 )     (1.82 )     (2.19 )     (0.80 )     (0.78 )   CAPITAL STOCK TRANSACTIONS:                                                 Effect of reinvestment of distributions by Common Stockholders     (0.04 )     (0.08 )     (0.10 )     (0.05 )     (0.06 )     (0.06 )   Total capital stock transactions     (0.04 )     (0.08 )     (0.10 )     (0.05 )     (0.06 )     (0.06 )   Net Asset Value, End of Period   $ 14.05     $ 13.56     $ 16.24     $ 18.17     $ 15.40     $ 14.18     Market Value, End of Period   $ 11.77     $ 11.77     $ 14.33     $ 16.01     $ 13.42     $ 12.27     TOTAL RETURN:2                                                 Net Asset Value     8.17 %3     (8.09 )%     0.78 %     34.14 %     15.41 %     (10.06 )%   Market Value     4.39 %3     (9.59 )%     0.93 %     35.63 %     16.22 %     (10.46 )%   RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:                                         Investment advisory fee expense4     0.55 %5     0.50 %     0.46 %     0.54 %     0.56 %     0.86 %   Other operating expenses     0.23 %5     0.18 %     0.15 %     0.25 %     0.15 %     0.12 %   Total expenses (net)6     0.78 %5     0.68 %     0.61 %     0.79 %     0.71 %     0.98 %   Expenses net of fee waivers and excluding interest expense     0.67 %5     0.61 %     0.55 %     0.65 %     0.68 %     0.98 %   Expenses prior to fee waivers and balance credits     0.78 %5     0.68 %     0.61 %     0.79 %     0.71 %     0.98 %   Expenses prior to fee waivers     0.78 %5     0.68 %     0.61 %     0.79 %     0.71 %     0.98 %   Net investment income (loss)     0.79 %5     0.78 %     0.72 %     0.70 %     1.57 %     0.63 %   SUPPLEMENTAL DATA:                                                 Net Assets Applicable to Common Stockholders, End of Period (in thousands)   $ 1,130,994     $ 1,072,035     $ 1,231,955     $ 1,307,829     $ 1,082,426     $ 966,640     Liquidation Value of Preferred Stock, End of Period (in thousands)                                           $ 220,000     Portfolio Turnover Rate     18 %     35 %     40 %     33 %     25 %     26 %   PREFERRED STOCK:                                                 Total shares outstanding                                             8,800,000     Asset coverage per share                                           $ 134.88     Liquidation preference per share                                           $ 25.00     Average month-end market value per share                                           $ 25.37     REVOLVING CREDIT AGREEMENT:                                                 Asset coverage     1716 %     1631 %     1860 %     1289 %     822 %           Asset coverage per $1,000   $ 17,157     $ 16,315     $ 18,599     $ 12,889     $ 8,216            
1
Amounts are subject to change and recharacterization at year end.
2
The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period. Dividends and distributions are assumed for the purposes of this calculation to be reinvested at prices obtained under the Fund’s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund’s net asset value is used on the purchase and sale dates instead of market value.
3 Not annualized 4
The investment advisory fee is calculated based on average net assets over a rolling 60-month basis, while the above ratios of investment advisory fee expenses are based on the average net assets applicable to Common Stockholders over a 12-month basis.
5 Annualized 6
Expense ratios based on total average net assets including liquidation value of Preferred Stock were 0.60% and 0.82% for the years ended December 31, 2012 and 2011, respectively.

50 | 2016 Semiannual Report to Stockholders   THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS
Royce Value Trust   Notes to Financial Statements (unaudited)   Summary of Significant Accounting Policies:
Royce Value Trust, Inc. (the “Fund”), is a diversified closed-end investment company that was incorporated under the laws of the State of Maryland on July 1, 1986. The Fund commenced operations on November 26, 1986.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services-Investment Companies”.
  VALUATION OF INVESTMENTS:
Securities are valued as of the close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange, and securities traded on Nasdaq’s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their highest bid price. Other over-the-counter securities for which market quotations are readily available are valued at their highest bid price, except in the case of some bonds and other fixed income securities which may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services. The Fund values its non-U.S. dollar denominated securities in U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by a major bank. Securities for which market quotations are not readily available are valued at their fair value in accordance with the provisions of the 1940 Act, under procedures approved by the Fund’s Board of Directors, and are reported as Level 3 securities. As a general principle, the fair value of a security is the amount which the Fund might reasonably expect to receive for the security upon its current sale. However, in light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security will be the amount which the Fund might be able to receive upon its current sale. In addition, if, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. The Fund uses an independent pricing service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S. market volatility exceeds a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S. equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of relevant non-U.S. securities. When fair value pricing is employed, the prices of securities used by the Fund may differ from quoted or published prices for the same security. Investments in money market funds are valued at net asset value per share.
Various inputs are used in determining the value of the Fund’s investments, as noted above. These inputs are summarized in the three broad levels below:
    Level 1
quoted prices in active markets for identical securities.
    Level 2
other significant observable inputs (including quoted prices for similar securities, foreign securities that may be fair valued and repurchase agreements). The table below includes all Level 2 securities. Level 2 securities with values based on quoted prices for similar securities are noted in the Schedule of Investments.
    Level 3
significant unobservable inputs (including last trade price before trading was suspended, or at a discount thereto for lack of marketability or otherwise, market price information regarding other securities, information received from the company and/or published documents, including SEC filings and financial statements, or other publicly available information).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2016. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.

    LEVEL 1   LEVEL 2   LEVEL 3   TOTAL   Common Stocks   $ 1,062,843,924     $ 92,368,037     $ 789,098     $ 1,156,001,059     Cash Equivalents           49,836,000             49,836,000    
Certain securities have transferred in and out of Level 1 and Level 2 measurements during the reporting period. The Fund recognizes transfers between levels as of the end of the reporting period. For the six months ended June 30, 2016, securities valued at $6,833,639 were transferred from Level 2 to Level 1 and securities valued at $1,326,822 were transferred from Level 1 to Level 2 within the fair value hierarchy.

2016 Semiannual Report to Stockholders | 51
Royce Value Trust   Notes to Financial Statements (unaudited) (continued)   VALUATION OF INVESTMENTS (continued):   Level 3 Reconciliation:
      REALIZED AND UNREALIZED     BALANCE AS OF 12/31/15 PURCHASES GAIN (LOSS)1 BALANCE AS OF 6/30/16   Common Stocks $167,629 $741,577 $(120,108) $789,098   1
The net change in unrealized appreciation (depreciation) is included in the accompanying Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. Net realized gain (loss) from investments and foreign currency transactions is included in the accompanying Statement of Operations.

REPURCHASE AGREEMENTS:
The Fund may enter into repurchase agreements with institutions that the Fund’s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities. The remaining contractual maturity of the repurchase agreement held by the Fund at June 30, 2016 is overnight and continuous.
  FOREIGN CURRENCY:
Net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, expiration of currency forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, as a result of changes in foreign currency exchange rates.
  TAXES:
As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes information regarding income taxes under the caption “Tax Information”.
  CAPITAL GAINS TAXES:
The Fund is subject to a tax imposed on short-term capital gains on securities of issuers domiciled in certain countries. The Fund records an estimated deferred tax liability for these securities that have been held for less than one year. This amount, if any, is reported as deferred capital gains tax in the accompanying Statement of Assets and Liabilities, assuming those positions were disposed of at the end of the period, and accounted for as a reduction in the market value of the security.
  DISTRIBUTIONS:
The Fund pays quarterly distributions on the Fund’s Common Stock at the annual rate of 7% of the rolling average of the prior four calendar quarter-end NAVs of the Fund’s Common Stock, with the fourth quarter distribution being the greater of 1.75% of the rolling average or the distribution required by IRS regulations. Prior to November 15, 2012, distributions to Preferred Stockholders were accrued daily and paid quarterly. Distributions to Common Stockholders are recorded on ex-dividend date. Distributable capital gains and/or net investment income were first allocated to Preferred Stockholder distributions, with any excess allocable to Common Stockholders. If capital gains and/or net investment income were allocated to both Preferred and Common Stockholders, the tax character of such allocations was proportional. To the extent that distributions are not paid from long-term capital gains, net investment income or net short-term capital gains, they will represent a return of capital. Distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. Permanent book and tax differences relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment income may include temporary book and tax basis differences, which will reverse in a subsequent period. Any taxable income or gain remaining undistributed at fiscal year end is distributed in the following year.
  INVESTMENT TRANSACTIONS AND RELATED INVESTMENT INCOME:
Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Premiums and discounts on debt securities are amortized using the effective yield-to-maturity method. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.

52 | 2016 Semiannual Report to Stockholders

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

EXPENSES:
The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund’s operations, while expenses applicable to more than one of the Royce Funds are allocated equitably. Certain personnel, occupancy costs and other administrative expenses related to the Funds are allocated by Royce & Associates (“Royce”) under an administration agreement and are included in administrative and office facilities and professional fees. The Fund has adopted a deferred fee agreement that allows the Directors to defer the receipt of all or a portion of directors’ fees otherwise payable. The deferred fees are invested in certain Royce Funds until distributed in accordance with the agreement.

COMPENSATING BALANCE CREDITS:
The Fund has an arrangement with its custodian bank, whereby a portion of the custodian’s fee is paid indirectly by credits earned on the Fund’s cash on deposit with the bank. This deposit arrangement is an alternative to purchasing overnight investments. Conversely, the Fund pays interest to the custodian on any cash overdrafts, to the extent they are not offset by credits earned on positive cash balances.

Capital Stock:
The Fund issued 1,427,009 and 3,183,214 shares of Common Stock as reinvestment of distributions for the six months ended June 30, 2016 and the year ended December 31, 2015, respectively.

Borrowings:
The Fund has entered into a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage Inc. (BNPP). The Fund pays a commitment fee of 0.50% per annum on the unused portion of the credit agreement. The credit agreement has a 360-day rolling term that resets daily; however, if the Fund exceeds certain net asset value triggers, the credit agreement may convert to a 60-day rolling term that resets daily. The Fund is required to pledge portfolio securities as collateral in an amount up to two times the loan balance outstanding and has granted a security interest in the securities pledged to, and in favor of, BNPP as security for the loan balance outstanding. If the Fund fails to meet certain requirements, or maintain other financial covenants required under the credit agreement, the Fund may be required to repay immediately, in part or in full, the loan balance outstanding under the credit agreement necessitating the sale of portfolio securities at potentially inopportune times. The credit agreement also permits, subject to certain conditions, BNPP to rehypothecate portfolio securities pledged by the Fund up to the amount of the loan balance outstanding. The Fund continues to receive payments in lieu of dividends and interest on rehypothecated securities. The Fund also has the right under the credit agreement to recall the rehypothecated securities from BNPP on demand. If BNPP fails to deliver the recalled security in a timely manner, the Fund is compensated by BNPP for any fees or losses related to the failed delivery or, in the event a recalled security is not returned by BNPP, the Fund, upon notice to BNPP, may reduce the loan balance outstanding by the amount of the recalled security failed to be returned. The Fund receives a portion of the fees earned by BNPP in connection with the rehypothecation of portfolio securities.
As of June 30, 2016, the Fund has outstanding borrowings of $70,000,000. During the six months ended June 30, 2016, the Fund borrowed an average daily balance of $70,000,000 at a weighted average borrowing cost of 1.58%. The maximum amount outstanding during the six months ended June 30, 2016 was $70,000,000. As of June 30, 2016, the aggregate value of rehypothecated securities was $68,394,161. During the six months ended June 30, 2016, the Fund earned $33,779 in fees from rehypothecated securities.

Investment Advisory Agreement:
As compensation for its services under the Investment Advisory Agreement, Royce receives a fee comprised of a Basic Fee (“Basic Fee”) and an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the S&P SmallCap 600 Index (“S&P 600”).
The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund’s month-end net assets applicable to Common Stockholders, plus the liquidation value of outstanding Preferred Stock, for the rolling 60-month period ending with such month (the “performance period”). The Basic Fee for each month is increased or decreased at the rate of 1/12 of .05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the percentage change in the investment record of the S&P 600 for the performance period by more than two percentage points. The performance period for each such month is a rolling 60-month period ending with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage change in the investment record of the S&P 600 by 12 or more percentage points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage change in the investment record of the S&P 600 exceeds the investment performance of the Fund by 12 or more percentage points for the performance period.

2016 Semiannual Report to Stockholders | 53

Royce Value Trust

Notes to Financial Statements (unaudited) (continued)

Investment Advisory Agreement (continued):
Notwithstanding the foregoing, Royce is not entitled to receive any fee for any month when the investment performance of the Fund for the rolling 36-month period ending with such month is negative. In the event that the Fund’s investment performance for such a performance period is less than zero, Royce will not be required to refund to the Fund any fee earned in respect of any prior performance period.
For the six rolling 60-month periods ended June 2016, the Fund’s investment performance ranged from 40% to 44% below the investment performance of the S&P 600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $5,856,054 and a net downward adjustment of $2,928,028 for the performance of the Fund relative to that of the S&P 600. For the six months ended June 30, 2016, the Fund accrued and paid Royce investment advisory fees totaling $2,928,026.

Purchases and Sales of Investment Securities:
For the six months ended June 30, 2016, the costs of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $202,269,911 and $252,180,968, respectively.
Cross trades were executed by the Fund pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which Royce serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7. Cross trades for the six months ended June 30, 2016, were as follows:

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

Transactions in Affiliated Companies:

An “Affiliated Company” as defined in the Investment Company Act of 1940, is a company in which a fund owns 5% or more of the company’s outstanding voting securities at any time during the period. The Fund effected the following transactions in shares of such companies for the six months ended June 30, 2016:

    SHARES   MARKET VALUE   COST OF   COST OF   REALIZED   DIVIDEND   SHARES   MARKET VALUE AFFILIATED COMPANY   12/31/15   12/31/15   PURCHASES   SALES   GAIN (LOSS)   INCOME   6/30/16   6/30/16   Stanley Furniture     1,012,235     $ 2,824,136           $ 265,000     $ 10,000             912,235     $ 2,234,976   Timberland Bancorp     444,200       5,512,522                       $ 71,072       444,200       6,663,000               $ 8,336,658                     $ 10,000     $ 71,072             $ 8,897,976  
54 | 2016 Semiannual Report to Stockholders

Directors and Officers

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

Charles M. Royce, Director1
Age: 76 | Number of Funds Overseen: 23 | Tenure: Since 1982
Non-Royce Directorships: Director of TICC Capital Corp.
Principal Occupation(s) During Past Five Years: Chairman of the Board of Managers of Royce & Associates, LP (“Royce”), the Trust’s investment adviser; Chief Executive Officer (July 2014–June 2016), President (1972-July 2014) of Royce.

Christopher D. Clark, Trustee1, President
Age: 51 | Number of Funds Overseen: 23 | Tenure: Since 2014
Principal Occupation(s) During Past Five Years: Chief Executive Officer (since July 2016), President (since July 2014), Co-Chief Investment Officer (Since January 2014), Managing Director and, since June 2015, a Member of the Board of Managers of Royce, having been employed by Royce since May 2007.


Patricia W. Chadwick, Director
Age: 67 | Number of Funds Overseen: 23 | Tenure: Since 2009
Non-Royce Directorships: Trustee of ING Mutual Funds and Director of Wisconsin Energy Corp.
Principal Occupation(s) During Past 5 Years: Consultant and President of Ravengate Partners LLC (since 2000).

Stephen L. Isaacs, Director
Age: 76 | Number of Funds Overseen: 23 | Tenure: Since 1989
Non-Royce Directorships: None
Principal Occupation(s) During Past Five Years: Attorney and President of Health Policy Associates, Inc., consultants. Mr. Isaacs’s prior business experience includes having served as President of the Center for Health and Social Policy (from 1996 to 2012); Director of Columbia University Development Law and Policy Program and Professor at Columbia University (until August 1996).

Arthur S. Mehlman, Director
Age: 74 | Number of Funds Overseen: 46 | Tenure: Since 2004
Non-Royce Directorships: Director/Trustee of registered investment companies constituting the 18 Legg Mason Funds.
Principal Occupation(s) During Past Five Years: Director of The League for People with Disabilities, Inc.; Director of University of Maryland Foundation (non-profits). Formerly: Director of Municipal Mortgage & Equity, LLC (from October 2004 to April 1, 2011); Director of University of Maryland College Park Foundation (non-profit) (from 1998 to 2005); Partner, KPMG LLP (international accounting firm) (from 1972 to 2002); Director of Maryland Business Roundtable for Education (from July 1984 to June 2002).

David L. Meister, Director
Age: 76 | Number of Funds Overseen: 23 | Tenure: Since 1982
Non-Royce Directorships: None
Principal Occupation(s) During Past Five Years: Consultant. Chairman and Chief Executive Officer of The Tennis Channel (from June 2000 to March 2005). Mr. Meister’s prior business experience includes having served as Chief Executive Officer of Seniorlife.com, a consultant to the communications industry, President of Financial News Network, Senior Vice President of HBO, President of Time-Life Films, and Head of Broadcasting for Major League Baseball.

G. Peter O’Brien, Director
Age: 70 | Number of Funds Overseen: 44 | Tenure: Since 2001
Non-Royce Directorships: Director/Trustee of registered investment companies constituting the 18 Legg Mason Funds; Director of TICC Capital Corp.
Principal Occupation(s) During Past Five Years: Trustee Emeritus of Colgate University (since 2005); Board Member of Hill House, Inc. (since 1999); Formerly: Trustee of Colgate University (from 1996 to 2005), President of Hill House, Inc. (from 2001 to 2005) and Managing Director/Equity Capital Markets Group of Merrill Lynch & Co. (from 1971 to 1999).

Michael K. Shields, Director
Age: 58 | Number of Funds Overseen: 23 | Tenure: Since 2015
Principal Occupation(s) During Past Five Years: President and Chief Executive Officer of Piedmont Trust Company, a private North Carolina trust company (since May 2012). Mr. Shields’s prior business experience includes owning Shields Advisors, an investment consulting firm (from April 2010 to June 2012).


Francis D. Gannon, Vice President
Age: 48 | Tenure: Since 2014
Principal Occupation(s) During Past Five Years: Co-Chief Investment Officer (since January 2014) and Managing Director of Royce, having been employed by Royce since September 2006.

Daniel A. O’Byrne, Vice President
Age: 54 | Tenure: Since 1994
Principal Occupation(s) During Past Five Years: Principal and Vice President of Royce, having been employed by Royce since October 1986.

Peter K. Hoglund, Treasurer
Age: 50 | Tenure: Since 2015
Principal Occupation(s) During Past Five Years: Chief Financial Officer, Chief Administrative Officer, and Managing Director of Royce, having been employed by Royce since December 2014. Prior to joining Royce, Mr. Hoglund spent more than 20 years with Munder Capital Management in Birmingham, MI, serving as Managing Director and Chief Financial Officer and overseeing all financial aspects of the firm. He began his career at Munder as a portfolio manager.

John E. Denneen, Secretary and Chief Legal Officer
Age: 49 | Tenure: 1996-2001 and Since 2002
Principal Occupation(s) During Past Five Years: General Counsel, Managing Director, and, since June 2015, a Member of the Board of Managers of Royce; Chief Legal and Compliance Officer and Secretary of Royce; Secretary and Chief Legal Officer of The Royce Funds.

Lisa Curcio, Chief Compliance Officer
Age: 56 | Tenure: Since 2004
Principal Occupation(s) During Past Five Years: Chief Compliance Officer of The Royce Funds (since October 2004) and Compliance Officer of Royce (since June 2004).

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

2016 Semiannual Report to Stockholders | 55

Board Approval of Investment Advisory Agreements

At meetings held on June 2-3, 2016, the Funds’ respective Boards of Directors, including all of the non-interested directors, approved amended and restated investment advisory agreements (each, an “Investment Advisory Agreement” and collectively, the “Investment Advisory Agreements”) between Royce & Associates, LP (formerly Royce & Associates, LLC) (“R&A”) and each of Royce Value Trust, Inc., Royce Micro-Cap Trust, Inc., and Royce Global Value Trust, Inc. (each, a “Fund” and collectively, the “Funds”). The Investment Advisory Agreements were amended and restated to reflect R&A’s change in organizational form from a limited liability company to a limited partnership; the amended and restated agreements are substantially identical to the previously existing agreements. In reaching these decisions, each Board reviewed the materials provided by R&A, which included, among other things, information prepared internally by R&A and independently by Morningstar Associates, LLC (“Morningstar”) containing detailed investment advisory fee, expense ratio, and investment performance comparisons for the Funds with other funds in their respective “peer groups”, information regarding the past performance of the Funds and other registered investment companies managed by R&A and a memorandum outlining the legal duties of each Board prepared by independent counsel to the non-interested directors. R&A also provided the directors with an analysis of its profitability with respect to providing investment advisory services to each of the Funds. In addition, each Board took into account information furnished throughout the year at regular Board meetings, including reports on investment performance, stockholder services, regulatory compliance, brokerage commissions and research, and brokerage and execution products and services provided to the Funds. Each Board also considered other matters it deemed important to the approval process, such as allocation of Fund brokerage commissions, “soft dollar” research services R&A receives and other direct and indirect benefits to R&A and its affiliates, from their relationship with the relevant Fund. The directors also met throughout the year with investment advisory personnel from R&A. Each Board, in its deliberations, recognized that, for many of the Funds’ stockholders, the decision to purchase Fund shares included a decision to select R&A as the investment adviser and that there was a strong association in the minds of Fund stockholders between R&A and each Fund. In considering factors relating to the approval of the Investment Advisory Agreements, the non-interested directors received assistance and advice from, and met separately with, their independent counsel. While all three of the Investment Advisory Agreements were considered at the same Board meetings, the Boards dealt with each Agreement separately. Among other factors, the directors considered the following:

The nature, extent and quality of services provided by R&A: Each Board considered the following factors to be of fundamental importance to its consideration of whether to approve the Investment Advisory Agreement: (i) R&A’s more than 40 years of value investing experience and track record; (ii) the history of long-tenured R&A portfolio managers managing the Funds; (iii) R&A’s focus on mid-cap, small-cap and micro-cap value investing; (iv) the consistency of R&A’s approach to managing the Funds and open-end mutual funds over more than 40 years; (v) the integrity and high ethical standards adhered to at R&A; (vi) R&A’s specialized experience in the area of trading small- and micro-cap securities; (vii) R&A’s historical ability to attract and retain portfolio management talent and (viii) R&A’s focus on stockholder interests as exemplified by expansive stockholder reporting and communications. Each Board also noted that R&A’s compensation policy arrangements strongly encourage portfolio manager investment in each Fund that they manage. Each Board reviewed the services that R&A provides to each Fund, including, but not limited to, managing each Fund’s investments in accordance with the stated policies of each Fund. Each Board considered the fact that R&A provided certain administrative services to the Funds at cost pursuant to the Administration Agreement between the Funds and R&A. Each Board determined that the services to be provided to each Fund by R&A would be the same as those that it previously provided to the relevant Fund. The Boards also took into consideration the histories, reputations and backgrounds of R&A’s portfolio managers for the Funds, finding that these would likely have an impact on the continued success of the Funds. Each Board also noted R&A’s ability to attract and retain qualified and experienced personnel. Lastly, each Board noted that R&A officers, employees, and their families had substantial amounts invested in each Fund. The directors concluded that the investment advisory services provided by R&A to each Fund compared favorably to services provided by R&A to other R&A client accounts, including other funds, in both nature and quality, and that the scope of services provided by R&A would continue to be suitable for the Funds.

Investment performance of the Funds and R&A: In light of R&A’s risk-averse approach to investing, each Board believes that risk-adjusted performance continues to be the most appropriate measure of each Fund’s investment performance. One measure of risk-adjusted performance the Boards use in their review of the Funds’ performance is the Sharpe Ratio. The Sharpe Ratio is a risk-adjusted measure of performance developed by Nobel Laureate William Sharpe. It is calculated by dividing a fund’s annualized excess returns by its annualized standard deviation to determine reward per unit of risk. The higher the Sharpe Ratio, the better a fund’s historical risk-adjusted performance. The Boards attach primary importance to risk-adjusted performance over relatively long periods of time, typically 3 to 10 years. It was noted, however, that Royce Global Value Trust, Inc. (“RGT”) had less than three full calendar years of performance because its inception date was October 18, 2013. Using Morningstar data, the Sharpe Ratio for each of Royce Value Trust, Inc. (“RVT”) and Royce Micro-Cap Trust, Inc. (“RMT”) placed in the 4th quartile within the Small Blend category assigned by Morningstar for the 3-year, 5-year, and 10-year periods ended December 31, 2015. It was noted that RVT’s and RMT’s focus on high quality (e.g., those with solid balance sheets, low leverage, the ability to generate and effectively allocate free cash flow, and strong returns on invested capital) and cyclical companies had hurt their relative performance during the post-2008 market period that has been marked by historically low interest rates and significant U.S. Federal Reserve market intervention as highly leveraged, non-earning companies and yield-oriented securities (e.g., master limited partnerships, real estate investment trusts, and utilities) have generally outperformed their higher quality and cyclical counterparts during this period. In addition, RVT’s and RMT’s use of leverage through preferred stock (prior to November 15, 2012) and borrowings resulted in higher volatility and worse down market performance. The Sharpe Ratio for RGT placed in the 4th quartile within the Foreign Small/Mid Value category assigned by Morningstar for the 1-year period ended December 31, 2015. The Board noted the inherent limitations of a one-year Sharpe Ratio in evaluating RGT’s investment performance.

In addition to each Fund’s risk–adjusted performance, each Board also reviewed and considered each Fund’s absolute total returns, down market performance, and long-term performance records for periods of 10 years and longer for RVT and RMT. Each Board also considered it important to look beyond the current snapshot of performance as of December 31, 2015 and therefore examined extended performance histories for each Fund using monthly rolling average return periods through March 31, 2016. The Boards also took note of recent financial market trends, including widening high yield credit spreads and more difficult/expensive access to capital for many companies. While the Boards recognized that a quarter does not define a trend, it noted that RVT and RGT outperformed (on an NAV basis) the Russell 2000 Index and the Russell Global Small-Cap Index, respectively, for the 3-month and 1-year periods ended March 31, 2016 while RMT outperformed (on an NAV basis) the Russell 2000 Index for the 3-month period ended March 31, 2016.

Each Board noted that R&A manages a number of funds that invest in micro-cap, small-cap, and mid-cap issuers, many of which had outperformed their benchmark indexes and their competitors during the periods prior to the U.S. Federal Reserve’s near zero interest

56 | 2016 Semiannual Report to Stockholders

Board Approval of Investment Advisory Agreements (continued)

rate policy and related market interventions. Although each Board recognized that past performance is not necessarily an indicator of future results, it found that R&A had the necessary qualifications, experience and track record in managing micro-cap, small-cap, and mid-cap securities to manage the relevant Fund. The directors determined that R&A continued to be an appropriate investment adviser for the Funds and concluded that each Fund’s performance supported the approval of the relevant Investment Advisory Agreement.

Cost of the services provided and profits realized by R&A from its relationship with the Funds: Each Board considered the cost of the services provided by R&A and profits realized by R&A from its relationship with each Fund. As part of the analysis, each Board discussed with R&A its methodology in allocating its costs to each Fund and concluded that its allocations were reasonable. The RVT Board noted that RVT was not profitable to R&A during the year ended December 31, 2015. The Boards of RMT and RGT concluded that R&A’s profits in respect of RMT and RGT, respectively, were reasonable in relation to the nature and quality of services provided.

The extent to which economies of scale would be realized as the Funds grow and whether fee levels would reflect such economies of scale: Each Board considered whether there have been economies of scale in respect of the management of each Fund, whether each Fund has appropriately benefited from any economies of scale and whether there is potential for realization of any further economies of scale. Each Board noted the time and effort involved in managing portfolios of micro-, small- and mid-cap stocks and that they did not involve the same efficiencies as do portfolios of large-cap stocks. Each Board concluded that the current fee structure for each Fund was reasonable, that stockholders sufficiently participated in economies of scale and that no changes were currently necessary.

Comparison of services to be rendered and fees to be paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients: Each Board reviewed the investment advisory fee paid by each Fund and compared both the services to be rendered and the fees to be paid under the Investment Advisory Agreements to other contracts of R&A and to contracts of other investment advisers to registered investment companies investing in small- and micro-cap stocks, as provided by Morningstar. Each Board noted the importance of the net expense ratio in measuring a fund’s efficiency, particularly in light of the variations in the fund industry as to which entity is responsible for particular types of expenses. In the case of RVT, its Board noted that it had a 1.00% basic fee that is subject to adjustment up or down (up to 0.50% in either direction) based on its performance versus the S&P 600 SmallCap Index over a rolling period of 60 months. The fee is charged on average net assets over that rolling period. As a result, in a rising market, the fee will be smaller than a fee calculated on the current year’s average net assets, and vice versa. The Board determined that the performance adjustment feature continued to serve as an appropriate incentive to R&A to manage RVT for the benefit of its long-term common stockholders. The Board also noted that the fee arrangement, which also includes a provision for no fee in periods where RVT’s trailing three-year performance is negative, requires R&A to measure RVT’s performance monthly against the S&P 600, an unmanaged index. Instead of receiving a set fee regardless of its performance, R&A is penalized for poor performance. The Board noted that RVT’s net expense ratio placed it in the 1st quartile within its Morningstar peer group for 2015. In the case of RMT, the Board noted that it also had a 1.00% basic fee subject to adjustment up or down based on its performance versus the Russell 2000 Index over a rolling 36 month period. The fee is charged on average net assets over that rolling period. As a result, in a rising market, the fee will be smaller than a fee calculated on the current year’s average net assets, and vice versa. The Board determined that the performance adjustment feature continued to serve as an incentive to R&A to manage RMT for the benefit of its long-term common stockholders. The Board noted that RMT’s net expense ratio of 1.28% placed it in the 3rd quartile when compared against its Morningstar peer group for 2015. The Board further noted that RMT’s net expense ratio was actually 18 basis points lower than the average expense ratio for the 58 non-institutional, non- ETF domestic funds with weighted average market capitalizations of less than $1 billion in the Morningstar peer group. Finally, in the case of RGT, the Board noted that its net expense ratio based on average net assets fell within the 4th quartile of its Morningstar-assigned open-end peer group, 18 basis points above the Morningstar category median. The Board noted, however, that RGT had the second lowest weighted average market capitalization within that category.

The Boards also noted that R&A manages the Funds in an active fashion. The industry accepted metric for measuring how actively an equity portfolio is managed is called “active share.” In particular, active share measures how much the holdings of an equity portfolio differ from the holdings of its appropriate passive benchmark index. At the extremes, a portfolio with no holdings in common with the benchmark would have 100% active share, while a portfolio that is identical to the benchmark would have 0% active share. R&A presented a chart to the Boards which demonstrated that funds with high active share scores had higher expense ratios than funds with lower active share scores due to the resources required for the active management of those funds. The Boards noted that the active shares for RVT, RMT, and RGT were 90%, 95%, and 97%, respectively, for the calendar year ended December 31, 2015.

Each Board also considered fees charged by R&A to institutional and other clients and noted that, given the greater levels of services that R&A provides to registered investment companies such as the Funds as compared to other accounts, the base investment advisory fee for RVT and RMT and the advisory fee for RGT compared favorably to the investment advisory fees charged to those other accounts.

It was noted that no single factor was cited as determinative to the decision of the directors. Rather, after weighing all of the considerations and conclusions discussed above, each entire Board, including all of the non-interested directors, approved the Investment Advisory Agreement, concluding that the amended and restated Agreements with substantially identical terms as the previously existing agreements were in the best interest of the stockholders of the respective Funds and that each investment advisory fee rate was reasonable in relation to the services provided.

2016 Semiannual Report to Stockholders | 57

Notes to Performance and Other Important Information

The thoughts expressed in this Review and Report concerning recent market movements and future prospects for small company stocks are solely the opinion of Royce at June 30, 2016, and, of course, historical market trends are not necessarily indicative of future market movements. Statements regarding the future prospects for particular securities held in the Funds’ portfolios and Royce’s investment intentions with respect to those securities reflect Royce’s opinions as of June 30, 2016 and are subject to change at any time without notice. There can be no assurance that securities mentioned in this Review and Report will be included in any Royce-managed portfolio in the future. Investments in securities of micro-cap, small-cap and/or mid-cap companies may involve considerably more risk than investments in securities of larger-cap companies. All publicly released material information is always disclosed by the Funds on the website at www.roycefunds.com.

Sector weightings are determined using the Global Industry Classification Standard (“GICS”). GICS was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI.

All indexes referred to are unmanaged and capitalization weighted. Each index’s returns include net reinvested dividends and/or interest income. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group. The Russell 2000 Index is an index of domestic small-cap stocks. It measures the performance of the 2,000 smallest publicly traded U.S. companies in the Russell 3000 Index. The Russell 2000 Value and Growth indexes consist of the respective value and growth stocks within the Russell 2000 as determined by Russell Investments. The Russell Microcap Index includes 1,000 of the smallest securities in the Russell 2000 Index along with the next smallest eligible securities as determined by Russell. The Russell 1000 Index is an index of domestic large-cap stocks. It measures the performance of the 1,000 largest publicly traded companies in the Russell 3000 Index. The Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. It includes approximately 800 of the smallest securities in the Russell 1000 Index. The Russell Global Small Cap Index is an unmanaged, capitalization-weighted index of global small-cap stocks. The Russell Global ex-U.S. Large Cap Index is an index of global large-cap stocks, excluding the United States. The Russell Global ex-U.S. Small Cap Index is an index of global small-cap stocks, excluding the United States. The S&P 500 and SmallCap 600 are indexes of U.S. large- and small-cap stocks, respectively, selected by Standard & Poor’s based on market size, liquidity, and industry grouping, among other factors. The Nasdaq Composite is an index of the more than 3,000 common equities listed on the Nasdaq stock exchange. The performance of an index does not represent exactly any particular investment, as you cannot invest directly in an index. Returns for the market indexes used in this report were based on information supplied to Royce by Russell Investments.

The Price-Earnings, or P/E, Ratio is calculated by dividing a company’s share price by its trailing 12-month earnings-per share (EPS). The Price-to-Book, or P/B, Ratio is calculated by dividing a company’s share price by its book value per share. The Morningstar Style Map uses proprietary scores of a stock’s value and growth characteristics to determine its placement in one of the five categories listed on the horizontal axis. These characteristics are then compared to those of other stocks within the same market capitalization band. Each is scored from zero to 100 for both value and growth attributes. The value score is subtracted from the growth score to determine the overall style score. For the vertical, market cap axis, Morningstar subdivides into size groups. Giant-cap stocks are defined as those that account for the top 40% of the capitalization of each style zone; large-cap stocks represent the next 30%; mid-cap stocks the next 20%; small-cap stocks the next 7%; micro-cap stocks the smallest 3%. The Royce Funds is a service mark of The Royce Funds. Distributor: Royce Fund Services, Inc.

Forward-Looking Statements

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

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

This Review and Report uses words such as “anticipates,” “believes,” “expects,” “future,” “intends,” and similar expressions to identify forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements for any reason.

The Royce Funds have based the forward-looking statements included in this Review and Report on information available to us on the date of the report, and we assume no obligation to update any such forward-looking statements. Although The Royce Funds undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make through future stockholder communications or reports.

Authorized Share Transactions
Royce Global Value Trust, Royce Micro-Cap Trust, and Royce Value Trust may each repurchase up to 5% of the issued and outstanding shares of its respective common stock during the year ending December 31, 2016. Any such repurchases would take place at then prevailing prices in the open market or in other transactions. Common stock repurchases would be effected at a price per share that is less than the share’s then current net asset value.

Royce Global Value Trust, Royce Micro-Cap Trust, and Royce Value Trust are also authorized to offer their common stockholders an opportunity to subscribe for additional shares of their common stock through rights offerings at a price per share that may be less than the share’s then current net asset value. The timing and terms of any such offerings are within each Board’s discretion.

Annual Certifications
As required, the Funds have submitted to the New York Stock Exchange (“NYSE”) for the annual certification of the Funds’ Chief Executive Officer that he is not aware of any violation of the NYSE’s listing standards. The Funds also have included the certification of the Funds’ Chief Executive Officer and Chief Financial Officer required by section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to the Funds’ form N-CSR for the period ended December 31, 2015, filed with the Securities and Exchange Commission.

Proxy Voting
A copy of the policies and procedures that The Royce Funds use to determine how to vote proxies relating to portfolio securities and information regarding how each of The Royce Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, on The Royce Funds’ website at www. roycefunds.com, by calling (800) 221-4268 (toll-free) and on the website of the Securities and Exchange Commission (“SEC”), at www.sec.gov.

Form N-Q Filing
The Funds file their complete schedules of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. The Royce Funds’ holdings are also on the Funds’ website approximately 15 to 20 days after each calendar quarter end and remain available until the next quarter’s holdings are posted. The Funds’ Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. To find out more about this public service, call the SEC at (800) 732-0330. The Funds’ complete schedules of investments are updated quarterly, and are available at www.roycefunds.com.

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2016 Semiannual Report to Stockholders | 59

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60 | 2016 Semiannual Report to Stockholders
           

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                                        About The Royce Funds     Contact Us                            
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Item 2.  Code(s) of Ethics.  Not applicable to this semi-annual report.

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

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

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

Item 6.  Investments.
(a) See Item 1.

(b) Not applicable.

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

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

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

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

Item 11.  Controls and Procedures.

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

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


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

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

(a)(3) Not applicable

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

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

ROYCE GLOBAL VALUE TRUST, INC.

BY: /s/ Christopher D. Clark               Christopher D. Clark       President    

Date: August 25, 2016

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

ROYCE GLOBAL VALUE TRUST, INC.     ROYCE GLOBAL VALUE TRUST, INC.                 BY: /s/ Christopher D. Clark     BY: /s/ Peter K. Hoglund                       Christopher D. Clark       Peter K. Hoglund       President       Chief Financial Officer                     Date: August 25, 2016     Date: August 25, 2016